Federal Reserve Bulletin, 1961-12

FEDERAL RESERVE B U LLETIN December 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 Construction and Housing 1383 Revision of Consumer Credit Statistics 1390 Revised Indexes of Freight Carloadings 1401 Law Department 1404 Current Events and Announcements 1411 National Summary of Business Conditions 1415 Plans for Publishing Indexes on a 1957-59 Comparison Base 1417 Financial and Business Statistics, U. S. (Contents on p. 1419) 1420 International Financial Statistics (Contents on p. 1479) 1480 Board of Governors and Staff 1496 Open Market Committee and Staff; Federal Advisory Council 1497 Federal Reserve Banks and Branches 1497 Federal Reserve Board Publications 1499 Index to Statistical Tables 1503 Map of Federal Reserve System Inside back cover Volume 47 * Number 12 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

CONSTRUCTION ACTIVITY has increased to a record high this autumn. Over the CONSTRUCTION ACTIVITY Annual rolg) Billions ol dollors year it has averaged moderately above a 100 year earlier and about the same as in 1959. - PUBLIC ,v no 70 While residential construction dominated 100 the advance from the low of last spring, the V' PRIVATE- 90 rise in housing starts this year was less marked than in other postwar recoveries. 1959 '60 61 At the same time, since 1959 there has been a shift in the composition of demand toward apartments and lower priced houses. Cost of construction rose slightly, and land costs continued upward. Rents con- 30 tinued to edge higher, even though vacancies, especially for apartments, also increased. Unlike the experience in earlier PUBLIC postwar recoveries, however, prices of new o-*»•'•.«<•<•-*•• as well as used houses apparently remained 10 steady. While personal income has moved upward and the desire for improved housing, particularly on the part of moderate income NOTE.—All data at seasonally adjusted annual rates. Census Bureau data beginning with 19S9 reflect new series on housing groups, is still strong, many of the earlier, starts and on farm construction. Data prior to 1959, Bureau of Labor Statistics. Indexes on 19S9 base compiled by Federal special pressures for housing have moder- Reserve. Data for recent months are preliminary; latest month shown, November. ated further. However, in the mortgage market, savings at lending institutions have Act also emphasized supplementary probeen unusually high and capital funds have grams to broaden the availability of housing generally been ample and on terms more for those of moderate means, including the favorable to borrowers than those in 1959 elderly. It also made special provision to or 1960. stimulate major home improvements and to facilitate trade-ins of existing houses. Of particular significance was the extra, RECENT HOUSING LEGISLATION and in some cases new, emphasis on pro- Permitted terms on Federally underwritten grams for urban renewal, mass transit, and mortgages were relaxed further on June 30, public facilities, as well as for the preservawhen the Housing Act of 1961 became law. tion of open spaces. These programs look Like other recent housing legislation, the toward improving the environment for fur- 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1384 FEDERAL RESERVE BULLETIN • DECEMBER 1961 ther residential development, as well as earlier. While activity on industrial conameliorating conditions created partly by the struction tended downward until the autumn, nature of earlier expansions. They are outlays for commercial facilities turned up necessarily long-term in character. More- by midsummer, and through the year public over, they require extensive and direct par- utility construction remained near the peak ticipation by representatives of large metro- reached in late 1960. politan areas as well as those of smaller Among other private nonresidential outcities and outlying suburbs, unlike earlier lays, those for private schools, hospitals, housing programs, which involved mainly churches, and recreational facilities were builders, lenders, and the Federal housing agencies. The potential stimulus from the new legis- DIFFERING MOVEMENTS IN CONSTRUCTION lation has yet to be tested. This is partly WVATI MHIC because of the inevitable lags associated f\ with changes in the regular programs and the considerable local planning required for •USINfSS /' '. '• the other programs. Also, uncertainties - 110 caused by the calling up of some reserve / OTHIR units and by problems about fall-out shelters have been disturbing factors. /— too sP \tlSIOINTIAl J - 90 NONRESIDENTIAL CONSTRUCTION Both private nonresidential and public construction had advanced sharply through 1 1 i i 19(9 19*0 1961 19S9 1960 1961 most of 1960, when private residential activity was declining. Public construction NOTE.—Census Bureau seasonally adjusted data converted actually peaked in February 1961, when to indexes on 19S9 base by Federal Reserve. Private residential excludes farm. Figures for recent months are preliminary; private residential construction reached its latest month shown, November. low. Private nonresidential construction edged higher through June. Through No- maintained at a high level throughout the vember of this year, both private nonresi- year. Farm construction declined after middential and public construction have aver- 1961 from an unusually high rate, but also aged about 6 per cent above a year earlier. continued above a year earlier. Together, these two groups have accounted Recovery in public construction activity for about 61 per cent of total construction during 1960 reflected a sharp although ircompared with 59 per cent last year and regular upturn in highway expenditures and 56 per cent in 1959. a steady advance in outlays for most other In late autumn, private business construc- types of building. Although these outlays tion was only moderately below the high have fluctuated below the peak reached in at the beginning of 1961, and during the February, their combined total has remained first 11 months it averaged 4 per cent above high. the already sharply advanced level of a year Expenditures for military facilities this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND HOUSING 1385 autumn were still sharply below the rate POPULATION AGE AND HOUSEHOLD STATUS earlier in 1961. However, outlays by Fed- [In millions] eral, State, and local governments for high- Age and status 1959 1961 1965 ways, schools, hospitals, sewers, and other public facilities were at advanced or record Age rates. Outlays for public housing, although Alt ages 171 177 184 199 Under 5 19 20 21 23 still below earlier highs, also continued to 5-14 33 35 37 41 15-24 23 24 25 31 rise. 4 2 5 5 - - 6 4 4 4 4 3 7 5 4 3 7 6 4 3 7 7 4 3 7 9 65 and over. 15 16 17 18 Household status of head THE HOUSING MARKET Total householdsl 49.5 51.3 53. 3 Individuals with households. 6.3 7.4 8.0 New private housing units (farm and non- Families with households.. . 43.2 43.9 45. 3 Married couples 37.7 38.4 39.6 farm) started through November were at Others 5.5 5.5 5.7 Families without households 2.0 1.9 1.7 an average annual rate, seasonally adjusted, M Ot a h r e r r i s ed couples 1.2 1. . 1 8 1.0 7 Total families2 45.2 45.8 47.0 of 1.3 million, or just above the declining rate over the same period a year ago. While 1 Total households include households headed by individuals and by families. this series has tended to move erratically, 2 Total families include families with and without own households. NOTE.—Based on Census Bureau data, including projection by age the annual rate since September has held at for 1965. Age data are for July 1 of each year and include armed forces abroad. Household figures are for March of each year. Data for families differ from those reported by Census Bureau in that they include subfamilies. Data for 1961 reflect changed definition of households and inclusion of Alaska and Hawaii. Figures HOUSING STARTS will not always add to totals because of rounding. Old series New series Tvpe of Over the first 10 months, such starts were start 1957 1958 1959 1959 1960 19611 at a postwar high more than a third above a year earlier and over a fifth above the In thousands corresponding period in 1959. Reflecting Total 1,042 1,209 1,379 1,554 1,296 1,400 this advance, more than a fifth of total pri- Total private 1,517 1.252 1.300 Private nonfarm 993 1,142 1,343 1,495 K230 1 ] 300 vate starts this year have been in multifamily structures. As percentage of private nonfarm A number of factors have contributed to Multifamily units 12 15 16 15 17 22 the greater importance of apartments in the C FH on A v - e i n n t s i u o r n e a d l 7 1 0 7 6 2 5 6 6 2 7 5 7 2 0 2 7 2 3 1 7 1 5 9 residential total. Along with the increasing VA-guaranteed 13 9 8 7 6 6 scarcity and cost of land, the shifting agen.a. Not available. structure of the population has been of con- 1 Partly estimated by Federal Reserve. NOTE.—Based on data from Census Bureau (new series) and siderable significance. Of the age-groups Bureau of Labor Statistics (old series) except for units started with FHA or VA inspection, which are from the Federal Housing Ad- shown in the table, only the 25-44 year ministration and the Veterans Administration respectively. group has not been expanding, and this 1.4 million. This was more than a fourth group accounts for most buyers of single above the low for the three months around family houses. Moreover, no increase in the turn of the year, but an eighth below the the population of this age-group is in prospre-recession high in mid-1959. pect over the next several years. Apartments. Expansion in multifamily The number of young people of or near housing has been largely responsible for college age has begun to rise sharply, and, the improved rate of total starts this year. for an increasing number of families, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1386 FEDERAL RESERVE BULLETIN • DECEMBER 1961 actual or anticipated costs for further educa- Rental vacancies have continued to be tion are competing more and more with the more pronounced outside than within metrodesire to maintain or improve present resi- politan areas, but the difference has nardential conditions. A rising rate of mar- rowed appreciably since the second quarter riages and of new household formation is of 1959. Vacancies in public housing projalso indicated in the period ahead, but the ects assisted by the Public Housing Adminimmediate increase in demand from the istration have remained quite low. younger groups—as from the elderly—is Additions and improvements. Expenditures expected to be for apartments and other for major additions and alterations were at rental dwellings rather than for home- a new high this autumn; for the past two ownership. years, they have averaged 23 per cent of the There has also been some re-evaluation value of new private residential construction of the transportation and other difficulties put in place. Needs for general mainteinvolved in home-ownership in suburban nance and repairs have also increased as the areas, especially as more, and more attrac- stock of housing has risen. tive, apartments have become available in The possibilities for supplementing conurban areas. The increased emphasis of struction activity further through major exrecent legislation on broad metropolitan penditures on additions and alterations have problems and on the need for adequate been enhanced under Sections 203 (k) and urban housing within the reach of low and 220(h) of the 1961 Housing Act. This moderate income groups has also begun to legislation, which now also applies to fallbe a factor in the expansion in multifamily out and blast shelters, allows for FHA inhousing. surance of major improvement loans up to Vacancies. Through early 1961 the num- $10,000 per family unit, secured by junior ber of both families and individuals without liens or other collateral, at 6 per cent inseparate living quarters of their own was terest and with maturities up to 20 years. still declining. Among married couples in The FHA Title I improvement loans, which early 1961, only 1 million or 2 per cent were are still available, allow a $3,500 maximum sharing the households of others, compared and terms up to 5 years at an effective inwith about 3 per cent in early 1957 and 9 terest rate of 9.7 per cent. per cent in April of 1947. THE MORTGAGE MARKET Reflecting the increased supply of housing in relation to demand, vacancy rates reached Funds for most types of home mortgages postwar highs in mid-1961. In recent years have been ample this year. Mortgage lendmost of the rise has been in apartments; ing has expanded appreciably as residential about 8 per cent of available apartments on construction has picked up. While interest the average have been empty and for rent rates have changed little since late May, this year compared with 6.5 per cent in 1959 other terms have been relaxed further. and about 5 per cent in 1957. The pro- Mortgage terms. The 1961 Housing Act portion of houses available for sale for permits maximum maturities of 35 years on owner-occupancy has also risen further in FHA-insured loans where the previous limit 1961, and the time needed to complete sales of 30 years generally applied; in hardship of such houses has lengthened. cases, maturities continue at 40 years. And Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND HOUSING 1387 it lowered minimum downpayments to 3 per cent, including closing costs, for homes INTEREST RATES AND YIELDS valued up to $15,000. / In August the Federal Home Loan Bank MAXIMUM INTEREST RATES: Board relaxed downpayment and maturity YIELDS: —iC / terms for conventional mortgages at sav- - FHA LOANS / 6 ings and loan associations and increased the amount of an association's assets that may iK i be invested in maximum loans. Regulations —At vA Jt now permit lower downpayments and maturities as long as 30 years for single family / *1 \ \ 1 1 1I Aaa CORPORATE BONDS i homes, up to a maximum loan of $26,500; i •A/ these compare with a former limit of 25 j years and a loan maximum of $22,000. - 3 In October the Board liberalized the terms 1 i | 1 1 available to real estate dealers and brokers 1957 19S» 1961 for carrying houses taken in trade. NOTE.—Yields: Corporate bonds, weighted average of offering yields on new public issues computed by First National Interest rates on conventional mortgages City Bank of New York; FHA, derived by Federal Reserve from a weighted average of opinions of FHA field offices on apparently have changed little through most bid prices in their market areas. Dashed lines indicate periods of adjustment to changes in the contractual interest rate. of the year. On FHA-insured mortgages, Maximum interest rates: those permitted on mortgage loans insured by Federal Housing Administration (Section 203) or the allowable interest rate was reduced in guaranteed by Veterans Administration. Latest data shown, November. two steps from 5% per cent, which had prevailed since the autumn of 1959, to 5V4 rose, and the spread between mortgage and per cent—the VA rate—by late May. As bond yields narrowed somewhat to 140 basis home mortgage and other demands for cap- points, approximately the average spread ital funds began to expand this year, in- that prevailed early last spring. creasingly higher discounts were required to Offerings of Government-underwritten attract buyers of FHA-insured mortgages in mortgages for purchase by the Federal Nathe secondary market. Nevertheless, sec- tional Mortgage Association rose sharply afondary market yields on those mortgages ter spring as lender resistance to the reduced continued to decline until July. rate for FHA-insured loans increased and Since July, yields on 25-year, 5VA per cent sales of houses expanded. By November pur- FHA mortgages have edged up to a level chases by FNMA had risen to a monthly of 5.72 per cent, and there has been conjec- total of around $110 million, well above the ture concerning the possibility of an upward declining level a year earlier but appreciably revision in the allowable interest rate. Dur- below previous peaks. Sales by FNMA, ing this period FHA mortgage yields were which had approached their mid-195 8 high the lowest since mid-1959. At the same early in the year, subsided after spring. time, supplies of long-term obligations most Apart from changes in interest rates and directly competitive with mortgages de- other terms, a significant development in clined, and yields on new corporate bonds the market for home mortgages this year (adjusted to an Aaa basis) actually declined has been a further rise in delinquency and until November. In November bond yields foreclosure rates. The rise has been most Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1388 FEDERAL RESERVE BULLETIN • DECEMBER 1961 pronounced for Government-underwritten the year and by $900 million in the third mortgages, but foreclosures on conventional quarter to a total of $58.7 billion on Seploans have also been higher. By midyear, tember 30. As since late 1957, practically the rate of foreclosures on all mortgages was all of the increase was in FHA-insured about 3.80 per thousand mortgages out- mortgages. standing, compared with an average of 2.60 Mortgage lenders. All four major types per thousand a year earlier and somewhat of financial institutions continued to increase less in 1959. Both the high rates of unem- their holdings of mortgages on small residenployment which have prevailed and the in- tial properties this year. For savings and creasingly relaxed terms in recent years have loan associations, which experienced another influenced this development. Easing in markets for existing houses also has been a factor, because mortgagors in difficulty are HOLDERS OF HOME MORTGAGES Billions of dollars less able to sell rather than accept default. 170 Home mortgage volume. Mortgage lending this autumn was at a seasonally adjusted rate well above a year earlier but still slightly below the mid-1959 peak. For so the first time in a postwar recovery, lending SAVINGS AND LOAN ASSOCIATIONS . on conventional mortgages led the other types, and in August it reached a new high. So far this year it has accounted for a record postwar share of private nonfarm starts— 75 per cent, as shown in the first table on page 1385. VA-guaranteed loans have maintained their share, but the FHA-insured proportion has declined further. MUTUAL SAVINGS BANKS Total mortgage debt outstanding has continued to rise. By early autumn it amounted 1 1 1 1 1 to $220 billion, or $17 billion more than a 1955 1957 1959 year earlier. Debt on 1- to 4-family properties accounted for $150 billion of the total NOTE.—Federal Reserve estimates based on data from Federal and private agencies. Latest data shown, end of third mortgage debt outstanding and for $11 bil- quarter. lion of the year-to-year rise. The increase in debt on 1- to 4-family record inflow of share capital, the gain conproperties in the third quarter of this year tinued particularly sharp. By the end of amounted to $3.5 billion, on a seasonally the third quarter these associations had inadjusted basis. This was a rate exceeded creased their holdings of debt on 1- to 4only in the second quarter of 1959 when family properties to 41 per cent of the total the general level of new housing activity was outstanding, compared with 39 per cent a appreciably higher. Federally underwritten year earlier and 38 per cent in 1959. Relamortgage debt on 1- to 4-family housing tive shares held by commercial banks and increased by $1.3 billion in the first half of insurance companies declined somewhat. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND HOUSING 1389 Holdings of mutual savings banks rose to other institutions reduced them further. nearly the same level as holdings of com- FHA mortgages have risen steadily this year mercial banks. at all institutions but commercial banks. By Except at the mutual savings banks, the second quarter, commercial banks were holdings of VA-guaranteed mortgages by the also expanding their holdings again and they major institutional lenders declined until continued to provide short-term financing to midyear as the repayments on VA-guaran- other mortgage holders. To broaden the teed mortgages more than covered the vol- availability of this type of service, the recent ume of new loans made; in the third quarter, housing legislation permits FNMA to make both commercial banks and mutual savings short-term loans on the security of Governbanks increased these holdings, while the ment-underwritten mortgages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of Consumer Credit Statistics THE FEDERAL RESERVE SERIES on con- SELECTED TYPES OF INSTALMENT CREDIT sumer credit have been revised from July Ilions of 1955 to date. The largest revisions are due to the incorporation of benchmark figures from the survey of finance companies conducted as of June 30, I960.1 The coverage of the statistics has not been altered, and estimating techniques are substantially the same as those described in earlier BUL- LETIN articles.2 Adjustments were made for finance companies back to the previous benchmark figures in mid-1955. Beginning with January 1960, differences from unrevised figures also reflect incorporation of benchmark data for commercial and mutual savings banks for December 31, 1960, and June 30, 1961, and for certain other financial institutions and retail outlets for December 31, 1960. EFFECTS OF THE REVISION 1955 1957 1959 1961 The revised total for all types of short- and instalment credit and an upward revision of intermediate-term consumer credit at the $401 million in noninstalment credit. Each end of 1960 is $55.8 billion, compared major type of noninstalment credit was rewith an unrevised total of $56 billion. While vised upward. Among the major types of the difference in the total is insignificant, difinstalment credit, substantial downward adferences in some of the major types of credit justments in personal loans and automobile and in some holder categories are relatively credit were only partly offset by upward large. adjustments in other consumer goods paper The reduction in total consumer credit and repair and modernization loans. on December 31, 1960, is the net effect of Finance company survey. The new bencha downward revision of $693 million in mark data provided by the finance company survey indicated that outstanding instalment 1 "Survey of Finance Companies, Mid-1960," BUL- LETIN for October 1961, pp. 1140-60. credit held by finance companies was con- '"Revision of Consumer Credit Statistics," April siderably smaller than had been estimated. 1953 issue, pp. 336-45, and "Extensions and Repay- By December 31, 1960, the estimate for ments of Consumer Instalment Credit," January 1954 these holders exceeded the benchmark figissue, pp. 9-17. 1390 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF CONSUMER CREDIT STATISTICS 1391 ure by $835 million, 5 per cent. To incor- CONSUMER CREDIT, DECEMBER 31, 1960 porate benchmark data, personal loans, [In millions of dollars] held mainly by personal finance companies, were revised downward by $783 Type of credit Revised Tu Tn»-»- Inc o re r ase million. Automobile credit, held princi- or holder series re s v er is ie e s d. decrease (-) pally by sales finance companies, was revised downward by $398 million. These All types 55,757 56,049 -292 overestimates were partly offset by under- Instalment, total 42,588 43,281 -693 estimates in other consumer goods paper and repair and modernization loans. These By type: Automobile paper.. 17,444 17,866 -422 were revised upward by $267 and $79 Other consumer goods paper 11,525 11,215 310 million. Repair and modern- Other benchmark data. Revisions of the ization loans 3,139 3,008 131 Personal loans 10,480 11,192 -712 commercial bank data were based on condi- By holder: tion statements for December 31, 1960, and Commercial banks.. 16,672 16,398 274 June 30, 1961. Incorporation of these Sales finance companies 11,228 11,134 94 data for December 31, 1960, resulted in an Consumer finance companies 3,670 4,212 -542 upward revision in total instalment credit Other financial at commercial banks of $274 million, which institutions 5,404 5,758 -354 Retail outlets 5,615 5,779 -164 was distributed among all major types of Noninstalment, total 13,169 12,768 401 credit. Commercial bank holdings of singlepayment loans were revised upward by $147 Single-payment loans. 4,507 4,311 196 Charge accounts 5,329 5,187 142 million. Service credit 3,333 3,270 63 Instalment credit holdings of Federal- and State-chartered credit unions were revised NOTE.—Details may not add to totals because of rounding. upward by $17 million on the basis of De- These revisions were in the same direction cember 31, 1960, figures compiled by the and in about the same proportion as revi- Bureau of Federal Credit Unions. Revisions sions in outstanding credit. in the data for other financial institutions were also relatively small. METHODS OF ESTIMATION Revised figures for retail outlets were The estimating procedures used to adjust based on data collected and compiled by the outstanding credit to benchmark figures were Bureau of the Census. As a result of incorsimilar for all series. poration of Census data, retail holdings of For financial holders, ratios of amounts instalment credit as of December 31, 1960, outstanding on benchmark dates to unreare $ 164 million smaller than figures previvised amounts outstanding were computed ously published by the Federal Reserve. The at initial and terminal months. The ratios largest changes consist of reductions in esti- were interpolated on a straight-line basis mated holdings at automobile dealers and for intervening months, and revised outfurniture stores. standings derived by multiplying the inter- New estimates were made for extensions polated ratio for each month by the and repayments for those series for which unrevised amount outstanding. outstanding instalment credit was revised. Revised repayments were then computed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1392 FEDERAL RESERVE BULLETIN • DECEMBER 1961 for instalment credit by multiplying collec- repayments. The revised factors were detion ratios available from reported monthly veloped by the computer program used by sample data by revised outstandings for the Federal Reserve System. The basic data the preceding month. Extensions were for extensions and repayments were adjusted obtained by adding outstandings and repay- for variations in trading days before compuments for the current month and subtracting tation of seasonal adjustment factors. In outstandings for the preceding month. general, the revised factors tend to be some- Estimates for retail outlets were made in what more sensitive to year-to-year developa similar manner, except that where receivaments and yield smoother seasonally adbles were based on sales figures, interpolajusted series than factors used heretofore. tion between initial and terminal months was In addition to the regular seasonal adbased on ratios between sales and receivajustments, extensions and repayments of bles. A more detailed description of estiautomobile credit for some lenders were admating procedures used to derive consumer justed to allow for the influence of changcredit statistics is available on request.3 ing dates of introduction of new models of Estimates for months following the latest cars. The adjustments are based on the benchmark figures are based on changes in average relationship of introduction dates to the major types of credit as indicated by monthly changes in extensions and repaymonthly reports for a sample of the major ments. The procedure for making these holder groups. adjustments is similar to that used in making special adjustments for department store SEASONAL ADJUSTMENTS sales data to allow for changes in the date of Seasonal adjustment factors were recom- Easter.4 The adjustments are still experiputed for the revised data on extensions and mental, and subject to further study and 3 "Detailed Description of Sources and Methods modification. Used in Revision of Short- and Intermediate-Term Consumer Credit Statistics," April 1953. Requests for copies should be sent to the Division of Administrative Services, Board of Governors of the Federal 4 "Revision of Monthly Department Store Indexes," Reserve System, Washington 25, D.C. BULLETIN for December 1957, pp. 1323-52. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF CONSUMER CREDIT STATISTICS 1393 ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Adjusted for seasonal variation and differences in trading days. In millions of dollars] 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 Month Ex- Re- Net Ex- Re- Net Ex- Re- Net Ex- Re- Net Ex- Re- Net ten- pay- changel ten- pay- change1 ten- pay- change1 ten- pay- change1 ten- pay- changel sions ments sions ments sions ments sions ments sions ments 1955_jan.... 2,995 2,636 359 1,225 1,000 225 859 775 84 91 110 -19 820 751 69 Feb.... 3,065 2,642 423 1,298 1,007 291 832 773 59 100 104 -4 835 758 77 Mar.... 3,192 2,665 527 1,384 1,028 356 873 774 99 107 110 -3 828 753 75 Apr.... 3,229 2,722 507 1,358 1,046 312 898 791 107 111 107 4 862 778 84 May... 3,265 2,781 484 1,409 1,081 328 886 806 80 118 113 5 852 781 71 June... 3,253 2,783 470 1,410 ,082 328 878 807 71 118 108 10 847 786 61 July... 3,236 2,817 419 1,415 ,096 319 888 823 65 111 108 3 822 790 32 Aug 3,384 2,858 526 1,499 ,120 379 912 833 79 126 109 17 847 796 51 Sept.... 3,404 2,890 514 1,506 ,139 367 907 832 75 127 109 18 864 810 54 Oct.... 3,296 2,968 328 1,414 ,168 246 882 855 27 129 114 15 871 831 40 Nov.... 3,282 2,947 335 1,364 ,170 194 918 844 74 127 114 13 873 819 54 Dec 3 277 2,910 367 1,368 ,145 223 920 840 80 128 109 19 861 816 45 1956—Jan.... 3,275 2,965 310 1,347 ,180 167 928 854 74 122 118 4 878 813 65 Feb.... 3,304 2,963 341 1,364 ,187 111 925 838 87 130 112 18 885 826 59 Mar.... 3,258 2,954 304 1,319 ,160 159 897 844 53 129 109 20 913 841 72 Apr.... 3,335 3,078 257 1,297 ,225 72 994 882 112 136 116 20 908 855 53 May... 3,275 3,055 220 1,267 ,210 57 956 869 87 140 113 27 912 863 49 June... 3,213 3,060 153 1,223 ,185 38 950 889 61 131 112 19 909 874 35 July... 3,260 3,127 133 1,231 ,216 15 976 918 58 130 119 11 923 874 49 Aug.... 3,361 3,092 269 1,256 ,196 60 1,016 898 118 135 116 19 954 882 72 Sept.... 3,264 3,162 102 1,228 ,215 13 970 945 25 133 111 22 933 891 42 Oct.. .. 3,358 3,157 201 1,279 ,255 24 1,010 918 92 138 117 21 931 867 64 Nov.... 3,473 3,188 285 1,318 ,239 79 1,067 950 117 135 110 25 953 889 64 Dec... 3,412 3,214 198 1,306 1,242 64 1,032 962 70 124 112 12 950 898 52 1957—Jan.... 3,435 3,257 178 ,392 ,290 102 941 951 -10 136 118 18 966 898 68 Feb.... 3,459 3,249 210 1,375 1,279 96 970 944 26 139 121 18 975 905 70 Mar.... 3,398 3,256 142 ,356 1,270 86 941 951 -10 135 115 20 966 920 46 Apr.... 3,412 3,239 173 1,342 1,269 73 938 917 21 135 118 17 997 935 62 May... 3,509 3,273 236 1,334 1,272 62 1,016 932 84 148 126 22 1,011 943 68 June... 3,509 3,314 195 1,343 1,276 67 1,016 966 50 139 123 16 1,011 949 62 July. . . 3,560 3,343 217 1,364 1,295 69 1,020 971 49 144 130 14 1,032 947 85 Aug 3,521 3,325 196 1,327 1,273 54 1,033 996 37 151 123 28 1,010 933 77 Sept.... 3,504 3,363 141 1,371 1,296 75 994 991 3 141 129 12 998 947 51 Oct.. .. 3,486 3,339 147 1,391 1,301 90 936 968 -32 141 124 17 1,018 946 72 Nov.... 3,511 3,363 148 1,370 1,286 84 976 987 -11 135 120 15 1,030 970 60 Dec... 3,556 3,448 108 ,355 1,340 15 1,020 996 24 134 133 1 1,047 979 68 1958—Jan 3,386 3,379 7 1,295 1,325 -30 912 960 -48 150 130 20 1,029 964 65 Feb.... 3,189 3,368 -179 1,158 1,297 -139 906 986 -80 138 130 8 987 955 32 Mar.... 3,207 3,376 -169 1,073 1,287 -214 1,007 985 22 144 136 8 983 968 15 Apr.... 3,207 3,325 -118 1,133 1,301 -168 912 927 -15 148 136 12 1,014 961 53 May... 3,208 3,296 -88 1,099 1,261 -162 985 957 28 154 128 26 970 950 20 June... 3,261 3,356 -95 1,115 1,267 -152 976 963 13 159 141 18 ,011 985 26 July... 3,287 3,304 -17 1,145 1,261 -116 978 956 22 154 136 18 [,010 951 59 Aug.... 3,334 3,366 -32 1,152 1,273 -121 987 960 27 161 132 29 ,034 1,001 33 Sept.... 3,281 3,330 -49 1,100 1,241 -141 978 961 17 168 139 29 ,035 989 46 Oct 3,418 3,380 38 1,178 1,272 -94 1,020 972 48 167 141 26 ,053 995 58 Nov.... 3,531 3,391 140 1,249 1,252 -3 1,050 984 66 168 139 29 ,064 1,016 48 Dec... 3,667 3,340 327 1,403 1,250 153 1,030 951 79 160 137 23 1,074 1,002 72 1959—Jan.2... 3,705 3,378 350 1,372 1,225 158 [,084 994 95 152 141 12 1,097 1,018 85 Feb.... 3,829 3,457 372 1,422 1,268 154 1,129 1,013 116 163 134 29 1,115 1,042 73 Mar.... 3,836 3,428 408 1,431 1,260 171 ,120 1,002 118 181 143 38 ,104 1,023 81 Apr 3,889 3,451 438 1,467 1,263 204 ,146 ,013 133 182 147 35 ,094 1,028 66 May... 4,003 3,548 455 1,491 1,285 206 ,153 [,027 126 197 150 47 ,162 1,086 76 June... 3,999 3,505 494 1,495 1,271 224 ,165 ,009 156 190 146 44 ,149 1,079 70 July... 4,085 3,550 535 1,518 1,304 214 ,192 1,029 163 193 146 47 ,182 1,071 111 Aug.2.. 4,035 3,553 611 1,496 1,288 265 1,161 1,033 145 197 155 47 ,181 1,077 154 Sept.... 4,164 3,597 567 1,535 1,298 237 ,181 ,066 115 194 147 47 ,254 1,086 168 Oct.... 4,151 3,637 514 1,553 1,312 241 1,175 ,065 110 187 153 34 ,236 1,107 129 Nov.... 4,058 3,640 418 1,411 1,310 101 1,211 1,064 147 194 159 35 ,242 1,107 135 Dec... 4,016 3,685 331 1,329 1,327 2 1,252 1,081 171 190 147 43 1,245 1,130 115 I960—Jan.... 4,112 3,749 363 1,461 1,337 124 1,235 [,122 113 170 149 21 1,246 1,141 105 Feb.... 4,155 3,686 469 1,523 1,321 202 1,208 1,085 123 190 150 40 1,234 1,130 104 Mar.... 4,140 3,733 407 1,527 1,337 190 1,188 1,101 87 189 155 34 1,236 1,140 96 Apr.... 4,350 3,820 530 1,582 1,344 238 1,276 1,128 148 189 153 36 1.303 1,195 108 May... 4,127 3,822 305 1,488 1,368 120 1,188 1,140 48 203 154 49 U248 1,160 88 June... 4,121 3,822 299 1,457 1,355 102 1,227 1,141 86 194 160 34 ,243 1,166 77 July... 4,141 3,873 268 1,390 1,343 47 1,199 1,141 58 187 160 27 ,365 1,229 136 Aug.... 4,048 3,822 226 1,404 1,353 51 1,171 1,132 39 196 161 35 ,277 1,176 101 Sept.... 4,089 3,863 226 1,417 1,355 62 1,203 1,143 60 181 155 26 1,288 1,210 78 Oct.... 4,034 3,862 172 1,399 1,365 34 1,204 1,151 53 175 163 12 1,256 1,183 73 Nov.... 4,018 3,856 162 1,408 1,358 50 1,174 T.138 36 174 162 12 1,262 1,198 64 Dec... 3,984 3,866 118 1,351 1,348 3 1,207 1,153 54 166 162 4 ,260 1,203 57 For notes see p. 1400. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1394 FEDERAL RESERVE BULLETIN • DECEMBER 1961 ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Adjusted for seasonal variation and differences in trading days. In millions of dollars] Total Commercial banks finance S c a o le m s panies financia O l t i h n e s r titutions Retail outlets Month t E e x n - - p R a e y - - ch N an e g t e1 t E e x n - - p R a e y - - ch N an e g t e1 t E e x n - - p R a e y - - ch N an e g t e1 t E e x n - - p R a e y - - ch N an et gel t E e x n - - p R a e y - - ch N an e g t e^ sions ments sions ments sions ments sions ments sions ments 1955—Jan 2,995 2,636 359 1,074 966 108 754 606 148 641 596 45 526 468 58 Feb.... 3,065 2,642 423 1,116 979 137 801 606 195 658 586 72 490 All 19 Mar.... 3,192 2,665 527 1,129 985 144 852 613 239 679 602 77 532 465 67 Apr.... 3,229 2,722 507 1,152 1,002 150 835 618 217 693 619 74 549 483 66 May... 3,265 2,781 484 1,184 1,030 154 867 652 215 695 617 78 519 482 37 June... 3,253 2,783 470 1,192 1,015 177 849 654 195 704 624 80 508 490 18 July... 3,236 2,817 419 i;i77 1,043 134 862 650 212 670 627 43 527 497 30 Aug.... 3,384 2,858 526 1,230 1,044 186 918 685 233 707 634 73 529 495 34 Sept.... 3,404 2,890 514 1,247 1,051 196 916 692 224 718 642 76 523 505 18 Oct.... 3,296 2,968 328 1,212 1,079 133 846 713 133 732 664 68 506 512 -6 Nov.... 3,282 2,947 335 1,219 1,066 153 801 715 86 728 653 75 534 513 21 Dec... 3,277 2,910 367 1,177 1,044 133 828 695 133 734 661 73 538 510 28 1956—Jan.... 3,275 2,965 310 1,167 1,068 99 804 721 83 717 666 51 587 510 77 Feb.... 3,304 2,963 341 1,189 1,073 116 821 724 97 734 664 70 560 502 58 Mar.... 3,258 2,954 304 1,154 1,038 116 813 721 92 761 683 78 530 512 18 Apr.... 3,335 3,078 257 1,248 1,108 140 777 742 35 743 693 50 567 535 32 May... 3,275 3,055 220 1,171 1,094 77 784 758 26 762 691 71 558 512 46 June... 3,213 3,060 153 1,193 1,096 172 760 725 35 753 698 55 507 541 -109 July... 3,260 3,127 133 1,210 1,144 66 742 750 -8 759 711 48 549 522 27 Aug.... 3,361 3,092 269 1,194 1,124 70 776 739 37 797 720 77 594 509 85 Sept.... 3,264 3,162 102 1,182 1,161 21 760 729 31 771 719 52 551 553 2 Oct.... 3,358 3,157 201 1,259 1,155 104 797 767 30 769 705 64 533 530 3 Nov.... 3,473 3,188 285 1,238 1,127 111 903 773 130 809 731 78 523 557 -34 Dec.... 3,412 3,214 198 1,258 1,174 84 802 763 39 773 732 41 579 545 34 1957—Jan.... 3,435 3,257 178 1,290 1,184 31 873 804 69 784 741 43 488 528 35 Feb.... 3,459 3,249 210 1,276 1,170 106 818 793 25 802 740 62 563 546 17 Mar.... 3,398 3,256 142 1,224 1,152 72 845 799 46 808 760 48 521 545 -24 Apr 3,412 3,239 173 1,251 1,161 174 826 781 45 822 760 62 513 537 -108 May... 3,509 3,273 236 1,258 1,178 80 820 792 28 844 781 63 587 522 65 June... 3,509 3,314 195 1,281 1,200 81 843 814 29 825 763 62 560 537 23 July... 3,560 3,343 217 1,307 1,202 150 889 814 75 849 781 68 515 546 -76 Aug 3,521 3,325 196 1,297 1,217 80 818 800 18 842 774 68 564 534 30 Sept.... 3,504 3,363 141 1,301 1,232 69 839 808 31 820 772 48 544 551 n Oct.... 3,486 3,339 147 1,331 1,212 136 838 813 25 836 779 57 481 535 -71 Nov.... 3,511 3,363 148 1,268 1,210 58 834 805 29 845 800 45 564 548 16 Dec... 3,556 3,448 108 1,271 1,242 29 850 838 12 840 798 42 595 570 25 1958—Jan 3,386 3,379 7 1,246 1,228 -22 791 822 -31 813 790 23 536 539 37 Feb.... 3,189 3,368 -179 1,176 1,237 -118 772 823 6 765 763 2 476 545 -69 Mar.... 3,207 3,376 -169 1,149 1,224 -93 742 820 -78 771 784 -13 545 548 15 Apr.... 3,207 3,325 -118 1,221 1,215 46 749 834 -85 791 770 21 446 506 -100 May... 3,208 3,296 -88 1,173 1,206 -33 709 813 -104 769 759 10 557 518 39 June... 3,261 3,356 -95 1,217 1,240 -23 708 807 -99 785 781 4 551 528 23 July... 3,287 3,304 -17 1,247 1,201 46 763 818 -55 788 767 21 489 518 -29 Aug.... 3,334 3,366 -32 1,265 1,239 26 730 815 -85 813 787 26 526 525 1 Sept.... 3,281 3,330 -49 1,220 1,204 -185 652 801 -172 816 780 36 593 545 272 Oct.... 3,418 3,380 38 1,273 1,227 46 725 792 -67 836 796 40 584 565 19 Nov.... 3,531 3,391 140 1,328 1,234 94 747 796 -49 840 788 52 616 573 43 Dec... 3,667 3,340 327 1,345 1,192 153 824 770 54 854 798 56 644 580 64 1959—Jan.2... 3,705 3,378 350 1,419 1,210 223 834 111 57 824 808 21 628 583 49 Feb.... 3,829 3,457 372 1,430 1,250 156 861 796 65 858 804 54 680 607 97 Mar.... 3,836 3,428 408 1,442 1,243 199 888 787 101 863 803 60 643 595 48 Apr 3,889 3,451 438 1,480 1,266 214 908 782 126 849 806 43 652 597 55 May... 4,003 3,548 455 1,507 1,295 212 929 809 120 914 848 66 653 596 57 June... 3,999 3,505 494 1,503 1,276 227 924 790 134 913 842 71 659 597 62 July. .. 4,085 3,550 535 1,533 1,308 225 951 800 151 916 838 78 685 604 81 Aug.2.. 4,035 3,553 611 1,540 1,328 253 918 111 162 915 834 142 662 614 54 Sept.... 4,164 3,597 567 1,556 1,329 227 980 804 176 969 847 122 659 617 42 Oct.... 4,151 3,637 514 1,562 1,346 216 971 812 159 962 863 99 656 616 40 Nov.... 4,058 3,640 418 1,521 1,356 165 882 807 75 971 852 119 684 625 59 Dec... 4,016 3,685 331 1,483 1,353 130 879 825 54 975 877 98 679 630 49 I960—Jan 4,112 3,749 363 1,538 1,403 256 936 832 104 964 885 79 674 629 -76 Feb.... 4,155 3,686 469 1,567 ,352 215 987 822 205 975 883 92 626 629 -43 Mar.... 4,140 3,733 407 1,536 1,373 51 965 831 214 991 888 103 648 641 39 Apr.... 4,350 3,820 530 1,573 1,375 198 993 862 131 1,042 928 114 742 655 87 May... 4,127 3,822 305 1,535 1,413 122 946 845 101 1,011 902 109 635 662 -27 June... 4,121 3,822 299 1,536 1,407 129 928 842 86 990 912 78 667 661 6 July... 4,141 3,873 268 1,485 1,411 74 911 853 16 1,102 961 141 643 648 -23 Aug 4,048 3,822 226 1,488 1,398 90 918 854 64 1,027 931 96 615 639 -24 Sept.... 4,089 3,863 226 1,518 1,416 102 927 873 54 1,011 939 72 633 635 -2 Oct.... 4,034 3.862 172 1,506 1,433 73 907 868 39 981 919 62 640 642 -2 Nov.... 4,018 3,856 162 1,511 L422 89 907 879 28 989 934 55 611 621 -10 Dec... 3,984 3,866 118 1,479 1,431 48 888 874 14 984 942 42 633 619 14 For notes see p. 1400. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF CONSUMER CREDIT STATISTICS 1395 ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Month t E e x n - - p R a e y - - ch N an et ge1 t E e x n - - p R a e y - - ch N an e g t e * t E e x n - - p R a e y - - ch N an et gel t E e x n - - p R a e y - - ch N an et gel t E e x n - - p R a e y - - ch N an et ge1 sions ments sions ments sions ments sions ments sions ments 1955—Jan 2,506 2,562 -56 999 947 52 703 786 -83 67 109 -42 737 720 17 Feb.... 2,580 2,488 92 1,101 934 167 661 766 -105 76 98 -22 742 690 52 Mar.... 3,308 2,866 442 1,479 1.097 382 831 840 -9 99 118 -19 899 811 88 Apr.... 3,263 2,718 545 :1,418 ,032 386 854 812 42 108 103 5 883 771 112 May... 3,346 2,733 613 1,512 ,054 458 870 801 69 124 110 14 840 768 72 June... 3,605 2,840 765 1,656 ,116 540 913 808 105 129 109 20 907 807 100 July... 3,260 2,732 528 1,497 ,060 437 836 795 41 116 103 13 811 774 37 Aug 3,554 2,921 633 1,648 ,171 477 913 834 79 140 112 28 853 804 49 Sept.... 3,339 2,847 492 1,496 ,143 353 890 813 77 139 110 29 814 781 33 Oct.... 3,186 2,940 246 1,339 ,175 164 911 843 68 139 114 25 797 808 -11 Nov.... 3,245 2,961 284 1,266 ,190 76 975 828 147 133 119 14 871 824 47 Dec... 3,752 3,017 735 1,297 ,157 140 1,285 826 459 123 110 13 1,047 924 123 1956—Jan 2,872 2,993 -121 1,185 ,175 10 777 892 -115 94 120 -26 816 806 10 Feb.... 2,911 2,879 32 1,227 ,140 87 764 851 -87 104 109 -5 816 779 37 Mar.... 3,291 3,101 190 1,367 ,205 162 851 904 -53 120 113 7 953 879 74 Apr.... 3,321 3,012 309 1,334 ,193 141 927 868 59 132 112 20 928 839 89 May... 3,458 3,118 340 1,398 ,237 161 982 898 84 152 113 39 926 870 56 June... 3,439 3,056 383 1,380 ,189 191 979 881 98 140 109 31 940 877 63 July... 3,324 3,088 236 i;326 1,207 119 932 894 38 139 118 21 927 869 58 Aug.... 3,521 3,159 362 1,381 1,237 144 1,018 910 108 150 118 32 972 894 78 Sept.... 3,006 2,921 85 1,144 1,143 1 907 868 39 140 106 34 815 804 11 Oct.... 3,422 3,289 133 1,278 1,333 -55 1,089 947 142 156 122 34 899 887 12 Nov.... 3,424 3,178 246 1,214 1,248 -34 1,124 925 199 140 114 26 946 891 55 Dec... 3,781 3,212 569 1,186 1,202 -16 1,369 921 448 116 111 5 1,110 978 132 1957_j an .... 3,074 3,329 -255 1,238 1,298 -60 831 1,016 -185 106 120 -14 899 895 4 Feb.... 2,936 3,038 -102 1,193 1,184 9 768 918 -150 110 114 A 865 822 43 Mar.... 3,312 3,293 19 1,357 1,273 84 861 978 -117 123 116 7 971 926 45 Apr.... 3,547 3,304 243 1,440 1,290 150 910 939 -29 134 119 15 1,063 956 107 May... 3,718 3,349 369 1,484 1,305 179 1,043 964 79 161 127 34 1,030 953 77 June... 3,615 3,191 424 1,463 [,233 230 1,003 924 79 145 117 28 1,004 917 87 July... 3,798 3,450 348 1,529 1,347 182 1,027 986 41 158 132 26 1,084 985 99 Aug 3,641 3,341 300 1,432 1,286 146 1,026 1,000 26 165 123 42 1,018 932 86 Sept.... 3,341 3,244 97 1,330 1,282 48 945 940 5 153 128 25 913 894 19 Oct.... 3,497 3,421 76 1,373 1,361 12 995 982 13 157 128 29 972 950 22 Nov.... 3,376 3,305 71 1,212 1,263 -51 1,029 963 66 139 123 16 996 956 40 Dec 4,019 3,513 506 1,271 1,327 -56 1,369 961 408 127 133 -6 1,252 1,092 160 1958—Jan 3,049 3,432 -383 1,167 1,334 -167 793 1,003 -210 126 131 c 963 964 -1 Feb.... 2,706 3,145 -439 1,008 1,205 -197 714 947 -233 111 125 -14 873 868 5 Mar.... 3,120 3,448 -328 1,087 1,315 -228 910 1,011 -101 130 136 -6 993 986 7 Apr.... 3,292 3,348 -56 1,204 1,300 -96 878 945 -67 148 136 12 1,062 967 95 May... 3,330 3,313 17 1,194 1,266 -72 1,001 977 24 166 128 38 969 942 27 June... 3,431 3,332 99 1,249 1,267 -18 967 948 19 168 142 26 1,047 975 72 July... 3,437 3,369 68 1,272 1,291 -19 958 954 4 167 141 26 1,040 983 57 Aug.... 3,334 3,253 81 1,189 1,237 -48 966 925 41 172 129 43 1,007 962 45 Sept.... 3,244 3,334 -90 1,097 1,276 -179 974 945 29 183 142 41 990 971 19 Oct.... 3,444 3,468 -24 1,167 1,331 -164 1,084 994 90 183 145 38 1,010 998 12 Nov.... 3,295 3,221 74 1,085 1,175 -90 1,061 949 112 164 132 32 985 965 20 Dec 4,276 3,549 727 1,352 1,286 66 1,438 966 472 153 138 15 1,333 1,159 174 1959—Jan. 2... 3,300 3,382 -59 1,227 1,212 26 940 1,030 -85 124 140 -15 1,009 1,000 15 Feb 3,234 3,231 3 1,237 1,180 57 884 973 -89 131 129 2 982 949 33 Mar.... 3,764 3,553 211 1,461 1,315 146 1,015 1,039 -24 166 145 21 1,122 ,054 68 Apr.... 3,999 3,481 518 1,560 1,259 301 ,106 1,036 70 182 148 34 1,151 ,038 113 May... 4,016 3,433 583 1,543 1,239 304 ,148 1,008 140 205 145 60 1,120 ,041 79 June. 4,373 3,606 767 1,736 1,318 418 ,197 1,033 164 206 151 55 1,234 ,104 130 July.. 4,253 3,625 628 1,678 1,338 340 ,144 1,028 116 210 151 59 1,221 ,108 113 Aug.2 4,113 3,488 754 1,562 1,274 345 ,164 1,004 177 212 154 63 1,175 ,056 169 Sept.. 4,053 3,538 515 1,481 1,306 175 ,181 1,039 142 207 148 59 1,184 1,045 139 Oct.. 4,145 3,672 473 1,523 1,350 173 ,248 1,078 170 204 155 49 1,170 1,089 81 Nov.. 3,920 3,575 345 1,283 1,280 3 1,247 1,043 204 194 155 39 1,196 1,097 99 Dec. 4,646 3,852 794 1,252 1,341 -89 1,707 1,090 617 179 147 32 1,508 1,274 234 I960—Jan 3,511 3,624 -113 1,242 1,275 -33 1,042 [,124 -82 135 144 -9 1,092 1,081 11 Feb.... 3,669 3,631 38 1,387 1,291 96 976 1,101 -125 159 148 11 1,147 1,091 56 Mar.... 4,139 3,915 224 1,591 1,403 188 1,107 ,165 -58 177 159 18 1,264 1,188 76 Apr 4,392 3,795 597 1,654 1,322 332 ,207 ,134 73 191 151 40 1,340 [,188 152 May... 4,269 3,802 467 1,616 1,369 247 ,193 ,128 65 218 153 65 1,242 1,152 90 June... 4,494 3,882 612 1,685 1,378 307 ,281 ,148 133 213 163 50 1,315 1,193 122 July... 4,075 3,731 344 1,434 1,306 128 ,118 1,082 36 193 157 36 1,330 1,186 144 Aug.... 4,304 3,927 377 1,534 1,414 120 ,201 ,136 65 219 166 53 1,350 1,211 139 Sept.... 3,975 3,779 196 1,336 1,339 -3 ,207 [,118 89 192 156 36 1,240 1,166 74 Oct.. .. 3,941 3,855 86 1,365 1,405 -40 ,229 .140 89 185 165 20 1,162 1,145 17 Nov.... 3,998 3,867 131 1,344 1,354 -10 1,236 i;i44 92 176 163 13 1,242 ,206 36 Dec... 4,547 3,952 595 1,220 1,319 -99 1,676 1,152 524 154 158 -4 1,497 i;323 174 For notes see p. 1400. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1396 FEDERAL RESERVE BULLETIN • DECEMBER 1961 ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Total Commercial banks finance S c al o e m s panies financia O l t i h n e s r titutions Retail outlets Month s t E i e o x n n - - s m p R e a e n y - t - s ch N an e g t e1 s t E i e o x n n - - s m p R e a e n y - t - s ch N an e g t el s t E i e o x n n - - s m p R e a e n y - t - s ch N an et gel s t E i e o x n n - - s m p R e a e n y - t - s ch N an et gel s t E i e o x n n - - s m p R e a e n y - t - s ch N an et gel 1955—Jan 2,506 2,562 -56 973 940 33 592 556 36 559 568 g 382 498 -116 Feb..,. 2,580 2,488 92 975 921 54 656 562 94 585 537 48 364 468 -104 Mar.... 3,308 2,866 442 1,224 ,050 174 869 663 206 720 642 78 495 511 -16 Apr 3,263 2,718 545 1,204 1,013 191 841 605 236 705 614 91 513 486 27 May.. . 3,346 2,733 613 1,237 1,013 224 906 627 279 692 609 83 511 484 27 June... 3,605 2,840 765 1,337 ,036 301 997 675 322 750 640 110 521 489 32 July. . . 3,260 2,732 528 1,187 1,025 162 927 617 310 666 614 52 480 476 4 Aug.... 3,554 2,921 633 1,291 ,075 216 1,024 716 308 714 636 78 525 494 31 Sept.... 3,339 2,847 492 1,222 1,045 177 921 697 224 683 617 66 513 488 25 Oct.. .. 3,186 2,940 246 1,146 1,062 84 824 728 96 682 646 36 534 504 30 Now.... 3,245 2,961 284 1,142 1,065 77 787 736 51 730 659 71 586 501 85 Dec 3,752 3,017 735 1,171 1,059 112 834 715 119 890 751 139 857 492 365 1956-—Jan 2,872 2,993 -121 1,096 1,082 14 699 709 -10 646 657 -11 431 545 -114 Feb.... 2,911 2,879 32 1,083 1,039 44 713 691 22 679 627 52 436 522 -86 Mar.... 3,291 3,101 190 1,197 1,074 123 816 754 62 785 711 74 493 562 -69 Apr.... 3,321 3,012 309 1,298 ,095 203 763 718 45 747 680 67 513 519 -6 May... 3,458 3,118 340 1,271 1,117 154 836 773 63 777 697 80 574 531 43 June... 3,439 3,056 383 1,297 ,097 275 840 719 121 781 702 79 521 538 -92 July. . ., 3,324 3,088 236 1,242 1,148 94 811 732 79 766 706 60 505 502 3 Aua.... 3,521 3,159 362 1,247 1,164 83 863 764 99 818 725 93 593 506 87 Sept.... 3,006 2,921 85 1,087 ,074 13 714 683 31 683 653 30 522 511 11 Oct.. .. 3,422 3,289 133 1,267 ,197 70 814 831 -17 753 719 34 588 542 46 Nov 3.424 3,178 246 1,165 ,124 41 878 776 102 806 735 71 575 543 32 Dec... . 3,781 3,212 569 1,213 ,151 62 777 753 24 904 801 103 887 507 380 1957—Jan 3,074 3,329 -255 1,216 ,206 -65 780 804 -24 709 734 -25 369 585 -141 Feb... . 2,936 3,038 -102 1,119 1,090 29 684 729 -45 715 675 40 418 544 -126 Mar.... 3,312 3,293 19 1,228 ,149 79 813 804 9 807 764 43 464 576 -112 Apr.... 3,547 3,304 243 1,361 ,196 249 848 793 55 859 775 84 479 540 -145 May... 3,718 3,349 369 1,373 1,208 165 877 808 69 866 790 76 602 543 59 June. . . 3,615 3,191 424 1,345 1,158 187 895 774 121 827 744 83 548 515 33 July.. . 3,798 3,450 348 1,398 1,256 187 1,015 840 175 897 808 89 488 546 -103 Aug.... 3,641 3,341 300 1,334 1,231 103 892 809 83 857 111 86 558 530 28 Sept.... 3,341 3,244 97 1,254 1,201 53 821 791 30 753 731 22 513 521 0 Oct 3,497 3,421 76 1,317 1,238 96 852 868 -16 802 780 22 526 535 -26 Nov.... 3.376 3,305 71 1,163 1,185 -22 770 794 -24 825 791 34 618 535 83 Dec.... 4;019 3,513 506 1,247 1,242 5 857 850 7 1,003 892 111 912 529 383 1958—Jan.. . . 3,049 3,432 -383 1,194 ,248 -94 713 822 -109 740 787 -47 402 575 -133 Feb.... 2,706 3,145 -439 1,030 1,160 -187 643 755 -54 679 695 -16 354 535 -181 Mar.... 3,120 3,448 -328 1,154 ,242 -106 724 840 -116 774 798 -24 468 568 -82 Apr... . 3,292 3,348 -56 1,308 ,225 123 757 838 -81 813 771 42 414 514 -140 May... 3.330 3,313 17 1,252 ,219 33 739 809 -70 775 756 19 564 529 35 June.. . 3,431 3,332 99 1,302 ,238 64 777 794 -17 816 781 35 536 519 17 July. . . 3,437 3,369 68 1,345 [,245 100 853 832 21 816 785 31 423 507 -84 Aug.... 3.334 3,253 81 1,261 ,203 58 754 790 -36 804 757 47 515 503 12 Sept.... 3,244 3,334 -90 1,221 ,221 -201 659 816 -180 111 765 12 587 532 279 Oct.. .. 3,444 3,468 -24 1,267 ,255 12 738 845 -107 805 796 9 634 572 62 Nov.... 3.295 3,221 74 1,166 1,151 15 684 752 -68 794 756 38 651 562 89 Dec.... 4^276 3,549 727 1,360 1,240 120 843 814 29 1,058 921 137 1,015 574 441 1959—Jan.*... 3.300 3,382 -59 1,345 1,208 151 745 758 -13 736 794 -53 474 622 -144 Feb.... 3,234 3,231 3 1,249 1,175 50 715 727 -12 759 734 25 511 595 -60 Mar.... 3,764 3,553 211 1,456 1,287 169 879 825 54 870 823 47 559 618 -59 Apr.... 3,999 3,481 518 1,590 1,278 312 925 789 136 872 807 65 612 607 s May... 4,016 3,433 583 1,549 1,253 296 931 773 158 893 821 72 643 586 57 June... 4,373 3,606 767 1,658 1,318 340 1,064 810 254 978 866 112 673 612 61 July. .. 4,253 3,625 628 1,650 1,358 292 1,057 817 240 950 857 93 596 593 3 Aug.2.. 4,113 3,488 754 1,571 1,314 298 965 770 216 920 815 166 657 589 74 Sept.... 4,053 3,538 515 1,519 1,321 198 967 803 164 907 813 94 660 601 59 Oct.. .. 4.145 3,672 473 1,529 1,352 177 976 851 125 918 847 71 722 622 100 Nov.... 3; 920 3,575 345 1,385 1,317 68 845 796 49 954 850 104 736 612 124 Dec.. . . 4.646 3,852 794 1,475 1,379 96 893 857 36 1,181 992 189 1,097 624 473 1960—Jan 3,511 3,624 -113 1,392 1,350 163 804 778 26 824 841 -17 491 655 -285 Feb.. . . 3,669 3,631 38 1,444 1,355 89 860 789 111 902 850 52 463 637 -214 Mar.... 4,139 3,915 224 1,566 1,424 30 971 886 165 1,009 923 86 593 682 -57 Apr.. .. 4,392 3,795 597 1,662 1,368 294 995 853 142 1,048 921 127 687 653 34 May. .. 4,269 3,802 467 1,648 1,424 224 981 836 145 1,014 897 117 626 645 -19 June... 4,494 3,882 612 1,693 1,433 260 1,050 848 202 1,058 937 121 693 664 29 July. . . 4,075 3,731 344 1,494 1,375 119 944 818 144 1,086 929 157 551 609 -76 Aug 4,304 3,927 377 1,599 1,453 146 1,015 894 121 1,085 953 132 605 627 -22 Sept.... 3,975 3,779 196 1,470 1,393 77 918 867 51 958 901 57 629 618 1! Oct.... 3,941 3,855 86 1,450 1,446 4 900 893 7 921 888 33 670 628 42 Nov 3,998 3,867 131 1,437 1,411 26 886 885 I 988 940 48 687 631 56 Dec... 4,547 3,952 595 1,416 1,396 20 886 885 1 1.178 1,044 134 1,067 627 440 For notes see p. 1400. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF CONSUMER CREDIT STATISTICS 1397 SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MA.IOR PARTS [Estimated amounts outstanding; in millions of dollars] Instalment credit Noninstalment credit End of month Total Total m p A a o u p b e to i r l - e i co p g O n a o s t p o u h e d m e r r s 1 er m i R l z o o a a e a d n t p n i e d a o s r i n n 2 r - Pe lo rs a o n n s al Total p S a l y i 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 1955—January... 31,938 23,512 9,861 6,668 ,574 5,409 8,426 2,365 3,986 2,075 February.. 31,755 23,604 10,028 6,563 ,552 5,461 8,151 2,431 3,565 2,155 March 32,094 24,046 10,410 6,554 ,533 5,549 8,048 2,494 3,435 2,119 April 32,911 24,591 10,796 6,596 ,538 5,661 8,320 2,516 3,664 2,140 May 33,695 25,204 11,254 6,665 ,552 5,733 8,491 2,621 3,759 2,111 June 34,593 25,969 11,794 6,770 ,572 5,833 8,624 2,726 3,796 2,102 July 34,967 26,497 12,230 6,811 ,585 5,871 8,470 2,663 3,719 2,088 August. . . 35,675 27,130 12,706 6,891 ,613 5,920 8,545 2,729 3,744 2,072 September. 36,283 27,617 13,058 6,967 ,640 5,952 8,666 2,783 3,831 2,052 October... 36,669 27,866 13,224 7,034 ,666 5,942 8,803 2,810 3,961 2,032 November. 37,229 28,151 13,299 7,182 ,681 5,989 9,078 2,940 4,079 2,059 December. 38,807 28,883 13,437 7,641 ,693 6,112 9,924 3,002 4,795 2,127 1956—January... 38,143 28,760 13,448 7,525 ,665 6,122 9,383 2,923 4,231 2,229 February.. 37,792 28,795 13,536 7,439 ,660 6,160 8,997 2,933 3,787 2,277 March.... 38,060 28,984 13,697 7,386 ,667 6,234 9,076 3,049 3,731 2,296 April 38,515 29,293 13,839 7,445 ,685 6,324 9,222 3,087 3,796 2,339 May 39,160 29,633 14,000 7,529 1,724 6,380 9,527 3,251 3,966 2,310 June 39,631 30,014 14,189 7,626 1,756 6,443 9,617 3,240 4,011 2,300 39,654 30,252 14,309 7,666 1,775 6,502 9,402 3,158 3,958 2,286 July 40,061 30,615 14,453 7,775 1,807 6,580 9,446 3,183 3,993 2,270 August. . . 40,308 30,699 14,454 7,815 1,840 6,590 9,609 3,239 4,091 2,279 September. 40,423 30,832 14,400 7,956 1,874 6,602 9,591 3,169 4,180 2,242 October... 40,937 31,076 14,365 8,157 1,898 6,656 9,861 3,258 4,327 2,276 November. 42,262 31,648 14,348 8,606 1,905 6,789 10,614 3,253 4,995 2,366 December. 1957—January... 41,444 31,392 14,288 8,421 1,889 6,794 10,052 3,205 4,444 2,403 February.. 40,996 31,293 14,298 8,271 1,886 6,838 9,703 3,242 3,980 2,481 March 40,929 31,314 14,382 8,156 1,892 6,884 9,615 3,291 3,827 2,497 April 41,443 31,554 14,531 8,128 1,906 6,989 9,889 3,304 4,040 2,545 May 42,096 31,922 14,709 8,206 1,940 7,067 10,174 3,437 4,211 2,526 June 42,564 32,343 14,937 8,284 1,968 7,154 10,221 3,416 4,272 2,533 July 42,761 32,691 15,119 8,325 1,994 7,253 10,070 3,328 4,229 2,513 August 43,145 32,995 15,266 8,352 2,037 7,340 10,150 3,348 4,292 2,510 September. 43,254 33,091 15,315 8,356 2,061 7,359 10,163 3,365 4,296 2,502 October... 43,291 33,171 15,326 8,371 2,091 7,383 10,120 3,292 4,363 2,465 November. 43,517 33,237 15,274 8,434 2,107 7,422 10,280 3,315 4,458 2,507 December. 44,848 33,745 15,218 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958—January... 43,954 33,366 15,052 8,635 2,097 7,582 10,588 3,362 4,597 2,629 February.. 43,025 32,928 14,856 8,403 2,082 7,587 10,097 3,372 4,024 2,701 March 42,500 32,597 14,626 8,301 2,076 7,594 9,903 3,369 3,827 2,707 April 42,639 32,543 14,530 8,236 2,087 7,690 10,096 3,364 3,999 2,733 May 42,936 32,562 14,459 8,260 2,126 7,717 10,374 3,452 4,204 2,718 June 43,071 32,661 14,440 8,280 2,152 7,789 10,410 3,499 4,202 2,709 July 42,975 32,727 14,421 8,284 2,177 7,845 10,248 3,442 4,114 2,692 August 43,148 32,816 14,375 8,327 2,221 7,893 10,332 3,498 4,136 2,698 September. 43,115 32,720 14,195 8,355 2,260 7,910 10,395 3,519 4,190 2,686 October... 43,145 32,696 14,031 8,444 2,299 7,922 10,449 3,497 4,299 2,653 November. 43,402 32,772 13,940 8,557 2,332 7,943 10,630 3,564 4,370 2,696 December. 44,984 33,497 14,007 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959—January 3.. 44,528 33,442 14,033 8,943 2,333 8,133 11,086 3,581 4,648 2,857 February.. 44,210 33,446 14,091 8,854 2,335 8,166 10,764 3,675 4,149 2,940 March 44,371 33,657 14,237 8,830 2,357 8,233 10,714 3,729 4,040 2,945 April 45,100 34,175 14,538 8,900 2,391 8,346 10,925 3,789 4,145 2,991 May 45,979 34,760 14,842 9,041 2,451 8,426 11,219 3,897 4,341 2,981 June 46,849 35,527 15,260 9,204 2,506 8,557 11,322 3,962 4,386 2,974 July 47,356 36,153 15,600 9,319 2,565 8,669 11,203 3,927 4,320 2,956 August3... 48,151 36,907 15,945 9,496 2,629 8,837 11,244 3,999 4,281 2,964 September. 48,708 37,424 16,122 9,638 2,688 8,976 11,284 4,046 4,288 2,950 October... 49,206 37,896 16,295 9,808 2,737 9,056 11,310 4,012 4,378 2,920 November. 49,746 38,243 16,298 10,013 2,778 9,154 11,503 4,075 4,459 2,969 December. 51,331 39,034 16,209 10,630 2,809 9,386 123297 4,129 5,104 3,064 I960—January... 50,728 38,921 16,176 10,547 2,800 9,398 11,807 4,059 4,625 3,123 February.. 50,494 38,962 16,273 10,423 2,812 9,454 11,532 4,146 4,180 3,206 March 50,634 39,189 16,462 10,365 2,831 9,531 11,445 4,225 4,016 3,204 April 51,672 39,783 16,794 10,437 2,871 9,681 11,889 4,280 4,328 3,281 May 52,332 40,246 17,039 10,501 2,935 9,771 12,086 4,386 4,435 3,265 June 53,026 40,859 17,348 10,634 2,984 9,893 12,167 4,384 4,529 3,254 July 53,231 41,201 17,476 10,668 3,020 10,037 12,030 4,373 4,413 3,244 August... 53,594 41,580 17,598 10,731 3,074 10,177 12,014 4,401 4,390 3,223 September. 53,852 41,774 17,595 10,820 3,109 10,250 12,078 4,460 4,411 3,207 October... 53,979 41,859 17,553 10,909 3,129 10,268 12,120 4,432 4,504 3,184 November. 54,298 41,996 17,544 11,003 3,144 10,305 12,302 4,478 4,605 3,219 December. 55,757 42,588 17,444 11,525 3,139 10,480 13,169 4,507 5,329 3,333 For notes see p. 1400. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1398 FEDERAL RESERVE BULLETIN • DECEMBER 1961 INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding; in millions of dollars] 1-inancial institution Retail outlets Total End of month i c m n r s e e t d n a i l t t - Total m b C e a o r n c m 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 f p s i c C n u a o a m n o m n i n e e c - - r s e Other Total D s m t e o p e r a e n r s t t 4 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l l s e d e i e s - - d m A ea o u l b e to i r l s - e 5 Other 1955—Jan 23,512 19,510 8,829 6,180 ,331 2,254 916 4,002 ,209 954 373 456 1,010 Feb 23,604 19,706 8,883 6,274 ,351 2,265 933 3,898 ,179 935 366 454 964 Mar 24,046 20,164 9,057 6,480 ,388 2,291 948 3,882 ,195 924 356 461 946 Apr 24,591 20,682 9,248 6,716 ,423 2,332 963 3,909 ,211 917 353 468 960 Mav 25,204 21,268 9,472 6,995 ,462 2,352 987 3,936 ,224 925 351 478 958 June 25,969 22,001 9,773 7,317 ,507 2,398 [,006 3,968 ,235 932 352 491 958 July 26,497 22,524 9,935 7,627 ,535 2,423 1,004 3,972 ,231 938 353 499 951 Aug 27,130 23,126 10,151 7,935 1,576 2,449 1,015 4,003 ,244 956 355 508 940 Sent 27 617 23,590 10,328 8,158 ,617 2,464 1,023 4,028 ,270 961 352 510 935 Oct 27,866 23,808 10,412 8,256 ,638 2,482 [,020 4,058 .283 973 349 504 949 Nov 28,151 24,008 10,489 8,306 ,651 2,523 1,039 4,143 1,332 995 352 494 970 Dec . . . 28 883 24,375 10,601 8,424 1,678 2,623 1,049 4,508 1,511 1,044 365 487 1 101 1956—Jan 28 760 24,367 10,615 8,413 ,666 2,632 1,041 4,394 1,471 1.028 356 486 j nsi Feb 28,795 24,487 10,659 8,435 1,692 2,657 1,044 4,308 1,435 1,025 349 487 012 Mar . . 28 984 24,744 10,782 8,496 1,722 2,687 1,057 4,239 1,377 1,021 343 490 008 Apr 29,293 25,060 10,985 8,542 1,756 2,715 1,062 4,233 1,380 1,024 339 493 997 May . 29 633 25 357 11,139 8,604 1,792 2,740 1,082 4,276 1,389 1,033 342 497 015 June 30,014 25,829 11,414 8,724 ,832 2,774 1,085 4,184 1,248 1,047 346 502 041 July 30,252 26,065 11,508 8,804 1,860 2,811 1,082 4,187 1,241 1,055 352 506 ,033 Aug . .. 30 615 26,340 11,591 8,904 1,908 2,843 1,094 4,274 1,287 1,075 359 510 043 Sept 30,699 26,415 11,604 8,936 1,933 2,839 1,103 4,285 1,270 [,085 364 510 ,056 Oct 30,832 26,500 11,674 8,918 1,962 2,847 1,099 4,331 1,270 1,106 365 507 ,083 Nov. . .. 31,076 26,714 11,715 9,021 .986 2,863 ,129 4,363 1,231 1,136 371 504 121 Dec 31,648 26,905 11,777 9,045 2,014 2,940 1,129 4,743 1,408 1,187 377 502 ,269 1957—Jan 31,392 26,789 11,712 9,020 2,009 2,926 1,122 4,602 1,387 1,144 363 495 ,213 Feb . . . 31 293 26,816 11,741 8,977 2,034 2,929 1,135 4,476 1,351 1,125 360 491 149 Mar 31,314 26,949 11,820 8,988 2,069 2,927 1,145 4,364 1,304 1,106 354 488 112 Apr 31 554 27,334 12,069 9,041 2,116 2,962 1,146 4,219 1,176 1,095 350 488 110 May 31,922 27,644 12,234 9,110 2,155 2,972 1,173 4,278 1,229 1,102 350 489 108 June 32 343 28 031 12,421 9,229 2,212 2,996 1,173 4,311 1,249 1,107 353 493 109 July 32,691 28,483 12,608 9,405 2,265 3,040 1,165 4,208 1,144 1,107 354 495 ,108 Aug 32,995 28,758 12,711 9,489 2,321 3,057 1,180 4,236 1,161 1,123 352 496 ,104 Sept 33,091 28,864 12,764 9,518 2,352 3,049 1,181 4,228 1,167 1,122 354 494 ,091 Oct 33,171 28,968 12,860 9,504 2,387 3,040 1,177 4,202 1,134 1,131 355 489 ,09^ Nov 33,237 28,952 12,838 9,478 2,402 3,049 ,185 4,285 1,199 ,148 354 484 .100 Dec 33,745 29,078 12,843 9,487 2,429 3,124 1,195 4,668 1,393 1,210 361 478 1,226 1958—Jan 33,366 28,830 12,749 9,378 2,401 3,106 1,196 4,535 1,381 [,163 349 479 1,163 Feb 32 928 28,574 12,562 9,326 2,403 3,086 1,197 4,354 1,326 1,125 340 479 1 084 Mar. 32,597 28,326 12,456 9,208 2,410 3,061 1,191 4,272 1.343 1,082 331 All 1,039 Apr 32,543 28,411 12,579 9,127 2,452 3,059 ,194 4,132 ,241 ,064 320 419 1,028 May 32 562 28,396 12,612 9,058 2,477 3,039 ,210 4,167 ,278 1,058 314 482 1,035 June 32,661 28,476 12,676 9,040 2,509 3,037 1,214 4,184 ,310 [,052 307 487 1,028 July 32,727 28,627 12,776 9,059 2,544 3,038 1,210 4,100 1,241 1,045 301 493 1,020 Aug 32,816 28,702 12,834 9,027 2,578 3,033 1,230 4,112 1,251 1,054 297 497 1,013 Sept 32,720 28,328 12,633 8,844 2,591 3,012 ,248 4,391 1,543 1,047 295 496 1.010 Oct 32,696 28,245 12,645 8,737 2,615 2,999 ,249 4,453 ,586 ,056 291 495 ,025 Nov 32 772 28,231 12,660 8,671 2,630 2,999 ,271 4,542 1,644 1,070 290 498 1,040 Dec 33,497 28,514 12,780 8,699 2,668 3,085 1,282 4,983 1,882 [,128 292 506 1,175 1959—Jan. 3 33,442 28,603 12,931 8,687 2,651 3,074 1,260 4,839 1,805 1,100 290 500 [,144 Feb 33,446 28,666 12,981 8,674 2,678 3,064 1,269 4,779 1,807 1,088 286 494 1,104 Mar. .. . 33,657 28,937 13,150 8,728 2,723 3,057 1,279 4,720 1,781 1,059 286 490 1,104 Apr 34 175 29,449 13,462 8,864 2,781 3,056 1,286 4,725 1,781 1,061 286 492 105 May 34,760 29.980 13,758 9,023 2,833 3,054 1,312 4,782 1,807 1,067 288 494 ,126 June 35,527 30,685 14,098 9,278 2,917 3,073 1,319 4,843 1,839 1,079 290 501 1,134 July.... 36,153 31,306 14,390 9,518 2,972 3,100 1,326 4,846 1,826 1,087 291 505 1,137 Aug. 3.... 36,907 31,986 14,688 9,734 3,069 3,140 1,355 4,920 [,863 1,108 298 508 1,143 Sept. 37 424 32,444 14,886 9,898 3,130 3,157 1,373 4,979 1,903 1,118 299 506 [ 153 Oct 37,896 32,817 15,063 10,022 3,183 3,175 1,374 5,079 [.962 1,135 298 503 1,181 Nov 38 243 33,040 15,131 10,073 3,230 3.215 1,391 5,203 2,040 1.158 303 494 I 208 Dec 39,034 33,359 15,227 10,108 3,280 3,337 1,407 5,676 2,292 1^225 310 481 ,368 I960—Jan.. 38,921 33,530 15,389 10,133 3,274 3,341 1,393 5,391 2,124 1.182 307 470 [ 308 Feb 38,962 33,786 15,478 10,246 3,310 3,350 1,402 5,177 2,016 1,154 306 462 1,239 Mar 39,189 34,068 15,507 10,412 3,385 3,354 1,410 5,120 2,033 1,124 305 457 1,201 Apr 39,783 34,629 15,801 10,553 3,476 3,388 1,411 5,154 2,067 1,108 304 455 1,220 May 40,246 35,111 16,024 10,698 3,546 3,405 1,438 5,135 2,067 1,092 307 449 1,220 June..... 40,859 35,693 16,282 10,900 3,636 3,445 1,430 5,164 2,087 1,093 311 442 1,231 July 41,201 36,112 16,401 11,043 3,691 3,525 1,452 5,088 2,037 1,079 313 430 1,229 Aug 41,580 36,514 16,546 11,165 3,767 3,569 1,467 5,066 2,028 1,080 317 418 1,223 Sept 41,774 36,696 16,623 11,215 3,810 3,580 1,468 5,077 2,063 1,070 322 402 1,220 Oct 41 859 36,740 16,627 11,223 3,850 3,568 1,472 5,119 2,116 1,065 324 386 70S Nov 41,996 36,819 16,653 11,227 3,885 3,578 1,476 5,175 2,168 1,068 325 375 1,239 Dec 42,588 36,974 16,672 11,228 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 For notes seep. 1400. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF CONSUMER CREDIT STATISTICS 1399 INSTALMENT CREDIT HELD BY SALES FINANCE COM- INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS PANIES, BY TYPE OF CREDIT OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] [Estimated amounts outstanding; in millions of dollars] End of month 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 O g p c u o a t o 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 t e i n d a o r s i n n r - s l P o o a e n n r a - s ! End of month i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m R iz l o o a e a d n a p t e i d n a o r s i n n r - s l P o o a e n n r a - s l 1955 F Ja e n b ... 6 6, , 2 1 7 8 4 0 4 4, , 9 9 9 0 1 2 8 8 4 4 4 7 •2*>8 4 4 0 0 5 8 1955— F Ja e n b 4 4 , , 5 5 0 4 1 9 5 5 4 5 1 8 3 3 7 7 5 2 2 2 7 7 6 6 3 3, , 3 3 4 1 0 2 Mar 6,480 5 193 849 26 412 Mar 4,627 583 382 276 3,386 Apr 6,716 5,418 855 25 418 Apr 4,718 604 399 277 3,438 Mav 6,995 5 680 872 24 419 May 4,801 627 410 284 3,480 June 7,317 5,976 897 23 421 June 4,911 651 436 289 3,535 July 7,627 6,251 926 23 427 July 4,962 672 447 291 Aug. . . 7,935 6,521 958 25 Aug 5,040 696 464 300 3*581 Sept........ 8,158 6,718 981 25 434 Sepi 5,104 716 478 308 3.601 Oct 8,256 6 793 998 26 439 Oct 5,140 732 490 315 3,603 Nov 8,306 6,820 ,012 26 448 Nov 5,213 746 506 323 3,638 Dec 8,424 6,882 ,048 28 466 Dec 5,350 763 530 327 3,730 1956—Jan 8,413 6,876 ,040 28 469 1956—Jan. 5,339 766 532 320 3.720 Feb 8,435 6,891 ,043 473 Feb 5,393 784 542 ! 322 3,745 Mar 8,496 6,939 ,045 28 484 Mar 5,466 802 552 329 3,784 Apr 8,542 6,974 ,047 29 492 Apr 5,533 823 557 333 3,820 May 8,604 7.030 ,046 29 499 May 5,614 846 570 347 3,851 June 8,724 7,122 ,067 30 505 June 5,691 870 581 355 3,886 July 8,804 7,180 ,080 30 514 July 5,753 887 590 359 3,917 Aug 8,904 7 253 ,095 30 526 Aug 5,845 908 604 370 3,964 Sept 8,936 7,267 ,108 30 531 Sept 5,875 920 608 380 3,966 Oct 8,918 7 229 ,122 535 Oct 5,908 932 616 390 3,971 Nov 9,021 7,195 ,248 3? 547 Nov 5,978 944 620 401 4,012 Dec 9,045 7,166 ;277 32 570 Dec 6,083 954 624 404 4J01 1957—jan 9,020 7,100 31 574 1957—Jan 6,057 951 612 402 4,093 Feb 8,977 7 062 1-304 32 579 Feb 6,098 961 609 408 4,121 Mar 8,988 7,056 1,315 32 585 Mar 6,141 973 603 416 4,150 Apr 9,041 7,071 1,343 32 595 Apr 6,224 993 606 421 4,205 May. . 9,110 7 124 [,352 33 601 May 6,300 1,013 608 436 4,243 June 9,229 ,367 33 610 June 6,381 1,039 609 443 4,291 July 9,405 7'300 [,447 34 624 July 6,470 ,061 608 450 4,351 Aug 9,489 7,358 ,465 34 632 Aug 6,558 ,082 609 465 4,403 Sept 9,518 7,375 1,474 34 635 Sept 6,582 ,091 603 473 4,414 Oct . 9,504 7 350 1,478 36 640 Oct 6,604 ,104 598 479 4,424 Nov 9,478 7,316 1,479 33 650 Nov 6,636 ,109 588 488 4,451 Dec 9,487 7,271 1,509 31 676 Dec 6,748 ,114 588 490 4,555 1958—Jan 9,378 7,160 1,503 32 683 1958—Jan 6,703 ,098 574 496 4,536 Feb. 9,326 7,032 1,571 32 691 Feb 6,686 ,093 563 497 4,533 Mar 9,208 6,872 1,604 32 700 Mar 6,662 ,089 552 500 4,520 Apr 9,127 6,757 ,632 33 705 Apr 6,705 ,100 550 504 4,551 May 9,058 6,674 1,641 34 709 May 6,726 ,108 547 521 4,549 June . 9,040 6,625 1,657 34 724 June 6,760 ,115 546 529 4,571 July 9,059 6,571 1,726 34 728 July 6,792 ,124 547 535 4,586 S A e u p g t .. 9 8 , , 0 8 2 4 7 4 6 6 , , 5 3 0 7 3 2 1 1, , 6 7 8 5 8 2 35 7 7 3 49 7 A Se u p g t 6 6 , , 8 8 4 5 1 1 , , 1 1 3 3 5 7 5 5 5 5 1 0 5 5 5 6 1 6 4 4 , , 6 5 0 9 7 8 Oct. . 8,737 6,246 ,701 36 754 Oct 6,863 ,139 553 575 4,594 Nov. . 8,671 6,162 1,718 36 755 Nov 6,900 ,141 555 588 4,615 Dec 8,699 6,165 1,717 36 781 Dec 7,035 ,152 565 595 4,723 1959 Jan. 8,687 6,146 1,719 36 786 1959—Jan. 3.... 6,985 ,145 559 584 4,697 Feb 8,674 6,144 1,702 37 791 Feb 7,011 ,154 564 589 4,705 Mar 8,728 6,171 1,721 41 795 Mar 7,059 ,172 571 596 4,720 Apr. 8,864 6,275 1,747 41 801 Apr 7,123 ,194 583 602 4,745 May 9,023 6,400 1,776 42 805 May 7,199 ,217 595 619 4,766 June 9,278 6,590 1,826 44 818 June 7,309 ,251 611 631 4,815 July 9,518 6 755 1,883 48 832 July 7,398 ,274 621 641 4,863 AUK ^ 9,734 6,918 1,919 52 845 Aug. 3 7,564 ,315 637 661 4,952 Sept 9,898 6,995 1,965 61 877 Sept 7,660 ,342 643 674 5,002 Oct.. . 10,022 7 063 1.999 66 894 Oct 7,732 ,360 651 680 5,041 Nov 10,073 7,040 2,051 68 914 Nov 7,836 ,379 661 693 5,103 Dec 10,108 6,976 2,114 72 946 Dec 8,024 ,400 681 698 5,244 I960 Jan 10,133 6,947 2,162 74 950 1960—Jan 8,008 ,399 677 695 5,237 Feb 10,246 6,977 2,234 78 957 Feb 8,062 ,413 685 704 5,260 Mar 10,412 7,032 2,335 82 963 Mar 8,149 ,441 694 717 5,298 Apr 10,553 7,150 2,348 89 966 Apr 8,275 ,478 705 726 5,367 May 10,698 7,231 2,397 98 972 May 8,389 ,506 721 747 5,415 June 10,900 7,353 2,452 106 989 June 8,511 ,544 741 755 5,472 July.. . 11,043 7,404 2,527 114 998 July 8,668 ,566 751 766 5,586 S A e u p g t 1 1 1 1 , , 1 2 6 1 5 5 7 7 , ,4 4 3 1 5 5 2 2 , , 5 6 9 3 1 3 1 13 2 1 5 l 1 s , 0 0 1 3 4 6 A Se u p g t 8 8, , 8 8 5 0 8 3 , ,6 6 1 0 3 0 7 7 6 7 2 4 7 7 8 8 0 8 5 5, , 6 6 6 8 1 3 Oct 11,223 7,380 2,668 136 1,039 Oct 8,890 ,630 769 792 5,699 Nov 11,227 7,343 2,704 138 1,042 Nov 8,939 ,649 767 799 5,726 Dec 11,228 7,284 2,739 139 1,066 Dec 9,074 ,665 771 800 5,837 For notes, see p. 1400. 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1400 FEDERAL RESERVE BULLETIN • DECEMBER 1961 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, N ON INSTALMENT CREDIT BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] [Estimated amounts outstanding; in millions of dollars] Single- Total Aut p o a m pe o r bile O co th n e - r R a e n p d air Per- Total pa l y o m an e s nt Charge accounts End of month i c m n r s e e t d n a i l t t - ch P a u s r e - d Direct s g p u o a m o p d e e r s r M e m r t o n i o o a iz n d n a s - - l s o o a n n a s l E m n o d n t o h f i c m n n r s o e e t d n n a i - l t t - C m o e m r- - f O i r n t i h a a n e l r - p D a e r - t- O re t t h a e il r Credit c S r i e e c r d e v i - t cial ciai ment out- cards « banks insti- stores4 lets I960—Jan 15,389 4,822 2,538 2,787 2,031 3,211 tutions Feb 15,478 4,854 2,568 2,789 2,030 3,237 A M p a r r 1 1 5 5 , , 5 8 0 0 7 1 4 5 , , 9 02 1 1 3 2 2 , , 6 6 1 8 9 9 2 2 , , 6 6 7 8 3 5 2 2, , 0 0 5 3 6 2 3 3, , 3 2 4 7 8 0 1959—Jan. 3... 11,086 3,139 442 757 3,533 358 2,857 May.... 16,024 5,110 2,744 2,697 2,090 3,384 Feb 10,764 3,189 486 637 3,163 349 2,940 June.... 16,282 5,221 2,787 2,719 2,123 3,432 Mar.. .. 10,714 3,218 511 608 3,083 349 2,945 July 16,401 5,273 2,803 2,732 2,140 3,453 Apr 10,925 3,306 483 601 3,193 351 2,991 Aug 16,546 5,325 2,820 2,730 2,169 3,502 May 11,219 3,356 541 609 3,387 345 2,981 Sept 16,623 5,353 2,812 2,738 2,190 3,531 June 11,322 3,440 522 599 3,434 353 2,974 Oct 16,627 5,355 2,802 2,739 2,201 3,530 July.... 11,203 3,434 493 558 3,380 382 2,956 Nov 16,653 5,353 2,824 2,732 2,207 3,537 Aug.3. . 11,244 3,461 538 561 3,325 395 2,964 Dec 16,672 5,316 2,820 2,759 2,200 3,577 Sept.. .. 11,284 3,489 557 605 3,287 396 2,950 Oct 11,310 3,500 512 646 3,358 374 2,920 Nov.. .. 11,503 3,514 561 716 3,363 380 2,969 Dec 12,297 3,582 547 958 3,753 393 3,064 I960—Jan 11,807 3,543 516 824 3,408 393 3,123 Feb 11,532 3,572 574 685 3,110 385 3,206 Mar.... 11,445 3,591 634 622 3,006 388 3,204 Apr 11,889 3,675 605 656 3,289 383 3,281 May.... 12,086 3,690 696 646 3,398 391 3,265 June 12,167 3,754 630 633 3,488 408 3,254 July.... 12,030 3,747 626 584 3,397 432 3,244 Aug.. . . 12,014 3,752 649 584 3,349 457 3,223 Sept 12,078 3,824 636 625 3,328 458 3,207 Oct 12,120 3,813 619 661 3,406 437 3,184 Nov.. .. 12,302 3,844 634 709 3,463 433 3,219 Dec 13,169 3,884 623 941 3,952 436 3,333 Notes to tables on credit outstanding on this and preceding 3 pages: 6 Service station and miscellaneous credit-card accounts and home- 1 Represents all consumer instalment credit extended for the pur- heating-oil accounts. pose of purchasing automobiles and other consumer goods, whether NOTE.—Financial institutions other than commercial banks and held by retail outlets or financial institutions. Includes credit on sales finance companies (p. 1399) are consumer finance companies, purchases by individuals of automobiles or other consumer goods credit unions, industrial loan companies, mutual savings banks, that may be used in part for business. savings and loan associations, and other lending institutions holding 2 Holdings of financial institutions. Holdings of retail outlets consumer instalment loans. are included in other consumer goods paper. A detailed description of the methods used to derive all of the 3 Includes data for Alaska and Hawaii beginning with January estimates shown on pp. 1393-1400 may be obtained from Division of and August 1959, respectively. Administrative Services, Board of Governors of the Federal Reserve 4 Includes mail-order houses. System, Washington 25, D. C. 5 Automobile paper only. Other instalment credit held by automobile dealers is included with "other" retail outlets. Notes to tables on extensions and repayments on pp. 1393-96. 1 Net increase or decrease (—) in credit outstanding. Obtained by standing credit. Such transfers do not affect total instalment credit subtracting credit repaid from credit extended, except as indicated outstanding. in notes below. For a further discussion of the composition and characteristics of 2 Extensions and repayments include data for Alaska and Hawaii the data and a description of the methods used to derive the estimates beginning with January and August 1959, respectively. The differ- see the BULLETIN for January 1954, pp. 9-17. Estimates of extensions ences between extensions and repayments do not equal the changes and repayments are based on information from accounting records of in outstanding credit for 1959 because the differences do not reflect retail outlets and financial institutions and often include charges the effect of the introduction of outstanding balances for these two incurred under the instalment contract. Renewals and refinancing of States. loans, repurchases and resales of instalment paper, and certain other NOTE.—Data on extensions and repayments have been adjusted, transactions may increase the amount of both credit extended and where necessary, to avoid duplication resulting from large transfers credit repaid without adding to the amount of credit outstanding. of paper. As a result, the differences between extensions and repay- Monthly figures for 1940-54 are shown on pp. 1043-54 of the ments for some types of holders do not equal the changes in out- BULLETIN for October 1956. 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Revised Indexes of Freight Carloadings FOR MANY YEARS the Federal Reserve CLASSES OF FREIGHT CARLOADINGS Board has published indexes of freight car- [Percentage distribution; 1957-59= 100] loadings because rail shipments are sensitive to business changes, and because compre- Class of freight Per cent hensive weekly data are available promptly. All classes 100.0 Short-run changes in rail freight reflect in large part fluctuations in demand for and Manufactures 74.0 Miscellaneous 63.1 supply of industrial materials—an area of Forest products 7.6 Merchandise, Lc.l 2.6 the economy in which inventory and price Coke ... . 0.7 changes are particularly evident. Notwith- Coal and other 26.0 standing the increased importance of truck- Coal ... . 14.4 ing, shipments by rail continue to represent Grain and products 7.6 Ore 3.2 a large proportion of all freight moved. Livestock 0.8 The indexes of freight carloadings have recently been revised back to January 1919 NOTE.—Proportions derived from data on 1957 revenues per carload as reported by the Interstate Commerce Commission in Freight and are now being published in the table Commodity Statistics of Class I Railroads. Revenue data for 1957 are used as weights for the period beginning with January 1953. Weight years for earlier periods: 1947 weights for 1942-52; 1935-39 on the following two pages. The indexes are weights for 1931—41; and 1928 weights for 1919-30. The miscellaneous group consists largely of metals and parts, equipbased on data for number of carloadings ment, construction materials (mostly manufactures but some minerals), petroleum and chemical products, and processed foods. It also for eight general freight classifications pub- includes some unprocessed agricultural products. lished by the Association of American Railchanges in groupings, and the use of the roads. The following table shows the relanewly adopted 1957-59 base for Federal intive importance of these classifications in dex numbers. the total index of freight carloadings. The accompanying table shows revised Revisions in the carloadings indexes reseasonally adjusted monthly indexes for flect mainly new seasonal adjustments. These total carloadings and for the two major adjustments have improved the data considdivisions—that is, for manufactures and erably for use in analysis of cyclical developfor coal and other loadings—for the period ments. The revised indexes also reflect new since 1919. Current data are published in weights, improved methods of compiling the Board's monthly Business Indexes rethe monthly series from weekly data, some lease. Monthly indexes of carloadings, with NOTE.—Mrs. Rose Cassedy of the Business Conand without adjustment for seasonal variaditions Section of the Board's Division of Research and Statistics was responsible for the revision of the tion, for the eight classes of freight for indexes, including the data processing required for historical periods are available on request construction of monthly indexes from weekly data and for development of detailed seasonal adjustments. from the Division of Administrative Serv- For earlier articles relating to indexes of carloadings, ices, Board of Governors of the Federal see Federal Reserve BULLETINS for June 1937 and June 1941. Reserve System, Washington 25, D. C. 1401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1402 FEDERAL RESERVE BULLETIN • DECEMBER 1961 FREIGHT CARLOAD1NGS [Seasonally adjusted; 1957-59= 100} Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. A av n e n r u a a g l e Total 1919 113.8 109.7 108.3 113.7 111.6 111.9 123.1 126.0 130.9 124.2 120.9 126.8 121 6 1920 137.4 132.2 136.5 121.1 130.1 130.3 133.5 134.8 130.7 130.9 133.3 129.6 131.4 1921 121 3 117.5 112.6 118.9 120 3 118.5 117.6 119 6 121 5 128 5 118 7 116 4 119 2 1922 120.4 128.5 133.0 116.5 121.4 126.9 122.3 123.1 130.9 132.0 140.9 142 6 128 9 1923 144.1 142.4 146.4 152.5 150.1 150.0 149.5 148.9 144.6 144.3 144.7 143.4 146 5 1924 145.4 150.2 146.4 141.5 138.4 138.2 138.9 142.5 147.4 148.8 147.7 148 8 144 6 1925 152.6 149.9 147.5 150.8 149.2 151.6 153.3 157.1 152.0 150.4 153.5 156 3 151.9 1926 154.2 152.1 154.1 156.9 159.4 157.9 159.1 156.7 158.0 159 9 160 2 158 0 157 2 1927 159.0 158.1 160.7 155.1 155.8 152.9 150.4 154.3 152.4 150.5 146 5 145 1 153 3 1928 149.1 152.4 153.2 150.7 152.6 150.4 150.7 152.2 154.5 155.0 155.8 157.6 152.8 1929 157.6 158.4 154.1 156.8 156.7 159.2 158.0 158.0 156.6 153.3 149 1 149 3 155 7 1930 147.8 146.6 142.4 143.3 139.9 139.2 135.6 134.3 130.6 128.6 125.5 123.2 136.3 1931.. 123.1 119.1 120.3 119.5 118.2 115.6 114.9 110.6 106.2 105.1 103.4 99.8 112.8 1932 96 8 93.4 92.1 89.7 83.3 78.1 77.8 80.4 85.5 89.0 86 1 84 4 86 3 1933 81.5 80.9 76.1 81.5 85.4 94.3 99.5 95.9 91.9 90.3 90.8 91.0 88 4 1934 92.9 96.1 98.5 94.9 96.8 95.7 94.1 94.3 92.4 88.3 88.2 91.0 93.7 1935 93.5 96.1 96.4 92.8 91.6 95.9 88.3 93.0 93.9 97.7 97.4 99.3 94 6 1936 100.1 103.1 96.9 104.6 104.5 106.4 110.4 108.7 108.8 109.8 115.1 115.3 107.2 1937 114.1 116.5 119.3 120.0 117.8 113.8 112.5 111.2 109.7 104.7 98.9 93.1 110 9 1938 94.7 91.3 88.9 87.3 88.2 87.7 89.8 91.0 91.7 94.8 95.6 96.5 91.4 1939 96 3 96 4 97.1 90.3 92.3 97.6 98.5 99.0 107.1 109.1 108 9 107 0 100 4 1940 107.3 103.6 101.4 101.8 104.2 107.3 106.4 107.3 107.7 106.6 110.9 114.3 106 7 1941 115.5 119.3 124.6 109.7 127.3 129.5 128.4 128.2 124.1 123.7 127.1 127.8 123.9 1942 131 7 129 7 129.7 131.4 125.8 125.2 126.0 126.2 127.0 126 8 123 6 122 9 127 3 1943 122.9 127.3 126.0 126.0 126.9 120.1 128.6 128.1 128.6 127.8 127.4 132 3 126 8 1944 132.4 129.8 126.8 128.6 127.9 130.3 129.9 131.0 130.3 129.9 130.3 129.3 129.7 1945 126.7 127.7 130.1 133.2 130.6 131.0 128.0 120.6 120.3 116.6 122.0 120 5 125 6 1946 119.0 117.1 125.3 107.8 103.4 128.7 131.0 132.0 131.6 132.6 128.2 133.5 124.4 1947 135 0 135.5 134.8 132.9 132.1 131.7 132.4 132.4 131.1 131.2 131.4 130 9 132 6 1948 130.6 129.7 119.7 126.8 130.6 132.2 132.1 129.5 128.7 126.7 124.0 121.0 127.6 1949 120.2 117.2 111.3 119.2 116.4 108.2 107.5 106.4 100.0 86.8 103.6 104.9 108.2 1950 103.1 100.1 113.2 116.2 115.0 120.0 120.9 123.7 122.1 122.3 121.8 126.2 117.1 1951 124.8 120.3 124.6 124.7 123.3 121.5 120.4 120.1 120.0 119.8 120.2 119.1 121.5 1952 121.0 122.8 119.4 115.6 112.7 102.3 101.7 114.8 120.3 115.2 119.1 117.4 115.0 1953 119.2 117.6 119.2 120.2 119.5 119.6 120.0 119.2 116.2 113.2 109.8 106.2 116.6 1954 107.1 106.1 102.8 102.7 104.8 103.7 103.5 102.1 103.1 104.6 106.6 109.2 104.6 1955 109.4 110.0 111.6 113.4 118.2 115.8 116.9 115.5 116.6 116.9 118.4 118.6 115.3 1956 119.2 119.8 119.5 121.6 118.4 117.1 102.5 111.5 116.5 115.2 115.7 118.1 115.9 1957 113.5 116.1 115.9 110.4 109.6 109.1 109.9 110.1 104.2 102.7 99.8 99.2 108 2 1958 95.5 91.9 90.8 87.9 88.8 93.4 92.6 94.5 95.9 97.9 99.0 97.4 93.8 1959 98.8 101.7 103.4 105.5 107.8 103.7 98.3 86.4 89.8 84.6 96.7 107 5 97 9 I960 107.0 103.2 99.9 102.7 96.0 96.8 94.3 89.8 88.5 92.4 89.4 87.2 95.3 1961 86.6 88.1 88.0 89.9 91.5 91.5 91.1 91.8 90.1 94.4 95.3 Manufactures 1919 119.4 121.8 118.6 124.0 123.6 1920 .... i34.6 127.4 129.8 111.5 122.6 121.2 124.8 127.6 124.2 124.7 121.2 120.4 123.8 1921 115.3 114.7 112.1 113.4 112.6 112.1 112.2 116.0 118.5 124.8 117.8 118.8 115.8 1922 118.8 120.7 124.1 128.6 131.5 136.6 134.6 131.3 128.6 129.0 136.2 139.4 130.1 1923 143.9 141.3 143.6 146.1 146.8 146.6 145.2 145.3 144.9 145.5 146.5 145.9 145.1 1924 145.5 149.7 148.0 145.3 141.0 139.8 142.0 145.1 147.0 149.7 149.6 150.0 146.0 1925 .... 153.0 154.8 154.7 154.8 152.1 155.9 156.5 156.9 158.1 155.6 159.3 162.7 156.2 1926 160.1 157.8 156.7 157.2 162.1 158.8 158.9 157.8 159.1 160.8 159 7 158 2 159 0 1927 160.2 157.9 158.8 158.6 158.7 157.3 157.2 157.9 156.9 155.8 154.9 151.5 157.2 1928 154.8 157.3 156.7 155.4 157.2 156.7 158.0 158.5 158.9 159.7 160.9 165.1 158.2 1929 161.9 160.6 163.3 163.2 162.0 164.5 164.2 164.6 162.8 160.8 155.8 153.5 161.6 1930 151.7 154.4 150.6 148.6 144.2 142.9 139.4 137.9 136.1 133.3 129.4 126.9 141.2 1931 126.6 124.9 124.2 123.2 121.9 119.8 118.2 114.5 109.5 107.3 107.1 104.1 116.7 1932 100.9 96.1 92.2 89.5 86.6 82.3 79.8 81.6 85.7 88.7 85.8 82.5 87.4 1933 . ... 82.5 79.8 76.9 81.4 85.8 93.1 97.8 93.9 91.8 92.0 91.6 93.5 88 5 1934 93.3 95.8 96.6 95.4 95.7 95.0 91.8 91.1 90.0 89.3 89.3 90.9 92.8 1935 94.3 99.7 96.6 95.3 91.6 92.7 94.2 96.0 97.3 100.9 101.4 103.1 96.9 1936 101.0 99.4 101.8 106.0 107.0 110.4 112.4 111.8 113.0 113.2 117.6 119.9 109 6 1937 118.6 121.5 121.8 122.3 123.0 118.8 118.2 116.0 113.1 106.6 100.7 92.7 114.4 1938 96.1 94.6 93.8 90.5 91.2 90.5 92.3 94.1 94.4 96.8 97.3 97 3 94 1 1939 98.8 98.0 99.9 101.1 100.0 101.3 101.3 101.6 108.1 110.0 111.7 110.8 103.7 1940 106.4 105.2 103.5 104.3 106.3 110.1 108.5 109.2 110.8 113.8 114.8 118.6 109.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF FREIGHT CARLOADINGS 1403 FREIGHT CARLOADINGS—Continued [Seasonally adjusted; 1957-59= 100] Year Jan. Feb. Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec. A av n e n ra u g a e l Manufactures—Continued 1941 121.0 123.9 126.2 128.8 131.3 132.2 132.7 132.0 129.3 128.8 132.4 133.5 129.4 1942 135.9 135.0 134.2 131.5 125.6 125.4 128.1 127.9 128.7 128.3 123.3 121.8 128.9 1943 121.7 125.1 123.3 124.8 126.2 124.1 125.3 125.7 126.6 125.9 128.7 128.9 125.5 1944 129.1 127.1 126.2 126.7 125.6 128.4 128.9 131.4 130.9 129.9 130.4 131.8 128.8 194*5 128.8 129.4 130.8 131.2 130.4 129.7 126.6 118.3 116.8 116.5 117.7 116.3 124.4 1946 115.1 110.6 122.4 126.9 112.2 127.5 129.2 131.9 131.5 131.6 133.2 133.9 125.5 1947 131.8 132.9 132.3 133.0 131.3 132.7 132.4 131.3 129.6 130.4 131.3 132.0 131.7 1948 130.7 130.1 129.6 127.7 129.6 127.7 128.5 127.2 128.7 126.8 124.6 122.5 127.8 1949 121.2 117.5 116.3 114.5 113.3 109.6 108.1 109.0 108.7 97.1 104.6 107.9 110.4 1950 108.0 110.5 111.9 116.3 116.6 121.9 123.4 125.4 123.3 123.6 125.1 128.5 119.6 1951 126.8 121.4 127.8 127.0 127.2 125 1 122.7 120 9 121.1 120 9 120.9 119 6 123.4 1952 121.6 122.8 120.3 118.0 115.8 104.6 103.7 119.0 121.3 121.7 121.4 121.2 117.7 1953 122.9 122.0 123.2 122 7 121.5 120 9 121.8 121 0 118 2 115 5 113 4 109 6 119 4 1954 109.1 109.3 106.4 106.8 107.8 105.4 105.3 104.1 105.6 107.1 109.0 111.7 107.3 1955 111.6 112.0 115.5 116.0 120.5 117.6 118.0 117.6 118.4 119.2 119.4 119.5 117.2 1956 120.2 120.3 119.4 120.4 118.5 118.2 104.1 111.9 116.8 115.0 114.8 116.7 116.4 1957 114.2 115.2 113.2 108.3 107.7 108.2 107.8 109.2 103.1 101.9 99.3 97.2 107.1 1958 94.1 90.5 89.0 88.7 89.7 92.2 91.8 93.3 95.4 97.1 98 7 96.6 93.1 1959 98.6 101.8 105.2 107.3 108.7 106.1 100.9 89.5 90.4 88.9 94.9 106.6 99.7 1960 107.6 104.6 99.7 101.5 96.0 96.9 93.8 88.9 88.1 91.9 89.7 87.7 95.4 1961 86.7 87.1 89.0 91.3 91.7 91.4 91.9 91.4 90.1 94.5 95.0 Coal and other 1919 139.5 150.0 134.7 111.4 132 4 1920 141.6 141.5 150.2 141.4 146.0 149.3 151.4 149.3 143.6 143.3 159.5 148.9 147.1 1921 132.5 121.9 111.7 129.3 135.7 131.2 127.8 126.0 126.2 134.9 118.6 108.0 125.2 1922 122.1 144.6 151.9 86.4 95.7 101.9 91.3 101.6 133.9 136.9 149.5 147.8 123.8 1923 142.3 142.5 150.8 164.7 155.2 155.3 157.0 154.8 141.5 138.8 138.0 134.9 147.4 1924 142.5 148.5 139.9 130.1 129.9 131.9 129.7 134.0 145.5 144.1 140.6 143.4 138.7 1925 149.0 135.7 128.2 138.9 139.7 139.1 143.3 155.0 135.0 135.4 137.2 138.5 139.3 1926 137.6 135.9 145.2 153.4 150.3 152.8 156.3 151.1 152.5 155.2 158.2 154.6 150.3 1927 153.4 155.6 162.3 144.2 146.2 139.9 131.8 143.0 139.3 135.7 124.2 127.6 141.6 1928 132.9 137.9 142.3 137.2 139.3 132.8 130.9 135.0 141.6 140.7 140.9 137.3 137.4 1929 144.4 150.8 129.8 138.9 141.6 143.7 140.6 139.7 139.2 133.2 130.9 136.7 139.3 1930 136.3 126.2 120.4 128.4 127.6 128.2 124.4 123.5 115.7 115.7 114.1 112.3 122.6 1931 . 114.1 105.1 110.3 109.8 108.4 105.2 105.9 100.7 97.5 99.1 94.3 89.5 102.8 1932 86.9 86.4 91.1 89.1 75.7 68.1 72.9 77.0 83.9 88.7 86.3 87.8 82.9 1933 . 78.2 82.7 73.6 80.8 83.5 95.9 101.9 99.5 91.1 85.6 88.2 84.8 87.0 1934 90.8 95.9 101.2 92.8 97.9 96.2 98.1 100.1 96.5 85.6 85.1 90.5 94.4 1935 . 90.4 87.5 94.9 86.3 90.3 101.8 74.8 85.1 85.8 89.9 87.5 89 7 88.7 1936 97.1 109.7 84.9 100.2 97.5 96.3 104.8 100.3 98.4 101.0 108.2 103.9 100.6 1937 . 102.7 103.9 112.0 113.3 104.8 101.3 98.4 99.4 101.1 99.1 93.6 92.7 101.8 1938 90.8 83.0 77.4 79.6 80.9 80.3 83.2 83.4 84.4 89.1 90.4 93.7 84.6 1939 89.7 92.1 89.6 66.1 74.8 88.6 91.5 92.1 103.7 106.0 101.3 97.1 92.0 1940 107.7 98.8 96.0 95.1 98.3 99.9 100.4 101.9 99.5 89.5 100.8 103.2 99.6 1941 102.2 107.8 119.5 66.6 117.2 122.0 117.8 118.4 111.3 111.0 113 9 113 6 110 3 1942 120.5 115.5 117.6 131.5 126.4 124.4 120.6 121.8 122 5 123.0 124 2 125.3 122 8 1943 125.5 133.5 132.9 129.1 128.4 108.9 137.7 134.0 133.9 132.7 124.2 141.3 130.1 1944 141.1 137.4 128.4 133.9 133.8 135.3 132.9 130.2 128.4 130.3 130.1 122.9 132 1 1945 121.2 122.8 128.6 138.7 131.5 134.7 131.6 126.4 129 3 116.6 133 5 131 2 128 6 1946 129.0 134.4 133.2 56.7 80.0 131.6 135.8 132.4 131.7 135.5 114.7 132.4 121.4 1947 . . .. 143.7 142.3 141.5 132.7 134.4 129.7 132.4 135.4 135.5 133 6 132.4 127 9 134.8 1948 130.6 128.8 93.5 124.3 133.6 144.5 142.2 136.0 128.9 126.3 121.8 117.1 127.1 1949 117.1 116.3 97.4 131.7 124.8 104.1 105.7 99.3 77.0 59.5 101.0 96 6 102.0 1950 89.5 72.2 116.6 115.5 110.1 114.4 114.3 119.0 118.5 118.7 113.0 120.4 110.3 1951 119.4 117.1 115.7 118.6 112.6 112.4 113.7 117.6 116.4 116.6 117.8 117 2 116.0 1952 . 119.4 122.3 116.2 108.9 104.3 95.9 95 6 103.4 117 4 97 3 112 4 106 7 107 5 1953 108.8 105.0 108.0 113.0 113.7 115.8 114.8 114.1 110.5 106.5 99.5 96.5 108.8 1954 101.3 97.2 92.8 90.9 96.2 98.7 98.3 96.3 96.1 97.6 99.8 101.9 97.1 1955 103.0 104.3 100.3 106.2 111.6 110.6 113.8 109.6 111.4 110.5 115.6 116.0 110.1 1956 116.3 118.2 119.8 124.9 118.2 114.1 97.9 110.2 115.8 115.7 118.3 122.3 114.4 1957 111.6 118.7 123.6 116.5 115.0 111.6 115.7 112.4 107.5 104.8 101.2 104.8 111.6 1958 99.4 96.0 95.9 85.8 86.0 96.7 94.9 97.8 97.2 100.0 99.9 99.7 95.6 1959 99.3 101.6 98.5 100.2 105.4 97.2 91.0 77.8 87.8 72.6 101.7 110.1 92.8 I960 105.2 99.2 100.4 106.2 95.8 96.4 95.7 92.4 89.6 94.0 88.6 85.8 94.9 1961 . .. 86.3 91.0 84.9 86.0 90.8 92.0 88.7 92.6 90.2 94.0 96.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Maximum Rates of Interest Payable on Time deposit which constitutes a time deposit that and Savings Deposits has remained on deposit for not less than 12 months. The Board of Governors of the Federal Re- (b) Maximum rate of 3^i per cent.—No memserve System and the Federal Deposit Insurance ber bank shall pay interest accruing at a rate in Corporation have increased the maximum perexcess of 3Vi per cent per annum, compounded missible rates of interest payable by member quarterly,2 regardless of the basis upon which such banks of the Federal Reserve System and insured interest may be computed: nonmember banks, on savings deposits and cer- (1) On any savings deposit, except as tain time deposits, effective January 1, 1962. The otherwise provided in paragraph (a)(l) of maximum rates of interest payable by member this section, banks are contained in the Supplement to the (2) On any time deposit having a maturity Board's Regulation Q, the revised text of which date less than 12 months and not less than is as follows: 6 months after the date of deposit or payable SUPPLEMENT TO REGULATION Q upon written notice of less than 12 months and not less than 6 months, SECTION 217.6 (3) On any Postal Savings deposit which Pursuant to the provisions of Section 19 of the constitutes a time deposit, except as other- Federal Reserve Act and § 217.3, the Board of wise provided in paragraph (a)(3) of this Governors of the Federal Reserve System hereby section. prescribes the following maximum rates x of inter- (c) Maximum rate of 2^ per cent.—No memest payable by member banks of the Federal Reber bank shall pay interest accruing at a rate in serve System on time and savings deposits: excess of 2V2 per cent per annum, compounded (a) Maximum rate of 4 per cent.—No member quarterly,2 regardless of the basis upon which such bank shall pay interest accruing at a rate in excess interest may be computed: of 4 per cent per annum, compounded quarterly,2 (1) On any time deposit (except Postal regardless of the basis upon which such interest Savings deposits which constitute time deposmay be computed: its) having a maturity date less than six (1) On that portion of any savings deposit months and not less than 90 days after the that has remained on deposit for not less than date of deposit or payable upon written notice ] 2 months, of less than six months and not less than 90 (2) On any time deposit having a maturdays. ity date 12 months or more after the date of (d) Maximum rate of 1 per cent.—No member deposit or payable upon written notice of 12 bank shall pay interest accruing at a rate in exmonths or more, cess of 1 per cent per annum, compounded quar- (3) On that portion of any Postal Savings terly,2 regardless of the basis upon which such interest may be computed: 1 The maximum rates of interest payable by mem- (1) On any time deposit (except Postal ber banks of the Federal Reserve System on time and savings deposits as prescribed herein are not applica- Savings deposits which constitute time deposble to any deposit which is payable only at an office its) having a maturity date less than 90 days of a member bank located outside of the States of after the date of deposit or payable upon the United States and the District of Columbia. 2 This limitation is not to be interpreted as pre- written notice of less than 90 days. venting the compounding of interest at other than quarterly intervals, provided that the aggregate Explanatory Statement Regarding amount of such interest so compounded does not Maximum Interest Rates on Deposits exceed the aggregate amount of interest at the rate above prescribed when compounded quarterly. A number of inquiries have been received by 1404 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1405 the Board regarding the interpretation of the so that interest for the 12 months would be at Board's action, announced on December 1, 1961, the rate of 4 per cent. increasing the maximum permissible rates of in- In determining the maximum permissible rate terest that may be paid by member banks on on savings deposits, the portion of any such detime and savings deposits effective January 1, posit that has "remained on deposit for not less 1962. The following comments are intended to than 12 months" is the minimum balance in the provide guidance in answering such inquiries. account at any time during such period. Although the maximum rate on savings deposits It should be emphasized that the above interwill depend upon the length of time that the de- pretations relate to the maximum permissible rates posit has remained with the bank, the maximum of interest and do not preclude member banks rate on time deposits (certificates and time open from paying less than such maximum interest by accounts) will continue as heretofore to be de- reason of lower rates or computation procedures. pendent upon the stated maturity of the certificate Notwithstanding the Board's action, it should or the prescribed period of notice of withdrawal be borne in mind that State member banks, as and not upon the length of time the deposit has well as national banks under Section 24 of the remained in the bank. For example, the maximum Federal Reserve Act, may not pay interest on permissible rate on a 6-months certificate of de- time or savings deposits at any rate in excess of posit would be ZV2 per cent even though, because that authorized by or pursuant to State law for of renewals, the deposit remains in the bank 12 State banks or trust companies. months or more. Time certificates issued prior to January 1, Order Under Bank Merger Act 1962, may be amended, if desired, to bear inter- The Board of Governors of the Federal Reserve est up to the applicable increased maximum rates System has issued the following Order and Statefor the period subsequent to that date. Thus, a ments with respect to an application for approval certificate dated July 1, 1961, maturing July 1, of the merger of certain banks: 1962, may be amended to bear interest up to 4 per cent for the period subsequent to January 1, UNITED CALIFORNIA BANK 1962. In the Matter of the Application of United Cali- Any savings deposit that has remained on de- fornia Bank for prior consent to merge with The posit continuously for 12 months or more prior First National Bank of La Verne. to January 1, 1962, may bear interest at any rate up to 4 per cent for the period following ORDER DENYING APPLICATION FOR APPROVAL that date but not for any period prior thereto. OF MERGER After any savings deposit, whether made before There has been filed with the Board of Govor after January 1, 1962, has remained continu- ernors, pursuant to Section 18(c) of the Federal ously on deposit for 12 months, interest may be Deposit Insurance Act (12 U.S.C. 1828(c)), an paid at any rate up to 4 per cent for the period application for the Board's prior consent to the subsequent to January 1, 1962. Where interest merger of The First National Bank of La Verne, is paid at a rate of 3Vi per cent or less for a La Verne, California, into and with United Caliperiod subsequent to January 1, 1962, when the fornia Bank, Los Angeles, California, under the deposit has been in the bank for less than 12 charter and title of the latter. Upon consideration months, but where the deposit continues in the of all relevant materials in the light of the factors bank for 12 months, the bank may then pay such set forth in said Section 18(c), including reports additional interest for the period subsequent to by the Comptroller of the Currency, the Federal January 1, 1962, as will not cause the rate for Deposit Insurance Corporation, and the Departsuch period to exceed 4 per cent. For example, ment of Justice on the competitive factors involved if $1,000 is deposited March 1, 1962, and the in the proposed merger, bank thereafter credits 3V^ per cent interest, and IT IS HEREBY ORDERED, for the reasons set forth if that amount remains on deposit until March 1, in a Statement of the Board of this date, that the 1963, the bank may then credit an additional Vi said application be and hereby is denied. of 1 per cent on that amount from March 1, 1962, Dated at Washington, D. C, this 16th day of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1406 FEDERAL RESERVE BULLETIN • DECEMBER 1961 November, 1961. from the bank's present personnel or from outside By order of the Board of Governors. sources. There is no evidence that the corporate Voting for this action: Governors Mills, Robertson, powers of the resulting bank would in any way King, and Mitchell. Voting against this action: Chair- be inconsistent with the Federal Deposit Insurance man Martin and Governor Shepardson. Absent and Act. not voting: Governor Balderston. Needs and convenience of community. First (Signed) MERRITT SHERMAN, National, with total deposits of about $6.5 mil- Secretary. lion, is the only bank in the town of La Verne [SEAL] (population about 6,500), which is situated at the STATEMENT eastern edge of the Los Angeles metropolitan area, about 35 miles from downtown Los Angeles. The United California Bank, Los Angeles, Califorbank's primary service area—the area from which nia ("United"), has applied, pursuant to Section it derives 15 per cent or more of its deposits of 18(c) of the Federal Deposit Insurance Act, for individuals, partnerships, and corporations ("IPC the Board's prior approval of the merger of The deposits")—consists of the communities of La First National Bank of La Verne, La Verne, Cali- Verne, San Dimas, and Claremont and the northfornia ("First National"), into and with United, ern portion of Pomona, together with portions of under the title and charter of United. The prounincorporated Los Angeles County north of La posal contemplates that the present office of First Verne and Claremont. The population of the pri- National would be operated as a branch of the mary service area is about 27,000. resulting bank. It appears that First National's primary service Under the law, the Board is required to conarea is experiencing rapid residential growth and sider (1) the financial history and condition of that the population of the area is likely to increase each of the banks involved, (2) the adequacy of substantially in the next two decades. However, their capital structures, (3) their future earnings there is no evidence that the banking needs of the prospects, (4) the general character of their manarea are not now being adequately met, or will agement, (5) the convenience and needs of the not be met in the future, by banks operating in community to be served, (6) whether the resulting the area; nor is it clear that First National, as a bank's corporate powers would be consistent with unit bank, will not be able to grow and expand the purposes of the Federal Deposit Insurance Act, and (7) the effect of the transaction on com- its facilities in a degree commensurate with the petition (including any tendency toward monop- growth of the community. The relatively small oly). The Board may not approve the transaction "loan limit" of the bank ($40,000) should not be unless, after considering all these factors, it finds a serious obstacle, since it appears that the anticithe transaction to be in the public interest. pated growth of the community is largely residential and therefore should not result in numer- For convenience, the first four factors and the ous demands for large loans. Such demands as sixth factor may be considered together as "bankmay arise for credit in excess of the bank's lending factors." The fifth and seventh factors require separate consideration. ing limit can be met by other banking offices in Banking factors. The financial history and con- the area or through participations with banks that dition of both banks are satisfactory. The capital are correspondents of First National. structure, the future earnings prospects, and the Competition. The offices of United nearest to management of United are good, and the same First National's office in La Verne are located at would be true of the resulting bank. First Na- Pomona, four miles south, at Covina, six miles tional's capital structure is reasonably adequate; west, and at Ontario, nine miles east. The primary its earnings record has been good; and, in view service areas of these offices do not overlap the of the rapid growth of the community, its future primary service area of First National. However, prospects are satisfactory. Its management is com- about 4 per cent of First National's total deposits petent; and, while it has been asserted that the are derived from United's total service area; and bank has a problem of management succession, to this small extent the merger would eliminate it has not been shown to the Board's satisfaction some existing banking competition. that qualified management cannot be obtained Within First National's primary service area Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1407 there are three offices of Bank of America within the latter area they hold about 78 per cent N.T.&S.A., and two offices of Security First Na- of total deposits. Consummation of the merger tional Bank of Los Angeles. In terms of deposits, here proposed could only strengthen the present First National is the smallest bank in the area, concentration of banking resources under the conwith 25 per cent of total area deposits, as com- trol of these three banks, give further impetus to pared with 45 per cent for Bank of America and the merger trend in these areas, and thereby tend about 30 per cent for Security First. In terms of to discourage the formation of new unit banks. loans, however, First National ranks first in the Summary and conclusions. On the basis of the area, with about 41.5 per cent of total loans, as foregoing, the Board concludes that, while the compared with about 39 per cent for Bank of proposed merger would presumably be a means America and 20 per cent for Security First Na- of solving First National's problem of managetional. ment succession and would provide a broader Although the primary service areas of First range of banking services than those now provided National and of United's offices do not overlap, by First National, it is nevertheless not clear that they are contiguous; and it may reasonably be First National, as a unit bank, cannot solve its expected that potentially, if not presently, banks problem of management succession and expand in the combined La Verne-Pomona area will com- its services in a manner commensurate with the pete with each other to some extent. Within that growth of its community or that the community area, there are now 15 offices of six banks (exclud- presently lacks adequate banking facilities. The ing a seasonal office). In addition to First Nation- Board further concludes that, by eliminating the al's office in La Verne and United's three offices only remaining unit bank in the La Verne-Pomona in Pomona, Bank of America has six offices in the area, the proposed transaction would have an adarea, Security First has three, and First Western verse effect upon potential banking competition Bank and Citizens National Bank each has one. in that area as well as in the larger Los Angeles Within this area, Bank of America has about 40 metropolitan area. These adverse competitive per cent of total deposits, United about 35 per effects, in the Board's judgment, outweigh any cent, and Security First about 14 per cent. Con- benefits that might be expected to result from the summation of the proposed merger would increase merger. For these reasons, the Board is unable to United's percentage to 42.5 per cent. As to total find that the proposed merger would be in the loans within the area, United and Bank of Amer- public interest. ica presently have about 35 per cent each; the DISSENTING STATEMENT OF CHAIRMAN MARTIN merger would increase United's percentage to 43 AND GOVERNOR SHEPARDSON per cent. We recognize that United California Bank and First National is the only remaining unit bank two other large branch banking organizations alin the combined La Verne-Pomona area. Its elimiready control a large proportion of the banking nation as a consequence of the proposed merger resources in the Los Angeles metropolitan area would, in effect, deprive residents of that area of and that their continued expansion, if unchecked, the opportunity to choose between dealing with a might gradually lessen the number of local unit local unit bank and dealing with a branch of a banks in that area. However, we do not regard large banking organization. this possibility as itself a sufficient ground for dis- The proposed merger would not significantly approving the present merger which, in our opinincrease United's percentage of total deposits of ion, would intensify rather than lessen competiall commercial banks in the State of California tion in the La Verne-Pomona area and at the same (at present 8 per cent) or in the Los Angeles time provide a growing community with expanded metropolitan area. However, it would, in the banking services. We would approve the applica- Board's judgment, have an adverse potential tion. effect upon banking competition, particularly in Orders Under Section 3 of the the La Verne-Pomona area and in the Los Ange- Bank Holding Company Act les metropolitan area. Within the former area, Bank of America, Security First, and United to- The Board of Governors of the Federal Reserve gether hold nearly 90 per cent of total deposits; System has issued the following Order and State- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1408 FEDERAL RESERVE BULLETIN • DECEMBER 1961 ment with respect to an application by a bank (Signed) MERRITT SHERMAN, holding company for approval of the acquisition Secretary. of voting shares of a bank, and the following [SEAL] Order extending the time for completion of the acquisition of voting shares of a bank by a bank STATEMENT holding company: The Marine Corporation, Milwaukee, Wisconsin, a bank holding company, has applied, pur- THE MARINE CORPORATION suant to Section 3(a) (2) of the Bank Holding In the matter of the application of The Marine Company Act of 1956 ("the Act"), for the Corporation, Milwaukee, Wisconsin for prior ap- Board's prior approval of the acquisition of 80 proval of the acquisition of bank shares under per cent or more of the voting shares of The Na- Section 3(a)(2) of the Bank Holding Company tional Manufacturers Bank of Neenah, Neenah, Act of 1956. Wisconsin. Views and recommendations of the Comptroller ORDER APPROVING APPLICATION of the Currency. As required by Section 3(b) of UNDER BANK HOLDING COMPANY ACT the Act, the Board notified the Comptroller of There has come before the Board of Governors, the Currency of the receipt of the application and pursuant to Section 3 (a) (2) of the Bank Holding requested his views thereon. The Comptroller rec- Company Act of 1956 (12 U.S.C. 1842) and Sec- ommended approval. tion 222.4(a)(2) of the Board's Regulation Y Statutory factors. Section 3(c) of the Act re- (12 CFR 222.4(a)(2)), an application by The quires the Board to take into consideration the Marine Corporation, Milwaukee, Wisconsin, a following five factors: (1) the financial history registered bank holding company, for the Board's and condition of the holding company and the prior approval of Applicant's acquisition of 80 bank concerned; (2) their prospects; (3) the per cent or more of the voting shares of The Na- character of their management; (4) the convenitional Manufacturers Bank of Neenah, Neenah, ence, needs and welfare of the communities and Wisconsin; a notice of receipt of the application area concerned; and (5) whether the effect of the was published in the Federal Register on June 10, acquisition would be to expand the size or extent 1961 (26 F.R. 5245), which notice provided for of the bank holding company system involved the filing of comments and views regarding the pro- beyond limits consistent with adequate and sound posed acquisition; the United States Department banking, the public interest, and the preservation of Justice has filed with the Board a Statement of competition in the field of banking. of the United States in Opposition to the applica- Discussion. The Marine Corporation ("Mation, to which Applicant filed a Reply; and no rine") presently has six subsidiary banks, five of other comments or views having been filed: which are in or near Milwaukee and the sixth in IT IS HEREBY ORDERED, for the reasons set forth Green Bay, Wisconsin. In addition, the Board's in the Board's Statement of this date, that said approval has been given to Marine's acquisition application be and hereby is granted, and the ac- of two additional banks in Milwaukee County. At quisition by The Marine Corporation of 80 per December 31, 1960, Marine's six banks held $197 cent or more of the voting shares of The National million in deposits of individuals, partnerships, Manufacturers Bank of Neenah is hereby ap- and corporations ("IPC deposits"). Its Milwauproved, provided that the acquisition shall be con- kee County banks held $175 million of this total, summated not less than seven calendar days, nor and of the latter banks, Marine's largest subsidimore than three months, after the date of this ary, Marine National Exchange Bank, Milwaukee, Order. held $144 million. Dated at Washington, D. C. this 22nd day of The National Manufacturers Bank of Neenah November, 1961. ("Bank") is located at the northern end of Winnebago County, 95 miles northwest of Milwaukee. By order of the Board of Governors. While primarily an industrial community, Neenah Voting for this action: Chairman Martin, and Gov- has also experienced in recent years a substantial ernors Mills, Robertson, Shepardson, King, and Mitchell. Absent and not voting: Governor Balderston. residential growth. Marine has delineated Bank's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1409 primary service area (the area from which about in which Marine operates. The $197 million of 75 per cent of its total deposits originate) as con- IPC deposits in these eight offices constituted 12 sisting of the contiguous cities of Neenah and per cent of the total held by all commercial banks Menasha, and extending about two miles south in the three counties. If the two additional banks of the city of Neenah. Its population is estimated in Milwaukee County, as to which Marine's acquiat 35,000. According to the 1960 census, the popu- sition has been approved by the Board, are inlation of Neenah was about 18,000 and that of cluded in Marine's totals, its control of the three Menasha about 14,600. The aggregate population counties' commercial banking offices and their of the two cities has increased about 8,000 in the IPC deposits would be increased, respectively, to past 10 years. There is evidence of continuing 12 per cent and 14 per cent. If Bank and its IPC residential and industrial growth in the area. deposits are added to the latter totals, the Marine The financial history and condition, prospects holding company system would control 11 of the and management of Marine and Bank are satis- 100 commercial banking offices and $250 million factory and will not be affected materially by the of the $1.8 billion of IPC deposits (14 per cent), proposed acquisition. of all commercial banks in the four counties in In relation to the present and anticipated indus- which Marine would then have banks. At Decemtrial and residential growth of the two-cities area, ber 31, 1960, Marine's eight offices and aggregate Marine has enumerated several banking service total deposits of $255 million constituted 1.1 per additions and improvements that would be offered cent of the State's 717 commercial banking offices by Bank as a Marine subsidiary, all of which, ac- and 5.5 per cent of its $4,638 million of total comcording to Marine, will better serve the area's mercial bank deposits. These percentages would convenience, needs, and welfare. Certain of the be increased, respectively, by .3 per cent and .8 services that would be offered by Marine in its per cent if the two most recently approved acquioperation of Bank would yield increased conveni- sitions are included, and by an additional .1 per ences for some of Bank's customers. However, cent and .4 per cent, respectively, if Bank and its the record before the Board reflects that Bank has deposits are included. been able to serve adequately the needs of the None of Marine's present subsidiary banks, nor area involved during the period of its growth and the two banks in Milwaukee County to be accould continue to do so even if it did not become quired, serves Bank's primary service area to any affiliated with Marine. Therefore, while the fore- significant extent. The locations of these subsidigoing considerations are not inconsistent with ap- aries range in distance from a minimum of 35 proval of this application, they offer little support miles (Green Bay) to over 100 miles (Milwaukee for approval thereof. area) from Bank's location. As to competition The remaining question is whether the acquisi- from Marine's Green Bay bank, in view of the tion would expand the size or extent of the Marine distance between the Neenah-Menasha area and holding company system beyond limits consistent Green Bay, and considering the fact that within with adequate and sound banking, the public easy access from a major highway that connects interest, and the preservation of banking compe- Neenah and Green Bay there are five commercial tition. In the Board's judgment, the considerations banks with deposits, in April 1961, of $52 million, relative to this factor are not adverse to approval $24 million, $10 million, $5 million and $4 milof the application. lion, it is apparent that Marine's bank at Green Bay does not compete with Bank to any signifi- Marine, the smallest of the three bank holding cant degree. companies operating in Milwaukee County, owns six banks operating eight offices in three counties. There are four banks located in Bank's primary Seven of the eight offices serve principally the service area, two in Neenah (including Bank) and Milwaukee Metropolitan Area. The eighth is lo- two in Menasha. In April 1961, Bank held 41 per cated at Green Bay, Wisconsin, about 110 miles cent of the IPC deposits of Neenah's two banks north of Milwaukee and 35 miles northeast of and 30 per cent of those in the four banks in Neenah. At December 31, 1960, Marine's eight Neenah and Menasha. On the same date, its three offices constituted 9 per cent of the 85 commer- competitors in Neenah and Menasha—First Nacial banking offices located in the three counties tional Bank, Neenah, Bank of Menasha, and First Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1410 FEDERAL RESERVE BULLETIN • DECEMBER 1961 National Bank, Menasha, held 44 per cent, 11 per lation comparable to the combined population of cent, and 15 per cent, respectively, of the aggre- Neenah and Menasha. There does not appear to gate IPC deposits of the four banks. While, as exist, in the pertinent trade area, a degree of comindicated, Bank's primary service area encom- petitive imbalance that is inconsistent with the passes only the cities of Neenah and Menasha and public interest. an area south of Neenah, its total trade area ex- Viewing the relevant facts in the light of the tends beyond to the point where it encounters general purposes of the Act and the factors enusome competition from the three commercial merated in Section 3(c), it is the judgment of the banks located in Appleton, five miles to the north, Board that the proposed acquisition would be and the three commercial banks located in Osh- consistent with the statutory objectives and the kosh, approximately 12 miles to the south. Thus, public interest and that the application should be while it is apparent that the residents of Neenah approved. and Menasha rely principally upon the four banks in those cities for their banking services, and that THE FIRST VIRGINIA CORPORATION those four banks principally compete for the In the Matter of the Application of The First Virbanking business of those two cities, the Neenah ginia Corporation for prior approval of acquisiand Menasha residents and businesses have nu- tion of voting shares of Richmond Bank and Trust merous alternative banking facilities reasonably Company, Richmond, Virginia. available. It is the Board's judgment that the resulting ORDER EXTENDING TIME FOR ACQUISITION OF increase in the size or extent of Marine's system VOTING SHARES OF RICHMOND BANK from its acquisition of Bank would not be incon- AND TRUST COMPANY sistent with adequate and sound banking, the pub- WHEREAS, there has come before the Board of lic interest or the preservation of banking compe- Governors, pursuant to Section 3(a)(2) of the tition. Further, while Marine's acquisition of Bank Bank Holding Company Act of 1956 (12 U.S.C. will result in the elimination of an independent 1842) and Section 4(a)(2) of Federal Reserve bank, in view of the size and number of remain- Regulation Y (12 CFR 222.4(a)(2)), an applicaing independent banks, it does not appear that tion by The First Virginia Corporation, Arlington, the acquisition proposed would significantly reduce Virginia, for approval of the acquisition of 80 per the existing level of banking competition, nor in cent or more of the voting shares of Richmond other respects be inconsistent with the interests Bank and Trust Company; and said application of the public. has been granted by Order of the Board dated In a Statement of the United States in Opposi- September 5, 1961 and published in the Federal tion, filed with the Board by the United States Register (26 Fed. Reg. 8499), which Order in- Department of Justice, the view is expressed that cluded a proviso that such acquisition be comthe proposed acquisition "would only serve to pleted within three months from the date thereof; further unbalance the competitive situation among and WHEREAS, The First Virginia Corporation the already limited number of independent comhas applied to the Board for a ninety-day extenpetitive units in the pertinent trade area . . . [and] sion of the period prescribed by said proviso, and would also encourage further consolidation among it appears to the Board that such an extension them, or absorption of them by other outside would not be inconsistent with the public interest; banking interests." On the basis of conclusions reached in reviewing this record, the Board does IT IS HEREBY ORDERED, that the time within not concur in the Department's view. Neither in which said acquisition shall be completed is ex- Bank's primary service area, nor in its larger trade tended to March 5, 1962. area, does it appear that the number of inde- Dated at Washington, D. C. this 4th day of pendent competitive units is limited to a degree December, 1961. incompatible with the needs of those areas. By order of the Board of Governors. Neenah and Menasha are served by a bank for (Signed) MERRITT SHERMAN, each 8,150 persons, a ratio that compares favor- Secretary. ably with other cities in Wisconsin having a popu- [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1962. Boston Class A WILLIAM M. LOCKWOOD, President, The Howard National Bank and Trust Company, Burlington, Vermont. (Re-elected) Class B EUGENE B. WHITTEMORE, President and Treasurer, The Morley Company, Portsmouth, New Hampshire. (Re-elected) New York Class A GEORGE CHAMPION, Chairman of the Board, The Chase Manhattan Bank, New York City. Mr. Champion succeeds Henry C. Alexander, Chairman of the Board, Morgan Guaranty Trust Company of New York, New York City. Class B B. EARL PUCKETT, Chairman of the Board, Allied Stores Corporation, New York City. (Re-elected) Philadelphia Class A EUGENE T. GRAMLEY, President, Milton Bank and Safe Deposit Company, Milton, Pennsylvania. Mr. Gramley succeeds O. Albert Johnson, President, The First National Bank of Eldred, Pennsylvania. Class B FRANK R. PALMER, Chairman of the Board, The Carpenter Steel Company, Reading, Pennsylvania. (Re-elected) Cleveland Class A C. N. SUTTON, President, The Richland Trust Company, Mansfield, Ohio. Mr. Sutton succeeds Ray H. Adkins, President, The National Bank of Dover, Ohio. Class B DAVID A. MEEKER, President, The Hobart Manufacturing Company, Troy, Ohio. Mr. Meeker succeeds Charles Z. Hardwick, Executive Vice President, The Ohio Oil Company, Findlay, Ohio. Richmond Class A J. MCKENNY WILLIS, Jr., President, The Easton National Bank of Maryland, Easton, Maryland. Mr. Willis succeeds A. Scott Offutt, Chairman of the Board and President, The First National Bank of Washington, D. C. 1411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1412 FEDERAL RESERVE BULLETIN • DECEMBER 1961 Richmond Class B ROBERT R. COKER, President, Coker's Pedigreed Seed Company, Hartsville, South Carolina. Mr. Coker succeeds L. Vinton Hershey, President, Hagerstown Shoe Company, Hagerstown, Maryland. Atlanta Class A D. C. WADSWORTH, Sr., President, The American National Bank, Gadsden, Alabama. Mr. Wadsworth succeeds William C. Carter, Chairman of the Board and President, Gulf National Bank, Gulfport, Mississippi. Class B JAMES H. CROW, Jr., Vice President, The Chemstrand Corporation, Decatur, Alabama. Mr. Crow succeeds Donald Comer, Chairman of the Board, Avondale Mills, Birmingham, Alabama. Chicago Class A JOHN H. CROCKER, Chairman of the Board, The Citizens National Bank of Decatur, Illinois. (Reelected) Class B WILLIAM E. RUTZ, Director, Giddings and Lewis Machine Tool Company, Fond du Lac, Wisconsin. Mr. Rutz succeeds William J. Grede, President, J. I. Case Co., Racine, Wisconsin. St. Louis Class A ARTHUR WERRE, JR., Executive Vice President, First National Bank of Steeleville, Illinois. (Re-elected) Class B RAYMOND REBSAMEN, Chairman of the Board, Rebsamen & East, Inc., Little Rock, Arkansas. Mr. Rebsamen succeeds S. J. Beauchamp, Jr., President, Terminal Warehouse Co., Little Rock, Arkansas. Minneapolis Class A ROLLIN O. BISHOP, President, The American National Bank of Saint Paul, Minnesota. Mr. Bishop succeeds John A. Moorhead, President, Northwestern National Bank of Minneapolis, Minnesota. Class B T. G. HARRISON, Chairman of the Board, Super Valu Stores, Inc., Hopkins, Minnesota (Re-elected) Kansas City Class A W. S. KENNEDY, President and Chairman of the Board, The First National Bank of Junction City, Kansas. (Re-elected) Class B ROBERT A. OLSON, President, Kansas City Power & Light Company, Kansas City, Missouri. (Re-elected) Dallas Class A J. EDD MCLAUGHLIN, President, Security State Bank & Trust Company, Rails, Texas. (Re-elected) Class B H. B. ZACHRY, President and Chairman of the Board, H. B. Zachry Co., San Antonio, Texas. (Re-elected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 1413 San Francisco Class A CHARLES F. FRANKLIN, President, The Pacific National Bank of Seattle, Washington. Mr. Franklin succeeds John A. Schoonover, Director, The Idaho First National Bank, Boise, Idaho. Class B WALTER S. JOHNSON, Chairman of the Board, American Forest Products Corporation, San Francisco, California. (Re-elected) APPOINTMENT OF DIRECTOR certificates are owned by business concerns and other private or public institutions as well as by On December 18, 1961, the Board of Governors announced the appointment of William King Self, individuals. of Marks, Mississippi, as a director of the Mem- For some time, a number of commercial banks phis Branch of the Federal Reserve Bank of St. have contended that the 3 per cent maximum rate Louis for the unexpired portion of a term ending has restricted them in their efforts to compete for December 31, 1962. Mr. Self is President, River- savings and time deposits. One effect of the side Industries, Marks, Mississippi. As a direc- action will be to increase freedom of competition tor of the Memphis Branch he succeeds Dr. Clay and to enable each member bank to determine Lyle, former Dean and Director Emeritus, Divi- the rates of interest which it will pay in the light sion of Agriculture, Mississippi State University, of the economic conditions prevailing in its area, State College, Mississippi, who resigned. the type of competition it must meet, and its ability to pay. RESIGNATION OF DIRECTOR Another effect of immediate significance will be to enable member banks so desiring to com- Mr. John T. Ryan, Jr., who had served as a pete more vigorously to retain foreign deposits director of the Pittsburgh Branch of the Federal that might otherwise move abroad in search of Reserve Bank of Cleveland since September 19, higher returns and thereby intensify an outflow of 1958, resigned effective December 31, 1961. Mr. capital or gold to other countries. Thus, today's Ryan is President, Mine Safety Appliances Comaction is in line with previous steps taken to modpany, Pittsburgh, Pennsylvania. erate pressures on this country's international balance of payments. MAXIMUM RATES ON SAVINGS AND TIME DEPOSITS A further, longer range effect should be to give On December 1, 1961, the Board of Governors member banks all the scope that may be needed of the Federal Reserve System authorized an in- for a considerable period ahead to provide an crease in the maximum permissible rates of inter- added incentive for the savings that will be reest payable by member banks on savings deposits quired in financing the future economic growth and on time deposits and certificates, effective that will be essential to expanding job opportuni- January 1, 1962. ties for a growing population. After that date, member banks will be permitted How many banks may increase their rates after to pay up to 3Vi per cent on all savings deposits, next January 1, or when and to what levels they and on time deposits and certificates of at least may do so, is conjectural. Experience suggests six months' term, and up to 4 per cent on like that any moves toward higher rates are likely to deposits left in the banks for one year or more. be gradual. Almost five years have passed since The present maximum rate is 3 per cent. the maximum permissible rate was increased from The 6,100 member banks of the Federal Re- 2Vi per cent to the present 3 per cent. Many serve System have approximately 50 million sav- banks, however, still pay less than 3 per cent. ings and time deposit accounts, amounting at Responsibility for setting maximum permissible present to some $67 billion. More than three- rates on member bank payments of interest on fourths of the total amount is in savings accounts savings and time deposits was vested in the Board owned by individuals. The time deposits and of Governors by Congress in 1933. The maxi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1414 FEDERAL RESERVE BULLETIN • DECEMBER 1961 mum permissible rate was set originally in that cial categories used in the flow-of-funds/saving year at 3 per cent, reduced in 1935 to IVi per accounts. For many of these categories, the transcent, and kept at that level until restored to 3 action accounts give detail on subcategories and per cent on January 1, 1957. components. The transaction accounts have not The changes announced on December 1, 1961, appeared in the BULLETIN. were effected by a revision of the supplement to Copies of Supplement 5 will be available on the Board's Regulation Q. The revised supple- request. Requests should be addressed to the ment appears on page 1404 of this BULLETIN. Flow of Funds/Saving Section, Division of Re- The action was taken a month in advance of the search and Statistics, Board of Governors of the effective date because many banks, by tradition, Federal Reserve System, Washington 25, D. C. use January 1 as the date from which interest on In requesting copies, please indicate if you would savings deposits is computed. like to have your name added to the mailing list The Board action on December 1, 1961, did for flow-of-funds supplementary materials. As not change the maximum permissible rates for soon as the supplement is ready it will be sent out time deposits and certificates of less than six to those now on the mailing list. months duration. For these, the maximum will continue to be 2Vi per cent for time deposits and INDEXES ON 1957-59 BASE certificates of 90 days to six months, and 1 per Early in 1962 the Federal Reserve will begin to cent for time deposits and certificates of less than convert its indexes to a 1957-59 comparison base. 90 days. The schedule for conversion is given on page The Federal Reserve action was taken after 1417 of this BULLETIN. consultation with the Federal Deposit Insurance Corporation, which regulates the rate of interest TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR paid by insured banks which are not members QUARTERLY of the Federal Reserve System. Latest BULLETIN Reference Annually Issue Page FLOW-OF-FUNDS SUPPLEMENTARY TABLES Bank holding companies: List of, Dec. 31, 1960 June 1961 723 Flow-of-Funds/Saving Supplement 5 will be avail- Banking offices and deposits of group able for distribution in January. This supplement banks, Dec. 31, 1960 June 1961 722 Banking and monetary statistics, 1960.. {jj£y \g*\ 618-21 supersedes all previous supplements. It includes Banks and branches, number of, by class (1) annual flow data for 1946-60; (2) quarterly and State Apr. 1961 486-87 Earnings and expenses: flows for 1952-60; (3) amounts outstanding at Federal Reserve Banks Feb. 1961 228-29 Member banks: end of year for 1945-60; (4) new tables for com- Calendar year May 1961 604-12 First half of year Nov. 1960 1294 mercial banks and monetary authorities, the two Operating ratios May 1961 613-15 subsectors of the commercial banking system not Sto In ck su E re x d c h c a o n m g m e f e i r r c m ia s l , d b e a t n a k il s e d debit and May 1961 616 previously shown; and repeats the estimates pub- credit balances Sept. 1961 1106 lished in the August 1961 BULLETIN to provide in Semiannually Banking offices: a single source consistent figures through 1960. Analysis of changes in number of.... Aug. 1961 1002 On, and not on, Federal Reserve Par The tables are grouped into three sections: (1) List, number of Aug. 1961 1003 summary flow-of-funds tables in the format, order, Quarterly and numbering with which they are published in Cash receipts from and payments to the public Nov. 1961 1358 the BULLETIN, (2) statements for financial sectors Flowoffunds Oct. 1961 1242-49 Selected assets and liabilities of Federal and subsectors not shown separately in BULLETIN business-type activities Aug. 1961 1004 tables, and (3) transaction accounts for the finan- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 15 Expansion in business activity continued in December steel mill operations showed a sub- November. Industrial production, construction stantial contra-seasonal increase. activity, and nonfarm employment increased and retail sales rose sharply further. The unemploy- CONSTRUCTION ment rate declined, showing the first significant The value of new construction, which had reduction this year. Bank credit increased some- changed little in October, increased 1 per cent what further. in November to a seasonally adjusted annual rate of $59.5 billion, a new high. The November rise INDUSTRIAL PRODUCTION reflected mainly a 3 per cent further advance in Industrial production increased further in No- private residential building. So far in the fourth vember to 114 per cent of the 1957 average— quarter, total construction activity has been 6 per one point above the previous high in August and cent above a year ago, compared with a year-to- October. The November gains were primarily in year increase of 2 per cent in the first nine months output of final products, both consumer goods and of this year. equipment. Auto assemblies rose 15 per cent in November EMPLOYMENT from an October level still limited by work stop- Seasonally adjusted employment in nonfarm pages. Current production schedules indicate a establishments rose somewhat further in Novemfurther gain in December. Output of home goods ber to 54.5 million. A moderate increase in and apparel also rose in November, to previous manufacturing employment was accounted for peak rates, and consumer staples advanced to a almost entirely by a gain in the automobile new high. Output of business equipment, with industry. Average hours of work in manufacturgains widespread, was at a record. ing rose further with advances reported by most Production of materials increased slightly furindustries. Employment declined in nonmanufacther in November. Output of iron and steel turing industries as continuing gains—to new decreased a little less than seasonally through highs—in services and State and local government most of the month. In late November and early were more than offset by decreases in construction and trade. Unemployment did not show the sharp INDUSTRIAL PRODUCTION rise that usually occurs in November and the 19 57 = 100 seasonally adjusted unemployment rate declined to 6.1 per cent, after holding at nearly 7 per cent during the preceding eleven months. DISTRIBUTION Retail sales, after increasing 3 per cent in October, rose 3 per cent further in November to a new high. Sales of durable goods stores advanced 7 per cent as deliveries of new domestic autos rose to a seasonally adjusted annual rate of 7.0 million from 6.2 million in October. Gains were widespread among stores selling nondurable goods, with the total up 2 per cent from the advanced Federal Reserve indexes, seasonally adjusted. Monthly fig- October level. ures, latest shown are for November. 1415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1416 FEDERAL RESERVE BULLETIN • DECEMBER 1961 COMMODITY PRICES Reserves were supplied principally through Federal Reserve purchases of U. S. Government The wholesale commodity price index remained securities and absorbed through currency drains stable in late November and early December. and gold outflows. Excess reserves rose and Prices of steel scrap turned up, after having member bank borrowings from the Federal Redeclined sharply in October, and prices of lead serve also increased somewhat. and zinc were raised. Prices of most industrial commodities, however, were unchanged. SECURITY MARKETS Yields on Government securities rose from mid- BANK CREDIT AND RESERVES November to mid-December, as they usually do Total commercial bank credit increased some- at this time of year. In mid-December the 3what further in November. While holdings of month bill rate was around 2.60 per cent and the U. S. Government securities declined, loans and long-term bond average was around 4.06 per holdings of State, local, and other securities rose. cent, compared with 2.53 and 4.00 respectively The seasonally adjusted average money supply in mid-November. Yields on corporate and on continued to increase. Time deposits declined less State and local government bonds also rose. than usual for November. Common stock prices increased moderately Total reserves and required reserves of member from mid-November to mid-December, reaching banks increased less in November than in October. new highs. The volume of trading expanded. RETAIL TRADE PRICES 1947 - 49 = 100 1947-49*100 DEPARTMENT STORES Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics Indexes. Monthly figures; latest based on Department of Commerce data. Monthly figures; shown: October for consumer prices, and November for wholelatest for stocks is October, for other series, November. sale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEXES ON 1957-59 BASE 1417 PLANS FOR PUBLISHING INDEXES ON A 1957-59 COMPARISON BASE Early in 1962 the Federal Reserve will begin discontinue regular publication of indexes on the to convert its indexes to the new standard base, 1957 and the 1947-49 base periods. 1957-59, recommended by the Bureau of the As a result of the shift in the comparison base Budget. The change will facilitate comparison there will be small changes in the level of the of Federal Reserve indexes with those of other total industrial production index, but larger Government agencies, which will also be adopt- changes in the levels of most of its major coming the 1957-59 base period. The following ponents, as the table shows. The level of each schedule will apply to conversion of the Federal series will change by the ratio of its 1957-59 Reserve indexes. average to its 1957 average. Percentage changes from any one month (or year) to another for a EARLY CHANGES given series will not be affected by the shift in A revised index of freight carloadings on the new base period. base is included in this issue of the BULLETIN (see pages 1401-03), and figures for this index EFFECT OF BASE PERIOD CHANGE ON will appear in the Board's Business Indexes re- INDUSTRIAL PRODUCTION lease beginning with January 1962. The freight carloadings index is based on data compiled by Percentage Indexes, October 1961 Series change in level, the Association of American Railroads, which 1957-59 from 1957 1957-59= 100 1957= 100 are combined with revenue weights and adjusted for seasonal variation by the Federal Reserve. Total .7 113.9 113.1 Indexes for employment and payrolls and for Manufacturing .8 114.0 113.1 Durable 4.1 112.2 107.8 construction contracts will be published on the Nondurable -3.3 116.2 120.2 new base in the BULLETIN and in the Business M Ut i i n li i t n ie g s -6 4 . . 1 6 1 1 2 0 9 3 . . 1 8 1 9 3 9 7 . . 2 5 Indexes release as soon as figures for January Final products - .5 115.2 115.8 1962 become available. These indexes are de- Consumer goods -2.9 115.9 119.4 Equipment 4.6 113.7 108.7 rived, respectively, from series on employment Materials 1.8 112.7 110.7 and payrolls compiled by the Bureau of Labor Statistics and data on construction contracts re- The Board's monthly series on department ported by the F. W. Dodge Corporation.1 store sales and stocks are derived from indexes compiled by the 12 Federal Reserve Banks. LATER CHANGES These Reserve Bank indexes are being adjusted Shifting the industrial production indexes from to the 1958 Census of Business benchmark, and the 1957 to the 1957-59 comparison base will seasonal adjustments are being reviewed. Rerequire several months. The present plan is to vised monthly and weekly sales indexes will be publish these indexes on the new base by the published on a 1957-59 base when these reviearly autumn of 1962, and when this is done, to sions are completed in the spring of 1962. 1 Historical data for these series on the new base will be available upon request. 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 1420 Reserve Bank discount rates; margin requirements; reserve requirements. 1424 Federal Reserve Banks. . 1425 Currency in circulation, money supply; bank debits 1428 All banks: consolidated statement of monetary system; deposits and currency. 1430 All banks, by classes. 1431 Commercial banks, by classes. . . 1434 Weekly reporting member banks. 1436 Business loans. 1439 Interest rates. . . .. 1440 Security prices; stock market credit; open market paper. 1441 Savings institutions. 1442 Federal finance. 1444 Security issues. 1449 Business finance. 1451 Real estate credit. . . . 1453 Short- and intermediate-term consumer credit. 1456 Industrial production. 1460 Selected indexes on business activity. 1466 Construction . . . 1466 Employment and earnings 1468 Department stores. 1470 Foreign trade. 1471 Wholesale and consumer prices. 1472 National product and income series. 1474 Flow of funds, saving, and investment. . 1476 Tables not published each month—list with latest Bulletin reference. 1414 Index to statistical tables 1503 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. 1419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1420 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 U. S. Govt. securities ury Cur- Treas- with F. R. Banks P d e o a ri r t o e d Total B r o o i u g u g h t- h t t u r c a H e n h g p e d a r l u e s e d e e r r - - c v D o a a a n n u d is c d n - - e ts s Float i t T a o l - 2 s G to o c ld k r s c o e t i a n u n u n g r c t - - d y - r c t e c u i i n i o n l r c a n - y - h c i u o n a r g l s y d h s - Tr u e r a y s- F ei o g r n - Other i c O F o a . t u h c R n - e t r . s B F W a . n i R t k h . s r C c e a o n n u i c d r n - y Total ment Averages of daily figures 1929 June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2 314 2 314 1933 June 1 933 1 933 250 12 2 208 4 030 2 295 5 455 272 81 164 350 2211 2 211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941 Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1 531 OQ? 12 812 12 812 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 21,905 268 681 22,858 22,712 4,556 28,937 1,330 967 1 016 614 17 261 17'261 1950 Dec 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951 Dec 23 409 23,310 99 657 ,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20 310 20 310 1952—Dec 24,400 23,876 524 1,633 1,?6?27,299 23,276 4,806 30,494 1,271 569 745 290 83? 21 180 21 180 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 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 Q->9 19 279 19 279 1955—Dec 24,602 24,318 284 840 1,38926,853 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 23,982 23,615 367 716 ,44326,186 22,769 5,144 31,932 768 385 345 186 063 19,420 19,420 1958 Dec .... 26 312 26,216 96 564 49628,412 20,563 5.230 32 371 691 470 262 337 1 174 18 899 18 899 1959 Dec 27,036 26,993 43 911 ,42629,435 19,482 5,311 32,775 396 524 361 348 1'195 18 628 304 18 932 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 Nov 27,871 27,542 329 160 1 15629,241 18,058 5.391 32,474 405 462 243 396 973 17,737 1 267 19,004 Dec 27,248 27,170 78 94 ,66529,060 17,954 5,396 33,019 408 522 250 495 1 0^9 16 688 2 595 19 283 1961 Jan 26,942 26,862 80 58 431 28,484 17,567 5,401 32,265 411 482 239 399 941 16,715 2,600 19,315 Feb 26,829 26,630 199 146 17128,145 17,402 5,404 31,841 422 521 189 392 1,054 16 532 2 432 18,964 Mar 26,831 26,826 5 80 071 28,030 17,380 5,408 31,839 426 459 240 383 1,05? 16,419 2,390 18,809 Apr 26,676 26,663 13 63 14027,925 17,389 5.414 31,913 408 422 207 316 987 16 474 2 410 18 884 May • ... 26,747 26,722 25 101 1,11928,007 17,397 5,425 32 011 420 463 205 293 1 017 16 420 2 436 18 856 June 26,935 26,927 8 66 ,?6528,304 17,475 5,432 32.246 411 515 205 250 1038 16 547 2 495 19 042 July 27,024 27,014 10 52 38828,498 17,540 5,450 32.586 400 474 235 279 967 16.547 2,516 19,063 Aus 27,415 27,327 88 68 1,14528,661 17,575 5,547 32,569 420 489 241 294 1068 16 701 2 522 19 223 Sept. 27,563 27,558 5 38 44529,080 17,446 5,556 32,719 411 473 285 313 1071 16,811 2 561 19,372 Oct 28,044 27,997 47 67 ,35829,504 M7,328 5,569 »32,864 415 469 254 305 1,014 17,082 2,578 19,660 Nov 28,616 28,532 84 107 ,37730,142 17,180 5,585 33,256 414 483 258 244 1,068 17,183P2 649^19,832 Week ending— 1960 Oct 5 .... 27 028 26,836 192 219 I 09628,385 18,671 5,377 32 049 403 467 213 443 936 17 922 837 18 759 12 27,268 27,136 132 168 1,03828,517 18,615 5,380 32,276 408 474 202 379 932 17^840 800 18,640 19 27,036 27,036 95 [,45328,621 18,586 5,382 32,304 413 489 215 393 864 17 909 930 18 839 26 26,760 26,681 79 262 1,35428,415 18,552 5,383 32,120 403 546 257 373 862 17,789 940 18,729 t^ov 2 27,313 26,946 367 211 1,09828,662 18,405 5,387 32 104 403 442 254 456 86S 17 931 942 18 873 9 .... 28 015 27 439 576 158 92829,154 18,124 5,389 32 298 398 418 250 395 864 18 045 752 18 797 2 1 3 6 2 27 8 .1 8 0 3 5 1 2 27 7 ,6 5 7 8 8 8 5 1 1 5 7 3 1 12 9 1 0 . 1,5 9 3 7 2 6 2 2 9 9 , , 5 32 4 5 2 1 1 8 7 , , 0 99 6 9 8 5 5 , , 3 3 9 9 1 2 3 32 2 ,5 5 2 3 7 2 4 4 0 0 2 7 4 5 6 1 9 9 2 2 3 2 0 4 4 3 0 8 8 8 1 9 0 1 7 4 3 1 17 7 ^ 7 8 8 3 4 9 9 9 4 2 9 2 1 18 8 ,7 7 3 6 3 1 30 27,623 27,607 16 121 1,22829,022 17,957 5,392 32,640 414 460 258 387 1,071 17,141 2,537 19,678 Dec 7 27 421 27,421 (4) 67 1,05728,594 17,974 5,391 32 722 413 473 253 474 1066 16 558 2 358 18 916 14 27,381 27,381 76 1,27228,778 18,083 5,396 33.038 410 522 237 680 ,037 16,334 2,598 18,932 21 27 034 27 010 24 80 2,15129,316 17,957 5,396 33 174 414 592 246 443 1018 16 782 2 678 19 460 28 27,074 26,946 128 56 2,15029,336 17,882 5,398 33 195 401 522 260 391 019 16 828 2 619 19 447 1961 Jan 4 27,375 26,984 391 184 1,78929,420 17.748 5,398 32,853 399 441 245 473 954 17,202 2,742 19,944 11 27 124 26.986 138 60 1,35028,592 17.629 5,399 32 637 403 413 239 381 941 16 605 2 621 19 226 18 26,967 26,948 19 44 1,40828,471 17,594 5,401 32,287 412 528 248 389 940 16 662 2 630 19 292 25 26,821 26,821 57 1,52328,450 17,490 5,402 31,964 417 507 245 392 942 16,875 2,592 19,467 Feb 1 26 600 26 582 18 75 1,131 27,853 17,441 5 402 31 776 422 510 227 393 951 16 417 2 546 18 963 8 26,860 26,672 188 188 1,05328,148 17,429 5,403 31,805 413 523 196 383 018 16 641 2 307 18 948 15 27,007 26,653 354 202 82928,086 17,410 5,404 31.930 417 526 185 401 ,022 16.420 2.424 18,844 22 .... 26 740 26 589 151 116 1,32628,232 17,385 5,405 31 857 424 496 172 392 093 16 587 2 458 19 045 Mar. 1 26.706 26.621 85 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 18 104 1 06828,014 17,373 5,405 31,794 433 415 233 398 087 16 433 2 238 18 671 15 27 008 27 003 58 1,00328.116 17,374 5 407 31 901 428 418 267 389 I 057 16 437 2 390 18 827 22 26,864 26,864 62 1,260 28,234 17,385 5,409 31,887 418 506 238 365 16 578 2 377 18 955 29 26,724 26,724 87 l,004|27,863 17,389 5,408 31,775 426 497 218 370 1,032 16,342 2,451 18,793 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1421 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 P d e o r a i r t o e d T U o . t S al . G B o o r o v i u g u t g . h t - h t s t ecu u r c a H r e n h i g t e p a d r i l u e e s e d e s e r r - - c v D o a a a n u n i d s c d n - - e ts s Float1 T ta o l - 2 s G to o c ld k T r s c o e u t i r a u n n u e r n y g r c t a - d - y s - - r c C t e c u i i n u i o n l r c a n r - y - - T h c i u o n r a e r l g s y d a h s s - - Tr u e w r a i s y t - h r F es . F e e o i R r g r v . n - e B s, a O n t k h s er c O F o . a t u c h R - n e t r . s B F W . a n i R t k h . s res r C c e a e o n n r u v i c d r n e - y s 3 Total ment Averages of daily figures Week ending— 1961 Apr. ]5. 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 1, 9 0 4 0 : 4 2 22 7 77 , , 9 9 7 7 3 8 1 17 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 21 5 2 0 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 35 3 3 3 1 1 8 8 , , 7 78 0 2 2 19. 26,601 26,591 52 1,31028,009 17,390 5,414 31,980 411 424 172 309 966 16,552 2,47 19,026 26. 26,389 26,389 42 1,,2—79 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 1,066 27,868 17,390 5,420 31,84: 408 572 221 298 96: 16,373 2,435 18,808 10. 26,801 26,792 70 i,oo:27,914 17,390 5,422 31,968 420 396 204 304 961 16,47 2,280 18,754 17. 26,725 26,683 179 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 ,23728,070 17,403 5,426 32,001 420 483 201 280 1,075 16,440 2,47 18,917 31. 26,802 26,799 97 ,30827,904 17,402 5,428 32,058 416 374 211 275 1,073 16,329 2,543 18,872 965 June 7. 27,061 27,041 66 ,01028,175 17,410 5,429 32,198 425 473 198 239 1,071 16,410 2,394 18,804 14. 26,946 26,946 75 ,11828,177 17,449 5,433 32,299 410 480 203 24: 1,043 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 1,021 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 1,023 16,553 2,567 19,120 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 28,641 17,550 5,433 32,797 385 390 231 255 996 16,570 2.533 19,103 19 26,737 26,737 56 748 28,575 17,547 5,437 32,634 392 605 218 274 946 16,491 2,58' 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 27,276 21,216 37 ,10128,447 17,579 5,552 32,474 416 498 230 298 ,109 16,554 2,606 19,160 27,840 21M 57 999 28,931 17,451 5,553 32,664 406 469 270 303 ,111 16,712 2,402 19,114 27,803 17,803 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 ,843 29,251 17,451 5,554 32,775 413 566 282 313 ,048 16,861 2,61" 19,473 27. 27,200 27,197 3 29 ,723 28,986 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 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 32,886 417 450 261 363 ,052 17,005 2,421 19,426 18. 28,250 28,130 120 147 ,305 29,737 17,336 33,010 422 479 248 300 998 17,184 2,620 19,804 25. 27,819 27,791 28 57 ,630 29,544 17,302 5,572 32,849 414 486 249 268 991 17,162 2,663 19,825 Nov. 28,052 28,039 13 76 ,238 29,404 17,302 5,577 32,803 410 491 241 303 990 17,045 2,706 19,751 28,495 28,466 29 93 ,130 29,760 17,291 5,580 32,968 423 475 273 258 992 17,241 2,430 19,671 15. 28,466 28,380 86 125 ,186 29,817 17,276 5,584 33.223 402 476 247 253 992 17,084 2,657 19,741 22. 28,588 28,461 127 92 ,74330,465 17,190 5,586 33,351 414 506 309 251 1,144 17,265*>2,630 19,895 29. 28,874 28,760 114 103 ,492 30,510 16,975 5,587 33,504 415 456 210 213 1,143 17,132 '2,807 19,939 End of month 1961 Sept.. 27,799 27,788 [,35129,213 17,376 5,563 32,658 400 348 312 273 1,057 17,105 2,338 19,443 Oct.. 28,268 28,268 178 29,543 17,300 5,578 32,837 407 502 249 550 988 16,888 2,835 19,723 Nov.. 29,210 29,210 364 30,656 -16,975 '5,592 '33,524 489 198 249 1,144 17,200 '3,012^20,212 Wednesday 1961 Oct. 4 7,932 27,932 68 1,187 29,221 17,351 5,564 32,739 419 481 241 293 1,051 16,912 2,640 19,552 11 :8,276 28,150 126 95 1,102 29,507 17,351 5,566 33,045 419 549 238 322 1,049 16,802 2,782 19,584 18 7,983 27,983 44 1,649 29,712 17,303 5,570 32,939 431 458 287 267 994 17,210 2,874 20,084 25 27,957 27,905 52 248 1,179 29,421 17,303 5,573 32,776 415 384 242 276 994 17,209 2,951 20,160 Nov. 1 ,313 28,268 45 284 1,099 29,734 17,303 5,579 32,833 428 605 269 276 989 17,216 2,800 20,016 8 ,609 28,524 85 488 707 29,843 17,276 5.581 33,160 424 465 274 269 992 17,117 2,656 19,773 15 .460 28,350 110 617 1,292 30,411 17,276 5,585 33,258 410 635 273 285 1,146 17,265 2,915 20,180 22 ,883 28,698 185 377 1,|432 30,732 16,976 5,587 33,522 412 443 212 214 1,142 17,350 '2,938 '20,288 29 ,775 28,775 51 1,22730,094 16,976 5,588 33,499 428 504 221 204 1,145 16,657 •3,141 '19,798 P Preliminary. r Revised. 3 Beginning with Nov. 24, 1960, all currency and coin held by member 1 Beginning with 1960 reflect a minor change in concept of float. banks allowed as reserves; during the period Dec. 1, 1959-Nov. 23, 1960, For explanation, see BULLETIN for February 1961, p. 164. only part of such holdings were allowed. Monthly averages of currency 2 Includes industrial loans and acceptances, when held. For holdings and coin are estimated. of acceptances on Wednesday and end-of-month dates, see subsequent 4 Less than $500,000. tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1422 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 * l s s q e u R r r i v e e r - e e - s d 2 s E e x r r v c e e e - s s s 3 F r i o . n a w g t R s - . se F r r r v e e e - e s 3 s h T e e r o r e l v t - d a e i l s s q e u R r r 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 . n o a w g t R - s . I se F r r r v e e - e e s3 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 e r - e e - s d 2 s E e x r r c v e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s3 Banks * Banks-*] Banks4 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 n.a. n.a. 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 1,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 1,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 1,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 1,409 -4 232 -237 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 1,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 1,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 ,166 1,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 1,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 1,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 1,077 1,070 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 I960—June 18,294 17,828 466 425 41 3,852 3,819 33 17 16 987 988 -1 58 -59 I960—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 -4 196l__jan 19,315 ,570 745 49 696 3,693 3,667 26 26 963 959 4 4 Feb 18,964 ,310 654 137 517 3,632 3,598 34 26 954 948 7 36 -29 Mar 18,809 ,263 546 70 476 3,623 3,613 10 9 946 936 9 1 Apr 18,884 ,266 618 56 562 3,649 3,588 62 60 923 927 -4 —4 May 18,856 ,307 549 96 453 3,576 3,581 -5 -22 953 945 8 5 June 19,042 ,430 612 63 549 3,698 3,658 40 40 970 964 6 5 July 19,063 ,482 581 51 530 3,648 3,639 9 7 958 955 3 Aug........ 19,223 ,619 604 67 537 3,645 3,629 16 7 970 967 3 Sept 19,372 ,783 589 37 552 3,686 3,681 6 2 966 963 3 Oct 19,660 ,153 507 65 442 3,733 3,716 16 12 983 985 -1 -24 Nov "19,832 ,218 "614 105 "509 "3,697 "3,660j "14! "985 "982 -13 Week ending— I960—Nov. 2 18,873 18,309 564 189 375 3,815 3,807 1,020 1,013 30, -23 9 18,797 18,191 606 136 470 3,738 3,715 23 -4 1,006 1,004 2 1 16 18,733 18,121 612 168 444 3,699 3,688 11 -29 999 995 4 -10 23 . ... 18,761 18,154 607 99 508 3,707 3,709 -3 -9 998 997 6! -4 30 19,678 18,481 1,197 113 1,084 3,875 3,717 158 157 1,008 990 18 5j 12 1961—June 7 18,804 18,233 571 62 509 3,597 3,573 24 24 955 950 5 2 14.... 18,844 18,215 629 71 558 3,638 3,582 55 55 948 942 6 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 July ii:::: 1 1 9 9 , , 0 10 8 3 6 1 1 8 8 , , 5 4 3 4 9 6 6 5 5 4 7 7 4 4 8 7 4 6 9 1 9 0 3 3, , 6 7 5 4 1 4 3 3, , 6 7 2 3 5 4 2 1 5 0 2 1 5 0 9 9 6 5 5 0 9 9 6 4 0 4 6 5 6 4 19 19,075 18,386 689 55 634 3,579 3,575 4 11 -7 945 946 -2 26.... 19,007 18,357 650 50 600 3,648 3,585 62 62 957 948 9 5 Aug. 2 19,286 18,809 477 75 402 3,739 3,747 -8 12 -20 996 992 4 9 19,208 18,651 557 123 434 3,683 3,660 23 21 2 971 971 -5 16 19,197 18,593 604 62 542 3,597 3,609 -12 6 -18 969 967 2 23.... 19,202 18,605 597 37 560 3,613 3,610 2 2 965 960 5 30 19,160 18,566 594 37 557 3,607 3,594 13 2 11 965 962 2 19,114 18,573 541 57 484 3,673 3,622 51 51 957 958 -1 Sept -,!:::: 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 3 27.... 19,519 18,862 657 27 630 3,713 3,686 26 3 23 962 960 2 1 Oct. 4 19,605 19,121 484 34 450 3,794 3,768 26 1 24 985 982 3 3 11 19,426 18,933 493 29 464 3,654 3,649 6 6 968 968 1 -5 18 19,804 '19,230 r574 145 M29 3,716 3,706 11 11 980 983 -3 -81 25 19,825 19,277 548 56 492 3,772 3,768 4 7 -3 1,001 998 4 -13 Nov. 1 19,751 19,208 543 74 469 3,737 3,720 17 16 991 -3 -12 8 19,671 19,198 473 91 382 3,680 3,662 18 18 993 987 5 | -11 15 19,741 19,153 588 122 466 3,644 3.626 18 43 -25 968 972 -4 -17 22.... "19,895"19,297 "598 90 "508 3,692 3; 678 14 3 994 988 6 16; -10 29 "19,939^19,220 "719 101 "618 3,727 3,655 72 64 987 978 9 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1423 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 v a i l es r R e e s q er u v i e re s d 2 re E s x e c rv es e s s3 B B in F o a g . r n r s R k o a s w . 4 t - res F e r r e v e es3 re h T s e o e l r t d v a i l es R re e s q er u v i e re s d 2 re E s x e c rv es e s s3 B B in F o a . g r n r s R k o s a w . t 4 - res F e r r e v e es3 19291—June 761 749 12 409 -397 632 610 327 -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 1960-June 7,540 7,496 44 164 -120 5,915 5,525 390 186 204 I960—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 Aug 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 8,147 8,122 26 18 6,797 6,330 466 20 446 Nov P8,241 *>8,184 P57 44 ^6,909 "6,393 22 »494 Week ending— I960—Nov. 2 7,853 7,806 47 78 -31 6,184 5,683 501 81 420 9 7,822 7,769 52 58 -5 6,231 5,702 528 51 478 16 7,827 7,761 66 51 15 6,208 5,677 532 64 468 23 7,802 7,763 40 45 -6 6,253 5,684 569 42 527 30 7,939 7,729 210 49 162 6,857 6,045 811 57 754 {961—-June 7 7,711 7,659 53 20 32 6,541 6,051 490 40 450 14 7,755 7,649 106 21 85 6,503 6,042 461 49 411 21 7,907 7,873 33 17 16 6,610 6,114 496 25 471 28 7,881 7,769 112 13 99 6,530 6,068 462 68 394 July 5 7,850 7,787 63 12 51 6,527 6,059 468 35 432 12 7,883 7,785 97 8 90 6,619 6,091 528 39 489 19 7,809 7,770 39 9 30 6,742 6,094 648 33 615 26 7,871 7,755 116 1 115 6,531 6,069 462 45 418 Aug. 2 7,967 7,931 35 20 15 6,585 6,140 445 38 407 9 7,927 7,885 42 31 10 6,627 6,135 491 66 425 16 7,919 7,873 46 13 33 6,712 6,144 568 38 531 23 7,963 7,890 73 2 71 6,661 6,144 517 35 480 30 7,919 7,868 51 4 47 6,671 6,142 528 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 '8,191 '25 32 r n 6,892 6,350 541 24 517 25 8,188 8,161 27 20 1 6,864 6,350 514 12 502 Nov. 1 8,202 8,153 49 20 29 6,824 6,345 479 | 29 449 8 8,196 8,172 24 39 -15 6,803 6,377 427 18 409 15 8,203 8,168 35 41 -6 6,927 6,388 539 25 513 22 8,258 8,222 36 49 -13 P6,951 ^6,409 "542 14 ^528 29 8,290 8,177 112 47 65 *>6,937 ^6,409 ^526 29 P497 n.a. Not available. P Preliminary. r Revised. 2 Based on deposits as of opening of business each day. Monthly * Based on figures at close of business through November 1959; there- averages for all classes of banks beginning with January 1960 are estiafter on closing figures for balances with Reserve Banks and opening mated. figures for allowable cash. Beginning with Nov. 24, 1960, all currency 3 Monthly averages for all classes of banks beginning with January and coin held by member banks allowed as reserves; during the period 1960 are estimated. Dec. 1, 1959-Nov. 23, I960, only part of such holdings has been allowed. 4 Based on closing figures. Monthly averages of currency and coin are estimated. 5 This total excludes, and that in the preceding table indues, $51 million in balances of unlicensed banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1424 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 li 1 g 3 ib a l ) e i paper [Sec. 10(b)] ob ( l l i a g s a t t io p n a s r . o f S e th c e . 1 U 3 . ) S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 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. 12,1960 Aug. 12, 1960 Aug. 12, 1960 Richmond.... Aug. 12,1960 Aug. 12, 1960 Aug. 12, 1960 Atlanta Aug. 16,1960 Aug. 16, 1960 Aug. 16, 1960 Chicago Aug. 19,1960 Aug. 19, 1960 June 10, 1960 St. Louis Aug. 19,1960 Aug. 19, 1960 Aug. 19, I960 Minneapolis.. Aug. 15,1960 Aug. 15, 1960 Aug. 15, 1960 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 1 MARGIN REQUIREMENTS [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date (or level)— Bank Date or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective ' all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27. July 28, Banks N. Y. Banks N. Y. 1958 1960 1960 1948 1957 Regulation T: Jan. 12. 1 -WA Au,29.:. 3 -3ft For extensions of credit by brokers and 19. WA 3% dealers on listed securities 70 90 70 Aug. 13. Nov. 15... 3 -3% For short sales 70 90 70 Dec. 2... Regulation U: For loans by banks on stocks 70 90 70 1950 1958 Aug. 21. Jan. 22... 24... NOTE.—Regulations T and U limit the amount of credit that may be Mar. 7... extended on a security by prescribing a maximum loan value, which is a 1953 13... specified percentage of its market value at the time of extension: margin Jan. 16. WWAA-2 21... requirements are the difference between the market value (100%) and the 23. Apr. 18... maximum loan value. May 9... 1954 Aug. 15... Feb. 5. WA-2 Sept. 12... 15. WA 23... Apr. 14. lft-n Oct. 24... MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS May 2 1 1 6 . . "ft* Nov. 7... [Per cent per annum] 1959 1955 Mar. 6... 3 Ap, U. WWLL--W 16... k Nov. 1, Feb. 1, Jan. 1, Jan. 1, May 2. WWII--W J M u a n y e 2 1 9 2 . . . . . . Type of deposit Ja 1 n 9 . 3 3 3 - 1, D 1 e 9 c 3 . 5 3 - 1. D 1 e 9 c. 3 6 3 - 1, D 1 e 9 c. 5 7 3 - 1, Aug. 4. Sept. 11... 1935 1935 1956 19611 i*3B 18... 4 12! Sept.^. 1960 Savings deposits 3 2% 2% 3 2 2$A June 3... Nov. 18. 10... Postal savings deposits 3 2% 2*4 3 23. Aug. 1 1 4 2 . . .. .. 3 -1 Other time deposits payable: 1956 Sept. 9... In 6 months or more 3 2Vi f 21/4-3 In 90 days to 6 months... 3 22**44--33 1961 In less than 90 days 3 22%%-33 In effect Nov. 30... 1 For maximum rates beginning with 1962, see p. 1413. NOTE.—Maximum rates that may be paid by member banks as estab- 1 Under Sees. 13 and 13a (as described in table above). For data for lished by the Board of Governors under provisions of Regulation Q. 1941-47, see BULLETIN for January 1959, p. 76. Under this Regulation the rate payable by a member bank may not in any NOTE.—The rate charged by the Federal Reserve Bank of New York event exceed the maximum rate payable by State banks or trust companies on repurchase contracts against U. S. Govt. securities was the same as on like deposits under the laws of the State in which the member bank is its discount rate except in the following periods (rates in percentages): located. Effective Feb. 1, 1936, maximum rates that may be paid by 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, insured nonmember commercial banks, as established by the F.D.I.C. 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31- have been the same as those in effect for member banks. 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, Oct. 23, and Nov. 3, 2.75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 1425 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 g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty 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 d y 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 b k l e s r 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 Oct. 4, 1961 In effect Dec. 31, 1945.. 20 20 14 Gross demand: Total 125,885 24,699 6,146 49,060 45,979 1948_Feb. 27 22 Interbank 14,311 4,422 1,284 7,089 1,516 June 11 24 U. S. Government. 4,904 943 289 1,951 1,721 Sept. 16,24*.... 26 22 16 Other 106,669 19,334 4,573 40,020 42,742 1949_May 1,5* 24 21 15 Net demand2 104,919 20,269 5,269 40,457 38,924 June 30, July 1*. 20 14 Time 66,286 7,200 1,941 25,804 31,341 Aug. 1,11*.... 23% 13 Demand balances due Aug. 16, 18*.... 23 12 from domestic banks. 7,268 116 88 2,060 5,004 Aug. 25 Currency and coin 2,594 173 30 812 1,578 Sept. 1 Balances with F. R. 1951—Jan. 11, 16*.... 23 19 13 Banks 16,855 3,546 938 7,197 5,174 Jan. 25, Feb. 1*. 24 20 14 Total reserves held 19,449 3,719 968 8,009 6,752 1953—July 1,9* 22 19 13 Required 18,874 3,704 966 7,966 6,238 1954_ J j u un ly e 1 2 6 9t , 2 A 4 u * g . . . . 1 . * 2 2 1 0 18 12 Excess 575 15 2 43 514 1958—Feb. 27, Mar. 1* Four weeks ending Nov. 1, 1961 Mar. 20, Apr. 1 * Apr. 17 15* Gross demand: Apr. 24 16% Total 127,888 24,784 6,311 49,954 46,839 1960—Sept. 1 Interbank 14,687 4,466 1,313 7,314 1,595 Nov. 24 17% 12 U. S. Government. 5,523 1,078 340 2,190 1,915 Dec. 1 16% Other 107,678 19,241 4,659 40,449 43,329 Net demand2 106,713 20,279 5,377 41,414 39,644 In effect Dec. 1, 1961.. 16% 16% 12 Time 66,766 7,289 1,953 25,971 31,553 Demand balances due from domestic banks. 7,328 109 89 2,008 5,122 Present legal require- Currency and coin 2,603 186 31 809 1,576 ments : Balances with F. R. Minimum , 2 10 10 7 Banks 17,099 3,534 953 7,359 5,253 Maximum 2 22 2 22 14 Total reserves held 19,702 3,720 984 8,168 6,829 Required 19,162 3,710 984 8,132 6,335 Excess 540 10 36 494 * 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 * [In millions of dollars] Wednesday End of month Item 1961 1961 1960 Nov. 29 Nov. 22 Nov. 15 Nov. 8 Nov. 1 November October November Discounts and advances—total. 51 377 617 488 284 39 59 101 Within 15 days 46 371 610 469 278 34 53 94 16 days to 90 days 5 6 7 19 6 5 6 7 91 days to 1 year Acceptances—total. . 41 40 42 39 38 43 38 48 Within 15 days.... 8 10 13 8 11 8 10 8 16 days to 90 days. 33 30 29 31 27 35 28 40 U. S. Government securities—total. 28,775 28,883 28,460 28,609 28,313 29,210 28,268 27,488 Within 15 days 283 515 510 416 608 197 405 220 16 days to 90 days 6,662 6,417 1,283 1,407 1,174 6,746 1,332 5,384 91 days to 1 year 10,393 10,514 15,352 12,228 11,990 10,686 11,990 9,741 Over 1 year to 5 years 8,976 8,976 8,865 12,034 12,016 9,091 12,016 10,694 Over 5 years to 10 years 2,213 2,213 2,212 2,286 2,287 2,223 2,287 1,178 Over 10 years 248 248 238 238 238 267 238 271 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

1426 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1961 1961 1960 Nov. 29 Nov. 22 Nov. 15 Nov. 8 Nov. 1 November October November Assets Gold certificate account 15,584 15,595 15,902 15,889 15,926 15,584 15,926 16,594 Redemption fund for F. R. notes 1,126 1,118 1,115 1,108 1,102 1,126 1,102 1,016 Total gold certificate reserves 16,710 16,713 17,017 16,997 17,028 16,710 17,028 17,610 Cash 347 358 368 376 399 356 404 355 Discounts and advances: For member banks 49 375 615 486 282 37 57 95 For nonmember banks etc .. 2 2 2 2 2 2 2 6 Acceptances Bought outright 4l 40 39 39 38 43 38 48 Held under repurchase agreement. ... 3 U. S. Government securities: Bought outright: Bills 3,499 3,422 3,199 3,362 3,242 3,742 3,242 3 170 Certificates—Special Other 1,692 1,692 1,689 1,689 1,654 1,692 1,654 9,173 Notes 19,892 19,892 19,818 19,829 19,769 19,945 19,769 12,537 Bonds 3,692 3,692 3,644 3,644 3,603 3,831 3,603 2,606 Total bought outright • 28,775 28,698 28,350 28,524 28,268 29,210 28,268 27,486 Held under repurchase agreement 185 110 85 45 2 Total U. S. Government securities 28,775 28,883 28,460 28,609 28,313 29,210 28,268 27,488 Total loans and securities 28,867 29,300 29,119 29,136 28,635 29,292 28,365 27,637 Cash items in process of collection 4,797 5,196 5,804 4,357 4,884 4,690 4,462 4,449 Bank premises 110 111 111 110 110 110 110 107 Other assets 179 165 144 346 332 186 329 157 Total assets 51,010 51,843 52,563 51,322 51,388 51,344 50,698 50,315 Liabilities Federal Reserve notes 28,420 28,442 28,192 28,099 27,806 28,442 27,798 27,704 Deposits: 16,657 17,350 17,265 17,117 17,216 17,200 16 888 16,770 U j§ Treasurer—general account 504 443 635 465 605 489 502 512 221 212 273 274 269 198 249 252 Other 204 214 285 269 276 249 555 390 Total deoosits 17,586 18,219 18,458 18,125 18,366 18,136 18,194 17,924 Deferred availability cash items 3,570 3,764 4,512 3,650 3,785 3,326 3,279 3,354 Other liabilities and accrued dividends 75 77 73 73 72 79 69 47 Total liabilities 49,651 50,502 51,235 49,947 50,029 49,983 49,340 49,029 Capital Accounts 433 433 433 433 433 434 433 407 Surplus 817 817 817 817 817 817 817 775 Other capital accounts 109 91 78 125 109 110 108 104 Total liabilities and capital accounts 51,010 51,843 52,563 51,322 51,388 51,344 50,698 50,315 Contingent liability on acceptances purchased for foreign correspondents 111 112 113 114 116 110 117 227 U. S. Government securities held in custody for 5,844 5,800 6,004 5,968 5,996 5,793 5,988 5,430 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 30,049 29,897 29,831 29,563 29,461 30,041 29,463 29,320 Collateral held against notes outstanding: Gold certificate account 8,545 8,545 8,525 8,535 8,535 8,545 8,535 9,830 Eligible paper 17 88 58 50 23 27 23 25 U. S. Government securities 22,475 22,355 22,285 21,860 21,835 22,475 21,835 20,420 Total collateral. 31,037 30,988 30,868 30,445 30,393 31,047 30,393 30,275 NOTE.—For explanation of adjustments in preparing this consolidated statement, see the BULLETIN for February 1961, p. 164. For reserve ratios see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1427 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1961 fin millions of dollars] Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account . 15 584 786 3 823 864 1 285 1 079 776 2 519 634 352 761 635 2 070 Redemption fund for F. R. notes 1,126 65 281 72 95 88 72 193 46 26 45 35 108 Total gold certificate reserves 16,710 851 4,104 936 1,380 1,167 848 2,712 680 378 806 670 2,178 F R notes of other Banks . 372 24 97 26 14 26 55 21 12 16 13 26 40 Other cash 356 22 71 18 26 19 32 62 20 10 11 16 49 Discounts and advances: Secured by U. S. Govt. securities .. 37 (0 2 2 0) 6 0) 2 1 23 (0 Ac O c t e h p e t r ances: 2 0) 1 0) 0) 0) 0) (l) 0) 0) (0 Bought outright 43 43 Held under repurchase agreement LJ. S. Govt. securities: Bought outright 29,210 1,555 7,224 1,687 2,477 1,849 1,606 4,991 1,179 626 1,273 1,186 3,557 Held under repurchase agreement.. Total loans and securities 29,292 1,555 7,270 1,689 2,478 1,849 1,612 4,992 1,181 627 1,296 1,186 3,557 Cash items in process of collection... 5,907 420 1,201 353 471 426 413 1,010 254 185 296 251 625 Bank premises 110 4 9 4 8 6 13 24 7 5 6 13 11 Other assets 186 9 46 11 16 11 11 32 7 4 9 8 22 Total assets 52,933 2,885 12,798 3,037 4,395 3,504 2,984 8,855 2,161 1,225 2,437 2,170 6,482 Liabilities Federal Reserve notes 28,814 1,688 65582 1,870 2,594 2,329 1,671 5,301 1,244 574 1,179 860 2,922 Deposits: Member bank reserves 17,200 737 4,644 756 1 ,247 715 853 2,515 612 446 926 981 2,768 U. S. Treasurer—general account.. 489 27 40 43 24 60 35 57 49 26 41 ?? 59 Foreign 198 9 2 61 11 18 9 10 27 7 4 8 23 Other 249 1 199 1 3 2 1 0) 1 1 1 38 Total deposits 18,136 774 4,944 811 1,290 787 900 2,600 668 477 976 1,021 2,888 Deferred availability cash items...... 4,543 353 881 273 376 321 335 746 199 141 221 210 487 Other liabilities and accrued dividends. 79 4 20 4 9 4 4 14 3 2 2 9 Total liabilities 51,572 2,819 12,427 2,958 4,269 3,441 2,910 8,661 2,114 1,194 2,379 2,094 6,306 Capital Accounts Capital paid in 434 21 118 25 40 20 24 61 15 10 18 25 57 Surplus . . 817 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 110 5 24 6 11 6 6 17 5 5 4 19 Total liabilities and capital accounts.. 52,933 2,885 12,798 3,037 4,395 3,504 2,984 8,855 2,161 1,225 2,437 2,170 6,482 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Nov 30 1961 35.6 34.6 35.6 34.9 35.5 37.5 33.0 34.3 35.6 36.0 37.4 35.6 37.5 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 Nov. 30, 1960 38.3 32 7 39.8 37.7 38 5 37.5 35 2 39.4 36 2 32.6 39.3 36.2 39.7 Contingent liability on acceptances purchased for foreign correspondents 110 5 3 30 6 10 5 6 16 4 5 6 14 3 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 30,041 1,746 6,932 1,940 2,746 2,396 1,736 5,420 1,300 653 1,209 918 3,045 Collateral held against notes outstanding : 8,545 495 1,500 570 870 775 475 1,700 400 160 325 275 1000 Eligible paper 27 2 2 23 22,475 1,325 5,600 1,500 1,950 1,655 1,300 3,900 960 510 900 675 2,200 Total collateral 31,047 1,820 7,100 2,072 2,820 2,430 1,775 5,600 1,362 670 1,248 950 3,200 i Less than $500,000. 3 After deducting $80,000,000 participations of other Federal Reserve 2 After deducting $137,000,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1428 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 ,369 78 2,196 6 734 10 194 9 J92 2 771 5 704 292 407 3 14 1957 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2,182 ,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 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960—Oct 32,144 22,996 2,390 ,457 84 2,147 6 557 10,362 9,148 2,731 5 844 248 317 3 5 Nov 32,632 23,410 2,417 ,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 ,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 ,439 86 2 120 6 409 10 135 9,196 2 752 5 87S 247 314 3 5 Feb 31,769 22,612 2,392 ,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 ,434 86 2,124 6,496 10,198 9,148 2,733 5,851 245 312 3 5 Apr 31,830 22,702 2,417 1,433 86 2,119 6 476 10 171 9,128 2,726 5 839 245 310 3 6 M^ay • . 32,197 23,042 2,445 1,465 87 2,156 6,584 10,305 9,154 2,741 5,852 244 309 3 6 June 32,405 23,229 2,462 1,462 88 2 162 6 638 10 418 9 176 2 757 5 861 243 306 3 5 July 32,477 23,299 2,475 1,460 88 2,151 6,622 10,505 9,177 2,761 5,862 242 304 3 5 AUK .... 32,609 23,390 2,491 1,463 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 Oct 32,836 23,552 2,532 1,494 89 2,180 6,671 10,586 9,283 2,773 5,959 241 301 3 5 i Outside Treasury and Federal Reserve Banks. Before 1955 the urrency shown by denomination by amounts of unassorted currency totals shown as in circulation were less than totals of coin and paper (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars] Held in the Treasury Currency in circulation * Held by Total out- F.R. standing As security For Banks Kind of currency Oct. 31, against Treasury F. R. and Oct. 31, Sept. 30, Oct. 31, 1961 gold and cash Banks agents 1961 1961 1960 silver and certificates agents Gold 17,300 (17,028) 2 272 Gold certificates (17,028) 14,212 2,816 30 29,463 95 1,665 27,703 27,548 27,172 Treasury currency—total 5,577 (2,361) 39 405 5,133 5,110 4,941 Standard silver dollars 487 108 28 12 339 337 315 Silver bullion 2,252 2,252 Silver certificates (2 361) 314 2,046 2,049 3 2,082 l',638 5 43 1,590 1,572 1,509 Minor coin 612 2 7 603 598 566 United States notes . . .. 347 4 28 315 314 317 In process of retirement4 240 1 1 239 241 5 152 Total Oct 31 1961 6 52 340 (19 389) 407 14 212 4 886 32 836 Sept. 30 1961 6 52,133 (19,471) 400 14,283 4,792 32,658 Oct 31 1960 6 52,628 (20,523) 389 15,291 4,805 32,144 1 Outside Treasury and Federal Reserve Banks. Includes any paper 5 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. 1421. 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 $1,141,678 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.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY SUPPLY; BANK DEBITS 1429 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) * en W di e n e g k — adjusted)1 Total r C en u c r- y D po e d m s e i - t a s n i d Total r C en u c r- y D po e d m s e i - t 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 i - t a s n i d Time G U o .S v . t 1953—Dec 128.1 27.7 100.4 131.4 28.2 103.3 44.7 3.8 1960 1954—Dec 131.8 27.4 104.4 135.0 27.9 107.1 48.5 5.0 1955—Dec 134.6 27.8 106.8 137.9 28.3 109.6 50.0 3.4 Oct. 5 138.9 29.0 109.9 71.6 7.5 1956—Dec 136.5 28.2 108.3 139.7 28.7 111.0 51.8 3.4 12 139.8 29.3 110.5 71.7 5.6 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 19 141.1 29.1 111.9 71.9 4.3 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 26 141.3 28.9 112.3 72.0 5.4 1959—Dec 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 1960—Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 Nov. 2 141.8 28.9 112.9 72.0 6.2 9 141.5 29.3 112.2 72.3 6.0 I960—Nov 140.2 29.0 111.2 141.4 29.2 112.2 72.0 5.8 16 141.9 29.3 112.6 71.8 5.4 Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 23 140.9 29.3 111.6 71.9 6.1 30 141.4 29.2 112.2 71.9 5.6 1961—Jan 140.6 28.9 111.7 143.7 28.8 114.9 73.7 4.1 Dec. 7 142.2 29.5 112.7 72.1 5.0 Feb 141.2 28.9 112.3 140.9 28.6 112.3 75.1 4.8 14 143.9 29.5 114.4 72.2 3.2 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 1961 May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 Sept. 6 141.2 29.4 111.8 81.0 5.4 July 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 142.8 29.4 113.4 81.2 3.6 Aug 141.8 29.0 112.8 141.1 29.2 111.9 80.7 5.5 20 , , 143.8 29.3 114.6 81.3 4.4 Sept 143.0 29.2 113.8 142.4 29.3 113.1 81.3 5.2 27 141.6 29.1 112.5 81.5 5.9 Oct 143.7 29.3 114.4 143.6 29.4 114.2 82.0 6.5 NOV.P 144.1 29.4 114.6 145.3 29.7 115.6 82.0 5.8 Oct. 4 141.7 29.2 112.5 81.8 8.2 11 142.7 29.6 113.1 81.9 6.2 Semi-monthly 18 144.0 29.5 114.4 82.0 6.9 25 144.3 29.3 114.9 82.0 6.2 1961—Sept. 1.... 142.7 29.2 113.6 142.3 29.4 112.9 81.2 4.5 143.3 29.2 114.1 142.4 29.2 113.2 81.5 5.9 Nov. 1 145.0 29.2 115.8 82.2 5.6 Oct. 1.'.'.'.' 143.1 29.4 113.8 142.8 29.5 113.3 81.9 6.9 8 145.2 29.7 115.5 82.2 5.8 2.... 144.2 29.3 114.9 144.4 29.3 115.1 82.1 6.1 15 146.1 29.6 116.5 82.1 4.8 Nov. 1.... 144.5 29.4 115.1 145.6 29.6 116.0 82.2 5.3 22 144.8 29.8 115.0 81.8 6.5 2*... 143.7 29.5 114.2 145.0 29.8 115.2 81.9 6.3 29 145.0 29.7 115.3 81.9 6.1 p Preliminary. 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 and Annual rate of turnover U. S. Government accounts of demand deposits except interbank (in millions of dollars) and U. S. Government deposits Year or month All Leading centers 337 other ]Leading centers 337 c)ther reporting reporting repo centers New York 6 others i centers2 New York 6 others1 centers2 Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1953 1,759,069 632 801 385 831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2 043 548 766 890 431 651 845 007 42 7 27 3 20 4 1956 2,200,643 815'856 462 859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2.439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959 2,679,167 1 023 605 545 258 1,110,304 56.4 32.5 24.5 1960 2,838,754 1,102,850 577,606 1,158,298 60.0 34.8 25.7 I960 Nov 235,100 98,791 91,020 49,017 47,577 98,306 96,503 63.5 61.3 35.8 34.9 26.2 26.2 Dec . . .. 256,905 88,381 101,551 47,871 52,313 94,687 103,041 57.8 64.4 34.3 36.5 25.1 26.6 1961 Jan . . . 257,714 97,520 104,473 51,046 52,382 97,504 100,860 63.0 65.5 36.5 36.3 25.7 25.8 Feb 222,722 98 269 89 831 50 199 44 861 97 719 88 030 63.7 61.4 35.8 33.5 25.7 24.4 Mar 265,442 101,454 110,455 49.484 53,354 98,447 101,633 67.1 69.9 35.4 38.1 26.1 26.1 Apr .. . .. 240,966 103,451 101,151 51,281 48,529 97,332 91,286 68.0 67.8 36.9 37.1 25.6 24.9 May 268,804 113 337 111,463 53 180 53 782 102,847 103.560 74.6 72.0 38.0 37.8 26.9 26.8 June . 271,830 103,829 113,228 52,292 54,277 101,549 104,325 70.6 75.6 37.7 38.6 26.6 27.1 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 26.4 255,540 109,053 100,856 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 r274,717 113,524 113,732 r53,589 r54,279 r103,970 '106,706 76.1 75.0 37.9 37.7 26.9 27.0 Nov 272,541 119,172 112,466 54,537 54,197 105,297 105,878 77.7 75.0 P39.0 P37.9 p Preliminary. r Revised. NOTE. — For description of series and for revised monthly figures Adj. = adjusted for seasonal variation. Unadj. = without seasonal beginning with 1950, see BULLETIN for January 1960, pp. 8-11. Seasonally adjustment. adjusted figures for earlier years, prepared by Federal Reserve Bank of 1 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los New York, together with unadjusted data were published in BULLETIN for Angeles. 2 Prior to April 1955, 338 centers. May 1959, p. 554. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1430 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM* [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t e o i a n n u n c g t d - y - Total Lo n a e n t s, I I Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c ts y co m n a u i c e n s - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1958—Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 I960—June 29. 19,300 5,400 252,500 139,100 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 I960—Nov. 30. 17,900 5,400 261,700 140,900 94,900 66,600 27,500 800 25,900 285,000 257,000 28,000 Dec. 31. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Jan. 25. 17,500 5,400 263,500 141,000 95,900 68,300 26,700 800 26,500 286,400 259,200 27,200 Mar. If 17,400 5,400 264,700 142,500 95,300 67,800 26,700 800 26,900 287,500 259,500 27,900 Mar. 29. 17,400 5,400 263,800 142,600 93,700 66,200 26,700 800 27,500 286,600 258,900 27,700 Apr. 26. 17,400 5,400 265,000 143,300 94,100 67,100 26,200 800 27,600 287,800 260,600 27,200 May 31. 17,400 5,400 267,400 144,300 95,500 67,800 26,900 800 27,700 290,200 261,700 28,600 June 30. 17,550 5,437 269,828 145,784 96,121 68,104 27,253 764 27,923 292,816 265,604 27,212 July 26. 17,500 5,400 272,200 145,300 98,700 71,000 26,900 800 28,100 295,100 267,200 27,900 Aug. 30. 17,500 5,600 272,100 145,200 98,500 70,500 27,300 800 28,400 295,100 266,400 28,700 Sept. 27* 17,500 5,600 276,800 147,500 100,100 72,300 27,100 700 29,100 299,800 271,000 28,800 Oct. 25* 17,300 5,600 278,300 147,800 101,500 72,800 28,000 700 29,000 301,200 272,400 28,800 Nov. 29*> 17,000 5,600 280,000 149,000 101,900 72,400 28,800 800 29,100 302,600 273,000 29,600 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series6 For- Date p b n e o d a i e s g e n i t - n t k 2 s, T h c i u r o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c n m t d k i g a - s s l B F a . A n R k t s . Total Total m T b C e i a o r m n c m k i e a s - l de M p b s o a a u v n s t i i k u t n s s a g 3 l 4 s S S P y a o v s s t i e t n a m g l s p m o D d s a e i e 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 n s a t n e i l c t d d y s j p m u D o d a s a s d e t e n e i - - - t d d s ib r C o s a e i n n u u d c t k r e - - y s i 1929—June 29.. 365 204 381 36 54, 28.611 19,557 8,905 149 22,540 3,639 1933—June 30., 50 264 852 35 40, 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63, 27,059 15,258 10,523 1,278 29,793 6,401 1941_Dec. 31.. 1,498 2,215 1,895 867 76, 27,729 15,884 10,532 1,313 38,992 9,615 1945_Dec. 31.. 2,141 2,287 24,608 977 150, 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870 170, 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30.. 2,518 1,293 2,989 668 176, 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,600 1958—Dec. 31.. 3,870 683 4,558 358 242, 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, 101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 I960—June 29.. 2,900 400 7,300 500 239, 103,700 67,400 35,400 800107,800 28,300 138,000 109,900 28,100 I960—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 36,318 770 115,102 29,356 139,200 111,000 28,200 1961—Jan. 25.. 3,100 400 3,600 500 251,600109,000 71,700 36,500 800 114,700 28,000 140,700 112,300 288,400 Mar. It 3,100 400 6,100 400 249^00 110,700 73,300 36,600 700 110,600 28,200 139,400 110,900 283,500 Mar. 29.. 3,300 400 4,400 500 250,200 111,900 74,200 37,000 700 110,300 28,000 140,400 112,100 283,300 Apr. 26., 3,200 400 2,300 500 254,200 112,700 75,000 36,900 700 113,600 27,900 141,500 113,300 283,200 May 31., 1,100 400 5,100 400 254; 115,700 77,900 37,000 700 110,600 28,400 140,800 112,300 283,500 June 30., 1,250 379 6,638 408 256 117.280 79,092 37,486 702110,288 29,361 140,900 112,700 283,200 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 8,400 500 260 119,500 80,900 37,900 700112,400 28,500 141,800 113,400 288,400 Oct. 25* 1,300 400 6,000 400 264 120,100 81,400 37,900 700115,700 28,700 143,800 115,000 288,800 Nov. 29^ 1,200 400 5,700 500 265 119.800 81,200 38,000 700 116,200 29,100 143.400 114,800 283.600 P Preliminary. * Revised Preliminary. 5 Demand deposits other than interbank and U. S. Govt., less cash f 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 * 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 1431 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io . o l S i n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c c b T o a i a l a l u o p i i n c a t n t i - d i t a - t e a s l s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U.S D . ema O nd ther Time? r B i o n o w g r s - - c c T a o a o p u c t - i n a ta t l s l b N a b u o n e m f k r s - Govt. Other All banks: 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90.908 816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 140,227 30,362 101,288 8,57735,415177,332 612 14,065 105,935 45,613 22710,54214,553 1947_Dec. 31* 134,924 43,002 81,19910,72338,388175,091161,86512,793 240 1,346 ,381 53,105 6611,94814,714 1 1 9 9 5 5 8 9 — — D D e e c c . . 3 3 1 1 2 22 2 7 1 , , 8 4 3 8 1 51 1 2 3 1 5 , , 5 9 7 5 1 8 7 65 3 , , 8 6 0 4 1 12 26 6 ; ,2 07 7 1 3 49;9 2 1 9 1 6 2 2 7 8 6 3; 4 62 3 9 0 2 2 5 5 4 0 1 1 5 5 , 6 7 5 9 0 9 2 1 , ,4 3 4 7 3 4 4 5 , , 2 0 5 5 3 4 , ,6 1 2 3 2 2 1 9 0 7 1 , , 4 1 9 1 8 6 62 8 4 1 2 2 1 2 ,7051 13 4 , , 9 0 9 2 1 0 1960—June 29 227,200140,990 60,760 25 450 43710 276 710 244; 13300 1,440 7,060 ,570103,100 2,170 23 14.000 Nov. 30 234,510142,090 66,560 25 860 46; 880 287650 254; 600 1,740 5,360 125,290106,210 1,330 24 13,985 Dec. 31 238,623144,764 67,242 26 61753,i022 298 126 266; 080 1,800 5,949 ,408107,959 167 24 13,986 1961—Apr. 26 239,630144,950 67,100 27 580 44,,200290 370 256; ,500 1,900 2,010 ,690112,250 1,750 24 13,974 May 31 241,320145,850 67,800 27 670 44,920 292 830 258 ,500 430 4,790 ,260115,270 1,740 25 140 13,975 June 30 242,192146,164 68,104 27 923 46,457295 567 262; ,633 462 6,368 ,219116,865 452 25 405 13,977 July 26 245,600146,450 71,040 28 110 44,150 296460 262 ,620 460 5,550 125,410117,320 1,230 25 350 13,973 Aug. 30 245,880147,030 70,490 28 360 43,170 295760 260 ,340 460 5,340 123,250118,170 1,880 25 13,968 Sept. 27* 250,990 149,580 72,290 29 120 44,740 302880 267; ,890 470 8,180!125,470119,060 2,150 25 13,965 Oct. 25* 251,150149,370 72,820 28 960 46,,140 304230 269; ,530 480 5,680 128,700119,640 1,830 25 13,951 Nov. 29? 252,260150,740 72,420 29 100 46,970 306;000270,12014,920 470 5,460129,790119,480 1,830 26 13,947 All commercial banks: 1941_Dec. 31 21,714 21,808 26,551 79,104 ,283 10,982 44,349 15,952 23 ,17314,278 1945_Dec. 31 26,083 90,606 34,806160,312 ,227 14,065 105,921 30,241 219 .95014,011 1947—Dec. 314 38,057 69,221 ,006 37,502155,377144,10312,792 240 1,343 94,367 35,360 65 ;05914,181 1958—Dec. 31 98,214 66; 376 20,575 48990 238651216,01715,799 2,372 4,250130,104 63,493 7318,486 13,501 1959—Dec. 31 110,832 58,93720,50149 467 244 686 21990315,649 1,441 5,050131,593 66,169 61519,55613,474 I960—June 29 114,840 54,21019850 42 880 237040 20901013.300 1,440 7.060119,540 67,670 2,170 2028013,485 Nov. 30 115,010 60,180 20 300 46 110 247290 218 23015600 1,740 5,360125,260 70,270 1,330 2100013,470 Dec. 31 117,642 61,003 20 864 52 150 257552 229,843 079 1,799 5,945133,379 71,641 163 2098613,472 1961—Apr. 26 117,180 60,740 21 800 43400 249 040219,390 500 1,900 2,010 126,660 75,320 1,750 21 20013,460 May 31 117,850 61,450 21 860 44; 090 251240 221 180 500 430 4,790 124,230 78,230 1,740 21 49013,461 June 30 117,953 61,824 22 071 45,595253 749 224 997 633 461 6,362125,161 79,380 443 2"i';74513,463 July 26 118,070 64,740 22 260 43,320254,480 224; 790 620 460 5,550 125,350 79,810 1,230 21 68013,459 Aug. 30 118,450 64,160 22 510 42370 253580222,870 13 340 460 5,340123,190 80,540 1,880 21 87013,454 Sept. 27* 120,800 66,000 23 230 43,920 2601,460 229 890 470 8,180 125,410 81,150 2,150 22 22013,451 Oct. 25» 120,470 66,630 23 190 45,320 261,910 231 530 480 5,680128,640 81,720 1,830 22060 13,437 Nov. 29P 121,670 66,210 23;370 46,130 263;510 232;070 920 470 5,460129,730 81,490 1,830 22290 13,433 All member banks: 1941—Dec. 31 18,021 19,539 5,96123,123 68,121 61,71710,385 140 ,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 28.340 54 8,464 6,923 1958—Dec. 31 84,061 54,29916,504 43;188 202,017182,81615,227 2,187 ,822110,448 51,132 5415,460 6,312 1959—Dec. 31 94,779 46,81316,287 43;509205; 726 184,70615,048 ',338 ,504110,989 52,827 58116,264 6,233 1960—June 29 97,898 42,98015,71537,977199,243175,200 12,775 ,298 ,360100,790 53,977 2,06916,822 6.212 Nov. 30 97,708 48,22416,065 40 384 207455182,550 15,014 ,594 ,781105,128 56,033 1,26917,390 6,178 Dec. 31 99,933 49,10616,579 45,756 216;577193,02916,436 ,639 ,287112,393 57,272 13017,398 6,174 1961—Apr. 26 99,913 49,02017,465 38,007209;737184,11813,007 ,741 ,706106,839 60,825 1,72017,683 6,147 J M un ay e 3 3 0 1 1 9 0 9 0 , , 9 1 9 4 2 0 4 5 9 0, , 3 8 6 1 1 71 1 7 7 , , 4 6 9 9 3 6 4 3 0 8 , 7 0 3 8 5 4 2 21 1 1 3, 5 7 8 1 0 9 1 1 8 8 5 9 , , 7 2 2 2 7 6 1 1 3 3 , , 0 0 2 7 5 7 2 2 6 7 8 6 , ,7 1 3 9 1 8 1 1 0 0 5 4 , , 5 69 6 3 8 6 6 3 4 , , 5 5 4 7 3 4 1,6 3 3 8 9 2 1 1 7 8 , , 8 0 6 2 5 7 6 6 , , 1 1 4 4 1 7 July 26 100,098 52,90717,8 37,991214,376188,91613,070 275 ,027105,579 64,965 1,17817,981 6,138 Aug. 30 100,379 52,35818,11336940 213;235186,81612,787 270 ,738103,427 65,594 1,82218,141 6,137 Sept. 27' 102,355 53,86318,719 38 582 219,287192,30513,325 282 ,293105,312 66,093 2,12818,386 6,132 Oct. 25* 102,107 54,29018,687 39721220,414193,86313,913 293 ,020108,063 66,574 1,80818,293 6,122 Nov. 29P 103,129 53,87418,82440,394 221,715194,66614,294 288 ,793108,894 66,397 1,79518,478 6,116 AH mutual savings banks: 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 34,006 3,219 519 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 34,948 10 3,359 517 1960—June 29 38,300 26,150 6,550 5,600 830 39,670 35,460 35,430 3,490 515 Nov. 30 39,020 27,080 6,380 5,560 770 40,360 35,970 35,940 3,590 515 Dec. 31 39,114 27,122 6,239 5,752 872 40,574 36,353 36,318 3,553 514 1961—Apr. 26 39,910 27,770 6,360 5,780 800 41,330 36,960 36,930 3,600 514 May 31 40,160 28,000 6,350 5,810 830 41,590 37,070 37,040 3,650 514 June 30 40,344 28,211 6,281 5,852 862 41,818 37,551 37,487 3,660 514 July 26 40,530 28,380 6,300 5,850 830 41,980 37,570 37,510 3,670 514 Aug. 30 40,760 28,580 6,330 5,850 800 42,180 37,690 37,630 3,700 514 Sept. 27* 40,960 28,780 6,290 5,890 820 42,420 37,970 (5) 37,910 3,730 514 Oct. 25* 40,860 28,900 6,190 5,770 820 42,320 37,980 37,920 3,700 514 Nov. 29* 41,010 29,070 6,210 5,730 840 42,490 38,050 8 37,990 3,740 514 P Preliminary. * Revised preliminary. r Revised. 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

1432 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g s . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i i n c a t n i t d i - t a - t e a s l s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s - Other Govt. Centra! 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 Nov. 30 26,402 17,742 6,619 2,041 8,380 36,512 29,922 4,737 1,214 955 18,948 4,068 535 3,557 15 Dec. 31 27,726 18,465 6,980 2,28210,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—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 r 29,453 18,183 8,402 2,868 8,066 39,540 31,890 3,905 173 1,485 19,317 7,009 1,106 3,670 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 Nov. 29P 29,066 18,398 7,908 2,760 8,044 39,058 31,847 4,042 176 831 19,693 7,105 602 3,702 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 1960—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 Nov. 30 6,729 4,260 1,841 628 2,040 8,892 7,800 1,359 261 4,629 1,490 93 813 10 Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 1.380 327 4,899 1,530 35 822 10 1961—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 30 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. 21r 7,278 4,212 2,229 838 1,864 9,296 8,153 1,211 476 4,527 1,931 94 856 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 Nov. 29*> 7,329 4,341 2,111 877 2,019 9,502 8,284 1,271 251 4,790 1,957 137 866 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 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20.196 2,39613,066 49,659 46,467 5,627 22 405 28""" ,423 1 2,844 353 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 1,429 42,259 21,075 14 5,760 274 1959—Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42,668 21,555 238 6,106 265 I960—June 29 59,563 39,421 14,846 5,296 1155,786 77,090 68,028 6,062 241 2,591 37,966 21,168 1,064 6,257 223 Nov. 30 61,625 39,273 16,943 5,40916,649 80,141 71,126 7,433 293 1,867 39,654 21,879 434 6,406 217 Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42,267 22,525 73 6,423 217 1961—Apr. 26 63.418 39,916 17,805 5,69715,529 80,838 71,556 6,554 341 617 40 077 23,967 879 6,588 205 May 31 63,706 40,015 17,876 5,81515,920 81,549 72,113 6,343 60 1,608 39;290 24,812 885 6,640 205 June 30 63.670 39,747 18,053 5,870 16,529 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 39,866 "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' 66,473 41,021 19,291 6,161 16,041 84,480 74,956 6,786 64 2,909 39,409 25,789 844 6,775 205 Oct. 25? 66,833 40,961 19,642 6,23016,469 85,283 75,960 7,183 64 1,930 40,77826,005 616 6,794 206 Nov. 29? 67,038 41,259 19,509 6,270 1' 6,779 85,805 75,950 7,404 60 1,875 40,6'9"'4 "2-5,917 905 6,867 206 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 17 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 17 432 28,37814,560 23 2.934 6.519 1958—Dec. 31 61,511 30,257 23,606 7,64814,031 76,767 70,277 1,578 36 1,175 42,,349 -2"5,137 37 5,685 6,006 1959—Dec. 31 64,082 33,766 22,535 7,78114,122 79,567 72,323 1,602 24 1,508 42,,832 26.356 71 6,035 5,938 1960—June 29 65,112 36,075 21,241 7,796 12,564 79,007 71,044 1,223 24 1,947 40,00327,847 371 6,369 5.962 Nov. 30 67,241 36,433 22,821 7,98713,315 81,910 73,702 1,485 26 1,698 41,897 2"8-,596 207 6,614 5,936 Dec. 31 67,890 36,981 22,848 8,060 1144,740 84,126 76,004 1,778 37 1,783 43.39529,011 23 6,599 5,932 1961—Apr. 26 68,408 37,149 22,945 8,31412,711 82,513 74.197 1,400 37 828 41,722 30,210 194 6,672 5,917 May 31 68,937 37,655 22.831 8,45112,774 83,129 74,624 1,346 37 1,617 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 37 1,730 41,41330,820 121 6,861 5,911 July 26 69,861 37,937 23,345 8,57912.484 83,673 75,277 1,395 37 1,440 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 37 1,644 41,40431,146 237 6,889 5,907 Sept. 27 r 71,732 38,938 23,941 8,85312,610 85,971 77,306 1,424 36 2,423 42,05931,364 84 7,085 5,904 Oct. 25" 71.943 38,765 24,342 8,83613,243 86,713 78,198 1,572 37 1,819 43,234 -3'1,536 78 6,952 5,893 Nov. 29P 72,394 39,131 24,346 8,91713,552 87,350 78,585 1,577 37 1,836 43,71731,418 151 7,043 5,887 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 1430. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1433 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 te ank Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l o p u i i n c a t t i n d i - a t - e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - t a a t l s l b N a b u o n e m f k r s - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 69,411 10,654 1,762 41,29815,699 10 6,84413,,426 1945—Dec. 31 121,809 25,765 88,912 7,13134,292 147,775 13,883 23,740 80,276 "2,9876 215 8,67113,297 1947—Dec. 31 114,274 37,583 67,941 ,750 36926152 141,85112,615 54 1,325 92,975 34,882 61 9,7341133;,398 1957—Dec. 31 168,595 93,430 57.580 17,585 48.127 220 199,87615,489 1,264 3,859123,127 56,137 6617,05113,142 1958—Dec. 31 183,596 97,730 65,669 20,198 48689 236724 214,48515,653 2,209 4,241129,214 63,168 6718,1541133;,101 1959—Dec. 31 188,790110,299 58,348 20,143 49158 242828 218,47415,500 1,358 5,037130,720 65,858 602 19,20613,107 1960—Dec. 31 198,011117,092 60,468 201,45151 836 255669 228,40116,921 1,667 5,932132,533 71,348 149 20,62813,119 1961—June 30 200,353117,400 61,297 21;655 45; 329 251910 223,60313,475 305 6,352124,403 79,068 433 21,37713,129 National member banks: 1941—Dec. 31 27,571 11,725 12,039 80614,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 17822,024 88,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 ,617 26;,786120,153109,091 8,958 517 2,166 66,546 30,904 38 9,070 4,620 1958—Dec. 31 99,277 52,627 35;714 10,936 26i,781128,397116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959—Dec. 31 102,615 59,962 31,761 10,892 27,464132,636119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 1960—Dec. 31 107,546 63,694 32,712 11,140 28,,6 75139,,261124,911 9,829 611 3,265 71,660 "3,9546 11111,098 4,530 1961—June 30 108,843 63,440 33,522 11,881 25,274 137,299122,485 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 1 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1957—Dec. 31 51,152 30,600 15,846 4,70715,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,640 16,320 10 5,817 1,734 1959—Dec. 31 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 I960—Dec. 31 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 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 21,080 27 6,588 1,617 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 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 7 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 7 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 10,873 9 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 13 2,696 6,793 1959—Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,732 1.3.,059 21 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 14,095 19 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 51 3,351 6,990 Noninsured nonmember commerical banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 4 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 11 317 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 6 332 399 1959—Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 12 350 366 1960—Dec. 31 1,498 550 535 413 314 1,883 1,443 159 132 846 293 14 358 352 1961—June 30 1,495 553 526 416 266 1,839 1,394 158 156 758 311 10 368 333 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 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14101 6,045 1,362 7,130 1947—Dec. 31 * 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 7,178 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 1959—Dec. 31 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 1960—Dec. 31 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,98614,388 3,590 7,300 1961—June 30 33,813 17,968 11,467 4,377 5,513 40,045 35,785 556 185 631 19,59314,820 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 -2'4,;991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 28 27,,243 2,473 241 1959—Dec. 31 30,580 20.942 5,016 4,622 686 31,743 28,577 28 28,,544 2,654 268 1960—Dec. 31 33,794 23,852 4,787 5,155 766 35,092 31,502 2299 3311,468 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 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,762 746 278 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 6,404 705 249 1960—Dec. 31 5,320 3,270 1,453 597 107 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 see 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

1434 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES' [In millions of dollars] Loans2 Investments Com- Loans for Loans Oblico b 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 a o e n e n n t d s a t s t s l 2 - Total2 c m o m c p p i k l i p n u n i a e e a e e a g d - r r - r t n l - - - A c tu a u g r l l r - - i- d p o b k a e T s e u r e r n e r a o o r r s d c c l s c - - u a h r r a o i r t s y t i T h i e i n n o e s g g rs b i a T n n f o s i k n ti s a t t u n o c t o i i o a t T h n l o e s rs l R 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 C t a m i e f t i e r e - - s nt N ob o l t i e g s atio B n o s nds S p s t d s a i i t g i o u c o i o a o n v a l b a t n f n i d - i e - l t s - s - s O s r e i t t h c i e e u r s - Total: 3 1947—Dec. 31... 116,28438,057 18_,1671,660 830 1,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 276 3,729 1 19 9 5 5 9 8 — _D D e e c c . . 3 31 1 * .. . . 1 1 8 9 5 0 , ,2 1 7 6 0 5 9 11 8 0 ,2 ,8 1 3 4 2 4 4 0 0 , i 4 1 2 7 5 4 4 5 . ,9 O 7 lg 3 2,832 8 1 1 , , 8 8 2 5 9 0 7 8 1 1 9 9 7,118 2 2 5 8 , ; 2 0 5 6 5 0 2 2 !0 4 0; , , 1 61 6 9 6 8 2 3 , ,4 7 3 8 7 4 6 5 6 8 , , 3 9 7 3 6 7 6 6 , , 2 3 9 0 4 0 2 7 , ,3 4 9 2 9 0 1 14 3 , , 8 3 5 9 6 6 3 3 5 9, , 2 3 8 6 7 0 9 50 5 5 8 4 3 , , 0 5 7 4 0 3 I960—Dec. 31... 199,509 117,642 43,125 5,676 3,228844 1,833 906 7,106 28,713 26,396 2,901 61,0038,072 2,920 19,01330,998 570 31,294 1961—June 30... 201,848:117,953 42,759 6,044 2,9331,994 993 6,00129,265 27,283 3,102 6611,8247,379 3,330 20^28 3"0,587 728 3,344 All insured: 1941—Dec. 31... 49,290 211,259 9,2141,450 614 662 40 4,773 4,.505 21,046 988 3,159 116,899 3,651 3,333 1945_Dec. 31... 121,809 255,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1 132 88,9122,45519,071 16,045 5511,,342 3,873 ",258 1947_Dec. 31... 114,274 37,'583 188,012 1,,610 823 1,190 114 9,266 5., 6,54 914 67,9412,124 7,552 5,918!52,347 5,129 3,621 1958—Dec. 31... 183, . .7.3..0 40,289 4,913 2,7971,810 713 25,148 2>00,,.589 420 65,6696,159 7,362 13,240 3388;,!908 16,266 ,932 1959—Dec. 31*. 188,790 110,299 40022 4,973 2,982 1,827 813 7,105 27;948 24,032 767 58,3486,189 2,404 14,729 :35,027 16,7213,422 1960—Dec. 31... 198,011 117;092 42;957 5,628 3,247 ,8"1"1 965 7,090 28,602 26,263 883 60,4687,994 2,884 18,868:30,722 17,300%150 1961—June 30.. 200,353 117,400 42,569 6,005 2,909 1,970 993 5,981 29,159 27,147 085 61,2977,299 3~2"95 20; 366 30,33718,454 3;201 Member, total: 1941—Dec. 31... 43,521 18,021 671 972 594 598 39 3,494 3,653 19,539 971 3,007 115,561 3,,090 2,871 1945_Dec. 31... 107,183 2"2,775 949 8553,133 3,378 47 3,455 1,900 ',057 78,3382,275 16,985'14,271 '",807 3,,254 2,815 1947—Dec. 31... 97,846 _3_2,;662288 962 ,046 811 ,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 45;,295 4,199 3,105 1958—Dec. 31... 154,865 8844 ,0"6"1 444 3;052 2,730 ,599 710 20,013 17,028 3,211 54,299 4,644 6,143 11,117:32,39613,4053,100 1959—Dec. 31*.. 157,879 94,779 36,8:26 3,116 2,885 ,587 811 6,80122,185 19,877 2,,660033 46,8134,612 1,812 11,604 2288,;7'8513,677 22,610 1960—Dec. 31... 165,619 99,933 39,288 " " ,564 947 7 ;518 21,622 2,694 49; 106 66,402 2.229966 1155,;0072 25,33514,1412,439 1961—June 30.. 168,049 7979);79"79"*2 .3 8J,O,872 ,709 970 5,<644 23,086 22,421 2,900 509,3615,962 2,951 16,4476 24,97215,220-,475 Sept. 27.. 174,936 102,355 39,062 3,630 2,943 ,696 2,354 6,010 23,514 22,377 2,887 533,8639,693 1,933 18,3324 23,91316,115 2,604 New York City:5 1941—Dec. 31... 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945._Dec. 31... 26,143 7,334 3,044 2,453 ,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947_Dec. 31... 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1958—Dec. 31... 25,96616,16510,928 1,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—Dec. 31*.. 25,29118,12110,549 9 11,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 I960—Dec. 31.. 27,72618,46510,876 101,574 399 500 1,799 868 1,930 940 6,980 1,422 578 1,708 3,272 1,964 317 1961—June 30.. 28,22018,05410,578 31,629 429 476 1,448 841 2,074 1,025 7,642 1,512 887 1,882 3,362 2,196 328 Sept. 27.. 29,45318,18310,528 71,617 451 533 1,563 868 2,009 1,063 8,4022,596 505 2,254 3,048 2,576 292 Chicago:s 1941_Dec. 31... 2,760 954 732 48 52 22 95 1,430 256 153 ,022 182 193 1945—Dec. 31... 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 ,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 ,274 213 185 1958—Dec. 31... 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 ,446 491 140 1959—Dec. 31*. 6,885 4,206 2,527 268 124 588 183 435 148 1,985 108 78 467 ,332 562 133 I960—Dec. 31.. 7,050 4,485 2,690 322 134 564 196 421 197 1,882 132 37 663 ,050 607 76 1961—June 30.. 7,020 4,249 2,555 205 131 459 202 538 188 2,057 438 153 595 871 630 84 Sept. 27... 7,278 4,212 2,527 185 129 494 211 493 240 2,229 708 102 566 854 696 142 Reserve city: 1941_Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945_Dec. 31.. 40,108 8,514 3,661 205 427 ,503 17 1,459 855 387 29,5521,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,040 1"3,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 ir~ ,053 1958—Dec. 31.. 60,558 ,00315,808 669 518 851 191 8,405 6,930 1,30120,6451,293 2,370 4,49712,484 4,864 1,047 1959—Dec. 31*. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,2921,484 645 4,10911,054 4,830 813 I960—Dec. 31.. 62,953 4"0,00216,223 887 719 739 351 3,216 9,005 8,721 90917,396 22,031 794 5,461 9,111 4,817 738 1961—June 30.. 63,670 39,74715,862 963 610 749 344 2,751 9,256 8,954 1,02818,0531,784 1,175 6,292 8,803 5,174 696 Sept. 27.. 66,473 41,02116,190 933 682 704 1,140 2,893 9,406 8,934 90919,2912,916 803 7,115 8,458 5,432 728 Country: 1941_Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 2"6,999 630 5,102 4,54416,722 1,342 ,067 1947—Dec. 31.. 36,32410,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 ,262 1958—Dec. 31.. 61,51130,257 ,368 294 268 6 10,806 8,239 779 23,606 2,475 2,306 4,49514,330 6,181 ,467 1959—Dec. 31*. 64,08233,766 8,498 2,321 298 284 11 1,05611,816 9,491 643 22,535 2,381 863 5,75113,540 6,452 ,330 I960—Dec. 31.. 67,890 36',981 9,499 2,589 508 293 29 1,14712,44910,550 647 22,848 2,817 888 7,24011,903 6,752 ,308 1961—June 30.. 69,139 37,942 9,87772,737 337 400 59 986 12,78810,855 659 22,608 2,228 737 7,70611,937 7,220 ,368 Sept. 27.. 71,73238,938 9,8"1"6 2-,671 459 412 626 1,06013,02910,941 676 23,941 3,474 524 8,39011,554 7,410 ,442 Nonmember:3 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31.. 30,32714,165 2,981 ,921 102 230 5,256 3,671 226 12,0881,651 1,255 2,280 6,901 3,102 971 1959—Dec. 31*. 32,41916,068 3,3"4"8 1,902 133 263 317 5,888 4,289 12,134 1,689 608 3,254 6,584 3,283 934 I960—Dec. 31.. 33,91017,719 3,838 2,167 161 269 379 6,205 4,774 11,904 ,670 624 3,941 5,668 3,431 857 1961—June 30.. 33,81317,968 3,8862,323 153 285 357 6,187 4.862 202 11,4671,417 380 4,052 5,618 3,508 869 1 All commercial banks in the United States. These figures exclude status, and the reserve classifications of cities and individual banks, and data for banks in U. S. possessions except for member banks. During by mergers, etc. 1941 three mutual savings banks became members of the Federal Reserve 2 Beginning with June 30, 1948, figures for various loan items are System; these banks (two beginning with June 1960 and one beginning shown gross (i.e., before deduction of valuation reserves); they do not September 1961) are included in member banks but are not included in all add to the total and are not entirely comparable with prior figures. Total insured or total banks. Comparability of figures for classes of banks is loans continue to be shown net. affected somewhat by changes in Federal Reserve membership, insurance For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1435 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES' [In millions of dollars] Demand deposits Time deposits .Re- Bal- Deco b c C m a a l n l a m l k s d s e a r a o n c te f i d al F B s s e w e R e a d r r i n e v e t v - k h e r e a s s l C va i a n u s l h t b m a a w d n e n o i c s k t - t e h s i s c * ju p m s o a d t a d s e e n i - - d t d s 7 m D e I o s n d t - t e i e c p r 6 o b s a e i F n t i s k g o n r- 8 G U o .S v . t. p v s S o i u a l s t i b a n i t o t i d d e c n i s a - s l c C c h o a e f e e i e t f n e c f r r c d i d . s t - k i ' - s, a p v n s a p i t I d h d i r n o o t u i d r n p n c a a i e s o s - l - , r s r - , - I b n a t n e k r- G p U i s a n o o a n . g s v S v d t s - . t a . l s v S p u i a i t s o b c a n i l d a o t i d e l t i n - - s s p a v a s n p i t I d h i r n d o o t u i d r n c p n a a i o e s s - l - , r r s - - , r B i o n o w g r s - - c C o a t u a a c p n l - i t - s Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 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. 3!.... 17,931 3,012 12,237 115,420 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 66.836 163 20,986 1961—June 30.... 16,488 2,903 11,184 112,030 12,568 1,064 6,362 11,849 3,759 109,553 461 288 5,266 73,826 443 21,745 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 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 1959—Dec. 31.... 17,931 2,990 11,969114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 602 19,206 1960—Dec. 31.... 16,720 3,326 13,409114,292 15,339 1,582 5,932 11,582 4,564 116,388 1,667 262 4.481 66,605 149 20,628 1961—June 30.... 16,488 2.885 10,959111,187 12,443 1,031 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 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 54 15,460 1959_Dec. 31.... 17,932 2,222 7,532 95,274 13,389 1.659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581 16,264 I960—Dec. 31.... 16,720 2,518 8,582 94,594 14,875 1.561 5,287 9,016 4,244 99,134 1,639 237 3,559 53.477 130 17.398 1961—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 Sept. 27.... 16,038 2,932 6,761 94,158 12,357 968 7,293 8,479 2,935 93,898 282 254 4,214 61.6252,128 18^386 \>w York City:* 1941—Dec. 31 ^ 105 93 141 10 761 3.595 607 866 319 450 11.282 6 29 778 1,648 1945—Dec. 31.... 4.015 111 78 15.065 3,535 1,105 6,940 237 1.338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec. 31.... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 1959—Dec. 31.... 3,908 151 138 15,494 3,462 1,303 1,027 310 1,536 18,573 988 24 65 3,359 232 3,361 I960—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— 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 Sept. 27.... 3,603 203 78 16,198 3,198 707 1,485 309 1,556 17,452 173 37 245 6.728 1.106 3,670 Chicago:5 1941—Dec. 31 1 021 43 298 2,215 1.027 8 127 233 34 2,152 476 288 1945 Dec. 31.... 942 36 200 3,153 1 292 20 1 552 237 66 3.160 719 377 1947—t>ec' ^i 1 070 30 175 3 737 I 196 21 72 285 63 3 853 2 9 902 426 1958_Dec. 31.... KO58 36 185 4",271 1,314 43 249 302 88 4,746 34 7 7 1,423 "*3 733 1959—Dec. 31.... 920 33 142 4.171 1,187 43 272 329 105 4,636 23 8 12 1,449 40 762 I960—Dec. 31.... 899 33 171 3.968 1,327 53 327 298 102 4,499 61 2 7 1.521 35 822 1961— June 30.... 994 28 111 3,881 1.093 33 380 364 113 4,125 10 2 8 1.910 10 848 Sept. 27.... 927 32 74 3,746 1.174 37 476 330 79 4,118 9 3 8 1,920 94 856 Reserve city: 1941_Dec. 31.... 4,060 425 2,590 11 .117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1.763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2.282 705 26,003 22 45 332 11,045 1 2,844 j958—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 —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 Sept. 27 6.987 92! 2,059 33,745 6?577 209 2,909 2,832 744 35,833 64 102 2,152 23,535 844 6,775 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5.444 1,476 5,030 40,272 1,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—Dec. 31.... 5,573 1,357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 I960—Dec. 31.... 5,070 1,534 5,655 40,917 1,755 23 1,783 5,083 713 37.598 37 122 1,562 27.327 23 6.599 1961 —June 30.... 4.828 1.329 4.618 39.318 1.392 14 1,730 5.226 657 35,530 37 116 1,752 28,952 121 6.861 Sept 27.... 4.521 1,777 4,551 40,470 1,409 15 2,423 5,008 556 36,495 36 112 1,810 29,442 84 7,085 Vonmember: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 1960—Dec. 31 828 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, 6 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

1436 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions> Wednesday m i T l n o a e v o n a n e t n d t a s s s l t - i j i L m u n a o a s v e n t d a e n e d - n s t d t s s - 2 L us o a t d a e - n d s 2 i C m n t a c r o d n i e i a m u a d r l l s - - - A u c t g u r r l a - i l - G U t l a T i o i o . o n g b o v n d a - S - t s b . . d r e o O a k c l t s e u t e i e h e r r r - s s e i s - r G U t l i o i T o o . g b v n a o - S - t s . . oth O c e t s u t i r e h e r s - s e i- r F ei o g r B n - ank c m m D s c o t e i i e o m a c s - r - l - - n s c p s P a i o a a o a n N f n e n n l i n m s e r - d c o a i t - s e - e i l n t s u b t a O i n o t k n h s er e R st e a a t l e l o o A t a h l n e l s r V s t e a r i r e o l v - u n e a s etc. Total- Leading Cities 1961 Sect. 6 519 114,?70 69,66? 31 548 1,116 264 1 853 103 1,355 572 1,249 3,274 818 13,058 16,?73 1,572 p 13::: 116,648 115,106 70, 306 31,7?8 1,134 477 1,978 107 1,373 559 1,542 3,286 \\ 85? 13 101 16 1 571 20 117, 115,9?0 71 0?5 31 937 1,145 755 1,985 118 1,370 552 1,331 3,495 1,868 13, 16 ?45 1,571 27 3 118,706 117,103 70,989 31,805 1,166 739 1,898 109 1,320 509 1,603 3,460 25027 13,136 16,391 1,571 Oct 4 117,677 116,175 70,7?6 31,786 1,179 474 1.853 104 1,317 522 1,502 3,389 143 13 140 16 396 1 577 11 118,561 116,984 70 989 849 1,180 711 1 98? 99 1,305 535 1,577 3,219 ^J 13,196 16 359 1,574 18 119 473 117,777 71,466 3?,0?0 1,189 1,013 1,93? 96 1,301 530 1,696 3 174 180 13 16 379 1 569 25 118, 117,035 71,093 31,877 1,205 750 1,993 103 1,304 530 1,207 3,047 191 13,?47 16 413 1 567 Nov 1 118,898 117,467 71,843 3?,085 1,210 1,072 ,055 98 1,310 525 1,431 3 132 13 ?45 16 456 1 571 8 118, 116,899 71 6^7 3? 010 1,206 986 1,966 97 1,317 540 1,321 3,108 ?45 13,?69 16 475 1,572 15 119,516 118,170 44? 3?, 145 1,216 1,341 ,080 100 1,318 552 1,346 3 106 ? 314 13 31? 16 5?7 1 569 22 118,707 117,?63 71,749 3? 033 1,220 833 <•,016 103 1,330 565 1,444 3,023 308 13,338 16 541 1,561 29 118,628 117,327 71,678 32 118 1,226 520 .,063 102 1,319 586 1,301 3,073 2 302 13,347 16,584 1,562 New York City 1961 Sept. 6 28 169 27,65? 17035 10 351 132 1,160 21 426 296 517 J.054 309 769 954 441 ?8 768 ?8 ?98 17 365 10 409 276 1 ?,50 20 432 280 470 ,094 31? 778 2 951 441 20 28 811 28,638 17 751 10 50? 436 1,?35 27 429 263 173 ,197 347 784 2 968 441 27 3 29 174 28,879 17734 10484 485 1,149 27 434 227 295 1,173 389 787 012 441 3 Oct. 4 ?8 531 28 ?33 17471 10 511 254 ,115 20 235 298 ,151 41? 785 999 441 11 28 741 28 435 17 679 10 517 420 ,226 20 415 237 306 ,070 417 794 2 995 441 18 29 469 28 760 17 969 10 603 673 ,171 20 413 231 709 041 418 801 0?6 437 25 28 453 28 17 609 10 546 431 ,146 25 414 231 243 995 418 808 3 0?3 437 Nov 1 28 876 28 496 18 09? 10 655 705 20 420 226 380 1,024 4?9 809 3 0?9 435 8 28 469 28 303 17 981 10 617 657 ,149 20 428 239 166 1,020 438 818 3 435 15 29 334 29 18 469 10 688 991 ,?43 21 417 236 205 1,018 435 8?6 0?0 435 22 28 7?4 28 306 17 803 10 661 10 510 155 21 420 253 418 915 438 8?6 3 0?6 432 29 28 756 28 189 17 645 10 675 10 190 21 261 567 960 440 8?7 3 056 432 Outside New York City 1961 Sept 6 87 350 86 61 5?,6?7 ,197 1,112 132 693 82 929 276 732 2 220 1 509 1? ?89 13 319 1 131 87,880 86 80 5? 94 21,319 1,130 20 7?8 87 941 279 1,072 2,192 1,540 1? 3? 13 33 1,130 20 no ,440 87 53,?74 21,435 1,141 319 750 91 941 289 1,158 2,298 1,5? 1? 34? 13 ?7 1,130 27 3 89 53? 88 774 53 ?55 21 1,158 254 749 82 886 282 1,308 2 287 1 638 1? 349 13 37 1 130 Oct 4 89,146 87,94 53,255 21,275 1,170 220 738 84 896 287 1,204 2,238 1,73 12,35 13,39 1,136 11 89,8?0 88,54 53,310 ,33? 1,17 29 756 79 890 298 1,271 2 149 171 1? 40 13 36 1 133 18 90,004 89.01 53,497 21,417 1,180 340 761 76 888 299 987 2,133 1,76? 1? 4?n 13 35 1,132 25 89,789 88,82 53,484 21,331 1,196 319 847 78 890 299 964 2,052 1,773 12,439 13,39 1,130 Nov. 1 90,0? 88,97 53 ,430 1,20 367 854 78 890 299 1,05 2,108 1,797 1? 43 13 1,136 8 89 75 88,59 53,666 ?1,393 1,197 329 817 77 889 301 1 155 2 088 1 807 1? 45 13*45 1 137 15 90,18 89,04 53,97 ,457 1,207 350 837 79 90 316 1,14 2 088 1,879 1? 48 13 50 1 134 22 89,98 88,95 53,94 21,372 1,210 32 86 82 910 31? 1,026 2,108 1,870 12,51 13,51 1,129 29 89,87 89,13 54,03 21,44 1,216 330 847 8 89 325 734 2,113 1,86 12,52 13,52 1,130 1 After deduction of valuation reserves. of commercial loans by industry effective Sept. 27, 1961. For banks in 2 Exclusive of loans to domsstic commercial banks and after deduction all leading cities, the change reduced commercial and industrial loans by of valuation reserves; individual loan items are shown gross. a net of $135 million. Prior figures are not being revised. 3 Several loan categories have been revised incident to new classifications 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

WEEKLY REPORTING MEMBER BANKS 1437 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— Wednesday Total Bills c C t a i e f t i e r - - s Wi N th o - m tes a tu an ri d n g b — onds O s ri e t t c h ie u e s - r Total d b a o w B n a t m a n i i c c t l e k e h - s s s - b a w B e f a n i o a n 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 l e e l t r s a c l c T i a a c a t o p i o b n e t i i i a s i t j l a n i l - l ts in 1 to After 1 year 5 years 5 years Total— Leading Cities 1961 Sent 6 33,321 5,556 1,516 6,244 15,887 4,118 11,287 16,973 3,001 132 1,377 12,463 4,410 148,166 13..:::::::: 33,171 5,457 1,508 6,229 15,847 4,130 11,679 17, 2,955 141 1,475 17,640 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 16,777 2,824 153 1,490 ?60 4,474 151 540 Oct 4 33,643 6,109 1,530 6.325 15,638 4,041 11,806 17,749 2,932 152 1,336 1? 8?9 4,420 151 753 11 34,?40 5,607 1,514 6,333 16,755 4,031 11,755 973 2,833 150 1,444 1? 546 4,411 835 18 34,608 6,059 1,516 6,319 16,719 3,995 11703 17,415 2,937 138 1,460 1? 880 4,427 154 439 25 34, 5,879 1,507 6,299 16,668 3,974 11615 17,461 2,761 150 1,483 13 067 4,426 151,630 Nov. 1 34,087 5,77? 1,48? 6,247 16,631 3,955 11 537 17 493 2,950 166 1 399 1? 978 4,457 154 004 8 33,770 500 1,456 6,315 16,526 3,973 11482 17,145 2,744 161 1,438 12802 4,540 152693 15 34 181 5375? 1,484 5,093 18, 3,632 11 547 17,475 3,047 160 1,458 1? 810 4,443 156 543 22 33 867 5 491 1,485 5,081 18,306 3,504 11 647 17 490 2,782 162 1 435 n 111 4,367 153 505 29 33 5 569 475 5,078 18,31? 3 498 11 717 17 516 3,166 175 1,651 1? 5^4 4,436 152 656 New York City 1961 Sent. 6 7 939 2 494 1,270 3 ?69 778 ? 678 3 879 54 62 184 3 579 1,924 37 419 13:.:.:.:... 8 04? ?54 486 1,262 3 ?67 773 891 4 147 70 71 700 3 806 1.961 38 990 20 8 003 2 ?79 495 1,292 197 740 2 884 4 148 79 72 186 811 ,905 38 935 27 8 ?80 2 573 498 1,299 3 17? 738 ? 865 3 9?? 61 78 199 3 584 1,984 39 181 Oct. 4 7 853 2 ?05 499 1,340 3 068 741 7 909 4 756 78 75 183 3 9?0 1,937 38 97? 11 . . 7 875 996 500 1,320 317 742 ? 881 4 003 86 67 ,640 918 39 ?74 18 2 083 504 1,337 3 ?65 732 ? 870 3 663 78 56 19? 3 337 1,947 39 568 25 7 8?3 995 506 1,341 3 ?67 714 7 778 4 349 68 70 ?05 4 006 1,913 38 50? Nov. 1 7 710 1 939 488 1,334 3 696 ? 694 4 048 72 65 190 3 771 1,876 39 504 8 7,695 845 487 1,430 707 2,627 3 916 71 63 ,564 1,940 39 15 7 999 2 106 510 1,013 685 685 ?,661 7?0 90 60 197 ,373 1,938 40^346 22 7,810 1 524 1,021 677 677 2,693 4 028 70 68 ,687 1,896 38,947 29 7 790 1'871 490 1,038 711 680 ?,754 3 813 179 74 .916 38,665 Outside New York City 1961 Sept. 6 25,382 3,428 ,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 ,203 ,022 4,967 12,580 3,357 8,738 13,064 2,88' 70 1,275 8,834 2,459 112,144 20 25,178 3,190 ,055 4,992 P ,595 3,346 8,830 13,304 2,796 70 ,763 9,175 2,465 11?,467 27 26,134 4,144 ,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 ,031 4,985 12,570 3,300 8,897 12,993 2,854 77 1,153 8,909 2,483 112,781 11 26,36 3,611 ,014 5,013 13,438 3,289 8,874 12,970 2,747 83 ,?34 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 ,001 4,958 13,401 3,260 8,837 13,11? 2,693 80 ,778 9,061 2,513 113,178 Nov 1 26,377 3,833 994 4,913 13,378 3,259 8,84 13,445 2,878 101 1,209 9,257 2,581 114,500 1 8 5 2 26 6, , 0 1 7 8 5 ? 3 3 , , 6 6 5 4 5 6 9 97 6 4 9 4 4 , , 8 0 8 8 5 0 n 14 , , 3 5 0 3 0 5 2 3 , , 9 2 4 6 7 6 8 8 , , 8 8 5 86 1 13 3 755 2 2 ,6 9 7 5 3 7 1 9 00 8 1 1. , 7 7 6 7 1 0 9 9J437 2 2 ,6 5 0 0 0 5 1 11 1 6 34 1 0 97 5 22 . . 26,057 3,580 961 4,060 14,629 2,827 8,954 13,462 2,712 94 1,23? 9,424 2,471 114,558 29 26,142 3,698 985 4,040 14,601 2.818 8,96 13,703 2,987 101 1,420 9,195 2,520 113,991 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

1438 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time De- Other time Other Cap- Wednesday j u u T n s o t a t e a d d l - 1 j m p u o a d s a t d s e e n i - - d t d s * Total 3 p v r c s a i I a o d h a r n t r u t n i i d p n p o a d i n e o s - l , r s s - , - S p s d s a i t i o u c a o i n v l a b t n i d i e t l - - s - s e F ig o n r- * G U o . v S ' . t. b c m m D c a o t i e n i e o m a c s r - k l - - - s Totals S in a g v s - p v s a i I d h a r n u n t i d n p a d i e s - l , r s, - S p s a i t o u c a n l a b t i d e l t - - s e F ig o n r- * B F F a r . o n m R ks . o F th ro er m s li i a ti b e i s l- co i a u t c a n - l ts corpo- divirations Total— Leading Cities: 1961 t::: 128,475 61,791 87,722 63,895 4,673 ,583 2,787 11,880 40,753 29,079 6,458 2,783 2,127 31 1,503 5,488 12,669 130,896 63,341 89,957 67,108 4,480 ,573 1,974 11,787 40,939 29,110 6,589 2,809 2,126 11 2,025 5,529 12,673 20... 131,304 62,720 90,394 65,689 4,494 ,635 3,626 11,719 40,910 29,156 6,519 2,788 2,140 179 1,761 5,510 12,648 27... 131,36162,166 90,354 64,480 4,693 ,643 5,53311,022 41,007 29,244 6,512 2,777 2,154 72 2,003 5,422 12,682 Oct. 4... 132,067 61,542 90,894 64,305 4,739 ,624 5,02311,922 41,173 29,400 6,498 2,775 2,180 24 1,744 5,185 12,733 11... 132,999 62,189 91,741 65,924 4,374 ,586 4,669 11,993 41,258 29,466 6,512 2,757 2,205 75 1,780 5,23212,749 18... 134,387 63,410 93,170 67,325 4,407 ,721 4,366 12,270 41,217 29,516 6,499 2,709 2,174 19 1,934 5,37312,726 25... 131,705 63,920 90,463 66,365 4,505 ,634 3,62811,414 41,242 29,565 6,485 2,703 2,180 226 1,544 5,419 12,736 Nov. 1 ... 133,867 63,423 92,658 66,407 5,027 1,606 4,071 12,008 41,209 29,621 6,406 2,693 2,175 241 1,727 5,35012,819 8... 132,117 62,388 90,858 65,364 4,620 1,586 3,42912,253 41,25929,708 6,373 2,694 2,169 462 1,824 5,44512,845 15... 135,765 62,777 94,714 67,454 4,743 1,626 4,152 12,676 41,05129,724 6,163 2,658 2,181 581 1,774 5,58312,840 22... 132,617 62,644 91,449 65,932 4,793 1,598 4,124 11,740 41,16829,790 6,127 2,727 2,203 362 2,085 5,618 12,823 29... 132,404 63,906 91,216 66,183 4,894 1,647 3,414 11,820 41,188 29,771 6,190 2,721 2,194 14 1,690 5,69512,853 New York City 1961 Sept. 6..., 30,194 16,212 23,319 16,595 246 1,159 709 2,951 6,875 2,711 2,149 247 ,636 713 2,876 3,631 13... 31,214 16,818 24,226 17,761 240 ',150 474 2,820 6,988 2,716 2,264 250 ,630 1,221 2,913 3,634 20... 31,458 16,565 24,520 17,181 274 ,229 909 2,975 6,938 2,730 2,186 248 ,642 984 2,792 3,619 27..., 31,60816,160 24,653 16,914 299 ,240 1,482 2,910 6,955 2,746 2,170 238 ,657 1,087 2,836 3,625 Oct. 4... 31,63415,955 24,589 16,733 275 ,209 ,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 ,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 ,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 Nov. 1 32,09316,297 25,083 17,253 394 ,197 ,137 2,945 7,010 2,787 2,185 236 ,658 113 879 2.739 3,680 8..., 31,61315,529 24,624 16,767 255 ,181 ,000 3,132 6,989 2,805 2,155 231 ,654 126 1,068 2,795 3,686 !5 32,46115,858 25,480 17,180 270 ,243 1,101 3,167 6,981 2,814 2,131 228 ,662 285 1,127 2,785 3,688 22... 31,13915,812 24,124 16,753 270 ,209 1,052 2,961 7,015 2,819 2,148 228 ,679 55 1,246 2,830 3,677 29 !!', \ 31,51116,468 24,467 17,218 266 ,245 832 2,987 7,044 2,826 2,197 214 ,671 603 2,879 3,672 Outside New York City 1961 Sept.,6...... 98,28145,579 64,403 47,300 4,427 424 2,078 8,929 33,878 26,368 4,309 2,536 491 26 790 2,612 9,038 996,"82 46,523 65,731 49,347 4,240 423 1,500 8,967 33,95126,394 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 8,744 33,972 26,426 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 8,112 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 11 101,24146,351 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 4466,652 67,809 49,530 4,080 413 3,208 9,314 34,,1 89 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 8,5433'• 4,2'"14 26,778 4,287 2,465 515 181 731 2,592 9,073 Nov. 1 101,774 47,126 67,575 49,154 4,633 409 2,934 9,06334,199 26,834 4,221 2,457 517 128 848 2,611 9,139 8 100,504 46,859 66,234 48,597 4,365 405 2,429 9,121 34,270126,903 4,218 2,463 515 336 756 2,650 9,159 15 103,304 46,919 69,234 50,274 4,473 383 3,051 9,50934,070.26,910 4,032 2,430 519 296 647 2,798 9,152 22 101,478 46,832 67,325 49,179 4,523 389 3,072 8,77934,153 26,971 3,979 2,499 524 307 839 2,788 9,146 29 100,893 47,438 66,749 48,965 4,628 402 2,582 8,83334,144 26,945 3,993 2,507 523 141,087 2,816 9,181 1 Total demand and total time deposits. 4 Comprises deposits of foreign governments and official institutions, 2 Demand deposits other than domestic commercial interbank and central banks, international institutions, banks in foreign countries, and U. S. Government, less cash items reported as in process of collection. foreign branches of U. S. banks other than reporting bank. 3 Includes certified and officers' checks and deposits of mutual savings 5 Includes U. S. Government, postal savings, domestic commercial banks, not shown separately. interbank, and mutual savings 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 1439 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 of borrower3 1961 1961 1961 1960 1961 1960 N 2 o 9 v. N 2 o 2 v. N 1 o 5 v. No 8 v. No 1 v. Nov. Oct. Sept. S Ju e l p y t - . S Ju 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 Durable goods manufacturing: Pf imary metals 5 1 3 -2 7 7 T M r a a c n h s i p n o e r r t y ation equipment - - 5 3 -3 -6 1 29 1 -4 1 -3 2 9 5 - - 1 1 9 2 - -1 7 6 7 24 -301 -355 -310 -100 1,062 Other fabricated metal products. . . -4 -11 -1 5 3 -8 -31 Other durable goods 4 -5 2 -28 -39 -51 n.a. n.a. n.a. n.a. n.a. n.a. Nondurable goods manufacturing: Food liquor, and tobacco 44 3 73 -16 60 164 142 158 156 141 438 -498 -558 Textiles, apparel, and leather -21 -36 -14 c -19 -95 -167 -29 43 88 -303 177 273 P C e h t e r m ol i e c u a m ls r a e n f d in i r n u g bber 6 5 -10 5 -22 3 -6 2 -4 -23 3 -2 3 8 6} « -152 -75 134 81 -52 Other nondurable goods -2 -22 3 « 1 -25 -28 n.a. n.a. n.a. n.a. n.a. n.a. Mining, including crude petroleum and natural gas . .. . -13 43 24 -6 7 55 170 3 -5 73 -102 249 354 Trade • Commodity dealers 17 35 15 33 32 131 106 -36 102 120 387 -325 -677 O Re th ta e i r l wholesale 9 -12 53 8 1 3 4 3 1 9 2 11 1 6 2 7 3 7 61 9 > 124 4 -30 -175 372 Transportation, communication, and other public utilities 34 — 13 21 -51 18 10 24 193 49 66 -4 -330 -48 Construction -7 9 -4 6 4 11 17 43 34 1 53 96 All other types of business, mainly services 24 2 33 45 102 27 -2 131 101 209 406 155 Net change in classified loans 100 -65 239 -69 177 382 236 461 190 196 419 -463 977 Commercial and industrial change— all weekly reporting banks4 87 -112 146 -75 208 254 72 329 36 -107 412 -387 1,186 n.a. Not available. includes a part of old "Other manufacturing and mining," with which 1 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. * 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" misclassincations disclosed incident to the revisions as of Sept. 27, 1961 . BANK RATES ON SHORT-TERM BUSINESS LOANS» [Weighted averages. Per cent per annum] Size of loan Size of loan p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly—cont.:2 19 large cities: New York City: 1960—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: 1960—Sept 4.97 5.94 5.58 5.21 4.78 I960—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#; 1954—Mar. 17, 3; 1955—Aug. 4, 3*4; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4%; 1958— Jan. 22, 4; Apr. 21, 3%; Sept. 11, 4; 1959—May 18, 4%; Sept. 1, 5; and NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953. I960—Aug. 23, 4V4. Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1440 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Finance Year, month, or week m p P c a e r o i p r m m c e i r - a e l c d o p p i m r l a a e p p c c e e t a l n d r y y , b a P a a c n n r c c i k e m e e p s r e t , s - ' 3-month bills 6-month bills 9- to 12-month issues 3- to 5m 4- o t n o t h 6 s - 1 m 3- o n to th 6 s2 - 90 days3 o R i n s s a n u t e e e w M y a ie r l k d et o i R n s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l d k s e ) t Others is y s e u a e r s6 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—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 Nov 2.98 2.74 2.75 2.458 2.48 2.686 2.70 2.90 2.95 3.68 Week ending— 1961 Nov 4 2.98 2.70 2.75 2.280 2.28 2.613 2.58 2 oo 2.91 3.61 11 2 88 2.69 2.75 2.349 2.40 2.554 2.61 2.87 2.89 3.63 18 2 98 2.73 2.75 2.516 2.53 2.721 2.74 2 93 2 96 3.70 25 3.00 2.78 2.75 2.537 2.54 2.734 2.73 2.91 2.99 3.69 Dec. 2 3.10 2.81 2.75 2.606 2.56 2.806 2.78 2.91 2.98 3.73 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. « Consists of selected note and bond issues. BOND AND STOCK YIELDS l [Per cent per annum] Government bonds Corporate bonds3 Stocks* State By selected By Dividend/ Earnings/ Year, month, or week U S G n t o a i n t t e e g s d and local3 Total4 ratings groups price ratio price ratio term) 2 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 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 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 »4.67 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 Nov 3.98 3.57 3.27 3.96 4.70 4.39 5.11 4.58 4.89 4.63 4.59 2.83 Week ending— 1961 Nov 4 3 95 3.53 3.24 3.93 4.71 4.40 5.12 4 59 4 91 4 64 4 60 2 83 11 3.96 3.53 3.24 3.93 4.70 4.39 5.11 4.58 4.90 4 63 4 59 2 81 18 4.00 3.56 3.26 3.95 4.70 4.39 5.11 4.57 4.89 4.63 4.58 2.83 25 . .. 3 98 3.59 3.29 3.96 4.69 4.39 5.10 4.57 4 88 4 62 4 58 2 82 Dec. 2 4.01 3.61 3.31 4.01 4.69 4.38 5.10 4.57 4.88 4.62 4.58 2.84 * Preliminary. 4 Includes bonds rated Aa and A, data for which are not shown sepa- F-i 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 1441 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's index Securities and Exchange Commission index of (1941-43= 10) (1957-59= 100) trad- Year, month, Cor- ing4 or week t ( G U e l r o o . m n S v g ) . t . - 2 n g ( M i h r c a i i g d u p h e - a - ) l 3 g ( r h r p a a i o g d t - e h e) - 3Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y b c l- - Total Tot M al anu r D a fa b u c l - t e urin N ra d g 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 c a n r i v e d d - c - e e , , M in i g n- s s t h h a a ( o o n i r n f d u es 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—Nov.. 87.23 107.7 95.5 55.47 58.89 28.93 47.83 112.6 108.5 113.0 104.5 91.7 132.0 129.3 74.1 3,100 Dec.., 87.84 108.0 95.1 56.80 60.22 29.03 49.78 115.2 110.3 114.5 106.4 92.6 138.5 132.4 78.2 3,684 1961—Jan... 87.70 108.1 95.6 59.72 63.20 31.43 52.73 120.9 115.3 118.6 112.1 100.3 148.7 134.8 85.1 4,243 Feb... 88.74 109.7 96.3 62.17 65.71 32.17 55.64 125.4 119.2 121.4 117.3 102.6 156.0 139.8 89.0 4,884 Mar.. 89.07 108.9 97.0 64.12 67.83 32.93 57.06 129.8 123.9 127.8 120.3 104.2 159.2 146.7 89.2 5,365 Apr.., 88.80 108.1 96.4 65.83 69.64 32.35 59.09 133.0 125.8 128.5 123.3 103.4 168.9 150.4 93.5 5,089 May., 89.74 109.0 96.0 66.50 70.34 33.08 59.59 134.9 127.6 130.6 124.9 107.5 170.0 153. 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 Nov.. 86.52 108.1 94.7 71.08 74.72 34.30 67.19 144.0 133.7 135.7 131.9 109.9 186.0 187.7 95.1 4,390 Week ending— 1961—Nov. 4.. 86.98 108.5 94.7 68.87 72.33 34.22 65.29 140.7 130.8 132.7 129.2 109.6 181.2 181.1 92.7 3,600 11.. 86.85 108.8 94.9 70.68 74.28 34.40 66.92 144.0 134.2 137.1 131.5 109.9 185.0 185.4 95.1 4,821 18.. 86.37 108.4 94.9 71.56 75.21 34.59 67.76 145.3 134.7 136.3 133.3 110.9 187.3 193.0 94.2 4,380 25.. 86.57 107.7 94.2 71.74 75.46 34.25 67.77 145.9 135.0 136.6 133.6 109.2 190.3 191.4 98.3 4,399 Dec. 2.. 86.22 107.1 95.0 71.68 75.46 33.90 67.30 145.8 135.4 137.6 133.3 109.5 188.9 188.6 101.5 4,457 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's conrmon stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Corrmis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5^-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Net debit balances with Bank loans to others (than End of month i o s t e i h c o e u t r a r i i t t — h ie a s n New York f S ir t m oc s k 2 Exchange ch b a ro si k n e g r s a n a d n d c a d r e ry al i e n r g s ) s e fo c r u r p it u ie r- s3 Money borrowed Cust n o e m t ers' U S Govt firr*eue> o ( b c c l o i o g l l . a . t 5 3 io ) + ns U S ob e . c l S i u g . r a e G t d io o b n v 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 tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a G n 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 1,094 125 1,706 896 1958—Dec. 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Dec.. 4,461 150 3,280 164 1,181 221 2,362 996 I960—Nov. 4,303 99 3,141 128 1,162 139 2,129 1,062 Dec. 4,415 95 3,222 134 1,193 142 2,133 1,135 1961—Jan.. 4,424 77 3,253 123 1,171 101 1,937 1,269 Feb.. 4,532 68 3,358 127 1,174 94 1,905 1,392 Mar. 4,787 55 3,601 110 1,186 70 1,927 1,507 Apr.. 5,190 50 3,936 112 1,254 67 2,284 1,508 May. 5,386 40 4,060 108 1,326 58 2,529 1,453 June. 5,367 51 4,024 104 1,343 67 2,748 1,280 July. 5,355 50 3,991 106 1,364 69 2,728 1,207 Aug. 5,349 49 3,972 102 1,377 56 2,679 1,208 Sept. 4 5,311 46 3,991 109 4l,320 64 2,666 1,227 Oct.. 5,333 44 4.029 103 1,304 56 2,654 1,214 Nov. 5,460 39 4,141 102 1,319 51 2,752 1,219 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. 1436. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1442 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- 1Based on End of year Accepting banks F. R. Goods stored in or or month Placed Banks Im- Ex- shipped between Total t P hr la o c u e g d h dir l e y ct- Others p in or to ts p fr o o r m ts Do ex ll - ar points in — dealers 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—Oct 5,184 1.493 3,691 1,753 501 356 145 39 196 1,017 405 633 139 157 419 Nov 5,222 1,505 3,717 1,868 628 454 175 48 227 965 401 647 146 229 445 Dec 4,418 1,358 3,060 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961—Jan 5 010 1,465 3,545 2,029 725 514 210 46 197 1,061 400 677 118 299 535 Feb 4,968 1,479 3,489 2,049 730 554 176 46 179 1,093 388 702 104 291 563 Mar 4,992 ,525 3,467 2,231 842 641 202 46 173 1,169 408 821 110 269 623 Apr 5,001 1,532 3,469 2,254 858 661 197 45 151 1,200 397 863 93 268 633 May 4,848 1,478 3,370 2,203 808 645 163 37 166 1,192 379 864 74 235 651 June.. 4 851 ,460 3,391 2,271 913 697 216 36 156 1,166 395 896 70 207 703 July . 4,904 1,534 3,370 2,301 915 727 188 32 144 1,210 415 926 45 186 729 Aug 4 862 ,617 3,245 2.400 970 753 217 34 137 1,259 429 964 49 192 765 Sept 4,789 ,730 3,059 2,422 946 740 207 35 123 1,318 452 964 59 191 757 Oct . 5,035 818 3,217 2,491 1,035 829 206 38 117 1,301 457 949 91 225 769 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 directlv 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 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 vt . . 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 t e p d e r o i - a C s a se sh ts O as t s h e e ts r a s l s u a T ia s a t c r o e i b n c p e t t t i d s l s a l s u — i l . - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s N M c u o m o m r b t m g e a r it g m e A e m l n o t a o s n u 2 nt 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 (960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 I960—Sept 26,214 435 6,512 687 4,989 787 592 40,216 35,867 806 3,543 58,782 1,164 Oct 26,382 417 6,356 681 4,985 779 585 40,185 35,923 740 3,522 60,396 1,205 Nov 26,553 425 6,288 676 5,019 788 590 40,339 35,962 810 3,567 60,420 1,242 Dec 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 Jan 26,863 412 6,349 667 5,079 825 610 40,804 36,513 728 3,563 63,470 1,241 Feb 27,003 427 6,449 667 5,064 846 621 41,076 36,649 821 3,606 65,254 1,334 Mar 27 207 453 6,566 666 5,110 855 624 41,480 37,000 850 3,630 68,646 1,428 Apr 27,383 401 6,350 664 5,099 804 625 41,326 36,946 781 3,599 66,582 1,488 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 1,792 Au2 28 179 431 6,320 686 5,137 821 629 42,202 37,549 935 3,718 64,910 1,536 Sept 28,335 455 6,305 687 5,118 867 654 42,422 37,859 823 3,739 65,662 1,526 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. 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 1443 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 Foreign: 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 35,9t2 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—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 Sept... 124,411 12,057 6,390 r3,851 rl,816 53,003 48,533 4,470 43,381 3,917 5,618 6,435 T Revised. 3 These represent annual statement asset values, with bonds carried on 1 Figures are for all life insurance companies in the United States. an amortized basis and stocks at end-of-year market value. 2 Represents issues of foreign governments and their subdivisions and bonds of the International Bank for Reconstruction and Development. assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage E o n r d m o o f n y t e h ar M ga o g r e t s - o G U b o l . i S v g . t a . - Cash Other 2 a li s a T s b e o i t l t s i a t 3 i l — es S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n ce s s i s n Other c m o l m e o n a m t n s i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 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 ,475 1959 53,194 4,477 2,183 3,676 63,530 54;583 4,393 2,387 ,293 874 ,285 1960 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 ,183 979 ,360 1960— 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 1,226 ,582 ,787 Apr., 62,265 4,960 2,706 4,304 74,235 64,420 5,002 1,708 1,322 ,783 ,951 May. 63,080 4,960 2,855 4,520 75,415 65,220 5,005 1,749 1,413 2,028 2,115 June. 64,073 4,991 2,987 4,460 76,511 66,582 5,287 2,023 1,535 ',084 2,120 July. 64,811 4,983 2,760 4,308 76,862 66,693 5,281 2,022 1,551 ,315 2,144 Aug. 65,717 5,051 2,674 4,387 77,829 67,189 5,284 2,154 1,594 ,608 2,186 Sept. 66,519 5,046 2,721 4,470 78,756 67,851 5,288 2,284 1,587 ,746 2,108 n.a. Not available. 3 Prior to 1958 mortgages are net of mortgage pledged shares. Asset items will not add to total assets, which include gross mortgages with 1 Figures are for all savings and loan associations in the United States. no deductions for mortgage pledged shares. Beginning with January Data beginning with 1953 are based on monthly reports of insured 1958, no deduction is made for mortgage pledged shares. These have associations and annual reports of noninsured associations. Data prior declined consistently in recent years and amounted to $42 million at the to 1953 are based entirely on annual reports. end of 1957. 2 Includes other loans, stock in the Federal home loan banks and other 4 Consists of FHLB advances and other borrowing. investments, real estate owned and sold on contract, and office buildings 5 Not a balance-sheet item. and fixtures. NOTE.—Data for 1960 and 1961 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1444 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin; in millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period from, In- Less— r B e u c N e d e i g p t e t t s re T P f c u r l e u u n i s d 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 - . - i E p T r f u q e r t b o u o h c a l t m t e i a s l c s l . : 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 x u n u e d - s d s s : i t - A m L d e e j n s u s t s s : t - 3 E p p t T q o u a o u b y t a t h l t a l i s e l s c . : t p p o u a t o h ( y b r e - t li s ) c . , & ( c ( o c d - r d r r e ) a e i e r a d g a , b e s i s e e c t e n e - n t , .) t a i r G g n . N v e o f n . e u v . b t n t & . y ds O d n c e t a o h b s n e t h - * r E b r i q o e n c N u r p g a r a a e s o l o h t y s w r t — - Cal. year 1958 68,262 16,797 3,278 81,728 75,349 17,856 4,19C 89,014 -7,287 7,533 -717 487 7,762 1959 72,738 18,830 3,966 87,552 79,778 20,244 4,46( 95,560 -8,006 10,112 -543 2,081 8,580 I960 79,518 22,732 3,906 98,287 77,«?65 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,oie 83,412 -1,520 6,216 657 -200 5,760 1959 ... 67,915 16,950 3,161 81,660 80,342 18,462 4,oo: 94,804 -13,144 9,656 -1,181 2,160 8,678 I960 77,763 5 20,534 3,167 95,078 76, 5 20,891 3,12S 94,301 777 3 371 953 597 1,821 1961*.... 77,578 23,792 4,170 97,144 81,503 23,182 5,39^ 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 1,46! 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 35,329 510,219 1,526 43,993 40,217 5 10,561 2,08< 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 3,30! 50,603 2,548 -1,307 1,055 68 -2,427 Monthly: I960—Oct 2,823 1,081 247 3,651 6,8?9 1,681 63 7,879 -4,228 2,197 -514 112 2,600 Nov 6,300 2,344 236 8,403 6,773 1,754 -14* 8,674 -271 -62 339 154 -555 Dec 7,643 1,399 452 8,586 6,847 1,815 67i 7,984 603 -161 —254 77 16 1961—Jan 4,846 858 116 5,586 6,470 1,938 1,13. 7,275 — 1,689 -323 -483 42 119 Feb 6,537 2,684 303 8,916 6,?36 2,046 41! 7,867 1,049 381 -65 34 412 Mar 8,524 1,939 203 10,256 7,01? 2,059 81( 8,260 1,996 —3 231 403 —24 —3,609 Apr 5,125 1,539 364 6,295 6,450 2,225 38. 8,292 -1,997 513 —916 16 1,412 May 6,467 3,577 305 9,731 7, 169 2,033 -26( 9,462 269 2,280 1,559 A 725 June* 10,749 2,975 1,353 12,367 7,948 2,320 82: 9,446 2,921 -927 556 — 1,486 July 2,982 1,002 189 3,793 6,3?? 1,873 29 7,902 -4,109 3,498 -863 195 4,167 Aug 6,367 3,297 298 9,357 7 631 2,052 -86< 10,552 -1,195 1,412 1,291 -442 563 Sept 8,945 1,478 180 10,236 6 771 2,204 70( 8,266 1,970 448 -545 54 939 Oct 3,141 980 239 3,872 7,796 1,994 40 9,385 -5,512 1,934 -905 64 2,775 Effects of operations on Treasurer's account Operating transactions Financing transactions Cash balances: Account of Treasurer of United inc., or dec. (—) States (end of period) Period Net Trust m N ar e k t et inv N . et (-) Incr o e r ase, Deposits in— s B d u u ( e r o p f d - i r ) l g c u i e t s t , a l c d a c e t o u f i i o r m c n i u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. is o a ( G s g + b u e o l ) a i n v g o n c t a f c y . - e i & s a n G e g c e o t F . r n v e u b c t d s y . y t . d ( p e d g - c u i r ) r r b o , e e l s c a i i s n c t se T o r H u e t a e s s l i d u d r e y a T u c r c r e e o a r u ' s s n - t Balance ( B F a a a . v b n a R l k e il . s - t T a l x r u o e r a a a y n n s- d O as n t s h e e t e t r s (-) tions 6 funds* 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 I960 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 1961* -3,925 610 449 -733 -436 2,640 -83 -1,311 6,694 408 5,453 833 Semiannually: 1959—July-Dec -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 1960—Jan.-June 6,841 828 288 657 -1,625 -4,467 101 2,421 8,005 504 6,458 1,043 July-Dec -4,888 -341 19 —493 275 3,886 52 -1,594 6,411 485 5,165 761 1961—Jan.-June* 963 951 430 -240 -711 -1,246 -135 283 6,694 408 5,453 833 Monthly: I960—Oct —4,006 -600 241 21 659 2,063 23 -1,645 6,672 437 5,447 788 Nov -473 590 -643 88 -310 -73 20 -841 5,831 512 4,517 802 Dec 796 -416 244 46 148 -197 42 580 6,411 485 5,165 761 1961—Jan -1,624 -1,080 423 27 868 -181 15 -1,582 4,829 588 3,215 1,026 Feb 301 638 -57 8 65 508 1 1,463 6,292 467 4 881 944 Mar 1,512 -119 580 —87 -423 -3,072 -112 — 1,498 4,794 443 3,533 818 Apr -1,325 -686 205 -132 842 516 181 -761 4,034 633 2,315 1,086 May -702 1,544 —503 -86 — 1,409 2,158 -126 1,128 5,162 372 3,994 796 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 Oct -4,655 -1,015 170 33 828 1,911 30 -2,759 6,197 502 4,834 861 n.a. Not available. * Preliminary. Budget expenditures, and payroll deductions for Federal employee* re- 1 Consists primarily of interest payments by Treasury to trust accounts tirement, health and life insurance funds. and to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1445 DETAILS OF FEDERAL FISCAL OPERATIONS On basis of U. S. Treasury statements and Treasury Bulletin unless otherwise noted; in millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B ce u N r i d e p e - g t t s e 2 t O ag ld T e - rans H f w e i r g a s h y - to— R r . e R - . fu R r o n e e f - d - s B c T u e r o d e ip t - g a t e l s t W I i n th d - ividual C ra o t r i p o o n - t c a E i x x s e e - s t p m a E l x o m e 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 . - ' ' trust trust tire- ceipts held Other fund 7 fund ment acct. 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 1961*. 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 Scmiannually: 1959—July-Dec.. 33,575 3,815 1,281 307 718 40,035 15,652 3,041 8,323 5,948 4,127 2,944 1,703 984 2,408 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.-June* 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: I960—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 1,821 498 292 196 1,379 Sept 8,945 829 267 55 185 10,285 2,662 2,017 3,251 983 884 488 284 169 Oct 3,141 239 258 1 162 3,811 1,399 215 408 1,102 241 446 n.a. n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Total 2 Total io M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a i I f n a f n n a 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 w Tj_ a , e oa n l ko f d n a o r fr e t a c a u r g n u e r r d - l a i - - l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r t - nsources Fiscal year—1958.. 71,369 44,142 39,062 2,187 2,268 2,231 7,689 5,026 3,447 4,389 1,544 2,109 1,359 1959.. 80,342 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 1960.. 76,539 45,627 41,215 1,609 2,623 1,833 9,266 5,060 4,419 4,838 1,713 2,782 1,695 1961*. 81,503 47,402 43,218 1,446 2,716 2,592 9,055 5,262 4,949 5,039 2,008 3,939 1,931 Semiannually: 1959—July-Dec.. 39,191 23,119 20,975 715 1,290 650 4,494 2,493 2,086 2,961 941 1,950 833 I960—Jan.-June. 37,348 22,508 20,240 894 1,333 1,183 4,772 2,567 2,333 1,877 772 832 862 July-Dec.. 40,217 23,186 21,170 644 1,342 1,068 4,587 2,577 2,225 2,998 1,056 1,870 951 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: 1960—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 6,771 3,852 3,582 62 204 293 740 418 402 419 218 313 119 Oct.* 7,796 4,065 3,776 62 226 362 718 438 468 915 218 420 200 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 * ° 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. ncluded in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1446 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 T d g e r o o b t s a t* s l d T d g i e r o r o b e t s a t 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 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 (6) 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec . 275 0 274 9 227 1 164 2 26 9 34 6 20 7 82 1 9 5 53 4 52 5 45 8 1958 Dec 283.0 282.9 236.0 175.6 29.7 36 4 26.1 83.4 8.3 52.1 51.2 44 8 1959 Dec 290 9 290 8 244 2 188 3 39 6 19 7 44 2 84 8 7 1 48 9 48 2 43 5 I960—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 44.2 294 0 293 7 245 1 191 1 40 9 5 5 65 0 79 7 5 2 48 7 47 6 45 6 Sept 294.0 293.7 245.8 191.9 41.9 5.5 65.2 79.3 5.1 48.8 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 Nov 297.3 297.0 249.4 195.6 43.4 5.5 71.5 75.2 4.7 49.1 47.8 44.2 1 Includes some debt not subject to statutory debt limitation (amounting * Includes Treasury bonds and minor amounts of Panama Canal and to $440 million on Nov. 30, 1961), and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, certificate of indebtedness—Foreign 3 Includes amounts held by Govt. agencies and trust funds, which series, and REA bonds, not shown separately. aggregated SI 1,119 million on Oct. 31, 1961. 6 Less than $50 million. OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Held by— Held by the public Total gross debt U. S. Govt. E m n o d n t o h f i ( n s a i g e n n c c t g e u lu u e ri d a d - r - - a t g ru e s n t c i f e u s n a d n s d l R F B e e a d s n e e r k r v a s e l Total m b C a e n o r k c m i s a - 2 l M s b a a v u n i t n u k g a s s l p I a n a n s n u c ie e r- s r c O a o t t r i h p o e o n r - s g S l o o a t v c n a a t t d s e l . Individuals i M t n o v i r e s s c s 3 - . ties) Special Public Savings Other 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 p o 15.3 19.2 14.4 50.0 13.5 13.9 1955__Dec 280.8 43.9 7.8 24.8 204.3 62.0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956—Dec 276.7 45.6 8.4 24.9 197.8 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16.1 1957 Dec 275 0 45.8 9.4 24.2 195.5 59.5 7.6 12.5 18.6 17.0 48.2 15.4 16.6 1958—Dec 283.0 44.8 9.6 26.3 202.3 67.5 7.3 12.7 18.8 16.7 47.7 15.1 16.6 1959 Dec 290.9 43.5 10.2 26.6 210.6 60.3 6.9 12.5 22.6 17.7 45.9 22.6 22.1 1960 Oct 290 6 44.3 10 8 27 4 208 2 61 4 6 4 11.9 20.1 17.3 45.6 21 9 23 6 Nov 290.6 44.6 10.8 27.5 207.7 61.2 6.3 11.9 20.6 17.2 45.6 21.9 22.8 Dec 290.4 44.3 10.7 27.4 207.9 62.1 6.3 11.9 19.7 17.0 45.7 21.2 24.2 1961 Jan 290.2 43.8 10.7 26.6 209.1 62.7 6.3 11.9 20.1 17.1 45.8 21.1 24.0 Feb ... 290.7 43.7 10.8 26 7 209 6 61 9 6.4 11.8 21.2 17.3 45.8 21.2 23.9 Mar 287.7 44.0 10.9 26.7 206.1 59.7 6.6 11.7 19.5 17.4 45.9 21.3 24.1 Apr 288.2 43.0 11.0 26.8 207.5 61.7 6.3 11.6 20.5 17.2 45.9 20.3 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 23.5 289.2 45.0 11.0 27.3 205.9 62.5 6.3 11.4 19.4 17.3 46.1 19.7 23.2 Julv . . 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 46.2 20.0 23.2 Sept 294.0 45.0 10.9 27.8 210.3 66.6 6.3 11.5 19.0 17.1 46.3 19.8 23.7 Oct 296.0 43.9 11.1 28.3 212.9 67.3 6.2 11.6 19.9 17.3 46.4 19.8 24.4 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $100 million on Dec. 31, 1960. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1447 OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b r d k le s e 2 t- v b e C o r o t n i n b d - s le Total W 1 i y th e i a n r 1-5 y 5 e - a 1 r 0 s 10 O y v e e a r rs All holders: 1958—June 30 175,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 1959—June 30 185,709 32,017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 18,538 29,713 I960—June 30 190,151 33,415 17,650 51,483 81,297 6,306 183,845 68,982 72,844 21,731 20,288 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 Aug. 31 196,374 40,928 5,509 65,048 79,653 5,235 191,138 79,189 65,092 25,693 21,164 Sept. 30 197,010 41,939 5,509 65,188 79,289 5,085 191,925 79,849 65,232 21,934 24,910 U. S. Govt. agencies and trust funds: 1958—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1.565 913 3,267 1959_june 30 9,681 86 537 1,389 4,988 2,680 7,001 930 1,679 1,448 2,944 I960—June 30 10,246 371 459 1,810 5,136 2,470 7,776 1,070 2,683 2,062 1,961 1961—June 30 10,848 801 222 1,246 6,235 2,345 8,503 1,671 1,693 2,576 2,564 Aug. 31 10,699 640 144 1,341 6,253 2,321 8,378 1,314 1,917 2,545 2,603 Sept. 30 10,696 631 144 1,352 6,258 2,311 8,386 1,311 1,920 1,598 3,557 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—Jime 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 Aug 31 27,697 2,659 1,683 19,827 3,528 27,697 13,311 11,914 2,252 220 Sept. 30 27,799 2,970 1,632 19,670 3,526 27,799 13,387 11,908 2,274 229 Commercial banks: 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 1959—June 30 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 I960—June 30 48,099 2,376 1,832 15,598 28,199 95 48,004 6,546 33,342 5,966 2,151 1961—June 30 55,116 6,379 3,123 18,373 27,158 84 55,033 20,153 25,577 7,386 1,918 Aug. 31 57,383 8,814 2,003 20,246 26,238 83 57,300 21,307 27,428 6,685 1,881 Sept. 30 58,593 10,133 2,030 20,408 25,942 81 58,512 22,572 27,447 6,541 1,95! Mutual savings banks: 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4,094 1959_june 30 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,756 I960—June 30 6,489 209 166 1,199 4,607 309 6,181 463 1,720 2,662 1,336 1961—June 30 6,215 227 102 1,343 4,324 218 5,996 724 1,414 2,289 1,569 Aug. 31 6,219 279 62 1,407 4,263 207 6,010 789 1,428 2,265 1,528 Sept. 30 6,205 292 63 1.422 4,230 198 6,007 799 1,445 1,875 1,888 Insurance companies: 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 1 I9 9 6 5 0 9 — _ J j u un n e e 3 3 0 0 1 1 0 0 , , 5 9 2 4 1 7 5 2 0 3 3 2 3 1 4 6 7 5 1, 7 22 9 5 8 7 7 , , 3 3 7 0 1 4 ', , 9 5 2 9 8 5 9 8 , , 0 9 1 2 9 6 1, 5 09 9 2 5 2 2 , , 0 7 8 9 5 4 3 1 , ,6 0 7 6 8 3 4 2 , , 1 4 6 7 4 5 1961—June 30 10,034 242 101 1,345 7,064 ,282 8,752 1,107 1,873 3,113 2,659 Aug. 31 10,132 396 64 1.414 7,017 ,241 8,891 1,180 1,982 3,085 2,644 Sept. 30 10,107 403 65 U480 6,961 ,198 8,909 1,187 2,027 1,899 3,796 Other investors: Nonfinancial corporations: 3 I960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8,442 2,871 98 1961—June 30 10,048 4,885 754 2,227 2,177 10,043 8,368 1,521 114 40 Aug. 31 10,390 5,732 253 2,475 1,925 10,385 8,552 1,715 84 33 Sept. 30 9,202 4,539 245 2,493 1,919 9,197 7,325 1,745 94 34 Savings and loan associations:3 I960—June 30 2,480 178 495 1,675 2,418 297 947 472 703 1961—June 30 2,703 112 613 1,881 2,642 370 782 747 744 Aug. 31 2,728 102 616 1,923 2,669 410 801 715 743 Sept. 30 2,716 102 618 1,910 2,657 396 808 676 776 All others:4 1958—June 30 65,459 15,392 8,799 6,636 31,829 2,802 62,657 29,489 11,243 6,054 15,872 1959—June 30 78,444 25,659 10,216 9,147 31,252 2,171 76,273 39,724 16,503 5,069 14,977 1960—June 30 74,299 22,957 4,711 16,263 28,602 1,766 72,533 32,184 22,800 6,229 11,317 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 Aug. 31 71,126 22,307 1,272 17,721 28,507 1,319 69,807 32,326 17,908 8,062 11,512 Sept. 30 71,692 22,869 1,302 17,745 28,543 1,234 70,459 32,872 17,932 6,977 12,678 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 6,261 commercial banks, 512 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 825 insurance companies, which together accounted for more than 3 Holdings first reported separately in the Treasury Survey for Feb- 90 per cent of all holdings of banks and insurance companies, and 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

1448 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— Total G U o . v S t . . Other se a c g u e r n i c ti y es W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 A f y t e e a r rs se d c e a u a n r l d i e t r i s es b d r e a o a n k l d e e r r s s m b C e a o r n m c k i s a - l o A th l e l r brokers 1961 Aug. 2 1,653 1,370 226 42 15 508 60 680 405 57 9 1,396 1,067 262 48 20 426 39 564 367 71 16 .. . . 1,271 1,046 150 53 22 399 29 438 406 27 23 1 379 1,213 114 34 19 439 14 500 426 56 30 1,342 1,178 116 32 16 398 30 508 406 77 Sept. 6 1,244 1,098 120 13 13 307 23 504 411 53 13... '1, 425 1,123 183 69 50 417 24 555 429 152 20 1 397 1 147 154 55 42 389 25 621 362 110 27 1,588 1,300 124 44 30 410 27 706 446 r63 Oct. 4 1,751 1,417 288 23 23 571 36 704 441 83 11 '1, 783 '1,394 349 20 20 561 47 '793 '413 47 18 1 973 1 687 241 27 18 613 61 764 536 75 25 1,388 1,166 174 31 16 480 21 546 341 58 Nov. 1 1,534 1,301 180 35 18 522 27 616 370 68 8 ... 2,414 1,826 453 68 61 644 53 1,080 636 118 15 1,624 1,155 378 48 42 498 33 635 459 55 22»... 1,361 1,075 222 25 40 434 26 531 370 94 v Preliminary. r Revised. or purchases or sales of securities under repurchase agreements, reverse 1 The transactions data combine market purchases and sales of U. S. repurchase (resale), or similar contracts. The averages are based on the Government securities dealers reporting to the Federal Reserve Bank of number of trading days in the week. New York. They do not include allotments of and exchanges for new NOTE.—Details may not add to totals because of rounding. U. S. Government securities, redemptions of called or matured securities, DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS i [Averages of daily figures.2 Par value, in millions of dollars] [Averages of daily figures. In millions of dollars] U. S. Government securities, by maturity Commercial banks Week Federal ending— mat A ur l i l ties W 1 i y th e i a n r y 1 e - a 5 rs 5 A y f e te a r rs se a c g u e r n i c ti y es en W di e n e g k — so A ur l c l es Y N C o e it r w y k w E h ls e e r - e C t o i r o p n o s r 2 a- o A th l e l r 1961 1961 July 5.... 2,247 2,066 205 -24 166 12 2,323 2,163 179 -20 125 July 5.... 2,260 598 339 1,154 169 19 2,844 2,620 212 12 109 12 2,196 502 387 1,162 145 26.... 2,733 2,017 593 123 109 19 2,489 677 484 1,187 140 26 2,779 716 532 1,341 189 Aug. 2.... 2.739 2,317 338 85 127 9 2,645 2,446 168 32 124 Aug. 2.... 2,885 869 469 1,270 276 16 2,875 2,703 184 -14 108 9 2,666 727 467 ,164 307 23.... 2,513 2,353 153 6 95 16.... 2,985 807 480 ,275 423 30 2,067 1,921 151 -5 82 23 2,696 716 531 ,235 214 30.... 1,985 333 267 1,238 147 Sept. 6 2,082 1,925 162 -6 78 '2,418 '2,251 '161 '7 81 Sept. 6.... '1,986 '310 372 1,178 127 2O'.'.'.[ 2,685 2,497 161 27 114 '2,254 '561 425 1,120 148 27 2,699 2,545 130 25 135 20 '2,722 '980 714 '845 184 27.... '2,621 '815 731 882 193 Oct. 4 2,397 '2,307 90 5 128 11.... 2,959 2,664 297 -2 104 Oct. 4 '2,327 '671 596 813 247 18 3,701 3,511 212 -22 98 11 2,524 691 606 893 335 25.... 3,453 3,320 158 -26 91 18 3,280 1,032 796 1,000 453 25.... 3,514 1,115 841 1,133 425 Nov. 1 3,406 3,253 158 -6 113 Nov. 1 3,490 1,043 798 1,240 409 r Revised. 1 The figures include all securities sold by dealers under repurchase r Revised. contracts regardless of the maturity date of the contract unless the contract 1 The figures are 7-day averages and include both bank and nonis matched by a reverse repurchase (resale) agreement or delayed delivery bank dealers. See also note 1 of the opposite table on this page. sale with the same maturity and involving the same amount of securities. 2 All business corporations except commercial banks and insurance Included in the repurchase contracts are some that more nearly represent companies. investments by the holders of the securities rather than dealer trading NOTE.—Details may not add to totals because of rounding. positions. 2 Averages are based on number of trading days in the week. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE; SECURITY ISSUES 1449 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, NOVEMBER 30, 19611 [On basis of daily statements of U. S. Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Dec. 7,1961. 1,709 May 17, 1962 600 May 15, 1963 3*4 5,047 Dec. 15, 1964-69. ..2V2 2,555 Dec. 14, 1961. 1,701 May 24, 1962 601 Oct. 1,1963 11/2 506 Feb. 15, 1965 2% 6,896 D D e e c c . . 2 2 8 1 j 1 1 9 9 6 6 1 1 . . 1 1 , , 7 7 0 0 1 0 J M un ay e 2 3 2 1 , , 1 19 9 6 62 2 * 2,5 6 1 0 1 0 N Ap o r v . . 1 1 5, , 1 1 9 9 6 6 4 3 1 4 1 7 /2 8 3,0 4 1 5 1 7 M Ma a y r. 1 1 5 5 , , 1 19 9 6 6 6 5 -70.. .2 3 % % 2 3 , , 4 5 2 9 7 8 Jan. 4,1962. 1,700 July 15, 1962 2,004 May 15, 1964 4% 4,933 Aug. 15, 1966 3 1,484 Jan. 11, 1962. 1,701 Oct. 15, 1962 2,003 May 15, 1964 3% 3,893 Nov. 15, 1966 3% 2,438 Jan. 15, 1962. 1,502 Aug. 15, 1964 5 2,316 Mar. 15, 1966-71... 2]' 1,419 Jan. 18, 1962. 1,700 Certificates Aug. 15, 1964 334 5,019 June 15, 1967-72... 2\ 1,761 J F a e n b . . 25 1 , , 1 1 9 9 6 6 2 2 . . 1 1 , , 7 7 0 0 1 0 May 15, 1962 3 5,509 N O o ct v . . 15 1 , , 1 1 9 9 6 6 4 4 4 U % /2 4,1 4 9 9 5 0 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 -72... 3 2 - V r 2 3 , . 7 60 1 4 6 Feb. 8, 1962. 1,805 Apr. 1,1965 11/2 466 Dec. 15, 1967-72... 2^ 3;532 Feb. 15, 1962. 1,700 Treasury notes May 15, 1965 4% 2,113 May 15, 1968 3% 2,140 F M M M M e a a a a b r r r r . . . . . 2 2 1 8 2 3 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 2 2 2 2 2 . . . . . 1 1 , , 7 7 6 5 6 0 0 0 0 9 0 1 0 1 5 A F F F M e e e p a b b b r y . . . . 1 1 1 1 5 5 5 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 2 2 2 2 2 3 3 \ V % y 4 4 4 2 9 2 1 , , , 0 2 4 5 6 3 9 1 5 4 5 8 1 1 7 A O O p c c t t r . . . 1 1 1 , , , 1 1 1 9 9 9 6 6 6 6 5 6 n i i y y /2 2 2 6 3 7 1 5 5 5 3 J N O F M u e o c n a b t v y e . . . 1 1 1 1 5 5 5 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 8 7 7 7 9 0 4 5 8 - - 8 8 5 3 . . . . . A 3 3 V % V A 4 4 A 1 1 1 , , , 1 5 4 4 8 7 9 2 7 8 1 6 3 0 4 Mar. 23, 1962* 3,503 Aug. 15, 1962 4 158 Treasury bonds Nov. 15, 1980 31/2 1,919 Mar. 29, 1962. 600 Aug. 15, 1962 314 7,325 June 15, 1959-62...214 3,964 May 15, 1985 3% 1,132 Apr. 5, 1962. 600 Oct. 1,1962 n/2 590 Dec. 15, 1959-62...214 2,271 Feb. 15, 1990 31/2 4,017 A A A A M p p p p a r r r r y . . . . 2 1 1 1 6 3 9 2 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 2 2 2 2 2 . . . . . 2,0 6 6 6 6 0 0 0 0 0 0 0 0 0 0 N A N F Fe e p o o b b r v v . . . . . 1 1 1 1 5 5 1 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 2 3 3 2 1 3 2 3 3 1 V 1 Y Y / 4 2 S 4 4 2 6 3 1 , , , , 1 8 5 6 0 4 3 3 4 8 3 3 9 3 2 J D D A F u e e e u n b c c g e . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 4 3 0 2 3 - - - 6 6 6 5 7 8 2 . . . . . . . . 2 2 2 2 1 1 V % / / 3 2 2 i 4 3 1 1 1 , , , , , 3 8 8 4 4 1 8 6 1 5 8 5 3 7 4 Co N I F n n e v o v b e v e . r . s t t ib m 1 1 l 5 5 e e , , n 1 1 b t 9 9 o 9 S 9 n 5 8 e d r s ies B 31/ 3 2 2 3 , , 6 52 8 9 4 May 10, 1962. 500 May 15, 1963 4 1,743 June 15, 1964-69. ..2 Vi 2,637 Apr. 1, 1975-80...234 4,662 * 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 issue4 Use of proceeds4 Total amount Period Total G g o a e b t a 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 2 o s ic - r- F l G o e a o a d n l v e s t r . 3 - State S d a s u i p t t a s o a e t n t h r t c r d y u i o i c a - r t l - Others d er e e li d v 6 - Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t t a i w n h i e t l d e s e e i- r r r , h R d i t o n e i e u g a n s l s i 7 - - - V a a e n i t d e s' r- O p p o t u h s r e e - s r ity 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1,464 1957 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 1,352 1958 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,695 4,778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 1,989 402 355 1,683 I960 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 1,894 I960—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 (9) 100 216 Apr 724 543 124 51 6 271 113 340 745 720 209 67 67 55 170 151 May.... 628 401 214 12 18 205 405 670 626 278 33 160 6 149 June r... 1,087 678 395 15 194 314 580 706 1,085 225 257 322 10 271 July7"... 473 310 96 52 14 114 109 249 1,015 470 157 69 86 52 106 Aug 583 416 97 60 10 134 145 303 507 581 274 54 81 61 112 n.a. Not available. r Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data before 1957 are from the Bond Buyer as classified by Federal before 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Includes only bonds sold pursuant to the Housing Act of 1949. of delivery of bonds to purchaser (and of payment to issuer), which occurs These are secured by contract requiring the Public Housing Administra- after date of sale. Other data in table are based on date of sale. tion to make annual contributions to the local authority. 7 Includes urban redevelopment loans. 3 Beginning with 1957, coverage is considerably broader than earlier. 8 Beginning in 1957 this figure differs from that shown on the following 4 Classifications before 1957 as to use of proceeds and type of issuer page, which is based on Bond Buyer data. The principal difference is in are based principally on issues of $500,000 or more; smaller issues not the treatment of Federal Government loans. classified. As a result some categories, particularly education, are under- 9 Less than $500,000. stated relative to later data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1450 SECURITY ISSUES NEW SECURITY ISSUES i [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 c g e r y e a d n 4 l - - S n m a p t i n a c a u d t i l - e - Others Total Total B P l o i u c n b ly d - s v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey' O p p o t u h s r e e - s r m s ri e t o e c i f e n u s t offered placed 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 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 1960—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.. 1,901 342 463 '20 '1,075 '817 424 '392 20 '239 '1,049 '1,028 '846 '182 '22 Aug.. '2,064 392 250 603 '5 '813 '637 225 '411 '45 '131 '793 '762 '662 '100 '31 Sept.. 1,913 338 193 699 5 678 460 123 336 17 201 658 647 612 36 11 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Year or month I Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capitals secu- capital8 secu- capital8 secu- capital8 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 1960—Sept. 161 4 45 1 51 303 94 72 Oct.. 185 4 66 6 36 203 254 147 Nov. 249 27 79 3 45 314 27 242 Dec. 191 22 61 1 78 180 100 242 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 1 254 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. '428 '12 '98 2 11 '269 M6 '206 Aug. '255 '25 '83 1 '69 '215 '2 '13 127 Sept. 252 76 1 28 75 105 ' Revised. tion and Development, and domestic eleemosynary and other nonprofit 1 Estimates of new issues maturing in more than one year sold for cash organizations. in the United States. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 2 Gross proceeds are derived by multiplying principal amounts or num- of flotation, i.e., compensation to underwriters, agents, etc., and expenses. ber of units by offering price. 7 Represents proceeds for plant and equipment and working capital. 3 Includes guaranteed issues. 8 Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. 5 Represents foreign governments, International Bank for Reconstruc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1451 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1960 1961 1956 1957 1958 1959 1960 2 3 4 1 2 3 Manufacturing Total (180 corps.): Sales 107,717114,229 105,134 118,273 120,742 31,573 30,924 28,103 30,142 28,651 '31,233 29,548 Profits before taxes 13,418 13,349 10 466 14,094 13,363 4 002 3,544 2 710 3 107 2 693 r3 478 "> 988 Profits after taxes. . . 7,094 7,177 5,714 7,443 7,077 2,063 1.813 1,499 1,703 1,436 '1,838 1*621 Dividends 4,068 4,192 4 078 4,342 4,492 1 092 1,099 1 101 1 201 1 103 rl 111 i no Nondurable goods industries (79 corps.) :i Sales 39,463 41,704 41 541 45,465 46,819 11 599 11,663 11 616 11 941 11 831r12 133 12 ?10 Profits before taxes • 5,146 5,010 4,402 5,652 5,526 1,407 1,421 1,404 1,294 !, 324 '1,385 1,414 D Pr i o v f i i d t e s n a d f s ter taxes 2 1 , , 9 68 4 3 3 2 1 , , 9 77 4 6 4 2 1 ,7 5 8 7 5 4 3 1 , ,9 2 1 1 2 2 3 1 , ,9 1 7 6 8 1 7 4 8 82 5 7 4 9 86 7 4 8 8 1 2 4 7 5 6 28 5 4 7 8 5 6 7 rm 48 i 6 4 7 7 8 9 7 Durable goods industries (101 corps.):2 Sales 68,254 72,525 63 593 72,808 73,923 19,974 19,260 16 487 18 201 16 820r19 100 17 338 Profits before taxes. 8 272 8,339 6 065 8,442 7,837 2 595 2 123 1 306 1 813 1 368 r2 094 1 574 4,151 4,233 3 140 4,231 3,915 1 277 1,016 684 '938 679 rl 066 '834 2,385 2,416 2,294 2,430 2,515 610 612 619 674 613 625 631 Selected industries: Foods and kindred products (25 corps.): Sales 9,394 9,987 10 707 11,303 11,814 2,821 2,928 2 943 3 122 3 021 '1,154 3 226 Profits before taxes 955 1,024 1 152 1,274 1,323 303 338 345 338 319 r360 359 Profits after taxes 460 497 555 604 629 142 159 162 166 150 '170 171 Dividends. 277 289 312 344 376 92 88 100 95 95 '96 97 Chemicals and allied products (21 corps.): Sales 10 199 10,669 10 390 11,979 12,319 3 057 3 146 3 096 3 020 2 979 r3 250 1 210 Profits before taxes 1 804 1,823 1 538 2,187 1,999 '537 534 489 440 438 '514 510 Profits after taxes 942 948 829 1,131 1,062 276 281 256 250 229 r267 269 Dividends 698 737 717 799 794 191 186 187 230 193 189 185 Petroleum refining (16 corps.): Sales 12 454 13,463 12 838 13,372 13,728 3 427 3 282 3 385 3 635 3 488 r3 398 3 43^ Profits before taxes 1 444 1,325 919 1,187 1,261 307 292 364 299 354 '270 '318 Profits after taxes 1,068 1,075 791 969 986 238 226 292 230 272 214 236 Dividends 481 512 516 518 521 130 130 128 133 129 134 131 Primary metals and products (35 corps.): Sales 22 365 22,468 19 226 21,035 20,898 6 003 5,442 4 939 4 513 4 396 5 189 5 235 Profits before taxes 3,331 2,977 2,182 2,331 2,263 854 611 411 387 309 '560 '5S2 Profits after taxes .... 1 727 1,540 1 154 1,222 1,178 426 322 224 205 166 r295 302 Dividends 880 873 802 831 840 206 208 208 219 207 208 208 Machinery (25 corps.): Sales 13 908 15,115 14 685 16.922 16,503 4 000 4,171 4 015 4,316 4 137 r4 367 4 298 Profits before taxes 1,209 1,457 1 463 1,890 1,482 389 395 366 332 362 398 400 Profits after taxes 607 729 734 934 760 197 202 185 175 178 '202 200 Dividends 403 416 422 448 482 121 119 120 123 121 125 124 Automobiles and equipment (14 corps.): Sales 21,217 23,453 18 469 22,731 24,175 7,022 6,516 4,502 6,134 5,293 '6,309 4,604 Profits before taxes 2 473 2,701 1 332 2,985 3,100 1 076 936 273 816 478 '840 319 Profits after taxes 1,186 1,354 706 1,479 1,529 521 457 151 400 223 '417 172 Dividends 791 805 758 807 833 199 199 207 228 205 207 207 Public Utility Railroad: Operating revenue .. 10,551 10,491 9,565 9,825 9,514 2,411 2,477 2,322 2,304 2,129 2,290 2,354 Profits before taxes 1,268 1,058 843 845 649 165 212 104 169 26 137 185 Profits after taxes 876 737 602 578 445 99 139 65 141 — 13 74 121 Dividends . 462 438 419 406 383 91 94 73 126 86 91 67 Electric Power: Operating revenue 9 049 9,670 10 195 11,129 11,861 3,166 2 837 2 865 2 993 r3 323 '3,013 1 040 Profits before taxes 2,462 2,579 2,704 2,983 3,169 901 739 757 772 918 767 802 Profits after taxes 1 326 1,413 1 519 1,655 1,795 502 422 418 452 523 447 447 Dividends . 1,022 1,069 1,134 1,219 1,302 325 321 322 335 343 344 335 Telephone: Operating revenue 5,966 6,467 6,939 7,572 8,111 1,967 2,025 2,042 2,077 2,090 2,139 2,156 Profits before taxes .. 1 430 1,562 1 860 2,153 2,326 558 585 589 594 587 614 620 Profits after taxes 715 788 921 1,073 1,155 277 290 294 294 290 307 310 552 613 674 743 806 196 200 203 207 210 2,4 218 ' Revised. Telephone. Revenues and profits are for telephone operations of the 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric Power. Figures are for Class A and B electric utilities (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see BULLETIN for June 1949, pp. 662-66 obtained from reports of the Federal Power Commission, except that (manufacturing); BULLETIN for March 1942, pp. 215-17 (public utilities); quarterly figures on operating revenue and profits before taxes are partly and BULLETIN for September 1944, p. 908 (electric power). For back estimated by the Federal Reserve to include affiliated nonelectric opera- data for manufacturing, see BULLETIN for July 1959, pp. 792-93; back tions. 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

1452 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES* [Department of Commerce estimates In billions Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu ea ar 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 In x 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 ea ar r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1953 38.3 20.2 18.1 9.2 8.9 1954 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7 832 4 033 3 799 3 862 1,596 2,265 1956 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 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 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 * Reflects cash transactions only. As contrasted with data shown on p. 1450 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. Retirement! 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. 1450. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities Net Notes and accts. Notes and accts. Federal End of year working U.S. receivable payable income or quarter capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total l t i a a x - Other ties G U o . v S t . .2 Other G U o . v S t . .2 Other bilities 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 7 88.7 12.9 33.3 1959 127.5 278.7 37.2 22.6 2.9 119.0 88.2 8.8 151.2 1.7 99.0 15.3 35.2 gLi 19 129.7 281.3 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 1.8 101.3 12.9 36.9 3 131.6 285.8 35.0 19.3 2.9 125.8 92.6 10.1 154.2 1.8 101.9 13.4 37.2 4 132.5 287.4 37.0 19.7 3.1 126.5 91.3 9.8 154.9 1.8 102.6 13.8 36.8 1961—1 134.3 286.6 34.8 19.5 3.2 125.5 92.9 10.7 152.3 L.8 100.9 12.1 37.5 2 137.9 291.4 36.1 19.4 3.1 129.2 92.3 11.3 153.5 102.4 11.7 37.7 * 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- other 3 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—3..... 9.0 3.9 .7 1.5 2.9 35.9 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 4.... 9 5 4 3 ,7 1.6 3.0 35.5 1955 28.7 11.4 0 .9 6 4.3 2.0 7.5 1956 35.1 15.0 .2 1.2 1.7 4.9 2.7 8.4 1961—1..... 7.6 3.2 .6 l.l 2.7 33.9 1957 37.0 16.0 ? 1.4 1.8 6.2 3.0 7.4 2 . 8.6 3.7 .7 1.4 2.9 33.5 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 3.... . 8.7 3.6 .6 L.5 2.9 34.7 1959 32.5 12.1 1.0 .9 ?, 0 5.7 2.7 8.2 44>\.. 9.7 4.2 .7 1.6 3.2 35.9 I960 35.7 14.5 .0 1.0 1.9 5.7 3.1 8.4 196H' 34.5 13.7 .0 .7 1.8 5.6 11 1962—H.... 8.1 3.4 .6 1.1 3.0 36.5 r Revised. 3 Includes communications and other. * Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1453 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 e o r l l d s l - t F u i i n c t n i i s a o a ti l n n - s - S F e a e c l g e d i e e c e n h s t r e o - a d l l de v o r I i t a d s n h n u d e d a i r - l s s h A e o r l l d s l - T 1 o - t a to l 4- t F f u i a n i c t m n i i s a o a t i i l n l n - y s - ho O h u e o t s r h l e d s e s - r c T o o m ta m l erc t F i u i a n i c t n l i i s a o a t p i l n n - r s - ope O h r e o t t r h i l e d s e s - r 1 h A e o r l l d s l - t F u i i n c t n i i s a o a t l i n n - s - h O ol t d h e e r r s* 1941 37.6 20.7 4.7 12.2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1954 113.7 85.7 4.6 23.4 105.4 75.7 62.5 13.2 29.7 19.9 9.8 8.3 3.3 5.0 1955 129.9 99.3 5.2 25.4 120.9 88.2 73.8 14.4 32.6 21.8 10.8 9.1 3.6 5.4 1956 144.5 111.2 6.0 27.3 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 7.5 29.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 7.8 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4.2 7.1 1959 191.2 145.5 10.0 35.6 178.9 131.0 109.3 21.7 47.9 31.8 16.1 12.3 4.5 7.8 1960 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 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 Sept.. 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." 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 June1'. 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 Sept.P 220.1 168.7 11.4 40.0 206.1 150.2 126.3 23.9 55.9 37.4 18.5 14.0 4.9 9.1 » Preliminary. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home * Derived figures, which include negligible amounts of farm loans held Administration, and Federal land banks, and in earlier years RFC, by savings and loan associations. HOLC, and Federal Farm Mortgage Corporation. Other Federal 2 Derived figures, which include debt held by Federal land banks and agencies (amounts small or separate data not readily available currently) Farmers Home Administration. are included with individuals and others. 3 Revised data for earlier quarters, and for the end of 1959 will be SOURCE.—Federal Deposit Insurance Corporation, Federal Home shown in the BULLETIN for January 1962. Loan Bank Board, Institute of Life Insurance, Departments of Agri- NOTE.—Figures for first three quarters of each year are Federal Reserve culture and Commerce, Federal National Mortgage Association, Federal estimates. Financial institutions represent commercial banks (including Housing Administration, Public Housing Administration, Veterans nondeposit trust companies but not trust departments), mutual savings Administration, Comptroller of the Currency, and Federal Reserve. banks life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - 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 ,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 .™> 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 J471 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 .588 24,992 22 486 6,276 8,589 7,622 2,451 55 I960 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 1960—Mar 28,228 20,292 6,053 3,124 11,113 6,345 j5Q1 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 ,646 25,849 23,293 6,571 8,879 7,843 2,503 53 Sept ^28,693 20,399 5,906 2,919 11,574 6,651 j643 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 1,677 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 Sept 30,240 21,170 5,980 2,800 12,390 7,320 j750 28,568 25,854 7,856 9,313 8,685 2,662 52 1 Represents all banks in the United States and possessions. estimates based in part on data from National Association of Mutual 2 Includes loans held by nondeposit trust companies, but excludes Savings Banks. holdings of trust departments of commercial banks. March and Septem- 4 Data reflect a $40 million ^classification 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

1454 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6 108 971 1 839 3 298 515 29,445 27 172 6 395 6 074 14 703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957... . 5,230 4 823 653 831 3 339 407 35 236 32 652 6 751 7 721 18 180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5 472 1,549 201 3 722 498 39 197 36 353 8 273 7 086 20 994 2,844 1960 6,083 5,619 1,401 288 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 I960—Oct 507 477 117 16 344 30 41,313 38 356 8 930 6 978 22,448 2,957 Nov 503 465 124 13 328 38 41,521 38,553 9,004 6,951 22,598 2,968 Dec 616 561 114 12 435 55 41,798 38,803 9,043 6,929 22,831 2,995 1961—Jan 569 524 167 12 345 45 42 008 39 021 9 134 6 899 22 988 2,987 Feb 447 395 117 12 266 52 42,143 39,152 9,210 6,866 23,076 2,991 Mar 549 490 105 20 365 59 42,351 39,347 9,275 6,839 23,233 3,004 Apr 513 463 107 13 343 50 42,553 39,525 9,326 6,810 23,389 3,028 May . . .. 511 461 105 12 344 50 42,723 39,670 9,364 6,770 23,536 3,053 June 537 489 99 13 377 48 42,905 39,827 9,403 6,736 23,688 3,078 July . . 465 433 94 16 323 32 43,052 39,959 9,452 6,698 23,809 3,093 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 Oct 580 541 112 24 405 39 43,580 40,435 9,574 6,592 24,269 3,145 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 o 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) Year or month Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in l S o g a 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 in u a g v tu s - al justed1 ment* panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941. 4,732 1,490 404 1,165 218 1945. 5,650 2,017 250 1,097 217 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1955 11,255 3,984 5,155 31,408 1,404 5,883 24,121 1954. 22,974 8,312 ,768 4,239 1,501 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1955. 28,484 10,452 ,932 5,617 1,858 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1956. 27,088 9,532 ,799 5,458 1,824 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1957. 24,244 9,217 ,472 4,264 1,429 1959 15,151 5,201 6,613 53,194 2,997 7,192 43,005 1958. 27,388 10,516 ,460 5,204 1,640 1960 14,304 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 Oct 1,250 394 545 59,011 3,447 7,216 48,348 Nov 1,140 332 508 59,512 3,487 7,214 48,811 Sept.. 2,464 2,598 1,097 111 381 145 Dec 1,150 367 460 60,084 3,523 7,211 49,350 Oct.. 2,451 2,525 1,053 106 372 146 Nov.. 2,426 2,378 978 97 363 143 1961 Dec. 2,407 2,338 961 95 361 132 Jan QfiQ 285 400 60,455 3,561 7,191 49,703 1961 Feb ,001 288 395 60,882 3,610 7,193 50,079 Mar ,356 426 515 61,571 3,658 7,183 50,730 Jan... 2,373 2,075 830 83 337 110 Apr.. . ,309 417 504 62,265 3,702 7,195 51,368 Feb... 2,387 1,997 838 78 321 95 May ,511 460 603 63,080 3,770 7,204 52,106 Mar.. 2,398 2,444 ,060 94 394 106 June ,721 532 712 64,073 3,835 7,186 53,052 Apr... 2,476 2,358 1,038 89 386 114 July ,482 422 659 64,811 3,888 7,183 53,740 May.. 2,561 2,700 1,199 100 444 138 Aug ,763 498 785 65,717 3,954 7,156 54,607 June.. 2,581 2,856 1,292 104 460 153 Sept ,594 436 695 66,519 4,013 7,144 55,362 July.. 2,652 2,653 1,166 95 425 168 Oct.23 ,623 465 694 67,305 4,057 7,137 56,111 Aug.. 2,652 3,004 1,346 111 483 179 Sept.. 2,777 1,248 101 441 174 p 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 1455 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 mortgages Prop- mortgages Government- Year or month P e r c o t j - - e im rty - End of underwritten Con- Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- i p l m o ro a e n v n e s t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y u ea a r r te o r r Total FHA- VA- ti v o e n n a - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1945 18.6 4.3 4.1 .2 14.3 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75 7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 . . 99 0 43.9 15.5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1958.. 117 7 50.1 19.7 30 4 67.6 1959 131.0 53.8 23.8 30.0 77.2 I960—Oct.. 573 196 237 46 94 162 125 36 1960 141.8 56.4 26.7 29.7 85.4 Nov. 558 181 223 78 77 150 113 37 Dec, 558 167 223 92 76 142 109 33 1960—Mar 133.3 54.5 24.6 29.9 78.8 June 136.1 55.0 25.2 29.8 81.1 1961— F J e a b n . . . . 5 44 6 8 4 1 14 8 8 6 2 1 2 9 4 3 8 5 9 7 6 5 5 0 1 1 0 3 8 0 10 8 1 1 2 2 7 8 D Se e p c t 1 14 3 1 9 . . 8 2 5 5 5 6 . . 8 4 2 2 6 6 . . 7 0 2 2 9 9 . . 7 8 8 8 5 3 . . 4 4 Mar. 480 143 204 72 60 125 93 32 Apr.. 458 124 193 75 65 109 78 31 1961— Mar.p.... 143.8 57.1 27.4 29.7 86.7 J M un ay e. . 5 5 0 6 1 3 1 13 3 2 0 2 2 1 5 9 4 9 8 0 4 6 8 8 7 1 1 2 3 3 7 8 8 3 9 4 4 1 8 J S u ep n t e . p * . 1 . . . . . . 1 1 4 5 7 0 . . 1 2 5 5 8 7 . . 7 8 2 28 8 . . 8 0 2 2 9 9 . . 9 8 9 8 1 9 . . 4 3 July. 543 134 252 80 76 144 90 54 Aug. 647 164 299 96 88 182 113 68 Sept. 569 147 276 73 74 168 98 70 v Preliminary. Oct.. 599 148 285 83 83 201 114 86 1 Revised figures for earlier quarters and for the end of 1959 for the total and for conventional will be shown in the BULLETIN for January 1962. 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 These loans are not ordinarily secured by mortgages. NOTE.—For total debt outstanding, figures for first 3 Includes a small amount of alteration and repair loans, not shown separately; only such three quarters of year are Federal Reserve estimates. oans in amounts of more than $1,000 need be secured. For conventional, figures are derived. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed SOURCE.—Federal Home Loan Bank Board, Federal loans, gross amount of loans closed. Figures do not take account of principal repayments Housing Administration, Veterans Administration, and on previously insured or guaranteed loans. For VA-guaranteed loans amounts by type Federal Reserve. are derived from data on number and average amount of loans closed. SOURCE.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts y- a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s 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 1,417 991 426 698 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 . ... 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2,067 1 231 2,134 1 192 942 589 1960 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 892 938 I960—Oct 6,106 3,293 2,812 79 1 571 I960—Nov 125 119 1,741 976 765 788 Nov 6,143 3,333 2,810 69 9 575 Dec 344 104 1,981 1,089 892 938 Dec 6,159 3,356 2,803 69 27 576 1961—Jan 90 500 1,571 888 683 959 1961 Jan 6,154 3,357 2,797 56 33 564 Feb 100 176 1,496 822 674 978 Feb 6,110 3,336 2,775 54 75 539 Mar 135 154 1,477 781 696 1,026 Mar 6,017 3,298 2,719 48 116 540 Apr 205 106 1,576 807 769 1,056 Apr 5,858 3,211 2,646 38 172 532 May 197 149 1,624 852 772 ,089 May 5,772 3,188 2,584 42 101 523 June 367 122 1,869 975 894 ,154 June......... 5,763 3,191 2,572 38 18 544 July 271 270 1,871 1,062 809 ,048 July 5,765 3,204 2,561 35 6 579 Aug 245 115 2,001 1,147 854 ,019 Aug 5,804 3,245 2,559 71 3 593 Sept 244 120 2,124 1,233 892 ,022 Sept 5,841 3,281 2,561 76 10 626 Oct 257 179 2,202 1,239 963 ,008 Oct 5,916 3,345 2,571 108 2 653 Nov 263 178 2,287 1,269 1,018 ,029 * Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 1 Secured or unsecured loans maturing in one year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. Data ex- 1 year but not more than 10 years. clude conventional mortgage loans acquired by FNMA from the RFC SOURCE.—Federal Home Loan Bank Board. Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. SOURCE.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1456 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 A o u b to il - e co O ns th u e m r er an R d e p m a o ir d- Personal Total p S a i y n m gl e e n - t Charge I Service paperl p g a o p o e d r s i er l n o iz a a n t s i 2 on loans loans accounts credit 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 1955r 38,807 28,883 13,437 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1956r 42 262 31,648 14,348 8 606 1,905 6,789 10,614 3,253 4,995 2,366 1957r 44,848 33,745 15,218 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958r 44,984 33,497 14,007 9,028 2,346 8,116 11,487 3,627 5,060 2,800 19593>- 51,331 39,034 16,209 10,630 2,809 9,386 12,297 4,129 5,104 3,064 1960 r 55,757 42,588 17,444 11,525 3,139 10,480 13,169 4,507 5,329 3,333 I960 Oct r 53,979 41,859 17,553 10,909 3,129 10,268 12,120 4,432 4,504 3,184 Nov.r 54,298 41 996 17,544 11 003 3 144 10,305 12,302 4,478 4,605 3,219 Dec r 55,757 42,588 17,444 11,525 3,139 10,480 13,169 4,507 5,329 3,333 1961—Jan.r 54,726 42,122 17,220 11,365 3,100 10,437 12,604 4,503 4,721 3,380 Feb.r 53,843 41,662 17,017 11,136 3,075 10,434 12,181 4,573 4,132 3,476 Mar.r 53,641 41,465 16,922 11 007 3,066 10,470 12,176 4,611 4,096 3,469 Apr r 53,756 41,423 16,877 10,915 3,073 10,558 12,333 4,589 4,203 3,541 Mayr 54,196 41,584 16,933 10,929 3,100 10,622 12,612 4,717 4,380 3,515 June r. 54,602 41,888 17,061 10,966 3,122 10,739 12,714 4,743 4,474 3,497 Julyr .. .... 54,505 41,909 17,063 10,934 3,133 10,779 12,596 4,708 4,397 3,491 AUK. r 54,739 42,090 17,061 10,966 3,165 10,898 12,649 4,769 4,409 3,471 Sept r 54,757 42,039 16,902 11,006 3,180 10,951 12,718 4,832 4.423 3,463 Oct r 54,902 42,181 16,913 11,085 3,183 11,000 12,721 4,778 4,517 3,426 r Revised. See "Note." 3 Includes data for Alaska and Hawaii beginning with January and 1 Represents all consumer instalment credit extended for the purpose August 1959, respectively. of purchasing automobiles and other consumer goods, whether held by NOTE.—Data have been revised beginning with July 1955 for finance retail outlets or financial institutions. Includes credit on purchases by companies, beginning with 1959 for noninstalment credit, and beginning individuals of automobiles or other consumer goods that may be used with 1960 for all other components. For all revisions see pp. 1390-1400 in part for business. of this BULLETIN. For other figures see the following BULLETINS: April ? Represents repair and modernization loans held by financial institu- 1953 (includes a general description of the series); October 1956; November tions; holdings of retail outlets are included in other consumer goods 1958 and 1959; and December 1957 and 1960. A detailed description paper. of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding; in millions of dollars] Financial institutions> Retailoutlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m 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 a c C n u n o a o m i m n n e e c s - - r e 1 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 s a 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 e to 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 r 28,883 24,375 10,601 8,424 1,678 2,623 1.049 4,508 1,511 1,044 365 487 1 101 1956 r 31,648 26,905 11,777 9,045 2,014 2,940 ,129 4,743 1,408 1,187 377 502 1,269 1957 r 33,745 29,078 12,843 9,487 2,429 3,124 ,195 4,668 1,393 1,210 361 478 1 226 1958r . . .. 33,497 28,514 12,780 8,699 2,668 3,085 ,282 4,983 88? 1,128 292 506 ) \Ts 19594r 39,034 33,359 15,227 10,108 3,280 3,337 ,407 5,676 2|292 1,225 310 481 1,368 1960r 42,588 36,974 16,672 11,228 3,923 3,670 ,481 5,615 2,414 1,107 333 359 I 402 1960—Oct.r 41,859 36,740 16,627 11,223 3,850 3,568 ,472 5,119 2,116 1,065 324 386 I 228 Nov r. 41,996 36,819 16,653 11,227 3,885 3,578 1,476 5,175 2,168 1,068 325 375 1,239 Dec T 42,588 36,974 16,672 11,228 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961 Jan.r 42,122 37,708 17,539 11,165 3,879 3,645 1,480 4,414 1,327 1,071 325 360 1,331 Feb.r 41,662 37,329 17,285 11,053 3,886 3,621 1,484 4,334 1.367 1,043 317 361 246 Mar r 41,465 37,092 17,148 10,931 3,920 3,603 1,490 4,373 1,452 1,016 312 361 1,232 Apr.r 41,423 37,003 17,072 10,883 3,964 3,606 1,478 4,420 1,545 1,002 306 361 1,206 Mayr 41,584 37,056 17,079 10,859 4,019 3,607 1,492 4,527 1,650 997 307 360 1,213 Juner 41,888 37,249 17,113 10,915 4,107 3,622 1,492 4,639 1,748 1,001 310 359 1,221 July*- 41,909 37,226 17,066 10,903 4,144 3,633 1,480 4,682 1,811 993 312 359 1,207 Aug r 42,090 37,320 17,065 10,886 4,207 3,659 4,769 1,896 1,001 314 359 1,199 Sept.r 42,039 37,188 16,909 10,882 4,233 3,650 1*514 4 850 1.979 1 009 315 360 1 187 Oct r . . 42,181 37,191 16,877 10,866 4,269 3,671 1,508 4,990 2,097 1,014 315 359 1,205 r Revised. See pp. 1390-1400 of this BULLETIN. 3 Represents automobile paper only; other instalment credit held by 1 Consumer finance companies included with "other" financial institu- automobile dealers is included with "other** retail outlets. tions until September 1950. 4 See note 3 to table above. 2 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1457 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] [Estimated amounts outstanding; in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d a n a s i - r - l s P o o a e n n r 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 O p c u o a o t m p o h n d e e e - r s r r m R iz lo o a e a a d n p ti n d e a o s r i n r n- s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955' 8,424 6,882 1,048 28 466 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956' 9,045 7,166 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957' 9,487 7,271 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958' 8,699 6,165 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 19591' 10,108 6,976 2,114 72 946 19591 15,227 4,827 2,525 2,640 2,039 3,196 I960' 11,228 7,284 2,739 139 ,066 I960' 16,672 5,316 2,820 2,759 2,200 3,577 I960—Oct.'. 11,223 7,380 2,668 136 ,039 I960—Oct.' 16,627 5,355 2,802 2,739 2,201 3,530 Nov.' 11,227 7,343 2,704 138 ,042 Nov.' 16,653 5,353 2,824 2,732 2,207 3,537 Dec' 11,228 7,284 2,739 139 ,066 Dec.' 16,672 5,316 2,820 2,759 2,200 3,577 1961—Jan.'. 11,165 7,152 2,814 139 ,060 1961— Jan.' 17,539 5,255 2,805 3,742 2,171 3,566 Feb.', 11,053 7,033 2,821 140 ,059 Feb.' 17,285 5,187 2,788 3,596 2,148 3,566 Mar.' 10,931 6,924 2,806 143 ,058 Mar.' 17,148 5,174 2,802 3,449 2,134 3,589 Apr.' 10,883 6,858 2,813 146 ,066 Apr.' 17,072 5,170 2,810 3,309 2,141 3,642 May' 10,859 6,819 2,824 146 ,070 May' 17,079 5,216 2,836 3,202 2,155 3,670 June' 10,915 6,829 2,848 149 ,089 June1" 17,113 5,275 2,861 3,095 2,170 3,712 July'. 10,903 6,799 2,854 155 ,095 July 17,066 5,295 2,861 3,013 2,176 3,721 Aug.' 10,S86 6,756 2,865 149 ,116 Aug.' 17,065 5,312 2,860 2,936 2,190 3,767 Sept.' 10,882 6,650 2,937 153 ,142 Sept.r 16,909 5,284 2,822 2,826 2,197 3,781 Oct.'. 10,866 6,621 2,929 157 ,159 Oct.r 16,877 5,308 2,825 2,769 2,198 3,777 ' Revised. See pp. 1390-1400 of this BULLETIN. 1 r R In e c v l i u s d e e d s . d S at e a e p fo p r . 1 A 3 l 9 a 0 s - k 1 a 4 0 a 0 n o d f H th a is w B ai U i L b L e E g T i I n N n . ing with January and 1 Includes data for Hawaii beginning with August 1959. 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 Total Other Repair Total loans E o n r d m of o n y t e h ar i c m n r s e e t d n a i t l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz l o o a a d n a ti n e d o r s n n- 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 m n n r s o e e t n d n a - i l t t - b C m c a o i n e a m r k l - s - t f O u i i n c n t t i i s h a o a t n e l i n - r - s s m t p D o a e r e r e n - t s - t i o O r u e t t t h l a e e i t l r s C ca re rd d s it 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 1 19 9 5 5 5 4 ' 4 5 , , 5 3 1 5 0 0 5 76 3 3 9 3 5 7 3 5 0 2 3 8 2 2 7 3 3 , , 3 7 1 3 4 0 1 1 9 9 4 4 1 5 3 3 , , 0 2 8 0 7 3 6 67 9 4 3 1 7 5 2 2 2 2 7 9 5 0 1 1 , , 3 3 7 2 0 2 5 8 9 4 7 5 1 1 1 1 I 9 9 9 9 9 5 5 5 5 6 6 8 7 9 0 ' ' ' 1 ' ' 6 9 6 7 8 , , , , , 0 0 0 7 0 3 8 4 7 2 5 3 4 8 4 1 1 1 1, , , , 9 6 4 1 1 6 0 5 1 5 5 0 2 4 4 6 7 6 5 5 7 8 2 6 8 1 1 4 5 8 4 4 6 5 8 0 9 9 9 0 4 0 5 8 0 4 4 4 5 5 , , , , , 1 5 7 8 2 0 5 2 3 4 1 5 3 7 4 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 7 5 4 8 6 1 1 1 9 8 1 0 1 , , , , 9 8 6 1 4 9 2 1 0 8 4 6 4 3 7 2 2 2 2 3 , , , , 6 9 0 8 1 3 3 9 4 5 5 7 6 3 6 4 4 4 3 3 7 2 1 6 1 1 7 0 7 2 7 9 8 8 8 9 0 9 7 6 3 7 3 6 2 3 3 3 3 3 , , , , 7 5 9 8 8 1 1 5 4 0 5 7 3 2 8 2 2 3 3 1 1 6 1 4 1 6 0 7 5 1 2 2 2 2 2 , , , , , 5 3 8 1 0 9 6 0 2 0 3 6 0 7 3 I960—O N c o t v . . ' ' . 8 8 , , 8 9 9 3 0 9 1 1 , , 6 6 4 3 9 0 7 76 6 9 7 7 79 9 9 2 5 5 , , 6 7 9 2 9 6 1 I9 9 6 5 0 9 ' 3' 1 13 2 , , 1 2 6 9 9 7 3 3, , 8 5 8 8 4 2 6 5 2 4 3 7 9 9 5 4 8 1 3 3 , , 7 9 5 5 3 2 4 3 3 9 6 3 3 3 , , 0 3 6 3 4 3 Dec' 9,074 1,665 771 800 5,837 I960—Oct.'. . . 12,120 3,813 619 661 3,406 437 3,184 1961—J F a e n b . . ' ' . 9 8 , ,9 0 9 0 1 4 1 1 , , 6 64 4 8 8 7 7 5 4 5 6 7 7 9 8 0 7 5 5 , , 8 8 1 0 1 9 N D o e v c . ' ' . . . . . . 1 1 2 3 , , 3 1 0 6 2 9 3 3 , , 8 8 4 8 4 4 6 6 3 2 4 3 9 7 4 0 1 9 3 3, , 9 4 5 6 2 3 4 4 3 3 6 3 3 3 , ,2 3 1 3 9 3 Mar.' 9,013 1,661 740 789 5,823 1961—Jan.'.... 12,604 3,882 621 810 3,473 438 3,380 Apr.' 9,048 1,677 734 786 5,850 Feb.'. .. 12,181 3,927 646 669 3,030 433 3,476 J J A O M S c u e u u a t p l n g y . t y . e ' ' . r ' ' . . ' 9 9 9 9 9 9 , , , , , , 2 1 4 2 3 3 2 1 4 6 9 5 1 8 8 9 7 7 1 1 1 1 1 1 , , , , , , 7 7 7 7 7 8 0 3 4 8 7 0 2 7 8 6 4 0 7 7 7 7 7 7 4 5 5 3 5 4 3 5 3 6 6 4 7 8 8 8 8 8 9 0 2 3 0 2 9 3 6 0 2 8 5 6 6 6 5 5 , , , , , , 0 0 9 0 8 9 1 2 3 6 8 6 5 8 8 4 2 3 J A J A M M u u u p a a l n g r y r y e . . . ' ' ' ' . ' ' . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 2 2 2 2 2 2 , , , , , , 6 7 3 1 5 6 4 1 3 7 9 1 9 4 3 6 6 2 4 4 4 4 3 3 , , , , , , 1 0 1 0 9 9 0 2 9 0 7 2 0 8 0 3 0 5 6 6 6 6 6 6 0 5 1 8 6 8 5 3 9 9 9 6 6 6 6 6 5 5 3 3 3 2 8 7 1 7 4 4 9 4 3 3 3 3 3 3 , , , , , , 1 4 3 3 0 3 4 1 2 2 3 6 9 1 9 7 4 0 4 4 4 4 4 4 6 2 3 2 9 1 3 5 9 3 3 7 3 3 3 3 3 3 , , , , , , 5 4 5 4 4 4 4 9 1 7 6 9 1 1 5 1 9 7 Sept.'... 12,718 4,129 703 623 3,312 488 3,463 r Revised. See pp. 1390-1400 of this BULLETIN. Oct.'.... 12,721 4,125 653 656 3,382 479 3,426 i Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. r Revised. See pp. 1390-1400 of this BULLETIN. 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

1458 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 r e n p iz a a ir ti a on n d loans Personal loans Year or month Adjusted U ju n s a te 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 s a te d d - Extensions 1954 31,051 11,807 9,117 1,261 8,866 1955r 38,944 16,706 10,642 1,393 10,203 1956r 39,775 15,421 11,721 1,582 11,051 1957r 41,871 16,321 11,807 1,674 12,069 1958' 39,962 14,069 11,747 1,871 12,275 19591r . 47 818 17,544 13 982 2 222 14,070 I960' 49,313 17,408 14,470 2,212 15,223 I960 Oct r 4,034 3,941 1,365 J 99Q 175 185 1,162 Nov r 4,018 3,998 ,408 1,344 1,174 ,236 174 176 1,262 1,242 Dec.r 3,984 4,547 ,351 1,220 1,207 ,676 166 154 1,260 1,497 1961— Jan.r 3,866 3,426 ,286 1,130 1,179 ,031 155 127 1,246 1,138 Feb.r 3,812 3,183 ,216 1,049 I 165 157 127 I 274 1,119 Mar r ... 3,894 3,907 ,255 1,323 1,188 ,111 172 161 1,279 1,312 Apr.r 3,800 3,721 .225 1,243 1,162 ,073 167 166 1,246 1,239 Mayr . .. 3,907 4,203 1,270 1,449 1,173 ,221 181 200 1,283 1,333 June7" 3,962 4,347 1,296 1,515 1,175 ,236 177 196 1,314 1,400 A JU u ly g r .r 4 3 , , 0 9 3 0 8 9 4 3 , , 2 9 3 0 4 5 1 1 , , 3 3 0 0 0 2 1 1 , , 3 3 6 9 5 5 [ 1 , , 1 2 8 1 4 2 , , 2 1 2 1 9 3 1 1 8 6 6 7 2 1 0 7 6 5 1 1 , , 2 3 5 3 8 8 1 1 , , 2 4 5 0 2 4 Sept.r 3,942 3,789 1,271 1,168 1,199 ,200 175 184 1,297 1,237 Oct.r 4,209 4,244 1,405 1,452 1,254 ,300 173 186 1,377 1,306 Repayments 1954 30 488 11 833 9 145 1 255 8,255 1955r 33 629 13,077 9 752 1,316 9,484 1956r 37,009 14,510 10,756 1,370 10,373 1957' 39,775 15,451 11,569 1,477 11,278 1958r 40,211 15,281 11 563 1,626 11,741 19591r 42,435 15,411 12,402 1,765 12,857 I960' 45,759 16,172 13,574 1,883 14,130 I960—Oct r 3,862 3 855 1,365 J.405 1 1S1 1,140 163 165 1,183 1,145 Nov r 3,856 3,867 1,358 1,354 1,138 1,144 162 163 1,198 1,206 Dec.r 3,866 3,952 1,348 1,319 1,153 1,152 162 158 1,203 1,323 1961—Jan.r 3,875 3,895 1 356 I 354 1,163 1,193 167 167 1,189 1,181 Feb r 3,889 3,643 1,353 1,252 1,151 1,116 160 152 1,225 1,123 Mar.r 3,907 4,104 1,348 I 418 1,176 1.242 164 169 1,219 1,275 Apr r 3,907 3,764 1,356 1,290 1,189 ,164 165 159 1,197 1,151 Mayr 3 895 4 043 1 336 -I 394 1,166 1,207 169 173 1,224 1,269 Juner 3 962 4 042 1 354 I 387 1,188 1,199 171 174 1,249 1,282 Julvr 3,937 3,885 1,364 1,362 1,183 1,145 165 165 1,225 1,213 Aug.r 3,994 4,053 1,362 1,396 1,197 1,198 170 174 1,265 1,285 Sept r 3,956 3,839 1,350 1,327 1,190 .159 170 169 1,246 1,184 Oct.r 4,028 4,102 1,372 1,441 1,210 l|221 178 183 1,268 1,257 Net increase or decrease (—) in credit outstanding2 1954 563 — 26 -28 6 611 1955 r 5 315 3 629 890 77 719 1956 r 2,766 911 965 212 678 1957r 2,096 870 238 197 791 1958 r — 249 — 1 212 184 245 534 1959 lr 5 535 2 201 1 602 463 1 269 1960r . 3,554 1,236 896 329 13O93 I960—Oct.r 172 86 34 -40 53 89 12 20 73 17 Nov f 162 131 50 -10 36 92 12 13 64 36 Dec.r 118 595 3 -99 54 524 4 -4 57 174 1961— Jan.r -9 -469 -70 -224 16 -162 -12 -40 57 -43 Feb.r -77 -460 -137 -203 14 -228 -3 -25 49 4 Mar.r -13 -197 -93 -95 12 -131 8 -8 60 37 Apr.r -107 -43 -131 -47 -27 -91 2 7 49 88 Mayr. 12 160 -66 55 7 14 12 27 59 64 Juner 0 305 -58 128 -13 37 6 22 65 118 Julyr -28 20 -64 3 1 -32 2 10 33 39 Aug r 44 181 -60 -1 15 31 16 32 73 119 Sept.r -14 -50 -79 -159 9 41 5 15 51 53 Oct.r 181 142 33 11 44 79 -5 3 109 49 r Revised. See pp. 1390-1400 of this BULLETIN. shown in the BULLETIN for January 1954, pp. 9-17. Estimates of 1 Extensions and repayments include data for Alaska and Hawaii instalment credit extended and repaid are based on information from beginning with January and August 1959, respectively. The differences accounting records of retail outlets and financial institutions and often between extensions and repayments do not equal the changes in out- include charges incurred under the instalment contract. Renewals standing credit for 1959 because the differences do not reflect the effect and refinancing of loans, repurchases and resales of instalment paper, of the introduction of outstanding balances for these two States. and certain other transactions may increase the amount of both credit 2 Obtained by subtracting credit repaid from credit extended, except extended and credit repaid without adding to the amount of credit outas indicated in note 1. standing. NOTE.—A discussion of the composition and characteristics of the Monthly figures for 1940-54 are shown on pp. 1043-48 of the BULLETIN data and a description of the methods used to derive the estimates are for October 1956; for 1955-60, on pp. 1393-96 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1459 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n s a t d e - d Extensions 1954 31,051 11,267 7,260 6,983 5,541 1955' 38,944 14,109 10,178 8,376 6,281 1956' 39,775 14,463 9,526 9,148 6,638 1957' 41,871 15,355 10,106 9,915 6,495 1958' 39,962 14,860 8,886 9,654 6,563 19591' 47,818 17,976 10,962 10,940 7,940 I960' 49,313 18,269 11,211 12,073 7,762 I960—Oct.'. 4,034 3,941 ,506 1,450 907 900 981 921 640 670 Nov.-. 4,018 3,998 ,511 ,437 907 886 989 988 611 687 Dec.'. 3,984 4,547 ,479 ,416 886 984 1,178 633 1,067 1961— Jan.'. 3,866 3,426 ,434 ,350 835 752 948 842 649 482 Feb.'. 3,812 3,183 ,393 ,217 818 672 972 853 629 441 Mar.'. 3,894 3,907 ,432 ,466 823 829 1,000 1,023 639 589 Apr.'. 3,800 3,721 ,406 ,435 830 801 953 930 611 555 May. 3,907 4,203 ,431 ,608 829 891 1,017 1,060 630 644 June'. 3,962 4,347 ,443 ,604 863 977 1,038 1,117 618 649 July. 3,909 3,905 ,442 ,482 827 863 984 989 656 571 Aug.r. 4,038 4,234 ,476 ,559 853 927 1,049 1,100 660 648 Sept.7". 3,942 3,789 ,438 ,371 828 809 1,023 958 653 651 Oct.'. 4,209 4,244 ,533 ,536 913 951 1,078 1,034 685 723 Repayments 1954.. 30,488 11,469 7,043 6,511 5,465 1955'. 33,629 12,304 7,898 7,536 5.891 1956'. 37,009 13,362 8,904 8,415 6,328 1957'. 39,775 14,360 9,664 9,250 6,499 1958'. 40,211 14,647 9,708 9,365 6,490 19591' 42,435 15,560 9,574 10,020 7,281 I960'. 45,759 16,832 10,229 11,022 7,676 I960—Oct.'. 3,862 3,855 ,433 ,446 868 893 919 642 628 Nov.' 3,856 3,867 ,422 ,411 879 885 934 940 621 631 Dec' 3,866 3,952 ,431 ,396 874 885 942 1,044 619 627 1961—Jan.'. 3,875 3,895 ,446 ,460 874 855 922 912 633 668 Feb.' 3,889 3,643 ,540 ,472 868 783 943 867 538 521 Mar.' 3,907 4,104 ,544 ,601 885 951 959 1,002 519 550 Apr.' 3,907 3,764 ,564 ,511 883 849 931 896 529 508 May' 3,895 4,043 ,521 ,600 887 915 961 991 526 537 June' 3,962 4,042 ,535 ,569 909 920 985 1,016 533 537 July'. 3,937 3,885 ,529 ,529 890 874 963 954 555 528 Aug.' 3,994 4,053 ,535 ,560 906 933 988 999 565 561 Sept.' 3,956 3,839 ,521 ,486 883 862 982 930 570 561 Oct.', 4,028 4,102 ,523 ,569 918 967 997 983 590 583 Net increase or decrease ( —) in credit outstanding2 1954. 563 -202 217 472 76 1955' 5,315 1,805 2,280 840 390 1956' :,766 1,176 622 733 235 1957' 2,096 1,066 442 665 -75 1958' -249 -63 -788 289 315 1959i 5,535 2,447 1,409 986 693 I960' 3,554 1,446 1,120 1,051 -61 I960—Oct.'. 172 86 73 4 39 7 62 33 -2 42 Nov.'. 162 131 89 26 28 1 55 48 -10 56 Dec.'. 118 595 48 20 14 1 42 134 14 440 1961—Jan.'. -9 -469 964 866 1 -63 26 -70 -1,000 -1,202 Feb.'. -77 -460 -147 -255 -50 -111 29 -14 91 -80 Mar.'. -13 -197 -112 -135 -62 -122 41 21 120 39 Apr.'. -107 -43 -158 -76 -53 -48 22 34 82 47 May'. 12 160 -90 8 -58 -24 56 69 104 107 June'. 0 305 -92 35 -46 57 53 101 85 112 July'. -28 20 -87 -47 -63 -11 21 35 101 43 Aug.'. 44 181 -59 -1 -64 -17 72 112 95 87 Sept.'. -14 -50 -124 -156 -6 -4 41 28 75 82 Oct.'. 181 142 10 -33 -5 -16 81 51 95 140 ' Revised. See pp. 1390-1400 of this BULLETIN. transfers do not affect total instalment credit outstanding. 1 Extensions and repayments include data for Alaska and Hawaii For a further discussion of the composition and characteristics of beginning with January and August 1959, respectively. The differences the data and the description of the methods used to derive the estimates between extensions and repayments do not equal the changes in out- see the BULLETIN for January 1954, pp. 9-17. Estimates of extensions standing credit for 1959 because the differences do not reflect the effect and repayments are based on information from accounting records of of the introduction of outstanding balances for these two States. retail outlets and financial institutions and often include charges incurred 2 Obtained by subtracting credit repaid from credit extended, except as under the instalment contract. Renewals and refinancing of loans, indicated in note 1. repurchases and resales of instalment paper, and certain other trans- NOTE.—Data on extensions and repayments have been adjusted, where actions may increase the amount of both credit extended and credit necessary, to avoid duplication resulting from large transfers of paper. repaid without adding to the amount of credit outstanding. As a result, the differences between extensions and repayments for some Monthly figures for 1940-54 are shown on pp. 1049-54 of the BULLETIN types of holders do not equal the changes in outstanding credit. Such for October 1956; for 1955-60, on pp. 1393-96 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1460 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Seasonally adjusted] A av n e n ra u g a e l 1960 1961 Grouping 1959 1960 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. INDUSTRY GROUPINGS Total index . . . 159 164 161 159 156 155 155 156 160 164 168 170 172 169 171 755 163 759 757 154 753 752 753 755 753 755 759 770 '757 770 Durable 165 169 164 159 156 154 153 154 161 167 171 175 175 r171 174 Nondurable 155 160 159 158 156 155 156 157 160 162 165 167 169 '167 169 Mining 125 128 128 129 129 128 127 127 128 128 128 129 130 r128 131 Utilities 268 287 289 287 287 290 292 291 296 304 307 307 314 '316 318 Durable Manufactures Primary and fabricated metals 725 727 775 777 705 707 705 709 777 725 729 732 735 733 733 Primary metals 114 115 100 94 88 91 93 94 105 115 118 121 125 126 122 Iron and steel 107 110 91 85 80 82 86 87 98 108 111 114 115 116 114 Fabricated metal products 142 145 144 138 137 132 131 131 135 143 146 148 151 144 149 Structural metal parts 150 155 156 151 147 145 141 141 144 152 158 160 164 '157 161 M^achinery and related products.. 197 205 200 7P7 793 790 759 759 795 201 206 270 270 203 270 169 174 167 167 166 166 165 165 169 171 176 181 178 mi 178 Nonelectrical machinery 141 145 142 140 137 136 136 135 140 141 144 147 145 145 145 Electrical machinery 212 222 207 212 214 215 214 213 216 221 229 237 232 '229 233 transportation equipment . 229 238 238 226 218 208 205 206 220 231 235 239 240 '221 239 147 168 168 150 142 130 127 126 144 157 165 167 169 '139 162 Aircraft and other eouipment . 390 368 371 373 369 366 363 367 366 373 366 376 375 '385 390 Instruments and related products 209 221 220 221 216 216 210 210 210 215 220 222 227 '225 225 Ordnance and accessories Clay, glass, and lumber 143 139 136 732 729 729 725 737 735 138 144 145 144 142 739 Clay glass and stone products 159 158 157 155 148 145 144 149 151 155 162 165 165 162 161 Lumber and products 125 118 111 105 106 111 110 110 117 118 122 123 120 119 114 Furniture and miscellaneous 147 153 757 149 745 143 144 145 148 752 755 755 757 755 759 Furniture and fixtures. 164 171 168 167 163 159 158 161 165 167 173 172 176 '176 176 Misc. manufactures 133 138 138 135 130 130 132 131 134 139 142 142 142 142 145 Nondurable Manufactures Textile apparel and leather products 136 136 133 737 727 124 727 730 732 134 737 140 142 140 144 Textile mill products 126 121 116 113 109 110 113 116 118 122 125 127 129 '131 132 Apparel products . 153 158 156 156 152 144 147 152 153 153 156 162 165 159 165 Leather and products 119 113 113 112 108 109 108 108 112 112 116 113 116 112 Paper and printing 154 160 757 750 759 759 759 759 752 753 164 164 759 755 757 Paper and products . 170 172 172 168 168 170 174 173 180 179 182 179 189 '187 186 Printing and publishing 144 151 154 155 152 151 150 150 150 151 153 154 155 155 155 135 140 142 141 139 136 134 136 137 137 138 139 140 140 140 Chemical petroleum and rubber products 275 224 223 227 275 277 275 275 225 232 237 243 243 r239 242 Chemicals and products 240 255 254 252 251 250 249 252 259 266 272 277 '277 276 277 Industrial chemicals 298 319 313 318 315 315 312 321 328 339 347 356 '358 360 Petroleum products 158 162 164 163 158 159 160 158 162 167 166 174 172 '164 170 Rubber and plastics products 199 200 192 191 184 180 178 168 192 199 211 215 215 210 Foods beverases and tobacco 725 737 133 732 733 732 732 134 134 735 735 737 737 '737 735 Foods and beverages 128 132 134 132 133 133 133 134 134 135 137 138 *-138 '137 139 Food manufactures . .. 131 135 136 134 135 135 135 137 137 139 139 140 r140 '140 142 Beverages 117 119 121 120 123 122 119 121 122 117 123 129 127 126 Xobacco products 127 130 131 133 131 129 133 132 139 132 132 125 135 133 Mining Coal, oil. and gas 722 722 722 124 722 727 727 720 723 723 723 723 725 '722 725 Coal 68 68 66 63 67 64 63 56 63 66 64 64 67 68 69 Crude oil and natural gas *. • 147 147 148 151 148 148 147 149 151 149 150 150 152 '148 151 Oil and gas extraction 145 147 147 150 147 146 146 150 151 149 151 151 152 '148 151 Crude oil 135 135 136 139 135 134 135 139 139 138 139 139 141 '137 139 Gas and cas liauids 210 228 234 231 238 231 226 231 238 233 234 Oil and gas drilling 159 145 147 152 148 154 144 136 145 143 142 143 141 141 147 l^fetal stone and earth minerals 146 164 160 753 755 772 755 757 759 757 757 753 750 '752 164 Metal mining 107 134 121 131 147 150 146 146 127 119 123 124 124 '130 131 Stone and earth minerals 188 195 201 195 188 193 185 186 192 197 201 204 198 196 199 Utilities Electric 270 289 293 291 290 293 294 292 297 307 309 309 317 319 Gas 265 284 278 275 278 285 288 291 296 299 301 SUMMARY MARKET GROUPINGS Final products, total 162 168 168 166 164 162 162 162 166 168 171 174 174 172 175 Consumer goods . . . 155 161 161 159 158 155 155 156 160 163 166 169 169 '164 168 Equipment including defense 188 195 195 193 191 188 188 188 190 192 194 197 198 201 204 Materials 157 160 156 153 150 148 149 150 156 161 164 166 168 '165 167 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1461 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] Annual average 1960 1961 Grouping 1959 1960 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June% July Aug. Sept. Oct INDUSTRY GROUPINGS Total index. 159 164 166 160 154 155 156 158 162 164 168 160 169 r171 176 Manufacturing, total. 158 163 165 159 151 151 154 155 160 163 167 158 167 r169 175 Durable 165 169 168 162 156 154 155 157 163 167 172 163 165 ill 178 Nondurable 155 160 167 160 149 153 157 158 162 162 166 158 173 171 176 Mining 125 128 129 128 128 128 127 126 127 128 129 125 130 133 Utilities 268 287 Durable manufactures Primary and fabricated metals. 125 127 120 113 106 108 109 112 119 127 130 120 130 133 135 Primary metals 114 115 102 95 86 93 97 99 109 117 120 105 115 122 123 Iron and steel 107 110 93 85 78 85 88 91 101 110 113 99 108 116 117 Fabricated metal products.... 142 145 148 141 137 130 128 130 135 140 146 143 153 150 154 Structural metal parts 150 155 159 155 152 144 140 141 143 150 157 154 161 159 164 Machinery and related products. .. 197 205 204 201 197 193 193 194 199 201 205 195 190 r201 213 Machinery 169 174 170 169 167 167 170 169 ill 172 176 167 170 '178 182 Nonelectrical machinery 141 145 140 137 138 138 140 140 144 143 145 140 138 142 143 Electrical machinery 212 222 219 220 214 213 217 216 216 217 226 211 224 '238 246 Transportation equipment 229 238 244 238 229 216 212 213 225 231 236 219 196 -215 245 Motor vehicles and parts 147 168 175 167 157 138 134 132 149 159 167 146 114 '133 170 Aircraft and other equipment. . 390 368 369 372 371 374 371 375 371 368 365 362 366 r38O 388 Instruments and related products. 209 221 222 222 219 216 212 213 212 215 219 216 223 226 226 Ordnance and accessories Clay, glass, and lumber 143 139 144 132 120 118 121 126 134 141 150 143 152 150 148 Clay, glass, and stone products. 159 158 164 155 144 136 137 145 151 158 166 164 171 167 168 Lumber and products 125 118 122 104 92 97 103 104 115 121 132 119 131 131 125 Furniture and miscellaneous. 147 153 160 154 148 139 142 143 144 146 153 150 161 r165 169 Furniture and fixtures 164 171 176 169 166 156 158 159 160 161 168 168 180 '182 184 Misc. manufactures 133 138 147 142 132 125 129 129 129 134 140 134 145 156 Nondurable manufactures Textile, apparel, and leather products. 136 136 137 132 114 126 137 137 138 136 135 124 r149 133 148 Textile mill products 126 121 121 117 105 ill ill ill 123 126 125 111 130 mi 136 Apparel products 153 158 162 156 129 146 162 162 161 156 154 145 176 170 Leather and products 119 113 114 108 111 119 118 114 106 113 102 120 148 112 Paper and printing 154 160 169 164 153 156 159 163 166 164 166 153 166 H69 175 Paper and products 170 172 183 171 152 169 175 178 185 180 187 162 192 '189 198 Printing and publishing. 144 151 160 159 154 147 148 153 154 153 152 147 150 '157 161 Newspapers 135 140 153 154 138 125 130 141 146 146 139 122 126 140 152 Chemical, petroleum, and rubber products. 215 224 227 222 215 219 221 221 230 232 238 226 '241 r239 244 Chemicals and products , 240 255 257 253 247 250 253 259 268 269 275 260 r115 274 278 Industrial chemicals 298 319 316 320 315 315 322 330 335 342 345 335 '352 352 Petroleum products , 158 162 163 160 162 159 162 157 157 164 166 173 177 '168 i69* Rubber and plastic products 199 200 202 195 176 189 188 176 197 194 205 181 207 213 Foods, beverages, and tobacco 128 131 145 134 126 124 125 126 129 132 139 137 148 r151 150 Foods and beverages 128 132 145 134 128 124 124 125 129 131 139 139 148 ••152 151 Foor manufactures 131 135 150 139 132 129 128 127 129 132 138 139 151 '157 156 Beverages 117 119 123 110 111 100 106 116 130 129 145 138 137 127 Tobacco products 127 130 140 133 106 129 134 131 133 136 144 115 145 138 Mining Coal, oil, and gas 122 122 123 124 124 125 125 123 123 122 120 117 123 r122 125 Coal 68 68 72 66 65 63 64 57 61 64 61 54 70 72 75 Crude oil and natural gas. 147 147 146 150 151 153 152 153 151 148 147 145 147 '145 149 Oil and gas extraction.. 145 147 145 149 151 152 153 156 153 148 147 144 147 '145 148 Crude oil 135 135 133 137 137 138 140 143 141 137 136 133 136 '134 137 Gas and gas liquids.. 210 228 226 238 250 251 246 242 238 225 220 Oil and gas drilling.... 159 145 148 149 150 157 143 129 137 140 143 147 146 144 148 Metal, stone, and earth minerals. 146 164 172 157 149 146 144 147 153 169 180 176 176 r179 177 Metal mining 107 134 133 119 118 118 120 120 119 137 151 143 143 '150 144 Stone and earth minerals 188 195 212 197 182 175 168 175 188 201 210 212 210 '209 210 Utilities Electric. 270 289 285 280 294 313 304 298 291 291 298 306 325 327 Gas.... 265 284 SUMMARY MARKET GROUPINGS Final products, total 162 168 174 167 161 162 164 164 167 167 172 165 172 176 181 Consumer goods 155 161 170 161 152 154 157 156 160 160 166 158 167 '170 177 Equipment, including defense. 188 195 192 190 191 191 191 191 193 193 196 192 194 '199 202 Materials 157 160 159 155 148 149 150 152 157 161 165 156 166 167 171 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1462 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 =100 [Seasonally adjusted] p 19 r 5 o 7 - A av n e n r u a a g l e 1960 1961 Grouping portion 1959 1960 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Total index 100.00 105 108 106 105 103 102 102 103 106 108 110 112 113 Ill 113 Manufacturing total 86.49 105 108 106 104 702 707 707 702 705 108 777 772 773 777 773 49.66 102 104 101 98 96 95 94 95 99 103 105 107 108 105 107 36.83 110 113 113 112 111 111 111 112 114 116 111 119 120 119 120 Mining . 8.55 95 97 97 98 98 98 96 96 97 97 98 98 99 r97 99 Utilities 4.96 115 123 124 123 123 125 125 125 127 130 131 132 135 136 137 Durable Manufactures Primary and fabricated metals 13.15 95 91 90 85 82 82 82 83 89 96 99 700 704 '707 707 7.73 90 90 78 74 69 71 73 14 82 90 92 95 98 99 96 6.21 86 88 73 68 64 66 69 69 79 86 89 91 92 93 91 Fabricated metal products 5.42 104 106 105 101 101 97 96 96 99 105 107 108 111 105 109 2.91 101 104 104 101 98 97 94 94 96 102 106 107 110 105 107 28.98 102 106 103 702 100 98 97 97 707 104 706 108 108 105 108 15.31 103 106 102 102 101 101 101 101 103 104 107 110 109 108 109 Nonelectrical machinery 8.92 99 102 100 98 96 96 96 95 98 99 101 103 102 102 102 6.39 108 112 105 107 108 109 108 108 109 112 116 120 118 116 118 Transportation equipment 10.76 98 102 102 97 93 89 88 88 94 99 101 102 103 95 102 Motor vehicles and parts 5.04 100 115 115 103 97 89 86 86 99 108 113 114 116 95 111 5 1 . . 5 6 0 6 1 9 1 4 2 1 8 1 9 9 1 8 1 9 9 1 9 1 0 9 1 8 1 9 6 1 8 1 8 6 1 8 1 8 3 1 8 1 9 3 1 8 1 8 3 1 9 1 0 6 1 8 1 8 9 1 9 1 1 9 1 9 2 0 2 1 9 2 3 1 1 9 2 4 1 1.25 Clav class and lumber 4.57 111 709 705 703 700 700 700 702 705 707 772 773 772 777 709 2.92 110 110 109 107 103 101 100 103 105 107 112 114 114 112 111 Lumber and products 1.65 113 107 100 95 96 100 99 100 106 107 111 111 109 107 103 no Furniture and miscellaneous 2.96 112 116 115 113 709 709 770 772 775 779 779 720 720 727 1.48 115 120 117 117 114 111 111 112 115 117 121 121 123 123 123 1.48 109 113 113 110 107 107 108 107 110 114 117 117 116 117 119 Nondurable Manufactures Textile apparel and leather products 7.32 775 775 112 777 108 705 707 770 772 773 776 778 720 778 722 2.78 113 109 104 102 98 98 102 104 106 110 112 114 116 117 118 Apparel products 3.44 120 124 122 123 119 113 116 120 120 120 123 127 130 125 130 1.10 106 100 101 99 96 97 96 96 100 100 104 101 103 100 7.93 108 112 113 112 777 777 773 774 775 775 778 r777 777 Paper and products . • .. 3.27 111 112 112 110 109 111 113 113 117 117 118 117 123 122 121 4.66 105 111 in 114 112 111 110 110 110 111 113 114 114 114 114 1.53 104 107 108 108 106 104 102 104 105 105 106 107 107 107 107 Chemical, petroleum, and rubber products 10.95 773 775 777 776 775 114 773 773 118 722 725 727 '727 726 727 7.10 114 121 121 120 120 119 118 120 123 127 129 132 132 131 132 Industrial chemicals 3.61 118 127 124 126 125 125 124 127 130 135 138 141 142 143 1.93 105 108 109 108 106 106 106 106 108 111 111 116 115 110 113 Rubber and elastics Droducts 1.91 114 114 110 109 105 103 102 96 110 114 121 123 123 120 10.64 107 709 111 770 770 770 770 777 772 772 773 114 774 r774 775 Foods and beverases 9.87 106 109 111 109 110 110 110 111 111 112 113 114 114 114 115 8.31 106 109 111 109 110 110 110 111 111 113 113 114 114 114 116 Beverages . 1.56 106 108 110 109 112 111 108 109 111 107 112 117 115 114 .77 112 114 115 117 115 113 116 116 122 116 116 110 119 117 Mining 7.05 96 96 96 97 96 95 94 94 97 96 97 96 98 r96 98 Coal 1.30 82 83 81 11 81 78 11 68 11 81 11 11 81 82 84 5.75 99 98 99 101 99 99 98 100 101 100 101 101 102 r99 101 Oil and &as extraction 4.98 99 100 101 103 101 101 100 103 104 103 104 103 105 101 103 4.33 98 98 99 101 98 98 98 101 101 100 101 101 103 r99 101 .65 106 116 118 117 121 120 115 117 .77 93 85 86 89 87 90 85 80 85 84 83 84 82 83 86 Nfetal stone and earth minerals 1.50 94 705 703 704 708 770 706 707 702 707 703 705 703 '704 705 .70 11 97 88 95 107 109 106 106 92 86 89 90 90 r94 95 .80 108 112 116 113 109 111 106 107 110 114 116 118 114 113 115 Utilities 3.76 115 123 125 124 124 125 125 125 127 131 132 132 135 136 Gas 1.20 114 123 120 118 120 123 124 125 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1463 MARKET GROUPINGS 1957=100 [Seasonally adjusted] 1957 a A v n e n ra u g a e l 1960 1961 Grouping proportion 1959 1960 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total index 100.00 105 108 106 105 103 102 102 103 106 108 110 112 113 'Ill 113 46.75 107 777 770 709 705 707 707 707 709 777 773 114 775 773 775 Consumer goods . . . . .. 31.13 110 114 114 113 112 110 110 111 114 115 118 120 120 116 119 Equipment, including defense 15.62 100 103 103 102 101 100 100 99 100 102 102 104 105 106 108 Materials 53.25 104 106 103 101 99 98 98 99 103 106 109 110 111 109 111 Comsumer Goods Automotive products 3.35 703 777 720 773 705 94 90 55 703 705 773 775 777 96 770 2.03 96 117 123 109 97 78 73 71 92 101 109 110 110 82 102 Auto parts and allied products 1.32 113 117 116 118 119 118 115 115 120 118 120 125 126 118 123 Home goods and apparel 9.60 775 775 772 772 777 705 709 772 775 775 720 723 722 720 727 Home goods 4.40 115 115 110 110 110 108 109 110 114 117 122 124 120 121 121 Appliances, TV, and radios 1.75 114 112 103 104 106 106 109 108 111 116 123 127 116 119 119 1.26 119 118 112 114 116 116 114 113 115 118 122 126 121 126 128 TV and home radios .49 102 96 82 78 82 80 94 95 100 110 126 128 102 100 98 Furniture and rugs 1.18 119 118 115 114 113 109 109 110 116 117 122 119 122 126 Misc home goods . . . . . 1.47 113 117 115 114 112 111 110 112 115 118 122 123 124 '120 121 Apparel incl. knit goods and shoes 5.20 116 117 114 114 111 108 110 114 116 115 118 122 124 118 121 Consumer staples 18.18 108 773 114 773 773 774 114 114 775 777 775 779 779 r118 720 Processed foods 8.11 106 109 110 109 109 110 110 111 111 113 114 114 114 114 115 Beverages and tobacco 2.32 108 110 112 111 113 112 111 111 114 110 113 115 116 115 Drugs soap and toiletries . 2.73 111 118 122 118 118 118 117 116 119 123 124 126 126 124 127 Newspapers magazines, and books 1.44 106 113 115 116 116 117 115 114 114 116 117 119 117 119 119 Consumer fuel and lighting 3 45 113 119 120 119 119 123 125 121 123 125 124 127 129 127 Fuel oil and gasoline 1.19 104 106 105 105 104 108 112 107 105 105 105 112 111 104 110 2.26 117 126 127 126 127 131 131 129 132 135 134 135 139 139 Electricity 1.57 118 127 130 130 130 133 133 129 132 136 135 136 140 141 Gas .69 115 124 Equipment 12.16 100 705 705 703 702 707 707 700 702 703 104 705 705 707 705 Industrial equipment . . .. 7.29 97 102 99 100 98 98 98 96 97 99 99 101 102 101 102 Commercial equipment 2.46 104 118 121 119 117 118 118 117 118 120 123 125 127 128 128 Freight and passenger equipment 1.83 98 101 103 99 99 95 91 93 94 95 95 96 98 105 107 Farm equipment .58 115 92 86 88 99 98 103 104 107 104 106 98 78 r97 88 3.46 Materials Durable goods materials 27.81 100 702 97 94 97 90 59 90 96 707 104 104 705 104 705 Consumer durable 3.67 101 109 103 94 91 88 83 85 93 107 109 109 115 99 105 Equipment 8.10 103 101 98 98 95 95 95 95 98 99 101 104 105 102 107 9.05 107 107 105 102 99 98 97 99 104 107 110 111 112 110 108 Metal materials nee 6.99 89 92 79 77 75 77 78 79 86 92 93 94 96 97 95 Nondurable materials 25.44 107 770 709 709 705 707 705 709 777 772 114 775 777 r115 775 Business supplies 8.87 108 110 110 110 110 108 108 108 111 110 113 114 116 113 113 Containers 2.91 109 109 107 106 109 108 110 112 114 110 115 116 121 118 116 General business supplies 5.96 107 111 111 112 110 109 108 107 110 110 112 114 113 112 Nondurable materials n e e . .. . 7.05 115 119 116 116 115 114 116 118 121 124 128 130 132 129 131 Business fuel and power 9.52 100 103 103 103 102 101 101 102 104 105 106 106 108 107 108 Mineral fuels . .. 6 29 96 97 97 98 97 96 96 96 98 98 98 98 100 r97 99 Nonresidential utilities 2.70 113 121 121 120 120 119 120 122 123 126 129 129 131 132 Electricity 2.19 113 120 122 121 120 119 120 122 124 127 130 129 132 133 General industrial . .. .. 99 110 115 113 112 113 111 112 114 111 117 120 120 122 122 1.12 118 127 131 130 128 128 128 131 136 138 141 139 143 146 Gas 51 113 121 Industrial 33 Commercial and other .18 Supplementary groups of consumer goods 7.75 110 116 115 111 108 102 101 100 109 113 118 120 118 110 116 23.38 110 114 114 113 113 113 113 114 115 116 118 119 120 118 120 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors, of the Federal in Industrial Production—7959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see BULLETIN for June 1960, p. 632). Figures for industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1464 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] p 1 r 9 o 5 - 7 A av n e n r u a a g l e 1960 1961 Grouping oortion 1959 1960 Oct. Nov.Dec. Jan. Feb. Mar.Apr. May June July Aug. Sept.Oct. Total index 00.00 105 108 109 106 101 102 103 104 107 108 111 106 Ill 113 116 Manufacturing, total 86.49 105 108 110 106 101 101 102 103 107 108 111 105 111 113 116 Durable 49.66 102 104 103 100 96 95 96 97 100 103 106 100 102 106 110 Nondurable 36.83 110 113 119 114 106 109 111 112 115 115 118 112 123 r121 125 Mining 8.55 95 97 98 97 97 97 97 96 97 97 98 95 99 r99 Utilities 4.96 115 123 Durable Manufactures Primary and fabricated metals 13.15 95 97 92 86 81 83 83 85 91 97 100 92 99 102 103 Primary metals 7.73 90 90 80 74 68 73 76 78 86 92 94 82 91 96 97 Iron and steel 6.21 86 88 75 68 62 68 71 73 81 88 91 80 87 93 93 Fabricated metal products 5.42 104 106 109 103 101 96 94 96 99 103 107 105 112 110 113 Structural metal parts 2.91 101 104 106 104 101 96 93 94 96 101 105 103 108 106 110 Machinery and related products 28.98 102 106 105 104 102 100 100 100 103 104 106 101 98 r104 110 Machinery 15.31 103 106 104 103 102 102 103 103 105 105 107 102 104 109 111 Nonelectrical machinery 8.92 99 102 98 97 97 97 99 99 101 101 102 98 97 100 101 Electrical machinery 6.39 108 112 111 112 108 108 110 109 109 110 115 107 113 121 125 Transportation equipment 10.76 98 102 104 102 98 93 91 91 96 99 101 94 84 92 105 Motor vehicles and parts 5.04 100 115 120 114 107 94 91 91 102 109 114 100 78 91 116 Aircraft and other equipment 5.50 94 89 89 90 89 90 89 90 89 89 88 87 88 92 93 Instruments and related products 1.66 112 119 119 119 118 116 114 114 114 116 118 116 120 121 122 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 111 109 112 103 94 92 95 98 104 110 117 112 118 117 115 Clay, glass, and stone products 2.92 110 110 114 108 100 95 95 101 105 110 115 114 118 116 116 Lumber and products 1.65 113 107 110 94 83 88 93 94 104 110 120 108 119 118 114 Furniture and miscellaneous 2.96 112 116 122 117 112 106 108 108 109 111 116 114 122 126 128 Furniture and fixtures 1.48 115 120 123 118 117 109 110 111 112 112 118 118 126 128 129 Misc. manufactures 1.48 109 113 121 116 108 102 106 106 106 110 115 110 119 124 127 Nondurable Manufactures Textile, apparel, and leather products 7.32 115 115 116 112 97 107 116 116 116 115 114 105 126 113 125 Textile mill products 2.78 113 109 109 105 94 100 105 105 110 113 112 100 117 114 122 Apparel products 3.44 120 124 127 123 102 115 128 128 126 123 121 114 139 116 134 Leather and products 1.10 106 100 102 96 88 99 106 105 101 94 100 90 107 100 Paper and printing 7.93 108 112 118 115 107 109 111 114 116 114 116 107 116 r118 123 Paper and products 3.27 111 112 119 111 99 110 114 116 121 117 122 105 125 123 129 Printing and publishing 4.66 105 111 117 117 113 108 109 113 113 113 112 108 110 115 118 Newspapers 1.53 104 107 117 118 105 96 99 108 112 112 106 94 96 107 116 Chemical, petroleum, and rubber products 10.94 113 118 119 117 113 115 116 116 121 122 125 119 126 126 128 Chemicals and products 7.10 114 121 123 120 118 119 121 123 127 128 131 124 131 130 132 Industrial chemicals 3.61 118 127 126 127 125 125 128 131 133 136 137 133 140 140 Petroleum products 1.93 105 108 109 107 108 106 108 105 105 109 111 115 118 112 in Rubber and plastics products 1.91 114 114 116 112 101 108 108 101 113 111 117 104 118 122 Foods, beverages, and tobacco 10.64 107 109 120 111 105 104 104 104 107 110 116 114 123 '125 125 Foods and beverages 9.87 106 109 120 111 106 103 103 104 107 109 115 115 123 126 125 Food manufactures 8.31 106 109 122 113 107 105 104 103 105 107 112 113 123 128 127 Beverages 1.56 106 108 111 99 101 91 96 105 117 117 132 125 124 115 Tobacco products .77 112 114 123 117 93 113 118 115 117 120 126 101 128 121 Mining Coal, oil, and gas 7.05 96 96 96 97 97 98 98 96 96 95 94 91 96 r95 98 Coal 1.30 82 83 88 80 79 76 78 69 75 78 75 66 85 87 91 Crude oil and natural gas 5.75 99 98 98 100 101 103 102 103 101 99 99 97 99 '97 100 Oil and gas extraction 4.98 99 100 99 102 103 104 105 107 105 102 101 99 101 r99 102 Crude oil 4.33 98 98 97 100 100 101 102 104 102 100 99 97 99 r98 100 Gas and gas liquids .65 106 116 115 121 127 127 125 123 121 114 112 Oil and gas drilling .77 93 85 87 88 88 92 84 76 81 82 84 86 86 84 87 Metal, stone, and earth minerals 7.50 94 105 no 101 96 94 92 94 98 108 116 113 113 r115 113 Metal mining .70 77 97 97 86 86 85 87 87 86 99 110 103 103 109 104 Stone and earth minerals .80 108 112 122 114 105 101 97 101 108 116 121 122 121 120 121 Utilities Electric 3.76 115 123 122 120 126 134 130 127 124 124 127 131 139 140 Gas 1.20 114 123 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1465 MARKET GROUPINGS 1957=100 [Without seasonal adjustment] 1957 a A v n e n ra u g a e l 1960 1961 Grouping proportion 1959 1960 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total index 100.00 105 108 109 106 101 102 103 104 107 108 111 106 Ill 113 116 Final products\ total 46.75 107 HI 114 770 705 705 705 707 770 770 773 709 775 775 779 Consumer goods 31.13 110 114 120 114 108 109 111 111 113 114 118 112 119 121 126 Equipment including defense . . . 15.62 100 103 102 100 101 101 101 101 102 102 103 102 102 105 106 Materials 53.25 104 106 105 102 98 98 99 101 104 107 109 103 110 110 113 Consumer Goods Automotive products 3.35 103 777 129 720 770 98 96 94 705 772 775 99 73 96 720 Autos 2.03 96 117 134 123 108 86 83 81 102 107 116 87 39 77 115 Auto parts and allied products 1.32 113 117 121 114 112 117 116 115 119 119 123 119 125 126 128 Home goods and apparel 9.60 775 775 779 114 707 705 775 775 775 774 777 705 725 720 729 Home goods 4.40 115 115 118 114 107 103 110 112 114 114 119 108 116 127 130 Appliances, TV, and radios 1.75 114 112 109 108 98 98 112 112 115 114 119 98 103 '125 128 Appliances 1.26 119 118 107 111 107 106 120 122 127 122 124 104 100 126 125 TV and home radios .49 102 96 114 99 77 80 94 86 84 96 106 83 111 125 136 Furniture and rugs 1.18 119 118 122 116 116 108 111 112 114 111 117 113 123 '129 131 Misc. home goods 1.47 113 117 125 121 110 104 108 111 114 116 120 114 126 '129 132 Apparel incl knit goods and shoes 5.20 116 117 120 114 97 109 120 119 118 115 116 109 130 '113 127 Consumer staples .. 18.18 705 773 720 775 777 772 772 777 773 114 775 777 725 725 725 Processed foods 8.11 106 109 122 112 107 104 103 103 104 107 112 113 123 '128 127 Beverages and tobacco ... 2 32 108 110 115 105 98 98 104 108 117 118 130 117 125 117 Drugs, soap, and toiletries 2.73 111 118 125 120 117 118 118 117 122 122 125 118 127 '125 129 Newspapers magazines and books 1.44 106 113 117 116 116 116 115 115 114 115 116 116 118 121 121 Consumer fuel and lighting 3.45 113 119 115 115 123 134 132 125 121 119 119 124 128 127 Fuel oil and gasoline 1.19 104 106 104 105 108 112 113 105 100 103 104 112 113 '106 108 Residential utilities . . . 2.26 117 126 Electricity 1.57 118 127 121 122 136 154 149 138 132 125 124 128 137 139 Gas .69 115 124 Equipment Business equipment 12.16 100 705 705 707 702 702 702 702 703 703 705 703 705 705 707 Industrial equipment 7.29 97 102 99 99 99 98 97 96 98 99 100 100 101 102 102 Commercial equipment 2.46 104 118 122 120 120 119 119 118 118 120 122 121 126 128 129 Freight and passenger equipment 1.83 98 101 99 95 96 94 93 98 99 98 100 95 94 '99 102 Farm equipment .58 115 92 85 78 95 101 113 119 123 110 108 87 71 87 86 Defense equipment 3.46 Materials Durable goods materials 27.81 700 102 99 95 90 90 90 97 96 707 705 99 703 704 705 Consumer durable 3 67 101 109 109 105 98 93 88 88 92 102 104 94 98 96 112 Equipment 8.10 103 101 97 98 97 97 97 97 98 99 101 99 101 '102 106 Construction . 9.05 107 107 111 103 96 93 93 96 103 108 115 110 115 114 114 Metal materials n.e.c 6.99 89 92 83 77 71 75 79 81 88 95 97 §6 93 98 100 Nondurable materials 25.44 107 770 772 770 705 705 709 777 772 773 114 705 777 777 779 Business supplies 8.87 108 110 116 111 104 106 108 110 114 112 114 105 116 '117 119 Containers 2.91 109 109 115 102 94 102 107 112 116 114 121 110 130 '125 124 General business supplies 5.96 107 111 116 115 109 107 108 110 113 112 111 103 109 '113 117 Nondurable materials nee 7.05 115 119 119 119 112 116 119 120 123 126 126 118 129 128 134 Business fuel and power 9.52 100 103 103 103 103 103 103 103 103 103 104 102 108 '107 108 Mineral fuels 6.29 96 97 97 98 98 98 '99 99 98 97 96 92 97 '97 99 Nonresidential utilities 2.70 113 121 Electricity 2.19 113 120 123 118 118 119 117 119 119 124 130 133 140 140 General industrial .99 110 115 116 114 113 112 109 114 112 118 119 116 123 123 Commercial and other 1.12 118 127 130 124 125 127 125 126 128 131 142 150 158 158 Gas .51 113 121 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7 75 110 116 123 117 108 101 104 104 112 113 119 104 97 114 126 23.38 110 114 120 114 108 112 114 113 114 114 117 115 126 '123 126 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

1466 BUSINESS ACTIVITY SELECTED BUSINESS ESDEXES [1947-49= 100, unless otherwise indicated] Construction Manu- Industrial production contracts * facturing 3 Prices Nonag- Major market groupings ricul- Depart- Major industry tural Freight ment groupings em- car- store Y m e o a n r t o h r Total M f t a a u c n r - - u- M in i g n- U it t i i e l s - Tot F a i l nal s g C u o p o m o r n d o e - s r du E c m t q s u e i n p t - M ri a a t l e s - R d t e i e a n s l i - - o A th l e l r m t p o e l t o n a y l t — - 2 p m E lo e m n y - t - P ro a l y ls - l i o n a g d s4 - v ( s r a a e l l t u e a e s i ) l s C um on e - r m W c s o o a h d m l o i e t l - y eing 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 98 105 101.6 102.8 105.0 127.6 104 102.8 104.4 1949 98 98 94 108 99 101 94 96 116 111 99.1 93.8 97.2 108.2 99 101.8 99.2 1950 113 114 105 123 112 115 102 114 185 142 102.4 99.7 111.7 117.1 107 102.8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108.3 106.4 130.1 121.5 112 111.0 114.8 1952 127 127 114 152 130 116 170 125 183 183 110.5 106.3 137.0 115.0 114 113.5 111.6 1953 138 139 117 166 138 124 182 137 178 201 113.7 111.9 151.7 116.6 118 114.4 110.1 1954 130 129 113 178 132 123 161 128 232 204 111.0 102.0 138.4 104.6 118 114.8 110.3 1955 146 145 125 199 144 136 172 147 280 248 114.7 105.8 153.6 115.3 128 114.5 110.7 1956. 151 150 132 218 150 139 188 151 *99 •98 118.6 106.9 162.4 115.9 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 100 100 119.7 105.0 164.3 108.2 135 120.2 117.6 1958 141 139 120 244 145 140 165 138 113 107 116.4 95.5 151.5 93.8 136 123.5 119.2 1959 159 158 125 268 162 155 188 157 132 101 120.8 100.3 170.3 97.9 144 124.6 119.5 I960 164 163 128 287 168 161 195 160 117 112 123.0 100.0 172.8 95.3 145 126.5 119.6 I960—Oct. 161 159 128 289 168 161 195 156 128 121 122.6 97.7 172.9 92.4 148 127.3 119.6 Nov 159 157 129 287 166 159 193 153 115 102 122.2 96.6 168.4 89.4 144 127.4 119.6 Dec 156 154 129 287 164 158 191 150 81 115 121.6 95.2 162.9 87.2 146 127.5 119.5 1961—Jan 155 153 129 290 162 155 188 148 90 95 121.3 94.1 160.3 86.6 142 127.4 119.9 Feb 155 152 128 291 162 155 188 149 80 86 121.1 93.6 158.8 88.1 145 127.5 120.0 Mar 156 153 127 291 162 156 188 150 126 113 121.2 94.0 160.3 88.0 146 127.5 119.9 Apr 160 158 128 296 166 160 190 156 134 116 121.5 94.8 162.6 89.9 148 127.5 119.4 May 164 163 128 303 168 163 192 161 143 122 122.0 96.0 166.9 91.5 144 127.4 118.7 June 168 166 129 306 171 166 194 164 143 128 122.6 96.7 172.4 91.5 149 127.6 118.2 July 170 169 129 307 174 169 197 166 138 127 123.0 96.8 171.3 91.1 151 128.1 118.6 Aug '172 170 130 314 174 169 198 168 146 123 123.0 96.8 174.4 91.8 150 128.0 118.9 Sept 169 '167 '128 '316 172 164 201 165 127 102 '122.9 '96.3 '175.9 90.1 150 128.3 118.8 Oct 171 170 131 318 175 168 204 167 138 112 123.2 96.6 179.1 94.4 *151 128.4 118.7 Nov *>173 172 131 319 ^178 P171 *207 P168 »123.3 »97.1P181.7 ^95.3 e153 118.8 e Estimated. P 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 Production workers only. i Indexes beginning with 1956 are based on data for 48 States from 4 Index 1957-59= 100. F. W. Dodge Corporation, 1957=100. Figures for earlier years are NOTE.—Indexes for employment (including Alaska and Hawaii), are 3-month moving averages, based on value data for 37 States east of compiled by the Federal Reserve from Bureau of Labor Statistics data. 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total construction.• 36,269 36,318 3,319 2,886 2,718 2,485 2,235 3,166 3,298 3,501 3,602 3,529 3,543 3,004 3,291 By type of ownership: Public 11,068 12,587 1,125 1,071 1,218 838 732 1,090 1,170 1,127 1,235 1,265 1,158 954 1,021 Private 25,201 23,731 2,194 1,815 1,500 1,647 1,504 2,075 2,128 2,374 2,367 2,263 2,384 2;050 2,270 By type of construction: 17,150 15,105 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 1,165 916 994 813 804 1,027 1,050 1,105 1,221 1,154 1,087 987 Public works and utilities 7,732 8,973 764 717 846 698 561 768 794 843 823 873 866 637 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 1467 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates. 1 Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sine m C s e s o 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 1,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 ,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 ,275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 ,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 ,387 7,123 19592 56,555 40,344 24,962 11,044 2,106 3,930 5,008 4,338 16,211 1,488 5,870 ,467 7,386 1960 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 1,386 5,464 ,487 7,616 I960—Nov 56,079 39,624 22,016 12,855 3,025 4,378 5,452 4,753 16,455 1,678 5,243 ,454 8,080 Dec 56,650 39,639 21,91b 13,002 3,025 4,519 5,458 4,721 17,011 1,531 5,953 ,477 8,050 1961—Jan 56,018 38,575 20,649 13,209 3,053 4,848 5,308 4,717 17,443 1,284 6,470 ,530 8,159 Feb 55,717 37,962 20,016 13,197 2,992 4,821 5,384 4,749 17,755 1,942 5,934 ,549 8,330 Mar 55,794 38.511 20,508 13,098 2,957 4.743 5,398 4,905 17,283 1,764 5,662 .569 8,288 Apr 55,504 38;986 21,042 12,880 2,921 4,636 5,323 5,064 16,518 1,651 5,060 ,601 8,206 May 55,518 39,232 21,257 12,747 2,849 4,515 5,383 5,228 16,286 1,507 4,983 ,606 8,190 June 57,206 40,328 22,271 12,642 2,750 4,510 5,382 5,415 16,878 1,382 5,527 ,594 8,375 July 57,039 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 58,910 41,709 23,782 12,750 2,610 4,718 5,422 5,177 17,201 1,404 5,960 ,575 8,262 OcU> 58,879 41,759 23,991 12,698 2,608 4,681 5,409 5,070 17,120 812 6,340 ,589 8,379 Nov." 59,473 42,350 24,713 12,539 2,554 4,608 5,377 5,098 17,123 1,022 5,990 1,598 8,513 P Preliminary. 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] a S n a e n d a u j s u o a s l n t a e r l d a l t y e Metro- Non- Private Gov M er e n m m o e r n a t n - d un um de r i w te r m itt : en 2 Year or month (private only) Total p a o re li a ta s n 1 p a o re li a t s a n * Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA Total Nonfarm 1952 [,127 795 332 1,069 939 46 84 59 421 280 141 1953 [,104 804 300 1,068 933 42 94 36 409 252 157 1954 ,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 ,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 ,118 780 338 1,094 981 31 82 24 465 195 271 1957. . . [,042 700 342 993 840 33 120 49 322 193 128 1958 [,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 19593 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 889 407 1,252 995 44 214 44 336 261 75 I960—Oct 1,273 J 237 113 78 35 110 86 4 21 3 28 23 6 Nov 1,220 1,206 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 1.127 ,098 73 51 21 70 50 3 17 3 19 14 5 Feb 169 I 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 1,143 115 80 36 111 84 4 24 4 26 20 6 May ,291 ,268 131 90 41 127 96 4 26 4 32 24 8 June ,381 ,351 138 93 46 132 100 4 29 6 30 22 g July ,343 318 129 88 41 125 96 4 25 3 29 21 7 Aug ,326 ,301 130 88 42 127 95 3 29 3 34 26 8 Sept V 380 V 362 92 36 ^122 91 4 27 28 21 7 Oct P ,442 "1,409 ,128 85 42 n.a. n.a. n.a. n *23 9 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

1468 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 T n o s o t p t i a t u u l l t a n i t o o io n 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 n u p o l l t o n u y a r e a g d l r i 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 l t n 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 I960—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 6,433 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 Nov 128,756 74,096 71,339 67,349 62,149 5,199 3,990 54,659 6.1 1 Includes self-employed, unpaid family, and domestic service workers. Information releating 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 1 [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 S g ta 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 I960 54,347 16,762 709 2,882 4,017 11,412 2,684 7,361 8,520 SEASONALLY ADJUSTED I960 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 3,903 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 54,304 16,323 666 2,754 3 939 11 363 2 756 7 567 8 936 Oct p 54,420 16,369 660 2,753 3,929 11,382 2,763 7,587 8,977 Novp 54,478 16,450 663 2,710 3,927 11,347 2,766 7,597 9,018 WITHOUT SEASONAL ADJUSTMENT I960 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 54,978 16,646 676 3,021 3,971 11,378 2,770 7 612 8 904 Oct p 55,101 16,616 667 2,976 3,953 11,467 2,757 7,625 9,040 Nov.27 55,077 16,636 665 2,816 3,943 11,583 2,752 7,582 9,100 p Preliminary. * Data include figures for Alaska and Hawaii. the month. Proprietors, self-employed persons, domestic servants, NOTE.—Data include all full- and part-time employees who worked unpaid family workers, and members of the armed forces are excluded. during, or received pay for, the pay period ending nearest the 15th of Back data may be obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1469 EMPLOYMENT AND EARNINGS PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES * [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1960 1961 1960 1961 Nov. Sept. Nov.* Nov. Sept. Oct.? Nov.* Total 12,133 12,104 12,136 12,195 12,324 12,407 12,382 12,385 Durable goods 6,680 6,673 6,681 6,752 6,797 6,753 6,775 6,869 Ordnance and accessories 91 97 99 97 92 97 98 98 Lumber and wood products 542 539 535 546 545 565 554 550 Furniture and fixtures 308 306 306 308 315 314 315 314 Stone, clay, and glass products 464 460 461 461 470 477 470 467 Primary metal industries 891 950 947 946 900 955 954 955 Fabricated metal products 832 833 830 833 850 839 847 850 Machinery except electrical 991 965 973 972 978 960 957 958 Electrical machinery 951 957 989 983 979 982 1,003 1,013 Transportation equipment 1,081 1,037 1,008 1,074 1,121 1,013 1,018 1,114 Instruments and related products 224 224 223 223 228 226 226 226 Miscellaneous manufacturing industries. 305 305 310 309 321 326 334 325 Nondurable goods 5,453 5,431 5,455 5,443 5,527 5,654 5,607 5,516 Food and kindred products 1,205 1,184 1,197 1,199 1,225 1,335 1,287 1,219 Tobacco manufactures 83 85 80 74 89 107 97 79 Textile-mill products 796 794 796 798 804 804 806 806 Apparel and other finished textiles 1,071 1,063 1,071 1,062 1,090 1,082 1,085 1,081 Paper and allied products 469 469 471 469 474 476 477 474 Printing, publishing and allied industries 597 595 595 594 604 599 603 601 Chemicals and allied products 503 507 509 510 502 509 510 509 Products of petroleum and coal 135 131 132 130 135 133 132 130 Rubber products 275 287 286 286 283 292 295 294 Leather and leather products , 319 316 318 321 321 319 317 324 v Preliminary. part-time) who worked during, or received pay for, the pay period ending 1 Data include figures for Alaska and Hawaii. nearest the 15th of the month. Back data may be obtained from the E.—Data covering production and related workers only (full- and Bureau of Labor Statistics. 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 earnings (dollars per week) (per week) (dollars per hour) Industry group 1960 1961 1960 1961 1960 1961 Nov. Sept. Nov. Sept. Oct.? Nov.*7 Nov. Sept. Oct.* Nov.* Total. 89.21 92.73 94.54 95.82 39.3 39.8 40.4 40.6 2.27 2.33 2.34 2.3d Durable goods 96.23 100.00 102.66 104.65 39.6 40.0 40.9 41.2 2.43 2.50 2.51 2.54 Ordnance and accessories 110.30 114.11 115.92 116.33 40.7 40.9 41.4 41.4 2.71 2.79 2.80 2.81 Lumber and wood products 71.05 81.00 81.00 77.61 38.2 40.1 40.5 39.0 1.86 2.02 2.00 1.99 Furniture and fixtures 74.26 79.52 79.71 80.12 39.5 41.2 41.3 41.3 1.88 1.93 1.93 1.94 Stone, clay, and glass products 93.38 97.47 98.12 97.88 40.6 41.3 41.4 41.3 2.30 2.36 2.37 2.37 Primary metal industries 103.60 118.19 119.29 119.99 37.4 40.2 40.3 40.4 2.77 2.94 2.96 2.97 Fabricated metal products 97.60 99.45 102.75 103.41 40.0 40.1 41.1 41.2 2.44 2.48 2.50 2.51 Machinery except electrical 103.17 107.83 108.50 108.50 4Q.3 41.0 41.1 41.1 2.56 2.63 2.64 2.64 Electrical machinery 91.94 93.53 96.29 96.93 39.8 39.8 40.8 40.9 2.31 2.35 2.36 2.37 Transportation equipment 111.91 106.22 116.88 125.57 40.4 37.8 41.3 43.3 2.77 2.81 2.83 2.90 Instruments and related products 95.00 97.99 97.99 98.64 40.6 41.0 41.0 41.1 2.34 2.39 2.39 2.40 Miscellaneous manufacturing industries... 75.05 76.02 76.59 77.18 39.5 39.8 40.1 40.2 1.90 1.91 1.91 1.92 Nondurable goods 80.52 83.74 84.56 85.17 38.9 39.5 39.7 39.8 2.07 2.12 2.13 2.14 Food and kindred products 86.71 89.44 89.62 90.45 40.9 41.6 41.3 41.3 2.12 2.15 2.17 2.19 Tobacco manufactures 64.30 67.39 68.85 70.49 37.6 41.6 40.5 38.1 1.71 1.62 1.70 1.85 Textile-mill products 62.63 66.09 67.08 68.48 38.9 40.3 40.9 41.5 1.61 1.64 1.64 1.65 Apparel and other finished textiles 56.35 56.93 59.79 59.26 35.0 34.5 35.8 35.7 1.61 1.65 1.67 1.66 Paper and allied products 95.72 102.15 102.15 102.82 41.8 43.1 43.1 43.2 2.29 2.37 2.37 2.38 Printing, publishing and allied industries.. 103.57 106.37 105.71 106.37 38.5 38.4 38.3 38.4 2.69 2.77 2.76 2.77 Chemicals and allied products 103.98 107.53 108.32 108.32 41.1 41.2 41.5 41.5 2.53 2.61 2.61 2.61 Products of petroleum and coal 119.02 126.88 125.33 126.96 40.9 41.6 41.5 41.9 2.91 3.05 3.02 3.03 Rubber products 92.43 98.74 97.61 99.14 39.5 40.8 40.5 40.8 2.34 2.42 2.41 2.43 Leather and leather products 60.06 61.88 62.59 64.50 36.4 36.4 36.6 37.5 1.65 1.70 1.71 1.72 P Preliminary. NOTE.—Data are for production and related workers. Back data are 1 Data include figures for Alaska and Hawaii. available from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1470 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures; 1947-49 average^ 100] Federal Reserve district Year or month United States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALES1 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 Oct 148 129 '142 145 144 163 189 140 149 139 '165 172 '161 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 Aug. 150 132 143 142 145 156 179 137 141 133 157 184 157 Sept 150 130 136 140 '141 157 192 136 141 139 163 175 170 Oct 143 144 149 142 7=162 v 188 138 134 174 164 WITHOUT SEASONAL ADJUSTMENT I960 Oct 153 132 '149 149 145 170 187 143 152 153 '165 176 '157 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 A.UR 136 112 114 119 132 142 172 126 135 133 160 181 156 Sept 150 135 138 142 141 158 178 140 145 149 168 168 166 Oct ... • . 146 151 153 143 "169 ^186 141 149 177 160 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 Oct 167 152 151 '164 151 185 231 159 150 161 173 '193 '180 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 Aug 169 157 150 165 151 189 239 160 154 157 172 190 182 Sept 170 160 151 '167 151 189 239 166 154 155 173 187 180 Oct 2*170 161 152 168 152 242 160 154 156 ^175 WITHOUT SEASONAL ADJUSTMENT I960—Oct 187 172 171 r188 169 211 251 175 171 178 187 '212 '199 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 June 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 178 168 158 '176 157 200 248 173 163 162 178 199 190 Oct ^190 182 171 193 171 263 176 175 173 2*210 ^203 v Preliminary. '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 1471 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t o n i d a n u d n n e g t t d r - h o s - ) f l m c ( e t R o f i o o n p e t r - t a t h s l 2 ) o m ( r N t o d f o o e n e t w r r t a s h l ) 3 Stocks s o O t r i a d n u n e g t d r - s - S o st p o t r i a o d n l u n u c e g t d s k - rs - s ce R i e p - ts Annual average: 1952. 397 ,097 435 397 401 2.9 1.2 4.1 1.0 1953. 406 ,163 421 408 401 3.0 1.1 4.1 1.0 1954. 409 ,140 388 410 412 3.0 1.0 4.0 1.0 1955. 437 ,195 446 444 449 2.9 I. 4.0 1.0 1956. 454 ,286 470 459 458 3.0 1. 4.1 1.0 1957. 459 ,338 461 461 458 3.1 1. 4.1 1.0 1958. 462 ,323 437 462 464 3.0 1.0 4.1 1.0 1959. 488 ,391 510 495 498 3.0 i. 4.1 1.1 1960. 492 ,466 517 494 491 3.1 i. 4.3 1.0 Month: I960—Oct.. '525 ,679 '583 '631 591 3.2 4.3 1.2 Nov., 584 ,735 479 649 547 3.0 3.8 1.1 Dec. 932 ,339 331 536 388 1.4 1.8 .6 1961—Jan... 370 ,316 436 347 452 3.6 1.2 4.7 Feb... 348 ,368 474 400 438 3.9 1.4 5.3 1.1 Mar.. 479 ,459 441 570 537 3.0 .9 4.0 1.2 Apr... 431 ,502 387 474 420 3.5 .9 4.4 1.1 May.. 476 ,475 419 449 481 3.1 .9 4.0 .9 June.. 467 ,389 619 381 581 3.0 1.3 4.3 .8 July.. 389 ,376 689 376 446 3.5 1.8 5.3 1.0 Aug.. '466 ,470 '650 560 '521 '3.2 1.4 4.5 1.2 Sept.. 475 ,576 654 581 585 3.3 1.4 4.7 1.2 Oct.*3. 529 ,707 645 660 651 3.2 1.2 4.4 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 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 exportsl 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 lu s2 ding Merchandise imports3 Period 1959 1960 1961 1959 1960 1961 1959 1960 1961 Jan ,401 1,561 1,647 1,287 1,484 1,539 ,154 1,143 ,124 Feb ,279 1,576 1,672 1,182 1,497 1,606 ,119 1,289 ,046 Mar ,459 1,749 1,934 1,378 1,632 1,889 ,295 1,378 ,231 Apr ,481 1,818 1,706 1,345 1,703 1,647 ,221 1.261 ,042 May ,558 1,804 1,744 1,418 1,710 1,671 ,264 f,262 ,195 June ,427 1,737 1,699 1,351 1,637 1,644 ,370 1,307 ,220 July ,470 1,699 1,637 1,356 1,629 1,558 ,250 1,150 ,268 Aug ,410 1,609 1,670 1,313 1,547 rK598 ,188 1,229 ,234 Sept ,487 1,610 1,631 1,407 1,557 rl,557 .395 1,160 ,176 Oct ,482 1,744 1,890 1,399 1,690 1,817 ,202 1,157 ,340 Nov ,482 1,797 1,380 1,724 ,283 1,161 Dec ,685 1,797 1,580 1,743 ,467 1,157 Jan.-Oct 14,454 16,907 17,230 13,436 16,086 16,526 I 12,458 12,336 ,876 r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1472 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families; 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128 0 125 2 113 4 107 0 120 1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 . 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128 7 132 6 120 0 108 1 122 0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1959 124.6 118.3 129.2 139.7 119.9 136.6 103.9 134.3 107.9 146.3 150.8 131.2 118 6 129.7 I960 126.5 119.7 131.5 141.8 124.8 135.6 104.2 137.4 109.4 146.2 156.2 133.3 121.5 132.2 I960 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 127.5 111 A 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 Au2 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 Oct 128.4 120.9 132.7 144.1 125.7 138.4 103.6 139.2 111.4 150.3 162.3 134.0 125.4 133.8 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 o ie m l d s l i - - p F u r a c o r t d m s - P f e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t 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 u n n o w t t e d d d s e e l , - d r C p a i u a l h c r l c n o a i e e t d l d m s s d - - p R u a b r u n c o e t b d d r s - - p L w u a b r u o n c o e m o t d d r s d - - p p a P u a l a 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 c n o r v i o a t y n d d e s - - - - h F d o h t b o a u u t u o l n 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 c n o c t o v g l t d c d - e s - e o - d s n c M e e o l i l s u a - - s 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 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 1 89 6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144.5 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 I960 119.6 88.8 107.7 128.3 96.1 110.3 113.8 110.2 144.7 121.3 133.2 153.8 153.4 123.1 138.0 131.8 92.1 1960—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 95.4 108.5 116.1 110.1 143.6 116.9 133.1 152.3 153.0 122.6 137.9 132.0 90.6 Dec 119.5 88.7 109.2 127.9 95.2 108.8 116.2 110.2 141.2 116.5 132.3 152.2 153.1 122.6 137.9 132.1 92.4 1961—Jan 119.9 89.7 109.9 128.1 94.8 108.3 117.2 109.7 139.7 115.7 132.2 152.2 153.5 122.3 138.5 132.1 95.6 Feb 120.0 90.0 110.5 128.1 94.7 108.0 117.7 110.0 139.6 114.7 132.2 152.3 153.4 122.2 138.4 132.1 95.2 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 88.6 108.1 127.4 94.2 113.1 114.4 108.4 139.4 115.9 126.3 153.6 152.7 122.1 138.5 132.8 95.6 Sept 118.8 87.2 108.1 127.5 94.4 113.5 113.7 r108.1 139.6 r115 7r129 5r153.7 152 7 122 2 138 5 133 4 95 6 Oct 118.7 87.1 108.3 127.3 94.7 114.0 113.0 108.0 139.4 114.7 130.4 153.1 152.8 122.2 138.9 133.4 93.5 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1473 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index; 1947^9= 100] 1960 1961 1960 1961 Subgroup Subgroup Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper and Allied Products—Cont.: Fresh and dried produce 109.2 97.3 r94.9 94.7 Paperboard 135.9 122.8 122.4 122.4 Grains 73.5 78.1 78.0 77.9 Converted paper and paperboard... 131.1 121.2 127.3 127.3 Livestock and poultry 80.7 80.3 77.6 76.9 Building paper and board 145.7 144.8 144.8 144.8 Plant and animal fibers. 90.8 98.4 98.7 99.4 Fluid milk 101.5 98.4 r99.6 100.1 Metals and Metal Products: Eggs 98.9 80.7 76.6 79.5 Hay and seeds 72.2 82.9 80.0 79.9 Iron and steel , 168.9 170.5 170.8 170.4 Other farm products 130.4 129.3 131.2 130.1 Nonferrous metals 137.1 136.2 136.3 134.9 Metal containers , 153.6 156.6 156.6 156.6 Processed Foods: Hardware 174.6 176.4 176. 176.7 Plumbing equipment 130.8 133.5 133. 133.8 Cereal and bakery products 123.1 123.9 124.3 125.1 Heating equipment 119.3 115.6 115. 114.8 Meats, poultry, and fish 97.8 94.8 94.3 93.6 Fabricated structural metal products 134.0 132.3 131. 131.6 Dairy products and ice cream 121.3 121.0 121.9 123.6 Fabricated nonstructural metal Canned, frozen fruits, and vegetables. 108.8 107.4 "107.3 108.1 products 146.2 150.4 150.8 150.4 Sugar and confectionery 117.1 113.0 112.8 112.6 Packaged beverage materials 140.9 138.6 138.6 136.0 Machinery and Motive Products: Other processed foods 100.5 102.1 102.3 101.4 Agricultural machinery and equip- Textile Products and Apparel: ment 146.7 148.9 148.7 149.0 Construction machinery and equip- Cotton products. 92.8 90.4 91.0 91.6 ment. 176.7 178.5 178.5 178.5 Wool products 101.1 101.7 102.1 101.8 Metal working machinery 181.2 181.7 182.1 182.9 Synthetic textiles. 78.5 75.1 75.1 75.1 General purpose machinery and Silk products. 128.5 136.2 136.2 133.3 equipment 166.5 -166.1 166.3 165.7 Apparel 101.1 100.6 100.7 100.8 Miscellaneous machinery 150.4 152.0 152.0 152.0 Other textile products 91.3 91.0 90.5 94.7 Special industry machinery and equipment (Jan. 1961= 100) 100.5 100.6 100.6 Hides, Skins, and Leather Products: Electrical machinery and equipment 152.6 150.5 150.4 150.7 Hides and skins 64.1 82.9 82.5 82.2 Motor vehicles 140.3 140.5 140.3 140.4 Leather 98.1 106.3 107.6 109.3 Transportation equip., R. R. rolling Footwear 132.5 133.5 133.9 134.4 stock (Jan. 1961= 100) 100.3 100.3 100.3 Other leather products 104.0 105.1 105.4 105.4 Furniture and Other Household Dura- Fuel and Related Products, and Power bles: Coal 122.5 119.2 120.1 120.8 Household furniture 125.6 126.4 126.7 126.9 Coke 170.4 170.4 170.4 170.4 Commercial furniture 157.1 155.9 156.7 156.7 Gas fuels (Jan. 1958= 100) 120.9 116.6 116.9 119.4 Floor covering 130.5 r129.3 '129.4 129.1 Electric power (Jan. 1958= 100) 102.1 102.4 102.4 102.5 Household appliances 100.9 99.8 99.8 99.9 Crude petroleum and natural gasoline, 126.8 127.2 127.2 127.4 Television, radios, phonographs 90.5 88.7 88.3 88.3 Petroleum products, refined 119.5 116.8 115.1 113.3 Other household durable goods 156.8 157.2 157.2 157.3 Chemicals and Allied Products: Nonmetallic Mineral Products: Industrial chemicals 123.6 120.8 t20.6 120.3 Flat glass 132.4 130.3 130.3 130.3 Prepared paint 128.4 132.4 132.4 132.2 Concrete ingredients , 142.1 142.4 142.4 142.5 Paint materials 104.5 101.1 99.9 100.0 Concrete products , 131.0 131.3 131.4 131.5 Drugs and Pharmaceuticals 93.1 91.3 r90.7 90.8 Structural clay products 162.2 161.7 161.9 161.9 Fats and oils, inedible 47.8 51.1 r48.7 47.0 Gypsum products 133.2 137.3 137.3 137.3 Mixed fertilizers , 112.9 113.6 114.4 113.6 Prepared asphalt roofing , 106.6 114.2 114.2 120.4 Fertilizer materials , 111.2 110.0 110.2 111.9 Other nonmetallic minerals 135.0 133.7 133.2 133.2 Other chemicals and products , 107.3 105.3 105.3 105.3 Tobacco Products and Bottled Bev- Rubber and Products: erages: Crude rubber 146.5 137.9 139.1 137.8 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 , 146.8 141.1 141.0 141.0 Other tobacco products , 155.7 157.8 157.8 157.8 Alcoholic beverages 121.1 121.1 121.2 121.1 Lumber and Wood Products: Nonalcoholic beverages , 171.4 176.3 180.5 180.5 Lumber 116.3 115.8 115.3 114.4 Miscellaneous: Millwork....... 135.3 130.7 132.4 132.4 Plywood. 97.1 95.3 '93.7 91.0 Toys, sporting goods, small arms 118.6 119.7 119.6 119.9 Manufactured animal feeds , 66.2 74.3 74.2 71.0 Pulp, Paper, and Allied Products: Notions and accessories , 96.4 r96.2 '96.2 96.2 Jewelry, watches, photo equipment.. 110.9 111.7 111.9 112.2 Woodpulp 121.2 114.4 114.4 114.4 Other miscellaneous 132.6 133.1 132.8 133.0 Wastepaper 77.4 76.6 76.6 100.2 Paper 145.7 145.9 145.3 145.4 rR«vfaod. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1474 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Quarterly totals at seasonally adjusted annua1 rates Item 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 3 4 1 2 3 104.4 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 consumotion exDenditures 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 37.7 22.3 43.2 99.8 131.4 137.7 141.6 147.3 152.4 152.7 153.1 153.7 154.1 156.2 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 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 22.1 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 couioincnt 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 1.8 -1.4 4.0 6.0 5.1 .8 -2.9 6.2 4.0 2.0 -2.2 -4.3 2.4 4.1 .8 1.1 .6 2.9 4.9 1.2 -.7 3.0 3.0 5.1 5.3 3.9 2.6 7.0 2^4 6.0 13.1 23.1 26.2 22.7 23.1 26.7 26.8 27.6 27.6 26.4 27.0 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 C24.3 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 79.0 86.5 93.5 97.1 100.1 101.9 101.6 105.0 107.3 109.0 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 / i 1 3 3 . . 2 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 .0 9 Less * Government sales . ... •. .0 .0 .0 .1 .3 .4 .5 .5 .6 6 6 5 5 6 State and local 7.2 6.0 7.8 19.7 33.2 36.8 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 c Corrected. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Quarterly totals at seasonally adjusted annua1 rates Item 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 3 4 1 2 3 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 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 "Wnses 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 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 Military .3 .3 1.9 5.0 9.7 9.6 9.8 9.9 9.9 9.9 10.0 10.1 10 1 10.2 4.6 4.9 8.3 17.3 28.4 30.5 33.5 35.4 38.5 39.1 39.7 40.3 41.2 41.9 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 in- .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 Pro Drietors' 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 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 Dersons 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 44.7 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 21.2 20.9 18.6 23.1 22.3 21.4 21.1 19.6 22.4 Profits after tax 8.3 -.4 9.4 22.8 23.5 22.3 18.8 23.7 22.7 21.7 21.4 20.0 22.8 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 i4 3 Undistributed profits 2.4 -2.4 4.9 13.6 11.3 9.7 6.4 10.3 8.6 7.6 7.2 5.8 8.6 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -2.7 -1.5 -.3 -.5 .0 .9 .3 .4 .3 Net interest 6.4 5.0 4.5 5.5 11.7 13.4 14.8 16.6 18.4 18.6 18.9 19.2 19.6 26.2 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 1475 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates 1960 1961 1929 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. 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 . . 6 3 . . 9 7 . . 5 4 .8 1.6 - 1 .6 .8 1.8 1.8 1.8 1.8 1.8 1.8 -1 1 . . 7 8 1.8 -•7 -2.4 -1.5 -1.7 -2.6 -4.0 -2.9 -2.6 Plus: Subsidies less current surplus of government enterprises .0 .1 .2 .9 1.0 .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 10.1 -2.0 14.5 35.7 42.0 41.7 37.2 46.4 45.1 44.1 42.9 40.0 45.5 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 .7 .5 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Equals: Personal income. 85.8 47.2 96.3 228.5 332.9 351.4 360.3 383.3 402.2 405.1 405.4 404.7 413.2 420.3 Less: Personal tax and nontax payments 2.6 7.5 3.3 20.8 40.0 42.6 42.3 46.0 50.4 50.8 50.5 50.3 51.4 52.5 Federal 1.3 .5 2.0 18.2 35.2 37.3 36.6 39.6 43.2 43.5 43.1 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total personal income. 383.3 402.2 406.4 406.0 404.0 403.6 403.1 407.3 409.8 413.2 417.3 421.2 419.4 421.1 425.0 Wage and salary disbursements 258.5 271.3 272.9 271.5 269.6 269.6 269.5 271.1 274.6 277.2 250.7 282.3 282.8 284.0 286.8 Commodity-producing industries... 107.2 110.4 108.5 108.3 106.2 106.2 105.6 106.5 109.1 110.5 112.7 113.2 112.9 112.9 114.5 Manufacturing only 84.7 87.4 86.3 85.4 84.0 83.8 83.5 84.1 86.1 87.6 55.9 89.3 89.0 88.8 90.0 Distributive industries 68.2 71.8 72.4 72.0 71.8 71.8 71.8 71.8 72.3 72.9 73.5 74.0 74.2 14.1 75.1 Service industries 37.7 40.7 41.4 41.5 41.7 41.6 41.7 42.1 42.3 42.5 42.9 43.3 43.6 44.0 44.2 Government 45.3 48.4 49.6 49.7 49.8 50.0 50.4 50.7 51.0 51.3 51.6 51.8 52.1 52.4 53.0 Other labor income. 10.3 10.9 11.1 11.2 11.3 11.0 10.7 10.6 10.7 10.8 11.0 11.1 11.2 11.2 11.4 Proprietors' income ..... 46.3 48.2 48.9 49.2\ 48.9 48.9 48.7 49.0 49.0 49.1 49.4 49.5 49.4 49.5 50.0 Business and professional. 35.0 36.2 36.4 36.4 36.0 36.0 35.8 36.0 36.1 36.3 36.4 36.6 36.6 36.8 37.0 Farm 11.3 12.0 12.5 12.8 12.8 12.8 12.9 13.0 12.9 12.9 13.0 12.9 12.8 12.7 13.0 Rental income 11.9 11.7 11.7 11.7 11.6 11.6 11.5 11.4 11.5 11.5 11.5 11.5 11.5 11.5 11.5 Dividends 13.4 14. 14.4 14.4 14.1 14.2 14.2 14.2 14.2 14.2 14.3 14.3 14.3 14.4 14.5 Personal interest income. 23.6 26.2 26.6 26.7 26.7 26.8 26.8 26.8 26.8 27.0 27.1 27.2 27.4 27.5 27.7 Transfer payments 27.2 29.1 30.2 30.7 31.0 31.1 31.1 33.7 32.5 33.0 33.0 35.2 32.5 32.7 33.0 Less: Personal contributions for social insurance 7.9 9.3 9.3 9.3 9.2 9.6 9.4 9.6 9.6 9.7 9.8 9.8 9.8 9.8 10.0 Nonagricultural income. 368.1 386.2 389.8 389.1 387.2 386.8 386.2 390.4 392.9 396.4 400.2 404.0 402.4 404.1 407.5 Agricultural income 15.3 16.1 16.6 16.9 16.8 16.8 16.9 16.9 16.9 16.8 17.1 17.2 17.0 17.0 17.5 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

1476 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 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 D E G F S F C F F i t e a o n a d r r t a m e p e n r o c a a a r i l n a n a l d t G d e s o l e n o n v c o c o t e n a n o r l c r f n s i o g m n r o a p e v n n . e c t b r i 1 . a n u l m s . . i b n e u e n s s t s s i 2 1 n . e s . . s .. . . . -3 5 2 5 .0 . . . 9 9 9 * -3 5 3 3 . . . . 6 5 3 6 * - - 8 4 2 3 . . . . 2 9 8 1 * - - 1 4 5 3 1 . . 1 . 0 . 5 4 * - - 5 4 6 3 . . 1 . . . 0 2 1 8 - - 1 3 4 1 . . . . 6 0 . 1 3 6 - - - 1 2 3 1 . . . 8 . . 5 0 9 2 - - - 5 2 3 . . . 1 8 . . 0 9 9 - - 1 4 1 . . 6 . . 2 . 0 7 2 -1 - 4 1 . . 1 2 . . . 7 4 6 -1 - - 2 1 . . . 6 7 6 . . 6 9 - - 1 4 2 2 . . . . 6 3 0 0 * - - - 1 1 1 1 . . . 6 . . 0 2 5 1 - - 1 1 2 . . 5 0 . . . 0 2 7 C G F D E 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 1.1 1.1 1.1 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 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 2.2 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 * 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 V Financial sectors .. . .. 3.0 3.7 3.0 3.7 4.5 .7 2.0 -.1 1.8 .7 2.0 1.6 .8 V W Gross national investment1 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 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 15.6 15.3 19.2 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 4.7 4.2 1 4 1.2 1.0 1.1 1.2 1.1 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 .2 .2 .2 .2 .2 2 ? .2 f g Change in inventories 5 4.7 1.6 -2.0 6.3 4.2 2.3 * .7 4.6 .5 .2 -1.1 .8 :? I j i h C N Fa o o r r n m p c . o b n r u o p s n . i f n n i e n o s a n s n fi . n b a u n s . in b e u s s s iness... — 4. ' 9 . 4 2 . . . 8 2 6 -2^ . 6 9 2 5. . . 3 9 1 3. . . 1 3 9 1. . 8 4 * .1 * - 1 .5 .2 * 3 1. . 3 2 . . . 1 1 4 . . 1 1 * - - . . 6 6 .1 . . . 4 1 3 .2 * j i k Net financial investment6 2 1 4 2 3 — 1 7 8 — 4 — 8 * 1 1 — 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 3.6 1.3 4.0 2.3 1 m Net acquis. offinan. 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 5.1 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 1.2 4.6 n 0 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 -.9 -2.8 0 p Net acquis. of finan assets. . . .4 .8 1.1 — .7 -.2 * -.5 .1 -.5 .2 - .2 .5 — .4 .2 p q Net increase in liabilities 2.5 3.1 3.3 5.5 3.3 4.9 2.2 -4.0 2.3 1.6 1.4 -1.9 .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 A r s Net acquis. of finan. assets. .. 4.4 4.5 11.3 13.7 3.3 5.8 3.6 4.4 -2.2 1.1 1.8 2.6 -2.2 5.0 s t Net increase in liabilities 17.7 13.1 15.0 17.0 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 4.7 -.6 -4.3 1.1 .2 u V Net acquis. offinan. assets. .. 1.6 3.2 1.6 6.3 3.7 4.2 2.6 -.8 j 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 -.4 1.3 3.3 -2.7 2.1 w y x z a a F S i t n a N N t a e e e n t t c a i a i n n a c d c l q r s u l e o e i a s c c s . t a e o o l r i f g s n fi o n l v a ia e n b r . n il m i a ti s e e s n s e t t .. s s . . . . . . -2 4 2 2 . . . . 2 8 6 7 -3 3 6 3 . . . 1 . 3 4 0 -5 2 4 7 . . . . 2 5 5 7 -4 3 4 7 . . . . 0 0 5 0 -3 2 6 5 . . . . 4 6 0 8 -1 1 . . 3 . . 9 6 9 -1 2 2 . . . 4 . 3 6 9 1 1 . . . 3 0 3 5 2 1 1 . . . 1 1 6 5 -1 1 1 .0 . . . 6 4 4 - - 2 2 1 . . . 2 0 . 9 2 1 1 . . . A 0 3 3 -1 2 1 . . . 2 . 1 5 9 - 1 7 .2 . . 6 5 • a x a y z bb Net acquis. offinan. assets. .. 22.7 24.1 36.3 30.0 34.3 10.4 8.9 10.4 -2.6 12.5 10.0 14.4 1 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 10.9 8.0 14.3 -1.6 14.8 cc dd Financial trans, discrep 2 -2.4 -3.8 -1.0 A .2 -.2 .5 -1.2 .3 -.1 1.1 -.5 .7 dd ee Discrepancy (P—W)7 .5 .6 1.1 2.8 -1.2 1.8 -3.5 2.7 1.9 3.1 3.9 3.7 -1.0 cc * Less than $50 million. » Preliminary. residential construction. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 5 After inventory valuation adjustment. nonfinancial outlays; investment, changes in financial assets and liabilities 6 Financial component of national investment equals net lending to only. Govt. current outlays include, and govt. (and national) investment rest of world; financial flows among domestic sectors cancel out in excludes, govt. purchases of tangible assets. national total. (Discrepancies in financial transactions attributed entirely 2 Annual figures for farm sector are retained earnings of corporate to domestic transactions.) Differs from U.S. "net foreign investment" farms; farm and nonfarm unincorporated businesses shown as having (net exports minus net unilateral transfers in national income accounts) zero annual net saving. Quarterly figures for both sectors include seasonal by discrepancy in rest-of-world account, which equals "errors and net saving. See p. 838 of the BULLETIN for August 1959. omissions" in Dept. of Commerce balance-of-payments statement for 3 Depreciation, accidental damage to fixed capital, and capital outlays the United States. charged to current account. Line H includes amounts for financial 7 Saving and investment are equal in concept but may differ statistically sectors not shown separately. See discussion on p. 836 of the BULLETIN because of discrepancies. See p. 857 of the BULLETIN for August 1959. for August 1959. NOTE.—Descriptions of sectors and of transaction categories are given 4 For consumers, 1- to 4-family dwellings, completed and purchases of in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN additions and alterations. Investment of nonfarm business sectors for August 1959. For latest detailed flow of funds/saving tables, see includes work in process on 1- to 4-family dwellings and other private the BULLETIN for October 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 s 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 1477 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transa o c r t io se n c t c o a r tegory, 1959 1960 1961 1956 1957 1958 1959 1960 2 3 4 1 2 3 4 1 2, I. Demand deposits and currency A Net increase in commercial bkg. system liability 1 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 C D O Fe th d e e r r a d l o G m o e v s e ti r c n m se e c n to t rs - 1 .2 .7 . .3 2 6. . 3 1 . .8 7 . . 1 9 1. . 0 7 1. . 5 5 -1 4 . 2 4 -6.6A - 2 .3 8 1. . 5 2 — 5 1 .5 .7 — -5 . 1 4 7 2 1 .6 0 D C 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 G F C a o r r m po a ra n t d e n n o o n n c fi o n r a p n o c r i a a t l e b b u u s s.... . . 1 1 .7 1 1 . . 7 2 -.8 * -.3 n - 1 .2 .4 -.2 2 US 2 -3^ j '.7 -.1 - 2 .1 .0 -3.2 .8 . G F J I H Re S F st t i n a o t a e f n c t a h i n a e d l w s lo e o c c r a t l o d l r g s overnment . . . 2 2 2 . . . 2 3 2 . . 2 7 . . . 5 1 1 \ .6 l .2 * ' - .2 .3 .1 -.1 . . 6 6 --..44 * -.4 .5 * - - '. . 2 2 * . . . 8 3 7 - -. . 1 5 * -.1 . . 6 4 H J I K Discrepancy (A-B) .1 -1.4 -.7 -.5 -.9 .2 • .8 -1.3 -.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 * -.1 .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 bonds~ -.1 -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 G F C e o d m e m ra e l r G ci o al v e b r a n n m k e in n g t . . .. 2.1 2 -2 5 . . 2 5 - 8 .7 .0 -2 1 . . 0 2 5.8 4 -.6 .9 - - . . 6 1 - - . . 6 2 2 1.5 2 - 2 .1 .2 2.1 * 2.9 2 3.5 1 G F H Savings institutions 7.3 6.9 8.9 8.4 9.5 2.6 1.4 2.4 1.9 2.6 1.8 3.3 2.6 3.1 H 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 sectors3 .4 1.7 -.9 1.7 -.7 -.2 .2 .3 .5 .7 1.2 .9 K L Rest of the world (time deposits).. -.1* .9 -.9 .3 -.4* -.3 2 .2 .3 .1 * .1 L IH. 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 Federal Government 1.0 .6 1.0 1.0 1.0 .4 .3 .1 .1 7 .1 .1 1 8 E F State and local government 1.4 1.6 1.7 1.9 2.1 .5 .5 .5 .5 .5 .5 .5 .6 .6 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 *> 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 direct 5 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 3.8 4.0 4.2 4.4 3 5 1.3 .7 1.2 1.0 .9 .9 .7 1 2 18 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 17 I 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 nee... 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 4.6 O P Farm business 9 1.1 1.5 1.9 1 l 3 _ 2 5 g 2 — 4 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 . i 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 2.0 .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 4.3 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 .3 -.4 .2 .4 -.4 .2 Y Z Corporate nonfinancial business.. -3.7 .6 1.5 4.7 -2.1 1.2 1.9 -.2 -1.2 1.1 -1.5 .5 Z a Federal Government 1.1 2.4 1.7 3.8 2.3 1.7 i!o .5 * 1.3 'A .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 * lil .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 .3 -.8 2.2 .3 .7 .6 .5 .1 -1.4 1.2 .5 .4 -.7 .5 d c 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 1.3 10.4 -7.2 2.4 -1.7 -.8 -.4 -5.6 .3 3.7 4.0 — 1.6 3 6 f g Loans6 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 2.7 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 -.1 3.1 1.1 1.0 1.3 .7 .5 * .3 .3 .1 -.2 k * Less than $50 million. J» Preliminary. sector transactions appear in other flow of funds/saving tables in the NOTE.—Data for excluded categories—trade credit, proprietors* net BULLETIN for August 1961. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 1480 Gold production. 1481 Net gold purchases and gold stock of the United States. 1482 Estimated foreign gold reserves and dollar holdings 1483 International capital transactions of the United States. 1484 United States balance of payments 1493 Money rates in foreign countries 1493 Foreign exchange rates 1495 Index to statistical tables 1503 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. 1479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1480 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 l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1954—Dec 36,940 1,740 21,793 13,405 372 138 62 778 322 1,073 42 86 115 1955—Dec r37,615 1,808 21,753 r14 055 372 144 71 929 323 1 134 44 86 116 1956—Dec r38,110 1,692 22,058 »-14,360 224 107 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 I960—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 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 17,530 192 ns3 293 1,151 288 920 48 84 Sent HI, 140 2,046 17,457 *>21,640 298 1,165 288 927 48 85 Oct 2,055 17,331 152 302 1,203 932 48 155 Ger- E m n o d n t o h f Cuba m De a n rk - D R o i e c m p a u n i b n - - E d c o u r a- E v l a d S o a r l- l F a i n n d - France 2 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d si o a - Iran lic of 1954—Dec .... 186 31 12 23 29 31 708 626 11 27 247 81 138 1955—Dec 136 31 12 23 28 35 942 920 11 27 247 81 138 1956—Dec 136 31 11 22 28 35 924 1,494 10 27 247 45 138 1957—Dec 136 31 11 22 31 35 581 2 542 13 27 247 39 138 1958—Dec 80 31 11 22 31 35 750 2,639 17 27 247 37 141 1959—Dec 50 31 10 20 30 38 J 290 2,637 26 24 247 33 140 I960—Oct... 1 31 10 20 30 41 1,622 2,915 31 24 247 37 131 Nov 1 31 10 20 30 41 1,626 2,943 31 24 247 57 131 Dec . 1 31 10 20 30 41 1,641 2,971 76 24 247 58 130 1961—Jan . 1 31 10 20 30 41 [,641 2,999 76 24 247 58 130 Feb 1 31 20 30 41 1,644 3,029 76 24 247 58 130 Mar . 31 20 30 41 1,883 3,242 16 24 247 57 130 Apr 31 20 26 41 1,952 3,296 11 24 247 57 130 May 31 20 25 41 0Q4 3,433 80 24 247 57 130 June 31 20 22 45 2'020 3,513 77 24 247 57 130 July 31 20 17 45 2,037 3,525 77 24 247 130 Aug 31 20 17 45 2,124 3,644 77 247 130 Sept 31 20 17 45 2 124 3 644 77 247 130 Oct 31 1 19 17 45 2,125 3,648 247 130 Ire- E m n o d n t o h f 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 u- A So fr u ic th a lic of 1954—Dec 18 346 63 62 796 33 45 38 35 9 429 199 1955—Dec 8 18 352 74 142 865 33 45 48 35 16 428 212 1956—Dec . 14 18 338 77 167 844 33 50 49 35 22 448 224 1957—Dec 20 18 452 91 180 744 33 45 49 28 6 461 217 1958—Dec 34 18 1,086 91 143 1,050 33 43 49 19 10 493 211 1959—Dec 84 18 1,749 102 142 1,132 34 30 50 28 9 548 238 1960—Oct 111 18 2,186 102 140 1.376 35 30 52 42 14 550 187 Nov . 98 18 2 198 102 139 ,376 35 30 52 42 14 550 176 Dec 98 18 2,203 119 137 ,451 35 30 52 42 15 552 178 1961—Jan 98 18 2,204 119 135 1,451 35 30 52 47 16 553 170 Feb 98 18 2,217 119 135 ,451 35 30 52 47 18 553 187 Mar 98 18 2,128 119 136 1,451 35 30 53 47 19 539 196 Apr 84 18 2,128 119 137 1,458 35 30 53 47 20 510 172 May 84 18 2,128 119 136 1,458 35 30 53 47 20 496 149 June 84 18 2,134 119 117 1,464 35 30 53 47 21 473 153 July 84 18 2,157 119 118 1,541 35 30 53 47 21 452 159 Aue 84 18 2,225 119 1,581 1 30 53 47 22 448 179 Sept 18 119 I 581 1 30 53 47 22 437 205 Oct 18 I 581 1 30 53 47 25 218 v Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1481 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank E m n o d n t o h f Spain Sweden Sw la i n tz d er- Syria T la h n a d i- Turkey U (E . g A y . p R t . ) 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 - S I e f n o tt t r l 'l e- E E P F U 5 ments4 1954_Dec 132 265 1,513 113 144 174 2,762 227 403 76 153 1955—Dec 132 276 1,597 112 144 174 2,120 216 403 121 244 1956—Dec 132 266 1,676 112 144 188 2,133 186 603 59 268 1957—Dec 101 219 1,718 112 144 188 2,273 180 719 24 254 1958—Dec 57 204 1,925 112 144 174 3,069 180 719 -42 126 1959—Dec 68 191 1,934 104 133 174 2,736 180 652 -134 40 I960—Oct 108 171 2,020 104 133 174 3,139 180 428 6 | -54 Nov 158 171 2,059 104 134 174 3,167 180 398 5 1 -36 Dec 178 170 2,185 104 134 174 3,231 180 398 4 1 -19 56 1961—Jan 189 170 2,184 104 134 174 3,245 180 398 53 Feb 205 170 2,162 104 134 174 3,195 180 398 5 ; 83 Mar 205 170 2,165 104 134 174 3,021 180 398 5 i 48 78 Apr 205 170 2,239 104 134 174 2,948 180 398 111 May 205 170 2,247 104 134 174 2,903 180 398 5 I 44 June 217 170 2,271 104 134 174 2,772 180 398 -17 65 July 244 170 2,322 104 134 174 2,453 180 398 -19 Aug 272 180 2,428 104 139 174 3,486 180 398 91 Sept 277 180 2,472 139 174 3,553 180 398 164 50 Oct 291 180 2,525 139 174 3,531 180 398 164 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 Estimated Africa North and South America Other Year or month world production i 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 11.4 37.9 6.3 1958 1,050.0 980.1 618.0 19 4 29 2 12 8 61.6 158 8 11.6 7.2 3.9 13.0 38.6 6.0 1959 1,125.0 1,060.3 702.2 19.8 32.0 12.3 57.2 156.9 11.0 7.3 3.8 13.9 38.1 5.8 1960 1,170.0 1,099.4 748.4 19.6 31.0 58.8 161.1 10.5 7.0 4.1 15.2 38.0 5.7 I960—Sept 93.1 63.4 J 7 2.6 5.0 12.9 1.3 .6 .3 1.4 3.4 .5 Oct 92 6 63 4 2 5 4 4 14 1 7 6 3 1 0 3 3 5 Nov 92.0 63.4 6 2 5 4.3 13 7 .9 .6 4 1 3.1 .5 Dec . .. 90.7 62.2 1.7 2.5 3.9 13.8 .6 .6 . 3 .2 3.4 .5 1961 Jan 90.9 63.7 1.7 2.5 3.2 13.2 .9 .6 .3 1.4 2.9 .5 Feb 88.4 62.7 1.5 2.5 2.9 12.6 .8 .6 .4 .0 2.9 .5 Mar 65.7 1.9 2.5 3.7 13.7 .4 1.2 2.9 .5 Apr 65.3 3.2 13.1 \l .4 0 3.4 .4 May 67.5 [.7 3.3 13.4 .7 .4 1.0 2.9 .4 June 67.3 8 3.8 12 8 .6 .4 2.9 July 67.7 7 3.8 12.6 .4 .0 3.1 Aue 68 8 3.8 12.5 2 1 3.4 Sept 68.5 4.5 12.1 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

1482 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1960 1961 1953 1954 1955 1956 1957 1958 1959 1960 3 4 1 2 3 Western Europe: Austria -6 -84 -83 Belgium -85 3 3 -329 -39 -141 — 7 -83 -63 France ... -68 -34 -266 -173 -56 -117 Germany (Fed. Rep. of) -130 -226 -10 -34 -34 -23 Netherlands. -65 25 -261 -30 -249 -110 -105 -25 Portugal -60 -55 -5 -20 -10 Spain .... 31 32 -114 -33 -81 -58 -58 Switzerland -65 -16 -8 -215 20 -324 -160 — 165 — 55 -20 -45 United Kingdom -480 -50 100 -900 -350 -550 -200 -350 -150 225 -55 Bank for Int'l Settlements -94 -20 -178 -32 -36 -36 -23 Other -37 -6 4 18 8 -21 -38 -96 -11 -83 -35 -3 0) Total -1,016 -378 -78 80 68-2,326 -827 -1,718 -576 -1,053 -244 202 -246 Canada ... 15 5 Latin America: Argentina -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 -6 -22 -12 5 -9 Total -132 62 14 -28 81 69 19 -100 -36 -62 -102 5 -9 Asia: Japan — 30 — 157 — 15 — 15 Other -6 -10 -5 0) 18 -4 -28 -97 -4 -67 -20 -27 24 Total -6 -10 -5 0) 18 -34 -186 -113 -19 -67 -20 -27 -34 All other2 -10 1 14 0) 2 -5 -38 0) -29 0) 0) Total foreign countries.... -1,164 -327 -68 80 172 -2,294 -998 -1,969 -632 -1,212 -366 179 -288 International 3 200 600 4-44 300 300 150 Grand total -1,164 -327 -68 280 772 -2,294 4-1,041 -1,669 -632 -912 -366 179 -138 1 Less than $500,000. 3 Figures represent purchases of gold from, or sales to (—), the Inter- 2 Includes countries in Africa, Oceania, and Eastern Europe, and all national Monetary Fund. Western European dependencies located outside Europe and Asia. 4 Includes payment of $344 million in June 1959 as increase in U. S. gold subscription to the International Monetary Fund. ANALYSIS OF CHANGES IN U. S. GOLD STOCK, AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U. S. MONETARY AUTHORITIES [In millions of dollars] Gold Gold Stock Total Ear- Stock Total Ear- Foreign ear (end of year) stock: Net marked : Month (end of month) stock: Net marked: currency increase, import, decrease, increase, import, decrease, holdings or de- or or in- or de- or or in- (end of Treas- crease export crease Treas- crease export crease month) ury TotaP ury Total i 1949 24,427 24,563 -164 686 '-495 1960—Nov 17,910 17,948 -495 19 -512 1950 22,706 22,820 -1,743 -371 --1,353 Dec 17 767 17,804 — 144 3 -145 1951 22,695 22,873 53 -549 618 1952 23,187 23 252 -379 684 -305 1961— Jan 17 441 17 480 -324 -20 -322 1953 22,030 22,091 --1,161 2 -1,171 Feb 17,373 17,412 -68 -47 3 Mar 17,388 17,433 21 -137 161 25 1954 21,713 21,793 16 -325 Apr 17,390 17,435 2 -88 92 175 1955 21,690 21,753 --40 97 -132 May 17,403 17,451 16 -131 152 165 1956 21,949 22,058 -305 106 -318 June 17,550 17,603 152 -96 254 186 1957 22,781 22,857 799 104 600 July 17,527 17,590 -13 2 -3 105 1958 20,534 20,582 -2,275 260 -2,515 Aug 17,451 17,530 -60 -33 -23 106 Sept 17,376 17,457 -73 -58 4 62 1959 19 456 19 507 -2 — 1 075 302 -—1 323 Oct 17 300 17 131 — 126 — 66 — 43 112 I960 17,767 17,804 -1,703 333 -1,982 Nov P16,975 4-272 p Preliminary. r Revised. 2 Includes payment of $344 million as increase in U. S. gold subscrip- 1 Includes gold in Exchange Stabilization Fund, which is not included tion to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve 3 Not available. statement "Member Bank Reserves, Reserve Bank Credit, and Related 4 Gold held under earmark at the Federal Reserve Banks for foreign Items" or in the Treasury statement, "Circulation Statement of United and international accounts amounted to $11,840 million on Nov. 30, 1961 States Money." Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 1483 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS [In millions of dollars] Dec. 31, 1959 Sept. 30, 1960 Dec. 31, 1960 Mar. 31, 1961 June 30, 1961 Sept. 30, 196 1P U.S. Govt. Area and country Gold& U.S. Gold& U.S. Gold& bonds & notes* Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- short- Govt. short- Govt. short- Govt. term bonds term bonds term term bonds term bonds term bonds dollars & notes dollars & notes dollars Old New dollars & notes dollars & notes dollars & notes series series Western Europe: Austria 623 516 7 536 7 491 3 480 524 3 Belgium 1,272 1,240 7 1,312 6 1,279 2 1,307 1,478 1 Denmark 168 78 53 85 28 89 31 81 79 30 Finland 109 85 1 87 1 85 (2) 112 134 i2 France 1,945 2,273 17 2,160 16 2,474 5 2,862 3,014 Germany (Fed. Rep. of) 4,624 5,995 16 6,447 16 6,752 a3 6,588 6,400 Greece 212 109 (2) 139 (2) 143 136 120 Italy 3,119 3,181 3,080 8 2,912 3,059 3,376 Netherlands 1,617 1,646 1,779 1,731 1,735 3 1,804 Norway 125 141 115 158 111 148 113 141 131 132 135 Portugal 686 638 1 636 143 1 615 1 546 1 523 128 Spain 154 3 235 3 327 1 1 316 1 352 1 405 1 Sweden 404 101 395 78 397 3 82 438 93 574 51 566 71 Switzerland 2,903 88 2,786 74 2,863 77 94 2,721 91 2,850 87 3,177 86 Turkey 164 149 152 57 (2) 158 (2) 15C (2) 158 (2) O U t n h i e te r d * Kingdom 3, 5 4 9 9 7 0 51 4, 4 5 6 0 9 3 39 4,4 5 6 29 7 39 4 4 2 4 0 4, 5 37 92 9 4 4 4 5 9 4,1 6 0 0 9 9 43 4 5 7 438 7 2 9 0 7 4 4 8 7 2 Total 22,212 855 24,413 849 25,107 819 838 25,288 868 25,681 801 27,510 863 Canada 3,158 452 3,552 424 3,324 416 446 3,313 464 3,565 463 3,575 465 Latin America: Argentina 393 454 419 501 475 445 Brazil 478 460 481 480 474 551 Chile 228 179 180 177 171 178 Colombia 288 242 236 240 202 222 Cuba 214 108 78 64 59 46 Guatemala 61 65 68 77 83 70 () Mexico 584 495 534 472 450 531 Panama, Republic of. 129 127 123 95 78 79 1 Peru 110 97 114 112 118 123 1 Uruguay 242 244 231 227 230 229 1 Venezuela 929 795 796 892 826 846 1 Other4 253 400 370 317 303 289 77 Total 3,909 105 3,666 3,630 59 15 3,654 41 3,469 69 3,609 89 Asia: India 361 297 301 40 295 288 333 Indonesia 172 195 236 158 142 120 Iran 187 156 152 173 178 167 Japan 1,564 1,984 2,166 2,306 2,262 1,953 Philippines 181 237 218 214 184 174 Thailand 245 276 290 318 331 344 Other 1,245 1,026 989 986 1,010 1,099 45 Total 3,955 53 4,171 103 4,352 87 92 4,450 57 4,395 57 4,190 ~57 All other: Australia 264 259 235 233 238 238 South Africa 287 235 207 227 192 251 U.A.R. (Egypt) 194 196 196 195 190 189 () Others 526 552 600 601 624 586 38 Total 1,271 42 1,242 29 1,238 28 35 1,256 38 1,244 37 1,264 38 Total foreign countries 34,505 1,507 37,044 1,491 37,651 1,409 1,426 37,961 1,468 38,354 1,427 40,148 1,512 International 5,565 660 6,133 671 6,394 884 900 6,353 1,064 6,452 1,011 5,480 1,127 Grand total* 40,070 2,167 43,177 2,162 44,045 2,293 2,326 44,314 2,532 44,806 2,438 45,628 2,639 Memorandum item: Sterling area 4,730 407 5,627 489 5,558 512 536 5,488 531 5,179 518 5,964 566 P Preliminary. 4 Includes other Latin American republics and the Inter-American i 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

1484 INTL CAPITAL TRANSACTIONS OF THE U, S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Foreign countries Europe In- End of month Grand terna- Ger- United Canada Latin Asia All total tional2 many, King- Other Total America other Total Official Private Fed. dom Rep. of 1956—Dec 14,939 1,452 13,487 8,045 5,442 1,835 1,012 4,019 6,865 1,516 2,346 2,415 346 1957—Dec 15,158 1,517 13,641 7,917 5,724 1,557 1,275 4,310 7,142 1,623 2,575 1,946 355 1958—Dec 16,159 1,544 14,615 8,665 5,950 1,755 873 5,081 7,708 2,019 2,403 2,205 279 1959—Dec 19,389 43,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2,780 373 I960—Oct 21,419 3,685 17,734 10,305 7,429 3,290 1,793 4,188 9,271 2,711 2,365 3,004 384 Nov 20,886 3,700 17,186 10,077 7,109 3,364 1,641 3,954 8,959 2,507 2.336 3,022 362 Dec 21,326 3,955 17,371 10,326 7,045 3,476 1,667 3,902 9,045 2,439 2,422 3,113 352 1961—Jan 20,916 3,942 16,974 10,145 6,829 3,502 1,633 3,581 8,716 2,442 2,324 3,150 342 Feb 20,769 3,817 16,952 10,095 6,857 3,583 1,567 3,536 8,687 2,421 2,294 3,203 347 Mar. 21,090 3,877 17,213 10,309 6,904 3,510 1,754 3,612 8,876 2,429 2,372 3,187 348 Apr 20,858 3,917 16,940 9,896 7,044 3,184 1,619 3,765 8,568 2,437 2,344 3,198 393 May 21,070 3,920 17,150 9,929 7,221 3,086 1,642 3,978 8,706 2,620 2,294 3,177 352 June 21,492 3,970 17,522 10,067 7,455 3,075 1,709 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 ... 21 620 3,404 18,216 10,537 7,679 2,791 2,431 4,637 9 859 2 701 2,277 3,031 349 Sept.p 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 Oct p . . 22,231 3,715 18,516 10,699 7,817 2,544 2,673 4,899 10,115 2,906 2,308 2,807 382 Table la. Other Europe End of month Total A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r it - d z- T k u e r y - Others 1956—Doc 4,019 296 117 65 53 626 177 930 134 67 137 43 217 836 20 299 1957—Dec 4,310 349 130 112 64 354 154 1,079 203 93 142 24 260 967 18 360 1958—Dec 5,081 411 115 169 69 532 126 1,121 339 130 163 36 303 852 20 694 1959—Dec 5,496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 31 590 I960—Oct 4,188 229 140 53 48 658 54 953 289 83 84 187 219 755 18 418 Nov 3 954 231 141 53 45 583 67 923 277 81 85 157 210 693 17 391 Dec 3,902 243 142 54 46 519 63 877 328 81 84 149 227 678 18 393 1961—Jan 3,581 213 132 54 45 579 49 794 275 80 81 114 229 612 21 303 Feb 3,536 205 136 52 47 687 52 724 246 82 80 127 233 568 19 278 Mar 3,612 198 147 58 44 591 67 784 280 83 76 111 268 556 24 326 Apr 3,765 194 183 57 44 633 68 823 265 84 80 118 282 538 17 380 May 3,978 189 220 47 51 723 62 858 250 98 82 125 339 522 13 399 4,364 187 233 50 67 842 59 925 271 101 73 135 404 579 16 422 July 4,640 195 310 36 77 1,012 59 1,008 252 101 80 134 423 552 13 389 4,637 212 300 38 87 871 55 1,098 200 105 84 133 387 661 17 390 Sept.p 4,853 226 313 48 89 890 43 1,151 223 105 86 128 386 705 19 441 Oct.* 4,899 229 312 56 92 888 43 1,191 227 110 88 133 391 689 21 428 Table lb. Latin America Neth- End of month Total 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 a i 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 r l n r e d d - i - s - s l a P p i R m c u a e n b o a - - - f , Peru U gu r a u y - V zu e e n l e a - Other 6 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—Oct 2,365 324 22 185 116 181 90 34 22 41 358 79 126 64 61 349 313 Nov 2,336 335 21 186 117 166 84 34 24 42 359 68 122 64 52 360 303 Dec 2,422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 1961 Jan 2 324 299 22 203 120 174 68 31 27 50 367 70 108 65 49 378 293 Feb 2,294 289 24 170 112 172 66 30 31 51 349 69 100 62 52 446 271 Mar 2,372 313 23 193 133 160 63 31 28 53 336 77 95 65 47 494 260 2,344 326 21 185 128 149 62 29 29 58 358 84 89 66 49 458 252 May!'.'.'.'.'/.'.. 2,294 308 21 220 119 132 61 32 28 58 332 83 80 64 46 454 255 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 2,277 275 24 218 125 134 49 30 27 49 430 84 78 86 52 367 250 Sept v 2,357 253 23 263 130 137 45 29 26 46 413 87 79 76 49 448 254 Oct.* 2,308 246 23 254 96 137 46 27 28 43 403 88 84 73 50 406 303 » Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1485 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Con- 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 r R u e e a b - , - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - , R 1 o e ° f p ' . A S f o r u ic t a h ( U Eg .A y . p R t) .Other l o ic f the 1956—Dec 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 53 50 114 1957—Dec 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 38 40 IV* 1958—Dec 2 205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 30 16 125 1959—Dec 2,780 60 114 139 47 87 1,285 148 172 94 141 494 373 110 31 49 20 16? I960 Oct. . 3,004 58 36 170 26 62 1,758 153 217 86 175 263 384 87 30 30 24 213 Nov 3 022 60 37 148 25 71 1,808 150 212 84 183 245 362 80 32 33 27 189 Dec 3,113 57 54 178 22 75 1,887 152 203 84 186 215 352 88 32 29 22 181 1961—Jan 3,150 57 45 181 20 67 1,953 139 193 84 195 216 342 72 33 39 20 178 Feb 3,203 52 44 150 45 69 1,990 145 198 81 209 219 347 73 33 36 20 184 Mar 3,187 53 48 101 43 62 2,027 155 195 76 214 214 348 83 31 31 21 182 Apr . 3,198 51 40 89 41 50 2,096 154 172 77 215 215 393 124 32 30 21 187 May 3 177 51 43 86 41 42 2 036 163 173 77 223 243 352 76 22 40 22 192 3 133 52 41 85 48 47 1,983 168 163 81 227 238 367 83 30 39 16 199 July 3,091 52 37 74 32 51 1,913 178 182 80 231 258 362 81 29 40 16 196 Sept p 2 3 , .0 9 3 0 1 0 5 5 5 3 7 8 8 6 7 7 7 8 3 3 9 7 6 6 2 4 1 1, , 6 7 4 6 9 6 1 1 8 9 6 4 1 1 5 7 2 4 9 8 0 9 2 2 3 4 7 0 2 25 6 9 8 3 37 4 5 9 7 8 9 6 4 2 3 7 4 4 0 6 2 1 1 5 1 1 8 8 1 5 Oct.* 2,807 59 88 92 34 65 1,535 195 134 92 240 273 382 90 39 46 15 192 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1957 1958 1959 1960 1957 1958 1959 1960 Other Europe: Other Asia (Cont.): Albania .1 .3 .3 .2 Burma 6.7 5.9 4.3 .9 Bulgaria , .6 .3 1.2 .5 Cambodia 20.0 24.9 19.7 10.9 Cyprus .1 .2 .3 .5 Ceylon 34.2 44.1 34.4 6.9 Czechoslovakia 8 .7 .6 .7 1.0 China Mainland». 36.3 36.0 35.8 34.8 Estonia 1.7 1.7 1.8 n.a. Iraq., 19.6 18.0 63.1 n.a. Hungary ,7 ,9 1.3 1.0 Jordan , 1.6 2.8 2.5 1.8 Iceland 2.9 3.5 2.7 5.1 Kuwait 5.9 10.3 9.4 9.6 Ireland, Republic of 9.0 10.0 5.4 2.7 Laos 33.1 20.9 21.0 5.0 Latvia .5 .6 .6 .5 Lebanon , 28.2 37.9 38.0 36.2 Lithuania .5 .7 .6 .6 Malaya, Fed. of 1.6 1.2 1.4 6.3 Luxembourg 16.4 16.1 7.2 12.6 Pakistan 12.8 5.6 23.5 10.6 Monaco 5.4 5.9 5.3 4.1 Portuguese India (Goa). 2.5 2.5 2.3 1.4 Polands 3.2 4.9 4.0 6.1 Ryukyu Islands , 32.7 15.2 14.8 n.a. Rumania* .8 .9 .9 1.1 Saudi Arabia 94.8 60.2 111.6 18.4 Soviet Zone of Germany 3.1 1.4 1.5 1.3 Singapore , 7.1 2.5 3.5 1.9 U.S.S.R.8 .7 2.2 2.6 12.1 Syria 3.5 4.7 5.0 n.a. Yugoslavia* 10.6 9.5 6.2 10.0 Viet-Nam 58.5 48.8 68.3 n.a. Other Latin America: All other: C E F B B H H N T P r a c h o e a a o i e c r u r h e s i n n a m a t t a a i d a g c W r d m u h a u u o R d g r e a a r a W a s u y s ic s t ? a a e I s n t d I ie n s d i f e e s d e a r n a d ti o F n r e 9 n . ch Guiana.. 2 1 1 1 1 1 7 5 2 6 2 1 5 2 . . . . . . . . . 9 7 8 1 4 7 2 8 6 2 3 1 1 7 6 6 3 4 7 1 1 . . . . . . . . . 7 8 4 4 5 5 3 6 3 2 1 3 1 1 1 1 6 1 4 8 2 0 2 2 . . . . . . . . . 7 5 7 9 3 6 5 8 5 4 2 2 1 1 1 1 1 4 7 1 7 9 0 1 5 1 . . . . . . . . . . 6 2 7 4 3 8 7 9 0 3 A E F G L N L M M M r t i i l e h h b e b g o o a w a n y i e d e r z o n o c r r a a e p i i a C c h m i a a r i c a a a b S o l i e o I a q d s m n u l o a d e a n n l i E i d a la s ri n tr d ea 2 3 5 1 3 3 3 5 1 1 0 . . . . . . . . . 9 0 4 1 7 1 7 5 9 2 4 13 2 1 6 7 3 1 1 " . . . . . . . . . 9 5 0 8 O 5 4 4 0 2 5 1 1 2 2 0 1 7 8 7 . . . . . . . . . . 0 0 6 4 6 3 3 7 8 6 6 n n n 9 2 5 4 . . . i . . . . . a a a 2 3 9 9 6 3 . . . Other Asia: New Zealand 1.9 6.9 6.8 n.a. Aden .8 1.7 2.2 n.a. Somali Republic 1.3 1.3 .8 3.5 Afghanistan 4.7 4.5 11.0 9.8 Sudan 1.7 5.2 1.6 n.a. Bahrein Islands .9 .9 .9 n.a. Tunisia .8 .3 8.4 2.8 n.a. Not available. * Preliminary. 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 $4 million on Oct. 31, 1961. 8 Based on reports by banks in all Federal Reserve districts. 2 Represents principally the International Bank for Reconstruction and 9 Prior to 1960 data for the Bahamas included with The West Indies Development, International Monetary Fund, International Finance federation. Corporation, and the International Development Association. 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 (including the Federal Reserve governments and their agencies (including official purchasing missions, Banks), bankers, brokers, and dealers, by branches or agencies of foreign trade and shipping missions, diplomatic and consular establishments, etc.). banks, by certain domestic institutions not classified as banks that main- 4 Includes $1,031 million representing increase in U. S. dollar sub- tain deposit or custody accounts for foreigners, and by the U. S. Treasury. scription to the International Monetary Fund paid in June 1959. The term "foreigner" is used to designate foreign governments, central 5 Includes Bank for International Settlements. banks, and other official institutions, as well as banks, organizations, and * Beginning June 1960 includes Inter-American Development Bank. individuals domiciled abroad and the foreign subsidiaries and offices of 7 Except where noted, these data are based on reports by banks in U. S. banks and commercial firms. he Second (New York) Federal Reserve District. They represent a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1486 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* Total Deposits Treasury Other* bills and bills and certificates1 certificates Total amounts outstanding 1956—Dec... 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957—Dec... 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958—Dec... 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959—Dec... 19.389 16,913 6,341 9,245 1,328 2,398 1,833 295 270 77 I960—.Oct.. 21,419 19,013 7,642 9,885 1,485 2,262 1,826 172 264 144 Nov... 20,886 18,577 7,454 9,686 1,437 2,182 1,777 158 247 127 Dec... 21,326 18,986 7,568 10,018 11,401 2,227 1,846 148 233 113 1961—Jan... 20,916 18,672 7,322 10,051 1,299 2,122 1,772 128 222 121 Feb... 20,769 18,553 7,488 9,794 1,271 2,105 1,776 113 216 112 Mar... 21,090 18,872 7,719 9,909 1,244 2,106 1,792 102 213 111 Apr... 20,858 18,617 7,756 9,594 1,267 2,129 1,806 103 220 111 May.. 21,070 18,759 7,971 9,503 1,285 2,177 1,836 129 212 133 June.. 21,492 19.136 8.234 9.585 1.317 2.199 1.842 133 223 157 July.. 21,756 19,419 8,492 9,620 1,307 2,191 1,865 109 217 145 Aug... 21,620 19,310 8,631 9,343 1,336 2,201 1,863 109 229 109 Sept.* 21,943 19,609 8,680 9,542 1,386 2,226 1,888 119 219 107 Oct.*. 22,231 19,779 8,900 9,485 1,394 2,292 1,917 149 226 160 Area and country detail, Aug. 31, 1961 Europe: Austria 212 210 206 5 1 1 8 Belgium 300 259 236 14 10 40 33 Denmark 38 31 13 16 1 8 7 Finland 87 86 47 26 13 1 1 ( 3 ) France 871 819 251 529 38 52 46 Germany, Fed. Rep. of... 2,791 2,752 337 2,015 399 38 32 Greece 55 39 32 7 (3) 16 16 Italy 1,098 1,071 143 747 181 27 22 Netherlands 200 170 110 50 10 29 23 Norway 105 69 54 11 4 36 35 Portugal 84 43 41 2 40 39 Spain 133 113 112 1 20 20 8 Sweden 387 377 92 244 42 10 10 Switzerland 661 560 355 62 143 95 67 Turkey 17 15 15 2 2 22 United Kingdom 2,431 2,113 1,061 967 85 273 106 50 117 45 Yugoslavia 8 7 7 (3) 1 1 .... ..... Other 382 337 95 "85' 157 11 10 *34' Total 9,859 9,070 3,207 4,772 1,091 700 470 67 89 Canada 2,701 2,438 1,824 605 251 207 30 12 Latin America: Argentina 275 205 145 51 70 68 Bolivia 24 7 7 16 16 Brazil 218 87 83 131 124 Chile 125 77 77 47 46 Colombia 134 66 64 68 67 Cuba 49 2 2 47 45 Dominican Republic 30 11 11 19 19 El Salvador 27 8 6 2 19 18 Guatemala 49 32 20 4 17 17 Mexico 430 262 246 10 6 168 164 Neth. Antilles and Surinam 84 52 36 13 32 22 Panama, Rep. of 78 13 12 1 65 60 Peru 86 44 44 43 40 Uruguay 52 22 21 29 24 Venezuela 367 160 159 206 202 Other 250 153 116 23 96 88 Total 2,277 1,201 1,049 92 60 1,074 1,021 11 42 » Preliminary. 2 Represents principally bankers' acceptances and commercial paper i Includes nonnegotiable, non-interest-bearing special U. S. notes 3 Less than $500,000. held by international organizations, which amounted to $2,143 million on Oct. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BNTTL CAPITAL TRANSACTIONS OF THE U. S. 1487 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 detai], Aug. 31, 1961—Cont. Asia: Hong Kong 53 26 22 5 27 26 8 1 78 70 24 43 3 6 5 Indonesia 78 76 67 9 2 2 39 33 33 6 6 (2) Israel 64 58 39 1 18 6 6 Japan . 1,766 1,743 1,126 537 81 22 18 4 (2) Korea, Rep. of 186 184 181 3 2 2 174 151 125 7 20 22 22 ( 2 > (2) (2) Taiwan . . .. 89 83 81 3 6 6 T O h th a e il r and 2 2 3 68 7 2 2 3 32 4 1 6 5 6 2 1 5 6 8 2 2 6 2 3 3 4 3 3 3 ( 2 > 1 1 Total 3,031 2,892 1,916 816 160 136 129 i 6 3 All other: Australia 79 76 37 36 3 3 3 1 Congo Rep of the . 27 26 22 2 2 2 2 South Africa 40 35 35 3 2 c2) 1 U A R (Eevt>0 21 20 14 3 1 1 Other 181 148 138 5 6 31 29 (2) 2 i Total 349 306 245 46 14 40 37 i 3 3 Total foreign countries. 18,216 15,906 8,242 6,330 1,334 2,201 1,863 109 229 109 International 3,404 3,404 390 3 3,012 2 Grand total 21,620 19,310 8,631 3 9,343 1,336 2,201 1,863 109 229 109 1 Represents principally bankers' acceptances and commercial paper. 3 Includes $2,129 million of nonnegotiable, non-interest-bearing special 2 Less than $500,000. U. S. notes held by international organizations. 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 m i a c t a e in r- Asia o A th l e l r 1956—Dec 1,946 18 157 43 29 104 216 568 157 840 337 43 1957—Dec 2,199 114 140 56 34 98 211 654 154 9S6 386 50 1958—Dec 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 Dec 2,623 57 54 30 38 121 234 534 272 1,175 586 56 I960 Oct '3,374 32 84 42 54 237 245 694 '410 1,244 956 70 Nov '3,338 28 78 35 55 222 240 658 '389 1,254 '971 65 Dec r3,614 32 82 34 60 245 264 717 '421 1,356 1,052 69 1961 Jan '3,609 35 78 38 61 197 237 646 '429 1,340 1,121 73 Feb '3,691 '39 81 36 61 170 224 '611 '398 1,390 1,220 73 Mar '3,967 '46 108 36 74 167 246 '678 '489 1,374 1,349 76 Apr . '4,150 '46 135 46 70 173 227 '697 '532 1,394 i,450 76 May r4,124 '44 145 42 65 171 228 '695 '520 1,336 1,497 75 June '4,123 '48 148 33 64 165 233 '691 '514 1,243 1,598 76 July '4,189 '50 141 35 64 187 209 '688 '492 1,245 1,674 90 Aug 4,122 42 136 37 60 134 178 586 517 1,295 1,626 98 Sept.p 4,165 34 146 34 67 183 187 651 496 [,351 1,578 88 Oct.*7 4,354 37 140 34 72 169 184 636 616 1,418 1,594 90 Preliminary. r Revised. by 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 the5 following .i.t.e.ms 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 where collection is being made Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1488 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 End of month Total A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - Other 1956—Dec 216 7 28 12 4 4 21 23 2 8 13 88 (2) 7 1957 Dec 211 6 25 11 4 6 29 23 2 8 10 76 10 1958—Dec 315 7 65 14 6 7 56 22 2 30 24 72 9 1959—Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960—Oct 245 2 53 10 9 5 32 16 3 8 25 58 7 16 Nov 240 3 50 13 9 7 30 17 3 7 26 53 8 15 Dec 264 2 65 13 9 6 33 17 4 8 28 49 11 19 1961—Jan 237 2 63 14 9 5 34 11 3 6 26 41 9 14 Feb 224 2 61 12 9 7 32 10 2 6 25 32 9 16 Mar 246 3 58 12 10 6 47 10 3 7 26 35 12 16 Apr 227 2 56 11 11 7 38 10 2 7 24 24 16 19 May 228 3 58 11 11 7 42 10 3 8 25 15 16 21 233 3 43 9 14 7 45 11 3 11 25 24 16 22 July 209 3 43 9 14 8 47 11 2 8 17 13 15 19 178 3 13 11 14 6 43 11 2 7 16 22 14 17 Septp 187 3 10 10 16 7 45 13 2 7 15 31 8 19 Oct v 184 3 11 12 19 6 41 17 3 6 15 23 8 18 Table 3b. Latin America Neth- End of month Total 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 - Other nam 1956—Dec 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957 Dec 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Dec ,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959—Dec ,\T> 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960—Oct ,?44 108 4 212 55 77 29 17 19 12 303 4 19 42 55 233 56 Nov. ,754 112 4 206 63 76 27 17 19 13 302 5 22 43 52 235 57 Dec (V56 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 19^1 Jan ,140 122 4 229 74 81 21 14 21 13 343 5 27 48 51 231 57 Feb ,390 122 4 228 77 79 21 13 19 14 313 5 28 48 48 311 60 Mar 1,374 128 4 241 88 78 21 13 19 15 306 5 26 48 44 274 63 Apr ,394 127 5 213 118 79 21 13 17 12 323 5 29 50 40 281 61 May ,336 133 5 202 111 81 20 14 15 14 321 7 38 55 43 215 63 June 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 1,295 158 8 147 119 91 20 13 17 17 375 8 28 67 39 121 68 Sept * 1,351 162 5 180 117 90 19 12 15 16 384 6 30 68 39 137 72 Oct.* 1,418 171 5 235 116 87 19 12 14 17 383 8 30 71 45 130 74 Table 3c. Asia and All Other Asia All other End of month Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f e n t p g h . o e , A S f o r u ic t a h ( U Eg .A y . p R t) . Other 1956—Dec 337 4 6 20 16 170 16 6 9 91 43 11 6 8 2 17 1957—Dec 386 7 6 22 24 146 53 6 14 110 50 13 5 12 1 19 1958 Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 21 3 29 1959—Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 12 2 21 I960—Oct 956 8 11 35 15 693 25 8 15 147 70 29 3 10 2 26 Nov '971 8 11 34 17 r711 24 7 16 143 65 27 2 10 2 25 Dec 1,052 9 9 33 24 806 19 7 24 121 69 28 3 11 3 24 1961 Jan 1,121 8 8 34 28 875 16 7 22 124 73 28 3 12 3 27 Feb 1,220 9 9 43 32 952 18 10 24 123 73 28 4 12 3 26 Mar 1,349 10 11 48 33 1,069 19 11 23 126 76 26 4 13 7 26 Apr 1,450 10 11 52 30 1,159 23 11 23 130 76 27 4 13 8 24 May 1,497 10 12 47 33 1,196 26 14 25 134 75 25 3 13 10 24 June 1,598 9 41 47 33 1,272 24 15 27 131 76 25 3 15 10 23 July 1,674 9 40 36 34 1,341 42 13 30 129 90 26 3 24 13 23 1,626 10 10 36 31 1,335 37 12 29 128 98 32 24 13 25 Sept p 1,578 10 8 35 31 1,288 38 10 32 126 88 27 3 19 13 26 Oct.* 1,594 9 8 33 34 1,281 58 11 28 131 90 28 4 16 12 31 » Preliminary. r Revised, 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1489 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in foreign currencies End of month, or area and country Total amounts outstandin 1955—Dec 671 1,549 1,385 1956—Dec 839 1,946 1,796 1957—Dec 1,174 2,199 2,052 1958—Dec 1,362 2,542 2,344 1959—Dec 1,545 2,623 2,406 1960—Oct Nov , Dec 1961—Jan 1,654 r3,609 3,138 ,259 Feb 1,598 '3,691 3,265 ,326 Mar 1,616 r3,967 3,471 ,453 Apr 1,639 •"4,150 3,619 ,473 May 1,635 >-4,124 3,616 ,517 June 1,847 r4,123 3,672 ,645 July 1,902 '4,189 3,777 1,691 Aug 1,830 4,122 3,712 1,700 Sept.*3 1,855 4,165 3,719 1,671 Oct.*3 1,868 4,354 3,806 1,736 Area and country detail, Aug. 31, 1961 Europe: Austria Belgium Denmark Finland France Germany, Fed. Rep. of Greece Italy Netherlands Norway United Kingdom Yugoslavia Other Canada Latin America: Argentina Bolivia Brazil Chile Colombia Cuba Dominican Republic El Salvador Guatemala Mexico Netherlands Antilles and Surinam Panama, Rep. of, Peru Uruguay Venezuela Other Total p Preliminary. r Revised. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1490 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n t a r n y d term— Loans to: total i Total Collec- Total Ba i o n n f s f k i t c s it i a u a l - nd Others sta t o i n o u d n t i - s ng Other Total f D or e e w p ig i o t n s h i e t r s s Other tions Area and country detail, Aug. 31, 1961—Cont. Asia: Hong Kong 10 10 4 2 3 1 (2) India 18 10 8 2 C2) i 1 (2) Indonesia 50 S (2) Iran 13 35 3 (>> 1 1 Israel 10 31 3 31 Japan 19 1,335 1,312 176 4 152 981 23 23 Korea, Rep. of. 9 3 4 7 3 4 7 34 3 1 2 1 (2) (2) Taiwan 12 12 2 1 9 Thailand 1 29 29 11 3 15 Other.... 5 124 123 99 3 18 3 1 1 2 Total. 131 1,626 1,599 332 13 219 1,035 27 25 All other: Australia 21 32 30 6 2 12 10 3 1 Congo, Rep. of the 38 3 3 2 South Africa 64 24 24 1 9 15 U.A.R. (Egypt) 4 13 13 (2i> 1 7 Other.... 43 25 24 17 4 Total 171 98 95 15 6 39 34 3 Grand total 1,830 4,122 3,712 756 537 719 1,700 410 333 2 (2) (2) (2) 2 2 (2) (2) I 2 232 178 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. 1 year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Net purchases, Year or month c P ha u s r e - s Sales or sales F ( o — re ) ign c P ha u s r e - s Sales c s N a h l a e e t s s e p s ( , u o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u ,o - r ) r - Total countries 1957 . . . 666 718 -52 117 1,617 1,423 194 699 1,392 -693 593 622 —29 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,217 528 689 527 2,593 2,158 435 946 1,458 -512 566 804 -238 I960 1,730 1,603 127 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 i960—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 155 206 -50 -40 344 299 45 59 124 -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. 340 177 163 48 246 254 -8 37 36 1 40 64 -24 Sept.* 22 26 -4 -5 216 216 223 228 -5 41 58 -17 Oct p . . 120 56 65 64 244 230 14 52 77 -26 53 74 -22 9 Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1491 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 or area Year or month Total2 Neth- Switz- United Other Total Latin All Stocks Bonds Belgium France la e n r d - s la e n r- d K d i o n m g, Europe Europe Canada Amer- other 2 1957. 194 143 51 14 35 101 77 20 255 -99 23 15 1958. -39 -56 17 -3 2 -8 19 -1 1 10 -86 23 14 1959. 435 363 73 5 40 31 254 15 35 379 -30 40 46 1960. 252 r202 50 5 38 1 171 -48 66 234 -45 36 28 1960—Oct. -8 -22 14 -4 2 -4 20 -29 -7 -6 2 3 N De o c v . . . . -12 7 1 7 0 - - 1 3 8 -1 3 2 3 1 2 4 - - 2 2 0 1 8 5 -17 3 -2 5 2 5 1961—Jan.... 30 32 -1 1 5 -2 5 7 7 22 -4 8 5 Feb... 17 32 -14 1 3 1 17 2 25 -13 1 6 Mar... 42 32 10 3 -3 18 5 5 30 6 -2 8 Apr... 40 56 -16 3 21 9 -1 32 -9 9 9 May.. 45 58 -13 5 29 10 50 -19 9 4 June.. 27 33 -6 -1 3 19 11 2 34 -14 4 2 July... -18 -5 -13 -1 -2 -6 -1 -12 -13 2 Aug... -8 2 -10 6 -7 4 1 -14 2 3 Sept.*. 15 -15 2 2 2 11 -17 4 1 Oct.*., 14 28 -15 1 24 -10 19 -7 1 1 P Preliminary. r Revised. 2 Includes transactions of international organizations. i Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In million of dollars] Total Latin Assets in custody Y m e o a n r t o h r na In ti t o e n r- al f c o t o r r e i u e i n g s - 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 U. S. Govt. Miscelsecurities 2 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 1960 . . — 147 —498 -117 — 196 -107 —41 — 36 I960—Nov 252 5,430 752 Dec 217 5,726 756 1960—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 -9 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 -S -11 -2 June 220 5 723 688 Apr.... 3 -102 -9 -55 -19 i? July 226 5,660 667 May... 1 -104 -26 -50 -6 -22 270 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.... 6 -29 -10 -17 1 -3 1 198 5,793 634 Sept. P. . 4 -26 -5 6 2 -7 -22 Oct.*... -5 -42 -13 -6 1 -25 1 1 Excludes assets held for international organizations, and earmarked gold. See note 4 at bottom of p. 1482 for total gold under earmark at P Preliminary. Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1492 INTT 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 Revised series1 Revisedseries1 Area and country 1960 1960 1960 1961 1960 1961 2 3 4 4 V 2 3 4 4 \v Europe: 2 2 1 2 2 5 6 7 8 5 Belgium 16 18 18 18 29 11 10 12 12 11 2 2 1 2 6 8 12 12 12 Finland 1 1 1 1 1 1 2 2 2 2 France 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 1 2 3 2 2 2 Italy 13 15 16 16 20 26 29 34 38 41 Netherlands 44 56 48 48 62 16 14 17 18 17 7 7 5 5 6 6 6 6 6 7 1 1 1 1 4 3 4 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 United Kingdom 89 80 63 67 80 148 163 640 643 257 1 1 1 1 1 1 1 1 1 2 Other 6 5 3 4 2 3 5 4 5 5 Total 320 304 274 279 330 357 374 873 891 506 Canada 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 1 2 3 3 Brazil 17 15 16 17 19 65 69 76 78 60 Chile 5 5 3 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 .... i i i 2 2 3 3 3 El Salvador 2 2 2 2 2 4 4 4 4 Mexico 30 31 36 39 45 Neth. Antilles and Surinam. 5 5 7 4 1 2 2 2 Panama Rep of 2 6 2 2 3 12 4 7 7 9 Peru 3 4 4 4 5 8 13 8 9 9 3 4 1 1 2 5 4 4 4 6 Venezuela............... 19 20 21 22 22 32 30 34 34 37 Other 4 4 4 4 8 19 19 20 20 22 Total 80 86 81 84 89 235 239 248 257 259 Asia: 2 3 3 3 3 2 1 2 2 3 India 4 4 6 7 6 7 11 12 15 10 4 4 3 3 11 1 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 7 (2) 7 1 9 1 7 1 9 1 8 1 Taiwan 2 2 3 3 2 2 3 3 3 4 Thailand 3 3 3 3 3 4 4 3 4 3 Other 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 1 2 1 1 1 3 3 2 South Africa 6 1 1 1 2 8 8 6 7 9 U.A.R. (Egypt) 1 1 2 2 2 6 5 6 7 7 Other 5 5 5 7 10 11 10 13 15 13 Total 22 21 23 25 30 41 44 49 52 51 International (2) (2) (2) (2) (2) 1 Grand total 531 525 498 520 595 858 931 1,467 1,541 1,274 9 Preliminary' NOTE.—Reported by exporters, importers, and industrial and com- 1 Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through Dec. 31, 1960. U. S. banks, and intercompany accounts between U. S. companies and 2 Less than $500,000. their foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1493 U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1958 1959 1960 1961 Item Exports of goods and services, total1.. 5,965 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 Services2 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 -278 504 584 602 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 -755 -387 -838 -651 -724 -924 -7,557 -980 -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 -824 -516 -503 Government -226 -333 -167 -82 4-294 -220 243 -224 -386 -151 -348 -420 345 Foreign capital and gold (net) 1,086 934 901 953 41,439 1,440 620 821 981 1,208 1,119 533 161 Increase in foreign short-term assets and Government securities 26 477 502 785 4 847 1,109 425 584 737 548 261 63 327 Increase in other foreign assets.. -15 -26 52 73 195 164 123 187 150 23 -63 124 164 Gold sales by United States 1,075 483 347 95 4397 167 72 50 94 637 921 5346 5-330 Errors and omissions. 76 175 -71 100 290 146 49 -128 -117 -452 -9 -282 P Preliminary. 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 Switzerland 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 ay - e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t 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 s a e i n r t c s 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 1.26 1.50 2.50 1959—Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 1.52 1.50 2.00 I960—Sept 1.89 1.58 5.71 5.53 4.85 4.00 4.15 4.88 5.25 2.00 1.50 2.00 O N c o t v 2 3 . . 6 5 5 3 2 3 . . 3 2 6 6 4 5. . 6 9 2 8 5 4 . . 3 7 6 4 4 4 . . 7 3 9 0 3 3 . . 9 5 2 0 3 3 . . 9 7 9 6 4 4 . . 0 8 0 8 4 5 . .3 6 1 9 • 1 1 . . 9 5 6 7 1 1 . . 6 1 4 4 2 2. . 0 0 0 0 Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Jan 3.20 2.75 4.45 4.25 3.77 3.00 3.65 3.25 3.88 1.32 1.00 2.00 Feb 3.05 2.52 4.48 4.31 3.76 3.00 3.59 3.00 3.38 1.14 .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 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 <6.60 5.71 5.00 3.57 2.25 2.94 1.00 .95 2.00 Oct 2.53 2.20 6.31 5.94 5.42 4.56 2.00 2.44 1.68 1.50 2.00 c Corrected. r Revised. 4 Rate in effect at end of month. 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1494 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 Nov. 30, 1960 Rate Country 1960 1961 N a o s v . o f 30, Per Month 1961 cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 6.0 Dec. 1957 6.0 5.0 Mar. 1960 5.0 Belgium • 5.0 Aug. 1960 4 75 4.75 Brazil2 10.0 Apr. 1958 10.0 3.0 Feb. 1948 3.0 Canada3 4.02 Nov. 1960 3.5 3.29 3.46 3.46 3.53 3.42 2.82 2.80 2.51 2.84 2.75 2.75 2.75 Ceylon . 4.0 Aug. 1960 4.0 Chile* 16.55 July 1960 16.74 15.88 15.88 Colombia ^ 5.0 Aug. 1959 5.0 3.0 Apr. 1939 3.0 Cuba2 6.0 Jan. 1960 6.0 Denmark 5.5 Jan. 1960 6 5 6.5 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 3.5 Oct. 1960 3.5 4.0 Nov. 1960 3.5 3.0 3.0 6.0 Nov. 1960 6.0 Honduras' 2.0 Jan. 1953 2.0 Iceland 11.0 Feb. 1960 9.0 9.0 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 4.0 Aug. 1948 4.0 Ireland 5.31 Nov. 1960 4.62 4.38 4.75 4.62 4.78 6.88 6.75 5.94 5.94 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 6.94 Aug. 1960 6.57 6.94 7.3 7.3 Mexico 4.5 June 1942 4.5 3.5 Nov. 1959 3.5 6.0 Oct. 1959 7.0 7.0 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 4.0 Jan. 1959 4.0 Peru2 9.5 Nov. 1959 9.5 5.0 Nov. 1960 3.0 3.0 Portucal 2.0 Jan. 1944 2.0 South Africa 4.5 Aug. 1960 5.0 5.0 4.6 Apr. I960 4.0 4.0 Sweden • •••••• 5.0 Jan. 1960 5.0 2.0 Feb. 1959 2.0 7.0 Feb. 1945 7.0 9 0 Nov. 1960 7.5 7.5 United Kingdom 5.5 Oct. 1960 5.0 7 0 6.5 6.0 6.0 Venezuela2 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 trans- Peru—8 per cent for agricultural, industrial and mining paper; acts the largest proportion of its credit operations. In certain cases Philippine Republic—3.0 per cent for crop loan paper and export packother rates 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 4 Beginning with Apr. 1, 1959, new rediscounts have been granted at of up to 5 years, and 2 per cent for specific small business, cooperative the average rate charged by banks in the previous half year. Old redisand employee paper; counts remain subject to old rates provided their amount is reduced by Costa Rica—5 per cent for paper related to commercial transactions one-eighth each month beginning May 1, 1959, but the rates are raised (rate shown is for agricultural and industrial paper); by 1.5 per cent for each month in which the reduction does not occur. Cuba—5.5. per cent for sugar loans and 5 per cent for loans secured by 5 Rate shown is for advances only. national public securities; « 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 1495 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n ia - d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) ( C ru ey p l e o e n ) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 1955 7.183 222.41 3.8580 1.9905 101.401 20.894 .4354 1956 5 556 2 835 222 76 3.8580 2.0030 101.600 20 946 4354 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 .3995 .2376 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 .3118 2.2374 1959 l1.2730 223.81 3.8619 2.0012 104.267 21.055 .3115 .2038 I960 L.2026 223.71 3.8461 2.0053 103.122 21.048 .3112 3 20.389 I960—Nov L.2054 224.18 3.8432 2.0130 102.367 21.065 .3112 20.402 Dec 1.2061 223.69 3.8409 2.0131 101.781 21.044 .3112 20.387 1961—Jan 1.2058 223.62 3.8391 2.0074 100.694 21.037 .3112 20.401 Feb 1.2061 223 10 3.8352 2.0026 101.026 21 013 .3112 20.402 Mar 1.2073 222.91 3.8314 2.0042 101.265 20.990 .3111 20.404 Apr t, . 1.2075 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 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 1.2104 223.34 3.8592 2.0080 96.933 21.012 .3109 20.352 Sept 1.2061 224.08 3.8634 2.0084 97.003 21.076 .3109 20.331 Oct . .. 1.2056 224.33 3.8660 2.0085 97.039 21.094 .3108 20.337 Nov 1.2057 224.30 3.8648 2.0085 96.532 21.089 .3108 20.364 Year or month G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do s a i l l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h d e - s r) Z (p e N o a u e la w n n d d ) 1955 23.765 20.894 279.13 32.624 8.0056 26 230 276 36 1956 23 786 20.934 279.57 .2779 32 582 8 0056 26 113 276 80 1957 23.798 20.910 279.32 .2779 32.527 8.0056 26 170 276 56 1958 23 848 21 048 280 98 .2779 32 767 8 0056 26 418 278 19 1959 23.926 21.031 280.88 .1610 .2778 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .1610 .2778 32.817 8.0056 26 513 277 98 I960 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 26.400 211.22 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 Aue 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 Nov 24.987 21.076 281.49 .1611 .2762 32.742 8.0056 27.766 278.71 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 g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( S e fr r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d d - ) 1955 14.008 49.677 3.4900 278.09 19 333 23.331 279 13 1956 14.008 49.676 3.4900 278.52 19 333 23 334 279 57 1957 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 14.008 49.695 3.4900 279.93 2.3810 19.328 23 328 280 98 1959 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 1960 14 018 6 49 770 3 4937 279 71 1 6635 19 349 23 152 280 76 1960 Nov 14.038 3.4992 280.30 1 fifidt 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 I 6635 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 1.6644 19.353 23.144 279.75 Apr 13.989 3.4920 139.38 1.6643 19.354 23.122 279.81 May 13.964 3.4851 139.18 [.6644 19.378 23.101 279.40 June 13 952 3.4815 138.97 [ 6644 19 365 23 144 278 98 July 13.947 3.4797 138.85 1.6644 19.357 23.169 278.74 Aug 14.004 3.4875 139.62 [.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 [ 6644 19 351 23 133 281 54 Nov 14 048 3.4990 140.22 [ 6644 19.347 23.133 281.49 1 Effective Jan. 12, 1959, the Argentine Government established a from 4.20 to 4.00 marks per U. S. dollar. single exchange rate for the peso in place of the former official and free 5 Effective Mar. 7, 1961, the par value of the guilder was changed from rates. 3.80 to 3.62 guilders per U. S. dollar. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957, 6 Based on quotations through Apr. 22, 1960. was extended to all foreign exchange transactions on Oct. 28, 1957, and 7 Based on quotations through Feb. 10, 1961. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 8 Effective Feb. 14, 1961, South Africa adopted the decimal system. was further devalued to 493.706 francs per U. S. dollar. The new currency unit, the rand, replaces the pound and consists of 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 100 cents; it is equivalent to 10 shillings or one-half the former pound. 4 Effective Mar. 5,1961, the par value of the deutsche mark was changed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON 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 1496 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1497 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. COLD WELL, 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, JE. 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

1498 FEDERAL RESERVE BULLETIN • DECEMBER 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. McConneU Kansas City George H. Clay John T. Boysen F. H. Larson Clarence W. Tow Henry O. Koppang C. A. Cravens L. F. Mills J. T. White J. R. Euans E. U. Sherman Dallas Watrous H. Irons James L. Cauthen G. R. Murff L. G. Pondrom Harry A. Shuford P. E. Coldwell James A. Parker W. M. Pritchett Thomas A. Hardin Thomas W. Plant San Francisco ... Eliot J. Swan J. L. Barbonchielli E. H. Galvin A. B. Merritt H. E. Hemmings R. S. Einzig John A. O'Kane Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis.... Helena C. A. Van Nice Cleveland Cincinnati R. G. Johnson Kansas City.... Denver Cecil Puckett F. O. Kiel Oklahoma City H. W. Pritz Pittsburgh Omaha P. A. Debus Richmond Baltimore D. F. Hagner Charlotte E. F. MacDonald Atlanta Birmingham H. C. Frazer Dallas El Paso Howard Carrithers Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City A. L. Price Memphis E. Francis DeVos Seattle E. R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND 1959. 108 pages. Part II. February 1960 FUNCTIONS. April 1961. 238 pages. 159 pages. Part III. February 1960. 112 pages. Individual books $1.00 each; set of 3 ANNUAL REPORT OF THE BOARD OF GOVERNORS books $2.50. OF THE FEDERAL RESERVE SYSTEM. FEDERAL RESERVE BULLETIN. Monthly. Sub- INDUSTRIAL PRODUCTION—1959 REVISION. July scription price in the United States and its pos- 1960. 229 pages. $1.00 per copy; in quantisessions, Bolivia, Canada, Chile, Colombia, ties of 10 or more for single shipment, 85 cents Costa Rica, Cuba, Dominican Republic, Ecua- each. dor, Guatemala, Haiti, Republic of Honduras, THE FEDERAL FUNDS MARKET—A Study by a Mexico, Nicaragua, Panama, Paraguay, Peru, Federal Reserve System Committee. May El Salvador, Uruguay, and Venezuela is $6.00 1959. Ill pages. $1.00 per copy; in quantiper annum or 60 cents per copy; elsewhere ties of 10 or more for single shipment, 85 $7.00 per annum or 70 cents per copy. (Group cents each. subscriptions in the United States for 10 or more copies to one address, 50 cents per copy DEBITS AND CLEARINGS STATISITICS AND THEIR per month, or $5.00 for 12 months.) USE (rev. ed.). May 1959. 144 pages. $1.00 FEDERAL RESERVE CHART BOOK ON FINANCIAL per copy; in quantities of 10 or more for single AND BUSINESS STATISTICS. Monthly. Annual shipment, 85 cents each. subscription includes one issue of Historical ALL-BANK STATISTICS, 1896-1955. Part I, U. S. Chart Book. Subscription price in the United Summary. Part II, Summaries by States and States and the countries listed above is $6.00 other areas. April 1959. 1,229 pages. $4.00. per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents each. (Group THE FEDERAL RESERVE ACT, as amended through rate of 50 cents each for 10 or more of same October 1, 1961, with an Appendix containing issue for single shipment.) provisions of certain other statutes affecting HISTORICAL CHART BOOK. Issued annually in the Reserve System. 386 pages. $1.25. September. Annual subscription to monthly FLOW OF FUNDS IN THE UNITED STATES, 1939-53 chart book includes one issue of the Historical. December 1955. 390 pages. $2.75. In the United States and countries listed above under Federal Reserve Bulletin, single copies BANKING AND MONETARY STATISTICS. November 60 cents each, elsewhere 70 cents each. (Group 1943. 979 pages. $1.50. rate in quantities of 10 or more for single REGULATIONS OF THE BOARD OF GOVERNORS OF shipment 50 cents each.) THE FEDERAL RESERVE SYSTEM. INDUSTRIAL PRODUCTION CHART BOOK. February RULES OF ORGANIZATION AND PROCEDURE— 1961. 210 pages. $1.75 per copy; in quanti- BOARD OF GOVERNORS OF THE FEDERAL REties of 10 or more for single shipment, $1.50 SERVE SYSTEM. December 1961. 34 pages. each. TREASURY-FEDERAL RESERVE STUDY OF THE GOV- PUBLISHED INTERPRETATIONS of the Board, as of ERNMENT SECURITIES MARKET. Part I. July January 1, 1961. $2.50 each. 1499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1500 FEDERAL RESERVE BULLETIN • DECEMBER 1961 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA FEDERAL RESERVE PAR LIST (Also annual list. CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS Both available at Federal Reserve Banks only.) BY INDUSTRY CHANGES IN STATE BANK MEMBERSHIP INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER INDEX NUMBERS OF WHOLESALE PRICES. BANKS IN CENTRAL RESERVE CITIES MONTHLY DEPARTMENT STORE SALES CONDITION OF WEEKLY REPORTING MEMBER MONTHLY DEPARTMENT STORE SALES AND BANKS IN LEADING CITIES STOCKS, BY DEPARTMENTS FACTORS AFFECTING BANK RESERVES AND CON- MONTHLY DEPARTMENT STORE STOCKS DITION STATEMENT OF F. R. BANKS WEEKLY DEPARTMENT STORE SALES MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES—SELECTED NATIONAL SUMMARY OF BUSINESS CONDITIONS CITIES AND AREAS OPEN MARKET MONEY RATES AND BOND PRICES WEEKLY FOREIGN EXCHANGE RATES RETAIL FURNITURE REPORT WEEKLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES SALES FINANCE COMPANIES STATE MEMBER BANKS OF THE FEDERAL RESERVE IRREGULAR-SEMIMONTHLY SYSTEM AND NONMEMBER BANKS THAT MAIN- TAIN CLEARING ACCOUNTS WITH FEDERAL RE- APPLICATION TO MERGE BANKS OR TO FORM OR SERVE BANKS (Also annual list) EXPAND A BANK HOLDING COMPANY RECEIVED BY OR ACTED ON BY THE BOARD U. S. GOVERNMENT SECURITY YIELDS AND PRICES DEMAND DEPOSITS, CURRENCY, AND RELATED ITEMS SEMIANNUAL-QUARTERLY DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BER BANKS ALL BANKS IN THE UNITED STATES AND OTHER AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY RESEARCH LIBRARY—RECENT ACQUISITIONS STATES MONTHLY BANK RATES ON SHORT-TERM BUSINESS LOANS ASSETS AND LIABILITIES OF ALL BANKS IN THE SUMMARY REPORT—ASSETS AND LIABILITIES OF UNITED STATES (Including Consolidated State- MEMBER BANKS ment for Banks and the Monetary System) MEMBER BANK INCOME ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY DISTRICTS MEMBER BANK LOANS BANK DEBITS SALES, PROFITS, AND DIVIDENDS OF LARGE COR- BUSINESS INDEXES PORATIONS CONSUMER CREDIT (Short- and Intermediate- ANNUAL Term and Consumer Instalment Credit Extended and Repaid) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER CREDIT AT CONSUMER FINANCE COM- DEPARTMENT STORE TRADE PANIES CONSUMER INSTALMENT CREDIT AT COMMERCIAL BIENNIAL BANKS CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1501 REPRINTS UNITED STATES BANKS AND FOREIGN TRADE FI- NANCING. April 1955. 11 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. November A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1938. 20 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RESERVE POLICY. April 1940. 11 pages. SURVEYS OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit ADJUSTMENT FOR SEASONAL VARIATION. Description of method used by Board in adjusting Lines and Minimum Balance Requirements. economic data for seasonal variation. June June 1956. 7 pages. Member Bank Lending 1941. 11 pages. to Small Business, 1955-57. April 1958, 19 pages. Member Bank Term Lending to Business, 1955-57. April 1959. 16 pages. Security *THE TREASURY-CENTRAL BANK RELATIONSHIP Pledged on Business Loans at Member Banks. IN FOREIGN COUNTRIES—PROCEDURES AND September 1959. 16 pages. TECHNIQUES. November 1950. April 1951. 19 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. from April 1953 BULLETIN.) INFLUENCE OF CREDIT AND MONETARY MEASURES UNITED STATES BANKING ORGANIZATION ABROAD. ON ECONOMIC STABILITY. March 1953. 16 December 1956. 16 pages. pages. REVISION OF MONTHLY DEPARTMENT STORE IN- FEDERAL FINANCIAL MEASURES FOR ECONOMIC DEXES. December 1957. 30 pages. STABILITY. May 1953. 7 pages. SEASONAL FACTORS AFFECTING BANK RESERVES. FEDERAL RESERVE BANK RESPONSIBILITIES. May February 1958. 12 pages. 1953. 5 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- REVISED WEEKLY INDEX OF DEPARTMENT STORE STALMENT CREDIT. January 1954. 14 pages. SALES. April 1958. 10 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- OPEN MARKET OPERATIONS IN LONG-TERM SEtember 1954. 10 pages. CURITIES. November 1958. 15 pages. USE OF MONETARY INSTRUMENTS SINCE MID- 1952. December 1954. 8 pages. *PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a description of revised statistics for all banks in DIRECTLY PLACED FINANCE COMPANY PAPER. the United States, by class of bank, together December 1954. 8 pages. with revised statistics. April 1959. 94 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1502 FEDERAL RESERVE BULLETIN • DECEMBER 1961 1959 SURVEY OF CONSUMER FINANCES. March, SURVEY OF COMMON TRUST FUNDS, 1960. May July, and September 1959. 48 pages. (Simi- 1961. 7 pages. (Also, similar reprint from lar Surveys available for some earlier years in May 1960 BULLETIN.) the period 1955-58.) CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER A QUARTERLY PRESENTATION OF FLOW OF FUNDS, TIME DEPOSITS. May 1961. 2 pages. (Also, SAVING, AND INVESTMENT. August 1959. 49 similar reprint from July 1960 BULLETIN.) pages. BANKING AND MONETARY STATISTICS, 1960. Se- THE GOVERNMENT SECURITIES MARKET. August lected series of banking and monetary statistics 1959. 22 pages. for 1960 only. February and May 1961. 13 pages. REVISED INDUSTRIAL PRODUCTION INDEX. December 1959. 24 pages. BANK CREDIT AND MONEY IN RECOVERY. June 1961. 8 pages. MONETARY POLICY AND ECONOMIC GROWTH. February 1960. 7 pages. INTEREST RATES IN LEADING COUNTRIES. August 1961. 8 pages. REVISED SERIES FOR SEASONALLY ADJUSTED MONEY SUPPLY. February 1960. 4 pages. THE BALANCE SHEET OF AGRICULTURE, 1961. August 1961. 9 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. CAPITAL MARKETS IN 1961. September 1961. 7 Combined reprint. September 1960. 31 pages. pages. A NEW MEASURE OF THE MONEY SUPPLY. October 1960. 22 pages. U. S. BALANCE OF PAYMENTS IN 1961. October 1961. 7 pages. IMPLEMENTATION OF THE 1959 ACT ON RESERVE REQUIREMENTS. December 1960. 6 pages. SURVEY OF FINANCE COMPANIES, MID-1960. October 1961. 21 pages. (Also, similar reprint SMALL BUSINESS FINANCING: CORPORATE MANU- from April 1957 BULLETIN.) FACTURERS. January 1961. 15 pages. LIQUIDITY AND PUBLIC POLICY. October 1961. CREDIT AND MONEY IN 1960. February 1961. 17 pages. 8 pages. GOLD AND DOLLAR TRANSFERS IN 1960. March QUARTERLY SURVEY OF CONSUMER BUYING IN- 1961. 7 pages. TENTIONS. November 1961. 7 pages. (Also, similar reprints from BULLETINS for December FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. 1960 and March, May, and August 1961.) March 1961. 10 pages. REVISION OF CONSUMER CREDIT STATISTICS. STATISTICS ON THE GOVERNMENT SECURITIES December 1961. 11 pages. MARKET. April 1961. 8 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1961. REVISED INDEXES OF FREIGHT CARLOADINGS. De- 3 pages. cember 1961. 3 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 47 GUIDE TO PAGE NUMBERS Month of issue Pages Month of issue Pages Month of issue Pages January 1-128 May 513-646 September 1029-1132 February 129-264 June 647-750 October 1133-1274 March 265-390 July . . 751-890 November 1275-1382 April 391-512 August 891-1028 December 1383-1516 Pages Pages Acceptances, bankers': Assets and liabilities (See also Foreign liabilities Open market rates 60, 190, 328, 440, 566, and claims): 684, 810, 948, 1068, 1206, 1320, 1440 Agriculture, balance sheet of, 1961 908 Volume outstanding. . 62, 192, 330, 442, 568, Banks, by classes. . .51, 181, 319, 431, 557, 675, 686, 812, 950, 1070, 1208, 1322, 1442 801, 939, 1059, 1197, 1311, 1431 Agricultural loans: Commercial banks, by classes... 54, 184, 322, 434, 560, 678, 804, 942, 1062, Commercial banks, by classes. . . .54, 184, 322, 1200, 1314, 1434 434, 560, 678, 804, 942, 1062, 1200, Consolidated monetary statement 50, 180, 1314, 1434 318, 430, 556, 674, 800, 938, 1058, Weekly reporting member banks 56, 186, 1196, 1310, 1430 324, 436, 562, 680, 806, 944, 1064, 1202, Corporate, current .. 64, 194, 332, 444, 578, 1316, 1436 696, 822, 960, 1080, 1218, 1332, 1452 Agriculture, balance sheet of, 1961 908 Federal business-type activities, by fund or Allen, Carl E., reappointed President of Federal activity. 72, 202, 240, 340, 452, 617, 1004 Reserve Bank of Chicago 301 Federal Reserve Banks 46, 176, 314, 426, Anderson, Robert O., designated Chairman and 552, 670, 796, 934, 1054, 1192, Federal Reserve Agent at Dallas. . . .27, 31 1306, 1426 Annual Report, Board of Governors, 1960. .303 Mutual savings banks. . 62, 192, 330, 442, 568, Articles: 686, 812, 950, 1070, 1208, 1322, 1442 Balance sheet of agriculture, 1961 908 Weekly reporting member banks 56, 186, Bank credit and money in recovery. 751 324, 436, 562, 680, 806, 944, 1064, Capital markets in 1961. . . . . 1029 1202, 1316, 1436 Classification system for savings and Revisions for series 654, 848 other time deposits . . .539 Atlantic National Bank of Jacksonville and At- Construction and housing ... 1383 lantic Trust Company, Order under Bank Consumer buying intentions, quarterly Holding Company Act 917 survey 282, 532, 899, 1282 Aull, George H., reappointed director at Char- Consumer credit, downturn in . . 391 lotte Branch .28 Consumer credit statistics, revision of 1390 Automobiles: Credit and money in 1960. 129 Consumer buying intentions 282, 532, 899, 1282 Economic activity in 1960 . . . 1 Consumer instalment credit . . . 76-78, 206-08, Expansion in economic activity 1275 344-46, 456-58, 582-84, 700-02, 826-28, Federal Reserve operations in perspective, 964-66, 1084-86, 1222-24, 1336-38, 1456-58 statement of Chairman Martin on 272 Production index .83, 213, 351, 463, 589, 707, Finance charges, statement of Chairman 833, 971, 1091, 1229, 1343, 1463 Martin on proposed legislation 905 Axilrod, Stephen H., article on liquidity and Freight carloadings, revised indexes 1401 public policy. 1161 Gold and dollar transfers in 1960 265 Government receipts and payments, season- Bach, George Leland, appointed director at Pittsally adjusted . . 137 burgh Branch 28, 30 Government securities market, statistics on 397 Baker, D. S., reappointed director at Portland Indexes, plans for publishing on a 1957-59 Branch .34 comparison base . 1417 Balance sheet of agriculture, 1961 908 Interest rates in leading countries 891 BancOhio Corporation, Order under Bank Hold- Labor market in mid-1961. 647 ing Company Act 412 Liquidity and public policy. 1161 Bank credit and money in recovery, article on 751 Member bank earnings. . .520 Bank debits (See Debits to deposit accounts) Ownership of demand deposits. .405 Bank Holding Company Act of 1956: Production, upturn in .513 Banking offices and deposits of group banks, Small business financing: Dec. 31, 1960 722 Corporate manufacturers . 8 List of companies registered pursuant to Survey of common trust funds, 1960 . . .525 Section 5, Dec. 31, 1960. ... 723 Survey of finance companies, mid-1960. .1140 Orders issued under: U. S. balance of payments in 1961 . 1133 Atlantic National Bank of Jacksonville Weekly reporting banks, revisions for. .654 and Atlantic Trust Company. .917 1503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1504 FEDERAL RESERVE BULLETIN • DECEMBER 1961 Pages Pages Bank Holding Company Act of 1956—Continued Board of Governors—Continued Orders issued under—Continued Publications (See Publications) BancOhio Corporation 412 Regulations (See Regulations) Bank Stock Corporation of Milwaukee. 159 Staff: Central Wisconsin Bankshares, Inc.. . . 760 Furth, J. Herbert, appointed Adviser, First Colorado Bankshares, Inc.. .1293 Division of International Finance. . 35 First Security Corporation 1038 Hersey, A. B., appointed Adviser, Divi- First Virginia Corporation. .288, 1036, 1410 sion of International Finance... .35 Firstamerica Corporation 157 Holland, Robert C, appointed Adviser, Marine Corporation. . .763, 1179, 1408 Division of Research and Statistics. . 164 Montana Shares, Incorporated . . .767, 1294 Katz, Samuel I., appointed Associate Northwest Bancorporation. 408, 919, 1289 Adviser, Division of International Otto Bremer Company. 23, 1039 Finance 35 St. Joseph Agency, Inc. 290 Leavitt, Brenton C, appointed Assist- Bank mergers: ant Director, Division of Examina- Order issued by Board: tions .302 United California Bank-First National Marget, Arthur W., resignation as Bank of La Verne. 1405 Director, Division of International Bank reserves (See Reserves) Finance 303 Bank Stock Corporation of Milwaukee, Order Nelson, Fred A., retirement as Assistunder Bank Holding Company Act 159 ant Director, Division of Examina- Bankers' balances (See also Foreign liabilities tions .302 and claims): Robinson, Roland L, resignation as Commercial banks, by classes. .55, 185, 323, Adviser, Division of Research and 435, 561, 679, 805, 943, 1063, 1201, Statistics 1043 1315,1435 Sammons, Robert L., appointed Ad- Weekly reporting member banks 57, 187, 325, viser, Division of International Fi- 437, 563, 681, 807, 945, 1065, 1203, nance 35 1317, 1437 Young, Ralph A., appointed Director, Banking and monetary statistics for 1960 232, 618, Division of International Finance. 416 924 Bonds (See also U. S. Govt. securities): Banking offices: Corporate, outstanding, net change in . 64, 194, Changes in number. 230, 1002 332, 444, 578, 696, 822, 960, 1080, On, and not on, Par List, number. .. 231, 1003 1218, 1332, 1452 Banks and branches, number, by class and State 486 Federal Farm Mortgage Corporation bonds, Banks and the monetary system, consolidated references in Federal Reserve Act elimstatement. .50, 180, 318, 430, 556, 674, 800, 938, inated .1289 1058, 1196, 1310, 1430 New issues 66, 196, 334, 446, 576, 694, 820, Barbey, Graham John, appointed director at 958, 1078, 1216, 1330, 1450 Portland Branch 29, 32 Prices 61, 191, 329, 441, 567, 685, 811, 949, Barby, Otto C, appointed director at Oklahoma 1069, 1207, 1321, 1441 City Branch 29, 31 State and municipal securities. . . 67, 197, 335, Barrett, Ray A., appointed director at Louisville 447, 575, 693, 819, 957, 1077, 1215, Branch 33 1329,1449 Bean, Atherton, designated Chairman and Fed- Yields 60, 190, 328, 440, 566, 684, 810, 948, eral Reserve Agent at Minneapolis 27, 30 1068, 1206, 1320, 1440 Beasley, Robert S., reappointed director at Los Bopp, Karl R., reappointed President of Federal Angeles Branch. . 34 Reserve Bank of Philadelphia. 301 Bellamy, J. W., Jr., reappointed director at Little Branch banks, domestic: Rock Branch 33 Number, by class and State. . 487 Bemis, Judson, appointed Class C director and Branch banks, Federal Reserve System: Deputy Chairman at Minneapolis 416 Directors (See Directors, Federal Reserve Bishop, Rollin O., elected Class A director at branch banks) Minneapolis .... 1412 Managing officers 1498 Blanks, Frederick P., reappointed director at Bremer, Otto, Company, Orders under Bank Little Rock Branch ... .28 Holding Company Act 23, 1039 Bloedorn, J. H., reappointed director at Denver Briggs, Robert P., designated Chairman and Branch .34 Federal Reserve Agent at Chicago 27, 30 Board of Governors: Brinton, J. E., appointed director at Salt Lake Annual Report, 1960. 303 City Branch. 34 Members: Britt, Roy A., reappointed director at Los An- Martin, Wm. McC, Jr.: geles Branch . . 34 Federal Reserve operations in per- Brokers and dealers in securities, bank loans to: spective, statement on 272 Commercial banks, by classes. . . .54, 184, 322, Finance charges, statement on bill 434, 560, 678, 804, 942, 1062, 1200, S. 1740 905 1314, 1434 Mitchell, George W., appointment 1043 Weekly reporting member banks 56, 186, Szymczak, M. S., resignation. . 659 324, 436, 562, 680, 806, 944, 1064, 1202, Members and officers, list. 1496 1316,1436 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 47 1505 Pages Pages Brown, Aubrey J., reappointed Class C director Coker, Robert R., elected Class B director at at Cleveland 28 Richmond .1412 Brown, John E., reappointed director at Mem- Commercial banks: phis Branch 33 Assets and liabilities.. .51-55, 181-85, 319-23, Bryan, Malcolm, reappointed President of Fed- 431-35, 557-61, 675-79, 801-05, 939-43, eral Reserve Bank of Atlanta 301 1059-63, 1197-201, 1311-15, 1431-35 Bryson, Charles W., article on survey of common Banking offices, changes in number. .230, 1002 trust funds 525 Branches, number, by State 487 Bunting, Lyman J., reappointed director at Seattle Consumer loans held, by type. . . .77, 207, 345, Branch 29 457, 583, 701, 827, 965, 1085, 1223, Burghart, R. A., appointed director at Denver 1337, 1457 Branch 29, 31 Deposits. .924, 937, 1001, 1057, 1195, Business conditions, national summary. .37, 167, 304, 1309, 1429 417, 543, 661, 786, 925, 1045, 1183, Number, by class 51, 181, 319, 431, 557, 1297, 1415 675, 801, 939, 1059, 1197, 1311, 1431 Business expenditures on new plant and equip- Number, by class and State . . 486 ment .64, 194, 332, 444, 578, 696, 822, 960, Real estate mortgages held, by type. . . .73, 203, 1080, 1218, 1332, 1452 341, 453, 579, 697, 823, 961, 1081, Business indexes 86, 216, 354, 466, 592, 710, 836, 1219, 1333, 1453 974, 1094, 1232, 1346, 1466 U. S. Govt. security holdings. . . 68, 198, 336, Business loans (See Commercial and industrial 448, 572, 690, 816, 954, 1074, 1212, loans) 1326, 1446 Canham, Erwin D., appointed Deputy Chairman Commercial and industrial loans: at Boston .... 27, 29 Commercial banks 54, 184, 322, 434, 560, Capital accounts: 678, 804, 942, 1062, 1200, 1314, 1434 Banks, by classes 51, 181, 319, 431, 557, 675, Weekly reporting member banks: 801, 939, 1059, 1197, 1311, 1431 Revisions for 656 Commercial banks, by classes. . . .55, 185, 323, Sample 59, 189, 327, 439, 565, 683, 435, 561, 679, 805, 943, 1063, 1201, 809, 947, 1067, 1205, 1319, 1439 1315,1435 Total, leading cities 56, 186, 324, 436, Federal Reserve Banks 46, 176, 314, 426, 552, 562, 680, 806, 944, 1064, 1202, 670, 796, 934, 1054, 1192, 1306, 1426 1316, 1436 Weekly reporting member banks 58, 188, 326, Commercial paper: 438, 564, 682, 808, 946, 1066, 1204, Rates 60, 190, 328, 440, 566, 684, 810, 948, 1318, 1438 1068, 1206, 1320, 1440 Capital markets in 1961, article on 1029 Volume outstanding 62, 192, 330, 442, 568, Carloadings 86, 216, 354, 466, 592, 710, 836, 974, 1094, 1232, 1346, 1466 686, 812, 950, 1070, 1208, 1322, 1442 Revised indexes 1401 Common trust funds, survey of. 525 Carson, Cale W., reappointed director at Denver Condition statements (See also Assets and Branch 34 liabilities): Case, Everett Needham, appointed Class C direc- Federal Reserve Banks: tor at New York 28, 29 All Banks 46, 176, 314, 426, 552, 670, Cassedy, Rose, article on revised indexes of 796, 934, 1054, 1192, 1306, 1426 freight carloadings .... .1401 Each Bank. . . .47, 177, 315, 427, 553, 671, Central banks, foreign: 797, 935, 1055, 1193, 1307, 1427 Discount rates . 120, 256, 382, 504, 638, 740, Publication on consolidated basis. 164 882, 1020, 1124, 1266, 1374, 1494 Construction: Gold reserves. . .106, 242, 368, 490, 624, 726, Article on construction and housing. . 1383 868, 1006, 1110, 1252, 1360, 1480 Contracts awarded ... 86, 216, 354, 466, 592, Central Wisconsin Bankshares, Inc., Order under 710, 836, 974, 1094, 1232, 1346, 1466 Bank Holding Company Act 760 New housing starts . 87, 217, 355, 467, 593, Chairmen of Federal Reserve Banks 27, 1497 711, 837, 975, 1095, 1233, 1347, 1467 Chalkley, Henry G., Jr., reappointed Class C di- Value of new activity .87, 217, 355, 467, 593, rector and Deputy Chairman at Atlanta .27, 28 711, 837, 975, 1095, 1233, 1347, 1467 Champion, George, elected Class A director at Consumer buying intentions: New York . . .1411 Quarterly survey. .282, 532, 899, 1282 Chart books: Consumer credit: Historical Chart Book . 1044 Downturn in, article on. .391 Industrial Production Chart Book 165 Instalment credit: Childress, Floyd, reappointed director at El Paso Extensions and repayments. . . .78, 208, 346, Branch 34 458, 584, 702, 828, 966, 1086, 1224, Classification system for savings and other time 1338, 1458 deposits 539 Outstanding, by holder 76, 206, 344, Clay, George H., appointed President of Federal 456, 582, 700, 826, 964, 1084, 1222, Reserve Bank of Kansas City 301 1336, 1456 Coin, circulation of . . 48, 178, 316, 428, 554, 672, Major parts. 76, 206, 344, 456, 582, 700, 826, 798, 936, 1056, 1194, 1308, 1428 964, 1084, 1222, 1336, 1456 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1506 FEDERAL RESERVE BULLETIN • DECEMBER 1961 Pages Pages Consumer credit—Continued Demand deposits: Noninstalment credit, by holder.... 77, 207, 345, Adjusted, banks and the monetary system. . 50, 457, 583, 701, 827, 965, 1085, 1223, 180, 318, 430, 556, 674, 800, 938, 1058, 1337, 1457 1196, 1310, 1430 Revision of statistics. 1390 Adjusted, commercial banks, by classes. .55, 185, Consumer goods: 323, 435, 561, 679, 805, 943, 1063, Production index. . . .83, 213, 351, 463, 589, 707, 1201, 1315, 1435 833, 971, 1091, 1229, 1343, 1463 Banks, by classes 51, 181, 319, 431, 557, 675, Consumer price indexes 92, 222, 360, 472, 598, 801, 939, 1059, 1197, 1311, 1431 716, 842, 980, 1100, 1238, 1352, 1472 Member banks, by classes. . . .45, 175, 313, 425, Consumption expenditures ... 94, 224, 362, 474, 600, 551, 669, 795, 933, 1053, 1191, 718, 844, 982, 1102, 1240, 1354, 1474 1305, 1425 Corette, J. E., resignation as Class B director at Money supply and related data. . . .49, 179, 317, Minneapolis 416 429, 555, 673, 799, 937, 1057, 1195, Corporate manufacturers, small business financing. . 8 1309, 1429 Corporate sales, profits, taxes, and dividends . 64-65 Ownership of, article on 405 194-95, 332-33, 444-45, 577-78, 695-96, Turnover of. .49, 179, 317, 429, 555, 673, 799, 821-22, 959-60, 1079-80, 1217-18, 937, 1057, 1195, 1309, 1429 1331-32, 1451-52 Type of holder, at commercial banks. . . 55, 185, Corporate securities: 323, 435, 561, 679, 805, 943, 1063, New issues. .66, 196, 334, 446, 576, 694, 820, 1201, 1315, 1435 958, 1078, 1216, 1330, 1450 Weekly reporting member banks. . .58, 188, 326, Outstanding, net change in 64, 194, 332, 444, 438, 564, 682, 808, 946, 1066, 1204, 1318,1438 578, 696, 822, 960, 1080, 1218, 1332, 1452 Deming, Frederick L., reappointed President of Prices. . . .61, 191, 329, 441, 567, 685, 811, 949, Federal Reserve Bank of Minneapolis. .301 1069, 1207, 1321, 1441 Department store statistics: Purchases by foreigners . . 117, 253, 379, 501, Committee report on 35 635, 737, 879, 1017, 1121, 1263, Merchandising data. .. .91, 221, 359, 471, 597, 1371, 1491 715, 841, 979, 1099, 1237, 1351, 1471 Yields. . . .60, 190, 328, 440, 566, 684, 810, 948, Sales and stocks . .90, 220, 358, 470, 596, 714, 1068, 1206, 1320, 1440 840, 978, 1098, 1236, 1350, 1470 Cost of living (See Consumer price indexes) Credit and money in 1960, article on . . .129 Deposits (See also specific types of deposits): Adjusted, and currency. . 50, 180, 318, 430, 556, Crocker, John H., reelected Class A director at 674, 800, 938, 1058, 1196, 1310, 1430 Chicago 1412 Banks, by classes. . . .51, 181, 319, 431, 557, 675, Crow, James H., Jr., elected Class B director 801, 939, 1059, 1197, 1311, 1431 at Atlanta 1412 Classification system for savings and other Cummings, Harry B., appointed director at time deposits . .539 Baltimore Branch ... 28, 30 Currency (See also specific types of currency): Commercial banks: Consolidated monetary statement 50, 180, By classes 55, 185, 323, 435, 561, 679, 318, 430, 556, 674, 800, 938, 1058, 1196, 805, 943, 1063, 1201, 1315, 1435 1310, 1430 Money supply and related data. 924, 937, Money supply and related data. . 49, 179, 317, 1001, 1057, 1195, 1309, 1429 429, 555, 673, 799, 937, 1057, 1195, Federal Reserve Banks: 1309, 1429 Condition statement. . . .46, 176, 314, 426, Old Series Currency Adjustment Act 917 552, 670, 796, 934, 1054, 1192, Outstanding and in circulation. ...48, 178, 316, 1306, 1426 428, 554, 672, 798, 936, 1056, 1194, Held for foreign correspondents. . .117, 253, 1308, 1428 379, 501, 635, 737, 879, 1017, 1121, 1263, Customer credit, stock market: 1371, 1491 Monthly data. . .61, 191, 329, 441, 567, 685, Maximum permissible rates, time and sav- 811, 949, 1069, 1207, 1321, 1441 ings deposits: Stock Exchange firms, detailed debit and Increase in 1404, 1413 credit balances, June 1954-61. . . .1106 Table of. .44, 174, 312, 424, 550, 668, 794, 932, 1052, 1190, 1304, 1424 Davidson, Philip, reappointed director at Louis- Member banks, by classes 45, 175, 313, 425, ville Branch .... .28 551, 669, 795, 933, 1053, 1191, 1305, 1425 Davis, John F., reappointed director at Omaha Mutual savings banks . .62, 192, 330, 442, 568, Branch .. ... .34 686, 812, 950, 1070, 1208, 1322, 1442 Davis, Morgan J., appointed Class C director at Postal savings (See Postal Savings System) Dallas .28, 31 Turnover of (See Demand deposits) Weekly reporting member banks 58, 188, Debits to deposit accounts 49, 179, 317, 429, 555, 326, 438, 564, 682, 808, 946, 1066, 1204, 673, 799, 937, 1057, 1195, 1309, 1429 1318, 1438 Decker, Alonzo G., Jr., redesignated Chairman Revisions for. . . .654, 852, 858, 864 and Federal Reserve Agent at Richmond. .27 Withheld taxes as, for reserve purposes. . .1036 De Koning, Paul, resignation as director at Port- Directors, Federal Reserve Banks: land Branch 35 Chairmen and Federal Reserve Agents. . 27, 1497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 47 1507 Pages Pages Directors, Federal Reserve Banks—Continued Exports (See Foreign trade) Class A and Class B, election of. . 541, 1043, 1411 Farm housing loans, amendment to Section 24 of Class C, appointment of 28, 416 Federal Reserve Act. .759 Deputy Chairmen. 27, 416, 1497 Farm mortgage loans: List of . 143 Balance sheet of agriculture 911 Resignations ... 416, 541 Bank holdings 73, 203, 341, 453, 579, 697, Directors, Federal Reserve branch banks: 823, 961, 1081, 1219, 1333, 1453 Appointment of. .28, 32, 35, 164, 302, 1413 Govt. agency loans. 72, 202, 240, 340, 452, List of . . 143 617, 1004 Resignations. .35, 164, 302, 1296, 1413 Life insurance company holdings 74, 204, Discount rates: 342, 454, 580, 698, 824, 962, 1082, 1220, Federal Reserve Banks 44, 174, 312, 424, 1334, 1454 550, 668, 794, 932, 1052, 1190, 1304, 1424 Federal Advisory Council. 1497 Foreign central banks... 120, 256, 382, 504, Federal business-type activities, assets and liabili- 638, 740, 882, 1020, 1124, 1266, ties, by fund or activity. . 72, 202, 240, 340, 452, 1374, 1494 617, 1004 Discounts and advances by Federal Reserve Banks: Federal Farm Mortgage Corporation bonds, ref- Condition statement data.. 46, 176, 314, 426, erences in Federal Reserve Act eliminated. 1289 552, 670, 796, 934, 1054, 1192, Federal finance: 1306, 1426 Cash transactions 70, 200, 338, 450, 570, Maturity distribution. . . .45, 175, 313, 425, 551, 688, 814, 952, 1072, 1210, 1324, 1444 669, 795, 933, 1053, 1191, 1305, 1425 Receipts and expenditures. . .71, 201, 339, 451, Weekly and monthly data 40, 170, 308, 420, 571, 689, 815, 953, 1073, 1211, 1325, 1445 546, 664, 790, 928, 1048, 1186, 1300, 1420 Treasurer's balance. . .70, 200, 338, 450, 570, Dividends: 688, 814, 952, 1072, 1210, 1324, 1444 Corporate. .65, 195, 333, 445, 577, 695, 821, Federal home loan banks: 959, 1079, 1217, 1331, 1451 Assets and liabilities. .72, 202, 240, 340, 452, Federal Reserve Banks. . . .35, 228 617, 1004 Insured commercial banks 616 Lending activity 75, 205, 343, 455, 581, 699, Member banks 521, 523, 524, 604 825, 963, 1083, 1221, 1335, 1455 State member banks, interpretations with Federal Housing Administration: respect to payment of. .657, 1178 Assets and liabilities. 72, 202, 204, 340, 452, Dollar assets, foreign: 617, 1004 Foreign countries and international institu- Loans insured by 73-75, 203-05, 341-43, tions. 109, 245, 371, 493, 627, 729, 871, 453-55, 579-81, 697-99, 823-25, 961-63, 1009, 1113, 1255, 1363, 1483 1081-83, 1219-21, 1333-35, 1453-55 Gold and dollar transfers in 1960, article on 265 Federal National Mortgage Association: Held at Federal Reserve Banks . .117, 253, Assets and liabilities. . 72, 202, 204, 340, 452, 379, 501, 635, 737, 879, 1017, 1121, 1263, 617, 1004 1371, 1491 Lending activity 75, 205, 343, 455, 581, 699, Drumm, Streuby Lloyd, appointed director at 825, 963, 1083, 1221, 1335, 1455 Pittsburgh Branch .32 Federal Open Market Committee: Earnings and expenses: Action authorizing transactions in longer- Federal Reserve Banks. . . 35, 228 term Government securities. .165 Insured commercial banks. 616 Members and staff. .1497 Member banks 520, 604 Federal Reserve Act: Earnings and hours, manufacturing industries. . . 89, Revised edition 1296 219, 357, 469, 595, 713, 839, 977, 1097, Section 9, payment of dividends, interpreta- 1235, 1349, 1469 tions with respect to 657, 1178 Economic activity: Sections 13 and 14(b), Federal Farm Mort- Expansion in, article on. 1275 gage Corporation bonds, references elimi- In 1960, article on .1 nated 1289 Edmunds, J. Ollie, appointed director at Jackson- Section 16, amended by Old Series Currency ville Branch 35 Adjustment Act . ... . .917 Elkins, J. A., Jr., appointed director at Houston Section 24, amendments with respect to na- Branch 35 tional bank real estate loans. . . . .759 Ellis, George H., appointed President of Federal Federal Reserve Agents. . . .27, 1497 Reserve Bank of Boston. .301 Federal Reserve Banks: Employment: Branches (See Branch banks, Federal Re- Labor force. .88, 218, 356, 468, 594, 712, 838, serve System) 976, 1096, 1234, 1348, 1468 Chairmen and Deputy Chairmen. .27, 416, 1497 Labor market in mid-1961, article on. 647 Condition statement . .46, 176, 314, 426, 552, Manufacturing production worker ... 89, 219, 670, 796, 934, 1054, 1192, 1306, 1426 357, 469, 595, 713, 839, 977, 1097, 1235, Publication on consolidated basis . 164 1349, 1469 Directors (See Directors, Federal Reserve Nonagricultural . . 88, 218, 356, 468, 594, 712, Banks) 838, 976, 1096, 1234, 1348, 1468 Discount rates .44, 174, 312, 424, 550, 668, Erickson, Joseph A., retirement as President of 794, 932, 1052, 1190, 1304, 1424 Federal Reserve Bank of Boston. .302 Earnings and expenses . . . 35, 228 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1508 FEDERAL RESERVE BULLETIN • DECEMBER 1961 Pages Pages Federal Reserve Banks—Continued Firstamerica Corporation, Order under Bank Officers 1498 Holding Company Act 157 Presidents and First Vice Presidents: Flechsig, Theodore G., articles on survey of con- Appointments ... .301 sumer buying intentions 532, 1282 List 1498 Fleming, Lamar, Jr., reappointed Deputy Chair- Retirements . 302 man at Dallas 27 U. S. Govt. security holdings: Float .40, 170, 308, 420, 546, 664, 790, 928, Condition statement data. . . .46, 176, 314, 1048, 1186, 1300, 1420 426, 552, 670, 796, 934, 1054, 1192, Flohr, E. M., appointed director at Portland 1306, 1426 Branch . . 34 Maturity distribution. . . .45, 175, 313, 425, Flow of funds: 551, 669, 795, 933, 1053, 1191, Financial assets and liabilities. 485, 993 1305, 1425 Revised data 924 Ownership data. . .68, 198, 336, 448, 572, Saving and financial flows . . .96, 226, 364, 476, 690, 816, 954, 1074, 1212, 1326, 1446 602, 720, 846, 984, 1104, 1242, 1356, 1476 Weekly and monthly data. . . .40, 170, 308, Supplementary tables .303, 1414 420, 546, 664, 790, 928, 1048, 1186, Foreign central banks: 1300, 1420 Discount rates 120, 256, 382, 504, 638, 740, Federal Reserve Bulletin: 882, 1020, 1124, 1266, 1374, 1494 Tables, changes in 164, 541, 654, 924 Gold reserves 106, 242, 368, 490, 624, 726, Federal Reserve Chart Book. 1044 868, 1006, 1110, 1252, 1360, 1480 Federal Reserve credit: Foreign currencies, convertible, holdings by U. S. Condition statement data. . .46, 176, 314, 426, monetary authorities. .870, 1008, 1112, 1254, 552, 670, 796, 934, 1054, 1192, 1306, 1426 1362,1482 Maturity distribution 45, 175, 313, 425, 551, Foreign deposits in U. S. banks: 669, 795, 933, 1053, 1191, 1305, 1425 Banks and the monetary system. . . .50, 180, 318, Weekly and monthly data 40, 170, 308, 420, 430, 556, 674, 800, 938, 1058, 1196, 546, 664, 790, 928, 1048, 1186, 1300, 1420 1310, 1430 Federal Reserve notes: Commercial banks, by classes 55, 185, 323, Federal Reserve Agents' accounts. . . .46, 176, 435, 561, 679, 805, 943, 1063, 1201, 314 426, 552, 670, 796, 934, 1054, 1192. 1315, 1435 r 1306, 1426 Federal Reserve Banks: Interest paid to Treasury . 35, 228 Condition statement... 46, 176, 314, 426, Old Series Currency Adjustment Act, pro- 552, 670, 796, 934, 1054, 1192, visions relating to 917 1306, 1426 Outstanding and in circulation. . . .48, 178, 316, Held for foreign correspondents 117, 253, 428, 554, 672, 798, 936, 1056, 1194, 379, 501, 635, 737, 879, 1017, 1121, 1308, 1428 1263, 1371, 1491 Federal Reserve operations in perspective, state- Weekly and monthly data 40, 170, 308, ment of Chairman Martin on 272 420, 546, 664, 790, 928, 1048, 1186. Federal Reserve System: 1300, 1420 Admissions of State banks to membership 36, Weekly reporting member banks 58, 188, 165, 542, 660, 924, 1044, 1296 326, 438, 564, 682, 808, 946, 1066, 1204, Book on purposes and functions, revised 1318, 1438 edition 166 Foreign exchange rates 121, 257, 383, 505, 639, Finance charges, statement of Chairman Martin 741, 883, 1021, 1125, 1267, 1375, 1495 on bill S. 1740 .905 Foreign liabilities and claims: Finance companies, survey of, mid-1960 1140 Banks. .110, 246, 372, 494, 628, 730, 872, Finance company paper: 1010, 1114, 1256, 1364, 1484 Rates. .60, 190, 328, 440, 566, 684, 810, 948, Nonflnancial concerns . 118, 254, 380, 502, 1068, 1206, 1320, 1440 636, 738, 880, 1018, 1122, 1264, Volume outstanding. . .62, 192, 330, 442, 568, 1372, 1492 686, 812, 950, 1070, 1208, 1322, 1442 Foreign trade: Financial institutions, loans to: Merchandise exports and imports 91, 221. Commercial banks, by classes. . . .54, 184, 322, 359, 471, 597, 715, 841, 979, 1099, 434, 560, 678, 804, 942, 1062, 1200, 1237, 1351, 1471 1314, 1434 U. S. balance of payments in 1961, article Weekly reporting member banks 56, 186, on 1133 324, 436, 562, 680, 806, 944, 1064, 1202, Fox, John M., resignation as director at Jackson- 1316, 1436 ville Branch 164 First Colorado Bankshares, Inc., Order under Francis, Darryl R., reappointed First Vice President of Federal Reserve Bank of St. Louis .301 Bank Holding Company Act 1293 Frankland, Charles F., elected Class A director First Security Corporation, Order under Bank at San Francisco 1413 Holding Company Act 1038 Fredericks, John D., appointed Class C director First Vice Presidents of Federal Reserve Banks: at San Francisco 28, 31 Appointments .301 Freeman, Y. Frank, reappointed Deputy Chair- List 1498 man at San Francisco . 27 First Virginia Corporation, Orders under Bank Freight carloadings {See Carloadings) Holding Company Act. .288, 1036, 1410 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 47 1509 Pages Pages Fuller, Denton A., resignation as director at Harrison, T. G., reelected Class B director at Buffalo Branch 164 Minneapolis 1412 Fulton, W. D., reappointed President of Federal Hastings, M. F., appointed director at Seattle Reserve Bank of Cleveland 301 Branch 35 Furth, J. Herbert, appointed Adviser, Division of Hayes, Alfred, reappointed President of Federal International Finance .35 Reserve Bank of New York 301 Heflin, Aubrey, appointed First Vice President of Gerstacker, Carl A., appointed director at Detroit Federal Reserve Bank of Richmond. ... 301 Branch 28, 30 Heimberger, Charles J., appointed director at Gillaugh, H. W., appointed director at Cincinnati Pittsburgh Branch .... 32 Branch 32 Hemmings, H. E., appointed First Vice President Godchaux, Frank A., Ill, reappointed director at of Federal Reserve Bank of San Francisco.301, 302 New Orleans Branch. .28 Hersey, A. B., appointed Adviser, Division of Gold: International Finance 35 Article on gold and dollar transfers in 1960. .265 Hilkert, Robert N., reappointed First Vice Presi- Earmarked. . 108, 244, 370, 492, 626, 728, 870, dent of Federal Reserve Bank of Philadelphia. .301 1008, 1112, 1254, 1362, 1482 Hilton, James H., appointed Deputy Chairman Net purchases by U. S 108, 244, 370, 492, at Chicago 27, 30 626, 728, 870, 1008, 1112, 1254, Hoadley, Walter E., reappointed Class C director 1362,1482 and Deputy Chairman at Philadelphia 27, 28 Outstanding, U. S. money 48, 178, 316, 428, Holland, Robert C, appointed Adviser, Division 554,672,798,936, 1056, 1194, of Research and Statistics 164 1308, 1428 Holt, Reed E., reappointed director at Salt Lake Production. ...107, 243, 369, 491, 625, 727, City Branch 34 869, 1007, 1111, 1253, 1361, 1481 Home improvement loans, amendment to Section Reserves of central banks and governments. . 106, 24 of Federal Reserve Act 759 242, 368, 490, 624, 726, 868, 1006, 1110, Hours and earnings, manufacturing industries.... 89, 1252, 1360, 1480 219, 357, 469, 595, 713, 839, 977, 1097, Reserves of foreign countries and interna- 1235, 1349, 1469 tional institutions. . . 109, 245, 371, 493, 627, Housing: 729, 871, 1009, 1113, 1255, 1363, 1483 Construction and housing, article on. . . 1383 Stock: New housing starts .87, 217, 355, 467, 593, Changes in... 108, 244, 370, 492, 626, 711, 837, 975, 1095, 1233, 1347, 1467 728, 870, 1008, 1112, 1254, 1362, 1482 Housing Act of 1961 759, 1383 Consolidated monetary statement.. 50, 180, Hyde, Edwin, reappointed Deputy Chairman at 318, 430, 556, 674, 800, 938, 1058, 1196, Richmond 27 1310, 1430 Weekly and monthly data 40, 170, 308, Imports {See Foreign trade) 420, 546, 664, 790, 928, 1048, 1186, Indexes, plans for converting to a 1957-59 1300, 1420 Gold certificates: base 1414, 1417 Collateral against Federal Reserve notes. . . .46, Industrial Production Chart Book 165 176, 314, 426, 552, 670, 796, 934, 1054, Industrial production index... 80, 210, 348, 460, 1192, 1306, 1426 586, 704, 830, 968, 1088, 1226, Outstanding and in circulation. . .48, 178, 316, 1340, 1460 428, 554, 672, 798, 936, 1056, 1194, Instalment loans. .. .76-79, 206-09, 344-47, 456-59, 1308, 1428 582-85, 700-03, 826-29, 964-67, 1084-87, Govt. debt {See U. S. Govt. securities) 1222-25, 1336-39, 1456-59 Govt. receipts and payments, seasonally ad- Insurance companies: justed 137, 622, 1107, 1358 Mortgage activity. .. .74, 204, 342, 454, 580, Govt. securities market, statistics on 698, 824, 962, 1082, 1220, 1334, 1454 {See U. S. Govt. securities) Principal assets 63, 193, 331, 443, 569, 687, Gramley, Eugene T., elected Class A director at 813, 951, 1071, 1209, 1323, 1443 Philadelphia 1411 U. S. Govt. security holdings.... 68, 198, 336, Gray, John E., appointed director at Houston 448, 572, 690, 816, 954, 1074, 1212, Branch 34 1326, 1446 Grier, William H., reappointed Class C director Insured commercial banks: at Richmond 28 Assets and liabilities.. .53-55, 183-85, 321-23, Gross national product 94, 224, 362, 474, 600, 433-35, 559-61, 677-79, 803-05, 941-43, 1061-63, 1199-201, 1313-15, 1433-35 718, 844, 982, 1102, 1240, 1354, 1474 Banking offices, changes in number .230, 1002 Hagelstein, G. C, appointed director at San Branches, number by State. 487 Antonio Branch . 29, 31 Earnings and expenses 616 Halgren, S. Alfred, appointed director at Los Number. .53, 183, 321, 433, 559, 677, 803, 941, 1061, 1199, 1313, 1433 Angeles Branch 29, 32 Number, by State. 486 Hall, Raymond W., redesignated Chairman and Interbank deposits: Federal Reserve Agent at Kansas City. .27 Banks, by classes. . .51, 181, 319, 431, 557, 675, Hardin, Clifford Morris, appointed director at 801, 939, 1059, 1197, 1311, 1431 Omaha Branch 29, 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1510 FEDERAL RESERVE BULLETIN • DECEMBER 1961 Pages Pages Interbank deposits—Continued Investments (See also specific types of Commercial banks, by classes. . . 55, 185, 323, investments): 435, 561, 679, 805, 943, 1063, 1201, Banks, by classes. . . .51, 181, 319, 431, 557, 675, 1315, 1435 801,939, 1059, 1197, 1311, 1431 Member banks, by classes 45, 175, 313, 425 Commercial banks, by classes .54, 184, 322, 551, 669, 795, 933, 1053, 1191, 434, 560, 678, 804, 942, 1062, 1305, 1425 1200, 1314, 1434 Weekly reporting member banks. . 58, 188, 326, Federal Reserve Banks 46, 176, 314, 426, 552, 670, 796, 934, 1054, 1192, 1306, 1426 438, 564 Govt. agencies, etc.. .72, 202, 240, 340, 452, Interest on deposits: 617, 1004 Savings deposits not evidenced by pass book .288 Life insurance companies. . . .63, 193, 331, 443, Time and savings deposits, maximum per- 569, 687, 813, 951, 1071, 1209, 1323, 1443 missible rates: Mutual savings banks 62, 192, 330, 442, 568, Increase in 1404, 1413 686, 812, 950, 1070, 1208, 1322, 1442 Table of. . . .44, 174, 312, 424, 550, 668, Savings and loan associations. . . 63, 193, 331, 794, 932, 1052, 1190, 1304, 1424 443, 569, 687, 813, 951, 1071, 1209, 1323, 1443 Interest rates: Weekly reporting member banks. .57, 187, 325, Article on interest rates in leading 437, 563, 681, 807, 945, 1065, 1203, 1317, 1437 countries 891 Irons, Watrous, reappointed President of Federal Bond yields 60, 190, 328, 440, 566, 684, 810, Reserve Banks of Dallas. . 301 948, 1068, 1206, 1320, 1440 Business loans by banks. . . 59, 189, 327, 439, James, Donald D., reappointed director at San 565, 683, 809, 947, 1067, 1205, 1319, 1439 Antonio Branch 34 Discount rates, Federal Reserve Banks. .. .44, Johns, Delos C, reappointed President of Federal 174, 312, 424, 550, 668, 794, 932, Reserve Bank of St. Louis 301 1052, 1190, 1304, 1424 Johnson, Walter S., reelected Class B director at Foreign countries: San Francisco 1413 Johnston, D. W., appointed director at Discount rates 120, 256, 382, 504, 638, Nashville Branch .33 740, 882, 1020, 1124, 1266, 1374, 1494 Johnston, Logan T., appointed director at Open market rates 119, 255, 381, 503, Cincinnati Branch . 32 637, 739, 881, 1019, 1123, 1265, 1373, 1493 Open market rates, domestic .60, 190, 328, Katz, Samuel I., appointed Associate Adviser, 440, 566, 684, 810, 948, 1068, 1206, 1320, 1440 Division of International Finance. . 35 Stock yields. .60, 190, 328, 440, 566, 684, 810, Kelsay, R. L., reappointed director at 948, 1068, 1206, 1320, 1440 Oklahoma City Branch .34 Time and savings deposits, maximum permis- Kennedy, W. S., reelected Class A director sible rates : at Kansas City. . 1412 Increase in 1404, 1413 Koppang, Henry O., reappointed First Vice Table of. .44, 174, 312, 424, 550, 668, President of Federal Reserve Bank of Kansas 794, 932, 1052, 1190, 1304, 1424 City 301 Interlocking directorates : Krauth, W. N., reappointed director at Nashville Securities companies, with member banks: Branch .28 Corporation selling own stock. . .408 Labor force. .88, 218, 356, 468, 594, 712, 838, 976, Real estate investment company. 156 1096, 1234, 1348, 1468 International capital transactions of the U. S 110, Labor market in mid-1961, article on 647 246, 372, 494, 628, 730, 872, 1010, LaGrone, R. M., Jr., appointed director at Little 1114, 1256, 1364, 1484 Rock Branch 33 International institutions: LaMont, Thomas E., reappointed director at Buf- Gold purchases. . . 108, 244, 370, 492, 626, 728, falo Branch 28 870, 1008, 1112, 1254, 1362, 1482 Langsam, Walter C, appointed director at Cincin- Gold reserves. . . .106, 242, 368, 490, 624, 726, nati Branch. 28, 29 868, 1006, 1110, 1252, 1360, 1480 Latham, E. O., reappointed First Vice President Gold reserves and dollar holdings . . . 109, 245, of Federal Reserve Bank of Boston 301 371, 493, 627, 729, 871, 1009, 1113, Leach, Hugh, retirement as President of Federal 1255, 1363, 1483 Reserve Bank of Richmond 302 Interpretations: Leavitt, Brenton C, appointed Assistant Director, Interlocking directorates (See Interlocking Division of Examinations 302 directorates) Leedy, H. G., retirement as President of Federal Payment of dividends by State member Reserve Bank of Kansas City. .302 banks 657, 1178 Legislation: Published interpretations of the Board, Federal Farm Mortgage Corporation bonds 1289 compilation of 416 Finance charges, statement of Chairman Regulations, Board of Governors (See Regu- Martin on S. 1740. 905 lations, Board of Governors) Housing Act of 1961 .759, 1383 Withheld taxes as deposits for reserve National bank real estate loans . 759 purposes .... 1036 Old Series Currency Adjustment Act. . .917 Inventories. .94, 224, 362, 474, 600, 718, 844, 982, LeMaster, Edward B., appointed director at 1102, 1240, 1354, 1474 Memphis Branch. 164 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 47 1511 Pages Pages Levine, Max, appointed director at Houston Margin requirements—Continued Branch. 29, 31 Table of ... .44, 174, 312, 424, 550, 668, Life insurance companies {See Insurance 794, 932, 1052, 1190, 1304, 1424 companies) Transfer of accounts, amendment to Regula- Liquidity and public policy, article on. . . 1161 tion T 759 Loans {See also specific types of loans): Transfer of loans between borrowers, amend- Bank credit and money in recovery, article ment to Regulation U 759 on 751 Marine Corporation, Orders under Bank Holding Banks, by classes. .51, 181, 319, 431, 557, 675, Company Act .763, 1179, 1408 801,939, 1059, 1197, 1311,1431 Martin, Wm. McC, Jr.: Commercial banks, by classes. . . 54, 184, 322, Federal Reserve operations in perspective, 434, 560, 678, 804, 942, 1062, 1200, 1314, 1434 statement on 272 Federal Reserve Banks: Finance charges, statement on bill S. 1740. .905 Condition statement. .. .46, 176, 314, 426, Mathews, William R., reappointed director at El 552, 670, 796, 934, 1054, 1192, 1306 1426 Paso Branch . 29 Maturity distribution. . . 45, 175, 313, 425, Mayberry, William A., reappointed director at 551, 669, 795, 933, 1053, 1191, 1305, 1425 Member bank borrowings . . 42, 172, 310, Detroit Branch 33 422, 548, 666, 792, 930, 1050,McBride, Pierre B., redesignated Chairman and 1188, 1302, 1422 Federal Reserve Agent at St. Louis 27 Weekly and monthly data. . . 40, 170, 308, McEachern, W. W., appointed director at Char- 420, 546, 664, 790, 928, 1048, lotte Branch 32 1186, 1300, 1420 McLaughlin, J. Edd, reelected Class A director Govt. agencies, etc.. 72, 202, 240, 340, 452, at Dallas 1412 617,1004 Meeker, David A., elected Class B director at Life insurance companies: Cleveland . .1411 Assets. .63, 193, 331, 443, 569, 687, 813, Member banks: 951, 1071, 1209, 1323, 1443 Assets and liabilities, by classes. . 55, 185, 323, Mortgage activity 74, 204, 342, 454, 580, 435, 561, 679, 805, 943, 1063, 1201, 698, 824, 962, 1082, 1220, 1334, 1454 1315, 1435 Mutual savings banks 62, 192, 330, 442, 568, Banking offices, changes in number. . .230, 1002 686, 812, 950, 1070, 1208, 1322, 1442 Borrowings at Federal Reserve Banks. . 42, 172, National bank real estate loans, amendments 310, 422, 548, 666, 792, 930, 1050, 1188, to Section 24 of Federal Reserve Act. .759 1302, 1422 Savings and loan associations: Branches, number, by State 487 Assets. .63, 193, 331, 443, 569, 687, 813, Deposits, by classes . 45, 175, 313, 425, 551, 951, 1071, 1209, 1323, 1443 669, 795, 933, 1053, 1191, 1305, 1425 Mortgage activity. . . .74, 204, 342, 454, 580, Earnings and expenses .... 520, 604 698, 824, 962, 1082, 1220, 1334, 1454 Interlocking directorates with securities com- Weekly reporting member banks . . 56, 186, 324, panies {See Securities companies) 436, 562, 680, 806, 944, 1064, 1202, 1316, 1436 Number, by class ... 52, 182, 320, 432, 558, Revisions for 655, 848, 854, 860 676, 802, 940, 1060, 1198, 1312, 1432 Loans insured or guaranteed: Number, by class and State. . 486 FHA-insured {See Federal Housing Operating ratios ... .613 Administration) Reserve requirements {See Reserve require- VA-guaranteed {See Veterans Administration) ments) Lockwood, William M., reelected Class A direc- Reserves {See Reserves) tor at Boston 1411 Weekly reporting series 56, 186, 324, 436, Long, Augustus C, resignation as Class B direc- 562, 680, 806, 944, 1064, 1202, 1316, 1436 tor at New York 541 Revisions for 654, 848 Longwell, J. H., reappointed Deputy Chairman Membership in Federal Reserve System: at St. Louis 27 Admissions of State banks. .36, 165, 542, 660, Lyle, Clay, resignation as director at Memphis 924, 1044, 1296 Branch 1296 Mills, A. W., reappointed First Vice President of Federal Reserve Bank of Minneapolis 301 Mangels, H. N., retirement as President of Fed- Mining, production index .80, 210, 348, 460, 586, eral Reserve Bank of San Francisco. .302 704, 830, 968, 1088, 1226, 1340, 1460 Manufactures, production index. . . .80, 210, 348, 460, Mitchell, George W., appointment as member of 586, 704, 830, 968, 1088, 1226, 1340, 1460 Board of Governors . 1043 Marget, Arthur W., resignation as Director of Mitchell, Walter M., redesignated Chairman and Division of International Finance. 303 Federal Reserve Agent at Atlanta ... .27 Margin requirements: Money and bank credit in recovery, article on. .751 Arbitrage transactions, amendments to Regu- Money and credit in 1960, article on. .129 lations T and U 759 Money rates {See Interest rates) Loan secured indirectly by stock, applica- Money supply and related data .49, 179, 317, 429, bility of Regulation U 657 555, 673, 799, 937, 1057, 1195, 1309, 1429 Simultaneous long and short positions in Monroe, Roy G., reappointed director at Helena same account, interpretation of Regula- Branch 33 tion T .156 Montana Shares, Incorporated, Orders under Bank Holding Company Act. .767, 1294 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1512 FEDERAL RESERVE BULLETIN • DECEMBER 1961 Pages Pages Moore, Franklin H., appointed director at Detroit Open market rates (See Interest rates) Branch .33 Operating ratios, member banks 613 Mortgages (See Real estate loans) Organization for Economic Cooperation and De- Mutual savings banks: velopment, preparatory meeting for economic Assets and liabilities 51, 181, 319, 431, 557, policy coordination 541 675, 801, 939, 1059, 1197, 1311, 1431 Otto Bremer Company, Orders under Bank Hold- Banking offices, changes in number. .230, 1002 ing Company Act 23, 1039 Branches, number, by State 487 Ownership of demand deposits, article on. .405 Consolidated monetary statement .50, 180, 318, Palmer, Frank R., reelected Class B director at 430, 556, 674, 800, 938, 1058, 1196, 1310, 1430 Philadelphia 1411 Monthly table 62, 192, 330, 442, 568, 686, Par List, banking offices on, and not on, 812, 950, 1070, 1208, 1322, 1442 number 231, 1003 Number. ... 51, 181, 319, 431, 557, 675, Parker, Charles D., resignation as director at 801,939, 1059, 1197,1311, 1431 Charlotte Branch 302 Number, by State 486 Parks, Chas. H., appointed director at Seattle Real estate loans held by. . . .73, 203, 341, 453, Branch 35 579, 697, 823, 961, 1081, 1219, 1333, 1453 Patterson, Harold T., reappointed First Vice U. S. Govt. security holdings 68, 198, 336, 448, President of Federal Reserve Bank of Atlanta. .301 572, 690, 816, 954, 1074, 1212, 1326, 1446 Patty, Giles W., appointed director of New Or- Myrick, G. Harold, appointed director at Charleans Branch 33 lotte Branch .302 Pawley, Francis R., article on survey of finance National banks: companies 1140 Assets and liabilities. . . .53, 183, 321, 433, 559, Payrolls, manufacturing index . . .86, 216, 354, 466, 677, 803, 941, 1061, 1199, 1313, 1433 592, 710, 836, 974, 1094, 1232, 1346, 1466 Banking offices, changes in number. .230, 1002 Personal income. .95, 225, 363, 475, 601, 719, 845, Branches, number, by State 487 983, 1103, 1241, 1355, 1475 Number. . . .53, 183, 321, 433, 559, 677, 803, Plummer, Frank A., reappointed director at Bir- 941, 1061, 1199, 1313, 1433 mingham Branch 33 Number, by State 486 Postal Savings System: Real estate loans, amendments to Section Consolidated monetary statement 50, 180, 318, 24 of Federal Reserve Act 759 430, 556, 674, 800, 938, 1058, 1196, National income 94, 224, 362, 474, 600, 718, 844, 1310, 1430 982, 1102, 1240, 1354, 1474 Deposits, maximum permissible rates: National security expenditures: Increase in 1404, 1413 National product series 94, 224, 362, 474, 600, Table of 44, 174, 312, 424, 550, 668, 718, 844, 982, 1102, 1240, 1354, 1474 794, 932, 1052, 1190, 1304, 1424 Treasury statement basis. .71, 201, 339, 451, 571, Presidents of Federal Reserve Banks: 689, 815, 953, 1073, 1211, 1325, 1445 Appointments 301 National summary of business conditions .37, 167, List . . 1498 304, 417, 543, 661, 786, 925, 1045, 1183, Retirements 302 1297, 1415 Prices: Nelson, Fred A., retirement as Assistant Director, Consumer .92, 222, 360, 472, 598, 716, 842. Division of Examinations 302 980, 1100, 1238, 1352, 1472 Newburn, Harry K., appointed director at Helena Security 61, 191, 329, 441, 567, 685, 811, Branch 29, 30 949, 1069, 1207, 1321, 1441 Nickerson, Albert L., elected Class B director at Wholesale commodity . .92, 222, 360, 472, 598, New York . 1043 716, 842, 980, 1100, 1238, 1352, 1472 Nonmember banks: Priddy, C. L., reappointed director at Oklahoma Assets and liabilities 53-55, 183-85, 321-23, 433-35, 559-61, 677-79, 803-05, 941-43, City Branch 34 1061-63, 1199-201, 1313-15, 1433-35 Production: Banking offices, changes in number .230, 1002 Industrial 80, 210, 348, 460, 586, 704, 830, Branches, number, by State .487 968, 1088, 1226, 1340, 1460 Discounts and advances by Federal Reserve Industrial Production Chart Book 165 Banks. .46, 176, 314, 426, 552, 670, 796, Upturn in, article on. 513 934, 1054, 1192, 1306, 1426 Profits: Number. .53, 183, 321, 433, 559, 677, 803, Corporate. .65, 195, 333, 445, 577, 695, 821, 941, 1061, 1199, 1313, 1433 959, 1079, 1217, 1331, 1451 Number, by State 486 Insured commercial banks. 616 Northwest Bancorporation, Orders under Bank Member banks 520, 523, 604 Holding Company Act. .408, 919, 1289 Publications, Board of Governors: Annual Report, 1960 303 Old Series Currency Adjustment Act 917 Federal Reserve Act, revised edition. 1296 Olson, Robert A., reelected Class B director at Federal Reserve System—Purposes and Kansas City . 1412 Functions, revised edition 166 Olsson, Harald E., reappointed director at Helena Flow-of-funds supplementary tables. 303, 1414 Branch 33 Historical Chart Book 1044 Open Market Committee (See Federal Open Industrial Production Chart Book. 165 Market Committee) List of 1499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 47 1513 Pages Pages Publications, Board of Governors—Continued Reserves—Continued Published interpretations of the Board, com- Member banks: pilation of 416 Accounts with Federal Reserve Puckett, B. Earl, reelected Class B director at Banks. .46, 176, 314, 426, 552, 670. 796, New York . .1411 934, 1054, 1192, 1306, 1426 By class of bank 42, 172, 310, 422, 548, Quarterly survey of consumer buying 666, 792, 930, 1050, 1188, 1302, 1422 intentions. .282, 532, 899, 1282 Commercial bank statement . .55, 185, 323, 435, 561, 679, 805, 943, 1063, 1201, Real estate loans: 1315, 1435 Bank holdings 73, 203, 341, 453, 579, 697, Reserve requirements. . . .45, 175, 313, 425, 823, 961, 1081, 1219, 1333, 1453 551, 669, 795, 933, 1053, 1191, 1305, 1425 Commercial banks, by classes. . . 54, 184, 322, Reserves and related items. . . .40, 170, 308 434, 560, 678, 804, 942, 1062, 1200, 420, 546, 664, 790, 928, 1048, 1186, 1314, 1434 1300, 1420 Life insurance companies.... 74, 204, 342, 454, Weekly reporting banks 57, 187, 325, 437, 580, 698, 824, 962, 1082, 1220, 1334, 1454 563,681,807,945, 1065,1203, Mutual savings banks 62, 192, 330, 442, 568, 1317, 1437 686, 812, 950, 1070, 1208, 1322, 1442 Withheld taxes as deposits for reserve National bank loans, amendments to Section purposes 1036 24 of Federal Reserve Act 759 Residential mortgage loans 73-75, 203-05, 341-43, Savings and loan associations. . 74, 204, 342, 454, 453-55, 579-81, 697-99, 823-25, 961-63, 580, 698, 824, 962, 1082, 1220, 1334, 1454 1081-83, 1219-21, 1333-35, 1453-55 Type of mortgage holder 73-75, 203-05, Retail trade and department store statistics, 341-43, 453-55, 579-81, 697-99, 823-25, committee report on 35 961-63, 1081-83, 1219-21, 1333-35, 1453-55 Reter, Raymond R., reappointed director at Port- Type of property mortgaged 73-75, 203-05, land Branch 29 341-43, 453-55, 579-81, 697-99, 823-25, Robinson, Roland I., resignation as Adviser, 961-63, 1081-83, 1219-21, 1333-35, 1453-55 Division of Research and Statistics. . 1043 Weekly reporting member banks. . . .56, 186, 324, Rogers, Dick, appointed director at El Paso 436, 562, 680, 806, 944, 1064, 1202, Branch ... ... 34 1316, 1436 Rowland, Thomas B., reappointed director at Rebsamen, Raymond, elected Class B director at Salt Lake City Branch 29 St. Louis . . 1412 Russell, John G., reappointed director at Louis- Reed, Philip D., redesignated Chairman and ville Branch 33 Federal Reserve Agent at New York. 27 Russell, Simpson, reappointed director at Mem- Regulations, Board of Governors: phis Branch 33 Q, Payment of Interest on Deposits: Rutz, William E., elected Class B director at Maximum permissible rates on time and Chicago 1412 savings deposits, increase in. 1404, 1413 Ryan, John T., Jr., resignation as director at Savings deposits not evidenced by pass Pittsburgh Branch 1413 book 288 St. Joseph Agency, Inc., Order under Bank T, Credit by Brokers, Dealers, and Members Holding Company Act 290 of National Securities Exchanges: Arbitrage, amendment with respect to. .759 Sales finance companies, consumer loans of. . 77, 207, Simultaneous long and short positions 345, 457, 583, 701, 827, 965, 1085, 1223, in same account. . 156 1337, 1457 Transfer of accounts, amendment with Sammons, Robert L., appointed Adviser, Divirespect to 759 sion of International Finance. 35 U, Loans by Banks for the Purpose of Pur- Saving: chasing or Carrying Registered Stocks: Flow-of-funds series 96, 226, 364, 476, 602. Arbitrage, amendment with respect to. .759 720, 846, 984, 1104, 1242, 1356, 1476 Loan secured indirectly by stock. .657 National income series .95, 225, 363, 475, 601, Transfer of loans between borrowers, 719, 845, 983, 1103, 1241, 1355, 1475 amendment with respect to. 759 Savings deposits (See also Time deposits): Reserve requirements, member banks . .45, 175, 313, Classification system for . . 539 425, 551, 669, 795, 933, 1053, 1191, 1305, 1425 Maximum permissible rates: Reserves: Increase in 1404. 1413 Bank reserves and monetary policy 131 Table of 44, 174, 312, 424, 550, 668, Commercial banks 55, 185, 323, 435, 561, 794, 932, 1052, 1190, 1304, 1424 679, 805, 943, 1063, 1201, 1315, 1435 Pass book, savings deposits not evidenced by 288 Federal Reserve Banks . .46, 176, 314, 426, 552, Savings institutions, principal assets . . 62-63, 192-93, 670, 796, 934, 1054, 1192, 1306, 1426 330-31, 442-43, 568-69, 686-87, 812-13, Foreign central banks and governments ... 106, 950-51, 1070-71, 1208-09, 1322-23, 1442-43 242, 368, 490, 624, 726, 868, 1006, 1110, Savings and loan associations: 1252, 1360, 1480 Mortgage activity . 74, 204, 342, 454, 580, 698, Foreign countries and international 824, 962, 1082, 1220, 1334, 1454 institutions. . 109, 245, 371, 493, 627, 729, 871, Principal assets 63, 193, 331, 443, 569, 687, 1009, 1113, 1255, 1363, 1483 813, 951, 1071, 1209, 1323. 1443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1514 FEDERAL RESERVE BULLETIN • DECEMBER 1961 Savings and loan associations—Continued State and municipal securities—Continued U. S. Govt. security holdings 69, 199, 337, 449, Prices. .61, 191, 329, 441, 567, 685, 811, 573, 691, 817, 955, 1075, 1213, 1327, 1447 949, 1069, 1207, 1321, 1441 Scanlon, C. J., reappointed First Vice President of Yields. .60, 190, 328, 440, 566, 684, 810, 948, Federal Reserve Bank of Chicago 301 1068, 1206, 1320, 1440 Scott, Homer A., appointed Class C director and States and political subdivisions: Deputy Chairman at Kansas City. .27, 28, 30 Deposits: Securities: Commercial banks, by classes ... .55, 185, International transactions. .. 116, 252, 378, 500, 323, 435, 561, 679, 805, 943, 1063, 634, 736, 878, 1016, 1120, 1262, 1370, 1490 1201, 1315, 1435 Securities companies: Weekly reporting member banks. . 58, 188, Interlocking directorates with member banks: 326, 438, 564, 682, 808, 946, 1066, Corporation selling own stock .408 1204, 1318, 1438 Real estate investment company. .156 Holdings of U. S. Govt. securities ... 68, 198, Security issues: 336, 448, 572, 690, 816, 954, 1074, Corporate, outstanding, net change in 64, 194, 1212, 1326, 1446 332, 444, 578, 696, 822, 960, 1080, Ownership of obligations of: 1218, 1332, 1452 Commercial bank holdings. . . .54, 184, 322, New issues. 66, 196, 334, 446, 576, 694, 820, 434, 560, 678, 804, 942, 1062, 958, 1078, 1216, 1330, 1450 1200, 1314, 1434 State and local governments ... 67, 197, 335, Life insurance company holdings 63, 193, 447, 575, 693, 819, 957, 1077, 1215, 331, 443, 569, 687, 813, 951, 1071, 1329, 1449 1209, 1323, 1443 Self, William King, appointed director of Mem- Mutual savings bank holdings 62, 192, 330, phis Branch 1413 442, 568, 686, 812, 950, 1070, Sheffield, Selden, reappointed director at Bir- 1208, 1322, 1442 mingham Branch. 28 Statistics on Government securities market (See Sheldon, John William, appointed Class C direc- U. S. Govt. securities) tor at Chicago. . . . 28, 30 Stock market credit: Sherman, Anson F., appointed director at Buffalo Monthly table . 61, 191, 329, 441, 567, 685, Branch . . . . 164 811, 949, 1069, 1207, 1321, 1441 Shuford, Harry A., reappointed First Vice Presi- Stock Exchange firms, detailed debit and dent of Federal Reserve Bank of Dallas 301 credit balances, June 1954-61. 1106 Shumate, J. N., reappointed director at Baltimore Stocks: Branch ... 32 Corporate, outstanding, net change in. . .64, 194, 332, 444, 578, 696, 822, 960, 1080, Silver coin and silver certificates, outstanding and 1218, 1332, 1452 in circulation. .48, 178, 316, 428, 554, 672, 798, New issues. .66, 196, 334, 446, 576, 694, 820, 936, 1056, 1194, 1308, 1428 958, 1078, 1216, 1330, 1450 Small business financing: Prices. . .61, 191, 329, 441, 567, 685, 811, Corporate manufacturers. . . .8 949, 1069, 1207, 1321, 1441 Smith, Forrest M., appointed director at San An- Yields. .60, 190, 328, 440, 566, 684, 810, tonio Branch 34 948, 1068, 1206, 1320, 1440 Smith, Francis A., appointed director at Buffalo Supplee, Henderson, Jr., redesignated Chairman Branch ... 32 and Federal Reserve Agent at Philadelphia .27 Smith, Godfrey, appointed director at Jacksonville Branch .... . . ... .33 Surveys: Smith, Tynan, article on survey of consumer buy- Business financing experience. . . 8 ing intentions 899 Common trust funds 525 Consumer buying intentions. .282, 532, 899, 1282 Snyder, Edward P., article on ownership of de- Corporate manufacturers . . . 8 mand deposits 405 Demand deposit ownership . . . 405 Staff of Board of Governors (See Board of Governors) Finance companies, mid-1960. 1140 State member banks: Sutton, C. N., elected Class A director at Cleve- Admissions to membership in Federal Reland 1411 serve System. .35, 165, 542, 660, 924, 1044, 1296 Swan, Eliot J., appointed President of Federal Assets and liabilities . .53, 183, 321, 433, 559, Reserve Bank of San Francisco. .301 677, 803, 941, 1061, 1199, 1313, 1433 System Open Market Account: Bank mergers (See Bank mergers) Authority for transactions in longer-term Banking offices, changes in number .230, 1002 Government securities 165 Branches, number, by State. . . 487 Szymczak, M. S., resignation as member of Board Dividends, interpretations with respect to of Governers ... .659 payment of 657, 1178 Tables, Federal Reserve Bulletin: Number 53, 183, 321, 433, 559, 677, 803, 941, 1061, 1199, 1313, 1433 Changes in 164,541,654,924 Number, by State . 486 Tax receipts, Federal. . .71, 201, 339, 451, 571, 689, State and municipal securities: 815, 953, 1073, 1211, 1325, 1445 New issues. .67, 197, 335, 447, 575, 693, 819, Taxes, withheld, as deposits for reserve 957, 1077, 1215, 1329, 1449 purposes . . .1036 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 47 1515 Pages Pages Thompson, Donald S., reappointed First Vice U. S. balance of payments—Continued President of Federal Reserve Bank of Table. .119, 255, 381, 503, 637, 739, 881, Cleveland 301 1019, 1123, 1265, 1373, 1493 Thompson, Joseph H., reappointed Deputy Chair- U. S. Govt. balances: man at Cleveland 27 Commercial bank holdings: Time deposits: By class of bank .55, 185, 323, 435, 561, Adjusted, banks and the monetary system. . . 50, 679, 805, 943, 1063, 1201, 1315, 1435 180, 318, 430, 556, 674, 800, 938, Money supply and related data. . . .924, 937, 1058, 1196, 1310, 1430 1001, 1057, 1195, 1309, 1429 Consolidated monetary statement 50, 180, Banks, by classes. .51, 181, 319, 431, 557, 675, 318, 430, 556, 674, 800, 938, 1058, 801, 939, 1059, 1197, 1311, 1431 1196, 1310, 1430 Classification system for. 539 Treasury deposits at Federal Reserve Banks: Commercial banks: Condition statement data. .46, 176, 314, By classes . . .55, 185, 323, 435, 561, 679, 426, 552, 670, 796, 934, 1054, 1192, 805, 943, 1063, 1201, 1315, 1435 1306, 1426 Money supply and related data.... 924, 937 Treasury statement basis 70, 200, 338, 1001, 1057, 1195, 1309, 1429 450, 570, 688, 814, 952, 1072, 1210, Maximum permissible rates: 1324, 1444 Increase in 1404, 1413 Weekly and monthly data 40, 170, 308, Table of ... .44, 174, 312, 424, 550, 668, 420, 546, 664, 790, 928, 1048, 1186, 794, 932, 1052, 1190, 1304, 1424 1300, 1420 Member banks, by classes 45, 175, 313, 425, Weekly reporting member banks. . .58, 188, 326, 551, 669, 795, 933, 1053, 1191, 438, 564, 682, 808, 946, 1066, 1204, 1305, 1425 1318, 1438 Savings deposits not evidenced by pass U. S. Govt. securities: book 288 Bank holdings: Weekly reporting member banks. .58, 188, 326, 438, 564, 682, 808, 946, 1066, 1204, By class of bank. . . .51, 181, 319, 431, 557, 675, 801, 939, 1059, 1197, 1311, 1431 1318, 1438 Commercial banks. .54, 184, 322, 434, 560, Treasurer's account balance 70, 200, 338, 450, 678, 804, 942, 1062, 1200, 1314, 1434 570, 688, 814, 952, 1072, 1210, 1324, 1444 Consolidated monetary statement. 50, 180, Treasury cash: 318, 430, 556, 674, 800, 938, 1058, Consolidated monetary statement .50, 180, 318, 1196, 1310, 1430 430, 556, 674, 800, 938, 1058, 1196, Mutual savings banks. .62, 192, 330, 442, 1310, 1430 568, 686, 812, 950, 1070, 1208, 1322, 1442 Weekly and monthly data. . .40, 170, 308, 420, Ownership data 68, 198, 336, 448, 572, 546, 664, 790, 928, 1048, 1186, 690, 816, 954, 1074, 1212, 1326, 1446 1300, 1420 Weekly reporting member banks. . .57, 187, Treasury currency: 325, 437, 563, 681, 807, 945, 1065, Consolidated monetary statement .50, 180, 318, 1203, 1317, 1437 430, 556, 674, 800, 938, 1058, 1196, Dealer transactions, positions, and 1310, 1430 financings. .397, 541, 574, 692, 818, 956, Outstanding and in circulation. . . .48, 178, 316, 1076, 1214, 1328, 1448 428, 554, 672, 798, 936, 1056, 1194, Federal Reserve Bank holdings: 1308, 1428 Condition statement 46, 176, 314, 426, Weekly and monthly data 40, 170, 308, 420, 552, 670, 796, 934, 1054, 1192, 546, 664, 790, 928, 1048, 1186, 1306, 1426 1300, 1420 Maturity distribution. . . .45, 175, 313, 425, Treasury deposits at Federal Reserve Banks: 551, 669, 795, 933, 1053, 1191, Condition statement data. . . 46, 176, 314, 426, 1305, 1425 552, 670, 796, 934, 1054, 1192, Ownership data. . . .68, 198, 336, 448, 572, 1306, 1426 690, 816, 954, 1074, 1212, 1326, 1446 Treasury statement basis 70, 200, 338, 450, Weekly and monthly data 40, 170, 308, 570, 688, 814, 952, 1072, 1210, 420, 546, 664, 790, 928, 1048, 1186, 1324, 1444 1300, 1420 Weekly and monthly data. .. .40, 170, 308, 420, Foreign and international holdings. . . . 109, 245, 546, 664, 790, 928, 1048, 1186, 371, 493, 627, 729, 871, 1009, 1113, 1300, 1420 1255, 1363, 1483 Treiber, William F., reappointed First Vice Presi- International transactions. ... 116, 252, 378, 500, dent of Federal Reserve Bank of New York .301 634, 736, 878, 1016, 1120, 1262, Trust funds, common, survey of. .525 1370, 1490 Unemployment. . 88, 218, 356, 468, 594, 712, 838, New issues, gross proceeds. . . 66, 196, 334, 446, 976, 1096, 1234, 1348, 1468 576, 694, 820, 958, 1078, 1216, 1330, 1450 United California Bank, Order denying bank Open Market Committee action authorizing merger application ... . 1405 transactions in longer-term securities 165 U. S. balance of payments: Outstanding, by type of security. . . 67, 197, 335, Article on 1133 447, 575, 693, 819, 957, 1077, Gold and dollar transfers in 1960, article on . 265 1215, 1329, 1449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1516 FEDERAL RESERVE BULLETIN • DECEMBER 1961 Pages Pages U. S. Govt. securities—Continued Veterans Administration—Continued Ownership of 68, 198, 336, 448, 572, 690, Loans guaranteed by. .. .73-75, 203-05, 341-43, 816, 954, 1074, 1212, 1326, 1446 453-55, 579-81, 697-99, 823-25, 961-63, Prices 61, 191, 329, 441, 567, 685, 811, 949, 1081-83, 1219-21, 1333-35, 1453-55 1069, 1207, 1321, 1441 Statistics on market for: Wadsworth, D. C, Sr., elected Class A director Article on . 397 at Atlanta 1412 New tables .541, 574, 692, 818, 956, Warden, Alexander, elected Class B director at 1076, 1214, 1328, 1448 Minneapolis 541 Yields 60, 190, 328, 440, 566, 684, 810, Wayne, Edward A., appointed President of Fed- 948, 1068, 1206, 1320, 1440 eral Reserve Bank of Richmond 301 Webster, William, appointed Class C director at United States notes, outstanding and in circula- Boston 28, 29 tion 48, 178, 316, 428, 554, 672, 798, 936, Weekly reporting member banks . .56, 186, 324, 436, 1056, 1194, 1308, 1428 562, 680, 806, 944, 1064, 1202, Utilities, production index. . .80, 210, 348, 460, 586, 1316, 1436 704, 830, 968, 1088, 1226, 1340, 1460 Revisions for series 654, 848 Werre, Arthur, Jr., reelected Class A director at Van Buskirk, Arthur B., redesignated Chairman St. Louis 1412 and Federal Reserve Agent at Cleveland 27 Wessell, Nils Y., designated Chairman and Fed- Vaughn, Harry T., appointed director of Jack- eral Reserve Agent at Boston 27, 29 sonville Branch 164 Whitman, F. B., redesignated Chairman and Fed- Vault cash: eral Reserve Agent at San Francisco 27 Whittemore, Eugene B., reelected Class B direc- Commercial banks 55, 184, 322, 434, 560, tor at Boston 1411 678, 804, 942, 1062, 1200, 1314, 1434 Willis, J. McKenny, Jr., elected Class A director Member banks: at Richmond 1411 By classes. . . .45, 175, 313, 425, 551, 669, Wise, James DeCamp, appointed Deputy Chair- 795, 933, 1053, 1191, 1305, 1425 man at New York 27, 29 Weekly and monthly data. . . .40, 170, 308, Wooten, Jesse D., reappointed Class C director 420, 546, 664, 790, 928, 1048, 1186, at St. Louis. .28 1300, 1420 Yields (See Interest rates) Veenstra, Theodore A., Jr., article on member Young. Ralph A., appointed Director of Division bank earnings . 520 of International Finance 416 Veterans Administration: Zachry, H. B., reelected Class B director at Assets and liabilities 72, 202, 240, 340, 452, Dallas 1412 617, 1004 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ° THE FEDERAL RESERVE SYSTEM e) 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