Federal Reserve Bulletin, 1962-04

FEDERAL RESERVE April 1962 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Woodlief Thomas Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Patterns of Consumer Spending 389 Membership of the Board of Governors of the Federal Reserve System, 1913-62 396 Law Department 398 Current Events and Announcements 412 National Summary of Business Conditions 413 Financial and Business Statistics, U. S. (Contents on p. 415) 416 International Financial Statistics (Contents on p. 489) 490 Board of Governors and Staff 506 Open Market Committee and Staff; Federal Advisory Council 507 Federal Reserve Banks and Branches 507 Federal Reserve Board Publications 509 Index to Statistical Tables 511 Map of Federal Reserve System Inside back cover Volume 48 Number 4 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

Patterns of Consumer Spending CONSUMER spending and income advanced further in March to new high levels. CONSUMER SECTOR - SELECTED INDICATORS Meanwhile, the prices consumers pay for 1947-59-'=100 goods continued to show little change. 120 DISPOSABLE INCOME Sales at durable goods stores showed substantial improvement, principally because CONSUMER PRICES 100 of a rise in automobile sales. Sales of new 120 RETAIL SALES: NON_DURAILE domestic automobiles increased to 6.6 million units, seasonally adjusted annual rate, 100 up sharply from the first 2 months of the year but still not up to last November's high. 140 A strong performance by department and NEW CAR SALES general merchandise stores in March was 120 offset by some declines elsewhere, and sales for the nondurable goods group as a whole 100 were unchanged from February's advanced level. In early April, sales at automobile SO dealers and at department stores continued 1959 1960 1961 1962 at a brisk pace. NOTE.—Monthly figures, adjusted for seasonal variation ex- For the first quarter as a whole, consumer cept for prices. Based on data from Department of Commerce, Bureau of Labor Statistics, and Want's Automotive Reports. purchases of goods and services were up Monthly disposable Income interpolated from Commerce quarterly data. Latest figures shown, March 1962; prices estimated 6 per cent from their cyclical low a year by Federal Reserve. earlier. This rise was about the same as in As compared with a year earlier, disposable the comparable period of the 1958-59 upincome in the first quarter was up somewhat swing but less than in 1954-55. Most of the more than consumer spending. In contrast, growth in consumer buying over the past at the comparable stage of the two precedyear represents a rise in physical volume, for ing upturns the reverse had occurred, with average prices of goods and services have spending up more than income. increased little. Growth in population last year was slightly less than the postwar an- A YEAR OF CYCLICAL EXPANSION nual average of 1.7 per cent, and per capita expenditures increased about 4 per cent. Consumer purchases of nondurable goods The rise in spending, particularly for have been rising for more than a year. goods, has been at an uneven rate during Spending on such staple items as food, bevthis recovery, and this has raised questions erages, tobacco products, drugs, and toilet from time to time as to whether consumer articles has increased throughout the period, buying was lagging the growth in income. but spending for clothing and shoes did not 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN • APRIL 1962 begin to rise until after mid-1961. Service in January and February, it turned up a little outlays have maintained their persistent ad- in March. The weakness during the winter vance, but at a less rapid rate as price ad- may have been associated with the decline vances have slowed. in housing activity. The pace of recovery in durable goods Consumer instalment credit began to exspending in 1961 was closely related to pand in the fourth quarter of 1961. The rise changing levels of automobile sales. Sales came a little later after the trough in genof new domestic automobiles advanced un- eral activity, and the increase was somewhat evenly during the first half of the year; less, than in the comparable periods of the in the third quarter they fell sharply because 1954-55 and 1958-59 upswings. In early of an unusually early model-changeover and 1962 instalment credit increased at about work stoppages. Sales then spurted in the the same rate as in the fourth quarter of fourth quarter to an annual rate of 6.4 mil- 1961. lion units, a rate not exceeded in any quarter since 1955. For the year as a whole, CYCLICAL PERFORMANCE sales totaled 5.5 million units, down 10 per IN PERSPECTIVE cent from 1960. Imports accounted for an The uneven advance in consumer purchases additional 380,000 units. of goods over the past year has raised ques- Sales of new domestic cars turned down tions about the underlying strength of conagain in January and February 1962. But sumer demands. A comparison of recent the March advance brought the first quarter performance with earlier postwar cycles—as rate up to 6.3 million units. measured by peaks and troughs in the gross An upturn in spending on furniture, ap- national product—may shed some light on pliances, television, and other household this issue. equipment began early in 1961 and coin- Changes in income and spending. During the cided with a rising volume of residential con- contraction and recovery phases of the four struction. Late in the year such spending was postwar cycles, consumer incomes have folback almost to its 1959 high. After declining lowed strikingly similar patterns. Purchases CYCLICAL CHANGES IN INCOME AND SPENDING RECESSIONS Per cent RECOVERIES DUtABlE GOODS 10 / SE f— DISPPOOSSABLE INCOME - 10 10 O O 4 2 • ' 4 4 9 1 • O Q 2 2 ' • S 5 3 4 • Q 0 3 1 • ' S 5 7 S • O O 2 1 ' ' 6 6 0 1 • 0 O 2 2 ' ' 4 S 9 O - O O 2 2 * ' » 5 4 5 - O Q l 1 '$• • 0 O 1 l ' ' 6 6 1 2 NOTE. Based on Department of Commerce quarterly figures first quarter 1962 based on Council of Economic Advisers estiin constant dollars, adjusted for seasonal variation. Figures for mates; deflators estimated by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PATTERNS OF CONSUMER SPENDING 391 of nondurable goods and services have also These purchases increased 7 per cent in the moved similarly, but durable goods have 1948-49 recession, when output was just shown some important differences. These about beginning to cope with backlog decomparisons, which are shown in the chart, mand, and declined only 4 per cent in 1953are based on constant dollar data. It should 54. Such purchases declined more than 10 be stressed that small differences in cyclical per cent in both 1957-58 and 1960-61. performance may not be significant. Typically, purchases of nondurable goods The first striking similarity in consumer have declined only slightly during recessions, income patterns is the slightness of the de- and purchases of services have continued to cline during the contraction phase: in 1957- advance although less rapidly than during 58 disposable income declined 1.5 per cent. expansions. In the other three contractions, including In three of the four postwar expansions, 1960-61, it fell only a half of 1 per cent. including the current one, total consumer The small size of these declines has partly purchases increased between 5 and 5.5 per reflected, partly contributed to, the generally cent in the first four quarters after the cyclimoderate nature of contractions in economic cal trough. In 1954-55 purchases increased activity as a whole. In particular, the sta- 7 per cent, primarily because of the extrability of incomes has reflected the counterordinary expansion in car sales. cyclical influence of unemployment compen- According to these income and spending sation programs and the steady rise in other comparisons, the 1960-62 performance both transfer payments, as well as the sustained in contraction and in the first year of recovgrowth in service and State and local govery compares favorably with 1957-59 but is ernment employment. significantly less vigorous than in 1953-55. A second striking similarity is the narrow The same general results appear, but some range of the increases—from 5.0 to 6.5 per additional perspective may be gained, if one cent—in disposable income in the first four compares income and spending, in constant quarters following the lows in aggregate acdollars, 1 year after the cyclical low in gross tivity. The rise in such income over the first national product with the levels at the prethree quarters of the recent expansion was ceding cyclical peaks, as shown in the sharper than in the preceding two recoveries, tabulation below: but it slowed down in the first quarter of 1962, along with aggregate activity. Peak 1 year Disposable Consumer Total consumer purchases, after adjust- after trough income purchases (percentage increase) ment for price changes, have also changed Q4 '48 Q2 '50 5.7 6.8 little from peak to trough of postwar con- Q2 '53 Q2 '55 6.0 7.4 tractions. On the whole, however, consumer Q3 '57 Ql '59 3.3 3.8 Q2 '60 Ql '62 5.2 4.8 spending was better maintained in 1948- 49 (up 1.5 per cent) and in 1953-54 (no Spending rates. Another basis for appraischange) than in 1957-58 (down 1.5 per ing consumer spending in the current recent) and 1960-61 (down .8 per cent). covery is to relate spending directly to in- The greater strength in the two earlier come. Spending rates for total consumption recessions, as the chart indicates, is attribu- and the three major groups, based on curtable mainly to purchases of durable goods. rent prices, are shown in the next chart. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN • APRIL 1962 Total expenditures rose more slowly than the trough—total consumption expenditures income in the first two quarters after the had advanced 6 per cent while disposable in- 1961 trough, and the spending rate conse- come had increased 6.5 per cent. At this quently declined. In contrast, the spending stage of the two preceding recoveries, spendrate increased during the first two quarters ing had risen more than income. In the year after the 1954 low and in the first quarter and a half preceding the 1961 trough, howafter the 1958 low. In the third quarter of ever, the spending rate was higher than in the 1961-62 recovery the spending rate rose the similar period of the two earlier cycles, slightly, and in the most recent quarter it in- and the rate is higher now than at the comcreased further despite some slowing in the parable phase of the 1958-59 recovery. rise of consumer purchases. Associated with changes in the proportion By the first quarter of 1962—a year after of disposable income spent for total goods and services are varied patterns for the major consumption groupings. Maintenance of the CONSUMER SPENDING total spending rate during recessions stems RELATED TO DISPOSABLE INCOME mainly from the persistent growth in service expenditures—many of which represent rel- TOTAL SPENDING atively fixed charges on consumers' incomes - O 2 '54 95 '61 "•".„„ •• —while both outlays and the spending rate •s • ' ' " o i•58 for goods are curtailed. Recovery is marked 90 by a pick-up in outlays for goods, especially i ! 1 1 ^n durables. While service outlays continue to DURABLE GOODS rise in the upturn, the spending rate tends 15 to level off. The spending rate on goods and services has fluctuated between 92 and 94 per cent 10 in recent years, well below early postwar r 1 1 1 /iA 50 years when consumers were drawing on NONDURABLE GOODS liquid assets accumulated during World War H and rapidly expanding their use of credit. 45 At current income levels, a change of 1 per ^— cent in the spending rate would be equiva- 40 lent to nearly $4 billion of purchases. SERVICES 40 Liquid assets. Spending at various stages of the cycle may be influenced by the volume of liquid assets—demand deposits, currency, 35 and various types of financial savings—consumers hold in relation to their income. •\/i i i t i i 1 1 30 Consumer liquid assets have increased stead- 6 4 2 TROUGH 2 4 t QUARTERS AFTE ily over the past decade, about in line with disposable income. Depending on the phase NOTE.—Based on Department of Commerce quarterly figures, adjusted for seasonal variation. Figures for first quarter 1962 of the cycle, the amounts held have ranged based on Council of Economic Advisers estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

393 PATTERNS OF CONSUMER SPENDING from 75 to 80 per cent of the annual rate ADDITIONS TO CONSUMER LIQUID ASSETS of disposable income. RHATED TO DISPOSABLE INCOME Consumers tend to add more to their liquid assets during recessions when spending is reduced, than during expansions when spending is increased. Also, they are more reluctant to go into debt when incomes are declining and more willing to increase debt when incomes are rising. These tendencies toward increased liquidity in a downturn tend to prolong it, but at the same time they help prepare the way for recovery. The recent pattern of increase in consumer liquid assets, in relation to disposable income, has differed in important respects from that in the two preceding cycles, as may be seen in the chart. During the 1960- 61 downturn, additions to consumer liquid 6 4 4 6 assets increased steadily and sharply in con- QUARTERS IEFOIC QUARTERS AFTER trast to a delayed and somewhat smaller NOTE.—B i Federal ReMnnrree aanndd DDeeppaarrttmmeenntt of Combuild-up in the two earlier recessions. -aerec gum—_„ . ma, ad justed ffoorr ••easeoln al viatrii atioFni. Fi for fint QQsrter ~^ ftitfffl; iinnccoome from Council of nomic Advisers. Moreover, consumers have continued to make large additions to their liquid assets CHANGING CONSUMPTION PATTERNS through the recovery period to date. Particu- Consumers have increased their spending larly noteworthy is the increase in the two on services more sharply than on goods durmost recent quarters; at this stage of the two ing the postwar period. As a result, the comprevious cycles, consumers were adding sucposition of expenditures has changed imcessively smaller amounts to liquid assets. portantly. Consumers today are allocating Over the current cycle, the build-up of 10 cents more to services out of each dolliquid assets has reflected, to a larger extent lar spent, and 10 cents less to goods, than than usual, shifts out of marketable securi- in 1947. ties as consumers have responded to chang- About half of the postwar gain in relative ing yield differentials. One influence in the importance of services, however, reflects first quarter of 1962 was the rise in interest higher prices. Prices of services have risen rates paid on time deposits. Another factor steadily and rapidly—although the pace in the recent growth in liquid assets may slowed after 1953—and by 1961 averaged have been the decreased volume of pur- 53 per cent above 1947. Prices of durable chases of new single-family houses as com- goods are 19 per cent higher than in 1947, pared with earlier recoveries. Also, the and prices of nondurable goods 22 per cent. recent build-up may have reflected the failure Prices of both durable and nondurable goods of consumption expenditures to rise as fast have shown little change over the past few relative to income as in earlier recoveries. years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN • APRIL 1962 Less for goods. Food and clothing are of these three groups now accounts for a much less important in the consumer budget significantly larger share of total outlays for today than in 1947. One reason is that fami- services than in 1947. lies with rising incomes tend to spend pro- In 1960, individuals spent $20 billion on portionately less on basic needs. Gas and oil medical care—including such items as docexpenditures have gained in importance, but tor and hospital bills, and health inmost of the rise occurred in the first half of surance premiums—up 78 per cent from the postwar period and was associated with 1953 and 189 per cent from 1947. Rising the rapid build-up in car numbers. medical costs, medical progress, and a longer life span have been contributing factors. Outlays for private education and research CONSUMER SPENDING 1957-59=100 have tripled since 1947. The sharpest ad- 140 vances have come in recent years with the rise in number of youths of college age and 120 the heightened interest in education. Spend- SERVICES ing on brokerage and legal fees, interest on ALL GOODS 100 consumer debt, and other personal business services has more than tripled. 80 Expenditures for housing have increased substantially, but somewhat less rapidly in i i i i i i i i 60 recent years than earlier when rents and 120 house purchases were increasing sharply. DURABLE GOODS Spending for household operation—includ- 100 ing electricity, gas, water, and telephone services—has increased steadily and is 184 80 per cent above 1947. 1954 1956 1958 1960 1962 An important question is whether the postwar shift toward increased spending on NOTE.—Based on Department of Commerce quarterly figures, services will continue. The rapid rise early adjusted for seasonal variation. Figures for first quarter 1962 based on Council of Economic Advisers estimates. in the period reflected largely corrections of supply and price distortions arising out of Spending for durable goods has fluctuated the war. The advance in recent years, howrather widely, in large part because of swings ever, has been just as large as earlier. Curin demands for autos. The share of the conrently, service outlays account for about the sumer dollar going to durable goods rose to same proportion of the spending dollar as 15 cents in the boom automobile year of in 1929 and also in the late 1930's. 1955 but is now back to 12 cents, the same as in 1947. Increased demand for services has re- More for services. Service outlays have sulted in rising employment in the service nearly tripled since 1947. Especially dra- industries even during recession, and this matic have been the increases in expendi- may have had a generally stabilizing effect tures for medical care, personal business, on employment and on the economy as a and private education and research. Each whole. It is not easy, however, to evaluate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PATTERNS OF CONSUMER SPENDING 395 the effect the shift has had on investment in and apparently all types of books—fiction fixed capital, because the service group en- and nonfiction, hardcover and paperback compasses a heterogeneous assortment of alike—have shared in the rising trend. activities, ranging from such intensive cap- Spending for sporting events has risen ital-using industries as electric utilities, trans- considerably less than other leisure cateportation, and communication to the do- gories and less than total consumer expendimestic and personal service industries where tures. Purchases of radios and television sets, fixed capital needs are comparatively small. in the meantime, have about kept pace with Leisure activities. Americans are devoting total spending since 1953. greater amounts of time and money to leisure activities than ever before. Sports equip- GROWTH RATES ment, the theater, books, foreign travel, and Notwithstanding shifts in consumer preferthe like have been taking an ever-larger share of the consumer dollar. ence for various goods and services, total consumer purchases, measured in constant In 1960 people spent more than $2 bildollars, have grown at a remarkably stable lion on foreign travel, almost double the rate since World War II. Growth since 1947 amount for a year as recent as 1953. Spendhas averaged a little less than 3.5 per cent ing on sporting goods rose 76 per cent over a year. the same period as people turned to active Service outlays have grown more than 4 participation in all types of games and sports including boating, riding, and flying. Ex- per cent a year with the pace even more penditures on books increased 77 per cent, rapid since 1954 largely because of the stepped-up spending on medical care, personal business, and education. Expenditures SELECTED LEISURE ACTIVITIES on public transportation services have the CHANGES IN EXPENDITURES lowest postwar growth rate among the major service categories. Among nondurable goods, food and clothing have risen about 2 per cent a year, a little faster than population growth. Gas and oil have averaged 6 per cent a year, but growth has been less rapid in recent years. Durable goods purchases have grown about 4 per cent per year over the whole period. Since 1954, however, the rate has been less than 3 per cent. Purchases of autos and parts, which were increasing more than 8 per cent a year in the first hah* of the 1953 1960 period, have shown only a slight annual rise in recent years. NOTE.—Based on Department of Commerce annual figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Membership of the Board of Governors of the Federal Reserve System, 1913-62 APPOINTIVE MEMBERS3 Name Federal Reserve Effective date of Other dates and information relating to district appointment membership 2 Charles S. Hamlin. . Boston. Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg. . .New York. , do. Term expired Aug. 9, 1918. Frederic A. Delano. . . Chicago. . do.. Resigned July 21, 1918. W. P. G. Harding. .Atlanta .do.. Term expired Aug. 9, 1922. Adolph C. Miller. . . San Francisco. do. . Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss New York. . . . Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah. . . Chicago. . . . .Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Platt. . . New York. . . .June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills... . Cleveland. . . Sept. 29, 1920 Term expired Mar. 4, 1921. JohnR. Mitchell. . . Minneapolis. .May 12, 1921 Resigned May 12, 1923. Milo D. Campbell... .Chicago. . . . .Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger. . . . Cleveland. . May 1, 1923 Resigned Sept. 15, 1927. George R. James. . . St. Louis. May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham. Chicago. . . .do Died Nov. 28, 1930. Roy A. Young. . . Minneapolis. Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer.... . New York. . . . .Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee. . Kansas City. .May, 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black. Atlanta. . May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak. . Chicago. . June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, 1961. J. J. Thomas. . Kansas City. do. Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles . San Francisco .Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Joseph A. Broderick. . New York. Feb. 3, 1936 Resigned Sept. 30, 1937. John K. McKee. . Cleveland do.. Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom. . . . Atlanta. do Reappointed in 1942. Died Dec. 2, 1947. Ralph W. Morrison. . Dallas. Feb. 10, 1936 Resigned July 9, 1936. Chester C. Davis. . . Richmond. June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. For notes see following page. 396 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP OF BOARD OF GOVERNORS 397 Name Federal Reserve Effective date of Other dates and information relating to district appointment membership 2 Ernest G. Draper. . New York. Mar. 30, 1938 Served until Sept. 1, 1950, on which date his successor took office. Rudolph M. Evans. . Richmond. Mar. 14, 1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr. St. Louis Apr. 4, 1946 Resigned Nov. 30, 1958. Lawrence Clayton. . . Boston Feb. 14, 1947 Died Dec. 4, 1949. Thomas B. McCabe. Philadelphia Apr. 15, 1948 Resigned Mar. 31, 1951. Edward L. Norton. Atlanta Sept. 1, 1950 Resigned Feb. 1, 1952. Oliver S. Powell Minneapolis. .. d o . .. Resigned June 30, 1952. Wm. McC. Martin, Jr.. New York Apr. 2, 1951 Reappointed effective Feb. 1, 1956. A. L. Mills, Jr.. San Francisco. . Feb. 18, 1952 Reappointed effective Feb. 1, 1958. J. L. Robertson. .Kansas City Feb. 18, 1952 Paul E. Miller Minneapolis. . . Aug. 13, 1954 Died Oct. 21, 1954. C. Canby Balderston. Philadelphia.. Aug. 12,1954 Chas. N. Shepardson. . . Dallas Mar. 17, 1955 G. H. King, Jr. . Atlanta Mar. 25, 1959 Reappointed effective Feb. l 1960. s George W. Mitchell. Chicago.. Aug. 31, 1961 Reappointed effective Feb. 1, 1962. CHAIRMEN8 VICE CHAIRMEN3 Charles S. Hamlin. . . Aug. 10, 1914-Aug. 9, 1916. Frederic A. Delano. Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922. PaulM. Warburg. Aug. 10, 1916-Aug. 9, 1918. Daniel R. Crissinger. . . May 1, 1923-Sept. 15, 1927. Albert Strauss. . Oct. 26, 1918-Mar. 15, 1920. Roy A. Young... . Oct. 4, 1927-Aug. 31, 1930. Edmund Platt. July 23, 1920-Sept 14, 1930. Eugene Meyer. . . . Sept. 16, 1930-May 10, 1933. J. J. Thomas Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black. . . May 19, 1933-Aug. 15, 1934. Ronald Ransom. . . Aug. 6, 1936-Dec. 2, 1947. Marriner S. Eccles. . . Nov. 15, 1934-Jan. 31, 1948. C. Canby Balderston Mar. 11, 1955- Thomas B. McCabe Apr. 15, 1948-Mar. 31, 1951. Wm. McC. Martin, Jr.. . Apr. 2, 1951- EX-OFFICIO MEMBERS3 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo. Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams. Feb. 2, 1914-Mar. 2, 1921. Carter Glass Dec. 16, 1918-Feb. 1, 1920. Daniel R. Crissinger. Mar. 17, 1921-Apr. 30, 1923. David F. Houston. Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes. . . May 1, 1923-Dec. 17, 1924. Andrew W. Mellon. Mar. 4, 1921-Feb. 12, 1932. Joseph W. Mclntosh Dec. 20, 1924-Nov. 20, 1928. Ogden L. Mills. . . Feb. 12, 1932-Mar. 4, 1933. J. W. Pole Nov. 21, 1928-Sept. 20, 1932. William H. Woodin. . . Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr.. Jan. 1, 1934-Feb. 1, 1936. 1 Under the provisions of the original Federal Reserve composed of seven appointive members; that the Secre- Act the Federal Reserve Board was composed of seven tary of the Treasury and the Comptroller of the Curmembers, including five appointive members, the Secre- rency should continue to serve as members until Feb. 1, tary of the Treasury, who was ex-officio chairman of the 1936; that the appointive members in office on the date Board, and the Comptroller of the Currency. The original of that Act should continue to serve until Feb. 1, 1936, term of office was 10 years, and the five original ap- or until their successors were appointed and had qualipointive members had terms of 2, 4, 6, 8, and 10 years, fied; and that thereafter the terms of members should be respectively. In 1922 the number of appointive mem- 14 years and that the designation of Chairman and Vice bers was increased to six, and in 1933 the term of office Chairman of the Board should be for a term of 4 years. was increased to 12 years. The Banking Act of 1935, 2 Date after word "Resigned" denotes final day of approved Aug. 23, 1935, changed the name of the Federal service. Reserve Board to the Board of Governors of the Federal 3 Chairman and Vice Chairman were designated Gov- Reserve System and provided that the Board should be ernor and Vice Governor before Aug. 23, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Amendments to Regulation U Q that "No member bank shall pay interest accruing at a rate in excess of 4 per cent per annum, The Board of Governors of the Federal Recompounded quarterly, regardless of the basis serve System, effective May 1, 1962, amended upon which such interest may be computed," on paragraphs (f), (g), and (h) of Section 221.2 that portion of the deposit that has remained on of Regulation U ("Loans by Banks for Purpose deposit for not less than 12 months. This permits of Purchasing or Carrying Registered Stocks") in a member bank, under certain circumstances, to order to prevent credit extended by banks under pay interest at a rate of 4 per cent, compounded those provisions from being used to finance transquarterly. Therefore, when a member bank, puractions in "special cash accounts" under Section suant to this authority, agrees to pay interest on 220.4(c) of Regulation T. The paragraphs as a 12 months' deposit at a rate of 4 per cent, comthus amended read as follows: pounded quarterly, the bank is obligated to com- (f) Any temporary advance to finance the purchase pute the interest on the interest at 4 per cent. or sale of securities for prompt delivery which is to be In compounding interest, the interest being repaid in the ordinary course of business upon completion of the transaction: Provided, That the advance credited to the account quarterly is not treated is not made to a person described in § 221.3 (q): And the same as a new deposit; on such a deposit, provided further, That it is either (1) made to a interest would be restricted to a rate of 3V^ per broker or dealer, or (2) made for a purpose other than to enable the borrower to pay for securities pur- cent until the funds have remained on deposit chased in a special cash account subject to § 220.4(c) for 12 months at which time they become eligible of this chapter. for the so-called retroactive bonus of Vi per cent. (g) Any loan against securities in transit, or surrendered for transfer, which is payable in the ordinary It has been recognized (1960 BULLETIN 630) that course of business upon arrival of the securities or in compounding interest, a bank is permitted to upon completion of the transfer: Provided, That the pay interest in an amount slightly greater than loan is not made to a person described in § 221.3 (q): And provided further, That it is either (1) made to that paid on a straight yearly percentage basis. a broker or dealer, or (2) made for a purpose other than to enable the borrower to pay for securities pur- Rate of Interest on Savings Deposit chased in a special cash account subject to § 220.4(c) of this chapter. Created from Matured Time Certificate (h) Any loan which is to be repaid on the calendar The opinion of the Board of Governors of the day on which it is made: Provided, That the loan is not made to a person described in § 221.3 (q): And Federal Reserve System has been requested by a provided further, That it is either (1) made to a member bank as to whether a savings deposit may broker or dealer, or (2) made for a purpose other than to enable the borrower to pay for securities pur- bear a maximum rate of interest of 4 per cent chased in a special cash account subject to § 220.4(c) from the date of the establishment of the savings of this chapter. deposit by the transfer thereto of funds that have been on deposit for one year as a time certificate. Rate of Interest on Interest In Section 217.6 of Regulation Q it is provided, Compounded Quarterly at Maximum Rate in part, that the maximum rate of 4 per cent may The views of the Board of Governors of the be paid "on that portion of any savings deposit Federal Reserve System have been requested as that has remained on deposit for not less than 12 to whether, in paying interest on a savings ac- months." This language necessarily implies that count at 4 per cent, compounded quarterly, in- the funds must have remained on deposit for 12 terest paid on interest may be computed at the 4 months as a savings deposit. To construe the proper cent rate since the basic interest credited to vision otherwise would nullify its purpose. The the account quarterly will, of course, not have fact that the depositor was eligible to maintain a been on deposit for 12 months. savings deposit at all times does not have any It is provided in the Supplement to Regulation significant bearing on the question. 398 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 399 Exception to 90-day Rule in Special Cash Account The phrase "final payment of any check" is interpreted as above notwithstanding Section The Board of Governors has recently interpreted 220.6(f), which provides that: certain of the provisions of Section 220.4(c) (8) of the Board's Regulation T, with respect to the "For the purposes of this part [Regulation T], a creditor may, at his option (1) treat the receipt in withdrawal of proceeds of a sale of stock in a good faith of any check or draft drawn on a bank "special cash account" when the stock has been which in the ordinary course of business is payable on presentation, . .. as receipt of payment of the sold out of the account prior to payment for its amount of such check, draft or order; . . ." purchase. This is a general provision substantially the same The specific factual situation presented may be as language found in Section 4(f) of Regulation T summarized as follows: as originally promulgated in 1934. The language Customer purchased stock in a special cash of the subject exception to the 90-day rule of Secaccount with a member firm on Day 1. On Day 3 tion 220.4(c)(8)—i.e., the exception based excustomer sold the same) stock at a profit. On pressly on "final payment of any check"—was Day 8 customer delivered his check for the cost added to the regulation in 1949 by an amendof the purchase to the creditor (member firm). ment directed at a specific type of situation. Be- On Day 9 the creditor mailed to the customer a cause the exception is a special, more recent check for the proceeds of the sale. provision, and because Section 220.6(f), if con- Section 220.4(c) (8) prohibits a creditor, as a trolling, would permit the exception to undermine, general rule, from effecting a purchase of a se- to some extent, the effectiveness of the 90-day curity in a customer's special cash account if rule, sound principles of construction require that any security has been purchased in that account the phrase "final payment of any check" be given during the preceding 90 days and has then been its literal and intended effect. sold in the account or delivered out to any broker There is no fixed period of time from the moor dealer without having been previously paid for ment of receipt by the payee, or of deposit, within in full by the customer. One exception to this which it is certain that any check will be paid by general rule reads as follows: the drawee bank. Therefore, in the rare case ". . . The creditor may disregard for the purposes of where the operation of the subject exception to this subparagraph [section 220.4(c) (8)] a sale without Section 220.4(c)(8) is necessary to avoid appliprior payment provided full cash payment is received cation of the 90-day rule, a creditor should ascerwithin the period described by subparagraph (2) of this paragraph [seven days after the date of purchase] tain (from his bank of deposit or otherwise) the and the customer has not withdrawn the proceeds of fact of payment of a customer's check given for sale on or before the day on which such payment the purchase. Having so determined the day of (and also final payment of any check received in that connection) is received. . . ." final payment, the creditor can permit withdrawal Final payment of customer's check. The first on any subsequent day. question is: When is the creditor to be regarded Mailing as "withdrawal". Also presented is the as having received "final payment of any check question whether the mailing to the customer of received" in connection with the purchase? the creditor's che^ck for the sale proceeds consti- The clear purpose of Section 220.4(c) (8) is to tutes a withdrawal of such proceeds by the cusprevent the use of the proceeds of sale of a stock tomer at the time of mailing so that, if the check by a customer to pay for its purchase—i.e., to for the sale proceeds is mailed on or before the prevent him from trading on the creditor's funds day on which the customer's check for the purby being able to deposit the sale proceeds prior to chase is finally paid, the 90-day rule applies. It presentment of his own check to the drawee bank. may be that a check mailed one day will not Thus, when a customer undertakes to pay for a ordinarily be received by the customer until the purchase by check, that check does not constitute next. The Board is of the view, however, that payment for the purchase, within the language and when the check for sale proceeds is issued and intent of the above-quoted exception in Section released into the mails, the proceeds are to be re- 220.4(c)(8), until it has been honored by the garded as withdrawn by the customer; a more drawee bank, indicating the sufficiency of his ac- liberal interpretation would open a way for circount to pay the check. cumvention. Accordingly, the creditor's check Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN • APRIL 1962 should not be mailed nor the sale proceeds other- IT IS ORDERED, for the reasons set forth in the wise released to the customer "on or before the Board's Statement of this date, that said applicaday" on which payment for the purchase, includ- tion be and hereby is granted, provided that the ing final payment of any check given for such acquisition approved herein shall not be conpayment, is received by the creditor, as determined summated (a) sooner than seven calendar days in accordance with the principles stated herein. after the date of this Order or (b) later than three months after said date, and provided further Applying the above principles to the schedule that Silver Spring Bank shall be opened for busiof transactions described in the second paragraph ness within six months after said date. of this interpretation, the mailing of the creditor's check on "Day 9" would be consistent with the Dated at Washington, D. C, this 28th day of March, 1962. subject exception to Section 220.4(c) (8), as in- By order of the Board of Governors. terpreted herein, only if the customer's check was paid by the drawee bank on "Day 8." Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and King. Voting against this action: Governor Robertson. Order Under Section 3 of Bank Holding Company Absent and not voting: Governor Mitchell. Act (Signed) MERRITT SHERMAN, Secretary. The Board of Governors of the Federal Reserve [SEAL] System has issued the following Order and Statement with respect to an application by a bank STATEMENT holding company for approval of the acquisition Bank Stock Corporation of Milwaukee, Milof voting shares of a bank: waukee, Wisconsin ("Applicant"), a bank holding company, has applied, pursuant to Section BANK STOCK CORPORATION OF 3 (a) (2) of the Bank Holding Company Act of MILWAUKEE, MILWAUKEE, WISCONSIN 1956 ("the Act"), for the Board's prior approval of the acquisition of 80 per cent or more of the In the matter of the application of Bank Stock voting stock of Silver Spring Bank, Milwaukee, Corporation of Milwaukee for prior approval of Wisconsin ("Bank"). acquisition of 80 per cent or more of the voting Views and recommendations of supervisory stock of Silver Spring Bank, Milwaukee, Wisauthority. Pursuant to Section 3(b) of the Act, consin. the Wisconsin Commissioner of Banks was asked for his views and recommendations. He inter- ORDER APPROVING APPLICATION UNDER BANK posed no objection to approval of the application. HOLDING COMPANY ACT Statutory factors. Section 3(c) of the Act re- WHEREAS, there has come before the Board of quires the Board to take into consideration the Governors, pursuant to Section 3 (a) (2) of the following five factors: (1) the financial history Bank Holding Company Act of 1956 (12 USC and condition of the holding company and bank 1842) and Section 4(a)(2) of Federal Reserve concerned; (2) their prospects; (3) the character Regulation Y (12 CFR 222.4(a)(2)) an appli- of their management; (4) the convenience, needs, cation on behalf of Bank Stock Corporation of and welfare of the communities and the area con- Milwaukee, Milwaukee, Wisconsin, for the Board's cerned; and (5) whether or not the effect of the prior approval of the acquisition of 80 per cent acquisition would be to expand the size or extent or more of the voting stock of Silver Spring of the bank holding company system involved be- Bank, Milwaukee, Wisconsin; a Notice of Receipt yond limits consistent with adequate and sound of Application has been published in the Federal banking, the public interest, and the preservation Register on October 12, 1961 (26 Federal Regis- of competition in the field of banking. ter 9660), which provided an opportunity for Discussion. Applicant, a registered bank holdsubmission of comments and views regarding the ing company with its head office in Milwaukee, proposed acquisition; and the time for filing such Wisconsin, controls three banks. These banks, comments and views has expired and no such all located in Milwaukee, had combined total decomments or views have been filed; posits at September 27, 1961, of $324 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 401 Bank, a newly organized institution not yet in as to weigh in favor of approval of the applicaoperation, will be located in a shopping center in tion. a northwest section of Milwaukee. Bank's pri- Section 3(c) of the Act requires that the Board mary service area (from which approximately consider whether the effects of Applicant's ac- 75 per cent of its total deposits will originate) quisition of Bank would be to expand the size will comprise some 21 square miles. The area, or extent of Applicant's system beyond limits considered to be one of the most rapidly develop- consistent with adequate and sound banking, the ing in Milwaukee County, has an estimated popu- public interest, and the preservation of banking lation of 44,000 and is reliably estimated to in- competition. crease to 71,000 by 1970. There are 37 banks located in Milwaukee The financial history and condition of Applicant County, 34 of which are insured commercial are satisfactory and its prospects favorable. Appli- banks. Of the latter, 12 are bank holding comcant's management is also satisfactory. Bank, of pany subsidiaries, three of which are controlled course, has no financial history; however, on the by First Wisconsin Bankshares, six by The Marine basis of its projected statements of condition and Corporation, and three by Applicant. The comconsidering the satisfactory financial history and bined total deposits of these 12 holding company condition of Applicant's subsidiary banks, it ap- banks represent about 76 per cent of the total pears that Bank would be maintained in satis- deposits held by all commercial banks in Milfactory financial condition and that its prospects waukee County. At September 27, 1961, Apas a subsidiary of Applicant would be favorable. plicant's subsidiary banks held combined total Since it is proposed that the management of deposits of $324 million, or 20 per cent of the Bank will be drawn from the Applicant organiza- total deposits held by all commercial banks in tion and from its banking subsidiaries, there Milwaukee County. The proportion of the total would appear to be no question but that Bank deposits and loans of all commercial banks in will be capably and satisfactorily managed. Milwaukee County that is held by banks con- Prior to January 31, 1962, when the newly trolled by the three holding companies has been organized Hampton State Bank opened for busi- stated by this Board to be a matter of concern ness, Bank's primary service area had no banking to it. While the proposal under consideration does office located therein, although seven banking not alleviate this concern, the consequences, both offices located outside of that area served, and certain and probable, to follow upon approval of are presently serving, the area in varying degrees. the acquisition here proposed do not warrant, In addition to the shopping center in which Bank in the Board's judgment, a finding under the will be located, there are two shopping centers fifth statutory factor that would require denial located about one mile from the Bank's site and of the application. two additional shopping centers are planned, one Assuming that Applicant's projection of Bank's immediately across the street from Bank and the deposit growth proves accurate ($4 million of other about a mile northeast of Bank's site. deposits at the end of three years), consumma- Bank's service area also contains a number of tion of this proposal would increase the present separately located business establishments. There percentages of commercial bank deposits in Milappears to be no question but that the area con- waukee County controlled by the three holding cerned can presently support two banks and that, companies and by Applicant, respectively, by with the projected area growth, Bank and the about Vi of 1 per cent. In the Board's judgment Hampton State Bank should each experience neither increase is sufficiently significant to warnormal growth. rant an adverse conclusion in this case. Regardless of the Board's action on this ap- Inasmuch as Bank is newly organized, no plication, Bank will open for business and pro- existing competition between it and Applicant's vide service to the surrounding communities. banking subsidiaries will be eliminated. Nor does Although this fact renders less significant a con- it appear that any substantial amount of comsideration of the needs of the communities in- petition would be offered Applicant's subsidiary volved, the Board concludes that Bank's operation banks were an independent bank to be established as a subsidiary of Bank Stock will result in and operated at Bank's site. None of Applicant's sufficient benefit to the communities concerned so subsidiaries serve the area to any significant de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN • APRIL 1962 gree. Northern Bank, the closest to Bank's pro- Accordingly, viewing the relevant facts in light posed site of Applicant's subsidiaries, is four of the general purposes of the Act and the factors miles from that site. Approximately 4 per cent enumerated in Section 3(c), it is the judgment of Northern's total IPC deposits (deposits of of the Board that the proposed acquisition would individuals, partnerships, and corporations) at be consistent with the statutory objectives and June 30, 1961, originated within Bank's projected the public interest and that the application should primary service area. The service area of neither be granted. of Applicant's two remaining subsidiaries, Marshall & Ilsley Bank and Bank of Commerce, ap- Orders Under Bank Merger Act pears to overlap Bank's primary service area. Thus, approval would neither eliminate competi- The Board of Governors of the Federal Retion presently offered to any of Bank Stock's serve System has issued the following Orders subsidiaries nor foreclose any significant amount and Statements with respect to applications for of competition that otherwise might be offered. approval of the mergers or the acquisition of bank Bank's principal competitor will be the assets of certain banks: Hampton State Bank, located slightly more than one mile from Bank's site. It is reasonable to as- FIRST TRUST COMPANY OF ALBANY, sume that both Bank and Hampton State Bank ALBANY, NEW YORK will retain the characteristics of local, neighborhood banks and in this respect compete for the In the matter of the application of First Trust banking business to be generated by the residential Company of Albany for approval of merger with and business development in the area. From a The Broadalbin Bank. competitive standpoint, many of the advantages that may inure to Bank as a subsidiary of Applicant may also be expected to be gained by ORDER APPROVING MERGER OF BANKS the Hampton State Bank by reason of its affilia- There has come before the Board of Governors, tion, through common ownership, with a downpursuant to Section 18(c) of the Federal Deposit town Milwaukee bank holding nearly $40 million Insurance Act (12 U.S.C. 1828(c)), an applicain deposits. tion by First Trust Company of Albany, Albany, In addition to the competition to be offered New York, a member bank of the Federal Re- Bank by the Hampton State Bank, there will conserve System, for the Board's prior approval of tinue to be competition offered by some or all of the merger of The Broadalbin Bank, Broadalbin, the banks earlier mentioned as serving Bank's New York, with and into First Trust Company primary service area. Principal among these of Albany, under the charter and title of the competitors would appear to be the Milwaukee latter. Western Bank and the Capitol Court Office of Pursuant to said Section 18(c), notice of the the First Wisconsin National Bank. Milwaukee Western Bank is the ninth largest bank in Mil- proposed merger, in form approved by the Board waukee County, with total deposits at September of Governors, has been published, and reports 27, 1961, of approximately $30 million. First on the competitive factors involved in the pro- Wisconsin National Bank, the State's largest bank, posed transaction have been furnished by the is a subsidiary of the largest bank holding com- Comptroller of the Currency, the Federal Deposit pany having its head office in the State. Insurance Corporation, and the Department of Justice and have been considered by the Board. It is the opinion of the Board that, as a result of Bank Stock's acquisition of Bank, the com- IT IS ORDERED, for the reasons set forth in the munities and area concerned will benefit from Board's Statement of this date, that said merger the increased banking services to be made avail- be, and hereby is, approved, provided that said able, from the continued availability of convenient merger shall not be consummated (a) sooner alternative banking sources, and from the com- than seven calendar days after the date of this petition which it appears will be both generated Order or (b) later than three months after said and continued following the acquisition proposed. date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 403 Dated at Washington, D. C, this 20th day of banks are or would be inconsistent with the pur- March, 1962. poses of the Federal Deposit Insurance Act. By order of the Board of Governors. Consideration of the banking factors, therefore, lends support to the application. Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, Shepardson, and Convenience and needs of the community to be King. Absent and not voting: Governor Mitchell. served. Albany, with a population of about 130,- (Signed) MERRITT SHERMAN, 000, is the capital of the State of New York and Secretary. the center of a trade area with over 600,000 [SEAL] persons. It is a distribution center for the surrounding industrial and agricultural area, and the STATEMENT local manufacturing is expanding and well diversified. In addition to six offices of First Trust, First Trust Company of Albany, Albany, New Albany County is served by four other commercial York ("First Trust"), with seven banking offices banks operating 22 offices, and by two branches and deposits of $83.8 million, has applied, purof out-of-county banks. suant to Section 18(c) of the Federal Deposit Insurance Act, for the Board's prior approval of The village of Broadalbin is 35 miles northwest the merger of that bank and The Broadalbin of Albany. It has a population of about 1,400, Bank, Broadalbin, New York, with deposits of is located in Fulton County, and serves a trade $2.8 million. Under the Plan of Merger the banks area of about 3,500 people. Broadalbin is priwould merge under the charter and title of First marily a summer resort community with little Trust; and the single office of The Broadalbin industry. The Broadalbin Bank is the only bank Bank would become a branch of First Trust. in the village. Under the law, the Board is required to con- The merger, if approved, would have no effect sider (1) the financial history and condition of on the Albany area aside from increasing slightly each of the banks involved, (2) the adequacy of First Trust's loan limit. The village of Broadalbin, its capital structure, (3) its future earnings however, would benefit, not only from improved prospects, (4) the general character of its manage- bank management, but also from conveniently ment, (5) whether its corporate powers are con- available, expanded, and more efficient banking sistent with the purposes of the Federal Deposit services, such as a higher lending limit, special Insurance Act, (6) the convience and needs of checking accounts, commercial and travelers' the community to be served, and (7) the effect letters of credit, postal money orders, automatic of the transaction on competition (including any savings accounts, FHA modernization loans, and tendency toward monopoly). The Board may not trust and bank wire services. approve the transaction unless, after considering Competition. The two largest banks in the all these factors, it finds the transaction to be in area served by First Trust hold, in the aggregate, the public interest. 84 per cent of the commercial bank deposits in Banking factors. Consideration of the five so- Albany County. These banks would continue to called "banking factors" shows that First Trust provide strong competition for First Trust, the has a satisfactory financial history. Its condition third largest bank in the County, which holds is good, its capital is adequate, and it has favorable about 12 per cent of the commercial deposits of earnings prospects and competent management. the area. The Broadalbin Bank has adequate capital, but There is little overlap of service areas. Moreits earnings prospects are uncertain and strength- over, First Trust and The Broadalbin Bank have ened management is needed to maintain its present only a small number of common depositors and satisfactory condition. This, the bank feels, it borrowers involving only a small volume of dolcannot afford. The merger would solve this prob- lars. Competition between the two banks is lem by making available the management services negligible. Except for The Broadalbin Bank, no of First Trust. The earnings prospects of the other bank has an office closer than ten miles resulting bank would be satisfactory, its condition to Broadalbin; and none of the offices of these would be sound, and its capital adequate. There other banks solicit business, other than savings is no evidence that the corporate powers of the deposits, in the Broadalbin area. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN • APRIL 1962 Summary and conclusion. The banking factors Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, Shepardson, and are favorable to approval of the merger. The King. Absent and not voting: Governor Mitchell. need for improved management at The Broadalbin (Signed) MERRITT SHERMAN, Bank would be fulfilled by consummation of the Secretary. merger, whereas there is no evidence that this [SEAL] need might be otherwise resolved. The Broadalbin area would be supplied with more varied and STATEMENT improved banking services. Otherwise, the effects of the merger would not be significant in any area Union Trust Company of Maryland, Baltimore, served by the merging institutions. Maryland ("Union Trust"), with deposits of $245 Accordingly, the Board finds that the proposed million, has applied, pursuant to Section 18(c) of the Federal Deposit Insurance Act, for the merger would be in the public interest. Board's prior approval of the merger of that bank and The Kingsville Bank, Kingsville, Maryland, UNION TRUST COMPANY OF MARYLAND, with deposits of $8.5 million. Under the Agree- BALTIMORE, MARYLAND ment of Merger, the banks would merge under the charter and title of Union Trust; and the In the matter of the application of Union Trust two offices of The Kingsville Bank would become Company of Maryland for approval of merger branches of Union Trust, the total banking offices with The Kingsville Bank. of which would be thereby increased from 31 to 33. ORDER APPROVING MERGER OF BANKS Under the law, the Board is required to consider (1) the financial history and condition of There has come before the Board of Governors, each of the banks involved, (2) the adequacy of pursuant to Section 18(c) of the Federal Deposit its capital structure, (3) its future earnings Insurance Act (12 U.S.C. 1828(c)), an applica- prospects, (4) the general character of its managetion by Union Trust Company of Maryland, ment, (5) whether its corporate powers are con- Baltimore, Maryland, a member bank of the sistent with the purposes of the Federal Deposit Federal Reserve System, for the Board's prior Insurance Act, (6) the convenience and needs of approval of the merger of The Kingsville Bank, the community to be served, and (7) the effect Kingsville, Maryland, with and into Union Trust of the transaction on competition (including any Company of Maryland, under the charter and tendency toward monopoly). The Board may not title of the latter. approve the transaction unless, after considering Pursuant to said Section 18(c), notice of the all these factors, it finds the transaction to be proposed merger, in form approved by the Board in the public interest. of Governors, has been published, and reports Banking factors. Concerning the first five facon the competitive factors involved in the pro- tors to be considered, both Union Trust and The posed transaction have been furnished by the Kingsville Bank have good financial histories. Comptroller of the Currency, the Federal Deposit Both are in good condition; they are adequately Insurance Corporation, and the Department of capitalized; the future earnings prospects for both Justice and have been considered by the Board. are satisfactory; and each has competent management, The same would hold true for the resulting IT IS ORDERED, for the reasons set forth in the bank. There is no evidence that the corporate Board's Statement of this date, that said merger powers of the banks are or would be inconsistent be, and hereby is, approved, provided that said with the purposes of the Federal Deposit Insurance merger shall not be consummated (a) sooner Act. than seven calendar days after the date of this Convenience and needs of the communities. Order or (b) later than three months after said The City of Baltimore, a major seaport and comdate. mercial, industrial, and financial center, has a Dated at Washington, D. C, this 20th day of population of 940,000, reflecting a decline of March, 1962. about 10,000 since 1950. The Baltimore metro- By order of the Board of Governors. politan area (i.e., The Standard Metropolitan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 405 Statistical Area, as defined by the Bureau of the Overlea branch (deposits $2.4 million) and of Census), which is comprised of Anne Arundel, the two offices of The Kingsville Bank do not Baltimore, Carroll and Howard Counties and the overlap and there are now no other banking City of Baltimore, has a population of 1,725,000, offices along U. S. Highway 1 from Baltimore to an increase of 322,000 since 1950. Of this increase, a point 11 miles beyond Kingsville. Nor are there 222,000 was in Baltimore County, the population other banking offices within the service areas of which increased 82 per cent. Congestion in of these offices or between the respective service the City of Baltimore has resulted in both indus- areas. trial and residential development in the four The few common loan and deposit relationships counties surrounding the city, and it appears that that exist between Union Trust and The Kingsville this trend will continue. Bank, indicate only a minor amount of competi- Union Trust, with its head office in Baltimore tion. The Overlea branch of Union Trust and and presently operating 30 branches, has pending the Perry Hall branch of Kingsville Bank repreapplications for the establishment of two more sent alternate banking offices for some individuals branches. All of the bank's presently established and businesses. offices are located in the City of Baltimore (19 Following the merger, Union Trust would conoffices), Baltimore County (11 offices), and Anne tinue to rank third in size, based on deposits, Arundel County (1 office). None of the bank's among the 13 commercial banks in the Baltimore out-of-city offices is farther than ten miles from metropolitan area; and Union Trust would conthe Baltimore city limits except two, which are tinue to be second only to Maryland National located 15 to 20 miles away at Reistertown and Bank in number of banking offices in the metro- Glyndon. politan area. Kingsville, with about 2,000 population, is The competitive relationships between Union located 16 miles northeast of downtown Balti- Trust and other large banks in the Baltimore more on U. S. Highway 1. The Kingsville Bank's metropolitan area would change very little as a only branch is at Perry Hall, 12 miles northeast result of the merger. The authorized branch of of Baltimore on the same highway. The Perry Maryland National Bank at Perry Hall will com- Hall area, which is unincorporated, has a populapete with an office of the third largest bank in tion of about 26,000. Kingsville and Perry Hall, the area, instead of with a small local bank. both in Baltimore County, are mostly residential, This should intensify competition. There are no with some farming in the general area, and many small banks in The Kingsville Bank's service areas of their residents are employed in Baltimore. to be affected by the proposed merger. Consistent with the trend in Baltimore County, Summary and conclusion. If approved, the Kingsville and Perry Hall have had a substantial merger will provide more complete banking servgrowth in population since 1950. The nearest ices to the rapidly growing service areas of The alternate banking office to The Kingsville Bank or Kingsville Bank. Little, if any, competition will be its branch is the Overlea branch of Union Trust, eliminated since practically none of consequence located about four miles northeast of Baltimore exists between the two banks involved. Union on U. S. Highway 1. Maryland National Bank, Trust will be in a better position to compete more the largest bank in the State, with deposits of effectively in the Kingsville-Perry Hall area with almost $430 million and operating 39 offices in one of the two largest banks in the Baltimore the Baltimore metropolitan area, has been granted metropolitan area. permission to establish a branch at Perry Hall. Accordingly, the Board finds that the proposed If the merger is approved, the complete range merger would be in the public interest. of trust and banking services offered by Union Trust would become available in the Kingsville- Perry Hall area. Another beneficial effect of the CITY TRUST COMPANY, BRIDGEPORT, merger in that area would be the substitution of CONNECTICUT the resulting bank's basic loan limit of $2.3 million for the $57,500 basic loan limit of The In the matter of the application of City Trust Kingsville Bank. Company for approval of merger with The West Competition. The service areas of Union Trust's Side Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN • APRIL 1962 ORDER APPROVING MERGER OF BANKS financial history and condition of each of the banks involved, (2) the adequacy of its capital There has come before the Board of Governors, structure, (3) its future earnings prospects, (4) pursuant to Section 18(c) of the Federal Deposit the general character of its management, (5) Insurance Act (12 U.S.C. 1828(c)), an applicawhether its corporate powers are consistent with tion by City Trust Company, Bridgeport, Conthe purposes of the Federal Deposit Insurance necticut, a member bank of the Federal Reserve Act, (6) the convenience and needs of the com- System, for the Board's prior approval of the munity to be served, and (7) the effect of the merger of The West Side Bank, Bridgeport, Contransaction on competition (including any tendnecticut, with and into City Trust Company, ency toward monopoly). The Board may not under the charter and title of the latter. approve the transaction unless, after considering Pursuant to said Section 18(c), notice of the all these factors, it finds the transaction to be in proposed merger, in form approved by the the public interest. Board of Governors, has been published, and Banking factors. The financial history and conreports on the competitive factors involved in the dition of the two banks are satisfactory. Each bank proposed transaction have been furnished by the has an adequate capital structure; the earnings Comptroller of the Currency, the Federal Deprospects of each are satisfactory; and the manposit Insurance Corporation, and the Departagement of City Trust is competent, progressive, ment of Justice and have been considered by the and backed by ample provision for succession. Board. This would be true also of the resulting bank, IT IS ORDERED, for the reasons set forth in the which would be under City Trust's management. Board's Statement of this date, that said merger West Side has capable management; but lack be, and hereby is, approved, provided that said of assurance of adequate management succession merger shall not be consummated (a) sooner for that bank, while not now a matter of urgency, than seven calendar days after the date of this has been cited by applicant in support of the Order or (b) later than three months after said merger. Efforts thus far by West Side—which date. first proposed the merger—to find qualified and Dated at Washington, D. C, this 23rd day of acceptable personnel for senior positions with the March, 1962. bank have not been successful. Approval of the By order of the Board of Governors. merger would resolve any problem at West Side in Voting for this action: Chairman Martin, and Gov- this respect. There is no evidence that the corpoernors Mills, Shepardson, and King. Voting against this action: Governors Balderston and Robertson. rate powers of the banks are or would be incon- Absent and not voting: Governor Mitchell. sistent with the purposes of the Federal Deposit (Signed) MERRITT SHERMAN, Insurance Act. Secretary. Thus, consideration of the first five of the [SEAL] statutory factors enumerated above—the "banking factors"—lends support to the application. STATEMENT Convenience and needs of the communities. City Trust Company, Bridgeport, Connecticut The City of Bridgeport (population about 157,000) ("City Trust"), with deposits of $140.3 million, lies on Long Island Sound in the southwestern has applied, pursuant to Section 18(c) of the part of Connecticut about 60 miles northeast of Federal Deposit Insurance Act, for the Board's New York City. With about 500 manufacturing prior approval of the merger of that bank and concerns, many nationally known, Bridgeport is The West Side Bank, Bridgeport, Connecticut regarded as the most industrialized city of Con- ("West Side"), with deposits of $13.2 million. necticut, and is among the 100 most important Under the Agreement of Merger the banks would industrial cities in the United States. Bridgeport merge under the charter and title of City Trust; also serves as the largest retail shopping area in and the single office of West Side would become a the southwestern part of the State. Greater Bridgebranch of City Trust, the total banking offices port (population 290,000) includes the City and of which would be thereby increased from 7 to 8. the neighboring townships of Stratford, Trumbull, The law requires the Board to consider (1) the Fairfield, and part of Westport. These townships Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

407 LAW DEPARTMENT have had substantial increases in population competition. These savings banks hold about $423 since 1950. million of deposits or 47 per cent of the total deposits of all banks serving Bridgeport. The service area of City Trust includes Greater Bridgeport and two smaller communities beyond West Side, which is 1.3 miles from City Trust's Greater Bridgeport. The bank has four offices in main office and which lies within the service area Greater Bridgeport and three offices in the other of City Trust, obtains about 25 per cent of both two localities. Three of City Trust's seven offices its loans and deposits from the remainder of that are within the City of Bridgeport. West Side's area. City Trust obtains about five per cent of primary service area lies inside the service area both its loans and deposits from West Side's of City Trust and is comprised of a highly in- primary service area. Of the deposit volume of dustrialized and densely populated section of the two banks held by common customers, most about two square miles within the City. Part of is held by the City of Bridgeport and a few this area is undergoing an extensive redevelop- nationally known firms; while over 75 per cent ment program which will contribute substantially of City Trust's loans to common customers repreto its economy and growth. sent average borrowings far above West Side's The effect of the proposed merger on the con- loan limit. Much of the business acquired by venience and needs of the Bridgeport area would City Trust from the area served by West Side be limited almost entirely to the area of the City has been due to the wider range of services proserved by West Side. While West Side has expe- vided by the larger bank that are customarily rerienced substantial growth in loans and deposits garded as necessary by large business accounts. over the past ten years, it operates under conserv- Competition between the two institutions is not ative policies and has not aggressively sought to of the magnitude frequently existing between expand it services or solicit new business. Con- banks so situated. summation of the merger would make more con- Connecticut National Bank, an aggressive and venient to West Side's customers such services rapidly expanding institution and City Trust's as complete trust facilities, an active instalment chief commercial bank competitor, recently reloan department, and those specialized services ceived permission to establish another branch which benefit such an area financially. A further to be located three blocks from West Side. This result would be to increase more than tenfold the may be expected to intensify competition in the basic loan limit applicable to customers of West area. Side. This would help meet the expected increase The rates of interest charged on loans by City in demand for large loans as the area undergoes redevelopment. Trust and West Side are generally comparable, while no significant variation exists in their serv- Competition. There are four commercial banks ice charges. Both pay 3lA per cent on savings with over $481 million of deposits serving the deposits, as compared to 4 per cent at Bridge- City of Bridgeport with 11 offices. The largest is port's three savings banks. Connecticut National Bank with about $180 mil- Summary and conclusion. Although the prolion of deposits and six offices in Bridgeport. In posed merger will eliminate some competition second place is the National Bank and Trust in the highly industrialized Bridgeport area, the Company of Fairfield County, Stamford, with $149 million of deposits and one Bridgeport of- merger will provide a full range of banking servfice, which is substantially removed from the ices to West Side's customers and make available downtown area of the City. City Trust is third, to them a greatly increased lending limit without and West Side is the smallest of the four banks. any serious diminution in competition. This will- If the merger is approved, City Trust will rank not only aid in the redevelopment program for in second place. the area in which West Side is located, but will enable City Trust to compete more effectively In addition, Bridgeport is served by eight offices of three savings banks which, due to the with the largest bank in Bridgeport. broad powers they have under Connecticut law, Accordingly, the Board finds that the proposed are able to offer the commercial banks keen merger will be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN • APRIL 1962 DISSENTING STATEMENT OF GOVERNORS cannot be resolved through the diligent efforts of BALDERSTON AND ROBERTSON West Side's present, capable management. Our consideration of the matter, therefore, has Approval of this application, in our view, clearly led us to the conclusion that the public interest will result in a substantial diminution in compewould not be served by permitting consummation titon in the City of Bridgeport. It is signficant of the merger. that, while the volume of business of City Trust that originates in the service area of West Side THE PERU TRUST COMPANY, is not large in relation to City Trust's total busi- PERU, INDIANA ness, the later obtains about one-third of the business available to the two banks in the serv- In the matter of the application of The Peru ice area of West Side. Trust Company for approval of merger with This merger will add to an already heavy con- Farmers State Bank. centration of banking resources. Of the $481 million of deposits held by the four commercial ORDER APPROVING MERGER OF BANKS banks now with offices in the City of Bridgeport, There has come before the Board of Governors, Connecticut National Bank has about 40 per cent, pursuant to Section 18(c) of the Federal Deposit The National Bank and Trust Company of Fair- Insurance Act (12 U.S.C. 1828(c)), an applicafield County has 30 per cent, City Trust has over tion by The Peru Trust Company, Peru, Indiana, 28 per cent, and West Side has less than 3 per a member bank of the Federal Reserve System, cent. Eliminating from consideration the $149 for the Board's prior approval of the merger of million of deposits of The National Bank and Farmers State Bank, Mexico, Indiana, with and Trust Company of Fairfield County—whose only into The Peru Trust Company, under the charter branch in Bridgeport is substantially removed from and title of the latter. the downtown area—the concentration of banking Pursuant to said Section 18(c), notice of the resources is of serious magnitude, with Connectiproposed merger, in form approved by the Board cut National Bank and City Trust holding 54 per of Governors, has been published, and reports cent and 42 per cent, respectively, of the $332 on the competitive factors involved in the promillion of commercial deposits, or 96 per cent. posed transaction have been furnished by the The merger of City Trust and West Side will Comptroller of the Currency, the Federal Deposit further increase the seriousness of the situation. Insurance Corporation, and the Department of By the elimination of West Side—a sound, Justice and have been considered by the Board. well-managed and growing institution—the public IT IS ORDERED, for the reasons set forth in the will be deprived of not only an alternative source Board's Statement of this date, that said merger of commercial banking, but of the privilege and be, and hereby is, approved, provided that said the advantages of doing business with a small merger shall not be consummated (a) sooner institution of demonstrated ability. Solely from the than seven calendar days after the date of this the patronage of those who chose to deal with Order or (b) later than three months after said it, West Side's deposits have increased 47 per date. cent and its loans have increased 87 per cent over Dated at Washington, D. C, this 23rd day of the 10-year period that ended with 1960. For March, 1962. those members of the public who prefer or find By order of the Board of Governors. it necessary to do business with a large bank, Voting for this action: Chairman Martin, and Govthe distances between West Side and alternative ernors Balderston, Mills, Robertson, and King. Absent larger institutions are of little, if any, consequence. and not voting: Governors Shepardson and Mitchell. The applicant, upon whom the burden of proof (Signed) MERRITT SHERMAN, rests, has not established that the merger would Secretary. be in the public interest. The alleged lack of [SEAL] assurance of adequate management succession for West Side is not convincing. We are not sat- STATEMENT isfied that the problem of management succession The Peru Trust Company, Peru, Indiana ("Peru Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

409 LAW DEPARTMENT Trust"), with deposits of $10.8 million, has ap- farming area and is primarily an agricultural plied, pursuant to Section 18(c) of the Federal trading center. Farmers State is the town's only Deposit Insurance Act, for the Board's prior bank. approval of the merger of that bank and Farmers Miami County constitutes the service area of State Bank, Mexico, Indiana ("Farmers State"), Peru Trust, while the service area of Farmers with deposits of $859,000. Under the Joint Agree- State is limited to Mexico and vicinity and, therement of Merger the banks would merge under the fore, is surrounded by the service area of the charter and title of Peru Trust; and the single larger bank. Farmers State, which has shown little office of Farmers State would become a branch growth over the past several years, does not acof Peru Trust. cept interest-bearing deposits, nor does it offer Under the law, the Board is required to con- safe deposit or trust department facilities. sider (1) the financial history and condition of If approved, the main effect of the merger on each of the banks involved, (2) the adequacy of the convenience and needs of the communities its capital structure, (3) its future earnings pros- would be to make available to the customers of pects, (4) the general character of its manage- Farmers State a much greater bank loan limit and ment, (5) whether its corporate powers are con- the more complete banking facilities of the resistent with the purposes of the Federal Deposit sulting bank. Insurance Act, (6) the convenience and needs Competition. Except for a military banking of the community to be served, and (7) the effect facility at the Bunker Hill Air Force Base, Peru of the transaction on competition (including any Trust now operates only from its main office. The tendency toward monopoly). The Board may not bank plans to convert the facility to a branch and approve the transaction unless, after considering will do so as soon as authority is received from all these factors, it finds the transaction to be in the Air Force. Peru Trust's principal competitor the public interest. is the slightly larger Wabash Valley Bank (which The first five of these factors may be con- is Peru's only other bank) with branches at sidered together as "banking factors." The sixth Bunker Hill and at Denver, 11 miles north of and seventh factors are considered separately. Peru. The merger would have little, if any, effect on competition in Peru, but it would tend to Banking factors. Both banks have good finanequalize competition between Peru Trust and cial histories and conditions. Each has a strong Wabash Valley Bank in the area north of the city capital structure; and Peru Trust has competent and at Bunker Hill. management and favorable earnings prospects. These attributes would hold true for the resulting While Peru Trust obtains some business from bank. Farmers State, with modest but well- the service area of Farmers State, the banks have conserved earnings, is capably managed by one virtually no common customers, and there is no salaried officer for whom eventual successor man- competition of significance between the two inagement, without considerable increase in salary stitutions or between Farmers State and any expense, appears doubtful. There is no indica- other bank. tion that the corporate powers of the banks are Summary and conclusion. The proposed merger or would be inconsistent with the purposes of will provide broader banking services to the Mexthe Federal Deposit Insurance Act. ico area. While the merger would eliminate little, Consideration of the banking factors, there- if any, competition, it might improve the comfore, lends support to the application. petitive situation between the resulting bank and Convenience and needs of the communities. its principal competitor. The merger would also Peru, Indiana (population 14,500), is the county eliminate any management succession problem at seat of Miami County and lies 75 miles north Farmers State. of Indianapolis. Peru has several small diversi- Accordingly, the Board finds that the proposed fied industries, and Bunker Hill Air Force Base merger would be in the public interest. is 7 miles southwest of the city. The economy of FARMERS AND MERCHANTS BANK OF the County (population 38,000) relies largely LONG BEACH, LONG BEACH, CALIFORNIA on agriculture. Mexico (population 800) is a rural town 5 miles northwest of Peru in a good In the matter of the application of Farmers and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN • APRIL 1962 Merchants Bank of Long Beach for approval of STATEMENT acquisition of assets of Farmers and Merchants Farmers and Merchants Bank of Long Beach, Bank of Southern Counties. Long Beach, California ("Long Beach Bank"), with deposits of $100.3 million, has applied, pur- ORDER APPROVING ACQUISITION OF BANK ASSETS suant to Section 18(c) of the Federal Deposit Insurance Act, for the Board's prior approval There has come before the Board of Governors, of its acquisition of the assets, and assumption of pursuant to Section 18 (c) of the Federal Deposit the deposit liabilities, of Farmers and Merchants Insurance Act (12 U.S.C. 1828(c)), an applica- Bank of Southern Counties, Long Beach, Calition by Farmers and Merchants Bank of Long fornia ("Southern Counties Bank"), with deposits Beach, Long Beach, California, a member of the of $28.1 million. As contemplated by the applica- Federal Reserve System, for the Board's prior tion and the Agreement of Purchase and Sale, the approval of the acquisition by that bank of the two offices of Southern Counties Bank would beassets, and assumption of the liabilities, of Farmcome branches of Long Beach Bank, increasing ers and Merchants Bank of Southern Counties, from 2 to 4 the total offices presently operated by Long Beach, California, and, as an incident that bank. As an incident to the foregoing, therethereto, an application by Farmers and Merchants fore, Long Beach Bank has also applied, under Bank of Long Beach, under Section 9 of the Section 9 of the Federal Reserve Act, for the Federal Reserve Act, for the Board's prior ap- Board's prior approval of the establishment of proval of the establishment of branches by that branches by that bank at the locations occupied bank at the locations occupied by the head office by the head office and branch of Southern Counties and branch of Farmers and Merchants Bank of Bank. Southern Counties. Under Section 18(c), the Board is required to Pursuant to said Section 18(c), notice of the consider (1) the financial history and condition proposed acquisition of assets and assumption of of each of the banks involved, (2) the adequacy liabilities, in form approved by the Board of of its capital structure, (3) its future earnings Governors, has been published and reports on the prospects, (4) the general character of its managecompetitive factors involved in the proposed ment, (5) whether its corporate powers are contransaction have been furnished by the Comptrol- sistent with the purposes of the Federal Deposit ler of the Currency, the Federal Deposit Insurance Insurance Act, (6) the convenience and needs of Corporation, and the Department of Justice and the community to be served, and (7) the effect have been considered by the Board. of the transaction on competition (including any IT IS ORDERED, for the reasons set forth in the tendency toward monopoly). The Board may not approve the acquisition unless, after considering Board's Statement of this date, that said applicaall these factors, it finds the transaction to be in tions be and hereby are granted, provided that the public interest. said acquisition of assets, assumption of liabili- Banking factors. Southern Counties Bank was ties, and establishment of branches approved created as a result of a corporate "spin off" from herein shall not be consummated (a) sooner Long Beach Bank in 1954. The management and than seven calendar days after the date of this board of directors of the two banks are the same, Order or (b) later than three months after said and there is common ownership of over 90 per date. cent of the stock of each of the banks. Dated at Washington, D. C, this 28th day of The capital structures of the banks are strong, March, 1962. and their earnings prospects are favorable. Al- By order of the Board of Governors. though the capital structure of the acquiring bank Voting for this action: Chairman Martin, and Gov- will be less than the combined capitalization of ernors Balderston, Mills, Robertson, Shepardson, and the two banks, the capital structure will be King. Absent and not voting: Governor Mitchell. adequate. The acquiring bank's earnings prospects (Signed) MERRITT SHERMAN, will be favorable. No inconsistency with the pur- Secretary. poses of the Federal Deposit Insurance Act is [SEAL] indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 411 As management and administrative arrange- ownership and identical management, but the two ments now existing because of the close connection offices of Southern Counties Bank are operated between the two banks would be simplified and and are publicly regarded as branches of Long improved by the consummation of the transaction Beach Bank. Alternative banking facilities are and the overall condition of the resulting bank available in the communities of Long Beach and thereby strengthened, the banking factors lend Garden Grove at eight other banks with 31 support to the proposal. offices. Convenience and needs of the communities. Summary and conclusion. Under the proposal, Both banks serve the city of Long Beach, which Long Beach Bank would be rejoined with Southlies 25 miles south of Los Angeles and has an ern Counties Bank, which was "spun off" from estimated population of 350,000. The only branch the former in 1954. As the two banks have of Southern Counties Bank is in Garden Grove, identical management and directorates as well as 19 miles east of the bank's head office. The num- common ownership and do not compete, approval ber and location of banking facilities in the com- of the applications would have no effect on community will not be changed, and the services petition and would eliminate various administraavailable at the two institutions will remain the tive complexities that have arisen from the worksame. Therefore, the convenience and needs of the ing arrangements between them. In addition, there community would be unaffected by the acquisi- would be no change in the number of banking tion. offices or in the services offered by them. Competition. The two banks do not compete Accordingly, the Board finds that the proposed with each other. Not only do they have common transaction will be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements APPOINTMENT OF DEPUTY CHAIRMAN ERRATA On March 26, 1962, the Board of Governors The note to "Member Bank Reserve Requireannounced the appointment of John D. Fredments," page 421 of this BULLETIN, has been ericks, of Los Angeles, California, as Deputy corrected from "central reserve city and reserve Chairman of the Federal Reserve Bank of San city and reserve city banks—in excess of 2 and Francisco for 1962. Mr. Fredericks is President, 2Vi per cent" to "—in excess of 2 and 1 per Pacific Clay Products, Los Angeles, and was apcent." This correction should also be made in pointed a director of the San Francisco Bank in Table 3, page 62, of "Member Bank Reserves 1961. He had previously served as a director of and Related Items," Section 10 of Supplement the Los Angeles Branch during 1959 and 1960. to Banking and Monetary Statistics and in Table As Deputy Chairman he succeeds Mr. Y. Frank 15, page 141, of the Annual Report of the Board Freeman, Vice President, Paramount Pictures of Governors of the Federal Reserve System for Corporation, Hollywood, whose term had ex- 1961. pired. APPOINTMENT OF DIRECTOR ADMISSION OF STATE BANK TO MEMBERSHIP On March 26, 1962, the Board of Governors IN THE FEDERAL RESERVE SYSTEM announced the appointment of Frederic S. Hirsch- The following bank was admitted to Memberler, of San Francisco, as a Class C director of ship in the Federal Reserve System during the the Federal Reserve Bank of San Francisco for period March 16, 1962 to April 15, 1962: the remainder of a term ending December Wisconsin 31, 1964. Mr. Hirschler is President, The Em- Wausau. . First American State Bank porium Capwell Company, San Francisco. As a director of the San Francisco Bank he succeeds Mr. Y. Frank Freeman, Vice President, Para- TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR mount Pictures Corporation, Hollywood, whose QUARTERLY term as a director had also expired. Latest BULLETIN Reference CHANGE IN OFFICER AT FEDERAL RESERVE BANK OF CHICAGO Annually Issue Page Bank holding companies: Effective April 1, 1962, Mr. Hugh J. Helmer List of, Dec. 31, 1960 June 1961 723 Banking offices and deposits of group was appointed First Vice President of the Fedbanks, Dec. 31, 1960 June 1961 722 eral Reserve Bank of Chicago for the remainder Banking and monetary statistics, 1961.. { JJf* \^ itt^A of the 5-year term that began March 1, 1961. Mr. Banks and branches, number of, by class and State Apr. 1962 482-83 Helmer is a graduate of the University of Wis- Earnings and expenses: consin. He has been employed by the Chicago Federal Reserve Banks Feb. 1962 234-35 Member banks: Reserve Bank since 1933 except for a brief period Calendaryear May 1961 604-12 Operating ratios Apr. 1962 484-86 with the Federal Deposit Insurance Corporation. Insured commercial banks May 1961 616 Stock Exchange firms, detailed debit and He was Manager of the Personnel Department in credit balances Sept. 1961 1106 1942-43 and has been an officer of the Bank Semiannually Banking offices: since 1953 when he was appointed Assistant Chief Analysis of changes in number of.... Feb. 1962 236 Examiner. After serving with the Bank Examina- On, and not on, Federal Reserve Par List, number of Feb. 1962 23? tion Department, he was assigned to the Check Quarterly Collection Department as Assistant Vice President Cash receipts from and payments to the in 1954 and Vice President in 1958. Since Oc- public Mar. 1962 364 Flow of funds Apr. 1962 472-81 tober 1, 1960, he has served as Vice President in Selected assets and liabilities of Federal business-type activities Apr. 1962 487 charge of bank examinations. 412 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 13 Industrial production, nonfarm employment, Production of materials continued to advance and consumer buying continued to increase in in March, reflecting increases among both dura- March. Commercial bank credit rose further and ble and nondurable goods. Output of iron and time deposits at commercial banks continued to steel changed little, however, and in early April expand rapidly. In late March and early April steel ingot output declined. common stock prices declined. CONSTRUCTION INDUSTRIAL PRODUCTION The value of new construction put in place The index of industrial production rose one changed little in March following a sharp decline point in March to a new high of 116 per cent of in February. Private construction edged up, rethe 1957 average, 13 per cent above a year flecting small increases in all types except resiearlier. Production gains in March were wide- dential building, which was unchanged. Public spread among consumer goods, business equip- construction, which was revised downward in ment, and materials. February, declined moderately further. In the Auto assemblies increased slightly in March, first quarter as a whole, construction activity was and April production schedules indicate a fur- 4 per cent below the fourth quarter and 3 per ther rise. Production of television sets, furniture, cent above the first quarter of 1961. and some other consumer goods increased in March. EMPLOYMENT In business equipment industries, output of industrial machinery and of commercial equipment Seasonally adjusted employment in nonfarm increased further and both groups were at new establishments increased 50,000 further in March highs. Production of freight and passenger equip- to 54.8 million. The metal and metal-using indusment advanced and output of farm machinery tries accounted for most of a 95,000 rise in manurose sharply in February and March from the facturing employment. Finance, service, and State reduced January rate. and local government employment continued to advance, but employment in construction was reduced substantially. The average work-week in INDUSTRMl PRODUCTION manufacturing increased. The seasonally adjusted 1957= 100 unemployment rate was 5.5 per cent, compared ™ FINAL jsS with 5.6 per cent in February. PRODUCTS Aft _ TOTAl^ i^>v /f^ — DISTRIBUTION \ /f * MATERIALS Retail sales advanced 1 per cent in March to a new high, following a similar rise in February. 130 Sales of new cars rose 10 per cent and used car M N A O N N U D F U A R C A T B U LE R E „ S jj / « * * _ ~ CO G N O S O U D M S E R /f^ j^. ~ 120 sales also advanced. Department store sales in- 110 creased substantially and exceeded the previous 100 high reached in December. \\/ / EQUIPMENT - \ ^MANUFACTURES ~ 90 10 COMMODITY PRICES 1 * 1 1 i 1 "~ i f i r i " The wholesale commodity price index remained Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for March. stable in late March and early April and was at 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN • APRIL 1962 about the same level as in April of the three quired reserves but excess reserves also rose somepreceding years. In the recent period, prices of what. Member bank borrowings from the Fedfoodstuffs and most industrial commodities con- eral Reserve were about unchanged. Reserves tinued to show little change. On April 10 and 11, were absorbed principally through an increase in major steel producers announced a general price currency in circulation and through gold outflows increase of 3Vi per cent. and were supplied through Federal Reserve purchases of U. S. Government securities. BANK CREDIT AND RESERVES SECURITY MARKETS Total commercial bank credit increased further in March. Loan expansion, including large tax Yields on State and local government bonds, and dividend related borrowing by businesses, which had declined earlier this year, changed and a substantial further rise in bank holdings of little after mid-March and those on corporate State, local, and other securities were partly offset bonds declined slightly. Yields on medium- and by a reduction in holdings of U.S. Government long-term U. S. Government securities declined securities. The seasonally adjusted average money considerably further through early April and then supply increased slightly and time deposits at rose somewhat. The rate on 3-month Treasury commercial banks continued to expand rapidly. bills changed little. On April 9 the Treasury sold Total reserves increased during the four weeks $1 billion of 33A per cent, 6y year bonds to 3 ending April 11; most of the increase was in re- raise new money. INTEREST RATES RETAIL TRADE 1947 - 49 = 100 RETAIL SALES DEPARTMENT STORES TOTAL kj V STOCKS SALES .t * " _ /V\A AUT T O O M T O A T L IV L E E S G S ROUP _ v y ^^ - ! 1 ? 1 1 T i l ?! Discount rate, range or level for all F. R. Banks. Weekly Federal Reserve indexes, seasonally adjusted; retail sales average market yields for U. S. Government bonds maturing based on Department of Commerce data. Monthly figures; in 10 years or more and for 90-day Treasury bills. Latest latest tor stocks is February, for other series, March. figures shown are for week ending April 13. 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. ... 416 Reserve Bank discount rates; margin requirements; reserve requirements 420 Federal Reserve Banks ... 421 Currency in circulation; money supply; bank debits 424 All banks: consolidated statement of monetary system; deposits and currency. 426 All banks, by classes. . . 427 Commercial banks, by classes. . 430 Weekly reporting member banks 432 Business loans 435 Interest rates 436 Security prices; stock market credit; open market paper. 437 Savings institutions 438 Federal finance 440 Security issues 445 Business finance 447 Real estate credit 449 Short- and intermediate-term consumer credit. 452 Industrial production . .. 456 Selected indexes on business activity. 462 Construction 462 Employment and earnings 464 Department stores 466 Foreign trade ... 467 Wholesale and consumer prices 468 National product and income series. 470 Flow of funds, saving, and investment. 472 Number of banks and branches in operation on December 31, 1961 482 Member bank operating ratios, 1961 484 Selected assets and liabilities of Federal business-type activities. 487 Tables not published each month—list with latest BULLETIN reference. 412 Index to statistical tables. 511 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. 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves3 P d e o a ri r t o e d U To . t S a . l G B o o r o v i u g u t g h t- h s t e t cu u r c r a H e i n h g t p e a i d r e l u e s e d s e e r r - - c v D o a a a n u n d is c d n - - e ts s Float* t T a o l 2 - s G to o c ld k r s c o e t u i a u n 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 h c R n - e t . r s B F W a . n i R t k h . s r C c e a o n n u i c d r n - y Total ment Averages of daily figures 1929—June 179 179 978 61 1,317 4 024 2 018 4,400 210 30 30 376 314 314 1 19 9 3 3 9 3 — — D Ju e n c e 2 1 , , 5 93 1 3 0 2 1 , , 5 93 1 3 0 250 8 8 1 3 2 2 2, 2 6 0 1 8 2 1 4 7, 0 5 3 1 0 8 2 2 9 2 5 9 6 5 7 5 , ,4 6 5 0 5 9 2,4 2 0 7 2 2 6 8 1 1 6 7 1 3 6 9 4 7 3 4 5 8 0 1 ? 1 J473 1 2 i' * 4 ?1 7 1 3 1941 Dec 2,219 2,219 5 170 7 404 77759 3 7.39 10,985 2,189 592 1,531 79? 1? 81? P 81? 1945—Dec 23,708 23,708 381 65224 744 70 047 4 322 28452 2,269 625 1,247 493 16,0?7 160?7 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 ,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 ,37575446 77483 4 701 79;139 1,280 271 571 764 796 70,310 70 310 1952—Dec 24,400 23,876 524 1,633 7.6227 299 23 276 4 806 30,494 1,271 569 745 7,90 83? 7\, 180 71 180 1953—Dec 25,639 25,218 421 448 ,01827,107 22 028 4 885 30968 767 602 466 390 908 970 19. 1954—Dec 24,917 24,888 29 407 99726 317 711 4 982 30749 805 443 439 365 9?9 19,?79 19,719 1955—Dec 24,602 24,318 284 840 ,38926 853 21 689 5 008 31265 777 434 459 394 983 19,740 19,740 1956—Dec 24,765 24,498 267 706 ,63327 156 21 942 5 064 31775 772 463 372 ?47 998 19J535 19,535 1957—Dec 23,982 23,615 367 716 ,44376 186 7? 769 5 144 31;937 768 385 345 186 1,063 4?0 19470 1958—Dec 26,312 26,216 96 564 49628 412 20 563 5 230 32 371 691 470 262 337 1,174 899 18,899 1959—Dec 27,036 26,993 43 911 1,42629 435 19482 5 311 32,775 396 524 361 348 1,195 18628 304 18,932 1960 Dec 27,248 27,170 78 94 1,66529 060 17954 5 396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961 Mar 26,831 26,826 5 80 07128 030 17 380 5408 31839 426 459 240 383 1,05? 16419 390 18809 26,676 26,663 13 63 ,14077 975 17389 5414 31914 408 422 207 316 987 16474 9 410 18884 26,747 26,722 25 101 ,119?8 007 17 397 5475 3? 011 420 463 205 ?93 1,017 164?0 7 436 18 856 26,935 26,927 8 66 7,6528 304 17475 5432 32246 411 515 205 250 1,038 16547 495 19 04? July 27,024 27,014 10 52 ;38878 498 17540 5450 3? 586 400 474 235 ?79 967 16 547 7 516 19 063 27,415 27,327 88 68 J45 28 661 17575 5 547 37,569 420 489 241 7,94 1,068 16701 5?? 19 Sept 27,563 27,558 5 38 ,44529 080 17446 5 556 32719 411 473 285 313 1,071 16811 9 556 19 367 Oct 28,044 27,997 47 67 35879 504 1737,8 5 569 37,864 415 469 254 305 1,014 1708? ?J578 19 660 28,616 28,532 84 107 1,377 30 14? 17 180 5 583 33.755 414 483 258 ?44 1,068 17 183 9 657 19 fMO Dec. 29,098 29,061 37 152 ,971 31 217 16979 5 587 33954 422 514 229 744 1,11? 17?59 859 ?0 118 1962 Jan 28,519 28,478 41 93 1,807 30 468 1685? 5 588 33 441 417 234 ?88 ,04? 17 195 9 89-1 0S9 Feb 28,384 28,377 7 118 1 ?90?,9 839 16793 5 586 '3? 848 449 426 211 77? ^,096 16916 9j655 19 571 Mar 28,570 28,524 46 156 1 , ?9330 063 16707 5 588 3?,996 439 448 215 77?, 1,049 16939 605 544 Week ending— 1961 Feb 1 26 600 26 582 18 75 1,131 ?7 853 17441 5 40? 31776 422 510 227 393 951 16417 9 546 18 963 8 26,860 26,672 188 188 1053 78 148 17479 5 403 31805 413 523 196 383 ,018 16641 307 18948 15 27,007 26,653 354 202 829?8 086 17410 5 404 31930 417 526 185 401 ,07? 164?0 9 494 18844 22 26,740 26,589 151 116 1 37628 232 17385 5405 31857 424 496 172 39? ,093 16 587 458 19045 Mar. 1 26 706 26,621 85 59 1,294 ?8 109 17373 5,405 31768 437 531 199 400 ,093 16458 9 556 19014 8 26,793 26,775 18 104 1 06878 014 17 373 5405 31794 433 415 233 398 ,087 16433 ?38 18671 15 27,008 27,003 58 1,003 78 116 17,374 ,407 31901 428 418 267 389 ,057 16437 9 390 188^7 22 26,864 26,864 62 1,260 28,234 17,385 5,409 31,887 418 506 238 365 1,035 16,578 2 377 18,955 29 26,724 26,724 87 1,004 27,863 17,389 5,408 31,775 426 497 218 370 1,032 16,342 451 18,793 Apr. 5 26,870 26,836 34 115 94? 77,973 17388 5,410 31903 404 429 250 388 ,0?8 16 369 333 1870? 12 26,868 26,854 14 59 1,004 77 978 17,389 5,411 3?,007 406 398 212 310 ,014 16,479 9 353 1878? 19 26,601 26,591 10 52 1,310 78009 17,390 5,414 31980 411 424 172 309 966 16,55? 9 474 19076 26 26,389 26,389 42 1,279 27,755 17,390 5,417 31,807 414 374 194 298 963 16,511 2 507 19,018 May 3 26,692 26,692 66 1,066 27,868 17,390 5,420 31,842 408 572 221 298 962 16,373 2,435 18,808 10 26,801 26,792 9 70 1,003 77,914 17,390 5,4?? 31,968 420 396 204 304 961 16,474 18754 17 26,725 26,683 42 179 1,237 28,180 17,395 5,424 32,081 424 550 206 304 984 16,451 458 18,909 24 26,653 26,598 55 71 1,308 ?8,070 17.403 5,4?6 3?,001 420 483 201 ?80 ,075 16440 9 477 18917 31 26,802 26,799 97 96527,904 17,402 5,428 416 374 211 275 1,073 16,329 ,543 18,872 June 7 . . . 27,061 27 041 20 66 1,010 ?8,175 17,410 5,4?9 3?,198 425 473 198 ?39 071 16410 9 39-1 R04 14 26,946 26,946 75 1,118 28,177 17,449 5,433 32,299 410 480 203 74? ,043 1638? 46? 18844 21 26,848 26,845 3 44 1,556 78 486 17,487 5,433 3? 747 410 481 193 ?33 16,8?0 9 476 19 ^96 28 26,820 26,817 84 1,379 28,319 17,533 5,434 32,201 404 624 221 259 lJ,023 16,553 2,567" 19,120 July 5 27,283 27 274 9 49 1,202 ?8,568 17,550 5,435 3?,484 388 434 233 317 1,007 16689 9 397 19086 27,266 27,266 48 1,291 78 641 17,550 5,433 3?,797 385 390 231 ?55 996 16,570 533 19 103 119 26,737 26,737 56 1 74878 575 17j 547 5 437 37634 392 605 218 ?74 946 16,491 9 584 19,075 26;:... . 26,731 26,720 11 50 1,476 28,289 17,525 5,440 32,476 399 498 251 274 944 16,412 2,595 19,007 For notes see opposite page. 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BANK RESERVES AND RELATED ITEMS 417 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves-j U. S. Govt securities ury Cur- Treas- with F. R. Banks P d e o a r r i t o e d Total Bo r o i u g u g h t- h t t u r c a H e n h g p e d a r l u e s e d e e r r - - c v D o a a a n n u d is c n d - - e ts s Float* t T a o l* - s G to o c ld k r s c o e t i u a n n u n r g c t - - y d- 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 a y s- F ei o g r n - Other 1 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 Week ending— 1961 Aug. 2 ?7j319 77.779 90 75 1081 78 S08 17 577 5.*»?7 1?,4S0 444 456 238 306 969 16,699 2 587 19 286 9 ....... 27,614 27,484 130 123 1,00628,777 17,548 5,543 32,564 423 467 234 304 1,024 16,852 2,356 19,208 16 77 471 77,775 196 62 1,10978,676 17601 5,545 v> 664 422 498 257 275 1 039 16,667 2 530 19 197 23 27,197 27,191 6 39 1,41028,681 17602 5,548 32,594 423 488 243 292 1,108 16,682 2,520 19,202 30 27 276 27,276 37 1,10128,447 17579 5,552 32,474 416 498 230 298 1,109 16,554 2,606 19,160 Sept. 6 27 840 27 840 57 99928,931 17451 5,553 32,664 406 469 270 303 1,111 16,712 2,402 19,114 13 27 803 27 803 28 1,18629,052 17451 5,553 32,836 414 469 275 319 1,088 16,655 2,543 19,198 20 27 330 27 320""io 45 1,84329 251 17451 5,554 32,775 413 566 282 313 1,048 16,861 2,612 19,473 27 77 700 77 197 3 29 1,77178 986 17451 5,560 1? 61? 414 436 296 320 1©49 16 871 2 648 19 519 Oct. 4 77 834 77 873 11 36 1 137 79 717 17 180 5,561 V>678 408 422 300 281 1054 17 036 2 569 19 605 11 28 195 28 143 52 31 1,25729 517 17350 5,565 32,886 417 450 261 363 ],052 17,005 2,421 19,426 18 ?8 750 78 130 120 147 1 10579 717 17 116 V568 11010 422 479 248 300 998 17 184 2 620 19 804 25 Of 819 77 791 28 57 630 79 544 17 107 ^ 57? 1">849 414 486 249 268 991 17 162 2 663 19 825 Nov. 1 ?8 05? 78 039 13 76 1,71879 404 17 10? 5,576 17,80? 410 491 241 303 990 17,045 2 706 19,751 8 28 495 28 466 29 93 1,13029 760 17291 5,579 32,967 423 475 272 258 992 17,241 2,430 19,671 15 ?8 466 78 380 86 125 1,18629 817 17776 5,581 11,77? 402 476 247 253 992 17,084 2 657 19 741 22 ?8 588 78 461 127 92 1,74130,465 17 190 5,585 11.150 414 506 309 251 1,144 17,265 2 629 19,894 29 ?8 874 78 760 114 103 1 492 10 510 16 97*5 586 114501 415 456 210 213 1,143 17 132 2 810 19 942 Dec. 6 29,274 29,274 36 1,2793 631 16975 5 588 33 579 416 501 216 258 1,143 17,082 2,682 19,764 13 29,334 29,334 40 1,363 780 16961 5 590 33937 423 460 247 228 1,131 16,906 2,836 19,742 20 29,007 29,007 109 2,240 401 16920 5 588 34072 424 600 215 219 £,102 17,277 2,957 20,234 27 ?8 893 78 845 48 218 0 576%685 16889 S S84 14 171 421 511 207 238 1,106 17,506 2 842 20,348 1962 w Jan. 3 28,931 28,720 211 356 i.,35531,695 16,889 I 586 919 429 441 290 297 1,053 17,740 3,062 20,802 10 78,784 78 717 67 79 0593097? 16 881 587 w 661 434 380 240 261 1,043 17,421 2 871 20 292 17 28,520 28,501 19 89 1,87030 529 16,839 ? 586 386 440 435 232 292 1,040 17,130 2,926 20,056 24 28 779 28 779 72 178610 185 16 819 589 070 442 439 220 305 1,041 17,094 2,878 19,972 31 28,310 28,310 94 1,22729,678 16,832 5 590 32 792 451 424 213 296 1,042 16,882 2,876 19,758 Feb. 7 28,588 28,588 122 1,11729,873 16,804 5 584 32 776 460 359 223 277 1,042 17,125 2,573 19,698 14 28,575 28,575 120 1,05029,791 16,789 585 32 888 448 444 197 252 1,022 16,914 2,606 19,520 21 28,090 28,062 ""'28 122 1,65529,913 16,790 586 32 870 447 433 197 274 1,163 16,904 2,676 19,580 28 28,285 28,285 108 1,34029,778 16,790 ! 588 '439 470 227 285 1,156 16,721 2,764 19,485 Mar 7 78,431 78,419 14 156 1,1197Q,974 16J77 S S87 17 908 440 401 214 283 1,100 16,987 2 497 19,484 14 ''S SfP 78,463 39 118 1 252 oq,917 16,7">4 s 590 11 066 441 461 224 234 1 053 16 751 2 597 19 348 21 78J4S7 78,415 72 198 1,44610j 176 16,709 s S86 11 048 446 460 219 224 I 027 17,048 2 617 19 665 98 78 679 78 6S1 28 151 1 248 10 PI 16,666 5 587 10 9S1 433 481 197 318 1 028 16 966J>2 682^19 648 End of month 1962 Jan. 28,532 28,532 129 90629,612 16,815 5,584 32,774 446 362 229 286 1,044 16,872 3,050 19,922 Feb. 28,360 28,360 139 1,38529,928 16,790 5,587 32,88( 425 449 204 389 1,151 16,808 2,937 19,745 Mar. ?9,061 78,916 i25 115 1,00610,774P16,609 P") 591 403 221 356 1,024 16,972*>2,315P19 287 Wednesday 1962 Feb. 7 28,596 28,596 205 93729,783 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 1,31929,575 16,790 5,587 32,894 440 464 190 265 1,151 16,547 2,941 19,488 28 28,360 28,360 139 1,38529,928 16,790 r5,587 r32,880 449 204 389 1,151 16,808 2,937 19,745 Mar 7 28,560 28,560 412 1,14630,162 16,730 5,588 32,995 445 410 229 205 1,099 17,097 2,715 19,812 14 78.477 78,449 28 128 .19879,846 16,710 ,591 11,071 456 490 215 215 1,022 16,675 2,902 19,577 21 ?8,806 78,558 248 443 ,70? 10,491 16,710 586 11,001 449 365 197 258 1,079 17,489 2,904 20,393 28 28,779 28,727 52 235 918 29,973 16,610 5,588 32,957 437 462 217 284 1,028 16,7862*2,971^19,757 v Preliminary. T 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

418 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures; in millions of dollars] All member banks Central reserve city banks—Nevsr York Central reserve city banks—Chicago Period Bor- Bor- Bors h T e e r o r e l v t d - a e i l s s q e u R r r i v e e r - e e - s d 2 s E e x r r v c e e e - s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s3 s h T e e r o r e l v t d - a e i l s s q e u R r r i v e e r - e e - s d 2 s E e x r r v c e e e - s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s3 s h T e e r o r e l v t d - a e i l s s q e u R r r i v e e r - e e - s d 2 s E e x r r c v e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s3 Banks4 Banks4 Banks4 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. ,143 848 295 n.a. n.a. 1945 Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950 Dec .. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952 Dec 21,180 20,457 723 1,593 — 870 5,357 5,328 30 486 —456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 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 H6 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 L038 1,038 104 — 104 I960—June 18,294 17,832 462 425 37 3,852 3,819 33 17 16 987 988 58 -59 Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Mar 18,809 18,253 556 70 486 3,623 3,613 10 1 9 946 936 9 8 1 Apr 18,884 18,277 607 56 551 3,649 3,588 62 2 60 923 927 -4 -4 May 18,856 18,307 549 96 453 3,576 3,581 -5 17 -22 953 945 8 3 5 June 19 042 18,430 612 63 549 3,698 3,658 40 40 970 964 6 1 5 Julv 19,063 18,482 581 51 530 3,648 3,639 9 2 7 958 955 3 3 Aus 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 3 1 2 Oct 19,660 19,153 507 65 442 3,733 3,716 16 4 12 983 985 -1 23 -24 Nov 19,840 19,218 622 105 517 3,697 3,660 37 23 14 985 982 3 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 5 3 2 Feb 19 571 19,069 502 68 434 3,680 3,664 17 6 11 955 954 1 4 -3 Mar P19,544 219,076 91 nn 23,693 23,705 2-12 12 P-24 ^949 21 2-6 Week ending— 1961 Mar 1 19 014 18,335 679 50 629 3,670 3,613 57 57 950 948 2 4 -2 8 18,671 18,244 427 94 333 3,582 3,572 11 1 9 945 943 2 12 -11 15 18,827 18,192 635 49 586 3,636 3,592 44 44 927 929 -1 -2 22.... 18,955 18,451 504 52 452 3,693 3,669 25 25 959 951 8 7 29 18,793 18,193 600 78 522 3,633 3,620 13 13 936 930 6 21 -16 Oct. 4.... 19,605 19,121 484 34 450 3,794 3,768 26 1 24 985 982 3 3 11 19 426 18 933 493 29 464 3,654 3 649 6 6 968 968 1 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 4 7 -3 1,001 998 4 17 -13 Nov. 1 19,751 19,208 543 74 469 3,737 3,720 17 16 1 988 991 -3 9 -12 8 19,671 19,198 473 91 382 3,680 3,662 18 18 993 987 5 16 -11 15 19,741 19,153 588 122 466 3,644 3,626 18 43 -25 968 972 4 13 -17 22 19,894 19,297 597 90 507 3,692 3,678 14 11 3 994 988 6 16 -10 29 19,942 19,221 721 101 620 3,727 3,655 72 8 64 987 978 9 17 -8 Dec. 6 19,764 19,219 545 35 510 3,741 3,708 33 33 978 976 1 1 1 13 19 742 19 176 566 40 526 3 750 3 709 41 41 950 950 1 20 20,234 19,656 578 109 469 3,901 3,897 4 19 -16 997 995 2 60 -58 27.... 20,348 19,788 560 216 344 3,891 3,870 21 86 -65 1,009 1,006 3 2 1 1962—Jan. 3 20,802 20,076 726 341 385 4,002 4,003 -1 179 -180 1,026 1,025 34 10 20,292 19,682 610 64 546 3,887 3,823 64 64 1,003 998 5 5 17 20,056 19,452 604 69 535 3,733 3,730 3 2 1 973 976 -4 9 -12 24 19,972 19,271 701 44 657 3,747 3,688 59 59 976 964 11 1 10 31.... 19,758 19,227 531 60 471 3,745 3,709 36 36 972 971 1 4 -3 Feb. 7 19,698 19,241 457 72 385 3,744 3,735 9 7 1 971 968 3 4 -1 14.... 19,520 19,022 498 70 428 3,637 3,623 14 8 6 941 946 -5 11 -16 21 19,580 19,047 533 72 461 3,655 3,647 8 4 3 962 953 9 8 28.... 19,485 18,965 520 56 464 3,685 3,649 36 4 32 945 949 -4 -4 Mar. 7 19,484 19,038 446 90 356 3,700 3,694 6 8 2 962 955 7 8 14 19,348 18,870 478 53 425 3,648 3,632 16 16 932 936 -4 1 -5 21 19,665 19,181 484 133 351 3,754 3,759 -5 -18 959 952 7 69 -62 28 2>19,6482>19,191 86 3,748 3,735 13 23 -9 960 958 2 17 -15 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 419 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures; in millions of dollars] Reserve city banks Country banks Period Borrow- Borrow- Total Required Excess ings at Free Total Required Excess ings at Free reserves reserves2 reserves3 F. R. reserves3 reserves reserves2 reserves3 F.R. reserves3 heldi Banks 4 held* Banks4 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933 June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941 Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947 Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4 099 663 29 634 1951 Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952 Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953_Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954 Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 -204 5,859 5,371 488 144 344 1957 Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960 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—Mar 7,756 7,688 68 23 45 6,485 6,016 469 38 431 7,783 7,734 49 21 28 C6,529 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 Aus 7,940 7,883 57 13 44 6,668 6,141 527 43 484 Sept 7,993 7,930 63 13 50 6,722 6,209 513 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 1962—Jan 8,311 8,257 54 34 20 6,979 6,471 509 26 483 Feb 8,094 8,047 47 25 22 6,842 6,405 437 33 404 Mar 26 ^6,358 32 »391 Week ending— 1961 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 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 C8,163 C8,119 C44 23 C21 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 6,814 6,376 438 30 408 Mar 7 8,041 8,022 19 34 -15 6,782 6,367 415 40 375 14 8,014 7,958 57 27 30 6,753 6,344 409 25 384 21 8,151 8,111 40 19 21 6,801 6,359 442 32 410 28 8,174 8,134 41 24 17 ^6,766 *>6,363 22 »381 c Corrected. n.a. Not available. *> Preliminary. 2 Based on deposits as of opening of business each day. Monthly 1 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. 4 Based on closing figures. Monthly averages of currency and coin beginning January 1962 are 5 This total excludes, and that in the preceding table includes, $51 estimated. million in balances of unlicensed banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 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 Federal Reserve Bank a o d b v li a g n a c ti e ( o S s n e s s e e s c a . u n 1 r d e 3 d d a b i n s y d c e o 1 l u i 3 g n a i t ) b s l i e o p f a a p n e d r Other [ s S e e c c u . re 1 d 0 (b ad )] vances b ob an l ( i l k g a s a s t t s i p o ec n a u r s . r e o S d f e t c b h . y e 1 3 d U ) ir . e S ct . Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Mar. 31 beginning— rate Mar. 31 beginning— rate Mar. 31 beginning—• rate Boston Aug. 23, 1960 Aug. 23, 1960 Aug. 23,1960 New York... Aug. 12, 1960 Aug. 12, 1960 June 10,1960 Philadelphia.. Aug. 19, 1960 Aug. 19, 1960 Aug. 19,1960 Cleveland Aug. 12, 1960 Aug. 12, 1960 Aug. 12,1960 Richmond. . . Aug. 12, 1960 Aug. 12, 1960 Aug. 12,1960 Atlanta Aug. 16, 1960 Aug. 16, 1960 Aug. 16,1960 Chicago Aug. 19, 1960 Aug. 19, 1960 June 10,1960 St. Louis Aug. 19, 1960 Aug. 19, 1960 Aug. 19,1960 Minneapolis.. Aug. 15, 1960 Aug. 15, 1960 Aug. 15,1960 Kansas City.. Aug. 12, 1960 Aug. 12, 1960 Aug. 12,1960 Dallas Sept. 9, 1960 Sept. 9, 1960 Sept. 9,1960 San Francisco Sept. 2, 1960 Sept. 2,1960 June 3,1960 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 MARGIN REQUIREMENTS FEDERAL RESERVE BANK DISCOUNT RATES i [Per cent of market value] [Per cent per annum] Aug. 5, Oct. 16, Effec- Range F. R. Range F. R. Prescribed in accordance with 1958- 1958- tive Date (or level)— Bank Date (or level)— Bank Securities Exchange Act of 1934 Oct. 15, July 27, July 28, effective allF. 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 1^4 Aug. 9... 3 -31/2 3 dealers on listed securities 70 90 70 19... WA 23... For short sales 70 90 70 Aug. 13... WA-WI Nov. 15... Regulation U: 23... Wi 1% Dec. 2... 3 3 For loans by banks on stocks 70 90 70 1950 1958 Aug. 21... 134 Jan. 22... 234-3 3 NOTE.—Regulations T and U limit the amount of credit that may be 25... 134 1^4 24... 234-3 234 extended on a security by prescribing a maximum loan value, which is a Mar. 7... 214-3 2!4 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 2^4 maximum loan value. 23... 2 Apr. 18... 3f* ii 2 May 9... MAXIMUM INTEREST RATES PAYABLE ON TTME AND 1954 Aug. 15... SAVINGS DEPOSITS Feb. 5... 134—2 1M Sept. 12... 134-2 24 15... 1% l3/4 23... 2 2 [Per cent per annum] Apr. 14... li^_l^£ 1% Oct. 24... 2 -21/2 2 16... li^_l^£ IV2 Nov. 7... 2^2 21yi May 21... IV2 1^ 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. ,4... IVL-WA 16... k 1956 1961 1962 WI-WA WA May 29... 3 -31/2 May 2... June 12... 3% Aug. 1 5 4 2 . . . . . . . . . 2 1% sm — i - 1 2 ^ % /A 2 2 1% Sept. 1 1 1 8. . . . . . 3!/ 4 2-4 4 4 Savin L 1 g e s y s e s d a e t r h p a o o n r s i m t 1 s o y h r e e e a ld r for: 3 Sept. 9... 2 -214 214 1960 13... 2VA 2^4 June 3... 31/2-4 4 Postal savings deposits held for: Nov. 2 1 3 8 . . . . . . 2 2 ^ V 2 i 1 1 0 4 . . . . . . 31/2-4 I* L 1 e y s e s a t r h a o n r m 1 o y r e e ar 3 Aug. 12... 1956 Sept. 9... 3 3 Other time deposits payable in: T Apr. 2 1 0 3 . . . . . . 2 23 % 4 - - 3 3 2 2 3 3 4 4 1962 6 months-1 year 3 Aug. 24... 234-3 3 In effect 90 days-6 months 31... 3 3 Mar. 31... 3 3 Less than 90 days 1 1 Under Sees. 13 and 13a (as described in table above). For data for NOTE.—Maximum rates that may be paid by member banks as estab- 1941_47f 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; 1962—Mar. 20-21, 2.75. Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2V£ per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 421 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Average of daily figures. * In millions of dollars] Net demand deposits i 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 s a 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 n e 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 Feb. 21, 1962 In effect Dec. 31,1948.. 26 22 16 7i/2 7% Gross demand: Total 126,093 24,480 6,001 48,962 46,649 1949_May 1, 5* , 24 21 15 7 7 Interbank 14,139 4,512 1,174 6,884 1,569 June 30, July 1*. 20 14 6 6 U. S. Government. 3,843 788 189 1,417 1,449 A A u u g g . . 16 1 , ,1 1 1 8 * * . . . . . . . . §* g* 1 1 3 2 5 5 Net d O e t m he a r nd2 1 1 0 0 5 8 , ,1 7 1 5 1 2 2 1 0 9 , , 0 1 3 8 4 0 4 5, , 1 6 6 3 8 8 4 40 0 , , 6 6 7 6 5 1 4 3 3 9 , , 6 8 3 7 1 5 A Se u p g t . . 25 1 i* It* T D i e m m e and balances due 69,592 7,462 2,135 27,347 32,647 1951—Jan. 11, 16*.... 13 6 6 from domestic banks. 6,961 98 91 1,998 4,775 Jan. 25,Feb. 1*. 23 14 Currency and coin 2,683 207 31 855 1,589 1953—July 1,9* , , 24 19 13 Balances with F. R. 1954—June 16,24*.... 22 20 5 5 Banks 16,956 3,488 930 7,269 5,270 July 29, Aug. 1* 21 1189 12 Total reserves held 19,639 3,695 961 8,124 6,859 20 Required 19,134 3,679 959 8,079 6,417 1958— M Fe a b r . . 2 2 0 7 , , A M p a r r . . 1 1 * * 8* 1?* Excess 505 16 2 45 442 Apr. 17 1960— A Se p p r t . . 24 1 \f/2 16i/2 Four weeks ending Mar. 21, 1962 Nov. 24 12 Gross demand: Dec. 1 11761i//22 Total 125,383 24,752 5,931 48,761 45,938 Interbank 14,010 4,451 1,178 6,854 1,527 In effect Mar. 1, 1962. . 16i/2 16i/2 12 5 5 O U t . h S e . r Government. 10 4 7 , , 0 3 2 5 1 3 19,5 7 2 7 8 3 4,5 1 5 9 7 6 40 1 , ,5 3 5 5 2 5 42 1 , ,4 9 9 1 9 2 Net demand2 104,381 19,978 5,069 40,136 39,197 Present legal require- Time 71,088 7,741 2,230 27,959 33,158 ments : Demand balances due Minimum 210 10 7 3 3 from domestic banks. 6,948 100 89 2,045 4,714 222 222 14 6 6 Currency and coin 2,620 205 31 825 1,558 Balances with F. R. Banks 16,876 3,492 918 7,237 5,229 * First-of-month or midmonth dates record changes at country banks, Total reserves held 19,496 3,697 949 8,062 6,787 and other dates (usually Thurs.) record changes at central reserve or Required 19,013 3,683 948 8,020 6,362 reserve city banks. Excess 483 14 1 42 425 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 2V2 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 1 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 Item 1962 1962 1961 Mar. 28 Mar. 21 Mar. 14 Mar. 7 Feb. 28 March Feburary March Discounts and advances—total 235 443 128 412 139 115 139 115 Within 15 days 168 389 76 346 73 49 73 104 16 days to 90 days 37 39 37 51 51 51 51 11 91 days to 1 year 30 15 15 15 15 15 15 Acceptances—total 41 42 43 44 44 42 44 46 Within 15 days 12 11 11 12 11 11 11 11 16 days to 90 days 29 31 32 32 33 31 33 35 U. S. Government securities—total 28,779 78,806 28,477 28,560 28,360 29,061 28,360 26,688 Within 15 days . 354 958 678 536 426 434 426 357 16 days to 90 days 3,731 ,278 2,909 3,236 3,320 3,832 3,320 4,172 91 days to 1 year 11,807 11,722 12,049 12,092 12,040 11,854 12,040 10,982 Over 1 year to 5 years . 10,394 10,355 10,348 10,203 10,081 10,438 10,081 9,306 Over 5 years to 10 years.... 2,227 ,227 2,227 2,227 2,227 2,237 2,227 1,733 266 266 266 266 266 266 266 138 1 Holdings under repurchase agreements are classified as maturing 2 Less than $500,000. with 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1962 1962 1961 Mar. 28 Mar. 21 Mar. 14 Mar. 7 Feb. 28 March February March Assets 15,196 15,291 15,291 15,320 15,380 15,196 15,380 16,064 Redemption fund for F. R. notes 1,140 1,144 1,147 1,144 1,150 1,140 1,150 1,035 Total gold certificate reserves 16,336 16,435 16,438 16,464 16,530 16,336 16,530 17,099 Cash 414 426 426 455 480 423 480 472 Discounts and advances: 170 378 63 347 74 50 74 107 For nonmember banks etc.. , . . ... 65 65 65 65 65 65 65 8 Acceptances—Bought outright 41 42 43 44 44 42 44 46 Held under repurchase agreement • U. S. Government securities: Bought outright: Bills 2,830 2,710 2,622 2,900 2,830 2,985 2,830 2,327 Certificates—Special Other 4,972 4,972 4,972 4,972 4,972 4,972 4,972 5,398 Notes 16,887 16,868 16,859 16,842 16,772 16,903 16,772 16,301 Bonds 4,038 4,008 3,996 3,846 3,786 4,076 3,786 2,662 Total bought outright 28,727 28,558 28,449 28,560 28,360 28,936 28,360 26,688 52 248 28 125 Total U. S. Government securities 28,779 28,806 28,477 28,560 28,360 29,061 28,360 26,688 29,055 29,291 28,648 29,016 28,543 29,218 28,543 26,849 4,276 5,535 5,184 4,561 5,038 3,932 5,038 3,898 Bank premises 108 109 109 109 108 108 108 109 Other assets: Denominated in foreign currencies 84 84 84 59 9 84 9 All other 271 252 240 227 205 281 205 218 Total assets 50,544 52,132 51,129 50,891 50,913 50,382 50,913 48,645 Liabilities 27,946 28,016 28,093 28,041 27,937 28,007 27,937 27,057 Deposits: 16,786 17,489 16,675 17,097 16,808 16,972 16,808 16,158 U. S. Treasurer—general account 462 365 490 410 449 403 449 443 Foreign 217 197 215 229 204 221 204 271 Other 284 258 215 205 389 356 389 516 Total deposits 17,749 18,309 17,595 17,941 17,850 17,952 17,850 17,388 Deferred availability cash items 3,358 4,333 3,986 3,415 3,653 2,926 3,653 2,845 Other liabilities and accrued dividends 69 69 65 67 65 71 65 32 Total liabilities 49,122 50,727 49,739 49,464 49,505 48,956 49,505 47,322 Capital Accounts Capital paid in .. .... 453 453 453 452 451 453 451 423 888 888 888 888 888 888 888 817 Other capital accounts 81 64 49 87 69 85 69 83 Total liabilities and capital accounts 50,544 52,132 51,129 50,891 50,913 50,382 50,913 48,645 Contingent liability on acceptances purchased for 100 103 104 115 113 100 113 173 U. S. Government securities held in custody for foreign account 5,769 5,830 5,703 5,500 5,432 5,762 5,432 5,935 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 29,653 29,730 29,762 29,753 29,830 29,658 29,830 28,673 Collateral held against notes outstanding: 8,035 8,035 8,035 8,035 8,035 8,035 8,035 9,075 Eligible paper 40 44 17 62 35 8 35 36 U. S. Government securities 23,205 23,205 23,205 23,205 23,205 23,205 23,205 21,110 Total collateral 31,280 31,284 31,257 31,302 31,275 31,248 31,275 30,221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 423 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1962 [In millions of dollars] Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M a i p n o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets 15.196 703 3,621 876 1,231 1,100 762 2,604 587 339 662 569 2,142 Redemption fund for F. R. notes.... 1,140 68 268 69 102 91 68 208 49 26 49 37 105 Total gold certificate reserves 16,336 771 3,889 945 1,333 1,191 830 2,812 636 365 711 606 2,247 F. R. notes of other Banks 467 22 120 36 39 20 78 31 14 19 13 37 38 Other cash 423 28 78 24 38 24 31 80 23 11 13 16 57 Discounts and advances: Secured by U. S. Govt. securities.. 50 13 9 2 1 1 16 1 1 5 1 Other 65 3 18 4 3 3 9 2 1 3 4 9 Acceptances: 42 42 Held under repurchase agreement.. U. S. Govt. securities: Bought outright 28,936 1,540 7,156 1,671 2,454 1,831 1,591 4,944 1,168 620 1,261 1,176 3,524 Held under repurchase agreement.. 125 125 29,218 1,556 7,350 1,677 2,460 1,835 1,595 4,969 1,171 622 1,269 1 181 3,533 Cash items in process of collection... 5,015 357 1,000 317 412 337 364 848 221 149 242 231 537 108 3 9 3 8 5 14 24 7 5 6 13 11 Other assets: Denominated in foreign currencies. 84 4 2 23 5 8 4 4 12 3 2 3 5 11 All other 281 15 69 16 23 18 17 46 11 6 14 12 34 Total assets 51,932 2,756 12,538 3,023 4,321 3,434 2,933 8,822 2,086 1,179 2,271 2,101 6,468 Liabilities 28,474 1,667 6,596 1 822 2,538 2,295 1,620 5,226 1,227 581 1,178 826 2,898 Deposits: 16,972 651 4,357 833 1,272 111 914 2,636 574 428 818 973 2,799 U. S. Treasurer—general account.. 403 27 48 25 29 56 7 52 42 16 16 11 74 Foreign 221 10 3 63 13 21 10 12 30 7 5 9 12 29 Other 356 1 300 1 * 3 1 1 1 2 1 44 Total deposits 17,952 689 4,768 872 1,322 786 934 2,719 624 450 845 997 2,946 Deferred availability cash items 4,009 330 769 243 323 283 299 662 183 114 185 194 424 Other liabilities and accrued dividends. 71 3 19 4 6 4 4 12 2 2 3 3 9 Total liabilities 50,506 2,689 12,152 2 941 4,189 3,368 2,857 8,619 2,036 1,147 2,211 2,020 6,277 Capital Accounts Capital paid in 453 21 123 26 42 21 24 64 16 10 19 26 61 888 42 243 51 83 40 47 124 31 20 37 50 120 Other capital accounts. 85 4 20 5 7 5 5 15 3 2 4 5 10 Total liabilities and capital accounts.. 51,932 2,756 12,538 3,023 4,321 3,434 2,933 8,822 2,086 1,179 2,271 2,101 6,468 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Mar. 31, 1962 35.2 32.7 34.2 35.1 34.5 38.7 32.5 35.4 34.4 35.4 35.1 33.3 38.4 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 Mar 31 1961 . 37.9 34.1 37.4 39.1 38.3 38.0 36.7 38.6 36.8 33.8 37.4 37.4 41.0 Contingent liability on acceptances purchased for foreign correspond- 100 5 4 27 6 9 5 5 14 3 2 4 6 14 Federal Reserve Notes;—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 29,658 1,735 6,883 1,880 2,700 2,380 1,693 5,331 1,283 655 1,201 893 3,024 Collateral held against notes outstanding: Gold certificate account 8 430 1^00 530 770 7S5 4? 5 1,500 ^40 160 310 215 1000 Eligible paper 8 2 1 5 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 31,248 1,795 7,200 2,032 2,820 2,420 ,825 5,600 1,351 670 1,265 970 3,300 1 1 Less than $500,000. 3 After deducting $158,000,000 participations of other Federal Reserve 2 After deducting $61,000,000 participations of other Federal Reserve Banks. Banks. 4 After deducting $73,000,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 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 culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7.598 5 553 590 559 36 1 019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28 515 20 683 1,274 L 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 I960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961—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 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 Mav 32,197 23,042 2,445 1,465 87 2,156 6,584 10,305 9,154 2,741 5,852 244 309 3 6 June.. 32,405 23,229 2,462 1,462 88 2,162 6,638 10,418 9,176 2,757 5,861 243 306 3 5 July 32,477 23,299 2,475 1,460 88 2,151 6,622 10,505 9,177 2,761 5,862 242 304 3 5 Aug 32,609 23,390 2,491 1,463 89 2,154 6,647 10,547 9,219 2,768 5,898 242 302 3 5 Sept 32,658 23,415 2,506 1,475 88 2,163 6,656 10,527 9,243 2,766 5,926 241 301 3 5 Oct 32,836 23,552 2,532 1,494 89 2,180 6,671 10,586 9,283 2,773 5,959 241 301 3 5 Nov 33,538 24 154 2,563 1,534 90 2 246 6 866 10 856 9 384 2,814 6,021 241 299 3 5 Dec 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 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 Feb 32,880 23,530 2,562 1,477 91 2,178 6,644 10,579 9,350 2,791 6,017 239 296 3 5 i Outside Treasury and Federal Reserve Banks. Before 1955 the currency shown by denomination by amounts of unassorted currency totals shown as in circulation were less than totals of coin and paper (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [Condensed from Circulation Statement of United States Money, issued by Treasury Department; in millions of dollars] Held in the Treasury Currency in circulation i Total out- Held by Kind of currency s F t e a 1 b n 9 . d 6 2 i 2 n 8 g , A g s a o s g l s i d a l e v i c a n e u r n s r t d ity Tr c e a a s s h ury B F a F a . n n o R d k r . s a B F g a a . e n n R n d k t . s s Fe 1 b 9 . 6 2 2 8, Ja 1 n 9 . 6 3 2 1, Fe 1 b 9 . 6 2 1 8, certificates agents Gold 16,790 (16,530) 2 260 Gold certificates (16,530) 3 13,714 2,816 30 Federal Reserve notes 29 829 105 1,890 27,833 27,735 26,896 Treasury currency total 5,587 (2,315) 59 480 5,047 5,039 4,844 Standard silver dollars 487 88 42 10 348 347 320 Silver bullion 2,227 2,227 Silver certificates (2,315) 376 1,939 1,944 4 1,995 Subsidiary silver coin l|662 11 50 1,601 1,594 1,501 Minor coin 626 2 10 613 611 571 United States notes 347 4 33 310 306 307 In process of retirement 5 238 1 1 236 237 6149 Total—Feb. 28, 1962 7 52,205 (18,845) 425 13,714 5,186 32,880 Jan 31 1962 7 52,475 (18,856) 446 13,726 5,530 32,774 Feb. 28, 1961 7 51,663 (19,468) 424 14,259 5,211 "3^769" 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. ban 2 k I s n . c l E ud st e i s m $ a 1 te 5 d 6 t o m ta il l l s i o f n o r r e W se e r d v n e e s a d g a a y in d st a t U es n a it r e e d s h S o ta w te n s i n n o ta te b s l . e on p. 417. 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 4 Includes $1,141,675 of Treasury notes of 1890. reserves and security features, see Circulation Statement of United States 5 Redeemable from the general fund of the Treasury. (Federal Reserve Money issued by the Treasury Department, or BULLETIN for August Banks and national banks no longer have liability for their currency 1961, p. 936, or earlier issues. 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 425 MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Money supply Related Related deposits Money supply deposits (not (not seasonally (not Period S a e d a j s u o s n te a d lly Not a d s j e u a s s t o e n d ally a se d a ju so st n e a d ll ) y 1 Week adjusted) s a e d a ju so s n te a d ll ) y 1 ending— Total r C en u c r y - D p e o d m s e i - a ts n 1 d Total r C en u c r y - D p e o d m s e i - a ts n 1 d Time G U o . v S t . . Total r C en u c r- y D p e o d m s e i - a ts 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 136.5 28.2 108.3 139.7 28.7 111.0 51.8 3.4 Feb. 1 143.0 28.4 114.6 74.1 3.8 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 8 142.2 28.7 113.5 74.9 4.3 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 15 141.6 28.7 113.0 75.1 3.7 1959—Dec 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 22 139.7 28.6 111.1 75.3 5.8 1960—Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 Mar. 1 139.5 28.4 111.1 75.1 5.7 1961—Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 8 139.7 28.8 110.9 75.5 5.3 15 140.7 28.7 112.0 75.9 3.7 1961—Mar 141.5 29.0 112.6 140.1 28.6 111.4 75.9 4.7 22 140.6 28.7 111.9 75.9 5.3 Apr 142.0 29.0 113.0 141.7 28.7 113.0 76.9 2.9 29 139.6 28.5 111.1 76.2 4.6 May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 Apr. 5 139.7 28.8 110.9 76.5 4.5 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 12 141.2 28.8 112.3 76.7 3.2 July 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 19 142.8 28.7 114.1 76.9 2.1 Aug 141.8 29.0 112.8 141.1 29.2 111.9 80.7 5.5 26 142.4 28.5 114.0 77.1 1.9 Sept 143.0 29.2 113.8 142.4 29.3 113.1 81.3 5.2 Oct 143.7 29.3 114.4 143.6 29.4 114.2 82.0 6.5 1962 Nov 144.1 29.4 114.6 145.3 29.7 115.6 82.0 5.8 Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 Jan. 3 150.8 29.9 120.9 82.8 6.1 10 148.3 29.9 118.4 83.3 4.6 1962—Jan 144.6 29.6 115.1 147.8 29.4 118.3 83.9 3.9 17 148.3 29.5 118.8 83.9 3.1 Feb.,. 144.4 29.6 114.7 144.0 29.3 114.8 85.8 4.7 24 147.0 29.3 117.7 84.3 3.0 Mar.P 144.7 29.9 114.8 143.2 29.5 113.6 87.7 5.1 31 146.2 29.0 117.3 84.7 3.9 Feb. 7 145.8 29.3 116.5 85.2 4.8 Semimonthly 14 145.1 29.4 115.8 85.7 3.7 21 142.9 29.3 113.6 86.0 5.1 1962—Jan. 1.... 144.9 29.6 115.4 148.8 29.8 119.0 83.4 4.4 28 142.4 29.2 113.2 86.3 5.2 144.3 29.6 114.8 146.8 29.1 117.7 84.5 3.4 Mar. 7 143.3 29.5 113.8 87.0 5.0 Feb. 1.'.*.'.' 144.7 29.6 115.1 145.3 29.3 116.0 85.5 4.3 14 143.9 29.6 114.3 87.5 3.2 2.... 144.0 29.7 114.3 142.5 29.2 113.3 86.2 5.2 21 143.9 29.6 114.4 87.7 4.9 Mar. 1.... 144.6 29.8 114.8 143.6 29.5 114.1 87.3 4.2 28^ 141.8 29.4 112.4 88.3 6.8 22... 144.8 29.9 114.9 142.8 29.5 113.2 88.1 6.0 v 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 Year or month re c p e A o n r t l e t l i r n s g New Yor L k eading centers 6 others 2 3 r c e 3 e p 7 n o t o r e t t r i h n s e 3 g r New ]L Y e o a r d k ing ce 6 n te o r t s hers 2 3 r c e 3 e p 7 n o t <> r e + r t i h s -n 3 e * a r Unadj. Adj.1 Unadj. Adj.1 Unadj. Adj.1 Unadj. Adj.1 Unadj. Adj.1 Unadj. Adj.1 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 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 May 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 27.0 272.6 115.2 112.5 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 77.4 38.7 39.5 26.8 27.5 1962 Jan 294.7 110.3 118.1 58.2 61.4 109.4 115.2 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 '96.1 68.1 64.6 38.4 36.3 27.1 25.9 Mar 293.3 118.1 124.7 57.5 59.7 108.1 108.9 78.2 80.5 240.9 227.6 227.7 P Preliminary. r Revised. 1 Seasonal factors for debits and turnover have been revised. Adj.* adjusted for seasonal variation. Unadj. = without seasonal 2 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los adjustment. Angeles. 3 Before April 1955, 338 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates; in millions of dollars] Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo B a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e r a p r n o e d n si c t y s co m n a u i c e n s - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 US819 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 1 1 1 9 9 9 3 4 4 9 5 1 — — — D D D e e e c c c . . . 3 3 3 1 0 1 . . . 2 2 1 0 2 7 , , S6 0 7 4 6 3 4 5 7 2 4 3 , , , 3 9 2 3 6 4 9 3 7 1 5 6 6 4 4 7 , , , 6 3 5 8 5 6 1 3 4 2 2 3 6 2 0 , , , 6 1 3 0 5 8 5 7 7 1 2 2 2 3 9 8 , , , 1 0 4 4 0 1 9 5 7 1 2 0 1 5 1 9 , , , 5 2 4 1 8 1 1 8 7 2 2 2 4 , , 32 4 2 5 8 6 4 2 4 2 1 1 , , , 8 2 2 6 8 0 7 4 4 9 8 8 9 , , 3 5 99 0 7 2 9 7 1 9 7 9 0 5 1 , 9 , 1 6 7 7 3 8 1 7 5 1 6 8 8 8 2 0 , , , 8 3 8 1 5 0 1 9 6 1 7 6 0 , 9 , S 8 9 ! 2 7 2 9 6 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1 1 1 9 9 9 5 5 6 8 9 0 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . 2 1 1 0 . 9 7 , , , 5 4 7 3 5 6 4 6 7 5 5 5 , , , 3 2 3 1 3 9 1 4 8 2 2 2 5 4 6 5 9 6 , , , 4 0 7 3 8 8 5 2 2 1 1 1 2 3 4 1 5 4 , , , 6 8 7 0 6 0 2 7 4 1 9 9 0 3 5 1 , , , 4 4 2 6 9 0 1 7 7 7 6 6 3 5 7 , , , 6 8 2 4 0 4 1 1 2 2 2 2 6 6 7 , , , 6 3 3 4 4 8 8 7 4 1 1 , , 8 0 2 3 4 1 5 8 9 2 2 2 6 6 6 S , , 0 6 2 7 1 7 1 7 3 2 2 2 7 8 8 4 0 9 , , , 8 2 9 5 0 4 0 2 7 2 2 2 5 6 5 6 3 2 . , 90 1 0 2 6 2 2 5 0 2 2 26 4 2 , 9 e ! 8 7 8 2 8 6 9 3 1961—Mar. 29. 17,400 5,400 263,800 142,600 939700 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 tl,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 N De o c v . . 2 2 9 7 * * 1 17 7 , , 0 0 0 0 0 0 5 5 , , 6 6 0 0 0 0 2 2 8 8 0 4 , , 0 5 0 0 0 0 1 1 4 5 9 2 , , 0 4 0 0 0 0 1 1 0 0 1 2 , , 9 4 0 0 0 0 7 7 2 2 , , 4 6 0 0 0 0 2 2 8 9 , , 8 0 0 0 0 0 7 8 0 0 0 0 2 2 9 9 , , 1 6 0 0 0 0 3 3 0 0 2 6 , , 6 9 0 0 0 0 2 2 7 7 3 8 , , 0 7 0 0 0 0 2 28 9 , 96 2 0 0 0 0 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 Mar. 28* 16,600 5,600 284,600 153,300 100,200 70,700 28,800 700 31,100 306,800 277,400 29,300 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series® For- Date b e a ig n n k Treas- At Time deposits3 Cur- Total De- Curde- ury com- At De- rency demand mand rency p n o e si t t 2 s, h c i o n a l g s d h s - m sa b e v a a r i n n c n d k i g a s s l B F a . n R ks . Total Total m b C e a o r n c m k ia s - l M b s a a u n v tu i k n a s g ] 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 s a e i n t - s d 5 b o s a i u n d t k e - s c a d u d e r j a p u r n o e s d s n te i c t d y s j p u o a s d s t i e - t d s b o s a i u n d t k e - s 1929—June 29.. 365 204 381 36 54. 28.611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40; 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63. 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76; 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 BO; 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31.. 1,682 1,336 1,452 870 no; 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1 19 9 5 5 8 0 — — D D e e c c . . 3 3 0 1 . . . . 2 3 , , 5 8 1 7 8 0 1, 6 2 8 9 3 3 4 2 , , 5 9 5 89 8 6 3 6 5 8 8 2 1 4 7 2 6 ; . 9 5 8 9 , , 3 2 0 4 6 7 6 3 3 6 , , 1 3 6 1 6 4 2 3 0 4 , , 0 0 0 0 9 6 2 1 , , 9 1 2 3 3 41 9 1 2 5 , , 2 5 7 0 2 7 2 2 8 5 , , 7 39 4 8 0 1 1 3 1 8 4 , , 8 6 0 0 0 0 1 9 1 0 0 , , 0 7 0 0 0 0 2 2 4 8, s6 1 0 0 0 0 1959—Dec. 31.. 3,203 391 5,319 504 246. 101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 1960—Dec. 31.. 3,184 377 6,193 485 252; 108,468 71,380 36,318 770115,102 29,356 139,200 111,000 28,200 1961—M A M J p u a a r n r y . e . 3 2 2 1 3 9 6 . 0 . . . . . . . 3 3 1 1 , , , , 1 2 3 2 0 5 0 0 0 0 0 0 4 4 4 3 0 0 0 7 0 0 0 9 4 2 6 5 , , , , 1 6 4 3 0 3 0 0 0 8 0 0 4 5 4 5 0 0 0 0 0 8 0 0 2 2 2 5 5 5 0 4 4 , , , v : :2 2 7 0 0 0 0 0 0 1 1 1 1 1 1 1 1 2 1 5 7 , , , , 7 9 7 2 0 0 0 8 0 0 0 0 7 7 7 7 4 7 9 5 , , , s0 2 9 0 0 0 0 9 0 0 0 2 3 3 3 3 6 7 7 7 , , , s0 4 9 0 O 8 0 0 0 6 0 0 7 7 7 7 0 0 0 0 0 0 0 2 1 1 1 1 1 1 1 1 3 0 0 0 , , , , 2 6 6 3 8 0 0 0 8 0 0 0 2 2 2 2 7 8 9 8 , , , 54 3 9 0 0 6 0 0 0 1 0 0 1 1 1 1 4 4 4 4 0 1 0 0 , , , , 4 5 8 9 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 3 2 2 2 , , , , 7 3 3 1 0 0 0 0 0 0 0 0 2 2 2 2 8 8 8 8B 8 8 8 , , , 5 5 2 2 3O 0 0 0 0 0 0 O July 26., 1,300 400 5,800 500 259i100 117,700 79,500 37,500 700 113,000 28.400 141,500 113,200 288,300 A Se u p g t . . 3 2 0 7 . * . 1 1 , , 3 4 0 0 0 0 4 4 0 0 0 0 5 8 , , 6 4 0 0 0 0 5 5 0 0 0 0 2 26 5 0 8 ; ,500 1 1 1 1 8 9 , , 6 4 0 0 0 0 8 8 0 0 , , 2 8 0 0 0 0 3 3 7 7 , , 6 9 0 0 0 0 700 1 1 1 1 1 2 , , 5 4 0 0 0 0 2 2 8 8 ; , 5 6 0 0 0 0 1 1 4 4 1 1 , , 3 9 0 0 0 0 1 1 1 1 3 3 S , 0 4 0 0 0 0 2 2 8 8 8 8 , , 3 5 0 0 0 0 Oct. 25* 1,300 400 6,000 400 264 120,100 81,400 37,900 115,700 28,700 143,800 115,!000 288,800 Nov. 29*. 1,200 400 5,700 500 265 119,800 81,200 38,000 700 116,200 29,100 143,400 114,800 288,600 Dec. 27*, 1,500 400 6,700 300 269 120,700 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 Mar. 28*. 1,200 400 6,600 500 268,700127,300 87,700 39,000 600 112,600 28,800 143,500 114,400(29,100 P Preliminary. * Revised Preliminary. 6 Seasonally adjusted series begin in 1946 and are available only for last 1 Represents all commercial and savings banks, Federal Reserve Banks, Wednesday of the month. For description of series and for back data Postal Savings System, and Treasury currency funds (the gold account, see BULLETIN for February 1960, pp. 133-36. Treasury currency account, and Exchange Stabilization Fund). NOTE.—For description of statement and back figures, see BULLETIN 2 Beginning with May 1961 the reclassification of deposits of foreign for January 1948, pp. 24-32. The composition of a few items differs central banks reduced this item by $1,900 million ($1,500 million to time slightly from the description in BULLETIN article; stock of Federal Reserve deposits adjusted and $400 million to demand deposits adjusted). Banks held by member banks is included in other securities and in capital 3 Excludes interbank time deposits; U. S. Treasurer's time deposits, and miscellaneous accounts, net, and balances of the Postal Savings open account; and deposits of Postal Savings System in banks. System and the Exchange Stabilization Fund with the U. S. Treasury 4 Before June 30, 1947, includes a small amount of demand deposits. are netted against capital and miscellaneous accounts, net, instead of Beginning with June 1961 includes amounts now reported by insured against U. S. Govt. deposits and Treasury cash. Total deposits and mutual savings banks as demand deposits; formerly, before passage of currency shown in the monthly Chart Book excludes foreign bank dethe recent amendment of the F.D.I.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. 5 Demand deposits other than interbank and U. S. Govt, less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 427 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank 2 Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i S v n g t . s a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l l a p i i n c a t i d i - t - e a s l Total 2 m D a e n - d Time Demand Time4 r B i o n o w g r s - - capital ba b o n e f k r s counts 3 U.S. Other Govt. All banks: 1941 —Dec. 31 61,126 26,615 25, 1,999 27,344 90,908 81 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31 140,227 30,362101 ,577 35415177,332 165 14,065 105,935 45,613 227 10;542 14,553 1947—Dec. 315 134,924 43,002 81;19910,72338,388175,091161,86512,793 240 1,346 94,381 53,105 66 It948 14,714 1959—Dec. 31... 227,831135,958 65,80126,07150,296 283;629 254; 15,650 1,443 5,054131,622 101,116 624 22;91513,991 I960—Dec. 31 238,623144,764 67,242 26,617 53,022 298;126 266, 17,080 1,800 5,949 133,408 107,959 167 24;539 13,986 1961—Mar. 29 238,000144,290 66.240 27,470 42;890 287;500 253. 13,660 1,820 4,160 122; 111,500 1,880 24;80013,977 June 30 242,192 146;164 68i104 27,923 46;457 295;567 262, 13,633 462 6,368 '1"2"5" 116,865 452 25;,40513,977 July 26 245,600 146;450 71.040 2811044;150 296,460 262, 13;,620 460 5,550 125,410 117,320 1,230 25;350 13,973 Aug. 30 245,880 14'"7',030 70:490 28360 43,170 295.760 260, 13;,340 460 5,340 ,2—5 0118,170 1,880 25;570 13,968 Sept. 27* 250,870149,300 72.420 29 150 44.,950 302;980 267, 13,930 470 8,160 ,480119,010 2,230 25;980 13,965 Oct. 25* 251,150149,370 72;820 28960 46;,140 304,230 269, 14,,530 480 5,680 ,700119,640 1,830 25;760 13,951 Nov. 29* 252,260150,740 72,420 29100 46;,970 306,000 270, 14,920 470 5,460 790119,480 1,830 26;030 13,947 Dec. 27* 256,790154,540 72;620 29; 630 53,;300 317,060 280, 16,080 490 6,420 210120,330 2,710 26;170 13,950 1962—Jan. 31* 255,240152,090 73;360 29790 47,540 310.180 273. 14,230 490 4,940131,190 122,990 2,200 26; 13,943 Feb. 28* 255,960153,600 72;,170 30190 48,350 311'570 274; 14,140 520 5,130130,:200 124,780 2,310 26; 13,941 Mar. 28* 257,240155,440 70;,740 31i 060 45360 309,730 273,17013,780 520 6,300125,610 126,960 2,420 26;470 13,941 All commercial banks: 1941—Dec. 31 .... 21,714 21,808 26,551 79,104 283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31........ 26,083 90,606 34,806 160,312 227 14,065 105,921 30,241 219 950 14,011 1947—Dec. 315....... 38,057 69,221 006 37502155,377144,10312,792 240 1,343 94,367 35,360 65 059 14,181 1959—Dec. 31. 270 110,832 58,937 20501 49,467 244686 219; 15,649 1,441 5,050 131,593 66,169 615 556 13,474 I960—Dec. 31. 509 117,642 61,003 20864 52,150 257;552 229; 17,079 1,799 5,945133,379 71,641 163 20986 13.472 1961—Mar. 29 990 116,640 59,670 21 42,040 246020 216; 13,660 1,820 4,160 122,170 74,520 1,880 21 17013,463 June 30 848117,953 61,824 22 45,595253749 224; 13633 461 6,362125,161 79,380 443 2174513,463 July 26 070118,070 64,740 22260 43,320 254480 224 13620 460 5,550125,350 79,810 1,230 21680 13;459 Aug. 30.. J120118,450 64,160 22 370 253580 222 13340 460 5,340123,190 80,540 1,880 21870 13.454 Sept. 27* 910120,520 66,130 23 .130 260560 229 13930 470 8,160125,420 81,100 2,230 2225013,451 Oct. 25* 290 120,470 66,630 23 190 45,320 261910 231; 14;530 480 5,680128,640 81,720 1,830 22;060 13,437 Nov. 29* 250 121,670 66,210 23 130 263510 232; 14;920 470 5,460129,730 81,490 1,830 2229013,433 Dec. 27* 610 .125,230 66,480 23 330 274290 242; 16;080 490 6,420137,150 81,960 2,710 22420 13,437 1962—Jan. 31* 680122,540 67,100 24 46,720 150 235; 14;230 490 4,940131,130 84,470 2,200 22 13,430 Feb. 28* 200123,900 65,880 24 47,490 290 236; 14 140 520 5,130130,140 86,120 2,310 22 13,428 Mar. 28* ,130125,500 64,300 25 44,480 266,080 23.4,13013780 520 6,300125,550 87,980 2,420 22; 13,428 All member banks: 1941—Dec. 31 18,021 19,539 5,96123,123 68,121 61,71710,385 140 ,709 37,136 12,347 4 5,886 6.619 1945__Dec. 31 22,775 78,338 i,070 29, 138,304129,67013,576 64 22.179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 32.628 57,914 ,304 32, 132,060122,52812,353 50 176 80,609 2-8,340 54 8,464 6,923 1959—Dec. 31 94,779 46,81316,28743,509 205 184,70615,048 1,338 4; 504 110,989 52,827 58116,264 6',233 1060—Dec. 31. 99,933 49,10616^579 45J756 216! 193,02916,436 1,639 287112,393 57,272 13017,398 6.174 1961—Mar. 29 99,473 48,03017,37236,84: 181,43713,181 1,664 ,721102,770 60,101 1,82717,651 6,15! June 30 99,992 50,36117,696 40:084213' 189,22613,077 276 ,731105,568 64,574 38218,027 6,141 J A u u ly g . 3 2 0 6 . . . ....... 1 10 0 0 0 , , 3 0 7 9 9 8 5 52 2 , , 3 9 5 0 8 7 1 1 8 7 , , 1 8 1 8 3 83 3 7 6 , ,9 9 4 9 0 1 2 2 1 1 4 3 , ,2 3 3 7 5 61 18 8 6 8 , , 8 9 1 1 6 61 12 3 , , 7 0 8 7 7 0 2 2 7 7 5 0 , ,7 0 3 2 8 7 1 1 0 0 3 5, , 5 4 7 2 9 7 6 6 4 5 , . 9 5 6 9 5 4 1 1 . , 8 17 2 8 2 1 18 7 , S9 1 8 4 1 1 6 6 , , 1 13 3 8 7 Sept. 27 936 1'0 2,3355 53,86318,71938,; 13,325 282 ,293105,312 66,093 2,12818,386 6,132 Oct. 25* 084 102,107 54,290 1868 39,721220,414193,86313,913 293 ,020108,063 66,574 1,80818,293 6,122 Nov. 29* 827 110033,112299 53,874 18824 40 394 221,715194,66614,294 288 ,793108,894 66,397 1,79518,478 6,116 1962— D Ja e n c . . 2 3 7 1 * * 0 9 9 6 8 6106, , 549 5 5 4 4 , , 1 5 8 7 3 3 1 19 9 , 3 4 6 1 6 0 4 4 0 6 188 2 2 2 3 4 1 , ; 9 9 6 6 1 0 1 2 9 0 7 4 , , 4 1 8 6 0 81 13 5 , , 6 4 2 2 3 8 3 3 0 0 3 5 , , 7 3 9 7 3 6 1 1 1 1 5 0 , , 7 2 9 8 4 7 6 68 6 , s8 8 5 8 0 9 2 2 , , 6 1 5 38 91 18 8 , , 6 6 8 1 3 2 6 6 , , 1 1 0 1 7 5 M Fe a b r . . 2 2 8 8 * * , , 2 3 5 8 4 91 1 0 0 3 5 , , 9 1 8 4 3 4 5 5 2 3 , , 0 4 3 6 6 7 2 1 0 9 , , 6 7 1 7 8 84 3 1 9, , 0 8 9 9 1 4 2 2 2 2 4 6 , , 1 2 1 1 4 01 19 9 6 8 , , 5 3 9 8 5 0 1 1 3 3 , , 2 5 0 6 9 0 3 3 3 3 5 2 , ,6 5 3 2 1 5 1 10 0 9 5 , , 6 5 7 5 1 2 7 71 0 , , 8 2 6 9 8 2 2 2 , , 3 2 8 6 0 4 1 1 " 8 8, , 7 7 8 4 5 9 6 6 , , 0 0 9 9 9 9 106,600 All mutual savings banks: 1941—Dec. 31.. 10,379 4.901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 54S J945—Dec. 31.. 16,208 4,279 10,682 1,246 609 17,020 15.385 14 15,371 1,592 542 1947—Dec. 315 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 1960—Dec. 31 39,114 27.122 6.239 5,752 872 40,574 36,353 36,318 3,553 514 1961—Mar. 29 40,010 27,650 6,570 5,790 850 41,480 37,010 36,980 (6) 3,630 514 June 30 40,344 28,211 6,281 5,852 862 41,818 37,551 37,487 3,660 514 July 26 40,530 28,380 6,300 5,850 830 41,980 37,570 (6) ) ) 37,510 (6) 3,670 514 1962— D N A S O Ja e e o c u n p c t g v . . t . . . . 2 2 2 3 3 2 7 9 7 1 5 0 * * * * * .. . . . . . . . . . . . . . 4 4 4 4 4 4 1 1 1 0 0 0 , , , , , , 0 1 5 8 9 7 1 8 6 6 6 6 0 0 0 0 0 0 2 2 2 2 2 2 9 9 9 8 8 8 , , , , , . 0 3 5 9 7 5 7 1 5 0 8 8 0 0 0 0 0 0 6 6 6 6 6 6 , , , , , , 1 2 1 2 2 3 4 9 1 6 9 3 0 0 0 0 0 0 5 5 5 5 5 5 , , , , , , 7 7 7 7 8 8 5 3 3 7 9 5 0 0 0 0 0 0 9 8 8 8 8 8 7 4 2 2 2 0 0 0 0 0 0 0 4 4 4 4 4 4 2 3 2 2 2 2 , , , , , , 7 0 4 3 4 1 7 3 9 2 2 8 0 0 0 0 0 0 3 3 3 3 3 3 8 8 8 7 7 7 , , , , , , 4 0 5 9 9 6 3 5 8 8 7 9 0 0 0 0 0 0 ( ( ( ( ( 6 6 6 6 6 ) ) ) ) ) ( ( ( ( ( 6 6 6 6 6 ) ) ) ) ) ( ( ( 6 6 6 ) ) ) 3 3 3 3 3 3 8 7 7 7 8 7 , , , , , . 3 9 9 9 5 6 7 9 2 1 2 3 0 0 0 0 0 0 ( ( ( ( ( 6 6 6 6 6 ) ) ) ) ) 3 3 3 3 3 3 , , , , , r7 7 7 7 7 7 4 5 6 3 0 0 0 0 0 0 0 0 5 5 5 5 5 5 1 1 1 1 1 1 3 3 4 4 4 4 Feb. 28* 41,760 29,700 6,290 5,770 860 43,280 38,720. 38,660 3,790 513 Mar. 28* 42s110 29,940 6,440 5,730 880 43,650 39,040 38,980 3,820 513 * Preliminary. * Revised preliminary. commercial banks. Number of banks includes a few noninsured banks. 1 All banks in the United States (including all banks in Alaska and for which asset and liability data are not available. Comparability of Hawaii, beginning with January and August 1959, respectively). figures for classes of banks is affected somewhat by changes in Federal All banks comprise all commercial banks and all mutual savings banks. Reserve membership, insurance status, and the reserve classifications of All commercial banks comprise (1) all nonmember commercial and cities and individual banks and by mergers, etc. (2) all member commercial banks. Member banks include (1) a national 2 Reciprocal balances excluded beginning with 1942. Reclassification bank in the Virgin Islands that became a member on May 31, 1957, (2) of deposits of foreign central banks in May 1961 reduced interbank a noninsured nondeposit trust company, and (3) 1 mutual savings bank deposits by a total of $1,900 million ($1,500 million time to other time, (2 before July 1961 and 3 before 1960) that became members in 1941 and $400 million demand to other demand). (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 4 See note 4 on the preceding page. For other notes see following 2 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ATT, BANKS, BY CLASSESi—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 t n i d i - a t - e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time Bor- 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 I960—Dec. 31 27,726 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. 29 27,370 18,278 6,358 2,734 7,837 37,093 30,324 4,316 1,237 818 19,203 4,750 477 3,575 15 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 Mar. 28* 29,650 19,494 6,826 3,330 8,480 40,147 32,496 3,885 209 1,255 19,481 7,666 1,073 3,689 13 Chicago: 1941_Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5.088 1,801 2,890 397 .739 6.866 6.402 1,217 72 4,201 913 426 14 1959—Dec. 31 6,885 4,206 1,985 694 ,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 I960—Dec. 31 7,050 4,485 1,882 683 ,046 9,219 8,197 1.380 327 4,899 1,530 35 822 10 1961—Mar. 29 7,049 4,403 1,939 707 ,635 8,826 7,436 1,188 232 4,256 1,681 362 827 10 June 30 7,020 4,249 2,058 714 ,899 9,068 8,037 1,125 380 4.602 1,920 10 848 10 July 26 7,211 4,151 2,301 759 ,954 9,307 8,227 1,205 385 4,700 1,927 56 841 10 Aug. 30 7,165 4,191 2,227 747 ,769 9,073 7,901 1,190 281 4,494 1,926 131 852 10 Sept. 27 7,278 4,212 2,229 838 ,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 H962—Jan. 31* 7,292 4,353 2,038 901 1,873 9,333 8,201 1,154 229 4,713 2,089 65 873 9 Feb. 28* 7,508 4,509 2,078 921 1,896 9,576 8,285 1,183 222 4,673 2,190 209 874 9 Mar. 28* 7,652 4,503 2,183 966 1,788 9,613 8,208 1,194 323 4,383 2,292 329 870 9 Reserve city member banks:7 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945_Dec. 31 40,108 8,514 29,552 2,042 111,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1959_Dec. 31......... 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42,66821,555 238 6,106 265 I960—Dec. 31 62,953 40,002 17,396 5,55418.668 83,464 75,067 7,989 326 1,960 42:,,226677 "2"2,525 73 6.423 217 1961_Mar. 29 62,559 39,928 16,947 5,68414,891 79,359 70,197 6,316 311 1,474 38,474 23,622 694 6,589 206 June 30 63,670 39,747 18,053 5,870 1166,529 82,141 73,557 6,335 62 2,241 39,72125,199 131 6,684 205 July 26 65,089 39,910 19,171 6,00815,733 82,777 73,695 6,443 59 1,999 39,866'",328 535 6,685 204 Aug. 30........ 65,112 40,401 18,650 6,061 15,109 82,161 72,926 6,456 57 1,925 38,890 25,598 552 6.744 205 Sept. 27 66,473 41,021 19,291 6,161 16,041 84,480 74,956 6,786 64 2,909 39,409 25,789 844 6,775 205 Oct. 25* 66,833 40,961 19,642 6,23016,469 85,283 75,960 7,183 64 1,930 40,77826,005 616 6,794 206 Nov. 29* 67,038 41,259 19,509 6,27016,779 85,805 75,950 7,404 60 1,875 40i,,669944 2255,917 905 6,867 206 Dec. 27* 69,126 42,787 19,795 6,544 1199,014 90,160 80,137 7,716 67 2,293 43,68826,373 1,084 7,023 206 1962—Jan. 31* 68,056 41,887 19,676 6,49316,479 86,635 76,866 6,745 71 1,621 41,29527,134 885 7,024 206 Feb. 28* 67,806 41,986 19,183 6,63716,884 86,764 76,989 6,660 77 1,787 40,78727,678 796 7,071 206 Mar. 28* 68,635 42,713 18,840 7,082 1'6',089 863762 77,084 6,678 73 2,213 39,74328,377 836 7,087 206 Country member banks:7 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 ,508 42,832 26.356 71 6,035 5,938 I960—Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 1,778 .783 43,39529,011 23 6,599 5,932 1961—Mar. 29 67,897 36,864 22,786 8,24712,479 81,821 73,480 1,361 ,197 40,837 "3"0,048 294 6,660 5,920 June 30.... 69,139 37,942 22,608 8,58813,039 83,769 75,407 1,406 ,730 41,413 30i,820 121 6,861 5,911 July 26 69,861 37,937 23,345 8,579 1122,484 83,673 75,277 1,395 ,440 41,48130,924 195 6,829 5,909 Aug. 30 70,068 38,144 23,295 8,62912,712 84,206 75,637 1,406 ,644 41,40431,146 237 6,889 5,907 Sept 27 71,732 38,938 23,941 8,85312,610 85,971 77,306 1,424 ,423 42,059 3"1,364 84 7,085 5,904 Oct. 25* 71.943 38,765 24,342 8,836 1"3",243 86,713 78,198 1,572 ,819 43,234 31,536 78 6,952 5,893 Nov. 29* 72,394 39,131 24,346 8,917 13,552 87,350 78,585 1,577 ,8^6 43,71731,418 151 7,04? 5,887 Dec. 27* 72,581 39,435 24,257 8,88914,521 88,589 79,795 1,653 ,713 44,92031,473 221 7,018 5,887 1962—Jan. 31* 72,946 39,159 24,707 9,08013,590 88,137 79,363 1,525 1,548 43,81632,438 239 7,090 5,879 Feb. 28* 73,180 39,582 24,490 9,10813,236 87,905 79,16" 1,476 1,654 43.04832,948 165 7,098 5,871 Mar. 28* 73,317 39,890 24,18^ 9,24012,734 87,59f 78,807 1,45" 1,840 41,94533,533 14: 7,139 5,885 s Beginning with Dec. 31, 1947, the all-bank series was revised as an- 6 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 7 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. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 429 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Cla a s n s d o d f a b t a e nk Total Loans o G U b t o l i . o i v S n g t . a s . - O s r t i e t h c i e u e - r s a C s a se s t h s2 c c bi o a a l l a p u i i n c i n a t t d - i t - a e s l s 3 Total 2 m D a e n - d Time U. D S. emand Time r B i o o n w r g - - s c c T a o o a p u t c i n t a - t a l s l b N a b u o e n m f r k - s Govt. Other All insured comirtercial banks: 1941—Dec. 31.... 49,290 21,259 21,046 6,98425,788 76,820 69,411 10,654 1,762 41,29815,699 10 6 84413,426 1945—Dec. 31 ?1 809 75,765 8891? 7,13134,790157,544147,775 13,883 73,740 80,77609,876 215 8 67113 297 1947—Dec. 31 14,774 37,583 67,941 8,75036,976152,7331418511?615 54 1,375 97,9753488? 61 973413 398 1957—Dec. 31 68.595 93,430 575801758548177?00,865199;87615,489 1,264 385910317756137 661705113 142 1958—Dec. 31 83596 97,730 65,66970,19848,6897367?4714,48515,653 2,209 4,741179,71463168 671815413 101 1959—Dec. 31 188790110,299 58,34820,14349,158242,828218,47415,500 1,358 5,037130,72065,858 6021920613,107 I960—Dec. 31 98011117,09? 60,468?0,45151,836755,669??8,40116,971 1,667 5,93?13?53371 348 1490060813 119 1961—June 30 ?00353117j400 61,?9771,65545,379751,910?,?3,60313,475 305 6,35?174,40379,068 4337137713 129 National member banks: 1941—Dec. 31 77571 11775 1?039 380614977 43433 39458 6786 1,088 73,767 83?? 4 3640 5,117 1945—Dec. 31 6931? 13975 51?50 4 13700 114 90,770 84939 9;229 14,013 45,47316o?4 78 4 644 5 017 1 1 9 9 5 4 7 7 — _ D D e e c c . . 3 3 1 1 9 6 1 5 2 7 0 8 1 0 ? 50 r , 4 3 7 50 8 3 3 1 8 ,2 67 34 4 9 5 6 17 17 8 2 7 6 ?0 7 ? 86 4 1 8 20 81 1 8 53 ? 1 8 09 ?0 0 7 91 3 8 8 , , 3 9 7 5 5 8 5 3 17 5 2, 7 1 9 6 5 6 6 53 6, , 5 54 46 1 3 1 0 9 ,9 77 04 8 4 3 5 8 9 54 07 W 0 4 5 , s0 62 0 0 5 1958—Dec. 31.......... 99 777 57,677 3571410936767811?8397116 714 9,035 767 ?,?9? 69,8083481? 43 Q 643 4 578 1959—Dec. 31 10?615 59,96? 31,7611089?7746413?636119638 8947 514 ?,74? 7101536471 3401030? 4,542 I960—t)ec# 31 107546 63694 3?71?1114078675139?61174911 9,879 611 3,765 71,66039546 11111098 4 530 1961—June 30 108843 63,440 33,57?1188175?74137799177,485 7,749 99 3,541 6760143494 35511439 4,524 State member banks: 1941—Dec. 31 15950 6,295 7 500 2 155 8 145 24 688 22 259 3,739 621 13,874 4025 1 2 246 % 50? 1 19 9 4 4 7 5 —D D e e c c . 3 3 1 1 3 ^ 78 5 7 6 1 6 1 8 1 , 0 8 0 50 0 ? 1 7 9 0 0 8 4 9 0 19 1 3 7 3 51 9 0 731 4 4 8 3 0 87 84 9 4 4 4 0 7 5 3 0 0 5 3,97 4 8 411 15 8, 3 1 8 6 1 6 7 0 4 70 1 6 6 8 8 7 9 9 06 8 0 6 13 9 0 7 0 94 5 5 5 1 1 98 9 6 1 7 8 1957—Dec 31 . , 51150 30600 15846 470715960 68676 61545 6,174 729 1,306 3900114386 18 5481 [ 773 1958—Dec. 31 5*5588 31,435 18585 556816407 73670 6610? 6 19? 1,420 1,530 4064016370 10 5817 1,734 1 I9 9 6 5 0 9 — — D D e e c c . . 3 3 1 1 . ....... 5 5 5 80 2 7 6 3 4 3 3 4 6 ,8 7 1 4 7 0 1 1 5 6 0 3 5 9 2 4 5 54 3 3 9 9 61 1 6 7 0 08 4 1 5 7 7 3 7 0 3 9 1 0 6 6 6 5 8 0 1 6 1 9 8 6 6 , ,6 1 0 0 8 2 1,0 8 2 2 8 5 ? 15, 7 0 6 0 3 ? 4 3 0 9 , ,9 73 7 3 41 1 6 7 4 7 0 0 6 7 2 2 4 0 0 5 6 9 0 6 9 2 9 1 1 , , 6 6 9 4 1 4 1961—June 30 59707 36,553 1683Q 581514809 76470 66741 5,378 177 7,190 37,96771080 27 6,588 .611 Insured noemember commercial banks: 1941—Dec. 31 5776 3741 1509 1005 7668 8708 770? 129 53 4,16? 3360 6 q5q 6 810s 1 19 9 4 4 7 5 _D D e e c c . 3 3 1 1 1 1 4 64 63 4 9 4 4 ?9 9 9 5 7 8 1 1 0 00 5 3 8 9 4 10 4 6 4 3 8 4 4 4 0 4 8 8 3 ? 1 0 9? 69 5 1 6 1 1 8 93 1 4 1 0 9 76? 244 4 1, 1 5 4 6 « 0 1 1 0 0 6 3 3 6 5 6 6 56 5 8 5 0 8 7 7 I0 07 8 1 3 6 6 54 4 1 7 6 8 < 1957—Dec 31 ?6768 1?493 1051? 3764 5383 3?066 ?9766 407 18 388 1758010873 9 7500 6.753- 1958—Dec.31 ?8759 1368? 11381 3696 5504 34737 31696 476 22 419 187661?063 13 ?696 61793 1959 Dec 31 3093Q 15534 11546 3859 5651 37130 33795 451 20 533 IP73?13059 21 0 944 6 878: I960—Dec.31 3?411 17169 11368 3874 608? 3Q 114 35391 484 27 645 7014014095 19 3730 6,948 1961—Jane 30.......... 37318 17416 10941 3961 5747 38706 34391 398 29 671 1883514509 51 3351 6,990 Noninsured nonmember commerical banks: 1941—Dec. 31 1457 455 761 241 763 2283 1872 329 1,291 253 13 329 852 1945 Dec 31 ?11 318 693 000 514 768 7450 181 1,90* 365 4 77Q 714 1947—Dec.315 ?00Q 474 780 755 576 ?643 7751 177 185 18 1397 478 4 375 783 1957—Dec.31 1473 468 660 345 301 1831 1449 147 121 39 840 303 11 317 425 1958—Dec.31 , 1568 484 707 377 301 1977 153? 146 163 9 890 3?5 6 33? 399 1959—Dec.31 1480 534 589 358 309 858 1479 150 83 13 873 311 12 350 366 1960—Dec.31 498 550 535 413 314 1883 1443 159 132 13 846 793 14 352 1961—June 30. 1,495 553 526 416 266 ,839 1,394 158 156 10 758 311 10 368 333 All nonmember commercial banks: 1941—Dec.31.... .. 7 733 3696 7770 1766 3431 1099? 9 573 457 5,504 3613 18 1,788 7 662 1945—Dec 31 16,849 3'310 1?777 1?6? 4,96? 7?,074 70571 425 14101 6045 11 1,36? 7 130 1947 Dec 315 18454 543^ 11318 1,703 4 659 03,334 ?1591 439 190 167 13758 7036 12 1596 7 261 1957—Dec.31 ?7,741 1?961 1117? 3608 5684 33897 30715 554 138 477 1847011,176 21 ?,817 7178 1958 Dec.31......... 30,307 14165 10088 4074 5,805 36,664 33,777 57? 185 478 1965510,387 20 3008 7 192 1959—Dec.31 . 3?419 16068 1?134 4716 5961 38990 35274 601 103 545 7060513370 34 3,?94 7s 244 I960—Dec.31... 33910 17719 11904 4 ?87 6,396 40997 36834 643 160 657 70986U,388 33 3590 7 300 1961—June 30 33i813 17,968 11,467 4,377 5,513 40,045 35,785 556 185 631 19,59314,820 61 3,719 7,323 Insured mutual savings banks: 1941 Dec 31 1603 640 60Q 471 151 1,958 1,789 1,789 1f>4 52 1945 Dec 31 10846 OKI 7 160 606 409 11404 10,363 17 10351 1 1034 192 1947 Dec 31 10683 560 8 165 958 675 13499 1?,707 1 7 1?1019? 1050 194 1957 .Dec 31 , ?6,535 171Q4 5404 3,937 719 77,671 75,07? 1 3 ?674,991 2 7 308 239 1958 Dec.31 ?8,980 19180 5?15 4585 75? 30189 ?7777 3 7877,?43 7 ?,473 241 1959 Dec 31 30580 00940 5016 4,6^ 686 31,743 78,577 2 3 ?808 544 9 ?654 268 1960 Dec 31 33794 03 850 A787 5 155 766 35090 31,500 1 4 9931'468 3 325 1961 June 34764 ^4775 4741 ,048 756 36,074 3?,530 1 5 ?57 067 8 3090 325 Noninsured mutual savings ban 1 1 k 9 9 s 4 4 : 5 1 —D D e e c c . * 3 * 1 8 s , 3 6 6 8 1 7 4 1, 1 25 9 9 8 3,075 1, 6 3 4 5 1 3 6 1 4 8 2 0 9 5 , , 8 5 4 9 6 6 8 5 , ,0 7 ? 4 ? 4 e 8 5 , 0 7 0 3 0 8 6 1, 5 0 5 7 8 7 4 3 9 5 6 0 1947 Dec 315 5957 1,384 %,813 760 711 6,715 5,556 1 2 5,553 637 3^9 1957 Dec 31 7746 A000 ? 148 1076 171 7497 6,67? 1 6671 i 751 283 1958 Dec 31 7 341 4177 ?050 ,113 169 7,589 6763 1 6,760 1 746 278 1959 Dec 31 f,*>S1 41fM 1 949 143 7000 6405 1 6404 1 705 249 I960 Dee 31 5,370 3,770 1,453 597 107 5481 4 850 4850 555 189 1961—June 30 5,580 3,436 1,540 604 106 5,744 5,020 1 5,019 1 570 189 For other notes see preceding 2 pages. NOTE.—For revisions in series before June 30, 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Com- Loans for Loans Oblic b o c C 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 - Total* c o m m p c k i l i p n u i n a a e e e a g d - r - t r n l - - - A c tu a u g r l l r - - i- k o p b d a T s e r u e r n e o o r a r d c c s c - l a u - h r r o a 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 v u o i d t t i a n a o h i d l n - - e s - s r O lo th a e n r s To U ta . l S. B G il o l v s ern c C t a m i e f t i e e r - - s nt o N b ot li e g s atio B n o s nds S p t d s a i i g t o u c o i o a n v a 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 Total: 3 1947—Dec. 31.. 116,28438,057 18,1671,660 830 1,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 533,205 276 3,729 1958—Dec. 31.. 185,16598,214 40,425 4',973 2,8321,829 719 25,255 2200;,698 3,43766,3766,294 7,39913,396 39?,287 505 4!,070 1959—Dec. 314. 190,270110,832 40,174 5,0183,018 1,850 819 7,118 2288;/060 24,166 2,778844 58,9376,300 2,420 14,856 35^60 16^58 3,543 I960—Dec. 31...199,509117,642 43,1255,676 3J2841,833 966 7" ,10628,713 26,396 2,90161,0038,072 2,920 11 9., 01330,, 998 17, 570 3,,294 1961—June 30.. 201,848117,953 42,7—59" 6',044f2 ,9~3"3 1,994 993 6,00129,26527,283 3,10261,824~f379 3,330 20,528 30,587 18,728 3,344 All insured: 1941—Dec. 31... 49,29021,259 9,214 1,450 614 662 40 4,773 4,.505 21,046 988 3,15916,899 3,6513,333 1945__Dec. 31...121,80925,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,13288,9122,455 9,071 16,045 5"1,342 3,8733,258 1947—Dec. 31.., 114,27437,583 18.,0121,610 823 1,190 114 9,266 5,654 91467,9412,124 7,552 5,918 52,347 5,/1-29 '3,621 1958—Dec. 31.. 183,59697,730 40,289 4,913 2,797 1,810 713 25,148 20",589 3,42065,6696,159 7,36213,240 38,90816,,266 3,932 1959—Dec. 314., 188,790110,299 40,022 4,9732,982 1,827 813 7,10527,948 24,032 2,76758,348",189 2,404 14, ,02716,7213,422 1 I 9 9 6 6 1 0 — — J D u e n c e . 3 3 1 0 . . . . . .2 1 0 9 0 8, , 0 3 1 5 1 3117, , 4 0 0 9 0 2 4 4 2 2 ; , 5 9 6 5 9 7 6 5 i , O 6 O 28 5 2 3 , ; 9 2 0 4 9 71 1 , , 8 9 1 7 1 0 9 9 9 6 3 5 7 5, , 9 0 8 9 1 02 29 8 , , 1 6 5 0 9 2 2 2 7 6, , 2 1 6 4 3 7 2 3 , , 8 0 888 8 33 5 6 6 1 0 , , 2 4 9 6 7 8 , , 2 9 9 9 9 4 2 3 , , 8 2 8 9 4 52 1 0 8 , , 3 8 6 6 6 8 3 3 0 0, , ;3 7 3 2 7 21 18 7 , , 4 3 5 0 4 0 3 ", 2 1 0 5 1 0 Member, total: 1941—Dec. 31... 43,52118,021 ,671 972 594 598 39 3,494 3,653 19,539 971 3,007 561 0902,871 1945—Dec. 31...107,18322,775 ,949 855 3133 3,378 47 3,455 1,900 1,057 78,3382,275 6,98514,271 44i807 2542,815 1947—Dec. 31...97,84632,628 ,962 ,046 8111,065 113 7,130 4,662 83957,914 ,987 5,816 4,815 45,295 199 3,105 1958—Dec. 31... 154,86584,061 ,444 3,0522,730 1,599 710 20,01317,028 3,211"4,299 4,644 6,14311,117 32.39613,4053,100 1959—Dec. 314., 157,87994,779 ,826 ,1162,885 1,587 811 6,801 22,18519,877 2,603 46^813 4,612 1,881122 11,604 28i78513,677 2,610 1960—Dec. 31... 165,61999,933 ,288 3,509 3 124 1,564 947 6,72622,51821,622 2,694 49,106 ,402 2,29615,072 25,33514,1412,439 1961—June 30.., 168,0*999,992 38,872 3,7212,780 1,709 970 5,644230/8"6 22,421 2,900 50,361 ,962 2,95116,47624,972 15,220 2,475 Dec. 30...179,599106,232 40,931 ,934 3,877 1,827 1,014 6,89323,987 22,852 3,19854,0589,229 1,84221,39021,59816,6912,617 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945_Dec. 31... 26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947 —Dec. 31... 20,393 7,179 5,361 545 267 93 111 564 23811,972 ,002 640 558 9,772 638 604 1958—Dec. 31... 25,96616,16510,928 11,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—Dec. 314.. 25,29118,12110,549 91,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 1960—Dec. 31... 27,72618,46510,876 10 11,574 399 500 1,799 868 1,930 940 6,9801,422 578 1,708 3,272 1,964 317 1961—June 30... 28,22018,05410,578 31,629 429 476 1,448 841 2,074 1,025 7,6421,512 887 1,882 3,362 2,196 328 Dec. 30... 30,29719,53511,278 231,956 467 376 1,711 934 2,072 1,220 7,8622,117 442 2,496 2,806 2,635 265 Chicago:* 1941—Dec. 31... 2,760 954 732 48 52 22 95 1,430 256 153 ,022 182 193 1945—Dec. 31... 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 ,864 181 204 1947—Dec. 31... 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 ,274 213 185 1958—Dec. 31... 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 ,446 491 140 1959—Dec. 314.. 6,885 4,206 2,527 268 124 588 183 435 148 1,985 108 78 467 ,332 562 133 1960—Dec. 31... 7,050 4,485 2,690 322 134 564 196 421 197 1,882 132 37 663 ,050 607 76 1961—June 30... 7,020 4,249 2,555 205 131 459 202 538 188 2,057 438 153 595 871 630 84 Dec. 30... 7,606 4,626 2,609 354 137 669 221 476 229 2,041 478 92 728 743 816 124 Reserve city: 1941— Dec. 31... 15,347 7,105 3,456 300 114 194 4 1,527 1,~508 6,467 295 751 5,421 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,5521,034 6,982 5,65315,883 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,342 ,053 1958-Dec. 31... 60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,645 ,293 2,370 4,49712,484 4,8641,047 1959—Dec. 314., 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,292 ,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... 63,67039,74715,862 963 610 749 344 2,751 9,256 8,954 1,02818,0531,784 1,175 6,292 8,803 5,174 696 Dec. 30.., 68,56542,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,7483,020 741 8,605 7,382 5,710 728 Country: 1941-Dec. 31...12,518 890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31...35,002 596 1,484 648 42 471 4 1,881 707 >6,999 630 5,102 4,544 166,722 1,342 1,067 1947_Dec. 31...36,324 199 3,096 818 23 227 5 3,827 1,979 >2,857 480 2,583 2,10817,687 2,0061,262 1958—Dec. 31.. 61,511 257 8,080 2,368 294 268 6 10,806 8,239 779 23,6062,475 2,306 4,49514,330 6,181 1,467 1959—Dec. 314. 64,082 766 8, ,321 298 284 11 1,056 11,816 9,491 ,5352,381 863 5,75113,540 6,4521,330 I960—Dec. 31...67,890 981 9,4992,589 508 293 29 1,147 12,44910,550 22,8482,817 888 7,24011,903 6,7521,308 1961—June 30.. 69,139 942 9,8772,737 337 400 59 98612,78810,855 659 22,6082,228 737 7,70611,937 7,2201,368 Dec. 30.. 73,131 69310,165 "2,811 591 438 116 1,251 13,24: 11,132 24, 4' 0—7 "3,614 566 9,56010,667 7,5301,500 Nonmember:3 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958-Dec. 31.. 30,32714,165 2,981 1,921 102 230 5,256 3,671 22612,0881,651 1,255 2,280 6,901 3,102 971 1959—Dec. 314. 32,41916,068 3,3481,902 133 263 31 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 I960—Dec. 31.. 33,91017,719 3,8382,167 161 269 379 6,205 4,774 20711,9041,670 624 3,941 5,668 3,431 857 1961—June 30.. 33,81317,968 3,886 2,323 153 285 357 6,187 4,862 20211,4671,417 380 4,05: 5,618 3,508 1 All commercial banks in the United States. These figures exclude status, and the reserve classifications of cities and individual banks, and data for banks in U. S. possessions except for member banks. During by mergers, etc. 1941 three mutual savings barks became members of the Federal Reserve 2 Beginning with June 30, 1948, figures for various loan items are System; these banks (two beginning with June 1960 and one beginning shown gross (i.e., before deduction of valuation reserves); they do not September 1961) are included in member banks but are not included in all add to the total and are not entirely comparable with prior figures. Total insured or total banks. Comparability of figures for classes of banks is loans continue to be shown net. affected sonsewhat by changes in Federal Reserve membership, insurance For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 431 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Reco b c C m a a n l l a m l k s d e s a a r o c n te i f d al F B s s w e e R e a d r r i n e v e v t - k h e r e s a s l v C a i a n u s l h t b m a a w B d n e n o i a c s k t - l e t h s - i s c 6 ju p m D s o d a a t e d s e e n - i - - d t d s ? m D e I o n d st - e t i e p c r 6 o b s a i e F n t i s o k g r n - » G U o .S v . t. p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C c h o f a e e e i f e t n e f c r r c i d . t s d - k i ' - s, p a v n a s p i t I d h i d r n o o t u i d r n p c n a a i e o s s l - - r , s r - - , I b n a t n e k r- G P U S i a n o o a . n g s S v v d t s . - t a . l v S s p i a i u s t o c a n i b l a o t d i d e l n t- i s s - p a v n s a p t I i h i d d r n o o t i u d r n c p n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n - l i t - s Total: 3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1.430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1958—Dec. 31.... 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 1959—Dec. 31.... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 615 19,556 1960—Dec. 31.... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 16320,986 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 44321,745 All insured: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 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 62,478 602 19,206 1960—Dec. 31.... 16,720 3,326 13,409114,292 15,339 1,582 5,932 11,582 4,564 116,388 1,667 262 4,481 66,605 14920,628 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 43321,377 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945_Dec. 31.... 15,811 1,438 7,117 64,184 12,333 [,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415,460 1959—Dec. 31.... 17,932 2,222 7,532 95,274 13,389 [,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581 16,264 1960—Dec. 31.... 16,720 2,518 8,582 94,594 14,875 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 Dec. 30.... 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 438 18,638 *ew York City:* 1941_Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "i95 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec. 31.... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 1959—Dec. 31.... 3,908 151 138 15,494 3,462 1,303 1,027 310 1,536 18,573 988 24 65 3,359"232 3,361 1960—Dec. 31.... 3,398 199 147 15,352 4,105 1.184 1,217 305 2,476 19,051 1,216 27 203 3,976 3,554 1961—June 30.... 3,563 130 98 16,119 3,462 '749 1,380 365 1,825 17,642 167 44 245 6,346"iii 3,634 Dec. 30.... 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 38 162 6,735 283 3,683 Chicago:* 1941_Dec. 31.... 1,021 43 298 2,215 1.027 8 127 233 34 2,152 476 288 1945_Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 3 733 1959—Dec. 31.... 920 33 142 4,171 [,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 Dec. 30.... 889 37 158 3,809 1,578 45 369 315 124 4,830 14 5 8 1,996 35 870 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 I960—Dec. 31.... 7,354 753 2,610 34,357 7,688 301 1,960 3,329 953 37,986 326 85 1,787 20,652 73 6,423 1961—June 30.... 7,104 654 2,071 33,432 6,115 220 2,241 3,286 845 35,590 62 101 2,197 22,901 131 6,684 Dec. 30.... 7,533 858 2,542 36,187 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945_Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 1,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—Dec. 31.... 5,573 1,357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 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 Dec. 30.... 5,210 1,678 5,881 43,575 1,910 15 1,641 5,320 796 40,095 37 108 1,891 29,834 40 7,088 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 1960—Dec. 31 828 5,099 20,525 578 65 657 2,658 357 17,970 160 25 985 13,378 33 3,590 1961—June 30 761 4,288 19,280 507 49 631 2,609 318 16,666 185 25 1,063 13,732 61 3,720 3 Breakdowns of loan, investment, and deposit classifications are not with 1961, demand deposits other than domestic commercial interbank available 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

432 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 T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday m in a e v n n e d t s s t - 1 j i m u n a s v e t d e n e - s t d t s - 2 j L u o a st d a e - n d s 2 in m t a c r d n i e i a u a d r l l s - - A t c u g u r r l a - i l - G U t l i o i o o . g b v n a S - - s t . . O c t s u t i e h e r - s i e - r G U t l i o i o o . g b n v a S - - s t . . O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t i i e e o m a c s r - l - - - n s c s P a a o o a f n e n n l i m e r - d c a - s - e l Other e R st e a a t l e l o o A t a h l n e l r s V se t a r i r l o e v u - n e a s panies etc. Total— Leading Cities 1962 Jan 3 ,631 120,354 74,?85 3?,797 1 303 847 ,363 137 1.358 674 777 3,729 430 13,403 16,940 1,696 10 120 81? 119,012 73, 179 3? 501 1,307 571 7,??1 116 1,358 644 1 800 3,421 7,377 13,404 16,909 1,700 17 410 118,692 7? 570 37 730 1,375 424 7 116 111 ,348 654 1 718 3,394 7 360 13,407 16,853 1,702 24 119,43? 118,038 71, 553 31.981 1,322 208 1,98? 110 1,348 630 1 394 3,115 7 375 13,406 16,877 1,701 31 376 118,531 71,878 31 997 1,317 329 7,011 111 ,353 628 1 845 3,184 7 337 13,420 16 906 1,705 Feb 7 119,704 117,866 71,705 3?,038 1,314 389 1,946 109 ,357 649 1 838 3,036 7 797 13,415 16,865 1,705 14 119,637 117 877 77 099 3?,117 1 318 595 1,966 110 1,362 643 1 760 3,064 795 13,452 888 1,711 21 119,380 117,829 71,901 3?,176 ,315 322 1,996 107 1,361 650 1 551 3,079 ?85 13,475 16 847 1,71? 28 170,656 118,928 77,886 3?,704 1,322 640 7,345 133 360 629 1 778 3,274 7 301 13,497 16,894 1,713 Mar 7 119,657 117,995 72,294 32,203 1,318 440 ,108 134 1,373 627 3,191 249 13,484 16,882 1,715 14 1?0,746 118 435 7? 981 3? 607 1 323 582 065 112 1,375 640 1 811 3,257 ? ?66 13,546 169?8 1,770 21 1?1,18? 119,478 73,650 33 145 1,328 472 9,13? 115 1,374 672 1 704 3,348 7 13,599 16 913 1,719 28 121,349 119,538 74,030 33,014 1,322 837 2,203 105 1,374 692 1 811 3,351 2 273 13,620 16,958 1,719 New York City 1962 Jan 3 79,98? 29,405 18,834 11,047 11 374 1,37? 29 442 331 577 1,162 490 839 3,??6 489 10 79,310 28 705 18 3?? 10 901 11 281 1,316 23 448 303 605 1,013 467 839 3 909 489 17 79,171 28,637 17,984 10,768 11 160 1,193 22 448 309 534 1,060 455 833 3 490 24 78,909 28,319 17 555 10,673 11 90 1,173 24 445 292 590 892 457 837 3'?01 490 31 ?9,465 28,813 17,769 10,685 11 149 1,139 24 445 290 65? 984 449 837 3 746 490 Feb 7 79,096 28,491 17,609 10,647 11 223 1,071 24 444 304 605 884 44? 835 3 490 14 78,975 28,563 17,913 10,653 11 426 1,077 23 443 308 417 957 443 852 3"713 493 21 ?8,884 28 382 17 770 10 659 11 200 1 104 21 443 313 50? 965 447 861 3 194 493 28 99,687 29,180 397 10,65? 11 460 1,315 51 447 312 507 1,101 44? 868 3 494 Mar 7 ?8 ,999 28,508 17,9?0 10,638 10 271 1,164 50 451 310 491 1,003 446 862 3,?09 494 14 ?9 ?75 28 590 18 ?56 10 8?5 11 370 1 154 23 446 312 685 1 050 454 874 3 494 21 79,39? 28,878 18,5?? 11,09? 11 251 1,196 20 446 328 514 1,116 454 893 3 ?09 494 28 29,451 28,965 18,860 11,016 11 614 1,208 20 442 330 486 1,135 456 898 3,224 494 Outside New York City 1962 an. 3 9?,649 90,949 55,451 ?1,750 1,292 473 991 108 916 343 1,700 2,567 1,940 12,564 13,714 ,?07 10 91,50? 90,307 54,807 ?1,600 I 296 290 905 93 910 341 1,195 2,408 1,910 12,565 13,700 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 \l\2 24 90,5?3 89,719 998 71,308 1,311 118 859 86 903 338 804 2,223 1,868 12,569 13 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 L215 Feb 7 90,608 89,375 54,096 21,396 1,303 166 875 85 913 345 1,233 2,152 1,850 12,580 13,646 1,215 14 90,66? 89 314 54,186 71,46^1 I 307 169 889 87 919 335 1,348 2,107 1,85? 12,600 13675 ,718 21 90,496 89,447 54 181 71,517 1,304 122 89? 86 918 337 1,049 2,114 \,843 12,614 13,653 .719 28 90,969 89,748 54 489 21,552 1,311 180 1,030 82 913 317 1,221 2,173 1,859 12,629 13,662 1,219 Mar 7 90,658 89,487 54,374 21,565 1,308 169 944 84 922 317 1,171 2,188 1,803 12,622 13,673 ,221 14 90 971 89 845 54 775 71 78? I 312 212 911 89 929 328 1 2,207 1 817 12,672 13697 21 91,790 90,600 55 1?8 053 1,317 221 936 95 928 344 1,190 2,232 1,R17 12,706 13,704 1*225 28 91,898 90,573 55 170 21,998 1,311 223 995 85 932 362 1,325 2,216 1,817 12,722 13,734 1,225 1 After deduction of valuation reserves. NOTE.—Figures reflect new coverage; for description of changes in the 2 Exclusive of loans to domestic commercial banks and after deduction series, see 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 433 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES —Continued [In millions of dollars] Cash assets, excluding cash items in ?rocess Investments of collection Total U. S. Government obligations assets— All Total Wednesday Bal- Bal- Re- other liabili- Total Bills C ti e fi r - - No m te a s t u a r n i d n g b — onds O s ri e t t c h ie u e s - r Total d a o w n t m i i c c t e e h s s- a w e f n o i i c g r t e n h - s Cu c a r o r n e i d n ncy B s F w e a . r i n v t R k h e . s s assets a c c a c a t p i o n e i u d s 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 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 to 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 28 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 Mar. 7 32,908 4 995 2 355 6 073 15,908 3 577 12,793 17,022 2,682 158 1,407 12,775 4,754 152 914 14 32,585 4,944 2,351 6,051 15,205 4,034 12,869 17,201 2,996 153 1,523 12,529 4,717 155,945 21 32,556 4 952 2 361 6 090 15,052 4 101 13,272 17,717 2,823 178 1,485 13,231 4,615 155 794 28 32,214 4,598 2,390 6,145 14,978 4,103 13,294 17,163 2,790 166 1,531 12,676 4,592 154,769 New York City 1962 Jan 3 7,659 1,979 435 1,086 3,498 661 2,912 4,457 119 94 273 3,971 2,010 41,180 10 7,440 1,809 454 1,087 3,476 614 2,943 4,087 87 76 258 3,666 2,120 39,996 17 7,664 1,993 451 1,090 3,507 623 2,989 4,088 109 79 241 3,659 2,051 40,112 24 7,838 2 075 466 1 091 3,487 719 2,926 3,934 75 68 231 3,560 2,069 39 095 31 8,099 2,261 472 1,172 3,495 699 2,945 3,964 68 73 220 3,603 2,123 40,583 Feb 7 7,904 2,091 469 1,209 3,460 675 2,978 3,910 60 74 221 3,555 2,145 39,069 14 .... 7,695 1,928 469 1,236 3,409 653 2,955 4,083 70 73 231 3,709 2,157 39,887 21 7,591 1 831 592 1 469 3,073 626 3,071 3,784 70 80 209 3,425 2,109 39 091 28 7,664 2,003 582 1,465 3,028 586 3,119 4,078 82 73 207 3,716 2,157 41,688 Mar. 7 7,345 1,760 580 1,472 2,915 618 3,243 4,104 61 73 210 3,760 2,161 39,107 14 7,081 1,736 575 1,479 2,464 827 3,253 4,032 77 73 238 3,644 2,107 40,457 21 7,005 1 710 ^81 1 471 2,420 823 3,351 4,296 68 94 216 3,918 2,031 39 971 28 6,773 1,468 606 1,428 2,448 823 3,332 4,027 90 82 223 3,632 1,983 39,892 Outside New York City 1962 Jan 3 26,301 3 993 944 4,325 14,354 2,685 9,197 14,180 3,255 96 1,364 9,465 2,577 119 541 10 . ... 26,222 3,945 931 4,269 14,402 2,675 9,278 13,495 3,002 87 1,394 9,012 2,541 115,838 17 26,290 4,080 936 4,308 14,285 2,681 9,229 13,459 2,854 86 1,346 9,173 2,537 116,322 24 26,474 4,015 950 4,327 14,324 2,858 9,247 13,308 3,028 87 1,395 8,798 2,536 113 820 31 26,376 3,943 979 4,311 14,285 2,858 9,233 13,234 2,827 86 1,312 9,009 2,659 114,869 Feb 7 26,010 3,688 967 4,300 14,208 2,847 9,269 13,000 2,597 77 1,236 9,090 2,640 113 623 14 25,869 3 569 992 4 317 14,172 2 819 9 259 12,996 2,890 85 1,3H 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 67 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 84 1,257 8,889 2,638 115 146 Mar 7 25,563 3,235 1,775 4,601 12,993 2,959 9,550 12,918 2,621 85 1,197 9,015 2,593 113,807 14 25,504 3 208 1,776 4,572 12,741 3,207 9,616 13,169 2,919 80 1,285 8,885 2,610 115 488 21 25 551 3 242 1 780 4 619 12,632 3,278 9,921 13,421 2,755 84 1,269 9,313 2 584 115 823 28 25,441 3,130 1,784 4,717 12,530 3,280 9,962 13,136 2,700 84 1,308 9,044 2,609 114,877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday ju u T s n o t a e t d a d l - ! p m D o d a e s e n - - it d s Total 3 p v a s i I d h r n t u i d n p a i e s - l , r s - , S p a i t o c a n l a t i d e l t- s For- U. S. c m D o t e i o m c s - - - Totals Sav- vi I d n u d a i l - O s, th S e a r t a n t t d i e m s e B F F a . r n o R k m s . o F th ro e m rs O li i a t t i b h e i e s l r - c C o i a a t u c a p - n l - ts ju a st d e - d2 co a r n p d o- d su iv b- i- eign4 Gov't. m ci e a r l - ings p s a h rt i n p e s, r- p i o c l a i l t- e F i o g r n - 4 rations sions banks and subcorpo- divirations sions Total— Leading Cities 1962 Jan. 3 139,56165,644 97,958 '70,118'5,002 ,796 4,033 13,415 41,603 30,225 5,945 2,851 2,246 236 2,763 5,19812,963 10 135,,—363 '6"5,729 93,305 '68,433'4,796 ,706 1,786 13,011 42,058 30,421 6,121 2,922 2,259 27 2,031 5,421 12,992 17 135,,548 65,050 93,186 '69,069'4,757 ,604 1,877 12,370 42,362 30,458 6,312 2,992 2,258 246 2,184 5,49112,965 24 132,778 64,762 90,158 '66,793'4,870 ,577 2,082 11,678 42,620 30,559 6,431 3,021 2,266 47 1,547 5,57812,965 31 134,716 64,362 91,853 '67,140'5,206 ,632 3,220 11,175 42,863 30,640 6,553 3,068 2,262 52 2,011 5,641 13,032 Feb. 7 131,692 63,445 88,483 '64,941 '4,973 ,567 2,324 11,42143,209 30,794 6,729 3,098 2,250 105 2,160 5,67213,063 14 133,878 63,071 90,519 '67,133'4,686 ,570 2,489 11,507 4"3 ,335599 3300,899 6,764 3,108 2,248 138 2,141 5,76613,049 21 132,395 62,148 88,735 '64,523'4,951 ,604 3,44510,867 43660 31,004 6,931 3,139 2,244 79 1,809 5,73813,038 28 135,777 63,104 91,871 '66,501'5,234 ,595 3,316 11 906 31,073 7,067 3,169 2,245 45 2,126 5,78913,097 Mar. 7 131,627 62,286 87,295 64,183 4,i ,580 2,179 11,349 44,332 31,248 7,337 3,126 2,264 298 2,141 5,74313,105 14 134,706 63,090 90,060 67,160 4,489 ,652 1,779 11,410 44,646 31,389 7,466 3,149 2,284 43 2,403 5,70313,090 21 134,68161,904 89,903 64,573 4,617 ,683 4,594 11,125 44,77831,506 7,480 3,176 2,254 341 2,211 5,48413,077 134,070 6"2,229 89.015 63,936 4,848 ,663 4,277 10,844 45,05531,621 7,627 3,212 2,237 150 2,154 5,29713,098 28 New York City 1962 Jan. 3 3 3 3 2 , , 2 3 4 5 6 4 1 1 7 7 , , 0 0 3 7 3 4 2 2 5 6 , ,3 3 4 8 9 7 1 1 7 8 , ,1 7 8 7 5 6 2 28 9 0 2 , , 3 3 1 9 6 6 1, 5 24 1 6 9 3 3 , , 2 3 9 5 8 6 6 6 , , 9 8 6 9 7 7 2 2 , , 9 9 8 2 5 3 1 1, , 9 9 9 9 3 0 1 1 6 6 3 8 , 6 6 7 6 7 8 110 1, 9 45 5 6 4 2 3, , 0 6 1 9 4 4 3 3 , , 6 6 7 7 4 4 10 32,26316,686 25,204 17,845 289 ,213 534 3,182 7,059 3,004 2,036 182 ,679 15 1,161 2,998 3,675 17 31,65916,528 24,534 17,353 235 ,173 570 3,253 7,125 3,044 2,051 187 ,683 651 3,112 3,673 24 32,816 1'6',449 25,597 17,745 292 ,249 977 3,140 7,219 3,069 2,119 194 ,678 946 3,128 3,693 31 Feb. 7 31,15916,384 23,864 16,811 276 ,192 710 2,852 7,295 3,111 2,155 200 ,673 1,005 3,152 3,701 14 31,742 1166,i1 147 24,438 17,502 233 ,187 681 2,938 7,304 3,137 2,128 211 ,671 1,225 3,158 3,702 21 31,44315,992 24,049 16,807 250 ,213 857 2,886 7,394 3,167 2,191 211 ,664 796 3,133 3,689 28 33,69816,372 26,211 17,873 284 ,201 868 3,205 7,487 3,18J 2,265 210 ,662 1,100 3,187 3,703 Mar. 7 31,110 16,220 23,515 16,755 281 ,190 615 2,837 7,595 3,214 2,344 209 1,659 60 1,111 3,134 3,692 14 32,62616,431 24,941 17,748 233 ,248 481 2f~' 7,685 3,237 2,406 209 1,662 1,071 3,066 3,694 21 32,242 16,168 24,599 16,897 270 ,265 1,371 2,5 7,643 3,259 2,368 212 1,632 92 1,034 2,914 3,689 28 32,268 16,042 24,586 16,770 222 1,221 1,260 2,853 7,682 3,283 2,402 207 1,619 1,070 2,859 3,685 Outside New York City 1962 Jan. 3 106,315 48,570 71,609 '51,933'4,710 400 2,787 10,117 34,706 27,302 3,955 2,683 578 126 1,307 2,504 9,289 10 103,009 48,696 67,918 '50,657'4,516 390 1,267 9,655 35,09127,436 4,128 2,759 582 27 1,077 2,407 9,318 17 103,285 48,364 67,982 '51,224'4,468 391 1,343 9; 188 35,303 27,454 4,276 2,810 579 231 1,023 2,493 9,290 24 101,119 48,234 65,624 '49,440'4,635 404 1,512 8,425 35,495 27,515 4,380 2,834 583 47 896 2,466 9,292 31 101,900 47;,913 66,256 '49,395'4,914 383 2,243 8,035 35,644 27,571 4,434 2,874 584 52 1,065 2,513 9,339 Feb. 7 100,533 47,061 64,619 '48,130'4,697 375 1,614 8,,569 35 914 27,683 4,574 2,1 577 53 1,155 2,520 9,362 14 102,136 46;,924 66,081 '49,631 '4.453 383 1,808 8,569 36,,005555 2277,762 4,636 2,897 577 78 916 2,608 9,347 21 100,< ,156 64,686 '47,716'4,701 391 2,588 7,981 36,266 27,837 4,740 2,928 580 49 1,013 2,605 9,349 28. 102.079 46;,732 65,660 '48,628'4,950 394 2,448 7,962 3366',441199 2277,892 4,802 2,959 583 45 1,026 2,602 9,394 Mar. 7 100,517 46.066 63,780 47,428 4,615 390 1,564 8,512 36,737 28,034 4,993 2,917 605 238 1,030 2,609 9,413 14 102.080 46659 65,119 49,412 4,256 404 1,298 ~ 424 36,96128,152 5,060 2,940 622 43 1,332 2,637 9,396 21 102,439 45736 65,304 47,676 4,347 418 3,223 317 37,135 28,247 5,112 2,964 622 249 1,177 2,570 9,388 28 101,802 46 187 64,429 47,166 4,626 442 3,017 37,373 28,338 5,225 3,005 618 140 1,084 2,438 9,413 r Revised. 4 Comprises deposits of foreign governments and official institutions, 1 Total demand and total time deposits. central banks, international institutions, banks in foreign countries, and 2 Demand deposits other than domestic commercial interbank and foreign branches of U. S. banks other than reporting bank. U. S. Government, less cash items reported as in process of collection. 5 Includes U. S. Government, postal savings, domestic commercial 3 Includes certified and officers' checks and deposits of mutual savings interbank, and mutual savings banks, not shown separately. banks not shown separately. NOTE.—Figures reflect new coverage; for description of changes in the series, see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 435 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 1962 1962 1962 1961 1961 1960 Business of borrower3 M 2 a 8 r. M 2 a 1 r. M 1 a 4 r. M 7 ar. F 2 e 8 b. Mar. Feb. Jan. J M an ar .- . O De c c t. . - J S u e l p y t - . D Ju e l c y . - 4 J D u e l c y . - Classification basis New Old Durable goods manufacturing: Primary metals 7 5 14 -1 -6 25 -12 -25 -12 '68 T M r a a c n h s i p n o e r r t y ation equipment - - 1 5 2 8 5 7 3 3 1 8 4 35 3 -1 1 3 2 1 9 1 7 6 2 7 8 3 - -5 5 5 0 1 6 3 9 8 '•- ' 7 2 5 6 -301 -324 -665 Other fabricated metal products. . . 11 22 26 8 1 67 41 -31 76 r_41 No O n t d h u e r r a b d l u e r a g b o l o e d g s o o m d a s nufacturing: 1 15 14 14 10 44 10 -38 16 -103 n.a. -112 n.a. Food, liquor, and tobacco -67 29 7 -35 -19 66 -98 -180 -345 '397 156 554 579 Textiles, apparel, and leather 9 38 27 30 18 103 122 22 247 '-290 43 -233 -215 P C e h t e ro m le ic u a m ls r a e n fi d n i r n u g bber -7 4 -2 36 2 5 2 9 -1 -9 3 -1 1 4 3 -1 89 -2 2 6 2 - - 2 7 6 3 -5 3 3 9 '-2 '6 5 0 -121 58 Other nondurable goods 8 11 11 1 4 31 18 -40 10 '-64 n.a. -74 n.a. Mining, including crude petroleum and natural gas -24 -8 -11 2 -12 -41 -13 224 170 '380 c 405 -29 Trade: Commodity dealers -20 19 -19 -29 -49 -13 -15 -77 357 102 460 507 O Re th ta e i r l wholesale 11 5 1 2 9 2 4 6 0 -10 8 1 1 4 1 9 5 2 2 5 1 5 1 -1 -8 3 1 8 -1 1 8 0 ' ' 5 1 1 0 J 124 176 -26 Transportation, communication, and other public utilities -45 71 74 -14 -12 87 -109 -265 -288 '233 49 286 61 Construction 8 8 20 1 -3 37 4 -23 18 9 43 52 35 All other types of business, mainly -17 35 34 14 21 67 48 -36 79 '297 131 440 310 Net change in classified loans -140 487 396 6 25 749 161 -830 80 '1,292 190 1,510 615 Commercial and industrial change— -131 538 404 -• 28 810 212 '-928 94 '1,115 36 1,162 5 305 ' Revised. not strictly comparable with prior data; for example, new "Mining5* n.a. Not available. includes a part of old "Other manufacturing and mining," with which 1 Data for sample of about 200 banks reporting changes in their larger it is compared; a part of "Metals and metal products;" and coal, crude loans; these banks hold about 95 per cent of total commercial and in- petroleum, and natural gas from old "Petroleum, coal, chemicals, and dustrial loans of all weekly reporting member banks and about 70 per rubber." "Other durable" and "Other nondurable" were in old "Other cent of those of all commercial banks. manufacturing and mining." 2 Figures for periods other than weekly are based on weekly changes. 4 Includes data since Sept. 27 on new basis. 3 Because of reclassifications as of Sept. 27, 1961, many categories are 5 Reflects new coverage; see BULLETIN for June 1961, p. 654. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages; per cent per annum] Size of loan Size of loan p A e a r n r i e d o a d lo A a l n l s •« __ (tho 1 us 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e o d a d lo A a l n l s 1- (tho 1 u 0 sa - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly—cont.:2 19 large cities: New York City: 1961 Mar 4,75 5.67 5.40 5.03 4.64 1953. e 3.7 5.0 4.4 3.9 3.5 4.75 5.63 5.39 5.06 4.63 1954 3 6 5 0 4 3 3 9 3.4 Sent 4 75 5 65 5.36 5 06 4 64 1955 3.7 5.0 4.4 4.0 3.5 Dec 4.77 5.66 5.37 5.04 4 66 1962—Mar 4.78 5.65 5.36 5.04 4.68 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 1961—Mar 4.96 5.85 5.49 5.20 4.82 I960 5.2 6.0 5.7 5.4 5.0 4.95 5.84 5.45 5.15 4.82 1961 5.0 5.9 5.5 5.2 4.8 D Se e p c t 4 5 . .0 9 5 6 5 5 . .8 8 6 2 5 5. . 5 5 1 3 5 5 . . 1 2 8 2 4 4. . 8 9 1 3 1962—Mar 4.97 5.85 5.53 5.17 4.83 Quarterly: 2 19 large cities: 11 Southern and Western cities: 1961 Mar. 4 97 5.89 5.53 5.20 4.80 1961—Mar 5.29 5.99 5.62 5.31 5 09 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 Sent 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 s 00 1962 Mar 4.98 5.89 5.54 5.21 4.81 1962—Mar 5.28 6.01 5.66 5.35 5.03 2 1 B F a o s r e d d e o sc n r i n p e t w io n lo s a e n e s B a U n L d L E r T e I n N e w fo al r s M fo a r r c fi h rs t 1 9 1 4 5 9 d , a p y p s . 2 o 2 f 8 m -3 o 7 n . th. p J O e a c n t r . . c e 2 1 n 2 4 t , , ) : 4 3 ; V 1 £ 9 A ; 5 p 3 r 1 — . 9 A 5 p 2 6 r 1 — . , A p 2 3 7 r % , . ; 3 1 S 3 V e ,4 p ; t 3 . 1 % 9 ; 1 5 1 4 A , — u 4 M g a ; . r 1 2 . 9 1 5 , 1 4 9 7 ; , —1 M 1 3 8a 9 ; ,y 5 4 1 7u % 9 1 —g ; 5 8 A. S 5 u e — g " , p A . 't u 4 6 g % "1 , . ; , 4 4 1 5 % , 9 ; ; 5 3 8 a 1 n ^ 9 d 58— NOTE.—Bank prime rate was IVA per cent Jan. 1, 1953-Apr. 26, 1953. 1960—Aug. 23, A Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Year, month, or week m 4 m p P c - o a e r o n i t p r m m o c t e h i r - a e s 6 , l * - c m d F 3 o p p i i - m o r l n a a e n t a p c p c o t n e e a t h l c r d n y 6 s e y 2 , - 9 b a 0 P a a c n n r c d i c k e m a e e p y s r e t s , s - 3 ' o i R n s s a 3 n u t - e e e m w onth M b y il a i l e s r l k d et o i R n s s a 6 n u t - e e e m w onth M b y il a i l e s r l k d et 9 ( - m y B t i o a e i r l l l d k 1 s e ) 2 t -mont O h t h is e s r u s es 3 is - y s u e to a e s r 5 * - 1959 average 3.97 3 82 3 49 3 405 3.37 3 832 3.79 4.11 4.33 1960 average 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1961 average 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1961—Mar 3.03 2.76 2.94 2.420 2.39 2.591 2.54 2.76 2.86 3.43 Apr 2.91 2.58 2.84 2.327 2.29 2.493 2.47 2.74 2.83 3.39 May 2.76 2.50 2.68 2.288 2.29 2.436 2.44 2.72 2.82 3.28 June 2.91 2.66 2.75 2.359 2.33 2.546 2.54 2.80 3.02 3.70 July 2.72 2.50 2.75 2.268 2.24 2.457 2.45 2.79 2.87 3.69 2.92 2.64 2.81 2.402 2.39 2.670 2.66 2.91 3.03 3.80 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 3.25 3.02 3.00 2.719 2.72 2.883 2.87 2.98 2.99 3.55 Week ending— 1962—Mar 3 3.25 3.00 3.00 2.664 2.69 2.847 2.87 3.10 3.09 3.62 10 3.25 3.00 3.00 2.721 2.74 2.883 2.88 3.05 3.04 3.60 17 3.25 3 00 3.00 2 804 2 74 2 972 2.91 3 02 3.02 3.61 24 3.25 3.00 3.00 2.689 2.70 2.854 2.84 2.93 2.96 3.49 31 3.25 3.09 3.00 2.719 2.73 2.857 2.86 2.90 2.93 3.50 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. 4 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS * [Per cent per annum] Government bonds <Corporate bonds 3 Stocks* State By selected By Dividend/ Earnings/ Year, month, or week United and local 3 ratings groups price ratio price ratio States (long- Total* term)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 *>4.79 1961 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 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 A U2 4 00 3.62 3.33 3.96 4.73 4.45 5.11 4.60 4 92 4 67 4 69 2 91 Sept 4.02 3.64 3.33 4.02 4.74 4.45 5.12 4.61 4.94 4.67 4.69 2.93 5 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 *>5.09 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 Mar 4.01 3.30 3.03 3.66 4.67 4.39 5.04 4.52 4.88 4.60 4.48 2.95 Week ending— 1962—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 10 4.06 3.32 3.03 3.71 4.68 4.40 5.05 4.53 4.89 4.62 4 48 2 98 17 4.02 3.26 3.00 3.59 4.67 4.39 5.04 4.52 4.88 4.61 4.47 2.93 24 3.97 3.26 3.00 3.61 4.66 4.39 5.02 4.50 4.88 4.60 4 49 2 94 31 3.96 3.25 3.01 3.60 4.65 4.38 5.02 4.49 4.87 4.59 4.48 2.96 v Preliminary 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. rately. Because of a limited number of suitable issues, the number of Govt. and corporate bonds. Yields of State and local govt. bonds are corporate bonds in some groups has varied somewhat. based on Thursday figures; dividends/price ratios for preferred and 5 Standard and Poor's Corporation. Preferred stock ratio is based common stocks, on Wednesday figures. Earnings /price ratios for common on 8 median yields for a sample of noncallable issues—12 industrial and stock are as of end of period. 2 public utility. For common stocks, the ratios are based on the 500 2 Series is based on bonds maturing or callable in 10 years or more. stocks in the price index. Quarterly earnings are seasonally adjusted 3 Moody's Investors Service. State and local govt. bonds include gen- at annual rates. eral obligations only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 437 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 ( i M h r c a i i g d u p h e - a - ) l 3 g ( C r h r p a a i o o d g 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 y i b l - - - T n s a a r e f n a n r i- v d d c - e e , , M in i g n- s t s 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 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3 95.0 3,242 1960 average. 86.22 103.9 94.7 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 73.8 3,042 1961 average. 87.55 107.8 95.2 66.27 71.42 32.84 60.18 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 1961—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, 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. 5,089 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. 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. 164.0 156.0 97. 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. 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. 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. 3,193 Oct.. 86.61 107.7 94.6 68.00 71.42 34.53 64.15 138.0 129.1 132.2 126.4 110 173.9 =176.6 90. 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, 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. 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 70.2: 74.22 34.23 63.70 142.8 133.4 134.4 132.6 110.5 183.0 176.4 109.7 3,481 Mar.. 86.21 111.9 94.9 70.29 74.22 33.45 64.51 142.9 133.5 134.0 133.1 107.4 184.2 175.2 106.6 3,113 Week ending— 1962—Mar. 3.. 85.29 110.2 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 10.. 85.55 111.3 94.8 70.0: 73.94 33.58 64. 143.1 133.8 134.9 132.9 107.5 184.9 173.4 108.4 3,065 17.. 86.05 112.1 94.8 70.78 74.78 33.51 64.71 144.3 135.0 135.6 134.4 107.6 185.5 177.0 105.5 3,293 24.. 86.70 112.1 94.7 70.5 74.50 33.40 64.98 143.2 133.9 134.6 133.3 107.1 184.3 176.9 104.6 3,166 31.. 86.80 112.1 95.1 69.84 73.69 33.19 64.42 141.4 132.0 132.2 131.9 106.0 182.0 175.0 104.1 2,984 c Corrected. 2 Prices derived from average market yields in preceding table on basis 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard of an assumed 3 per cent, 20-year bond. and Poor's common stock indexes, and volume of trading are averages 3 Prices derived from average yields, as computed by Standard and of daily figures; (2) municipal and corporate bond prices are based on Poor's Corporation, on basis of a 4 per cent, 20-year bond. Wednesday closing prices; and (3) the Securities and Exchange Commis- 4 Average daily volume of trading in stocks on the New York Stock sion series on common stock prices are based on weekly closing prices. Exchange for a 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 month1 o s t T e h c o e u r t r a i t t h l i - 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 a d n d c a d r e r a y l i e n r g s ) s e fo c r u r p it u ie r- s 3 Money borrowed Cust n o e m t ers' U. S. Govt. free ob (c c l o i o g l l . a . t 3 5 io ) + ns U S ob e . c l S i u g . r a e G t d i o o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o on v s t. se O cu th ri e ti r es U ob . l S ig O . a n G ti o on v s t. se o c O u th r n i e t r ies ba c l r a e n d c it es 1958 Dec 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Dec 4,461 150 3,280 164 1,181 221 2,362 996 I960—Dec 4,415 95 3,222 134 1,193 142 2,133 1,135 1961 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 A JU u l g y 5 5 ,3 3 5 4 5 9 4 5 9 0 3 3 , , 9 9 9 7 1 2 1 1 0 0 2 6 1 1 , , 3 3 6 7 4 7 6 5 9 6 2 2 , , 6 7 7 2 9 8 1 1, , 2 2 0 0 8 7 Sept 45,311 46 3,991 109 41,320 64 2,666 1,227 Oct 5,333 44 4,029 103 1,304 56 2,654 ,214 Nov 5,460 39 4,141 102 1,319 51 2,752 1,213 Dec 5,602 35 4,259 125 1,343 48 2,954 1.219 1962 Jan 5,464 34 4,111 111 1,353 51 2,860 1,225 Feb 5,426 34 4,066 133 1,360 71 r2,812 1,190 Mar 5,457 34 4,083 105 1,374 52 2,912 1,154 r Revised. 3 Figures are for weekly reporting member banks. Before 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

438 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by— ]Based on— E o n r d m of o n y t e h ar Placed Total Accepting banks B F a . n R k . s Im- Ex- G sh o i o p d p s e d st o b r e e t d w i e n e n or Total d t P h e r l a a o l c u e e g r d s h ! ( p d f a i i n p r la e y e n c r c t ) - * e T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . Others U S p i n t o n a i r t t t o t e e s s d U S p f n r t o o a i r t t m t e e s s d c D h e o a x l n l - g a e r U S n ta i p t t e e o s d ints c F i o n o u — r n e t i r g ie n s 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 1.479 3,551 2,049 730 554 176 46 179 1,093 388 702 104 291 563 Mar 5,059 1,525 3,534 2,231 842 641 202 46 173 1,169 408 821 110 269 623 Apr 5,071 L532 3,539 2,254 858 661 197 45 151 1,200 397 863 93 268 633 May 4,918 1,478 3,440 2,203 808 645 163 37 166 1.192 379 864 74 235 651 4,918 1,460 3,458 2,271 913 697 216 36 156 1,166 395 896 70 207 703 July 4,976 1,534 3,442 2,301 915 727 188 32 144 1,210 415 926 45 186 729 4,928 1,617 3,311 2,400 970 753 217 34 137 1,259 429 964 49 192 765 Sept...* 4,860 1,730 3,130 2,422 946 740 207 35 123 1,318 452 964 59 191 757 Oct 5,104 L818 3,286 2,491 1,035 829 206 38 117 1,301 457 949 91 225 769 Nov. 5! 331 1,868 3,463 2,555 1,122 871 251 43 110 1,280 461 939 98 287 770 Dec 4,674 1,711 2,963 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962—Jan 5 544 1,762 3,782 2,621 1,163 804 359 45 120 1,294 477 946 74 271 853 Feb 5,508 1,762 3,746 2,559 1,093 788 305 44 113 1,309 472 915 106 223 844 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— E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se s t h s O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s De it p s o 4 s- l O ia ti t b e h i s e li r - S c u o a r u c p n - lu ts s M co o m rt m ga it g m e e l n o t a s n 2 govt. other i accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 19593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1.170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 * 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 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 1,334 Mar. 27,207 453 6,566 666 5,110 855 624 41,480 37,000 850 3,630 68,646 1,428 27,383 401 6,350 664 5,099 804 625 41,326 36,946 781 3,599 66,582 1,488 May!!!!!!!!!! 27,570 449 6,337 665 5,126 834 607 41,588 37,060 883 3,645 67,236 1,556 June 27,771 417 6,296 687 5,158 861 616 41,806 37,427 720 3,659 66,467 1,674 July 27,972 385 6,314 685 5,160 835 620 41,970 37,450 852 3,668 66,544 1,792 Aug 28,179 431 6,320 686 5,137 821 629 42,202 37,549 935 3,718 64,910 1,536 Sept 28,335 455 6,305 687 5,118 867 654 42,422 37,859 823 3,739 65,662 1.526 Oct 28,513 420 6,185 682 5,062 840 645 42,348 37,844 788 3,716 62,918 1,'546 Nov 28,680 469 6,172 677 5,042 847 642 42,529 37,892 857 3,779 59,882 1,533 Dec r 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962—Jan 29,145 455 6,245 669 5,064 837 655 43,071 38,446 845 3,780 68,614 1,588 n.a. Not available. r Revised. 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. 426. Government, as well as corporate securities. NOTE.—These data differ somewhat from those shown elsewhere in 2 Not a balance-sheet item. Data represent commitments outstanding BULLETIN; the latter are for call dates and are based on reports filed of banks in New York State as reported to the Savings Banks Association with Federal and State bank supervisory agencies. Loans are shown net of the State of New York. of valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 439 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data; in millions of dollars] Government securities Business securities Date a T s o s t e a t l s United State and Mort- e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Total States local Foreign '- Total Bonds Stocks (U.S.) End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 End of month: 4 1959—Dec..., 113,650 11,599 6,858 3,221 1,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 I960—Dec... 119,717 11,729 6,444 3,622 1,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 961—Jan.. . 120,467 11,881 6,545 3,671 1,665 51,306 47,211 4,095 42,008 3,813 5,303 6,156 Feb... 120,951 11,944 6,542 3,702 1,700 51,446 47,296 4,150 42,143 3,822 5,345 6,251 Mar... 121,469 11,987 6,535 3.735 1,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 Apr... 121,921 11,982 6,488 3; 769 1,725 51,812 47,563 4,249 42,553 3,827 5,461 6,286 May.. 122,462 12,063 6,551 3,774 1,738 52,008 47,672 4,336 42,723 3,837 5,508 6,323 June.. 122,751 11,881 6,369 3,761 1,751 52,308 47,966 4,342 42,945 3,851 5,509 6,257 July.. 123,381 11,972 6,440 3,786 1,745 52,623 48,245 4,378 43,052 3,870 5,541 6,324 Aug... 123,902 12,021 6,440 3,822 1,759 52,839 48,424 4,415 43,216 3,901 5,580 6,345 Sept... 124,411 12,057 6,390 3,851 1,816 53,003 48,533 4,470 43,381 3,917 5,618 6,435 Oct.. . 125,064 12,093 6,403 3,868 1,822 53,292 48,767 4,525 43,580 3,936 5,652 6,511 Nov... 125,706 -12,133 6,360 3,904 1,869 '53,473 -"48,891 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 1962—-Jan..., 127,311 12,155 6,314 3,958 1,883 54,329 49,506 4,823 44,378 3,973 5,768 6,708 r Revised. 3 These represent annual statement asset values, with bonds carried on 1 Figures are for all life insurance companies in the United States. an amortized basis and stocks at end-of-year market value. 2 Represents issues of foreign governments and their subdivisions 4 These represent book value of ledger assets. Adjustments for interest and bonds of the International Bank for Reconstruction and Develop- due and accrued and for differences between market and book values ment. are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS 1 (Federal Savings and Loan Insurance Corporation data; in millions of dollars] Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar M ga o g r e t s - o G U b o l . i S v g . t a . - Cash Other 2 a li s a T s b e o i t l t s i a t 3 i l — es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n c s e s i s n Other c m o l m e o n a m t n s i t 5 tions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945 5 376 2,420 450 356 8,747 7,365 644 336 402 n.a. 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 I957 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 [,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961r 68,833 5,222 3,298 4,743 82,096 70,851 5,721 2,863 1,547 1.114 1,908 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 ,430 ,556 Mar 61,557 4,986 2,647 4,218 73,408 63,991 4,994 1,626 1,229 1,568 ,787 Apr 62,252 4,968 2,670 4,331 74,221 64,408 5,006 1,714 1,325 1,768 .951 May 63,061 4,965 2,820 4,555 75,401 65,208 5,008 1,755 1,416 2,014 2;il5 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.r 68,833 5,222 3,298 4,743 82,096 70,851 5,721 2,863 1,547 1,114 1,908 1962—Jan 69,373 5,403 2,951 4,568 82,295 71,312 5,725 2,480 1,490 1,288 1,995 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 and 1962 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 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 l r e u n u ip s d s : t t s iac I t G L r t n e a i o t o s n r v s a n s t : - - . s^ E p T r u f q e r t b o u o h c l a t m e t i a s l c l s . s : 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 l r r n u x u n 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 a t h l t a l i s e l s c . : t p p f o r u a t o o h ( b y r m e - l t i s ) c , . , ( c ( o c d - r d r r I e ) i e e n r a d a , b e - s i s e t c e n e - t , a i G g n N v e o n . e v . b t t L & . y ess— O d n c e o a t b h s n e h t - s r E b 7 i q o n c N u r a g - r a e s o l T o h t w s r — - & 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 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— J J u a l n y . - - D Ju e n c e 4 3 2 5 , , 3 8 3 2 0 6 1 1 3 0 , , 5 7 8 5 8 4 2 1 , , 6 86 4 3 3 4 5 4 3, , 2 6 4 8 9 0 4 43 1 , , 1 2 6 9 5 8 1 12 2 , , 0 6 9 7 1 8 3 1 , ,3 1 5 3 7 7 5 53 0 , , 8 8 9 4 8 0 -9 2 , , 2 4 1 0 7 9 -l 8 s3 ,0 O 9 8 5 -1 1 , , 4 05 8 4 6 40 6 2 8 -2 9 , , 4 1 2 8 6 0 Monthly: 1961—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 1,002 188 3,793 6,322 1,872 »"292 7,902 -4,109 3,498 -863 195 4,167 Aug 6,367 »"3,292 r294 9,357 7,631 r2,048 -873 10,552 -1,195 1,412 1,291 -442 563 Sept 8,945 1,478 180 10,236 6,771 •708 8,266 1,970 448 -545 54 939 O N c o t v 6 3 , ,1 4 4 2 1 4 '2, r 4 9 3 79 8 ' 2 3 3 0 9 4 3 8 , , 8 5 7 5 2 4 7 7 , , 7 4 9 8 6 5 n n ' , , 9 9 5 9 8 4 9 9, , 2 3 1 8 8 5 -5 - , 6 5 6 1 3 2 1 1, , 5 9 1 3 9 4 -9 3 0 9 5 6 41 6 7 4 2,7 7 7 0 5 7 Dec 7,967 1,484 577 8,868 7,160 1,934 518 8,576 292 -716 -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 Feb 6,729 2,743 93567 6,858 2,027 -82 8,967 600 450 366 31 53 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) Acco S un ta t t e o s f ( T e r n e d a s o u f r e p r e r o i f o d U ) nited Period s B d u u N e r o p f d e i r l g c t u i e t s t , a l c T a f c u t r o u i n u o r m d s n t u , - t c o R i l c e T i a a c r s t o e i h n o a - n s. i m s a ( G s g + N a u e o r ) a n e v k o n t c t e c f . y t e i a s n G e g N c e o F . e n v e t b c t d y . y . I d n ( e d g - c c i ) r r o r r , o e e e r a s c a i s s n 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 c r c r e e o a r u ' s s n - t Balance B ( F a D a . v n e a R k p il . s o - sits t T a i x u r n e r — a a y n s- d O as n t s e h e t e t r s deficit obliga- & trust public able loan () tions 7 funds 7 debt funds) accts. Fiscal year—1958 -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959 -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 1960 1,224 -359 -149 1,023 -714 1,625 _4 2,654 8,005 504 6,458 1,043 1961 . -3,856 565 285 -733 -435 2,640 -222 -1,311 6,694 408 5,453 833 Semiannually: 1960—Jan.-June 6,841 828 288 657 -1,625 -4,467 101 2,421 8,005 504 6,458 1,043 July-Dec -4,888 -341 19 -493 275 3,886 52 -1,594 6,411 485 5,165 761 1961—Jan.-June 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—Feb 301 638 -57 65 508 1 1,463 6,292 467 4,881 944 Mar 1,512 -119 580 -87 -423 -3,072 -112 -1,498 4,794 443 3,533 818 Apr -1,325 -686 205 -132 842 516 181 -761 4,034 633 2,315 1,086 May -702 1,544 -503 -86 -1,409 2,158 -126 1,128 5,162 372 3,994 796 June 2,870 610 -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 4 -1,513 4,981 362 3,552 1,067 Feb -129 716 -66 102 -437 470 12 644 5,626 449 4,172 1,005 c Corrected. n.a. Not available. » Preliminary. r Revised. and to Treasury by Govt. agencies, transfers to trust accounts representing x 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 441 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of U.S. Treasury statements and Treasury Bulletin unless otherwise noted; in millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B ce u N r i d e p e - g t t s e 3 t Old T - rans H fe i r g s h - to— R. R. fu R o n e f d - s B c T u e r o d i e p t - g a t e s l t Individual Corpo- ta c E i x x s e e - s t p m a E l x o e m e n y s - t - 9 O ce r t i e h p - e ts i Liquor b T ac o c - o a t M a n i d l f e r r s r e s . - ' ' age way re- re- With- ration f t u r n u d st s t f r u u n s d t m ti e re n - t ceipts held Other acct. Fiscal year—1958 68,550 7,733 2,116 575 4,433 83,974 27,041 11,528 20,53310,81^I 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 18,09210,76() 8,854 5,46^\ 3,002 1,807 4,315 I960 77 763 10,211 2,642 607 5,045 96,962 31,67f 13,271 22,179 11,861s 11 159 6,81'\ 3 194 1 932 5 114 1961 77,659 11,586 2,923 tm 5,725 99,491 32,97*. 13,175 21,765 12,064 12,502 7,00'1 3,213 1 991 5,294 Semiannually: I960—Jan -June 44,188 6,396 1,361 300 4,327 56,927 16,023 10,230 13,856 5,91'1 7,032 3,86<) 1,491 948 2,706 July-Dec 35,329 4,762 1,576 297 793 43,070 16,616 3,185 8,838 6,231I 5 063 3,13() 1,685 1 008 2 724 1961—Jan.-June 42,330 6,824 1,347 >74 4,932 56,421 16,362 9,990 12,927 5,826 7,439 3,87'J 1,528 983 2,570 July-Dec ..... 35,826 4,742 1,612 >78 806 43,575 17,652 3,189 8,259 6,394 5,024 3,05'J 1,754 1,035 2,656 Monthly: 1961—Feb 6,537 1,448 235 77 530 9,153 4,781 786 444 861 1,814 46'7 169 116 \ Mar 8,524 1,285 213 48 1,792 11,878 2,413 759 5,799 1,082 1,348 477 313 213 } n.a. Apr 5,125 720 201 14 1,296 7,359 916 3,403 493 831 736 980 231 160 6,467 1,941 237 77 1,036 9,767 4,743 956 411 1,072 2,020 561 285 176 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 1,235 245 520 975 306 491 238 137 Aus 6,367 1,736 273 84 203 8,713 4,654 161 382 1,197 1,821 498 292 196 |l,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 35 343 184 il 277 Dec 7,967 458 255 47 67 8,980 2,935 428 3,322 1,013 505 111 254 165 1962—Jan 5 357 152 233 11 73 5,959 1,245 2,325 466 1,009 353 56 224 140 n a. Feb 6,729 1,620 207 81 743 9,773 5,124 786 400 967 2,080 416 n.a. n.a. n.a. Budget expenditures m Major nationalsecurity Agri- Vet- culture Period Total 3 Total 11 M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a f n a n a t n i d l r c . s e In e t s e t r- ic e b e s r e f e s a i r n t n v a s e s - n - ' d w L a a e n b lf d o a r re t a a c u r g u n e r r l - a d i - l - so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year—1958 71,369 44,142 39 06?, 7,187 .,268 2,231 ^,689 ,026 3,447 4,389 1,544 2,109 1,359 1959 80,342 46,426 41,?33 ,340 ,541 3,780 -',671 ,174 4,421 6 529 1 669 3 421 1 606 1960 76,539 45,627 41 j?15 1,609 .,623 1,833 c>,266 ,060 4,419 4,"838 1,713 2,782 1,695 1961 81,515 47,413 43 ??R 1,449 .,713 2,501 c>,050 262 4,950 5 172 2 007 3 883 1 931 Semiannually: I960—Jan-June . .. 37,348 22,508 ?0 ?40 894 1,333 1,183 i\,112 .,567 2,333 1,877 772 832 862 July-Dec 40,217 23,186 ?1 170 644 1,342 1,068 it,587 .,577 2,225 2,998 1,056 1,870 951 1961—Jan.-June 41,298 24,227 ?? 058 805 1,371 1,433 i^,463 .,685 2,725 2,174 951 2,013 980 July-Dec 43,165 23,929 22.182 397 1,329 1,634 i(-,502 .,657 2,766 3,566 1,178 2,174 1,042 Monthly: 1961 Feb 6,236 3,778 3468 88 217 202 727 431 406 130 129 334 134 Mar 7,012 4,279 3 935 99 236 199 738 480 399 223 134 359 194 Apr . 6,450 3,754 3 39? 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 Julv 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 58? 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 9?3 108 224 327 744 437 499 485 186 395 154 Dec 7,160 4,258 3 958 87 216 175 788 471 464 550 167 288 160 1962—Jan 7 395 4,316 3 909 162 245 246 808 471 564 386 153 357 207 Feb v 6,858 4,093 3 766 98 226 246 764 449 186 363 167 451 154 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 I o 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 rectification of certain repayment of advances from I1 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

442 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* Total Certifi- ible Sav- Tax Total Bills cates of Notes bonds Totals ings and indebt- Bank Bank bonds savedness eligi- re- ings ble* stricted notes 1941 Dec 64 3 57 9 50 5 41.6 2 0 6 0 33.6 8.9 6.1 2.5 7.0 1945—Dec .... 278 7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56,9 48.2 8.2 20.0 1947_Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—Dec 276 7 276 6 228.6 160 4 25.2 19 0 35 3 80.9 10.8 57,4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283 0 282 9 236.0 175 6 29 7 36 4 26 1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960 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 Mar 287 7 287 5 240 1 186 5 36 5 11 5 57 8 80.7 5.5 48 0 47.4 44.0 Apr 288 2 288 0 241.6 188.1 38.2 11 5 57.5 80.9 5.4 48.0 47.4 43.0 May 290 4 290 1 242 3 188 9 38 4 13 3 56 2 80.9 5 4 48 1 47 5 44.5 June 289 2 289 0 240 6 187 1 36 7 13 3 56 3 80.8 5.4 48.1 47.5 45.0 Julv 292.6 292.4 244.8 191.3 40.8 13.3 56.3 80.8 5.3 48.2 47.6 44.2 Auc 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 Oct 296 0 295 7 248 8 195 2 42 6 5 5 67 8 79.3 4.7 48 9 47.7 43.9 Nov 297 3 297 0 249.4 195.6 43.4 5 5 71.5 75.2 4.7 49.1 47.8 44.2 Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962 Jan 296 9 296 5 250.8 197 6 43 9 5 5 71 6 76.6 4 5 48 6 47 5 42.3 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 Mar 296.5 296.1 249.7 196.5 43.0 12.4 64.5 76.6 4.4 48.8 47.6 42.8 1 Includes some debt not subject to statutory debt limitation (amounting * Includes Treasury bonds and minor amounts of Panama Canal and to $436 million on Mar. 31, 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 $11,404 million on Feb. 28, 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 1954—Dec . 278.8 42.6 7.0 24.9 204.2 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955—Dec 280.8 43.9 7.8 24.8 204.3 62.0 8.5 14.6 23.5 15.4 50.2 14.5 15.6 1956—Dec 276.7 45.6 8.4 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 16.1 1957—Dec 275.0 45.8 9.4 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 16.6 1958—Dec 283.0 44.8 9.6 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 16.6 1959—Dec 290.9 43.5 10.2 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45.9 22.3 22.1 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—Feb 290.7 43.7 10.8 26.7 209.6 61.9 6.4 11.8 21.2 18.5 45.8 19.9 23.9 Mar 287.7 44.0 10.9 26.7 206.1 59.7 6.6 11.7 19.5 18.7 45.9 20.0 24.1 288.2 43.0 11.0 26.8 207.5 61.7 6.3 11.6 20.5 18.5 45.9 19.0 23.9 May 290.4 44.5 11.0 26.9 208.0 62.1 6.3 11.6 21.2 18.5 46.0 18.7 23.5 289.2 45.0 11.0 27.3 205.9 62.5 6.3 11.4 19.4 18.7 46.1 18.3 23.2 July 292.6 44.2 11.0 27.4 210.0 65.5 6.3 11.5 19.5 18.7 46.1 18.6 23.7 Aug 294.0 45.6 10.9 27.7 209.8 65.1 6.3 11.5 19.8 18.6 46.2 19.0 23.2 Sept 294.0 45.0 10.9 27.8 210.3 66.6 6.3 11.5 18.4 18.5 46.3 19.0 23.7 Oct 296.0 43.9 11.1 28.3 212.9 67.3 6.2 11.6 19.4 18.4 46.4 19.0 24.5 Nov. 297.3 44.2 11.2 29.2 212.7 66.9 6.2 11.5 20.3 18.2 46.5 19.0 24.1 Dec 296.5 43.5 11.0 28.9 213.1 67.2 6.1 11.4 r19.6 r18.3 46.4 19.0 '25.0 1962—Jan 296.9 42.3 11.5 28.5 214.6 67.8 6.2 11.6 20.5 18.6 46.5 19.1 24.1 Feb 297.4 42.8 11.4 28.4 214.8 66.6 6.3 11.5 21.2 18.8 46.6 19.2 24.5 ' 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 443 OWNERSHIP OF U. S. GOVERNMENT MARKETABLE SECURITIES BY MATURITY 1 [On basis of Treasury Survey data. Par value in millions of dollars] Within I year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Bills Other All holders: 1959—peCo 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—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 1962—Jan 31 197,628 43,947 40,984 66,406 20,918 11,959 13,414 U. S. Govt. agencies and trust funds: I959—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—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 1962—Jan. 31 8,941 927 640 1,883 1,703 1,763 2,024 Federal Reserve banks: I959—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—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 1962—Jan 31. 28,532 3,032 14,255 8,751 2,227 204 63 Held by public: I959—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—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 1962—Jan 31 160,155 39,988 26,089 55,772 16,988 9,992 11,327 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 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 1962 Jan 31 59,600 9,886 11,299 30,727 5,706 1,585 397 Mutual savings banks: I959—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 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 1962 Jan 31 5,963 251 515 1,515 1,729 666 1,288 Insurance companies: I959—Dec. 31 . ... 9,175 416 608 2,279 2,422 2,396 1,054 I960—Dec. 31 9,001 341 599 2,508 2,076 1,433 2,044 1961 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 1962 Jan 31 9,234 615 801 2,220 1,644 1,277 2,677 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—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 1962—Jan 31 10,764 5,598 3,290 1,778 68 25 5 Savings and loan ass'ns.:2 I959—Dec. 31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. I960—Dec. 31 2,454 163 159 858 473 396 406 1961—Nov 30 . 2 724 146 267 910 611 359 431 Dec 31 2,760 155 291 895 617 371 431 1962—Jan. 31 2,853 176 317 894 658 380 427 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—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 £962 Jan 31 11,122 2,880 1,276 1,305 853 1,279 3,530 All others: 1959 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—Nov. 30 59,572 20,075 8,133 17,748 5,712 4,881 3,024 Dec 31 60 ^40 20 596 8 750 17 314 6,054 4 713 3,012 1962—Jan 31 60,619 20,580 8,592 17,333 6,330 4,780 3,003 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 6,232 commercial banks, 510 mutual savings 3 Holdings first reported separately in the Treasury Survey for December banks, and 819 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

444 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 y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 A f y t e e a r rs se d G c e a u a o n r l v i d 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 m c k ia s - l o A th l e l r brokers 1961 Feb 1 364 934 353 46 32 400 38 632 294 66 Mar 1 568 1,144 320 70 33 520 27 639 382 81 Apr 1 523 1 200 206 82 35 468 20 625 410 74 May 1 519 J.092 299 92 36 481 23 626 389 79 June 1,383 ,143 175 42 23 411 19 579 374 81 July 1 783 441 281 49 13 555 33 708 487 69 1 395 ,173 162 41 19 423 32 519 421 56 Sept 1,442 ,185 177 47 34 406 25 608 403 99 Oct 1 690 ,389 254 27 20 547 38 695 410 61 Nov 1,686 ,295 309 41 43 514 33 691 448 90 Dec 1,653 32R 228 45 52 540 29 698 386 69 1962 Jan 1,717 1,478 149 64 26 538 25 716 438 98 Feb 1,970 1,520 295 95 60 565 36 832 537 83 Week ending— 1962—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 1 956 1,528 251 107 70 629 52 740 535 71 Mar. 7 1,707 1,365 230 66 47 562 25 684 436 92 14 1,721 1,337 239 81 64 620 26 677 398 60 21 1 657 1 351 182 64 60 620 44 593 401 94 28 1,590 1,266 203 64 57 503 33 681 373 84 i The transactions data combine market purchases and sales of U. S. or purchases or sales of securities under repurchase agreements, reverse Government securities dealers reporting to the Federal Reserve Bank of repurchase (resale), or similar contracts. The averages are based on the New York. They do not include allotments of and exchanges for new number of trading days in the period. U. S. Government securities, redemptions of called or matured securities, NOTE.—Details may not add to totals because of rounding. 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 mat A ur l i l ties W 1 i y th e i a n r y 1 e - a 5 rs 5 A y f e te a r rs se a c g u e r n i c ti y es Period so A ur l c l es Y N o e r w k Else- C t o i r o p n o s r 2 a- o A th l e l r City where 1961— Feb 2,794 2,128 578 88 112 Mar 2,077 1,600 388 90 106 1961—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 ,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 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 Feb 2,265 1,914 297 54 83 1962—Jan 2,740 482 '596 [,341 320 Feb 2,296 426 449 1,218 203 Week ending— Week ending— 1962—Jan. 3.. 3,344 3,064 278 3 97 10.. 2,973 2,772 201 1 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 Feb. 7.. 2,187 1,953 232 3 118 14.. 2,220 1,811 401 9 112 Feb. 7... 2,214 411 415 1,169 218 21.. 2,313 1,926 353 34 112 14... 2,242 421 400 1,177 244 28.. 2,358 1,963 206 190 120 21... 2,409 441 535 1,235 198 28... 2,320 429 447 1,292 151 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract r Revised. is matched by a reverse repurchase (resale) agreement or delayed delivery 1 The figures are based on the number of calendar days in the period. sale with the same maturity and involving the same amount of securities. Both bank and nonbanks dealers are included. See also note 1 of the Included in the repurchase contracts are some that more nearly represent opposite table on this page. investments by the holders of the securities rather than dealer trading 2 All business corporations except commercial banks and insurance positions. companies. 2 Averages are based on number of trading days in the period. NOTE.—Details may not add to totals because of rounding. 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 445 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 19621 [On basis of daily statements of U. S. Treasury; in millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. A A p p r r . . 1 5 2 , , 1 1 9 9 6 6 2 2 .. .. 1 1 , , 7 7 0 0 1 1 S S e e p p t t . . 2 1 0 3 , , 1 1 9 9 6 6 2 2 6 6 0 0 0 0 N O o ct v . . 15 1 , , 1 1 9 9 6 6 3 3 4 \ % yz 3,0 5 1 0 1 6 F M e a b r . . 1 15 5 , , 1 1 9 9 6 6 5 5 -70... 2 2 % 1/i 4 2 , , 6 4 8 2 1 8 Apr. 15, 1962.. 2,000 Sept. 21, 1962* 1,802 Apr. 1,1964 11/2 457 May 15, 1966 3% 3,597 Apr. 19, 1962.. 1,702 Sept. 27, 1962 600 May 15, 1964 434 4,933 Aug. 15, 1966 3 1,484 Apr. 26, 1962.. 1,702 Oct. 15, 1962 2,003 May 15, 1964 3% 3,893 Nov. 15, 1966...... 3Ys 2,438 May 3,1962., 1,801 Jan. 15,1963 2,001 Aug. 15, 1964 5 2,316 Mar. 15, 1966-71...214 1,417 May 10, 1962.. 1,700 Aug. 15, 1964 334 5,019 June 15, 1967-72... 2% 1,341 M M a a y y 2 1 4 7 , , 1 1 9 9 6 6 2 2 . . . . 1 1 , , 8 8 0 0 0 2 Certificates N Oc o t v . . 15 1 , , 1 1 9 9 6 6 4 4 4 iy % 2 4,1 4 9 9 5 0 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 -72... 3 2i % /2 3 1 , , 6 94 0 7 4 M Ju a n y e 3 7 1 , , 1 1 9 9 6 6 2 2 ., .. 1 1 , , 8 8 0 0 1 0 F M e a b y . 1 1 5 5, , 1 1 9 9 6 6 2 3 3V 3 i 5 6 , ,8 5 6 0 1 9 A M p a r y . 1 1 5 , , 1 1 9 9 6 6 5 5 4 iy % 2 2, 4 11 6 3 6 D M e a c y . 1 1 5 5, , 1 19 9 6 6 8 7 -72... 3 2 % i/2 2 2 , , 8 4 5 6 5 0 June 14, 1962.. 1,802 Oct. 1,1965 11/2 315 Oct. 1,1969 4 2,538 June 21, 1962.. 1,802 Apr. 1, 1966 IV2 675 Aug. 15, 1971 4 2,806 June 22, 1962* 2,511 Treasury notes Aug. 15, 1966 4 4,454 Nov. 15, 1974 3% 1,171 J J u u n ly e 28 5, , 1 1 9 9 6 6 2 2 ., .. 1,8 6 0 0 1 0 A M p a r y . 1 1 5, , 1 1 9 9 6 6 2 2 li/ 4 2 2,21 8 1 6 Oct. 1,1966 Vfi 295 J M un ay e 1 1 5 5 , , 1 1 9 9 7 7 8 5 - - 8 85 3 . . . . . . 4 3 1 1 4 /4 1,5 4 9 7 5 0 July 12, 1962., 600 Aug. 15, 1962 4 158 Treasury bonds Feb. 15, 1980. 4 1,446 July 15,1962.. 2,004 Aug. 15, 1962 314 7,325 June 15, 1959-62...214 3,963 Nov. 15, 1980 314 1,916 J J A A u u u u l l y y g g . . 2 1 9 2 6 9 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 2 2 2 . . , . . .. 6 6 6 6 0 0 0 0 0 0 0 0 N N O Fe o c o b t v v . . . . 1 1 1 5 5 5 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 2 2 3 3 3 2 i 1 Y % y 4 4 2 2 6 1 , , , 5 8 1 0 4 3 9 8 3 9 0 2 J D D A u e e u n c c g e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 19 9 9 9 6 6 6 5 3 0 2 9 - - - 6 6 6 5 7 2 2 . . . . . . . . 2 2 2 2 V 1 V % 4 i 2 2 4 1 1 , , , , 2 3 4 4 7 1 8 6 0 7 5 3 M F F N e e o a b b v y . . . 1 1 1 15 5 5 5 , , , , 1 1 1 1 9 9 9 9 9 9 8 9 8 5 5 0 3 3 3 1 V V / 3 2 4 2 4 2 4 1 , , , , 0 6 4 1 1 6 6 3 7 5 1 2 A A A u u u g g g . . . 2 3 1 3 6 0 , , , 1 1 1 9 9 9 6 6 6 2 2 2 ., . . , 6 6 6 0 0 0 1 0 0 A F M e p a b r y . . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 3 3 3 3 \ V y 4 2 4 3 1 , ,7 5 6 4 3 4 3 3 2 J D F u e e n b c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 3 4 - -6 6 9 8 . . . . . . 2 2 i V / 3 2 i 2 2 1 , , , 6 7 8 3 0 1 5 1 8 Co I n n v v e e r s t t ib m le e n b t o S n e d r s ies B Sept. 6,1962., 601 May 15, 1963 3% 5,047 Dec. 15, 1964-69... 2i/i 2,552 Apr. 1, 1975-80... 234 4,379 * Tax anticipation series. 2 Partially tax-exempt. 1 Direct public issues. NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data; par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issue * 1Use of proceeds 4 Total Period Total G g o a e b a t n i l l o e i- n r- R n e u v e e- A H P u i u i o t t n b y h u g l 2 o s ic - r- F l G o e a o a d n l v e s t r . 3 - State S d a s u i p t t a s o a e t n t h r t c r d u y i o i c a - r t l - Others a d m er e e o li d u v n < - t > Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t t a i w n h i e t l d e s e e i- r r r , h R i d t o n e i e g u a n s l s i 7 - - - V a a e n i t d e s' r- O p p o t u h s r e e - s r ity 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1.119 1954 6,969 3,380 3,205 374 9 2 047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 ;m 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 1958 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,695 4,778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 1,989 402 355 j683 I960 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 894 I960 Nov . 506 351 144 11 102 70 334 432 501 181 81 101 (9) 138 Dec... 496 270 108 98 21 49 99 348 448 491 162 44 119 99 68 1961—Jan.... 716 560 88 63 4 225 89 402 505 715 378 36 111 63 31 95 Feb.... 691 383 295 9 4 62 231 397 715 689 234 96 207 9 13 131 Mar.... 767 613 138 16 252 75 439 711 764 226 45 174 5 100 214 Apr.... 727 551 119 51 6 273 97 356 721 723 208 67 66 55 170 156 May... 643 414 217 12 18 209 417 672 641 290 33 161 6 150 June 1 086 678 394 15 193 314 580 709 1 084 224 257 322 10 271 July. .. 488 318 103 52 16 115 111 262 1,015 485 160 69 93 52 110 Aug 605 423 112 60 10 134 163 309 517 604 281 55 86 61 121 Sept.. . 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. 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

446 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates; in millions of dollars] Gross proceeds, all issuers2 Proposed use of net proceeds, all corporate issuers* Noncorporate Corporate New capital Year or Remonth tire- Bonds ment Total G U o . v S t . .3 a F e c g e r y e a d n 4 l - - S n m a t i n a c u d t i - e - Others Total Total P li u cl b y - v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p t u h r e - r s ri e o t c i f e u s pal offered placed 1954., 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955. 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956. 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957. 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958. 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959.. 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960. 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961. 35,494 12,253 1,448 8,345 302 13,147 9,425 4,706 4,720 449 3,273 12,874 11,979 10,829 1,150 895 1961—Jan... 1,774 455 706 12 601 472 178 294 30 99 590 580 552 28 10 Feb... 5,455 4,069 660 31 695 529 273 255 37 130 682 667 612 56 14 Mar.. 2,161 434 252 756 23 696 542 211 331 29 125 679 562 484 77 118 Apr... 3,393 348 100 710 4 2,231 1,061 713 348 60 1,111 2,203 2,118 2,055 63 85 May.. 4,432 2,244 149 625 72 1,342 1,021 666 355 92 228 1,314 1,259 1,090 169 55 June.. 3,494 369 278 1,035 33 1,779 1,495 924 572 40 244 1,744 1,318 1,127 191 426 July.. 1,901 342 463 20 1,075 817 424 392 20 239 1,049 1,028 846 182 22 Aug.. 2,064 392 250 603 5 813 637 225 411 45 131 793 762 662 100 31 Sept.. 1,913 338 193 699 5 678 460 123 336 17 201 658 647 612 36 11 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 1962—Jan... 3,523 1,589 246 815 153 720 580 273 308 138 704 660 556 104 44 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e ll r a c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955....... 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 6 1960 1,997 79 794 30 672 39 2,754 51 1,036 2,401 71 1961 3,708 306 1,095 46 680 26 2,892 104 1,427 378 2,176 36 1961—Jan.. 169 1 33 1 81 137 21 138 Feb.. 99 5 91 2 55 160 41 223 1 Mar. 248 32 47 5 72 10 84 19 70 92 Apr.. 574 16 78 1 33 (4 254 21 994 45 186 1 May. 447 22 110 2 67 439 17 85 12 111 June. 446 128 120 23 115 389 13 16 251 231 N D A J S O u e o u e c l p v g t y c t . . . . . . . 4 2 2 2 2 3 7 1 5 2 5 0 1 5 5 8 2 6 2 2 1 1 1 5 8 8 2 0 8 1 1 9 7 6 5 8 4 8 6 1 1 3 6 2 1 1 1 6 2 5 6 3 1 9 8 6 0 2 1 . ( . 9 . ) . 2 2 3 3 1 1 6 1 0 6 1 6 9 5 6 2 1 8 4 2 3 0 4 2 7 8 1 1 2 5 5 0 6 3 2 2 3 1 1 1 8 0 0 7 2 0 1 6 2 4 7 5 4 2 2 2 6 1 1962—Jan.. 246 16 99 20 89 24 73 134 1 Estimates of new issues maturing in more than 1 year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 3 Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. 4 Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 447 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS Pn millions of dollars] Annual totals Quarterly totals Industry 1960 1961 1957 1958 1959 1960 1961 2 3 4 1 2 3* 4 Manufacturing Total (180 corps.): Sales 114,229105,134 118,423120,742122,634 30,924 28,103 30,142 28,651 31,233 29,541 33,208 13,349 10,466 r14,090 13,363 13,271 3,544 2,710 3,107 2,693 3,478 2,961 4,139 Profits after taxes . . .. .... 7,177 5,714 r7,440 7,077 7,178 1,813 1,499 1,703 1,436 1,838 1,618 2,286 Dividends 4,192 4,078 4,342 4,492 4,710 1,099 1,101 1,201 1,103 1,111 1,117 1,380 Nondurable goods industries (79 corps.):1 Sales ... 41,704 41,541 r45,442 46,819 49,227 11,663 11,616 11,941 11,831 12,133 12,205 13,058 Profits before taxes 5,010 4,402 r5,648 5,526 5,649 1,421 1,404 1,294 1,324 1,385 1,406 1,535 Profits after taxes 2,944 2,574 r3,210 3,161 3,243 797 814 765 757 772 796 918 Dividends 1,776 1,785 1,912 1,978 2,036 486 482 528 486 486 488 577 Durable goods industries (101 corps.):2 Sales .. . . 72,525 63,593 r72,981 73,923 73,406 19,260 16,487 18,201 16,820 19,100 17,336 20,151 Profits before taxes 8,339 6,065 8,442 7,837 7,622 2,123 1,306 1,813 1,368 2,094 1,555 2,604 Profits after taxes 4,233 3,140 4,231 3,915 3,935 1,016 684 938 679 1,066 822 1,368 Dividends 2,416 2,294 2,430 2,515 2,674 612 619 674 618 625 629 803 Selected industries: Foods and kindred products (25 corps.): Sales 9,987 10,707 11,303 11,814 12,578 2 928 2 943 3,122 3 021 3,154 3,233 3 169 Profits before taxes 1,024 1,152 1,274 1,323 I All 338 345 338 319 360 379 363 497 555 604 629 672 159 162 166 150 170 179 174 Dividends . 289 312 344 376 392 88 100 95 95 96 99 101 Chemicals and allied products (21 corps.): Sales 10,669 10,390 11,979 12,319 12,788 3,146 3,096 3,020 2,979 3,250 3,210 3,348 Profits before taxes . .. .... 1,823 1,538 2,187 1,999 2,006 534 489 440 438 514 499 555 Profits after taxes 948 829 1,131 1,062 1,060 281 256 250 229 267 260 303 Dividends 737 717 799 794 843 186 187 230 193 189 191 270 Petroleum refining (16 corps.): Sales 13,463 12,838 13,372 13,728 14,409 3,282 3,385 3,635 3,488 3,398 3.424 4,100 Profits before taxes 1,325 919 1,187 1,261 1,255 292 364 299 354 270 292 339 Profits after taxes 1,075 791 969 986 1,011 226 292 230 272 214 243 283 512 516 518 521 528 130 128 133 129 134 131 133 Primary metals and products (35 corps.): Sales 22,468 19,226 21,035 20,898 20,155 5,442 4,939 4,513 4,396 5,189 5,235 5,335 Profits before taxes 2,977 2,182 2,331 2,263 2,004 611 411 387 309 560 550 586 Profits after taxes ... 1,540 1,154 1,222 1,178 1,086 322 224 205 166 295 299 325 Dividends 873 802 831 840 844 208 208 219 207 208 208 221 Machinery (25 corps.): Sales 15,115 14,685 r17,095 16,503 17,531 4,171 4,015 4,316 4,137 4,367 4,295 4,732 1,457 1,463 1,890 1,482 1,678 395 366 332 362 398 384 534 Profits after taxes . . .... 729 734 934 760 841 202 185 175 178 202 191 271 Dividends 416 422 448 482 497 119 120 123 121 125 124 128 Automobiles and equipment (14 corps.): Sales 23.453 18,469 22,731 24,175 22,781 6,516 4,502 6,134 5,293 6,309 4,604 6,577 Profits before taxes 2,701 1,332 2,985 3,100 2,788 936 273 816 478 840 319 1,151 Profits after taxes 1,354 706 1,479 1,529 1,408 457 151 400 223 417 173 596 Dividends 805 758 807 833 967 199 207 228 205 207 207 348 Public Utility Railroad: Operating revenue 10,491 9,565 9,825 9,514 9,187 2,477 2,322 2,304 2,129 2,290 2,354 2,414 Profits before taxes 1,058 843 845 649 627 212 104 169 26 137 185 279 Profits after taxes 737 602 578 445 382 139 65 141 -13 74 122 200 Dividends 438 419 406 383 356 94 73 126 86 91 67 112 Electric Power: Operating revenue . . .. 9,670 10,195 11,129 11,861 12,595 2,837 2,865 2,993 3,323 3,013 3,054 3,206 Profits before taxes 2,579 2,704 2,983 3,169 3,316 739 757 772 918 767 802 828 Profits after taxes 1,413 1,519 1,655 1,795 1,894 422 418 452 523 447 447 477 Dividends 1,069 1,134 1,219 1,302 1,375 321 322 335 343 344 335 353 Telephone: Operating revenue . .. . 6,467 6,939 7,572 8,111 8,615 2,025 2,042 2,077 2,090 2,139 2,156 2,230 Profits before taxes 1,562 1,860 2,153 2,326 2,478 585 589 594 587 614 620 657 Profits after taxes 788 921 1,073 1,155 1,233 290 294 294 290 307 310 326 613 674 743 806 867 200 203 207 210 214 218 225 r Revised. Telephone. Revenues and profits are for telephone operations of the 1 Includes 17 companies in groups not shown separately. Bell System Consolidated 'including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data, are obtained primarily Telegraph Company) and for 2 affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the 2 affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric Power. Figures are for Class A and B electric utilities (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see BULLETIN for June 1949, pp. 662-66 obtained from reports of the Federal Power Commission, except that (manufacturing); BULLETIN for March 1942, pp. 215-17 (public utilities); quarterly figures on operating revenue and profits before taxes are partly and BULLETIN for September 1944, p. 908 (electric power). For back estimated by the Federal Reserve to include affiliated nonelectric opera- data for manufacturing, see BULLETIN for July 1959, pp. 792-93; back tions. data for other series are available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 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 typev 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 fi t i t e s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1954 34.1 17.2 16.8 9.8 7.0 1955 44.9 21.8 23.0 11.2 11.8 1954 11 694 5 629 6 065 7 832 4 033 3 799 3,862 1,596 2,265 1956 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 19^7 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958 37.4 18.6 18.8 12.4 6.4 1957 14 350 3,609 10,741 9 638 2 584 7,053 4,712 1,024 3,688 1959.... 46.8 23.1 23.7 13.4 10.3 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 I960 45.0 22.3 22.7 14.1 8.6 1959 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 1961 46.1 22.8 23.3 14.4 o O 1960 12,958 4,760 8,198 8,044 3.010 5,034 4,914 1,751 3,164 1961 16,745 6,967 9,778 9,205 4,090 5,114 7,540 2,876 4,664 1959_3 44 8 22.1 22.7 13.7 9.0 4 44.9 22.1 22.7 13.8 8.9 I960—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 1961 1 3,247 1,417 1,830 1,488 770 718 1,759 647 1,112 2. 46.3 23.0 23.3 14.0 9.3 2 5 566 1 808 3 758 3 273 1 255 2 018 2 293 553 1,740 3 43.2 21.4 21.7 14.1 7.6 3 3,594 1,750 1,844 2,011 1,213 798 1,582 537 1,046 4 42.6 21.1 21.4 14.3 7.2 4 4,338 1,991 2,347 2,432 852 1,581 1,908 1,140 766 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. 446 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. 446. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates; in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d a b a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c l t d i a o a e x m - ra e l Other ties U. S. Other U. S. Other bilities Govt.2 Govt.2 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103 0 224.0 34.6 23 5 2 3 86.6 72 8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 L.7 88.7 12.9 33.3 1959 127.5 278.7 37.2 22.6 2.9 119.0 88.2 8.8 151.2 L.7 99.0 15.3 35.2 1960—3 131.6 285.8 35.0 19.3 2.9 125.8 92.6 10.1 154.2 L.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 L.8 102.6 13.8 36.8 1961—1 134.3 286.6 34.8 19.5 3.2 125.5 92.9 10.7 152.3 L.8 100.9 12.1 37.5 2 137.9 291.4 36.1 19 4 3.1 129.2 92 3 11.3 153.5 L.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 L.8 104.0 12.7 38.4 4 141.0 304.5 40.0 19.3 3.4 135.9 94.8 11.1 163.5 L.8 108.9 14.3 38.4 1 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- Other2 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 1.0 .9 .6 4.3 2.0 7.5 1956 35.1 15.0 1.2 1.2 .7 4.9 2.7 8.4 1961—1 7.6 3.2 .6 l.l 2.7 33.9 1957 37.0 16.0 1.2 1.4 L.8 6.2 3.0 7.4 2 8.6 3.7 .7 L.4 2.9 33.5 1958 30.5 11.4 .9 .8 .5 6.1 2.6 7.2 3 8.7 3.6 .6 [.5 2.9 34.7 1959 32.5 12.1 1.0 .9 1.0 5.7 2.7 8.2 4 9.5 4.1 .7 L.5 3.2 35.4 1960 35.7 14.5 1.0 1.0 L.9 5.7 3.1 8.4 1961... . 34.4 13.7 1.0 .7 1.9 5.5 11.7 1962—14.... 8.1 3.4 .6 L.I 3.1 36.1 1962* 37.2 14.9 1.0 .8 ]L.8 5.6 i: .0 44.... 9.4 4.0 .7 1.3 3.4 36.6 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 449 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER pn billions of dollars] All properties Nonfarm Farm Other Multifamily and E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a ti l n n - s - S F e a e c l g e d i e e c e h n s t r e o - a d l l de v o r I i a t s d n h n u d e d a i r - l s s h A o er l l d s l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t i i l 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 u i 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 r h l e s d e s - r 1 h A o er l l s d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r 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.i 13.1 4.7 8.4 1961* 224.3 172.5 11.8 39.9 210.0 153.4 129.1 24.3 56.6 38.4 18.2 14.2 5.0 9.2 I960—Mar.. 194.5 148.0 10.3 36.1 181.9 133.1 110.9 22.2 48.8 32.6 16.2 12.5 4.5 8.0 June.. 198.5 151.3 10.6 36.6 185.7 135.9 113.3 22.5 49.8 33.4 16.4 12.8 4.6 8.2 Sept.. 202.6 154.6 11.0 37.0 189.6 138.8 115.8 23.1 50.8 34.2 16.6 13.0 4.6 8.3 Dec... 206.2 157.6 11.2 37.4 193.1 141.3 117.9 23.4 51.8 35.0 16.8 13.1 4.7 8.4 1961—Mar.» 209.3 160.2 11.3 37.9 196.0 143.2 119.8 23.5 52.8 35.7 17.1 13.3 4.7 8.6 June*. 214.0 164.3 11.2 38.5 200.3 146.5 123.0 23.5 53.9 36.5 17.4 13.7 4.8 8.9 Sept.** 219.0 168.4 11.4 39.5 205.0 149.9 126.1 23.8 55.1 37.3 17.8 14.0 4.9 9.1 Dec*. 224.3 172.5 11.8 39.9 210.0 153.4 129.1 24.3 56.6 38.4 18.2 14.2 5.0 9.2 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 savings Housing Administration, Public Housing Administration, Veterans banks, life insurances companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings- End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1955 21,004 15,888 4,560 3,711 7,617 3,819 1.297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ^67 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1.588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 ,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961^ 30,317 21,253 5,985 2,716 12,552 7,306 1,758 29,136 26,339 7,981 9,324 9,034 2,745 52 1960—Mar 28,228 20,292 6,053 3,124 11.115 6,345 ,591 25,404 22,871 6,415 8,729 7,727 2,479 54 June 28,463 20,334 5,978 3,032 11,324 6,484 1,646 25,849 23,293 6,571 8,879 7,843 2,503 53 Sept 428,693 20,399 5,906 2,919 11,574 6,651 ,643 26,430 23,835 6,832 8,941 8,062 2,542 53 Dec 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961—-Mar. 28,864 20,281 5,793 2,776 11,712 6,906 1,677 27,447 24,800 7,353 9,111 8,336 2,597 50 29,383 20,595 5,820 2,726 12,049 7,072 .716 28,015 25,318 7,634 9,192 8,492 2,645 51 Sept 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 Decv 30,436 21,305 6,008 2,727 12,570 7,366 1,765 29,136 26,339 7,981 9,324 9,034 2,745 52 » Preliminary. banking statistics. March and September figures are Federal Reserve 1 Represents all banks in the United States and possessions. estimates based in part on data from National Association of Mutual 2 Includes loans held by nondeposit trust companies, but excludes Savings Banks. holdings of trust departments of commercial banks. March and Septem- 4 Data reflect a $40 million reclassification by 1 bank from commerber figures are Federal Reserve estimates based on data from Member cial and industrial to real estate loans, reported Aug. 24, 1960. Bank Call Report and from weekly reporting member banks. SOURCE.—All-bank series prepared by Federal Deposit Insurance 3 Figures for 1941 and 1945, except for the grand total, are estimates Corporation from data supplied by Federal and State bank supervisory based on Federal Reserve preliminary tabulation of a revised series of agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 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 4,466 116 1955 6,623 6,108 971 1 839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 19612? 6,722 6,169 1,377 223 4,569 553 44,241 41,070 9,664 6,552 24,854 3,171 1961 Feb 447 395 117 12 266 52 42,143 39,152 9,210 6,866 23,076 2.991 Mar 549 490 105 20 365 59 42,351 39,347 9,275 6,839 23,233 3,004 Apr 513 463 107 13 343 50 42,553 39,525 9,326 6,810 23,389 3,028 M!ay . 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 Oct 580 541 112 24 405 39 43,580 40,435 9,574 6,592 24,269 3,145 Nov 590 543 110 26 407 47 43,815 40,656 9,620 6,566 24,470 3,159 Dec 878 826 134 44 648 52 44,241 41,070 9,664 6,552 24,854 3,171 1962 Jan 560 495 122 34 339 65 44,378 41,209 9,726 6,532 24,951 3,169 Feb 457 400 98 27 275 57 44,494 41,304 9,766 6,507 25,031 3,190 P Preliminary. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage 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) Total (witho B ut y s t e y a p s e o n o a f l le a n d d ju e s r tment) Y m e o a n r th or Totali 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 TotaP 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 l o y - n- W se a a d it s j h o u o n s u t a - t l in l S o g a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed1 ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1955 11,255 3,984 5,155 31,408 1,404 5,883 24,121 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957....... 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1958 27,388 10,516 1,460 5,204 1,640 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1959 32,235 13,094 1,523 5,832 1,780 1961 17,364 5,081 7,207 68,833 4,167 7,152 57,514 1960 29,341 12,158 1,318 4,520 1,557 1961 31,157 13,662 1,160 4,997 1,741 1961 1961 Feb 1,001 288 395 60,867 3,610 7,204 50,053 Mar 1,356 426 515 61,557 3,659 7,193 50,705 Jan 2,373 2,075 830 83 337 110 Apr 1,309 417 504 62,252 3,702 7,205 51,345 Feb 2,387 1,997 838 78 321 95 May 1,511 460 603 63,061 3,770 7,213 52,078 Mar 2,398 2,444 1,060 94 394 106 June 1,721 532 712 64,058 3,836 7,195 53,027 Apr 2,476 2,358 1,038 89 386 114 July 1,482 422 659 64,795 3,890 7,195 53,710 May 2,561 2,700 1,199 100 444 138 Aug 1,763 498 785 65,705 3,955 7,169 54,581 June 2,581 2,856 1,292 104 460 153 Sept 1,594 436 695 66,507 4,014 7,159 55,334 July 2,652 2,653 1,166 95 425 168 Oct 1,629 464 696 67,317 4,061 7,152 56,104 Aug 2,652 3,004 1,346 111 482 179 Nov 1,529 436 645 68,069 4,125 7,176 56,768 Sept 2,723 2,777 1,248 101 441 174 Dec 1,500 417 598 68,833 4,167 7,152 57,514 Oct 2,775 2,961 1,304 109 468 174 Nov 2,779 2,754 1,209 97 440 173 1962 Dec 2,763 2,579 1,132 96 399 156 1,323 353 550 69,368 4,204 7,161 58,003 1962 Feb.p 1,310 366 514 69,958 4,234 7,157 58,567 Jan 2,459 1,041 88 400 138 P Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning with 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. SOURCE.—Federal Home Loan Bank Board. SOURCE.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 451 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month Total p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a e y g o c p e r t e s t- i p l m o r e i o a m r e t n v n y - e s t 2 - TotaP p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o o e f r r Total unde F r H w A ri - tten VA- 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 oo *> 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 . . .. 99 0 43 9 15 5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47^2 16 5 30 7 60.4 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1958 117.7 50 1 19 7 30.4 67.6 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1959 131.0 53 8 23 8 30 0 77.0 I960 141,3 56.4 26.7 29.7 84.8 1961—Feb 448 148 193 57 50 108 81 27 1961*> 153.4 59.5 29.5 30.0 93.9 Mar 480 143 204 72 60 125 93 32 Apr 458 124 193 75 65 109 78 31 1960—Mar 133.1 54.5 24.6 29.9 78.6 May 501 130 219 84 68 123 83 41 June 135.9 55.0 25.2 29.8 80.9 J Ju u l n y e 5 5 6 4 3 3 1 1 3 3 2 4 2 2 5 5 4 2 9 8 0 0 7 8 6 7 1 1 3 4 7 4 9 8 0 9 4 5 8 4 D Se e p c t 1 1 4 3 1 8 . . 3 8 5 56 5 . . 4 7 2 26 6 . . 7 0 2 2 9 9 . . 7 7 8 84 3 . . 8 2 Aug 647 164 299 96 88 182 113 68 Sept 569 147 276 73 74 168 98 70 1961—Mar.».... 143.2 57.1 27.4 29.7 86.1 D O N e c o c t v 6 5 55 9 2 3 9 2 1 1 1 7 5 4 4 3 8 2 2 3 8 7 1 5 3 0 6 6 8 5 2 3 7 6 8 3 5 3 2 2 1 0 0 9 1 6 7 1 1 1 1 1 1 8 2 4 8 8 8 6 7 4 D J Se u e p n c t* . e ? * ?.... 1 1 1 5 4 4 3 9 6 . . . 4 9 5 5 5 59 7 8 . . . 5 8 7 2 2 2 8 8 9 . . . 0 8 5 2 2 3 9 9 0 . . . 9 8 0 9 9 8 3 1 8 . . . 9 2 7 1962—Jan. 617 179 301 74 63 227 127 99 Feb 474 150 248 26 50 175 95 80 P Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans^ not shown separately; only such SOURCE.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans amounts by type are derived from data on number and average amount of loans closed. SOURCE.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY! FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' ]md 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 FH in A - - g V u A ar - - d u i n s- - Total S te h r o m rt 1 - L te o rm ng 2 - deposits sured anteed c P ha u s r e - s Sales bursed 1945 278 213 195 176 19 46 1955 2,615 901 1,714 411 6? 76 1955 1,251 702 1,417 991 426 698 1956. 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957. 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958. 3,901 1,483 2,418 623 48? 1,541 1958 1,364 1,331 1,298 685 613 819 1959. 5,531 2,546 2,985 1,907 5 568 1959 2 067 1,231 2,134 1,192 942 589 1960 6,159 3,356 2,803 1 248 357 576 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 1,180 1961 Vefo 6,110 3,336 2,775 54 75 539 1961—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 17? 532 May .... 197 149 1,624 852 772 [,089 May 5,772 3,188 2,584 42 101 523 June 367 122 1,869 975 894 1,154 June 5,763 3,191 2,572 38 18 544 Julv 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 5,804 3,245 2,559 71 593 Sept 244 120 2,124 1,233 892 1,022 Sept 5,841 3,281 2,561 76 10 626 Oct 257 179 2,202 1,239 963 1,008 Oct 5,916 3,345 2,571 108 ? 653 Nov 263 178 2,287 1,269 1,018 1,029 Nov 6,004 3,417 2,587 121 656 Dec 510 135 2,662 1,447 1,216 1,180 Dec 6,093 3,490 2,603 127 ? 631 1962—Jan 265 608 2,320 1,293 1,027 995 1962 Tan 6,186 3,566 2,620 124 1 637 Feb 145 236 2,228 1,228 1,000 1,007 Feb 6,248 3,618 2,630 102 7 605 Mar 204 281 2,151 1,170 981 1,109 i 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

452 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 p t o h u e d e m r r s i er e a r n R l n o d i e a z p m n a a t s o i i o 2 r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1.414 518 1941 . 9,172 6,085 2,458 1,929 376 1^322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1955....... 38,807 28,883 13,437 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1956. 42,262 31,648 14,348 8,606 1,905 6,789 10,614 3,253 4,995 2 366 1957 44 848 33,745 15,218 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 44,984 33,497 14,007 9,028 2,346 8,116 11,487 3,627 5,060 2,800 19593 51,331 39,034 16,209 10,630 2,809 9,386 12,297 4,129 5,104 3,064 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—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 54,602 41,888 17,061 10,966 3,122 10,739 12,714 4,743 4,474 3,497 July 54,505 41,909 17,063 10,934 3,133 10,779 12,596 4,708 4,397 3,491 54,739 42,090 17,061 10,966 3,165 10,898 12,649 4,769 4,409 3,471 Sept 54,757 42,039 16,902 11,006 3,180 10,951 12,718 4,832 4,423 3 463 Oct 54,902 42,181 16,913 11,085 3,183 11,000 12,721 4,778 4,517 3,426 Nov 55,451 42,419 16,960 11,215 3,192 11,052 13,032 4,880 4,684 3,468 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 Feb 55,592 42,632 16,900 11,380 3,099 11,253 12,960 4,931 4,294 3,735 * 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] ]7mancial~institutions Retail outlets Total E o n r d m o o f n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k i - a s l f p i c S n a o a n a m l n i e e - c s s e u C n r i e o d n i s t p f s i a c C u n o n o m a m i n n e e - - s c r ^ e Other i Total D st m e o p r e e a n s r t * t- F s t t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1955 28,883 24,375 10,601 8,424 1,678 2,623 1.049 4,508 1,511 1.044 365 487 1.101 1956. 31,648 26,905 11,777 9,045 2,014 2,940 1,129 4,743 1,408 1,187 377 502 1,269 1957 33,745 29,078 12,843 9,487 2,429 3,124 ,195 4,668 1,393 [,210 361 478 1,226 1958 33,497 28,514 12,780 8,699 2,668 3,085 [,282 4,983 1,882 1,128 292 506 11,175 1959* 39,034 33,359 15,227 10,108 3,280 3,337 1,407 5,676 2,292 1,225 310 481 1,368 I960 42,588 36,974 16,672 11,228 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 1,080 322 359 1,401 1961—Feb 41,662 37,329 17,285 11,053 3,886 3,621 1,484 4,334 1.367 1,043 317 361 t,246 Mar 41,465 37,092 17,148 10,931 3,920 3,603 1,490 4,373 1,452 1,016 312 361 [,232 41,423 37,003 17,072 10,883 3,964 3,606 1,478 4,420 1,545 1,002 306 361 [206 May!!!!!!!!!! 41,584 37,056 17,079 10,859 4,019 3,607 1,492 4,527 1,650 997 307 360 [,213 June 41,888 37,249 17,113 10,915 4,107 3,622 1,492 4,639 1,748 1,001 310 359 1.221 July 41,909 37,226 17,066 10,903 4,144 3,633 1,480 4,682 1,811 993 312 359 11,207 Aug. 42,090 37,320 17,065 10,886 4,207 3,659 1,503 4,769 [,896 11,001 314 359 [,199 Sept 42,039 37,188 16,909 10,882 4,233 3,650 1,514 4,850 .979 1,009 315 360 *«7 Oct 42,181 37,191 16,877 10,866 4,269 3,671 ,508 4,990 2,097 1,014 315 359 1L205 Nov 42,419 37,240 16,836 10,878 4,317 3,684 1,525 5,179 2,213 11,034 314 360 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 [,401 1962 Jan 42,846 37,551 16,759 11,190 4,306 3,782 1,514 5,295 2,212 1,057 315 359 [ 352 Feb 42,632 37,469 16,726 11,133 4,311 3,783 1,516 5,163 2,167 1,039 311 358 [ 288 i 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 453 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENTrCREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] [Estimated amounts outstanding; in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i o n p a o iz n d d a n a s i - r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m p o h n e d e e - r r s r m R iz l o o a e a d n a p ti e n d a o r s i n n r - l s 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 ,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,052 6,590 3,100 161 ,201 1961 16,843 5,307 2,862 2,684 2,180 3.810 1961—Feb.. 11,053 7,033 2,821 140 ,059 1961—Feb 17,285 5,187 2,788 3,596 2,148 3.566 Mar. 10,931 6,924 2,806 143 ,058 Mar 17,148 5,174 2,802 3,449 2,134 3,589 Apr.. 10,883 6,858 2,813 146 ,066 Apr 17,072 5,170 2,810 3,309 2,141 3,642 May. 10,859 6,819 2,824 146 ,070 May 17,079 5,216 2,836 3,202 2,155 3,670 June, 10,915 6,829 2,848 149 ,089 June 17,113 5,275 2,861 3,095 2,170 3,712 July. 10,903 6,799 2,854 155 ,095 July 17,066 5,295 2,861 3,013 2,176 3.721 Aug. 10,886 6,756 2,865 149 ,116 Aug 17,065 5,312 2,860 2,936 2,190 3,767 Sept. 10,882 6,650 2,937 153 ,142 Sept 16,909 5,284 2,822 2,826 2,197 3.781 Oct.. 10,866 6,621 2.929 157 ,159 Oct 16,877 5,308 2,825 2,769 2,198 3,777 Nov. 10,878 6,611 2,940 160 ,167 Nov 16,836 5,314 2g852 2,700 2,195 3,775 Dec, 11,052 6,590 3,100 161 ,201 Dec 16,843 5,307 2,862 2,684 2,180 3,810 1962—Jan.. 11,190 6,535 3,286 162 ,207 1962—Jan 16,759 5,292 2,871 2,631 2,147 3,818 Feb.. 11,133 6,528 3,232 162 ,211 Feb 16,726 5,309 2,881 2,594 2,119 3,823 i Includes data for Hawaii beginning with August 1959. i Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding; in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] Singlepayment Charge accounts Other Repair Total loans E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz l o o a a n a d 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 - f O i i n c n t i s h a a t n e l i- r - st m p D o a r e e r e n t - s - t i o O r u e t t t h l a e e i t l r s C c r a e r d d i s t 2 S c e r r e v d i i c t e tutions 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1955 5,350 763 530 327 3,730 1 19 9 4 4 5 1 3 3 , , 2 0 0 8 3 7 6 6 7 9 4 3 1 7 5 2 2 2 2 7 9 5 0 1 1 , , 3 37 2 0 2 5 8 9 4 7 5 1956 6,083 954 624 404 4,101 1957 6,748 1,114 588 490 4,555 1955 9,924 2,635 367 862 3,717 216 2,127 1958 7,035 1.152 565 595 4,723 1956 10,614 2,843 410 893 3,842 260 2 366 19591.. 8,024 ,400 681 698 5,244 1957... 11,103 2,937 427 876 3,953 317 2,593 I960 9,074 ,665 771 800 5,837 1958 11,487 3,156 471 907 3,808 345 2,800 1961 9,685 ,842 763 836 6,244 19593 . 12,297 3,582 547 958 3 753 393 3 064 1960 13,169 3,884 623 941 3,952 436 3*,333 1961—Feb 8,991 11,648 746 787 5,809 1961 13,976 4,224 731 948 4,027 463 3,583 Mar. 9,013 1,661 740 789 5,823 Apr 9,048 1,677 734 786 5,850 1961—Feb.... 12,181 3,927 646 669 3,030 433 3,476 May. 9,118 1,702 736 799 5,882 Mar.... 12,176 3,925 686 637 3,034 425 3,469 9,221 1,737 743 803 5,938 Apr.... 12,333 3,970 619 631 3,149 423 3,541 July 9,257 1,748 744 802 5,963 May... 12,612 4,028 689 634 3,329 417 3,515 AUSL 9,369 1,774 755 826 6,015 June... 12,714 4,090 653 624 3,411 439 3,497 Sept 9,397 1,786 753 830 6,028 July.... 12,596 4,103 605 574 3,360 463 3.491 Oct 9,448 ,800 756 828 6,064 Aug.... 12,649 4,100 669 589 3,327 493 3,471 Nov. 9,526 ,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 ,821 752 822 6,207 Dec.... 13,976 4,224 731 948 4,027 463 3,583 Feb .. ... ... 9,610 824 749 818 6,219 1962—Jan..... 13,432 4,203 703 804 3,614 474 3,634 Feb.... 12,960 ;4,220 711 635 3,188 471 3,735 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

454 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti a on n d loans Personal loans Year or month Adjusted U ju n 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—Feb 3,812 3,183 J.216 1049 888 157 127 1.274 1.119 Mar 3,894 3,907 1,255 1,323 1,188 1,111 172 161 1,279 11,312 Apr. ' 3.800 3,721 1,225 1,243 1,162 1,073 167 166 1,246 11,239 May 3,907 4,203 1,270 1,449 11,173 1,221 181 200 11,283 1,333 3,962 4,347 1,296 1.515 1,175 1,236 177 1% 1,314 1[,400 July 3,909 3,905 1,300 1,365 [,184 1.113 167 175 1,258 1,252 4,038 4,234 1,302 1,395 1,212 l[229 186 206 1,338 1,404 Sept 3,942 3,789 [,271 L168 [,199 1,200 175 184 1,297 1,237 Oct 4,209 4,244 1,405 1,452 1,254 1,300 173 186 11,377 1,306 Nov. 4,317 4,275 1,511 1.402 1,249 1,327 174 177 1,383 [,369 Dec 4,315 4,754 1,471 i]289 1,316 1,750 159 145 1,369 1.570 1962 Jan 4,194 3,756 1,474 1,320 1,185 1,039 157 120 1,378 1,277 Feb 4,302 3,566 .496 1*284 .281 972 168 122 [.357 1,188 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,HO 1961 47,412 16,262 14,233 2,012 14,905 1961 Feb 3,889 3,643 1.353 1.252 1.151 1.116 160 152 1.225 1.123 Mar 3,907 4,104 1,348 1,418 1,176 1,242 164 169 1,219 1,275 Apr 3,907 3,764 1,356 1,290 1.189 1,164 165 159 1,197 1,151 May. 3,895 4,043 1,336 1,394 1.166 1,207 169 173 1,224 1,269 June 3,962 4,042 1,354 1,387 [,188 1,199 171 174 1,249 1,282 July 3,937 3,885 1,364 1,362 1,183 1,145 165 165 1,225 ,213 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 ,184 Oct....! 4,028 4,102 1,372 ,441 ,210 1,221 178 183 ,268 ,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 1,289 1,233 1.194 168 160 1^289 1,367 1962—Jan 3,979 4,073 1,380 1,402 1,147 1,205 164 166 1,288 1,300 Feb 4,066 3,780 1.369 L262 [.253 1,197 166 154 1,278 [.167 Net increase or decrease (—) in credit outstanding 2 1955 5,315 3,629 890 77 719 1956 . 2,766 911 965 212 678 1957 2,096 870 238 197 791 1958 -249 -1,212 184 245 534 19591 5,5^5 2,201 1,602 463 1,269 I960 3,554 1,236 896 329 1,093 1961 572 -483 244 37 774 1961—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 1 -32 10 33 / 39 Aug 44 181 -60 -1 15 31 16 32 73 119 Sept -14 -50 -79 -159 9 41 5 15 51 53 Oct. 181 142 33 11 44 79 -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 Feb 236 -214 127 22 28 -225 2 -32 79 21 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 2 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 455 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a i n es ce Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 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—Feb 3,812 3,183 J.393 J.217 818 672 972 853 629 441 Mar 3,894 3,907 1,432 1,466 823 829 1,000 1,023 639 589 Apr.. 3,800 3,721 1,406 1,435 830 801 953 930 611 555 May 3,907 4,203 1,431 L608 829 891 1,017 1,060 630 644 3,962 4,347 [,443 1,604 863 977 1,038 1,117 618 649 July 3,909 3,905 1,442 1,482 827 863 984 989 656 571 Aug..... 4,038 4,234 1,476 1,559 853 927 1,049 1.100 660 648 Sept 3,942 3,789 [,438 :1,371 828 809 1,023 958 653 651 N O o ct v 4 4, , 3 2 1 0 7 9 4 4 , , 2 2 4 7 4 5 [, , 5 53 5 3 7 1 I ,5 4 3 5 6 6 9 9 1 5 3 7 9 9 5 2 1 4 l 1 s 0 1 7 1 8 5 1 1 , 0 1 3 1 4 8 6 6 8 8 5 8 7 in 23 Dec 4,315 4,754 1,431 1,076 1,086 1,071 1,240 622 997 1962—Jan 4,194 3,756 1,515 1,441 907 821 1,058 944 714 550 Feb 4,302 3,566 1,557 [,359 975 797 14O64 918 706 492 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—Feb 3,889 3,643 1.540 1.472 868 783 943 867 538 521 Mar 3,907 4,104 1,544 1,601 885 951 959 1.002 519 550 Apr 3,907 3,764 [,564 1,511 883 849 931 896 529 508 May 3,895 4,043 1,521 [,600 887 915 961 991 526 537 June 3,962 4,042 1,535 [,569 909 920 985 1,016 533 537 July 3,937 3,885 1,529 1,529 890 874 963 954 555 528 Aug 3,994 4,053 [,535 1,560 906 933 988 999 565 561 Sept 3,956 3,839 [,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 1,495 1,480 899 912 1,031 1,040 592 605 Dec 4,051 4,010 50Q 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 Feb 4,066 3,780 1,469 1,392 971 904 996 910 630 574 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 19591 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—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 July -28 20 -87 -47 -63 -11 21 35 101 43 Aug 44 181 —59 -1 -64 -17 72 112 95 87 Sept -14 -50 -124 -156 -6 _4 41 28 75 82 Oct 181 142 10 —33 -5 -16 81 51 95 140 Nov 300 238 45 -41 58 12 84 78 113 1S9 Dec 264 744 37 7 145 174 63 159 19 404 1962—Jan 215 -317 29 -84 217 138 36 -83 -67 -288 Feb 236 -214 88 -33 4 -107 68 8 76 -82 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 2 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

456 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Seasonally adjusted] Annual average 1961 1962 Grouping 1960 1961v Feb. Mar. Apr. May June July Aug. Sept. Oct Nov. Dec. Jan. Feb. INDUSTRY GROUPINGS Total index. 164 165 155 156 160 164 168 170 172 168 171 173 174 172 174 Manufacturing•, total., 163 164 152 153 158 163 166 169 170 167 170 172 173 171 173 Durable 169 167 153 154 161 167 171 175 175 171 174 177 179 177 180 Nondurable 160 164 156 157 160 162 165 167 169 167 171 171 171 170 171 Mining 128 129 127 127 128 128 128 129 130 128 131 132 133 130 130 Utilities 287 292 291 296 304 307 307 314 316 317 315 '314 '318 321 Durable Manufactures Primary and fabricated metals., 127 125 108 109 117 126 129 132 136 133 133 135 '137 •138 143 Primary metals 115 112 93 94 105 115 118 121 125 126 122 123 126 128 135 Iron and steel 110 105 86 87 98 108 111 114 115 116 113 113 120 123 131 Fabricated metal products 145 143 131 131 135 143 146 148 151 144 150 153 153 152 154 Structural metal parts 155 154 141 141 144 152 158 160 164 157 161 161 159 155 157 Machinery and related products... 205 202 189 189 195 201 206 210 210 203 208 214 '217 213 215 Machinery 174 174 165 165 169 171 176 181 178 177 178 180 184 183 185 Nonelectrical machinery 145 142 136 135 140 141 144 147 145 145 145 147 148 147 149 Electrical machinery 222 226 214 213 216 221 229 237 232 229 231 235 243 '242 245 Transportation equipment 238 227 205 206 220 231 235 239 240 221 235 248 ••252 '242 244 Motor vehicles and parts 168 151 127 126 144 157 165 167 169 139 157 169 175 166 166 Aircraft and other equipment.. 368 376 363 367 366 373 366 376 375 385 388 399 400 '388 394 Instruments and related products. 221 220 210 210 210 215 220 222 227 225 225 229 228 226 222 Ordnance and accessories Clay, glass, and lumber 139 138 128 131 135 138 144 145 144 142 139 139 136 130 135 Clay, glass, and stone products. 158 156 144 149 151 155 162 165 165 162 160 159 152 147 150 Lumber and products 118 116 110 110 117 118 122 123 120 119 114 116 118 112 117 Furniture and miscellaneous. 153 154 144 145 148 152 156 156 157 158 160 164 163 r160 160 Furniture and fixtures 171 171 158 161 165 167 173 172 176 176 177 183 183 180 180 Misc. manufactures 138 140 132 131 134 139 142 142 142 142 145 148 146 143 143 Nondurable Manufactures Textile, apparel, and leather products. 136 137 127 130 132 134 137 140 142 140 144 144 145 r141 142 Textile mill products 121 124 113 116 118 122 125 127 129 131 132 131 132 130 131 Apparel products 158 158 147 152 153 153 156 162 165 159 166 165 167 161 163 Leather and products 113 113 108 108 112 112 116 113 U6 112 117 119 123 117 Paper and printing 160 164 159 159 162 163 164 164 169 168 168 169 170 '169 171 Paper and products 172 182 174 173 180 179 182 179 189 187 188 187 192 189 193 Printing and publishing. 151 153 150 150 150 151 153 154 155 155 155 157 156 156 157 Newspapers 140 139 134 136 137 137 138 139 140 140 140 142 142 142 141 Chemical, petroleum, and rubber products. 224 234 216 216 225 232 237 243 243 239 245 245 247 246 Chemicals and products 255 269 249 252 259 266 272 277 277 276 280 282 285 '283 287 Industrial chemicals 319 345 312 321 328 339 347 356 358 361 367 370 370 373 Petroleum products 162 166 160 158 162 167 166 174 172 164 172 169 162 168 'i63* Rubber and plastics products 200 201 178 168 192 199 211 215 215 210 217 217 225 208 Foods, beverages, and tobacco. 131 136 132 134 134 135 136 137 137 137 139 139 138 138 139 Foods and beverages 132 136 133 134 134 135 137 138 138 137 140 140 138 140 140 Food manufactures 135 139 135 137 137 139 139 140 140 140 142 142 142 142 142 Beverages. 119 124 119 121 122 117 123 129 127 126 128 127 122 127 Tobacco products 130 134 133 132 139 132 132 125 135 133 140 140 136 130 Mining Coal, oil, and gas 122 123 121 120 123 123 123 123 125 122 125 127 127 r125 125 Coal 68 65 63 56 63 66 64 64 67 68 69 70 70 70 68 Crude oil and natural gas. 147 150 147 149 151 149 150 150 152 147 151 152 153 151 150 Oil and gas extraction.. 147 150 146 150 151 149 151 151 152 147 151 150 151 149 150 Crude oil 135 138 135 139 139 138 139 139 141 137 139 138 138 137 138 Gas and gas liquids.. 228 226 231 238 233 234 Oil and gas drilling 145 147 144 136 145 143 142 143 141 141 147 161 165 159 150 Metal, stone, and earth minerals. 164 164 165 167 159 157 161 163 160 162 168 170 '161 167 Metal mining 134 134 146 146 127 119 123 124 124 130 137 146 155 155 158 Stone and earth minerals 195 194 185 186 192 197 201 204 198 196 199 193 181 166 173 Utilities Electric. 289 308 294 292 297 307 309 309 317 319 320 316 316 321 Gas,.... 284 288 291 296 299 301 SUMMARY MARKET GROUPINGS Final products, total 168 170 162 162 166 168 171 174 174 172 175 178 179 177 178 Consumer goods 161 164 155 156 160 163 166 169 169 164 168 170 172 '170 170 Equipment, including defense. 195 196 188 188 190 192 194 197 198 201 203 207 208 '204 209 Materials 160 161 149 150 156 161 164 166 168 165 168 168 170 '169 171 Preliminary. 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 457 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 (Without seasonal adjustment] A av n e n r u a a g l e 1961 1962 Grouping 1960 1961* Feb. Mar.Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. INDUSTRY GROUPING Total index ... ...164 165 156 158 162 164 168 160 169 171 176 174 172 '171 175 163 164 154 155 160 163 167 158 167 169 176 77.? 170 169 174 169 167 155 157 163 167 172 163 165 172 178 179 '179 177 182 160 164 157 158 162 162 166 158 173 171 178 171 164 '164 169 Mining 128 129 127 126 127 128 129 125 130 130 133 132 132 130 131 Utilities 287 Durable manufactures Primary and fabricated metals 127 125 109 in 119 127 130 120 130 133 136 134'735 r139 145 115 112 97 99 109 117 120 105 115 122 123 122 '123 '132 141 Iron and steel 110 105 88 91 101 110 113 99 108 116 116 114 '117 '127 135 Fabricated metal products . 145 143 128 130 135 140 146 143 153 150 154 153 153 '149 152 155 154 140 141 143 150 157 154 161 159 165 165 164 '155 156 205 202 193 194 199 201 205 195 190 201 212 218 227 216 221 Machinery 174 174 170 169 172 172 176 167 170 178 181 182 185 183 189 Nonelectrical machinery 145 142 140 140 144 143 145 140 138 142 143 144 149 149 154 222 226 217 216 216 217 226 211 224 238 245 245 243 238 245 Transportation equipment 238 227 212 213 225 231 236 219 196 215 241 260 '262 '253 255 Motor vehicles and parts 168 151 134 132 149 159 167 146 114 133 166 187 187 178 177 Aircraft and other equipment 368 376 371 375 371 368 365 362 366 380 386 398 402 '396 403 Instruments and related products 221 220 212 213 212 215 219 216 223 226 226 231 230 226 224 Clay, glass, and lumber 139 138 121 126 134 141 150 143 152 150 148 139 127 r]20 128 158 156 137 145 151 158 166 164 ill 167 167 160 148 '138 143 Lumber and products 118 116 103 104 115 121 132 119 131 131 126 115 103 '98 110 153 154 142 143 144 146 153 150 161 165 169 169 165 r155 158 Furniture and fixtures 171 171 158 159 160 161 168 168 180 182 186 185 186 '176 179 138 140 129 129 129 134 140 134 145 151 155 155 148 '138 141 Nondurable manufactures Textile, apparel, and leather products 136 137 137 137 n& 136 135 124 149 133 148 141 r135 r137 148 Textile mill products 121 124 117 117 123 126 125 111 130 127 136 131 127 128 133 Apparel products 158 158 162 162 161 156 154 145 176 148 171 160 152 '155 171 113 113 119 118 114 106 113 102 120 112 118 116 113 115 160 164 159 163 166 164 166 153 166 169 176 173 163 r164 170 172 182 175 178 185 180 187 162 192 189 200 190 173 '183 194 Printing and publishing 151 153 148 153 154 153 152 147 150 157 161 162 157 '152 155 140 139 130 141 146 146 139 122 126 140 15?. 155 140 131 137 Chemical, petroleum, and rubber products..» 224 234 221 221 230 232 238 226 241 239 247 246 242 r243 248 Chemicals and products 255 269 253 259 268 269 275 260 275 274 281 282 '278 '279 287 Industrial chemicals 319 345 322 330 335 342 345 335 352 353 365 372 370 371 162 166 162 157 157 164 166 173 177 168 171 167 166 168 165 Rubber and plastic products 200 201 188 176 197 194 205 181 207 213 228 223 215 219 131 136 125 126 129 132 139 137 148 151 152 141 130 r127 128 132 136 124 125 129 131 139 139 148 152 152 141 132 '127 128 Food manufactures . 135 139 128 127 129 132 138 139 151 157 157 147 137 133 132 119 124 106 116 130 129 145 138 137 127 132 114 110 101 Tobacco products 130 134 134 131 133 136 144 115 145 138 150 140 110 130 Mining 122 123 125 123 123 122 120 117 123 122 125 127 129 r129 129 Coal 68 65 64 57 61 64 61 54 70 72 75 '73 70 69 69 Crude oil and natural gas 147 150 152 153 151 148 147 145 147 145 149 152 156 '156 156 147 150 153 156 153 148 147 144 147 145 148 150 '155 '155 157 135 138 140 143 141 137 136 133 136 134 137 137 140 '141 143 Gas and gas liquids 228 246 242 238 225 220 Oil and gas drilling 145 147 143 129 137 140 143 147 146 144 148 159 167 163 149 Metal stone and earth minerals 164 164 144 147 153 169 180 176 176 179 180 164 149 r136 145 134 134 120 120 119 137 151 143 143 150 151 133 '124 '122 130 Stone and earth minerals 195 194 168 175 188 201 210 212 210 209 210 195 175 '150 158 Utilities Electric 289 308 304 298 291 291 298 306 325 327 310 304 320 342 Gas 284 SUMMARY MARKET GROUPINGS 168 170 164 164 167 167 172 165 172 176 182 179 176 '174 179 161 164 157 156 160 160 166 158 167 170 178 172 167 '166 170 Equipment including defense 195 196 191 191 193 193 196 192 194 199 201 204 '208 '206 210 Materials 160 161 150 152 157 161 165 156 166 166 171 170 168 '167 172 * Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Seasonally adjusted] Annual 1957 Average 1961 1962 Grouping proportion 1960 1961* Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. 100.00 108 109 102 103 106 108 no 112 113 Ill 113 114 115 114 115 Afanufacturinz total 86.49 108 109 101 102 105 108 111 112 113 113 114 115 114 115 49.66 104 103 94 95 99 103 105 107 108 105 107 109 no 109 111 36.83 113 117 111 112 114 116 117 119 120 119 121 121 122 121 121 Mining 8.55 97 98 96 96 97 97 98 98 99 97 100 101 101 99 99 Utilities 4.96 123 125 125 127 130 131 132 135 135 136 135 135 137 138 Durable Manufactures 13.15 97 95 82 83 89 96 99 100 104 101 102 103 r104 nos 109 Iron and steel . 7 6. . 2 7 1 3 9 8 0 8 8 8 8 4 6 73 9 7 6 4 9 7 82 9 9 8 0 6 9 8 2 9 9 9 5 1 9 9 8 2 9 9 9 3 9 9 6 0 9 9 6 0 r r 9 9 9 6 1r0918 1 1 0 0 6 5 5.42 106 105 96 96 99 105 107 108 111 105 110 112 112 112 113 2.91 104 103 94 94 96 102 106 107 110 105 108 107 106 104 105 28.98 106 104 97 97 101 104 106 108 108 105 107 110 112 110 111 15.31 106 106 101 101 103 104 107 110 109 108 108 no 112 111 113 8.92 102 100 96 95 98 99 101 103 102 102 102 103 104 103 105 Electiica.1 machinery 6.39 112 114 108 108 109 112 116 120 118 116 117 119 123 123 124 10.76 102 97 88 88 94 99 101 102 103 95 101 106 108 104 105 5.04 115 103 86 86 99 108 113 114 116 95 107 116 119 114 113 Aircraft and other equipment 5.50 89 91 88 89 88 90 88 91 90 93 93 96 96 93 95 1.66 119 118 113 113 113 116 119 1.19 122 121 121 123 123 121 120 1.25 4.57 109 107 100 102 105 107 112 113 112 111 108 108 106 r102 105 Clay glass and stone products 2.92 110 108 100 103 105 107 112 114 114 112 111 110 106 102 104 1.65 107 105 99 100 106 107 111 111 109 107 103 105 107 101 106 2.96 116 117 109 110 112 115 119 119 120 120 121 124 124 r121 121 1.48 120 120 111 112 115 117 121 121 123 123 124 128 128 126 126 IVtisc manufactures • 1.48 113 114 108 107 110 114 117 117 116 116 119 121 120 117 117 Nondurable Manufactures Textile anvarel and leather products . ... 7.32 115 116 107 110 112 113 116 118 120 118 122 122 123 120 120 2.78 109 111 102 104 106 110 112 114 116 117 118 118 118 117 118 3.44 124 124 116 120 120 120 123 127 130 125 130 130 131 127 128 Leather and products 1.10 100 101 96 96 100 100 104 101 103 100 104 106 109 104 7.93 112 115 111 113 114 115 115 118 117 117 118 119 118 119 3.27 112 118 113 113 117 117 118 117 123 122 122 122 125 123 125 Prrntinst and oublishins 4.66 111 113 no no no 111 113 114 114 114 114 115 114 114 115 1.53 107 106 105 106 107 107 107 107 108 108 109 108 102 104 105 Chemical, petroleum, and rubber products 10.95 118 123 113 113 118 122 125 127 127 126 128 129 130 r128 129 7.10 121 128 118 120 123 127 129 132 132 132 133 134 136 135 137 Industrial chemicals 3.61 127 137 124 127 130 135 138 141 142 143 146 147 147 148 Petroleum products 1.93 108 no 106 106 108 111 111 116 115 110 114 113 108 112 109 1.91 114 102 96 110 114 121 123 123 120 124 124 129 119 115 Foods beverages and tobacco ... 10.64 109 113 110 112 112 113 114 114 114 116 116 115 115 116 9.87 109 113 110 111 111 112 113 114 114 114 116 116 114 115 116 Food manufactures. 8.31 109 113 no 111 111 113 113 114 114 114 116 116 115 116 116 1.56 108 112 108 109 111 107 112 117 115 114 116 116 no 115 .77 114 118 116 116 122 116 116 no 119 116 123 123 120 114 Mining Coal oil and gas . 7.05 96 97 94 94 97 96 97 96 98 96 95 99 99 98 Coal 1.30 83 80 77 68 77 81 77 77 81 82 84 86 86 86 83 Crude oil and natural gas 5.75 98 100 98 100 101 100 101 101 102 99 101 102 103 101 101 4.98 100 103 100 103 104 103 104 103 105 101 103 103 103 102 103 Crude oil 4.33 98 100 98 101 101 100 101 101 103 99 101 100 100 r99 100 Gas and gas liquids .65 116 115 117 .77 85 86 85 80 85 84 83 84 82 83 86 95 97 93 88 1.50 105 105 106 107 102 101 103 105 103 104 107 109 108 r103 107 .70 97 97 106 106 92 86 89 90 90 94 99 106 112 112 115 Stone and earth minerals .80 112 112 106 107 no 114 116 118 114 113 115 111 104 r96 100 Utilities Electric . . 3.76 123 131 125 125 127 131 132 132 135 136 137 135 135 137 Gas 1.20 123 124 125 * * * * * For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 459 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p 1 r 9 o 5 - 7 A A v n e n r u ag al e 1961 1962 portion 1960 1961*» Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index. 100.00 109 102 103 106 108 110 112 113 111 113 114 115 114 115 Final products, total 46.75 112 107 107 109 111 113 114 115 113 115 117 118 116 117 Consumer goods 31 13 116 110 111 114 115 118 120 120 116 119 121 122 121 121 Equipment, including defense. 15.62 104 100 99 100 102 102 104 105 106 107 109 110 108 110 Materials 53.25 106 98 99 103 106 109 110 111 109 111 111 112 111 113 Consumer goods Automotive products 3.35 117 106 90 88 103 108 113 115 117 96 110 121 129 119 116 Autos 2.03 117 97 73 71 92 101 109 110 110 82 102 117 127 114 109 Auto parts and allied products. 1.32 117 121 115 115 120 118 120 125 126 118 123 127 132 126 126 Home goods and apparel 9.60 116 117 109 112 115 116 120 123 122 120 121 121 125 r121 122 Home goods 4 40 115 117 109 110 114 117 122 124 120 121 120 122 111 124 124 Appliances, TV, and radios , 1.75 112 113 109 108 111 116 123 127 116 119 116 117 122 119 122 Appliances , 1.26 118 118 114 113 115 118 122 126 121 126 124 124 127 125 125 TV and home radios .49 96 103 94 95 100 110 126 128 102 100 98 101 108 104 113 Furniture and rugs 1.18 118 119 109 110 116 117 122 119 122 126 124 128 129 127 124 Misc. home goods. 1.47 117 119 110 112 115 118 122 123 124 120 122 123 131 127 126 Apparel, incl. knit goods and shoes. 5.20 117 118 110 114 116 115 118 122 124 118 121 121 123 119 120 Consumer staples 18 18 113 117 114 114 115 117 118 119 119 119 120 120 119 120 120 Processed foods 8 11 109 113 110 111 111 113 114 114 114 114 115 115 114 114 114 Beverages and tobaccos 2.32 110 114 111 111 114 110 113 115 116 115 118 118 113 115 Drugs, soap, and toiletries. 2.73 118 123 117 116 119 123 124 126 126 124 127 127 130 126 128* Newspapers, magazines, and books. 1.44 113 117 115 11.4 114 116 117 119 117 119 118 118 116 119 118 Co F n u s e u l m o e i r l a fu n e d l g a a n s d o l l i i n g e hting 3 1 . . 4 1 5 9 1 1 1 0 9 6 1 1 2 0 6 8 1 1 2 1 5 2 1 1 2 0 1 7 1 1 2 0 3 5 1 1 2 0 5 5 1 10 2 5 4 1 1 2 1 7 2 1 11 2 1 9 1 1 2 0 7 4 1 10 3 9 0 1 11 3 2 0 1 1 2 0 9 9 i 1 i 3 2 2 "ns Residential utilities 2.26 126 131 129 132 135 134 135 139 140 141 140 139 143 Electricity 1.57 127 i36 133 129 132 136 135 136 140 141 141 139 139 144 Gas .69 124 Equipment Business equipment 12.16 105 105 101 100 102 103 104 105 106 107 108 110 rll0 108 111 Industrial equipment 7.29 102 100 98 96 97 99 99 101 102 101 102 104 106 104 106 Commercial equipment 2.46 118 124 118 117 118 120 123 125 127 128 129 131 132 '131 134 Freight and passenger equipment. 1.83 101 99 91 93 94 95 95 96 98 105 106 111 '106 "101 103 Farm equipment .58 92 98 103 104 107 104 106 98 78 97 87 95 94 91 100 Defense equipment. 3.46 Materials Durable goods materials. 27.81 102 100 89 90 96 101 104 104 106 104 105 105 106 105 108 Consumer durable..... 3.67 109 100 83 85 93 107 109 109 115 99 101 106 112 112 113 Equipment 8.10 101 102 95 95 98 99 101 104 105 102 107 108 108 108 110 Construction 9.05 107 106 97 99 104 107 110 111 112 110 108 107 105 100 104 Metal materials n.e.c.... 6.99 92 91 78 79 86 92 93 94 96 97 96 97 102 105 109 Nondurable materials 25.44 110 114 108 109 111 112 114 115 117 115 117 118 119 H17 118 Business supplies 8.87 110 113 108 108 111 110 113 114 116 113 114 116 118 115 116 Containers 2.91 109 115 110 112 114 110 115 116 121 118 116 119 122 122 123 General business supplies. 5.96 111 111 108 107 110 110 112 114 113 111 112 115 115 112 113 Nondurable materials n.e.c.. 7.05 119 126 116 118 121 124 128 130 132 130 132 132 135 133 135 Business fuel and power 9.52 103 105 101 102 104 105 106 106 108 106 108 108 108 107 108 Mineral fuels 6.29 97 98 96 96 98 98 98 98 100 97 99 99 100 99 99 Nonresidential utilities 2.70 121 120 122 123 126 129 129 131 132 132 131 131 132 Electricity 2.19 120 i28 120 122 124 127 130 129 132 133 133 132 132 132 General industrial .99 115 118 112 114 111 117 120 120 122 122 121 120 122 126 Commercial and other. 1.12 127 139 128 131 136 138 141 139 143 146 147 146 144 141 Gas .51 121 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 112 101 100 109 113 118 120 118 110 116 122 128 122 120 Apparel and staples 23.38 117 113 114 115 116 118 119 120 US 120 120 120 120 120 *> 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

460 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957-100 [Without seasonal adjustment] Grouping p p 19 r o o 5 r - - 7 A A v n e n r u ag al e 1961 1962 tion 1960 1961* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index. 100.00 108 109 103 104 107 108 111 106 111 113 116 115 113 113 115 Manufacturing, total. 86.49 108 109 102 103 107 108 111 705 HI 113 117 115 113 '112 116 Durable 49.66 104 103 96 97 100 103 106 100 102 106 110 111 110 109 112 Nondurable 36.83 113 117 1U 112 115 115 118 112 123 121 126 122 116 '116 120 Mining 8.55 97 98 97 96 97 97 98 95 99 99 101 100 100 99 99 Utilities 4.96 123 Durable Manufactures Primary and fabricated metals. 13.15 97 95 83 85 91 97 100 92 99 102 104 102 103 '106 111 Primary metals 7.73 90 88 76 78 86 92 94 82 91 96 97 96 97 104 111 Iron and steel 6.21 88 84 71 73 81 88 91 80 87 93 S 91 101 108 Fabricated metal products 5.42 106 105 94 96 99 103 107 105 112 110 112 112 109 111 Structural metal parts 2.91 104 103 93 94 96 101 105 103 108 106 110 110 110 '104 104 Machinery and related products... 28.98 106 104 100 100 103 104 106 101 98 104 109 113 114 112 114 Machinery 15.31 106 106 103 103 105 105 107 102 104 109 111 111 113 112 115 Nonelectrical machinery 8.92 102 100 99 99 101 101 102 98 97 100 101 101 105 105 108 Electrical machinery , 6.39 112 114 110 109 109 110 115 107 113 121 124 124 123 121 124 Transportation equipment , 10.76 102 97 91 91 96 99 101 94 84 92 103 111 112 108 109 Motor vehicles and parts , 5.04 115 103 91 91 102 109 114 100 78 91 113 128 128 122 121 Aircraft and other equipment.. 5.50 89 91 89 90 89 89 88 87 88 92 93 96 97 95 97 Instruments and related products. 1.66 119 118 114 114 114 116 118 116 120 121 122 124 124 122 121 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 109 107 95 98 104 110 117 112 118 117 115 108 99 93 99 Clay, glass, and stone products. 2.92 110 108 95 101 105 110 115 114 118 116 116 111 102 '96 99 Lumber and products 1.65 107 105 93 94 104 110 120 108 119 118 114 104 93 89 100 Furniture and miscellaneous. 2.96 116 117 108 108 109 111 116 114 122 126 129 128 126 120 Furniture and fixtures 1.48 120 120 110 111 112 112 118 118 126 128 130 130 130 '123 125 Misc. manufactures 1.48 113 114 106 106 106 110 115 110 119 123 127 127 121 113 115 Nondurable Manufacturers Textile, apparel, and leather products. 7.32 115 116 116 116 116 115 114 105 126 113 125 119 115 n6 125 Textile mill products 2.78 109 111 105 105 110 113 112 100 117 114 122 118 114 120 Apparel products 3.44 124 124 128 128 126 123 121 114 139 116 134 126 119 115 135 Leather and products 1.10 100 101 106 105 101 94 100 90 107 100 105 103 100 122 102 Paper and printing 7.93 112 115 111 114 116 114 116 107 116 118 123 121 114 114 119 Paper and products 3.27 112 118 114 116 121 117 122 105 125 123 130 124 113 119 126 Printing and publishing. 4.66 111 113 109 113 113 113 112 108 110 115 118 119 115 111 114 Newspapers 1.53 107 106 99 108 112 112 106 94 96 107 116 118 107 100 105 Chemical, petroleum, and rubber products. 10.94 118 123 116 116 121 122 125 119 126 126 130 129 127 '128 130 Chemicals and products 7.10 121 128 121 123 127 128 131 124 131 131 134 134 133 133 136 Industrial chemicals 3.61 127 137 128 131 133 136 137 133 140 140 145 148 147 147 Petroleum products 1.93 108 110 108 105 105 109 111 115 118 112 114 111 111 112 iio* Rubber and plastics products 1.91 114 115 108 101 113 111 117 104 118 122 131 128 123 125 Foods, beverages, and tobacco. 10.64 109 113 104 104 107 110 116 114 123 125 126 117 108 r106 707 Foods and beverages 9.87 109 113 103 104 107 109 115 115 123 126 126 117 109 '105 106 Food manufactures 8.31 109 113 104 103 105 107 112 113 123 128 127 119 111 108 107 Beverages 1.56 108 112 96 105 117 117 132 125 124 115 119 103 99 92 Tobacco products .77 114 118 118 115 117 120 126 101 128 121 131 123 97 114 Mining CoaL oil, and gas 7.05 96 97 98 96 96 95 94 91 96 95 98 99 101 noi 101 Coal • 1.30 83 80 78 69 75 78 75 66 85 87 91 89 85 84 85 Crude oil and natural gas. 5.75 98 100 102 103 101 99 99 97 99 97 100 102 105 105 105 Oil and gas extraction.. 4.98 100 103 105 107 105 102 101 99 101 99 102 103 106 106 107 Crude oil 4.33 98 100 102 104 102 100 99 97 99 98 99 100 102 103 104 Gas and gas liquids.. .65 116 125 123 121 114 112 Oil and gas drilling .77 85 84 76 81 82 84 "86* "86* "84* "87* "93* "98* "96* Metal, stone, and earth minerals. 1.50 105 105 92 94 98 108 116 113 113 115 116 105 '96 '87 93 Metal mining .70 97 97 87 87 86 99 110 103 103 109 109 96 '90 '88 94 Stone and earth minerals .80 112 112 97 101 108 116 121 122 121 120 121 113 101 '87 91 Utilities Electric. 3.76 123 131 130 127 124 124 127 131 139 140 133 130 137 146 Gas.... 1.20 123 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 461 MARKET GROUPINGS 1957=100 [Without seasonal adjustment] Annual 1957 average 1961 1962 Grouping proportion 1960 1961* Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Total index 100.00 108 109 103 104 107 108 111 106 Ill 113 116 115 113 113 115 Final products, total 46.75 111 112 108 107 no 110 113 109 113 116 119 118 r115 115 117 Equipment, including defense 3 1 1 5 . . 1 6 3 2 1 10 14 3 1 1 1 0 6 4 1 1 1 0 1 1 1 10 11 1 111032 1 10 14 2 1 10 18 3 1 10 12 2 1 10 19 2 1 1 2 0 1 5 1 1 2 0 6 6 1 10 22 8 1 11 1 8 0 r r 1 1 0 1 9 7 1 1 1 20 1 Materials 53.25 106 106 99 101 104 107 109 103 110 110 113 113 111 111 114 Comnmet Goods 3.35 117 106 96 94 108 112 118 99 73 96 121 129 131 r125 124 Autos 2.03 117 97 83 n 102 107 116 87 39 77 115 134 136 124 122 1.32 117 121 116 115 119 119 123 119 125 126 129 123 123 125 126 9.60 116 117 116 116 116 114 117 108 123 120 129 124 118 r116 125 Home goods 4.40 115 117 110 112 114 114 119 108 116 127 130 128 123 '117 124 Appliances, TV, and radios 1.75 112 113 112 112 115 114 119 98 103 125 127 124 113 111 123 1.26 118 118 120 122 127 122 124 104 100 126 124 123 118 116 128 TV and home radios .49 96 103 94 86 84 96 106 83 111 125 136 128 102 99 113 1.18 118 119 111 112 114 111 117 113 123 129 131 130 132 123 127 Misc. home gooas 1.47 117 119 108 111 114 116 120 114 126 129 133 130 128 120 123 5.20 117 118 120 119 118 115 116 109 130 113 127 121 113 '116 126 18.18 113 117 112 111 113 114 118 117 125 126 126 120 116 r117 117 Processed foods 8.11 109 113 103 103 104 107 112 113 123 128 127 118 111 r107 106 2.32 110 114 104 108 117 118 130 117 125 117 123 109 99 99 2.73 118 123 118 117 122 122 125 118 127 125 129 127 126 r125 128 Newspapers,' magazines, and books 1.44 113 117 115 115 114 115 116 116 118 121 120 118 117 118 118 3.45 119 126 132 125 121 119 119 124 128 128 125 126 r133 144 Fuel oil and gasoline 1.19 106 108 113 105 100 103 104 112 113 106 108 111 114 '116 116 Residential utilities 2.26 126 Electricity 1.57 127 136 149 138 132 125 124 128 137 139 131 130 146 166 Oas .69 124 Equipment 12.16 105 105 102 102 103 103 105 103 103 106 107 108 111 109 112 Industrial equipment 7.29 102 100 97 96 98 99 100 100 101 102 102 103 106 104 105 2.46 118 124 119 118 118 120 122 121 126 128 130 132 134 r132 135 Freight and passenger equipment 1.83 101 99 93 98 99 98 100 95 94 99 102 106 r102 r100 106 .58 92 98 113 119 123 no 10g 87 71 87 85 85 90 93 110 3.46 Materials Durable goods nttztsrials. .... 27.81 102 100 90 91 96 101 105 99 103 104 107 107 106 105 108 3.67 109 100 88 88 92 102 104 94 98 96 108 118 121 119 120 8.10 101 102 97 97 98 99 101 99 101 102 106 109 111 111 112 Construction 9.05 107 106 93 96 103 108 115 110 115 114 114 108 101 r95 99 6.99 92 91 79 81 88 95 97 86 93 98 100 98 r9g 103 110 25.44 110 114 109 HI 112 113 114 108 117 116 120 119 116 117 120 Business supplies ••••.. ...•••. 8.87 110 113 108 110 114 112 114 105 116 117 120 117 111 '111 115 2.91 109 115 107 112 116 114 121 110 130 125 124 115 105 r113 120 5.96 111 111 108 110 113 112 111 103 109 113 118 118 114 111 113 Nondurable materials n.e.c 7.05 119 126 119 120 123 126 126 118 129 128 136 136 r133 r135 139 9.52 103 105 103 103 103 103 104 102 108 107 108 108 109 109 110 Mineral fuels 6.29 97 98 '99 99 98 97 96 92 97 97 99 100 101 102 103 Nonresidential utilities 2.70 121 Electricity 2.19 120 128 117 119 119 124 130 133 140 140 134 130 130 132 .99 115 118 109 114 112 118 119 116 123 123 124 122 122 127 1.12 127 139 125 126 128 131 142 150 158 158 146 139 141 140 Gas .51 121 .33 .18 Supplementary groups of consumer goods 7.75 116 112 104 104 112 113 119 104 97 114 126 129 126 r120 124 23.38 114 117 114 113 114 114 117 115 126 123 126 120 116 117 119 J» Preliminary. r Revised, series and subtotals without seasonal adjustment are published in the Nora.—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

462 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES 9^ 100, unless otherwise indicated] Manu- Industrial production facturing4 Prices 5 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- ings 2 (retail Con- sale Manu- Mate-ractsi,2 total 3 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 83.8 87.9 1949. 98 98 94 108 99 101 94 96 44 99.1 93 8 97.2 108.2 99 83.0 83.5 1950. 113 114 105 123 112 115 102 114 61 102 4 99 7 111 7 117.1 107 83.8 86.8 1951 123 123 115 140 121 114 142 124 63 108 3 106.4 130.1 121.5 112 90.5 96.7 1952 127 127 114 152 130 116 170 125 67 110.5 106 3 137 0 115.0 114 92 5 94.0 1953 138 139 117 166 138 124 182 137 70 113.7 111.9 151.7 116.6 118 93.2 92.7 1954 130 129 113 178 132 123 161 128 76 111.0 102.0 138 4 104.6 118 93.6 92.9 1955 146 145 125 199 144 136 172 147 91 114.7 105 8 153.6 115.3 128 93.3 93.2 1956... 151 150 132 218 150 139 188 151 92 118.6 106 9 162 4 115 9 135 94.7 96.2 1957 152 150 132 233 152 141 189 151 93 119.7 105.0 164.3 108.2 135 98.0 99.0 1958 141 139 120 244 145 140 165 138 102 116.4 95 5 151 5 93 8 136 100.7 100.4 1959... 159 158 125 268 162 155 188 157 105 120.8 100.3 170.3 97.9 144 101.5 100.6 I960 164 163 128 287 168 161 195 160 105 123.0 100.0 172.8 95.3 146 103.1 100.7 1961 2>165 2164 *129 *17O *164 2196 2161 108 122.4 95.9 170.5 91.2 149 104.2 100.3 1961—Feb 155 152 128 291 162 155 188 149 95 121.1 93.6 158 8 88.1 145 103.9 101.0 Mar . ... 156 153 127 291 162 156 188 150 104 121.2 94.0 160.3 88 0 146 103.9 101.0 Apr 160 158 128 296 166 160 190 156 103 121.5 94 8 162 6 89 9 148 103 9 100.5 May 164 163 128 303 168 163 192 161 102 122.0 96.0 166.9 91.5 144 103.8 100.0 June 168 166 129 306 171 166 194 164 111 122.6 96.7 172.4 91.5 149 104.0 99.5 July 170 169 129 307 174 169 197 166 110 123.0 96.8 171.3 91,1 151 104.4 99.9 Aus ,. 172 170 130 314 174 169 198 168 116 123.0 96.8 174.4 91.8 150 104.3 100.1 Sept 168 167 128 316 172 164 201 165 103 122.9 96.3 175.9 90.1 150 104.6 100.0 Oct 171 170 131 317 175 168 203 168 114 123.1 96.5 179.1 94.4 151 104.6 100.0 Nov. 173 172 132 315 178 170 207 168 116 123.4 97.3 182.0 95.3 153 104.6 100.0 Dec . 174 173 133 r314 179 172 208 170 119 123.3 97.6 182.0 95.6 156 104.5 100.4 1962—Jan r172 171 *-130 r318 177 r170 r204 r169 115 123.2 97 1 r175.9 93.9 149 104.5 100.8 Feb ....... 174 173 130 321 178 170 209 171 119 124.0 97.9 177.5 96.8 2150 104.8 100.7 Mar. 2*176 2174 2131 2325 2>180 2172 2211 2172 2124.1 298.62179.7 96.6 *158 100.7 * Estimated. 2 Preliminary. r Revised. 3 Employees only, excluding personnel in the armed forces. Adj. == adjusted for seasonal variation. Unadj. = without seasonal 4 Production workers only. adjustment. 5 These indexes have been shifted from a 1947-49 to a 1957-59 base. 1 Index from F. W. Dodge Corporation. Monthly index, seasonally NOTE.—Indexes for employment (including Alaska and Hawaii, beadjusted, of dollar value of total construction contracts, including res- ginning with 1959) are compiled by the Federal Reserve from Bureau of idential and nonresidential and heavy engineering. Labor Statistics data. Payrolls and prices are compiled by the Bureau 2 Index 1957-59= 100. of Labor Statistics. 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total construction 36,318 37,135 2,235 3,166 3,298 3,501 3,602 3,529 3,543 3,004 3,291 3,008 2,712 2,658 2,749 By type of ownership: Public 12,587 12,547 732 1,090 1,170 1,127 1,235 1,265 1,158 954 1 021 1 091 877 Private 23,731 24,588 1,504 2,075 2,128 2,374 2,367 2,384 2,050 2,270 2,066 1,621 1 736 1 871 By type of construction: Residential 15,105 16,123 870 1,371 1,454 1 553 1 558 1 502 1 589 1 381 1 498 1 306 1 125 1 190 12,240 12,115 804 1,027 1,050 1,105 1,221 1,154 1,087 987 1 005 1 095 Public works and utilities 8,973 8,897 561 768 794 843 823 873 866 637 787 607 704 615 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 463 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.1 Monthly data at seasonally adjusted annual rates; in millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sin m e C s e s o r m cia - l P u u ti b li l t i y c O n r d 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 ,290 3.015 883 6,048 1954 39,234 27.556 15 379 8.403 2.030 2,212 4.161 3,774 11 678 .003 3,680 982 6,013 1955 44,164 32.440 18 705 9,980 2,399 3.218 4.363 3,755 11 724 .287 3,861 1,085 5.491 1956 45.815 33.067 17 677 11,608 3.084 3.631 4 893 3,782 12 748 ,360 4 431 1.275 5,682 1957 47,845 33 766 17.019 12,535 3.557 3,564 5,414 4,212 14.079 .287 4,954 1.344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 ,402 5,545 1,387 7,123 19592 56,555 40.344 24,962 11.044 2,106 3.930 5,008 4,338 16,211 .488 5.870 1,467 7,386 1960 55,556 39.603 22.546 12,354 2 851 4 180 5,323 4,703 15,953 ,386 5.464 1,487 7,616 1961 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 ,368 5,818 1,581 8,267 1961—Mar.. 55,794 38.511 20,508 13.098 2.957 4,743 5,398 4,905 17,283 .764 5.662 1,569 8,288 Apr.. 55,504 38.986 21,042 12.880 2,921 4,636 5,323 5,064 16.518 .651 5 060 1.601 8 206 May. 55.518 39,232 21,257 12.747 2,849 4,515 5,383 5,228 16 286 .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 .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 ,140 5,128 1,582 8.013 Aug.. 57,983 41,281 23,306 12.704 2.588 4,646 5,470 5,271 16,702 153 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... 59,019 41,077 23,187 12,875 2,590 4.928 5,357 5,015 17,942 791 7,250 1,636 8,265 Feb.**. 56,698 39,944 22,154 12,726 2,592 4.756 5.378 5,064 16,754 1,171 5,414 1,666 8,503 56,641 40,226 22,146 12,880 2,653 4,795 5,432 5,200 16,415 1,088 5,350 1,684 8,293 v Preliminary. 2 Beginning with 1959, series includes Alaska and Hawaii. i Data for 1953-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [ Bureau of the Cerstis, Federal Housing Administration, and Veterans Administration; in thousands of units] Seasonally Pri\rate Memorandum item: adjusted Non- Government-underwritten 2 annual rate Metro- Year or month T ( o p t r a iv l ate N o o n n l f y a ) rm Total p a o r l e i a ta s n 1 p a o re li a ta s n 1 Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1 220 897 324 I 202 1,077 34 90 19 583 276 307 1955 1,329 976 353 I 310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 19593 1,554 1 077 477 I 517 1,234 56 227 37 458 349 109 I960 1,296 889 407 .252 995 44 214 44 336 261 75 1961 ^1,355 938 418 V .304 966 44 294 #52 328 244 83 1961—Feb 1.169 1.115 81 56 25 76 56 4 16 5 18 13 5 Mar I 296 I 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 88 41 125 96 4 25 3 29 21 7 Aug I 326 I 301 130 88 42 127 95 3 29 3 34 26 8 Sept 1,383 1,365 128 91 37 122 91 4 28 6 28 21 7 Oct I 434 1 404 129 88 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 1,297 1,257 87 63 24 82 54 3 25 4 23 17 6 1962—Jan V1,259 V1,233 #82 60 22 #80 55 3 23 #2 23 18 4 Feb V1,126 V1,106 #75 54 22 #74 n.a. n.a. n.a. #1 20 15 5 n.a. Not available. # Preliminary.. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on field office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment; in thousands of persons unless otherwise indicated] Civilian labor force Year or month i p n T o s o t p t i a t u u l l t a n i t o o i n o n n a - l T l f a o o b r t c o a e r l Total Employed1 Unem- l N ab o o t r i n f o t r h c e e U (p n e e m r r m a e c t p n e e n l t o t y )2 - In nonagri- In ployed Total in c d u u lt s u tr r i 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.S 1959. 123 366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1960 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127.852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1961—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 Mav 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 6.9 128 183 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 Mar 129,471 73,582 70,697 66,316 61,533 4,782 4,382 55,889 5.5 1 Includes self-employed, unpaid family, and domestic service workers. Information relating to persons 14 years of age and over is obtained 2 Per cent of civilian labor force. Monthly data seasonally adjusted. through interviews of households on a sample basis. Monthly data NOTE.—Inclusion of figures for Alaska and Hawaii beginning with relate to the calendar week that contains the 12th day; annual data are 1960 increased population by about 500,000 and total labor force by averages of monthly figures. about 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION i [Bureau of Labor Statistics; in thousands of persons] Trans- Federal, Manufac- Contract porta- State, and Year or month Total turing Mining construc- tion and Trade Finance Service local tion public governutilities 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—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 J A u u ly e . 5 5 4 4 , , 3 3 3 3 5 3 1 16 6 , , 3 3 8 9 1 2 6 66 7 5 2 2 2, , 7 7 7 7 0 6 3 3, , 9 9 3 4 9 2 1 1 1 1 , , 4 4 3 1 7 0 2 2 S ,7 7 5 4 7 8 7 7 , , 5 5 3 4 3 6 8 8 , , 8 8 3 6 5 5 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 54,434 16,456 653 2,594 3,906 11 384 2 772 7 640 9 029 Feb.* 54,778 16,574 653 2,685 3,915 11,455 2 774 7 683 9*039 Mar p 54,828 16,669 659 2,610 3,918 11,439 2,778 7,690 9,065 WITHOUT SEASONAL ADJUSTMENT 1961—Mar 52,785 15,866 654 2,454 3,872 11,101 2 710 7,359 8 769 53,171 15,904 657 2,619 3,870 11,162 2,724 7,448 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 A Se u p g t. 5 5 4 4 , , 9 5 7 3 8 8 1 16 6 , , 6 5 4 3 6 1 6 6 7 7 7 6 3 3, , 0 0 2 7 1 5 3 3 , , 9 9 7 7 1 1 1 1. 1 1 , , 3 3 4 7 2 8 2 2 ,7 8 7 0 0 1 7 7 ,6 6 1 0 2 6 8 8 ,9 5 0 3 4 5 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 53,737 16,370 647 2,298 3,863 11,270 2,747 7,510 9,032 Feb.*> 53,826 16,452 642 2,274 3,864 11 196 2 749 7 552 9 097 Mar p 53,986 16,511 645 2,294 3,871 11,202 2,756 7,582 9,125 * Preliminary. during, or received pay for, the pay period ending nearest the 15th of * 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 465 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 Mar. Jan. Feb.* Mar.* Mar. Jan. Feb.* Mar.* Total. 11,812 12,197 12,306 12,383 11,666 12,118 12,193 12,237 6,403 6,760 6,849 6,908 6,358 6,764 6,824 6,861 Ordnance and accessories 92 96 96 97 92 97 96 97 528 535 549 548 492 507 514 511 297 308 311 312 294 308 310 309 Stone, clay and glass products 446 448 450 448 431 432 431 433 859 966 983 991 861 969 984 993 Fabricated metal products . 786 834 839 847 780 840 837 841 953 977 983 992 968 982 996 1,008 Electrical machinery 944 998 1,014 1,024 934 1,008 1,014 1,013 Transportation equipment 983 1,067 1,090 1,111 999 1,111 1,121 1,129 217 224 225 228 217 225 225 228 Miscellaneous manufacturing industries.. . . 298 307 309 310 289 288 296 300 5,409 5,437 5,457 5,475 5,308 5,354 5,369 5,376 Food and kindred products 1,202 1,184 1,183 1,184 1,104 1,109 1,090 1,088 81 78 77 77 72 79 75 69 Textile-mill products. 784 799 798 796 779 793 793 791 1,068 1,062 1,073 1,089 1,082 1,062 1,094 1,103 Paper and allied products 466 472 473 474 461 470 468 469 Printing, publishing and allied industries 595 594 596 595 594 592 593 594 499 512 514 515 502 509 512 518 Products of petroleum and coal 131 129 130 130 130 127 127 128 267 290 295 296 266 294 295 294 Leather and leather products . ... 316 317 318 319 318 319 322 321 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 INDUSTRIES 1 [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 Mar. Jan. Feb.* Mar.* Mar. Jan. Feb.* Mar.* Mar. Jan. Feb.* Mar.* Total 39.3 39.8 40.3 40.5 89.54 94.88 95.20 95.91 2.29 2.39 2.38 2.38 Durable goods . 39.7 40.3 40.9 41.1 97.17 103.17 103.53 104.70 2.46 2.56 2.55 2.56 Ordnance and accessories . ..... 40.7 40.6 41.3 41.0 112.61 115.21 116.47 115.90 2.76 2.81 2.82 2.82 38.9 38.1 40.6 40.2 71.23 73.48 77.21 76.81 1.85 1.97 1.94 1.93 Furniture and fixtures 39.0 39.4 40.6 40.8 73.14 75.66 77.59 78.57 1.89 1.94 1.93 1.94 Stone clav and class oroducts 40.4 39.5 40.6 40.4 91.54 92.97 94.33 94.72 2.30 2.39 2.37 2.38 Primary metal industries 38.1 40.6 40.9 40.9 108.49 122.81 122.81 123.41 2.84 3.01 3.01 3.01 Fabricated metal products . •. 40.0 40.5 41.1 41.2 97.81 102.36 102.72 103.22 2.47 2.54 2.53 2.53 Machinery except electrical 40.2 41.3 41.7 41.8 105.04 110.27 111.49 112.56 2.60 2.67 2.68 2.68 Electrical machinery 39.9 40.3 40.5 40.5 92.50 95.91 95.91 95.91 2.33 2.38 2.38 2.38 Transoortation eouiDment 39.8 40.8 41.3 41.6 109.85 118.66 117.55 119.39 2.76 2.88 2.86 2.87 40.3 40.8 40.7 40.9 95.68 99.14 98.82 99.55 2.38 2.43 2.44 2.44 Miscellaneous manufacturing industries... 39.1 39.3 39.3 39.8 75.46 77.03 77.03 78.41 1.93 1.97 1.97 1.97 39.1 39.2 39.5 39.9 80.88 84.24 84.28 84.93 2.09 2.16 2.15 2.15 40.9 40.4 40.7 40.7 87.23 90.45 89.60 90.00 2.17 2.25 2.24 2.25 Tobacco manufactures 38.4 36.6 38.8 39.5 65.51 66.25 69.00 71.44 1.79 1.81 1.84 1.90 38.9 40.3 40.6 40.9 62.86 66.17 66.83 68.14 1.62 1.65 1.65 1.67 Apparel and other finished textiles 35.6 34.7 35.7 36.5 57.51 57.62 59.79 61.15 1.62 1.67 1.67 1.68 Paper and allied products 42.0 42.3 42.5 42.5 96.14 100.20 100.20 100.67 2.30 2.38 2.38 2.38 Printing, publishing and allied industries.. 38.2 38.1 38.3 38.4 103.90 105.36 106.30 107.14 2.72 2.78 2.79 2.79 Chemicals and allied products 41.3 41.5 41.6 41.6 104.24 109.56 108.47 108.73 2.53 2.64 2.62 2.62 40.8 41.9 41.2 41.1 121.80 128.44 123.73 123.93 3.00 3.08 3.04 3.03 39.5 40.9 40.5 41.0 91.89 99.31 96.64 97.44 2.35 2.44 2.41 2.40 Leather and leather products 36.8 37.8 37.4 38.1 61.62 66.18 64.98 65.70 1.67 1.71 1.71 1.72 » Preliminary. NOTE.—Data are for production and related workers. * Data include Alaska and Hawaii beginning with 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures; 1947-49 average= 100] Federal Reserve district Year or month United States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a n c n o - SALES1 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—Feb 145 126 136 143 135 155 180 128 134 143 156 170 164 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 156 139 146 148 151 165 196 141 143 142 163 185 178 1962 Jan 149 137 141 146 145 157 185 132 135 133 157 172 166 Feb 2*150 121 141 142 137 2*162 194 129 *142 136 2*162 183 176 WITHOUT SEASONAL ADJUSTMENT 1961 Feb 109 91 105 102 104 110 140 96 102 105 114 127 125 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 Auc 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 1962—Jan 113 104 112 108 109 113 142 99 100 95 116 136 129 Feb 2*112 87 109 101 105 2*115 151 97 2*108 100 138 135 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 1960 165 147 149 163 149 185 228 154 150 155 165 187 178 1961 166 152 150 164 147 187 232 156 152 153 170 184 180 SEASONALLY ADJUSTED 1961—Jan 162 147 149 160 142 185 224 149 148 148 169 182 178 Feb . 161 146 147 156 142 181 221 148 147 155 164 179 184 Mar 161 145 147 158 142 182 221 151 150 144 166 179 179 Apr 162 147 146 158 143 183 229 150 148 149 168 179 178 May 164 150 150 162 142 187 225 155 152 150 167 178 179 June 163 153 148 165 147 184 227 151 152 148 166 180 178 Julv 166 153 149 165 151 187 227 159 151 161 171 182 176 Aug 168 154 150 165 151 189 239 160 154 153 172 190 182 Sept 170 158 151 167 151 189 239 166 154 157 173 187 180 Oct 170 158 152 167 152 188 242 160 154 155 175 192 184 Nov. 172 157 154 171 155 191 248 161 154 157 173 197 183 Dec 172 158 153 172 151 193 244 166 157 160 176 188 185 1962 Jan 172 154 153 171 151 195 242 163 150 153 175 197 192 Feb 2*171 154 155 169 150 2*196 2*234 160 145 156 2*173 2*196 WITHOUT SEASONAL ADJUSTMENT 1961—Jan 145 131 135 141 125 164 207 134 132 136 152 160 159 Feb 153 137 138 150 136 170 221 140 139 148 157 173 169 Mar 164 147 150 162 146 186 232 151 151 147 169 183 178 Apr 169 153 152 169 150 190 238 159 154 152 174 186 181 May 165 153 151 165 146 187 228 158 150 150 168 177 178 June 156 144 139 154 140 173 213 148 143 139 163 167 173 July 157 139 134 148 139 173 211 156 143 152 164 173 173 Aug 165 150 147 158 145 186 231 156 152 149 170 190 180 Sept 178 166 158 176 157 200 248 173 163 163 178 199 190 Oct 189 179 171 192 171 215 263 176 175 172 189 211 203 Nov 196 184 178 197 175 221 281 181 176 179 \9€ 217 210 Dec 156 147 143 155 138 178 215 144 141 149 158 175 170 1962 Jan 154 137 138 150 133 173 222 147 133 140 158 173 170 Feb 2*163 145 144 162 144 2*184 2*234 152 138 150 2*166 2*190 2*180 * 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 467 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 i d a n u n e g t r d - s - 1 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 o p t a o u l n u c t d k s - - s c R ei e p - ts month) month) (end of fir o\Yr i or orders ing month) month) month) orders Annual average: 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 .0 1955 437 1,195 446 444 449 2.9 1. 4.0 L.O 1956 454 1,286 470 459 458 3.0 1. 4.1 1.0 1957....... 459 1,338 461 461 458 3.1 1. 4.1 1.0 1958 462 1,323 437 462 464 3.0 l.(> 4.1 L.O 1959 488 1,391 510 495 498 3.0 1. 4.1 l.l 1960 494 1,474 518 496 493 3.1 1. 4.3 1.0 1961 503 1,485 530 508 512 3.1 1. 4.3 1.0 Month: 1961—Feb.. '351 r1,370 '472 '402 '443 3.9 '1.3 '5.2 L.I 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 l.l May. 476 1,475 419 449 481 3.1 .9 4.0 .9 June. 467 1,389 619 381 581 3.0 1.3 4.3 .8 July. 389 1,376 689 376 446 3.5 1.8 5.3 L0 Aug. 466 1,470 650 560 521 3.2 1.4 4.5 1.2 Sept. 475 1,576 654 581 585 3.3 1.4 4.7 1.2 Oct.. 529 1,708 645 661 652 3.2 1.2 4.4 1.2 Nov. 630 1,776 555 698 608 2.8 .9 3.7 l.l Dec.. 965 1,406 391 595 431 1.5 .4 1.9 .6 1962—Jan.. 408 1,408 476 410 495 3.5 1.2 4.6 1.0 358 1,461 529 411 464 4.1 1.5 5.6 L.l v 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 imports 3 Period 1960 1961 1962 1960 1961 1962 I960'4 1961 1962 J F a e n b .. 1 1 , 5 5 6 7 1 9 1 1, , 6 6 7 4 1 4 1 1, , 7 6 5 4 3 2 1 1, , 5 4 0 8 0 4 , , 6 5 0 3 6 6 1 1, , 6 5 9 9 0 2 1 1 , , 1 3 7 2 4 9 L [,0s1 6 5 8 0 1 1, , 2 3 2 7 4 3 Mar 1 753 L 933 1,636 ,888 1,410 I 255 Apr 1 817 1,707 1,703 ,648 1,294 1,063 May .. . .. 1 814 749 L 720 ,677 1,289 1,223 June • 1 742 L 699 L 642 644 1 332 L 232 July 1 702 1,637 1,632 1,558 1,183 1,285 Aug 1 619 669 I 556 1,598 1,259 1,252 Sept. 1,612 1,631 .559 1,557 1,193 L197 Oct 1 746 I 890 1,692 1,817 1,184 T.364 Nov 1 799 L 818 1 726 L 759 1 197 1 342 Dec 1 806 .827 1,752 .777 1,175 1,295 Jan -Feb 3,140 3,315 3,395 2,984 3,142 3,282 2,503 2,218 2,597 ' Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment 4 Beginning with January 1960, 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

468 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families; 1957-59= 100] Housing Read- Other Year or month it A em ll s Food Total Rent tr e G a i l c n e a i c d s t - y p S l f a e e u o n u t e l r d m l i o s d - H n i f o n i u u s g r h s - s - e- H o h t p o i o e u o l r s n d a e - - p A a p re - l T p t o r i a r o n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e d v d s - s 1929 59.7 55.6 85.4 56.6 56.2 1933 45.1 35.3 60.8 42.7 42.8 1941 51.3 44.2 61.4 64.3 88.3 45.2 54.4 53.3 51.9 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 86.4 53.6 73.9 62.9 71.2 55.4 57.5 63.6 75.0 67.3 1953 93.2 95.6 92.3 90.3 91.4 90.9 103.7 87.9 97.8 92.1 83.9 88.1 93.3 92.8 1954 93.6 95.4 93.4 93.5 92.5 90.6 101.9 89.5 97.3 90.8 86.6 88 5 92.4 94.3 1955.... 93.3 94.0 94.1 94.8 94.9 91.9 100.0 90.8 96.7 89.7 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 95.9 95.9 98.9 93.7 98.4 91.3 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 96.9 100.8 100.5 97.3 99.7 96.5 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.3 99.0 99.8 100.2 99.8 99.7 100.1 100.4 100.8 99.8 1959 . . . 101.5 100.3 101.3 101.6 102.8 100.2 99.8 102.4 100.7 103.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 107.0 99.5 100.1 104.8 102.1 103.8 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.2 107.9 101.6 99.5 105.9 102.8 105.0 111.3 104.6 107.2 104.6 1961 Jan . 103.8 102.8 103.8 103.9 108.0 102.4 99.5 105.5 102.1 103.8 109.7 104.4 105.5 104.1 Feb 103.9 102.9 103.8 104.1 108.0 103.7 99.6 105.5 102.2 103.8 110.3 104.4 106.0 104.1 Mar 103.9 102.7 103.9 104.1 108.0 103.7 99.8 105.6 102.4 103.4 110.4 104.3 106.6 104.1 Apr 103.9 102.7 103.8 104.2 107.9 102.6 99.7 105.8 102.1 103.5 110.7 104.4 107.2 104.1 May........ 103.8 102.3 103.7 104.3 108.2 100.1 99.4 105.8 102.2 104.0 111.0 104.4 107.0 104.5 June 104.0 102.5 103.8 104.4 108.3 99.5 99.8 105.9 102.2 104.8 111.3 104.5 106.6 104.5 July 104.4 103.4 103.8 104.4 107.7 99.7 99.5 106.1 102.5 105.3 111.6 104.8 107.2 104.9 104.3 102.7 103.8 104.4 107.7 100.4 99.1 105.9 102.5 106.0 111.7 104.8 107.4 104.9 Sept 104.6 102.6 104.0 104.7 107.8 100.7 99.7 105.9 103.6 106.0 111.9 104.8 107.9 105.0 Oct 104.6 102.5 104.1 104.8 107.8 101.5 99.5 106.2 103.9 106.7 112.3 104.6 108.3 105.0 Nov 104.6 101.9 104.2 104.9 107.8 102.1 99.3 106.4 103.7 106.8 112.4 104.8 108.1 105.0 Dec 104.5 102.0 104.4 105.0 107.8 102.8 99.2 106.4 103.5 106.0 112.5 105.2 108.2 104.9 1962—Jan 104.5 102.5 104.4 105.1 107.8 103.9 98.7 106.5 101.8 106.0 112.6 105.6 108.5 104.9 Feb 104.8 103.1 104.6 105.2 107.9 104.0 99.3 106.9 102.0 106.0 113.0 105.8 109.1 105.0 NOTE.—The indexes have been shifted to a 1957-59 reference base period from the 1947-49 base. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index; 1957-59= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m d l s l i - - F p u r a c o r t m d s - P f e o s r o s o e d c d s - Total p p T u a a r t a i e c n o p l r x t - d e d e s - l - l H p s e u k a a r i c d n o i t n h t e d d s s e s - , r , , r p p e u F o a a r l c w u a n n o t t e d d d s e e l , - r d C p a i u a l h c r l c n o a e i t e d l d m s s d - - p R u a b r u c n o e b t d d r s - - w p L u a b r u o c n o e m o t d d r s d - - p p a P u a l a r u l c n o p i l t e d d e p s d - r , , M m p u a r e e c n o t t t d d a a s l - l s p c M m u a t r e h i c n o v r o i a t y d n d - e s - - - h F d o h b t o a u u t u o l n h u r r e r l d e s n a e d s e r - i- - p N t m u e m a r c o r l o i e l a n t n d i - s l c - - - b e b p o r b u a T a r a t e c n o c o t g v t l d c - d e s e - o - s d n c M e e o l i l s u a - s - 1953 92.7 105.9 97.0 90.1 102.8 94.1 95.9 96. 86.3 99.4 83.6 82.2 92.9 86.9 105.4 1954 92.9 104.4 97.6 90.4 100.6 89.9 94.6 97.3 87.6 97.6 84.3 83.2 93.9 93.8 110.5 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 100.7 96.9 99.9 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96.0 100.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1961—Jan.. 101.0 97.9 101.9 101.2 100.2 103.4 102.6 99.7 96.4 95.6 101.0 100.3 102.6 99.5 101.8 102.8 103.0 Feb. 101.0 98.3 102.5 101.2 100.1 103.1 103.1 100.0 96.3 94.8 101.0 100.4 102.5 99.4 101.7 102.8 102.6 Mar. 101.0 98.1 101.6 101.2 99.7 104.5 102.9 100.1 96.5 95.4 100.4 100.4 102.5 99.4 101.9 102.8 104.3 Apr. 100.5 96.6 100.8 101.1 99.4 104.9 100.9 100.2 96.7 97.5 100.1 100.6 102.3 99.6 101.9 102.7 105.3 May 100.0 94.8 99.7 100.8 99.3 105.7 99.5 99.9 96.8 97.2 96.3 100.8 102.3 99.6 101.8 102.8 107.2 June 99.5 92.9 98.9 100.6 99.0 105.1 100.1 99.4 96.3 97.4 96.6 100.9 102.4 99.6 101.6 102.8 103.4 July. 99.9 95.1 99.7 100.6 99.2 106.1 100.4 99.0 95.9 96.9 96.6 100.9 102.2 99.5 101.7 103.1 103.0 Aug. 100.1 96.7 100.2 100.6 99.5 108.0 100.2 98.6 96.2 95.9 96.5 101.2 102.0 99.3 101.8 103.3 103.0 Sept. 100.0 95.2 100.2 100.7 99.7 108.4 99.6 98.3 96.3 95.6 98.9 101.3 102.0 99.4 101.8 103.8 103.0 Oct.. 100.0 95.1 100.4 100.5 100.1 108.9 99.0 98.2 96.2 94.8 99.6 100.9 102.1 99.4 102.1 103.8 100.7 Nov. 100.0 95.6 100.1 100.7 100.2 108.6 99.8 98.1 95.5 94.8 99.2 100.4 102.2 99.5 101.9 103.8 105.1 Dec. 100.4 95.9 100.9 100.9 100.3 108.2 100.6 98.1 94.5 94.6 99.6 100.6 102.3 99.3 101.6 103.8 106.3 1962—Jan.. 100.8 97.9 101.8 101.0 100.3 108.2 101.0 98.4 94.3 94.7 99.9 100.7 102.3 99.3 101.9 103.8 106.7 Feb.. 100.8 98.2 101.9 100.9 100.3 107.7 100.4 98.1 93.9 95.2 99.9 100.7 102.3 99.1 102.0 103.8 105.6 NOTE.—The indexes have been shifted to a 1957-59 reference base period from the 1947-49 base. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 469 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index; 1957-59= 100] 1961 1962 1961 1962 Subgroup Subgroup Feb. Dec, Jan. Feb. Feb. Dec. Jan. Feb. Farm Products: Pulp, Paper, and Allied Products—Cont.: Fresh and dried produce 94.1 87.2 97.0 103.9 Paperboard 95.5 89.9 89.9 89.9 Grains 94.7 98.4 97.2 96.7 Converted paper and paperboard. 103.0 101.0 101.2 101.2 Livestock and poultry 99.1 92.4 95.7 94.7 Building paper and board 101.6 99.7 98.6 98.4 Plant and animal fibers 90.1 98.1 98.0 98.2 Fluid milk 104.8 105.5 105.0 104.7 Metals and Metal Products: Eggs 108.5 96.0 97.9 97.5 Hay and seeds 103.5 103.9 85.4 85.8 Iron and steel 100.4 100.2 100.6 100.4 Other farm products 93.1 94.5 93.5 93.5 Nonferrous metals 98.8 100.8 100.5 100.3 Metal containers. 102.0 102.0 103.7 103.7 Processed Foods: Hardware 103.3 104.4 104.5 104.4 Plumbing equipment 102.3 104.5 104.4 104.4 Cereal and bakery products 104.7 106.1 106.9 108.6 Heating equipment 94.4 94.5 94.2 94.1 Meats, poultry, and fish 100.6 95.9 99.2 98.6 Fabricated structural metal products. 99.8 98.6 98.3 98.3 Dairy products and ice cream 106.1 110.2 109.1 109.1 Fabricated nonstructural metal Canned, frozen fruits, and vegetables., 104.1 100.4 99.3 99.8 products 102.8 103.1 103.2 103.4 Sugar and confectionery , 101.0 99.9 100.0 100.4 Packaged beverage materials , 84.2 82.6 82.4 82.4 Machinery and Motive Products: Miscellaneous processed foods , 106.1 102.3 102,2 102.0 Agricultural machinery and equip- Textile Products and Apparel: ment 107.1 108.5 108.8 109.2 Construction machinery and equip- Cotton products , 100.0 101.9 102.0 102.0 ment 107.4 107.6 107.7 107.8 Wool products , 96.1 97.7 97.8 98.1 Metalworking machinery 107.1 108.4 108.9 109.0 Synthetic textiles , 95.2 93.2 93.3 93.3 General purpose machinery and Silk products , 111.1 111.4 111.5 113.2 equipment 103.3 103.4 103.9 104.2 Apparel 100.9 101.2 101.2 101.2 Miscellaneous machinery 102.5 103.0 103.2 103.3 Miscellaneous textile products 133.1 123.6 122.9 122.1 Special industry machinery and equipment (Jan. 1961= 100) 100.0 100.9 101.4 101.5 Hides, Skins, and Leather Products: Electrical machinery and equipment 101.2 99.5 99.0 98.9 Hides and skins 89.2 112.5 110.1 105.4 Motor vehicles 100.8 100.3 100.3 100.3 Leather 99.2 110.5 110.9 110.6 Transportation equip., R. R. rolling Footwear 106.8 108.5 108.5 108.5 stock (Jan. 1961= 100) 100.0 100.5 100.5 100.5 Other leather products 102.4 104.2 104.7 104.6 Furniture and Other Household Dura- Fuel and Related Products and Power: bles: Coal.... 100.1 98.6 98.7 98.7 Household furniture , 102.5 103.3 103.4 103.5 Coke 103.6 103.6 103.6 103.6 Commercial furniture , 101.6 102.2 102.2 102.2 Gas fuels (Jan. 1958= 100) 122.3 118.4 118.1 122.0 Floor coverings , 99.1 99.2 98.9 97.3 Electric power (Jan. 1958= 100) 102.2 102.5 102.5 103.0 Household appliances 95.5 94.9 95.0 95.0 Crude petroleum and natural gasoline 97.7 98.2 98.2 98.2 Television, radios, phonographs 96.4 93.8 92.4 91.8 Petroleum products, refined 103.1 98.9 99.6 97.8 Other household durable goods 101.8 102.3 103.1 103.0 Chemicals and Allied Products: Nonmetallic Mineral Products: Industrial chemicals 99.6 97.1 97.3 96.8 Flat glass , 97.7 96.2 96.2 96.2 Prepared paint 103.7 103.6 103.7 103.7 Concrete ingredients 102.8 101.8 102.8 103.0 Paint materials 102.0 97.1 97.7 97.2 Concrete products , 102.5 102.4 102.4 102.4 Drugs and Pharmaceuticals 99.1 97.3 97.2 97.1 Structural clay products , 103.3 103.3 103.4 103.4 Fats and oils, inedible 90.8 78.4 83.0 77.1 Gypsum products 102.9 105.0 105.0 105.0 Mixed fertilizers 101.7 103.6 103.7 103.7 Prepared asphalt roofing 97.5 102.8 102.1 101.4 Fertilizer materials 104.8 104.7 105.8 106.3 Other nonmetallic minerals 101.8 101.7 101.7 102.7 Other chemicals and products 99.2 99.1 99.2 99.3 Tobacco Products and Bottled Bev- Rubber and Products: erages: Crude rubber 95.6 93.8 94.5 94.9 Cigarettes , 101.4 101.4 101.4 101.4 Tires and tubes 92.1 89.9 89.1 88.0 Cigars 100.4 100.4 100.4 100.4 Miscellaneous rubber products 101.0 99.4 99.4 99.4 Other tobacco products , 109.1 110.6 110.6 110.6 Alcoholic beverages 100.7 100.5 100.7 100.7 Lumber and Wood Products: Nonalcoholic beverages 110.5 116.2 116.2 116.2 Lumber 93.2 93.7 94.0 94.7 Miscellaneous: Millwork 103.1 100.9 100.9 100.7 Plywood 92.4 92.7 92.2 92.8 Toys, sporting goods, small arms 100.2 100.9 100.5 100.3 Manufactured animal feeds , 102.5 108.6 109.7 107.6 Pulp, Paper, and Allied Products Notions and accessories 99.0 98.8 98.8 98.8 Jewelry, watches, photo equipment.., 103.3 104.2 103.6 103.7 Woodpulp 95.1 95.0 95.0 95.0 Other miscellaneous 101.4 101.1 101.2 101.6 Wastepaper 78.1 93.8 100.9 100.1 Paper 102.2 102.0 102.0 102.4 NOTE.—The indexes have been shifted to a 1957-59 reference base period from the 1947-49 base. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 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 2293.2 314.0 328.9 339.0 332.3 330.7 336.1 341.0 348.4 Durable goods 92 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 1153.7 154 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 A 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 .2 1.1 .6 4.9 1.2 3.0 4.0 5.1 5.3 3.9 2.6 4.0 Exports 7.0 2.4 6.0 13.1 26.2 22.7 23!l 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 SO 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 56 6 574 60.0 N O a th ti e o r nal defense 1.3 2.0 • 13 3 . i 8 1 5 4 . . 2 3 4 5 4 . . 7 4 4 8 4 . . 3 8 4 7 6 . . 8 2 4 8 5 . . 0 5 4 8 9 . . 6 2 4 7 5 . . 9 7 4 8 7 . . 0 2 4 8 8 . . 3 8 4 8 9 . . 9 0 5 9 1 . . 0 7 Less: Government sales .0 .0 .1 .4 .5 .5 .6 .6 .6 .5 .5 .6 .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 87.8 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 416.5 412.2 426.0 434.3 447.8 Comnensation 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 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 .3 1.9 5.0 9.6 9.8 9.9 9.9 10.4 10 0 10.1 10 1 10 2 11 1 Government civilian. 4.6 4.9 8.3 17.3 30.5 33.5 35.4 38.5 41.5 39.7 40.3 41.2 41.9 42.8 .7 .5 2.7 7.8 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 '49.4 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 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 52.1 Profits before tax. 9.6 .2 17.0 40.6 43.2 37.4 46.8 45.0 46.1 42.6 39.6 45.2 47.2 52.4 Profits tax liability 1.4 .5 7.6 17.9 20.9 18.6 23 A 22.3 22.8 21 1 19 6 22 4 23 3 26 0 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 26 5 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 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 11.5 .5 -2.1 -2.5 -5.0 -1.5 -.3 e .0 .1 .3 .4 .3 -.2 -.3 Net interest 6.4 5.0 4.5 5.5 13.4 14.8 16.6 18.4 20.0 18.9 19.2 19.6 20.2 20.7 r Revised. ment to the Survey of Current Business for 1959) and the Survey of Current NOTE.—For explanation of series see U. S. Income and Output (a supple- Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 471 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates; in billions of dollars] Annual totals at seasona Q ll u y a a rt d e j r u l s y t e t d o ta a l n s nual rates Item 1960 1961 1929 1933 1941 1950 1957 1958 1959 1960 1961 Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.8 504.4 521.3 504.5 500.8 516.1 525.8 542.2 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 37.4 38.6 40.8 43.1 45.2 43.7 44.2 45.0 45.5 46.1 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 38.2 39.3 42.7 45.6 47.1 45.9 45.7 46.4 47.5 48.9 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 3 6 . . 7 9 . . 5 4 .8 ~ 1 ~ . 8 .6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 s -.7 -1.5 -1.7 -2.6 -1.5 -2.9 -2.6 -1.7 -1.5 Flos; 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 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 416.5 412.2 426.0 434.3 447.8 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 52.1 E C x o c n e t s r s ib o u f t i w on ag s e f o a r c c s r o u c a i l a s l o i v n e s r u d r i a s n bu c r e s . e . - .. .2 .3 2.8 6.9 14.5 14.8 17.6 20.7 21.9 20.8 21.2 21.7 22.0 22.6 ments .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 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 1.5 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 1.2 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 2.1 .5 1.8 1 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Equals: Personal income 85.8 .7 96.3 228.5 351.4 360.3 383.3 402.2 416.7 405.4 404.7 413.2 420.3 428.6 Less: Personal tax and nontax payments 2.6 47.2 5.5 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 1.5 2.0 18.2 37.3 36.6 39.6 43.2 43.9 43.1 42.6 43.6 44.5 44.8 1.4 1.3 2.6 5.3 5.7 6.4 7.2 8.0 7.4 7.7 7.8 8.0 8.3 State and local i!o 83.1 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 45.7 79.0 81.9 195.0 285.2 293.2 314.0 328.9 339.0 332.3 330.7 336.1 341.0 348.4 Less: Personal consumption expenditures... 46.4 4.2 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 -.6 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* 1960 1961 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.* Total personal income. 402.2 416.7 403.1 407.3 409.8 413.2 417.3 421.2 419.4 421.1 425.2 429.3 431.8 430.1 432.8 Vage and salary disbursements , 271.3 °279.7 269.5 271.1 274.6 277.2 250.7 282.3 252.5 284.0 286.4 259.4 290 7 290.2 2P2.5 Commodity-producing industries.., 110.4 111.2 105.6 106.5 109.1 110.5 112.7 113.2 112.9 112.9 114.1 115.8 115.6 114.3 116.0 Manufacturing only 87.4 57.5 83.5 84.1 86.1 87.6 88.9 5P.5 89.0 55.5 89.9 91.3 91.4 90.6 91.9 Distributive industries 71.8 73.4 71.8 71.8 72.3 72.9 73.5 74.0 74.2 74.7 74.8 74.7 15 A 75.7 76.0 Service indistries 40.7 43.1 41.7 42.1 42.3 42.5 42.9 43.3 43.6 44.0 44.4 44.7 45.1 45.2 45.4 Government 48.4 51.9 50.4 50.7 51.0 51.3 51.6 51.8 52.1 52.4 53.1 54.2 54.6 55.0 55.4 Other labor income. 10.9 11.1 10.7 10.6 10.7 10.8 11.0 11.1 11.2 11.2 11.4 11.5 11.7 11.8 12.0 Proprietors* income 48.2 49.6 48.7 49.0 49.0 49.1 49.4 49.5 49.4 49.5 50.5 51.1 50.9 50.5 50.4 Business and professional. 36.2 36.5 35.8 36,0 36.1 36.3 36.4 36.6 36.6 36.8 37.0 37.3 37.4 37.4 37.6 Farm 12.0 13.1 12.9 13.0 12.9 12.9 13.0 12.9 12.8 12.7 13.5 13.8 13.5 13.1 12.8 Rental income . . 11.7 11.5 11.5 11.4 11.5 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 14.3 14.3 14.3 14.4 14.5 14.8 15.5 14.9 14.8 Personal interest income. 26.2 27.3 26.8 26.8 26.8 27.0 27.1 27.2 27.4 27.5 27.7 27.9 28.2 28.5 28.7 Transfer payments 29.1 32.9 31.1 33.7 32.5 33.0 33.0 35.2 32.5 32.7 33.1 33.2 33.4 33. 33.1 Less: Personal contributions for social insurance 9.3 9.7 9.4 9.6 9.6 9.7 9.8 9.8 9.8 9.8 10.0 10.1 10.1 10.3 10.4 Nonagricultural income. 386.2 399.4 386.2 390.4 392.9 396.4 400.2 404.0 402.4 404.1 407.2 410.9 C413.6 412.3 415.3 Agricultural income.... 16.0 17.3 16.9 16.9 16.9 16.8 17.1 17.2 17.0 17.0 18.0 18.5 18.2 17.7 17.4 «Corrected. p Preliminary. NOTE.—For explanation of series see U. S. Income and Output (a supplei Monthly data are seasonally adjusted totals at annual rates. ment to the Survey of Current Business for 1959) and the Survey of Current Business; July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR FOURTH QUARTER, 1961* l [In billions of dollars] to Consumer Nonfinancial business sectors Government sectors2 Financial sectors Sector an s p d e r c o n t f o i o t r n- Farm* cor N po o r n a - te * Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g c * ial ins S ti a t v u i t n io g n s s4 Insurances F n in .e a . n c c .6 e R s w e e s o c t x - to o ld r f- se A ct l o l rs a c D n re c is p y - - 7 i s n N a a v v n a e i d t n s l t . g ment M Tr c a a n te sa g c o t r i y on U S U s U S U s U S U S U S U S U S U S U S U S U A Gross savins2 ' 18.3 1.8 6.4 11.4 -6.6 -1.7 .5 —.6 .7 — .4 io-. 9 28.911-3.7 29.8 A H f^aoital consunrDtion^ 12 2 1.1 2 3 6 8 1 22 3 22.3 B C Net savins (A—B) 6.1 7 4.2 4.7 -6.6 -1.7 .4 — .6 .7 — .4 -.9 6.6 7.6 C r> Grass investment (E4-J)2 20.9 1.8 6.4 9.1 —6.6 —.4 -.2 —.6 .7 * —.6 30.6 2.1 33.2 D E Private capital expenditures (net of snlesV3 18.8 1.1 2.7 9.9 .1 .1 32.6 32.6 E P Consumer durable soods... 13 1 13 1 13.1 F G Nonfarm resident, constr.14. 4.8 5 5 5 8 6.8 G 9 1 0 2 7 8.8 .1 .1 13 6 13.6 H * -.4 .6 .2 .2 I J Npf- financial invest (JL — U) 2.1 .7 3.7 -.8 —6.6 -.4 -.3 —.6 .6 g -2.1 2.1 .6 J 9 1 .9 6.6 —1.1 1.4 6.4 3.6 3.2 2.2 1.4 33.8 162.0 K T Net increase in liab 17 7.0 —.7 -2.8 7.4 5.5 1.8 6.7 4.3 2.6 2.2 2.6 35.8 1.4 L M Gold and Treas. currency". * * — 5 5 * * -.5 M N Dem dec and currency I**.. 1 3 1 3.4 —2.3 1 1 6.0 .6 .1 — 1 .2 4.4 6.0 1.6 -.2 N O Fixed-value redeem, claims.. 4 4 -.2 .2 * .8 1 3.7 3 4.6 4.6 -.3 O P Time dtsoosits^o 1 0 — 2 * 8 4 3 1.2 1.2 -.3 P Q R U Sa S v in s g a s v s in h g a s r e b s2 o 1 nds22.... 3. . 2 2 .2 1 o q 3. . 3 2 3.3 2 o R s S Saving through life insur.^ . .9 1 0 .9 .9 T Saving through pen. funds24. 2.2 * .6 1.6 2.2 2.2 T U Credit and eauitv mkt. instr.. 8 7 0 * 8 1 4 1 7 2 2 1 l 4 1 3 1 2 6 9 1 2 8 6 3 1 2.3 2.3 .2 1.2 20.0 20.0 * .9 U V Federal obligations25 9 8 3 5 - 3 1.7 * .1 2 2 3 5 3 5 -.2 V W State and local obligations. .3 .1 .1 1.2 .7 * .3 — .1 1.2 1 2 W JC f^orn and for©icn bonds 4 1 4 4 i 1 3 .5 .2 * .1 1.7 1.7 .1 X Y Corporate stock — .2 .1 .1 .7 .5 .6 .1 ,1 1.0 1 0 .1 Y Z 1- to 4-family mortgages.. * 4.1 i _ 1 2 * 4 2 5 6 3 4 0 4 0 z a Other mortgages .3 * .3 .3 .6 .1 * .2 .3 .3 * 1.2 1.2 a b Consumer credit 8 1 0 * 2 3 2 4 2 4 b c Security credit2^ * 2 .4 4 .9 .3 .8 1 2 1 2 c d Bank loans n.e.c.2^ * — .2 .9 * 2.0 * .8 .4 2.0 2.0 .4 d e Other loans28 .1 — 2 3 — .2 .2 .7 .6 * 1.0 * .5 * .4 -.2 -.1 .5 1.8 1.8 * .5 e f Trade credit — 4 29-4.0 1 1 5 1 2 1 1 1 0 — 2 f g Proprietors' net invest, in 5 3 2 5 5 h Misc. financial trans.3<> * .1 1.0 — .1 .2 -.1 .2 .8 1.0 1.6 .6 .6 h i Sector discrepancies (A - D)31. -2.6 2 4 1 3 6 4 4 1 7 -3.4 i • Less than $50 million. » Preliminary. In Tables 3-4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes, NOTE.—U««uses of funds; S*» sources of funds. Financial uses of funds represent net acquisitions in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and of assets; financial sources of funds, net changes in liabilities. Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual For discussion of saving and investment concepts see pp. 831-43 of BULLETIN for August 1959. savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjust- Descriptions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," ments apply to the first three quarters and to the annual totals for 1959. pp. 846-59 of BULLETIN for August 1959. Details may not add to totals because of rounding. For other notes see pp. 473 and 475. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 473 TABLE 2. SAVING AND INVESTMENT Pn billions of dollars] Quarterly totals Annual totals Transaction category, 1959 1960 1961 or sector 1957 1958 1959 1960 1961* 4 1 2 3 4 1' 2r 3 4* 37.4 19.2 35.9 36.9 27.0 6.7 12.1 11.1 10.1 3.6 6.5 4.1 9.0 7.5 A C D E B F S F C C F t e a o o a d r n r t m e p e s r u o a a a m r l n a n d e G t d e r o l n o n a v o c o n e a n n d r l n c f i n o g m n o o r a e p n v n n . p e c t r b r i 2 o n a u f l m s i i t b e n u n es t s s 2 in 3 e s 2 s .. . . . - 2 3 8 5 3 3 .6 . . . . 6 3 6 5 * - - 2 8 4 2 3 6 . . . . . 2 9 8 1 4 * - - 3 1 5 4 3 0 1 . . . 0 1 . . 5 2 4 * - 2 - 5 4 6 3 7 . . 1 . . . . 0 1 8 2 8 - - 6 2 - 6 . 4 8 7 . 6 . 1 . . . 2 8 1 1 - - 5 5 2 3 . . 8 . . . 0 8 9 9 - - 1 4 8 1 . . 6 . . . 2 . 0 1 7 2 - T 1 4 5 . . . . 4 2 . 7 7 6 -\. 2 8 1 6 . . . 6 4 9 - - 4 1 2 5 2 . . . . . 3 6 7 0 0 * - - - 1 1 7 1 1 . . . 8 . . . 2 2 1 1 5 - - 2 1 5 1 . . . . 8 . 2 . 2 9 2 7 - - -2 1 1 8 3 1 . . . . . . 0 9 0 7 9 4 - - 6 1 4 4 . 6 6 . . . . . 7 9 7 1 1 G D F C B E H Capital consumption12 73.2 75.6 79.4 83.5 87.4 20.3 20.5 20.7 21.0 21.3 21.4 21.7 22.0 22.3 H I Consumer and nonprofit 40.0 41.6 43.5 45.7 47.9 11.1 11.2 11.3 11.5 11.7 11.8 11.9 12.0 12.2 I 35.8 37.0 38.6 40.4 42.2 9.8 9.9 10.0 10.2 10.3 10.4 10.5 10.6 10.7 J K. Owner-occupied homes........ 3.7 4.0 4.3 4.6 5.0 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.3 K L Plant and equip, (nonprofit).... .6 .6 .6 .7 .7 .2 .2 .2 .2 .2 .2 .2 .2 L M Farm business . .... 3.9 4.0 4.2 4.2 1.1 1.1 1.0 1.0 i.'o 1.0 1.0 1.1 1.1 M N Noncorp. nonfinan. business 8.1 8.0 8.3 S'.6 8.8 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.2 2.3 N O Corporate nonfinancial business.. 21.0 21.9 23.2 24.7 26.2 6.0 6.0 6.2 6.2 6.3 6.3 6.5 6.6 6.8 O 110.6 94.8 115.4 120.4 114.4 27.1 32.6 31.8 31.0 24.9 27.9 25.8 31.0 29.8 P Q Consumer and nonprofit 68.6 68.0 73.7 73.5 75.0 16.9 19.3 17.0 20.0 17.3 18.9 17.1 20.7 18.3 Q R Farm and noncorp. business 12.0 11.9 12.4 12.7 13.0 7.0 1.9 3.1 2.5 5.2 2.4 1.0 1.4 8.2 R S Corporate nonfinancial business.. 26.3 24.9 34.6 30.8 34.9 9.0 6.2 7.5 8.8 8.3 5.1 8.4 9.9 11.4 S 3.6 —8.2 —5.0 3.8 -6.2 —5.0 4.0 4.7 — .6 —4.3 1.1 .2 -1.0 —6.6 T U State and local governments -3.6 -4.9 -4.1 -5.0 -6.6 -.8 -.6 -1.2 -1.6 -1.6 -1.2 -1.8 -2.0 -1.7 U V Financial sectors 3.7 3.0 3.7 4.5 4.4 -.1 1.8 .7 2.0 * 1.5 .8 1.9 .2 V W Gross national investment 2 .. . , 110.6 94.2 114.2 117.6 115.0 30.5 29.9 30.0 27.9 29.8 24.6 28.5 28.6 33.2 W 40.4 37.3 43.5 44.3 42.4 12.5 10.1 11.5 10.2 12.6 8.9 10.6 9.8 13.1 X Y Other gross private domestic fixed 64.5 58.6 66.1 68.2 68.6 17.4 15.1 17.9 17.7 17.6 14.1 17.4 17.7 19.4 Y Z Consumer and nonprofit 18.1 18.1 22.1 21.5 20.2 6.2 5.3 4.9 5.6 5.7 4.7 4.6 5.2 5.7 Z a Nonfarm residen. constr. * *... 15.6 15.3 19.2 18.4 16.8 5.4 4.6 4.2 4.7 4.9 4.0 3.8 4.2 4.8 a b Plant and equip, (nonprofit)... 2.5 2.7 2.9 3.2 3.4 .8 .7 .7 .9 .8 .7 .8 .9 .9 b c Farm business 4.0 4.4 4.7 4.2 4.6 1.0 1.1 1.2 1.1 .9 1.0 1.3 1.3 1.0 c d Noncorp. nonfinan. business14, 9.4 9.0 10.7 10.8 11.6 2.4 2.2 3.3 2.8 2.5 2.1 3.2 3.1 3.2 d e Corp. nonfinan. business 14.... 32.3 26.4 27.9 30.8 31.4 7.6 6.3 8.4 8.0 8.2 6.1 8.1 8.0 9.3 e f Financial sectors .8 .7 .8 .8 .8 .2 .2 .2 .2 .2 .2 .2 .2 f g Change in inventories is 1.6 -2.0 6.3 4.2 2.2 .7 4.6 .5 .2 -1.1 .8 .3 .9 .2 g .8 .9 .3 .3 * * .1 .1 .1 .1 .1 .1 * h i Noncorp. nonfinan. business... .2 .9 .9 * 1.3 .1 * -.6 .3 * .1 -.4 i .6 -2.6 5.3 3.1 1.8 U2 3.2 .4 .1 -.6 .4 .2 .6 .6 j 4.2 .3 — 1.7 .8 1.8 * .1 .1 — .1 .8 .8 .3 .1 .6 k 14.0 18.8 11.0 5.7 14.2 2.2 2.4 -1.6 3.6 1.3 4.6 2.5 5.0 2.1 1 m Net acquis. offinan. assets... 26.0 30.9 31.6 21.9 30.4 8.5 4.4 3.6 7.4 6.5 5.7 7.1 8.6 9.1 m n Net increase in liabilities 12.0 12.1 20.6 16.2 16.2 6.4 2.0 5.2 3.9 5.1 1.1 4.6 3.5 7.0 n 0 Farm and noncorp. business... -2.3 -2.1 -4.0 -3.5 -3.5 4.1 -2.7 -1.4 -1.6 2.2 -1.1 -3.6 -3.3 4.4 0 .8 1.1 — .7 — .2 .8 .1 — .5 — .2 — .4 .3 * .9 p q Net increase in liabilities 3.1 3.3 3.3 3.3 4.3 -4.0 2.3 1.6 1.4 -1.9 3.8 3.2 -3.5 I s r Co N rp et . n a o c n q f u i i n s a . n o . f f b in u a s n in . ess assets... -8 4 . . 6 5 — 11 3 . . 3 6 — 13 3 . . 7 4 — 3 7 . . 3 6 - 1 4 2 . . 4 4 — 4 1 . . 4 7 — -2. 4 2 .0 — 1 2 . . 1 4 -1 1 . . 1 8 2.6 - - 3 2 . . 3 2 5.0 * — 3 . . 1 3 —6 ..86 sr t Net increase in liabilities 13.1 15.0 17.0 10.9 16.8 6.1 1.8 3.6 2.9 2.6 1.1 5.0 3.4 7.4 t u Federal Government 3.6 -8.2 -5.0 3.8 -6.2 -5.0 4.0 4.7 -.6 -4.3 1.1 .2 -1.0 -6.6 u v Net acquis. offinan. assets. •« 3.2 1.6 6.3 3.7 3.4 — .8 — .3 4.2 .7 -1.0 -1.5 2.3 3.7 —1.1 v w Net increase in liabilities — A 9.7 11.2 — .1 9 6 4.2 —4.3 1.3 3.3 —2.7 2.1 4.7 5.5 w x State and local governments... -3.1 -5.2 -4.0 -3.4 -5.0 .3 -.5 -2.2 -1.3 2 -3.2 -.4 x y Net acquis. offinan. assets... 3.3 2.5 3.0 2.6 3.1 1.3 1.1 .4 -.2 f.l .8 1.5 1.4 y z Net increase in liabilities 6.4 7.7 7.0 6.0 8.1 1.0 1.6 1.4 2.0 1.0 2.1 1.6 ~2.7 1.8 z aa Financial sectors 3.0 4.5 4.5 5.8 5.9 2.1 1.6 1.9 A 1.5 .2 4.5 -.2 aa bb Net acquis. offinan. assets... 24.1 36.3 30.0 34.3 44.5 To.4 -2.6 12.5 10.0 14.4 * 14.9 14.0 15.5 bb c d c d Fin N a e n t c i i n al c r t e ra a n se s, in d i l s ia c b r i e li p ti . e . s ..... - 2 2 1 . . 4 1 - 3 3 1 . . 8 8 - 2 1 5 . . 0 5 28. . 5 1 38.6 c 10. . 9 5 - - 4 1 .7 .2 10. . 9 3 8.0 14 1 . . 3 1 -1 _ .4 n 14 1. . 2 8 -1 9 . . 7 5 1 2 5. . 7 1 d c d c ee Discrepancy (P—W)3i .6 1.1 2.8 __ « -3.5 2.7 1.9 3.1 3.9 3.2 -2.8 2.4 -3.4 ee * Less than $50 million. » Preliminary. r Revised. for August 1959. For other notes see below and second page following. NOTE.—Descriptions of sectors and of transaction categories are given Back data available in Flow-of-Funds Supplement No. 5. in notes to tables and in "Technical Notes," pp. 846-59 of BULLETIN Notes to Tables /, 2, and 3. 9 For content of sector saving, see Tables 1 and 4 and pp. 833 and 849 * Net saving of, and consumer investment in, unincorporated business of BULLETIN for August 1959. discussed on p. 838 of BULLETIN for August 1959. See note 32, p. 475. 10 Rest-of-world surplus on current transactions with United States. 2 For govt. sectors, saving is excess of all nonfinancial receipts over all 11 Discrepancy between total nonfinancial sources and uses of funds nonfinancial outlays; investment, changes in financial assets and liabilities (Line A minus line E in "all sectors" column). only. Govt. current outlays include, and govt. (and national) invest- 12 Depreciation, accidental damage to fixed capital, and capital outlays ment excludes, govt. purchases of tangible assets. charged to current account. Annual data in Table 2 are from Dept. of 3 Consolidated account for monetary authorities (Federal Reserve Commerce national income accounts except for F. R. estimates of de- System, ESF, and Treasury currency accounts) and commercial banks preciation on consumer durable goods. Depreciation on latter item in United States (excluding territories and possessions). and on farm assets at current cost; other depreciation, in general, at 4 Mutual savings banks, savings and loan assns., and credit unions. original cost. Line H in Table 2 includes amounts for financial sectors 5 Life and nonlife insurance companies and private pension plans. not shown separately. « Finance companies, open-end investment companies, security brokers 13 Transactions in land excluded from sector investment for statistical and dealers, banks in U. S. territories and possessions, and U. S. agencies reasons. Such transactions, when recorded as capital flows, affect of foreign banks. sector allocation of investment but not the national total. 7 For discussion, see p. 857 of BULLETIN for August 1959. 14 For consumers, 1- to 4-family dwellings completed and purchases of 8Totals for domestic sectors; financial entries are net uses plus items additions and alterations. Investment of nonfarm business sectors in discrepancy column. For comparison with national saving and in- includes work in process on 1- to 4-family dwellings and other private vestment in national income accounts of Dept. of Commerce, see p. 842 residential construction. of BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 33 [In billions of dollars] Quarterly totals Annual totals Transa o c r t io se n c t c o a r tegory, 1959 1960 1961 1957 1958 1959 1960 1961* 4 1 2 3 4 lr 2r 3 4- I. Demand deposits and currency A Net increase in commercial bkg. system liability19 -.8 5.8 1.1 .1 4.2 3.8 -8.8 2.5 1.5 4.9 -8.2 3.9 2.4 6.0 A B Net increase in assets, by sector .7 65 1.6 1.0 4.1 3.1 -7.5 2.6 1.8 4 0 -7.1 3.4 3.4 4.4 B (2 Federal Government. .7 .9 .3 -1.2 -.4 2.8 .2 -1.7 -1.7 2.0 2.4 -2.3 C .8 .1 3.5 4.4 -6.6 -.3 1.5 5.5 -5.3 1.5 .9 6.4 D -1.0 2.5 1.0 .3 .9 1.7 -2.7 — 1.0 1.9 2.1 -1.6 — .3 1.5 1.3 E F Farm and noncoroorate bus .7 1.2 — .8 — .3 3 — .2 — 1 1 1 1 \ \ I 1 F 1.7 * — .7 1.3 1.8 —3.4 7 1 2 0 — 3 2 g 3 3 4 G TT State and local ffovernment .2 .2 .5 .2 3 .6 * 4 2 g 5 7 1 0 1 1 H T Financial sectors .3 .7 .1 .6 .8 .6 — .4 5 — 2 7 1 3 1 6 I J Rest of the world * .1 * .2 -.1 -.4 * * .3 * — .1 .1 .2 J K Discrepancy (A-B) -1.4 -.7 -.5 -.9 .1 .8 -1.3 -.1 -.3 .9 -1.0 .5 -1.0 1.6 K II. Fixed-value redeemable claims A Net increase bv tvne 10.1 16.2 7.6 14.8 21.0 1.6 1.6 3.9 3.9 5.4 5.7 6.7 3.9 4.6 A B Time deposits 6.8 10.2 2.2 7.0 10.8 -.1 .2 1.7 2.6 2.5 3 5 3 9 2 3 1.2 B 5.2 6.6 7.2 8.1 9.4 2.3 1.6 2.4 1.4 2.8 2.0 2.7 1.5 3.3 C -1.9 -.5 -1.8 -.3 .8 -.6 -.1 * .1 .3 .1 .2 .2 D E Net increase in liab., by sector 34 10.1 16.2 7.6 14.8 21.0 1.6 1.6 3.9 3.9 5.4 5.7 6.7 3.9 4.6 E F Federal Government -2.2 -.7 -2.0 -.4 .7 -.6 -.2 * 2 1 2 .2 F 5.5 8.0 1.2 5.8 9.0 -.2 * 1.5 2.2 2.1 2.9 3.5 1.8 .8 G H Savings institutions 6.9 8.9 8.4 9.5 11.3 2.4 1.9 2.6 1.8 3.3 2.6 3.1 1.9 3.7 H I Net increase in assets, by sector 3 4... 10.1 16.2 7.6 14.8 21.0 1.6 1.6 3.9 3.9 5.4 5.7 6.7 3.9 4.6 I J Consumer and nonprofit 9.8 13.6 9.3 12.8 18.0 2.0 1.6 3.4 3.2 4.6 4 5 5.6 3 5 4.4 J K. Other domestic sectors 35 . 1.7 -.9 1.7 2 3 -.2 .2 .3 5 7 1 2 1 0 2 — IK L Rest of the world (time deposits).. * .9 -.9 .3 .8 -.3 2 .2 .3 .1 .1 .3 .3 L HI. Saving through life insurance and pension funds A Net increase, by type 9.2 10.4 11.7 11.3 12.2 3.1 2.8 3.1 2.4 3.0 2 9 3 4 2 8 3.1 A 2.8 3.4 3.7 3.6 3.6 .9 .8 .8 1.0 1.0 .9 .8 1 0 .9 B C Pension funds 6.3 7.0 8.0 7.7 8.5 2.2 2.0 2.3 1.4 2.0 1.9 2.6 1.9 2.2 C D Net increase in liab., by sector 34,36.. 9.2 10.4 11.7 11.3 12.2 3.1 2.8 3.1 2.4 3.0 2.9 3.4 2.8 3.1 D E Federal Government. .6 1.0 1.0 1.0 .9 .1 .1 .7 .1 .1 * 8 * * E F State and local government 1.6 1.7 1.9 2.1 2 4 .5 .5 .5 5 6 6 F G Life insurance companies 4.2 4.7 5.5 4.7 5.1 1.6 1.0 1.0 1.2 1.4 1 3 1 2 1 3 1.4 G H Private noninsured pension plans. 2.8 2.9 3.2 3.4 3.8 .9 1.1 .8 .5 1.0 .9 .8 .9 1.1 H IV. Credit and equity market instruments 36.6 46.2 61.2 39.5 51.3 17.3 2.5 12.0 10.3 14.6 * 14 2 17 1 20.0 A 1.1 9.0 11.3 -2.2 6.6 4.0 -4.1 — 1.4 1.2 2.2 —3 3 6 5 8 3 5 B C Short-term direct 37 5.5 -1.2 5.5 -5.1 16 0 4.7 -7.4 -2.1 5 3 — 8 9 4 8 5 7 4 6 C D Other -4.4 10.2 5.8 2.9 -9.4 -.7 3.3 .6 —4.1 3.0 -4 2 —4 2 1 — 1.1 D E State and local obligations 4.6 5.7 4.9 3.6 5.3 .4 1.0 .7 1.4 1.4 .9 1.8 1.2 E F Corporate and foreign bonds 7.5 6.8 4.5 5.6 5.6 1.5 1.2 1.2 1.3 .8 2.2 .9 1.7 F 4.0 4.2 4.4 3.5 5.1 1.2 1.0 .9 .9 'j 1 2 1 7 1 1 1 0 G H 1- to 4-family mortgages 8.6 10.1 13.2 10.9 12.9 2.9 2.3 2.9 3.0 2.6 1.9 3.2 3.8 4.0 H 3.5 5.2 6.0 4.5 5 4 1.5 1.0 1 3 1 2 1 1 1 2 1 5 1 5 12 I 2.8 3 6.4 3.9 1 4 2.7 — .8 2 4 g 1 8 2 1 1 0 2 2 4 J K ^ecnritv credit — 3 1.7 .1 .4 2 2 .6 — 1 6 5 .6 .9 -.4 1.3 * 1.2 K L Bank loans n.e.c 2.3 1.3 7.5 3.2 2.1 1.8 2.1 -.6 1.4 -2.3 1.3 1.0 2.0 L 2.6 2.0 2.9 5.9 4 9 .6 2^3 1.5 .6 1 5 1 5 5 1 1 1 8 M 36.9 46.2 61.2 39.4 51.3 17.2 2.5 12.0 10.3 14.6 * 14 2 17 1 20 0 N O Consumer and nonprofit 11.9 12.0 20.5 16.2 16.1 6.3 2.0 5.2 3.8 5.1 1.0 4.6 3.5 7.0 O 1.1 1.5 1.9 1.1 1 8 — .2 8 4 5 9 3 * p Q Noncorporate nonfinancial bus... 1.2 2.2 4.6 3.4 2.9 1.2 .3 1.3 -.1 1.8 -1.6 1.6 1.5 1.4 Q R Corporate nonfinancial business.. 13.1 11.8 11.7 10.6 10.7 3.0 2.7 3.0 2.5 2.3 2.1 4.0 2.3 2.2 R S Federal Government 1.0 9.3 10.7 -1.7 6.8 4.1 -4.1 -1.5 1.4 2.5 -3.1 .3 5.5 4.1 S T State and local government 4.8 5.9 5.1 3.8 5.7 1.0 .8 1.5 e 1 4 1 i 2 1 12 T 2.4 1.1 5.7 4.1 4.5 2.3 2 1.7 ,1 2.0 -1.1 1 6 10 3.0 U IA 2.3 .9 2.0 2 7 .1 3 e 4 .7 .1 .7 1.2 V W Funds advanced by sector ^^ • • • 36.6 46.2 61.2 39.5 51.3 17.2 2.5 12.0 10.3 14.6 * 14.2 17.1 20.0 W 5 Y C F C a o r n m s u a m n e d r n a o n n d c o n r o p n . ty b r u o s f i i n t ess 7. . 7 1 - 4 .1 .3 15. . 5 1 2. . 4 1 1 6 3.3 2 — 4 .0 .A - 1 .1 2 2 m 0 4 -.4 1 .2 0 - 1 .1 3 .8 8 Y X Z Corporate nonfinancial business.. .6 1.5 4.7 -2.1 — .A US '* -1.2 -1.? 1.1 -1.6 -1.0 1.7 Z b a S F t e a d t e e r a al n d G l o o v c e a r l n g m o e v n e t rnment 2 2 . . 7 4 1 1 . . 5 7 2 3 . . 9 8 2 1 . . 3 0 2 2 . . 8 1 \i .9 1.2 .6 . . 9 ^ ' A .3 1.3 1. . 1 3 b a c Commercial banking system 4.3 17.0 5.6 10.C 16.2 3.5 -7.8 5J 5J 7.5 -4J 6.8 6.9 c -.8 2.2 1.5 .1 -1.4 1.2 £ c c 11 d e Commercial banks 5.1 14.9 5.3 9.3 14.8 3.4 -6.4 3.9 4.5 7.2 -4.0 6.3 6.7 5.8 e f Securities 1.3 10.4 -7.2 2.4 8.5 — .4 -5.5 3.7 4.C -1.6 3.7 5.1 1.3 f g Loans ^ 3.8 4.5 12.5 6.9 6.3 3.8 -.8 3.7 9 -2.4 2.6 1.6 4.5 g h Savings institutions 7.2 9.3 10.6 9.4 11.9 1.7 2.3 2.3 2.*6 2^2 2.8 3.0 3.2 2.8 h i Insurance sector 8.4 9.0 10.1 10.3 11.1 2.6 2.8 2.4 2.4 2.7 2.8 2.4 2.8 3.1 i 2.5 2.0 4.6 5.1 4.6 2.C ,4 2.2 1.8 -.6 1.8 1.0 2.3 j .6 •j 3.1 1.1 9 .2 k * Less than $50 million. Preliminary. r Revised. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 475 Notes to Tables 1, 2, and 3—cont. 2 6 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 21 M ainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from TJ. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 2 8 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. is For description, see p. 852 of BULLETIN for August 1959. 29 Trade debt net of trade credit. l» Demand deposit liabilities of banking system are net of F. R. float 30 For coverage, see p. 856 of BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 31 Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y-a, for sector allocation of demand 32 Annual figures for farm sector are retained earnings of corporate deposit and currency liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 852 of BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 20 At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of BULLETIN for August 1959. 21 Shares in savings and loan associations and credit unions. 3 3 Data for excluded categories—trade credit, proprietors' net invest- 22 Consumer-held only; includes net interest accruals. Savings bonds ment, gold, Treasury currency, and misc.—appear in Tables 1 and 4 and held by other sectors included in Federal obligations category. Supplement No. 5. 23 Private and Federal Government life insurance. Estimated as equal 34 For sector transactions in specific instruments, see Tables 1 and 4. to changes in reserves against life insurance policies and supplementary 3 5 Mainly time deposits of State, and local governments, corporate contracts and in policy dividend accumulations. businesses, and savings institutions. 24 Private pension plans and railroad and govt. employee retirement 3 6 Includes life insurance issued by fraternal orders not shown sepafunds. Estimated as equal to changes in reserves of pension plans ad- rately. All assets in these categories are treated as consumer holdings. ministered by life insurance companies and in assets of other private 3 7 Marketable issues maturing within one year. plans and of railroad and govt. employee retirement funds. 3 8 Excludes loans to domestic commercial banks. Consists of mort- 25 Excludes Federal debt held by Federal agencies, consumer-held gages, consumer credit, security credit, other loans, and bank loans, n.e.c. savings bonds, special notes issued to IMF, and currency items in public Gross of valuation reserves. debt; includes Federal agency debt and accrued interest on Treasury bills NOTE.—Back data available in Flow-of-Funds Supplement No. 5. and on savings bonds (other than consumer-held). TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1957 1958 1959 1960 1961 v (A) Consumer and nonprofit organization sector A Current receipts 331.3 339.2 361.9 381.0 394.6 93.4 92.2 94.9 96.3 97.6 94.3 97.3 100.0 103.0 B Income receiptsi 307.3 310.6 332.1 349.0 359.3 85.7 84.3 87.0 88.3 89.4 85.6 88.5 91.1 94.2 C Transfer receipts2 24.0 28.6 29.8 31.9 35.2 7.6 7.9 7.9 7.9 8.2 8.8 8.8 8.9 8.8 D Income taxes and other deductions.. 45.9 45.5 49.8 55 2 57.0 10.9 14.0 16.1 13.6 11.6 13.5 16.5 14.2 12.7 E Taxes less tax refunds3 39.1 38.5 41.7 45.8 47.0 9.3 11.3 13.3 11.4 9.8 10.7 13.6 12.0 10.8 F Pension and OASI deductions'*... 6.8 7.0 8.1 9.4 10.0 1.6 2.7 2.7 2.2 1.8 2.9 2.9 2.2 1.9 G Cor. receipts after deduct. (A-D).. 285.4 293.7 312.1 325.7 337.6 82.5 78.2 78.8 82.7 86.0 80.8 80.8 85.8 90.3 H Cur. expend, for goods and serv.5.. 222.9 232.8 246.7 260.1 271.6 67.6 61.0 64.2 64.3 70.7 64.1 66.3 67.1 74.2 I Net life insurance premiums6 3.0 2.9 3.3 3.3 3.2 .9 .7 .8 1.0 .7 .7 .8 .9 J Current surplus (G~H-1). .. 59.5 58 0 62.1 62.4 62. 13.9 16!5 13.9 17.6 14.4 16.0 13.8 17.9 15.1 K Insurance and retirement credits7... 9.1 10.0 11.5 11.2 12.2 3.0 2.7 3.1 2.4 2.9 2.8 3.4 2.8 3.1 L Capital consumption » 40.0 41.6 43.5 45.7 47.9 11.1 11.2 11.3 11.5 11.7 11.8 11.9 12.0 12.2 M Net saving (J+K-L) 28.6 26.4 30.2 27.8 27.1 5.8 8.1 5.7 8.4 5.7 7.1 5.2 8.7 6.1 N Gross saving (L+M) 68.6 68.0 73.6 73.5 75.0 16.9 19.3 17.0 20.0 17.3 18.9 17.1 20.7 18.3 0 Gross investment (P-fT) 72.5 74.2 76.6 71.5 76.8 20.9 17.9 14.7 19.3 19.6 18.2 17.6 20.0 20.9 O P Capital expend, (net of sales).. 58 5 55.4 65.6 65.8 62.6 18.7 15.5 16.3 15.8 18.3 13 6 15.2 15.0 18 8 P Q Residential construction 15.6 15.3 19.2 18.4 16.8 5.4 4.6 4.2 4.7 4.9 4.0 3 4.2 4.8 Q R Consumer durable goods 40.4 37.3 43.5 44.3 42.4 12.5 10.1 11.5 10.2 12.6 8.9 10.6 9.8 13.1 R S Plant and equip, (nonprofit) 2.5 2.7 2.9 3.2 3.4 .7 .7 .9 .8 .7 .9 S T Net financial investment (U-j) 14. 18.8 11.0 5.7 14.2 2.2 2.4 -1.6 3.6 1.3 4.6 2.5 5.0 2.1 T U Net acquis. offinan. assets9 26.0 30.9 31.6 21.9 30.4 8.5 4.4 3.6 7.4 6.5 5.7 7.1 5.6 9.1 U V Demand deposits and currency. -1.0 2.5 1.0 .3 .9 1.6 -2.7 -1.0 1.9 2.1 -1.6 -.3 1.5 1.3 V W Fixed-value redeem, claims.... 9.8 13.6 9.3 12.8 18.0 2.0 1.6 3.4 3.2 4.6 4.5 5.6 3.5 4.4 W X Time deposits 6.5 7.8 4.0 4.9 7.9 .3 .2 1.0 1.8 1.8 2.3 2.8 1.8 1.0 X Y Savings shares 5.2 6.4 7.1 8.1 9.3 2.3 1.6 2.5 1.4 2.7 2.0 2.7 1.5 3.2 Y Z U.S. savings bondsi° -1.9 -1.8 -.6 -.2 -.1 .1 .3 .1 .2 .2 Z a Saving through life insurance... 2.8 3.4 3.7 3.6 3.6 .9 .8 .8 1.0 1.0 .9 1.0 b Saving through pension funds.. 6.3 7.0 8.0 7.7 8.5 2.2 2.0 2.3 1.4 2.0 1.9 2.6 1.9 2.2 b c Cr. and equity mkt. instr. 1 *.... 7.7 4.3 15.5 2.4 1.6 3.3 4.0 -.7 1.2 -2.0 -1.0 1.3 c d Federal obligations .8 -2.3 10.2 -1.5 -1.1 2.9 2.2 -1.3 -.6 -1.8 -2.3 .8 .9 d e State and local obligations... 2.0 1.3 2.3 .9 .5 .1 .5 .3 .4 -.3 .1 .4 .3 e f Corporate and foreign bonds. 1.3 1.0 * 1.1 -.5 -.2 .7 -.2 .5 .4 -.5 -.4 f g Corporate stock 1.7 1.9 1.0 1.0 * .4 -.1 .5 -'.5 .5 .5 .2 2 g h Mortgages 1.9 2.2 2.2 IA 1.5 .5 .3 .5 .3 .3 .3 .4 .5 .3 h 1 Net invest, in noncorp. bus .3 -6.0 -4.9 -2.2 -1.5 -1.2 -1.2 -1.2 -1.2 -.5 -.5 -.5 -.5 j Net increase in liabilities 12.0 12.1 20.6 16.2 16.2 6.4 2.0 5.2 3.9 5.1 1.1 4.6 5.5 7.0 k Consumer 11.6 11.5 20.1 15.9 15.9 6.2 2.0 5.1 3.7 5.1 1.0 4.5 3.4 7.0 I 1-4 family mortgages 8.7 9.6 13.1 11.3 12.7 3.3 3.0 2.5 2.8 3.0 2.6 2.7 3.2 4.1 m Consumer credit 2.8 .3 6.4 3.9 1.4 2.7 — 8 2.4 .6 1.8 -2.1 1.0 .2 2.4 n Security credit -.4 1.1 * 1.3 .1 -A * .1 .3 .6 -.1 .4 o Other loans 12 .5 .4 .6 .8 .6 .2 .2 .2 '.2 .2 .2 .2 .1 .1 p Nonprofit organizations 13 .4 .6 .5 .3 .3 .1 .1 .1 .1 .1 .1 .1 .1 q Discrepancy (N—O) -3.9 -6.2 -2.9 2.0 -1.8 -4.0 1.4 2.2 .7 -2.2 .6 -.5 .7 -2.6 q Less than $50 million. * Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1957 1958 1959 1960 1961* (B) Farm business sector A Net income 8.7 10.6 8.4 9.1 10.1 2.7 1.5 1.7 2.6 3.3 2.1 2.0 2.7 3.4 B Proprietors' income withdrawals14.. 8.6 10.5 8.3 9.0 10.1 2.0 1.9 2.3 2.4 2.4 2.5 2.5 2.5 2.7 C Net saving (A-B)is * -.1 -.1 .7 -.5 -.7 .2 .8 -.5 -.5 .2 .7 D Capital consumption 3.9 4.0 4.2 4.1 4.2 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.1 1.1 E Currentsurplus= gross saving (C+D) 3.9 4.0 4.1 4.1 4.2 1.8 .6 .4 1.3 1.8 .5 .5 1.3 1.8 F Gross investment (G+J) 3.9 4.0 4.1 4.1 4.2 1.8 .6 .4 1.3 1.8 .6 .5 1.3 1.8 F G Capital expenditures 4.7 5.4 4.7 4.4 4.9 1.0 1.1 1.2 1.2 1.0 1.1 1.4 1.4 1.1 G H Construction and equipment16... 4.0 4.4 4.7 4.2 4.6 1.0 1.1 1.2 1.1 .9 1.0 1.3 1.3 1.0 H I Change in inventories .8 .9 .1 .3 .3 .1 .1 .1 .1 .1 .1 * I J Net financial investment (K—L) -.9 -1.4 -.6 -.4 -.7 -.8 .1 .8 -.5 -.9 -.1 .7 J K L N N e e t t a in c c q r u e i a s s . e o f i n f i l n ia a b n i c li i t a i l e s. a .. ssets^... -./ .8 1. . 7 3 '. ^ 2 \l 2 -.1 .6 -.1 .8 - - . . 1 2 - - . . 2 9 .5 * -.7 K L M Credit market instruments 1.1 1.5 1.9 1.1 1 .8 .2 -.4 .6 M N Mortgages .6 .7 1.0 .8 1.2 .3 .2 .2 .3 N O Bank loans n.e.c.i 8. .3 .6 .7 .2 .4 .3 -'.2 .1 -.2 O P Other loans' .2 .2 .2 .1 .3 .2 -.2 .2 -.2 P Q Trade debt .1 .1 .1 .1 .1 .2 -.1 -.3 .2 -.4 Q R Proprietors' net investment -.5 .1 -1.8 -1.1 -1.3 -.3 -.3 -.3 -.3 -.3 R (C) Noncorporate nonfinancial business sector A Net income20 38.6 38.3 40.7 42.1 42.2 13.3 9.6 11.1 9.6 11.7 10.1 8.4 14.9 B Proprietors' income withdrawals 21.. 38.6 38.3 40.7 42.1 42.2 10.3 10.4 10.6 10.5 10.5 10.4 10.5 10.6 10.7 C Net saving (A-B)is 3.1 -.8 .6 -1.0 1.2 -.3 -1.7 -2.1 4.2 D Capital consumption 8.1 8.0 8.3 8.6 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.2 2.3 E Currentsurplus= gross saving (C+D) 8.1 8.0 8.3 8.6 8.8 5.2 1.3 2.7 1.2 3.4 1.8 .5 .1 6.4 F Gross investment (G-f J) 8.1 8.0 8.3 8.6 5.2 1.3 2.7 1.2 3.4 1.8 .5 .1 6.4 F G Capital expenditures 9.6 8.7 11.6 11.7 11.6 1.9 3.5 3.3 2.9 2.0 2.4 3.2 3.3 2.7 G H I P C l h a a n n t g a e n d in e i q n u v i e p n m to e r n i t e 2 s 2 20. 9. . 4 2 - 9 .2 .0 10 . . 9 7 10 . . 9 8 11.6 - 2 .5 .4 2 1. . 3 2 3. . 3 1 2.8 - 2 .6 .5 2. . 1 3 3.2 3. A 1 - 3 .4 .2 H I J Net financial investment(K—N) -1.5 — .7 -3.3 -3.1 -2.8 3.3 -2.3 -.6 -1.7 1.4 -2.7 -3.2 3.7 K Net acquis. of financial assets .9 .8 -.3 * .9 .2 -.4 .2 2 .4 -'.3 .3 * .9 P L N O M Ne D C C t r o e i M e n m n d c s o a i r u t r n e m t m a d g e s a a e r d g r e e k c i p s n r e o e t l d s i i i a i n t t b s s i t a l r i u n ti m d e s e c n u t r s rency. 2 1 . . . . . 4 1 9 2 8 - 2 1 1 .1 . . . . 6 2 6 9 - 3 4 A 1 . . . A 1 6 5 - 3 3 . . 1 . . . 1 4 1 9 3 2 1 . . . A . 7 9 4 5 -3 -A . 1 0 . . . 2 3 2 - -A 1 .1 . . 8 3 * 1. . . 3 8 2 * - -A 1 .1 . * A 5 • -1. 1 0 . . 8 4 * - - 1 A .6 . A 3 * 3 1 . . . . A 0 6 6 2 - 3 1 .1 . . . . 2 5 6 1 -2. 1 8 . . A . 4 2 8 Q Bank loans n.e.c -.2 .5 2.4 1.5 .8 .6 -.1 -.5 l'.2 -1.8 1.0 .8 .9 S T R T Pr r O o ad p th e ri e e d r t e o l b r o s t a 2 ' * n ne s" t investment.... . . . 5 4 8 - - '. . 6 1 -4 2 . . 2 . 6 7 -3 3 1 . . . 8 5 0 - 1 .9 . . 7 6 - - 1 3 . . 0 . 2 3 -1 2 . ! 0 5 -1.0 .4 -1 2 . . 0 6 * - -1 l! . 9 0 2'.1 - 1 .2 .6 * 1. . 9 1 2 -4i0 (D) Corporate nonfinancial business sector A Profits20. 36.0 31.3 39.6 37.9 39.0 9.8 9.5 10.1 9.3 9.1 7.7 10.0 9.7 11.6 A B Profits tax payments (net)25.... 21.1 18.8 18.0 20.9 18.9 3.9 6.7 6.1 4.2 3.9 6.1 5.4 3.7 3.7 B C Net dividend payments26 9.5 9.4 10.2 10.8 11.3 3.0 2.6 2.5 2.5 3.2 2.8 2.7 2.7 3.2 C D Net saving (A-B-C) 5.3 3.1 11.4 6.1 8.8 2.9 .2 1.4 2.6 2.0 -1.2 1.9 3.4 4.7 D E Capital consumption 21.0 21.9 23.2 24.7 26.2 6.0 6.0 6.2 6.2 6.3 6.3 6.5 6.6 6.8 E F Current surplus= gross saving (D -f-E) 26.3 24.9 34.6 30.8 34.9 9.0 6.2 7.5 8.8 8.3 5.1 8.4 9.9 11.4 F G Gross investment (H-f-M) 24.3 20.1 29.8 26.3 28.8 7.0 5.5 6.3 6.9 7.6 3.2 8.2 8.3 9.1 G H Capital expenditures 32.9 23.8 33.2 33.9 33.2 8.7 9.5 8.7 8.1 7.6 6.5 8.2 8.6 9.9 H I Fixed investment 32.3 26.4 27.9 30.8 31.4 7.6 6.3 8.4 8.0 8.2 6.1 8.1 8.0 9.3 I J Plant and equipment 31.6 25.0 26.3 29.5 29.1 7.4 6.4 7.7 7.4 8.1 6.1 7.1 7.1 8.8 J K Other .7 1.4 1.6 1.3 2.3 .1 -.1 .7 .6 .2 * .9 .9 .5 K L Change in inventories20 , .6 -2.6 5.3 3.1 1.8 1.2 3.2 .4 .1 -.6 .4 .2 .6 .6 L M Net financial investment (N— V) -8.6 -3.6 -3.4 -7.6 -4.4 -1.7 -4.0 -2.4 -1.1 * -3.3 -.3 -.8 M N Net acquis. of financial assets 4.5 11.3 13.7 3.3 12.4 4.4 -2.2 1.1 1.8 2.6 -2.2 5.0 3.1 6.6 N O Demand deposits and currency. 1.7 « — 7 1 3 1 8 —3 4 7 I 2 0 —3 2 3 .3 3.4 O P Credit market instruments27... .6 1.5 4.7 -2.1 -A f.9 -.2 -K2 -US 1.1 -U6 '.5 -i!o 1.7 P Q Federal obligations * .7 3.4 -3.0 -.7 .8 -.2 -1.5 -1.6 .3 -.3 * -1.1 .8 R Consumer credit .2 .5 .8 .3 n 1.3 -1.1 .3 -.1 1.2 -1.9 .5 .2 1.0 S Other loans (finance paper).. .3 .1 .3 .4 'A -.2 1.1 * -.1 -.5 .6 1 -.2 S T Trade credit 1.8 6.4 8.0 4.2 8.2 .4 1.2 1.2 2.9 -1.2 1.2 2.1 3.2 T U Other financial assets28 2.1 1.7 1.0 2.0 3.3 .3 .2 .4 .6 .8 1.4 1.0 .6 .3 U V Net increase in liabilities™ . 13.1 15.0 17.0 10.9 16.8 6.1 1.8 3.6 2.9 2.6 1.1 5.0 3.4 7.4 V W Credit and equity market instr.. 13.1 11.8 11.7 10.6 10.7 3.0 2.7 3.0 2.5 2.3 2.1 4.0 2.3 2.2 w X Corporate bonds 6.3 5.7 3.1 3.5 4.3 1.1 .4 .9 .8 1.4 .4 1.8 .7 1.4 Y Corporate stock 2.4 2.3 2.3 1.8 2.7 .6 .4 .5 .6 .3 .7 1.4 .6 .1 X Z Mortgages 1.8 3.2 3.4 2.3 3.0 .7 .2 .8 .8 .4 .3 1.0 1.1 .5 Y a Bank loans n.e.c 2.0 .5 2.5 1.6 j .4 1.0 .4 .4 2 .5 -.4 -.2 * z b c Tr O ad th e e d r e I b o t ans3° -.1 .5 3. . 2 1 5. . 2 4 1, . 4 4 6. '. 0 8 3. . 1 2 -.9 .7 . . 4 5 -.1 .4 A A -1.1 .2 . . 3 9 1. . 1 2 5. . 1 2 b a d Discrepancy (F-G) 2.0 4.8 4.9 4.6 6.2 1.9 .8 1.2 1.8 .7 2.0 .2 1.7 2.4 c e Memo: Profits tax accruals25 18.8 16.1 20.4 19.2 19.3 4.9 5.0 5.1 4.6 4.5 3.8 4.9 4.9 5.8 d e Less than $50 million. * Preliminary. r Revised For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 477 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1957 1958 1959 1960 1961, 4 1 2 3 4 1' 2' 3 4* (E) Federal Government sectoi A Tax receipts (net of refunds) 71.5 67.7 72.3 79.6 78.4 16.2 21.5 22.4 18.9 16.9 20.2 21.9 18.6 17.7 A 36.1 34.6 38.6 41.6 42.3 8.6 10.5 11.8 10.5 8.8 9.9 12.1 10.6 9.7 B C Corporate profits 21.8 19.9 19.4 22.0 20.3 3.9 7.1 6.4 4.4 4.1 6.6 5.9 3.9 3.9 C D Other3* 13.6 13.2 14.3 16.0 15.7 3.7 3.9 4.1 4.0 4.0 3.7 3.9 4.0 4.1 D Social insurance programs32 E Premiums received 9.5 10.4 11.3 14.7 15.1 2.2 3.4 4.9 3.7 2.8 3.7 5.0 3.9 2.6 E F Benefits paid 9.3 12.4 12.9 14.2 16.5 3.3 3.5 3.5 3.5 3.7 4.4 4.1 4.0 4.0 F Life insurance and retirements programs33 1.8 1.7 1.8 1.9 1.9 .5 .5 .4 .5 .5 .5 .5 .5 .5 G H Benefits paid 2.0 2.1 2.3 2.5 2.9 .6 .6 .6 .6 .6 .8 .7 .8 .7 H [ Net grants and donations paid34... 11.4 13.4 14.5 14.0 16.0 4.0 3.2 3.4 3.7 3.7 3.5 4.0 3.9 4.7 I J Net interest paid35 5.7 5.5 6.4 7.1 6 6 1.7 1.8 1.8 1.8 1.7 1.7 1.6 1.6 1.6 J K Other net purchases of goods and services 3 6 50.2 53.6 53.3 53.5 58.9 14.1 12.0 13.0 13.9 14.7 12.8 16.0 13.7 16.5 K L Construction expenditures 3.0 3.4 3.7 3.7 3.8 .8 .7 .9 1.0 1.0 .8 1.0 1.0 1.0 L M Other 47.2 50.2 49.6 49.8 55.1 13.3 11.3 12.0 12.8 13.6 12.0 14.9 12.7 15.5 M N Current surplus (A, E, and G, less F and H through K) 4.2 -7.2 —4.0 4.8 -5.4 -4.9 4.1 5.4 — .4 -4.2 1.2 1.0 -.9 -6.6 N O Credits imputed to consumers37.... .6 1.0 1.0 1.0 .8 .1 .1 .7 .1 .1 * .8 * * O P Gross and net saving (N—O)....... 3.6 -8.2 -5.0 3.8 -6.2 -5.0 4.0 4.7 -.6 -4.3 1.1 .2 -1.0 -6.6 P Q Net Jinan, investment (R—X).. 3.6 -8.2 -5.0 3.8 -6.2 -5.0 4.0 4.7 -.6 -4.3 1.1 .2 -1.0 -6.6 Q 3.2 1.6 6.3 3.7 3.4 — .8 — .3 4.2 .7 —1.0 —1.5 2.3 3.7 -1.1 R S Demand deposits and currency .2 .1 .7 .9 .3 — 1.2 — .4 2.8 -1.7 -1.7 2.0 2.4 -2.3 S T Credit market instruments 2.4 1.7 3.8 2.3 2.8 .5 1.3 .4 .6 .2 .3 1.3 1.1 T V U O M t o h r e t r g l a o g a e n s s 3 3 8 ** 1. . 4 9 1.4 2 1 . . 2 6 1 1 . 2 0 2 .5 3 .4 — . 3 .3 1. . 0 3 . . 1 3 . .3 3 .1 * .4 1 1. . 1 2 . . 3 7 V U W Other financial assets40....... .6 — .3 1.7 .5 .2 — .1 .2 .1 .1 .1 .1 .1 .1 W X Net increase in liabilities — .4 9.7 11.2 — .1 9 6 4.2 —4.3 — .4 1.3 3.3 —2.7 2.1 4.7 5.5 X Y Fixed-value redeemable claims. -2.2 -.7 -2.0 -.4 .7 -.6 -.2 -.2 -.1 * .2 .1 .2 .2 Y Z b a Co P C n o o s s u n t m s a u l e m s r a e s v r a - i v n h i g e n l g d d e t s p h v o r g o s s i u t . s g b h o n li d fe s 1® -.3 - — .2 .5 2 - — .2 .3 -.1 8 — . * 6 - — .1 .2 - — .1 .1 * .1 .3 * .1 * .2 * .2 * Z a insurance and retir. funds.... .6 1.0 1.0 1.0 .8 .1 .1 .7 .1 * .8 • b c d Fe S d h er o a r l t - o te b r l m ig a d t i io re n c s t 4 4 * 2 5 1. . 4 5 — 9 1 .0 .2 1 5 1 . . 5 3 — — 2 5 . 2 1 1 6 0 . 6 8 4 4 .0 7 — —1 4 .1 4 — — 2 1 . . 1 4 5 r . . 3 2 — 2. 2 .8 -3.3 .9 4. . 8 6 5. . 8 6 4 3 . . 6 5 d c e Other direct and guaranteed., -6.2 10.7 3.6 3.0 -4.9 -1.1 3.5 -3.4 2.9 -3.7 -4.6 4.7 -1.4 e f g Ot N he o r n l g o u a a n r s a 4 n 4 teed43. - 2 .4 .1 — . 4 .5 — 2. 2 .6 .5 * 7 2 .1 4 _ 2 .7 .3 . .3 2 — . 2 .5 -.3 .4 — . 5 .3 . . 3 6 g f h Other liabilities45 .3 .1 1 5 1 0 1 3 7 * 5 — .2 .7 .2 .9 -.1.0 1.0 h i Memo: Assets of OASI fund -1.7 .2 -.6 -.1 .8 -.1 _ 4 * .6 2 -1.0 i (F) State sind local government sector A Tax receipts 4 6 29.4 30.9 33.5 36.4 38.5 8.7 9.0 9.3 8.9 9.2 9.2 9.6 9.6 10.1 A B Net insurance and grants receipts4 ^. .. .9 1.8 2.7 2.1 2.1 .8 .2 .4 .8 .6 .4 .4 .6 .7 B C Net interest paid .5 .6 .7 .7 8 2 .2 .2 .2 .2 .2 .2 .2 .2 C D Other net purchases of goods 31.8 35.4 37.7 40.6 44 1 9 7 9.1 10.2 10.6 10.7 10.0 11.0 11.3 11.7 D E Construction and land 12.1 13.3 14.0 13 9 14 8 3 3 2 5 3 5 4.2 3.6 2.9 3.7 4.4 3.9 E F Other by govt enterprises -1.8 -1.9 -2.2 -2.4 -2.6 -.6 -.6 -.6 -.6 -.6 -.6 -.6 -.7 -.7 F G Other by general government.... 21.5 23.9 25.9 29.1 31.9 6.9 7.1 7.3 6.9 7.7 7.8 7.9 7.6 8.5 G H Current surplus (A+B -C-D),... -2.0 -3.3 -2.2 -2.9 -4.3 — 1 -.7 -1.1 -1.1 -.6 -1.2 -1.4 -1.1 H I Credit imputed to consumers4 8...... 1.6 1.7 1.9 2.1 2.4 '.5 .5 .5 .5 .6 .6 .6 .6 I J Gross and net saving (H—I) -3.6 -4.9 -4.1 -5.0 -6.6 -.6 -1.6 -1.6 -1.2 -1.8 -2.0 -1.7 J K. Net Jinan. inves t rnent (L—S)... -3.1 -5.2 -4.0 -3.4 -5.0 .3 -.5 -1.0 -2.2 .3 -1.3 — .2 -3.2 M N O D T C i e r m e m d e a i t d n e d m p a d o r e s k i p t e o s t s i i n ts s t a r n u d m e c n u t r s rency 3 2 . . . 3 7 2 2 1 . . . . 5 5 2 8 - 3 2 .4 . . . 0 9 5 2 1 1 . . . 6 0 2 4 2 3. . . 1 1 3 7 1. . . 3 6 8 * 1. . 1 92 • -A . A A 4 - - . . 2 2 .3 1. . . 3 8 5 -.5 . . . 8 3 9 1. . . . 5 4 6 4 - - 1 .5 .0 .5 * 1 1. . . 1 4 3 • M O N L 1.0 1.2 -.7 .1 .3 .5 * -.*8 -.4 .4 -.1 * -.3 P Q R O St t a h t e e r a 4^ nd local obligations... 1. . 1 5 ' 1 .5 .4 1. . 4 4 1. . 4 3 1. . 8 3 . . 1 3 . . 1 3 . . 1 3 . . 1 3 . . 1 3 . . 1 4 . . 1 5 . . 1 4 . . 1 5 Q R S Net increase in liabilities 6.4 7.7 7.0 6.0 8.1 1.0 1.6 1.4 2.0 1.0 2.1 1.6 2.7 1.8 S T State and local obligations 4.6 5.7 4.9 3.6 5.3 A 1.0 .7 1.4 .5 1.4 .9 1.8 1.2 T U Short-term .4 .4 .3 -.2 4 — 4 • — .3 .2 — .2 .3 -.3 .5 — .2 U V Other 4.3 5.2 4.5 3.7 4.9 .8 1.0 1.0 1.2 .6 1.0 1.2 1.2 1.4 V W Consumer saving through retirement funds 1.6 1.7 1.9 2.1 2.4 .5 .5 .5 .5 .5 .6 .6 .6 .6 W X Other liabilities 50 .3 .4 .2 .3 .5 .1 * .1 .2 .1 .1 .3 * X Y Discrepancy (J—K) -.5 .2 -.1 -1.6 -1.6 -1.2 -.1 -.2 .6 -1.9 .1 -1.6 1.2 -1.3 Y • Less than $50 million. Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1957 1958 1959 19€0 1961* (G) Commercial banking and monetary authorities sector A Net operating surplus 3.5 3.5 4.2 4.7 4.4 1.1 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 A B Profits tax & net div. pymts.5* 2.1 2.4 2.5 3.0 2.9 .6 .9 .7 .7 .7 .8 .6 .1 B C Current surplus = gross saving (A—B)52 1.4 1.1 1.6 1.6 1.5 .5 .2 .4 .5 .5 .3 .5 C D Gross investment (E +-F). 1.1 1.3 2.4 2.4 2.6 2 1.0 .8 .7 .2 -.4 3.0 -.2 D E Capital expenditures. .4 .4 .4 .4 .4 .1 .2 .2 .2 .2 .1 .2 .2 .2 E F Net financial invest. (G W).. .7 .9 2.0 2.0 2.2 -.3 .9 .7 .6 -.2 .1 -.5 2.9 -.3 H G Ne G t o a l c d quis. offinan. assets53... 5. . 4 8 - 1 2 4 .3 .7 -1 4 . . 1 6 -1 8 . . 7 4 15.6 Q - 3 .1 .5 -7.8 - 5 .1 .0 - 4 .6 .5 - 6 .9 .7 -5 - . . 1 4 7. . 0 2 - 7 .1 .2 - 6 .5 .4 I Credit market instruments... 4.3 17.0 5.6 10.0 16!2 3.5 -7.8 5.1 5.1 7.5 -4.8 6.8 7.2 6.9 J Federal obligations -.6 10.0 -7.1 2.7 7.2 -.2 -6.7 1.8 3.8 4.0 -3.2 4.0 4.8 1.7 K Monetary authorities.... -.7 2.2 .3 .7 1.5 .1 -1.4 1.2 .5 .4 -.7 .6 .5 1.1 L M Co S m h m o e r r t c - i t a e l rm b a d n i k r s ect42... 1. . 9 2 7 . . 9 9 - - 7 3 . . 4 1 1 3. . 8 9 5 9. . 4 8 1'.3 - - 5 4 . . 5 6 -.9 .5 3 5 . . 3 0 4 3. . 6 1 -2 -A .5 3 5 . . 4 3 4 1 . . 3 5 2. . 8 6 N Other direct and guar. -2.2 6.9 -3.9 -1.8 -3.9 -2.5 -.6 1.5 -1.6 -.7 -2.3 -2.0 2.6 -2.2 O Nonguaranteed •3 .5 .1 -.5 -.1 .3 -.1 -.3 * -.1 .3 -.1 .1 .2 * 2 P T V S U C M B S C S O e t o a o t a o c h n r n t r u e p e k s t r r g . u s i a a t m a l y n l g o n o d e e a d a l r s o n n l a o f c s s o n r c 5 r e 4 n s a e d . l i e i g o t . n c b l b ig o a n t d io s n . s . . - 2 1 1 .1 . . . . . 3 2 0 1 6 - 2 2 1 .1 . . . . . . 1 3 6 2 4 5 - 2 2 7 .5 . . . . . 4 6 8 4 2 2 - 3 1 1 .2 . . . . . . 4 3 2 6 6 3 2 2 1 1 1 . . . . . . 1 1 7 0 6 5 - 1 .1 . . . . . 8 5 4 8 3 * -U - S .1 . .3 1 - - 2 . . 2 1 . . . . . 1 2 4 1 8 -.6 . . . A 4 3 5 - 1 1 .1 . . . . . 4 1 0 7 4 - - 2 1 . . 3 . . . 1 . 4 9 5 1 - 1 .3 . . . . . 3 5 9 3 1 - - 1 . . 2 1 . . . . 0 5 2 9 2 1 . . . . . 0 0 7 6 9 * w Net increase in liabilities 4.7 13.8 2.6 6.4 13.4 3.8 -8.7 4.4 3.9 6.9 -5.2 7.6 4.3 6.7 W X Dem. dep. net & currency55. -.8 5.8 1.1 .1 4.2 3.8 -8.8 2.5 1.5 4.9 -8.2 3.9 2.4 6.0 X Y Due to U.S. Govt. 5 6. .2 .2 .7 .9 .4 -1.3 -.7 2.7 .3 -1.5 -1.9 2.3 1.4 -1.3 Y z Due to rest of world .2 * .1 -.1 .2 -.1 -.4 * * .3 -.1 .1 .2 Z c b d a e Tim D D u e u D C e e d u e e t t m r o p o r a e o o c n n s t o c i d h t n y s e d s r u e s p m 5 o 6 e s r i s ts, net55.. -1 5 5 . . . 1 5 2 5 5 5 8 . . . . . 2 6 0 6 4 -. 3 1 3 . . . . 2 0 6 3 - - - . . 5 3 . 6 1 7 . . 8 7 - 3 9 6 . 3 3 . . . . 8 0 1 5 - 4 5 1 .2 . . . . 2 2 0 3 - - - 6 1 7 . . . 4 3 7 - -. 1 . 6 3 . . . 5 3 9 - 2 1 . 1 1 1 . . . . 5 1 2 2 5 2 6 1 1 . . . . . 1 2 1 3 0 - - - 1 5 6 2 1 . . . 3 0 . . 2 7 9 2 1 3 1. . . . . 7 4 5 2 5 - 1 . 1 1 1 8 . . . . 0 8 8 4 6 7 . . . . . 5 0 5 8 6 d b a e c f Due to others .3 2.4 -1 2.1 2.9 -.4 .6 .8 .7 1.2 1.1 .5 .1 f g Other liabilities5? .4 .5 .3 .2 .3 -.1 .1 .2 g h Discrepancy (C—D). .3 -.3 -.8 -1.1 .7 -.8 -.3 -.2 .6 .7 -2.5 .6 (H) Nonbank financial sectors73 A Current surplus58 9.3 9.3 10.8 10.9 11.9 1.9 3.7 2.2 3.2 1.8 3.4 2.5 3.7 2.3 A B Credits imputed to consumers59.... 7.0 7.4 8.7 8.0 9.0 2.5 2.1 1.9 1.7 2.3 2.2 2.0 2.2 2.6 B C Gross saving (A—B)5* 2.3 1.9 2.1 2.9 2.9 -.6 1.6 .3 1.5 -.5 1.2 .5 1.5 C D Gross investment (E -F) 2.7 3.9 3.0 4.2 4.2 -.1 1.3 1.0 1.4 .5 1.5 .8 1.7 .1 D E Capital expend, {insur. sector) . .4 .3 .4 .4 .4 .2 .2 .2 .2 .2 .2 .2 .2 .1 E F Net financial invest. (G-Z) 2.4 3.5 2.6 3.8 3.8 -.2 1.2 .9 2.3 .4 1.4 .7 1.6 F G Net acquis. offinan. assets 18.7 21.6 25.4 25.9 28.9 6.9 5.2 7.5 5.5 7.7 5.1 7.9 6.8 9.0 G By subsector: H Mutual savings banks 1.8 2.6 1.5 1.6 2.2 A .4 .2 .6 A .9 .4 .6 .3 H I S & L assns. & cr. unions.... 5.6 7.5 8.8 8.4 10.7 2.1 1.6 2.4 1.8 2.6 1.9 3.0 2.4 3.3 I J Life insurance companies... . 4.9 5.2 5.2 5.4 5.6 1.5 1.2 1.2 1.4 1.6 1.4 1.3 1.4 1.5 J K Other insurance companies... 1.0 1.2 1.9 1.7 1.9 .4 .4 .4 .4 .4 .4 .5 .5 .5 K L Noninsured pension funds.. . 2.8 2.9 3.2 3.4 3.8 .9 1.1 .8 .5 1.0 .9 .8 .9 1.1 L M Finance n.e.c 2.7 2.2 4.9 5.4 4.8 1.9 .5 2.4 .8 1.7 -.4 1.9 1.1 2.2 M By type: N Demand dep. and currency.. .3 .7 .1 .6 .8 .6 -.4 .5 -.2 .7 -.1 .3 -.1 .6 N 0 Cr. and equity mkt. instr.... 18.2 20.3 25.3 24.7 27.6 6.3 5.5 6.9 5.6 6.7 5.0 7.3 7.1 8.2 O P Federal obligations -.3 .9 .9 * .5 -.3 .3 -.3 .2 -.1 .3 -.6 .6 .2 P Q State and local oblig .9 1.1 1.6 1.6 1.5 .2 .4 .6 .5 .2 .6 .4 .4 .1 Q R Corp. and foreign bonds... 5.2 4.8 3.5 3.5 4.7 1.5 .3 1.1 .5 1.6 .5 1.4 1.0 1.7 S Corporate stock 2.1 2.3 3.1 3.1 3.8 1.1 .5 1.0 .4 1.2 .6 1.1 .9 1.2 T 1- to 4-family mortgages... 6.3 8.0 9.6 9.6 11.6 2.2 2.1 2.5 2.7 2.4 2.1 3.0 3.2 3.3 T U Other mortgages 1.5 2.2 2.4 2.2 2.5 .6 .5 .6 .6 .6 .6 .7 .7 .6 U V Consumer credit 1.3 -.3 2.7 2.2 .5 .6 .4 1.0 .6 .2 -.3 .2 .2 .5 V W Security credit -.2 1.0 * « 1.1 -.1 -.1 .1 .2 -.2 .3 .7 -.1 .3 W X Other loans <>o 1.4 .2 1.5 2.6 1.3 .4 1.3 .5 * .9 .4 .4 .2 .3 X Y Other financial assets 61 .2 .6 * .6 .6 * .1 .2 * .3 .3 .3 -.2 .2 Y Z Net increase in liabilities... 16.3 18.0 22.9 22.1 25.2 7.1 4.0 6.6 4.2 7.3 3.8 7.2 5.2 9.0 a Dep. in mutual savings bks..... 1.7 2.3 1.2 1.4 1.9 A .3 .2 A .5 .7 A A A b Savings shares 5.2 6.6 7.2 8.1 9.4 2.3 1.6 2.4 1.4 2.8 2.0 2.7 1.5 3.3 c Saving through life insurance... 2.7 3.3 3.6 3.5 3.7 .9 .8 .8 1.0 1.0 .9 .8 1.0 1.0 d Saving through pension funds.. 4.3 4.4 5.2 4.6 5.3 1.6 1.4 1.1 .8 1.4 1.3 1.2 1.2 1.6 e Cr. and equity mkt instr.62 2.1 1.1 5.6 4.0 4.3 2.3 -.3 1.7 .6 1.9 -1.1 1.6 1.0 2.8 f Corporate bonds .7 .2 1.0 1.6 .8 .3 .5 .2 .4 .5 .3 .2 .1 .2 g Corporate stock 1.2 1.6 1.8 1.5 1.9 .5 .5 .3 .3 .4 .4 .3 .5 .6 h Security credit .1 .6 * .5 .9 .6 -1.2 .5 .5 .7 -.8 .7 .1 1 Banks loans n.e.c -.4 -1.1 1.4 -.3 .1 .7 -.6 .5 -.5 .3 -1.1 .1 .3 j Open market paper 63 .5 -.1 .5 .8 * -.1 1.1 * * -.2 .5 -.1 -.2 -} i k FHLB loans to S & L assns. 6 3 * * .8 -.2 .7 .3 -.6 .2 * .2 -.5 .4 .3 1 Miscellaneous 6 4 .3 .3 .1 .5 .5 -.1 .3 .4 * -.2 * .4 .1 -A I m Discrep. & unident. assets (C—D). -.4 -2.0 -.9 -1.4 -1.2 -.5 .2 -.8 .1 -.9 -.2 -.3 -.3 -.4 m •Less than $50 million. P Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 479 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1957 1958 1959 1960 1961^ 4 1 2 3 4 lr 2r 3 4* (I) Rest-of-world sector65 A Net purch. of goods and sery. (B—Q 5.4 1.8 -.2 3.6 4.7 .4 .5 g 5 1 8 1 4 1.3 .5 1.5 A B Purch. of goods and services 6 6... 26.3 22.9 23.3 26.9 27.8 6.4 6.2 6 9 6 6 7.2 6.7 6.9 6.6 7.5 B C Sales of goods and services 20.9 21.1 23.5 23.3 23.1 5.9 5.8 6.1 6.1 5.4 5.3 5.6 6.1 6.0 C D Net unilateral receipts66 1.9 1.9 2.1 2.1 2.2 .6 .5 5 5 .5 .6 6 .5 .6 D E Current surplus (D—A) -3.5 .1 2.3 -1.5 -2.5 .2 * -.3 * -1.2 -.9 -.7 * -.9 E F Net financial investment (G—TV) -4.2 -.3 1.7 -.8 -1.8 * -.2 j .1 -.a © -.3 — 1 -.6 F H Gold — -.8 .1 2 3. . 5 3 5 1 . . 8 1 4 1 . , 1 7 3. . 1 9 . A 6 .8* 1. . 0 1 1. . 2 6 I.I .9 A .6 -.2 .4 . A 8 7. . 4 5 G H I J K L M T F O U M e i . t i m S d h s . c e e e . r r d a d f e c l i e m r n p o e a . o d b n s i d l c t i i e i g t a m s p a l . t a i a a r o s n k n s d e s e t t c s i 6 u n 8 r s r t e r n .6 c 7 y .. . . . . . -.1 * . . 2 4 * -.1 . . 9 3 * * - 2 2 .9 . . . . 8 5 1 3 1. . . . 0 3 3 8 * . . . . . 2 8 5 4 5 - - . . 1 3 . . . 5 2 2 - - . . 4 2 . . 4 9 * -.1 . . 2 1 7 * — . . . 3 1 2 * 1 . . . 3 1 3 * A . . 2 1 * * * . A. 1 7 2 1 — . A . . 6 1 . 3 5 -.1 . . . . 2 2 3 2 M L K J I N Net increase in liabilities 4.1 3.8 4.1 5.0 5.0 .6 .9 1.1 1.1 1.9 1.4 .7 .9 2.0 N O P L Se o c a u n r s i 6 t 9 ies . . 5 9 1 1 . . 2 1 . , 7 2 1. . 4 7 1. . 9 8 .1 * . . 3 1 .4 2 . . 1 3 . . 1 6 . . 1 5 -.1 .2 A .6 . . 2 9 O P Q Miscellaneous70 2.8 1.5 3.3 3.0 2.3 .5 .5 .6 .7 1.2 .7 .6 .2 .8 Q R Discrepancy (E — F)7* .5 -.6 -.6 .2 • -.1 -.1 -.5 * -.4 .2 -.4 R S Memo: Unilateral transfers in kind 7 2 2!9 2'.7 2.3 2.2 2.0 .5 .6 .7 .4 .6 .5 .7 .4 .4 S * Less than $50 million. » Preliminary. r Revised. governments, and to savings and loan associations (by FHLB). Excludes 1 Payrolls, interest, dividends, and income withdrawals from unincor- CCC-guaranteed loans other than those on tobacco. porated business. 40 Treasury currency assets, time deposits, trade credit, and mis- 2 Grant and donation receipts of consumers and nonprofit organiza- cellaneous (mainly foreign cash and subscription to IMF). tions (net of transfers within the sector), social insurance benefits, and 41 See Table I, note 25. 42 See Table 3, note 37. benefits from private pension and government retirement funds. 43 Securities and notes issued by FNMA, Federal land banks, home 3 Federal, State, and local income and estate and gift taxes. loans banks, intermediate credit banks, banks for cooperatives, and TV A. 4 Mainly employee contributions to OASI and to private pension and 44 CCC-guaranteed bank loans and CCC certificates of interest. government retirement funds. 45 Treasury currency liabilities, trade debt, and misc. liabilities (special 5 Figures include net operating outlays of nonprofit organizations and IMF notes, misc. deposits, and private equity in Govt. enterprises). net transfer payments abroad. 46 Excludes employment taxes. 6 Net of dividends on and benefits from private life insurance and 47 Receipts of Federal Government grants; payments of direct relief individual annuity policies and Government life insurance. and other transfers; and receipts and payments in connection with 7 In connection with consumer saving through life insurance, private government employee retirement, unemployment insurance, workmen's pension funds, railroad retirement, and government employee retirement. compensation, and cash sickness compensation programs. 8 For details, see Table 2, lines J-L. 48 In connection with saving through govt. employee retirement funds. 9 Breakdown by consumer and nonprofit not available. 49 Corporate bonds and mortgages. 1 o Includes net accruals of interest. 5 ° Trade debt and loans from Federal Government. 1i Includes net free credit balances with brokers not shown separately. 51 Includes payment to Treasury on F. R. notes outstanding. 12 Policy loans. 52 Net saving is less than line C by the amount of capital consumption, 13 Consists of commercial mortgages, bank loans, loans from Govern- about $0.1 billion a year. ment, and trade debt. 53 Includes misc. and Treasury currency assets not shown separately. 14 Estimated as equal to seasonally adjusted net income of unincor- 54 Open market paper, CCC-guaranteed loans, and CCC certificates of porated farms. Figures include small amounts of dividends and profits interest. taxes paid by corporate farms. s 5 Net of Federal Reserve float and cash items in process of collection 15 See Table 2, note 32. as reported by commercial banks. 16 Includes farm residential construction. 56 Bank-record basis, net of bank float; differs from sector demand 17 Mainly demand deposits and currency. deposits and currency assets (shown in Table 3 and in nonbank sector 18 Excludes CCC-guaranteed loans. See p. 840 of BULLETIN for August accounts in Table 4) principally because of mail float. 1959. 57 Mainly stock issues and balances due to own foreign branches. 19 Government loans; excludes CCC loans. 5 8 Includes premiums on life insurance and private pension plans, less 20 After inventory valuation adjustment. benefit payments and policy dividends. 21 Estimated as equal to seasonally adjusted business net income. 59 In connection with consumer saving through life insurance and 22 Includes business residential construction. pension funds. 23 Mainly REA and other loans from Federal Government and loans 6 ° Mainly finance company loans to business and insurance policy loans. from finance companies. 61 Trade credit, time deposits, sayings shares, and miscellaneous assets. 24 Net of trade receivables. 62 Lines /, j, and most of / are liabilities of finance companies; line g, 25 Federal, State, and local taxes on profits. shares of open-end investment companies; and line h, liabilities of security 26 Includes profits paid by U. S. branches to foreign parent corporations brokers and dealers. less profits paid by foreign branches to U. S. parent corporations. 6 3 Part of "other loans" category. 27 Includes State and local obligations not shown separately. 64 Deposits at banks in U. S. possessions and agencies of foreign banks. 2 8 Miscellaneous financial assets (direct investments in foreign branches 65 Consolidated; records only transactions with U. S. and holdings of foreign cash), and time deposits. 66 Excludes unilateral transfers in kind, shown in line S. 29 Includes direct investments from abroad not shown separately. 67 Corporate securities, security credit, and acceptances. 30 Mainly commercial paper and loans from finance companies. 68 Direct investments, unidentified assets, IMF holdings of special 31 Mainly excise taxes and customs receipts; also includes estate and U. S. notes, and miscellaneous deposits. gift taxes and payment to Treasury on F. R. notes outstanding. 6 9 Security credit, bank loans n.e.c, and other loans (consisting of 3 2 OASI, disability insurance, and unemployment programs. Line E loans from U. S. Government and acceptances). includes Federal employment taxes and States deposits in unemployment 7 0 Direct investments, foreign currency and deposits held by U. S. compensation trust funds; line F, Federal benefit payments to consumers domestic sectors, and other liabilities. and State withdrawals from these trust funds. 71 "Errors and omissions" in U. S. balance-of-payments statement. 33 Veterans' life insurance and Government employee and railroad re- 7 2 Grants in the form of goods and services by U. S. Government and tirement funds. Line G excludes Government contributions to these funds. private individuals and institutions. 34 Transfer payments (other than insurance benefits) to individuals, 7 3 For detail by subsector, see Supplement No. 5. plus net cash unilateral transfers to foreign countries, grants-in-aid to NOTE.—"Liabilities" covers equity as well as debt claims. State and local governments, and subsidies to business. 3 5 Includes net accruals on savings bonds and Treasury bills. For descriptions of sectors, of capital expenditures, and of financial 36 Purchases less sales for general govt. and govt. enterprises, including transaction categories, see notes to corresponding items in Tables I, 2, outlays for tangible capital and (for Federal Govt.) net disbursements to and 3, pp. 984, 985, 987, and "Technical Notes," pp. 846-59 of BULLETIN farmers in form of CCC-direct and guaranteed loans. for August 1959. For discussion of saving and investment concepts, 37In connection with saving through Government life insurance and see p. 834 of BULLETIN for August 1959. Government employee and railroad retirement funds. Back data available in Flow-of-Funds Supplement No. 5. 38 Mainly on 1- to 4-family and farm properties. Details may not add to totalsjbecause of rounding. 39 Mainly loans to business sectors, to foreign and State and loca Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 5. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1961* oo O [In billions of dollars] Consumer Nonfinancial business sectors Government sectors2 Financial sectors Sector an s p e d r c o t n f o i o t r n- Farm1 cor N p o o n ra - te1 Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g ci 3 al ins S ti a t v u i t n i g o s ns4 Insurance 5 F n i . n e a . n c. c 8 e R s w e e s o c t r t - o l o d r f- se A ct l o l rs a c D n re c is p y - - 7 i s N n a a v v n a e i t d n l s . g tment Transaction *»8 category U S U S U S U S U S U S U S U S U S U S U S U S U A Gross savins2 ^ • 75.0 4.2 8.8 34.9 -6.2 —6.6 1.5 9 2.6 —.6 10—25 112.0u-1.2 114.4 A B Capital Consumption12 47 9 4 2 8 8 26 2 3 87 4 87.4 B C Net saving (A-B) 27.1 -.1 8.8 -6.2 -6 6 1 2 9 —2 5 — 6 -2 5 24.6 27.1 C D Gross investment (E+J)2 76.8 4.2 8.8 28.8 -6.2 -5.0 2.6 .9 2.6 .6 -1.8 112.2 .9 115.0 D E Private capital expenditures (net of sales)13 62.6 4.9 11.6 33.2 ,4 .4 113.1 113.1 E F Consumer durable goods... 42.4 42 4 42.4 F G Nonfarm resident, constr.1*. 16.8 2 3 2 S 21 4 21.4 G H Plant and equipment 3.4 4.6 9 3 29.1 4 4 47 2 47.2 H I Change in inventories1^.... 3 * 1 8 o o 2.2 I J Net financial invest. (K—L)... 14.2 Y —2.8 -4.4 -6.2 —5.0 2.2 9 2.2 .6 —1.8 —.9 .9 i«1.8 J K. Net acquis. of finan. assets.... 30.4 1 .9 12.4 3.4 3.1 15.6 12 9 11.3 4 8 3.1 97.8 5.0 K L Net increase in liab.1? 16.2 .6 3.7 16.8 9.6 8.1 13.4 12.0 9.0 4.2 5.0 98.7 3.1 L M Gold and Treas. currency is. _ l 1 — 7 9 .1 .1 -.1 -.9 M N Dem. dep. and currency19.. .9 -.1 4 1.3 3 3 4 2 5 1 2 2 4.1 4.2 .1 -.2 N O Fixed-value redeem, claims.. 18 0 1.4 • .7 .7 9 0 1 11 3 8 21 0 21 0 -.8 O P Time deposits2© 7.9 1 4 * -.1 .7 9.0 * 1.9 8 10.8 10.8 -.8 P Q Savings shares21 9 3 1 9 4 9 4 9 4 Q R US. savings bonds22.... 8 8 8 8 :. R S Saving through life insures . 3.6 — .1 3 7 3 6 3 6 S T Saving through pen. funds2*. 8.5 9 2 4 5 3 8 5 8 5 . .. T U Credit and equity mkt. instr.. 1.6 16.1 1.8 .5 2.9 -.4 10.7 O Q 6.8 2.1 5.7 16.2 .2 11.9 .7 11.1 4.6 3.7 .9 2.7 51.3 51.3 4c 1.8 U V Federal obligations25 -1 1 — 7 6 6 1 7 2 5 i 1 5 6 6 6 6 -.5 V W State and local obligations. .5 3 3 5 3 2 7 * 1 6 _ l 5.3 5.3 ... W X Corp and foreign bonds.. — 5 4 3 1 4 * I 4 3 .5 .8 * .4 5.6 5.6 .4 X Y Corporate stock 1 0 2 7 2 2 6 1 2 1 9 3 3 5 1 5 1 * Y Z 1- to 4-family mortgages.. 1 i2 7 1 1 1 2 9 9 3 1 5 8 12 9 12 9 z a Other mortgages 1.4 1 i.2 1.3 2 8 4 .2 .8 1 5 1 1 * 5 4 5 4 a b Consumer credit 1 4 5 - 2 5 1 4 1 4 b c Security credit2^ .1 1 3 1 0 1.1 .9 * 2.2 2.2 * c d Bank loans nec^ 2 4 3 \ 2 1 * I 7 2 1 2 1 .7 d e Other loans2s 6 3 .6 1 8 2 3 .2 4 1 1 7 3 1.0 .1 1.2 4.9 4.9 * 1.2 e f Trade credit 1 1 291 7 8 2 6 0 3 * 1 8 2 8 2 .« f g Proprietors' net invest, in noncorporate business1... —2 2 -1 3 __ Q —2 2 —2 2 g h Misc. financial trans.30 1 9 1 3 1 0 I 4 .5 .5 2.3 3.0 3.9 .9 1.8 h i Sector discrepancies (A-D)3i. -1.8 6 2 —1 6 -1 1 -1 2 — 6 - 2 -.5 i P Preliminary Descriptions of sectors and of transactions categories are given in notes to tables and in "Technical Notes,'* * Less than $50 million. pp. 846-59 of BULLETIN for August 1959. NOTE.—U= uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions Details may not add to totals because of rounding. of assets; financial sources of funds, net changes in liabilities. For other notes see pp. 472, 473, and 475. For discussion of saving and investment concepts see pp. 831-43 of BULLETIN for August 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 6. STRUCTURE OF FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1961* [Amounts outstanding at end of year; in billions of dollars] Consumer Nonfinancial business sectors Government sectors Financial institutions sectors and Rest-of- All Sector no s n e p ct r o o r fit Farm co N rp o o n ra - te Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g c i 2 al ins S ti a t v u i t n i g o s ns3 Insurance4 F n i . n e a .c n . c 5 e w se o c r to ld r sectors Transaction category1 A L A A L A L A L A L E L T T o o t t a a l l o o f f a li s a s b e i t l s it i b e e s l o b w el 6 ow6 1,057.5•aw 5.6 18.9•a:i 204.4 '230.9 54.5 55.9 267.4 128.6 Hi'. 7 188.1 ui'.s 65.0 *3i.*5 67.7 •«:» 2,113.6 1,507.1 L K * 2.7 22.4 24.1 46.5 2.7 M Gold 16.9 24.1 41.1 * 2.7 5.4 5.5 2.7 N Demand deposits and currency? 63.9 5.5 13.4 34.4 7.2 12.0 156.2 3.3 3.5 3.9 4.4 151.6 156.2 N O Fixed-value redeemable claims 232.3 2.9 .3 47.2 5.3 82.4 .9114.8 2.7 244.3 244.3 O P Time deposits8 110.1 2.9 .3 .7 5.3 82.4 .2 38.3 2 7 121.4 121.4 P 75.8 .7 76.5 76.5 76.5 Q R U. S. savings bonds1 ° 46.4 46.4 46.4 46.4 R S '*' Savings in life insurance1 i 94.4 6.4 88.0 94.4 94.4 S 90.1 15.0 21.4 53.8 90.2 90.2 T U Credit and equity market instruments. 576.7 222.7 21.9 5.5 46.9 33.9 155.6 37.1 202.3 38.6 75.1 244.8 122.1 2.9 182.6 61.1 26.7 22.1 24.31,324.3 778.4 U V Federal obligations i 3 22.5 19.5 201.4 18.8 97.3 12.6 15.9 3.7 10.5 200.8 201.4 V W State and local obligations 28.2 2.4 7.5 20.3 .7 13.8 .4 73.2 73.2 W X Corporate and foreign bonds6 8.7 79.1 9.1 1.1 3.7 70.1 2.4 10.6 ,6 5.8 95.6 95.6 X Y Corporate stock6 483.9 .8 30.6 21.0 9.9 546.2 n.a. Y Z 1- to 4-family mortgages 12.0 147.5 5.2 1.6 7.2 1.6 20.1 83.5 27.4 2.4 154.2 154.2 Z a Other mortgages 20.1 1.2 *i4*3 18.1 36.7 4.5 1.6 10.3 14.8 18.8 .1 70.3 70.3 a Multifamily and commercial.... 14.3 1.2 18.1 36.7 1.2 1.6 8.5 14.7 15.6 .1 56.0 56.0 Farm 5.9 *i4.*3 3.4 1.8 .1 3.2 * 14.3 14.3 b Consumer credit 57.1 5.5 9.2 21.1 5.7 15.7 57.1 57.1 b 1.2 6.7 6 1 5.6 6.3 .1 .1 13.0 13.0 c d Bank loans n.e.c.15 2.8 5.4 14.6 3i.2 64.0 .2 6.2 3.7 64.0 64.0 d e Other loans16 7.4 2.3 9.1 2.7 7.0 25.4 .9 1.9 4.6 .2 2.7 6.1 9.8 3.6 1.0 14.7 49.9 49.5 e h f T M r i a s d c e el l c a r n e e d o it us finan. instruments6.... 2.1 ..... 2.6 ..... 1.1 9 3 8 4 . . 3 9 6 7 8 . . 0 3 8 1 . . 0 8 5 3 . . 3 4 2.2 .3 " 2.3 2.0 "i'.i "IAA '4316 1 6 0 0 2 . . 1 1 7 6 9 1 . . 6 4 f h A= Assets, L= Liabilities. * Less than $50 million, n.a. Not available. *> Preliminary. 1 i Estimated as equal to reserves against life insurance policies and supplementary contracts and policy 1 Lines identified alphabetically correspond to lines in Table 5; unlettered lines indicate detail not dividend accumulations. shown in Table 5. 12 Private pension plans and railroad and govt. employee retirement funds. Estimated as equal to 2 Consolidated account for monetary authorities (Federal Reserve System, ESF, and Treasury currency reserves of pension plans administered by life insurance companies and assets of other private plans and accounts) and commercial banks. of railroad and govt. employee retirement funds. 3 Mutual savings banks, savings and loan associations, and credit unions. 13 Excludes Federal debt held by Federal agencies, consumer-held savings bonds, special notes issued 4 Life and nonlife insurance companies and private pension plans. to IMF, and currency items in public debt; includes Federal agency debt and accrued interest on Treasury 5 Finance companies, open-end investment companies, security brokers and dealers, banks in U. S. bills and on savings bonds (other than consumer-held). territories and possessions, and U. S. agencies of foreign banks. 14 Loans from banks for purchasing or carrying securities and customer debit and net free credit balances 6 Changes in amounts outstanding for year-end dates do not agree with corresponding flows for some with security brokers. categories. See pp. 851-59 of BULLETIN for August 1959. 15 Mainly commercial, industrial, and agricultural loans (other than open market paper and CCC- 7 Demand deposit liabilities of banking system are net of F. R. Float and cash items in process of collec- guaranteed loans); includes loans to foreign banks, loans to individuals (other than consumer credit), tion as reported by commercial banks. Sum of sector holdings (partly on holder-record basis) differs and other loans. Gross of valuation reserves. Excludes loans to commercial banks. from liability total mainly because of mail float (checks in transit from drawers to drawees). 16 Mainly Federal Government loans (other than mortgages), CCC-guaranteed loans, open market 8 At commercial and mutual savings banks and the Postal Savings System. paper, finance company loans to business, and policy loans on life insurance. 9 1 o S h C a o re n s s u i m n e sa r- v h i e n l g d s a o n n d ly l ; o i a n n c l a u s d s e o s c ia a t c i c o r n u s e d a n i d n t c e r r e e d st i . t un S i a o v n in s. gs bonds held by other sectors included in B N a O c T k E d .— at F a o a r v f a u i r l t a h b e l r e i d n e s F c l r o ip w ti - o o n f- s F , u s n e d e s " T S e u c p h p n le ic m a e l n N t o N te o s . , 5 " . pp. 846-57 of BULLETIN for August 1959. Federal obligations category. Details may not add to totals because of rounding. 4 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 BANKS AND BRANCHES NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31,1961 All banks by class of bank Commercial banks State Member Total banks Total Na- tional United States2 13,94613,432 4,513 Alabama ..... 238 238 69 Alaska 15 14 7 Arizona • • 12 12 3 Arkansas 237 237 56 California 122 122 40 Colorado ..... 195 195 80 Connecticut 138 67 22 Delaware 22 20 3 Dist of Col 11 11 4 Florida 32? 322 121 Georsia 420 420 53 Hawaii . .. 12 12 2 Idaho 32 32 10 Illinois 976 976 400 Indiana . . .. 446 442 126 Iowa 674 674 97 Kansas 590 590 167 Kentuckv 351 351 86 Louisiana • 192 192 42 Maine . 79 47 23 Maryland . 138 132 52 Massachusetts 351 167 98 Michigan .. 373 373 79 Minnesota.. 690 689 180 Mississippi . 193 193 27 Missouri . .... 626 626 77 M^ontana 123 123 43 Nebraska . 425 425 121 Nevada . 7 7 3 New Hamoshire 107 74 51 New Jersey 268 247 156 New Mexico 57 57 29 New York 517 390 233 North Carolina 171 171 31 North Dakota 156 156 3R Ohio 578 576 Oklahoma... . .... 388 388 Oregon 50 49 Pennsylvania 683 676 Rhode Island.. 17 9 South Carolina 144 144 South Dakota. 174 174 Tennessee.. . 296 296 Texas 1,020 ls020 Utah 50 50 Vermont 59 53 302 302 Washington.. .... 93 89 West Virginia 181 181 Wisconsin 569 565 Wyoming 55 55 Virgin Islands2 1 1 ot ot wos All banks maintaining branches or additional offices (except banking facilities), by class of bank1 Commercial banks Mutual sav- Mutual sav- Nonmember ings banks Member Nonmember ings banks banks Total banks banks Total m S b t e a e m t r e - su In re - d N su i o n re n - d - su In re - d N su i o n re n - d - ti N on a- al m S b t e a e m r te - su In re - d N su i o n re n - d - su In re - d N su i o n re n - d - 31,600 6,997 323 3330 184 2,696 2,484 986 418 1,062 18 146 66 24 145 23 23 17 4 2 3 4 1 7 7 5 1 1 1 7 1 9 9 3 1 4 1 22 155 4 38 38 13 5 20 19 58 5 65 65 20 15 28 2 17 67 31 1 1 8 28 9 71 60 33 13 6 14 27 2 14 1 2 9 7 2 4 1 2 4 3 10 10 4 4 2 10 187 4 15 294 58 32 32 15 6 11 5 5 7 7 1 5 1 8 14 9 9 4 3 2 125 445 6 99 212 5 4 136 136 51 22 63 67 485 25 148 148 10 8 130 46 374 3 29 29 17 3 9 15 241 9 76 76 30 7 39 11 138 1 69 69 24 7 38 6 14 4 26 6 38 32 13 4 11 4 6 8 71 1 5 1 61 57 25 6 25 1 4 21 44 4 8 176 166 95 50 20 25 5 66 134 158 2 142 142 37 48 56 1 29 471 9 1 2 2 2 7 157 2 73 73 17 3 53 94 442 13 35 35 10 12 13 45 34 1 17 256 31 16 16 13 1 2 2 2 5 5 2 2 1 1 19 3 33 4 2 1 1 2 54 34 3 21 144 135 79 36 20 9 8 20 28 28 14 2 12 102 39 16 127 240 166 88 58 17 3 74 3 136 1 82 82 20 3 58 1 2 113 3 22 22 1 20 143 210 1 2 196 195 93 47 55 1 26 159 3 27 27 20 3 4 3 34 2 1 22 22 3 1 18 450 65 151 10 7 214 209 136 30 42 1 5 4 1 3 1 8 16 9 4 1 3 1 7 25 6 107 6 46 46 16 2 28 33 26 115 32 32 5 2 25 74 8 208 6 80 80 35 3 42 473 99 429 19 12 12 8 4 7 13 26 4 13 13 2 6 5 30 22 1 6 15 14 6 8 1 128 68 106 111 111 45 47 24 9 55 1 4 29 26 13 3 10 3 76 34 70 1 101 359 402 4 33 1 96 96 8 4 84 26 14 15 1 1 1 1 1 Banking facilities are shown separately; see note 4. 5 Each bank is reported once only—according to the widest area in 2 Includes 1 national bank in the Virgin Islands, with 2 branches, that which it operates branches or additional offices. became a member of the Federal Reserve System in 1957. NOTE.—Each branch and additional office is located in the same 3 State member bank and insured mutual savings bank figures both State as its parent bank except that 1 national bank in New Jersey has a include 1 member mutual savings bank not included in the total for branch in Pennsylvania, 1 national bank in California has 2 branches commercial banks. State member bank figures also include 1 nonin- in Washington and 1 in Oregon, 1 noninsured (unincorporated) bank in sured trust company without deposits, which is not included with non- New York has 1 branch in Massachusetts and 1 in Pennsylvania and 2 insured nonmember banks. insured banks in Puerto Rico have 3 branches in New York. In the 4 Banking facilities (other than branches) that are provided at military table these branches are shown according to their own location, rather and other Government establishments through arrangements made by than that of the parent bank. the Treasury Department; they are operated by 192 banks, 67 of which have no other type of branch or additional office. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES 483 NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1961—Continued All branches and addi b ti y o n c a la l s o s ff o i f c e b s a ( n e k x 1 cept banking facilities), All b ( r e a x n c c e h p e t s b a a n n d k in a g d d f i a ti c o il n it a i l e s o ), ffices Bankby location1 ing facili- Commercial banks ties at Mutua Govsavings Outside head office city ern- Member Nonmember banks In Total Total Na- banks State In- banks Non- In- Non- o h c f e f i i t a c y d e I c n o o f u h fi n e c t a e y d c I t n o ig u u c n o o ti u n e s - s I c n u o o n n u t o i s g n - - m e l s e i t s n a h t b - s - 4 tional member sured insured sured insured counties United States .. 11,620 11,077 5,827 2,826 2,380 44 427 116 4,644 3,594 1,583 1,799 276 Alabama 90 90 76 6 8 43 34 5 8 8 Alaska 29 29 27 1 1 8 14 1 6 6 Arizona 192 192 136 12 36 8 59 44 58 31 6 Arkansas 54 54 22 9 23 7 41 5 1 2 California............ 1,747 1,747 1,310 302 130 5 309 232 289 917 45 Colorado 1 1 1 1 6 Connecticut 288 218 111 59 48 70 90 157 37 4 1 Delaware 58 53 25 26 2 5 12 24 18 4 1 District of Colombia.. 63 63 32 25 6 63 6 Florida.. ........... 15 Georgia . ........ 118 118 70 27 21 90 1 6 21 8 Hawaii 85 85 30 54 1 27 24 34 6 Idaho... .. ........ 87 87 68 12 7 6 9 15 57 1 Illinois 4 Indiana 336 336 187 42 107 180 156 4 Iowa 190 190 10 10 170 22 121 47 Kansas 29 29 17 3 9 28 1 3 Kentuckv . ...... .. 163 163 87 24 52 95 64 4 2 184 184 97 22 65 116 59 6 3 5 Miaine 144 136 49 44 34 9 8 32 57 48 7 4 M^aryland .. 284 251 114 37 95 5 33 122 59 82 21 15 Massachusetts. 541 407 227 114 65 1 18 116 289 243 8 1 3 Michigan 614 614 237 261 114 2 310 208 86 10 3 Minnesota 6 6 6 6 Mississippi 144 144 28 15 101 54 60 24 6 5 Missouri 35 35 10 12 13 35 2 Montana ..... 1 Nebraska 16 16 13 1 2 16 1 Nevada 39 39 23 10 6 9 7 7 16 2 New Hampshire... 4 2 1 2 1 3 1 New Jersey. ........ 486 464 271 143 50 22 186 299 1 7 New Mexico......... 60 60 33 3 24 37 16 6 1 4 New York .. 1,647 1,473 527 869 73 4 174 956 430 208 53 13 North Carolina 546 546 142 83 318 3 114 83 129 220 4 North Dakota 29 29 1 1 27 17 12 2 Ohio 695 693 346 256 91 2 359 326 10 3 Oklahoma 27 27 20 3 4 27 5 Oregon 206 206 168 9 29 37 28 23 118 Pennsylvania......... 919 867 511 228 126 2 52 340 345 233 1 7 Rhode Island 118 89 49 18 21 1 29 36 47 18 17 2 South Carolina .. 159 159 105 2 52 46 25 21 67 7 South Dakota........ 62 62 28 2 32 5 25 20 12 Tennessee 230 230 139 18 73 134 81 7 8 6 Texas ... .. ... 12 12 8 4 12 20 Utah ... ... 73 73 42 20 11 12 21 6 34 4 Vermont 38 37 19 18 1 3 15 13 7 Virginia 300 300 148 63 89 181 59 45 15 20 Washington .... ... 311 300 268 19 13 11 103 55 56 97 5 Wisconsin 159 i59 20 9 130 26 107 26 1 Virgin Islands 2 2 2 2 Member banks com N m on er m ci e a m l b b e a r nks savi M ng u s t u b a a l nks Distribution by location of branches with Total respect to head office National State Insured in N su o r n e - d Insured in N su o r n e - d Banks with branches oradditional offices (except banking facilities)5,2 . 2,696 986 418 1,062 18 146 66 In head office city. 839 359 150 228 5 73 24 Outside head officecity: In head office county .. 1,359 477 184 612 5 45 36 In contiguous counties. 389 103 57 193 5 25 6 In noncontiguc>us counties2 109 47 27 29 3 3 Branches and additionaloffices (e^(cept banking facilitics) 11,620 5,827 2,826 2,380 44 427 116 In head office city. 4,644 2,113 1,473 691 17 293 57 Outside head officecity: In head office <county 3,594 1,620 749 1,080 10 83 52 In contiguous counties. . 1,583 744 356 415 13 48 7 In noncontiguous counties2 1,799 1,350 248 194 4 3 Banking facilities at military and <)ther Government establishments4 276 217 29 30 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1961 [Averages of individual ratios, expressed as percentages] Size group—total deposits Ratio of time deposits to (in thousands of dollars) total deposits (per cent) All Item groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 00 ,0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 Un 2 d 5 er 25-50 o a 5 v n e 0 d r Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 13.8 9.4 11.3 12.7 14.0 15.2 16.3 17.1 18.6 14.7 14.4 12.2 Net income before related taxes 12.7 8.3 10.4 11.4 12.8 14.0 15.8 16.5 17.9 13.4 13.1 11.3 Net income . 8.4 6.1 7.5 7.9 8.5 8.9 9.6 10.1 10.3 8.6 8.6 7.8 Cash dividends declared 3.2 2.7 2.9 3.0 3 2 3.3 3.5 3.9 4.5 3.5 3.2 2.9 Percentage of total assets: Total operating revenue.; 4.35 4.40 4.32 4.31 4.35 4.44 4.40 4.33 4.29 4.12 4.42 4.42 Net current earnings before income taxes. 1.21 1.16 1.22 1.20 1.19 1.20 1.22 1.29 1.45 1.41 1.22 1.05 Net income .74 .80 .70 .76 .80 .83 .73 .67 .74 .74 .73 .72 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: 22.2 21.9 25.1 23.7 21.9 20.7 20.0 19.7 16.6 23.3 21.8 21.8 Other securities . 6 7 4 3 5.7 6.8 7.4 7.0 6.3 6.2 5.3 6.6 6.6 6.8 61.2 64.8 60.9 61.0 61.1 60.5 61.2 61.6 64.4 59.1 60.8 63.7 Service charges on deposit accounts 6.2 5.2 5.1 5.5 6.5 7.7 7.3 6.3 5.4 6.7 6.9 4.7 All other revenue 3.7 3 8 3.2 3.0 3.1 4.1 5.2 6.2 8.3 4.3 3.9 ^3.0 Total revenue . . . .. 100 0 100 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages . . 28 3 36 9 32 0 28.7 27.1 26.8 26.8 26.3 26.1 33.7 28.6 23.4 Officer and employee benefits 2.5 1 9 1.9 2.2 2.5 2.9 3.3 3.4 3.7 2.6 2.6 2.3 Interest on time deposits 20.8 11.8 17.4 20.7 22.6 22.6 21.8 20.5 17.2 7.5 20.3 32.5 Net occupancy expense 4.5 5.0 4.3 4.3 4.5 4.9 4.9 4.7 4.4 5.0 4.7 3.8 Other current expenses 15.8 18.1 16.0 16.0 15.7 15.8 15.3 15.0 14.2 16.8 16.2 14.3 Total expenses 71.9 73.7 71.6 71.9 72.4 73.0 69.9 65.6 65.6 72,4 76.3 72.1 Net current earnings before income taxes 28.1 26 3 28.4 28.1 27.6 27.0 30.1 34.4 34.4 27.6 23.7 27.9 Net losses (or recoveries and profits +) 1. .5 2.3 1.8 1.5 .6 + .6 + 1.7 + 1.6 +2.3 1.2 .4 .2 1.7 5 .5 1.3 1.7 2.6 2.4 2.5 3.2 1.5 1.8 1.7 Taxes on net income 8 7 6 5 7.4 7.9 8.4 9.1 10.6 11.5 14.3 11.2 8.6 6.6 Net income after taxes 17.2 17.0 18.7 17.4 16.9 15.9 16.6 17.7 19.2 20.5 16.8 15.2 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities.. 3.18 3.22 3.33 3.27 3.18 3.07 2.99 3.00 3.00 3.24 3.18 3.15 Interest and dividends on other securities. 3.05 3.78 3.46 3.12 2.89 2.90 2.89 2.80 2.95 3.14 3.02 3.04 Net losses (or recoveries and profits +) 1. + .20 + .04 + .04 + .11 + .19 + .30 + .44 + .47 + .54 + .17 + .24 + .17 Return on loans: Revenue on loans 6.41 6 93 6.58 6.49 6.42 6.33 6.17 6.04 5.83 6.49 6.49 6.20 .18 .27 .17 .19 .17 .16 .16 .20 .15 .20 .20 .12 Distribution of assets: Percentage of total assets: U. S. Government securities 29 1 27 8 31.1 29.9 28.8 28.8 28.5 27.5 23.0 28.3 29.2 29.6 Other securities 9.7 5.9 7.7 9.7 11.0 10.6 9.5 9.6 7.8 9.3 9.8 10.0 42.1 42 0 40.8 41.2 41.9 43.8 47.2 38.3 41.8 45.8 42.7 44.3 Cash assets .. ... 17 6 23 2 19 4 17.9 16 8 16J 16.1 16.7 19.8 22.8 17.6 13.3 Real estate assets 1.3 1.0 .9 1.2 1.4 1.5 1.6 1.4 1.4 1.2 1.4 1.2 Other ratios: Total capital accounts to: Total assets 9.2 12.7 11.2 9.7 8.7 8.1 7.7 7.8 7.9 10.0 8.9 9.0 Total assets less U. S. Government securities and cash assets 18.2 27 9 24.2 19.8 16.7 15.1 14.2 14.3 14.1 21.9 17.5 16.3 Total deposits . 10.3 14.9 12.9 10.9 9.7 9.0 8.5 8.6 8.9 11.4 10.0 10.0 Time to total deposits 38.4 23.5 33.2 38.3 41.5 41.8 40.1 37.0 31.1 14.1 37.5 59.8 I T n r t u e s r t e s d t e o pa n r t t m im e e n t d r e e p v o e s n i u ts e 2 to total revenue 2. 2 3 .0 55 1 2 1 . 4 3 2 2 2 .3 50 2 1 . . 5 8 3 2 1 . . 5 6 6 2 2 . . 5 7 8 2 3 . . 6 5 2 4 2. . 5 3 9 2 5 . .8 64 2 4 . .3 35 2 2 . . 5 9 9 2 2 . . 6 2 4 Number of banks 3 6,062 164 682 1,929 1,395 1,082 370 184 256 1,447 2,847 1,768 For notes see second succeeding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS 485 OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK, 1961 [Averages of individual ratios, expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over gr A ou ll ps Size group—total deposits (in thousands of dollars) 2 u a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 2 , 5 0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 2 , 5 0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 5 2 , 5 0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.8 11.8 14.0 16.2 18.4 11.0 13.0 15.1 17.2 9.4 11.3 12.8 15.7 Net income before related taxes 12.7 10.9 12.5 14.5 17.7 9.6 11.5 13.8 16.7 10.2 11.9 15.1 Net income 8.4 7.8 8.3 9.1 7.0 8.0 8.9 10.1 6.6 7.3 8.1 Cash dividends declared 3.2 3.6 3.5 3.3 4.0 2.6 3.0 3.4 4.0 2.1 2.7 3.0 3.7 Percentage of total assets: Total operating revenue 4.19 4.07 4.18 4.04 4.46 4.36 4.45 4.41 4.40 4.44 4.39 4.57 Net current earnings before income taxes. 1.21 1.34 1.40 1.40 1.52 1.18 1.19 1.22 1.29 1.00 1.05 1.05 1.12 Net income .74 .87 .84 .79 .82 .75 .73 .72 .75 .67 .66 .69 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U. S. Government securities. 22.2 25.0 24.8 22.7 18.1 23.5 23.8 21.0 19.2 25.1 22.5 21.2 19.1 Other securities. 6.7 5.2 7.8 7.2 4.9 5.6 6.6 7.2 5.9 5.4 6.3 7.3 7.3 Revenue on loans 61.2 60.7 57.6 57.9 62.6 62.1 60.6 60.1 61.9 63.0 64.3 63.5 62.7 Service charges on deposit accounts 6.2 5.7 6.5 8.3 5.8 5.4 5.9 7.8 6.9 3.5 4.2 5.1 6.3 All other revenue 3.7 3.4 3.3 3.9 8.6 3.4 3.1 3.9 6.1 3.0 2.7 2.9 4.6 Total revenue. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages ........>... 28.3 38.2 34.4 31.9 27.7 31.5 29.3 28.0 27.0 25.7 23.4 22.8 23.8 Officer and employee benefits. 2.5 1.9 2.4 2.8 3.8 1.8 2.2 2.8 3.4 1.8 2.1 2.5 3.1 Interest on time deposits 20.8 5.9 6.4 9.0 10.1 19.0 20.3 20.4 20.4 31.8 32.8 32.7 31.0 Net occupancy expense 4.5 5.1 4.8 5.3 4.6 4.3 4.5 4.9 4.9 3.4 3.5 4.0 4.4 Other current expenses 15.8 16.6 17.1 17.3 15.6 17.0 16.4 16.3 15.1 14.9 14.5 14.2 13.4 Total expenses. 71.9 67.7 65.1 66.3 61.8 73.6 72.7 72.4 70.8 77.6 76.3 76.2 75.7 Net current earnings before income taxes. . 28.1 32.3 34.9 33.7 38.2 26.4 27.3 27.6 29.2 22.4 23.7 23.8 24.3 Net losses (or recoveries and profits +) 1 .5 2.2 2.0 1.0 + 1.5 2.2 1.5 + .1 + 1.0 1.1 + .1 +2.4 Net increase in valuation reserves 1.7 .4 1.4 2.1 2.4 .7 1.4 2.2 2.5 .4 1.2 1.9 3.4 Taxes on net income 8.7 8.7 10.5 11.5 16.5 6.5 7.5 9.0 11.4 5.4 6.2 6.9 8.1 Net. income after taxes. 17.2 21.0 21.0 19.1 20.8 17.0 16.9 16.5 17.2 15.6 15.2 15.1 15.2 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities... 3.18 3.30 3.32 3.21 2.96 3.34 3.30 3.13 3.00 3.30 3.21 3.10 3.02 Interest and dividends on other securities. 3.05 3.65 3.08 2.91 2.89 3.44 3.15 2. 2.85 3.42 3.10 2.91 2.98 Net losses (or recoveries and profits +) 1. + .20 + .03 + .08 + .25 + .49 + .04 + .14 + .26 + .50 + .04 + .10 + .20 + .42 Return on loans: Revenue on loans. 6.41 6.75 6.60 6.49 5.81 6.76 6.58 6.48 6.12 6.26 6.28 6.16 6.08 Net losses *...... .18 .21 .18 .23 .18 .21 .23 .18 .19 .12 .13 .11 .10 Distribution of assets: Percentage of total assets: U. S. Government securities. 29.1 29.8 29.1 28.4 23.9 30.0 30.4 28.8 27.4 32.3 30.0 29.1 27.6 Other securities. 9.7 7.0 10.8 10.5 7.1 7.7 9.4 10.9 9.0 7.5 9.2 10.9 11.3 Loans 42.1 38.5 36.2 37.9 43.6 41.7 40.7 41.5 44.7 44.7 45.8 45.6 47.3 Cash assets 17.6 23.9 22.6 21.7 23.3 19.4 18.2 17.1 16.8 14.5 13.7 13.0 12.0 Real estate assets. 1.3 .7 1.1 1.4 1.5 1.1 1.3 1.6 1.6 .9 1.2 1.3 1.4 Other ratios: Total capital accounts to: Total assets , 9.2 11.9 10.3 8.5 11.4 9.5 8.3 7.6 11.0 9.6 7.3 Total assets less U. S. Government securities and cash assets 18.2 27.6 22.8 18.7 16.5 23.8 19.7 15.9 13.9 21.7 17.6 14.9 12.2 Total deposits 10.3 13.8 11.7 9.9 9.5 13.1 10.7 9.3 8.5 12.6 10.7 9.4 8.1 Time to total deposits 38.4 11.3 12.2 17.0 17.9 36.3 37.4 38.0 37.3 60.9 60.7 59.5 57.0 Interest on time deposits 2 2.55 2.34 2.25 2.36 2.51 2.57 2.59 2.58 2.64 2.57 2.64 2.63 2.69 Trust department revenue to total revenue 2. 3.0 1.0 2.7 2.6 6.2 3.9 1. 2.4 4.1 8.7 1.3 1.8 3.3 Number of banks 3. 6,062 350 496 392 209 312 822 1,287 426 184 611 798 175 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICTS, 1961 [Averages of individual ratios, expressed as percentages] Federal Reserve district All Item tr d i i c s- ts B to o n s- Y N o e r w k P p d h h e i l i l - a a - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o ea l i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.8 14.2 13.5 10.6 12.1 13.7 14.3 13.7 13.7 15.8 15.4 13.8 16.8 Net income before related taxes 12.7 12.8 11.8 9.4 11.3 13.0 12.6 13.5 12.7 15.1 13.7 11.5 15.7 Net income 8.4 8.0 8.1 6.7 7.5 8.2 8.2 9.3 8.5 9.5 9.0 7.8 9.4 Cash dividends declared 3.2 3.5 3.2 2.9 3.0 3.1 2.9 2.9 3.0 3.8 3.6 3.4 3.4 Percentage of total assets: 4.35 4.67 4.46 4.33 4.22 4.36 4.52 4.19 4.01 4.62 4.36 4.28 4.96 Net current earnings before income taxes 1.21 1.35 1.11 1.03 1.13 1.26 1.21 1.12 1.24 1.29 1.39 1.26 1.26 Net income .74 .77 .67 .65 .70 .76 .70 .76 .77 .79 .82 .72 .71 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U. S. Government securities 22.2 16.7 18.8 19.9 22.5 21.2 20.5 26.7 26.9 22.4 22.2 20.1 18.9 Other securities . . .. 6.7 4.5 7.9 7.3 6.1 5.7 7.0 6.2 7.1 7.3 6.4 7.8 4.8 R Se e r v v e ic n e u e c h o a n r g lo es a n o s n deposit accounts 6 6 1 . . 2 2 6 1 3 0 . . 3 2 6 7 2. . 7 0 6 3 6 .5 0 653..21 6 4 4 . . 9 7 6 8 0. . 5 0 5 5 7. . 5 9 5 4 8 . . 0 7 5 6 8. . 2 5 6 7 0. . 9 2 6 6 1. . 9 8 6 8 2. . 4 7 All other revenue 3.7 5.3 3 6 3 3 3.1 3.5 4.0 3.7 3.3 5.6 3.3 3.4 5.2 Total revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.3 29.9 25.9 22.8 24.4 25.8 29.2 28.3 28.4 27.8 32.4 33.3 29.2 Officer and employee benefits 2.5 3.6 2 8 2 5 2.4 2.5 2.6 2.6 2.3 2.9 2.3 1.9 2.7 Interest on fine deposits 20.8 14.8 27.8 30.5 25.9 23.4 19.2 23.0 17.3 22.7 13.2 11.5 23.6 Net occupancy expense 4 5 5 5 4 8 4 1 4.1 4.0 5.1 4.3 4.6 3.7 4.3 5.8 4.5 Other current expenses 15.8 17.4 13.9 16.2 16.4 15.4 17.0 14.8 16.2 14.9 15.6 17.7 14.3 Total expenses 71.9 71.2 75.2 76.1 73.2 71.1 73.1 73.0 68.8 72.0 67.8 70.2 74.3 Net current earnings before income taxes*.. 28.1 28.8 24.8 23.9 26.8 28.9 26.9 27.0 31.2 28.0 32.2 29.8 25.7 Net losses (or recoveries and profits +) 1 .5 .9 .8 1.3 .1 + .5 1.0 + 1.6 .7 + .1 1.8- 2.9 + .8 Net increase in valuation reserves 1.7 1.7 2.3 1.2 1.7 1.7 1.8 2.0 1.6 1.3 1.4 1.6 2.2 Taxes on net income 8.7 9.7 6.7 6.3 8.4 10.1 8.5 8.4 9.5 9.7 10.0 8.0 9.6 Net income after taxes 17.2 16.5 15.0 15.1 16.6 17.6 15.6 18.2 19.4 17.1 19.0 17.3 14.7 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 3.18 3.03 3.09 3.07 3.07 3.12 3.22 3.14 3.21 3.27 3.30 3.38 3.14 3.05 2.99 2.89 3.16 3.07 2.90 3.03 3.04 3.21 3.07 3.03 3.09 3.23 Net losses (or recoveries and profits +) 1 + .20 + .17 + .14 + .08 + .22 + .20 + .23 + .35 + .19 + .16 + .16 + .12 + .35 Return on loans: Revenue on loans 6.41 6.25 6.06 6.03 6.01 6.46 6.83 6.16 6.31 6.48 6.59 7.09 6.95 Net losses 1 .18 .14 .15 .14 .14 .10 .27 .14 .15 .10 .22 .34 .17 Distribution of assets: Percentage of total assets: U. S. Government securities 29.1 24.9 26.2 27.5 30.1 28.3 27.9 34.2 32.5 30.5 28.2 24.2 28.5 Other securities 9.7 7 9 12 0 10 2 8.6 8.6 10 6 8.9 9.5 10.7 9.4 11.4 7.7 Loans 42.1 47.7 46.5 47.7 44.8 44.2 40.3 39.5 37.7 41.9 41.0 38.0 44.9 Cash assets 17.6 17.5 13.6 13.2 15.1 17.2 19.0 16.2 19.0 15.4 20.4 24.7 16.9 Real estate assets 1.3 1.7 1.4 1.3 1.3 1.5 1.9 1.0 1.1 1.3 .9 1.6 1.7 Other ratios: Total capital accounts to: Total assets 9.2 10.0 8.6 10.2 9.6 9.5 9.0 8.5 9.3 8.5 9.5 9.6 8.2 Total assets less U. S. Government securities and cash assets . .. . 18.2 18.1 14.8 17.6 18.4 18.3 17.5 18.2 21.0 16.5 19.4 19.8 15.9 Total deposits 10.3 11.7 9.6 11.6 10.9 10.7 10.1 9.4 10.4 9.5 10.6 10.7 9.2 Time to total deposits 38.4 30.6 50.8 56.4 48.8 43.2 34.8 41.5 30.9 44.9 24.5 20.3 44.4 I T n r t u e s r t e s d t e o p n a r t t i m m e e n t d e r p ev o e si n t u s e 2 to total revenue 2 2 3 . . 5 0 5 4 2 .5 35 2 3 .2 67 2 3 .3 60 2 3 . . 4 6 5 2 2 . . 5 9 6 2 2. . 6 9 8 2 2 . . 5 7 1 2 2. . 4 4 1 2 3 . . 5 5 8 2 2 . . 5 4 2 2 2 . . 6 2 2 2 3 . . 8 7 3 Number of banks 3 6,062 258 472 473 543 426 418 985 477 473 754 624 159 1 Net losses is the excess of (a) actual losses charged against net income issue of the BULLETIN. Such differences result from the fact that each plus losses charged against valuation reserves over (b) actual recoveries bank's figures have an equal weight in calculation of the averages whereas and profits credited to net income plus recoveries credited to valuation the figures of the many small and medium-sized banks have but little reserves; net recoveries and profits is the reverse. Transfers to and from influence on the aggregate dollar amounts. Averages of individual ratios reserves are excluded. are useful primarily to those interested in studying the financial results of 2 Banks reporting no interest paid on time deposits or trust depart- operations of individual banks, while ratios based on aggregates show ment revenue, as the case may be, were excluded in computing this combined results for the banking system as a whole and, broadly speaking, average. are the more significant for purposes of general analyses of credit and 3 The ratios for 51 member banks in operation at the end of 1961 were monetary problems. excluded from the compilations because of unavailability of data covering Figures of revenue, expenses, etc., used in the calculations were taken the complete year's operations, certain accounting adjustments, lack of from the annual income and dividends reports for 1961. Balancecomparability, etc. sheet figures used in the compilations were obtained by averaging the NOTE.—These ratios, being arithmetic averages of the operating ratios of amounts shown in each bank's official condition reports submitted for individual member banks, differ in many cases from corresponding ratios Dec. 31, 1960, June 30, and Sept. 27, 1961. Savings deposits are included computed from aggregate dollar amounts that will be shown in a subsequent in the time deposit figures used in these tables. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 487 SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department; in millions of dollars] End of year End of quarter Asset or liability, and activity 1 1960 1961 1954 1955 1956 1957 1958 1959 4 1 2 3 4 Loans, by purpose and agency: To aid agriculture, total 6,929 6,715 6,752 6,681 8,672 7,762 8,299 8,817 8,428 8,781 9,453 Banks for cooperatives 367 375 457 454 511 623 650 667 597 646 697 Federal intermediate credit banks 2 638 689 734 935 1,169 1,396 1,502 1,626 1,831 1,844 1,651 Farmers Home Administration 701 681 724 832 819 916 984 1,081 1,111 1,152 1,140 Rural Electrification Administration 2,226 2,348 2,488 2,688 2,874 3,083 3 287 3,329 3,367 3,409 3,458 Commodity Credit Corporation 2,981 2,621 2,349 1,778 3,298 1,745 1,877 2,114 1,523 1,730 2,506 18 1 (3) To aid home owners, total 2,907 3,205 3,680 4,769 4,860 6,735 8,032 7,948 7,763 7,904 8,248 Federal National Mortgage Association 2,461 2,641 3,072 3,998 3,924 5,568 6 342 6 196 5,938 6,013 6,261 Veterans Administration 383 480 464 770 936 1,167 1,498 1,556 1,617 1,668 1,746 Other agencies 63 84 145 1 193 197 208 223 241 To industry, total 431 678 619 674 680 733 748 737 728 748 783 353 306 209 251 216 185 178 175 137 128 136 Commerce Department / 261 219 217 187 166 151 139 137 133 128 > 79 \ 112 191 206 278 382 418 424 454 486 519 To financing institutions 870 1,419 1,233 1,270 1,298 2,136 2,027 1,525 1,916 2,170 2,708 To aid States, territories, etc., total 272 245 246 264 293 319 333 337 c350 383 370 Public Housing Administration 112 90 106 105 106 87 98 95 97 110 95 160 155 140 159 187 231 234 242 C253 273 276 Foreign, total 8,001 7,988 8,223 8,754 9,510 9,840 10 394 10 674 10,915 11,262 11 596 Export-Import Bank 2,806 2,702 2,701 3,040 3,362 3,235 3,313 3 390 3,430 3,640 3,837 Treasury Department 3,570 3,519 3,470 3,470 3,419 3,373 3,320 3,320 3,320 3,320 3,266 International Cooperation Administration 1,624 1,767 1,995 2,195 2,682 3,043 3,363 3,511 3,636 3,717 4,415 Other agencies 1 57 49 46 189 399 452 529 585 78 166 256 213 344 548 752 1,003 1 052 1,118 1,169 1,239 Housing and Home Finance Agency 127 209 156 283 458 691 855 902 966 1,013 1,063 39 47 57 62 89 62 148 150 C153 156 175 Less: Reserves for losses —228 -268 -309 —367 -368 -413 —503 —517 -633 -520 -493 Total loans receivable (net) 19,348 20,238 20,657 22,395 25,493 27,865 30,333 30,574 30,585 31,898 33,905 Investments: U. S. Government securities, total. 2,967 3,236 3,739 3,804 4,198 4,670 5,096 5,484 5,482 5,460 5,256 641 745 1,018 896 995 1,092 1,230 1 498 1,447 1,373 1 153 Federal Savings and Loan Insurance Corp 228 241 256 274 288 332 331 346 363 378 394 Federal Housing Administration 327 381 458 471 567 649 698 725 748 727 744 Federal Deposit Insurance Corporation . 1,624 1,720 1,825 1,937 2,049 2,178 2,310 2,403 2,425 2,432 2,456 Other agencies 147 149 181 226 300 419 525 512 500 550 508 Investment in international institutions 3,385 3,385 3,420 3,420 3,420 4,795 4,949 4 949 c4,949 4,949 5,120 Other securities4 197 179 249 298 283 323 345 340 °351 343 352 Inventories, total 3,852 4,356 21,375 21,628 20,810 21,476 20,527 20,099 19,773 19,443 19,249 Commodity Credit Corporation 3,302 3,747 3,651 3,025 3,036 4,493 4 279 3 867 4,035 4,012 3 768 Defense Department 11,004 11,136 9,681 8,422 7,527 7,471 6,917 6,572 6,570 General Services Administration... 1 J6,517 7,282 7,919 8,370 8 513 8 557 8,628 8 661 8 701 > 550 609 \ 201 185 174 194 208 204 192 198 209 La C n o d m , s m tr e u r c c t e u r D es e , p a t. n d (p e ri q m ui a p r m ily e n m t, a t r o it t i a m l e activities) . . 4 8 , , 7 0 9 4 8 6 4 7 , , 8 82 2 2 2 4 9 , , 5 9 0 8 2 5 4 9 , , 5 9 3 6 5 2 1 4 0 , , 7 6 2 7 1 0 9 2 , , 1 8 2 8 4 0 9 2 , , 4 91 1 7 1 9 2 ,9 5 4 1 2 4 1 3 0 , , 6 43 8 7 9 1 3 0 , , 6 4 1 4 4 2 1 3 0 , , 5 4 9 9 1 8 421 421 398 398 396 411 417 417 430 429 462 Tennessee Valley Authority . . 1,739 1,829 1,762 1,801 1,777 1,924 1 903 1 961 1,984 1,971 1,972 Housing and Home Finance Agency 728 450 236 88 25 9 9 9 7 7 7 276 283 285 310 462 479 518 520 553 Bonneville Power Administration 311 342 372 352 351 348 366 361 360 1,298 1,308 1,322 1,221 1,283 1,287 1,337 1,348 1,349 Post Office Department. 590 599 637 640 559 558 592 608 618 360 300 613 608 1,134 1,376 1,511 1,514 1,514 1,584 1,585 Bonds, notes, & debentures payable (not guar.), total... 1,068 2,379 2,711 4,662 4,038 5,974 5,707 5,271 5,423 5,933 6,176 Banks for cooperatives 156 185 257 247 303 404 438 456 386 421 464 Federal intermediate credit banks 640 665 721 902 1,124 1,359 1,460 1,554 1,744 1,793 1,592 Federal home loan banks 272 958 963 825 714 1,774 1,266 824 1,055 1,335 1,571 570 770 2,688 1,898 2,437 2,542 2,436 2,238 2,384 2,550 c Corrected. NOTE.—Coverage has changed in some of the periods shown. Be- 1 Figures exclude interagency items. Before 1956, data for trust revolving ginning with 1956, changes reflect the expended coverage and the new funds included such items. classification of activities by type of fund now reported in the Treasury 2 Effective Jan. 1,1957, the production credit corporations were merged Bulletin. Classifications by supervisory authorities are those in existence in the Federal intermediate credit banks, pursuant to the Farm Credit currently. Where current Treasury compilations do not provide a de- Act of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operations tailed breakdown of loans, these items have been classified by Federal of the banks are classified as trust revolving transactions. Reserve on basis of information about the type of lending activity involved. 3 Less than $500,000. 4 Includes investment of the Agricultural Marketing revolving fund in the banks for cooperatives; Treasury compilations before 1956 classified this item as an interagency asset. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 490 Gold production 491 Net gold purchases and gold stock of the United States. 492 Estimated foreign gold reserves and dollar holdings 493 International capital transactions of the United States 494 U. S. balance of payments. 503 Money rates in foreign countries. 503 Foreign exchange rates 505 Index to statistical tables 1 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. 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- Congo, E m n o d n t o h f w m t o o a t r t a l e d l d ! M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia o R f e t p h . e 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—-Feb . 2 447 17 412 158 149 293 1 137 287 886 45 79 Mar 40,655 2,476 17,433 20,745 188 150 293 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 20,825 192 155 293 1,074 288 906 47 83 July 2 508 17 590 192 153 293 1 083 288 912 48 84 Aufi 2,042 17,530 192 153 293 1,151 288 920 48 84 Sept r41 060 2 046 17 457 r21 555 191 152 298 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 ^41,115 2,077 16,947 ^22,090 190 162 303 1,248 285 946 48 88 1962 Jan 2 079 16 847 164 303 1 277 285 950 48 Feb 2,096 16,795 164 304 1,291 962 47 Ger- E m n o d n t o h f Cuba m De a n rk - D R o i e c p m a u n i b n - - E d c o u r a- E v l a d S o a r l- l F a i n n d - 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 s o ia - 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 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 July ... 31 20 17 45 2 037 3 525 77 24 247 130 Aug 31 20 17 45 2 124 3 644 77 24 247 130 Sept .. 31 20 17 45 2 124 3 644 77 24 247 130 Oct 31 1 19 17 45 2 125 3 648 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 Feb 31 3 19 46 2,144 3,664 247 130 Ire- E m n o d n t o h f Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- A So fr u ic th a lic of 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 ,050 33 43 49 19 10 493 211 1959—Dec 84 18 1,749 102 142 ,132 34 30 50 28 9 548 238 1960—Dec 98 18 2,203 119 137 ,451 35 30 52 42 15 552 178 1961—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 2,157 130 118 1,541 35 30 53 47 21 452 159 84 18 2,225 130 116 1,581 30 53 47 22 448 179 Sept . 84 18 2,226 140 116 1,581 30 53 47 22 437 205 Oct... 84 18 2,226 140 116 1,581 30 53 47 25 438 218 Nov 84 18 2,226 140 115 1,581 30 53 47 26 439 256 Dec .. 18 2,225 140 112 1,581 30 53 47 *"27 443 298 1962—Jan .. 18 140 1,581 30 53 47 m 444 343 Feb .. 18 140 I 581 30 53 47 361 » Preliminary. f Revised. For other notes s 5 end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 491 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 m n t g e 3 - d U gu r a u y - V zu e e n l e a - Y sl u a g vi o a - S I e f n t o t t r l 'l e- E E P F U 3 ments4 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 I960 Dec 178 170 2,185 19 104 134 174 3,231 180 398 4 -19 55 1961—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 44 217 170 2,271 19 104 134 174 2,772 180 398 5 — 17 65 My 244 170 2,322 19 104 134 174 2 453 180 398 6 -19 Aue 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 2,505 104 139 174 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 3 410 398 176 Feb 341 181 2,481 140 174 3,424 398 176 1 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. 08 - 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; before 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 5 European Payments Union through December 1958 and European Fund thereafter. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthljr Estimated Africa North and South America Other Year or month world productioni Total 2 A So fr u ic th a R de h s o i - a Ghana C o R o f 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 1961 Jan 90.9 63.7 1.7 2.5 3.2 13.2 .9 .6 .3 1.4 2.9 .5 Feb 88.4 62.7 1.5 2.5 2.9 12.6 .8 .6 .4 0 2.9 .5 Mar 65.7 1.9 2.5 3.7 13.7 1.1 .4 .2 2.9 .5 Apr 65.3 1.8 3.2 13.1 .7 .4 0 3.4 .4 May 67.5 1.7 3.3 13.4 .7 .4 .0 2.9 .4 June 67 3 1.8 3.8 12.8 .6 .4 ? 2.9 .5 Tilly 67.7 1.7 3.8 12.6 1.0 .4 0 3.1 .5 68.8 1.6 3.8 12.5 1.0 .2 1 1 3.4 .5 Sept 68.5 1.6 4.5 12.1 .6 .3 1 4 3.2 .5 Oct 68.9 1.6 3.9 12.7 .6 .4 1 4 3.5 .4 Nov 69.2 1.6 4.1 13.0 .4 1.1 Dec 67 8 3.4 12.9 .4 1.1 1962 Jan 70.6 3.5 1 Excludes U.S.S.R., other Eastern European countries, China Main- Bureau of Mines. Production reported monthly: reports from individual land, and North Korea. countries except Ghana, Republic of the Congo and Brazil, data for 2 Beginning 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

492 U. S, GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1960 1961 1954 1955 1956 1957 1958 1959 1960 1961 4 1 2 3 4 Western Europe: -6 -84 -83 -1 3 3 -329 -39 -141 -144 -83 —63 -81 -68 -34 -266 — 173 117 Germany, Fed. Rep. of -226 -10 -34 -23 24 -23 Italy . ... "—349 100 100 25 -261 -30 -249 -25 -105 -25 Portucal -55 -5 —20 — 10 31 32 — 114 -156 -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 0) -14 Total -378 -78 80 68 -2,326 -827 -1,718 -754 -1,053 —244 202 —246 -466 Latin America: 115 75 67 -50 -90 -20 —90 Mexico t 80 -30 -20 -20 -30 —200 65 Other 12 14 56 6 2 -16 -30 -19 -22 -ii 5 -9 -4 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 (*) 18 -34 -186 -113 -101 -67 -20 -27 -34 -20 All others -1 1 29 5 -5 -38 -6 -29 (*) -1 0) A Total foreign countries... -327 -68 80 172-2,294 -998 -1,969 -970 -1,212 -366 179 -288 -494 200 600 5-44 300 150 300 150 Grand total. -327 -68 280 772 -2,294 5-1,041 -1,669 820 -912 -366 179 -138 -494 1 Less than $500,000. 4 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 Year T ( r u e e r n a y d s S - t o o f c T k y o ea ta r) l 1 in s o c T c t r ( r r o o e - e d a c t ) a a s e k s l e - : e, i e m N x o p p e r o o t r rt t , d m e c o a c E r ( r r e r - a k e a ) i r a n s e - e s - d e : , c h ( u o e y r l n e r d d a e i n r n o ) c g f y s Month ( T e r u n e r d a y s S o - t f o m c T k o o n ta th l 1 ) in s c o T c t r r ( r o o e - e d a c t ) a a s e k s l e - : e, i e m x N o p p e r o o t r rt t , d m e c o a c E r ( r r e r a - e k a i ) r a n s e - e s - d e : , h c o m ( u e l r d o n r i e n d n n t g h o c s ) f y 2 1950 22,706 22,820 -1,743 -371 -1,353 1961—Mar.... 17,388 17,433 21 -137 161 25 1951 22,695 22,873 53 -549 618 Apr.... 17,390 17,435 2 -88 92 175 1952 23,187 23,252 379 684 -305 May... 17,403 17,451 16 -131 152 165 1953 22,030 22,091 -1,161 2 -1,171 June... 17,550 17,603 152 -96 254 186 1954 21,713 21,793 -298 16 -325 July.... 17,527 17,590 -13 2 -3 105 Aug 17,451 17,530 -60 -33 -23 106 1955 21,690 21,753 -40 97 -132 Sept.... 17,376 17,457 -73 -58 4 62 1956 21,949 22,058 305 106 318 Oct 17,300 17,331 -126 -66 -43 112 1957 22,781 22,857 799 104 600 Nov.... 16,975 17,021 -310 -3 -272 127 1958 20,534 20,582 -2,275 260 -2,515 Dec.... 16,889 16,947 -74 '-42 -65 116 1959 19,456 19,507 3-1,075 302 -1,323 1962—Jan.... 16,815 16,847 -100 -26 -64 116 1960 17,767 17,804 -1,703 333 -1,982 Feb.... 16,790 16,795 -52 (4) -37 153 1961 16,889 16,947 -857 -719 -62 116 Mar.... ^16,609 *>16,643 P-152 (4) 5-142 (4) P Preliminary. r Revised. 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 4 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 $12,148 million on Mar. 31, 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 see p. 422. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 493 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 Western Europe: Austria 623 536 491 480 526 558 Belgium 1,272 1,312 1,279 1,307 1,478 1,574 Denmark 168 85 89 81 79 83 Finland 109 87 85 112 134 138 France 1,945 2,160 2,474 2,862 3,014 3,110 Germany, Fed. Rep. of... 4,624 6,447 6,752 6,588 6,394 6,505 Greece 212 139 143 136 120 154 Italy 3,119 () 3,080 2,912 3,059 3,377 3,459 Netherlands 1,617 17 1,779 1,731 1,735 1,804 1,797 Norway 125 141 112 115 134 132 135 135 126 Portugal 686 1 636 615 546 1 523 542 1 Spain 154 3 327 316 352 1 405 469 1 Sweden 404 101 397 438 574 51 566 586 93 Switzerland 2,903 88 2,863 2,721 2,850 87 3,177 3,434 83 Turkey 164 (2> 152 158 150 158 165 United Kingdom 3 3,490 323 4,467 4,379 4,109 & 4,717 4,526 Other* 591 51 529 593 609 47 787 670 48 Total 22,206 25,108 819 838 25,291 25,684 801 27,394 864 27,905 832 Canada 3,158 3,324 416 446 3,313 3,565 463 3,575 465 3,704 459 Latin America: Argentina 393 419 501 475 454 425 Brazil 478 481 480 474 551 513 Chile 228 180 177 171 178 153 Colombia 288 236 240 202 222 235 Cuba 214 78 64 59 46 44 Guatemala 61 68 77 83 70 70 Mexico.. 584 534 472 450 529 618 Panama, Republic of..... 129 123 95 78 79 87 Peru 110 114 112 118 123 131 Uruguay 242 231 227 230 229 237 Venezuela 929 796 892 826 846 815 Others 253 370 317 303 296 278 192 Total 3,909 105 3,630 59 15 3,654 41 3,469 69 3,623 89 3,606 204 Asia: India... 361 301 295 288 333 i6 325 Indonesia 172 236 158 142 120 119 Iran 187 152 173 178 167 161 Japan 1,564 2,166 2,306 2,262 1,953 1,894 Philippines 181 218 214 184 174 i 212 Thailand 245 290 318 331 344 368 3 Other 1,245 991 989 1,019 1,140 Total 3,955 53 4,354 92 4,453 57 4,404 57 »-4,207 57 4,219 56 All other: Australia 264 235 233 238 238 260 South Africa 287 207 227 192 251 330 U.A.R. (Egypt) 194 196 195 190 189 189 Others 526 600 596 618 579 635 Total 1,271 42 1,238 28 35 1,251 38 1,238 37 1,257 38 1,414 39 Total foreign countries7 34,499 1,507 37,654 1,409 1,426 37,962 1,468 38,360 1,427 "40,056 1,513 40,848 1,590 International 5,565 660 6,394 884 900 6,353 1,064 6,451 1,011 5,480 1,127 5,881 1,240 Grand total7 40,064 2,167 44,048 2,293 2,326 44,315 2,532 44,811 2,438'45,536 2,640 46,729 2,830 Memorandum item: Sterling area 4,730 407 5,558 512 536 5,488 531 5,179 518 5,861 567 5,841 520 P Preliminary. r Revised. 3 Includes other Latin American republics and the Inter-American 1 Of the 2 sets of figures shown, the first continues the series based Development Bank. on a 1955 survey and reported securities transactions; the second is «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 2 series or to revise and Asia. figures for earlier dates. 7 Excludes gold reserves of the U. S. S. R., other Eastern European 2 Less than $500,000. countries, and China Mainland. 3 Gold reserves of the United Kingdom are estimated. NOTE.—Gold and short-term dollars include reported and estimated 4 This category includes—in addition to other Western European official gold reserves, and total dollar holdings as shown in "Short-term countries—unpublished gold reserves of certain Western European Liabilities to Foreigners Reported by Banks in the United States by countries; gold to be distributed by the Tripartite Commission for the Countries" (Tables 1 and la-lc of the following section). U. S. Govt. Restitution of Monetary Gold; European Fund; and the Bank for bonds and notes are holdings with original maturities of more than 1 International Settlements (the figures for the gold reserves of the B.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

494 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding; in millions of dollars] Foreign countries Europe In- End of month G to ra ta n l d t t i e o r n n a a l - 2 Total Official 3 Private m F G a e e n d r y . - , U K n in it g e - d Other Total Canada A L m a e ti r n ica Asia o A th l e l r Rep. of dom 1957 Dec... 15,158 1,517 13,641 7,917 5,724 1,557 1,275 4,310 7,142 1,623 2,575 1,946 355 1958—Dec 16,159 1,544 14,615 8,665 5,950 1,755 873 5,081 7,708 2,019 2,403 2,205 279 1959—Dec 19,389 43,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2,780 373 I960 Dec 21,329 3,955 17,374 10,327 7,047 3,476 1,667 3,903 9,046 2,439 2,422 3,115 352 1961—Feb 20,774 3,817 16,957 10,098 6,859 3,583 1,567 3,539 8,689 2 421 2 294 3,205 347 Mar 21,095 3,877 17,218 10,312 6,906 3,510 1,754 3,614 8,878 2,429 2,372 3,190 348 Apr 20,862 3 917 16,945 9,896 7,049 3,184 1,619 3,766 8,569 2 437 2,344 3,202 393 May 21,079 3,920 17,160 9,929 7,231 3,086 1,642 3,980 8,708 2,620 2,294 3,185 352 21,504 3,970 17,535 10,070 7,464 3,075 1,709 4,368 9,151 2,659 2,216 3,142 367 July 21,770 3 983 17,787 10,096 7,691 2,970 1,691 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. 22,562 3,804 18,758 10,974 7,784 2,841 2,226 5,248 10,316 2,758 2,405 2,892 387 1962 Jan.P 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 Feb.P 22,783 4,126 18,657 10,096 8,561 2,399 2,566 5,215 10,181 2,743 2,366 2,990 377 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 u o ga 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 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 J.008 252 101 80 134 423 552 13 389 4,637 212 300 38 87 871 55 1,098 200 105 84 133 387 661 17 390 Sept 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 5,248 255 326 52 91 989 67 1,234 216 105 99 153 406 874 26 354 1962 Janp 5,281 256 357 52 90 1,083 76 1,248 218 93 93 159 392 771 34 359 Feb.** 5,215 262 328 55 90 1,098 85 1,100 263 103 91 152 394 815 37 345 Table 1b. Latin America Neth- End of month Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c u i a o e b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l t A a a i e l n n l r n e d d - - s s a P p R m u a e n b a - - - , Peru U gu r a u y - V zu e e n l e a - Other* lic Suri- lic of 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 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 Mav . 2 294 308 21 220 119 132 61 32 28 58 332 83 80 64 46 454 255 June 2,216 283 21 186 124 119 58 31 27 59 333 90 78 71 50 428 259 July 2,307 278 23 231 116 150 53 32 31 55 339 87 77 83 50 439 264 Aug.... ..... 2 277 275 24 218 125 134 49 30 27 49 430 84 78 86 52 367 250 Sept 2,371 263 23 263 130 137 45 29 26 46 413 87 79 76 49 448 258 Oct 2,312 246 23 254 96 137 46 27 28 43 403 88 84 73 50 406 307 Nov 2,348 240 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.*7 2,347 228 23 252 99 119 41 26 24 48 473 86 79 79 68 395 308 Feb.? 2,366 217 23 241 95 139 41 28 29 54 486 87 83 80 80 379 306 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 495 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 End of month Total H Ko o n n g g India I n n e d s o ia - Iran Israel Japan p K r R l u e i o e b a c - - - , 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 Con- A S f o r u ic t a h ( U E . g A y . p R t) .Other of the 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 1960—Dec... 3,115 57 54 178 22 75 1,887 152 203 84 186 217 352 88 32 29 22 181 1961—FeD 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 1,983 168 163 81 227 247 367 83 30 39 16 199 July 3,105 52 37 74 32 51 1,913 178 182 80 231 273 362 81 29 40 16 196 Aug. 3,038 53 78 78 39 64 1,766 186 174 89 237 275 349 79 27 40 21 181 Sept. 2 896 55 86 77 37 62 1,649 194 152 90 240 255 375 86 43 46 15 185 Oct 2,807 59 88 92 34 65 1,535 195 134 92 240 273 382 90 39 46 15 192 Nov 2,819 59 90 82 31 62 1,532 198 150 90 248 276 385 91 38 44 12 199 Dec.. 2,892 55 78 76 31 63 1,590 199 185 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 Feb.** 2,990 57 74 100 35 87 1,628 187 171 103 293 255 377 95 28 36 14 204 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 .3 1.2 .5 1.2 Ceylon 44.1 34.4 6.9 n.a Cyprus . . .2 .3 .5 .7 36.0 35.8 34.8 34.6 Czechoslovakia 8 6 7 1 0 9 Goa . 2 5 2 3 1 4 9 Hunsarv 9 1 3 1 0 1 0 Iraq 18.0 63.1 13 8 n a 3.5 2.7 5.1 3 1 2.8 2.5 1.8 1 6 Ireland Reoublic 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 20.9 21.0 5 0 n a M^onaco.... 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 1.2 1.4 6 3 4 4 Rumania 8 ...... .... .9 .9 1.1 1.5 Nepal 1.2 1.8 1.2 n.a. Soviet 7one of Germany 1 4 1.5 1.3 1 3 Pakistan 5.6 23.5 10 6 10 1 U S S R 8 2.2 2.6 12.1 4.8 15.2 14.8 14.2 n.a. Yugoslavia ^ 9.5 6.2 10.0 11.6 Saudi Arabia 60.2 111.6 18.4 24 9 2.5 3.5 1.9 3.2 Other Latin America: 47 2 77 5 V Sy ie ri t a -Nam 4 4 8 . . 7 8 6 5 8 . . 0 3 1 4 4 . . 2 6 7 2 . . 9 6 B C H T H P F a r h e o o a e r r e s i n n a m t t i d a g W c u u h u R d e r a a W a s y i t c s . a e I . n st d i I e n s . d . i f e . e s . d . e ; a r n a d ti o F n r e 9 nch Guiana.. 2 3 1 1 7 6 6 3 4 1 1 7 . . . . . . . . . 7 8 3 4 5 6 5 3 4 2 3 1 1 1 1 1 6 1 2 8 4 0 2 2 . . . . . . . . . 7 7 6 9 5 3 5 8 5 2 2 1 1 1 1 1 4 1 7 9 1 0 5 1 . . . . . . . . . 6 7 3 8 4 9 7 0 3 1 2 0 3 1 1 1 1 9 4 3 3 3 4 7 4 . . . . . . . . 9 9 5 6 . 3 5 8 3 0 Al A E l L F G L M M r t i o i l h h b b e o a g t a n d i y e h r e o n o r c a e r e p i i a c h i r a a r i : c a a o S o I a ( s m n 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 . . . . . . . . 4 0 0 8 5 5 7 0 2 5 1 1 2 0 7 8 7 . i . . . . . 0 8 3 6 6 7 6 6 1 9 5 4 6 . . . . . . . . 3 6 9 4 9 3 8 9 2 9 1 5 1 1 3 1 . . . . . . . . 1 4 9 5 8 0 7 1 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. 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. than 1 year; such liabilities amounted to $2 million on Feb. 28, 1962. « Based on reports by banks in all Federal Reserve districts. 2 Represents principally the International Bank for Reconstruction and 9 Before 1960 data for the Bahamas included with The West Indies Development, International Monetary Fund, International Finance federation. Corporation, and the International Development Association. 1 ° 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 "•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. 5 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 i 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

496 INTTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable End of month, or area Total in foreign and country currencies U.S. U.S. Total Deposits T bi r l e ls a s a u n r d y Other* Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 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 1,849 143 233 113 1961 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 l!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 Sent 21,937 19,609 8,688 9,543 1,378 2,226 1,890 117 219 101 Oct 22,231 19,781 8,896 9,485 1,400 2,292 1,917 149 225 159 Nov 22,419 19,940 8,841 9,654 1,445 2,337 1,934 147 256 142 Dec 22,562 20,051 8,664 9,891 1,496 2,362 1,974 149 238 149 1962 Jan*» 22 467 19,934 9,143 9,352 1,439 2,373 1,966 151 257 160 Feb p 22,783 20,184 9,144 9,615 .425 2,447 1,972 166 308 152 Area and country detail, Dec. 31, 1961 Europe: Austria 255 251 246 5 4 4 Belgium 326 285 242 13 31 40 37 (3) 1 52 45 20 23 2 7 7 (3) (3) (3) Finland 91 90 51 37 1 1 1 France 989 937 265 632 41 49 44 3 2 2 Germany, Fed. Rep. of.... 2,841 2,790 237 2,073 480 49 43 2 4 2 Greece 67 53 30 23 (3) 14 14 Italy 1,234 1,206 174 855 177 26 23 3 1 2 216 192 125 56 10 25 21 1 3 (3) Norway 105 73 61 6 6 32 32 Portugal 99 65 61 4 34 32 2 Spain 153 131 124 7 22 20 2 $ 406 397 114 253 30 9 8 (3) (3) Switzerland 874 711 411 119 181 107 71 14 22 55 Turkey 26 24 24 2 2 United Kingdom 2,226 1,851 939 857 56 329 117 86 126 46 Yugoslavia 12 11 10 1 1 1 Other 343 311 80 76 156 12 11 (3) 20 Total 10,316 9,425 3,215 5,022 1,188 763 488 109 166 129 Canada 2,758 2,466 1,760 696 9 283 222 29 32 9 Latin America: Argentina 235 165 147 17 1 69 67 f3) 2 (3) B B o ra li z v il ia 22 2 8 6 9 9 6 8 9 6 (3)" 10 13 1 2 7 12 1 5 7 1(3) 7 ( ( 3 3 ) ) C C o hi l l o e mbia 1 14 0 7 5 7 5 6 4 7 5 4 4 f3) 1 7 5 1 1 7 5 0 0 1 ( ( 3 3 ) } Cuba 43 2 2 40 40 D El o m Sa i l n v i a c d an o r Republic ... 2 2 2 3 6 6 4 6 i" (3) 1 1 6 6 1 1 6 6 (3) 46 28 19 2 7 18 17 (3) Mexico 506 332 255 42 35 174 170 Neth. Antilles and Surinam .. 89 54 37 7 10 35 29 1 4 Panama Rep of 87 13 11 1 74 69 1 4 Peru 84 34 34 50 47 2 (3) Uruguay 57 28 25 29 26 3 (3) Venezucl a 417 182 182 (3) 234 231 1 2 Other 292 179 118 431 30 109 97 5 7 3 Total 2,405 1,266 1,066 100 100 1,135 1,089 9 36 4 P Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTT CAPITAL TRANSACTIONS OF THE U. S. 497 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 Dec. 31, 1961—Cont. Asia: Hong Kong 55 30 25 5 26 25 1 (3) India 78 71 29 38 5 6 5 (3) (3) 1 Indonesia 16 73 62 11 (3) 3 3 Iran 31 25 23 6 6 (3) Israel ..... .... 63 68 35 13 20 5 5 Japan .... 1 590 1 572 1,149 325 98 19 18 (3) (3) (3) Korea, Rep. of 199 198 196 (3) 3 1 1 T P a h i i w li a p n pines.. 1 9 8 2 5 1 8 6 5 5 1 8 5 4 1 (3) 1 1 3 2 7 0 1 7 9 (3) (3) (3) Thailand 264 262 72 182 7 3 3 Other 258 215 151 44 20 41 40 (3) 1 1 Total 2 892 2 754 1,977 603 174 136 133 1 2 2 All other: Australia. 98 92 51 39 3 3 3 (3) 2 Congo Rep of the 34 33 25 8 1 1 South Africa 32 28 28 3 3 (3) (3) 1 U A R (Egypt) 15 14 12 (3) 1 1 1 (3) Other 209 171 141 26 4 36 35 (3) 1 Total ... , .... 387 338 257 65 16 45 43 2 5 Total foreign countries. 18,758 16,247 8,274 6,486 1,487 2,361 1,974 149 238 149 International 3,804 3,804 390 53,405 9 22,562 20,051 8,664 69,891 1,496 2,362 1,974 149 238 149 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 $2,551 million on Feb. 28, 1962. 5 Includes $2,503 million of nonnegotiable, non-interest-bearing special 2 Represents principally bankers* acceptances and commercial paper. U. S. notes held by international organizations. 3 Less than $500,000. 6 Includes amounts shown in notes 4 and 5. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [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 ed - E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 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 60 245 264 717 421 1,356 1,052 69 1961 Feb 3.691 39 81 36 61 170 224 611 398 ,390 1.220 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 1,394 1,450 76 May 4,124 44 145 42 65 171 228 695 520 1,336 1,497 75 June 4,123 48 148 33 64 165 233 691 514 1,243 1,598 76 July . 4,189 50 141 35 64 187 209 688 492 1,245 ,674 90 Aug 4,122 42 136 37 60 134 178 586 517 ,295 1,626 98 Sept . 4,160 34 146 34 67 185 187 653 491 1,349 1,578 88 Oct 4,347 37 140 34 72 169 182 634 618 ,412 1,597 86 4,384 40 147 34 67 189 181 658 577 .450 ,620 79 Dec 4,700 42 165 35 105 181 239 767 537 1,504 .807 85 1969 Jan * . 4,581 43 157 37 68 163 214 682 483 1,434 1,890 92 Feb.P 4,697 47 155 40 71 165 215 693 496 1,464 1,959 85 p Preliminary. by banks and bankers for their own account or for account of their i Short-term claims reported in these statistics represent principally customers in the United States; and foreign currency balances held the following items payable on demand or with a contractual maturity abroad by banks and bankers and their customers in the United States. of not more than 1 year: loans made to and acceptances made for Excludes convertible currencies held by U. S. monetary authorities. foreigners; drafts drawn against foreigners where collection is being made Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 INTL 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 Aus- End of month Total tria 1957 Dec 211 6 1958—Dec 315 7 1959 Dec 234 4 I960 Dec 264 2 1961 Feb 224 2 Mar 246 3 Apr 227 2 May 228 3 233 3 July 209 178 Seot 187 Oct 182 Nov 181 Dec 239 1962 Jan v 214 Feb » 215 cocococo Bel- Den- gium mark 25 11 65 14 56 65 61 58 56 58 43 43 13 10 11 4 10 5 20 4 18 5 19 OOCO <S l F a i n n d - Greece N la e e n r t d - h s - N w o ay r- t P u o g r a - l Spain 4 6 29 23 2 8 6 7 56 22 2 30 8 5 38 7 2 9 6 33 17 4 9 7 32 10 2 12 10 6 47 10 3 11 11 7 38 10 2 11 11 7 42 10 3 9 14 7 45 11 3 9 14 8 47 11 2 11 14 6 43 11 2 10 16 7 45 13 2 12 19 6 41 17 3 11 20 6 46 23 3 11 23 6 54 27 5 13 23 5 60 25 2 9 23 4 61 22 3 0000 VC Swe- Tur- Yugo- Other den key slavia 10 76 10 24 72 9 19 47 3 18 28 49 11 19 25 32 9 16 7 26 35 12 16 7 24 24 16 19 8 25 15 16 21 11 25 24 16 22 8 17 13 15 19 7 16 22 14 17 7 15 31 8 19 6 15 23 8 16 5 18 9 9 17 11 35 16 9 17 14 17 7 7 19 17 18 7 7 21 Table 3b. Latin America Neth- End of month Total A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c u l i i o a e n b c - - 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 n r r d e d - - i s s - l a P p i R m c u a e n b a o - - - , f Peru U gu ru a - y V zu e e n l e a - Other nam 1957 Dec 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Dec ,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 Dec ,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960 Dec ,356 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961—Feb .wn 122 4 228 77 79 21 13 19 14 313 5 28 48 48 311 60 Mar 1,374 128 4 241 88 78 21 13 19 15 306 5 26 48 44 274 63 Apr .394 127 5 213 118 79 21 13 17 12 323 5 29 50 40 281 61 May ,336 133 5 202 111 81 20 14 15 14 321 7 38 55 43 215 63 143 5 182 114 91 20 13 12 13 327 6 26 61 46 121 63 July.. *245 148 5 160 120 91 20 12 14 14 336 8 25 63 38 119 71 Aue |?95 158 8 147 119 91 20 13 17 17 375 g 28 67 39 121 68 Sept 160 5 180 117 90 19 12 15 16 384 6 30 68 39 137 72 Oct 1*412 171 5 233 116 87 19 12 14 17 385 8 30 71 45 124 74 Nov 450 179 5 230 119 99 19 14 14 19 395 6 32 69 53 125 73 Dec 1,504 192 6 186 127 125 19 13 17 20 423 13 32 73 55 129 74 1962 Jan v 1,434 184 5 133 123 134 18 12 14 19 412 9 43 72 60 123 71 Feb p 1,464 184 6 133 125 159 19 11 16 19 398 6 41 70 62 141 73 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 i - a C o R o f e n 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—Feb 1,220 9 9 43 32 952 18 10 24 123 73 28 4 12 3 26 Mar 1,349 10 11 48 33 ,069 19 11 23 126 76 26 4 13 7 26 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 1,620 9 8 33 34 1,292 86 10 31 115 79 27 6 11 12 24 Dec 1,807 9 8 31 36 1,445 114 10 34 119 85 29 6 10 13 27 1962—Jan.* 1,890 10 10 30 36 1,511 135 11 34 114 92 31 6 11 14 31 Feb.P 1,959 9 10 28 37 1,598 120 11 33 113 85 31 3 11 13 27 * Preliminary. 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 499 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies End of month, or area Longand country t t e o r t m al — i 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 i i g 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—Feb... 1,598 3,691 3,265 861 455 622 ,326 426 207 219 Mar.. 1,616 3,967 3,471 844 494 679 ,453 496 249 247 Apr.., 1,639 4,150 3,619 907 523 716 ,473 531 245 286 May., 1,635 4,124 3,616 870 520 710 ,517 507 235 272 June., 1,847 4,123 3,672 810 506 711 ,645 451 249 202 July.. 1,902 4,189 3,777 843 525 718 ,691 412 229 183 Aug.. 1,830 4,122 3,712 756 537 719 ,700 410 232 178 Sept.. 1,856 4,160 3,712 111 568 697 ,671 448 266 182 Oct... 1,838 4,347 3,799 780 600 683 ,736 548 337 211 Nov.. 1,880 4,384 3,835 828 625 682 ,700 549 329 220 Dec. 2,020 4,700 4,115 1,014 618 694 ,789 586 385 200 1962—Jan.?. 2,031 4,581 4,123 1,007 626 711 ,779 458 287 171 2,078 4,697 4,254 1,090 629 714 ,822 443 288 154 Area and country detail, Dec. 31, 1961 Europe: Austria... 37 5 5 11 2 1 Belgium.. 39 20 17 7 3 Denmark. 7 11 10 3 4 Finland.. 3 23 23 2 20 France... 12 42 39 12 18 Germany, Fed. Rep. of.. 70 165 140 38 50 26 26 25 24 I G ta re ly ece 2 7 6 3 6 5 3 6 0 (2) 2 6 1 4 3 (2) Netherlands 46 54 47 6 29 11 1 Norway 165 27 26 2 1 2 21 Portugal 4 5 4 2 2 2 () Spain 1 11 11 3 2 8 Sweden 50 35 18 2 8 6 17 17 Switzerland. 9 105 41 10 7 64 48 Turkey 16 16 13 3 16 United Kingdom. 11 181 65 21 15 27 116 83 33 Yugoslavia 2 9 9 5 2 1 ..... .... Other 3 17 17 2 4 6 "(2)* Total. 493 767 523 121 129 123 151 244 194 51 Canada 274 537 288 9 201 12 65 249 106 143 Latin America: Argentina 73 192 182 29 24 45 84 10 Bolivia 6 6 5 1 n Brazil 263 186 151 27 57 2 Chile 27 127 127 48 27 16 36 ( ) Colombia 30 125 125 29 11 27 59 Cuba 1 19 19 2 18 Dominican Republic.. 13 13 1 6 1 El Salvador () 17 17 1 6 10 Guatemala 12 20 20 1 8 8 Mexico 423 418 178 77 36 127 Netherlands Antilles and 171 Surinam 13 13 Panama, Rep. of. 19 32 32 1 21 6 4 Peru 10 73 73 4 11 25 33 Uruguay 1 55 55 7 4 6 38 Venezuela 231 129 127 14 24 72 18 Other. 73 74 73 4 16 30 22 Total. 917 1,504 1,451 365 255 334 498 53 49 p Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Area and Longcountry term— Loans to: total i Total Collec- Deposits Total Ba i o n n f s f k i t c s it i a u a l - nd Others sta t o i n o u d n t i - s ng Other Total fore w ig it n h ers Other tions Area and country detail, Dec. 31, 1961—Cont. Asia: Hong Kong 9 9 3 3 3 1 8 India ..... ... 16 8 8 1 5 1 Indonesia 51 Iran 12 31 30 2 (2 2 27 1 1 i (2> Israel ... 8 36 36 3 4 24 Japan 24 1,445 1,413 290 7 118 999 32 32 Korea Rep. of* ... 4 4 4 50 114 114 106 1 7 (2) (2) Taiwan .. .... 1 10 10 2 1 6 Thailand 5 34 34 13 3 16 Other 2 115 115 82 9 21 3 (2) (2) (2) Total 170 1,807 1,773 503 25 186 1,059 33 33 (2) Allother: Australia 21 29 25 1 2 13 9 4 2 2 C So o u n t g h o A , R fr e ic p a . o . f . the . . .. 5 3 9 9 1 6 0 9 6 4 (2) 2 8 1 2 i (2) U.A.R. (Egypt) 4 13 13 (2} 1 Other 42 27 26 4 16 (2) Total .... 166 85 79 16 7 40 17 6 4 2 Total foreign countries 2,020 4,700 4,115 1,014 618 694 1,789 586 385 200 * Represents mainly loans with an original maturity of more than 2 Less than $500,000. 9 year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate 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 c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r Total countries 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 1960 1,730 1,603 127 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 1961 1,736 1,232 504 58 3,383 3,160 223 802 1,253 -451 594 955 -362 1961— 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. 78 32 46 -7 286 273 14 64 106 -41 59 139 -80 1962—Jan.*. 35 54 -19 -10 256 221 36 93 90 3 58 80 -22 Feb.* 144 269 -125 -62 238 208 30 106 160 -53 51 87 -36 * Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 501 TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, -); in millions of dollars] Type of security Country or area Year or month Total2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- ot A he ll r2 1958 -39 -56 17 -3 2 —8 19 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 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 Feb 17 32 -14 1 3 1 17 2 2 25 -13 1 6 Mar 42 32 10 2 -3 18 5 5 30 6 -2 8 Apr 40 56 -16 3 21 9 -1 32 -9 9 9 May 45 58 -13 8 5 29 1 10 50 19 9 4 27 33 -6 -1 3 19 11 2 34 -14 4 2 July . ... . -18 -5 -13 -2 -6 -1 i -12 -13 2 5 -8 2 -10 2 6 4 1 -14 2 3 Sept 1 15 -15 1 2 2 2 3 11 -17 5 1 Get 14 28 -15 2 1 24 -10 2 19 -7 1 Nov....... 20 25 -5 4 5 25 -20 3 18 —8 2 8 Dec 14 15 -I 1 1 1 21 -25 5 3 4 7 1962—Jan.^.......... 36 54 -18 5 -2 46 9 -3 54 -19 4 -3 Feb.p.... 30 36 -6 5 l 34 -2 37 -9 -1 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, (-);in millions of dollars] [In millions of dollars] Total Latin .Assets in custody Y m e o a n r t o h r n I a n ti t o e n r- al f c o o re u i n g - n Europe C a a d n a - Amer- Asia o A th H er End of month Deposits tries ica U. S. Govt. Miscelsecurities2 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 1 19 9 6 6 1 1 — .. F . e . b . . . . . . . . 1 1 5 -8 -6 1 5 4 -2 -3 5 0 6 — - 3 4 10 -2 6 6 0 -114 4 —7 j 3 1961— A M M p a a r y r . . . . . 2 2 2 7 3 1 1 0 0 5 5 5 , , 59 6 6 3 3 3 5 7 4 6 6 6 8 7 9 7 2 0 Mar.... -3 -78 -24 -42 -8 -11 2 June. 220 5,723 688 Apr.... 3 -103 -9 -56 -19 C1) July.. 226 5,660 667 May... 1 -107 -26 -52 -6 -22 -1 Aug.. 270 5,903 660 June... -15 24 -17 -20 3 9 -10 Sept.. 312 6,036 662 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 n -22 Dec. 279 6,006 669 Oct.... -5 -43 -13 -7 1 -25 1 Nov.... 1 -82 -26 -15 <j -14 -18 1962—Jan... 229 5,403 663 Dec 7 -114 -84 -28 1 -9 6 Feb.. 204 5,432 637 Mar.. 221 5,762 621 1962—Jan.P... -2 -18 -8 22 1 o -23 Feb.**.. -96 6 -22 2 4 -10 33 1 Excludes assets held for international organizations, and earmarked gold. See note 4 at bottom of p. 492 for total gold under earmark at * Preliminary. Federal Reserve Banks for foreign and international accounts. * Less than §500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds; includes certificates of indebtedness payable in foreign currencies. 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

502 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 9,—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of quarter; in millions of dollars] Liabilities to foreigners Claims on foreigners 1st. revised ser.i 2d revised ser.* 3d. revised ser.1 1st. revised ser. i 2d revised ser.i 3d. revised ser.x Area and country 1960 1960 1960 1961 1961 1961 1960 1961 1961 1961 4 4 1 1 2 2 3 4 4 1 1 2 2 3 Europe: 4 18 18 29 29 28 28 25 12 12 1 1 35 35 17 12 12 6 Finland 2 29 29 3: 3' 37 37 40 37 39 '44 '44 40 40 36 Germany, Fed. Rep. of.. 4: 41 48 49 4( 4( 4( 3< 39 '37 6* 68 74 1 1 2 Italy... 15 16 19 20 23 23 30 26 30 '31 '32 35 36 34 Netherlands 4i 48 * 6 6 2 6 6 2 6 6 8 6 6 8 48 c K 6 1 6 7 16 17 22 2: 2 7 3 1 1 6 9 9 8 8 6 lj 1] n n 10 10 9 6 8 8 6 26 26 26 26 19 19 18 26 27 25 26 47 47 39 17 18 23 25 19 19 15 Turkey i 4 United Kinedom 61 65 79 79 107 109 639 642 27? 279 225 226 169 1 1 1 1 1 ] 2 Other 4 1 s 5 Total 271 277 327 331 385 388 370 862 880 '516 '526 506 511 433 53 57 37 40 43 49 45 160 187 '295 '327 422 440 488 Latin America: 7 7 8 10 10 20 2( 25 26 29 3( 31 1 1 1 1 1 1 3 16 17 19 20 20 20 24 76 78 60 61 73 74 91 Chile 3 4 4 11 12 14 15 18 18 16 4 4 7 e 11 13 14 13 13 14 Cuba 2 2 2 8 8 6 6 7 Dominican RcDiiblic. .. 1 1 1 3 3 El Salvador 8 8 8 1 2 3 P) 4 4 4 4 c s 5 Mexico 6 6 36 39 45 47 42 44 47 Neth. Antilles and Surinam. 7 7 46 4 6 6 c 2 2 2 Panama Rep. of. 2 3 3 6 7 13 7 7 9 9 7 7 6 Peru 4 4 5 6 2 3 8 9 9 10 11 12 18 Uruguay * I 1 Venezuela 13 14 16 23 23 23 21 33 34 36 38 35 36 57 Other 4 4 7 7 10 10 10 19 19 '22 22 25 26 43 Total . 73 76 83 92 102 102 106 245 254 '257 265 278 285 349 Asia: Hong Kong 3 3 3 3 3 3 3 2 2 3 3 3 3 3 India 6 7 6 6 5 5 6 12 15 10 11 11 11 13 3 3 11 11 10 10 7 1 1 4 4 3 3 3 Iran * 6 5 5 5 5 5 8 8 9 9 7 7 7 Israel..... 5 5 4 4 2 2 3 11 11 7 8 8 8 8 Japan 27 29 57 58 67 68 71 45 54 51 52 55 56 63 Philippines 5 7 <') 7 7 <*> 7 1 9 1 8 1 9 1 7 1 7 1 7 1 Taiwan 3 2 2 1 1 1 3 3 2 2 2 Thailand 3 3 3 3 3 3 3 4 4 3 3 3 3 Other 6 9 8 9 11 11 15 18 20 17 18 18 18 18 Total 65 73 107 '109 114 114 122 111 128 '118 120 117 118 127 All other: Australia 14 14 15 15 15 15 11 21 22 19 20 19 19 21 Congo Rep of the 1 2 1 1 (2) 3 3 2 2 2 2 2 South Africa 1 1 2 2 3 6 7 9 9 11 11 11 U A R fEevnt) 2 2 2 2 1 1 4 6 7 7 7 7 7 10 Other 5 7 '9 '9 11 11 13 13 15 '12 '13 16 16 19 Total 23 25 '29 '29 31 31 29 49 52 '50 '51 56 56 62 International 1 1 1 Grand total 485 507 '583 '600 673 684 672 1,428 1,501 '1,235 '1,292 1,378 1,410 1,460 9 Preliminary. ' Revised. NOTE.—Reported by exporters, importers, and industrial and com- 1 Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through Dec. 31,1960 (first revised series), on Mar. 31,1961 (second revised series), U. S. banks, and intercompany accounts between U. S. companies and and on June 30, 1961 (third 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 503 U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1958 1959 1960 1961 Item Exports of goods and services, total!.. 6,142 5,463 5,848 5,950 6,448 6,353 6,962 6,659 7,326 6,898 7,021 6,734 7,663 Merchandise 4,196 3,807 4,074 4,058 4,343 4,607 4,994 4,676 5,132 5,009 4,912 4,680 5,315 Services 2 1,946 1,656 1,774 1,892 2,105 1,746 1,968 1,983 2J£4 1,889 2,109 2,054 2,348 Imports of goods and services, total... 5,446 5,401 5,964 6,228 5,944 5,769 6,074 6,057 5,427 5,322 5,610 6,108 6,039 Merchandise 3.522 3.594 3.879 3.847 3.974 3.830 3.857 3.550 3.485 3.407 3.458 3,684 3,975 Services 1,095 1,027 1,296 1,595 1,216 1,172 1,461 1,709 1,215 1,156 1,391 1,719 1,333 Military expenditures 829 780 789 786 754 767 756 798 727 759 761 705 731 Balance on goods and services1 696 62 -116 -278 504 584 602 1,899 1,576 1,411 626 1,624 Unilateral transfers (net) 3 -633 -621 -581 -547 -675 -579 -631 -618 -661 -700 -709 -636 -702 Private remittances and pensions... -196 -184 -187 -214 -206 -198 -213 -207 -230 -210 -221 -212 -227 Government nonmilitary grants.... -437 -437 -394 -333 -469 -381 -418 -411 -431 -490 -488 -424 -475 U.S. long- and short-term capital (net)3 -893 -494 4-1,032 -607 -595 -875 -1,110 -1,075 -1,905 -1,400 -513 -1,064 -1,928 Private, total. -726 -412 -738 -387 -838 -651 -724 -924 -1,557 -980 -926 -595 -1,450 Direct investment -372 -287 -442 -224 -419 -303 -331 -327 -733 -464 -380 -379 -378 Portfolio and short-term investment -354 -125 -296 -163 -419 -348 -393 -S97 -824 -516 -546 -216 -1,072 Government -167 -82 4_294 -220 243 -224 -386 -151 -348 -420 413 -469 -478 Foreign capital and gold (net) 901 953 4 1,439 1,440 620 821 981 1,208 1,119 533 206 915 1,377 Increase in foreign short-term assets and Government securities.. 502 785 4 847 1,109 425 584 737 548 261 63 345 621 825 Increase in other foreign assets.... 52 73 195 164 123 187 150 23 -63 124 191 24 96 Gold sales by United States 5 347 95 4 397 167 72 50 94 637 921 346 -330 270 456 Errors and omissions -71 100 290 146 49 -128 -117 -452 -9 -395 159 -371 p Preliminary. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 1 Excluding military transfers under grants. of which $344 million was transferred in gold and $1,031 million in 2 Including military transactions. non-interest-bearing U.S. Government securities. 3 Minus sign indicates net outflow. 5 Beginning with the first quarter of 1961, 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 th , 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 l 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 n p o w k o n e s a r i n t s s c * e D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 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— Feb 3.05 2.52 4.48 4.31 3.76 3.00 3.59 3.00 3.38 1.14 .75 2.00 Mar 3.21 2.98 4.61 4.48 3.74 3.00 3.70 2.50 3.38 1.03 .75 2.00 3.30 3.03 4.63 4.45 3.65 3.00 3.70 2.38 2.94 .77 .75 2.00 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 1962—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 Feb. 3.11 2.63 5.65 5.41 4.72 4.00 3.56 1.88 2.06 1.02 .80 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

504 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS * [Per cent per annum] Changes during the last 12 months Rate as of Mar. 31, 1961 Rate Country 1961 1962 M a a s r . o f 31, Per Month 1962 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Arccentina 2 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 5.0 Belgium 5.0 Aug. 1960 4.75 4.5 4 25 4.0 4.0 Brazil2 . 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 4 0 4.0 Canada ^ 3.46 Mar. 1961 3.53 3.42 2.82 2.80 2.51 2.84 2.75 2.75 3.24 3.35 3,42 3.37 3.37 Ceylon 4.0 Aug. 1960 4.0 Chile4 .... 16.74 Jan. 1961 15.88 15.27 15.27 Colombia2 5.0 Aug. 1959 5.0 Costa Rica 2 3.0 Apr. 1939 3.0 Cuba2 6.0 Jan. 1960 6.0 Denmark . ..... 5.5 Jan. 1960 6.5 6.5 Ecuador2 5.0 Nov. 1956 5.0 3.0 Nov. 1952 3.0 El Salvador 5.5 Jan. 1960 6.0 6.0 Finland 6.75 Mar. 1959 8.0 8.0 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 India6 4.0 May 1957 4.0 Indonesia 2 3.0 Apr. 1946 3.0 6.0 Nov. 1960 6.0 Ireland 4.75 Mar. 1961 4.62 4.78 6.88 6.75 5.94 5.56 5.44 5,75 5.75 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 Mexico 4.5 June 1942 4.5 3.5 Nov. 1959 3.5 New Zealand 7.0 Mar. 1961 7.0 P N N a i o k c r a i w s r t a a a g y n ua . . 4 6 3 . . . 0 5 0 J A F a e p n b r . . . 1 1 1 9 9 9 5 5 5 9 5 4 6 3 . .5 a Peru2 9.5 Nov. 1959 4 9. . 5 0 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 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 75,0 5.0 Venezuela 2 4.5 Dec. 1960 4.5 1 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); « 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—-^ per cent for bank acceptances for commercial purposes; 7 On Mar. 8, 1962 the discount rate had been reduced to 5.5 per cent., Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 505 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) t A ra u l s ia - Austria Belgium Canada Ceylon Finland France (pound) (schilling) (franc) (dollar) (rupee) (markka) (franc) 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 1960 . ... 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 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 June. 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 AUK. 1.2104 223.34 3.8592 2.0080 96.933 21.012 .31089 20.352 Sept 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 Mar. 4 1.2081 224.32 3.8659 2.0086 95.277 21.058 ,31074 20.405 Year or month ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a 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 i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) 1956 23.786 20.934 279.57 .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 5 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 6 27.555 277 45 1961—Mar.... 5 25.020 20.940 279.75 .16068 .27861 32.699 8.0056 6 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 Sept 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 Mar. 25.012 21.093 281.53 .16100 .27640 32.800 8.0056 27.687 278.74 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 ( e S 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 L 6635 19 349 23 152 280 76 1961 14 000 3.4909 7 279.48 8 139.57 1.6643 19.353 23.151 280.22 1961 Mar. 13.985 3.4903 139.35 L.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 L.6644 19.378 23.101 279.40 June. 13.952 3.4815 138.97 L.6644 19.365 23.144 278.98 July. 13.947 3.4797 138.85 1.6644 19.357 23.169 278.74 Aug. 14.004 3.4875 139.62 L.6644 19.366 23.163 280.29 Sept. 14.041 3.4941 140.09 L.6644 19.329 23.167 281.22 Oct 14 051 3 5013 140 24 L 6644 19 351 23 133 281 54 Nov 14.048 3.4990 140.22 L.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 .6650 19.388 23.111 281.46 Mar. 14.037 3.5014 140.24 L.6651 19.408 23.042 281.53 1 Effective Jan. 12, 1959, the Argentine Government established a 5 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. 6 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 7 Based on quotations through Feb. 10, 1961. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 8 Effective Feb. 14, 1961, South Africa adopted the decimal system. was further devalued to 493.706 francs per U. S. dollar. The new currency unit, the rand, replaces the pound and consists of 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 100 cents; it is equivalent to 10 shillings or one-half the former pound. 4 Based on quotations through Mar. 19, 1962. 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 G. HOWLAND CHASE, Assistant General Counsel BRENTON C. LEAVITT, Assistant Director THOMAS J. O'CONNELL, Assistant General ANDREW N. THOMPSON, Assistant Director Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve JEROME W. SHAY, Assistant General Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION GUY E. NOYES, Director FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director ROBERT C. HOLLAND, Adviser ALBERT R. KOCH, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF INTERNATIONAL FINANCE JOSEPH E. KELLEHER, Director RALPH A. YOUNG, Director HARRY E. KERN, Assistant Director J. HERBERT FURTH, Adviser A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser OFFICE OF THE CONTROLLER SAMUEL I. KATZ, Associate Adviser RALPH C. WOOD, Associate Adviser J. J. CONNELL, Controller SAMPSON H. BASS, Assistant Controller DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 506 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 507 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^GE GAFY' Associate Economist „ , ^ L. MERLE HOSTETLER, Associate Economist HOWARD H. HACKLEY, General Counsel Economist G uY E NoyES 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 f 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 JOHN D. FREDERICKS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN • APRIL 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 L. H. Jones Richard A. Moffatt Hugh J. Helmer A. M. Gustavson C. T. Laibly H. J. Newman Paul C. Hodge 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, Pondrom Harry A. Shuford P. E. Coldwell James A. Parker W. M. Pritchett Thomas A. Hardin Thomas W. Plant San Francisco... Eliot J. Swan J. L. Barbonchielli E. H. Galvin A. B. Merritt H. E. Hemmings R. S. Einzig John A. O'Kane Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis.... Helena C. A. Van Nice Cleveland Cincinnati 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. BargJebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may he 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. INDUSTRIAL PRODUCTION—1959 REVISION. July FEDERAL RESERVE BULLETIN. Monthly. Sub- 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, Ecua- THE FEDERAL FUNDS MARKET—A Study by a dor, Guatemala, Haiti, Republic of Honduras, 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 DEBITS AND CLEARINGS STATISTICS AND THEIR subscriptions in the United States for 10 or USE (rev. ed.). May 1959. 144 pages. $1.00 more copies to one address, 50 cents per copy per copy; in quantities of 10 or more for single per month, or $5.00 for 12 months.) shipment, 85 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL ALL-BANK STATISTICS, 1896-1955. Part I, U. S. AND BUSINESS STATISTICS. Monthly. Annual Summary. Part II, Summaries by States and subscription includes one issue of Historical other areas. April 1959. 1,229 pages. $4.00. Chart Book. Subscription price in the United THE FEDERAL RESERVE ACT, as amended through States and the countries listed above is $6.00 October 1, 1961, with an Appendix containing per annum or 60 cents per copy; elsewhere provisions of certain other statutes affecting $7.00 per annum or 70 cents each. (Group the Reserve System. 386 pages. $1.25. rate of 50 cents each for 10 or more of same FLOW OF FUNDS IN THE UNITED STATES, 1939-53 issue for single shipment.) December 1955. 390 pages. $2.75. HISTORICAL CHART BOOK. Issued annually in BANKING AND MONETARY STATISTICS. November September. Annual subscription to monthly 1943. 979 pages. $1.50. chart book includes one issue of the Historical. SUPPLEMENT TO BANKING AND MONETARY STA- In the United States and countries listed above TISTICS. SECTION 10. Member Bank Reserves under Federal Reserve Bulletin, single copies and Related Items. January 1962. 64 pages. 60 cents each, elsewhere 70 cents each. (Group $.50. Section 15. International Finance. March rate in quantities of 10 or more for single 1962. 92 pages. $.65. 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. 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN • APRIL 1962 REPRINTS FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. March 1961. 10 pages. (From Federal Reserve Bulletin unless preceded STATISTICS ON THE GOVERNMENT SECURITIES by an asterisk) MARKET. April 1961. 8 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1961. THE MONETARY SYSTEM OF THE UNITED STATES. 3 pages. February 1953. 16 pages. SURVEY OF COMMON TRUST FUNDS, 1960. May INFLUENCE OF CREDIT AND MONETARY MEASURES 1961. 7 pages. (Also, similar reprint from ON ECONOMIC STABILITY. March 1953. 16 May 1960 BULLETIN.) pages. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER FEDERAL FINANCIAL MEASURES FOR ECONOMIC TIME DEPOSITS. May 1961. 2 pages. (Also, STABILITY. May 1953. 7 pages. similar reprint from July 1960 BULLETIN.) A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- BANK CREDIT AND MONEY IN RECOVERY. June COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- 1961. 8 pages. ber 1955. 40 pages. INTEREST RATES IN LEADING COUNTRIES. August SURVEYS OF BANK LOANS FOR COMMERCIAL AND 1961. 8 pages. 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 pages. Member Bank Term Lending to Busi- U. S. BALANCE OF PAYMENTS IN 1961. October 1961. 7 pages. ness, 1955-57. April 1959. 16 pages. Security Pledged on Business Loans at Member Banks. SURVEY OF FINANCE COMPANIES, MID-1960. October 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, Mro-January 1959. 22 pages. 1962. February 1962. 5 pages. REVISED INDUSTRIAL PRODUCTION INDEX. De- CAPITAL FLOWS AND INTERNATIONAL PAYMENTS. cember 1959. 24 pages. March 1962. 8 pages. REVISED SERIES FOR SEASONALLY ADJUSTED MONETARY FUND RESOURCES AND THE INTER- MONEY SUPPLY. February 1960. 4 pages. NATIONAL PAYMENTS SYSTEM. March 1962. 4 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. BANKING AND MONETARY STATISTICS, 1961. Se- Combined reprint. September 1960. 31 pages. lected series of banking and monetary statistics for 1961 only. February and March 1962. 10 A NEW MEASURE OF THE MONEY SUPPLY. Octopages. ber 1960. 22 pages. QUARTERLY SURVEY OF CONSUMER BUYING IN- IMPLEMENTATION OF THE 1959 ACT ON RESERVE TENTIONS. March 1962. 6 pages. (Also, REQUIREMENTS. December 1960. 6 pages similar reprints from BULLETINS for December SMALL BUSINESS FINANCING: CORPORATE MANU- 1960 and March, May, August, and November FACTURERS. January 1961. 15 pages. 1961). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 436, 438 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 430, 432 Adjusted, and currency, 426 Assets and liabilities (See also Foreign liabilities and Banks, by classes, 421, 427, 431, 434, 438 claims ): Federal Reserve Banks, 422, 501 Banks and the monetary system, consoli- Postal savings, 420, 426 dated, 426 Discount rates, 420, 504 Corporate, current, 448 Discounts and advances by Federal Reserve Domestic banks, by classes, 427, 430, 432, 438 Banks, 416, 421, 422 Federal business-type activities, Dividends, corporate, 447, 448 by fund or activity, 487 Dollar assets, foreign, 493, 501 Federal Reserve Banks, 422 Automobiles: Earnings and hours, manufacturing indus- Consumer instalment credit, 452, 453, 454 tries, 462, 465 Production index, 456, 459 Employment, 462, 464* 465 Bankers' balances, 431, 433 Farm mortgage loans, 449, 450, 487 (See also Foreign liabilities and claims) Federal business-type activities, assets and liabilities, Banks and branches, number, by class and State, 482 by fund or activity, 487 Banks and the monetary system, consolidated state- Federal finance: ment, 426 Cash transactions, 440 Bonds (See also U. S. Govt. securities): Receipts and expenditures, 441 New issues, 445, 446, 448 Treasurer's balance, 440 Prices and yields, 436, 437 Federal home loan banks, loans, etc., 451, 487 Brokers and dealers in securities, bank Federal Housing Administration, loans, etc., 449, loans to, 430, 432 450, 451, 487 Business expenditures on new plant and equip- Federal National Mortgage Association, ment, 448 loans, etc., 451, 487 Business indexes, 462 Federal Reserve Banks: Business loans (See Commercial and industrial loans) Condition statement, 422 U. S. Govt. securities held by, 416, 421, 422, Capital accounts: 442, 443 Banks, by classes, 427, 431, 434 Federal Reserve credit, 416, 421, 422 Federal Reserve Banks, 422 Federal Reserve notes, 422, 424 Carloadings, 462 Finance company paper, 436, 438 Central banks, foreign, 490, 504 Financial institutions, loans to, 430, 432 Coins, circulation of, 424 Float, 416 Commercial banks: Flow of funds: Assets and liabilities, 427, 430 Financial assets and liabilities, 481 Consumer loans held, by type, 453 Saving and financial flows, 472 Number, by classes, 427, 482 Foreign central banks, 490, 504 Real estate mortgages held, by type, 449 Foreign currencies, convertible, holdings by Commercial and industrial loans: U. S. monetary authorities, 422, 492 Commercial banks, 430 Foreign deposits in U. S. banks, 416, 422, 426, 431, Weekly reporting member banks, 432, 435 434, 501 Commercial paper, 436, 438 Foreign exchange rates, 505 Condition statements (See Assets and liabilities) Foreign liabilities and claims: Construction, 462, 463 Banks, 494, 496, 499, 501 Consumer credit: Nonfinancial concerns, 502 Instalment credit, 452, 453, 454, 455 Foreign trade, 467 Major parts, 452, 454 Noninstalment credit, by holder, 453 Gold: Consumer price indexes, 462, 468 Earmarked, 492 Consumption expenditures, 470, 471 Net purchases by U. S., 492 Corporate sales, profits, taxes, and dividends, 447, 448 Production, 491 Corporate security issues, 446, 448 Reserves of central banks and governments, 490 Corporate security prices and yields, 436, 437 Reserves of foreign countries and international Cost of living (See Consumer price indexes) institutions, 493 Currency in circulation, 416, 424, 425 Stock, 416, 426, 492 Customer credit, stock market, 437 Gold certificates, 422, 424 Govt. debt (See U. S. Govt. securities) Debits to deposit accounts, 425 Gross national product, 470, 471 Demand deposits: Adjusted, banks and the monetary system, 426 Hours and earnings, manufacturing indus- Adjusted, commercial banks, by classes, 425, 431 tries, 462, 465 Banks, by classes, 421, 427, 434 Housing starts, 463 Turnover of, 425 Type of holder, at commercial banks, 431 Industrial production index, 456, 462 Department stores: Instalment loans, 452, 453, 454, 455 Merchandising data, 467 Insurance companies, 439, 442, 443, 450 Sales and stocks, 462, 466 Insured commercial banks, 429, 430, 482 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN • APRIL 1962 Interbank deposits, 421, 427, 431 Reserves: Interest rates: Commercial banks, 431 Bond yields, 436 Federal Reserve Banks, 422 Business loans by banks, 435 Foreign central banks and governments, 490 Federal Reserve Bank discount rates, 420 Foreign countries and international institu- Foreign countries, 503, 504 tions, 493 Open market, 436, 503 Member banks, 416, 418, 421, 431, 433 Stock yields, 436 Residential mortgage loans, 449, 450, 451 Time deposits, maximum rates, 420 International capital transactions of the U. S., 494 Sales finance companies, consumer loans of, 452, International institutions, 490, 492, 493 453, 455 Inventories, 470 Saving: Investments (See also specific types of investments): Flow-of-funds series, 472 Banks, by classes, 427, 430, 433, 438 National income series, 471 Federal Reserve Banks, 421, 422 Savings deposits (See Time deposits) Govt. agencies, etc., 487 Savings institutions, principal assets, 438, 439 Life insurance companies, 439 Savings and loan associations, 439, 443, 450 Savings and loan associations, 439 Securities, international transactions, 500, 501 Security issues, 445, 446, 448 Labor force, 464 Silver coin and silver certificates, 424 Loans (See also specific types of loans): State member banks, 429, 482 Banks, by classes, 427, 430, 432, 438 State and municipal securities: Federal Reserve Banks, 416, 421, 422 New issues, 445, 446 Govt. agencies, etc., 487 Prices and yields, 436, 437 Insurance companies, 439, 450 States and political subdivisions: Sayings and loan associations, 439, 450 Deposits of, 431, 434 Loans insured or guaranteed, 449, 450, 451 Holdings of U. S. Govt. securities, 442 Ownership of obligations of, 430, 438, 439 Manufactures, production index, 456, 462 Stock market credit, 437 Margin requirements, 420 Stocks: Member banks: New issues, 446 Assets and liabilities, by classes, 427, 430 Prices and yields, 436, 437 Borrowings at Federal Reserve Banks, 418, 422, 434 Tax receipts, Federal, 441 Deposits, by classes, 421 Time deposits, 420, 421, 426, 427, 431, 434 Number,' by classes, 428, 482 Treasurer's account balance, 440 Operating ratios, 484 Treasury cash, 416, 424, 426 Reserve requirements, by classes, 421 Treasury currency, 416, 424, 426 Reserves and related items, 416 Treasury deposits, 416, 422, 440 Weekly reporting series, 432 Mining, production Index, 456, 462 Unemployment, 464 Money rates (See Interest rates) U. S. balance of payments, 503 Money supply and related data, 425 U. S. Govt. balances: Mortgages (See Real estate loans) Commercial bank holdings, by classes, 431, 434 Mutual savings banks, 426, 427, 429, 438, 442, Consolidated monetary statement, 426 443, 449, 482 Treasury deposits at Federal Reserve Banks, 416, 422, 440 National banks, 429, 482 U. S. Govt. securities: National income, 470, 471 Bank holdings, 426, 427, 430, 433, 438, 442, 443 National security expenditures, 441, 470 Dealer transactions, positions and financing, 444 Nonmember banks, 422, 429, 430, 431, 482 Federal Reserve Bank holdings, 416, 421, 422, 442, 443 Operating ratios, member banks, 484 Foreign and international holdings, 422, 493 International transactions, 500 Payrolls, manufacturing, index, 462 New issues, gross proceeds, 446 Personal income, 471 Outstanding, by type of security, 442, 443, 445 Postal Savings System, 420, 426 Ownership of, 442, 443 Prices: Prices and yields, 436, 437 Consumer, 462, 468 United States notes, outstanding and In circula- Security, 437 tion, 424 Wholesale commodity, 462, 468 Utilities, production index, 456, 462 Production, 456, 462 Profits, corporate, 447, 448 Vault cash, 416, 421, 431 Veterans Administration, loans, etc., 449. 450, Real estate loans: 451, 487 Banks, by classes, 430, 432, 438, 449 Type of mortgage holder, 449, 450, 451 Weekly reporting member banks, 432 Type of property mortgaged, 449, 450, 451 Reserve requirements, member banks, 421 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 Co THE FEDERAL RESERVE SYSTEM Q HAWAII 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