Federal Reserve Bulletin, 1962-03

FEDERAL RESERVE ¥ "W March 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 Capital Flows and International Payments 271 Monetary Fund Resources and the International Payments System 279 Quarterly Survey of Consumer Buying Intentions 283 Law Department 289 S Current Events and Announcements 300 National Summary of Business Conditions 301 Financial and Business Statistics, U. S. (Contents on p. 303) 304 International Financial Statistics (Contents on p. 365) 366 Board of Governors and Staff 382 Open Market Committee and Staff; Federal Advisory Council 383 Federal Reserve Banks and Branches 383 Federal Reserve Board Publications 385 Index to Statistical Tables 387 Map of Federal Reserve System Insideback cover Volume 48 * Number 3 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Capital Flows and International Payments THE UNITED STATES had a smaller deficit States also carries with it the possibility of in its international transactions in 1961 than large speculative drains, especially at a time in any of the three preceding years, but the of deficit in U. S. international transactions. deficit was still uncomfortably large. The Convertibility of leading foreign currencies surplus on transactions in nonmilitary goods exposes them also to speculative outflows. and services—the second largest for a dec- Such drains could pose threats not only to ade—was not sufficient to cover rising for- particular currencies but also to the intereign aid payments, military expenditures national financial mechanism. abroad, and heavy net outflows of private capital. Net outflows of private capital were al- NIT OUTFLOWS OF PRIVATE CAPITAL Billions of dollor most as large last year as in 1960. Longterm outflows in both years were about equal to the average since 1956, but short-term and unidentified outflows together were LONG-TERM CAPITAL much larger than in earlier years. Those short-term outflows that could be identified consisted primarily of bank loans and acceptance credits in 1961, and almost half of the outflows represented credits to Japan. In contrast to 1960, there were few signs of speculative movements based on market uncertainties about the stability of UNIDENTIFIED TRANSACTIONS the dollar. Foreign private investors added $750 million to their holdings of liquid dol- 1959 lar assets last year, after reducing such holdings $500 million in the second half of 1960. NOTE.—Department of Commerce data. Long- and short-term capital outflows are net of recorded inflows of foreign private Outflows of private capital in 1961 were capital other than into liquid assets in the United States. Unidentified transactions include other kinds of trans* facilitated by a ready availability of credit actions as well as unidentified capital flows. Data for 1961 are preliminary. in this country that was designed to encourage domestic economic expansion. But the Because this danger is widely recognized, position of the United States as the main substantial efforts have been made during international reserve center and the world's the past year, not only by the U. S. Governlargest capital and money market points to a ment but also internationally, both to restore continued active role for this country in reasonable equilibrium in international payinternational lending and investment. ments and to guard meanwhile against flights The key financial position of the United of capital. 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN • MARCH 1962 BALANCE OF PAYMENTS The most important adjustments are those Net transfers to foreigners of U. S. reserves that will make U. S. goods and services more of gold and convertible foreign currencies competitive in world markets. Stability of and of liquid dollar assets totaled $2.5 bil- industrial wholesale prices in this country lion in 1961, compared with transfers rang- since early 1959, coupled with price ading from $3.5 to $3.9 billion in the three vances in leading industrial countries preceding years. Net transfers were smaller abroad, has worked in this direction. The last year largely because of temporarily fa- 5 per cent revaluation of the German mark vorable developments in the first half. and the Netherlands guilder last spring also Imports in the first half of 1961 reached helped. a recession low 10 per cent below the year- U. S. exports to Europe were well mainearlier level, and official debt prepayments tained during last year's pause in European —mainly by Germany—provided special economic expansion, whereas they had dereceipts of $650 million. In the second half, clined sharply during the European invenimports rose with recovery in domestic ac- tory recession of 1958. It is also encouragtivity, and although exports also turned up, ing that during the business upswing in this the trade surplus diminished. Meanwhile, country, merchandise imports did not rise foreign aid outlays expanded sharply and above 2.9 per cent of gross national product net capital outflows increased, while mili- in the second half of 1961, whereas in 1959 tary expenditures were little changed. they swelled to 3.2 per cent. Thus, while the deficit on current account, A second set of adjustments requires the long-term private capital, and Government international negotiation of a more equitable aid declined from $1.9 billion in 1960 to sharing of foreign aid and defense burdens only $600 million for the year 1961 as a among prosperous countries. Such negotiawhole, it increased to an annual rate of $2.9 tions have already borne some fruit, and furbillion in the second half. Similarly, net ther progress is expected. Additional adtransfers of gold, convertible foreign curvance repayments of U. S. postwar loans rencies, and liquid dollar assets were very are also a possibility. small in the first half of the year but rose in A decline in the large net outflows of the second half to an annual rate of $4.5 private capital from the United States would billion. While the latter figure was swollen also contribute to attainment of equilibrium by an unusual concentration of special finanin international transactions. But no such adcial transactions in the fourth quarter, some justment was yet visible in 1961 underneath of which were reversed early this year, the the quarter-to-quarter fluctuations. rate of over-all deficit even aside from those transactions was roughly $3.5 billion in the PRIVATE CAPITAL OUTFLOWS second half. Clearly, the U. S. balance of payments International flows of capital have become remains in unsatisfactory condition. Consid- increasingly important in recent years. Outerable adjustments are still needed. Some flows of private long-term capital from the may already be under way, but their con- United States have contributed to investment tinuation will require further energetic ef- and growth both in less developed countries forts. and in industrial countries abroad. These Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL FLOWS AND INTERNATIONAL PAYMENTS 273 outflows have been relatively stable in total long-term private capital outflows from the over the past 6 years. United States. Short-term outflows of U. S. private capi- Bank credit. Credit extended to foreigners tal have been related mainly to trade finan- by banks in the United States was the largest cing, but in recent years there have been single element in the outflow of private some outflows for money market invest- short-term capital, recorded and unrecorded, ments abroad and some related to specula- of about $2 billion in both 1960 and 1961. tion. Short-term outflows tend to increase in Last year the net outflow of short-term bank periods of easy credit availability domesti- loans and acceptance credits was $900 milcally, and have generally grown in impor- lion, and in addition there were long-term tance since major foreign currencies became bank loans of $100 million. This net outconvertible in 1958. flow of bank credit compared with one of Long-term capital. Net long-term outflows $800 million in 1960, and it was two-thirds came to $2.1 billion in 1961 compared with larger than the net outflow in any previous $2.2 billion in 1960, about equal to the aver- postwar year. age for the past 6 years. Since 1957 an increasing share has gone to Europe, while U. S. BANK CREDIT OUTSTANDING petroleum investment in Venezuela and the Middle East has declined. Of the 1961 outflow, investment in U. S. corporation subsidiaries and branches in Europe accounted for about $700 million, and direct investment in other parts of the world for about $900 million. These movements, though classified as long-term, in- 800 clude changes in intercompany accounts that are sometimes short-term transactions. Net U. S. purchases of foreign securities accounted for an additional $700 million, and other long-term credits for $200 million. Foreign acquisitions of U. S. corporate securities and direct investments in the United 1959 States came to $400 million net, offsetting to that extent the outflow of U. S. capital. NOTE.—End-oJ-month figures for (1) short-term dollar loans and (2) other short-term dollar claims on foreigners, In continental European countries, high except collections outstanding; claims under item 2 arise primarily under acceptance credits. Latest data shown, rates of saving and the gradual development December 1961. of international capital markets, now that Short-term outflows in 1960 and 1961 restrictions on capital flows are being re- included a rise of $ 1 billion for the 2 years laxed, could facilitate increased foreign together in U. S. bank claims on Japan, as investment by those countries in the years shown in the chart. Japanese credit demands ahead. But with capital demands rising in have grown along with annual increases the less developed countries, there seems no in industrial production and imports of more reason to expect any large reduction in net than 20 per cent in each year. These de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN • MARCH 1962 mands have been made in increasing volume term foreign investments may be denomiin foreign money markets as Japanese re- nated in foreign currencies or in U. S. dolstrictions on borrowing from abroad have lars. They have been undertaken for a numbeen relaxed. Japanese banks have borrowed ber of reasons, but primarily for higher some funds in other foreign markets, but yields or to increase foreign-earned income most of the demands have been met from for tax considerations. banks in the United States, primarily with Reported foreign currency investments acceptance credits. by U. S. residents have been mainly in In late 1961, after Japanese acceptance money market paper in Canada and the credits from U. S. banks leveled off, and as United Kingdom. These purchases, which Japanese reserves were declining under began in the spring of 1960, have generally pressure of a large trade deficit, Japan ob- been made when foreign Treasury bills protained loans of $200 million from three vided higher yields, after taking account of large U. S. banks that carry on active bank- the cost of covering the foreign exchange ing relationships with that country. Early in risk, than were available on U. S. Treasury 1962, Japan arranged for additional credits bills. of $125 million from a number of other However, short-term investments by U. S. U. S. commercial banks and obtained a investors may include a wide range of money standby arrangement of $305 million from market instruments both here and abroad. the International Monetary Fund. The differences between Treasury bill yields U. S. commercial banks also provided shown in the chart are merely illustrative of long- and short-term credits of $100 million interest-rate differences on various money to the Philippines in late 1961 for balance market instruments. In considering alternaof payments assistance, as well as credits in tive investments, some investors may base more moderate volume to a number of Euro- their decisions on interest-rate differences pean and Latin American countries, many without regard to the cost of covering the of which regularly draw on credit facilities foreign exchange risk. with U. S. banks. Reported U. S. holdings of British and Long-standing relationships between Canadian money market paper reached a banks in the United States and banks and maximum of about $500 million in the official institutions in many foreign coun- spring of 1961, and holdings in both countries, and the unique ability of U. S. financial tries thereafter declined, as the chart shows. markets to meet large-scale credit demands, There was a large decline in holdings of contribute to outflows of bank funds from the British paper after the widening of the dis- United States, especially when credit de- count on forward sterling sharply reduced mands are strong abroad and easier here. the yield advantage on British Treasury bills Short-term investments. Since the establish- with forward exchange cover. ment of convertibility of major foreign cur- During 1961, expansionary monetary rencies, there have been outflows of U. S. policies in the United States were carried funds into deposits and other money mar- out in a way designed to prevent downward ket investments abroad, but recorded out- pressure on short-term interest rates in this flows of this type have been much smaller country, so as to reduce incentives for funds than extensions of bank credit. U. S. short- to move abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL FLOWS AND INTERNATIONAL PAYMENTS 275 In recent years large increases have oc- posits were above those payable in the curred in both U. S. and foreign investments United States. in U. S. dollar-denominated deposits in In December, the Board of Governors of European and Canadian banks. Place- the Federal Reserve System authorized an increase in the maximum permissible rates of ment of funds in such deposits by foreign interest payable by member banks on time investors normally does not change total deposits. It noted that this action would enforeign dollar holdings, and thus does not able member banks so desiring to compete affect the U. S. balance of payments position. more vigorously to retain deposits that However, placement of funds abroad by might otherwise move abroad. U. S. investors does increase foreign dollar Unidentified flows. In addition to recorded holdings and thus contributes to the payoutflows of short-term capital, there have ments deficit as conventionally measured. been substantial unrecorded outflows. Before Statistical information on these deposits 1960, unrecorded transactions customarily is not collected directly, but they are reproduced net receipts of several hundred ported along with other dollar claims by million dollars a year for the United States, U. S. firms. Claims on Canada denominated but in 1960 and again in 1961 there were in U. S. dollars by U. S. nonfinancial con- net unrecorded payments of about $600 cerns increased $100 million in each of the million. The shift of roughly a billion dolfirst 2 quarters of 1961, and probably by lars was probably largely attributable to the an even larger amount in the fourth quarter. development of large unrecorded net capital These increases in U. S. dollar claims con- outflows. sisted in part of time deposits placed with These flows appear to have been particu- Canadian banks. Rates paid on these de- larly large in the second half of 1960 and INTEREST ARBITRAGE AND MONEY MARKET INVESTMENTS UNITED STATIS / CANADA UNITID tTATK / IINITID KINGDOM Millions of dollors Million* of dollort 200 100 INVESTMENTS IN CANADIAN DOLLARS^ /^~\^. / INVESTMENTS IN STERLING: ... REPORTED BY BAN KJ^^ _ .. .' y. • • • - "'REPORTED Br OTHERS 1959 1960 1961 1959 I960 1961 INOTE.—investments in Canadian dollars and in sterling latest data shown, Sept. 30, 1961. are reported U. S. claims on Canada and on the United Bill rates are 3-month Treasury, for United States com- Kingdom denominated in foreign currencies (excluding puted from closing bid prices, for Canada auction rate, and deposits), and are probably mainly investments in money for United Kingdom representative offering rate. Forward market paper. U. S. banks report claims held for their exchange margin: New York closing quotations on 3-month own account or for their customers monthly; latest shown, forward Canadian dollar and sterling. Data for Canada, Dec. 31, 1961. Others (nonfinancial concerns) report quarterly; Thursdays; for United Kingdom, Fridays. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN • MARCH 1962 the first half of 1961 when there was ficial dollar reserves of some countries that speculation in foreign exchange markets. had increased the gold proportion of their The flows in the second half of 1960 oc- reserves in 1960. In the third quarter of curred at a time of widespread doubts about 1961, the International Monetary Fund sold the future stability of the dollar and strong $150 million in gold to the United States demand for gold in London. After the re- and $350 million to a number of foreign valuation of the German mark and the countries to acquire currencies to be sup- Netherlands guilder in March 1961, ex- plied to Britain under a $1.5 billion drawing. change markets were again unsettled, and The effect of foreign gold purchases there were massive capital flows within during the year on the international reserves Europe and some flows from the United of the United States was offset to the extent States. of $116 million by net acquisitions by the U. S. Treasury of convertible foreign currencies in this amount. GOLD AND DOLLAR TRANSFERS As in 1960, the net increase in free Net purchases of gold by foreign and interworld stocks of monetary gold was less than national monetary authorities from the half of the current supply of gold from new United States in 1961 were $820 million, production outside the U.S.S.R. and from only half as much as in 1960. The smaller U.S.S.R. gold sales to the rest of the world. purchases reflected the reduced U. S. pay- Private demand for gold for hoarding was ments deficit, large additions to foreign priexceptionally large in the last few months vate holdings of dollars, and increases in ofof 1960, but diminished sharply after January 1961 when the President reaffirmed the Government's intention to maintain the 60LD AND DOLLAR GAINS FROM U. S. gold value of the dollar. In the second half Billions of dollars 5 of 1961, when international political uncertainties were especially great, there was LIQUID DOLLAR a temporary increase in the private demand ASSETS: for gold. Foreign and international holdings of liquid dollar assets increased by $1.7 billion in 1961. International organizations increased their holdings by $200 million. Half of the remainder accrued to the official reserves of foreign countries, and half to foreign private holders, as the chart shows. The increase of $750 million in foreign private dollar holdings was in marked contrast with the experience of 1960, when NOTE.—Gold: decline in total U. S. gold stock, net of in- such holdings had declined in the second crease in 1961 in U. S. official holdings of foreign convertible currencies. Liquid dollar assets: increases, classified by type half by as much as they increased in the of holder, in foreign and international holdings of liquid assets in the United States—including deposits, U. S. Govern- first. The rise of $750 million in foreign ment securities, bankers' acceptances, and commercial paper. Data for 19S9 exclude U. S. subscription to the IMF of $344 countries' official holdings of dollars in 1961 million tn gold and {1,031 million in special U. S. notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL FLOWS AND INTERNATIONAL PAYMENTS 277 was less than in either of the two preceding ber countries have agreed, subject to ratifiyears. cation by appropriate legislative bodies, to Foreign commercial banks accounted for lend to the Fund up to specified amounts of most of the increase in foreign private dol- their currencies when it requires such adlar holdings in 1961. Banks in Germany and ditional resources to forestall an impairment in some other continental European coun- of the international monetary system. The tries were given special inducements to Fund can acquire up to $6 billion, including maintain or increase their foreign assets. To $4 billion of convertible currencies other some extent, they invested in time deposits than U. S. dollars. These resources will endenominated in U. S. dollars in banks in able the IMF to act effectively in dealing Britain and Canada. Such deposit holdings with large movements of funds internationare initially reflected in U. S. data as liabil- ally, including movements out of dollars. ities to those countries rather than to the The IMF borrowing arrangement does country owning the deposits. not reduce the necessity for eliminating the Part of the rise in U. S. liabilities to Can- U. S. balance of payments deficit. However, ada, and perhaps also to European coun- it provides potential resources for meeting tries, may have represented the counterpart any speculative disturbances that might of U. S. dollar time deposits placed abroad otherwise interfere with a smooth transition by U. S. residents. of the U. S. balance of payments toward reasonable equilibrium. U. S. measures. Official operations by U. S. STRENGTHENING THE INTERNATIONAL authorities in foreign exchange markets may FINANCIAL SYSTEM complement the IMF arrangement. Begin- Since the establishment of convertibility for ning early in 1961 the U. S. Treasury acleading foreign currencies, increased inter- quired some convertible foreign currencies national flows of short-term funds, both through arrangements with foreign central recorded and unrecorded, have emphasized banks, through borrowing abroad in foreign the possible strains to which the interna- currencies, and through receipt in marks of tional payments system may at times be sub- part of the large German debt prepayment. jected. The continuing deficit in the U. S. With these currencies the Treasury has been balance of payments and the persistent sur- able to engage in foreign exchange transpluses of some European countries, which actions for both spot and forward delivery. together have contributed to recurring un- The Treasury undertook its first foreign easiness in foreign exchange markets, have currency operations last spring to reduce increased the dangers of potential strains on the large discount on the forward dollar the system. against the German mark. The discount had International measures. To enable the risen above 3.5 per cent in the period of International Monetary Fund to help cope speculative uncertainty that followed the with large-scale speculative movements of revaluation of the German mark and the funds through exchange markets, the Gov- Netherlands guilder. Forward sales of marks ernors of the Fund approved in December against dollars helped to reduce the discount 1961 a special borrowing arrangement to to about 1.5 per cent, where it remained supplement its existing resources. Ten mem- through much of the spring. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN • MARCH 1962 The discount widened at midyear, but as The volume of forward Swiss franc conspeculation subsided—and especially after tracts concluded for the account of the the outbreak of the Berlin crisis—the for- U. S. Treasury expanded rapidly in Sepward discount on the dollar eased, and the tember and October, but leveled off thereforward commitments of the Treasury, after. Early in 1962, as the inflow of funds which at their peak exceeded $250 million, to Switzerland was reversed, half of the were virtually eliminated. short-term loan in Swiss francs was repaid, The reduced forward discount on the and the remainder extended. dollar made it easier for German exporters Operations in foreign exchange are no with prospective dollar receipts to cover substitute for fundamental improvement in their foreign exchange risks by selling these the balance of payments. Under appropriate receipts for future delivery against marks. circumstances, however, foreign exchange If the discount on the forward dollar had operations may help to moderate temporary remained high, German exporters would speculative or other capital flows and to rehave been increasingly encouraged to borduce the potential demand for monetary row dollars against prospective dollar earngold by lessening foreign official reserve ings and convert the borrowed dollars into gains. marks immediately. Early in 1962 the Federal Reserve Sys- Others, too, might have converted dollars tem announced its readiness to undertake to marks and sold the marks forward, thus foreign exchange operations if the need contributing to an inflow of dollars to Gershould arise. It has since acquired some conman official reserves. Such increases might vertible foreign currencies, including $50 have added both to speculation and to formillion equivalent in French francs through eign official demands for monetary gold. a reciprocal arrangement with the Bank of Later in 1961, when political uncertain- France and modest amounts of several other ties stimulated an inflow of funds to Swit- European currencies. zerland, the Treasury entered into similar Over the long run, the willingness of forward operations in Swiss francs, selling monetary authorities in leading countries francs forward against dollars. It also acto hold foreign exchange reserves as well as quired Swiss francs through a short-term gold helps to meet expanding needs for borrowing of $46 million equivalent from the Swiss authorities. international liquidity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary Fund Resources and the International Payments System IT IS A PLEASURE to be here today at the become increasingly aware of opportunities invitation of Chairman Spence to discuss to benefit from interest-rate differentials and why the Federal Reserve supports H. R. exchange-rate arbitrage. 10162, and how the proposed special In- International flows of funds in response to ternational Monetary Fund borrowing ar- profit opportunities are useful features of a rangements contemplated under H. R. free world economy, and an increase in such 10162 would fit in with other actions the flows should not, as a general matter, give Federal Reserve is taking to help preserve rise to any concern. In recent years, howthe strength of the dollar in the international ever, the continuing deficits in this country's payments system. international payments and the persisting surpluses of some European countries have If we are to maintain vigorous, growing created recurrent uneasiness in foreign-execonomies in the free world, we must have change markets and have added an element a system of international payments that perof destabilizing speculation to the profit conmits countries to finance the goods and servsiderations that ordinarily influence interices they exchange with a minimum of risk national flows of short-term funds. and cost, whether payment is made in cash H. R. 10162 would put the United States or on credit. We have come a long way since in a better position to deal with some of the World War II toward the achievement of problems arising out of this development. this goal. Western Europe has made a re- With this same object in view, the Federal markable recovery. It has restored con- Reserve has recently decided to reenter vertibility of its principal currencies, elimthe field of foreign-exchange transactions. inated most of its trade controls, and The Federal Reserve, therefore, is particureduced its tariff barriers. larly interested in the enactment of this These favorable developments have, howlegislation. ever, brought with them new problems, as In order to bring both H. R. 10162 and well as new opportunities. As it became the recent decision of the Federal Reserve easier to exchange one currency for another, into proper focus, we must remember that flows of short-term funds between countries neither action will correct the underlying have increased. Holders of liquid funds have difficulty, which is our international payments deficit. Regardless of the methods NOTE.—Statement of William McChesney Martin, chosen to deal with problems of interna- Jr., Chairman, Board of Governors of the Federal Reserve System, before the Committee on Banking tional flows of short-term funds, the United and Currency of the House of Representatives, Feb. States must achieve a balance between the 28, 1962, on H. R. 10162, a bill "to amend the Bretton Woods Agreements Act to authorize the United amounts we spend, lend, and invest abroad States to participate in loans to the International and the amounts foreigners spend, lend, and Monetary Fund to strengthen the international moninvest here. etary system." 279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN • MARCH 1962 Until equilibrium is achieved in our pay- can mobilize, in addition to present IMF rements accounts, there will be a risk that the sources, about $4 billion in major foreign flow of dollars into the hands of foreigners convertible currencies in support of the dolmight become larger than they would be lar will in itself restrain speculation against willing to hold. This state of affairs could the dollar. Second, if any adverse developlead to recurrent drains on our gold stock. ments should nevertheless occur, resulting And even if the dollars are not presented in offers to sell more dollars than the normal by foreign central banks to our Treasury for dealings in the market would absorb, these redemption in gold, the feeling of the fi- facilities, together with our other resources nancial community that the dollar balances could be called upon to deal with any conof foreigners may be excessive could affect sequent disruption of exchange markets. dollar rates adversely in foreign-exchange In case of established need, the IMF markets. would sell to the United States for dollars We must, therefore, work steadily to re- the major foreign convertible currencies that duce and finally eliminate the deficit in our the IMF would borrow from the other parinternational payments. Among other things, ticipating countries. The United States we must seize every opportunity, major or could then use these currencies to buy up minor, to build an even larger export sur- dollars offered in the market by private plus. And, as other countries grow and holders and to redeem dollars acquired by prosper, we should expect them to take a foreign central banks in excess of the greater share of the necessary costs of amounts they are willing to hold. This would mutual defense and aid to underdeveloped tend to prevent dollar holdings of foreign areas. Your Committee has recognized these central banks from becoming a drain on our needs in its consideration of recent legis- monetary gold stock. lation, such as the International Develop- The dollars acquired by the IMF in the ment Association Act and last year's author- course of these transactions would be kept ization for an expanded export guarantee by it for 3 to 5 years, unless in the meantime program. our reserve position, as we might hope, had Obviously, the present proposal to supple- so improved that we would no longer need to ment the resources of the IMF will not re- continue the arrangement. duce our payments deficit. But it will be of The contemplated Federal Reserve operaimportant help in maintaining orderly ex- tions in convertible foreign currencies would change markets during the period of adjust- complement the proposed IMF arrangement and avoiding speculative forays against ments in two ways. The Federal Reserve the dollar pending correction of our deficit. would help to deal with minor pressures be- It will make possible an increase in inter- fore they reach a scale commensurate with national liquidity that would be available IMF action. And it could take prompt action for meeting extraordinary movements of in more serious circumstances while IMF funds due to temporary factors. arrangements are being worked out. The borrowing arrangements contem- In accordance with established reserve plated by H. R. 10162 will help to achieve banking practice, however, the System this purpose in two ways. First, the knowl- would not enter into long-term foreign exedge of the existence of a mechanism that change commitments. That is to say, it Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY FUND RESERVES 281 would not make arrangements under which operations, it would be impractical to rethe United States would acquire foreign ex- quest such legislation before operating exchange for a period of 3 to 5 years, as under perience under existing authority has pro- IMF procedures. vided a clear guide as to the need for it. Federal Reserve foreign-exchange trans- The System will, of course, coordinate its actions and the proposed IMF arrangement foreign exchange operations with those of would, therefore, complement each other. the Treasury's Exchange Stabilization Fund. Both would play important roles in main- The relatively modest resources of the Stataining an efficient international payments bilization Fund have been used recently to system. counteract speculative pressures in the ex- While reserve banks in other countries change markets. The System operations will customarily engage in foreign-exchange op- be conducted not only with broader reerations, the Federal Reserve has not done sources than those of the Stabilization Fund, so for its own account for many years. Until but also with an additional purpose. xecently, the U. S. dollar has been the only Necessarily, operations of either the Stabifully convertible currency widely used in in- lization Fund or the System in foreign externational transactions. Accordingly, the change will influence exchange rates in some United States has been settling its interna- degree. Indeed, one of the purposes of these tional accounts exclusively by transfers of operations will be to correct or avoid disdollars and by sales and purchases of gold. orderly movements of exchange rates, which The Federal Reserve Bank of New York has, might otherwise spark disruptive flows of however, continued to deal in foreign ex- funds internationally. change for accounts of its foreign corre- But the System will also have this addispondents and as fiscal agent for U. S. Gov- tional purpose: to improve the international ernment agencies. For the last year or so, it payments system by cooperative arrangehas also been operating for the account of ments with foreign central banks that would the Treasury Stabilization Fund. permit the financing of sudden large move- The Federal Reserve has recently ac- ments of volatile funds without impairing quired small amounts of several convertible the role of the dollar as a medium for intercurrencies widely used in international national transactions. In the case of an outtransactions from the Treasury Stabilization flow from the United States, these arrange- Fund and has opened accounts with several ments would permit us to moderate its im- European reserve banks. We plan to acquire pact on our gold stock; in the case of an further amounts through open market pur- outflow from other countries to the United chases of cable transfers or bills of exchange States, they would permit those countries to at home or abroad, when conditions on for- moderate its impact on their gold and dollar eign-exchange markets are favorable, and reserves. This would be one way in which also through reciprocal transactions with the System would carry out its responsiforeign reserve banks. bilities for providing the U. S. economy with While in time it may be desirable to rec- a sound dollar. ommend amendment of the Federal Reserve If we want cooperation from others, we Act to provide greater flexibility than we must be prepared to cooperate with them. now have under the Act in carrying out these This principle is applicable also to the pres- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN • MARCH 1962 ent proposal to strengthen the resources of sures on other major convertible currencies. the IMF. If we want foreign countries to In conclusion, we can look to these new lend additional support to the IMF, so that arrangements in the international payments it will be better able to offset possible ad- system to give us time to correct our balanceverse pressures on the dollar, we must be of-payments position. But we must clearly prepared to lend dollars to the IMF, so that understand that they will not be substitutes it will be better able to offset adverse pres- for a basic cure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Quarterly Survey of Consumer Buying Intentions IN JANUARY somewhat more consumers the next 12 months also declined from the reported plans to buy new automobiles than January 1961 level. in the three preceding January Surveys. Automobiles. In January, 3.7 per cent of About as many as a year earlier reported the families interviewed reported plans to plans to buy houses, but fewer planned to buy new cars within 6 months, compared buy used automobiles or household durable with 3.5 per cent in the same months of 1960 goods. These findings are from the Quarterly and 1961 and 3.1 per cent in January 1959. Survey of Consumer Buying Intentions con- A slightly smaller proportion reported plans ducted in the third week of January.1 to buy used cars than in the three preceding Consumer plans to buy new cars remained Januarys. The proportion of consumers that unchanged from October to January, com- expressed plans to buy but were undecided pared with reductions in the corresponding between new and used automobiles was periods of the two preceding years. Plans somewhat smaller than in January 1960, to buy used cars failed to rise as usual for shortly after compact cars were introduced. this season of the year, and plans to buy When a proportionate share of these planners are included in the data for new cars, household durable goods declined more than the number of 6-month plans reported in the usual. There was little change in the proporrecent Survey is not significantly larger tion of families planning to buy houses. Consumer reports of current and prospec- AUTOS AND HOUSES-PLANS TO BUY tive changes in income were about the same WITHIN 6 MONTHS Per cent in January as in October. In recent Surveys, however, the proportion of families that reported having experienced lower incomes _ 4 over the preceding 12 months was smaller than in early 1961, and the proportion reporting no change in income was correspondingly larger. The proportion of respon- - 6 dents that were uncertain about their income prospects or that expected lower incomes in 1This article presents the findings of the January 1962 Quarterly Survey of Consumer Buying Inten- WITHIN 12 MONTHS tions, conducted for the Board of Governors by the HOUSES Bureau of the Census. The Quarterly Survey is conducted under the supervision of Mona E. Dingle of the Board's staff and Selma F. Goldsmith of the Bureau of the Census. The current article was prepared by Theodore G. Flechsig. Articles covering the previous Quarterly Surveys appeared in earlier issues of JAN. APR. JULY OCT. JAN. the BULLETIN. A description of the Survey appeared NOTE.—Plans to buy new automobiles and used automobiles include pro rata shares of planners undecided between new in the BULLETIN for September 1960, pp. 977-1003. and used. 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN • MARCH 1962 than in January I960, although still above tween the sales and consumer purchase data the levels of other recent years.2 Plans to was substantially larger in 1961 than in buy either new or used cars within 12 1959. This suggests that used car transacmonths showed about the same relation to tions among consumers and sales by used preceding January Surveys as 6-month plans. car dealers have increased in importance. More families interviewed in January ex- Household durable goods. Six-month plans pressed dissatisfaction with the car they to buy household durable goods have shown owned than at this time in previous Surveys. little year-to-year change since April 1961 However, the proportion of families that and have remained well below the yearreported shopping for a car in the weeks im- earlier levels, as the accompanying chart shows. During this period, however, there mediately preceding the January 1962 Surhave been significant changes in the planned vey was smaller than a year earlier, although timing of purchases within the 6-month inless sharply below the year-earlier level than terval and in the degree of certainty of the it had been in October. reported plans. In January and April 1961 Consumers reported that they had purreported plans to buy within 3 months as chased about 1.6 million new cars in the well as within 6 months were lower than a fourth quarter of 1961, somewhat more than year earlier. By October, however, reported in the fourth quarter of 1960. This was in plans to buy within 3 months were about the sharp contrast with purchases of new cars in same as in October 1960, but 6-month plans the preceding quarters of 1961, in each of were still below year-earlier levels. From which purchases had been substantially April to October the proportion of families below year-earlier levels. For 1961 as a that reported definite plans to buy also inwhole, consumers reported purchases of 5.1 creased relative to year-earlier levels. million new cars, compared with 6.1 million Increases in 3-month plans and in definite in 1960. The decline in sales of new cars plans compared with a year earlier were to consumers derived from reports by trade particularly pronounced for washing masources was somewhat less than that sugchines, refrigerators, and television sets, gested by Survey data. which account for a large proportion of con- As in the two preceding quarters, consumer expenditures for household durable sumers in the fourth quarter of 1961 reported slightly more purchases of used cars HOUSEHOLD DURABLE GOODS-PLANS TO BUY than in the corresponding period of 1960. WITHIN 6 MONTHS No. per ]00 families Total reported purchases in 1961 exceeded 11.6 million units, compared with about 11 million in 1960. In contrast, new-car dealers reported 7 per cent fewer sales of used cars than in 1960. The difference be- 2 The number of planners undecided between new and used cars—although a relatively small proportion of the total—has fluctuated sharply on a year-to-year - 6 basis. When these planners are included in buying plans data for new and for used cars on a pro rata basis as shown in the chart, the relationship of plans data to actual purchases is closer than when the plans JAN. APR. JULY OCT. JAN. data are restricted to those specifying plans to buy either new or used cars, as shown in Table 1. NOTE.—Plans to buy items listed in Table 3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY.OF CONSUMER BUYING INTENTIONS 285 goods. Since last October, the sum of plans SAMPLING ERRORS OF PROPORTIONS to buy household durable goods within both The chances are 68 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number of percentage points shown below. 3- and 6-month intervals have declined compared with the year-earlier levels, but de- Reported percentage Number of finite plans have increased. households 2 or 98 5 or 95 10 or 90 25 or 75 50 Consumers reported 14.6 purchases of household durable goods per 100 families 1,000,000... .8 1.3 1.8 2.6 3.0 2,000,000... .6 .9 1.3 1.8 2.1 in the fourth quarter of 1961, compared with 5,000,000... .4 .6 .8 1.2 1.4 10,000,000... .3 .4 .6 .8 1.0 14.1 in the final quarter of 1960. This was a 20,000,000... .2 .3 .4 .6 .7 50,000,000... .1 .2 .3 .4 .4 considerable improvement over the first half of 1961, when reported purchases were con- The sample sizes are expressed in terms of siderably below year-earlier levels. Survey the estimated number of households repredata on the number of purchases of housesented by the Survey (or portioii of the hold durable goods have shown similar Survey) rather than in terms of the actual movements to expenditures for these items number of households sampled. The in the gross national product accounts. chances are 68 in 100, or about 2 in 3, Houses. Plans to buy new and existing that an estimate from the Survey would houses within the next 12 months have de- differ from a complete census by less than clined a little from the level of April through the sample errors shown in the table and October 1961. In January, however, as in 95 in 100 that the difference would be less October, consumers reported about the same than twice the errors shown. number of plans to buy houses as a year The second table shows the approximate earlier. A shift in preferences among plan- number of households by income and age ners toward new houses in the last half of groups. The estimated size of each sub- 1961 was not in evidence in January. The group may be used in the first table to lack of any significant change in plans to buy obtain the approximate sampling error for houses was general for all regions and in- that subgroup in preceding Surveys as well come groups. According to the Survey, pur- as in the January 1962 Survey. chases of new and existing houses in the fourth quarter of 1961 were about the same SAMPLE SIZE FOR SPECIFIED GROUPS as in the fourth quarter of 1960. Families or householdsl Sampling variabaity. Data from Quarterly Group characteristic Proportion Approximate num- Surveys are based on about 17,000 inter- in January ber applicable to 1962 all Surveys views and, as is true of all sample surveys, Survey (in millions) may differ because of sampling variability Total 100.0 54 from data that would be obtained if a com- Income:2 Under $3,000 28.0 15 plete census were taken. The reliability of $3,000-$4,999 21.4 12 $5,000-$7,499 24.1 12 estimates of percentages obtained from the $7,500-$9,999 11.7 6 $10,000 and over 10.6 5 Survey depends on the size of the estimated Not ascertained 4.2 4 percentage and the size of the total sample— Age of head: Under 35 23.7 13 or portion of the sample—on which the 35-54 41.9 23. 55 and over 34.4 percentage is based. 1 For the Quarterly Survey, data are collected only from the Sampling errors are shown in the table principal family in the household. Therefore the number of families is the same as the number of households. for selected percentages and sample sizes. 2 Total money income (before taxes) of family in 12 months immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN • MARCH 1962 TABLE 1 PLANS to BUY HOUSES AND DURABLE GOODS, 1959-621 1959 1960 1961 1962 Buying plan Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Jan Percentage of all families New or used automobile:2 Planning to buy within 12 months... 21.2 18.7 17.1 16.8 18.6 17.9 16.6 17.4 18.5 18.1 Doesn't know about 12-month plan. 5.6 7.8 7.5 8.0 7.7 Planning to buy within 6 months 10.3 9.5 8.8 8.1 9.1 9.0 8.4 8.4 9.1 9.1 Doesn't know about 6-month plan 2.8 3.6 3.0 2.8 2.8 2.7 2.9 2.9 3.1 3.0 Has shopped for automobile 3 6.5 4.5 5.5 4.9 6.3 4.5 5.1 4.6 5.0 4.3 Dissatisfied with automobile owned 9.1 9.8 8.7 8.0 9.6 10.0 8.9 9.1 9.2 10.3 New automobile: Planning to buy within 12 months.. . 9.6 7.4 7.0 6.9 7.9 7.4 6.8 7.6 8.1 7.8 Planning to buy within 6 months.. . 4.7 3.5 3.3 3.1 3.7 3.5 3.1 3.4 3.7 3.7 Degree of certainty: Definitely 1.8 1.3 1.5 1.2 1.5 1.4 l.l 1.4 1.6 .5 Probably 1.6 1.0 .9 1.0 1.2 1.1 1.1 1.1 1.2 .2 Maybe 1.2 1.1 .8 .8 .9 1.0 .9 1.0 .9 .0 Timing of planned purchase : First 3 months.... 1.4 .9 1.2 .9 1.3 1.0 .9 1.1 1.4 .1 Second 3 months 2.1 1.7 1.3 1.4 1.6 1.4 1.5 1.5 .7 Doesn't know when in 6 months . 1.1 .8 .7 .7 '.9 .9 .8 .8 .8 .9 Used automobile: Planning to buy within 12 months.. . 9.3 8.4 7.2 7.2 8.0 8.3 7.7 7.9 8.2 Planning to buy within 6 months... 4.6 3.9 3.8 4.0 4.5 4.1 4.2 4.4 4.3 Degree of certainty: Definitely 1.6 1.3 .4 1.2 1.5 .6 1.5 1.4 .5 Probably 1.4 1.5 1.2 .2 1.3 1.4 .3 1.2 1.5 .4 Maybe 1.6 1.5 1.3 .2 1.4 1.6 .3 1.5 1.5 .4 Timing of planned purchase: First 3 months 1.4 1.3 1.4 .4 1.3 1.3 .7 1.6 1.4 .3 Second 3 months 2.0 2.0 1.3 .2 1.7 2.0 1.3 1.6 1.7 .8 Doesn't know when in 6 months. 1.2 1.2 1.1 .1 .9 1.2 l.l 1.0 1.3 .2 House (new or existing): Planning to buy within 24 months.. . . n.a. 12.0 11.1 11.2 10.6 10.3 10.0 10.0 10.6 9.8 Doesn't know about 24-month plan. . n.a. 6.6 6.2 6.6 6.8 6.4 6.3 6.1 6.4 6.1 Planning to buy within 12 months 5.8 5.3 5.4 5.0 4.8 5.1 5.0 5.1 4.8 Degree of certainty: Definitely n.a. 2.3 2.2 2.2 2.0 1.9 2.1 2.0 2.2 Probably n.a. 1.8 1.6 1.6 1.5 1.5 1.5 1.6 1.6 Maybe n.a. 1.7 1.5 1.5 1.5 1.4 1.4 1.4 1.3 Timing of planned purchase: First 6 months n.a. 2.4 2.5 2.4 1.9 1.9 2.3 1.9 2.0 1.8 Second 6 months n.a. 1.8 1.3 1.7 1.9 •1.5 1.4 1.7 1.8 1.5 Doesn't know when in 12 months. n.a. 1.6 1.4 1.3 l.l 1.4 1.3 1.4 1.3 1.5 Doesn't know about 12-month plan , . . n.a. 2.4 2.4 2.4 2.5 2.1 2.2 2.2 2.3 2.0 Plans per 100 families Household durable goods: * Planning to buy within 6 months.. . 24.3 21.9 20.1 21.0 20.5 20.2 18.4 19.6 18.8 Degree of certainty: Definitely n.a. 7.5 7.7 6.5 7.4 6.3 6.5 6.2 7.0 6.5 Probably n.a. 6.0 5.8 5.0 5.5 5.4 5.6 4.8 5.0 5.1 Maybe n.a. 10.7 8.5 8.6 8.1 8.8 8.1 7.3 7.6 7.2 Timing of planned purchase: First 3 months n.a. 5.4 7.4 5.9 6.8 5.1 6.7 5.8 6.9 4.8 Second 3 months n.a. 10.6 7.7 7.4 8.2 8.8 7.8 7.4 7.1 8.8 Doesn't know when in 6 months n.a. 8.2 6.7 6.7 6.0 6.6 5.7 5.2 5.6 5.2 Doesn't know about 6-month plan . . n.a. 5.5 5.4 4.7 4.5 4.7 5.0 4.6 4.6 5.2 Major household durable goods: 5 Planning to buy within 6 months... . 17.3 15.7 13.9 14.0 13.8 13.7 13.0 12.8 13.1 12.2 Degree of certainty: Definitely , I 4'7 4.7 4.4 4.7 4.1 4.1 4.1 4.5 4.1 Probably 3.1 3.0 3.1 3.0 3.1 3.1 2.8 2.8 Maybe 8.5 6.2 6,7 5.9 6.6 5.8 5.6 5.9 5.3 Timing of planned purchase: First 3 months 4.7 3.7 3.8 3.8 4.2 3.5 3.7 3.9 li 3.2 Second 3 months 6.0 5.8 4.9 4.7 5.1 5.1 5.0 4.7 5.0 Doesn't know when in 6 months 6.7 6.1 5.2 5.4 4.5 5.1 4.2 4.2 4.3 4.0 Doesn't know about 6-month plan.. 2.4 2.8 2.7 2.9 2.6 2.9 2.8 2.9 2.9 2.9 n.a. Not available. 3 In the weeks immediately preceding interview. 1 As reported in interviews in the first month of each calendar 4 Sum of plans to buy washing machines, refrigerators, television quarter. Interviews are taken in the week that includes the 19th of sets, air conditioners, clothes dryers, radio and phonographic equipthe month. Planning periods begins on the date of interview. ment, and dishwashers. 1 Includes those undecided between new and used. 5 Sum of plans to buy first three items listed in note 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 287 TABLE 2 PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1959-62 1959 1960 1961 1962 Planning period, and income or age group Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Planners as a percentage of all families in group Planning to buy new automobile within 6 months: All families 4.7 3.5 3.3 3.1 3.7 3.5 3.1 3.4 3.7 3.7 Income:1 Under $3,000.... .7 .7 .9 .8 .6 .6 .8 .7 .7 .9 $3,000-$4,999.... 3.2 2.3 1.7 1.5 2.4 1.9 1.7 2.2 2.3 2.0 $5,000-$7,499.... 5.6 4.0 4.5 3.6 4.5 4.1 3.8 3.8 3.4 3.8 $7,500-$9,999.... 10.2 6.8 5.5 6.6 6.8 6.3 4.8 6.0 6.7 6.3 $10,000 and over. 15.6 12.0 9.6 9.9 11.7 11.3 9.6 11.0 13.4 11.5 Age of head: Under 35 4.4 3.2 3.3 3.4 3.7 3.6 3.2 3.3 3.4 4.1 35-54 5.9 4.1 55 and over 3.4 2.5 2.3 2.1 2.9 2.5 2.4 2.3 2.1 2.9 Planning to buy used automobile within 6 months: All families 4.7 4.6 3.9 3.8 4.0 4.5 4.1 4.2 4.4 4.3 Income:1 Under $3,000 3.4 3.1 2.6 2.9 2.9 2.8 2.5 2.7 3.0 2.3 $3,000-$4,999 5.9 4.8 4.3 4.1 4.4 4.9 5.1 4.5 4.7 5.3 $5,000-$7,499 6.3 6.0 4.9 4.6 4.9 6.0 4.6 5.3 5.7 6.1 $7,500-$9,999 4.7 6.3 4.8 5.4 5.6 4.9 5.4 5.2 5.5 3.9 $10,000 and over 3.3 5.5 3.3 4.1 3.9 4.8 4.3 4.7 4.1 4.8 Age of head: Under 35 7.7 6.5 6.8 6.6 6.7 7.1 6.8 7.1 7.0 7.4 35-54 4.9 5.5 4.3 4.0 4.3 5.0 4.8 4.7 4.8 4.6 55 and over 2.3 2.1 1.4 1.5 1.6 2.0 1.5 1.6 2.1 1.8 Planning to buy house within 12 months: A In l c l o fa m m e i : l 1 ies n.a. 5.8 5.3 5.4 5.0 4.8 5.1 5.0 5.1 4.8 Under $3,000 n.a. 1.9 1.7 2.1 1.8 1.5 1.7 2.2 2.4 1.7 $3,000-$4,999 n.a. 5.3 5.1 5.4 4.9 4.1 4.8 4.8 4.6 4.7 $5,000-$7,499. n.a. 8.4 7.1 7.3 7.0 6.6 6.4 6.7 6.1 6.2 $7,500-$9,999 n.a. 9.1 8.4 8.6 8.4 7.3 7.9 7.9 7.8 6.4 $10,000 and over n.a. 11.5 10.2 9.1 7.3 8.6 8.1 7.7 9.5 8.7 Age of head: Under 35 n.a. 10.1 9.4 9.8 9.2 8.8 9.3 9.9 9.5 9.2 35-54 n.a. 6.2 5.6 5.5 5.1 5.1 5.1 4.7 5.3 4.9 55 and over n.a. 2.4 2.0 2.2 2.0 1.7 2.1 2.1 2.0 1.6 Plans per 100 families in group Planning to buy household durable goods within 6 months: 2 I A n l c l o fa m m e i : l J ies n.a. 24.3 21.9 20.1 21.0 20.5 20.2 18.4 19.6 18.8 Under $3,000 n.a. 13.4 12.1 11.1 10.8 10.0 10.4 10.7 10.9 10.0 $3,000-$4,999 n.a. 21.1 19.3 18.8 19.6 15.0 15.9 14.8 16.5 16.4 $5,000-$7,499 n.a. 29.1 24.0 24.1 24.9 24.7 21.4 20.5 21.1 21.4 $7,500-$9,999 n.a. 39.9 30.8 29.8 32.2 31.5 28.6 28.4 30.2 25.9 $10,000 and over n.a. 46.9 43.8 39.1 41.1 40.8 39.7 34.0 37.5 34.2 Age of head: Under 35 n.a. 31.0 32.0 29.8 31.2 27.3 29.6 26.9 28.1 27.6 35-54 n.a. 28.1 24.4 22.0 23.7 23.9 21.8 20.2 21.3 21.3 55 and over n.a. 14.9 11.9 11.2 10.6 11.8 12.0 10.4 11.8 9.7 Planning to buy major household durable goods within 6 months:3 All families 17.3 15.7 13.9 14.0 13.8 13.7 13.0 12.8 13.1 12.2 Income:1 Under $3,000 12.9 11.6 9.9 9.8 9.2 8.5 8.7 9.5 9.5 8.7 $3,000-$4,999 18.7 14.8 13.3 14.0 14.4 11.6 11.5 11.4 12.4 11.6 $5,000-$7,499 19.6 17.7 14.5 16.3 15.9 16.2 13.7 13.6 13.9 13.4 $7,500-$9,999 20.9 23.3 17.0 18.0 19.0 18.5 15.2 18.7 17.7 15.1 $10,000 and over. 26.3 23.9 21.4 22.4 21.4 23.1 21.5 19.2 20.2 17.8 Age of head: Under 35 21.5 18.7 19.8 19.5 19.7 17.5 18.3 17.8 18.3 17.2 35-54 18.9 17.8 15.0 15.3 15.3 15.5 13.7 14.0 14.0 13.5 55 and over 12.3 10.9 8.6 8.7 8.2 8.9 8.6 7.9 8.6 7.2 n.a. Not available. 2 Sum of plans to buy washing machines, refrigerators, television 1 Total money income (before taxes) of family in 12 months sets, air conditioners, clothes dryers, radio and photographic equipimmediately preceding interview. ment, and dishwashers. 3 Sum of plans to buy first three items listed in note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN • MARCH 1962 TABLE 3 PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1959-62 [Percentage of all families] 1959 1960 1961 1962 Type of durable good Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Washing machine 7.0 6.5 6.0 5.9 5.5 5.5 5.3 5.1 5.4 5.2 Refrigerator 4.7 4.5 3.8 4.0 3.4 3.7 3.6 3.4 3.3 3.1 Television set 5.7 3.9 Air conditioner n.a. 3.2 3.4 1.4 1.3 2.0 2.6 1.1 1.2 1.9 Clothes dryer n.a. 2.2 1.8 2.0 2.3 1.9 1.8 1.7 1.9 1.8 Radio and phonographic equipment1 n.a. 2.3 1.9 1.9 2.7 2.1 2.1 2.1 2.5 2.3 n.a. .9 .8 .8 .8 .8 .8 .7 .8 .6 n.a. Not available. i Radios or phonographs (or their component parts) together costing $100 or more. TABLE 4 PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1959-611 [Percentage of all families] 1959 1960 1961 Item July- Oct.- Jan.- Apr.- July- Oct.- Jan.- Apr.- July- Oct.- Sept. Dec. Mar. June Sept. Dec. Mar. June Sept. Dec. Automobile: 2.6 2.4 2.7 3.2 2.8 2 8 2 1 2 2 2.2 2 9 Used 5.2 4.7 5.0 5.7 5.2 4.9 5.1 5.9 5.4 5.1 House (new or existing)2.. . n.a. 1.5 .8 1.4 1.4 1.2 1.0 1.1 1.4 1 2 Washing machine 3.3 3.2 2.4 2.7 2.8 2.9 2.2 2.5 2.8 2.8 Refrigerator. 3.1 2.3 1.6 2.4 2.7 1.9 1.7 2.2 2.8 1.9 Television set 3.3 4.8 3.3 2.9 3.4 4.8 2.8 2.7 3.3 5.2 Air conditioner n.a. .2 .3 1.1 1.0 .2 .2 .8 1.0 .3 Clothes dryer n.a. 1.4 .6 .5 .7 1.1 .7 ,4 .6 1.0 Radio and phonographic equipment 3 n.a. 2.5 1.0 .9 1.0 2.9 .9 1.0 1.0 2.8 Dishwasher n.a. .4 .3 .3 .3 .4 .2 .3 .3 .5 n.a. Not available. other data because of special problems involved in estimating pur- 1 As reported in month immediately following purchase period. chases of new houses. 2 Estimates are subject to somewhat larger sampling errors than 3 Radios or phonographs (or their component parts) together costing $100 or more. TABLE 5 PAST AND EXPECTED CHANGES IN INCOME, 1959-62 [Percentage distribution of families] 1959 1960 1961 1962 Direction of change Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Current income compared with a year earlier: Higher 24.1 25.0 22.2 21.5 23.2 22.6 20.7 20.6 22.6 22.2 Same.... . ... 57.3 57.1 61.3 61.9 58.7 57.9 59.9 61.0 59.9 60.2 Lower 17.9 17.0 15.5 15.7 17.0 18.7 18.5 17.6 16.6 16.5 Doesn't know .7 .9 1.0 .9 1.1 .8 .8 .9 .9 1.0 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Expected income compared with current:l Higher 25.1 24.4 24.2 24.6 24.5 24.6 23.9 24.7 23.7 24.0 Same .. . .. 58.7 59.6 60.2 59.6 59.2 57.2 59.4 58.5 59.3 60.0 Lower 6.3 5.7 5.6 5.9 5.8 6.0 5.4 5.8 5.7 5.0 Doesn't know 10.0 10.2 10.0 9-8 10.5 12.2 11.4 11.0 11.3 11.1 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Expected a year hence. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Amendment to Regulation N thorized or directed so to do by, or under the authority of, the Federal Open Market Committee, The Board of Governors of the Federal Reserve carry on or conduct, through any other Federal System, effective February 13, 1962, amended Reserve Bank which maintains an account with a Regulation N—Relations with Foreign Banks and foreign bank, any open market transactions au- Bankers, by adding a new Section 214.5—Acthorized by Section 14 of the Federal Reserve Act. counts with Foreign Banks, for the purpose of Transactions authorized by Section 14 which are regulating, as contemplated by statute, the opennot open market transactions may be carried on or ing and maintenance by Federal Reserve Banks of conducted through such other Federal Reserve accounts with foreign banks, and providing that Bank only with the approval of the Board. negotiations and agreements, contracts, or understandings entered into by a Federal Reserve Bank (d) Notwithstanding other provisions of this with foreign banks shall be subject to such au- Part, reports with respect to any accounts opened thorizations, directions, regulations, and limita- and maintained, and negotiations, agreements, contions as may be prescribed by the Federal Open tracts, and understandings entered into, pursuant Market Committee to the extent necessary to ef- to this section shall be made to the Board at least fectuate the conduct of open market transactions quarterly, and more frequently if so requested by by Federal Reserve Banks through such foreign the Board, by a duly authorized officer of the Fedaccounts. eral Reserve Bank involved. The former Section 214.5 has been redesignated Executive Officer Status Arising Section 214.6 and the new section reads as follows: From Authority to Sign Documents The Board has received an inquiry as to whether SECTION 214.5—ACCOUNTS WITH FOREIGN the term "executive officer," as defined in the BANKS Board's Regulation O, embraces the Vice Chair- (a) Any Federal Reserve Bank, with the con- man of the Board of Directors of a member bank sent of the Board, may open and maintain ac- who, in the absence of the Chairman, serves as a counts payable in foreign currencies with such member of the Loan and Discount Committee foreign banks as may be designated by the Board. and who also, in the absence of the Chairman, is (b) Notwithstanding other provisions of this authorized to execute any and all documents or Part, any officer or other representative of a Fed- instruments on behalf of the bank. It is further eral Reserve Bank which maintains an account understood that the member bank has adopted with a foreign bank may conduct such negotia- a resolution to the effect that the Chairman of the tions and enter into such agreements, contracts, or Board is not authorized to participate in the understandings with such foreign bank as may be operating management of the bank and does authorized or directed by the Federal Open Mar- not actually so participate otherwise than in his ket Committee in order to effectuate the conduct capacity as director. of open market transactions of the Federal Reserve Under Section 215.1 (b) of Regulation O the Banks incident to the opening, maintenance, op- Chairman of the Board of Directors of a member eration, increase, reduction, or discontinuance of bank is assumed to be an executive officer unless such account; and, in any such case, such negotia- it is provided by resolution of the Board of Directions, agreements, contracts, or understandings tors or the bank's by-laws that he is not authorized shall be subject to such authorizations, directions, to participate in the operating management of the regulations, and limitations as may be prescribed bank and he does not actually participate therein. by, or pursuant to authority of, the Federal Open In view of this provision, although a bank may Market Committee. have adopted such a resolution with respect to the (c) Any Federal Reserve Bank may, when au- Chairman, he must be considered an executive of- 289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN • MARCH 1962 ficer if in fact his duties involve participation in National Bank of Bonners Ferry, Bonners Ferry, the operating management of the bank. Likewise, Idaho, with and into Bank of Idaho, under the the Vice Chairman would be an executive officer charter and title of the latter. if, in the absence of the Chairman, he has authority Pursuant to said Section 18(c), notice of the to perform such duties. proposed merger, in form approved by the Board It appears from the information supplied that of Governors, has been published, and reports on the Loan and Discount Committee, which consists the competitive factors involved in the proposed only of members of the Board of Directors, does transaction have been furnished by the Comptrolnot actually make loans but rather reviews loans ler of the Currency, the Federal Deposit Insurance made by loan officers of the bank and acts in a Corporation, and the Department of Justice and supervisory and advisory capacity. The Board is have been considered by the Board. of the view that these duties are such as are IT IS ORDERED, for the reasons set forth in the normally performed by directors, as contrasted Board's Statement of this date, that said merger with the duties of management, and accordingly be, and hereby is, approved, provided that said would not make either the Chairman or the Vice merger shall not be consummated (a) sooner than Chairman an executive officer for the purpose of seven calendar days after the date of this Order Regulation O. or (b) later than three months after said date. However, it is also the view of the Board that Dated at Washington, D. C, this 16th day of the Chairman and Vice Chairman of the member February, 1962. bank do participate in the operating management By order of the Board of Governors. of the bank because of their authority to execute Voting for this action: Unanimous, with all members any and all documents or instruments on behalf present. of the bank. The Board believes that the broad (Signed) MERRITT SHERMAN, authority to execute such documents brings both Secretary. the Chairman and the Vice Chairman within a [SEAL] 1940 unpublished interpretation of the Board to STATEMENT the effect that an inactive vice president of a member bank who was authorized to sign deeds, Bank of Idaho, Boise, Idaho, ("Idaho Bank") checks, drafts, and other documents in the absence has applied pursuant to Section 18(c) of the Fedof the president, but who was expressly denied au- eral Deposit Insurance Act, for the Board's prior thority to make loans or to perform any of the approval of the merger of that bank with The other duties of an executive officer, should be con- First National Bank of Bonners Ferry, Bonners sidered an executive officer. Ferry, Idaho ("First"). Under the Agreement and Plan of Merger the banks would merge under the Orders Under Bank Merger Act charter and title of Idaho Bank; and First would The Board of Governors of the Federal Reserve be operated as a branch of the resulting bank, the System has issued the following Orders and Statetotal authorized offices of which would be thereby ments with respect to applications for approval of increased from 11 to 12. the merger of certain banks: Under the law, the Board is required to consider (1) the financial history and condition of BANK OF IDAHO, BOISE, IDAHO each of the banks involved, (2) the adequacy of In the matter of the application of Bank of its capital structure, (3) its future earnings pros- Idaho for approval of merger with The First Na- pects, (4) the general character of its management, tional Bank of Bonners Ferry. (5) whether its corporate powers are consistent with the purposes of the Federal Deposit Insurance ORDER APPROVING MERGER OF BANKS Act, (6) the convenience and needs of the com- There has come before the Board of Governors, munity to be served, and (7) the effect of the pursuant to Section 18(c) of the Federal Deposit transaction on competition (including any tend- Insurance Act (12 U.S.C. 1828(c)), an applica- ency toward monopoly). The Board may not aption by Bank of Idaho, Boise, Idaho, a member prove the transaction unless, after considering all bank of the Federal Reserve System, for the these factors, it finds the transaction to be in the Board's prior approval of the merger of The First public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 291 The first five of these factors may be considered State, afford strong competition. There presently together as "banking factors." The sixth and appears to be no competition between the banks seventh factors are considered separately. proposing to merge; and, even after establishment Banking factors. Idaho Bank's condition and of the Sandpoint branch, the distances involved management are satisfactory; its capital structure would severely limit competition. There are no is reasonably adequate, and its earnings show a banks in Boundary County other than First, and favorable trend. Idaho Bank is controlled by West- the nearest banking facility to Bonners Ferry is ern Bancorporation, Los Angeles, California, a a branch in Sandpoint of the largest bank in the holding company with 24 subsidiary banks hold- State. ing total deposits of $4,680 million and operating Summary and conclusion. The merger would in 11 western States (as of December 31, 1960). provide a solution for First's asset problem and First has had heavy loan losses in recent years and end the difficulties created by its heavy loan improvement is needed in its asset condition. Lack losses, ineffective collection policies, and weak of a strong collection policy, illness of its chief management. Prospects for the resulting bank executive officer, and apparent dissension among are favorable. There appears to be no competition its directors pose further difficulties for First. Its between the banks proposed to be merged; and earnings prospects are not favorable, but its capital Bonners Ferry may benefit through the availability position is strong. It appears that the prospects to the community of a larger, stronger bank. The and condition of the resulting bank, under the extension of the area served by Idaho Bank and leadership of Idaho Bank, would be favorable. the increment in its financial resources which There appear to be no inconsistencies between the would result from the merger would have little corporate powers of the banks involved and the effect on the relative competitive positions of the Federal Deposit Insurance Act. largest banks operating branch systems in the Considerations relating to the banking factors State. lend support to approval of the application. The Board finds, accordingly, that the proposed Convenience and needs of the communities to merger would be in the public interest. be served. Idaho Bank's main office is in Boise, UNITED CALIFORNIA BANK, with a population of 34,500 and a trade area in LOS ANGELES, CALIFORNIA excess of 100,000. First is located about 260 miles north of Boise in Bonners Ferry (population In the matter of the application of United Call- 2,000), the county seat of Boundary County fornia Bank for approval of merger with The (population 5,800), which constitutes the trade Southwest Bank. area. The economy of the area is based upon agriculture and lumber processing. The lumber ORDER APPROVING MERGER OF BANKS market has been depressed in the last two years, There has come before the Board of Governors, but income from dairies and farming has re- pursuant to Section 18(c) of the Federal Deposit mained stable. Insurance Act (12 U.S.C. 1828 (c)), an applica- The merger would have little effect on the com- tion by United California Bank, Los Angeles, munities presently served by Idaho Bank, but the California, a member bank of the Federal Reserve Bonners Ferry area may be benefited by the avail- System, for the Board's prior approval of the ability of increased loan capacity for large local merger of The Southwest Bank, Inglewood, Calilumber and agricultural customers. fornia, with and into United California Bank, Competition. Idaho Bank, with total deposits of under the charter and title of the latter. about $52 million, is the third largest bank in the Pursuant to said Section 18(c), notice of the State and the resulting bank would remain in the proposed merger, in form approved by the Board same relative position. First has $5.3 million in of Governors, has been published, and reports total deposits. Idaho Bank now operates nine on the competitive factors involved in the probranches (none less than 160 miles from Bonners posed transaction have been furnished by the Ferry) and has permission to operate two more, Comptroller of the Currency, the Federal Deone of which would be at Sandpoint, 34 miles posit Insurance Corporation, and the Departfrom Bonners Ferry. However, the two larger ment of Justice and have been considered by the banks, which operate branches throughout the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN • MARCH 1962 Upon reconsideration by the Board on the Banking factors. United has a reasonably adebasis of additional information following its dis- quate capital structure; its history, condition and approval of the original application management are satisfactory; and its future earn- IT IS ORDERED, for the reasons set forth in the ings prospects are good. The same should hold Board's Statement of this date, that said merger true generally for the resulting bank. Southwest's be, and hereby is, approved, provided that said capital structure is lower than desirable and its merger shall not be consummated (a) sooner future earnings prospects are fairly satisfactory. than seven calendar days after the date of this The bank has a serious management succession Order or (b) later than three months after said problem, which has been aggravated by recent date. deaths and illnesses among its senior executives Dated at Washington, D. C, this 16th day of and the inability of the bank to find able, ex- February, 1962. perienced bankers to fill these senior executive By order of the Board of Governors. positions. None of the corporate powers of the banks involved is or would be inconsistent with Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and King. Voting the Federal Deposit Insurance Act. against this action: Governors Robertson and Mitchell. Consideration of the banking factors, therefore, (Signed) MERRITT SHERMAN, lends support to the application. Secretary. Convenience and needs of the communities to [SEAL] be served. The head office and the four branches of Southwest are all within the Adams-Inglewood STATEMENT economic area, approximately five to 15 miles southwest of the downtown area of the City of United California Bank, Los Angeles, California Los Angeles. The cities of Inglewood, Culver ("United"), with total deposits of $1,779 million, has applied, pursuant to Section 18(c) of the Fed- City, Gardena, Hawthorne, and Lawndale, as well eral Deposit Insurance Act, for trie Board's prior as parts of Los Angeles city and county, are inapproval of the merger of that bank with The cluded in this economic area, which has a popula- Southwest Bank, Inglewood, California ("South- tion of about 750,000 and is the most densely west"), with total deposits of $14.8 million, as populated section west of downtown Los Angeles. indicated in the attached Order of this date. Under The territory served by Southwest is fairly wellthe Agreement of Merger, the banks would merge balanced between residential and industrial use. under the charter and title of United; and the The chief industries are aircraft and missile prohead office and four branches of Southwest would duction, electronics, and commercial airlines. Bebecome branches of United, the total banking cause of Southwest's small lending limits and the offices of which would be thereby increased from lack of certain services, such as a trust depart- 122 to 127. ment, it has not been able to compete effectively Under the law, the Board is required to con- with the other banks in the area. The resulting sider (1) the financial history and condition of bank, through its higher lending limit and broader each of the banks involved, (2) the adequacy of range of services, will be better able to serve the its capital structure, (3) its future earnings community. prospects, (4) the general character of its manage- Competition. Southwest is one of the two inment, (5) whether its corporate powers are con- dependent banks in the Adams-Inglewood area. sistent with the purposes of the Federal Deposit Within this area there are 71 banking offices, all Insurance Act, (6) the convenience and needs of but seven of which are offices of five of the six the community to be served, and (7) the effect of largest banks operating in the Los Angeles the transaction on competition (including any metropolitan area, including four offices of tendency toward monopoly). The Board may not United. Generally speaking, the offices of Southapprove the transaction unless, after considering west are situated in the western part of the Adamsall these factors, its finds the transaction to be in Inglewood area, while the four offices of United the public interest. are in the eastern part, and with one exception are The first five of these factors may be considered located no nearer than two miles from the nearest together as "banking factors." The sixth and office of Southwest. This exception is the Southseventh factors are considered separately. west office at Western and 88th Streets, which is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 293 situated approximately one mile from the closest Comptroller of the Currency, the Federal Deposit United office. Generally, 75 per cent of the de- Insurance Corporation, and the Department of posits of each office of Southwest and United Justice and have been considered by the Board. originates within one and one-half miles of each IT IS ORDERED, for the reasons set forth in the of such office. Only about seven per cent of Board's Statement of this date, that said merger Southwest's business originates in the primary be, and hereby is, approved, provided that said service areas of United's offices and less than one merger shall not be consummated (a) sooner than per cent of United's business is derived from the seven calendar days after the date of this Order primary service area of Southwest. or (b) later than three months after said date. Summary and conclusion. United, which is the Dated at Washington, D. C, this 28th day of fourth largest bank in the State and the third February, 1962. largest in the Los Angeles metropolitan area, By order of the Board of Governors. proposes to merge with one of the smaller com- Voting for this action: Chairman Martin, and Govermunity banks serving a densely populated area 15 nors Balderston, Mills, Robertson, Shepardson, and King. Voting against this action: Governor Mitchell. miles southwest of the business center of Los Angeles. The merger will solve serious manage- (Signed) MERRITT SHERMAN, ment succession problems and provide for the Secretary. Southwest area the services of a competently and [SEAL] aggressively managed bank. In addition, the cus- STATEMENT tomers of Southwest will be offered banking serv- Liberty Bank and Trust Company, Buffalo, ices comparable to those now provided by branch New York ("Liberty"), with deposits of $180.8 offices of downtown Los Angeles banks. Commillion, has applied, pursuant to Section 18 (c) petition between the larger banks in the area now of the Federal Deposit Insurance Act, for the served by Southwest would be intensified. Board's prior approval of the merger of that bank Accordingly, and in view especially of the and Bank of Orchard Park, Orchard Park, New serious management succession problem which York ("Orchard"), with deposits of $6.8 million. appears to be steadily worsening, the Board finds Under the Plan of Merger the banks would merge that the proposed merger will be in the public under the charter and title of Liberty; and the interest. single office of Orchard would become a branch of Liberty, t}ie total banking offices of which LIBERTY BANK AND TRUST COMPANY, would be thereby increased from 22 to 23. BUFFALO, NEW YORK Under the law, the Board is required to con- In the matter of the application of Liberty Bank sider (1) the financial history and condition of and Trust Company for approval of merger with each of the banks involved, (2) the adequacy of Bank of Orchard Park. its capital structure, (3) its future earnings prospects, (4) the general character of its manage- ORDER APPROVING MERGER OF BANKS ment, (5) whether its corporate powers are con- There has come before the Board of Governors, sistent with the purposes of the Federal Deposit pursuant to Section 18 (c) of the Federal Deposit Insurance Act, (6) the convenience and needs Insurance Act (12 U.S.C. 1828(c)), an applica- of the community to be served, and (7) the effect tion by Liberty Bank and Trust Company, Buffalo, of the transaction on competition (including any New York, a member bank of the Federal Re- tendency toward monopoly). The Board may not serve System, for the Board's prior approval of approve the transaction unless, after considering all the merger of Bank of Orchard Park, Orchard these factors, it finds the transaction to be in the Park, New York, with and into Liberty Bank and public interest. Trust Company, under the charter and title of the The first five of these factors may be considered latter. together as "banking factors." The sixth and Pursuant to said Section 18(c), notice of the seventh factors are considered separately. proposed merger, in form approved by the Board Banking factors. The history of both banks is of Governors, has been published, and reports satisfactory and both have adequate capital strucon the competitive factors involved in the pro- tures. The condition, management, and earnings posed transaction have been furnished by the prospects of both are satisfactory and the same Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN • MARCH 1962 should hold true for the resulting bank. There of the other. Liberty's branch nearest Orchard is is no evidence that the corporate powers of the about seven miles away. The two largest Buffalo bank are or would be inconsistent with the pur- banks have four branches within six miles of poses of the Federal Deposit Insurance Act. Orchard. The proposed merger would extend Thus, while the favorable considerations re- Liberty's operations to the Orchard Park service lating to the banking factors do not have a decisive area and would enable Liberty to compete more bearing on approval of the application, they are effectively with the two larger banks. consistent with approval. Summary and conclusion. The proposed merger Convenience and needs of the communities. of Orchard and Liberty will provide more com- Liberty is located in the city of Buffalo (popula- plete banking services to the service area of tion 533,000), Erie County, the second largest Orchard. At the same time it would eliminate city in the State of New York. The population of little, if any, competition, since virtually none Erie County exceeds 1,000,000. Buffalo is an exists between these two institutions. Liberty will industrial center in which further industrial ex- be in a better position to compete more effectively pansion is expected. Orchard is located in the with the two largest banks in Buffalo and Erie Erie County village of Orchard Park (population County. 3,300), about seven miles southeast of the city Accordingly, the Board finds that the proposed limits of Buffalo. Orchard Park is a residential merger would be in the public interest. community; most of its working residents are employed in Buffalo. Orchard is the only bank DISSENTING STATEMENT OF GOVERNOR MITCHELL located in Orchard Park, and its service area also In stating that this merger is justified by an inincludes a portion of the town of Boston lying crease in the range of services Liberty could make 10 miles to the south of Orchard Park. available to residents of Orchard Park, the majority The effect of the proposed merger on the con- overlooks the compelling fact that a profitable and venience and needs of the communities to be well-managed neighborhood bank such as Orchard served would be limited almost entirely to Park will provide only those services it can Orchard's service area. The merger would make economically make available to its community. available there a number of services that are not This range of services would be broadened if it now offered by Orchard, such as VA and FHA were profitable for Orchard Park Bank to do so. real estate loans; safe deposit facilities; complete Orchard Park Bank should not be expected to trust facilities; direct bank wire service; invest- duplicate, in its community, the facilities of a ment, security and advisory services; correspond- large downtown Buffalo bank. It is unlikely that ent bank relations; and foreign department facili- Liberty will find it profitable to staff its new branch ties. A further result of the merger would be to with personnel specialized to administer services make available in the area now served by Orchard that arise only infrequently. a bank "lending limit" of $1,500,000, as compared The majority has not demonstrated that the to Orchard's present limit of $63,000. This would provision of specialized services to residents of help meet the increasing demand for credit that Orchard Park requires that Orchard Park Bank accompanies the development of the area. be purchased by Liberty. Neither have they shown Competition. Liberty is one of five commercial that a bank in Orchard Park will be anything but banks in Buffalo and one of 12 commercial banks a neighborhood bank doing neighborhood busiin Erie County. It currently ranks third in size ness regardless of its ownership. in both Buffalo and Erie County and would con- Although the loan limit of Orchard Park Bank tinue to do so after the merger. Liberty is subject may be inadequate to service the credit needs of to very keen competition from the two largest a large corporation, in the unlikely event such a banks in the county, which together hold over corporation would prefer a neighborhood bank to 75 per cent of the deposits in that area as com- one in downtown Buffalo, there is no evidence to pared to Liberty's 15 per cent. There appears to suggest that its loan limit is not adequate to servbe very little competition between Liberty and ice individuals and small business needs, the types Orchard, as their service areas barely overlap of accommodation this community generates. and neither obtains much business from the area The majority minimizes the competition exist- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 295 ing between these two banks on the rationale of tion on behalf of First Security Corporation, barely overlapping service areas. But surely com- Salt Lake City, Utah, for the Board's prior apmuting residents of a suburb of Buffalo regard proval of the acquisition of all the voting stock of banks "downtown" as substitute suppliers of bank Carbon Emery Bank, Price, Utah; a Notice of services for the bank in their community and Receipt of Application has been published in the vice versa. Commuters can bank where they work Federal Register on September 27, 1961 (26 or where they live. The substantial dollar volume Federal Register 9098), which provided an opof loans originated in Orchard Park by Liberty, portunity for submission of comments and views neglecting mention of the originations in this regarding the proposed acquisition; and the time area by other Buffalo banks, is evidence that for filing such comments and views has expired "downtown" alternatives are real. and no such comments or views have been filed; In our economic experience, we have realized IT IS HEREBY ORDERED, for the reasons set forth major benefits by affording consumers alternative in the Board's Statement of this date, that said sources of supply of goods and services. Within application be and hereby is denied. limits, such choices are practicable in banking. Dated at Washington, D. C. this 15th day of Moreover, these choices need not be confined to February, 1962. one or another large branching system. In a com- By order of the Board of Governors. munity like Orchard Park an efficient local institu- Voting for this action: Chairman Martin, and Govertion can, in the present economic environment, nors Balderston, Mills, Robertson, Shepardson, and attract enough business to be profitable. This King. Absent and not voting: Governor Mitchell. merger will significantly reduce the advantage (Signed) MERRITT SHERMAN, of competing alternatives that Orchard Park resi- Secretary. [SEAL] dents presently enjoy and it will do so without providing offsetting benefits. STATEMENT First Security Corporation, Salt Lake City, Orders Under Section 3 Utah ("Applicant"), a bank holding company, of Bank Holding Company Act has applied, pursuant to Section 3(a) (2) of the Bank Holding Company Act of 1956 ("the Act"), The Board of Governors of the Federal Refor the Board's prior approval of the acquisition serve System has issued the following Orders and of all the voting stock of Carbon Emery Bank, Statements with respect to applications by bank Price, Utah ("Bank"). holding companies for approval of the acquisition of voting shares of certain banks, and the follow- Views and recommendations of supervisory ing Order extending the time for completion of authority. Pursuant to Section 3(b) of the Act the the acquisition of voting shares of a bank by a Bank Commissioner of the State of Utah was bank holding company: asked for his views and recommendations. He interposed no objection to approval of the application. FIRST SECURITY CORPORATION, Statutory factors. Section 3(c) of the Act re- SALT LAKE CITY, UTAH quires the Board to take into consideration the In the matter of the application of First following five factors: (1) the financial history Security Corporation for prior approval of acquisi- and condition of the holding company and bank tion of all the voting stock of Carbon Emery Bank, concerned; (2) their prospects; (3) the character Price, Utah. of their management; (4) the convenience, needs, and welfare of the communities and the area ORDER DENYING APPLICATION UNDER concerned; and (5) whether or not the effect of BANK HOLDING COMPANY ACT the acquisition would be to expand the size or WHEREAS, there has come before the Board of extent of the bank holding company system in- Governors, pursuant to Section 3(a)(2) of the volved beyond limits consistent with adequate Bank Holding Company Act of 1956 (12 USC and sound banking, the public interest, and the 1842) and Section 4(a)(2) of Federal Reserve preservation of competition in the field of bank- Regulation Y (12 CFR 222.4(a)(2)) an applica- ing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN • MARCH 1962 Discussion. The Applicant, a bank holding the conclusion that its present management is company with its principal office in Salt Lake satisfactory. Applicant asserts that Bank is faced City, Utah, owns a majority of the stock of five with a problem in regard to management succesbanks, one each in Idaho and Wyoming, and sion and continuity that would be relieved by three in Utah. The Utah banks are First Security approval of this application. However, Applicant Bank of Utah, N. A., Ogden, First Security State has not shown any effort on the part of Bank's Bank, Salt Lake City, and Sanpete Valley Bank, officers or directors to assure management suc- Mount Pleasant. At June 30, 1961, Applicant's cession other than through a proposed sale of banks operated 77 of the three States' total of 293 Bank. Bank's operating earnings, as well as its banking offices and held $518 million of the $2 capital position, appear sufficient to enable it to billion total deposits held by all banks in the offer reasonably attractive compensation and other three States. In September 1961, the Board ap- benefits so as to draw competent management and proved Applicant's acquisition of Sanpete Valley be reasonably assured of its continuity. Bank, Mount Pleasant, Utah, which operates one In respect to the convenience, needs, and weloffice and at June 30, 1961, held deposits of $3.7 fare of the communities and the area concerned, million. Applicant's largest banking subsidiary, it appears that Bank, together with the First Na- First Security Bank of Utah, is the largest bank tional Bank of Price and the Helper State Bank, in the State of Utah. Applicant's second largest is providing adequate and satisfactory service. banking subsidiary is the largest bank in Idaho. In this connection, Applicant states that under its These banks held deposits at June 30, 1961, of ownership Bank would be able to offer trust $303.5 million and $199 million, respectively. Its department services, could take care of all debanking subsidiary in Wyoming had total de- serving borrowers without resorting to help from posits of approximately $5 million at June 30, outside financial institutions, and could, in partic- 1961. ular, better meet the demands of prospective Bank is located in the city of Price, 100 miles borrowers in the field of consumer credit and southeast of Salt Lake City; the 1960 population home financing. In brief, Applicant asserts that of Price was 6,800. Bank's primary service area it would render banking services substantially (the area from which approximately 75 per cent equivalent to those offered in the larger centers of its total deposits originate) encompasses in which its present banking subsidiaries now Carbon County and adjoining Emery County, the operate. two counties forming a natural economic and Applicant's ability to furnish services within trade area. The 1960 population of Carbon County Carbon and Emery Counties comparable to servwas approximately 21,000 and that of Emery ices it offers in larger and perhaps economically County about 5,500. Bank is the ninth largest bank different areas would, of course, benefit anyone in the State with total deposits of $10.8 million who actually had need of such services. However, at June 30, 1961. At the same date, the two other it has not been shown either that there exists an banks located in Carbon County, First National unserved demand for the additional services that Bank of Price in Price, and Helper State Bank a subsidiary of Applicant might offer or that the about 7 miles northwest of Price in Helper, had banking services that are required cannot be prototal deposits of $6.5 and $4 million, respectively. vided adequately by Bank and its two competitors Bank recently has been authorized to establish a in Carbon County. branch at Sunnyside in Carbon County, which In connection with Applicant's statement that would give Bank two of the county's four banking loans in the Carbon-Emery area would receive offices. its particular attention, especially consumer in- The financial history and condition of both stalment and home financing loans, the following Applicant and Bank are satisfactory and their facts and conclusions appear pertinent. Bank has prospects favorable. stated that within the past year it has not issued The past history of Applicant's operation re- to any other banks participations in loans. There flects capable and experienced management. is no evidence of a presently unserved area de- Bank's financial history and condition, its growth mand for consumer instalment and home financrecord, and its favorable earnings record justify ing loans; and it is noted that a comparatively Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 297 small percentage of Bank's total loans outstand- Applicant controls no banking offices in the ing is of these types and that a relatively low ratio Carbon-Emery area. The nearest office controlled of total loans to deposits is reflected in the pub- by Applicant and accessible by principal highways lished statements of Bank and its two competitors. is about 70 miles northwest of Price. Other of Should the demand for these or other types of its subsidiaries' offices accessible by major highloans increase, a prospective development not ways are from 75 to 115 miles from Price. The readily to be anticipated from any circumstances distances involved, when considered in the light set forth in the application, there is nothing to of the geographical characteristics of the area, suggest that the increased demand cannot be met support the conclusion that competition between suitably by Bank and its competitors, either di- Applicant's present banking subsidiaries and Bank rectly or through participation of correspondent is relatively insignificant. Not insignificant, howbanks. ever, in the Board's judgment, would be the With respect to the fifth factor enumerated in impact of the acquisition on the remaining banks Section 3(c) of the Act, for the reasons hereafter in the area concerned and, inevitably, upon those discussed it is the Board's judgment that the doing business with the banks, and, more broadly, acquisition of Bank would expand Applicant's upon the general banking structure. system beyond limits consistent with adequate If Bank were to be acquired, Applicant's and sound banking, the public interest and the predominant, position within the State, and within preservation of banking competition. the particular areas therein earlier discussed, As of December 31, 1960, Applicant controlled would be extended to and magnified within Carbon two banks in Utah, operating 43 banking offices and Emery Counties, Bank's primary service area. in 16 of the 29 counties in the State, having total Bank already is the largest of the three banks resources of $348 million and total deposits of located in Carbon County and serving the two- $314 million. These totals represented, respeccounty area. It is the ninth largest bank in the tively, 36 per cent of the banking offices in the State, and the only bank in the State with head State, 32 per cent of the total resources, and 31 office south of Salt Lake City with total deposits per cent of the total deposits of all banks in the at June 30, 1961, in excess of $10 million. At the State. The recent acquisition of Sanpete Valley same date, it held 50 per cent of the IPC deposits, Bank increased Applicant's subsidiary banking 51 per cent of the total deposits and 44 per cent offices to 44 and the counties within which it of the loans and discounts held by the three banks operated to 17. These 44 banking offices held, at located in Carbon County. As earlier noted, ap- June 30, 1961, $318 million of deposits. With proval has been given for Bank to establish an the acquisition of Bank, Applicant's 45 banking additional office at Sunnyside in Carbon County. offices (excluding the proposed Sunnyside office) Applicant proposes to operate Bank and its would represent 41.5 per cent of the banking branch at Sunnyside as offices of First Security offices in 18 of the State's twenty-nine counties, Bank of Utah. Approval of this application, fol- 4 of the twenty-nine having no banking offices. lowed by merger of Bank into First Security Bank Using June 30, 1961 figures as a basis, these 45 of Utah, would thus immediately enable Applicant, banking offices, representing 37 per cent of the operating through offices of a subsidiary bank State's total banking offices, would hold 34 per cent with total deposits in excess of $300 million, to of the total deposits of all Utah banks. compete against the two remaining unit banks in Within the area comprising Carbon County Carbon County, one with $6.5 million of deposits, and the 6 counties contiguous to it, Applicant's the other with $4 million. The proposed affiliation subsidiaries operate 9 of the 24 banking offices. would also reduce by one the number of alternative On the basis of June 15, 1960 deposit figures (the sources of correspondent banking services availlatest date for which deposits by counties are available) these 9 offices held 36 per cent of the able to these two remaining banks since, as a deposits of individuals, partnerships and corpora- practical matter, they would avoid referring cortions ("IPC deposits") in the seven-county area. respondent business to a Salt Lake City bank that This percentage would be increased to 45 by the competed directly with them in Carbon County. acquisition of Bank. Approval and consummation of the proposed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN • MARCH 1962 acquisition would reduce to seven the nonholding tion on behalf of C. B. Investment Corporation, company banks in the State having deposits in Houston, Texas, for the Board's prior approval excess of $10 million and, simultaneously, would of the acquisition of an additional 932 shares of increase the control by the State's two bank hold- the voting stock of The First National Bank of ing companies, combined, to approximately 46 Port Arthur, Port Arthur, Texas; a Notice of per cent of the offices and 51 per cent of the Receipt of Application has been published in the deposits of all banks in the State. Applicant would Federal Register on February 2, 1962 (27 Federal then be operating in all but seven of the State's Register 994), which provided an opportunity for 25 counties having banking offices. submission of comments and views regarding the In view of the proportion of the total banking proposed acquisition; and the time for filing such resources of the State and of the areas therein comments and views has expired and no such particularly pertinent to this application that are comments or views have been filed; presently concentrated under Applicant's control, IT IS HEREBY ORDERED, for the reasons set and despite the fact that acquisition of Bank forth in the Board's Statement of this date, that would not result in a substantial percentage in- said application be and hereby is approved. crease in the total resource size of Applicant's Dated at Washington, D. C. this 19th day of system, it is the judgment of the Board that February, 1962. introduction of Applicant's system into the By order of the Board of Governors. Carbon-Emery area would result in a degree of Voting for this action: Chairman Martin, and Goverdominance that would endanger the future com- nors Balderston, Mills, Robertson, Shepardson, and petitive ability and growth potential of the area's King. Absent and not voting: Governor Mitchell. remaining banks. The insignificant increase in (Signed) MERRITT SHERMAN, benefits to the communities and area concerned Secretary. that may be anticipated from Applicant's opera- [SEAL] tion of Bank is insufficient to outweigh the adverse STATEMENT consequences to the banks concerned and to the public that are inherent in the proposal. C. B. Investment Corporation, Houston, Texas Accordingly, viewing the relevant facts in the ("Applicant"), a bank holding company, has aplight of the general purposes of the Act and the plied, pursuant to Section 3(a) (2) of the Bank factors enumerated in Section 3(c), it is the Holding Company Act of 1956 ("the Act"), for judgment of the Board that the proposed acquisi- the Board's prior approval of the acquisition of tion would not be consistent with the statutory 932 shares of the voting stock of The First Naobjectives and the public interest and that the tional Bank of Port Arthur, Port Arthur, Texas application should be denied. ("Bank"). Views and recommendations of supervisory authority. Pursuant to Section 3(b) of the Act, the C. B. INVESTMENT CORPORATION, Comptroller of the Currency was asked for his HOUSTON, TEXAS views and recommendations. He offered no objections to approval of the application. In the matter of the application of C. B. Invest- Statutory factors. Section 3(c) of the Act rement Corporation for prior approval of acquisition quires the Board to take into consideration the of additional shares of voting stock of The First following five factors: (1) the financial history National Bank of Port Arthur, Texas. and condition of the holding company and bank concerned; (2) their prospects; (3) the character ORDER APPROVING APPLICATION UNDER BANK of their management; (4) the convenience, needs, HOLDING COMPANY ACT and welfare of the communities and the area WHEREAS, there has come before the Board of concerned; and (5) whether or not the effect of Governors, pursuant to Section 3(a)(2) of the the acquisition would be to expand the size or Bank Holding Company Act of 1956 (12 USC extent of the bank holding company system in- 1842) and Section 4(a)(2) of Federal Reserve volved beyond limits consistent with adequate and Regulation Y (12 CFR 222.4(a)(2)) an applica- sound banking, the public interest, and the pres- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 299 ervation of competition in the field of banking. urable impact on banking competition or result Discussion. Applicant's request for prior ap- in a significant expansion in the size or extent of proval of the acquisition of 932 shares of Bank's Applicant's holding company system. stock follows approval by Bank's stockholders of It is the judgment of the Board that the proposed the issuance of an additional 10,000 shares of acquisition would be consistent with the general common stock and the issuance of rights to pur- purposes of the Act and the factors enumerated chase 2/9ths of one new share for each share of in Section 3(c) and, accordingly, that the applica- Bank's stock held on January 10, 1962. On that tion should be approved. date, Applicant owned a sufficient number of Bank's shares to entitle it to acquire more than the THE FIRST VIRGINIA CORPORATION, 932 shares involved in this application. Assuming ARLINGTON, VIRGINIA the acquisition here proposed, Applicant's per- In the matter of the application of The First centage of ownership of Bank's outstanding Virginia Corporation for prior approval of acquisishares would be reduced from 15.53 per cent to tion of voting shares of Richmond Bank and Trust 14.40 per cent. Company, Richmond, Virginia. Applicant, with its principal office in Houston, Texas, has four subsidiary banks* and, in addition, ORDER EXTENDING TIME FOR ACQUISITION OF owns less than 25 per cent of the stock in 15 other VOTING SHARES OF RICHMOND BANK AND TRUST banks including Bank. All of these banks are COMPANY located in Texas. Bank is located in the City of WHEREAS, by Order dated September 5, 1961, Port Arthur. Its primary service area (the area the Board of Governors, pursuant to Section from which about 75 per cent of its total deposits 3 (a) (2) of the Bank Holding Company Act of originate) encompasses a large part of that City 1956 (12 U.S.C. 1842) and Section 4(a)(2) of and an estimated 60 per cent of its population. Federal Reserve Regulation Y (12 CFR 222.4 The financial history and condition of Ap- (a) (2)), approved the acquisition by The First plicant and Bank are satisfactory and their Virginia Corporation, Arlington, Virginia, of 80 prospects favorable. The management of both per cent or more of the voting shares of Richmond Applicant and Bank appears satisfactory. Bank and Trust Company, Richmond, Virginia; The 1960 population of the City of Port Arthur and, pursuant to request of The First Virginia was 66,700, an increase of nearly 10,000 over Corporation, by Order dated December 4, 1961, 1950. The population increase reflects an indus- extended to March 5, 1962, the time within which trial expansion occurring in the area and indicates the approved acquisition was to be completed; the area's need for expanded banking service. and Bank and the Merchants National Bank are the WHEREAS, The First Virginia Corporation has only banks located within Bank's primary service applied to the Board for an additional extension area. Their respective total deposits at Decem- of time of 30 days from March 5, 1962, within ber 31, 1961, were $38.3 million and $32.9 mil- which to complete its acquisition of the shares of lion. The increase in Bank's capital that will re- Richmond Bank and Trust Company, and it apsult from the proposed new stock issue will better pearing to the Board that good cause has been enable Bank to meet the greater banking needs of shown for the additional time requested and that the area likely to arise with the continued ex- such extension would not be inconsistent with pansion of the area's industry and population. the public interest; Inasmuch as Applicant's acquisition of only IT IS HEREBY ORDERED, that the time within 932 additional shares of Bank—less than the which said acquisition shall be completed is exnumber of shares it could acquire if its full pro tended to April 5, 1962. rata subscription rights were exercised—will Dated at Washington, D. C, this 2nd day of actually result in a slight reduction of its percent- March, 1962. age of stock ownership in Bank, it does not appear By order of the Board of Governors. that the proposed acquisition will have any meas- (Signed) MERRITT SHERMAN, Secretary. * Under Section 2(d) of the Act, ownership of 25 rer cent of the voting stock of a bank makes it a "subsidiary." [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements RESIGNATION OF RESERVE BANK PRESIDENT Washington 25, D. C. The first pamphlet was Mr. Delos C. Johns, President of the Federal Re- announced in the BULLETIN for January, page 38. serve Bank of St. Louis, retired effective February PUBLISHED INTERPRETATIONS OF THE BOARD 28, 1962. Mr. Johns became associated with the Federal Reserve System in 1945 as General Coun- Supplement No. 1 to the loose-leaf compilation sel and Secretary of the Federal Reserve Bank of of "Published Interpretations of the Board of Kansas City. He was appointed President of the Governors of the Federal Reserve System," con- Federal Reserve Bank of St. Louis, effective Feb- taining the published interpretations for 1961, ruary 1, 1951. is now available. The Supplement will be sent to each member OPERATIONS IN FOREIGN EXCHANGE bank of the Federal Reserve System. Copies are Beginning with this issue, the Board of Governors also available without charge from the Board's will publish regularly in the BULLETIN figures Division of Administrative Services. showing the amounts of Federal Reserve Bank holdings of assets denominated in foreign cur- TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY rencies as a separate item under "other assets" in the Reserve Bank condition statements (pages Latest BULLETIN Reference 310 and 311). Annually Issue Bank holding companies: List of, Dec. 31, 1960 June 1961 723 Banking offices and deposits of group PUBLICATION OF ANNUAL REPORT banks, Dec. 31, 1960 June 1961 722 [Mar. 1962 362-63 The Forty-Eighth Annual Report of the Board of Banking and monetary statistics, 1960.. \ Feb. 1962 238-44 [May 1961 618-21 Governors of the Federal Reserve System, cover- Banks and branches, number of, by class and State Apr. 1961 486-87 ing operations for the calendar year 1961, is avail- Earnings and expenses: Federal Reserve Banks Feb. 1962 234-35 able for distribution. Copies may be obtained upon Member banks: request from the Board's Division of Administra- C O a p l e e r n a d ti a n r g y r e a a t r ios M Ma a y y 1 1 9 9 6 6 1 1 6 61 0 3 4 - - 1 1 5 2 tive Services, Washington 25, D. C. Sto In ck su E re x d c h c a o n m ge m f e i r r c m ia s l , d b e a t n a k il s ed debit and May 1961 616 credit balances Sept. 1961 1106 Semiannually SUPPLEMENT TO BANKING AND Banking offices: MONETARY STATISTICS Analysis of changes in number of.... Feb. 1962 236 On, and not on, Federal Reserve Par A second pamphlet, entitled "International Fi- List, number of Feb. 1962 237 nance," Section 15 of Supplement to Banking and Quarterly Cash receipts from and payments to the Monetary Statistics, is now available for distribu- public Mar. 1962 364 Flow of funds Jan. 1962 98-105 tion. Copies may be obtained for 65 cents each Selected assets and liabilities of Federal business-type activities Feb. 1962 245 from the Division of Administrative Services, 300 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication March 15 Industrial production in February recovered equipment rose to a new high. Output of farm to its December level. Employment rose at manu- machinery and freight and passenger equipment facturing and other nonagricultural establish- remained close to the reduced January level. ments, personal income increased, and there was Production of materials reached a record high a further decline in the unemployment rate. Retail in February. Output of iron and steel, construction sales changed little. Bank credit rose contra- materials, and nondurable materials increased. seasonally. While the money supply declined slightly, time deposits at commercial banks con- CONSTRUCTION tinued to increase rapidly. The value of new construction put in place INDUSTRIAL PRODUCTION declined slightly in February to a seasonally adjusted annual rate of $58.7 billion. Private Industrial production rose one point in February construction fell further, following a sizable to return to its December level of 115 per cent downward revision in the January level of resiof the 1957 average. Increases in output were dential building; public construction, which was widespread, with gains in final products, both revised substantially upward in January, changed consumer goods and equipment, and in materials. little in February. In the first two months of this Output of consumer goods recovered almost to year, new construction averaged slightly below the December high, as production of television the record level in the fourth quarter of 1961 and sets, apparel, and foods and other staples increased 6 per cent above a year earlier when construction while auto assemblies declined nearly 5 per cent activity was near its cyclical low. further, to 109 per cent of the 1957 average. March schedules indicate little change in auto EMPLOYMENT assemblies. In business equipment industries, output of Seasonally adjusted employment in nonfarm industrial machinery recovered in February folestablishments, which had declined somewhat in lowing a decrease in January and commercial January, rose moderately in February and, at 54.7 million, equaled the prerecession peak reached in INDUSTRIAL PRODUCTION the spring of 1960. Among manufacturing 1957 = 100 industries gains were concentrated in metals, FINAL /v machinery, and transportation equipment. Em- PRODUCTS */ ployment increased in construction, recovering most of the decrease recorded in January when \/lr MATERIALS the weather was unusually severe, and also rose in V' trade, services, and State and local government. Average weekly hours of work in manufacturing, which had declined in December and January, M N A O N N U D F U A R C A T B U L R E E S v /* ** - ~ CO G N O S O U D M S E R /y yv advanced in February. The seasonally adjusted unemployment rate declined further to 5.6 per cent. \ /' DURABLE S~' \\/ / EQUIPMENT - \ JMANUFACTURES — V _ \ V / _ DISTRIBUTION 1 1 I I 1 ~ 1 1 1 1 1 - 1960 1962 1958 1960 Retail sales in February remained at about the Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for February. December-January level. Sales increased slightly 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN • MARCH 1962 at department stores and other outlets selling Required reserves and excess reserves of chiefly nondurable goods. Sales at durable goods member banks declined in February. Member stores declined slightly, however, mainly because bank borrowings from the Federal Reserve were of a decrease in dealer deliveries of new autos. unchanged. Reserves were absorbed principally through reductions in float and gold stock. Reserves were supplied through currency inflow. COMMODITY PRICES Federal Reserve holdings of U. S. Government securities declined somewhat. The wholesale commodity price index was stable in late February and early March and remained slightly below a year earlier. Prices of SECURITY MARKETS most industrial materials and industrial products New security financing by corporations and were unchanged in recent weeks and prices of State and local governments was in large volume farm products generally changed little. between mid-February and mid-March, and the amount of privately held long-term U. S. Govern- BANK CREDIT AND RESERVES ment issues increased as a result of the Treasury's advance refunding operations in late February. Total commercial bank credit increased contra- Between mid-February and mid-March, however, seasonally in February. Loans rose more than yields on long- and intermediate-term Treasury usually, reflecting mainly a sharp increase in bonds and on State and local government issues security loans late in the month, and so did declined on balance, and yields on corporate bank holdings of State, municipal, and other bonds changed little. The 3-month bill rate securities. Holdings of U. S. Government securi- fluctuated between 2.84 per cent and 2.66 per ties declined. The seasonally adjusted average cent, closing at 2.75 per cent on March 14. money supply declined slightly. Time deposits Common stock prices have shown little net at commercial banks continued to expand rapidly. change since mid-February. The volume of trading U. S. Government deposits also rose. in this period was down somewhat. RETAIL TRADE INTEREST RATES 1947 - 49 = 100 RETAIL SALES DEPARTMENT STORES TOTAL f^ : ^rs : *V" STOCKS ~SV\f TOTAL LESS <Z AUTOMOTIVE GROUP _ ~~ SALES . ~ ^^ : •v- 1 ! 1 1 1 -.. 1 1 1 i 1 Federal Reserve indexes, seasonally adjusted; retail sales Discount rate, range or level for all F. R. Banks. Weekly based on Department of Commerce data. Monthly figures; average market yields for U. S. Government bonds maturing latest for stocks is December, for other series, February. in 10 years or more and for 90-day Treasury bills. Latest figures shown are for week ending March 9. 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 304 Reserve Bank discount rates; margin requirements; reserve requirements. 308 Federal Reserve Banks 309 Currency in circulation, money supply; bank debits 312 All banks: consolidated statement of monetary system; deposits and currency 314 All banks, by classes .... 315 Commercial banks, by classes. . 318 Weekly reporting member banks. 320 Business loans. . . 323 Interest rates 324 Security prices; stock market credit; open market paper. 325 Savings institutions. 326 Federal finance. . . 328 Security issues. . 333 Business finance. . 335 Real estate credit 337 Short- and intermediate-term consumer credit. 340 Industrial production 344 Selected indexes on business activity. 350 Construction 350 Employment and earnings. 352 Department stores. 354 Foreign trade 355 Wholesale and consumer prices 356 National product and income series. ... 358 Flow of funds, saving, and investment. 360 Banking and Monetary Statistics, 1961 . . 362 Cash receipts from and Payments to the Public. 364 Tables not published each month—list with latest Bulletin reference 300 Index to statistical tables. 387 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. 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] 1Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves- P d e o a ri r t o e d U To . t S a . l <G B r o r o o i u v g u t g h t . - h t s t ecu u r c a H r e n h g i p e t d a r i l u e s e e d e e r s r - - c v D o a a a n u n d is c d n - - e ts s Floati t T a o l - 2 s G to o c ld k r s c o e t u i a n u n u r n g r y c t - - d y - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y d a h s s - - Tr u e w r a y i s t - h F. F e i R o g r . n - Ba O n t k h s er i c O F o a . t u c h R n - e t . r s B F W a . n i R t k h . s r C c e a o n n u i c d r n - y Total ment Averages of daily figures 1929 June.... 179 179 978 61 1,317 4,024 2,018 4 400 210 30 30 376 2,314 2 314 1933 June.... 1,933 1,933 250 1? 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939 Dec ... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402' 616 739 248 11,473 11,473 1941 Dec ... 2,219 2,219 5 170 2,404 22 759 3,239 10 985 2,189 592 1 531 292 12 812 12 812 1945—Dec 23,708 23,708 381 65724,744 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 1j 11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951 Dec 23,409 23,310 99 657 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,76?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 1,01827,107 22 028 4,885 30,968 767 602 466 390 908 19 920 19 920 1954 Dec 24,917 24,888 29 407 99?26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957 Dec.... 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,4% 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 3,195 18.628 304 18,932 1960—Dec 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961 Feb 26,829 26,630 199 146 1 17,128,145 17,402 5,404 31,841 422 521 189 392 1,055 16,532 2,432 18,964 Mar 26,831 26,826 5 80 1;07128,030 17,380 5,408 31,839 426 459 240 383 1,052 16,419 2,390 18,809 Apr 26,676 26,663 13 63 ,14027,925 17,389 5,414 31,914 408 422 207 316 987 16,474 2,410 18,884 May 26,747 26,722 25 101 ,11928,007 17,397 5,425 32,011 420 463 205 293 1017 16,420 2 436 18 856 26,935 26,927 8 66 ,76528,304 17,475 5,432 32,246 411 515 205 250 1,038 16,547 2,495 19,042 July 27,024 27,014 10 52 38828,498 17,540 5,450 32,586 400 474 235 279 967 16,547 2,516 19,063 Aue 27,415 27,327 88 68 ,14528,661 17,575 5,547 32,569 420 489 241 294 1I 068 16,701 2 522 19 223 Seot. 27,563 27,558 5 38 ,44529,080 17,446 5,556 32,719 411 473 285 313 11,071 16,811 r2,556 r19,367 Oct 28,044 27,997 47 67 35829,504 17,328 5,569 32,864 415 469 254 305 1,014 17,082 2,578 19,660 Nov 28,616 28,532 84 107 1,37730,142 17,180 5,583 33,255 414 483 258 244 1,068 17,183 r2,657 r19,840 Dec. 29,098 29,061 37 152 97131,217 16,929 5,587 33,954 422 514 229 244 1,11? 17,259 2,859 20,118 1962 Jan 28,519 28,478 41 93 80730,468 16,852 5,588 r33,291 441 417 234 288 ,04? 17,195 2,894 20,089 Feb 28,384 28,377 7 118 1,29029,839 16,793 5,586 32,847 449 426 211 272 ,0% 16,916*>2 655*>19 571 Week ending— 1961 Jan 4 27,375 26,984 391 184 1,78929,420 17,748 5,398 32,853 399 441 245 473 954 17,202 2,742 19,944 11 27,124 26,986 138 60 1,35028,592 17 629 5 399 32 637 403 413 239 381 941 16 605 2 621 19 226 18 26,967 26,948 19 44 1,40828,471 17,594 5,401 32,287 412 528 248 389 940 16,662 2,630 19,292 25 26,821 26,821 57 1,52328,450 17,490 5,402 31,964 417 507 245 392 942 16,875 2,592 19,467 Feb 1 26,600 26,582 18 75 1,13127,853 17,441 5,402 31,776 422 510 227 393 951 16,417 2,546 18,963 8 .... 26 860 26,672 188 188 1,05328,148 17 429 5,403 31 805 413 523 196 383 I 018 16 641 2 307 18 948 15 27,007 26,653 354 202 87928,086 17,410 5,404 31,930 417 526 185 401 1,022 16,420 2,424 18,844 22 26,740 26,589 151 116 1,32628,232 17,385 5,405 31,857 424 496 172 392 L,093 16,587 2 458 19,045 Mar. 1 26,706 26,621 85 59 1,79428,109 17,373 5,405 31,768 437 531 199 400 1,093 16,458 2,556 19,014 8 26,793 26,775 18 104 1,06828,014 17,373 5,405 31,794 433 415 233 398 1,087 16 433 2 238 18 671 15 27,008 27,003 5 58 ,00328,116 17,374 5,407 31,901 428 418 267 389 1,057 16,437 2,390 18,827 22 ... .. 26,864 26,864 62 1,26028,234 17 385 5 409 31 887 418 506 238 365 I 035 16 578 2 377 18 955 29 26,724 26,724 87 1,00427,863 17,389 5,408 31,775 426 497 218 370 1,032 16,342 2,451 18,793 Apr 5 26,870 26,836 34 115 94227,973 17,388 5,410 31,903 404 429 250 388 I 028 16 369 2 333 18 702 12 26,868 26,854 14 59 ,00427,978 17,389 5,411 32,007 406 398 212 310 1,014 16,429 2,353 18 782 19 26,601 26,591 10 52 1,31028,009 17,390 5,414 31,980 411 424 172 309 966 16,552 2,474 19,026 26 26,389 26,389 42 1,27927,755 17,390 5,417 31,807 414 374 194 298 963 16,511 2,507 19,018 May 3 26,692 26,692 66 1,06627,868 17,390 5,420 31,842 408 572 221 298 962 16,373 2,435 18,808 10 26,801 26,792 9 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 42 179 1,23728,180 17,395 5,424 32,081 424 550 206 304 984 16 451 2 458 18 909 24 26,653 26,598 55 71 1,30828,070 17,403 5,426 32,001 420 483 201 280 1,075 16,440 2,477 18,917 31 26,802 26,799 3 97 96527,904 17,402 5,428 32,058 416 374 211 275 1,073 16,329 2,543 18,872 June 7 27.061 27,041 20 66 1,010 28,175 17,410 5,429 32,198 425 473 198 239 1,071 16,410 2,394 18 804 14 26,946 26,946 75 1,11828,177 17,449 5,433 32,299 410 480 203 242 1,043 16,382 2,462 18,844 21 26,848 26,845 3 44 1,55628,486 17,487 5,433 32,247 410 481 193 233 1,021 16,820 2,476 19 296 28 26,820 26,817 3 84 1,37928,319 17,533 5,434 32,201 404 624 221 259 1,023 16,553 2,567 19,120 For notes see opposite page. 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BANK RESERVES AND RELATED ITEMS 305 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- U. S. Govt. securities ury Cur- Treas- with F. R. Banks P d e o r a i r t o e d Total Bo r o i u g u g h t- h t t u r c H e n h p e d a l u s e d e r r - c v D o a a a n u n i d s c d n - - e ts s Float» T ta o l - * s G to o c ld k r s c o e t i a u n n u n g r c t - - d y - r c t e c u i i n i o n l r c a n - y - h c i u o n a r l g s y d h s - Tr u e r as y - F e o i r gn - Other i c O F o . a t u c h R - n e t r . s B F W a . i n t R k h . s r C c a e u o n n r i c d - n y Total ment Averages of daily figures Week ending— 1961 27,283 27,274 49 ,202 28,568 17,550 5,435 32,484 388 434 233 317 1,007 16,689 2,397 19,086 July ,!:::::::.27,266 27,266 48 ,29128,641 17,550 5,433 32,797 385 390 231 255 996 16,570 2,533 19,103 19 26,737 26,737 56 ,748 28,575 17,547 5,437 32,634 392 605 218 274 946 16,491 2,584 19,075 26 26,731 26,720 50 ,476 28,289 17,525 5,440 32,476 399 498 251 274 944 16,412 2,595 19,007 Aug. 2 27,319 27,229 90 75 ,08128,508 17,527 5,527 32,450 444 456 238 306 969 16,699 2,587 19,286 9 27,614 27,484 130 123 ,006 28,777 17,548 5,543 32,564 423 467 234 304 ,024 16,852 2,356 19,208 16 27,471 27,275 196 62 ,109 28,676 17,601 5,545 32,664 422 498 257 275 ,039 16,667 2,530 19,197 23 27,197 27,191 6 39 ,410 28,681 17,602 5,548 32,594 423 488 243 292 ,108 16,682 2,520 19,202 30 27,276 27,276 37 ,10128,447 17,579 5,552 32,474 416 498 230 298 ,109 16,554 2,606 19,160 it::::::::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 2 2 7 0 2 2 7 7 , , 3 2 3 0 0 0 2 2 7 7 , , 1 3 9 2 7 0 1 3 0 4 2 5 9 , , 7 8 2 4 3 3 2 2 9 8 , , 2 9 5 8 1 6 1 1 7 7 , , 4 4 5 5 1 1 5 5 , , 5 55 6 4 0 3 3 2 2, , 7 6 7 1 5 2 4 4 1 1 3 4 4 5 3 6 6 6 2 29 8 6 2 3 3 1 2 3 0 , , 0 0 4 4 9 8 1 16 6 , , 8 8 7 6 1 1 2 2 , , 6 6 1 4 2 8 1 1 9 9 , , 4 5 7 1 3 9 Oct. 4 27,834 27,823 11 36 ,332 29,237 17,380 5,563 32,678 408 422 300 281 ,054 17,036 2,569 19,605 11 28,195 28,143 52 31 ,257 29,517 17,350 5,565 32,886 417 450 261 363 ,052 17,005 2,421 19,426 18 28,250 28,130 120 147 ,30529,737 17,336 5,568 33,010 422 479 248 300 998 17,184 2,620 19,804 25 27,819 27,791 28 57 ,630 29,544 17,302 5,572 32,849 414 486 249 268 991 17,162 2,663 19,825 Nov. 1 28,052 28,039 13 76 ,238 29,404 17,302 5,576 32,802 410 491 241 303 990 17,045 2,706 19,751 8 28,495 28,466 29 93 ,130 29,760 17,291 5,579 32,967 423 475 272 258 992 17,241 2,430 19,671 15 28,466 28,380 86 125 ,186 29,817 17,276 5,583 33,222 402 476 247 253 992 17,084 2,657 19,741 22 28,588 28,461 127 92 ,74330,465 17,190 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 36 279 30,631 16,975 5,588 33,579 416 501 216 258 ,143 17,082 2,682 19,764 13 29,334 29,334 40 30,780 16,961 5,590 33,937 423 460 247 228 ,131 16,906 2,836 19,742 20 29,007 29,007 109 240 31,401 16,920 5,588 34,072 424 600 215 219 ,102 17,277 2,957 20,234 27 28,893 28,845 48 218 526 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 ,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 ,043 17,421 2,871 20,292 17 28,520 28,501 19 89 870 30,529 16,839 5,586 33,386 440 435 232 292 ,040 17,130 2,926 20,056 24 28,279 28,279 72 786 30,185 16,839 5,589 33,070 442 439 220 305 ,043 17,094 2,878 19,972 31 28,310 28,310 94 227 29,678 16,832 5,590 32,792 451 424 213 296 ,042 16,882 2,876 19,758 Feb. 7 28,588 28,588 122 ,117 29,873 16,804 5,584 32,776 460 359 223 277 ,042 17,125 2,573 19,698 14 28,575 28,575 120 ,050 29,791 16,789 5,585 32,888 448 444 197 252 ,022 16,914 2,606 19,520 21 28,090 28,062 122 ,655 29,913 16,790 5,586 32,870 447 433 197 274 ,163 16,904 2,676 19,580 28,285 28.285 108 ,340 29,778 16,790 5,588 32,855 441 470 227 285 ,156 16,721^2,766^19,487 28 End of month 1961 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 32,774 446 362 229 286 1,044 16,872 3,050 19,922 28,360 28,360 139 1,385 29,928z-16,790P5.585^32,863 449 204 389 1,151 16,808^2,937^19,745 Feb Wednesday 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 1,797 "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 '"20 284 1,636 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 1,240 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 3,050 19,922 Feb. 7 28,596 28.596 205 937 29,783 16,790 5,585 32,833 463 341 226 250 1,038 17,007 2,758 19,765 14 28,188 28,188 209 1,21129,653 16,790 5,586 32,925 449 447 205 260 985 16,758 2,941 19,699 21 2S,043 28.043 168 1,3"1"9 29,575 16,790 5,587 32,894 440 464 190 265 1,151 16,547 2,941 19,488 28 28,360 28,360 139 1,385 29,928 16,790 5,585 32,863 439 449 204 389 1,151 16,808^2,9372>19,745 P Preliminary. r Revised. 3 Beginning with Nov. 24. 1960, all currency and coin held by member 1 Beginning with 1960 reflect a minor change in concept of float. banks allowed as reserves; during the period Dec. 1, 1959-Nov. 23, 1960, For explanation, see BULLETIN for February 1961, p. 164. only part of such holdings were allowed. Beginning with 1962, 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 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

306 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] Allmimber banks Central reserve city banks—New York Central reserve city banks—Chicago Period Bor- Bor- Bors 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 c v e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s3 s 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 r e - e e - s d 2 s E e x r r c v e e - e s s s 3 F r i o n . a w g t R s - . se F r r r v e e - e e s3 s 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 c v e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s1 Banks4 Banks * Banks * 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933 June 52,160 1,797 363 184 179 861 792 69 69 211 133 78 n.a n.a. 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. 1,141 601 540 n.a. n.a. 1941 Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. 1,143 848 295 n.a. n.a. 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1.024 1,011 13 6 7 1950 Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 1,353 3 64 -61 1952 Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,795 1,295 1 37 -36 1954 Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956—Dec 19,535 18,883 652 688 —36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 J36 1,127 8 85 -77 1958 Dec 18 899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959 Dec .... 18 932 18 450 482 906 -424 3 920 3 930 -10 99 -109 038 1 038 104 -104 I960—June 18 294 17 832 462 425 37 3,852 3,819 33 17 16 987 988 -1 58 -59 Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961 Feb 18,964 18,310 654 137 517 3,632 3,598 34 8 26 954 948 7 36 -29 Mar 18 80918 253 r556 70 >-486 3,623 3,613 10 1 9 946 936 9 8 1 Apr 18,884 18,277 '607 56 r551 3,649 3,588 62 2 60 923 927 -4 -4 May... 18,856 18,307 549 96 453 3,576 3,581 ^1 17 -22 953 945 8 3 5 June • 19 042 18 430 612 63 549 3 698 3 658 40 40 970 964 6 1 5 July 19,063 18,482 581 51 530 3,648 3,639 9 2 7 958 955 3 3 19 223 18 619 604 67 537 3,645 3,629 16 9 7 970 967 3 2 1 Sept '19,367 18,783 '584 37 '547 3,686 3,681 6 4 2 966 963 1 Oct 19,660 19,153 507 65 442 3,733 3,716 16 4 12 983 985 -1 23 -24 Nov r19 840 19 218 r622 105 r517 3,697 3,660 37 23 14 985 982 16 -13 Dec 20,118 19,550 '568 149 '419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Jan . ..... 20 089 19 473 616 70 546 3,811 3,763 48 7 41 987 982 2 Feb ^19,571^19,069 P502 68 "434 3,680 3,664 17 6 11 955 954 1 4 -3 Week ending— 1961— Feb. 1.... 18,963 18,415 548 66 482 3,658 3,659 i 3 — 4 957 960 8 -10 8.... 18,948 18,380 568 179 389 3,637 3,628 9 10 -1 956 951 6 28 -22 is.;... 18,844 18,202 642 193 449 3,578 3,548 31 12 19 939 937 81 -79 19,045 18,320 725 107 618 3,616 3,597 20 6 13 967 954 13 27 -14 22.... 19 114 18,573 541 57 484 3,673 3,622 51 51 957 958 -1 -1 Sent 2 1 0 36 . :. . :. . .. . .. 1 1 9 9 , . 4 1 7 9 3 8 1 1 8 8 , , 6 9 0 0 9 6 5 5 8 6 9 7 4 2 4 7 5 52 6 3 2 3 3 , ,6 7 2 4 7 4 3 3, , 7 6 3 2 8 5 6 12 -6 9 9 4 7 7 9 9 9 5 7 2 2 4 -5 3 27 19,519 18,862 657 27 630 3,713 3,686 26 23 962 960 1 1 Oct. 4.... 19,605 19,121 484 34 450 3,794 3,768 26 1 24 985 982 3 11.... 19 426 18 933 493 29 464 3,654 3,649 6 6 968 968 1 6 -5 18.... 19,804 19,230 574 145 429 3,716 3,706 11 11 980 983 78 -81 25.... 19,825 19,277 548 56 492 3,772 3,768 1,001 998 17 -13 Nov. 1.... 19,751 19,208 543 74 469 3,737 3,720 17 16 1 988 991 9 -12 8 19,671 19,198 473 91 382 3,680 3,662 18 18 993 987 16 -11 15.... 19,741 19,153 588 122 466 3,644 3,626 U 43 -25 968 972 i 13 -17 22.... 19,894 19,297 597 90 507 3,692 3,678 11 994 988 6 16 -10 29 19,942 19,221 721 101 620 3,727 3,655 i: 8 6^ 987 978 9 17 -8 Dec. 6... 19,764 19,219 545 35 510 3,741 3,708 33 33 978 976 1 1 13... 19,742 19,176 566 40 526 3,750 3,709 4] 41 950 950 1 1 20... 20,234 19,656 578 109 469 3,901 3,897 19 -16 997 995 6( -58 27... 20,348 19,788 560 216 344 3,891 3,870 86 -65 1,009 1,006 I 2 1962—Jan. 3... 20,802 20,076 726 341 385 4,002 4,003 179 -180 1,026 1,025 34 -34 1 17 0 . .. . . . 2 20 0 , , 0 2 5 9 6 2 1 1 9 9 , , 6 4 8 5 2 2 6 60 1 4 0 6 6 4 9 5 5 4 3 6 5 3 3 , , 8 7 8 3 7 3 3 3 , , 8 7 2 3 3 0 64 2 64 1.0 9 0 7 3 3 9 99 7 8 6 c c -12 5 24. .. 19,972 19,271 701 44 637 3,747 3,688 59 59 976 964 1] 10 31... 19,758 19,227 53 60 471 3,745 3,709 36 36 972 971 -3 Feb. 7... 19,698 19,241 457 72 385 3,744 3,735 971 968 i 14. .. 19,520 19,022 498 70 428 3,637 3,623 U 8 6 941 946 11 -16 21. .. 19,580 19,047 533 72 461 3,655 3,647 962 953 C 8 28... #19,487^18,965 *>522 56 H66 3,683 3,649 36 32 945 949 -4 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 307 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d a v * 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 o F a r g . n r s k R 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 a v * l es R re e s q e u r i v r e e s d 2 re E s x e c r e v s e s s3 B B in o F a r . g n r s R k o a w s . t 4 - 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 —22b 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 Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Feb 7 810 7,743 67 57 10 6,568 6,022 546 36 510 Mar 7 756 rl 688 r68 23 >"45 6,485 6,016 469 38 431 Apr 7,783 '7,734 r49 21 ^28 5,529 6,029 500 33 467 IVf ay 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 ^6,722 6,209 19 Ocl 8,147 8,122 26 18 8 6,797 6,330 466 20 446 Nov 8 241 8 184 57 44 13 r6,9\l 6,393 r524 22 Dec 8,367 ^59 39 ^20 6,931 6,429 502 31 471 1962—Jan 8.311 8,257 54 34 20 6.979 6,471 509 26 48^ Feb 8; 094 8,047 47 25 22 ^6;842 ^6,405 33 Week ending— 1961_Feb. 1 7,798 7,762 36 19 17 6,550 6,035 515 36 479 8 7.813 7,769 44 81 -37 6,541 6,032 509 60 449 1*5. 7*764 7 700 64 74 -10 6,562 6,017 545 26 519 22 7,858 7,745 112 47 66 6,604 65024 580 27 553 Sept 6 7 953 7 855 98 13 85 6,531 6,137 393 44 349 13 7,896 7,854 42 12 30 6,727 6,178 549 15 534 20 8 001 7,972 30 15 15 6,749 6,225 524 13 511 27 8,012 7,971 42 12 29 6,832 6,244 587 11 576 Oct 4 8.127 8,066 61 10 50 6,699 6,304 395 23 372 11 8 068 8 023 45 12 33 6,736 6,294 441 11 430 18 8,216 8,191 25 32 -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 7.043 6.480 564 18 546 24 8,276 8.172 103 15 88 6; 973 6,446 527 28 499 31 8,138 8,109 29 23 6 6,878 6,428 450 33 417 Feb. 7 8,153 8,108 45 19 26 6,830 6.430 400 42 358 14 8 075 8 037 39 26 13 6,867 6.416 450 25 425 21 8,103 8; 050 52 33 19 6,860 6,396 464 35 429 28 8,041 7,991 50 21 29 ^6,813 ^6,376 "437 30 ^407 n.a. Not available. » Preliminarv. r Revised. 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 1962 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 1962 are estimated. Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has been allowed. * Based on closing figures. Monthly averages of currency and coin beginning January 1962 are 5 This total excludes, and that in the preced:ng table includes, $51 estimated. million in balances of unlicensed banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 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 1 re 3 d a b n y d e 1 li 3 g a ib ) l i e paper [Sec. 10(b)] obl ( i l g a a st t i p on 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 Feb. 28 beginning— rate Feb. 28 Deginning— rate Feb. 28 beginning— rate Boston Aug. 23, 1960 Aug. 23,1960 Aug. 23,1960 New York... Aug. 12,1960 Aug. 12,1960 June 10,1960 Philadelphia.. Aug. 19,1960 Aug. 19,1960 Aug. 19,1960 C R l i e c v h e m la o n n d d. . . A A u u g g . . 1 1 2 2 , , 1 1 9 9 6 6 0 0 A A u u g g . . 1 1 2 2 , , 1 1 9 9 6 6 0 0 4 y2 A A u u g g . . 1 12 2 , ,1 1 9 9 6 6 0 0 Atlanta Aug. 16,1960 Aug. 16,1960 41/2 Aug. 16,1960 Chicago Aug. 19,1960 Aug. 19,1960 4i/2 June 10,1960 St. Louis Aug. 19,1960 Aug. 19,1960 4 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 Sept. 9,1960 Sept. 9,1960 4V2 Sept. 9,1960 San Francisco Sept. 2,1960 Sept. 2,1960 June 3,1960 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 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 -WA WA Aug. 9... 3 -31/2 3 dealers on listed securities 70 90 70 19... WA 23... 31/2 70 90 70 Aug. 13... 114—IV2 11/2 Nov. 15... 3 —3V2 3 Regulation U: 23... H/2 IV2 Dec. 2... 3 3 For loans by banks on stocks 70 90 70 1950 1958 Aug. 21... WA Jan. 22... 234-3 3 NOTE.—Regulations T and U limit the amount of credit that may be 25... WA 24...- 234-3 2% 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 2 21... 214 214 maximum loan value. 23... 2 2 Apr. 18... 1*4-214 WA May 9... WA 134 MAXIMUM INTEREST RATES PAYABLE ON TIME AND 1954 Aug. 15... 134-2 WA SAVINGS DEPOSITS Feb. 5... 134—2 WA Sept. 12... 134—2 2 15... WA ]| 23... 2 2 [Per cent per annum] Apr. 14... WI-WA Oct. 24... 2 -21/2 2 16... Nov. 7... 21/2 21/2 May 21... 1 Vi IV2 Jan. 1, Jan. 1, Effec- 1955 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... WI-WA IV2 16... 3 1956 1961 1962 15... 11/2-134 134 May 29... 3 -31/2 3^2 May 2... 134 June 12... 31/2 Aug. 4... 134—214 134 Sept. 11... 31/2-4 4 Savings deposits held for: 1 5 2 . . . . . . 2 1 34- - 2 2 1 1 4 4 2 2 18... 4 4 L 1 e y s e s a t r h a o n r m 1 o y r e e ar } 2i/2 3 { 4i Sept. 9... 2 -214 214 1960 13... June 3... ilg 4 Postal savings deposits held for: Nov. 1 2 8 3. . . . . . 21 2 4 1 - /2 V2 2 2 % 1/2 1 1 0 4 . . . . . . 3j/2 L 1 e y ss e a t r h a o n r m 1 o y r e e ar ) a 3 / \ 4 3i/2 Aug. 12... 3 —3^2 3 1956 Sept. 9... 3 3 Other time deposits payable in: Apr. 1 2 3 0. . . . . . 2 2 1 3 / 4 2 - - 3 3 2 23 34 4 1962 6 1 m ye o a n r t o h r s - m 1 o y r e e ar >f 3 { 31/2 Aug. 24... 234—3 In effect 90 days-6 months 21/2 21/2 31... 3 3 Feb. 28... 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, 2% per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 309 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Average of daily figures. 1 In millions of dollars] Net demand deposits1 Time deposits Central reserve All city banks Reserve Coun- Central Item member city try Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i e n e t r r d y v v e e C ba o t n r u y k n s - banks Y N o e r w k c C a h g i o - banks banks banks Four weeks ending Jan. 24, 1962 In effect Dec. 31,1948.. 26 22 16 7i/2 7% Gross demand: Total 132,916 26,007 6,419 52,100 48,391 1949_May 1,5* 24 21 15 7 7 Interbank 15,689 4,669 1,339 7,867 1,813 June 30, July 1*. 20 14 6 6 U. S. Government. 3,699 797 208 1,400 1,294 Aug. 1,11*.... 23% 8* 13 5 Other 113,528 20,540 4,872 42,833 45,283 Aug. 16,18*.... a* 12 5 Net demand2 109,391 20,919 5,386 42,388 40,699 Aug. 25 §* Time 68,046 7,192 2,047 26,722 32,085 Sept. 1 Demand balances due 1951—Jan. 11,16*.... 23 13 6 6 from domestic banks. 7,888 130 109 2,217 5,432 1953— J J a u n ly . 25 1 , , F 9 e * b. 1*. 2 2 4 2 2 1 0 9 1 1 4 3 C Ba u l r a r n e c n e c s y a w nd it h c oi F n . R. 2,934 246 36 915 1,737 1954—June 16,24*.... 21 19 5 5 Banks 17,346 3,597 958 7,482 5,309 July 29, Aug. 1* 20 18 12 Total reserves held 20,280 3,843 994 8,397 7,046 1958—Feb. 27, Mar. 1* g* i?* 11* R E e x q ce u s i s red 19,6 6 2 6 0 0 3,81 3 1 2 99 3 1 8,33 6 0 7 6,4 5 8 5 8 8 Mar. 20, Apr. 1* Apr. 17 it* Apr. 24 16% Four weeks ending Feb. 21, 1962 I960—Sept. 1 Nov 24 17% 12 Gross demand: Dec. 1 16% Total 126,093 24,480 6,001 48,962 46,649 Interbank 14,139 4,512 1,174 6,884 1,569 In effect Feb. 1, 1962... 161/2 16i/2 12 5 5 U. S. Government. 3,843 788 189 1,417 1,449 Other 108,111 19,180 4,638 40,661 43,631 Net demand2 105,752 20,034 5,168 40,675 39,875 Present legal require- Time 69,592 7,462 2,135 27,347 32,647 ments: Demand balances due Minimum 210 10 7 3 3 from domestic banks. 6,961 98 91 1,998 4,775 Maximum 222 222 14 6 6 Currency and coin 2,683 207 31 855 1,589 Balances with F. R. Banks 16,956 3,488 930 7,269 5,270 * First-of-month or midmonth dates record changes at country banks, Total reserves held 19,639 3,695 961 8,124 6,859 and other dates (usually Thurs.) record changes at central reserve or Required 19,134 3,679 959 8,079 6,417 reserve city banks. Excess 505 16 2 45 442 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 2% 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 2l/i 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 Feb. 28 Feb. 21 Feb. 14 Feb. 7 Jan. 31 February January Feburary Discounts and advances—total 139 168 209 205 129 139 129 53 Within 15 days . . 73 117 158 154 78 73 78 45 16 days to 90 davs 51 51 51 51 51 51 51 8 91 days to 1 year 15 (2) (2) (2) 15 (2) Acceptances—total . .... 44 45 45 45 45 44 45 46 Within 15 days 11 13 10 7 8 11 8 11 16 davs to 90 davs 33 32 35 38 37 33 37 35 U S Government securities—total 28,360 28,043 28,188 28,596 28,532 28,360 28,532 26,667 Within 15 days 426 428 5,208 5,245 5,500 426 5,500 204 16 davs to 90 davs 3 320 3,197 3,270 1,664 1,408 3,320 1,408 4,531 91 davs to 1 VGtir .... 12 040 11,847 8,446 10,437 10,380 12,040 10,380 11,128 Over 1 year to 5 years ... . 10,081 10,078 8,771 8,757 8,751 10,081 8,751 9,344 Over 5 years to 10 years 2,227 2,227 2,227 2,227 2,227 2,227 2,227 1,189 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

310 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month 1962 1962 1961 Feb. 28 Feb. 21 Feb. 14 Feb. 7 Jan. 31 February January February Assets Gold certificate account 15,380 15,371 15,373 15,363 15,388 15,380 15,388 16,029 Redemption fund for F. R. notes., 1,150 1,152 1,150 1,154 1,154 1,150 1,154 1,046 Total gold certificate reserves. 16,530 16,523 16,523 16,517 16,542 16,530 16,542 17,075 Cash 480 488 475 481 483 480 483 495 Discounts and advances: For member banks 74 118 159 155 79 74 79 44 Ac F c o e r p t n a o n n ce rn s— em B b o e u r g b h a t n o k u s, t r e ig tc ht 4 6 4 5 4 5 5 0 4 5 5 0 4 5 5 0 4 5 5 0 4 6 4 5 4 5 5 0 9 Held under repurchase agreement. 46 U. S. Government securities: Bought outright: Bills 2,830 2,598 2,683 3,081 3,032 2,830 3,032 2,596 Certificates—Special Other 4.972 4.955 1,673 1,680 1,680 4,972 1,680 5,457 Notes 16J72 16;728 20,041 20,018 20,008 16,772 20,008 16,056 Bonds 3,786 3.762 3,791 3,817 3,812 3,786 3,812 2,558 Total bought outright 28,360 28,043 28,188 28,596 28,532 28,360 28,532 26,667 Held under repurchase agreement. Total U. S. Government securities. 28,360 28,043 28,188 28,596 28,532 28,360 28,532 26,667 Total loans and securities 28,543 28.256 28,442 28,846 28,706 28,543 28,706 26,766 Cash items in process of collection... 5,038 5,065 5,462 4,416 4,405 5,038 4,405 4,236 Bank premises 108 111 110 110 111 108 111 108 Other assets: Denominated in foreign currencies. 9 0) O) 0) 0) 0) All other 205 188 350 338 317 205 317 144 Total assets. 50,913 50,640 51,362 50,708 50.564 50,913 50,564 48,824 Liabilities Federal Reserve notes 27,937 27,969 27,996 27,919 27,844 27,937 27,844 26,989 Deposits: Member bank reserves 16,808 16,547 16,758 17,007 16,872 16,808 16,872 16,277 U. S. Treasurer—general account. 449 464 447 341 362 449 362 467 Foreign 204 190 205 226 229 204 229 207 Other 389 265 260 250 286 389 286 404 Total deposits. 17,850 17,466 17,670 17,824 17,749 17,850 17,749 17,355 Deferred availability cash items 3.6"3 3,746 4,251 3,479 3,499 3,653 3.499 3,136 Other liabilities and accrued dividends. 65 64 65 65 69 33 Total liabilities 49,505 49,245 49,982 49,290 49,161 49,505 49,161 47,513 Capital Accounts Capital paid in 451 451 450 448 448 451 448 421 Surplus 888 888 888 888 888 888 888 817 Other capital accounts. 69 56 42 82 67 69 67 73 Total liabilities and capital accounts. 50,913 50,640 51,362 50,708 50,564 50,913 50,564 48,824 Contingent liability on acceptances purchased for foreign correspondents 113 110 114 116 120 113 120 179 U. S. Government securities held in custody for foreign account. 5,432 5,514 5,512 5,490 5,403 5,432 5,403 5,879 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 29,830 29,847 29,899 29,987 30,077 29,830 30,077 28,888 Collateral held against notes outstanding: Gold certificate account * 8.035 8,159 8,259 8,259 8.309 8,035 8,309 9,075 Eligible paper 35 23 38 22 26 35 26 16 U. S. Government securities 23,205 23,090 23,105 23,105 23,105 23,205 23,105 21,110 Total collateral 31,275 31,272 31,402 31,386 31,440 31,275 31,440 30,201 i Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 311 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1962 [In millions of dollars] Item Total Boston Y N o e r w k P d h e il l a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap in o n li e s - K s a a n s - Dallas F S ra an nphia City cisco Assets Gold certificate account 15 380 648 4,178 774 1,187 1,096 790 2,535 605 335 653 603 1 976 Redemption fund for F. R. notes.... 1,150 68 273 71 103 87 69 209 50 27 50 37 106 Total gold certificate reserves 16,530 716 4,451 845 1,290 1,183 859 2,744 655 362 703 640 2,082 F. R. notes of other Banks .. 546 26 149 44 46 23 78 43 20 18 14 41 44 Other cash 480 31 102 31 40 30 35 85 25 12 13 17 59 Discounts and advances: Secured by U. S. Govt. securities.. 74 2 8 2 4 6 1 8 9 1 24 9 Other. . 65 3 18 4 6 3 3 9 2 1 3 9 Acceptances: Bought outright . 44 44 Held under repurchase agreement.. U. S. Govt. securities: Bought outright • .... 28,360 1,510 7,014 1,638 2,405 1,795 1,559 4,846 1,144 608 1,236 1,152 3,453 Held under repurchase agreement.. Total loans and securities 28,543 1,515 7,084 1,644 2,415 1,804 1,563 4,863 1,155 610 1,263 1,156 3,471 Cash items in process of collection... 6,126 472 1,193 393 545 399 455 978 260 172 321 289 649 Bank premises 108 3 9 3 8 5 14 24 7 6 13 11 Other assets: Denominated in foreign currencies. 9 1 22 1 1 C1) 1 1 0) 0) 1 1 All other 205 10 50 12 18 13 12 34 4 10 8 25 Total assets 52,547 2,774 13,040 2,973 4,363 3,457 3,017 8,772 2,131 1,183 2,330 2,165 6,342 Liabilities Federal Reserve notes 28,483 1,668 6,576 1,832 2,550 2,300 1,627 5,228 1,231 573 1,173 830 2,895 Deposits: Member bank reserves.... .. 16,808 615 4,771 730 1,211 730 873 2,502 614 415 806 961 2,580 U. S. Treasurer—general account.. 449 26 39 6 26 51 42 50 33 21 39 45 71 204 9 3 66 11 18 9 10 26 6 4 8 11 26 Other 389 1 330 6 1 1 1 1 1 39 Total deposits 17,850 651 5,206 753 1,256 793 926 2,581 654 441 855 1,018 2,716 Deferred availability cash items 4,741 386 859 30: 420 295 386 752 195 135 24( 235 535 Other liabilities and accrued dividends. 65 17 6 i 11 8 Total liabilities 51,139 2,708 12,658 2,892 4,232 3,392 2,942 8,572 2,082 1,151 2,271 2,085 6,154 Capital Accounts Capital paid in 451 21 122 26 42 21 24 63 16 10 19 26 61 888 42 243 51 8. 40 47 124 31 20 37 50 120 69 17 6 13 i 7 Total liabilities and capital accounts. 52,547 2,774 13,040 2,973 4,363 3,457 3,017 8,772 2,131 1,183 2,330 2,165 6,342 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Feb. 28, 1962 35.7 30.9 37.8 32.7 33.9 38.2 33.6 35.1 34.7 35.7 34.7 34.6 37.1 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 3^ 5 Feb 28 1961 38.0 35.1 37.2 38.6 38.6 38.0 35.8 38.7 37.5 36.7 40.0 38.8 39.9 Contingent liability on acceptances purchased for foreign correspondents .. 113 5 431 6 11 16 4 3 15 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 29,830 1,732 6,903 1,908 2,724 2,383 1,708 5,386 1,291 651 1,201 904 3,039 Collateral held against notes outstanding: Gold certificate account 8 430 1600 M0 770 735 4? 5 1,500 340 160 310 235 1000 Eligible oaoer 35 9 24 U. S. Govt. securities 23,205 1,365 5,600 1,500 2,050 1,665 1,400 4,100 1,010 510 950 755 2,300 TotaJ collateral 31,275 1 ,795 7,200 2,032 2,820 2,400 1,825 5,600 1,359 670 1,284 990 3,300 1 Less than $500,000. 3 After deducting $138,000,000 participations of other Federal Reserve 2 After deducting $7,000,000 participations of other Federal Reserve Banks. Banks. 4 After deducting $82,000,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [Condensed from Circulation Statement of United States Money, issued by Treasury Department; in millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7.598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 •. 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 . 28 868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31 790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1958. 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 . . 32 869 23,521 2,427 1,533 on 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961—Jan . . 31 776 22,580 2,391 1,439 86 2,120 6,409 10,135 9,196 2,752 5,875 247 314 3 5 Feb 31,769 22,612 2,392 1,431 86 2,114 6,438 10,150 9,158 2,736 5,855 246 312 3 5 Mar 31,891 22,742 2,406 1,434 86 2,124 6,496 10,198 9,148 2,733 5,851 245 312 3 5 Apr 31 830 22,702 2,417 1,433 86 2,119 6,476 10,171 9,128 2,726 5,839 245 310 3 6 May 32,197 23,042 2,445 1,465 87 2,156 6,584 10,305 9,154 2,741 5,852 244 309 3 6 June 32 405 23,229 2,462 1,462 on 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 Sent 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 1962 Jan 32,774 23,400 2,552 1,485 91 2,178 6,575 10,519 9,374 2,804 6,027 239 297 3 5 i Outside Treasury and Federal Reserve Banks. Before 1955 the currency shown by denomination by amounts of unassorted currency totals shown as in circulation were less than totals of coin and paper (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [Condensed from Circulation Statement of United States Money, issued by Treasury Department; in millions of dollars] Held in the Treasury Currency in circulation1 Kind of currency T s J o t a a t 1 n a n 9 l . d 6 3 o i 2 n 1 u g , t- A g s a o s g l s i d a l e v i c n a e 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 r k . s H a B F e g a a l . e n d n R n d k . t b s s y Ja 1 n 9 . 6 3 2 1, De 1 c 9 . 6 1 31, Ja 1 n 9 . 6 3 1 1, certificates agents Gold 16,815 (16,542) 2 273 Gold certificates ..... (16 542) 313,726 2,816 30 Federal Reserve notes 30 076 110 2,231 27,735 28,694 26,913 Treasury currency—total 5,584 (2,314) 63 483 5,039 5,224 4,832 Standard silver dollars 487 83 47 11 347 346 319 Silver bullion 2,231 2,231 Silver certificates (2 314) 370 1,944 2,090 4 1,987 Subsidiary silver coin 1 658 8 56 1,594 1,622 1,501 Minor coin '623 2 10 611 614 571 United States notes . . 347 5 35 306 314 305 In process of retirement5 238 1 1 237 238 M50 Total Jan 31 1962 7 52 475 (18 856) 446 13 726 5 530 32 774 Dec. 31, 1961 7 53,067 (18,952) 422 13'799 4,928 33,918 Jan. 31 1961 7 52,160 (19,539) 418 14,323 5,643 31,776 1 Outside Treasury and Federal Reserve Banks. Includes any paper 6 Represents only Federal Reserve Bank notes and national bank notes; currency held outside the United States and currency and coin held by see also note 5. banks. Estimated totals for Wednesday dates are shown in table on p. 305. 2 Includes $156 million reserve against United States notes. 7 These totals do not include all items shown, as some items represent 3 Consists of credits payable in gold certificates: (1) the Gold Certificate the security for other items; gold certificates are secured by gold, and Fund—Board of Governors, Federal Reserve System and (2) the Redemp- silver certificates by standard silver dollars and monetized silver bullion. tion Fund for Federal Reserve notes. Duplications are shown in parentheses. For explanation of currency reserves and security features, see Circulation Statement of United States 4 Includes $1,141,675. Treasury notes of 1890. Money issued by the Treasury Department, or BULLETIN for August 5 Redeemable from the general fund of the Treasury. (Federal Reserve 1961, p. 936, or earlier issues. Banks and national banks no longer have liability for their currency included herein, as payment therefor has been made to the Treasury as required by law.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY SUPPLY; BANK DEBITS 313 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 s n te a d ll ) y l Week adjusted) s a e d a j s u o s n te a d ll ) y l 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 * d Time G U o .S v . t. Total r C en u c r- y D p e o d m s e i - t a s n 1 d Time G U o . v S t. . 1954—Dec 131.8 27.4 104.4 135.0 27.9 107.1 48.5 5.0 1961 1955—Dec... 134.6 27.8 106.8 137.9 28.3 109.6 50.0 3.4 1956—Dec........ 13.6.5 28.2 108.3 139.7 28.7 111.0 51.8 3.4 Jan. 4 144.2 29.2 115.0 73.4 5.9 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 11 143.8 29.2 114.6 73.4 4.7 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 18 144.0 28.8 115.2 73.6 3.5 1959—Dec 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 25 143.4 28.5 114.9 73.8 3.3 1960—Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 Feb. 1 143.0 28.4 114.6 74.1 3.8 1961—Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 8 142.2 28.7 113.5 74.9 4.3 15 141.6 28.7 113.0 75.1 3.7 1961—Feb........ 141.2 28.9 112.3 140.9 28.6 112.3 75.1 4.8 22 139.7 28.6 111.1 75.3 5.8 Mar 141.5 29.0 112.6 140.1 28.6 111.4 75.9 4.7 Mar. 1 139.5 28.4 111.1 75.1 5.7 Apr 142.0 29.0 113.0 141.7 28.7 113.0 76.9 2.9 8 139.7 28.8 110.9 75.5 5.3 May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 15 140.7 28.7 112.0 75.9 3.7 June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 22 140.6 28.7 111.9 75.9 5.3 July ... 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 29 139.6 28.5 111.1 76.2 4.6 Aug 141.8 29.0 112.8 141.1 29.2 111.9 80.7 5.5 Dec. 6 146.3 29.9 116.3 82.0 5.4 Sept 143.0 29.2 113.8 142.4 29.3 113.1 81.3 5.2 13 147.8 30.1 117.7 82.2 3.5 Oct.. 143.7 29.3 114.4 143.6 29.4 114.2 82.0 6.5 20 149.7 30.1 119.6 82.2 4.1 Nov 144.1 29.4 114.6 145.3 29.7 115.6 82.0 5.8 27 148.5 30.4 118.1 82.4 6.1 Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 1962 1962—Jan 144.6 29.6 115.1 147.8 29.4 118.3 83.9 3.9 Feb.*> 144.4 29.6 114.7 144.0 29.3 114.8 85.8 4.7 Jan. 3. 150.8 29.9 120.9 82.8 6.1 10 148.3 29.9 118.4 83.3 4.6 Semi-monthly 17 148.3 29.5 118.8 83.9 3.1 24. 147.0 29.3 117.7 84.3 3.0 1961—Dec. 1.... 144.4 29.4 114.9 147.4 30.0 117.3 82.1 4.3 31 146.2 29.0 117.3 84.7 3.9 2.... 145.5 29.6 115.9 149.5 30.2 119.3 82.4 5.5 Feb. 7. 145.8 29.3 116.5 85.2 4.8 14 145.1 29.4 115.8 85.7 3.7 1962—Jan. 1.... 144.9 29.6 115.4 148.8 29.8 119.0 83.4 4.4 21 142.9 29.3 113.6 86.0 5.1 2.... 144.3 29.6 114.8 146.8 29.1 117.7 84.5 3.4 28? 142.4 29.2 113.2 86.3 5.2 Feb. I.... 144.7 29.6 115.1 145.3 29.3 116.0 85.5 4.3 2P... 144.0 29.7 114.3 142.5 29.2 113.3 86.2 5.2 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 billions of dollars] and U.S. Government deposits AH Leading centers 337 other Leadingcenters 337 other Year or month reporting reporting reporting centers New York 6 others2 centers3 New York 6 others2 centers3 Unadj. Adj.i Unadj. Adj.i Unadj. Adj.i Unadj. Adj.i Unadj. Adj.i Unadj. Adj.i Unadj. 1954 ..... 1,887.4 738.9 390.1 758.4 42 3 25 8 19 2 1955 2,043.5 766.9 431.7 845.0 42 7 27 3 20.4 1956 2,200.6 815.9 462.9 921.9 45 8 28 8 21 8 1957 2,356.8 888.5 489.3 979.0 49.5 30.4 23.0 1958 2,439.8 958.7 487.4 993.6 53 6 30 0 22.9 1959 2,679.2 1 023.6 545.3 1,110.3 56 4 32 5 24 5 1960 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 1961 3,111.1 1,278.8 622.7 1,209.6 70.0 36.8 26.1 1961 Feb 222.7 98.4 89.8 49.7 44.9 96.5 88.0 64.7 61.4 35.5 33.5 25.5 24.4 Mar 265.4 102.2 110.5 50.2 53.4 98.5 101.6 67.9 69.9 36.1 38.1 26.1 26.1 Apr ....... 241.0 104.5 101.2 50.6 48.5 97.8 91.3 69.2 67.8 36.3 37.1 25.7 24.9 M^ay 268.8 108.7 111.5 51.8 53.8 100.6 103.6 71.8 72.0 37.1 37.8 26.4 26.8 June .. 271.8 104.9 113.2 51.7 54.3 100.4 104.3 70.5 75.6 37.1 38.6 26.3 27.2 July 247.7 105.8 100.6 51.6 49.1 101.7 98.0 71.6 70.4 37.3 36.5 26.5 26.4 Aug 255.5 105.4 100.9 51.4 51.4 101.3 103.2 71 1 66 9 37 2 36 1 26 4 26 1 Sept ...... 246.6 107.8 100.3 52.0 49.0 102.0 97.3 72.3 71.4 37.4 36.9 26.5 26.5 Oct ....... 274.7 113.6 113.7 54.0 54.3 104.7 106.7 75.6 75.1 38.3 37.7 27.0 27.0 Nov 272.6 115.2 112 5 54 4 54 2 104.2 105.9 75.3 75.0 38 5 37 9 26.8 27.2 Dec 286.6 114.0 120.3 55.0 57.5 104.8 108.8 73.4 11A 38.7 39.5 26.8 27.5 1962 Jan . .. r294.7 110.3 118.1 58.2 61.4 r109.4 115.2 70.9 71.6 40.6 40.3 27.8 27.7 Feb . 239.5 103.3 94.3 54.4 49.0 105.4 96.2 68.1 64.6 ?38.4 *>36.3 P Preliminary. r Revised. 1 Seasonal factors for debits and turnover have been revised. Adj. = adjusted for seasonal variation, Unadj. = without season al 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

314 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Date Gold T s r t o c e u r i a u n n e u r n a g c r y t d - - y s - - Total Lo n a e n t s, Tot U al . S. G m o C v a e o e n rc m r d i n a - m l en R t F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t i t 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 m o a a n a u p n i c e n s i - d t t c t a s . l , savings Banks banks 1929—June 29., 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30., 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30., 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31., 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31., 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,34S 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—Mar. If 17,400 5,400 264,700 142,500 95,300 67,800 26,700 800 26,900 287,500 259,500 27,900 Mar. 29. 17,400 5,400 263,800 142,600 93,700 66,200 26,700 800 27,500 286,600 258,900 27,700 Apr. 26. 17,400 5,400 265,000 143,300 94,100 67,100 26,200 800 27,600 287,800 260,600 27,200 May 31. 17,400 5,400 267,400 144,300 95,500 67,800 26,900 800 27,700 290,200 261,700 28,600 June 30. 17,550 5,437 269,828 145,784 96,121 68,104 27,253 764 27,923 292,816 265,604 27,212 July 26. 17,500 5,400 272,200 145,300 98,700 71,000 26,900 800 28,100 295,100 267,200 27,900 Aug. 30. 17,500 5,600 272,100 145,200 98,500 70,500 27,300 800 28,400 295,100 266,400 28,700 Sept. 27* 17,500 5,600 276,600 147,200 100,200 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. 27P, 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 5,600 282,400 150,100 102,600 73,400 28,500 700 29,800 304,900 275,800 29,100 Feb. 28? 16,800 5,600 282,900 151,500 101,200 72,200 28,400 700 30,200 305,300 275,900 29,400 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series6 For- Date p b e n o d a i e s e g n i - t n t k 2 s, T h c i u r o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n d t k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a o m r n c m k e ia s - l de M p b s o a a u s v n t i i u t k n s a s g 3 l 4 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 a s e e i n - - t d s5 b r C o e s a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u r o n o e s t a d s n a t n e i l c t d d y s j p m u D o a d s a s d e e t n - i e - - t d d s b r C o e s a i n u u n d c t r k e - y - s 1929—June 29.. 365 204 381 36 54790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40;828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 63 336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 76!793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870 115700008 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30.. 2,518 1,293 2,989 668 176916 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,600 1958—Dec. 31.. 3,870 683 4,558 358 242 553 98,306 63,166 34,006 1,134 11155,507 28,740 138,800 110,700 28,100 1959—Dec. 31.. 3,203 391 5,319 504 246 603101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 1960—Dec. 31.. 3,184 377 6,193 485 252J926 108,468 71,380 36,318 770 115,102 29,356 139,200 111,000 28,200 1961—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 250200 111,900 74,200 37,000 700 110,300 28,000 140,400 112,100 288,300 Apr. 26.. 3,200 400 2,300 500 254200 112,700 75,000 36,900 113,600 27,900 141,500 113,300 288,200 May 31.. 1,100 400 5,100 400 254,700115,700 77,900 37,000 700 110,600 28,400 140,800 112,300 288,500 June 30.. 1,250 379 6,638 408 256!929 117,280 79,092 37,486 110,288 29,361 140,900 112,700 288,200 July 26.. 1,300 400 5,800 500 259V100 117,700 79,500 37,500 700 113,000 28,400 141,500 113,200 288,300 Aug. 30., 1,300 400 5,600 500 258,5'"0"0 118,600 80,200 37,600 — 111,500 28,500 141,300 113,000 288,300 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 37,900 700 115,700 28,700 143,800 115,000 288,800 Nov. 29* 1,200 400 5,700 500 265,100119,800 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 38,400 700 119,900 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 Feb. 28? 1,300 400 5,400 400 268,300125,100 85,800 38,700 600114,400 28,800 143,800 114,700 29,100 P Preliminary. * Revised Preliminary. 5 Demand deposits other than interbank and U. S. Govt., less cash t This date used instead of last Wednesday of February. Seasonal items reported as in process of collection. adjustment factors used, however, were for last Wednesday of February. 6 Seasonally adjusted series begin in 1946 and are available only for last 1 Represents all commercial and savings banks, Federal Reserve Banks, Wednesday of the month. For description of series and for back data Postal Savings System, and Treasury currency funds (the gold account, see BULLETIN for February 1960, pp. 133-36. Treasury currency account, and Exchange Stabilization Fund). NOTE.—For description of statement and back figures, see BULLETIN 2 Beginning with May 1961 the reclassification of deposits of foreign for January 1948, pp. 24-32. The composition of a few items differs central banks reduced this item by $1,900 million ($1,500 million to time slightly from the description in BULLETIN article; stock of Federal Reserve deposits adjusted and $400 million to demand deposits adjusted). Banks held by member banks is included in other securities and in capital 3 Excludes interbank time deposits; U. S. Treasurer's time deposits, and miscellaneous accounts, net, and balances of the Postal Savings open account; and deposits# of Postal Savings System in banks. System and the Exchange Stabilization Fund with the U. S. Treasury * 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.C. Act, reported as time deposits posits, net, and Treasury cash. Except on call dates, figures are rounded or 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 315 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES* [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io 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 s2 c c b T o a i a l a l u o p i i n c a t t i n - 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 Time 7 r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f k r s - Govt. Other All banks: 1941—Dec. 31... 61,126 26,615 25, ,999 27 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 .140,227 30,362 101 ,577 35 177^332 165;612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 3H 134,924 43,002 81,19910,723 38 175,091161,86512,793 240 1,346 381 53,105 6611,94814,714 1959—Dec. 31 227,831135,958 65,80126,071 296 283629 254.88515,650 1,443 5,054 622101,116 62422,91513,991 1960—June 29 227,200140,990 60 760 25,450 43710 276!710 244;470 13,300 1,440 7,060 570103,100 2,170 23,770 14,000 Dec. 31 238,623144,764 67 242 26,617 53022 298;126 266; 17,080 1,800 5,949 408107,959 16724,53913,986 1961—Mar. 1| 238,960144,240 67,840 26 880 46;260 291;510 257; 14,420 1,800 5,830 120110,260 1,86024,79013,978 June 30 242,192146,164 68,10427,923 46;457 295;567 262; 13633 462 6,368 125219116,865 45225,40513,977 July 26 245,600 146,450 040 28 11044 150 296;460 262;360 13620 460 5,550 410117,320 1,230 25;350 13,973 Aug. 30 245,880147,030 490 28,360 43,170 295;760 260.560 13340 460 5,340 250118,170 1,880 25,570 13,968 Sept. 27* 250,870 149300 420 29,150 44,950 302;980 267. 930 470 8,160 125480119,010 2,23025,98013,965 Oct. 25* 251,150 149370 820 28960 46 140 304,230 269; 530 480 5,680 700119,640 1,83025,76013,951 Nov. 29* 252,260 150;740 420 29,100 46;970 306,000 270, 920 470 5,460 790119,480 1,83026,03013,947 Dec. 27* .... 256,790 154,540 620 29,630 53;300 317;060 280, 080 490 6,420 210120,330 2,71026,17013,950 1962—Jan. 31* 255,240152,090 360 29,790 47540 310180 273 230 490 4,940 190122,990 2,200 2629013,943 Feb. 28* 255,960 153,600 170 30,190 48350311,570274,770 140 520 5,130 200124,780 2,310 26;39013,941 All commercial banks: 1941__Dec. 31... 746 21,714 21,808 7,22526,551 79,104 71283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 019 26,083 90,606 7,33134,806160,312150227 14,065 105,921 30,241 219 8:950 14,011 1947—Dec. 314 284 38,057 69,221 9,006 37,502155;377 12,792 240 1,343 94,367 35,360 6510;05914,181 1959—Dec. 31 . 270 11100,832 58,93720,50149;,467 244686 21990315,649 1,441 5*050 131J593 66,169 61519,556 13,474 1960—June 29 ,900114,840 54,21019850 42 880 237;040 20901013,300 1,440 7.060119,540 67,670 2,170 20,28013,485 Dec. 31 509 1'1-7,642 61,003 20864 52 150 257;,552 229,843t7,079 1,799 5; 945133,379 71,641 16320,986 13,472 1961—Mar. If ,300 116,720 61,310 21 270 45 430 250,430 220,76014,420 1,800 5,830125,090 73,620 1,860 21 170 13,464 June 30 848117,953 61,824 22071 45595 253;,749 224,997 633 461 6,362125,161 79,380 44321,74513,463 July 26 007700 111188,070 64,740 22260 43 320 254;,480 22479013,'620 460 5^550 125^350 79,810 1,230 21,680 13,459 Aug. 30 120118,450 64,160 22510 42,370 253;580 222870 13,340 460 5,340 123,190 80,540 1,880 21,870 13,454 Sept. 27* 910 1"2"0,520 66,130 23260 44 130 260.,560 229080 13,930 470 8,160 125,420 81,100 2,230 22,250 13,451 Oct. 25* 290 120,470 66,630 23 190 45 320 261;,910 231050 14,:530 480 5,680128,640 81,720 1,830 22,060 13,437 Nov. 29* 250 121,670 66,210 23 370 46;130 263.510 232070 14,,(920 470 5,460129,730 81,490 1,830 22,290 13,433 Dec. 27* 610125,230 66,480 23900 52330 274;290 242 100 16,0180 490 6,420 137,150 81,960 2,710 22'/,4~2~0 "13 ,"4"3"7 1962—Jan. 31* 680 112222,540 67,100 24040 46720 267,150 235260 14,2:30 490 4,940131,130 84,470 2,200 22:,,;53O13,430 Feb. 28* 200123,900 65,880 24420 47490 268,290236,050 14,140 520 5,130 130,140 86,120 2,310 22,:i,60013,428 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 ,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 846 32,628 57,914 ,304 32; ,060 122 ,5—2 81•2-, 3"53" 50 ,176 80,609 28,340 54 8,464 6,923 1959—Dec. 31 879 94,779 46,81316,287 43;509 205,726 184,70615,048 1,338 ,504110,989 52,827 58116,264 6,233 I960—June 29 593 97,898 42,98015,715 37;977199,243175,200 12,775 1,298 6,360 100,790 53,977 2,069 "1,6822 6.212 Dec. 31 ,619 99,933 49,10616,579 45,756 216,577193,029 16', 4M3~6~1,639 ,287112,393 57,272 130 17,398 6,174 1961— Mar. If 016 99,558 49,43817,020 39;900211,040 185,40213,912 1,639 ,179105,353 59,319 1,82517,629 6,160 June 30 049 99,992 50,36117,696 40;084 213,719189,22613,077 276 ,731105,568 64,574 382 1188,027 6,141 July 26 ,893100,098 52,90717,888 37; 214,376 188,91613,070 275 ,027105,579 64,965 1,17817,981 6,138 Aug. 30 850100,379 52,35818,113 36; 213,235186,81612,787 270 ,738103,427 65,594 1,822 1188,141 6,137 Sept. 27 936102,355 53,86318,719 38. 219,287 192,30513,325 282 ,293105,312 66,093 2,12818,386 6,132 Oct. 25* ,084102,107 54,290is;,687 39; 220,414193,86313,913 293 020 108,063 66,574 1,80818,293 6,122 Nov. 29* 827103,129 53,874is;,824 40.394 221 7151941666 14,294 288 108,894 66,397 1,79518,478 6,116 Dec. 27* 098106,549 54,18319.366 46;188 231960 2"0 4,16815,428 303 115,794 66,850 2,65918,612 6,115 1962—Jan. 31* ,966103,983 54,57319410 40971224,961 197,48013,623 305 376 110,287 68,889 2,13818,683 6,107 Feb. 28* 389105,144 53,46719,778 41,894 226,210198,38013,560 332 525109,671 70,292 2,26418,749 6,099 411 mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 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 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 34,948 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—Mar. if 39,660 27,520 6,530 5,610 830 41,080 36,670 36,640 3,620 514 J Ju u l n y e 2 3 6 0 4 4 0 0 , , 5 34 3 4 0 2 28 8 , , 2 3 1 8 1 0 6 6 , , 2 3 8 0 1 0 5 5 , , 8 8 5 5 2 0 8 8 3 6 0 2 4 4 1 1 , , 8 9 1 8 8 0 3 3 7 7 , , 5 5 5 7 1 0 3 3 7 7 , , 5 48 1 7 0 8: 3 3 , , 6 6 7 6 0 0 5 5 1 1 4 4 Aug. 30 40,760 28,580 6,330 5,850 800 42,180 37,690 8 37,630 3,700 514 Sept. 27* 40,960 28,780 6,290 5,890 820 42,420 37,970 37,910 8 3,730 514 Oct. 25* 40,860 28,900 6,190 5,770 820 42,320 37,980 8 37,920 3,700 514 Nov. 29*... 41,010 29,070 6,210 5,730 840 42,490 38,050 37,990 8 3,740 514 Dec. 27* 41,180 29,310 6,140 5,730 970 42,770 38,430 38,370 3,750 513 1962— F J e a b n . . 2 3 8 1 * * 4 4 1 1 , , 5 7 6 6 0 0 2 2 9 9 , , 7 5 0 5 0 0 6 6 , , 2 2 6 9 0 0 5 5 , , 7 7 5 7 0 0 8 8 2 6 0 0 4 43 3 , , 2 0 8 3 0 0 3 3 8 8 , , 5 7 8 2 0 0 ( ( 5 5 ) ) 3 3 8 8 , , 5 6 2 6 0 0 (5) 3 3 , , 7 7 6 9 0 0 5 5 1 1 3 3 * Preliminary. * Revised preliminary. commercial banks. Number of banks includes a few noninsured banks, t This date used instead of last Wednesday of February. for which asset and liability data are not available. Comparability of 1 All banks in the United States (including all banks in Alaska and figures for classes of banks is affected somewhat by changes in Federal Hawaii, beginning with January and August 1959, respectively). Reserve membership, insurance status, and the reserve classifications of All banks comprise all commercial banks and all mutual savings banks. cities and individual banks and by mergers, etc. All commercial banks comprise (1) all nonmember commercial and 2 Reciprocal balances excluded beginning with 1942. Reclassification (2) all member commercial banks. Member banks include (1) a national of deposits of foreign central banks in May 1961 reduced interbank bank in the Virgin Islands that became a member on May 31, 1957, (2) deposits by a total of $1,900 million ($1,500 million time to other time a noninsured nondeposit trust company, and (3) one mutual savings and $400 million demand to other demand). bank (two prior to July 1961 and three before 1960) that became members 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

316 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 o l . i S n v g s . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i i n c a t n t i d i - a t - t e a s l s l 3 Total* m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s - Govt. Other Centra] reserve city member banks: New York City: 1941—Dec. 31.. 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31.. 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31.. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1.445 30 2,259 37 1959—Dec. 31.. 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 1960—June 29.. 25,320 18,060 5,273 1,987 7,773 34,600 28,654 4,339 985 1,415 18,379 3,536 473 3,427 16 Dec. 31.. 27,72.6 18,465 6,980 2,282 100,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—-Mar. If. 27,690 18,141 6,975 2,574 8,640 38,000 31,031 4,419 1,220 992 19,960 4,440 891 3,584 15 June 30.. 28,220 18,054 7,642 2,524 8,616 38,741 32,225 4,211 167 1,380 19,832 6,635 121 3,634 15 July 26.. 28,732 18,100 8,090 2,542 7,820 38,619 31,717 4,027 169 1,203 19,532 6,786 392 3,626 15 Aug. 30.. 28,505 17,643 8,186 2,676 7,350 37,795 30,352 3,735 166 888 18,639 6,924 902 3,656 15 Sept. 27.. 29,453 18,183 8,402 2,868 8,066 39,540 31,890 3,905 173 1,485 19,317 7,009 1,106 3,670 14 Oct. 25*. 28,746 18,022 7,942 2,782 8,168 38,857 31,455 3,903 178 967 19,323 7,084 860 3,692 14 Nov. 29*. 29,066 18,398 7,908 2,760 8,044 39,058 31,847 4,042 176 831 19,693 7,105 602 3,702 14 Dec. 27*. 30,773 19,694 8,098 2,98110,596 43,372 35,556 4,779 185 1,381 22,202 7,009 1,283 3,701 13 1962—Jan. 31*. 29,672 18,584 8,152 2,936 9,029 40,856 33,050 4,199 182 978 20,463 7,228 949 3,696 13 Feb. 28*. 29,895 19,067 7,716 3,112 9,878 41,965 33,944 4,241 202 862 21,163 7,476 1,094 3,706 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 1959—Dec. 31.. 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 1960—June 29.. 6,598 4,342 1,620 636 1,854 8,546 7,474 1,151 407 4,442 1,426 161 769 11 Dec. 31.. 7,050 4,485 1,882 683 2,046 9,219 8,197 1.380 327 4,899 1,530 35 822 10 1961—Mar. If. 7,094 4,534 1,886 674 1,894 9,118 7,950 1,221 285 4,665 1,715 138 826 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 Feb. 28*. 7,508 4,509 2,078 921 1,896 9,576 8,285 1,183 222 4,673 2,190 209 874 Reserve city member banks:6 1941_Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31.. 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 1133,066 49,659 46,467 5,627 22 405 28~~~ 11,423 2,844 353 1959—Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 ,668 21,555 238 6,106 265 I960—June 29 59,563 39,421 14,846 5,296 1_5_,786 77,090 68,028 6,062 241 2,591 42,9666 21,168 1,064 6,257 223 Dec. 31 62,953 40,002 17,396 5,554 1188.668 83,464 75,067 7,989 326 1,960 37,267 22,525 73 6,423 217 1961—Mar. If 63,470 40,282 17,521 5,66716,243 81,632 72,418 6,836 329 2,130 42,488 23,635 577 6,573 213 June 30 63,670 39,747 18,053 5,870 1166,529 82,141 73,557 6,335 62 2,241 39, 25,199 131 6,684 205 July 26 65,089 39,910 19,171 6,00815,733 82,777 73,695 6,443 59 1,999 39,782616 "2,5328 535 6,685 204 Aug. 30 65,112 40,401 18,650 6,06115,109 82,161 72,926 6,456 57 1,925 39, 8~9"0 25,598 552 6,744 205 Sept. 27 66,473 41,021 19,291 6,16116,041 84,480 74,956 6,786 64 2,909 38,409 25,789 844 6,775 205 Oct. 25* 66,833 40,961 19,642 6,230 1'6 ',46985,283 75,960 7,183 64 1,930 39, 26,005 616 6,794 206 N De o c v . . 2 2 9 7 * * 6 6 9 7 , , 1 0 2 3 6 8 4 4 1 2 , , 2 7 5 8 9 7 1 1 9 9 , , 5 7 0 9 9 5 6 6 , , 2 5 7 4 0 4 1 19 6 , , 0 77 1 9 4 9 8 0 5 , ,8 1 0 6 5 0 7 8 5 0 , , 9 1 5 3 0 7 7 7, , 7 4 1 0 6 4 6 6 0 7 2 1 , , 2 8 9 7 3 5 4 4 0 0, , 76 6"8 79 8 48 * ~ 2 25 6 " , 9 3 1 7 7 3 1, 9 0 0 8 5 4 7 6 , , 0 8 2 6 3 7 2 2 0 0 6 6 1962— F Ja e n b . . 2 3 8 1 * * 6 6 7 8 , , 8 05 06 6 4 41 1 , , 9 8 8 8 6 7 1 19 9 , , 1 6 8 7 3 6 6 6 , , 4 6 9 3 3 7 1 1 6 6 , , 4 8 7 8 9 4 8 8 6 6 , , 6 7 3 6 5 4 7 76 6 , , 9 8 8 6 9 6 6 6 , , 7 6 4 6 f 0 7 7 1 7 1 1 , , 6 7 2 8 1 7 4 4 4 1 3 0 , , , 2 7 9 8 5 72 2 7 7 , , 6 1 7 3 8 4 7 8 9 8 6 5 7 7 , , 0 0 2 7 4 1 2 2 0 0 6 6 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 5,465 24.23512,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22.857 3,26810,778 47.553 44.443 1,056 432 28,37814.560 23 2,934 6,519 1959—Dec. 31 64,082 33,766 22,535 7,78114,122 79;567 72,323 1,602 1,508 42,83:26,356 71 6,035 5,938 I960—June 29 65,112 36,075 21,241 7,79612,564 79,007 71,044 1,223 1,947 40.00327,847 371 6,369 5.962 Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 1,778 1,783 43,39529,011 6,599 5i932 1961—Mar. If 67,76: 36,601 23,056 8,105 13,123 82,290 74,003 1,436 1,772 41,24029,529 219 6,646 5,922 June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 1,406 1,730 41,41330,820 121 6,861 5,911 July 26 , 69,861 37,937 23,345 8,57912,484 83,673 75,277 1,395 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 3311,146 23' 6,889 5,907 Sept. 27 71,732 38,938 23,941 8,85312,610 85,971 77,306 1,424 2,423 42,05931,364 84 7,085 5,904 Oct. 25* 71.943 38,765 24,342 8,83613,243 86,713 78,198 1,572 1,819 43,23431,536 78 6,952 5,893 Nov. 29* 72,394 39,131 24,346 8,91713,552 87,350 78,585 1,577 1,836 43,71731,418 151 7,043 5,887 Dec. 27* 72.581 39,435 24,257 8,889 1144,521 88,589 79,795 1,653 1,713 44,92031,473 221 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 43,81632,438 239 7,090 5,879 Feb. 28* 73,180 39,582 24,490 9,108 13,236 87,905 79,162 1,476 1,654 43.048 32,948 165 7,098 5,871 * Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million, no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million were added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. from noninsured mutual savings to nonmember commercial banks. 7 See note 4, page 314. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 317 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 bl o . i S v g . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s? c b T a i a l l o p i i n a t t i d i a t - e a l s l TotaP D In e t - erbank* Dema O n t d her r B o o w r- - c c T a o a o p u c i t n - t a a t l s l b N a b u o n e m f r ks tions co a u c n - ts3 mand Time U.S. Time Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,046 6,984 25,788 76,820 69,411 10,654 41,298 5,699 10 6,844 3,426 1945—Dec. 31 [21,809 25,765 88,912 7,13134,292 57,544 47,775 13,883 23,740 80,276 ",876 215 8,671 3,297 1947—Dec. 31 14,274 37,583 67,941 ,750 36; :,733141,851 2,615 54 1,325 92,975 34,882 61 9,734 3,398 1957—Dec. 31 68,595 93,430 57,580 585 48!127 220,865199,876 5,489 1,264 3,859 123,12756,137 6617,051 3,142 1958—Dec. 31 83,596 97,730 65,669 20198 48689236,724214,485 5,653 2,209 4,241129,214 6633,168 6718,15413,101 1959—Dec. 31 88,790 110,299 58,348 20;143 499158 242.828218,474 5,500 1,358 5,037130,72065,858 60219,20613,107 1960—Dec. 31 198,011 117,092 60,468 2045151836 255669 228,401 6,921 1,667 5,932132,53371,348 114499 20,62813,119 1961—June 30 200,353 117,400 61,2972 r1;65545,329 251910 223,603 3,475 305 6,352124,403 -7"9,068 43321,377 3,129 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 4,13720,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,117788 2222,024 88,182 82,023 8,375 35 795 53,541 119.,278 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 9,61726,786 120; 153 1009,9091 8,958 517 2,166 66,546 "3,0904 9,070 4,620 1958—Dec. 31 99,277 52,627 35,71410,993366 2266,781 1 397 116,714 9,035 767 69,808 34,812 9,643 4,578 1959—Dec. 31 02,615 59,962 31,76110,89227,464 132,636.119,638 8,947 514 2J42 71,015 36,421 340 10,302 4,542 1960—Dec. 31 07,546 63,694 32,71211,140 2288,675 113 9,,_2.61.124,911 9,829 611 3,265 71,660 39,546 11111,098 4,530 1961—June 30 08,843 63,440 33,522 "1,188125,274 137,299 1"2*2,485 7,749 99 3,541 67,60143,494 355 11,439 4,524 State member banks: 1941—Dec. 31 15,950 6,: 7,500 2,155 8,145 24,688 22 259 3,739 13,874 4,025 2,246 ,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 ,867 1947_Dec. 31. 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 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 '773 1958—Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,640 "1,6320 10 5,817 ,734 1959—Dec. 31 55,264 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,974 16,406 240 5,962 ,691 1960—Dec. 31 58,073 36,240 16,394 5,43917,081 77,316 68,118 6,608 1,028 2,022 40,733 1j7,727 20 6,299 ,644 1961—June 30 59,207 36,553 16,839 5,81514,809 76,420 66,741 5,328 177 2,190 37,96721,080 27 6,588 ,617 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,: 1,509 1, 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 18,119 244 ,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 17,58010,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 1959—Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 1960—Dec. 31 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,14014,095 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 1,87: 329 1,2 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 3H 2,009 474 1,280 255 576 2,643 2 251 177 185 1,392 478 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 1^449 147 121 840 303 31 425 1958—Dec. 31 1,568 484 707 377 301 1,927 l,53r 146 163 890 325 332 399 1959—Dec. 31 1,480 534 589 358 309 1,858 1,42! 150 83 873 311 350 366 1960—Dec. 31 1,498 550 535 413 314 1,883 1,443 159 13: 846 358 352 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, 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1957_Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 7,178 1958—Dec. 31 30,327 14,165 12,088 4,07'' 5,805 36,664 33,22^ 572 185 428 19,65512,387 3,028 7,192 1959—Dec. 31 32,419 16,068 12,134 4,21< 5,961 38,990 35,22 601 103 545 20,60513,370 3,294 7,244 I960—Dec. 31 33,910 17,719 11,904 4,28' 6,396 40,997 36,83. 643 160 657 20,98614,388 3,590 7,300 1961—June 30 33,813 17,""" 11,46^ 4,377 5,513 40,045 35,785 556 185 631 19,59314,820 3,719 7,323 Insured mutual sayings banks: 1941—Dec. 31 1,693 642 629 151 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 1212,192 1 252 194 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 26 24',991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 28 27,243 2,473 241 1959—Dec. 31 30,580 20,942 5,016 4,622 686 31.743 28,577 28 28,544 2,654 268 1960—Dec. 31 33,794 23,852 4,787 5,155 766 35,092 31,502 31,468 325 1961—June 30 34,764 24,775 4,74' 5,248 756 36,07< 32,530 257 3"2,267 3^090 325 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 3H 5,957 1,384 3,813 760 6,215 5,556 5,553 637 339 1957—Dec. 31 7,246 4,022 2,148 1,076 17 7,497 6,672 6,671 751 1958—Dec. 31 7,34' 4,177 2,050 1,11: 169 7,589 6.763 746 278 1959—Dec. 31 6,98 4,184 1,848 94! 143 7,200 6,405 6',404 705 249 1960—Dec. 31 5,32C 3,270 1,453 597 107 5,48 4,850 4,850 555 189 1961—June 30 5,58C 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 BTTTXETN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES * [In millions of dollars] Loans2 Investments Com- Loans for Loans Oblic b o c C m a a l n l a m l k s d e s a r a o c n te i f d al i l m T n o a v a o e n e n n t d a s s t t l s 2 - TotaP c o m m p c i k l i p n u n i a e a e e a g d - r - r t n l - - - A c tu a u g r l l r - - i- p o b k d a T s u r e r e n e o o r r a d c c s c - l a u - h j 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 a n h o i d l n - - e s - s r O lo th a e n r s To U ta . l S. B G i o ll v s ern c C t m a i e f t i e e r - - 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 g t o u o o c i a n a v l a b 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.. 116,284 38,057 _18.,,1_6..7 _1,660 8301,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 276 3,729 1 1 9 9 5 5 8 9 — — D D e e c c . . 3 3 1 1 . 4 . . 1 1 9 8 0 5 , , 2 1 7 6 0 5 9 1 8 1 , 0 2 8, 1 r3 4 2 44 44 - 00 00 ,, ,, , 44 1 1 22 77 55 4 • 4 4 5 '- , ,,. 0 9 1 7• 8 3 3 2 , , 0 8 1 32 8 1 1 , , 8 8 2 5 9 0 7 8 1 1 9 9 7,118 2 28 5 ; ,2 0 "5 6 "5 0 2 2i 4 0O , , 1 6 6 9 6 8 2 3 , ,4 7 3 8 7 4 6 5 6 8 , , 3 9 7 3 6 7 6 6, , 3 2 0 9 0 4 7 2 , , 3 4 9 2 9 0 1~3 1 8 33 5 99 6 66 3 33 5 99 , , 3 2 6 8 0 7 505 4, , 0 5 7 43 0 1960—Dec. 31.. 199,509 117,1642 43,1255,676 3,2841,833 966 7,106 28,713 26,396 2,90161,0038,072 2,920 013 30,998 ,294 1961—June 30.. 201,848 117,'953 42',759 6,044 2,9331,994 993 6,00129,265 27,283 3,1'0"2 61,8247,379 3,330 20;528 30,587 728 3,344 Sept. 27 e.209,910 120,520 43,010 5,840 3,12'0" 1,990 2,400 6,4"00 29,790 27,300 3,100 66,13011,820 2,210 22750 29,350 700 3,560 All insured: 1941—Dec. 31.. 49,290 21,259 1,450 614 662 40 4,773 4,505 21,046 988 3,159 116,899 3,6513,333 1945—Dec. 31.. 121,809 25,765 1,314 3,164 3,606 49 4,677 2,361 1,132 88,9122,45519,07116,045 5"i,;342 3,8733,258 1947—Dec. 31.. 114,27437,58318,0121,610 8231,190 114 9,266 5,654 914 67,9412,124 7,552 5,918 52,,347 5,129 3",621 1958—Dec. 31.. 183,596 97,730 40,289 4,9132,797 1,810 713 25,148 20~;,589 3,420 65,6696,159 7"3"62 13,240 38,90816,266 ,932 1959—Dec. 31*. 188,790110,299 40,022 4,973 2J9821,827 813 7,10527,948 24,,i032 2,767 58,3486,189 2,404 14,729 35,02716,7213,422 1960—Dec. 31.. 198,011117,092 42,957 5,628 3,2471,811 965 7,009900 28,602 26,263 2,88360,4687,994 2,884 18,868 30,72217,300 ,150 1961—June 30.. 200,353117,400 42,569 6,005 2,9091,970 993 5,98129,159 27,147 3,08561,2977,299 3,295 20,366 30,33718,454 ,201 Sept. 27.. 208,351119,955 42,820 5,800 3,0891,962 2,404 6,374 29',68127,161 3,08565,56611,"" 2,18122,576 29,11119,420 3,409 Member, total: 1941—Dec. 31.. 43,521 18,021 671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,,!871 1945—Dec. 31.. 107,183 2222,775 949 8553,133 3,378 47 3,455 1,900 1,057 78,3382,275 16,98514,271 44',807 3,254 2,,1815 1947—Dec. 31.. 97,84632,628 962 1,046 1,065 113 7,130 4,662 83957,9141,987 5,816 4,815 45,295 4,1 ,105 1958—Dec. 31.. 154,865 84^61 444 3,052 2 1,599 710 20,01317,028 3,211 54,2994,644 6,143 11,11732,39613,4 .,100 1959—Dec. 31*. 157,879 94,779 826 3,116 2 1,587 811 6,80122,18519,877 2,'"603 46,8134,612 1,812 11,604 2-8,785 13,677 2,,6i10 1960—Dec. 31.. 165,619 99 "" 288 3,509 3 1,564 947 6~7"26 22,518 21,622 2,694 49,1066,402 2,296 15,072 25,33514,1412,439 1961—June 30.. 168,049 99,992 38 872 37212,7801,709 970 644 23,086 22,421 2,90050,3615,962 2,951 16,476 24,972 2,475 Sept. 27.. 174,936102,355 39,062 3630 2,9431,696 2,354 010 23,514 22,377 2,887 5533,8639,693 1,933 18,324 23,913t6;il5 2,604 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 2,4531,172 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. 31*. 25,29118,12110,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 1960-Dec. 31.. 27,72618,46510,876 1,574 399 500 1,799 868 1,930 940 6,980 1,422 578 1,708 3,272 1,964 317 1961—June 30.. 28,22018,054 1100,578 1,629 429 476 1,448 841 2,074 1,025 7,642 ,512 887 1,882 3,362 2,196 328 Sept. 27.. 29,45318,18310,528 1,617 451 533 1,563 868 2,009 1,063 8,4022,596 505 2,254 3,048 2,576 292 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1.430 256 153 1,022 182 193 1945 -Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947 —Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 1,446 491 140 1959—Dec. 31*. 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 1,459 855 387 29,552 ,034 6,982 5,65315,883 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1958—Dec. 31... 60,558 3344,00315,808 669 518 851 191 8,405 6,930 1,30120,645 ,293 2,370 4,49712,484 4,864 ,047 1959—Dec. 31*. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 980 17,292 ,484 645 4,10911,054 4,830 813 1960—Dec. 31... 62,95340,00216,223 887 719 739 351 3,216 9,005 8,721 90917,3962,031 794 5,461 9,111 4,817 738 1961—June 30.. 63,670 3399,74715,862 963 610 749 344 2,751 9,256 8,954 1,02818,0531,784 1,175 6,292 8,803 5,174 696 Sept. 27... 66,47341,02116,190 933 682 704 1,140 2,893 9,406 8,934 90919,2912,916 803 7,115 8,458 5,432 728 Country: 1941—Dec. 31... 12,518 5,890 1,676 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 42 471 4 1,881 707 359 2"6,999 630 5,102 4,54416,722 1,342 ,067 1947_Dec. 31... 36,32410,199 3,096 23 227 5 3,827 1,979 224 22:,857 480 2,583 2,10817,687 2,006 ,262 1958—Dec. 31... 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 779 23,6062,475 2,306 4,49514,330 6,181 ,467 1959—Dec. 31*., 64,082 3"3,766 8.498 2,321 298 284 11 1,056 11,816 9,491 . .. ,5352,381 863 5,75113,540 6,452 ,330 I960—Dec. 31... 67,890 36,981 9.499 2,589 508 293 29 1,14712,44910,550 647 22,8482,817 888 7,24011,903 6,752 ,308 1961—June 30.., 69,13937,942 9,877 2,737 337 400 59 986 12,78810,855 ,6082,228 737 7,70611,937 7,220 ,368 Sept. 27... 71,73238,938 9,816 2,671 459 412 626 1,06013,02910,941 676 23,9413,474 524 8,39011,554 7,410 ,442 Nonmember:3 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31...30,327 144,165 2,981 1,921 102 230 5,256 3,671 22612,088 ,651 1,255 2,280 6,901 3,102 971 1959—Dec. 31*.,32,41916,068 3,348 1,902 133 263 317 5,888 4,289 18112,134 ,689 608 3,254 6,584 3,283 934 1960—Dec. 31.. 33,910 1177,719 3,838 2,167 161 269 379 6,205 4,774 207 11,904 ,670 624 3,941 5,668 3,431 857 1961—June 30...33,81317,968 3,886 2,323 153 285 357 6,187 4,862 202 11,467 ,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 319 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- C b o c C a m a l n l a l m k s d s e a a r o n c te f d ial F B s s w e e R e a d r r i n e v e t v - h k e r e s s al C va 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 ^ ju m p D s o a d a t d e s e e n - i - - d t d s 7 D I o n d - t e e p r o b s a i n F ts k or- G U o .S v . t. p s S o u a l t i a b n t t d i d e c i s a - l C c o a f e e i f n e f r r d i d t s - i ' - a p v n a s i I d h d r n t u i d n p c a i e o s l - , r s r - , - I b n a t n e k r- G P U S a o o . a n s v v d S t - t a . . l S s p i u t o c a b l a t i d e l t- s i- p a v n a s I i h d r d n t i u d n c p a i o e s - l , r r s - - , B in o g r s - c C o a t a u a c p l - n i t - s mestic6 eign 8 visions checks, pora- ings visions poraetc. tions tions Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1958—Dec. 31.... 18,427 3,249 12,609 115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 1959—Dec. 31.... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 61519,556 1960—Dec. 31.... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 163 20,986 1961—June 30,... 16,488 2,903 11,184112,030 12,568 1,064 6,362 11,849 3,759 109,553 461 288 5,266 73,826 443 21,745 Sept. 27«... 16,040 3,870 11,080114,150 12,900 1,030 8,160 10,940 3,230 111,250 480 280 5,280 75,5302,23022,250 All insured: 1941__Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 6718,154 1959—Dec. 31.... 17,931 2,990 11,969114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 60219,206 1960—Dec. 31.... 16,720 3,326 13,409114,292 15,339 1,582 5,932 11,582 4,564 116,388 1,667 262 4,481 66,605 149 20,628 1961—June 30.... 16,488 2,885 10,959111,187 12,443 1,031 6,352 11,754 3,725 108,924 305 288 5,209 73,572 433 21,377 Sept. 27.... 16,037 3,844 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 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 54 15,460 1959—Dec. 31.... 17,932 2,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581 16,264 1960—Dec. 31.... 16,720 2,518 8,582 94,594 14,875 1,561 5,287 9,016 4,244 99,134 1,639 237 3,559 53,477 130 17,398 1961—June 30.... 16,488 2,142 6,897 92,750 12,061 1,016 5,731 9,241 3,441 92,886 276 263 4,203 60,108 382 18,027 Sept. 27.... 16,038 2,932 6,761 94,158 12,357 968 7,293 8,479 2,935 93,898 282 254 4,214 61,6252,128 18,386 New York City:5 1941—Dec. 31 5,105 93 141 10,761 3 595 607 866 319 11 282 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 ,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 >,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 [,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 ""2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959—Dec. 31... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 1960—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.... 75104 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 ,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—Dec. 31.... 5,573 1,357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 1960—Dec. 31.... 5,070 1,534 5,655 40,917 1,755 23 1,783 5,083 713 37,598 37 122 1,562 27,327 23 6,599 1961—June 30.... 4,828 1,329 4,618 39,318 1,392 14 1,730 5,226 657 35,530 37 116 1,752 28,952 121 6,861 Sept. 27.... 4,521 1,777 4,551 40,470 1,409 15 2,423 5,008 556 36,495 36 112 1,810 29,442 84 7,085 Nonmember:3 1947_Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1958—Dec. 31 808 4 633 19 300 528 43 428 2,325 331 16 999 185 27 747 11,613 20 3,027 1959—Dec. 31 790 4,706 20 146 555 46 545 2,544 369 17,692 103 26 783 12,560 34 3,294 I960 Dec 31 828 5,099 20 525 578 65 657 2 658 •3*7 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, • 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

320 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars! Loans For purchasing or carrying securities To financial institutions Wednesday m i T l n o a e v o n a n e t n d a s t s s t l - 1 j i L m u n a s o a v e n t d a e n e d - s n t d t s s - 2 j L us a o t d a e - n d s 2 i C n m t a c r d o n i i e a u m a d r l l s - - - A t c u g u r r l a - i l - G U t l a T i o i o o . g n o b n v a d S - s - t b . . d r e o O a k c t l s u e t i e e h e r r r - s s e i s - r G U t l i o i T o o . g b n v o a S - s - t . . oth O c e t s u t i r e h e s r - s e i- r F ei o g r B n - ank c m m D s c o t i i e e o m a c s r - l - - - n s c s P i a a o o a n f N e n n n l i m s r e - d c a o t - s - e i l n tu b t a O io n t k n h s er e R st e a a t l e l o o A t a h l n e l s r V s t e a r i r o l e v u - n e a s panies etc. Total— Leading Cities 1961 Dec. 6 118,828 117,108 71,530 32,016 1,227 356 2,136 103 1,324 611 1,720 3,025 2,325 13,352 16,619 1,564 13 119,164 117,860 71;920 32,223 1,230 336 2,163 102 1,327 605 1,304 3,108 2,329 13,386 16,675 1,564 20 121,837 120,361 73,809 32,733 1,238 773 2,404 104 1,335 627 1,476 3,628 2,339 13,419 16,764 1,555 27 122,565 121,056 74,569 32,920 1,270 1,019 2,379 125 1,343 657 1,509 3,769 2,365 13,399 16,877 1,554 1962 Jan. 3 122,631 120,354 74,285 32,797 1,303 847 2,363 137 1,358 674 2,277 3,729 2,430 13,403 16,940 1,696 10 120,812 119,012 73,129 32,501 1,307 571 2,221 116 1,358 644 ',800 3,421 2,377 13,404 16,909 1,700 17 120,410 118,692 72,520 32,230 1,325 424 2,116 111 1,348 654 ,718 3,394 2,360 13,407 16,853 1,702 24 119,432 118,038 71,553 31,981 1,322 208 1,982 110 1,348 630 ,394 3,115 2,325 13,406 16,827 1,701 31 120,376 118,531 71,878 31,992 1,317 329 2,011 111 1,353 628 ,845 3,184 2,332 13,420 16,906 1,705 Feb. 7 119,704 117,866 71,705 32,038 1,314 389 1,946 109 1,357 649 ,838 3,036 2,292 13,415 16,865 1,705 14 119,637 117,877 72,099 32,117 1,318 595 1,966 110 1,362 643 ,760 3,064 2,295 13,452 16,888 1,711 21 119,380 117,829 71,901 32,176 1,315 322 1,996 107 1,361 650 ,551 3,079 2,285 13,475 16,847 1,712 120,656 118,928 72,886 32,204 1,322 640 2,345 133 1,360 629 ,728 3,274 2,301 13,497 16,894 1,713 28 New York City 1961 28.834 28,231 17,594 10,584 11 150 1,278 427 274 603 919 441 828 3,095 434 Dec. 6 29,066 28,547 17,784 10,672 171 1,300 430 278 519 967 438 839 3,094 434 13 29,947 29,814 18,812 10,969 369 1,451 436 304 133 1,256 440 847 3,143 433 20 30,491 30,162 19,196 11,102 525 1,438 440 300 329 1,261 474 842 3,204 433 27 1962 Jan. 3 29,982 29,405 18,834 11,047 374 1,372 442 331 577 1,162 490 839 3,226 489 10 29,310 28,705 18,322 10,901 281 1,316 448 303 605 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 Feb. 7 29,096 28,491 17,609 10,642 223 ,071 444 304 605 884 442 835 3,219 490 14 28,975 28,563 17,913 10,653 426 ,077 443 308 412 957 443 852 3,213 493 21 28,884 28,382 17,720 10,659 200 ,104 443 313 502 965 442 861 3,194 493 28 29,687 29,180 18,397 10,652 460 1,315 447 312 507 1,101 442 868 3,232 494 Outside New York CUy 1961 Dec. 6 89,994 88,877 53,936 21,432 1,216 206 858 897 337 1,117 2,106 1,884 12,524 13,524 1,130 13 90,098 89,313 54,136 21,551 1,222 165 863 897 327 785 2,141 1,891 12,547 13,581 1,130 20 91,890 90,547 54,997 21,764 1,229 404 953 899 323 1,343 2,372 1,899 12,572 13,621 1,122 27 92,074 90,894 55,373 21.818 1,260 494 941 903 357 1,180 2,508 1,891 12,557 13,673 1,121 1962 Jan. 3 92,649 90,94! 55,451 21,750 1,292 473 991 108 916 343 1,700 2,567 1,940 12,564 13,714 1,207 10 91,502 90,307 54,807 21,600 1,296 290 905 93 910 341 1,195 2,408 1,910 12,565 13,700 1,211 17 91,239 90,055 54,536 21,462 1,314 264 923 89 900 345 1,184 2,334 1,905 12,574 13,638 1,212 24 90,523 89,719 53,998 21,308 1,311 118 859 86 903 338 804 2,223 1,868 12,569 13,626 1,211 31 90,911 89,718 54,109 21,307 1,306 180 872 87 908 338 1,193 2,200 1,883 12,583 13,660 1,215 Feb. 7 90,608 89,375 54,096 21,396 1,303 166 875 913 345 1,233 2,152 1,850 12,580 13,646 1,215 14 90,662 89,314 54,186 21,464 1,307 169 889 919 335 1,348 2.107 1,852 12,600 13,675 1,218 21 90,496 89,447 54,181 21,517 1,304 122 89! 918 337 1,049 2,114 1,843 12,614 13,653 1,219 28 90,969 89,748 54,489 21,55" 1,311 180 1,030 913 317 1,221 2,173 1,859 12,629 13,662 1,219 1 After deduction of valuation reserves. NOTE.—Figures reflect new coverage; for description of changes in t he 2 Exclusive of loans to domestic commercial banks and after deduction series, ses BULLETIN for June 1961, p. 654. of valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 321 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 Notes and bonds Other a B n a c l e - s a B n a c l e - s Currency se R rv e- es a o s t s h e e t r s lia ti b e i s li- Total Bills C ti e fi r - - maturing— s ri e t c ie u s - Total do w t m i i c t e h s- w e fo i i g r t n h - c a o n i d n B F w a . i n t R k h . s a c c a c a p o n i u d ta n l ts cates W 1 i y i n t e h a - r 5 1 y e t a o rs 5 A y f e te a r rs banks banks Total- Leading Cities 1961 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 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 1,652 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 1,532 12,612 4,782 155,452 Feb. 7. 33,914 5,779 1,436 5,509 17,668 3,522 12,247 16,910 2,657 151 1,457 12,645 4,785 152,692 14. 33,564 5,497 1,461 5,553 17,581 3,472 12,214 17,079 2,960 158 1,542 12,419 4,804 154,972 21. 33,492 5,366 2,352 6,047 16,265 3,462 12,436 16,739 2,786 147 1,474 12,332 4,665 153,059 33,510 5,498 2,367 6,074 16,137 3,434 12,532 17,099 2,873 157 1,464 12,605 4,795 156,834 New York City Dec. 6. 7,85: 1,956 485 1,013 3,727 671 2,785 3,889 59 266 3,495 1,943 39,257 13., 7,894 2,094 428 990 3,711 671 2,869 4,018 74 299 3,561 2,063 39,771 20., 8,102 2,337 442 1,114 3,535 674 2,900 4,238 77 280 3,804 1,923 41.212 27., 7,99f 2,253 441 1,095 3,534 669 2,974 4,302 147 283 3,787 1,968 43,005 1962 Jan. 7,659 1,979 435 1,086 3,498 661 2,91 4,457 119 273 3,971 2,010 41,180 7,440 1,809 454 1,087 3,476 614 2,943 4,087 87 258 3,666 2,120 39,996 7,664 1,993 451 1,090 3,507 623 2,989 4,088 109 241 3,659 2,051 40,112 7,838 2,075 466 1,091 3,487 719 2,926 3,934 75 231 3,560 2,069 39,095 8,099 2,261 472 1,172 3,495 699 2,945 3,964 68 220 3,603 2,123 40,583 Feb. 7,904 2,091 469 1,209 3,460 675 2,978 3,910 60 221 3,555 2,145 39,069 7,695 1,928 469 1,236 3,409 653 2,955 4,083 70 231 3,709 2,157 39,887 7,591 1,831 59: 1,469 3,073 626 3,071 3,784 70 209 3,425 2,109 39,091 7,664 2,003 58: 1,465 3,028 586 3,119 4,078 20' 3,716 2,157 41,688 Outside New York City 1961 Dec. 6. 25,961 3,572 98: 4,039 14,592 2,776 8,980 13,315 2,751 1,269 9,202 2,559 113,963 13. 26,037 3,59r 988 4,068 14,601 2,781 9,140 13,801 3,137 1,451 9,125 2,548 115,308 20. 26,399 4,01: 985 4,276 14,372 2,754 9,151 13,991 3,101 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 1,580 9,875 2,55^ 118,734 1962 Jan. 3. 26,301 3,993 944 4,325 14,354 2,685 9,197 14,180 3,255 1,364 9,465 2,57 119,541 10. 26,222 3,945 931 4,269 14,402 2,675 9,278 13,495 3,002 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 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 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 1,312 9,009 2,659 114,869 Feb. 7. 26,010 3,688 967 4,300 14,208 2,847 9,269 13,000 2,597 1,236 9,090 2,640 113,623 14. 25,869 3,569 99! 4,317 14,172 2,819 9,259 12,996 2,890 1,311 8,710 2,647 115,085 21. 25,901 3,535 1,760 4,578 13,192 2,836 9,365 12,955 2,716 1,265 8,907 2,556 113,968 28. 25,846 3,495 1,785 4,609 13,109 2,848 9,413 13,021 2,791 1,257 2,638 115,146 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

322 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits BorrowirLgS Demanc Time De- Indi- States Do- Other time Other C it a a p l - Wednesday Total mand viduals, and mes- From acj u u n st a e d d - 1 po d s e i - ts Total 3 p s a h rt i n p e s, r- p i o c l a i l t- For- U. S. co ti m c - Totals Sav- vi I d n u d a i- ls, S a ta n t d es B F a . n R ks . o F th ro e m rs ities counts ad- and sub- eign 4 Gov't. mer- ings partner- polit- Forusted2 corpo- divi- cial ships, ical eign4 rations sions banks and subcorpo- divirations sions Total- Leading Cities 1961 Dec. 1 6 3 1 1 3 3 2 4 , , 7 9 5 3 6 4 6 6 3 5 , ,9 3 8 69 7 9 9 0 3,6 9 0 77 2 69,7 1 1 39 6 4 4 , , 7 6 4 1 9 3 1 1 , , 6 71 9 0 1 ? 1 . , 7 6 6 9 0 1 1 1 7 2 J ,4 1 3 6? 9 4 4 1 1 , , 2 3 7 3 9 2 2 2 9 9 , , 8 8 5 9 3 4 6 6 , , 1 11 40 8 2 7j , 7 7 6 8 8 3 2,2 7 1 0 5 1 1 5 0 ? 1 , , 3 5 6 3 3 4 5 5 . , 7 7 0 3 9 4 1 1 7 2 , , 8 8 8 7 ? 2 20 137,97466.185 96 571 69.9TJ 4.715 1,713 3,6901?.69?41,35329,944 6,001 ? 845 •3,739 288 1,971 5,44317j944 27 140,74? 66,343 99 770 71,156 4,863 1,87,7. 4,557 17,74141,47230,082 5,969 ?J851 ,743 482 ?,081 5,461 1?,973 1962 Jan 1 3 0 1 13 3 5 9,5 3 6 6 1 36 65 5,7 6 7 4 9 4 9 9 7 3 ,9 3 5 0 8 5 7 6 0 8 4 1 5 4 1 9 4 4 ,9 7 7 7 1 8 1,7 7 9 06 6 4 1 , , 0 78 3 6 3 1 1 3 3 4 01 1 1 5 4 42 1 , , 0 6 5 0 8 33 30 0 , , 4 2 2 2 1 5 6 5 , ,9 1 4 ?1 5 ? 7 9 8 ? 5 7 1 ,7 7 S 4 9 6 23 2 6 7 7 ? , ,0 7 3 6 1 3 5 5 , 4 1 7 9 1 8 1 1? 7 J 9 99 6 2 3 17 135,54865 050 93,186 69 088 4,738 1,604 1,877 1? 37042,36230,458 6,317 7 997 ,758 246 ?,184 5,491 1? 965 2 3 4 1 ..... 1 13 3 4 2 , ,7 7 7 1 8 6 6 64 4 , 7 3 6 6 2 ? 9 9 0 1 , , 1 8 5 5 8 3 6 6 6 7 8 1 2 6 0 1 4 5 , , 8 1 4 8 3 5 1 1 , , 5 6 7 3 7 2 2 3 30 7 8 7 2 0 1 1 1 1 6 1 7 7 8 5 4 42 2 , , 8 6 6 2 3 03 3 0 0 , , 5 6 5 4 9 0 6 63 4 5 3 5 1 3 3 3 0 0 2 6 1 8 > > , 7 2 f 6 i7 6 4 5 7 2 ? 1, ,0 5 1 4 1 7 5 5,6 5 4 7 1 8 1 1 3 29 0 6 3 5 ? Feb 7 131 69263445 88,483 64 942 4,972 1,567 2 3241142143,209 30,794 6 729 3 098 :.,250 105 2,160 5 67213063 14 ... 133 878630^1 90 510 67 171 4 648 1,570 7 4891150743,35930,899 6 764 3 108 > 248 138 7 141 576613049 21 132 39562 148 88,735 64 551 4 923 :1,604 34451086743,66031,004 6.931 3 139 >,244 79 1,809 5 73813038 28 13577763 104 91,871 66 527 5,208 1,595 3 31611 16743,90631,073 7,067 3 169 >,245 45 ,126 578913097 New York City 1961 2 Dec. 6 3168?16 166 ?4,653 17083 ?59 1,282 734 3 16? 7,029 2,833 2J69 713 1 674 ,017 ? 881 3 677 13 3? 5?6 17 ?5? ?,5,474 18 360 ?43 ,781 406 3 19? 7,052 2,844 ? 175 717 1,671 617 ? 963 3 665 20 33 566 17 095 ?6,587 18 787 ^89 1,334 1080 3 308 6 979 2,862 7 108 189 676 136 1077 ? 768 3 670 27 35,?50 17 09? ?8,?86 18 937 347 1,426 1 388 3 56? 6,964 2,882 ? 086 187 1 668 117 1,167 ? 801 3 670 1 1962 Jan. 3 33 746 17 074 ?6,349 18 185 ?9? 1,396 1 ?46 3 ?98 6,897 2,923 1 990 168 668 110 1,456 7 694 3 674 10 32 354 17 033 ?,5 387 17 776 ?80 1,316 519 3 356 6,967 2,985 1 993 163 ,677 954 3 014 3 674 17 32 763 \6 686 ?5,?04 17 845 ^89 1,213 534 3 187 7,059 3,004 7 036 187 679 15 1,161 998 3 675 24 31 659 16 5?8 ?4 534 17 353 ?35 1,173 570 ?53 7,125 3,044 7 051 187 683 651 3 117 3 673 31 32 81616449 25,597 17745 292 1,249 977 3 140 7,219 3,069 2 119 194 1,678 946 128 693 Feb 1 7 4 3 3,i 1 7 1 4 5 2 91 1 6 6 3 1 8 4 4 7 2 ?"> 4 > ,4 8 3 6 8 4 1 1 6 7 8 5 1 0 1 2 2 7 3 7 3 6 1 1, , 1 1 8 9 7 2 7 6 1 8 0 1 7 2 8 93 5 8 ? 7 7, , 3 2 0 9 4 5 3 3 , , 1 1 1 3 1 7 2 7 1 1 5 2 5 8 2 7 1 0 1 0 1,6 6 7 7 1 3 5 6 2 0 1 1,2 0 2 0 5 5 3 3 1 1 5 5 ? 8 3 3 7 7 0 0 1 2 21 44315992 24,049 16807 250 1,213 857 2 886 7,394 3,167 2 191 211 1,664 30 796 3 133 3,689 28 .... 6981637? ?6 ?11 17873 ?84 1,201 868 3 705 7,487 3,181 7 765 710 667 100 187 3703 33 Outside New York City 1961 Dec 6 . . 100,57447,203 66,324 49,056 4 490 409 2,026 9,00034,25027,020 3,971 2,555 527 10 1,346 2,828 9,205 13 10240848 735 68.178 51,356 4 370 429 ?85 9,?4734,28027,050 943 7,566 544 c 917 ? 771 9,?07 20 .. 104 35849 090 69,984 51,645 4 476 379 610 Q,38434 37427,082 3 893 656 563 152 849 ?,675 9.774 27. 105 49? 49 ?51 70,984 5?,?19 4 516 396 3 169 9 179 34,50827,200 883 ?,669 575 365 914 ? 660 9 303 1962 Jan. 3 106,31548,570 71,609 51,964 4 679 400 2,78710,11734,70627,302 3,955 2,683 578 126 1,307 2,504 9,289 10 . .. 103,00948,696 67,918 50,675 ,498 390 1,267 9,65535,09127,436 4,128 2,759 582 27 1,077 2,407 9,318 17. 103?8548,364 67,98? 51,?43 4 449 391 1,343 9J88 35,30327,454 4 776 810 579 231 1,0?3 7,493 9,790 24 101 11948 ?34 65 674 49 467 4 608 404 1 51? 8,4?535,49527,515 4,380 7,834 583 47 896 ?,466 9,?9? 31 101,90047,913 66;256 49,416 4,893 383 2,243 8,03535,64427,571 4,434 2,874 584 52 1,065 2,513 9,339 Feb 7 100 53347 061 64 619 48 131 4 696 375 1614 8 56Q35 91427 683 4 57/1 8^8 577 53 1 155 570 9 367 14 102,13646 974 66 081 49 66Q 4 415 383 1 808 8 569 36,05527,762 4 6^6 ">897 577 ^8 916 ?,608 9,347 21 100,95246,156 64,686 47,744 4,673 391 2,588 7,98136,26627,837 4,740 2,928 580 49 1,013 2,605 9,349 28 10207946,732 65,660 48,654 4 924 394 2,448 7,96236,41927,892 4,802 2,959 583 45 1,026 2,602 9,394 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 323 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 borrower 3 1962 1962 1961 1961 1960 1961 1960 F 2 eb 8 . F 2 eb 1 . Fe 1 b 4 . Fe 7 b. J 3 a 1 n. Feb. Jan. Dec. 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 -14 1 8 -12 -25 56 70 Transportation equipment -1 1 3 2 3 8 8 7 9 2 1 4 6 2 1 3 9 7 2 3 8 - -5 5 5 0 5 1 6 2 -8 2 4 8 -301 -310 -324 -665 Other fabricated metal products. .. 1 8 13 19 -5 41 -31 -2 -40 Other durable goods 10 13 -17 3 -10 10 -38 -13 -103 n.a. n.a. -112 n.a. Nondurable goods manufacturing: -19 -28 -6 45 5 98 -180 93 398 156 438 554 579 Textiles, apparel, and leather 18 23 31 51 28 122 22 -19 -281 43 -303 -233 -215 14 2 4 -13 -34 -26 -26 49 62 Chemicals and rubber 13 12 2 -4 -4 22 -73 2 -23 134 -121 58 Other nondurable goods 4 7 4 4 -3 18 -40 -12 -65 n.a. n.a. -74 n.a. Mining, including crude petroleum and natural gas -12 -6 i 7 8 -13 224 157 381 -5 -102 405 -29 Trade: Commodity dealers j -26 -5 20 -19 -13 -15 120 357 102 387 460 507 R O e th ta e i r l wholesale 1 1 1 4 7 -6 13 1 9 1 -10 2 5 1 5 1 -1 -8 3 1 8 -1 - 8 1 6 4 7 7| 124 -30 176 -26 Transportation, communication, and 20 other public utilities -12 -23 -1 -73 -43 -109 -265 206 240 49 -4 286 61 -3 8 11 12 9 4 -23 -7 9 43 1 52 35 All other types of business, mainly services 21 13 15 38 48 -36 182 311 131 209 440 310 Net change in classified loans 25 42 73 22 -13 161 -830 693 1,311 190 419 1,510 615 Commercial and industrial change— all weekly reporting banks 28 59 79 46 212 -925 822 1,126 36 5 412 1,162 5 305 r Revised. includes a part of old "Other manufacturing and mining," with which n.a. Not available. it is compared; a part of "Metals and metal products;" and coal, crude 1 Data for sample of about 200 banks reporting changes in their larger petroleum, and natural gas from old "Petroleum, coal, chemicals, and loans; these banks hold about 95 per cent of total commercial and in- rubber." "Other durable" and "Other nondurable" were in old "Other dustrial loans of all weekly reporting member banks and about 70 per manufacturing and mining." cent of those of all commercial banks. 4 Includes data since Sept. 27 on new basis. 2 Figures for periods other than weekly are based on weekly changes. 5 Revised to reflect new coverage; see BULLETIN for June 1961, p. 654. 3 Because of ^classifications as of Sept. 27, 1961, many categories are 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 (thousands of dollars) (thousands of dollars) Area All Area All pe a r n i d od loans 1- 10- 100- 200 pe a r n i d od loans 1 _ 10 - 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly—cont.:2 19 large cities: New York City: I960 Dec 4.77 5.73 5.42 4.99 4.66 1953 3.7 5.0 4.4 3.9 3.5 1961—Mar 4.75 5.67 5.40 5.03 4.64 1954 . . . 3 6 5 0 4 3 3 9 3 4 June 4 75 5 63 5 39 5 06 4.63 1955 3.7 5.0 4.4 4.0 3.5 Sept 4.75 5.65 5.36 5.06 4.64 Dec 4.77 5.66 5.37 5.04 4.66 1956 4.2 5.2 4.8 4.4 4.0 1957 4.6 5.5 5.1 4.8 4 5 7 Northern and 1958 4.3 5.5 5.0 4.6 4.1 Eastern cities: 1959 5 0 5 8 5 5 5 2 4 9 1960 Dec 4 97 5 86 5 52 5 19 4 83 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 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 5.31 6.02 5.65 5.29 5.10 Sept • 4 99 5 87 5 52 5 19 4 82 Sept 5.26 5.97 5.62 5.28 5.04 Dec 4.96 5.84 5.52 5.21 4.78 Dec 5.24 5.94 5,62 5.31 5.00 1 For description see BULLETIN for March 1949, pp. 228-37. per cent): 1953—Apr. 27, 3^; 1954—Mar. 17, 3; 1955—Aug. 4, 3V4; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. 21,4; 1957—Aug. 6, 4Vi; 1958— Ch N a O ng T e E s . — th B er a e n a k f t p er r im oc e c u ra rr te e d w o a n s t 3 h * e 4 f p o e ll r o w ce in n g t J d a a n t . e s 1 , ( n 1 e 9 w 5 3 le -A ve p ls r. s 2 h 6 o , w 1 n 9 , 5 i 3 n . J I9 an 6 . 0 — 22 A , 4 u ; g A . 2 p 3 r. , 4 2 i 1 /2 , . 3V2; Sept. 11, 4; 1959—May 18, 41/i; Sept. 1, 5; and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Prime Finance com- company Prime mercial paper bankers' 3-month bills 6-month bills 9- to 12-month issues Year, month, or week m 4 p o - a t n p o t e h e r s - , 1 m d 3 p i - o r l a e n t c c o t e t h l 6 d y s - 2 , 9 a 0 a c n c d c e a e p y s t s , - 3 o R i n s s a n u t e e e w M y a ie r l k d et o i n R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l d k s e ) t Others 3 is - y s t e u o a e r s 5 6 - 1959 average... 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1960 average... 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1961 average... 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1961—Feb 3.03 2.65 2.78 2.408 2.42 2.601 2.60 2.75 2.84 3.54 Mar 3.03 2.76 2.94 2.420 2.39 2.591 2.54 2.76 2.86 3.43 Apr 2.91 2.58 2.84 2.327 2.29 2.493 2.47 2.74 2.83 3.39 May.... 2.76 2.50 2.68 2.288 2.29 2.436 2.44 2.72 2.82 3.28 June.... 2.91 2.66 2.75 2.359 2.33 2.546 2.54 2.80 3.02 3.70 July 2.72 2.50 2.75 2.268 2.24 2.457 2.45 2.79 2.87 3.69 Aug 2.92 2.64 2.81 2.402 2.39 2.670 2.66 2.91 3.03 3.80 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 Feb 3.22 3.00 3.00 2.752 2.73 2.955 2.93 3.21 3.11 3.77 Week ending— 1962—Feb. 3. 3.13 3.00 3.00 2.705 2.69 2.939 2.92 3.26 3.04 3.88 10. 3.18 3.00 3.00 2.695 2.70 2.898 2.92 3.24 3.06 3.83 17. 3.25 3.00 3.00 2.759 2.81 2.952 3.00 3.26 73.14 3.78 24. 3.25 3.00 3.00 2.849 2.74 3.031 2.93 3.18 3.20 3.73 Mar. 3. 3.25 3.00 3.00 2.664 2.69 2.847 2.87 3.10 3.09 3.62 1 Average of daily offering rates of dealers. 5 Consists of certificates of indebtedness and selected note and bond 2 Average of daily rates, published by finance companies, for varying issues. maturities in the 90-179 day range. 6 Consists of selected note and bond issues. 3 Average of daily prevailing rates. 7 Issues included in average changed on Feb. 16. Figures on old basis 4 Except for new bill issues, yields are averages computed from daily were: weeks of Feb. 17, 3.04 per cent; Feb. 24, 3.03; February average, closing bid prices. 3.04. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds <Corporate bonds 3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local} ratings groups price ratio price ratio States Total 4 (longterm)2 TotaH Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-9 20 5 5 120 30 30 40 40 40 14 500 500 1959 average 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 5.92 1960 average 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.46 5.91 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—Feb 3.81 3.54 3.14 4.06 4.59 4.27 5.07 4.46 4.82 4.51 4.68 3.13 Mar 3.78 3.60 3.23 4.11 4.54 4.22 5.02 4.40 4.78 4.43 4.66 3.03 4.18 Apr 3.80 3.61 3.27 4.01 4.56 4.25 5.01 4.45 4.75 4.46 4.67 2.95 May 3.73 3.57 3.25 3.95 4.58 4.27 5.01 4.48 4.77 4.49 4.63 2.92 June 3.88 3.63 3.35 3.97 4.63 4.33 5.03 4.54 4 83 4.52 4 66 2.99 4.67 July . 3 90 3.63 3.35 3 94 4 70 4 41 5 09 4 59 4 89 4 60 4 69 2 99 Aug 4.00 3.62 3.33 3.96 4.73 4.45 5.11 4.60 4.92 4.67 4.69 2.91 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 r5.22 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 Feb 4.09 3.40 3.08 3.83 4.70 4.42 5.07 4.57 4.90 4.62 4.52 2.95 Week ending— 1962 Feb 1 4.10 3.44 3.12 3.88 4.70 4.42 5.07 4.57 4.91 4.61 4.55 2.98 10 4.09 3.40 3.09 3.83 4.70 4.42 5.08 4.58 4.91 4.62 4.53 2.93 17 4.08 3.35 3.04 3.78 4.70 4.43 5.08 4.57 4.91 4.63 4.54 2.93 24 . . 4.12 3.39 3.08 3.81 4.70 4.42 5.07 4.57 4.90 4.63 4.49 2.95 Mar 3 4.08 3.39 3.08 3.81 4.69 4.42 5.05 4.55 4.89 4.62 4.51 2.97 r Revised. 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. rately. Because of a limited number of suitable issues, the number of Govt. and corporate bonds. Yields of State and local govt. bonds are corporate bonds in some groups has varied somewhat. based on Thursday figures; dividends/price ratios for preferred and 5 Standard and Poor's Corporation, Preferred stock ratio is based common stocks, on Wednesday figures. Earnings /price ratios for common on 8 median yields for a sample of noncallable issues—12 industrial and stock are as of end of period. 2 public utility. For common stocks, the ratios are based on the 500 2 Series is based on bonds maturing or callable in 10 years or more. stocks in the price index. Quarterly earnings are seasonally adjusted J 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 325 SECURITY PRICES i Bond prices Common stock prices Vol- Standa ( r 1 d 9 4 a 1 n - d 4 3 P = o o 1 r 0 's ) index Securities and ( E 1 x 9 c 5 h 7 a - n 5 g 9 e = C 10 o 0 m ) mission index t u r o m a f d e - Ye o a r 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 g d o u n - - 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 f a n n r i- v d 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 d u e 4 s s - ) rable ice 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 J 112.6 115.6 117.6 122.3 95.0 3,242 1960 average. 86.22 103.9 94.7 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 73.8 3,042 1961 average. 87.55 107.8 95.2 66.27 71.42 32.84 60.18 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 1961—Feb... 88.74 109.7 96.3 62.17 65.71 32.17 55.64 125.4 119.2 121.4 117.3 102.6 156.0 139.8 89.0 4,884 Mar.. 89.07 108.9 97.0 64.12 67.83 32.93 57.06 129.8 123.9 127.8 120.3 104.2 159.2 146.7 89.2 5,365 Apr... 88.80 108.1 96.4 65.83 69.64 32.35 59.09 133.0 125.8 128.5 123.3 103.4 168.9 150.4 93.5 5,089 May.. 89.74 109.0 96.0 66.50 70.34 33.08 59.59 134.9 127.6 130.6 124.9 107.5 170.0 153.1 96.9 4,617 June.. 87.83 106.8 95.0 65.62 69.48 32.41 58.43 132.8 126.0 128.0 124.2 105.1 164.0 156.0 97.0 3,324 July.. 87.57 106.7 94.5 65.38 69.09 31.78 59.36 132.7 125.2 126.5 123.9 103.3 166.7 158.5 93.1 3,045 Aug.. 86.27 106.5 93.9 67.79 71.69 32.76 61.19 137.4 130.1 131.3 129.0 107.0 170.6 164.2 92.8 3,545 Sept.. 86.09 106.6 93.9 67.26 70.89 33.02 62.19 136.2 128.9 131.7 126.4 106.8 168.9 166.4 87.3 3,193 Oct... 86.61 107.7 94.6 68.00 71.42 34.53 64.15 138.0 129.1 132.2 126.4 110.1 173.9 76.6 90.3 3,318 Nov.. 86.52 108.1 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 71.74 75.81 33.21 65.77 145.8 135.6 138.1 133.3 107.9 188.4 188.0 101.1 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 Feb.. 85.17 110.5 94.5 70.22 74.22 34.23 63.70 142.8 133.4 134.4 132.6 110.5 183.0 176.4 109.7 3,481 Week ending— 1962—Feb. 3 85.11 110.0 94.5 68.80 72.70 33.96 62.37 141.9 132.9 134.5 131.5 110.9 180.3 175.0 105.9 3,743 10 85.26 110.8 94.4 70.26 74.33 34.39 63.24 143.3 133.9 135.4 132.6 111.0 183.2 177.4 112.1 3,771 17 85.40 110.8 94.3 70.53 74.56 34.40 63.95 143.6 134.0 134.7 133.5 111.0 183.9 178.1 113.3 3,365 24....... 84.85 110.2 94.6 70.39 74.35 34.11 64.20 142.5 132.9 133.1 132.7 109.2 184.6 175.1 107.5 3,300 Mar. 3 85.46 110.2 94.6 69.99 73.91 33.75 64.06 142.4 132.9 132.7 133.0 108.7 184.5 173.9 110.2 2,996 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Net debit balances with Bank loans to others (than End of month * o s t T e h c o e u r t r a i t t h i l- e a s n New York f S ir t m oc s k 2 Exchange c b h r a o si k n e g r s a n an d d c a d r e r a y l i e n r g s ) s f e o c r u r p i u ti r e - s3 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 i 5 o + ) ns U S ob e . c l S i u g . r a e G t d i o o b v n y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o on v s t. se O cu th ri e t r ies U ob . l S ig O . a n G ti o o v ns 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—Feb 4,532 68 3 358 127 1.174 94 1,905 1,392 Mar 4 787 55 3 601 110 1,186 70 1,927 1,507 Apr 5,190 50 3,936 112 1,254 67 2,284 1,508 May 5,386 40 4 060 108 1,326 58 2,529 1,453 June 5,367 51 4,024 104 1,343 67 2,748 1,280 JU]y 5 5, , 3 3 4 5 9 5 4 5 9 0 3 3 ,9 9 7 9 2 1 1 1 0 0 6 2 1 1, , 3 3 7 6 7 4 6 5 9 6 2 2 , , 7 6 2 7 8 9 1 1 , , 2 2 0 0 8 7 Sept.. 45,311 46 3,991 109 4 1,320 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 ,319 51 2,752 1,213 Dec 5,602 35 4,259 125 1.343 48 2,954 1,219 1962—Jan r5,464 34 r4,lll 111 1,353 51 2,860 'I,225 Feb 5,426 34 4,066 133 1,360 71 2,811 1,190 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 from 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

326 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by- Based on— E o n r d m o o f n y t e h ar Placed P di l r a e c c e t d - Total Accepting banks B F. a n R k . s p I o m rt - s p E o x rt - s Dollar G sh o i o p p d o p s i e n d s t t s o b r i e n e t — w d e in e n or 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 Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 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 1960 4,483 1,358 3,125 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961—Feb. 5,030 ,479 3,551 2,049 730 554 176 46 179 1,093 388 702 104 291 563 Mar. 5,059 ,525 3 534 2,231 842 641 202 46 173 1,169 408 821 110 269 623 Apr. 5,071 ,532 3,539 2,254 858 661 197 45 151 1,200 397 863 93 268 633 May 4,918 ,478 3,440 2,203 808 645 163 37 166 1,192 379 864 74 235 651 June 4,918 ,460 3,458 2,271 913 697 216 36 156 1,166 395 896 70 207 703 July. 4,976 ,534 3,442 2,301 915 727 188 32 144 210 415 926 45 186 729 Aug. 4,928 ,617 3,311 2,400 970 753 217 34 137 ,259 429 964 49 192 765 Sept. 4,860 ,730 3,130 2,422 946 740 207 35 123 ,318 452 964 59 191 757 Oct.. 5,104 ,818 3,286 2,491 1,035 829 206 38 117 ,301 457 949 91 225 769 Nov. 5,331 ,868 3,463 2,555 1,122 871 251 43 110 ,280 461 939 98 287 770 Dec. 4,674 ,711 2,963 2,683 1,272 896 376 51 126 ,234 485 969 117 293 819 1962—Jan.. 5,544 1,762 3,782 2,621 1,163 804 359 45 120 1,294 477 946 74 271 853 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series includes all paper with maturity other commercial paper sold in the open market. of 270 days and over. Figures on old basis for December were (in 2 As reported by finance companies that place their paper directly with millions of dollars): Total 2,731; placed directly, 1891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted; amounts in millions of dollars] Loans Securities Total assets— Mortgage loan E o n r d m o o f n y t e h ar M ga o g r e t- Other G U o .S v . t. S g l a o o t n c a v d a t t e l . C o r t o a h a n r e t p d e r o i - a C s a se s t h s Other s l a T u ia a t c r o i b n p c e t i t d l 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 - lu ts s N c u o m m b m er it m A e m nt o s u ^ nt 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 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 3^27 89,912 ,664 19593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 170 1960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 ,200 1961 28,899 476 6,161 678 5,033 939 637 42,823 38,280 773 3,770 61,855 ,654 1960—Dec. 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 ,200 1961—Jan.. 26,863 412 6,349 667 5,079 825 610 40,804 36,513 728 3,563 63,470 ,241 Feb.. 27,003 427 6,449 667 5,064 846 621 41,076 36,649 821 3,606 65,254 ,334 Mar. 27,207 453 6,566 666 5,110 855 624 41,480 37,000 850 3,630 68,646 428 Apr. 27,383 401 6,350 664 5,099 804 625 41,326 36,946 781 3,599 66,582 ,488 May 27,570 449 6,337 665 5,126 834 607 41,588 37,060 883 3,645 67,236 ,556 June 27,771 417 6,296 687 5,158 861 616 41,806 37,427 720 3,659 66,467 674 July. 27,972 385 6,314 685 5,160 835 620 41,970 37,450 852 3,668 66,544 ,792 Aug. 28,179 431 6,320 686 5,137 821 629 42,202 37,549 935 3,718 64,910 536 Sept. 28,335 455 6,305 687 5,118 867 654 42,422 37,859 823 3,739 65,662 ,526 Oct.. 28,513 420 6,185 682 5,062 840 645 42,348 37,844 788 3,716 62,918 ,546 Nov. 28,680 469 6,172 677 5,042 847 642 42,529 37,892 857 3,779 59,882 ,533 Dec. 28,899 476 6,161 678 5,033 939 637 42,823 38,280 773 3,770 61,855 1,654 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. < See note 4, p. 314. 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 ar© 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 327 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data; in millions of dollars] Government securities Business securities Date T as o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign2 Total Bonds Stocks Mort- e R st e a a t l e P lo oH an c s y O as t s h e e ts r (U.S.) End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 , 101,309 10,690 7,029 2,376 1285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 ,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 End of month:4 1958—Dec... 107,580 11,242 7,182 2,691 ,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Dec... 113,650 11,599 6,858 3,221 ,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 1960—Dec... 119,717 11,729 6,444 3,622 ,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—Jan.... 120,467 11,881 6,545 3,671 ,665 51,306 47,211 4,095 42,008 3,813 5,303 6,156 Feb..., 120,951 11,944 6,542 3,702 ,700 51,446 47,296 4,150 42,143 3,822 5,345 6,251 Mar..., 121,469 11,987 6,535 3,735 ,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 Apr..., 121,921 11,982 6,488 3,769 ,725 51,812 47,563 4,249 42,553 3,827 5,461 6,286 May.., 122,462 12,063 6,551 3,774 ,738 52,008 47,672 4,336 42,723 3,837 5,508 6,323 June.., 122,751 11,881 6,369 3,761 ,751 52,308 47,966 4,342 42,945 3,851 5,509 6,257 July... 123,381 11,972 6,440 3,786 ,745 52,623 48,245 4,378 43,052 3,870 5,541 6,324 Aug..., 123,902 12,021 6,440 3,822 ,759 52,839 48,424 4,415 43,216 3,901 5,580 6,345 Sept..., 124,411 12,057 6,390 3,851 ,816 53,003 48,533 4,470 43,381 3,917 5,618 6,435 Oct..., 125,064 12,093 6,403 3,868 ,822 53,292 48,767 4,525 43,580 3,936 5,652 6,511 Nov..., 125,706 12,333 6,360 3,904 2,069 53,273 48,691 4,582 43,815 3,952 5,683 6,650 Dec... 126,589 11,893 6,104 3,922 1,867 53,938 49,158 4,780 44,241 3,966 5,720 6,831 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 assets 3—• loan or month U.S. Total Reserves commit- Mort- Govt. Cash Other* 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 3£ n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 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 I 1 9 95 6 9 0 ' r 6 5 0 3 , ,1 0 4 7 1 0 4 4 S ,5 4 9 7 5 7 2 2 ,1 6 8 8 3 0 4 3 , , 1 7 3 2 1 9 7 6 1 3 ,5 4 3 7 0 6 6 5 2 4 , , 1 5 4 8 2 3 4 4 ,3 9 9 8 3 3 2 2 ,3 1 8 9 7 7 1 1 , 2 1 9 8 3 6 9 8 6 7 8 4 1 1 , 2 3 8 5 5 9 1961 68 850 5 181 3 214 4 816 82 061 70 862 5 643 2 854 1 543 1 159 1 922 1960—Dec.' 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961—Jan.'.. 60,439 4,688 2,585 4,025 71,737 - 62,733 4,981 1,732 1,117 1,174 1,425 Feb.'-.. 60,867 4,879 2,644 4,096 72,486 63,286 4,987 1,652 1,131 1,430 1,556 Mar.'. 61,557 4,986 2,647 4,218 73,408 63,991 4,994 1,626 1,229 1,568 1,787 Apr.''. 62,252 4,968 2,670 4,331 74,221 64,408 5,006 1,714 1,325 1,768 1,951 Mayr. 63,061 4,965 2,820 4,555 75,401 65,208 5,008 1,755 1,416 2,014 2,115 June*". 64,058 4,997 2,951 4,491 76,497 66,570 5,288 2,029 1,538 1,072 2,120 July'.. 64,795 4,989 2,724 4,341 76,849 66,681 5,282 2,028 1,554 1,304 2,144 Aug.'. 65,705 5,055 2,638 4,417 77,815 67,177 5,286 2,160 1,596 1,596 2,186 Sept.'. 66,507 5,050 2,685 4,500 78,742 67,839 5,290 2,290 1,589 1,734 2,110 Oct.'.. 67,317 5,095 2,766 4,603 79,781 68,565 5,289 2,364 1,579 1,984 2,128 Nov.'. 68,069 5,177 2,850 4,801 80,897 69,340 5,293 2,445 1,558 2,261 2,028 Dec... 68,850 5,181 3,214 4,816 82,061 70,862 5,643 2,854 1,543 1,159 1,922 n.a. Not available. r Revised. 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 1954 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 1954 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 1961 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin; in millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B e u c N e d e i g p t e t t s re T P f c u r e lu n u ip s d s : t t s ]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 f u q e r t o u b o h c a t l m e t a i s l c l s . 3 : B p t u e 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 - d s 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 o u b y t t a h l t a l i s e l s c . : t p p f o r u a t o o h ( y b m r e - t li s ) , c . , ( c ( o c - d r d r r I e ) e i e n r a a , d b e - s i s e c t n e e - t , a i G g n N e v o n . e v . t b t L & . y ess— O d n c e a t o h b s n e h t - s r E b r i o q e n c N u r p g a r a a e s o l o h y t w s r t — . - & agen.) tr. funds 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: I960—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 10,754 1,863 44,680 43,165 12,091 1,357 53,898 -9,217 8,095 -1,486 402 9,180 Monthly: 1961—Jan 4,846 858 116 5,586 6,470 1,938 1,133 7,275 -1,689 -323 -483 42 119 Feb 6,537 2,684 303 8,916 6,236 2,046 415 7,867 1,049 381 -65 34 412 Mar 8,524 1,939 203 10,256 7,012 2,059 810 8,260 1,996 -3,231 403 -24 -3,609 Apr.. 5,125 1,539 364 6,295 6,450 2,225 383 8,292 -1,997 513 -916 16 1,412 May 6,467 3,577 305 9,731 7,169 2,033 -260 9,462 269 2,280 1,559 -4 725 June 10,831 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 4481 -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 1,934 518 8,576 292 -716J -860 114 30 1962—Jan....... 5,357 866 250 5,968 7,395 2,322 991 8,726 -2,758 608 -737 102 1,243 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 ( e N u r o f p d i e r l c g 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 o a s ( t G s i g b + N o a u e o l r ) a n i n e v g k o n s t c a t e c ' f y . ' t - e i i n a & s f n G u e g v N n c e . o F t d . n e r v e u ( c s t b t d - s y . 7 y ) . t I d n ( p e d g - c d u c i r ) r o e r r b o e , e e b r l a s i c a i t n s s c s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance B ( f F u a D a a v n . b n e a d R l k p i e s l . s ) o - sits t T a a i l x n u r c o e — c r a a a y t n s n s . - d O as n t s h e e t e ts r 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: 1961—Jan -1,624 -1,080 423 27 868 -181 15 -1,582 4,829 588 3,215 1,026 Feb 301 638 -57 8 65 508 1 1,463 6,292 467 4,881 944 Mar.. 1,512 -119 580 -87 -423 -3,072 -112 -1,498 4,794 443 3,533 818 -1,325 -686 205 -132 842 516 181 -761 4,034 633 2,315 1,086 M*ay.'.'.'."."\ -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 1962—Jan 2,038 1,455 337 165 1,137 345 -1,513 4,981 362 3,552 1,067 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 329 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 f t O u a r n u g ld T d s e - t s rans H f t f w r u e i u r g n a s s h d y t - to— R m ti r . r e e R e n - - . t c fu R e r o n i e e p f d - - t s s B c T u e r o i d e p t - g a t e s l t W he I i n l t d h d - ivid O ua th l er C ra o t r i p o o n - ta c E i x x s e e - s t p m a E l x o m e e y n 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 r s s e . * - ' acct. 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 18,09210,760 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: 1960—Jan.-June 44,188 6,396 1,361 300 4,327 56,927 16,023 10,230 13,856 5,917 7,032 3,869 1,491 948 2,706 July-Dec 35,329 4,762 1,576 297 793 43,070 16,616 3,185 8,838 6,238 5,063 3,130 1,685 1,008 2,724 1961—Jan.-June 42,330 6,824 1,347 274 4,932 56,421 16,362 9,990 12,927 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 1,754 1,035 2,656 Monthly: 1961—Jan... 4,846 304 223 13 64 5,537 1,049 2,149 534 918 348 539 204 128 Feb.. 6,537 1,448 235 77 530 9,153 4,781 786 444 861 1,814 467 169 116 1,403 Mar.. 8,524 1,285 213 48 1,792 11,878 2,413 759 5,799 1,082 1,348 477 313 213 Apr.. 5,125 720 201 14 1,296 7,359 916 3,403 493 831 736 980 231 160 May. 6,467 1,941 237 77 1,036 9,767 4,743 956 411 1,072 2,020 565 285 176 1,167 June. 10,831 1,127 238 45 239 12,728 2,459 1,938 5,246 1,062 1,173 850 327 190 July.. 2,982 291 253 14 178 3,779 1,235 245 520 975 306 498 238 137 Aug.. 6,367 1,736 273 84 203 8,713 4,654 161 382 1,197 1,821 498 292 196 1,379 Sept.. 8,945 829 267 55 185 10,285 2,662 2,017 3,251 983 884 488 284 169 Oct... 3,141 239 258 1 162 3,811 1,399 215 408 1,102 241 446 344 184 Nov.. 6,424 1,189 306 76 10 8,007 4,767 123 377 1,123 1,266 351 343 184 1,277 Dec. 7,967 458 255 47 67 8,980 2,935 428 3,322 1,013 505 777 254 165 1962—Jan 5,357 152 233 73 5,959 1,245 2,325 466 1,009 353 561 n.a. n.a. Budget expenditures io Major national security Agri- Vet- culture Period Total 3 Total ii M de i f l e it n a s r e y M a a s i n l s i i c t s a e t r - y A en t e o r m gy ic f a in I f a f n a n a t n i d l r c . s e In e t s e t r- ic e b s e r e e f s a i r n t n v a s e s n - - ' d w L a a e n b lf d o ar r e t a c a u r g u n e r r l a d - i - - l so N u r u r e a a r - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r t - nsources Fiscal year—1958. 71,369 44,142 39,062 2,187 2,268 2,231 7,689 5,026 3,447 4,389 1,544 2,109 1,359 1959. 80,342 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 1960. 76,539 45,627 41,215 1,609 2,623 1,833 9,266 5,060 4,419 4,838 1,713 2,782 1,695 1961. 81,515 47,413 43,228 1,449 2,713 2,501 9,050 5,262 4,950 5,172 2,007 3,883 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 41,298 24,227 22,058 805 1,371 1,433 4,463 2,685 2,725 2,174 951 2,013 980 July-Dec. 43,165 23,929 22,182 397 1,329 1,634 4,502 2,657 2,766 3,566 1,178 2,174 1,042 Monthly: 1961—Jan 6,470 3,693 3,398 91 201 221 780 444 431 446 142 215 163 Feb 6,236 3,778 3,468 217 202 727 431 406 130 129 334 134 Mar 7,012 4,279 3,935 236 199 738 480 399 223 134 359 194 Apr 6,450 3,754 3,392 135 230 217 730 443 224 332 206 399 144 May 7,169 4,144 3,804 88 246 182 723 441 486 587 146 312 156 June*... 7,948 4,568 4,051 301 244 213 770 446 692 757 195 392 189 July 6,322 3,453 3,179 27 232 223 773 422 398 486 153 318 157 Aug 7,631 4,046 3,763 51 227 255 739 471 535 711 236 440 252 Sept 6,771 3,852 3,582 62 204 293 740 418 402 419 218 313 119 Oct 7,796 4,067 3,777 62 226 361 718 438 468 915 218 420 200 Nov 7,485 4,253 3,923 108 224 327 744 437 499 485 186 395 154 Dec 7,160 4,258 3,958 87 216 175 788 471 464 550 167 288 160 1962—Jan.p.... 7,395 4,288 3,882 162 245 246 809 471 564 386 153 358 206 4 Consists primarily of (1) intra-Governmental transactions as de- 8 Includes transfers to Federal disability insurance trust fund. scribed in note 1, (2) net accruals over payments of interest on savings 9 Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary 10 For more details see the Treasury Bulletin, Budget Receipts and Fund and the Treasury, (5) reconciliation items to Treasury cash, and Expenditures, Table 13, and the 1963 Budget Document. Fiscal and semi- (6) net operating transactions of Govt. sponsored enterprises. annual totals adjusted; monthly totals are not. Jan.-June totals derived 5 Primarily adjustments 2, 3, and 4, described in note 3. by subtracting July-Dec, totals from fiscal year totals. 6 Adjusted for reclassification of certain repayment of advances from 11 Includes stockpiling and defense production expansion not shown the general fund. separately. 7 Excludes net transactions of Govt. sponsored enterprises, which are For other notes, see opposite page. included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of U. S. Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable Total End of Total gross Con- Special month gross direct Bonds vert- issues debti debt 2 Tota Certifi- ible Sav- Tax Total Bills cates of Notes bonds Totals ings and indebt- Bank Bank bonds savedness eligi- re- ings ble* stricted notes 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280 8 233 9 163 3 22 3 15 7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274 9 227 1 164 2 26 9 34 6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960—Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Feb 290.7 290.5 243.5 189.9 39.9 11.5 58.7 79.8 5.6 47.9 47.3 43.7 Mar 287 7 287 5 240 1 186 5 36 5 11 5 57 8 80 7 5 5 48 0 47.4 44.0 Apr. 288 2 288 0 241 6 188 1 38 2 11 5 57 5 80 9 5.4 48.0 47.4 43.0 May. 290.4 290.1 242 3 188 9 38 4 13.3 56.2 80.9 5.4 48.1 47.5 44.5 June 289 2 289 0 240 6 187 1 36 7 13 3 56 3 80 8 5.4 48.1 47.5 45.0 July 292.6 292.4 244.8 191.3 40.8 13.3 56.3 80.8 5.3 48.2 47.6 44.2 294.0 293.7 245.1 191.1 40.9 5.5 65.0 79.7 5.2 48.7 47.6 45.6 Sent 294.0 293.7 245.8 191.9 41.9 5.5 65.2 79.3 ........ 5.1 48.8 47.7 45.0 O N c o t v 2 2 9 9 6 7 .3 0 2 2 9 9 5 7 .0 7 2 2 4 4 8 9 .4 8 1 1 9 9 5 5 .6 2 4 4 2 3 .4 6 5 5 .5 5 7 67 1 .5 8 7 7 9 5 .2 3 4 4 .7 7 4 48 9 .1 9 4 47 7 .8 7 4 4 3 4 . . 9 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 Feb 297.4 297.0 250.8 197.6 44.2 12.4 64.4 76.6 4.5 48.7 47.5 42.8 1 Includes some debt not subject to statutory debt limitation (amounting • Includes Treasury bonds and minor amounts of Panama Canal and to $437 million on Feb. 28, 1962), and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, certificate of indebtedness—Foreign 3 Includes amounts held by Govt. agencies and trust funds, which series, and REA bonds, not shown separately. aggregated $11,454 million on Jan. 31, 1962. « 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 funds1 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 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec. 278.7 20.0 7.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1952—Dec 267.4 39.2 6.7 24.7 196.9 63.4 9.5 16.0 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 25.9 201.0 63.7 9.2 15.9 21.5 12.7 49.4 15.4 13.2 1954—Dec 278.8 42.6 7.0 24.9 204.2 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955—Dec 280.8 43.9 7.8 24.8 204.3 62.0 8.5 14.6 23.5 15.4 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 16.6 195&—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 1960—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 Apr 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 June 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 '18.2 46.5 19.0 24.1 Dec 296.5 43.5 11.0 28.9 213.1 67.2 6.1 11.4 19.7 18.2 46.4 19.3 24.8 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign »Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $100 million on Dec. 31,1960. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 331 OWNERSHIP OF U. S. GOVERNMENT MARKETABLE SECURITIES BY MATURITY* [On basis of Treasury Survey data. Par value in millions of dollars] Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r rs Bills Other AUTiolders: " 1959—Dec. 31 188,269 39,643 38,813 61,609 23,625 16,494 8,085 I960—Dec. 31 189,015 39,446 34,384 72,298 18,684 13,224 10,979 1961—Oct. 31 195,234 42,641 38,452 67,313 21,930 11,469 13,428 Nov. 30 195,643 43,442 38,713 68,591 19,487 11,982 13,428 Dec. 31 195,965 43,444 40,984 66,360 19,782 11,976 13,419 U. S. Govt. agencies and trust funds: 1959—Dec. 31 7,394 260 777 1,909 1,882 1,917 650 I960—Dec. 31 8,116 591 891 2,431 1,602 1,461 1,140 1961—Oct. 31 8,588 754 652 2,021 1,604 1,545 2,013 Nov. 30 8,669 765 648 1,956 1,572 1,716 2,013 Dec. 31 8,484 583 669 1,860 1,594 1,756 2,022 Federal Reserve banks: 1959—Dec. 31 26,648 2,626 16,028 6,524 677 765 28 I960—Dec. 31 27,384 3,217 12,006 10,711 1,179 243 28 1961—Oct. 31 28,268 3,242 10,485 12,016 2,286 176 62 Nov. 30 29,210 3,742 13,887 9,091 2,223 204 63 Dec. 31 28,881 3,349 14,301 8,737 2,227 204 63 Held by public: 1959—Dec. 31 154,227 36,757 22,008 53,176 21,066 13,812 7,407 I960—Dec. 31 153,515 35,638 21,487 59,156 15,903 11,520 9,811 1961—Oct. 31 158,378 38,645 27,315 53,276 18,040 9,748 11,353 Nov. 30 157,764 38,935 24,178 57,544 15,692 10,062 11,352 Dec. 31 158,600 39,512 26,014 55,763 15,961 10,016 11,334 Commercial banks: 1959 Dec. 31 51,841 5,011 6,187 28,778 9,235 2,173 457 I960—Dec. 31 54,260 6,976 7,721 31,596 5,654 1,775 538 1961 Oct 31 59,025 9,530 12,349 28,704 6,393 1,641 408 Nov. 30 58,651 9,287 10,619 31,617 5,118 1,608 402 Dec. 31 59,073 9,962 11,187 30,751 5,043 1,724 407 Mutual savings banks: 1959—Dec.- 31 6,129 191 295 1,401 2,254 1,427 560 I960—Dec. 31 5 944 144 336 1,544 1,849 897 1,174 1961 Oct 31 . 5,890 180 487 1,470 1,790 652 1,311 Nov. 30 .. 5,868 181 457 1,554 1,706 660 1,309 Dec. 31 5,867 181 505 1,514 1,708 662 1,298 Insurance companies: I959 Dec. 31 9,175 416 608 2,279 2,422 2,396 1,054 1960—Dec. 31 9,001 341 599 2,508 2,076 1,433 2,044 1961—Oct. 31 9,208 466 801 2,256 1,757 1,207 2,721 Nov. 30 9,165 514 676 2,382 1,633 1,234 2,727 Dec. 31 9,020 442 786 2,222 1,625 1,274 2,671 Nonfinancial corporations:2 I959—Dec. 31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. I960 Dec 31 10,741 5,599 2,741 2,269 58 39 / 33 1961—Oct 31 .... 10,161 5,391 3,025 1,628 83 21 13 Nov. 30 10,998 6,165 2,790 1,927 66 35 15 Dec 31 ... 10,547 5,466 3,231 1,747 72 22 8 Savings and loan ass'ns.:2 I959—Dec. 31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1960—Dec. 31 2,454 163 159 858 473 396 406 1961—Oct. 31 2,680 112 284 832 670 350 431 Nov 30 2,724 146 267 910 611 359 431 Dec. 31 2,760 155 291 895 617 371 431 State and local govts.:3 I959—Dec. 31 n.a n a n.a. n.a. n.a. n.a. n.a. I960—Dec. 31 10,957 2,643 1,290 1,785 828 1,382 3,029 1961—Oct. 31 10,994 2,630 1,191 1,586 924 1,240 3,424 Nov. 30 10 786 2 567 1 236 1,406 846 1,285 3,444 Dec. 31 10,893 2,710 1,264 1,320 842 1,250 3,507 All others: I959 Dec 31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. I960—Dec. 31 60 158 19 772 8 641 18,596 4,965 5,598 2,587 1961—Oct. 31 60,420 20,336 9,178 16,800 6,423 4,637 3,045 Nov 30 59,572 20,075 8,133 17,748 5,712 4,881 3,024 Dec. 31 60,440 20,596 8,750 17,314 6,054 4,713 3,012 n.a. Not available. Holdings of "all others," a residual throughout, include holdings of 1 Direct public issues. all those not reporting in the Treasury Survey, including investor groups Data complete for U. S. Government agencies and trust funds and not listed separately. Federal Reserve banks, but for other groups are based on Treasury 2 Holdings first reported separately in the Treasury Survey for February Survey data. Of total marketable issues held by groups, the proportion 1960. Monthly figures for February-May 1960 shown in" the Treasury held on latest date and the number of reporting owners surveyed were: Bulletin for September 1960, pp. 55-56. (1) about 90 per cent by the 6,237 commercial banks, 512 mutual savings 3 Holdings first reported separately in the Treasury Survey for December banks, and 822 insurance companies combined; (2) about 50 per cent 1961. Monthly figures for December 1960-September 1961 shown in the by the 488 nonfinancial corporations and 489 savings and loan associa- Treasury Bulletin for February 1962, pp. 59-60. tions; and (3) about 60 per cent by 486 State and local governments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 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 U.S. se a c g u e r n i c ti y es Total W 1 i y th e i a n r j' 1 e - a 5 rs y 5 e - a 1 r 0 s 1 A 0 f y t e e a r rs se d G c e a u a o n r l v d i e t t r i . e s s b d O r e a o a t n k h l d e e e r r r s s m b C e a o r n c m k i s a - l o A th l e l r brokers 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 1,144 320 70 33 520 27 639 382 81 Apr 523 1 200 206 82 35 468 20 625 410 74 May 1,519 1,092 299 92 36 481 23 626 389 79 June I 383 1 143 175 42 23 411 19 579 374 81 July 1,783 1,441 281 49 13 555 33 708 487 69 AUK . . .. 1,395 1,173 162 41 19 423 32 519 421 56 Sept 442 1 185 111 47 34 406 25 608 403 99 Oct 1,690 1,389 254 27 20 547 38 695 410 61 Nov t 686 1 295 309 41 43 514 33 691 448 90 Dec ,653 1,328 228 45 52 540 29 698 386 69 1962—Jan 1,717 1,478 149 64 26 538 25 716 438 98 Week ending— 1962—Jan. 3 I 768 rl,548 139 51 30 '529 27 r778 '435 58 10 . 1,723 '1,471 168 53 31 '552 33 674 465 103 17 r1,753 '•1,495 155 83 21 580 25 '724 '425 82 24 1,701 '"1,434 152 85 30 555 22 759 '366 153 31 1 687 1,495 128 42 21 468 23 698 499 75 Feb 7 2,007 1,644 265 81 17 550 31 931 495 67 14 1,902 1,529 281 65 27 440 28 824 611 109 21 1,998 1,382 373 123 121 628 35 814 522 89 28 * 1,943 1,521 247 104 70 629 52 740 535 71 9 Preliminary. r Revised. or purchases or sales of securities under repurchase agreements, reverse 1 The transactions data combine market purchases and sales of U. S. repurchase (resale), or similar contracts. The averages are based on the Government securities dealers reporting to the Federal Reserve Bank of number of trading days in the 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 sou A r 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 York where City 1961—Jan 2,970 2,338 519 113 71 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 1,309 184 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 '86 Nov 3,915 1,173 870 1,477 393 Dec 3,088 725 744 1,345 275 1962—Jan 2,778 2,589 184 5 93 1962—Jan 2,740 482 595 1,341 320 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 '275 1962—Jan. 3.. 3,344 3,064 278 3 97 10.. 2,973 2,772 201 71 1962—Jan. 3... 3,514 823 902 1,351 438 17.. 2,943 2,807 160 -26 56 10. .. 3,017 568 767 1,336 347 24.. 2,588 2,396 157 35 97 17. .. 2,819 490 640 1,316 373 31. . 2,389 2,199 178 12 151 24... 2,570 410 473 1,382 304 31. .. 2,301 361 391 1,341 207 r Revised. 1 The figures include all securities sold by dealers under repurchase ' Revised. 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 333 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, FEBRUARY 28, 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. Mar. 1,1962.. 1,700 Aug. 2, 1962 600 Oct. 1,1963 V/i 506 Dec. 15, 1964-69.. .21/2 2,553 Mar. 8, 1962.. 1,698 Aug. 9, 1962 600 Nov. 15, 1963 4% 3,011 Feb. 15, 1965 2% 6,896 Mar. 15,1962., 1,702 Aug. 16, 1962 600 Apr. 1,1964 1*6 457 Mar. 15, 1965-70.. .2% 2,428 Mar. 22, 1962.. 1,705 Aug. 23, 1962 601 May 15, 1964 4% 4,933 May 15, 1966 3% 3,597 M M a a r r . . 2 29 3 , , 1 1 9 9 6 6 2 2 * .. 3 1 , ,7 5 0 0 2 3 J O a c n t . . 1 15 5 , , 1 1 9 9 6 6 3 2 2 2, , 0 0 0 0 1 3 A M u a g y . 1 15 5 , , 1 1 9 9 6 6 4 4 iy4 5 2 3, , 8 3 9 1 3 6 A N u o g v . . 1 1 5 5 , , 1 1 9 9 6 6 6 6 3% 3 2 1 , ,4 4 8 3 4 8 A A p p r r . . 12 5 , , 1 1 9 9 6 6 2 2 . . . . 1 1, 7 70 0 1 1 A O u ct g . . 1 1 5, , 1 1 9 9 6 6 4 4 3 1 V % 4 5,0 4 1 90 9 J M un a e r. 1 1 5 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 . . . . . . 2 2 i \' 1 1 , , 4 7 1 5 7 6 Apr. 15, 1962.. 2,000 Certificates Nov. 15, 1964 4% 4,195 Sept. 15, 1967-72... 2' 2,716 Apr. 19,1962., 1,702 May 15, 1962 3 5,509 Apr. 1, 1965...... V/i 466 Nov. 15, 1967...... 3= 3,604 A M M p a a r y y . 2 1 6 3 0 , , , 1 1 1 9 9 9 6 6 6 2 2 2 . . . . , . 1 1 1 , , , 7 8 7 0 0 0 1 2 0 Feb. 15, 1963 3*/2 6,866 A O M c p a t r y . . 1 1 1 5, , , 1 1 1 9 9 9 6 6 6 6 5 5 4 1 1 % % % 2,1 6 3 1 7 1 5 3 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... V 3, 4 o 2 2 3 , , , 4 5 51 6 3 2 0 8 May 17, 1962., 1,800 Treasury notes Aug. 15, 1966 4 4,449 Nov. 15, 1974 3% 1,171 J M M u a a n y y e 2 3 7 4 1 , , , 1 1 1 9 9 9 6 6 6 2 2 2 . . . , , , 1, 6 6 8 0 0 0 1 0 2 A A M u p a g r y . . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 2 2 2 1% 4 4 2,2 1 1 8 5 1 6 8 Oct. 1, 1966 1% 163 J M F u e a n b y e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 7 7 0 5 8 - - 8 8 5 3 . . . . . . 4 3 V V 4 4 4 1,5 4 8 9 7 8 5 0 4 June 14, 1962., 601 Aug. 15,1962 314 7,325 Treasury bonds Nov. 15, 1980 3Vi 1,916 J J J J u u u u n n n ly e e e 2 2 2 8 1 2 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 2 2 2 * . . . 2, 6 6 5 6 0 0 1 0 1 2 1 0 N N O Fe o c o b t v v . . . . 1 1 1 1 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 2 3 2 ...... 3 3 I 2 V % V % i 4 6 2 1 , , ,1 5 8 0 4 9 3 8 3 0 9 2 J J D D u u e e n n c c e e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 5 6 5 0 2 9 9 - - - - 6 6 6 6 5 7 2 2 2 . . . . . . . . . . . 2 2 2 2 1 1 V % / 4 2 4 2 3 1 1 , , , , 2 9 4 4 7 6 8 6 1 4 5 3 N F M F e e o a b b v y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 9 9 9 8 0 5 8 5 3 3 3 i V V /2 3 4 i 4 2 3 1 , , , , 0 1 5 6 1 3 2 7 6 2 9 0 J J u u l l y y 1 1 5 2 , , 1 1 9 9 6 6 2 2 . . 2 6 00 0 4 0 A Fe p b r . . 1 1 5, , 1 1 9 9 6 6 3 3 3 1 V % 4 3, 5 6 3 4 3 2 D A e u c g . . 1 1 5 5 , , 1 1 9 9 6 6 3 3 -68...2 2 1 1 / / 2 2 4 1 , , 3 8 1 1 7 8 Convertible bonds July 19,1962. 600 May 15,1963 4 1,743 Feb. 15, 1964. 3 3,854 Investment Series B July 26, 1962. 600 May 15, 1963 3V4 5,047 June 15, 1964-69... 21/2 2,636 Apr. 1, 1975-80... 2% 4,512 * 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 newcapital 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- r n - R n e u v e e- A H P 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 l v e s t r . 3 - State d a s i u t a t s o a t n t h r t r d y u i o c - r t - Others ered6 Total c E a d ti u o - n R br a o i n d a d g d e s s s o u e a t t t i w n h i e l d e s e i- r r h R d i t o n e e i u 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 1.119 1954 6,969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 ,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 ,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 .15? 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 ,657 1959 7,695 4,778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 1,989 402 355 I960 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 1*894 i960 Nov 506 351 144 11 102 70 334 432 501 181 81 101 8 138 Dec 496 270 108 98 21 49 99 348 448 491 162 44 119 68 1961—Jan 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 J A u u ly g . r.r. . . . . 4 6 8 0 8 5 4 3 2 1 3 8 1 11 0 2 3 5 6 2 0 1 1 6 0 1 1 1 3 5 4 1 16 1 3 1 2 3 6 0 2 9 1,0 5 1 1 5 7 4 6 8 0 5 4 2 1 8 6 1 0 6 5 9 5 9 8 3 6 5 6 2 1 1 12 1 1 0 Sept.r. . 736 564 167 4 289 122 324 582 728 279 48 145 3 100 151 Oct 649 510 124 15 223 54 371 708 648 182 58 106 30 65 207 Nov.. . . 728 319 317 79 12 66 397 265 582 726 137 247 93 80 169 n.a. Not available. r Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data before 1957 are from the Bond Buyer as classified by Federal before 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Includes only bonds sold pursuant to the Housing Act of 1949. of delivery of bonds to purchaser (and of payment to issuer), which occurs These are secured by contract requiring the Public Housing Administra- after date of sale. Other data in table are based on date of sale. tion to make annual contributions to the local authority. 7 Includes urban redevelopment loans. 3 Beginning with 1957, coverage is considerably broader than earlier. 8 Beginning with 1957 this figure differs from that shown on the following 4 Classifications before 1957 as to use of proceeds and type of issuer page, which is based on Bond Buyer data. The principal difference is in are based principally on issues of $500,000 or more; smaller issues not the treatment of Federal Government loans. classified. As a result some categories, particularly education, are under- 9 Less than $500,000. stated relative to later data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates; in millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o e r o a f t e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . .3 a F e c g e r y e a d * n l - - S n m a t i n a c u d t i - e - Others Total Total B P l o i u c n l b d y - s v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N o e n w ey7 O p p o t u h s r e e - s r m s r t i e i o t e r c i f e e n u - s t pal offered placed 1954 29,765 12,53:> 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 9,62£ 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 7,957 864 1,227 1956 22,405 169 5,446 334 10,939 }? 007 4,225 3,777 636 2,301 10,749 10*384 Q,663 364 1957 30,571 9,601 572 6,958 557 12,884 < 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 c),653 6,332 3,320 571 1,334 11,372 10,823 P,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 5,081 4,806 3,275 409 1,664 9 924 9,653 8,758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 c) 475 4,706 4,720 449 3,273 12,874 11,979 10,879 1,150 895 I960—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 30 99 590 580 55^ 10 Feb... 5>55 4,069 660 31 695 529 273 255 37 130 682 667 612 56 14 Mar.. 2,161 434 ""252 756 23 696 542 211 331 29 125 679 562 484 77 118 Apr... 3,393 348 100 710 4 2,231 ,061 713 348 60 1,111 2,203 2,118 2,055 63 85 May.. 4,432 2,244 149 625 72 1,342 •,021 666 355 92 228 1,314 1,259 1,090 169 55 June.. 3,494 369 278 1,035 33 1,779 ],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... '4,410 2,564 643 '48 1,155 '845 336 '509 12 '298 1,129 1,090 '952 138 '40 Nov.. '2,404 357""225 789 '46 '987 '762 '414 '348 '41 184 '961 '948 '908 '40 13 Dec... 2,094 341 654 4 1,094 784 217 567 26 284 1,071 1,000 930 70 71 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n 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 Fear or month Retire- Retire- Retire- Retire- Retire- Retire- New . ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1954 2,044 190 831 93 501 >70 7 675 990 651 60 788 273 1955 2,397 533 769 51 544 S38 7 254 174 1,045 77 1 812 56 1956 . . 3,336 243 682 51 694 70 474 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 3 605 138 118 1,014 47 1959 1,941 70 812 28 942 15 3 189 15 707 (9) 1 801 6 I960 1,997 79 794 30 672 39 754 51 1,036 1 2,401 71 1961 3,708 306 1,095 46 680 7 892 104 378 2 176 36 I960 Dec 191 22 61 1 78 1 180 1 100 242 3 1961 Jan 169 1 33 1 81 (9) 137 138 8 Feb 99 5 91 2 55 160 41 223 248 32 47 5 72 10 84 19 70 92 1 Apr 574 16 78 1 33 1 254 21 994 45 186 o? May.. 447 22 110 2 67 439 17 85 12 111 446 128 120 23 115 7 389 13 16 251 231 5 July.. 428 12 98 2 11 269 3 16 (9) 206 4 255 25 83 1 69 1 215 2 13 127 2 Sept.. 252 8 76 1 28 111 (9) 75 105 1 Oct '271 '28 '146 1 '60 '306 8 '281 '2 Nov '215 10 '61 r(9) '56 r r362 '80 '174 '2 Dec. 306 18 151 32 1 168 40 42 302 6 ' Revised. tion and Development, and domestic eleemosynary and other nonprofit 1 Estimates of new issues maturing in more than 1 year sold for cash organizations. in the United States. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 2 Gross proceeds are derived by multiplying principal amounts or num- of notation, i.e., compensation to underwriters, agents, etc., and expenses. ber of units by offering price. 7 Represents proceeds for plant and equipment and working capital. 3 Includes guaranteed issues. 8 Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. 5 Represents foreign governments, International Bank for Reconstruc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 335 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 107,717114,229105,134118,273120,742 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 Profits before taxes o«„ 5 2 , , 1 9 4 4 6 3 5 2 , , 0 9 1 4 0 4 4 2, , 5 4 7 0 4 2 5 3, , 2 6 1 5 2 2 5 3, , 1 5 6 2 1 6 1,4 7 0 8 7 5 1,4 7 2 9 1 7 1,4 8 0 1 4 4 1,2 7 9 6 4 5 1,3 7 2 5 4 7 1,3 7 8 7 5 2 1 4 78 1 7 4 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 o 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 3,915 1,277 1,016 684 938 679 1 066 834 Dividends 2,385 2,416 2,294 2,430 2,515 610 612 619 674 618 625 631 Selected industries: Foods and kindred products (25 corps.): Sales 9,394 9,987 10 707 11,303 11,814 2 821 2,928 2,943 3 122 3 021 3 154 3 226 955 1,024 1,152 1,274 1,323 303 338 345 338 319 360 *359 Profits after taxes 460 497 555 604 629 142 159 162 166 150 170 171 277 289 312 344 376 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 1,804 1,823 1,538 2,187 1,999 537 534 489 440 438 514 *510 D Pr iv of id it e s n a d f s ter taxes 0. o 9 69 4 8 2 7 9 3 4 7 8 7 8 1 2 7 9 1,1 7 3 9 1 9 1,0 7 6 9 2 4 2 1 7 9 6 1 2 1 8 8 1 6 2 1 5 8 6 7 2 2 5 3 0 0 2 1 2 9 9 3 2 1 6 8 7 9 2 1 6 8 9 5 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 3,331 2,977 2,182 2,331 2,263 854 611 411 387 309 560 552 Profits after taxes 1,727 1,540 1,154 1,222 1,178 426 322 224 205 166 295 302 Dividends 880 873 802 831 840 206 208 208 219 207 208 208 Machinery (25 corps.): Sales 13,908 15,115 14,685 16,922 16,503 4,000 4,171 4,015 4,316 4,137 4,367 4,298 1,209 1,457 1,463 1,890 1,482 389 395 366 332 362 398 400 Profits after taxes 607 729 734 934 760 197 202 185 175 178 202 200 Dividends 403 416 422 448 482 121 119 120 123 121 125 124 Automobiles and equipment (14 corps.): Sales 21,217 23,453 18,469 22,731 24,175 7,022 6,516 4,502 6,134 5,293 6,309 4,604 2,473 2,701 1,332 2,985 3,100 1,076 936 273 816 478 840 319 1,186 1,354 706 1,479 1,529 521 457 151 400 223 417 172 Dividends 791 805 758 807 833 199 199 207 228 205 207 207 Public Utility Railroad: 10,551 10,491 9,565 9,825 9,514 2,411 2,477 2,322 2,304 2,129 2,290 2,354 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 1,326 1,413 1,519 1,655 1 795 502 422 418 452 523 447 447 Dividends 1,022 1,069 1,134 1,219 1,302 325 321 322 335 343 344 335 Telephone: 5,966 6,467 6,939 7,572 8,111 1,967 2,025 2,042 2,077 2,090 2,139 2.156 Profits before taxes 1,430 1,562 1,860 2,153 2,326 558 585 589 594 587 614 620 715 788 921 1,073 1,155 277 290 294 294 290 307 310 Dividends 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 2 affiliated telephone companies, which Railroads. Figures are for Class I line-haul railroads (which account together represent about 85 Der 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 2 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

336 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e r 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 f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1954 34.1 17.2 16.8 9.8 7.0 1955 44.9 21.8 23.0 11.2 11.8 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1956 44.7 21.2 23.5 12.1 11.3 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 19^7 43.2 20.9 22.3 12.6 9.7 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1958 37 4 18.6 18.8 12.4 6.4 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1959 46.8 23.1 23.7 13.4 10.3 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 I960 45 0 22.3 22.7 14.1 8.6 1958 . ... 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1961 46 1 22.8 23.3 14.4 8.8 1959 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 1960 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 1959__3 44.8 22.1 22.7 13.7 9.0 4 44.9 22.1 22.7 13.8 8.9 1960—3 3,293 1,215 2,077 2,055 849 1,206 1,238 366 872 4 3,615 1,171 2,445 2,573 715 1,859 1,042 456 586 1960—1 48.1 23.9 24.2 14.0 10.2 2 . 46.3 23.0 23.3 14.0 9.3 1961—1 : 3,247 1,417 1,830 1,488 770 718 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 1 Reflects cash transactions only. As contrasted with data shown on p. 334 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. 334. 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 v s S r t i . . - G N U o o . v t r S e e t s . . c 2 e a i n va d b O l a e t c h c e t r s. I t n o v ri e e n s - Other Total G N U o o . t v e S p t s . . a 2 a y n a d bl O e a t c h c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94 9 194.6 33.4 19.2 2.4 71.2 65 3 3.1 99.7 2.4 59.3 15.5 22 5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 t.7 88.7 12.9 33.3 1959. 127.5 278.7 37.2 22.6 2.9 119.0 oo 2 8.8 151.2 L7 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 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 t.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 l Excludes banks, savings and loan associations, and insurance compa- 2 Receivables from, and payables to, the U. S. Government exclude nies. amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Total factur- (season- Manu- Min- Public Com- ing Trans- Public All ally ad- Year Total factur- ing utili- muni- Other 2 Quarter Total and porta- utili- other 3 justed ing Rail- ties cations min- tion ties annual road Other ing rate) 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6 5 1960—4 9.5 4 3 .7 1.6 3 0 35 5 1955 28.7 11.4 0 .9 1.6 4.3 2.0 7.5 1956 35.1 15.0 ?, 1.2 1.7 4.9 2.7 8.4 1961—1 7.6 3.2 .6 t.l 2.7 33.9 1957 37 0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 2 8.6 3.7 .7 1.4 2.9 33 5 1958 30.5 11.4 9 .8 1.5 6.1 2.6 7.2 3 8.7 3.6 .6 1.5 2.9 34.7 1959 . .. 32 5 12.1 L.O .9 2.0 5.7 2.7 8 2 4 . 9.5 4.1 .7 I 5 3 2 35 4 I960 35.7 14.5 0 t.O 1.9 5.7 3.1 8.4 1961 34.4 13.7 1.0 .7 1.9 5.5 11.7 1962—H r... 8.1 3.4 .6 1.1 3.1 36.1 19624 37.2 14.9 1.0 .8 1.8 5.6 i: .0 44.... 9.4 4.0 .7 1.3 3.4 36.6 r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 337 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multifamily and E o n r d q o u f a r y t e e a r r h A e o r l l s d l - t F u in i c t n i i s o a a ti l n n - s - S F e a e c l g e d i e e c e n h s t r e - o a d l l de v o r I i a t s 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 e o s t r h 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 r e o t t i h r l e s d e s - r 1 h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r s' 1941 37.6 20.7 4.7 12.2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0. 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 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 11.2 37.4 193.1 141.3 117.9 23.4 51.8 35.0 16.8 13.1 4.7 8.4 / 960—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 v 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 holdings 2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4 906 3 292 1,048 566 4,812 3,884 900 28 1945 4 772 3 395 856 521 4 208 3 387 797 24 1954 18,573 14,152 4,106 3,350 6,695 3,263 1.159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 ,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,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 ,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 ,588 24,992 22,486 6,276 8,589 7,622 2,451 55 1960. 28,806 20,362 5,851 2,859 11,652 6,796 ,648 26,935 24,306 7,074 8,986 8,246 2,575 54 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 ,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 ,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 ,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

338 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 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 r6,086 r5,622 1,401 r291 3,930 464 41S771 38,789 9,032 6,901 22,856 2,982 1961P 6,722 6,169 1,377 223 4,569 553 44,241 41,070 9,664 6,552 24,854 3,171 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 9,2K> 6 866 23 076 2 991 Mar 549 490 105 20 365 59 42,351 39,347 9,275 6,839 23,233 3,004 513 463 107 13 343 50 42,553 39,525 9,326 6,810 23,389 3,028 May 511 461 105 12 344 50 42,723 39,670 9,364 6,770 23,536 3,053 June 537 489 99 13 377 48 42,905 39,827 9,403 6,736 23,688 3,078 JUly 465 433 94 16 323 32 43,052 39,959 9,452 6,698 23,809 3,093 557 517 116 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 N O o ct v 5 59 8 0 0 5 5 4 4 3 1 1 11 1 0 2 2 2 6 4 4 40 0 7 5 4 3 7 9 4 43 3 , , 8 5 1 8 5 0 4 4 0 0 , , 4 6 3 5 5 6 9 9S,6 5 2 7 0 4 6 6 ,5 5 9 6 2 6 2 2 4 4 ,2 4 6 7 9 0 3 3 , , 1 1 4 5 5 9 Dec 878 826 134 44 648 52 44,241 41,070 9S664 6,552 24,854 3,171 1962 Jan 560 495 122 34 339 65 44,378 41,209 9S726 6,532 24,951 3,169 2> Preliminary. r Revised. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled SOURCE.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book> and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals Life Insurance Statistics. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in l S o g a a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u 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 1955 11,255 3,984 5,155 31,408 1,404 5,883 24,121 1945. 5,650 2,017 250 1,097 217 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1955. 28,484 10,452 ,932 5,617 1,858 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1956. 27,088 9,532 ,799 5,458 1,824 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1957. 24,244 9,217 ,472 4,264 1,429 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1958. 27,388 10,516 ,460 5,204 1,640 I960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1959. 32,235 13,094 ,523 5,832 1,780 1961 17,364 5,081 7,207 68,833 4,167 7,152 57,514 1960. 29,341 12,158 ,318 4,520 1,557 1961. 31,157 13,662 ,160 4,997 1,741 1961 1960 Jan 969 285 400 60,439 3,561 7,202 49,676 Feb . .. 1,001 288 395 60,867 3,610 7,204 50,053 Dec. 2,407 2,338 961 95 361 132 Mar 1,356 426 515 61,557 3,659 7,193 50,705 Apr 1.309 417 504 62,252 3,702 7,205 51,345 1961 May 1,511 460 603 63,061 3,770 7,213 52,078 June 1,721 532 712 64,058 3,836 7,195 53,027 Jan... 2,373 2,075 830 83 337 110 Julv .... 1,482 422 659 64,795 3,890 7,195 53,710 Feb... 2,387 1,997 838 78 321 95 Aug 763 498 785 65,705 3,955 7,169 54,581 Mar.. 2,398 2,444 ,060 94 394 106 Sept 1,594 436 695 66,507 4,014 7,159 55,334 Apr... 2,476 2,358 ,038 89 386 114 Oct 6?9 464 696 67,317 4,061 7,152 56,104 May.. 2,561 2,700 ,199 100 444 138 Nov 5?9 436 645 68,069 4,125 7,176 56,768 June.. 2,581 2,856 ,292 104 460 153 Dec .500 417 598 68,833 4,167 7,152 57,514 July.. 2,652 2,653 ,166 95 425 168 Aug.. 2,652 3,004 ,346 111 482 179 1962 Sept.. 2,723 2,777 ,248 101 441 174 Oct... 2,775 2,961 ,304 109 468 174 Jan.P 1,345 349 553 69,373 4,201 7,161 58,011 Nov.. 2,779 2,754 ,209 97 440 173 Dec... 2,579 ,132 96 399 156 * Preliminary. * 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 339 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month 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 t a y e r g o c o p e r t j e s t - - i p l P m o r e i r o a m r e o t n v n y p - e s t - 2 - Total 3 p e N r r t m o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - q y E u e n a a d r r t o o er f r Total G un o d v e F e r r H w n A m ri - t e t n en t V - A- t C i v o e o n n n a - - l Total in- guar- 1945 665 257 217 20 171 192 sured anteed 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 i 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 I960 141.3 56.4 26 7 29 7 84 8 1961—Jan 564 186 224 89 65 130 101 28 Feb 448 148 193 57 50 108 81 27 I960—Mar 133.1 54.5 24.6 29.9 78.6 Mar 480 143 204 72 60 125 93 32 June 135.9 55.0 25.2 29.8 80.9 J A M u p n a r y e 4 5 5 5 0 6 8 1 3 1 1 1 2 3 3 4 2 0 2 2 1 5 1 9 4 9 3 7 9 8 5 0 4 6 6 8 5 8 7 1 1 J 0 2 3 9 3 7 7 8 8 8 9 3 4 4 3 1 8 1 D Se e p c t 1 1 3 4 8 1 . . 8 3 5 5 5 6 . . 7 4 2 2 6 6 .0 7 2 2 9 9 .7 7 8 84 3 .2 8 July....... 543 134 252 80 76 144 90 54 1961—Mar.*\ ... 143.2 57.1 27.4 29.7 86.1 A O Se u c p t g t 6 5 5 9 4 6 9 7 9 1 1 1 4 4 6 8 7 4 2 2 2 8 9 7 5 9 6 9 7 8 6 3 3 7 8 8 4 8 3 2 1 1 0 8 6 1 2 8 1 1 9 1 1 8 3 4 6 7 8 8 0 6 J S u e n p e t. * * 3 3 1 1 4 5 6 0 . . 5 3 5 5 7 8 . . 8 7 2 2 8 8 . . 8 0 2 2 9 9 . . 8 9 9 8 1 8. . 7 6 Nov 622 174 310 65 73 206 118 87 Dec 553 153 273 62 65 197 112 84 * Preliminary. 1962—Jan 617 179 301 74 63 227 127 99 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 i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' ]ind 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 Pur- Sales bu d u r i n s s - - ed Total S te h r o m rt i - L te o r n m g 2 - deposits chases 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 2,069 609 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958. 3,901 1,483 2,418 623 487 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 1,23! 2,134 1,192 942 589 1960. 6,159 3,356 2,803 1,248 357 576 1960 1,943 2,097 1,981 1,089 892 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1 isn 1961 Tar> 6,154 3,357 2,797 56 33 564 1961—Feb 100 176 1,496 822 674 978 Feb 6,110 3,336 2,775 54 75 539 Mar 135 154 1,477 781 696 1,026 Mar 6,017 3,298 2,719 48 116 540 Apr 205 106 1,576 807 769 1,056 Apr 5,858 3,211 2,646 38 177 532 May 197 149 1,624 852 772 1,089 ]ylay 5,772 3,188 2,584 42 101 523 June 367 122 1,869 975 894 1,154 June 5,763 3,191 2,572 38 18 544 July 271 270 1,871 1,062 809 1,048 July 5,765 3,204 2,561 35 6 579 Aug 245 115 2,001 1,147 854 1,019 Aug 5,804 3,245 2,559 71 3 593 Sept 244 120 2,124 1,233 892 1,022 Sept 5,841 3,281 2,561 76 10 626 Oct 257 179 2,202 1,239 963 1,008 Oct . ... 5,916 3,345 2,571 108 ? 653 Nov, 263 178 2,287 1,269 1,018 :1,029 XTnv 6,004 3,417 2,587 121 3 656 Dec 510 135 2,662 1,447 1,216 1,180 Dec 6,093 3,490 2,603 127 2 631 1962—Jan 265 608 2,320 1,293 1,027 995 1962—Jan 6,186 3,566 2,620 124 1 637 Feb 145 236 2,228 1,228 1,000 1,007 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 1 Secured or unsecured loans maturing in one year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. Data ex- 1 year but not more than 10 years. clude conventional mortgage loans acquired by FNMA from the RFC SOURCE.—Federal Home Loan Bank Board. Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. SOURCE.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding; in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e i co p g O n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 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 I9593 51,331 39,034 16,209 10,630 2,809 9,386 12,297 4,129 5,104 3,064 I960 55,757 42,588 17,444 11,525 3,139 10,480 13,169 4,507 5,329 3,333 1961 . 57,139 43,163 16,960 11,771 3,177 11,255 13,976 4,955 5,438 3,583 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 A.U2 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 1962—Jan 56,278 42,846 16,878 11,605 3,131 11,232 13,432 4,906 4,892 3,634 1 Represents all consumer instalment credit extended for the purpose 3 Includes data for Alaska and Hawaii beginning with January and of purchasing automobiles and other consumer goods, whether held by August 1959, respectively. retail outlets or financial institutions. Includes credit on purchases by NOTE.—Monthly figures for the period December 1939 through 1960 individuals of automobiles or other consumer goods that may be used are shown in the following BULLETINS: April 1953 (includes a general in part for business. description of the series); October 1956; November 1958 and 1959; and 2 Holdings of financial institutions; holdings of retail outlets are in- December 1957, 1960 and 1961. A detailed description of the methods cluded in other consumer goods paper. used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding; in millions of dollars] 1"inancial 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 m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i c C a n u o n a m o m i n n e e c - - s r e 1 Other» Total D s m t e o p e re a n s r t t 2 - F st t u o u r r r n e e i s - H s a h a t p o o n o p u r c l l s e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 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 ,129 4,743 1,408 ,187 377 502 1,269 1957 33,745 29,078 12,843 9,487 2,429 3,124 ,195 4,668 1,393 1,210 361 478 ,226 1958 ... 33,497 28,514 12,780 8,699 2,668 3,085 ,282 4,983 1,882 1,128 292 506 1,175 19594 39,034 33,359 15,227 10,108 3,280 3,337 ,407 5,676 2,292 t,225 310 481 1,368 I960 42,588 36,974 16,672 11,228 3,923 3,670 ,481 5,615 2,414 1,107 333 359 1,402 1961 43,163 37,580 16,843 11,052 4,352 3,798 ,535 5,583 2,421 1,080 322 359 1,401 1961 Jan 42,122 37,708 17,539 11,165 3,879 3,645 1,480 4,414 1.327 [,071 325 360 I 331 Feb 41,662 37,329 17,285 11,053 3,886 3,621 1,484 4,334 1,367 1,043 317 361 ,246 Mar 41,465 37,092 17,148 10,931 3,920 3,603 [,490 4,373 1,452 [,016 312 361 I 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 ,492 4,527 1,650 997 307 360 ,213 June 41,888 37,249 17,113 10,915 4,107 3,622 ,492 4,639 1,748 1,001 310 359 I 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 42,090 37,320 17,065 10,886 4,207 3,659 ,503 4,769 1,896 1,001 314 359 1,199 Sent 42,039 37,188 16,909 10,882 4,233 3,650 ,514 4,850 1.979 L009 315 360 L 187 Oct 42,181 37,191 16,877 10,866 4,269 3,671 1,508 4,990 2,097 i;6l4 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 1.535 5,583 2,421 1,080 322 359 4D1 1962—Jan 42,846 37,551 16,759 11,190 4,306 3,782 1,514 5,295 2,212 1,057 315 359 1,352 l 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. * Includes mail-order houses. * See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 341 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] [Estimated amounts outstanding; in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i n o a p o iz n d d n a a i - s 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 o t m o p h n d e e e - r r s r m R iz l o o a e a d a n p ti e n 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 1961—Jan.. 11,165 7,152 2,814 139 1,060 1961 Jan 17,539 5,255 2,805 3,742 2,171 3,566 Feb.. 11,053 7,033 2,821 140 1,059 Feb 17.285 5,187 2,788 3,596 2,148 3,566 Mar. 10,931 6,924 2,806 143 1,058 Mar 17,148 5,174 2,802 3,449 2,134 3,589 Apr.. 10,883 6,858 2,813 146 1,066 Apr 17,072 5,170 2,810 3,309 2,141 3,642 May. 10,859 6,819 2,824 146 1,070 May 17,079 5,216 2,836 3,202 2,155 3,670 June, 10,915 6,829 2,848 149 1,089 June 17,113 5,275 2,861 3,095 2,170 3,712 July. 10,903 6,799 2,854 155 1,095 July 17,066 5,295 2,861 3,013 2,176 3,721 Aug. 10,886 6,756 2,865 149 1,116 Aug 17,065 5,312 2,860 2,936 2,190 3,767 Sept. 10,882 6,650 2,937 153 1,142 Sept 16,909 5,284 2,822 2,826 2,197 3,781 Oct.. 10,866 6,621 2,929 157 1,159 Oct 16,877 5,308 2,825 2,769 2,198 3,777 Nov. 10,878 6,611 2,940 160 1,167 Nov 16,836 5 314 2,852 2,700 2,195 3,775 Dec. 11,052 6,590 3,100 161 1,201 Dec 16,843 5,307 2,862 2,684 2,180 3,810 1962—Jan.. 11,190 6,535 3,286 162 1,207 1962—Jan. 16,759 5,292 2,871 2,631 2,147 3,818 i Includes data for Hawaii beginning with August 1959. i Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. NSTALMENT 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 o s 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 n d a ti n d e o s r n n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar c m n r o e e d n n i - t t b C m c a o i n e a m r k l - s - t f O u i i n c n t t i i s h a a o t n e l i n - r - s s m p t D o a e r e r e n - t- s t ! o O r u e t t t h l a e e i t l r s C ca re r d d i s t 2 S c e r r e v d i i c t e 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1 1 9 9 5 5 6 5 6 5 , , 0 35 8 0 3 7 9 6 5 3 4 5 6 3 2 0 4 4 3 0 27 4 4 3 , , 1 7 0 3 1 0 1 19 9 4 4 5 1. 3 3 , , 0 2 8 0 7 3 6 69 7 3 4 1 7 5 2 2 2 2 7 9 5 0 1 1 * ,3 3 2 7 2 0 5 8 9 4 7 5 1 1 9 9 5 5 7 8 7 6 , , 0 7 3 4 5 8 1 1 , . 1 1 1 5 4 2 5 5 8 6 8 5 4 5 9 9 0 5 4 4 , , 5 7 5 2 5 3 1 1 9 9 5 5 5 6 1 9 0 , , 9 6 2 1 4 4 2 2 ,6 8 3 4 5 3 4 3 1 6 0 7 8 8 6 9 2 3 3 3 , , 7 8 1 4 7 2 2 2 6 1 0 6 2 2 * 3 1 6 2 6 7 19591 8,024 1,400 681 698 5,244 1957 11,103 2,937 427 876 3*953 317 2*593 I960 9,074 1,665 771 800 5,837 1958.. 11,487 3,156 471 907 3 808 345 2*800 1961 9,685 1,842 763 836 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 1961 Jan 9,004 1,648 755 790 5,811 1961 13,976 4,224 731 948 4,027 463 3*,583 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 A M p a r y 9 9 , ,1 0 1 4 8 8 1 1 , , 6 7 7 0 7 2 7 73 3 6 4 7 7 8 9 6 9 5 5, , 8 8 8 5 2 0 F M e a b r .. .. 1 1 2 2 , , 1 1 8 7 1 6 3 3 , , 9 92 2 7 5 6 6 4 8 6 6 6 6 6 3 9 7 3 3 , , 0 0 3 3 0 4 4 4 3 2 3 5 3 3 , , 4 4 7 6 6 9 J Ju u l n y e 9 9 , , 2 2 2 5 1 7 1 1 , , 7 7 3 4 7 8 7 7 4 4 3 4 8 8 0 0 3 2 5 5 , ,9 9 3 6 8 3 A M p a r y . . . 1 1 2 2 , , 6 33 1 3 2 4 3 , , 0 9 2 7 8 0 6 6 1 8 9 9 6 6 3 3 1 4 3 3 , , 1 3 4 2 9 9 4 4 2 1 3 7 3 3 , , 5 54 1 1 5 Aug. 9,369 1,774 755 826 6,015 June. 12,714 4,090 653 624 3,411 439 3,497 S O e c p t t 9 9 , , 4 3 4 9 8 7 1 1, , 8 7 0 8 0 6 7 75 5 6 3 8 8 3 2 0 8 6 6 , , 0 0 6 2 4 8 J A u u l g y . . . . 1 1 2 2 , , 5 64 9 9 6 4 4 , , 1 1 0 0 3 0 6 66 0 9 5 5 58 7 9 4 3 3 , , 3 3 6 2 0 7 4 4 6 9 3 3 3 3 , , 4 4 9 7 1 1 Nov 9,526 1,823 756 837 6,110 Sept.. 12,718 4,129 703 623 3,312 488 3,463 Dec 9,685 .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 1962—Jan 9,602 1,821 752 822 6,207 Dec. 13,976 4,224 731 948 4,027 463 3,583 1962—Jan 13,432 4,203 703 804 3,614 474 3,634 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

342 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Pcsonal 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 1961—Jan. . 3,866 3,426 1.2R6 1,130 J.179 1,031 155 127 J.246 1.138 Feb 3,812 3,183 1,216 1,049 1,165 888 157 127 1,274 Mar 3,894 3,907 1,255 1,323 1,188 1,111 172 161 1I 279 1,312 Apr. 3,800 3,721 1,225 1,243 1,162 1,073 167 166 1,246 1,239 May 3,907 4,203 I 270 1,449 [173 1,221 181 200 1,283 1,333 June.... 3,962 4,347 1,296 1,515 1,175 1,236 177 196 1,314 1,400 July 3,909 3,905 1,300 1,365 1,184 1,113 167 175 1,258 1,252 Aug... . 4,038 4,234 1,302 1,395 1,212 l!229 186 206 1,338 [,404 Sept 3,942 3,789 1,271 1,168 1,199 1[-200 175 184 I 297 1,237 Oct. . 4,209 4,244 1,405 1,452 1,254 [,300 173 186 l|377 1,306 Nov.. 4,317 4,275 1,511 1,402 1,249 1,327 174 177 1,383 1,369 Dec 4,315 4,754 .471 1,289 .316 7sn 159 145 369 570 1962—Jan 45194 3,756 1,474 1,320 1,185 1,039 157 120 1,378 1,277 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 1961—Jan. 3,875 3,895 1.356 1.354 1,163 J.T93 167 167 1.189 1.181 Feb 3,889 3,643 ,353 1,252 1,151 1,116 160 152 >?5 \m Mar . 3,907 4,104 ,348 1,418 1,176 1,242 164 169 1,219 1t,275 Apr 3,907 3,764 ,356 1.290 1,189 1,164 165 159 1,197 I 151 May 3,895 4,043 ,336 1,394 1,166 1,207 169 173 1,224 L269 3,962 4,042 .354 1,387 1,188 [,199 171 174 [,249 1,282 July 3,937 3,885 1^364 1,362 1,183 1,145 165 165 1*225 1,213 Aus. 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 I 184 Oct . 4,028 4,102 1,372 1,441 1,210 1,221 178 183 U268 ,257 Nov ..... 4,017 4,037 1,359 1,355 1,188 1,197 166 168 1,304 1,317 Dec ... . 4,051 4,010 1,361 .289 1,233 .194 168 160 .289 1.367 1962—Jan 3,979 4,073 1,380 1,402 1,147 1,205 164 166 !,288 1,300 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 -r-1,212 184 245 534 I9591 5.535 2,201 1 602 463 1,269 I960 ..... 3,554 1,236 896 329 1,093 1961 . . 572 -483 244 37 774 1961—Jan -9 -469 -70 -224 16 -162 -12 -40 57 -43 Feb -77 -460 -137 -203 14 -228 -3 -25 49 4 Mar. -13 -197 -93 -95 12 -131 8 —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 0 305 -58 128 -13 37 6 22 65 118 July -28 20 -64 3 1 -32 2 10 33 39 Aus 44 181 -60 j 15 31 16 32 73 119 Sept -14 -50 -79 -159 9 41 5 15 51 53 Oct. . ... 181 142 33 11 44 79 -5 3 109 49 Nov 300 238 152 47 61 130 8 9 79 52 Dec 264 744 110 0 83 556 -9 -15 80 203 1962 Jan 215 -317 94 -82 38 -166 -7 -46 90 -23 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 pp. 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 343 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 fi a n n a i n es ce Ot in he st r i t f u in ti a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n s a te d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 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 1961 Jan 3,866 3,426 1,434 J.35O 835 752 948 842 649 482 Feb 3,812 3,183 1,393 1,217 818 672 972 853 629 441 Mar. 3,894 3,907 1.432 1,466 823 829 1,000 1,023 639 589 Apr 3,800 3,721 ,406 1,435 830 801 951 930 611 555 May 3,907 4,203 ,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 ,442 1,482 827 863 984 989 656 571 Aug 4,038 4,234 ,476 1,559 853 927 1,049 1,100 660 648 Sent 3,942 3,789 ,438 .371 828 809 1,023 958 653 651 Oct 4,209 4,244 ,533 1^536 913 951 1,078 1,034 685 723 Nov 4,317 4,275 .557 1,456 957 924 1,115 1,118 688 777 Dec 4,315 4,754 1,546 1,431 1,076 1,086 071 1,240 622 997 1962—Jan 4,194 3,756 1,515 1,441 907 821 1,058 944 714 550 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 1960 45,759 16,832 10,229 11,022 7,676 1961 47,412 18,261 10,733 11,666 6,752 1961—Jan 3,875 3,895 1.446 1.460 874 855 922 912 633 668 Feb 3,889 3,643 1,540 t,472 868 783 943 867 538 521 Mar 3,907 4,104 1,544 1,601 885 951 959 1,002 519 550 Apr 3,907 3,764 1,564 1,511 883 849 931 896 529 508 May 3,895 4,043 1,521 1,600 887 915 961 991 526 537 June 3,962 4,042 L^535 ,569 909 920 985 1,016 533 537 July 3,937 3,885 11,529 1,529 890 874 963 954 555 528 AUE 3,994 4,053 1,535 ,560 906 933 988 999 565 561 Sept 3,956 3,839 1,521 1,486 883 862 982 930 570 561 Oct 4,028 4,102 1,523 1,569 918 967 997 983 590 583 Nov 4,017 4,037 ,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 1962 Jan 3,979 4,073 1,486 1,525 874 867 1,022 1,027 597 654 Net increase or decrease (—) in credit outstanding 2 1955 5,315 1,805 2,280 840 390 1956 2,766 1,176 622 733 235 1957 ,. 2,096 1,066 442 665 -75 1958 -249 -63 -788 289 315 I9591 5,535 2,447 1,409 986 693 I960 3,554 1,446 1,120 1,051 -61 1961 572 169 — 174 609 —32 1961 Jan —9 -469 964 866 1 -63 26 -70 — 1,000 -1,202 Feb -77 -460 -147 -255 -50 -111 29 -14 91 -80 Mar -13 -197 -112 -135 -62 -122 41 21 120 39 Apr .. -107 -43 -158 -76 -53 -48 22 34 82 47 May 12 160 -90 8 -58 -24 56 69 104 107 0 305 -92 35 -46 57 53 101 85 112 Julv.... -28 20 -87 -47 -63 -11 21 35 101 43 44 181 -59 -1 -64 -17 72 112 95 87 Sept -14 -50 -124 -156 -6 4 41 28 75 82 Oct 181 142 10 -33 -5 -16 81 51 95 140 Nov. 300 238 45 -41 58 12 84 78 113 189 Dec 264 744 37 7 145 174 63 159 19 404 1962—Jan 215 -317 29 -84 217 138 36 -83 -67 -288 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 pp. 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

344 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Seasonally adjusted] Annual average 1961 1962 Grouping 1960 1961- Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. INDUSTRY GROUPINGS Total index. 164 165 155 155 156 160 164 168 170 172 168 171 173 173 Manufacturing\ total. 163 164 153 152 153 158 163 166 169 170 167 170 172 777 Durable 169 167 154 153 154 161 167 171 175 175 171 174 177 177 Nondurable 160 164 155 156 157 160 162 165 167 169 167 171 171 170 Mining 128 129 128 127 127 128 128 128 129 130 128 131 132 131 Utilities 287 290 292 291 296 304 307 307 314 316 317 315 322 Durable Manufactures Primary and fabricated metals. 127 125 107 108 109 117 126 129 132 136 133 133 755 138 759 Primary metals 115 112 91 93 94 105 115 118 121 125 126 122 '123 127 130 Iron and steel 110 105 82 86 87 98 108 111 U4 115 116 113 113 121 125 Fabricated metal products 145 143 132 131 131 135 143 146 148 151 144 150 153 '153 153 Structural metal parts 155 154 145 141 141 144 152 158 160 164 157 161 161 ''159 157 Machinery and related products... 205 202 190 189 189 195 201 206 210 210 203 208 '274 r218 275 Machinery 174 174 166 165 165 169 171 176 181 178 177 178 180 '184 183 Nonelectrical machinery 145 142 136 136 135 140 141 144 147 145 145 145 147 148 147 Electrical machinery 222 226 215 214 213 216 221 229 237 232 229 231 235 243 243 Transportation equipment 238 227 208 205 206 220 231 235 239 240 221 235 248 '253 241 Motor vehicles and parts 168 151 130 127 126 144 157 165 167 169 139 157 169 176 166 Aircraft and other equipment.. 368 376 366 363 367 366 373 366 376 375 385 388 399 '400 385 Instruments and related products. 221 220 216 210 210 210 215 220 222 227 225 225 229 228 226 Ordnance and accessories Clay, glass, and lumber 139 138 128 757 755 755 144 745 144 142 759 759 755 750 Clay, glass, and stone products. 158 156 144 149 151 155 162 165 165 162 160 159 P152 145 Lumber and products 118 116 110 110 117 118 122 123 120 119 114 116 '118 112 Furniture and miscellaneous. 153 154 144 145 148 752 755 755 757 755 750 164 755 752 Furniture and fixtures 171 171 158 161 165 167 173 172 176 176 177 183 183 183 Misc. manufactures 138 140 132 131 134 139 142 142 142 142 145 148 146 144 Nondurable Manufactures Textile, apparel, and leather products. 136 137 124 127 750 752 134 757 140 142 140 144 144 r145 142 Textile mill products 121 124 110 113 116 118 122 125 127 129 131 132 131 132 130 Apparel products 158 158 144 147 152 153 153 156 162 165 159 166 165 '167 162 Leather and products 113 113 109 108 108 112 112 116 113 116 112 117 119 123 Paper and printing 160 164 159 159 759 752 755 164 164 759 75S 168 759 770 755 Paper and products 172 182 170 VIA 173 180 179 182 179 189 187 188 187 192 188 Printing and publishing. 151 153 151 150 150 150 151 153 154 155 155 155 157 156 156 Newspapers , 140 139 136 134 136 137 137 138 139 140 140 140 142 142 Chemical, petroleum, and rubber products. 224 234 217 216 216 225 232 237 243 243 239 245 245 247 246 Chemicals and products 255 269 250 2A9 252 259 266 272 211 277 276 280 282 '285 282 Industrial chemicals 319 345 315 312 321 328 339 347 356 358 361 367 370 370 Petroleum products 162 166 159 160 158 162 167 166 174 172 164 172 169 162 Rubber and plastics products 200 201 180 178 168 192 199 211 215 215 210 217 217 225 Foods, beverages, and tobacco., 131 136 132 132 134 134 755 755 757 757 757 759 759 755 755 Foods and beverages 132 136 133 133 134 134 135 137 138 138 137 140 140 138 139 Food manufactures........ 135 139 135 135 137 137 139 139 140 140 140 142 142 141 141 Beverages 119 124 122 119 121 122 117 123 129 127 126 128 127 122 Tobacco products 130 134 129 133 132 139 132 132 125 135 133 140 140 136 Mining Coal, oil, and gas 122 123 121 727 720 725 725 725 725 725 722 727 727 725 Coal 68 65 64 63 56 63 66 64 64 67 68 70 70 70 Crude oil and natural gas. 147 150 148 147 149 151 149 150 150 152 147 152 153 152 Oil and gas extraction.. 147 150 146 146 150 151 149 151 151 152 147 150 '150 150 Crude oil 135 138 134 135 139 139 138 139 139 141 137 138 '138 138 Gas and gas liquids.. 228 231 226 231 238 233 234 Oil and gas drilling 145 147 154 144 136 145 143 142 143 141 141 147 161 165 159 Metal, stone, and earth minerals. 164 164 772 165 167 759 757 757 755 750 752 755 770 '755 759 Metal mining 134 134 150 146 146 127 119 123 124 124 130 137 146 '154 153 Stone and earth minerals 195 194 193 185 186 192 197 201 204 198 196 199 193 181 164 Utilities Electric., 289 308 293 294 292 297 307 309 309 317 319 320 316 316 Gas 284 285 288 291 296 299 301 SUMMARY MARKET GROUPINGS Final products, total 168 170 162 162 162 166 168 171 174 174 172 175 178 '179 177 Consumer goods 161 164 155 155 156 160 163 166 169 169 164 168 170 '172 171 Equipment, including defense. 195 196 188 188 188 190 192 194 197 198 201 203 207 208 203 Materials 160 161 148 149 150 156 161 164 166 168 165 168 168 170 168 » Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 345 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] Annual average 1961 1 962 Grouping 1960 1961**Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. INDUSTRY GROUPINGS Total index 164 165 155 156 158 162 164 168 160 169 171 176 174 172 172 163 164 151 154 155 160 163 167 158 167 169 176 173 170 169 Durable 169 167 154 155 157 163 167 172 163 165 172 178 179 r180 111 160 164 153 157 158 162 162 166 158 173 171 178 171 164 165 Mining ••••• 128 129 128 127 126 127 128 129 125 130 130 133 132 131 130 Utilities 287 Durable manufactures Primary and fabricated metals 127 125 108 109 112 119 127 130 120 130 133 136 134 136 140 115 112 93 97 99 109 117 120 105 115 122 123 122 124 134 Iron and steel 110 105 85 88 91 101 110 113 99 108 116 116 114 118 129 145 143 130 128 130 135 140 146 143 153 150 154 153 r153 150 Structural metal parts 155 154 144 140 141 143 150 157 154 161 159 165 165 164 157 205 202 193 193 194 199 201 205 195 190 201 212 275 r221 216 Machinery 174 114 167 170 169 172 172 176 167 170 178 181 182 185 183 145 142 138 140 140 144 143 145 140 138 142 143 144 149 149 Electrical machinery 222 226 213 217 216 216 217 226 211 224 238 245 245 r243 238 Transportation equipment 238 227 216 212 213 225 231 236 219 196 215 241 260 r263 252 168 151 138 134 m 149 159 167 146 114 133 166 187 189 178 Aircraft and other equipment 368 376 374 371 375 371 368 365 362 366 380 386 398 r402 393 221 220 216 212 213 212 215 219 216 223 226 226 231 230 227 Clay glass and lumber .. . ... . 139 138 118 121 126 134 141 150 143 152 150 148 139 127 779 Clay glass, and stone products 158 156 136 137 145 151 158 166 164 171 167 167 160 148 137 118 116 97 103 104 115 121 132 119 131 131 126 115 102 99 153 154 139 142 143 144 146 153 150 161 165 169 169 165 757 Furniture and fixtures 171 171 156 158 159 160 161 168 168 180 182 186 185 186 179 138 140 125 129 129 129 134 140 134 145 151 155 155 148 139 Nondurable manufactures Textile apparel, and leather products 136 137 126 137 137 138 136 755 124 149 133 148 747 136 140 Apparel products 1 1 2 5 1 8 1 15 24 8 1 1 1 4 2 6 1 1 1 6 7 2 1 1 1 6 7 2 1 16 23 1 1 1 5 26 6 1 1 2 5 5 4 1 1 1 4 1 5 1 1 3 7 0 6 1 1 4 27 8 1 17 36 1 1 1 3 6 1 0 r1 1 5 1 2 1 1 1 2 6 8 0 Leather and products 113 113 111 119 118 114 106 113 102 120 112 118 116 113 Paper and printing 160 164 156 159 163 166 164 166 153 166 169 176 173 163 163 172 182 169 175 178 185 180 187 162 192 189 200 190 173 182 Printing and publishing 151 153 147 148 153 154 153 152 147 150 157 161 162 157 151 140 139 125 130 141 146 146 139 122 126 140 152 155 140 131 224 234 219 221 221 230 232 238 226 241 239 247 246 r242 245 Chemicals and products 255 269 250 253 259 268 269 275 260 275 274 281 282 r279 us Industrial chemicals 319 345 315 322 330 335 342 345 335 352 353 365 372 370 Petroleum products .... ...... 162 166 159 162 157 157 164 166 173 177 168 171 167 166 168 200 201 189 188 176 197 194 205 181 207 213 228 223 215 Foods beverages and tobacco 131 136 124 125 126 129 132 139 137 148 151 152 141 130 129 Foods and beverages 132 136 \2A 124 125 129 131 139 139 148 152 152 141 132 128 Food manufactures 135 139 129 128 127 129 132 138 139 151 157 157 147 137 133 Beverages 119 124 100 106 116 130 129 145 138 137 127 132 114 110 130 134 129 134 131 133 136 144 115 145 138 150 140 110 Mining Coal oil, and gas 122 123 125 125 123 123 122 120 117 123 122 125 127 r129 130 Coal 68 65 63 64 57 61 64 61 54 70 11 75 H3 70 69 147 150 153 152 153 151 148 147 145 147 145 149 152 r156 157 Oil and gas extraction 147 150 152 153 156 153 148 147 144 147 145 148 150 154 156 Crude oil .. . 135 138 138 140 143 141 137 136 133 136 134 137 137 140 142 228 251 246 242 238 225 220 Oil and gas drilling 145 147 157 143 129 137 140 143 147 146 144 148 159 167 163 Metal stone and earth minerals 164 164 146 144 147 153 169 180 176 176 179 750 164 r149 755 Metal mining 134 134 118 120 120 119 137 151 143 143 150 151 133 123 120 195 194 175 16S 175 188 201 210 212 210 209 210 195 175 149 Utilities Electric 289 308 313 304 298 291 291 298 306 325 327 310 304 320 284 SUMMARY MARKET GROUPINGS 168 170 162 164 164 167 167 172 165 172 176 182 179 176 176 161 164 154 157 156 160 160 166 158 167 170 178 172 167 168 Equipment including defense 195 196 191 191 191 193 193 196 192 194 199 201 204 '209 205 Materials 160 161 149 150 152 157 161 165 156 166 166 171 170 168 168 * Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Seasonally adjusted] Annual 1957 Average 1961 1962 Grouping proportion 1960 1961* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 100.00 108 109 102 102 103 106 108 no 112 113 in 113 114 115 114 86.49 108 709 707 707 702 705 705 777 772 113 777 775 114 115 114 49.66 104 103 95 94 95 99 103 105 107 108 105 107 109 110 109 Nondurable 36.83 113 117 in in 112 114 116 117 119 120 119 121 121 122 121 8.55 97 98 98 96 96 97 97 98 98 99 97 100 101 101 99 Utilities 4.96 123 125 125 125 127 130 131 132 135 135 136 135 135 138 Durable Manufactures Primarv and fabricated metals 75.75 97 95 82 82 55 59 96 99 700 104 707 702 705 705 705 Primary metals 7.73 90 88 71 73 74 82 90 92 95 98 99 96 96 100 102 Iron and steel 6.21 88 84 66 69 69 79 86 89 91 92 93 90 90 97 100 Fabricated metal oroducts 5.42 106 105 97 96 96 99 105 107 108 111 105 no 112 112 112 2.91 104 103 97 94 94 96 102 106 107 110 105 107 106 105 108 Kfarhinerv and related vroducts 28.98 705 104 95 97 97 707 104 705 705 705 705 707 770 772 770 15.31 106 106 101 101 101 103 104 107 no 109 108 108 110 112 111 Nonelectrical machinery 8.92 102 100 96 96 95 98 99 101 103 102 102 102 103 104 103 Electtical machinery 6.39 112 114 109 108 108 109 112 116 120 118 116 117 119 123 123 TransDortation eouioment • 10.76 102 97 89 88 88 94 99 101 102 103 95 101 106 108 103 Motor vehicles and parts 5.04 115 103 89 86 86 99 108 113 114 116 95 107 116 120 113 Aircraft and other eouioment 5.50 89 91 88 88 89 88 90 88 91 90 93 93 96 96 93 Instruments and related oroducts 1 1 . . 2 6 5 6 119 118 116 113 113 113 116 119 119 122 121 121 123 123 122 Clay glass and lumber 4.57 109 707 700 700 702 705 707 772 775 772 777 705 108 106 707 Clav class and stone oroducts 2.92 no 108 101 100 103 105 107 112 114 114 112 111 no 106 101 Lumber and products 1.65 105 100 99 100 106 107 in in 109 107 103 107 102 105 107 Furniture and miscellaneous 2.96 777 709 709 770 772 775 779 779 720 720 727 124 124 725 Furniture and fixtures 1.48 112106 120 111 111 112 115 117 121 121 123 123 124 128 128 128 Misc manufactures 1.48 113 114 107 108 107 110 114 117 117 116 116 119 121 120 118 Nondurable Manufactures Textile apparel and leather products 7.32 775 775 705 707 770 772 775 775 775 720 775 722 722 725 720 Textile mill oroducts 2.78 109 111 98 102 104 106 112 114 116 117 118 118 118 117 Apparel products 3.44 124 124 113 116 120 120 n12o0 123 127 130 125 130 130 131 127 Leather and products 1.10 100 101 97 96 96 100 100 104 101 103 100 104 106 109 Paper and printing 7.93 112 775 777 777 777 775 774 775 775 775 777 777 775 779 775 Paper and products 3.27 112 118 111 113 113 117 117 118 117 123 122 122 122 125 123 Printing and publishing ... 4.66 111 113 111 110 110 110 111 113 114 114 114 114 115 114 114 Newspapers 1.53 107 106 104 102 104 105 105 106 107 107 107 107 108 108 109 Chemical, petroleum, and rubber products 10.95 118 725 114 775 775 775 722 725 727 727 725 725 729 750 729 Chemicals and products 7.10 121 128 119 118 120 123 127 129 132 132 132 133 134 136 134 3 61 127 137 125 124 127 130 135 138 141 142 143 146 147 147 1.93 108 110 106 106 106 108 111 111 116 115 no 114 113 108 112 Rubber and plastics products 1.91 114 115 103 102 96 110 114 121 123 123 120 124 124 129 Food? beverages and tobacco 10.64 709 775 770 770 777 772 772 775 114 114 114 775 775 775 775 Foods and beverages 9 8 . .3 8 1 7 1 1 0 0 9 9 1 1 1 1 3 3 n n o o 1 1 1 1 0 0 1 11 1 1 1 in 1 1 1 1 2 3 1 1 1 1 3 3 1 1 1 1 4 4 1 1 1 1 4 4 1 1 1 1 4 4 1 1 1 1 6 6 1 1 1 1 6 6 1 1 1 1 4 5 1 1 1 1 5 5 Beverages 1.56 108 112 in 108 109 1in11 107 112 117 115 114 116 116 110 Tobacco products .77 114 118 113 116 116 122 116 116 110 119 116 123 123 120 Mining 7.05 96 97 95 94 94 97 96 97 96 98 96 95 99 r99 99 Coal 1.30 83 80 78 77 68 77 81 77 77 81 82 84 86 86 86 Crude oil and natural gas 5.75 98 100 99 98 100 101 100 101 101 102 99 101 102 102 102 Oil and sas extraction 4.98 100 103 101 100 103 104 103 104 103 105 101 103 103 103 103 Crude oil 4.33 98 100 98 98 101 101 100 101 101 103 99 101 100 100 100 Gas and gas liquids .65 116 120 115 117 Oil and gas drilling .77 85 86 90 85 80 85 84 83 84 82 83 86 95 97 93 Afetal stone and earth minerals 1.50 705 705 770 705 707 702 707 705 705 705 104 707 709 705 702 Metal mining .70 97 97 109 106 106 92 86 89 90 90 94 99 106 112 111 Stone and earth minerals .80 112 112 111 106 107 110 114 116 118 114 113 115 in 104 95 Utilities Electric 3.76 123 131 125 125 125 127 131 132 132 135 136 137 135 135 Gas 1.20 123 123 124 125 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 347 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p 19 ro 5 - 7 A A v n e n r u ag al e 1961 1962 portion 1960 1961* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index 100.00 108 109 102 102 103 106 108 110 112 113 Ill 113 114 115 114 Final pvoducts total , 46.75 111 112 107 107 107 109 111 113 114 115 113 115 117 118 116 31.13 114 116 110 110 111 114 115 118 120 120 116 119 121 mi 121 Equipment including defense 15.62 103 104 100 100 99 100 102 102 104 105 106 107 109 107 Materials 53.25 106 106 98 98 99 103 106 109 110 111 109 111 111 110 111 112 Consumer goods 3.35 117 106 94 90 88 103 108 113 115 117 96 no 121 129 120 Autos 2.03 117 97 78 73 71 92 101 109 110 110 82 102 117 127 114 Auto parts and allied products 1.32 117 121 118 115 115 120 118 120 125 126 118 123 127 132 130 Home goods and apparel. 9.60 116 117 108 109 112 115 116 120 123 122 120 121 121 125 122 Home goods. 4.40 115 117 108 109 110 114 117 122 \2A 120 121 120 122 127 125 Appliances, TVt and radios . ...... 1 1 . . 7 2 5 6 1 1 1 1 2 8 1 11 1 8 3 1 1 0 1 6 6 1 1 0 1 9 4 1 1 0 1 8 3 1 1 1 1 1 5 1 1 1 1 6 8 1 1 2 2 3 2 1 1 2 2 7 6 1 12 1 1 6 1 1 1 2 9 6 1 1 1 2 6 4 1 1 1 2 7 4 1 r1 2 2 2 7 1 1 1 2 9 6 TV and home radios. .49 96 103 80 94 95 100 110 126 128 102 100 98 101 108 104 Furniture and rugs 1.18 118 119 109 109 110 116 117 122 119 122 126 124 128 129 127 1.47 117 119 111 110 112 115 118 122 123 124 120 122 123 131 130 Apparel, incl. knit goods and shoes 5.20 117 118 108 110 114 116 115 118 122 124 118 121 121 123 120 Consumer staples 18.18 113 117 114 114 114 115 117 118 119 119 119 120 120 ni9 120 Processed foods 8.11 109 113 110 110 111 111 113 114 114 114 114 115 115 114 114 Beverages and tobaccos ..... 2.32 110 114 112 111 111 114 110 113 115 116 115 118 118 113 Drugs, soap, and toiletries 2 73 118 123 118 117 116 119 123 124 126 126 124 127 127 130 127 Newspapers magazines and books 1.44 113 117 117 115 114 114 116 117 119 117 119 118 118 116 119 Consumer fuel and lighting. 3.45 119 126 123 125 121 123 125 124 127 129 127 130 130 130 1.19 106 108 108 112 107 105 105 105 112 111 104 109 112 r109 109 Residential utilities.... 2.26 126 131 131 129 132 135 134 135 139 140 141 140 140 Electricity 1.57 127 "136 133 133 129 132 136 135 136 140 141 141 139 139 Gas 69 Equipment Business equipment 12.16 105 105 101 101 100 102 103 104 105 106 107 108 no rlll 108 Industrial equipment . . . 7.29 102 100 98 98 96 97 99 99 101 102 101 102 104 106 104 2.46 118 124 118 118 117 118 120 123 125 127 128 129 131 '132 133 1.83 101 99 95 91 93 94 95 95 96 98 105 106 111 109 99 Farm equipment .58 92 98 98 103 104 107 104 106 98 78 97 87 95 94 91 3 46 Materials Durable goods materials 27.81 102 100 90 89 90 96 101 104 104 106 104 105 nos 106 105 Consumer durable 3 8 .1 6 0 7 1 1 0 0 9 1 1 1 0 0 0 2 9 8 5 8 9 8 5 3 9 8 5 5 9 9 3 8 1 9 0 9 7 1 10 0 1 9 1 1 0 0 9 4 1 1 1 0 5 5 1 9 0 9 2 1 1 0 0 1 7 r1 1 0 0 8 6 1 10 1 8 2 1 1 1 0 3 8 Construction...., .. . . 9 05 107 106 98 97 99 104 107 110 111 112 110 108 107 105 100 Metal materials n.e.c 6.99 92 91 77 78 79 86 92 93 94 96 97 96 97 103 107 Nondurable materials 25 44 110 114 107 108 109 111 112 114 115 117 115 117 118 119 118 8.87 110 113 108 108 108 111 110 113 114 116 113 114 116 118 116 Containers „ 2 91 109 115 108 110 112 114 110 115 116 121 118 116 119 122 121 General business supplies 5 96 111 111 109 108 107 110 110 112 114 113 111 112 115 115 113 Nondurable materials nee 7.05 119 126 114 116 118 121 124 128 130 132 130 132 132 136 134 Business fuel and power 9 52 103 105 101 101 102 104 105 106 106 108 106 108 108 108 108 Mineral fuels 6 29 97 98 96 96 96 98 98 98 98 100 97 99 99 r99 99 Nonresidential utilities, 2.70 121 119 120 122 123 126 129 129 131 132 132 131 131 Electricity 2 19 120 128 119 120 122 124 127 130 129 132 133 133 132 132 .99 115 118 111 112 114 111 117 120 120 122 122 121 120 122 Commercial and other. 1.12 127 139 128 128 131 136 138 141 139 143 146 147 146 144 Gas .. .. 51 121 .33 18 Supplementary groups of consumer goods 7.75 116 112 102 101 100 109 113 118 120 118 110 116 122 128 123 23.38 114 117 113 113 114 115 116 118 119 120 118 120 120 120 120 P Preliminary. 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

348 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Without seasonal adjustment] p 19 ro 5 - 7 A A v n e n r u a a g l e 1961 1962 Grouping portion 1960 1961* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index. 100.00 108 109 102 103 104 107 108 111 106 111 113 116 115 113 113 Manufacturing, total. 86.49 108 109 101 102 103 107 108 111 105 HI 113 117 115 113 113 Durable. 49.66 104 103 95 96 97 100 103 106 100 102 106 110 111 109 Nondurable...... 36.83 113 117 109 111 112 115 115 118 112 123 121 126 122 116 117 Mining 8.55 97 98 97 97 96 97 97 98 95 99 99 101 100 100 99 Utilities... 4.96 123 Durable Manufactures Primary and fabricated metals. 13.15 97 95 83 83 55 91 97 100 92 99 102 104 102 r103 107 Primary metals 7.73 90 88 73 76 78 86 92 94 82 91 96 97 96 97 105 Iron and steel 6.21 88 84 68 71 73 81 88 91 80 87 93 93 91 95 103 Fabricated metal products. 5.42 106 105 96 94 96 99 103 107 105 112 110 113 112 112 110 Structural metal parts 2.91 104 103 96 93 94 96 101 105 103 108 106 110 110 110 105 Machinery and related products... 28.98 106 104 100 100 100 103 104 106 101 98 104 109 113 114 112 Machinery 15.31 106 106 102 103 103 105 105 107 102 104 109 111 111 113 111 Nonelectrical machinery , 8.92 102 100 97 99 99 101 101 102 98 97 100 101 10.1 105 105 Electrical machinery , 6.39 112 114 108 110 109 109 110 115 107 113 121 124 124 123 121 Transportation equipment 10.76 102 97 93 91 91 96 99 101 94 84 92 103 111 113 108 Motor vehicles and parts 5.04 115 103 94 91 91 102 109 114 100 78 91 113 128 129 122 Aircraft and other equipment.., 5.50 89 91 90 89 90 89 89 88 87 88 92 93 96 r97 95 Instruments and related products. 1.66 119 118 116 114 114 114 116 118 116 120 121 122 124 124 122 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 109 107 92 95 98 104 110 117 112 118 117 115 108 99 93 Clay, glass, and stone products. 2.92 110 108 95 95 101 105 110 115 114 118 116 116 111 102 95 Lumber and products 1.65 107 105 88 93 94 104 110 120 108 119 118 114 104 '93 89 Furniture and miscellaneous. 2.96 116 117 106 108 108 109 HI 116 114 122 126 129 128 126 119 Furniture and fixtures 1.48 120 120 109 110 111 112 112 118 118 126 128 130 130 130 125 Misc. manufactures 1.48 113 114 102 106 106 106 110 115 110 119 123 127 127 121 113 Nondurable Manufacturers Textile, apparel, and leather products. 7.32 115 116 107 116 116 116 115 114 105 126 113 125 119 115 118 Textile mill products '2.78 109 111 100 105 105 110 113 112 100 117 114 122 118 114 115 Apparel products 3.44 124 124 115 128 128 126 123 121 114 139 116 134 126 119 126 Leather and products 1.10 100 101 99 106 105 101 94 100 90 107 100 105 103 100 Paper and printing 7.93 112 115 109 111 114 116 114 116 107 116 118 123 121 114 114 Paper and products 3727 112 118 110 114 116 121 117 122 105 125 123 130 124 113 118 Printing and publishing. 4.66 111 113 108 109 113 113 113 112 108 110 115 118 119 115 111 Newspapers 1.53 107 106 96 99 108 112 112 106 94 96 107 116 118 107 100 Chemical, petroleum, and rubber products. 10,94 118 123 115 116 116 121 122 125 119 126 126 130 129 129 Chemicals and products 7.10 121 128 119 121 123 127 128 131 124 131 131 134 134 133 132 Pe I t n ro d l u e s u t m ri a p l r c o h d e u m ct i s cals 3 1 . .9 6 3 1 1 1 2 0 7 8 1 1 3 1 7 0 1 1 2 0 5 6 1 1 0 2 8 8 1 13 0 1 5 1 1 3 0 3 5 1 10 3 9 6 1 1 1 3 1 7 1 1 3 1 3 5 1 1 1 4 8 0 1 1 4 1 0 2 1 1 4 1 5 4 1 1 1 4 1 8 ' 1 11 4 1 7 iii" Rubber and plastics products 1.91 114 115 108 108 101 113 111 117 104 118 122 131 128 123 Foods, beverages, and tobacco 10.64 109 113 104 104 104 107 110 116 114 123 125 126 117 r108 107 Foods and beverages 9.87 109 113 103 103 104 107 109 115 115 123 126 126 117 109 106 Food manufactures 8.31 109 113 105 104 103 105 107 112 113 123 128 127 119 111 108 Beverages 1.56 108 112 91 96 105 117 117 132 125 124 115 119 103 99 Tobacco products .77 114 118 113 118 115 117 120 126 101 128 121 131 123 97 Mining Coal, oil, and gas 7.05 96 97 98 98 96 96 95 94 96 98 99 101 102 Coal 1.30 83 80 16 78 69 75 78 75 85 91 89 85 84 Crude oil and natural gas. 5.75 98 100 103 102 103 101 99 99 99 100 102 105 105 Oil and gas extraction.. 4.98 100 103 104 105 107 105 102 101 101 102 103 106 107 Crude oil 4.33 98 100 101 102 104 102 100 99 99 99 100 102 103 Gas and gas liquids. . .65 116 127 125 123 121 114 112 Oil and gas drilling. .77 85 '86* 92 84 76 81 82 84 86 86 84 87 93 96 Metal, stone, and earth minerals. 1.50 105 105 94 92 94 98 108 116 113 113 115 116 105 r95 86 Metal mining .70 97 97 85 87 87 86 99 110 103 103 109 109 96 '89 87 Stone and earth minerals 112 112 101 97 101 108 116 121 122 121 120 121 113 101 86 Utilities Electric. 3.76 123 131 134 130 127 124 124 127 131 139 140 133 130 137 Gas.... 1.20 123 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 349 MARKET GROUPINGS 1957 = 100 [Without seasonal adjustment] Annual 1957 average 1961 1962 Grouping proportion 1960 1961* Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Total index 100.00 108 109 102 103 104 107 108 111 106 Ill 113 116 115 113 113 46.75 Ul 112 106 108 107 110 110 113 109 in 116 119 r118 116 115 31.13 114 116 109 111 111 113 114 118 112 119 121 126 122 118 119 15.62 103 104 101 101 101 102 102 103 10?, 102 105 106 108 110 108 Materials 53.25 106 106 98 99 101 104 107 109 103 110 110 113 113 111 111 Consumer Goods 3.35 117 106 98 96 94 108 112 118 99 73 96 121 129 131 126 Autos 2.03 117 97 86 83 81 102 107 116 87 39 11 115 134 136 124 1.32 117 121 117 116 115 119 119 123 119 125 126 129 123 123 130 9.60 116 117 106 116 116 116 114 117 108 123 120 129 124 118 119 Home goods 4.40 115 117 103 110 112 114 114 119 108 116 111 130 128 123 119 1.75 112 113 98 112 112 115 114 119 98 103 125 127 124 113 111 1.26 118 118 106 120 122 127 122 124 104 100 126 124 123 118 116 TV and home radios .49 96 103 80 94 86 84 96 106 83 111 125 136 128 102 99 1.18 118 119 108 111 112 114 111 117 113 123 129 131 130 132 126 1.47 117 119 104 108 111 114 116 120 114 126 129 133 130 128 122 5.20 117 118 109 120 119 118 115 116 109 130 113 127 121 113 118 Consumer staples 18.18 113 117 112 112 111 113 114 118 117 125 126 126 120 r116 118 8.11 109 113 104 103 103 104 107 112 113 123 128 127 118 111 108 Beverages and tobacco . 2.32 110 114 98 104 108 117 118 130 117 125 117 123 109 99 2.73 118 123 118 118 117 122 122 125 118 127 125 129 127 126 126 1.44 1H 117 116 115 115 114 115 116 116 118 120 118 117 118 3.45 119 126 134 132 125 121 119 119 124 128 128 125 126 134 1.19 106 108 112 113 105 100 103 104 112 113 106 108 111 114 113 Residential utilities 2 26 126 Electricity 1.57 127 136 154 149 138 132 125 124 128 137 139 131 130 146 Gas .69 124 Equipment 12.16 105 105 102 102 102 103 103 705 103 103 106 107 108 111 109 7.29 102 100 98 97 96 98 99 100 100 101 102 102 103 106 104 Commercial equipment 2.46 118 124 119 119 118 118 120 122 121 126 128 130 132 134 134 1.83 101 99 94 93 98 99 98 100 95 94 99 102 106 105 98 .58 92 98 101 113 119 123 110 108 87 71 87 85 85 90 93 3.46 Materials 27.81 102 100 90 90 91 96 101 105 99 103 104 107 107 106 105 3.67 109 100 93 88 88 92 102 104 94 98 96 108 118 121 120 8.10 101 102 97 97 97 98 99 101 99 101 102 106 109 111 111 9.05 107 106 93 93 96 103 108 115 110 115 114 114 108 101 96 6.99 92 91 75 79 81 88 95 97 86 93 98 100 98 99 104 no 25.44 114 108 109 112 113 114 108 117 116 120 119 r116 117 8.87 110 113 106 108 110 114 112 114 105 116 117 120 111 111 111 Containers .. .. . 2.91 109 115 102 107 112 116 114 121 110 130 125 124 115 105 112 5.96 111 111 107 108 110 113 112 111 103 109 113 118 118 114 112 7.05 119 126 116 119 120 123 126 126 118 129 128 136 136 134 134 Business fuel and power 9.52 103 105 103 103 103 103 103 104 102 108 107 108 108 109 110 Mineral fuels 6.29 97 98 98 '99 99 98 97 96 92 97 97 99 100 101 102 Nonresidential utilities 2.70' 121 Electricity 2.19 120 128 119 117 119 119 124 130 133 140 140 134 130 130 .99 115 118 112 109 114 112 118 119 116 123 123 124 122 122 1.12 127 139 127 125 126 128 131 142 150 158 158 146 139 141 Gas .51 121 .33 Commercial and other .18 Supplementary groups of consumer goods 7.75 116 112 101 104 104 112 113 119 104 97 114 126 129 126 122 23.38 114 117 112 114 113 114 114 117 115 126 123 126 120 116 118 *> Preliminary. f 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

350 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- ractsi,4 total 2 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. 1948 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 I960 164 163 128 287 168 161 195 160 105 123.0 100.0 172.8 95.3 146 126.5 119.6 1961 *>165 ^164 2>129 *17O *164 2>196 #161 108 122.4 95.9 170.5 91.2 149 127.8 119.1 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 91.5 144 127.4 118.7 168 166 129 306 171 166 194 164 111 122.6 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 91.1 151 128.1 118.6 172 170 130 314 174 169 198 168 116 123.0 96.8 174.4 91.8 150 128.0 118.9 Sept.... 168 167 128 316 172 164 201 165 103 122.9 96.3 175.9 90.1 150 128.3 118.8 Oct 171 170 131 317 175 168 203 168 114 123.1 96.5 179.1 94.4 151 128.4 118.7 Nov 173 172 132 315 178 170 207 168 116 123.4 97.3 182.0 95.3 153 128.3 118.8 Dec '174 173 133 '315 '179 '172 208 170 119 123.3 '97.6 '182.0 95.6 156 128.2 119.2 1962 Jan 173 171 131 322 177 171 203 168 115 123.2 97.1 175.7 93.9 *149 128.2 119.7 Feb »174 *173 ?130 *>325 ^178 P172 *>206 *>170 P123.8 ^97.7^177.1 96.8 «151 119.7 e Estimated. » Preliminary. ' 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 arid 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 1961 1962 Type of ownership and type of construction 1960 1961 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total construction 36,318 37,135 2,485 2,235 3,166 3,298 3,501 3,602 3,529 3,543 3,004 3,291 3,008 2,712 2,658 By type of ownership: Public 12,587 12,547 838 732 1,090 1,170 1,127 1,235 1,265 1,158 954 1,021 942 1,091 Private 23,731 24,588 1,647 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: 15,105 16,123 974 870 1,371 1,454 1,553 1,558 1,502 1,589 1,381 1,498 1,306 1,125 1,190 Nonresidential 12,240 12,115 813 804 1,027 1,050 1,105 1,221 1,154 1,087 987 1,005 1,095 883 853 Public works and utilities 8,973 8,897 698 561 768 794 843 823 873 866 637 787 607 704 615 NOTE.—Monthly data exceed annual totals and are not comparable counting for negative adjustments in monthly data after original figures with monthly data for 1957 and earlier years because of the policy of ac- have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 351 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates, * Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f r e a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sine 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 t o e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r o A th l e l r 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 7,123 19592 56,555 40,344 24,962 11,044 2,106 3,930 5,008 4,338 16,211 1,488 5,870 1,467 7,386 1960 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 1,386 5,464 1,487 7,616 1961 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 1,368 5,818 1,581 8,267 1961—Feb.. 55,717 37,962 20,016 13,197 2,992 4,821 5,384 4,749 17,755 1,942 5,934 1,549 8,330 Mar,. 55,794 38,511 20,508 13,098 2,957 4,743 5,398 4,905 17,283 1,764 5,662 1,569 8,288 Apr.. 55,504 38,986 21,042 12,880 2,921 4,636 5,323 5,064 16,518 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 Dec. 58,910 41,881 24,440 12,515 2,537 4,641 5,337 4,926 17,029 982 6,235 1,590 8,222 1962—Jan. P. 59,580 41,313 23,382 12,905 2,590 4,928 5,387 5,026 18,267 1,139 7,250 1,636 8,242 Feb.?' 58,708 40,398 22,525 12,754 2,592 4,756 5,406 5,119 18,310 1,186 6,963 1,692 8,469 9 Preliminary, 2 Beginning with 1959, series includes Alaska and Hawaii. i Data for 19•553-58 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 Government-underwritten 2 Year or month (p a r n i n v u at a e l o ra n t l e y) Total p M a o r e l e i t a t r a s o n 1 - p m a N o r e l e o i t a t r n a s o - n 1 - 1- 2- Multi- Public Total Nonfarm Total family family family Total FHA VA 1953. ,104 804 300 1,068 933 42 94 36 409 252 157 1954. ,220 897 324 1,202 1,077 34 90 19 583 276 307 1955. ,329 976 353 1,310 1,190 33 87 19 670 277 393 1956. ,118 780 338 1,094 981 31 82 24 465 195 271 1957. ,042 700 342 993 840 33 120 49 322 193 128 1958. ,209 827 382 1,142 933 39 170 68 439 337 102 1959. ,379 946 432 1,343 1,079 49 215 36 458 349 109 19593.. ,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960... ,296 889 407 1,252 995 44 214 44 336 261 75 1961. . . ,356 938 418 '1,304 969 43 292 ^52 328 244 83 1961—Jan... 1,127 1,098 73 51 21 70 50 3 17 3 19 14 5 Feb.. 1,169 1,115 81 56 25 76 56 4 16 5 18 13 5 Mar.. 1,296 1,262 110 79 31 105 78 4 23 5 27 20 6 Apr.. 1,166 1,143 115 80 36 111 84 4 24 4 26 20 6 May. 1,291 1,268 131 90 41 127 96 4 26 4 32 24 8 June. 1,381 1,351 138 93 46 132 100 4 29 6 30 22 8 July.. 1,343 1,318 129 41 125 96 4 25 3 29 21 7 Aug.. 1,326 1,301 130 42 127 95 3 29 3 34 26 8 Sept.. 1,383 1,365 128 91 37 122 91 4 28 6 28 21 7 Oct.. 1,434 1,404 129 41 124 92 4 27 5 33 23 9 Nov.. 1,351 1,328 106 72 34 103 74 3 25 3 30 23 7 Dec.. '1,309 »1,269 63 24 58 3 23 23 17 6 1962—Jan.. '1,292 n,260 62 23 ^82 23 18 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

352 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment; in thousands of persons unless otherwise indicated] Civilian labor force Unemploy- Total non- Total Employed *• Not in the ment Year or month institutional labor labor force rate population force Total In nonagri- In U pl n o e y m ed - (percent)2 Total in c d u u lt s u t r ri a e 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 Feb . . 126,918 72,894 70,360 64,655 59,947 4,708 5,705 54,024 6.9 Mar . 127,115 73,540 71,011 65,516 60,539 4,977 5,495 53,574 6.8 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 7.0 127,768 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 Aug 128,183 75,610 73,081 68,539 62,215 6,325 4,542 52,573 6.8 Sept 128,372 73,670 71,123 67,038 61,372 5,666 4,085 54,701 6.8 Oct 128,571 74,345 71,759 67,824 61,860 5,964 3,934 54,226 6.7 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 6.0 1962—Jan . 129,118 72,564 69,721 65,058 60,641 4,417 4,663 56,554 5.8 Feb 129,290 73,218 70,332 65,789 61,211 4,578 4,543 56,072 5.6 i Includes self-employed, unpaid family, and domestic service workers. Information relating to persons 14 years of age and over is obtained * Per cent of civilian labor force. Monthly data seasonally adjusted. through interviews of households on a sample basis. Monthly data NOTE.—Inclusion of figures for Alaska and Hawaii beginning with relate to the calendar week that contains the 12th day; annual data are 1960 increased population by about 500,000 and total labor force by averages of monthly figures. about 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION i [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 tr n uc- ti p o u n b a li 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 54,077 16,267 666 2,760 3,923 11,368 2,748 7,516 8,828 SEASONALLY ADJUSTED 1961—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 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 54,492 16,513 654 2,699 3,911 11,366 2,770 7,642 8,937 1962 Jan P 54,424 16,459 651 2,586 3,908 11,386 2,770 7,637 9,027 Febv 54,693 16,544 649 2,671 3,909 11,438 2,774 7,665 9,043 WITHOUT SEASONAL ADJUSTMENT 1961—Feb 52,523 15,838 656 2,342 3,871 11,040 2,706 7,333 8,737 Mar 52,785 15,866 654 2,454 3,872 11,101 2,710 7,359 8 769 Apr 53,171 15,904 657 2,619 3,870 11,162 2,724 7,448 8,787 May 53,708 16,076 668 2,775 3,891 11,238 2,734 7,510 8 816 June 54,429 16,320 678 2,971 3,945 11,354 2,766 7,598 8 797 July 54,227 16,268 672 3,023 3,977 11,327 2,795 7,631 8,534 Aug 54,538 16,531 677 3,075 3,971 11,342 2,801 7,606 8 535 Sept 54,978 16,646 676 3,021 3,971 11,378 2,770 7,612 8.904 Oct 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 55,503 16,556 657 2,575 3,927 12,181 2,756 7,573 9,278 1962—Jan P.. 53,725 16,370 645 2,291 3,865 11,272 2,745 7,507 9,030 Feb.p 53,747 16,425 638 2,262 3,858 11,179 2,749 7,535 9,101 P Preliminary. during, or received pay for, the pay period ending nearest the 15th of i 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 353 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 Feb. Dec. Jan.* Feb.?' Feb. Dec. Jan.*' Feb.? Total 11,755 12,257 12,195 12,276 11,642 12,303 12,119 12,162 Durable goods 6,377 6,797 6,754 6,825 6,351 6,844 6,762 6,799 Ordnance and accessories 91 97 96 96 91 98 97 96 Lumber and wood products 523 537 536 541 490 526 508 507 Furniture and fixtures 295 312 307 308 294 314 307 307 Stone, clay, and glass products 440 453 446 449 421 449 430 430 Primary metal industries 858 958 965 981 859 960 968 982 Fabricated metal products 786 841 836 843 784 851 842 841 Machinery except electrical 958 980 976 983 970 977 981 996 Electrical machinery 939 995 998 1,012 939 1,013 1,008 1,012 Transportation equipment 971 1,087 1,061 1,078 999 1,123 1,105 1,108 Instruments and related products 217 225 224 225 217 227 225 225 Miscellaneous manufacturing industries 299 312 309 309 286 307 290 296 Nondurable goods 5,378 5,460 5,441 5,451 5,291 5,459 5,357 5,363 Food and kindred products 1,195 1,188 1,186 1,177 1,101 1,159 1,111 1,084 Tobacco manufactures 80 77 78 77 77 81 79 75 Textile-mill products 783 799 799 797 778 801 793 792 Apparel and other finished textiles 1,050 1,076 1,062 1,066 1,071 1,084 1,062 1,087 Paper and allied products 464 475 All 473 459 477 469 468 Printing, publishing and allied industries 594 597 594 596 591 602 592 593 Chemicals and allied products 497 513 512 515 495 511 509 513 Products of petroleum and coal 131 125 130 130 129 124 128 128 Rubber products 266 290 291 299 266 296 295 299 Leather and leather products 318 320 318 321 322 323 320 325 v Preliminary. part-time) who worked during, or received pay for, the pay period ending i 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 INDUSTRIES1 [Bureau of Labor Statistics; in unit indicated] Average hours worked Average weekly earnings Average hourly earnings (per week) (dollars per week) (dollars per hour) Seasonally adjusted Without seasonal adjustment Without seasonal adjustment Industry group 1961 1962 1961 1962 1961 1962 Feb. Dec. Jan.** Feb. Dec. Feb.* Feb. Dec. Jan.** Total 39.3 40.4 39.8 40.3 89.31 96.63 94.88 95.20 2.29 2.38 2;39 2.38 Durable goods 39.6 41.2 40.3 40.9 96.29 105.32 103.17 103.53 2.45 2.55 2.56 2.55 Ordnance and accessories 40.4 41.3 40.4 41.0 111.50 117.18 114.65 115.21 2.76 2.81 2.81 2.81 Lumber and wood products 39.2 39.4 38.0 39.9 69.89 76.63 73.28 76.25 1.82 1.97 1.97 1.95 Furniture and fixtures 38.9 40.8 39.4 40.3 72.77 81.32 75.27 77.01 1.89 1.95 1.93 1.93 Stone, clay, and glass products 40.2 40.5 39.4 40.6 90.62 95.04 92.73 94.33 2.30 2.37 2.39 2.37 Primary metal industries 38.0 40.6 40.6 40.8 107.26 121.58 122.81 122.51 2.83 2.98 3.01 3.01 Fabricated metal products 39.8 40.9 40.5 41.3 96.92 105.16 101.96 103.22 2.46 2.54 2.53 2.53 Machinery except electrical 40.6 41.8 41.3 41.9 104.90 111.87 110.27 111.61 2.59 2.67 2.67 2.67 Electrical machinery 39.9 40.6 40.3 40.3 92.50 97.82 95.51 95.04 2.33 2.38 2.37 2.37 Transportation equipment 39.6 42.2 41.0 41.4 108.74 125.13 119.23 118.24 2.76 2.91 2.88 2.87 Instruments and related products 40.4 41.3 40.8 41.0 94.87 99.95 99.14 99.14 2.36 2.42 2.43 2.43 Miscellaneous manufacturing industries. 39.4 39.8 39.3 39.5 75.66 78.40 77.03 77.42 1.93 1.96 1.97 1.97 Nondurable goods 38.8 39.7 39.2 39.5 80.47 85.57 84.24 84.28 2.09 2.15 2.16 2.15 Food and kindred products 40.9 40.7 40.4 40.7 87.23 90.80 90.45 90.00 2.17 2.22 2.25 2.25 Tobacco manufactures 38.3 39.0 36.7 39.9 65.12 72.98 66.43 70.64 1.76 1.82 1.81 1.83 Textile-mill products. 38.6 40.8 40.1 40.4 61.99 67.82 65.84 66.50 1.61 1.65 1.65 1.65 Apparel and other finished textiles 34.8 36.3 34.7 35.7 56.19 59.95 57.62 59.79 1.61 1.67 1.67 1.67 Paper and allied products 42.0 42.9 42.3 42.7 95.68 101.9.1 100.20 100.67 2.30 2.37 2.38 2.38 Printing, publishing and allied industries 38.2 38.4 38.1 38.2 103.36 107.97 104.98 105.64 2.72 2.79 2.77 2.78 Chemicals and allied products. 41.1 41.3 41.5 41.5 103.89 108.99 109.56 108.62 2.54 2.62 2.64 2.63 Products of petroleum and coal 40.7 41.2 41.9 40.6 121.00 123.62 128.44 121.50 3.01 3.03 3.08 3.03 Rubber products 39.5 41.6 40.9 40.8 91.49 102.83 99.31 96.96 2.34 2.46 2.44 2.40 Leather and leather products 36.7 38.5 37.8 38.0 61.55 66.18 66.18 66.01 1.65 1.71 1.71 1.71 * 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

354 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 U S n t i a t te e s d 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 n - ta c Ch a i g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a 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 1961—Jan 142 126 r131 132 140 r147 r178 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 144 133 136 138 138 150 175 132 138 139 152 160 153 149 136 142 146 142 156 185 137 143 144 159 162 162 July. 151 134 142 145 145 161 194 143 147 137 165 178 167 150 132 143 142 145 156 179 137 141 133 157 184 157 Sept 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 156 r139 r146 148 151 165 196 141 143 142 163 185 r178 1962—Jan .... .. .. . P149 137 141 146 145 157 185 132 135 P160 172 164 WITHOUT SEASONAL ADJUSTMENT 1961—Jan 108 95 r105 97 105 105 137 98 107 96 121 r131 119 Feb 109 91 105 102 104 110 141 96 102 105 114 127 126 Mar 132 116 128 134 130 142 177 116 126 121 137 155 138 Apr .... 134 120 125 131 126 139 172 123 127 128 147 159 148 May 140 131 132 135 133 149 171 131 140 133 152 160 145 141 129 136 136 133 146 166 132 133 139 151 149 156 July . . 126 102 106 110 122 134 165 114 122 109 145 158 149 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 279 '270 267 273 273 305 345 246 249 245 280 317 311 nn 1962—Jan 104 112 108 109 113 142 99 100 136 127 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 June 163 153 148 165 147 184 227 151 152 151 166 180 178 July 166 153 149 165 151 187 227 159 151 161 171 182 176 Aus 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 2>172 158 153 174 151 244 166 157 160 nss ^185 WITHOUT SEASONAL ADJUSTMENT 1960—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 H56 147 143 157 138 215 144 141 149 » 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 355 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period S (t a f o o le t r a s l i St ( o e o c n f k d s i o s r O t d i a n u e n g r t d - s - * c ( e t R i o p e t - t a s l 2 o ( r N t d o e e t w a rs l 3 Stocks s O t i a n u n g t d - - S st p o t a o l u n u c t d s k - - s c R ei e p - ts month) month) (end of ior firovrf orders ing month) month) month) orders Annual average: 1953. 406 1,163 All 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 LI 4.1 1.0 1957 459 1,338 461 461 458 3.1 LI 4.1 1.0 1958 462 1,323 437 462 464 3.0 L0 4.1 1.0 1959 488 [,391 510 495 498 3.0 LI 4.1 1.1 1960 494 1,474 518 496 493 3.1 LI 4.3 1.0 1961 -503 1,485 530 -508 512 3.1 LI 4.3 1.0 Month: 1961—Jan.. '376 r1,319 '431 '350 r447 r3.5 rI 1 4.7 .9 Feb.. 348 1,368 474 400 438 3.9 "A 5.3 LI 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 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 L8 5.3 LO Aug., 466 1,470 650 560 521 3.2 1.4. 4.5 L2 Sept. 475 1,576 654 581 585 3.3 L4 4.7 L2 Oct.. 529 1,708 645 661 652 3.2 1.2 4.4 L2 Nov. 630 1,776 555 698 608 2.8 .9 3.7 LI Dec. 965 1,406 391 595 431 1.5 .4 1.9 .6 1962—Jan. * 407 1,405 471 406 486 3.5 1.2 4. I 1.0 9 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 1961, 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 i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1960 1961 1962 1960 1961 1962 1960 1961'4 1962 Jan J .561 J.644 1,642 J.484 1,536 1,592 J.143 1,150 1,373 Feb 1,579 1,671 1,500 1,606 1,289 1,068 Mar . . . 1,753 1,933 :1,636 1,888 1,378 1,255 Apr 817 I 707 I 703 1 648 I 261 1 063 May ,814 1,749 1,720 1,677 1,262 1,223 June L 742 I 699 I 642 1 644 [ 307 1 232 July L702 1,637 1,632 1,558 1,150 1,285 Aug.. . . 619 I 669 1,556 1 598 I 230 1 252 Sept 612 I 631 I 559 1 557 I 161 1 197 Oct .746 1,890 1,692 1,817 1,157 1,364 Nov 1 799 I 818 I 726 1 759 I 159 1 342 Dec 1,806 .827 .752 1,777 . 158 1,295 Tan -Dec 20,550 20,875 19,602 20,065 14,655 14,726 r Revised. 3 General imports including imports for immediate consumption plus * Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment 4 Beginning with January 1961, imports include uranium ore and conand supplies under Mutual Security Program. centrates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 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 r-e,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 ec d - 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 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.0 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1959 .. 124.6 118.3 129.2 139.7 119.9 136.6 103.9 134.3 107.9 146.3 150.8 131.2 118.6 129.7 I960. 126.5 119.7 131.5 141.8 124.8 135.6 104.2 137.4 109.4 146.2 156.2 133.3 121.5 132.2 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 Jun© 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 128.2 120.4 133.1 144.4 125.7 140.1 103.3 139.5 111.0 149.3 162.6 134.8 125.3 133.7 1962—Jan.. 128.2 121.0 133.1 144.5 125.7 141.6 102.8 139.6 109.2 149.3 162.7 135.3 125.6 133.7 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 i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e n c o p l r x t e d d - e s - l - l H s e p u k a a r i n c i o t d n h t d d e s s e s - , r , r p p e u F a a o l r c n a u n o w t t e d d d s e e l , - d r C p a i u a l h c r l n c o a i e e t d l d m s s d - - p R u a b r u n c o e b t d d r s - - L p w u a b r u o n c o e m o t d d r s d - - p p a P u a a l r l u n c o p ie t l d d e p s d r - , ,M p m u a r e e n c o t t t d d a a s l - l s p c M u m a t e r h i n c o r v i o a t y n d d e - s - - - h F d o h t b o a u u t u o n l h u r r e r l d e s n a e d s e r i - - - p N t m u m e a r o c r o l i e l a n t n d i - s l c - - - b b p e o b u T a a r r t e a n c o c o t v g l t c d d - e s - e o - d s n c M e e o l i l s u a - s - 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 , 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958. 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144.5 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 1960 119.6 88.8 107.7 128.3 96.1 110.3 113.8 110.2 144.7 121.3 133.2 153.8 153.4 123.1 138.0 131.8 92.1 1961—Jan.. 119.9 89.7 109.9 128.1 94.8 108.3 117.2 109.7 139.7 115.7 132.2 152.2 153.5 122.3 138.5 132.1 95.6 Feb.. 120.0 90.0 110.5 128.1 94.7 108.0 117.7 110.0 139.6 114.7 132.2 152.3 153.4 122.2 138.4 132.1 95.2 Mar. 119.9 89.9 109.6 128.2 94.4 109.5 117.5 110.1 139.9 115.4 131.5 152.4 153.4 122.2 138.6 132.1 96.8 Apr., 119.4 88.5 108.7 128.0 94.1 109.9 115.2 110.2 140.1 1.18.0 131.0 152.7 153.1 122.5 138.6 132.0 97.7 May. 118.7 86.8 107.5 127.6 94.0 110.7 113.6 109.9 140.2 117.6 126.1 153.0 153.1 122.4 138.5 132.1 99.5 June. 118.2 85.1 106.7 127.4 93.7 110.1 114.3 109.3 139.6 117.8 126.5 153.1 153.2 122.4 138.3 132.1 95.9 July. 118.6 87.1 107.5 127.4 93.9 111.1 114.6 108.9 139.0 117.2 126.4 153.2 153.0 122.3 138.4 132.6 95.6 Aug.. 118.9 88.6 108.1 127.4 94.2 113.1 114.4 108.4 139.4 115.9 126.3 153.6 152.7 122.1 138.5 132.8 95.6 Sept., 118.8 87.2 108.1 127.5 94.4 113.5 113.7 108.1 139.6 115.7 129.5 153.7 152.7 122.2 138.5 133.4 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 94.8 113.8 114.0 107.9 138.4 114.7 129.9 152.4 152.9 122.3 138.6 133.5 97.5 Dec. 119.2 '87.8 108.8 127.7 r94.9 113.3 114.9 107.9 '136.9 1.14.5 130.4 152.7 153.0 122.1 138.3 133.4 98.6 1962—Jan.. 119.7 89.7 109.8 127.9 94.9 113.3 115.3 108.2 136.6 114.6 130.7 153.0 153.0 122.2138.6 133.5 98.5 'Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 357 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index; 1947-49= 100] 1961 1962 1961 1962 Subgroup Subgroup Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Farm Products: Pulp, Paper, and Allied Products—Cont.. Fresh and dried produce 103.7 95.4 92.5 102.9 Paperboard 132.4 122.4 122.4 122.4 Grains 75.2 79.3 79.0 78.1 Converted paper and paperboard.... 130.9 127.3 128.3 128.7 Livestock and poultry 84.7 76.9 79.5 82.3 Building paper and board 145.6 143.9 143.3 142.2 Plant and animal fibers 90.7 99.3 99.3 99.2 Fluid milk 101.1 100.6 100.2 99.9 Metals and Metal Products: Eggs . 75.2 80.1 71.9 73.3 Hay and seeds 79.5 81.3 81.6 81.7 Iron and steel 169.4 169.2 169.3 170.0 Other farm products 128.3 129.4 131.5 130.2 Nonferrous metals 132.1 134.0 134.8 134.5 Metal containers 156.6 156.6 156.6 159.5 Processed Foods: Hardware 174.9 176.7 177.1 177.1 Plumbing equipment 130.9 133.8 133.7 133.6 Cereal and bakery products 123.5 125.2 125.2 126.3 Heating equipment , 114.9 114.3 115.0 114.5 Meats, poultry, and fish 98.3 92.6 94.9 98.2 Fabricated structural metal products, 133.6 131.7 131.8 131.8 Dairy products and ice cream 121.3 123.8 124.4 123.1 Fabricated nonstructural metal Canned, frozen fruits, and vegetables. 111.8 108.1 108.0 106.9 products 149.6 150.0 150.0 150.2 Sugar and confectionery 116.2 113.0 114.5 114.7 Packaged beverage materials 139.1 136.4 136.4 136.0 Machinery and Motive Products: Other processed foods. 102.5 99.6 98.5 98.4 Agricultural machinery and equip- Textile Products and Apparel: ment 148.4 149.5 150.5 150.8 Construction machinery and equip- Cotton products 90.8 91.8 91.9 92.0 ment 177.6 178.6 178.6 178.7 Wool products 100.1 101.6 101.6 101.7 Metalworking machinery 182.7 183.6 184.9 185.2 Synthetic textiles 77.3 75.5 75.6 75.6 General purpose machinery and Silk products 130.9 132.9 129.6 129.7 equipment , 166.1 165.9 166.4 166.9 Apparel 100.5 100.8 100.8 100.8 Miscellaneous machinery , 151.3 152.3 151.9 152.1 Other textile products 99.2 93.5 r94.1 93.5 Special industry machinery and equipment (Jan. 1961= 100) 100.0 100.7 100.9 101.4 Hides, Skins, and Leather Products: Electrical machinery and equipment , 152.2 151.1 151.0 150.4 Hides and skins 61.7 79.6 76.3 74.7 Motor vehicles , 140.8 139.9 139.8 139.8 Leather 97.8 108.6 108.4 108.8 Transportation equip., R. R. rolling Footwear 132.7 134.8 134.8 134.8 stock (Jan. 1961=100) 100.0 100.5 100.5 100.5 Other leather products 104.2 105.9 105.8 106.4 Furniture and Other Household Dura- Fuel and Related Products and Power: bles: Coal 123.4 121.2 121.6 121.8 Household furniture 126.1 127.5 127.3 127.5 Coke 170.4 170.4 170.4 170.4 Commercial furniture 155.9 156.7 156.7 156.7 Gas fuels (Jan. 1958= 100) 121.1 119.3 118.4 118.1 Floor covering 128.7 129.1 128.7 128.3 Electric power (Jan. 1958= 100) 102.3 102.6 102.5 102.5 Household appliances 100.2 99.8 99.6 99.9 Crude petroleum and natural gasoline 126.8 127.4 127.4 127.4 Television, radios, phonographs. 90.9 88.0 88.0 86.7 Petroleum products, refined 121.1 115.0 117.0 117.8 Other household durable goods.. 156.2 157.4 156.8 158.0 Chemicals and Allied Products: Nonmetallic Mineral Products: Industrial chemicals 123.0 120.3 120.1 120.5 Flat glass 132.4 130.3 130.3 130.3 Prepared paint 131.7 132.2 132.2 132.2 Concrete ingredients 142.2 141.6 140.9 142.2 Paint materials 104.8 99.3 99.0 99.6 Concrete products 131.1 131.2 131.1 131.0 Drugs and Pharmaceuticals 92.7 91.0 91.0 90.8 Structural clay products 162.1 162.0 162.1 162.2 Fats and oils, inedible , 50.2 46.0 '47.2 50.0 Gypsum products 134.6 137.3 137.3 137.3 Mixed fertilizers 111.6 114.2 114.0 114.2 Prepared asphalt roofing.... 114.2 120.4 120.4 119.7 Fertilizer materials 112.4 112.3 112.3 113.5 Other nonmetallic minerals. 133.5 133.1 132.7 132.7 Other chemicals and products 105.4 105.3 105.4 105.5 Tobacco Products and Bottled Bev- Rubber and Products: erages: Crude rubber 135.7 134.7 133.6 134.6 Cigarettes 134.8 134.8 134.8 134.8 Tires and tubes 137.2 137.0 133.8 132.5 Cigars 106.5 106.5 106.5 106.5 Other rubber products 143.6 141.1 141.1 141.1 Other tobacco products. 155.7 157.8 157.8 157.8 Alcoholic beverages 121.2 121.2 121.1 121.3 Lumber and Wood Products: Nonalcoholic beverages. 171.6 180.5 180.5 180.5 Lumber 114.5 114.3 114.2 114.5 Miscellaneous: Millwork 135.8 132.2 132.0 131.9 Plywood 91.7 91.6 91.1 90.5 Toys, sporting goods, small arms. . 118.4 119.9 119.1 118.6 Manufactured animal feeds 74.6 76.8 78.5 78.6 Pulp, Paper, and Allied Products....... Notions and accessories 96.4 96.2 96.2 96.2 Jewelry, watches, photo equipment. 111.2 112.3 112.3 112.0 Woodpulp 114.5 114.4 114.4 114.4 Other miscellaneous 132.8 133.3 132.3 132.5 Wastepaper 67.8 86.9 86.9 91.4 Paper 145.7 145.4 145.4 145.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 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 .8 -2.9 6.2 4.0 1.8 -2.2 -4.3 2.4 4.1 5.1 Net exports of goods and services. .8 1.1 .6 4.9 1.2 3.0 4.0 5.1 5.3 3.9 2.6 4.0 Exports 7.0 2A 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 53.5 52.9 57.3 53.0 54.7 5.66 57.4 60.0 N O Le t a h s t s i e o : r n G a o l v d e e r f n e m ns e e nt sales 1 . . 0 3 2. . 0 0 ' ' 1 3 3 :o . 2 8 1 5 4 . . 2 3 4 5 4 . . . 4 7 4 4 8 4 . . 3 8 4 7 6 . . . 8 2 5 4 8 5 . . . 0 5 6 4 8 9 . . . 6 2 6 4 7 5 . . . 9 7 6 4 8 7 . . . 0 2 5 4 8 8 . . . 3 5 8 4 8 9 . . . 0 9 6 5 9 1 . . . 0 7 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] Annual totals Quarterly 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 Condensation of emolovees 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 Wciges 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 Supplements to wages and salaries......... .7 .5 2.7 7.8 17.0 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 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 11.5 Corporate profits and inventory valuation 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 9.6 .2 17.0 40.6 43.2 37.4 46.8 45.0 46 A 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 2.1 4.5 9.2 12.6 12.4 13.4 14.1 14.4 14.3 14.2 14.2 14.3 is 6 Undistributed profits 2.4 -2.4 4.9 13.6 9.7 6.4 10.3 8.6 8.8 7.2 5.8 8.6 9.5 .5 -2.1 -2.5 -5.0 -1.5 2 -.5 .0 .1 .3 .4 .3 -.2 q 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 359 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 m ents . . . 6 3 . . 7 9 . . 4 5 .8 7 - 1 .6 .8 -1 1 . . 5 8 -1 1 . . 7 8 -2 1 . . 6 8 -1 1 . . 5 8 -2 1 . . 9 8 -2 1 . . 6 8 -1 1 . . 7 8 -1 1 . . 5 8 1.8 Plus: Subsidies less current surplus of government enterprises — 1 .0 .1 .2 1.0 1.1 .4 .5 1.4 .5 .5 1.4 1.8 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 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. Contributions for social insurance.... .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 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 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 1.2 1.3 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 2.1 4.5 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 .7 .5 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Equals: Personal income 85.8 47.2 96.3 228.5 351.4 360.3 383.3 402.2 416.7 405.4 404.7 413.2 420.3 428.6 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 42.6 42.3 46.0 50.4 51.8 50.5 50.3 51.4 52.5 53.1 Federal 1.3 .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 1.0 1.3 2.6 5.3 5.7 6.4 7.2 8.0 7.4 7.7 7.8 8.0 8.3 State and local. 83.1 45.7 93.0 207.7 308.8 317.9 337.3 351.8 364.9 354.9 354.3 361.8 367.8 375.6 Equals: Disposable personal income 79.0 46.4 81.9 195.0 285.2 293.2 314.0 328.9 339.0 332.3 330.7 336. 341.0 348.4 Less: Personal consumption expenditures... 4.2 -.6 11.1 12.6 23.6 24.7 23.4 22.9 25.8 22.7 23.7 25.8 26.8 27.1 Equals: Personal saving 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] 1961 1962 Item i 1960 1961 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.*7 Total personal income. 402.2 416.7 403.6 403.1 407.3 409.8 413.2 417.3 421.2 419.4 421.1 425.2 429.3 431.8 430.3 Wage and salary disbursements 271.3 297.7 269.6 269.5 271.1 274.6 277.2 280.7 282.3 282.8 284.0 286.4 289.4 290.7 290.1 Commodity-producing industries.. 110.4 111.2 106.2 105.6 106.5 109.1 110.5 112.7 113.2 112.9 112.9 114.1 1.15.8 115.6 114.3 Manufacturing only 87.4 87.8 83.8 83.5 84.1 86.1 57.5 88.9 89.3 89.0 88.8 89.9 91.3 91.4 90.6 Distributive industries 71.8 73.4 71.8 71.8 71.8 72.3 72.9 73.5 74.0 74.2 74.7 74.8 74.7 75.4 75.7 Service indistries 40.7 43.1 41.6 41.7 42.1 42.3 42.5 42.9 43.3 43.6 44.0 44.4 44.7 45.1 45.2 Government 48.4 51.9 50.0 50.4 50.7 51.0 51.3 51.6 51.8 52.1 52.4 53.1 54.2 54.6 54.9 Other labor income. 10.9 11.1 11.0 10.7 10.6 10.7 10.8 11.0 11.1 11.2 11.2 11.4 11.5 11.7 11.8 Proprietors' income 48.2 49.6 48.9 48.7 49.0 49.0 49.1 49.4 49.5 49.4 49.5 50.5 51.1 50.9 50.7 Business and professional. 36.2 36.5 36.0 35.8 36.0 36.1 36.3 36.4 36.6 36.6 36.8 37.0 37.3 37.4 37.4 Farm 12.0 13.1 12.8 12.9 13.0 12.9 12.9 13.0 12.9 12.8 12.7 13.5 13.8 13.5 13.3 Rental income.......... 11.7 11.5 11.6 11.5 11.4 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 11.5 Dividends 14.1 14.4 14.2 14.2 14.2 14.2 14.2 14.3 t4.3 14.3 14.4 14.5 14.8 15.5 14.9 Personal interest income. 26.2 27.3 26.8 26.8 26.8 26.8 27.0 27.1 27.2 27.4 27.5 27.7 27.9 28.2 28.5 Transfer payments 29.1 32.9 31.1 31.1 33.7 32.5 33.0 33.0 35.2 32.5 32.7 33.1 33.2 33.4 33.1 Less: Personal contributions for social insurance 9.3 9.7 9.6 9.4 9.6 9.6 9.7 9.8 9.8 9.8 9.8 10.0 10.1 10.1 10.2 Nonagriculturai income. 386.2 399.4 386.8 386.2 390.4 392.9 396.4 400.2 404.0 402.4 404.1 407.2 410.9 413.1 412.3 Agricultural income 16.0 17.3 16.8 16.9 16.9 16.9 16.8 17.1 17.2 17.0 17.0 18.0 18.5 18.2 17.9 * Preliminary. NOTE.—For explanation of series see U. S. Income and Output (a supplei Monthly data are seasonally adjusted totals at annual rates. ment to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT |In billions of dollars] Quarterly totals Annual totals Transaction category, 1959 1960 1961 or sector 1956 1957 1958 1959 1960 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 C B F C a o r n m su a m n e d r n a o n n d c n o o rp n . p r b o u fi s t 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 j 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 3A E Federal Government1 5.9 3.6 -8.2 -5.0 3.8 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.1 .5 -1.8 F State and local governments * ... -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 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 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 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 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 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 Plant and equip, (nonprofit)... .5 .6 .6 .6 .2 .2 .2 .2 .2 .2 .2 M Farm business 3.7 3.9 4.0 4.2 4A \\\ 1.1 1.1 KO 1.0 1.0 1.0 1.0 1.1 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 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 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 2 C Fa o r n m su a m n e d r n a o n n d c o n r o p. n b p u r s o in fi e t s . s ...... 6 1 6 1 . . 2 3 6 1 8 2 . . 6 0 6 1 8 1 . . 0 9 7 1 3 2 . . 7 4 7 1 3 2 . . 5 7 1 1 9 . . 6 4 1 7 6 . . 0 9 1 1 9 . . 9 3 1 3 7 . . 1 0 2 2 0 . . 5 0 1 5 7 . . 2 3 1 2 8 . . 6 9 1 1 7 . . 8 3 2 2 0 . . 6 8 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 Federal Government1 5.9 3.6 -8.2 -5.0 3.8 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.1 .5 -1.8 T State and local governments i ... -3.0 -3.6 -4.9 -4.1 -5.0 g -.8 -.6 -1.2 -1.6 -1.6 -1.2 -1.8 -2.0 V U Financial sectors 3.0 3.7 3.0 3.7 4.5 2.0 -.1 1.8 .7 2.0 1.6 .8 2.1 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 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 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 14.1 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 a Nonfarm residen. constr.4 16.9 15.6 75.3 19.2 18.4 5./ 5.4 4.6 4.2 4.7 4.9 4.0 3.8 4.2 b Plant and equip, (nonprofit).., 2.1 2.5 2.7 2.9 3.2 .8 .8 .7 .7 .9 .8 .8 .9 c Farm business 3.8 4.0 AA 4.7 4.2 1.2 1.0 1.1 1.2 1.1 .9 l'.O 1.3 1.7 d 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 e 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 f Financial sectors .7 .8 .7 .8 .2 .2 .2 .2 .2 .2 .2 .2 .2 Change in inventories5 4.7 1.6 -2.0 6.3 4.2 .7 4.6 .5 .2 -1.1 .3 .9 Farm business .4 .9 .3 * .1 .1 .1 .1 .1 Noncorp. nonfinan. business. .2 .2 -.2 .9 .9 -.5 1.3 .1 * -.6 * i Corp. nonfinan. business.... 4.9 .6 -2.6 5.3 3.1 .1 1.2 3.2 .4 .1 -.6 .2 j Net financial investment6 2.1 4.2 .3 -1.7 -.8 .1 .1 -.1 .8 .3 k 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 1 Net acquis. offinan, assets. 26.8 26.0 30.9 31.6 21.9 7.6 5.5 4.4 3.6 7.4 6.5 5./ 6.5 8.7 m 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 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 Net acquis. offinan. assets. .4 .8 1.1 -.7 — .2 -.3 .7 -.5 .2 -.2 .3 .2 -.7 Net increase in liabilities... 2.5 3.1 3.3 3.3 3.3 2.2 -4.0 2.3 1.6 1.4 -1.9 '.5 3.0 2.4 Corp. nonfinan. business.... -13.3 -8.6 -3.6 -3.4 -7.6 -.1 -1.7 -4.0 -2.4 -1.1 * -3.2 -.1 -.5 Net acquis. offinan. assets. 4.4 4.5 11.3 13.7 3.3 3.6 4.4 -2.2 1.1 1.8 2.6 -2.2 5.0 3.7 t Net increase in liabilities... 17.7 13.1 15.0 17.0 10.9 3.7 6.1 1.8 3.6 2.9 2.6 1.0 5.0 3.5 u Federal Government 5.9 3.6 -8.2 -5.0 3.8 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.1 .5 -1.8 v Net acquis. offinan. assets 1.6 3.2 1.6 6.3 3.7 2.6 -.8 -.3 4.2 .7 -1.0 -7.5 2.3 3.5 w 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 .3 -.5 -1.0 -2.2 .3 -1.2 2 -3.0 c z b d a > 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 i a i i n n a a c c l c l 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 i s i f f d n n f i i i n n s l l a a c i i a a n r n e b b . . p i i l a l a i i s s t t i i s s e e e e s s t t . . s s . . 2 2 - 2 4 2 2 0 .2 . . . . . 6 8 7 0 7 - 2 2 2 3 6 4 1 3 . . . . . . 4 3 4 1 1 0 - 3 3 3 2 4 6 1 7 . . . . . . 8 5 3 8 5 7 - 3 2 1 3 4 7 0 5 . . . . 0 . . 0 5 0 5 0 3 2 2 6 5 4 8 . . . . . . 6 8 0 1 3 5 - 6 2 2 8 .2 . . . . . 3 3 9 6 9 1 1 - 1 1 0 0 .5 . . . . . 3 0 4 9 5 - - - 4 2 1 2 1 . 1 . 7 6 . . . 2 . 1 6 1 1 1 1 2 0 1 . . . . . . 4 5 9 6 4 3 1 - - 8 2 . 0 1 . 2 1 . . . . 0 0 9 0 1 1 1 1 4 4 1 . . . . . . 3 0 1 4 3 1 -1 - - 2 1 . . . 6 5 / . . . 1 9 5 1 1 1 l 4 4 ' . . . . . 6 S 8 7 1 - 1 1 1 - 2 3 4 0 . . 5 . . . 1 . 5 7 0 3 b d a c b d a c ee 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 • 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 <> 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 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 BULLETIN because of discrepancies. See p. 857 of 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 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 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 ©f mail float (checks in transit from drawers to 5 Marketable issues maturing within 1 year and, before 1956, savings drawees). For further discussion, see p. 853 of BULLETIN for August 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 361 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 196I 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 .1 .7 .9 1.5 — 1.2 — 4 2.8 -1.7 — 1 7 2.0 2.4 C D Other domestic sectors 1.7 .3 6.3 .8 .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 -.3 2.4 E G Corporate nonfinancial bus . . 1 1 .7 1 1 . . 2 7 -.8 * - ^ j — -.2 .2 — 1 . . 8 2 - - 3 •— . 4 1 -.1 .7 .1 j — 2 . . 0 1 -3.2 .8 .4 G F H State and local government.... .2 '"".2 .2 .5 '.2 .2 .6 * -.4 2 .8 .6 -1.0 H J I Re F st i n o a f n c th ia e l w se o c r t l o d rs . .2 2 . .2 3 .7 * . . 1 1 .6 * -.3 .1 -.1 .6 -—.4 .4 .5 * — .*2 . .3 7 — ! * i .4 * -.1 .1 I J K Discrepancy (A-B). .1 -1.4 j -.5 Q * .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 * .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 « .1 .3 .1 .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 Federal Government -.3 -2.2 -.7 -2.0 -.4 -.6 -.6 — .2 * .2 .1 .2 F G Commercial banking 2.1 5.5 8.0 1.2 5.8 -.1 -.2 * 1.5 2.2 2.1 2.9 3.5 1.8 G H Savings institutions 7.3 6.9 8.9 8.4 9.5 1.4 2.4 1.9 2.6 1.8 3.3 2.6 3.1 1.9 H I Net increase in assets, by sector 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 1 J Consumer and nonprofit 9.0 9.8 13.6 9.3 12.8 1.7 2.0 1.6 3.4 3.2 4.6 4.5 5.7 3.4 J K Other domestic sectors 3. . . * .4 1.7 -.9 1.7 — .7 -.2 .2 .3 .5 .7 1.2 9 2 K L Rest of the world (time deposits).. -.1 * .9 -.9 .3 -.3 -.3 -.2 .2 .3 * .1 .3 L HI. Saving through life insurance and pension funds 9.5 9.2 10.4 11.7 11.3 2.5 3.1 2.8 3.1 2.4 3.0 2.8 3.4 2.8 A 3.8 2.8 3.4 3.7 3.6 .7 .9 .8 .8 1.0 1.0 1.0 9 1 0 B 5.8 6.3 7.0 8.0 7.7 1.8 2.2 2.0 2.3 1.4 2.0 1.8 2.5 1.8 C D Net increase in liab., by 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 E Federal Government 1.0 .6 1.0 1.0 1.0 .3 .1 .1 .7 .1 .1 8 1 E F State and local government. . 1.4 1.6 1.7 1.9 2.1 .5 .5 .5 .5 .5 .5 .6 6 6 F G Life insurance companies 4.7 4.2 4.7 5.5 4.7 1.1 1.6 1.0 1.0 1.2 1.4 1.2 1 1 1.2 G H Private noninsured pension plans.. 2.3 2.8 2.9 3.2 3.4 .5 .9 1.1 .8 .5 1.0 .9 .8 .9 H IV. Credit and equity market instruments A Net increase, by type 30.7 36.6 46.2 61.2 39.5 18.2 17.3 2.5 12.0 10.3 14.6 .2 14 1 16 6 A B Federal obligations -5.6 1.1 9.0 11.3 -2.2 5.3 4.0 -4.1 -1.4 1.2 2.2 -3.3 .6 5.8 B C Short-term direct5 7.4 5.5 -1.2 5.5 -5.1 4.7 -7.4 -2.1 5.3 — .8 .9 4 8 5 7 C D Other -13.0 -4.4 10.2 5.8 2.9 4.6 -.7 3.3 .6 -4.1 3.0 -4.2 -4.2 1 D E State and local obligations 3.2 4.6 5.7 4.9 3.6 1.7 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 1.2 1.0 .9 .9 .7 1.2 1.7 1.1 G H 1- to 4-family mortgages 10.8 8.6 10.1 13.2 10.9 3i7 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 15 I 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 2 1.7 2 .6 -1.6 .5 .6 .9 — .4 1 3 * K 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 .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 Consumer and nonprofit 15.2 11.9 12.0 20.5 16.2 5.0 6.3 2.0 5.2 3.8 5.1 1.1 4 5 3 4 O P Farm business ... .9 1.1 1.5 1.9 1.1 .3 — .2 .5 .8 .2 — 4 .6 9 3 P Q Noncorporate nonfinancial bus... 1.8 1.2 2.2 4.6 3.4 1.5 1.2 1.3 -.1 1.8 -1.5 1.5 1.4 Q R Corporate nonfinancial business.. 13.2 13.1 11.8 11.7 10.6 3.0 3.0 2.*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 i 19 T U Financial sectors 1.2 2.4 1.1 5.7 4.1 1.2 2.3 -.3 1.7 .7 2.0 -1.1 1 6 1 0 U V Rest of the world ... 1.0 1.4 2.3 .9 2.0 .3 .1 .3 .5 .4 .7 .7 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 -1.5 .5 -1.0 Z a Federal Government 1.1 2.4 1.7 3.8 2.3 1.0 .5 1.3 .4 .6 .2 3 1 1 a b State and local government .. 2.3 2.7 1.5 2.9 1.0 1.2 .8 .9* .4 -.3 * 1.1 4 5 b c Commercial banking system 4.8 4.3 17.0 5.6 10.0 3.3 3.5 -7.8 5.1 5.1 7.5 -4.8 6.8 7.2 c .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 -5.5 1.3 10.4 -7.2 2.4 -.8 — .4 -5.5 .3 3.7 4.0 —1.6 3 7 5 2 f 8.0 3.8 4.5 12.5 6.9 3.6 3.8 -.8 3.7 .9 3.2 -2.4 2.6 1.6 g h Savings institutions 7.4 7.2 9.3 10.6 9.4 3.0 1.7 2.3 2.3 2.6 2.2 2.7 3 0 3 2 h i Insurance sector 8.1 8.4 9.0 10.1 10.3 2.3 2.6 2.8 2.4 2.4 2.7 2.8 2.4 2 8 i 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 i 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.—For notation about errors in flow-of-funds data published NOTE.—Data for excluded categories—trade credit, proprietors* net on p. 103 of BULLETIN for January 1962, see p. 172 of BULLETIN for investment, gold, Treasury currency, and misc.—and more detail on February 1962 sector transactions appear in other flow of funds /saving tables in BULLETIN For other notes see opposite page. for January 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 BANK RESERVES AND RELATED ITEMS, 1961 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.1 In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago Bor- Bor- Bor- Period s T e h r o r e e v t l - a e d l s q s u e R r r i e v e r - e - e d s E se x r r c e v e - e s s s F r i o n . a w g t R s - . s F e r r r e v e - e es s T e h r o r e e v t l - a e d l s q s u e R r r i e e v r - e - e d s E se x r r c e v e - e s s s F r i o . n a w g t R s - . s F e r r r e v e - e e s s T h e r o r e e v t l - a d e l s q s u e R r r i e e r v - e - e d s E s x e r r c e v e - e s s s F r i o n . a w g t R s - . s F e r r r e v e - e e s Banks Banks Banks Jan.. 19,315 18,570 745 49 696 3,693 3,667 26 26 963 959 4 4 Feb.. 18,964 18,310 654 137 517 3,632 3,598 34 26 954 948 7 36 -29 Mar. 18,809 18,253 >-556 70 '486 3,623 3,613 10 9 946 936 9 8 1 Apr.. 18,884'18,277 r607 56 '551 3,649 3,588 62 60 923 927 -4 -4 May. 18,856 18,307 549 96 453 3,576 3,581 2 -22 953 945 8 3 5 June. 19,042 18,430 612 63 549 3,698 3,658 40 40 970 964 6 1 5 July.. 19,063 18,482 581 51 530 3,648 3,639 9 7 958 955 3 3 Aug.. 19,223 18,619 604 67 537 3,645 3,629 16 7 970 967 3 1 Sept.. '19,367 18,783 J>584 37 '547 3,686 3,681 6 2 966 963 3 2 Oct... 19,660 19,153 507 65 442 3,733 3,716 16 12 983 985 -1 -24 Nov.. 19,840 19,218 '622 105 '517 3,697 3,660 37 14 985 982 3 -13 Dec. 20,118 19,550 r568 149 r419 3,834 3,826 7 -50 987 987 -22 1961—Jan. 4. 19,944 18,930 1,014 176 838 3,840 3,821 19 71 -52 985 985 -42 11. 19,226 18,654 572 51 521 3,676 3,670 6 6 972 965 8 18. 19,292 18,500 792 35 757 3,625 3,611 15 15 948 945 3 2 25. 19,467 18,463 1,004 47 957 3,761 3,629 132 132 967 951 16 15 Feb. 1. 18,963 18,415 548 66 482 3,658 3,659 -4 957 960 -2 -10 8. 18,948 18,380 568 179 389 3,637 3,628 9 -1 956 951 6 -22 15. 18,844 18,202 642 193 449 3,578 3,548 31 19 939 937 2 -79 22. 19,045 18,320 725 107 618 3,616 3,597 20 13 967 954 13 -14 Mar. 1. 19,014 18,335 679 50 629 3,670 3,613 57 57 950 948 2 -2 8. 18,671 18,244 427 94 333 3,582 3,572 11 9 945 943 2 -11 15. 18,827 18,192 635 49 586 3,636 44 44 927 929 -2 22. 18,955 18,451 504 52 452 3,693 25 25 959 951 i 7 29. 18,793 18,193 600 78 522 3,633 3,620 13 13 936 930 21 -16 Apr. i5. 1 1 8 8 , , 7 7 0 8 2 2 1 1 8 8 , , 2 1 0 6 1 7 5 58 3 1 5 1 5 0 2 7 4 5 2 2 8 9 3 3 , , 6 5 4 4 7 5 3 3 , ,6 5 1 5 3 2 - 3 7 5 -1 3 3 5 9 9 2 3 9 5 9 92 1 7 4 2 3 2 1 2 9 19. 19,026 18,345 681 44 637 3,628 3,589 38 38 936 930 6 6 26. 19,018 18,287 731 37 694 3,597 3,577 20 20 925 924 2 2 May 3. 18,808 18,341 467 61 406 3,698 3,645 53 53 949 940 9 9 10. 18,754 18,276 478 64 414 3,561 3,570 9 -27 933 935 -2 o 17. 18,909 18,307 602 173 429 3,585 3,578 8 -43 944 939 5 -6 24. 18,917 18,352 565 66 499 3,603 3,583 20 12 953 950 3 1 31. 18,87" 18,257 615 92 523 3,601 3,556 46 46 954 952 2 2 June 7. 18,804 18,233 571 62 509 3,597 3,573 24 24 955 950 5 14. 18,844 18,215 629 71 558 3,638 3,582 55 55 948 942 6 5 2 2 1 8 . . 1 1 9 9 , , 2 1 9 2 6 0 1 18 8 , , 4 7 9 5 3 0 5 6 4 2 6 7 4 8 2 1 5 5 0 4 4 6 3 3 , , 7 7 8 2 5 5 3 3 , , 7 6 6 8 7 7 3 1 7 8 3 1 7 8 9 9 9 8 3 4 9 9 6 9 9 5 2 - 1 2 6 16 July i|: 1 19 9 , , 1 0 0 8 3 6 1 1 8 8 , , 5 4 3 4 9 6 6 5 5 4 7 7 4 4 7 8 4 6 9 1 9 0 3 3 , , 6 7 5 4 1 4 3 3 , , 6 7 2 3 5 4 2 1 5 0 2 1 5 0 9 9 6 5 5 0 9 9 6 4 0 4 5 6 4 6 19. 19,075 18,386 689 55 634 3,579 3,575 4 -7 945 946 -2 26. 19,007 18,357 650 50 600 3,648 3,585 62 62 957 948 5 Aug. 2. 19,286 18,809 477 75 402 3,739 3,747 -8 -20 996 992 9. 19,208 18,651 557 123 434 3,683 3,660 23 2 971 971 -5 16. 19,197 18,593 604 62 542 3,597 3,609 -12 -18 969 967 -3 23. 19,202 18,605 597 37 560 3,613 3,610 2 2 965 960 5 30. 19,160 18,566 594 37 557 3,607 3,594 13 11 965 962 2 SepM: 19,11 18,573 541 57 484 3,673 3,622 51 51 957 958 -1 19,198 18,609 589 27 562 3,627 3,625 2 2 947 952 -5 20. 19,473 18,906 567 44 523 3,744 3,738 6 -6 979 972 3 27. 19,519 18,862 657 27 630 3,713 3,686 26 23 962 960 1 Oct. 4. f ),605 19,121 484 34 450 3,794 3,768 26 24 985 982 3 11. '9,426 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 11 980 983 78 -81 25. 19,825 19,277 548 56 492 3,772 3,768 4 1,001 998 17 -13 Nov. 1. 19,751 19,208 543 74 469 3,737 3,720 17 988 991 9 -12 8. 19,671 19,198 473 91 382 3,680 3,662 18 993 987 16 -11 15. 19,741 19,153 588 122 466 3,644 3,626 18 968 972 13 -17 22. 19,894 19,297 597 90 507 3,692 3,678 14 994 988 16 -10 29. 19,942 19,221 721 101 620 3,727 3,655 72 987 978 17 Dec. 6. 19,764 19,219 545 35 510 3,741 3,708 33 978 976 1 13. 19,742 19,176 566 40 526 3,750 3,709 41 950 950 1 20. 20,234 19,656 578 109 469 3,901 3,897 4 997 995 60 -58 27. 20,348 19,788 560 216 344 3,891 3,870 21 1,009 1,006 2 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS, 1961 363 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. * In millions of dollars] Reserve city banks Country banks Period re T s h e o e r t l v a d e l s R re e s q e u r i v r e e s d r E es x e c r e v s e s s B in F o g . r r s R o a w . t - re F se r r e v e es re T h se o e r t l v d a e l s R re e s q e u rv ir e e s d r E es x e c r e v s e s s B in F o g . r r s R o a w . t - re F se r r e v e es Banks Banks 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 '7,688 '68 23 '45 6,485 6,016 469 38 431 Apr . . 7,783 '7 734 '49 21 '28 6,529 6 029 500 33 467 May 7,780 7,726 54 36 18 6,547 6,055 491 40 451 June 7,823 7,740 83 17 66 6,551 6,068 483 45 438 July 7,863 7,798 64 8 56 6,595 6,090 505 38 467 Aug 7,940 7,883 57 13 44 6,668 6,141 527 43 484 Sent 7,993 7,930 63 13 50 '6,722 6,209 '513 19 '494 Oct 8,147 8,122 26 18 8 6,797 6,330 466 20 446 Nov 8,241 8,184 57 44 13 '6,917 6,393 '524 22 '502 Dec ... 8,367 '8,308 '59 39 '20 6,931 6,429 502 31 471 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 Feb. 1 7,798 7,762 36 19 17 6,550 6,035 515 36 479 8 7,813 7,769 44 81 -37 6,541 6,032 509 60 449 15 . . . . 7,764 7,700 64 74 -10 6,562 6,017 545 26 519 22 7,858 7,745 ill 47 66 6,604 6,024 580 27 553 Mar. 1 7,787 7,756 31 17 14 6,607 6,018 589 29 560 8 7,771 7,735 36 31 5 6,372 5,994 378 50 328 15 7,717 7,650 67 21 47 6,547 6,021 525 28 497 22 7,829 7,773 56 18 38 6,473 6,057 416 34 382 29 7,710 7,644 65 20 45 6,513 5,998 516 37 479 Apr 5 . . 7,732 7,663 69 34 35 6,388 5,977 410 70 340 12.:::::::::::: 7,777 7,690 87 23 64 6,530 6,033 497 23 475 19 7,854 7,774 80 14 66 6,608 6,051 557 30 527 26 .. 7,782 7,742 40 18 22 6,714 6,044 670 19 650 May 3 . 7,803 7,732 71 19 51 6,358 6,024 333 41 290 10 7,760 7,724 36 23 12 6,500 6,047 453 22 431 17 7,773 7,733 40 74 -33 6,607 6,058 550 38 512 24 7,775 7,740 35 34 1 6,585 6 079 506 22 484 31 7,783 7,697 86 21 65 6,534 6,052 482 71 411 June 7 7,711 7,659 53 20 32 6,541 6,051 490 40 450 14 7,755 7,649 106 21 85 6,503 6,042 461 49 411 21 7,907 7,873 33 17 16 6,610 6,114 496 25 471 28 7,881 7,769 112 13 99 6,530 6,068 462 68 394 July 5 7,850 7,787 63 12 51 6,527 6 059 468 35 432 12 7,883 7,785 97 8 90 6,619 6,091 528 39 489 19 7,809 7,770 39 9 30 6,742 6,094 648 33 615 26 7,871 7,755 116 1 115 6,531 6,069 462 45 418 Aug 2 7,967 7,931 35 20 15 6,585 6,140 445 38 407 9 7,927 7,885 42 31 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 C5 C46 6,671 6,142 528 30 499 Sept. 6 7,953 7,855 98 13 85 6,531 6,137 393 44 349 13 7,896 7,854 42 12 30 6,727 6,178 549 15 534 20 8,001 7,972 30 15 15 6,749 6,225 524 13 511 27 ... 8,012 7,971 42 12 29 6,832 6,244 587 11 576 Oct. 4 8,127 8,066 61 10 50 6,699 6,304 395 23 372 11... 8,068 8,023 45 12 33 6,736 6,294 441 11 430 18 8,216 8,191 25 32 -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 c. 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 C77 6,951 6,465 486 51 435 c Corrected. ' Revised. and opening figures for currency and coin. For borrowings, closing 1 Averages based on figures for opening or closing of business as follows: figures. For required reserves, opening figures inasmuch as requirements For total reserves held, closing figures for balances with Reserve Banks are based on deposits at opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL FINANCE CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [U. S. Treasury Department and Bureau of the Budget. In billions of dollars.] Seasonally adjusted Unadjusted Calendar Excess of quarter Receipts Payments re E c x e c i e p s ts s , o o f r Receipts Payments re E c x e c i e p s t s s , o o f r Year Receipts Payments pa re y c m ei e p n t t s s , ( o — r ) payments (—) payments (—) 1960—2.... 25.0 23.6 1.5 28.5 24.1 4.5 Calendar—1959.... 87.6 95.6 -8.0 3 25.1 23.6 1.5 23.4 24.2 Q I960.... 98.3 94.7 3.6 4 24.8 24.2 .6 20.6 24.5 -3i9 1961.... 97.9 104.7 -6.8 1961—1.... 22.5 24.9 -2.3 24.8 23.4 1.4 Fiscal—1958 81.9 83.4 -1.5 2.... 25.0 26.9 -1.9 28.5 27.4 l.l 1959 81.7 94.8 -13.1 3*... 25.2 26.1 Q 23.4 26.7 -3.3 1960 95.1 94.3 .8 4»... 25.6 26.8 -\.2 21.3 27.2 -5.9 1961 97.2 99.5 -2.3 9 Preliminary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 366 Gold production 367 Net gold purchases and gold stock of the United States. 368 Estimated foreign gold reserves and dollar holdings. 369 International capital transactions of the United States. . 370 United States balance of payments 379 Money rates in foreign countries. 379 Foreign exchange rates 381 Index to statistical tables 387 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. 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] E m n o d n t o h f w m E t o o a s r t t t l a e i d - l d * M F I t n a u o r t n n y ' d l e- U S n ta i t t e e s d r m w e E s a o s t t r t e i l o - d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1955—Dec 37,620 1,808 21,753 14,060 372 144 71 928 323 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 38,810 1,180 22,857 14,775 126 126 103 915 324 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 r40,655 2,476 17,433 r20,745 188 150 293 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 .. . . '40,910 2,482 17,603 r20,825 192 155 293 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 41,035 2,046 17,457 21,530 191 152 298 1,165 288 927 48 85 Oct .. 2 055 17 331 190 155 302 1 203 289 932 48 86 Nov 2,059 17,021 190 159 302 1,234 285 941 49 87 Dec Ml, 095 2,077 16,947 ^22,070 162 303 1,248 285 946 48 88 1962—Jan 2,079 16,847 303 1,277 950 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 - France2 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d si o a - Iran lic of 1955—Dec 136 31 12 23 28 35 942 920 11 27 247 81 138 1956—Dec 136 31 11 22 28 35 924 1,494 10 27 247 45 138 1957 Dec 136 31 11 22 31 35 581 2,542 13 27 247 39 138 1958—Dec 80 31 11 22 31 35 750 2,639 17 27 247 37 141 1959 Dec 50 31 10 20 30 38 1,290 2,637 26 24 247 33 140 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 1,641 2 999 76 24 247 58 130 Feb 1 31 20 30 41 1,644 3,029 76 24 247 58 130 Mar 31 20 30 41 1,883 3,242 76 24 247 57 130 Apr 31 20 26 41 1 952 3 296 77 24 247 57 130 May 31 20 25 41 1^994 3^433 80 24 247 57 130 June 31 20 22 45 2 020 3 513 77 24 247 57 130 julv 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 Set>t ..... 31 20 17 45 2*, 124 3^644 77 24 247 130 Oct 31 1 19 17 45 2 125 3 648 77 24 247 130 Nov 31 3 19 17 45 2,122 3,648 82 247 130 Dec 31 3 19 18 47 2 121 3 664 87 247 130 1962 Jan 31 3 19 18 47 2,120 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 i t c h a lic of 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 I960—Dec 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961—Jan 98 18 2,204 119 135 1,451 35 30 52 47 16 553 170 Feb . . . 98 18 2,217 119 135 1,451 35 30 52 47 18 553 187 Mar. 98 18 2,128 119 136 1,451 35 30 53 47 19 539 196 Apr 84 18 2,128 119 137 1,458 35 30 53 47 20 510 172 May . . . 84 18 2,128 119 136 1,458 35 30 53 47 20 496 149 June........ 84 18 2,134 119 117 1,464 35 30 53 47 21 473 153 July 84 18 2,157 119 118 1,541 35 30 53 47 21 452 159 Aug 84 18 2,225 119 116 1 581 30 53 47 22 448 179 Sept 84 18 2,226 119 116 1,581 30 53 47 22 437 205 Oct. ..... 84 18 2,226 119 116 1,581 30 53 47 25 438 218 Nov 18 2,226 119 115 1,581 30 53 47 26 439 256 Dec 18 119 1,581 30 53 47 32 298 1962 Jan 18 1,581 1 30 53 47 32 343 * 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 367 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 s d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l 'l e- E E P F U 5 ments* 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 1,706 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 1960—Dec 178 170 2,185 19 104 134 174 3,231 180 398 4 -19 55 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 July 244 170 2,322 19 104 134 174 2,453 180 398 6 -19 Aus 272 180 2,428 19 104 139 174 3,486 180 398 5 91 Sept.. 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 3 556 180 398 6 183 Dec 316 180 2,560 139 174 3 318 180 398 115 56 196^ Jan 331 181 2,505 140 174 3,410 176 i Excludes U.S.S.R., other Eastern European countries* and China gold deposited with the B.I.S. is included in the gold reserves of individual Mainland. countries. Represents reported gold holdings of central banks and governments 2 Represents holdings of Bank of France and French Exchange Stabiliand international organizations, unpublished holdings of various central zation Fund. banks and governments, estimated holdings of the U.K. Exchange 3 Beginning with December 1958, represents Exchange Equalization Equalization Account based on figures shown for United Kingdom, and Account gold and convertible currency reserves, as reported by the U.K. estimated official holdings of countries from which no reports are re- Treasury; prior to that time represents reserves of gold and U. S. and ceived. Canadian dollars. The figures included for the Bank for International Settlements repre- 4 Represents net gold assets of B.I.S., i.e., gold in bars and coins and sent the Bank's gold assets net of gold deposit liabilities. This procedure other gold assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the s European Payments Union through December 1958 and European Fund thereafter. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Africa North and South America Other Year or month world production i Total 2 A So fr u ic th a R de h s o ia - Ghana C o R f o e n t p h g . e o,U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 3 Brazil Co b l i o a m- t A ra u l s i - a India 1954 895.0 826.0 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 13.2 39.1 8.4 1955 940.0 873.5 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 13.3 36.7 7.4 1956 975.0 911.6 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 15.3 36.1 7.3 1957 1,015.0 952.8 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 11.4 37.9 6.3 1958... 1,050.0 980.1 618.0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6.0 1959 1,125.0 1,060.3 702.2 19.8 32.0 12.3 57.2 156.9 11.0 7.3 3.8 13.9 38.1 5.8 I960 1 170.0 1,099.4 748.4 19.6 31.0 58.8 161.1 10.5 7.0 4.1 15.2 38.0 5.7 I960 Dec 90 7 62.2 1.7 2 5 3.9 13.8 .6 .6 3 1.2 3 4 5 1961 Jan 90.9 63.7 1.7 2.5 3.2 13.2 .9 .6 .3 1.4 2.9 .5 Feb 88 4 62 7 <i 2.5 2.9 12 6 .8 .6 4 f 0 2 9 5 Mar 65.7 19 2.5 3.7 13.7 1.1 .4 ? 2.9 .5 Apr 65.3 3.2 13.1 .7 .4 1 0 3 4 4 May 67.5 7 3.3 13.4 .7 .4 1 0 2.9 .4 June . .. 67.3 R 3.8 12.8 .6 .4 2.9 5 July 67.7 7 3.8 12.6 1.0 .4 0 3 1 5 Auc 68.8 3.8 12.5 1.0 .2 1 3.4 .5 Sept 68.5 6 4.5 12.1 .6 .3 1 4 3.2 .5 Oct 68 9 6 3.9 12.7 .4 1.4 3 5 69 2 4 1 13.0 4 1 1 Dec 67.8 3.4 12.9 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

368 U. S. GOLD NET2GOLD 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 1954 1955 1956 1957 1958 1959 1960 1961 4 1 2 3 4 Western Europe: Austria -6 g4 -83 -1 3 3 -329 -39 -141 -144 -83 -63 -81 -68 -34 -266 -173 117 Germany, Fed. Rep. of -226 -10 34 23 34 23 Italy -349 100 100 25 -261 -30 -249 -25 -105 -25 Portugal -55 -5 -20 -10 31 32 -114 — i56 -81 -58 -58 -40 -16 —8 -215 20 -324 -125 -165 -55 -20 -45 -5 -50 100 -900 -350 -550 -306 -350 -150 225 -55 -326 —20 -178 -32 -36 -23 -36 -23 Other -6 4 18 8 -21 -38 -96 -53 -83 -35 -3 C1) -14 Total -378 -78 80 68-2,326 -827 -1,718 -754 -1.C53 -244 202 -246 -466 Latin America: 115 75 67 -50 -90 -20 -90 Mexico 80 ^3*6 —20 20 -30 -200 65 Other 12 14 56 6 2 -16 -30 -19 -22 -12 5 -9 A Total 62 14 -28 81 69 19 -100 -109 -62 -102 5 -9 -4 Asia: -30 -157 -15 Other -10 -5 0) 18 -4 -28 -97 2-101 -67 -20 -27 -34 -20 Total -10 -5 0) 18 -34 -186 -113 -101 -67 -20 -27 -34 -20 All other* -1 1 29 5 -3 -5 -38 -6 -29 0) -1 0) -4 Total foreign countries... -327 -68 80 172-2,294 -998 -1,969 -970 -1,212 -366 179 -288 -494 200 600 s-44 300 150 300 150 Grand total -327 -68 280 772-2,294 5-1,041 -1,669 -820 -912 -366 179 -138 -494 1 Less than $500,000. * Figures represent purchases of gold from, or sales to (—), the Inter- 2 Includes sales of $21 million to Lebanon and $48 million to Saudi national Monetary Fund. Arabia. 5 Includes payment of $344 million in June 1959 as increase in U. S. 3 Includes Canada, countries in Africa, Oceania, and Eastern Europe, gold subscription to the International Monetary Fund. and all Western European dependencies located outside Europe and Asia. 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 Stock Total Net Ear- currency Stock Total Net Ear- currency Year T ( r u e e r n a y d s - of T y o ea ta r l ) i in s o c c t r ( r o r e - e d c a ) a s k e s e - : e, i e m x p o p r o o r r t t , d m e c o a c r ( r e r r - e k a i ) n a s e s e - d e : , h ( o e y l n e d d a i n r o ) g f s Month ( T e r u n e r d a y s o - f m T o o n ta th l ) i in s o c c t r ( r o r e - e d c a ) a s k e s e - : e, i e m x o p p r o o r r t t , d m e c o a c r ( r r e r - e k a i ) n a s e s e - d e : , ho m (e ld o n i n d n t g h o s ) f 2 1950 22,706 22,820 -1,743 -371 -1,353 1961—Feb.... 17,373 17,412 -68 -47 3 1951 22,695 22,873 53 -549 618 Mar... 17,388 17,433 21 -137 161 25 1952 23,187 23,252 379 684 -305 Apr.... 17,390 17,435 2 -88 92 175 1953 22,030 22,091 -1,161 2 -1,171 May.. 17,403 17,451 16 -131 152 165 1954 21,713 21,793 -298 16 -325 June.. 17,550 17,603 152 -96 254 186 July... 17,527 17,590 -13 2 -3 105 1955 21,690 21,753 -40 97 -132 Aug... 17,451 17,530 -60 -33 -23 106 1956 21,949 22,058 305 106 318 Sept... 17,376 17,457 -73 -58 4 62 1957 22,781 22,857 799 104 600 Oct... 17,300 17,331 -126 -66 -43 112 1958 20,534 20,582 -2,275 260 -2,515 Nov... 16,975 17,021 -310 -3 -272 127 1959. 19,456 19,507 3-1,075 302 -1,323 Dec... 16,889 16,947 -74 -41 -65 116 1960 17,767 17,804 -1,703 333 -1,982 1962—Jan... 16,815 16,847 -100 (4) -64 116 1961 16,889 16,947 -857 -719 -62 116 Feb... ^16,790^16,795 *-52 (4) 5-37 CO p Preliminary. 3 includes payment of $344 million as increase in U. S. gold subscrip- 1 Includes gold in Exchange Stabilization Fund, which is not included tion to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve * Not available. statement "Member Bank Reserves, Reserve Bank Credit, and Related 5 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 $12,006 million on Feb. 28, 1962. States Money." Gold under earmark is not included in the gold stock of the United States. 2 For holdings of Federal Reserve Banks only beginning with February 1962 see p. 310. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 369 GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS [In millions of dollars] Dec. 31, 1959 Dec. 31, 1960 Mar. 31,1961 June 30, 1961 Sept. 30, 1961 Dec. 31, 1961* U.S. Govt. Area and country Gold& U.S. Gold& bonds & notes1 Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- short- Govt. short- Govt. short- Govt short- Govt. term bonds term term bonds term bonds term bonds term bonds dollars & notes dollars Old New dollars & notes dollars & notes dollars & notes dollars & notes series series Western Europe: Austria 623 7 536 7 3 491 3 480 3 526 3 558 3 1,272 7 1,312 6 2 1,279 2 1,307 1 1,478 1 1,577 168 64 85 28 31 89 31 81 31 79 30 83 30 109 1 87 1 85 112 2 134 2 138 2 1,945 35 2,160 16 c 2,474 s 2,862 4 3,014 5 3 110 4 Germany Fed Rep of 4,624 16 6,447 16 3 6,752 i 6,588 3 6,394 6,505 i 212 139 1 143 136 120 154 Italy 3,119 3,080 (2) 2,912 3,059 3,377 3 460 1,617 1,779 4 1,731 1,735 1,804 3 1,798 125 141 112 148 115 141 134 132 135 128 135 126 686 1 636 143 1 615 1 546 1 523 1 538 1 154 3 327 3 316 1 352 1 405 1 468 1 404 101 397 77 82 438 93 574 51 566 71 586 93 Switzerland 2,903 88 2,863 57 94 2,721 91 2,850 87 3,177 86 3,434 83 164 152 158 150 158 165 United Kingdom 3 ., 3,490 4,467 4,379 4,109 4,717 4,525 435 Other* 591 51 529 39 44 593 45 609 47 787 47 670 48 Total 22,206 855 25,108 819 838 25,291 868 25,684 801 27,394 864 27,904 832 3,158 452 3,324 416 446 3,313 464 3,565 463 3,575 465 3,700 459 Latin America: 393 419 (2) 1 501 1 475 1 454 1 425 1 478 1 481 2 2 480 2 474 2 551 1 513 1 Chile 2 2 8 2 8 8 3 2 1 3 8 6 0 2 1 4 7 0 7 2 1 0 7 2 1 2 1 2 7 2 8 1 2 1 3 5 5 3 P) Cuba 214 78 39 1 64 (2) 59 (2) 46 (2) 44 61 82 68 1 77 (2) 83 70 70 584 534 2 7 472 450 5 529 5 621 Panama Republic of 129 3 123 1 95 1 78 1 79 1 87 1 Peru 110 1 114 112 (2) 118 (2) 123 1 131 242 231 j 227 1 230 229 1 237 929 796 3 1 892 1 826 1 846 1 815 1 Others 253 12 370 9 317 28 303 57 296 77 275 192 Total 3,909 105 3,630 59 15 3,654 41 3,469 69 3,623 89 3,606 204 Asia: 361 (2) 301 a40 41 295 6 288 6 333 6 325 3 Indonesia 172 236 1 158 1 142 1 120 1 119 1 187 n\ 152 173 178 167 (2) 161 (2) 1,564 2 2,166 2 3 2,306 3 2,262 1,953 3 1 894 3 Philippines 181 3 218 2 214 i 184 174 2 217 1 245 1 290 (5) 8 318 331 (2) 344 (2) 368 (2) Other 1,245 46 991 43 989 1,019 45 1,095 45 1,119 45 Total 3,955 53 4,354 87 92 4,453 57 4,404 57 4,186 57 4,203 53 All other: [ Australia 264 (2) 235 (2) 233 (2) 238 238 i 260 (2) 287 1 207 1 (2) 227 192 (2) 251 189 (2) TT A R fEevot) 194 196 (2) 195 190 189 330 Other6 526 600 27 35 '596 38 '618 37 579 633 39 38 Total 1,271 42 1,238 28 35 '1,251 38 '1,238 37 1,257 38 1,412 39 Total foreign countries7 34,499 1,507 37,654 1,409 1,426 '37,962 1,468 '38,360 1,427 40,035 1,513 40,825 1,587 International 5,565 660 6,394 884 900 6,353 1,064 6,451 1,011 5,480 1,127 5,881 1,242 Grand total7 40,064 2,167 44,048 2,293 2,326 '44,315 2,532 '44,811 2,438 45,515 2,640 46,706 2,829 Memorandum item: 4,730 407 5,558 512 536 5,488 531 5,179 518 5,861 567 5,840 517 P Preliminary. r 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 <s 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 * This category includes—in addition to other Western European official gold reserves, and total dollar holdings as shown in "Short-term countries—unpublished gold reserves of certain Western European Liabilities to Foreigners Reported by Banks in the United States by countries; gold to be distributed by the Tripartite Commission for the Countries" (Tables 1 and la-lc of the following section). U. S. Govt. Restitution of Monetary Gold; European Fund; and the Bank for bonds and notes are holdings with original maturities of more than 1 International Settlements (the figures for the gold reserves of the B.I.S. year. represent the Bank's net gold assets; see note 1 to table on reported gold reserves). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding; in millions of dollars] Foreign countries Europe End of month G to ra ta n l d t t i e o I r n n n a - a l - 2 Total Officials Private m G F a e e n d r y - . , U K n i i n t g ed - Other Total Canada A L m a e ti r n ica Asia o A th l e l r Rep. of dom 1957—Dec. 15,158 1,517 13,641 7,917 5,724 1,557 1,275 4,310 7,142 1,623 2 575 1 946 355 1958—Dec 16,159 1,544 14,615 8,665 5,950 1,755 873 5,081 7,708 2,019 2,403 2,205 279 1959 Dec 19,389 43,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2 198 2,408 2 780 373 1960—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 6,831 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 ,567 3,539 8,689 2 421 2 294 3 205 347 Mar 21,095 3,877 17,218 10,312 6,906 3,510 ,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 ,619 3,766 8,569 2,437 2,344 3,202 393 May 21,079 3,920 17,160 9,929 7,231 3,086 ,642 3,980 8,708 2 620 2 294 3 185 352 21,504 3,970 17,535 10,070 7,464 3,075 ,709 4,368 9,151 2,659 2,216 3,142 367 July 21,770 3,983 17,787 10,096 7,691 2,970 691 4,640 9,301 2,712 2,307 3,105 362 Aug 21,628 3,404 18,224 10,537 7,686 2,791 2,431 4,637 9,859 2,701 2,277 3 038 349 Sept 21,937 3,434 18,503 10,933 7,570 2,750 2,617 4,847 10,213 2,648 2,371 2,896 375 Oct 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 22,419 3,836 18,583 10,594 7,989 2,531 2,503 4,969 10,002 3 028 2,348 2 819 385 Dec v 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 1962—Jan.*? 22,467 3,812 18,655 10,259 8,396 2,299 2,499 5,281 10,078 2,889 2,347 2,926 415 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 1957 Dec 4 310 349 130 112 64 354 154 1,079 203 93 142 24 260 967 18 360 1958—Dec 5,081 411 115 169 69 532 126 1,121 339 130 163 36 303 852 20 694 1959—Dec 5,496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 31 590 I960 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 Sept 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 4,969 241 330 49 89 957 50 1,203 231 99 90 134 379 712 28 376 Dec.p 5,249 255 329 52 91 989 67 1,234 217 105 99 152 406 874 26 353 1962—Jan.» 5,281 256 357 52 90 1,083 76 1,248 218 93 93 159 392 771 34 359 Table lb. Latin America Neth- End of month Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m D i R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - i - s - s l a P p i R c m u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - Others nam 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 1961 Jan .. ..... . 2 324 299 22 203 120 174 68 31 27 50 367 70 108 65 49 378 293 Feb 2,294 289 24 170 112 172 66 30 31 51 349 69 100 62 52 446 271 Mar 2,372 313 23 193 133 160 63 31 28 53 336 77 95 65 47 494 260 Apr 2,344 326 21 185 128 149 62 29 29 58 358 84 89 66 49 458 252 May 2,294 308 21 220 119 132 61 32 28 58 332 83 80 64 46 454 255 June . 2 216 283 21 186 124 119 58 31 27 59 333 90 78 71 50 428 259 July 2,307 278 23 231 116 150 53 32 31 55 339 87 77 83 50 439 264 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 .... 2 348 240 25 260 96 130 45 23 23 43 444 87 85 77 53 416 300 Dec? 2,405 235 26 228 105 147 43 23 22 46 506 89 87 84 57 417 292 1962—Jan.* 2,347 228 23 252 99 119 41 26 24 48 473 86 79 79 68 395 308 0 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 371 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 lc. Asia and All Other Asia All other Ko- Con- End of month Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p S ub- P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a «R g o e o f p'. A S f o r u ic t a h U (E . g A y . p R t . ) Other lic the of 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......... 3,115 57 54 178 22 75 1,887 152 203 84 186 217 352 88 32 29 22 181 1961—Jan........ 3,153 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....... 3,190 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 3,142 52 41 85 48 47 98^ 168 163 81 227 247 367 83 30 39 16 199 July....... 3,105 52 37 74 32 51 ,913 178 182 80 231 273 362 81 29 40 16 196 Aue 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 ,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....... 2,819 59 90 82 31 62 198 150 90 248 276 385 91 38 44 12 199 Dec.*\..... 2,892 55 78 76 31 63 590 199 185 92 264 258 387 98 34 32 15 209 1962—Jan.*...... 2,926 59 75 86 34 63 1,599 188 202 98 276 246 415 127 31 32 21 204 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1958 1959 1960 1961 1958 1959 1960 1961 Other Europe: Other Asia (Cont.): Bulgaria 1.2 .5 1.2 Ceylon 44.1 34.4 6.9 n.a. C C y ze p c ru h s oslovakia8. .3 1. . 0 5 .7 C G h o i a n . a Mainland8 3 2 6 . .0 5 3 2 5. . 8 3 34 1 . . 8 4 34. . 6 9 Hungary .9 1.3 1.0 1.0 Iraq 18.0 63.1 13.8 n.a. Iceland 3.5 2.7 5.1 3.1 Jordan.. 2.8 2.5 1.8 1.6 Ireland, Republic of.. 10.0 5.4 2.7 3.2 Kuwait.., 10.3 9.4 9.6 27.1 Luxembourg 16.1 7.2 12.6 16.1 Laos 20.9 21.0 5.0 n.a. Monaco 5.9 5.3 4.1 3.4 Lebanon. 37.9 38.0 36.2 n.a. Poland8 4.9 4.0 6.1 7.2 Malaya.. 1.2 1.4 6.3 4.4 Rumania 8 .9 1.1 .5 Nepal. 1.2 1.8 1.2 n.a. Soviet Zone of Germany. 1.4 1.5 1.3 1.3 Pakistan , 5.6 23.5 10.6 10.1 U. S. S. RA. 2.2 2.6 12.1 4.8 Ryukyu Islands. 15.2 14.8 14.2 n.a. Yugoslavia8............. 9.5 6.2 10.0 11.6 Saudi Arabia..., 60.2 111.6 18.4 24.9 Singapore , 2.5 3.5 1.9 3.2 Other Latin America: Syria 4.7 5.0 4.2 2.6 Bahamas9 47.2 77.5 Viet-Nam 48.8 68.3 14.6 7.9 B C T E H H N P F h a r c e o i a o e r c e u r s i n a n m a t t a g i c a d W r d u a u h u o R g d a e r r W u a y s a ic t a s a e . I . n s . t d I ie n s d i f e e s d e a r n a d ti o F n r 9 ench Guiana. 2 3 1 1 7 6 6 4 3 1 7 1 . . . . . . . . . 5 6 7 8 4 3 3 5 4 2 3 1 1 1 1 1 6 1 2 8 4 2 2 0 . . . . . . . . . 7 6 9 3 8 5 5 7 5 2 2 1 1 1 1 1 4 7 1 9 1 0 5 1 . . . . . . . . . 7 3 8 9 7 0 6 3 4 2 3 1 1 1 9 4 3 3 3 4 7 . . . . . . . . 9 9 6 5 5 3 8 3 Al E l A L L F G M M r t i i o l h h b b e a o g t a n d i y e h r e o n o r c a r e e p i i a c h i r a a r i : c a a o S o I a ( s n m i l n d a a c n l E l i d . l r s a T i n t a r d n e g a ier) , 2 4 1 6 7 3 1 1 3 . . . . . . . . 8 5 5 0 0 0 7 4 2 5 1 1 2 7 0 8 7 . . . . . . . . 8 0 6 6 3 4 7 6 6 1 9 5 4 6 . . . . . . . . 3 6 4 9 3 9 8 9 9 2 1 5 3 1 1 1. . . . . . . . 1 4 5 0 1 9 8 7 Mozambique 2.9 2.0 2.2 1.6 Other Asia: New Caledonia 1.4 1.3 1.4 n.a. Aden. 1.7 2.2 2.3 n.a. New Zealand 6.9 6.8 35.1 4.0 Afghanistan. 4.5 11.0 9.8 3.6 Rhodesia and Nyasaland, Federation of. .2 .3 3.9 n.a. Bahrain .9 .9 .5 .6 Somali Republic 1.3 .8 3.5 1.7 Burma 5.9 4.3 .9 n.a. Sudan 5.2 1.6 1.9 n.a. Cambodia 24.9 19.7 10.9 15.3 Tunisia .3 8.4 2.8 1.2 n.a. Not available. » Preliminary. partial breakdown of the amounts shown in the "other" categories in 1 Does not include banking liabilities to foreigners maturing in more Tables la-lc. han one year; such liabilities amounted to $2 million on Jan. 31, 1962. 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. 10 Excludes Jamaica. 3 Represents liabilities to foreign central banks and foreign central NOTE.—Statistics on international capital transactions of the United governments and their agencies (including official purchasing missions, States are based on reports by U. S. banks (including the Federal Reserve trade and shipping missions, diplomatic and consular establishments, etc.). Banks), bankers, brokers, and dealers, by branches or agencies of foreign 4 Includes $1,031 million representing increase in U. S. dollar sub- banks, by certain domestic institutions not classified as banks that mainscription to the International Monetary Fund paid in June 1959. tain deposit or custody accounts for foreigners, and by the U. S. Treasury. 3 Includes Bank for International Settlements. The term "foreigner" is used to designate foreign governments, central * Beginning with June 1960 includes Inter-American Development Bank. banks, and other official institutions, as well as banks, organizations, and 7 Except where noted, these data are based on reports by banks in individuals domiciled abroad and the foreign subsidiaries and offices of the Second (New York) Federal Reserve District. They represent a U. S. banks and commercial firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 EVFL 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 Other2 Total Deposits T bi r l e ls a s a u n r d y Other2 certificates1 certificates Total amounts outstanding 1957—Dec 15,158 12,847 5,875 5,840 1.132 2,252 1,766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 Dec 19,389 16,913 6,341 9,245 1,328 2,398 1,833 295 270 77 I960—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 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 ,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 22,419 19,940 8,841 9,654 ,445 2,337 1,934 147 256 142 Dec.** 22,558 20,051 8,664 9,891 .495 2,358 1,971 149 238 149 1962—Jan." 22,467 19,934 9,143 9,352 1,439 2,373 1,966 151 257 160 Area and country detail, Nov. 30, 1961 Europe: Austria 241 240 235 5 1 1 (3) (3) Belgium 330 290 279 3 8 40 34 8" 6 (3) 49 42 19 23 1 7 7 (3) Finland 89 oo 50 37 1 1 1 France .. .... 957 907 287 579 41 48 43 3 2 2 Germany, Fed. Rep. of.... 2,531 2,487 311 1,733 443 40 33 2 5 3 Greece. 50 36 27 9 14 14 Italy 1,203 1,177 156 842 179 26 22 3 j f3) Netherlands 231 204 117 75 11 27 24 1 2 (3) Norway 99 68 59 6 4 30 29 1 r3) Portusal 90 53 50 2 38 36 (3) 2 (3) Spain 134 111 110 1 23 20 3 (3) 379 369 91 238 40 10 10 r3) 1 Switzerland 712 550 260 119 171 104 62 17 26 57 Turkey 28 26 26 2 1 United Kingdom .... 2,503 2,134 997 1,065 72 337 128 74 135 32 Yusoslavia 9 9 8 1 1 1 (3) Other 367 334 80 80 174 12 12 (3) 21 Total 10,002 9,125 3,162 4,807 1,156 760 478 101 181 117 Canada 3,028 2,739 1,991 735 13 275 209 33 33 14 Latin America: 240 164 150 13 1 76 74 2 (3) Bolivia 25 7 7 18 18 (3) (3) (3) Brazil . .. 260 123 114 (3) <j 137 130 (3) s u(3) Chile 96 49 49 (3) 46 45 (3) 1 Colombia . 130 58 56 (3) 1 72 71 1 Cuba 45 2 2 43 42 D El o S m a i l n v i a c d a o n r Republic .... 2 2 3 3 5 6 4 5 2 1 1 8 7 1 1 7 8 (3) P) Guatemala 43 26 19 7 17 17 (3) 444 265 238 21 6 179 175 1 4 (3) Neth. Antilles and Suri- 87 51 34 5 12 36 30 1 5 Panama Ret) of 85 12 11 1 73 67 1 5 Peru 77 30 29 1 47 45 (3) 2 (3) Uruguay ... . 53 23 21 2 31 26 3 Venezuela 416 207 207 209 206 1 2 Other 300 193 126 442 26 104 93 6 5 Total 2,348 1,221 1,072 83 66 1,123 1,074 11 38 4 * Preliminary. 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. 373 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total Payable in foreign country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates certificates Area and country detail, Nov. 30, 1961—Cont. Asia: Hong Kong 59 31 26 5 28 27 O) 1 India 90 84 27 50 7 5 5 (3) (3) Indonesia 82 80 64 15 1 3 3 Iran. .... 31 25 16 10 6 6 (3) Israel 62 57 30 3 25 5 4 C3) Japan 1,532 1,513 1,126 299 88 19 18 (3) (3) (3) Korea Rep of 198 197 194 3 1 1 T Ph ai i w lip a p n ines 1 9 5 0 0 1 8 3 3 1 1 8 1 2 5 1 1 5 2 7 0 1 7 9 (3) (3) (3) Thailand 248 245 68 170 6 3 3 Other 276 231 172 40 19 45 44 (3) 1 1 Total 2,819 2,677 1,920 576 181 140 137 1 2 2 All other: Australia 91 86 45 38 4 3 3 (3) 8 2 Congo Rep. of the 38 37 23 15 1 1 South Africa 44 41 41 3 2 (3) 1 U.A.R (Eswt) 12 12 10 1 1 1 ( 3 ) Other 199 167 145 18 4 31 30 (3) 2 1 Total 385 342 263 55 24 39 37 2 4 Total foreign countries. 18,583 16,104 8,407 6,257 1,440 2,337 1,934 147 256 142 International 3,836 3,836 433 5 3,397 6 (3) C3) Grand total 22,419 19,940 8,841 69,654 1,445 2,337 1,934 147 256 142 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 $2,530 million on Jan. 31, 1962. 5 Includes $2,483 million of nonnegotiable, non-interest-bearing special 2 Represents principally bankers* acceptances and commercial paper. U. S. notes held by international organizations. 3 Less han $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 R m G F e a e p e n d . r y - . o , f Italy S l z a w e n r i d - t- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1957—Dec 2,199 114 140 56 34 98 211 654 154 956 386 50 1958—Dec 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959 Dec . 2,623 57 54 30 38 121 234 534 272 1,175 586 56 1960 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 ,390 ,220 73 Mar 3,967 46 108 36 74 167 246 678 489 ,374 ,349 76 Apr 4,150 46 135 46 70 173 227 697 532 ,394 ,450 76 May 4,124 44 145 42 65 171 228 695 520 ,336 ,497 75 June 4,123 48 148 33 64 165 233 691 514 ,243 ,598 76 July 4,189 50 141 35 64 187 209 688 492 1,245 ,674 90 4,122 42 136 37 60 134 178 586 517 1,295 ,626 98 Sept 4,160 34 146 34 67 185 187 653 491 ,349 ,578 88 Oct 4,347 37 140 34 72 169 182 634 618 1,412 1,597 86 Nov 4,384 40 14*7 34 67 189 181 658 577 ,450 ,620 79 Dec P 4,711 40 165 35 105 181 240 767 542 .511 .807 85 1962—Jan.* 4,581 43 157 37 68 163 214 682 483 1,434 1,890 92 * 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

374 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *— Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe End of month Total A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - Other 1 1 9 9 5 5 8 7 — D D ec e . c . ...... 2 3 1 1 1 5 7 6 2 6 5 5 1 14 1 4 6 7 6 2 56 9 2 22 3 2 2 30 8 2 1 4 0 7 7 6 2 P) 1 9 0 1959—Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 1960—Dec 264 2 65 13 9 6 33 17 4 8 28 49 11 19 1961 Jan 237 2 63 14 9 5 34 11 3 6 26 41 9 14 Feb . 224 2 61 12 9 7 32 10 2 6 25 32 9 16 Mar 246 3 58 12 10 6 47 10 3 7 26 35 12 16 Apr 227 2 56 11 11 7 38 10 2 7 24 24 16 19 May. 228 3 58 11 11 7 42 10 3 8 25 15 16 21 233 3 43 9 14 7 45 11 3 11 25 24 16 22 July 209 3 43 9 14 8 47 11 2 8 17 13 15 19 178 3 13 11 14 6 43 11 2 7 16 22 14 17 Sent 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 16 181 4 10 11 20 6 46 23 3 5 18 9 9 17 Dec P 240 5 20 11 25 6 54 26 5 11 35 16 9 18 1962 Jan P 214 4 18 13 23 5 60 25 2 14 17 7 7 19 Table 3b. Latin America Neth- Do- er- End of month Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c u i a e b n n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l t A a a il n n l n e d d - s s a p P R m u a e b n a - - - , Peru U gu r a u y - V zu e e n l e a - Other lic Suri- lic of nam 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 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 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 ,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 ,741 143 5 182 114 91 20 13 12 13 327 6 26 61 46 121 63 July ,?45 148 5 160 120 91 20 12 14 14 336 8 25 63 38 119 71 Aug ,295 158 8 147 119 91 20 13 17 17 375 8 28 67 39 121 68 Sept ,349 160 5 180 117 90 19 12 15 16 384 6 30 68 39 137 72 Oct. ,41?, 171 5 233 116 87 19 12 14 17 385 8 30 71 45 124 74 Nov ,450 179 5 230 119 99 19 14 14 19 395 6 32 69 53 125 73 Dec p ,511 192 6 186 127 125 19 13 17 20 423 13 32 73 55 129 81 1962 Jan P ,434 184 5 133 123 134 18 12 14 19 412 9 43 72 60 123 71 Table 3c. Asia and All Other Asia All other End of month Total H K o o n n g g India Iran Israel Japan ip P p h 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 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 1,069 19 11 23 126 76 26 4 13 7 26 Apr 1,450 10 11 52 30 1,159 23 11 23 130 76 27 4 13 8 24 May 1,497 10 12 47 33 1,196 26 14 25 134 75 25 3 13 10 24 June 1,598 9 41 47 33 1,272 24 15 27 131 76 25 3 15 10 23 July 1,674 9 40 36 34 1,341 42 13 30 129 90 26 3 24 13 23 Aug 1,626 10 10 36 31 1,335 37 12 29 128 98 32 3 24 13 25 Sept 1,578 10 8 35 31 1,288 38 10 32 126 88 27 3 19 13 26 Oct 1,597 9 8 33 34 1,281 58 11 28 134 86 28 4 16 12 26 Nov [,620 9 8 33 34 1,292 86 10 31 115 79 27 6 11 12 24 Dec* ,807 9 8 31 36 1,445 114 10 34 119 85 29 6 10 13 27 1962—Jan.p 1,890 10 10 30 36 1,511 135 11 34 114 92 31 6 11 14 31 * 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. 375 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, B Y TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies End of month, or area Longand country t t e o rm ta — l1 Loans to: Total Total Ba i o n n f s f k i t c s it i a u a l - nd 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 ig i o t n h si e t r s s Other tions Total amounts outstanding 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.. 1,880 4,384 3,835 828 625 682 1,700 549 329 220 Dec* 2,008 4,711 4,126 1,014 629 694 1,789 586 385 200 1962—Jan.*3. 2,031 4,581 4,123 1,007 626 711 1,779 458 287 171 Area and country detail, Nov. 30, 1961 Europe: Austria... 28 4 1 2 Belgium.. 11 10 1 7 () Denmark. 7 11 10 1 2 Finland.. 3 20 20 1 m 2 17 France... 13 40 37 4 12 16 3 Germany, Fed. Rep. of.. 64 147 135 29 58 25 22 12 12 Greece 7 6 6 2 4 Italy 23 34 32 6 14 3 2 2 Netherlands 39 46 41 5 25 9 2 5 5 Norway 146 23 22 1 1 2 18 1 (2) 1 Portugal 3 3 3 1 (2) 2 Spain 1 5 5 1 2 S Sw w i e tz d e e rl n a . n . d .. . 4 9 7 6 1 7 8 3 1 8 6 1 2 2 (2) 6 6 1 1 3 Turkey 9 9 14 3 29 United Kingdom. 11 189 69 17 16 33 120 82 38 Yugoslavia 2 9 9 5 2 2 Other 4 17 17 2 4 Total. 419 658 481 98 122 120 141 176 122 55 Canada 270 577 325 15 221 10 79 252 94 158 Latin America: Argentina 76 179 168 21 23 42 11 10 Bolivia 5 5 8 4 () Brazil 236 230 164 32 32 58 "65' 65 (2) C C o hi l l o e mbia 3 3 0 2 1 9 1 9 9 1 9 1 9 9 42 2 1 6 6 2 1 6 6 3 3 5 9 ( (2 2 ) ) 8 Cuba 1 19 19 17 2 18 Dominican Republic 14 14 1 5 2 (2) El Salvador () 14 14 1 6 7 Guatemala 19 19 1 7 7 Mexico 11 395 390 164 77 34 115 3 Netherlands Antilles and 167 Surinam (2) Panama, Rep. of. 18 32 32 1 20 6 4 Peru 11 69 69 3 11 23 31 (2) Uruguay () 53 53 5 4 6 38 (2) Venezuela 211 125 124 14 25 71 15 (2) Other 74 73 73 6 15 30 22 (2) (2) Total. 876 1,450 1,367 324 258 328 456 83 79 * Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 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 Area and Longcountry term— Loans to: total i Total Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, Nov. 30, 1961—Cont. Asia: Hong Kong 9 9 2 3 3 1 India 16 8 7 1 5 1 1 (2) Indonesia 44 ?} 12 33 4 (2) 1 (2) (2) (2) Israel 9 34 34 3 A 4 24 25 1,292 1,262 187 6 117 952 30 30 P) Korea Rep. of. 4 4 4 (22 25 86 86 1 (2) (2) Taiwan 1 10 10 2 Thailand 5 31 31 11 3 176 Other 2 111 111 86 3 19 3 (2) (2) (2) Total 140 1,620 1,588 378 18 184 1,007 32 32 All other: Australia 21 27 24 1 3 13 8 3 1 2 39 6 6 4 2 South Africa 69 11 9 1 (2) 8 2 2 (2) U.A.R. (Egypt) 4 12 11 1 5 Other 43 24 23 4 16 2 1 (2) Total 176 79 74 13 6 39 16 5 3 3 Total foreign countries 1,880 4,384 3,835 828 625 682 1,700 549 329 220 * Represents mainly loans with an original maturity of more than * 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. 5. Govt. bonds & notes U. S. corporate securities 2 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 - ch P a u s r e - s Sales c s N a h l a e e s t s e p s < u , o - r ) - r Total countries 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 1961* 1,736 1,232 503 55 3,383 3,160 223 802 1,253 -451 594 955 -362 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 Aug 340 177 163 48 246 254 -8 37 36 1 40 64 -24 Sept 22 26 -4 -5 216 216 1 225 228 -3 41 58 -17 Oct 120 56 65 64 245 232 14 52 77 -26 53 75 -22 Nov 259 181 79 19 310 290 20 62 105 -42 55 94 — 39 Dec p 78 33 45 -10 286 273 14 64 106 -41 59 139 -80 1962—Jan.*7 35 54 -19 -10 256 221 36 93 90 3 58 80 -22 » Preliminary. 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. 377 TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net saLies, (-); in millions of dollars] Type of security Country or area Year or month Total* Neth- Switz- United Other Total Latin All Stocks Bonds Belgium France er- er- King- Europe Europe Canada Amer- other 2 lands land dom ica 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 1961» 223 322 -99 4 21 20 166 -17 38 232 -112 44 58 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 -1 3 21 9 i 32 -9 9 9 May 45 58 -13 (3) 5 29 1 10 50 -19 9 4 J Ju u l n y e -1 2 8 7 3 e 3 - - 1 6 3 -3 -2 3 -6 19 -1 11 7 i2 -1 3 2 4 - -1 1 3 4 4 2 2 5 Aug . . • Q 2 -10 -2 6 -7 4 1 -14 2 3 Sect 1 15 -15 1 2 2 2 11 -17 5 1 O N c o t v. 2 1 0 4 2 2 8 5 -15 ^ (3 1 ) 4 2 5 1 2 2 5 4 - - 1 2 0 0 23 1 1 9 8 — -8 7 2 1 8 1 Dec.*7 14 15 i 1 1 21 -25 5 3 (3) 4 7 1962—Jan.*7 36 54 -18 (3) 5 -2 46 9 -3 54 -19 4 -3 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, (-); m 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. Miscelsecurities 2 laneous3 1958 -558 -805 -72 -543 5 -45 -150 1959 — 157 -593 -50 —443 11 -97 — 15 1960—Dec. 217 5,726 756 I960 -147 -498 -117 -196 -107 -41 -36 1961P 1 -814 -256 — 310 -60 -114 -73 1961—Feb., 207 5,879 694 1961—Jan..... i -42 -27 -6 <1 -6 4 A M p a r r . . 2 2 7 3 1 0 5 5 , , 9 6 3 3 5 4 6 67 9 2 0 Feb.... 15 -65 -30 -4 -26 -4 -1 May 210 5,637 687 Mar.... -3 -78 -24 -42 -8 -11 -2 June 220 5,723 688 3 -103 -9 -56 -19 I? July. 226 5,660 667 J M u a n y e ! . ! . ! . -15 1 -1 -3 0 4 7 - - 2 17 6 - - 5 2 2 0 -63 -22 9 -10 A Se u p g t . . 2 3 7 1 0 2 6 5 , , 0 9 3 0 6 3 6 66 6 2 0 July... 3 -91 12 -68 1 -5 -30 Oct.. 249 5,988 652 Aug... 6 -29 -10 -17 1 -3 1 Nov. 198 5,793 634 Sept... 4 -24 -3 6 2 -7 -22 Dec. 279 6,006 669 Oct.... -5 -43 -13 n 1 -25 1 Nov... 1 -82 -26 -15 -9 -14 -18 1962—Jan.. 229 5,403 663 Dec.p. 7 -114 -84 -28 1 Q 6 Feb., 204 5,432 637 1962—Jan.*\. -2 -18 -8 22 -1 -8 -23 1 Excludes assets held for international organizations, and earmarked gold. See note 4 at bottom of p. 368 for total gold under earmark at » Preliminary. Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 ESTFL 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.i Area and country 1960 1960 1961 2 3 4 4 1 Europe: 2 2 1 2 2 Belgium 16 18 18 18 29 2 2 1 1 2 1 1 1 1 1 37 20 29 29 33 Germany, Fed. Rep. of... 48 46 41 41 48 1 1 1 1 Italy 13 14 15 16 19 44 56 48 48 62 7 7 5 5 6 1 1 1 1 8 9 9 8 14 8 6 6 5 29 30 26 27 25 1 3 3 3 3 TTnited Kinffdom 86 79 61 65 79 1 1 1 1 1 Other 6 5 4 4 2 Total 316 302 271 277 327 58 58 53 57 37 Latin America: 9 7 7 7 7 Bolivia 2 2 1 1 1 17 15 16 17 19 5 5 3 3 4 3 3 4 4 5 Cuba 4 3 2 2 2 Dominican Reoublic 1 1 1 1 El Salvador 8 Guatemala ^6 ^7 ^6 Neth. Antilles and Surinam. 5 5 7 7 4 Panama ReD of 2 6 2 2 3 3 4 4 4 5 3 4 1 1 2 13 14 13 14 16 4 3 4 4 7 Total 74 79 73 76 83 Asia: 2 3 3 3 India 4 4 6 7 4 4 3 3 Iran 3 4 4 6 Israel 1 3 5 5 Korea Ret) of . . 1 19 17 27 29 Philit>Dincs «• 2 3 3 Thailand 3 3 3 3 Other 5 5 6 9 Total 49 53 65 73 All other: 8 12 14 14 Congo Rep of the 1 1 1 2 South Africa 6 1 1 1 U A R (Egypt) 1 1 2 2 Other 5 5 5 7 Total 22 21 23 25 International C2) (2) (2) Grand total 519 513 485 507 covo 2d revised sen* 1961 1 2 29 2 1 34 49 1 20 62 6 1 8 5 26 3 79 1 2 331 40 8 1 20 4 5 2 1 (2) 6 4 3 6 2 23 7 92 11 5 4 57 (2) 2 3 8 107 15 1 2 2 10 30 (2) 584 covo Claims on foreigners 1st. revised ser.1 2d revised ser.i 1960 1960 1961 1961 2P 2 3 4 4 1 • 2. 2 c 6 7 8 5 4 28 11 10 12 12 11 11 35 2 5 8 12 12 12 12 5 1 1 2 2 2 2 2 2 37 33 36 37 39 45 45 40 40 28 26 34 39 38 41 68 2 2 3 2 2 2 2 3 25 19 21 26 30 33 34 35 68 15 11 16 17 16 17 22 6 6 6 6 6 7 7 7 1 4 3 3 3 4 4 3 6 11 10 11 11 7 7 10 8 27 27 26 26 26 26 19 47 20 19 17 18 23 25 19 4 9 7 7 7 5 5 5 107 147 162 639 642 278 279 225 1 1 1 1 1 2 2 2 1 3 4 4 5 5 5 3 386 349 362 862 880 519 530 506 43 124 165 160 187 297 328 422 10 12 19 20 20 25 26 29 1 3 2 3 3 3 3 2 20 65 69 76 78 60 61 73 5 9 9 11 12 14 15 18 7 11 11 11 12 13 14 13 2 20 18 8 8 6 6 5 1 2 2 3 3 3 3 2 (2) 2 2 2 2 2 2 3 ^6 30 31 36 39 45 4 4 5 2 6 2 1 2 2 2 472 2 6 12 4 7 7 9 9 7 2 8 13 8 9 9 10 11 2 3 3 3 3 4 4 4 23 30 29 33 34 36 38 35 10 18 18 19 19 21 22 25 102 231 236 245 254 255 265 278 3 2 1 2 2 3 3 3 5 7 11 12 15 10 11 11 11 10 1 1 1 1 4 4 3 5 5 8 7 8 8 9 9 7 4 2 10 9 11 11 7 8 58 67 32 32 45 54 51 52 55 1 1 1 1 1 1 1 7 7 9 7 9 8 9 7 2 1 1 1 3 3 2 3 3 4 4 4 4 3 3 3 9 11 18 17 18 20 17 18 108 114 91 94 111 128 117 120 117 15 15 16 19 21 22 19 20 19 1 1 1 3 3 2 2 ?• 2 8 8 6 7 9 9 11 1 2 0 11 1 6 0 150 1 6 3 1 7 5 1 7 3 1 7 4 1 7 6 30 31 41 44 49 52 51 52 56 C2) (2) C2) (2) 601 675 837 901 1,428 1,501 1,240 1,297 1,37a * Preliminary. NOTE.—Reported by exporters, importers, and industrial and com- 1 Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through Dec. 31, 1960 (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 379 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 Services2... 1,791 1,946 1,656 1,774 1,892 2,105 1,746 1,968 1,983 2,*94 1,889 2,109 2,073 Imports of goods and services, total... 5,388 5,446 5,401 5.964 6,228 5,944 5,769 6,074 6,057 5,427 5,322 5,610 6,170 Merchandise 3.124 3.522 3.594 3.879 3.847 3.974 3.830 3.857 3.550 3.485 3.407 3.458 3.685 Services 1,425 1,095 1,027 1,296 1,595 1,216 1,172 1,461 1,709 1,215 1,156 1,391 1,760 Military expenditures 839 829 780 789 786 754 767 756 798 727 759 761 725 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-term capital (net) 3 -784 -893 -494 4-1,032 -607 -595 -875 -1,110 -1,075 -1,905 -1,400 -513 -1,019 Private, total .. -451 -725 -412 -738 -387 -838 -651 -724 -924 -1,557 -980 -926 -588 Direct investment -156 -372 -287 -442 -224 -419 -303 -331 -327 -733 -464 -380 -350 Portfolio and short-term investment -295 -354 -125 -296 -163 -419 -348 -393 -597 -824 -516 -546 -238 Government -333 -167 -82 4-294 -220 243 -224 -386 -151 -348 -420 413 -431 Foreign capital and gold (net) 934 901 953 41,439 1,440 620 821 981 1,208 1,119 533 206 904 Increase in foreign short-term assets and Government securities. . 477 502 785 4847 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 -395 220 v 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 i n tz d er- Month 3 T m r b e o i a l n s ls u t , h r s y * D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , h - s' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - 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 m Da o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 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 Apr........ 3.30 3.03 4.63 4.45 3.65 3.00 3.70 2.38 2.94 .77 .75 2.00 May 3.18 2.92 4.55 4.38 3.81 3.00 3.91 2.25 2.63 .83 .75 2.00 June 2.69 2.45 4.64 4.50 3.67 3.00 3.76 2.25 2.56 .88 .75 2.00 July. 2.61 2.55 4.72 5.10 3.98 3.38 3.65 2.25 2.63 .88 .75 2.00 Aug........ 2.48 2.29 6.91 6.71 5.64 5.00 3.52 2.25 2.44 .84 .75 2.00 Sept 2.42 2.17 6.84 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 3.58 2.00 3.06 1.32 1.11 2.00 1961—Jan........ 3.08 2.69 5.65 5.35 4.78 4.00 3.51 1.88 2.00 1.31 1.35 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

380 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS * [Per cent per annum] Rate as of Changes during the last 12 months Feb. 28,1961 Rate Country 1961 1962 Fe a b s . o 2 f 8, Per Month 1962 cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Arcentina 2 6.0 Dec. 1957 6.0 5.0 Mar. 1960 5.0 Belgium 5.0 Aug. 1960 4 75 4 5 4 25 4.25 Brazil2 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 4.0 4.0 Canada3 3.46 Feb. 1961 3.46 3.53 3.42 2.82 2.80 2.51 2.84 2.75 2.75 3.24 3.35 3.42 3.42 Ceylon 4.0 Aug. 1960 4.0 Chile4 16.74 Jan. 1961 15.88 15.88 Colombia 2 5.0 Aug. 1959 5.0 Costa Rica ^ . . . 3.0 Apr. 1939 3.0 Cuba2 6.0 Jan. 1960 6.0 Denmark 5.5 Jan. 1960 6.5 6.5 Ecuador2 5.0 Nov. 1956 5.0 Egypt . ..... 3.0 Nov. 1952 3.0 El Salvador 5.5 Jan. 1960 6 0 6.0 Finland 6.75 Mar. 1959 6.75 France 3.5 Oct. 1960 3.5 Germany ... 3.5 Jan. 1961 3.0 3.0 Greece 6.0 Nov. 1960 6.0 Honduras ^ .. 2.0 Jan. 1953 2.0 Iceland 9.0 Dec. 1960 9.0 India** 4.0 May 1957 4.0 3.0 Apr. 1946 3.0 Iran .. 6 0 Nov. 1960 6.0 Ireland 4.38 Feb. 1961 4.75 4.62 4.78 6.88 6.75 5.94 5.56 5.44 5.44 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 IVfexico 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 Norway 3.5 Feb. 1955 3.5 Pakistan 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 Portugal 2.0 Jan. 1944 2.0 South Africa 4.5 Aug. 1960 5.0 4.5 4.5 Spain • 4.6 Apr. 1960 4 0 4.0 Sweden 5.0 Jan. 1960 5.0 Switzerland . • 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. 1960 7 0 6 5 6 0 6.0 Venezuela 2 4.5 Dec. 1960 4.5 1 Rates shown represent mainly those at which the central bank either Indonesia—various rates depending on type of paper, collateral, comdiscounts or makes advances against eligible commercial paper and/or modity involved, etc.; government securities for commercial banks or brokers. For countries Japan—penalty rates (exceeding the basic rate shown) for borrowings with more than one rate applicable to such discounts or advances, the from the Central bank in excess of an individual bank's quota; rate shown is the one at which it is understood the central bank trans- Peru—8 per cent for agricultural, industrial and mining paper; 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; 4 Beginning with Apr. 1, 1959, new rediscounts have been granted at Colombia—3.5 per cent for agricultural and industrial development the average rate charged by banks in the previous half year. Old redispaper of up to 150 days, 3 per cent for economic development paper counts remain subject to old rates provided their amount is reduced by of up to 5 years, and 2 per cent for specific small business, cooperative one-eighth each month beginning May 1, 1959, but the rates are raised and employee paper; by 1.5 per cent for each month in which the reduction does not occur. Costa Rica—5 per cent for paper related to commercial transactions 5 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); 6 Beginning with May 16, 1957, this rate applies to advances against Cuba—5.5. per cent for sugar loans and 5 per cent for loans secured by commercial paper as well as against government securities and other national public securities; eligible paper. Ecuador—6 per cent for bank acceptances for commercial purposes; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 381 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n ia - d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m in ar l k an k d a) F (f r r a a n n c c e ) Official Free 1956 5.556 2.835 222.76 3.8580 2.0030 101.600 20.946 .43540 1957 5.556 2 506 222 57 3.8539 1.9906 104.291 20.913 .39946 2376 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 .31181 2.2374 1959 i 1.2730 223.81 3.8619 2.0012 104.267 21.055 .31149 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 .31118 3 20 389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 .31098 20.384 1961 Feb 1.2061 223.10 3.8352 2.0026 101.026 21.013 .31116 20.402 Mar 1.2073 222.91 3.8314 2.0042 101.265 20.990 .31113 20.404 Apr 1.2075 222.95 3.8306 1.9985 101.110 20.992 .31108 20.400 May 1.2071 222.63 3.8308 1.9983 101.255 20.988 .31100 20.404 1.2096 222.30 3.8368 2.0018 99.471 20.984 .31100 20.405 July 1.2113 222.10 3.8554 2.0081 96.701 20.951 .31090 20.405 1.2104 223 34 3.8592 2.0080 96.933 21.012 .31089 20.352 Sent . . .. 1.2061 224.08 3.8634 2.0084 97.003 21.076 .31088 20.331 Oct 1.2056 224.33 3.8660 2.0085 97.039 21.094 .31085 20.337 Nov 1.2057 224.30 3.8648 2.0085 96.532 21.089 .31085 20.364 Dec 1.2080 223.88 3.8671 2.0086 95.885 21.058 .31084 20.399 1962—Jan 1.2056 223.98 3.8647 2.0086 95.678 21.051 .31085 20.403 Feb 1.2054 224.27 3.8643 2.0086 95.335 21.039 .31072 20.402 Year or month ( G d m e e r u a m t r s k a c ) n h y e ( I ru n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h d e - s r) ( Z p e N o a u e la w n n d d ) 1956 23.786 20.934 279.57 .16003 .27791 32.582 8.0056 26.113 276.80 1957 23.798 20.910 279.32 .16003 .27791 32.527 8.0056 26.170 276 56 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278 10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 ... 4 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 5 27.555 277.45 1961 Feb 23.966 20.950 279.99 .16073 .27859 32.774 8.0056 26.400 277.22 Mar 4 25.020 20.940 279.75 .16068 .27861 32.699 8.0056 5 27.582 276.98 Apr 25.185 20.940 279.81 .16089 .27717 32.600 8.0056 27.820 277.03 May 25.184 20.919 279.40 .16106 .27628 32.518 8.0056 27.826 276.63 June . . . 25.166 20.889 278.98 .16107 .27629 32.489 8.0056 27.828 276.22 July 25.127 20.886 278.74 .16108 .27624 32.488 8.0056 27.827 275.98 Aug 25.046 20.998 280.29 .16109 .27623 32.604 8.0056 27.771 277.52 Sent 25.019 21.067 281.22 .16108 .27622 32.716 8.0056 27.676 278.44 Oct 25.016 21.089 281.54 .16108 .27623 32.752 8.0056 27.731 278.75 Nov . 24.987 21.076 281.49 .16108 .27624 32.742 8.0056 27.766 278.71 Dec 25.004 21.038 280.96 .16111 .27624 32.734 8.0056 27.776 278.18 1962—Jan 25.028 21.045 281.10 .16108 .27624 32.777 8.0056 27.730 278.31 Feb 25.011 21.078 281.46 .16100 .27627 32.810 8.0056 27.631 278.67 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( S e fr r w a la n it n c - d ) ( U p K d o n i o u n i 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 I960 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 Feb 13.985 3.4861 6 279 19 7 139.37 1.6644 19.342 23.144 279 99 Mar .. .. .... 13 985 3 4903 139.35 1.6644 19.353 23.144 279.75 Apr 13.989 3.4920 139.38 1.6643 19.354 23.122 279.81 May 13.964 3.4851 139.18 1.6644 19.378 23.101 279.40 June 13 952 3.4815 138.97 1.6644 19.365 23.144 278.98 July 13.947 3.4797 138.85 1.6644 19.357 23.169 278.74 Aug 14.004 3.4875 139.62 1.6644 19.366 23.163 280.29 Sept 14.041 3.4941 140.09 1.6644 19.329 23.167 281.22 Oct 14.051 3.5013 140.24 1.6644 19.351 23.133 281.54 Nov . 14 048 3 4990 140.22 I 6644 19.347 23.133 281 49 Dec 14.039 3.5020 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 Feb 14.037 3.4995 140.20 1.6650 19.388 23.111 281.46 1 Effective Jan. 12, 1959, the Argentine Government established a 4 Effective Mar. 5,1961, the par value of the deutsche mark was changed single exchange rate for the peso in place of the former official and free from 4.20 to 4.00 marks per U. S. dollar. rates. 5 Effective Mar. 7, 1961, the par value of the guilder was changed from 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957, 3.80 to 3.62 guilders per U. S. dollar. was extended to all foreign exchange transactions on Oct. 28, 1957, and 6 Based on quotations through Feb. 10, 1961. on June 23, 1958, became the official rate. On 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 H. FRANKLIN SPRECHER, JR., Assistant Director ALBERT R. KOCH, Adviser KENNETH B. WILLIAMS, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF INTERNATIONAL FINANCE JOSEPH E. KELLEHER, Director RALPH A. YOUNG, Director HARRY E. KERN, Assistant Director J. HERBERT FURTH, Adviser A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser OFFICE OF THE CONTROLLER SAMUEL I. KATZ, Associate Adviser RALPH C. WOOD, Associate Adviser J. J. CONNELL, Controller SAMPSON H. BASS, Assistant Controller DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 382 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 383 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON GEORGE H. ELLIS GEORGE W. MITCHELL MALCOLM BRYAN W. D. FULTON J. L. ROBERTSON FREDERICK L. DEMING G. H. KING, JR. CHAS. N. SHEPARDSON A. L. MILLS, JR. RALPH A. YOUNG, Secretary HARRY BRANDT, Associate Economist MERRITT SHERMAN, Assistant Secretary J- HERBERT FURTH, Associate Economist KENNETH A. KENYON, Assistant Secretary °E°fE G™™> Associate Economist „ ^ „ _ L. MERLE HOSTETLER, Associate Economist T t HOWARD H. HACKLEY, General Counsel Economist Q uY R NoYESj Associate DAVID B. HEXTER, Assistant General Counsel FRANKLIN L. PARSONS, Associate Economist WOODLIEF THOMAS, Economist PARKER B. WILLIS, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON KENNETH V. ZWIENER, CHICAGO GEORGE A. MURPHY, NEW YORK, President SIDNEY MAESTRE, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND, Vice President M. L. BREIDENTHAL, KANSAS CITY ROBERT B. HOBBS, RICHMOND I. F. BETTS, DALLAS J. FlNLEY McRAE, ATLANTA ELLIOTT MCALLISTER, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON NILS Y. WESSELL ERWIN D. CANHAM NEW YORK PHILIP D. REED JAMES DECAMP WISE 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 (VACANCY) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN • MARCH 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 George H. Ellis D. Harry Angney Benjamin F. Groot O. A. Schlaikjer E. O. Latham Ansgar R. Berge Dana D. Sawyer Charles E. Turner New York Alfred Hayes Harold A. Bilby Marcus A. Harris Walter H. Rozell, Jr. William F. Treiber Charles A. Coombs Herbert H. Kimball H. L. Sanford Howard D. Crosse Robert G. Rouse Todd G. Tiebout Philadelphia Karl R. Bopp Joseph R. Campbell Norman G. Dash James V. Vergari Robert N. Hilkert Wallace M. Catanach David P. Eastburn Richard G. Wilgus Murdoch K. Goodwin Cleveland W. D. Fulton Roger R. Clouse W. Braddock Hickman John E. Orin Donald S. Thompson E. A. Fink L. Merle Hostetler Paul C. Stetzelberger 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 (Vacancy) A. M. Gustavson L. H. Jones H. J. Newman Hugh J. Helmer C. T. Laibly Harry S. Schultz St. Louis (Vacancy) 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 F. O. Kiel Kansas City.... Denver Cecil Puckett Pittsburgh Clyde Harrell Oklahoma City H. W. Pritz 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. February 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. 385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

Index to Statistical Tables Acceptances, bankers', 324, 326 Deposits—Continued Agricultural loans of commercial banks, 318, 320 Federal Reserve Banks, 310, 377 Assets and liabilities {See also Foreign liabilities and Postal savings, 308, 314 claims): Discount rates, 308, 380 Banks and the monetary system, consoli- Discounts and advances by Federal Reserve dated, 314 Banks, 304, 309, 310 Corporate, current, 336 Dividends, corporate, 335, 336 Domestic banks, by classes, 315, 318, 320, 326 Dollar assets, foreign, 369, 377 Federal Reserve Banks, 310 Earnings and hours, manufacturing indus- Automobiles: tries, 350, 353 Consumer instalment credit, 340, 341, 342 Employment, 350, 352, 353 Production index, 344, 347 Farm mortgage loans, 337, 338 Bankers' balances, 319, 321 Federal finance: {See also Foreign liabilities and claims) Cash transactions, 328 Banking and monetary statistics for 1961, 362 Receipts and expenditures, 329, 364 Banks and the monetary system, consolidated state- Treasurer's balance, 328 ment, 314 Federal home loan banks, loans, etc., 339 Bonds {See also U. S. Govt. securities) : Federal Housing Administration, loans, New issues, 333, 334, 336 etc., 337, 338, 339 Prices and yields, 324, 325 Federal National Mortgage Association, Brokers and dealers in securities, bank loans loans, etc., 339 to, 318, 320 Federal Reserve Banks: Business expenditures on new plant and equip- Condition statement, 310 ment, 336 U. S. Govt. securities held by, 304, 309, 310, Business indexes, 350 330, 331 Business loans {See Commercial and industrial loans) Federal Reserve credit, 304, 309, 310, 362 Federal Reserve notes, 310, 312 Capital accounts: Finance company paper, 324, 326 Banks, by classes, 315, 319, 322 Financial institutions, loans to, 318, 320 Federal Reserve Banks, 310 Float, 304 Carloadings, 350 Flow of funds, saving and financial flows, 360 Central banks, foreign, 366, 380 Foreign central banks, 366, 380 Coins, circulation of, 312 Foreign currencies, convertible, holdings by U. S. Commercial banks: monetary authorities, 368 Assets and liabilities, 315, 318 Foreign deposits in U. S. banks, 304, 310, 314, 319, Consumer loans held, by type, 341 322, 377 Number, by classes, 315 Foreign exchange rates, 381 Real estate mortgages held, by type, 337 Foreign liabilities and claims: Commercial and industrial loans: Banks, 370, 372, 375, 377 Commercial banks, 318 Nonfinancial concerns, 378 Weekly reporting member banks, 320, 323 Foreign trade, 355 Commercial paper, 324, 326 Condition statements {See Assets and liabilities) Gold: Construction, 350, 351 Earmarked, 368 Consumer credit: Net purchases by U. S., 368 Instalment credit, 340, 341, 342, 343 Production, 367 Major parts, 340, 342 Reserves of central banks and governments, 366 Noninstalment credit, by holder, 341 Reserves of foreign countries and international Consumer price indexes, 350, 356 institutions, 369 Consumption expenditures, 358, 359 Stock, 304, 314, 368 Corporate sales, profits, taxes, and dividends, 335, 336 Gold certificates, 310, 312 Corporate security issues, 334, 336 Govt. debt {See U. S. Govt. securities) Corporate security prices and yields, 324, 325 Gross national product, 358, 359 Cost of living {See Consumer price indexes) Hours and earnings, manufacturing indus- Currency in circulation, 304, 312, 313 tries, 350, 353 Customer credit, stock market, 325 Housing starts, 351 Debits to deposit accounts, 313 Industrial production index, 344, 350 Demand deposits: Instalment loans, 340, 341, 342, 343 Adjusted, banks and the monetary system, 314 Insurance companies, 327, 330, 331, 338 Adjusted, commercial banks, by classes, 313, 319 Insured commercial banks, 317, 318 Banks, by classes, 309, 315, 322 Interbank deposits, 309, 315, 319 Turnover of, 313 Interest rates: Type of holder, at commercial banks, 319 Bond yields, 324 Department stores: Business loans by banks, 323 Merchandising data, 355 Federal Reserve Bank discount rates, 308 Sales and stocks, 350, 354 Foreign countries, 379, 380 Deposits {See also specific types of deposits): Open market, 324, 379 Adjusted, and currency, 314 Stock yields, 324 Banks, by classes, 309, 315, 319, 322, 326 Time deposits, maximum rates, 308 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN • MARCH 1962 International capital transactions of the U. S., 370 Residential mortgage loans, 337, 338, 339 International institutions, 366, 368, 369 Inventories, 358 Sales finance companies, consumer loans of, 340, Investments {See also specific types of investments): 341, 343 Banks, by classes, 315, 318, 321, 326 Saving: Federal Reserve Banks, 309, 310 Flow-of-funds series, 360 Life insurance companies, 327 National income series, 359 Savings and loan associations, 327 Savings deposits {See Time deposits) Savings institutions, principal assets, 326, 327 Labor force, 352 Savings and loan associations, 327, 331, 338 Loans {See also specific types of loans): Securities, international transactions, 376, 377 Banks, by classes, 315, 318, 320, 326 Security issues, 333, 334, 336 Federal Reserve Banks, 304, 309, 310, 362 Silver coin and silver certificates, 312 Insurance companies, 327, 338 State member banks, 317 Savings and loan associations, 327, 338 State and municipal securities: Loans insured or guaranteed, 337, 338, 339 New issues, 333, 334 Prices and yields, 324, 325 Manufactures, production index, 344, 350 States and political subdivisions: Margin requirements, 308 Deposits of, 319, 322 Member banks: Holdings of U. S. Govt. securities, 330 Assets and liabilities, by classes, 315, 318 Ownership of obligations of, 318, 326, 327 Borrowings at Federal Reserve Banks, 306, 310, Stock market credit, 325 322, 362 Stocks: Deposits, by classes, 309 New issues, 334 Number, by classes, 316 Prices and yields, 324, 325 Reserve requirements, by classes, 309 Reserves and related items, 304, 362 Tax receipts, Federal, 329 Weekly reporting series, 320 Time deposits, 308, 309, 314, 315, 319, 322 Mining, production index, 344, 350 Treasurer's account balance, 328 Money rates {See Interest rates) Treasury cash, 304, 312, 314 Money supply and related data, 313 Treasury currency, 304, 312, 314 Mortgages {See Real estate loans) Treasury deposits, 304, 310, 328 Mutual savings banks, 314, 315, 317, 326, 330, 331, 337 Unemployment, 352 National banks, 317 U. S. balance of payments, 379 National income, 358, 359 U. S. Govt. balances: National security expenditures, 329, 358 Commercial bank holdings, by classes, 319, 322 Nonmember banks, 310, 317, 318, 319 Consolidated monetary statement, 314 Treasury deposits at Federal Reserve Payrolls, manufacturing, index, 350 Banks, 304, 310, 328 Personal income, 359 U. S. Govt. securities: Postal Savings System, 308, 314 Bank holdings, 314, 315, 318, 321, 326, 330, 331 Prices: Dealer transactions, positions, and financing, 332 Consumer, 350, 356 Federal Reserve Bank holdings, 304, 309, 310, Security, 325 330, 331 Wholesale commodity, 350, 356 Foreign and international holdings, 310, 369 Production, 344, 350 International transactions, 376 Profits, corporate, 335, 336 New issues, gross proceeds, 334 Outstanding, by type of security, 330, 331, 333 Real estate loans: Ownership of, 330, 331 Banks, by classes, 318, 320, 326, 337 Prices and yields, 324, 325 Type of mortgage holder, 337, 338, 339 United States notes, outstanding and in circula- Type of property mortgaged, 337, 338, 339 tion, 312 Reserve requirements, member banks, 309 Utilities, production index, 344, 350 Reserves: Commercial banks, 319 Vault cash, 304, 309, 319 Federal Reserve Banks, 310 Veterans Administration, loans, etc., 337, 338, 339 Foreign central banks and governments, 366 Foreign countries and international institu- Weekly reporting member banks, 320 tions, 369 Member banks, 304, 306, 309, 319, 321, 362 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 "^^"j1?!^^^ (j? THE FEDERAL RESERVE SYSTEM e) 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