Federal Reserve Bulletin, 1962-01

FEDERAL RESERVE i 5£ W January 1962 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Stability in Prices Law Department Current Events and Announcements 29 National Summary of Business Conditions 39 Financial and Business Statistics, U. S. (Contents on p. 41) 42 International Financial Statistics (Contents on p. 107) 108 Board of Governors and Staff 124 Open Market Committee and Staff; Federal Advisory Council 125 Federal Reserve Banks and Branches 125 Federal Reserve Board Publications 127 Index to Statistical Tables 129 Map of Federal Reserve System Inside back cover Volume 48 * Number i 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

Stability in Prices INDUSTRIAL COMMODITY MARKETS were same as a year earlier, with foods down more competitive in 1961 than in earlier slightly and other goods up somewhat. Avpostwar periods of business expansion. erage prices of consumer services continued Prices of some commodities advanced, but to rise, but the increase of 1.5 per cent was prices of others declined because of larger the smallest of any postwar year. productive capacity and of greater competition from foreign supplies of goods. While PRICES industrial production in December was up 1953-54=100 one-eighth from the recession low reached 120 WHOLESALE in February, industrial commodity prices as INDUSTRIAL a group were a little lower than they were in early 1961. Moreover, their level was only ALL slightly above the high reached in 1957. COMMODITIES In the corresponding period of recovery 100 after the 1957-58 recession, in contrast, in- FOODS *ND\« j rOODSTUMS * \,'" dustrial commodity prices advanced nearly 90 2 per cent. At that time there were increases not only in prices of materials that are typi- CONSUMER 120 cally sensitive to business fluctuations, but also in prices of steel mill products and many finished metal products in response to delayed increases in costs growing out of the inflation that accompanied the 1955-57 boom. COMMODITIES Fluctuations in prices of foods in recent years have reflected other influences more J L 1957 1959 1961 than short-run changes in industrial activity. Mainly as a result of larger output and marketings, prices of livestock and products were NOTE.—Based on Bureau of Laibor Statistics data, shifted to 1953-54=100. Latest figures shown, December estimates. a little lower in late 1961 than a year earlier. Meanwhile, prices of crops increased mod- INDUSTRIAL PRICES erately as Federal price support levels were IN CURRENT EXPANSION generally raised. Toward the end of 1961 average wholesale prices of food commodi- Along with the upturn in business activity, ties were somewhat lower than in late 1960. average prices began to rise for such cycli- The consumer price index rose less than cally sensitive materials as steel scrap, lum- 1 per cent in 1961. Retail prices of com- ber, rubber, and hides. As shown in the modities late in the year averaged about the chart on the following page, the index of 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1962 prices for these sensitive materials, after de- the pace of expansion slowed in 1961, and clining 7 per cent from the January 1960 inventory demands were reduced. high, rose 2.5 per cent from February 1961 While prices of sensitive materials as a through August. The index then leveled off group increased somewhat in 1961, prices as the pace of expansion in industrial ac- of other industrial materials, on balance, detivity slowed, in part because of strikes in clined a little. Industrial chemicals, which the auto industry. had declined 1 per cent in late 1960, fell 2 Prices of sensitive materials declined a per cent further last year to the lowest level little in the fourth quarter of 1961, despite since 1955. Wholesale prices of drugs and renewed expansion in industrial activity, but Pharmaceuticals also declined, to a level toward the year-end prices of steel scrap and nearly 4 per cent lower than in mid-1960. of a few other materials strengthened again. Prices of paperboard had turned down at the end of 1960 and by September 1961 were down by 10 per cent. Paper bags and INDUSTRIAL COMMODITY PRICES other packaging materials were reduced in the spring of last year, but later these prod- MATfRIALS 120 ucts partly recovered. OTHER Average list prices of machinery and other producers' equipment changed little during 1961. However, producers raised prices of some machine tools in late summer, after having lowered them in the spring, and pro- I I I I ducers of farm equipment and construction machinery announced some price increases PRODUCERS' EQUIPMENT toward the end of the year. On the other hand, prices of electrical equipment, which had declined in 1960, decreased further during the spring and summer of 1961. Among consumer goods, the new auto models were introduced last autumn with no significant change in average wholesale I I I I 90 1955 1957 1959 1961 prices for the third year in succession. On balance, wholesale prices of household durable goods changed little in 1961. Furniture NOTE.—Based on Bureau of Labor Statistics data for commodities other than foods and foodstuffs, shifted to 1953-54= 100. Latest figures shown are December estimates. increased slightly but radio and television sets declined somewhat. Wholesale prices of Over the whole period since last winter, martextile housefurnishings and apparel showed kets for sensitive materials have shown less little change. strength than in the comparable periods of expansion in 1954-55 and 1958-59. For some of these commodities—particu- LONGER-TERM TRENDS IN INDUSTRIAL PRICES larly metals and rubber—prices are strongly influenced by developments abroad as well The postwar years have included three peas by domestic conditions. In some countries riods of substantial advance in industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STABILITY IN PRICES commodity prices. The first two—from the before and after the steel strike of 1959 end of wartime price controls in 1946 to when inventory accumulation was at a rapid late 1948 and from the spring of 1950 to rate. Capacity in the primary metals indusearly 1951—were associated with wars, and tries has increased by about a fifth since the the increases in prices were large and wide- beginning of 1957, but output has not grown spread. apace. Consequently competition among In the third period, 1955-57, price in- metals and between metals and other matecreases were widespread but they were much rials has intensified. larger for metals and metal products than for other industrial commodities. Prices of PRICES AND CAPACITY UTILIZATION these other industrial commodities rose 1947-49=100 about 5 per cent. Metal materials and metal WHOLESALE PRICES products turned up earlier, in 1954, and rose nearly 20 per cent by late 1957. METAL MATERIALS A slight further rise in prices of metals and metal products occurred in late 1958, OTHER INDUSTRIAL when large wage increases went into effect COMMODITIES in accordance with contracts agreed to dur- .1 I I I I I I I I [ I I I L ing the 1955-57 business expansion. Since CAPACITY UTILIZATION - PRIMARY MtTALS 1958, prices of metals and metal products have shown little net change. Metals. Over the postwar period many forces have influenced prices of metals and bv~l 1 H I 1 I I I I I I 1 I i^ metal products. During most of the period 1947 1949 1951 1953 1955 1957 1959 1961 through early 1957, production of primary metals was high in relation to capacity— NOTE.—Monthly price indexes based on Bureau of Labor except for interruptions occasioned by strikes Statistics data. Metal materials include intermediate products and components as well as primary metals. Quarterly capacity and the brief recessions. When demands for utilization index, seasonally adjusted, based on data for iron, steel, aluminum, and copper. Dots indicate points for quarters when steel strikes occurred; the point for the third quarter of final products expanded, shortages of metals 1959, 33 per cent, is not shown. Latest figures shown, December estimates for prices and fourth quarter (partly estimated) and metal components often proved to be for capacity utilization. bottlenecks, limiting output of final prod- Over recent years requirements for metucts. als—mainly steel—have declined in relation Under these conditions most users of metto output in metal fabricating industries. A als attempted to hold larger inventories than major example is the expansion since 1957 they would have otherwise, and from time to in output of compact autos to about onetime this caused a pyramiding of orders for third of total domestic manufacture in 1960steel and other metals. When prices and costs 61. The use of cans made of lighter weight of metals increased, in response to these demand pressures, prices of machinery and tinplate or aluminum and the increased subother metal products also rose. stitution of plastics for metals are illustra- Since the summer of 1957 output of pri- tions of both increased competition and a mary metals has not been so high in rela- trend to a smaller volume of metal use in tion to capacity, except for short periods just relation to output of finished products. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1962 An additional feature of the situation since tion is often obscured by work stoppages and 1958 is that imports of steel have exceeded fluctuations in output. But output per manexports as capacity and productive efficiency hour appears to have increased at least as abroad have increased. With the easing of fast since 1958 as it had in the earlier postdomestic supplies and the leveling off of war period. metal prices, moreover, users of metals ap- Other industrial commodities. Average parently have judged their inventory require- prices of industrial commodities other than ments to be smaller than they did before the metals and metal products were no higher extended 1959 steel strike. As a result of all at the end of 1961 than in 1957. Prices of these developments, incentives to hold down construction materials as a group advanced or reduce costs and prices have been greater about 5 per cent from the spring of 1958 to than they were earlier in the postwar period. mid-1959 in response to the sharp rise that Employment costs per hour in the primary occurred in residential construction activity. metals industries have increased less rapidly But the contraction in residential building in recent years than earlier. Since 1958 aver- after the summer of 1959 was followed by a age hourly earnings—which include prem- decline in prices of construction materials ium pay for overtime work but do not reflect in 1960 to the level of early 1958. changes in fringe benefits—have increased With revival in housing activity in 1961, about 3 per cent per year, compared with prices of lumber began to rise last spring. about 6.5 per cent per year from 1954 Thus far, however, the rise in housing starts through 1958. Since 1958, moreover, the has been less rapid than in earlier periods rate of increase in these industries has been of expansion, and lumber prices declined no faster than in manufacturing as a whole, again after mid-1961. Prices of other buildwhereas in the 1954-58 period it was faster. ing materials on the whole have changed Employer contributions to pension funds, little. medical insurance, and other types of sup- Wholesale prices of most nondurable plementary benefits have continued to rise. goods last autumn were close to their levels According to figures available in the na- at the end of 1957. Prices of leather prodtional income statistics, fringe benefits in ucts were an exception. Prices of hides and primary metal industries increased from 11 leather, which show wide cyclical fluctuaper cent of payrolls in 1954 to 13 per cent tions, were considerably higher than in late in 1958 and 14 per cent in 1960. As with 1957, and prices of shoes were up about 10 average hourly earnings, supplementary per cent. costs grew faster in the primary metals in- Prices of rubber and products, on the dustries than in manufacturing as a whole other hand, were nearly 5 per cent lower last through 1958, but they appear to have been autumn than in 1957. Crude rubber prices rising no faster since then. fluctuated cyclically through 1958-60 but Meanwhile, continuing gains in output showed relatively little change in 1961 deper manhour in the primary metals indus- spite expanding business activity. Continued tries have operated in the direction of off- growth in the use of synthetic rubber has setting increases in wage costs. Measures of moderated fluctuations in prices of the natproductivity changes for relatively short pe- ural product and has contributed to declines riods are rough at best, and their interpreta- in prices of tires and other rubber products. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STABILITY BV PRICES CONSUMER PRICES were decreases in prices of both poultry and eggs. Supplies of poultry increased sharply Prices of goods and services purchased by and in the autumn were about a fifth larger consumers rose less than 1 per cent during than a year earlier. Egg production, which 1961. Further increases in prices of medihad fallen off a little in 1960, has been cal care, public transportation, and other slightly larger since July than a year earlier. consumer services accounted for most of the Prices of meats other than poultry were little advance. Services, however, rose less than in changed last autumn from late 1960, alother postwar years. though supplies were somewhat larger, and Prices of consumer services—many of prices of cereal and bakery products inwhich are strongly influenced by wage costs creased further. —have risen continuously since World War Prices of restaurant meals, which account II. With some lag, the rate of advance has for nearly a fifth of the total food group in slowed down in recessions—1949, 1954, the consumer index, rose 2.5 per cent in and 1958—and quickened after expansion 1961. Although grouped with commodities, has been in progress for a time. During the prices of restaurant meals have behaved like business expansion in late 1959 and early those of services. They have moved up al- 1960, however, the annual rate of increase most continuously since their introduction of about 3 per cent was less than from mid- into the index at the beginning of 1953 and 1956 through the first quarter of 1958. Also, have risen nearly a fourth since then. the rate of increase since the first quarter Apparel prices tend to be higher in the of 1960—less than 2 per cent—has been autumn during the selling season for winter a little slower than in 1954-55. clothing than at other times of the year. Average prices of commodities repre- Prices in the autumn of 1961 were close to sented in the consumer price index showed their level a year earlier, after having risen mainly seasonal fluctuations in 1961 and at in 1959 and 1960. the year-end were about the same as at the Retail prices of other nondurable goods end of 1960. Prices of foods purchased for were generally stable in 1961. The 1959 home consumption declined slightly. There rise in prices shown in the chart for these CONSUMER PRICES 1953-54.108 NONDURABLE GOODS DURABLE GOODS no 120 — OTHER NEW CARS NONDURABLES •^RESTAURANT 110 MEALS */•- \ OTHER 100 FOOD AT HOME 90 I 1 1 1 I I I I. 90 1958 'S9 '60 '61 1958 '59 '60 '61 1958 '59 '60 '61 1958 '59 '60 '61 NOTE.—Bureau of Labor Statistics indexes, shifted to 1953-54=100. Latest figures shown, November. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1962 nondurable goods occurred in large part be- sell at prices close to manufacturers' lists, cause of increases in State taxes on tobacco and then they decline to a seasonal low just products and gasoline. before the next year's models are introduced. Used cars were a major exception to rela- Prices in late 1961 were about unchanged tive price stability last year. Used car prices from a year earlier but a little lower than have shown wide cyclical swings in recent in late 1959 and late 1958. years. In 1961 they rose about a fifth from The price index for durable goods other a sharply reduced level. Toward the year- than cars declined slightly in 1961. Retail end the substantial rise in new car sales in- prices of passenger car tires decreased furcreased the flow of cars traded in, and used ther and were down 15 per cent from early car prices leveled off. 1959. Paralleling changes in wholesale Prices of new cars have been fairly stable prices, retail prices of appliances and of since 1958, apart from seasonal changes. In radio and television sets also declined, while the early months of a new model-year cars prices of furniture increased slightly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Savings Deposits Redefined by Regulation PAYMENT OF INTEREST ON DEPOSITS The Board of Governors of the Federal Re- AMENDMENT TO REGULATION Q serve System, effective January 15, 1962, has Effective January 15, 1962, section 217. l(e) is amended the definitions of "savings deposits" as amended to read as follows: contained in Regulation D, pertaining to reserves of member banks, and Regulation Q, pertaining to SECTION 217.1—DEFINITIONS the payment of interest on deposits. The purposes of these amendments are to prevent certain practices that facilitate the use of a savings deposit as (e) Savings deposits.—(1) The term "savings dea regular means for drawing checks on the deposi- posit" means a deposit tory bank, and to add certain liberalizing provi- (i) which consists of funds deposited to the sions which would permit payment of a savings credit of one or more individuals, or of a corporation, association, or other organization operated deposit to anyone holding title to the deposit in a primarily for religious, philanthropic, charitable, fiduciary capacity, or pursuant to court order, or educational, fraternal, or other similar purposes and not operated for profit;* or in which the as security for credit extended to the depositor. entire beneficial interest is held by one or more The texts of these amendments read as follows: individuals or by such a corporation, association, or other organization; and (ii) with respect to which the depositor is required, or may at any time be required, by the RESERVES OF MEMBER BANKS bank to give notice in writing of an intended withdrawal not less than 30 days before such AMENDMENT TO REGULATION D withdrawal is made. Effective January 15, 1962, section 204A(e) is (2) Subject to the provisions of subparagraph (3) amended to read as follows: of this paragraph, a member bank may permit withdrawals to be made from a savings deposit only through payment5 to the depositor himself (but not SECTION 204.1—DEFINITIONS. to any other person whether or not acting for the depositor), except (i) where the deposit is represented by a pass book, to any person presenting the pass book;5 (e) Savings deposits.—The term "savings deposit" (ii) to an executor, administrator, trustee, or means a deposit other fiduciary holding the savings deposit as part of a fiduciary estate, or to a person, other than (1) which consists of funds deposited to the credit the bank of deposit, holding a general power of of one or more individuals, or of a corporation, asso- attorney granted by the depositor; ciation, or other organization operated primarily for (iii) to any person, including the depository religious, philanthropic, charitable, educational, frabank, that has extended credit to the depositor ternal, or other similar purposes and not operated for on the security of the savings deposit, where such profit; * or in which the entire beneficial interest is held payment is made in order to enable the creditor by one or more individuals or by such a corporation, to realize upon such security; association, or other organization; and (iv) pursuant to the order of a court of com- (2) with respect to which the depositor is required, petent jurisdiction; or may at any time be required, by the bank to give (v) upon the death of the depositor, to any notice in writing of an intended withdrawal not less person authorized by law to receive the deposit; than 30 days before such withdrawal is made. or (vi) with respect to interest paid to a third * Deposits in joint accounts of two or more individuals may person pursuant to written instruction or assignbe classified as savings deposits if they meet the other require- ment by the depositor accepted by the bank, and ments of the above definition but deposits of a partnership placed on file therein. operated for profit may not be so classified. Deposits to the credit of an individual of funds in which any beneficial interest is held by a corporation, partnership, association, or other organization operated for profit or not operated primarily for 5 Payment from a savings deposit or presentation of a pass religious, philanthropic, charitable, educational, fraternal, or book may be made over the counter, through the mails, or other similar purposes may not be classified as savings deposits. otherwise. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1962 (3) Notwithstanding the provisions of subpara- its original issue date or 12 months after the date graph (2) of this paragraph, no withdrawal shall be of the amendment, or the same results may be permitted by a member bank to be made from a savings deposit after January 15, 1962, through payment accomplished by exchange of the outstanding certo the bank itself or through transfer of credit to a tificate for a new certificate maturing either 12 demand or other deposit account of the same depositor months after the issue date of the original certifi- (other than of interest on the savings deposit) if such payment or transfer is made pursuant to any adver- cate or 12 months after the date of such exchange. tised plan or any agreement, written or oral, However, the payment of the maximum rate of 4 (i) which authorizes such payments or trans- per cent in any such case presents a different fers of credit to be made as a normal practice in question. order to cover checks or drafts drawn by the depositor upon the bank; or In the 1951 case above mentioned, the more (ii) which provides that such payments or restrictive withdrawal provision became effective transfers of credit shall be made at daily, monthly, at the time of the amendment, and the Board or other such periodic intervals, except where made to enable the bank, on the depositor's be- therefore held that the higher maximum rate aphalf and pursuant to his written instructions, to plicable to the more restrictive withdrawal provieffect the payment of installments of principal, interest, or other charges (including taxes or sion could be paid on the deposit after the date of insurance premiums) due on a real estate loan such amendment. Applying the same principle to or mortgage. the conversion of a certificate with a specified (4) Where a savings deposit is evidenced by a pass maturity to one to which a higher maximum rate book, every withdrawal made upon presentation of the is applicable, the condition precedent to payment pass book shall be entered in the pass book at the time of withdrawal, and every other withdrawal from such of the higher rate will exist only if the amended a deposit shall be entered in the pass book as soon as or new certificate will have a maturity to which practicable after the withdrawal is made. such higher rate is applicable, computed from the date of such conversion. Accordingly, where a Conversion of Six-Months Time Certificate of 6-months certificate is converted to a 12-months Deposit into Twelve-Months Certificate certificate, the presently permissible maximum rate of 4 per cent applicable to a 12-months certificate The Board of Governors has been requested to may be paid from the date of the conversion give its opinion on the question whether, under (whether by amendment or exchange of certifithe current Supplement to the Board's Regulation cate) only if the certificate will have at least 12 Q, a 6-months certificate of deposit may be conmonths to run after the conversion before the new verted to a 12-months certificate bearing interest maturity date. at the new maximum rate of 4 per cent. For example, if a 6-months certificate issued In 1951, the Board took the position that where on October 1, 1961, should be amended or exa time deposit subject to withdrawal upon 30 days' changed on February 1, 1962, so that the amended notice and bearing interest at 1 per cent was amended so as to provide for 90 days' notice of or new certificate would mature on February 1, withdrawal and interest at VA per cent, such ac- 1963, a maximum rate of 4 per cent could be tion did not constitute payment before maturity paid for the period following the date of such in violation of Regulation Q, since the amendment amendment or exchange. If, however, the outmade the deposit subject to more severe restric- standing certificate should be amended or extions as to withdrawal and did not result in pay- changed on February 1, 1962, so as to mature on ment to the depositor. (1951 BULLETIN 19) Simi- October 1, 1962, the deposit would never have larly, conversion of an outstanding 6-months been effectively "tied up" for more than 8 months, certificate, prior to its maturity, to a 12-month and the maximum permissible rate would concertificate would not constitute payment before ma- tinue to be that applicable to a certificate with a turity, since it would not cause the bank to pay maturity of more than 6 but less than 12 months. out any funds to the depositor before the maturity Without a restriction of this kind, the maturity of date fixed by the original certificate. Consequently, an outstanding certificate could be extended so as as far as payment before maturity is concerned to enable the depositor to obtain interest at a rate and without regard to maximum rate of interest, higher than that allowed for the additional time an outstanding certificate may be amended to ex- the funds are on deposit and thus facilitate evatend its maturity either to a date 12 months after sions of the limitations on maximum rates pre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT scribed by the Board. For example, if a 12-months ernors Balderston, Mills, Robertson, Shepardson, and Mitchell. Absent and not voting: Governor King. certificate could be amended to extend its maturity for an additional month, successive such amend- (Signed) MERRITT SHERMAN, ments would make it possible for the depositor Secretary. after 12 months to continue to obtain the maxi- [SEAL] mum rate of 4 per cent while in effect being able at all times to withdraw his deposit at the end of STATEMENT each additional month. The Elyria Savings and Trust Company, Elyria, Ohio ("Elyria Savings"), has applied, pursuant to Orders Under Bank Merger Act Section 18(c) of the Federal Deposit Insurance The Board of Governors of the Federal Reserve Act, for the Board's prior approval of consolida- System has issued the following Orders and State- tion with The First Wellington Bank, Wellington, ments with respect to applications for approval of Ohio ("First Wellington"), under the title and the merger, consolidation, or assumption of lia- charter of Elyria Savings. The proposal contembilities by certain banks: plates that the present office of First Wellington would be operated as a branch of the resulting bank. THE ELYRIA SAVINGS AND TRUST COMPANY Under the law, the Board is required to consider (1) the financial history and condition of each of In the Matter of the Application of The Elyria the banks involved, (2) the adequacy of its capi- Savings and Trust Company for approval of con- tal structures, (3) its future earnings prospects, solidation with The First Wellington Bank. (4) the general character of its management, (5) the convenience and needs of the community to be ORDER APPROVING CONSOLIDATION OF BANKS served, (6) whether or not its corporate powers are consistent with the purposes of the Federal There has come before the Board of Governors, Deposit Insurance Act, and (7) the effect of the pursuant to Section 18(c) of the Federal Deposit transaction on competition (including any tend- Insurance Act (12 U.S.C. 1828(c)), an applicaency toward monopoly). The Board may not aption for the Board's prior approval of the consoliprove the transaction unless, after considering all dation of The Elyria Savings and Trust Company, these factors, it finds the transaction to be in the Elyria, Ohio, with The First Wellington Bank, public interest. Wellington, Ohio, under the charter and title of For convenience, the first four factors and the the former. sixth factor may be considered together as "bank- Pursuant to said Section 18(c), notice of the ing factors." The fifth and seventh factors require proposed consolidation in a form approved by the separate consideration. Board of Governors has been published, and reports on the competitive factors involved in the Banking factors. The financial history and conproposed transaction have been furnished by the dition of both banks are satisfactory. The capital Comptroller of the Currency, the Federal Deposit structures, the future earnings prospects, and the Insurance Corporation, and the Department of managements of both banks are also satisfactory, Justice, and have been considered by the Board. and it is believed that the same would be true of IT IS ORDERED, for the reasons set forth in the the resulting bank. There is no evidence that the Board's Statement of this date, that said consolida- corporate powers of the resulting bank would be tion be, and hereby is, approved, provided that in any way inconsistent with the Federal Deposit said consolidation shall be consummated within Insurance Act. not less than seven calendar days nor more than Convenience and needs of the community to be three months from the date of this Order. served. First Wellington, with total deposits of Dated at Washington, D. C, this 18th day of slightly over $5 million, is the only bank in Well- December, 1961. ington (population 3,599) which is situated in a By order of the Board of Governors. fertile farming area 17 miles southwest of Elyria. Voting for this action: Chairman Martin, and Gov- First Wellington has not fully kept pace with mod- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN • JANUARY 1962 ern banking developments. For example, it does would provide broader banking services to the not make FHA loans, has not encouraged install- Wellington area. At the same time, it would elimiment loans, and does not have a trust department. nate little if any competition, since virtually none The consolidated institution would make these exists between these two institutions. Elyria Savservices available in Wellington. ings might be in a position to provide more effec- Elyria Savings, with total deposits of about tive competition for the largest bank in the county, $34.5 million, is located in Elyria (population but without creating an environment in which 43,782), a diversified industrial center in Lorain smaller banks would find it difficult to operate County, about 25 miles west of Cleveland. The profitably. Accordingly, the Board finds that the proposed consolidation would have only a negli- proposed consolidation would be in the public gent effect on the banking needs and convenience interest. of the area presently served by Elyria Savings. Competition. The head office of Elyria Savings WELLS FARGO BANK AMERICAN is approximately 17 miles northeast of Wellington, TRUST COMPANY and its branches are at an equal or greater distance from Wellington. The Grafton Savings Com- In the Matter of the Application of Wells Fargo pany and its branch at Lagrange, the Oberlin Bank American Trust Company for approval of Savings Bank Company at Oberlin and its branch merger with The Farmers and Merchants National at Kipton, and the Oberlin branch of Lorain Bank of Santa Cruz. County Savings and Trust Company are about equidistant between Elyria and Wellington. There ORDER APPROVING MERGER OF BANKS is no overlap of the service areas of Elyria Savings There has come before the Board of Governors, and First Wellington. pursuant to Section 18(c) of the Federal Deposit The consolidating banks have very few, if any, Insurance Act (12 U.S.C. 1828(c)), an applicacommon depositors or borrowers, and there are tion by Wells Fargo Bank American Trust Comno deposits or loans of significance in either bank pany, San Francisco, California, for the Board's originating in the service area of the other. Thus, prior approval of the merger of The Farmers and it appears that there is no competition of conse- Merchants National Bank of Santa Cruz, Santa quence between the two institutions. Cruz, California, with and into Wells Fargo Bank Lorain County is served by ten banks, including American Trust Company, under the charter and a branch of the Cleveland Trust Company, Cleve- title of the latter. land, Ohio. Elyria Savings currently ranks third Pursuant to said Section 18(c), notice of the in size in the county and second in size in Elyria proposed merger, in form approved by the Board with respect to deposits of individuals, partner- of Governors, has been published, and reports on ships, and corporations ("IPC deposits"). The pro- the competitive factors involved in the proposed posed consolidation would increase the percent- transaction have been furnished by the Comptroller age of IPC deposits held by Elyria Savings from of the Currency, the Federal Deposit Insurance 16.3 per cent to 19 per cent of total county depos- Corporation, and the Department of Justice and its, and Elyria Savings would become the second have been considered by the Board. largest bank in Lorain County. IT IS ORDERED, for the reasons set forth in the This proposed consolidation would increase the Board's Statement of this date, that said merger be, size of Elyria Savings and probably intensify the and hereby is, approved, provided that said merger competition with which banks in Oberlin and shall be consummated within not less than seven Grafton would be confronted. While it would in- calendar days nor more than three months from crease somewhat the competitive strength of Elyria the date of this Order. Savings, the consolidation would appear to have Dated at Washington, D. C, this 22d day of only a limited effect on other banks in Elyria or December, 1961. in Lorain County generally. By order of the Board of Governors. Summary and conclusion. The proposed con- Voting for this action: Chairman Martin, and Govsolidation of Elyria Savings and First Wellington ernors Mills, Shepardson, and King. Voting against Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 11 this action: Governors Balderston, Robertson, and to be good. There is no evidence that the corporate Mitchell. powers of the banks are or would be inconsistent (Signed) MERRITT SHERMAN, with the Federal Deposit Insurance Act. Secretary. The management of Wells Fargo is competent and experienced in all phases of commercial [SEAL] banking. The management of Farmers is satisfactory and particularly experienced in mortgage STATEMENT lending. However, because of the limited range of Wells Fargo Bank American Trust Company, services offered by Farmers, the bank lacks ex- San Francisco, California ("Wells Fargo"), with perienced personnel necessary to service adedeposits of about $2.5 billion and 127 offices in quately loans in its recently more active commernorthern California, has applied, pursuant to Sec- cial loan operations. It appears that the resulting tion 18(c) of the Federal Deposit Insurance Act, bank would have competent management. for the Board's approval of the merger of that bank In summary, the merger would substitute for with The Farmers and Merchants National Bank Farmers a banking institution with a stronger of Santa Cruz, Santa Cruz, California ("Farm- capital structure and ability to service more adeers"), with deposits of about $14 million. Under quately the growing commercial loan demands of the Agreement and Plan of Merger, the banks the area. Thus, consideration of the banking facwould merge under the charter and title of Wells tors lends support for approval of the merger. Fargo; and the present head office of Farmers Convenience and needs of the community to be and its branch at Opal Cliffs would become served. Farmers is located in the city of Santa branches of the resulting bank. Cruz, which is situated on the Pacific Ocean and Under the law, the Board is required to con- Monterey Bay, about 79 miles south of San Fransider (1) the financial history and condition of cisco. Farmers' primary service area covers the each of the banks involved, (2) the adequacy of western half of Santa Cruz County, an area conits capital structure, (3) its future earnings pros- taining about 45,000 of the more than 84,000 resipects, (4) the general character of its management, dents of the county. Santa Cruz County is par- (5) whether its corporate powers are consistent ticipating in the population expansion of the San with the purposes of the Federal Deposit Insurance Francisco Bay Region; the county's population Act, (6) the convenience and needs of the com- increased about 27 per cent between 1950 and munity to be served, and (7) the effect of the 1960. The city and county have residential, agritransaction on competition (including any tend- cultural, industrial and recreational attractions ency toward monopoly). The Board may not ap- which constitute a basis for diversified economic prove the transaction unless, after considering all growth. these factors, it finds the transaction to be in the Within Santa Cruz County there are 14 bankpublic interest. ing offices of four banks. There are seven offices For convenience, the first five of these factors in the city of Santa Cruz, two operated by Farmmay be considered together as "banking factors." ers, three by County Bank of Santa Cruz (total The sixth and seventh factors require separate county deposits $42 million), and two by Bank consideration. of America National Trust and Savings Associa- Banking factors. The financial history and con- tion (total county deposits $50 million). In dition of the banks involved are satisfactory, and Watsonville, outside of Farmers' primary service the same should hold true of the resulting bank. area, Wells Fargo has two branches and Bank of The capital structure of Farmers indicates a need America has one. County Bank operates the refor additional capital funds, although a plan has maining four offices in the county. In addition, the been developed (but held in abeyance pending establishment of two branches (one by County merger negotiations) that would, if successful, Bank in Santa Cruz and one by Bank of Calicorrect this situation by sale of additional com- fornia N.A. in Watsonville) has been approved mon stock. Wells Fargo's capital structure is ade- although they are not yet in operation; and appliquate. Earnings prospects of both banks appear cations for five additional branches in the county Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN • JANUARY 1962 are pending. Of the last, one is an application by broadly experienced and trained personnel will be- Wells Fargo for a branch in the downtown busi- come available. ness section of Santa Cruz, but Wells Fargo has In these circumstances, it appears that the proindicated that this application would be withdrawn posed merger would enable the resulting bank to upon approval of the proposed merger. provide the community in which Farmers is lo- Prior to the end of World War II, Farmers' pri- cated with a range of banking services more commary service area experienced little economic and mensurate with growing economic needs, includindustrial growth. In response to the character of ing increased commercial loan facilities, a larger the area, Farmers developed as a conservative source of credit, and fiduciary services. country bank without the specialized services for Competition. Competition between Farmers and which there is now an increasing demand. After Wells Fargo is nominal. Wells Fargo's nearest the War, Farmers continued to maintain policies offices are located in Watsonville, 16 miles southattuned to the area's pre-War economic environ- east of the city of Santa Cruz. They are separated ment, while the character of the community al- from Santa Cruz by the natural barrier created tered radically in terms of growth in population, by a mountain range. The primary service area of industry, and business. As indicated, the trend of Farmers (from which it draws 90 per cent of its growth promises to continue. deposits of individuals, partnerships, and corpora- County Bank, a principal competitor of Farm- tions) does not overlap the primary service area of ers although over twice as large, apparently reacted Wells Fargo's Watsonville offices. It appears that to the changing economy with an aggressive policy only 5.5 per cent of Farmers' total deposits and of expansion of offices and services. Farmers, 4.1 per cent of its loans are derived from areas however, fell behind in the resources, personnel, served by Wells Fargo's present branches; and, in facilities, and services apparently required to meet reverse, only insignificant percentages of Wells fully the growing and changing needs of the com- Fargo's deposits and loans come from Farmers' munity. Although deposits of Farmers increased primary service area. by 44 per cent between June 1954 and June 1960, Farmers' principal competitiors are County deposits of County Bank increased 63 per cent Bank, with three offices in Santa Cruz, and Bank during the same period. of America, with two offices in that city. Farmers Farmers has not made a strong effort to de- has about 16 per cent of total deposits within its velop or improve the kinds of commercial lend- primary service area, while County Bank and ing techniques that might be considered suitable Bank of America have 48 per cent and 35 per to the growth of the area and its increased demand cent, respectively. In Santa Cruz County, Farmers for commercial credits. For example, it is notable has 10.5 per cent of total deposits, while Bank of that, although 65 per cent of Farmer's total loans America has 37 per cent, County Bank 31 per are in real estate mortgages, it has not offered cent, and Wells Fargo nearly 22 per cent. If the financing for the large tract real estate develop- proposed merger should be consummated, the rement which is important to growing communities. sulting bank would have a little over 32 per cent Similarly, in making automobile loans, Farmers of the county's commercial bank deposits. has restricted itself to "over-the-counter" loans Although County Bank would become the smallrather than attempting to develop dealer-originated est bank in the county after the merger, there is loans. Other large scale consumer and commercial little likelihood, because of its established place in loan services necessary to encourage and foster the community and favorable rate of growth, that the development and growth of the area are not it would be adversely affected to any substantial available at Farmers. extent by the proposed merger. Thus, even though It can be expected that, following the merger, the merger will eliminate an independent bank the resulting bank will be able to offer the more (Farmers) which is not presently highly competicomplete services needed to match the growth of tive with other banks in the area, the services of a the area. The present loan limit of Farmers ($75,- vigorously competitive bank will have been substi- 000) will be greatly increased, trust services use- tuted and an equally competitive independent bank ful to the large number of retired persons in the will remain. Competition should be enhanced, area will be offered, and the advantages of more therefore, among the three aggressive banks re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 13 maining after the merger. Granted that Wells bank, there is no indication that the merger would Fargo could otherwise seek to enter the area have any tendency toward monopoly. through a de novo branch, effective competition For these reasons, the Board finds that the could be offered more promptly to Bank of Amer- proposed merger would be in the public interest. ica and County Bank through the proposed merger route than through establishment of such a de DISSENTING STATEMENT OF GOVERNORS novo branch. BALDERSTON, ROBERTSON, AND MITCHELL Wells Fargo is the third largest bank in the State The Farmers and Merchants Bank, a healthy, of California and the second largest in the Central sound, growing, well-managed institution, has been California-San Francisco Bay Region. However, operating in Santa Cruz for many years. Recently it may be noted that, while Wells Fargo has 127 it applied for the right to open a branch and took offices, Bank of America has about 700 and Secusteps to increase its capital through the issuance rity First National Bank (in southern California) of new common stock. Then the Wells Fargo Bank about 250. Moreover, the merger here under conapplied to the State authorities for the right to sideration would increase Wells Fargo's present open a branch in Santa Cruz. Thereafter the 24 per cent of total deposits in the 19-county area Farmers and Merchants Bank decided to explore served by it by less than Vi of one per cent, althe possibility of a merger with a larger bank. though in Santa Cruz County its percentage would The Wells Fargo Bank presented to the shareholdbe increased from 22 to 32 per cent. ers of the Farmers and Merchants Bank an attrac- From these facts, it appears that the proposed tive offer which culminated in this merger applimerger would not significantly lessen banking comcation. petition but, on the contrary, would probably re- This pattern is reminiscent of the way in which sult in some intensification of competition in the big businesses have eliminated small businesses area concerned. over the years. One can readily understand the Summary and conclusion. Consideration of the legitimate motivations on both sides of the trans- "banking factors" set forth in the law suggests that, action. However, this alone does not provide an in comparison with Farmers, the greater capital adequate basis for a supervisory agency to approve structure of Wells Fargo as the bank resulting from the application to merge. Our job is to protect the the merger, together with its capacity for supplying public interest. diversely trained personnel and developing spe- The majority decision indicates that this merger cialized commercial loan services, will redound to is being approved because replacement of the the benefit of the community. Farmers and Merchants Bank by a branch of Wells The continued growth of the local area con- Fargo will provide the area with a "stronger, more cerned appears certain. The merger would provide aggressive banking institution offering a wider present and potential customers of Farmers with range of banking services, greater capital, and a a stronger, more aggressive banking institution larger credit source." offering a wider range of banking services, greater A bank can be an effective competitor even if capital, and a larger credit source. it is small and even though it does not engage in There is virtually no overlapping of the primary department store banking. Customers with $14 service areas of Farmers and the nearest offices of million of deposits are doing business with the Wells Fargo, 16 miles away across a range of Farmers and Merchants Bank. This continued and mountains. Therefore, the amount of present com- growing attachment of its customers is surely petition that would be eliminated is not substan- evidence that a locally owned and controlled banktial. The entry of Wells Fargo into the city of ing institution, even with limited services, has Santa Cruz would result in increased competition, elements of public appeal. Farmers and Merchants since that bank would be able to compete more Bank has displayed a favorable growth and earneffectively with local offices of Bank of America ings record as a specialist in residential mortgage and County Bank. While the merger would in- credit in the presence of two not insignificant bank crease slightly the percentage of banking resources competitors and several nonbank competitors. in California controlled by the State's third largest There is little reason to suppose that it could not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1962 continue profitably in its present role even if an- pursuant to Section 18(c) of the Federal Deposit other bank competitor were added. Moreover, the Insurance Act (12 U.S.C. 1828(c)), an applicaanticipated growth for Santa Cruz County is of a tion by The Fifth Third Union Trust Company, nature which suggests a rapid growth in the de- Cincinnati, Ohio, for the Board's prior approval mand for the very type of credit in which Farmers of the acquisition by The Fifth Third Union and Merchants has demonstrated ability to be com- Trust Company of the assets of The Norwoodpetitive. Hyde Park Bank and Trust Company, Norwood, In this case it is contended that replacement of Ohio, and the assumption of the liabilities of the a smaller bank by a larger one—one that can pro- latter Bank. vide a broader range of services—will provide bet- Pursuant to said Section 18(c), notice of the ter competition for the larger banks already doing proposed acquisition of assets and assumption of business in the community. If the injection of an- liabilities, in form approved by the Board of Govother large bank into the community is advanta- ernors, has been published and reports on the geous to the public welfare from this point of view, competitive factors involved in the proposed transit could be accomplished equally well through the action have been furnished by the Comptroller of branch that Wells Fargo intended to establish be- the Currency, the Federal Deposit Insurance Corfore this merger proposal originated—without at poration, and the Department of Justice and have the same time eliminating an independent bank. been considered by the Board. Even more vital is the preservation to present IT IS ORDERED, for the reasons set forth in the and potential customers of Farmers and Merchants Board's Statement of this date, that said applica- Bank of the opportunity, if they prefer, to deal with tion be and hereby is granted, and the proposed a so-called independent local bank rather than acquisition of assets and assumption of liabilities with a banking office that is a branch of a large be and hereby are approved, provided that said institution. This proposal would not add to present acquisition and assumption shall be consummated alternative choices by starting a new banking of- within not less than seven calendar days nor more fice; instead, it would absorb into a large bank one than three months from the date of this Order. of the two independent banks now existing in Dated at Washington, D. C, this 22nd day of Santa Cruz County. Such an acquisition would December, 1961. reduce from two to one the independent local By order of the Board of Governors. banks available to residents of the County. Voting for this action: Chairman Martin, and Gov- This merger represents one more step in a long ernors Mills, King, and Mitchell. Voting against this action: Governors Robertson and Shepardson. Absent series—and an unnecessary step—toward the disand not voting: Governor Balderston. appearance of small independent banks from the (Signed) MERRITT SHERMAN, State of California. Secretary. For these reasons we would disapprove the application. [SEAL] STATEMENT THE FIFTH THIRD UNION TRUST The Fifth Third Union Trust Company, Cincin- COMPANY, CINCINNATI, OHIO nati, Ohio ("Fifth Third"), has applied, pursuant In the matter of the application of The Fifth to Section 18(c) of the Federal Deposit Insur- Third Union Trust Company, Cincinnati, Ohio, ance Act, for the Board's prior approval of the for approval of acquisition of assets of The Nor- acquisition by Fifth Third of the assets of The wood-Hyde Park Bank and Trust Company, Nor- Norwood-Hyde Park Bank and Trust Company, wood, Ohio. Norwood, Ohio ("Norwood Bank"), and its assumption of the deposit liabilities of Norwood Bank. Fifth Third currently operates 27 offices. ORDER APPROVING APPLICATION UNDER Norwood Bank operates two offices. Fifth Third SECTION 18(C) OF FEDERAL DEPOSIT INSURANCE proposes to operate the main office and branch ACT of Norwood Bank as branches upon the comple- There has come before the Board of Governors, tion of the transaction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 15 The nine banks now serving Cincinnati and its served. The city of Norwood, a politically insuburbs (with a population of more than 500,000) dependent community completely surrounded by as of April 1961 held $1.23 billion total deposits Cincinnati, is located about six miles northeast and slightly over $1 billion in deposits of individ- of the downtown business district of Cincinnati. uals, partnerships, and corporations ("IPC de- Its population decreased from 35,001 in 1950 to posits"). The three largest banks (including Fifth 34,580 in 1960. Hyde Park, about two miles south- Third) held IPC deposits in excess of $250 mil- east of Norwood, is part of the municipality of lion each, constituting in the aggregate about 80 Cincinnati. Hyde Park is primarily a wealthy resiper cent of the area's IPC deposits. Of the remain- dential area, whereas Norwood contains a coning six banks, one had $128 million of such siderable amount of industry. Norwood Bank, deposits, another about $27 million, a third (Nor- with total deposits of about $21 million, is the wood Bank) almost $20 million, and the remain- smallest bank with offices in the Norwood-Hyde ing three less than $10 million each. Park area. Under the law, the Board is required to consider As stated, the city of Norwood contains a num- (1) the financial history and condition of each ber of diversified industries, including General of the banks involved, (2) the adequacy of its Motors Corporation, Allis Chalmers Manufaccapital structure, (3) its future earnings prospects, turing Company, and the United States Playing (4) the general character of its management, (5) Card Company. Although Norwood Bank provides whether its corporate powers are consistent with general banking facilities and a reasonable degree the purposes of the Federal Deposit Insurance of customer service, it appears that its legal lend- Act, (6) the convenience and needs of the com- ing limit is insufficient to meet the requirements munity to be served, and (7) the effect of the of the large industrial concerns located in Nortransaction on competition (including any tend- wood, and its ability to compete with larger banks ency toward monopoly). The Board may not ap- in certain specialized services is limited. It furprove the transaction unless, after considering all ther appears that a number of specialized services these factors, it finds the transaction to be in the which are not now directly available at Norwood public interest. Bank would be made directly available by Fifth For convenience, the first five of these factors Third at the two branches that would replace the may be considered together as "banking factors." present Norwood Bank offices. The sixth and seventh factors require separate Competition. The main office of Fifth Third consideration. is located 5V2 miles southwest of the main office Banking factors. The financial history and con- of Norwood. Fifth Third has no branches in the dition, the capital structures, and the future earn- city of Norwood or in the Hyde Park area. Howings prospects of both banks are satisfactory. The ever, its Dana & Montgomery office is located \x/i management of Fifth Third is capable. Norwood miles southwest of Norwood Bank's main office Bank's management also is competent; and, while and is very close to the city limits of Norwood. there is some indication that the Bank has had Its Bond Hill office is 2 miles northwest of Nora problem of management succession, it does not wood Bank's main office. Its Oakley office is about appear that qualified executive management can- one mile northeast of Norwood Bank's Hyde Park not be obtained, when needed, from the Bank's office, and about IY2 miles southeast of Norwood present personnel or from outside sources. Based Bank's main office. Its Pleasant Ridge office is on the demonstrated competence of management about 2VA miles northeast of Norwood Bank's at Fifth Third with the addition of officers from main office and its Woodburn-Madison office is Norwood Bank, it appears that the continuing 2Vi miles southwest of Norwood Bank's Hyde bank would have competent management. There Park office. is no evidence that the corporate powers of the The continuing bank would substitute competicontinuing bank would in any way be inconsistent tion by Fifth Third for that previously offered by with the purposes of the Federal Deposit Insur- Norwood Bank without detrimentally diminishing ance Act. total banking competition in the Norwood-Hyde Convenience and needs of the community to be Park area or in the Cincinnati metropolitan area. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN • JANUARY 1962 While the larger banks in Cincinnati compete would be relatively small; Fifth Third's IPC devigorously among themselves, they do not cus- posits would be increased by only 1.9 per cent of tomarily solicit customers of their smaller corre- total Hamilton County deposits. Furthermore, any spondents in the area. Due to the existing corre- possible management succession problem of Norspondent relationships it is quite likely that after wood Bank would be solved. Therefore, in the the merger banking competition would be inten- Board's judgment, the benefits to be anticipated sified in the Norwood and Hyde Park areas. In from consummation of the proposed acquisition addition, competition for savings and for important outweigh any adverse effects on one aspect of categories of loans in these areas is not limited local banking competition. For these reasons the to banking offices located there; a large number of Board finds that the transaction would be in the other financial institutions, including more than public interest. ten savings and loan associations with aggregate resources exceeding $100 million in Norwood DISSENTING STATEMENT OF GOVERNORS and Hyde Park alone, offer unusually strong com- ROBERTSON AND SHEPARDSON petition. This is particularly significant in view of the fact that the lending operations of Norwood The decision reached by a majority of the Bank are concentrated largely in real estate and Board allows the second largest banking instituconsumer credit, in which nonbank institutions are tion in the Cincinnati metropolitan area to acquire most active. Consequently, the proposed absorp- a successful, substantial, healthy bank that has tion of Norwood Bank by Fifth Third does not been adequately serving the needs of its commupresent a situation in which one of a relatively nity. We cannot agree that the amount of comfew competing institutions is to be eliminated, to petition that would be eliminated by the proposed the significant detriment of the general level of acquisition would be insubstantial. The record competition. Likewise, it is clear that consum- shows that Fifth Third holds a sizable number mation of the transaction will not have any tend- of accounts that originate in the Norwood-Hyde ency toward monopoly. Park area, and it is clear that the Norwood Bank Fifth Third, as the continuing bank, would add is presently competing with Fifth Third. Furtherto its IPC deposits only 1.9 per cent of the total more, Fifth Third has applied for authority to in Hamilton County (in which Cincinnati and establish one office in Norwood and another in Norwood are located) and its number of banking Hyde Park, and establishment of those offices inoffices only 2.1 per cent. It would continue to rank evitably would intensify that competition. This first in number of banking offices and in second existing and potential competition will be elimiplace with respect to total deposits and IPC de- nated by the acquisition. posits. In operating one office each in Norwood The majority Statement emphasizes that the and Hyde Park, Fifth Third would be brought proposed acquisition will enable Fifth Third to into more effective competition with the three compete more effectively with the three offices local offices of the First National Bank of Cincin- of The First National Bank of Cincinnati in Nornati, which is the largest bank in the city, and wood and Hyde Park. This objective would be without materially adverse effects on the more equally achieved, and over-all competition in the distantly located smaller banks serving the area. areas would be greater, if the branches for which Summary and conclusion. The existing com- Fifth Third has heretofore applied were estabpetition between Fifth Third and Norwood Bank, lished without eliminating the competition of the which would be eliminated by the proposed trans- Norwood Bank. Obviously, banking competition action, is not a substantial element in the banking within the areas would be increased if three banks situation in Cincinnati, whereas Fifth Third's entry were operating there, rather than only two. into Norwood and Hyde Park would result in in- The majority also points out that a number of creased competition between the two largest banks specialized services which are not now directly in the Cincinnati area. Adequate alternative bank- available at the Norwood Bank could be made diing sources would remain in the city and in the rectly available by Fifth Third, should the acquisilocal area, and the increase in concentration of tion be approved. While this may be true, we feel banking resources resulting from the acquisition that it furnishes little support for approval. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

17 LAW DEPARTMENT fact that the Norwood Bank does not furnish functions are channeled and determined, including the nature and requirements of all formal or informal these specialized services does not mean that it is procedures available as well as forms and instrucnot now competing effectively in the area of its tions as to the scope and contents of all papers, reoperation. The fact that the Norwood Bank has ports, or examinations;" and (3) indicate the circumstances in which (a) final opinions or orders of the $20 million in deposits demonstrates that a sub- Board are made "available to public inspection" and stantial number of people find its services to be (b) matters of official record are made "available to persons properly and directly concerned." satisfactory, despite the absence of certain specialized services that Fifth Third might provide. RULES OF ORGANIZATION * In this connection, it is noted that 80 per cent of the banking resources of the Cincinnati area As Revised Effective December 15, 1961 already are held by three banks, and over 90 per cent by four banks. The proposed acquisition will SECTION 1—COMPOSITION AND LOCATION increase this high degree of concentration by (a) Governors, Chairman, Vice Chairman.—The combining the second largest and the sixth largest Board of Governors of the Federal Reserve System (hereinafter sometimes called the Board) consists of banks in the Cincinnati area, leaving approxiseven members appointed by the President, by and mately 95 per cent of the banking resources of this with the advice and consent of the Senate, for fourimportant industrial and commercial city in the teen-year terms. The members of the Board are required by law to devote their entire time to the busicontrol of four banks. The significance of this is ness of the Board. One of them is designated by the not materially lessened by the existence in Cincin- President as Chairman and one as Vice Chairman to nati of a number of institutions that compete with serve as such for terms of four years. At meetings, the Chairman presides or, in his absence, the Vice Chairits banks in certain fields. man presides. In absence of the Chairman and Vice It has been suggested that the proposed acquisi- Chairman, the Board elects a member to act as Chairman Pro Tempore. The Chairman of the Board, subtion may be beneficial with respect to management ject to its supervision, is its active executive officer. succession for the Norwood Bank. The record The Board usually meets daily to consider matters relating to monetary and credit policies, supervisory indicates that, to whatever extent there may forduties with which it has been charged by the Conmerly have been a management succession problem gress, and administrative questions arising from the in that Bank, it has been solved by employment conduct of the work of the Board and of the System. The details of operation are indicated in these Rules. of additional official personnel. (b) Location and Business Hours.—The principal Hence, the proposed acquisition will result in offices of the Board are in the Federal Reserve Builda definite diminution of banking competition and ing, 20th Street and Constitution Avenue, N. W., an increase in banking concentration, without any Washington 25, D. C. The Board's regular business hours are from 8:45 a.m. to 5:15 p.m. each week day significant offsetting benefits to the public interest. except Saturday; but such business hours may be For these reasons, we would disapprove. changed from time to time. Rules of Organization and Procedure SECTION 2—CENTRAL ORGANIZATION The Board of Governors of the Federal Reserve The Board's central organization, in addition to the members of the Board, consists of personnel or- System has revised its Rules of Organization and ganized as follows: Rules of Procedure, effective December 15, 1961, (a) Office of the Secretary is headed by the Board's to read as follows: Secretary, who acts as the administrative officer of the Board in its relations with the Divisions of its staff and with the Federal Reserve Banks. This Office FOREWORD: BASIS AND PURPOSE clears and conducts official correspondence of the Board and is charged with responsibility for maintain- The following Rules are issued by the Board of ing the official records of the Board. Governors of the Federal Reserve System pursuant (b) Legal Division, headed by the Board's General to the Administrative Procedure Act (5 U.S.C. 1001- Counsel, advises and assists the Board with respect to 1011), and other revelant provisions of law, including legal matters, including legislation, regulations, interprovisions of the Federal Reserve Act. pretations, opinions, applications, hearings, orders, As required by section 3 of the Administrative Pro- and litigation. cedure Act, these Rules (1) describe the Board's "Central and field organization including delegations (c) Division of Research and Statistics, headed by a ... of final authority and the established places at Director, provides the Board with economic informawhich, and methods whereby, the public may secure tion necessary for formulation of monetary and credit information or make submittals or requests;" (2) * The text is not included in the Code of Federal Regulations state "the general course and method by which its and therefore may not be cited with a code reference. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN • JANUARY 1962 policy; fosters governmental and public knowledge (j) Office of Defense Planning, headed by a Coordiand understanding of economic trends underlying nator, is responsible for the development of the System policies; and conducts research on money and Board's defense planning program and the coordinabanking, public finance, production, trade, agriculture, tion of that program with those of the Federal Reserve prices, national income, employment and wages, capi- Banks. It maintains liaison regarding defense matters tal markets, consumer credit and finances, flow of with Government departments and agencies, and profunds, and savings. motes the commercial bank preparedness program. (d) Division of International Finance, headed by a (k) Other Personnel.—In addition to the Divisions Director, advises and assists the Board on international mentioned above, the staff of the Board includes Adfinancial and economic matters and conducts research visers and Assistants to the Board and a Legislative in this field. It carries on staff work in connection with Counsel. The Federal Reserve Bulletin is issued the supervision of foreign operations of the Federal monthly under the direction of a Staff Editorial Com- Reserve System and the membership of the Chairman mittee which is responsible for interpretations and of the Board on the National Advisory Council on opinions expressed therein, except in official state- International Monetary and Financial Problems. ments and signed articles. The Board does not employ hearing examiners as regular members of its staff; but, (e) Division of Bank Operations, headed by a Direcin accordance with applicable provisions of law and in tor, advises and assists the Board with respect to matindividual cases as the need may arise, the Board ters concerning the condition, operation, and reports obtains and utilizes hearing examiners, whose funcof the Federal Reserve Banks, arranges for printing tions in such capacity are appropriately separated and shipment of Federal Reserve notes to supply the from investigative and prosecuting functions of the Federal Reserve Banks, collects and prepares various staff as required by law. data regarding the condition, operations, expenses, and earnings of Reserve Banks, member banks, and other banks, and maintains liaison with Treasury Department and other Government agencies on Fiscal SECTION 3—FIELD ORGANIZATION Agency operations of Reserve Banks. The United States is divided into 12 Federal (f) Division of Examinations, headed by a Director, Reserve districts. In one city in each Federal Reexamines the Federal Reserve Banks and keeps cur- serve district there is located a Federal Reserve Bank, rently informed on the activities of their internal and in 10 of the districts there are one or more auditing staffs, reviews and coordinates the bank branches of the Federal Reserve Bank in other cities. examination functions of the Federal Reserve Banks Each Federal Reserve Bank is a separate legal entity, (which examine the State member banks and their created pursuant to the Federal Reserve Act and holding company and other affiliates), reviews reports operating under the general supervision of the Board. of such examinations, and advises and assists the The locations of the 12 Federal Reserve Banks and Board with respect to bank supervisory activities of their 24 branches and the boundaries of the Federal the Federal Reserve System, and with respect to vari- Reserve district and branch territories are shown in ous applications, such as applications for membership Appendix A. Each Federal Reserve Bank, in addition in the System, for trust powers, for establishment of to its other duties, carries out local functions for the foreign banking and financial corporations, for estab- Board pursuant to instructions of the Board, and in lishment of branches, for bank mergers, and for estabmany matters acts as the Board's field representative lishment or expansion of bank holding companies. in the Bank's district. It assists in administering the (g) Division of Personnel Administration, headed by Board's regulations and policies locally under instruca Director, is responsible for the administration of the tions of the Board, keeps the Board informed of local Board's personnel program, serves as the security conditions, and recommends such action as it thinks office, and advises and assists the Board on personnel appropriate for general policies or in particular cases. matters pertaining to the Federal Reserve Banks. It is desirable and convenient for persons concerned (h) Division of Administrative Services, headed by a with Federal Reserve matters to deal in the first in- Director, serves as the central procurement, electronic stance with the Federal Reserve Bank of the approcomputer, machine tabulation, duplicating, communi- priate district or a branch thereof, and the Board cations, and service unit of the Board and advises requests all persons to follow this procedure. and assists the Board with respect to such matters. It At each Federal Reserve Bank, one of the three also performs various administrative functions, includdirectors of the Bank appointed by the Board is desiging the distribution of Board publications and the operation of the Board's building and other facilities. nated by the Board as Chairman of the board of directors of the Bank and as Federal Reserve Agent. He (i) Office of the Controller, headed by the Board's acts as the Board's official representative and main- Controller, is responsible for the receipt and disburse- tains a local office of the Board on the premises of ment of the Board's funds, maintenance of the books the Federal Reserve Bank. of account, and the formulation of the Board's budget. It analyzes operations and conducts internal audits, computes assessments upon the Federal Reserve Banks SECTION 4—DELEGATIONS OF FINAL AUTHORITY for the expenses of the Board and of System leased wire operations, and handles reimbursement to the The Board does not delegate its authority on any Treasury Department for printing, issuing, and re- question of general policy, and its functions are such deeming Federal Reserve notes. that there is no delegation of final authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 19 APPENDIX A LIST OF FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank of Address BOSTON 30 Pearl Street (Boston 6, Massachusetts) NEW YORK 33 Liberty Street (New York 45, New York) Buffalo Branch 160 Delaware Avenue (Buffalo 5, New York) PHILADELPHIA 925 Chestnut Street (Philadelphia 1, Pennsylvania) CLEVELAND 1455 East Sixth Street (Cleveland 1, Ohio) Cincinnati Branch 105 West Fourth Street (Cincinnati 1, Ohio) Pittsburgh Branch 717 Grant Street (Pittsburgh 30, Pennsylvania) RICHMOND 100 North Ninth Street (Richmond 13, Virginia) Baltimore Branch 114-120 East Lexington Street (Baltimore 3, Maryland) Charlotte Branch 401 South Tryon Street (Charlotte 1, North Carolina) ATLANTA 104 Marietta Street, N. W. (Atlanta 3, Georgia) Birmingham Branch 1801 Fifth Avenue, North (Birmingham 2, Alabama) Jacksonville Branch 515 Julia Street (Jacksonville 1, Florida) Nashville Branch 301 Eighth Avenue, North (Nashville 3, Tennessee) New Orleans Branch 147 Carondelet Street (P. O. Box 1630, New Orleans 11, Louisiana) CHICAGO 230 South LaSalle Street (P. O. Box 834, Chicago 90, Illinois) Detroit Branch 160 Fort Street, West (P. O. Box 1059, Detroit 31, Michigan) ST. LOUIS 411 Locust Street (P. O. Box 422, St. Louis 66, Missouri) Little Rock Branch 121 West Third Street (P. O. Box 1261, Little Rock, Arkansas) Louisville Branch 410 South Fifth Street (P. O. Box 899, Louisville 1, Kentucky) Memphis Branch 170 Jefferson Street (P. O. Box 407, Memphis 1, Tennessee) MINNEAPOLIS 73 South Fifth Street (Minneapolis 2, Minnesota) Helena Branch 400 North Park Avenue (Helena, Montana) KANSAS CITY 925 Grand Avenue (Kansas City 6, Missouri) Denver Branch 1111 Seventeenth Street (Denver 17, Colorado) Oklahoma City Branch 226 Northwest Third Street (Oklahoma City 1, Oklahoma) Omaha Branch 102 South Seventeenth Street (Omaha 2, Nebraska) DALLAS 400 South Akard Street (Station K, Dallas 2, Texas) El Paso Branch 301 East Main Street (P. O. Box 100, El Paso, Texas) Houston Branch 1701 San Jacinto Street (P. O. Box 2578, Houston 1, Texas) San Antonio Branch 210 West Nueva Street (P. O. Box 1471, San Antonio 6, Texas) SAN FRANCISCO 400 Sansome Street (San Francisco 20, California) Los Angeles Branch 409 West Olympic Boulevard (P. O. Box 2077, Los Angeles 54, California) Portland Branch 915 S. W. Stark Street (P. O. Box 3456, Portland 8, Oregon) Salt Lake City Branch 120 South State Street (P. O. Box 780, Salt Lake City 10, Utah) Seattle Branch 1015 Second Avenue (P. O. Box 3567, Seattle 24, Washington) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN • JANUARY 1962 THE FEDERAL RESERVE SYSTEM HAWA& * ' - A -<2 I..- , ' - *- RULES REGARDING INFORMATION, includes (1) a complete record of the policy actions taken by the Board and the Federal Open Market SUBMITTALS, AND REQUESTS * Committee, showing the votes taken thereon and the reasons underlying such actions (12 U.S.C. 247a); (12 CFR PART 261) (2) material pertaining to the administration of the Board's functions under the Bank Holding Company As revised effective December 15, 1961 Act Of 1956 (12 U.S.C. 1844); and (3) material pertaining to bank mergers approved by the Board under SECTION 261.1—PUBLISHED INFORMATION section 18 (c) of the Federal Deposit Insurance Act (12 U.S.C. 1828), (a) Federal Register.—As required by sections 3 and 4 of the Administrative Procedure Act (5 U.S.C. 1002, (c) Federal Reserve Bulletin.—-In the Federal Re- 1003), and subject to the exceptions therein stated, serve Bulletin, which has been published monthly since the Board publishes in the Federal Register (1) de- 1915, the Board publishes a large volume of economic scriptions of its central and field organization; (2) and statistical information; special articles on subgeneral rules of procedure; (3) substantive rules, jects of economic interest; regulations, statements of statements of general policy, and interpretations for- general policy, and interpretations of general interest mulated and adopted for the guidance of the public; to the public; notice of actions by the Board on cer- (4) final opinions and orders in the adjudication of tain types of applications, such as applications for certain types of cases; and (5) general notice of pro- membership in the Federal Reserve System; and orders posed rules or regulations. The Board also publishes and accompanying statements of the Board with rein the Federal Register notice of receipt of applica- spect to certain types of adjudications. Some material tions pursuant to the Bank Holding Company Act of that appears in the Bulletin is released in advance 1956 and notice of any formal hearing ordered by the during the month so that it will be more nearly cur- Board. rent, examples being certain regulations, interpreta- (b) Annual Report.—The Board's Annual Report to tions, orders and opinions, the monthly summary of Congress, made pursuant to section 10 of the Federal business conditions, the Board's index of industrial Reserve Act (12 U.S.C. 247), contains a full account production, and certain other statistical series. of the Board's operations during the year, an economic (d) Other Published Information.—As required by review of the year, and, on occasion, recommendations section 11 (a) of the Federal Reserve Act (12 U.S.C. to Congress. As required by law, the Annual Report 248(a)), the Board publishes a weekly statement of * The text corresponds to the Code of Federal Regulations, the condition of the Federal Reserve Banks. From Title 12, Chapter II, Part 261; cited as 12 CFR Part 261. time to time, the Boar4 issues statements to the press Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 21 regarding particular monetary and credit actions, (d) Certain Unpublished Information Not Disclosed. actions with respect to certain types of applications, —Except as provided in paragraph (c) of this section and other matters. In addition, it issues various publi- or in other circumstances in which the Board deems cations, the more important of which are listed in the such disclosure to be in the public interest, the Board, monthly Federal Reserve BULLETIN. for the reasons and good cause found as set forth in paragraph (e) of this section, will not make available or otherwise disclose any unpublished information of SECTION 261.2—UNPUBLISHED INFORMATION the Board, whether or not a matter of official record (a) Definition.—For purposes of this Part, "unpub- within the meaning of the Administrative Procedure lished information of the Board" means all informa- Act, if such information relates to any of the followtion which comes to the Board or any Federal Reserve ing: Bank or to any officer, employee, or agent of the (1) Examinations, investigations, inspections, Board or any Federal Reserve Bank, in the perform- or reports of any particular bank or affiliate ance of duties for or on behalf of the Board, which thereof, holding company affiliate, bank holding is not published in the Federal Register, the Board's company or subsidiary thereof, broker, finance Annual Report, the Federal Reserve Bulletin, or else- company, or other person engaged, or proposing where. Such information includes any examination to engage, in the business of banking, extending report or related information in connection with exam- credit, or managing or controlling banks; or ininations made by examiners selected or approved by formation concerning the business, personal, or the Board. It also includes all information of the kind financial affairs of any such person or of anyone above described which may be contained in files, cor- employed by or doing business with any such respondence, memoranda, documents, reports, books, person. accounts, records, and other papers, whether located (2) Proceedings in connection with consideraat the offices of the Board or of a Federal Reserve tion of (i) the removal of a director or officer Bank, or elsewhere, or which may be acquired by any pursuant to section 30 of the Banking Act of 1933 officer, employee, or agent of the Board or a Federal (12 U.S.C. 77), (ii) the termination of member- Reserve Bank in the performance of his duties. ship of a State bank in the Federal Reserve Sys- (b) General Rule as to Nondisclosure.—Except as tem pursuant to section 9 of the Federal Reserve authorized by the Board, no officer, employee, or Act (12 U.S.C. 327), (iii) the revocation of a agent of the Board or any Federal Reserve Bank shall voting permit granted to a holding company disclose or permit the disclosure of any unpublished affiliate (12 U.S.C. 61), (iv) suspension from use information of the Board to anyone (other than an of the credit facilities of the Federal Reserve officer, employee, or agent of the Board or of a Fed- System pursuant to section 4 of the Federal Reeral Reserve Bank properly entitled to such informa- serve Act (12 U.S.C. 301), or (v) the granting, tion for the performance of his official duties), denial, or revocation of approval, permission, or whether by giving out or furnishing such information authority in cases in which no public hearing is or a copy thereof or by allowing any person to inspect, held, except that the fact that the Board has examine, or copy such information or copy thereof, granted approval, permission, or authority in such or otherwise: Provided, That unpublished economic, cases will be disclosed to any person having a statistical, or similar information and unpublished proper interest therein upon request made in information regarding interpretations by the Board of accordance with § 26.1.3 (b) to the extent that statutory or regulatory provisions may be disclosed such disclosure does not conflict with the princiby any such officer, employee, or agent who has ples stated in paragraph (e) of this section. knowledge of the subject matter to any person who, (3) The determination of policies concerning in the judgment of such officer, employee, or agent, discount rates, reserve requirements, open market has a proper interest therein, unless such information operations, interest rates, margin requirements, (1) is scheduled for public release at a subsequent or other matters relating to monetary, fiscal, or specified time, (2) relates to or discloses the affairs credit policy. of any identified person, or (3) is of any of the kinds (4) Relations between the Board and any Feddescribed in paragraph (d) of this section. eral Reserve Bank; activities of any Reserve Bank (c) Supervised Banks and Government Agencies.-— on behalf of any agency of the United States or The Board, directly or through such persons as it may any international organization; and internal operdesignate, (1) makes available to each State member ations of the Board or any Reserve Bank, includbank a copy of the report of each examination of the ing, among other things, any matters of adminisbank; and (2) may make available to the Comptroller tration. of the Currency, the Federal Deposit Insurance Corpo- (5) Relations with, or activities that affect relaration, certain other agencies of the United States, tions with, any foreign bank, banker, or country. and any governmental authority having general super- (6) Any other matter as to which the Board, vision of a State bank, copies of reports of examina- in a particular case, determines that, in the public tion and other information, for use where necessary interest and for the reasons stated in paragraph in the performance of their official duties: Provided, (e) of this section, the information should not That all reports or other information made available be disclosed. pursuant to this paragraph shall remain the property of the Board and, except as otherwise provided in this (e) Reasons for Nondisclosure.—The public interest Part, no person, agency, or authority to whom the ordinarily requires that certain unpublished informainformation is made available, or any officer, director, tion, as enumerated above, be not disclosed. For the or employee thereof, shall disclose any such informa- following good causes found, such nondisclosure is a tion except in published statistical material that does manifest need in order that the Board may properly not disclose the affairs of any individual or corpora- execute its statutory functions: tion. (1) The Board's investigating, examining, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN • JANUARY 1962 information-gathering functions, and the appro- (5) The Federal Reserve Banks, in addition to priate safeguarding of information regarding such their other functions, act in many matters as the functions, are essential to the proper enforcement Board's field representatives and give the Board of the legislation it administers. advice and assistance on both local and national problems. The Reserve Banks also perform cer- (2) In connection with its activities described tain functions for various agencies of the United in subparagraph (1) of this paragraph (e), its States and certain international organizations. activities described in paragraph (d)(2) of this Disclosure of information regarding the Board's section, and its activities in the field of monetary, supervision and regulation of the Reserve Banks, fiscal and credit policy, the Board necessarily has its relations with them, or their activities for much information that is confidential or that agencies of the United States or for international relates solely to the internal management of the organizations, would damage the public interest Board or of other Government agencies. This in the manner described in subparagraphs (1) includes advice and other information received through (3) of this paragraph (e). by the Board from its staff, other Government agencies, the Federal Reserve Banks, and others. It also includes information concerning the busi- SECTION 261.3—OBTAINING INFORMATION ness, personal, and financial affairs of individual banks and their holding company and other affili- (a) Published Information.—Anyone may subscribe ates, bank holding companies and their subsidi- to the Federal Reserve Bulletin at the standard rate, aries, brokers, finance companies, and other ex- which is published in the Bulletin. A copy of each tenders of credit, and persons employed or doing issue of the Bulletin is sent to each member bank. business with them. Improper disclosure of such Current or back issues of the Bulletin, Annual Reports, information would: rules, regulations, or other published information may be examined at the offices of the Board or any Federal (i) Permit speculators and others to inter- Reserve Bank, and copies, if in stock, will be supplied fere with the Board's actions taken with a by the Board at prescribed charges or at no cost. view to accommodating commerce and business and with regard to their bearing upon (b) Unpublished Information.—Requests for access the general credit situation of the country; to unpublished information of the Board should be sent in the first instance to the appropriate Federal (ii) Permit speculators and others to reap Reserve Bank, which will forward them to the Board unfair profits and other unfair advantages by when necessary. Any such request shall be signed by speculative trading in securities and otherthe person making it or his duly authorized agent and wise; shall, in so far as practicable, clearly, completely, and (iii) Unreasonably and unnecessarily dis- concisely state the full name and address of the perturb and interfere with individual privacy son making the request, the facts involved, the purand confidential business relations; poses for which any unpublished information re- (iv) Interfere with the orderly execution quested will be used if made available, the nature of and accomplishment of the objectives of such person's interest in the matter, and the reasons policies adopted by other Government agen- for which such request should be granted. cies concerned with economic and fiscal matters; SECTION 261.4—APPLICATIONS, REQUESTS, (v) Impede the Board's necessary collec- AND SUBMITTALS tion of information and advice, much of which cannot be obtained except on a confi- All applications, requests, and submittals should be dential and voluntary basis; and submitted in the manner prescribed in the Board's (vi) Cause misinterpretations and misun- Rules of Procedure as contained in § 262.2 (b) of this derstandings as to the Board's policies and Chapter. purposes, and as to the status of particular financial institutions, with resulting disturb- SECTION 261.5—SUBPOENAS ance of securities markets and impairment (a) Advice by Person Served.—If any person, of public confidence in individual institutions whether or not an officer or employee of the Board or in the nation's financial structure. or of a Federal Reserve Bank, has unpublished infor- (.3) Relations of the Board, of the Federal mation of the Board and in connection therewith is Reserve Banks, or of other banks, with foreign served with a subpoena, order, or other process rebanks, bankers, or countries involve matters of quiring his personal attendance as a witness or the foreign affairs. Other activities of the Board and production of documents or information in any proof the Reserve Banks influence the flow of gold ceeding, he shall promptly advise the Board of such and of dollar balances to or from foreign coun- service and of all relevant facts, including the docutries, with vital effects upon such countries and ments and information requested and any facts which the United States. Improper disclosures regarding may be of assistance to the Board in determining such matters would interfere with the orderly whether such documents or information should be conduct of the foreign affairs of the United States. made available; and he shall take action at the appropriate time to advise the court or tribunal which issued (4) Disclosure of unpublished information rethe process and the attorney for the party at whose garding personnel or other matters of the Board's instance the process was issued, if known, of the internal administration could be of no proper substance of these rules. benefit to other persons and would needlessly interfere with the privacy of the Board's personnel, (b) Appearance by Person Served.—Except as the with the performance of their duties for the Board has authorized disclosure of the relevant infor- Board, and with the Board's necessary functions. mation, or except as provided in 18 U.S.C. 1906, any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 23 person who has unpublished information of the Board The reason or reasons in such cases usually are that and is required to respond to a subpoena or other legal such notice, public participation, or deferment of effecprocess shall attend at the time and place therein tive date would prevent the action from becoming mentioned and respectfully decline to produce any effective as promptly as necessary in the public interdocuments or disclose any information or give any est, would permit speculators or others to reap unfair testimony with respect thereto, basing his refusal upon profits or to interfere with the Board's actions taken these rules. If, notwithstanding, the court or other with a view to accommodating commerce and business body orders the production of any documents, dis- and with regard to their bearing upon the general credit closure of any information, or giving of any testimony, situation of the country, would provoke other conthe person having such unpublished information of sequences contrary to the public interest, would unthe Board shall promptly report the facts to the Board reasonably interfere with the Board's necessary funcfor such action as the Board may deem appropriate. tions with respect to management or personnel, would not aid the persons affected, or would otherwise serve no useful purpose. The following may be mentioned as some examples of situations in which advance notice RULES OF PROCEDURE * or deferred effective date, or both, will ordinarily be omitted in the public interest: The review and deter- (12 CFR PART 262) mination of discount rates established by Federal Re- As revised effective December 15, 1961 serve Banks, and changes in general requirements regarding reserves of member banks, maximum interest rates on time and savings deposits, or credit for pur- SECTION 262.1—PROCEDURE FOR REGULATIONS chasing or carrying securities. (a) Notice.—Notice of proposed regulations of the Board or amendments thereto will be published in the SECTION 262.2—APPLICATIONS AND REQUESTS Federal Register, except as specified in paragraph (e) of this section or otherwise excepted by law. Such (a) Form.—Any application for the approval, aunotice will include a statement of the terms of the pro- thority, or permission of the Board of or for any action posed regulation or amendment and a description of for which such approval, authority, or permission is the subjects and issues involved; but the giving of such required by law or regulation of the Board shall be notice does not indicate Board approval of any feature submitted in accordance with the pertinent form listed of any such proposal. The notice will also include a in § 262.5. Copies of any such form and details rereference to the authority for the proposed regulation garding information to be included therein may be or amendment and a statement of the time, place and obtained from any Federal Reserve Bank. Any applinature of public participation. cation or request for which no form is listed in § 262.5 (b) Public Participation.—The usual method of pub- should be signed by the person making the application lic submission of data, views or arguments shall be in or request or by his duly authorized agent, should state writing. Although submittals or requests may be sent the facts involved, the action requested, and the applidirectly to the Board, it is preferable that they be sent cant's interest in the matter, and should indicate the to the appropriate Federal Reserve Bank, which will reasons why the application or request should be forward them to the Board. The locations of the 12 granted. Requests for unpublished information of the Federal Reserve Banks and the boundaries of the Fed- Board should be submitted as provided in § 261.3 (b) eral Reserve districts are shown in Appendix A to the of this Chapter. Board's Rules of Organization. (b) Procedure.—Any applications or request should (c) Preparation of Draft and Action by Board.—In be sent to the Federal Reserve Bank of the district in the light of consideration of all relevant matter pre- which the person making the application or request is sented or ascertained, the Legal Division, in collabora- located, and that Bank will forward it to the Board tion with other Divisions of the Board's staff, will pre- when necessary. When appropriate, the Reserve Bank pare drafts of proposed regulations or amendments, will make an investigation and report the relevant and the staff will submit them to the Board. The Board facts, with its recommendation, to the Board. The locawill take such action as it deems appropriate in the tions of the 12 Federal Reserve Banks and the bounpublic interest. Any other documents that may be daries of the Federal Reserve districts are shown in necessary to carry out any decision by the Board in Appendix A to the Board's Rules of Organization. the matter will be prepared by the Legal Division, in (c) Comments by Staff.—In the light of consideracollaboration with the other Divisions of the staff. tion of all relevant matter presented or ascertained, (d) Effective^ Dates.—Any regulation or amend- the appropriate divisions of the Board's staff will prement thereto issued by the Board will be published pare and submit to the Board comments on the subnot less than thirty days prior to the effective date ject. The Board in due course will take such action as thereof, except as specified in paragraph (e) of this it deems appropriate in the public interest. Such docusection or as otherwise excepted by law. ments as may be necessary to carry out any decision by the Board are prepared by the Board's staff. (e) Exceptions as to Notice or Effective Date.—In certain situations, notice and public participation with (d) Notice of Granting or Denial.—Prompt notice respect to proposed regulations may be impracticable, will be given to the applicant of the granting or denial unnecessary, contrary to the public interest, or other- in whole or in part of any written application or rewise not required in the public interest, or there may quest. In the case of denial, except in affirming a prior be reason and good cause in the public interest why denial or where the denial is self-explanatory, such the effective date should not be deferred for 30 days. notice will be accompanied by a simple statement of procedural or other grounds. * The text corresponds to the Code of Federal Regulations, Title 12, Chapter II, Part 262; cited as 12 CFR Part 262. (e) Action at Board's Initiative.—When the Board, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN • JANUARY 1962 without receiving an application or request, takes ac- calendar days following the date of such Order, tion with respect to any matter as to which opportunity except in emergency or other situations as to for hearing is not required by statute or Board regula- which the Board determines that such a requiretion, similar procedure will be followed, including in- ment would not be in the public interest. Each vestigations, reports, and recommendations by the Order approving an application also includes, as Board's staff and by the Reserve Banks, where ap- a condition of approval, a requirement that the propriate. transaction approved shall be consummated within three months and, in the case of acquisition by a * (/) Bank Holding Company and Merger Applica- holding company of stock of a newly organized tions.—In addition to procedures applicable under bank, a requirement that such bank shall be other provisions of this Part, the following procedures opened for business within six months. are applicable in connection with the Board's consid- (6) After action by the Board on an applicaeration of applications under section 3 of the Bank tion, the Board will not grant any request for Holding Company Act of 1956 (12 U.S.C. 1842), reconsideration of its action, unless the request hereafter called holding company applications, and of presents relevant facts that, for good cause shown, applications under section 18(c) of the Federal Dewere not previously presented to the Board, or posit Insurance Act (12 U.S.C. 1828), hereafter called unless it otherwise appears to the Board that remerger applications. Unless otherwise indicated, these consideration would be appropriate. procedures apply to both types of applications. (1) The Board issues each week a list that identifies holding company and merger applica- SECTION 262.3—ADJUDICATION tions received during the preceding week. Notice WITH FORMAL HEARING of receipt of each holding company application is In connection with adjudication with respect to published in the Federal Register as provided in which a hearing is required by law or is ordered by the § 222.4(e) (2) of this Chapter [Regulation Y]. Board, the procedure shall be as set forth in Part 263 (2) If a hearing is required by law or if the of this Chapter, entitled "Rules of Practice for Formal Board determines that a hearing for the purpose Hearings." Among such adjudications are those relatof taking evidence is desirable, the Board issues an ing to: Termination of a bank's membership in the order for such a hearing, and notice thereof is Federal Reserve System, removal of a bank official published in the Federal Register. Any such hear- under Section 30 of the Banking Act of 1933, revocaing is conducted by a hearing examiner or hearing tion of a voting permit of a holding company affiliate, officer in accordance with the Board's Rules of suspension of a member bank from the use of the Practice for Formal Hearings (Part 263 of this credit facilities of the Federal Reserve System pursu- Chapter) and, unless otherwise ordered by the ant to Section 4 of the Federal Reserve Act, issuance Board, is public. of a cease and desist order under section 11 of the Clayton Act, and, in certain situations, actions with (3) In any case in which a formal hearing is respect to applications pursuant to the Bank Holding not ordered by the Board, the Board may afford Company Act of 1956. the applicant and other properly interested persons (including Governmental agencies) an opportunity to present views orally before the Board SECTION 262.4—APPEARANCE AND PRACTICE or its designated representative. Unless otherwise ordered by the Board, any such oral presentation Appearance and practice before the Board in all of views is public and notice of such public pro- matters shall be governed by § 263.1 of this Chapter. ceeding is published in the Federal Register. Participants in any oral presentation of views are al- SECTION 262.5—FORMS lowed reasonable periods of time for presentation The following forms, which are available at the of their views. Federal Reserve Banks, shall be used for the purposes (4) The Board's action on each application is indicated: embodied in an Order that indicates the voting of members of the Board and is accompanied by a Form Statement of the reasons for the Board's action. 30 Application for Federal Reserve Bank Stock— Both the Order and accompanying Statement are Organizing National Bank released to the press. Normally, the Statement is 30a Application for Federal Reserve Bank Stock issued at the time of issuance of the Order; where —Nonmember State Bank Converting into this is not practicable, the Statement is issued National Bank as promptly as possible after issuance of the 56 Application for Adjustment in Holdings of Order. Each such Order is published in the Fed- Federal Reserve Bank Stock (Except by Mueral Register; and the Order and Statement are tual Savings Banks) published in the next succeeding issue of the 56a Application of Mutual Savings Bank for Ad- Federal Reserve Bulletin. justment in Holdings of Federal Reserve Bank (5) Each Order of the Board approving an Stock application includes, as a condition of such ap- 61 Application of National Bank for Trust Powers proval, a requirement that the transaction ap- 61b Supplementary Application of National Bank proved shall not be consummated within seven for Additional Trust Powers 70 Application for Prior Written Consent to Effect * This paragraph (/) was added to the Rules of Procedure, a Merger or Other Transaction Pursuant to effective November 1, 1961, and codified as paragraph (g) of Section 18(c) of the Federal Deposit Insursection 262.4 in 26 Federal Register 10340. An amendment to ance Act (Resulting Bank to be a State Memadd a subparagraph (7) was adopted effective January 12, 1962, for which see page 28. ber Bank) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 25 Form Form 83 Application for Membership in the Federal P-6 Exhibit Q—Agreement by Holding Company Reserve System (Cover Sheet) Affiliate (of State Bank Applying for Member- Application for Membership in the Federal ship in Federal Reserve System) to Accept 83A Reserve System (State Banks except Mutual Provisions of Section 5144, Revised Statutes Savings Banks) T-l Agreement, Resolution, Certificate—to Qualify Application for Membership in the Federal under Section 8(a) of the Securities Exchange 83B Reserve System (Mutual Savings Banks Au- Act of 1934 thorized to Purchase Stock in Federal Reserve T-2 Agreement, Resolution, Certificate-—to Qualify Bank) under Section 8(a) of the Securities Exchange Application for Membership in the Federal Act of 1934 (Bank with Principal Place of 83C Reserve System (Mutual Savings Banks Not Business outside 50 States of United States) Permitted to Subscribe for Stock in Federal Y-2 Application for Prior Approval of Acquisition Reserve Bank) of Bank Shares Pursuant to Section 3 (a) (2) Application for Stock in the Federal Reserve of the Bank Holding Company Act of 1956. 83D Bank (Mutual Savings Bank Admitted to Y-2A Certificate of Directors or Other Governing Membership upon Deposit of Appropriate Body Authorizing Application Pursuant to Amount with Federal Reserve Bank and Now Section 3(a) (2) of the Bank Holding Com- Permitted to Subscribe for Federal Reserve pany Act of 1956. Bank Stock under Laws under Which Or- Y-5 Registration Statement of Bank Holding Comganized) pany Pursuant to Section 5(a) of the Bank 83E Certificate of Directors and Cashier Holding Company Act of 1956 86 Application for Cancellation of Federal Re- Y-6 Annual Report of Bank Holding Company serve Bank Stock—Liquidating Member Bank Pursuant to the Bank Holding Company Act 87 Application for Cancellation of Federal Re- of 1956 serve Bank Stock—Insolvent Member Bank 105 Report of Condition of State Member Bank 105e (Form 105e-l)—Report of Condition of State RULES OF PRACTICE FOR FORMAL Member Bank (Publisher's Copy) HEARINGS * 107 Report of Earnings and Dividends of State Member Bank (Calendar Year) (12 CFR PART 263) 107b Report of Earnings and Dividends of State Member Bank (6-Month Period) As revised effective December 15, 1961 150 Application for Approval of Reservation of Title of a Corporation Proposed to be Organ- SECTION 263.1—APPEARANCE AND PRACTICE BEFORE ized under the Terms of Section 25(a) of the THE BOARD Federal Reserve Act (a) No register of attorneys or agents who may 51 Articles of Association—Banking Corporations practice before the Board is maintained and no appli- Authorized to Do Foreign Banking Business cation for admission to such practice is required. Any under Section 25(a) of the Federal Reserve person desiring to appear before or transact business Act with the Board in a representative capacity shall make 152 Organization Certificate—Banking Corpora- known to the Secretary of the Board in writing the tion Authorized to Do Foreign Banking Busicapacity in which he proposes to appear. He may be ness under Section 25(a) of the Federal Rerequired to file a power of attorney with the Board serve Act evidencing his authority to act in such capacity and 220 Report of an Affiliate or Holding Company to show to the satisfaction of the Board that he is Affiliate of a Member Bank properly qualified. Report of an Affiliate or Holding Company 220a Affiliate of a Member Bank (Publisher's Copy) (b) Any person appearing before or transacting busi- Report of Member Firm of a National Secu- ness with the Board in a representative capacity, or 240 rities Exchange desiring so to act, may, for cause sufficient in the judgment of the Board, be suspended or disbarred 314 Report of Condition by Foreign Banking Cor- from so doing. poration (Semiannual) (c) Contemptuous conduct at any hearing before the Computation of Reserve to be Carried with 414 Board, any member thereof, or a hearing examiner, Federal Reserve Bank by Member Bank by any person, including a person appearing in a rep- 728 Report of Securities Credit Extended by resentative capacity, shall be ground for exclusion from Lender Other than a Bank or Broker any such hearing or for such further period as the P-l Application for a Voting Permit under Section Board may prescribe. 5144, Revised Statutes (Holding Company Affiliate) SECTION 263.2—HEARINGS FOR THE PURPOSE OF P-2 Exhibit C—Resolution of Board of Directors TAKING EVIDENCE or Other Governing Body of Applicant P-3 Exhibit L—Agreement to Permit Examina- (a) Hearings for the purpose of taking evidence tions shall be held as ordered by the Board and any such P-4 Exhibit N—Authorization to Furnish Informa- hearing will ordinarily be held before and conducted tion by a duly designated hearing examiner. However, the P-5 Exhibit P—Agreement by Holding Company Board may, in its discretion, order such hearings to be Affiliate of State Member Bank to Accept * The text corresponds to the Code of Federal Regulations, Provisions of Section 5144, Revised Statutes Title 12, Chapter II, Part 263; cited as 12 CFR Part 263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN • JANUARY 1962 held before the Board, one or more of its members, (f) Except as permitted by the Administrative Proor, where permitted by law, a duly designated hearing cedure Act, the hearing examiner shall not consult any officer; and hearings so held shall be subject to the person or party on any fact in issue except after notice same procedure as that applicable to hearings before a and opportunity for all parties to participate, nor shall hearing examiner, except that the Board and members he be responsible to or subject to the supervision or thereof are not subject under the law to the require- direction of any officer, employee, or agent of the ments regarding separation of functions prescribed by Board engaged in the performance of investigative or section 5(c) of the Administrative Procedure Act (5 prosecuting functions. U.S.C. 1004(c)), and, with respect to hearings held be- (g) The hearing examiner shall regulate the course fore the Board or one or more of its members, the hearing examiner's report referred to in § 263.6 and of the hearing and in connection therewith shall have the related exceptions and briefs referred to in § 263.7 authority to conduct prehearing conferences, adminiswill be omitted. ter oaths and affirmations, rule upon offers of proof and receive relevant evidence, rule on motions, dispose (b) Whenever a hearing is ordered by the Board, of procedural requests or similar matters, hold confernotice of such hearing shall be given to the party or ences for the settlement and simplification of the isparties to the proceeding by the Secretary of the Board sues by consent of the parties, certify any question to or such other person as the Board may designate for the Board (at his discretion or at the Board's discrethe purpose. Such notice shall be given by serving a tion) for its consideration and disposition, and take copy of the Order for Hearing in accordance with other action consistent with applicable rules or regula- § 263.12 a reasonable time in advance of the hearing. tions of the Board, the Administrative Procedure Act, Unless otherwise ordered by the Board, notice of any and other requirements of law. hearing shall be given general circulation by publication in the Federal Register and, where practical, by (h) Any oral or documentary evidence may be rerelease to the public press. In any proceeding, the ceived, except that irrelevant, immaterial, or unduly Board may make amendments to the Order for repetitious evidence may be excluded by the hearing Hearing. examiner. Unless otherwise permitted by the hearing examiner, written exhibits will not be received in evi- (c) All such hearings shall be private and shall be dence unless offered in duplicate. A copy of each exattended only by parties and their representatives or hibit offered must be furnished to each of the parties counsel, representatives of the Board, witnesses, and at the hearing or at such other time as the hearing exother persons having an official interest in the pro- aminer may fix for the exchange of exhibits. ceedings: Provided, however, That, on written request (i) Objections to the admission or exclusion of eviby a party or representatives of the Board, or on the dence shall be in short form, stating the grounds of Board's own motion, the Board, unless prohibited by objections relied upon; and the transcript shall not inlaw, may permit other persons to attend or may order clude argument or debate thereon except as ordered the hearing to be public. In connection with any such by the Board or the hearing examiner. Rulings on such hearing or proceeding related thereto, the Board may objections shall be a part of the transcript except as designate as Board counsel an attorney from its staff the Board may otherwise require with respect to a or other attorney who shall represent the Board. For particular ruling. No exception to any such ruling need the purposes of these Rules, any attorney so designated be noted before the hearing examiner in order to urge is referred to as "Board counsel." In case of adjudicathe same in the consideration of the matter by the tion other than initial licensing proceedings, neither Board. Board counsel nor any officer or employee of the Board who has engaged in the performance of any (j) The Board or the hearing examiner may call for investigative or prosecuting function in the case, or the production of further evidence upon any issue, a factually related case, may participate in or advise and, upon appropriate notice, the hearing examiner as to the hearing examiner's recommended decision or may reopen any hearing at any time prior to his report the Board's decision, except as witness or counsel in or the Board may reopen any hearing at any time prior such hearing or related proceeding. Proceedings with to entry of its order disposing of the matter. respect to applications for initial licenses shall include, but not be limited to, applications for Board approval (k) Subpoenas, when authorized by law,1 requiring under the Bank Holding Company Act of 1956. In the attendance of witnesses or requiring the production such proceedings, Board counsel shall represent the of documentary evidence will be issued only by the Board in a nonadversary capacity for the purpose of Board, or such person as the Board may designate for developing for the record information relevant to the this purpose. Application may be made either to the issues to be determined by the hearing examiner and Secretary of the Board or to the person so designated the Board. by the Board. Such application shall be in writing and shall state, as definitely as practicable, the reasonable (d) AH such hearings shall be stenographically re- scope of the evidence sought (reasonably identifying ported and a transcript thereof shall be made which any document desired) and the facts to be proved shall be a part of the record of the proceeding. Tran- thereby, in sufficient detail to indicate the materiality scripts will be supplied at prescribed rates to a party to and relevance thereof. the proceeding or to any person applying therefor if (I) Witnesses summoned by the Board at the request the Board has ordered the hearing to be public. of a party or of Board counsel will be paid the same (e) A hearing examiner may at any time withdraw fees and mileage that are paid to witnesses in the if he deems himself disqualified; and, upon filing of a courts of the United States. Such payments shall be timely and sufficient affidavit of personal bias or disqualification of the hearing examiner, the Board will 1 The Board is presently authorized by law to issue subpoenas determine the matter as a part of the record and de- only in connection with investigations instituted pursuant to paragraph 7, sec. 25 of the Federal Reserve Act (12 U.S.C. cision in the case. 603). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 27 made by the party at whose instance the witnesses (b) The hearing examiner's report and recomappear. mended decision shall be forthwith served on all parties and on Board counsel by the Secretary of the Board or such other person as the Board may desig- SECTION 263.3—CONTINUANCES, CHANGES, EXTENnate for the purpose. SIONS OF TIME (c) The report and recommended decision of the Except as otherwise expressly provided by law, the hearing examiner shall become a part of the record. Board may by the Order for Hearing or otherwise provide time limits different from those specified in these Rules, may on its own motion or for cause shown SECTION 263.7—EXCEPTIONS change or extend any time limits prescribed by these Rules or an Order for Hearing, and may continue or (a) Within 15 days after date of service of the hearadjourn any hearing. Each hearing shall begin at the ing examiner's report and recommended decision, any time and place ordered by the Board, except that, party or Board counsel may file exceptions thereto, to where a hearing examiner has been designated to con- his failure to follow a proposed finding or conclusion, duct a hearing, the time and place for beginning such to the admission or exclusion of evidence, or to a hearing may, for good cause shown, be changed by the ruling of the hearing examiner; and within such period hearing examiner. Thereafter, the hearing may be suc- he may file a brief in support of his exceptions. Within cessively adjourned to such time and place as may be 5 days following the date of service of such exceptions ordered by the Board or by the hearing examiner. and briefs, any party or Board counsel may file a brief in opposition. A copy of such exceptions and briefs shall be forthwith served on each party and on SECTION 263.4—CLOSING OF HEARING: FILING Board counsel. Exceptions shall be argued orally only OF TRANSCRIPT as allowed by the Board. (a) The record of the hearing shall be closed by (b) Objections to the recommended decision of the announcement to that effect by the hearing examiner hearing examiner or to his failure to follow a prowhen the taking of evidence has been concluded. In posed finding or conclusion not saved by exception the discretion of the hearing examiner, the record may filed pursuant to this section will be deemed to have be closed as of a future specified date in order to per- been abandoned and may be disregarded. Exceptions mit the admission into the record, under circumstances not briefed in accordance with this section and § 263.9 determined by the hearing examiner, of exhibits to may be regarded by the Board as waived. be prepared. (b) After the close of the hearing, the transcript SECTION 263.8—MOTIONS thereof shall be filed forthwith by the hearing ex- (a) All motions made subsequent to the designation aminer with the Secretary of the Board. Notice of such of a hearing examiner and before the filing with the filing shall be given by the Secretary to all parties to Board of the hearing examiner's report and recomthe proceeding. mended decision shall be addressed to and ruled upon by the hearing examiner and may be stated orally upon SECTION 263.5—PROPOSED FINDINGS AND CONCLUSIONS the record unless otherwise directed by the Board or OF LAW hearing examiner. At all other times motions shall be addressed to the Board in written form and filed with Within 15 days after the date of notice of filing of the Board in accordance with the requirements of the transcript with the Secretary of the Board, or § 263.11. Written motions shall state with particularity within such reasonable time thereafter as may be al- the order or relief sought and the grounds therefor. lowed by the hearing examiner, any party or Board counsel may submit to the hearing examiner proposed (b) Within 10 days after service of any written mofindings and conclusions of law, with supporting briefs tion, or within such other period of time as may be or memoranda of law. In lieu of proposed findings and fixed by the Board or hearing examiner, any party or conclusions of law, and within such time as the hear- Board counsel may file a written answer or objection ing examiner shall allow, Board counsel may submit to such motion. The moving party shall have no right comments in respect to the evidence of record or pro- to reply, except as permitted by the Board or the hearposed findings and conclusions of law submitted by ing examiner. any party. Copies of any such proposed findings, con- (c) No oral argument will be heard on motions exclusions, briefs, memoranda of law, statements, or cept as otherwise directed by the Board or hearing comments shall be furnished to other parties and to examiner. Written memoranda or briefs may be filed Board counsel as promptly as practicable. All such pro- with motions or objections or answers to motions, posed findings, conclusions, or other such submissions stating the points and authorities relied upon in supshall be a part of the record. port of the position taken. (d) The hearing examiner shall pass upon all mo- SECTION 263.6—HEARING EXAMINER'S REPORT AND tions properly addressed to him and upon such other RECOMMENDED DECISION motions as the Board may direct, except that, if the hearing examiner finds that a prompt decision by the (a) Following the expiration of the time allowed for Board on a motion is essential to the proper conduct filing proposed findings and conclusions or comments of the proceeding, he may refer such motion to the of Board counsel, the hearing examiner shall prepare Board for decision. The Board shall pass upon all and file with the Secretary of the Board his report and motions properly submitted to it for decision. recommended decision. Such report and recommended decision shall contain findings and conclusions, with (e) All motions and answers or objections thereto the reasons or basis therefor, upon all material issues and rulings thereon shall become part of the record. of fact or law. Rulings of a hearing examiner on any motion may not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN • JANUARY 1962 be appealed to the Board prior to its consideration of (d) In computing any period of time prescribed or the hearing examiner's report and recommended de- allowed by these Rules or by order of the Board, the cision except by special permission of the Board, but day of the act, event, or default after which the desigthey shall be considered by the Board in reviewing the nated period of time begins to run is not to be inrecord. Requests to the Board for special permission cluded. The last day of the period so computed is to to appeal from such rulings of the hearing examiner be included, unless it is a Saturday, Sunday, or a legal shall be filed promptly, in writing, and shall briefly holiday in the District of Columbia, in which event state the grounds relied on. The moving party shall the period runs until the end of the next day which is immediately serve a copy thereof on each party. not a Saturday, Sunday, or holiday in the District of Columbia. Intermediate Saturdays, Sundays, and holi- (f) Unless otherwise ordered by the Board, or the days shall be included in the computation. A halfhearing examiner, the hearing shall continue pending holiday shall be considered as other days and not as the determination of the motion by the Board. a holiday. SECTION 263.9—BRIEFS (a) All briefs shall be confined to the particular SECTION 263.12—SERVICE OF PAPERS matters in issue. Each exception or proposed finding (a) The Board will serve all orders, notices, reports, or conclusion which is briefed shall be supported by and other papers issued by it when service thereof is a concise argument and by citation of such statutes, required, and reports filed pursuant to § 263.6. Every decisions, and other authorities, and by page refer- other paper requiring service, including motions, proences to such portions of the record, as may be rele- posed findings and conclusions, exceptions and briefs, vant. If the exception relates to the admission or shall be served on any party to a proceeding by the exclusion of evidence, the substance of the evidence party filing the same. admitted or excluded shall be set forth in the brief (b) Service shall be made by personal service on the with appropriate references to the transcript. party or his attorney of record, by registered mail ad- (b) Except as provided in § 263.7, within 10 days dressed to the party or his attorney of record, or by after service of an original brief, any party or Board other appropriate means specified by the Board. Service counsel may file a reply brief, which shall be confined by registered mail shall be deemed to be made as of to matters in the original brief of the opposing party. the date of receipt by the person addressed. Copies of any brief or reply brief shall be filed, and service thereof made, in the manner prescribed in SECTION 263.13—FORMAL REQUIREMENTS AS TO § 263.12. PAPERS FILED (c) Briefs not filed on or before the time fixed in these Rules, or such other time as may be fixed by the (a) All papers filed under these Rules shall be typehearing examiner, will be received only upon special written, mimeographed, or printed. permission of the Board. (b) All papers shall be signed by the party filing the same, or his duly authorized agent or attorney, or SECTION 263.10—ORAL ARGUMENT Board counsel and, except in the case of Board coun- Upon written request of any party or of Board coun- sel, must show the address of the signer. sel made within the period of time allowed in § 263.7 (c) All papers filed shall include at the head thereof, for the filing of exceptions and briefs, or on its own or on a title page, the name of the Board, the names of initiative, the Board may, in its discretion, allow oral the parties, and the subject of the particular paper or argument before the Board or one or more members pleading. thereof. Oral argument shall be limited to a party or his representative and Board counsel, unless otherwise AMENDMENT TO RULES OF PROCEDURE permitted by the Board. The Board of Governors of the Federal Reserve SECTION 263.11—FILING PAPERS, DOCKET, COM- System, effective January 12, 1962, amended sec- PUTATION OF TIME tion 262.2(f) of its Rules of Procedure by adding (a) All reports, exceptions, motions, briefs, and other papers required to be filed with the Board in any a new subparagraph (7). The purpose of the proceeding shall be filed with the Secretary of the amendment is to make explicit in the Board's Board. The Order for Hearing may provide for the number of copies of papers to be filed. Any such papers Rules of Procedure the present practice of the may be sent to the Secretary by mail or express but Board under which bank merger and bank holdmust be received by him in the office of the Board in ing company applications are made available for Washington, D. C, within the time limit, if any, for such filing. public inspection in cases in which the Board (b) Unless and until otherwise ordered by the Board, orders that a hearing or oral presentation of views the Order for Hearing, the transcript of record, pro- shall be a public proceeding. The text of the posed findings or conclusions and briefs in support amendment is as follows: thereof, the report of the hearing examiner, exceptions thereto, and briefs in support of or in opposition to (7) In any case in which the Board orders a public such exceptions, and other papers which are filed in hearing or a public oral presentation of views, as soon connection with any hearing shall not be made public, as practicable following publication in the Federal and shall be for the confidential use only of the Board, Register of notice of such public proceeding, the apappropriate members of the Board's staff, parties, and plication shall be available for inspection by the counsel. public, except such portions thereof as to which the (c) The Secretary shall maintain a docket in connec- Board finds that disclosure would not be in the public tion with each hearing. interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced the following appointments at the Federal Reserve Banks and branches, effective January 1, 1962. Names in CAPITALS indicate new appointments; all others are reappointments. Brief data about each of the new appointments follow the listings. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1962 Federal Reserve Bank Boston Nils Y. Wessell, Medford, Massachusetts New York Philip D. Reed, New York City Philadelphia WALTER E. HOADLEY, Lancaster, Pennsylvania Cleveland JOSEPH B. HALL, Cincinnati, Ohio Richmond Alonzo G. Decker, Jr., Towson, Maryland Atlanta JACK TARVER, Atlanta, Georgia Chicago Robert P. Briggs, Jackson, Michigan St. Louis Pierre B. McBride, Louisville, Kentucky Minneapolis Atherton Bean, Minneapolis, Minnesota Kansas City HOMER A. SCOTT, Sheridan, Wyoming Dallas Robert O. Anderson, Roswell, New Mexico San Francisco F. B. Whitman, San Francisco, California DEPUTY CHAIRMEN FOR YEAR 1962 Federal Reserve Bank Boston Erwin D. Canham, Boston, Massachusetts New York James DeCamp Wise, Frenchtown, New Jersey Philadelphia DAVID C. BEVAN, Philadelphia, Pennsylvania Cleveland Joseph H. Thompson, Cleveland, Ohio Richmond Edwin Hyde, Richmond, Virginia Atlanta Henry G. Chalkley, Jr., Lake Charles, Louisiana Chicago James H. Hilton, Ames, Iowa St. Louis J. H. Longwell, Columbia, Missouri Minneapolis Judson Bemis, Minneapolis, Minnesota Kansas City OLIVER S. WILLHAM, Stillwater, Oklahoma Dallas Lamar Fleming, Jr., Houston, Texas 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN • JANUARY 1962 FEDERAL RESERVE BANK DIRECTORS1 (Three-year terms) Federal Reserve Bank Boston Erwin D. Canham, Boston, Massachusetts New York James DeCamp Wise, Frenchtown, New Jersey Philadelphia WILLIS J. WINN, Philadelphia, Pennsylvania Cleveland JOSEPH B. HALL, Cincinnati, Ohio Richmond Edwin Hyde, Richmond, Virginia Atlanta JACK TARVER, Atlanta, Georgia Chicago Robert P. Briggs, Jackson, Michigan St. Louis J. H. Longwell, Columbia, Missouri Minneapolis John H. Warden, Houghton, Michigan Kansas City DOLPH SIMONS, Lawrence, Kansas Dallas Lamar Fleming, Jr., Houston, Texas FEDERAL RESERVE BANK BRANCH DIRECTORS2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo Whitworth Ferguson, President, Ferguson Electric Construction Co., Inc., Buffalo, New York Cleveland Cincinnati BARNEY A. TUCKER, Manager, American Agricultural Chemical Company, London, Kentucky Pittsburgh William A. Steele, Chairman and President, Wheeling Steel Corporation, Wheeling, West Virginia FLETCHER L. BYROM, President, Koppers Company, Inc., Pittsburgh, Pennsylvania (for unexpired portion of term ending December 31, 1962) Richmond Baltimore LEONARD C. CREWE, Jr., President and Treasurer, Maryland Fine & Specialty Wire Company, Inc., Cockeysville, Maryland Charlotte Clarence P. Street, President, McDevitt & Street Company, Charlotte, North Carolina 1Each Federal Reserve Bank has a board of Federal Reserve Bank expire at the end of each year. directors consisting of nine members, divided into 2 Federal Reserve Bank branches have either five or three classes, designated as Classes A, B, and C. The seven directors, of whom a majority are appointed by six A and B directors are elected by the member the board of directors of the parent Federal Reserve banks, and the three C directors are appointed by the Bank, and the others are appointed by the Board of Board of Governors. The terms of two of the elected Governors of the Federal Reserve System. directors and one of the appointed directors at each Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 31 Federal Reserve Bank and Branch Atlanta HENRY KING STANFORD, President, Birmingham Birmingham Southern College, Birmingham, Alabama Harry T, Vaughn, President, United States Sugar Corpora- Jacksonville tion, Clewiston, Florida V. S. Johnson, Jr., Chairman and President, Aladdin Indus- Nashville tries, Inc., Nashville, Tennessee KENNETH R. GIDDENS, President of WKRG-TV Inc., New Orleans Mobile, Alabama Chicago Detroit JAMES WILLIAM MILLER, President, Western Michigan University, Kalamazoo, Michigan St. Louis Little Rock Waldo E. Tiller, President, Tiller Tie and Lumber Company, Inc., Little Rock, Arkansas Louisville RICHARD T. SMITH, Farmer, Madisonville, Kentucky Memphis Frank Lee Wesson, President, Wesson Farms, Inc., Victoria, Arkansas Minneapolis (2-year term) Helena John M. Otten, Farmer and Rancher, Lewistown, Montana Kansas City (2-year terms) Denver Robert T. Person, President, Public Service Company of Colorado, Denver, Colorado Oklahoma City James E. Allison, President, Warren Petroleum Corporation, Tulsa, Oklahoma Omaha JOHN T. HARRIS, Merchant and Cattleman, McCook, Nebraska Dallas El Paso Dysart E. Holcomb, Director of Research, El Paso Natural Gas Products Company, El Paso, Texas Houston EDGAR H. HUDGINS, Rancher, Hungerford, Texas San Antonio HAROLD D. HERNDON, Oil Operator, San Antonio, Texas San Francisco (2-year terms) Los Angeles Robert J. Cannon, President, Cannon Electric Company, Los Angeles, California Portland Graham J. Barbey, President, Barbey Packing Corporation, Astoria, Oregon Salt Lake City Howard W. Price, Executive Vice President and General Manager, The Salt Lake Hardware Co., Salt Lake City, Utah Seattle Henry N. Anderson, President, Twin Harbors Lumber Company, Aberdeen, Washington Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN • JANUARY 1962 Federal Reserve Bank of Philadelphia is President of The Kroger Co., Cincinnati. As Chairman and Federal Reserve Agent and also WALTER E. HOADLEY, Lancaster, Pennas a Board-appointed director of the Cleveland sylvania, was designated Chairman and Federal Bank, Mr. Hall succeeds Mr. Arthur B. Van Reserve Agent at the Federal Reserve Bank of Buskirk, Vice President and Governor, T. Mellon Philadelphia for the year 1962. Mr. Hoadley has and Sons, Pittsburgh, Pennsylvania, whose term served as a Board-appointed director of the Fedexpired December 31, 1961. eral Reserve Bank of Philadelphia since January 1958 and as Deputy Chairman since 1960. Mr. BARNEY A. TUCKER, London, Kentucky, Hoadley is Vice President and Treasurer of Arm- was appointed a director of the Cincinnati Branch strong Cork Company, Lancaster. As Chairman of the Federal Reserve Bank of Cleveland for a and Federal Reserve Agent, he succeeds Mr. three-year term beginning January 1, 1962. Mr. Henderson Supplee, Jr., President, The Atlantic Tucker is Manager, American Agricultural Refining Company, Philadelphia, whose term as Chemical Company, London, Kentucky. He suc- Chairman expired December 31, 1961. ceeds Mr. Ivan Jett, Farmer, Georgetown, Kentucky, whose term expired December 31, 1961. DAVID C. BEVAN, Philadelphia, Pennsylvania, who has been serving as a Board-appointed FLETCHER L. BYROM, Pittsburgh, Penndirector of the Federal Reserve Bank of Phila- sylvania, was appointed a director of the Pittsdelphia since February 1960, was appointed burgh Branch of the Federal Reserve Bank of Deputy Chairman of the Bank for the year 1962. Cleveland for the unexpired portion of a term Mr. Bevan is Vice President, Finance, The Penn- ending December 31, 1962. Mr. Byrom is Presisylvania Railroad Company, Philadelphia. As dent of Koppers Co., Inc., Pittsburgh. He suc- Deputy Chairman, he succeeds Mr. Walter E. ceeds Mr. John T. Ryan, Jr., President, Mine Hoadley, Vice President and Treasurer, Arm- Safety Appliances Company, Pittsburgh, whose strong Cork Company, Lancaster, Pennsylvania, resignation became effective December 31, 1961. who was designated Chairman and Federal Re- Federal Reserve Bank of Richmond serve Agent for 1962. LEONARD C. CREWE, Jr., Cockeysville, WILLIS J. WINN, Philadelphia, Pennsylvania, Maryland, was appointed a director of the Baltiwas appointed a director of the Federal Reserve more Branch of the Federal Reserve Bank of Bank of Philadelphia for a three-year term be- Richmond for a three-year term beginning Januginning January 1, 1962. Dr. Winn is t)ean of ary 1, 1962. Mr. Crewe is President and Treasurer the Wharton School of Finance and Commerce, of the Maryland Fine & Specialty Wire Company, University of Pennsylvania, Philadelphia. He Inc., Cockeysville. He succeeds Mr. J. T. Menzies, succeeds Mr. Henderson Supplee, Jr., President, Jr., President, The Crosse & Blackwell Company, The Atlantic Refining Company, Philadelphia, Baltimore, Maryland, whose term expired Decemwhose term as director expired December 31, ber 31, 1961. 1961. Federal Reserve Bank of Atlanta Federal Reserve Bank of Cleveland JACKSON WILLIAMS TARVER, Atlanta, JOSEPH B. HALL, Cincinnati, Ohio, was ap- Georgia, was appointed a director of the Federal pointed a director of the Federal Reserve Bank Reserve Bank of Atlanta for a three-year term of Cleveland for a three-year term beginning beginning January 1, 1962, and was designated January 1, 1962, and was designated Chairman Chairman and Federal Reserve Agent at the Atand Federal Reserve Agent at the Cleveland Bank lanta Bank for the year 1962. Mr. Tarver is for the year 1962. Mr. Hall served as a director President, Atlanta Newspapers, Inc. As Chairman of the Federal Reserve Bank of Cleveland from and Federal Reserve Agent and also as a Board- 1955 to 1960, having been elected by the member appointed director of the Atlanta Bank, Mr. banks of that District, and had previously been a Tarver succeeds Mr. Walter M. Mitchell, Vice Bank-appointed director of the Cleveland Bank's President, The Draper Corporation, Atlanta, Cincinnati Branch from 1949 to 1954. Mr. Hall whose term expired December 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 33 HENRY KING STANFORD, Birmingham, man and Federal Reserve Agent, he succeeds Mr. Alabama, was appointed a director of the Bir- Raymond W. Hall, Hillix, Hall, Hasburgh, Brown mingham Branch of the Federal Reserve Bank & Hoffhaus, Attorneys, Kansas City, Missouri, of Atlanta for a three-year term beginning Janu- whose term as Chairman expired December 31, ary 1, 1962. Dr. Stanford is President of Birming- 1961. ham Southern College. He succeeds Mr. John E. OLIVER S. WILLHAM, Stillwater, Oklahoma, Urquhart, Chairman of the Board, Woodward who has been serving as a Board-appointed direc- Iron Company, Woodward, Alabama, whose term tor of the Federal Reserve Bank of Kansas City expired December 31, 1961. since September 1955, was appointed Deputy KENNETH R. GIDDENS, Mobile, Alabama, Chairman of the Bank for the year 1962. Dr. was appointed a director of the New Orleans Willham is President of Oklahoma State Univer- Branch of the Federal Reserve Bank of Atlanta sity, Stillwater. As Deputy Chairman, he succeeds for a three-year term beginning January 1, 1962. Mr. Homer A. Scott, who was designated Chair- Mr. Giddens is President of WKRG-TV, Inc., man and Federal Reserve Agent. Mobile. He succeeds Mr. Gerald L. Andrus, DOLPH SIMONS, Lawrence, Kansas, was President, New Orleans Public Service Inc., New appointed a director of the Federal Reserve Bank Orleans, Louisiana, whose term expired Decem- of Kansas City for a three-year term beginning ber 31, 1961. January 1, 1962. Mr. Simons is Editor and Publisher of the Lawrence Daily Journal-World, Law- Federal Reserve Bank of Chicago rence, Kansas. He succeeds Mr. Raymond W. JAMES WILLIAM MILLER, Kalamazoo, Hall, Hillix, Hall, Hasburgh, Brown & Hoffhaus, Michigan, was appointed a director of the De- Attorneys, Kansas City, Missouri, whose term as troit Branch of the Federal Reserve Bank of director expired December 31, 1961. Chicago for a three-year term beginning January JOHN T. HARRIS, McCook, Nebraska, was 1, 1962. Dr. Miller is President of Western Michi- appointed a director of the Omaha Branch of the gan University at Kalamazoo. He succeeds Mr. Federal Reserve Bank of Kansas City for a two- C. V. Patterson, Director, The Upjohn Company, year term beginning January 1, 1962. Mr. Harris Kalamazoo, whose term expired December 31, is a merchant and cattleman in McCook. He 1961. succeeds Mr. James L. Paxton, Jr., President, Paxton-Mitchell Company, Omaha, whose term Federal Reserve Bank of St. Louis expired December 31, 1961. RICHARD T. SMITH, Madisonville, Ken- Federal Reserve Bank of Dallas tucky, was appointed a director of the Louisville Branch of the Federal Reserve Bank of St. Louis EDGAR H. HUDGINS, Hungerford Texas, for a three-year term beginning January 1, 1962. was appointed a director of the Houston Branch Mr. Smith is a farmer in Madisonville. He suc- of the Federal Reserve Bank of Dallas for a threeceeds J. D. Monin, Jr., farmer, Oakland, Ken- year term beginning January 1, 1962. Mr. tucky, whose term expired December 31, 1961. Hudgins is a rancher of Hungerford, Texas. He succeeds Dr. Tyrus R. Timm, Head, Department Federal Reserve Bank of Kansas City of Agricultural Economics and Sociology, A. & M. College of Texas, College Station, Texas, HOMER A. SCOTT, Sheridan, Wyoming, was whose term expired December 31, 1961. designated Chairman and Federal Reserve Agent at the Federal Reserve Bank of Kansas City for the HAROLD D. HERNDON, San Antonio, year 1962. Mr. Scott has been serving as a Board- Texas, was appointed a director of the San Anappointed director of the Federal Reserve Bank tonio Branch of the Federal Reserve Bank of of Kansas City and as Deputy Chairman since Dallas for a three-year term beginning January 1, January 1961. He previously served as a Board- 1962. Mr. Herndon is an oil operator of San appointed director of the Omaha Branch of the Antonio. He succeeds Mr. Harold Vagtborg, Kansas City Bank from 1959 through 1960. Mr. Executive Chairman, Board of Governors, South- Scott is Vice President and District Manager, west Research Center, San Antonio, Texas, whose Peter Kiewit Sons' Company, Sheridan. As Chair- term expired December 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN • JANUARY 1962 FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS 1 The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1962, except where otherwise indicated. Federal Reserve Bank and Branch New York Buffalo ELMER B. MILLXMAN, President, Central Trust Company, Rochester, New York. Mr. Milliman succeeds John W. Remington, Chairman of the Board, Lincoln Rochester Trust Company, Rochester, New York. ANSON F. SHERMAN, President, The Citizens Central Bank, Arcade, New York. (Reappointed) Cleveland Cincinnati G. CARLTON HILL, President, The Fifth Third Union Trust Co., Cincinnati, Ohio. Mr. Hill succeeds Frank J. Van Lahr, President, The Provident Bank, Cincinnati, Ohio. Pittsburgh JAMES B. GRIEVES, President, Commonwealth Bank and Trust Company, Pittsburgh, Pennsylvania. Mr. Grieves succeeds A. Bruce Bowden, Vice President, Mellon National Bank and Trust Company, Pittsburgh, Pennsylvania. Richmond Baltimore HARVEY E. EMMART, Senior Vice President and Cashier, Maryland National Bank, Baltimore, Maryland. (Reappointed) MARTIN PIRIBEK, Executive Vice President, First National Bank, Morgantown, West Virginia. Mr. Piribek succeeds John W. Stout, President, The Parkersburg National Bank, Parkersburg, West Virginia. Charlotte WALLACE W. BRAWLEY, President, The Commercial National Bank of Spartanburg, South Carolina. Mr. Brawley succeeds G. G. Watts, President, The Merchants & Planters National Bank, Gaffney, South Carolina. JOE H. ROBINSON, Senior Vice President, Wachovia Bank and Trust Company, Charlotte, North Carolina. Mr. Robinson succeeds L W. Stewart, Honorary Chairman of the Board, North Carolina National Bank, Charlotte, North Carolina. Atlanta Birmingham JOHN H. NEILL, Jr., President, Union Bank & Trust Co., Montgomery, Alabama. Mr. Neill succeeds George W. Hulme, Senior Vice President, First National Bank, Alexander City, Alabama. 1 For statement concerning appointment of branch directors, see footnote 2, p. 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 35 W. H. MITCHELL, President, The First National Bank of Florence, Alabama. Mr. Mitchell succeeds Marshall Dugger, Vice President and Cashier, First National Bank, Tuscumbia, Alabama. Jacksonville J. T. LANE, Chairman of the Board, The Atlantic National Bank of Jacksonville, Florida. Mr. Lane succeeds Roger L. Main, Chairman, Jacksonville Expressway Authority, Jacksonville, Florida. HARRY FAGAN, President, First National Bank in Fort Myers, Florida. Mr. Fagan succeeds A. L. Ellis, Chairman of the Board, First National Bank in Tarpon Springs, Florida. Nashville TRAVIS HITT, President, Farmers National Bank, Winchester, Tennessee. Mr. Hitt succeeds C. A. Whelchel, President, First Farmers and Merchants National Bank of Columbia, Tennessee. HARRY M. NACEY, Jr., President, Hamilton National Bank, Knoxville, Tennessee. Mr. Nacey succeeds W. E. Newell, President, The First National Bank, Kingsport, Tennessee. New Orleans LEWIS GOTTLIEB, Chairman of the Board, City National Bank of Baton Rouge, Louisiana. Mr. Gottlieb succeeds W. P. McMullan, Chairman of the Board, Deposit Guaranty Bank and Trust Company, Jackson, Mississippi. JOHN OULLIBER, President, The National Bank of Commerce in New Orleans, Louisiana. Mr. Oulliber succeeds Wallace M. Davis, President, The Hibernia National Bank in New Orleans, Louisiana. Chicago Detroit DONALD F. VALLEY, Chairman of the Board, National Bank of Detroit, Michigan. (Reappointed) St. Louis Little Rock Ross E. ANDERSON, President, The Commercial National Bank of Little Rock, Arkansas. Mr. Anderson succeeds J. V. Satterfield, Jr., President, The First National Bank in Little Rock, Arkansas. Louisville JOHN R. STROUD, Executive Vice President, The First National Bank of Mitchell, Indiana. (Reappointed) Memphis LEON C. CASTLING, President, First National Bank at Marianna, Arkansas. Mr. Castling succeeds J. H. Harris, Chairman of the Board, The First National Bank of Wynne, Arkansas. Minneapolis (two-year term) O. M. JORGENSON, Chairman of the Board, Security Trust Helena and Savings Bank, Billings, Montana. (Reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN • JANUARY 1962 Kansas City (two-year terms) Denver EUGENE H. ADAMS, President, The First National Bank of Denver, Colorado. Mr. Adams succeeds Stewart Cosgriff, formerly Director, Denver United States National Bank, Denver, Colorado. Oklahoma City C. P. STUART, Chairman of the Board, The Fidelity National Bank & Trust Company, Oklahoma City, Oklahoma. (Reappointed) Omaha R. E. BARTON, President, The Wyoming National Bank of Casper, Wyoming. (Reappointed) HENRY D. KOSMAN, Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebraska. Mr. Kosman succeeds C. Wheaton Battey, Chairman of the Board, First Continental National Bank & Trust Company, Lincoln, Nebraska. Dallas El Paso JOSEPH F. IRVIN, President, Southwest National Bank of El Paso, Texas. (Reappointed) Houston J. W. MCLEAN, President, Texas National Bank of Houston, Texas. (Reappointed) San Antonio MAX A. MANDEL, President, The Laredo National Bank, Laredo, Texas. Mr. Mandel succeeds Burton Dunn, Chairman of the Executive Committee, Corpus Christi State National Bank, Corpus Christi, Texas. San Francisco (two-year terms) Los Angeles RALPH V. ARNOLD, Chairman of the Board and President, First National Bank of Ontario, California. Mr. Arnold succeeds Joe D. Paxton, Chairman of the Advisory Board, Santa Barbara Main Office, Crocker-Anglo National Bank, Santa Barbara, California. Portland C. B. STEPHENSON, Chairman of the Board, The First National Bank of Oregon, Portland, Oregon. (Reappointed) Salt Lake City OSCAR HILLER, President, Butte County Bank, Arco, Idaho. (Reappointed) Seattle JOSHUA GREEN, Jr., President, Peoples National Bank of Washington, Seattle, Washington. (Reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

37 CURRENT EVENTS AND ANNOUNCEMENTS CHANGES IN THE BOARD'S STAFF elected to membership in Phi Beta Kappa, and his Doctor of Jurisprudence Degree from the Jerome W. Shay, who was on the staff of the University of Michigan Law School in 1947. He Legal Division from 1937 to 1958 and thereafter is a member of the bar of Michigan and of the Legislative Counsel in the Board Members' District of Columbia. From 1947 to 1955 Mr. Offices, was made an Assistant General Counsel Cardon was on the staff of the Office of Legislative of the Division on December 29, 1961. Counsel of the House of Representatives. He was C. C. Hostrup, Assistant Director of the Divi- Clerk and General Counsel of the Banking and sion of Examinations, retired at the end of De- Currency Committee of the House of Represencember. Mr. Hostrup joined the Board's staff tatives from 1955 until his appointment by the as an Assistant Federal Reserve Examiner in 1933 Board. and became a Federal Reserve Examiner the following year. He had been an Assistant Director CHANGES IN OFFICERS AT FEDERAL RESERVE of the Division since 1948. BANK OF CHICAGO To succeed Mr. Hostrup, and effective Janu- Mr. Carl E. Allen, President of the Federal Reary 1, the Board appointed Andrew N. Thompson serve Bank of Chicago, resigned as of December an Assistant Director of the Division of Examina- 31, 1961, to become a Vice President of General tions. Mr. Thompson is a native of Minnesota and Motors Corporation. Mr. Allen was a Class C a graduate of Northwestern University. Imme- Director and Deputy Chairman of the Bank from diately prior to joining the Board's organization January 1, 1956, until his appointment as Presias an Assistant Federal Reserve Examiner in dent, effective October 1 of that year. Prior to 1942, he was a Field Audit Supervisor with the his association with the Reserve Bank, Mr. Allen Home Owners Loan Corporation. He became a had served as President of Campbell, Wyant and Federal Reserve Examiner in 1943 and was pro- Cannon Foundry, Co., Muskegon, Michigan, and moted to Supervisory Review Examiner in 1955. in various capacities with the National City Bank of New York. Also effective at the beginning of the year, Ralph C. Wood was appointed an Associate Ad- To succeed Mr. Allen, Mr. Charles J. Scanlon visor in the Division of International Finance. was appointed President, effective January 4, Mr. Wood was born in Massachusetts, received 1962, for the unexpired portion of the five-year his B.A. and M.A. degrees from Wesley an Univer- term which began March 1, 1961. Mr. Scanlon sity, and did further graduate work at Columbia joined the staff of the Reserve Bank in 1933. He University. Prior to his joining the Board's staff was given official status with the title Assistant as Chief of the Central and Eastern European Chief Examiner in 1953, promoted to Chief Ex- Section in 1955, he was Director of the Trade aminer in 1955, and appointed First Vice Presi- Division of the ECA Special Mission to France dent, effective September 1, 1959. and subsequently Deputy Director of the Finance Division, Office of the Special Representative, RESIGNATION OF DIRECTOR International Cooperation Administration, in Paris. In the latter capacity he served as Alternate Mr. R. S. Beasley, who had served as a director U. S. Representative to the Managing Board of of the Los Angeles Branch of the Federal Reserve the European Payments Union. Bank of San Francisco since January 1959, resigned effective December 15, 1961. Mr. Beasley The title of Kenneth B. Williams, an Associate was formerly Chairman of the Board, The Adviser in the Division of Research and Statistics Beverly Hills National Bank & Trust Company, since 1958, was changed to Adviser on January 1. Beverly Hills, California. Effective January 15 the Board appointed Robert L. Cardon Legislative Counsel to succeed EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS IN 1961 AND 1960 Jerome W. Shay. Mr. Cardon, a native of Utah, received his Bachelor of Arts Degree from the The following table shows a condensed compara- University of Cincinnati in 1940, where he was tive statement of earnings and expenses of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN • JANUARY 1962 Federal Reserve Banks in 1961 and 1960. A de- Monetary Statistics. Most of the data have altailed statement of earnings and expenses of each ready appeared in the Federal Reserve BULLETIN, Federal Reserve Bank in 1961 will appear in the and for most of the series current figures are February Federal Reserve BULLETIN. published regularly in the BULLETIN. The first pamphlet, entitled "Supplement to Thousands of dollars Banking and Monetary Statistics—Section 10, Item Member Bank Reserves and Related Items," is 1961 1960 now available for distribution. Copies may be Current earnings 941,648 1,103,385 obtained at a cost of 50 cents each from the Divi- 161,275 153,882 Current expenses vision of Administrative Services, Board of Gov- 780,373 949,503 ernors of the Federal Reserve System, Washing- Current net earnings 3,482 13,875 ton 25, D. C. Net additions to current net earnings * Net earnings before payments to U. S. Treasury 783,855 963,378 TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR Dividends paid 25,570 23,949 QUARTERLY Paid U. S. Treasury (interest on F. R. notes). 687,393 896,816 Transferred to surplus 70,892 42,613 Latest BULLETIN Reference Annually Issue Pago 1 Includes net profits on sales of U. S. Government securities Bank holding companies: of $3,466,000 in 1961 and $2,429,000 in 1960. List of, Dec. 31, 1960 June 1961 723 Banking offices and deposits of group banks, Dec. 31, 1960 June 1961 722 SUPPLEMENT TO BANKING AND Banking and monetary statistics, 1960.. {]Jb y ^61 232-39 Banks and branches, number of, by class MONETARY STATISTICS andState . Apr. 1961 486-87 Earnings and expenses: In 1943 the Board of Governors published Bank- Federal Reserve Banks Feb. 1961 228-29 Member banks: ing and Monetary Statistics to make available in Calendar year May 1961 604-12 First half of year Nov. 1960 1294 one place and on a uniform basis major series Operating ratios... .... May 1961 613-15 relating to banking, monetary, and other financial Insured commercial banks May 1961 616 Stock Exchange firms, detailed debit and developments. The statistics usually covered the credit balances Sept. 1961 1106 period from 1914, when the Federal Reserve Sys- Semiannually tem was established, through December 1941. Banking offices: Analysis of changes in number of.... Aug. 1961 1002 To bring together for the period since 1941 the On, and not on, Federal Reserve Par List, number of Aug. 1961 1003 most important series in that volume, to revise Quarterly the data previously published and to present new Cash receipts from and payments to the series, the Board plans to issue within the next public Nov.1961 1358 Flow of funds Jan. 1962 98-105 year or two a series of pamphlets, each of which Selected assets and liabilities of Federal business-type activities Aug. 1961 1004 will present data for a chapter in Banking and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 16 Industrial output rose further in December. to rise in early January. While output of con- Employment in nonfarm establishments was un- struction materials declined further in, December, changed, and the unemployment rate remained production of most other materials continued to at the November level. Retail sales were close to advance. the advanced level reached in November. Bank CONSTRUCTION credit and the seasonally adjusted money supply continued to increase. The value of new construction put in place declined somewhat in December to a seasonally adjusted annual rate of $60 billion. Private resi- INDUSTRIAL PRODUCTION dential building continued to increase, but public construction, which had advanced sharply in Industrial production increased one point fur- November, declined to its October rate. For the ther in December to 115 per cent of the 1957 fourth quarter as a whole, construction activity average—5 per cent above the prerecession level in the first half of 1960. Gains in output were reached aj new record high and was 7 per cent widespread, with consumer goods, equipment, and above the fourth quarter of 1960. materials attaining new record highs. EMPLOYMENT Auto assemblies increased 9 per cent further in December, to about the record rates of 1955, Seasonally adjusted employment in nonfarm partly to build up dealer stocks. Current produc- establishments was unchanged in December at tion schedules indicate a decline in January. 54.5 million. Employment rose slightly in manu- Output o£ furniture, television, and other home facturing, reflecting mainly further gains in the goods continued to expand in December and pro- transportation and electrical equipment industries, duction of apparel and staples was maintained at but declined among nonmanufacturing industries. advanced levels. A further increase in output of The seasonally adjusted unemployment rate, at business equipment reflected mainly gains in in- 6.1 per cent, was unchanged from November. dustrial and commercial machinery and in trucks. DISTRIBUTION Output of iron and steel increased substantially in December, and steel mill operations continued Retail sales, after rising 6 per cent from September to November, declined 1 per cent in December. Sales of new domestic autos fell to an INDUSTRIAL PRODUCTION annual rate of 6.1 million from the advanced rate of 7.0 million in November. Sales increased at other durable goods outlets, however, and rose further at department stores to a new high. COMMODITY PRICES In late December and early January, prices of cyclically sensitive industrial materials generally showed small changes, except for a substantial rise in prices of steel scrap. Producers of agricultural equipment and construction machinery announced price increases, but most finished industrial products were stable. Prices of farm products and foods rose somewhat, in large part because of seasonal increases in fruits and vegetables and Federal Reserve indexes, seasonally adjusted. Monthly figin meats. ures, latest shown are for December. 39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN • JANUARY 1962 BANK CREDIT AND RESERVES cipally through currency and gold outflows. Excess reserves declined slightly and borrowings rose Total commercial bank credit rose sharply somewhat. further in December, mainly reflecting heavy tax SECURITY MARKETS and dividend related borrowing by businesses, security dealers, and finance companies. Holdings Yields on short-term U. S. Government secuof U. S. Government and other securities also rose. rities rose further from mid-December to mid- The seasonally adjusted money supply continued January. Yields on longer-term Treasury securito expand. ties and on corporate bonds changed little while Total reserves and required reserves increased those on State and local government bonds desubstantially further in December. Reserves were clined. supplied through increases in Reserve Bank float, In mid-January, common stock prices were which reaches its seasonal peak in December, and moderately below the record highs of a month through Federal Reserve purchases of U. S. Gov- earlier, and the volume of trading remained relaernment securities. Reserves were absorbed prin- tively high during the period. RETAIL TRADE INTEREST RATES 1947 - 49 = 100 DEPARTMENT STORES LONG-TERM GOVERNMENT SECURITIES . V STOCKS 1957 195? 1961 1957 195? 1961' Federal Reserve indexes, seasonally adjusted; retail sales Weekly average market yields for long-term U. S. Governbased on Department of Commerce data. Monthly figures; ment 2V2 per cent bonds and for longest Treasury bills; latest latest for stocks is November, for other series, December. shown are for week ending January 12. 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 42 Reserve Bank discount rates; margin requirements; reserve requirements. . 46 Federal Reserve Banks... .... 47 Currency in circulation, money supply; bank debits . 50 All banks: consolidated statement of monetary system; deposits and currency. 52 All banks, by classes. ... .... 53 Commercial banks, by classes. . . 56 Weekly reporting member banks. 58 Business loans. 61 Interest rates 62 Security prices; stock market credit; open market paper. . 63 Savings institutions. 64 Federal finance. 66 Security issues. . . 71 Business finance. 73 Real estate credit . . 75 Short- and intermediate-term consumer credit. 78 Industrial production 82 Selected indexes on business activity. 88 Construction .... 88 Employment and earnings. 90 Department stores. 92 Foreign trade... 93 Wholesale and consumer prices. . . 94 National product and income series. . 96 Flow of funds, saving, and investment. 98 Tables not published each month—list with latest Bulletin reference. , 38 Index to statistical tables. 129 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. 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 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 P d e o a ri r t o e d T U o . t S al . G B o r o o v i u g u t g . h t - h t s t ecu u r c a H r e n h g i p t e a d r i l u e e s e d e e s r r - - c v D o a a a n u n i d s c n d - - e ts s Floati t T a o l - 2 s G to o c ld k T r s c o e t u i r a n u n u e r n g r c y t a - - d y s - - r c C t e c u i i n o i u n l r c a n r - y - - T h c i u o n r a e r g l s y d a h s s - - Tr u e w r a y i s t - h r F es F . e o R rv r . - e B s, a O n t k h s eri 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 re r s 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 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 2,211 2,211 1939—Dec..... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec... 20,345 20,336 9 142 117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec... 23,409 23,310 99 657 ;375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec... 24,400 23,876 524 1,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec... 25,639 25,218 421 448 ,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954_Dec... 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec... 24,602 24,318 284 840 ,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec... 24,765 24,498 267 706 ,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec... 23,982 23,615 367 716 ,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec... 26,312 26,216 96 564 ,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec... 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—June.. 26,124 26,118 6 425 ,159 27,737 19,343 5,353 31,926 414 496 221 381 994 18,001 293 18,294 1960 Dec 27,248 27,170 78 94 665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961 Jan 26,942 26,862 80 58 ,43128,484 17,567 401 32,265 411 482 239 399 941 16,715 2,600 19,315 Feb 2 26 6 , , 8 8 3 2 1 9 2 26 6 , , 8 6 2 3 6 0 19 5 9 1 8 4 0 6 , ,0 1 7 2 1 12 2 8 8 , , 1 0 4 3 5 0 1 1 7 7 , , 4 3 0 8 2 0 4 4 0 0 4 8 3 3 1 1 , , 8 8 4 3 1 9 4 4 2 2 2 6 4 52 5 1 9 2 1 4 8 0 9 3 3 9 8 2 3 1 1 , , 0 0 5 5 4 2 1 16 6 , , 4 5 1 3 9 2 2 2 , , 4 3 3 9 2 0 1 1 8 8 , , 8 9 0 6 9 4 Mar 26,676 26,663 13 63 ,140 27,925 17,389 414 31,913 408 422 207 316 987 16,474 2,410 18,884 May'.'.'.'.'.'.'.'.'.'.2,6,747 26,722 25 101 ,119 28,007 17,397 425 32,011 420 463 205 293 1,017 16,420 2,436 18,856 June 26,935 26,927 8 66 ,26528,304 17,475 432 32,246 411 515 205 250 1,038 16,547 2,495 19,042 July 27,024 27,014 10 52 388 28,498 17,540 450 32,586 400 474 235 279 967 16,547 2,516 19,063 Aug 27,415 27,327 88 68 ,14528,661 17,575 547 32,569 420 489 241 294 1,068 16,701 2,522 19,223 Sept 27,563 27,558 5 38 ,44529,080 17,446 556 32,719 411 473 285 313 1,071 16,811 2,561 19,372 Oct 28,044 27,997 47 67 ,358 29,504 17,328 569 32,864 415 469 254 305 1,014 17,082 2,578 19.660 Nov , 28,616 28,532 84 107 377 30,142 17,180 583'33,255 414 483 258 244 1,068 17,183 2,649 19,832 29,098 29,061 37 152 ,92131,217 16,929 588 33,953 423 514 229 244 1,112 17,259 '2,850^20,109 Dec Week ending— 1960 27,313 26,946 367 211 1,098 28,662 18,405 5,387 32,104 403 442 254 456 865 17,931 942 18,873 Nov. 2 28,015 27,439 576 158 928 29,154 18,124 5,389 32,298 398 418 250 395 864 18,045 752 18,797 9 28,105 27.588 517 190 976 29,325 18,068 5,391 32,527 402 519 230 408 914 17,784 949 18,733 16 27,831 27,678 153 121 532 29',542 17,999 5,392 32,532 407 469 224 388 ,073 17,839 922 18,761 23 27,623 27,607 16 121 228 29',022 17,957 5,392 32,640 414 460 258 387 ,071 17,141 2,537 19,678 30.. Dec. 7 27,421 27,421 (4) 67 1,057 2:8,,594 17,974 5,391 32,722 413 473 253 474 ,066 16,558 2,358 18,916 14 27,381 27,381 76 1,2 ,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 ,018 16,782 2,678 19,460 28 27,074 26,946 128 56 2; 150 29,336 17,882 5,398 33,195 401 522 260 391 ,019 16,828 2,619 19,447 1961 Jan. 4 27,375 26,984 391 184 789 29,420 17,748 5,398 32,853 399 441 245 473 954 17,202 2,742 19,944 11 27,124 26,986 138 60 350 28,592 17,629 5,399 32,637 403 413 239 381 941 16,605 2,621 19,226 18 26,967 26,948 19 44 408 28,471 17,594 5,401 32,287 412 528 248 389 940 16,662 2,630 19,292 25 26,821 26,821 57 523 28,450 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 1,13127,853 17,441 5,402 31,776 422 510 227 393 951 16,417 2,546 18,963 8 26,860 26,672 188 188 1,053 2288,148 17,429 5,403 31,805 413 523 196 383 ,018 16,641 2,307 18,948 15 27,007 26,653 354 202 829 28,086 17,410 5,404 31.930 417 526 185 401 ,022 16,420 2,424 18,844 22........ 26,740 26,589 151 116 1,326 28,232 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 ,093 16,458 2,556 19,014 8 26,793 26,775 18 104 ' 068 28,014 17,373 5,405 31,794 433 415 233 398 ,087 16,433 2,238 18,671 15 27,008 27,003 5 58 003 28,116 17,374 5,407 31,901 428 418 267 389 ,057 16,437 2,390 18,827 22 26,864 26,864 62 260 28,234 17,385 5,409 31,887 418 506 238 365 ,035 16,578 2,377 18,955 29 26,724 26,724 87 004 27,863 17,389 5,408 31,775 426 497 218 370 ,032 16,342 2,451 18,793 Apr-.I:::::::: 26,870 26,836 115 942 27,973 17,388 5,410 31,903 404 429 250 388 ,028 16,369 2,333 18,702 26,868 26,854 59 ,00427,978 17,389 5,411 32,007 406 398 212 310 ,014 16,429 2,353 18,782 19 26,601 26,591 52 ,310 28,009 17,390 5,414 31,980 411 424 172 309 966 16,552 2,474 19,026 26 26,389 26,389 42 ,279 27,755 17,390 5,417 31,807 414 374 194 298 963 16,511 2,507 19,018 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 43 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves3 P d e o a ri r t o e d U To . t S a . l G B o r o o v i u g u t g . h t - h s t e t cu u r c a r H e n i h g t p e d a r ie l u e s e d s e e r r - - c v D o a a a n n u d is c d n - - e ts s Float1 t T a o l2 - s G to o c ld k r s o c e u t i a u n n u r n g y r c t- - d y - r c C t e c u i i n u i o n l r c a r n - y - - T h c i u o n r a e r l g s y d a h s - s- Tr w ea i s th - F F . e i R o g r . n - Ba O n t k h s er 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 Week ending 1961 May 3. 26,692 26,692 66 1,066 27,868 17,390 5,420 31,842 408 572 221 298 962 16,373 2,435 18,808 10. 26,801 26,792 70 1,003 27,914 17,390 5,422 31,968 420 396 204 304 961 16,474 2,280 18,754 17. 26,725 26,683 179 1,237 28,180 17,395 5,424 32,081 424 550 206 304 984 16,451 2,458 18,909 24. 26,653 26,598 71 1,308 28,070 17,403 5,426 32,001 420 483 201 280 1,075 16,440 2,477 18,917 31. 26,802 26,799 97 965 27,904 17,402 5,428 32,058 416 374 211 275 1,073 16,329 2,543 18,872 June 7 27,061 27,041 66 1,010 28,175 17,410 5,429 32,198 425 473 198 239 1,071 16,410 2,394 18,804 14 26,946 26,946 75 1,118 28,177 17,449 5,433 32,299 410 480 203 242 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 26,817 379 28,319 17,533 5,434 32,201 404 624 221 259 1,023 16,553 2,567 19,120 July 5 27,283 27,274 49 1,202 28,568 17,550 5,435 32,484 388 434 233 317 1,007 16,689 2,397 19,086 12 27,266 27,266 48 1,29128,641 17,550 5,433 32,797 385 390 231 255 996 16,570 2,533 19,103 19 26,737 26,737 56 1,748 28,575 17,547 5,437 32,634 392 605 218 274 946 16,491 2,584 19,075 26 26,731 26,720 50 1,476 28,289 17,525 5,440 32,476 399 498 251 274 944 16,412 2,595 19,007 Aug. 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 27,614 27,484 130 123 ,006 28,777 17,548 5,543 32,564 423 467 234 304 1,024 16,852 2,356 19,208 27,471 27,275 196 62 ,109 28,676 17,601 5,545 32,664 422 498 257 275 1,039 16,667 2,530 19,197 27,197 27,191 6 39 ,410 28,681 17,602 5,548 32,594 423 488 243 292 1,108 16,682 2,520 19,202 27,276 27,276 37 ,10128,447 17,579 5,552 32,474 416 498 230 298 1,109 16,554 2,606 19,160 Sept. 6. 27,840 27,840 57 999 28,931 17,451 5,553 32,664 406 469 270 303 1,111 16,712 2,402 19,114 13 27,803 27,803 28 ,186 29,052 17,451 5,553 32,836 414 469 275 319 1,088 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 1,048 16,861 2,612 19,473 27 27,200 27,197 3 29 ,723 28,986 17,451 5,560 32,612 414 436 296 320 1,049 16,871 2,648 19,519 Oct. 4. 27,834 27,823 11 36 ,332 29,237 17,380 5,563 32,678 408 422 300 281 1,054 17,036 2,569 19,605 11. 28,195 28,143 52 31 ,257 29,517 17,350 5,565 32,886 417 450 261 363 1,052 17,005 2,421 19,426 18. 28,250 28,130 120 147 ,305 29,737 17,336 5,568 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. 1. 28,052 28,039 13 76 ,238 29,404 17,302r5,576 '32,802 410 491 241 303 990 17,045 2,706 19,751 8. 28,495 28,466 29 93 ,130 29,760 17,291 '5,579 '32,967 423 475 272 258 992 17,241 2,430 19,671 15. 28,466 28,380 86 125 ,186 29,817 17,276'5,583 '33,222 402 476 247 253 992 17,084 2,657 19,741 22. 28,588 28,461 127 92 ,74330,465 17,190r5,585 '33,350 414 506 309 251 ,144 17,265 2,629 19,894 29. 28,874 28,760 114 103 ,492 30,510 16,975'5,586 '33,503 415 456 210 213 ,143 17,132 2,810 19,942 Dec. 6....... 29,274 29,274 36 279 30,631 16,975 5,588 33,579 416 501 216 258 ,143 17,082 2,682 19,764 13 29,334 29,334 40 30,780 16,961 5,590 33,937 423 460 247 228 ,131 16,906 2,836 19,742 20 29,007 29,007 109 240 31,401 16,920 5,588 34,072 424 600 215 219 ,102 17,277 2,9542>20,231 27 28,893 28,845 48 218 526 31,685 16,889 5,584 34,171 421 511 207 238 ,106 17,506 2840 ^20,346 End of month 1961 Oct 28,268 28,268 59 1,178 29,543 17,300 '5,577 32,836 407 502 249 550 16,888 2,835 19,723 Nov 29,210 29,210 39 1,364 30,656 16,975 5,585 33,538 398 489 198 249 1,144 17,200 3,092 20,292 Dec 28,881 28,722 159 130 2,300 31,362^16,889^5,587*>33,912 465 279 320 1,044 17,387'2,7992>20,186 Wednesday 1961 Nov. 1 28,313 28,268 45 284 1,099 29,734 17,303'5,578 '32,832 428 605 269 276 989 17,216 2,800 20,016 28,609 28,524 85 488 707 29,843 17,276'5,580 '33,159 424 465 274 269 992 17,117 2,656 19,773 15 28,460 28,350 110 617 0,411 17,276'5,584 '33,257 410 635 273 285 ,146 17,265 2,915 20,180 22 28,883 28,698 185 377 1432 30,732 16,976'5,586 '33,521 412 443 212 214 ,142 17,350 2,938 20,288 29 28,775 28,775 51 ,227 30,094 16,976'5,587 '33,498 428 504 221 204 ,145 16,657 3,143 19,800 Dec. 6 29,403 29,403 35 1,112 30,592 16,976 5,586 33,786 425 380 238 270 ,149 16,906 2,873 19,779 13 29,259 29,259 49 1,603 30,954 16,925 5,591 34,019 433 587 243 188 ,083 16,917 3,216 20,133 20....... 28,957 28,957 303 2,418 31,725 16,890 5,584 34,167 422 558 249 187 ,111 17,505 3215 '20,720 27 29,040 28,793 247 552 2,249 31,891 16,890 5,585 34,180 425 264 237 267 ,109 17,884*3 221,215 ' 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. Beginning with 1961, figures 2 Includes industrial loans and acceptances, when held. For holdings for currency and coin are estimated except for weekly averages. of acceptances on Wednesday and end-of-month dates, see subsequent <* Less than $500,000. tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 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 Period Bor- Bor- Bors 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 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 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 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 4 Banks 4 Banks 4 1929—June 2 314 2 275 C42 974 c-932 762 755 7 174 -167 161 161 1 63 -62 I933—June 52,160 1,797 363 184 179 861 792 69 69 211 133 78 n.a. n.a. 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. 1,141 601 540 n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. 1,143 848 295 n.a. n.a. 1945 Dec 16 027 14 536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947 Dec 17 261 16 275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec 17 391 16 364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952 Dec . 21 180 20 457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 c-236 1953—Dec 19 920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 1 37 -36 1954 Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 -1 15 -16 1955—Dec . . 19 240 18 646 594 839 -245 4,432 4,397 35 C197 -162 1,166 1,164 2 85 -83 1956 Dec . 19 535 18 883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec 19 420 18 843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 1,077 1,070 7 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 17,832 462 425 37 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 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961 Jan 19 315 18 570 745 49 696 3 693 3 667 26 26 963 959 4 4 Feb 18,964 18,310 654 137 517 3,632 3,598 34 8 26 954 948 7 36 -29 Mar 18 809 18 263 546 70 476 3,623 3,613 10 1 9 946 936 9 8 1 Apr 18 884 18 266 618 56 562 3,649 3,588 62 2 60 923 927 -4 -4 May 18,856 18,307 549 96 453 3,576 3,581 -5 17 -22 953 945 8 3 5 June 19 042 18 430 612 63 549 3,698 3,658 40 40 970 964 6 1 5 July 19 063 18 482 581 51 530 3,648 3,639 9 2 7 958 955 3 3 Aug. 19,223 18,619 604 67 537 3,645 3,629 16 9 7 970 967 3 2 1 Sept 19,372 18,783 589 37 552 3,686 3,681 6 4 2 966 963 3 1 2 Oct 19 660 19 153 507 65 442 3,733 3,716 16 4 12 983 985 -1 23 -24 Nov 19,832 19,218 614 105 509 3,697 3,660 37 23 14 985 982 3 16 -13 Dec ^20,109^19,534 149 2>3,834 57 P987 ^987V 22 Week ending— 1960 Dec 7 .. 18 916 18 216 700 60 640 3,559 3,540 20 20 937 934 4 4 14 18,932 18,222 710 70 640 3,579 3,556 23 23 934 927 7 7 21 19,460 18,706 754 74 680 3,769 3,753 16 14 2 962 966 -3 9 -12 28 .. 19 447 18 753 694 49 645 3,753 3,725 28 28 981 976 5 5 1961—July 5 19,086 18,539 547 48 499 3,744 3,734 10 10 965 960 5 1 4 19 103 18 446 657 47 610 3 651 3 625 25 25 950 944 6 6 19 19,075 18,386 689 55 634 3,579 3,575 4 11 -7 945 946 2 -2 26 19,007 18,357 650 50 600 3,648 3,585 62 62 957 948 9 4 5 Aug 2 19 286 18 809 All 75 402 3,739 3,747 —8 12 -20 996 992 4 4 9 19,208 18,651 557 123 434 3,683 3,660 23 21 2 971 971 5 -5 16 19,197 18,593 604 62 542 3,597 3,609 -12 6 -18 969 967 2 5 -3 23 19,202 18,605 597 37 560 3,613 3,610 2 2 965 960 5 5 30 .. 19 160 18 566 594 37 557 3,607 3,594 13 2 11 965 962 2 2 Sept 6.... 19 114 18 573 541 57 484 3,673 3,622 51 51 957 958 -1 -1 13 19 198 18 609 589 27 562 3 627 3 625 2 2 947 952 20 19^473 18,906 567 44 523 3,744 3,738 6 12 -6 979 972 7 4 3 27 19,519 18,862 657 27 630 3,713 3,686 26 3 23 962 960 2 1 1 Oct 4 .. 19 60^ 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 6 -5 18 19,804 19,230 574 145 429 3,716 3,706 11 11 980 983 -3 78 -81 25 19,825 19,277 548 56 492 3,772 3,768 4 7 -3 1,001 998 4 17 -13 Nov. 1.... 19,751 19,208 543 74 469 3,737 3,720 17 16 1 988 991 -3 9 -12 8 19,671 19,198 473 91 382 3,680 3,662 18 18 993 987 5 16 -11 15.... 19,741 19,153 588 122 466 3,644 3,626 18 43 -25 968 972 -4 13 -17 22 19,894 19,297 597 90 507 3,692 3,678 14 11 3 994 988 6 16 -10 29 19,942 19,221 721 101 620 3,727 3,655 72 8 64 987 978 9 17 -8 Dec. 6.... 19,764 19,219 545 35 510 3,741 3,708 33 33 978 976 1 1 1 13 19 742 19 176 566 40 526 3,750 3,709 41 41 950 950 1 1 20.... *>20,231*>19,653 109 H69 3,901 3,897 4 \9 -16 997 995 2 60 -58 27.... ^20,346*>19,789 216 3,891 3,870 21 86 -65 1,009 1,006 3 2 1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 45 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 e l s R re e s q e u rv ir e e s d 2 re E s x e c rv e e ss s3 B B in F o a g r . n r s R o k . a w s t 4 - res F e r r e v e es 3 re h T s e o e l r t d v a * e l s R re e s q e u rv ir e e s d 2 re E s x er c v e e s s s 3 B B in F o a g r . n r s R k o . a s w t 4 - Free 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941_Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 *88 "508 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 c300 -204 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—June 7,540 7,496 44 164 -120 5,915 5,529 386 186 200 I960—Nov 7,854 7,761 94 56 38 6,374 5,771 602 56 546 Dec 7,950 7,851 100 20 6,689 6,066 623 40 583 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 8 6,797 6,330 466 20 446 Nov 8,241 8,184 57 44 13 6,909 6,393 516 22 494 Dec *>8,363 *>8,299 39 ^6,925 *>6,422 31 Week ending— 1960—Dec. 7 7,781 7,723 58 21 37 6,638 6,020 619 39 580 14.. 7,851 7,732 119 19 100 6,569 6,008 560 51 509 21.. 7,972 7,919 52 14 38 6,757 6,068 689 37 652 28.. 8,046 7,964 83 9 73 6,666 6,089 578 40 538 1961—July 5.. 7,850 7,787 63 12 51 6,527 6,059 468 35 432 7,883 7,785 97 8 90 6,619 6,091 528 39 489 19!! 7,809 7,770 39 9 30 6,742 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 SepSf:: 7,953 7,855 98 13 85 6,531 6,137 393 44 349 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 r8,191 '25 32 -7 6,892 6,350 541 24 517 25.. 8,188 8,161 27 20 7 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 6,951 6,409 542 14 528 29.. 8,290 8,177 112 47 65 6,938 6,410 528 29 499 1961—Dec. 6.. 8,197 8,147 49 13 37 6,849 6,387 462 21 441 13.. 8,232 8,135 96 6 91 6,811 6,382 428 33 395 20.. 8,377 8,338 39 12 27 2>6,956 2>6,423 18 27.. 8,498 8,447 51 78 -27 *>6,952 ^6,467 51 c Corrected. n.a. Not available. *> Preliminary. 2 Based on deposits as of opening of business each day. Monthly l Based on figures at close of business through November 1959; there- averages for all classes of banks beginning with January 1961 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 1961 are estimated. Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has been allowed. 4 Based on closing figures. Monthly averages of currency and coin beginning January 1961 are 5 This total excludes, and that in the preceding table includes, $5t estimated. million in balances of unlicensed banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 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 . re 1 d 3 b a y n d el l i 3 gi a b ) l i e paper [Sec. 10(b)] ob ( l l i a g s a t t io p n a s r . of S e th c e . U 13 . ) S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning— rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston Aug. 23,1960 3% 3 Aug. 23,1960 Aug. 23,1960 New York... Aug. 12,1960 3V4 3 Aug. 12,1960 June 10,1960 Philadelphia.. Aug. 19,1960 3& 3 Aug. 19,1960 Aug. 19,1960 Cleveland.... Aug. 12,1960 3% 3 Aug. 12,1960 Aug. 12,1960 Richmond.... Aug. 12,1960 3% 3 Aug. 12,1960 Aug. 12,1960 Atlanta Aug. 16, I960 3Vi 3 Aug. 16,1960 Aug. 16,I960 Chicago Aug. 19,1960 3% 3 Aug. 19, 1960 June 10,1960 St. Louis Aug. 19, I960 3% 3 Aug. 19,1960 Aug. 19,I960 Minneapolis.. Aug. 15, 1960 3& 3 Aug. 15, 1960 Aug. 15,1960 Kansas City.. Aug. 12, 1960 3Vi 3 Aug. 12,1960 Aug. 12,1960 Dallas Sept. 9, 1960 3V£ 3 Sept. 9, 1960 Sept. 9,1960 San Francisco Sept. 2,1960 3% 3 Sept. 2,1960 June 3,1960 * 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 MARGIN REQUIREMENTS FEDERAL RESERVE BANK DISCOUNT RATES i [Per cent of market value] [Per cent per annum] Aug. 5, Oct. 16, Effec- Range F. R. Range F. R. Prescribed in accordance with 1958- 1958- tive Date or level)— Bank Date (or level)— Bank Securities Exchange Act of 1934 Oct. 15, July 27, July 28, effective all F. R. of effective all F. R. of 1958 1960 1960 Banks N. Y. Banks N. Y. Regulation T: 1948 1957 For extensions of credit by brokers and J A a u n g . . 1 1 1 9 3 2 . . . . . . . . . 1 -1*4 WH4 N Au o g v . . 1 9 5. . ! .. ! 3 -3Vi h Re F g o u d r l e a s a t h i l o e o n r r s t U o sa n : l e l s isted securities 7 7 0 0 9 9 0 0 7 7 0 0 23... Dec. 2... 3 3 70 90 70 1950 1958 Aug. 21... m Jan. 2 2 4 2 . . . . . . 2 2 * 3 4 4 - - 3 3 3 ext N en O d T e E d . — on R e a g s u e la c t u i r o i n ty s T by a p n r d e s U cr ib li i m ng it a t h m e a a x m im ou um nt l o o f a n c re v d a i l t u e th , a w t h m ic a h y is b e a Mar. 7... 2*4-3 2V4 specified percentage of its market value at the time of extension: margin 1953 13... 214-2% itt requirements are the difference between the market value (100%) and the Jan. 16... l%-2 2 21... 214 maximum loan value. 23... 2 2 Apr. 18... 134-214 134 May 9... «J3 MAXIMUM INTEREST RATES PAYABLE ON TIME AND 1954 Aug. 15... WA SAVINGS DEPOSITS Feb. 1 5 5. . . . . . l% W -2 4 m Sept. 2 1 3 2 . . . . . . 134-2 2 2 [Per cent per annum] Apr. 14... Oct. 24... 2 -214 2 16... If4-1% IV2 Nov. 7... 2% 214 May 21... 1V4 11/2 Jan. 1, Jan. 1, Effec- 1955 Mar 1 . 9 59 6... 2^2-3 3 Type of deposit D 1 e 9 c. 3 6 3 - 1, D 1 ec 9 . 5 7 3 - 1, Ja t n iv . e 1, Apr. 14... IV2 16... 3 P3 1956 1961 1962 15... 1% May 29... 3 -31/2 May 2... June 12... 3Vi Aug. 4... IV4-2V4 Sept. 11... 31,4-4 4 Savings deposits held for: 1 1 2 3 i*.[ 2 2 4 2 - 1 - 2 2 4 V V4 4 2 2 1 4 3 June 1 96 1 0 3 8. . . . . . 3^4—4 4 4 Posta L 1 l e y s s a s e v a t i r h n a g o n s r m d 1 e o y p r e o e a s r its held for: 3 1 / 3 4 % Nov. 1 2 8 3 ! .. ! . ! 1 1 0 4 . . . . . . 3V3Vi L 1 e y s e s a t r h a o n r m 1 o v r e e ar / 3 (k Aug. 12... 3 -3% 3 1956 Sept. 9... 3 3 Other time deposits payable in: Apr. 2 1 0 3 . . . . . . 2 2 % ^- - 3 3 2 2 % % 1961 6 1 m ye o a n r th or s - m 1 o y r e e ar } 21/2 3 Aug. 24... 2%-3 3 In effect 90 days-6 months 3 Dec. 31... 3 3 1 1 Under Sees. 13 and 13a (as described in table above). For data for NOTE.—Maximum rates that may be paid by member banks as estab- 1941-47, see BULLETIN for January 1959, p. 76. lished by the Board of Governors under provisions of Regulation Q. NOTE. The rate charged by the Federal Reserve Bank of New York Under this Regulation the rate payable by a member bank may not in on repurchase contracts against U. S. Govt. securities was the same as any event exceed the maximum rate payable by State banks or trust comits discount rate except in the following periods (rates in percentages): panies on like deposits under the laws of the State in which the member j955_May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, bank is located. Effective Feb. 1, 1936, maximum rates that may be 2 375- 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31- paid by insured nonmember commercial banks, as established by the Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; F.D.I.C., have been the same as those in effect for member banks. June 29 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, Maximum rate payable on all types of time and savings deposits: 2.50, Oct. 23, and Nov. 3, 2.75, Nov. 1, 1933-Jan. 31," 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, iy2 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 47 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Average of daily figures.1 In millions of dollars] Net demand deposits1 Time deposits Central reserve All city banks Reserve Coun- Central Item member city try Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i e e n t r r d y v v e e C ba o t n r u y k n s - banks Y N o e r w k c C a h g i o - banks banks banks Four weeks ending Nov. 1, 1961 In effect Dec. 31,1948.. 26 22 16 71/2 Gross demand: 1949_May 1,5* 24 21 15 7 To I t n a t l erbank 12 1 7 4 , ,6 8 8 8 7 8 2 4 4 , , 4 7 6 8 6 4 6 1 , , 3 3 1 1 1 3 4 7 9 , , 3 9 1 5 4 4 46 1 , ,5 8 9 3 5 9 J A A u u u n g g e . . 3 1 0 6 1 , , , J 1 1 u 1 8 ly * * . 1 . . . * . . . . . 2 8 0 * 1 1 1 3 4 2 5 6 Net d U O e . t m h S e a . r n d G 2 overnment. 1 10 0 5 6 7 , , , 6 5 7 7 2 1 8 3 3 2 1 0 1 9 , , , 0 2 2 7 7 4 8 9 1 4 5 , , 6 3 3 5 7 4 9 7 0 4 4 2 0 1 , , , 1 4 4 9 4 1 0 9 4 4 3 3 9 1 , , , 9 3 6 1 2 4 5 9 4 Aug. 25 Time 66,766 7,289 1,953 25,971 31,553 Sept. 1 Demand balances due 1951—Jan. 11, 16*. 23 19 13 from domestic banks. 7,328 109 89 2,008 5,122 Jan. 25,Feb. 1*. 24 20 14 Currency and coin 2,603 186 31 809 1,576 1953—July 1,9* 22 19 13 Balances with F. R. 1954—June 16,24*.... 21 Banks 17,099 3,534 953 7,359 5,253 July 29, Aug. 1 * 20 18 12 Total reserves held 19,702 3,720 984 8,168 6,829 Required 19,162 3,710 984 8,132 6,335 1958—Feb. 27, Mar. 1* 8* Excess 540 10 36 494 Mar. 20, Apr. 1* 17 2 Apr. 17 It* Apr. 24 '161/2° Four weeks ending Nov. 29, 1961 I960—Sept. 1 Nov. 24 12 Gross demand: Dec. 1 16i/2 Total. 128,, 818 24,600 6,261 50,407 47,551 Interbank 14,978 4,519 1,306 7,486 1,667 In effect Dec. 1, 1961.. 16% 12 U. S. Government 5,179 1,046 312 2,069 1,752 Other 108,662 19,034 4,644 40,852 44,1321 Netdemand2 107,196 19,959 5,353 41,718 40,1661 Present legal require- Time 66,750 7,241 1,960 26,023 31,525 3 ments: Demand balances due Minimum 210 10 7 from domestic banks, 7,403 114 88 1,984 5,2181 Maximum 222 222 14 Currency and coin 2,631 196 32 821 1,583 I Balances with F. R. Banks.. 17,181 3,490 954 7,415 5,322 * First-of-month or midmonth dates record changes at country banks, Total reserves held 19,812 3,686 986 8,236 6,905 and other dates (usually Thurs.) record changes at central reserve or Required 19,217 3,655 981 8,185 6,396 reserve city banks. Excess 595 31 5 51 509 1 Demand deposits subject to reserve requirements are total demand deposits minus cash items in process of collection and demand balances due from domestic banks. 1 Balances with Reserve Banks are as of close of business; figures for all 2 Before July 28, 1959, the minimum and maximum legal requirements other reported items (that is, excluding total reserves held and excess refor central reserve city banks were 13 and 26 per cent, respectively, and serves) are as of opening of business. the maximum for reserve city banks was 20 per cent. 2 Demand deposits subject to reserve requirements, i.e., gross demand NOTE.—All required reserves were held on deposit with Federal Reserve deposits minus cash items reported as in process of collection and demand Banks, June 21, 1917, until late 1959. Since then, member banks have balances due from domestic banks. also been allowed to count vault cash as reserves, as follows: Country banks—in excess of 4 and 2l/i per cent of net demand deposits effective Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 2V2 per cent effective Dec. 3, 1959 and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS1 [In millions of dollars] Wednesday End of month Item 1961 1961 1960 Dec. 27 Dec. 20 Dec. 13 Dec. 6 Nov. 29 December November December Discounts and advances—total 552 303 49 35 51 130 39 33 Within 15 days 534 300 46 31 46 113 34 23 16 days to 90 days 18 3 3 4 5 17 5 10 50 47 43 42 41 51 43 74 Within 15 days 13 8 6 7 8 14 8 35 16 days to 90 days 37 39 37 35 33 37 35 39 29,040 28,957 29,259 29,403 28,775 28,881 29,210 27,384 Within 15 davs 630 366 374 378 283 567 197 821 16 days to 90 days 6,682 6,691 6,770 6,821 6,662 6.630 6.746 5,247 91 days to 1 year «...• 10 497 10 669 10 509 10,624 10.393 10,453 10,686 9,186 Over 1 year to 5 years 8 738 8,738 9,113 9,091 8,976 8,738 9,091 10,680 2,227 2,227 2,227 2,223 2,213 2,227 2,223 1,179 266 266 266 266 248 266 267 271 * Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1961 1961 1960 Dec. 27 Dec. 20 Dec. 13 Dec. 6 Nov. 29 December November December Assets 15,456 15.456 15,495 15,573 15,584 15,445 15,584 16,413 Redemption fund for F. R. notes 1,159 1,159 1,158 1,134 1,126 1,170 1,126 1,066 16,615 16,615 16,653 16,707 16,710 16,615 16,710 17,479 Cash , 287 295 305 333 347 320 356 363 Discounts and advances: 537 303 49 35 49 115 37 25 For nonmember banks etc . 15 2 15 2 8 47 47 43 42 41 48 43 54 Held under repurchase agreement 3 3 20 U. S. Government securities: Bought outright: Bills 3,264 3,428 3,730 3,935 3,499 3,193 3,742 2,900 Certificates—Special Other 1,699 1,699 1,699 1,692 1,692 1,699 1,692 9,060 Notes 19,984 19,984 19,984 19,945 19,892 19,984 19,945 12,481 Bonds 3,846 3,846 3,846 3,831 3,692 3,846 3,831 2,543 28,793 28,957 29,259 29,403 28,775 28,722 29,210 26,984 Held under repurchase agreement 247 159 400 29,040 28,957 29,259 29,403 28,775 28,881 29,210 27,384 29,642 29,307 29,351 29,480 28,867 29,062 29,292 27,491 5,926 7,071 5,370 4,613 4,797 6,125 4,690 5,209 110 110 110 110 110 111 110 108 230 208 217 197 179 237 186 209 Total assets 52,810 53,606 52,006 51,440 51,010 52,470 51,344 50,859 Liabilities 29,032 29,025 28,894 28,689 28,420 28,802 28,442 27,924 Deposits: 17,884 17,505 16,917 16,906 16,657 17,387 17,200 17,081 U S Treasurer—general account.... 264 558 587 380 504 465 489 485 Foreign 237 249 243 238 221 279 198 217 Other 267 187 188 270 204 320 249 533 18,652 18,499 17,935 17,794 17,586 18,451 18,136 18,316 3,677 4,653 3,767 3,501 3,570 3,825 3,326 3,362 Other liabilities and accrued dividends *............. 79 77 77 81 75 59 79 31 Total liabilities 51,440 52,254 50,673 50,065 49,651 51,137 49,983 49,633 Capital Accounts Capital paid in . . 445 445 439 435 433 445 434 409 817 817 817 817 817 888 817 817 108 90 77 123 109 110 Total liabilities and capital accounts 52,810 53,606 52,006 51,440 51,010 52,470 51,344 50,859 Contingent liability on acceptances purchased for 125 127 117 115 111 126 110 230 U. S. Government securities held in custody for 6,111 5,986 5,916 5,794 5,844 6,006 5,793 5,726 Federal Reserve Notes—Federal Reserve Agents* Accounts F. R. notes outstanding (issued to Bank).. 30,605 30,578 30,494 30,197 30,049 30,593 30,041 29,730 Collateral held against notes outstanding: Gold certificate account 8,395 8,425 8,425 8,325 8,545 8,375 8,545 9,385 Eligible paper 46 34 12 14 17 . 10 27 19 U. S. Government securities 22,895 22,895 22,875 22,700 22,475 22,925 22,475 21,065 Total collateral. 31,336 31,354 31,312 31,039 31,037 31,310 31,047 30,469 i No accrued dividends at end-of-December dates. statement, see BULLETIN for February 1961, p. 164. For reserve ratios see NOTE.—For explanation of adjustments in preparing this consolidated opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 49 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1961 [In millions of dollars] Item Total Boston Y N o e r w k P p d h h e il i l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 15,445 936 3,479 907 1,306 1,088 863 2,565 631 346 665 587 2,072 Redemption fund for F. R. notes.... 1,170 70 279 71 105 95 70 212 48 27 51 35 107 Total gold certificate reserves 16,615 1,006 3,758 978 1,411 1,183 933 2,777 679 373 716 622 2,179 F. R. notes of other Banks 503 35 108 44 35 41 57 39 22 18 17 29 58 320 20 55 12 26 21 26 58 18 9 11 15 49 Discounts and advances: Secured by U. S. Govt. securities.. 115 102 1 1 0) 1 1 2 7 Ac O ce th p e ta r nces: 15 C1) 4 1 1 1 2 C1) 0) 1 1 2 Bought outright. . .. . 48 48 Held under repurchase agreement.. 3 3 U. S. Govt. securities: Bought outright . . 28,722 7,103 1,659 2,435 1,862 1,579 4,907 1,166 616 1,316 1,167 3,561 Held under repurchase agreement.. 159 159 1,351 Total loans and securities 29,062 1,352 7,419 1,661 2,437 1,863 1,581 4,910 1,168 616 1,324 1,168 3,563 Cash items in process of collection... 7,481 569 1,644 439 581 514 531 1,239 306 200 342 296 820 Bank premises .... 111 4 9 4 8 6 14 24 7 5 6 13 11 Other assets 237 11 57 14 21 15 14 40 10 5 11 10 29 Total assets 54,329 2,997 13,050 3,152 4,519 3,643 3,156 9,087 2,210 1,226 2,427 2,153 6,709 Liabilities 29,305 1,704 6,751 1,890 2,625 2,380 1,717 5,362 1,269 579 1,193 869 2,966 Deposits: 17,387 789 4,517 829 1,301 760 892 2,540 628 443 872 932 2,884 U. S. Treasurer—general account.. 465 16 129 11 37 50 12 66 18 16 37 23 50 Foreign 279 13 2 88 16 25 12 14 37 9 6 12 15 32 Other 320 3 229 3 4 6 5 13 2 1 5 3 46 Total deposits 18,451 821 4,963 859 1,367 828 923 2,656 657 466 926 973 3,012 Deferred availability cash items 5,181 406 956 323 398 371 442 874 235 148 250 234 544 Other liabilities 59 3 16 3 4 4 3 9 3 3 2 2 7 Total liabilities 52,996 2,934 12,686 3,075 4,394 3,583 3,085 8,901 2,164 1,196 2,371 2,078 6,529 Capital Accounts Capital paid in 445 21 121 26 42 20 24 62 15 10 19 25 60 Surplus 888 42 243 51 83 40 47 124 31 20 37 50 120 Other capital accounts Total liabilities and capital accounts.. 54,329 2,997 13,050 3,152 4,519 3,643 3,156 9,087 2,210 1,226 2,427 2,153 6,709 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Dec 31 1961 34.8 39.8 32.1 35.6 35.3 36.9 35.3 34.6 35.3 35.7 33.8 33.8 36.5 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 Dec 31 1960 37.4 36.5 34.6 40.9 37.2 37.8 37.9 37.7 36.8 35.5 40.1 40.7 39.5 Contingent liability on acceptances purchased for foreign correspondents 126 6 3 36 7 12 6 7 4 3 5 7 15 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 30,593 1,768 7,046 1,96? ,789 ,460 1 79? 5,522 1 659 1,227 918 ,117 Collateral held against notes outstanding: Gold certificate account ... 8,375 585 1,600 570 770 755 475 1,500 400 160 325 235 I,000 10 I 2 7 22,925 1,235 5,600 1,500 2,050 1,715 1,400 4,100 960 510 950 705 2,200 Total collateral 31,310 1,820 7,200 2,071 2,820 2,470 1,875 5,600 1,362 670 1,282 940 3,200 1 Less than $500,000. 3 After deducting $90,000,000 participations of other Federal Reserve 2 After deducting $191,000,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 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 Bid of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 L398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 I960—Nov 32,632 23,410 2,417 1,487 86 2,191 6,683 10,545 9,222 2,762 5,888 248 317 3 5 Dec. 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961—Jan 31,776 22,580 2,391 1,439 86 2,120 6,409 10,135 9,196 2,752 5,875 247 314 3 5 Feb 31,769 22,612 2,392 1,431 86 2,114 6,438 10,150 9,158 2,736 5,855 246 312 3 5 Mar 31,891 22,742 2,406 1,434 86 2,124 6,496 10,198 9,148 2,733 5,851 245 312 3 5 Apr 31,830 22,702 2,417 1,433 86 2,119 6,476 10,171 9,128 2,726 5,839 245 310 3 6 May...... 32,197 23,042 2,445 1,465 87 2,156 6,584 10,305 9,154 2,741 5,852 244 309 3 6 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 Au« 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 [,494 89 2,180 6,671 10,586 9,283 2,773 5,959 241 301 3 5 Nov 33,538 24,154 2,563 1,534 90 2,246 6,866 10,856 9,384 2,814 6,021 241 299 3 5 i Outside Treasury and Federal Reserve Banks. Before 1955 the currency shown by denomination by amounts of unassorted currency totals shown as in circulation were less than totals of coin and paper (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars] Held in the Treasury Currency in circulation * Held by Total out- F.R. standing As security For Banks Kind of currency Nov. 30, against Treasury F. R. and Nov. 30, Oct. 31, Nov. 30, 1961 gold and cash Banks agents 1961 1961 1960 silver and certificates agents Gold 16,975 (16,710) 2 265 (16,710) 13,894 2,816 30 30,043 93 1,599 28,350 27,703 27,623 Treasury currency—total 5,585 (2,350) 39 357 5,188 5,133 4,979 Standard silver dollars 487 104 29 12 342 339 317 2,246 2,246 (2,350) 282 2,068 2,046 3 2,093 Subsidiary silver coin 5 32 1,612 1,590 1,529 616 1 5 609 603 571 United States notes • •» •• . 347 3 25 318 315 317 In process of retirement4 240 1 239 239 5 152 Total Nov 30, 1961 6 52,602 (19,060) 398 13,894 4,772 33,538 Oct 31 1961 6 52,340 (19,389) 407 14,212 4,886 32,836 Nov 30 1960 6 52,623 (20,006) 410 14,794 4,787 32,632 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. 43. 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 silver 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 * Redeemable from the general fund of the Treasury when presented. reserves and security features, see Circulation Statement of United States (Federal Reserve Banks and national banks no longer have liability for Money issued by the Treasury Department, or BULLETIN for August their currency included herein, as payment therefor has been made to the 1961, p. 936, or earlier issues. Treasury as required by law.) 7 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY SUPPLY; BANK DEBITS 51 MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Money supply Related Related deposits Money supply deposits (not (not seasonally (not Seasonally Not seasonally seasonally adjusted) seasonally Period adjusted adjusted adjusted)1 Week adjusted)! ending— 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 i d Time G U o .S v . t. Total r C en u c r- y D p e o d m s e i - t a s n 1 d Time G U o .S v . t 1954_Dec 131.8 27.4 104.4 135.0 27.9 107.1 48.5 5.0 1960 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 6 6 5 5 8 9 6 0 1 7 — — — — — — _D D D D D D D e e e e e e e c c c c c c c? 1 1 1 1 1 1 1 4 4 3 3 3 4 4 0 4 6 4 5 1 0 , . . . . . . 9 8 5 6 5 5 4 2 2 2 2 2 2 2 8 8 7 8 9 8 9 . . . . . . . 6 8 9 3 0 5 2 1 1 1 1 1 1 1 1 0 1 1 1 0 0 2 6 1 5 2 8 7 . . . . . . . 6 8 4 4 2 3 2 1 1 1 1 1 1 1 4 4 4 4 3 3 3 8 4 4 3 7 9 8 . . . . . . . 5 9 3 8 9 7 8 2 2 2 2 2 2 3 9 9 9 0 8 8 8 . . . . . . . 5 5 2 1 7 9 3 1 1 1 1 1 1 1 1 1 1 1 0 1 0 8 5 5 4 9 1 9 . . . . . . . 4 5 9 1 3 0 6 6 6 7 8 5 5 5 5 2 7 2 7 1 0 . . . . . . . 1 5 3 0 1 8 0 4 4 4 3 3 3 3 . . . . . . . 9 9 7 9 5 4 4 D N e o c v . . 2 3 1 1 7 2 9 3 0 4 6 1 1 1 1 1 1 1 4 4 4 4 4 4 4 0 3 2 1 1 1 1 . . . . . . . 9 9 2 4 9 8 5 2 2 2 2 2 2 2 9 9 9 8 9 9 9 . . . . . . . 5 3 9 5 3 2 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 4 2 2 2 2 . . . . . . . 6 9 4 7 6 2 2 7 7 7 7 7 7 7 1 2 2 2 2 1 1 . . . . . . . 9 0 1 9 3 8 2 6 5 6 6 5 5 3 . . . . . . . 2 4 0 1 0 6 2 21 145.2 29.6 115.7 72.6 4.2 1960—Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 28 143.8 29.7 114.1 72.9 5.9 1961—Jan 140.6 28.9 111.7 143.7 28.8 114.9 73.7 4.1 1961 A F M e p a b r r. 1 1 1 4 4 4 1 1 2 . . . 5 2 0 2 2 2 8 9 9 . . . 9 0 0 1 1 1 1 1 1 2 2 3 . . . 6 3 0 1 1 1 4 4 4 0 0 1 . . . 1 9 7 2 2 2 8 8 8 . . . 6 6 7 1 1 1 1 1 1 1 2 3 . . . 4 3 0 7 7 7 5 5 6 . . . 1 9 9 4 4 2 . . . 8 7 9 Jan. 1 4 1 1 1 4 4 4 3 . . 2 8 2 2 9 9 . . 2 2 1 1 1 1 5 4 . . 0 6 7 7 3 3 . . 4 4 4 5. . 9 7 May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 18 144.0 28.8 115.2 73.6 3.5 June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 Oct. 4 141.7 29.2 112.5 81.8 8.2 July 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 11 142.7 29.6 113.1 81.9 6.2 Aug 141.8 29.0 112.8 141.1 29.2 111.9 80.7 5.5 18 144.0 29.5 114.4 82.0 6.9 Sept 143.0 29.2 113.8 142.4 29.3 113.1 81.3 5.2 25 144.3 29.3 114.9 82.0 6.2 Oct „. 143.7 29.3 114.4 143.6 29.4 114.2 82.0 6.5 Nov. 1 145.0 29.2 115.8 82.2 5.6 Nov 144.1 29.4 114.6 145.3 29.7 115.6 82.0 5.8 8 145.2 29.7 115.5 82.2 5.8 Dec* 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 15 146.1 29.6 116.5 82.1 4.8 22 144.8 29.8 115.0 81.8 6.5 Semi-monthly 29 145.0 29.7 115.3 81.9 6.1 Dec. 6 146.3 29.9 116.3 82.0 5.4 1961—Oct. 1.... 143.1 29.4 113.8 142.8 29.5 113.3 81.9 6.9 13 147.8 30.1 117.7 82.2 3.5 2.... 144.2 29.3 114.9 144.4 29.3 115.1 82.1 6.1 20 149.7 30.1 119.6 82.2 4.1 Nov. 1.... 144.5 29.4 115.1 145.6 29.6 116.0 82.2 5.3 27. 148.5 30.4 118.1 82.4 6.1 2.... 143.7 29.5 114.2 145.0 29.8 115.2 81.9 6.3 Dec. 1.... 144.4 29.4 114.9 147.4 30.0 117.3 82.1 4.3 1962 2»... 145.5 29.6 115.9 149.5 30.2 119.3 82.4 5.5 Jan. 3^ 150.9 29.9 121.0 82.8 6.1 *> Preliminary. 1947, see BULLETIN for October 1960, pp. 1102-1123. For back data on * 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 repor+Sncr centers New York 6 others1 centers 2 New York 6 others^ centIE* Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959 2,679,167 1,023,605 545,258 1,110,304 56.4 32.5 24.5 I960 2,838,754 1,102,850 577,606 1,158,298 60.0 34.8 25.7 1961 3,110,833 1,278,843 622,685 1,209,305 1960—Dec 256 905 88 381 101 551 47 871 52 313 94,687 103,041 57.8 64.4 34.3 36.5 25.1 26.6 1961 Jan... 257 714 97 520 104 473 51 046 52 382 97,504 100,860 63.0 65.5 36.5 36.3 25.7 25.8 Feb 222 722 98 269 89 831 50,199 44,861 97,719 88,030 63.7 61.4 35.8 33.5 25.7 24.4 Mar 265,442 101,454 110,455 49,484 53,354 98,447 101,633 67.1 69.9 35.4 38.1 26.1 26.1 Apr 240,966 103,451 101,151 51,281 48,529 97,332 91,286 68.0 67.8 36.9 37.1 25.6 24.9 May 268,804 113 337 111 463 53,180 53,782 102,847 103,560 74.6 72.0 38.0 37.8 26.9 26.8 June 271,830 103,829 113,228 52,292 54,277 101,549 104,325 70.6 75.6 37.7 38.6 26.6 27.1 Julv... . 247 667 104 542 100 591 50 736 49 085 100,720 97,991 70.6 70.4 36.7 36.5 26.2 26.4 Aug 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 . 274 717 113 732 53,589 54,279 103,970 106,706 76.1 75.0 37.9 37.7 26.9 27.0 Nov r272,590 119*172 112,466 54,537 54,197 '105,347 r105,927 77.7 75.0 39.0 37.9 27.1 27.2 Dec 286,258 107,245 120,303 53,898 57,504 102,081 108,452 69.5 77.4 *>25.9 * Preliminary. r Revised. NOTE.—For description of series and for revised monthly figures Adj. = adjusted for seasonal variation. Unadj. = without seasonal beginning with 1950, see BULLETIN for January 1960, pp. 8-11. Seasonally adjustment, adjusted figures for earlier years, prepared by Federal Reserve Bank of i Boston, Philadelphia, Chicago, Detroit, San Francisco and Los New York, together with unadjusted data were published in BULLETIN f *•• 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

52 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] 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 ta] Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s co m n a u i c e n s - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1958—Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 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 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 Dec. 2iv, 17,000 5,600 284,500 152,400 102,400 72,600 29,000 700 29,600 306,900 278,700 28,200 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series6 For- Date p b e n o d a i e s e g n i - t n t k 2 s, T h c i u r o n a e r g l s a y d h s s - - m sa c e v a o A r i n c n m t d i g a - s l B F a . A n R t ks . Total Total m T C e i o r m c m i e a - l de M p s o a u s v t i i u t n s a g 3 l s S P a o v s i t n a g l s p m o D d s a e e i n - - ts d 5 b r C o e s a i n u u n d c t r k e - y - s a d d d e e T j a p m o u n o s t a d s a t n e i l t d d s p m D o a d a e d s e n - - i - t d s b r C o s e a i n u u n d c t r k e - - y s banks banks banks 4 System currency justed 1929—June 29.. 365 204 381 36 54.790 28.611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40;828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 63,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 76,793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31.. 1,682 1,336 1,452 870 115700,008 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 176916 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,!600 1958—Dec. 31.. 3,870 683 4,558 358 242 553 98,306 63,166 34,006 1,134 11155,507 28,740 138,800 110,700 28,100 1959—Dec. 31.. 3,203 391 5,319 504 246 603101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 1960—June 29.. 2,900 400 7,300 500 239 800103,700 67,400 35,400 800107,800 28,300 138,000 109,900 28,100 Dec. 31.. 3,184 377 6,193 485 252; 926 108,468 71,380 36,318 770115,102 29,356 139,200 111,000 28,200 1961—Jan. 25.. 3,100 400 3,600 500 251 600 109,000 71,700 36,500 800 114,700 28,000 140,700 112,300 288,400 Mar. If 3,100 400 6,100 400 249 500 110,700 73,300 36,600 700 110,600 28,200 139,400 110,900 288,500 Mar. 29., 3,300 400 4,400 500 250 200 111,900 74,200 37,000 700 110,300 28,000 140,400 112,100 288,300 Apr. 26., 3,200 400 2,300 500 254,200112,700 75,000 36,900 700 113,600 27,900 141,500 113,300 288,200 May 31., 1,100 400 5,100 400 254,700115,700 77,900 37,000 700 110,600 28,400 140,800 112,300 288,500 June 30., 1,250 379 6,638 408 256,929117,280 79,092 37,486 702 110,288 29,361 140,900 112,700 288,200 July 26.. 1,300 400 5,800 500 259,100 117,700 79,500 37,500 700 113,000 28,400 141,500 113,200 288,300 Aug. 30.. 1,300 400 5,600 500 258,500118,600 80,200 37,600 700111,500 28,500 141,300 113,000 288,300 Sept. 27*, 1,400 400 8,400 500 260,300119,500 80,900 37,900 700112,400 28,500 141,800 113,400 288,400 Oct. 25* 1,300 400 6,000 400 264,400120,100 81,400 37,900 700115,700 28,700 143,800 115,000 288,800 Nov. 29*>. 1,200 400 5,700 500 265,100119,800 81,200 38,000 700116,200 29,100 143,400 114,800 288,600 Dec. 27*>, 1,500 400 6,700 300 269,900120,700 81,700 38,400 700119,900 29,300 144,800 116,100 288,700 P Preliminary. * Revised Preliminary. 5 Demand deposits other than interbank and U. S. Govt., less cash t "This date used instead of last Wednesday of February. Seasonal items reported as in process of collection. adjustment factors used, however, were for last Wednesday of February. 6 Seasonally adjusted series begin in 1946 and are available only for last 1 Represents all commercial and savings banks, Federal Reserve Banks, Wednesday of the month. For description of series and for back data Postal Savings System, and Treasury currency funds (the gold account, see BULLETIN for February 1960, pp. 133-36. Treasury currency account, and Exchange Stabilization Fund). NOTE.—For description of statement and back figures, see BULLETIN 2 Beginning with May 1961 the reclassification of deposits of foreign for January 1948, pp. 24-32. The composition of a few items differs central banks reduced this item by $1,900 million ($1,500 million to time slightly from the description in BULLETIN article; stock of Federal Reserve deposits adjusted and $400 million to demand deposits adjusted). Banks held by member banks is included in other securities and in capital 3 Excludes interbank time deposits; U. S. Treasurer's time deposits, and miscellaneous accounts, net, and balances of the Postal Savings open account; and deposits of Postal Savings System in banks. System and the Exchange Stabilization Fund with the U. S. Treasury 4 Before June 30, 1947, includes a small amount of demand deposits. are netted against capital and miscellaneous accounts, net, instead of Beginning with June 1961 includes amounts now reported by insured against U. S. Govt. deposits and Treasury cash. Total deposits and mutual savings banks as demand deposits; formerly, before passage of currency shown in the monthly Chart Book excludes foreign bank dethe recent amendment of the F.D.I. Act, reported as time deposits or posits, net, and Treasury cash. Except on call dates, figures are rounded other liabilities. to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 53 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 . 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.S D . ema O nd ther Time7 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 - Govt. Other All banks: 1941—Dec. 31 126 26,615 25,511 8,999 27,34490,908 ,816 10,982 44,355 26,479 23 8,41414,826 1945_Dec. 31 227 30,362101,288 8,577 35,415177,332 ,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 314 924 43,002 81,199 723 38388175,091161,86512,793 240 1,346 94. 53,105 6611,94814,714 1958—Dec. 31 485121,571 73,641 273 49911276,430 250; 15,799 2,374 4,253 130; 97,498 8121,70514,020 1959—Dec. 31 831135,958 65,80126,07150;296 283,629 254; 15,650 1,443 5,054 13i:622 101,116 624 22; 13,991 1960—June 29 200140,990 60,760 25.450 43710 276,710 244; 13,300 1,440 7,060 119;570 103,1002,170 23; 14,000 Dec. 31 623144,764 67,242 26617 53022 298,126 266 17,080 1,800 5,949 133; 107,959 167 24,539 13,986 1961—Apr. 26 ,630144,950 67,100 27580 44200 290,370 256; 13,500 1,900 2,010 126;690 112,250 1,750 24 13,974 May 31 320145,850 67,800 27670 44920 292,830 258; 13, 430 4,790 124;260 115,270 1,740 25; 13,975 June 30 192146,164 68,104 27923 46457 295,567 262; 13; 462 6,368 125: 116,865 452 25 13,977 July 26 600146,450 71,040 28110 44150 296,460 262; 13; 460 5,550 125;410 117,320 1,230 25 13,973 Aug. 30 ;880147,030 70,490 28360 43, 170 295,760 260; 13; 460 5,340 123; 118,170 1,880 25570 13,968 Sept. 27* 990149,580 72,290 29120 44740 302,880 267; 13 470 8,180 125;470 119,060 2,150 2595013,965 Oct. 25* 150149,370 72,820 28960 46, 140 304,230 269; 14; 480 5,680 128; 119,640 1,830 25760 13,,951 Nov. 29P 260150,740 72,420 29 100 46970 306,000 270; 14 470 5,460 129; 119,480 1,830 26;030 13,947 Dec. 21 v 790154,540 72,620 29,630 53,300 317060 280,53016J 490 6,420 137;210 120,3302,710 26;170 13,950 All commercial banks: 1941—Dec. 31 21,714 21,808 26,551 79,104 71 10,982 44,349 15,952 23 17314,278 1945_Dec. 31 26,083 90,606 34,806160,312150 14,065 105,921 30,241 219 950 14,011 1947_Dec. 3H 38,057 69,221 006 37;502 155,377144;10312,792 240 1,343 94,367 35,360 65 059 14,181 1958—Dec. 31 98,214 66,376 20 575 48;990 238651216,01715,799 2,372 4,250130,104 63,493 73 486 13,501 1959—Dec. 31 110,832 58,937 20 50149467 244686 21990315,649 1,441 5,050131,593 66,169 615 556 13,474 1960—June 29 114,840 54,21019850 42880 237040 20901013,300 1,440 7.060119,540 67,670 2,170 20280 13,485 Dec. 31 117,642 61,003 20864 52150 257552 22984317,079 1,799 5,945133,379 71,641 163 20986 13,472 1961—Apr. 26 117,180 60,740 21800 43;400 249040 21939013,500 1,900 2,010 126,66075,320 1,750 21200 13,460 May 31 117,850 61,450 21860 44090 251240 22118013500 430 4,790124,230 78,230 l,740 2i; 13,461 June 30 117,953 61,824 2207145,595253 749 22499713633 461 6,362125,161 79,380 443 21; 13,463 July 26 118,070 64,740 22260 43320 254480 22479013620 460 5,550125,350 79,810 1,230 21 13,459 Aug. 30 118,450 64,160 22510 42,370 253580 22287013340 460 5,340123,190 80,540 1,880 21 13,454 Sept. 27* 120,800 66,000 23230 43,920 260460 22910013890 470 8,180125,410 81,150 2,150 22; 13,451 Oct. 25* 120,470 66,630 23190 45,320 261;910 231;05014530 480 5,680128,640 81,720 1,830 22; 13,437 Nov. 29*> 121,670 66,210 23370 46,130 263;510 232;07014920 470 5,460 129,73081,490 1,830 22;290 13,433 Dec. 27» 610 ".1"2,5230 66,480 23900 52,330 274;290 242;100 080 490 6,420137,150 81,960 2,710 22;42013,437 AH 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 ,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 ,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 202017182,81615,227 2,187 ,822110,448 51,132 5415,460 6,312 1959—Dec. 31 94,779 46,81316287 43;509 205726184,70615,048 1,338 ,504110,989 52,827 58116,264 6,233 I960—June 29 97,898 42,98015J15 37,977199,243175,20012,775 1,298 ,360100,790 53,977 2,06916,822 6.212 Dec. 31 99,933 49,10616,579 45,756 216; 193,02916,436 1,639 ,287112,393 57,272 13017,398 6,174 1961—Apr. 26 99,913 49,02017,465 007 209 184,11813,007 1,741 ,706106,839 60,825 1,72017,683 6,147 May 31 100,140 49,81717,493 735 21i; 185,72713,025 268 ,198104,693 63,543 1,63917,865 6,147 June 30 99,992 50,36117696 40.084 213 189,22613,077 276 ,731105,568 64,574 38218,027 6,141 July 26 100,098 52,90717888 37;991214,376 188,91613,070 275 ,027105,579 64,965 1,17817,981 6,138 Aug. 30 100,379 52,35818113 36;940 213;235186,81612,787 270 ,738103,427 65,594 1,82218,141 6,137 Sept. 27 ' 102,355 53,86318719 38;582 219;287192,30513,325 282 ,293105,312 66,093 2,12818,386 6,132 Oct. 25^ 102,107 54,290is;687 39;721220;414193,86313,913 293 ,020108,063 66,574 1,80818,293 6,122 Nov. 29? 103,129 53,874is;824 40,394 221715194,66614,294 288 ,793108,894 66,397 1,79518,478 6,116 Dec. 2TP. 106,549 54,183191366 46 188 231;960204,16815,428 303 ,793115,794 66,850 2,65918,612 6,115 All mutual savings banks: 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 3 17,745 1,889 533 1958—Dec. 31.... 36,320 23,357 7,265 5,698 921 37,779 34,040 3 34,006 3,219 519 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 4 34,948 10 3,359 517 I960—June 29 38,300 26,150 6,550 5,600 830 39,670 35,460 35,430 3.490 515 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 8' 36,930 8.3,600 514 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 (5) 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 37,910 3,730 514 Oct. 25* 40,860 28,900 6,190 5,770 820 42,320 37,980 8 37,920 3,700 514 Nov. 29* 41,010 29,070 6,210 5,730 840 42,490 38,050 37,990 3,740 514 Dec. 27*> 41,180 29,310 6,140 5,730 970 42,770 38,430 8 38,370 3,750 513 (5) P Preliminary. * Revised preliminary. commercial banks. Number of banks includes a few noninsured banks, 1 All banks in the United States (including all banks in Alaska and for which asset and liability data are not available. Comparability of Hawaii, beginning with January and August 1959, respectively). figures for classes of banks is affected somewhat by changes in Federal All banks comprise all commercial banks and all mutual savings banks. Reserve membership, insurance status, and the reserve classifications of All commercial banks comprise (1) all nonmember commercial and cities and individual banks, and by mergers, etc. (2) all member commercial banks. Member banks include (1) a national 2 Reciprocal balances excluded beginning with 1942. Reclassification bank in the Virgin Islands that became a member on May 31, 1957, (2) of deposits of foreign central banks in May 1961 reduced interbank a noninsured nondeposit trust company, and (3) one mutual savings deposits by a total of $1,900 million ($1,500 million time to other time bank (two prior to July 1961 and three before 1960) 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

54 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other 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 o a i a l a l u p i i n c a t n i - i d t - e t a s s l 3 Total 2 m D a e n - d Time U.S D . 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 - Central reserve city member banks: New York City: 1941—Dec. 31.. 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31.. 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31.. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1958—Dec. 31.. 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—Dec. 31.. 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 "232 3,361 16 I960—June 29.. 25,320 18,060 5,273 1,987 7,773 34,600 28,654 4,339 985 1,415 18,379 3,536 473 3,427 16 Dec. 31. . 27,726 18,465 6,980 2,282 0,301 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. . 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. 25P. 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. 29*>. 29,066 18,398 7,908 2,760 8,044 39,058 31,847 4,042 176 831 19,693 7,105 60: 3,702 14 Dec. 27*\ 30,773 19,694 8,098 2,981 0,596 43,372 35,556 4,779 185 1,381 22,202 7,009 1,283 3,701 13 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 1,438 733 14 1959—Dec. 31.. 6,885 4,206 1,985 694 2,003 8,967 8,06: 1,231 272 5,070 1,468 40 76: 14 I960—June 29.. 6,598 4,342 1,620 636 1,854 8,546 7,474 1,151 407 4,442 1,426 161 769 11 Dec. 31.. 7,050 4,485 1,882 683 2,046 9,219 8,197 1.380 327 4,899 1,530 35 82: 10 1961—Apr. 26.. 6,847 4,401 1,682 764 1,730 8,718 7,643 1,162 57 4,625 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. 27.. 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 25. 855 9 Nov. 29*>. 7,329 4,341 2,111 877 2,019 9,502 8,284 1,271 251 4,790 1,95" 137 866 9 Dec. 27*. 7,618 4,633 2,033 95: 2,057 9,839 8,680 1,280 406 4,984 1,995 71 870 9 Reserve city member banks:6 194l__Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,55' 4,806 1,96' 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 2.566 359 1947—Dec. 31 36,040 13,449 20.196 2,39613,066 49,659 46.467 5,627 X 405 28,99011,423 2,844 353 1958—Dec. 31 60,558 34,003 20,645 5,91017,701 79,781 72,647 7,506 377 1,429 42,25921,075 1 5,760 274 1959—Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,67f 7,450 303 1,698 42.66821,555 238 6,106 265 I960—June 29 59,563 39,421 14,846 5,29615,786 77,090 68,028 6,06: 241 2,591 37,96621,168 1,064 6,257 223 Dec. 31... 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42."2 6~7 "2"2,525 73 6,423 217 1961—Apr. 26 63.418 39,916 17,805 5,69715,529 80,838 71,556 6,554 341 61" 40,077 23,967 879 6,588 205 May 31.. 63,706 40,015 17,876 5,815 15,920 81,549 72,113 6,343 60 1,608 39,29024,812 88i 6.640 205 June 30 63,670 39,747 18,053 5,87016,529 82,141 73.55' 6,335 62 2,241 39,72125,199 13 6.684 205 July 26 , 65,089 39,910 19,171 6,00815,733 82,777 73,695 6,443 59 1,999 39,886666 25,328 535 6,685 204 Aug. 30 65,112 40,401 18,650 6,061 15,109 82,161 72,926 6,456 57 1,925 38,89025.598 552 6,744 205 Sept. 27 66,473 41,021 19,291 6,16116,041 84,480 74,956 6,786 64 2,909 39,40925,789 844 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. 29P 67,038 41,259 19,509 6,27016,779 85,805 75,950 7,404 60 1,875 40,669944 2255,917 905 6,86' 206 Dec. 27*> 69,126 42,787 19,795 6,54419,01 90,160 80,137 7,716 6' 2,293 43,68826,373 1,084 7,0Z 206 Country member banks:6 1941—Dec. 31 12,51 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 1,98: 6,219 1945_Dec. 31 35,002 5,596 26,999 2,40810,632 46.059 43,418 1,20' 5,465 24,23512,494 1 2,52: 6,476 1947—Dec. 31 36,324 10,199 22,857 3.26810,778 47,553 44,443 1.056 432 28,37814,560 23 2.934 6.519 1958—Dec. 31 , 61,51 30,257 23,606 7,64814,03 76.76' 70,277 1.57! 1,175 42,,"3 4"9 25,137 37 5,68: 6.006 1959—Dec. 31 64,082 33,766 22.535 7,781 14.122 79,567 72,32: 1,602 1,508 42,83226,356 7 6,03 5.938 I960—June 29 , 65,112 36,075 21,24 7,79612,564 79,007 71,044 1,223 1,947 40,00327,84' 37 6.36S 5.962 Dec. 31 67,890 36,98 22,848 8,06 14,74<" 84,126 76.004 1,778 1.783 43,39529,01 2: 6,59- 5,932 1961—Apr. 26 68,408 37,14* 22,945 8,314 12,71 82,51" 74.197 1,400 828 41,72230,210 194 6,67: 5,917 May 31 68,937 37,655 22.83 8,45 12,774 83,12" 74,624 1,346 1,617 41,13'30,493 29 6.754 5,917 June 30 69,13" 37,942 22,608 8,58$13,03 83,769 75,407 1,406 1,730 41,41330,820 12 6,861 5,911 July 26 69,86 37,937 23,345 8.57' 12.484 83.673 75,277 1,395 1,440 41,48'30,924 19: 6,82' 5,909 Aug. 30 70.06? 38,144 23,295 8,62< 12,7t: 84.206 75,637 1,406 1,644 41.404 3311,146 237 6.88c 5.907 Sept 27 , 71,73! 38,938 23,94 8,85312,611 85,97 77,30< 1,424 2,423 42,05< 31,364 84 7,08 5,904 Oct. 25* 71.94. 38,765 24,342 8,83613.24! 86,71: 78,191 1,57' 1,819 43,234 3311,536 71 6,95 5,893 Nov. 29P... 72,394 39,131 24,346 8,917 13,55. 87,351 78,58 1,57 1,836 43,71731,418 15 7,04: 5,887 Dec. 27*> 72,58 39,435 24,257 88,58S 79,79. 1,653 1,713 44,92031,47" 22: 7,01 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 reclassined as country banks. from noninsured mutual savings to nonmember commercial banks. 7 See note 4, page 52. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 55 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank 2 Other Cla a s n s d o d f a b t a e nk Total Loans o G U b o l . i S v g 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 b a i a l l p i n i a t i d i t - e a s l TotaP De- Demand 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 tions co a u c n - ts3 mand Time U.S. Time Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,98425,788 76.820 69,411 10654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31 121,809 25,765 88 912 7,131 34,292157,544147,775 13,883 23,740 80,27629,876 215 8 67113 297 1947—Dec. 31 114,274 37,583 67,941 8,75036,926152,733141,85112,615 54 1,325 92,97534,882 61 9,73413 398 1957_Dec. 31 168,595 93.430 57,58017,58548,127220,865199,87615,489 1,264 3,859123,12756,137 6617,05113,142 1958—Dec. 31 183,596 97,730 65,66920.19848,689236,724214,48515,653 2,209 4,241 129,21463,168 6718,15413,101 1959—Dec. 31 188,790110,299 58,34820,14349,158242,828218,47415,500 1,358 5,037130,72065,858 60219,20613,107 I960—Dec. 31 198,011117,092 60,46820,45151,836255,669228,40116,921 1,667 5,932132,53371,348 14920,62813,119 1961—June 30 200,353117,400 61,29721,65545,329251,910223,60313,475 305 6,352124,40379,068 43321,37713,129 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,13720,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947_Dec. 31 65,280 21,428 38 674 5,17822,024 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 9,61726,786120,153109,091 8,958 517 2,166 66,54630,904 38 9,070 4,620 1958—Dec. 31. 99,277 52.627 35 71410 93626,781128.397116,714 9,035 767 2,292 69,80834 812 43 9 643 4 578 1959—Dec. 31 102,615 59,962 31,76110,89227,464132,636119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 I960—Dec. 31 107,546 63,694 32,71211,14028,675139,261124,911 9,829 611 3,265 71,66039,546 11111,098 4,530 1961—June 30 108,843 63,440 33,52211,88125,274137,299122,485 7,749 99 3,541 67,60143,494 35511 439 4 524 State member banks: 1941 Dec 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 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 t 867 1947_Dec. 31 32,566 11 200 19 240 2.125 10 822 43.879 40,505 3,978 15 381 27,068 9,062 9 3 055 I 918 1957 Dec. 31 . . . 51,152 30,600 15.846 4,70715,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55 588 31 435 18 585 5 56816 407 73.620 66,102 6,192 1,420 1,530 40,64016,320 10 5 817 [ 734 1959—Dec. 31 55,264 34,817 15,052 5,39616,045 73,090 65,069 6.102 825 1,763 39,97416,406 240 5,962 1,691 1960—Dec. 31 58 073 36 240 16 394 5 43917 081 77,316 68,118 6,608 1,028 2,022 40,73317 727 20 6 299 I 644 1961—June 30 59,207 36,553 16,839 5,815 14,809 76,420 66,741 5,328 177 2,190 37,96721,080 27 6,588 617 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 4 149 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 18 388 17,58010,873 9 2,500 6,753 1958—Dec. 31 28 759 13 682 11,381 3 696 5 504 34,737 31,696 426 22 419 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 20 533 19,73213,059 21 2,944 6,878 1960—Dec. 31 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 27 645 20,14014,095 19 3,232 6,948 1961—June 30 32,318 17,416 10,941 3,961 5,247 38,206 34,391 398 29 621 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 18 1,392 478 4 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 39 840 303 11 317 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 9 890 325 6 332 399 1959 Dec 31 1 480 534 589 358 309 1,858 1,429 150 83 13 873 311 12 350 366 1960—Dec. 31 1,498 550 535 413 314 1,883 1,443 159 132 13 846 293 14 358 352 1961—.june 30 1,495 553 526 416 266 1,839 1,394 158 156 10 758 311 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 18 1 288 7 662 1945—Dec. 31 16,849 3.310 12,277 1,262 4.962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 314 18 454 5 432 11 318 1 703 4 659 23.334 21,591 439 190 167 13,758 7,036 12 1,596 7 261 1957—Dec. 31 27.741 12.961 11,172 3.608 5,684 33.897 30.715 554 138 427 18,42011,176 21 2,817 7,178 1958—Dec. 31 30 327 14 165 12 088 4 074 5,805 36,664 33,227 572 185 428 19,65512,387 20 3,028 7,192 1959 Dec 31 32 419 16 068 12 134 4 216 5 961 38.990 35,224 601 103 545 20,60513,370 34 3 294 7 244 I960—Dec. 31 33,910 17 719 11 904 4,287 6,396 40,997 36,834 643 160 657 20,98614,388 33 3,590 7,300 1961—June 30 33,813 17,968 11,467 4,377 5,513 40,045 35,785 556 185 631 19,59314,820 61 3,719 7,323 Insured mutual savings banks: 1941 Dec 31 1 693 642 629 421 151 1,958 1,789 1,789 164 52 1945 Dec 31 10 846 3 081 7 160 606 429 11 424 10 363 12 10 351 1 1 034 192 1947 Dec 31 12 683 3 560 8 165 958 675 13 499 12,207 1 2 1212,192 1 252 194 1957 Dec 31 26 535 17 194 5 404 3 937 719 27,671 25,022 1 3 2624,991 2 2,308 239 1958 Dec. 31 28 980 19 180 5,215 4 585 752 30,189 27,277 2 3 2827,243 7 2,473 241 1959 Dec 31 30 580 20 942 5 016 4 622 686 31 743 28,577 2 3 2828,544 9 2 654 268 I960 Dec 31 33 794 23 852 4 787 5 155 766 35,092 31,502 1 4 2931,468 3 2,998 325 1961 June 30 34 764 24 775 4 741 5 248 756 36,074 32,530 1 5 25732,267 8 3,090 325 Noninsured mutual savings banks: 1941 Dec 31 8 687 4 259 3 075 1 353 642 9 846 8,744 t 8,738 1,077 496 1945 Dec 31 5 361 1 198 3 522 641 180 5,596 5,022 5,020 6 558 350 1947 Dec 31 4 5 957 1 384 3 813 760 211 6 215 5 556 1 2 5 553 637 339 1957 Dec 31 7 246 4 022 2 148 1 076 171 7 497 6,672 1 6 671 1 751 283 1958 Dec 31 7 341 4 177 2 050 1 113 169 7 589 6.763 1 6,762 1 746 278 1959 Dec 31 6 981 4 184 1 848 949 143 7 200 6 405 1 6 404 1 705 249 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 1 5,019 1 570 189 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

56 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for Loans Oblic b o c C m a a l n l a m l k s e d s a r a c o n t i e f d al i l m T n o a v o a e n e n t n d a s t s t l s 2 - Total2 c o m m c i l i p n u n i a e e a g d - r r n l - - - A c tu a u g r l l r - - i- p o b k T s u r e r e o o r r c c s c - u a h r r a i r t s y i i e i n n s g g in f s in ti a t t u n o t c i i o a n l s l R o t e a a e s t n a - e l s O lo v i d t t i a n h o i d n - - e - s r O lo th a e n r s U. S. Govern C m e e r- nt obligations S p ti a i t g o o c o a n a l a n t f i d - e l t s - s O s ri e t t h c ie e u s r ket and To To To uals Total Bills tifi- Notes Bonds subpa- deal-others banks others cates diviper ers sions Total:3 1947_Dec. 31.. 116,28438,057 , 1,660 8301,220 115 9,393 5,723 947,6 (9,2212,193 7,789 6,034 53,205 276 3,729 1958—Dec. 31.. 185,16598,214 40,425 4,973 2,883322 11,829 719 25,255 20•'0,,^698 3,437 6"6,3766,294 7,39913,396 39,,287 505 4,;070 1959—Dec. 314. 190,270110,832 40,174 5,0183,018 1,850 819 7,118 28^060 24,166 2,784 58,9376,300 2,42014,856 35,360 16,958 3,543 1960—Dec. 31.. 199,509117,642 43,125 55i,667766 3,284 11,833 966 7,106 28,713 26,396 2,90161,0038,072 2,92019,01330,998 570 3,294 1961—June 30.. 201,848117,953 42,759 6,044 22,933 1,994 993 6,001 27,283 3,10261,8247,379 3,330 20^528 3300,587 728 3,344 Sept. 27 «. 209,910120.520 43,010 5i840 3,1201,990 2,400 400 29;790 27,300 3,100 6"6,130 11,820 2,210 22750 29,350 700 3,560 All insured: 1941—Dec. 31.. 49,29021,259 214 450 614 662 40 4,773 4,505 21,046 988 3,159 1]6,899 3,6513,333 1945—Dec. 31.. 121,80925,765 ,461 314 3164 3,606 49 4,677 2,361 1,132 88,9122,45519,07116,045 5-i';,342 3,8733,258 1947—Dec. 31.. 114,27437,583 18012 610 823 ,190 114 9,266 5,654 91467,9412,124 7,552 5,918 52,,:347 5,,1'2"9 3%621 1958—Dec. 31.. 183,59697,730 40,289 4913 797 ,810 713 25,148 2100;,;589 3,420 65,6696,159 7,36213,240 38,,90816,,266 3,932 1959—Dec. 314. 188,790110,299 40,022 4973 982 ,827 813 7,105 27; 948 24,032 2,76758,3486,189 2,440044 1144,^772 .9 35,02716,7213,422 I960—Dec. 31.. 198,011117,092 42,957 5628 3247 ,811 965 7,090 28,602 26,263 2,888833 60,4687,994 2,88418,86830,72217,300",150 1961—June 30.. 200,353117,400 42,569 60052; 909 ,970 993 5,98129,159 27,147 3,08561,2977,299 3,229955 20; 366 30,33718,454 3,201 Sept. 27..208,351119,955 42 820 5j 800 3; 089,962 2,404 6,374 "2 9',"68"1 27,161 3,08565,566 2,18122,576 29,11119,420 3,409 Member, total: 1941—Dec. 31.. 43,52118,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,18322,775 8,949 8553,1333,378 47 3,455 1,900 1,057 78,3382,27516,985 14,271 4"4,807 3, ,815 1947—Dec. 31.. 97,84632,628 16,962 ,046 8111,065 113 7,130 4,662 83957,9141,987 5,816 4,815 45,295 4,199 3,105 1958—Dec. 31.. 154,86584,061 37,444 3;052 2,7301,599 710 20,01317,028 3,211 54,2994,644 6,143 11,117 32,39613,4053,100 1959—Dec. 314. 157,87994,779 36,826 3,116 2,8851,587 811 6,8.0.1_ 22,,1 85 19,877 2,6"0"3 46,8134,612 1,812 11,604 28,78513,677 22,610 1960—Dec. 31.. 165,61999,933 3_9 ,288 3.,,5.0.9 3,1241,564 947 6,772266 22,518 21,622 2,694 49,1066,402 2,296 15,072 25,33514,1412,439 1961—June 30.. 168,04999,992 38,872 3,7212,780 1,709 970 5,644 23086 22,421 2,900 50,3615,962 2,951 16,476 24,97215,2202,475 Sept. 27..174,936102,355 39,062 3,630 2,9431,696 2,354 6,010 23 514 22,377 2,887 53,8639,693 1,933 18,,324 23,91316,1152,604 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945__Dec. 31.. 26,143 7,334 3,044 2,453 ,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 6"4~3 1,106 1,602 4,135 1,869 446 1959—Dec. 314. 25,29118,12110,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 1960—Dec. 31.. 27,72618,46510,876 1,574 399 500 1,799 868 1,930 940 6,980 ,422 578 1,708 3,272 1,964 317 1961—June 30.. 28,22018,05410,578 1,629 429 476 1,448 841 2,074 1,025 7,642 ,512 887 1*882 3,362 2,196 328 Sept. 27.. 29,45318,18310,528 1,617 451 533 1,563 868 2,009 1,063 8,,4—02 2',596 505 2,254 3,048 2,576 292 Chicago:5 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 1,446 491 140 1959—Dec. 314. 6,885 4,206 2,527 268 124 588 183 435 148 1,985 108 78 467 1,332 562 133 1960—Dec. 31.. 7,050 4,485 2,690 322 134 564 196 421 197 1,882 132 37 663 1,050 607 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 1,503 17 1,459 855 387 29,5521,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1958—Dec. 31.. 60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,6451,293 2,370 4,49712,484 4,8641,047 1959—Dec. 314. 61,62138,686 1155,252 765 580 776 235 3,369 9,251 8,211 98017,2921,484 645 4,10911,054 4,830 813 I960—Dec. 31.. 62,95340,00216,223 887 719 739 351 3,216 9,005 8,721 90917,339966 22,031 794 5,461 9,111 4,817 738 1961—June 30.. 63,67039,74715,862 963 610 749 344 2,751 9,256 8,954 1,02818,0531,784 1,175 6,292 8,803 5,174 696 Sept. 27.. 66,47341,02116,190 933 682 704 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 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945_Dec. 31.. 35,002 5,596 1,484 42 471 4 1,881 707 359 261,999 630 5,102 4,54416,722 1,3421,067 1947—Dec. 31.. 36,32410,199 3,096 23 227 5 3,827 1,979 224 22;,857 480 2,583 2,10817,687 2,0061,262 1958—Dec. 31.. 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 779 23;606 2,475 2,306 4,49514,330 6.181 1,467 1959—Dec. 314. 64,08233,766 8.498 2,321 298 284 11 ,056 11,816 9,491 22,535 2,381 863 5,75113,540 6;4521,330 1960—Dec. 31.. 67,89036,981 9.499 2,589 508 293 29 12,449 10,550 647 22,848 2,817 888 7,24011,903 6,7521,308 1961—J S u e n pt e . 3 2 0 7 . . . . 7 6 1 9 , ,1 7 3 3 9 2 3 38 7 , , 9 9 3 4 8 2 9 9, , 8 8 1 7 6 7 2 2, , 6 7 7 3 1 7 4 3 5 3 9 7 4 4 0 1 0 2 62 5 6 9 1,060 1 1 2 3 , , 7 0 8 2 8 9 1 1 0 0 , , 8 94 5 1 5 6 6 5 7 9 6 2 2 2 3 , ,9 6 4 0 1 8 2 3 , , 2 4 2 7 8 4 7 5 3 2 7 4 7 8 5 , 7 3 0 9 6 0 1 1 1 1 , , 9 5 3 5 7 4 7 7, , 4 2 1 2 0 01 1 , , 3 4 6 4 8 2 Nonmember:3 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31.. 30,32714,165 2,981 1,921 102 230 5,256 3,671 226 12,0881,651 1,255 2,280 6,901 3,102 971 1959—Dec. 314. 32,41916,068 3,348 1,902 133 263 317 5,888 4,289 12,1341,689 608 3,254 6,584 3,283 934 1960—Dec. 31.. 33,91017,719 3,838 2",167 161 269 379 6,205 4,774 11,9041,670 624 3,941 5,668 3,431 857 1961—June 30.. 33,81317,968 3,886 2,323 153 285 357 6,187 4,862 202 11,4671,417 380 4,052 5,618 3,508 869 e Estimated. status, and the reserve classifications of cities and individual banks, and 1 All commercial banks in the United States. These figures exclude by mergers, etc. data for banks in U. S. possessions except for member banks. During 2 Beginning with June 30, 1948, figures for various loan items are 1941 three mutual savings banks became members of the Federal Reserve shown gross (i.e., before deduction of valuation reserves); they do not System; these banks (two beginning with June 1960 and one beginning add to the total and are not entirely comparable with prior figures. Total September 1961) are included in member banks but are not included in all loans continue to be shown net. insured or total banks. Comparability of figures for classes of banks is For other notes see opposite page. affected somewhat by changes in Federal Reserve membership, insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 57 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits ive- Bal- De- C b o c C a m a l n l a l m k s d s e a a r o n c te f d ial F B s s w e e R e a d r r i n e v e t v - k h e r e s s al C va a u s l h t b m a a w d n e n o i c s k t - e t h s i s c 6 j p m u o s a d a t s d e n e i - - t d d s 7 D I o n d - t e e p r o b s a i 1 n t F s k or- G U o . v S t . . p s S o u a l t i a b n t t d i d e c i s a - l C c o a f e e i f n e f r r d i d t s - i ' - a p v n a s i I d h d r n t u i d n p c a i e o s - l , r s r - , - I b n a t n e k r- G P U S a o o . a n s v v d S t t - a . l S s p i u t o c a b l a t i d e l t- s i- p a v n a s I i h r d d n t i u d n c p a i o e s - l , r r s - - , B in o g r s - c C o a t a u a c p - n l i t - s mestic 6 eign8 visions checks, pora- ings visions poraetc. tions tions Total:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec. 31.... 18,427 3,249 12,609115,518 14,142 657 4,250 10,928 4 043 115,132 2,372 327 ,576 59,590 7318,486 1959—Dec. 31.... 17,931 3,012 12,237 115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 ,166 62,718 61519,556 1960—Dec. 31.... 16,720 3,346 13,681 115,120 15,453 [,627 5,945 11,674 4,602 117,103 1,799 262 iK544 66,836 16320,986 1961—June 30.... 16,488 2,903 11,184112,030 12,568 1,064 6,362 11,849 3,759 109,553 461 288 t5,266 73,826 44321,745 Sept. 27e... 16,040 3,870 11,080114,150 12,900 1,030 8,160 10,940 3,230 111,250 480 280 5,280 75,5302,23022,250 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 [,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 5,512 59,329 6718,154 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 5,095 62,478 60219,206 1960—Dec. 31.... 16,720 3,326 13,409114,292 15,339 ,582 5,932 11,582 4,564 116,388 1,667 262 i• 481 66,605 14920,628 1961—June 30.... 16,488 2,885 10,959 111,187 12,443 1,031 6,352 11,754 3,725 108,924 305 288 e5,209 73,572 43321,377 Sept. 27.... 16,037 3,844 10,851113,269 12,771 989 8,145 10,854 3,193 110,599 314 278 ',222 75,2732,21421,867 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 >,829 48,004 5415,460 1959—Dec. 31.... 17,932 2,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 >,383 50,185 58116,264 1960—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 '5,559 53,477 13017,398 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 i,L203 60,108 38218,027 Sept. 27.... 16,038 2,932 6,761 94,158 12,357 968 7,293 8,479 2,935 93,898 282 254 A1,214 61,6252,128 18,386 New York City:5 1941 Dec 31 ... 5 105 93 141 10 761 3 595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15^065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 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 1960—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 "iii 3,634 Sept. 27.... 3,603 203 78 16,198 3,198 707 1,485 309 1,556 17,452 173 37 245 6,7281,106 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—Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 3 733 1959—Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4,636 23 8 12 1,449 40 762 I960—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 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959_Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 ,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 f A1,197 22,901 131 6,684 Sept. 27.... 6,987 921 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 [,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 1960—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 Nonmember:3 1947—Dec. 31 544 3,947 13 595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1958 Dec. 31 808 4,633 19,300 528 43 428 2,325 331 16,999 185 27 747 11,613 20 3,027 1959 Dec 31 790 4 706 20 146 555 46 545 2 544 369 17,692 103 26 783 12,560 34 3,294 I960 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 deposifclassifications are not with 1961, demand deposits other than domestic commercial interbank available before 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 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. 7 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

58 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 n lo a e v o n a n e t n d a t s s s t l - 1 j i L m u n a s a o v e n t d a e n e d - s n t d t s s - 2 j L us a o t d a e - n d s 2 i C n m t a c r o d n i e i m a u a d r l - l s - - ^ u c g t u r r l a i - - l G U t l a i T o i o o g n . b o S n v a d - . s - t b . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U t l i o i o T o g . b S n v a o - . - s t . oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - ank c m m D c s o t i e i e o m a c s r - l - - - n s c s P a i a o o a n N f n e n n m l i s r e d - c o a - t s - i e l n tu b t a O io n t n k h s er e R st e a a t l e o lo A t a h l n e l s r V s t e a r i r o e l v u - n e a s panies etc. Total- Leading Cities 1961 Oct 4 117677 116 175 70,776 31,786 1,179 474 1,853 104 1.317 522 1,50? 3,389 2 143 13 140 16 396 1 577 11 118 561 116.984 70 989 31 849 1 180 711 1,982 99 1,305 535 1,577 3 2,128 13,196 16 359 574 18 119 473 117777 71 466 3? 070 1,189 1,013 1,932 96 ,301 530 1,696 3,174 2,180 13 16,379 ,569 25 118,74? 117035 71 093 31 877 1,7,05 750 1,993 103 ,304 530 1,707 3,047 2,191 13,747 16,413 ,567 118,898 117467 71 843 3? 085 1,710 1,072 2,055 98 ,310 525 1,431 3,13? 2,226 13,745 16 456 ,571 8 118,??0 116 899 71 647 3?,010 1,206 986 1,966 97 1,317 540 1 3 108 2 245 13 269 16 475 I 572 15 119,516 '118 16? '7? 434 '37, 136 1,716 1,341 2,080 100 1,318 '553 ,354 3,106 2,314 13,3P 16 527 569 22 118,707 '117 755 '71 741 '3? 074 1,270 833 2,016 103 ,330 '566 '1 45? 3,073 2,308 13,338 16,541 1,561 29 118,678 '117 319 '71 670 '37, 109 520 2,063 102 1,319 '587 '1,309 3,073 2 302 13 347 16 584 1 56? 118, 117 108 71,530 37,016 1,777 356 2,136 103 [,324 611 1,7^0 0^5 2 325 13 352 16 619 I 564 13 119,164 117860 71 9?0 3?,773 1,730 336 2,163 102 1,327 605 1,304 3 108 2 329 13 386 16 675 I 564 20 837 170 361 73 809 32,733 1 738 773 2,404 104 1.335 627 1,476 3 2,339 13,419 16 764 ,555 27 122)565 PI 056 74 569 32,931 1,255 1,019 2,379 125 1,343 657 1 509 770 2 366 13 399 16 877 New York City 1961 Oct 4 28,531 78 733 17471 10,511 9 254 1.115 20 All 235 1 151 412 785 2 999 441 11 741 78 435 17679 10,517 9 420 ,7?6 20 415 237 306 1,070 417 794 2 995 441 18 29!469 78 760 17969 10,603 9 673 1,171 20 413 231 709 1 418 801 3 026 437 25 78,453 78 710 17609 10,546 9 431 ,146 25 414 231 743 '995 418 808 3 023 437 Nov 1 28,876 ?8 496 1809? 10,655 9 705 ,701 20 420 226 380 10?4 429 809 3 029 435 8 469 78 303 17981 to,617 9 657 ,149 20 428 239 166 1,0?0 438 818 3 021 435 15 7,9 \334 7.9 129 18469 10,688 9 991 ,243 21 417 236 705 1,018 435 876 3,020 435 22 78,774 78 306 17803 10,661 10 510 ,155 21 420 253 418 915 438 826 3 026 432 29 78,756 78 189 17645 10,675 10 190 716 21 421 261 567 960 440 3,056 432 78,834 78 731 17 594 10584 11 150 ,778 21 427 274 603 919 441 828 3 095 434 13 29,066 78 547 17 784 to;67? 8 171 .300 21 430 278 519 967 438 839 3 094 434 20 79,947 79 814 18 817 10969 9 369 f,45l 21 436 304 133 1 440 847 3 143 433 27 30,491 30 16? 19 196 11,10? 10 525 1,438 33 440 300 1*261 474 842 3 204 433 Outside New York City 1961 Oct 4 89,146 87,94? 53 755 71,775 1,170 220 738 84 896 287 1,?04 ,?38 1,731 P ,355 13 397 1 136 11 89 820 88 549 53 310 21,332 1,171 291 756 79 890 298 1,771 ,149 1,711 P ,40? 13,364 ,133 18 90,004 89 017 53 497 7,1,417 1,180 340 761 76 888 299 987 9,133 1,762 P ,420 13 353 13? 25... 89,789 88,825 53,484 21,331 1,196 319 847 78 890 299 964 2,052 1,773 12,439 13,390 ,130 Nov. 1 90,022 88 971 53751 21,430 ,201 367 854 78 890 299 1,051 108 1,797 1?,436 13,427 ,136 8 89,751 88,596 53 71,393 ,197 329 817 77 889 301 1,155 ?,088 1,807 P ,451 13 454 137 15 90, 187 '89 033 '53 965 '21,448 ,207 350 837 79 901 '317 '1,149 088 1,879 P ,486 13,507 ,134 22 89,983 '88 949 '53,938 '71,363 ,710 323 861 82 910 '313 '1,034 108 1 870 P 5P 13 515 129 29 89,87? '89, 130 '54,075 '71,434 ,716 330 847 81 898 '326 ,113 1,862 P ,520 13 528 130 Dec 6 89,994 88 877 936 7143? ,716 206 858 82 897 337 1 117 106 1 884 P 524 13 524 1 130 13 90,098 89 313 54 136 71,551 ,222 165 863 81 897 327 785 ,141 1,891 P ,547 13 581 1 130 20 91,890 90;547 54,997 71 j764 229 404 953 83 899 323 1,343 37? 1 899 P 572 13 621 1 122 27 92,074 90,894 55,373 21,829 ,245 494 941 92 903 357 1,180 2,511 1,892 12,557 13,^673 1*121 ' Revised. NOTE.—Figures reflect new coverage; for description of changes in the 1 After deduction of valuation reserves. series, see BULLETIN for June 1961, p. 654. 2 Exclusive of loans to domestic commercial banks and after deduction of valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 59 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars) Cash assets, excluding cash items inprocess Investments of collection Total U. S. Government obligations assets— A tl Total Wednesday Total Bills C ti e fi r - - No m te a s tu an ri d n g b — onds O s ri e t t c h ie u e s - r Total d a o w B n t m a i i c c t l e e h - s s- a w e B f n o i a i c g r t l e n h - - 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 t s h e e t r s a c l c i a a c a t p i n b o e i d i u s t l a n i- l ts cates W i i n th- 1 to After banks banks 1 year 5 years 5 years Total- Leading Cities 1961 Oct. 4 33,643 6,109 1,530 '"6,311 '15,652 4,041 11,806 17,249 2,932 152 1,336 12,829 4,420 151,753 11 34,240 5,607 1,514 r6,319 16,769 4,031 11,755 16,973 2,833 150 1.444 12,546 4 411 152,835 18 34,608 6,059 1,516 r6,305 '16,733 3,995 11,703 17,415 2,937 138 1,460 12,880 4,427 154,439 25 34,327 5,879 1,507 r6,285 '16,682 3,974 11,615 17,461 2,761 150 1,483 13,067 4,426 151,630 Nov. 1 . . 34,087 5,772 1,482 r6,233 '16,645 3,955 11,537 17,493 2,950 166 [,399 12,978 4,457 154,004 8 33,770 5,500 1 4.^6'6,301 '16,540 3,973 11,482 17,145 2,744 161 1,438 12,802 4,540 152,693 15 34,181 5,752 1,484 r5,079 18,234 3,632 11,547 17,475 3,047 160 .458 12,810 4,443 156,543 22 ... 33,867 5,491 1,485 '"5,067 18,320 3,504 11,647 17,490 2,782 162 M35 13,111 4,367 153,505 29 33,932 5,569 1,475 ^5,064 18,326 3,498 11,717 17,516 3,166 175 1,651 12,524 4,436 152,656 Dec. 6 33,813 5,528 1,467 5,052 18,319 3,447 11,765 17,204 2,820 152 1,535 12,697 4,502 153,220 13 33,931 5,693 1,416 5,058 18,312 3,452 12,009 17,819 3,221 162 1,750 12,686 4,611 155,079 20 34,501 6,349 1,427 5,390 17,907 3,428 12,051 18,229 3,178 165 1,695 13,191 4,450 158,520 27 34,247 6,168 4.21 5,359 17,894 3,405 12,240 19,025 3,262 238 1,863 13,662 4,520 161,739 New York City 1961 Oct. 4 7,853 2,205 499 1.340 3,068 741 2 909 4,256 78 75 183 3,920 J.9T7 38,972 11 7,875 1,996 500 1,320 3,317 742 2,881 4,003 86 67 210 3,640 1,918 39,274 18 7,921 2,083 504 1,337 3,265 732 2,870 3,663 78 56 192 3,337 1,947 39,568 25 7,823 1,995 506 1,341 3,267 714 2,778 4,349 68 70 205 4,006 1,913 38,502 Nov. 1 7,710 1,939 488 ,334 3,253 696 2,694 4,048 72 65 190 3,721 ,876 39,504 8 7,695 1,845 487 1,430 3,226 707 2,627 3,916 71 63 218 3,564 ,940 39,288 15..... 7,999 2,106 510 1,013 3,685 685 2,661 3,720 90 60 197 3,373 ,938 40,346 22 7,810 1 911 524 [,021 3,677 677 2 693 4,028 70 68 203 3,687 ,896 38,947 29 7,790 1,871 490 [.038 3,711 680 2,754 3,813 179 74 231 3,329 .916 38,665 Dec. 6 7,852 1,956 485 1,013 3,727 671 2,785 3,889 69 59 266 3,495 1,943 39,257 13 7,894 2,094 428 990 3,711 671 2,869 4,018 84 74 299 3,561 2,063 39,771 20 . 8,102 2 337 442 1,114 3,535 674 2 900 4,238 77 77 280 3,804 1,923 41,212 27 7,992 2,253 441 1,095 3,534 669 2,974 4,302 85 147 283 3,787 1,968 43,005 Outside New York City 1961 Oct, 4. 25,790 3,904 1,031 '4,971 12,584 3,300 8,897 12,993 2,854 77 8,909 2,483 112,781 11 26,365 3,611 1,014 '4,999 '13,452 3,289 8,874 12,970 2,747 83 1,234 8,906 2,493 113,561 18 26,687 3,976 1,012 '•4,968 13,468 3,263 8,833 13,752 2,859 82 1,268 9,543 2,480 114,871 25 26,504 3,884 1,001 r4,944 13,415 3,260 8,837 13,112 2,693 80 j?,78 9,061 2,513 113,128 Nov. 1 26,377 3,833 994r4 89913,392 3 259 8,843 13 445 2,878 101 ,209 9,257 2,581 114,500 8 26,075 3,655 969 r4,871 13,314 3,266 8,855 13,229 2,673 98 1720 9,238 2,600 113,405 15 26,182 3,646 974''4,066 14,549 2 947 8,886 13 755 2,957 100 ,761 9,437 2,505 116,197 22 26 057 3 580 961 r4 046 14 643 2 827 8 954 13 462 2 712 94 .232 9,424 2,471 114,558 29 26,142 3,698 985 r4,026 '14,615 2,818 8,963 13,703 2,987 101 l,'42O 9,195 2,520 113,991 Dec. 6 25,961 3,572 982 4,039 14,592 2,776 8,980 13,315 2,751 93 1,269 9,202 2,559 113,963 13 26,037 3,599 988 4,068 14,601 2,781 9,140 13,801 3,137 88 1,451 9,125 2,548 115,308 20 26,399 4,012 985 4,276 14,372 2,754 9,151 13,991 3,101 88 1,415 9,387 2,527 117,308 27 26,255 3,915 980 4,264 14,360 2,736 9,266 14,723 3,177 91 1,580 9,875 2,552 118,734 NOTB.—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

60 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time De- Other time Other Cap- Wednesday ju u T s n o t a e t d a d l - i j p m u o s a d a t d s e e n i - - d t d s 2 Total 3 p v r c s a i a I o d h a r n t r t i u n i d n o p p d a i e n o s - l , r s s - - , S p s d s a i t i o u c i a o n v l b a t n i d e i - l t - s - s e F ig o n r- * G U o . v S ' . t. b c m m D c a o t i e n i e o m a c s r k - l - - - s Totals S i a ng v s - p v c s a i I o d h a r n r t u n i d n p p d a i e o s - l , s r - - , S p d s a i t o u c i a n v l b a t d i i e - l t - - s e F ig o n r- 4 B F F r a . o n m R ks . o F th ro e m rs li i a ti b e i s l- ital rations sions Total- Leading Cities 1961 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,! ,189 91,741 65,924 4,374 ,586 4,66911,993 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 4,36612,270 41 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 2"9,565 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 ,606 4,07112,00841,20929,621 6,406 2,693 2,175 241 1,727 5,35012,819 8 132,117 62,388 90,858 65,364 4,620 ,586 3,42912,25341,225599 2299,708 6,373 2,694 2,169 462 1,824 5,44512,845 15 135, ,777 94,714 67,454 4,743 ,626 4,15212,676 4411,05129,724 6,163 2,658 2,181 581 1,774 5,58312,840 22 132,617 62,644 91,449 65,932 4,793 ,598 4,12411,74041,16829,790 6,127 2,727 2,203 362 2,085 5,618 12,823 29 132,404 63,906 91,216 66,183 4,894 ,647 11,82041,188 2"9",771 6,190 2,721 2,194 14 1,690 5,69512,853 Dec. 6 132,,256 63,369 90,977 66,139 4,749 ,691 2,760 12,16:41,27929,853 6,140 2,768 2,201 10 2,363 5,70912,882 13 134,934 65,987 93,602 69,716 4,613 ,710 1,691 12,43941,333322 2299,894 6,118 2,783 2,215 5 1,534 5,73412,872 20 137,924 66,185 96,571 69,927 4,715 ,713 3,690 12,69241,35329,944 6,001 2,845 2,239 288 1,921 5,44312,944 140,742 66,343 99,270 71,156 4,863 ,822 4', 5"5"7 12,74141,47230,082 5,969 2,851 2,243 482 2,081 5,461 12,973 27 , New York City 1961 31,63415,955 24,589 16,733 275 1,209 ,328 3,058 7,045 2,761 2,207 255 ,680 951 2,725 3,649 Oct. 4 31,75815,838 24,675 17,016 277 1,197 ,254 2,971 7,083 2,770 2,219 252 ,698 1,091 2,765 3,655 11 32,38916,758 25,361 17,795 327 1,308 ,158 2,956 7,028 2,769 2,211 242 ,663 720 2,801 3,658 18 31,15416,51" 24,126 17,059 310 1,208 956 2,871 7,028 2,787 2,198 238 ,665 45 813 2,827 3,663 25... Nov. 1... 32,09316,297 25,083 17,253 394 1,197 ,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 1,181 ,000 3,132 6,989 2,805 2,155 231 ,654 126 1,068 2; 795 3,686 15... 32,46115,858 25,480 17,180 270 1,243 ,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 1,209 ,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 1,245 832 2,987 7,044 2,826 2,197 214 ,671 603 2,879 3,672 Dec. 6... 31,68216,166 24,653 17,083 259 1,282 734 3,16: 7,029 2,833 2,169 213 ,674 1,017 2,881 3,677 13... 32,52617,252 25,474 18,360 243 1,281 406 3,19: 7,052 2,844 2,175 217 ,671 617 2,963 3,665 20... 33,56617,095 26,587 18,282 289 1,334 1,080 3,308 6,979 2,862 2,108 189 ,676 136 1,072 2,768 3,670 27... 35,25017,09~ 28,286 18,937 347 1,426 1,388 3,56f 6,964 2,882 2,086 182 1,668 117 1,167 2,801 3,670 Outside New York City 1961 Oct. 4... 100,433 45,587 66,305 47,572 4,464 415 3,695 8,864 344,12826,639 4,291 2,520 500 11 793 2,460 9,084 11... 101,24146,351 67,066 48,908 4,097 389 3,415 9,022 344,17526,696 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; 189 2266,747 4,288 2,467 511 19 1,214 2,572 9,068 25... 100,55147,408 66,337 49,306 4,195 426 2,672 8,54! 34,21426,778 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 26i,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 9,12134,270 26,903 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 9,50934,07026,910 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 8,779 3344;1 513532 26,6971 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 8,83334,14426,945 3,993 2,507 523 14 1,087 2,816 9,181 Dec. 6... 100,574 47,203 66,324 49,056 4,490 409 2,026 9,00034,250 27,,020 3,971 2,555 527 10 1,346 2,828 9,205 13... 102,408 48,735 68,128 51,356 4,370 429 1J285 9;;2,4 734,28207 ,2075,0 3,943 2,566 544 5 917 2,771 9,207 20... 104,358 49,090 69,984 51,645 4,426 379 2,,6 10 993,388443 3443,374 27,082 3,893 2,656 563 152 849 2,675 9,274 27... 105,492 49,251 70,984 52,219 4,516 339966; 331,16699( 9,179 34,508 27,200 3,883 2,669 575 365 914 2,660 9,303 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 b anks 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 61 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [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 D 2 e 7 c. D 2 e 0 c. D 1 e 3 c. De 6 c. N 2 o 9 v. Dec. Nov. Oct. O D c e t c . . - J S u e l p y t - . O De c c t- . D Ju ec ly . - 4 J D u e l c y . - Classification basis New Old Durable goods manufacturing: Primary metals 38 10 9 1 5 56 7 7 70 ^Machinery . 25 -18 11 -6 -5 12 -19 -77 -84 Transportation equipment 15 41 23 -23 -3 56 -12 -16 28 -301 -310 -324 -665 Other fabricated metal products. . . -6 6 -4 2 -4 2 -8 -31 -40 No O n t d h u e r r a d b u le r a g b o le o d g s oo m d a s nufacturing: -6 2 4 -14 4 -13 -39 -51 -103 n.a. n.a. -112 n.a. Food, liquor, and tobacco -52 146 1 3 44 93 164 142 398 156 438 554 579 T P C e e h t x e r t m o il l i e e c s u a , m l a s p a r p e n a f d i r n e r i l n u , g b a b n e d r leather -7 5 4 9 -1 2 1 5 3 - - 1 1 1 1 5 1 -12 2 5 -21 6 5 -1 4 9 9 2 - -2 9 3 5 3 -1 -2 6 3 8 7 6 -2 -2 8 6 3 1 2 43 -3 1 0 3 3 4 - -1 2 2 3 1 3 -21 5 5 8 Other nondurable goods -5 -12 1 4 -2 -12 -25 -28 -65 n.a. n.a. -74 n.a. Mining, including crude petroleum and natural sas 124 18 3 12 -13 157 55 170 381 -5 -102 405 -29 Trade: Commodity dealers 27 23 50 20 17 120 131 106 357 102 387 460 507 Transp O R or e t t h t a a e t i r i l o w n, h o c l o e m sa m le unication, and -87 1 -35 9 - - 4 6 6 -18 2 9 -1 - 8 1 6 11 1 6 2 7 3 7 6 47 7 } 124 -30 176 -26 other public utilities 29 172 59 -54 34 206 10 24 240 49 -4 286 61 Construction 1 5 17 -29 -7 4 11 9 43 1 52 35 AH other types of business, mainly services 11 63 51 56 24 182 102 27 311 131 209 440 310 Net change in classified loans 159 447 160 -72 100 693 382 236 1,311 190 419 1,510 615 Commercial and industrial change— all weekly reporting banks5 198 510 207 -93 C85 822 C232 72 1,126 36 412 1,162 305 c Corrected. 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. 4 Includes data since Sept. 27 on new basis. 3 Because of ^classifications as of Sept. 27, 1961, many categories are 5 Revised to reflect new coverage; see BULLETIN for June 1961, p. 654. not strictly comparable with prior data; for example, new "Mining" BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages. Per cent per annum] Size of loan Size of loan Area All (thousands of dollars) Area All (thousands of dollars) period loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly—cont.:2 19 large cities: New York City: I960—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 Dec 4.77 5.66 5.37 5.04 4.66 1956 4.2 5.2 4.8 4.4 4.0 1957 4 6 5 5 5 1 4 8 4.5 7 Northern and 1958 4.3 5.5 5.0 4.6 4.1 Eastern cities: 1959 5 0 5.8 5.5 5.2 4.9 1960—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 1961 5.0 5.9 5.5 5.2 4.8 June 4.95 5.84 5.45 5.15 4.82 Sept 5.05 5.86 5.53 5.18 4.93 Dec . 4.96 5.82 5.51 5.22 4.81 Quarterly:2 19 large cities: 11 Southern and Western cities: I960 Dec 4 99 5 90 5 56 5 21 4 82 I960—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 Dec 4.96 5.84 5.52 5.21 4.78 Dec 5.24 5.94 5.62 5.31 5.00 1 For description see BULLETIN for March 1949, pp. 228-37. per cent): 1953—Apr. 27, 3%; 1954—Mar. 17, 3; 1955—Aug. 4, 3V4; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 3Vi; 1956—Apr. 13, 3y4; Aug. 21, 4; 1957—Aug. 6, 4V2; 1958— NOTE..—Bank prime rate was 3*4 per cent Jan. 1, 1953-Apr. 26, 1953. J I a 9 n 6 . 0 — 22 A , 4 u ; g A . 2 p 3 r. , 4 2 % 1, v 3Vil Sept. 11, 4; 1959—May 18, 4V2; Sept. 1, 5; and Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 INTEREST RATES MONEY MARKET RATES [Per cent per annum] LF. S. Government Securities (taxable)4 Prime Finance Year, month, or week m 4 m p - c o a e o n t p r o m t c e h i r 6 - a s , - l * c m d 3 o p p i - o m r l a a e n t p o p c c t e e t a h l 6 r d n y s - y 2 , 9 b a 0 P a a c n n r c d i c k e m a e e p y s e r t s , - s 3 ' on i R s s a 3 n u t e - e e m w onth M b y il a i l e s r l k d et on i R s s a 6 n u t - e e e m w onth M b y il a i l e s r l k d et 9 ( - m y B t i o a e i r l l l d k 1 s ) e 2 t -mont O h th is e s r u s es 3 is - y s t u e o a e r s 5 6 - 1959 average 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1960 average 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1960—Dec 3.23 2.97 2.92 2.272 2.25 2.530 2.50 2.64 2.79 3.51 1961—Jan 2.98 2.78 2.86 2.302 2.24 2.496 2.47 2.63 2.70 3.53 Feb 3.03 2.65 2.78 2.408 2.42 2.601 2.60 2.75 2.84 3.54 Mar 3.03 2.76 2.94 2.420 2.39 2.591 2.54 2.76 2.86 3.43 Apr 2.91 2 58 2.84 2.327 2.29 2.493 2.47 2.74 2.83 3.39 May 2.76 2.50 2.68 2.288 2.29 2.436 2.44 2.72 2.82 3.28 June 2.91 2.66 2.75 2.359 2.33 2.546 2.54 2.80 3.02 3.70 July 2.72 2 50 2.75 2.268 2.24 2.457 2.45 2.79 2.87 3.69 2.92 2.64 2.81 2.402 2.39 2.670 2.66 2.91 3.03 3.80 Sent 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 2.98 2.74 2.75 2.458 2.48 2.686 2.70 2.90 2.95 3.68 Dec 3.19 2.93 2.87 2.617 2.60 2.875 2.88 2.97 3.03 3.82 Week ending— 1961—Dec. 2 3.10 2 81 2.75 2.606 2.56 2.806 2.78 2.91 2.98 3.73 9 3.13 2.83 2.75 2.625 2.58 2.867 2.88 2.97 3.03 3.82 16 .. 3 15 2 93 2 82 2 579 2.59 2.874 2.89 2.97 3.02 2.84 23 3.25 3.00 2.98 2.670 2.61 2.915 2.86 2.95 3.04 3.81 30 3.25 3.00 3.00 2.594 2.66 2.845 2.90 3.02 3.04 3.81 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds ~ Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio S (l t o a n te g s - Total4 term)2 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-9 20 5 5 120 30 30 40 40 40 14 500 500 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 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 1961 average . . 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 2.97 I960—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 June 3.88 3.63 3.35 3.97 4.63 4.33 5.03 4.54 4.83 4.52 4.66 2.99 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 Sert 4.02 3.64 3.33 4.02 4.74 4.45 5.12 4.61 4.94 4.67 4.69 2.93 2>5.34 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 Dec 4 06 3 63 3.32 4.04 4.71 4.42 5.10 4 59 4.91 4.62 4 64 2 85 Week ending— 1961—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 9 4.05 3.63 3.32 4.03 4.69 4.39 5.10 4.58 4.90 4.62 4.61 2.83 16 4.06 3.64 3.33 4.04 4.71 4.42 5.11 4.59 4.91 4.61 4.64 2.82 23 4 06 3 62 3.32 4.04 4.72 4.44 5.11 4.60 4.92 4.62 4.66 2 88 30 4.07 3.62 3.31 4.04 4.72 4.44 5.10 4.60 4.93 4.62 4.64 2.86 p Preliminary. 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. rately. Because of a limited number of suitable issues, the number of Govt. and corporate bonds. Yields of State and local govt. bonds are corporate bonds in some groups has varied somewhat. based on Thursday figures; 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 63 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's index Securities and Exchange Commission index of (1941-43= 10) (1957-59= 100) trad- Ye o a r r , w m e o ek nth, t ( G U e l r o o m . n S v g ) . t * - . g n ( r M i h c a i i d g u p e h - a ) - l 3g ( C r h r p a a i o o g d t r - 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 c b l- - Total Tot M al anu r D a fa b u c l - e turin 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 o i y b l - - - T n s a a r e i f n c a n r i e d v - d c - e e , , M in i g n- s s t h i h a n ( a o o n i g r n f d u e * s s - ) Number of issues. 15 17 500 425 25 50 300 193 108 85 18 34 45 10 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 1961 average. 87.55 107.8 95.2 66.27 71.42 32.84 60.18 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 1960—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 59.59 134.9 127.6 130.6 124.9 107.5 170.0 153.1 96.9 4,617 June.. 87.83 106.8 95.0 65.62 69.48 32.41 58.43 132.8 126.0 128.0 124.2 105.1 164.0 156.0 97.0 3,324 July.. 87.57 106.7 94.5 65.38 69.09 31.78 59.36 132.7 125.2 126.5 123.9 103.3 166.7 158.5 93.1 3,045 Aug.. 86.27 106.5 93.9 67.79 71.69 32.76 61.19 137.4 130.1 131.3 129.0 107.0 170.6 164.2 92.8 3,545 Sept.. 86.09 106.6 93.9 67.26 70.89 33.02 62.19 136.2 128.9 131.7 126.4 106.8 168.9 166.4 87.3 3,193 Oct.. 86.61 107.7 94.6 68.00 71.42 34.53 64.15 138.0 129.1 132.2 126.4 110.1 173.9 76.6 90.3 3,318 Nov.. 86.52 108.1 C94.9 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 Dec... 85.61 107.3 94.5 71.65 75.93 33.09 65.77 145.8 135.6 138.1 133.3 107.9 188.4 188.0 101.1 4,120 Week ending— 1961—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 85.75 106.9 94.8 71.93 75.89 33.67 66.60 146.5 135.9 138.3 133.7 108.6 190.7 189.3 102.0 4,202 16. 85.56 106.7 94.5 72.31 76.36 33.36 66.62 146.5 136.0 138.9 133.4 107.3 190.8 188.4 101.3 4,398 23. 85.53 107.4 94.4 71.18 75.28 32.57 64.94 144.3 134.6 136.8 132.7 105.9 184.9 186.2 100.3 3,543 30. 85.43 108.1 94.3 71.48 75.70 33.05 64.39 145.7 135.9 138.7 133.2 108.0 186.7 187.3 100.6 4,313 c Corrected. 2 Prices derived from average market yields in preceding table on basis * Monthly and weekly data for (1) U. S. Govt. bond prices, Standard of an assumed 3 per cent, 20-year bond. and Poor's common stock indexes, and volume of trading are averages 3 Prices derived from average yields, as computed by Standard and of daily figures; (2) municipal and corporate bond prices are based on Poor's Corporation, on basis of a 4 per cent, 20-year bond. Wednesday closing prices; and (3) the Securities and Exchange Commis- 4 Average daily volume of trading in stocks on the New York Stock sion series on common stock prices are based on weekly closing prices. Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total- Net debit balances with Bank loans to others (than End of month * o s t e h c e u r r i t t h ie a s n New York f S ir t m oc s k 2 Exchange ch b a r s o i 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 cu r r p it u ie r s - 3 Money borrowed Cust n o e m t ers* U. S. Govt. free obligations credit (c c o o l l. . 3 5 ) + U S ob . e c l S i u g . r a e G t d i o o b v n y t s . S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o on v s t. se O cu th ri e ti r es U ob . l S ig O . a n t G io o n v s t. se o c O u th r n i e t r ies balances 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 1960—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 M^ay 5,386 40 4,060 108 :1,326 58 2,529 1,453 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 Aue 5,349 49 3 972 102 [,377 56 2,679 1,208 Sept 45,311 46 3,991 109 41,320 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 Dec 5,602 35 4,259 125 1,343 48 2,954 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 of BULLETIN for December 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on— E o n r d m of o n y t e h ar Placed P di l r a e c c e t d - Total Accepting banks B F a . n R k . s p I o m rt - s p E o x rt - s Dollar G sh o i o p p d o p s i e n d s t t s o b r i e n e t d — w i e n e n or Total through ly Others into from exdealers 1 ( p f a in p a e n r c ) e 2 T ta o l - O bi w lls n bo B u il g ls ht O ac w ct n . c F e o i o g r r r n - . 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 Foreign 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 '3,192 677 '2,515 1,151 319 282 36 75 82 675 357 309 74 162 249 I960—Nov. '5,287 1,505 '3,782 1,868 628 454 175 227 965 401 647 146 229 445 Dec. '4,483 1,358 '3,125 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961—Jan.. '5,076 1,465 '3,611 2,029 725 514 210 46 197 1,061 400 677 118 299 535 Feb. '5,030 1,479 '3,551 2,049 730 554 176 46 179 1,093 388 702 104 291 563 Mar. '5,059 1,525 '3,534 2,231 842 641 202 46 173 1,169 408 821 110 269 623 Apr. '5,071 1,532 '3,539 2,254 858 661 197 45 151 1,200 397 863 93 268 633 May '4,918 1,478 '3,440 2,203 808 645 163 37 166 1,192 379 864 74 235 651 June '4,918 1,460 '3,458 2,271 913 697 216 36 156 1,166 395 896 70 207 703 July. '4,976 1,534 '3,442 2,301 915 727 188 32 144 1,210 415 926 45 186 729 Aug. '4,928 1,617 '3,311 2,400 970 753 217 34 137 1,259 429 964 49 192 765 Sept. '4,860 1,730 '3,130 2,422 946 7<0 207 35 123 1,318 452 964 59 191 757 Oct.. '5,104 1,818 '3,286 2,491 1,035 829 206 38 117 1,301 457 949 91 225 769 Nov. 5,331 1,868 3,463 2,555 1,122 871 251 43 110 1,280 461 939 98 287 770 ' Revised. 3 Beginning with November 1958, series includes all paper with maturity 1 As reported by dealers; includes finance company paper as well as of 270 days and over. Figures on old basis for December were (in other commercial paper sold in the open market. millions of dollars): Total 2,731; placed directly, 1891. 2 As reported by finance companies that place their paper directly with investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total assets— Mortgage loan E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se s t h s O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s De it p s o 4 s- l O ia t t i b h e i e s l r i - - S c u o a r u c p n - lu ts s commitments 2 govt. other i accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945...... 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 19593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 I960—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 Aug. 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 Oct.. 28,513 420 6,185 682 5,062 840 645 42,348 37,844 788 3,716 62,918 1,546 n.a. Not available. 3 Data reflect consolidation of a larga 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 ths U. S. 4 See note 4, p. 52. Government* as well as corporate securities. NOTE.—These data differ somewhat from those shown elsewhere in 2 Not a balance-sheet item. Data represent commitments outstanding: BULLETIN; the latter are for call dates and are based on reports filed of banks in New York State as reported to the Savings Banks Association with Federal and State bank supervisory agencies. Loans are shown net of the State of New York. of valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 65 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a ts l United State and Mort- e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Total States local Foreign2 Total Bonds Stocks (U.S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7.029 2,376 ',285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 ,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 ,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 End of month:4 1958—Dec..., 107,580 11,242 7,182 2,691 ,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Dec.... 113,650 11,599 6,858 3,221 ,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 I960—Oct.... 118,544 11,729 6,524 3,579 ,626 50,610 46,669 3,941 41,313 3,834 5,182 5,876 Nov..., 119,066 11,788 6,547 3,605 ,636 50,811 46,831 3,980 41,521 3,851 5,225 5,870 Dec... 119,717 11,729 6,444 3,622 ,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—Jan.... 120,467 11,881 6,545 3,671 ,665 51,306 47,211 4,095 42,008 3,813 5,303 6,156 Feb.... 120,951 11,944 6,542 3,702 ,700 51,446 47,296 4,150 42,143 3,822 5,345 6,251 Mar..., 121,469 11,987 6,535 3,735 ,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 Apr.... 121,921 11,982 6,488 3,769 ,725 51,812 47,563 4,249 42,553 3,827 5,461 6,286 May... 122,462 12,063 6,551 3,774 ,738 52,008 47,672 4,336 42,723 3,837 5,508 6,323 Juner., 122,751 11,881 6,369 3,761 ,751 52,308 47,966 4,342 42,945 3,851 5,509 6,257 July... 123,381 11,972 6,440 3,786 ,745 •"52,623 '48,245 4,378 43,052 3,870 5,541 6,324 Aug.... 123,902 12,021 6,440 3,822 ,759 52,839 48,424 4,415 43,216 3,901 5,580 6,345 Sept..., 124,411 12,057 6,390 3,851 ,816 53,003 48,533 4,470 43,381 3,917 5,618 6,435 Oct..., 125,064 12,093 6,403 3,868 ,822 53,292 48,767 4,525 43,580 3,936 5,652 6,511 r 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 4 These represent book value of ledger assets. Adjustments for interest and bonds of the International Bank for Reconstruction and Develop- due and accrued and for differences between market and book values ment. are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS * [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar 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 e — s S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n ce s s i s n Other c m o l m e o n a m n ts i 5 ttions profits 1941. 4,578 107 344 775 6,049 4,682 475 256 (If, 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 ,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 1,161 713 1,475 1959. 53,194 4,477 2,183 3,676 63,530 54,583 4,393 2,387 1,293 874 1,285 1960. 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 1,360 1960--Oct 59,011 4 553 2,201 3 989 69,754 60,208 4,640 1,868 1.280 1,758 1,509 Nov. . 59,512 4,589 2,287 4,142 70,530 60,766 4,649 1,919 1,209 1,987 1,451 Dec 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 1,360 1961_Jan 60,455 4,679 2,620 3,997 71,751 62,745 4,980 1,726 [,114 1,186 1,425 Feb.. 60,882 4,871 2,679 4,068 72,500 63,298 4,984 1,646 1,127 1,445 1,556 Mar 61 571 4 978 2 682 4 191 73,422 64,003 4,991 1,620 1,226 1,582 1,787 Apr 62,265 4,960 2,706 4,304 74,235 64,420 5,002 1,708 1,322 1,783 1,951 May 63,080 4,960 2,855 4,520 75,415 65,220 5,005 1,749 [,413 2,028 2,115 June 64,073 4,991 2,987 4,460 76,511 66,582 5,287 2,023 [,535 1,084 2,120 July 64,811 4,983 2,760 4,308 76,862 66,693 5,281 2,022 .551 1,315 2,144 Aug 65,717 5,051 2,674 4,387 77,829 67,189 5,284 2,154 1^94 1,608 2,186 Sept 66 519 5 046 2 721 4 470 78,756 67,851 5,288 2,284 1,587 1,746 2,108 Oct 67,330 5,092 2,802 4,572 79,796 68,577 5,286 2,358 1,577 1,998 2,126 n.a. Not available. 3 Before 1958 mortgages are net of mortgage pledged shares. Asset 1 Figures are for all savings and loan associations in the United States. i n t o em d s e d w u il c l t i n o o n t s a f d o d r t m o o t r o tg ta a l g e a s p se le ts d , g e w d h ic sh h a r in es c . l ud B e e g g i r n o n ss in g m o w rt i g th a ge Ja s n w ua it r h y 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 before declined consistently in recent years and amounted to $42 million at the 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

66 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin; in millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B e u c N e d e i g p t e t t s re T P f c u r l e u n u i d p s s t : ts ac I G L t n r ti e a o t o s r n v n a s s t : s - . - i E p T r u f q e r t b o o u h c l t m e t a i a s c l l . s 2 : B p t e u 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 - d s s s i t : - A m L d e e j n u s t s s s : t 3 - E p p t T o q u a o u b y t t h a l t a i s l e c l . s: t p p o fr u a t o o h ( b y m r e - l t i s ) c , . , ( c ( o c d - r d r r I e ) i e e n r a d a . b e - s i s e c t n e e - t , a i G g n N e v o n . e v . b t t L & . y ess— O d n c e a o t b h s n t e h - * r E b i o q n c N r u g a r e s a o o h t l w s r — - & agen.) tr. funds Cal. year—1958... 68,262 16,797 3,278 81,728 75,349 17,856 4,190 89,014 -7,287 7,533 -717 487 7,762 1959... 72,738 18,830 3,966 87,552 79,778 20,244 4,466 95,560 -8,006 10,112 -543 2,081 8,580 1960... 79,518 22,732 3,906 98,287 77,565 22,242 5,114 94,694 3,593 -548 1,625 491 -2,670 Fiscal year—1958.. 68,550 16,319 2,917 81,892 71,369 16,059 4,016 83,412 -1,520 6,216 657 -200 5,760 1959.. 67,915 16,950 3,161 81,660 80,342 18,462 4,002 94,804 -13,144 9,656 -1,181 2,160 8,678 1960.. 77,763 5 20,534 3,167 95,078 76,539 5 20,891 3,129 94,301 111 3,371 953 597 1,821 1961*. 77,578 23,792 4,170 97,144 81,503 23,182 5,394 99,291 -2,147 2,103 871 536 697 Semiannually: 1959—July-Dec.. 33,575 9,381 2,147 40,784 39,191 10,568 1,465 48,295 -7,511 7,329 -856 574 7,615 I960—-Jan.-June. 44,188 12,420 2,287 54,294 37,348 11,590 2,931 46,006 8,288 -3,958 1,809 23 -5,794 July-Dec.. 35,329 510,219 1,526 43,993 40,217 5 10,561 2,089 48,688 -4,695 3,410 -184 468 3,124 1961—Jan.-June* 42,249 13,573 2,644 53,151 41,286 12,621 3,305 50,603 2,548 -1,307 1,055 68 -2,427 Monthly: 1960—Nov 6,300 2,344 236 8,403 6,773 1,754 -147 8,674 -271 -62 339 154 -555 Dec 7,643 1,399 452 8,586 6,847 1,815 678 7,984 603 -161 -254 77 16 1961—Jan 4,846 858 116 5,586 6,470 1,938 1,133 7,275 -1,689 -323 -483 42 119 Feb 6,537 2,684 303 8,916 6,236 2,046 415 7,867 1,049 381 -65 34 412 Mar 8,524 1,939 203 10,256 7,012 2,059 810 8,260 1,996 -3,231 403 -24 -3,609 Apr 5,125 1,539 364 6,295 6,450 2,225 383 8,292 -1,997 513 -916 16 1,412 May 6,467 3,577 305 9,731 7,169 2,033 -260 9,462 269 2,280 1,559 -4 725 June*.... 10,749 2,975 1,353 12,367 7,948 2,320 822 9,446 2,921 -927 556 3 -1,486 July 2,982 1,002 189 3,793 6,322 1,873 293 7,902 -4,109 3,498 -863 195 4,167 Aug 6,367 3,297 298 9,357 7,631 2,052 -869 10,552 -1,195 1,412 1,291 -442 563 Sept 8,945 1,478 180 10,236 6,771 2,204 709 8,266 1,970 448 -545 54 939 Oct 3,141 980 239 3,872 7,796 1,994 405 9,385 -5,512 1,934 -905 64 2,775 Nov 6,424 2,513 380 8,554 7,485 2,034 301 9,218 -663 1,519 396 417 707 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u u N e r o p f d i e r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n s - . i m s o a ( G s g + b N a u e o l ) r a i e n v k g n o t c t a e c . y f - t e i i n & s a n G e g v N c e . o t F . r n e v e u b ( t c t d s - y y . t . ) I d n ( p e d g - c c u i r r ) o r r b o e e e , r a l s i c a i n s s s c t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance B ( F a a D a . v b n e a R l k p e il . s o - sits t T a i l x n u r 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 —3,856 565 285 -733 -435 2,640 -222 -1,311 6,694 408 5,453 833 Semiannually: 1959—July-Dec -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 I960—Jan.-June 6,841 828 288 657 -1,625 -4,467 101 2,421 8,005 504 6,458 1,043 July-Dec -4,888 -341 19 -493 275 3,886 52 -1,594 6,411 485 5,165 761 1961—Jan.-June.... 1,032 906 266 -240 710 -1,246 -274 283 6,694 408 5,453 833 Monthly: I960—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... ,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.. ,512 -119 580 -87 -423 -3,072 -112 -1,498 4,794 443 3,533 818 Apr.., ,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. ,870 610 -381 29 -654 -1,175 -232 1,532 6,694 408 5,453 833 July.. ,340 -871 34 24 780 3,433 163 -101 6,593 415 5,287 891 Aug.. ,265 1,244 -549 32 -1,397 1,310 -52 -572 6,020 543 4,745 732 Sept.. ,174 -726 663 108 662 35 -20 2,936 8,956 348 7,754 853 Oct.., ,655 -1,015 170 33 828 1,911 30 -2,759 6,197 502 4,834 861 Nov.. ,060 479 -560 28 -191 1,350 -17 63 6,261 489 4,930 842 n.a. Not available. » Preliminary. Budget expenditures, and payroll deductions for Federal employees re- 1 Consists primarily of interest payments by Treasury to trust accounts tirement, health and life insurance funds. and^to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 67 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 Net Transfers to- Total Individual Ex- Em- Other Mfrs.' Budget Re- Budget cise ploy- re- Liquor To- and rere- funds re- Corpo- taxes ment ceipts bacco tailers' ceipts2 Old- High- R. R. of ceipts ration taxes 8 age way re- re- With- Other trust trust tire- ceipts held 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 1960 77,763 10,211 2,642 607 5,045 96,962 31,675 13,271 22,179 11,865 11,159 6,813 3,194 1,932 5,114 1961 77,659 11,586 2,923 571 5,725 99,491 32,978 13,175 21,765 12,064 12,502 7,007 3,213 1,991 5,294 Semiannually: 1959—July-Dec 33,575 3,815 1,281 307 718 40,035 15,652 3,041 8,323 5,948 4,127 2,944 1,703 984 2,408 1960—Jan.-June 44,188 6,396 1,361 300 4,327 56,927 16,023 10,230 13,856 5,917 7,032 3,869 1,491 948 2,706 July-Dec 35,329 4,762 1,576 297 793 43,070 16,616 3,185 8,838 6,238 5,063 3,130 1,685 1,008 2,724 1961—Jan.-June 42,330 6,824 1,347 274 4,932 56,421 16,362 9,990 2,927 5,826 7,439 3,877 1,528 983 2,570 Monthly: I960—Nov 6,300 1,214 268 81 29 7,900 4,527 121 455 1,069 1,295 533 319 178 n.a. Dec 7,643 547 240 48 61 8,751 2,591 383 3,331 1,008 596 842 259 164 n.a. 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 10,831 1,127 238 45 239 12,728 2,459 1,938 5,246 1,062 1,173 850 327 190 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 1,102 241 446 344 184 n.a. Nov 6,424 1,189 306 76 10 8,007 4,767 123 377 1,123 1,266 351 n.a. n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Intl. erans' Labor and Nat- Com- Gen- Total 2 affairs Inter- serv- and agri- ural merce eral Military and est ices and welfare cul- re- and govern- Total i Military assist- Atomic finance bene- tural sources housing ment defense ance energy fits resources 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: I960—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 4,067 3,777 62 226 361 718 438 468 915 218 420 200 7,485 4,258 3,927 107 223 327 744 437 499 485 186 395 154 3 Consists primarily of (1) intra-Governmental transactions as de- 7 Includes transfers to Federal disability insurance trust fund. scribed in note 1, (2) net accruals over payments of interest on savings 8 Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary 9 For more details see the Treasury Bulletin, Budget Receipts and Fund and the Treasury, (5) reconciliation items to Treasury cash, and Expenditures, Table 6, and the 1962 Budget Document, Special Analysis C. (6) net operating transactions of Govt. sponsored enterprises. Fiscal and semiannual totals adjusted; monthly totals are not. Jan.-June 4 Primarily adjustments 2, 3, and 4, described in note 3. totals derived by subtracting July-Dec, totals from fiscal year totals. 5 Adjusted for reclassification of certain repayment of advances from 1 ° Includes stockpiling and defense production expansion not shown the general fund. separately. 6 Excludes net transactions of Govt. sponsored enterprises, which are For other notes, see opposite page. included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 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 Total End of Total gross Con- Special month gross direct Bonds vert- issues debt* debt 2 Total Certifi- ible Sav- Tax Total Bills cates of Notes bonds Totals ings and indebt- Bank Bank bonds savedness eligi- re- ings ble* stricted notes 1941_Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945_Dec 278 7 278.1 255.7 198 8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257 0 256 9 225 3 165 8 15 1 21 2 11 4 68 4 49 6 59 5 52 1 5.4 29.0 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 1960—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 Julv 292 6 292 4 244 8 191 3 40 8 13 3 56 3 80 8 5 3 48 2 47 6 44 2 Aug 294.0 293.7 245.1 191.1 40.9 5.5 65.0 79.7 5.2 48.7 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 Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $438 million on Dec. 31, 1961), and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, certificate of indebtedness—Foreign 3 Includes amounts held by Govt. agencies and trust funds, which series, and REA bonds, not shown separately. aggregated $11,196 million on Nov. 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. End of (includ- agencies and Insur- State Individuals month ing guar- trust funds * Federal Com- Mutual ance Other and Misc. anteed Reserve Total mercial savings com- corpo- local invessecuri- Banks banks2 banks panies rations govts. tors3 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 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955—Dec 280.8 43.9 7.8 24.8 204.3 62.0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956—Dec 276.7 45.6 8.4 24.9 197.8 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16.1 1957—Dec 275.0 45.8 9.4 24.2 195.5 59.5 7.6 12.5 18.6 17.0 48.2 15.4 16.6 1958—Dec 283.0 44.8 9.6 26.3 202.3 67.5 7.3 12.7 18.8 16.7 47.7 15.1 16.6 1959—Dec 290.9 43.5 10.2 26.6 210.6 60.3 6.9 12.5 22.6 17.7 45.9 22.6 22.1 I960—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 June 289.2 45.0 11.0 27.3 205.9 62.5 6.3 11.4 19.4 17.3 46.1 19.7 23.2 July 292.6 44.2 11.0 27.4 210.0 65.5 6.3 11.5 19.8 17.3 46.1 19.8 23.7 Aug 294.0 45.6 10.9 27.7 209.8 65.1 6.3 11.5 20.2 17.2 46.2 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 69 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 d b - s le Total W 1 i y th ea in r y 1 e - a 5 rs 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 Sept. 30 197,010 41,939 5,509 65,188 79,289 5,085 191,925 79,849 65,232 21,934 24,910 Oct. 31 199,939 42,641 5,509 67,807 79,277 4,705 195,234 81,093 67,313 21,930 24,898 U. S. Govt. agencies and trust funds: 1958—June 30... 9,477 173 599 ,169 4,703 2,833 6,644 899 1,565 913 3,267 1959—June 30 9,681 86 537 ,389 4,988 2,680 7,001 930 1,679 1,448 2,944 1960—June 30.... 10,246 371 459 ,810 5,136 2,470 7,776 1,070 2,683 2,062 1,961 1961—June 30 10,848 801 222 ,246 6,235 2,345 8,503 1,671 1,693 2,576 2,564 Sept. 30.... 10,696 631 144 ,352 6,258 2,311 8,386 1,311 1,920 1,598 3,557 Oct. 31 10,895 754 144 1,443 6,246 2,308 8,588 1,406 2,021 1,604 3,558 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 2,484 26,044 20,687 3,887 410 1,060 1960—June 30 26,523 2,513 8,508 13,011 2,491 26,523 19,385 5,689 1,179 271 1961—June 30.... 27,253 2,840 6,511 14,634 3,268 27,253 14,677 10,268 2,141 166 Sept. 30 27,799 2,970 1,632 19,670 3,526 27,799 13,387 11,908 2,274 229 Oct. 31 28,268 3,242 1,654 19,769 3,603 28,268 13,727 12,016 2,286 238 Commercial banks: 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 1959—June 30.... 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 1960—June 30 48,099 2,376 1,832 15,598 28,199 95 48,004 6,546 33,342 5,966 2,151 1961—June 30..... 55,116 6,379 3,123 18,373 27,158 84 55,033 20,153 25,577 7,386 1.918 Sept. 30...... 58,593 10,133 2,030 20,408 25,942 81 58,512 22,572 27,447 6,541 1,951 Oct. 31 59,105 9,530 1,976 21,863 25,656 80 59,025 21,879 28,704 6,393 2,049 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 ,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 Sept. 30 6,205 292 63 1,422 4,230 198 6,007 799 1,445 1,875 1,888 Oct. 31 6,083 180 50 1,435 4,224 194 5,890 667 1,470 1,790 1,963 Insurance companies: 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 1959—June 30 10,947 503 347 798 7,371 1,928 9,019 1,092 2,085 1,678 4,164 1960—June 30 10,521 232 165 1,225 7,304 1,595 8,926 595 2,794 3,063 2,475 1961—June 30.. 10,034 242 101 1,345 7,064 1,282 8,752 1,107 1,873 3,113 2.659 Sept. 30 10,107 403 65 1,480 6,961 1,198 8,909 1,187 2,027 1,899 3,796 Oct. 31 10,165 466 69 1,708 6,965 957 9,208 1,267 2,256 1,757 3,928 Other investors: Nonfinancial corporations: 3 I960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8,442 2,871 98 75 1961—June 30 10,048 4,885 754 2,227 2,177 10,043 8,368 1,521 114 40 Sept. 30 9,202 4,539 245 2,493 1,919 9,197 7,325 1,745 94 34 Oct. 31 10,166 5,391 262 2,571 1,938 10,161 8,416 1,628 83 33 Savings and loan associations:3 I960—June 30...... 2,480 178 70 495 1,675 2,418 297 947 472 703 1961—June 30. 2,703 112 37 613 1,881 2,642 370 782 747 744 Sept. 30 2,716 102 27 618 1,910 2,657 396 808 676 776 Oct. 31 2,737 112 26 639 1,903 2,680 396 832 670 781 All others:4 1958—June 30 65,459 15,392 8,799 6,636 31,829 2,802 62,657 29,489 11,243 6,054 15,872 1959—June 30..... 78,444 25,659 10,216 9,147 31,252 2,171 76,273 39,724 16,503 5,069 14,977 I960—June 30 74,299 22,957 4,711 16,263 28,602 1,766 72,533 32,184 22,800 6,229 11,317 1961—June 30... 70,297 21,238 2,488 16,477 28,724 1,371 68,926 32,566 16,757 8,069 11.534 Sept. 30.. 71,692 22,869 1,302 17,745 28,543 1,234 70,459 32,872 17,932 6,977 12;678 Oct. 31...... 72,520 22,967 1,328 18,379 28,741 1,105 71,415 33,335 18,386 7,347 12,347 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 6,248 commercial banks, 512 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 823 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

70 FEDERAL FINANCE DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1 [Averages of daily figures. Par value, in millions of dollars] U. S. Government securities By maturity By type of customer Federal Week ending— U. S. agency Total Govt. Other Com- securities 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 le d e r r s s m b e a r n c k i s al o A th l e l r brokers 1961 Sept. 6 . ... 1 244 J 098 120 13 13 307 23 504 411 53 n:::::::;::::::::::: 1,425 1,123 183 69 50 417 24 555 429 152 20 1 397 I 147 154 55 42 389 25 621 362 110 27 1 588 I 300 124 44 30 410 27 706 446 63 Oct 4 r\ 754 I 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 L687 241 27 18 613 61 764 536 75 25 1,388 1,166 174 31 16 480 21 546 341 5S Nov. 1 1 534 I 301 180 35 18 522 27 616 370 6& 8 2 414 I 826 453 68 67 644 r54 1,080 636 118 2 1 2 5 rl 1 ,6 3 1 6 9 1 rL L , 15 0 0 75 2 37 2 8 2 4 2 8 5 4 4 2 0 4 4 9 3 8 4 3 2 3 6 6 5 3 3 5 1 r4 3 5 7 4 0 9 5 4 5 29 1 509 .206 247 29 27 498 27 616 368 111 Dec. 6 . 1 597 1 259 263 29 46 559 26 622 390 71 13 1 531 1,220 197 54 60 523 27 594 387 57 20P 1,612 1,289 233 44 46 522 23 687 380 74 » Preliminary. r Revised. or purchases or sales of securities under repurchase agreements, reverse i The transactions data combine market purchases and sales of U. S. repurchase (resale), or similar contracts. The averages are based on the Government securities dealers reporting to the Federal Reserve Bank of number of trading days in the week. New York. They do not include allotments of and exchanges for new NOTE.—Details may not add to totals because of rounding. U. S. Government securities, redemptions of called or matured securities, DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS» [Averages of daily figures.2 Par value, in millions of dollars] [Averages of daily figures. In millions of dollars] U. S. Government securities, by maturity Commercial banks Week Federal ending— agency Week All Corpora- All 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 securities ending— sources Y N o e r w k Else- tions2 other City where 1961 1961 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 1,164 307 23 2,513 2,353 153 6 95 16 2,985 807 480 1,275 423 30 2,067 1,921 151 -5 82 23 2,696 716 531 1,235 214 30.... 1,985 333 267 1,238 147 Sept. 6.... 2,082 1,925 162 -6 78 13.... 2,418 2,251 161 7 81 Sept. 6.... 1,986 310 372 1,178 127 20 2,685 2,497 161 27 114 13.... 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 '2,303 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 L,133 425 Nov. 1.... 3,406 3,253 158 -6 113 8 3,511 3,491 58 -39 113 Nov. 1 3,490 1,043 798 ,240 409 15.... 4,265 3,403 700 162 151 8 3,566 1,050 864 1,270 382 22 4,069 3,384 604 81 127 15 4,181 1,391 816 1,522 452 29.... 3,516 2,951 496 70 144 22 4,314 1,419 981 1,508 406 29.... 3,779 915 859 1,646 359 r Revised. 1 The figures include all securities sold by dealers under repurchase 1 The figures are 7-day averages and include both bank and noncontracts regardless of the maturity date of the contract unless the contract bank dealers. See also note 1 of the opposite table on this page. is matched by a reverse repurchase (resale) agreement or delayed delivery 2 All business corporations except commercial banks and insurance sale with the same maturity and involving the same amount of securities. companies. Included in the repurchase contracts are some that more nearly represent NOTE.—Details may not add to totals because of rounding. investments by the holders of the securities rather than dealer trading 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 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19611 [On basis of daily statements of U. S. Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Jan. 4, 1962.. 1,700 June 14, 1962 , 601 May 15, 1963 3% 5,047 Dec. 15, 1964-69... 2% 2,553 Jan. 11,1962.. 1,701 June 21, 1962 602 Oct. 1,1963 V/i 506 Feb. 15, 1965 2% 6,896 J J J a a a n n n . . . 2 1 1 5 5 8 , , , 1 1 1 9 9 9 6 6 6 2 2 2 . . . , , , 1 1 1 , , , 5 7 7 0 0 0 0 1 2 J J J u u u l n n y e e 2 2 1 8 2 5 , , , 1 1 1 9 9 9 6 6 6 2 2 2* , 2 2, , 0 5 6 0 1 0 4 1 1 N A M p o a r v y . . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 4 4 3 4 4 \ % % y2 4 3 , , 9 0 4 1 3 5 1 3 7 A M M u a a g y r. . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 6 5 -70.. .2 3 i y / 3 2 A 2 3 1 , , , 4 5 48 9 2 4 9 7 F F e e b b . . 1 8 , , 1 1 9 9 6 6 2 2 . . , , 1 1, , 8 7 0 0 5 0 Oct. 15, 1962 , 2,003 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 4 4 3% 5 2 3 , , 3 8 1 9 6 3 N M o a v r. . 1 1 5 5 , , 1 1 9 9 6 6 6 6 -71... 3 2 3 \ /8 2 1 , , 4 41 3 7 8 Feb. 15, 1962., 1,700 Certificates Aug. 15,1964 3% 5,019 June 15, 1967-72...21 1,759 Feb. 23, 1962. 1,701 Oct. 1,1964 li/i 490 Sept. 15, 1967-72...2i 2,716 Mar. 1,1962. 1,700 May 15, 1962 3 5,509 Nov. 15, 1964 4% 4,195 Nov. 15, 1967 3,604 Mar. 8,1962. 1,698 Apr. 1,1965 11/2 466 Dec. 15, 1967-72... 3,523 M M M a a a r r r . . . 2 2 1 2 3 5 , , , 1 1 1 9 9 9 6 6 6 2 2 2 * . . 3 1 1, , . 7 7 5 0 0 0 5 2 3 Tre F F a e e s b b u . . r y 1 1 5 5 n , , o 1 t 1 e 9 9 s 6 6 2 2 3 3 * y 4 9,0 6 9 4 8 7 A O M c p a t r y . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 5 5 6 ...... 4 I U 1 5 / / / 2 2 8 2,1 6 3 1 7 1 3 5 5 N M O o c a t v y . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 7 6 9 4 8 3 3 " % j 4 2 1 1 , , ,4 4 1 2 7 4 3 6 0 A A M p p a r r r . . . 2 1 9 2 5 , , , 1 1 1 9 9 9 6 6 6 2 2 2 . . . 1,7 6 6 0 0 0 2 0 0 A F M e p a b r y . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 2 2 2 2 1 , , 2 4 5 3 1 5 5 1 1 Oct. 1, 1966 11/2 92 J F M u e n a b y e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 7 7 0 8 5 - - 8 8 3 5. . . .. . 4 3 1 V 4 4 4 1,5 4 8 9 7 8 5 0 4 Apr. 15,1962. 2,000 Aug. 15, 1962 4 158 Treasury bonds Nov. 15, 1980 3i/i 1,918 A A M p p a r r y . . 2 1 6 9 3 , , , 1 1 1 9 9 9 6 6 6 2 2 2 . . . 6 6 6 0 0 0 0 0 0 A O N u c o t g v . . . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 2 2 2 I 3 3 V 3 1 4 4 2 7 1 , , 3 5 1 2 4 9 5 3 0 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 5 5 0 9 9 - - - 6 6 6 5 2 2 2 . . . . . . . . 2 2 2 1 1 % 4 4 2 3 1 , , , 2 9 48 6 7 5 4 1 M F F e e a b b y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 9 8 0 5 5 3 3 V y 3 2 4 4 2 1 , , , 0 1 6 1 3 7 7 2 6 M M M a a a y y y 2 1 1 4 7 0 , , , 1 1 1 9 9 9 6 6 6 2 2 2 . . . 5 6 60 0 0 1 0 0 N F F e e o b b v . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 3 2 3 2 3 3 1 1 Y 4 4 S 2 6 3 , , , 8 6 0 3 4 8 9 3 2 J D A u e u n c g e . . 1 1 1 5 5 5 , , , 1 1 19 9 9 6 6 6 3 2 3 - -6 6 8 7 . . . . . . 2 2 2 1 1 y / / 2 2 i 4 1 1 , , , 3 8 4 1 6 1 8 3 7 Co N nv o e v r . t i 1 b 5 le , 1 b 9 o 9 n 8 d s 3V2 3,529 J M u a n y e 31 7 , , 1 1 9 9 6 6 2 2 . . 6 6 0 0 0 1 A M p a r y . 1 1 5, , 1 1 9 9 6 6 3 3 U/ 4 2 1,7 5 4 3 3 3 J F u e n b e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 -69... 21/ 3 2 2 3 , ,8 6 5 3 4 6 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 ri - e 8 s 0 B ... 234 4,614 * 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 Special deliv- Water, Total G g o a e b t a n i l l o i e - n r- R n e u v e e- A P H u i u i o t t n b y h u g l * o s ic - r- F l G o e a o a d n v l e s t r . 3 - State d a s u i t t a s o a t n t h r t r d y u i o c - r t - Others ered 6 Total c E a d ti u o - n R br a o i n d a d g d e s s s o u e a t t t i w n h i e l d e s e i- r r h R d i t o n e e i u g a n s l s ? i - - - V a a e n i t d e s' r- O p p o t u h s r e e - s r ity 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 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 1960 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 1,894 1960—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 8 138 Dec 496 270 108 98 21 49 99 348 448 491 162 44 119 68 1961— Jan.r... 716 560 88 63 4 225 89 402 505 715 378 36 111 63 31 95 Feb.'... 691 383 295 9 4 62 231 397 715 689 234 96 207 9 13 131 Mar.r... 767 613 138 16 252 75 439 111 764 226 45 174 5 100 214 Apr.'... 727 551 119 51 6 273 97 356 721 723 208 67 66 55 170 156 May... 643 414 217 12 18 209 417 672 641 290 33 161 6 150 Juner.. 1,086 678 394 15 193 314 580 709 1,084 224 257 322 10 271 Julyr... 478 311 102 52 14 115 109 253 1,014 476 159 68 90 52 106 Aug.r... 602 422 110 60 10 134 159 309 513 601 278 54 84 61 123 Sept 709 548 158 3 289 110 310 577 701 266 48 137 3 100 147 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 with 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

72 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed use of net proceeds, Gross proceeds, all issuers2 all corporate issuers6 Noncorporate Corporate New capital Year or Remonth tire- State Bonds ment Total G U o . v S t . .3 a F e c g e r y e a d n 4 l - - n m a p i n c a u d i l - - Others Total Total o P f l f i u e c r l b y e - d p v l P a a t r c e i e l - y d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total New O p t u h r e - r s ri e t o c i f e u s - 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—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 76f 662 100 31 Sept. 1,913 338 193 699 5 678 460 123 336 17 201 658 64' 612 36 11 Oct.. 4,350 2,564 643 41 1,101 794 336 458 299 1,075 1,033 928 105 42 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capitals secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 6 1960 1,997 79 794 30 672 39 2,754 51 1,036 2,401 71 1960—Oct.. 185 4 66 36 203 10 254 147 8 Nov. 249 27 79 3 45 314 2 27 242 Dec. 191 22 61 1 78 180 1 100 242 1961—Jan.. 169 1 33 1 81 137 21 138 Feb.. 99 5 91 2 55 160 41 223 Mar. 248 32 47 5 72 10 84 19 70 92 Apr.. 574 16 78 1 33 254 21 994 45 186 May. 447 22 110 2 67 439 17 85 12 111 June. 446 128 120 23 115 389 13 16 251 231 July. 428 12 98 2 11 269 3 16 206 Aug. 255 25 83 1 69 215 2 13 127 Sept. 252 8 76 1 28 111 75 105 Oct.. 293 30 99 1 31 282 25 304 1 Estimates of new issues maturing in more than one year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 3 Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. 4 Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1960 1961 1956 1957 1958 1959 1960 1 2 3 4 1 2 3 Manufacturing Total (180 corps.): Sales 107,717 114,229 105,134 118,273 120,742 31,573 30,924 28,103 30,142 28,651 31,233 29,548 13,418 13,349 10 466 14,094 13,363 4 002 3 544 2 710 3 107 2 693 3 478 2 988 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 1,111 1,110 Nondurable goods industries (79 corps.): * Sales 39,463 41,704 41,541 45,465 46,819 11 599 11,663 11,616 11 941 11,831 12,133 12 210 Profits before taxes 5,146 5,010 4,402 5,652 5,526 1,407 1,421 1,404 1,294 1,324 1,385 1,414 Profits after taxes 2,943 2,944 2 574 3,212 3,161 785 797 814 765 757 772 787 Dividends 1,683 1,776 1,785 1,912 1,978 482 486 482 528 486 486 479 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 16 820 19 100 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 2,094 1 574 Profits after taxes. 4,151 4,233 3,140 4,231 3,915 1,277 1,016 684 938 679 1,066 834 2,385 2,416 2,294 2,430 2,515 610 612 619 674 618 625 631 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 3,154 3,226 955 1,024 1,152 1,274 1,323 303 338 345 338 319 360 359 460 497 555 604 629 142 159 162 166 150 170 171 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 3,250 3 210 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 1,062 276 281 256 250 229 267 269 698 737 717 799 794 191 186 187 230 193 189 185 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 3,398 3 435 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 2,263 854 611 411 387 309 560 552 Profits after taxes 1,727 1,540 1,154 1,222 1,178 426 322 224 205 166 295 302 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 4 367 4 298 1 209 1,457 1*463 1,890 1,482 389 395 366 332 362 398 400 Profits after taxes 607 729 734 934 760 197 202 185 175 178 202 200 403 416 422 448 482 121 119 120 123 121 125 124 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 2,473 2,701 1 332 2,985 3,100 1 076 936 273 816 478 840 319 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: 10 551 10,491 9 565 9,825 9,514 2 411 2,477 2,322 2,304 2,129 2,290 2,354 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: 9,049 9,670 10,195 11,129 11,861 3,166 2,837 2,865 2,993 3,323 3,013 3,040 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 1,022 1,069 1,134 1,219 1,302 325 321 322 335 343 344 335 Telephone: 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 2,326 558 585 589 594 587 614 620 715 788 921 1,073 1,155 277 290 294 294 290 307 310 552 613 674 743 806 196 200 203 207 210 214 218 1 Includes 17 companies in groups not shown separately. Telephone. Revenues and profits are for telephone operations of the 2 Includes 27 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and NOTE.—Manufacturing corporations. Data are obtained primarily the Long Lines and General departments of American Telephone and from published company reports. Telegraph Company) and for two affiliated telephone companies, which Railroads. Figures are for Class I line-haul railroads (which account together represent about 85 per cent of all telephone operations. Divifor 95 per cent of all railroad operations) and are obtained from reports dends are for the 20 operating subsidiaries and the two affiliates. Data of the Interstate Commerce Commission. are obtained from the Federal Communications Commission. Electric Power. Figures are for Class A and B electric utilities (which All series. Profits before taxes refer to income after all charges and account for about 95 per cent of all electric power operations) and are before Federal income taxes and dividends. For detailed description of obtained from reports of the Federal Power Commission, except that series (but not for figures), see BULLETIN for June 1949, pp. 662-66 quarterly figures on operating revenue and profits before taxes are partly (manufacturing); BULLETIN for March 1942, pp. 215-17 (public utilities); estimated by the Federal Reserve to include affiliated nonelectric opera- and BULLETIN for September 1944, p. 908 (electric power). For back tions. data for manufacturing, see BULLETIN for July 1959, pp. 792-93; back data for other series are available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter before come after divi- tributed quarter taxes taxes taxes dends profits New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1953 38.3 20.2 18.1 9.2 8.9 1954 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 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—3 44.8 22.1 22.7 13.7 9.0 4 44.9 22.1 22.7 13.8 8.9 1960—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 no 718 1,759 647 1,112 3 43.2 21.4 21.7 14.1 7.6 2 5,566 1,808 3,758 3,273 1,255 2,018 2,293 553 1,740 4 42.6 21.1 21.4 14.3 7.2 3 3,594 1,750 i,844 2,011 1,213 798 1,582 537 1,046 1961—1 39.6 19.6 20.0 14.2 5.8 2 45.2 22.4 22.8 14.2 8.6 i Reflects cash transactions only. As contrasted with data shown on p. 72 new issues 3 47.2 23.3 23.8 14.3 9.5 exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same type of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 72. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u v S r t i . . - Not r e e s c e a i n v d a b a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c l t d i a o a e x m - ra e l Other ties U.S. Other U. S. Other bilities Govt.2 Govt.2 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 1.7 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 1960—2 130.2 283.0 34.6 20.7 2.9 122.8 92.1 10.0 152.9 1.8 101.3 12.9 36.9 3 131.6 285.8 35.0 19.3 2.9 125.8 92.6 10.1 154.2 1.8 101.9 13.4 37.2 4 132.5 287.4 37.0 19.7 3.1 126.5 91.3 9.8 154.9 1.8 102.6 13.8 36.8 1961—1 134.3 286.6 34.8 19.5 3.2 125.5 92.9 10.7 152.3 1.8 100.9 12.1 37.5 2 137.9 291.4 36.1 19.4 3.1 129.2 92.3 11.3 153.5 1.7 102.4 11.7 37.7 3 139.3 296.2 36.8 18.4 3.2 132.9 93.2 11.7 156.9 1.8 104.0 12.7 38.4 1 Excludes banks, savings and loan associations, and insurance compa- 2 Receivables from, and payables to, the U. S. Government e xclude nies. amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] 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 [.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 1.0 .9 1.6 4.3 2.0 7.5 1956 35.1 15.0 L2 1.2 1.7 4.9 2.7 8.4 1961—1 7.6 3.2 .6 1.1 2.7 33.9 1957 37.0 16.0 1.2 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 1.5 2.9 34.7 1959 32.5 12.1 L.O .9 2.0 5.7 2.7 8.2 44.... 9.7 4.2 .7 1.6 3.2 35.9 1960 35.7 14.5 L.O 1.0 1.9 5.7 3.1 8.4 196H 34.5 13.7 L.O .7 1.8 5.6 11.7 1962—14.... 8.1 3.4 .6 1.1 3.0 36.5 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 75 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multifamily and E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e n h s t r e - o a d l l de v o r I i s a t d n h n u d e d a i r - l s s h A o er l l d s l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t i i l n l n - y s - ho O h u o e t s h r l e d s e s - r c T o o m ta m l erc t F i u i a i n c t n l i i s o a a t p i l n n - r s - ope O h rt e o t i h r e l s d e s - r i h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r s2 1941... 37.6 20.7 4.7 12.2 31.2 18.4 11 2 7.2 12.9 8.1 4.8 6 4 1 5 4 9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 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 190.9 145.5 10.0 f35.4 178.8 130.9 109.2 r21.6 47.9 r31.9 16.0 12.2 4.5 n.i I960 r206.2 157.6 11.2 r37.4 193.1 141.3 117.9 23.4 r51.8 r35.O 16.8 13.1 4.7 8 4 I960—Mar 194 5 148.0 10.3 r36.1 181.9 133.1 110.9 22.2 48.8 r32.6 16.2 12.5 4 5 8 0 June r198.5 151.3 10.6 r36.6 185.7 135.9 113.3 22.5 49.8 r33.4 16.4 12.8 4.6 8 2 Sept '202.6 154.6 11.0 r37.Q 189.6 138.8 115.8 23.1 '50.8 '34.2 16.6 13.0 4.6 8.3 Dec r206.2 157.6 11.2 r37.4 193.1 141.3 117.9 23.4 r51.8 r35.O 16.8 13.1 4.7 8 4 1%1—Mar P 209.3 160.2 11.3 37.9 196.0 143.2 119.8 23.5 52.8 35.7 17.1 13.3 4.7 8 6 June23 214.0 164.3 11.2 38.5 200.3 146.5 123.0 23.5 53.9 36.5 17.4 13.7 4.8 8 9 Sept p 219.3 168.4 11.4 39.5 205.4 150.3 126.1 24.1 55.1 37.3 17.8 14.0 4.9 9.1 P Preliminary. r Revised. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amounts of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. SOURCE.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual savings Housing Administration, Public Housing Administration, Veterans banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a 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 <P1 4,208 3,387 797 24 1954 18,573 14,152 4,106 3,350 6,695 3,263 159 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 j?97 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 ^36 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 5,461 471 23,263 20,935 5,501 r8,360 7,073 2,275 53 1959 28,145 r20,320 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 I960—Mar 28,228 20,292 6,053 3,124 11,115 6,345 1 591 25,404 22,871 6,415 8,729 7,727 2,479 54 June 28,463 20,334 5,978 3,032 11,324 6,484 1 646 25,849 23,293 6,571 8,879 7,843 2,503 53 Sent 428,693 20,399 5,906 2,919 11,574 6,651 643 26,430 23,835 6,832 8,941 8,062 2,542 53 Dec . . . 28,806 20,362 5,851 2,859 11,652 6,796 j648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961—Mar r 28,864 20,281 5,793 2,776 11,712 6,906 677 27,447 24,800 7,353 9,111 8,336 2,597 50 June r 29,383 20,595 5,820 2,726 12,049 7,072 ,716 28,015 25,318 7,634 9,192 8,492 2,645 51 Sept.r 29,920 20,953 5,905 2,676 12,372 7,227 ,740 28,589 25,892 7,811 9,231 8,850 2,646 51 r Revised. banking statistics. March and September figures are Federal Reserve 1 Represents all banks in the United States and possessions. estimates based in part on data from National Association of Mutual 2 Includes loans held by nondeposit trust companies, but excludes Savings Banks. holdings of trust departments of commercial banks. March and Septem- 4 Data reflect a $40 million reclassification by one bank from commerber figures are Federal Reserve estimates based on data from Member cial and industrial to 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 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 Farm Total Farm Total FHA- g V u A ar - - Other Total FHA- g V u A ar - - Other 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 I960. 6,083 5,619 1,401 288 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 I960—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 Nov 590 543 110 26 407 47 43,815 40,656 9,620 6,566 24,470 3,159 NOTE.—Certain mortgage loans secured by land on which oil drilling end-of-year figures, because monthly figures represent book value of or extracting operations are in process are classified with farm through ledger assets whereas year-end figures represent annual statement asset June 1959 and with "other** nonfarm thereafter. These loans totaled values, and because data for year-end adjustments are more complete. $38 million on July 31,1959. SOURCE.—Institute of Life Insurance; end-of-year figures are from For loans acquired, the monthly figures may not add to annual totals Life Insurance Fact Book, and end-of-month figures from the Tally of and for loans outstanding, the end-of-December figures may differ from Life Insurance Statistics. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Year or month TotaU s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total* F su H it r i- A ed - 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 l o y - n- W se a a i d t s j h o u o n s u t a - t l in S lo g a a s v n - & I c n a o n s m u ce r - - C m c o i e a m r l - - M i s n u a g v tu s - al justed i ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1954 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 1,768 4,239 1,501 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958....... 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,151 5,201 6,613 53,194 2,997 7,192 43,005 1958 27,388 10,516 1,460 5,204 1,640 1960 14,304 4,678 6,132 60,084 3,523 7,211 49,350 1959 32,235 13,094 1,523 5,832 1,780 I960 29,341 12,158 1,318 4,520 1,557 1960 1960 Nov 1,140 332 508 59,512 3,487 7,214 48,811 Dec 1,150 367 460 60,084 3,523 7,211 49,350 Oct 2,451 2,525 1,053 106 372 146 Nov 2,426 2,378 978 97 363 143 1961 Dec 2,407 2,338 961 95 361 132 Jan 969 285 400 60,455 3,561 7,191 49,703 1961 Feb.. J.001 288 395 60,882 3,610 7,193 50,079 Mar 1,356 426 515 61,571 3,658 7,183 50,730 Jan 2,373 2,075 830 83 337 110 1,309 417 504 62,265 3,702 7,195 51,368 Feb 2,387 1,997 838 78 321 95 May'.'.'.'.'.'.'. 1,511 460 603 63,080 3,770 7,204 52,106 Mar 2,398 2,444 1,060 94 394 106 1,721 532 712 64,073 3,835 7,186 53,052 Apr. 2,476 2,358 1,038 89 386 114 July 1,482 422 659 64,811 3,888 7,183 53,740 May 2,561 2,700 1,199 100 444 138 Aug 1,763 498 785 65,717 3,954 7,156 54,607 June. 2,581 2,856 1,292 104 460 153 Sept 1,594 436 695 66,519 4,013 7,144 55,362 July... 2,652 2,653 1,166 95 425 168 Oct 1,629 464 696 67,330 4,059 7,137 56,134 Aug 2,652 3,004 1,346 111 483 179 Nov.* [,538 452 642 68,039 4,105 7,138 56,796 Sept 2,723 2,777 1,248 101 441 174 Oct 2,961 1,304 109 468 174 x> 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 77 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMTLY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en t- Total p 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 r i a o m e n v n - s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n p e - g s - q y E u e n a a d r r t o o er r f Total FHA- VA- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1945 18 6 4 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 1955 88.2 38.9 143 24.6 49.3 1957 . 3,715 880 1,371 595 869 3,761 2,890 863 1956 99.0 43.9 155 28.4 55.1 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1957 107.6 47.2 165 30.7 60.4 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1958 117.7 50.1 197 30.4 67.6 I960 6,293 2,197 2,403 711 982 1,985 1,554 428 1959 131.0 53.8 8 30.0 '77.0 1960 '141 3 56 4 26 7 29 7 '84 8 I960—Nov 558 181 223 78 77 150 113 37 Dec . . 558 167 223 92 76 142 109 33 I960—Mar 133.1 54.5 24.6 29.9 '78.6 June 135.9 55.0 25.2 29.8 '80.9 1961 Jan 564 186 224 89 65 130 101 28 Sept 138.8 '55 7 26.0 '29.7 '83.2 F M e a b r ... 4 4 4 8 8 0 1 1 4 4 8 3 2 1 0 9 4 3 7 5 2 7 5 6 0 0 1 12 0 5 8 9 8 3 1 2 3 7 2 Dec '141 3 56 A 26 7 29 7 '84 8 Apr 458 124 193 75 65 109 78 31 1961— Mar.*. ... 143.2 57.1 274 29.7 86.1 May 501 130 219 84 68 123 83 41 June*3 146.5 57.8 280 29.8 88.7 563 132 254 90 87 137 89 48 Sept.** 150.3 58.7 288 29.9 91.6 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 p Preliminary. ' Revised. Oct 599 148 285 83 83 201 114 86 Nov 622 174 310 65 73 206 118 87 thr N ee O T q E u . a — rt F er o s r t o o f t a y l e a d r e b a t r e o u F t e st d a e n r d al i n R g, e s f e ig rv u e re s e s f t o im r a f t i e rs s t . For conventional, figures are derived. 1 Monthly figures do not reflect mortgage amendments included in annual totals. SOURCE.—Federal Home Loan Bank Board, Federal 2 These loans are not ordinarily secured by mortgages. Housing Administration, Veterans Administration, and 3 Includes a small amount of alteration and repair loans, not shown separately; only such Federal Reserve. loans in amounts of more than $1,000 need be secured. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans amounts by type are derived from data on number and average amount of loans closed. SOURCE.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' (during mit- Year or month Ad- Repay- demand ]Bnd of year period) ments vances ments and time or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - - ed Total t S e h r o m r 1 t L te o rm ng 2 - deposits 1945 278 213 195 176 19 46 1954. 2,434 802 1,632 614 595 476 1955 . 1,251 702 1.417 991 426 698 1955 2,615 901 1,714 411 6? 76 1956 745 934 1,228 798 430 683 1956. 3,047 978 2,069 609 5 360 1957 1,116 1,079 1,265 731 534 653 1957. 3,974 1,237 2,737 1,096 764 1958 . .. 1,364 1,331 1,298 685 613 819 1958. 3,901 1,483 2,418 623 487 1,541 1959 2,067 1,231 2,134 1,192 942 589 1959. 5,531 2,546 2,985 1,907 5 568 1960 . .. 1 943 2 097 1,981 1 089 892 938 1960 6,159 3,356 2,803 1,248 ^57 576 1961 *>2,884 *>2,204 >,662 1,447 1,216 1,180 I960—TSTov 6,143 3,333 2,810 69 9 575 1960—Dec 344 104 [,981 1,089 892 938 r>po 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 Feh 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 ,576 807 769 1,056 Apr 5,858 3,211 2,646 38 17? 532 May. 197 149 1,624 852 772 1,089 May 5,772 3,188 2,584 42 101 523 June. 367 122 1,869 975 894 1,154 5,763 3,191 2,572 38 18 544 July. 271 270 1,871 1,062 809 1,048 July 5,765 3,204 2,561 35 6 579 Aug.. 245 115 2;ooi 1,147 854 1,019 AUK 5,804 3,245 2,559 71 3 593 Sept. 244 120 2,124 1,233 892 1,022 Sept 5,841 3,281 2,561 76 10 626 Oct.. 257 179 2,202 1,239 963 1,008 Oct 5,916 3,345 2,571 108 ? 653 Nov. 263 178 2,287 1,269 1,018 1,029 Nov 6,004 3,417 2,587 121 3 656 Dec. 510 135 :1,662 1,447 1,216 1,180 * Operations beginning with Nov. 1, 1954, are on the basis of FNMA's v Preliminary. new charter, under which it maintains three separate programs: secondary 1 Secured or unsecured loans maturing in one year or less. market, special assistance, and management and liquidation. Data ex- 2 Secured loans, amortized quarterly, having maturities of more than clude conventional mortgage loans acquired by FNMA from the RFC 1 year but not more than 10 years. Mortgage Company, the Defense Homes Corporation, and the Public SOURCE.—Federal Home Loan Bank Board. Housing Administration. SOURCE.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding; in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e 1 co p g O n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1954 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2,003 1955 38,807 28,883 13,437 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1956 42,262 31,648 14,348 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 44,848 33,745 15,218 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 . 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 I960 55,757 42,588 17,444 11,525 3,139 10,480 13,169 4,507 5,329 3,333 I960—Nov 54,298 41,996 17,544 11,003 3,144 10,305 12,302 4,478 4,605 3,219 Dec 55,757 42,588 17,444 11,525 3,139 10,480 13,169 4,507 5,329 3,333 1961 Jan 54,726 42,122 17,220 11,365 3,100 10,437 12,604 4,503 4,721 3,380 Feb 53,843 41,662 17,017 11,136 3,075 10,434 12,181 4,573 4,132 3,476 Mar 53,641 41,465 16,922 11,007 3,066 10,470 12,176 4,611 4,096 3,469 Apr . .. 53,756 41,423 16,877 10,915 3,073 10,558 12,333 4,589 4,203 3,541 May 54,196 41,584 16,933 10,929 3,100 10,622 12,612 4,717 4,380 3,515 June 54,602 41,888 17,061 10,966 3,122 10,739 12,714 4,743 4,474 3,497 July 54,505 41,909 17,063 10,934 3,133 10,779 12,596 4,708 4,397 3,491 54,739 42,090 17,061 10,966 3,165 10,898 12,649 4,769 4,409 3,471 Sept . . .. 54,757 42,039 16,902 11,006 3,180 10,951 12,718 4,832 4,423 3,463 Oct 54,902 42,181 16,913 11,085 3,183 11,000 12,721 4,778 4,517 3,426 Nov 55,451 42,419 16,960 11,215 3,192 11,052 13,032 4,880 4,684 3,468 1 Represents all consumer instalment credit extended for the purpose 3 Includes data for Alaska and Hawaii beginning with January and of purchasing automobiles and other consumer goods, whether held by August 1959, respectively. retail outlets or financial institutions. Includes credit on purchases by NOTE.—Monthly figures for the period December 1939 through 1960 individuals of automobiles or other consumer goods that may be used are shown in the following BULLETINS: April 1953 (includes a general in part for business. description of the series); October 1956; November 1958 and 1959; and 2 Holdings of financial institutions; holdings of retail outlets are in- December 1957, 1960 and 1961. A detailed description of the methods cluded in other consumer goods paper. 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> Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i c C a u n o n m a o m i n n e e c s - - r e l Other i Total D s m t e o p r e e a n s r t t 2 - F s t t u u o r r r n e e i s - H s a h a t p o o n o p u 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 3 Other 1939 4 503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4 480 1 726 1 797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1.242 984 377 463 1.052 1955 28,883 24,375 10,601 8,424 1,678 2,623 ,049 4,508 ,511 1,044 365 487 1,101 1956 31,648 26,905 11,777 9,045 2,014 2,940 ,129 4,743 ,408 1,187 377 502 1,269 1957 33,745 29,078 12,843 9,487 2,429 3,124 ,195 4,668 ,393 1,210 361 478 1,226 1958 33,497 28,514 12,780 8,699 2,668 3,085 ,282 4,983 .882 1,128 292 506 1,175 19594 39,034 33,359 15,227 10,108 3,280 3,337 ,407 5,676 2,292 1,225 310 481 [,368 I960 42,588 36,974 16,672 11,228 3,923 3,670 ,481 5,615 2,414 1,107 333 359 1.402 I960—Nov 41,996 36,819 16,653 11,227 3,885 3,578 ,476 5,175 2,168 1,068 325 375 1,239 Dec 42,588 36,974 16,672 11,228 3,923 3,670 ,481 5,615 2,414 1,107 333 359 1,402 i96i_Jan 42,122 37,708 17,539 11,165 3,879 3,645 ,480 4,414 1.327 1,071 325 360 1,331 Feb 41,662 37,329 17,285 11,053 3,886 3,621 ,484 4,334 1,367 1,043 317 361 1 246 Mar 41,465 37,092 17,148 10,931 3,920 3,603 ,490 4,373 1,452 1,016 312 361 1,232 Apr 41,423 37,003 17,072 10,883 3,964 3,606 ,478 4,420 1,545 1,002 306 361 1,206 May 41,584 37,056 17,079 10,859 4,019 3,607 1,492 4,527 1,650 997 307 360 1,213 41,888 37,249 17,113 10,915 4,107 3,622 ,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 Aua 42,090 37,320 17,065 10,886 4,207 3,659 1,503 4,769 1.896 1,001 314 359 1,199 Sept 42,039 37,188 16,909 10,882 4,233 3,650 1,514 4,850 f,979 1,009 315 360 1,187 Oct 42,181 37,191 16,877 10,866 4,269 3,671 1,508 4,990 2,097 1,014 315 359 1,205 Nov 42,419 37,240 16,836 10,878 4,317 3,684 ,525 5,179 2,213 1,034 314 360 1,258 1 Consumer finance companies included with "other" financial institu- 3 Automobile paper only; other instalment credit held by automobile tions until September 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. 4 See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 79 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] [Estimated amounts outstanding; in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t 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 - s l P o o a e n n r a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z l o o a e a d a n p ti n e d a o r s i n n r - 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 1960 11,228 7,284 2,739 139 1,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1960—Nov. 11,227 7,343 2,704 138 1,042 I960—Nov. ... . 16,653 5,353 2,824 2,732 2,207 3,537 Dec. 11,228 7,284 2,739 139 1,066 Dec. 16,672 5,316 2,820 2,759 2,200 3,577 1961—Jan.. 11,165 7,152 2,814 139 1,060 1961— Jan 17,539 5,255 2,805 3,742 2,171 3,566 Feb.. 11,053 7,033 2,821 140 1,059 Feb 17,285 5,187 2,788 3,596 2,148 3,566 Mar. 10,931 6,924 2,806 143 1,058 Mar 17,148 5,174 2,802 3,449 2,134 3,589 Apr.. 10,883 6,858 2,813 146 1,066 Apr. 17,072 5,170 2,810 3,309 2,141 3,642 May, 10,859 6,819 2,824 146 1,070 May 17,079 5,216 2,836 3,202 2,155 3,670 June, 10,915 6,829 2,848 149 1,089 June 17,113 5,275 2,861 3,095 2,170 3,712 July. 10,903 6,799 2,854 155 1,095 July 17,066 5,295 2,861 3,013 2,176 3,721 Aug. 10,886 6,756 2,865 149 1,116 Aug 17,065 5 312 2,860 2,936 2,190 3,767 Sept. 10,882 6,650 2,937 153 1,142 Sept. 16,909 5,284 2,822 2,826 2,197 3,781 Oct.. 10,866 6,621 2,929 157 1,159 Oct 16,877 5,308 2,825 2,769 2,198 3,777 Nov. 10,878 6,611 2,940 160 1,167 Nov 16,836 5,314 2,852 2,700 2,195 3,775 i Includes data for Hawaii beginning with August 1959. 1 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding; in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] Singlepayment Charge accounts Other Repair Total loans E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz l o o a a n d a ti n d e o s r n n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar u c m n i r s o e e t d n 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 p t D o a e r e r e n - t- s t 1 o O r u e t t t h l a e e i t l r s C ca re r d d i s t 2 S c e r r e v d i i c t e 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1954 4,510 539 375 282 3,314 1945 3,203 674 72 290 1,322 845 1955 5,350 763 530 327 3 730 1956 6,083 954 624 404 4,101 1954 8,896 2,096 312 793 3,515 177 2,003 1957 6,748 1,114 588 490 4,555 1955 9,924 2,635 367 862 3,717 216 2 127 1958 7,035 1,152 565 595 4,723 1956 10,614 2,843 410 893 3,842 260 2,366 19591 ....... 8,024 1,400 681 698 5,244 1957 11,103 2,937 427 876 3,953 317 2,593 I960 9,074 1,665 771 800 5,837 1958 11,487 3,156 471 907 3,808 345 2 800 19593 12,297 3,582 547 958 3,753 393 3,064 I960 Nov ... 8,939 1,649 767 799 5,726 I960 13,169 3,884 623 941 3,952 436 3,333 Dec 9,074 [,665 771 800 5,837 I960—Nov 12,302 3,844 634 709 3,463 433 3,219 1961 Jan 9,004 1,648 755 790 5,811 Dec 13,169 3,884 623 941 3,952 436 3,333 Feb 8,991 1,648 746 787 5,809 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 May 9,118 1,702 736 799 5,882 Mar 12,176 3,925 686 637 3,034 425 3,469 J Ju u l n y e 9 9 , , 2 2 2 5 1 7 1 1 , , 7 7 3 4 7 8 7 7 4 4 3 4 8 8 0 0 3 2 5 5 , , 9 9 3 6 8 3 A M p a r y 1 1 2 2 , , 3 6 3 1 3 2 4 3 , , 0 9 2 7 8 0 6 6 1 8 9 9 6 6 3 3 1 4 3 3 , , 1 3 4 2 9 9 4 41 2 7 3 3 3 , , 5 5 4 1 1 5 Aug 9,369 1,774 755 826 6,015 June.... 12,714 4,090 653 624 3,411 439 3,497 Sept 9,397 1,786 753 830 6,028 July 12,596 4,103 605 574 3,360 463 3,491 Oct 9,448 1,800 756 828 6,064 Aug 12,649 4,100 669 589 3,327 493 3,471 Nov 9,526 1,823 756 837 6,110 Sept 12,718 4,129 703 623 3,312 488 3,463 Oct 12,721 4,125 653 656 3,382 479 3,426 1 Includes data for Alaska and Hawaii beginning with January and Nov 13,032 4,158 722 717 3,498 469 3,468 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit 1 Includes mail-order houses. unions, industrial loan companies, mutual savings banks, savings and 2 Service station and miscellaneous credit-card accounts and homeloan associations, and other lending institutions holding consumer heating-oil accounts. instalment loans. 3 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 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 Other consumer RepaLr and Personal loans goods paper modernization loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1954 31,051 11,807 9,117 1,261 8,866 1955 38,944 16,706 10,642 1,393 10,203 1956 . 39,775 15,421 11 721 1 582 11,051 1957..... 41,871 16,321 11,807 1,674 12,069 1958 39,962 14,069 11,747 1,871 12,275 1959i 47,818 17,544 13,982 2,222 14,070 1960 49,313 17,408 14,470 2,212 15,223 I960—Nov 4,018 3,998 1.408 1,344 1.174 1,236 174 176 1,262 1,242 Dec 3,984 4,547 ,351 1,220 ,207 1,676 166 154 1,260 1,497 1961 Jan 3,866 3,426 ,286 1,130 ,179 1,031 155 127 1 146 1,138 Feb 3,812 3,183 ,216 1,049 ,165 888 157 127 ,274 1,119 Mar 3.894 3,907 ,255 1,323 ,188 1,111 172 161 .279 1,312 3,800 3,721 .225 1.243 ,162 1,073 167 166 ,246 1,239 May 3,907 4,203 1,270 1,449 ,173 1,221 181 200 ,283 1,333 June 3,962 4,347 1,296 1,515 ,175 1,236 177 196 ,314 1,400 JUly 3,909 3,905 1,300 L365 ,184 1,113 167 175 ,258 1,252 4,038 4,234 1,302 1,395 ,212 1,229 186 206 ,338 1,404 Sept 3,942 3,789 1,271 1,168 .199 1,200 175 184 ,297 1,237 Oct 4,209 4,244 1,405 1,452 Is, 254 1,300 173 186 ,377 1,306 Nov 4,317 4,275 1,511 1.402 1,249 1,327 174 177 .383 1,369 Repayments 1954 . 30,488 11,833 9,145 1,255 8,255 1955 33,629 13,077 9,752 1,316 9,484 1956 37,009 14,510 10,756 1,370 10,373 1957 39,775 15,451 11,569 1,477 11,278 1958 40,211 15,281 11 563 1 626 11,741 19591 42,435 15,411 12,402 1,765 12,857 1960 45,759 16,172 13,574 1,883 14,130 I960—Nov 3.856 3,867 1,358 1,354 1,138 1,144 162 163 1.198 1,206 Dec 3,866 3,952 1,348 1,319 1,153 1,152 162 158 1,203 1,323 1961 Jan 3 875 3,895 1.356 1,354 1,163 1,193 167 167 1,189 1,181 Feb 3,889 3,643 1,353 1,252 1,151 1,116 160 152 1,225 1,123 Mar., 3,907 4,104 1,348 1,418 1.176 1,242 164 169 1,219 1,275 Apr 3,907 3,764 1,356 1,290 1,189 1,164 165 159 1,197 1,151 May 3,895 4,043 1,336 1,394 1,166 1,207 169 173 1.224 1,269 June 3,962 4,042 1.354 1,387 1,188 1,199 171 174 JT,249 1,282 July 3,937 3,885 1,364 1,362 1,183 1,145 165 165 1,225 1,213 Aug 3,994 4,053 1,362 1,396 1,197 1,198 170 174 1,265 1,285 Sept . 3,956 3,839 1,350 1,327 1,190 1,159 170 169 1,246 1,184 Oct 4,028 4,102 1,372 1,441 1,210 1,221 178 183 1,268 1,257 Nov 4,017 4,037 1,359 1,355 1.188 1,197 166 168 1,304 1,317 Net increase or decrease (—) in credit outstanding2 1954 563 -26 —28 6 611 1955 5,315 3,629 890 77 719 1956 2,766 911 965 212 678 1957 2,096 870 238 197 791 1958 -249 -1,212 184 245 534 19591 . . 5,535 2,201 1,602 463 1,269 I960 . 3,554 1,236 896 329 1,093 I960—Nov 162 131 50 -10 36 92 12 13 64 36 Dec 118 595 3 -99 54 524 4 -4 57 174 1961 Jan -9 -469 -70 -224 16 -162 -12 -40 57 -43 Feb -77 -460 -137 -203 14 -228 -3 -25 49 4 Mar -13 -197 -93 -95 12 -131 8 g 60 37 Apr -107 -43 -131 -47 -27 -91 2 7 49 88 May 12 160 -66 55 7 14 12 27 59 64 June. . .... 0 305 -58 128 -13 37 6 22 65 118 Julv -28 20 -64 3 1 -32 2 10 33 39 44 181 -60 -1 15 31 16 32 73 119 Sent -14 -50 -79 -159 9 41 5 15 51 53 Oct 181 142 33 11 44 79 -5 3 109 49 Nov 300 238 152 47 61 130 8 9 79 52 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 the BULLETIN for shown in the BULLETIN for January 1954, pp. 9-17. Estimates of December 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 81 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti t f u i t n i a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n 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 - 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—Nov 4,018 3 998 1 511 1,437 907 886 989 988 611 687 Dec . .. 3,984 4,547 1,479 1,416 888 886 984 1,178 633 1,067 1961—Jan.. 3,866 3,426 1,434 1,350 835 752 948 842 649 482 Feb 3,812 3,183 1,393 1,217 818 672 972 853 629 441 Mar 3,894 3,907 1 «2 1,466 823 829 1,000 1,023 639 589 Apr 3,800 3,721 1,406 1 4^ 830 801 953 930 611 555 May 3,907 4,203 1,431 ,608 829 891 1,017 1,060 630 644 June 3,962 4,347 •1,443 ,604 863 977 1,038 1,117 618 649 July 3,909 3,905 1,442 ,482 827 863 984 989 656 571 Aug 4,038 4,234 1,476 ,559 853 927 1,049 1,100 660 648 Sept 3,942 3,789 1,438 ,371 828 809 1,023 958 653 651 Oct 4,209 4,244 1,533 ,536 913 951 1,078 1,034 685 723 Nov 4,317 4,275 ,557 ,456 957 924 1,115 1,118 688 111 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 3^2 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 1959l 42 435 15,560 9,574 10,020 7 281 1960 45,759 16,832 10,229 11,022 7,676 I960 Nov 3,856 3,867 1,422 1,411 879 885 934 940 621 631 Dec 3,866 3,952 1,431 1,396 874 885 942 1,044 619 627 1961—Jan 3,875 3,895 1,446 1,460 874 855 922 912 633 668 Feb 3,889 3,643 1,540 1,472 868 783 943 867 538 521 Mar 3,907 4,104 1.544 1,601 885 951 959 1,002 519 550 Apr 3,907 3,764 1,564 1.511 883 849 931 896 529 508 May 3,895 4,043 1,521 ,600 887 915 961 991 526 537 June 3,962 4,042 1,535 ,569 909 920 985 1,016 533 537 JUly 3,937 3,885 1,529 ,529 890 874 963 954 555 528 Aug 3,994 4,053 1,535 ,560 906 933 988 999 565 561 Sept. 3,956 3,839 1,521 ,486 883 862 982 930 570 561 Oct 4 028 4,102 . 523 ,569 918 967 997 983 590 583 Nov 4,017 4,037 1,495 .480 899 912 1,031 1,040 592 605 Net increase or decrease (—) in credit outstanding 2 1954 563 — 202 217 472 76 1955 5,315 1,805 2,280 840 390 1956 2,766 1,176 622 733 235 1957 2,096 1,066 442 665 -75 1958 -249 — 63 -788 289 315 I9591 5 535 2 447 1,409 986 693 1960 . . 3,554 1,446 1,120 1,051 -61 I960 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 M!ar -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 Nov 300 238 45 -41 58 12 84 78 113 189 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 the BULLETIN for transfers do not affect total instalment credit outstanding. December 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Seasonally adjusted] Annual average 1960 1961 Grouping 1959 1960 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. INDUSTRY GROUPINGS Total index 159 164 159 156 155 155 156 160 164 168 170 172 r168 171 173 Manufacturing total .. 158 163 157 154 153 152 153 158 163 166 169 170 167 170 172 Durable 165 169 159 156 154 153 154 161 167 111 175 175 111 11A 111 155 160 158 156 155 156 157 160 162 165 167 169 167 r170 171 125 128 129 129 128 127 127 128 128 128 129 130 128 131 132 268 287 287 287 290 292 291 296 304 307 307 314 316 r3l7 317 Durable Manufactures Primarv and fabricated metals 125 127 111 108 107 108 109 117 126 129 132 136 133 n34 135 Primary metals 114 115 94 88 91 93 94 105 115 118 121 125 126 122 123 107 110 85 80 82 86 87 98 108 111 114 115 116 r113 114 Fabricated metal oroducts 142 145 138 137 132 131 131 135 143 146 148 151 144 150 153 150 155 151 147 145 141 141 144 152 158 160 164 157 161 160 JMachinery and related products «. 197 205 197 193 190 189 189 195 201 206 210 210 203 r208 214 Machinery 169 174 167 166 166 165 165 169 171 176 181 178 111 178 181 Nonelectrical machinery 141 145 140 137 136 136 135 140 141 144 147 145 145 145 148 Electrical machinery 212 222 212 214 215 214 213 216 221 229 237 232 229 '232 235 229 238 226 218 208 205 206 220 231 235 239 240 221 '235 247 147 168 150 142 130 127 126 144 157 165 167 169 139 157 169 Aircraft and other equipment 390 368 373 369 366 363 367 366 373 366 376 375 385 '388 400 209 221 221 216 216 210 210 210 215 220 222 227 225 225 228 143 139 132 129 129 128 131 135 138 144 145 144 142 139 139 Clav class and stone Droducts 159 158 155 148 145 144 149 151 155 162 165 165 162 '160 159 Lumber and products 125 118 105 106 111 110 110 117 118 122 123 120 119 114 115 Furniture and miscellaneous 147 153 149 145 143 144 145 148 152 156 156 157 158 rl60 164 Furniture and fixtures 164 111 167 163 159 158 161 165 167 173 111 176 176 mi 182 Misc manufactures 133 138 135 130 130 132 131 134 139 142 142 142 142 rl46 148 Nondurable Manufactures Textile apparel and leather products 136 136 131 127 124 127 130 132 134 137 140 142 140 144 143 126 121 113 109 110 113 116 118 122 125 111 129 131 132 131 Apparel products 153 158 156 152 144 147 152 153 153 156 162 165 159 '166 164 119 113 112 108 109 108 108 112 112 116 113 116 112 117 154 160 160 159 159 159 159 162 163 164 164 169 168 r168 169 Paper and products 170 172 168 168 170 174 173 180 179 182 179 189 187 188 189 144 151 155 152 151 150 150 150 151 153 154 155 155 155 157 135 140 141 139 136 134 136 137 137 138 139 140 140 140 142 Chemical vetroleum and rubber products 215 224 221 218 217 216 216 225 232 237 243 243 239 r244 244 Chemicals and oroducts . 240 255 252 251 250 249 252 259 266 272 111 277 276 '280 281 Industrial chemicals 298 319 318 315 315 312 321 328 339 347 356 358 r361 366 Petroleum Droducts 158 162 163 158 159 160 158 162 167 166 174 172 164 '172 170 199 200 191 184 180 178 168 192 199 211 215 215 210 214 Foods beverases and tobacco 128 131 132 133 132 132 134 134 135 136 137 137 137 '759 140 128 132 132 133 133 133 134 134 135 137 138 138 137 '140 140 Food manufactures • 131 135 134 135 135 135 137 137 139 139 140 140 140 142 142 117 119 120 123 122 119 121 122 117 123 129 127 126 128 Tobacco products 127 130 133 131 129 133 132 139 132 132 125 135 133 140 Mining C C o o a a l lt oil, and gas 1 6 2 8 2 1 6 22 8 1 6 24 3 1 6 22 7 1 6 21 4 1 6 21 3 1 5 20 6 1 6 23 3 1 6 23 6 1 6 23 4 1 6 23 4 1 6 25 7 1 6 22 8 1 6 25 9 1 7 2 0 6 Crude oil and natural sas 147 147 151 148 148 147 149 151 149 150 150 152 '147 151 152 Oil and gas extraction 145 147 150 147 146 146 150 151 149 151 151 152 147 150 150 Crude oil 135 135 139 135 134 135 139 139 138 139 139 141 137 139 139 Gas and cas liouids ... 210 228 231 238 231 226 231 238 233 234 Oil and sas drilling 159 145 152 148 154 144 136 145 143 142 143 141 141 147 161 Atfetal stone and earth minerals . .. . 146 164 163 168 172 165 167 159 157 161 163 160 162 '168 171 Metal mining 107 134 131 147 150 146 146 127 119 123 124 124 130 '137 188 195 195 188 193 185 186 192 197 201 204 198 196 199 194 Utilities Electric 270 289 291 290 293 294 292 297 307 309 309 317 319 320 Gas 265 284 275 278 285 288 291 296 299 301 SUMMARY MARKET GROUPINGS Final Droducts total 162 168 166 164 162 162 162 166 168 171 174 174 172 '176 178 155 161 159 158 155 155 156 160 163 166 169 169 164 169 170 Eouipment including defense 188 195 193 191 188 188 188 190 192 194 197 198 201 '203 208 Materials 157 160 153 150 148 149 150 156 161 164 166 168 165 167 168 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 83 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] A av n e n ra u g a e l 1960 1961 Grouping 1959 1960 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. INDUSTRY GROUPINGS Total index 159 164 160 154 155 156 158 162 164 168 160 169 171 176 174 ^Manufacturing total . 158 163 159 151 257 154 755 160 163 757 755 757 75P 775 774' 165 169 162 156 154 155 157 163 167 172 163 165 172 178 180 Nondurable 155 160 160 149 153 157 158 162 162 166 158 173 171 178 171 Mining 125 128 128 128 128 127 126 127 128 129 125 130 130 133 132 Utilities 268 287 Durable manufactures Primary and fabricated metals 125 127 113 106 108 109 772 77P 727 750 720 750 755 r136 755 Primary metals 114 115 95 86 93 97 99 109 117 120 105 115 122 123 123 Iron and steel 107 110 85 78 85 88 91 101 110 113 99 108 116 116 115 Fabricated metal products 142 145 141 137 130 128 130 135 140 146 143 153 150 154 153 Structural metal parts 150 155 155 152 144 140 141 143 150 157 154 161 159 165 165 Afachinery and related pvoducts 197 205 201 197 193 193 194 199 201 205 7P5 7P0 207 »"272 219 Machinery 169 174 169 167 167 170 169 172 172 176 167 170 178 181 183 Nonelectrical machinery . ... 141 145 137 138 138 140 140 144 143 145 140 138 142 143 145 Electrical machinery. 212 222 220 214 213 217 216 216 217 226 211 224 238 r245 245 229 238 238 229 216 212 213 225 231 236 219 196 215 r241 260- Motor vehicles and parts .. . 147 168 167 157 138 134 132 149 159 167 146 114 133 166 180 Aircraft and other equipment 390 368 372 371 374 371 375 371 368 365 362 366 380 r386 399 Instruments and related products 209 221 222 219 216 212 213 212 215 219 216 223 226 226 230 Clay glass and lumber 143 139 132 120 118 121 126 134 141 750 745 752 750 148 759 Clay glass and stone products 159 158 155 144 136 137 145 151 158 166 164 171 167 167 160 Lumber and products 125 118 104 92 97 103 104 115 121 132 119 131 131 126 114 Furniture and miscellaneous 147 153 154 148 139 142 143 144 146 755 750 757 755 169 759- Furniture and fixtures . .. . .. 164 171 169 166 156 158 159 160 161 168 168 180 182 186 185 Misc manufactures 133 138 142 132 125 129 129 129 134 140 134 145 151 156 156 Nondurable manufactures Te xtile apparel and leather products . •.. 136 136 132 114 126 137 137 138 755 755 124 149 755 148 141 Textile mill products 126 121 117 105 112 117 117 123 126 125 111 130 127 136 131 153 158 156 129 146 162 162 161 156 154 145 176 148 171 160 Leather and products 119 113 108 99 111 119 118 114 106 113 102 120 112 118 154 160 164 153 156 159 163 166 164 755 755 755 75P r775 173 Paper and products .. 170 172 171 152 169 175 178 185 180 187 162 192 189 '200 192 144 151 159 154 147 148 153 154 153 152 147 150 157 161 161 Newspapers • .. 135 140 154 138 125 130 141 146 146 139 122 126 140 152 155 Chemical petroleum and rubber products 215 224 222 215 219 221 227 230 232 238 226 241 239 *246 244 Chemicals and products 240 255 253 247 250 253 259 268 269 275 260 275 274 f-281 281 Industrial chemicals 298 319 320 315 315 322 330 335 342 345 335 352 r353 364 Petroleum products - . 158 162 160 162 159 162 157 157 164 166 173 177 168 171 167 Rubber and plastic products 199 200 195 176 189 188 176 197 194 205 181 207 213 225 Foods beverages, and tobacco 128 131 134 126 124 125 725 72P 752 75P 757 148 757 rl52 140 Fo F o o d o s r a m nd a n b u e f v a e c r t a u g r e e s s 1 13 2 1 8 1 13 3 5 2 1 1 3 3 9 4 1 1 3 2 2 8 1 12 2 9 4 1 12 2 8 4 1 1 2 27 5 1 1 2 29 9 1 1 3 32 1 1 1 3 3 8 9 1 1 3 39 9 1 1 4 51 8 1 1 5 57 2 1r1 5 5 2 7 1 1 4 46 0 Beverages 117 119 110 111 100 106 116 130 129 145 138 137 127 132 Tobacco products 127 130 133 106 129 134 131 133 136 144 115 145 138 150 Mining Coal, oil, and gas 122 122 124 124 125 125 725 725 722 120 777 725 722 725 127 Coal 68 68 66 65 63 64 57 61 64 61 54 70 72 75 72 Crude oil and natural gas . .. 147 147 150 151 153 152 153 151 148 147 145 147 145 149 152 Oil and gas extraction 145 147 149 151 152 153 156 153 148 147 144 147 145 148 150 Crude oil .. 135 135 137 137 138 140 143 141 137 136 133 136 134 137 138 Gas and gas liquids 210 228 238 250 251 246 242 238 225 220 Oil and gas drilling 159 145 149 150 157 143 129 137 140 143 147 146 144 148 159 Metal stone and earth minerals 146 164 157 149 146 144 147 755 75P 750 775 775 77P r180 755 107 134 119 118 118 120 120 119 137 151 143 143 150 151 Stone and earth minerals . ... .. . ... 188 195 197 182 175 168 175 188 201 210 212 210 209 210 196 Utilities Electric 270 289 280 294 313 304 298 291 291 298 306 325 327 310 Gas 265 284 SUMMARY MARKET GROUPINGS Final products, total. 162 168 167 161 162 164 164 167 167 172 165 172 176 182 179 Consumer soods 155 161 161 152 154 157 156 160 160 166 158 167 170 178 173 Equipment including defense. 188 195 190 191 191 191 191 193 193 196 192 194 199 ••201 205 Materials . • 157 160 155 148 149 150 152 157 161 165 156 166 166 171 170 p Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Seasonally adjusted] Annual 1957 Average 1960 1961 Grouping proportion 1959 1960 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index. 100.00 105 108 105 103 102 102 103 106 108 110 112 113 111 113 114 Manufacturing; total. 86.49 105 108 104 102 101 101 102 105 108 111 112 113 HI 113 114 Durable 49.66 102 104 98 96 95 94 95 99 103 105 107 108 105 107 109 Nondurable 36.83 110 113 112 111 111 111 112 114 116 117 119 120 119 121 121 Mining 8.55 95 97 98 98 98 96 96 97 97 98 98 99 97 100 101 Utilities 4.96 115 123 123 123 125 125 125 127 130 131 132 135 135 136 136 Durable Manufactures Primary and fabricated metals. 13.15 95 97 85 82 82 82 83 89 96 99 100 104 101 r102 103 Primary metals 7.73 90 90 74 69 71 73 74 82 90 92 95 98 99 96 97 Iron and steel 6.21 86 88 68 64 66 69 69 79 86 89 91 92 93 '90 91 Fabricated metal products.... 5.42 104 106 101 101 97 96 96 99 105 107 108 111 105 110 112 Structural metal parts 2.91 101 104 101 98 97 94 94 96 102 106 107 110 105 108 107 Machinery and related products... 28.98 102 106 102 100 98 97 97 101 104 106 108 108 105 r107 110 Machinery 15.31 103 106 102 101 101 101 101 103 104 107 110 109 108 109 110 Nonelectrical machinery 8.92 99 102 98 96 96 96 95 98 99 101 103 102 102 102 104 Electrical machinery 6.39 108 112 107 108 109 108 108 109 112 116 120 118 116 117 119 Transportation equipment 10.76 98 102 97 93 89 88 88 94 99 101 102 103 95 101 106 Motor vehicles and parts 5.04 100 115 103 97 86 86 108 113 114 116 95 107 115 Aircraft and other equipment.. 5.50 94 89 90 89 88 89 90 88 91 90 93 '93 97 Instruments and related products. 1.66 112 119 119 116 116 113 113 113 116 119 119 122 121 121 123 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 111 109 103 100 100 100 102 105 107 112 113 112 111 nO8 108 Clay, glass, and stone products. 2.92 110 110 107 103 101 100 103 105 107 112 114 114 111 111 110 Lumber and products 1.65 113 107 95 96 100 99 100 106 107 111 111 109 107 103 104 Furniture and miscellaneous. 2.96 112 116 113 110 109 109 110 112 115 119 119 120 120 121 124 Furniture and fixtures 1.48 115 120 111 114 111 111 112 115 117 111 111 123 123 ni4 111 Misc. manufactures 1.48 109 113 110 107 107 108 107 110 114 111 117 116 116 119 111 Nondurable Manufactures Textile, apparel, and leather products.... 7.32 115 115 111 108 105 107 110 112 113 116 118 120 118 122 121 Textile mill products 2.78 113 109 102 98 98 102 104 106 110 112 114 116 111 118 111 Apparel products 3.44 120 124 123 119 113 116 120 120 120 123 127 130 125 130 129 Leather and products 1.10 106 100 99 96 97 96 96 100 100 104 101 103 100 104 Paper and printing 7.93 108 112 112 111 111 111 HI 113 114 115 115 118 117 117 118 Paper and products 3.27 111 112 110 109 111 113 113 111 111 118 117 123 111 mi 123 Printing and publishing 4.66 105 111 114 112 111 110 110 110 111 113 114 114 114 115 Newspapers 1.53 104 107 108 106 104 102 104 105 105 106 107 107 107 114 108 107 Chemical, petroleum, and rubber products 10.95 113 118 116 115 114 113 113 118 122 125 127 127 126 r128 128 Chemicals and products 7.10 114 121 120 120 119 118 120 123 127 129 132 132 132 133 134 Industrial chemicals 3.61 118 127 126 125 125 124 127 130 135 138 141 142 143 145 Petroleum products 1.93 105 108 108 106 106 106 106 108 111 111 116 115 110 114 Rubber and plastics products 1.91 114 114 109 105 103 102 96 110 114 121 123 123 120 122 Foods, beverages, and tobacco 10.64 107 109 110 110 110 110 111 112 112 113 114 114 114 r116 116 Foods and beverages 9.87 106 109 109 110 110 110 111 111 111 113 114 114 114 116 116 Food manufactures 8.31 106 109 109 110 110 110 111 111 113 113 114 114 114 116 116 Beverages 1.56 106 108 109 112 111 108 109 111 107 112 117 115 114 116 Tobacco products .77 112 114 117 115 113 116 116 122 116 116 110 119 116 123 Mining Coal, oil, and gas 7.05 96 96 97 96 95 94 94 97 96 97 96 98 96 98 99 Coal 1.30 82 83 11 81 78 11 68 11 81 11 11 81 82 84 85 Crude oil and natural gas 5.75 99 98 101 99 99 98 100 101 100 101 101 102 99 101 102 Oil and gas extraction 4.98 99 100 103 101 101 100 103 104 103 104 103 105 101 103 103 Crude oil 4.33 98 98 101 98 98 98 101 101 100 101 101 103 99 101 101 Gas and gas liquids, .65 106 116 117 121 120 115 117 Oil and gas drilling .77 93 85 89 87 90 85 80 "85* "84* "83* "84" "82* "83* "86' "95* Metal, stone, and earth minerals 1.50 94 105 104 108 110 106 707 102 101 103 105 103 104 r107 110 Metal mining .70 11 97 95 107 109 106 106 92 86 89 90 90 94 -99 Stone and earth minerals .80 108 112 113 109 111 106 107 110 114 116 118 114 113 115 "ill Utilities Electric 3.76 115 123 124 124 125 125 125 127 131 132 132 135 136 137 Gas 1.20 114 123 118 120 123 124 125 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 85 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p 1 p 9 r o o 5 r - - 7 A A v n e n r u ag al e 1960 1961 tion 1959 1960 Nov.!Dec. Jan. Feb. Mar, Apr. May June July Aug, Sept, Oct. Nov. Total index. 00.00 105 108 105 103 102 102 103 106 108 110 112 113 111 113 114 Final products, total 46.75 107 111 109 108 107 107 107 109 111 773 114 775 773 '116 777 Consumer goods 31.13 110 114 113 112 110 110 111 114 115 118 120 120 116 120 121 Equipment, including defense. 15.62 100 103 102 101 100 100 100 102 102 104 105 106 i07 110= Materials 53.25 104 106 101 99 98 98 99 103 106 109 110 111 109 111 111 Consumer goods Automotive products 3.35 103 117 113 106 94 90 103 108 773 775 777 96 770 72/ Autos. 2.03 96 117 109 97 78 73 71 92 101 109 110 110 82 102 117 Auto parts and allied products. 1.32 113 117 118 119 118 115 115 120 118 120 125 126 118 123 127 Home goods and apparel 9.60 116 116 112 111 108 109 112 115 116 120 723 122 120 r122 722 Home goods 4.40 115 115 110 110 108 109 110 114 117 122 124 120 121 121 122, Appliances, TV, and radios 1.75 114 112 104 106 106 109 108 111 116 123 127 116 119 119 118 Appliances 1.26 119 118 114 116 116 114 113 115 118 122 126 126 127 125 TV and home radios .49 102 96 78 82 80 94 95 100 110 126 128 100 98 101 Furniture and rugs 1.18 119 118 114 113 109 109 110 116 117 122 119 126 124 127 Misc. home goods 1.47 113 117 114 112 111 110 112 115 118 122 123 120 121 123 Apparel, incl. knit goods and shoes. 5.20 116 117 114 111 108 110 114 116 115 118 122 118 122 121 Consumer staples 18. J 8 108 113 113 114 114 114 115 777 118 779 r119 720 720> Processed foods 8.11 106 109 109 110 110 111 111 113 114 114 114 115 115 Beverages and tobaccos 2.32 108 111 113 112 111 111 114 110 113 115 115 118 Drugs, soap, and toiletries 2.73 111 118 118 118 117 116 119 123 124 126 124 127 Newspapers, magazines, and books. 1.44 106 116 116 117 115 114 114 116 117 119 119 118 118 Consumer fuel and lighting 3.45 113 119 119 123 125 121 123 125 124 127 127 130 Fuel oil and gasoline 1.19 104 105 104 108 112 107 105 105 105 112 104 109 Residential utilities 2.26 117 126 127 131 131 129 132 135 134 135 140 141 Electricity 1.57 118 130 130 133 133 129 132 136 135 136 141 141 Gas .69 115 Equipment Business equipment 12.16 106 107 111 Industrial equipment 7.29 102 101 105 Commercial equipment 2.46 127 128 131 Freight and passenger equipment. 1.83 98 105 111 Farm equipment .58 78 97 95 Defense equipment. 3.46 Materials Durable goods materials. 27.81 100 102 90 96 707 104 104 705 104 705 106 Consumer durable 3.67 101 109 94 83 85 93 107 109 109 115 99 101 106 Equipment 8.10 103 101 98 95 95 98 99 101 104 105 102 107 109 Construction 9.05 107 107 102 97 99 104 107 110 111 112 110 108 107 Metal materials n.e.c.... 6.99 89 92 77 78 79 86 92 93 94 96 97 '96 98 Nonduarable materials 25.44 107 770 109 108 109 777 772 114 777 775 ''777 777 Business supplies 8.87 108 110 110 108 108 111 110 113 114 116 113 113 116 Containers 2.91 109 109 106 110 112 114 110 115 116 121 118 116 11& General business supplies 5.96 107 111 112 108 107 110 110 112 114 113 111 112 114 Nondurable materials n.e.c 7.05 115 119 116 116 118 121 124 128 130 132 130 132 132 Business fuel and power 9.52 100 103 103 101 102 104 105 106 106 108 106 108 108 Mineral fuels 6.29 96 97 98 96 96 98 98 98 98 100 97 99 99 Nonresidential utilities 2.70 113 121 120 120 122 123 126 129 129 131 132 132 Electricity 2.19 113 120 121 120 122 124 127 130 129 132 133 133 General industrial..... .99 110 115 112 112 114 111 117 120 120 122 122 121 Commercial and other. 1.12 118 127 130 128 131 136 138 141 139 143 146 147 Gas .51 113 121 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 110 116 108 102 100 109 113 118 110 122 Apparel and staples 23.38 110 114 113 113 114 115 116 120 118 121 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 fromithe 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 industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Without seasonal adjustment] p 19 ro 5 - 7 A A v n e n r u ag al e 1960 1961 Grouping portion 1959 1960 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index. 100.00 105 108 106 101 102 103 104 107 108 111 106 111 113 116 115 Manufacturing, total. 86.49 105 108 106 707 707 702 705 707 705 777 705 777 773 ^777 775 Durable 49.66 102 104 100 96 95 96 97 100 103 106 100 102 106 110 111 Nondurable 36.83 110 113 114 106 109 111 112 115 115 118 112 123 121 '126 122 Mining 8.55 95 97 97 97 97 97 96 97 97 98 95 99 99 101 100 Utilities 4.96 115 123 Durable Manufactures Primary and fabricated metals. 13.15 95 97 86 83 83 55 91 97 700 92 99 702 '704 703 Primary metals 7.73 90 90 74 73 76 78 86 92 94 82 91 96 97 96 Iron and steel 6.21 86 88 68 68 71 73 81 88 91 80 87 93 93 92 Fabricated metal products 5.42 104 106 103 96 94 96 99 103 107 105 112 110 113 112 Structural metal parts 2.91 101 104 104 96 93 94 96 101 105 103 108 106 110 110 Machinery and related products... 28.98 102 106 104 700 700 700 103 704 705 707 98 704 '709 773 Machinery 15.31 103 106 103 102 103 103 105 105 107 102 104 109 111 111 Nonelectrical machinery 8.92 99 102 97 97 99 99 101 101 102 98 97 100 101 102 Electrical machinery 6.39 108 112 112 108 110 109 109 110 115 107 113 121 124 124 Transportation equipment 10.76 98 102 102 93 91 91 96 99 101 94 84 92 "103 111 Motor vehicles and parts 5.04 100 115 114 94 91 91 102 109 114 100 78 91 113 127 Aircraft and other equipment.. 5.50 94 89 90 90 89 90 89 89 88 87 88 92 93 96 Instruments and related products. 1.66 112 119 119 116 114 114 114 116 118 116 120 121 122 124 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 111 109 103 94 704 770 7/7 772 775 777 775 705 •Clay, glass, and stone products. 2.92 110 110 108 100 105 110 115 114 118 116 116 111 Lumber and products 1.65 113 107 94 83 104 110 120 108 119 118 114 103 Furniture and miscellaneous. 2.96 112 116 777 772 705 705 70P 111 775 774 722 725 '129 725 Furniture and fixtures 1.48 115 120 118 117 109 111 112 112 118 118 126 128 130 129 Misc. manufactures 1.48 109 113 116 108 102 106 106 110 115 110 119 123 128 128 Nondurable Manufacturers Textile, apparel, and leather products. 7.32 115 115 772 97 707 116 116 775 775 774 705 725 773 725 779 Textile mill products 2.78 113 109 105 94 100 105 105 110 113 112 100 117 114 122 118 Apparel products 3.44 120 124 123 102 115 128 128 126 123 121 114 139 116 134 126 Leather and products 1.10 106 100 96 99 106 105 101 94 100 90 107 100 105 Paper and printing 7.93 108 772 775 707 709 777 114 775 774 775 707 775 775 723 727 Paper and products 3.27 111 112 111 99 no 114 116 121 117 122 105 125 123 130 125 Printing and publishing. 4.66 105 111 117 113 109 113 113 113 112 108 110 115 118 118 Newspapers 1.53 104 107 118 105 108 99 108 112 112 106 94 96 107 116 118 96 Chemical, petroleum, and rubber products. 10.94 113 775 777 773 775 775 775 727 722 725 779 725 725 729 725 Chemicals and products 7.10 114 121 120 118 119 121 123 127 128 131 124 131 131 134 134 Industrial chemicals 3.61 118 127 127 125 125 128 131 133 136 137 133 140 140 145 iii" Petroleum products 1.93 105 108 107 108 106 108 105 105 109 111 115 118 112 114 Rubber and plastics products 1.91 114 114 112 101 108 108 101 113 111 117 104 118 122 129 Foods, beverages, and tobacco. 10.64 107 109 777 705 104 704 104 707 770 116 774 723 725 725 777 Foods and beverages. . 9.87 106 109 111 106 103 103 104 107 109 115 115 123 126 126 116 Food manufactures 8.31 106 109 113 107 105 104 103 105 107 112 113 123 128 127 119 Beverages 1.56 106 108 99 101 91 96 105 117 117 132 125 124 115 119 Tobacco products .77 112 114 117 93 113 118 115 117 120 126 101 128 121 131 Mining Coal, oil, and gas 7.05 96 96 97 97 98 96 96 95 94 99 Coal.. 1.30 82 83 80 79 76 78 69 75 78 75 88 Crude oil and natural gas. 5.75 99 98 100 101 103 102 103 101 99 99 102 Oil and gas extraction. . 4.98 99 100 102 103 104 105 107 105 102 101 103 Crude oil 4.33 98 98 100 100 101 102 104 102 100 99 100 Gas and gas liquids. .. .65 106 116 121 127 127 125 123 121 114 112 Oil and gas drilling .77 93 85 92 84 76 81 82 84 86 86 84 87 93 Metal, stone, and earth minerals. 1.50 94 105 101 96 94 92 94 705 775 773 773 775 775 705 Metal mining .70 11 97 86 86 85 87 87 99 110 103 103 109 109 Stone and earth minerals .80 108 112 114 105 101 97 101 108 116 121 122 121 120 121 113 Utilities Electric. 3.76 115 123 120 126 134 130 127 124 124 127 131 139 140 133 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 MARKET GROUPINGS 1957=100 [Without seasonal adjustment] 1957 A av n e n ra u g a e l 1960 1961 Grouping proportion 1959 1960 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index 100.00 105 108 106 101 102 103 104 107 108 111 106 Ill 113 116 115 Final products total 46.75 107 777 no 705 705 705 707 770 770 775 70P 775 775 r120 775 31.13 110 114 114 108 109 111 111 113 114 118 112 119 121 126 122 Equipment including defense . . 15.62 100 103 100 101 101 101 101 102 102 103 102 102 105 106 108 Materials 53.25 104 106 102 98 98 99 101 104 107 109 103 110 110 113 113 Consumer Goods Automotive products. . . . 3.35 705 777 720 770 98 96 94 705 772 775 99 73 96 H21 750 Autos 2.03 96 117 123 108 86 83 81 102 107 116 87 39 11 115 134 Auto parts and allied products 1.32 113 117 114 112 117 116 115 119 119 123 119 125 126 129 123 Home goods and apparel 9.60 116 775 114 707 705 775 775 775 774 777 705 725 720 729 124 Home goods 4.40 115 115 114 107 103 110 112 114 114 119 108 116 127 130 128 Appliances TV, and radios 1.75 114 112 108 98 98 112 112 115 114 119 98 103 125 128 124 1.26 119 118 111 107 106 120 122 127 122 124 104 100 126 125 123 TV and home radios .49 102 96 99 77 80 94 86 84 96 106 83 111 125 136 128 Furniture and rugs 1.18 119 118 116 116 108 111 112 114 111 117 113 123 129 131 129 Misc home goods . 1.47 113 117 121 110 104 108 111 114 116 120 114 126 129 132 130 Apparel incl knit goods and shoes .. ...... 5.20 116 117 114 97 109 120 119 118 115 116 109 130 113 128 121 Consumer staples.. 75.75 705 775 775 777 772 772 777 775 114 775 777 725 725 '725 720 8.11 106 109 112 107 104 103 103 104 107 112 113 123 128 127 118 leverages and tobacco . . 2.32 108 110 105 98 98 104 108 117 118 130 117 125 117 123 Drugs, soap and toiletries 2.73 111 118 120 117 118 118 117 122 122 125 118 127 125 129 127 1.44 106 113 116 116 116 115 115 114 115 116 116 118 121 120 118 Consumer fuel and lighting. 3.45 113 119 115 123 134 132 125 121 119 119 124 128 128 125 1.19 104 106 105 108 112 113 105 100 103 104 112 113 106 108 iio Residential utilities . . 2.26 117 126 Electricity 1.57 118 127 122 136 154 149 138 132 125 124 128 137 139 131 Gas .69 115 124 Equipment Business equipment 12.16 100 705 101 702 702 702 702 705 705 705 705 705 705 107 109 7.29 97 102 99 99 98 97 96 98 99 100 100 101 102 102 104 Commercial equipment 2.46 104 118 120 120 119 119 118 118 120 122 121 126 128 130 132 Freight and passenger equipment 1.83 98 101 95 96 94 93 98 99 98 100 95 94 99 102 107 .58 115 92 78 95 101 113 119 123 110 108 87 71 87 '85 84 3.46 Materials Durable goods materials 27.81 100 702 95 90 90 90 91 96 707 705 99 705 104 r707 707 Consumer durable 3.67 101 109 105 98 93 88 88 92 102 104 94 98 96 108 117 Equipment 8.10 103 101 98 97 97 97 97 98 99 101 99 101 102 106 109 Construction 9.05 107 107 103 96 93 93 96 103 108 115 110 115 114 114 108 Metal materials nee 6.99 89 92 77 71 75 79 81 88 95 97 86 93 98 100 99 Nondurable materials 25.44 107 770 110 705 705 709 777 112 775 774 705 777 r120 7/9 8.87 108 110 111 104 106 108 110 114 112 114 105 116 117 119 117 Containers 2.91 109 109 102 94 102 107 112 116 114 121 110 130 125 124 114 General business supplies 5.96 107 111 115 109 107 108 110 113 112 111 103 109 113 117 118 Nondurable materials nee 7.05 115 119 119 112 116 119 120 123 126 126 118 129 128 136 136 Business fuel and power 9.52 100 103 103 103 103 103 103 103 103 104 102 108 107 108 108 Mineral fuels . . 6.29 96 97 98 98 98 r99 99 98 97 96 92 97 97 99 100 Nonresidential utilities 2 70 113 121 2.19 113 120 118 118 119 117 ii9 119 124 130 133 140 140 134 .99 110 115 114 113 112 109 114 112 118 119 116 123 123 124 Commercial and other 1.12 118 127 124 125 127 125 126 128 131 142 150 158 158 146 Gas .51 113 121 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 117 108 101 104 104 112 113 119 104 97 114 126 129 23.38 110 114 114 108 112 114 113 114 114 117 115 126 123 126 120 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 individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise indicated] Construction Manu- Prices Industrial production contracts i facturing 3 Major market groupings Nonag- Depart- Major industry ricul- Freight ment Y m e o a n r t o h r Total M fa a c n - u- gro M up in in - gs Util- Tot F a i l na s l C u p m o r n o e - d r u E ct q s uip- M ri a a t l e s - R d t e e ia n s l i - - o A th l e l r m t p t o e e l t m o _ n a „ y l t -> — - 2 p m E lo e m n y - t - P ro a l y ls - l i c o n a g a r d s - * - v ( s s r a t a e l o l t u e r a e e s i ) l s C u o m n e - r m W c s o o a h d m l o i e t l - y etur- ing ities goods ment ing Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj.Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.0 127.6 104 102.8 104.4 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 1960 164 163 128 287 168 161 195 160 117 112 123.0 100.0 172.8 95.3 145 326.5 119.6 1961 #122.4 #95.9#170.4 1960 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 julv 1 1 7 7 0 2 1 17 6 0 9 1 1 2 3 9 0 3 3 0 1 7 4 1 1 7 7 4 4 1 1 6 6 9 9 1 1 9 9 7 8 1 1 6 6 6 8 1 1 3 4 8 6 1 1 2 2 7 3 1 1 2 2 3 3 . . 0 0 9 9 6 6 . . 8 8 1 1 7 7 1 4 . . 3 4 9 9 1 1 . . 1 8 1 1 5 5 1 0 1 12 2 8 8 . . 0 1 1 11 1 8 8 . . 9 6 Sept '168 167 128 316 172 164 201 165 127 102 122.9 96.3 175.9 90.1 150 128.3 118.8 Oct. 171 170 131 317 176 169 203 167 138 112 '123.1 r96.5 179.1 94.4 151 128.4 118.7 Nov 173 172 132 317 178 170 208 168 120 107 123.4 97.3 182.0 95.3 #155 128.3 118.8 Dec #175 Pl73 #132 #319 #180 #172 2209 #169 #123.3 #97.7#181.0 #95.6 «157 119.2 • Estimated. P Preliminary. # r 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total construction 36 269 36,318 2,886 2,718 2,485 2,235 3,166 3,298 3,501 3,602 3,529 3,543 3,004 3,291 3,008 By type of ownership: Public 11068 12,587 1,071 1,?18 838 732 1,090 t 170 1,235 1 954 0?f Private . . 05 001 23 731 1815 500 1 647 1 504 o 075 0 128 *374 2 367 ? 263 384 2 050 070 By type of construction: Residential. 17 150 15,105 1,053 878 974 870 1,371 1,454 ,55^ 1,558 1,50? 1,5^9 1,381 1,498 1,306 Nonresidential 11,387 12,240 916 994 813 804 1,027 1,050 1,105 1,221 ,154 1,087 987 1,005 1,095 7,732 8,973 717 846 698 561 768 794 843 823 873 866 637 787 607 NOTE.—-Monthly data exceed annual totals and are not comparable counting for negative adjustments in monthly data alter 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 89 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates A Monthly date at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Non- Business Other Total d f e r a e n r s t m i i - al Total In tr d i u al s- m C e o r m cia - l P u u ti b li l t i y c n d r t e o i e a s n n i l - - - 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 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 J.29O 3,015 883 6,048 1954...... 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3 774 11,678 11,003 3,680 Q82 6,013 1955 . ... 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956........... 45,815 33,067 17,677 11,608 3 084 3 631 4 893 3 782 12 748 1,360 4 431 I 275 5 682 1957................ 47,845 33,766 17,019 12,535 3,557 3 564 5,414 4 212 14,079 1,287 4,954 1,344 6,494 1958................ 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 .402 5,545 11,387 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 1,467 7,386 1960................ 55,556 39,603 22,54£ 12,354 2 851 4,180 5,323 4 703 15,953 1,386 5,464 I 487 7,616 1961»............... 57,492 40,439 22,566 12,814 2,759 4,663 5,392 5,059 17,053 1,386 5,800 ,580 8,287 I960—Dec. . , 56,650 39,639 21,916 13,002 3,025 4,519 5,458 4,721 17,011 1,531 5,953 1,477 8,050 1961-Jan............ 56,018 38,575 20,649 13,209 3,053 4,848 5,308 4 717 17,443 J.284 6,470 1,530 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 1,549 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 1,569 8,288 Apr.. 55,504 38,986 21,042 12,880 2,921 4,636 5,323 5,064 16,518 [,651 5,060 1,601 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 1,606 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 1,594 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 ;1,582 8,013 57,983 41,281 23,306 12,704 2,588 4,646 5,470 5,271 16,702 1 153 5,762 1,560 8,227 Sect .......... 58,910 41,709 23,782 12,750 2,610 4,718 5,422 5,177 17,201 l,'4O4 5,960 1,575 8.262 Oct 58,905 41,767 24,026 12,693 2,608 4,681 5,404 5 048 17,138 793 6,340 1,589 8,416 Nov p 61,180 42,172 24,625 12,539 2,554 4,608 5,377 5,008 19,008 1,792 7,099 1,586 8,531 Dec p .... ... 59,953 42,696 25,191 12,546 2,537 4,641 5,368 4,959 17,257 1,184 5,989 I 586 8,498 * Preliminary. 2 Beginning with 1959, series includes Alaska and Hawaii. a Data for 1952-58 are joint estimates of the Departments of Commerce •ad Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] S a e d a j s u o s n t a e l d ly Non- Private Gov M er e n m m o e r n a t n - d u u n m de r i w te r m it : ten 2 annual rate Metro- Y©ar or month T ( o p t r a iv l ate N o o n n l f y a ) rm Total p a o r l e i a ta s n 1 p a o r l e i a ta s n i Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1952 1.127 795 332 1.069 939 46 84 59 421 280 141 1953................ I 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 [,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 [,094 981 31 82 24 465 195 271 1957................ [,042 700 342 993 840 33 120 49 322 193 128 1958 .......... 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 . ....... [.379 946 432 1,343 1,079 49 215 36 458 349 109 19593... . ... ..... 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960........... 1,296 889 407 1.252 995 44 214 44 336 261 75 19G0 Nov ! 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 1.098 73 51 21 70 50 3 17 3 19 14 5 Feb 1,169 1.115 81 56 25 76 56 4 16 5 18 13 5 Mar...... 1,296 1,262 110 79 31 105 78 4 23 5 27 20 6 Apr. ......... 1,166 1,143 115 80 36 111 84 4 24 4 26 20 6 May.......... 1,291 1,268 131 90 41 127 96 4 26 4 32 24 8 1,381 1,351 138 93 46 132 100 4 29 6 30 22 8 July 1,343 1,318 129 88 41 125 96 4 25 3 29 21 7 1,326 1.301 130 88 42 127 95 3 29 3 34 26 8 Sept........... 1,383 1,365 128 91 37 122 91 4 28 6 28 21 7 Oct... ..... Pi,432 V1,402 2>129 87 41 *124 93 4 27 P5 33 23 9 Nov *ls350 V1,328 *105 71 34 *103 n.a. n.a. n.a. 2,3 30 23 7 n.ft. Not evaaabie, » Preliminary. 3 New series, including both farm and nonfarm unless otherwise * 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

90 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Unemploy- 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 i o o n n n a - l T l f a o o b r t c o a e r l Total Total E In i m n c d n u p u l o l t s o n u t y a r ri a e g e l d r s i i - agric I u n lture 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 (pe m r r a e c t n e e t nt) 1955 117 388 68,896 65,848 62 944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120 445 70 746 67,946 65 011 58,789 6,222 2,936 49 699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1960 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 I960—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 C6,453 5 140 51 833 6.9 Aug 128,183 75,610 73,081 68,539 62,215 6,325 4,542 52,573 6.9 Sept 128,372 73,670 71,123 67,038 61,372 5,666 4,085 54,701 6.8 Oct 128 571 74 345 71,759 67 824 61,860 5,964 3,934 54 226 6.8 Nov 128,756 74,096 71,339 67,349 62,149 5,199 3,990 54,659 6.1 Dec 128,941 73,372 70,559 66,467 62,049 4,418 4,091 55,570 6.1 c Corrected. Information releating to persons 14 years of age and over is obtained 1 Includes self-employed, unpaid family, and domestic service workers. through interviews of households on a sample basis. Monthly data 2 Per cent of civilian labor force. Monthly data seasonally adjusted. relate to the calendar week that contains the 12th day; annual data are NOTE.—Inclusion of figures for Alaska and Hawaii beginning with averages of monthly figures. 1960 increased population by about 500,000 and total labor force by about 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY LNDUSTRY DIVISION i [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 n r 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 1955 50,675 16,882 792 2,802 4,141 10,535 2,335 6,274 6,914 1956 52 408 17,243 822 2,999 4,244 10,858 2,429 6,536 7,277 1957 52 904 17,174 828 2,923 4,241 10,886 2,477 6 749 7,626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959 53,380 16,667 731 2,955 4,010 11,125 2,597 7,105 8,190 1960... 54,347 16,762 709 2,882 4,017 11,412 2,684 7,361 8,520 1961P 54,076 16,268 667 2,760 3,923 11,365 2,748 7,514 8,831 SEASONALLY ADJUSTED I960 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 54,385 16,361 661 2,758 3,929 11,365 2,764 7,580 8,967 Novp 54,517 16,469 666 2,720 3,926 11,368 2,770 7,603 8,995 Dec.*3 54.491 16,521 660 2,703 3,908 11,339 2,772 7,621 8,967 WITHOUT SEASONAL ADJUSTMENT I960—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 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 ... . . 55,065 16,607 668 2,981 3,953 11,450 2,758 7,618 9,030 Nov.*3 55,121 16,661 668 2,826 3,942 11,605 2,756 7,588 9,075 Dec p 55,503 16,564 663 2,579 3,924 12,152 2,758 7,552 9,311 Preliminary. i Data include figures for Alaska and Hawaii. the month. Proprietors, self-employed persons, domestic servants, ^QTE.—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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 91 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES 1 [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1960 1961 1960 1961 Dec. Oct. NOV.P Dec. J Dec. Oct. Total 11,962 12,129 12,226 12,274 12,005 12,379 12,418 12,321 Durable goods 6,568 6,676 6,772 6,818 6,613 6,771 6,891 6,867 Ordnance and accessories 91 99 97 98 92 98 98 99 Lumber and wood products 529 536 537 535 518 555 541 524 Furniture and fixtures 300 308 310 311 302 317 316 313 Stone, clay, and glass products 453 461 458 453 449 470 464 449 Primary metal industries 878 943 943 951 880 950 952 953 Fabricated metal products 817 831 841 843 827 848 859 853 Machinery except electrical 975 971 981 980 972 955 967 977 Electrical machinery 935 983 983 1,006 952 997 1,012 1,024 Transportation equipment 1,066 1,011 1,084 1,106 1,101 1,021 1,124 1,142 Instruments and related products 222 223 224 224 224 226 227 226 Miscellaneous manufacturing industries. 302 310 314 311 297 334 330 306 Nondurable goods 5,394 5,453 5,454 5,456 5,392 5,608 5,527 5,454 Food and kindred products 1,198 1,196 1,195 1,192 1,169 1,286 1,215 1,163 Tobacco manufactures 81 79 77 71 85 96 82 75 Textile-mill products 789 796 797 797 791 806 805 799 Apparel and other finished textiles 1,048 1,073 1,074 1,075 1,055 1,087 1,093 1,083 Paper and allied products. 464 471 473 476 466 477 478 478 Printing, publishing and allied industries 593 594 596 598 599 602 603 603 Chemicals and allied products 501 509 511 513 500 510 510 511 Products of petroleum and coal 134 132 125 124 133 132 125 123 Rubber products 271 285 288 291 277 294 296 297 Leather and leather products 315 318 318 319 318 317 321 322 p Preliminary. part-time) who worked during, or received pay for, the pay period ending i Data include figures for Alaska and Hawaii. nearest the 15th of the month. NOTE.—Data covering production and related workers only (full- and 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 Dec. Oct. Nov.*3 Dec? Dec. Oct. Nov.*5 Dec. Oct. Nov.*5 Dec.** Total 88.62 94.54 95.82 95.99 38.7 40.4 40.6 40.5 2.29 2.34 2.36 2.37 Durable goods 96.19 102.66 103.93 104.39 39.1 40.9 41.1 41.1 2.46 2.51 2.53 2.54 Ordnance and accessories 109.47 115.92 117.18 117.88 40.1 41.4 41.7 41.8 2.73 2.80 2.81 2.82 Lumber and wood products 69.94 81.41 77.81 76.24 37.6 40.5 39.3 38.7 1.86 2.01 1.98 1.97 Furniture and fixtures 75.43 80.12 79.93 81.51 39.7 41.3 41.2 41.8 1.90 1.94 1.94 1.95 Stone, clay, and glass products 90.39 97.88 96.93 94.00 39.3 41.3 40.9 40.0 2.30 2.37 2.37 2.35 Primary metal industries 104.90 119.29 118.99 \20.29 37.2 40.3 40.2 40.5 2.82 2.96 2.96 2.97 Fabricated metal products 96.68 102.75 104.08 104.33 39.3 41.1 41.3 41.4 2.46 2.50 2.52 2.52 Machinery except electrical 103.46 109.03 109.45 111.19 40.1 41.3 41.3 41.8 2.58 2.64 2.65 2.66 Electrical machinery 91.49 96.05 96.93 97.58 39.1 40.7 40.9 41.0 2.34 2.36 2.37 2.38 Transportation equipment 111.60 117.29 124.70 122.25 40.0 41.3 43.0 42.3 2.79 2.84 2.90 2.89 Instruments and related products 92.90 98.64 99.36 99.36 39.2 41.1 41.4 41.4 2.37 2.40 2.40 2.40 Miscellaneous manufacturing industries... 72.96 76.78 77.57 77.41 38.0 40.2 40.4 39.9 1.92 1.91 1.92 1.94 Nondurable goods 79.84 84.77 84.99 85.17 38.2 39.8 39.9 39.8 2.09 2.13 2.13 2.14 Food and kindred products 87.10 89.84 89.57 89.95 40.7 41.4 40.9 40.7 2.14 2.17 2.19 2.21 Tobacco manufactures 68.03 69.36 68.94 72.13 39.1 40.8 38.3 39.2 1.74 1.70 1.80 1.84 Textile-mill products 61.34 67.08 68.48 68.31 38.1 40.9 41.5 41.4 1.61 1.64 1.65 1.65 Apparel and other finished textiles 52.79 60.14 60.62 59.76 33.2 35.8 36.3 36.0 1.59 1.68 1.67 1.66 Paper and allied products 94.30 101.91 102.15 101.67 41.0 43.0 43.1 42.9 2.30 2.37 2.37 2.37 Printing, publishing and allied industries.. 103.36 105.71 105.71 107.86 38.0 38.3 38.3 38.8 2.72 2.76 2.76 2.78 Chemicals and allied products 103.38 108.58 109.52 108.99 40.7 41.6 41.8 41.6 2.54 2.61 2.62 2.62 Products of petroleum and coal 118.73 125.93 126.16 123.52 40.8 41.7 41.5 40.9 2.91 3.02 3.04 3.02 Rubber products 91.96 98.49 100.36 101.26 38.8 40.7 41.3 41.5 2.37 2.42 2.43 2.44 Leather and leather products 58.35 62.76 64.81 65.49 35.8 36.7 37.9 38.3 1.63 1.71 1.71 1.71 » Preliminary. NOTE.—Data are for production and related workers. 1 Data include figures for Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures; 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k P a p d h h e i ia l l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALES i 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 140 139 156 181 133 144 134 155 172 157 1960 145 128 135 140 140 154 182 134 143 137 155 169 156 SEASONALLY ADJUSTED I960—Nov 144 129 132 136 137 151 181 129 139 137 155 163 153 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 151 143 144 149 142 162 188 138 144 134 161 174 164 Nov »153 147 143 149 150 P162 2*189 136 2145 143 2*161 178 165 WITHOUT SEASONAL ADJUSTMENT I960—Nov 171 155 168 178 166 184 '209 158 166 155 178 190 178 Dec 262 249 245 250 254 285 329 238 248 239 274 293 282 1961—Jan 108 95 103 97 105 105 137 98 107 96 121 130 119 Feb 109 91 105 102 104 110 141 96 102 105 114 127 126 Mar 132 116 128 134 130 142 177 116 126 121 137 155 138 Apr 134 120 125 131 126 139 172 123 127 128 147 159 148 May 140 131 132 135 133 149 171 131 140 133 152 160 145 June 141 129 136 136 133 146 166 132 133 139 151 149 156 July 126 102 106 110 122 134 165 114 122 109 145 158 149 Aug 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 154 145 151 153 143 170 186 141 147 149 161 177 160 Nov 2184 176 182 195 182 2217 166 2173 161 206 192 STOCKS 1 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—Nov 169 151 150 165 163 185 235 158 149 160 173 192 178 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 162 147 146 158 143 183 229 150 148 149 168 179 178 May 164 150 150 162 142 187 225 155 152 152 167 178 179 June '163 153 148 165 147 184 227 151 152 151 166 180 178 July 166 153 149 165 151 187 227 159 151 161 171 182 176 Aug 169 154 150 165 151 189 239 160 154 157 172 190 182 Sept 170 158 151 167 151 189 239 166 154 155 173 187 180 Oct 170 158 152 167 152 188 242 160 154 156 175 192 184 Nov P171 157 154 174 155 191 2241 161 154 158 ^173 2198 2183 WITHOUT SEASONAL ADJUSTMENT I960—Nov 192 177 175 190 184 '214 266 177 170 182 196 211 '206 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 164 147 150 162 146 186 232 151 151 151 169 183 178 169 153 152 169 150 190 238 159 154 153 174 186 181 May!!!'.!!'.'.'.'.!'.!'.'.!!!'.'.! 165 153 151 165 146 187 228 158 150 152 168 177 178 June , 156 144 139 154 140 173 213 148 143 142 163 167 173 July 157 139 134 148 139 173 211 156 143 152 164 173 173 Aug 165 150 147 158 145 186 231 156 152 154 170 190 180 Sept 178 166 158 176 157 200 248 173 163 162 178 199 190 Oct 189 179 171 192 171 215 263 176 175 174 189 211 203 Nov 2195 184 178 200 175 221 2>273 181 176 179 2196 2218 2210 2 Preliminary. r Revised. NOTE.—For description of series see BULLETIN for December 1957, 1 Figures for sales are the average per trading day, while those for stocks pp. 1323-36. Back data may be obtained from the Division of Adminisare as of the end of the month or averages of monthly data. trative Services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 93 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period S (t a f o l o e t r a s l i St ( o e o c n f k d s i o s r O t d i a n u e n g r t d - s - * c ( e t R i o p e ta t - s l 2 o ( r N t d o e e t w r a s l 3 Stocks s O t i a n u n g t d - - S s p o t t a o l u n u c t d s k - - s ce R i e p - ts month) month) (end of ifr o»rr ifoorr orders ing month) month) month) orders Annual average: 1952........ 397 1,097 435 397 401 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 L.O 1955........ 437 ,195 446 444 449 2.9 1.1 4.0 :L.O 1956........ 454 ,286 470 459 458 3.0 1.1 4.1 1.0 1957........ 459 ,338 461 461 458 3.1 1.1 4.1 LQ 1958........ 462 ,323 437 462 464 3.0 1.0 4.1 1.0 1959 488 ,391 510 495 498 3.0 1.1 4.1 L.I 1960........ 492 ,466 517 494 491 3.1 1.1 4.3 i.o Month: 1960—Nov.. *"586 r1,744 r481 r651 '549 3.0 .8 3.8 i.i Dec... 932 1,339 331 536 388 1.4 .4 1.8 .6 1961—Jan... 370 1,316 436 347 452 3.6 1.2 4.7 .9 Feb... 348 1,368 474 400 438 3.9 1.4 5.3 1.1 Mar.. 479 1,459 441 570 537 3.0 .9 4.0 1.2 Apr... 431 [,502 387 474 420 3.5 .9 4.4 1.1 May.. 476 1,475 419 449 481 3.1 .9 4.0 .9 June.. 467 1,389 619 381 581 3.0 1.3 4.3 .8 July.. 389 1,376 689 376 446 3.5 1.8 5.3 1.0 Aug.. 466 1,470 650 560 521 3.2 1.4 4.5 1.2 Sept.. 475 L.576 654 581 585 3.3 1.4 4.7 1.2 Oct... 529 1,708 645 661 652 3.2 1.2 4.4 1.2 Nov.* 630 1,777 556 699 610 2.8 .9 3.7 i.l » Preliminary. ** Revised. 3 Derived from receipts and reported figures on outstanding orders. a 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 exports i 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 cl t u s2 ding Merchandise imports3 Period 1959 1960 1961 1959 1960 1961 1959 1960 1961 Jan 1,401 1,561 1,647 1,287 1,484 1,539 1,154 1,143 1,124 M Fe a b r ...... J 1 . , 2 4 7 5 9 9 1 1 , , 5 7 7 4 6 9 1 1 , , 6 9 7 3 2 4 1 1, , 3 1 7 8 8 2 1 1 , , 4 6 9 3 7 2 1 1 ,8 6 8 0 9 6 1 1 . , 1 2 1 9 9 5 1 1 , , 2 3 8 7 9 8 l 1s, 0 2 4 3 6 1 Apr ,481 1,818 1,706 1,345 1,703 1,647 1,221 1,261 1,042 May 1,558 1,804 1,744 1,418 1,710 1,671 1,264 1,262 1,195 June .... I 427 1,737 1,699 1 351 1,637 [,644 1,370 1,307 1,220 July 1,470 1,699 1,637 1,356 1,629 1,558 1,250 1,150 1,268 Aug ,410 1,609 1,670 1,313 1,547 1,598 1,188 1,229 1,234 Sept 1,487 1,610 1,631 1,407 1,557 1,557 1,395 1,160 1,176 Oct 1,482 .744 1,890 1,399 1,690 1,817 1,202 1,157 1,340 Nov 1,482 I\l91 1,818 1,380 1,724 7«59 1,283 1,161 1,320 Dec I 685 1,797 1,580 1,743 1,467 1,157 Jan.-Nov 1.5,936 18,704 19,048 14,816 17,810 18,285 13,741 13,497 13,196 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under Mutual Security Program, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 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 ar p e - 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 r o 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—Nov 127.4 121.1 132.1 142.7 125.7 136.3 104.0 138.3 110.7 146.5 157.9 133.9 122.5 132.7 Dec 127.5 121.4 132.3 142.8 125.6 137.0 103.9 138.3 110.6 146.5 158.0 133.7 122.3 132.7 1961—Jan 127.4 121.3 132.3 142.9 125.9 139.6 103.6 138.3 109.4 146.2 158.5 133.7 122.2 132.6 Feb 127.5 121.4 132.4 143.1 125.9 141.3 103.7 138.3 109.6 146.2 159.4 133.8 122.7 132.6 Mar 127.5 121.2 132.5 143.1 125.9 141.3 103.9 138.5 109.8 145.7 159.6 133.6 123.4 132.6 Apr 127.5 121.2 132.3 143.3 125 8 139 9 103.8 138.7 109.5 145.8 159.9 133.8 124.1 132.6 May . . 127.4 120.7 132.2 143.4 126.2 136.5 103.5 138.7 109.6 146.6 160.4 133.8 123.9 133.1 June 127 6 120.9 132.4 143.5 126 3 135 6 103 9 138.9 109.6 147.7 160.9 133.9 123.5 133.1 July 128.1 122.0 132.4 143.6 125.6 135.9 103.6 139.1 109.9 148.3 161.2 134.3 124.1 133.6 Aug ... 128.0 121.2 132.3 143.6 125.6 136.9 103.2 138.8 109.9 149.3 161.4 134.2 124.4 133.6 Sept 128.3 121.1 132.6 143.9 125.7 137.2 103.8 138.9 111.1 149.4 161.7 134.3 125.0 133.8 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 Nov 128.3 120.3 132.9 144.2 125.7 139.2 103.4 139.5 111.2 150.5 162.4 134.3 125.2 133.8 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index; 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o i o e m d l s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e n c 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 o i t d n h t d d e s s e s - , r , r p p e u F a a o l r c a n u n o w t t d e d d s e e l , - d r C p a i u a l c h r l n c o a i e e t d l d m s s d - - p R u a b r u n c o e 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 a l r l u n c o p ie l t d d e p s d r - , ,M m p u a r e e n c o t t t d d a a s l - l s p c M m u a t e r h i n c o v r i o a y t n d d e s - - - - h F d o h t b a o u u t u o n l h u r r e r l d e n s a e d s e r i - - - p N t m u m e a r o c o r l i l e a n t n d i s - l c - - - b b p e o b u T a a r r t e a n c o c t o v g l t c d d - e s - e o - d s c M el i l s a - - 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.& 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. 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 1960 119.6 107.7 128.3 96.1 110.3 113.8 110.2 144.7 121.3 133.2 153.8 153.4 123.1 138.0 131.8 92.1 I960—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 94.8 108.3 117.2 109.7 139 115.7 132.2 152.2 153.5 122.3 138.5 132. 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. 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. 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. 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. 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. 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 94.4 113.5 113.7 108.1 139.6 115.7 129.5 153.7 152.7 122.2 138.5 133.4 95.6 Oct.. 118.7 87.1 108.3 127.3 94.7 r114.1 113.0 108.0 139.4 114.7 130.4 '153.2 152.8 122.2 138.9 133.4 r93.4 Nov.. 118.8 87.5 107.9 127.5 94.8 113.7 114.0 107.9 138.4 114.7 129.9 152.5 152.9 122.3 138.6 133.5 97.5 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 95 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index; 1947-49= 100] 1960 1961 1960 1961 Subgroup Subgroup Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products—ConU: 107.5 94.9 r94.5 95.4 132.4 122.4 122.4 122 A Grains 70.3 78.0 77.9 79.3 Converted paper and paperboard.... 131.1 127.3 127.3 127.3 Livestock and poultry 81.8 77.6 76.9 76.9 Building paper and board 145.4 144.8 144.8 143.9 Plant and animal fibers. 90.8 98.7 99.4 99.3 Fluid milk 102.3 99.6 100.5 100.4 Metals and Metal Products * Eggs 108.1 76.6 79.5 80.1 Hay and seeds . 72.5 80.0 79.9 81.3 Iron and steel .. ........ 168.5 170.8 170.5 169.2 Other farm products 129.1 131.2 130.1 129.4 135.5 136.3 134.9 134.0 153.6 156.6 156.6 156.6 Processed Foods: Hardware 174.6 176.7 176.7 176.7 130.8 133.5 133.8 133.8 Cereal and bakery products 123.1 124.3 125.1 125.2 Heating equipment 118.4 115.2 114.8 114.3 Meats, poultry, and fish 96.6 94.3 r93.7 92.7 Fabricated structural metal products. 133.9 131.8 131.9 131.9 Dairy products and ice cream 121.7 121.9 123.6 123.8 Fabricated nonstructural metal Canned, frozen fruits, and vegetables.. 109.4 107.3 108.0 108.1 products 146.7 150.8 150.4 150.0 Sugar and confectionery 117.4 112.8 112.6 113.0 Packaged beverage materials 140.9 138.6 136.0 136.4 Machinery and Motive Products: Other processed foods 102.8 102.3 101.4 99.6 Agricultural machinery and equip- Textile Products and Apparel: ment 148.2 148.7 149.0 149.4 Construction machinery and equip- Cotton products 91 7 91.0 91.6 91.8 ment 177.3 178.5 178.5 178.6 Wool products 101.3 102.1 101.6 101.6 182.1 182.1 183.1 183.6 Synthetic textiles 78.2 75.1 75.1 75.5 General purpose machinery and Silk products 125.9 136.2 133.3 132.9 equipment 166.3 166.3 165.5 165.9 101.0 100.7 100.8 100.8 150.7 152.0 152.0 152.4 Other textile products 92.1 90.5 94.7 92.9 Special industry machinery and equipment (Jan. 1961= 100) Hides, Skins, and Leather Products: Electrical machinery and equipment 152.4 150.4 151.1 151.1 Hides and skins 65.8 82.5 82.2 79.6 140.5 140.3 140.0 139.9 Leather 97.1 107.6 109.3 108.6 Transportation equip., R. R. rolling Footwear 132 5 133.9 134 7 134 8 stock (Jan 1961— 100} 100.3 100 5 100 5 Other leather products 104.2 105.4 105.2 105.5 Furniture and Other Household Dura- Fuel and Related Products, and Power bles: Coal 123.0 120.1 120.8 121.2 125.7 126.7 127.0 127.3 Coke 170 4 170.4 170.4 170 4 Commercial furniture 157.1 156.7 156.7 156.7 Gas fuels (Jan. 1958= 100) 120.2 116.9 119.4 119.4 Floor covering 130.2 129.3 129.0 129.1 Electric power (Jan. 1958= 100) 102.4 102.4 102.5 102.6 Household appliances . 100.6 99.8 99.9 99.8 Crude petroleum and natural gasoline. 126.8 127.2 127.4 127.4 Television, radios, phonographs 90.5 88.3 r87.9 88.0 Petroleum products, refined 119.1 115.1 113.3 115.0 Other household durable goods 156.6 157.2 157.3 157.4 Chemicals and Allied Products: Nonmetallic Mineral Products: 123.5 120.6 120.3 120.3 Flat glass 132.4 130.3 130.3 130.3 Prepared paint.... . . 128.4 132.4 132.2 132.2 Concrete ingredients 142.1 142.4 142.5 141.6 Paint materials 104.8 99.9 100.0 99.3 Concrete products 131.0 131.4 131.5 131.2 92.8 90.7 90.8 91.0 162.3 161.9 162.1 162.0 Fats and oils, inedible 48 9 48.7 47.0 46 0 Gypsum products 133.2 137.3 137.3 137.3 Mixed fertilizers 112 1 114 4 113 6 114 2 Prepared asphalt roofing 106 6 114.2 120 4 120 4 Fertilizer materials 111 9 110.2 111.9 112 3 Other nonmetallic minerals 133.6 133.2 133.2 133.1 Other chemicals and products 107.4 105.3 105.3 105.3 Tobacco Products and Bottled Bev- Rubber and Products: erages: Crude rubber . ... 140 3 139.1 137.8 134 7 Cigarettes 134.8 134.8 134.8 134.6 Tires and tubes. 141.3 138.3 138.3 137.0 Cigars 106.5 106.5 106.5 106.5 Other rubber products 146.8 141.0 141.0 141.1 Other tobacco products 155.7 157.8 157.8 157.8 121.1 121.2 121.1 121.4 Lumber and Wood Products: 171.4 180.5 180.5 180.5 Lumber.. 115.1 115.3 114.5 114.3 Miscellaneous: P M ly il w lw o o o r d k . . 1 9 3 6 5 .1 8 1 9 3 3 2 . . 7 4 1 r9 3 0 2 . . 9 4 1 9 3 1 2 . . 6 2 Toys, sporting goods, small arms.... 118.6 119.6 119.9 119.9 Manufactured animal feeds 66.8 74.2 71.0 76.8 Pulp, Paper, and Allied Products * Notions and accessories 96.4 96.2 96.2 96.2 Jewelry, watches, photo equipment... 110.9 111.9 112.0 112.2 Woodpulp 121.2 114.4 114.4 114.4 Other miscellaneous 132.1 132.8 133.0 133.3 Wastepaper 77.4 76.6 100.2 86.9 Paper 145.7 145.3 145.4 145.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates; in billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 Gross national product 104.4 56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 505.1 504.5 500.8 516.1 525.8 Personal consumption expenditures 79.0 46.4 81.9 195.0 269.9 285.2 293.2 314.0 328.9 329.7 332.3 330.7 336.1 341.0 Durable goods 9.2 3.5 9.7 30.4 38.5 40.4 37.3 43.5 44.3 43.4 43.8 39.4 42.0 42.3 Nondurable goods. 37.7 22.3 43.2 99.8 131.4 137.7 141.6 147.3 152.4 152.7 153.1 153.7 154.1 156.2 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 Residential, nonfarm 3.6 .5 3.5 14.1 17.7 17.0 18.0 22.3 21.1 21.0 20.5 19.3 20.6 22.1 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 equipment 5.9 1.6 6.9 18.9 27.2 28.5 23.1 25.9 27.5 27.7 26.7 24.2 24.7 26.0 Change in business inventories 1.7 -1.6 4.5 6.8 4.7 1.6 -2.0 6.3 4.2 2.4 -1.9 -4.0 2.8 4.5 Nonfarm only 1.8 -1.4 4.0 6.0 5.1 .8 -2.9 6.2 4.0 2.0 -2.2 -4.3 2.4 4.1 Net exports of goods and services .8 .2 1.1 .6 2.9 4.9 1.2 -.7 .30 3.0 5.1 5.3 3.9 2.6 Exports. 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 Imports 6.3 2.3 4.8 12.5 20.2 21.3 21.5 23.8 23.6 23.8 22.4 22.3 22.5 24.3 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 Federal 1.3 2.0 16.9 19.3 45.7 49.7 52.6 53.5 52.9 54.0 53.0 54.7 5.66 57.4 National defense« \ i i 0 ftj 13.8 14.3 40.4 44.4 44.8 46.2 45.5 45.4 45.7 47.2 48.8 49.0 Other j 1.3 / .u1 3.2 5.2 5.7 5.7 8.3 7.8 8.0 9.1 7.9 8.0 8.3 8.9 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 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates; in billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 National income. 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.0 416.5 412.2 426.0 434.3 Compensation of employees 51.1 29.5 64.8 154.2 242.5 255.5 257.1 278.4 293.7 296.0 294.0 292.6 300.2 306.2 Wages and salaries. 50.4 29.0 62.1 146.4 227.6 238.5 239.8 258.5 271.3 273.2 271.3 270.1 277.3 252.7 Private. 45.5 23.9 51.9 124.1 189.6 198.4 196.6 213.2 223.0 224.2 221.6 219.7 226.0 230.7 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 Government civilian,... 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 27.0 17.3 20.0 22.4 22.7 22.7 22.5 22.9 23.4 Employer contributions for social insurance .1 .1 2.0 4.0 6.8 7.8 8.0 9.7 11.5 11.8 11.5 11.7 12.0 12.2 Other labor income. .6 .4 .7 3.8 8.1 9.1 9.4 10.3 10.9 10.9 11.2 10.8 10.8 11.2 Proprietors* income 14.8 5.6 17.4 37.5 43.7 44.5 46.1 46.3 48.2 48.7 49.0 48.9 49.2 49.2 Business and professional 8.8 3.2 10.9 23.5 32.1 32.7 32.5 35.0 36.2 36.3 36.3 36.0 36.3 36.6 Farm 6.0 2.4 6.5 14.0 11.6 11.8 13.5 11.3 12.0 12.4 12.7 12.9 12.9 12.8 Rental income of persons. 5.4 2.0 3.5 9.0 10.9 11.9 12.2 11.9 11.7 11.7 11.7 11.5 11.5 11.5 Corporate profits and inventory valuation adjustment. 10.1 -2.0 14.5 35.7 42.0 41.7 37.2 46.4 45.1 44.1 42.9 40.0 45.5 47.0 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* 47.2 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 23.3 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 23.8 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 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 9.5 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -2.7 -1.5 -.3 -.5 .0 .3 .4 .3 2 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 20.2 NOTE.—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

97 NATIONAL PRODUCT AND INCOME 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 43.1 43.2 43.7 44.2 45.0 45.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 35.7 38.2 39.3 42.7 45.6 45.5 45.9 45.7 46.4 47.5 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 .8 1.6 - 1 .6 .8 1.8 1.8 1.8 1.8 1.8 -2 1 , . 6 8 -1 1 . . 7 8 1.8 -.7 -2.4 -1.5 -1.7 -2.6 -4.0 -2,9 -1.5 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 .9 1.0 1.1 .4 .5 .5 .5 .5 1.4 1.8 Equals: National income 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.0 416.5 412.2 426.0 434.3 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 47.0 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 .8 Equals: Personal income 85.8 47.2 96.3 332.9 351.4 360.3 383.3 402.2 405.1 405.4 404.7 413.2 420.3 228.5 Less: Personal tax and nontax payments 2.6 1.5 3.3 40.0 42.6 42.3 46.0 50.4 50.8 50,5 50.3 51.4 52.5 20.8 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 5.7 6.4 7.2 7.3 7.4 7.7 8.0 State and local 7.8 83.1 45.7 93.0 207.7 292.9 308.8 317.9 337.3 351.8 354.4 354.9 354.3 367.8 Equals: Disposable personal income 361.8 79.0 46.4 81.9 195.0 269.9 285.2 293.2 314.0 328.9 329.7 332.3 330.7 341.0 Less: Personal consumption expenditures... 336. 4.2 -.6 11.1 12.6 23.0 23.6 24.7 23.4 22.9 24.6 22.7 23.7 26.8 Equals: Personal saving 25.8 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 Itemi 1959 1960 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. NovV Total personal income 383.3 402.2 406.0 404.0 403.6 403.1 407.3 409.8 413.2 417.3 421.2 419.4 421.1 425.2 429.0 Wage and salary disbursements 258.5 271.3 271.5 269.6 269.6 269.5 271.1 274.6 277.2 280.7 282.3 282.8 284.0 286.4 288.8 Commodity-producing industries.. 107.2 110.4 108.3 106.2 106.2 105.6 106.5 109.1 110.5 112.7 113.2 112.9 112.9 114.1 115.5 Manufacturing only 84.7 87.4 85.4 84.0 83.8 83.5 84.1 86.1 57.5 88.9 89.3 89.0 88.8 89.9 91.2 Distributive industries 68.2 71.8 72.0 71.8 71.8 71.8 71.8 72.3 72.9 73.5 74.0 74.2 74.7 74.8 74.6 Service indistries 37.7 40.7 41.5 41.7 41.6 41.7 42.1 42.3 42.5 42.9 43.3 43.6 44.0 44.4 44.7 Government 45.3 48.4 49.7 49.8 50.0 50.4 50.7 51.0 51.3 51.6 51.8 52.1 52.4 53.1 54.0 Other labor income. 10.3 10.9 11.2 11.3 11.0 10.7 10.6 10.7 10.8 11.0 11.1 11.2 11.2 11.4 11.3 Proprietors' income 46.3 48.2 49.2 48.9 48.9 48.7 49.0 49.0 49.1 49.4 49.5 49.4 49.5 50.5 51.4 Business and professional. 35.0 36.2 36.4 36.0 36.0 35.8 36.0 36. 36.3 36.4 36.6 36.6 36.8 37.0 37.2 Farm 11.3 12.0 12.8 12.8 12.8 12.9 13.0 12.9 13.0 12.9 12.8 12.7 13.5 14.2 12.9 Rental income 11.9 11.7 11.7 11.6 11.6 11.5 11.4 11.5 11.5 11.5 11.5 11.5 11.5 11.3 11.5 Dividends 13.4 14.1 14.4 14.1 14.2 14.2 14.2 14.2 14.3 14.3 14.3 14.4 14.5 14.7 14.2 Personal interest income. 23.6 26.2 26.7 26.7 26.8 26.8 26.8 27.0 27.1 27.2 27.4 27.5 27.7 27.9 26.8 Transfer payments 27.2 29.1 30.7 31.0 31.1 31.1 33.7 33.0 33.0 35.2 32.5 32.7 33.1 33.3 32.5 Less: Personal contributions for social insurance , 7.9 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 10.1 Nonagricultural income. 368.1 386.2 389.1 387.2 386.8 386.2 390.4 392.9 396.4 400.2 404.0 402.4 404.1 407.2 410.3 Agricultural income 15.3 16.1 16.9 16.8 16.8 16.9 16.9 16.9 16.8 17.1 17.2 17.0 17.0 18.0 18.8 > Preliminary. NOTE.—For explanation of series see U. S. Income and Output (a supplei Monthly data are seasonally adjusted totals at annual rates. ment to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR THIRD QUARTER, [In billions of dollars] Consumer Nonfinancial business sectors Government sectors2 Financial sectors Sector an s p d e r c o n t f o i o t r n- Farm1 cor N po o r n a - te i Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g c i * al ins S ti a t v u i t n io g n s s4 Insurance5 F n in .e a . n c c .6 e R s w e e s o c t r t - o l o d r f- se A ct l o l rs a D c n r i c e s- y p 7 - i s n N a a v v n a e i d n t s l t g . ment2, s Transaction category U S U S U S U S U S U s U S U S U S U S U S U S U 30.8 1.7 .9 10 0 —1.8 —3.0 .5 .8 .7 10.i 31.8 H3.7 31.6 A B Capital consumption^2 12 0 1 l 2 2 6 6 1 22.0 22.0 B C Net saving (A—B) 8.7 6 -1 3 3 4 -1 8 -2 0 5 8 7 * .1 9.8 9.7 C D Gross investment (E+J)2 30.3 1.7 .9 8.3 —1.8 -3.0 3.1 .8 .7 .3 30.3 -1.1 39.3 D E Private capital expenditures (net of sales)1 ^ 15.0 1.8 3.3 8.8 .1 .1 39.1 39.1 E F Consumer durable goods... 9.8 9 8 9.8 F G Nonfarm resident, constr.14. 4.2 9 .9 6 1 6.1 G H Plant and equipment .9 1.7 2 3 7 2 1 1 12 3 12.3 H I Change in inventories1-* 1 .1 6 9 .9 I J Net financial invest (K—L) 5.3 •* 3 4 —.5 1.8 3.0 3.0 .8 .6 .3 1.1 -1.1 16.1 J K Net acouis of finan assets 8.7 -| 3.1 3.5 — .5 7.3 3.0 3.8 1.1 .8 39.4 .9 K 3.5 .1 3.3 3.5 5.3 3.5 5.3 3.1 3.1 .9 .9 28.3 .8 L M Gold and Treas. currency18. * * * 1 .1 * -.1 -.1 M N Dem. dep. and currency19.. 2.4 .4 2.4 -1 0 3 3 - 1 * , .1 4.3 3.3 n -.1 N O Fixed-value redeem, claims.. 3.4 2 .2 * 1 8 1.9 3 3 9 3 9 -.3 O P Q T Sa im vi e n g d s e p s o h s a i r ts e 2 s 0 21 1 1. . 4 8 2 * * 1 8 1.4 4 3 2 1 3 4 2 1 3 4 -.3 P Q R U. S. savings bonds22 .2 2 2 2 R S Saving through life insur.23 . 1.0 * 9 1.0 1.0 S T Saving through pen. funds24. 1.8 .1 6 1 2 1 8 1 8 T U Credit and equity mkt. instr.. 1.3 3.4 .3 -.1 1.4 -1.0 2.5 1.1 5.5 .5 1.9 7.2 * 3.2 .3 2.8 1.0 .8 .6 .7 16.6 16.7 .1 .1 U V Federal obligations25 9 — 1 1 5.8 * 4.8 1 5 .5 5.8 5.8 -.5 V W State and local obligations. .4 1 1 8 9 4 1 8 1 8 W X Corp and foreign bonds 7 31 _ l 1 0 * .1 .1 .9 .9 .1 X Y Z C 1- o t r o p o 4 r - a fa te m i s l t y o c m k ortgages .2 o 3 1 3 3 6 1 5 2 6 3 6 .3 4 .5 * .1 3 1 . . 7 1 3 1 . . 7 1 * Y z a Other mortgages .4 .3 4 9 1 3 5 2 1.5 1 5 a b Consumer credit 1 _ i 2 — 2 2 * 1 1 b c Security credit2** -.1 2 — 1 1 .1 .1 c d Bank loans n e c 2^ * * 5 — 2 8 * 3 * .8 .8 * d e Other loans28 1 * .2 -.2 .2 .8 -.2 * * 3 1 .1 o .1 .5 .9 .9 .4 e f Trade credit * * 291.9 3.2 1.1 .1 .1 — l 3.2 3.1 * f g Proprietors' net invest, in noncorporate business1... -1.2 — 3 —1 0 -1.2 -1.2 g h Misc. financial trans.3o .3 * i -.6 * * i .1 A .2 -.2 -.3 i "".i h i Sector discrepancies (A - D)31. .5 1 7 1 0 —1 6 — 3 2 16 2.4 i * Less than $50 million. P Preliminary. In Tables 3-4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes, NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and of assets; financial sources of funds, net changes in liabilities. Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual For discussion of saving and investment concepts see pp. 831-43 of BULLETIN for August 1959. savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjust- Descriptions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," ments apply to the first three quarters and to the annual totals for 1959. pp. 846-59 of BULLETIN for August 1959. Details may not add to totals because of rounding. For other notes see pp. 99 and 101. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 99 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, 1959 1960 1961 or sector 1956 1957 1958 1959 1960 3 4 1 2 3 4 1 2 3? A Net national saving2 41.0 37.4 19.2 35.9 36.9 9.1 6.7 12.1 11.1 lOf.l 3.6 6.9 5.2 9.7 A C D E F B G C F S C F F e t i a o o a n d r n r t a m e p e s n r u o a a c m r a l n i a n a d e G t d l e r o l n s o n a v o c n o e e a n n d r c l c f n i n t o g m n o o r o a p e n v n r n . p e c s t r b i r 2 o . a n u f . l m s i . i t . b n e u e n s s t s 2 in 3 e 2 ss .. . . . - 2 3 5 5 9 . . . . 0 9 9 4 * - 2 3 5 3 3 8 . . . . . 6 6 3 5 6 * - - 2 8 4 2 6 3 . . . . . 2 9 1 8 4 - - 3 1 5 4 0 1 . . 1 0 . . 2 4 * - 2 - 5 4 6 3 7 . . 1 . . . . 0 1 2 8 8 - - - 1 2 8 3 1 . . . 8 . . . 5 0 9 4 2 - - 5 2 5 3 . . 8 . . . 0 9 9 8 - - 1 4 8 1 . . 6 . . . 2 . 1 0 7 2 - - 1 4 5 1 . . 1 . . . 2 . 7 7 4 6 - - - 1 2 8 1 . . . 7 6 . . . 6 4 6 9 - - 1 4 5 2 2 . . . . . 6 3 7 0 0 * - - - 1 1 7 1 1 . . . 6 . . . 2 0 1 1 5 - - 1 1 5 1 . . . . 5 8 . . 4 9 7 5 - - - 2 1 8 2 3 . . . 7 . . . 0 8 7 0 4 C G E D F B 2.9 3.5 H Capital consumption12 67.4 73.2 75.6 79.4 83.5 20.0 20.3 20.5 20.7 21.0 21.3 21.4 21.7 22.0 H I Consumer and nonprofit 36.9 40.0 41.6 43.5 45.7 10.9 11.1 11.2 11.3 11.5 11.7 11.8 11.9 12.0 I J Consumer durable goods 33.0 35.8 37.0 38.6 40.4 9.7 9.8 9.9 10.0 10.2 10.3 10.4 10.5 10.6 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).... .6 .6 .6 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 L 3.7 3.9 4.0 4.2 4.1 1.1 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.1 M N Noncorp. nonfinan. business 7.5 8.1 8.0 8.3 8.6 2.1 2.1 2.1 2.2 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 6.0 6.0 6.2 6.2 6.3 6.3 6.5 6.6 O P Gross national saving2 108.4 110.6 94.8 115.4 120.4 29.1 27.1 32.6 31.8 31.0 24.9 28.3 26.9 31.6 P Q Consumer and nonprofit 66.2 68.6 68.0 73.7 73.5 19.4 16.9 19.3 17.0 20.0 17.3 18.9 17.3 20.8 Q R Farm and noncorp. business 11.3 12.0 11.9 12.4 12.7 1.6 7.0 1.9 3.1 2.5 5.2 2.6 1.8 2.6 R S Corporate nonfinancial business.. 25.0 26.3 24.9 34.6 30.8 9.0 9.0 6.2 7.5 8.8 8.3 5.3 8.4 10.0 S T Federal Government2 5.9 3.6 -8.2 -5.0 3.8 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.1 .5 -1.8 T U State and local government2. ... —3.0 —3.6 —4.9 —4.1 —5.0 — 8 -.8 — 1.2 -1.6 — 1.6 -1.2 -1.8 -2.0 U V Financial sectors 3.0 3.7 3.0 3.7 4.5 2.0 1 1.8 .7 2.0 • 1.6 .8 2.1 V 107.9 110.6 94.2 114.2 117.6 27.3 30.5 29.9 30.0 27.9 29.8 24.6 28.6 29.2 W X Consumer durable goods 38.5 40.4 37.3 43.5 44.3 10.4 12.5 10.1 11.5 10.2 12.6 8.9 10.6 9.8 X Y Other gross private domestic fixed 62.6 64.5 58.6 66.1 68.2 17.6 17.4 15.1 17.9 17.7 17.6 14.1 17.4 18.4 Y Z Consumer and nonprofit 19.0 18.1 18.1 22.1 21.5 5.9 6.2 5.3 4.9 5.6 5.7 4.7 4.6 5.2 Z a Nonfarm residen. constr. 14... 16.9 15.6 75.5 19.2 18.4 5.1 5.4 4.6 4.2 4.7 4.9 4.0 3.8 4.2 a b Plant and equip, (nonprofit)... 2.1 2.5 2.7 2.9 3.2 .8 .8 .7 .7 .9 .8 .7 .8 .9 b c Farm business 3.8 4.0 4.4 4.7 4 2 1 2 1.0 1.1 1.2 1.1 .9 1.0 1.3 17 c d Noncorp. nonfinan. businessi4. 9.8 9.4 9.0 10.7 10.8 2.9 2.4 2.2 3.3 2.8 2.5 2.1 3.2 3.2 d e Corp. nonfinan. business *4.... 29.3 32.3 26.4 27.9 30.8 7.4 7.6 6.3 8.4 8.0 8.2 6.1 8.1 8.1 e f Financial sectors .7 .8 .7 .8 .8 .2 .2 .2 .2 .2 .2 .2 .2 .2 f g Change in inventories * 5 — 4. 7 .4 1. . 6 8 —2 . . 9 0 6. . 3 1 4 2 3 * 7 * 4.6 * . . 5 1 . . 2 1 -1.1 .1 . . 8 1 . . 3 1 A 9 h g Noncorp. nonfinan. business... .2 -.2 .9 .9 * 5 1.3 .1 * -.6 .3 * .1 i j Corp. nonfinan. business 4l9 .6 -2.6 5.3 3.1 .1 l!2 3.2 .4 .1 -.6 .4 .2 • 6 j * k Net financial investment *6 2.1 4.2 .3 -1.7 .8 -.8 2.2 .1 .1 -.1 .8 .8 .3 .1 k 1 m Co N n e s t u m ac e q r u a is n . d o f n fi o n n a p n r . o fit assets... 2 1 6 1 . . 8 5 2 1 6 4 . . 0 0 3 1 0 8 . . 9 8 3 1 1 1 . . 6 0 2 5 1. . 9 7 2 7. . 6 6 5.5 2 4. . 4 4 -1 3 . . 6 6 3 7. . 4 6 6 1 . . 5 3 4 5. . 7 0 2 6. . 5 0 8 5 . . 7 2 m 1 n Net increase in liabilities 15.3 12.0 12.1 20.6 16.2 5.Q 6.4 2.0 5.2 3.9 5.1 7.2 4.5 3.5 n o Farm and noncorp. business... -2.1 -2.3 -2.1 -4.C -3.S -2.5 4.1 -2.7 -1.4 -1.6 2.2 g -2.9 -2.5 o p Net acquis. offinan. assets.., .4 .8 1.1 .1 -.5 .3 — .4 .2 -.7 p q Net increase in liabilities..... 2.5 3.1 3.3 3.3 3.3 2.2 —4.0 2.3 1.6 1.4 -1.9 .5 3.0 2.4 q r Corp. nonfinan. business -13.3 -8.6 -3.6 -3.4 —7.6 — .1 — 1.7 -4.0 -2.4 -1.1 • -3.2 -A -.5 r s Net acquis. offinan. assets... 4.4 4.5 11.3 13.7 3.3 3.6 4.4 -2.2 1.1 1.8 2.6 -2.2 5.0 5.7 s t Net increase in liabilities 17.7 13.1 15.0 17.0 10.9 3.7 6.1 1.8 3.6 2.9 2.6 1.0 5.0 3.5 t u Federal Government 5.9 3.6 -8.2 -5.0 3.8 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.1 -1.8 u v Net acquis. offinan. assets... 1.6 3.2 1.6 6.3 3.7 2.6 -.8 ^ 4.2 .7 -1.0 -7.5 2.3 3.5 v w Net increase in liabilities -4.3 9.7 11.2 -.1 4.7 4.2 -4.3 — .4 1.3 3.3 -2.7 1.9 5.3 w x State and local governments... -2.2 -3A -5.2 -4.0 -3.4 -1.4 -.5 -1.0 -2.2 2 -1.2 —. 1 -3.0 x c y a d z b c a d b F F i i n N N n N N a a e e e e n n t t t t c c a a i i i i a n n a c c l c c l q q r r t u s u e e r e i i a a a s s c n . s . s t o e o s e o , r f f f i i f s d i n n i n n i s l a l a i i c n n a a r . . e b b p i i l l i i a t a t i i s s e e s s s s e e . t t s s . . . . . . 2 2 2 4 2 2 0 . . . . . 6 8 7 0 7 - 2 2 2 3 6 4 1 3 . . . . . . 4 3 4 1 1 0 - 3 3 3 2 4 6 1 7 . . . . . . 8 5 3 8 7 5 - 3 2 1 3 4 0 5 7 . . . . . . 0 0 0 5 0 5 3 2 2 6 4 8 5 . . . . . . 6 0 3 5 8 1 2 2 8 6 . . . . S 9 3 6 1 1 1 l 0 0 ' . . . . 0 5 4 9 « - - - 2 4 1 2 1 1 . . 6 7 . . . . 2 1 6 1 1 1 1 2 0 1 . . . . . . 4 5 9 6 4 3 1 — 2 8 0 1 . . . . 0 0 0 9 .2 1 1 1 l 4 4 1 ' . . . . . . 0 3 4 1 3 1 -1 - 2 . 1 . 6 7 . . . 7 5 9 ^ 1 1 1 1 4 4 . . . . . 6 5 8 7 1 9 - 1 1 - 1 2 3 0 4 . . 5 . . . . 1 5 7 3 0 d b a c y d b a z c ee Discrepancy (P-W) 31 * .6 1.1 2.8 1.8 -3.5 2.7 1.9 3.1 3.9 3.7 -1.6 2.4 ee * Less than $50 million. » Preliminary. for August 1959. For other notes see below and second page following. NOTE.—Descriptions of sectors and of transaction categories are given Back data available in Flow-of-Funds Supplements. in notes to tables and in "Technical Notes," pp. 846-59 of BULLETIN Notes to Tables 1, 2, and 3. 9 For content of sector saving, see Tables 1 and 4 and pp. 833 and 849 1 Net saving of, and consumer investment in, unincorporated business of BULLETIN for August 1959. discussed on p. 838 of the BULLETIN for August 1959. See note 32, p. 1245. 1 o Rest-of-world surplus on current transactions with United States. 2 For govt. sectors, saving is excess of all nonfinancial receipts over all 1! Discrepancy between total nonfinancial sources and uses of funds nonfinancial outlays; investment, changes in financial assets and liabilities (Line A minus line E in "all sectors" column). only. Govt. current outlays include, and govt. (and national) invest- 12 Depreciation, accidental damage to fixed capital, and capital outlays ment excludes, govt. purchases of tangible assets. charged to current account. Annual data in Table 2 are from Dept. of 3 Consolidated account for monetary authorities (Federal Reserve Commerce national income accounts except for F. R. estimates of de- System, ESF, and Treasury currency accounts) and commercial banks preciation on consumer durable goods. Depreciation on latter item in United States (excluding territories and possessions). and on farm assets at current cost; other depreciation, in general, at 4 Mutual savings banks, savings and loan assns., and credit unions. original cost. Line H in Table 2 includes amounts for financial sectors 5 Life and nonlife insurance companies and private pension plans. not shown separately. 6 Finance companies, open-end investment companies, security brokers 13 Transactions in land excluded from sector investment for statistical and dealers, banks in U. S. territories and possessions, and U. S. agencies reasons. Such transactions, when recorded as capital flows, affect of foreign banks. sector allocation of investment but not the national total. 7 For discussion, see p. 857 of BULLETIN for August 1959. 14 For consumers, 1- to 4-family dwellings completed and purchases of 8 Totals for domestic sectors; financial entries are net uses plus items additions and alterations. Investment of nonfarm business sectors in discrepancy column. For comparison with national saving and in- includes work in process on 1- to 4-family dwellings and other private vestment in national income accounts of Dept. of Commerce, see p. 842 residential construction. of BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 33 [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 196I 1956 1957 1958 1959 1960 3 4 1 2 3 4 1 2 I. Demand deposits and currency A Net increase in commercial bkg. system liability19 1.7 -.8 5.8 1.1 .1 2.1 3.8 -8.8 2.5 1.5 4.9 -8.2 4.0 3.3 A B Net increase in assets, by sector 1.7 .7 6.5 1.6 1.0 2.1 3.1 -7.5 2.6 1.8 4.0 -7.2 3.5 4.3 B -.2 .2 .1 .7 .9 1.5 -1.2 -.4 2.8 .2 -1.7 -1.7 2.0 2.4 C D Other domestic sectors 1.7 .3 6.3 .8 .1 4.4 -6.6 -.3 1.5 5.5 -5.4 1.6 t.8 r> E Consumer and nonprofit 1.0 -1.0 2.5 1.0 .3 1.0 1.7 -2.7 -1.0 1.9 2.1 -1.6 -.3 2.4 E F Farm and noncorporate bus .1 .7 1.2 — 8 — .3 — .2 -.2 -.1 — l F G Corporate nonfinancial bus .1 1.7 * -.7 -.2 1.8 -3.4 .7 .1 2.0 -3.2 .8 .4 G H State and local government.... .2 .2 .2 .5 .2 .2 .6 * -.4 -.2 .8 -.5 .6 -1.0 H I Financial sectors • • , .2 .3 .7 .1 .6 — .3 .6 — .4 .5 -.2 7 _ 1 .4 — 1 I J Rest of the world .2 .2 .1 * .1 -.1 — .4 .3 * .1 J K Discrepancy (A—B) .1 -1.4 -.7 -.5 -.9 .8 -1.3 -.1 -.3 .9 -1.0 .5 -.9 K II. Fixed-value redeemable claims A Net increase, by type 9.0 10.1 16.2 7.6 14.8 .7 1.6 1.6 3.9 3.9 5.4 5.7 6.1 3.9 A B Time deposits 3.7 6.8 10.2 2.2 7.0 * -.1 .2 1.7 2.6 2.5 3.5 3.9 2.3 B C Savings shares 5.4 5.2 6.6 7.2 8.1 1.2 2.3 1.6 2.4 1.4 2.8 2.0 2.7 1.4 C D US savines bonds22 — .1 -1.9 — .5 -1.8 — .3 — .5 — .6 — .2 1 3 1 E Net increase in liab., by sector 34.... 9.0 10.1 16.2 7.6 14.8 .7 1.6 1.6 3.9 3.9 5.4 5.7 6.7 3.9 E -2.2 -.7 -2.0 -.4 -.6 -.6 -.2 — .2 -.1 .2 .1 .2 F 2.1 5.5 8.0 1.2 5.8 -.1 -.2 1.5 2.2 2.1 2.9 3.5 1.8 G H Savings institutions 7.3 6.9 8.9 8.4 9.5 1.4 2.4 1.9 2.6 1.8 3.3 2.6 3.1 1.9 H I Net increase in assets, by sector 34... 9.0 10.1 16.2 7.6 14.8 .7 1.6 1.6 3.9 3.9 5.4 5.7 6.7 3.9 I J K . C O o th n e s r u m do e m r e a s n t d ic n s o e n c p to ro rs f i 3 t $ 9.0 * 9. . 8 4 1 1 3 . . 7 6 - 9 .9 .3 1 1 2 . . 7 8 - 1 .7 .7 - 2 .2 .0 1. . 6 2 3.4 3 3.2 5 4.6 7 4 1 . 5 2 5.7 9 3.4 2 K J L Rest of the world (time deposits).. -.1 * .9 -.9 .3 -.3 -.3 -.2 .2 .3 .1 * .1 .3 L IDE. Saving through life insurance and pension funds 9.5 9.2 10.4 11.7 11.3 2.5 3.1 2.8 3.1 2.4 3.0 2.8 3.4 2.8 A B Life insurance 3.8 2.8 3.4 3.7 3.6 .7 .9 .8 .8 1.0 1 0 1.0 9 10 B C Pension funds 5.8 6.3 7.0 8.0 7.7 1.8 2.2 2.0 2.3 1.4 2.0 1.8 2.5 1.8 C D Net increase in liab., by sector 34> 3<>.. 9.5 9.2 10.4 11.7 11.3 2.5 3.1 2.8 3.1 2.4 3.0 2.8 3.4 2.8 D E Federal Government • 1.0 .6 1.0 1.0 1.0 .3 .1 .1 .7 J .1 8 1 E F State and local covernment 1.4 1.6 1.7 1.9 2.1 .5 .5 .5 5 5 5 6 5 6 F G Life insurance companies 4.7 4.2 4.7 5.5 4.7 1.1 1.6 1.0 1 0 1 2 1 4 1 2 1 1 1 2 G H Private noninsured pension plans. 2.3 2.8 2.9 3.2 3.4 .5 .9 1.1 .8 .5 1.0 .9 .8 .9 H IV. Credit and equity market instruments A Net increase, by type. 30.7 36.6 46.2 61.2 39.5 18.2 17.3 2.5 12.0 10.3 14 6 .2 14 1 16 6 A B Federal obligations -5.6 1.1 9.0 11.3 -2.2 5.3 4.0 -4.1 -1.4 1.2 2.2 -3.3 .6 5.8 B C Short-term direct37 7.4 5.5 -1.2 5.5 -5.1 .7 4.7 -7.4 -2.1 5.3 .9 4 8 5 7 C D Other. -13.0 -4.4 10.2 5.8 2.9 4.6 -.7 3.3 .6 —4.1 3 0 -4 2 —4 2 1 D E State and local obligations 3.2 4.6 5.7 4.9 3.6 1.7 .4 1.0 .7 1.4 .5 1.4 9 1 8 E F Corporate and foreign bonds 5.0 7.5 6.8 4.5 5.6 1.1 1.5 1.2 1.2 1.3 1.9 .8 2.2 .9 F G Corporate stock 3.8 4.0 4.2 4.4 3.5 .7 1.2 1.0 .9 .9 7 1 2 1 7 1 1 G H 1- to 4-family mortgages..... 10.8 8.6 10.1 13.2 10.9 3.7 2.9 2.3 2.9 3.0 2.6 2.0 3 2 3 7 H I Other mortgages 3.8 3.5 5.2 6.0 4.5 1.6 1.5 1.0 1.3 1.2 1.1 1.6 1 5 I J Consumer credit. 3.6 2.8 .3 6.4 3.9 1.7 2.7 -.8 2.4 .6 1.8 —2.1 9 1 J K Security credit -.6 -.3 1.7 .1 .4 -.3 .6 -1.6 .5 .6 9 — .4 1 3 * K L Bank loans n.e.c 5.8 2.3 1.3 7.5 3.2 2.5 1.8 .3 2.1 -.6 1.4 -2.2 1 2 8 L M Other loans .9 2.6 2.0 2.9 5.9 .2 .6 2.3 1.5 .6 1.5 1.7 .4 .9 M N Funds raised, by sector34 31.2 36.9 46.2 61.2 39.4 18.2 17.2 2.5 12.0 10.3 14.6 .2 14 1 16 7 N 15.2 11.9 12.0 20.5 16.2 5.0 6.3 2.0 5.2 3.8 5.1 1.1 4.5 3 4 O P Farm business ... ... .9 1.1 1.5 1.9 1.1 .3 -.2 .5 .8 .2 — .4 .6 9 3 P Q Noncorporate nonfinancial bus... 1.8 1.2 2.2 4.6 3.4 1.5 1.2 1.3 -.1 1.8 -1.5 1.5 1.4 Q R Corporate nonfinancial business.. 13.2 13.1 11.8 11.7 10.6 3.0 3.0 2.1 3.0 2.5 2.3 2.1 4.1 2.5 R S Federal Government . -5.4 1.0 9.3 10.7 -1.7 5.2 4.1 -4.1 -1.5 1.4 2.5 -3.1 3 5 5 s T State and local government 3.3 4.8 5.9 5.1 3.8 1.8 .5 1.0 .8 1.5 .5 1.5 1 1 1 9 T 1.2 2.4 1.1 5.7 4.1 1.2 2.3 -.3 1.7 .7 2.0 -1.1 1.6 1 0 U V Rest of the world 1.0 1.4 2.3 .9 2.0 .3 .1 .3 5 4 7 7 7 V W Funds advanced, by sector34 30.7 36.6 46.2 61.2 39.5 18.2 17.2 2.5 12.0 10.3 14.6 .2 14 1 16 6 W X Consumer and nonprofit 7.5 7.7 4.3 15.5 2.4 3.9 3.3 4.0 -.7 1.2 -2.0 .6 — 1 1 1 3 X Y Farm and noncorp. business .3 .1 -.1 .1 .1 -.1 .3 -.4 .2 -.1 .4 -.4 .2 -.1 Y Z Corporate nonfinancial business.. -3.7 .6 1.5 4.7 -2.1 1.4 1.9 -.2 -1.2 -1.8 1.1 -1.5 .5 -1.0 Z a Federal Government 1.1 2.4 1.7 3.8 2.3 1.0 .5 1.3 .4 .6 .2 3 1 1 a b State and local government 2.3 2.7 1.5 2.9 1.0 1.2 .8 .9 .4 -.3 * 1.1 .4 .5 b c Commercial banking system 4.8 4.3 17.0 5.6 10.0 3.3 3.5 -7.8 5.1 5.1 7.5 -4.8 6.8 7.2 c d Monetary authorities 4. . 5 3 - 5 .8 .1 1 2 4 . . 2 9 5. . 3 3 9. . 3 7 2. . 8 5 3.4 - - 1 6 . . 4 4 3 1. . 2 9 4. . 5 5 7. . 2 4 -4.0n 6 3 5 6 5 7 d e f Securities -3.5 1.3 10.4 -7.2 2.4 -.8 -.4 -5.6 .5 3.7 4.0 -1.6 3 7 5 1 f g Loans38 8.0 3.8 4.5 12.5 6.9 3.6 3.8 -.8 3.7 .9 3.2 —2.4 2 6 16 g h Savings institutions 7.4 7.2 9.3 10.6 9.4 3.0 1.7 2.3 2.3 2.6 2 2 2 7 3 0 3 2 h i Insurance sector 8.1 8.4 9.0 10.1 10.3 2.3 2.6 2.8 2.4 2.4 2.7 2.8 2 4 2 8 i 1.6 2.5 2.0 4.6 5.1 .8 2.0 .4 2.2 .7 1.8 -.6 1 8 1 0 j k Rest of the world 1.3 .6 -.1 3.1 1.1 1.3 .7 .5 * .3 .3 .1 -.2 .6 k Less than $50 million. Preliminary. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 101 Notes to Tables 1, 2, and 3 (cont.). 2 6 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 27 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 28 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. 18 For description, see p. 852 of BULLETIN for August 1959. 2 9 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 3 0 For coverage, see p. 856 of BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 3! Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y-a, for sector allocation of demand 3 2 Annual figures for farm sector are retained earnings of corporate deposit and currency liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 852 of BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 20 At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of BULLETIN for August 1959. 21 Shares in savings and loan associations and credit unions. 33 Data for excluded categories—trade credit, proprietors' net invest- 22 Consumer-held only; includes net interest accruals. Savings bonds ment, gold, Treasury currency, and misc.—appear in Tables 1 and 4 and held by other sectors included in Federal obligations category. Supplement No. 5. 2 3 Private and Federal Government life insurance. Estimated as equal 34 For sector transactions in specific instruments, see Tables 1 and 4. to changes in reserves against life insurance policies and supplementary 35 Mainly time deposits of State, and local governments, corporate contracts and in policy dividend accumulations. businesses, and savings institutions. 24 Private pension plans and railroad and govt. employee retirement 3 6 Includes life insurance issued by fraternal orders not shown sepafunds. Estimated as equal to changes in reserves of pension plans ad- rately. All assets in these categories are treated as consumer holdings. ministered by life insurance companies and in assets of other private 37 Marketable issues maturing within one year. plans and of railroad and govt. employee retirement funds. 3 8 Excludes loans to domestic commercial banks. Consists of mort- 25 Excludes Federal debt held by Federal agencies, consumer-held gages, consumer credit, security credit, other loans, and bank loans, n.e.c. savings bonds, special notes issued to IMF, and currency items in public Gross of valuation reserves. debt; includes Federal agency debt and accrued interest on Treasury bills NOTE.—Back data available in Flow-of-Funds Supplement No. 5. and on savings bonds (other than consumer-held). TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1956 1957 1958 1959 1960 (A) Consumer and nonprofit organization sector A Current receipts 314.2 331.3 339.2 361.9 381.0 91.2 93.4 92.2 94.9 96.3 97.6 94.5 97.4 100.1 A B Income receipts1 293.4 307.3 310.6 332.1 349.0 83.9 85.7 84.3 87.0 88.3 89.4 85.6 88.5 91.1 B C Transfer receipts2 20.7 24.0 28.6 29.8 31.9 7.3 7.6 7.9 7.9 7.9 8.2 9.0 9.0 9.0 C D Income taxes and other deductions.. 42.7 45.9 45.5 49.8 55.2 12.7 10.9 14.0 16.1 13.6 11.6 13.5 16.5 13.5 D E Taxes less tax refunds3 36.8 39.1 38.5 41.7 45.8 10.8 9.3 11.3 13.3 11.4 9.8 10.7 13.6 11.3 E F Pension and OASI deductions4... 5.9 6.8 7.0 8.1 9.4 1.9 1.6 2.7 2.7 2.2 1.8 2.9 2.9 2.2 F G Cur. receipts after deduct. (A—D).. 271.5 285.4 293.7 312.1 325.7 78.5 82.5 78.2 78.8 82.7 86.0 81.0 80.9 86.6 G H Cur. expend, for goods and serv.5.. 211.3 222.9 232.8 246.7 260.1 60.8 67.6 61.0 64.2 64.3 70.7 64.1 66.2 67.8 H I Net life insurance premiums6 3.2 3.0 2.9 3.3 3.3 .8 .9 .7 .7 .8 1.0 .7 .7 .8 I J Current surplus (G—H—I) 57.0 59.5 58.0 62.1 62.4 16.9 13.9 16.5 13.9 17.6 14.4 16.2 14.0 18.0 J K Insurance and retirement credits?... 9.2 9.1 10.0 11.5 11.2 2.5 3.0 2.7 3.1 2.4 2.9 2.7 3.3 2.7 K L Capital consumption8 36.9 40.0 41.6 43.5 45.7 10.9 11.1 11.2 11.3 11.5 11.7 11.8 11.9 12.0 L M Net saving (J+K-L) 29.4 28.6 26.4 30.2 27.8 8.4 5.8 8.1 5.7 8.4 5.7 7.1 5.4 8.7 M N Gross saving (L+M) 66.2 68.6 68.0 73.6 73.5 19.4 16.9 19.3 17.0 20.0 17.3 18.9 17.3 20.8 N 0 Gross investment (P+T) 69.1 72.5 74.2 76.6 71.5 19.0 20.9 17.9 14.7 19.3 19.6 17.6 17.2 20.2 O P Capital expend, {net of sales) .. 57.6 58.5 55.4 65.6 65.8 16.3 18.7 15.5 16.3 15.8 18.3 13.6 15.2 15.0 P Q Residential construction 16.9 15.6 15.3 19.2 18.4 5.1 5.4 4.6 4.2 4.7 4.9 4.0 3.8 4.2 g R Consumer durable goods 38.5 40.4 37.3 43.5 44.3 10.4 12.5 10.1 11.5 10.2 12.6 8.9 10.6 9.8 S Plant and equip, (nonprofit) 2.1 2.5 2.7 2.9 3.2 .8 .8 .7 .7 .9 .8 .7 .8 .9 S T U Ne N t e f t i n a a c n q c u i i a s l . o in ff v in e a st n m . e a n s t s ets9 (U—j) 2 1 6 1 . . 8 5 1 2 4 6 . . 0 0 1 3 8 0 . . 8 9 1 3 1 1 . . 0 6 2 5 1 . . 7 9 2 7 . . 6 6 2 8 . . 2 5 2 4 . . 4 4 -1 3 .6 .6 3 7 . . 6 4 1 6 . . 3 5 4 5 . . 0 1 2 6 . . 0 5 5 8 . . 2 7 U T V Demand deposits and currency. 1.0 -1.0 2.5 1.0 .3 1.0 1.6 -2.7 -1.0 1.9 2.1 -1.6 -.3 2.4 V W Fixed-value redeem, claims.... 9.0 9.8 13.6 9.3 12.8 1.7 2.0 1.6 3.4 3.2 4.6 4.5 5.7 3.4 w X Time deposits 3.8 6.5 7.8 4.0 4.9 1.0 .3 .2 1.0 1.8 1.8 2.3 2.8 1.8 X Y Savings shares 5.3 5.2 6.4 7.1 8.1 1.2 2.3 1.6 2.5 1.4 2.7 2.0 2.8 1.4 Y Z U.S. savings bonds * » -1.9 -.5 -1.8 -.3 -.5 -.6 2 * .1 .3 .1 .2 z a Saving through life insurance... 3.8 2.8 3.4 3.7 3.6 .7 .9 .8 .8 1.0 1.0 1.0 .9 1.0 b Saving through pension funds.. 5.8 6.3 7.0 8.0 7.7 1.8 2.2 2.0 2.3 1.4 2.0 1.8 2.5 1.8 c Cr. and equity mkt. instr. * * 7.5 7.7 4.3 15.5 2.4 3.9 3.3 4.0 -.7 1.2 -2.0 .6 -1.1 1.3 d Federal obligations 1.0 .8 -2.3 10.2 -1.5 1.9 2.9 2.2 -1.3 -.6 -1.8 -.4 -2.3 .9 e State and local obligations... 1.6 2.0 1.3 2.3 .9 1.0 .1 .5 .3 .4 -.3 -.2 .1 .4 f Corporate and foreign bonds. 1.2 1.3 1.0 * 1.1 .4 2 .7 -.2 .5 .2 * .4 e g Corporate stock 2.1 1.7 1.9 1.0 .3 .2 * .4 — # 1 .5 -.5 .5 .5 '.2 h Mortgages 1.6 1.9 2.2 2.2 1.4 .5 .5 .3 .5 .3 .3 .4 .4 .2 1 Net invest, in noncorp. bus -.2 .3 * -6.0 -4.9 -1.5 -1.5 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 j Net increase in liabilities 75.5 12.0 12.1 20.6 16.2 5.0 6.4 2.0 5.2 3.9 5.7 1.2 4.5 5.5 k Consumer 14.9 11.6 11.5 20.1 15.9 4.9 6.2 2.0 5.1 3.7 5.1 1.1 A A 3.4 1-4 family mortgages 11.0 8.7 9.6 13.1 11.3 3.3 3.3 3.0 2.5 2.8 3.0 2.7 2.7 3.1 in Consumer credit 3.6 2.8 .3 6.4 3.9 1.7 2.7 -.8 2.4 .6 1.8 -2.1 .9 .1 m n Security credit * -.4 1.1 * —. 1 -.2 .1 -.4 * .1 .1 .3 .6 o Other loans*2 .3 .5 .4 .6 .8 .1 .2 .2 .2 .2 .2 .2 .2 p Nonprofit organizations13 .4 .4 .6 .5 .3 .1 .1 * .1 .1 .1 .1 .1 q Discrepancy (N—O) -2.8 -3.9 -6.2 -2.9 2.0 .4 -4.0 1.4 2.2 .7 -2.2 1.3 .1 .5 * Less than $50 million. P Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1956 1957 1958 1959 1960 (B) Farm business sector A Net income 8.6 8.7 10.6 8.4 9.1 2.2 2.7 1.5 1.7 2.6 3.3 2.0 2.0 3.1 B Proprietors' income withdrawalsJ 4.. 8.5 8.6 10.5 8.3 9.0 1.9 2.0 1.9 2.3 2.4 2.4 2.5 2.5 2.5 C Net saving (A-B)is * * * -.1 .2 .7 -.5 -.7 .2 .8 -.5 -.5 .6 D Capital consumption 3.7 3.9 4.0 4.2 4.1 1.1 1.1 1.1 1.0 .0 1.0 1.0 1.0 1.1 E Current surplus= gross saving (C+D) 3.7 3.9 4.0 4.1 4.1 1.3 1.8 .6 .4 .3 1.8 .5 .5 1.7 F Gross investment (G-f-J) 3.7 3.9 4.0 4.1 4.1 1.3 1.8 .6 .4 .3 1.8 .5 .5 1.7 F G Capital expenditures 3.4 4.7 5.4 4.7 4.4 1.2 1.0 1.1 1.2 .2 1.0 1.1 1.4 1.8 G H Construction and equipment16... 3.8 4.0 4.4 4.7 4.2 1.2 1.0 1.1 1.2 .1 .9 1.0 1.3 1.7 H I Change in inventories -.4 .9 .1 .3 .1 .1 .1 .1 .1 .1 I Net financial investment (K—L) .3 -.9 -1.4 -.6 -.4 .8 -.5 -.8 .8 -.5 -.9 -.1 J Net acquis. of financial assets17... -.2 -.1 .3 -.4 -.2 -.1 j -.1 -.1 K Net increase in liabilities -.5 .8 1.7 .2 .1 -.9 '.4 .8 -.2 -.9 "".5 "".9 L Credit market instruments . .9 1.1 1.5 1.9 1.1 -.2 .5 .8 .2 -.4 .6 .9 .3 M Mortgages .8 .6 .7 1.0 .8 .1 .2 .3 .2 .1 .2 .4 .3 O Bank loans n.e.c. *8 * .3 .6 .7 .2 -.1 .1 .3 -.2 .1 .3 N T Pr r o O ad p t e h ri e e d r t e o l b r o t s a ' n n s e ^ t investment -1. . 4 1 -'.5 .2 . . .1 1 2 -1. . . 8 2 1 -1. . . 1 1 1 - -' . . 2 5 2 -.3 . . 2 2 -.3 . . 2 2 - - . . 1 3 - -'.3 .2 2 -.3 . . 2 2 -.3 . . 2 2 -.3 Q R P (C) Noncorporate nonfinancial business sector A Net income2*) 37.8 38.6 38.3 40.7 42.1 8.4 13.3 9.6 11.1 9.6 11.7 10.3 9.5 9.2 B Proprietors' income withdrawals21.. 37.8 38.6 38.3 40.7 42.1 10.2 10.3 10.4 10.6 10.5 10.5 10.4 10.5 10.6 C Net saving (A-B)i5 -1.8 3.1 -.8 .6 -1.0 1.2 -1.3 D Capital consumption 7.5 8.1 8.0 8.3 8.6 2.1 2.1 2.1 2.2 2.2 2.2 2.2 E Current surplus = gross saving (C+D) 7.5 8.1 8.0 8.3 8.6 .3 5.2 1.3 2.7 1.2 3.4 2.0 1.3 .9 F Gross investment (G4-J).-. 7.5 8.1 8.0 8.3 8.6 .3 5.2 1.3 2.7 1.2 3.4 2.0 1.3 .9 F G Capital expenditures... 10.0 9.6 8.7 11.6 11.7 2.9 1.9 3.5 3.3 2.9 2.0 2.4 3.2 3.3 G H I P C l h a a n n t g a e n i d n e in q v u e ip n m to e ri n e t s 2 2 2 ^ .. . 9. . 8 2 9. . 4 2 9.0 10 . . 9 7 10 . . 9 8 2.9 - 2 .5 .4 2 1 . . 2 3 3. . 3 1 2.8 - 2 .6 .5 2. . 1 3 3.2 3. . 2 1 H I J Net financial investment (K—N) -2.4 -1.5 -.7 -3.3 -3.1 -2.6 3.3 -2.3 - .6 * 1.4 -.4 -2.0 -2.4 J K L P N O Q M R S T N Ne e D C C T P t t r r r o e a i B M O o e a n m n c d d p c a t s o q a i e h r r n u t r i u n e e k m e t d a m d r i g t s e s e l o a l a . b o e r d g r o r t a s e o i e k 2 c a n ' n p s f r 4 e n s f n o e t l i i d s s e n n a i " i i t a n . t b t e s s n i i . l t n c c a i r t v u i n i a e e m d s l s a e c t s n m u s t r s e e r t e n s n t c .. y .. . 3 1 1 . . . . . . . . . . 0 6 3 3 8 6 4 8 1 2 - 2 1 . . 2 . . . . . . . . 4 9 8 1 2 9 5 4 8 - - - ' 2 1 1 . . . 6 1 1 . . . . . . 6 2 8 9 5 6 - - - 4 3 4 2 2 . A 1 3 . . . . . . . . 2 1 6 4 5 1 6 7 - - 3 3 3 3 1 1 . . 1 . . . . . . . 8 1 5 4 5 0 1 9 * - - - - 1 2 . 1 1 . . 2 . 1 1 . . . . . 0 4 5 9 6 9 * - - - 3 - 3 1 1 . . . . 0 1 . . . . . . 2 0 2 2 3 2 6 3 - - - - - 1 2 . 1 . . . 4 . 4 1 1 . . . . 0 5 8 3 5 * -1 1 . . . . 0 . . . . 3 2 8 4 5 8 2 * * - - - - - 1 2 . 1 A . . 2 5 . 1 . . A 0 5 6 * * - - - 1 1 1 1 1 . . . 0 . . . . . . 9 0 8 2 4 4 1 5 * - - - - 1 1 1 2 . . . . 4 . 5 6 . 0 4 2 * A -1 2 1 1 . . . . . . . 1 0 2 2 6 5 6 - - 1 . 2 1 1 1 . . . . . . 0 . 3 7 5 2 4 9 M K N O g L T P s (D) Corporate nonfinancial business sector A Profits20 36.9 36.0 31.3 39.6 37.9 9.5 9.8 9.5 10.1 9.3 9.1 7.7 10.0 A B Profits tax payments (net) 2 5.... 21.6 21.1 18.8 18.0 20.9 4.0 3.9 6.7 6.1 4.2 3.9 6.1 5.4 3.7 B C Net dividend payments26 9.4 9.5 9.4 10.2 10.8 2.4 3.0 2.6 2.5 2.5 3.2 2.6 2.7 2.7 C D Net saving (A-B-C) 5.9 5.3 3.1 11.4 6.1 3.2 2.9 .2 1.4 2.6 2.0 -1.0 1.9 3.4 D E Capital consumption 19.1 21.0 21.9 23.2 24.7 5.8 6.0 6.0 6.2 6.2 6.3 6.3 6.5 6.6 E F Current surplus= gross saving (D+E) 25.0 26.3 24.9 34.6 30.8 9.0 9.0 6.2 7.5 8.8 8.3 5.3 8.4 10.0 F G Gross investment (H+M) 20.8 24.3 20.1 29.8 26.3 7.4 7.0 5.5 6.3 6.9 7.6 3.3 8.2 8.3 G H Capital expenditures 34.2 32.9 23.8 33.2 33.9 7.5 8.7 9.5 8.7 8.1 7.6 6.5 8.2 8.8 H I Fixed investment 29.3 32.3 26.4 27.9 30.8 7.4 7.6 6.3 8.4 8.0 8.2 6.1 8.1 8.1 I J Plant and equipment 28.9 31.6 25.0 26.3 29.5 6.7 7.4 6.4 7.7 7.4 8.1 6.1 7.1 7.2 J K Other .4 .7 1.4 1.6 1.3 .6 .1 j .7 .6 .2 * .9 .9 K L Change in inventories 20 4.9 .6 -2.6 5.3 3.1 .1 1.2 3^2 .4 .1 -.6 .4 .2 .6 L M Net financial investment (N—V) -13.3 -8.6 -3.6 -3.4 -7.6 1 -1.7 -4.0 -2.4 -1.1 * -3.2 -.1 -.5 M N Net acquis. of financial assets 4.4 4.5 11.3 13.7 3.3 3.6 4.4 -2.2 1.1 1.8 2.6 -2.2 5.0 3.1 N P O D Cr e e m di a t n m d a d r e k p e o t s i it n s s t a r n u d m c e u n r t r s e 2 n ? c . y .. . -3.7 1 .6 1 1. . 5 7 4.7 * - — 2! l 7 — \A 2 1 \.9 8 — 3 * . 2 4 -\.2 7 -US 2 1 . . 0 1 - — l! 3 5 2 '. g 5 -1. . 0 4 O P Q Federal obligations -4.4 * .7 3.4 -3.0 1.3 .8 -.2 -1.5 -1.6 .3 -.3 * -1.1 Q R Consumer credit .4 .2 .5 .8 .3 .1 1.3 -1.1 .3 -.1 1.2 -1.9 .5 .2 R S Other loans (finance paper). . .1 .3 .1 .3 .4 * -.2 1.1 * -.1 5 .6 * -.2 s T U T O r t a h d e e r f c i r n e a d n i c t ial assets28 6 1 . . 0 8 2 1 . . 1 8 6 1 . . 4 7 8 1 . . 0 0 4 2. . 0 2 2A * . . 4 3 1. . 2 2 1. .4 2 2. . 9 6 -1. . 2 8 1 1 . . 2 4 2 1 . . 8 0 3. . 2 5 T U V Net increase in liabilities™ 17.6 13.1 15.0 77.0 10.9 3.7 6.1 1.8 3.6 2.9 2.6 1.0 5.0 3.5 V W Credit and equity market instr. 13.2 13.1 11.8 11.7 10.6 3.0 3.0 2.7 3.0 2.5 2.3 2.1 4.1 2.5 W X Corporate bonds 3.7 6.3 5.7 3.1 3.5 .6 1.1 .4 .9 .8 1.4 .4 1.8 .7 X Y Corporate stock 2.3 2.4 2.3 2.3 1.8 .3 .6 .4 .5 .6 .3 .7 1.4 .6 Y Z Mortgages 1.8 1.8 3.2 3.4 2.3 1.1 .7 .2 .8 .8 .4 .3 1.0 1.2 Z a Bank loans n.e.c 5.3 2.0 .5 2.5 1.6 1.1 .4 1.0 .4 .4 -.2 .4 -.3 _ ^ a b Other Ioans30 .1 .5 .1 .4 1.4 -.1 .2 .7 .4 1 .4 .3 .2 '.2 b c Trade debt 4.3 -.1 3.2 5.2 .4 .7 3.1 -.9 .5 A .4 -1.2 .9 1.1 c d Discrepancy (F-G) 4.2 2.0 4.8 4.9 4.6 1.6 1.9 .8 1.2 1.8 .7 2.0 .2 1.7 d e Memo: Profits tax accruals25 19.5 18.8 16.1 20.4 19.2 4.9 4.9 5.0 5.1 4.6 4.5 3.9 5.0 5.0 e * Less than $50 million. * Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 103 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1956 1957 1958 1959 1960 (E) Federal Government sector A Tax receipts (net of refunds)... 69.1 71.5 67.7 72.3 79.6 17.5 16.2 21.5 22.4 18.9 16.9 20.2 21.9 18.6 B Individual income 34.1 36.1 34.6 38.6 41.6 9.7 8.6 10.5 11.8 10.5 8.8 9.9 12.1 10.7 C Corporate profits 22.4 21.8 19.9 19.4 22.0 4.1 3.9 7.1 6.4 4.4 4.1 6.6 5.9 3.9 D Other3! 12.6 13.6 13.2 14.3 16.0 3.7 3.7 3.9 4.1 4.0 4.0 3.7 3.9 4.0 Social insurance programs32 E Premiums received 8.0 9.5 10.4 11.3 14.7 3.0 2.2 3.4 4.9 3.7 2.8 3.8 5.0 3.9 F Benefits paid 7.2 9.3 12.4 12.9 14.2 3.1 3.3 3.5 3.5 3.5 3.7 4.4 4.1 4.0 Life insurance and retirements programs 3 3 G Premiums received 1.7 1.8 1.7 1.8 1.9 .5 .5 .5 .4 .5 .5 G H Benefits paid 1.8 2.0 2.1 2.3 2.5 .6 .6 .6 .6 .6 '.6 .7 H I Net grants and donations paid34.. 10.0 11.4 13.4 14.5 14.0 3.9 4.0 3.2 3.4 3.7 3.7 3.5 4.0 3.9 I J Net interest paid3* 5.3 5.7 5.5 6.4 7.1 1.6 1.7 1.8 1.8 1.8 1.7 1.6 1.6 1.6 J K Other net purchases of goods and services 3 6 47.6 50.2 53.6 53.3 53.5 13.5 14.1 12.0 13.0 13.9 14.7 12.9 15.7 14.4 K L Construction expenditures...... 2.7 3.0 3.4 3.7 3.7 1.0 .8 .7 .9 1.0 1.0 .8 1.0 1.0 L M Other 44.8 47.2 50.2 49.6 49.8 12.5 13.3 11.3 12.0 12.8 13.6 12.0 14.7 13.4 M N Current surplus (A, E, and G, less F and H through K) 6.9 4.2 -7.2 -4.0 4.8 -1.7 -4.9 4.1 5.4 -.4 -4.2 1.2 1.3 -1.7 N O P C G r r e o d ss it s a n im d p n u e t t e s d a v t i o n g c o (N ns — um O) ers37... 5 1 . . 9 0 3. . 6 6 -8 1 . . 2 0 -5 1 . . 0 0 3 1 . . 8 0 -2. . 0 3 -5. . 0 1 4. . 0 1 4. . 7 7 .1 -4. . 3 1 1. . 1 1 . . 5 8 .1 O P -.6 -1.8 2 Net finan* investment (R — X)., 5.9 3.6 -8.2 -5.0 3.8 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.1 .5 -1.8 Q S T U V w Ne D C O t r e t a O M e h m c d e t q o i r h a t u r n e f i t m r d i s g n . a l a a d o o g r n e f a k e f c p n i e s i n o 3 a t s 8 a s l 3 i ^ i n n t a . s s s t s a r a e u n s ts m d s * e e o t c s n u t r s rency , , , - 1 1 .2 . . . . . 1 6 8 3 6 3 2 1 . . . . . . 2 4 4 9 2 6 - 1 1 1 .3 . . . A . 7 4 6 3 6 2 3 1 1 . . . . . . 3 7 2 8 6 7 3 2 1 1 . . . . . . 7 3 2 0 9 5 2 1 1 . . . . . . 6 5 0 6 4 2 - - - 1 . . 8 . 1 . . 2 5 4 * - - - . A . 3 3 . . 3 2 * 4 2 1 1 . . . . . . 2 8 0 3 3 1 . . . . . . 7 4 2 3 1 1 - - 1 1 . . 0 . . . . 7 6 3 3 1 - - 1 1 .5 .7 . . . 2 1 1 * - 2 2 .1 . . . . . 3 0 3 4 1 3 2 1 . . . . 5 4 1 2 w U R V T S X Net increase in liabilities , -4.3 -.4 9.7 11.2 -.1 4.7 4.2 -4.3 -.4 1.3 3.3 -2.7 1.9 5.5 X Y z Fix P e o d s - t v a a l l s u a e v r in e g d e d e e m p a o b s l i e ts claims. - - . . 3 2 - - 2 . . 3 2 -'.2 j - - 2 . . 2 0 - - A .2 - - . . 6 1 -.6 - - . . 2 1 2 -A .2 * A .2 * Y z a Consumer-held svgs. bonds io -.1 -1.9 -.5 -1.8 -.3 -.5 -.6 -.2 -A .1 .3 .2 b Consumer saving through life insurance and retir. funds.... 1.0 .6 1.0 1.0 1.0 .3 .1 A .7 A .1 .1 .1 Federal obligations « -5.1 1.4 9.0 11.3 -2.2 5.3 4.0 -4.1 -1.4 1.2 2.2 -3.3 .6 5.8 Short-term direct42 7.4 5.5 -1.2 5.5 -5.1 .7 4.7 -7.4 -2.1 5.3 -.8 .9 4.8 5.7 Other direct and guaranteed.. -13.0 -6.2 10.7 3.6 3.0 3.7 -1.1 3.5 -3.4 2.9 -3.7 -4.4 -.4 Nonguaranteed43 .6 2.1 -.5 2.2 ,4 2 .7 -.7 .2 -.5 .4 .5 Other loans44 -.3 -.4 .4 -.6 — 1 .1 -.1 .3 .3 .2 -? -.2 Other liabilities^ .3 .1 1.5 1.0 -'.3 .7 .5 .7 .2 '.7 -.5 Memo: Assets of OASI fund. -.1 -.5 -1.7 .2 -.7 -.7 .8 -.1 -.4 -.2 (F) State and local government sector A Tax receipts46 27.3 29.4 30.9 33.5 36.4 8.3 8.5 8.7 9.0 9.3 8.9 9.2 9.6 9.6 A B Net insurance and grants receipts47 .4 .9 1.8 2.7 2.1 .4 1.1 .8 .2 .4 .8 .6 .4 .6 B C D N O e th t e i r n t n e e r t e s p t u p rc a h id ases of goods .5 .5 .6 .7 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 C and services 3 6 28.8 31.8 35.4 37.7 40.6 9.6 9.7 9.7 9.1 10.2 10.6 10.7 11.0 11.3 E Construction and land 11.1 12.1 13.3 14.0 13.9 3.7 4.2 3.3 2.5 3.5 4.2 3.6 3.7 4.4 F Other by govt. enterprises -1.7 -1.8 -1.9 -2.2 -2.4 __ e -.6 -.6 -.6 -.6 -.6 -.6 -.6 -.7 G Other by general government 19.4 21.5 23.9 25.9 29.1 6*.4 6.1 6.9 7.1 7.3 6.9 7.7 7.9 7.6 H Current surplus (A+B -C -D) -1.6 -2.0 -3.3 -2.2 -2.9 -1.1 -.4 -.3 -.1 -.7 -1.1 -1.1 -1.2 -1.4 I Credit imputed to consumers48..... 1.4 1.6 1.7 1.9 2.1 .5 .5 .5 .5 .5 .5 .5 .6 .6 J Gross and net saving (H—I) -3.0 -3.6 -4.9 -4.1 -5.0 -1.6 -.8 -.8 -.6 -1.2 -1.6 -1.6 -1.8 -2.0 K. Net Jinan, investment (£— S).. -2.2 -3.1 -5.2 -4.0 -3.4 -1.3 -1.4 .3 — .5 -1.0 -2.2 .3 <•> -3.0 K L Net acquis. offinan. assets 2.6 3.3 2.5 3.0 2.6 .6 .9 1.3 1.1 .4 -.2 1.3 l'.5 -.5 L M Demand deposits and currency .2 .2 .2 .5 .2 A .2 .6 * -A -.2 .8 .6 -1.0 M N Time deposits * A .8 -.4 1.4 A ^ * .2 A .3 .5 .4 * N O Credit market instruments 2.3 2.7 1.5 2.9 1.0 A \.2 .8 .9 A -.3 * .4 .5 O P Federal obligations 1.1 1.0 -.4 1.2 ~l j .7 .3 .5 * -.8 -.4 1 * P Q R O St t a h t e e r a 4* nd local obligations.., . . 5 7 1. . 1 5 1. . 4 5 1. . 4 4 1. ' 4 .3 . .3 'l . . 1 3 . . 1 3 A .3 . .3 1 . . 1 3 . . 1 3 . .5 'l , . 1 4 Q R S Net increase in liabilities 4.8 6.4 7.7 7.0 6.0 1.9 2.3 1.0 1.6 1.4 2.0 1.0 1.6 2.5 S T State and local obligations. 3.2 4.6 5.7 4.9 3.6 1.4 1.7 A 1.0 .7 1.4 .5 .9 1.8 T U Short-term -.1 .4 .4 .3 -.2 * .6 -A * -.3 .2 __ ^ -.3 .5 U V Other 3.3 4.3 5.2 4.5 3.7 1.4 1.2 .8 1.0 1.0 1.2 !6 1.2 1.3 V W Consumer saving through retirement funds 1.4 1.6 1.7 1.9 2.1 .5 .5 .5 .5 .5 .5 .5 .6 .6 W X Other liabilitiesso .2 .3 .4 .2 .3 .1 .1 .1 * .1 .2 * .1 X Y Discrepancy (J-K) , -.5 .2 -.1 -1.6 -.3 .5 -1.2 j __ ^ .6 -1.9 -1.6 1.0 Y • Less than $50 million. Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1956 1957 1958 1959 1960 3? (G) Commercial banking and monetary authorities sector A Net operating surplus 3.0 3.5 3.5 4.2 4.7 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 B Profits tax & net div. pymts.51 1.8 2 1 2.4 2.5 3.0 .5 .6 .9 .7 .7 .7 .8 .8 .7 C Current surplus = gross saving (A—B)52 1.2 1 4 1.1 1.6 1 6 .6 .5 .2 .4 .5 .5 4 A .5 C D Gross investment (E-f-F) 1.3 1.1 1.3 2.4 2.4 1.3 -.2 1.0 .8 .7 -.1 .3 -.5 2.1 D E Capital expenditures .3 4 .4 .4 .4 .1 .1 .1 .1 .1 j j .1 .1 E F Net financial invest. (G - IF)... 1.0 .7 .9 2.0 2.0 1.2 -.3 .9 .7 .6 -.2 .2 -.6 2.0 F G Net acquis. offinan. assets5^ .... 5.1 5.4 14.7 4.6 8.4 3.2 3.5 -7.8 5.0 4.5 6.7 -5.1 7.0 7.2 G H Gold .3 .8 -2.3 -1.1 -1.7 -.2 -A * -A -.6 — .9 -A .2 -A H I Credit market instruments 4.8 4.3 17.0 5.6 10.0 3.3 3.5 -7.8 5.1 5.1 7 5 -4.8 6.8 7.2 I J Federal obligations -3.1 -.6 10.0 -7.1 2.7 4 -.2 -6.7 1.8 3.8 4i0 -3.2 4.0 4.8 J K Monetary authorities .2 - 7 2.2 .3 .7 .5 .1 -1.4 1.2 .5 .4 -.7 .6 .5 K L Commercial banks -3.3 .2 7.9 -7.4 1.9 p -.5 -5.5 .5 3.3 3.6 -2.5 3.4 4.3 L M Short-term direct42 4.8 1.9 .9 -3.1 3.8 -A 2.3 -4.6 -.9 5.0 4.1 -A 6.1 2.8 M N Other direct and guar.. -7.8 -2.2 6.9 -3.9 -1.8 -.5 -2.5 -.6 1.5 -1.6 -.7 -2.0 -2.8 1.3 N O Nonguar anteed 4 3 -.2 .5 .1 -.5 -.1 * -.1 -.3 * -.1 .3 1 .1 .2 O P State and local obligations.. .2 1.0 2.6 .4 .6 .1 * * 2 .4 .4 '.9 .3 .9 P Q R M Co o r r p tg . a a g n e d s foreign bonds. .. - 1 .4 .7 . . 1 6 - 2 .1 .1 2.6 2 -.2 .6 .6 * -.1 .5 -.1 .1 -.1 .2 .3 * ' # A \ * .7 * 8 S Consumer credit 1.4 1.2 .2 2.8 1.3 .8 .4 .2 .8 .3 * .5 .1 T Security loans -.8 -.1 .4 .2 .3 2 .8 -1.5 .4 .4 1.0 -1.1 .9 S U V B O a th n e k r s l l o o a a n n s s 5 n 4 .e.c - 5 .1 .8 - 2 .2 .3 1 . . 5 3 - 7 .5 .4 3 1. . 4 2 - 2 .1 !5 1. . 8 3 .3 * 2. . 1 1 -.6 .5 1. . 4 7 -2.2 .4 - 1 .3 .2 U T W Net increase in liabilities 4.1 4.7 13.8 2.6 6.4 2.0 3.8 -8.7 4.4 3.9 6.9 -5.3 7.6 5.2 W X Dem. dep. net & currency55. . 1.7 -.8 5.8 1.1 A 2.1 3.8 -8.8 2.5 1.5 4.9 -8.2 4.0 3.3 X Y Due to U.S. Govt.56 .1 .2 .2 .7 .9 1.9 -1.3 -.7 2.7 .3 -1.5 -1.9 2.3 1.4 Y Z Due to rest of world .2 .2 * .1 -A .1 -.1 -.4 * * .3 * .1 Z c d b a Tim D e u D C e d e u e t m r o p r a o e o n n s t i d c h t y s d e e rs p 5 o 6 sits, net55... 2 1 . . 1 4 - - 1 -1 . 5 1 .1 .5 * 5 5 8 . . . . 2 0 4 6 -. 1 3 . . . 6 2 3 - - ' 5 . . 6 1 .8 7 — . . # 2 1 1 * 4 1 5 . . . 2 0 2 2 - - - 6 1 7 . . 4 3 .7 * - -. 1 . 6 3 . . 5 3 - 2 1 1 .1 . . . 2 2 1 5 2 6 1 . . . . 1 1 0 2 - - - 1 5 6 . . 2 3 0 .3 .9 1 3 1 . . . . 2 5 8 5 2 1 r. . . 1 8 8 2 b d a c e Due to consumers 2.2 5.2 5.6 3.0 3.7 .9 3 * .9 1.5 1.3 1.7 2.4 1.4 e f Due to others -.1 .3 2.4 -1.8 2.1 -1.0 -.4 * .6 .8 .7 1.2 1.1 .5 f g Other liabilities 5 7 .3 * * .4 .5 * .2 .1 .3 .2 -.1 .1 .2 g h Discrepancy (C—D) .3 -.3 -.8 -.8 -.7 .7 -.8 -.3 2 .6 .1 .8 -1.6 (H) Nonbank financial sectors ? 3 A Current surplus5» 8.6 9.3 9.3 10.8 10.9 3.1 1.9 3.7 2.2 3.2 1.8 3.2 2.3 3.5 B Credits imputed to consumers59.... 6.8 7.0 7.4 8.7 8.0 1.7 2.5 2.1 1.9 1.7 2.3 2.0 1.9 2.0 C Gross saving (A—B)52 1.8 2.3 1.9 2.1 2.9 1.4 -.6 1.6 .3 1.5 -.5 1.2 .4 1.5 D Gross investment (E J-F) 2.0 2.7 3.9 3.0 4.2 1.5 -.1 1.3 1.0 1.4 .5 1.5 .8 1.8 E Capital expend, {insur. sector) . .3 .4 .3 .4 .4 .1 .1 .1 .1 .1 .1 .1 .1 .1 F Net financial invest. (G-Z) 1.7 2.4 3.5 2.6 3.8 1.4 — .2 1.2 .9 1.3 .4 1.4 .7 1.7 G Net acquis. offinan. assets 17.6 18.7 21.6 25.4 25.9 5.8 6.9 5.2 7.5 5.5 7.7 5.0 7.7 6.8 By subsector: H Mutual savings banks 2.0 1.8 2.6 1.5 1.6 .4 A A .2 .6 A .9 A .6 I S & L assns. & cr. unions.... 5.6 5.6 7.5 8.8 8.4 2.1 2.1 1.6 2.4 1.8 2.6 1.9 2.9 2.4 J Life insurance companies.... 5.2 4.9 5.2 5.2 5.4 1.2 1.5 1.2 1.2 1.4 1.6 1.4 1.3 1.4 K Other insurance companies... .7 1.0 1.2 1.9 1.7 .7 .4 .4 .4 .4 .4 .4 .5 .5 L Noninsured pension funds... 2.3 2.8 2.9 3.2 3.4 .5 .9 1.1 .8 .5 1.0 .9 .8 .9 M Finance n.e.c 1.8 2.7 2.2 4.9 5.4 1.0 1.9 .5 2.4 .8 1.7 4 1.9 .1 M By type: N Demand dep. and currency.. .2 .3 .7 .1 .6 -.3 .6 -.4 .5 2 .7 -.1 .4 -.1 N 0 Cr. and equity mkt. instr 17.1 18.2 20.3 25.3 24.7 6.2 6.3 5.5 6.9 5.'6 6.7 4.9 7.2 7.1 O P Federal obligations -1.1 -.3 .9 .9 * .6 -.3 .3 -.3 .2 -.1 .2 -.6 .6 P Q State and local oblig .8 .9 1.1 1.6 1.6 .5 .2 .4 .6 .5 .2 .6 .4 .4 Q R Corp. and foreign bonds... 3.6 5.2 4.8 3.5 3.5 .4 1.5 .3 1.1 .5 1.6 .5 1.4 1.0 R S Corporate stock 1.4 2.1 2.3 3.1 3.1 .5 1.1 .5 1.0 .4 1.2 .6 1.1 .9 S T 1- to 4-family mortgages... 8.4 6.3 8.0 9.6 9.6 2.8 2.2 2.1 2.5 2.7 2.4 2.1 3.0 3.2 T U Other mortgages 1.8 1.5 2.2 2.4 2.2 .7 .6 .5 .6 .6 .6 .5 .7 .7 U V Consumer credit 1.6 1.3 -.3 2.7 2.2 1.0 .6 .4 1.0 .6 .2 -.4 .1 .2 V W Security credit .1 -.2 1.0 * * j -.1 j .1 .2 -.2 .3 .7 -.1 W X Other Ioans60 .4 1.4 .2 1.5 2.6 -A .4 U3 .5 * .9 .5 .4 .2 X Y Other financial assets 6!..... .2 .2 .6 * .6 -.2 * .1 .2 * .3 .2 .1 -.2 Y Z Net increase in liabilities 15.9 16.3 18.0 22.9 22.1 4.4 7.1 4.0 6.6 4.2 7.3 3.7 7.1 5.1 a Dep. in mutual savings bks..... 1.8 1.7 2.3 1.2 1.4 .2 A .3 .2 A .5 .7 A A b Savings shares 5.4 5.2 6.6 7.2 8.1 1.2 2.3 1.6 2.4 1.4 2.8 2.0 2.7 1.4 c Saving through life insurance... 3.6 2.7 3.3 3.6 3.5 .7 .9 .8 .8 1.0 1.0 .9 .9 .9 d Saving through pension funds.. 3.5 4.3 4.4 5.2 4.6 1.0 1.6 1.4 .8 1.4 1.2 1.1 1.2 e Cr. and equity mkt. instr.62.... 1.0 2.1 1.1 5.6 4.0 1.2 2.3 -.3 1 7 .6 1.9 -1.2 1.6 1.0 f Corporate bonds 1.1 .7 .2 1.0 1.6 .4 .3 .5 '.2 .4 .5 .3 .2 .1 g Corporate stock 1.1 1.2 1.6 1.8 1.5 A .5 .5 .3 .3 .4 .4 .3 .5 h Security credit -.6 .1 .6 * .5 -A .6 -1.2 .5 .5 .7 -.8 .7 .1 1 Banks loans n.e.c -.6 -.4 -1.1 1.4 -.3 .3 .7 -.6 .5 .3 -1.1 .1 .3 j Open market paper 6 3 .2 .5 i .5 .8 \ -.1 1.1 * '* -.2 .5 k FHLB loans to S & L assns. 6 3 -.2 * * -.2 .*3 .3 -.6 .2 * .2 -.5 4 1 Miscellaneous64 .5 .3 .3 !i .5 .1 1 .3 .4 * -.2 # !4 .1 1 m Discrep. & unident. assets (C—D).. -.2 -.4 -2.0 -.9 -1.4 -.1 -.5 .2 -.8 .1 -.9 -.2 -.3 -.3 m *Less than $50 million. » Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 105 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1956 1957 1958 1959 1960 3 4 2 3 4 1 2 3P (I) Rest-of-world sector 6 5 A Net purch. of goods and serv. (B—C) 3.4 5.4 1.8 -.2 3.6 4 .4 .5 .8 .5 1 8 1 4 1.3 .4 A B Purch. of goods and services66... 23.2 26.3 22.9 23.3 26.9 5.9 6.4 6.2 6.9 6.6 7.2 6.7 6.9 6.6 B C Sales of goods and services 19.8 20.9 21.1 23.5 23.3 6.2 5.9 5.8 6.1 6.1 5.4 5.3 5.6 6.2 C 1.9 1.9 1.9 2.1 2.1 .5 .6 .5 .5 .5 .5 .6 .6 .6 D E Current surplus (D—A) -1.5 -3.5 .1 2.3 -1.5 .8 .2 * -.3 * -1.2 -.9 -.7 .1 E F Net financial investment (G—N) -2.1 -4.2 -.3 1.7 -.8 .8 * -.1 -.1 .1 -.8 -.3 -.1 F G Net acquis. offinan. assets 1.5 — 1 3.5 5.8 4.1 I 4 6 .8 1 0 1 2 11 6 4 .8 G H Gold -.3 -.8 2.3 1.1 1.7 .2 .1 * .1 .6 .9 .4 .2 .1 H L I K M . O U M Fe t . i h S d s e c . e r . r d a f e c l i m r n e a o . d n b i d c t l i e i g a m p l a . a t a i a r o k s n n s e d s e t t i c s n 6 u 8 s r t r r e . * n 7 c . y . . .. .. -.1 . . . . 2 8 5 4 -.1 * . . 4 2 * - . . 9 31 * - 2 2 .9 . . . 8 5 1 3 1. . . 0 3 3 8 * 1. . . . 2 1 3 2 1 -.1 . ! 2 5 2 3 - - . . 4 2 .9 4 * -.1 . . 2 7 * 1 -.1 . . 3 1 2 * . . . 3 1 3 4 * .2 * * * . '. 1 2 * I -.4 . . . . 1 5 1 3 M K L J I 7 N Net increase in liabilities 3.6 4.1 3.8 4.1 5.0 .6 .6 .9 1.1 1.1 1.9 .7 .9 N O Securities 4 5 1 2 7 7 1 1 3 2 1 1 1 2 1 O P Loans69 .6 .9 1.1 .2 1.4 .1 * .1 .4 .3 .6 .5 -.1 .6 P Q Miscellaneous70 2.6 2.8 1.5 3.3 3.0 .4 .5 .5 .6 .7 1.2 7 6 .2 Q R Discrepancy (E—F)71 .6 .7 .4 .5 -.6 * .2 * .1 j -.5 * .2 R S Memo: Unilateral transfers in kind 7 2 3.1 2.9 2.7 2.3 2.2 .5 .5 .6 .7 'A .6 .5 .4 .9 S * Less than $50 million. v Preliminary. governments, and to savings and loan associations (by FHLB). Excludes 1 Payrolls, interest, dividends, and income withdrawals from unincor- CCC-guaranteed loans other than those on tobacco. porated business. 40 Treasury currency assets, time deposits, trade credit, and mis- 2 Grant and donation receipts of consumers and nonprofit organiza- cellaneous (mainly foreign cash and subscription to IMF). tions (net of transfers within the sector), social insurance benefits, and 41 See Table 1, note 25. 42 See Table 3, note 37. benefits from private pension and government retirement funds. 43 Securities and notes issued by FNMA, Federal land banks, home 3 Federal, State, and local income and estate and gift taxes. loans banks, intermediate credit banks, banks for cooperatives, and TVA. 4 Mainly employee contributions to OASI and to private pension and 44 CCC-guaranteed bank loans and CCC certificates of interest. government retirement funds. 45 Treasury currency liabilities, trade debt, and misc. liabilities (special 5 Figures include net operating outlays of nonprofit organizations and IMF notes, misc. deposits, and private equity in Govt. enterprises). net transfer payments abroad. 46 Excludes employment taxes. 6 Net of dividends on and benefits from private life insurance and 47 Receipts of Federal Government grants; payments of direct relief individual annuity policies and Government life insurance. and other transfers; and receipts and payments in connection with 7 In connection with consumer saving through life insurance, private government employee retirement, unemployment insurance, workmen's pension funds, railroad retirement, and government employee retirement. compensation, and cash sickness compensation programs. 8 For details, see Table 2, lines J-L. 48 In connection with saving through govt. employee retirement funds. 9 Breakdown by consumer and nonprofit not available. 49 Corporate bonds and mortgages. 1 ° Includes net accruals of interest. 5 ° Trade debt and loans from Federal Government. 11 Includes net free credit balances with brokers not shown separately. 51 Includes payment to Treasury on F. R. notes outstanding. 12 Policy loans. 52 Net saving is less than line C by the amount of capital consumption, 13 Consists of commercial mortgages, bank loans, loans from Govern- about $0.1 billion a year. ment, and trade debt. 5 3 Includes misc. and Treasury currency assets not shown separately. 14 Estimated as equal to seasonally adjusted net income of unincor- 54 Open market paper, CCC-guaranteed loans, and CCC certificates of porated farms. Figures include small amounts of dividends and profits interest. taxes paid by corporate farms. 55 Net of Federal Reserve float and cash items in process of collection is See Table 2, note 32. as reported by commercial banks. 16 Includes farm residential construction. 56 Bank-record basis, net of bank float; differs from sector demand 17 Mainly demand deposits and currency. deposits and currency assets (shown in Table 3 and in nonbank sector 18 Excludes CCC-guaranteed loans. See p. 840 of BULLETIN for August accounts in Table 4) principally because of mail float. 1959. s7 Mainly stock issues and balances due to own foreign branches. 19 Government loans; excludes CCC loans. 5 8 Includes premiums on life insurance and private pension plans, less 20 After inventory valuation adjustment. benefit payments and policy dividends. 21 Estimated as equal to seasonally adjusted business net income. 59 in connection with consumer saving through life insurance and 22 Includes business residential construction. pension funds. 23 Mainly REA and other loans from Federal Government and loans 60 Mainly finance company loans to business and insurance policy loans. from finance companies. 61 Trade credit, time deposits, sayings shares, and miscellaneous assets. 24 Net of trade receivables. 62 Lines /, 7, and most of / are liabilities of finance companies; line g, 2 2 6 5 I F n e c d lu e d ra e l s , p S r t o a f t i e ts , a p n a d id l b o y ca U l . t a S x . e b s r a o n n c h p e ro s f t i o ts f . oreign parent corporations s b h ro ar k e e s r s o f a o n p d e d n e -e a n le d r s i . nvestment companies; and line ht liabilities of security less profits paid by foreign branches to U. S. parent corporations. 63 Part of "other loans" category. 27 Includes State and local obligations not shown separately. 64 Deposits at banks in U. S. possessions and agencies of foreign banks. 2 8 Miscellaneous financial assets (direct investments in foreign branches 65 Consolidated; records only transactions with U. S. and holdings of foreign cash), and time deposits. 66 Excludes unilateral transfers in kind, shown in line S. 29 Includes direct investments from abroad not shown separately. 67 Corporate securities, security credit, and acceptances. 3 0 Mainly commercial paper and loans from finance companies. 68 Direct investments, unidentified assets, IMF holdings of special 31 Mainly excise taxes and customs receipts; also includes estate and U. S. notes, and miscellaneous deposits. gift taxes and payment to Treasury on F. R. notes outstanding. 69 Security credit, bank loans n.e.c, and other loans (consisting of 32 OASI, disability insurance, and unemployment programs. Line E loans from U. S. Government and acceptances). includes Federal employment taxes and States deposits in unemployment 7 0 Direct investments, foreign currency and deposits held by U. S. compensation trust funds; line F, Federal benefit payments to consumers domestic sectors, and other liabilities. and State withdrawals from these trust funds. 71 "Errors and omissions" in U. S. balance-of-payments statement. 3 3 Veterans' life insurance and Government employee and railroad re- 72 Grants in the form of goods and services by U. S. Government and tirement funds. Line G excludes Government contributions to these funds. private individuals and institutions. 3 4 Transfer payments (other than insurance benefits) to individuals, 73 For detail by subsector, see Supplement No. 5. plus net cash unilateral transfers to foreign countries, grants-in-aid to State and local governments, and subsidies to business. NOTE.—"Liabilities" covers equity as well as debt claims. 35 Includes net accruals on savings bonds and Treasury bills. For descriptions of sectors, of capital expenditures, and of financial 3 6 Purchases less sales for general govt. and govt. enterprises, including transaction categories, see notes to corresponding items in Tables 1, 2, outlays for tangible capital and (for Federal Govt.) net disbursements to and 3, pp. 984, 985, 987, and "Technical Notes," pp. 846-59 of BULLETIN farmers in form of CCC-direct and guaranteed loans. for August 1959. For discussion of saving and investment concepts, 37In connection with saving through Government life insurance and see p. 834 of BULLETIN for August 1959. Government employee and railroad retirement funds. Back data available in Flow-of-Funds Supplement No. 5. 38 Mainly on 1- to 4-family and farm properties. Details may not add to totals because of rounding. 39 Mainly loans to business sectors, to foreign and State and local Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 108 Gold production. 109 Net gold purchases and gold stock of the United States. 110 Estimated foreign gold reserves and dollar holdings. Ill International capital transactions of the United States. . 112 United States balance of payments. 121 Money rates in foreign countries. 121 Foreign exchange rates. 123 Index to statistical tables. 129 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. 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t a l e d l d 1 M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1954 Dec 36 940 1,740 21,793 13,405 372 138 62 778 322 1,073 42 86 115 1955 Dec 37,615 1,808 21,753 14,055 372 144 71 929 323 1,134 44 86 116 1956—Dec 38,110 1S692 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 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 I 069 288 899 46 82 June 40 915 2,482 17,603 20,830 192 155 293 1,074 288 906 47 83 July 2 508 17 590 192 153 293 I 083 288 912 48 84 Aug 2 042 17,530 192 153 293 1,151 288 920 48 84 Sept HI,140 2,046 17,457 *2i,640 191 152 298 1.165 288 927 48 85 Oct 2 055 17 331 155 302 l'203 289 932 48 86 Nov 2,059 17,021 302 1,234 941 49 Ger- E m n o d n t o h f Cuba m De a n rk - D R o i e c p m 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 s o ia - 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 1,290 2,637 26 24 247 33 140 I960 Nov ... 1 31 10 20 30 41 1.626 2,943 31 24 247 57 131 Dec 1 31 10 20 30 41 ,641 2,971 76 24 247 58 130 1961 Jan 1 31 10 20 30 41 1,641 2,999 76 24 247 58 130 Feb 31 20 30 41 ,644 3 029 76 24 247 58 130 Mar 31 20 30 41 1,883 3,242 76 24 247 57 130 Apr 31 20 26 41 I 952 3 296 77 24 247 57 130 May . 31 20 25 41 .994 3,433 80 24 247 57 130 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 76 247 130 Nov 31 3 19 45 2,122 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 in il 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 ,132 34 30 50 28 9 548 238 I960—Nov 98 18 2,198 102 139 1,376 35 30 52 42 14 550 176 Dec 98 18 2,203 119 137 1,451 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 ,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 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 Aug... 84 18 2,225 119 116 ,581 1 30 53 47 22 448 179 Sept 84 18 2,226 119 ,581 1 30 53 47 22 437 205 Oct 18 119 ,581 1 30 53 47 25 438 218 Nov 18 119 ,581 1 30 53 47 26 256 v Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 109 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 t o t t r l 'l e- E E P F U 5 ments 4 1954_Dec. 132 265 1,513 17 113 144 174 2,762 227 403 76 153 1955—Dec. 132 276 1,597 19 112 144 174 2,120 216 403 121 244 1956—Dec. 132 266 1,676 19 112 144 188 2,133 186 603 59 268 1957—Dec. 101 219 1,718 24 112 144 188 2,273 180 719 24 254 1958—Dec. 57 204 1,925 24 112 144 174 3,069 180 719 -42 126 1959—Dec. 68 191 1,934 104 133 174 2,736 180 652 -134 40 I960—Nov. 158 171 2,059 104 134 174 3,167 180 398 -36 Dec. 178 170 2,185 104 134 174 3,231 180 398 -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 83 Mar. 205 170 2,165 104 134 174 3,021 180 398 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 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 2,472 104 139 174 3,553 180 398 164 '56' Oct.. 291 180 2,525 139 174 3,531 180 398 164 Nov. 301 180 2,505 174 3,556 183 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 organizations, unpublished holdings of various central Account gold and convertible currency reserves, as reported by the U.K. banks and governments, estimated holdings of the U.K. Exchange Treasury; prior to that time represents reserves of gold and U. S. and Equalization Account based on figures shown for United Kingdom, and Canadian dollars. estimated official holdings of countries from which no reports are re- 4 Represents net gold assets of B.I.S., i.e., gold in bars and coins and ceived. other gold assets minus gold deposit liabilities. The figures included for the Bank for International Settlements repre- 5 European Payments Union through December 1958 and European sent the Bank's gold assets net of gold deposit liabilities. This procedure Fund thereafter. avoids the overstatement of total world gold reserves since most of the 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 l 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 - ? 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 I960 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 Oct 92 6 63 4 1 6 2 5 4.4 14.1 7 6 3 1.2 3.3 5 Nov...... 92 0 63.4 1.6 2.5 4.3 13.7 .9 .6 .4 1.1 3.1 .5 Dec 90 7 62 2 1 7 2 5 3.9 13.8 6 .6 .3 1.2 3.4 .5 1961 Jan 90 9 63.7 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 1.0 2.9 .5 Mar .. 65.7 1.9 2.5 3.7 13.7 1.1 .4 1.2 2.9 .5 Apr 65 3 1 8 3.2 13.1 .7 .4 1.0 3.4 .4 May 67.5 1.7 3.3 13.4 .7 .4 1.0 2.9 .4 June 67 3 1 8 3.8 12.8 .6 .4 1.2 2.9 July 67.7 1.7 3.8 12.6 1.0 .4 1.0 3.1 Aug 68 8 1 6 3 8 12 5 .2 1.1 3.4 Sept 68 5 1 6 4.5 12.1 .3 1.4 Oct 3.9 12.7 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 with 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

110 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 Annusil 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 -1 Belgium — 85 3 3 — 329 — 39 — 141 _7 — 83 — 63 68 34 -266 -173 -56 -117 -130 -226 -10 -34 -34 -23 I N ta e l t y h erlands 1 -65 25 - — 2 6 3 1 49 -30 -249 -110 -105 100 -25 Portugal -60 -55 -5 -20 -10 Spain . 31 32 i j4 — 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 C1) 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 M^exico .. .. -28 80 — 30 — 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 G) 18 A -28 -97 -4 -67 -20 -27 34 Total .... -6 -10 -5 C1) 18 -34 -186 -113 -19 -67 -20 -27 -34 All other2 -10 -1 1 14 C1) -3 -5 -38 C1) -29 0 -1 Total foreign countries... -1,164 -327 -68 80 172 -2,294 -998 -1,969 -632 -1,212 -366 179 -288 International3 ... 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 Total 1 (-) (-) (-) ury Total i (-) (-) 1949 24,427 24,563 164 686 -495 1960—Dec 17,767 17,804 -144 3 -145 1950 22,706 22,820 -1,743 -371 -1,353 1951. 22,695 22,873 53 549 618 1961 Jan 17,441 17,480 -324 -20 -322 1952 23,187 23,252 379 684 -305 Feb 17,373 17,412 -68 -47 3 1953 22,030 22,091 -1,161 -1,171 Mar 17,388 17,433 21 -137 161 25 2 Apr 17,390 17,435 2 -88 92 175 1954 21,713 21,793 -298 16 -325 May 17,403 17,451 16 -131 152 165 1955 21,690 21,753 -40 97 -132 June 17,550 17,603 152 -96 254 186 1956 . 21,949 22,058 305 106 318 July 17,527 17,590 -13 2 -3 105 1957 22,781 22,857 799 104 600 Aug 17,451 17,530 -60 -33 -23 106 1958 20,534 20,582 -2,275 260 -2,515 Sept 17,376 17,457 -73 -58 4 62 Oct 17,300 17,331 -126 -66 -43 112 1959 19,456 19,507 2-1,075 302 -1,323 Nov 16,975 17,021 -310 (3) -272 127 I960.. 17,767 17,804 -1,703 333 -1,982 Dec ^16,889 ^16,947 P_74 (3) 4-65 (3) P Preliminary. 2 Includes payment of $344 million as increase in U. S. gold subscrip- 1 Includes gold in Exchange Stabilization Fund, which is not included tion to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve 3 Not available. statement "Member Bank Reserves, Reserve Bank Credit, and Related 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 $11,905 million on Dec. 31,1961. States Money." Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 111 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, 1961^ Area and country G s t h e o o r l m r d t & - b G U o o . n S v d . t s . G s t h e o o r l m r d t & - b G U o o . n S v d . t s . G s t h e o o r l m r d t & - bo U nd .S s . & G n o o v t t e . s i G s t h e o o r l m r d t & - b G U o o . n S v d . t s . G s t h e o o r l m r d t & - b G U o o . n S v d . t s . G s t h e o o r l m r d t & - b G U o o . n S v d . t s . dollars & notes dollars & notes dollars Old New dollars & notes dollars & notes dollars & notes series series Western Europe: Austria 623 516 7 536 491 480 526 3 Belgium 1,272 1,240 7 1,312 1,279 1,307 1,478 1 Denmark 168 78 53 85 89 81 79 30 Finland 109 85 1 87 85 112 134 2 France 1,945 2,273 17 2,160 2,474 2,862 3,014 5 Germany (Fed. Rep. of). 4,624 5,995 16 6,447 6,752 6,588 6,394 3 Greece 212 8 109 8 139 143 136 120 Italy 3,119 3,181 3,080 () () 2,912 3,059 3,377 Netherlands 1,617 1,646 1,779 13 1,731 1,735 1,804 Norway 125 17 115 14 111 143 148 113 141 131 132 135 128 Portugal 686 141 638 158 636 1 1 615 546 1 523 Spain 154 1 235 1 327 3 1 316 1 352 1 405 Sweden 404 3 395 3 397 77 82 438 93 574 51 566 71 Switzerland 2,903 101 2,786 78 2,863 57 94 2,721 91 2,850 87 3,177 86 Turkey 164 88 149 74 152 (2) (2) 158 (2) 150 (2) 158 () U Ot n h i e te r d * Kingdom3 3,4 5 9 9 0 7 51 4, 4 5 6 0 9 3 3 ( 81 2) 4,4 52 6 9 7 41 3 2 9 4 4 2 4 0 4,3 5 7 92 9 44 4 9 5 4,1 60 0 9 9 43 4 5 7 4, 7 8 8 1 7 7 48 4 2 7 39 Total. 22,212 855 24,413 25,107 819 838 25,288 25,681 801 27,494 863 Canada , 3,158 452 3,552 424 3,324 416 446 3,313 464 3,565 463 3,575 465 Latin America: Argentina 393 454 419 501 475 454 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 584 495 534 472 450 529 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 Others 253 400 370 317 28 303 296 77 Total. 3,909 105 3,666 86 3,630 59 15 3,654 41 3,469 69 3,623 Asia: India 361 297 301 295 288 333 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 1,095 45 Total. 3,955 53 4,171 103 4,352 87 92 4,450 57 4,395 57 4,186 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 countries7. 34,505 1,507 37,044 1,491 37,651 1,409 1,426 37,961 1,468 38,354 1,427 40,142 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 7 40,070 2,167 43,177 2,162 44,045 2,293 2,326 44,314 2,532 44,806 2,438 45,622 2,639 Memorandum item: Sterling area..... 4,730 407 5,627 489 5,558 512 536 5,488 531 5,179 518 5,961 566 P Preliminary. 5 Includes other Latin American republics and the Inter-American 1 Of the two sets of figures shown, the first continues the series based Development Bank. on a 1955 survey and reported securities transactions; the second is 6 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. 7 Excluses gold reserves of the U. S. S. R., other Eastern European 2 Less than $500,000. countries, and China Mainland. 3 Gold reserves of the United Kingdom are estimated. NOTE.—Gold and short-term dollars include reported and estimated 4 This category includes—in addition to other Western European official gold reserves, and total dollar holdings as shown in "Short-term countries—unpublished gold reserves of certain Western European Liabilities to Foreigners Reported by Banks in the United States by countries; gold to be distributed by the Tripartite Commission for the Countries" (Tables 1 and la-lc of the following section). U. S. Govt. Restitution of Monetary Gold; European Fund; and the Bank for bonds and notes are holdings with original maturities of more than 1 International Settlements (the figures for the gold reserves of the B.I.S. year. represent the Bank's net gold assets; see note 1 to table on reported gold reserves). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 INFL 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 End of month G to ra ta n l d t t i e o I r n n n a - a l - 2 Total Official Private m G F a e e n d r y - . , U K n i i n t g e - d Other Total Canada A L m a e ti r n ica Asia o A th l e l r Rep. of dom 1956 Dec 14,939 1,452 13,487 8,045 5,442 1,835 1,012 4,019 6,865 1,516 2,346 2,415 346 1957 Dec 15,158 1,517 13 641 7 917 5,724 1,557 1,275 4 310 7,142 1 623 2,575 1 946 355 1958—Dec 16,159 1,544 14,615 8,665 5,950 1,755 873 5,081 7,708 2,019 2,403 2,205 279 1959 Dec 19,389 43,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2,780 373 1960 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 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 21,937 3,434 18 503 10 933 7,570 2,750 2,617 4 847 10 213 2,648 2 371 2 896 375 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 Nov v 22,430 3,836 18,594 10,612 7,982 2,531 2,503 4,995 10,028 3,021 2,343 2,816 385 Table la. Other Europe End of month Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P ug o a r- l Spain S d w en e- S l w a e n r i - t d z- T k u e r y - Others 1956 Dec 4,019 296 117 65 53 626 177 930 134 67 137 43 217 836 20 299 1957 Dec 4 310 349 130 112 64 354 154 1 079 203 93 142 24 260 967 18 360 1958 Dec 5'081 411 115 169 69 532 126 1,121 339 130 163 36 303 852 20 694 1959 Dec 5,496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 31 590 I960 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 June 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 Aug 4,637 212 300 38 87 871 55 1,098 200 105 84 133 387 661 17 390 Sept 4 847 228 313 48 89 890 43 1151 223 105 86 128 386 705 19 433 Octv . .. 4 899 229 312 56 92 888 43 1 191 227 110 88 133 391 689 21 428 Nov.21 4,995 241 332 49 89 957 50 1,203 231 99 91 134 379 712 28 400 Table 1b. 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 m p i D R c u i a o e b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l t A a a i e l n n l r n e d d - - s s a P p R m u a e n b a - - - , Peru g U u r a u y - V zu e e n l e a - Other 6 lic Suri- lic of 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 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 Apr 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 June 2,216 283 21 186 124 119 58 31 27 59 333 90 78 71 50 428 259 July 2,307 278 23 231 116 150 53 32 31 55 339 87 77 83 50 439 264 Aug 2 277 275 24 218 125 134 49 30 27 49 430 84 78 86 52 367 250 Sept 2,371 263 23 263 130 137 45 29 26 46 413 87 79 76 49 448 258 Oct.*7 2,308 246 23 254 96 137 46 27 28 43 403 88 84 73 50 406 303 Nov.*5 2,343 240 25 260 96 130 44 23 23 43 444 87 85 77 53 416 296 » Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 113 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other End of month Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p K r R l u e o i o e a b c f - - , - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C R g t o e o h o p f e n , . - A S f o r u ic t a h ( U Eg .A y . p R t) .Other 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 40 153 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 20 162 I960—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 June 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 1% AUK. 3,031 53 78 78 39 64 1,766 186 174 89 237 268 349 79 27 40 21 181 Sept 2,896 55 86 77 37 62 1,649 194 152 90 240 255 375 86 43 46 15 185 Oct p 2,807 59 88 92 34 65 1,535 195 134 92 240 273 382 90 39 46 15 192 Nov. &...... 2,816 59 87 82 31 62 1,532 198 150 90 248 277 385 91 38 44 12 199 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1957 1958 1959 1960 1957 1958 1959 1960 Other Europe: Other Asia (Cont.): Albania .1 .3 .3 .2 Burma 6.7 5.9 4.3 .9 Bulgaria...... .6 .3 1.2 .5 Cambodia 20.0 24.9 19.7 10.9 Cyprus .1 .2 .3 .5 Ceylon 34.2 44.1 34.4 6.9 Czechoslovakia 8. .7 .6 .7 1.0 China Mainlands...;. 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 .6 .6 .5 Lebanon 28.2 37.9 38.0 36.2 Lithuania. !5 .7 .6 .6 Malaya 1.6 1.2 1.4 6.3 Luxembourg 16.4 16.1 7.2 12.6 Pakistan 12.8 5.6 23.5 10.6 Monaco 5.4 5.9 5.3 4.1 Portuguese India (Goa). 2.5 2.5 2.3 1.4 Poland® 3.2 4.9 4.0 6.1 Ryukyu Islands 32.7 15.2 14.8 n.a. Rumania 8 .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. Ot B C B E F H h T H N P e r a a c h o e o a i e r h r c u r e s i n n a a m t a t a L i d a m g W c r d u a h a u u o a R t d g e a r s i r W a s a u n * y i t c s a * a . e A I . n s m t d i I e e n r s d i c i f a e e : s d e a r n a d ti o F n r e 9 nch Guiana. 2 1 1 1 1 1 7 5 2 6 2 1 2 5 . . . . . . . . . 9 1 7 8 4 6 2 7 8 2 1 3 1 6 7 6 3 4 7 1 1 . . . . . . . . . 8 7 3 4 5 5 4 6 3 2 3 1 1 1 1 1 6 1 0 2 4 8 2 2 . . ! . . . . . 7 7 9 3 6 8 5 5 4 2 2 1 1 1 1 1 4 7 1 7 0 9 5 1 1 . . . . ! . . . . 6 2 7 3 8 0 9 3 7 All A E F G L N L M M M r t i i o l e h h b b e o o a g t w a n d y e i r z h e o n o r c r a a e e i p i C a c h m i r a a r i : c a a a b o S l e i o I a q ( d s m n i u l o n d a e a n c n l l i E i d . a l s r a T i n t a r d n ea gier). 2 5 3 1 3 3 1 1 5 3 0 . . . . . . . . . 1 4 7 9 5 1 9 0 7 4 2 n 2 6 3 1 1 7 1 ! . . . . . . . . o 4 9 0 5 4 0 8 5 2 5 1 1 2 2 1 7 0 8 7 . . . . . . . . . . 0 3 0 8 6 3 6 4 7 6 6 n n n 2 5 9 4 . . . . . . . . . . a a a 6 2 3 9 3 9 4 . . . Other Asia: New Zealand 1.9 6.9 6.8 n.a. Aden 1.7 2.2 n.a. Somali Republic 1.3 1.3 .8 3.5 Afghanistan 4.7 4.5 11.0 9.8 Sudan 1.7 5.2 1.6 n.a. Bahrain .9 .9 .9 n.a. Tunisia .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. 1han one year; such liabilities amounted to $2 million on Nov. 30,1961. 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 6 Beginning with 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. the Second (New York) Federal Reserve District. They represent a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable End of month, or area Total in foreign and country currencies U.S. U.S. Total Deposits Treasury Other 2 Total Deposits Treasury Other* 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 ,075 2,430 1,951 306 174 59 1959 Dec 19.389 16.913 6,341 9,245 ,328 2,398 1.833 295 270 77 I960 Nov 20,886 18,577 7,454 9,686 ,437 2 182 1,777 158 247 127 Dec 21,326 18,986 7,568 10,018 ,401 2,227 1,846 148 233 113 1961 Jan 20,916 18,672 7,322 10,051 [,299 2,122 1,772 128 222 121 Feb 20,769 18,553 7,488 9,794 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 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 21,620 19,310 8,631 9,343 1,336 2,201 1,863 109 229 109 Sept 21,937 19,609 8,688 9,543 1,378 2,226 1,890 117 219 101 Oct p 22,231 19,779 8,900 9,485 1,394 2,292 1,917 149 226 160 Nov.*5 22,430 19,954 8,837 9,651 1.466 2,334 1,938 139 258 142 Area and country detail, Sept. 30, 1961 Europe: 228 227 219 8 1 313 271 251 11 8 42 32 (3) (3) 48 41 15 26 1 7 6 1 (3) 89 87 45 35 6 2 2 890 837 270 532 34 51 45 3 3 1 Germany, Fed. Rep. of.... 2,750 2,712 278 2,045 389 36 30 2 4 2 Greece 43 28 21 7 (3) 15 15 Italy 1,151 1,126 144 803 179 25 21 4 p\ 1 223 194 120 64 11 29 24 1 3 (3) Norway 105 73 52 15 5 32 31 Portugal 86 45 43 2 41 39 (3) 2 Spain . 128 108 107 1 20 20 C3) Sweden 386 377 94 242 41 9 9 (31 (3) Switzerland 705 595 363 85 148 102 69 11 21 8 Turkey 19 17 17 2 2 United Kingdom 2,617 2,279 1,031 1,164 84 302 139 51 112 36 Yusoslavia • . ..... 8 8 8 (3) 1 1 424 378 98 87 193 13 12 (3) 1 34 Total 10,231 9,404 3,178 5,116 1,110 728 498 73 157 81 2,648 2,394 1,800 577 17 242 192 33 17 12 Latin America: 263 190 151 34 6 72 70 (3) 2 Bolivia . 23 7 7 (3) 16 16 (3) (3) Brazil 263 130 124 (3) 6 133 126 (3) 7 Chile 130 85 85 (3) 45 44 (3) 1 (3^ 137 67 65 (3) 3 69 69 1 Cuba 45 2 2 43 42 (3) 1 Dominican Republic 29 11 11 (3) 18 18 (3) (3) El Salvador 26 7 6 2 (3) 19 19 (3) (Guatemala 46 28 20 1 8 18 18 (3) (3) 413 248 229 10 9 164 161 1 2 (3) Neth. Antilles and Suri- 87 52 36 4 12 35 30 1 4 (3) Panama Rep of. 79 14 14 65 59 4 5 Peru 76 33 33 43 40 2 Venezuela 44 4 8 9 24 1 8 9 24 1 8 8 (3) 1 2 9 9 9 1 2 9 5 5 4 3 (3) Other 258 152 114 21 17 104 95 24 5 2 Total 2,371 1,295 1,160 72 63 1,074 1,026 10 38 3 * Preliminary. 2 Represents principally bankers' acceptances and commercial paper. 1 Includes nonnegotiable, non-interest-bearing special U. S. notes 3 Less than $500,000. held by international organizations, which amounted to $2,508 million on Nov. 30} 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 115 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n country U. S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detail, Sept. 30, 1961—Cont. Asia: Hong Kong 55 28 23 5 27 26 1 India 86 78 30 41 7 6 6 Indonesia 77 74 64 9 1 3 3 Iran 37 31 31 6 6 (2) Israel 62 58 33 2 5 5 1,649 1,628 1,089 458 81 21 18 e> 3 (2) Korea Rep of 194 192 189 3 2 2 Philippines 152 132 116 16 20 20 (2) (2) (2) Taiwan 90 85 83 (2) 2 5 5 (2) Thailand 240 237 65 165 6 3 3 Other 255 211 157 36 17 43 42 (2) (2) Total 2,896 2,752 1,880 712 159 141 135 1 5 3 All other: Australia 86 83 42 37 3 3 3 (2) Congo Rep of the 43 41 20 5 17 1 1 South Africa 46 42 42 1 4 3 "(2)' ' 1 U.A.R. (Egypt) 15 14 12 1 1 (2) Other 185 151 141 5 33 31 (2) 1 Total 375 331 257 47 27 42 39 1 2 2 Total foreign countries. 18,503 16,175 8,275 3 6,524 1,376 2,226 1,890 117 219 101 International 3,434 3,434 413 3,019 2 Grand total 21,937 19,609 8,688 3 9,543 1,378 2,226 1,890 117 219 101 1 Represents principally bankers5 acceptances and commercial paper. 3 Includes $2,112 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 i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1956 Dec 1,946 18 157 43 29 104 216 568 157 840 337 43 1957_Dec 2,199 114 140 56 34 98 211 654 154 956 386 50 1958 Dec 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 Dec 2,623 57 54 30 38 121 234 534 272 1 175 586 56 1960 Nov 3,338 28 78 35 55 222 240 658 389 1.254 971 65 Dec 3,614 32 82 34 60 245 264 717 All ,356 1,052 69 1961 Jan 3,609 35 78 38 61 197 237 646 429 ,340 1.121 73 Feb 3,691 39 81 36 61 170 224 611 398 390 I 220 73 Mar. 3,967 46 108 36 74 167 246 678 489 ,374 1,349 76 Apr 4,150 46 135 46 70 173 227 697 532 394 1,450 76 May 4,124 44 145 42 65 171 228 695 520 ,336 1,497 75 June 4,123 48 148 33 64 165 233 691 514 ,243 1,598 76 A JU u ly g 4 4 , , 1 18 2 9 2 4 5 2 0 1 1 4 3 1 6 3 3 7 5 6 6 0 4 1 1 8 3 7 4 2 1 0 7 9 8 6 5 8 8 8 6 4 5 9 1 2 7 , . 2 2 4 9 5 5 1 1, , 6 6 2 7 6 4 9 9 0 8 Sept . . 4,160 34 146 34 67 185 187 653 491 1,'349 1,578 88 Oct.*> 4,354 37 140 34 72 169 184 636 616 1,418 1,594 90 Novv 4,375 40 147 34 67 189 181 658 577 1,441 1,617 82 *> Preliminary* by banks and bankers for their own account or for account of their i Short-term claims reported in these statistics represent principally customers in the United States; and foreign currency balances held the following items payable on demand or with a contractual maturity abroad by banks and bankers and their customers in the United States. of not more than 1 year: loans made to and acceptances made for Excludes convertible currencies held by 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

116 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*—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 De a n rk - 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 ey r- Y sl u av g i o a - Other 1956 Dec . ... 216 7 28 12 4 4 21 23 2 8 13 QQ 7 1957 Dec 211 6 25 11 4 6 29 23 2 8 10 oo 10 1958 Dec 315 7 65 14 6 7 56 22 2 30 24 7 72 6 1 9 1959 Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 1960 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 19 228 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 Aug 178 3 13 11 14 6 43 11 2 7 16 22 14 17 Sept. 187 3 10 10 16 7 45 13 2 7 15 31 8 19 Octp . .. 184 3 11 12 19 6 41 17 3 6 15 23 8 18 Novp 181 4 10 11 20 6 46 22 4 5 18 9 9 17 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 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 Dec 1,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960 Nov 1,254 112 4 206 63 76 27 17 19 13 302 5 22 43 52 235 57 Dec 1 356 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961 Jan.... 1,340 122 4 229 74 81 21 14 21 13 343 5 27 48 51 231 57 Feb 1,390 122 4 228 77 79 21 13 19 14 313 5 28 48 48 311 60 Mar 1,374 128 4 241 88 78 21 13 19 15 306 5 26 48 44 274 63 Apr 1 394 127 5 213 118 79 21 13 17 12 323 5 29 50 40 281 61 M^ay 1,336 133 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 J A U u ly g 1 1 , 2 2 9 4 5 5 1 1 4 5 8 8 5 8 1 1 4 6 7 0 1 1 1 2 9 0 9 9 1 1 2 2 0 0 1 1 2 3 1 1 4 7 1 1 4 7 3 37 3 5 6 8 8 2 28 5 6 6 7 3 3 3 8 9 1 1 2 1 1 9 7 6 1 8 Sept 1,349 160 5 180 117 90 19 12 15 16 384 6 30 68 39 137 72 N Oc o t v v p .... 1 1, , 4 4 4 1 1 8 1 1 7 7 9 1 5 5 2 2 3 3 0 5 1 1 1 1 9 6 9 8 9 7 1 19 9 1 1 4 2 1 14 4 1 1 9 7 3 3 8 8 0 3 8 6 3 3 2 0 7 69 1 4 53 5 1 13 3 1 0 7 73 4 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 n e t p g h . o e , A So fr u ic th a U (E . g 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—Nov 971 8 11 34 17 711 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 Aug 1,626 10 10 36 31 1,335 37 12 29 128 98 32 3 24 13 25 Sept 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 NOV.P 1,617 9 8 33 34 1,292 86 10 31 112 82 27 6 11 12 27 Preliminary, 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 117 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] • Short-term Payable in dollars Payable in foreign currencies Long- End of month, or area term— Loans to: and country total i Total Collec- Total Banks and t o io u n t- s Other Total De w p i o t s h its Other official Others standing foreigners institutions Total amounts outstanding 1955—Dec 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec 839 1,946 1,796 582 330 440 444 150 131 19 1957 Dec .. . 1,174 2,199 2,052 627 303 423 699 147 132 15 1958—Dec 1,362 2,542 2,344 840 428 421 656 198 181 16 1959—Dec 1,545 2,623 2,406 848 460 516 582 217 203 15 1960—Nov 1,659 3,338 2,915 771 438 602 1.103 424 221 203 Dec 1,698 3,614 3,135 815 482 605 1,233 480 242 238 1961—Jan 1,654 3,609 3,138 799 460 620 [,259 471 194 277 Feb 1,598 3,691 3,265 861 455 622 1,326 426 207 219 Mar 1,616 3,967 3,471 844 494 679 1,453 496 249 247 Apr 1,639 4,150 3,619 907 523 716 1,473 531 245 286 ]VIay 1,635 4,124 3,616 870 520 710 1,517 507 235 272 June 1,847 4,123 3,672 810 506 711 1,645 451 249 202 July 1,902 4,189 3,777 843 525 718 1,691 412 229 183 Aus 1,830 4,122 3,712 756 537 719 .700 410 232 178 Sept 1,856 4,160 3,712 111 568 697 1,671 448 266 182 Oct 1,868 4,354 3,806 781 606 682 1,736 548 337 211 Nov v 1,908 4,375 3,826 813 631 682 1,700 549 329 220 Area and country detail, Sept. 30, 1961 Europe: Austria 9 3 2 (2) 1 1 (2) (2) Belgium . 11 10 9 2 (2) 7 1 (2) Denmark 5 10 9 (2) 2 2 5 (2) (2) Finland 3 16 16 1 (2) 1 13 (2) France 13 34 32 3 11 13 (2) Germany, Fed. Rep. of.... 48 146 132 25 61 22 25 15 13 1 I G ta re ly ece 2 7 3 3 7 4 3 7 2 (2 7 ) 2 5 1 4 7 3 2 1 1 Netherlands 35 45 39 6 22 8 3 6 6 Norway 144 13 12 1 1 2 9 1 Portugal 2 2 2 1 (2) Spain 3 7 6 1 1 2 1 (2) Sweden 49 15 14 1 1 6 6 1 1 Switzerland 8 67 39 12 14 8 6 28 9 Turkey 31 31 27 4 United Kingdom 11 185 76 22 2 13 40 109 78 31 2 8 8 5 (2) 1 2 Other 5 19 19 4 4 6 5 (2) (2) (2) Total 379 653 486 119 119 116 132 167 115 52 Canada ... 266 491 295 19 189 10 78 196 73 123 Latin America: Argentina 90 160 148 16 25 38 69 11 11 5 5 (2) 5 91 Brazil 242 180 145 66 27 36 35 35 (2) Chile 31 117 116 46 23 16 32 (2) Colombia 29 90 90 9 13 27 41 (2) (2), Cuba 1 19 19 2 18 Dominican Reoublic 12 12 5 1 4 2 El Salvador (2) 15 15 1 1 5 9 (2) (2) Guatemala 11 16 16 2 1 7 5 (2) (2) Mexico 188 384 379 125 71 35 147 5 3 Netherlands Antilles and 6 6 6 4 2 19 30 30 1 19 6 4 Peru 12 68 68 3 11 23 31 (2) (2) (2) Uruguay (2) 39 39 4 4 5 26 (2) (2) Venezuela 205 137 135 15 25 73 22 2 1 1 Other 71 72 72 8 15 29 20 (2) Total 907 1,349 1,295 302 241 328 423 54 50 4 P Preliminary. 2 Less than $500,000. i Represents mainly loans with an original maturity of more than year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to: country total1 Total Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, Sept. 30, 1961—Cont. Asia: Hong Kong 10 10 4 2 3 1 8 India 17 8 8 2 5 1 1 (2) Indonesia .. 43 8 Iran 13 34 (2) 30 j 1 i (2) Israel .. 10 31 31 3 3 3 22 25 1,288 1,263 163 2 136 962 25 25 (2) Korea Rep of 3 3 3 Philiooines 13 38 38 1 2 (2) (2) Taiwan 1 10 10 2 1 8 Thailand 5 32 32 13 4 14 Other 2 123 122 100 2 17 2 (2) (2) (2) Total 129 1,578 1,551 325 11 202 1,013 27 27 (2) All other: Australia 21 27 24 2 2 11 9 3 1 2 Congo Rep of the 38 3 3 2 2 C2) South Africa 69 19 19 3 (2) 8 8 (2) U A R (EevDt) 4 13 13 6 7 8 Other 42 26 26 1 5 19 1 1 (2) Total 175 88 85 12 7 40 24 4 1 2 Total foreign countries 1,856 4,160 3,712 777 568 697 1,671 448 266 182 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. i year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. .3. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Net purchases, Year or month c P ha u s r e - s Sales or sales F ( o — re ) ign c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r Total countries 1957.. 666 718 -52 117 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,217 528 689 527 2,593 2,158 435 946 1,458 -512 566 804 -238 i960 1,730 1,603 127 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 I960 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 -20 340 177 163 48 246 254 -8 37 36 1 40 64 -24 Sept 22 26 4 ^ 216 216 1 225 228 -3 41 58 -17 N Oc o t v .2 * p 2 1 5 2 9 0 1 5 8 6 4 6 7 5 6 6 1 4 6 2 3 4 0 4 9 2 2 3 8 0 8 2 1 0 4 5 6 2 2 1 7 0 7 4 — -4 2 1 6 5 5 3 5 7 9 4 4 — -3 2 9 2 » 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

INT'L CAPITAL TRANSACTIONS OF THE U. S. 119 TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY * [Net sales, (-). In millions of dollars] Type of security Country or area Year or month Total2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- ot A he ll r2 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 -8 19 — 1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 I960 252 202 50 5 38 1 171 -48 66 234 -45 36 28 I960—Nov. 10 -1 3 14 -20 8 3 -2 5 2 Dec -12 7 -18 3 2 •3 -2 -21 5 -17 5 1961—Jan.. 30 32 -1 1 5 -2 5 7 7 22 -4 8 5 Feb 17 32 — 14 1 3 1 17 2 2 25 -13 1 6 Mar 42 32 10 2 3 -3 18 5 5 30 6 -2 8 Apr 40 56 — 16 — 1 (3) 3 21 9 -1 32 —9 9 9 May 45 58 -13 5 5 5 29 1 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 -1 -12 -13 2 5 AuR -8 2 -10 -2 6 -7 4 1 -14 2 3 Sept 15 -15 2 2 2 11 -17 5 1 Oct.*5 14 28 -15 2 1 24 — 10 2 19 -7 1 1 Nov p 20 25 -5 4 5 24 -20 3 17 -8 2 g 1 v Preliminary. 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» [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- a! 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 laneous 3 1957 —384 —338 231 —552 15 -45 13 1958 -558 -805 -72 -543 5 —45 -150 1959—Dec. 345 4,477 570 1959 -157 -593 -50 -443 11 -97 -15 I960 -147 —498 -117 — 196 -107 -41 —36 1960—Dec. 217 5,726 756 I960—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 4 230 5,634 672 Feb.... 15 -68 -30 -6 -26 -4 -1 May 210 5,637 687 Mar.... 3 -78 -24 -42 -2 -11 -2 June 220 5,723 688 3 -102 -9 -55 -19 July. 226 5,660 667 M*ay!! 1 -104 -26 -50 -6 -22 { Aug. 270 5,903 660 June.. -15 -31 — 17 -23 3 9 -3 Sept. 312 6,036 662 July... 3 -89 12 -66 1 -5 -30 Oct.. 249 5,988 652 Aug... 6 -29 -10 -17 1 -3 1 Nov. 198 5,793 634 Sept... 4 -24 -3 6 2 -7 -22 Dec. 279 6,006 669 Oct.*.. -5 -42 -13 -6 1 -25 1 Nov.*. 1 -81 -26 -14 -9 -14 -18 1 Excludes assets held for international organizations, and earmarked gold. See note 4 at bottom of p. 110 for total gold under earmark at » Preliminary. Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of quarter. In millions of dollars] Liabilities to foreigners Claims on foreigners Revised series* Area and country 1960 1960 1960 1961 2 3 4 4 2 Europe: Austria 2 2 1 2 2 5 16 18 18 18 29 11 2 2 1 2 6 Finland 1 1 1 1 1 1 37 20 29 29 33 33 Germany, Fed. Rep. of.... 48 46 41 41 48 28 1 1 1 1 1 2 Italy 13 15 16 16 20 26 44 56 48 48 62 16 Norway. • 7 7 5 5 6 6 (2) 1 1 1 1 4 9 9 10 10 9 11 Sweden 14 8 6 6 5 27 Switzerland ........... 29 30 26 27 25 20 1 3 3 3 3 9 89 80 63 67 80 148 1 1 1 1 1 1 Other 6 5 3 4 2 3 Total 320 304 274 279 330 357 58 58 53 57 37 125 Latin America: 9 7 7 7 7 12 2 2 1 1 3 Brazil 17 15 16 17 19 65 Chile 5 5 3 3 4 9 3 3 4 4 5 11 Cuba 4 3 2 2 2 20 1 2 El Salvador (2) 8 2 Guatemala 5 (2 7 ) (7 (2) 3 4 0 Neth. Antilles and Surinam. 5 5 76 7 4 Panama Rep of . . . . 2 6 2 2 3 Peru 3 4 4 4 5 3 4 1 1 2 19 20 21 22 22 Other 4 4 4 4 8 Total 80 86 81 84 89 Asia: Hong Kong 2 3 3 3 3 India 4 4 6 7 6 Indonesia 4 4 3 3 11 4 5 6 7 6 Israel 1 3 5 5 4 19 18 27 30 58 Korea Rep. of (2) (2) (2) 7 8 2 2 3 3 2 Thailand 3 3 3 3 3 Other 5 5 6 8 8 Total 51 55 68 75 109 All other: Australia 8 12 14 14 15 Congo, Rep. of the 1 1 1 2 1 South Africa 6 1 1 1 2 U A.R. (Egypt) 1 1 2 2 2 Other 5 5 5 7 10 Total 22 21 23 25 30 International Grand total 531 525 498 520 595 Ot OtOOtfL Revised series1 1960 1961 3 4 4 \v 6 7 8 5 10 12 12 11 8 12 12 12 2 2 2 2 36 38 39 45 26 34 39 38 3 2 2 2 29 34 38 41 14 17 18 17 6 6 6 7 3 3 3 4 10 11 11 7 27 26 26 26 19 17 18 23 7 7 7 5 163 640 643 257 1 1 1 2 5 4 5 5 374 873 891 506 174 177 205 334 19 20 20 25 2 3 3 3 69 76 78 60 9 11 12 14 11 11 12 13 18 8 8 6 2 3 3 3 2 2 2 2 4 4 4 4 31 36 39 45 1 2 2 2 4 7 7 9 13 8 9 9 4 4 4 6 32 30 34 34 37 ' 19 19 20 20 22 235 239 248 257 259 2 1 2 2 3 7 11 12 15 10 1 I 1 1 4 8 7 8 8 9 10 9 11 11 7 39 35 51 60 57 1 1 1 1 7 9 7 9 8 2 3 3 3 4 4 4 3 4 3 18 17 17 20 17 99 98 119 136 124 16 19 21 22 19 1 1 3 3 2 8 8 6 7 9 6 5 6 7 7 11 10 13 15 13 41 44 49 52 51 1 858 931 1,467 1,541 1,274 J» 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 121 U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1958 1959 1960 1961 Item 3 4 1 2 3 4 1 2 3 4 1 Exports of goods and services, total1.. 5,607 6,142 5,463 5,848 5,950 6,448 6,353 6,962 6,659 7,326 6,898 7,021 6,743 S M e e rv rc ic h e a s n 2 dise 3 1 , , 8 7 1 9 6 1 4 1 ,9 1 4 9 6 6 3 1 , 8 65 0 6 7 4 1 ,7 0 7 7 4 4 4 1 ,8 0 9 5 2 8 4 2, , 1 3 0 4 5 3 4 1 , 6 7 0 46 7 4 1 , 9 9 9 68 4 4 1 , , 6 9 7 8 6 3 5 2 ,1 1 9 3 4 2 5 1 , , 0 88 0 9 9 4 2 , , 9 1 1 0 2 9 4 2 , , 6 0 7 7 0 3 imports of goods and services, total... 5,388 5,446 5,401 5,964 6,228 5,944 5,769 6,074 6,057 5,427 5,322 5,610 6,170 Merchandise 3 124 3 522 3 594 3 879 3 847 3 974 3 830 3 857 3 550 3 485 3 407 3,458 3,685 Services 1,425 1,095 1,027 1,296 1,595 1,216 1,172 1,461 1,709 1,215 1,156 1,391 1,760 Military expenditures 839 829 780 789 786 767 756 798 in 759 761 754 725 Balance on goods and services1 219 696 62 -116 -278 584 888 602 1,899 1,576 1,411 504 573 Unilateral transfers (net)3 -544 -633 -621 -581 -547 -579 -631 -618 -661 -700 -709 Private remittances and pensions... -174 -196 -184 -187 -214 --260765 -198 -213 -207 -230 -210 -221 --627181 Government nonmilitary grants... -370 -437 -437 -394 -333 -469 -381 -418 -411 -431 -490 -488 -467 U.S. long- and short-term capital (net) 3 -784 -893 -494 4-1,032 -607 -595 -875 -1,110 -1,075 -1,905 -1,400 -513 -1,019 Private, total -451 — 726 —412 -758 —387 —838 —651 — 724 -924 -1,557 -980 -926 -588 Direct investment -156 — 372 —287 —442 —224 —419 — 303 -331 — 327 -733 —464 -380 -350 Portfolio and short-term investment -295 -354 -125 -296 -163 -419 -348 -393 -597 -824 -516 -546 -238 Government -333 -167 -82 4-294 -220 243 -224 -386 -151 -348 -420 413 -431 Foreign capital and gold (net) 934 901 953 41,439 1,440 620 821 981 1,208 1,119 533 206 904 Increase in foreign short-term assets and Government securities. 477 502 785 4 847 1,109 425 584 737 548 261 63 345 626 Increase in other foreign assets... -26 52 73 195 164 123 187 150 23 -63 124 191 9 Gold sales by United States 483 347 95 4397 167 72 50 94 637 921 5346 5-330 5269 Errors and omissions 175 -71 100 290 -8 146 49 -128 -117 -452 -9 -395 220 » Preliminary. r Revised. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 1 Excluding military transfers under grants. of which $344 million was transferred in gold and $1,031 million in 2 Including military transactions. non-interest-bearing U.S. Government securities. 3 Minus sign indicates net outflow. 5 Beginning with the first quarter of 1961, gold sales by the United States are net of change in convertible currencies held by Exchange Stabilization Fund. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u t , h ry s i m D o a d y n a - y e t y o 2 - 3 B a a m a c n n c o c e k e n p e s t t r h , - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t c s s ' e D m a o d y n a - e y t y o - 3 Tr 6 d b e 0 a i a y l - s l 9 S s u 0 4 , ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 I960—Nov. 3.53 3.26 4.98 4.74 4.30 3.50 3.76 4.00 4.69 1.57 1.14 2.00 Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Jan 3.20 2.75 4.45 4.25 3.77 3.00 3.65 3.25 3.88 1.32 1.00 2.00 Feb 3.05 2.52 4.48 4.31 3.76 3.00 3.59 3.00 3.38 1.14 .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 3.30 3.03 4.63 4.45 3.65 3.00 3.70 2.38 2.94 .77 .75 2.00 M^y!'.'.'.'.'.'. 3.18 2.92 4.55 4.38 3.81 3.00 3.91 2.25 2.63 .83 .75 2.00 June 2.69 2.45 4.64 4.50 3.67 3.00 3.76 2.25 2.56 .88 .75 2.00 July 2.61 2.55 4.72 5.10 3.98 3.38 3.65 2.25 2.63 .88 .75 2.00 Aug....*... 2.48 2.29 6.91 6.71 5.64 5.00 3.52 2.25 2.44 .84 .75 2.00 Sept........ 2.42 2.17 6.84 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 3.60 2.00 2.44 1.68 1.50 2.00 Nov 2.42 2.24 5.67 5.41 4.89 4.02 2.00 2.81 1.74 1.33 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private setMirities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 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 Dec. 31, 1960 Rate as of Country 1961 Dec. 31, Per Month 1961 cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Arsentina2 6.0 Dec. 1957 6.0 5.0 Mar. 1960 5.0 5.0 Aug. 1960 4.75 4.5 4.5 Brazil* 10.0 Apr. 1958 10.0 3.0 Feb. 1948 3.0 Canada3 3.5 Dec. 1960 3.29 3.46 3.46 3.53 3.42 2.82 2.80 2.51 2.84 2.75 2.75 3.24 3.24 Ceylon 4.0 Aug. 1960 4.0 Chile1* 16.55 July 1960 16.74 15.88 15.88 Colombia2 5.0 Aug. 1959 5.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 6.0 Jan. 1960 6.0 Denmark . 5.5 Jan. 1960 6 5 6.5 5.0 Nov. 1956 5.0 Egypt 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 Germanv 4.0 Nov. 1960 3.5 3 0 3.0 Greece • 6.0 Nov. 1960 6.0 2.0 Jan. 1953 2.0 9.0 Dec. 1960 9.0 India6 4.0 May 1957 4.0 3.0 Apr. 1946 3.0 4.0 Aug. 1948 4.0 Ireland 4.62 Dec. 1960 4.38 4.75 4.62 4.78 6.88 6.75 5.94 5.56 5.56 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 New Zealand 6.0 Oct. 1959 7.0 7.0 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 4.0 Jan. 1959 4.0 Peru2 9.5 Nov. 1959 9.5 Philippine Republic2 5.0 Nov. 1960 3.0 3.0 Portugal 2.0 Jan. 1944 2.0 South Africa 4.5 Aug. 1960 5.0 5.0 4.6 Apr. 1960 4.6 4.0 Sweden . 5.0 Jan. 1960 5.0 Switzerland ... ... 2.0 Feb. 1959 2.0 7.0 Feb. 1945 7.0 Turkey 9.0 Nov. 1960 7.5 7.5 United Kingdom 5.0 Dec. 1960 7.0 6.5 6.0 6.0 Venezuela2 4.5 Dec. 1960 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; 6 Beginning with May 16, 1957, this rate applies to advances against Ecuador—6 per cent for bank acceptances for commercial purposes; commercial paper as well as against government securities and other eligible paper. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 123 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 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 U.2730 223.81 3.8619 2.0012 104.267 21.055 .3115 .2038 1960 1.2026 223.71 3.8461 2.0053 103.122 21.048 .3112 3 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 .3110 20.384 I960—Dec.. 1.2061 223.69 3.8409 2.0131 101.781 21.044 .3112 20.387 1961—Jan.. 1.2058 223.62 3.8391 2.0074 100.694 21.037 .3112 20.401 Feb.. 1.2061 223.10 3.8352 2.0026 101.026 21.013 .3112 20.402 Mar. 1.2073 222.91 3.8314 2.0042 101.265 20.990 .3111 20.404 Apr.. 1.2075 222.95 3.8306 1.9985 101.110 20.992 .3111 20.400 May. 1.2071 222.63 3.8308 1.9983 101.255 20.988 .3110 20.404 June. 1.2096 222.30 3.8368 2.0018 99.471 20.984 .3110 20.405 July. 1.2113 222.10 3.8554 2.0081 96.701 20.951 .3109 20.405 Aug. 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 Dec.. 1.2080 223.88 3.8671 2.0086 95.885 21.058 .3108 20.399 Year or month ( G d m e e r u a m t r s k a c ) n h y e ( I ru n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a si 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 i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) 1956. 23.786 20.934 279.57 .2779 32.582 8.0056 26.113 276.80 1957. 23.798 20.910 279.32 .2779 32.527 8.0056 26.170 276.56 1958. 23.848 21.048 280.98 .2779 32.767 8.0056 26.418 278.19 1959. 23.926 21.031 280.88 .1610 .2778 32.857 8.0056 26.492 278.10 1960. 23.976 20.968 280.76 .1610 .2778 32.817 8.0056 26.513 277.98 1961. 4 24.903 20.980 280.22 .1610 .2769 32.659 8.0056 5 27.555 277.45 I960—Dec , 23.973 20.982 280.74 .1610 .2781 32.833 8.0056 26.517 277.96 1961--Jan... 23.968 20.975 280.64 .1610 .2786 32,826 8.0056 26,499 277.86 Feb.., 23.966 20.950 279.99 .1607 .2786 32.774 8.0056 26.400 277.22 Mar.. 4 25.020 20.940 279.75 .1607 .2786 32.699 8.0056 5 27.582 276.98 Apr.. 25.185 20.940 279.81 .1609 .2772 32.600 8.0056 27.820 277.03 May. 25.184 20.919 279.40 .1611 .2763 32.518 8.0056 27.826 276.63 June. 25.166 20.889 278.98 .1611 .2763 32.489 8.0056 27.828 276.22 July.. 25.127 20.886 278.74 .1611 .2762 32.488 8.0056 27.827 275.98 Aug.. 25.046 20.998 280.29 .1611 .2762 32.604 8.0056 27.771 277.52 Sept.. 25.019 21.067 281.22 .1611 .2762 32.716 8.0056 27.676 278.44 Oct.. 25.016 21.089 281.54 .1611 .2762 32.752 8.0056 27.731 278.75 Nov.. 24.987 21.076 281.49 .1611 .2762 32.742 8.0056 27.766 278.71 Dec.. 25.004 21.038 280.96 .1611 .2762 32.734 8.0056 21.116 278.18 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e S fr r w a la n it n c - d ) ( U p K d o n i o u i n t m n g e d - d ) 1956. 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957. 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958. 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959. 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 1960. 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961.. 14.000 3.4909 6 279.48 7 139.57 1.6643 19.353 23.151 280.22 1960—Dec......... 14.021 3.4950 279.69 1.6642 19.334 23.225 280.74 1961—Jan 14.004 3.4928 279.59 1.6635 19.339 23.220 280.64 Feb 13.985 3.4861 6 279.19 7 139.37 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 1.6644 19.378 23.101 279.40 June. 13.952 3.4815 138.97 1.6644 19.365 23.144 278.98 July. 13.947 3.4797 138.85 1.6644 19.357 23.169 278.74 Aug 14.004 3.4875 139.62 1.6644 19.366 23.163 280.29 Sept 14.041 3.4941 140.09 1.6644 19.329 23.167 281.22 Oct......... 14.051 3.5013 140.24 1.6644 19.351 23.133 281.54 Nov. 14.048 3.4990 140.22 1.6644 19.347 23.133 281.49 Dec 14.039 3.5020 139.96 1.6649 19.346 23.169 280.96 1 Effective Jan. 12, 1959, the Argentine Government established a 4 Effective Mar. 5, 1961, the par value of the deutsche mark was changed single exchange rate for the peso in place of the former official and free from 4.20 to 4.00 marks per U. S. dollar. rates. 5 Effective Mar. 7, 1961, the par value of the guilder was changed from 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 3.80 to 3.62 guilders per U. S. dollar. was extended to all foreign exchange transactions on Oct. 28, 1957, and 6 Based on quotations through Feb. 10, 1961. on June 23, 1958, became the official rate. On T>ec. 29, 1958, the franc 7 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. 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 ROBERT L. CARDON, 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 GLENN M. GOODMAN, Assistant Director LEGAL DIVISION HENRY BENNER, Assistant Director HOWARD H. HACKLEY, General Counsel JAMES C. SMITH, Assistant Director DAVID B. HEXTER, Assistant General Counsel BRENTON C. LEAVITT, Assistant Director G. HOWLAND CHASE, Assistant General Counsel ANDREW N. THOMPSON, Assistant Director THOMAS J. O'CONNELL, Assistant General Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve JEROME W. SHAY, Assistant General Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONAL ADMINISTRATION GUY E. NOYES, Director FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director ROBERT C. HOLLAND, Adviser H, FRANKLIN SPRECHER, JR., Assistant Director ALBERT R. KOCH, Adviser KENNETH B. WILLIAMS, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, 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 RALPH C. WOOD, Associate Adviser J. J. CONNELL, Controller SAMPSON H. BASS, Assistant Controller DIVISION OF BANK OPERATIONS 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 124 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 125 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. CHAS. N. SHEPARDSON WATROUS H. IRONS GEORGE W. MITCHELL ELIOT J. SWAN G. H. KING, JR. J. L. ROBERTSON EDWARD A. WAYNE RALPH A. YOUNG, Secretary ERNEST T. BAUGHMAN, Associate Economist MERRITT SHERMAN, Assistant Secretary P. E. COLDWELL, Associate Economist KENNETH A. KENYON, Assistant Secretary ROBERT S. EINZIG, Associate Economist HOWARD H. HACKLEY, General Counsel GEORGE GARVY, Associate Economist DAVID B. HEXTER, Assistant General Counsel GUY E. NOYES, Associate Economist WOODLIEF THOMAS, Economist BENJAMIN U. RATCHFORD, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON KENNETH V. ZWIENER, CHICAGO GEORGE A, MURPHY, NEW YORK SIDNEY MAESTRE, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND M. L. BREIDENTHAL, KANSAS CITY ROBERT B. HOBBS, RICHMOND I. F. BETTS, DALLAS J. FlNLEY McRAE, ATLANTA ELLIOTT MCALLISTER, 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 T DECAMP WISE AMES PHILADELPHIA WALTER E. HOADLEY DAVID C. BEVAN CLEVELAND JOSEPH B. HALL JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. EDWIN HYDE ATLANTA JACK TARVER HENRY G. CHALKLEY, JR. CHICAGO ROBERT P. BRIGGS JAMES H. HILTON ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS ATHERTON BEAN JUDSON BEMIS KANSAS CITY HOMER A. SCOTT OLIVER S. WILLHAM DALLAS ROBERT O. ANDERSON LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN • JANUARY 1962 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 Geoege 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 C. J. Scanlon Ernest T. Baughman Paul C. Hodge Richard A. Moffatt A. M. Gustavson L. H. Jones H. J. Newman Hugh J. Helmer C. T. Laibly Harry S. Schultz St. Louis Delos C. Johns Marvin L. Bennett George E. Kroner Howard H. Weigel Darryl R. Francis Homer Jones Dale M. Lewis Joseph C. Wotawa Minneapolis Frederick L. Deming Kyle K. Fossum M. B. Holmgren F. L. Parsons A. W. Mills C. W. Groth A. W. Johnson M. H. Strothman, Jr. H. G. McConnell Kansas City George H. Clay John T. Boysen F. H. Larson Clarence W. Tow Henry O. Koppang C. A. Cravens L. F. Mills J. T. White J. R. Euans E. U. Sherman Dallas Watrous H. Irons James L. Cauthen G. R. Murff L. G. Pondrum Harry A. Shuford P. E. Coldwell James A. Parker W. M. Pritchett Thomas A. Hardin Thomas W. Plant San Francisco... Eliot J. Swan J. L. Barbonchielli E. H. Galvin A. B. Merritt H. E. Hemmings R. S. Einzig John A. O'Kane Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis Helena C. A. Van Nice Cleveland Cincinnati R. G. Johnson Kansas City Denver Cecil Puckett F. O. Kiel Oklahoma City H. W. Pritz Pittsburgh Omaha P. A. Debus Richmond Baltimore D. F. Hagner Charlotte E. F. MacDonald Atlanta Birmingham H. C. Frazer Dallas El Paso Howard Carrithers Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City A. L. Price Memphis E. Francis DeVos Seattle E. R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1499—1502 of the December 1961 Bulletin. {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 DEBITS AND CLEARINGS STATISITICS AND THEIR more copies to one address, 50 cents per copy USE (rev. ed.). May 1959. 144 pages. $1.00 per month, or $5.00 for 12 months.) per copy; in quantities of 10 or more for single shipment, 85 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual ALL-BANK STATISTICS, 1896-1955. Part I, U. S. subscription includes one issue of Historical Summary. Part II, Summaries by States and Chart Book. Subscription price in the United other areas. April 1959. 1,229 pages. $4.00. States and the countries listed above is $6.00 THE FEDERAL RESERVE ACT, as amended through per annum or 60 cents per copy; elsewhere October 1, 1961, with an Appendix containing $7.00 per annum or 70 cents each. (Group provisions of certain other statutes affecting rate of 50 cents each for 10 or more of same the Reserve System. 386 pages. $1,25. issue for single shipment.) FLOW OF FUNDS IN THE UNITED STATES, 1939-53 HISTORICAL CHART BOOK. Issued annually in December 1955. 390 pages. $2.75, September. Annual subscription to monthly BANKING AND MONETARY STATISTICS. November chart book includes one issue of the Historical. 1943. 979 pages. $1.50. In the United States and countries listed above SECTION 10. MEMBER BANK RESERVES AND REunder Federal Reserve Bulletin, single copies LATED ITEMS. (A Supplement to the 1943 60 cents each, elsewhere 70 cents each. (Group edition of Banking and Monetary Statistics.) rate in quantities of 10 or more for single January 1962. 64 pages. $.50, shipment 50 cents each.) REGULATIONS OF THE BOARD OF GOVERNORS OF INDUSTRIAL PRODUCTION CHART BOOK. February THE FEDERAL RESERVE SYSTEM. 1961. 210 pages. $1.75 per copy; in quanti- RULES OF ORGANIZATION AND PROCEDURE— ties of 10 or more for single shipment, $1.50 BOARD OF GOVERNORS OF THE FEDERAL REeach. SERVE SYSTEM. February 1962. 40 pages. 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, 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN • JANUARY 1962 REPRINTS IMPLEMENTATION OF THE 1959 ACT ON RESERVE (From Federal Reserve Bulletin unless preceded REQUIREMENTS. December 1960. 6 pages. by an asterisk) SMALL BUSINESS FINANCING: CORPORATE MANU- FACTURERS. January 1961. 15 pages. THE MONETARY SYSTEM OF THE UNITED STATES. CREDIT AND MONEY IN 1960. February 1961. February 1953. 16 pages. 8 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES GOLD AND DOLLAR TRANSFERS IN 1960. March ON ECONOMIC STABILITY. March 1953. 16 1961. 7 pages. pages. FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. FEDERAL FINANCIAL MEASURES FOR ECONOMIC March 1961. 10 pages. STABILITY. May 1953. 7 pages. STATISTICS ON THE GOVERNMENT SECURITIES A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- MARKET. April 1961. 8 pages. ber 1955. 40 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1961. 3 pages. SURVEYS OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of SURVEY OF COMMON TRUST FUNDS, 1960. May Member Banks. April 1956. 14 pages. Credit 1961. 7 pages. (Also, similar reprint from Lines and Minimum Balance Requirements. May 1960 BULLETIN.) June 1956. 7 pages. Member Bank Lending CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER to Small Business, 1955-57. April 1958. 19 TIME DEPOSITS. May 1961. 2 pages. (Also, pages. Member Bank Term Lending to Busi- similar reprint from July 1960 BULLETIN.) ness, 1955-57. April 1959. 16 pages. Security BANKING AND MONETARY STATISTICS, 1960. Se- Pledged on Business Loans at Member Banks. lected series of banking and monetary statistics September 1959. 16 pages. for 1960 only. February and May 1961. 13 REVISION OF MONTHLY DEPARTMENT STORE IN- pages. DEXES. December 1957. 30 pages. BANK CREDIT AND MONEY IN RECOVERY. June OPEN MARKET OPERATIONS IN LONG-TERM SE- 1961. 8 pages. CURITIES. November 1958. 15 pages. INTEREST RATES IN LEADING COUNTRIES. August *PART I, ALL-BANK STATISTICS, 1896-1955. Re- 1961. 8 pages. print of the U. S. Summary containing a de- THE BALANCE SHEET OF AGRICULTURE, 1961. scription of revised statistics for all banks in August 1961. 9 pages. the United States, by class of bank, together CAPITAL MARKETS IN 1961. September 1961. 7 with revised statistics. April 1959. 94 pages. pages. 1959 SURVEY OF CONSUMER FINANCES. March, U. S. BALANCE OF PAYMENTS IN 1961. October July, and September 1959. 48 pages. (Simi- 1961. 7 pages. lar Surveys available for some earlier years in the period 1955-58.) SURVEY OF FINANCE COMPANIES, MID-1960. October 1961. 21 pages. (Also, similar reprint A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 from April 1957 BULLETIN.) pages. LIQUIDITY AND PUBLIC POLICY. October 1961. THE GOVERNMENT SECURITIES MARKET. August 17 pages. 1959. 22 pages. QUARTERLY SURVEY OF CONSUMER BUYING IN- REVISED INDUSTRIAL PRODUCTION INDEX. De- TENTIONS. November 1961. 7 pages. (Also, cember 1959. 24 pages. similar reprints from BULLETINS for December 1960 and March, May, and August 1961.) REVISED SERIES FOR SEASONALLY ADJUSTED MONEY SUPPLY. February 1960. 4 pages. REVISION OF CONSUMER CREDIT STATISTICS. CONSUMER BUYING INTENTIONS AND QUARTERLY December 1961. 15 pages. (Also, similar SURVEY OF CONSUMER BUYING INTENTIONS. reprints from BULLETINS for April 1953 and Combined reprint. September 1960. 31 pages. October 1956.) A NEW MEASURE OF THE MONEY SUPPLY. Octo- REVISED INDEXES OF FREIGHT CARLOADINGS. Deber 1960. 22 pages. cember 1961. 3 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 62, 64 Discount rates, 46, 122 Agricultural loans of commercial banks, 56, 58 Discounts and advances by Federal Reserve Assets and liabilities (See also Foreign liabilities and Banks, 42, 47, 48 claims): Dividends, corporate, 73, 74 Banks and the monetary system, consoli- Dollar assets, foreign, 111, 119 dated, 52 Corporate, current, 74 Earnings and hours, manufacturing indus- Domestic banks, by classes, 53, 56, 58, 64 tries, 88, 91 Federal Reserve Banks, 48 Employment, 88, 90, 91 Automobiles: Consumer instalment credit, 78, 79, 80 Farm mortgage loans, 75, 76 Production index, 82 85 Federal finance: Cash transactions, 66 Bankers' balances, 57. 59 Receipts and expenditures, 67 (See also Foreign liabilities and claims) Treasurer's balance, 66 Banks and the monetary system, consolidated state- Federal home loan banks, loans, etc., 77 ment, 52 Federal Housing Administration, loans, etc., 75, 76, 77 Bonds (See also U. S. Govt. securities): Federal National Mortgage Association, New issues, 71, 72, 74 loans, etc., 77 Prices and yields, 62, 63 Federal Reserve Banks: Brokers and dealers in securities, bank loans to, 56, 58 Condition statement, 48 Business expenditures on new plant and equip- U. S. Govt. securities held by, 42, 47, 48, 68, 69 ment, 74 Federal Reserve credit, 42, 47, 48 Business indexes, 88 Federal Reserve notes, 48, 50 Business loans (See Commercial and industrial loans) Finance company paper, 62, 64 Financial institutions, loans to, 56, 58 Capital accounts: Float, 42 Banks, by classes, 53, 57, 60 Flow of funds, saving and financial flows, 98 Federal Reserve Banks, 48 Foreign central banks, 108, 122 Carloadings, 88 Foreign currencies, convertible, holdings by U. S. Central banks, foreign, 108, 122 monetary authorities, 110 Coins, circulation of, 50 Foreign deposits in U. S. banks, 42, 48, 52, 57, 60, 119 Commercial banks: Foreign exchange rates, 123 Assets and liabilities, 53, 56 Foreign liabilities and claims: Consumer loans held, by type, 79 Banks, 112, 114, 117, 119 Number, by classes, 53 Nonfmancial concerns, 120 Real estate mortgages held, by type, 75 Foreign trade, 93 Commercial and industrial loans: Commercial banks, 56 Gold: Weekly reporting member banks, 58, 61 Earmarked, 110 Commercial paper, 62, 64 Net purchases by U. S., 110 Condition statements (See Assets and liabilities) Production, 109 Construction, 88, 89 Reserves of central banks and governments, 108 Consumer credit: Reserves of foreign countries and international Instalment credit, 78, 79, 80, 81 institutions, 111 Major parts, 78, 80 Stock, 42, 52, 110 Noninstalment credit, by holder, 79 Gold certificates, 48, 50 Consumer price indexes, 88. 94 Govt. debt (See U. S. Govt. securities) Consumption expenditures, 96, 97 Gross national product, 96, 97 Corporate sales, profits, taxes, and dividends, 73, 74 Corporate security issues, 72, 74 Hours and earnings, manufacturing indus- Corporate security prices and yields, 62, 63 tries, 88, 91 Cost of living (See Consumer price indexes) Housing starts, 89 Currency in circulation, 42, 50, 51 Customer credit, stock market, 63 Industrial production index, 82, 88 Debits to deposit accounts, 51 Instalment loans, 78, 79, 80, 81 Demand deposits: Insurance companies, 65, 68, 69, 76 Adjusted, banks and the monetary system, 52 Insured commercial banks, 55, 56 Adjusted, commercial banks, by classes, 51, 57 Interbank deposits, 47, 53, 57 Banks, by classes, 47, 53, 60 Interest rates: Turnover of, 51 Bond yields, 62 Type of holder, at commercial banks, 57 Business loans by banks, 61 Department stores: Federal Reserve Bank discount rates, 46 Merchandising data, 93 Foreign countries, 121, 122 Sales and stocks, 88. 92 Open market, 62, 121 Deposits (See also specific types of deposits): Stock yields, 62 Adjusted, and currency, 52 Time deposits, maximum rates, 46 Banks, bv classes, 47, 53, 57, 60, 64 International capital transactions of the U. S., 112 Federal Reserve Banks, 48, 119 International institutions, 108, 110, 111 Postal savings, 46, 52 Inventories, 96 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN • JANUARY 1962 Investments (See also specific types of investments): Sales finance companies, consumer loans of, 78, 79, 81 Banks, by classes, 53, 56, 59, 64 Saving: Federal Reserve Banks, 47, 48 Flo w-of-funds series, 98 Life insurance companies, 65 National income series, 97 Savings and loan associations, 65 Savings deposits (See Time deposits) Savings institutions, principal assets, 64, 65 Labor force, 90 Savings and loan associations, 65, 69, 76 Loans (See also specific types of loans): Securities, international transactions, 118, H9 Banks, by classes, 53, 56, 58, 64 Security issues, 71, 72, 74 Federal Reserve Banks, 42, 47, 48 Silver coin and silver certificates, 50 Insurance companies, 65, 76 State member banks, 55 Sayings and loan associations, 65, 76 State and municipal securities: Loans insured or guaranteed, 75, 76, 77 New issues, 71, 72 Manufactures, production index, 82, 88 Prices and yields, 62, 63 Margin requirements, 46 States and political subdivisions: Member banks: Deposits of, 57, 60 Assets and liabilities, by classes, 53, 56 Holdings of U. S. Govt. securities, 68 Borrowings at Federal Reserve Banks, 44, 48, 60 Ownership of obligations of, 56, 64, 65 Deposits, by classes, 47 Stock market credit, 63 Number, by classes, 54 Stocks: Reserve requirements, by classes, 47 New issues, 72 Reserves and related items, 42 Prices and yields, 62, 63 Weekly reporting series, 58 Tax receipts, Federal, 67 Mining, production index, 82, 88 Time deposits, 46, 47, 52, 53, 57, 60 Money rates (See Interest rates) Treasurer's account balance, 66 Money supply and related data, 51 Treasury cash, 42, 50, 52 Mortgages (See Real estate loans) Treasury currency, 42, 50, 52 Mutual savings banks, 52, 53, 55, 64, 68, 69, 75 Treasury deposits, 42, 48, 66 National banks, 55 Unemployment, 90 National income, 96, 97 U. S. balance of payments, 121 National security expenditures, 67, 96 Nonmember banks, 48, 55, 56, 57 U. S. Govt. balances: Commercial bank holdings, by classes, 57, 60 Payrolls, manufacturing, index, 88 Consolidated monetary statement, 52 Personal income, 97 Treasury deposits at Federal Reserve Postal Savings System, 46, 52 Banks, 42, 48, 66 Prices: U. S. Govt. securities: Consumer, 88, 94 / Bank holdings, 52, 53, 56, 59, 64, 68, 69 Security, 63 Dealer transactions, positions, and financing, 70 Wholesale commodity, 88, 94 Federal Reserve Bank holdings, 42, 47, 48, 68, 69 Production, 82, 88 Foreign and international holdings, 48, 111 Profits, corporate, 73, 74 International transactions, 118 New issues, gross proceeds, 12 Real estate loans: Outstanding, by type of security, 68, 69, 71 Banks, by classes, 56, 58, 64, 75 Ownership of, 68, 69 Type of mortgage holder, 75, 76, 77 Prices and yields, 62, 63 Type of property mortgaged, 75, 76, 77 United States notes, outstanding and in circula- Reserve requirements, member banks, 47 tion, 50 Reserves: Utilities, production index, 82, 88 Commercial banks, 57 Federal Reserve Banks, 48 Vault cash, 42, 47, 57 Foreign central banks and governments, 108 Foreign countries and international institu- Veterans Administration, loans, etc., 75, 76, 77 tions, 111 Member banks, 42, 44, 47, 57, 59 Weekly reporting member banks, 58 Residential mortgage loans, 75, 76, 77 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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