Federal Reserve Bulletin, 1962-02

FEDERAL RESERVE Y t f February 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 The Means of Economic Progress 131 Monetary Expansion During 1961 140 Interest Rates on Time Deposits, Mid-January 1962 147 Directors of Federal Reserve Banks and Branches 152 Law Department 165 Current Events and Announcements 172 National Summary of Business Conditions 173 Financial and Business Statistics, U. S. (Contents on p. 175) 176 International Financial Statistics (Contents on p. 247) 248 Board of Governors and Staff 264 Open Market Committee and Staff; Federal Advisory Council 265 Federal Reserve Banks and Branches 265 Federal Reserve Board Publications 267 Index to Statistical Tables 269 Map of Federal Reserve System Inside back cover Volume 48 • Number 2 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

MY COMMENTS today on economic and In my judgment, much of our postwar financial developments will be directed economic trouble has been brought about by toward the two central problems on which pricing consumers out of the market inthe nation's efforts should be focused in stead of into it. Increasing our productive 1962. One is domestic; the other, inter- efficiency offers the most promising avenue national. The first problem is to move for correcting that process by providing a economic activity higher and unemploy- gain for business and labor to share with ment lower. The second is to strengthen our the consumer—as business and labor should position for dealing with the adverse balance do, in their own long-term interests. of international payments of the United These are matters that seem to me worth States. bearing in mind in considering the prob- For the time being, at least, some of the lems and performance of the economy, dorequirements for dealing with these two mestic and international, in recent times. problems may seem to be in conflict. But Taken as a whole, 1961 was a year of for the long pull, the more basic needs are vigorous economic advance—happily free the same, because they are the fundamentals from an accompanying upswing in general on which all enduring economic growth prices, a fact that bolsters prospects for must be based. further growth. The prime need is a steady increase in Total economic activity, as measured by productive efficiency. But achieving it gross national product data, and industrial carries other requisites. Among them are inproduction both moved into new high vestment in new and improved plant and ground. Gross output rose about 7.5 per equipment to turn out better products at cent from the fourth quarter of 1960, and lower costs; savings, to facilitate that in- 8 per cent from 1961's first quarter low. vestment; and stability in the value of our Industrial production advanced 12 per cent money, to induce those savings. over the year, and 13 per cent from the That, of course, is just part of the chain February low. The consumer price index reaction that can be set into motion by moved up approximately V2 of 1 per cent, progress in meeting these needs. but wholesale price indexes dipped below The surest way to get sales expansion their year-ago levels. leading to expansion of output, and output Meanwhile, credit expansion in general expansion leading to expansion of job opwas greater than in any previous year exportunities, is to give the consumer a break cept 1959. Funds advanced in credit and by offering him more for his money. equity markets totaled about $50 billion, NOTE.—Statement of William McChesney Martin, well above the $40 billion of 1960 although Jr., Chairman, Board of Governors of the Federal far below the $61 billion of 1959, a year Reserve System, before the Joint Economic Committee, Jan. 30, 1962. of record-breaking credit demand. Interest 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 rates moved within a relatively narrow ployment in December 1961 was well above range. the low point of the previous winter, there Credit expansion by commercial banks were one-half million fewer factory workapproximated $15 billion, a record sur- ers than when the recession began in the passed only in 1958, and then by a narrow spring of 1960. At the same time, industrial margin. Loans accounted for some $6 bil- production was greater than ever before lion of that total, although loan demands in our history. were moderate as they usually are in the Thus some of the employment patterns early phases of an economic recovery. In- of the recessions and recoveries since 1953 vestments, also following a characteristic seem to be repeating themselves. After each course, increased about $9 billion. recession, total employment has rebounded But even though the number of people to new record levels, but fewer factory holding jobs rose again to record level, workers have been needed to produce an unemployment failed to respond to general increased volume of goods. The decline in improvement in demand as rapidly or as the number of blue-collar job opportunities greatly as had been hoped. Not until near even while white-collar job openings were the end of 1961 did unemployment show increasing has been an important factor an encouraging drop, to about 6 per cent of causing the rise in persistent unemployment the labor force from the 7 per cent level at since 1953. If we are to realize the full which it had held for almost a year. Even benefits of our increasing productivity, we so, the number of long-term unemployed must solve the difficult problems of transicontinued relatively large, totaling about tion and adjustment for the displaced work- 1.5 million in the seasonally adjusted figures ers, many of whom lack the skills and at the end of the year. training required in the expanding sectors of the economy. With the rising levels of income and business activity now taking place, total em- The fact that long-term unemployment ployment should expand further this year has been disturbingly large over the last and absorb into gainful activity many of decade, even during periods of high-level those currently classified as unemployed as activity and rising prices, indicates that the well as new entrants into the labor force. problem it poses is too complex to be To assist this process, we must stay attentive solved by any single or simple approach. to changes in the composition of the work- It is evident that our economy requires ing force, a matter to which your Committee continuing, sustainable growth, attended by is alert, as demonstrated by the develop- an ever-rising level of over-all demand to ment of much pertinent new information provide an ever-rising number of job opat recent hearings of your Subcommittee on portunities for our steadily growing popula- Economic Statistics. tion. But it seems equally evident that we In 1961, from the recession's February require specific steps to make headway low to the end of the year, about one million against the problems posed by certain types persons were added to nonfarm payrolls. of structural unemployment that are not This virtually restored the level of nonfarm readily responsive to general monetary and employment to the prerecession high. Yet fiscal measures. Special programs to inin manufacturing industries, although em- crease occupational and geographical mobil- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MEANS OF ECONOMIC PROGRESS 133 ity are necessary for this purpose. Training considering the low level of import demand and retraining under management, labor, at the time. and Government supervision would greatly Balance of payments pressures again benefit workers who need new skills to turned adverse in the second half of 1961, adapt more readily to changing technology. when the deficit began to rise again. Net Both employers and employees would gain sales of gold during the half rose to some from better provision of information on the $650 million. They might have gone much current and prospective job market—that is, higher if there had not been a big increase where job openings may be found, and in foreign holdings of dollar reserves, workwhere qualified workers can be located. ing balances, and short-term investments in Let me turn now to the second problem the United States. cited at the start. The deficit in the balance The increase in the over-all payments of international payments, although much deficit in the second half of last year also reduced from that of the preceding years, had its special causes. Confidence in the rose again in the last part of 1961. dollar has been well maintained, and that was not the trouble. The causes of the rise In the first half of the year, the payments in the deficit lay elsewhere. deficit had shown encouraging shrinkage. For one thing, imports rose sharply from Net sales of gold from U. S. reserves were their abnormally low level in the first half only $200 million. The main reasons for of 1961, advancing to levels about in line this fairly good result were clear, even at with the level reached by the gross national that time: a low level of imports occasioned product in the latter part of the year. Exby slack demand because domestic business ports held steady: while those exports activity was low; an advance debt repayfinanced by aid programs increased, comment to us, by Germany, of more than half mercial exports not financed by Government a billion dollars; and a strengthening of grants and credit fell short of their mid-1960 confidence in the U. S. dollar in the wake level. The failure of commercial exports to of a declaration by the President that the increase in 1961 tied in with the slowing Administration was determined to defend down last year of European economic exthe international value of the dollar. pansion. In Europe, there was an especially Nevertheless, it was also clear, even at noticeable reduction in buying of materials the time, that we could not be complacent. and semifinished goods for inventory. To have the balance of payments in reason- It is quite possible that imports will rise able equilibrium on the average over a further, as business activity increases here. period of years means that we need to have However, we can also fairly expect that a balance of payments surplus, not merely growth in exports will resume. In fact, the a reduced deficit, at certain times. The first latest export figures, for October and Nohalf of 1961, when imports were low, was vember, were higher than for any pair of a time when a payments surplus would have months earlier last year. been appropriate. I do not say that this was Sooner or later, we need to get a large a realistic possibility in 1961. The point increase in our export surplus. To make this is simply that the good results of the first increase in the export surplus come sooner half of the year were not good enough, rather than later, and to make it big enough Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 to count, let me emphasize again the neces- mitments and U. S. military expenditures sity that we preserve a competitive climate abroad, let me note that a large part of of business in this country, raise our pro- aid is being linked to exports, and ways ductivity, hold down costs, and see to it that to obtain offsets for part of the military our prices are not out of line with those of expenditures abroad are being sought. We other producing countries. must continue to make every effort to get We must also put ourselves into a posi- other countries to take} a fair share of the tion to negotiate with our principal trading burden of these costs. Whatever part of partners so as to minimize trade barriers these expenditures cannot be linked or offthat might otherwise keep us from achieving set must be covered by net earnings in this needed increase in our exports. The purely commercial trade, investment intask of correcting our balance of payments come, and other private transactions. deficit would become far more difficult if So far, I have said very little about private the countries in the European Common capital movements, apart from the build-up Market were to maintain high tariff walls of foreign liquid assets in the United States. against our goods while progressively mov- One of the big difficulties in the U. S. "balance ing toward free trade within the Common of payments in 1961 was that outflows of Market. long-term and short-term capital were still In our balance of payments difficulties, very large, even though the kind of volatile however, exports and imports are not the movement we had in the latter part of 1960 whole story. The essence of the problem is was not much in evidence in 1961. that we have not had a big enough export In fact, net outflows of long-term and surplus to cover our commitments on short-term capital seem to have been even economic aid and military expenditures larger in the second half of last year than abroad, and our outflow of private loans and they were in the first. Here I am talking investments abroad. To cover the deficit, mainly about bank loans and acceptance we have been called on to sell some gold, credits, corporate investments in subsidiand we have had to increase our short-term aries, new foreign issues, and purchases of liabilities to foreigners. This increase in outstanding foreign securities that offset short-term liabilities is dependent upon the foreign purchases of U. S. corporate securiwillingness of foreigners to build up dollar ties. Along with these, there were trade reserves, working balances, and short-term credits, and also some "movements of investments in this country. In reality, it funds" in the sense of acquisitions of liquid constitutes foreign lending to the United investments or balances abroad, particularly States. We cannot count forever and without in Canada. limit on that sort of lending to support the All told, the net outflow of all the various position of the U. S. dollar. That is why we types, including a guess for unidentified must get a better balance between the ex- movements, seems to have approached $4 port surplus and our outpayments for eco- billion in the year 1961. This was only nomic aid, for military expenditures, and moderately less than the outflow in 1960, for private capital outflow from the United and it was more than the over-all deficit in States. our balance of payments in 1961. While the In reference to our economic aid com- deficit in the balance of payments cannot Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MEANS OF ECONOMIC PROGRESS 135 be related to any one single class of outpay- This has made the dollar both susceptible ments, clearly the capital outflow was an and vulnerable to large and sudden moveimportant factor. ments of funds. Movements of this kind Restraining these capital outflows is can be touched off by international political particularly difficult because they represent uncertainties, or by bearish or bullish revarious normal kinds of lending and invest- ports and rumors about economic and ing. These outflows reflect the ready avail- financial developments at home or abroad. ability of credit in U. S. markets. Only in With the pound sterling and the main other part can they be influenced by the level of European currencies again convertible, to short-term interest rates. By and large, such a large extent, funds now can move freely differences as did develop last year between and in large volume between New York, money rates here and abroad do not appear London, and the financial centers of conto have been a primary determinant of tinental Europe. capital movements either from or to the For these reasons, the Secretary of the United States. On the other hand, the ready Treasury decided last March to use the availability of credit at rates competitive Stabilization Fund for operations in foreign with other markets may have exerted an convertible currencies, for the first time since important influence. the Second World War. The Stabilization In the circumstances prevailing today, Fund has acquired holdings of some major the Federal Reserve has found it necessary European currencies, and undertaken transto balance domestic and international fac- actions in the market with the aim of detors in arriving at policy decisions. The fending the dollar from speculative forays. System's responsibility for the value of the These operations have been conducted dollar extends beyond domestic price sta- on a fiscal agency basis by the Federal Rebility to the value of the dollar in terms of serve Bank of New York for the account of gold and of other convertible currencies. the Stabilization Fund. The resources of the This is partly a matter of restoring basic Stabilization Fund for these purposes are, equilibrium in the balance of payments, and however, quite limited. partly a matter of preserving stability in The Federal Open Market Committee exchange rates in international markets. and the Board of Governors are fully Until recently official operations by the cognizant of the increasing importance of United States to maintain the exchange international financial relations for the workvalue of the dollar have been limited to ing of our domestic monetary system. We purchases and sales of gold by the Treasury's further recognize that, under present-day Stabilization Fund—at $35 an ounce—to conditions, maintenance of an efficient interforeign monetary authorities for monetary national payments system based on the purposes. Recent developments, however, interconvertibility of currencies requires have made it desirable for the United States close cooperation among the central banks to play an active role in exchange markets of major industrial countries and with estabthemselves. lished international financial institutions. Persistent deficits in our international As one step in such cooperation, the payments have put very large amounts of System is now prepared in principle and in dollars into the hands of foreign holders. accordance with its present statutory au- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 thority to consider holding for its own Federal Deposit Insurance Corporation anaccount varying amounts of foreign con- nounced an increase in the maximum rates vertible currencies. Towards this end, we are that banks may pay—if they choose—on now exploring, in consultation with the savings and time deposits. The change be- Secretary of the Treasury, methods of con- came effective on January 1 of this year. ducting foreign exchange operations in con- In general terms, the action authorized vertible currencies with due and full regard banks to pay 3Vi per cent on any savings for the foreign financial policy of the United deposit, and 4 per cent on those left in the States. banks for a year or more; also, to pay 3V2 These System operations, along with per cent on time deposits with a maturity those conducted by the Stabilization Fund, of 6 months to 1 year, and 4 per cent on would have the primary purpose of helping those with a maturity of a year or longer. to safeguard the international position of There are some 50 million of these savings the dollar against speculative flows of funds. and time accounts in the 6,100 member They would not and could not serve as sub- banks of the Federal Reserve System alone. stitutes for more basic action to correct the This action was taken after extensive deficit in this country's balance of interna- study and consideration. In arriving at its tional payments. decision, the Board was influenced by a The problems I have been discussing have variety of factors. One of considerable weighed heavily with those of us in the weight was the fact that some short-term Federal Reserve in our endeavors over the balances were being attracted away from last year to keep credit conditions attuned American banks by higher rates paid on to national needs. such balances in other parts of the world, On the domestic side, to help bring about and that this process contributed, in some recovery, expansion, and sustained growth measure, to our continuing balance of payin production and employment, the Federal ments problem. Another was the question Reserve has been operating to bolster the of whether there could be any longer any banking system's ability to meet all reason- justification for restricting the rate of interest able borrowing needs. that commercial banks may pay on savings On the international side, to help hold deposits to a level substantially below that down the outflow of capital and gold paid by other institutions on similar acprompted by the continuing balance of pay- counts. Finally, but by no means less imments deficit, the Federal Reserve has been portantly, we were concerned over the operating to minimize drains stemming longer run impact of a maximum rate that from international differentials in interest might limit artificially the rewards received rates. by small individual savers, whose saving, Activities in pursuit of these dual ob- as I have said before, plays such an imjectives were carried out in the open market portant role in financing the investment for U. S. Government securities. Before vital to our economic growth. taking up these operations, however, I would The changes that have been made in rates like to mention one other recent Federal offered by the banks since the action took Reserve action. effect have been designed, for the most part, On December 1, the Board and the to encourage genuine saving. If this con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MEANS OF ECONOMIC PROGRESS 137 tinues to be the case, the result should be likely to be gradual, as it was after the an increase in the volume of funds available preceding change in 1957. for long-term investment in mortgages, in Now I should like to devote the rest of my State and local securities issued to finance remarks primarily to Federal Reserve operaexpanded community facilities, and in tions in the Government securities market securities issued by business to finance ex- during 1961. pansion of productive resources. To assure ready availability of credit in Your Committee may be interested in the the American economy, the Federal Reserve results so far of the authorization for pay- supplied the banking system in 1961 with ment of higher rates on savings. Based on a reserves in amounts sufficient not only to survey in mid-January of a sizable sample offset the credit-tightening effect of gold of Federal Reserve member banks, it ap- drains and currency withdrawals but also pears that about two-thirds of all member to provide additional reserves to meet rebanks are offering some rate in excess of the quirements against expanding deposits. 3 per cent maximum rate previously in Member bank required reserves increased effect. in 1961 by about $1 billion, while Federal Regular or passbook savings accounts Reserve holdings of Government securities represent about three-fourths of total time increased by $1.5 billion in consequence of and savings deposits at member banks. open market purchases. The reserves thus Some 40 per cent of the banks, holding 70 supplied made possible the near-record exper cent of total time and savings deposits, pansion of bank credit in 1961. raised their rates on regular savings accounts As a result of that expansion and of inabove 3 per cent. About half of these banks, creased financial saving by the public, liquid or 20 per cent of the total, went to the newly assets held by consumers and business inauthorized 4 per cent for deposits held over creased substantially in 1961. In conse- 1 year. The other half, generally, are paying quence, the over-all liquidity of the economy 3V2 per cent on savings accounts. showed an increase about in line with the With respect to time certificates of de- expansion in over-all economic activity. Alposit and other time deposits, arrangements though total liquid assets of the public invary widely from bank to bank. But many creased by about 6.5 per cent during 1961— banks are now offering up to 4 per cent on compared to the 7.5 per cent increase in 1-year certificates, including a sizable num- gross national product—demand deposits ber which have not moved up to the 4 per and currency, the more active elements that cent rate on savings accounts. Rates of 3 usually are termed the "money supply," into 3V2 per cent are being offered on 6-month creased by only about 3.5 per cent. The pace deposits, including the negotiable certificates of increase in the money supply, however, offered by many of the larger banks. accelerated substantially in the latter part Some 60 per cent of the member banks of the year. still pay rates on regular savings accounts of The stability that prevailed in interest 3 per cent or less. If experience with a rates was one of the striking parts of the previous change in permitted maximum rates financial scene. Interest rates showed only can be\ used as a guide, any further move a moderate increase in the 1961 business toward increased rates on these accounts is upturn, just as they had shown only a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 moderate decline during the downturn that operations to include purchases of longer began in the spring of 1960. Accordingly, term securities as well as short-terms, in since mid-1960 interest rates have moved which open market operations formerly had within a relatively narrow range well above been confined as a general rule. The purthe low levels reached in 1958 and below chase of long- instead of short-term securithe high levels reached in late 1959. To ties, when circumstances warranted, served some extent, Federal Reserve policies and at least to relieve the short-term market from operations, in addition to Treasury opera- the direct impact of these purchases on tions, were responsible for this stability. yields, and transfer that direct impact to Although the Federal Reserve supplied re- the longer term area. serves adequate to enable expansion of bank The $1.5 billion addition to Federal Recredit on the scale earlier described, it sought serve holdings of Government securities that to avoid downward pressure on short-term I mentioned earlier reflects merely the net interest rates. The Treasury, a heavy bor- result of gross transactions totaling vastly rower, obtained most of its new money in more. Most purchases or sales, in fact, are the short-term sector of the market, thereby made to adjust the availability of bank reputting upward pressure on short-term rates. serves in accordance with temporary varia- Let me note that factors other than official tion in needs, chiefly of seasonal character. monetary and debt-management policies In its gross transactions over the course played an important part in keeping the of 1961, the Federal Reserve purchased general level of interest rates during the about $7 billion of Treasury bills and other 1960-61 recession above levels reached in issues maturing in less than 2 years, not earlier recessions. These factors included including those acquired for brief periods the mildness of the latest recession and the under repurchase contracts. Over the same large volume of new security issues floated period, it sold or redeemed at maturity a by corporations and State and local govern- slightly larger amount of such issues. Purments in the first half of 1961. Although chases of issues maturing within 2 to 5 years 1961 did not witness as great a decline in aggregated about $1.5 billion, while purinterest rates as 1958, neither did it witness chases of those maturing in over 5 years a sharp speculative rise and subsequent fall amounted to nearly $800 million, nearly all in bond prices such as that which charac- in the 5-to- 10-year area. Sales of issues in terized 1958. these groups were negligible. The System I should like to add, at this point, some- also acquired some securities maturing in thing on the way the Federal Reserve Sys- over a year by participating in refunding tem went about supplying bank reserves. offers of such securities in exchange for Because of the nation's international pay- maturing issues, but the effect of any such ments problem, the System sought to pro- shifts upon the maturity distribution of the vide these reserves in a manner that would System portfolio was more than offset by minimize their effect upon short-term rates, the approach to maturity of other issues to which international money flows are held. particularly sensitive. Treasury purchases of long-term Govern- To this end, the Federal Reserve in early ment securities for investment accounts ex- 1961 extended the area of its open market ceeded in amount those by the Federal Re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MEANS OF ECONOMIC PROGRESS 139 serve. They were, mostly, of issues maturing though in some months official purchases in over 10 years. The Treasury, in addition, exceeded 30 per cent of dealer sales in this borrowed much of its new money in the area. In the 5-to-10-year area, the proporshort-term area, thus helping to maintain tion amounted to more than 20 per cent for short-term interest rates and minimize the the year as a whole and in the period from flow of short-term funds abroad. March through July was more than a third Most of the purchases of longer term of the total. For securities maturing after securities by the Federal Reserve and the 10 years, official purchases comprised over Treasury were made during March, April, 30 per cent of all market purchases for the and May, when aggregate new issues of year and nearly two-thirds of total pursecurities by corporations and by State and chases in the second quarter, when the bulk local governments were in heavy volume. of the official purchases were made. Official (Federal Reserve and Treasury) In conclusion, I should like to stress that, operations in that sector of the market along with its problems, 1962 also brings doubtless helped to keep interest rates from us opportunities. Foremost among them is rising in the face of large demands, and to the opportunity to achieve further progress facilitate the flotation of these corporate, toward higher economic activity, lower un- State, and local issues. employment, and restored equilibrium in The significance of these operations from our international balance of payments. the standpoint of market impact may be We can make the most of that opporindicated by relating their volume to total tunity by working—all of us—to bring market transactions in each maturity cateabout conditions that will generate the chain gory of Government securities. Official marreaction that I described at the outset—a ket purchases of Treasury bills and other process that leads from dollar stability to issues maturing in less than 1 year, although making up the bulk of Federal Reserve savings, investment, rising productive efoperations, comprised in 1961 only about ficiency, lower costs, better prices, greater 4 per cent of total dealer sales of such buying demand, increased production, and securities (excluding those to other dealers). expanding employment. The prospects for The proportion for issues maturing in 1 to 5 progress are excellent. Let us apply ourselves years averaged 9 per cent for the year, al- to the realization. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary Expansion During K)6l RAPID GROWTH in bank credit in 1961, and State and local governments also extogether with a substantial flow of saving panded their security flotations. into financial assets, enabled the economy The availability of ample bank reserves to raise large amounts in credit and equity and the pattern of financial saving conmarkets without any sustained or sub- tributed to a substantial rise in the public's stantial rise in interest rates. Funds raised holdings of liquid assets. The active money in such markets, totaling $50 billion, supply—currency and demand deposits held facilitated expansion in economic activity by the nonbank public—rose 3.5 per cent from the recession low reached early in the during the year. In the last few months the year. Commercial banks and monetary au- rate of advance was particularly rapid. The public continued to emphasize earning assets, however, and its time and savings deposits at commercial banks rose much FUNDS ADVANCED IN CREDIT MARKETS faster than the money supply, by 13 per cent over the year. The public also added to its deposits in mutual savings banks, and its savings and loan shares rose substantially. FEDERAL RESERVE OPERATIONS While supplying the banks with reserves to help stimulate domestic economic expansion in 1961, the Federal Reserve also had to take account of the country's balance 1957 1959 1961 of payments difficulties. Outflows of liquid funds—induced in part by higher short- NOTE.—Flow-of-funds data. Commercial banking system includes commercial banks, Federal Reserve Banks, and cer- term rates abroad—had contributed to baltain Treasury monetary accounts. Data for 1961 preliminary. ance of payments strains in the latter part of thorities together advanced about a third 1960. In that period and during much of of the net amount of funds raised, as actions 1961, therefore, Federal Reserve operations by the Federal Reserve supplied banks with were conducted so as to minimize downample reserves. ward pressures on short-term interest rates. Last year's credit market financing was In line with this policy, on February 20, about 25 per cent more than in 1960 and 1961, the Federal Open Market Committee more than in any other peacetime year authorized transactions in longer term, as except 1959. The Federal Government in- well as short-term, Government securities. creased its borrowing as the cash budget Over the year the open market account purturned from surplus to deficit, mainly be- chased on balance $2.6 billion of U. S. Govcause of larger expenditures. Corporations ernment securities maturing in more than 140 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY EXPANSION DURING 1961 141 a year, while it sold or redeemed more a monthly average basis, drained off $1 bilshort-term securities than it bought. More lion of reserves, somewhat less than in 1960. than half of the longer term purchases had And an increase in currency held outside maturities of from 2 to 6 years. Purchases the banks and the Treasury absorbed an maturing in more than 6 years amounted additional $700 million of bank reserves. to $675 million. The Treasury also made Treasury operations and changes in Federal Reserve float, together with miscellaneous sizable purchases of long-term securities factors, on the other hand, added $600 milduring 1961 for its investment accounts. lion to reserves. Although transactions in longer term Practically all of the expansion in Federal securities were sizable, the Federal Reserve Reserve credit was achieved through Sys- System conducted most of its open market operations in the short-term area to cover continuing seasonal and other short-term MEMBER BANK RESERVES AND BORROWINGS variations in bank reserves. Transactions Billionj of dolla by the System in short-term securities— TOTAL both purchases and sales—exceeded $12 RESERVES, ADJUSTED billion, including some transactions not made through dealers, but excluding nearly $5 billion of repurchase agreements and a REQUIRED RESERVES, ADJUSTED large amount of redemptions and exchanges of maturing issues. Market transactions in longer term securities amounted to $2.8 billion. BORROWINGS A 1 F R BANKS EXCESS RESERVES BANK RESERVES Required reserves of all member banks 1959 I960 1961 1962 against private deposits rose by about $1 billion last year, or 5 per cent, as measured NOTE.—Monthly average of daily figures. Required reserves, by monthly averages of daily figures. These adjusted, are reserves supporting private deposits derived by applying current reserve requirement ratios to seasonally adreserves and total reserves of member banks justed figures for member bank demand deposits adjusted, net interbank demand deposits, and time deposits. Total reserves adjusted equal adjusted required reserves plus actual excess —adjusted for seasonal variations and ex- reserves. Reserves required against U. S. Government deposits are excluded. Borrowings are member bank borrowings at cluding required reserves against U. S. Gov- Federal Reserve Banks. Latest figures shown, January. ernment deposits, which customarily show tem purchases of U. S. Government securiwide, irregular, temporary variations—inties. With reserve funds from open market creased fairly steadily after mid-1960. The operations plentiful, with demand for bank pace of advance slowed around mid-1961, loans moderate, and with short-term market but was quite rapid thereafter, as the acrates below the discount rate, member companying chart shows. bank borrowings at Federal Reserve Banks The Federal Reserve provided enough remained close to the minimum levels to credit to permit expansion in reserves and which they had fallen by the end of 1960. to offset the impact of other factors, which Net free reserves of member banks—excess on balance would have reduced bank rereserves less borrowings at the Reserve serves. Declines in the U. S. gold stock, on Banks—remained large throughout 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 This was in contrast to 1958, when member of $14.6 billion, or about 7 per cent, in loans bank borrowing began to rise after midyear and investments of commercial banks last along with economic recovery and as short- year. As usual, most of the growth came in term market rates rose sharply to levels the second half of the year. The increase for above the prevailing discount rate. the year was almost the same amount as The rates charged by Federal Reserve in 1958, when expansion was at a postwar Banks for member bank borrowings were record rate, and was well above the $9 bilkept at 3 per cent last year, the level to lion total for 1960. About 40 per cent of which they had been reduced in the summer the increase was in loans, 40 per cent in of 1960. Meanwhile the Federal funds rate, U. S. Government securities—concentrated which is the interest rate on excess reserve in the short-term area—and 20 per cent in balances lent by member banks, mainly to other securities, mainly State and municipal other banks, generally remained appre- issues, which have a high after-tax yield. ciably below the discount rate. Rates on Loans. Outstanding loans rose $6.0 billion short-term Treasury bills, which banks also in 1961, with the increase concentrated in commonly use to adjust reserve positions, the second half. In that period loans rose by fluctuated during most of the year in a narmore than they had in the second half of row range between 2.25 and 2.65 per cent, 1960, when demand was fairly strong for a as measured by the market yield on 3-month recession period, and also more than in the bills. July-December period of 1958, a period of economic recovery. Banks provided more COMMERCIAL BANK CREDIT credit to foreigners in 1961 than in 1960. Expansion in bank reserves, in conjunction Loans to foreigners and other claims, inwith the public's emphasis on expansion of cluding acceptance credits outstanding for time deposits, provided the basis for growth foreigners, rose by more than $1 billion. The ratio of banks' loans to their deposits CHANGES IN BANK CREDIT declined only slightly on balance over the ALL COMMERCIAL SANKS year. At year-end it was about 2.5 percent- Billioni of dollar} age points below its mid-1960 peak of 57 per cent, as the chart on page 143 shows. Business loans. After being sluggish in 10 the first half, business loans at banks increased moderately from the end of June to the end of December. During the year, business borrowing at banks was tempered ^m in some degree by the record volume of corporate security flotations in the spring and early summer. Some borrowers, par- TOTAL LOANS SHORT- LONQ- AND LOANS Tiltt OTHE8 ticularly public utilities, used the proceeds U.S. GOVTt. SECURITIES SECURITIES INVESTMENTS of security financing to repay longer term bank loans. During the second half of 1961, however, bank loans to public utilities rose NOTE.—Based on data for December 31 except for 1961 which are for December 27. Interbank loans excluded. Shortterm U. S. Government securities are those maturing within substantially. one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY EXPANSION DURING 1961 143 The growth in funds available to busi- in the first half of 1961 and then a large nesses from rising profits and depreciation increase in connection with Treasury financallowances also lessened the need for bor- ing in the autumn. The total outstanding rowing from banks in 1961, especially as declined somewhat from this high level, but capital expenditures were moderate. Plant then increased again in December, when and equipment outlays rose in the second security dealers bought large amounts of half, and businesses added to inventories U. S. Government securities sold by corafter the early months of the year, but busi- porations in that period of seasonal increase ness investment for the year as a whole was in needs for funds. Most of these security less than in 1960. loans were repaid early in 1962. Bank loans to manufacturers of metals Investments. With the ready availability and metal products, as reported by a sample of reserves and the increase in time deof city banks, declined over the year as a posits, and without strong loan demands, whole mainly because of a weak perform- banks added to their investments. They inance in the first half, after allowance for creased their portfolios of U. S. Governusual seasonal patterns. Outstanding loans ment securities by $5.5 billion last year, to manufacturers of soft goods and to more than two and a half times the increase chemical industries also declined. Loans to in 1960. Their portfolios also became much all these manufacturers had risen during more liquid. Holdings of securities maturing the previous two years. within a year increased by $7.0 billion, while Other manufacturing and mining con- holdings of longer term Government securicerns, however, borrowed more from banks ties decreased on balance. As a result, bank in 1961 than in earlier years. In part this liquid assets—measured by holdings of was because of unusually large borowings in December, some of which were related LIQUIDITY RATIOS to tax and dividend payments. Loans to COMMERCIAL BANKS businesses classified as "other" rose substantially in 1961. This represented in part 40 an increase in acceptances held by banks, which are included in this category. LOANS/TOTAL DEPOSITS Other loans. As with business loans, demands for farm and consumer loans were comparatively light in 1961. On the other hand, banks made more real estate loans and more loans for purchasing or carrying securities. While less than in 1958, the net increase in outstanding real estate loans was about 1956 1958 1962 two and a half times as large as in 1960. Security loans outstanding increased by NOTE.—Loans exclude interbank loans. Liquid assets include U. S. Government securities maturing within a year and free more than in other recent years. There was reserves (excess reserves less borrowings from Federal Reserve Banks). Deposits are net of cash items in the process of an unusually small net decline in these loans collection. Latest figures shown, Loans/total deposits, January; Liquid assets/demand deposits, December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 short-term Government securities and free reserves—rose relative to demand deposits MONEY SUPPLY AND TIME DEPOSITS to the highest level since 1954. Ratio scale Billions ol dollars There were a number of reasons why 160 banks stressed short-term securities. One MONEY SUPPLY 140 reason was the continued attractiveness of short-term securities in 1961, as their yields 120 remained fairly high. Another was a reac- 100 tion to earlier experiences. In the 1957-58 recession, for example, banks invested TIME DEPOSITS heavily in longer term issues. When they All commercial bank subsequently found it necessary to sell securities to meet renewed loan demand, they were faced with sharply reduced prices, a result in part of speculative activity in the market around mid-195 8. 40 19S6 1958 1962 During 1961 banks did invest in some securities with longer maturities, however. NOTE.—Monthly averages of daily figures, seasonally adjusted. Money supply is currency and demand deposits. Their total holdings of State, municipal, and Demand deposits are those other than domestic commercial interbank and U. S. Government, less cash items in the process of collection and Federal Reserve float. Time deposits other issues rose by a record $3 billion. represent time and savings deposits. Latest figures shown, January. MONEY AND OTHER LIQUID ASSETS of individuals. Negotiable time certificates of deposit—issued mainly to business cor- The growth in bank credit during 1961 was porations—also rose, but these became relaaccompanied by a moderate expansion in tively less attractive during the last few the active money supply and a rapid growth weeks of the year when yields on shortin time and savings deposits at commercial term U. S. Government securities rose. banks. In December the Board of Governors of As measured by the daily average series, the Federal Reserve System and the directors the money supply began to rise after midof the Federal Deposit Insurance Cor- 1960. By the early fall of 1961 it had reporation authorized an increase, to be efgained its prerecession peak. The rate of fective January 1, 1962, in maximum pergrowth picked up in late summer, and from missible rates of interest payable by Federal the second half of August to the second Reserve member banks and other insured hah* of December it was at an annual rate banks on savings deposits and on time deof almost 8 per cent, seasonally adjusted. posits and certificates in the longer maturity For 1961 the rise was 3.5 per cent. ranges. The ceiling rate was raised from 3 Time and savings deposits at commercial to 4 per cent on savings deposits left in the banks rose at a rapid pace in 1961, but the bank for 1 year or more, and to 3Vz per rate of increase slowed somewhat in the cent on other savings deposits. Maximum second half. Over the year they increased rates on time deposits and certificates with by almost $10 billion, or 13 per cent. Most a maturity of 6 months to 1 year were also of the growth was in the savings accounts raised from 3 to 3Vi per cent, and to 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY EXPANSION DURING 1961 145 per cent for those with a maturity of 1 year or longer. Maximum rates of time de- GROSS NATIONAL PRODUCT AND LIQUID ASSETS posits remained at 2Vi per cent for those payable in 3 to 6 months and at 1 per cent for those payable in 1 to 3 months. By mid-January a large number of banks had offered higher rates to depositors, as described in the article on pages 147-51 of this BULLETIN. AS a result, funds flowed into time and savings deposits at a much faster rate in January. Meanwhile, the money supply declined to its early December level. 1953 1955 The public also increased its holdings of other liquid assets in 1961, by substantial NOTE.—Total liquid assets are seasonally adjusted monthly data for holdings by the nonbank public on an end-of-period basis. Liquid assets include currency; demand deposits; time amounts for some types. Shares in savings and savings deposits in commercial banks, mutual savings banks, and the postal savings system; shares in savings and and loan associations increased by about loan associations; U. S. savings bonds; and U. S. Government securities maturing within one year. GNP data are quarterly. 14 per cent. Though less than in earlier Ratios of liquid assets to GNP are quarterly averages, with liquid assets component of the ratio an average of each month of the current quarter and the last month of the preceding peak years, the net inflow of saving to quarter. mutual savings banks was above the levels of 1959-60. The nonbank public's holdings INTEREST RATES of short-term U. S. Government securities rose only slightly during the year. Interest rates were remarkably stable last year for a period of rising economic Although holdings of money and other activity. liquid assets taken together rose substan- Short-term rates fluctuated in a narrow tially in 1961, the total holdings constituted range from mid-1960 through 1961, after a declining percentage of gross national having declined rapidly in the first 6 months product after the early months of the year, of 1960. The narrowness of the range reas they normally do in periods of economic flected, among other influences, the efforts recovery. For the year as a whole, liquid asof the Federal Reserve, and also the sets were larger in relation to gross national Treasury, to minimize downward pressures product than they were in 1960. on short-term rates in order to help dis- With economic activity rising and with courage outflows of liquid funds, while the public's continuing strong preference providing adequate reserves for credit and for time deposits and similar assets, the monetary expansion. money supply was used more intensively in During most of the latter part of 1961, 1961. Turnover of demand deposits during when demands for short-term funds were most of the year was higher than in 1960; rising, the availability of an increased supply in the last quarter it was about 4 per cent of bank reserves helped to keep short-term higher than a year earlier. After declining rates near earlier levels. But as demands during the 1930's and World War II, the became more active, these rates did rise turnover rate has generally risen since 1946. toward the close of 1961 by somewhat Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 Long-term interest rates declined in 1960 INTEREST RATES and early 1961 but remained well above the low levels reached in the 1958 recession. The average yield on long-term U. S. Gov- FINANCE COMPANY; ;>i; ernment securities reached its low for the PAPER / rtf year in May, as purchases for the Federal .R. DISCOUNT RATE Reserve open market account and Treasury NEW YORK trust accounts contributed to ease in capital market conditions. Rates on corporate and State and local government securities TREASURY BILLS MARKET YIEID meanwhile had reached yearly lows in the late winter. Long-term rates rose somewhat in the spring and summer of 1961 in response to the bulge in capital market financing, but increases over the year were not so large as they had been during the 1958 economic upswing. In general, the moderateness of interest V.^ STATE AND IOCAL Aoo rate movements in 1961 and early 1962, in face of increasing credit demands, was in- 1958 1960 1962 fluenced by the large volume of consumers' financial saving, the absence of inflationary NOTE.—Weekly averages of daily figures: for sales finance company paper, based on rates published by finance companies expectations, and the ready availability of for varying maturities in the 90-179 day range; market yield on 3-month Treasury bills; corporate Aaa and State and local bank credit. It was also no doubt partly a government Aaa bonds from Moody's Investors Service; U. S Government bonds, based on bonds maturing or callable in 10 years or more. Latest figures shown, Feb. 9. sequel to the moderate and, as compared more than they usually do at that season. with 1957-58, less precipitate declines in They continued to rise in the first 10 days rates during the recession. In the second of 1962, and then showed little change on period there have been few speculative presbalance through mid-February, a period in sures on either the down or up side of rate which rates usually decline. movements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Interest Rates on Time Deposits, Mid-January 19>6 2 FOLLOWING THE INCREASE in the maxi- rate of interest paid on regular savings acmum permissible rates of interest payable counts. More than four-fifths of this number, by member banks on savings accounts and or 40 per cent of all member banks, raised other time deposits effective January 1 their rates above the previous ceiling of 3 ? 1962, the Board of Governors asked the per cent, and most of the remainder raised Reserve Banks to make a survey of the rates to the 3 per cent level. Of those banks maximum rates in effect as of mid-January that adopted rates above 3 per cent, about 1962 on such deposits at a sample of mem- half chose the new 4 per cent ceiling rate ber banks.1 The sample included all banks for deposits held for a year or more, and with total deposits of $50 million and over the rest generally established a 3Vi per cent and 10 per cent of all other banks selected rate. Most banks that did not raise rates were at random, or a total of 1,016 banks. Data already paying 3 per cent. for small banks were expanded so as to pro- Both the proportion of banks raising vide estimates for all member banks. rates on savings accounts and the proportion This article summarizes the results of the increasing their maximum rate to 4 per cent survey. The first part relates to changes in varied directly with the size of bank, as rates on regular, or passbook, savings ac- shown in Table 1. Nearly all of the largest counts. The second relates to changes in institutions (total deposits of $500 million other time deposits—including certificates and over) had increased their rates by midof deposit; time deposits, open account; and January, and about half were paying 4 per other special accounts. cent. In contrast, less than half of the small banks (deposits of less than $10 million) SAVINGS DEPOSITS had raised rates, and only about 20 per cent of all small banks were paying 4 per cent. Savings deposits constitute the bulk of time There were wide geographic differences deposits at member banks. In late 1961 dein the proportion of banks raising rates on posits in savings accounts represented threesavings deposits. This may be due in part to fourths of all time and savings deposits, and the sizable variations from one area to annearly all member banks had some deposits other in the proportion of small versus large in savings accounts. banks and possibly to differences in the During the first half of January about half extent and intensity of competition for savof all member banks increased the maximum ings from other financial institutions. Among !For detailed information concerning current maxi- Federal Reserve districts the proportion of mum rates of interest payable on time and savings banks raising rates varied from about onedeposits by member banks, see Supplement to Regulafifth in the Cleveland District to nearly all tion Q, BULLETIN for December 1961, p. 1404. NOTE.—This article was prepared by Caroline H. in the San Francisco District. Cagle of the Board's Division of Research and Statistics. Most Reserve districts had an appreciable 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 number of banks paying rates as high as had maximum rates of 2 per cent or less, or 4 per cent. In the New York, Dallas, and and nearly two-fifths of the banks in the San Francisco Districts, which had the high- St. Louis District had such rates. est proportion of banks raising rates, more Banks paying maximum rates of 3Vi or than three-fourths of the banks had raised 4 per cent on savings deposits in mid-Janumaximum rates to 3Vi or 4 per cent. Even in ary held the bulk of all time and savings districts with smaller proportions of rate deposits. Table 2 shows that they accounted increases, an appreciable percentage of for nearly three-quarters of the total.2 banks generally had raised rates to these 2 The proportion of all savings deposits that will levels. The principal exception was the earn interest in 1962 at the maximum rates shown Minneapolis District, where few banks had in these tabulations cannot be determined from the survey. For example, the amount of deposits on raised rates above 3 per cent and none of which the 4 per cent rate will apply depends on the those in the sample had gone to 4 per cent. willingness of savings depositors to comply with the time period and other specifications set forth by the One-fifth of the banks in that District still individual bank for the paying of the maximum rate. TABLE 1 REGULAR SAVINGS DEPOSITS: MAXIMUM INTEREST RATES PAID BY MEMBER BANKS, MID-JANUARY 1962 1 [Percentage of number of banks in each specified group] Banks raising rate since December 1961 ]Banks not raising rate All Maximum rate2 Maximum rate2 Group member (per cent) (per cent) banks Total Total 4 3% or 3 less 3 or 2 less All member banks . . 100 49 21 20 8 51 37 2 12 Size of bank (total deposits, in millions of dollars) Under 5 100 42 16 16 10 58 37 2 19 5-10 100 49 22 19 8 51 37 4 10 10-50 100 56 25 25 6 44 36 1 7 50-100 100 64 31 28 5 36 31 2 3 100-500 100 63 28 33 2 37 34 1 2 500 and over • ... 100 83 49 34 17 17 Federal Reserve district Boston 100 45 36 9 55 45 1 9 New York . . 100 85 25 60 15 11 2 2 Philadelphia 100 37 6 2 29 63 57 4 2 Cleveland 100 20 11 3 6 80 65 4 11 100 49 14 32 3 51 41 1 9 Atlanta 100 62 34 28 38 33 2 3 100 39 10 21 8 61 42 1 18 St. Louis 100 32 9 19 4 68 23 6 39 Minneapolis 100 31 4 27 69 49 20 Kansas City . 100 61 36 16 9 39 29 10 Dallas 100 77 69 8 23 13 2 8 San Francisco 100 92 15 77 8 8 Ratio of savings and other time to total deposits Less than 20 100 51 33 14 4 49 19 5 25 20-30 100 56 27 21 8 44 36 1 7 30-40 100 49 25 18 6 51 39 2 10 40-50 100 50 17 25 8 50 38 3 9 50 and over 100 45 15 23 7 55 39 1 15 1 Based on information from all banks with total deposits of $50 2 In the few cases where a bank indicated a maximum rate in million or more and a 10 per cent random sample of banks with between those shown, the bank was included in the group paying total deposits of less than $50 million. Data from the latter banks the next higher rate. were expanded so as to provide estimates for all member banks. Tabulation excludes banks with no savings deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES ON TIME DEPOSITS 149 The proportion of such deposits in banks Table 1 shows that the proportion of banks paying 3 per cent was less than one-fourth, that raised rates was smaller for those with while the amount held in banks paying 2Vz the highest ratio of time to total deposits per cent or less was negligible. Many of the than it was for those with lower ratios. This banks that were still paying 3 per cent or less was especially true of the smaller banks. on savings are small banks. In some areas For banks with total deposits of $100 milthese banks held a large proportion of sav- lion and over the proportion raising rates ings and other time deposits. At banks with was greatest among banks with the highest total deposits of less than $50 million, those ratios of time to total deposits. The level to which rates on savings deposits were raised also varied with the bank's TABLE 2 ratio of time to total deposits. The percent- TIME AND SAVINGS DEPOSITS DISTRIBUTED BY MAXI- MUM RATE PAID ON SAVINGS DEPOSITS IN age of banks raising rates as high as 4 per MID-JANUARY 1962x cent was much smaller for banks with 40 [Distribution of dollar amount of total savings and other time deposits per cent or more of total deposits in time at banks in each size group] and savings than for banks with a ratio as Size of bank (total deposits, Maximum rate paid All in millions of dollars) low as 20 per cent. The difference was greatby each bank member on savings deposits2 banks est for small banks. For large banks, the Under 50 50 and over percentage raising rates to 4 per cent varied Total savings and other time deposits, only slightly with changes in the ratio of Sept. 27, 1961 (in millions of dollars) time to total deposits. 4 22,000 4,530 17,470 3 3 1 . A ...:::::::.:::.::: 2 1 4 5 5 , 5 2 7 2 0 0 4 7, , 6 3 5 4 0 0 2 7 0 , , 5 2 7 3 0 0 About one-third of the banks had estab- 760 530 230 lished a preferential rate on savings held 2 or less 2,190 1,930 260 for at least 12 months. For most of these TotaP 65,750 19,060 46,690 banks this rate was Vi of 1 percentage point Percentage distribution higher than the regular rate. Preferential 4 .. 34 24 37 rates were much more frequent among large 3 3 V2 3 2 7 3 2 4 3 0 4 1 3 6 than among small banks. 214 1 3 1 2 or less 3 10 1 TotaP 100 100 100 OTHER TIME DEPOSITS 1 See Table 1, note 1. 2 See Table 1, note 2. 3 Includes the amount of "other time" deposits held in banks Time deposits, other than savings, account that had no savings deposits. for less than one-fourth of all savings and time deposits at member banks as a group. paying 3 per cent or less on savings deposits Their importance varies from bank to bank, held more than half of all time and savings however, and in a few banks they are larger deposits in banks of that size class. By contrast, among larger banks, those with rates than savings deposits. as low as 3 per cent held a much smaller More banks raised rates on other time proportion of deposits. deposits than on regular savings accounts. The proportion of total deposits a bank Table 3 shows that by mid-January about held in the form of time and savings appears two-thirds of all member banks had raised to have influenced the decision on whether their rates on some form of other time deto raise rates on regular savings accounts. posits, and most of them had maximum rates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 of 4 per cent. Nearly all banks not raising ernments, foreign central banks, etc. Most of rates were paying 3 per cent. these holders are much more sensitive to Maximum rates on other time deposits rate considerations than individual savers. were generally higher than those on savings. A number of banks stated that they nego- Table 4 shows that about half of all mem- tiate the rate on other time deposits with ber banks had a higher maximum rate on each depositor and that only a few deposiother time than on savings deposits, whereas tors receive the maximum rate. By selective relatively few banks paid a higher rate on rate increases on other time deposits, banks savings than on other time deposits. While are able to compete for the more sensitive most banks with a rate of 4 per cent on types of deposits without incurring the large savings paid the same rate on other time costs associated with raising rates on regular deposits, nearly all banks paying 2Vi per savings deposits, which form the bulk of all cent or less on savings had a higher rate on time and savings deposits at most banks. other time deposits. Banks in some areas have announced The higher rates paid on other time de- interest rates of 4 per cent for special savings posits may reflect in part the fact that these certificates of specified denominations held deposits are held by a diverse group—in- for 12 months or more or for other types cluding corporations, State and local gov- of special accounts in which the depositor TABLE 3 OTHER TIME DEPOSITS: MAXIMUM INTEREST RATES PAID BY MEMBER BANKS, MID-JANUARY 1962 1 [Percentage of number of banks in each specified group] Banks raising rate since December 1961 Banks not raising rate All Maximum rate2 Maximum rate2 Group member (per cent) (per cent) banks Total Total 3 2 or less or less All member banks 100 68 57 32 25 Size of bank (total deposits, in millions of dollars) Under 5 100 69 60 7 31 24 5-10 100 59 52 3 41 32 10-50 100 72 57 12 28 26 50-100 100 76 62 12 24 18 100-500 100 76 53 22 24 21 500 and over 100 98 67 31 2 2 Federal Reserve district: Boston 100 48 29 8 11 52 26 1 25 New York 100 65 28 37 35 27 5 3 Philadelphia 100 49 26 11 12 51 45 6 Cleveland 100 40 35 5 60 60 Richmond 100 44 28 15 1 56 43 11 2 Atlanta 100 83 3 14 11 3 Chicago 100 66 63 1 2 34 27 2 5 St. Louis. 100 75 73 2 25 25 Minneapolis 100 93 85 8 7 7 Kansas City 100 83 78 5 17 11 6 Dallas 100 75 64 9 25 12 3 10 San Francisco 100 84 55 29 16 10 6 1 Excludes banks that had no other time deposits. See Table 1, negotiated rate and the maximum shown here may apply to relatively note 1, for sample coverage. few depositors. 2 See Table 1, note 2. The rate on other time deposits is often a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES ON TIME DEPOSITS 151 contracts to hold the funds on deposit for deposits appear to reflect principally the at least a year. This makes it possible for relative proportions of small and mediumholders of regular savings accounts who wish size banks and of large banks in different to obtain the higher rate to transfer funds to areas. these special accounts. Rates applicable to these forms of deposits have been included TABLE 4 in the accompanying tables with rates on RELATION OF MAXIMUM INTEREST RATES ON REGULAR other time deposits. SAVINGS DEPOSITS AND ON OTHER TIME DEPOSITS, MID-JANUARY 19621 Nearly all of the largest banks that raised [Percentage of number of banks in each category] their rates on other time deposits also raised Relation of rate on other time their rates on savings deposits. However, a Maximum rate on All to rate on regular savings deposits regular savings member substantial proportion of these banks did deposits2 (per cent) banks Higher Same Lower not raise the rate on other time deposits 4 100 87 13 above V/i per cent. On the other hand, among the small and medium-size banks, 3i/2 100 65 24 11 3 100 50 47 3 more raised rates on other deposits than on 2i/2 100 81 19 savings deposits, and most of those raising 2 or less 100 88 12 rates pushed the rates on other time deposits All rate groupings. 100 49 45 6 to the 4 per cent maximum. The geographic 1 Excludes banks that had no savings and/or other time deposits. differences in rates paid on other time See 2 T Se a e b l T e a 1 b , l e n o 1 t , e n 1 o , t e fo 2 r . sample coverage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31 WILLIAM D. IRELAND Chairman of the Executive Committee, State Street Bank and Trust Company, Boston, Mass. 1962 ARTHUR F. MAXWELL President, The First National Bank of Biddeford, Maine 1963 WILLIAM M. LOCKWOOD President, The Howard National Bank and Trust Company, Burlington, Vt. 1964 Class B: MILTON P. HIGGINS Chairman of the Board, Norton Company, Worcester, Mass. 1962 WILLIAM R. ROBBINS Vice President and Controller, United Aircraft Corporation, East Hartford, Conn. 1963 EUGENE B. WHITTEMORE President and Treasurer, The Morley Company, Portsmouth, N. H. 1964 Class C: NILS Y. WESSELL 1 President, Tufts University, Medford, Mass. 1962 WILLIAM WEBSTER President, New England Electric System, Boston, Mass. 1963 ERWIN D. CANHAM 2 Editor, The Christian Science Monitor, Boston, Mass, 1964 1 Chairman. 2 Deputy Chairman. 152 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 153 District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires Class A: Dec. 31 CESAR J. BERTHEAU Chairman of the Board, Peoples Trust Company of Bergen County, Hackensack, N. J. 1962 A. LEONARD MOTT President, The First National Bank of Moravia, N. Y. 1963 GEORGE CHAMPION Chairman of the Board, The Chase Manhattan Bank, New York, N. Y. 1964 Class B: KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1962 ALBERT L. NICKERSON Chairman of the Board, Socony Mobil Oil Company, Inc., New York, N. Y. 1963 B. EARL PUCKETT Chairman of the Board, Allied Stores Corporation, New York, N. Y. 1964 Class C.- PHILIP D. REED 1 Formerly Chairman of the Board, General Electric Company, New York, N. Y. 1962 EVERETT N. CASE President, Colgate University, Hamilton, N. Y. 1963 JAMES DECAMP WISE 2 Formerly Chairman of the Board, Bigelow-Sanford, Inc., Frenchtown, N. J. 1964 BUFFALO BRANCH Appointed by Federal Reserve Bank: HOWARD N. DONOVAN President, Bank of Jamestown, N. Y. 1962 FRANCIS A. SMITH President, The Marine Trust Company of Western New York, Buffalo, N. Y. 1963 ANSON F. SHERMAN President, The Citizens Central Bank, Arcade, N. Y. 1964 ELMER B. MILLIMAN President, Central Trust Company Rochester N. Y. 1964 Appointed by Board of Governors: RAYMOND E. OLSON1 President, Taylor Instrument Companies, Rochester, N. Y. 1962 THOMAS E. LAMONT Farmer, Albion, N. Y. 1963 WHITWORTH FERGUSON President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1964 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: FREDERIC A. POTTS President, The Philadelphia National Bank, Philadelphia, Pa. 1962 J. MILTON FEATHERER Executive Vice President and Trust Officer, The Penn's Grove National Bank and Trust Company, Penns Grove, N. J. 1963 EUGENE T. GRAMLEY President, Milton Bank and Safe Deposit Company, Milton, Pa. 1964 Class B: R. RUSSELL PIPPIN Treasurer, E. I. du Pont de Nemours and Company, Wilmington, Del. 1962 LEONARD P. POOL President, Air Products and Chemicals, Inc., Allentown, Pa. 1963 FRANK R. PALMER Chairman of the Board, The Carpenter Steel Company, Reading, Pa. 1964 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term expires Class C: Dec. 31 DAVID C. BEVAN 2 Vice President, Finance, The Pennsylvania Railroad Company, Philadelphia, Pa. 1962 WALTER E. HOADLEY 1 Vice President and Treasurer, Armstrong Cork Company, Lancaster, Pa. 1963 WILLIS J. WINN Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1964 District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: FRANCIS H. BEAM Chairman of the Board, The National City Bank of Cleveland, Ohio 1962 PAUL A. WARNER President, The Oberlin Savings Bank Company, Oberlin, Ohio 1963 C. N. SUTTON President, The Richland Trust Company, Mansfield, Ohio 1964 Class B: W. CORDES SNYDER, JR. Chairman of the Board and President, Blaw-Knox Company, Pittsburgh, Pa. 1962 EDWIN J. THOMAS Chairman of the Board and Chief Executive Officer, The Goodyear Tire & Rubber Company, Akron, Ohio 1963 DAVID A. MEEKER President, The Hobart Manufacturing Company, Troy, Ohio 1964 Class C.- JOSEPH H. THOMPSON 2 Chairman of the Board, The Hanna Mining Company, Cleveland, Ohio 1962 AUBREY J. BROWN Professor of Agricultural Marketing and Head of Department of Agricultural Economics, University of Kentucky, Lexington, Ky. 1963 JOSEPH B. HALL1 President, The Kroger Co., Cincinnati, Ohio 1964 CINCINNATI BRANCH Appointed by Federal Reserve Bank: LEROY M. MILES President, First Security National Bank and Trust Company of Lexington, Ky. 1962 LOGAN T. JOHNSTON President, Armco Steel Corporation, Middletown, Ohio 1963 H. W. GILLAUGH President, The Third National Bank and Trust Company of Dayton, Ohio 1963 G. CARLTON HILL Chairman of the Board and President, The Fifth Third Union Trust Company, Cincinnati, Ohio 1964 Appointed by Board of Governors: HOWARD E. WHITAKER 1 Chairman of the Board, The Mead Corporation, Dayton, Ohio 1962 WALTER C. LANGSAM President, University of Cincinnati, Cincinnati, Ohio 1963 BARNEY A. TUCKER Manager, American Agricultural Chemical Company, London, Ky. 1964 1 Chairman. - Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 155 DISTRICT 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued PITTSBURGH BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 SAMUEL R. EVANS President and Trust Officer, Windber Trust Company, Windber, Pa. 1962 CHAS. J. HEIMBERGER President, The First National Bank of Erie, Pa. 1963 S. L. DRUMM President, West Penn Power Company, Greensburg, Pa. 1963 JAMES B. GRIEVES President, Commonwealth Bank and Trust Company, Pittsburgh, Pa. 1964 Appointed by Board of Governors: F. L. BYROM President, Koppers Company, Inc., Pittsburgh, Pa. 1962 G. L. BACH Maurice Falk Professor of Economics and Social Science, Carnegie Institute of Technology, Pittsburgh, Pa. 1963 WILLIAM A. STEELE 1 Chairman of the Board and President, Wheeling Steel Corporation, Wheeling, W. Va. 1964 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: H. H. COOLEY President, The Round Hill National Bank, Round Hill, Va. 1962 ADDISON H. REESE President, North Carolina National Bank, Charlotte, N. C. 1963 J. MCKENNY WILLIS, JR. President, The Easton National Bank of Maryland, Easton, Md. 1964 Class B: R. E. SALVATI Chairman of the Board, Island Creek Coal Company, Huntington, W. Va. 1962 ROBERT E. L. JOHNSON Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. 1963 ROBERT R. COKER President, Coker's Pedigreed Seed Company, Hartsville, S. C. 1964 Class C: ALONZO G. DECKER, JR. J President, The Black & Decker Manufacturing Company, Towson, Md. 1962 WILLIAM H. GRIER President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1963 EDWIN HYDE2 President, Miller & Rhoads, Inc., Richmond, Va. 1964 BALTIMORE BRANCH Appointed by Federal Reserve Bank: JAMES W. MCELROY Director, First National Bank of Baltimore, Md. 1962 J. N. SHUMATE President, The Farmers National Bank of Annapolis, Md. 1963 HARVEY E. EMMART Senior Vice President and Cashier, Maryland National Bank, Baltimore, Md. 1964 MARTIN PIRIBEK Executive Vice President, The First National Bank of Morgantown, W. Va. 1964 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued BALTIMORE BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 GORDON M. CAIRNS 1 Dean of Agriculture, University of Maryland, College Park, Md. 1962 HARRY B. CUMMINGS Vice President & General Manager, Metal Products Division, Koppers Company, Inc., Baltimore, Md. 1963 LEONARD C. CREWE, JR. President and Treasurer, Maryland Fine & Specialty Wire Company, Inc., Cockeysville, Md. 1964 CHARLOTTE BRANCH Appointed by Federal Reserve Bank: G. HAROLD MYRICK Executive Vice President and Trust Officer, First National Bank of Lincolnton, N. C. 1962 W. W. MCEACHERN President, The South Carolina National Bank, Greenville, S. C. 1963 JOE H. ROBINSON Senior Vice President, Wachovia Bank and Trust Company, Charlotte, N. C. 1964 WALLACE W. BRAWLEY President, The Commercial National Bank of Spartanburg, S. C. 1964 Appointed by Board of Governors: J. C. COWAN, JR. Vice Chairman of the Board, Burlington Industries, Inc., Greensboro, N. C. 1962 GEORGE H. AULL 1 Agricultural Economist, Clemson College, Clemson, S. C. 1963 CLARENCE P. STREET President, McDevitt & Street Company, Charlotte, N. C. 1964 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: M. M. KIMBREL Chairman of the Board, First National Bank, Thomson, Ga. 1962 GEORGE S. CRAFT President, Trust Company of Georgia, Atlanta, Ga. 1963 D. C. WADSWORTH, SR. President, The American National Bank, Gadsden, Ala. 1964 Class B: MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1962 W. MAXEY JARMAN Chairman, Genesco, Inc., Nashville, Tenn. 1963 JAMES H. CROW, JR. Vice President, The Chemstrand Corporation, Decatur, Ala. 1964 Class C: J. M. CHEATHAM President, Dundee Mills, Incorporated, Griffin, Ga. 1962 H. G. CHALKLEY, JR. 2 President, The Sweet Lake Land & Oil Company, Lake Charles, La. 1963 JACK TARVER 1 President, Atlanta Newspapers, Inc., Atlanta, Ga. 1964 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 157 District 6—FEDERAL RESERVE BANK OF ATLANTA— Continued BIRMINGHAM BRANCH Term expires Dec. 31 Appointed by Federal Reserve Bank: R. J. MURPHY Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Ala. 1962 FRANK A. PLUMMER Chairman of the Board and President, Birmingham Trust National Bank, Birmingham, Ala. 1963 JOHN H. NEILL, JR. President, Union Bank & Trust Co., Montgomery, Ala. 1964 W. H. MITCHELL President, The First National Bank of Florence, Ala. 1964 Appointed by Board of Governors: JACK W. WARNER 1 Chairman of the Board and President, Gulf States Paper Corporation, Tuscaloosa, Ala. 1962 SELDEN SHEFFIELD Cattleman, Greensboro, Ala. 1963 HENRY KING STANFORD President, Birmingham Southern College, Birmingham, Ala. 1964 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: LEONARD A. USINA Chairman of the Board, Peoples National Bank of Miami Shores, Fla. 1962 GODFREY SMITH President, Capital City National Bank of Tallahassee, Fla. 1963 J. T. LANE Chairman of the Board, The Atlantic National Bank, Jacksonville, Fla. 1964 HARRY FAGAN President, First National Bank in Fort Myers, Fla. 1964 Appointed by Board of Governors: CLAUDE J. YATES 1 Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1962 J. OLLIE EDMUNDS President, Stetson University, DeLand, Fla. 1963 HARRY T. VAUGHN President, United States Sugar Corporation, Clewiston, Fla. 1964 NASHVILLE BRANCH Appointed by Federal Reserve Bank: D. L. EARNEST President, The Blount National Bank of Maryville, Tenn. 1962 D. W. JOHNSTON Executive Vice President, Third National Bank in Nashville, Tenn. 1963 TRAVIS HITT President, Farmers National Bank, Winchester, Tenn. 1964 HARRY M. NACEY, JR. President, Hamilton National Bank, Knoxville, Tenn. 1964 Appointed by Board of Governors: ANDREW D. HOLT President, University of Tennessee, Knoxville, Tenn. 1962 W. N. KRAUTH President and General Manager, Colonial Baking Company of Nashville, Tenn. 1963 V. S. JOHNSON, JR. 1 Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn, 1964 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN - FEBRUARY 1962 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term NEW ORLEANS BRANCH ^ Tr Dec. 31 Appointed by Federal Reserve Bank: FRANK A. GALLAUGHER President, Jeff Davis Bank & Trust Company, Jennings, La. 1962 GILES W. PATTY President, First National Bank, Meridian, Miss. 1963 LEWIS GOTTLIEB Chairman of the Board, City National Bank, Baton Rouge, La. 1964 JOHN OULLIBER President, The National Bank of Commerce in New Orleans, La. 1964 Appointed by Board of Governors: J. O. EMMERICH Editor, Enterprise Journal, McComb, Miss. 1962 FRANK A. GODCHAUX, Vice President, Louisiana State Rice Milling Company, Inc., Ill i Abbeville, La. 1963 KENNETH R. GIDDENS President, WKRG-TV, Inc., Mobile, Ala. 1964 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: VIVIAN W. JOHNSON Chairman of the Board, First National Bank, Cedar Falls, Iowa 1962 DAVID M. KENNEDY Chairman of the Board, Continental Illinois National Bank and Trust Company of Chicago, 111. 1963 JOHN H. CROCKER Chairman of the Board, The Citizens National Bank of Decatur, 111. 1964 Class B: WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1962 G. F. LANGENOHL Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis. 1963 WILLIAM E. RUTZ Director, Giddings & Lewis Machine Tool Company, Fond du Lac, Wis. 1964 Class C.- JAMES H. HILTON 2 President, Iowa State University of Science and Technology, Ames, Iowa 1962 JOHN W. SHELDON President, Chas. A. Stevens & Co., Chicago, 111. 1963 ROBERT P. BRIGGS X Executive Vice President, Consumers Power Company, Jackson, Mich. 1964 DETROIT BRANCH Appointed by Federal Reserve Bank: C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1962 WILLIAM A. MAYBERRY Chairman of the Board, Manufacturers National Bank of Detroit, Mich. 1963 FRANKLIN H. MOORE President, The Commercial and Savings Bank, St. Clair, Mich. 1963 DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Mich. 1964 Appointed by Board of Governors: J. THOMAS SMITH X President, Dura Corporation, Oak Park, Mich. 1962 CARL A. GERSTACKER Chairman of the Board, The Dow Chemical Company, Midland, Mich. 1963 JAMES WILLIAM MILLER President, Western Michigan University, Kalamazoo, Mich. 1964 1 Chairman. s Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 159 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Term expires Class A: Dec. 31 KENTON R. CRAVENS Chairman of the Board, Mercantile Trust Company, St. Louis, Mo. 1962 H. LEE COOPER President, Ohio Valley National Bank of Henderson, Ky. 1963 ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, 111. 1964 Class B: HAROLD O. MCCUTCHAN Executive Vice President, Mead Johnson & Company, Evansville, Ind. 1962 EDGAR M. QUEENY Chairman of the Finance Committee and member of Board of Directors, Monsanto Chemical Company, St. Louis, Mo. 1963 RAYMOND REBSAMEN Chairman of the Board, Rebsamen & East, Inc., Little Rock, Ark. 1964 Class C: PIERRE B. MCBRIDE l President, Porcelain Metals Corporation, Louisville, Ky. 1962 JESSE D. WOOTEN Executive Vice President, Mid-South Chemical Corporation, Memphis, Tenn. 1963 J. H. LONGWELL 2 Director, Special Studies and Programs, College of Agriculture, University of Missouri, Columbia, Mo. 1964 LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: H. C. ADAMS Executive Vice President, The First National Bank of De Witt, Ark. 1962 J. W. BELLAMY President, National Bank of Commerce of Pine Bluff, Ark. 1963 R. M. LAGRONE, JR. President, The Citizens National Bank of Hope, Ark, 1963 Ross E. ANDERSON President, The Commercial National Bank of Little Rock, Ark. 1964 Appointed by Board of Governors: T. WINFRED BELL President, Bush-Caldwell Company, Little Rock, Ark. 1962 FREDERICK P. BLANKS1 Planter, Parkdale, Ark. 1963 WALDO E. TILLER President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1964 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: MERLE E. ROBERTSON Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Ky. 1962 RAY A. BARRETT President, The State Bank of Salem, Ind. 1963 JOHN G. RUSSELL President, The Peoples First National Bank & Trust Company of Paducah, Ky. 1963 JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Ind. 1964 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN ' FEBRUARY 1962 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LOUISVILLE BRANCH—continued Term expires Appointed by Board of Governors: Dec. 31 WILLIAM H. HARRISON President, Taylor Drug Stores, Inc., Louisville, Ky. 1962 PHILIP DAVIDSON 1 President, University of Louisville, Louisville, Ky. 1963 RICHARD T. SMITH Farmer, Madisonville, Ky. 1964 MEMPHIS BRANCH Appointed by Federal Reserve Bank: CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Miss. 1962 JOHN E. BROWN President, Union Planters National Bank of Memphis, Tenn. 1963 SIMPSON RUSSELL Chairman of the Board, The National Bank of Commerce of Jackson, Tenn. 1963 LEON C. CASTLING President, First National Bank at Marianna, Ark. 1964 Appointed by Board of Governors: WILLIAM KING SELF1 President, Riverside Industries, Marks, Miss. 1962 EDWARD B. LEMASTER President, Edward LeMaster Company, Inc., Memphis, Tenn. 1963 FRANK LEE WESSON President, Wesson Farms, Inc., Victoria, Ark. 1964 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: HAROLD N. THOMSON Vice President, Farmers & Merchants Bank, Presho, S. D. 1962 HAROLD C. REFLING Cashier, First National Bank in Bottineau, N. D. 1963 ROLLIN O. BISHOP Chairman of the Board, The American National Bank of Saint Paul, Minn. 1964 Class B: ALEXANDER WARDEN Publisher, Great Falls Tribune-Leader, Great Falls, Mont. 1962 RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1963 T. G. HARRISON Chairman of the Board, Super Valu Stores, Inc., Minneapolis, Minn. 1964 Class C: ATHERTON BEAN 1 President, International Milling Company, Minneapolis, Minn. 1962 JUDSON BEMIS 2 President, Bemis Bro. Bag Co., Minneapolis, Minn. 1963 JOHN H. WARDEN President, Upper Peninsula Power Company, Houghton, Mich. 1964 HELENA BRANCH Appointed by Federal Reserve Bank: ROY G. MONROE Chairman of the Board and President, The First State Bank of Malta, Mont. 1962 HARALD E. OLSSON President, Ronan State Bank, Ronan, Mont. 1962 O. M. JORGENSON Chairman of the Board, Security Trust and Savings Bank, Billings, Mont. 1963 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 161 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued HELENA BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 HARRY K. NEWBURN X President, Montana State University, Missoula, Mont. 1962 JOHN M. OTTEN Farmer and rancher, Lewistown, Mont. 1963 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: BURTON L. LOHMULLER President, The First National Bank of Centralia, Kans. 1962 HAROLD KOUNTZE Chairman of the Board, The Colorado National Bank of Denver, Colo. 1963 W. S. KENNEDY President and Chairman of the Board, The First National Bank of Junction City, Kans. 1964 Class B: K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla. 1962 MAX A. MILLER Livestock rancher, Omaha, Nebr. 1963 ROBERT A. OLSON President, Kansas City Power & Light Company, Kansas City, Mo. 1964 Class C.- OLIVER S. WILLHAM 2 President, Oklahoma State University, Stillwater, Okla. 1962 HOMER A. SCOTT X Vice President and District Manager, Peter Kiewit Sons' Company, Sheridan, Wyo. 1963 DOLPH SIMONS Editor and Publisher, Lawrence Daily Journal-World, Lawrence, Kans. 1964 DENVER BRANCH Appointed by Federal Reserve Bank: J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colo. 1962 CALE W. CARSON President, First National Bank in Albuquerque, N. Mex. 1962 EUGENE H. ADAMS President, The First National Bank of Denver, Colo. 1963 Appointed by Board of Governors: R. A. BURGHART Ingle Land and Cattle Company, Colorado Springs, Colo. 1962 ROBERT T. PERSON X President, Public Service Company of Colorado, Denver, Colo. 1963 OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: R. L. KELSAY Chairman of the Board and President, The First National Bank in Hobart, Okla. 1962 C. L. PRIDDY President, The National Bank of McAlester, Okla. 1962 C. P. STUART Chairman of the Board, The Fidelity National Bank & Trust Company, Oklahoma City, Okla. 1963 Appointed by Board of Governors: OTTO C. BARBY Attorney and rancher, Beaver, Okla. 1962 JAMES E. ALLISON 1 President, Warren Petroleum Corporation, Tulsa, Okla. 1963 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN * FEBRUARY 1962 DISTRICT 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term OMAHA BRANCH exptes Appointed by Federal Reserve Bank: Dec. 31 JOHN F. DAVIS President, First National Bank, Omaha, Nebr. 1962 R. E. BARTON President, The Wyoming National Bank of Casper, Wyo. 1963 HENRY D. KOSMAN Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebr. 1963 Appointed by Board of Governors: CLIFFORD MORRIS HARDIN 1 Chancellor, The University of Nebraska, Lincoln, Nebr. 1962 JOHN T. HARRIS Merchant and cattleman, McCook, Nebr. 1963 District 11—FEDERAL RESERVE BANK OF DALLAS Class A: JOHN M. GRIFFITH President, The City National Bank of Taylor, Tex. 1962 ROY RIDDEL President, First National Bank at Lubbock, Tex. 1963 J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1964 Class B: J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1962 D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1963 H. B. ZACHRY President and Chairman of the Board, H. B. Zachry Co., San Antonio, Tex. 1964 Class C.- ROBERT O. ANDERSON X President, Hondo Oil & Gas Company, Roswell, N. Mex. 1962 MORGAN J. DAVIS Chairman of the Board, Humble Oil & Refining Company, Houston, Tex. 1963 LAMAR FLEMING, JR. 2 Member, Board of Directors, Anderson, Clayton & Co., Inc., Houston, Tex. 1964 EL PASO BRANCH Appointed by Federal Reserve Bank: CHAS. B. PERRY President, First State Bank, Odessa, Tex. 1962 FLOYD CHILDRESS Vice Chairman of the Board, The First National Bank of Roswell, N. Mex. 1963 DICK ROGERS President, First National Bank in Alpine, Tex. 1963 JOSEPH F. IRVIN President, Southwest National Bank of El Paso, Tex. 1964 Appointed by Board of Governors: ROGER B. CORBETT X President, New Mexico State University, University Park, N. Mex. 1962 WILLIAM R. MATHEWS Editor and Publisher, The Arizona Daily Star, Tucson, Ariz. 1963 DYSART E. HOLCOMB Director of Research, El Paso Natural Gas Products Company, El Paso, Tex. 1964 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 163 DISTRICT 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1962 J. A. ELKINS, JR. President, First City National Bank of Houston, Tex. 1963 JOHN E. GRAY President, First Security National Bank of Beaumont, Tex. 1963 J. W. MCLEAN President, Texas National Bank of Houston, Tex. 1964 Appointed by Board of Governors: A. E. CUDLIPP 1 Vice President and Director, Lufkin Foundry & Machine Company, Lufkin, Tex. 1962 MAX LEVINE President, Foley's, Houston, Tex. 1963 EDGAR H. HUDGINS Co-Owner, J. D. Hudgins Partnership (Ranching), Hungerford, Tex. 1964 SAN ANTONIO BRANCH Appointed by Federal Reserve Bank: DWIGHT D. TAYLOR President, Pan American State Bank, Brownsville, Tex. 1962 DONALD D. JAMES Vice President, The Austin National Bank, Austin, Tex. 1963 FORREST M. SMITH President, National Bank of Commerce of San Antonio, Tex. 1963 MAX A. MANDEL President, The Laredo National Bank, Laredo, Tex. 1964 Appointed by Board of Governors: JOHN R. STOCKTON X Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Tex. 1962 G. C. HAGELSTEIN President and General Manager, Union Stock Yards, San Antonio, Tex. 1963 HAROLD D. HERNDON Independent Oil Operator, San Antonio, Tex. 1964 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: M. VILAS HUBBARD President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Calif. 1962 CARROLL F. BYRD Chairman of the Board and President, The First National Bank of Willows, Calif. 1963 CHARLES F. FRANKLAND President, The Pacific National Bank of Seattle, Wash. 1964 Class B: N. LOYALL MCLAREN Partner, Haskins & Sells, San Francisco, Calif. 1962 JOSEPH ROSENBLATT President, The Eimco Corporation, Salt Lake City, Utah 1963 WALTER S. JOHNSON Chairman of the Board, American Forest Products Corporation, San Francisco, Calif. 1964 Class C: F. B. WHITMAN 1 President, The Western Pacific Railroad Company, San Francisco, Calif. 1962 JOHN D. FREDERICKS President, Pacific Clay Products, Los Angeles, Calif. 1963 (Vacancy) 1964 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 DISTRICT 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued LOS ANGELES BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 DOUGLAS SHIVELY President, Citizens State Bank of Santa Paula, Calif. 1962 ROY A. BRITT President, Citizens National Bank, Los Angeles, Calif. 1962 RALPH V. ARNOLD President, First National Bank of Ontario, Calif. 1963 Appointed by Board of Governors: S. ALFRED HALGREN X Vice President and Director, Carnation Company, Los Angeles, Calif. 1962 ROBERT J. CANNON President, Cannon Electric Company, Los Angeles, Calif. 1963 PORTLAND BRANCH Appointed by Federal Reserve Bank: D. S. BAKER President, The Baker-Boyer National Bank, Walla Walla, Wash. 1962 E. M. FLOHR President, The First National Bank of Wallace, Idaho 1962 C. B. STEPHENSON Chairman of the Board, The First National Bank of Oregon, Portland, Ore. 1963 Appointed by Board of Governors: RAYMOND R. RETER Reter Fruit Company, Medford, Ore. 1962 GRAHAM J. BARBEY X President, Barbey Packing Corporation, Astoria, Ore. 1963 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: J. E. BRINTON President, The First National Bank of Ely, Nev. 1962 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1962 OSCAR HILLER President, Butte County Bank, Arco, Idaho 1963 Appointed by Board of Governors: THOMAS B. ROWLAND Manager, Co-Owner, Rowland Bros. Dairy, Pocatello, Idaho 1962 HOWARD W. PRICE X Executive Vice President, The Salt Lake Hardware Co., Salt Lake City, Utah 1963 SEATTLE BRANCH Appointed by Federal Reserve Bank: CHAS. H. PARKS Executive Vice President, Seattle-First National Bank, Spokane and Eastern Division, Spokane, Wash. 1962 M. F. HASTINGS President, The First National Bank of Ferndale, Wash. 1962 JOSHUA GREEN, JR. Chairman of the Board, Peoples National Bank of Washington, Seattle, Wash. 1963 Appointed by Board of Governors: LYMAN J. BUNTING President, Artificial Ice & Fuel Company, Yakima, Wash. 1962 HENRY N. ANDERSON 1 President, Twin Harbors Lumber Company, Aberdeen, Wash. 1963 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Orders Under Bank Merger Act STATEMENT The Board of Governors of the Federal Reserve The Hackensack Trust Company, Hackensack, System has issued the following Orders and State- New Jersey ("Hackensack Trust"), has applied, ments with respect to applications for approval of pursuant to Section 18(c) of the Federal Deposit the merger, consolidation, or assumption of lia- Insurance Act, for the Board's approval of the bilities of certain banks: merger of that bank with The Bank of Saddle Brook & Lodi, Saddle Brook, New Jersey ("Saddle THE HACKENSACK TRUST COMPANY Brook Bank"). Under the Agreement of Merger, the Banks would merge under the charter and title In the matter of the application of The Hackenof Hackensack Trust; and the main office and sack Trust Company for approval of merger with single branch of Saddle Brook Bank would be- The Bank of Saddle Brook & Lodi. come branches of the resulting bank. ORDER APPROVING MERGER OF BANKS Under the law, the Board is required to consider There has come before the Board of Governors, (1) the financial history and condition of each of pursuant to Section 18(c) of the Federal Deposit the banks involved, (2) the adequacy of its capital Insurance Act (12 U.S.C. 1828(c)), an applica- structure, (3) its future earnings prospects, (4) tion by The Hackensack Trust Company, Hacken- the general character of its management, (5) sack, New Jersey, for the Board's prior approval whether its corporate powers are consistent with of the merger of The Bank of Saddle Brook & the purposes of the Federal Deposit Insurance Lodi, Saddle Brook, New Jersey, with and into Act, (6) the convenience and needs of the com- The Hackensack Trust Company, under the munity to be served, and (7) the effect of the charter and title of the latter. transaction on competition (including any tend- Pursuant to said Section 18(c), notice of the ency toward monopoly). The Board may not approposed merger, in form approved by the Board prove the transaction unless, after considering all of Governors, has been published, and reports on these factors, it finds the transaction to be in the the competitive factors involved in the proposed public interest. transaction have been furnished by the Comp- For convenience, the first five of these factors troller of the Currency, the Federal Deposit In- may be considered together as "banking factors." surance Corporation, and the Department of Jus- The sixth and seventh factors are considered septice and have been considered by the Board. arately. IT IS ORDERED, for the reasons set forth in the Banking factors. The financial history and con- Board's Statement of this date, that said merger dition of Hackensack Trust are regarded as genbe, and hereby is, approved provided that said erally satisfactory, and this should hold true also merger shall not be consummated (a) sooner than for the resulting bank, although the capital strucseven calendar days after the date of this Order or ture of the resulting bank will continue to reflect (b) later than three months after said date. a need for some strengthening. The Saddle Brook Dated at Washington, D. C, this 17th day of Bank, which opened for business in November January, 1962. 1958, has enjoyed unusually rapid growth, but has By order of the Board of Governors. not been able to reconcile basic management dif- Voting for this action: Unanimous, with all members ferences which must be settled if the bank is to present. serve the community satisfactorily and provide (Signed) MERRITT SHERMAN, adequate incentive to its stockholders. Hackensack Secretary. Trust is competently operated, and it appears that the resulting bank would have competent, unified [SEAL] 165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 management and that this would remedy the prin- renewal loans, and other commercial and personal cipal problem faced to date by the Saddle Brook financing and banking services. Therefore, the con- Bank. The prospects for earnings of Hackensack venience and needs of the Saddle Brook and Lodi Trust are favorable and this same prospect would communities would be served by the proposed apply to the resulting bank. There is no evidence merger. that the corporate powers of the banks are or Competition. The proposed merger would inwould be inconsistent with the Federal Deposit In- crease Hackensack Trust's $46.7 million of IPC surance Act. deposits (deposits of individuals, partnerships, and Consideration of the banking factors, therefore, corporations) from about 6 to 7 per cent of the lends substantial support for approval of the country's IPC deposits, but would not change its merger. position as the fourth largest bank in the county. Convenience and needs of the communities to The resulting bank would continue to be substanbe served. Hackensack Trust's main office is in tially smaller than the two larger banks with offices Hackensack (population: 30,500), the county seat in the Hackensack area (with IPC deposits of of Bergen County, in northeastern New Jersey, $140.3 million and $97.8 million). Saddle Brook near New York City. The bank maintains one in- Bank now has $8.5 million in IPC deposits. town branch and another branch in South Hacken- Only nominal percentages of each merging sack; other approved or proposed branches are at bank's deposits and loans originate in the service three locations outside the Saddle Brook—Lodi area of the other, and only three depositors and areas. Hackensack is located about six miles east one borrower do business with both banks. Alof Paterson (population: 143,600), the largest though the offices of the merging banks are city in Passaic county. In view of the banking fagrouped in a relatively small area, most of Saddle cilities available in the Hackensack area, it appears Brook Bank's competition appears to be from that the effect of the proposed merger on the conbanking offices of other commercial banks located venience and needs of this area would be of no in the communities separating the service area of significance. Hackensack Trust and Saddle Brook Bank. Banks The township of Saddle Brook (population: 14,in other neighboring communities significantly 000) is located midway between Hackensack and closer to Saddle Brook Bank than offices of Hack- Paterson. The township is a mixed residential and ensack Trust provide additional competition. industrial community which has experienced sub- Within a radius of about 1.5 miles of each of stantial growth in recent years, and prospects for the 5 offices of the merging banks, there are 19 further growth are favorable. The main office of offices of 11 other commercial banks. In view of Saddle Brook Bank is the only commercial bankthis dense concentration of banking offices, the ing office in the township, although several offices merger probably would not unfavorably affect of other banks are located in surrounding comcompetition, but would tend to enhance competimunities. As indicated by its rapid growth, Saddle tion through the extension of the operations of Brook Bank has filled a public need in the town- Hackensack Trust into the Saddle Brook area. ship. With improved management and resulting Summary and conclusion. It appears that the benefits, there is every reason to believe that this Saddle Brook area will experience substantial growth will continue. growth and increased business activity. The ca- Lodi (population: 23,500), contiguous to Saddle Brook on the South, is served by an office of a pacity of Hackensack Trust to supply experienced large commercial bank in addition to the branch management and broader banking services will of Saddle Brook Bank. This community has re- benefit the residents of that area. There is praccently launched a program of urban renewal which tically no overlapping of the primary service areas offers fair prospects for municipal growth. of Saddle Brook Bank and Hackensack Trust, and The resulting bank would make available in the competition that would be eliminated by the Saddle Brook and Lodi the broader range of serv- merger would not be significant. In fact the entry ices now offered by Hackensack Trust but not of- of Hackensack Trust into the Saddle Brook—Lodi fered by Saddle Brook Bank. Among these are area would result in increased competition since fiduciary services, FHA mortgage loans, urban that bank would then be able to compete more Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 167 effectively with the offices of other banks operat- the Federal Deposit Insurance Act, for the Board's ing in and near that area. approval of the merger of that bank and the Bank For these reasons the Board finds that the pro- of Delevan, Delevan, New York ("Delevan posed merger would be in the public interest. Bank"), with total deposits of $3.4 million. Under the Plan of Merger, the banks would merge under THE CITIZENS CENTRAL BANK the charter and title of Arcade; and the single office of Delevan would become a branch of Ar- In the matter of the application of The Citizens cade, the total banking offices of which would be Central Bank, Arcade, New York, for approval of thereby increased from 3 to 4. merger with Bank of Delevan, Delevan, New The application was made to remedy a situa- York. tion, requiring expeditious action, arising from a ORDER APPROVING MERGER OF BANKS "check-kiting" incident that depleted Delevan Bank's capital structure of about $300,000 by an There has come before the Board of Governors, amount estimated in excess of $200,000. Therepursuant to Section 18(c) of the Federal Deposit fore, as indicated in the Board's Order of approval Insurance Act (12 U.S.C. 1828(c)), an applicaof this date, action on the application has been tion by The Citizens Central Bank, Arcade, New expedited. York, for the Board's prior approval of the merger Under the law, the Board is required to conof the Bank of Delevan, Delevan, New York, with sider (1) the financial history and condition of and into The Citizens Central Bank under the each of the banks involved, (2) the adequacy of charter and title of the latter. its capital structure, (3) its future earnings pros- Notice of proposed merger, in form approved pects, (4) the general character of its manageby the Board of Governors, has been published, ment, (5) whether its corporate powers are conand the reports on the competitive factors insistent with the purposes of the Federal Deposit volved in the proposed transaction have been fur- Insurance Act, (6) the convenience and needs of nished by the Comptroller of the Currency, the the community to be served, and (7) the effect of Federal Deposit Insurance Corporation, and the the transaction on competition (including any Department of Justice, pursuant to the provisions tendency toward monopoly). The Board may not of Section 18(c) prescribing ten calendar days as approve the transaction unless, after considering the period for such notice and the furnishing of all these factors, it finds the transaction to be in such reports when an emergency exists requiring the public interest. expeditious action. The reports so furnished to the For convenience, the first five of these factors Board have been considered by it. may be considered together as "banking factors." IT IS ORDERED, for the reasons set forth in the The sixth and seventh factors are considered Board's Statement of this date, that said merger be separately. and hereby is approved, provided that said merger Banking Factors. The financial history and conshall be consummated not later than three months dition of Arcade Bank are satisfactory, although after the date of this Order. its earnings are only fair because a large propor- Dated at Washington, D. C, this 24th day of tion of its deposits are time deposits. Arcade January, 1962. Bank's capital structure is adequate, and its man- By order of the Board of Governors. agement is considered to be competent. These at- Voting for this action: Chairman Martin, and Gov- tributes would appear to hold true generally for ernors Balderston, Mills, Robertson, King, and Mit- the continuing bank, which would operate under chell. Absent and not voting: Governor Shepardson. Arcade's management, and the capital of which (Signed) MERRITT SHERMAN, would seem reasonably adequate in the circum- Secretary. stances. Delevan Bank has had a favorable growth [SEAL] in deposits and, until the recent adversity, its con- STATEMENT dition and earnings were regarded as fairly satisfactory. There is no evidence that the corporate The Citizens Central Bank, Arcade, New York powers of the banks are or would be inconsistent ("Arcade Bank"), with total deposits of $12.7 with the Federal Deposit Insurance Act. million, has applied, pursuant to Section 18(c) of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 Consideration of the banking factors and the for approval of acquisition of assets of The Louisa special circumstances strongly support approval County National Bank of Columbus Junction, of the merger. Iowa. Convenience and needs of the communities to be served. Arcade (population: 1,930) is located ORDER APPROVING ACQUISITION OF BANK about 45 miles southeast of Buffalo and six miles ASSETS northeast of Delevan, in a growing area with There has come before the Board of Governors, a population of about 13,000, chiefly agricultural pursuant to Section 18(c) of the Federal Deposit but with several small local industries. Applicant Insurance Act (12 U.S.C. 1828(c)), an applicais the only financial institution in the town and tion by Columbus Junction State Bank, Columbus handles almost all of the local banking business. Junction, Iowa, for the Board's prior approval of Applicant's present two branches, one at Silver the acquisition by Columbus Junction State Bank Springs (population: 700) and one at Rushford of the assets of The Louisa County National Bank (population: 1,000), are, respectively, 25 miles of Columbus Junction, Iowa, and the assumption northeast and 16 miles southeast of the town of of the liabilities of the latter Bank. Delevan and are the only banking offices in these Pursuant to said Section 18(c), notice of the essentially rural communities. proposed acquisition of assets and assumption of Delevan (population: 800) is in an agricultural liabilities, in form approved by the Board of Govtrade area of some 3,000 persons. Delevan Bank ernors, has been published and reports on the is the only banking office in the community; and competitive factors involved in the proposed transthe bank's increase of 172 per cent in deposits atcion have been furnished by the Comptroller of and 207 per cent in loans during the past 10 years the Currency, the Federal Deposit Insurance Corindicates a need for banking facilities in the area. poration, and the Department of Justice and have While having little impact in the Arcade area, the been considered by the Board. proposed merger not only would assure continuance of banking facilities in Delevan but also IT IS ORDERED, for the reasons set forth in the Board's Statement of this date, that said applicawould provide the Delevan area with an office tion be and hereby is granted and the proposed of a substantially larger and more competently acquisition of assets and assumption of liabilities managed institution. be and hereby are approved, provided that said Competition. Significant competition appears to acquisiton and assumption shall not be consumexist between Arcade Bank and Delevan Bank. mated (a) sooner than seven calendar days after Applicant is by far the largest of the 7 banks with the date of this Order or (b) later than three facilities located from 12 to 25 miles from either months after said date. Arcade or Delevan. The proposed merger would Dated at Washington, D. C, this 24th day of enhance the competitive position of the appli- January, 1962. cant in the Arcade-Delevan area. However, it would not have a materially adverse competitive By order of the Board of Governors. effect on other banks in the larger area, in view of Voting for this action: Unanimous, with all members the distances between their offices and those of present. the continuing bank. (Signed) MERRITT SHERMAN, Summary and conclusion. The proposed merger Secretary. will permit continuance of a banking office clearly [SEAL] essential to a small rural community. Any adverse effects of the merger on other competing banks STATEMENT would appear to be negligible. Columbus Junction State Bank, Columbus Junc- For these reasons the Board finds that the pro- tion, Iowa ("State Bank"), with total deposits of posed merger would be in the public interest. $3.5 million, has applied, pursuant to Section 18(c) of the Federal Deposit Insurance Act, for COLUMBUS JUNCTION STATE BANK the Board's approval of the acquisition by State In the matter of the application of Columbus Bank of the assets of The Louisa County National Junction State Bank, Columbus Junction, Iowa, Bank of Columbus Junction, Iowa ("National Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 169 Bank"), with total deposits of $1.6 million, and 1,000 population located in the agricultural region its assumption of the deposit liabilities of National of southeastern Iowa. The immediate trade area Bank. State Bank, which operates no branches, includes an additional 3,500 persons. National would maintain its present office and National Bank has done little to meet the borrowing needs Bank's only office would be closed. of the area, as is indicated by its small volume Under the law, the Board is required to con- of loans (only about 16 per cent of total assets) sider (1) the financial history and condition of and its apparent failure actively to compete with each of the banks involved, (2) the adequacy of State Bank. In fact, there is evidence that this its capital structure, (3) its future earnings pros- small community may well be more soundly and pects, (4) the general character of its manage- adequately served by the resulting bank, alone, ment, (5) whether its corporate powers are con- particularly as the major banking need seems to sistent with the purposes of the Federal Deposit originate from the adjacent farm areas with access Insurance Act, (6) the convenience and needs of to other towns and other banks. Finally, it is the community to be served, and (7) the effect of indicated that the resulting bank's progressive the transaction on competition (including any management would utilize the additional loanable tendency toward monopoly. The Board may not funds which it would acquire to expand its operaapprove the transaction unless, after considering tions. all these factors, it finds the transaction to be in Competition. Both banks to a large extent serve the public interest. the same area; from 90 to 95 per cent of their For convenience, the first five of these factors deposits and loans originate in the same area and may be considered together as "banking factors." the banks have 150 common customers. The The sixth and seventh factors are considered sep- evidence indicates, however, that there is no strong arately. competitive situation between the two banks. Both Banking factors. The financial history and con- have for years charged the same rates on loans dition of State Bank are considered satisfactory. and services and have paid the same interest on Its capital structure is strong; its management is time deposits. National Bank's small loan portfolio competent; and its earnings have been and should suggests that it has functioned largely as a deposicontinue to be favorable, especially with the use tory for its customers' funds. of the additional loanable funds that would be Well over half of each bank's loans either are acquired from National Bank. made to farmers or are secured by farm real National Bank's condition shows a strong capi- estate. This business, derived from outside the tal account, but a low earnings record due to its town of Columbus Junction, has access to 10 small volume of loans and relatively large invest- other banking institutions in six other towns loment in government securities. Prospects for im- cated from 9 to 21 miles from Columbus Junction. provement are limited by a very conservative and Among these are two much larger banks in Musnonaggressive management policy which has failed catine, Iowa, a larger community 21 miles from to respond to competition from State Bank; and Columbus Junction. These facilities, easily reached low earnings, resulting in inability to attract the from the farm areas from which the Columbus personnel necessary to improve management, adds Junction banks draw their major business, appear to National Bank's difficulties. Consummation of to provide more vigorous competition to State the proposal would provide a solution for these Bank than does National Bank. The positive beneproblems of management and lending policy, and fits to the community would more than offset such thereby assure more serviceable banking facilities existing competion as would be eliminated by this for the community. There is no evidence that the proposed acquisition. corporate powers of the banks are or would be Summary and conclusion. Although only one inconsistent with the Federal Deposit Insurance rather than two banks will exist in Columbus Junc- Act. tion after the acquisition, the small community as Consideration of the banking factors, therefore, well as the larger surrounding farm area apparlends substantial support to this application. ently will be adequately served by the remaining Convenience and needs of the community to be State Bank and the numerous banks in other served. Columbus Junction is a town of about nearby communities. Competition between the en- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 larged State Bank and two larger banks 21 miles By order of the Board of Governors. distant may well be enhanced as a result of the Voting for this action: Chairman Martin, and Govacquisition. ernors Balderston, Robertson, Shepardson, King, and Mitchell. Absent and not voting: Governor Mills. Moreover, the proposed acquisition of National Bank by State Bank would solve National Bank's (Signed) MERRITT SHERMAN, problem of obtaining competent management. Secretary. The more aggressive State Bank would obtain ad- [SEAL] ditional loanable funds which National Bank has STATEMENT been unable or unwilling to utilize effectively, and therefore earnings prospects should be improved Springfield Safe Deposit and Trust Company, and the needs of the community better met. Springfield, Massachusetts ("Safe Deposit"), with For these reasons the Board finds that the pro- total deposits of $34.6 million, has applied, purposed acquisition of assets and assumption of suant to Section 18(c) of the Federal Deposit Inliabilities would be in the public interest. surance Act, for the Board's prior approval of its consolidation with Hadley Falls Trust Company, SPRINGFIFXD SAFE DEPOSIT AND TRUST Holyoke, Massachusetts ("Hadley"), with total COMPANY deposits of $32.9 million. Under the Agreement and Plan of Consolidation, the banks would con- In the matter of the application of Springfield solidate under the charter of Safe Deposit, the Safe Deposit and Trust Company, Springfield, title of which would become Safe Deposit Bank Massachusetts, for approval of consolidation with and Trust Company; and the present head office Hadley Falls Trust Company, Holyoke, Massaand six branches of Hadley would become chusetts. branches of the resulting bank, the total authorized ORDER APPROVING CONSOLIDATION OF BANKS banking offices of which would be thereby in- There has come before the Board of Gover- creased from 5 to 12. nors, pursuant to Section 18(c) of the Federal Under the law, the Board is required to con- Deposit Insurance Act (12 U.S.C. 1828(c)), an sider (1) the financial history and condition of application for the Board's prior approval of the each of the banks involved, (2) the adequacy of consolidation of Springfield Safe Deposit and its capital structure, (3) its future earnings pros- Trust Company, Springfield, Massachusetts, with pects, (4) the general character of its manage- Hadley Falls Trust Company, Holyoke, Massachu- ment, (5) whether or not its corporate powers setts, under the charter of the former, the title of are consistent with the purposes of the Federal which will be changed to Safe Deposit Bank and Deposit Insurance Act, (6) the convenience and Trust Company. needs of the community to be served, and (7) the Pursuant to said Section 18(c), notice of the effect of the transaction on competition (includproposed consolidation in a form approved by ing any tendency toward monopoly). The Board the Board of Governors has been published, and may not approve the transaction unless, after conreports on the competitive factors involved in the sidering all these factors, it finds the transaction proposed transaction have been furnished by the to be in the public interest. Comptroller of the Currency, the Federal Deposit For convenience, the first five factors may be Insurance Corporation, and the Department of considered together as "banking factors". The Justice, and have been considered by the Board. sixth and seventh factors are considered separately. IT IS ORDERED, for the reasons set forth in the Banking factors. Safe Deposit has a strong capi- Board's Statement of this date, that said consolida- tal structure and good earnings prospects; and its tion be, and hereby is, approved, provided that history, condition, and management are satisfacsaid consolidation shall not be consummated (a) tory. The same should hold true generally for the sooner than seven calendar days after the date of resulting bank. Hadley's condition is fair, and its this Order or (b) later than three months after earnings have been satisfactory; but its capital said date. structure has not attained the desired level, and Dated at Washington, D. C, this 2d day of the recent death of its president has created some February, 1962. problem of successor management. A balancing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 171 of the liberal policies of Hadley with the less covering Holyoke and the northern part of the liberal policies of Safe Deposit should be advanta- area. Although slight overlapping is present, less geous to the resulting bank. None of the corporate than two per cent of Safe Deposit's demand IPC powers of the banks involved is or would be in- (individual, partnership, and corporation) deconsistent with the Federal Deposit Insurance Act. posits originate in the Holyoke area and only Consideration of the banking factors, therefore, about four per cent of Holyoke's demand IPC delends support to the application. posits originate in Springfield. Similar figures ap- Convenience and needs of the communities to ply to loans and savings accounts. be served. Safe Deposit is situated in Springfield, Safe Deposit, with $32 million IPC deposits, Massachusetts (population 174,500), 90 miles and Hadley, with $29 million IPC deposits are, west of Boston. Hadley is located in Holyoke respectively, the third and fourth largest commer- (population 52,700), which is 9 miles north cial banks in their combined service areas. The of Springfield. The Springfield-Chicopee-Holyoke resulting bank would still be third largest but, due Standard Metropolitan Area (as defined by the to its greater size, able to compete more effectively United States Bureau of the Census) is the center with the two larger commercial banks now operof commerce and industry in western Massachu- ating primarily in the Springfield area. Furthersetts, and economic prospects for the area appear more, intense competition is furnished by savings favorable. banks; in the Springfield area five such banks hold The combined service areas of the two banks, about 57 per cent of IPC deposits and, in Holyoke, which cover somewhat less than the Standard Hadley competes with six savings banks, three of Metropolitan Area, are well accommodated by a which are considerably larger than Hadley. The number of commercial banking facilities, mutual resulting bank would hold but 8 per cent of the savings banks and other savings institutions. area deposits; and, in view of the large number Nevertheless, the community will benefit from the of financial institutions in the combined area, inhigher loan limit of the resulting bank, which will cluding commercial, savings, and cooperative be thereby enabled to compete more effectively in banks, approval of the proposal would not diminsupplying the needs of the larger local firms. The ish the vigor of competition in the area. Three consolidation may be expected to result in im- other commercial banks in Springfield, three proved banking services throughout the area now others in Holyoke, and two newly chartered banks served by the two banks. within the metropolitan area should be able to compete effectively after the proposed consolida- Competition. Safe Deposit currently operates 3 tion. branches, i.e., a drive-in branch near the bank's main office in Springfield, and branches 4 miles Summary and conclusion. The resulting bank's southeast and 17 miles east of Springfield. Another capital structure will show improvement over the office, 2 miles south, has been authorized but is current capital position of Hadley, and continuing not yet in operation. Hadley operates 6 branches experienced management will be assured by conin addition to its main office in Holyoke. Three solidation of the banks. Although slight overlapof the offices are from one-half to 4 miles east ping is present, each of the two banks essentially of the main office, one is 1 mile west, and two serves different sections of the metropolitan area. are 4 and 5 miles southeast. The shortest distance For this reason and because of the intense combetween an office of Safe Deposit and an office petition from other banks and financial instituof Hadley is about 5 miles, but offices of other tions in the area, the vigor of competition should commercial banks and savings institutions are lo- not be adversely affected by the consolidation. cated between all offices of Safe Deposit and On the contrary, competition between the result- Hadley. ing bank and two larger banks in the area should The two banks appear to serve separate areas be increased. within the metropolitan area, with Safe Deposit Accordingly, the Board finds that the proposed covering the east and south sections and Hadley consolidation would be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements REAPPOINTMENT OF GEORGE W. MITCHELL and third quarters of 1961 are correct as shown AS A MEMBER OF THE BOARD in the BULLETIN for January 1962. Mr. George W. Mitchell of Illinois, whose service as a member of the Board of Governors, under BANKING AND MONETARY STATISTICS appointment for the term ending January 31, The annual banking and monetary statistics on 1962, began on August 31, 1961, was nominated pp. 238-44 of this BULLETIN are complete except by the President on January 16, 1962, for the for reserves and borrowings of member banks, term of 14 years from February 1, 1962. The which will be included in the BULLETIN for March. nomination was confirmed without objection by the Senate on January 29, and Mr. Mitchell took ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM the oath of office on February 2, 1962. The following bank was admitted to Membership in the Federal Reserve System during the period APPOINTMENT OF DIRECTOR January 16, 1961 to February 15, 1961: On February 1, 1962, the Federal Reserve Bank Indiana of San Francisco announced the appointment of Russiaville. .Russiaville State Bank Douglas Shively, of Santa Paula, California, as a director of the Los Angeles Branch of the Federal TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY Reserve Bank of San Francisco, for the unexpired portion of a term ending December 31, 1962. Latest BULLETIN Reference Mr. Shively is President, Citizens State Bank of Annually Issue Page Santa Paula. As a director of the Los Angeles Bank holding companies: List of, Dec. 31, 1960 June 1961 723 Branch he succeeds Robert S. Beasley, formerly Banking offices and deposits of group banks, Dec. 31, 1961 June 1961 722 Chairman of the Board, The Beverly Hills Na- Banking and monetary statistics, 1961.. fij^ }?>62 ^38-44 tional Bank & Trust Company, Beverly Hills, Banks and branches, number of, by class and State Apr. 1961 486-87 California, who resigned. Earnings and expenses: Federal Reserve Banks Feb. 1962 234-35 Member banks: Calendar year May 1961 604-12 ERRATA IN FLOW-OF-FUNDS TABLES First half of year Nov. 1960 1294 Operating ratios May 1961 613-15 Quarterly flow-of-funds data for State and local Insured commercial banks May 1961 616 Stock Exchange firms, detailed debit and governments shown on page 103 of the BULLETIN credit balances Sept. 1961 1106 for January 1962 are incorrect. Columns intended Semiannually to include data for the period beginning with the Banking offices: Analysis of changes in number of.... Feb. 1962 236 third quarter of 1959 and ending with the first On, and not on, Federal Reserve Par List, number of Feb. 1962 237 quarter of 1961 actually contain the data for the second quarter of 1959 through the fourth quarter Quarterly Cash receipts from and payments to the of 1960. Data for the first quarter of 1961 were public Nov. 1961 1358 Flow of funds Jan. 1962 98-105 omitted; these data may be found in the BULLETIN Selected assets and liabilities of Federal for October 1961, page 1247. Data for the second business-type activities Feb. 1962 245 172 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 15 Industrial production declined somewhat in put of commercial equipment and farm equipment. January. Nonagricultural employment, personal in- Among materials iron and steel production come, and retail sales edged down. Construction increased further in January and output of busiactivity was maintained at an advanced level. The ness fuel and power was maintained. Output of unemployment rate declined. The average money construction materials, original equipment auto supply declined somewhat more than seasonally and truck parts, and some other materials declined. while time deposits at commercial banks rose sharply. CONSTRUCTION INDUSTRIAL PRODUCTION The value of new construction activity was little changed in January, at a seasonally adjusted Industrial production in January was 114 per annual rate of $60 billion, and was 7 per cent cent of the 1957 average—one point below the above a year earlier. Private construction activity record December level. Output of both final rose moderately in January to a new high, products and materials was down a little in reflecting increases in both residential and other January. building. Public construction, which had risen Auto assemblies declined 10 per cent in sharply in November and declined in December January from the near record December rate and owing to fluctuations in military facilities and were more nearly in line with the improved rate highway activity, changed little in January. of dealer sales. Output of some other consumer goods, including television, was reduced slightly, while production of staples was maintained at EMPLOYMENT advanced levels. In business equipment industries Seasonally adjusted employment in nonfarm there were reductions in output of industrial maestablishments was down slightly in January to chinery and trucks and some other transportation 54.4 million. Among manufacturing industries equipment, offset only in part by increases in outincreases in primary metals and electrical machinery were more than offset by a moderate decline in transportation equipment and small decreases INDUSTRIAL PRODUCTION 1957 = 100 in most other lines. Average hours of work also were down. Employment declined further in con- PRODUCTS y^* struction, reflecting in part unusually severe weather in some areas of the country during the reporting period, but rose in retail trade and in government. The seasonally adjusted unemployment rate declined from 6.0 per cent in December to 5.8 per cent in January. M N A O N N U D FA U C R T A U B R LE E S j /* j* _ — CO G N O S O U D M S E R *Y A ~~ DISTRIBUTION \ / DURABLE **' r V- / " ' ; Retail sales declined 1 per cent in January - \ ^'MANUFACTURES - _ V and were 2 per cent below the record November 1 1 I 1 1 rate. Sales at durable goods stores decreased 2 I 1 1 1 1 per cent, although sales of autos increased; non- Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for January. durable goods sales were about unchanged. 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 COMMODITY PRICES were supplied principally through currency inflow and were absorbed through decreases in gold The wholesale commodity price index was sta- stock, float, and Federal Reserve holdings of ble in January and early February and remained U. S. Government securities. Excess reserves inslightly below the level of a year earlier. Since the creased and member bank borrowings declined. beginning of the year steel scrap prices have declined somewhat, after increasing substantially SECURITY MARKETS in December, and lead has been reduced. Prices of fuel oils have increased seasonally and some Yields on all maturities of Government securipaper products have been advanced. Prices of ties and on State and local government bonds most other industrial materials and products have declined on balance between mid-January and remained stable. mid-February while those on corporate bonds changed little. Corporate security financing to obtain new capital was in moderate volume while BANK CREDIT AND RESERVES State and local government financing was very Total commercial bank credit, which had in- large. creased sharply in December, declined somewhat In a Treasury refunding in early February, inin January. Net credit expansion over the two vestors converted $11.3 billion of maturing months was larger than usual. J_.oans declined in securities into two new issues—a one year certifi- January, reflecting mainly repayments of tempo- cate yielding V/i per cent and a AV2 -year note rary year-end borrowing by businesses, security yielding 4 per cent. Private investors acquired $3.4 dealers, and finance companies. Holdings of U. S. billion of the new certificate and $2.9 billion of Government securities increased. The seasonally the new note. Only $448 million or 4 per cent of adjusted average money supply declined somewhat maturing issues were not exchanged. in January following a substantial rise after late Common stock prices declined further in late summer. Time deposits rose sharply further. January but subsequently recovered to about the Total reserves and required reserves of member mid-January level. The volume of trading rebanks declined somewhat in January. Reserves mained large. RETAIL TRADE 1947 - 49 = 100 Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics Indexes. Monthly figures; latest based on Department of Commerce data. Monthly figures; shown: December for consumer prices, and January for wholelatest for stocks is December, for other series, January. sale prices. 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. 176 Reserve Bank discount rates; margin requirements; reserve requirements 180 Federal Reserve Banks . 181 Currency in circulation, money supply; bank debits 184 All banks: consolidated statement of monetary system; deposits and currency 186 All banks, by classes 187 Commercial banks, by classes. 190 Weekly reporting member banks 192 Business loans. 195 Interest rates. . . . 196 Security prices; stock market credit; open market paper 197 Savings institutions 198 Federal finance. 200 Security issues. 205 Business finance. 207 Real estate credit. 209 Short- and intermediate-term consumer credit 212 Industrial production 216 Selected indexes on business activity. 222 Construction 222 Employment and earnings. 224 Department stores 226 Foreign trade 227 Wholesale and consumer prices. . . . 228 National product and income series. . 230 Flow of funds, saving, and investment. 232 Earnings and expenses of Federal Reserve Banks during 1961 234 Changes in number of banking offices in the United States. . 236 Banking offices on Federal Reserve par list and not on par list. 237 Banking and monetary statistics, 1961 . 238 Principal assets and liabilities of Federal business-type activities 245 Tables not published each month—list with latest Bulletin reference. 172 Index to statistical tables 269 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. 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 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 r a i r t o e d U To . t S a . l G B o o r o v i u g u t. g h t - h s t t ecu u r c a H r e n h i g t p e a d i r e l u e s e d s e e r r - - c v D o a a a n n u i d s c d n - - e ts s Floati To- s G to o c ld k T r s c o e u t i r a u n n u e r n g r y c t a - - d y s - - r c C t e c u i i n u i o n l r c a n r - y - - T h c i u o n r a e r l g s y d a h s s - - Tr u e w r a y i s t - h r F es . F e e i R o r g v r . n - e B s, a O n t k h s er i 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 r n u v i c d r n e - y s 3 Total ment Averages of daily figures 1929—June 179 179 978 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 665522 2!44,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 ,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—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 28,484 17,567 5,401 32,265 411 482 239 399 941 16,715 2,600 19,315 Feb 26,829 26,630 199 146 28,145 17,402 5,404 31,841 422 521 189 392 ,055 16,532 2,432 18,964 Mar 26,831 26,826 5 80 28,030 17,380 5,408 31,839 426 459 240 383 ,052 16,419 2,390 18,809 Apr. . 26,676 26,663 13 63 140 27,925 17,389 5,414 c31,914 408 422 207 316 987 16,474 2,410 18,884 May 26,747 26,722 25 101 119 28,007 17,397 5,425 32,011 420 463 205 293 ,017 16,420 2,436 18,856 June 26,935 26,927 8 66 ,26528,304 17,475 5,432 32,246 411 515 205 250 ,038 16,547 2,495 19,042 July 27,024 27,014 10 52 ,388 28,498 17,540 5,450 32,586 400 474 235 279 967 16,547 2,516 19,063 Aug 27,415 27,327 88 68 ,145 28,661 17,575 5,547 32,569 420 489 241 294 ,068 16,701 2,522 19,223 Sept.. 27,563 27,558 5 38 ,445 29,080 17,446 5,556 32,719 411 473 285 313 ,071 16,811 2,561 19,372 Oct 28,044 27,997 47 67 ,358 29,504 17,328 5,569 32,864 415 469 254 305 ,014 17,082 2,578 19,660 Nov 28,616 28,532 84 107 ,37730,142 17,180 5,583 33,255 414 483 258 244 ,068 17,183 2,649 19,832 29,098 29,061 37 152 ,92131,217 16,929 r5,587 '33,954 '422 514 229 244 ,112 17,259 2,859 20,118 Dec 1962 28,519 28,478 41 93 1,80730,468 16,852 5,588 33,290 441 417 234 288 1,042 17,195*2, ^20,081 Jan Week ending— 1960 Dec. 7. 27,421 27,421 1,057 28,594 17,974 5,391 32,722 413 473 253 474 1,066 16,558 2,358 18,916 14. 27,381 27,381 1, ,778 18,083 5,396 33,038 410 522 237 680 1,037 16,334 2,598 18,932 21. 27,034 27,010 24 2,15129,316 17,957 5,396 33,174 414 592 246 443 1,018 16,782 2,678 19,460 28. 27,074 26,946 128 2"1~50 29,336 17,882 5,398 33,195 401 522 260 391 1,019 16,828 2,619 19,447 1961 Jan. 4 27,375 26,984 391 184 1,789 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 1,350 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 1,408 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 1,523 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 1,131:27,853 17,441 5,402 31,776 422 510 227 393 951 16,417 2,546 18,963 8. 26,860 26,672 188 188 1,053 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 1,068 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 1.003 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 1,260 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 1.004 27,863 17,389 5,408 31,775 426 497 218 370 ,032 16,342 2,451 18,793 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 59 004 27,978 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 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 1,00327,914 17,390 5,422 31,968 420 396 204 304 961 16,474 2,280 18,754 17. 26,725 26,683 179 1,,223377 "2,8180 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 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 177 MEMBER BANK RESERVES, RESERVE BANE CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o r a i r t o e d U To . t S al . G B o o r o v i u g u t g . h t - h t s t ecu u r c a H r e n h g i p t e d a 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 Float 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 . e o i R r g r v n . - e B s, a O n t k h s er c O F o . a t u c h R - n e t r . s B F W . a n i R t k h . s re r s C c e a e o n n r u i v c d r n e y - s 3 Total ment Averages of daily figures Week ending— 1961 June 7.. 27,061 27,041 20 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 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 26,845 556 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 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 27,266 27,266 48 ' ~" 28,641 17,550 5,433 32,797 385 390 231 255 996 16,570 2,533 19,103 19!!!!!! 26,737 26,737 56 1,74828,575 17,547 5,437 32,634 392 605 218 274 946 16,491 2,584 19,075 26 26,731 26,720 50 1,; 4"7"6' 28,289 17,525 5,440 32,476 399 498 251 274 944 16,412 2,595 19,007 Aug. 2. 27,319 27,229 90 75 1,081 28,508 17,527 5,527 32,450 444 456 238 306 969 16,699 2,587 19,286 9...... 27,614 27,484 130 123 1,006 28,777 17,548 5,543 32,564 423 467 234 304 1,024 16,852 2,356 19,208 16 27,471 27,275 196 62 1,109 28,676 17,601 5,545 32,664 422 498 257 275 1,039 16,667 2,530 19,197 23 27,197 27,191 6 39 1,410 28,681 17,602 5,548 32,594 423 488 243 292 1,108 16,682 2,520 19,202 30 27,276 27,276 37 1,10128,447 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 ,111 16,712 2,402 19,114 27,803 27,803 28 186 29,052 17,451 5,553 32,836 414 469 275 319 ,088 16,655 2,543 19,198 20!!!!!! 27,330 27,320 10 45 843 29,251 17,451 5,554 32,775 413 566 282 313 ,048 16,861 2,612 19,473 27 27,200 27,197 3 29 723 28,986 17,451 5,560 32,612 414 436 296 320 ,049 16,871 2,648 19,519 Oct. 4. 27,834 27,823 11 36 1,,332 29',237 17,380 5,563 32,678 408 422 300 281 ,054 17,036 2,569 19,605 11...... 28,195 28,143 52 31 ,257 29',517 17,350 5,565 32,886 417 450 261 363 ,052 17,005 2,421 19,426 18 28,250 28,130 120 147 1^305 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 1,238 299,,4-04 17,302 5,576 32,802 410 491 241 303 990 17,045 2,706 19,751 8...... 28,495 28*466 29 93 1,130 299,,7'60 17,291 5,579 32,967 423 475 272 258 992 17,241 2,430 19,671 15 28,466 28,380 86 125 i;i86 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 ',743 30,465 17,190 5,585 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 1,279 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 1,36330,780 16,961 5,590 33,937 423 460 247 228 ,131 16,906 2,836 19,742 20...... 29,007 29,007 109 ; 31,401 16,920 5,588 34,072 424 600 215 219 ,102 17,277 2,957 20,234 27...... 28,893 28,845 48 218 2,526 31,685 16,889 5,584 34,171 421 511 207 238 ,106 17,506 2,842 20,348 1962 Jan. 3 28,931 28,720 211 356 2,355 31,695 16,889 5,586 33,919 429 441 290 297 1,053 17,740 3,062 20,802 10 28,784 28,717 67 79 2,059 30,972 16,883 5,587 33,661 434 380 240 261 1,043 17,421 2,871 20,292 17 28,520 28,501 19 1,870 30,529 16,839 5,586 33,386 440 435 232 292 1,040 17,130 '2,925#20,055 24 28,279 28,279 1,786 30,185 16,839 5,589 33,070 442 439 220 305 1,043 17,094 '2,876#19,970 28,310 28,310 1,227 29,678 16,832 5,590 32,792 451 424 213 296 1,042 16,882 '2,839#19,721 31 End of month 1961 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 Nov............ 28,881 28,722 159 130 2,300 31,362 16,889 5,585 33,918 422 465 279 320 1,044 17,387 2,864 20,251 Dec 1962 Jan. 28,532 28,532 129 906 29,612#16,815#5,584#32,764 #454 362 229 286 1,044 16,872 #3,014#19,886 Wednesday 1961 Dec. 6. 29,403 29,403 35 1,112 30,592 16,976 5,586 33,786 425 380 238 270 1,149 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 1,083 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 1,111 17,505 3,218 20,723 27... 29,040 28,793 247 552 2,249 31,891 16,890 5,585 34,180 425 264 237 267 1,109 17,884 3,330 21,214 1962 Jan. 3 28,933 28,749 184 258 2,41131,652 16,890 5,587 33,836 448 361 356 279 1,043 17,806 3,171 20,977 10 28,700 28,700 76 797 30,620 16,840 5,587 33,533 441 601 230 270 1,044 16,928 3,176 20*104 17 28,441 28,421 284 636 30,408 16,840 5,588 33,241 445 491 218 300 1,043 17,098 3,107 '20,205 24... 28,135 28,135 125 240 29,545 16,840 5,589 32,904 446 557 209 312 1,041 16,505#3,094 '19,599 31........28,532 28,532 129 906 29,612 16,815 5,584 32,764 454 362 229 286 1,044 16,872 '3,014'19,886 c Corrected. # Preliminary. r Revised. 3 Beginning with Nov. 24, 1960, all currency and coin held by member 1 Beginning with I960 reflect a minor change in concept of float. banks allowed as reserves; during the period Dec. 1, 1959-Nov. 23, I960, 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

178 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 e v e r - - e e s d 2 s E e x r r v c e- e e s s s 3 F r i . o n a w g R t s - . se F r r r 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 e v e r - e - e s d 2 s E e x r r v e c - e e s s s 3 F r i . o n a w g R t s - . se F r r r v e e - e e s 3 s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - - e e s d 2 s E e x r r v c e- e e s s s 3 F r i . o n a w g R t s - . se F r r r e v e - e e s3 Banks 4 Banks 4 Banks 4 1929—June 2,314 2,275 42 974 -932 762 755 174 -167 161 161 1 63 -62 1933—June...... 52,160 1,797 363 184 179 861 792 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 ,011 13 6 7 1950--Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 ,164 2 85 -83 ! 956—Dec 19,535 18,883 652 -36 4,448 4,392 57 147 -91 1,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 ,070 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 ,038 104 -104 I960—June 18,294 17,832 462 425 37 3,852 3,819 33 17 987 988 -1 58 -59 16 m I960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 958 953 10 -4 1961— F Ja e n b 1 1 8 9 , , 9 31 6 5 4 1 1 8 8 , , 3 5 1 7 0 0 7 6 4 5 5 4 1 4 3 9 7 6 51 9 7 6 3 3 , 56 6 9 3 3 2 3 3 , , 5 6 9 6 8 7 2 3 6 4 26 9 9 6 5 3 4 9 9 4 5 8 9 -29 Mar 18,809 18,263 546 70 476 3,623 3,613 10 26 946 936 1 Apr 18,884 18,266 618 56 562 3,649 3,588 62 9 923 927 -4 May 18,856 18,307 549 96 453 3,576 3,581 -5 60 953 945 5 June 19,042 18,430 612 63 549 3,698 3,658 40 -22 970 964 5 July 19,063 18,482 581 51 530 3,648 3,639 9 40 958 955 Aug 19,223 18,619 604 67 537 3,645 3,629 16 7 970 967 1 Sept, 19,372 18,783 589 37 552 3,686 3,681 6 7 966 963 2 Oct 19,660 19,153 507 65 442 3,733 3,716 16 2 983 985 -24 Nov 19,832 19,218 614 105 509 3,697 3,660 37 12 985 982 -13 Dec 20,118 19,545 573 149 424 3,834 3,826 7 14 987 987 -22 -50 1962—Jan 2*20,0812*19,475 70 2*536 2*3,811 2*3,763 2*48 2*987 2*982 p5 3 2>2 Week ending— 1961—Jan. 4... 19,944 18,930 1,014 176 838 3,840 3,821 19 71 -52 985 985 42 -42 11... 19,226 18,654 572 51 521 3,676 3,670 6 972 965 8 18... 19,292 18,500 792 35 757 3,625 3,611 15 15 948 945 3 1 2 25... 19,467 18,463 1,004 47 957 3,761 3,629 132 132 967 951 16 1 15 Aug. 2 19,286 18,809 477 75 402 3,739 3,747 12 -20 996 992 4 4 9... 19,208 18,651 557 123 434 3,683 3,660 23 21 2 971 971 5 c 16... 19,197 18,593 604 62 542 3,597 3,609 -12 6 -18 969 967 2 5 -3 23... 19,202 18,605 597 37 560 3,613 3,610 2 2 965 960 5 5 30... 19,160 18,566 594 37 557 3,607 3,594 13 2 11 965 962 2 2 Sept. 6... 19,114 18,573 541 57 484 3,673 3,622 51 51 957 958 -1 -1 13... 19.198 18,609 589 27 562 3,627 3,625 2 2 947 952 -5 -5 20... 19,473 18,906 567 44 523 3,744 3,738 6 12 -6 979 972 7 4 3 27... 19,519 18,862 657 27 630 3,713 3,686 26 3 23 962 960 2 1 1 Oct. 4... 19,605 19,121 484 34 450 3,794 3,768 26 1 24 985 982 3 3 11... 19,426 18,933 493 29 464 3,654 3,649 6 6 968 968 -5 18... 19,804 19,230 574 145 429 3,716 3,706 11 11 980 983 -81 25... 19,825 19,277 548 56 492 3,772 3,768 4 7 3 1,001 998 -13 Nov. 1... 19,751 19,208 543 74 469 3,737 3,720 17 16 1 991 -12 8... 19,671 19,198 473 91 382 3,680 3,662 18 18 993 987 -11 15... 19,741 19,153 588 122 466 3,644 3,626 18 43 -25 968 972 -17 22... 19,894 19,297 597 90 507 3,692 3,678 14 11 3 994 988 -10 29... 19,942 19,221 721 101 620 3,727 3,655 72 8 64 987 978 Dec. 6... 19,764 19,219 545 35 510 3,741 3,708 33 33 978 976 13... 19,742 19,176 566 40 526 3,750 3,709 41 41 950 950 20... 20,234 19,656 578 109 469 3,901 3,897 4 19 -16 997 995 -58 27... 20,348 19,788 560 216 344 3,891 3,870 21 86 -65 1,009 1,006 1 1962—Jan. 3... 20,802 20,076 726 341 385 4,002 4,003 -1 179 -180 1,026 1,025 -34 10... 20,292 19,682 610 64 546 3,887 3,823 64 64 1,003 998 5 17... 2*20,055*>19,449 2*606 69 2*537 3,733 3,730 3 2 973 976 -12 24... 2*19,9702*19,272 *>698 44 2*654 3,747 3,688 59 59 976 964 10 31... 2*19,7212*19,237 P484 60 2*424 3,745 3,709 36 36 972 971 -5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 179 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 * l es R re e s q e u rv ir e e s d 2 re E s x e c r e v s e s s3 B B in F o a . g r n r s R k o a s w . t 4 - res F e r r e v e es3 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 r e v s e s s3 B B i o n F a r . g r n s o R k w a s . ™ t '* res F e r r e v e es3 1929—June 761 749 12 409 —397 632 610 22 327 —305 1933_june 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941_Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947—Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 — 170 5,756 5,161 596 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 96 300 —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 1960—Dec 7,950 7,851 100 20 80 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 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 8,367 8,303 63 39 24 6,931 6,429 502 31 471 m 1962—Jan ^8,305 ^8,255 051 34 *>6,977 2>6,475 2>502 26 ^476 Week ending— 1961—Jan. 4 8,135 8,007 128 44 84 6,984 6,118 867 19 849 11 8,009 7,916 93 10 83 6,569 6,103 466 41 425 18 7,923 7,848 75 17 58 6,795 6,096 699 17 682 25 8,057 7,813 244 10 233 6,683 6,070 613 36 577 Aug. 2 7,967 7,931 35 20 15 6,585 6,140 445 38 407 9.... 7,927 7,885 42 31 10 6,627 6,135 491 66 425 16 7,919 7,873 46 13 33 6,712 6,144 568 38 531 23 7,963 7,890 73 2 71 6,661 6,144 517 35 480 30 7,919 7,868 51 4 47 6,671 6,142 528 30 499 Sept. 6 7,953 7,855 98 13 85 6,531 6,137 393 44 349 n::::::::::::: 7,896 7 854 42 12 30 6,727 6,178 549 15 534 20 8,001 7,972 30 15 15 6,749 6,225 524 13 511 27. 8,012 7,971 42 12 29 6,832 6,244 587 11 576 Oct. 4 8,127 8,066 61 10 50 6,699 6,304 395 23 372 11 8,068 8,023 45 12 33 6,736 6,294 441 11 430 18 8 216 8,191 25 32 —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 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 6,959 6,425 534 18 516 27 8,498 8,447 51 78 -27 6,951 6,465 486 51 435 1962 Jan 3 8,576 8,526 50 107 -57 7,197 6,522 676 21 655 10 8,431 8 356 75 35 40 6,971 6,505 466 29 437 17 8,307 8,266 41 40 1 2>7,044 *6,478 *566 18 »548 24 8 276 8 172 103 15 oo *>6,972 2>6,448 ^526 28 P498 31 8,138 8,109 29 23 6 *6,867 ^6,448 *418 33 *>385 n.a. Not available. *» Preliminary. 2 Based on deposits as of opening of business each day. Monthly i 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, $51 estimated. million in balances of unlicensed banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 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 e s e e s c . u r 1 e 3 d a b n y d el 1 i 3 g a ib ) l i e paper [Sec. 10(b)] obl ( i l g a a st t io p n a s r. o S f e t c h . e 1 3 U ) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 31 beginning- rate Boston Aug. 23, 1960 3% Aug. 23,1960 4 Aug.23, 1960 4% New York. . . Aug. 12, 1960 3J/ Aug. 12,1960 4% June 10, 1960 Philadelphia.. Aug. 19, 1960 2 Aug. 19,1960 41/2 Aug. 19, 1960 5 Cleveland Aug. 12, 1960 Aug. 12,1960 4Vi Aug. 12, 1960 5 Richmond. . . Aug. 12, 1960 Aug. 12,1960 Aug. 12, 1960 41/2 Atlanta Aug. 16, 1960 Aug. 16,1960 B Aug. 16, 1960 Chicago Aug. 19, 1960 3J/2 Aug. 19,1960 June 10, 1960 5 St. Louis..... Aug. 19, 1960 Aug. 19,1960 Aug. 19, 1960 Minneapolis.. Aug. 15, 1960 Aug. 15,1960 4 Aug. 15, 1960 Kansas City.. Aug. 12, 1960 Aug. 12,1960 4 Aug. 12, 1960 Dallas i.. Sept. 9,1960 Sept. 9,1960 4 Sept. 9. 1960 San Francisco Sept. 2, 1960 Sept. 2,1960 41/2 June 3, 1960 41/2 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 MARGIN REQUIREMENTS FEDERAL RESERVE BANK DISCOUNT RATES 1 [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 Jan. 12... 1 -1% 18 Aug. 9... 3 731/2 3 dealers on listed securities 70 90 70 19 23... 3 3i>>- For short sales 70 90 70 Aug. 13!!! W 174 2 Nov. \5\\\ 3 -ivz 3 Regulation U: 23... Wi Wz Dec. 2... 3 3 For loans by banks on stocks 70 90 70 1950 1958 Aug. 21... 11 Jan. 22... 234-3 3 NOTE.—Regulations T and U limit the amount of credit that may be 25... 134 24... 234-3 234 extended on a security by prescribing a maximum loan value, which is a Mar. 7... 214-3 214 specified percentage of its market value at the time of extension: margin 1953 13... 214-234 214 requirements are the difference between the market value (100%) and the Jan. 16... 1*4-2 i 2 21... 214 214 maximum loan value. 23... 2 2 Apr. 18... W4-2V4 1% May 9... W4 MAXIMUM INTEREST RATES PAYABLE ON TIME AND 1954 Aug. 15... l34-2 I34 SAVINGS DEPOSITS Feb. 5... 13/^—2 1% Sept. 12... 134-2 2 15... WA 134 23... 2 2 [Per cent per annum] Apr. 14... l3/^ Oct. 24... 2 -21/2 2 16... 11/2-134 IV2 Nov. 7... 2Vi 21/2 May 21... Wi Jan. 1, Jan. 1, Effec- 1955 II Ma 1 r. 9 59 6... 21/2-3 3 Type of deposit D 1 e 9 c. 3 6 3 - 1, D 1 e 9 c. 5 7 3 - 1, Ja t n iv . e 1, Apr. 14... m-m 16... 3 3 1956 1961 1962 May 29... 3 -31/2 3J/2 May 2.W VA1-3W44 June 12... Aug. 4... 1% Sept. 11... 3%-4 4 2 Savings deposits held for: 1 5 2 . . . . . . 2 13 4— - 2 2 ^ 1 4 4 2 2 18... 4 4 L 1 e y ss e a t r h a o n r m 1 o y r e e ar } 2i/2 3 1 3i/2 Sept. 9... 2 -214 214 1960 13... 2J4 June 3... 3Vi-4 4 Postal savings deposits held for: Nov. 18... 214-2V2 2Vi 10... 31/2 1 year or more } 2% 3 { k 23... 21/2 2Vi 14... 31/2 Less than 1 year Aug. 12... 3 —3^2 3 1956 Sept. 9... 3 3 Other time deposits payable in: Apr. 13... 21/2-3 234 1 year or more } 2* 3 20... 234 1962 6 months-1 year Aug. 24... 234-3 3 In effect 90 days-6 months 31... 3 Jan. 31... 3 3 Less than 90 days 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 1955—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, 2V2 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 181 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Average of daily figures, i 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 c ti h v a e n g d e ate C r b e e c a s n e i 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 re e a c s s i n e e t r r d y v v e e C ba o n u 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. 29, 1961 In effect Dec. 31,1948.. 26 22 16 71/2 Gross demand: Total... 128,818 24.600 6,261 50,407 47,551 1949_May 1,5* 24 21 15 7 Interbank 14,978 4,519 1,306 7,486 1,667 J A u u n g e . 30 1 , , J 1 u 1 ly * . 1 . * .. . 2 I 0 ?54 1 1 4 3 6 U O . t h S e . r Government 10 5 8 , , 1 6 7 6 9 2 1 1 9 , , 0 0 4 3 6 4 4,6 3 4 1 4 2 4 2 0 , , 0 8 6 5 9 2 44 1 , ,7 1 5 3 2 2 Aug. 16, 18* 12 Net demand2 107,196 19,959 5,353 41,718 40,166 Aug. 25 it* Time 66,750 7,241 1,960 26,023 31,525 Sept. 1 Demand balances due 1951—Jan. 11, 16*. 23 19 13 from domestic banks 7,403 114 1,984 5,218 Jan. 25,Feb. 1*. 24 20 14 Currency and coin...... 2,631 196 32 821 1,583 1953—July 1,9* 22 19 13 Balances with F. R. 1954—June 16,24*.... 21 Banks , 17,181 3,490 954 7,415 5,322 July 29, Aug. 1* 20 18 12 Total reserves held. 19,812 3,686 986 8,236 6,905 1958—Feb. 27, Mar. 1* 17* 11* E R x e c q e u s i s red. 19,2 5 1 9 7 5 3,65 3 5 1 98 5 1 8t18 5 5 1 6,3 5 9 0 6 9 Mar. 20, Apr. 1* Apr. 17 Apr. 24 !!* Four weeks ending Dec. 27, 1961 I960—Sept. 1.. Nov. 24 12 Gross demand: Dec. 1 16i/2 Total 130,957 25,778 6,278 51,251 47,649 Interbank 15,047 4,676 1,265 7,439 1,667 In effect Jan. 1, 1962. .. 16i/2 12 U. S. Government. 4,217 813 231 1,647 1,527 Other. 111,693 20,290 4,782 42,166 44,456 Net demand2 108,656 20,809 5,349 42,186 40,313 Present legal require- Time 66,911 , 7,251 1,985 26,128 31,547 ments : Demand balances due Minimum , 210 10 7 from domestic banks. 7,514 132 98 2,123 5,161 Maximum , 222 222 14 Currency and coin..... 2,829 251 33 870 1,675 Balances with F. R. * First-of-month or midmonth dates record changes at country banks, To B ta a l n r k e s serves held..... 2 1 0 7 , , 0 1 2 9 2 3 3 3, , 8 5 2 7 1 0 9 98 5 3 0 7 8 5 ,3 45 2 6 6 6 5 , , 8 2 9 1 2 7 and other dates (usually Thurs.) record changes at central reserve or Required 19,460 3,796 982 8,267 6,415 reserve city banks. Excess 562 25 1 59 477 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 2Y2 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 2y2 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 BANKS 1 [In millions of dollars] Wednesday End of month 1962 1962 1961 Jan. 31 Jan. 24 Jan. 17 Jan. 10 Jan. 3 January December January Discounts and advances—total 129 125 284 76 258 129 130 60 Within 15 days 78 97 255 60 242 78 113 49 16 days to 90 davs 51 28 29 16 16 51 17 11 Acceptances total 45 45 47 47 50 45 51 46 Within 15 days 8 8 10 12 15 8 14 11 16 davs to 90 days 37 37 37 35 35 37 37 35 U. S. Government securities—total 28 532 28,135 28,441 28,700 28,933 28,532 28,881 26,570 Within 15 days 5,500 616 635 672 762 5,500 567 3,938 16 days to 90 days 1 408 6,096 6,304 6.399 6,499 1,408 6,630 1,455 91 days to 1 year . .... 10 380 10,192 10,271 10,398 10,441 10,380 10,453 9,054 Over 1 year to 5 years 8,751 8,738 8,738 8,738 8,738 8,751 8,738 10,673 Over 5 years to 10 years . . 2 227 2,227 2,227 2,227 2,227 2,227 2,227 1,179 Over 10 years 266 266 266 266 266 266 266 271 1 Holdings under repurchase agreements are classified as maturing 2 Less than $500,000. within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1962 1962 1961 Jan. 31 Jan. 24 Jan. 17 Jan. 10 Jan. 3 January December January Assets Gold, certificate account 15,388 15,413 15,403 15,403 15,445 15,388 15,445 16,082 Redemption fund for F. R. notes 1,154 1,156 1,159 1,169 1,170 1,154 1,170 1,058 Total gold certificate reserves... 16,542 16,569 16,562 16,572 16,615 16,542 16,615 17,140 Cash 483 461 430 382 323 483 320 512 Discounts and advances: For member banks 79 93 257 61 243 79 115 51 For nonmember banks, etc 50 32 27 15 15 50 15 9 Acceptances Bought outright 45 45 47 47 47 45 48 46 Held under repurchase agreement 3 3 U. S. Government securities: Bought outright: Bills 3,032 2,659 2 932 3,186 3,220 3,032 3,193 2,524 Certificates—Special Other. 1,680 1,680 1,693 1,699 1,699 1,680 1,699 9,045 Notes 20,008 19,984 19,984 19,984 19,984 20,008 19,984 12,466 Bonds .. 3,812 3,812 3,812 3,831 3,846 3,812 3,846 2,535 Total bought outright 28,532 28,135 28,421 28,700 28,749 28,532 28,722 26,570 Held under repurchase agreement 20 184 159 Total U. S. Government securities 28,532 28,135 28,441 28,700 28,933 28,532 28,881 26,570 Total loans and securities 28,706 28,305 28,772 28,823 29,241 28,706 29,062 26,676 Cash items in process of collection 4,405 4,882 5,774 5,206 6,355 4,405 6,125 3,861 Bank premises 111 111 111 110 110 111 111 108 Other assets 317 300 279 263 249 317 237 284 Total assets 50,564 50,628 51,928 51,356 52,893 50,564 52,470 48,581 Liabilities Federal Reserve notes ,. .. 27,844 27,951 28,250 28,501 28,745 27,844 28,802 27,004 Deposits: Member bank reserves 16,872 16,50^ 17,098 16,928 17,806 16,872 17,387 16,066 U. S. Treasurer—general account 362 557 491 601 361 362 465 588 Foreign 229 209 218 230 356 229 279 238 Other 286 312 300 270 279 286 320 376 Total deposits 17,749 17,583 18,107 18,029 18,802 17,749 18,451 17,268 3,499 3,642 4,138 3,409 3,944 3,499 3,825 2,977 Other liabilities and accrued dividends 1 69 63 61 60 64 69 59 31 Total liabilities 49,161 49,239 50,556 49,999 51,555 49,161 51,137 47,280 Capital Accounts Capital paid in 448 447 447 446 446 448 445 415 Surplus 888 888 888 888 888 888 888 817 Other capital accounts 67 54 37 23 4 67 69 Total liabilities and capital accounts 50,564 50,628 51,928 51,356 52,893 50,564 52,470 48,581 Contingent liability on acceptances purchased for foreign correspondents 120 115 118 121 124 120 126 197 U. S. Government securities held in custody for foreign account ...... ... .... 5,403 5,452 5,517 5,593 6,013 5,403 6,006 5,793 Federal Reserve Notes—Federal Reserve Agents' Accoun t F R notes outstanding (issued to Bank) 30,077 30,197 30,345 30,456 30,560 30,077 30,593 29,320 Collateral held against notes outstanding: Gold certificate account 8,309 8,375 8,375 8,375 8,375 8,309 8,375 9,255 Eligible paper .. 26 22 22 14 64 26 10 18 U. S. Government securities 23,105 23,075 23,075 23,075 23,025 23,105 22,925 21,140 Total collateral 31,440 31,472 31,472 31,464 31,464 31,440 31,310 30,41 1 No accrued dividends at end of December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1:83 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1962 [In millions of dollars] Item Total Boston Y N o e r w k P p d h h e i l 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 a i p n o n li e s - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets 15,388 865 4,126 798 1,255 1,041 768 2,691 576 333 593 551 1,791 Redemption fund for F. R. notes.... 1,154 69 274 70 104 89 69 210 49 26 50 37 107 Total gold certificate reserves 16,542 934 4,400 868 1,359 1,130 837 2,901 625 359 643 588 1,898 F. R. notes of other Banks 692 51 186 65 58 38 78 58 28 23 16 46 45 Other cash 483 34 105 27 40 31 39 80 23 12 14 18 60 Discounts and advances: Secured by U. S. Govt. securities. . 79 4 5 3 5 10 8 13 9 1 14 7 Other 50 2 14 3 5 2 2 7 2 1 2 (13} 7 Acceptances: Bought outright 45 45 Held under repurchase agreement.. U. S. Govt. securities: Bought outright 28,532 1,342 7,057 1,648 2,419 1,849 1,569 4,875 1,158 612 1,307 1,159 3,537 Held under repurchase agreement.. Total loans and securities 28,706 1,348 7,121 1,654 2,429 1,861 1,579 4,895 1,169 614 1,323 1,162 3,551 Cash items in process of collection... 5,460 389 1,066 333 436 386 430 871 239 160 290 250 610 Bank premises 111 4 9 4 8 6 14 24 7 5 6 13 11 Other assets 317 14 78 18 28 21 18 54 12 7 15 13 39 Total assets 52,311 2,774 12,965 2,969 4,358 3,473 2,995 8,883 2,103 1,180 2,307 2,090 6,214 Liabilities Federal Reserve notes 28,536 1,665 6,554 1,843 2,559 2,308 1,642 5,244 1,237 569 1,173 842 2,900 Deposits: 16,872 661 4 750 741 1 245 736 865 2,635 600 422 811 920 2,486 U. S. Treasurer—general account.. 362 2 80 16 16 34 25 33 24 18 29 31 54 Foreign. 229 10 2 73 13 20 10 11 30 7 5 9 12 29 Other 286 (l) 236 1 2 3 1 2 1 0) 2 1 37 Total deposits 17,749 673 5,139 111 1,283 783 902 2,700 632 445 851 964 2,606 Deferred availability cash items 4,554 367 873 270 379 313 372 729 183 132 222 203 511 Other liabilities and accrued dividends. 69 3 17 4 6 4 4 12 3 2 2 3 9 Total liabilities .... 50,908 2,708 12,583 2,888 4,227 3,408 2,920 8,685 2,055 1,148 2,248 2,012 6,026 Capita] Accounts Capital paid in 448 21 122 26 42 20 24 63 15 10 19 26 60 O Su th rp e l r u c s apital accounts. OO6O7 42 3 ?4 1 3 7 5 4 1 8 6 3 40 5 4 4 7 12 1 4 1 3 2 1 20 2 37 3 50 2 12 8 0 Total liabilities and capital accounts.. 52,311 2,774 12,965 2,969 4,358 3,473 2,995 8,883 2,103 1,180 2,307 2,090 6,214 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Jan. 31, 1962 35.7 39.9 37.6 33.2 35.4 36.6 32.9 36.5 33.4 35.4 31.8 32.6 34.5 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 Jan 31 1961 38.1 32.0 39.6 37.7 37.3 36.8 36.0 39.5 38.1 34.6 38.9 36.6 38.7 Contingent liability on acceptances purchased for foreign correspond- 120 6 3 33 7 11 5 6 17 4 3 5 7 16 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 30,077 1,740 6,935 1,922 2,746 2,407 1,742 5,434 1,309 655 1,206 920 3,061 Collateral held against notes outstanding: Gold certificate account 8,309 585 1,600 570 770 735 475 1,500 369 160 310 235 1,000 26 3 9 14 U. S. Govt. securities 23,105 1,235 5,600 1,500 2,050 1,715 1,400 4,100 990 510 950 755 2,300 Total collateral 31,440; 1,820 7,200 2,073 2,820 2,450 1,875 5,600 1,368 670 1,274 990 3,300 1 Less than $500,000. 3 After deducting $87,000,000 participations of other Federal Reserve 2 After deducting $156,000,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 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 currecny End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7 598 5 553 590 559 36 1 019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950. 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31 158 22 021 1 927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956. 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 a 14 1957 31 834 22 626 2 110 1 398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 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 33 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960—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 3i;83O 22,702 2,417 1,433 86 2,119 6,476 10,171 9,128 2,726 5,839 245 310 3 6 May!!;'.'.'. 32,197 23,042 2,445 1,465 87 2,156 6,584 10,305 9,154 2,741 5,852 244 309 3 6 June 32,405 23,229 2,462 1,462 88 2,162 6,638 10,418 9,176 2,757 5,861 243 306 3 5 July 32,477 23 299 2,475 1,460 88 2,151 6,622 10,505 9,177 2,761 5,862 242 304 3 5 Aug 32,609 23,390 2,491 1,463 89 2,154 6,647 10,547 9,219 2,768 5,898 242 302 3 5 Sept 32,658 23,415 2,506 1,475 88 2,163 6,656 10,527 9,243 2,766 5,926 241 301 3 5 Oct. . . 32,836 23,552 2,532 1,494 89 2,180 6,671 10,586 9,283 2,773 5,959 241 301 3 5 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 Dec 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 l^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 circulationl Held by Kind of currency T s D o ta t 1 e a n 9 c l d 6 . i o 1 3 n u 1 g t , - A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n n o R d k r . s a B F g a a . e n n R n d k t . s s De 1 c 9 . 6 1 31, No 1 v 96 . 1 30, De 1 c 9 . 6 0 31, certificates agents Gold. . . 16,889 (16J615) 2 274 Gold certificates (16 615) 3 13,799 2,816 30 Federal Reserve notes 30 593 108 1,791 28,694 28,350 27,837 Treasury currency—total 5,585 (2,337) 40 321 5,224 5,188 §,002 Standard silver dollars 487 99 31 11 346 342 319 Silver bullion 2,237 2,237 Silver certificates .... ... (2 337) 247 2,090 2,068 42,111 Subsidiary silver coin 1 654 4 28 1,622 1,612 1,533 Minor coin 620 1 5 614 609 574 United States notes . 347 4 28 314 318 313 In process of retirement 5 239 (6) 1 238 239 ?151 Total—Dec 31 1961 853,067 (18,952) 422 13,799 4,928 33,918 Nov. 30, 1961 852,602 (19,060) 398 13,894 4,772 33 538 Dec 31 1960 852,895 (19,900) 377 14,663 4,985 32,869 1 Outside Treasury and Federal Reserve Banks. Includes any paper 6 Less than $500,000. b cu a r n 2 r k e I s n n . c c y l E u d s h t e e i s m l d $ a 1 t o e 5 u d 6 t s t m i o d t i e a l l l i s t o h f n e o r r U e W s n e i e r t v d e e d n e a s S g d t a a a i t y n e s s d t a a U t n e n s d i a t c e r u e d r s r S h e t o n a w c te y n s a i n n n o d t t a e b c s l o . e i n o n h e p l . d 1 7 b 7 y . see 7 a R ls e o p r n e o s t e e n t 4 s . only Federal Reserve Bank notes and national bank notes; 3 Consists of credits payable in gold certificates: (1) the Gold Certificate 8 These totals do not include all items shown, as some items represent Fund—Board of Governers, Federal Reserve System and (2) the Redemp- the security for other items; gold certificates are secured by gold, and tion Fund for Federal Reserve notes. silver certificates by standard silver dollars and monetized silver bullion. 4 Includes $1,141,678. Treasury notes of 1890. Duplications are shown in parentheses. For explanation of currency 5 Redeemable from the general fund of the Treasury. (Federal Reserve reserves and security features, see Circulation Statement of United States Banks and national banks no longer have liability for their currency Money issued by the Treasury Department, or BULLETIN for August included herein, as payment therefor has been made to the Treasury as 1961, p. 936, or earlier issues. required by law.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY SUPPLY; BANK DEBITS 185 MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Money supply Related Related deposits Money supply deposits (not (not seasonally (not Period S a e d a j s u o s n te a d lly Not a d s j e u a s s t o e n d ally a se d a ju so st n e a d ll ) y 1 Week adjusted) a se d a ju so st n e a d ll ) y 1 ending— Total r C en u c r y - D p e o d m s e i - t a s n i d Total r C en u c r- y D p e o d m s e i - t a s n i d Time G U o . v S t . . Total r C en u c r- y D po e d m s e i - t a s n l 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 1955—Dec 134.6 27.8 106.8 137.9 28.3 109.6 50.0 3.4 1956—Dec 136.5 28.2 108.3 139.7 28.7 111.0 51.8 3.4 Dec. 7 142.2 29.5 112.7 72.1 5.0 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 14 143.9 29.5 114.4 72.2 3.2 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 21 145.2 29.6 115.7 72.6 4.2 1959—Dec 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 28 143.8 29.7 114.1 72.9 5.9 1960—Dec... 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 1961—Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 1961 Jan. 4 144.2 29.2 115.0 73.4 5.9 1961—Jan 140.6 28.9 111.7 143.7 28.8 114.9 73.7 4.1 11 143.8 29.2 114.6 73.4 4.7 Feb 141.2 28.9 112.3 140.9 28.6 112.3 75.1 4.8 18 144.0 28.8 115.2 73.6 3.5 Mar 141.5 29.0 112.6 140.1 28.6 111.4 75.9 4.7 25 143.4 28.5 114.9 73.8 3.3 Apr 142.0 29.0 113.0 141.7 28.7 113.0 76.9 2.9 Feb. 1 143.0 28.4 114.6 74.1 3.8 May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 8 142.2 28.7 113.5 74.9 4.3 June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 15 141.6 28.7 113.0 75.1 3.7 July 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 22 139.7 28.6 111.1 75.3 5.8 Aug 141.8 29.0 112.8 141.1 29.2 111.9 80.7 5.5 Nov. 1 145.0 29.2 115.8 82.2 5.6 Sept 143.0 29.2 113.8 142.4 29.3 113.1 81.3 5.2 8 145.2 29.7 115.5 82.2 5.8 Oct 143.7 29.3 114.4 143.6 29.4 114.2 82.0 6.5 15 146 A 29.6 116.5 82.1 4.8 Nov 144.1 29.4 114.6 145.3 29.7 115.6 82.0 5.8 22 144.8 29.8 115.0 81.8 6.5 Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 29 145.0 29.7 115.3 81.9 6.1 Dec. 6 146.3 29.9 116.3 82.0 5.4 1962—Jan.^ 144.7 29.6 115.1 147.8 29.4 118.3 83.9 3.9 13...... 147.8 30.1 117.7 82.2 3.5 20 149.7 30.1 119.6 82.2 4.1 Semi-monthly 27 148.5 30.4 118.1 82.4 6.1 1961—Nov. 1.... 144.5 29.4 115.1 145.6 29.6 116.0 82.2 5.3 1962 143.7 29.5 114.2 145.0 29.8 115.2 81.9 6.3 Dec. l'.'.'.'. 144.4 29.4 114.9 147.4 30.0 117.3 82.1 4.3 Jan. 3 150.8 29.9 120.9 82.8 6.1 2.... 145.5 29.6 115.9 149.5 30.2 119.3 82.4 5.5 1 1 0 7 1 1 4 4 8 8 . . 3 3 2 2 9 9 . . 9 5 1 11 1 8 8 . . 8 4 8 8 3 3 . . 9 3 4 3 . . 6 1 1962—Jan. 1.... 144.9 29.6 115.4 148.8 29.8 119.0 83.4 4.4 24 147.0 29.3 117.7 84.3 3.0 2*... 144.4 29.6 114.8 146.8 29.1 117.7 84.5 3.4 31* 146.2 29.0 117.3 84.7 3.9 p Preliminary. 1947, see BULLETIN for October 1960, pp. 1102-1123. For back data on 1 At all commercial banks. time deposits and U.S. Government demand deposits see BULLETIN for NOTE.—For description of series and for figures beginning with January August 1961, p. 1001. 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 re c p e A o n H t r e ti r n s g New Yor L k eading centers 6 others2 3 r c e 3 e p 7 n o t o r e t t r i h s n e 3 g r New L Y e o a r d k i ng ce 6 n t o er t s hers2 3 r c e 3 e p 7 n o t o r e t t r i h n s e 3 g r Unadj. Adj.i Unadj. Adj. i Unadj. Adj.i Unadj. Adj.i Unadj. Adj. 3 Unadj. Adj.i 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 1960 2,838,754 1,102,850 577,606 1,158,298 60.0 34.8 25.7 1961 r3,111,136 1,278,843 '622,671 1,209,621 70.0 36.8 26.1 1961—Jan 257,714 99,842 104,473 50,786 52.382 98,701 100,860 64.8 65.5 36.7 36.3 25.9 25.8 Feb 222,722 98,371 89,831 49,747 44;861 96,498 88,030 64.7 61.4 35.5 33.5 25.5 24.4 Mar 265,442 102,238 110,455 50,209 53,354 98,547 101,633 67.9 69.9 36.1 38.1 26.1 26.1 Apr 240,966 104,491 101,151 50,641 48,529 97,840 91.286 69.2 67.8 36.3 37.1 25.7 24.9 May 268,804 108,713 111,463 51,837 53,782 100,604 103,560 71.8 72.0 .37.1 37.8 26.4 26.8 June 271,830 104,909 113,228 51,652 54,277 100,353 104,325 70.5 75.6 37.1 38.6 26.3 ''27.2 July 247,667 105,826 100,591 51,587 49,085 101,737 97,991 71.6 70.4 37.3 36.5 26.5 26.4 Aug 255,540 105,366 100,856 51,391 51,445 101,335 103,239 71.1 66.9 37.2 36.1 26.4 26.1 Sept 246,582 107,830 100,293 51,967 48,991 102,049 97,298 72.3 71.4 37.4 36.9 26.5 26.5 Oct 274,717 113,640 113,732 54,015 54,279 104,698 106,706 75.6 r75.1 38.3 37.7 27.0 27.0 Nov 272,590 115,159 112,466 54,439 54,197 104,209 105,927 75.3 75.0 38.5 37.9 26.8 27.2 Dec '286,561 113,967 120,303 54,969 r57,490 104,777 r108,768 73.4 77.4 38.7 39.5 26.8 27.5 1962—Jan., 294,604 110,255 118,105 58,169 61,421 109,303 115,078 70.9 71.6 HOJ p39.7 # Preliminary. r Revised. 1 Seasonal factors for debits and turnover have been revised. Adj. = adjusted for seasonal variation. Unadj. = without seasonal 2 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los; adjustment. Angeles. 3 Before April 1955, 338 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Gold T s r t c o e u r i a n u n e u r n g a r c y t d - - y s - - Total Lo n a e n t s, Tot U al . S. G m o C v e a o r n e c m r d i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l n T a i i a n a p t o e n i b e i e t t t d t i a - s a l l - l, c d u e T r a p r o n o e t d n s a i l c t y s c C o m a a n a u p n i c e n s i - d t t c t a s . l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 3,922 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 8,577 191,785 180,805 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1958—Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 1960—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 J A u u ly g . 2 30 6 . . 1 1 7 7 , , 5 5 0 0 0 0 5 5, 94 6 0 0 0 0 2 2 7 7 2 2 , ,2 1 0 0 0 0 1 1 4 4 5 5 , , 3 2 0 0 0 0 9 9 8 8 , , 5 7 0 0 0 0 7 7 1 0 , , 0 5 0 0 0 0 2 2 6 7 , , 9 3 0 0 0 0 8 8 0 0 0 0 2 2 8 8 , , 4 1 0 0 0 0 2 2 9 9 5 5 , ,1 1 0 0 0 0 2 2 6 6 7 6 , ,4 2 0 0 0 0 2 2 7 8 , , 9 7 0 0 0 0 Sept. 27* 17,500 5,600 276,600 147,200 100,200 72,400 27,100 700 29,200 299,600 271,100 28,500 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. 27*>, 17,000 5,600 284,500 152,400 102,400 72,600 29,000 700 29,600 306,900 278,700 28,200 1962—Jan. 31». 16,800 55600 282,400 150,000 102,600 73,300 28,500 700 29,800 304,800 275,800 29,000 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series* For- Date b n e d a i e e g n t - n k 2 T h c i u r o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c n m t d k i g a - s s l B F a . A n R k t s . Total Total m T b C e i a o r m n c m k i e a s - l de M p b s o a a u s n v t i i k u t n s s a g 3 l * s S S P y a o v s s t i t e n a m g l s p m o D d s a e i e n - t - s d 5 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u r o n o e s t a d s n a t n e i l c t d d s y j p m u D o a d s a e s d t e n - i e - - t d d s b r C o s e a i n u u n d c t r k e - y - s 1929—June 29. 365 204 381 36 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 21,656 10,849 9,621 1,186 14,411 4,761 1 1 9 9 3 4 9 1 — — D D e e c c . . 3 31 0... 1 1, , 4 2 9 1 8 7 2 2, , 2 4 1 0 5 9 1,8 8 9 4 5 6 6 8 3 6 4 7 2 2 7 7 , , 0 7 5 2 9 9 1 1 5 5 , , 2 8 5 8 8 4 1 1 0 0 , , 5 5 2 3 3 2 1 1, 9 3 2 1 7 3 8 2 3 9 8 , , 7 9 9 9 3 2 9 6 , , 6 4 1 0 5 1 1945—Dec. 31 2,141 2,287 24,608 977 150 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31 1,682 1,336 1,452 870 170 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30 2,518 1,293 2,989 668 176 59,247 36,314 20,009 2,923 .9.2,272 25,398 114,600 90,000 24,600 1958—Dec. 31 3,870 683 4,558 358 242 98,306 63,166 34,006 1,134 11155,507 28,740 138,800 110,700 28,100 1959—Dec. 31 3,203 391 5,319 504 246 101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 I960—Dec. 31... 3,184 377 6,193 485 252J926 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 800114,700 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 4,400 500 250,200111,900 74,200 37,000 700 110,300 28,000 140,400 112,100 288,300 Apr. 26... 3,200 400 2,300 500 254,200 112,700 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 28B.500 June 30. 1,250 379 6,638 408 256,929117,280 79,092 37,486 702 110,288 29,361 140,900 112,700 283,200 July 26..... 1,300 400 5,800 500 259,100117,700 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 37,600 700 111,500 28,500 141,300 113,000 283,300 Sept. 27* 1,400 400 8,400 500 260,400119,400 80,800 37,900 112,400 28,600 141,900 113,400 288,500 Oct. 25* 1,300 400 6,000 400 264,400120,100 81,400 37,900 115,700 28;700 143,800 115;000 288,800 Nov. 29* 1,200 400 5,700 500 265,100 119; 800 81,200 38,000 700 116,200 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 1962—Jan. 31* 1,300 500 5,200 400 268,500123,300 84,200 38,500 600116,600 28,600 143,200 114,200 29,000 v Preliminary. * Revised Preliminary. 5 Demand deposits other than interbank and U. S. Govt.t less cash f This date used instead of last Wednesday of February. Seasonal items reported as in process of collection. adjustment factors used, however, were for last Wednesday of February. <s 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 187 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 q l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c c b T o a i a l a l u o p i i n c a t i n t - d i t a - e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U.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 b N a b u o n e m f k r s - Govt. Other All banks: 1941—Dec. 31 26,615 999 27,344 90,908 816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 30,362 577 35415 177,332165|612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 3H 43,002 10,72338,388 175,091161,86512,793 240 1,346 381 53,105 6611,948 14,714 1958—Dec. 31 121,571 26,273 49,911276430 250 i 15,799 2,374 4,253 132 97,498 8121,70514,020 1959—Dec. 31 135,958 26,07150,,:296 283629 254 15,650 1,443 5,054 ,622101,116 624 22;91513,991 1960—June 29 140,990 760 25 450 43,710 276710 244 13,300 1,440 7,060119,570 103,100 2,170 23;770 14,000 Dec. 31 144,764 242 2661753,022 298; 126 266 17,080 1,800 5,949133; 107,959 167 24,53913,986 1961—Jan. 25 141,590 320 26 540 44610 287400 255 15020 1,800 3,320 126 108,530 600 24;680 13,986 June 30 146,164 104 27923 46457 295 567 262; 13633 462 6,368 116,865 452 25;40513,977 July 26.... 146,450 040 28 110 44150 296460 262 13620 460 5,550 117,320 1,230 25;350 13,973 Aug. 30 147,030 490 28 360 43 170 295760 260 13 340 460 5,340 118,170 1,880 25;570 13,968 Sept. 27* 149,300 420 29 150 44950 302980 267, 13930 470 8,160 119,010 2,230 25; 13,965 Oct. 25* 149,370 820 28960 46,140304230 269;030 14530 480 5,680 128 119,640 1,830 25; 13,951 Nov. 29* 150,740 420 29 100 46; 970 306000 270; 920 470 5,460 119,480 1,830 26; 13,947 Dec. 27*. 154,540 620 29630 53,300317060 280; 080 490 6,420 120,330 2,710 26;170 13,950 1962—Jan. 31» 152,030 340 29,770 47,590 310,140 273,820 230 490 4,940 122,970 2,200 26;290 13,945 All commercial banks: 1941—Dec. 31 21,714 21,808 7,225 26,551 79,104 283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 26,083 90,606 7 33134;806 160; ,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 3H 38,057 69,221 006 37502 155; 144,10312,792 240 1,343 94,367 35,360 65 ;05914,181 1958—Dec. 31 98,214 66,376 20575 48990 238; 216,01715,799 2,372 4,250130,104 63,493 73 486 13,501 1959—Dec. 31.. 110,832 58,937 2050149467 244 686 219,90315649 1,441 5,050131,593 66,169 615 556 13,474 I960—June 29 114,840 54,210 19850 42880 237;040 209 01013300 1,440 7.060119,540 67,670 2,170 20 280 13,485 Dec. 31 117,642 61,003 20864 52 150 257;552 229 84317079 1,799 5,945133,379 71,641 163 20986 13,472 1961—Jan. 25. 114,210 61,880 20930 43 810 246,590 218 53015020 800 3,320126,350 72,040 600 21,10013,472 June 30 117,953 61,824 2207145595 253;749 22499713633 461 6,362125,161 79,380 443 21,74513,463 July 26.... 118,070 64,740 22260 43 320 254;480 22479013620 460 5,550125,350 79,810 1,230 21 ;680 1133,;459 Aug. 30 118,450 64,160 22510 42 370 253;580 222 87013340 460 5,340123,190 80,540 1,880 21,87013,454 Sept. 27* 120,520 66,130 23260 44 130 260,560 22908013930 470 8,160125,420 81,100 2,230 221,25013,451 Oct. 25» 120,470 66,630 23 190 45 320 261;910 231 050 14530 480 5,680128,640 81,720 1,830 22,06013,437 Nov. 29» 121,670 66,210 23370 46;130 263;510 23207014920 470 5,460 129,730 81,490 1,830 22:,29013,433 Dec. 2lv .125,230 66,480 23900 52;330 274;290 242 100 16080 490 6,420 137,150 81,960 2,710 22:,42013,437 1962—Jan. 31» 122,540 67,100 24040 46,720 267150 23526014230 490 4,940 131,130 84,470 2,200 22,53013,431 All member banks: 1941—Dec. 31.. ,521 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. ,183 22,775 78,338 ,070 29 138,304129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 ,846 32,628 57,914 304 32 132,060122,52812,353 50 ,176 80,609 2-8,340 54 8,464 6,923 1958—Dec. 31 ,865 84,061 54,299 ; 504 43188 202017182,816 15,227 2,187 ,822110,448 51,132 54 15,460 6,312 1959—Dec. 31 879 94,779 46,813 287 43509 205726184,70615,048 1,338 ,504110,989 52,827 58116,264 6,233 I960—June 29 593 97,898 42,980 15,71537,977199,243175,200 12,775 1,298 6; 360 100,79053,977 2,06916,822 6.212 Dec. 31 619 99,933 49,106 16i579 45 756 216; 193,02916,436 1,639 5,287112,393 57,272 130 17,398 6,174 1961—Jan. 25 240 96,773 49,806 1"6,66138174 206; 182,60314,465 1,636 105,990 57,598 56317,464 6,164 June 30 049 99,992 50,361 17,696 40,084 213,719189,22613,077 276 105,568 64,574 38218,027 6,141 July 26 893100,098 52,90717,88837,991214,376188,91613,070 275 105,579 64,965 1,17817,981 6,138 Aug. 30 850100,379 52,35818,11336,940 213,235186,81612,787 270 103,427 65,594 1,82218,141 6,137 Sept. 27 936102,355 53,86318,71938,582219,287192,30513,325 282 105,312 66,093 2,128 18,386 6,132 Oct. 25* 084102,107 54,29018687 39 220AU 193,86313,913 293 108,063 66,574 1,80818,293 6,122 Nov. 29^ 827103,129 53,87418 824 40; 221,715194,66614,294 288 108,894 66,397 1,79518,478 6,116 Dec. 27» 098106,549 54,18319 366 46; 231,960 204,16815,428 303 115,794 66,850 2,65918,612 6,115 1962—Jan. 31* 966103,983 54,57319410 40; 224,961197,48013,623 305 110,287 68,889 2,138 18,683 6,106 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 17,745 1,889 533 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 34,006 3,219 519 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 34,948 10 3,359 517 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—Jan. 25 39,430 27,380 6,440 5,610 800 40,810 36,520 36,490 3,580 514 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 8 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 8 37,910 3,730 514 Oct. 25* 40,860 28,900 6,190 5,770 820 42,320 37,980 37,920 3,700 514 D N e o c v . . 2 29 7 * *. 4 4 1 1 , , 0 1 1 8 0 0 2 2 9 9 , , 0 3 7 1 0 0 6 6 , , 1 2 4 1 0 0 5 5 , , 7 7 3 3 0 0 9 8 7 4 0 0 4 4 2 2 , , 4 7 9 7 0 0 3 3 8 8 , , 0 4 5 3 0 0 (5) 3 3 7 8 , , 9 3 9 7 0 0 3 3 , , 7 7 4 5 0 0 5 51 1 3 4 1962—Jan. 31» 41,460 29,490 6,240 5,730 870 42,990 38,560 38,500 3,760 514 * 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

188 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io l o . i n v g S s t a . . - O s ri e t t c i h e u e s - r a C ss a e s t h s 2 c c b T o a i a l a l u o p i i n c a n t t i d i - a t - t e a s l s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s - Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 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 . 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 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 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 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 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 18,465 6,980 2,28210,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—Jan. 25 17,387 7,062 2,372 7,561 36,048 29,979 4,661 1,221 589 19,257 4,251 99 3,569 15 June 30 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... 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 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 18,183 8,402 2,868 8,066 39,540 31,890 3,905 173 1,485 19,317 7,009 1,106 3,670 14 Oct. 25* 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* 18,398 7,908 2,760 8,044 39,058 31,847 4,042 176 831 19,693 7,105 602 3,702 14 Dec. 27* 19,694 8,098 2,981 10,596 43,372 35,556 4,779 185 1,381 22,202 7,009 1,283 3,701 13 1962—Jan. 31* 18,584 8,152 2,936 9,029 40,856 33,050 4,199 182 978 20,463 7,228 949 3,696 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 3 733 14 1959—Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 I960—June 29 6,598 4,342 1,620 636 1,854 8,546 7,474 1,151 407 4,442 1,426 161 769 11 Dec. 31.... 7,050 4,485 1,882 683 2,046 9,219 8,197 1.380 327 4,899 1,530 35 822 10 1961—Jan. 25 6,875 4,195 1,989 691 1,814 8,809 7,733 1,254 141 4,743 1,532 88 821 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 1,949 254 855 9 Nov. 29* 7,329 4,341 2,111 877 2,019 9,502 8,284 1,271 251 4,790 1,957 137 866 9 Dec. 27* 7,618 4,633 2,033 952 2,057 9,839 8,680 1,280 406 4,984 1,995 71 870 9 1962—Jan. 31* 7,292 4,353 2,038 901 1,873 9,333 8,201 1,154 229 4,713 2,089 65 873 9 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 35t 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,9""9"0 1'1,423 1 2,844 353 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 1,429 42,259 21,075 14 5,760 274 1959—Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 .1,698 42,668 21,555 238 6,106 265 I960—June 29 59,563 39,421 14,846 5,29615,786 77,090 68,028 6,062 241 2,591 37,966 21,168 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 42,267 22,525 73 6,423 217 1961—Jan. 25 61,879 38,763 17,568 5,54815,789 79.543 70,958 7,020 326 1,085 39,883 22,644 237 6,422 215 June 30 63,670 39,747 18,053 5,87016,529 82,141 73,557 6,335 62 2,241 39,72125,199 131 6,684 205 July 26 65,089 39,910 19,171 6,008 15,733 82,777 73,695 6,443 59 1,999 39,8"6"6 2""5,328 535 6,685 204 Aug. 30 65,112 40,401 18,650 6,061 15,109 82,161 72,926 6,456 57 1,925 38,890 25,598 552 6,744 205 Sept. 27... 66,473 41,021 19,291 6,161 16,041 84,480 74,956 6,786 64 2,909 39,409 25,789 844 6,775 205 Oct. 25* 66,833 40,961 19,642 6,230 1U6,469 85,283 75,960 7,183 64 1,930 40,778 26,005 616 6,794 206 Nov. 29* 67,038 41,259 19,509 6,270 16,779 85,805 75,950 7,404 60 1,875 40,694 25,917 905 6,867 206 Dec. 27*. 69,126 42,787 19,795 6,544 1J99,014 90,160 80,137 7,716 67 2,293 43,688 26,373 1,084 7,023 206 1962—-Jan. 31* 68,056 41,887 19,676 6,493 6,479 86,635 76,866 6,745 71 1,621 41 295 27,134 885 7,024 206 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 1,982 6,219 1945_Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1958—Dec. 31.. 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 1,175 42,349 2"5",137 37 55685 6,006 1959—Dec. 31... 64,082 33,766 22,535 7,78114,122 79,567 72,323 1,602 1,508 42,,832 26,356 71 6,035 5,938 I960—June 29 65,112 36,075 21,241 7,796 1"2,564 79,007 71,044 1,223 1,947 40,00327,847 371 6,369 5.962 Dec. 31 67,890 36,981 22,848 8,060 14,740 84,126 76,004 1,778 1.783 43,39529,011 23 6,599 5|932 1961—Jan. 25 67,665 36,428 23,187 8,050 13,010 82,107 73,933 1,530 1,099 42,107 2"9",171 139 6,652 5,924 June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 1,406 1,730 41,413 30,820 121 6,861 5,911 July 26 69,861 37,937 23,345 8,57912,484 83,673 75,277 1,395 1,440 41,48130,924 195 6,829 5,909 Aug. 30 70,068 38,144 23,295 8,62912,712 84,206 75,637 1,406 1,644 41,404 3-1',146 237 6,889 5,907 Sept. 27 71,732 38,938 23,941 8,85312,610 85,971 77,306 1,424 2,423 42,059 31,364 84 7,085 5,904 Oct. 25* 71.943 38,765 24,342 8,83613,243 86,713 78,198 1,572 1,819 43,234 31,536 78 6,952 5,893 Nov. 29* 72,394 39,131 24,346 8,917 13,552 87,350 78,585 1,577 1,836 43,717 31,418 151 7,043 5,887 Dec. 27* 72,581 39,435 24,257 8,88914,521 88,589 79,795 1,653 1,713 44,920 31,473 221 7,018 5,887 1962—Jan. 31* 72,946 39,159 24,707 9,080 13,590 88,137 79,363 1,525 1,548 43,816 32,438 239 7,090 5,878 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 were4 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. ff<rom 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 189 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io l o . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c c b T o a i a l l a o p u i i n c a t t i n i d - t a - e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Tune r B i o n o w g r s - - c c T o a a o p u c t i n - t a a t l s l b N a b u o n e m f k r s - Govt. Other All insured commercial banks: 1941_Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 762 41,29815,699 10 ,84413,426 1945_Dec. 31 121,809 25,765 88,912 7,13134292157,544147,775 13,883 740 276 29,876 215 67113,297 1947_Dec. 31 114,274 37,583 67,941 88J50 36 926152,733141,85112,615 54 325 975 34,882 61 73413,398 1957—Dec. 31 168,595 93,430 57,580 17,585 48 127 220,865199,87615,489 1,264 859 127 56,137 66 1705113,142 1958—Dec. 31 183,596 97,730 65,669 20,198 48 689 2367,2-4' 214,48515,653 2,209 4,241 214 63,168 6718 15413,101 1959—Dec. 31 188,790110,299 58,348 20,143 49; 158 242828 218,47415,500 1,358 5,037 720 65,858 602 1920613,107 1960—Dec. 31 198,011117,092 60,468 20,45151,836 255 669 228,40116,921 1,667 5,932 533 71,348 149 2062813,119 1961—June 30 200,353117,400 61,297 21,655 45,329 251910 223,60313,475 305 6,352 403 79,068 433 2137713,129 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 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 137 20,114 90,220 84,939 9,229 14,013 45,473 166,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 ;i78 22;024 88,182 82,023 8,375 795 53,54119,278 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 ,617 26,786 120; 153109,091 8,958 2,166 66,546 ~3~0,904 9,070 4,620 1958—Dec. 31 99,277 52,627 35J14 10,936 26,781128^97 116,714 9,035 2,292 69,808 34,812 9,643 4,578 1959—Dec. 31 102,615 59,962 31,76110892 27,464 132,636119,638 8,947 2,742 71,01536,421 340 10,302 4,542 1 1 9 9 6 6 1 0 — — J D u e n c e . 3 3 1 0 1 1 0 0 8 7 , , 8 5 4 4 3 6 6 6 3 3 , , 6 4 9 4 4 0 33 3 2 3 2, , 77 5 11 2 22 2 1 1 1 1 , 8 1 8 4 1 0 2 2 5 8 , ,, 2 6 7 7.- 4 5 1 1 •3 3 9 7 , , ,2 2- 9 6• 9 11 2 1 4 2 , 2 91 ,4 1 85 7 9 , , 7 8 4 2 9 9 3 3, , 5 2 4 6 1 5 7 67 1 , , 6 6 0 6 1 0 " 4 3,9 3, 5 4 4 9 6 4 3 1 5 1 5 1 1 1. 1 1" , , 4 0" 3 9" 9 8 4 4 , ,5 5 2 3 4 0 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945_Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1957—Dec. 31 51,152 30,600 15,846 4,70715,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 1959—Dec. 31 55,264 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 I960—Dec. 31 58,073 36,240 16,394 5,43917,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 1,644 1961—June 30 59,207 36,553 16,839 5,81514,809 76,420 66,741 5,328 177 2,190 37,967 ~2'1,080 27 6,588 1,617 Insured nonmember commercial banks: 1941_Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945_Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947__Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,580 1"0,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,766 12,063 2,696 6,793 1959—Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 1960—Dec. 31 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,140 1144,095 3,232 6,948 1961—June 30 32,318 17,416 10,941 3,961 5,247 38,206 34,391 398 621 18,83514,509 3,351 6,990 Noninsured nonmember commerical banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31* 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 I960—Dec. 31 1,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1961—June 30 1,495 553 526 416 266 1,839 1,394 158 156 758 311 368 333 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945_Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,442200 11,176 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 1960—Dec. 31 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 2200;, 998866 14,388 33 3,590 7,300 1961—June 30 33,813 17,968 11,467 4,377 5,513 40,045 35,785 556 185 631 19,59314,820 61 3,719 7,323 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 2 12H2,192 1,252 194 1957_Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 3 26" 424,;9!91 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 3 28 277,,243 2,473 241 1959—Dec. 31 30,580 20,942 5,016 4,622 686 31,743 28,577 3 28 288,,544 2.654 268 I960—Dec. 31 33,794 23,852 4,787 5,155 766 35,092 31,502 4 29>31,468 2,998 325 1961—June 30 34,764 24,775 4,741 5,248 756 36,074 32,530 5 257 32,267 3,090 325 Noninsured mutual savings banks: 1941_Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 558 350 1947—Dec. 31* 5,957 1,384 3,813 760 211 6,215 5,556 1 5,553 637 339 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 1 6,671 751 283 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 1 6,762 746 278 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 1 6,404 705 249 1960—Dec. 31 5,320 3,270 1,453 597 107 5,481 4,850 4,850 555 189 1961—June 30 5,580 3,436 1,540 604 106 5,744 5,020 5,019 570 189 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp, 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Com- Loans for Loans Oblic b o c C a m a n l l a m l k s d e s a a r o n c te f i d al i l m T n o a v a o e n e n n t d a s s t t s l 2 - Total c o m m p c k i l i p n u n i a a e e e a g d - r - t r n l - - - A c tu a u g r l l r - - i- p o b k d a T s r r u e e n e o o r a r d c c s - c l a u - h r r a o r it y s t T i h i i e n n o e s g g rs b i a T n n f o s i k n ti s a t t u n o t c o i i o a t T h n l o e s rs l R o t e a a e s t n a - e l s O l u v o i d t t a i n a o h i d l - n - s e - s r O lo th a e n r s To U ta . l S. B G il o ls vern c C t a m i e f t i e r e - - s nt o N b o l t i e g s atio B n o s nds S p t d s a i i t g o u c o i o a n v a l b a f n t i d - i e - l t s - - s O s ri e t t h c ie e u s r per ers sions Total: 3 1947_Dec. 31..116,28- 38,05718,1671,660 8301,220 115 9,393 5,723 94' 69,2212,193 7,78( 6;,,034 53,205 5,2763,729 1958—Dec. 31..185,16598,214 4400,4254,9732,83: 1,829 719 25,25520,698 3,43766,3766,294 7,399 13,396 39,28716,550055 44,070 1959—Dec. 314.190,270110,83240,174 55,0183,0181,850 819 7,11828,06024,166 2,784 5588,9376,300 2,420 14,85635,360 16,9583,543 1960—Dec. 31..199,509117,64243,1255,676 3;2841,833 966 7,10628,71326,396 2,90161,0038,072 2,920 19,01330,99817,5703,294 1961—June 30.. 201,848117,953 4'"2,759 6,044 2,9331,994 993 6,00129,26527,283 3,10261,824 77,379 3,33020,52830,58718,7283,344 Sept. 27 •.209,910120,520 43,0105,840 3,1201,990 2,400 6,40029,790 2277,300 3,100 6"6",13011,820 2,21022,75029,350 19,7003,560 All insured: 1941—Dec. 31.. 49,29021,259 9,214 1,450 614 66: 40 4,773 05 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31..121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,13288,9122,455 19,07116,04551,34: 3,8733,258 1947—Dec. 31..114,27437,58318,01" 1,610 8231,190 114 9,266 5,654 991144 67,9412,124 7,55? 5,,991188 5522,34' 5,'1"2"9 "3,621 1958—Dec. 31..183,59697,73040,2894,9132,7971,810 713 25,14820,589 3,420.1 65,6669,159 7,36: 13,24038,90816,266 3,932 1959—Dec. 314.188,790no,,r2~9-9 40,0224,9732,9821,827 813 7,10527,94824,032 2,7~6"~7 58,3486,189 2,4400-4 14,72935,02716,7213,422 1960—Dec. 31..198,011117,092 42,9575,6283,2471,811 965 7,09028,602 2266,263 2,883 60,4687,994 2,88418,86830,722 17^00 3",150 1961—June 30.. 200,353117,1 42,5"'69 66,0052,9091,970 993 5,98129,15927,147 3, 61,2977,299 3,29520,366 '3"0,33' 454 3,201 Sept. 27..208,351117,490505 42,8205,8003,0891,962 2,404 6~3~7'4 29,68127,161 3,08565,56611,699 2,18122,576 29,111 420 3,409 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 97: 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31..107,183 22,775 8,949 8553,1333,378 47 3,455 1,900 1,,057 78,3382,27516,98514,271 4444,;807 3,2542,815 1947_Dec. 31.. 97,846 32,628 16,9621,046 8111,065 113 7,130 4,662 83957,914',987 5,816 4,81545,295 4,199 33,105 1958—Dec. 31..154,865 84,061 37,444 "3,0522,7301,599 710 20,013 17,028 3,21154,299 4,644 6,14311,11732,39613,4053,100 1959—Dec. 314.157,879 94,779 36,826 3,1162,8851,587 811 6,80122,185 19,877 2603 ,612 1,81211,604 2288,78513,677 22,610 1960—Dec. 31..165,61 99,93339,2883,509 3; 1241,564 947 6,772266 2222,51821,622 2,694 49,1066,402 2,29615,07225,33514,1412,439 1961—June 30.. 168,04999,999922 3388,8723,721 2,7801,709 970 5,64423,.0 86 22,421 2,900 50,3615,962 2,95116,47624,97215,2202,475 Sept. 27..174,936102,35539,0623,630 2,9431,696 2,354 6~0 10' 23,514 22,3772,88753,8639,693 1,93318,32423,91316,1152,604 New York City:5 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 1,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947_Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1958—Dec. 31...25,96616,16510,928 1,652 382 503 641 1,502 921 7,486 643 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 10 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 7,6421,512 887 1,882 3,362 2,196 328 Sept. 27...29,45318,18310,528 1,617 451 533 1,563 868 2,009 1,063 8,4022,596 505 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_r>ec. 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 4271,503 17 1,459 855 38729,552 ,034 6,982 5,653!5,883 1,126 916 1947—Dec. 31...36,040 3,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,901 5,563 1,342 ,053 1958—Dec. 31...6600,555588 34,00315,808 669 518 851 191 8,405 6,930 1,30120,645 ,293 2,370 4,497!2,484 4,864 ,047 1959—Dec. 314..61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,292 ,484 645 4,109 1,054 4,830 813 I 19 9 6 6 1 0 — — J D S u e e p n c t e . . 3 3 2 0 1 7 . . . . . . . . . 6 6 66 636 2 6 2 ,, , , 4 9 4 9 6 7 5 7 5 7 3 3 3 3 0 4 4 3 1 9 0 , , , 7 0 0 4 2 0 7 1 2 1 1 1 1 6 6 55 , , ,88 2 1 66 2 9 22 3 0 9 9 8 3 6 8 3 3 7 7 6 6 1 8 1 9 2 0 7 7 7 3 4 0 9 9 4 1,1 3 3 4 5 4 0 1 4 2 2 3 , , , 7 8 2 5 9 1 1 3 6 9 9 9 , , , 2 4 0 5 0 0 6 6 5 8 8 8 , , , 7 9 9 2 3 5 1 4 4 1, 9 9 0 0 0 2 9 9 8 1 1 9 7 8 , , , 2 0 3 9 5 9 1 3 6 , , , 0 9 7 3 1 8 1 6 4 1, 7 8 1 0 7 9 3 4 5 7 6 5 , , , 1 4 2 6 1 9 1 5 2 9 8 8 , , , 1 4 8 1 5 0 1 8 3 4 5 5 , , , 8 1 4 1 7 3 7 4 2 7 7 6 3 2 9 8 8 6 Country: 1941—Dec. 31...12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31...35,002 5,596 1,484 648 42 471 4 1,881 707 359 2166,999 630 5,102 4,544 6,722 1,342 ,067 1947—Dec. 31...36,32410,199 3,096 818 23 227 5 3,827 1,979 224 2222,857 480 2,583 2,108 7,687 2,006 ,262 1958—Dec. 31...61,51130,257 8,080 ,368 294 268 6 0,806 8,239 77923,6062,475 2,306 4,495 4,330 6,181 ,467 1959—Dec. 3H..64,08233,766 8,498 ,321 298 284 11 1,056 1,816 9,491 664433 2222,535 ,381 863 5,751 3,540 6,452 ,330 1960—Dec. 31...67,89036,981 9,499 ,589 508 293 29 1,147 2,449 0,550 64722,848 ,817 888 7,240 1,903 6,752 ,308 1961—June 30...69,13937,942 9,877 ,737 337 400 59 986 2,788 0,855 665599 22,608 ,228 737 7,706 1,937 7,220 ,368 Sept. 27...71,73238,938 9,816 ,671 459 412 626 1,060 3,029 0,941 67623,941 ,474 524 8,390 1,554 7,410 ,442 Nonmember:3 1947_Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 109 1,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31... 30,327 4,165 2,981 ,921 102 230 5,256 3,671 226 2,088 ,651 1,255 2,280 6,901 3,102 971 1959—Dec. 314.. 32,419 6,068 3,348 ,902 133 263 317 5,888 4,289 181 2,134 ,689 608 3,254 6,584 3,283 934 I960—Dec. 31... 33,910 7,719 3,838 ,167 161 269 379 6,205 4,774 207 1,904 ,670 624 3,941 5,668 3,431 857 1961—June 30... 33,813 7,968 3,886 ,323 153 285 357 6,187 4,862 202 1,467 ,417 380 4,052 5,618 3,508 869 « 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 191 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits C b o c C a m a l n l a l m k s d s e a a r o n t c e f d ial F B s s w e e R e a r d r i n e v e t v - k h e r e s a s l v C a i a n u s l h t b m a a w B d n e n o a i c s k t - l e t h s - i s c 6 j p u m D o s a d a t d s e e e n i - - - d t d s 7 m D e I o n s d t - t e i e p c r 6 o b s a i e n F t i s k g o n r- 8 G U o . v S t . . p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e t n e f c r r c d i d t s . - k i ' - s, p a v n a s p i I t d h d i r n o o t u i d r n p c n a a i e o s s - l - , s r r - , - I b n a t n e k r- G P U S i a n o o . a n g s S v v d t s . - t a . l v S s p i a i u t s o c a n i b l a o t d i d e l t n - s i s - p a v n a s p I t i h i d r d n o o t i u d r n c p n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s Total: 3 1947—Dec. 31.... 17,796 .,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 ,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 1959—Dec. 31.... 17,931 ,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 615 19,556 1960—Dec. 31.... 16,720 •,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 16320,986 1961—June 30.... 16,488 1-,903 11,184112,030 12,568 1,064 6,362 11,849 3,759 109,553 461 288 5,266 73,826 44321,745 Sept. 278... 16,040 r.,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 :,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 -,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 ,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 6718,154 1959—Dec. 31.... 17,931 >,990 11,969114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 602 19,206 1960—Dec. 31.... 16,720 ,326 13,409114,292 15,339 1,582 5,932 11,582 4 564 116,388 1,667 262 4,481 66,605 14920,628 1961—June 30.... 16,488 -,885 10,959111,187 12,443 1,031 6,352 11,754 3,725 108,924 305 288 5,209 73,572 43321,377 Sept. 27.... 16,037 2,844 10,851113,269 12,771 989 8,145 10,854 3,193 110,599 314 278 5,222 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 >,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415,460 1959—Dec. 31.... 17,932 >,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581 16,264 I960—Dec. 31.... 16,720 1,518 8,582 94,594 14,875 1,561 5,287 9,016 4,244 99,134 1,639 237 3,559 53,477 13017,398 1961—June 30,... 16,488 >,142 6,897 92,750 12,061 1,016 5,731 9,241 3,441 92,886 276 263 4,203 60,108 382 18,027 Sept. 27.... 16,038 1,932 6,761 94,158 12,357 968 7,293 8,479 2,935 93,898 282 254 4,214 61,6252,12818,386 New York City:* 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 6,346 121 3,634 Sept. 27.... 3,603 203 78 16,198 3,198 707 1,485 309 1,556 17,452 173 37 245 6,7281,106 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 1960—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""l 2,566 1947_Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959—Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 I960—Dec. 31.... 7,354 753 2,610 34,357 7,688 301 1,960 3,329 953 37,986 326 85 1,787 20,652 73 6,423 1961—June 30.... 7,104 654 2,071 33,432 6,115 220 2,241 3,286 845 35,590 62 101 2,197 22,901 131 6,684 Sept. 27.... 6,987 921 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 1,250 23,755 37 5,685 1959—Dec. 31.... 5,573 [,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 ,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 deposit classifications 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

192 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 in T lo a e v o a n n e t n d s a ts s t l - 1 j i L m u n a s a o v e t n d a e n e d - s n d t t s s - 2 j L u a o st d a e - n d s 2 i C n m t a c r d o n i e i a m u a r d l s l - - - A u c t g u r r l a - i l - G U a T o n . o S v d t . b . d r e o O a k l e t e h r r e s s r G U T o .S v o t . . oth O e t r h s er For B - ank m D s t e i o c s - - s s P a i o a n N n e n l s r e d a o t - s i l n tu b t a i n o k ns e R st e a a t l e o lo A t a h l n e l r s V se t a r i r o e l v u - n e a s l o ig b a - - c t u ie r s i- ob- c t u ie r s i- eign c m o e m r- - na f n i- ce Other tions cial companies etc. Total— Leading Cities 1961 Nov. 1 118,898 117,467 71,843 32,085 ,210 1,072 2,055 98 ,310 525 ,431 3,132 2,226 13,245 16,456 ,571 8 118,220 116,899 71,647 32,010 ,206 986 1,966 97 ,317 540 ,321 3,108 2,245 13,269 16,475 ,572 15 119,516 118,162 72,434 32,136 ,216 1,341 2,080 100 ,318 553 ,354 3,106 2,314 13,312 16,527 ,569 22 118,707 117,255 71,741 32,024 ,220 833 2,016 103 ,330 566 ,452 3,023 2,308 13,338 16,541 ,561 29 118,628 117,319 71,670 32,109 ,226 520 2,063 102 ,319 587 ,309 3,073 2,302 13,347 16,584 ,562 Dec. 6. 118,828 117,108 71,530 32,016 ,227 356 2,136 103 ,324 611 ,720 3,025 2,325 13,352 16,61* ,564 13 119,164 117,860 71,920 32,223 ,230 336 2,163 102 ,327 605 ,304 3,108 2,329 13,386 16,675 ,564 20 121,837 120,361 73,809 32,733 ,238 773 2,404 104 ,335 627 ,476 3,628 2,339 13,419 16,764 ,555 27. 122,565 121,056 74,569 r32,920 ,270 1,019 2,379 125 1,343 657 ,509 r3,769'2,365 13,399 16,877 ,554 1962 Jan. 3 122,631 120,354 74,285 32,797 ,303 847 2,363 137 1,358 674 2,277 3,729 2,430 13,403 16,940 ,696 10 120,812 119,012 73,129 32,501 ,307 571 2,221 116 1,358 644 1,800 3,421 2,377 13,404 16,909 ,700 17 120,410 118,692 72,520 32,230 ,325 424 2,116 111 1,348 654 1,718 3,394 2,360 13,407 16,853 ,702 24.... 119,432 118,038 71,553 31,981 ,322 208 1,982 110 1,348 630 1,394 3,115 2,325 13,406 16,827 1,701 120,376 118,531 71,878 31,992 1,317 329 2,011 111 1,353 628 1,845 3,184 2,332 13,420 16,906 1,705 31 New York City 1961 28,876 28,496 18,092 10,655 705 1,201 420 226 380 1,024 429 809 3,029 435 Nov. 1 28,469 28,303 17,981 10,617 657 "", 149 428 239 166 1,020 438 818 3,021 435 8 29,334 29,129 18,469 10,688 991 ,243 417 236 205 1,018 435 826 3,020 433 15 28,724 28,306 17,803 10,661 510 ,155 420 253 418 915 438 826 3,026 432 22 28,756 28,189 17,645 10,675 190 ,216 421 261 567 960 440 827 3,056 432 29 Dec. 6. 28,834 28,231 17,594 10,584 150 ,278 427 274 603 919 441 828 3,095 434 13.. 29,066 28,547 17,784 10,672 171 ,300 430 278 519 967 438 839 3,094 434 20 . 29,947 29,814 18,812 10,969 369 ,451 436 304 133 1,256 440 847 3,143 433 27.. 30,491 30,162 19,196 11,102 525 .438 440 300 329 1,261 474 842 3,204 433 1962 Jan. 3. 29,982 29,405 18,834 11,047 374 ,372 442 331 577 1,162 490 839 3,226 10 29,310 28,705 18,322 10,901 281 ,316 448 303 605 1,013 467 839 3,209 489 17.. 29,171 28,637 17,984 10,768 160 ,193 448 309 534 1,060 455 833 3,215 490 24.. 28,909 28,319 17,555 10,673 90 ,123 445 292 590 892 457 837 3,201 490 31 29,465 28,813 17,769 10,685 149 ,139 445 290 652 984 449 837 3,246 490 Outside New York City 1961 Nov. 1 90,022 88,971 53,751 21,430 ,201 367 854 890 299 1,051 2,108 ,797 12,436 13,427 ,136 8.. 89,751 88,596 53,666 21,393 ,197 329 817 889 301 1,155 2,088 ,807 12,451 13,454 ,137 15.. *. 90,182 89,033 53,965 21,448 ,207 350 837 901 317 1,149 2,088 ,879 12,486 13,507 ,134 22 89,983 88,949 53,938 21,363 ,210 323 861 910 313 1,034 2,108 ,870 12,512 13,515 ,129 29 89,872 89,130 54,025 21,434 ,216 330 847 898 326 742 2,113 ,862 12,520 13,528 .130 Dec. 6........... 89,994 88,877 53,936 21,432 ,216 206 858 897 337 1,117 2,106 ,884 12,524 13,524 ,130 13 90,098 89,313 54,136 21,551 ,222 165 863 897 327 785 2,141 ,891 12,547 13,581 ,130 20 91,890 90,547 54,997 21,764 ,229 404 953 899 323 1,343 2,372 ,899 12,572 13,621 ,122 27 92,074 90,894 55,373 '21,818 ,260 494 941 903 357 1,180'2,508 ,891 12,557 13,673 ,121 1962 Jan. 3 92,649 90,949 55,451 21,750 ,292 473 991 108 916 343 1,700 2,567 1,940 12,564 13,714 1,207 10. 91,502 90,307 54,807 21,600 ,296 290 905 93 910 341 1,195 2,408 1,910 12,565 13,700 1,211 17.. 91,239 90,055 54,536 21,462 ,314 264 923 900 345 1,184 2,334 1,905 12,574 13,638 1,212 24.. 90,523 89,719 53,998 21,308 ,311 118 859 903 338 804 2,223 1,868 12,569 13,626 1,211 31,. ,, 90,911 89,718 54,109 21,307 ,306 180 872 338 1,193 2,200 1,883 12,583 13,660 1,215 r Revised. , NOTE.—Figures reflect new coverage; for description of changes in the i After deduction of valuation reserves. series, see BULLETIN for June 1961, p. 654. * 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 193 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars) Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— Wednesday Total Bills c C t a i e f t i e r - - s Wi N th o - m tes a tu a l n r to i d n g b — on A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i i c a c t e l k e h - s s s - b a w e B f a n o i n c a i g r t e l k n h - - s s Cu c a r o r n e i d n ncy B s F w e R a . r n i v R e t k - e h . s s a o s t A s h l e l e t r s a c l c T i a a c a t o p i n o b e t i i u d s a t l a n i l - l ts ly i e n ar 5 years 5 years Total- Leading Cities 1961 Nov. 1 34,087 5,772 1 482 6,233 16,645 3,955 11,537 17,493 2,950 166 1,399 12,978 4 457 154 004 8 33,770 5,500 1,456 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 5 079 18,234 3,632 11,547 17,475 3,047 160 1,458 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 1,435 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 ^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 j695 13,191 4,450 158,520 27 34,247 6,168 1,421 5,359 17,894 3,405 12,240 19,025 3,262 238 1,863 13,662 4,520 161,739 1962 Jan 3. 33,960 5,972 1,379 5,411 17,852 3,346 12,109 18,637 3,374 190 1,637 13,436 4,587 160,721 10 33 662 5 754 1 385 5,356 17,878 3,289 12,221 17,582 3,089 163 ,65? 12,678 4 661 155 834 17 33,954 6,073 1,387 5,398 17,792 3,304 12,218 17,547 2,963 165 1,587 12,832 4,588 156,434 24 34,312 6,090 1,416 5,418 17,811 3,577 12,173 17,242 3,103 155 1,626 12,358 4,605 152,915 31 34,475 6,204 1,451 5,483 17,780 3,557 12,178 17,198 2,895 159 53? 12,612 4,782 155,452 New York City 1961 Nov. 1 . . 7,710 1,939 488 1,334 3,253 696 2,694 4,048 72 65 190 3,721 1,876 39,504 8 , 7 695 1 845 487 1,430 3,226 707 2,627 3,916 71 63 218 3,564 1 940 39 288 15 . 7,999 2,106 510 1,013 3,685 685 2,661 3,720 90 60 197 3,373 1,938 40,346 22 7 810 1 911 524 1,021 3,677 677 2,693 4,028 70 68 203 3,687 1 896 38 947 29 7,790 1,871 490 1,03.8 3,711 680 2,754 3,813 179 74 231 3,329 1,916 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 1962 Jan. 3 7,659 1,979 435 1,086 3,498 661 2,912 4,457 119 94 273 3,971 2,010 41,180 10 7,440 1,809 454 1,087 3,476 614 2,943 4,087 87 76 258 3,666 2,120 39,996 17 7,664 1,993 451 1,090 3,507 623 2,989 4,088 109 79 241 3,659 2,051 40,112 24 7,838 2,075 466 1,091 3,487 719 2,926 3,934 75 68 231 3,560 2,069 39,095 31 . . .. 8,099 2,261 472 1,172 3,495 699 2,945 3,964 68 73 220 3,603 2,123 40,583 Outside New York City 1961 Nov. 1 . .. 26,377 3,833 994 4,899 13,392 3,259 8,843 13,445 2,878 101 1,209 9,257 2,581 114,500 8 26,075 3,655 969 4,871 13,314 3,266 8,855 13,229 2,673 98 1,220 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 1.261 9,437 2 505 116 197 22 26,057 3,580 961 4,046 14,643 2,827 8,954 13,462 2,712 94 1,232 9,424 2,471 114,558 29.... 26,142 3,698 985 4,026 14,615 2,818 8,963 13,703 2,987 101 1,420 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 1962 Jan. 3 26 301 3,993 944 4,325 14,354 2,685 9,197 14,180 3,255 96 1,364 9,465 2,577 119 541 10 26,222 3,945 931 4,269 14,402 2,675 9,278 13,495 3,002 87 1,394 9,012 2,541 115,838 17 26 290 4 080 936 4,308 14,285 2,681 9,229 13 459 2,854 86 1,346 9,173 2 537 116 322 24 26 474 4 015 950 4,327 14,324 2,858 9,247 13,308 3,028 87 1,395 8,798 2 536 113'820 31 26,376 3,943 979 4,311 14,285 2,858 9,233 13,234 2,827 86 1,312 9,009 2,659 114,869 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

194 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Other time Cap- Wednesday ju u T s n o t a e t d a d l - i j p m e D s o d a a t d s e e e n i - - - d t d s * TotaP p v s a i I d h a r n t u n i d n p a d i e s l - , s r- , S p s a i t o u c a n l a b t d i e l - t- s e F ig o n r- * G U o . v S ' . t.c m m D o t e i e o m c s r - - - - Totals S in a g v s - For- B F F r a . o n m R ks . o F th ro e m rs O li i t a t h i b e e i s r l- co i a t u c a n - l ts corpo- divi- cial eign1* rations sions banks Total- Leading Cities 1961 Nov. 1 133,867 63,423 92,658 66,407 5,027 1,606 4,07112,008 41,209 29,621 6,406 2,693 2,175 241 1,727 5,350 12,819 8 132,117 62.388 90,858 65,364 4,620 1,586 3,429 12,253 41,259 29,708 6,373 2,694 2,169 462 1,824 5,44512,845 15 135,765 62!777 94,714 67,454 4,743 1,626 4,152 12,676 41,05129,724 6,163 2,658 2,181 581 1,774 5,58312,840 22 132,617 62;644 91,449 65,932 4,793 1,598 4,1241"1 ,-7'4"0 4"1 ,1"6~8 29,790 6,127 2,727 2,203 362 2,085 5,618 12,823 29 132,404 63,906 91,216 66,183 4,894 1,647 3^414 11,820 41,188 29,771 6,190 2,721 2,194 14 1,690 5,69512,853 Dec. 6 132,256 63369 90,977 66,139 4,749 ,691 2,760 12,162 41,279 29,853 6,140 2,768 2,201 10 2,363 5,70912,882 13 134,934 65987 93,602 69,716 4,613 ,710 1,691 12,439 41,332 29,894 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 12,692 41,335533 2299,944 6,001 2,845 2,239 288 1,921 5,44312,944 27 , 140,742 66,343 99,270 71,156 4,863 ,822 4,557 12,7414i;472 30,082 5,969 2,851 2,243 482 2,081 5,461 12,973 1962 Jan. 3 139,56165,644 97,958 70,149 4,971 ,796 4,033 13,415 41,603 30,225 5,945 2,851 2,246 236 2,763 5,198 12,963 10 135,3-6"3 65,729 93,305 68,451 4,778 ,706 1,786 13,011 42,058 30,421 6,121 2,922 2,259 27 2,031 5,421 12,992 17 135, ,050 93,186 69,088 4,738 ,604 1,877 12,370 42,362 30,458 6,312 2,992 2,258 246 2,184 5,491 12,965 24 , 132,778 64,762 90,158 66,820 4,843 ,577 2,082 11,678 42,620 30,559 6,431 3,021 2,266 47 1,547 5,57812,965 134,716 64,362 91,853 67,161 5,185 ,632 3,220 11,175 42,863 30,640 6,553 3,068 2,262 52 2,011 5,641 13,032 31 New York City 1961 32,09316,297 25,083 17,253 394 ,197 1,137 2,945 7,010 2,787 2,185 236 ,658 113 879 2,739 3,680 Nov. 1... 31,61315,529 24,624 16,767 255 ,181 1,000 3,132 6,989 2,805 2,155 231 ,654 126 1,068 2,795 3,686 8... 32,46115,858 25,480 17,180 270 ,243 1,101 3,167 6,981 2,814 2,131 228 ,662 285 1,127 2,785 3,688 15... 31,13915,812 24,124 16,753 270 ,209 1,052 2,961 7,015 2,819 2,148 228 ,679 55 1,246 2,830 3,677 22... 31,51116,468 24,467 17,218 266 ,245 832 2,987 7,044 2,826 2,197 214 ,671 603 2,879 3,672 29... Dec. 6 31,68216,166 24,653 17,083 259 ,282 734 3,162 7,029 2,833 2,169 213 ,674 1,017 2,881 3,677 13... 32,52617,252 25,474 18,360 243 ,281 406 3,192 7,052 2,844 2,175 217 ,671 617 2,963 3,665 20... 33,56617,095 26,587 18,282 289 ,334 1,080 3,308 6,979 2,862 2,108 189 ,676 136 1,072 2,768 3,670 27... 35,25017,092 28,286 18,937 347 ,426 1,388 3,562 6,964 2,882 2,086 182 1,668 1171,167 2,801 3,670 1962 Jan. 3... 33,24617,074 26,349 18,185 292 1,396 1,246 3,298 6,897 2,923 1,990 168 1,668 110 1,456 2,694 3,674 10 32,35417,033 25,387 17,776 280 1,316 519 3,356 6,967 2,985 1,993 163 1,677 954 3,014 3,674 17 32,26316,686 25,204 17,845 289 1,213 534 3,182 7,059 3,004 2,036 182 1,679 15 1,161 2,998 3,675 24 31,65916,528 24,534 17,353 235 1,173 570 3,253 •7,125 3,044 2,051 187 1,683 651 3,112 3,673 31 32,81616,449 25,597 17,745 292 1,249 977 3,140 7,219 3,069 2,119 194 1,678 946 3,128 3,693 Outside N*w York City 1961 Nov. 1 101,774 47,126 67,575 49,154 4,633 409 2,934 9,063 34,1.9.9 26,834 4,221 2,457 517 128 848 2,611 9,139 8 100,504 46!859 66,234 48,597 4,365 405 2,429 9,121 270 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 9,509 34^070 26,910 4,032 2,430 519 296 647 2,798 9,152 22 101,478 46;832 67,325 49,179 4,523 389 3,072 8,779 153 26,971 3,979 2,499 524 307 839 2,788 9,146 29...... 100,893 47;438 66,749 48,965 4,628 402 2,582 i44 26,945 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 9,000 34,250 27,,1020 3,971 2,555 527 10 1,346 2,828 9,205 13 102,408 48735 68,128 51,356 4,370 429 1,285 9,247 3:4',280 27,050 3,943 2,566 544 5 917 2,771 9,207 20...... 104,358 49!090 69,984 51,645 4,426 379 2,610 9;384 34,374 27,082 3,893 2,656 563 152 849 2,675 9,274 27...... 105,492 49251 70,984 52,219 4,516 396 3,169 9,179 34,508 27,200 3,883 2,669 575 365 914 2,660 9,303 1962 Jan. 3 106,315 48570 71,609 51,964 4,679 400 2,787 10,11734,706 27,302 3,955 2,683 578 126 1,307 2,504 9,289 10 103,009 48696 67,918 50,675 4,498 390 1,267 9,65535,09127,436 4,128 2,759 582 27 1,077 2,407 9,318 17 103,285 48;364 67,982 51,243 4,449 391 1,343 9,18835,303 2""7,454 4,276 2,810 579 231 1,023 2,493 9,290 24 101,119 48234 65,624 49,467 4,608 404 1,512 8,42535,495 27,515 4,380 2,834 583 47 896 2,466 9,292 31 101,900 47913 66,256 49,416 4,893 383 2,243 8,03535,644 27,571 4,434 2,874 584 52 1,065 2,513 9,339 1 Total demand and total time deposits. 4 Comprises deposits of foreign governments and official institutions, 2 Demand deposits other than domestic commercial interbank and central banks, international institutions, banks in foreign countries, and U. S. Government, less cash items reported as in process of collection. foreign branches of U. S. banks other than reporting bank. 3 Includes certified and officers' checks and deposits of mutual savings 5 Includes U. S. Government, postal savings, domestic commercial banks not shown separately. interbank, and mutual savings banks, not shown separately. NOTE.—Figures reflect new coverage; for description of changes in the series, see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 195 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 1962 1962 1961 1961 1960 1961 1960 J 3 an 1 . J 2 a 4 n. Ja 1 n 7 . Ja 1 n 0 . Ja 3 n. Jan. Dec. Nov. O De c c t . .- S Ju e l p y t - . O De c c t . .- D Ju ec l . y - 4 J D u e l c y . - Classification basis New Old Durable goods manufacturing: Primary metals -6 3 -8 -14 -25 56 7 70 Machinery 23 -16 -39 -8 -11 -50 12 -19 -84 Transportation equipment 19 -8 4 -2 -68 -55 56 -12 28 -301 -310 -324 -665 Other fabricated metal products.. . c n -5 4 -18 -31 -2 o -40 Other durable goods -10 -22 -7 2 -1 -38 -13 -39 -103 n.a. n.a. -112 n.a. Nondurable goods manufacturing: 5 -49 -26 -109 -2 -180 93 164 398 156 438 554 579 P T e e t x r t o il l e e s u , m a p r p e a fi r n e i l n , g and leather -3 2 4 8 -6 1 7 3 -6 5 -1 1 9 6 -2 2 6 2 -1 4 9 9 - - 9 2 5 3 -28 6 1 2 43 -303 -233 -215 Chemicals and rubber -4 4 -8 -20 -38 -73 2 3 -23 \ -152 134 -121 58 Other nondurable goods -3 -11 c -6 -15 -40 -12 -25 -65 n.a. n.a. -74 n.a. Mining, including crude petroleum and natural gas 8 -5 30 192 224 157 55 381 -5 -102 405 -29 Trade: Commodity dealers -19 19 14 -15 14 -15 120 131 357 102 387 460 507 R O e th ta e i r l wholesale -10 2 -1 -1 9 - - 2 1 5 9 - - 2 2 0 5 -9 -8 5 -1 -8 3 1 8 -1 - 8 1 6 11 1 6 2 47 7 | 124 -30 176 -26 Transportation, communication, and other public utilities -43 -64 -70 15 -103 -265 206 10 240 49 A 286 61 Construction -9 -11 1 -9 5 -23 -7 4 9 43 1 52 35 All other types of business, mainly services 38 -20 -48 -48 43 -36 182 102 311 131 209 440 310 Net change in classified loans -13 -231 -218 -249 -119 -830 693 382 1,311 190 419 1,510 615 Commercial and industrial change— all weekly reporting banks 14 -249 -271 -296 -123 -925 822 232 1,126 36 5 412 1,162 5 305 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 reclassifications 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 peQ1r1ifj od loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterlv—cont.:2 19 large cities: New York City: I960 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 I960 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, 3%; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 3i£; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4^; 1958— NOTE.—Bank prime rate was 314 per cent Jan. 1, 1953-Apr. 26, 1953. Jan. 22, 4; Apr. 21, 3%; Sept. 11, 4; 1959—May 18, 4V£; Sept. 1, 5; and Changes thereafter occurred on the following dates (new levels shown, in 1960—Aug. 23, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Prime Finance com- company Prime Year, month, or week m 4 m p - o a e n t p r o c t e h i r 6 a s , l - * m d 3 p i p - o r l a a e n t p c o c t e e t h l 6 d r y s - 2 , 9 b a 0 a a c n n c d c k e a e p e y s r t s , - s 3 ' o i n R s s a 3 n u t e - e e m w onth M b y il a i l e s r l k d et o i n R s s a 6 n u t - e e e m w onth M b y il a i l e s r l k d et 9 ( - m y B t i o a e i r l l l 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 < - • 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 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 M!ay , 2.76 2.50 2.68 2.288 2.29 2.436 2.44 2 72 2.82 3.28 June 2.91 2.66 2.75 2.359 2.33 2.546 2.54 2.80 3.02 3.70 July 2.72 2.50 2.75 2.268 2.24 2.457 2.45 2.79 2.87 3.69 Aug 2.92 2.64 2.81 2.402 2.39 2.670 2.66 2.91 3.03 3.80 Sept 3.05 2.68 2.84 2.304 2.28 2.689 2.68 2 88 3.03 3.77 Oct 3.00 2.79 2.75 2.350 2.30 2.702 2.66 2.90 2.97 3.64 Nov 2.98 2.74 2.75 2.458 2.48 2.686 2.70 2.90 2.95 3.68 Dec 3.19 2.93 2.87 2.617 2.60 2.875 2.88 2.97 3.03 3.82 1962—Jan 3.26 3.05 3.00 2.746 2.72 2.965 2.94 3.19 3.08 3.84 Week ending— 1962—Jan. 6 3.25 3.00 3.00 2.703 2.72 2.941 2.96 3.06 3.07 3.79 13 3.35 3.09 3.00 2 823 2.78 3.073 3.02 3 12 3 13 3 83 20 3.30 3.11 3.00 2.770 2.73 2.970 2.90 3.27 3.09 3.87 27 3.20 3.03 3.00 2.688 2.67 2.875 2.89 3.25 3.04 3.85 Feb 3 3.13 3.00 3.00 2.705 2.69 2.939 2.92 3.26 3.04 3.88 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 bonds3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio S (l t o a n te g s - 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 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 1961 Jan 3 89 3.56 3.15 4.06 4.65 4.32 5.10 4.52 4.86 4 57 4 73 3.28 Feb 3.81 3.54 3.14 4.06 4.59 4.27 5.07 4.46 4.82 4.51 4.68 3.13 Mar 3.78 3.60 3.23 4.11 4.54 4.22 5.02 4.40 4.78 4.43 4 66 3.03 4 18 Apr 3 80 3.61 3.27 4.01 4.56 4.25 5.01 4 45 4 75 4 46 4 67 2 95 May 3.73 3.57 3.25 3.95 4.58 4.27 5.01 4.48 4.77 4.49 4.63 2.92 3.88 3.63 3.35 3.97 4.63 4.33 5.03 4.54 4.83 4.52 4.66 2.99 4.67 July 3.90 3.63 3.35 3.94 4.70 4.41 5.09 4.59 4.89 4 60 4 69 2 99 Aug 4.00 3.62 3.33 3.96 4.73 4.45 5.11 4.60 4.92 4.67 4.69 2.91 Sept 4.02 3.64 3.33 4.02 4.74 4.45 5.12 4.61 4.94 4.67 4.69 2.93 P5.34 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 1962 Jan 4.08 3.55 3.21 4.01 4.70 4.42 5.08 4.57 4.92 4.61 4.59 2.97 Week ending— 1962 Jan. 6 4.06 3.59 3.26 4.04 4.71 4.43 5.11 4.59 4.93 4 62 4 64 13 4.08 3.57 3.22 4.04 4.70 4.42 5.09 4.57 4.92 4.61 4.59 2.97 20 4 08 3.54 3.19 4.00 4.70 4.42 5.08 4 57 4 92 4 61 4 59 3 00 27 4.08 3.50 3.17 3.96 4.70 4.41 5.08 4.57 4.91 4 61 4 57 3 00 Feb. 3 4.10 3.44 3.12 3.88 4.70 4.42 5.07 4.57 4.91 4.61 4.55 2.98 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 197 SECURITY PRICES i Bond prices Common stock prices Vol- Standard and Poor's index Securities and Exchange Commission index ume (1941-43= 10) (1957-59= 100) of trad- Ye o ar r , w m e o ek nth, t ( G U e lo r o . m n v S g t ) . . - 2 n g ( M i r h c a i i d g u p e h - a ) - l 3 g ( C h r r p a a i o o g d t r - e h e - - )3 Total 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 f a a b u c l - t e urin N r g a d o b u n l - e - T p t r o i a o r n n ta s - ' P u l i u i t t c i y b l - - - T n s a a r e i f a n c 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 r g n f e d u 4 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. 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 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 57.06 129.8 123 127.8 120.3 104.2 159.2 146.7 89.2 5,365 Apr.. 88.80 108.1 96.4 65.83 69.64 32.35 59.09 133.0 125 128.5 123.3 103.4 168.9 150.4 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. 103.3 166.7 158.5 93.1 3,045 Aug 86.27 106.5 93.9 67.79 71.69 32.76 61.19 137.4 130.1 131.3 129.0 107.0 170.6 164.2 92.8 3,545 Sept 86.09 106.6 93.9 67.26 70.89 33.02 62.19 136.2 128.9 131.7 126.4 106.8 168.9 166.4 87.3 3,193 Oct 86.61 107.7 94.6 68.00 71.42 34.53 64.15 138.0 129.1 132.2 126.4 110.1 173.9 76.6 90.3 3,318 Nov. 86.52 108.1 94.9 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 r71.74'75.81 ^•33.21 65.77 145. 135.6 138.1 133.3 107. 188.4 188.0 101.1 4,120 1962—Jan 85.34 109.9 94.5 69.07 72.99 33.77 62.69 140.4 130.8 133.6 128.1 108.5 181.4 175.2 104.1 3,677 Week ending— 1962—Jan. 6.. 85.58 108.8 94.4 70.60 74.65 33.76 63.97 141.7 132.0 134.6 129.7 108.0 182.9 178.0 99.7 3,949 13.. 85.38 109.9 94.6 69.24 73.19 33.86 62.75 141.6 131.9 134.9 129.1 109.6 182.6 178.2 105.2 3,727 20.. 85.28 109.6 94.5 68.80 72.70 33.88 62.40 139.8 130.1 133.0 127.4 109.1 180.7 174. 106.4 3,625 27.. 85.31 110.2 94.6 68.39 72.25 33.64 62.19 138.5 129.0 132.0 126.2 107.4 179.6 170.0 105.1 3,564 Feb. 3.. 85.11 111.0 94.5 68.80 72.70 33.96 62.37 141.9 132.9 134.5 131.5 110. 180.3 175.0 105.9 3,743 r Revised. 2 Prices derived from average market yields in preceding table on basis 1 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 51^-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 End of month1 o s t T e h c o e u t r a r i l t t — h ie a s n N N ew et Y d o e r b k it f S i b r t m a o l c a s k 2 n c E e x s c w ha it n h ge c b h B r a o s a i k n n e k g r s l a o n a a d n n d s c a d t r o e r a y o l i e t n h r g s e ) r s s e f o c ( r u t r h p i a t u i n e r s - 3 Money borrowed Cust n o e m t ers' U. S. Govt. free o ( b c c l o i o g l l . a . t 3 5 io ) + ns U o S b e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a n G tio o n v s t. se o c O u th r n i e t r ies ba c l r a e n d c it es 1958—Dec.. 4,537 146 3,285 63 1,252 234 2,071 1,159 1959 Dec 4,461 150 3,280 164 1,181 221 2,362 996 I960—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 M!ar 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 June 5,367 51 4,024 104 1,343 67 2,748 1 280 July 5,355 50 3,991 106 1,364 69 2,728 1,207 Aug 5,349 49 3,972 102 1,377 56 2,679 1,208 Sept . 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 1,213 Dec 5,602 35 4,259 125 1,343 48 2,954 1,219 1962—Jan 5,463 34 4,110 111 1,353 51 2,860 1,222 r Revised. 3 Figures are for weekly reporting member banks. Prior to July 1959, 1 Data for cols. 4-7 are for last Wednesday of month. loans for purchasing or carrying U. S. Government securities were re- 2 Ledger balances of member firms of the New York Stock Exchange ported separately only by New York and Chicago banks. Accordingly, carrying margin accounts, as reported to the Exchange. Customers' debit for that period col. 5 includes any loans for purchasing or carrying such and free credit balances exclude balances maintained with the reporting securities at other reporting banks. Composition of series also changed firm by other member firms of national securities exchanges and balances beginning with July 1959; revised data for the new reporting series (but of the reporting firm and of general partners of the reporting firm. Bal- not for the breakdown of loans by purpose) are available back through ances are net for each customer—i.e.. all accounts of one customer are July 1958 and have been incorporated. consolidated. Money borrowed includes borrowings from banks and 4 Reclassification of loans reduced these items by $66 million. See f rom other lenders except member firms of national securities exchanges. note 3, p. 1436 of BULLETIN for December 1961, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 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 End of year Accepting banks F. R. Goods stored in or or month Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in— Total through ly Others into from exdealers i ( 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 n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2 666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 32,744 840 31,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,192 677 2,515 1,151 319 282 36 75 82 675 357 309 74 162 249 I960. 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 ]M[ay .. 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 [.730 3,130 2,422 946 740 207 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 Dec 4,674 1,711 2,963 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series includes all paper with maturity other commercial paper sold in the open market. of 270 days and over. Figures on old basis for December were (in 2 As reported by finance companies that place their paper directly with millions of dollars): Total 2,731; placed directly, 1891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total 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 . v S t . . g S l a o o t n c a v d a t t e l . C ot r o a h a n r e t p d e r o 1 - a C ss a e s t h s O as t s h e e ts r a s l s a T u i s a a c t r o i e b n p c e t t i d t l s s a l s u — i l . - s De it p s o 4 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s N M c u o m o m r b m t e g r i a t g m e A e m l n o t o s a n u 2 nt 1941 4,787 89 3,592 1/ 86 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955. 17,279 211 8,464 646 3,366 966 414 31,346 28 182 310 2,854 n.a. n.a. 1956.. 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957.. 20,971 253 7,583 685 4,344 889 490 35,215 31 683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 19593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 I960—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 .334 Mar 27,207 453 6,566 666 5,110 855 624 41,480 37,000 850 3,630 68,646 1,428 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 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 Nov 28,680 469 6,172 677 5,042 847 642 42,529 37,892 857 3,779 59,882 1,533 n.a. Not available. 3 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- mercial bank. tions and obligations of Federal agencies not guaranteed by the U. S. 4 See note 4, p. 186. 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 199 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d t ( a l U o te c .S a a . l n ) d Foreign2 Total Bonds Stocks gages estate loans assets End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 End of month:4 1958—Dec... 107,580 11,242 7,182 2,691 1,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Dec... 113,650 11,599 6,858 3,221 1,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 I960—Nov... 119,066 11,788 6,547 3,605 1,636 50,811 46,831 3,980 41,521 3,851 5,225 5,870 Dec... 119,717 11,729 6,444 3,622 1,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—Jan.... 120,467 11,881 6,545 3,671 1,665 51,306 47,211 4,095 42,008 3,813 5,303 6,156 Feb... 120,951 11,944 6,542 3,702 1,700 51,446 47,296 4,150 42,143 3,822 5,345 6,251 Mar... 121,469 11,987 6,535 3,735 1,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 Apr... 121,921 11,982 6,488 3,769 1,725 51,812 47,563 4,249 42,553 3,827 5,461 6,286 May.. 122,462 12,063 6,551 3,774 1,738 52,008 47,672 4,336 42,723 3,837 5,508 6,323 June.. 122,751 11,881 6,369 3,761 1,751 52,308 47,966 4,342 42,945 3,851 5,509 6,257 July.. 123,381 11,972 6,440 3,786 1,745 52,623 48,245 4,378 43,052 3,870 5,541 6,324 Aug... 123,902 12,021 6,440 3,822 1,759 52,839 48,424 4,415 43,216 3,901 5,580 6,345 Sept... 124,411 12,057 6,390 3,851 1,816 53,003 48,533 4,470 43,381 3,917 5,618 6,435 Oct... 125,064 12,093 6,403 3,868 1,822 53,292 48,767 4,525 43,580 3,936 5,652 6,511 Nov... 125,706 12,333 6,360 3,904 2,069 53,273 48,691 4,582 43,815 3,952 5S683 6,650 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- 4 These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage End of year assets3— loan or month U.S. Total Reserves commit- Mort- Govt. Cash Other2 liabilities Savings and Borrowed Loans in Other ments5 gages obliga- capital undivided money4 process tions profits 1941 4,578 107 344 775 6,049 4,682 475 256 616 n.a. 1945 ..... 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1953 . . 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n a 1954 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1,244 n.a. 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,194 4,477 2,183 3,676 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 1 360 I960—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 1,114 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 .,582 1,787 Apr 62,265 4,960 2,706 4,304 74,235 64,420 5,002 1,708 L322 1,783 1,951 May..... 63,080 4,960 2,855 4,520 75,415 65,220 5,005 1,749 1,413 £,028 2,115 June..... 64,073 4,991 2,987 4,460 76,511 66,582 5,287 2,023 1,535 1,084 2,120 Julv...... 64,811 4,983 2,760 4,308 76,862 66,693 5,281 2,022 1,551 1,315 2,144 65,717 5,051 2,674 4,387 77,829 67,189 5,284 2,154 L594 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 [,577 1,998 2,126 Nov 68,069 5,177 2,850 4,801 80,897 69,340 5,293 2,445 1,558 2,261 2,028 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. items will not add to total assets, which include gross mortgages with Data beginning with 1953 are based on monthly reports of insured no deductions for mortgage pledged shares. Beginning with January associations and annual reports of noninsured associations. Data before 1958, no deduction is made for mortgage pledged shares. These have 1953 are based entirely on annual reports. declined consistently in recent years and amounted to $42 million at the 2 Includes other loans, stock in the Federal home loan banks and other end of 1957. investments, real estate owned and sold on contract, and office buildings 4 Consists of FHLB advances and other borrowing. and fixtures. 5 Not a balance-sheet item. NOTE.—Data for 1960 and 1961 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin; in millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e d e i g p t e ts t re P T f c u l r e u n u i s p d s : t ts1 ac I t G L t r n i e a o o t s n r n v s a s s t : - - . 1,2 E p T r u f q e r t b o u o h c l a t m e t i a s l c s l . 3 : B p t e u u e n d r x e d g - s i e - t p t T P f u e u e r l r n u x n u e d s - s d s i : t 1 - m A L e d e n j s u t s s s : 1 t , - 4 E p p t T q o u a u o b y a t t l t a h l i s s e l c . : t p p f o r u a t o o h ( b y m r e - l t i s ) c , , . & ( c ( c o d - r d r r a I e ) e i e n g r a a , b - e d e s i s c e n t e n e - t . , ) t a r in G g . v N e f o . n u e v n . b t t L d & , y e s ss- O d n c e o a t b h s n t e h - 5 r E b r i o q e n c N ( r u p g a ) r a a e s o o h l y t w s r t — . - Cal. year—1959 . . . 72,738 18,345 3,481 87,552 79,778 19,759 3,977 95,560 -8,006 10,112 -543 2,081 8,580 1960. . . 79,517 22,212 3,385 98,287 77,565 21,724 4,595 94,694 3,593 -548 1,625 491 -2,670 1961. . . 78,156 24,342 4,506 97,929 84,463 24,769 4,494 104,738 -6,808 6,787 -432 470 6,754 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.. 77,763 620,534 3,167 95,078 76,539 620,891 3,129 94,301 111 3,371 953 597 1,821 1961.. 77,659 23,807 4,169 97,242 81,515 23,239 5,226 99,528 -2,286 2,102 870 536 698 Semiannually: 1960—Jan.-June. 44,188 11,993 1,859 54,294 37,348 11,163 2,505 46,006 8,288 -3,958 1,809! 23 -5,794 July-Dec.. 35,329 610,219 1,526 43,993 40,217 610,561 2,090 48,688 -4,695 3,410 -184! 468 3,124 1961— Jan.-June. 42,330 13,588 2,643 53,249 41,298 12,678 3,137 50,840 2,409 -1,308 1,054 68 -2,426 July-Dec.. 35,826 K), 754 1,863 44,680 43,165 12,091 1,357 53,898 -9,217 8,095 -1,486 402 9,180 Monthly: 1960—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 4? 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 10,831 2,990 1,352 12,465 7,961 2,377 654 9,684 2,781 -928 554 3 -1,485 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 Dec 7,967 1,484 577 8,868 7,160 i;934 518 8,576 292 -716 -860 114 30 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 e i r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s a o ( G s g + b N a u e o l ) r a i n o e v k g n t c f t a e c . y - t e ^ i s n G e y N c 4 o . F e v e z b t t d ^ y . . I d n ( p e d g c - c u i r r ) o r r b o e , e e r l a s c a i i s s c n t s e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a D a . v b n e a l R 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 ts r tions 7 agency debt funds) accts. & trust funds 7 Fiscal year—1958. . -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959. . -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 1960.. 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 1961.. -3,856 565 285 -733 -435 2,640 -222 -1,311 6,694 408 5,453 833 Semiannually: 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 July-Dec... -7,339 -1,338 -137 394 1,221 7,198 199 -200 6,494 465 5,157 872 Monthly: 1960—Dec 796 -416 244 46 148 -197 42 580 6,411 485 5,165 761 1961—Jan -1,624 -1,080 423 27 -181 15 -1,582 4,829 588 3,215 1,026 Feb 301 638 -57 8 65 508 1 1,463 6,292 467 4.881 944 Mar 1,512 -119 580 -87 -423 -3,072 -112 -1,498 4,794 44,3 3; 533 818 Apr -1,325 -686 205 -132 842 516 181 -761 4,034 633 2.315 1,086 May -702 1,544 -503 -86 -1,409 2,158 -126 1,128 5,162 372 3,994 796 June 2,870 610 -381 29 -654 -1,175 -232 1,532 6,694 408 5,453 833 July -3,340 -871 34 24 780 3,433 163 -101 6,593 415 5.287 891 Aug -1,265 1,244 -549 32 -1,397 1,310 -52 -572 6.020 543 4; 745 732 Sept 2,174 -726 663 108 662 35 -20 2,936 8; 956 348 7,754 853 Oct -4,655 -1,015 170 33 828 1,911 30 -2,759 6,197 502 4,834 861 Nov -1,060 479 -560 28 -191 1,350 -17 63 6,261 489 4,930 842 Dec 807 -450 106 168 540 -842 95 234 6,494 465 5,157 872 n.a. Not available. p Preliminary. and to Treasury by Govt. agencies, transfers to trust accounts representing 1 Adjusted to exclude certain interfund transactions from both net Budget expenditures, and payroll deductions for Federal employees rebudget receipts and budget expenditures; and certain intertrust fund tirement, health and life insurance funds. transactions from both trust account receipts and trust account expendi- 3 Small adjustments to arrive at this total are not shown separately. tures. For other notes, see opposite page. 2 Consists primarily of interest payments by Treasury to trust accounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 201 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of U.S. Treasury statements and Treasury Bulletin unless otherwise noted; in millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B ce u N r i d e p e - g t t s e 3 t Old T - rans H fe i r g s h - to R - . R. fu R o n e f d - s B c T u e r o d i e p t - g a t e s l t Individual Corpo- ta c E i x x s e e - s t p m a E l x o e m e n y s - t - 9 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e s . - ' ' age way re- re- With- ration f t u r n u d st s t f r u u n s d t m a ti c r e c e n t - . t ceipts held Other Fiscal year—1958 68,550 7,733 2,116 575 4,433 83,974 27,041 11,528 20,53310,814 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 1100,760 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 22,17911,865 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 21,76512,064 12,502 7,007 3,213 1,991 5,294 Semiannually: I960—Jan.-June 44,188 6,396 1,361 300 4,327 56,927 16,023 10,230 13,856 5,917 7,032 3,869 1,491 948 2,706 July-Dec 35,329 4,762 1,576 297 793 43,070 16,616 3,185 8,838 6,238 5,063 3,130 1,685 1,008 2,724 1961—Jan.-June 42,330 6,824 1,347 274 4,932 56,421 16,362 9,990 C12,927 5,826 7,439 3,877 1,528 983 2,570 July-Dec 35,826 4,742 1,612 278 806 43,575 17,652 3,189 8,259 6,394 5,024 3,057 n.a. n.a. n.a. Monthly: 1960—Dec 7,643 547 240 48 61 8,751 2,591 383 3,331 1,008 596 842 259 164 1961—Jan 4,846 304 223 13 64 5,537 1,049 2,149 534 918 348 539 204 128 Feb 6,537 1,448 235 77 530 9,153 4,781 786 444 861 1,814 467 169 116 1,403 Mar.......... 8,524 1,285 213 48 1,792 11,878 2,413 759 5,799 1,082 1,348 477 313 213 Apr 5,125 720 201 14 1,296 7,359 916 3,403 493 831 736 980 231 160 May 6,467 1,941 237 77 1,036 9,767 4,743 956 411 1,072 2,020 565 285 176 1,167 June......... 10,831 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...... 3,141 239 258 162 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 1,266 351 343 184 n.a. Dec. 7,967 458 255 47 67 8,980 2,935 428 3,322 1,013 505 777 n.a. n.a. n.a. Budget expenditures10 Major national security Agri- Vet- culture Period Intl. erans' and Nat- Com- Gen- Total 3 Total11 M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a in f a f a n a n i d r c s e In e t s e t r- ic b e s e f e s i n r t v a s e - n - d w a e n lf d are t a c u r g u e r r l - a i - - l so u r u r e r a - c l es h m o a u e n s r d i c n e g g m o e v r e a e n l r t nsources Fiscal year—1958.. 71,369 44,142 39,062 2,187 2,268 2,231 7,689 5,026 3,447 4,389 1,544 2,109 1,359 1959.. 80,342 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 1960.. 76,539 45,627 41,215 1,609 2,623 1,833 9,266 5,060 4,419 4,838 1,713 2,782 1,695 1961*. 81,503 47,402 43,218 1,446 2,716 2,592 9,055 5,262 4,949 5,039 2,008 3,939 1,931 Semiannually: 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 July-Dec.?5 43,165 23,954 22,207 397 1,329 1,633 4,501 2,657 2,766 3,566 1,178 2,174 1,042 Monthly: 1960—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 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 June2*.... 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 Nov...... 7,485 4,253 3,923 108 224 327 744 437 499 485 186 395 154 7,160 4,285 3,984 88 216 174 787 471 464 550 167 288 160 c Corrected 8 Includes transfers to Federal disability insurance trust fund. 4 Consists primarily of (1) intra-Governmental transactions as de- 9 Represents the sum of taxes for old-age insurance, railroad retirescribed in note 1, (2) net accruals over payments of interest on savings ment, and unemployment insurance. bonds and Treasury bills, (3) Budget expenditures involving issuance of I o For more details see the Treasury Bulletin, Budget Receipts and Federal securities, (4) cash transactions between International Monetary Expenditures, Table 6, and the 1962 Budget Document', Special Analysis C. Fund and the Treasury, (5) reconciliation items to Treasury cash, and Fiscal and semiannual totals adjusted; monthly totals are not. Jan.-June (6) net operating transactions of Govt. sponsored enterprises. totals derived by subtracting July-Dec, totals from fiscal year totals. 5 Primarily adjustments 2, 3, and 4, described in note 3. I1 Includes stockpiling and defense production expansion not shown 6 Adjusted for reclassification of certain repayment of advances from separately. the general fund. For other notes, see opposite page. i Excludes net transactions of Govt. sponsored enterprises, which are included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of U. S. Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable Total End of Total gross Con- Special month gross direct Bonds vert- issues debti debt2 Total Certifi- ible Sav- Tax Total Bills cates of Notes bonds Totals ings and indebt- Bank Bank bonds savedness eligi- re- ings 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 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 1954 Dec . .. 278.8 278.8 233.2 157,8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956 Dec 276.7 276.6 228.6 160.4 25,2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 Dec 283 0 282 9 236 0 175 6 29 7 36 4 26 1 83 4 8 3 52 1 51 2 44.8 1959—Dec . 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Dec. 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Jan ... . 290.2 290.0 242.8 189.3 39.7 18.4 51.3 79.8 5.6 47.9 47.2 43.8 Feb 290.7 290.5 243.5 189.9 39.9 11.5 58.7 79.8 5.6 47.9 47.3 43.7 Mar. 287.7 287.5 240.1 186.5 36.5 11.5 57.8 80.7 5.5 48.0 47.4 44.0 Apr 288.2 288.0 241.6 188.1 38.2 11.5 57.5 80.9 5.4 48.0 47.4 43.0 May 290.4 290.1 242.3 188.9 38,4 13.3 56.2 80.9 5.4 48.1 47.5 44.5 June 289.2 289.0 240.6 187.1 36.7 13.3 56.3 80.8 5.4 48.1 47.5 45.0 July 292.6 292.4 244.8 191.3 40.8 13.3 56.3 80.8 5.3 48.2 47.6 44.2 Aus 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 1962 Jan 296.9 296.5 250.8 197.6 43.9 5.5 71.6 76.6 4.5 48.6 47.5 42.3 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 Jan. 31, 1962), and fully guaranteed securities, not postal savings bonds. shown separately. s 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 $11,005 million on Dec. 31, 1961. « 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 1 Federal Com- Mutual ance Other and Misc. anteed Reserve Total mercial savings com- corpo- local invessecuri- Banks banks 2 banks panies rations govts. tors 3 ties) Special Public Savings Other issues issues bonds securities 1941—Dec 64.3 7.0 2.6 2.3 52.5 21A 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 15.4 50.2 14.5 15.6 1956—Dec 276.7 45.6 8.4 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 16.1 1957—Dec......... 275.0 45.8 9.4 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 16.6 1958—Dec 283.0 44.8 9.6 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 16.6 1959—Dec 290.9 43.5 10.2 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45.9 '22.3 22.1 I960—Nov 290.6 44.6 10.8 27.5 207.7 61.2 6.3 11.9 20.6 18.3 45.6 r20.8 22.8 Dec 290.4 44.3 10.7 27.4 207.9 62.1 6.3 11.9 19.7 18.2 45.7 '20.0 24.2 1961—Jan 290.2 43.8 10.7 26.6 209.1 62.7 6.3 11.9 20.1 18.3 45.8 19.9 24.0 Feb 290.7 43.7 10.8 26.7 209.6 61.9 6.4 11.8 21.2 18.5 45.8 19.9 23.9 Mar 287.7 44.0 10.9 26.7 206.1 59.7 6.6 11.7 19.5 18.7 45,9 '20.0 24.1 288.2 43.0 11.0 26.8 207.5 61.7 6.3 11.6 20.5 18.5 45,9 19.0 23.9 May 290.4 44.5 11.0 26.9 208.0 62.1 6.3 11.6 21.2 18.5 46.0 18.7 23.5 289.2 45.0 11.0 27.3 205.9 62.5 6.3 11.4 19.4 18.7 46,1 18.3 23.2 July......... 292.6 44.2 11.0 27.4 210.0 65.5 6.3 11.5 19.5 18.7 46.1 18.6 23.7 Aug 294.0 45.6 10.9 27.7 209.8 65.1 6.3 11.5 19.8 18.6 46.2 19.0 23.2 Sept 294.0 45.0 10.9 27.8 210.3 66.6 6.3 11.5 18.4 18.5 46.3 19.0 23.7 Oct 296.0 43.9 11.1 28.3 212.9 67.3 6.2 11.6 19.4 18.4 46.4 19.0 24.5 Nov 297.3 44.2 11.2 29.2 212.7 66.9 6.2 11.5 20.3 18.4 46.5 18.8 24.1 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 203 OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b e C o r o t n i n b d - l s e 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 Oct. 31 199,939 42,641 5,509 67,807 79,277 4,705 195,234 81,093 67,313 21,930 24,898 Nov. 30 200,305 43,442 5,509 71,488 75,204 4,662 195,643 82,155 68,591 19,487 25,410 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 Oct. 31 10,895 754 144 ,443 6,246 2,308 8,588 1,406 2,021 1,604 3,558 Nov. 30 10,971 765 119 1,419 6,366 2,302 8,669 1,412 1,956 1,572 3,729 Federal Reserve Banks: 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 1,358 1959—June 30 26,044 2,032 18,650 2,879 2,484 26,044 20,687 3,887 410 1,060 I960—June 30.. 26,523 2,513 8,508 13,011 2,491 26,523 19,385 5,689 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 Oct. 31 28,268 3,242 1,654 19,769 3,603 28,268 13,727 12,016 2,286 238 Nov. 30 29,210 3,742 1,692 19,945 3,832 29,210 17,629 9,091 2,223 266 Commercial banks: 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 1959—June 30 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 I960—June 30 48,099 2,376 1,832 15,598 28,199 95 48,004 6,546 33,342 5,966 2,151 1961—June 30 55,116 6,379 3,123 18,373 27,158 84 55,033 20,153 25,577 7,386 1,918 Oct. 31 59,105 9,530 1,976 21,863 25,656 80 59,025 21,879 28,704 6,393 2,049 Nov. 30 58,731 9,287 1,991 23,674 23,699 58,651 19,906 31,617 5,118 2,010 Mutual savings banks: 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4,094 1959—June 30. 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,756 1960—June 30 6,489 209 166 1,199 4,607 309 6,181 463 1,720 2,662 1,336 1961—June 30 6,215 227 102 1,343 4,324 218 5,996 724 1,414 2,289 1,569 Oct. 31 6,083 180 50 1,435 4,224 194 5,890 667 1,470 1,790 1,963 Nov. 30 6,060 181 49 1,450 4,188 192 5,868 638 1,554 1,706 1,970 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 I960—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 Oct. 31 10,165 466 69 1,708 6,965 957 9,208 1,267 2,256 1,757 3,928 Nov. 30 10,117 514 75 1,822 6,754 952 9,165 1,190 2,382 1,633 3,961 Other investors: Nonfinancial corporations: 3 I960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8,442 2,871 98 1961—June 30 10,048 4,885 754 2,227 2,177 10,043 8,368 1,521 114 40 Oct. 31 10,166 5,391 262 2,571 1,938 10,161 8,416 1,628 83 33 Nov. 30 11,003 6,165 285 3,134 1,414 10,998 8,955 1,927 66 50 Savings and loan associations:3 1960—June 30 2,480 178 495 1,675 62 2,418 297 947 472 703 1961—June 30 2,703 112 613 1,881 60 2,642 370 782 747 744 Oct. 31 2,737 112 639 1,903 58 2,680 396 832 670 781 Nov. 30 2,782 146 643 1,910 58 2,724 413 910 611 790 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 Oct. 31....... 72,520 22,967 1,328 18,379 28,741 1,105 71,415 33,335 18,386 7,347 12,347 Nov. 30 71,430 22,641 1,274 19,401 27,041 1,073 70,357 32,012 19,153 6,558 12,634 i 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 6,242 commercial banks, 512 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 822 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 489 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

204 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 Period agency U. S. securities Total Govt. Other Com- Within 1-5 5-10 After securities dealers mercial All 1 year years years 10 years dealers and banks other and brokers brokers I960—Sept 1,049 760 197 58 35 313 28 431 111 56 Oct 1,460 1,160 227 45 28 424 44 618 374 69 Nbv ... . 1,435 1,006 323 78 28 375 36 650 374 56 Dec . 1 547 I 049 386 67 45 465 42 111 323 92 1961—Jan 1,615 1.113 422 57 23 519 31 780 285 73 Feb 1 364 934 353 46 32 400 38 632 294 66 Mar 1 568 144 320 70 33 520 27 639 382 81 Apr 1 523 I 200 206 82 35 468 20 625 410 74 May 1 519 I 092 299 92 36 481 23 626 389 79 June . . 1,383 :1,143 175 42 23 411 19 579 374 81 July 1,783 441 281 49 13 555 33 708 487 69 Aug 1 395 l'l73 162 41 19 423 32 519 421 56 Sept 1,442 1,185 177 47 34 406 25 608 403 99 Oct 1 690 1 389 254 27 20 547 38 695 410 61 Nov .. 1,686 1,295 309 41 43 514 33 691 448 90 Dec 1,653 1,328 228 45 52 540 29 698 386 69 Week ending— 1961—Dec. 27 1 878 1 496 264 50 68 566 37 874 401 77 1962—Jan. 3 1 773 1 553 139 51 30 530 27 781 436 58 10.. . . 1,724 1,472 168 53 31 553 33 674 465 103 17 1 752 1 493 155 83 21 580 25 723 424 82 24*> 1,701 1,425 151 88 30 555 22 759 365 153 v Preliminary. or purchases or sales of securities under repurchase agreements, reyerse 1 The transactions data combine market purchases and sales of U. S. repurchase (resale), or similar contracts. The averages are based on the Government securities dealers reporting to the Federal Reserve Bank of number of trading days in the period. New York. They do not include allotments of and exchanges for new NOTE.—Details may not add to totals because of rounding. U. S. Government securities, redemptions of called or matured securities, DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS i [Averages of daily figures; par value, in millions of dollars 2] [Averages of daily figures; in millions of dollars] U. S. Government securities, by maturity Commercial banks Federal Period All Within 1-5 After se a c g u e r n i c ti y es Period so A ur l c l es New Else- C t o i r o p n o s r 2 a- o A th l e l r maturities 1 year years 5 years Y C o it r y k where 1960—Sept 2,649 2,055 435 160 149 Oct 2,294 1,749 402 143 98 1960—Sept 2,653 630 674 937 All Nov 2,394 1,600 639 155 108 Oct 2,276 456 518 931 371 Dec 2,977 2,341 510 126 128 Nov 2,541 403 403 1,208 527 1961 Jan 2,970 2,338 519 113 71 Dec 2,968 747 741 1,247 233 Feb 2.794 2,128 578 88 112 1961—Jan 2,867 533 849 1,218 267 Mar 2; 077 1,600 388 90 106 Feb 2,790 579 651 1,138 422 Apr 2,463 2,115 223 126 119 Mar 2,116 412 563 967 173 May 2,808 2,227 484 98 158 Apr 2,299 472 550 1,113 164 June 2,253 1,973 300 -20 81 May 2,573 627 548 1,199 199 July 2,610 2,247 323 40 125 June 2,315 605 382 1,132 196 Aug 2,535 2,350 175 10 56 July 2,665 702 470 i;309 184 Sept 2,497 2,339 144 15 99 Aug 2,584 655 434 1,220 275 Oct 3,227 3,044 194 -12 61 Sept 2,416 688 574 982 171 Nov 3,807 3.272 464 71 91 Oct 3,077 926 735 1,029 387 Dec 2,939 2,655 260 23 69 Nov 3,915 1,173 870 1,477 393 Dec 3,088 725 744 1,345 275 Week ending— Week ending— 1961—Dec. 6.. 2,807 2,411 351 45 107 13.. 2,488 2,198 269 21 72 1961—Dec. 6... 3,006 609 597 1,540 260 20. . 2,998 2,769 203 26 76 13... 2,556 385 412 1,500 259 27.. 3,352 3,103 232 17 91 20... 2,958 828 839 1,086 206 27. .. 3,515 961 1,008 1,271 227 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract 1 The figures are based on the number of calendar days in the period. is matched by a reverse repurchase (resale) agreement or delayed delivery Both bank and nonbanks dealers are included. See also note 1 of the sale with the same maturity and involving the same amount of securities. opposite table on this page. Included in the repurchase contracts are some that more nearly represent 2 All business corporations except commercial banks and insurance investments by the holders of the securities rather than dealer trading companies. positions. NOTE.—Details may not add to totals because of rounding. 2 Averages are based on number of trading days in the period. 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 205 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JANUARY 31, 19621 [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. Feb. 1,1962 1,700 July 12, 1962 600 May 15, 1963 3% 5,047 Dec. 15, 1964-69... 2Vi 2,553 Feb. 8, 1962 1,805 July 15, 1962 2,004 Oct. 1,1963 1% 506 Feb. 15,1965 ..2% 6,896 F M F M M e e a a a b b r r r . . . . . 2 1 1 8 3 1 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 2 2 2 2 2 .. 1 1 1 1 1 , , , , , 7 7 6 7 7 0 0 9 0 0 0 1 8 0 2 J J J O u u a c n l l y y t . . 2 1 1 1 6 9 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 2 2 2.. 2 2 , , 0 0 6 6 0 0 0 0 1 3 0 0 A N A M M u p o a a g r v y y . . . 1 1 1 1 5 1 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 4 4 3 4 4 1 4 3 4 1 % % Y / 5 2 4 4 2 3 3 , , , , 9 3 0 8 4 1 3 1 9 5 1 3 6 3 7 A N M M M u o a a a g v y r r . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 6 6 6 6 5 - - 7 7 1 0 . . . . . . 2 3 2 3 % Y y y 2 3 4 8 2 2 3 1 1 , , , , , 4 4 4 4 5 1 8 3 2 9 8 4 8 9 7 Mar. 22, 1962 1,705 Aug. 15, 1964 334 5,019 June 15, 1967-72... 2Vi 1,757 Mar. 23, 1962* 3,503 Certificates Oct. 1, 1964 IV2 490 Sept. 15, 1967-72... 2^ 2,716 Mar. 29, 1962 1,702 5,509 Nov. 15, 1964 4% 4,195 Nov. 15, 1967...... 3Ys 3,604 A A A p p p r r r . . . 1 1 5 5 2 , , , 1 1 1 9 9 9 6 6 6 2 2 2 2 1 1 , , , 0 7 7 0 0 0 1 1 0 Tre M as a u y r y 1 5 no ,1 te 9 s 62 3 9,098 A O M p c a t r y . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 5 5 5 ...... I 4 I V V y 2 8 i 2,1 4 3 1 6 1 3 6 5 D O M e c a c t y . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 9 8 7 -72... 3 i % y 4 2 2 2 3 , , , 5 4 5 3 1 6 8 5 0 Apr. 19, 1962 1,702 Feb. 15, 1962 3*4 647 Apr. 1,1966 11/2 675 Nov. 15, 1974 3% 1,171 Apr. 26, 1962 1,702 Feb. 15, 1962 3% 1,435 Oct. 1, 1966 11/2 141 May 15, 1975-85...414 470 May 3,1962 600 Feb. 15,1962 4 551 June 15, 1978-83... 314 1,595 May 10,1962 500 Apr. 1,1962 iy2 2,211 Feb. 15, 1980 4 884 May 17, 1962 600 May 15, 1962 4 158 Treasury bonds Nov. 15, 1980 3i/i 1,916 May 24, 1962 601 Aug. 15,1962 4 7,325 June 15, 1959-62...214 3,964 May 15, 1985 3*4 1,132 J M u a n y e 3 7 1 , , 1 1 9 9 6 6 2 2. 6 6 0 0 1 0 A O u ct g . . 1 1 5, , 1 1 9 9 6 6 2 2 3 li * / 4 2 1,1 5 4 9 3 0 D D e e c c . . 1 1 5 5 , , 1 19 9 6 5 0 9 - - 6 6 5 2 2 .. . . . 2 2 1 3 4 4 2 1 , , 2 48 7 5 1 F Fe e b b . . 1 15 5 , , 1 1 9 9 9 9 0 5 . 3y 3 2 4 2 , , 0 6 1 7 6 3 June 14,1962 601 Nov. 15, 1962 3~' 6,082 June 15, 1962-67...2i/2 1,463 Nov. 15, 1998 ZVi 3,529 June 21, 1962 602 Nov. 15, 1962 3 2,839 Aug. 15, 1963 2Vi 4,317 June 22, 1962* 2,511 Feb. 15,1963 2_ 3,642 Dec. 15, 1963-68...2i/i 1,818 Convertible bonds June 28, 1962 601 Feb. 15, 1963 314 533 Feb. 15,1964 3 3,854 Investment Series B July 5,1962 600 Apr. 1,1963 1" 1,743 June 15, 1964-69... 2% 2,636 Apr. 1,1975-80...234 4,548 May 15,1963 * 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 1Use of proceeds 4 Total amount Period Special deliv- Water, Total G g o a e b a t n i l l o e i- n r- R n e u v e e- A P H u i u i o t t n b y h u g 2 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 u y i o c - r t - Others ered* Total c E a d ti u o - n b R r 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 a g n s l s 7 i - - - V a a e n i t d e s' r- O p p o t u h s r e e - s r ity 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1 11Q 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 M14 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 ,464 1957. 8 6,925 4,792 1,967 66 99 1,489 1,272 4,163 6,568 6,874 2,524 1,036 1,516 113 333 I.W 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 L6S7 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 L681 I960 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 1 8Q4 1960—Sept... 683 502 126 49 7 165 137 381 623 683 200 177 100 50 50 106 N Oc o t v . 5 3 0 5 6 3 2 3 7 5 1 1 1 7 4 2 4 1 9 1 10 6 2 7 7 5 0 2 3 7 3 2 4 4 5 3 8 2 9 5 3 0 4 1 8 1 18 7 1 6 81 8 1 7 0 3 1 (9) 1 9 3 2 8 Dec... 496 270 108 98 21 49 99 348 448 491 162 44 119 68 1961—Jan.. .. 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.... 767 613 138 16 252 75 439 711 764 226 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 June... 1,086 678 394 15 193 314 580 709 1,084 224 257 322 10 271 July... 478 311 102 52 14 115 109 253 1,014 476 159 68 90 52 106 Aug.... 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. 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 « 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

206 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 U . a F e c g e r y e a d * n l - - n m a p i n c a u d i l - - Others Total Total P li u cl b y - v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on e e w y" O p t u h r e - r s ri e o t c i f e u s offered placed 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6.969 289 9,516 7,488 4,003 3,484 816 1 213 9,365 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7.957 864 1,227 1 1 9 9 5 5 6 7 2 3 2 0, , 5 4 7 0 1 5 9 5 , , 6 5 0 1 1 7 5 1 7 6 2 9 5 6, , 9 4 5 46 8 5 3 5 3 7 4 1 1 0 2 , , 9 8 3 8 9 4 9 8 , , 9 0 5 0 7 2 4 6, , 1 2 1 2 8 5 3 3 , , 8 7 3 7 9 7 4 6 1 3 1 6 2 2 , s 5 3 1 0 6 1 1 1 2 0 , , 6 7 6 4 1 9 1 12 0 , , 4 3 4 8 7 4 1 9 1 , . 6 7 6 8 3 4 7 6 2 6 1 3 2 3 1 6 4 4 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—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 2,231 1,061 713 348 60 1,111 2,203 2,118 2,055 63 85 May.. 4,432 2,244 149 625 72 1,342 1,021 666 355 92 228 1,314 1,259 1,090 169 55 June.. 3,494 369 278 1,035 33 1,779 1,495 924 572 40 244 1,744 1,318 1 127 191 426 July.. 1,901 342 463 20 1,075 817 424 392 20 239 1,049 1,028 846 182 22 Aug.., 2,064 392 250 603 5 813 637 225 411 45 131 793 762 662 100 31 Sept.. 1,913 338 193 699 5 678 460 123 336 17 201 658 647 612 36 11 Oct... 4,350 2,564 643 41 1,101 794 336 458 9 299 1,075 1,033 928 105 42 Nov.. 2,334 357 225 789 37 925 697 413 284 44 184 898 884 840 44 14 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 capital* secu- capital * secu- capital8 capitals secu- capital» secu- capital^ 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—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 8 Feb.. 99 5 91 2 55 160 41 223 1 Mar. 248 32 47 5 72 10 84 19 70 92 Apr., 574 16 78 1 33 254 21 994 45 186 1 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 2 Sept 252 8 76 1 28 111 75 105 Oct.. 293 30 99 1 31 (9) 282 25 304 3 Nov. 202 10 67 26 (9) 352 71 166 3 i 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. * 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. * Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. s 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 207 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 Profits before taxes 13,418 13,349 10 466 14,094 13,363 4 002 3,544 2 710 3 107 2 693 3 478 2 988 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.):1 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 5,146 5,010 4 402 5,652 5,526 1 407 1,421 1 404 1 294 l[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 8,272 8,339 6 065 8,442 7,837 2,595 2,123 1,306 1,813 1,368 2,094 1,574 4,151 4,233 3,140 4,231 35915 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 Profits before taxes 955 1,024 1,152 1,274 1,323 303 338 345 338 319 360 359 Profits after taxes. 460 497 555 604 629 142 159 162 166 150 170 171 Dividends 277 289 312 344 376 92 88 100 95 95 96 97 Chemicals and allied products (21 corps.): Sales 10,199 10,669 10,390 11,979 12,319 3,057 3,146 3,096 3,020 2.979 3,250 3,210 Profits before taxes.... a............... 1,804 1S823 1 538 2,187 1,999 537 534 489 440 438 514 510 942 948 829 1,131 1,062 276 281 256 250 229 267 269 Dividends 698 737 717 799 794 191 186 187 230 193 189 185 Petroleum refining (16 corps.): Sales 12,454 13,463 12,838 13,372 13,728 3,427 3,282 3,385 3,635 3.488 3,398 3,435 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. !399O8 15,115 14,685 16,922 16,503 4,000 4,171 4,015 4,316 4,137 4,367 4,298 Profits before taxes 1,209 1,457 1,463 1,890 1,482 389 395 366 332 362 398 400 607 729 734 934 760 197 202 185 175 178 202 200 403 416 422 448 482 121 119 120 123 121 125 124 Automobiles and equipment (14 corps.): Sales 21,217 23,453 18,469 22,731 24,175 7,022 6,516 4s502 6,134 5,293 6,309 4,604 Profits before taxes 2,473 2s701 1,332 2,985 3,100 1,076 936 273 816 478 840 319 Profits after taxes 1.186 1,354 706 1,479 1,529 521 457 151 400 223 417 172 791 805 758 807 833 199 199 207 228 205 207 207 Public Utility Railroad: Operating revenue . . .. ... 10 551 10,491 9 565 9,825 9,514 2 411 2,477 2,322 2.304 2,129 2.290 2,354 Profits before taxes 1 268 1,058 843 845 649 165 212 104 169 26 137 185 876 737 602 578 445 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 6a939 7,572 8,111 1,967 2,025 2,042 2,077 2,090 2,139 2,156 1,430 1,562 1,860 2,153 2,326 558 585 589 594 587 614 620 Profits after taxes 715 788 921 1,073 1,155 277 290 294 294 290 307 310 552 613 674 743 806 196 200 203 207 210 214 218 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

208 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a o f x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1953 38.3 20.2 18.1 9.2 8.9 1954 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958 37.4 18.6 18.8 12.4 6.4 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1959 .. ... 46.8 23.1 23.7 13.4 10.3 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 I960 45.0 22.3 22.7 14.1 8.6 1959. 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 I960 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 1959_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 I960 1 . 48.1 23.9 24.2 14.0 10.2 2.. 46.3 23.0 23.3 14.0 9.3 1961—1 3,247 1,417 1,830 1,488 770 718 1,759 647 1,112 3 43.2 21.4 21.7 14.1 7.6 2 5,566 1,808 3,758 3,273 1,255 2,018 2,293 553 1,740 4 42 6 21.1 21.4 14.3 7.2 3 3,594 1,750 1,844 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. 206 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. 206. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c o i . e u S v s r t . i . - G N U o o . t v r e S e t s . c . 2 e a i n v d a b O a le c th c e ts r . I t n o v ri e e n s - Other Total N G U o o . t v e S t p s . . a 2 a y n a d b l O e ac th c e ts r . F i b n e i c t l l d i a i o a t e x m i - r e a s e l Other 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94 9 194.6 33.4 19.2 2 4 71.2 65.3 3.1 99.7 2 4 59.3 15 5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 OnoO . H/r 12.9 33.3 1959 127 5 278.7 37.2 22.6 2.9 119.0 no 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 * 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] Manu- Total Transportation factur- (season- Manu- Min- Public Com- ing Trans- Public All ally ad- Year Total factur- ing utili- muni- Others 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 t.5 2.9 35.9 1954 26.8 11.0 .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 1.2 1.2 1.7 4.9 2.7 8.4 1961—1..... 7.6 3.2 .6 l.l 2.7 33.9 1957 37.0 16.0 L.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 1 1 9 9 5 6 9 0 3 3 2 5 . . 5 7 1 14 2 . . 5 1 • 1 1 . . 0 0 1. . 0 9 2 1 . . 0 9 5 5 . . 7 7 2 3 . . 7 1 8 8 . . 2 4 44.... 9.7 4.2 .7 1.6 3.2 35.9 196H 34.5 13.7 L.O .7 1.8 5.6 11.7 1962—14.... 8.1 3.4 .6 l.l 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 209 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 t a d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t i i l l n n - y s - ho O h u o e s th r l e s d 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 o t i h e ld s e - r * 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 - ho O l 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 35.4 178.8 130.9 109.2 21.6 47.9 31.9 16.0 12.2 4.5 7.7 1960 206.2 157.6 1.1.2 37.4 193.1 141.3 117.9 23.4 51.8 35.0 16.8 13.1 4.7 8.4 i960—Mar.. 194.5 148.0 10.3 36.1 181.9 133.1 110.9 22.2 48.8 32.6 16.2 12.5 4.5 8.0 June.. 198.5 151.3 10.6 36.6 185.7 135.9 113.3 22.5 49.8 33.4 16.4 12.8 4.6 8.2 Sept.. 202.6 154.6 11.0 37.0 189.6 138.8 115.8 23.1 50.8 34.2 16.6 13.0 4.6 8.3 Dec... 206.2 157.6 11.2 37.4 193.1 141.3 117.9 23.4 51.8 35.0 16.8 13.1 4.7 8.4 1961— Mar.» 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 June?. 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.** 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 *» Preliminary. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amounts of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. SOURCE.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual sayings 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 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - 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 3,395 856 521 4,208 3,387 797 24 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4 560 3,711 7 617 3,819 1,297 17,457 15 568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 . . . 25,523 18,591 5,476 3,335 9,780 5,461 ],471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20 362 5 851 2 859 11 652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1960—Mar 28.228 20,292 6,053 3,124 11,115 6,345 ,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 Sept 428,693 20,399 5,906 2,919 11,574 6,651 1,643 26,430 23,835 6,832 8,941 8,062 2,542 53 Dec 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 Mar 28,864 20,281 5,793 2,776 11,712 6,906 1,677 27,447 24,800 7,353 9,111 8,336 2,597 50 June 29,383 20 595 5 820 2 726 12 049 7,072 1,716 28,015 25,318 7,634 9,192 8,492 2,645 51 Sept 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies, but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member 4 Data reflect a $40 million reclassification by one bank from commer- Bank Call Report and from weekly reporting member banks. cial and industrial to real estate loans, reported August 24, 1960. 3 Figures for 1941 and 1945, except for the grand total, are estimates SOURCE.—All-bank series prepared by Federal Deposit Insurance based on Federal Reserve preliminary tabulation of a revised series of Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1954... 5,344 4 931 672 1 378 2 881 413 25,976 23 928 6,116 4 643 13,169 2,048 1955... 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 I960 6,083 5,619 1,401 288 3,930 464 41,771 38,789 9,032 6,901 22,856 29982 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 3,053 537 489 99 13 377 48 42,905 39,827 9s403 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 Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A 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 s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M 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 1955 11,255 3,984 5,155 31,408 1,404 5,883 24,121 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1954 22,974 8,312 1,768 4,239 1,501 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1955 28,484 10,452 1,932 5,617 1,858 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1956 27,088 9,532 1,799 5,458 1,824 1959....... 15,151 5,201 6,613 ''53,141 2,995 7,186 42,960 1957 24,244 9,217 1,472 4,264 1,429 1960 14,304 4,678 6,132 '60,070 3,524 7,222 49,324 1958 •• 27,388 10,516 1,460 5,204 1,640 1961* 17,339 5,078 7,201 68,850 4,159 7,165 57,526 1959 32,235 13,094 1,523 5,832 1,780 I960 29,341 12,158 1,318 4,520 1,557 1960 1960 Dec 1,150 367 460 '60,070 3,524 7,222 49,324 Nov 2,426 2,378 978 97 363 143 1961 Dec 2,407 2,338 961 95 361 132 Jan 969 285 400 '60,439 3,561 7,202 49,676 1961 Feb 1,001 288 395 '60,867 3,610 7,204 50,053 Mar 1,356 426 515 '61,557 3,659 7,193 50,705 Jan 2,373 2,075 830 83 337 110 Apr 1,309 417 504 '62,252 3,702 7,205 51,345 Feb 2,387 1,997 838 78 321 95 May 1,511 460 603 '63,061 3,770 7,213 52,078 Mar 2,398 2,444 L060 94 394 106 June 1,721 532 712 '64,058 3,836 7,195 53,027 2,476 2,358 1,038 89 386 114 July 1,482 422 659 '64,795 3,890 7,195 53,710 May!........ 2,561 2,700 1,199 100 444 138 A Se u p g t 1 1 , , 7 5 6 9 3 4 4 4 9 3 8 6 7 6 8 9 5 5 » '6 -6 6 5 ,5 57 0 0 7 5 4 3 , , 0 9 1 5 4 5 7 7 , , 1 1 6 5 9 9 5 5 5 4 , ,5 3 8 3 1 4 July 2 2 , , 6 58 5 1 2 2 2 , , 8 6 5 5 6 3 : 1 [, , 1 2 6 9 6 2 1 9 0 5 4 4 4 6 2 0 5 1 1 5 6 3 8 N O o ct v 1 1 , , 6 5 2 2 9 9 4 4 6 3 4 6 6 64 9 5 6 '6 6 7 8 , , 3 0 1 6 7 9 4 4 , , 0 1 6 2 1 5 7 7, , 1 1 7 5 6 2 5 56 6 , , 7 1 6 0 8 4 Sept 2 2 , . 6 72 5 3 2 2 3 , , 7 00 7 4 7 1 1 , , 3 2 4 4 6 8 1 1 0 1 1 1 4 44 8 1 3 1 17 7 4 9 Dec* 1,475 414 591 68,850 4,159 7,165 57,526 Oct 2,775 2,961 ,304 109 468 174 Nov 2,754 I 209 97 440 173 p Preliminary. r Revised. 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 211 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMBLY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month Total p e N r r m t o e i w e p o s - rtga p i g e s E r r e t t o i s x i n e p - g s - g m P a t e y r g o c o p e t r j - e s t - - * p l P m o r e i r o a m r o e t n v n y p - s e t - 2 - Total 3 p e N r r m t o e i w e p o s - rtga p i e g s E r r e t t o i x s i n e p - g s - q y E e u n a a d r r t o o e f r r Total G un o d v e F e r r H w n A m rit - e t n en t V - A- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1945 18.6 4.3 4.1 .2 14.3 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956.. . 99 0 43 9 15 5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1958. 117 7 50 1 19 7 30 4 67 6 1961....... 6,546 1,783 2,982 926 855 1,829 1,170 656 1959 131.0 53.8 23.8 30.0 77.0 1960 141 3 56 4 26 7 29 7 84 8 1960—Dec.. 558 167 223 92 76 142 109 33 1960—Mar 133.1 54.5 24.6 29.9 78.6 1961—Jan.. 564 186 224 89 65 130 101 28 June..... 135.9 55.0 25.2 29.8 80.9 Feb.. 448 148 193 57 50 108 81 27 Sept 138.8 55.7 26.0 29.7 83.2 Mar. 480 143 204 72 60 125 93 32 Dec 141 3 56 4 26 7 29.7 84 8 458 124 193 75 65 109 78 31 May! 501 130 219 84 68 123 83 41 1961— Mar.?.... 143.2 57.1 27.4 29.7 86.1 June. 563 132 254 90 87 137 89 48 June*1.... 146.5 57.8 28.0 29.8 88.7 J A u u ly g . . 6 54 4 3 7 1 1 3 6 4 4 2 29 5 9 2 9 8 6 0 7 8 6 8 1 1 4 8 4 2 1 9 1 0 3 5 6 4 8 Sept.? 150.3 58.7 28.8 29.9 91.6 Sept. 569 147 276 73 74 168 98 70 Oct.. 599 148 285 83 83 201 114 86 P Preliminary. Nov. 622 174 310 65 73 206 118 87 Dec. 553 153 273 62 65 197 112 84 NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. 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 * FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' ]End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts y- a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Silies bu d u r i n s s - - ed Total t S e h rm or * t L te o r n m g 2 - deposits 1945 278 213 195 176 19 46 1955. 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 698 1956. 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957. 3,974 1,237 2,mi 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958. 3,901 1,483 2,418 623 48? 1,541 1958 1,364 1,331 1,298 685 613 819 1959. 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 1960 6,159 3,356 2,803 1 248 357 576 I960 1,943 2,097 1,981 1,089 892 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1,180 1960- TVr 6,159 3,356 2,803 69 27 576 1961—Jan 90 500 1,571 888 683 959 Feb..... 100 176 1,496 822 674 978 1961—Tan 6,154 3,357 2,797 56 33 564 Mar 135 154 1,477 781 696 1,026 Feb 6,110 3,336 2,775 54 75 539 Apr 205 106 1,576 807 769 1,056 Mar. 6,017 3,298 2,719 48 116 540 May.... 197 149 1,624 852 772 1,089 Apr ... 5,858 3,211 2,646 38 172 532 June.... 367 122 1,869 975 894 1,154 May ..... 5,772 3,188 2,584 42 101 523 July.... 271 270 1,871 1,062 809 1,048 5,763 3,191 2,572 38 18 544 Aug.... 245 115 2,001 1,147 854 1,019 July 5,765 3,204 2,561 35 6 579 Sept 244 120 2,124 1,233 892 1,022 5,804 3,245 2,559 71 3 593 Oct 257 179 2,202 1,239 963 1,008 Sept 5,841 3,281 2,561 76 10 626 Nov 263 178 2,287 1,269 1,018 1,029 Oct 5,916 3,345 2,571 108 -> 653 Dec 510 135 2,662 1,447 1,216 1,180 Nov......... 6,004 3,417 2,587 121 3 656 Dec . «... 6,093 3,490 2,603 127 2 631 1962—Jan 265 608 2,320 1,293 1,027 995 * Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 1 Secured or unsecured loans maturing in one year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. Data ex- [ year but not more than 10 years. clude conventional mortgage loans acquired by FNMA from the RFC SOURCE.—Federal Home Loan Bank Board. Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. SOURCE.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding; in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s p t o h u e d e m r s r i er e a r n R l n d o i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 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 1960 55,757 42,588 17,444 11,525 3,139 10,480 13,169 4,507 5,329 3,333 1961 57,139 43,163 16,960 11,771 3,177 11,255 13,976 4,955 5,438 3,583 1960—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 Aug 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 Dec 57,139 43,163 16,960 11,771 3,177 11,255 13,976 4,955 5,438 3,583 * 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] 1financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i a c C n u n o a m o i m n n e e c s - - r e 1 Other 1 Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o i r l - s e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2 462 1 776 745 300 102 629 686 131 240 17 28 270 1955 28,883 24,375 10,601 8,424 1,678 2,623 1.049 4,508 1,511 1.044 365 487 1.101 1956 . . . 31,648 26,905 11,777 9,045 2,014 2,940 1,129 4,743 1,408 1,187 377 502 1,269 1957 33,745 29,078 12,843 9,487 2,429 3,124 1,195 4,668 1,393 1,210 361 478 [,226 1958 33,497 28,514 12,780 8,699 2,668 3,085 1,282 4,983 1,882 1,128 292 506 1,175 I9594 39,034 33,359 15,227 10,108 3,280 3,337 1,407 5,676 2,292 1,225 310 481 1,368 I960 42,588 36,974 16,672 11,228 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 1,080 322 359 1,401 1960—Dec 42,588 36,974 16,672 11,228 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961—Jan 42,122 37,708 17,539 11,165 3,879 3,645 1,480 4,414 1,327 1,071 325 360 1,331 Feb 41,662 37,329 17,285 11,053 3,886 3,621 1,484 4,334 1,367 1,043 317 361 1,246 Mar 41,465 37,092 17,148 10,931 3,920 3,603 1,490 4,373 1,452 [,016 312 361 1,232 Apr 41,423 37,003 17,072 10,883 3,964 3,606 1,478 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 June 41,888 37,249 17,113 10,915 4,107 3,622 1,492 4,639 1,748 1,001 310 359 1,221 July 41,909 37,226 17,066 10,903 4,144 3,633 1,480 4,682 1,811 993 312 359 1,207 Aug 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 1,979 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 1.525 5,179 2,213 1,034 314 360 1,258 Dec 43,163 37,580 16,843 11,052 4,352 3,798 I; 535 5,583 2,421 1,080 322 359 1,401 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 213 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 s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m p o e D r b i i r le ect s g O p c u o a o t m o p h n d e e e - r s r r e R m l r t o e a n i o p n a o iz n d d a n a s i - r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r s r r m i R z l o o a e a d a n t p i 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 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 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961...... 11,052 6,590 3,100 161 1,201 1961 16,843 5,307 2,862 2,684 2,180 3,810 1960—Dec. 11,228 7,284 2,739 139 1,066 1960—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,S86 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 Dec 11,052 6,590 3,100 161 1,201 Dec. 16,843 5,307 2,862 2,684 2,180 3,810 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 a n 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 d n a ti n d e o s r n n- 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 m n n r s o e e t d n a n - i l t t - b C m c a o i n e a m r k l - s - f O i i n c n t i s h a a t n e l i- r - s m t p D o a e r e r e n t - s - t i o O r u e t t t h l a e e 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 tutions 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3 087 693 152 275 1 370 597 1955 5,350 763 530 327 3,730 1945 3,203 674 72 290 1,322 845 1956 6,083 954 624 404 4,101 1957 6,748 J.1T4 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 ,400 681 698 5,244 1957 11,103 2,937 427 876 3,953 317 2,593 I960 9,074 ,665 771 800 5,837 1958 11 487 3,156 471 907 3 808 345 2 800 1961 9,685 ,842 763 836 6,244 19593 12,297 3,582 547 958 3,753 393 3,064 I960 13,169 3,884 623 941 3,952 436 3,333 I960—Dec 9,074 1,665 771 800 5,837 1961 13 976 4,224 731 948 4,027 463 3,583 1961 Jan 9,004 1,648 755 790 5,811 I960—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 J M u a n y e 9 9 , , 1 2 1 2 8 1 I 1 ,7 7 3 0 7 2 7 7 3 4 6 3 7 8 9 0 9 3 5 5, , 9 8 3 8 8 2 M Ap a r r . . . . . . . . . . 1 1 2 2 , , 1 3 7 3 6 3 3 3 , , 9 9 7 2 0 5 6 6 8 1 6 9 6 6 3 3 7 1 3 3, , 1 0 4 3 9 4 4 42 2 3 5 3 3 , , 4 5 6 4 9 1 July 9,257 1,748 744 802 5,963 May. ... 12,612 4,028 689 634 3,329 417 3,515 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 .800 756 828 6,064 Aug . 12,649 4,100 669 589 3,327 493 3,471 Nov . 9,526 756 837 6,110 Sept..... 12,718 4,129 703 623 3,312 488 3,463 Dec 9,685 1^842 763 836 6,244 Oct 12,721 4,125 653 656 3,382 479 3,426 Nov.... . 13,032 4,158 722 717 3,498 469 3,468 Dec.. ... 13,976 4,224 731 948 4,027 463 3,583 i Includes data for Alaska and Hawaii beginning with January and 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

214 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 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 19591 47,818 17,544 13,982 2,222 14,070 1960 49,313 17,408 14,470 2,212 15,223 1961 47,984 15,779 14,477 2,049 15,679 I960—Dec 3,984 4,547 1,351 1,220 1,207 1,676 166 154 1,260 1,497 1961—Jan 3,866 3,426 1.286 1,130 1.179 1,031 155 127 J.246 1.138 Feb 3,812 3,183 ,216 1,049 1,165 888 157 127 1,274 ,119 Mar. . 3,894 3,907 1,255 1,323 1,188 ,111 172 161 1,279 ,312 Apr 3,800 3,721 1,225 1,243 1,162 ,073 167 166 1,246 ,239 May 3,907 4,203 1,270 1,449 1,173 ,221 181 200 1,283 ,333 June 3,962 4,347 1,296 1,515 1,175 ,236 177 196 1,314 ,400 July 3,909 3,905 1,300 1,365 1,184 ,113 167 175 1,258 ,252 Aug 4,038 4,234 1,302 1,395 1,212 ,229 186 206 1,338 ,404 Sept 3,942 3,789 [,271 1,168 1,199 .200 175 184 1,297 .237 Oct 4,209 4,244 1,405 1,452 1,254 1^300 173 186 1,377 i;306 Nov 4,317 4,275 1,511 1,402 1,249 1,327 174 177 [,383 1,369 Dec 4,315 4,754 1,471 1,289 ,316 1,750 159 145 1,369 1,570 Repayments 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 1961 ... 47 412 16 262 14 233 2 012 14,905 I960 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 Feb 3,889 3,643 1,353 1.252 1,151 1,116 160 152 1,225 11.,118213 Mar., 3,907 4,104 1,348 ,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 ,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 ,387 1,188 1,199 171 174 1,249 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 ,355 1,188 [,197 166 168 1,304 1,317 Dec 4,051 4,010 1,361 1,289 1,233 1,194 168 160 1,289 1,367 Net increase or decrease (—) in credit outstanding 2 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 1960 3,554 1,236 '896 329 1,093 1961 572 -483 244 37 774 1960—Dec .. 118 595 3 -99 54 524 4 -4 57 174 1961—Jan ... <) -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 -8 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 July -28 20 -64 3 1 -32 2 10 33 39 Aug 44 181 -60 -1 15 31 16 32 73 119 Sept -14 -50 -79 -159 9 41 5 15 51 53 Oct 181 142 33 11 44 79 c 3 109 49 Nov 300 238 152 47 61 130 8 9 79 52 Dec ... 264 744 110 0 83 556 Q -15 80 203 1 Extensions and repayments include data for Alaska and Hawaii credit extended and repaid are based on information from accounting beginning with January and August 1959, respectively. The differences records of retail outlets and financial institutions and often include between extensions and repayments do not equal the changes in out- charges incurred under the instalment contract. Renewals and restanding credit for 1959 because the differences do not reflect the effect financing of loans, repurchases and resales of instalment paper, and of the introduction of outstanding balances for these two States. certain other transactions may increase the amount of both credit ex- 2 Obtained by subtracting credit repaid from credit extended, except tended 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 pu. 1043-48 of 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 BULLETIN for December shown in BULLETIN for January 1954, pp. 9-17. Estimates of instalment 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 215 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 i n n i a e n s ce Ot i h n e s r t itu fi t n io an n c s ial Retail outlets Year or month Adjusted U ju n s a te d d - Adjusted U ju n st a e d d - Adjusted U ju n s a te d d - Adjusted U ju n s a te d d - Adjusted U ju n s a te d d - Extensions 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 1960 49,313 18,269 11,211 12,073 7,762 1961 47,984 17,512 10,481 12,264 7,727 I960 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 J. 350 835 752 948 842 649 482 Feb ... 3,812 3,183 1,393 [,217 818 672 972 853 629 441 Mar 3,894 3,907 1,432 1,466 823 829 1,000 1,023 639 589 Apr .. 3,800 3,721 1,406 1,435 830 801 953 930 611 555 May 3,907 4,203 1,431 1,608 829 891 1,017 1,060 630 644 June . 3,962 4,347 [,443 1,604 863 977 1,038 1,117 618 649 July 3,909 3,905 1,442 1,482 827 863 984 989 656 571 Aus 4,038 4,234 1,476 [,559 853 927 1,049 1,100 660 648 Sept 3,942 3,789 43R 1,371 828 809 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 1,557 1,456 957 924 1,115 1,118 688 111 Dec 4,315 4,754 1,546 1,431 1,076 1,086 1,071 1,240 622 997 Repayments 1955 33 629 12 304 7 898 7 536 5.891 1956 37,009 13,362 8,904 8,415 6,328 1957 39,775 14,360 9,664 9,250 6,499 1958 40,211 14 647 9 708 9 365 6,490 19591 42,435 15,560 9,574 10,020 7,281 I960 45,759 16,832 10 229 11 022 7,676 1961 47,412 18,261 10,733 11,666 6,752 I960 Dec 3,866 3,952 1,431 1,396 874 885 942 1,044 619 627 J961 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 ,564 1,511 883 849 931 896 529 508 May 3,895 4,043 ,521 1,600 887 915 961 991 526 537 June 3,962 4,042 ,535 1,569 909 920 985 1,016 533 537 Julv . 3,937 3,885 ,529 1,529 890 874 963 954 555 528 Aug 3,994 4,053 ,535 1,560 906 933 988 999 565 561 Sent .. .. ... 3,956 3,839 ,521 1,486 883 862 982 930 570 561 Oct 4,028 4,102 .523 1,569 918 967 997 983 590 583 Nov 4,017 4,037 1,495 1,480 899 912 1,031 1,040 592 605 Dec 4,051 4,010 1,509 1,424 931 912 1,008 1,081 603 593 Net increase or decrease (—) in credit outstanding2 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 19591 . 5 535 2 447 1 409 986 693 1960 3,554 1,446 1,120 1,051 -61 1961 572 169 — 174 609 -32 1960—Dec 118 595 48 20 14 1 42 134 14 440 1961 Jan . g -469 964 866 1 -63 26 -70 -1,000 -1,202 Feb — 11 -460 -147 -255 -50 -111 29 -14 91 -80 Mar -13 — 197 -112 -135 -62 -122 41 21 120 39 Apr -107 -43 -158 -76 —53 —48 22 34 82 47 May 12 160 -90 8 -58 -24 56 69 104 107 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 -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 Dec 264 744 37 7 145 174 63 159 19 404 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 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 pt>. 1049-54 of BULLETIN types of holders do not equal the changes in outstanding credit. Such for October 1956; for 1955-60, on pp. 1393-96 of BULLETIN for December transfers do not affect total instalment credit outstanding. 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Seasonally adjusted] A av n e n r u a a g l e 1960 1961 Grouping 1959 1960 Dec. Jan. Feb. Mar.Apr. May June July Aug. Sept.Oct. Nov. Dec. INDUSTRY GROUPINGS 159 164 156 155 155 156 160 164 168 170 172 168 171 173 175 Afanufacturing total 158 163 154 153 152 153 255 163 166 169 170 167 170 172 173 165 169 156 154 153 154 161 167 171 175 175 171 17r4 111 179 155 160 156 155 156 157 160 162 165 167 169 167 mi 111 172 125 128 129 128 127 127 128 128 128 129 130 128 131 132 133 Utilities 268 287 287 290 292 291 296 304 307 307 314 316 317 r315 317 Durable Manufactures Primary and fabricated metals 125 127 108 107 108 109 117 126 129 132 136 133 r133 135 138 Primary metals 114 115 88 91 93 94 105 115 118 111 175 126 111 mi 177 107 110 80 82 86 87 98 108 111 114 115 116 113 nn 121 Fabricated metal products 142 145 137 132 131 131 135 143 146 148 151 144 150 153 154 Structural metal parts 150 155 147 145 141 141 144 152 158 160 164 157 161 161 158 197 205 193 190 189 189 195 201 206 210 210 203 208 r213 217 169 174 166 166 165 165 169 111 176 181 178 111 178 180 183 Nonelectrical machinery .. 141 145 137 136 136 135 140 141 144 147 145 145 145 147 148 212 222 214 215 214 213 216 221 229 237 232 229 r231 235 243 229 238 218 208 205 206 220 231 235 239 240 221 235 r248 252 147 168 142 130 127 126 144 157 165 167 169 139 157 169 176 390 368 369 366 363 367 366 373 366 376 375 385 388 r399 398 Instruments and related products 209 221 216 216 210 210 210 215 220 222 227 225 225 '229 228 Ordnance and accessories 143 139 129 129 128 131 135 138 144 145 144 142 139 139 136 Clav slass and stone oroducts 159 158 148 145 144 149 151 155 162 165 165 162 160 159 153 125 118 106 111 110 110 117 118 122 123 120 119 114 116 117 147 753 145 143 144 145 148 152 156 156 157 755 160 164 163 Furniture and fixtures 164 171 163 159 158 161 165 167 173 111 176 176 111 183 183 IVIisc manufactures • 133 138 130 130 132 131 134 139 142 142 142 142 145 148 146 Nondurable Manufactures Textile apparel and leather products •. • ...136 136 127 124 127 130 132 134 137 140 142 140 144 r144 146 Textile mill products ... 126 111 109 110 113 116 118 111 125 ill 129 131 132 131 132 Apparel products 153 158 152 144 147 152 153 153 156 162 165 159 166 165 168 119 113 108 109 108 108 112 112 116 113 116 112 117 119 154 160 159 159 159 159 162 163 164 164 169 168 168 169 170 Paper and products 170 111 168 170 174 173 180 179 182 179 189 187 188 187 192 Printing and publishina . . 144 151 152 151 150 150 150 151 153 154 155 155 155 157 156 135 140 139 136 134 136 137 137 138 139 140 140 140 142 142 Chemical, petroleum, and rubber products 215 224 218 217 216 216 225 232 237 243 243 239 r245 r245 248 Chemicals and products 240 255 251 250 249 252 259 166 111 111 111 276 280 rlSl 286 Industrial chemicals 298 319 315 315 312 321 328 339 347 356 358 361 r367 370 158 162 158 159 160 158 162 167 166 174 172 164 172 169 164 Rubber and plastics products . ... 199 200 184 180 178 168 192 199 211 215 215 210 '217 217 Foods beverages and tobacco 128 131 133 132 132 134 134 135 136 137 137 137 139 r139 138 Foods and beverages 128 132 133 133 133 134 134 135 137 138 138 137 140 140 139 131 135 135 135 135 137 137 139 139 140 140 140 142 142 141 117 119 123 122 119 121 122 117 123 129 127 126 128 127 Tobacco products. 127 130 131 129 133 132 139 132 132 125 135 133 140 140 Mining Coal, oil and gas 122 122 122 121 121 120 123 123 123 123 125 122 125 r127 127 Coal 68 68 67 64 63 56 63 66 64 64 67 68 69 70 70 Crude oil and natural gas 147 147 148 148 147 149 151 149 150 150 152 147 151 152 153 145 147 147 146 146 150 151 149 151 151 152 147 r151 150 151 Crude oil .... ... 135 135 135 134 135 139 139 138 139 139 141 137 139 138 139 Gas and gas liquids 210 228 238 231 226 231 238 233 234 159 145 148 154 144 136 145 143 142 143 141 141 147 161 165 Metal stone and earth minerals 146 164 168 172 165 167 159 157 161 163 160 162 168 r170 169 Metal mining . 107 134 147 150 146 146 111 119 123 124 124 130 137 146 156 Stone and earth minerals 188 195 188 193 185 186 192 197 201 204 198 196 199 193 181 Utilities Electric 270 289 290 293 294 292 297 307 309 309 317 319 320 316 Gas 265 284 278 285 288 291 296 299 301 SUMMARY MARKET GROUPINGS Final products, total 162 168 164 162 162 162 166 168 171 174 174 172 175 178 180 155 161 158 155 155 156 160 163 166 169 169 164 r168 170 173 Equipment including defense 188 195 191 188 188 188 190 192 194 197 198 201 203 r101 208 157 160 150 148 149 150 156 161 164 166 168 165 r168 168 170 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 217 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. INDUSTRY GROUPINGS Total index 159 164 154 155 156 158 162 164 168 160 169 171 176 174 172 ^Manufacturing total 755 755 757 757 154 755 750 755 757 755 757 75P '775 770 Durable 165 169 156 154 155 157 163 167 172 163 165 172 178 179 179 Nondurable 155 160 149 153 157 158 162 162 166 158 173 171 178 171 164 125 128 128 128 127 126 127 128 129 125 130 130 133 132 132 Utilities 268 287 Durable manufactures Primary and fabricated metals 725 727 705 705 70P 772 77P 727 750 720 750 755 755 r134 136 Primary metals . 114 115 86 93 97 99 109 117 120 105 115 122 123 mi 124 Iron and steel 107 110 78 85 88 91 101 110 113 99 108 116 116 114 118 Fabricated metal products .. 142 145 137 130 128 130 135 140 146 143 153 150 154 153 154 Structural metal parts 150 155 152 144 140 141 143 150 157 154 161 159 165 165 163 ^Machinery and related products .... 7P7 205 7P7 7P5 7P5 194 7PP 207 205 7P5 7P0 207 272 220 169 174 167 167 170 169 172 172 176 167 170 178 181 '182 184 Nonelectrical machinery . .. .. . 141 145 138 138 140 140 144 143 145 140 138 142 143 144 149 Electrical machinery 212 222 214 213 217 216 216 217 226 211 224 238 245 245 242 Transportation equipment 229 238 229 216 212 ?.n 225 231 236 219 196 115 241 260 262 Motor vehicles and parts 147 168 157 138 134 132 149 159 167 146 114 133 166 187 189 390 368 371 374 371 375 371 368 365 362 366 380 386 r398 400 Instruments and related products 209 221 219 216 212 213 212 215 219 216 223 226 226 '231 230 Clay, glass, and lumber 143 75P 720 775 727 725 134 141 750 143 752 750 148 139 127 Clay glass and stone products 159 158 144 136 137 145 151 158 166 164 171 167 167 160 148 Lumber and products 125 118 92 97 103 104 115 121 132 119 131 131 126 115 102 Furniture and miscellaneous 147 755 148 75P 142 143 144 146 755 750 757 755 75P 169 755 Furniture and fixtures 164 171 166 156 158 159 160 161 168 168 180 182 186 185 186 Misc. manufactures 133 138 132 125 129 129 129 134 140 134 145 151 155 155 148 Nondurable manufactures Textile apparel and leather products 755 755 774 725 757 757 755 755 755 124 149 755 148 141 755 Textile mill products . . 126 121 105 112 117 117 123 126 125 111 130 127 136 131 127 Apparel products 153 158 129 146 162 162 161 156 154 145 176 148 171 160 153 Leather and products 119 113 99 111 119 118 114 106 113 102 120 112 118 116 Paper and printing 154 750 755 755 75P 755 755 164 755 755 755 75P 775 173 163 Paper and products 170 172 152 169 175 178 185 180 187 162 192 189 200 '190 173 Printing and publishing 144 151 154 147 148 153 154 153 152 147 150 157 161 '162 157 135 140 138 125 130 141 146 146 139 122 126 140 152 155 140 Chemical petroleum and rubber products 275 224 275 27P 227 227 230 232 255 226 241 239 T247 "246 243 Chemicals and products 240 255 247 250 253 259 268 269 275 260 275 114 281 r181 280 Industrial chemicals 298 319 315 315 322 330 335 342 345 335 352 353 '365 372 Petroleum products 158 162 162 159 162 157 157 164 166 173 177 168 171 167 168 Rubber and plastic products 199 200 176 189 188 176 197 194 205 181 207 213 '228 223 Foods beverages and tobacco 725 757 725 124 725 725 72P 752 75P 757 148 151 152 r141 130 Foods and beverages 128 132 128 124 124 125 129 131 139 139 148 152 152 '141 132 Foor manufactures 131 135 132 129 128 127 129 132 138 139 151 157 157 '147 137 Beverages 117 119 111 100 106 116 130 129 145 138 137 127 132 114 Tobacco products 127 130 106 129 134 131 133 136 144 115 145 138 150 140 Mining Coal oil, and gas 722 722 124 725 725 725 725 722 720 777 725 722 125 127 130 Coal . . .... 68 68 65 63 64 57 61 64 61 54 70 72 75 '73 70 Crude oil and natural gas 147 147 151 153 152 153 151 148 147 145 147 145 149 152 157 Oil and gas extraction 145 147 151 152 153 156 153 148 147 144 147 145 148 150 155 Crude oil 135 135 137 138 140 143 141 137 136 133 136 134 137 '137 141 Gas and gas liquids 210 228 250 251 246 242 238 225 220 Oil and gas drilling 159 145 150 157 143 129 137 140 143 147 146 144 148 159 167 Afetal stone, and earth minerals 146 164 149 146 144 147 755 75P 750 775 775 77P 180 r164 150 107 134 118 118 120 120 119 137 151 143 143 150 151 133 125 Stone and earth minerals . 188 195 182 175 168 175 188 201 210 212 210 209 210 195 175 Utilities Electric 270 289 294 313 304 298 291 291 298 306 325 327 310 304 Gas 265 284 SUMMARY MARKET GROUPINGS 162 168 161 162 164 164 167 167 172 165 172 176 182 179 176 Consumer goods . •. • 155 161 152 154 157 156 160 160 166 158 167 170 178 '172 167 Equipment including defense 188 195 191 191 191 191 193 193 196 192 194 199 201 '204 208 157 160 148 149 150 152 157 161 165 156 166 166 171 170 168 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Seasonally adjusted] Annual 1957 Average 1960 1961 Grouping proportion 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. 100.00 105 108 103 102 102 103 106 108 110 112 113 111 113 114 115 86.49 105 108 102 707 707 702 705 705 777 772 773 777 773 114 7/5 49.66 102 104 96 95 94 95 99 103 105 107 108 105 107 109 110 36.83 110 113 111 111 111 112 114 116 117 119 120 119 121 121 122 8.55 95 97 98 98 96 96 97 97 98 98 99 97 100 101 101 Utilities 4.96 115 123 123 125 125 125 127 130 131 132 135 135 136 135 136 Durable Manufactures 13.15 95 97 82 82 82 83 89 96 99 700 104 707 702 703 705 7.73 90 90 69 71 73 74 82 90 92 95 98 99 96 r96 100 6.21 86 88 64 66 69 69 79 86 89 91 92 93 90 r90 97 Fabricated metal nroducts 5.42 104 106 101 97 96 96 99 105 107 108 111 105 110 112 113 2.91 101 104 98 97 94 94 96 102 106 107 110 105 108 107 106 28.98 102 106 700 98 97 97 707 104 705 705 705 705 707 770 772 15.31 103 106 101 101 101 101 103 104 107 110 109 108 r108 110 111 Nonelectrical machinery • • 8.92 99 102 96 96 96 95 98 99 101 103 102 102 102 103 104 Electrical machinery . •.. 6.39 108 112 108 109 108 108 109 112 116 120 118 116 117 119 123 Transportation eouit>ment 10.76 98 102 93 89 88 88 94 99 101 102 103 95 101 106 108 5.04 100 115 97 89 86 86 99 108 113 114 116 95 107 '116 120 Aircraft and other eauibment 5.50 94 89 89 88 88 89 88 90 88 91 90 93 93 »-96 96 Instruments and related products. • 1.66 112 119 116 116 113 113 113 116 119 119 122 121 121 123 123 1.25 Clav &lavs and lumber 4.57 111 109 100 700 700 702 705 707 772 773 772 777 108 108 106 CMav glass and stone nroducts . • * 2.92 110 110 103 101 100 103 105 107 112 114 114 112 111 110 106 Lumber and Droducts 1.65 113 107 96 100 99 100 106 107 111 111 109 107 103 105 106 Furniture and miscellaneous • . 2•.96 112 116 110 70P 709 770 772 775 779 779 720 720 727 124 124 1.48 115 120 114 111 111 112 115 117 121 121 123 123 124 128 128 1.48 109 113 107 107 108 107 110 114 117 117 116 116 119 121 120 Nondurable Manufactures 7Vv///^ nnnnrpi and leather vroducts 7.32 115 115 705 705 707 770 772 773 775 775 720 775 722 r122 723 Textile mill oroducts 2.78 113 109 98 98 102 104 106 110 112 114 116 117 118 118 119 3.44 120 124 119 113 116 120 120 120 123 127 130 125 130 130 132 1.10 106 100 96 97 96 96 100 100 104 101 103 100 104 106 7.93 108 112 777 777 777 777 773 114 775 775 775 777 117 118 119 T*aoer and oroducts 3.27 111 112 109 111 113 113 117 111 118 117 123 122 122 122 125 4.66 105 111 112 111 110 110 110 111 113 114 114 114 114 115 114 1.53 104 107 106 104 102 104 105 105 106 107 107 107 107 108 108 Chemical, petroleum, and rubber products 10.95 113 118 775 774 113 773 775 722 725 727 727 725 725 '129 730 7.10 114 121 120 119 118 120 123 127 129 132 132 132 133 134 136 3.61 118 127 125 125 124 127 130 135 138 141 142 143 r146 147 Tetroleum oroducts 1.93 105 108 106 106 106 106 108 111 111 116 115 110 114 113 110 Rubber and. olastics oroducts 1.91 114 114 105 103 102 96 110 114 121 123 123 120 124 124 10.64 107 109 770 770 770 777 772 772 773 114 114 114 116 116 115 Foods and beverages 9.87 106 109 110 110 110 111 111 112 113 114 114 114 116 116 115 8.31 106 109 110 110 110 111 111 113 113 114 114 114 116 116 115 1.56 106 108 112 111 108 109 111 107 112 117 115 114 116 116 .77 112 114 115 113 116 116 122 116 116 110 119 116 123 123 Mining 7.05 96 96 96 95 94 94 97 96 97 96 98 96 95 99 700 Coal 1.30 82 83 81 78 11 68 11 81 11 11 81 82 84 f86 86 5.75 99 98 99 99 98 100 101 100 101 101 102 99 101 102 103 Oil and &as extraction • - •4.98 99 100 101 101 100 103 104 103 104 103 105 101 103 103 104 4.33 98 98 98 98 98 101 101 100 101 101 103 99 101 100 101 .65 106 116 121 120 115 117 Oil and gas drilling .77 93 85 87 90 85 80 85 84 83 84 82 83 86 95 97 Afptal vtnne and earth minerals 1.50 94 105 705 770 705 707 702 707 703 705 703 104 707 r109 705 Metal mining .70 77 97 107 109 106 106 92 86 89 90 90 94 99 106 113 .80 108 112 109 111 106 107 110 114 116 118 114 113 115 111 104 Utilities Electric 3.76 115 123 124 125 125 125 127 131 132 132 135 136 137 135 1.20 114 123 120 123 124 125 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 219 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p p 19 r o o 5 r - - 7 A A v n e n r u ag al e 1960 1961 tion 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total index. 00.00 105 103 102 102 103 106 108 110 112 113 111 113 114 115 Final products, total 46.75 107 108 107 107 707 109 111 113 114 115 113 115 117 118 Consumer goods 31.13 110 112 110 110 111 114 115 118 120 120 116 119 121 123 Equipment, including defense. 15.62 100 101 100 100 99 100 102 102 104 105 106 107 109 110 Materials 53.25 104 99 103 106 109 110 111 109 111 111 112 Consumer goods Automotive products 3.35 103 117 106 94 90 103 108 113 115 117 96 110 121 129 Autos 2.03 96 117 97 78 73 71 92 101 109 110 110 82 102 117 127 Auto parts and allied products. 1.32 113 117 119 118 115 115 120 118 120 125 126 118 123 127 132 Home goods and apparel 9.60 116 116 111 108 109 112 115 116 120 123 122 120 121 r121 125 Home goods , 4.40 115 115 110 108 109 110 114 117 122 124 120 121 120 122 127 Appliances, TV, and radios 1.75 114 112 106 106 109 108 111 116 123 127 116 119 116 117 121 Appliances 1.26 119 118 116 116 114 113 115 118 122 126 121 126 '124 124 126 TV and home radios .49 102 96 82 80 94 95 100 110 126 128 102 100 98 101 108 Furniture and rugs 1.18 119 118 113 109 109 110 116 117 122 119 122 126 124 '128 129 Misc. home goods 1.47 113 117 112 111 110 112 115 118 122 123 124 120 r122 123 131 Apparel, incl. knit goods and shoes. 5.20 116 117 lit 108 110 114 116 115 118 122 124 118 121 121 124 Consumer staples 18.18 108 113 113 114 114 114 115 117 118 119 119 119 120 120 120 Processed foods 8.11 106 109 109 110 110 111 111 113 114 114 114 114 115 115 114 Beverages and tobaccos 2.32 108 110 113 112 111 111 114 110 113 115 116 115 118 118 Drugs, soap, and toiletries 2.73 111 118 118 118 117 116 119 123 124 126 126 124 127 127 Newspapers, magazines, and books. 1.44 106 113 116 117 115 114 114 116 117 119 117 119 118 118 116 Co F n u s e u l m o e i r l f a u n e d l g a a n s d o l l i i n g e hting 3 1 . . 4 1 5 9 1 1 1 0 3 4 1 1 1 0 9 6 1 1 1 0 9 4 1 1 2 0 3 8 1 1 2 1 5 2 1 1 2 0 1 7 1 1 2 0 3 5 1 1 2 0 5 5 1 10 2 5 4 1 1 2 1 7 2 1 11 2 1 9 1 1 2 0 7 4 1 10 3 9 0 1 1 3 1 0 2 iio' Residential utilities 2.26 117 126 127 131 131 129 132 135 134 135 139 140 141 140 Electricity 1.57 118 127 130 133 133 129 132 136 135 136 140 141 141 139 Gas .69 115 124 Equipment Business equipment 12.16 101 100 102 104 105 106 110 Industrial equipment 7.29 98 96 97 99 101 102 106 Commercial equipment 2.46 118 117 118 123 125 127 131 Freight and passenger equipment. 1.83 91 93 94 95 96 98 108 Farm equipment .58 103 104 107 106 98 78 94 Defense equipment. 3.46 Materials Durable goods materials. 27.81 100 102 90 96 101 104 104 106 104 105 106 106 Consumer durable 3.67 101 109 83 85 93 107 109 109 115 99 101 106 112 Equipment 8.10 103 101 95 95 98 99 101 104 105 102 107 109 108 Construction 9.05 107 107 97 99 104 107 110 111 112 110 108 107 105 Metal materials n.e.c 6.99 89 92 78 79 86 92 93 94 96 97 96 r97 103 Nondurable materials 25.44 107 110 108 109 111 112 114 115 117 115 117 118 119 Business supplies , 8.87 108 110 108 108 111 110 113 114 116 113 114 116 118 Containers 2.91 109 109 110 112 114 110 115 116 121 118 116 "119 122 General business supplies 5.96 107 111 108 107 110 110 112 114 113 111 112 '115 115 Nondurable materials n.e.c 7.05 115 119 116 118 121 124 128 130 132 130 132 132 136 Business fuel and power 9.52 100 103 101 102 104 105 106 106 108 106 108 108 108 Mineral fuels 6.29 96 97 96 96 98 98 98 98 100 97 99 99 100 Nonresidential utilities 2.70 113 121 120 122 123 126 129 129 131 132 132 131 Electricity 2.19 113 120 120 122 124 127 130 129 132 133 133 132 General industrial .99 110 115 112 114 111 117 120 120 122 122 121 120 Commercial and other. 1.12 118 127 128 131 136 138 139 143 146 147 146 Gas , .51 113 121 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 110 116 108 102 100 109 113 120 118 110 '116 122 128 Apparel and staples 23.38 110 114 113 113 114 115 116 119 120 118 '120 '120 121 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 from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see BULLETIN for June 1960, p. 632). Figures for industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Without seasonal adjustment] Grouping p 19 ro 5 - 7 A A v n e n r u ag al e 1960 1961 portion 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total index 100.00 105 108 101 102 103 104 107 108 111 106 Ill 113 116 115 113 Mfanufacturing total 86.49 705 705 707 707 702 705 707 705 111 705 777 775 777 775 775 Durable . . 49.66 102 104 96 95 96 97 100 103 106 100 102 106 110 111 110 Nondurable 36.83 110 113 106 109 111 112 115 115 118 112 123 121 126 122 117 Mining 8.55 95 97 97 97 97 96 97 97 98 95 99 99 101 100 100 Utilities 4.96 115 123 Durable Manufactures Primary and fabricated metals .. 75.75 95 97 57 83 55 55 97 97 700 92 99 702 104 104 Primary metals 7.73 90 90 68 13 76 78 86 92 94 82 91 96 97 96 97 Iron and steel 6.21 86 88 62 68 71 73 81 88 91 80 87 93 93 95 Fabricated metal products 5.42 104 106 101 96 94 96 99 103 107 105 112 110 113 112 113 Structural metal parts 2.91 101 104 101 96 93 94 96 101 105 103 108 106 110 110 109 Machinery and related products 25.95 702 705 702 700 700 700 705 704 705 707 95 104 709 775 114 Machinery 15.31 103 106 102 102 103 103 105 105 107 102 104 109 111 111 111 Nonelectrical machinery 8.92 99 102 97 97 99 99 101 101 102 98 97 100 101 101 105 6.39 108 112 108 108 110 109 109 110 115 107 113 121 124 124 123 Transportation equipment 10.76 98 102 98 93 91 91 96 99 101 94 84 92 103 111 112 Motor vehicles and parts 5.04 100 115 107 94 91 91 102 109 114 100 78 91 113 128 129 Aircraft and other equipment 5.50 94 89 89 90 89 90 89 89 88 87 88 92 93 96 96 Instruments and related products 1.66 112 119 118 116 114 114 114 116 118 116 120 121 122 124 124 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 777 709 94 92 95 95 104 770 117 772 775 117 115 108 99 Clay glass and stone products 2.92 110 110 100 95 95 101 105 110 115 114 118 116 116 111 103 Lumber and products .. 1.65 113 107 83 88 93 94 104 110 120 108 119 118 114 104 92 Furniture and miscellaneous ... 2.96 112 775 772 705 705 705 709 777 116 114 722 725 729 725 725 Furniture and fixtures . 1.48 115 120 117 109 110 111 112 112 118 118 126 128 130 130 130 Misc manufactures 1.48 109 113 108 102 106 106 106 110 115 110 119 123 127 127 121 Nondurable Manufacturers Textile apparel and leather products 7.32 775 775 97 707 775 7/5 775 775 114 705 725 775 725 779 775 Textile mill rjroducts •. 2.78 113 109 94 100 105 105 110 113 111 100 117 114 122 118 114 Apparel products 3.44 120 124 102 115 128 128 126 123 121 114 139 116 134 126 120 Leather and oroducts 1.10 106 100 88 99 106 105 101 94 100 90 107 100 105 103 7.93 705 772 707 709 777 114 7/5 114 7/5 707 775 775 725 72/ 114 Paper and products 3.27 111 112 99 110 114 116 121 111 122 105 125 123 130 124 113 Printing and publishing 4.66 105 111 113 108 109 113 113 113 112 108 110 115 118 119 115 1.53 104 107 105 96 99 108 112 112 106 94 96 107 116 118 107 Chemical petroleum and rubber products 10.94 775 775 775 775 775 775 727 722 125 779 725 725 r130 »729 /25 7.10 114 121 118 119 121 123 127 128 131 124 131 131 134 134 133 3.61 118 127 125 125 128 131 133 136 137 133 140 140 145 148 Petroleum products 1.93 105 108 108 106 108 105 105 109 111 115 118 112 114 111 111 Rubber and elastics oro ducts .. ... 1.91 114 114 101 108 108 101 113 111 117 104 118 122 131 128 Foods beverages and tobacco 10.64 107 709 705 704 704 104 707 770 116 114 725 725 725 7/7 109 Foods and beverages 9.87 106 109 106 103 103 104 107 109 115 115 123 126 126 117 109 Food manufactures 8.31 106 109 107 105 104 103 105 107 111 113 123 128 127 119 111 Beverages 1.56 106 108 101 91 96 105 117 117 132 125 124 115 119 103 Tobacco products .77 111 114 93 113 118 115 117 120 126 101 128 121 131 123 Mining Coal, oil, and gas 7.05 96 96 97 95 95 96 96 95 94 97 96 95 95 99 707 Coal 1.30 82 83 79 76 78 69 75 78 75 66 85 87 91 r89 85 5.75 99 98 101 103 102 103 101 99 99 97 99 97 100 102 105 4.98 99 100 103 104 105 107 105 102 101 99 101 99 102 103 106 4.33 98 98 100 101 102 104 102 100 99 97 99 98 99 100 103 .65 106 116 127 127 125 123 121 114 112 .77 93 85 88 92 84 76 81 82 84 86 86 84 87 93 98 Meted itone and earth minerals • • 7.50 94 705 96 94 92 94 95 705 7/5 775 775 775 775 nos 96 M^etal mining • .70 11 97 86 85 87 87 86 99 110 103 103 109 109 96 90 Stone and earth minerals .80 108 112 105 101 97 101 108 116 121 122 121 120 121 113 101 Utilities Electric 3.76 115 123 126 134 130 127 124 124 127 131 139 140 133 130 1.20 114 123 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 221 MARKET GROUPINGS 1957=100 [Without seasonal adjustment] 1957 A av n e n r u a a g l e 1960 1961 Grouping proportion 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Total index 100.00 105 108 101 102 103 104 107 108 111 106 Ill 113 116 115 113 46.75 107 111 106 106 108 107 110 110 113 109 113 116 r119 r117 116 Consumer goods 31.13 110 114 108 109 111 111 113 114 118 112 119 121 126 122 119 15.62 100 103 101 101 101 101 102 102 103 102 102 105 106 108 110 Materials 53.25 104 106 98 98 99 101 104 107 109 103 110 110 113 113 111 Consumer Goods 3.35 103 117 110 98 96 94 108 112 118 99 73 96 121 r129 131 Autos 2 03 96 117 108 86 83 81 102 107 116 87 39 11 115 134 136 Auto parts and allied products 1.32 113 117 112 117 116 115 119 119 123 119 125 126 129 123 124 Home goods and apparel 9 60 116 116 101 106 116 116 116 114 117 108 123 120 129 124 118 4.40 115 115 107 103 110 112 114 114 119 108 116 127 130 128 123 Appliances TV and radios 1.75 114 112 98 98 112 112 115 114 119 98 103 125 '•127 124 112 Appliances 1.26 119 118 107 106 120 122 127 122 124 104 100 126 124 123 116 TV and home radios .49 102 96 77 80 94 86 84 96 106 83 111 125 136 128 102 Furniture and rugs 1.18 119 118 116 108 111 112 114 111 117 113 123 129 131 130 133 1.47 113 117 110 104 108 111 114 116 120 114 126 129 r133 130 128 5.20 116 117 97 109 120 119 118 115 116 109 130 113 127 121 114 18.18 108 113 111 112 112 111 113 114 118 117 125 126 126 120 117 Processed foods 8.11 106 109 107 104 103 103 104 107 112 113 123 128 127 118 110 Beverages and tobacco 2.32 108 110 98 98 104 108 117 118 130 117 125 117 123 109 2.73 111 118 117 118 118 117 122 122 125 118 127 125 129 127 126 Newspapers magazines and books 1.44 106 113 116 116 It5 115 114 115 116 116 118 121 120 118 117 Consumer fuel and lighting 3.45 113 119 123 134 132 125 121 119 119 124 128 128 125 126 1.19 104 106 108 112 113 105 100 103 104 112 113 106 108 111 115 Residential utilities 2.26 117 126 Electricity 1.57 118 127 136 154 149 138 132 125 124 128 137 139 131 130 Gas .69 115 124 Equipment 12.16 100 105 102 102 102 102 103 103 105 103 103 106 107 r108 111 Industrial equipment . 7.29 97 102 99 98 97 96 98 99 100 100 101 102 102 103 106 Commercial equipment 2.46 104 118 120 119 119 118 118 120 122 121 126 128 130 132 134 1.83 98 101 96 94 93 98 99 98 100 95 94 99 102 106 105 Farm equipment .58 115 92 95 101 113 119 123 110 108 87 71 87 85 ^85 90 3 46 Materials Durable goods materials 27.81 100 102 90 90 90 91 96 101 105 99 103 104 107 107 106 3.67 101 109 98 93 88 88 92 102 104 94 98 96 108 118 111 Equipment 8.10 103 101 97 97 97 97 98 99 101 99 101 102 106 109 111 9.05 107 107 96 93 93 96 103 108 115 110 115 114 114 108 101 Metal materials nee 6.99 89 92 71 75 79 81 88 95 97 86 93 98 100 r9S 99 Nondurable materials .. 25.44 107 110 106 108 109 111 112 113 114 108 117 116 120 119 117 Business supplies 8.87 108 110 104 106 108 110 114 112 114 105 116 117 120 111 III 2.91 109 109 94 102 107 112 116 114 121 110 130 125 124 115 105 General business supplies 5.96 107 111 109 107 108 110 113 112 111 103 109 113 118 118 114 Nondurable materials n.e.c 7.05 115 119 112 116 119 120 123 126 126 118 129 128 136 136 134 9.52 100 103 103 103 103 103 103 103 104 102 108 107 108 108 109 Mineral fuels •. 6.29 96 97 98 98 r99 99 98 97 96 92 97 97 99 100 102 Nonresidential utilities 2.70 113 121 Electricity. 2.19 113 120 118 119 117 119 119 124 130 133 140 140 i34 iso General industrial .99 110 115 113 112 109 114 112 118 119 116 123 123 124 122 Commercial and other 1.12 118 127 125 127 125 126 128 131 142 150 158 158 146 139 Gas .51 113 121 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 108 101 104 104 112 113 119 104 97 114 126 129 127 Apparel and staples 23.38 110 114 108 112 114 113 114 114 117 115 126 123 126 120 116 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise indicated] Manu- Industrial production facturing3 Prices Major market groupings Nonag- Major industry ricul- Departgroupings Cons- tural Freight ment Year or Final products truc- em- car- store month Total tion ploy- Em- load- sales Wholecon- ment— ploy- Pay- ings4 (retail Con- sale Manu- Mate- racts i,4 total2 ment rolls value) sumer comfac- Min- Util- Con- rials modity tur- ing ities Total sumer Equiping goods ment Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. ] 948 103 103 106 101 102 101 105 104 41 101.6 102.8 105 0 127.6 104 102.8 104.4 1949 98 98 94 108 99 101 94 96 44 99.1 93.8 97.2 108.2 99 101.8 99.2 1950 . ... 113 114 105 123 112 115 102 114 61 102.4 99.7 111.7 117.1 107 102.8 103.1 1951 123 123 115 140 121 114 142 124 63 108.3 106.4 130.1 121.5 112 111.0 114.8 1952 127 127 114 152 130 116 170 125 67 110.5 106.3 137.0 115.0 114 113.5 111.6 1953 . . 138 139 117 166 138 124 182 137 70 113.7 111.9 151.7 116.6 118 114.4 110.1 1954 130 129 113 178 132 123 161 128 76 111.0 102.0 138.4 104.6 118 114.8 110.3 1955 146 145 125 199 144 136 172 147 91 114.7 105.8 153.6 115.3 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 92 118.6 106.9 162.4 115.9 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 93 119.7 105.0 164.3 108.2 135 120.2 117.6 1958 141 139 120 244 145 140 165 138 102 116.4 95.5 151 5 93.8 136 123.5 119.2 1959 159 158 125 268 162 155 188 157 105 120.8 100.3 170.3 97.9 144 124.6 119.5 1960 164 163 128 287 168 161 195 160 105 123.0 100.0 172.8 95.3 145 126.5 119.6 1961 108 H22A ^95.9^170.4 149 I960—Dec 156 154 129 287 164 158 191 150 120 121.6 95.2 162.9 87.2 146 127.5 119.5 1961-—Jan 155 153 129 290 162 155 188 148 108 121.3 94.1 160.3 86.6 142 127.4 119.9 Feb 155 152 128 291 162 155 188 149 95 121.1 93.6 158.8 88.1 145 127.5 120.0 Mar 156 153 127 291 162 156 188 150 104 121.2 94.0 160.3 88.0 146 127.5 119.9 Apr 160 158 128 296 166 160 190 156 103 121.5 94.8 162.6 89.9 148 127.5 119.4 May 164 163 128 303 168 163 192 161 102 122.0 96.0 166.9 91.5 144 127.4 118.7 June 168 166 129 306 171 166 194 164 111 122.6 96 7 172.4 91.5 149 127.6 118.2 July 170 169 129 307 174 169 197 166 110 123.0 96.8 171.3 91.1 151 128.1 118.6 Aug 172 170 130 314 174 169 198 168 116 123.0 96.8 174.4 91.8 150 128.0 118.9 Sent 168 167 128 316 172 164 201 165 103 122.9 96 3 175.9 90.1 150 128.3 118.8 Oct 171 170 131 317 r175 H68 203 r168 114 123.1 96.5 179.1 94.4 151 128.4 118.7 Nov 173 172 132 315 178 170 r207 168 116 123.4 97.3 182.0 95.3 153 128.3 118.8 Dec 175 173 133 317 180 173 208 170 119 123.3 97.7 181.8 95.6 ^156 128.2 119.2 1962—Jan P173 *172 »131 ^321 ?178 Pill *>204 *>169 ^123.2 »97.1»175.9 93.9 c150 119.7 e Estimated. v Preliminary. r Revised. 3 Production workers only. Adj.=adjusted for seasonal variation. Unadj.=without seasonal 4 Index 1957-59=100. adjustment. NOTE.—Indexes for employment (including Alaska and Hawaii, be- 1 Index from F. W. Dodge Corporation. Monthly index, seasonally ginning with 1959) are compiled by the Federal Reserve from Bureau of adjusted, of dollar value of total construction contracts, including res- Labor Statistics data. Payrolls and prices are compiled by the Bureau idential and nonresidential and heavy engineering. of Labor Statistics. 2 Employees only, excluding personnel in the armed forces. 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 1960 1961 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total construction 36,318 37,135 2,718 2,485 2,235 3,166 3,298 3,501 3,602 3,529 3,543 3,004 3,291 3,008 2,712 By type of ownership: Public 12,587 12,547 1,218 838 732 1,090 1,170 1,127 1,235 1,265 1,158 954 1,021 942 1,091 Private 23,731 24,588 1,500 1,647 1,504 2,075 2,128 2,374 2,367 2,263 2,384 2,050 2,270 2,066 1,621 By type of construction: Residential 15,105 878 974 870 1,371 1,454 1,553 1,558 1,502 1,589 1,381 1,498 1,306 Nonresidential 12,240 994 813 804 1,027 1,050 1,105 1,221 1,154 1,087 987 1,005 1,095 Public works and utilities 8,973 846 698 561 768 794 843 823 873 866 637 787 607 NOTE.—Monthly data exceed annual totals and are not comparable counting for negative adjustments in monthly data after original figures irith monthly data for 1957 and earlier years because of the policy of ao have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 223 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.1 Monthly data at seasonally adjusted annual rates..-In millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s- usine m C s e s o r m cia - l P u u ti b li l t i y c O n d r t e o t e i h s a n n i l e - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r o A t l he l r 1953. 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954. 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3,774 11,678 1,003 3,680 982 6,013 1955. 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956. 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 1,275 5,682 1957. 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 1,344 6.494 1958. 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 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 22,546 12,354 2,851 4,180 5,323 4,703 15,953 1,386 5,464 1,487 7,616 1961 P. 57,418 40,368 22,494 12,817 2,759 4,663 5,395 5,057 17,05@ 1,382 5,818 1,581 8,269 1961—Jan... 56,018 38,575 20,649 13,209 3,053 4,848 5,308 4,717 17,443 1,284 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 1J764 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 1,651 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 Aug.. 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 Sept.. 58,910 41,709 23,782 12,750 2,610 4,718 5,422 5,177 17,201 1,404 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.. 61,037 42,044 24,504 12,542 2,554 4,608 5,380 4,998 18,993 1,760 7,099 1,586 8.548 59,178 41,941 24,401 12,599 2,537 4,641 5,421 4,941 17,237 1,163 6,235 1,590 8,249 1962—Jan.*1 60,114 42,969 24,979 12,913 2,590 4,928 5,395 5,077 17,145 1.027 6,215 1,647 8,256 P Preliminary. 2 Beginning with 1959, series includes Alaska and Hawaii. 1 Data for 1953-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] Seasonally Private Memorandum item: adjusted Non- Government-underwritten 2 annual rate Metro- Year or month (private only) Total p a o re li a t s a 1 n p a o r l e i a ta s n i 1- 2- Multi- Public Total Nonfarm Total family family family Total FHA VA 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1 220 897 324 1 202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 . 1,379 946 432 1 343 1,079 49 215 36 458 349 109 19593. 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960 1 296 889 407 1 252 995 44 214 44 336 261 75 1961 ^1,355 937 418 ^1,304 n.a. n.a. n.a. ^244 83 1960—Dec 996 987 71 50 21 64 46 3 15 7 19 14 5 1961—jan ...... 1 127 \ 098 73 51 21 70 50 3 17 3 19 14 5 Feb 1,169 ,115 81 56 25 76 56 4 16 5 18 13 5 Mar 1,296 ,262 110 79 31 105 78 4 23 5 27 20 6 Apr J 166 143 115 80 36 111 84 4 24 4 26 20 6 May ,291 ,268 131 90 41 127 96 4 26 4 32 24 8 June ,381 ,351 138 93 46 132 100 4 29 6 30 22 8 July ,343 ,318 129 88 41 125 96 4 25 3 29 21 7 Aug 326 301 130 88 42 127 95 3 29 3 34 26 8 Sept 383 365 128 91 37 122 91 4 28 6 28 21 7 Oct ,434 ,404 129 88 41 124 92 4 27 5 33 23 9 Nov V 342 p] 319 ^105 71 33 75 3 24 30 23 7 Dec V ,306 v\ ,264 63 24 .83 n.a. n.a. n.a. H 6 n<a. Not available. p Preliminary. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on field office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment; in thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed1 Not in the Une m m e p n l t oy- Year or month i p n o st p i u tu l t a i t o io n n al l f a o b rc o e r Total In nonagri- In U pl n o e y m ed - labor force (pe r r a c te ent) Total in c d u u lt s u t r r a ie l s agriculture 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123 366 71,946 69,394 65,581 59 745 5,836 3,813 51,420 5.5 I960 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1961—Jan 126,725 72,361 69,837 64,452 59,818 4,634 5,385 54,364 r6.7 Feb 126 918 72,894 70,360 64,655 59,947 4,708 5,705 54,024 r6.9 Mar 127,115 73,540 71,011 65,516 60,539 4,977 5,495 53,574 r6.8 Apr 127,337 73,216 70,696 65,734 60,734 5,000 4,962 54,121 '6.9 May 127,558 74,059 71,546 66,778 61,234 5,544 4,768 53,499 n.o 127,768 76,790 74,286 68,706 62,035 6,671 5,580 50,977 »"6.9 July 127 986 76,153 73,639 68,499 62,046 6,453 5,140 51,833 6.9 128,183 75,610 73,081 68,539 62,215 6,325 4,542 52,573 r6.S Sent 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 '6.7 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 r6.0 1962—Jan 129,118 72,564 69,721 65,058 60,641 4,417 4,663 56,554 5.8 r Revised. 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 INDUSTRY DIVISIONi [Bureau of Labor Statistics; in thousands of persons] Trans- Federal, Manufac- Contract porta- State, and Year or month Total turing Mining con ti s o t n ruc- ti p o u n b l a i n c d Trade Finance Service go lo v c e a r l nutilities 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 I960 54,347 16,762 709 2,882 4,017 11,412 2,684 7,361 8,520 1961*> 54,076 16,268 667 2,760 3,923 11,365 2,748 7,514 8 831 SEASONALLY ADJUSTED 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 Nov 54,525 16,466 665 2,719 3,927 11,374 2,771 7,611 8,992 Dec P 54,495 16,518 656 2,698 3,904 11,363 2,772 7,640 8,944 1962 Jan» 54,434 16,451 643 2,586 3,906 11,400 2,769 7,637 9,042 WITHOUT SEASONAL ADJUSTMENT 1961—Jan F M e a b r 55 5 22 2 ,, , 85 7 62 8 43 5 11 1 55 5 ,, , 98 8 33 6 38 6 66 6 65 5 66 4 22 2 ,, , 43 4 54 5 72 4 33 3 , , ,8 8 88 7 78 2 i 1 11 1 11 , ,, 1 20 0 34 1 30 22 2 ,,77 7 00 1 62 0 77 7 , , ,3 3 31 5 33 9 3 8 8 8 ,76 7 37 6 72 9 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 54,429 16,320 678 2,971 3,945 11,354 2,766 7,598 8 797 July 54,227 16,268 672 3,023 3,977 11,327 2,795 7,631 8,534 Aug 54,538 16,531 677 3,075 3,971 11,342 2,801 7,606 8,535 Sept 54,978 16,646 676 3,021 3,971 11,378 2 770 7 612 8 904 Oct . . .. 55,065 16,607 668 2,981 3,953 11,450 2,758 7,618 9.030 Nov 55,129 16,658 667 2,825 3,943 11,611 2 757 7 596 9 072 Dec p 55,505 16,560 659 2,574 3,920 12,178 2,758 7,571 9^285 1962 JanP 53,735 16,363 637 2,291 3,863 11,285 2,744 7,507 9,045 P Preliminary. during, or received pay for, the pay period ending nearest the 15th of 1 Data includes Alaska and Hawaii beginning with 1959. the month. Proprietors, self-employed persons, domestic servants, NOTE.—Data include all full- and part-time employees who worked unpaid family workers, and members of the armed forces are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 225 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES 1 [Bureau of Labor Statistics; in thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1961 1962 1961 1962 Jan. Nov. Jan. Nov. Jan.*3 Total. 11,820 12,225 12,269 12,194 11,740 12,414 12,313 12,120 Durable goods 6,447 6.766 6,805 6,762 6,449 6,883 6,853 6,769 Ordnance and accessories 91 98 97 96 92 99 98 97 Lumber and wood products 530 538 536 531 502 542 525 503 Furniture and fixtures , 294 310 311 312 294 316 313 312 Stone, clay, and glass products 445 457 454 445 429 463 450 429 Primary metal industries 864 944 959 973 867 953 961 976 Fabricated metal products 799 838 842 836 804 856 852 842 Machinery except electrical 963 974 982 969 968 960 979 974 Electrical machinery 937 983 996 1,006 947 1,013 1,014 1,016 Transportation equipment 1,006 1,084 1,091 1,063 1,047 1,124 1,127 1,107 Instruments add related products 220 226 225 223 221 229 227 224 Miscellaneous manufacturing industries. 298 314 312 308 280 330 307 289 Nondurable goods 5,373 5,459 5,464 5,432 5,291 5,531 5,460 5,351 Food and kindred products 1,197 1,200 1,189 1,182 1,121 1,220 1,160 1,108 Tobacco manufactures 80 77 16 76 81 82 80 77 Textile-mill products. 784 797 800 798 778 805 802 792 Apparel and other finished textiles 1,039 1,073 1,079 1,067 1,039 1,092 1,087 1,067 Paper and allied products 465 473 475 472 463 478 477 470 Printing, publishing and allied industries 593 597 597 596 591 604 602 594 Chemicals and allied products 499 511 513 511 497 510 511 508 Products of petroleum and coal 133 126 124 124 131 126 123 123 Rubber products 267 288 291 289 271 296 297 293 Leather and leather products 316 317 320 317 318 320 323 319 p Preliminary. part-time) who worked during, or received pay for, the pay period ending 1 Data include Alaska and Hawaii beginning with 1959. 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 1961 1962 1961 1962 1961 1962 Jan. Nov. Dec.^ Jan.*7 Jan. Nov. Dec.* Jan.*3 Jan. Nov. Dec.*3 Jan.** Total 89.08 95.82 96.63 94.96 38.9 40.6 40.6 39.9 2.29 2.36 2.38 2.38 96.29 104.39 105.06 103.02 39.3 41.1 41.2 40.4 2.45 2.54 2.55 2.55 Ordnance and accessories . .. .. 111.79 116.90 117.46 115.64 40.8 41.6 41.8 41.3 2.74 2.81 2.81 2.80 70.84 78.41 75.86 73.91 38.5 39.4 38.9 38.1 1.84 1.99 1.95 1.94 Furniture and fixtures 72.20 80.12 81.51 78.18 38.2 41.3 41.8 40.3 1.89 1.94 1.95 1.94 Stone clay and glass products . •. 91.08 97.17 95.04 91.39 39.6 41.0 40.1 38.4 2.30 2.37 2.37 2.38 Primary metal industries 106.69 119.39 121.29 122.81 37.7 40.2 40.7 40.8 2.83 2.97 2.98 3.01 Fabricated metal products 96.78 104.08 105.41 103.89 39.5 41.3 41.5 40.9 2.45 2.52 2.54 2.54 104.23 109.18 110.92 109.33 40.4 41.2 41.7 41.1 2.58 2.65 2.66 2.66 Electrical machinery 92.73 96.70 97.58 95.51 39.8 40.8 41.0 40.3 2.33 2.37 2.38 2.37 Transportation equipment . . 108.19 123.83 124.84 115.18 39.2 42.7 42.9 40.7 2.76 2.90 2.91 2.83 Instruments and related products 95.51 99.53 100.36 99.39 40.3 41.3 41.3 40.9 2.37 2.41 2.41 2.43 Miscellaneous manufacturing industries... 75.08 77.57 78.20 78.01 38.9 40.4 39.9 39.6 1.93 1.92 1.96 1.97 Nondurable goods. 80.47 85.39 85.79 84.67 38.5 39.9 39.9 39.2 2.09 2.14 2.15 2.16 87.67 89.79 90.58 90.23 40.4 41.0 40.8 40.1 2.17 2.19 2.22 2.25 Tobacco manufactures. ... 65.22 69.32 72.47 68.63 37.7 38.3 39.6 37.5 1.73 1.81 1.83 1.83 Textile-mill products 61.18 68.31 67.98 66.00 38.0 41.4 41.2 40.0 1.61 1.65 1.65 1.65 55.06 60.62 60.12 59.47 34.2 36.3 36.0 35.4 1.61 1.67 1.67 1.68 Paper and allied products 95.22 102.38 101.91 100.44 41.4 43.2 43.0 42.2 2.30 2.37 2.37 2.38 Printing, publishing and allied industries.. 102.98 106.09 107.97 105.64 38.0 38.3 38.7 38.0 2.71 2.77 2.79 2.78 104.14 109.52 109.25 110.09 41.0 41.8 41.7 41.7 2.54 2.62 2.62 2.64 Products of petroleum and coal 123.90 126.46 123.32 125.97 41.3 41.6 40.7 41.3 3.00 3.04 3.03 3.05 92.51 100.12 102.83 99.96 39.2 41.2 41.8 40.8 2.36 2.43 2.46 2.45 62.75 64.98 65.79 66.56 37.8 38.0 38.7 38.7 1.66 1,71 1.70 1.72 P Preliminary. NOTE.—Data are for production and related workers. 1 Data include Alaska and Hawaii beginning with 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures; 1947-49 average = 100] Federal Reserve district Year or month United States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955. 128 123 113 125 122 140 149 122 132 117 140 149 132 1956.. 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 128 148 169 125 137 128 146 159 143 1959.. . . 144 126 131 140 139 156 181 133 144 134 155 172 157 I960 146 128 136 140 140 154 182 134 143 137 155 169 157 1961 149 135 141 144 144 158 186 136 142 139 160 174 164 SEASONALLY ADJUSTED 1960—Dec 146 128 135 136 140 154 187 137 143 139 159 171 159 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 153 147 143 149 150 162 189 136 145 144 160 178 165 Dec .. 140 147 148 151 196 142 185 175 WITHOUT SEASONAL ADJUSTMENT 1960—Dec 262 249 r246 250 254 238 239 274 293 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. 184 176 182 195 182 196 217 166 173 161 184 206 192 Dec 271 267 273 273 ^303 345 ^246 245 317 311 STOCKS i 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 165 147 149 163 149 185 228 154 150 155 165 187 178 1961 166 152 150 164 147 186 232 156 152 154 170 184 180 SEASONALLY ADJUSTED 1960—Dec 165 147 148 163 145 187 233 158 147 154 173 182 181 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 164 150 150 162 142 187 225 155 152 152 167 178 179 163 153 148 165 147 184 227 151 152 151 166 180 178 Julv 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 170 158 152 167 152 188 242 160 154 158 175 192 184 Nov.... 172 157 154 171 155 191 248 161 154 157 173 197 183 Dec 158 153 174 151 244 166 157 160 ^176 ^188 WITHOUT SEASONAL ADJUSTMENT I960—Dec 150 137 139 147 132 172 205 137 133 143 156 170 166 1961—Jan 145 131 136 142 125 162 207 134 132 136 152 160 158 Feb 153 137 138 151 136 170 221 140 139 146 158 172 168 Mar 164 147 150 162 146 186 232 151 151 151 169 183 178 Apr .. . 169 153 152 169 150 190 238 159 154 153 174 186 181 May 165 153 151 165 146 187 228 158 150 152 168 177 178 156 144 139 154 140 173 213 148 143 142 163 167 173 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 196 184 178 197 175 221 281 181 176 179 196 217 210 Dec P156 147 143 157 138 215 144 141 149 ^175 p Preliminary. r Revised. NOTE.—For description of series see BULLETIN for December 1957, 1 Figures for sales are the average per trading day, while those for stocks pp. 1323-36. Back data may be obtained from the Division of Adminisare as of the end of the month or averages of monthly data. trative Services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 227 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period m S (t o a f o o l n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o m ( s e r O t o n d i a n d n u e n g r t t d - h s o - * ) f m c ( e t o R f i o o p n e t r t t a - s h l 2 ) m o ( r N t o d f o o n e e t r w t a r h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S s o t p o r t i a o d n l u n u c e g t d s - k rs - s ce R i e p - ts Annual average: 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957 459 1,338 461 461 458 3.1 1.1 4.1 1.0 1958 462 1,323 437 462 464 3.0 1.0 4.1 1.0 1959 488 1,391 510 495 498 3.0 1.1 4.1 1.1 1960 r494 '1,474 r518 r496 r493 3.1 1.1 4.3 1.0 1961 502 1,485 530 507 512 3.1 1.1 4.3 1.0 Month: 1960—Dec r934 n, 345 388 1.4 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 1,502 387 474 420 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 1,576 654 581 585 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 1,776 555 698 608 2.8 .9 3.7 1.1 Dec.?... 961 1,406 391 591 427 1.5 .4 1.9 .6 P Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1960, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see dep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h le e s r . eported figures on sales and stocks. BULLETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a e id x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1959 1960 r 1961 '• 1959 1960 r 1961 '• 1959 1960 1961 Jan 1.401 1.561 1,644 1,287 1,484 1,536 1,154 1.143 1,120 Feb 1,279 1,579 1,671 1,182 1,500 1,606 1,119 1,289 1,041 ^/far . ... 1,459 1,753 1,933 1,378 1,636 1,888 1.295 1,378 1,225 Apr 1,481 1,817 1,707 1,345 1,703 1,648 1,221 1,261 1,042 May . 1,558 1,814 1,749 1,418 1,720 1,677 1,264 1,262 1,193 June .. . 1,427 1,742 1,699 1,351 1,642 1,644 L,370 1,307 1,216 July 1,470 1,702 1,637 1,356 1,632 1,558 1,250 1,150 1,265 Aug 1,410 1,619 1,669 1,313 1,556 1,598 1,188 r1,230 1,235 Sept 1,487 1,612 1,631 1,407 1,559 1,557 1,395 r1,161 1,175 Oct 1,482 1,746 1,890 1,399 1,692 1,817 1,202 1,157 1,340 Nov 1,482 .799 1,818 1,380 1,726 1,759 1,283 r .159 1,320 Dec 1.685 1,806 1,827 1,580 1,752 1,777 ..467 rl]l58 1,279 Jan.-Dec 17,621 20,550 20,875 16,396 19,602 20,065 15,208 14,655 14,449 r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 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 Gas Solid House- House- p A a p re - l T po ra r n ta s - - M ic e a d l - s P o e n r a - l a in n g d g a o n o d ds Total Rent e a l n e d c- f a u n e d ls n f i u s r h - - o h p o e l r d a- tion care care re t c io re n a- s i e c r e v 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 114.8 112.6 119.1 128.5 107.9 123.5 106.1 111 A 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 1960—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 Dec 128.2 120.4 133.1 144 A 125.7 140.1 103.3 139.5 111.0 149.3 162.6 134.8 125.3 133.7 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index; 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d d e - s - l - l H s p e u k a a r i n c i o t d n h t d d e s s e s - , r , r p p e u F a a l o r c a u n n o w t t d e d d s e e l , - d r C a p i u a l h c r l n c o a e ie t d l d m s s d - - p R u a b r u n c o e t b d r d s - - L w p u a b r u o n c o e m o t d r d s d - - p p a P u a a l r u l c n o p i l t e d d e s p d r - , , M m p u a r e e n c o t t t d a d a s l - l s p c M m u a t e r h i n c o r v i o a y t d n d e s - - - - h F d o h t b o a u u t u o n l h u r r e r l d e n s a e d s e r - i- - p N t m u m e a r o c r l o i e l a n t n d i - s l c - - - b b p e o b u T a a r r t e a c n o c o t v g t l d c d - s e - e o - d s n c M e e o l i l s u a - - s 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144.5 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 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 1960—Dec. 119.5 88.7 109.2 127.9 95.2 108.8 116.2 110.2 141.2 116.5 132.3 152.2 153.1 122.6 137.9 132.1 92.4 1961—Jan.. 119.9 89.7 109.9 128.1 94.8 108.3 117.2 109.7 139.7 115.7 132.2 152.2 153.5 122.3 138.5 132. 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 94.7 114.1 113.0 108.0 139.4 114.7 130.4 153.2 152.8 122.2 138.9 133.4 93.4 Nov. 118.8 '87.6 107.9 127.5 94.8 r113.8 114.0 107.9 138.4 114.7 129.9 152.4 152.9 122.3 138.6 133.5 97.5 Dec. 119.2 87.9 108.8 127.7 94.8 113.4 114.9 107.9 137.0 114.5 130.4 152.7 153.1 122.2 138.5 133.4 98.6 f Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 229 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index; 1947-49= 100] 1960 1961 1960 1961 Subgroup Subgroup Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products—Cont.: Fresh and dried produce 99.5 94.5 95.4 92.5 Paperboard 132.4 122.4 122.4 122.1 Grains 72.7 77.9 79.3 79.0 Converted paper and paperboard.... 131.1 127.3 127.3 128.3 Livestock and poultry 82.8 76.9 76.9 79.5 Building paper and board 145.4 144.8 143.9 143.6 Plant and animal fibers 90.7 99.4 99.3 99.3 Fluid milk... 102.3 100.5 noo.6 100.5 Metals and Metal Products: Eggs 87.7 79.5 80.1 71.9 Hay and seeds 74.1 79.9 81.3 81.6 Iron and steel 168.6 170.5 169.2 169.3 Other farm products 130.4 130.1 129.4 131.5 Nonferrous metals 133.9 134.9 134.0 134.8 Metal containers 153.6 156.6 156.6 156.6 Processed Foods: Hardware 174.7 176.7 176.7 177.1 Plumbing equipment , 130.8 133.8 133.8 133.7 Cereal and bakery products , 123.5 125.1 125.2 125.2 Heating equipment 116.8 114.8 114.3 114.8 Meats, poultry, and fish 97.3 93.7 r92.6 94.9 Fabricated structural metal products 133.9 131.9 131.7 131.7 Dairy products and ice cream 122.0 123.6 123.8 124.4 Fabricated nonstructural metal Canned, frozen fruits, and vegetables. 110.1 108.0 108.1 107.9 products 148.6 150.4 150.0 150.0 Sugar and confectionery 116.3 112.6 113.0 114.5 Packaged beverage materials 140.9 136.0 136.4 136.4 Machinery and Motive Products: Other processed foods 100.8 101.4 99.6 98.5 Agricultural machinery and equip- Textile Products and Apparel: ment 148.0 149.0 149.5 150.2 Construction machinery and equip- Cotton products 91.2 91.6 91.8 91.9 ment 177.0 178.5 178.6 178.6 Wool products 100.8 101.6 101.6 101.6 Metal working machinery 182.3 183.1 183.6 184.2 Synthetic textiles 77.8 75.1 75.5 75.6 General purpose machinery and Silk products 125.7 133.3 132.9 129.6 equipment. 166.1 165.5 165.9 166.6 Apparel 101.0 100.8 100.8 100.8 Misceillllaanneeious machinery , 150.9 152.0 152.3 152.4 Other textile products 92.6 94.7 >"93.5 93.9 Special industry machinery and equipment (Jan. 1961= 100) 100.7 100.7 101.0 Hides, Skins, and Leather Products: Electrical machinery and equipment 152.4 151.1 151.1 151.1 Hides and skins 64.9 82.2 79.6 76.3 Motor vehicles 140.7 140.0 139.9 140.0 Leather 99.4 109.3 108.6 108.4 Transportation equip., R. R. rolling Footwear 132.5 134.7 134.8 134.8 stock (Jan. 1961= 100) 100.5 100.5 100.5 Other leather products 103.9 105.2 '105.9 105.9 Furniture and Other Household Dura- Fuel and Related Products and Power: bles: Coal 123.1 120.8 121.2 121.6 Household furniture 125.7 127.0 "127.5 127.3 Coke 170.4 170.4 170.4 170.4 Commercial furniture 157.1 156.7 156.7 156.7 Gas fuels (Jan. 1958= 100) 120.0 119.4 119.3 118.4 Floor covering 130.2 129.0 129.1 128.7 Electric power (Jan. 1958= 100).... 102.3 102.5 102.6 102.5 Household appliances 100.4 99.9 99.8 99.6 Crude petroleum and natural gasoline 126.8 127.4 127.4 127.4 Television, radios, phonographs 91.2 87.9 88.0 88.0 Petroleum products, refined 119.3 113.3 115.0 117.0 Other household durable goods 156.6 157.3 157.4 157.4 Chemicals and Allied Products: Nonmetallic Mineral Products: Industrial chemicals 123.6 120.3 120.3 120.1 Flat glass 132.4 130.3 130.3 130.3 Prepared paint 130.3 132.2 132.2 132.2 Concrete ingredients 142.0 142.5 141.6 141.6 Paint materials 104.4 100.0 99.3 99.0 Concrete products 131.0 131.5 131.2 131.1 Drugs and Pharmaceuticals 92.8 90.8 91.0 91.0 Structural clay products 162.3 162.1 162.0 162.1 Fats and oils, inedible. 48.5 47.0 46.0 46.9 Gypsum products 133.2 137.3 137.3 137.3 Mixed fertilizers 111.8 113.6 114.2 113.9 Prepared asphalt roofing 106.6 120.4 120.4 120.4 Fertilizer materials 111.9 111.9 112.3 112.3 Other nonmetallic minerals 133.6 133.2 133.1 132.8 Other chemicals and products 107.2 105.3 105.3 105.4 Tobacco Products and Bottled Bev- Rubber and Products: erages: Crude rubber 136.5 137.8 134.7 134.4 Cigarettes 134.8 134.8 134.8 134.8 Tires and tubes 137.1 138.3 137.0 133.8 Cigars 106.5 106.5 106.5 106.5 Other rubber products 146.8 141.0 141.1 141.1 Other tobacco products 155.7 157.8 157.8 157.8 Alcoholic beverages 121.2 121.1 121.2 121.1 Lumber and Wood Products: Nonalcoholic beverages 171.6 180.5 180.5 180.5 Lumber 115.0 114.5 114.3 114.1 Miscellaneous: Millwork 135.5 132.4 132.2 132.0 Plywood 95.1 90.9 91.6 91.1 Toys, sporting goods, small arms 118.6 119.9 119.9 119.1 Manufactured animal feeds 70.0 71.0 76.8 78.5 Pulp, Paper, and Allied Products Notions and accessories 96.4 96.2 96.2 96.2 Jewelry, watches, photo equipment... 111.0 112.0 112.3 112.3 Woodpulp 114.5 114.4 114.4 114.4 Other miscellaneous 132.4 133.0 133.3 132.3 Wastepaper. 67.8 100.2 86.9 86.9 Paper 145.7 145.4 145.4 145.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates; in billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1960 1961 1929 1933 1941 1950 1957 1958 1959 1960 1961 Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.8 504.4 521.3 504.5 500.8 516.1 525.8 542.2 Personal consumption expenditures 79.0 46.4 81.9 195.0 285.2 293.2 314.0 328.9 339.0 332.3 330.7 336.1 341.0 348.4 Durable goods. 9.2 3.5 9.7 30.4 40.4 37.3 43.5 44.3 42.2 43.8 39.4 42.0 42.3 45.5 Nondurable goods 37.7 22.3 43.2 99.8 137.7 141.6 147.3 152.4 155.5 153.1 153.7 154.1 156.2 158.1 Services 32.1 20.7 29.0 64.9 107.1 114.3 123.2 132.2 141.2 135.4 137.5 139.9 142.4 144.9 Gross private domestic investment 16.2 1.4 18.1 50.0 66.1 56.6 72.4 72.4 69.6 65.6 59.8 68.8 73.2 76.6 New construction 8.7 1.4 6.6 24.2 36.1 35.5 40.2 40.7 41.7 40.7 39.6 41.3 42.7 43.3 Residential, nonfarm 3.6 .5 3.5 14.1 17.0 18.0 22.3 21.1 21.2 20.5 19.3 20.6 22.1 23.0 Other 5.1 1.0 3.1 10.1 19.0 17.4 17.9 19.6 20.5 20.2 20.4 20.7 20.6 20.3 Producers' durable equipment 5.9 1.6 6.9 18.9 28.5 23.1 25.9 27.5 25.9 26.7 24.2 24.7 26.0 28.0 Change in business inventories 1.7 -1.6 4.5 6.8 1.6 -2.0 6.3 4.2 2.2 -1.9 -4.0 2.8 4.5 5.3 Nonfarm only 1.8 -1.4 4.0 6.0 -2.9 6.2 4.0 1.8 -2.2 -4.3 2.4 4.1 5.1 Net exports oi goods and services .8 .2 1.1 .6 4.9 1.2 -.7 3.0 4.0 5.1 5.3 3.9 2.6 4.0 Exports 7.0 2.4 6.0 13.1 26.2 22.7 23.1 26.7 27.4 27.6 27.6 26.4 27.0 28.5 Imports 6.3 2.3 4.8 12.5 21.3 21.5 23.8 23.6 23.4 22.4 22.3 22.5 24.3 24.5 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 86.5 93.5 97.1 100.1 108.7 101.6 105.0 107.3 109.0 113.2 Federal 1.3 2.0 16.9 19.3 49.7 52.6 55 5 52.9 57.3 53.0 54.7 5.66 57.4 60.0 National defense f 13.8 14.3 44.4 44.8 46.2 45.5 49.2 45.7 47.2 48.8 49.0 51.7 O Le th ss e : r Government sales > 1 . . 0 3 2. . 0 0 1 3:o2 5. . 2 1 5. . 7 4 8. . 3 5 7. . 8 5 8. . 0 6 8. . 6 6 7. . 9 6 8. . 0 5 8. . 3 5 8. . 9 6 9. . 0 7 State and local 7.2 6.0 7.8 19.7 36.8 40.8 43.6 47.2 51.4 48.6 50.3 50.6 51.6 53.2 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 408.6 401.3 428.4 440.8 448.8 438.4 433.2 445.5 451.8 464.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates; in billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1960 1961 1929 1933 1941 1950 1957 1958 1959 1960 1961 4 1 2 3 4 National income 87.8 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 416.5 412.2 426.0 434.3 Compensation of employees 51.1 29.5 64.8 154.2 255.5 257.1 278.4 293.7 302.9 294.0 292.6 300.2 306.2 312.7 Wages and salaries 50.4 29.0 62.1 146.4 238.5 239.8 258.5 271.3 279.7 271.3 270.1 277.3 282.7 288.7 Private 45.5 23.9 51.9 124.1 198.4 196.6 213.2 223.0 227.8 221.6 219.7 226.0 230 7 234.7 Military .3 1.9 5.0 9.6 9.8 9.9 9.9 10.4 10.0 10.1 10.1 10.2 11.1 Government civilian 4.6 4.9 8.3 17.3 30.5 33.5 35.4 38.5 41.5 39.7 40.3 41.2 41.9 42.8 .7 .5 2.7 7.8 77.0 17.3 20.0 22.4 23.2 22.7 22.5 22.9 23.4 24.1 Employer contributions for social in- .1 .1 2.0 4.0 7.8 8.0 9.7 11.5 12.1 11.5 11.7 12.0 12.2 12.6 Other labor income .6 .4 .7 3.8 9.1 9.4 10.3 10.9 11.1 11.2 10.8 10.8 11.2 11.5 Proprietors' income 14.8 5.6 17.4 37.5 44.5 46.1 46.3 48.2 49.6 49.0 48.9 49.2 49.2 50.8 Business and professional 8.8 3.2 10.9 23.5 32.7 32.5 35.0 36.2 36 5 36.3 36.0 36.3 36.6 37.2 Farm 6.0 2.4 6.5 14.0 11.8 13.5 11.3 12.0 13.1 12.7 12.9 12.9 12.8 13.6 Rental income of persons 5.4 2.0 3.5 9.0 11.9 12.2 11.9 11.7 11.5 11.7 11.5 11.5 11.5 1.1.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 41.7 37.2 46.4 45.1 46.2 42.9 40.0 45.5 47.0 Profits before tax . 9.6 .2 17.0 40.6 43.2 37.4 46.8 45.0 46.1 42.6 39.6 45 2 47 2 Profits tax liability 1.4 .5 7.6 17.9 20.9 18.6 23.1 22.3 22.8 21.1 19.6 22.4 23.3 Profits after tax 8.3 4 9.4 22.8 22.3 18.8 23.7 22.7 23.3 21.4 20.0 22.8 23.8 Dividends 5.8 2.\ 4.5 9.2 12.6 12.4 13.4 14.1 14.4 14 3 14.2 14 2 14 3 15*6 Undistributed profits 2.4 -2.4 4.9 13.6 9.7 6.4 10.3 8.6 Q O 7.2 5.8 8.6 9.5 Inventory valuation adjustment . .5 -2.1 -2.5 -5.0 -1.5 -.3 -.5 .0 .3 .4 .3 -.2 -.3 Net interest 6.4 5.0 4.5 5.5 13.4 14.8 16.6 18.4 20.0 18.9 19.2 19.6 20.2 20.7 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

NATIONAL PRODUCT AND INCOME 231 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates; in billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1960 1961 1929 1933 1941 1950 1957 1958 1959 1960 1961 Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.8 504.4 521.3 504.5 500.8 516.1 525.8 542.2 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 37.4 38.6 40.8 43.1 45.2 43.7 44.2 45.0 45.5 46.1 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 38.2 39.3 42.7 45.6 47.1 45.9 45.7 46.4 47.5 48.9 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 .8 1.8 1.8 1.8 1.8 1.8 -2 1 .6 . 1.8 1.8 n 1 . . a 8 . -.7 -1.5 -1.7 -2.6 -1.5 -2.9 -1.7 -1.5 Plus: Subsidies less current surplus of government enterprises. -.1 .0 .1 .2 1.0 1.1 .4 .5 1.4 .5 .5 1.4 1.9 Equals: National income 87.8 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 416.5 412.2 426.0 434.3 n.a. Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 41.7 37.2 46.4 45.1 46.2 42.9 40.0 45.5 47.0 n.a. E C x o c n e t s r s ib o u f t i w on ag s e f o a r c c s r o u c a i l a s l o i v n e s r u d r i a s n bu c r e s . e . - .. .2 .3 2.8 6.9 14.5 14.8 17.6 20.7 21.9 20.8 21.2 21.7 22.0 22.6 ments .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 14.3 20.1 24.5, 25.4 27.3 31.0 28.8 30.1 31.0 31.6 31.4 Net interest paid by government 1.0 1.5 2.6 4.8 6.2 6.2 7.1 7.8 7.3 7.7 7.5 7.3 7.2 7.2 Dividends 5.8 1.2 1.3 9.2 12.6 12.4 13.4 14.1 14.4 14.3 14.2 14.2 14.3 15.0 Business transfer payments .6 2.1 4. . 5 5 1.8 1.8 1.8 1.8 1. 1.8 1.8 1.8 1.8 1.8 Equals: Personal income 85.8 .7 96.3 228.5 351.4 360.3 383.3 402.2 416.7 405.4 404.7 413.2 420.3 428.6 Less: Personal tax and nontax payments 2.6 47.2 3.3 20.8 42.6 42.3 46.0 50.4 51. 50.5 50.3 51.4 52 5 53.1 Federal 1.3 1.5 2.0 18.2 37.3 36.6 39.6 43.2 43.9 43.1 42.6 43.6 44.5 44.8 1.4 1.3 2.6 5.3 6.4 7.2 8.0 7.4 7. 8.0 8.3 State and local .5 5.7 7.7 83.1 1.0 93.0 207.7 308.8 337.3 351.8 364.9 354.9 361.8 367.8 375.6 Equals: Disposable personal income 45.7 317.9 354.3 79.0 81.9 195.0 285.2 314.0 328.9 339.0 332.3 336.1 341.0 348.4 Less: Personal consumption expenditures... 46.4 293.2 330.7 4.2 11.1 12.6 23.6 23.4 22.9 25.8 22.7 25.8 26.8 27.1 Equals: Personal saving -.6 24.7 23.7 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 293.8 296.3 310.6 319.0 326.8 320.1 318.4 324.8 329.0 335.0 PERSONAL INCOME [Department of Commerce estimates; in billions of dollars] 1960 1961 Item* 1960 1961 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total personal income. 402.2 416.7 404.0 403.6 403.1 407.3 409.8 413.2 417.3 421.2 419.4 421.1 425.2 429.3 431.3 Wage and salary disbursements 271.3 297.7 269.6 269.6 269.5 271.1 274.6 277.2 280.7 282.3 282.8 284.0 286.4 289.4 290.2 Commodity-producing industries... 110.4 111.2 106.2 106.2 105.6 106.5 109.1 110.5 112.7 113.2 112.9 112.9 114.1 115.8 115.7 Manufacturing only 87.4 87. 84.0 83.8 83.5 84.1 86.1 87.6 88.9 89.3 89.0 88.8 89.9 91.3 91.3 Distributive industries 71.8 73.4 71.8 71.8 71.8 71.8 72.3 72.9 73.5 74.0 74.2 74.7 74.8 14.1 74.9 Service indistries 40.7 43.1 41.7 41.6 41.7 42.1 42.3 42.5 42.9 43.3 43.6 44.0 44.4 44.7 45.0 Government 48.4 51.9 49.8 50.0 50.4 50.7 51.0 51.3 51.6 51.8 52.1 52.4 53.1 54.2 54.6 Other labor income. 10.9 11.1 11.3 11.0 10.7 10.6 10.7 10.8 11.0 11.1 11.2 11.2 11.4 11.5 11.7 Proprietors' income 48.2 49.6 48.9 48.9 48.7 49.0 49.0 49.1 49.4 49.5 49.4 49.5 50.5 57.7 50.9 Business and professional. 36.2 36.5 36.0 36.0 35.8 36.0 36.1 36.3 36.4 36.6 36.6 36.8 37.0 37.3 37.4 Farm 12.0 13.1 12.8 12.8 12.9 13.0 12.9 12.9 13.0 12.9 12.8 12.7 13.5 13.8 13.5 Rental income 11.7 11.5 11.6 11.6 11.5 11.4 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 Dividends 14.1 14.4 14.1 14.2 14.2 14.2 14.2 14.2 14.3 14.3 14.3 14.4 14.5 14.8 15.5 Personal interest income.... 26.2 27.3 26.7 26.8 26.8 26.8 26.8 27.0 27.1 27.2 27.4 27.5 27.7 27.9 28.2 Transfer payments 29.1 32.9 31.0 31.1 31.1 33.7 32.5 33.0 33.0 35.2 32.5 32.7 33.1 33.2 33.4 .ess: Personal contributions for social insurance 9.3 9.7 9.2 9.6 9.4 9.6 9.6 9.7 9.8 9.8 9.8 9.8 10.0 10.1 10.1 Nonagricultural income. 386.2 399.4 387.2 386.8 386.2 390.4 392.9 396.4 400.2 404.0 402.4 404.1 407.2 410.9 413.1 Agricultural income 16.0 17.3 16.8 16.8 16.9 16.9 16.9 16.8 17.1 17.2 17.0 17.0 18.0 18.5 18.3 P Preliminary. NOTE.—For explanation of series see U. S. Income and Output (a supple- 1 Monthly data are seasonally adjusted totals at annual rates. ment to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FLOW OF FUNDS/ SAVING SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, 1960 1961 or sector 1956 1957 1958 1959 1960 A Net national saving1 41.0 37.4 19.2 35.9 36.9 9.1 6.7 12.1 11.1 10.1 3.6 6.9 5.2 9.7 A C B F C a o r n m su a m n e d r n a o n n d c o no rp n . p r b o u f s it iness2... 29.4 28.6 26.4 30.2 * 2 - 7 .1 .8 -1 8 . . 5 4 5 3 . . 8 9 -1 8 . . 2 1 - 5 .1 .7 - 8 .7 .4 2 5. . 7 0 - 7 .6 .1 -1 5 . . 5 4 - 8 .7 .7 C B D Corporate nonfinancial business. 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 Federal Government1 5.9 3.6 -8.2 -5.0 3.8 -2.0 -5.0 4.0 4.7 -.6 -4.3 1. .5 -1.8 E F State and local governments1 ... -3.0 -3.6 -4.9 -4.1 -5.0 -.8 -.8 -.6 -1.2 -1.6 -1.6 -1.2 -1.8 -2.0 F G Financial sectors 2.9 3.5 2.8 3.5 4.2 1.9 -.1 1.7 .6 1.9 1.5 .7 2.0 G H Capital consumption3 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 1.2 1.2 1.2 1.2 1.2 1.2 K L Plant and equip, (nonprofit)... .5 .6 .6 .6 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 L M Farm business 3.7 3.9 4.0 4.2 4.1 1.1 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 saving1 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 sP 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 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 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 U S F t e a d t e e r a a l n d G o lo v c e a r l n g m o e v n e t r i nments1 ... -3 5 . . 0 9 -3 3 . . 6 6 - - 4 8 . . 9 2 - - 4 5 . . 1 0 -5 3 . . 0 8 - - 2 . . 8 0 - - 5 . . 8 0 - 4 .6 .0 -1 4 . . 2 7 - - 1 . . 6 6 - - 1 4 . . 6 3 -1 1 .2 .1 -1.8 .5 - - 2 1 . . 0 8 uT V Financial sectors 3.0 3.7 3.0 3.7 4.5 2.0 -.1 1.8 .7 2.0 1.6 2.1 V W Gross national investment1.. 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 Other gross private domestic fixed investment 62.6 64.5 58.6 66.1 68.2 17.6 17.4 15.1 17.9 17.7 17.6 14. 17.4 18.4 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 Nonfarm residen. constr.4.... 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 Plant and equip, {nonprofit).. 2.1 2.5 2.7 2.9 3.2 .8 .8 .7 .7 .9 .8 .7 .8 .9 b Farm business 3.8 4.0 AA 4.7 4.2 1.2 1.0 1. 1.2 1.1 .9 1.0 1.3 1.7 c Noncorp. nonfinan. business4., 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 Corp. nonfinan. business4 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 Financial sectors , .7 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 f Change in inventories5 4.7 1.6 -2.0 6.3 4.2 .7 4.6 .5 .2 -1.1 .3 .9 Farm business .9 .1 .3 .1 .1 .1 .1 .1 Noncorp. nonfinan. business. .2 .2 -.2 .9 -.5 1.3 .1 * -.6 * .1 Corp. nonfinan. business.... 4.9 .6 -2.6 5.3 3.1 1.2 3.2 .4 .1 -.6 .2 .6 k Net financial investment6 2.1 4.2 .3 -1.7 .1 .1 -.1 .3 .1 1 Consumer and nonprofit.... 11.5 14.0 18.8 11.0 5.7 2.6 2.2 2.4 -1.6 3.6 1.3 4.0 2.0 5.2 m Net acquis. offinan. assets. 26.8 26.0 30.9 31.6 21.9 7.6 8.5 4.4 3.6 7.4 6.5 5.1 6.5 8.7 n Net increase in liabilities... 15.3 12.0 12.1 20.6 16.2 5.0 6.4 2.0 5.2 3.9 5.1 1.2 4.5 3.5 o Farm and noncorp. business. -2.1 -2.3 -2.1 -4.0 -3.5 -2.5 4.1 -2.7 -1.4 -1.6 2.2 -.9 -2.9 -2.5 P Net acquis. offinan. assets. .4 .8 1.1 -.7 -.2 -.5 .1 -.5 .2 -.2 .5 -.4 .2 -.1 q Co N r e p t . n in o c n r f e in a a se n . in b u l s ia in bi e li s t s ie .. s . . . .. -13 2 . . 3 5 -8 3 . . 6 1 -3 3 . . 6 3 -3 3 . . 4 3 -7 3 . . 6 3 - 2 .1 .2 - -4 1 . . 0 7 -4 2 . . 0 3 -2 1 . . 4 6 -1 1 . . 1 4 -1.9 * -3.2 .5 -A 3.0 2.4 e N N e e t t a in c c q r u e i a s s . e o f i f n in a l n ia . b a il s it s i e e t s s . . .. 1 4 7 . . 4 7 1 4 3 . . 5 1 1 1 1 5 . . 3 0 1 1 3 7 . . 7 0 1 3 0 . . 3 9 3 3 . . 6 7 4 6 . . 4 1 -2. 1 2 .8 3 1 . . 6 1 2 1 . . 9 8 2 2 . . 6 6 -2. 1 2 .0 5 5 . . 0 0 3.1 3.5 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 ,5 -1.8 Net acquis. offinan. assets. 1.6 3.2 1.6 6.3 3.7 2.6 -.8 -.5 4.2 .7 -1.0 -7.5 2.3 3.5 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 5.3 X State and local governments. -2.2 -3.1 -5.2 -4.0 -3.4 -1.4 -.5 -i!o -2.2 .3 -1.2 -.2 -3.0 y z b c a d c a b d 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 i a i i i n n a a c c l l c c q q r r s t u u e e r e i i a a a s c s n s s . . t o e e s o o , r f f i i s f f d n n i i n n i s a a l l c n i i n r a a . . e b b p i i a a l l i i s s t t s s i i e e e e t s s t s s . . . . . . . . 2 2 - 4 2 2 2 0 .2 . . . . . 8 6 7 0 7 - 2 2 2 5 6 1 4 3 . . . . . 4 . 4 1 3 1 0 - 3 3 3 4 2 6 1 7 . . . . . . 5 3 8 5 7 - 3 2 1 3 4 0 5 7 . . . . . . 0 0 0 5 5 0 3 2 2 6 5 4 8 . . . . . . 6 0 3 5 8 1 - 2 6 2 8 .2 . . . . . 3 3 9 6 9 1 1 - 1 0 1 0 .5 . . . . . 0 9 3 4 5 - - - 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 . . 1 2 . . . . 0 0 0 9 1 1 4 1 1 4 1 . . . . . A 3 3 0 4 1 -1 - - 2 . 1 . . 6 5 7 . . . 1 5 9 1 1 1 1 4 4 . . . . . A 5 6 7 8 9 - 1 1 1 - 2 3 4 0 . . 5 . . . . 1 5 7 0 3 b d a d b a Discrepancy (P-W)7 .5 .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. residential construction. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 5 After inventory valuation adjustment. nonfinancial outlays; investment, changes in financial assets and liabilities 6 Financial component of national investment equals net lending to only. Govt. current outlays include, and govt. (and national) investment rest of world; financial flows among domestic sectors cancel out in excludes, govt. purchases of tangible assets. national total. (Discrepancies in financial transactions attributed entirely 2 Annual figures for farm sector are retained earnings of corporate to domestic transactions.) Differs from U.S. "net foreign investment" farms; farm and nonfarm unincorporated businesses shown as having (net exports minus net unilateral transfers in national income accounts) zero annual net saving. Quarterly figures for both sectors include seasonal by discrepancy in rest-of-world account, which equals "errors and net saving. See p. 838 of the BULLETIN for August 1959. omissions" in Dept. of Commerce balance-of-payments statement for 3 Depreciation, accidental damage to fixed capital, and capital outlays the United States. charged to current account. Line H includes amounts for financial 7 Saving and investment are equal in concept but may differ statistically sectors not shown separately. See discussion on p. 836 of the BULLETIN because of discrepancies. See p. 857 of the BULLETIN for August 1959. for August 1959. NOTE.—Descriptions of sectors and of transaction categories are given 4 For consumers, 1- to 4-family dwellings, completed and purchases of in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN additions and alterations. Investment of nonfarm business sectors for August 1959. For latest detailed flow of funds/saving tables, see includes work in process on 1- to 4-family dwellings and other private the BULLETIN for January 1962. Notes to table on opposite page. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (partly on holder-record basis) differs from liability 4 Assets in these categories are treated as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within one yeac and, prior to 1956, drawees). For further discussion, see p. 853 of the BULLETIN for August savings notes. 1959. ^ 6 Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals.^Savings bonds reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 233 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transa o c r t io se n c t c o a r tegory, 1959 1960 1961 1956 1957 1958 1959 1960 3 4 1 2 3 4 1 2 3, I. Demand deposits and currency A Net increase in commercial bkg. system liability * 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 C Federal Government -.2 .2 .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 j 5 4 4 — 6 6 _ 3 1 5 5 5 —5 4 1 6 1 8 D 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 2.4 E G F F C a o r r m po a ra n t d e n n o o n n c fi o n r a p n o c r i a a t l e b b u u s s.... . . 1 1 .7 1 1. . 7 2 -.8 * - -. . 7 3 - -. . 2 2 - 1 .2 .8 - — 3.4 .1 .7 i 2.0 -3.2 .8 .4 G F H State and local government.... .2 .2 .2 .5 .2 .2 .6 -.4 -.2 .8 -.5 .6 -1.0 H I Financial sectors .3 .7 .1 .6 -.3 .6 -.4 2 .7 — .1 .4 -.1 I J Rest of the world . .2 2 .2 * .1 * .1 _ l — 4 .5* * 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 6.7 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 U.S. savings bonds2 . . — .1 -1.9 -.5 -1 8 -.3 _ 5 — 6 2 1 3 2 D E Net increase in liab., by sector 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 F G F C e o d m e m ra e l r G ci o a v l e b r a n n m k e in n g t - 2 .3 .1 -2 5 . . 2 5 - 8 .7 .0 -2 1 .0 .2 - 5 .4 .8 - — . 6 .1 -.6 2 _ 2 * _ 1. 2 5 _ 2 .2 l 2.1 * 2 9 2 3 5 1 1 2 8 G F 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..... 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 O Co 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 fi 3 t ... . 9.0 9. . 8 4 1 1 3 . .6 7 - 9 .9 .3 1 1 2 . . 7 8 - 1 .7 .7 — 2 . . 0 2 1 . . 2 6 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 HI. Saving through life insurance and pension funds A Net increase, by type 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 C L P i e f n e s i i o n n su f r u a n n d ce s 5 3 . . 8 8 2 6. . 3 8 7 3 . . 0 4 8 3 . . 0 7 7 3 . . 7 6 1. . 8 7 2.2 9 2.0 8 2.3 8 1 1. 4 0 2 1 . 0 0 1 1 .8 0 2.5 9 1 1. 0 8 B C D Net increase in liab., by sector4 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 F State and local government 1 1. . 4 0 1. . 6 6 1 1 . . 0 7 1 1. . 9 0 2 1 . . 1 0 . . 3 5 . . 1 5 . . 1 5 . . 7 5 . . 5 1 . . 1 5 .6 1 .6 8 .6 1 F E H G P L r if iv e a i t n e s n u o ra n n in c s e u c re o d m p p e a n n s ie io s n plans.. 42..37 42..82 4 2 . . 7 9 5 3 . . 5 2 4 3 . .4 7 1. . 1 5 1 . . 9 6 1 1 .1 0 1. . 0 8 1 . 5 2 1 1 .0 4 1 .9 2 1 .8 1 1 . 9 2 H G 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 D C O Sh th o e rt r -term direct 5 -13 7 . . 0 4 -45..45 - 1 1 0 .2 .2 5 5. . 8 5 -5 2 . . 1 9 4. . 6 7 - 4 .7 .7 -7 3 . . 4 3 -2. . 1 6 -45..13 3.0 -4.2 9 -4 4 . 2 8 5 .1 7 D C 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 11 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 1.1 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 sector 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 O P F C a o r n m su b m u e s r in a e n ss d nonprofit 15 . . 9 2 1 1 1 . . 1 9 1 1 2 . . 5 0 201..95 1 1 6 . . 1 2 5..03 - 6 .2 .3 2. . 0 5 5. . 2 8 3..82 - 5 .4 .1 1. . 1 6 4 .59 3. . 4 3 O P Q Noncorporate nonfinancial bus... 1.8 1.2 2.2 4.6 3.4 1.5 1.2 .3 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 2.7 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 19 T U Financial sectors 1.2 2.4 1.1 5.7 4.1 1.2 2.3 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 1 7 V W Funds advanced bv sector 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 .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 .3 -.8 2.2 .3 .7 .5 .1 -1.4 1.2 .5 .4 — .7 5 5 d e Commercial banks 4.5 5.1 14.9 5.3 9.3 2.8 3.4 -6.4 3.9 4.5 7.2 -4.0 6 3 6 7 e f Securities -3.5 1.3 10.4 -7.2 2.4 -.8 -.4 -5.6 .3 3.7 4.0 -1.6 3.7 5.1 f g Loans** 8.0 3.8 4.5 12.5 6.9 3.6 3.8 -.8 .9 3.2 -2.4 2 6 h Savings institutions 1A 7.2 9.3 10.6 9.4 3.0 1.7 2.3 32..37 2.6 2.2 2.7 3 0 1 3. 6 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 j Finance n.e.c 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. ERRATA.—See p. 172 for notation about errorsfin flow-of-funds data NOTE.—Data for excluded categories—trade credit, proprietors' net published on p. 103 of BULLETIN for January 1962. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. sector transactions appear in other flow of funds/saving tables in the BULLETIN for January 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BANKS EARNINGS AND EXPENSES OF Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $2,501,911 $119,549 $541,164 $155,499 $167,325 $152,703 $181,830 Acceptances 1 158 715 1,158,715 U S Government securities 937 615,388 49 919 319 233,462,107 53,954,441 79,646,880 59 258,665 51 437,412 All other 372,156 20,532 80,349 24,012 32,568 17,151 28,831 Total current earnings 941,648,170 50,059,400 235,242,335 54,133,952 79,846,773 59,428,519 51,648,073 Current Expenses Salaries: Officers 6,770,735 385,419 1,260,376 473,974 580,607 545,206 518,148 Employees . 90 399 810 5 550,114 21,032,410 4,729,101 7,630,557 5 867 073 5,444,152 Fees—Directors and others 581,918 22,575 96,432 27,780 48,787 53,440 76,721 Retirement contributions 11,528,404 694,447 2,539,754 614,910 975,650 774,239 737,652 Traveling expenses 2 013 258 123,328 330,530 96,560 185,617 143 174 160,791 Postage and expressage 19,091,805 1,659,060 2,654,200 944,001 1,528,235 1 747,008 1,642,814 Telephone and telegraph 1,637,677 86,986 350,389 75,789 124,206 114,641 171,246 Printing stationery and supplies 7,215,682 540,717 1,398,485 415,575 506,146 497,895 522,134 Insurance . 2,120,408 125,391 413,268 85,854 183,885 180,347 155,610 Taxes on real estate 4,670,609 648,870 832,771 153,968 400,731 195,188 259,113 Depreciation (building) 6,303,861 413,761 488.050 270,538 920,652 544,024 425,171 Light, heat, power, and water 1,814,544 118,057 256,131 101,466 169,349 157,116 110,599 Repairs and alterations 1,404,673 37,124 147,422 56,629 144,798 204,608 55,223 Rent. . i. 124,713 4,330 6,954 18,323 27,998 2,744 3,038 Furniture and equipment: Purchases 2 816 139 129,767 709,805 354 072 135,857 132 834 200,116 Rentals 7.162,138 579,686 847,909 505,192 514,642 445,756 473,693 All other 2,307,012 91,764 496,116 71,584 378,686 92,262 110,127 Inter-Bank expenses 45,411 -623,148 53,369 86,098 -11,677 52,884 Subtotal 167 963 387 11 256 807 33,237,854 9 048,685 14,542 501 11 68*> 878 11,119,232 Federal Reserve currency 6,755,756 309,893 1,121,829 623,455 631,211 697,279 781,383 Assessment for expenses of Board of Governors.. 6,265,100 308,300 1,749,500 364,300 579,200 287,400 336,100 Total 180,984,243 11,875,000 36,109,183 10,036,440 15,752,912 12,670,557 12,236,715 Less reimbursement for certain fiscal agency and other expenses 19,709,668 1,089,896 3,333,099 929,849 1,920,194 1,104,336 1,392,877 Net expenses 161,274,575 10,785,104 32,776,084 9,106,591 13,832,718 11,566,221 10,843,838 Profit and Loss Current net earnings 780,373,596 39,274,296 202,466,251 45,027,360 66,014,056 47 862,298 40,804,234 Additions to current net earnings: Profits on sales of U. S. Government securities (net) 3 465,859 184,956 859,086 199,723 294,917 219,354 190,421 All other 56,738 842 10,733 566 1,157 515 83 Total additions 3,522,598 185,798 869,819 200,289 296,075 219,869 190,504 Deductions from current net earnings... ... 40,969 2,835 3,827 727 4,355 3,595 929 Net additions 3,481,627 182,963 865,992 199,562 291,720 216,274 189,575 Net earnings before payments to U. S. Treasury.. 783,855,223 39,457,259 203,332,243 45,226,922 66,305,776 48,078,572 40,993,809 Dividends paid 25,569.541 1,236,205 7,043,136 1,472,374 2,360,707 1,168,329 1,392,341 Paid U. S. Treasury (interest on F. R. notes).... 687,393,382 36,439,253 182,395,607 40,136,348 56,273,169 44,327,343 35,824,668 Transferred to surplus . . 70,892,300 1,781,800 13,893,500 3,618,200 7,671.900 2 582 900 3,776,800 Surplus, January 1 817,420,900 40,330,200 229,102,600 47,663,400 75,600,000 37,558,500 43,676,800 Surplus, December 31 888,313,200 42,112,000 242,996,100 51,281,600 83,271,900 40,141,400 47,453,600 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 235 FEDERAL RESERVE BANKS DURING 1961 Kansas San Chicago St. Louis Minneapolis City Dallas Francisco Item Current Earnings $608,563 $110,934 $51,912 $259,677 $62,759 $89,996 Discounts and advances Acceptances 160,030,217 37,728,445 21,648,273 40,664,794 37,950,208 111,914,627 U. S. Government securities 46,602 13,140 10,893 43,007 19,095 35,976 All other 160,685,382 37,852,519 21,711,078 40,967,478 38,032,062 112,040,599 Total current earnings Current Expenses Salaries: 610,759 556,902 369,711 501,305 433,354 534,974 Officers 13,441,879 4,976,857 2,975,110 4,732,344 3,941,885 10,078,328 Employees 44,761 29,926 26,772 67,464 38,702 48,558 Fees—Directors and others 1,699,893 654,728 384,392 647,005 548,008 1,257,726 Retirement contributions 234,931 124,705 101,236 124,258 122,764 265,364 Traveling expenses 2,628,666 1,009,214 693,614 1,216,365 956,680 2,411,948 Postage and expressage 189,648 90,811 58,220 99,657 114,037 162,047 Telephone and telegraph 1,168,938 448,656 236,608 453,208 346,393 680,927 Printing, stationery, and supplies 293,998 129,770 95,214 143,290 102,790 210,991 Insurance 736,081 176,031 323,879 194,978 265,621 483,378 Taxes on real estate 1,257,636 239,226 344,193 168,853 692,698 539,059 Depreciation (building) 290,517 136,099 87,923 130,535 123,131 133,621 Light, heat, power, and water 322,733 58,174 40,184 71,866 162,425 103,487 Repairs and alterations 48,377 1,557 163 3,926 2,120 5,183 Rent Furniture and equipment: 551,512 97,281 122,053 85,233 115,102 182,507 Purchases 1,273,963 370,426 224,840 468,261 341,159 1,116,611 Rentals 438,566 77,778 92,845 121,425 169,321 166,538 All other 130,906 33,369 21,902 42,098 54,779 114,010 Inter-Bank expenses 25,363,764 9,211,510 6,198,859 9,272,071 8,530,969 18,495,257 Subtotal 1,040,334 321,713 108,016 216,028 412,767 491,848 Federal Reserve currency 886,200 210,900 144,000 266,500 359,200 773,500 Assessment for expenses of Board of Governors 27,290,298 9,744,123 6,450,875 9,754,599 9,302,936 19,760,605 Total Less reimbursement for certain fiscal agency and 3,726,826 1,230,975 655,147 1,470,632 935,083 1,920,754 other expenses 23,563,472 8,513,148 5,795,728 8,283,967 8,367,853 17,839,851 Net expenses Profit and Loss 137,121,910 29,339,372 15,915,350 32,683,511 29,664,209 94,200,748 Current net earnings Additions to current net earnings: Profits on sales of U. S. Government secu- 592,468 139.634 80,994 150,470 140,482 413,354 rities (net) 40,031 1,026 175 1,076 94 440 All other 632,499 140,659 81,169 151,547 140,576 413,794 Total additions 2,851 3,283 1,921 1,047 1,979 13,620 Deductions from current net earnings 629,648 137,376 79,248 150,499 138,597 400,173 Net additions 137,751,558 29,476,748 15,994,598 32,834,010 29,802,806 94,600,921 Net earnings before payments to U. S. Treasury 3,613,523 862,261 582,284 1,081,952 1,454,690 3,301,738 Dividends paid 126,275,435 25,741,888 14,005,314 29,207,957 25,547,016 71,219,383 Paid U. S. Treasury (interest on F. R. notes) 7,862,600 2,872,600 1,407,000 2,544,100 2,801,100 20,079,800 Transferred to surplus 115,652,600 27,530,800 18,825,500 34,839,800 47,007,800 99,632,900 Surplus, January 1 123,515,200 30,403,400 20,232,500 37,383,900 49,808,900 119,712,700 Surplus, December 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercia and stock savings banks and nondeposit trust companies Mutual savings Type of office and type of change All Member banks Nonmember banks banks Tota Total ti N on a- al me S m ta b te er2 Total su In re - d in N su o r n e - d su I r n e - d2 in N s o ur n e - d Banks (head office) Dec 31 1934. . . 16 063 15 484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941r 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 52 496 Dec 31 19473 . 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec 31, 1951 14 618 14 089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1956 14,167 13,640 6,462 4,651 1,811 7,181 6,737 444 223 304 Dec 31 1957 . . 14 090 13 568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec. 31, 1958 14,020 13 501 6,312 4,578 1,734 7,192 6,793 399 241 278 Dec 31 1959 13,991 13,474 6,233 4,542 1,691 7,244 6,878 366 268 249 Dec 31 1960 13 986 13 472 6,174 4,530 1,644 7,300 6 948 352 325 189 Dec. 31, 1961 13,946 13 432 6,113 4,513 1,600 7,320 6,997 323 330 184 Branches and additional offices including facilities Dec. 31, 1934 . 3,133 3,007 2,224 1,243 981 783 83 4126 Dec 31 1941 3 699 3 564 2 580 1,565 1,015 984 932 52 32 103 Dec. 31, 19473 4 332 4 161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951 5,383 5 153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec 31 1956 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec 31, 1957 ... . 8 609 8 204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec 31 1958 9,286 8,861 6,924 4,534 2,390 1,937 1,898 39 305 120 Dec 31, 1959 . . 10 099 9 652 7 492 4,973 2,519 2,160 2,118 42 318 129 Dec. 31, 1960 10 969 10 483 8,133 5,509 2,624 2,350 2,303 47 381 105 Dec. 31, 1961 11,896 11,353 8,899 6,044 2,855 2,454 2,410 44 427 116 Changes, Jan. 1-Dec. 31, 1961 Banks: New banks 5 + 113 + 112 +28 +26 +2 +84 +2i + 13 + 1 Suspensions . -9 -9 -1 -6 -4 Re-opening + 1 + 1 + 1 + 1 Consolidations and absorptions: Banks converted into branches -127 -126 -71 -44 -27 -55 -53 -2 -1 Other -13 13 -7 c -2 -6 -5 -1 Voluntary liquidations 6 -5 -5 -5 -5 Conversions: National into State -1 -1 + 1 + 1 State into national +5 +9 4 -5 Federal Reserve membership:7 Admissions of State banks +5 +5 -5 -4 -1 Withdrawals of State banks -17 -17 + 16 + 16 Federal Deposit insurance:8 Admissions of State banks +30 -30 +4 -4 Net increase or decrease —40 40 -61 -17 -44 +20 +49 -29 +5 -5 Number of banks, Dec. 31, 1961 13 946 13 432 6,113 4,513 1,600 7,320 6,997 323 330 184 Branches and additional offices except banking facilities :9 De novo branches .... ... +846 +788 +607 +431 + 176 + 181 + 181 +46 + 12 Banks converted into branches + 127 + 126 + 100 +71 + 29 +26 +26 + 1 Discontinued -55 -53 -42 -32 -10 -11 -11 -2 Interclass branch changes: National to State member -12 + 12 National to nonmember..... 4 -4 +4 +4 State member to national +32 -32 State member to nonmember -5 -5 +5 +5 Nonmember to national .. +43 +43 -43 -43 Nonmember to State member +59 +59 -59 -59 Noninsured to insured + 3 -3 +2 -2 Net increase or decrease +918 +861 +758 + 529 +229 + 103 + 106 -3 +46 + 11 Number of branches and additional offices, except banking facilities Dec. 31, 1961...... 11,620 11,077 8,653 5,827 2,826 2,424 2,380 44 427 116 Banking facilities:9 Established + 14 + 14 + 13 + 11 +2 + 1 + 1 Discontinued c Interclass changes: National to nonmember — 1 -1 + 1 + 1 Nonmember to national.... + 1 +1 -1 j Net increase or decrease +9 +9 +8 +6 +2 + 1 + 1 Number of facilities Dec 31 1961 276 276 246 217 29 30 30 r Revised; one noninsured nonmember commercial bank added to 4 Separate figures not available. number of banks. 5 Exclusive of new banks organized to succeed operating banks; 1 Beginning with 1959, figures include all banks in Alaska and Hawaii. includes eight existing noninsured nonmember banks added to the count. One national bank in Alaska with no branches and one in the Virgin 6 Exclusive of liquidations incident to succession, conversion, and Islands with one branch (two in 1961) have been included in this series absorption of banks. since 1954 and 1957, respectively. Other banks in territories and posses- 7 Exclusive of conversions of State member banks into national banks sions are excluded. that ars shown, separately under conversions. 2 State member bank and insured mutual savings bank figures both 8 Exclusive of insured nonmember banks converted into national banks include, 1941 to 1959 inclusive, three member mutual savings banks not or admitted to Federal Reserve membership and vice versa. included in the total for commercial banks; and subsequent figures reflect 9 Banking facilities (other than branches) that are provided at military the withdrawal of one from membership in 1960 and one in 1961. State and other Government establishments through arrangements made by member bank figures also include, since 1954, one noninsured trust the Treasury Department. company without deposits. 3 Series revised as of June 30, 1947. The revision resulted in a net addition of 115 banks and 9 branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST 237 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST* Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Total, including Puerto Rico and Virgin Islands:2 Dec 31 1960 13,383 10,585 11,711 10,268 6,169 8,147 5,542 2,121 1,672 317 Dec 31 1961 . . 13,345 11,465 11,709 11,143 6,110 8,917 5,599 2,226 1,636 322 Districts, Dec. 31, 1961: Boston 398 814 398 814 260 650 138 164 New York 2 570 2,045 570 ? 045 475 1 793 95 252 Philadelphia 616 748 616 748 474 598 142 150 Cleveland 909 1,051 909 1,051 551 914 358 137 Richmond 909 1,371 778 1,233 428 792 350 441 131 138 Atlanta . 1,382 599 836 547 420 447 416 100 546 52 Chicago 2,479 1,212 2,479 1,212 1,002 747 1,477 465 St Louis 1,472 399 1,192 324 478 218 714 106 280 75 Minneapolis 1,309 147 711 102 476 53 235 49 598 45 Kansas City 1,779 141 1,775 141 756 105 1,019 36 4 Dallas 1,149 174 1,074 162 630 115 444 47 75 12 San Francisco 373 2,764 371 2,764 160 2,485 211 279 2 State or area, Dec. 31, 1961: Alabama 238 98 156 97 93 90 63 7 82 1 Alaska • • 14 35 12 35 7 33 5 2 2 Arizona.... 11 190 11 190 4 154 7 36 Arkansas 237 56 132 37 78 33 54 4 105 19 California 117 1,787 117 1,787 59 1 657 58 130 Colorado 166 7 166 7 97 6 69 1 Connecticut 63 219 63 219 30 171 33 48 Delaware ... 20 54 20 54 5 25 15 29 District of Columbia 11 69 11 69 8 63 3 6 Florida 315 15 275 14 131 12 144 2 40 1 Georgia 420 126 143 123 68 103 75 20 277 3 Hawaii 7 90 7 90 2 32 5 58 I I I l n d l d a in h i o a o n is a 9 44 7 3 1 3 2 34 Q o Q 4 0 o 9 44 7 3 1 2 2 34 8 4 0 8 2 5 2 2 1 5 5 8 23 8 4 3 1 4 2 4 1 1 7 6 4 10 7 7 1 Iowa • 673 190 673 190 164 20 509 170 Kansas 590 32 590 32 213 23 377 9 Kentucky .... 351 165 351 165 101 113 250 52 Louisiana 192 189 88 157 53 124 35 33 104 32 Maine 46 138 46 138 29 96 17 42 Maryland 132 266 132 266 60 159 72 107 Massachusetts 166 409 166 409 118 342 48 67 Michigan 373 617 373 617 213 501 160 116 ]VIinnesota 688 6 291 6 209 6 82 397 Mississippi 193 149 56 78 34 48 22 30 137 71 Missouri .. 622 37 569 37 170 24 399 13 53 Montana 122 1 122 1 oo 1 34 Nebraska 420 17 420 17 138 15 282 2 Nevada 7 41 7 41 5 35 2 6 New Hampshire 73 3 73 3 52 2 21 1 New Jersey 244 471 244 471 210 420 34 51 New Mexico 57 64 57 64 37 38 20 26 New York 388 1,482 388 1,482 335 1,409 53 73 North Carolina 163 550 96 421 34 228 62 193 67 i29 North Dakota 156 31 58 10 40 4 18 6 98 21 Ohio 576 696 576 696 365 604 211 92 Oklahoma 387 32 382 32 226 28 156 4 5 Oreson 48 206 48 206 13 177 35 29 Pennsylvania.. .... 671 874 671 874 515 745 156 129 Rhode Island 9 91 9 91 5 69 4 22 South Carolina 144 166 81 157 31 114 50 43 63 9 South Dakota 174 62 71 38 59 30 12 8 103 24 Tennessee 294 236 222 224 82 161 140 63 72 12 Texas 1,017 32 988 32 572 28 416 4 29 Utah 50 77 50 77 20 66 30 11 Vermont 52 37 52 37 30 19 22 18 Virsinia 302 320 301 320 196 228 105 92 1 Washington 89 305 89 305 33 292 56 13 West Virginia 181 181 110 71 Wisconsin 564 159 564 159 159 29 405 130 Wyoming..... 55 1 55 1 40 15 Puerto Rico 2 10 129 10 129 15 10 114 Virgin Islands2 . 1 6 1 6 1 6 1 Comprises all commercial banking offices in the United States, Puerto 2 Puerto Rico and the Virgin Islands assigned to the New York District Rico, and the Virgin Islands on which checks are drawn, including 276 for purposes of Regulation J, "Check Clearing and Collection." Member banking facilities. Number of banks and branches differs from that in branches in Puerto Rico and all except two in the Virgin Islands are the preceding table because this table includes banks in Puerto Rico and branches of New York banks. the Virgin Islands, but excludes banks and trust companies on which no checks are drawn and one member mutual savings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 WEEKLY REPORTING MEMBER BANKS, 1961 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing >r carrying securities To financial institutions Wednesday m i T l n o a e v o a n n e t n d t a s s s t l - * j i L m u n a s o a v e n t d a e e n d - n s d t t s s - 2 j L u a s o t d a e - n d s 2 i C n m t a c r o d n i i e a m u a d r l s l - - - A t c u u g r l r a - i l - G U T a o . n o v d S t b . . d r e o O a k l e t e h r r s e s r G U T o .S v o . t . oth O e t r h s er For B - ank m D s t e i o c s - - s s P i a o a n N n e n l s e r d o a t - s i l n tu b t a i n o k ns e R st e a a t l e l o o A t a h l n e l s r V s t e a r i r o e l v u - n e a s t l i o i o g b n a - - s c t u ie r s i- t l i o i o g b n a - s - c t u ie n s - eign c m c o i e m a r l - - n c a o f n i m - c - e Other panies etc. Jan. 4 113,901 111,701 70,920 32,021 1,119 1,121 ,730 132 1,181 738 2,200 4,189 1,697 12,821 15,699 1,528 11 111,827 110,405 69,628 31,882 1,121 619 ,545 131 1,176 706 1,422 3,930 1,685 12,810 15,554 1,531 18 111,479 110,125 69,256 31,678 \107 761 ,444 129 1,166 706 1,354 3,858 1,644 12,809 15,489 1,535 25 110,265 109,757 68,463 31,375 ,108 581 ,388 126 1,171 695 508 3,632 1,632 12,800 15,489 1,534 Feb. 1. 112,305 110,987 69,626 31,294 ,111 858 ,413 121 1,176 698 1,318 3,598 1,616 12,787 16,496 1,542 8 111,174 109,966 68,948 31,274 ,112 418 ,344 120 1,169 696 1,208 3,523 1,590 12,758 16,484 1,540 15 112,616 111,124 69,486 31,517 ,116 612 ,373 127 1,175 698 1,492 3,544 1,595 12,775 16,494 1,540 22.. 111,778 110,549 69,332 31,477 ,110 587 ,414 132 1,174 671 1,229 3,513 1,586 12,780 16,430 1,542 Mar. 1 112,459 110,974 69,787 31,531 ,124 738 ,483 125 1,173 642 1,485 3,678 1,631 12,766 16,442 1,546 8 111,484 110,082 68,964 31,501 ,110 395 ,422 121 1,161 657 1,402 3,387 1,596 12,738 16,422 1,546 15 113,110 111,556 70,164 32,226 ,118 600 ,430 121 1,166 683 1,554 3,677 1,601 12,741 16,350 1,549 22 111,733 110,453 69,815 32,252 ,121 452 ,442 121 1,176 675 1,280 3,483 1,624 12,735 16,285 1,551 29 111,559 110,015 69,638 32,203 ,129 343 ,462 113 1,186 682 1,544 3,379 1,653 12,727 16,311 1,550 Apr. 5.. 111,694 110,617 69,622 32,056 ,137 402 ,485 115 1,209 675 1,077 3,439 1,589 12,722 16,348 1,555 12......... 111,727 110,546 69,681 31,982 ,135 517 ,556 111 1,229 691 1,181 3,305 1,575 12,756 16,376 1,552 19... 112,259 111,084 69,830 31,870 ,146 579 ,772 113 1,246 703 1,175 3,287 1,603 12,759 16,304 1,552 26 112,618 111,059 69,801 31,735 ,156 609 ,788 112 1,254 700 1,559 3,289 1,616 12,772 16,322 1,552 Apr. 26......... 112,618 111,059 69,801 31,735 ,156 609 ,788 112 1,254 537 1,559 3,289 1,588 12,772 16,513 1,552 May 3. 112,872 111,606 70,153 31,905 ,184 614 ,886 112 1,271 578 1,266 3,375 1,585 12,770 16,428 ,555 10......... 112,698 111,272 70,109 31,803 ,185 594 ,952 109 1,268 576 1,426 3,292 1,603 12,803 16,481 ,557 17 113,820 112,822 70,432 31,883 ,185 891 ,923 108 ',285 558 998 3,287 1,618 12,825 16,427 ,558 24 113,308 111,927 69,901 31,586 ,197 549 ,922 126 ,310 561 1,381 3,287 1,639 12,842 16,439 ,557 31. 113,444 112,147 69,913 31,460 ,141 542 1,897 108 ,326 585 1,297 3,382 1,675 12,855 16,504 ,562 June 7. .... 112,912 111,406 69,047 31,161 ,149 163 1,996 103 ,326 558 1,506 3,257 ,663 12,832 16,402 ,563 14......... 114,744 113,807 69,848 31,519 ,148 360 2,098 103 ,332 551 937 3,314 ,703 12,863 16,420 ,563 21.. 115,512 114,190 70,350 31,702 ,147 729 2,036 105 ,340 564 1,322 3,360 ,672 12,904 16,354 ,563 28......... 114,343 113,106 70,171 31,769 ,155 380 2,061 104 ,343 579 1,237 3,332 ,693 12,896 16,418 ,559 July i§::::::::: 1 1 1 1 3 5 , , 6 0 8 8 3 4 1 1 1 1 3 2 , , 2 4 5 0 7 2 7 6 0 9 , , 3 9 6 4 1 0 3 31 1 , , 5 6 4 1 9 5 , , 1 1 5 6 1 1 4 3 7 3 5 6 2 2 , , 0 1 6 1 9 4 1 1 0 0 6 3 , ,3 3 6 6 7 0 6 58 1 7 4 1 1, , 2 8 8 2 1 7 3 3, , 2 4 5 8 3 2 , , 7 7 3 2 0 7 1 12 2 , , 9 9 2 0 3 2 1 1 6 6 , , 3 4 8 3 7 0 , ,5 5 7 7 0 0 19 114,304 112,910 69,989 31,380 ,160 793 2,073 106 ,376 572 1,394 3,144 ,737 12,942 16,276 ,570 26 116,067 115,045 69,835 31,320 ,168 720 2,012 106 ,364 582 1,022 3,116 ,748 12,952 16,317 ,570 Aug. 2......... 116,510 114,923 70,072 31,499 ,091 620 2,003 106 ,371 582 1,587 3,321 ,745 12,956 16,346 ,568 9 115,233 114,041 69,623 31,359 ,095 434 1,948 110 ,367 572 1,192 3,266 ,763 12,973 16,304 ,568 16......... 116,194 114,555 70,040 31,592 ,101 529 1,893 106 ,370 580 1,639 3,379 ,781 13,002 16,278 ,571 23 115,649 114,224 699704 31,498 ,116 426 1,847 104 ,378 551 1,425 3,304 ,786 13,038 16,224 ,568 30 115,779 114,301 69,551 31,476 ,112 279 1,857 102 ,377 565 1,478 3,254 ,790 13,055 16,253 ,569 Sept. 6......... 115,519 114,270 69,662 31,548 ,116 264 1,853 103 ,355 572 1,249 3,274 ,818 13,058 16,273 ,572 13 116,648 115,106 70,306 31,728 ,134 477 1,978 107 ,373 559 1,542 3,286 ,852 13,101 16,282 ,571 20......... 117,251 115,920 71,025 31,937 ,145 755 1,985 118 ,370 552 1,331 3,495 ,868 13,126 16,245 ,571 273........ 118,706 117,103 70,989 31,805 ,166 739 1~~~ 109 ,320 509 1,603 3,460 2,027 13,136 16,391 ,571 Oct. 4 117,677 116,175 70,726 31,786 ,179 474 1,853 104 ,317 522 1,502 3,389 2,143 13,140 16,396 1,577 11 118,561 116,984 70,989 31,849 ,180 711 1,982 99 ,305 535 1,577 3,219 2,128 13,196 16,359 1,574 18......... 119,473 117,777 71,466 32,020 ,189 1,013 1,932 96 ,301 530 1,696 3,174 2,180 13,221 16,379 1,569 25......... 118,242 117,035 71,093 31,877 ,205 750 1,993 103 ,304 530 1,207 3,047 2,191 13,247 16,413 1,567 Nov. 1......... 118,898 117,467 71,843 32,085 ,210 1,072 2,055 98 1,310 525 1,431 3,132 2,226 13,245 16,456 1,571 8 118,220 116,899 71,647 32,010 ,206 986 1,966 97 1,317 540 1,321 3,108 2,245 13,269 16,475 1,572 15 119,516 118,162 72,434 32,136 ,216 1.341 2,080 100 1,318 553 ',354 3,106 2,314 13,312 16,527 1,569 22 118,707 117,255 71,741 32,024 ,220 '833 2,016 103 1,330 566 ,452 3,023 2,308 13,338 16,541 1,561 29 118,628 117,319 71,670 32,109 ,226 520 2,063 102 1,319 587 ,309 3,073 2,302 13,347 16,584 1,562 Dec. 6 118,828 117,108 71,530 32,016 ,227 356 2,136 103 1,324 611 ,720 3,025 2,325 13,352 16,619 1,564 13 119,164 117,860 71,920 32,223 ,230 336 2,163 102 1,327 605 ,304 3,108 2,329 13,386 16,675 1,564 20 121,837 120,361 73,809 32,733 ,238 773 2,404 104 1,335 627 ,476 3,628 2,339 13,419 16,764 1,555 27. 122,565 121,056 74,569 32,920 ,270 1,019 2,379 125 1,343 657 ,509 3,769 2,365 13,399 16,877 1,554 1 After deduction of valuation reserves. commercial and industrial loans by a net of $135 million. Prior figures 2 Exclusive of loans to domestic commercial banks and after deduction have not been revised. of valuation reserves; individual loan items are shown gross. NOTE.—Figures reflect new coverage; for description of changes in the 3 Several loan categories have been revised incident to new classifications series, see BULLETIN for June 1961, p. 654. of commercial loans by industry effective Sept. 27. The change reduced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1961 239 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All total Wednesday Total Bills c C t a if e t i e r - - s W i i N n th o - m te a s tu a 1 r n i t d n o g b — on A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n a i c i c t l e k e h - s s s - b a w B e f a n o i a n c i g r t l k e n - h - s s Cu c a r o r n e i d n ncy B s F w e R a . r n i e v R t - k e h . 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 b o n e i i u d s t l a n i- l ts 1 year 5 years 5 years Jan. 4 30,614 4,038 ,583 2,639 18,227 4,127 10,167 17,599 3,355 107 1,434 12,703 4,047 148,688 11 30,530 3,894 ,590 2,638 18,291 4,117 10,247 16,806 3,075 91 1,483 12,157 4,103 144,765 18 30,645 4,119 ,533 2,641 18,255 4.097 10,224 16,953 2,970 89 1,402 12,492 4,009 144,377 25 31,007 4,441 ,589 2,682 18,242 4;053 10,287 17,372 3,530 105 1,382 12,355 4,065 142,145 Feb. 1 31,086 4,479 ,613 2,727 18,230 4,037 10,275 16,569 2,938 92 1,289 12,250 4,158 145,203 8 30,630 4,124 ,599 2,749 18,140 4,018 10,388 16,958 2,687 90 1,302 12,879 4,085 142,197 15 31,120 3,907 ,173 3,878 18,181 3,981 10,518 17,100 3,121 98 1,348 12,533 4,066 147,873 22 30,681 3,688 ,096 3,921 18,005 3,971 10,536 16,871 3,007 101 1,396 12,367 3,963 143,767 Mar. 1 30,635 3,674 ,098 3,992 17,919 3,952 10,552 16,480 3,018 107 1,260 12,095 4,067 146,007 8 30,401 3,484 ,199 4,044 17,794 3,880 10,717 16,403 2,751 108 1,286 12,258 4,132 142,997 15 30,606 3,687 ,217 4,086 17,737 3,879 10,786 16,665 3,084 127 1,285 12,169 4,112 146,990 22 29,820 3,002 ,196 4,103 17,661 3,858 10,818 16,893 3,007 124 1,336 12,426 4,157 143,829 29 29,519 2,772 ,169 4,078 17,590 3,910 10,858 16,249 2,875 106 1,382 11, £~' 4,312 142,802 30,045 3,344 ,159 4,190 16,424 4,928 10,950 17,155 3,266 118 1,264 12,507 4,225 144,311 Apr-.^:::::::::: 29,761 3,048 ,242 4,247 16,271 4,953 11,104 16,752 2,949 123 1,393 12,287 4,228 145,254 19 30,327 3,575 ,268 4,329 16,186 4,969 10,927 16,870 3,133 93 1,378 12,266 4,236 145,281 26 30,340 3,580 ,307 4,413 16,141 4,899 10,918 16,243 2,933 122 1,398 11,790 4,284 144,897 Apr. 26 30,340 3,580 ,307 4,413 16,141 4,899 10,918 16,243 2,933 122 1,398 11,790 4,284 144,897 May 3 30,590 3,728 ,410 4,472 16,103 4,877 10,863 16,856 3,095 156 1,278 12,327 4,319 145,782 10 30,290 3,379 ,485 4,512 16,071 4,843 10,873 16,663 2,765 133 1,347 12,418 4,288 145,102 17 31,438 3,447 2,203 4,973 16,168 4,647 10,952 17,192 2,961 117 1,354 12:760 4,125 147,927 24 31,188 3,259 2,257 4,996 16,089 4,587 10,838 16,565 2,639 129 1,393 12;404 4,192 144,680 31 31,397 3,461 2,292 5,108 16,033 4,503 10,837 16,637 2,958 113 1,395 12,171 4,339 146,569 June 7 31,431 3,494 2,302 5,180 15,941 4,514 10,928 16,334 2,702 112 1,320 12,200 4,211 144,489 14 33,124 5,177 2,330 5,164 15,945 4,508 10,835 17,279 3,373 114 1,423 12,369 A,221 149,890 21 32,935 4,894 2,379 6,163 14,983 4,516 10,905 16,792 2,834 129 1,394 12,435 4,226 148,139 28 31,976 3,923 2,386 6,223 14,948 4,496 10,959 16,988 3,172 120 1,469 12,227 4,303 146,974 July 5 31,974 3,959 2,386 6,264 14,927 4,438 10,922 16,852 3,064 111 1,306 12,371 4,331 149,051 12 31,456 3,522 2,418 6,256 14,855 4,405 11,006 17.099 3,149 123 1,494 12,333 4,334 148,384 19 31,899 3,856 2,553 6,278 14,802 4,410 11,022 16,617 2,934 128 1,399 12,156 4,343 147,762 26 34,103 6,138 2,547 6,299 14,726 4,393 11,107 16,973 3,032 133 1,429 12,379 4,510 148,582 Aug. 2 33,790 5,856 1,556 5,498 16,385 4,495 11,061 16,807 2,802 124 1,342 12,539 4,342 149,418 9 33,327 5,386 1,540 5,345 16,565 4,491 11,091 16,887 2,644 121 1,360 12,762 4,375 147,253 16 33,328 5,461 1,520 6,212 15,944 4,191 11,187 16,827 2,853 125 1,347 12,502 4,290 149,734 23 33,322 5,394 1,522 6,312 15,944 4,150 11,198 16,446 2,785 118 1,403 12,140 4,260 146,964 30 33,464 5,632 1,521 6,267 15,918 4,126 11,286 16,330 2,607 130 1,462 12,131 4,364 146,843 Sept. 6 33,321 5,556 1,516 6,244 15,887 4,118 11,287 16,973 3,001 132 1,377 12,463 4,410 148,166 13 33,171 5,457 1,508 6,229 15,847 4,130 11,629 17,211 2,955 141 1,475 12,640 4,420 151,134 20 33,181 5,469 1,550 6,284 15,792 4,086 11,714 17,452 2,875 142 1,449 12,986 4,370 151,402 27 34,414 6,717 1,548 6,310 15,776 4,063 11,700 16,727 2,824 153 1,490 12,260 4,474 151,540 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 6,319 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 6,305 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 6,285 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 6,233 16,645 3,955 11,537 17,493 2,950 166 1,399 12,978 4,457 154,004 8 33,770 5,500 1,456 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 5,079 18,234 3,632 11,547 17,475 3,047 160 1,458 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 1,435 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 1,421 5,359 17,894 3,405 12,240 19,025 3,262 238 1,863 13,662 4,520 161,739 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

240 WEEKLY REPORTING MEMBER BANKS, 1961 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday j u u T n s o t a e t d a d l - i j p m u D o a s d a t d s e e e n i - - - t d d s 2 Total 3 p v r c s a i a I o d h a r n t r t i u n i d n p o p d a i e o n s - l , r s - s - , S p s d s a i o t i u c i a o n l v b a t i n d e i t l - - s - s e F ig o n r- 4 G U o . v S 't . . b c m m D c a o t i e i n e o m a c s r k - l - - - s Totals S in a g v s - p v a s i I d h a r n t u n i d n p d a i e s - l O , r s - , the S p s a r i t o u c a n l b a t t d i i e l - t m - s e e F ig o n r- 4 B F F a . r n o R k m s . o F th ro e m rs l O i i a t t i b h e i e s l r - c C o i a a t u c a p n - l - ts corpo- divirations sions Jan. 4 129,16761,717 93,661 67,036 4,882 1,410 3,80213,59135,506 31,383 2,383 n.a. 72 2,366 4,886 12,197 11 126,027 6'1',825 90,454 66,610 4,643 1,339 2,176 _1_3_,_0_8_535,573 31,444 2,393 n.a. 17 1,576 4,937 12,208 18 125,607 62,185 89,933 66,726 4,908 1,331 2,066 12,415 3355,674 31,523 2,405 n.a. 35 1,612 4,936 12,187 25 124,,539 62,611 88,726 65,765 4,886 1,335 2,09612,24135,813 31,572 2,488 n.a. 20 467 4,924 12,195 Feb. 1 126,300 61,340 89,690 65,208 5,138 ,387 3,105 687 36,610 32,344 2,500 n.a. 142 ,461 5,03612,264 8...... 123,004 60,!874 86,281 63,678 4,856 ,443 2,337 11,647 36,723 32,447 2,513 n.a. 412 ,490 5,011 12,280 15 128,299 60,;010 91,513 66,285 4,802 ,429 3,72512,258 36,786 32,499 2,532 n.a. 435 ,791 5,08612,262 22 124,502 60,;031 87,625 63,814 4,987 ,399 3,82911,21136,877 32,610 2,508 n.a. 272 ,497 5,20612,290 Mar. 1 126.788 59,932 89,860 64,735 5,065 ,382 3,83811,707 36,928 32,682 2,494 n.a. 24 ,662 5,20512,328 8 123,462 59,618 86,337 63,236 4,650 ,563 2,282 11,896 37,125 32,846 2,516 n.a. 132 ,845 5,22512,333 15 127,93161,448 90,767 66,944 4,572 ,464 2,679 12,07337,164 32,939 2,453 n.a. 24 ,795 4,'9"24 12,316 22...... 124.789 6"0,350 87.502 64,093 4,792 ,438 3,22911,44339" 37,287 33,032 2,475 n.a. 34 ,626 5,060 12,320 29 123,,542 60,124 86;044 63,349 4,836 ,509 2,865 10,8"6'4 37,498 33,204 2,513 n.a. 60 ,623 5,204 12,373 Apr. 5 125,645 60,016 87,950 63,911 4,766 ,474 2,75512,468 37,695 33,324 2,578 n.a. 60 ,159 5,05912,388 12 126,30161,180 88,403 66,285 4,703 ,482 1,22711,96737,898 33,451 2,620 n.a. 90 ,468 4,997 12,398 r-j. 1 6 9 1 12 2 5 6 , ,, 6 55 2 00 1 55 6 6 62 2 2, ,0 2 4 7 9 7 8 8 8 7 , , 5 4 4 4 3 6 6 65 6 , , 5 2 2 7 7 4 5 5 , , 2 2 2 2 8 9 , , 4 4 4 3 7 7 92611, 9 1" 7 3" 7 "2 3 3 7 8 , , 9 1 6 7 2 5 3 3 3 3 , ,5 4 9 2 6 2 2 2 , , 6 7 8 2 1 3 n n . . a a . . 1 1 9 1 , , 3 6 1 7 5 4 5 5 , , 0 1 7 9 1 8 1 1 2 2 , , 3 3 7 9 1 3 1,07611, Apr. 26 125,62164,064 87,446 65,418 5,229 ,600 10,554 38,175 27,819 5,480 2,723 1,864 1,674 5,198 12,393 1,076 May 3 126,767 62,550 88,229 63,869 5,572 ,512 11 090 38,538 27,902 5,699 2,775 1,868 25 1,277 5,261 12,452 10 125,608 62,246 86,840 63,490 5,186 ,612 22,;825444 10,897 38,768 27,994 5,790 2,797 1,890 192 1,626 5,214 12,462 17 128,205 61,313 89,331 63,926 5,138 ,625 3,994 11 234 38,874 28,066 5,805 2,803 1,894 715 1,277 5,26812,462 24 125,107 61,876 86,041 62,651 5,223 ,562 3", 4'4"6 105104 39,066 28,131 5,871 2,839 1,920 176 1,607 5,32912,461 31 127,24762,120 88,056 64,168 5,490 ,564 2,98210,805 39,19128,202 5,939 2,837 1,913 46 1,426 5,341 12,509 June 7 124,919 62,210 85,628 63,391 5,210 ,523 1,56510,„8„8.7 3__9,,_2_91 28,408 5,858 2,809 1,908 27 1,705 5,33512,503 14 131,072 63,433 91,610 66,811 4,891 ,592 2,788 1.1.,_7 49 "39 ,4'6"2 28,449 5,974 2,822 1,906 17 882 5,42812,491 21 128,916 62,600 89,480 64,512 4,737 1,712 4,750 10,5213"9", 4436 28,509 5,933 2,817 1,866 44 1,507 5,188 12,484 28 127,967 62,156 88,255 63,750 4,932 1,626 3,834 10,92539,7712 28,627 6,102 2,799 1,874 20 1,221 5,24412,522 July 5...... 129,530 61,155 89,698 63,866 5,015 1,598 4,015 1_1_,,.7.44. 39,832 28,714 6,133 2,789 1,881 25 ,885 5,061 12,550 12 129,305 61,892 89,346 65,451 4,716 1,615 2,089 1122, 009977 39,959 28,763 6,194 2,803 1,883 9 ,467 5,051 12,552 19 128,320 62,509 88,203 65,212 4,516 1,621 1,790 11'406 40,117 28,805 6,281 2,793 1,920 141 ,608 5,168 12,525 26 129,598 63,398 89,382 64,692 4,822 1,669 4,1"64 10 788 40,216 28,823 6,343 2,794 1,937 11 ,078 5,35212,543 Aug. 2 129,73162,381 89,427 64,044 5,107 1,682 4,086 11 201 40,304 28,862 6,389 2,783 1,962 122 ,714 5,241 12,610 9 127,448844 61,998 87,046 63,157 4,776 1,593 3,0.7..9 11 211 40,438 28,955 6,394 2,799 1,975 399 ,439 5,305 12,626 16 129,587 61,017 89,113 64,013 4,712 1 — 4,111166 11,557 40,474 28,985 6,336 2,811 2,022 1,947 5,488 12,624 23. 127,367 61,434 86,846 62,748 4,702 1,667 3,748 055 40,52129,015 6,351 2,811 2,027 1,561 5,40912,622 30 127,039 61,855 86,379 62,935 4,847 1,598 3,568 586 40,660 29,030 6,415 2,817 2,083 26 1,674 5,449 12,655 Sept. i6...... 1 1 2 3 8 0 , , 4 8 7 9 5 6 6 6 3 1 , , 3 7 4 9 1 1 8 89 7 , , 9 7 5 2 7 2 6 6 3 7 , , 8 1 9 0 5 8 4 4 , , 4 6 8 7 0 3 1 1 , , 5 5 8 7 3 3 2 1 , , 7 97 8 4 7 1 1 1 1 , ,8 7 8 8 0 7 4 4 0 0 , , 9 7 3 5 9 3 2 2 9 9 , , 0 1 7 1 9 0 6 6, , 5 4 8 5 9 8 2 2 , , 8 7 0 8 9 3 2 2 , , 1 1 2 2 6 7 2 1 , , 0 50 2 3 5 5 5 , , 5 4 52 8 29 8 9 1 1 12 2 2, , 6 6 7 6 3 9 20 131,304 62,720 90,394 65,689 4,494 1,635 3,626 11,719 40,910 29,156 6,519 2,788 2,140 179 1,761 5,510 12,648 27... 131,36162,166 90,354 64,480 4,693 1,643 5,533 1"1^022 41,007 29,244 6,512 2,777 2,154 72 2,003 5,42212,682 Oct. 4... 132,067 61,542 90,894 64,305 4,739 1,624 5,02311,922 41,173 29,400 6,498 2,775 2,180 24 1,744 5,185 12,733 11... 132,999 62,189 91,741 65,924 4,374 1,586 4^69 11 993 41,258 29,466 6,512 2,757 2,205 75 1,780 5,23212,749 18... 134,387 63,410 93,170 67,325 4,407 1,721 4,366 12,270 41,217 29,516 6,499 2,709 2,174 19 1,934 5,37312,726 25... 131,705 63,920 90,463 66,365 4,505 1,634 3,62811,414 41,242 29,565 6,485 2,703 2,180 226 1,544 5,419 12,736 Nov. 1... 133,867 63,423 92,658 66,407 5,027 1,606 4,071 12 008 41,209 29,621 6,406 2,693 2,175 241 1,727 5,35012,819 8... 132,117 62,388 90,858 65,364 4,620 1,586 3,42912,253 41,259 29,708 6,373 2,694 2,169 462 1,824 5,44512,845 15... 135,765 62,777 94,714 67,454 4,743 1,626 4,152 12,676 41,05129,724 6,163 2,658 2,181 581 1,774 5,58312,840 22... 132,617 62,644 91,449 65,932 4,793 1,598 4,124 11,740 41,16829,790 6,127 2,727 2,203 362 2,085 5,618 12,823 29... 132,404 63,906 91,216 66,183 4,894 1,647 3,414 11,820 41,188 29,771 6,190 2,721 2,194 14 1,690 5,69512,853 Dec. 6... 132,256 63,369 90,977 66,139 4,749 1,691 2,760 12,162 41,279 29,853 6,140 2,768 2,201 10 2,363 5,70912,882 13... 134,934 65,987 93,602 69,716 4,613 1,710 1,691 12,439 41,332 29,894 6,118 2,783 2,215 5 1,534 5,73412,872 20... 137,924 66,185 96,571 69,927 4,715 1,713 3,690 12,692 41,353 29,944 6,001 2,845 2,239 288 1,921 5,44312,944 27... 140,742 66,343 99;270 71,156 4,863 1,822 4,557 12,741 41,472 30,082 5,969 2,851 2,243 482 2,081 5,461 12,973 n.a. Not available. central banks, international institutions, banks in foreign countries, and 1 Total demand and total time deposits. foreign branches of U. S. banks other than reporting bank. 2 Demand deposits other than domestic commercial interbank and 5 Includes U. S. Government, postal savings, domestic commercial U. S. Government, less cash items reported as in process of collection. interbank, and mutual savings banks, not shown separately. 3 Includes certified and officers' checks and deposits of mutual savings NOTE.—Figures reflect new coverage; for description of changes in the ban 4 k C s o , m no p t r i s s h e o s w d n e p s o e s p i a ts r a o te f l y f . oreign governments and official institutions, 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, 1961 241 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net increase, or decrease (—). In millions of dollars] Manufacturing and mining Comm'l and Period2 t l o F iq b a o n u a o c d o d c r , , o a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u a r c e e n o t t t s d a d a l 3 - l s ch P l e c e a e m o u n t a r m d i o l c , , - al Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s u P p t t ( t r o u i i i a l n o b r i n c t n t l i s a l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e e l e s r ss c c h l N f a a i n e s e s g d t i e - s c r h w e a i e i p n a n n e o d l g g k l r ' e l l t — y rubber banks 1961—Jan.. -222 -29 -180 -75 -244 -25 -32 -18 47 -690 -781 Feb.. -12 116 126 -36 42 -16 42 -119 -12 5 134 102 Mar.. -36 92 148 12 122 99 -39 36 5 219 657 726 Apr.. -142 -41 -197 76 10 -44 -131 -135 5 27 -573 -468 May. -73 9 -65 24 19 46 -104 -106 62 -18 -284 -275 J J u u n ly e . . - - 1 1 0 3 8 _ 3 4 2 -24 6 2 8 -5 -4 1 - 1 2 3 5 1 - -2 1 8 6 -6 5 9 1 -5 2 0 7 1 1 2 6 12 1 6 5 -4 2 2 9 5 2 -4 3 4 0 9 9 Aug.. 106 76 -83 -143 17 61 87 -94 9 118 155 156 Sept., 158 -29 24 42 3 91 -36 193 17 -2 461 329 Jan. 4.... -14 o -113 50 -38 -57 -21 63 -7 35 -105 -135 11.... -76 -8 -3 49 -4 -55 -12 -43 _4 -6 -162 -139 18.... -57 -16 -47 11 -21 -54 3 -11 -6 24 -173 -204 25.... -76 -2 -17 -22 -12 -78 5 -41 -1 -6 -250 -303 Feb. 1.... 7 21 45 -18 -59 16 -37 -16 -43 -81 8.... -46 33 3 -13 10 8 -34 5 -7 -45 -20 15.... 32 38 60 8 27 12 35 8 1 14 236 243 22.... -5 24 17 -13 14 21 -17 -57 -11 14 -14 -40 Mar. 1.... -3 18 5 -3 27 24 -72 -13 48 39 54 8.... -50 20 12 -8 12 10 7 -24 -5 14 -13 -30 15.... 45 34 189 42 48 52 -19 119 20 112 641 725 22.... -9 11 -29 14 10 21 -15 7 -12 33 32 26 29.... -19 9 -30 -33 26 -7 -20 6 14 12 -42 -49 -34 -2 -54 55 16 -31 -78 -13 -149 -147 Apr-.52:::: -53 3 -42 19 16 -10 -49 -32 9 15 -123 -74 19... -21 -15 -36 5 n -7 -25 -14 3 -8 -126 -112 26... -33 -27 -65 *3 -16 -27 -26 -11 6 28 -174 -135 May 3... 13 18 28 5 16 29 -4 13 7 4 122 170 10... -63 9 -20 1 7 26 -41 -24 16 16 -87 -102 17... 47 20 -22 -22 6 11 -16 -18 16 -1 21 80 24... -68 -27 -30 -32 -7 -17 -20 -51 8 -12 -254 -297 31... 2 -11 -22 -6 10 -23 -26 15 -19 -86 -126 June 7... -54 -4 -112 -23 -17 -47 -36 1 7 -276 -299 14... 20 26 59 28 37 15 . e 72 16 64 333 358 21... 70 14 19 -1 23 8 -27 24 21 29 181 183 28... -50 -3 101 63 -23 10 -33 -27 25 55 67 ft* i5... -46 1 i 2 - - 8 2 7 3 -5 1 2 2 -10 7 -3 4 4 6 - - 6 2 0 -1 1 4 7 -1 -7 5 7 5 -1 -6 5 6 4 19... -30 -10 -85 -28 -3 13 -22 12 23 -130 -169 26... -40 -47 18 -22 -26 30 34 2 -6 -63 -60 Aug. 2... -1 32 55 -20 4 20 26 2 1 53 173 179 9... 2 17 -18 -134 7 12 9 -83 2 32 -154 -140 16... 66 35 -11 25 13 17 19 2 17 36 219 233 23... -7 -6 -19 -10 7 4 1 -25 1 9 -45 -94 30... 46 -2 -90 -4 -14 31 9 -12 -11 -39 -22 SepM::: 32 5 -18 17 18 10 -17 30 76 72 36 9 -8 24 8 32 -17 32 15 12 142 180 2 27 0 . . . . . . 5 3 5 6 - -2 1 9 4 -2 6 0 9 -2 2 2 3 -24 1 41 9 -2 1 5 0 2 1 -1 2 0 0 - - 4 1 4 2 -6 48 -1 2 3 0 2 9 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 BUSINESS LOANS OF BANKS, 1961 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY— Continued 1 [Net increase, or decrease (—). In millions of dollars] Month2 Week ending— Business of borrower4 Oct. Nov. Dec. S|Pt- O 4 ct. O 1 c 1 t. O 1 c 8 t. O 2 c 5 t. Durable goods manufacturing: Primary metals 7 5 56 4 -11 9 9 Machinery -77 -11 12 -5 -21 -10 -9 -37 Transportation equipment -16 -14 55 -15 -16 19 8 -27 Other fabricated metal products -31 -9 -1 A -6 -21 Other durable goods -51 -39 -13 -10 -11 -7 -15 -18 Nondurable goods manufacturing: Food, liquor, and tobacco ... ... 142 163 92 36 68 33 46 Textiles, apparel, and leather -167 -103 -19 -24 -21 -24 -77 -45 Petroleum refining 36 -24 49 5 -28 14 33 17 Chemicals and rubber -28 2 2 10 -9 -21 6 -5 Other nondurable goods -28 -24 -12 -9 _4 -4 -11 -9 Mining, including crude petroleum and natural aas 169 53 157 5 18 5 155 -9 106 131 120 2 31 16 17 42 Other wholesale 36 14 1 8 16 27 7 -13 Retail 77 118 -186 1 25 19 20 14 Transportation, communication, and other public utilities.... 24 3 207 50 49 3 -37 9 11 4 9 3 13 3 _2 All other types of business, mainly services 27 72 199 -45 10 19 4 -6 Net change in classified loans 236 342 713 2 93 105 154 -116 Commercial and industrial change—all weekly reporting banks 72 232 811 -132 -19 63 171 -143 Week ending Business of borrower4 Nov. Nov. Nov. Nov. Nov. Dec. T>ec. Dec. Dec. 1 8 15 22 29 6 13 20 27 Durable goods manufacturing: Primary metals 2 3 2 6 9 10 38 Machinery -39 29 -2 -6 12 -18 25 Transportation equipment 25 -4 1 -36 1 -23 23 40 15 Other fabricated metal products 3 5 i -15 2 -4 7 -6 Other durable goods. -11 -28 2 -6 4 -14 4 2 -6 Nondurable goods manufacturing: Food, liquor, and tobacco. 60 -16 73 2 44 9 2 145 -52 Textiles apparel and leather -19 -5 -14 -45 -20 -12 11 -11 -7 Petroleum refining 2 2 -22 -12 6 -2 -11 3 59 Chemicals and rubber -4 -6 3 3 6 -4 -15 25 -4 Other nondurable goods 1 -5 3 -22 -1 4 1 -12 -5 Mining, including crude petroleum and natural gas 7 -6 24 42 -13 12 4 18 124 Trade: Commodity dealers .... 32 33 15 35 17 20 50 23 27 Other wholesale 12 3 8 -9 1 -6 9 Retail 39 14 53 3 9 -18 -46 -35 -87 Transportation, communication, and other public utilities.... 18 -51 21 -21 35 -53 59 172 29 6 —4 9 — 7 1 -29 17 5 1 All other types of business, mainly services 45 i 33 -17 12 71 52 65 11 Net change in classified loans 177 -69 239 -107 103 -55 161 448 159 Commercial and industrial change—all weekly reporting banks. 208 -75 126 -112 85 -93 207 510 187 1 Data for sample of about 200 banks reporting changes in their larger 4 Because of ^classifications as of Sept. 27, 1961, many categories are loans; these banks hold about 95 per cent of total commercial and in- not strictly comparable with earlier data; for example, new "Mining" dustrial loans of all weekly reporting member banks and about 70 per includes a part of old "Other manufacturing and mining," a part of cent of those of all commercial banks. "Metals and metal products;" and coal, crude oetrolsum, and natural 2 Monthly figures are based on weekly changes during month. gas from old "Petroleum, coal, chemicals, and rubber." "Other durable" 3 Includes machinery and transportation equipment. and "Other nondurable" were in old "Other manufacturing and mining." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES, 1961 243 MONEY MARKET RATES [Per cent per annum] U. S. Government securities (taxable)4 Month or week m 4 m p P - c o a e r o n t p i r o m m c t e h i r 6 - a e s , - l 1 c m d F 3 o p p i i - o m r l n a a e t n p a o c p c t e n e t a h r l c 6 d n y - s e - y 2 , 9 b a 0 a P a c n n r c d i c k e m a e e p y s r e t , s s - ' 3 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 o i n R s s 6 a 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 -mon O th t h is e s r u s es 3 is - y s t e u o a e r s 5 6 - 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 2.6Q1 2.60 2.75 2.84 3.54 Mar 3.03 2.76 2.94 2.420 2.39 2.591 2.54 2.76 2.86 3.43 Apr 2.91 2.58 2.84 2.327 2.29 2.493 2.47 2.74 2.83 3.39 May 2.76 2.50 2.68 2.288 2.29 2.436 2.44 2.72 2.82 3.28 June 2.91 2.66 2.75 2.359 2.33 2.546 2.54 2.80 3.02 3.70 July 2.72 2.50 2.75 2.268 2.24 2.457 2.45 2.79 2.87 3.69 Aug. 2.92 2.64 2.81 2.402 2.39 2.670 2.66 2.91 3.03 3.80 Sept 3.05 2.68 2.84 2.304 2.28 2.689 2.68 2.88 3.03 3.77 Oct 3.00 2.79 2.75 2.350 2.30 2.702 2.66 2.90 2.97 3.64 Nov 2.98 2.74 2.75 2.458 2.48 2.686 2.70 2.90 2.95 3.68 Dec 3.19 2.93 2.87 2.617 2.60 2.875 2.88 2.97 3.03 3.82 Week ending— Jan. 2 1 7 1 4 . . . . . . . . . . .......... 3 3 3 . . . 0 0 0 0 0 6 2 2 2. . . 8 8 8 1 1 3 20 2 2 0. 0 . . 0 00 000 0 0 0 2 2 2 . . . 3 2 3 5 8 3 8 5 4 2 2 2 . . . 2 2 2 8 8 5 2 2 2 . . . 4 6 5 2 3 0 9 0 2 2 2 2 . . . 5 4 4 1 6 8 2 2 2 . . . 5 7 5 7 1 6 2 2 2. . . 7 7 6 4 2 7 3 3 3 . . . 5 3 5 9 9 2 28... 2.90 2.71 2.88 2.230 2.17 2.422 2.42 2.66 2.65 3.57 Feb. 4............ 2.93 2.64 2.75 2.299 2.29 2.497 2.49 2.68 2.72 3.57 II 3.00 2.63 2.75 2.374 2.35 2.566 2.55 2.71 2.76 3.56 18. 3.00 2.63 2.75 2.462 2.40 2.652 2.59 2.7.3 2.87 3.56 25... 3.09 2.66 2.81 2.496 2.51 2.688 2.68 2.83 2.93 3.48 Mar. 4 3.13 2.84 2.88 2.594 2.56 2.779 2.75 2.86 2.99 3,49 11. 3.13 2.88 2.98 2.485 2.44 2.674 2.56 2.76 2.91 3.36 18 3.03 2.78 3.00 2.352 2.35 2.455 2.47 2.71 2.82 3.44 25 2.93 2.68 2.93 2.278 2.28 2.471 2.45 2.71 2.78 3.45 Apr. 8 1 2 3 . . 9 0 7 0 2 2 . . 6 6 6 3 2 2O. . O Q O OQ O O 2 2 . . 4 3 7 9 0 2 2 2. . 3 3 6 8 2 2. . 6 5 5 7 8 6 2 2 . . 5 5 8 4 2 2. . 7 7 5 8 2 2 . . 8 9 6 2 3 3 . . 4 4 5 3 15 2.98 2.64 2.88 2.360 2.31 2.556 2.52 2.68 2.82 3.40 22 2.88 2.53 2.84 2.292 2.25 2.458 2.41 2.77 2.79 3.38 29 2.78 2.50 2.78 2.186 2.23 2.300 2.35 2.76 2.81 3.32 May 6 2.75 2.50 2.75 2.300 2.22 2.417 2.38 2.69 2.76 3.23 13..... 2.75 2.50 2.63 2.232 2.23 2.423 2.40 2.66 2.75 3.15 20..... 2.75 2.50 2.63 2.264 2.29 2.435 2.43 2.70 2.82 3.24 27 2.75 2.50 2.68 2.354 2.39 2.470 2.53 2.91 3.43 June 3 2.88 2.58 2.75 2.438 2.38 2.593 2.60 2.82 2.98 3.56 10 3.00 2.71 2.75 2.516 2.40 2.727 2.64 2.83 3.02 3.69 17 3.00 2.75 2.75 2.295 2.32 2.492 2.50 2.78 3.01 3.67 24 2.90 2.65 2.75 2.325 2.31 2.519 2.50 2.78 3.02 3.74 July 1 2.78 2.54 2.75 2.219 2.27 2.399 2.45 2.77 3.01 8 2.75 2.50 2.75 2.305 2.31 2.486 2.49 2.80 2.98 15 2.75 2.50 2.75 2.322 2.25 2.512 2.46 2.72 2.88 3.72 22 2.68 2.50 2.75 2.200 2.19 2.385 2.39 2.81 2.82 29 2.70 2.50 2.75 2.244 2.22 2.446 2.46 2.83 2.84 Aug. 5 2.75 2.50 2.75 2.300 2.28 2.557 2.51 2.85 2.85 2.83 2.60 2.75 2.366 2.38 2.617 2.64 2.93 3.02 19!'.'.".'.'/.'.'.'.'.'. 3.00 2.69 2.80 2.519 2.50 2.765 2.78 2.95 3.11 26 3.00 2.69 .00 2.503 2.43 2.793 2.71 2.89 3.09 3.77 Sept. 9 2 ... 3 3. . 1 0 3 5 2 2 . . 6 6 9 9 2 2 . . 8 00 8 00 2 2 . . 3 3 2 9 1 2 2 2 . . 3 3 4 2 2 2 . . 6 6 1 9 7 2 2 2. . 6 6 7 5 2 2 . . 9 8 0 9 3 3 . . 0 0 6 6 3 3 . . 7 8 7 1 2 1 3 6............ 3 3 . . 0 0 8 0 2 2 . . 6 6 9 9 2 2 .. 8 00 800 2 2 . . 2 32 6 8 2 2 2 . . 2 2 9 6 2 2. . 6 6 8 8 1 5 2 2 . . 6 6 8 9 2 2 . . 8 8 7 8 3 3 . . 0 0 3 5 3 3 . . 7 8 6 0 30. 3.00 2.66 2.75 2.233 2.25 2.697 2.69 2.87 2.98 3.70 Oct. 7 3.00 2.81 2.75 2.302 2.28 2.683 2.64 2.83 2.91 3.65 14.. 3.00 2.81 2.75 2.389 2.34 2.684 2.67 2.84 2.96 3.67 21 3.00 2.81 2.75 2.382 2.29 2.734 2.68 2.97 3.02 3.66 28 3.00 2.76 2.75 2.325 2.29 2.708 2.67 2.94 2.97 3.62 Nov. 4 2.98 2.70 2.75 2.280 2.28 2.613 2.58 2.88 2.91 3.61 11............ 2.88 2.69 2.75 2.349 2.40 2.554 2.61 2.87 2.89 3.63 18 2.98 2.73 2.75 2.516 2.53 2.721 2.74 2.93 2.96 3.70 25 3.00 2.78 2.75 2.537 2.54 2.734 2.73 2.91 2.99 3.69 Dec. 2 3.10 2.81 2.75 2.606 2.56 2.806 2.78 2.91 2.98 3.73 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 3.84 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 dav range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. i:«s«s«u—es. 6 Consists of selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 INTEREST RATES, 1961 BOND AND STOCK YIELDS 1 [Per cent per annum] Corporate bonds3 Stocks 5 State and local G U o . v S t . . govt. bonds3 By selected By Dividends/ Earnings/ Month or week bonds ratings groups price ratio price ratio (longterm^ Total* otaH Aaa 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. 20 5 120 30 30 40 40 40 14 500 500 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 .03 4.54 4.83 4.52 4.66 2.99 4.67 July.. 3.90 3.63 3.35 3.94 4.70 4.41 5.09 4.59 4.89 4.60 4.69 2.99 Aug.. 4.00 3.62 3.33 3.96 4.73 4.45 5.11 4.60 4.92 4.67 4.69 2.91 Sept.. 4.02 3.64 3.33 4.02 4.74 4.45 5.12 4.61 4.94 4.67 4.69 2.93 *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— Jan. 7. 3.84 3.54 3.13 4.03 4.66 4.34 5.08 4.55 4.86 4.57 4.78 3.33 14. 3.90 3.55 3.14 4.04 4.66 4.33 5.10 4.53 4.87 4.57 4.73 3.29 21. 3.92 3.58 3.16 4.09 4.65 4.32 5.11 4.52 4.86 4.58 4.70 3.26 28. 3.89 3.56 3.16 4.09 4.65 4.31 5.12 4.51 4.87 4.56 4.72 3.22 Feb. 4. 3.88 3.56 3.16 4.09 4.63 4.30 5.10 4.49 4.85 4.55 4.70 3.14 11. 3.84 3.53 3.14 4.05 4.61 4.28 5.07 4.47 4.82 4.53 4.68 3.13 18. 3.81 3.53 3.14 4.05 4.60 4.27 5.07 4.44 4.83 4.51 4.67 3.14 25. 3.76 3.51 3.12 4.05 4.58 4.25 5.06 4.43 4.83 4.48 4.65 3.12 Mar. 4. 3.77 3.52 3.13 4.05 4.56 4.23 5.04 4.41 4.80 4.46 4.66 3.06 11. 3.75 3.56 3.18 4.09 4.55 4.22 5.02 4.40 4.79 4.44 4.67 3.06 18. 3.78 3.62 3.26 4.12 4.53 4.21 5.02 4.39 4.78 4.43 4.67 3.06 25. 3.80 3.66 3.29 4.16 4.53 4.22 5.02 4.39 4.77 4.42 4.65 3.00 Apr. 1. 3.81 3.65 3.30 4.11 4.53 4.22 5.02 4.39 4.77 4.42 4.66 2.99 8. 3.82 3.64 3.30 4.06 4.53 4.23 5.01 4.41 4.75 4.44 4.67 2.97 15. 3.81 3.62 3.30 4.54 4.24 4.44 4.74 4.45 4.67 2.93 22. 3.81 3.58 3.24 3!98 4.56 4.26 s!oo 4.47 4.75 4.47 4.65 2.95 29. 3.78 3.58 3.24 3.98 4.58 4.28 5.01 4.50 4.77 4.47 4.67 2.96 May 6. 3.72 3.56 3.24 3.95 4.59 4.29 5.02 4.49 4.78 4.49 4.67 2.93 13. 3.70 3.56 3.24 3.95 4.58 4.27 5.01 4.47 4.76 4.49 4.64 2.92 20. 3.71 3.56 3.24 3.95 4.58 4.25 5.01 4.47 4.77 4.49 4.61 2.89 27. 3.78 3.58 3.27 3.95 4.58 4.27 5.01 4.48 4.77 4.50 4.63 2.93 June 3. 3.79 3.58 3.28 3.95 4.60 4.29 5.02 4.50 4.80 4.50 4.62 2.92 10. 3.86 3.67 3.35 3.99 4.62 4.31 5.03 4.52 4.81 4.51 4.64 2.94 17. 3.86 3.67 3.37 3.99 4.62 4.33 5.03 4.54 4.81 4.52 4.65 2.97 24. 3.90 3.64 3.37 3.97 4.64 4.34 5.04 4.54 4.84 4.52 4.67 3.01 July 1. 3.93 3.63 3.37 3.94 4.66 4.36 5.05 4.57 4.83 4.55 4.69 3.03 8. 3.92 3.64 3.37 3.94 4.67 4.39 5.07 4.59 4.87 4.57 4.70 2.98 15. 3.92 3.63 3.36 3.95 4.69 4.41 5.08 4.58 4.88 4.59 4.69 3.00 22. 3.88 3.62 3.34 3.93 4.70 4.41 5.09 4.60 4.91 4.60 4.67 3.03 29. 3.89 3.61 3.33 3.93 4.71 4.42 5.10 4.60 4.90 4.62 4.69 2.97 AuS!: 3.95 3.60 3.32 3.93 4.72 4.45 5.11 4.60 4.92 4.65 4.68 2.93 4.03 3.62 3.32 3.97 4.73 4.45 5.11 4.60 4.92 4.66 4.68 2.90 19. 4.01 3.63 3.33 3.97 4.74 4.45 5.12 4.61 4.92 4.68 4.70 2.91 26. 4.01 3.63 3.33 3.97 4.74 4.44 5.11 4.61 4.93 4.68 4.69 2.90 Sept. 2. 4.01 3.63 3.34 3.98 4.74 4.44 5.12 4.61 4.93 4.68 4.70 2.91 9. 4.02 3.65 3.34 4.02 4.74 4.46 5.12 4.62 4.94 4.67 4.71 2.88 16. 4.06 3.65 3.34 4.02 4.75 4.46 5.12 4.62 4.95 4.67 4.71 2.90 23. 4.02 3.65 3.34 4.02 4.74 4.45 5.12 4.61 4.95 4.67 4.70 2.95 30. 3.98 3.61 3.31 4.00 4.74 4.45 5.12 4.60 4.95 4.67 4.65 2.97 Oct. 7. 3.98 3.61 3.30 4.00 4.74 4.43 4.60 4.94 4.66 4.63 2.94 14. 4.00 3.60 3.30 4.00 4.72 4.42 4.60 4.92 4.65 4.63 2.90 21. 3.98 3.59 3.27 4.00 4.72 4.42 4.59 4.92 4.66 4.61 2.90 28. 3.96 3.56 3.25 3.94 4.72 4.42 5.13 4.60 4.91 4,65 4.60 2.90 Nov. 4. 3.95 3.53 3.24 3.93 4.71 4.40 4.59 4.91 4.64 4.60 2.83 11. 3.96 3.53 3.24 3.93 4.70 4.39 4.58 4.90 4.63 4.59 2.81 18. 4.00 3.56 3.26 3.95 4.70 4.39 4.57 4.89 4.63 4.58 2.83 25. 3.98 3.59 3.29 3.96 4.69 4.39 5.10 4.57 4.88 4.62 4.58 2.82 Dec. 2. 4.01 3.61 3.31 4.01 4.69 4.38 5.10 4.57 4.88 4.62 4.58 2.84 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 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Include bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks on Wednesday figures. Earning/price for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the ratios are based on the 500 3 Moody's Investors Service. State and local govt. bonds include gen- stocks in the price index. Quarterly earnings are seasonally adjusted at eral obligations only. annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 245 SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1960 1961 1954 1955 1956 1957 1958 1959 Loans, by purpose and agency: To aid agriculture, total 6,929 6,715 6,752 6,681 8,672 7,762 7,797 8,191 8,299 5,577 8,428 Banks for cooperatives 367 375 457 454 511 623 553 591 650 667 597 Federal intermediate credit banks2.. 638 689 734 935 1,169 1,396 1,698 1,698 1,502 1,626 1,831 Farmers Home Administration 701 681 724 832 819 916 1,013 1,032 984 1,081 1,111 Rural Electrification Administration. 2,226 2,348 2,488 2,688 2,874 3,083 3,186 3,236 3,287 3,329 3,367 Commodity Credit Corporation 2,981 2,621 2,349 1,778 3,298 1,745 1,347 1,634 1,877 2,114 1,523 Other agencies 18 1 (3) (3) (3) (3) (3) (3) (3) (3) To aid home owners, total 2,907 3,205 3,680 4,769 4,860 6,735 7,564 7,854 8,032 7,948 7,763 Federal National Mortgage Association. 2,461 2 MX 3,072 3,998 3,924 5,568 6,017 6,237 6,342 6,196 5,938 Veterans Administration 383 480 464 770 936 1,167 1,370 1,432 1,498 1,556 1,617 Other agencies 63 84 145 1 1 1 176 185 193 197 208 To industry, total 431 678 619 674 680 733 754 760 748 737 725 Treasury Department... 353 306 209 251 216 185 182 180 178 175 137 C O o th m e m r a e g rc e e n c D ie e s partment. \ 79 f I 2 1 6 1 1 2 2 1 1 9 9 1 2 20 1 6 7 2 1 7 8 8 7 3 1 8 6 2 6 4 1 1 5 7 5 4 1 2 5 5 4 4 1 1 5 8 1 4 1 2 3 4 9 4 1 5 3 4 7 To financing institutions 870 1,419 1,233 1,270 1,298 2,136 1,802 1,783 2,027 1,525 1,916 To aid States, territories, etc., total. 272 245 246 264 293 319 311 388 333 337 351 Public Housing Administration.. 112 90 106 105 106 87 92 136 98 95 97 Other agencies 160 155 140 159 187 231 219 252 234 242 254 Foreign, total 8,001 7,988 8,223 8,754 9,510 9,840 10,164 10,245 10,394 10,674 10,915 Export-Import Bank , 2,806 2,702 2,701 3,040 3,362 3,235 3,261 3,254 3,313 3,390 3,430 Treasury Department , 3,570 3,519 3,470 3,470 3,419 3,373 3,373 3,373 3,320 3,320 3,320 International Cooperation Administration. 1,624 1,767 1,995 2,195 2,682 3,043 3,244 3,291 3,363 3,511 3,636 Other agencies 1 57 49 46 189 286 327 399 452 529 All other purposes, total 166 256 213 344 548 752 985 968 1,003 1,052 1,118 Housing and Home Finance Agency. 127 209 156 283 458 691 765 823 855 902 966 Other agencies 39 47 57 62 89 62 219 145 148 150 152 Less: Reserves for losses -228 -268 -309 -367 -368 -413 -544 -560 -503 -517 -633 Total loans receivable (net). 19,348 20,238 20,657 22,395 25,493 27,865 28,833 29,628 30,333 30,574 30,585 Investments: U. S. Government securities, total 2,967 3,236 3,739 3,804 4,198 4,670 4,874 4,931 5,096 5,484 5,482 Federal home loan banks 641 745 1,018 896 995 1,092 1,165 1,186 1,230 1,498 1,447 Federal Savings and Loan Insurance Corp.. 228 241 256 274 288 332 328 317 331 346 363 Federal Housing Administration 327 381 458 471 567 649 653 688 698 725 748 Federal Deposit Insurance Corporation.... 1,624 1,720 1,825 1,937 2,049 2,178 2,289 2,292 2,310 2,403 2,425 Other agencies 147 149 181 226 300 419 440 447 525 512 500 Investment in international institutions 3,385 3,385 3,420 3,420 3,420 4,795 4,875 4,875 4,949 4,949 4,954 Other securities4 197 179 249 298 283 323 338 335 345 340 346 Inventories, total 3,852 4,356 21,375 21,628 20,810 21,476 20,832 20,644 20,527 20,099 19,773 Commodity Credit Corporation.. 3,302 3,747 3,651 3,025 3,036 4,493 4,228 4,172 4,279 3,867 4,035 Defense Department 11,004 11,136 9,681 8,422 7,971 7,761 7,527 7,471 6,917 O G t e h n e e r r a a l g S en e c rv ie ic s es Administration. \ 550 609 ' t 6 , 2 5 0 1 1 7 7,2 1 8 85 2 7,9 1 1 7 9 4 8,3 1 7 94 0 8,4 1 4 86 7 8,5 2 0 0 1 9 8,5 2 1 0 3 8 8, 2 5 0 5 4 7 8,6 1 2 9 8 2 Land, structures, and equipment, total 8,046 7,822 9,985 9,962 10,670 9,124 9,023 9,381 9,411 9,514 10,437 Commerce Dept. (primarily maritime activities) 4,798 4,822 4,502 4,535 4,721 2,880 2,736 2,912 2,917 2,942 3,689 Panama Canal Company 421 421 398 398 396 411 418 417 417 417 430 Tennessee Valley Authority 1,739 1,829 1,762 1,801 1,777 1,924 1,930 1,916 1,903 1,961 1,984 Housing and Home Finance Agency 728 450 236 88 25 9 9 9 9 9 7 Nat. Aeronautics and Space Administration 276 283 285 310 368 454 462 479 518 Bonneville Power Administration 311 342 372 352 355 353 351 348 366 General Services Administration 1,298 1,308 1,322 1,221 1,312 1,339 1,283 1,287 1,337 Post Office Department 590 599 637 640 492 540 559 558 592 Other agencies 360 300 613 608 1,134 1,376 1,402 1,442 1,511 1,514 1,514 Bonds, notes, & debentures payable (not guar.), total... 1,068 2,379 2,711 4,662 4,038 5,974 6,308 5,612 5,707 5,271 5,423 Banks for cooperatives 156 185 257 247 303 404 342 362 438 456 386 Federal intermediate credit banks 640 665 721 902 1,124 1,359 1,628 1,669 1,460 1,554 1,744 Federal home loan banks 272 958 963 825 714 1,774 1,255 1,167 1,266 824 1,055 Federal National Mortgage Association 570 770 2,688 1,898 2,437 3,082 2,413 2,542 2,436 2,238 1 Figures exclude interagency items. Before 1956, data for trust revolving NOTE.—Coverage has changed in some of the periods shown. Befunds included such items. ginning with 1956, changes reflect the expended coverage and the new 2 Effective Jan. 1, 1957, the production credit corporations were merged classification of activities by type of fund now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. Classifications by supervisory authorities are those in existence Act of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operations currently. Where current Treasury compilations do not provide a deof the banks are classified as trust revolving transactions. tailed breakdown of loans, these items have been classified by Federal 3 Less than $500,000. Reserve on basis of information about the type of lending activity involved. 4 Includes investment of the Agricultural Marketing revolving fund in the banks for cooperatives; Treasury compilations before 1956 classified this item as an interagency asset. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 248 Gold production. 249 Net gold purchases and gold stock of the United States. 250 Estimated foreign gold reserves and dollar holdings. 251 International capital transactions of the United States. . 252 United States balance of payments. 261 Money rates in foreign countries. 261 Foreign exchange rates 263 Index to statistical tables. 269 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. 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- Congo, E m n o d n t o h f w m t o o a r t t l a e d l d i M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia o R f e t p h . e 1954—Dec 36.940 1,740 21,793 13,405 372 138 62 778 322 1,073 42 86 115 1955—Dec r37;620 1,808 21,753 14,060 372 144 71 r928 323 1,134 44 86 116 1956—Dec . '38,105 1,692 22,058 14,355 224 107 71 925 324 1,103 46 57 122 1957—Dec r38,810 1,180 22,857 r14,775 126 126 103 915 324 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 . '40,185 2,407 19,507 18,270 56 154 292 1,134 327 960 43 71 42 1960—Dec 40,525 2,439 17,804 20,280 104 147 293 1,170 287 885 45 78 1961—Jan 2,446 17,480 138 150 293 1,156 287 885 39 79 Feb 2,447 17,412 158 149 293 1,137 287 886 45 79 Mar 40 660 2 476 17 433 20 750 188 150 293 1 132 287 884 44 80 Apr 2,476 17,435 193 153 293 1,086 288 891 46 81 May 2 479 17 451 192 153 293 1 069 288 899 46 82 June . 40,915 2,482 17,603 20,830 192 155 293 1^074 288 906 47 83 July 2,508 17,590 192 153 293 1,083 288 912 48 84 Aug 2,042 17,530 192 153 293 1,151 288 920 48 84 Sept *>41,045 2,046 17,457 ^21,540 191 152 298 1,165 288 927 48 85 Oct 2 055 17 331 190 155 302 1 203 289 932 48 86 Nov 2,059 17,021 159 302 1,234 285 941 49 Dec *41,100 2,077 16,947 ^22,075 303 1,248 946 48 Ger- E m n o d n t o h f Cuba m De a n rk - D R o i e c m p a u n i b n - - E d c o u r a- E v l a d S o a r l- l F a i n n d - France 2 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d 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 7S0 2,639 17 27 247 37 141 1959—Dec 50 31 10 20 30 38 [ 290 2 637 26 24 247 33 140 1960—Dec 1 31 10 20 30 41 1,641 2,971 76 24 247 58 130 1961—Jan 1 31 10 20 30 41 [,641 2,999 76 24 247 58 130 Feb 1 31 20 30 41 I 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 1,952 3,296 77 24 247 57 130 May 31 20 25 41 QQ4 3,433 80 24 247 57 130 June 31 20 22 45 2*020 3,513 77 24 247 57 130 July 31 20 17 45 2,037 3,525 77 24 247 130 Aug 31 20 17 45 2 124 3 644 77 24 247 130 Sept 31 20 17 45 2,124 3,644 77 24 247 130 Oct 31 1 19 17 45 2,125 3,648 HI 247 130 Nov 31 3 19 17 45 2,122 3,648 82 247 130 Dec 31 3 19 47 2,121 3,664 247 130 Ire- E m n o d n t o h f Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- A So fr u ic th a lic of 1954—Dec 18 346 63 62 796 33 45 38 35 9 429 199 1955—Dec 8 18 352 74 142 865 33 45 48 35 16 428 212 1956—Dec.. 14 18 338 77 167 844 33 50 49 35 22 448 224 1957—Dec 20 18 452 91 180 744 33 45 49 28 6 461 217 1958—Dec . . .. 34 18 1,086 91 143 1,050 33 43 49 19 10 493 211 1959 Dec 84 18 1,749 102 142 1,132 34 30 50 28 9 548 238 1960—Dec 98 18 2,203 119 137 [,451 35 30 52 42 15 552 178 1961—Jan 98 18 2,204 119 135 1,451 35 30 52 47 16 553 170 Feb 98 18 2,217 119 135 [,451 35 30 52 47 18 553 187 Mar 98 18 2,128 119 136 1,451 35 30 53 47 19 539 196 Apr 84 18 2,128 119 137 1,458 35 30 53 47 20 510 172 May 84 18 2,128 119 136 1,458 35 30 53 47 20 496 149 June 84 18 2,134 119 117 [,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 1,581 30 53 47 22 448 179 Sent. .. . 84 18 2,226 119 116 [,581 1 30 53 47 22 437 205 Oct 84 18 2,226 119 1,581 1 30 53 47 25 438 218 Nov 18 119 1,581 1 30 53 47 26 439 256 Dec. .. . 18 119 1,581 1 30 53 47 32 298 p Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 249 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 ru a - 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 ments4 1954_Dec 132 265 1,513 17 113 144 174 2,762 227 403 14 76 153 1955 Dec 132 276 1,597 19 112 144 174 2,120 216 403 16 121 244 1956—Dec 132 266 1,664 19 112 144 188 2,133 186 603 18 59 268 1957 Dec 101 219 24 112 144 188 2,273 180 719 14 24 254 1958 Dec 57 204 1*925 24 112 144 174 3,069 180 719 17 —42 126 1959—Dec 68 191 1,934 19 104 133 174 2,736 180 652 10 -134 40 I960 Dec 178 170 2,185 19 104 134 174 3,231 180 398 4 -19 1961 Jan 189 170 2,184 19 104 134 174 3,245 180 398 5 53 Feb 205 170 2,162 19 104 134 174 3,195 180 398 5 83 Mar 205 170 2,165 19 104 134 174 3,021 180 398 5 48 78 Apr 205 170 2,239 19 104 134 174 2,948 180 398 5 111 May 205 170 2,247 19 104 134 174 2,903 180 398 5 44 June 217 170 2,271 19 104 134 174 2,772 180 398 5 -17 65 Julv 244 170 2,322 19 104 134 174 2,453 180 398 6 — 19 Aug 272 180 2,428 19 104 139 174 3,486 180 398 5 91 Sent 277 180 2,472 19 104 139 174 3,553 180 398 5 164 50 Oct 291 180 2,525 104 139 174 3,531 180 398 5 164 Nov 301 180 2,505 139 174 3,556 398 183 Dec 316 180 2,560 139 174 3,318 115 r Revised. gold deposited with the B.I.S. is included in the gold reserves of individual i Excludes U.S.S.R., other Eastern European countries, and China countries. Mainland. 2 Represents holdings of Bank of France and French Exchange Stabili- Represents reported gold holdings of central banks and governments zation Fund. and international organizations, unpublished holdings of various central 3 Beginning with December 1958, represents Exchange Equalization banks and governments, estimated holdings of the U.K. Exchange Account gold and convertible currency reserves, as reported by the U.K. Equalization Account based on figures shown for United Kingdom, and Treasury; prior to that time represents reserves of gold and U. S. and estimated official holdings of countries from which no reports are re- Canadian dollars. ceived. 4 Represents net gold assets of B.I.S., i.e., gold in bars and coins and The figures included for the Bank for International Settlements repre- other gold assets minus gold deposit liabilities. sent the Bank's gold assets net of gold deposit liabilities. This procedure 5 European Payments Union through December 1958 and European avoids the overstatement of total world gold reserves since most of the Fund thereafter. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Africa North and South America Year or month world production1 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 1954 895.0 826.0 462.4 18.8 27.5 12.8 65.1 1955 , 940.0 873.5 510.7 18.4 23.8 13.0 65.7 1956 975.0 911.6 556.2 18.8 21.9 13.1 65.3 1957 1,015.0 952.8 596.2 18.8 27.7 13.1 63.0 1958 1,050.0 980.1 618.0 19.4 29.2 12.8 61.6 1959 1,125.0 1,060.3 702.2 19.8 32.0 12.3 57.2 I960 1 170.0 1,099.4 748.4 19.6 31.0 58.8 I960 Nov 92 0 63.4 J-6 2.5 4.3 Dec 90.7 62.2 7 2.5 3.9 1961 Jan . 90.9 63.7 7 2.5 3.2 Feb 88.4 62.7 2.5 2.9 Mar 65.7 1.9 2.5 3.7 Apr 65.3 8 3.2 May 67.5 1.7 67.3 8 July 67.7 7 AUK 68.8 6 Sept 68.5 1 6 Oct 68.9 1 6 Nov 69.2 CO 00 Other C a a d n a - M ic e o x- r N ag ic u a a - 3 Brazil Co b l i o a m- t A ra u l s i - a India 152.8 13.5 8.2 4.2 13.2 39.1 8.4 159.1 13.4 8.1 3.9 13.3 36.7 7.4 153.4 12.3 7.6 4.3 15.3 36.1 7.3 155.2 12.1 6.9 4.2 11.4 37.9 6.3 158.8 11.6 7.2 3.9 13.0 38.6 6.0 156.9 11.0 7.3 3.8 13.9 38.1 5.8 161.1 10.5 7.0 4.1 15.2 38.0 5.7 13.7 .9 .6 .4 1.1 3.1 5 13.8 .6 .6 .3 1.2 3.4 .5 13.2 .9 .6 .3 1.4 2.9 .5 12.6 .8 .6 .4 0 2.9 .5 13.7 1.1 .4 [.2 2.9 .5 13.1 .7 .4 0 3.4 .4 13.4 .7 .4 [.0 2.9 .4 12.8 .6 .4 ? 2.9 .5 3.8 12.6 1.0 .4 0 3.1 .5 3.8 12,5 .2 1 3.4 .5 4:5 12.1 .3 4 3.9 12.7 .4 4 4.1 13.0 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

250 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1960 1961 1953 1954 1955 1956 1957 1958 1959 1960 3 4 1 2 3 Western Europe: -6 -84 -83 i -85 3 3 -329 -39 -141 —7 —83 — 63 -68 -34 -266 -173 -56 -117 Germany Fed Rep of . ... -130 -226 -10 -34 -34 -23 Italy -349 100 -65 25 -261 -30 -249 -110 -105 25 Portugal . -60 -55 -5 -20 -10 Spain 31 32 -ii4 -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 (*) Total -1,016 -378 -78 80 68 -2,326 -827 -1,718 -576 -1,053 -244 202 -246 Canada 15 5 Latin America: -85 115 75 67 —50 — 30 — 20 —90 —28 80 —30 20 20 Venezuela. — 30 -200 65 Other -19 12 14 56 6 2 -16 -30 -6 -22 -12 5 -9 Total -132 62 14 -28 81 69 19 -100 -36 -62 -102 5 -9 Asia: Japan -30 -157 — 15 — 15 Other -6 -10 -5 0) 18 -4 -28 -97 -4 -67 -20 -27 -34 Total -6 -10 -5 0) 18 -34 -186 -113 -19 -67 -20 -27 -34 All other2 -10 1 1 14 C1) -3 -5 -38 C1) -29 C1) -1 C1) 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 Foreign Foreign V'ear T ( r u e e r n a y d s S - t o o f c T k y o ea ta r l ) i in s c o T c t r r o r o e e d a c t a a s k e s l e - : e, i e m N x (- p o p e ) r o o t r r t t , d m e c o a E c r ( r r e r - a k e a ) i r a n e s - s e d - e : , c h ( u o e y r l n e r d d e a i n n r o ) c g f y s Month ( T e u r n e r d a y s S o - t f o m c T k o o n ta th l i ) in s c o T c t r ( r o r e o - e ) d c a t a a s k e s l e - : e, i e m x N o p p e r o o t r r t t , d m e c o a c E r ( r r e r - a k e ) a i r a n e s - s e - d e : , h c m ( u o e r l n o d r d n e i n n th o c g ) f y s (-)• 1950 22,706 22,820 -1,743 -371 -1,353 1961—Jan 17,441 17,480 -324 -20 -322 1951 22,695 22,873 53 -549 618 Feb.... 17,373 17,412 -68 -47 3 1952 ... 23,187 23,252 379 684 -305 Mar.... 17,388 17,433 21 -137 161 25 1953.. 22,030 22,091 -1,161 2 -1,171 Am 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 June... 17,550 17,603 152 -96 254 186 1955....... 21,690 21,753 -40 97 -132 July.... 17,527 17,590 -13 2 -3 105 1956 21,949 22,058 305 106 318 Aug 17,451 17,530 -60 -33 -23 106 1957 22,781 22,857 799 104 600 Sept 17,376 17,457 -73 -58 4 62 1958 20,534 20,582 -2,275 260 -2,515 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 Dec... 16,889 16,947 -74 (3) -65 116 1960 17,767 17,804 -1,703 333 -1,982 1961 16,889 16,947 -857 (3) -62 116 1962—Jan ^16,8152*16,847 ^-100 (3) 4-64 (3) * Preliminary. 2 Includes payment of $344 million as increase in U. S. gold subscripi Includes gold in Exchange Stabilization Fund, which is not included tion to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve 3 Not available. statement "Member Bank Reserves, Reserve Bank Credit, and Related 4 Gold held under earmark at the Federal Reserve Banks for foreign Items'* or in the Treasury statement, "Circulation Statement of United and international accounts amounted to SI 1,969 million on Jan. 31, 1962. 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 251 GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS [In millions of dollars] Dec. 3 ,1959 Sept. 30, 1960 Dec. 31, 1960 Mar. 31, 1961 June3(), 1961 Sept. 30, 1961^ U.S. Govt, Area and country G sh o o l r d t & - G U o .S v . t. G sh o o l r d t & - G U o .S v . t. G sh o o l r d t & - bonds & notes1 G sh o o l r d t & - G U o .S vt . . G sh o o l r d t & - G U o .S vt . . G sh o o l r d t & - G U o .S v . t. d t o e l r l m ars & bo n n o d t s es d t o e l r l m ars & bo n n o d t s es d t o e l r l m ars Old New d t o e l r l m ars & bo n n o d t s es d t o e l r l m ars & bo n n o d t s es dollars & bo n n o d t s es series series Western Europe: Austria 623 7 516 7 536 7 3 491 3 480 3 526 3 Belgium 1,272 7 1,240 7 1,312 6 2 1,279 2 1,307 1 1,478 i 168 64 78 53 85 28 31 89 31 81 31 79 30 Finland. 109 85 1 87 1 (2) 85 (2) 112 2 134 2 France 1,945 35 2,273 17 2,160 16 5 2,474 5 2,862 4 3,014 5 Germanv Fed Reo of 4,624 16 5,995 16 6,447 16 3 6,752 3 6,588 3 6,394 3 G Ita re ly ece 3,1 2 1 1 9 2 8 3 1 1 0 8 9 1 (2) 3 0 1 8 3 0 9 (2) (2) 2,9 1 1 4 2 3 (2) 3,0 1 5 3 9 6 (2) 3,3 1 7 2 7 0 ( ( 2 2 ) ) Netherlands 1,617 1,646 14 1,779 13 4 1,731 1,735 3 1,804 N Po o r r t w ug a a y l 6 1 8 2 6 5 14 1 1 6 1 3 1 8 5 15 1 8 '1 6 1 3 2 6 14 1 3 14 1 8 '1 6 1 1 5 5 141 1 '1 5 3 4 4 6 13 1 2 5 1 2 3 3 5 12 1 8 Spain 154 3 235 3 327 3 316 1 352 1 4^5 1 Sweden 404 101 395 78 397 77 82 438 93 574 51 566 71 2,903 88 2 786 74 2 863 57 94 2,721 91 2,850 87 3,177 86 Turkey 164 149 (2) 152 M 158 (2) 150 (2) 158 United Kingdom 3 3,490 4,503 381 4,467 420 4,379 449 4,109 435 4,717 483 Other4 '591 51 469 39 529 44 '593 45 609 47 787 47 39 Total '22,206 855 24,413 849 '25,108 819 838'25,291 868'25,684 801 27,394 864 Canada 3,158 452 3,552 424 3,324 416 446 3,313 464 3,565 463 3,575 465 Latin America: Argentina 393 (2) 454 (2) 419 (2) 1 501 1 475 1 454 1 Brazil 478 1 460 1 481 2 2 480 2 474 2 551 1 Chile 228 (2) 179 a(2) 180 8 177 171 178 (2) Colombia 288 242 236 1 240 202 222 1 Cuba 214 108 78 1 64 59 (2) 46 Guatemala 61 1 65 i 68 391 77 % 83 (2) 70 (2) M^exico 584 495 4 534 2 7 472 6 450 529 5 Panama Reoublic of 129 127 2 123 2 1 95 1 78 1 79 1 P U e r r u u g uay • 2 1 4 1 2 0 1 2 9 4 7 4 (21) 2 1 3 1 1 4 (21) (2 1 ) 2 1 2 1 7 2 (2 1 ) 2 1 3 1 0 8 (2) 2 1 2 2 9 3 11 Venezuela 929 3 795 3 796 3 892 1 826 1 846 1 Other5 253 12 400 11 370 9 317 28 303 57 296 77 Total 3,909 105 3,666 86 3,630 59 15 3,654 41 3,469 69 3,623 89 Asia: India 361 (2) 297 40 301 40 41 295 6 288 6 333 6 Indonesia 172 195 236 (2) 1 158 1 142 1 120 Iran 187 156 152 173 178 167 Japan 1,564 2 1,984 A. 2,166 2,306 2,262 3 1,953 Philippines 181 237 218 2 2 214 2 184 2 174 2 Thailand. 245 1 276 (2) 290 (2) (2) 318 331 (2) 344 (2) Other 1,245 46 1,026 59 '991 43 45 '989 45 '1,019 45 1,095 45 Total - ... 3,955 53 4,171 103 '4,354 87 92 '4,453 57 '4,404 57 4,186 57 Allother: 264 (2) 259 (2) 235 (2) 233 238 (2) 238 (2) South Africa 287 1 235 1 207 1 227 (2) 192 (2) 251 U A R (EavDt) 194 2? 196 196 195 (2) 190 189 f2) Other6 526 552 600 27 35 38 '625 37 586 38 Total 1,271 42 1,242 29 1,238 28 35 '1,255 38 '1,245 37 1,264 38 Total foreign countries''' 1,507 37,044 1,491 '37,654 1,409 1,426 '37,966 1,468 '38,367 1,427 40,042 1,513 International 5,565 660 6,133 671 6,394 884 900 6,353 1,064 '6,451 1,011 5,480 1,127 Grand total? '40,064 2,167 43,177 2,162 '44,0481 2,293 2,326 '44,319 2,532 '44,818 2,438 45,522 2,640 Memorandum item: Sterlins area 4,730 407 5,627 489 5,558 512 536 5,488 531 5,179 518 5,861 567 p Preliminary. ' Revised. 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 Excludes 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.T.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

252 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding; in millions of dollars] Foreign countries Europe In- End of month G to ra ta n l d t t i e o r n n a a l - 2 Total Officials Private R m G F e a p e e n . d r y - . o , f U K d n i o n i m t g e - d Other Total Canada A L m a e ti r n ica Asia o A th l e l r 1956 Dec 14,939 1,452 13,487 8,045 5,442 1,835 1,012 4,019 6,865 1,516 2,346 2 415 346 1957 Dec 15,158 1,517 13,641 7,917 5,724 1,557 1,275 4,310 7,142 1,623 2,575 1,946 355 1958—Dec 16,159 1,544 14,615 8,665 5,950 1,755 873 5,081 7,708 2,019 2,403 2,205 279 1959 Dec 19,389 43,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2,780 373 I960 Dec '21,329 3,955 17,374 10,327 '7,047 3,476 1,667 '3,903 '9,046 2,439 2,422 '3,115 352 1961—Jan '20,919 3,942 16,977 10,146 r6,831 3,502 1.633 '3,582 '8,717 2,442 2,324 '3,153 342 Feb '20,774 3,817 16,957 10,098 '6,859 3,583 1,567 '3,539 '8,689 2,421 2,294 '3,205 347 Mar r21,095 3,877 17,218 10,312 '6,906 3,510 1,754 '3,614 '8,878 2,429 2,372 '3,190 348 Apr '20,862 3,917 16,945 9,896 '7,049 3,184 1,619 '3,766 '8,569 2,437 2,344 '3,202 393 M!ay '21,079 3,920 17,160 9,929 r7,231 3,086 1,642 '3,980 '8,708 2,620 2,294 '3,185 352 June '21,504 3,970 17,535 10,070 '7,464 3,075 1,709 '4,368 '9,151 2,659 2,216 '3,142 367 J AUu ly s ' ' 2 2 1 1 , , 7 6 7 2 0 8 3 3, , 4 9 0 8 4 3 1 1 7 8 , , 7 2 8 2 7 4 1 1 0 0 , , 0 5 9 3 6 7 ' '7 7 , , 6 6 8 9 6 1 2 2, , 7 9 9 7 1 0 2! . 4 6 3 9 1 1 4 4, , 6 6 3 4 7 0 9 9 , , 3 8 0 5 1 9 2 2 , , 7 70 1 1 2 2 2 , , 3 2 0 7 7 7 ' ' 3 3 , , 1 0 0 3 5 8 3 34 6 9 2 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 22,231 3,715 18,517 10,691 7,826 2,544 2,674 4,894 10,111 2,906 2,312 2,807 382 Nov.2' 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 Dec.5 22,558 3,804 18,754 10,966 7,788 2,841 2,225 5,249 10,316 2,754 2,405 2,892 387 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 ey r- 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 31 500 I960 Dec '3,903 243 142 54 46 519 63 877 328 '82 84 149 227 678 18 393 1961 Jan '3,582 213 132 54 45 579 49 794 275 80 81 114 229 612 21 303 Feb '3,539 205 136 52 47 687 52 724 246 '85 80 127 233 568 19 278 Mar '3,614 198 147 58 44 591 67 784 280 '85 76 111 268 556 24 326 Apr '3,766 194 183 57 44 633 68 823 265 84 80 118 282 538 17 380 May '3,980 189 220 47 51 723 62 858 250 '99 82 125 339 522 13 399 June '4,368 187 233 50 67 842 59 925 271 '104 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 Sect 4,847 228 313 48 89 890 43 1,151 223 105 86 128 386 705 19 433 Oct 4,894 228 312 56 92 888 43 1,191 227 110 88 133 391 689 21 425 Nov.p 4,995 241 332 49 89 957 50 1,203 231 99 91 134 379 712 28 400 Dec* 5,249 255 329 52 91 989 67 1,234 217 105 99 152 406 874 26 353 Table lb. Latin America Neth- Do- er- End of month Total A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - v S a E d a l l o - r G m u a a l t a e- M ic e o x- l t A a a il n n l n e d d - s s a P p R m u a e n b a - - - , Peru U gu r a u y - V zu e e n l e a - Others 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 Dec ... . 2 422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 196l_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 .. . 2,312 246 23 254 96 137 46 27 28 43 403 88 84 73 50 406 307 Nov.** 2,343 240 25 260 96 130 44 23 23 43 444 87 85 77 53 416 296 Dec.p 2s405 235 26 228 105 147 43 23 22 46 506 89 87 84 57 417 292 P Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 253 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 —Continued [Amounts outstanding; in millions of dollars] Table 1c. Asia and All Other Asia All other Ko- Con- End of month Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l u e o i e b a c f - - , P p i i h p n i - e l- s Tai- T la h n a d i- Other Total A tra u l s i - a R t g o h e o f p e , . A S f o r u ic t a h ( U E . g 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—Dec. r3,115 57 54 178 22 75 1,887 152 203 84 186 '217 352 32 29 22 181 1961—Jan 57 45 181 20 67 1,953 139 193 84 195 '218 342 72 33 39 20 178 Feb........ 3,205 52 44 150 45 69 1,990 145 198 81 209 '221 347 73 33 36 20 184 Mar r3,190 53 48 101 43 62 2,027 155 195 76 214 '216 348 83 31 31 21 182 Apr '3,202 51 40 89 41 50 2,096 154 172 77 215 '219 393 124 32 30 21 187 May '3,185 51 43 86 41 42 2,036 163 173 77 223 '251 352 76 22 40 22 192 June '3,142 52 41 85 48 47 1,983 168 163 81 227 '247 367 83 30 39 16 199 July '3,105 52 37 74 32 51 1,913 178 182 80 231 '273 362 81 29 40 16 196 Aug '3,038 53 78 78 39 64 1,766 186 174 89 237 '275 349 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 2,807 59 88 92 34 65 1,535 195 134 92 240 273 382 90 39 46 15 192 Nov.33 2,816 59 87 82 31 62 1,532 198 150 90 248 277 385 91 38 44 12 199 Dec.*9 2,892 55 78 76 31 63 1,590 199 185 92 264 258 387 98 34 32 15 209 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1957 1958 1959 1960 1957 1958 1959 1960 Other Europe: Other Asia (Cont.): Albania .1 .3 .3 .2 Burma 6.7 5.9 4.3 .9 Bulgaria .6 .3 1.2 .5 Cambodia 20.0 24.9 19.7 10.9 Cyprus .1 .2 .3 .5 Ceylon 34.2 44.1 34.4 6.9 Czechoslovakia8 .7 .6 .7 1.0 China Mainland8. 36.3 36.0 35.8 34.8 Estonia. 1.7 1.7 1.8 n.a. Iraq. 19.6 18.0 63.1 n.a. Hungary .7 .9 1.3 1.0 Jordan 1.6 2.8 2.5 1.8 Iceland 2.9 3.5 2.7 5.1 Kuwait 5.9 10.3 9.4 9.6 Ireland, Republic of 9.0 10,0 5.4 2.7 Laos 33.1 20.9 21.0 5.0 Latvia .5 .6 .6 .5 Lebanon 28.2 37.9 38.0 36.2 Lithuania .5 .7 .6 .6 Malaya 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 Poland8 3.2 4.9 4.0 6.1 Ryukyu Islands 32.7 15.2 14.8 n.a. Rumania8 .8 .9 .9 1.1 Saudi Arabia 94.8 60.2 111.6 18.4 Soviet zone of Germany 3.1 1.4 1.5 1.3 Singapore 7.1 2.5 3.5 1.9 U. S. S. R.8 .7 2.2 2.6 12.1 Syria 3.5 4.7 5.0 n.a. Yugoslavia8 10.6 9.5 6.2 10.0 Viet-Nam. 58.5 48.8 i8.3 n.a. Other Latin America: B H T B C E N P F H a r h e c o a o i a e c r e r h u s i n a n m a t t a a d i g a W c r m u d u a h u R d g e o r a a a W s a u y i r s c s t . a 9 a . e I . n st d i I e n s d i f 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 2 5 6 2 5 2 1 . . . . . . . . . 7 9 4 6 8 7 2 1 8 2 3 1 1 6 7 4 6 3 1 7 1 . . . . . . . . . 5 8 6 4 7 3 3 5 4 2 1 1 3 1 1 1 1 6 8 4 2 0 2 2 . . . . . . . . . 7 9 3 6 5 8 5 5 7 4 2 2 1 1 1 1 1 4 7 1 7 9 1 0 5 1 . . . . . . . . . . 2 7 6 3 8 4 9 7 0 3 Al A E l F L G L N M M M r t o i i l e h h b e b o o a g t w a n i d y h z r e e o n o c r a a e r e p i C a i 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 i l E i d a . l s r a T i n t a d r n ea gier). 2 3 5 1 3 3 3 1 5 1 0 . . . . . . . . . 1 7 4 0 5 1 9 9 7 2 4 1 2 6 7 3 1 1 1 3 . . . . . . . . . . 9 0 4 4 0 8 5 7 5 0 2 5 1 1 2 2 0 7 1 8 7 . . . . . . . . . . 0 0 3 3 8 6 7 6 4 6 6 n n n 9 2 5 4 . . . . . . . . . . a a a 3 6 2 3 4 9 9 . . . Other Asia: New Zealand 1.9 6.9 6.8 n.a. Aden 1.7 2.2 n.a. Somali Republic 1.3 1.3 .8 3.5 Afghanistan 4.7 4.5 11.0 9.8 Sudan. 1.7 5.2 1.6 n.a. Bahrain .9 .9 .9 n.a. Tunisia .3 8.4 2.8 n.a. Not available. ^ Preliminary. 'Revised. partial breakdown of the amounts shown in the "other" categories in 1 Does not include banking liabilities to foreigners maturing in more Tables la-lc. than one year; such liabilities amounted to $2 million on Dec. 31, 1961. 8 Based on reports by banks in all Federal Reserve districts. 2 Represents principally the International Bank for Reconstruction and 9 Prior to 1960 data for the Bahamas included with The West Indies Development, International Monetary Fund, International Finance federation. Corporation, and the International Development Association. NOTE.—Statistics on international capital transactions of the United 3 Represents liabilities to foreign central banks and foreign central States are based on reports by U. S. banks (including the Federal Reserve governments and their agencies (including official purchasing missions, Banks), bankers, brokers, and dealers, by branches or agencies of foreign trade and shipping missions, diplomatic and consular establishments, etc.). banks, by certain domestic institutions not classified as banks that main- 4 Includes $1,031 million representing increase in U. S. dollar sub- tain deposit or custody accounts for foreigners, and by the U. S. Treasury. scription to the International Monetary Fund paid in June 1959. The term "foreigner" is used to designate foreign governments, central 5 Includes Bank for International Settlements. banks, and other official institutions, as well as banks, organizations, and 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

254 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 T bi r l e ls a s a u n r d y Other* Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1956 Dec 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957—Dec 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 Dec 19,389 16,913 6,341 9,245 1,328 2,398 1,833 295 270 77 1960 Dec '21,329 18,986 7,568 10,018 1 401 '2,230 '1,849 148 233 113 1961—Jan '20,919 '18,673 7,322 10,051 1.299 '2,125 '1,775 128 222 121 Feb '20,774 '18,555 7,488 9,794 1,274 '2,107 '1,778 113 216 112 Mar '21 095 '18,875 7,719 9,909 1,247 '2,109 '1,794 102 213 111 Apr '20,862 18,617 7,756 9,594 1,268 '2,133 '1,810 103 220 '112 May '21 079 '18,760 7,971 9 503 1 287 '2,185 '1,844 129 212 '134 June '21,504 '19,140 8,234 9,585 1,321 '2,208 '1,851 133 223 157 July '21,770 19,419 8,492 9,620 1,307 '2,206 '1,880 109 217 145 Aug '21 628 19,310 8,631 9 343 1,336 '2,209 '1,871 109 229 109 Sept 21,937 19,609 8,688 9,543 1,378 2,226 1,890 117 219 101 Oct 22,231 19,781 8,896 9,485 1,400 2,292 1,917 149 225 159 Nov v 22,430 19,954 8,837 9,651 1,466 2,334 1,938 139 258 142 Dec? 22,558 20,051 8,664 9,891 1.495 2,358 1,971 149 238 149 Area and country detail, Oct. 31, 1961 Europe: Austria 228 226 221 5 2 2 (3) Belgium 312 272 262 8 9 40 33 (3) 7 (3) Denmark 56 48 22 1 8 8 (3) (3) F F r in an la c n e d 8 9 88 2 8 9 36 0 2 4 63 8 53319 41 3 49 2 43 2 3 (3 3 ) 3 Germany, Fed. Rep. of 2,544 2,505 326 1,790 389 36 31 1 4 Greece .. . . 43 28 23 5 16 16 Italy 1,191 1,165 151 831 $ 26 22 3 (3) Netherlands 227 199 115 74 10 28 23 2 2 j Norway 110 79 61 14 3 31 30 1 (3) Portugal 88 46 43 3 42 40 2 Spain . 133 109 108 1 24 21 3 (3) Sweden 391 382 91 249 41 10 9 rx\ (3) (3) Switzerland . ... 689 527 265 105 157 106 65 15 25 56 Turkey 21 20 19 2 2 (3) United Kingdom 2,674 2,305 1,020 1,213 72 326 134 79 113 42 Yugoslavia 8 7 7 (3) 1 1 Other 418 376 94 85 198 12 12 (3) 1 29 Total 10,111 9,218 3,139 4,960 1,119 759 494 105 161 134 Canada 2,906 2,637 1,853 761 23 254 201 33 20 15 Latin America: Argentina 246 169 156 10 3 76 74 (3) 2 (3) Bolivia 23 6 6 17 17 (3) Brazil 254 117 112 (3) 137 130 (3) (3) Chile . ... 96 52 51 1 45 44 Colombia 137 69 67 (3) 1 68 67 • Cuba : 46 2 2 44 43 Dominican Republic .... 27 9 9 18 17 El Salvador 28 9 4 5 1 19 19 (3) Guatemala 43 26 20 6 17 17 (3) Mexico 403 230 218 6 7 172 167 i (3) Neth. Antilles and Surinam 88 51 34 5 11 37 30 2 6 Panama Rep of 84 13 13 1 71 65 5 Peru 73 28 27 (3) 45 43 2 (3^ Uruguay 50 21 19 30 24 4 Venezuela 406 199 199 (3) 206 202 1 2 j Other 307 197 128 444 25 108 98 4 6 2 Total 2,312 1,200 1,066 71 63 1,108 1,058 10 40 4 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 255 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 Payable country in foreign U. S. U. S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates certificates Area and country detail, Oct. 31, 1961—Cont. Asia: Hong Kong 59 32 27 5 26 25 (3) 1 (3) India 88 82 30 46 6 5 5 (3) (3) 2 Indonesia 92 90 66 23 1 3 3 Iran . . 34 28 28 5 5 (3) Israel 65 60 31 5 23 5 5 Japan... .... 1,535 1,515 1,101 328 87 19 19 (3) (3) (3) Korea, Rep. of. 195 194 191 3 2 2 Philippines 134 114 100 (3) 14 20 19 (3) (3) C3) Taiwan 92 86 85 1 6 6 Thailand 240 238 66 C3) 6 3 3 Other... 273 232 175 166 18 41 40 (3) 1 1 38 To*al 2,807 2,669 1,899 606 164 135 131 1 2 3 All other: Australia. 90 85 44 38 4 3 3 2 Congo, Rep. of the 39 38 20 2 17 1 1 South Africa. 46 42 34 8 3 2 (3) $ 1 U.A.R. (Egypt) 15 14 10 3 1 1 (3) Other 192 163 141 17 5 28 27 (3) 1 Total . . 382 342 249 61 26 36 33 1 2 4 Total foreign countries. 18,517 16,066 8,207 6,465 1,394 2,292 1,917 149 225 159 International 3,715 3,715 689 5 3,021 6 (3) Grand total.......... 22,231 19,781 8,896 69,485 1,400 2,292 1,917 149 225 159 1 Includes nonnegotiable, non-interest-bearing special U. S. notes held 4 Includes $25 million of nonnegotiable non-interest-bearing special by the Inter-American Development Bank and international organizations, U. S. notes held by the Inter-American Development Bank. which amounted to $2,528 million on Dec. 31, 1961. 5 Includes $2,118 million of nonnegotiable, non-interest-bearing special 2 Represents principally bankers' acceptances and commercial paper. U. S. notes held by international organizations. 3 Less than $500,000. 6 Includes amounts shown in notes 4 and 5. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding; in millions of dollars] End of month Total France m G F a e e n d r y - . , 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 i m a c t a e in r- Asia o A th l e l r Rep. of 1956—Dec 1,946 18 157 43 29 104 216 568 157 840 337 43 1957 Dec 2,199 114 140 56 34 98 211 654 154 956 386 50 1958—Dec 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 Dec . . . 2,623 57 54 30 38 121 234 534 272 1,175 586 56 I960—Dec. 3,614 32 82 34 60 245 264 111 421 1,356 1,052 69 1961—Jan 3,609 35 78 38 61 197 237 646 429 1,340 1,121 73 Feb 3 691 39 81 36 61 170 224 611 398 1,390 1,220 73 Mar 3,967 46 108 36 74 167 246 678 489 1,374 1,349 76 Apr .. . . 4,150 46 135 46 70 173 227 697 532 1,394 1,450 76 May. 4,124 44 145 42 65 171 228 695 520 1,336 1,497 75 June .... 4,123 48 148 33 64 165 233 691 514 1,243 1,598 76 July 4,189 50 141 35 64 187 209 688 492 1,245 1,674 90 Aug . . • • 4 122 42 136 37 60 134 178 586 517 1,295 1,626 98 Sept. .. . 4,160 34 146 34 67 185 187 653 491 1,349 1,578 88 Oct 4,347 37 140 34 72 169 182 634 618 1,412 1,597 86 Nov P . .. 4 375 40 147 34 67 189 181 658 577 1,441 1,617 82 Dec v.. 4,711 40 165 35 105 181 240 767 542 1,511 1,807 85 P 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

256 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i— Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe End of month Total A tr u ia s- g B iu e m l- m 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 88 (2) 7 1957—Dec 211 6 25 11 4 6 29 23 2 8 10 76 (2) 10 195a Dec 315 7 65 14 6 7 56 22 2 30 24 72 1 9 1959 Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960 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 16 227 2 56 11 11 7 38 10 2 7 24 24 16 19 May 228 3 58 11 11 7 42 10 3 8 25 15 16 21 233 3 43 9 14 7 45 11 3 11 25 24 16 22 July 209 3 43 9 14 8 47 11 2 8 17 13 15 19 178 3 13 11 14 6 43 11 2 7 16 22 14 17 Sept 187 3 10 10 16 7 45 13 2 7 15 31 8 19 Oct 182 3 11 12 19 6 41 17 3 6 15 23 8 16 NOV.P 181 4 10 11 20 6 46 22 4 5 18 9 9 17 Dec v 240 5 20 11 25 6 54 26 5 11 35 16 9 18 Table 3b. Latin America Neth- End of month Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p 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 l u 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 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 May . . 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 July 1,245 148 5 160 120 91 20 12 14 14 336 8 25 63 38 119 71 Aus 1 295 158 8 147 119 91 20 13 17 17 375 8 28 67 39 121 68 Sept ..... 1,349 160 5 180 117 90 19 12 15 16 384 6 30 68 39 137 72 Oct 1,412 171 5 233 116 87 19 12 14 17 385 8 30 71 45 124 74 Nov p 1,441 179 5 230 119 99 19 14 14 19 380 6 32 69 53 131 73 Dec 2> 1,511 192 6 186 127 125 19 13 17 20 423 13 32 73 55 129 81 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 1960—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 ,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 ].196 26 14 25 """ 134 75 25 3 13 10 24 June 1,598 9 41 47 33 ',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 1,597 9 8 33 34 1,281 58 11 28 134 86 28 4 16 12 26 Nov.*> 1,617 9 8 33 34 1,292 86 10 31 112 82 27 6 11 12 27 Dec.» 1,807 9 8 31 36 1,445 114 10 34 119 85 29 6 10 13 27 P 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. 257 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 End of month, or area Longand country term— Loans to: total i Total Total Ba i o n n f s f k i t c s it i a u a l n - d Others s C ta t o o i n o u l d l n t e i - s c n - g Other Total f D or e w e p i i g o t n h si e t r s s Other tions Total amounts outstanding 1955—Dec... 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec... 839 1,946 1,796 582 330 440 444 150 131 19 1957—Dec... 1,174 2,199 2,052 627 303 423 699 147 132 15 1958—Dec... 1,362 2,542 2,344 840 428 421 656 198 181 16 1959—Dec... 1,545 2,623 2,406 848 460 516 582 217 203 15 1960—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 1,259 471 194 277 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 May.. 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 Aug... 1,830 4,122 3,712 756 537 719 1,700 410 232 178 Sept.., 1,856 4,160 3,712 111 568 697 1,671 448 266 182 Oct.. . 1,838 4,347 3,799 780 600 683 1,736 548 337 211 Nov.*. 1,908 4,375 3,826 813 631 682 1,700 549 329 220 Dec.?. 2,008 4,711 4,126 1,014 629 694 1,789 586 385 200 Area and country detail, Oct. 31, 1961 Europe: Austria... 11 3 3 2 Belgium.. 11 11 9 7 () Denmark. 5 12 12 3 Finland. . 3 19 19 2 16 France... 14 37 35 11 14 (2) Germany, Fed. Rep. of... 50 140 129 59 25 24 10 Greece 7 6 6 2 4 Italy 26 34 32 5 14 3 Netherlands 35 41 37 21 9 2 Norway 143 17 17 1 2 12 Portugal 3 3 3 1 2 Spain 1 6 6 2 1 () () Sweden.... 47 15 14 1 1 6 6 Switzerland. 8 72 40 11 16 7 5 32 14 Turkey 23 23 19 3 (2) United Kingdom. 11 169 71 13 15 40 67 32 Yugoslavia 2 8 8 4 2 2 Other 5 16 16 2 4 5 Total. 3,83 634 479 99 121 119 139 156 103 53 Canada 264 618 341 16 211 105 277 125 152 Latin America: Argentina 77 171 160 21 24 39 11 B B C C C o r h o u a l i l b i z l o v a e i m l i a bia , 2 ( 3 3 3 2 9 1 0 1 ) 2 1 3 8 1 1 5 3 7 6 9 1 1 8 6 1 1 5 7 8 6 9 4 4 1 9 4 1 2 2 1 3 2 8 1 2 3 1 1 4 6 2 7 6 3 3 3 9 "65' 8 8 - Dominican Republic..... 12 12 4 2 El Salvador 14 14 6 7 Guatemala 11 17 17 1 7 7 Mexico 182 385 380 131 76 34 138 Netherlands Antilles and Surinam.... 1 Panama, Rep. of. 16 30 30 1 18 7 4 Peru 11 71 71 5 11 23 33 Uruguay () 45 45 4 4 5 32 Venezuela 212 124 123 13 26 71 13 Other 71 74 73 13 31 21 Total. 1,412 1,329 295 244 324 466 83 79 v Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n t a r n y d t t e o rm tal — i Total Total Ba i o n n f s f k i t c s it i L a u a l - o nd ans t O o: thers s C ta t o o i n o u l d l n t e i - s n c- g Other Total f D or e e w p ig i o t n h si e t r s s Other tions Area and country detail, Oct. 31, 1961—Cont. Asia: Hong Kong 9 9 3 9 3 1 (2) (2) (2) India.... 16 8 8 2 (2) 5 1 (2) (2) Indonesia 43 (2) (2) (2) 3 Iran . . 13 33 32 (2) 3 1 1 (2) Israel 10 34 34 2 4 4 Japan 23 1,281 1,256 175 123 952 25 25 Korea, Rep. of. 3 3 (2) 5 3 (2) Philippines 12 58 58 55 1 (2) (2) Taiwan 1 11 11 2 1 2 7 Thailand 6 28 28 11 (2) 3 14 Other.... 2 130 130 105 (2) 20 3 (2) (2) (2) Total 126 1,597 1,570 358 16 192 1,004 27 26 (2) All other: A Co us n t g ra o l , ia Rep. of the....... 2 3 1 9 2 4 8 2 4 5 1 2 2 1 2 2 8 3 1 2 South Africa 69 16 14 (2) 8 5 2 2 (2) U.A.R. (Egypt) 4 12 12 1 6 (2) C2) Other... 45 26 26 6" 16 2 (2) C2) (2) Total 178 86 80 12 8 39 22 5 3 3 Total foreign countries 1,838 4,347 3,799 780 600 683 1,736 548 337 211 i Represents mainly loans with an original maturity of more than 2 Less than $500,000. 1 year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. 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—Dec 195 98 97 -21 208 220 -12 31 78 -46 33 52 -20 1961—Jan 73 96 -23 -23 250 219 30 54 '99 '-45 53 52 2 Feb 322 69 253 82 270 253 17 '48 74 '-26 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 '98 -54 50 96 -46 May 155 206 -50 -40 344 299 45 59 '126 '-67 57 96 -39 June 41 74 -33 -33 303 276 27 '63 '94 '-31 53 72 -19 July 170 '127 '43 '43 194 212 -18 50 117 -67 35 55 -20 340 177 163 48 246 254 -8 37 36 1 40 64 -24 Sent 22 26 4 -5 216 216 1 225 228 2 41 58 -17 Oct 120 56 65 64 245 232 14 52 77 -26 53 75 -22 Nov^ 259 184 76 16 309 288 20 62 104 -41 55 94 -39 Dec P 78 33 45 -10 286 273 14 64 106 -41 59 139 -80 27 Preliminary. r Revised. 2 Includes small amounts of U. S. municipal securities. i 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. 259 TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (—); in millions of dollars] Type of security Country or area Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o n i 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 i m 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 1960—Dec -12 7 -18 3 2 -3 -2 -21 5 -17 (3) (3) 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 i 32 -9 9 9 ]VIay 45 58 -13 (3) 5 29 1 10 50 -19 9 4 June 27 33 -6 (3) -1 3 19 11 2 34 -14 4 2 July -18 -5 -13 1 -2 -6 -1 -1 -12 -13 2 5 Aug. -8 2 -10 __9 (3) 6 -7 4 (3) 1 -14 •2 3 Sept 1 15 -15 T 2 2 2 11 -17 5 1 N Oc o t vv . . . 2 1 0 4 2 2 8 5 -1 -5 5 (3) 2 4 5 1 2 2 4 4 - - 2 1 0 0 2 3 1 1 9 7 -8 IJ 2 1 8 1 Dec.23 14 15 i i 1 1 21 -25 5 3 (?) 4 7 P Preliminary. 2 Includes transactions of international organizations. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (—); in millions of dollars] [In millions of dollars] Total Latin Assets in custody Y m e o a n r t o h r na In ti t o e n r- al f c o o re u i n g - n Europe C a a d n a - A i m ca er- Asia o A th l e l r End of month Deposits tries U. S. Govt. Miscelsecurities2 laneous 3 1957 -384 -338 231 -552 15 -45 13 1958 — 558 — 805 —72 — 543 5 —45 — 150 1960—Dec. 217 5,726 756 1959 — 157 -593 -50 -443 11 -97 -15 I960 -147 -498 -117 -196 -107 -41 -36 1961—Jan.. 238 5,793 714 Feb., 207 5,879 694 I960—Dec.... 2 -68 -21 -17 -24 -9 3 Mar. 271 5,935 690 Apr. 230 5,634 672 1961—Jan -1 r-42 -27 r-6 -7 -6 4 May 210 5,637 687 Feb.. .. 15 r-65 -30 r_4 -26 -4 -1 June 220 5,723 688 Mar.... -3 -78 -24 -42 0) -11 2 July. 226 5,660 667 Apr.... 3 '-103 -9 r-56 -20 -19 0) Aug. 270 5,903 660 May... 1 r-107 -26 '-52 -6 -22 Sept. 312 6,036 662 June... -15 '-34 -17 >--20 3 9 r-10 Oct.. 249 5,988 652 J A u u l g y.... 6 3 r_ - 9 2 1 9 -10 12 '- - 6 17 8 1 1 3 e -30 1 D N e o c v . . 2 1 7 9 9 8 5 6 , , 7 0 9 0 3 6 6 66 3 9 4 Sept 4 -24 -3 6 2 -7 -22 Oct -5 -43 -13 -7 1 -25 1 1962—Jan.. 229 5,403 663 Nov.P. . 1 -81 -26 -14 -9 -14 -18 Dec.*3.. 7 -114 -84 -28 1 -9 6 1 Excludes assets held for international organizations, and earmarked gold. See note 4 at bottom of p. 250 for total gold under earmark at v Preliminary. r Revised, Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 3 C U o . n S s . i s T ts r e o a f s u b r a y n k bi e l r l s s ' , a c c er c t e if p i t c a a n te c s e s o , f c o in m d m eb e t r e c d i n al e s p s a , p n e o r t , e a s, n d a n f d o r b e o ig n n d s a . nd international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 INFL 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 1st. revised ser.1 2d revised ser.1 Area and country 1960 1960 1961 1961 2 3 4 4 1 1 Europe: 1 16 18 18 18 29 29 1 1 1 1 1 1 1 1 37 20 29 29 33 34 Germany, Fed. Rep. of. . . 48 46 41 41 48 49 1 1 1 1 1 1 Xtaly 13 14 15 16 19 20 44 56 48 48 62 62 < 6 6 (2) 1 1 1 1 1 9 '8 '9 '9 8 8 14 8 6 6 c 29 30 26 27 25 26 1 3 United Kingdom '86 '79 '61 '65 79 79 1 1 1 1 1 1 6 rA 4 Total '316 '302 '271 '277 327 331 58 58 53 57 37 40 Latin America: 9 7 7 7 7 8 2 1 1 1 1 17 15 16 17 19 20 5 3 3 4 4 3 3 4 4 5 5 4 3 2 2 2 2 1 1 1 1 El Salvador.. 8 si Guatemala 7 ^6 ^6 Neth. Antilles and Surinam. 5 5 7 7 4 4 Panama Ret) of •. 2 6 2 2 3 3 3 4 4 4 5 6 Uruguay 3 4 1 2 2 Venezuela 13 14 13 14 16 23 Other ••• Total '74 '79 '73 '76 83 92 Asia: 2 3 3 3 3 3 4 4 6 7 6 6 4 4 3 3 11 11 '3 '4 '4 '6 5 5 1 3 5 5 4 4 19 17 27 '29 57 58 (2) Philippines 7 5 7 7 Taiwan 2 2 3 3 2 2 Thailand 3 3 Other 5 5 6 '9 8 9 Total '49 '53 '65 '73 107 108 All other: Australia 8 12 14 14 15 15 Congo Rep of the 1 1 1 2 1 1 6 1 1 1 2 2 U A R fEavpf) 1 1 2 2 2 Other 5 5 5 7 10 Total 22 21 23 25 30 International (2) Grand total '519 '513 '485 '507 584 oto Claims on foreigners 1960 2* 2 28 11 '5 1 1 37 33 4C 28 25 '19 68 15 6 6 1 4 6 11 8 27 47 20 4 9 107 147 1 1 1 386 '349 43 '124 10 12 1 3 20 65 5 9 7 11 2 20 1 6 6 6 2 2 23 10 102 3 5 10 5 2 61 (>> 3 11 114 15 3 1 11 30 31 601 675 ot ot. 3 6 10 8 36 26 '21 '11 6 10 27 19 162 1 '4 '362 '165 19 69 9 11 IS 30 2 12 8 '3 '30 '18 '231 2 7 1 8 10 '32 1 7 1 18 '91 16 8 6 10 41 '837 ot ot- 1st. revised ser.1 1960 1961 4 4 1 7 8 12 12 11 12 12 12 '37 39 45 34 39 38 '26 '30 33 '16 '17 16 6 6 7 3 4 11 11 26 26 26 17 23 7 '639 '642 27? 1 1 4 e '862 '880 519 '160 '187 297 20 20 25 3 3 3 76 78 60 11 12 14 11 12 13 8 8 6 3 3 3 2 2 31 36 39 4*5 1 2 2 4 7 7 13 8 9 '3 '3 '29 '33 34 '18 '19 '236 '245 '254 1 2 2 11 12 15 1 1 1 7 8 8 9 11 11 '32 '45 '54 1 1 1 9 7 9 '1 1 1 17 18 20 '94 '111 '128 19 21 22 1 3 3 8 6 7 5 6 7 10 13 15 44 49 52 '901 1,428 1,501 ot ovo^ 2d revised ser.1 1961 1 2v 4 11 35 12 5 2 45 40 41 68 3 34 35 17 22 7 4 3 n 10 26 19 25 19 5 279 225 2 3 530 506 328 422 26 29 3 2 61 73 15 18 14 13 6 5 2 3 4 5 42 427 2 9 7 10 11 4 4 4 36 38 35 25 255 265 278 3 3 3 10 11 11 4 4 3 9 9 7 7 8 8 51 52 55 1 1 1 8 9 7 3 3 2 3 3 17 18 18 117 120 117 19 20 19 2 2 2 9 9 11 7 7 7 13 14 16 51 52 56 1 1 (2) 1,240 1,297 1,378 2> Preliminary. ' Revised. 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 (first revised series) and also for those firms reporting for U. S. banks, and intercompany accounts between U. S. companies and the first time on Mar. 31, 1961 (second revised series). their foreign affiliates. 2 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 261 U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1958 1959 1960 1961 Item Exports of goods and services, total1.. 5,607 6,142 5,463 5,848 5,950 6,448 6,353 6,962 6,659 7,326 6,898 7,021 6,743 Merchandise 3,816 4,196 3,807 4,074 4,058 4 343 4,607 4,994 4,676 5,132 5,009 4,912 4,670 Services* 1,791 1,946 1,656 1,774 1,892 2,105 1,746 1,968 1,983 2,194 1,889 2,109 2,073 Imports of goods and services, total... 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 839 829 780 789 786 754 767 756 798 727 759 761 725 Balance on goods and services1... 219 696 62 -116 -278 504 584 602 1,899 1,576 1,411 573 Unilateral transfers (net) 3 -544 -633 -621 -581 -547 -675 -579 -631 -618 -661 -700 -709 -678 Private remittances and pensions... -174 -196 -184 -187 -214 -206 -198 -213 -207 -230 -210 -221 -211 Government nonmilitary grants... -370 -437 -437 -394 -333 -469 -381 -418 -411 -431 -490 -488 -467 U.S. long- and short-terra capital (net) 3 -784 -893 -494 -1,032 -607 -595 -875 -1,110 -1,075 -1,905 -1,400 -513 -1,019 Private, total -451 -726 -412 -755 -557 -555 -651 -724 -924 -1,557 -980 -926 -555 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 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 -71 100 290 146 49 -128 -117 -452 -9 -395 220 * Preliminary. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 1 Excluding military transfers under grants. of which $344 million was transferred in gold and $1,031 million in 2 Including military transactions. non-interest-bearing U.S. Government securities. 3 Minus sign indicates net outflow. 5 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 it n z d er- Month 3 T m r b e o i a l n s ls u t , h ry s1 m D o a d y n ay - e t y o 2 - 3 B a a a m c n n c o c k e e n e p s r t t , s h - * s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t s c s ' e D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 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 - d P is r r i c a v o t a e u t n e t 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 1960—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*. Y.V.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 3.52 2.00 2.81 1.74 1.33 2.00 Dec 2.82 2.37 5.61 5.35 4.83 4.00 2.00 3.06 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 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 Jan. 31, 1961 Rate Country 1961 1962 Ja as n . o 3 f 1, 1962 Per Month cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 6.0 Dec. 1957 6.0 Austria 5.0 Mar. I960 5.0 Belgium 5.0 Aug. 1960 4 75 4.5 4.25 4.25 Brazil2 10.0 Apr. 1958 10.0 3.0 Feb. 1948 3.0 Canada3 3.29 Jan. 1961 3.46 3.46 3.53 3.42 2.82 2.80 2.51 2.84 2.75 2.75 3.24 3.35 3.35 Cevlon 4.0 Aug. 1960 4.0 Chile* 16.74 Jan. 1961 15.88 15.88 Colombia ^ 5.0 Aug. 1959 5.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba* 6.0 Jan. 1960 6.0 5.5 Jan. 1960 6.5 6.5 5.0 Nov. 1956 5.0 3.0 Nov. 1952 3.0 El Salvador2 5.5 Jan. 1960 6 0 6.0 Finland 6.75 Mar. 1959 6.75 France 3.5 Oct. 1960 3.5 3.5 Jan. 1961 3.0 3.0 6.0 Nov. 1960 6.0 Honduras ^ 2.0 Jan. 1953 2.0 Iceland 9.0 Dec. 1960 9.0 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Jf QJ\ 4.0 Aug. 1948 4.0 4.62 Dec. 1960 4.38 4.75 4.62 4.78 6.88 6.75 5.94 5.56 5.56 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan2 6.57 Jan. 1961 6 94 7 3 7.3 4.5 June 1942 4.5 Netherlands 3.5 Nov. 1959 3.5 New Zealand 6.0 Oct. 1959 7.0 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 4.0 Jan. 1959 4.0 Peru2 9.5 Nov. 1959 9.5 Philippine Republic 5.0 Nov. 1960 3.0 6.0 6.0 2.0 Jan. 1944 2.0 South Africa 4.5 Aug. 1960 5 0 4 5 4.5 4.6 Apr. 1960 4.0 4.0 5.0 Jan. 1960 5.0 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 9.0 Nov. 1960 7.5 7.5 United Kingdom 5.0 Dec. I960 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 apolicable 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; and acts the largest proportion of its credit operations. In certain cases Venezuela—4 per cent for rediscounts of certain agricultural paper and other rates for these countries are given in note 2. for advances against government bonds or gold and 5 per cent on ad- 2 Discounts or advances at other rates include: vances against securities of Venezuelan companies. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 3 Beginning with Nov. 1, 1956, the discount rate has been set each pending on type of transaction; week at .25 of 1 per cent above the latest average tender rate for Treasury Brazil—8 per cent for secured paper and 4 per cent for certain agricultural bills; end-of-month rate shown. paper; * Beginning with Apr. 1, 1959, new rediscounts have been granted at Colombia—3.5 per cent for agricultural and industrial development the average rate charged by banks in the previous half year. Old redispaper of up to 150 days, 3 per cent for economic development paper counts remain subject to old rates provided their amount is reduced by of up to 5 years, and 2 per cent for specific small business, cooperative one-eighth each month beginning May 1, 1959, but the rates are raised and employee paper; by 1.5 per cent for each month in which the reduction does not occur. Costa Rica—5 per cent for paper related to commercial transactions 5 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); 6 Beginning with May 16, 1957, this rate applies to advances against Cuba—5.5. per cent for sugar loans and 5 per cent for loans secured by commercial paper as well as against government securities and other national public securities; eligible paper. Ecuador—6 per cent for bank acceptances for commercial purposes; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 263 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Year or month (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n ll a a d r a ) ( C ru ey p l e o e n ) ( F m i a n r l k a k nd 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 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 8306 1.9985 101.110 20.992 .3111 20.400 May. 1.2071 222.63 8308 1.9983 101.255 20.988 .3110 20.404 June. 1.2096 222.30 8368 2.0018 99.471 20.984 .3110 20.405 July. 1.2113 222.10 3.8554 2.0081 96.701 20.951 .3109 20.405 Aug. 1.2104 223.34 8592 2.0080 96.933 21.012 .3109 20.352 Sept. 1.2061 224.08 8634 2.0084 97.003 21.076 .3109 20.331 Oct.. 1.2056 224.33 8660 2.0085 97.039 21.094 .3108 20.337 Nov. 1.2057 224.30 8648 2.0085 96.532 21.089 .3108 20.364 Dec.. 1.2080 223.88 8671 2.0086 95.885 21.058 .3108 20.399 1962—Jan.. 1.2056 223.98 3.8647 2.0086 95.678 21.051 .3108 20.403 Year or month ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a 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 ( e p N a o e l u w a 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 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 27.776 278.18 1962—Jan..... 25.028 21.045 281.10 .1611 .2762 32.777 8.0056 27.730 278.31 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - ) d ( U p K d o n i o u i n m t 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 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 5013 140.24 1.6644 19.351 23.133 281.54 Nov.. 14.048 4990 140.22 1.6644 19.347 23.133 281.49 Dec... 14.039 5020 139.96 1.6649 19.346 23.169 280.96 1962—Jan... 14.027 3.5000 140.02 1.6650 19.348 23.158 281.10 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. 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 Dec. 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 CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel 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 PERSONNEL ADMINISTRATION GUY E. NOYES, Director FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director ROBERT C. HOLLAND, Adviser ALBERT R. KOCH, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director 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 264 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 265 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 ANHAM ERWIN D C NEW YORK PHILIP D. REED J 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

266 FEDERAL RESERVE BULLETIN • FEBRUARY 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. Rozeil, 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 1960. 229 pages. $1.00 per copy; in quantiscription price in the United States and its posties of 10 or more for single shipment, 85 cents sessions, Bolivia, Canada, Chile, Colombia, each. Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, THE FEDERAL FUNDS MARKET—A Study by a Federal Reserve System Committee. May Mexico, Nicaragua, Panama, Paraguay, Peru, 1959. Ill pages. $1.00 per copy; in quanti- El Salvador, Uruguay, and Venezuela is $6.00 ties of 10 or more for single shipment, 85 per annum or 60 cents per copy; elsewhere cents each. $7.00 per annum or 70 cents per copy. (Group subscriptions in the United States for 10 or DEBITS AND CLEARINGS STATISTICS 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. 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 REPRINTS SMALL BUSINESS FINANCING: CORPORATE MANU- (From Federal Reserve Bulletin unless preceded FACTURERS. January 1961. 15 pages. by an asterisk) GOLD AND DOLLAR TRANSFERS IN 1960. March 1961. 7 pages. THE MONETARY SYSTEM OF THE UNITED STATES. FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. February 1953. 16 pages. March 1961. 10 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES STATISTICS ON THE GOVERNMENT SECURITIES ON ECONOMIC STABILITY. March 1953. 16 MARKET. April 1961. 8 pages. pages. OWNERSHIP OF DEMAND DEPOSITS. April 1961. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 3 pages. STABILITY. May 1953. 7 pages. SURVEY OF COMMON TRUST FUNDS, 1960. May A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1961. 7 pages. (Also, similar reprint from COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. May 1960 BULLETIN.) CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER SURVEYS OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of TIME DEPOSITS. May 1961. 2 pages. (Also, Member Banks. April 1956. 14 pages. Credit similar reprint from July 1960 BULLETIN.) Lines and Minimum Balance Requirements. BANKING AND MONETARY STATISTICS, 1960. Se- June 1956. 7 pages. Member Bank Lending lected series of banking and monetary statistics to Small Business, 1955-57. April 1958. 19 for 1960 only. February and May 1961. 13 pages. Member Bank Term Lending to Busi- pages. ness, 1955-57. April 1959. 16 pages. Security BANK CREDIT AND MONEY IN RECOVERY. June Pledged on Business Loans at Member Banks. 1961. 8 pages. September 1959. 16 pages. INTEREST RATES IN LEADING COUNTRIES. August REVISION OF MONTHLY DEPARTMENT STORE IN- 1961. 8 pages. DEXES. December 1957. 30 pages. THE BALANCE SHEET OF AGRICULTURE, 1961. OPEN MARKET OPERATIONS IN LONG-TERM SE- August 1961. 9 pages. CURITIES. NOVEMBER 1958. 15 pages. CAPITAL MARKETS IN 1961. September 1961. 7 *PART I, ALL-BANK STATISTICS, 1896-1955. Re- pages. print of the U. S. Summary containing a de- U. S. BALANCE OF PAYMENTS IN 1961. October scription of revised statistics for all banks in 1961. 7 pages. the United States, by class of bank, together SURVEY OF FINANCE COMPANIES, MID-1960. Ocwith revised statistics. April 1959. 94 pages. tober 1961. 21 pages. (Also, similar reprint 1959 SURVEY OF CONSUMER FINANCES. March, from April 1957 BULLETIN.) July, and September 1959. 48 pages. (Simi- LIQUIDITY AND PUBLIC POLICY. October 1961. lar Surveys available for some earlier years in 17 pages. the period 1955-58.) QUARTERLY SURVEY OF CONSUMER BUYING IN- A QUARTERLY PRESENTATION OF FLOW OF FUNDS, TENTIONS. November 1961. 7 pages. (Also, SAVING, AND INVESTMENT. August 1959. 49 pages. similar reprints from BULLETINS for December 1960 and March, May, and August 1961.) THE GOVERNMENT SECURITIES MARKET. August 1959. 22 pages. REVISION OF CONSUMER CREDIT STATISTICS. December 1961. 15 pages. (Also, similar REVISED INDUSTRIAL PRODUCTION INDEX. December 1959. 24 pages. reprints from BULLETINS for April 1953 and October 1956.) REVISED SERIES FOR SEASONALLY ADJUSTED MONEY SUPPLY. February 1960. 4 pages. REVISED INDEXES OF FREIGHT CARLOADINGS. December 1961. 3 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. THE MEANS OF ECONOMIC PROGRESS. February Combined reprint. September 1960. 31 pages. 1962. 9 pages. A NEW MEASURE OF THE MONEY SUPPLY. Octo- MONETARY EXPANSION DURING 1961. February ber 1960. 22 pages. 1962. 7 pages. IMPLEMENTATION OF THE 1959 ACT ON RESERVE INTEREST RATES ON TIME DEPOSITS, Mro-January REQUIREMENTS. December 1960. 6 pages 1962. February 1962. 5 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptance, bankers', 196, 198, 243 Department stores: Agricultural loans of commercial banks, 190, 192, 238 Merchandising data, 227 Assets and liabilities {See also Foreign liabilities and Sales and stocks, 222, 226 claims): Deposits {See also specific types of deposits): Banks and the monetary system, consolidated, 186 Adjusted, and currency, 186 Corporate, current, 208 Banks, by classes, 181, 187, 191, 194, 198, 240 Domestic banks, by classes, 187, 190, 192, Federal Reserve Banks, 182, 259 198, 238 Postal savings, 180, 186 Federal business-type activities, by fund or Discount rates, 180, 262 activity, 245 Discounts and advances by Federal Reserve Federal Reserve Banks, 182 Banks, 176, 181, 182 Automobiles: Dividends, corporate, 207, 208 Consumer instalment credit, 212, 213, 214 Dollar assets, foreign, 251, 259 Production index, 216, 219 Earnings and expenses, Federal Reserve Banks, 234 Bankers' balances, 191, 193, 239 Earnings and hours, manufacturing industries, 222, 225 {See also Foreign liabilities and claims) Employment, 222, 224, 225 Banking and monetary statistics for 1961, 238 Banking offices: Farm mortgage loans, 209, 210, 245 Changes in number, 236 Federal business-type activities, assets and liabilities, On and not on, Par List, number, 237 by fund or activity, 245 Banks and the monetary system, consolidated state- Federal finance: ment, 186 Cash transactions, 200 Bonds {See also U. S. Govt. securities): Receipts and expenditures, 201 New issues, 205, 206, 208 Treasurer's balance, 200 Prices and yields, 196, 197, 244 Federal home loan banks, loans, etc, 211, 245 Brokers and dealers in securities, bank loans to, 190, Federal Housing Administration, loans, etc., 209, 210, 192, 238 211, 245 Business expenditures on new plant and equip- Federal National Mortgage Association, ment, 208 loans, etc., 211, 245 Business indexes, 222 Federal Reserve Banks: Business loans {See Commercial and industrial loans) Condition statement, 182 Earnings and expenses, 234 Capital accounts: U. S. Govt. securities held by, 176, 181, 182, Banks, by classes, 187, 191, 194, 240 202, 203 Federal Reserve Banks, 182 Federal Reserve credit, 176, 181, 182 Carloadings, 222 Federal Reserve notes, 182, 184 Central banks, foreign, 248, 262 Finance company paper, 196, 198, 243 Coins, circulation of, 184 Financial institutions, loans to, 190, 192, 238 Commercial banks: Float, 176 Assets and liabilities, 187, 190 Flow of funds, saving and financial flows, 232 Consumer loans held, by type, 213 Foreign central banks, 248, 262 Number, by classes, 187 Foreign currencies convertible, holdings by U. S. Real estate mortgages held, by type, 209 monetary authorities, 250 Commercial and industrial loans: Foreign deposits in U. S. banks, 176, 182, 186, 191, Commercial banks, 190 194, 240, 259 Weekly reporting member banks, 192, 195, Foreign exchange rates, 263 241, 242 Foreign liabilities and claims: Commercial paper, 196, 198, 243 Banks, 252, 254, 257, 259 Condition statements {See Assets and liabilities) Nonfinancial concerns, 260 Construction, 222, 223 Foreign trade, 227 Consumer credit: Instalment credit, 212, 213, 214, 215 Gold: Major parts, 212, 214 Earmarked, 250 Noninstalment credit, by holder, 213 Net purchases by U. S., 250 Consumer price indexes, 222, 228 Production, 249 Consumption expenditures, 230, 231 Reserves of central banks and governments, 248 Corporate sales, profits, taxes, and dividends, 207, 208 Reserves of foreign countries and international Corporate security issues, 206, 208 institutions, 251 Corporate security prices and yields, 196, 197, 244 Stock, 176, 186, 250 Cost of living {See Consumer price indexes) Gold certificates, 182, 184 Currency in circulation, 176, 184, 185 Govt. debt {See U. S. Govt. securities) Customer credit, stock market, 197 Gross national product, 230, 231 Debits to deposit accounts, 185 Hours and earnings, manufacturing indus- Demand deposits: tries, 222, 225 Adjusted, banks and the monetary system, 186 Housing starts, 223 Adjusted, commercial banks, by classes, 185, 191 Banks, by classes, 181, 187, 194, 240 Industrial production index, 216, 222 Turnover of, 185 Instalment loans, 212, 213, 214, 215 Type of holder, at commercial banks, 191 Insurance companies, 199, 202, 203, 210 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN • FEBRUARY 1962 Insured commercial banks, 189, 190, 236 Reserves: Interbank deposits, 181, 187, 191, 240 Commercial banks, 191 Interest rates: Federal Reserve Banks, 182 Bond yields, 196, 244 Foreign central banks and governments, 248 Business loans by banks, 195 Foreign countries and international institu- Federal Reserve Bank discount rates, 180 tions, 251 Foreign countries, 261, 262 Member banks, 176, 178, 181, 191, 193, 239 Open market, 196, 243, 261 Residential mortgage loans, 209, 210, 211 Stock yields, 196, 244 Time deposits, maximum rates, 180 Sales finance companies, consumer loans of, 212, International capital transactions of the U. S., 252 213, 215 International institutions, 248, 250, 251 Saving: Inventories, 230 Flow-of-funds series, 232 Investments (See also specific types of investments): National income series, 231 Banks, by classes, 187, 190, 193, 198, 239 Savings deposits (See Time deposits) Federal Reserve Banks, 181, 182 Savings institutions, principal assets, 198, 199 Govt. agencies, etc., 245 Savings and loan associations, 199, 203, 210 Life insurance companies, 199 Securities, international transactions, 258, 259 Savings and loan associations, 199 Security issues, 205, 206, 208 Silver coin and silver certificates, 184 State member banks, 189, 236 Labor force, 224 State and municipal securities: Loans (See also specific types of loans): Banks, by classes, 187, 190, 192, 198, 238 New issues, 205, 206 Federal Reserve Banks, 176, 181, 182 Prices and yields, 196, 197, 244 Govt. agencies, etc., 245 States and political subdivisions: Insurance companies, 199, 210 Deposits of, 191, 194, 240 Savings and loan associations, 199, 210 Holdings of U. S. Govt. securities, 202 Loans insured or guaranteed, 209, 210, 211 Ownership of obligations of, 190, 198, 199 Stock market credit, 197 Stocks: Manufactures, production index, 216, 222 New issues, 206 Margin requirements, 180 Prices and yields, 196, 197, 244 Member banks: Assets and liabilities, by classes, 187, 190 Tax receipts, Federal, 201 Banking offices, changes in number, 236 Time deposits, 180, 181, 186, 187, 191, 194, 240 Borrowings at Federal Reserve Banks, 178, 182, Treasurer's account balance, 200 194, 240 Treasury cash, 176, 184, 186 Deposits, by classes, 181 Treasury currency, 176, 184, 186 Number, by classes, 188 Treasury deposits, 176, 182, 200 Reserve requirements, by classes, 181 Reserves and related items, 176 Unemployment, 224 Weekly reporting series, 192, 238 U. S. balance of payments, 261 Mining, production index, 216, 222 U. S. Govt. balances: Money rates (See Interest rates) Commercial bank holdings, by classes, 191, 194 Money supply and related data, 185 Consolidated monetary statement, 186 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 186, 187, 189, 198, 202, 203, Banks, 176, 182, 200 209, 236 U. S. Govt. securities: Bank holdings, 186, 187, 190, 193, 198, 202, National banks, 189, 236 203, 239 National income, 230, 231 Dealer transactions, positions, and financing, 204 National security expenditures, 201, 230 Federal Reserve Bank holdings, 176, 181, 182, Nonmember banks, 182, 189, 190, 191, 236 202, 203 Foreign and international holdings, 182, 251 Par List, banking offices on, and not on, number, 237 International transactions, 258 Payrolls, manufacturing index, 222 New issues, gross proceeds, 206 Personal income, 231 Outstanding, by type of security, 202, 203, 205 Postal Savings System, 180, 186 Ownership of, 202, 203 Prices: Prices and yields, 196, 197, 243, 244 Consumer, 222, 228 United States notes, outstanding and in circula- Security, 197 tion, 184 Wholesale commodity, 222, 228 Utilities, production index, 216, 222 Production, 216, 222 Profits, corporate, 207, 208 Vault cash, 176, 181, 191 Veterans Administration, loans, etc., 209, 210, Real estate loans: 211, 245 Banks, by classes, 190, 192, 198, 209, 238 Type of mortgage holder, 209, 210, 211 Weekly reporting member banks, 192, 238 Type of property mortgaged, 209, 210, 211 Reserve requirements, member banks, 181 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 5) 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