Federal Reserve Bulletin, 1962-06

FEDERAL RESERVE June 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 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 Consumer Credit Rise 681 Law Department 690 Current Events and Announcements 699 National Summary of Business Conditions 700 Financial and Business Statistics, U. S. (Contents on p. 703) 704 International Financial Statistics (Contents on p. 763) 764 Board of Governors and Staff 780 Open Market Committee and Staff; Federal Advisory Council 781 Federal Reserve Banks and Branches 781 Federal Reserve Board Publications 783 Index to Statistical Tables 787 Map of Federal Reserve System Inside back cover Volume 48 Number 6 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

Consumer Credit Rise CONSUMER INSTALMENT CREDIT rose period, were about 5 per cent above the more in April than in any other month since early 1961 level. April 1960, as extensions of all major types Factors in expansion. As in other similar of credit increased. Prior to April the rate periods, the upturn in outstanding instalof expansion had shown little change for ment credit in the fourth quarter of 1961 several months. reflected a turnaround in automobile credit The April rise brought the total increase for the first 7 months of instalment credit CHANGES IN INSTALMENT CREDIT expansion to $2.0 billion, almost as much Billions of dollars as in the first 7 months of the 1958-59 credit expansion. Noninstalment credit rose 9 MOS. INOINO SfMEMBEl - 1961 1958 1954 1961 1959 1955 — $550 million, slightly more than in the 111 earlier period. RECENT DEVELOPMENTS PERSONAL LOANS f Outstanding instalment credit began to rise TOTAL in October 1961 and during the November- March period increased at seasonally adjusted monthly rates ranging between $200 Per cent million and $300 million. The late date of Easter and an unusually heavy volume of Easter purchases contributed to the $500 million expansion in April. The expansion in instalment credit in recent months has reflected a sharp increase in extensions while repayments have risen NOTE.—Based on seasonally adjusted monthly data. only gradually. After increasing slightly from the recession low in early 1961, extensions following a period of cyclical decline, and rose sharply in October and November, then subsequent movements were generally releveled off until April. lated to sales of automobiles and other Total instalment credit extended in April durable goods. As is usual, outstanding was about 20 per cent above the low in early credit turned up later than most measures 1961 and 6 per cent above the previous peak of general business activity. The lag was in April 1960. Repayments, which had con- greater than in either 1958 or 1954, howtinued to rise throughout the 1960-61 ever, and the November-March plateau in 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN • JUNE 1962 extensions contrasted with a sustained in- the introduction of new model automobiles crease in the corresponding period of other in 1961 as in the two preceding periods. expansions, as the chart shows. In the 7 months beginning with October 1961, automobile and other consumer goods paper together expanded $1.3 bil- CYCLICAL MOVEMENTS lion, slightly less than in 1958-59 and sub- Or INSTALMENT CtlDIT Billions of dollan stantially less than in 1954-55. Repair and 5 modernization credit, which contributed to / the 1958-59 expansion, was unchanged. i EXTENDED Personal loans, on the other hand, ex- 4 panded $700 million, $200 million more REPAID than in the corresponding period of the two preceding expansions, and accounted for 35 i 3 per cent of the expansion, compared with 1960 1961 1962 less than 25 per cent in 1958-59 and 1954- 55. The expansion in these loans has been widely distributed among all lender groups, in contrast with 1958-59 when banks promoted such credit heavily and accounted for a large share of the increase. Contraction in 1961. The recent expansion of consumer instalment credit followed a reduction of $200 million in the first half of 1961 and little change in the third quarter. For the three quarters as a whole the increase in personal loans almost offset the reduction in automobile credit. Total instalment credit declined $500 million less than 1953 1954 1955 in the first 9 months of 1958, when automobile sales declined precipitously. By the NOTE.—Adjusted for seasonal variation. Latest figures shown, end of April 1962, automobile credit had April 1962. about recovered its 1961 decline, and non- These differences reflected both the automotive credit had risen $1.7 billion slower pickup and more erratic movement from the December 1960 level. of durable goods purchases in the current Position of borrowers and lenders. Both period and also the absence of major borrowers and lenders were in a favorable changes in credit terms and credit facilities, position to expand instalment credit in the which were important in other recent up- spring of 1962. The liquidity of both groups swings. The upturn in most measures of had increased during 1961 as liquid assets business activity took place earlier in cal- were accumulated and debt declined or rose endar year 1961 than in either 1958 or less rapidly. 1954. The sharp increase in seasonally ad- The rise in consumer debt repayments justed credit extensions, however, awaited was slower than the growth in consumer Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT RISE 683 income, and the ratio of instalment pay- Factors in growth. The expansion of instalments to disposable income declined to 12.8 ment credit over the postwar period has per cent in the first quarter of 1962, down reflected the high level of expenditures for from 13.2 per cent in early 1961 and the durable goods—traditionally financed with lowest ratio since late 1959. Many nonbank instalment credit; an increase in the proporlenders took advantage of the reduced de- tion of such goods bought on credit; and mand for consumer loans and the ready the extension of instalment credit to finance availability of open market funds to reduce purchases of nondurable goods and services. their indebtedness to banks, and banks in- The increase in credit has been fostered by creased their holdings of short-term U. S. active competition among lenders and by Government securities and other liquid the increased willingness of consumers to assets. incur debt, and the increased use of credit Meanwhile, delinquency and reposses- has in turn been a factor in maintaining the sion rates declined sharply from their early high level of consumer purchases. Outstand- 1961 highs. By late 1961 such rates on ing credit has risen relatively more than automobile loans at large sales finance com- credit expenditures as downpayments have panies were about equal to the 1959 lows. declined and maturities have been length- Delinquency rates at commercial banks also ened. declined, but rates on most types of loans The early rise in instalment credit after have remained above 1959 levels. Losses on World War II reflected primarily the sharp automobile repossessions, which had been expansion in purchases of durable goods, severe for many lenders, were reduced by particularly automobiles, together with inthe sharp rise in used car prices beginning creases in average prices paid. In recent in the spring of 1961. years expenditures for automobiles and Lenders who had applied more rigorous household durable goods have increased credit standards in late 1960 and early more slowly, and the growth of instalment 1961 again increased moderately the pro- credit has reflected to a larger extent easing portion of maximum-maturity and mini- of terms on conventional types of credit and mum-downpayment loans and promoted expansion of instalment credit into new credit vigorously. There has been no major areas, including the financing of soft goods change, however, in credit terms or in credit and services as well as new types of durable facilities. goods. The extension of instalment credit to the PERSPECTIVE financing of soft goods and services has The average growth in instalment credit been encouraged through the development was slightly more than $3 billion per year and promotion of new types of credit faciliin the 3-year credit cycle ending with the ties. These include various types of revolvlow in September 1961, compared with ing credit plans providing lines of credit to around $2.5 billion in other postwar cycles. be used in accordance with the consumer's The annual rate of growth was close to 10 needs and repaid over a period of months. per cent in both the 1954-58 and the 1958- Revolving credit plans at department 61 cycles, down substantially from earlier stores and mail-order houses have spread postwar rates. rapidly since their introduction in the early Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN • JUNE 1962 195O's, and it is estimated that revolving come had been restored, but the ratio concredit accounted for $1.5 billion of the tinued to rise sharply until 1957. $2.4 billion of instalment credit outstand- Since then the ratio has shown mainly ing at these outlets at the end of 1961. cyclical changes. Consumers have been de- Charge-account banking plans permitting voting a larger share of their incomes to the qualified borrowers to make credit purchases servicing of personal loans, however, and a at a number of participating retailers were smaller share to the servicing of automobile also introduced in the first half of the 1950's. credit. Recent plans adopted by banks and similar plans adopted by other financial institu- INSTALMENT CREDIT tions generally permit the debt to be treated IILATID TO DISPOf AIM INCOMI as revolving credit. Per cent 16 Revolving credit has been extended to personal loans through bank check-credit TOTAL 12 plans that permit customers to draw checks up to the limit established by prearranged credit lines. Both check-credit plans and charge-account banking plans spread rapidly in 1959, but few have been adopted since that time and some charge-account banking plans adopted then have since been discontinued. Personal loans have also been 1941 1945 1949 1953 1957 1961 encouraged through the promotion of special plans for financing expenditures on NOTE.—Based on Department of Commerce annual estimates services such as education and travel. of disposable income and Federal Reserve estimates of annual repayments and annual averages of end-of-month instalment credit outstanding. Changes in the demand for goods and in credit facilities in recent years have been Cyclical movements. Short-run movements reflected in changes in the composition of of instalment credit reflect changes in coninstalment credit. Automobile credit has ac- sumer income and expenditures, particucounted for a substantially smaller propor- larly expenditures for durable goods, and in tion, and personal loans for a substantially turn accentuate movements of income and larger proportion, of instalment credit expenditures. Credit extensions rise with growth in the most recent cycle than in the increase in consumer expenditures. Reearlier postwar cycles. The share of other payments tend to lag, however, and outconsumer goods paper has changed less as standing credit consequently expands. Resome uses have increased, and others have payments continue high after extensions declined, in importance. have turned down, and outstanding credit Relation to disposable income. During most increases more slowly and after a time deof the postwar period instalment credit has clines. expanded faster than personal income. By Cyclical changes in instalment credit may about 1950 the prewar relationship between also reflect the timing of developments in debt payments and disposable personal in- the credit market itself such as changes in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT RISE 685 credit terms or the offering of new credit volved. In addition, changes in credit terms facilities. Availability of credit on easier have on occasion been of particular importterms tends to encourage credit purchases. ance in the automobile credit market. In addition, lower downpayments increase Purchases. Cyclical fluctuations in new car extensions in relation to credit expenditures, purchases were especially large in the period and longer maturities slow down the growth 1954-58. Purchases rose from 5.5 million of repayments. units in 1954 to 7.4 million in 1955 as a Such changes in credit availability have result of favorable reaction to model changes at times been introduced in periods of credit and easing of credit terms as well as inease and then have spread rapidly during creases in consumer income. Purchases dethe ensuing upswing, thus accentuating the clined after 1955 and in 1958 reached a cyclical expansion of credit. For example, low of 4.7 million units. Movements were easing of automobile credit terms contrib- smaller in the period 1958-61, but were uted substantially to the expansion begin- still sizable, with purchases rising to 6.6 ning in 1954, and the widespread adoption of new credit plans by banks and of easier terms by retailers contributed to the expan- FACTORS AFFECTING AUTOMOBILE CREDIT sion beginning in 1958. TTPf OF AVERAGE TRANSACTION CONTRACT 1954.100 Easing of credit terms may be moderated 175 NEW CAR or temporarily reversed as the result of 150 / \^ CREDIT NEW CAR tighter general credit conditions, losses, or 125 the exhaustion of immediate opportunities 100 for further extension. Typically, however, %V'"\ /CASH 75 new terms or facilities once introduced have remained a part of the credit structure and USED CAR USED CAR 150 - /\ 125 there have been few significant reversals. 100 As a result of the upward trend in credit- .. i - 1" I .. i I ! I II I _ 75 financed expenditures and the general easing 1955 1957 1959 1961 1955 1957 1959 1961 of credit terms, cyclical reductions of instalment credit in recent years have been small NOTE.—Type of transaction based on number of automobiles sold. in relation to the preceding cyclical expansions. million units in 1960 and declining to 5.9 million in 1961. In the spring of 1962 purchases reached a seasonally adjusted annual AUTOMOBILE CREDIT rate of more than 7 million units, about one- Automobile credit has continued to ac- fourth higher than a year earlier. count for a relatively large part of cyclical Used car purchases have generally moved fluctuations in instalment credit despite the in the same direction as new car purchases, reduction in its share of outstanding credit. reflecting not only changes in demand but Purchases of new cars fluctuate widely, and also the effect of new car trade-ins on the repayments of credit for financing such pur- supply of used cars. The movement, howchases lag substantially behind extensions ever, has been substantially less than for because of the relatively long maturities in- new car purchases. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN • JUNE 1962 Prices paid. Until recently, rising automo- In the period 1955-56 prices of used cars bile prices were an important factor in the fell as many purchasers switched to the new increasing demand for automobile credit. car market and the volume of trade-ins in- List prices rose with the introduction of each creased. Prices rose throughout the period new model from the 1955 model through from late 1956 through 1959, but the averthe 1959 model. Moreover, the increased age contract declined in 1958 as older number of purchases during 1955 included models accounted for a larger share of the a larger proportion of higher priced models market. A sharp decline in used car prices and more optional equipment. The sub- beginning in the second half of 1960 resequent decline in purchases was accom- flected, in part, competition with compact panied by a shift to lower priced vehicles cars. Prices rose sharply in 1961 and early and by extensive dealer discounts from list 1962, and the average contract increased. prices, but the average expenditure per unit Credit sales. In general, credit sales of new continued to rise. This increase, in combina- cars have fluctuated more than cash sales, tion with lower downpayments and the in- accentuating the effects of changes in expenclusion of finance charges for a longer ditures on automobile credit. Changes in period, caused the average contract to rise the relationship between credit and cash from $1,900 in 1954 to $2,400 in 1957. sales were particularly large in the 1954-58 period, but credit sales also rose more Heavy purchases of small foreign cars rapidly than cash sales in 1959 and declined and of domestic compact models led to more rapidly beginning in the second half reductions in the average expenditure per of 1960. In late 1961 and early 1962 the unit for new cars beginning in 1959. The proportion of credit sales was at the lowest reduction continued through early 1961 as level since early 1955. It rose more than compacts continued to grow in importance seasonally in April but remained below the and list prices remained unchanged. Over 1956-60 levels. the past year, however, the average expenditure has risen as a result of increased pur- The proportion of used cars financed chases of the larger compacts introduced in moved countercyclical^ in the 1955-58 1961 and more optional equipment on period. Credit sales increased less rapidly both standard and compact models. This than cash sales in 1955 as many credit increase, together with a moderate rise in buyers shifted to the new car market. In the proportion of the expenditure financed, 1958, credit sales were maintained despite brought the average contract to a new high the reduction in total sales. In the period of $2,500 in early 1962. 1958-61, however, the relationship between Wide fluctuations in prices of used cars credit and cash sales moved similarly for have reflected in part developments in the new and for used cars. new car market. The average expenditure Credit terms. Credit terms began easing per unit has reflected not only movements after the suspension of consumer credit in used car prices but also changes in the regulation in the spring of 1952, and the proportion of purchases accounted for by easing was particularly rapid from 1954 late model cars. This proportion has tended through mid-1956. to rise during expansion and decline during The number of 30-month contracts on recession. new cars increased sharply in 1954, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT RISE 687 36-month contracts were introduced. The greater. Thirty-month contracts on latelonger-term contracts continued to spread model used cars and loan-to-dealer-cost rapidly through mid-1956 and then more ratios in excess of 100 per cent increased gradually until mid-1959, by which time rapidly in the period 1956-59, and 36about 70 per cent of purchased paper at month maturities were introduced on latebanks and finance companies and 40 per model cars. The easing of terms was reversed cent of direct loans at commercial banks had in 1960, when prices of used cars fell 36-month maturities. Contracts with matu- sharply, but was resumed in 1961. Maturities in excess of 36 months have never be- rities of 30 months or more now account come significant, and the proportion of 36- for almost one-third of the contracts on month contracts has shown little change 1959-62 model automobiles at commercial since 1959. This proportion has increased banks and about half of those at large sales slightly more than seasonally since late last finance companies. year, but the scope for further expansion would appear limited. CREDITORS Downpayments on new cars also eased through early 1956, but after 1956 the pro- Changes in ownership of instalment credit portion of loans with minimum downpay- in 1961 and early 1962 for the most part ments decreased slightly. Since late 1959 followed trends over a longer period. The there has been an increase in the proportion sales finance company share of automobile of contracts equal to 90 per cent or more credit continued to decline, that of commerof dealer cost. This may reflect in part the cial banks and credit unions to rise. Congrowing importance of compact cars, on versely, the proportion of nonautomotive which the dealer mark-up is somewhat lower consumer goods paper held by sales finance and which are often sold without a trade-in. companies continued to rise, while that of Changes in terms on used cars were less banks and retail outlets declined. dramatic than those on new cars in 1954- Personal loans at consumer finance com- 56, but easing since that time has been panies increased less rapidly, and those at HOLDERS OF INSTALMENT CREDIT Billions of dollars Billions of dollars 10 AUTOMOBILE PAPER OTHER CONSUMER GOODS PAPER PERSONAL LOANS __ SALES FINANCE COMPANIES ,' COMMERCIAL BANKS OTHER FINANCIAL INSTITUTIONS 195S 1957 1959 1961 1955 1957 1959 1961 1955 1957 1959 1961 NOTE. End-of-year figures. Small holdings of automobile paper by retail automobile dealers not shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN • JUNE 1962 credit unions and sales finance companies As a result of these activities, the propormore rapidly, than at commercial banks in tion of other consumer goods paper and per- 1961. Although their share declined slightly, sonal loans held by sales finance companies banks continued to hold about 70 per cent has risen, and there has been a steady inof all repair and modernization credit. crease in their business loans. Most of the Sales finance companies. Sales finance com- very large increase shown for other conpanies expanded holdings of automobile sumer goods paper reflects the effect of the credit even more rapidly than other lenders organization of new subsidiaries by retail during 1955 and at the end of that year outlets after 1955, but the share of other held 51 per cent of all outstanding automo- companies has also risen. bile credit. In every year since then their Consumer finance companies. Consumer fishare has declined. In the first three quar- nance companies, which have most of their ters of 1961, as in 1958, sales finance com- assets in the form of personal loans, fared panies accounted for almost all of the con- substantially better as a group in 1961 than traction in automobile credit, and in late finance companies dependent on automobile 1961 and early 1962 their holdings picked credit. During most of the year, however, up more slowly than those of other lenders. personal loans continued to rise less rapidly Their holdings this spring were slightly lower at consumer finance companies than at other than at the end of 1955 and accounted for major lender groups. In recent months the only 38 per cent of total automobile credit rate of growth of personal loans has picked outstanding. up, and several of the larger companies Automobile credit has been the dominant have been making efforts to diversify, parform of credit held by most sales finance ticularly through the acquisition of retail companies in the past, although most of operations. Figures for consumer finance the larger companies also hold substantial companies are not shown separately in the amounts of other types of consumer loans chart on page 687 but are combined with and of business loans. The major excep- those for credit unions and miscellaneous tions are the financing subsidiaries of retail lenders under "other financial institutions." outlets and durable goods manufacturers Commercial banks. At the end of 1961 which specialize in nonautomotive paper. commercial banks held 10 per cent of their Many of the larger companies have re- earning assets in the form of consumer loans. cently increased efforts to diversify in re- Almost all commercial banks hold some insponse to the reduction in holdings of auto- stalment credit, and their holdings are genmobile paper, the sharp cyclical movements erally more diversified than those of finance in this type of paper, and losses on auto- companies. Banks have promoted all major mobile repossessions. Activities have in- types of instalment credit in recent years. cluded acquisition of new and existing small Commercial banks have increased autoloan offices; expansion of plans to finance mobile credit more rapidly than sales finance consumer expenditures for travel and edu- companies since 1956. Paper acquired from cation, for purchases of boats, mobile dealers has accounted for the bulk of the homes, and shell houses, and for home re- expansion, although loans made directly to pair and modernization; and promotion of consumers have also risen. Bank holdings business loans. declined slightly in the first half of 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT RISE 689 In late 1961 and early 1962, however, in the reduction in the share of nonautomobanks accounted for about 60 per cent of tive consumer goods paper held by banks. the expansion, and this spring they held 49 The decline was temporarily arrested with per cent of all automobile credit, com- the adoption in late 1958 and 1959 of pared with 39 per cent at the end of 1955. charge-account banking plans. These plans Adoption of check-credit plans in 1959 failed to spread after 1959, however, and and promotion of other types of personal some have since been dropped. loans were factors in the sharp increase in Banks of all sizes have shared in the exthese loans at commercial banks in that pansion of the various types of consumer year: 22 per cent, compared with 12 per cent credit in recent years. Consumer loans at for other lenders as a group. Since the end the large money market banks have shown of 1959 the commercial bank share of all greater cyclical movements, however, with personal loans outstanding has remained sharp increases early in the expansion period near 34 per cent. followed by a leveling off or by declines, The organization of finance subsidiaries while the growth has been steadier at by mail-order outlets has been a major factor smaller banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Farmers Home Administration Insured Notes tion 14(b) of the Federal Reserve Act, as as Collateral for Advances amended, and are therefore eligible for purchase by the Federal Reserve Banks. The Board's views have been requested as to The insured notes here involved are to be whether promissory notes evidencing loans by distinguished from the Government-insured mamember banks to farmers which are insured by rine bonds considered by the Board in a 1960 the Farmers Home Administration are eligible as published interpretation (1960 Federal Reserve collateral security for 90-day advances within the BULLETIN 151). The obligations there involved, meaning of paragraph 8 of Section 13 of the Fedalthough technically "notes," were clearly what eral Reserve Act. are generally regarded as securities, and the Board It is understood that the loans in question are felt that they did not constitute the kind of notes insured pursuant to the Consolidated Farmers contemplated by the provision authorizing ad- Home Administration Act of 1961, which com- vances to member banks secured by "notes, prises Title III of Public Law 87-128 approved drafts, bills of exchange, or bankers' acceptances" August 8, 1961, and pursuant to Section 514 of eligible for discount or purchase by the Federal the Housing Act of 1949, as added by Title VIII Reserve Banks. In contrast, the insured notes inof Public Law 87-70 approved June 30, 1961. volved in the present case are not securities as Loans insured under Public Law 87-128 are made that term is ordinarily used. for farm operating purposes and to permit farmers Accordingly, the Board has concluded that inor ranchers to buy, enlarge, develop, or improve sured notes of the kind here involved are eligible a farm or to refinance debts; to develop water as security for advances to member banks by supply systems for irrigation, household use, and Federal Reserve Banks. livestock; to drain farmland; and to carry out soil conservation measures. Loans insured under Bank Loans To Purchase Stock of Public Law 87-70 are made to individual farmers American Telephone and Telegraph Company and groups of farmers, political subdivisions, and public or private nonprofit associations to construct Under Employees' Stock Plan or repair housing and related facilities for domestic The Board of Governors recently interpreted farm labor. Federal Reserve Regulation U in connection with Paragraph 8 of Section 13 of the Federal Re- proposed loans by a bank to persons who are purserve Act provides that any Federal Reserve Bank chasing shares of stock of American Telephone "may make advances for periods not exceeding and Telegraph Company pursuant to its Employninety days to its member banks on their promis- ees' Stock Plan. sory notes secured by such notes, drafts, bills of According to the current offering under the exchange, or bankers' acceptances as are eli- Plan, an employee of the AT&T system may purgible . . . for purchase by Federal Reserve Banks chase shares through regular deductions from his under the provisions of this Act." The insured pay over a period of 24 months. At the end of that notes here involved are supported by the full faith period, a certificate for the appropriate number and credit of the United States and, although the of shares will be issued to the participating eminsurance endorsement of the Farmers Home Ad- ployee by AT&T. Each employee is entitled to purministration uses the term "insurance" rather than chase, as a maximum, shares that will cost him the term "guarantee," they are to be considered approximately three-fourths of his annual base as "fully guaranteed" by the United States as to pay. Since the program extends over two years, it principal and interest within the meaning of Sec- follows that the payroll deductions for this purpose 690 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

691 LAW DEPARTMENT may be in the neighborhood of 38 per cent of base Federal Open Market Committee Rules pay and a larger percentage of "take-home pay." The Federal Open Market Committee amended Deductions of this magnitude are in excess of the its Rules of Organization, and Rules of Procesaving rate of many employees. dure, effective April 17, 1962, to reflect changes Certain AT&T employees, who wish to take ad- in the organization of the Committee's staff and vantage of the current offering under the Plan, are in procedures followed in implementing the Comthe owners of shares of AT&T stock that they mittee's policy actions. The amended rules read purchased under previous offerings. A bank pro- as follows: posed to receive such stock as collateral for a "living expenses" loan that will be advanced to the RULES OF ORGANIZATION * employee in monthly instalments over the 24- As Amended Effective April 17, 1962 month period, each instalment being in the amount SECTION 1—BASIS AND SCOPE of the employee's monthly payroll deduction under These rules are issued by the Federal Open Market the Plan. The aggregate amount of the advances Committee (hereinafter sometimes called the Comover the 24-month period would be substantially mittee) pursuant to the Administrative Procedure Act (60 Stat. 237; 5 U.S.C. 1001) and the Federal greater than the maximum loan value of the col- Reserve Act (Sec. 12A, 48 Stat. 168; 12 U.S.C. 263). lateral as prescribed in the Supplement to Regula- Included therein are the rules specified by Section tion U (30 per cent, at the present time). 3(a)(l) of the Administrative Procedure Act. In the opinion of the Board of Governors, a SECTION 2- -COMPOSITION AND MEETINGS OF COMMITTEE loan of the kind described would violate Regula- (a) Members.—The Federal Open Market Comtion U if it exceeded the maximum loan value of mittee consists of the members of the Board of the collateral. The regulation applies to any stock- Governors of the Federal Reserve System and five representatives of the Federal Reserve Banks who secured loan for the purpose of purchasing or are Presidents or First Vice Presidents of such banks. carrying stock registered on a national securities The representatives of the Federal Reserve Banks, exchange (Section 221.1 (a)). Although the pro- and an alternate for each representative, are elected in accordance with Section 12A of the Federal Reserve posed loan would purport to be for living expenses, Act for terms of one year commencing on March 1 it seems quite clear, in view of the relationship of of each year. (b) Chairman and Vice Chairman.—At its first the loan to the Employees' Stock Plan, that its meeting on or after March 1 of each year, the Comactual purpose would be to enable the borrower mittee selects a Chairman and a Vice Chairman from to purchase AT&T stock, which is registered on a among its membership. (c) Meetings.—The Committee meets at Washingnational securities exchange. At the end of the 24ton, D. C, on call by the Chairman of the Board month period the borrower would acquire a certain of Governors of the Federal Reserve System or at at the request of three members of the Committee, number of shares of that stock and would be inat least four times each year and oftener if deemed debted to the lending bank in an amount approxi- necessary. mately equal to the amount he would pay for such SECTION 3—PERSONNEL shares. In these circumstances, the loan by the (a) Official Staff.—The official staff of the Federal bank must be regarded as a loan "for the purpose Open Market Committee includes its Secretary and Assistant Secretaries, General Counsel and Assistant of purchasing" the stock, and therefore it is subject General Counsel, and Economist and Associate to the limitations prescribed by Regulation U. This Economists, who perform the duties indicated by their titles. These staff members are selected from conclusion follows from the provisions of the reguamong the officers and employees of the Board of lation, and it may also be observed that a contrary Governors of the Federal Reserve System and the conclusion could largely defeat the basic purpose Federal Reserve Banks. In addition, one of the Federal Reserve Banks is selected by the Committee to of the margin regulations. execute transactions for the System Open Market Account; and the Committee selects a Manager of Accordingly, the Board concluded that a loan the System Open Market Account and a Special of the kind described may not be made in an Manager for foreign currency operations for such Account, both of whom shall be satisfactory to such amount exceeding the maximum loan value of the Federal Reserve Bank. collateral, as prescribed by the current Supplement to Regulation U. * The text is not included in the Code of Federal Regulations and therefore may not be cited with a code reference. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN • JUNE 1962 (b) Others.—The services of other officers and em- or copy thereof, by allowing any person to inspect, ployees of the Board of Governors of the Federal examine or copy such information or copy thereof, Reserve System and Federal Reserve Banks are made or by any other means. Unpublished information of available and are utilized by the Committee as re- the Committee shall include all information concernquired. ing the proceedings, deliberations, discussions, and actions of the Committee and all information or RULES REGARDING INFORMATION, advice coming to the Committee or to any member of the Committee or any officer, employee or agent SUBMITTALS, AND REQUESTS * of the Committee, the Board of Governors of the Federal Reserve System, or any Federal Reserve (12 CFR PART 271) Bank, in the performance of duties for, or pursuant As Amended Effective April 17, 1962 to the direction of, the Committee, whether contained in files, memoranda, documents, reports, books, ac- SECTION 271.1—BASIS AND SCOPE counts, records, or papers or otherwise acquired and whether located at the offices of the Board of Gov- This part is issued by the Federal Open Market ernors of the Federal Reserve System, the Federal Committee (sometimes called the Committee in this Reserve Banks, or elsewhere: Provided, That it shall part) pursuant to the Administrative Procedure Act not include information which has been published in (60 Stat 237; 5 U.S.C. 1001) and the Federal Re- accordance with paragraphs (a) and (b) of this serve Act (Sec. 12A, 48 Stat. 168; 12 U.S.C. 263). section or information which is available to the It includes the rules specified by Sections 3(b) and public through other sources. 3(c) of the Administrative Procedure Act. (dj Reasons for Nondisclosure.—The nondisclo- SECTION 271.2—SUBMITTALS, PETITIONS, AND sure of unpublished information of the Committee REQUESTS generally is required in the public interest for one or more of the following reasons: (a) Place.—The mailing address of the Federal (1) Disclosure of unpublished information con- Open Market Committee is: Federal Reserve Buildcerning policies with respect to future open market ing, 20th Street and Constitution Avenue, Washingoperations which are under consideration or have ton 25, D. C. The Committee customarily meets at the offices of the Board of Governors of the Federal been adopted by the Committee, and of unpublished Reserve System at that address. information which might aid in anticipating action by the Committee, would: (b) Method.—All submittals, petitions, and requests, including requests for access to information, (i) Interfere with the accomplishment of the shall be made in writing and mailed to the Com- objectives of the Committee's actions taken with mittee at the address stated in paragraph (a) of this a view to accommodating commerce and busisection. Any petition or request shall be signed by ness and with regard to their bearing upon the the person making it, or his duly authorized agent, general credit situation of the country; and shall, in so far as practicable, clearly, completely, (ii) Permit speculators and others to reap and concisely state his full name and address, the unfair profits or other unfair advantages by facts involved (including the purposes for which any speculative trading in securities, foreign exunpublished information requested will be used if change, and otherwise; made available), the action desired, the person's in- (iii) Interfere with the orderly execution of terest in the matter, and the reasons why the petition policies adopted by the Committee; or request should be granted. (iv) Result in unnecessary and unwarranted disturbances in the securities markets; SECTION 271.3—AVAILABILITY OF INFORMATION (v) Make open market operations more costly to the Federal Reserve Banks; (a) Federal Register.—Rules describing the Com- (vi) Interfere with the orderly execution and mittee's organization and procedure and any substan- accomplishment of the objectives of policies tive rules or statements of policy which are formu- adopted by other Government agencies concerned lated and adopted by the Committee for the guidance with economic and fiscal matters; and of the public will be published in the Federal Register. (vii) Cause misinterpretations and misunder- (b) Policy Record.—A complete record of the standings, with possible resultant impairment of actions taken by the Committee during the preced- public confidence in the nation's financial strucing year upon all matters of policy relating to open ture. market operations, showing the votes taken and the (2) The Committee's unpublished information reasons underlying the actions, is included in each includes much that is furnished to it on a secret annual report made to Congress by the Board of or confidential basis and its disclosure would: Governors of the Federal Reserve System in accord- (i) Have the effects described in subparagraph ance with Section 10 of the Federal Reserve Act. (1) of this paragraph; (c) Unpublished Information.—Except as may be (ii) Impede the necessary collection of inspecifically authorized by the Committee, or as may formation and advice, much of which cannot be be required in the performance of duties for, or pur- obtained except on a confidential and voluntary suant to the direction of, the Committee, no person basis; and shall disclose, or permit the disclosure of, any unpub- (iii) Unreasonably and unnecessarily disturb lished information of the Committee to anyone, and interfere with individual privacy and conwhether by giving out or furnishing such information fidential business relationships. * The text corresponds to the Code of Federal Regulations, (e) Requests for Unpublished Information.—Re- Title 12, Chapter II, Part 271; cited as 12 CFR Part 271. quests for access to unpublished information will be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 693 granted only if it clearly appears that disclosure of action upon incidental matters relating to the manner the information will not be contrary to the public in which such operations are to be conducted. The interest for any of the reasons set forth in paragraph discharge of the Committee's responsibilities requires (d) of this section. the continuous gathering of information and study of changing financial, economic, and credit condi- SECTION 271.4—SUBPOENAS tions and other pertinent considerations by the members of the Committee and its personnel. These (a) Advice by Person Served.—If any person, activities are closely interrelated with other activiwhether or not an officer or employee of the Comties of the Board of Governors of the Federal Reserve mittee, of the Board of Governors of the Federal System and the Federal Reserve Banks and all rele- Reserve System, or of a Federal Reserve Bank, has vant information and views developed by these orunpublished information of the Committee and in ganizations are available to the Committee. With this connection therewith is served with a subpoena, background, action is taken by the Committee upon order, or other process requiring his personal attendits own initiative at periodic meetings held at least ance as a witness or the production of documents or four times each year and oftener if deemed necesinformation upon any proceeding, he shall promptly sary. Attendance at Committee meetings is restricted advise the Committee of such service and of all releto members of the Committee and its official staff, vant facts, including the documents and information including the Manager of the System Open Market requested and any facts which may be of assistance Account and the Special Manager for foreign currency in determining whether such documents or informaoperations for such Account, the Presidents of Federal tion should be made available; and he shall take Reserve Banks who are not at the time members of action at the appropriate time to advise the court the Committee, and such other advisers as the Comor tribunal which issued the process, and the atmittee may invite from time to time. The Committee torney for the party at whose instance the process acts through the adoption and transmittal of direcwas issued, if known, of the substance of this part. tives and regulations to the Federal Reserve Banks. (b) Appearance by Person Served.—Except as dis- Operations in the System Open Market Account are closure of the relevant information has been author- conducted pursuant to directives issued by the Comized pursuant to this part, any such person who has mittee. unpublished information of the Committee and is required to respond to a subpoena or other legal SECTION 272.3—NOTICE AND PUBLIC PROCEDURE process shall attend at the time and place therein mentioned and respectfully decline to produce any There ordinarily will be no> published notice of documents or disclose any information or give any proposed action by the Committee or public procetestimony with respect thereto, basing his refusal upon dure thereon, as described in Section 4 of the Adthis part. If, notwithstanding, the court or other body ministrative Procedure Act (Sec. 4, 60 Stat. 238), orders the production of any documents, disclosure because such notice and procedure is impracticable, of any information, or giving of any testimony, the unnecessary, or contrary to the public interest for person having such unpublished information of the one or both of the following reasons: Committee shall promptly report the facts to the (a) Nondisclosure of information is required in Committee for such action as the Committee may the public interest for reasons stated in § 271.3 (d) deem appropriate. of this subchapter; and (b) Expeditious and timely action, without the delay incident to such notice and procedure, is re- RULES OF PROCEDURE * quired in the public interest. (12 CFR PART 272) SECTION 272.4—EFFECTIVE DATE As Amended Effective April 17, 1962 Committee action ordinarily will be made effective on the date the action is taken because the nature SECTION 272.1—BASIS AND SCOPE of the subject matter and the action taken is such This part is issued by the Federal Open Market that the public interest and the proper discharge of Committee (sometimes called the Committee in this the Committee's responsibilities so require. part) pursuant to the Administrative Procedure Act (60 Stat. 237; 5 U.S.C. 1001) and the Federal Re- SECTION 272.5—SUBMITTALS, PETITIONS, AND serve Act (Sec. 12A, 48 Stat. 168; 12 U.S.C. 263). REQUESTS It includes the rules specified by Section 3 (a) (2) of the Administrative Procedure Act. Submittals, petitions, and requests may be made to the Committee at any time in the manner stated in § 271.2 of this subchapter. They will be SECTION 272.2—COMMITTEE ACTION considered by members of the Committee's official The function of the Committee is the direction staff and, where appropriate, will be brought to the and regulation of open market operations which are attention of the members of the Committee for conconducted by the Federal Reserve Banks. This in- sideration and any necessary action. volves the determination of the policies which are to be pursued with respect to open market operations Order Under Bank Merger Act by the Federal Reserve Banks with a view to accommodating commerce and business and with re- The Board of Governors of the Federal Regard to their bearing upon the general credit situa- serve System has issued the following Order and tion of the country, together with consideration and Statement with respect to an application for ap- * The text corresponds to the Code of Federal Regulations, proval of the acquisition of bank assets: Title 12, Chapter II, Part 272; cited as 12 CFR Part 272. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN • JUNE 1962 THE PEOPLE'S SAVINGS STATEMENT AND TRUST COMPANY, The People's Savings and Trust Company, HAZLETON, PENNSYLVANIA Hazleton, Pennsylvania ("People's"), with de- In the matter of the application of The People's posits of about $11 million, has applied, pursuant Savings and Trust Company for approval of to Section 18(c) of the Federal Deposit Insurance acquisition of assets of the First National Bank Act, for the Board's prior approval of the acquisiin Freeland. tion of the assets and assumption of deposit liabilities of First National Bank in Freeland, Freeland, ORDER APPROVING ACQUISITION OF BANK ASSETS Pennsylvania ("First"), with deposits of about There has come before the Board of Governors, $3 million. As contemplated by the application pursuant to Section 18(c) of the Federal Deposit and Agreement of purchase and sale, the single Insurance Act (12 U.S.C. 1828(c)), an applicaoffice of First would become a branch of People's, tion by The People's Savings and Trust Company, increasing the offices operated by that bank from Hazleton, Pennsylvania, a member bank of the 1 to 2. As an incident to the foregoing, there- Federal Reserve System, for the Board's prior fore, People's has also applied, under Section 9 approval of the acquisition by that bank of the of the Federal Reserve Act, for the Board's prior assets, and assumption of the liabilities, of the approval of the establishment of a branch by that First National Bank in Freeland, Freeland, Pennbank at the location occupied by the office of First. sylvania, and, as an incident thereto, an applica- Under Section 18(c), the Board is required tion by The People's Savings and Trust Comto consider (1) the financial history and condipany, under Section 9 of the Federal Reserve tion of each of the banks involved, (2) the ade- Act, for the Board's prior approval of the estabquacy of its capital structure, (3) its future earnlishment of a branch by that bank at the location ings prospects, (4) the general character of its occupied by the head office of the First National management, (5) whether its corporate powers Bank in Freeland. are consistent with the purposes of the Federal Pursuant to said Section 18(c), notice of the Deposit Insurance Act, (6) the convenience and proposed acquisition of assets and assumption of needs of the communities to be served, and (7) liabilities, in form approved by the Board of the effect of the transaction on competition (in- Governors, has been published and reports on cluding any tendency toward monopoly). The the competitive factors involved in the proposed Board may not approve the transaction unless, transaction have been furnished by the Compafter considering all these factors, it finds the troller of the Currency, the Federal Deposit Intransaction to be in the public interest. surance Corporation, and the Department of Banking factors. The financial histories of the Justice and have been considered by the Board. two banks appear to be satisfactory; each has a IT IS ORDERED, for the reasons set forth in the sound financial condition; and both have ade- Board's Statement of this date, that said applicaquate capital structures. While the earnings of tions be and hereby are granted, provided that First have recently indicated a desirability for said acquisition of assets, assumption of liabilisome strengthening, the future earnings prospects ties, and establishment of a branch approved of People's are satisfactory. It is to be expected herein shall not be consummated (a) sooner that the resulting bank would have a sound finanthan seven calendar days after the date of this cial condition, an adequate capital structure, and Order or (b) later than three months after said satisfactory earnings prospects. Consummation of date. the proposed transaction would strengthen People's Dated at Washington, D. C, this 10th day of management, since the bank would thereby obtain May, 1962. the services of an experienced officer of First. The By order of the Board of Governors. management of the resulting bank would be satis- Voting for this action: Unanimous, with all members present. factory. There is no evidence that the corporate (Signed) MERRITT SHERMAN, powers of the banks are or would be inconsistent Secretary. with the purposes of the Federal Deposit In- [SEAL] surance Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 695 Consideration of the first five of the statutory action is effected, Freeland would be served by factors enumerated above—the "banking factors" a unit bank and by a branch of People's; and —lends support to the application. People's IPC deposits would increase from about Convenience and needs of the communities. $10.7 million to around $13.5 million. There is no People's serves the city of Hazleton, population indication that the remaining independent bank in around 32,000, which is located in the southern Freeland would not be able to compete effecportion of Luzerne County in the heart of the tively with People's. anthracite coal region of northeastern Pennsyl- Summary and conclusion. Effectuation of the vania. Local efforts to attract new industry to off- proposal would not eliminate any significant set the adverse effects of the marked decline in amount of competition between the two banks inanthracite coal mining have been partially suc- volved in the transaction, and it will probably cessful. The proposed transaction would have stimulate competition in the Freeland area. In little, if any, effect on the convenience and needs addition, broader banking services would be availof this community. able in the Freeland area and People's manage- First serves the Borough of Freeland, nine ment would be strengthened. miles northeast of Hazleton, with a population Accordingly, the Board finds that the proposed of about 5,000. Clothing factories, textile mills, transaction will be in the public interest. coal mining, a steel company, and an air conditioning concern provide employment in the Order Under Section 3 of the area. If the proposal is approved, the resulting Bank Holding Company Act bank, through its new branch in Freeland, would offer a complete consumer loan department and The Board of Governors of the Federal Reserve full trust services. First has only a small volume System has issued the following Order and Stateof instalment loans and does not offer trust ment with respect to an application by a bank services. The rate of interest paid to customers holding company for approval of the acquisition of First would be increased from 2Vi to 3 per of voting shares of a bank: cent per annum. In addition, a higher loan limit THE MARINE CORPORATION, would be available to the customers of First, and there is some evidence that this will benefit the MILWAUKEE, WISCONSIN area. It would appear, therefore, that the con- In the matter of the application of The Marine venience and needs of this community will be Corporation for prior approval of acquisition of more adequately served by a branch of People's voting shares of Security State Bank, Madison, in Freeland. Wisconsin. Competition. There are five commercial banks with offices in Hazleton. People's ranks fourth ORDER APPROVING APPLICATION UNDER in size and this position would not be changed BANK HOLDING COMPANY ACT by consummation of the proposed transaction, There has come before the Board of Governors, which would appear to have very little effect on pursuant to Section 3(a)(2) of the Bank Holding competition in the Hazleton area. There is only Company Act of 1956 (12 USC 1842) and Secminor overlapping of the service areas of People's tion 222.4(a) (2) of the Board's Regulation Y (12 and First, and neither bank actively solicits loans CFR 222.4(a)(2)), an application by The Maor deposits in the service area of the other. rine Corporation, Milwaukee, Wisconsin, for the Therefore, the effect of the transaction on com- Board's prior approval of the acquisition of 80 petition between the two banks would not be per cent or more of the voting shares of Security consequential. State Bank, Madison, Wisconsin. A Notice of Ap- In the Freeland area there are two banks, plication was published in the Federal Register on First being the smaller. The IPC (individuals, November 15, 1961 (26 Federal Register 10709), partnerships, and corporations) deposits of First providing for the filing of comments and views are over $2.7 million; the IPC deposits of the regarding the proposed acquisition; the time proother bank are over $6.7 million. If the trans- vided by the notice for filing comments and views Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN • JUNE 1962 has expired and no comments or views have been waukee ("Marine National"), the third largest filed. bank in the State. Bank, with total deposits of IT IS ORDERED, for the reasons set forth in the about $20 million at December 31, 1961, is over Board's Statement of this date, that the said appli- 70 miles from Marine's nearest subsidiary bank cation be and hereby is granted, provided that the and the Milwaukee area where seven of Marine's acquisition so approved shall not be consummated nine subsidiary banks are located. (a) sooner than seven calendar days after the date Consideration of the financial history and conof this Order or (b) later than three months after dition of both Marine and Bank discloses nothing said date. that weighs significantly either for approval or Dated at Washington, D. C, this 4th day of disapproval. The present management of Bank is June, 1962. satisfactory, but it appears that the holding company would provide desirable assistance leading By order of the Board of Governors. toward the assurance of adequate management Voting for this action: Governors Balderston, Mills, succession, and Bank's prospects would be im- Robertson, Shepardson, and Mitchell. Absent and not voting: Chairman Martin and Governor King. proved accordingly. This is, therefore, a consideration on the side of approval. All told, Bank's (Signed) MERRITT SHERMAN, prospects are satisfactory, as are the prospects and Secretary. management of Marine. [SEAL] Such effects as the acquisition would have, STATEMENT under the fourth statutory factor, on "conven- The Marine Corporation, Milwaukee, Wiscon- ience, needs, and welfare" would be felt principally sin ("Marine"), a bank holding company, has ap- in the Madison area, which appears to include the plied, pursuant to Section 3(a)(2) of the Bank present and potential service areas of Bank. Bank Holding Company Act of 1956 ("the Act"), for is located about two miles northeast of the central the Board's prior approval of the acquisition of business district of Madison and it is the only bank 80 per cent or more of the capital stock of Se- located in its primary service area,1 but most of curity State Bank, Madison, Wisconsin ("Bank"). the other banks in the Madison area, including the five banks in the central business district, compete Views and recommendations of the Commiswith Bank to some degree. Bank's primary service sioner of Banks for the State of Wisconsin. Purarea includes both residential and industrial sectors suant to Section 3(b) of the Act, the Commisand is estimated to have approximately doubled sioner of Banks for the State of Wisconsin was its population in the last 10 years. Madison as a asked for his views and recommendations. He whole showed a population growth of about 32 replied that he had no objection to approval. per cent in the 10 years ended 1960. It is the cap- Statutory factors. Section 3(c) of the Act reital and second largest city in Wisconsin. quires the Board to take into consideration the The Applicant has not shown that banking fafollowing five factors: (1) the financial history cilities in Madison or available to customers in and condition of the holding company and bank Bank's service area are inadequate from the standconcerned; (2) their prospects; (3) the character point of either need or convenience. Commercial of their management; (4) the convenience, needs, and industrial loans would seem to be a principal and welfare of the communities and area concategory of loans as to which affiliation with the cerned; and (5) whether or not the effect of the holding company could be of benefit, but neither proposed acquisition would be to expand the size as to that category nor as to others does there or extent of the bank holding company system inappear to be a significant unfulfilled demand for volved beyond limits consistent with adequate and credit. It does appear, however, that the affiliation sound banking, the public interest, and the preswould facilitate a broader base for loan extensions. ervation of competition in the field of banking. The Applicant describes a program for aug- Discussion. Marine has nine subsidiary banks with total deposits at December 31, 1961, of about 1 The "primary service area" is defined as that area $324 million, of which; about $199 million was from which a bank draws 75 psr cent or more of its held by Marine National Exchange Bank, Mil- total deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 697 meriting Bank's services, partly by adding trust size and extent are not such as to be a matter of and foreign trade services, and for the provision of serious concern, and the proposed acquisition specialized assistance to Bank's internal opera- would not significantly change the existing situations. Such a program should tend to improve tion. Nor would this acquisition materially affect service, increase efficiency, stimulate competition, the situation in the Milwaukee area, the focal and thereby contribute to a general improvement point of the holding companies' operations, where in the levels of banking service in the area. Such the First Wisconsin Bankshares system has a simeffects are naturally to be desired and may be con- ilarly prominent lead in deposit strength and the sidered favorable to approval but, on the facts of Bank Stock system is a major competitor. the case as to the adequacy and convenience of The situation in the State and in Milwaukee has banking service presently available to the public its parallels in the Madison area. The largest bank in the area, they are not of decisive importance. there is First National Bank, a First Wisconsin It remains to be determined whether the effects Bankshares subsidiary, with $99 million in total of the acquisition would be consistent with ade- deposits. The Bank of Madison, not affiliated with quate and sound banking, the public interest, and any holding company, is second with about $25 the preservation of competition in the field of million, Bank is third with about $20 million, and banking, or whether there would be adverse effects the next in size has about $19 million. Of the rein these respects that would outweigh the some- maining banks, two have about $12 million of dewhat favorable considerations noted under the first posits each and the other four, two of which are four factors. The figures shown below relating to outside the City of Madison, each have less than deposits and banking offices are based on data for $7 million. The latter four are so situated that they December 31, 1961. need not be considered to be significantly, if at all, Marine's nine subsidiaries, all in Wisconsin, hold in competition with Bank. approximately $324 million in total deposits, or As noted previously, Bank is 70 miles from the 6.5 per cent of the total deposits of all commernearest Marine subsidiary. While Marine National cial banks in Wisconsin. Of this amount, about Exchange Bank of Milwaukee, as one of the large $199 million represents deposits of the largest subbanks in the State, may have some Madison busisidiary, Marine National Exchange Bank of Milness customers, it does not appear that this would waukee. There are two holding companies with represent significant competition with Bank, in larger deposits in their Wisconsin subsidiaries— view of the difference in their sizes and the kinds First Wisconsin Bankshares Corporation with of business that Marine National would obtain commercial bank deposits in the State of about at that distance. Thus, the acquisition would not $985 million and Bank Stock Corporation with noticeably lessen existing competition as between about $368 million of such deposits, represent- Bank and any of Marine's present subsidiaries. ing about 20 per cent and 7 per cent of the State The acquisition would, on the other hand, put total, respectively. The largest bank of each of Bank in a better position to handle the business of these two systems is larger than Marine's largest those customers who have reason to deal with a bank in total deposits, and each of the two holds Milwaukee-connected Madison bank. Bank is unthe bulk of the deposits of its system; these two doubtedly able to accommodate such customers banks are First Wisconsin National Bank of Milto some extent through its correspondent relationwaukee with $785 million, and Marshall & Ilsley ships, but at present First National Bank of Madi- Bank with $284 million. Of commercial banking son, because of its membership in the First Wisoffices in the State, the First Wisconsin Bankshares consin Bankshares system, would seem to have an system has 3.3 per cent and Marine 1.5 per cent; advantage in obtaining such accounts. all other banking organizations, holding companies as well as banks, have less than one per cent The affiliation of Bank with the Marine system each. The acquisition of Bank would add to the would apparently strengthen it as a competitor in Marine system only .2 per cent of commercial the field of banking in various ways, not only banking offices, and .5 per cent of commercial through the new relationships with other system bank deposits in the State. banks, but also through some expansion and im- Thus, on a state-wide basis, Marine's present provement in services that could not be so easily Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN • JUNE 1962 or economically achieved by Bank on its own. in the Madison banking structure would distin- Just how extensive or significant such effects of guish the acquisition here proposed from one the acquisition would be cannot be precisely meas- whose principal tendency would be to increase ured, but because of the disparity in size between the competitive advantage of a dominant bank. First National and its principal competitors, which For the foregoing reasons, the Board concludes include Bank, the strengthening of Bank's com- that the effect of the acquisition would not be to petitive position is desirable as tending to equalize expand the size and extent of the Marine system competition. Because of the relatively balanced beyond limits consistent with adequate and sound distribution of resources among area banks apart banking, the public interest, and the preservation from First National, and because the smallest are of competition in the field of banking, and that the least exposed competitively, such strengthen- there are considerations favorable to approval ing of Bank's competitive position as might result under the fifth statutory factor as well as under from its acquisition by Marine would not be ex- some of the others. It is the judgment of the Board, pected to have an adverse effect on smaller banks upon consideration of the facts of the case in the but should serve as a desirable influence on com- light of the statutory factors and the general purpetition among the larger banks and even among poses of the Act, that this application should be Madison banks generally. Bank's present situation approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements CHANGE IN THE BOARD'S STAFF New York announced the appointment of John M. Woodlief Thomas, Adviser to the Board of Gov- Galvin, of Buffalo, New York, as a director of ernors, retired as a member of the Board's staff the Buffalo Branch of the Federal Reserve Bank on June 15, 1962. of New York for the unexpired portion of a term Mr. Thomas had been associated with the Fed- ending December 31, 1963. Mr. Galvin is Chaireral Reserve System almost continuously since man of the Executive Committee, The Marine 1920. He was with the Federal Reserve Bank of Trust Company of Western New York, Buffalo. Philadelphia until 1922 and with the Board's Di- As a director of the Buffalo Branch, he succeeds vision of Research and Statistics from 1922 to Mr. F. A. Smith, President, The Marine Trust 1928. From then until 1930 he was with the Company of Western New York, who died re- Transfer Commission, Office for Reparations Pay- cently. ments, in Berlin. He became associated with the Federal Reserve Bank of New York in 1930 and TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR has been with the Board since 1933. QUARTERLY In 1934 Mr. Thomas was appointed Assistant Director of the Division of Research and Statistics. Latest BULLETIN Reference He was designated Director of the Division in Annually Issue Page 1945. He became Economic Adviser to the Board Bank holding companies: in 1949, and was named Adviser to the Board on List of, Dec. 31, 1961 June 1962 762 Banking offices and deposits of group January 1, 1960. Mr. Thomas also served as banks, Dec. 31, 1960 June 1961 722 ) Feb. 1962 238-44 Economist for the Federal Open Market Com- Banking and monetary statistics, 1961.. f Mar. 1962 362-63 ) May 1962 652-55 mittee from 1946 until April of this year. Banks and branches, number of, by class and State Apr. 1962 482-83 Income and expenses: Federal Reserve Banks Feb. 1962 234-35 MANAGER OF SYSTEM OPEN MARKET ACCOUNT Member banks: Calendar year May 1962 644-51 Effective May 15, 1962, the Federal Open Market Operating ratios Apr. 1962 484-86 Insured commercial banks May 1961 616 Committee selected Robert W. Stone as Manager Stock Exchange firms, detailed debit and of the System Open Market Account to succeed credit balances Sept. 1961 1106 Robert G. Rouse. Mr. Rouse, who had served as Semiannually Banking offices: Manager since December 1939, resigned that po- Analysis of changes in number of Feb. 1962 236 On, and not on, Federal Reserve Par sition to become Vice President and Senior Ad- List, number of Feb. 1962 237 viser of the Federal Reserve Bank of New York. Quarterly Cash receipts from and payments to the public May 1962 656 APPOINTMENT OF DIRECTOR Flow of funds Apr. 1962 472-81 Selected assets and liabilities of Federal On June 7, 1962, the Federal Reserve Bank of business-type activities Apr. 1962 487 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 15 Economic activity expanded somewhat further Steel ingot production was curtailed sharply in May with increases in industrial output, sales in May and the total index for iron and steel mill of autos and nondurable goods, and construction operations declined 12 per cent. In early June, activity. Personal income and employment edged ingot output declined slightly further. Output of up and the unemployment rate declined slightly construction materials as well as most nondurable further. Commercial bank credit expanded some- materials rose further in May. what further. Common stock prices dropped sharply in May and early June. EMPLOYMENT Seasonally adjusted employment in nonfarm INDUSTRIAL PRODUCTION establishments rose slightly further in May to 55.3 million. The factory workweek increased Industrial production in May was 118 per cent less than seasonally from the advanced level of the 1957 average, up one-half per cent from reached in April. Average hourly and weekly the April level. A sharp decline in steel producearnings were maintained at record levels. The tion was more than offset by widespread gains seasonally adjusted unemployment rate was 5.4 among other industrial materials, consumer per cent as compared with 5.5 in April. goods, and business equipment. Auto assemblies increased further by 5 per CONSTRUCTION cent in May and current schedules indicate a Value of new construction activity increased continued rise in output in June. Production of in May for the third consecutive month and, at furniture and some other home goods also ina seasonally adjusted annual rate of $59.6 billion, creased in May, while output of television sets about matched the record fourth quarter average declined slightly from an advanced April level. of last year. Public construction decreased fur- In the equipment industries, there were gains in ther in May, while private construction advanced output of industrial, commercial, and farm ma- 4 per cent as residential and most types of nonchinery as well as in freight and passenger equipresidential activity continued to rise. ment. DISTRIBUTION Dealer deliveries of new autos increased fur- INDUSTRIAL PRODUCTION 1957 = 100 ther in May to a seasonally adjusted, annual rate of IVi million units, including imports, as compared to a 6V4 million rate a year earlier. Department store sales in May rose somewhat further from the record March-April level and were sharply above a year ago. The preliminary figures reported on total retail sales were off slightly in May following an appreciable increase earlier in the year. Dealers' stocks of autos have been reduced this spring and stocks at department stores have shown little change. \ i \ / I DURABLE * ^'MANUFACTURES COMMODITY PRICES The wholesale commodity price index declined somewhat between early May and early June, as Federal Reserve indexes, seasonally adjusted. Monthly fig- decreases among fresh vegetables and meats conures, latest shown are for May. 700 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 701 tributed to a decline in foodstuffs. Prices of in- sorbed principally through further gold outflow dustrial commodities generally continued to show and an increase in currency in circulation and little change. The consumer price index rose were supplied by Federal Reserve purchases of slightly further in April with prices of used cars U. S. Government securities. up 4 per cent. SECURITY MARKETS BANK CREDIT AND RESERVES New security financing by corporations and State and local governments was in moderate Total commercial bank credit increased somevolume from mid-May through mid-June. Yields what further in May. Expansion in loans was at on corporate bonds changed little while yields on a slackened rate and holdings of U. S. Govern- State and local government bonds increased. ment securities declined. The seasonally adjusted Common stock prices decreased sharply further money supply declined sharply in the second half in heavy trading volume. of the month. Time deposits at commercial banks Yields on U. S. Government securities changed rose further and U. S. deposits increased sublittle from mid-May to mid-June. The market stantially. rate on 3-month Treasury bills fluctuated nar- Total reserves and required reserves of memrowly in a range around 22/z per cent, while yields ber banks increased in May. Excess reserves and on long-term bonds averaged slightly below 3.90 member bank borrowings from the Federal Reper cent. serve were about unchanged. Reserves were ab- INTEREST RATES RETAIL TRADE 1947 - 49 - 100 DEPARTMENT STORES LONG- ERM GOVERNMENT SECURITIES > i i •/ i, A •l,SFC R O A R T U E N S T TRE/ B \S LL U S RY V 1 • i 1 1 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 for stocks is April, for other series, May. figures shown are for week ending June 15. 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. . . 704 Reserve Bank discount rates; margin requirements; reserve requirements 708 Federal Reserve Banks 709 Currency in circulation; money supply; bank debits 712 All banks: consolidated statement of monetary system; deposits and currency. 714 All banks, by classes 715 Commercial banks, by classes 718 Weekly reporting member banks. 720 Business loans 723 Interest rates 724 Security prices; stock market credit; open market paper. 725 Savings institutions 726 Federal finance . 728 Security issues . . 733 Business finance . 735 Real estate credit 737 Short- and intermediate-term consumer credit. . 740 Industrial production 744 Selected indexes on business activity. . 750 Construction .... 750 Employment and earnings. . 752 Department stores . 754 Foreign trade . . . 755 Wholesale and consumer prices. ... 756 National product and income series 758 Flow of funds, saving, and investment. 760 Bank holding companies, December 31, 1961. 762 Tables not published each month—list with latest BULLETIN reference. 699 Index to statistical tables. 787 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- live text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t S al . G B o o r o v i u g u t g . h t - h s t t ecu u r c a H r e n h i g t p e a d r i l e e u s e d s e e r r - - c v D o a a a n i u n d s c d n - - e ts s Float 1 t T a o P - s G to o c ld k T r s o c e u t i r a u n n u e r n g y r c t a - - d y s- - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y a d h s s - - Tr u e w r a y i s t - h j- F e . F e s e i o R g r r v n . - e B s, a O n t k h s er 1 c O F o a . t c u h - R n e t r . s B F W . a n i R t k h . s re r s C c e a e o n n r u i v c d r n e - y s3 Total ment Averages of daily figures 1929 June 179 179 978 61 1,317 4,024 2,018 4 400 210 30 30 376 2 314 2,314 1933—june 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939 Dec 2 510 2,510 8 83 2,612 17,518 2,956 7 609 2,402 616 739 248 11 473 11 473 1941—Dec. 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947 Dec 21,905 21,905 268 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 1,11721,606 22,879 4,629 27 806 1,290 615 920 353 739 17 391 17 391 1951—Dec 23,409 23,310 99 657 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,26227,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953 Dec 25 639 25,218 421 448 1,01827,107 22,028 4,885 30 968 767 602 466 390 908 19 920 19,920 1954—Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955 Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956 Dec 24 765 24,498 267 706 1,63327,156 21,942 5,064 31 775 772 463 372 247 998 19 535 19,535 1957—Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec. 27,036 26,993 43 911 1,42629,435 19,482 5,311 32 775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961 May . 26,747 26,722 25 101 1,11928,007 17,397 5,425 32,011 420 463 205 293 1,017 16,420 2 436 18,856 26,935 26,927 8 66 1,26528,304 17,475 5,432 32,246 411 515 205 250 1,038 16,547 2,495 19,042 July 27,024 27,014 10 52 1,38828,498 17,540 5,450 32 586 400 474 235 279 967 16,547 2 516 19,063 Aug 27,415 27,327 88 68 1,14528,661 17,575 5,547 32,569 420 489 241 294 1,068 16,701 2 522 19,223 Sept 27,563 27,558 5 38 1,44529,080 17,446 5,556 32,719 411 473 285 313 1,071 16,811 2,556 19,367 Oct 28,044 27,997 47 67 1,35829,504 17,328 5,569 32 864 415 469 254 305 1,014 17,082 2 578 19,660 Nov 28,616 28,532 84 107 1,377 30,142 17,180 5,583 33,255 414 483 258 244 1,068 17,183 2,657 19,840 Dec 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962 Jan 28 519 28,478 41 93 1,807 30,468 16,852 5,588 33 291 441 417 234 288 1,042 17 195 2 894 20 089 Feb 28,384 28,377 7 118 1,29029,839 16,793 5.586 32,848 449 426 211 272 1,096 16,916 2 655 19,571 Mar 28 570 28,524 46 156 1,293 30,063 16,707 5,588 32 996 439 448 215 272 1,049 16 939 2 608 19 547 Apr 29,143 29,015 128 134 1,317 30,634 16,564 5,588 33,235 428 485 220 350 985 17,083 2,640 19,723 May 29,503 29,457 46 128 1,326 30,991 16,456 5,594 33,327 420 551 221 351 1,048 17,122*>2,693^19,815 Week ending— 1961 Aor 5 .. 26,870 26,836 34 115 94227,973 17,388 5,410 31,903 404 429 250 388 1,028 16,369 2 333 18 702 12:..:::.: 26,868 26,854 14 59 1,00427,978 17,389 5,411 32,007 406 398 212 310 1,014 16,429 2,353 18,782 19 26,601 26,591 10 52 1,31028,009 17,390 5,414 31,980 411 424 172 309 966 16,552 2 474 19,026 26 26,389 26,389 42 1,279 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 1,06627,868 17,390 5,420 31,842 408 572 221 298 962 16,373 2,435 18,808 10 . 26,801 26,792 9 70 1,00327,914 17,390 5,422 31,968 420 396 204 304 961 16,474 2 280 18 754 17 26,725 26,683 42 179 1,23728,180 17,395 5,424 32,081 424 550 206 304 984 16,451 2,458 18,909 24 26,653 26,598 55 71 1,30828,070 17,403 5,426 32,001 420 483 201 280 1,075 16,440 2,477 18,917 31 . 26,802 26,799 3 97 96527,904 17,402 5,428 32,058 416 374 211 275 1,073 16,329 2,543 18,872 June 7 27,061 27.041 20 66 1.01028,175 17,410 5,429 32,198 425 473 198 239 1,071 16,410 2 394 18 804 14 26,946 26,946 75 ,11828,177 17,449 5,433 32,299 410 480 203 242 1,043 16,382 2,462 18,844 21 . 26,848 26,845 3 44 5S628,486 17,487 5,433 32,247 410 481 193 233 1,021 16,820 2 476 19 296 28 26,820 26,817 3 84 ,37928,319 17,533 5,434 32,201 404 624 221 259 1,023 16,553 2 567 19 120 Tulv 5 27,283 21,21A 9 49 ,20228,568 17,550 5,435 32,484 388 434 233 317 1,007 16,689 2 397 19 086 y 12 27 266 27 266 48 ?Q128 641 17 550 5 433 32 797 385 390 231 255 996 16 570 2 533 19 103 19 26 737 26,737 56 74828,575 17,547 5,437 32,634 392 605 218 274 946 16 491 2 584 19 075 26 26,731 26,720 11 50 ,47628,289 17,525 5,440 32,476 399 498 251 274 944 16,412 2 595 19 007 Aug 2 27 319 27,229 90 75 ,08128,508 17,527 5,527 32,450 444 456 238 306 969 16,699 2 587 19 286 9 27,614 27,484 130 123 ,00628,777 17,548 5,543 32,564 423 467 234 304 1,024 16,852 2,356 19,208 16 27,471 27,275 196 62 1,10928,676 17,601 5,545 32,664 422 498 257 275 1,039 16 667 2 530 19 197 23 27,197 27,191 6 39 ,41028,681 17,602 5,548 32,594 423 488 243 292 1,108 16,682 2,520 19 202 30 .. 27,276 27,276 37 1,10128,447 17,579 5,552 32,474 416 498 230 298 1,109 16,554 2,606 19,160 Sept-if:::::::: 2 2 7 7 , , 8 8 4 0 0 3 2 2 7 7 , , 8 8 4 0 0 3 5 2 7 8 1,1 9 8 9 6 92 2 8 9 , , 9 0 3 5 1 2 1 1 7 7 , , 4 4 5 5 1 1 5 5 , , 5 5 5 5 3 3 3 3 2 2 , , 6 8 6 3 4 6 4 4 0 1 6 4 4 4 6 6 9 9 2 27 7 5 0 3 31 0 9 3 1 1 , , 1 0 1 8 1 8 1 1 6 6 , , 6 7 5 1 5 2 2 2 , , 4 5 0 4 2 3 1 1 9 9 , , 1 1 1 9 4 8 20 .. 27 330 27,320 io 45 1,84329,251 17,451 5,554 32,775 413 566 282 313 1,048 16 861 2 612 19 473 27 27,200 27,197 3 29 ,72328,986 17,451 5,560 32,612 414 436 296 320 1,049 16,871 2,648 19,519 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 705 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o r a i r t o e d T U o . t S al . G B o o r o v i u g u t g . h t - h t s t ecu u r c H r e n h i p t e d a i l u e s e d s e r r - c v D o a a a n u n i d s c n d - - e ts s Floati To- s G to o c ld k T r s o c e u t i r a u n n u e r n r g y c t a - - d y s - - r c C t e c u i i n u i o n l r c a 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 w e r a y i s th - r F es . F e e i R o r g v r . n - e B s, a O n t k h s er c O F o . a t u c h R - n e t r . s B F W a i n t k R h s re r s C a e e u n r n r v c d - e y s3 Total agree- coin ment Averages of daily figures Week ending— 1961 Oct. 4 27,834 27,823 11 36 ,332 29,237 17,380 5,563 32,678 408 422 300 281 1,054 17,036 2,569 19,605 11 28,195 28,143 52 31 ,257 29,517 17,350 5,565 32,886 417 450 261 363 1,052 17,005 2,421 19,426 18 28,250 28,130 120 147 ,30529,737 17,336 5,568 33,010 422 479 248 300 998 17,184 2,620 19,804 25 27,819 27,791 28 57 ,630 29,544 17,302 5,572 32,849 414 486 249 268 991 17,162 2,663 19,825 Nov. 1 28,052 28,039 13 76 238 29,404 17,302 5,576 32,802 410 491 241 303 990 17,045 2,706 19,751 8 28,495 28,466 29 93 130 29,760 17,291 32,967 423 475 272 258 992 17,241 2,430 19,671 15 28,466 28,380 86 125 186 29,817 17,276 33,222 402 476 247 253 992 17,084 2,657 19,741 22 28,588 28,461 127 92 743 30,465 17,190 33,350 414 506 309 251 1,144 17,265 2,629 19,894 29 28,874 28,760 114 103 492 30,510 16,975 5,586 33,503 415 456 210 213 1,143 17,132 2,810 19,942 Dec. 6 29,274 29,274 36 1,279 30,631 16,975 5,588 33,579 416 501 216 258 1,143 17,082 2,682 19,764 13 29,334 29,334 40 1,363 30,780 16,961 5,590 33,937 423 460 247 228 1,131 16,906 2,836 19,742 20 29,007 29,007 109 2,240 31,401 16,920 5,588 34,072 424 600 215 219 1,102 17,277 2,957 20,234 27 28,893 28,845 48 218 2,526 31,685 16,889 5,584 34,171 421 511 207 238 1,106 17,506 2,8.42 20,348 1962 Jan. 3 28,931 28,720 211 356 2,355 31,695 16,889 33,919 429 441 290 297 1,053 17,740 3,062 20,802 10 28,784 28,717 67 79 2,059 30,972 16,883 33,661 434 380 240 261 1,043 17,421 2,871 20,292 17 28,520 28,501 19 89 1,870 30,529 16,839 33,386 440 435 232 292 1,040 17,130 2,926 20,056 24 28,279 28,279 72 1,786 30,185 16,839 33,070 442 439 220 305 1,043 17,094 2.878 19,972 31 28,310 28,310 94 1,,227 29,678 16,832 32,792 451 424 213 296 1,042 16,882 2,876 19,758 Feb. 7 28,588 28,588 122 117 29,873 16,804 32,776 460 359 223 277 1,042 17,125 2,573 19,698 14 28,575 28,575 120 050 29,791 16,789 32,888 448 444 197 252 1,022 16,914 2,606 19.520 21 28,090 28,062 28 122 ,913 16,790 32,870 447 433 197 274 1,163 16,904 2,676 19,580 28 28,285 28,285 108 340 29,778 16,790 5,588 32,857 439 470 227 285 1,156 16,721 2,764 19,485 Mar. 7 28,433 28,419 14 156 1,339 29,974 16,772 5,587 32,908 440 401 214 283 1,100 16,987 2,497 19,484 14.... 28,502 28,463 39 118 l,: ,917 16,724 5,590 33,066 441 461 224 234-1,053 16,751 2,597 19,348 2 2 1 8 2 28 8 , , 6 4 7 8 9 7 2 2 8 8, , 6 4 5 1 1 5 2 7 8 2 1 15 9 1 8 1 1, , 2 4 4 4 8 6 3 3 0 0 , ,1 1 2 7 1 6 1 1 6 6 , , 7 6 0 6 9 6 5 5, , 5 5 8 8 7 6 3 32 3 , , 9 0 5 4 1 8 4 43 4 3 6 4 48 6 1 0 2 1 1 9 9 7 2 3 2 1 4 8 1 1, , 0 0 2 2 8 7 1 1 7 6 , , 0 9 4 6 8 6 2 2 , 56 61 8 7 2 1 1 9 9. , 6 6 6 4 5 8 Apr-,?:::::::: 29,150 28,996 154 140 029 30,361 16,609 5,591 33,050 433 400 220 351 1,025 17,080 2,583 19,663 29,281 29,134 147 125 156 30,603 16,609 5,589 33,274 432 458 252 327 1,030 17,027 2,477 19,504 18 29,030 28,957 73 140 412 30,622 16,585 5,584 33,356 425 480 204 364 960 17,002 2,684 19,686 25 29,033 28,882 151 150 500 30,722 16,523 5,586 33,244 428 518 209 354 963 17,115 2,763 19,878 May 2 29,188 29,093 95 128 1,35130,704 16,494 5,590 33,133 419 607 213 366 958 17,091 2,777 19,868 9 29,634 29,467 167 112 1,24531,025 16,490 5,594 33,267 419 502 224 372 956 17,369 2,482 19,851 16 29,532 29,511 21 129 1,276 3300,970 16,456 5,595 33,406 423 537 219 342 996 17,098 2,717 19,815 23 29,341 29,341 112 1,66731,153 16,434 5,593 33,327 419 599 237 327 1,132 17,138^2,6912*19,829 30 29,560 29,560 151 1,19130,935 16,434 5,594 33,331 418 524 208 344 1,130 17,007P2,799 ^19,806 End of month 1962 Mar.. 29,061 28,936 125 115 1,006 30,224 16,608 5,590 33,018 425 403 221 356 1,024 16,972 2,348 19,320 Apr 2 2 9 9 , , 1 6 8 2 2 2 2 2 9 9 , , 1 6 0 2 8 2 74 1 13 2 1 0 1, 9 30 1 3 93 3 0 0, , 6 7 4 0 1 5 ' 1 1 6 6 , , 4 4 9 3 5 5'5 5 , , 5 5 9 9 6 2 ' 3 3 3 3 , , 1 5 5 0 9 0 404 5 5 6 2 9 6 2 2 2 3 3 0 3 3 7 7 3 6 1, 9 08 5 0 5 1 1 7 6 , , 0 6 3 1 5 4" 2 2, , 9 5 7 4 1 0 ^1 1 9 9 , , 5 5 8 7 5 5 May Wednesday 1962 29,340 29,207 133 172 1,005 30,557 16,610 5,593 33,160 444 297 199 356 1,014 17,289 2,696 19,985 Apr. 4 29,196 28,993 203 327 1,03130,593 16,610 5,585 33,342 431 564 260 365 1,026 16.800 2.814 19,614 28,884 28,884 316 1,369 3300,607 16,535 5,583 33,332 433 508 206 357 961 16,928 2,967 19,895 1 1 1 8 . ........ 28,962 28,868 94 350 1,16930,518 16,495 5,587 33,135 431 551 220 315 955 16,993 3,046 20,039 May 2 2 3 1 9 5 3 0 6 2........ 2 2 2 2 29 9 9 9 9 , , , , , 2 3 5 4 4 1 5 7 5 5 1 5 0 4 4 2 2 2 2 2 9 9 9 9 9 , , , , , 2 3 5 4 2 1 8 7 5 8 1 9 0 4 2 2 1 1 1 1 8 7 1 3 5 0 3 3 8 3 1 1 1 , , , 2 4 1 9 2 99 4 5 5 5 7 4 7 5 1 1 1 9 5 9 3 3 3 3 3 0 0 0 1 0 , , , , , 7 5 2 6 6 2 7 9 1 2 5 9 5 8 6 1 1 1 1 1 6 6 6 6 6 , , , , , 4 4 4 4 4 3 9 3 6 3 5 5 5 5 5 5 5 5 5 5 , , , , , 5 5 5 5 5 9 9 9 9 9 5 7 3 4 2 3 3 3 3 3 3 3 3 3 3 , , , , , 2 3 4 3 1 9 7 7 6 7 1 8 8 6 3 4 4 4 4 4 1 3 2 2 2 6 0 2 9 0 6 6 5 6 3 1 6 2 8 6 9 8 7 8 7 2 2 2 2 1 1 2 6 1 9 1 1 8 4 4 4 2 3 3 36 8 0 6 3 1 8 0 2 7 1, 9 1 9 1 1 3 5 5 3 2 0 5 9 5 7 1 1 1 1 1 7 6 6 6 6 , , , , , 1 5 9 9 6 0 8 4 6 4 8 7 8 0 0 ^ ^ 2 2 2 2 2, , , , , 8 9 9 7 9 7 8 9 9 4 1 1 5 8 4 ' ' 2 1 1 1 1 0 9 9 9 9 , , , , , 0 8 7 6 5 3 5 4 2 8 1 2 6 1 2 P Preliminary. 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

706 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures; in millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago Period Bor- Bor- Bors h T e e r o r e l v t d - a e i l s s q e u R r r i v e r e - e e - s d 2 s E e x r r c v e e - e s s s 3 F r i o . n a w g R t 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 v i e r e e - e - s d 2 s E e x r r c v e e - e s s s 3 F r i o n . a w g R t 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 R t s - . se F r r r v e e - e e s3 Banks 4 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. 1,143 848 295 n.a. n.a. 1945 Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950 Dec 17 391 16 364 1,027 142 885 4 742 4,616 125 58 67 J.199 1.191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 406 ,409 -4 232 -236 1953 Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 1,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 710 -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 1,136 ,177 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 077 070 7 39 -31 1959 Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 .038 1.038 104 -104 1960 June 18,294 17,832 462 425 37 3,852 3,819 33 17 16 987 988 -1 58 -59 Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—May 18,856 18,307 549 96 453 3,576 3,581 -5 17 -22 953 945 8 3 5 June 19,042 18,430 612 63 549 3,698 3,658 40 40 970 964 6 1 5 July 19,063 18,482 581 51 530 3,648 3,639 9 2 7 958 955 3 3 Aug 19,223 18,619 604 67 537 3,645 3,629 16 9 7 970 967 3 2 1 Sept 19,367 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 19 547 19 077 470 91 379 3 693 3,705 -12 12 -24 964 949 15 21 -6 Apr 19,723 19,213 510 69 441 3,752 3,602 60 10 50 940 953 -13 7 -20 Mi ay ^19,815 ^19,319 ^496 63 P433 P\1 no P990 P7 4 Week ending— 1961—May 3 18,808 18,341 467 61 406 3,698 3,645 53 53 949 940 9 1 9 10.... 18,754 18,276 478 64 414 3,561 3,570 -9 18 -27 933 935 -2 1 -3 17 18,909 18,307 602 173 429 3,585 3,578 8 51 -43 944 939 5 10 -6 24 18,917 "18,352 565 66 499 3,603 3,583 20 8 12 953 950 3 2 1 31.... 18,872 18,257 615 92 523 3,601 3,556 46 46 954 952 2 2 Dec. 6 19,764 19,219 545 35 510 3,741 3,708 33 33 978 976 1 1 1 13.... 19,742 19,176 566 40 526 3,750 3,709 41 41 950 950 1 1 20 20,234 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 -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 4 -3 Feb. 7.... 19,698 19,241 457 72 385 3,744 3,735 9 7 1 971 968 3 4 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 g 28 19,485 18,965 520 56 464 3,685 3,649 36 4 32 945 949 A -4 Mar. 7 19,484 19,038 446 90 356 3,700 3,694 6 8 -2 962 955 7 8 -1 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 i3 -18 959 952 7 69 -62 28 19,648 19,189 459 86 373 3,748 3,735 13 23 -9 960 958 2 17 -15 Apr. 4 19,663 19,146 517 75 442 3,728 3,709 19 9 10 939 938 1 4 2 19,504 19,060 444 60 384 3,629 3,620 9 9 938 936 2 8 -7 18 19,686 19,194 492 75 417 3,667 3,664 3 23 -19 947 949 -3 10 -13 25 19,878 19,328 550 85 465 3,753 3,732 21 9 12 972 966 6 1 May 2 19,868 19,410 458 63 395 3,828 3,792 36 36 985 987 -2 9 -11 9 19,852 19,393 459 46 413 3,757 3,743 14 14 995 988 6 2 3 16 19,815 19,328 487 64 423 3,695 3,680 15 5 10 978 982 -4 23 2>19,8292>19,299 P530 47 3,727 3,707 20 20 989 980 9 1 g 30.... ^19,806#19,203 86 3,765 3,683 82 82 1,006 974 32 1 31 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 707 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 Banks4 heldi 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 5,457 449 172 111 1958 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960 June 7,540 7,496 44 164 -120 5,915 5,529 386 186 200 Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—May 7,780 7,726 54 36 18 6,547 6,055 491 40 451 June 7,823 7,740 83 17 66 6,551 6,068 483 45 438 July 7,863 7,798 64 8 56 6,595 6,090 505 38 467 7,940 7,883 57 13 44 6,668 6,141 527 43 484 Sept 7,993 7,930 63 13 50 6,722 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 8,106 8,065 41 26 15 6,784 6,358 426 32 394 Apr 8,195 8,158 37 28 9 6,836 6,410 425 24 401 May. ^8,231 21 *>6,870 »421 37 Week ending— 1961 May 3 . 7,803 7,732 71 19 51 6,358 6,024 333 41 290 10 7,760 7,724 36 23 12 6,500 6,047 453 22 431 17 7,773 7 733 40 74 -33 6,607 6 058 550 38 512 24 7,775 7,740 35 34 1 6,585 6,079 506 22 484 31 7,783 7,697 86 21 65 6,534 6,052 482 71 411 Dec. 6 8,197 8,147 49 13 37 6,849 6,387 462 21 441 13 8,232 8,135 96 6 91 6,811 6,382 428 33 395 20 8,377 8,338 39 12 27 6,959 6,425 534 18 516 27 8,498 8,447 51 78 -27 6,951 6,465 486 51 435 1962 Jan 3 8,576 8,526 50 107 -57 7,197 6,522 676 21 655 10 8,431 8,356 75 35 40 6,971 6,505 466 29 437 17 8,307 8,266 41 40 1 7,043 6,480 564 18 546 24 8,276 8,172 103 15 88 6,973 6,446 527 28 499 31 8,163 8,119 44 23 21 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 6,363 403 22 381 Apr. 4 8,199 8,143 56 17 40 6,796 6,356 440 45 395 11 8,165 8,118 47 26 21 6,773 6,387 386 17 369 18 8,205 8,171 34 19 15 6,867 6,409 458 23 435 25 8,223 8,182 41 53 -12 6,929 6,448 481 18 463 May 2 8,233 8,199 34 19 14 6,822 6,432 390 35 355 9 8,249 8,214 35 18 17 6,851 6,448 403 25 377 16 8,220 8,192 28 20 8 6,921 6,473 447 34 414 23 8,194 8,155 39 20 19 2>6,920 ^6,457 26 *>437 30 8,230 8,119 110 24 86 ^6,808 35381 61 3>320 n.a. Not available. » Preliminary. 2 Based on deposits as of opening of bus iness each day. Monthly i Based on figures at close of business through November 1959; there- averages for all classes of banks beginning w ith 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

708 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank A o ad b d v l v i a g a n a n c t c i e ( e o S s s n e s s s e e e s c a c . u n u 1 r d r e 3 e d d d a b i n b s y d y c e o G 1 l u i 3 g n o a i t v b s ) e l i e r o n f p m a a p e n n e d r t Other [ s S e e c c u . r e 1 d 0 (b a ) d 3 vances t b o io b a n n l ( i s l k g a s o a s t t t s i h p o e e c n a r u s r . r t h e o S d a f e n t c b h . y m e 1 d e 3 U m i ) r . e b S c e t . r Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous May 31 beginning— rate May 31 beginning— May 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 i Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 MARGIN REQUIREMENTS FEDERAL RESERVE BANK DISCOUNT RATES i [Per cent of market value] [Per cent per annum] Aug. 5, Oct. 16, Effec- Range F. R. Range F. R. Prescribed in accordance with 1958- 1958- tive Date (or level)— Bank Date (or level)— Bank Securities Exchange Act of 1934 Oct. 15, July 27, July 28, effective all F. R. of effective all F. R. of 1958 1960 1960 Banks N. Y. Banks N. Y. Regulation T: 1948 1957 For extensions of credit by brokers and Jan. 12. 1 .3* 3 -31/2 dealers on listed securities 70 90 70 19. For short sales 70 90 70 Aug. ,3. 1*4 Nov. 15. Regulation U: Dec, 2. For loans by banks on stocks 70 90 70 1950 1958 1*4-1% Jan. 22. NOTE.—Regulations T and U limit the amount of credit that may be 1% 24. extended on a security by prescribing a maximum loan value, which is a Mar. 7. specified percentage of its market value at the time of extension: margin 1953 13. requirements are the difference between the market value (100%) and the Jan. 16. WWAA-2 21. maximum loan value. 23. Apr. 18. May 9. MAXIMUM INTEREST RATES PAYABLE ON TIME AND 1954 Aug. 15. SAVINGS DEPOSITS Feb. 5. 134-2 Sept. 12. 15. [Per cent per annum] Apr. 14. Oct. 24! 16. Nov. 7. May 21. Wi 4 Jan. 1, Jan. 1, Effec- 1955 Ma 1 r. 9 59 6. 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, Ap, .4. 1*4-1% 16. 1956 1961 1962 1*4-1% May 29. May 2. June 12. Aug. 4. Sept. 11. Savings deposits held for: 1 5 2 . . 18. L 1 e y s e s a t r h a o n r m 1 o y r e e ar } 2i/ 2 3 { k Sept. 9. 1960 13. June 3. 4 Postal savings deposits held for: Nov. 2 1 3 8 . . 1 14 0 . . 3f*2 } m 3 { k Aug. 12. Apr 1 . 9 2 1 5 0 3 6 . , 2 23 !4 4 Sep 1 t 9 . 62 9. Othe 6 r 1 t m y im e o a e n r t d o h e r s p - m 1 o s o y i r t e s e a p r ayable in: T 3 Aug. 24. In effect 90 days-6 months 3 May 31. Less than 90 days 1 1 Under Sees. 13 and 13a (as described in table above). For data for NOTE.—Maximum rates that may be paid by member banks as estab- 1941-47, see BULLETIN for January 1959, p. 76. lished by the Board of Governors under provisions of Regulation Q. NOTE.—The rate charged by the Federal Reserve Bank of New York Under this Regulation the rate payable by a member bank may not in on repurchase contracts against U. S. Govt. securities was the same as any event exceed the maximum rate payable by State banks or trust comits discount rate except in the following periods (rates in percentages): panies on like deposits under the laws of the State in which the member 1955—May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2,2.10; Sept. 8,2.15; Nov. 10, bank is located. Effective Feb. 1, 1936, maximum rates that may be 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31- paid by insured nonmember commercial banks, as established by the Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; F.D.I.C., have been the same as those in effect for member banks. June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, Maximum rate payable on all types of time and savings deposits: 2.50, Oct. 23, and Nov. 3, 2.75; 1962—Mar. 20-21, 2.75. Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 709 RESERVE REQUIREMENTS OF MEMBER BANKS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS [Per cent of deposits] [Averages of daily figures; in millions of dollars] Net demand deposits1 Time deposits Central reserve All city banks Reserve Coun- 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 - C r r e e e a c s s n i n e e t t d r r y r v v a e e l C ba o tr n u y k n s - Item m b e a m nk b s er Y N o e r w k c C a h g i o - b c a i n ty ks ba tr n y ks banks Four weeks ending Apr. 18, 1962 Gross demand: < In effect Dec. 31, 1948.. 26 22 16 71/2 71/2 Total 125,754 24,688 5,856 49,253 45,957 Interbank 14,338 4,523 1,290 6,990 1,535 1949_May 1,5* 24 21 15 7 7 U. S. Government. 4,249 896 230 1,637 1,486 June 30, July 1 *. 20 14 6 6 Other 107,167 19,269 4,337 40,625 42,936 Aug. 1,11*.... 231/2 191/2 13 5 Net demand1 104,741 19,938 5,014 40,682 39,107 Aug. 16, 18* 23 19 12 5 Time 72,500 7,842 2,361 28,578 33,719 Aug. 25 221/2 I8I/2 Demand balances due Sept. 1 22 18 from domestic banks. 7,087 149 81 2,046 4,812 1951—Jan. 11, 16*.... 23 19 13 6 6 Currency and coin 2,606 200 32 818 1,557 Jan. 25, Feb. 1*. 24 20 14 Balances with FR 1953—July 1 9* 22 19 13 Banks 17,019 3,493 914 7,368 5,243 1954—June 16,24*.... 21 5 5 Total reserves held 19,625 3,693 946 8,186 6,800 July 29, Aug. 1 * 20 18 12 Required 19,147 3,682 945 8,141 6,379 ir /2 Excess 478 11 1 45 421 1958—Feb. 27, Mar. 1* 171/2 A M p a r r . . 2 1 0 7 , Apr. 1* ir /2 17 11 Four weeks ending May 16, 1962 Apr. 24 I6I/2 I960— N Se o p v t . 24 1 i7i/2 12 Gr T o o ss ta d l emand: 126,624 24,633 6,076 49,599 46,316 Dec. 1 161/2 Interbank 13,634 4,245 1,195 6,692 1,501 U. S. Government. 4,756 1,207 257 1,848 1,444 In effect May 1, 1962... 161/2 16i/2 12 5 5 Other 108,234 19,182 4,623 41,059 43,371 Net demand * 105,981 20,262 5,211 40,905 39,603 Time 73,206 7,871 2,423 28,952 33,961 Present legal require- Demand balances due ment: from domestic banks. 6,807 107 82 2,002 4,617 Minimum 210 10 7 3 3 Currency and coin 2,685 200 34 841 1,610 Maximum 222 2 22 14 6 6 Balances with FR Banks 17,168 3,558 949 7,390 5,271 Total reserves held 19,853 3,758 983 8,231 6,881 * First-of-month or midmonth dates record changes at country banks, Required 19,365 3,737 981 8,197 6,450 and other dates (usually Thurs.) record changes at central reserve or Excess 488 21 2 34 431 reserve city banks. 1 Demand deposits subject to reserve requirements are total demand deposits minus cash items in process of collection and demand balances 1 Demand deposits subject to reserve requirements, i.e., gross demand due from domestic banks. deposits minus cash items reported as in process of collection and demand 2 Before July 28, 1959, the minimum and maximum legal requirements balances due from domestic banks. for central reserve city banks were 13 and 26 per cent, respectively, and NOTE.—Balances with FR Banks are as of close of business; figures for the maximum for reserve city banks was 20 per cent. all other reported items (that is, excluding total reserves held and excess NOTE.—All required reserves were held on deposit with Federal Reserve reserves) are as of opening of business. Banks, June 21, 1917, until late 1959. Since then, member banks have also been allowed to count vault cash as reserves, as follows: Country banks—in excess of 4 and 2l/i per cent of net demand deposits effective Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 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 FEEERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1962 1962 1961 May 30 May 23 May 16 May 9 May 2 May April May Discounts and advances—Total. . . 173 138 280 113 153 131 120 111 Within 15 days 106 72 214 47 87 66 54 108 16 days to 90 days 67 51 51 51 51 65 28 3 91 days to 1 year (2) 15 15 15 15 (2) 38 (2) Acceptances—Total 31 32 33 33 36 33 36 37 Within 15 daysi 10 10 12 12 12 9 10 10 16 days to 90 days 21 22 21 21 24 24 26 27 U. S. Government securities—Total 29,570 29,211 29,454 29,454 29,355 29,622 29,182 26,887 Within 15 daysi 397 457 526 2,347 2,459 254 2,310 393 16 days to 90 days 5,372 5,324 1,810 2,215 2,009 5,420 2,123 6,314 91 days to 1 year 11,467 11,153 14,867 11,875 11,887 11,614 11,749 7,442 Over 1 year to 5 years 9,821 9,764 9,738 10,504 10,487 9,821 10,487 10,471 Over 5 years to 10 years 2,247 2,247 2,247 2,247 2,247 2,247 2,247 2,116 Over 10 years 266 266 266 266 266 266 266 151 !Any holdings under repurchase agreements are classified as maturing 2 Less than $500,000. within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1962 1962 1961 May 30 May 23 May 16 May 9 May 2 May April May Assets Gold certificate account 15,005 15,007 15,007 15,042 15,057 15,005 15,067 16,061 Redemption fund for F. R. notes 1,153 1,158 1,158 1,157 1,165 1,153 1,155 1,034 16,158 16,165 16,165 16,199 16,222 16,158 16,222 17,095 Cash 357 364 360 361 385 356 392 374 Discounts and advances: 108 73 215 48 88 68 55 107 For nonmember banks etc 65 65 65 65 65 63 65 4 Acceptances Bought outright 31 32 33 33 36 33 36 37 Held under repurchase agreement .... U. S. Government securities: Bought outright: Bills 3,114 2,935 3,204 3,281 3,245 3,166 3,086 2 651 Certificates Soecial ... Other 5 563 5,506 5,506 4,982 4,977 5,563 4 977 6 517 Notes 17,101 17,001 16,992 17,034 16,969 17,101 16,954 14,548 Bonds 3,792 3,769 3,752 4,092 4,091 3,792 4,091 3,170 Total bouffht outrisht 29,570 29,211 29,454 29,389 29,282 29,622 29,108 26,886 Held under repurchase agreement 65 73 74 1 Total U. S. Government securities 29,570 29,211 29,454 29,454 29,355 29,622 29,182 26,887 Total loans and securities .... 29,774 29,381 29,767 29,600 29,544 29,786 29,338 27,035 Cash items in orocess of collection . 4,287 4,889 6,079 4,809 5,294 4,412 4,610 3,666 106 107 107 107 107 106 107 108 Other assets: Denominated in foreign currencies 84 84 84 84 84 134 84 All other 189 171 152 382 361 190 359 204 Total assets 50,955 51,161 52,714 51,542 51,997 51,142 51,112 48,482 Liabilities 28,379 28,213 28,301 28,290 28,122 28,400 28,093 27,238 Deposits: M^ember bank reserves 16,587 16,640 17,108 16,948 16,960 16,614 17,035 16,107 TJ S Treasurer general account 568 619 627 388 667 526 569 372 214 268 211 221 194 223 230 210 Other 426 288 361 337 400 376 373 277 Total deposits 17,795 17,815 18,307 17,894 18,221 17,739 18,207 16,966 Deferred availabilitv cash items 3,272 3,644 4,628 3,830 4,143 3,493 3,307 2,895 Other liabilities and accrued dividends 74 71 75 76 75 75 73 47 Total liabilities 49,520 49,743 51,311 50,090 50,561 49,707 49,680 47,146 Capital Accounts Capital paid in . 455 455 454 454 454 455 454 423 Surplus 888 888 888 888 888 888 888 817 Other capital accounts 92 75 61 110 94 92 90 96 Total liabilities and capital accounts 50,955 51,161 52,714 51,542 51,997 51,142 51,112 48,482 Contingent liability on acceptances purchased for foreisn correspondents 112 113 108 98 97 112 94 166 U. S. Government securities held in custody for 5,734 5,704 5,610 5,622 5,545 5,754 5,581 5,637 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 29,865 29,877 29,880 29,839 29,792 29,902 28,537 28,809 Collateral held against notes outstanding: Gold certificate account 7,700 7,750 7,780 7,780 7,780 7,700 7,955 8,975 Eligible paper 22 15 26 6 12 18 8 11 U. S. Government securities 23,390 23,440 23,410 23,310 23,310 23,390 23,225 21,210 Total collateral. 31,112 31,205 31,216 31,096 31,102 31,108 31,188 30,196 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 711 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 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 - Atlan- c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 15,005 804 4,038 839 1,223 968 728 2,391 598 343 642 594 1,837 Redemption fund for F. R. notes.... 1,153 71 271 69 101 91 66 205 49 27 49 36 118 Total gold certificate reserves 16,158 875 4,309 908 1,324 1,059 794 2,596 647 370 691 630 1,955 F. R. notes of other Banks. 344 103 23 17 24 20 27 Other cash 356 70 29 19 61 54 Discounts and advances: Secured by U. S. Govt. securities. . Other Acceptances: Bought outright 33 33 Held under repurchase agreement U. S. Govt. securities: Bought outright 29,622 1,536 7,334 1,683 2,509 1,953 1,573 4,967 1,182 642 1,301 1,197 3,745 Held under repurchase agreement Total loans and securities 29,786 1,544 7,386 2,516 1,963 1,580 5,003 1,184 644 1,319 1,204 3,754 Cash items in process of collection... 5,580 391 1,109 369 466 383 391 913 239 169 275 233 642 Bank premises 106 3 9 3 5 14 24 6 4 13 11 Other assets: Denominated in foreign currencies. 134 6 2 37 6 7 19 5 7 18 All other 190 10 46 11 11 11 31 7 9 24 Total assets. 52,654 2,865 13,069 3,028 4,394 3,463 8,671 2,116 1,224 2,329 2,124 6,485 Liabilities Federal Reserve notes 28,744 1,702 6,682 1,826 2,541 2,311 1,630 5,239 1,227 586 1,189 830 2,981 Deposits: Member bank reserves 16,61 670 4,498 765 1,223 713 882 2,361 582 427 815 1,014 2,664 U* S. Treasurer—general account.. 526 36 156 9 37 43 35 41 49 26 34 38 22 Foreign 223 10 3 71 12 20 9 11 29 7 5 9 12 28 Other 376 C1) 329 2 0) 3 1 1 0) 1 1 1 37 Total deposits 17,739 716 5,054 788 1,280 768 929 2,432 638 459 859 1,065 2,751 Deferred availability cash items 4,661 376 925 328 435 312 247 782 198 145 218 145 550 Other liabilities and accrued dividends 75 4 19 4 6 4 4 14 3 1 3 3 10 Total liabilities 51,219 2,798 12,680 2,946 4,262 3,395 2,810 8,467 2,066 1,191 2,269 2,043 6,292 Capital Accounts Capital paid in 455 124 64 61 Surplus 888 243 124 120 Other capital accounts. 22 16 12 Total liabilities and capital accounts. 52,654 2,865 13,069 3,028 4,394 3,463 2,886 8,671 2,116 1,224 2,329 2,124 6,485 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): May 31, 1962 34.8 36.2 36.7 34.7 34.7 34.4 31.0 33.8 34.7 35.4 33.7 33.2 34.1 Apr. 30, 1962 34 34.6 34.2 35.4 35.5 35.9 32.8 33.0 32.0 37.3 33.6 30.9 39.5 May 31, 1961 38.4 36.6 39.2 39.2 38.7 37.8 3.2.9 39.0 39. 35.7 38.8 33.6 40.5 Contingent liability on acceptances purchased for foreign correspondents n: 4 30 15 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 29,902 1,748 6,939 2,701 2,397 1,701 5,357 1,281 667 1,217 895 3,113 Collateral held against notes outstanding: Gold certificate account , 7,700 450 1,600 530 720 650 425 1,400 340 160 310 215 900 Eligible paper 18 3 15 U. S. Govt. securities , 23,390 1,365 '5^600 1,500 2,100 1,780 1,300 4,100 1,010 '530 950 755 2,400 Total collateral. 31,108 1,815 7,200 2,033 2,820 2,430 1,725 5,500 1,350 690 1,275 970 3,300 1 Less than $500,000. 3 After deducting $152,000,000 participations of other Federal Reserve 2 After deducting $97,000,000 participations of other Federal Reserve Banks. Banks. 4 After deducting $82,000,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 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 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7 598 5,553 590 559 36 1 019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32.591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32 869 23,521 2,427 1 533 88 2 246 6,691 10,536 9,348 2 815 5,954 249 316 3 10 1961—Apr 31 830 22 702 2,417 1 433 86 2 119 6 476 10 171 9,128 2 726 5 839 245 310 3 6 May 32,197 23,042 2,445 1,465 87 2,156 6,584 10,305 9,154 2,741 5,852 244 309 3 6 June . 32,405 23,229 2,462 1,462 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 Aus .. 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 M^ar . .. 33,018 23,651 2,580 1,484 91 2,188 6,686 10,622 9,367 2,795 6,032 238 294 3 5 Apr 33,159 23,742 2,612 1,497 92 2,190 6,680 10,670 9,418 2,812 6,066 238 294 3 5 1 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 l Total out- Held by standing As security For F. R. Kind of currency Apr. 30, against F. R. Banks 1962 gold and Treasury Banks and Apr. 30, Mar. 31, Apr. 30, silver cash and agents 1962 1962 1961 certificates agents Gold 16,495 (16,222) 2 273 Gold certificates ... (16 222) 3 13,406 2,816 30 Federal Reserve notes 29 844 94 1,753 27,997 27,905 26,878 Treasury currency—Total 5,592 (2,303) 37 392 5,163 5,114 4,923 Standard silver dollars 487 101 21 13 353 349 323 Silver bullion 2,202 2 202 Silver certificates (2 303) 303 2,000 1,983 4 2,044 Subsidiary silver coin 1,691 12 41 1,638 1,615 1,518 Minor coin 629 2 6 621 616 576 United States notes 347 3 28 316 314 314 In process of retirement5 236 (6) 1 235 236 7 148 Total—Apr 30 1962 8 51 931 (18 525) 404 13 406 4 962 33 159 Mar 31 1962 851,856 (18',651) 425 13,520 4,893 33,018 Apr. 30, 1961 8 51,403 (19,497) 399 14,273 4,900 "3i;83O" 1 Outside Treasury and Federal Reserve Banks. Includes any paper 6 Less than $500,000. currency held outside the United States and currency and coin held by 7 Represents only Federal Reserve Bank notes and national bank notes; banks. Estimated totals for Wednesday dates are shown in table on p. 705. see also note 5. 2 Includes $156 million reserve against United States notes. 8 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 $1,141,667 of Treasury notes of 1890. reserves and security features, see Circulation Statement of United States 5 Redeemable from the general lund 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 713 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 al d ly Not a d s j e u a s s t o e n d ally a se d a ju so s n te a d ll ) y 1 Week adjusted) s a e d a j s u o 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 - t a s n i 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 .S v . t. 1954—Dec 131.8 27.4 104.4 135.0 27.9 107.1 48.5 5.0 1961 1 1 9 9 5 5 5 6 — — D D e e c c 1 1 3 3 4 6. . 5 6 2 2 7 8 . . 8 2 1 1 0 0 6 8 . . 8 3 1 1 3 3 7 9 . . 9 7 2 28 8 . . 7 3 1 11 0 1 9 . . 0 6 5 5 1 0 . . 8 0 3 3. . 4 4 API-A 139.7 28.8 110.9 76.5 4.5 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 141.2 28.8 112.3 76.7 3.2 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 19 142.8 28.7 114.1 76.9 2.1 1959—Dec 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 26 142.4 28.5 114.0 77.1 1.9 1960—Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 May 3 141.6 28.6 113.1 77.5 3.2 1961—Dec 144.9 29.5 115.4 148.5 30.1 118.4 82.3 4.9 10 140.8 28.9 112.0 78.0 3.9 17 140.3 28.8 111.5 77.9 4.5 1961—May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 24 139.0 28.7 110.3 78.3 5.8 June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 31 139.2 28.6 110.6 78.5 5.0 July 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 June 7 140.2 29.0 111.3 78.7 4.0 Aug 141.8 29.0 112.8 141.1 29.2 111.9 80.7 5.5 14...... 141.9 29.0 112.9 78.8 2.2 Sept 143.0 29.2 113.8 142.4 29.3 113.1 81.3 5.2 21 141.4 28.9 112.5 79.0 5.7 Oct 143.7 29.3 114.4 143.6 29.4 114.2 82.0 6.5 28 139.6 28.8 110.8 79.2 5.7 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 1962 1962—Jan 144.6 29.6 115.1 147.8 29.4 118.3 83.9 3.9 Mar. 7...... 143.3 29.5 113.8 87.0 5.0 Feb 144.4 29.6 114.7 144.0 29.3 114.8 85.8 4.7 14 143.9 29.6 114.3 87.5 3.2 Mar 144.7 29.9 114.8 143.2 29.5 113.7 87.7 5.1 21...... 143.9 29.6 114.4 87.7 4.9 Apr 145.7 30.0 115.7 145.4 29.7 115.7 89.2 3.9 28. 141.8 29.4 112.4 88.3 6.8 Mav^ 145.4 30.0 115.5 143.4 29.7 113.7 90.2 7.0 142.8 29.6 113.2 88.7 6.1 *"•>* 144.6 29.9 114.7 89.1 3.7 Seniimonthly 18 146.7 29.8 116.9 89.2 2.6 25 146.3 29.6 116.7 89.3 3.5 1962—Mar. 1.... 144.6 29.8 114.8 143.6 29.5 114.1 87.3 4.2 May 2 145.6 29.4 116.1 89.5 4.8 2.... 144.8 29.9 114.9 142.8 29.5 113.3 88.1 6.0 9 144.8 29.9 114.9 89.7 6.3 Apr. 1.... 145.3 30.0 115.3 144.4 29.8 114.6 89.0 4.0 16 144.4 29.8 114.6 90.1 6.5 146.1 30.0 116.1 146.4 29.6 116.8 89.3 3.8 23 141.9 29.7 112.2 90.4 8.1 May 1'.'.'.' 146.0 30.0 116.0 144.8 29.8 115.0 89.8 6.2 30 142.1 29.6 112.5 90.7 7.6 2P... 144.9 29.9 115.0 142.2 29.6 112.5 90.5 7.7 *> Preliminary. 1947, see BULLETIN for October 1960, pp. 1102-1123. For back data on * At all commercial banks. time deposits and U.S. Government demand deposits see BULLETIN for 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 others1 3 r c e 3 e p 7 n o t o r e t t r i h n s e 2 g r New L Y e o a r d k ing ce 6 nt o er t s hersJ 3 r c e 3 e p 7 n o t c>ther Unadj. Adj. Unadj. Adj. Unad' Adj. Unad; Adj. Unadj. Adj. Unadj. Adj. 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 ">0 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. 1,110. 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-—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 26.8 271.8 104 9 113.2 51.7 54. 100.4 104. 70 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 70.4 37 1 36.5 26.5 26.4 Aug 255.5 105 4 100.9 51.4 51.4 101.3 103.9 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. 7? 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 37.7 27.0 27 0 Nov 272.6 115 ? 112.5 54.4 54.? 104.2 105.9 7^ 75.0 38 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 1103 118.1 58.2 61.5 109.4 115.1 70.9 71.6 406 40.3 27.8 27.6 Feb 239.5 1033 94.3 54.4 49.0 105.4 96 1 68 1 64.6 384 36.3 27.1 25.9 Mar 293.3 118 1 124.7 57.5 59.7 108.1 1089 78.2 80.5 409 43.2 '27.7 27.7 Apr 281 7 118 1 117 2 59.1 580 Mil.4 106 5 784 76.9 417 42 6 28 2 27 4 ]Vtay 295.6 119.1 122.1 57.6 59 8 110.5 113 8 78.8 79.0 2>28.0 * Preliminary. r Revised, 1 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los Adj.= adjusted for seasonal variation. Unadj. =without seasonal Angeles. 2 Before April 1955, 338 centers. adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates ; in millions of dollars] Assets Liabilities and capital Total Bank credit assets, Treas- net— Date Gold s r t c o e u i a u n n u r n y g r c t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C v e a o r n e c m r d i n a - m l en R t F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a a n p t o n i b e i e t d t i t a s a l l - l, c d u e T r a p o r n o e t d s n a i l c t y s C co m a a n a u p i n c e n s i - d t c t t a s . l savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941_Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 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 1959_Dec. 31 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26;071 280,202 256,020 24,186 1960—Dec. 31 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—May 31 17,400 5,400 267,400 144,300 95,500 67,800 26,900 800 27,700 290,200 261,700 28,600 June 30 17.550 5,437 269,828 145,784 96,121 68,104 27,253 764 27,923 292,816 265,604 27,212 July 26 17,500 5,400 272,200 145,300 98.700 71,000 26,900 800 28,100 295,100 267,200 27,900 Aua. 30 17,500 5,600 272,100 145,200 98,500 70,500 27,300 800 28,400 295,100 266,400 28,700 SepL 27 17,500 5,600 276,600 147,200 100,200 72,400 27,100 700 29,200 299,600 271,100 28,500 Oct. 25 17,300 5,600 278,300 147,800 101,500 72,800 28,000 700 29,000 301,200 272,400 28,800 Nov. 29 17,000 5,600 280,000 149,000 101,900 72,400 28,800 800 29,100 302,600 273,000 29,600 Dec. 30 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Jan. 31 16,800 5,600 282,600 150,000 102,700 73,500 28,500 700 29,800 305,000 276,300 28,600 Feb. 28 16,800 5,600 283,000 151,500 101,400 72,300 28,400 700 30,200 305,400 276,400 29,000 Mar. 28 16,600 5,600 284,800 153,300 100,400 71,000 28,800 700 31,100 307,000 278,100 28,900 Apr. 25* 16,500 5,600 287,200 154,800 100,600 70,700 29,000 700 31,800 309,300 280,600 28,700 May 30? 16,400 5,600 288,600 155,900 100,900 70,600 29,600 700 31,800 310,700 281,400 29,300 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series6 For- Date p b n e o d a i e s e g n i t - n t 2 k s, T h c i u r o n a e r l g s a y d h s s - - m s b a c e a a v o A r n n i m c n t d k i g - a s s l B F a . A n R t k . s Total Total m T b C e i a m o r n c m e k ia s - d l ep M s b a o a v u s n i i t k n t u s s g a 3 4 s l S S P a y o v s s t i t e n a m g l s p m o D d s a e e i n - - ts d 5 b r C o e s a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m o u r n o e s t a d s n a t n e i l c t d d s y j p m u D o a d s a d e s e t n - i e - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29. 365 204 381 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 1,2.78 29,793 6,401 1941—Dec. 31. 1,498 2,215 1,895 867 76; 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31. 2,141 2,287 24,608 977 150; 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31. 1,682 1,336 1,452 870 170; 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30. 2,518 1,293 2,989 668 176; 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,600 1959—Dec. 31. 3,203 391 5,319 504 246; 101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 I960—Dec. 31. 3,184 377 6,193 485 252; 108,468 71,380 36,318 770115,102 29,356 139,200 111,000 28,200 1961--May 31... 1,100 400 5,100 400 254, 115,700 77,900 37,000 700110,600 28,400 140,800 112,300 28,500 June 30.. 1,250 379 6,638 408 256; 117,280 79,092 37,486 702110,288 29,361 140,900 112,700 28,200 July 26.. ,300 400 5,800 500 259 117,700 79,500 37,500 700113,000 28,400 141,500 113,200 28,300 Aug. 30.. ,300 400 5,600 500 258; 118,600 80,200 37,600 700111,500 28,500 141,300 113,000 28,300 Sept. 27.., ,400 400 8,400 500 260; 119,400 80,800 37,900 700112,400 28,600 141,900 113,400 28,500 Oct. 25... ,300 400 6,000 400 264; 120,100 81,400 37,900 700115,700 28,700 143,800 115,000 28,800 Nov. 29.., ,200 400 5,700 500 265; 119,800 81,200 38,000 700116,200 29,100 143,400 114,800 28,600 Dec. 30... ,497 422 6,219 465 271; 121,216 82,145 38,420 651120,525 30,053 144,800 116,100 28,700 1962—Jan. 31... ,300 500 5,200 400 269,000123,400 84,200 38,600 600117,000 28,700 143,700 114,600 29,100 Feb. 28... ,300 400 5,400 400 268,900125,200 85,800 38,800 600114,800 28,900 144,400 115,100 29,300 Mar. 28... ,300 400 6,500 500 269,400127,600 87,700 39,200 600113,000 28,900 144,000 114,800 29,200 Apr. 25*. ,300 400 4,200 600 274,100128,400 88,600 39,200 600116,800 28,900 145,700 116,500 29,200 May 30*>. ,300 400 7,500 600 271,700129,900 90,000 39,300 600112,500 29,300 143,400 114,200 29,200 & 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 715 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates; amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i n v g S 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 p o i i n c a t n i t d i - t - a e t a s l s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O O n t d t h h e e r r Time4 r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f k r s - Govt. All banks: 1941—Dec. 31 61,126 26,615 25,511 8,99927,344 90,908 ,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 40,227 30,362 .01,288 8,57735,415 177,332 ,612 14,065 105,935 45,613 22710,542 14,553 1947—Dec. 315 134,924 43,002 81.19910,723 38,388175,091 ,86512,793 240 1,346 94,381 53,105 6611,94814,714 I960—Dec. 31 238,623144,764 67,24226,61753,022 298,126 ,196 ,080 1,800 5,949133,408107,959 16724,53913,986 1961—May 31 241,320145,850 67,800 670 44,920292,830 ,250 500 430 4,790124,260115,270 1,740 5,140 13,975 June 30 242,192146,164 68,104 923 46!457295,567262,547 633 462 6,368125,219116,865 45225,40513.977 Aug. 30 245,880147,030 70,490 360 43;170 295,760260; 340 460 5,340 123,250118,170 1,8 25,57013,968 Sept. 27 250,870149,300 72,420 29 150 44;950 302,980 267 930 470 8,160125,480119,010 2,23025,98013,965 Oct. 25 251,150149,370 140 304,230 269,030 530 480 5,680128,700119,640 1,83025,76013,951 Nov. 29 252,260150,740 72,42029; 100 46;970 306,000 270,120 920 470 5,460129,790119,480 1,83026,03013.947 Dec. 30 256,700154,318 72,71529,667 57,368 321,394 287,176 914 482 5,952141,979120,848 48226,22713;946 1962—Jan. 31 255,320152,030 73,470 29 820 47,'740 310,470 274,220 190 480 4,910 131,560123,080 2,20026,28013,943 Feb. 28 256,100153,580 72,340 30180 48,540 311,910 275,170 110 510 5,090130,570124,890 2,31026,39013,941 Mar. 28 257,"5"2"0 1"5"5,460 70,960 31 100 45,560 310i,230273,720 ,750 510 6,260125,980 1127,220 2,42026,47013,930 Apr. 25*.... 259,550 156,800 70,910 31 840 46,190 312,810276,310 ,730 520 3,920130,120 1'28,020 2,36026,56013,920 May 30? 260,250 157,790 70,620 31 840 46,210 313;470 276,770 ,200 520 7,170 126,270 129,610 2,07026,76013,926 All commercial banks: 1941—Dec. 31 746 21,714 21,808 225 26,551 79,104 283 10,982 44,349 15,952 23 17314,278 1945—Dec. 31 019 26,083 90,606 ,33134,806160,312 227 14,065 105,921 30,241 219 950 14,011 1947—Dec. 315 284 38,057 69,221 ,00637,502155,377144;10312,792 240 1,343 94,367 35,360 6510,05914,181 1960—Dec. 31 509117,642 61,003 864 52150 257552 229.84317,079 1,799 5,945133,379 71,641 16320,98613,472 1961—May 31 160117,850 61,450 21 860 44!090 251!240 221;18013500 430 4,790 124,230 78,230 1,74021,49013,461 June 30 848117,953 61,824 22071 45;595 253;749224:99713633 461 6,362 125,161 79,380 44321,74513,463 Aug. 30 120118,450 64,16022510 42!370 253:580 222,870 13340 460 5,340 123,190 80,540 1,880 21,87013,454 Sept. 27 910120,520 66,130 23;260 44;130 260:560 229',080 13930 470 8,160 125,420 81,100 2,23022,25013,451 Oct. 25 290120,470 66,630 23;190 45;320 261:910 23i;050 14530 480 5,680128,640 81,720 1,830 2206013,437 Nov. 29 250121,670 66,210 23;370 46;130 263;510 2321,070 920 470 5,460129,730 81,490 1,830 22 13,433 Dec. 30 441124,925 66,578 23;93756432 278:561248,689 914 481 5,946141,920 82,429 47122,45913,432 1962—Jan. 31 730122,420 67,240 24;070 46910 267:400 235,560 190 480 4,910131,500 84,480 2,200 22,50013,430 Feb. 28 260123,780 66,030 24.450 47670 268540236,350 110 510 5,090130,510 86,130 2,31022,57013,428 Mar. 28 180125,380 64,440 25;360 44680 266340 234.430 750 510 6,260 125,920 87,990 2,420 22,63013,417 Apr. 25? 260126,490 64,610 26:160 45390 269!050 237!070 730 520 3,920 130,060 88,840 2,36022,750 13,407 May 30? 710 127,220 64,340 26.150 45,390 269,440237!380 200 520 7,170 126,210 90,280 2,070 22,91013,414 All member banks: 1941—Dec. 31 18,021 19,539 5,96123,123 121 ,71710,385 140 709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 22,775 78,338 ,070 29 304 129,670 13,576 64 22179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 32,628 57,914 ,304 32 060 122, 5"2~812,353 50 176 80,609 28,340 54 8,464 6,923 I960—Dec. 31 99,933 49,10616,579 45,756 216; 193,02916,436 1,639 287112,393 57,272 13017,398 6,174 1961—May 31 100,140 49,817 ,735 211: 185,72713,025 268 198104,693 63,543 1,63917,865 6,147 June 30 99,992 50,36117,696 40,084 213. 189,226 13,077 276 731105,568 64,574 38218,027 6,141 Aug. 30 100,379 52,35818,11336'940 213 186,81612,787 270 738103,427 65,594 1,822 1188,141 6,137 Sept. 27 102,355 53,863 719 38,582 219,287192,30513,325 282 293105,312 66,093 2,12818,386 6,132 Oct. 25 102,107 54,290 687 39,721220,414193,86313,913 293 020108,063 66,574 ; 18,293 6,122 Nov. 29 103,129 53,874 824 40i,394 221715194,66614,294 288 793108,894 66,397 1,79518,478 6,116 Dec. 30 106,232 54,058 308 49'579 235;112 209,63017,195 303 381119,595 67,157 43818,638 6,113 1962—Jan. 31 103,983 54,573 410 40971224,961197,48013,623 305 376110,287 68,889 2,13818,683 6,107 Feb. 28 105,144 53,467 778 41894 226! 198,38013,560 332 525109,671 70,292 2,26418,749 6,099 Mar. 28 254 106,600 52,036 20,61839^091 224, 196,59513,209 335 631105,552 71,868 2,38018,785 6,085 A M p a r y . 2 3 5 0 P ? 1 10 0 7 7 , , 9 4 8 2 0 4 5 5 2 1 ; , 9 1 1 0 3 3 2 2 1 i , ; 2 3 8 4 7 5 3 3 9 9 , , 7 6 0 6 2 2 2 2 2 2 6 6 ! ! 1 19 9 8 8 , , 9 6 7 7 8 41 12 3 , , 6 1 8 7 9 8 3 34 4 5 0 6, , 4 5 6 0 3 61 1 0 0 9 5 , , 0 6 4 2 8 9 7 7 2 3 , , 6 8 0 5 2 2 2 2 , , 3 0 1 0 9 2 1 19 8 , , 0 8 1 7 5 7 6 6, , 0 0 7 7 3 4 All mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 315 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 I960—Dec. 31 39,114 27,122 6,239 5,752 87: 40,574 36,353 36,318 3,553 514 1961—May 31 40,160 28,000 6,350 5,810 830 41,590 37,070 37,040 3,650 514 June 30 40,344 28,211 6,281 5,852 86: 41,818 37,551 37,487 3,660 514 Aug. 30 40,760 28,580 6,330 5,850 800 42,180 37,690 37,630 3,700 514 Sept. 27 40,960 28,780 6,290 5,890 820 42,420 37,970 37,910 3,730 514 Oct. 25 40,860 28,900 6,190 5,770 820 42,320 37,980 37,920 3,700 514 Nov. 29 41,010 29,070 6,210 730 840 42,490 38,050 37,990 3,740 514 Dec. 30 41,259 29,393 6,136 730 936 42,833 38,487 38,420 3,768 514 1962—Jan. 31 41,590 29,610 6,230 750 830 43,070 38,660 (6) 38,600 3,780 513 Feb. 28 41,840 29,800 6.310 5; 730 870 43,370 38,820 13 38,760 3,820 513 Mar. 28 42,340 30,080 6,520 5,740 880 43,890 39,290 39,230 3,840 513 A M p a r y . 3 2 0 5 ? *.... 4 4 2 2 , , 2 5 9 4 0 0 3 3 0 0 , , 3 5 1 7 0 0 6 6 , , 3 2 0 8 0 0 5 5 , , 6 6 8 9 0 0 8 8 0 2 0 0 4 4 3 4 , , 7 0 6 3 0 0 3 3 9 9 , , 2 3 4 9 0 0 8 3 3 9 9 , , 1 3 8 3 0 0 3 3, , 8 8 1 5 0 0 5 5 1 1 3 2 P Preliminary. * Revised preliminary. for which asset and liability data are not available. Comparability of 1 All banks in the United States (including all banks in Alaska and figures for classes of banks is affected somewhat by changes in Federal Hawaii, beginning with January and August 1959, respectively). Reserve membership, insurance status, and the reserve classifications of All banks comprise all commercial banks and all mutual savings banks. cities and individual banks and by mergers, etc. All commercial banks comprise (1) all nonmember commercial and 2 Reciprocal balances excluded beginning with 1942. Reclassification (2) all member commercial banks. Member banks include (1) a national of deposits of foreign central banks in May 1961 reduced interbank bank in the Virgin Islands that became a member on May 31, 1957, (2) deposits by a total of $1,900 million ($1,500 million time to other time a noninsured nondeposit trust company, and (3) 1 mutual savings bank and $400 million demand to other demand). (2 before July 1961 and 3 before 1960) that became members in 1941 3 Includes other assets and liabilities not shown separately. (these banks are excluded from all commercial banks). 4 See note 4 on the preceding page. Stock savings banks and nondeposit trust companies are included with For other notes see following 2 pages. commercial banks. Number of banks includes a few noninsured banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates; amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U b o l . i 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 b a i a l l p i i n a t i d i t - e a s l Total 2 De- Demand r B i o n o w g r s - - c c a o a p u c i n - ta ts l ba b o n e f r ks tions co a u c n - ts 3 mand Time U. S. Other Time Govt. Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 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 I960—Dec. 31 27,726 18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—May 31 27,756 18,179 7,116 2,461 8,144 37,811 31,012 4,150 161 754 19,568 6,379 390 ,630 15 June 30 28,220 18,054 7,642 2,524 8,616 38,741 32,225 4,211 167 1,380 19,832 6,635 121 ,634 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 ,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 ,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 ,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 ,702 14 Dec. 30 30,297 19,535 7,862 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 ,683 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 ,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 Apr. 25-P 29,855 19,380 6,948 3,527 8,063 39,851 32,214 3,859 208 860 19,667 7,620 1,065 3,714 13 May 30^ 29,534 19,223 7,167 3,144 8,292 39,746 32,586 3,902 211 1,373 19,178 7,922 606 3,741 13 Chicago: 1941—Dec. 31. .. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 I960—Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 1,380 327 4,899 1,530 35 822 10 1961—May 31 7,051 4,291 1,994 766 1,897 9,091 7,978 1,186 219 4,704 1,859 73 841 10 June 30 7,020 4,249 2,058 714 1,899 9,068 8,037 1,125 380 4,602 1,920 10 848 10 Aug. 30 7,165 4,191 2,227 747 1,769 9,073 7,901 1,190 281 4,494 1,926 131 852 10 Sept. 27 7,278 4,212 2,229 838 1,864 9,296 8,153 1,211 476 4,527 1,931 94 856 9 Oct. 25 7,562 4,359 2,364 839 1,841 9,561 8,250 1,255 304 4,728 1,949 254 855 9 Nov. 29 7,329 4,341 2,111 877 2,019 9,502 8,284 1,271 251 4,790 1,957 137 866 9 Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 1,624 369 5,268 2,008 35 870 9 1962—Jan. 31 7,292 4,353 2,038 901 1,873 9,333 8,201 1,154 229 4,713 2,089 65 873 9 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 Apr. 25^ 7,504 4,557 1,880 1,067 1,912 9,592 8,421 1,177 158 4,676 2,392 73 877 May 30*> 7,631 4,592 1,926 1,113 1,928 9,720 8,524 1,118 356 4,548 2,483 75 884 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 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2', 566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11',423 1 2,844 353 I960—Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42, ,525 73 6,423 217 1961—May 31 63,706 40,015 17,876 5,815 15,920 81,549 72,113 6,343 60 1,608 39,290 24,812 885 6,640 205 June 30 63,670 39,747 18,053 5,87016,529 82,141 73,557 6,335 62 2,241 39,72125,199 131 6,684 205 Aug. 30 65,112 40,401 18,650 6,061 15,109 82,161 72,926 6,456 57 1,925 38,890 2"5',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 40,694 2"5,917 905 6,867 206 Dec. 30 68,565 42,379 19,748 6,438 2200,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 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 40,787 2277,678 796 7,071 206 Mar. 28 68,635 42,713 18,840 7,08216,089 86,762 77,084 6,678 73 2,213 39,74328,377 836 7,087 206 Apr. 25^ 69,238 42,984 18,891 7,363 16,641 87,944 78,042 6,675 77 1,280 41,26628,744 1,013 7,106 206 May 30^ 69,433 43,304 18,585 7,54416,523 88,089 77,911 6,314 78 2,688 39,61129,220 1,058 7.162 206 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 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47.553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1960—Dec. 31. 67,890 36,981 22,848 8,060 1144.740 84,126 76,004 1,778 1,783 43,39529,011 23 6,599 5,932 1961—May 31........ 68,937 37,655 22,831 8,451 ;774 83,129 74,624 1,346 1,617 41,13130,493 291 6,754 5,917 June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 1,406 1,730 41,41330,820 121 6,861 5,911 Aug. 30........ 70,068 38,144 23,295 8,62912,712 84,206 75,637 1,406 1,644 41,44004' "3,1146 237 6,889 5,907 Sept. 27 71,732 38,938 23,941 8,85312,610 85,971 77,306 1,424 2,423 42,00559 31,364 84 7,085 5,904 Oct. 25 71,943 38,765 24,342 8,83613,243 86,713 78,198 1,572 1,819 43,"2"34 31,536 78 6.952 5,893 Nov. 29 72,394 39,131 24,346 8,917 13,552 87,350 78,585 1,577 1,836 43,717 31,418 151 7,043 5,887 Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 1,925 1,641 46,21131,832 40 7,088 5,885 1962—Jan. 31 72,946 39,159 24,707 9,08013,590 88,137 79,363 1,525 1,548 43,881166 3322,438 239 7,090 5,879 Feb. 28 73,180 39,582 24,490 9,108 13,236 87,905 79,162 1,476 1,654 43,04832,948 165 7,098 5,871 Mar. 28 73,317 39,890 24,187 9,24012,734 87,592 78,807 1,452 1,840 41,94533,533 142 7,139 5,857 Apr. 25* 74,275 40,503 24,384 9,388 13,046 88,846 79,997 1,467 1,208 43,4433"9 "3,3846 1„„6 8 7,180 5,846 May 30? 74,582 40,861 24,235 9,48612,959 89,001 79,957 1,355 2,046 42,"2"92 34,227 263 7,228 5,845 5 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 noninsurea 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 717 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total o G U b o l . i S v g . t a . - O s r e i t t c h ie u e s - r a C ss a e s t h s 2 c b T a i a l l o p i i n a t t i d i a t - e a l s l Total 2 D In e t - erbank2 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s tions co a u c n - ts 3 mand Time U. S. Time Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,,426 1945—Dec. 31 121,809 25,765 88,912 7,13134,292157,544 147,775 13,883 13,740 80,27629.876 215 8,67113,,297 1947—Dec. 31 114,274 37,583 67,941 750 36 926152,733141,85112,615 54 1,325 92;97534;882 61 9,73413,,398 1958—Dec. 31 183,596 97,730 65,669 20198 48;689 236 214,48515,653 2,209 4,241 129,21463,168 67 15413,101 1959—Dec. 31 188,790110,299 58,348 20143 49,;158 242; 218,474'5,500 1,358 5,037130,72065,858 60219;2O613,1O7 I960—Dec. 31 198,011117,092 60,46820,451 836 255 228,401 6,921 1,667 5,932 132; 71,348 149 62813,119 1961—June 30 200,353117,400 61,297:2 1,,655 45;329 251 223,603 3,475 305 6,352 124; 79,068 433 37713,129 Dec. 30....... 213,904 12-'4,348 66,026 23,53156,086 276,600 247,176 7,737 333 5,934 141: 82,122 462 22,08913,108 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 43,433 39,458 6,786 1,088 23,262 ,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 ,137 20 114 90,220 84,939 9,229 4,013 45,47316,224 78 4,664 5,017 1947—Dec. 31 65,280 21,428 38,674 , 178 22,024 8,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1958—Dec. 31 99,277 52,627 35,71410,93626,781128,397116,714 9,035 767 2,292 69,80834,812 43 9,643 4,578 1959—Dec. 31 102,615 59,962 31,76110,892 27,464132,636119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 I960—Dec. 31 107,546 63,694 32,71211,14028,675139,261124,911 9,829 611 3,265 71,660 3"9",546 11111,098 4,530 1961—June 30 108,843 63,440 33,52211,88125,274 137,299122,485 7,749 99 3,541 67,60143,494 35511,439 4,524 Dec. 30 116,40: 67,309 36,08813,00631,078150,809135,51110,359 104 3,315 76i,,2"9""2 45",441 22511,875 4,513 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9.731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1958—Dec. 31 55,588 31,435 18,585 5 16,407 73,620 66,102 6,192 1,420 1,530 40,640 1'6,320 10 5,817 1,734 1959—Dec. 31 55,264 34,817 15,052 5 396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 1960—Dec. 31 58,073 36,240 16,394 5,43917,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 1,644 1961—June 30 59,207 36,553 16,839 5,81514,809 76,420 66,741 5,328 177 2,190 37,96721,080 27 6,588 1,617 Dec. 30 63,196 38,924 17,971 6,30218,501 84,303 74,119 6,835 199 2,066 43,30321,716 213 6,763 1,600 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 1959—Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,732 '1"3,059 2,944 6,878 I960—Dec. 31. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,140 14,095 3,232 6,948 1961—June 30 32,318 17,416 10,941 3,961 4,247 38,206 34,391 398 621 18,83514,509 3,351 6.990 Dec. 30 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 21,45614,979 3,452 6,997 Noninsured nonmember commerical banks: 1941—Dec. 31 1,45 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 315 2,009 474 1,280 255 576 2,643 2,251 177 185 18 '1,392 478 325 783 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 9 890 325 332 399 1959—Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 13 873 311 350 366 1960—Dec. 31 1,498 550 535 413 314 1,883 1,443 159 132 13 846 293 358 352 1961—June 30 1,495 553 526 416 266 1,839 1,394 158 156 10 758 311 368 333 Dec. 30 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 370 323 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947__Dec. 315 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7, ,,2~6,x1 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028! 7,192 1959—Dec. 31 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294, 7,244 1960—Dec. 31 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,98614,388 3,5Qf)| 7,300 1961—June 30 33,813 17,968 11,467 4,377 5,513 40,045 35,785 556 185 631 19,59314,820 3,7191 7.323 Dec. 30 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 3,822 7,320 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 10,351 1,034' 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 12,192 1,252 194 1958—Dec. 31 28,980 19,180 5,215 4,585 75: 30,189 27,27' 2827,243 2,473 241 1959—Dec. 31 30,580 20,942 5,016 4,622 686 31,743 28,577 2828,544 2,654 268 I960—Dec. 31 33,794 23,852 4,787 5,155 766 35,092 31,50f 2931,468 2,9981 325 1961—June 30 34,764 24,775 4,741 5,248 756 36,074 32,530 25' 32,267 3,090! 325 Dec. 30 35,660 25,812 4,690 5,158 828 37,065 33,400 256 3"3",137 3,191 330 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 315 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,76f 746 278 1959—Dec. 31 6,981 4,184 1,848 949 14: 7,200 6,405 6,404 705 249 1960—Dec. 31 5,320 3,270 1,453 59' 107 5,481 4,850 4,850 555 189 1961—June 30 5,580 3,436 1,540 604 106 5,744 5,020 5,019 570 189 Dec. 30 5,600 3,581 1,446 57! 108 5,768 5,087 5,083 577 184 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

718 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for Loans Oblic b o c C a m 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 o e a n e n t n d a s t s t l s 2 - TotaP c o m m c i p k l i p n u i n a e a e a e g d - r r - t l n - - - A c tu u a g r l l r - - i- " o p b k d a s T r u r e e n e o r r a d o c c s c - l " a u - h r r a o r it y s t i T i h i e n n o e s g g rs b i a T n n f s o 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 ta a e t n a e l s O lo u v d i t t a a i n h o i d l n - - e s - s r O lo th a e n r s To U ta . l S. B G i o ll v s ern C t m i e fi e r - - nt o N b o li t g es atio B n o s nds S p t d s a i i g t o o u o c i a n a v l a f n b t d i - i e l t s - - - s O S ri t e t h c i e e u r s per sions Total: 3 1947_Dec- 31 . 116,28438,057 18,1671,660 830 1,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 5,,276 3,729 1960—Dec. 31.. 199,509117,642 43,125 5_,6"7-6 3,2841,833 966 7,106 28,713 26,396 2,901I 61., 0038,072 2,920 19,013 30,99817,570 3,,294 1961—June 30.. 201,848117,953*42,759 6,044 2,9331,994 993 6,00129,26527,283 3,110022 61,824 7,379 3,330 2"0",,52830,587 18,728 3,344 Dec. 30.. 215,441124,925 45,,172 6 248 4,0"5"6 22,134 1,033 7,31130,"3"2"0 27,847 3,412 66,57811,488 2,114 26,336 26,64120,345 3,592 All insured: 1941—Dec. 31.. 49,29021,259 9,214 1,450 614 662 40 4,773 505 21,046 988 3,159 16,,899 3,6513,333 1945—Dec. 31..121,80925,765 9,461 1,314 3,164 3,606 49 4,677 1,132 88,9122,45519,07116,045 5511,,342 3,8733,258 1947—Dec. 31. 114,27437,58318,012 1,610 8"231,190 114 9,266 5,654 914 67,9412.124 7,552 5,918 52,,347 5,,112299 "3621 1960—Dec. 31..198,011117,092 42;957 5,628 3,2471,811 965 7,090 28i602 26,263 883 60,4687,994 2,8841188,,886 830,722 177,300 3,150 1961—June 30.. -200,353117,400 42,569 6,005 2,9091,970 993 5,98129,159 27,147 085 61,2977,299 3,2"9"5" 2200,336666 30,337 18,,454 3,201 Dec. 30..213,904124,348 44,965 6,211 4' ^3"0" 2,107 1,027 7,296 30^1127,708 396 66,02611,356 2,098 26,145 26,426 20,0683,462 Member, total: 1941—Dec. 31.. 43,52118,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,18322,775 8,949 885555 3,133 3,378 47 3,455 1,900 1,057 78,3382,27516,98514,27144,807 3,254 2,815 1947—Dec. 31.. 97.84632.628 16,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4'5",295 4,199 3.105 I 1 9 9 6 6 0 1 — — D Ju e n c e . 3 3 1 0 . . . . 1 1 6 6 5 8 , , 6 0 1 4 9 9 9 99 9 , , 9 9 9 3 2 3 3 39 8 , ;8 2 7 8 2 8 3 3 ' , ,7 _5 2 _0 1 9 2 3 ? , 8 1 0 2 4 1 1 7 , Q 5 9 64 9 9 4 7 7 0 6 5 , , 7 6 2 4 6 4 2 2 2 3 , , .5 0 .1 8 8 6 2 2 2 1 , , 4 6 2 2 1 2 2 2 , , 9 6 0 9 0 4 5 4 0 9 , , 3 1 6 0 1 66 5, , 9 4 6 0 2 2 2 2, , 9 2 5 9 1 6 1 16 5 ,, , 4 0 7 7 6 2 2 2 4 5 , ,, 9 33 7 5 2 1 1 4 5 , , 1 2 4 2 1 0 2 22, , 4 4 7 3 5 9 Dec. 30.. 179,599106.232 40,931 33,,993344 3,8771,827 1,014 6,893 23,987 22,852 3,198 5"4 ,0589,229 1,842 21,390 21,598 16,6912,617 1962—Mar. 26*>. 179,274106,765 40,637 44,008866 33;5 54444 11J777766 2,510 6,060 24,272 22,767 3,426 51,9277,262 3,184 20,122 21,35817,993 "2,589 New York City:4 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31. 20,393 7,179 5,361 545 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1960-Dec. 31.. 27,72618,46510,876 101,574 399 500 1,799 868 1,930 940 6,980 1,422 578 1,708 3.272 1,964 317 1961—June 30.. 28,22018,05410,578 31,629 429 476 1,448 841 2,074 1,025 7,642 1,512 887 1,882 3,362 2,196 328 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 1962—Mar. 26*>. 29,93019,79511,064 12 2,031 456 798 1,463 992 2,035 1,452 6,805 1,471 603 2,410 2,320 3,045 285 Chicago:4 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1960—Dec. 31.. 7,050 4,485 2,690 322 134 564 196 421 197 1,882 132 37 663 1,050 607 76 1961-June 30.. 7,020 4,249 2,555 205 131 459 202 538 188 2,057 438 153 595 871 630 84 Dec. 30.. 7.606 4,626 2,609 354 137 669 221 476 229 2,041 478 92 728 743 816 124 1962—Mar. 26?. 7,687 4,494 2,677 202 130 575 235 447 270 2,223 681 202 647 693 886 83 Reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 2:99;, 555522 1,0346,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 15 3,147 1,969 3512200,,119966 373 2,358 1,90115,563 1.342 [.053 1960—Dec. 31.. 62,95340,00216,223 887 719 739 351 3,216 9,005 8,721 909 1177,,339966 2,03i 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 1962—Mar. 26». 68,37342,58816,690 1',116 912 749 1,179 2,872 9,748 9,177 98018,7~"7"9 2,038 1,333 7,872 7,535 6,278 728 Country 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,,222 1,028 1945—Dec. 31., 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,544 116,722 1,342 1,067 1947—Dec. 31.. 36,32410,199 3,096 818 23 227 5 3,827 1,979 224(22,857 480 2,583 2,108 117,687 2,0061,262 I960—Dec. 31.. 67,89036,981 9,499 2,589 508 293 29 1,14712,44910,550 647 22,8482,817 888 7,240 l1i1,;903 6,7521,308 1961—June 30.. 69,13937,942 9,,877 2,737 337 400 59 986 12,78810,855 659 22,6082,228 737 7,706 111,937 7,220 %1368 Dec. 30.. 73,13139,69310,,165 2,811 591 438 116 1,25113,24211,132 751 2"4' ',4"0"7" 3,614 566 9',560 10,667 7,530 1,500 1962—Mar. 26». 73,28439,88810', 206 2,936 399 441 448 1,14913,29711,108 722 24,120 3,071 1,047 9,192 10,810 7,784 1,493 Nonmember:3 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 I960—Dec. 31... 33,91017,719 3,8382,167 161 269 379 6,205 4,774 207 11,904 ,670 624 3,941 5,668 3,431 857 1961—June 30.. 33.81317,968 3,886 "2,323 153 285 357 6,187 4,862 202111,4671.417 380 4.052 5.618 3.508 Qf.Q Dec. 30.. 35,856 18,700 4,2412,314 179 306 418 6,341 4,995 214,12,5252,259 272 4,947 5,046 3,655 976 1 All commercial banks in the United States. These figures exclude status, and the reserve classifications of cities and individual banks, and data for banks in U. S. possessions except for member banks. During by mergers, etc. 1941 three mutual savings banks became members of the Federal Reserve 2 Beginning with June 30, 1948, figures for various loan items are System; these banks (2 beginning with June 1960 and 1 beginning shown gross (i.e., before deduction of valuation reserves); they do not September 1961) are included in member banks but are not included in all add to the total and are not entirely comparable with prior figures Total insured or total banks. Comparability of figures for classes of banks is loans continue to be shown net. affected somewhat by charges 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 719 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits co b c C m a a l n l a m l k s d e s a a r o c n te f i d al F B s s w e e R R e a d r r i n e e v t e v - - k h e r e s s al C va i a n u s l h t b m a a w B d n e n a o i c s t k l - e t - h i s s c 5 ju p m D o s d a a t e d s e n e - i - - t d d s 6 m D e I o n d s - t e t i e p c r 5 o b s a i e n F ts i k g o n r- 7 G U o .S v . t. ) v s S o i u a t s l a b i n i t o t d d i 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, a p v n s a p i I t d h d i r n o o t u i d r n p c n a a i e o s s - l - , 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 v v d S t s - t a . . l S s p i a i u t s o c a n i b l a o t d i d e l t n - s i s - p a v n a s p i I t h d i r d n o t i u d r n c p a a i o e s - l - , r r s - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s Total: 3 1947_Dec. 31... 17,796 2,216 10,216 87,123 115362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,833 65 0,059 1960—Dec. 31... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 163 20,986 1961—June 30... 16,488 2,903 11,184112,030 12,568 1,064 6,362 11,849 3,759 109,553 461 288 5,266 73.826 443 21,745 Dec. 30... 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 471 22,459 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 1 1 9 96 6 1 0 — — J D u e n c e . 3 3 0 1 . . . . . . 1 1 6 6 s , 7 4 2 8 0 8 3 2 , , 3 88 2 5 6 1 1 3 0 , , 4 9 0 5 9 9 1 1 1 1 4 1 , ,1 2 8 9 7 2 1 12 5 , , 4 3 4 3 3 9 1 1, , 0 5 3 8 1 2 6 5 , , 3 9 5 3 2 2 1 11 1 , , 7 5 5 8 4 2 4 3 , , 5 7 6 2 4 5 1 1 1 0 6 8 , , 3 9 8 2 8 4 1, 3 6 0 6 5 7 2 28 6 8 2 4 5 , , 4 2 8 0 1 9 6 7 6 3 , , 6 5 0 7 5 2 4 1 3 4 3 9 2 2 1 0 , , 3 6 7 2 7 8 Dec. 30... 16,918 3,670 13,871121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 462 22,089 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 5,886 1945_Dec. 31... 15,811 1,438 7,117 64,184 12,333 1,243 222,179 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 1960-Dec. 31... 16,720 > ,518 8,582 94,594 14,875 1,561 5,287 9,016 4,244 99,134 ,639 237 3,559 53,477 130 7,398 1961-J D u e n c e . 3 3 0 0 . . . . . . 1 1 6 6 , . 4 91 8 8 8 2 2, S1 8 4 1 2 3 6 8 , , 8 7 9 2 7 41 9 0 2 0 , , 7 6 5 6 0 0 1 1 2 5 , , 0 9 6 2 1 4 1 1 , , 0 2 1 7 6 0 5 5 , , 7 3 3 8 1 1 9 9 , , 2 4 4 8 1 7 4 3 , ,4 6 4 5 1 4 1 9 0 2 5 , , 8 4 8 5 6 4 2 3 7 0 6 3 2 2 6 6 3 0 4 4, , 3 2 7 0 1 3 6 6 0 2 , , 1 5 0 2 8 6 4 3 3 8 8 21 8 8 , , 6 0 3 2 8 7 1962—Mar. 26».. 16,519 2,866 6,828 94,143 12,203 1,108 6,124 8,617 3,258 93,661 332 261 4,866 66,6552,063 8,884 New York City:4 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 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1 1 9 9 6 6 1 0 — -D Ju e n c e . 3 3 1 0 . . . . . . 3 3 , , 3 5 9 6 8 3 1 1 9 3 9 0 1 9 4 8 7 1 1 5 6 , , 3 11 5 9 2 4 3 , , 1 4 0 6 5 2 1, 7 1 4 8 9 4 1 1 , , 2 3 1 8 7 0 3 3 0 6 5 5 2 1 , , 4 82 7 5 6 1 1 9 7 , , 0 6 5 4 1 2 , 1 2 6 1 7 6 2 2 0 4 3 5 6 3 , ,9 3 7 4 6 6 hi 3 3 , , 5 6 5 3 4 4 Dec. 30... 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 162 6,735 283 3,683 1962—Mar. 26*.. 3,271 231 68 16,005 3,215 824 1,379 243 1,830 17,271 198 220 7,38^ 829 3,707 Chicago:* 1941—Dec. 31... 1,021 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31... 942 200 3,153 1,292 1,552 237 66 3,160 719 377 1947—Dec. 31... 1,070 175 3,737 1,196 72 285 63 3,853 902 426 1960—Dec. 31... 899 171 3,968 1,327 327 298 102 4,499 51 1,521 35 822 1961—June 30... 994 111 3,881 1,093 380 364 113 4,125 10 1,910 10 848 Dec. 30... 889 158 3,809 1,578 369 315 124 4,830 14 1,996 35 870 1962—Mar. 26*.. 981 94 3,782 1,090 369 222 85 4,022 16 2,280 357 870 Reserve city: 1941—Dec. 31... 4,060 425 2,590 11,117 4,30: 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 2,566 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 1960—Dec. 31.. 7,354 753 2,610 34,357 7,688 301 1,960 3,329 953 37,986 326 85 1,787 20,652 73 6,423 1961—June 30... 7,104 654 2,071 33,43" 6,115 220 2,241 3,286 845 35,590 6: 101 2,197 22,901 131 6,684 Dec. 30.., 7,533 858 2,542 36,18 8,107 243 2,103 3,520 1,15 40,315 6: 110 2,310 23,962 81 6,997 1962—Mar. 26*. 7,445 897 2,137 34,11' 6,460 231 2,436 3,057 773 35,939 73 110 2,51~ 25,684 752 7,070 Country: 1941—Dec. 31.., 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 11 2,525 1947_Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 23 2,934 1960—Dec. 31.., 5,070 1,534 5,655 40,917 1,755 1,783 5,083 713 37,598 122 1,562 27,327 23 6,599 1961—June 30.., 4,828 1,329 4,618 39,318 1,392 1,730 5,226 65' 35,530 116 1,752 28,952 12 6,861 Dec. 30.., 5,210 1,678 5,881 43,575 1,910 1,641 5,320 796 40,095 108 1,891 29,834 40 7,088 1962—Mar. 26?. 4,822 1,705 4,530 40,237 1,438 1,940 5,094 570 36,429 103 2,125 31,303 125 7,237 Nonmember:3 1947_Dec. 31... 544 3,947 13,595 385 167 1,295 180 12,284 190 172 6,85! 1.596 1960—Dec. 31... 828 5,099 20,525 578 657 2,658 357 17,970 160 985 13,37! 3,590 1961—June 30... 761 4,288 19,280 507 631 2,609 318 16,666 18: 13,73: 3,720 Dec. 30.. 876 5,446 21,994 649 565 2,755 402 19,168 178 1,09- 14,16 3,822 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. 7 Beginning with June 1961, reclassification of deposits of foreign 4 Central reserve city banks. central banks reduced foreign interbank demand deposits by about $400 5 Beginning with 1942, excludes reciprocal bank balances. million and interbank time deposits by about $1,500 million. These 6 Through 1960, demand deposits other than interbank and U. S. amounts are now included in demand and time deposits of individuals, Government, less cash items reported as in process of collection; beginning partnerships, and corporations. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Wednesday m i T l n o a e v o n a n e t n d t a s s s t l - ! j i L m u n a s o a v e t n d a e e n d - n s d t t s s - 2 j L us a o t d a e - n d s 2 i C n m t a c r o d n i i e a m u a d r l l s - - - A t c u u g r l r a - i l - G U t l a T i o i o o g . n b o n v a d - S s - t b . . d r e o O a k c t l s u e t i e e h e r r r - s s e i s - r G U t l i o i T o o . g b S n v a o - . s - t . oth O c e t s u t i r e h e r s - s e i- r F ei o g r B n - ank c m m D c s o t e i i o e m a c s - r - l - - n s c s P a i a o o a n f N n e n i n l m - s e r d c a o t - s - e i l n tu b t a O io n t k n h s er e R st e a a t l e l o o A t a h l n e l s r V se t a r i r l e o v u - n e a s panies etc. Total- Leading Cities 1961 May 3 112,872 111,606 70,153 31,905 1,184 614 1,886 112 1,271 578 1,266 3,375 1,585 12,770 16,428 1,555 10 112,698 111,272 70,109 31,803 1,185 594 1,952 109 1,268 576 1,426 3,292 1,603 12,803 16,481 1,557 17..... 113,820 112,822 70,432 31,883 1,185 891 1,923 108 1,285 558 998 3,287 1,618 12,825 16,427 1,558 24 113,308 111,927 69,901 31,586 1,197 549 1,922 126 1,310 561 1,381 3,287 1,639 12,842 16,439 1,557 31 113,444 112,147 69,913 31,460 1,141 542 1,897 108 1,326 585 1,297 3,382 1,675 12,855 16,504 1,562 1962 Apr-,?:::::::::: 120,912 119,202 73,874 33,064 1,329 581 2,250 109 1,383 700 1,710 3,309 2,257 13,624 16,989 1,721 120,992 119,628 74,054 32,970 1,350 687 2,276 132 1,396 718 1,364 3,194 2,280 13,703 17,068 1,720 18 122,684 121,069 74,671 32,987 1,354 1,025 2,319 118 1,413 696 1,615 3,250 2,316 13,757 17,159 1,723 25 122,089 120,482 74,483 32,778 1,364 866 2,308 117 1,412 700 1,607 3,266 2,324 13,840 17,231 1,723 May 2 123,697 121,909 75,930 32,937 1,372 1,371 2,541 121 1,416 704 1,788 3,472 2,288 13,874 17,558 1,724 9 122,038 120,379 75,073 32,910 1,377 929 2,357 106 1,418 701 1,659 3,267 2,272 13,923 17,536 1,723 16 123,080 121,312 75,429 33,123 1,377 1,102 2,160 96 1,416 681 1,768 3,334 2,312 13,990 17,557 1,719 23 122,548 120,832 74,719 32,978 1,384 546 2,154 93 1,398 702 1,716 3,262 2,308 14,041 17,570 1,717 122,354 120,660 74,647 32,854 1,378 487 2,123 91 1,408 693 1,694 3,316 2,320 14,068 17,625 1,716 30 New York City 1961 27,428 26,670 17,609 10,631 313 1,194 374 301 758 1,114 286 759 3,044 432 May 3 27,236 26,659 17,585 10,560 356 1,257 378 294 577 1,039 300 770 3,040 432 10 27,394 27,267 17,870 10,588 614 1,226 384 292 127 1,048 301 775 3.051 432 17 27,292 26,827 17,512 10,425 368 1,262 390 291 465 1,056 302 771 3,057 432 24 27,478 26,962 17,507 10,415 288 1,238 402 301 516 1,129 309 777 3,061 435 31 1962 Aprit:::::::::: 29,080 28,385 18,552 11,042 293 1,235 445 334 695 1,086 466 893 3,222 495 29,206 28,936 18,751 10,975 428 1,324 446 357 270 ,004 497 913 3,242 495 18 29,978 29,462 18,980 10,937 639 1,349 451 336 516 ,062 503 927 3,226 495 25 29,646 29,109 18,690 10,787 501 1,327 445 343 537 ,075 496 927 3,240 495 May 2 30,360 29,802 19,617 10,865 1,014 1,480 447 340 558 ,201 498 932 3,293 496 9 29,346 28,663 18,830 10,812 611 1,343 444 348 683 ,032 488 941 3,280 496 16 29,664 29,130 19,016 10,877 733 1,271 440 336 534 ,087 486 952 3,298 490 23 29,435 28,756 18,398 10,794 380 1,151 429 347 679 ,043 481 963 3,274 490 30 29,332 28,514 18,261 10,742 297 1,133 432 336 818 ,080 480 955 3,270 490 Outside New York C'ty 1961 85,444 84,936 52,544 21,274 1,179 301 692 92 897 277 508 2,261 1,299 12,011 13,384 1,123 May 3 85,462 84,613 52,524 21,243 1,180 238 695 91 890 282 849 2,253 1,303 12,033 13,441 1,125 10 86,426 85,555 52,562 21,295 1,180 277 697 90 901 266 871 2,239 1,317 12,050 13,376 1,126 17 86,016 85,100 52,389 21,161 1,192 181 660 109 920 270 916 2,231 ',337 12,071 13,382 1,125 24 85,966 85,185 52,406 21,045 1,136 254 659 91 924 284 781 2,253 ,366 12,078 13,443 1,127 31 1962 Apr. 4 91,832 90,817 55,322 22,022 1,319 288 1,015 938 366 1,015 2,223 ,791 12,731 13,767 1,226 11 91,786 90,692 55,303 21,995 1,340 259 952 950 361 1,094 2,190 ,783 12,790 13,826 ',225 18 92,706 91,607 55,691 22,050 1,344 386 970 962 360 1,099 2,188 ,813 12,830 13,933 ,228 25 92,443 91,373 55,793 21,991 1,354 365 981 967 357 1,070 2,191 ,828 12,913 13,991 ,228 May 2 93,337 92,107 56,313 22,072 1,362 357 1,061 969 364 1,230 2,271 ,790 12,942 14,265 1,228 9 92,692 91,716 56,243 22,098 1,368 318 1,014 974 353 976 2,235 ,784 12,982 14,256 1,227 16 93,416 92,182 56,413 22,246 1,368 369 889 976 345 1,234 2,247 ,826 13,038 14,259 1,229 23 93,113 92,076 56,321 22,184 1,375 166 1,003 969 355 1,037 2,219 ,827 13,078 14,296 1,227 30 93,022 92,146 56,386 22,112 1,369 190 990 976 357 876 2,236 ,840 13,113 14,355 1,226 1 After deduction of valuation reserves. 2 Exclusive of loans to domestic commercial banks and after deduction of valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 721 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— Wednesday Total Bills c C t a i e f t i e r - - s W 1 i y i N n t e h a o - m r te a s 5 t u a 1 y r n e i t d n a o g rs b — o 5 n A d y f s e te a r rs O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i i a c c t l k e e h - s s s- b a w e B f a n o i n a i g c r t k l e n - h - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n v e t R k - h e . s s a o s A t s h e l e l t r s a c l c T i a c a a t p o i o b n e i t i u d t s a l a n i l - l ts Total— Leading Cities 1961 May 3 30,590 3,728 1,410 4,472 16,103 4,877 10,863 16,856 3,095 156 1,278 12,327 4,319 145,782 10 30,290 3,379 1,485 4,512 16,071 4,843 10,873 16,663 2,765 133 1,347 12,418 4,288 145,102 17 31,438 3,447 2,203 4,973 16,168 4,647 10,952 17,192 2,961 117 1,354 12,760 4,125 147,927 24 31,188 3,259 2,257 4,996 16,089 4,587 10,838 16,565 2,639 129 1,393 12,404 4,192 144,680 31 31,397 3,461 2,292 5,108 16,033 4,503 10,837 16,637 2,958 113 1,395 12,171 4,339 146,569 1962 31,923 4,248 2,364 6,317 14,881 4,113 13,405 17,363 2,899 172 1,361 12,931 4,602 155,342 Apr->!::::::::: 31,851 4,266 2,348 6,296 14,836 4,105 13,723 17,096 2,772 153 1,515 12,656 4,555 155,576 18 32,441 4,381 2,351 6,341 14,834 4,534 13,957 17,248 2,871 154 1,531 12,692 4,544 158,148 25......... 32,097 4,037 2,365 6,339 14,808 4,548 13,902 17,295 2,774 152 1,571 12,798 4,541 155,779 May 2 32,069 3,874 2,370 6,455 14,805 4,565 13,910 17,241 2,968 137 1,443 12,693 4,701 159,588 9 31,667 3,432 2,371 6,501 14,798 4,565 13,639 16,853 2,667 153 1,478 12,555 4,600 155,410 16 32,125 3,831 2,171 6,536 14,584 5,003 13,758 17,393 2,922 136 1,489 12,846 4,478 159,508 23 32,320 3,970 2,147 6,635 14,525 5,043 13,793 16,825 2,640 153 1,540 12,492 4,489 155,769 32,256 3,962 2,121 6,608 14,535 5,030 13,757 17,132 2,887 164 1,581 12,500 4,572 156,349 30 New York City 1961 6,495 915 636 826 3,286 832 2,566 3,723 175 3,387 1,856 37,024 May 3 6,599 939 704 843 3,276 837 2,475 3,884 190 3,551 1,837 37,225 10 6,911 1,034 755 ,084 3,245 793 2,486 4,254 176 3,929 1,765 37,890 17 6,855 935 803 ,099 3,220 798 2,460 3,921 187 3,599 1,828 36,886 24 6,994 1,005 831 ,135 3,236 787 2,461 3,652 184 3,352 1,889 37,469 31 1962 Apr. 4 6,480 1,233 570 ,424 2,426 827 3,353 4,026 94 210 3,636 1,976 39,378 11 6,727 1,489 579 ,449 2,373 837 3,458 3,913 63 227 3,545 1,928 39,582 18 6,923 1,560 587 ,446 2,375 955 3,559 3,820 89 215 3,440 1,908 40,534 25 6,892 1,517 592 ,447 2,388 948 3,527 4,106 71 220 3,739 1,901 39,581 May 2 6,766 1,210 669 ,567 2,382 938 3,419 3,896 122 210 3,494 2,012 41,413 9 6,705 1,135 665 ,556 2,402 947 3,128 3,563 77 222 3,186 1,938 39,030 16 6,945 1,413 451 ,406 2,511 1,164 3,169 4,158 69 209 3,814 1,873 40,788 23 7,207 1,603 451 ,458 2,515 1,180 3,151 3,805 63 220 3,440 1,901 39,404 30 7,111 1,562 437 ,429 2,516 1,167 3,142 3,705 69 221 3,328 1,888 39,479 Outside New York City 1961 May 3 24,095 2,813 774 3,646 12,817 4,045 8,297 13,133 3,005 1,103 8,940 2,463 108,758 10 23,691 2,440 781 3,669 12,795 4,006 8,398 12,779 2,692 1,157 8,867 2,451 107,877 17 24,527 2,413 1,448 3,889 12,923 3,854 8,466 12,938 2,865 1,178 8,831 2,360 110,037 24 24,333 2,324 1,454 3,897 12,869 3,789 8,378 12,644 2,569 1,206 8,805 2,364 107,794 31 24,403 2,456 1,461 3,973 12,797 3,716 8,376 12,985 2,891 1,211 8,819 2,450 109,100 1962 Apr. 4 25,443 3,015 ,794 4,893 12,455 3,286 10,052 13,337 2,805 1,151 9,295 2,626 115,964 11 25,124 2,777 ,769 4,847 12,463 3,268 10,265 13,183 2,709 1,288 9,111 2,627 115,994 18 25,518 2,821 ,764 4,895 12,459 3,579 10,398 13,428 2,782 1,316 9,252 2,636 117,614 25 25,205 2,520 ,773 4,892 12,420 3,600 10,375 13,189 2,703 1,351 9,059 2,640 116,198 May 2 25,303 2,664 ,701 4,i 12,423 3,627 10,491 13,345 2,846 1,233 9,199 2,689 118,175 9 24,962 2,297 ,706 4,945 12,396 3,618 10,511 13,290 2,590 1,256 9,369 2,662 116,380 16 25,180 2,418 ,720 5,130 12,073 3,839 10,589 13,235 2,853 1,280 9,032 2,605 118,720 23 25,113 2,367 ,696 5,177 12,010 3,863 10,642 13,020 2,577 1,320 9,052 2,588 116,365 30 25,145 2,400 ,684 5,179 12,019 3,863 10,615 13,427 2,818 1,360 9,172 2,684 116,870 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday u T n o a ta d l - m D d a e e n - - d p v a i I d r n t u d n a i e - l r s - , S p a t o a n l t i d e t- s m D ti e o c s - - Indi- Oth S er t a t t i e m s e F F r . o R m . 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 t a u c a p n - l - ts justed i posits Totals ical For- U.S. com- Totals Sav- viduals, and Banks ad- and sub- eign4 Gov't. mer- ings partner- polit- Forjusted2 corpo- divi- cial ships, ical eign * rations banks and subcorpo- divirations sions Total— Leading Cities 1961 May 3 126,767 62,550 88,229 63,869 5,572 1,512 2,85411,090 38,538 27,902 5,699 2,775 1,868 25 ,277 5,261 12,452 10 125,608 62,246 86,840 63,490 5,186 1,612 2,244 10,897 38,768 27,994 2,797 1,890 192 ,626 5,214 12,462 17 128,205 61,313 89,331 63,926 5,138 1,625 3,994 11,234 38,874 28,066 2,803 1,894 715 ,277 5,26812,462 24 125,107 61,876 86,041 62,651 5,223 1,562 3,446 10,104 39,066 28,131 2,839 1,920 176 ,607 5,32912,461 31 127,247 62,120 88,056 64,168 5,490 1,564 2,98210,805 39,19128,202 5,939 2,837 1,913 46 ,426 5,341 12,509 1962 134,^,932 62,012 89,636 64,447 4,885 1,649 3,092 12,067 45,296 31,726 7,719 3,238 2,248 67 2,075 5,115 13,153 135,109 63,723 89,711 66,536 4,770 1,650 1,489 11,566 45,398 31,749 7,762 3,287 2,231 247 1,847 5,20213,171 18 137,24164,345 91,796 67,691 4,933 1,652 1,994 11,785 45,445 31,678 7,840 3,351 2,213 224 2,169 5,37313,141 25 135,077 6"4,321 89,564 66,274 5,146 1,715 2,593 10,796 45,513 31,723 7,821 3,381 2,223 266 1,976 5,318 13,142 May 2 138,73163,071 93,061 65,458 5,771 1,731 4,744 11,297 45,670 31,757 7,879 3,426 2,245 36 2,098 5,49813,225 9 134,859 6"1,842 88,959 63,380 5,366 1,684 4,201 10,997 45,900 31,871 7,984 3,420 2,256 36 1,948 5,33013,237 16 138,450 60,657 92,378 64,770 5,179 1,685 5,72511,439 46,072 31,955 8,082 3,394 2,267 174 2,186 5,47813,220 23 134,954 60,857 88,675 62,589 5,404 1,622 5,521 10,390 46,27932,045 8,190 3,404 2,264 44 2,120 5,434 1133,217 135,78161,621 89,297 63,705 5,404 1,601 5,02810,357 46,48432,094 8,344 3,403 2,265 38 1,804 5,47313,253 30 New York City 1961 30,35716,553 24,258 16,903 469 1,146 785 2,903 6,099 2,540 1,756 239 1,444 327 2,751 3,589 May 3 30,15416,121 23,979 16,693 265 1,242 612 2,978 6,175 2,555 1,803 239 ',455 127 644 2,708 3,592 10 30,64916,019 24,469 16,796 282 1,257 1,020 2,953 6,180 2,564 1,797 240 ,451 230 732 2,685 3,594 17 29,77616,167 23,530 16,635 268 1,205 841 2,677 6,246 2,573 1,822 253 ,471 58 712 2,756 3,584 24 30,70716,055 24,412 17,197 274 1,204 756 3,151 6,295 2,582 1,876 246 ,465 396 2,766 3,600 31 1962 31,95015,967 24,319 16,620 338 1,239 900 3,156 7,631 3,307 2,349 200 ,604 912 2,799 3,717 31,92816,496 24,313 17,196 349 1,253 402 2,880 7,615 3,330 2,328 200 ,581 1,036 2,848 3,723 18 32,77816,677 25,153 17,759 282 1,229 603 3,045 7,625 3,330 2,357 197 ,569 1,134 2,833 3,718 25 31,97616,772 24,345 17,366 285 1,303 860 2,785 7,631 3,345 2,342 193 ,579 1,008 2,826 3,710 May 2 33,73416,289 26,096 17,075 439 1,318 1,633 3,029 7,638 3,355 2,323 189 ,601 1,072 2,866 3,741 9 31,72115,575 24,007 16,109 316 1,280 1,349 2,900 7,714 3,377 2,364 191 ,607 815 2,750 3,744 16 33,04315,345 25,268 16,592 293 1,281 1,657 3,173 7,775 3,395 2,391 188 ,624 37 1,269 2,700 3,739 23 31,93115,377 24,086 16,078 365 1,218 1,562 2,884 7,845 3,422 2,436 185 ,624 968 2,769 3,736 30 32,34115,650 24,411 16,666 330 1,203 1,378 2,829 7,930 3,429 2,505 193 ,623 615 2,786 3,737 Outside New York City 1961 May 3 96,410 45,997 63,971 46,966 5,103 366 2,069 8,187 32,43925,362 3,943 2,536 424 25 950 2,510 8,863 10 95,45446,125 62,861 46,797 4,921 370 1,632 7,919 593 25,439 3,987 2,558 435 65 982 2,506 8,870 17 97,556 ,294 64,862 47,130 4,856 368 2,974 8,281 694 25,502 4,008 2,563 443 485 545 2,583 8,868 24 95,33145,709 62,511 46,016 4,955 357 2,605 7,427 32;820 25,558 4,049 2,586 449 118 895 2,573 8,877 31 96,540 46,065 63,644 46,971 5,216 360 2,226 7,,654 32896 25,620 4,063 2,591 448 46 1,030 2,575 8,909 1962 Apr-if:::::: 1 1 0 0 3 2 , , 1 9 8 8 1 2 4 47 6 , , 2 0 2 4 7 5 6 65 5 , , 3 3 9 1 8 7 4 4 7 9 , , 8 3 2 4 7 0 4 4 , , 5 4 4 2 7 1 4 3 1 9 0 7 2 1 , , 1 0 9 8 2 7 8 8 , , 9 6 1 8 1 6 3 33 7 77 ,, ,7 6 78 6 83 5 3 2 2 28 8 8, , 4 4 1 1 9 9 5 5 , , 3 4 7 3 0 4 3 3 , , 0 0 3 8 8 7 6 6 4 5 4 0 2 6 0 7 0 1, 8 1 1 6 1 3 2 2 , , 3 3 1 5 6 4 9 9 , , 4 4 3 4 6 8 18 104,463 4477,668 66,643 49,932 4,651 423 1,391 8,740 37,,8 20 28,348 5,483 3,154 644 153 1,035 2,540 9,423 25 103,10147,549 65,219 48,908 4,861 412 1,733 8,01137,882 28,378 5,479 3,188 644 205 968 2,492 9,43?. May 2 104,997 46,782 66,965 48,383 5,332 413 3,111 8,26838,032 28,402 5,556 3,237 644 36 1,026 2,632 9,484 9 103,138 46,267 64,952 47,271 5,050 404 2,852 8,097 3388;1 18866 2288,494 5,620 3,229 649 36 1,133 2,580 9,493 16 105,407 45,312 67,110 48,178 4,886 404 4,068 8,266 38297 28,560 5,691 3,206 643 137 917 2,778 9,481 23 103,023 45,480 64,589 46,511 5,039 404 3,959 7,506 38 434 28,623 5,754 3,219 640 44 1,152 2,665 9,481 30 103,440 45,971 64,886 47,039 5,074 398 3,650 7,528 38 554 28,665 5,839 3,210 642 38 1,189 2,687 9,516 1 Total demand and total time deposits. 4 Comprises deposits of foreign governments and official institutions, 2 Demand deposits other than domestic commercial inteibank and central banks, international institutions, banks in foreign countries, and U. S. Government, less cash items reported as in process of collection. foreign branches of U. S. banks other than reporting bank. 3 Includes certified and officers* checks and deposits oi mutual savings 5 includes U. S. Government, postal savings, domestic commercial backs not shown separately. interbank, and mutual savings banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 723 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY! [Net increase, or decrease (—), during period.2 In millions of dollars] Week ending— Month Quarter Half year Business of borrower 3 1962 1962 1962 1961 1961 1960 M 3 a 0 y M 23 ay M 1 a 6 y M 9 ay May May Apr. Mar. J M an ar .- . O De c c t . .- J S u e l p y t - . D Ju ec l . y - 4 J D u e l c y . - Classification basis New Old Durable goods manufacturing: 16 -23 2 -6 -80 -91 -37 25 -12 68 Machinery . . .. n -3 4 1 20 15 -90 116 138 -75 Transportation equipment -1 -7 -31 50 2 -30 97 69 26 -301 -324 -665 Other fabricated metal products.. . 9 -6 14 -3 22 28 -19 67 76 -41 Other durable goods 24 27 54 6 44 16 -103 n.a. -112 n.a. Nondurable goods manufacturing: 4 T F e o x o t d il , e l s i , q a u p o p r, a r a e n l d , a t n o d b a l c e c a o ther -19 15 - - 2 4 6 2 4 2 1 6 -60 4 1 9 5 - - 3 i 7 o -146 7 - 1 6 0 6 3 -3 2 4 4 5 7 -2 3 9 9 0 7 1 4 5 3 6 -2 5 3 5 3 4 -2 5 1 7 5 9 P C e h t e r m ol i e c u a m ls r a e n f d in i r n u g b be .. r -1 -4 0 -11 2 11 3 6 -1 2 2 0 9 1 8 4 -1 89 -5 3 3 9 -2 6 5 0 -121 58 Other nondurable goods 2 -2 13 6 67 86 10 31 10 -64 n.a. -74 n.a. Mining, including crude petroleum and natural gas — 15 -4 15 -5 -8 25 -41 170 380 -5 405 -29 Trade: Commodity dealers -14 -34 -21 -36 3 -102 -25 -49 -77 357 102 460 507 O Re th ta e i r l wholesale - - 1 3 6 -6 1 -4 20 10 3 -4 4 -7 12 2 3 8 8 9 5 2 2 -1 1 8 0 5 1 1 0 } 1M 176 -26 Transportation, communication, and -49 -23 3 -6 -29 -104 -143 87 -288 233 49 286 61 Construction -2 7 36 20 30 90 45 37 18 9 43 52 35 All other types of business, mainly services -7 26 17 14 20 70 -6 67 79 297 131 440 310 Net change in classified loans -117 -146 179 -66 156 7 -315 749 80 1,292 190 1,510 615 Commercial and industrial change— all weekly reporting banks -124 -145 213 -27 159 76 -236 810 94 1,115 36 1,162 5305 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. * Includes data since Sept. 27 on new basis. 3 Because of ^classifications as of Sept. 27, 1961, many categories are 5 Reflects new coverage; see BULLETIN for June 1961, p. 654. not strictly comparable with prior data; for example, new "Mining" BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages; per cent per annum] Size of loan Size of loan A an re d a All (thousands of dollars) A an re d a All (thousands of dollars) period loans 1— 10— 100— 200 period loans 1 10— 100— 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly—cont.:2 19 large cities: New York City: 1961—Mar 4.75 5.67 5.40 5.03 4.64 1953 3.7 5.0 4.4 3.9 3.5 June 4.75 5.63 5.39 5.06 4.63 1954 3.6 5.0 4.3 3.9 3.4 Sept 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 June 4.95 5.84 5.45 5.15 4.82 1961 5.0 5.9 5.5 5.2 4.8 Sept 5.05 5.86 5.53 5.18 4.93 Dec 4.96 5.82 5.51 5.22 4.81 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 June 4.97 5.89 5.53 5.18 4.80 June 5.31 6.02 5.65 5.29 5.10 Sept 4.99 5.87 5.52 5.19 4.82 Sept 5.26 5.97 5.62 5.28 5.04 Dec 4.96 5.84 5.52 5.21 4.78 Dec 5.24 5.94 5.62 5.31 5.00 1962—Mar 4.98 5.89 5.54 5.21 4.81 1962—Mar 5.28 6.01 5.66 5.35 5.03 1 For description see BULLETIN for March 1949, pp. 228-37. per cent): 1953—Apr. 27, 3*4; 1954—Mar. 17, 3; 1955—Aug. 4, 3V4; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 3%; 1956—Apr. 13, 3V4; Aug. 21, 4; *957—Aug. 6, 4i/2; 1958— Ch N an O g T e E s .— the B r a e n a k ft e p r ri o m c e c u r r a re te d w on a s t h 3 e p f e o r l lo c w en in t g J a d n a . t e 1 s , ( 1 n 9 ew 53 l e A v p el r s . s 2 h 6 o , w 1 n 9 , 5 3 in . J 1 a 9 n 6 . 0 2 — 2 A , 4 u ; g A . 2 p 3 r. , 4 2 i 1 /2 , . 3V2; Sept. 11,4; 1959—May 18, 4i/2; Sept. 1, 5; and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Finance Prime company Prime com- paper bankers' 3-month bills 6-month bills 9- to 12-month issues Year, month, or week mercial placed acceptpaper, directly, ances, 3- to 5- 4- to 6- 3- to 6- 90 days3 Rate Rate Bills year months1 months2 on new Market on new Market (market Others issues 6 issue yield issue yield yield) 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—May 2.76 2.50 2.68 2.288 2.29 2.436 2.44 2.72 2.82 3.28 June 2.91 2.66 2.75 2.359 2.33 2.546 2.54 2.80 3.02 3.70 July 2.72 2.50 2.75 2.268 2.24 2.457 2.45 2.79 2.87 3.69 Aug ... 2 92 2 64 2 81 2 402 2 39 2.670 2.66 2.91 3.03 3.80 Sept 3.05 2.68 2.84 2.304 2.28 2.689 2.68 2.88 3.03 3.77 Oct 3 00 2 79 2 75 2 350 2 30 2.702 2.66 2.90 2.97 3.64 Nov 2.98 2.74 2.75 2.458 2.48 2.686 2.70 2.90 2.95 3.68 Dec 3.19 2.93 2.87 2.617 2.60 2.875 2.88 2.97 3.03 3.82 1962—Jan 3 26 3 05 3 00 2 746 2 72 2 965 2.94 3.19 3.08 3.84 Feb . 3 22 3 00 3 00 2 752 2 73 2.955 2.93 3.21 3.11 3.77 Mar 3.25 3.02 3.00 2.719 2.72 2.883 2.87 2.98 2.99 3.55 Apr 3.20 3.09 3.00 2.735 2.73 2.838 2.83 2.90 2.94 3.48 May 3.16 2.95 2.91 2.694 2.68 2.789 2.78 2.91 2.98 3.53 Week ending— 1962—May 5 3.13 3.00 3.00 2.748 2.74 2.845 2.83 2.94 2.97 3.52 12 3 13 3 00 2 95 2 720 2 67 2.816 2.77 2.90 2.91 3.47 19 3 13 2 96 2 646 2.67 2.744 2.77 2.91 2.99 3.55 26 3 20 2 88 2 88 2 700 2 69 2 795 2.77 2.92 3.04 3.57 June 2 3.25 2.88 2.88 2.656 2.68 2.743 2.76 2.88 3.00 3.53 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 i [Per cent per annum] Government bonds Corporate bonds3 Stocks5 State By selected By Dividend/ Earnings/ Year, month, or week U S n ta i t t e e s d and local3 Total4 ratings groups price ratio price ratio (longterm)2 Indus- Rail- Public Pre- Com- Com- Total 4 Aaa Baa Aaa Baa trial road utility ferred mon mon Number of issues 4-9 20 120 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—May 3.73 3.25 3.95 4.58 4.27 5.01 4.48 4.77 4.49 4.63 2.92 June 3.88 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 3.35 3.94 4.70 4.41 5.09 4.59 4.89 4.60 4.69 2.99 Aug 4.00 3.33 3.96 4.73 4.45 5.11 4.60 4.92 4.67 4.69 2.91 Sept 4.02 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 3.28 3.98 4.73 4.42 5.13 4.60 4.92 4.66 4.62 2.91 Nov 3.98 3.27 3.96 4.70 4.39 5.11 4.58 4.89 4.63 4.59 2.83 Dec 4.06 3.32 4.04 4.71 4.42 5.10 4.59 4.91 4.62 4.64 2.85 "5." 08* 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 3.08 3.83 4.70 4.42 5.07 4.57 4.90 4.62 4.52 2.95 Mar 4.01 3.03 3.66 4.67 4,39 5.04 4.52 4.88 4.60 4.48 2.95 Apr 3.89 2.98 3.55 4.63 4.33 5.02 4.46 4.86 4.56 4.45 3.05 May 3.88 3.21 2.98 3.55 4.58 4.28 5.00 4.42 4.83 4.50 4.45 3.32 Week ending— 1962—May 5 . . 3.87 3.16 2.92 3.52 4.61 4.30 5.02 4.43 4.85 4.54 4.43 3.16 12. . 3.85 3.17 2.93 3.52 4.59 4.29 5.00 4.43 4.84 4.52 4.42 3.23 19. . 3.87 3.18 2.94 3.52 4.58 4.28 4.99 4.42 4.82 4.49 4.43 3.23 26. . 3.90 3.24 3.00 3.58 4.57 4.27 4.98 4.41 4.81 4.48 4.44 3.39 June 1.. 3.89 3.27 3.04 3.60 4.58 4.28 4.98 4.42 4.81 4.48 4.54 3.57 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividends/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earnings/price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based stock are as of end of period. on 8 median yields for a sample of noncallable issues—12 industrial and 2 Series is based on bonds maturing or callable in 10 years or more. 2 public utility. For common stocks, the ratios are based 0114 the 50§ 3 Moody's Investors Service. State and local govt. bonds include gen- stocks in the price index. Quarterly earnings are seasonally adjusted eral obligations only. at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 725 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 19 x 5 ch 7 a -5 n 9 g = e 1 C 0 o 0 m ) mission index u o m f e trad- Ye o ar r , w m e o ek nth, t ( G U e l r o o . m n S v g . ) t . - 2 n g ( M i h r c a i i g d u p h e - a - ) l 3 g ( C h r r p a a i o o g d t r - e h e - - )3 Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y b c l- - Total Tot M al anu r D f a a b u c l - t e urin N d g o u n - - T p t r o i a o r n t n a s - - P u l i u i t t c i y b l - - - T n s a a r e f n a n r i v d d - c - e e , Min- s t s h i h a n ( a o o n i g r n f u d e 4 - s s ) rable ice Number of issues. 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—May.. 89.74 109.0 96.0 66.50 70.34 33.08 59.59 134.9 127.6 130.6 124.9 107.5 170.0 153. 96.9 4,617 June.. 87.83 106.8 95.0 65 6269.48 32.41 58.43 132.8 126.0 128.0 124.2 105.1 164.0 156.0 97.0 3,324 July.. 87.57 106,7 94.5 65.38 69.09 31.78 59.36 132.7 125.2 126.5 123.9 103.3 166.7 158.5 93.1 3,045 Aug.. 86.27 106.5 93.9 67.79 71.69 32.76 61.19 137.4 130.1 131.3 129.0 107.0 170.6 164.2 92.8 3,545 Sept.. 86.09 106.6 93.9 67.26 70.89 33.02 62.19 136.2 128.9 131.7 126.4 106.8 168.9 166.4 87.3 3,193 Oct.. 86.61 107.7 94.6 68.00 71.42 34.53 64.15 138.0 129.1 132.2 126.4 110.1 173.9 176.6 90.3 3,318 Nov.. 86.52 108.1 94.9 71.08 74.72 34.30 67.19 144.0 133.7 135.7 131.9 109.9 186.0 187.7 95.1 4,390 Dec... 85.61 107.3 94.5 71.74 75.81 33.21 65.77 145.8 135.6 138.1 133.3 107.9 188.4 188.0 101.1 4,120 1962—Jan.. 85.34 109.9 94.5 69.07 72.99 33.77 62.69 140.4 130.8 133.6 128.1 108.5 181.4 175.2 104.1 3,677 Feb.. 85.17 110.5 94.5 70.22 74.22 34.23 63.70 142.8 133.4 134.4 132.6 110.5 183.0 176.4 109.7 3,481 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 Apr.. 87.69 113.7 95.4 68.05 71.64 32.31 C63.86 138.0 128.2 128.0 128.5 103.1 180.3 172.0 103.9 3,263 May. 87.87 113.5 95.9 62.99 66.32 30.71 58.84 128.3 119.0 117.5 120.6 98.5 167.1 161.6 97.5 5,045 Week ending— 1962—May 5.. 87.96 114.8 95.8 65.94 69.44 31.72 61.67 134.8 125.2 123.7 126.7 101.4 175.4 169.4 102.0 3,874 12.. 88.17 114.6 95.9 64.33 67.77 31.07 59.97 127.2 118.1 116.4 119. 98.1 164.6 162.0 97.4 3,684 19.. 87.94 113.8 96.1 63.88 67.28 30.97 59.59 129.9 119.9 119.2 121.3 100.0 169.8 165.4 98.2 3,913 26.. 87.53 112.5 96.1 61.43 64.58 30.31 57.87 121.1 112.4 110.3 114.4 94.4 158.7 149.7 92.4 4,598 June 2.. 87.74 111.6 95.8 58.15 61.19 29.03 54.31 120.8 111.9 109.9 113.8 94.6 158.3 150.6 92.4 10,141 c Corrected. 2 Prices derived from average market yields in preceding table on basis i 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 5l/i-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 End of monthl o s t T e h c o e u t r a r i l t t — h ie a s n N N ew et Y d o e r b k it f i S r b t m a o l s c a 2 k n c E e x s c w ha it n h ge c b h B r a o s a i k n n e k g r s l a o n a a d n n d s c a d t r o e r a y o l i e t n h r g s e ) r s s f e o c ( r u t h r p i a t u n ie r- s3 Money borrowed Cust n o e m t ers' U. S. Govt. free o ( b c c l o i o g l l . a . t 3 5 io ) + ns U S ob . e c l S i u g . r a e G t d i o o b v n y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o o v ns t. se O cu th ri e t r ies U ob . l S ig O . a n G ti o o v ns t. se o cu O 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 s 135 1961 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 Julv 5,355 50 3,991 106 1,364 69 2,728 1,207 Aug 5,349 49 3 972 102 1,377 56 2,679 1,208 Sept 45,311 46 3 991 109 41,320 64 2,666 1,227 Oct 5,333 44 4,029 103 1,304 56 2,654 1,214 Nov 5 460 39 4 141 102 1,319 51 2,752 1,213 Dec 5,602 35 4 259 125 1,343 48 2,954 1,219 1962—Jan 5,464 34 4 111 111 1,353 51 2,860 1,225 Feb 5,426 34 4 066 133 1,360 71 2,812 1,190 Mar 5,457 34 4,083 105 1,374 52 2,912 1,154 Apr .. . 5,491 36 4 079 117 1,412 57 3,051 1,110 May 5,408 35 4,000 91 1,408 44 2,845 1,205 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekiy reporting member banks. Before July 1959, 2 Ledger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also changed of the reporting firm and of general partners of the reporting firm. Bal- beginning with July 1959; revised data for the new reporting series (but ances are net for each customer—i.e., all accounts of one customer are not for the breakdown of loans by purpose) are available back through consolidated. Money borrowed includes borrowings from banks and July 1958 and have been incorporated. from other lenders except member firms of national securities exchanges. 4 Reclassification of loans reduced these items by $66 million. See note 3, p. 1436 of BULLETIN for December 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by- Based on— End of year Accepting banks F. R. Goods stored in or or month Placed Banks Im- Ex- shipped between Placed direct- Others ports ports Dollar points in— Total through ly into from exdealers1 (finance To- Own Bills Own For- United United change paper)2 tal bills bought acct. eign States States United Foreign corr. States countries 1956 2 166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2 744 840 3 1,904 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—Apr 5,071 1,532 3,539 2,254 858 661 197 45 151 1,200 397 863 93 268 633 May 4,918 1,478 3,440 2,203 808 645 163 37 166 1,192 379 864 74 235 651 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 Aus 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 1,818 3,286 2,491 1,035 829 206 38 117 1,301 457 949 91 225 769 Nov 5 331 1 868 3,463 2 555 1 122 871 251 43 110 1,280 461 939 98 287 770 Dec 4,674 1,711 2,963 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 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 Mar 5,705 1,876 3,829 2,498 1,072 774 298 42 100 1,284 474 889 86 182 867 Apr . . .. 5,631 1,883 3,748 2,392 981 763 218 36 94 1,281 479 826 74 158 855 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, 1,891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted; amounts in millions of dollars] Loans Securities Total assets— Mortgage loan E o n r d m of o n y t e h ar M ga o g r e t- Other G U o . v S t . . g S l a o o t n c a v d a t t e l . C o r t o a h a n r e t p d e r o i - a C s a se sh ts O as t s h e e ts r s l a T u ia a t c r o i b n p c e t i d t l s a l s u i l . - s De it p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s N c u o m m b m er itm A e m nt o s u 3 nt 1941 4,787 89 3,592 l.i 86 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 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 1959 4 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—Mar 27,207 453 6,566 666 5,110 855 624 41 480 37 000 850 3,630 68,646 1,428 Apr 27,383 401 6,350 664 5,099 804 625 41,326 36,946 781 3,599 66,582 1,488 May... . . 27,570 449 6,337 665 5,126 834 607 41,588 37,060 883 3,645 67,236 1,556 June 27,771 417 6,296 687 5,158 861 616 41,806 37,427 720 3,659 66,467 1,674 July 27,972 385 6,314 685 5,160 835 620 41,970 37,450 852 3,668 66,544 1,792 Aug 28,179 431 6,320 686 5,137 821 629 42 202 37 549 935 3,718 64,910 1,536 Sept 28,335 455 6,305 687 5,118 867 654 42,422 37,859 823 3,739 65,662 1,526 Oct 28,513 420 6,185 682 5,062 840 645 42,348 37,844 788 3,716 62,918 1,546 Nov 28,680 469 6,172 677 5,042 847 642 42,529 37,892 857 3,779 59,882 1,533 Dec .. 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 Feb 29,333 461 6,322 651 5,065 884 661 43,378 38,611 944 3,823 65,839 1,644 Mar 29,563 508 6,531 633 5,090 896 676 43,897 39,083 973 3,840 69,223 1,698 n.a. Not available. 4 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- merical bank. tions and obligations of Federal agencies not guaranteed by the U. S. Government, as well as corporate securities. NOTE.—These data differ somewhat from those shown elsewhere in 2 See note 4, p. 714. BULLETIN; the latter are for call dates and are based on reports filed 3 Not a balance-sheet item. Data represent commitments outstanding with Federal and State bank supervisory agencies. Loans are shown net of banks in New York State as reported to the Savings Banks Association of valuation reserves. of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 727 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 Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y Other (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 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 ,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 ,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 ,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 End of month:4 1959—Dec... 113,650 11,599 6,858 3,221 ,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 1960—Dec..., 119,717 11,729 6,444 3,622 ,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—Mar... 121,469 11,987 6,535 3,735 ,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 Apr..., 121,921 11,982 6,488 3,769 ,725 51,812 47,563 4,249 42,553 3,827 5,461 6,286 May... 122,462 12,063 6,551 3,774 ,738 52,008 47,672 4,336 42,723 3,837 5,508 6,323 June.., 122,751 11,881 6,369 3,761 ,751 52,308 47,966 4,342 42,945 3,851 5,509 6,257 July... 123,381 11,972 6,440 3,786 ,745 52,623 48,245 4,378 43,052 3,870 5,541 6,324 Aug.... 123,902 12,021 6,440 3,822 ,759 52,839 48,424 4,415 43,216 3,901 5,580 6,345 Sept..., 124,411 12,057 6,390 3,851 ,816 53,003 48,533 4,470 43,381 3,917 5,618 6,435 Oct.... 125,064 12,093 6,403 3,868 ,822 53,292 48,767 4,525 43,580 3,936 5,652 6,511 Nov..., 125,706 12,133 6,360 3,904 ,869 53,473 48,891 4,582 43,815 3,952 5,683 6,650 Dec... 126,589 11,893 6,104 3,922 ,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 ,883 54,329 49,506 4,823 44,378 3,973 5,768 6,708 Feb..., 127,731 12,196 6,335 3,960 ,901 54,519 49,657 4,862 44,494 3,992 5,792 6,738 Mar..., 128,108 12,248 6,257 4,078 ,913 54,704 49,814 4,890 44,637 3,989 5,834 6,696 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- 4 These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other SAVINGS AND LOAN ASSOCIATTONSi (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 Other2 l a i 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 ro an ce s s i s n Other c m o l m e o n a m t n s i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1954 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1,244 n.a. 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35 729 2,782 2,119 2,199 42,875 37 148 2 950 1,347 1,430 843 1957 .. 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1 .484 862 1958 45,627 3,819 2,585 3,108 35,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 1960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,833 5,222 3,298 4,743 82,096 70,851 5,721 2,863 1,547 1,114 1,908 1961 Mar . 61,557 4,986 2,647 4,218 73,408 63,991 4,994 1,626 [,229 [,568 1,787 Apr 62 252 4,968 2 670 4,331 74,221 64,408 5 006 1,714 1,325 [,768 1,951 May 63,061 4,965 2,820 4,555 75,401 65,208 5,008 1,755 1,416 2,014 2,115 June...... 64,058 4,997 2,951 4,491 76,497 66,570 5,288 2,029 1,538 ,072 2,120 July .. 64,795 4,989 2,724 4,341 76,849 66,681 5,282 2,028 [,554 ,304 2,144 Aug 65 705 5 055 2,638 4,417 77 815 67,177 5 286 2,160 ,596 ,596 2,186 Sept 66,507 5,050 2,685 4,500 78,742 67,839 5,290 2,290 ,589 ,734 2,110 Oct 67 317 5 095 2 766 4,603 79 781 68 565 5 289 2,364 ,579 ,984 2,128 68,069 5,177 2,850 4,801 80,897 69,340 5,293 2,445 ,558 >,261 2,028 Dec 68,833 5,222 3,298 4,743 82,096 70,851 5,721 2,863 .547 1,114 1,908- 1962—Jan 69,368 5,408 2,933 4,628 82,337 71,342 5,745 2,480 1,488 1,282 1,988 Feb.' 69,968 5,503 3,031 4,668 83,170 71,920 5,748 2,384 1,539 1,579 2,150 Mar 70,769 5,539 3,162 4,761 84,231 72,854 5,751 2,301 1,657 1,668 2,335 n.a. Not available. r Revised. 3 Before 1958 mortgages are net of mortgage pledged shares. Asset ^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

728 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin; in millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt (—) of borrowing Excess of rects. Period r B e u c N e d e i g p t e t t s re T P f c u r l e u n u i d p s s : t ts1ac I t G L t r n i a e o o t n s r n v s a s s t : - - . ^^ E p T r u f q e r t b o u o h c l t m t a e i a s c l l . s 3 ' B p t e u u e n d x re d g - s i e - t p t T P f u e u e r l r n x u n u e d - d s s s i : t 1 - m A L e d e n j s u ts s s 1 : t , - * E p p t T q o u a o u b y t t a h l t a i s l e l c s . : p p fr u a o o b y m r l t i s c , . ( c ( o c d - r d r r I e ) e i e n r a a , d b e - s i s e c t n e e - t , a i G n g N v e o . n e v . b t t L & y . ess— O d n c e a o t b h s n e h t - s r E b i o q n c N r u g a r a T e s o o h l t w s r — - &agen.) tr. funds GaL 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 I960.. 77,763 «20,534 3,167 95,078 76,539 «20,891 3,129 94,301 777 3,371 953 597 1,821 1961.. 77,659 23,583 3,946 97,242 81,515 23,239 5,226 99,528 -2,286 2,102 870 536 698 Semiannually: 1960—Jan.-June. 44,188 11,993 1,859 54,294 37,348 11,163 2,505 46,006 8,288 -3,958 1,809 23 -5,794 July-Dec.. 35,329 «10,219 1,526 43,993 40,217 «10,561 2,090 48,688 -4,695 3,410 -184 468 3,124 1961—Jan.-June. 42,330 13,588 2,643 53,249 41,298 12,678 3,137 50,840 2,409 -1,308 1,054 68 -2,426 July-Dec.. 35,826 10,754 1,863 44,680 43,165 12,091 1,357 53,898 -9,217 8,095 -1,486 402 9,180 Monthly: 1961—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 3,292 294 9,357 7,631 2,048 -873 10,552 -1,195 1,412 1,291 -442 563 Sept 8,945 1,478 180 10,236 6,771 2,203 708 8,266 1,970 448 -545 54 939 Oct 3,141 979 239 3,872 7,796 1,994 405 9,385 -5,512 1,934 -905 64 2,775 Nov 6,424 2,438 304 8,554 7,485 1,958 225 9,218 -663 1,519 396 417 707 Dec 7,967 1,484 577 8,868 7,160 1,934 518 8,576 292 -716 -860 114 30 196^-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 -98 9,567 6,858 2,027 -82 8,967 600 450 366 31 53 Mar 9,104 1,828 245 10,685 7,749 2,040 1,526 8,263 2,422 -641 329 223 -1,193 Apr 5,754 1,587 279 7,060 7,289 1,867 82 9,074 -2,014 784 -737 39 1,482 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u N u e r o p f d e i r l g c u t i e t s t , a l c d T a f c e u t r o u f i n u i o r m c s d n i t u t , - t c o R i l c T e i a a c r s t o e i h o n a n s - . i m o s a ( G s g - b N u a f e o l r ) a i n e v g k o n c t a t e c f y . - t e i m n & a s G e g v N c e t o F . r n e v u e ( c b t t d s - y y . t ) . I d n p e d c u c i r o r r b e e e r a l c a i s c s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a D a . v b n e a R l k p e il . o s - sits t T a i l x n u r o e — r a a a y n n s- d O as n t s h e e t e ts r tions'' 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—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 7% 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 Mar 1,356 -212 915 55 13 -896 -62 1,293 6,919 403 5,568 948 Apr -1,535 -279 10 -43 455 864 395 -924 5,995 569 4,150 1,276 n.a. Not available. *» Preliminary, and to Treasury by Govt. agencies, transfers to trust accounts representing 1 Adjusted to exclude certain interfund transactions from both net Budget expenditures, and payroll deductions for Federal employees rebudget receipts and budget expenditures; and certain intertrust fund tirement, health and life insurance funds. transactions from both trust account receipts and trust account expendi- 3 Small adjustments to arrive at this total are not shown separately. tures. For other notes, see opposite page. 2 Consists primarily of interest payments by Treasury to trust accounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 729 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 1otal Income and Budget receipts profit taxes Period Net Transfers to— Total Individual Em- B ce u r i d e p - g ts e 3 t t O a ru g ld s e - t H t w r i u g a s y h t - R m ti r . r e e R e n - - . t c fu R e r o n i e e p f d - - t s s B c u e r d i e p g - t e s t W he i l t d h- Other C ra o t r i p o o n - ta c E i x x s e e - s t p m a l x o e 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 * - 1 fund* fund acct. Fiscal year—1958 68,550 7,733 2,116 t>75 4,433 83,974 27,041 11,528 20,533 10,81^I 8,644 5,414^ 2,946 1,734 4,316 1959 67,915 8,004 2,171 >25 4,933 83,904 29,001 11,733 18,09210,760 8,854 5,464I 3,002 1,807 4,315 I960 77,763 10,211 2,642 }>07 5,045 96,962 31,675 13,271 22,179 11,865 11,159 6,812\ 3,194 1,932 5,114 1961 .... 77,659 11,586 2,923 )71 5,725 99,491 32,978 13,175 21,765 12,064 12,502 7,00"r 3,213 1,991 5,294 Se I m 9 i 6 a 0 n — nu J J a u a l l n l y y .- - : J D u e n c e 4 3 4 5 , , 1 3 8 2 8 9 4 6 , , 7 3 6 9 2 6 1 1 , , 3 5 6 7 1 6 J 2 0 9 0 7 4,3 7 2 9 7 3 4 5 3 6 , , 0 92 7 7 0 1 16 6 , , 6 0 1 2 6 3 1 3 0 , , 1 2 8 3 5 0 1 8 3 , , 8 8 3 5 8 6 6 5, , 9 2 1 3 7 8 7 5 , , 0 0 3 6 2 3 3 3 , , 8 1 6 3 S ( > ) 1 1 , , 4 6 9 8 1 5 1,0 9 0 4 8 8 2 2, , 7 7 2 0 4 6 1961—Jan.-June 42,330 6,824 1,347 274 4,932 56,421 16,362 9,990 12,927 5,826 7,439 3,87"r 1,528 983 2,570 July-Dec 35,826 4,742 1,612 278 806 43,575 17,652 3,189 8,259 6,394 5,024 3,05' 1,754 1,035 2,656 Monthly: 1961 Apr 5,125 720 201 14 1,296 7,359 916 3,403 493 831 736 98() 231 160 May 6,467 1,941 237 77 1,036 9,767 4,743 956 411 1,072 2 020 561; 285 176 1,167 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 49?i 238 137 Aug 6,367 1,736 273 84 203 8,713 4,654 161 382 1,197 1,821 491 292 196 1,379 Sent. 8,945 829 267 55 185 10,285 2,662 2,017 3,251 983 884 488 284 169 Oct 3,141 239 258 1 162 3,811 1,399 215 408 1,102 241 446 344 184 Nov 6,424 1,189 306 76 10 8,007 4,767 123 377 1,123 1,266 351 343 184 1,277 Dec 7,967 458 255 47 67 8,980 2,935 428 3,322 1,013 505 111 254 165 1962—Jan 5,357 152 233 11 73 5,959 1,245 2,325 466 1,009 561 224 140 } Feb 6,729 1,620 207 81 743 9,773 5,124 786 400 967 2,080 416 189 116 1,524 Mar 9,104 1,119 248 SO 1,813 12 354 2,896 832 5,879 1,140 1,188 419 313 215 Apr 5,754 729 230 13 1,417 8,153 1,017 4,330 445 959 745 657 n.a. n.a. n.a. Budget expenditures *o Major national security Agri- Vet- culture Period Total 3 Total ii M de i f l e it n a s r e y M a a s 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 d i l r c . s e In e t s e t r- ic e b e s r e f e s a i n r t n v a s e s - n - ' d L w a a e n b lf d o a r re t a c a u r g u n e r r l a d - i - - l so N u r u r e a 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? 1,187 .,268 2,231 7 689 5,026 3,447 4,389 1,544 2,109 1,359 1959 80,342 46,426 41' .,340 *.,541 3,780 7*671 5,174 4,421 6,529 1,669 3,421 1,606 1960 ... 76,539 45,627 41 j715 \,609 .,623 1,833 9,266 5,060 4,419 4,838 1,713 2,782 1,695 1961 81,515 47,413 1,449 >,713 2,501 9,050 5,262 4,950 5,172 2,007 3,883 1,931 Semiannually: I960—Jan.-June 37,348 22,508 740 894 1,333 1,183 4,772 2,567 2,333 1,877 772 832 862 July-Dec 40,217 23,186 21 170 644 1,342 1,068 4,587 2,577 2,225 2,998 1,056 1,870 951 41,298 24,227 22 0S8 805 1,371 1,433 4,463 2,685 2,725 2,174 951 2,013 980 July-Dec 43,165 23,929 22,182 397 1,329 1,634 4,502 2,657 2,766 3,566 1,178 2,174 1,042 Monthly: 1961 Apr 6,450 3,754 135 230 217 730 443 224 332 206 399 144 May 7,169 4,144 804 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 3,453 179 27 232 223 773 422 398 486 153 318 157 Aug 7,631 4,046 763 51 227 255 739 471 535 711 236 440 252 Sept 6,771 3,852 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 4,253 973 108 224 327 744 437 499 485 186 395 154 Dec 7,160 4,258 3 958 87 216 175 788 471 464 550 167 288 160 1962 Jan 7,395 4,316 909 162 245 246 808 471 564 386 153 357 207 Feb 6,858 4,094 768 98 226 245 764 449 186 363 167 452 153 Mar.*\ 7,749 4,594 4 168 170 249 224 733 448 468 510 141 387 246 Apr P ... 7,289 4,311 3 918 129 254 260 780 437 439 378 149 343 192 * Consists primarily of (1) intra-Governmental transactions as de- s 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 retire bonds and Treasury bilk, (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.-Jvme totals derived 5 Primarily adjustments 2, 3, and 4, described in note 3. by subtracting July-Dec, totals from fiscal year totals. • Adjusted for reclassification of certain repayment of advances from 11 Includes stockpiling and defense production expansion not shown the general fund. separately. 7 Excludes net transactions of Govt. sponsored enterprises, which are For other notes, see opposite page. included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury; in billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s i l d T d g i e r o r o b e t s a c t s 2 l t Total Certifi- Bonds C v ib e o l r n e t- - Sav- T an a d x S is p s e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B e b l a l i e g n * i k - st B r r i a c e n t - e k d bonds Totals b i o n n g d s s n i s o n a t g v e s - s 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 Mav 290 4 290 1 242 3 188 9 38 4 13 3 56 2 80 9 5 4 48 1 47 5 44 5 June 289.2 289 0 240 6 187.1 36.7 13 3 56.3 80 8 5.4 48.1 47.5 45.0 July 292.6 292.4 244.8 191.3 40.8 13.3 56.3 80.8 5.3 48.2 47.6 44.2 AU2 294 0 293 7 245 1 191 1 40 9 5 5 65 0 79 7 5 2 48 7 47 6 45 6 Sept 294.0 293.7 245.8 191.9 41.9 5.5 65.2 79.3 5.1 48.8 47.7 45.0 Oct 296 0 295 7 248 8 195 2 42 6 5 5 67 8 79 3 4 7 48 9 47 7 43 9 Nov 297.3 297.0 249.4 195.6 43.4 5.5 71.5 75.2 4.7 49.1 47.8 44.2 Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Jan 296.9 296.5 250.8 197.6 43.9 5.5 71.6 76.6 4.5 48.6 47.5 42.3 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 Apr 297 4 297 0 251 2 198 1 43 4 12 4 64 5 77 8 4 3 48 8 47 6 42 1 May 299.6 299.2 251.2 198.2 43.7 13.5 65.4 75.5 4.3 48.7 47.6 44.3 1 Includes some debt not subject to statutory debt limitation (amountirg 4 Includes Treasury bonds and minor amounts of Panama Canal and to $434 million on May 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, certificates of indebtedness—Foreign 3 Includes amounts held by Govt. agencies and trust funds, which series, and REA bonds, not shown separately. aggregated $11,625 million on Apr. 30, 1962. 6 Less than $50 million. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Held by- Held by the public Total gross debt U. S. Govt. E m n o d n t o h f in ( a i g n n c t g e lu u e d a d r - - a tr g u e s n t c i f e u s n d a s n * d R Fe e d se e r r v a e l Total m C e o rc m ia - l M sav u i t n u g a s l I a n n su ce r- c O o t r h p e o r - S a ta n t d e Individuals i M nv is e c s . se ti c e u s r ) i- Special Public Banks banks2 banks panies rations gitovts. Savings Other tors3 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 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 A 6.3 11.9 19.7 18.2 45.7 20.0 24.2 1961—Apr 288.2 43.0 11.0 26.8 207.5 61.7 6.3 11.6 20.5 18.5 45 9 19 0 23 9 May 290.4 44.5 11.0 26.9 208.0 62.1 6.3 11.6 21.2 18.5 46.0 18.7 23.5 June 289.2 45.0 11.0 27.3 205.9 62.5 6.3 11.4 19.4 18.7 46.1 18.3 23.2 July 292.6 44.2 11.0 27.4 210.0 65.5 6.3 11.5 19.5 18.7 46.1 18.6 23.7 Aus ....... 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 19.3 18.4 46.4 19.1 24.5 Nov 297.3 44.2 11.2 29.2 212.7 66.9 6.2 11.5 20.1 18.2 46.5 19.2 24.1 Dec 296.5 43.5 11.0 28.9 213.1 67.2 6.1 11.4 19.3 18.3 46 4 19 4 25.0 1962—Jan 296.9 42.3 11.5 28.5 214.6 67.8 6.2 11.6 20.2 18.6 46 5 19 5 24 1 Feb 297.4 42.8 11.4 28.4 214.8 66.6 6.3 11.5 '21.1 18.8 46.6 19.5 r24.5 Mar. 296.5 42.8 11.7 29.1 213.0 64.0 6.6 11.5 r19.9 19.1 46 6 19 7 r24.6 Apr 297.4 42.1 11.6 29.2 214.4 65.3 6.3 11.5 20.1 19.2 46.6 19.5 25.9 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 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 $70 million on Dec. 31, 1961. 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 731 OWNERSHIP OF U. S« GOVERNMENT MARKETABLE SECURITIES BY MATURITY 1 [On basis of Treasury Survey data; par value in millions of dollars] Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r rs Bills Other All holders: 1959—-Dec. 31 188,269 39,643 38,813 61,609 23,625 16,494 8,085 1960—Dec. 31 189,015 39,446 34,384 72,298 18,684 13,224 10 979 1961—Dec. 31 195,965 43,444 40,984 66,360 19,782 11,976 13,419 1962—Feb. 28 197,609 44,246 42,686 64,396 20,916 11,954 13 411 Mar 31 196,524 43,043 42,680 61,165 23,720 10,677 15,239 U. S. Govt. agencies and trust funds: 1959—Dec. 31 7,394 260 in 1,909 1,882 1,917 650 I960—Dec 31 8,116 591 891 2,431 1,602 1,461 1,140 1961—Dec. 31 8,484 583 669 1,860 1,594 1,756 2,022 1962—Feb. 28 8,901 866 672 1,846 1,703 1,789 2,024 Mar 31 9,138 1,090 670 1,265 2,118 1,506 2,490 Federal Reserve banks: % 1959—Dec. 31 26,648 2,626 16,028 6,524 677 765 28 1960—Dec. 31 27,384 3,217 12,006 10,711 1,179 243 28 1961—Dec. 31 28,881 3,349 14,301 8,737 2,227 204 63 1962—Feb. 28 28,360 2,830 12,956 10,081 2,227 204 63 Mar 31 29,061 3,105 13,015 10,437 2,237 204 63 Held by public: 1959—Dec. 31 154,227 36,757 22,008 53,176 21,066 13,812 7,407 1960—Dec. 31 153,515 35,638 21,487 59,156 15,903 11,520 9,811 1961—Dec. 31 158,600 39,512 26,014 55,763 15,961 10,016 11,334 1962 Feb 28 160,348 40,550 29,058 52,469 16,986 9,961 11,324 Mar 31 . .... 158,325 38,848 28,995 49,463 19,365 8,967 12,686 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 —Dec. 31 59,073 9,962 11,187 30,751 5,043 1,724 407 1962—Feb 28 . .. 58,468 9,029 13,634 28,255 5,588 1,567 395 Mar 31 55,965 7,095 13,373 26,505 6,974 1,547 471 Mutual savings banks: 1959—Dec. 31 6,129 191 295 1,401 2,254 1,427 560 1960—Dec. 31 5,944 144 336 1,544 1,849 897 1.174 1961—Dec. 31 5,867 181 505 1,514 1,708 662 1,298 1962—Feb 28 6,028 306 499 1,576 1,723 633 1,291 Mar 31 6,285 495 536 1,491 1,801 611 1,352 Insurance companies: 1959—Dec 31 ... 9,175 416 608 2,279 2,422 2,396 1,054 1960—Dec. 31 9,001 341 599 2,508 2,076 1,433 2,044 1961 —Dec. 31 9,020 442 786 2,222 1,625 1,274 2,671 1962—Feb 28 . . 9,167 599 848 2,147 1,639 1,235 2,698 Mar. 31 9,127 528 873 2,023 1,740 1,159 2,803 Nonfinancial corporations:2 1959—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—Dec. 31 10,547 5,466 3,231 1,747 72 22 8 1962—Feb. 28 11,187 6,114 3,511 1,422 104 28 8 Mar 31 10,040 5,257 3,268 1,378 100 29 8 Savings and loan assns.:2 1959—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—Dec. 31 2,760 155 291 895 617 371 431 1962—Feb 28 2,870 199 337 873 658 365 438 Mar 31 2,879 198 332 792 744 328 485 State and local govts.:3 1959—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—Dec. 31 10,893 2,710 1,264 1,320 842 1,250 3,507 1962—Feb 28 11 208 3 034 1,310 1,215 867 1,172 3,609 Mar 31 11,560 3,163 1,307 1,254 914 1,056 3,865 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—Dec. 31 60,440 20,596 8,750 17,314 6,054 4,713 3,012 1962—Feb. 28 61,419 21,269 8,918 16,981 6,406 4,961 2,884 Mar 31 62,467 22,111 9,306 16,019 7,094 4,236 3,701 n.a. Not available. Holdings cf "all others," a residual throughout, include holdings of i 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 6,222 commercial banks, 510 mutual savings 3 Holdings first reported separately in the Treasury Survey for December banks, and 816 insurance companies combined; (2) about 50 per cent 1961. Monthly figures for December 1960-September 1961 shown in the by the 476 nonfinancial corporations and 489 savings and loan associa- Treasury Bulletin for February 1962, pp. 59-60. tions; and (3) about 60 per cent by 485 State and local governments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL FINANCE TtF.AT.FH TRANSACTIONS IN U. S. GOVERNMENT SECURTnESi [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 ea in 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—Apr 1 523 1,200 206 82 35 468 20 625 410 74 May 1,519 1,092 299 92 36 481 23 626 389 79 June 1 383 1 143 175 42 23 411 19 579 374 81 July 1 783 1,441 281 49 13 555 33 708 487 69 Aug 1,395 1,173 162 41 19 423 32 519 421 56 Sept 1 442 1 185 177 47 34 406 25 608 403 99 Oct 1,690 1,389 254 27 20 547 38 695 410 61 Nov 1,686 1,295 309 41 43 514 33 691 448 90 Dec 1,653 1,328 228 45 52 540 29 698 386 69 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 1,675 1,332 217 69 56 569 33 659 414 80 Apr 1,689 1,350 180 114 45 541 42 653 453 90 Week ending— 1962 Apr 4 1,825 1,443 234 89 59 600 37 664 524 73 p ii::::::::::::: 1,637 1,268 190 125 53 605 37 590 406 106 18 1,716 1,443 112 118 43 538 42 671 465 76 25 1,325 1,088 135 78 24 371 35 591 329 85 May 2 2,204 1,671 317 181 35 586 61 909 649 91 9 1,687 1,324 221 121 22 617 31 643 397 136 16 1,609 1,261 215 113 20 574 38 634 364 91 23 1,465 1,183 175 80 28 476 26 552 411 77 3QP 1,707 1,371 210 98 34 556 40 681 430 58 P Preliminary. or purchases or sales of securities under repurchase agreements, reverse i The transactions data combine market purchases and sales of U. S. repurchase (resale), or similar contracts. The averages are based on the Government securities dealers reporting to the Federal Reserve Bank of number of trading days in the period. New York. They do not include allotments of and exchanges for new NOTE.—Details may not add to totals because of rounding. U. S. Government securities, redemptions of called or matured securities, DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS» [Averages of daily figures; par value, in millions of dollars2] [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 ea in 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 C o e it r w y k w E h ls e e r - e C t o i r o p n o s r 2 a- o A th l e l r 1961—Apr 2,463 2,115 223 126 119 May 2,808 2,227 484 98 158 1961—Apr 2,299 472 550 1,113 164 June 2,253 1,973 300 -20 81 May 2,573 627 548 1,199 199 July 2,610 2,247 323 40 125 June 2,315 605 382 1,132 196 Aug 2,535 2,350 175 10 103 July 2,665 702 470 1,309 184 Sept 2,497 2,339 144 15 107 Aug 2,584 655 434 1,220 275 Oct 3,227 3,044 194 -12 105 Sept 2,416 688 574 982 171 Nov 3,807 3,272 464 71 140 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 54 115 1962—Jan 2,740 482 596 1,341 320 Mar 3,056 2,721 228 106 168 Feb 2,296 426 449 1,218 203 Apr 3,771 3,388 252 131 193 Mar 3,025 855 637 1,299 235 Apr 3,621 976 835 1,354 456 Week ending— Week ending— 1962—Mar. 7.. 2,521 2,156 205 161 131 14.. 2,886 2,539 232 114 152 1962—Mar. 7... 2,609 644 460 1,345 161 21.. 3,164 2,868 232 65 186 14... 2,855 705 527 1,372 251 28.. 3,514 3,168 244 102 190 21... 3,106 1,011 671 1,188 235 Apr-!?:: 3,328 3,026 227 75 198 28... 3,383 1,009 832 1,298 244 3,479 3,150 252 77 188 Apr. 4. . . 3,268 866 760 1,259 383 18.. 4,010 3,564 255 191 185 11... 3,260 845 720 ,214 480 25.. 3,997 3,562 269 169 202 18. . . 3,564 1,030 805 1,300 429 3,967 1,018 939 1,517 492 25. .. 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract 1 The figures are based on the number of calendar days in the period. is matched by a reverse repurchase (resale) agreement or delayed delivery Both bank and nonbank dealers are included. See also note 1 of the sale with the same maturity and involving the same amount of securities. opposite table on this page. Included in the repurchase contracts are some that more nearly represent 2 All business corporations except commercial banks and insurance investments by the holders of the securities rather than dealer trading companies. positions. NOTE.—Details may not add to totals because of rounding. 2 Averages are based on number of trading days in the period. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE; SECURITY ISSUES 733 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, May 31, 1962 i [On basis of daily statement sof 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. June 7,1962., 1,800 Nov. 15, 1962 600 May 15, 1964 4% 4,933 Mar. 15, 1965-70... 23 2,426 June 14, 1962., 1,802 Nov. 23, 1962 600 May 15, 1964 3% 3,893 May 15, 1966 3U 3,597 June 21, 1962., 1,802 Nov. 29J1962 601 Aug. 15, 1964 5 2,316 Aug. 15, 1966 3 1,484 June 22, 1962* 2,511 Jan. 15, 1963 2,001 Aug. 15, 1964 334 5,019 Nov. 15, 1966 3Ys 2,438 June 28, 1962., 1,801 Apr. 15, 1963 2,001 Oct. 1,1964 H/2 490 Mar. 15, 1966-71.. .V ' 1,416 July 5,1962.. 1,801 Nov. 15, 1964 4% 4,195 June 15, 1967-72... 23 1,337 July 12, 1962., 1,800 Apr. 1,1965 \Vi 466 Sept. 15, 1967-72... 2i 1,952 J J J A u u u u l l l y y y g . 2 1 1 6 2 9 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 2 2 2 . . . . , , 2 1 1 1 , , , , 8 8 0 8 0 0 0 0 1 2 1 4 Ce M F rt e i a f b y i . c a 1 1 t 5 e 5 , s , 1 1 9 9 6 6 3 3 3 3 V % 2 6 6, , 6 8 8 6 5 2 F A M O e p c a b t r y . . . 1 1 5 1 1 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 6 5 6 4 3 1 i % % y % 2 2 3 , ,1 1 6 3 1 1 7 1 3 3 5 5 N D A M e o u a c g v y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 8 8 7 -72... 3 2 3 - 3 3 ' ' / 4 o 3 2 2 1 , , , , 8 2 4 6 5 4 6 0 8 2 0 4 Aug. 9,1962., 1,804 Aug. 15, 1966 4 4,454 Oct. 1,1969 4 2,538 Aug. 16, 1962., 1,801 Oct. 1, 1966 11/2 357 Aug. 15, 1971 4 2,806 Aug. 23, 1962., 1.901 Treasury notes Apr. 1,1967 1% 19 Nov. 15, 1971 3% 1,204 Aug. 30, 1962., i;901 Aug. 15, 1962 4 158 Nov. 15, 1974 3% 1,171 S O O S S S O S O e e e e e c c c c p p p p p t t t t . . . . t t t t t . . . . . 2 2 2 1 1 1 1 6 4 0 7 1 3 5 8 1 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 6 2 2 2 2 2 2 2 2 2 * . . . . . . . . , , , , . 2 1 , , 0 8 6 6 6 6 6 6 6 0 0 0 0 0 0 0 0 0 2 3 0 1 0 0 1 0 0 A O N N A F F M M e e u c p o o a a b b t g r v v y y . . . . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 1 5 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 6 2 3 3 2 2 2 3 3 3 3 3 3 3 2 l 3 i i V V V V y * y / 2 4 2 4 8 4 4 4 4 6 7 2 5 3 1 1 , , , , , , , 3 1 7 5 5 8 0 0 6 2 4 4 3 9 3 8 4 4 5 3 3 3 0 9 7 2 2 Tr D D D e J J A F u u a e e e e u s n n b c c c g u e e . . . . . r y 1 1 1 1 1 1 1 5 5 5 5 5 5 5 b , , , , , , , o 1 1 1 1 n 1 1 1 9 9 9 d 9 9 9 9 6 6 6 s 6 5 6 5 3 4 0 3 9 9 2 - - - - - 6 6 6 6 6 5 8 2 2 7 2 . . . . .. . . . . . . . . 2 2 2 2 2 2 % 1 1 1 i V / / / 4 3 2 2 2 4 4 2 2 1 1 1 , , , , , , 3 4 4 4 8 7 2 1 6 8 1 2 0 7 7 3 5 7 4 0 0 N F N J F M F M u e e e o o a a n b b b v v y y e . . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 8 9 8 8 7 7 5 0 5 8 0 0 5 8 - - 8 8 5 3 . . . . . . 4 3 3 3 3 3 1 % 1 V i V / 4 3 4 4 2 2 4 4 2 4 1 1 1 1 , , , , , , , 6 9 1 4 4 9 5 4 3 4 1 9 5 1 6 7 1 6 6 4 3 5 2 0 O N c o t v . . 25 1 , , 1 1 9 9 6 6 2 2 . . 6 6 0 0 0 0 O N c o t v . . 15 1 , , 1 1 9 9 6 6 3 3 4 W % 2 3,0 5 1 0 1 6 D Ju e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 . . . . . . 2 2 1 i / / 2 i 2 2, , 6 5 3 5 5 2 Co I n n v v e e r s ti t b m le e n b t o S n e d r s ies B Nov. 8, 1962. 602 Apr. 1,1964 iy2 457 Feb. 15, 1965 2% 4,682 Apr. 1, 1975-80... 2 % 4,299 * Tax anticipation series. 2 Partially tax-exempt. 1 Direct public issues. NEW STATE AND LOCAL GOVERNMENT SECURITTY ISSUES 1 [Investment Bankers Association data; par amounts of long-term issues in millions of dollars] Al1 issues (new capital and refunding) Issues for new capital Type of issue Type of issuer 4 LJse of proceeds4 Total amount Period Special deliv- Water, Total G g o a e b a t n i l l o e i- n r- R n e u v e e- A P H u i u i o t t n b y h u g l 2 o s ic - r- F l G o e a o a d n l v e s t r 3 . - State d a s i u t t a s o a t n t h r t r d y u i o c - r t - Others ered 6 Total c E a d ti u o - n R br a o i n d a d g d e s s s o u e a t t t i w n h i e l d e s e i- r r h R i d t o n e e i u g a n s l s i 7 - - - V a a e n i t d e s' r- p O p o t u s h r e e - s r ity 1954 6,969 3,380 3,205 374 9 2,047 1 463 3 459 n.a. 6,789 1,432 2 136 1,270 456 162 1 333 1955 . 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1,464 1957 . 86,925 4,792 1,967 66 99 1,489 1,272 4,163 6,568 6,874 2,524 1,036 1,516 113 333 1 352 1958 . 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,695 4,778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 1,989 402 355 1,683 I960 . 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 1,894 1961 8,535 5 715 2,385 315 120 1,928 2,146 4,461 8,293 8,435 2,818 1,167 1,697 384 478 1,891 I960—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... 1,036 628 394 15 193 264 580 709 1,034 224 257 272 10 271 July... 488 318 103 52 16 115 111 262 1,015 485 160 69 93 52 110 Aug 605 423 111 60 10 134 163 309 517 604 281 55 86 61 121 Sept.... 741 570 167 4 289 124 328 578 733 281 49 147 4 100 152 Oct.... 679 515 150 15 225 76 378 716 677 192 58 124 30 65 208 Nov.... 790 375 324 79 12 103 401 286 613 788 150 284 101 80 174 Dec... 653 366 280 1 6 39 308 306 873 584 192 112 160 9 111 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 follow- 4 Classifications before 1947 as to use of proceeds and type of issuer ing page, which is based on Bond Buyer data. The principal difference is are based principally on issues of $500,000 or more; smaller issues not in the treatment of Federal Government loans. classified. As a result some categories, particularly education, are understated relative to later data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates; in millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o u rp s o e r o a f t e n i e s t s u p e r r o s c * eeds, Noncorporate Corporate New capita] \rear or Re- 1nonth Total G U o . v S t . .3 a F e c g e r y e a d 4 n l - - S n m a t i n a c u d t i - e - Others Total Total B P l o i u c n l b y d - s v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey 7 O p p o t u h s r e e - s r m s r t i e i o t r e c i e f e n u s t pal offered placed 1954. ?Q,76^ p, srI 458 6,969 289 9 516 1 488 4 003 484 816 1,213 9,365 7,490 780 709 1,875 1955. 26,772 9,62?5 746 5,977 182 10,240 f,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956. 22,405 5,51"7 169 5,446 334 10,939 I5,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957. 30jS71 9,601 572 6,958 557 12,884 c> 957 6 118 839 411 2,516 P,661 1?,447 11,784 663 214 1958. 34,443 12,06C; 2,321 7,449 1,052 11,558 c),653 6,332 3 320 571 1,334 11,372 10,823 9,907 915 549 1959. 31jO74 19Jcp-I 707 7,681 616 9,748 r 190 3 557 63? 531 2,027 9,5^7 9 8,^78 814 135 1960. 27,541 7,90(y 1,672 7,230 579 10,154 ,081 4,806 3 275 409 1,664 9,924 9,653 8,758 895 271 1961. 35,494 12,25: M48 8,345 302 13,147 c,425 4,706 4 720 449 3,273 12,874 11,979 10,829 1 150 895 1961--Mar 2,161 434t 252 756 23 696 542 211 331 29 125 679 562 484 77 118 Apr.. 3,393 34? 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 55 494 36<5 278 1,035 33 1,779 1,495 924 57? 40 244 1,744 1,318 1,1?7 191 426 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 ?,094 341 654 4 1,094 784 217 567 26 284 1,071 1,000 930 70 71 1962—Jan. '3,506 1,589 246 '866 '159 '647 '504 273 r232 2 '632 '592 '507 '85 '39 Feb.. ,537 361 156 '1,123 13 '884 '728 497 r232 9 '146 '866 '859 '792 '67 '7 Mar. l 860 372 604 38 847 638 386 253 5 204 823 807 709 97 16 Proposed uses of net proceeds,major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in 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 '70 ?,675 990 651 60 788 273 1955. 2,397 533 769 51 544 }38 ?,,254 174 1,045 77 1,812 56 1956. 3,336 243 682 51 694 ?0 ?,474 14 1,184 21 1 815 17 1957. 4,104 49 579 29 802 14 ,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 (9) 1,801 6 1960. 1,997 79 794 30 672 39 ?,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 1%1--Mar.. 248 32 47 5 72 10 84 19 70 92 1 Apr,. 574 16 78 1 33 1 254 21 994 45 186 447 22 110 2 67 439 17 85 12 111 June. 446 128 120 23 115 389 13 16 251 231 5 July, 428 12 98 2 11 (9) 269 3 16 206 4 Aug.. 255 25 83 1 69 215 2 n 127 2 Sept.. 252 8 76 1 28 111 75 105 1 Oct. 271 28 146 1 60 (9) 306 25 281 2 Nov.. 215 10 61 56 362 80 174 2 Dec. 306 18 151 7 32 1 168 40 42 302 6 1962-—Jan . '205 '14 99 1 '23 '1 89 24 73 '102 n Feb.. '131 2 '52 '45 148 4 '36? '122 n Mar 318 2 75 2 74 00 193 1 21 126 10 r Revised. 5 Represents foreign governments, International Bank for Reconstruc- 1 Estimates of new issues maturing in more than 1 year sold for cash tion and Development, and domestic eleemosynary and other nonprofit m 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. 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 735 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1960 r 1961 1962 1957 1958 1959 I960' 1961 Manufacturing Total (180 corps.): Sales 114,229105,134 118,423123,126 r122,63228,736 30,526 28,651 31,233 29,541 '33,207 33,368 Profits before taxes 13,349 10~, 466 090 13,463 13,293 2,741 3,083 2,693 3,478 2,961 '4,161 3,924 Profits after taxes 7,177 5,714 440 7,121 '7,180 1,499 1,703 1,436 1,838 1,618 '2,288 2,027 Dividends 4,192 4,078 342 4,464 4,710 1,092 1,201 1,103 1,111 1,117 1,380 1,153 Nondurable goods industries (79 corps.): i Sales 41,704 41,541 442 47,277 '49,226 11,778 11,971 11,831 12,133 12,205 13,056 12,912 Profits before taxes 5,010 4,402 648 5,570 '5,659 1,425 1,302 1,324 1,385 1,406 1,545 1,480 Profits after taxes 2,944 2,574 210 3,210 '3,246 819 764 757 772 796 '921 812 Dividends 1,776 1,785 912 1,953 2,036 473 528 486 486 488 577 510 Durable goods industries (101 corps.):2 Sales 72,525 63,593 981 75,849 73,406 16,959 18,556 16,820 19,100 17,336 20,151 20,456 Profits before taxes 8,339 6,065 442 7,893 '7,634 1,316 1,781 1,368 2,094 1,555 '2,616 2,444 Profits after taxes 4,233 3,140 231 3,911 3,935 679 910 679 1,066 822 1,367 1,215 Dividends 2,416 2,294 430 2,510 2,674 619 673 618 625 629 803 642 Selected industries: Foods and kindred products (25 corps.): Sales 9,987 10,707 11,303 11,901 12,578 2,987 3,090 3,021 3,154 3,233 3,169 3,391 Profits before taxes 1,024 1,152 1,274 1,328 1,424 348 334 319 360 379 '365 338 Profits after taxes 497 555 604 631 672 164 162 150 170 179 174 160 Dividends 289 312 344 367 392 91 95 95 96 99 101 103 Chemicals and allied products (21 corps.): Sales 10,669 10,390 11,979 12,411 12,788 3,131 2,981 2,979 3,250 3,210 3,348 3,372 Profits before taxes 1,823 1,538 2,187 2,010 '2,015 499 423 438 514 499 '564 552 Profits after taxes 948 829 1,131 1,061 1,063 261 238 229 267 260 '306 281 Dividends 737 717 799 795 843 187 230 193 189 191 270 201 Petroleum refining (16 corps.): Sales 13,463 12,838 13,372 13,815 14,409 3,396 3,694 3,488 3,398 3,424 4,100 3,755 Profits before taxes .1,325 919 1,187 1,267 1,255 358 325 354 270 292 339 354 Profits after taxes 1,075 791 969 1,026 1,011 284 248 272 214 243 283 257 Dividends 512 516 518 521 528 128 133 129 134 131 133 135 Primary metals and products (35 corps.): Sales 22,468 19,226 21,035 20,898 20,155 4,945 4,500 4,396 5,189 5,235 5,335 5,733 Profits before taxes 2,977 2,182 2,331 2,215 '2,020 411 343 309 560 550 '602 621 Profits after taxes 1,540 1,154 1,222 1,170 1,090 223 182 166 295 299 '329 320 Dividends 873 802 831 840 844 208 219 207 208 208 221 209 Machinery (25 corps.): Sales 15,115 14,685 17,095 16,826 17,531 4,126 4,297 4,137 4,367 4,295 4,732 4,511 Profits before taxes 1,457 1,463 1,890 1,499 1,675 370 323 362 398 384 '530 455 Profits after taxes 729 734 934 763 '837 189 167 178 202 191 '267 225 Dividends 416 422 448 482 497 120 123 121 125 124 128 129 Automobiles and equipment (14 corps.): Sales 23,453 18,469 22,731 25,738 22,781 4,862 6,521 5,293 6,309 4,604 6,577 6,904 Profits before taxes 2,701 1,332 2,985 3,185 2,788 284 832 478 840 319 1,151 1,096 Profits after taxes 1,354 706 1,479 1,527 1,408 149 400 223 417 173 596 531 Dividends 805 758 807 833 967 207 228 205 207 207 348 215 Public Utility Railroad: Operating revenue 10,491 9,565 9,825 9,514 '9,189 2,322 2,303 2,129 2,290 '2,355 2,414 2,296 Profits before taxes 1,058 843 845 648 '625 103 168 26 137 184 '278 n.a. Profits after taxes 737 602 578 445 382 65 142 -13 74 122 200 n.a. Dividends 438 419 406 385 356 73 125 91 67 112 n.a. Electric Power: Operating revenue 9,670 10,195 11,129 11,906 "12,594 2,879 3,015 '3,314 '3,007 '3,050 '3,223 3,412 Profits before taxes 2,579 2,704 2,983 3,163 3,316 757 761 918 767 802 828 1,019 Profits after taxes 1,413 1,519 1,655 1,793 1,894 417 452 523 447 447 477 585 Dividends 1,069 1,134 1,219 1,307 1,375 322 337 343 344 335 353 366 Telephone: Operating revenue 6,467 6,939 7,572 8,111 8,615 2,042 2,077 2,090 2,139 2,156 2,230 2,245 Profits before taxes 1,562 1,860 2,153 2,326 2,478 589 594 587 614 620 657 648 Profits after taxes 788 921 1,073 1,155 1,233 294 294 290 307 310 326 320 Dividends 613 674 743 806 867 203 207 210 214 218 225 231 n.a. Not available. ' 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

736 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates; in billions [Securities and Exchange Commission estimates; in millions of dollars] of dollars] All types Bonds and notes Stocks Y Q e u a a r r te o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i 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 1957 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958 . 37.4 18.6 18.8 12.4 6.4 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1959 46.8 23.1 23.7 13.4 10.3 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1960 .. 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 8.8 I960 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—4 44.9 22.1 22.7 13.8 8.9 1960—4 3,615 1,171 2,445 2,573 715 1,859 1,042 456 586 1960—1 48.1 23.9 24.2 14.0 10.2 2 46.3 23.0 23.3 14.0 9.3 1961—1 3,247 1,417 1,830 1,488 770 718 1,759 647 1,112 3 43.2 21.4 21.7 14.1 7.6 2 5,566 1,808 3,758 3,273 1,255 2,018 2,293 553 1,740 4 42.6 21.1 21.4 14.3 7.2 3 3,594 1,750 1,844 2,011 1,213 798 1,582 537 1,046 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 3 47.2 23.3 23.8 14.3 9.5 i Reflects cash transactions only. As contrasted with data shown on p. 734 new issues 4 52.4 26.0 26.5 15.0 11.5 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. 734. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS * [Securities and Exchange Commission estimates; in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c i o . e u S v s r . t i . - N U o . t S r e e . s c e a i n v d ab O a le t c h c e ts r . I t n o v ri e e n s - Other Total N U o . t S e p . s a a y n a d b l O e a t c h c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other Govt 2 Govt2 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111 6 244.7 34 9 18.6 2.8 99.4 82.2 6.7 133 1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 L7 88.7 12.9 33.3 1959r 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 1960r 129.0 286.0 36.1 19.9 3.1 125.1 91.6 10.2 157.0 1.8 103.1 13.5 38.6 1961r i 131 1 285.4 33 9 19 7 3.2 124.2 93.3 11.1 154.3 1.8 101.4 11.8 39 3 2 134 7 290 2 35 2 19 7 3 1 127.9 92 6 11.7 155.5 1.7 102 8 11 4 39 5 3 136.0 294.9 36.0 18.6 3.2 131.5 93.5 12.1 159.0 1.8 104.5 12.4 40.3 4 137 4 303.0 39 0 19 4 3.4 134.5 95 2 11.5 165.6 .8 109.5 14.1 40 3 1962—1 139.0 305.7 35.6 20.2 3.4 136.0 97.7 12.7 166.7 1.8 109.5 13.6 41.8 r Revised. * Receivables from, and payables to, the U. S. Government exclude 1 Excludes banks, savings and loan associations, and insurance compa- amounts offset against each other on corporations' books. nies. 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 1961—1 7.6 3.2 .6 I.I 2.7 33.9 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 8.6 3.7 .7 1.4 2.9 33.5 1956 35.1 15.0 ?, 1.2 1.7 4.9 2.7 8.4 3 8.7 3.6 .6 2.9 34.7 1957 37.0 16.0 2 1.4 1.8 6.2 3.0 7.4 4 9.5 4.1 .7 3.2 35.4 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959 32.5 12.1 0 .9 2.0 5.7 2.7 8.2 1962—1 8.0 3.4 .6 1 2.9 35.7 I960 35.7 14.5 0 1.0 1.9 5.7 3.1 8.4 9.5 4.0 .8 1.3 3.3 37.0 1961 34.4 13.7 0 .7 1.9 5.5 3.2 8.5 34.... 9.5 3.9 .6 1.5 3.4 37.7 19624' 37.2 14.7 1.1 .8 1.9 5.5 3.7 9.5 r Revised. 3 Includes communications and other. 2Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 737 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER (In billions of dollars] All properties Nonfarm Farm Other Multifamily and E o n r d q o u f a r y t e e a r r h A e o r l l d s l - t F u in i c t n i i s a o a ti l n n - s - S F e a e l g e d e c e n h t r e o - a d l l de v r I i a d s n n u d d a i- ls h A e o r l l d s l - T 1 o . ta to l 4-f F a in i c m n i s a a t il i l n y - - ho O h u e o t s r h l e d s e s - r c T o o m ta m l erc F i i a n i c n l i s a a t p i l n - r - ope O h r e t o t i r h l e d s e s* - r h A e o r l l d s l - t F u in i c t n i i s a o a ti n n l - s - h O ol t d h e e r r s' cies others tutions tutions 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 1 1 9 9 5 5 6 5 112494..59 1 9 1 9 1 . . 3 2 5 6 .0 2 2 2 5 7 .3 4 1 1 2 3 0 4 . . 9 6 9 8 9 8 . . 0 2 7833..84 1154..64 3352..66 2 2 3 1 . . 9 8 1 1 0 1 . . 8 7 9 9 . . 1 9 3 3 . . 9 6 6 5 . . 0 4 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 '178.7 130.9 109.2 21.6 47.9 31.9 16.0 12.2 4.5 7.7 I960 ... r207.1 157.6 11 2 r38 3 194.0 141.3 117.9 23.4 r52.7 35.0 17.7 13.1 4.7 8.4 1961^. 225.4 172.6 11.8 40.9 211.2 153.4 129.1 24.3 57.8 38.5 19.3 14.2 5.0 9.2 1960 Mar 194.7 148.0 no.2 *36.3 182.1 133.1 110.9 22.2 r49.0 32.6 16.4 12.5 4.5 8.0 J S u e n p e t 1 r2 9 0 8 3 . . 9 2 1 15 5 4 1 . . 6 3 1 11 0 . . 0 6 ' r3 3 7 7 .7 0 1 1 9 8 0 6 . . 3 1 1 1 3 3 8 5 . . 8 9 1 1 1 1 5 3 . . 8 3 2 23 2 . . 1 5 ' r5 51 0 . . 5 2 3 3 4 3 . . 2 4 1 1 6 7 . . 9 3 1 1 3 2 . . 0 8 4 4 . . 6 6 8 8 . . 2 3 Dec r207.1 157 6 11 2 r38 3 194.0 141.3 117.9 23.4 r52.7 35.0 17.7 13.1 4.7 8.4 1961—Mar.** 210.3 160.2 11.3 38.9 197.0 143.3 119.8 23.5 53.7 35.7 18.0 13.3 4.7 8.6 June^ 215.0 164.3 11.2 39.5 201.3 146.5 123.0 23.5 54.8 36.5 18.4 13.7 4.8 8.9 D Se e p c t . p p 2 2 2 2 0 5 .4 0 1 1 6 7 8 2. 6 4 1 11 1 .8 4 4 40 0 .9 2 2 21 0 1 6 . . 2 0 1 1 5 49 3 . . 9 4 1 1 2 2 6 9. 1 1 2 2 3 4 . . 8 3 5 5 6 7 . . 1 8 3 3 7 8 . . 3 5 1 1 8 9 . . 8 3 1 1 4 4 . . 0 2 4 5 . . 9 0 9 9 . .2 1 P Preliminary. r Revised. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amounts of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. SOURCE.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual savings Housing Administration, Public Housing Administration, Veterans, banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a © rm n- 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 9$4 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6 551 2*102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8 360 7 073 2 275 53 1 I9 9 6 5 0 9 2 2 8 8 , , 8 1 0 4 6 5 2 20 0 , , 3 3 6 2 2 0 6 5, , 8 1 5 2 1 2 2 3 , , 8 1 5 6 9 1 1 1 1 1 , , 0 6 3 5 7 2 6 6 , , 7 2 9 3 6 7 1 1 , , 5 6 8 4 8 8 2 26 4 , , 9 9 3 9 5 2 2 24 2 , , 3 4 0 8 6 6 7 6 , , 0 2 7 7 4 6 8 8, , 9 5 8 8 6 9 7 8 S 6 2 2 4 2 6 2 2 ^ 4 5 5 7 1 5 5 5 5 4 1961 . . 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 I960—Mar 28,228 20,292 6,053 3,124 11,115 6,345 1,591 25,404 22,871 6,415 8,729 7 727 2 479 54 June ........ 28,463 20,334 5,978 3,032 11,324 6,484 1,646 25,849 23,293 6 571 8 879 7 843 2 503 53 Sept 428,693 20,399 5,906 2,919 11,574 6,651 641 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 ,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 Mar ... . 28,864 20 281 5,793 2,776 11,712 6,906 1,677 27,447 24,800 7 353 9 111 8 336 2 597 50 June 29,383 20,595 5s820 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 1,740 28,589 25,892 7,811 9,231 8 850 2 646 51 Dec 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 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 supervisorybased on Federal Reserve preliminary tabulation of a revised series of agencies, Comptroller of the Currency, and Federal Reserve. banking statistics. March and September figures are Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Farm Total Farm Total FHA- g V u A ar - - Other Total FHA- g V u A ar - - Other insured anteed insured anteed 1941 6,442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 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 1961 6,722 6,169 1,377 223 4,569 553 44,241 41,070 9,664 6,552 24,854 3,171 1961 Apr 513 463 107 13 343 50 42,553 39,525 9,326 6,810 23,389 3,028 May 511 461 105 12 344 50 42,723 39,670 9,364 6,770 23,536 3,053 June 537 489 99 13 377 48 42,905 39,827 9,403 6,736 23,688 3,078 JUly 465 433 94 16 323 32 43,052 39,959 9,452 6 698 23,809 3,093 Aug 557 517 116 18 383 40 43,216 40,105 9,501 6,660 23,944 3,111 Sept 511 472 106 15 351 39 43,381 40,252 9,541 6,624 24,087 3,129 Oct 580 541 112 24 405 39 43,580 40,435 9,574 6,592 24,269 3,145 Nov . .. 590 543 110 26 407 47 43,815 40,656 9,620 6,566 24,470 3,159 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 Mar 521 452 104 33 315 69 44,637 41,425 9,797 6,498 25,130 3,212 Apr 481 425 86 28 311 56 44,751 41,516 9,821 6,478 25,217 3,235 NOTE.—Certain mortgage loans secured by land on which oil drilling end-of-year figures, because monthly figures represent book value of or extracting operations are in process are classified with farm through ledger assets whereas year-end figures represent annual statement asset June 1959 and with "other" nonfarm thereafter. These loans totaled values, and because data for year-end adjustments are more complete. $38 million on July 31, 1959. SOURCE.—Institute of Life Insurance; end-of-year figures are from For loans acquired, the monthly figures may not add to annual totals Life Insurance Fact Book, and end-of-month figures from the Tally of and for loans outstanding, the end-of-December figures may differ from Life Insurance Statistics. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r th or Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r th or Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in l S o g a 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 justed 1 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 SSS 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 I 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 I960.. 29,341 12,158 1 318 4 520 I 557 1961 31,157 1,160 4,997 741 1961 1961 Apr........ 1,309 417 504 62,252 3,702 7,205 51,345 May 1,511 460 603 63,061 3,770 7,213 52,078 Mar 2,398 2,444 [,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 96 399 156 Jan 1,323 353 550 69,368 7,161 58,003 1962 Feb 1,303 362 509 69,968 4*, 241 7,160 58,567 Mar 1,611 464 633 70,769 4,276 7,170 59,323 2,696 2,459 1,041 88 400 138 Apr.*3 1,683 523 634 71,580 4,310 7,163 60,107 Feb 2,682 2,238 971 79 374 114 Mar 2,627 1,172 90 442 120 * Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Resrefmancing, 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 739 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 y e g o c p e r t e s t- i l p o m r e i a o m r e n t v n y - s e t 2 - TotaP p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y 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- guarsured anteed 1945 665 257 217 20 171 192 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1945 18.6 4.3 4.1 .2 14.3 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 oc .2 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15 5 28.4 55 1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1958 117.7 50. 19.7 30.4 67.6 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1959 131.0 53.8 23.8 30.0 77.0 1960 141 3 56.4 26.7 29.7 84 8 1961—Apr.. 458 124 193 75 65 109 78 31 153.4 59.5 29.5 30.0 93.9 May. 501 130 219 84 68 123 83 41 June. 563 132 254 90 87 137 89 48 1960—Mar 133.1 54.5 24.6 29.9 78.6 July. 543 134 252 80 76 144 90 54 June. 135.9 55.0 25.2 29.8 80.9 Aug. 647 164 299 96 88 182 113 68 Sept.. 138.8 55.7 26.0 29.7 83.2 Sept. 569 147 276 73 74 168 98 70 Dec. 141.3 56.4 26.7 29.7 84.8 Oct.. 599 148 285 83 83 201 114 86 Nov. 622 174 310 65 73 206 118 87 1961—Mar.* 143.3 57. 1 27.4 29.7 86.2 Dec. 553 153 273 62 65 197 112 84 Junep 146.5 57.8 28.0 29.8 88.7 Sept*3. 149.9 58.7 28.8 29.9 91.2 1962—Jan.. 617 179 301 74 63 227 127 99 Dec? 153.4 59.5 29.5 30.0 93.9 Feb.. 474 150 248 26 50 175 95 80 Mar. 541 157 261 70 53 205 115 90 Apr.. 515 132 240 56 182 99 83 * 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 i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts ri t o an d d ) ing Members' End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts y- a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - - ed Total S te h r o m r t i - L te o rm ng 2 - deposits 1945 278 213 195 176 19 46 1955 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 698 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 1%0 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 892 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1,180 1%1 Apr 5,858 3,211 2,646 38 17? 532 1961—May 197 149 1,624 852 772 1,089 M!ay .... 5,772 3,188 2,584 42 101 523 June 367 122 1,869 975 894 1,154 5,763 3,191 2,572 38 18 544 July 271 270 1,871 1,062 809 1,048 JUly 5 5 , , 8 7 0 6 4 5 3 3, , 2 2 4 0 5 4 2 2, , 5 5 5 6 9 1 7 3 1 5 6 3 5 5 7 9 9 3 A Se u p g t 2 2 4 4 5 4 1 1 2 1 0 5 2 2 , , 0 1 0 2 1 4 1 1, , 2 1 3 4 3 7 8 8 9 5 2 4 1 1 , ,0 0 1 2 9 2 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 ?, 653 263 178 2,287 1,269 1,018 1,029 Nov 6,004 3,417 2,587 121 3 656 Dec 510 135 2,662 1,447 1,216 1,180 n^r 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 Mar 6,231 3,653 2,578 97 80 613 Apr 382 209 2,323 1,244 1.079 1,096 Apr 6,151 3,616 2,535 60 106 562 May 295 189 2,429 1,319 1,110 1,107 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 Loa<Bank Board. Mortgage Company, the Defense Hor"^ Corporation, and the Public Housing Administration. SOURCE.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding; in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s p t o h u e d e m r s r i er e a r n R l n d o i e a z p m n a a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1955 38,807 28,883 13,437 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1956 42,262 31,648 14,348 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 44,848 33,745 15,218 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 44,984 33,497 14,007 9,028 2,346 8,116 11,487 3,627 5,060 2,800 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— Apr 53,756 41,423 16,877 10,915 3,073 10,558 12,333 4,589 4,203 3,541 May 54,196 41,584 16,933 10,929 3,100 10,622 12,612 4,717 4,380 3,515 June 54,602 41,888 17,061 10,966 3,122 10,739 12,714 4,743 4,474 3,497 July 54,505 41,909 17,063 10,934 3,133 10,779 12,596 4,708 4,397 3,491 54,739 42,090 17,061 10,966 3,165 10,898 12,649 4,769 4,409 3,471 Sept 54,757 42,039 16,902 11,006 3,180 10,951 12,718 4,832 4,423 3 463 Oct 54,902 42,181 16,913 11,085 3,183 11,000 12,721 4,778 4,517 3,426 Nov. 55,451 42,419 16,960 11,215 3,192 11,052 13,032 4,880 4,684 3,468 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 Mar 55,680 42,704 17,039 11,256 3,084 11,325 12,976 5,056 4,191 3,729 Apr 56,650 43,285 17,343 11,333 3,094 11,515 13,365 5,111 4,451 3,803 1 Represents all consumer instalment credit extended for the purpose 3 Includes data for Alaska and Hawaii beginning with January and of purchasing automobiles and other consumer goods, whether held by August 1959, respectively. retail outlets or financial institutions. Includes credit on purchases by NOTE.—Monthly figures for the period December 1939 through 1960 individuals of automobiles or other consumer goods that may be used are shown in the following BULLETINS: April 1953 (includes a general in part for business. description of the series); October 1956; November 1958 and 1959; and 2 Holdings of financial institutions; holdings of retail outlets are in- December 1957, 1960 and 1961. A detailed description of the methods cluded in other consumer goods paper. used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding; in millions of dollars] ]7inanciaOnstitutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i c C a n u o n a m o m i n n e e c - - s r e 1 Other l Total D s m t e o p e re a n s r t t 2 - 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 l s e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4 503 3 065 1 079 1,197 132 657 1 438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 , .. 2 462 1,776 745 300 102 629 686 131 240 17 28 270 1955 28,883 24,375 10,601 8,424 1,678 2,623 1,049 4,508 1,511 1,044 365 487 ? . 101 195§ 31,648 26,905 11,777 9,045 2,014 2,940 1,129 4,743 1,408 1,187 377 502 I 269 1957 33,745 29,078 12,843 9,487 2,429 3,124 1,195 4,668 1,393 1,210 361 478 1,226 1 1 9 9 5 5 8 94 3 3 3 9 , , 4 0 9 3 7 4 2 3 8 3S,3 5 5 1 9 4 1 15 2 , , 2 7 2 8 7 0 1 8 0 , , 6 1 9 0 9 8 2 3 , , 6 2 6 8 8 0 3 3, , 3 0 3 8 7 5 1 1 . , 2 4 8 0 2 7 4 5 , , 9 67 83 6 2 1 , ,8 2 8 9 2 2 1 1 , , 2 1 2 2 5 8 2 3 9 1 2 0 5 48 0 1 6 1 i ,1 3 7 6 5 8 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 I 401 1961—Apr 41,423 37,003 17,072 10,883 3,964 3,606 ,478 4,420 1,545 1,002 306 361 1,206 May 41,584 37,056 17,079 10,859 4,019 3,607 1,492 4,527 1,650 997 307 360 I 213 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 L 207 42,090 37,320 17,065 10,886 4,207 3,659 1,503 4,769 1,896 1,001 314 359 I 199 Sept 42,039 37,188 16,909 10,882 4,233 3,650 1,514 4,850 1,979 1,009 315 360 .187 Oct 42,181 37,191 16,877 10,866 4,269 3,671 1,508 4,990 2,097 1,014 315 359 1 205 Nov 42,419 37,240 16,836 10.878 4,317 3,684 1,525 5,179 2,213 1,034 314 360 1,258 Dec. 43,163 37,580 16,843 11,052 4,352 3,798 1,535 5,583 2,421 1,080 322 359 1 401 1962 Jan 42,846 37,551 16,759 11,190 4,306 3,782 ,514 5,295 2,212 1 057 315 359 1 352 Feb 42,632 37,469 16,726 11,133 4,311 3,783 1,516 5,163 2,167 1,039 311 358 1 288 Mar 42,704 37,509 16,779 11,049 4,355 3,795 1,531 5 195 2 227 1 018 305 356 1 289 Apr 43,285 37,965 17,042 11,121 4,449 3,826 1,527 5,320 2,339 1,011 303 351 1,316 1 Consumer finance companies included with "other" financial institu- 3 Automobile paper only; other instalment credit held by automobile tions until September 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. 4 See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 741 INSTALMENT CREDIT HELD BY COMMERCIAL BANES, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding; in millions of dollars] [Estimated amounts outstanding; in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d n a a s - ir - 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 t a o m p o h n e e e d - r r r s m i R z l o o a e a d a n p ti n e d a o r s i n n r - s l P o o e n a r a n - l s 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 I960.. 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—Apr.. 10,883 6,858 2,813 146 ,066 1961—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 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 17,065 5,312 2,860 2,936 2,190 3,767 Sept. 10,882 6,650 2,937 153 ,142 Sent. ... 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 16,836 5,314 2,852 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 Mar. 11,049 6,554 3,118 163 ,214 Mar 16,779 5,364 2,918 2,549 2,100 3,848 Apr. 11,121 6,642 3,078 165 1,236 Apr 17,042 5,472 2,993 2,535 2,106 3,936 1 Includes data for Hawaii beginning with August 1959. l 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 d a ti n d e o s r n n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c m n n r s o e e t d n n a i - l t t - b C m c a o i n e a m r k l - s - f O i i n c n t i s h a a t n e l i- r - st m p o D a e r e r e n t - s - t 1 o O r u e t t t h l a e e i t l r s C ca re rd d s it 2 S c e r r e v d i i c t e tutions 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1955 5,350 763 530 327 3,730 1945 3,203 674 72 290 1,322 845 1956 6,083 954 624 404 4,101 1957 6,748 1,114 588 490 4,555 1955 9,924 2,635 367 862 3,717 216 2 127 1958 7,035 1,152 565 595 4,723 1956 10,614 2,843 410 893 3,842 260 2 366 19591 8,024 1,400 681 698 5,244 1957 11,103 2,937 427 876 3,953 317 2,593 I960 9,074 1,665 771 800 5,837 1958 11,487 3,156 471 907 3,808 345 2,800 1961 9,685 1,842 763 836 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 Apr 9,048 1,677 734 786 5,850 1961 13,976 4,224 731 948 4,027 463 3,583 May 9,118 1,702 736 799 5,882 9,221 ,737 743 803 5,938 1961—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 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 U823 756 837 6,110 Sept... 12,718 4,129 703 623 3,312 488 3,463 Dec 9,685 1,842 763 836 6,244 Oct.... 12,721 4,125 653 656 3,382 479 3,426 Nov... 13,032 4,158 722 717 3,498 469 3,468 1962 Jan .... 9 602 1,821 752 822 6,207 Dec... 13,976 4,224 731 948 4,027 463 3,583 Feb 9,610 1,824 749 818 6,219 Mar 9,681 1,847 750 821 6,263 1962—Jan.... 13,432 4,203 703 804 3,614 474 3,634 Apr 9,802 1,885 751 823 6,343 Feb... 12,960 4,220 711 635 3,188 471 3,735 Mar... 12,976 4,279 111 594 3,139 458 3,729 Apr... 13,365 4,390 121 620 3,367 464 3,803 1 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

742 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 t io a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1-955 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—Apr. 3,800 3,721 1,225 1.243 1,162 1.073 167 166 1.246 1.239 May 3,907 4,203 1,270 1,449 1,173 1,221 181 200 1,283 ,333 3,962 4,347 1,296 1,515 1,175 1,236 177 196 1,314 ,400 July 3,909 3,905 1,300 1,365 1,184 1,113 167 175 1,258 ,252 Aug 4,038 4,234 1,302 1,395 1,212 1,229 186 206 1,338 ,404 Sept 3,942 3,789 1,271 1,168 1,199 1,200 175 184 1,297 ,237 Oct 4,209 4,244 1,405 1,452 1,254 1,300 173 186 L*377 ,306 Nov 4,317 4,275 1,511 [,402 1,249 1,327 174 177 ,383 ,369 Dec 4,315 4,754 1,471 1,289 1,316 1,750 159 145 ]1,369 ,570 19625 Jan 4,194 3,756 1,474 1,320 1,185 1,039 157 120 1,378 ,277 Feb 4,302 3,566 1,496 [.284 1,281 972 168 122 1,357 .188 Mar 4,363 4,301 1,526 1,574 1,257 1,161 172 154 1,408 1,412 Apr.. 4,625 4,658 1,606 1,688 1,382 [.287 169 175 [.468 1,508 Repayments 1955 33,629 13,077 9,752 1,316 9,484 1956 37,009 14,510 10,756 1,370 10,373 1957 39,775 15,451 11,569 1,477 11,278 1958 40,211 15,281 11,563 1,626 11,741 19591 42,435 15,411 12,402 1,765 12,857 1960 45,759 16,172 13,574 1,883 14,130 1961 47,412 16,262 14,233 2,012 14,905 1961—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 3,962 4,042 1,354 1,387 1,188 1,199 171 174 1,249 1,282 July 3,937 3,885 1,364 1,362 1,183 1,145 165 165 1,225 1,213 Aug 3,994 4,053 1,362 1,396 1,197 1,198 170 174 1,265 1,285 Sept 3,956 3,839 1,350 1,327 1,190 1,159 170 169 1,246 1,184 Oct 4,028 4,102 1,372 1,441 1,210 1,221 178 183 1,268 1,257 Nov.. 4,017 4,037 1,359 1,355 1,188 1,197 166 168 1,304 1,317 Dec ... 4,051 4,010 1,361 1,289 1,233 168 160 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 1.262 1,253 [,197 166 154 1,278 1,167 Mar 4,094 4,229 1,393 1,435 1,226 1.285 166 169 1,309 1,340 4,108 4,077 1.403 1,384 1.217 1,210 166 165 1.322 .318 Net increase or decrease (—) in credit outstanding 2 1955 5 315 3 629 890 77 719 1956 2,766 911 965 212 678 1957 2,096 870 238 197 791 1958 -249 -1,212 184 245 534 19591 5,535 2,201 1,602 463 1,269 I960 3,554 1,236 896 329 1,093 1961 572 -483 244 37 774 1961—Apr -107 -43 -131 -47 -27 -91 2 7 49 88 May 12 160 -66 55 7 14 12 27 59 64 June 0 305 -58 128 -13 37 6 22 65 118 July -28 20 -64 3 1 -32 2 10 33 39 44 181 -60 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 -46 90 —23 Feb 236 -214 127 22 28 —225 2 —32 79 21 Mar 269 72 133 139 31 -124 6 -15 99 72 Apr ... 517 581 203 304 165 77 3 10 146 190 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 743 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t itu fi t n io an 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 s a te d d - Extensions 1955 38,944 U1,109 10,178 8,376 6,281 1956 39,775 U1,463 9,526 9,148 6,638 1957 41,871 If>,355 10,106 9,915 6,495 1958 39,962 U1,860 8,886 9,654 6,563 19591 47,818 Vr,976 10,962 10,940 7,940 1960... 49,313 IS5,269 11,211 12,073 7,762 1961 47,984 V1,512 10,481 12,264 7,727 1961—Apr 3,800 3,721 1,406 1,435 830 801 953 930 611 555 May 3,907 4,203 1,431 ,608 829 891 1,017 1,060 630 644 June 3,962 4,347 1,443 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 1,438 1,371 828 809 1,023 958 653 651 Oct 4,209 4,244 1,533 ,536 913 951 1,078 1,034 685 723 Nov. 4,317 4,275 1,557 1,456 957 924 1,115 1,118 688 777 Dec 4,315 4,754 1,546 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 1,359 975 797 1,064 918 706 492 Mar 4,363 4,301 1,580 1.593 928 917 1,122 1,118 733 673 Apr 4,625 4,658 1,646 \\i4h 994 997 1,148 1,158 837 756 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—Apr 3,907 3,764 1,564 1,511 883 849 931 896 529 508 May 3,895 4,043 1,521 1,600 887 915 961 991 526 537 3,962 4,042 1,535 1,569 909 920 985 1,016 533 537 July 3,937 3,885 1,529 1,529 890 874 963 954 555 528 Aus 3,994 4,053 1,535 1,560 906 933 988 999 565 561 Sept 3,956 3,839 1,521 1,486 883 862 982 930 570 561 Oct 4,028 4,102 1,523 1,569 918 967 997 983 590 583 Nov 4,017 4,037 1,495 1,480 899 912 1,031 1,040 592 605 Dec 4,051 4,010 1,509 1,424 931 912 1,008 1,081 603 593 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 Mar 4,094 4,229 1,517 1,540 950 1,001 1,020 1,047 607 641 Apr 4,108 4,077 1,472 1,475 935 934 1,043 1,037 658 631 Net increase or decrease (—) in credit outstanding2 1955 5 315 1 805 2 280 840 390 1956 2,766 1,176 622 733 235 1957 2,096 1,066 442 665 -75 1958 -249 -63 -788 289 315 19591 5,535 2,447 1,409 986 693 I960 3,554 1,446 1,120 1,051 -61 1961 572 169 — 174 609 — 32 1961 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 44 181 -59 -1 -64 -17 72 112 95 87 Sept. -14 -50 -124 -156 -6 -4 41 28 75 82 Oct 181 142 10 -33 -5 -16 81 51 95 140 Nov 300 238 45 -41 58 12 84 78 113 189 Dec 264 744 37 7 145 174 63 159 19 404 1962 Jan 215 -317 29 -84 217 138 36 -83 -67 -288 Feb 236 -214 88 -33 54 -57 68 8 26 -132 269 72 63 53 -22 -84 102 71 126 32 Apr 517 581 165 263 68 72 105 121 179 125 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 elsewhere in notes. 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

744 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-H49 - 100 [Seasonally adjusted] Annual 1961 1962 average Grouping 1960 1961 PApr. May June July Aug. Sept.Get Nov. Dec. Jan. Feb. Mar. Apr. INDUSTRY GROUPINGS Total index 164 165 160 164 168 170 172 168 171 173 174 172 174 175 178 163 164 755 163 166 169 170 167 170 172 173 171 173 r174 176 Durable 169 167 161 167 171 175 175 171 174 177 179 176 '•179 182 185 160 164 160 162 165 167 169 167 171 171 171 169 171 171 172 128 129 128 128 128 129 130 128 131 132 133 130 130 131 133 Utilities 287 296 304 307 307 314 316 317 315 314 318 319 '•321 324 Durable Manufactures Primary and fabricated metals 127 125 117 126 129 132 136 133 133 135 137 137 r141 r140 139 115 112 105 115 118 121 125 126 122 123 126 128 133 132 129 Iron and steel .. 110 105 98 108 111 114 115 116 113 113 120 123 129 127 123 145 143 135 143 146 148 151 144 150 153 153 151 151 153 154 Structural metal parts 155 154 144 152 158 160 164 157 161 161 159 155 157 158 162 Machinery and related products •••205 202 195 201 206 210 210 203 208 214 217 213 215 r220 225 174 174 169 171 176 181 178 177 178 180 184 183 185 189 194 145 142 140 141 144 147 145 145 145 147 148 147 149 154 158 2 2 2 3 2 8 2 2 2 2 6 7 2 2 1 2 6 0 2 23 2 1 1 2 23 2 5 9 2 23 3 9 7 2 2 4 3 0 2 2 22 2 1 9 2 2 3 3 1 5 2 2 3 4 5 8 2 2 4 5 3 2 2 2 4 4 3 2 2 24 4 5 4 r 2 2 4 4 9 9 2 2 5 5 7 2 168 151 144 157 165 167 169 139 157 169 175 166 166 171 180 368 376 366 373 366 376 375 385 388 399 400 388 393 398 400 Instruments and related products 221 220 210 215 220 222 227 225 225 229 228 226 223 224 228 139 138 135 138 144 145 144 142 139 139 136 130 138 r137 141 Clay glass and stone products 158 156 151 155 162 165 165 162 160 159 152 147 151 151 157 118 116 117 118 122 123 120 119 114 116 118 112 126 122 123 153 154 148 152 156 156 157 158 160 164 163 158 159 164 169 Furniture and fixtures . 171 171 165 167 173 172 176 176 177 183 183 175 179 184 187 Misc manufactures 138 140 134 139 142 142 142 142 145 148 146 143 143 147 153 Nondurable Manufactures 136 137 132 134 137 140 142 140 144 144 145 142 143 r144 145 Textile mill products 121 124 118 122 125 127 129 131 ni 131 132 130 132 135 135 Apparel products 158 158 153 153 156 162 165 159 166 165 167 161 164 163 113 113 112 112 116 113 116 112 117 119 123 117 117 114 160 164 162 163 164 164 169 168 168 169 170 169 171 r170 169 Paper and products 172 182 180 179 182 179 189 187 188 187 192 189 193 191 189 151 153 150 151 153 154 155 155 155 157 156 156 157 156 156 140 139 137 137 138 139 140 140 140 142 142 142 141 140 140 Chemical petroleum and rubber products 224 234 225 232 237 243 243 239 245 245 247 243 247 245 249 Chemicals and products . ...... 255 269 259 266 272 277 277 276 280 282 285 281 '288 283 287 319 345 328 339 347 356 358 361 367 370 370 369 378 371 Petroleum products 162 166 162 167 166 174 172 164 172 169 162 168 165 169 166 200 201 192 199 211 215 215 210 217 217 225 208 '217 216 Foods beverages, and tobacco 131 136 134 135 136 137 137 137 139 139 138 138 138 r141 140 Foods and beverages 132 136 134 135 137 138 138 137 140 140 138 140 139 141 140 135 139 137 139 139 140 140 140 142 142 142 142 142 144 143 Beverages 119 124 122 117 123 129 127 126 128 127 122 127 124 127 Tobacco products.•• •• 130 134 139 132 132 125 135 133 140 140 136 130 132 139 Mining 122 123 123 123 123 123 125 122 125 127 127 125 125 125 128 Coal 68 65 63 66 64 64 67 68 69 70 70 70 68 69 71 147 150 151 149 150 150 152 147 151 152 153 151 151 151 153 Oil and gas extraction ... . 147 150 151 149 151 151 152 147 151 150 151 149 150 150 152 Crude oil 135 138 139 138 139 139 141 137 139 138 138 137 138 137 140 228 238 233 234 Oil and gas drilling............................. 145 147 145 143 142 143 141 141 147 161 165 159 150 155 157 Metal stone and earth minerals 164 164 159 157 161 163 160 162 168 170 169 161 164 r166 167 134 134 127 119 123 124 124 130 137 146 155 155 155 154 142 Stone and earth minerals 195 194 192 197 201 204 198 196 199 193 181 166 173 177 192 Utilities Electric 289 308 297 307 309 309 317 319 320 316 316 321 320 322 Gas 284 296 299 301 SUMMARY MARKET GROUPINGS Final products, total 168 170 166 168 171 174 174 172 175 178 179 176 177 180 182 161 164 160 163 166 169 169 164 168 170 172 170 170 172 174 195 196 190 192 194 197 198 201 203 207 208 204 208 210 212 160 161 156 161 164 166 168 165 168 168 170 168 171 172 174 9 Preliminary. ••Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 745 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-^9 = 100 [Without seasonal adjustment] A av n e n r u a a g l e 1961 1962 Grouping 1960 9619 Apr. May June July Aug. Sept.Oct Nov. Dec. Jan. Feb. Mar. Apr. INDUSTRY GROUPING 164 165 162 164 168 160 169 171 176 174 172 170 175 178 178 163 164 160 163 167 158 167 169 776" 173 170 168 174 177 178 Durable 169 167 163 167 172 163 165 172 178 179 179 177 182 185 187 160 164 162 162 166 158 173 171 178 171 164 163 169 172 171 128 129 127 128 129 125 130 130 131 132 132 130 131 130 132 Utilities 287 Durable manufactures 127 125 119 127 130 120 130 133 136 134 135 138 r143 r144 143 115 112 109 117 120 105 115 ill 123 122 123 132 139 139 135 110 105 101 110 113 99 108 116 116 114 117 127 134 134 127 Fabricated metal products 145 143 135 140 146 143 153 150 154 153 153 148 148 151 154 155 154 143 150 157 154 161 159 165 165 164 155 156 158 161 205 202 199 201 205 195 190 201 212 218 221 216 221 225 228 174 174 172 172 176 167 170 178 181 182 185 183 189 193 196 145 142 144 143 145 140 138 142 143 144 149 149 154 159 163 222 226 216 217 226 211 224 238 245 245 243 238 245 r248 247 238 227 225 231 236 219 1% 215 241 260 262 253 255 r259 265 168 151 149 159 167 146 114 133 166 187 187 178 177 180 188 368 376 371 368 365 362 366 380 386 398 402 396 402 407 405 221 220 212 215 219 216 223 226 226 231 230 226 225 r227 230 139 138 134 141 150 143 152 150 148 139 127 120 131 r132 142 158 156 151 158 166 164 171 167 167 160 148 138 143 147 160 118 116 115 121 132 119 131 131 126 115 103 98 118 115 121 153 154 144 146 75? 150 161 165 169 169 165 153 158 162 164 171 171 160 161 168 168 180 182 186 185 186 172 178 181 183 138 140 129 134 140 134 145 151 155 155 148 138 140 145 148 Nondurable manufactures 136 137 138 136 135 124 149 133 148 141 135 137 r150 r152 144 121 124 123 126 125 111 130 127 136 131 127 128 134 137 132 158 158 161 156 154 145 176 148 171 160 152 155 174 177 113 113 114 106 113 102 120 112 118 116 113 115 125 124 160 164 166 164 166 153 166 169 176 173 163 164 170 174 173 172 182 185 180 187 162 192 189 200 190 173 183 194 197 195 151 153 154 153 152 147 150 157 161 162 157 152 155 159 160 140 139 146 146 139 122 126 140 152 155 140 131 137 145 149 224 234 230 232 238 226 241 239 247 246 242 243 r250 251 254 255 269 268 269 275 260 275 274 281 282 278 277 287 290 295 319 345 335 342 345 335 352 353 365 372 370 367 r38O 381 162 166 157 164 166 173 177 168 171 167 166 168 167 167 162 200 201 197 194 205 181 207 213 228 223 215 219 '229 227 131 136 129 132 139 137 148 151 152 141 130 127 128 r131 133 132 136 129 131 139 139 148 152 152 141 132 127 128 130 133 135 139 129 132 138 139 151 157 157 147 137 133 132 132 134 119 124 130 129 145 138 137 127 132 114 110 101 108 111 130 134 133 136 144 115 145 138 150 140 110 130 134 139 Mining 122 123 123 122 120 117 123 122 125 127 129 129 129 128 127 Coal 68 65 61 64 61 54 70 72 75 73 70 69 69 70 69 147 150 151 148 147 145 147 145 149 152 156 156 157 155 154 147 150 153 148 147 144 147 145 148 150 155 155 157 155 154 135 138 141 137 136 133 136 134 137 137 140 141 143 142 142 Gas and sas liouids . 228 238 225 220 145 147 137 140 143 147 146 144 148 159 167 163 149 146 149 164 164 153 169 180 176 176 179 180 164 149 136 143 r146 161 134 134 119 137 151 143 143 150 151 133 124 122 111 r\16 134 195 194 188 201 210 212 210 209 210 195 175 150 158 166 188 Utilities Electric 289 308 291 291 298 306 325 327 310 304 320 342 332 328 284 SUMMARY MARKET GROUPINGS 168 170 167 167 172 165 172 176 182 179 176 174 178 181 182 161 164 160 160 166 158 167 170 178 172 167 166 170 172 173 195 196 193 193 196 192 194 199 201 204 208 206 210 214 216 160 161 157 161 165 156 166 166 171 170 168 167 172 174 176 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 -100 [Seasonally adjusted] 1957 A A v n e n r u a a g l e 1961 1962 Grouping proportion 1960 1961* Apr. May June July Aug. Sept.Oct Nov. Dec. Jan. Feb. Mar. Apr. 100.00 108 109 106 108 110 112 113 Ill 113 114 115 114 115 116 117 86.49 108 709 705 705 777 772 775 777 775 774 775 774 775 775 7/7 Durable 49.66 104 103 99 103 105 107 108 105 107 109 110 108 110 112 114 36.83 113 117 114 116 117 119 120 119 121 121 122 120 122 122 122 Mining 8.55 97 98 97 97 98 98 99 97 100 101 101 99 99 99 101 Utilities 4.96 123 127 130 131 132 135 135 135 135 135 137 137 138 139 Durable Manufactures Primarv and fabricated metals 13.15 97 95 89 96 99 700 704 707 702 705 704 705 r707 106 7.73 90 88 82 90 92 95 98 99 96 96 99 101 105 103 101 6.21 88 84 79 86 89 91 92 93 90 90 96 98 104 102 99 Fabricated metal products 5.42 106 105 99 105 107 108 111 105 110 112 112 110 111 112 113 2.91 104 103 96 102 106 107 110 105 108 107 106 104 105 106 108 28.98 705 704 707 704 705 705 705 705 707 770 772 770 777 775 775 15.31 106 106 103 104 107 110 109 108 108 110 112 111 113 116 118 8.92 102 100 98 99 101 103 102 102 102 103 104 103 105 108 112 Electrical machinerv 6.39 111 114 109 112 116 120 118 116 117 119 123 123 124 126 128 10.76 102 97 94 99 101 102 103 95 101 106 108 104 105 107 110 Tvfotor vehicles and Darts 5.04 115 103 99 108 113 114 116 95 107 116 119 114 114 117 123 5.50 89 91 88 90 88 91 90 93 93 96 96 93 95 96 96 1.66 119 118 113 116 119 119 122 121 121 123 123 121 120 121 123 1.25 nos Clav glass and lumber 4.57 709 707 705 707 772 775 772 777 705 705 705 702 r107 110 2.92 110 108 105 107 112 114 114 112 111 110 106 102 104 105 109 1.65 107 105 106 107 111 111 109 107 103 105 107 101 114 111 112 Furniture and miscellaneous 2.96 775 777 772 775 779 779 720 720 727 724 724 720 121 725 128 1.48 120 120 115 117 121 121 123 123 124 128 128 123 125 128 131 1.48 113 114 110 114 117 117 116 116 119 121 120 117 117 121 126 Nondurable Manufactures Textile apparel and leather products 7.32 775 775 772 775 775 775 720 775 722 722 725 720 727 122 1.18 109 111 106 110 112 114 116 117 118 118 118 117 118 122 111 3.44 124 124 120 120 123 127 130 125 130 130 131 127 129 128 1.10 100 101 100 100 104 101 103 100 104 106 109 105 105 101 7.93 772 775 775 774 775 775 775 777 777 775 779 775 119 r119 118 Pacer and oroducts 3.27 111 118 117 117 118 117 123 122 122 122 125 123 125 124 123 4.66 111 113 110 111 113 114 114 114 114 115 114 114 115 115 115 1.53 107 106 105 105 106 107 107 107 107 108 108 109 108 107 107 Chemical, petroleum, and rubber products 10.95 118 725 775 722 725 727 727 725 725 729 750 727 r130 H29 131 7.10 111 128 123 127 129 132 132 132 133 134 136 134 137 135 137 Industrial chemicals 3.61 111 137 130 135 138 141 142 143 146 147 147 146 150 147 1.93 108 110 108 111 111 116 115 110 114 113 108 112 110 111 111 1.91 114 115 110 114 121 123 123 120 124 124 129 119 124 124 Foods beverages and tobacco 10.64 709 775 772 772 775 774 774 774 775 775 775 775 775 r117 775 9.87 109 113 111 112 113 114 114 114 116 116 114 115 115 117 116 Food manufactures 8.31 109 113 111 113 113 114 114 114 116 116 115 116 116 117 117 1.56 108 112 111 107 112 117 115 114 116 116 110 115 111 115 .77 114 118 122 116 116 110 119 116 123 123 120 114 116 122 Mining 7.05 96 97 97 96 r96 96 95 96 95 99 99 95 95 95 100 Coal 1.30 83 80 11 81 11 11 81 82 84 86 86 86 83 84 86 5.75 98 100 101 100 101 101 102 99 101 102 103 101 101 101 103 Oil and gas extraction 4.98 100 103 104 102 103 103 105 101 104 104 103 102 103 103 105 4.33 98 100 101 100 101 101 103 99 101 100 100 99 100 100 102 Gas and gas licjuids .65 116 .77 85 86 85 84 83 84 82 83 86 95 97 93 88 91 92 7.50 705 705 702 707 705 705 705 704 707 709 705 705 705 705 707 .70 97 97 92 86 89 90 90 94 99 106 112 112 111 112 103 .80 112 112 110 114 116 118 114 113 115 111 104 96 100 102 110 Utilities 3.76 123 131 127 131 132 132 135 136 137 135 135 137 137 137 Gas 1.20 123 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 747 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p 1 p 9 r o o 5 r - - 7 A A v n e n r u ag al e 1961 1962 tion 1960 1961* Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total index. 100.00 108 109 106 108 110 112 113 111 113 114 115 114 115 116 117 Final products, total 46.75 HI 112 109 111 113 114 115 113 115 117 118 775 777 775 779 Consumer goods . 31.13 114 116 114 115 118 120 120 116 119 121 122 121 120 122 123 Equipment, including defense. 15.62 103 104 100 102 102 104 105 106 107 109 110 108 110 111 112 Materials 53.25 106 106 103 106 109 110 111 109 111 111 112 111 113 113 115 Consumer goods Automotive products 3.35 117 106 103 108 113 115 117 96 110 121 129 779 775 116 724 Autos 2.03 117 97 92 101 109 110 110 82 102 117 127 114 109 110 119 Auto parts and allied products. 1.32 117 121 120 118 120 125 126 118 123 127 132 126 126 125 131 Home goods and apparel 9.60 116 117 115 116 120 123 122 120 121 121 125 727 123 125 Home goods 4.40 115 117 114 117 122 \1A 120 121 120 122 127 123 124 127 130 Appliances, TV, and radios 1.75 112 113 111 116 123 127 116 119 116 117 122 120 122 126 130 Appliances 1.26 118 118 115 118 122 126 121 126 124 124 127 126 126 130 132 TV and home radios .49 96 103 100 110 126 128 102 100 98 101 108 104 113 118 123 Furniture and rugs , 1.18 118 119 116 117 122 119 122 126 124 128 129 124 124 126 131 Misc. home goods , 1.47 117 119 115 118 122 123 124 120 122 123 131 127 126 128 130 Apparel, inch knit goods and shoes. 5.20 117 118 116 115 118 122 124 118 121 121 123 119 121 124 Consumer staples 18.18 113 117 115 117 118 119 119 119 120 120 779 120 120 727 727 Processed foods 8.11 109 113 111 113 114 114 114 114 115 115 114 114 114 115 115 Beverages and tobaccos 2.32 110 114 114 110 113 115 116 115 118 118 113 115 113 118 Drugs, soap, and toiletries 2.73 118 123 119 123 124 126 126 124 127 127 130 126 128 127 128 Newspapers, magazines, and books. 1.44 113 117 114 116 117 119 117 119 118 118 116 119 118 118 118 Consumer fuel and lighting 3.45 119 126 i22 125 125 128 130 127 129 129 129 132 132 132 Fuel oil and gasoline 1.19 106 108 105 105 105 112 111 104 109 112 109 112 113 113 111 Residential utilities 2.26 126 132 135 134 135 139 140 141 140 139 143 143 143 Electricity 1.57 127 U6 132 136 135 136 140 141 141 139 139 144 143 143 Gas... .69 124 Equipment Business equipment 12.16 105 105 702 103 104 705 705 707 70S 770 7/0 705 770 772 774 Industrial equipment 7.29 102 100 97 99 99 101 102 101 102 104 106 104 106 106 107 Commercial equipment , 2.46 118 124 118 120 123 125 127 128 129 131 132 131 133 135 138 Freight and passenger equipment. 1.83 101 99 94 95 95 96 98 105 106 111 106 101 103 107 106 Farm equipment .58 92 98 107 104 106 98 78 97 87 95 94 91 100 105 110 Defense equipment. 3.46 Materials Durable goods materials. 27.57 702 700 96 707 104 104 705 104 705 705 705 705 »707 '705 777 Consumer durable 3.67 109 100 93 107 109 109 115 99 101 106 112 112 111 115 120 Equipment 8.10 101 102 98 99 101 104 105 102 107 108 108 108 110 112 116 Construction 9.05 107 106 104 107 110 111 112 110 108 107 105 100 106 107 111 Metal materials n.e.c.... 6.99 92 91 86 92 93 94 96 97 96 97 102 105 107 105 104 Nondurable materials 25.44 770 774 777 772 774 775 777 775 777 775 779 777 '119 779 779 Business supplies 8.87 110 113 111 110 113 114 116 113 114 116 118 115 117 117 116 Containers 2.91 109 115 114 110 115 116 121 118 116 119 122 122 121 124 117 General business supplies. 5.96 111 111 110 110 112 114 113 111 112 115 115 112 114 113 115 Nondurable materials n.e.c.. 7.05 119 126 121 124 128 130 132 130 132 132 135 132 135 137 136 Business fuel and power 9.52 103 105 104 105 106 106 108 106 108 108 108 107 108 108 110 Mineral fuels 6.29 97 98 98 98 98 98 100 97 100 100 100 99 99 r99 101 Nonresidential utilities 2.70 121 123 126 129 129 131 132 132 131 131 132 132 133 Electricity 2.19 120 128' 124 127 130 129 132 133 133 132 132 132 132 133 General industrial .99 115 118 111 117 120 120 122 122 121 120 122 126 128 128 Commercial and other. 1.12 127 139 136 138 141 139 143 146 147 146 144 141 140 141 Gas .51 121 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 116 112 109 113 118 120 118 110 116 122 128 121 120 122 128 Apparel and staples 23.38 114 117 115 116 118 119 120 118 120 120 120 120 120 122 v 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—7959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see BULLETIN for June 1960, p. 632). Figures for industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] 1 p 9 ro 5 - 7 A A v n e n r u a a g l e 1961 1962 Grouping portion 1960 1961, Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total index . 100.00 108 109 107 108 111 106 Ill 113 116 115 113 112 115 117 118 JSdanufacturing total • 86.49 705 709 707 705 777 705 777 775 777 775 775 772 775 775 775 Durable 49.66 104 103 100 103 106 100 102 106 110 111 110 109 112 114 115 Nondurable 36.83 113 117 115 115 118 112 123 121 126 122 116 116 120 122 122 Mining 8.55 97 98 97 97 98 95 99 99 101 101 100 99 99 99 100 Utilities 4.96 123 Durable Manufactures Primary and fabricated metals 13.15 97 95 91 97 700 92 99 702 104 702 705 705 r109 mo 709 Primarv metals 7.73 90 88 86 92 94 82 91 96 97 96 97 104 110 110 106 Iron and steel 6.21 88 84 81 88 91 80 87 93 93 91 94 101 107 107 102 Fabricated metal products 5.42 106 105 99 103 107 105 112 110 113 112 112 108 109 111 113 Structural metal parts 2.91 104 103 96 101 105 103 108 106 110 110 110 104 104 106 108 Machinery and related products 28.98 106 704 705 104 705 707 98 104 709 775 114 772 774 775 775 Machinery . 15.31 106 106 105 105 107 102 104 109 111 111 113 112 115 118 119 Nonelectrical machinerv 8.92 102 100 101 101 102 98 97 100 101 101 105 105 109 112 115 Electrical machinery . 6.39 112 114 109 110 115 107 113 121 124 124 123 121 124 126 125 Xransportation equipment 10.76 102 97 96 99 101 94 84 92 103 111 112 108 109 111 113 M^otor vehicles and parts 5.04 115 103 102 109 114 100 78 91 113 128 128 122 121 123 128 Aircraft and other equipment 5.50 89 91 89 89 88 87 88 92 93 96 97 95 97 98 98 Instruments and related products 1.66 119 118 114 116 118 116 120 121 122 124 124 122 121 122 124 1.25 Clay glass and lumber .. 4.57 709 707 104 770 777 772 775 777 775 705 99 93 702 rl03 777 Clay, glass and stone products 2.92 110 108 105 110 115 114 118 116 116 111 102 96 99 102 111 Lumber and products .. 1.65 107 105 104 110 120 108 119 118 114 104 93 89 107 104 110 Furniture and miscellaneous 2.96 116 777 709 777 775 774 722 725 729 725 725 777 720 725 725 Furniture and fixtures .. ... 1.48 120 120 112 112 118 118 126 128 130 130 130 120 125 127 128 Misc manufactures 1.48 113 114 106 110 115 110 119 123 127 127 121 113 115 119 121 Nondurable Manufacturers Textile apparel and leather products 7.32 775 775 775 775 114 705 725 775 725 779 775 775 r127 r129 722 Textile mill products 2.78 109 111 110 113 111 100 117 114 122 118 114 115 121 123 119 Apparel products 3.44 124 124 126 123 111 114 139 116 134 126 119 122 137 139 Leather and products 1.10 100 101 101 94 100 90 107 100 105 103 100 102 111 110 Paper and printing 7.93 112 775 775 114 775 707 775 118 725 727 774 774 779 r122 727 Paper and products 3.27 111 118 121 111 122 105 125 123 130 124 113 119 126 128 127 Printing and publishing 4.66 111 113 113 113 112 108 110 115 118 119 115 111 114 117 117 Newspapers . 1.53 107 106 112 112 106 94 96 107 116 118 107 100 105 111 114 Chemical, petroleum, and rubber products 10.94 118 725 727 722 725 779 725 725 730 729 727 127 757 752 755 Chemicals and products 7.10 111 128 127 128 131 124 131 131 134 134 133 132 137 138 140 Industrial chemicals 3.61 111 137 133 136 137 133 140 140 145 148 147 146 151 151 Petroleum products 1.93 108 110 105 109 111 115 118 112 114 111 111 112 111 112 108 Rubber and plastics products 1.91 114 115 113 111 117 104 118 122 131 128 123 125 131 130 Foods beverages and tobacco 10.64 709 775 707 770 775 774 725 725 725 777 705 705 ri09 770 Foods and beverages ... 9.87 109 113 107 109 115 115 123 126 126 117 109 105 106 108 110 Food manufactures 8.31 109 113 105 107 112 113 123 128 127 119 111 108 107 108 109 Beverages . 1.56 108 112 117 117 132 125 124 115 119 103 99 92 98 110 Tobacco products .77 114 118 117 120 126 101 128 111 131 123 97 114 117 122 Mining Coal oil and gas 7.05 96 97 96 95 94 97 96 95 98 r100 707 707 707 700 700 Coal 1.30 83 80 75 78 75 66 85 87 91 89 85 84 84 85 84 Crude oil and natural gas 5.75 98 100 101 99 99 97 99 97 100 102 105 105 105 104 103 Oil and gas extraction 4.98 100 103 105 102 101 99 101 99 102 103 106 106 108 106 106 Crude oil 4.33 98 100 102 100 99 97 99 98 99 100 102 103 104 103 103 Gas and e;as liquids .65 116 121 114 112 Oil and gas drilling .77 85 86 81 82 84 86 86 84 87 93 98 96 88 86 OO 7.50 705 705 98 108 775 775 775 775 775 705 96 87 97 r94 705 M^etal mining .70 97 97 86 99 110 103 103 109 109 96 90 88 92 91 97 Stone and earth minerals .80 112 112 108 116 121 122 121 120 121 113 101 87 91 '96 108 Utilities Electric 3.76 123 131 124 124 127 131 139 140 133 130 137 146 142 140 Gas 1.20 123 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 749 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] 1 p 9 ro 5 - 7 A av n e n r u ag a e l 1961 1962 Grouping portion 1960 1961^ Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total index .. 100.00 108 109 107 108 111 106 Ill 113 116 115 113 112 115 117 118 Final products total ... 46.75 111 112 no 110 113 109 113 116 119 118 115 114 117 119 120 Consumer goods 31.13 114 116 113 114 118 111 119 111 126 111 118 111 120 111 123 Equipment including defense . 15.62 103 104 102 102 103 102 102 105 106 108 110 109 111 113 114 ^Materials ... . 53.25 106 106 104 107 109 103 110 110 113 113 111 110 114 115 116 Consumer Goods Automotive pvoducts 3.35 117 106 108 112 118 99 73 96 121 129 131 125 124 125 132 Autos .. 2.03 117 97 102 107 116 87 39 11 115 134 136 124 111 125 134 Auto parts and allied products 1.32 117 121 119 119 123 119 125 126 129 123 123 126 ni6 126 130 Home goods and apparel 9.60 116 117 116 114 117 108 123 120 129 124 118 116 126 r130 Home goods 4.40 115 111 114 114 119 108 116 111 130 128 123 116 124 129 129 Appliances TV and radios 1.75 112 113 115 114 119 98 103 125 127 124 113 111 124 131 130 Appliances 1.26 118 118 127 122 124 104 100 126 124 123 118 116 128 140 141 TV and home radios .49 96 103 84 96 106 83 111 125 136 128 102 99 113 107 103 Furniture and rugs 1.18 118 119 114 111 117 113 123 129 131 130 132 120 127 128 129 Misc home goods 1.47 117 119 114 116 120 114 126 129 133 130 128 120 123 127 128 Apparel incl. knit goods and shoes 5.20 117 118 118 115 116 109 130 113 127 121 113 116 128 130 Consumer staples 18.18 113 117 113 114 118 117 125 126 126 120 116 117 117 r118 118 Processed foods 8.11 109 113 104 107 112 113 123 128 121 118 111 107 106 107 108 Beverages and tobacco 2.32 110 114 117 118 130 117 125 117 123 109 99 99 104 114 Drugs soap and toiletries 2.73 118 123 122 122 125 118 127 125 129 127 126 125 128 128 130 Newspapers magazines and books 1.44 113 117 114 115 116 116 118 121 120 118 117 118 118 120 118 Consumer fuel and lighting 3.45 119 126 121 119 119 124 129 128 124 125 133 144 140 136 Fuel oil and gasoline 1.19 106 108 100 103 104 112 113 106 108 111 114 116 114 110 106 Residential utilities .. 2.26 126 Electricity 1.57 127 136 132 125 124 128 137 139 131 130 146 166 159 153 Gas .69 124 Equipment Business equipment 12.16 105 105 103 103 105 103 103 106 107 108 111 109 112 114 115 Industrial equipment . • . 7.29 102 100 98 99 100 100 101 102 102 103 106 104 105 107 108 Commercial equipment 2.46 118 124 118 120 122 121 126 128 130 132 134 132 135 137 138 Freight and passenger equipment 1.83 101 99 99 98 100 95 94 99 102 106 102 100 106 112 112 Farm equipment .... .58 92 98 123 110 108 87 71 87 85 85 90 93 110 120 126 3.46 Materials 27.81 102 100 96 101 105 99 103 104 107 107 106 105 r108 110 112 Consumer durable 3.67 109 100 92 102 104 94 98 96 108 118 111 119 118 119 119 8.10 101 102 98 99 101 99 101 102 106 109 111 111 112 114 116 Construction . 9.05 107 106 103 108 115 110 115 114 114 108 101 95 101 104 110 Metal materials nee 6.99 92 91 88 95 97 86 93 98 100 98 98 103 108 107 105 Nondurable materials 25.44 110 114 112 113 114 108 117 116 120 119 116 117 120 121 121 Business supplies 8.87 110 113 114 112 114 105 116 111 120 111 111 111 116 119 119 2.91 109 115 116 114 121 110 130 125 124 115 105 113 118 124 120 General business supplies 5.96 111 111 113 112 111 103 109 113 118 118 114 111 114 116 119 Nondurable materials nee. . 7.05 119 126 123 126 126 118 129 128 136 136 133 134 139 140 139 Business fuel and power 9.52 103 105 103 103 104 102 108 107 108 108 109 109 110 109 109 Mineral fuels 6.29 97 98 98 97 95 92 98 97 100 100 101 102 103 102 101 2 70 111 Electricity 2.19 120 128 119 124 130 133 140 140 134 130 130 132 129 131 General industrial .99 115 118 112 118 119 116 123 123 124 122 122 127 125 128 Commercial and other 1.12 127 139 128 131 142 150 158 158 146 139 141 140 136 136 (jas . .51 121 33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 116 112 112 113 119 104 97 114 126 129 126 120 124 127 130 Apparel and staples 23.38 114 117 114 114 117 115 126 123 126 120 116 117 119 121 P Preliminary. r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise indicated] Manu- Industrial production facturing4 Prices2 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- Manu- Mate-tractsi,2 totals ment rolls value) sumer comfao 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 2165 2170 2196 108 122.4 95.9 170.5 91.2 149 104.2 100.3 1961 Apr 160 158 128 296 166 160 190 156 103 121.5 94.8 162.6 89.9 149 103.9 100.5 May 164 163 128 303 168 163 192 161 102 122 0 96.0 166.9 91 5 144 103.8 100.0 168 166 129 306 171 166 194 164 111 122.6 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 99.9 172 170 130 314 174 169 198 168 116 123.0 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 174 173 133 314 179 172 208 170 119 123.3 97.6 182.0 95.6 156 104.5 100.4 1962 Jan 172 171 130 318 176 170 204 168 115 123.2 97.1 175.9 93.9 149 104.5 100.8 Feb 174 173 130 319 177 170 208 111 119 124.0 97.9 177.5 96.8 150 104.8 100.7 Mar 175 174 131 321 180 172 210 172 131 r124.3 98.6 179.7 96.6 156 105.0 100.7 Apr . ... 178 176 133 324 182 174 212 174 121 125.0 99.9 182.7 96.1 2157 105.2 100.4 May 2179 2177 2133 2184 2176 2216 2125.12100.02183.8 94.0 *J62 100.2 ' Estimated. * 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. NOTE.—Indexes for employment (including Alaska and Hawaii, be- 1 Index from F. W. Dodge Corporation. Monthly index, seasonally ginning with 1959) are compiled by the Federal Reserve from Bureau of adjusted, of dollar value of total construction contracts, including res- Labor Statistics data. Payrolls and prices are compiled by the Bureau idential and nonresidential and heavy engineering. of Labor Statistics. 2 Index 1957-59= 100. 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 36,318 37,135 3,298 3,501 3,602 3,529 3,543 3,004 3,291 3,008 2,712 2,658 2,749 3,986 3 860 By type of ownership: Public 12,587 12,547 1,170 1j1?7 1,235 1,265 1,158 954 1,021 94? 1 091 QT> K77 1 475 23,731 24,588 2,128 2,374 2,367 2,263 2,384 2,050 2,270 2,066 1,621 1,736 1,871 2,511 2 650 By type of construction: 15,105 16,123 1,454 1,553 1,558 1,502 1,589 1,381 1,498 1,306 1 125 1 190 1 1<r> 1 552 Nonresidential 12 240 12 115 1,050 1,105 1,221 1,154 1 087 987 1 005 f 095 883 R53 1 325 8,973 8,897 794 843 823 873 866 637 787 607 704 615 664 1,108 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 751 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.1 Monthly data at seasonally adjusted annual rates; in millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sine m C s e s o rc m ia - l P u u ti b li l t i y c O n 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 1,290 3,015 883 6,048 1954 39 234 27 556 15,379 8,403 2 030 2 212 4 161 3 774 11 678 1,003 3 680 982 6 013 1955 44,164 32.440 18.705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,815 33 067 17,677 11,608 3 084 3 631 4 893 3 782 12 748 1 360 4 431 1 275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 1,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7,123 19592 56 555 40 344 24,962 11,044 2 106 3 930 5,008 4 338 16 211 1,488 5 870 1 467 7,386 I960 55,556 39,603 22,546 12,354 2 851 4,180 5,323 4,703 15,953 1,386 5,464 487 7,616 1961 57,399 40,365 22,499 12,811 2,759 4,663 5,389 5,055 17,034 1,368 5,818 1,581 8,267 1961—May 55 518 39,232 21,257 12,747 2 849 4 515 5,383 5 228 16 286 1 507 4 983 1 606 8 190 57,206 40,328 22,271 12,642 2,750 4,510 5,382 5,415 16,878 1,382 5,527 1,594 8,375 July 57,039 41,176 23,118 12,707 2,672 4,578 5,457 5,351 15,863 1,140 5,128 1,582 8,013 57,983 41,281 23,306 12,704 2,588 4,646 5,470 5 271 16,702 1,153 5,762 1,560 8,227 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 I 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 .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 56,811 39,909 22,245 12,622 2,592 4,756 5,274 5,042 16,902 1,248 5,414 1,666 8,574 Mar 57,861 40 553 22,507 12,824 2,653 4,795 5,449 5,170 17,308 1,409 5,771 1,715 8,413 Apr P 58,331 41,785 23,516 12,977 2.792 4,793 5,392 5,292 16,546 1,434 5,057 1,775 8,280 May29 59,624 43,349 24,886 13,062 2,886 4,752 5,424 5,401 16,275 1,320 4,995 1,794 8,166 *> 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 Census, Federal Housing Administration, and Veterans Administration; in thousands of units] Seasonally Private Memorandum item: adjusted Non- Government-underwritten 2 annual rate Metro- Year or month (private only) Total politan politan Public areasi areasi 1- 2- Multi- Total Nonfarm Total family family family Total FHA VA 1953 1.104 804 300 1,068 933 42 94 36 409 252 157 1954 [ 220 897 324 1 202 1 077 34 90 19 583 276 307 1955 1,329 976 353 1 310 1,190 33 87 19 670 277 393 1956 I 118 780 338 1 094 981 31 82 24 465 195 271 1957 l'O42 700 342 993 840 33 120 49 322 193 128 1958. L,209 827 382 1,142 933 39 170 68 439 337 102 1959. 1,379 946 432 1,343 1,079 49 215 36 458 349 109 19593 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1 252 995 44 214 44 336 261 75 1961 1.355 938 418 1,304 966 44 294 52 328 244 83 1961—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 1 326 1 301 130 on 42 127 95 3 29 3 34 26 8 Sept 1,383 1,365 128 91 37 122 91 4 28 6 28 21 7 Oct 1 434 1 404 129 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 1,273 1,247 83 60 23 81 54 3 23 2 23 18 4 Feb 1 152 1 134 78 56 22 76 54 3 20 1 20 15 5 Mar ^1,434 ^1,410 2>118 84 34 ni6 81 4 30 P2 27 21 6 Apr »1,542 ^1,519 *151 110 41 n.a. n.a. n.a. P4 33 25 8 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

752 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment; in thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed * Not in the Une m m e p n l t oy- Year or month i p n o st p i u tu l t a i t o io n n al l f a o b rc o e r Total Total In in c d n u u l o t s n u t a r r a i g e l r s i- agric I u n lture U pl n o e y m ed - labor force (per r a c t e e nt)2 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 I960 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1961—May 127,558 74,059 71,546 66,778 61,234 5,544 4,768 53,499 7.0 June 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 Aus 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 Apr 129,587 73,654 70,769 66,824 61,863 4,961 3,946 55,933 5.5 May 129,752 74,797 71,922 68,203 62,775 5,428 3,719 54,956 5.4 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 con ti s o tr n uc- ti p o u n b l a i n c d Trade Finance Service go lo v c e a r l nutilities ment 1955 50,675 16,882 792 2,802 4,141 10,535 2,335 6,274 6,914 1956 52,408 17,243 822 2,999 4,244 10,858 2,429 6 536 7 277 1957 52,904 17,174 828 2,923 4,241 10,886 2,477 6,749 7,626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959. 53,380 16,667 731 2,955 4,010 11,125 2,597 7,105 8,190 I960 54,347 16,762 709 2,882 4,017 11,412 2,684 7,361 8,520 1961 54,077 16,267 666 2,760 3,923 11,368 2,748 7,516 8,828 SEASONALLY ADJUSTED 1961—May 53,894 16,275 670 2,742 3,903 11,355 2,739 7,436 8,774 54,182 16,373 669 2,795 3,914 11,392 2,747 7,471 8,821 July 54,335 16,392 672 2,776 3,942 11 437 2 748 7 533 8,835 54,333 16,381 665 2,770 3,939 11,410 2,757 7,546 8,865 Sept 54,304 16,323 666 2,754 3,939 11,363 2,756 7,567 8,936 Oct 54,385 16,361 661 2,758 3,929 11,365 2,764 7,580 8,967 Nov 54,525 16,466 665 2,719 3,927 11,374 2,771 7,611 8,992 Dec 54,492 16,513 654 2,699 3,911 11,366 2,770 7,642 8,937 1962—Jan 54,434 16,456 653 2,594 3,906 11,384 2,772 7,640 9,029 Feb .. . 54,773 16,572 653 2,694 3,914 11,447 2,774 7,675 9,044 Mar 54,901 16,682 654 2,648 3,927 11,460 2,776 7,681 9,073 Apr v 55,229 16.847 656 2,727 3,938 11,532 2,777 7,662 9,090 May29 55.291 16,873 659 2,691 3,931 11 562 2,786 7,666 9,123 WITHOUT SEASONAL ADJUSTMENT 1961—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 Aus . . ... ... 54,538 16,531 677 3,075 3,971 11,342 2,801 7,606 8,535 Sept 54,978 16,646 676 3,021 3,971 11,378 2,770 7,612 8 904 Oct 55,065 16,607 668 2,981 3,953 11,450 2,758 7,618 9,030 Nov 55,129 16,658 667 2,825 3,943 11 611 2,757 7 596 9 072 Dec 55,503 16,556 657 2,575 3,927 12,181 2,756 7,573 9,278 1962 Jan . 53,737 16,370 647 2,298 3,863 11,270 2,747 7,510 9,032 Feb 53 823 16,452 642 2,282 3,863 11 188 2 749 7 545 9 102 M!ar 54,056 16,525 640 2,328 3,880 11,223 2,754 7,573 9,133 Apr v. 54,813 16,631 647 2,582 3,906 11,456 2,769 7,677 9,145 MayP 55,097 16,664 657 2,723 3,919 11,443 2,780 7,743 9,168 P Preliminary. during, or received pay for, the pay period ending nearest the 15th of 1 Data includes Alaska and Hawaii beginning with 1959. the month. Proprietors, self-employed persons, domestic servants, NOTE.—Data include all full- and part-time employees who worked unpaid family workers, and members of the armed forces are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 753 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES * [Bureau of Labor Statistics; in thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1961 1962 1961 1962 May Mar. May Mar. May? Total 12,060 12,387 12,546 12,559 11,875 12,240 12,340 12,368 Durable goads 6,637 6,903 7,009 7,047 6,582 6,857 6,939 6,987 Ordnance and accessories 93 96 97 98 93 96 97 98 Lumber and wood products 535 546 550 545 537 509 530 547 Furniture and fixtures 303 314 318 319 296 311 313 312 Stone, clay, and glass products 458 450 459 460 458 435 454 460 Primary metal industries 911 989 997 987 904 991 993 980 Fabricated metal products 828 849 864 875 816 843 851 863 Machinery except electrical 962 998 1,012 1,021 971 1,014 1,025 1,030 Electrical machinery 967 1,025 1,039 1,049 943 1,014 1,018 1,023 Transportation equipment 1,052 1,100 1,131 1,149 1,044 1,118 1,126 1,140 Instruments and related products 221 227 228 229 219 227 227 226 Miscellaneous manufacturing industries. 307 309 314 315 302 299 306 309 Nondurable goods 5,423 5,484 5,537 5,512 5,293 5,383 5,401 5,381 Food and kindred products 1,183 1,182 1,183 1,165 1,121 1,086 1101 1,103 Tobacco manufactures 78 77 77 77 66 69 66 66 Textile-mill products 798 799 803 802 791 794 797 796 Apparel and other finished textiles 1,063 1,092 1,124 1,112 1,033 1,106 099 1,081 Paper and allied products 468 476 477 480 464 471 473 476 Printing, publishing and allied industries 595 597 599 599 590 596 597 595 Chemicals and allied products 505 515 519 520 509 518 528 524 Products of petroleum and coal 132 129 129 129 132 127 128 129 Rubber products 279 297 299 304 274 295 296 298 Leather and leather products 322 320 327 324 311 322 318 314 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 * [Bureau of Labor Statistics; in unit indicated] Average hours worked Average weekly earnings Average hourly earning (per week) (dollars per week) (dollars per hour) Seasonally adjusted Without seasonal adjustment Without seasonal adjustment Industry group 1961 1962 1961 1962 1961 1962 May Mar. Apr.? May?3 May Mar. May Mar. Total 39.8 40.5 40.8 40.6 92.10 95.91 96.56 97.20 2.32 2.38 2.39 2.40 Durable goods 40.2 41.0 41.3 41.1 99.70 104.45 105.22 105.63 2.48 2.56 2.56 2.57 Ordnance and accessories 40.4 41.5 41.8 41.7 112.19 117.31 118.43 119.13 2.77 2.82 2.84 2.85 Lumber and wood products 39.5 39.3 39.7 40.2 77.42 75.08 77.82 80.80 1.95 1.93 1.97 2.00 Furniture and fixtures 39.6 40.9 41.5 41.3 73.53 78.76 78.76 78.38 1.90 1.94 1.94 1.94 Stone, clay, and glass products 40.4 40.9 41.0 41.0 94.83 95.68 97.51 99.12 2.33 2.38 2.39 2.40 Primary metal industries 39.5 40.9 41.0 40.3 114.16 123.41 123.41 120.90 2.89 3.01 3.01 3.00 Fabricated metal products 40.5 41.3 41.5 41.2 100.85 103.48 104.39 105.06 2.49 2.53 2.54 2.55 Machinery except electrical 40.7 41.7 42.0 41.7 106.75 112.71 113.67 113.13 2.61 2.69 2.70 2.70 Electrical machinery 39.9 40.7 41.1 40.5 93.37 96.39 97.03 96.80 2.34 2.38 2.39 2.39 Transportation equipment 40.6 41.5 42.1 42.4 112.87 118.69 119.97 123.81 2.78 2.86 2.87 2.92 Instruments and related products 40.6 40.6 41.2 41.2 95.75 98.42 100.04 100.04 2.37 2.43 2.44 2.44 Miscellaneous manufacturing industries. 39.3 40.1 40.3 40.2 75.07 79.00 78.80 79.20 1.92 1.97 1.97 1.98 Nondurable goods 39.3 39.9 40.2 39.9 82.29 85.32 85.54 85.54 2.11 2.16 2.16 2.16 Food and kindred products 41.1 40.9 41.1 41.0 89.57 90.45 91.30 92.21 2.19 2.25 2.26 2.26 Tobacco manufactures 38.3 39.6 39.3 38.3 70.87 72.01 73.52 75.06 1.86 1.91 1.95 1.97 Textile-mill products 39.9 40.9 41.6 41.3 63.99 68.54 68.54 68.71 1.62 1.68 1.68 1.68 Apparel and other finished textiles 35.0 36.7 37.2 36.5 55.84 61.49 61.12 60.06 1.60 1.68 1.67 1.65 Paper and allied products 42.4 42.7 42.6 42.5 97.90 101.15 100.44 101.10 2.32 2.38 2.38 2.39 Printing, publishing and allied industries 38.0 38.5 38.5 38.3 104.12 107.42 107.24 107.62 2.74 2.79 2.80 2.81 Chemicals and allied products 41.1 41.5 41.6 41.7 105.06 108.05 108.58 109.10 2.55 2.61 2.61 2.61 Products of petroleum and coal 41.1 40.9 41.2 41.1 123.30 123.32 125.25 125.36 3.00 3.03 3.04 3.05 Rubber products 40.3 41.0 41.9 41.3 95.04 98.25 100.28 100.28 2.37 2.42 2.44 2.44 Leather and leather products 37.6 37.9 38.9 37.9 61.46 65.36 64.16 63.81 1.67 1.72 1.72 1.72 9 Preliminary. NOTE.—Data are for production and related workers. i Data include Alaska and Hawaii beginning with 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures; 1947-49 average^ 100] Federal Reserve district Year or month U S n t i a t te e s d Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo S u t is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALES i 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—Apr 149 132 140 141 140 156 183 135 142 143 162 177 164 May 144 133 136 138 138 150 175 132 138 139 152 160 153 June 149 136 142 146 142 156 185 137 143 144 159 162 162 July 151 134 142 145 145 161 194 143 147 136 165 178 167 Aug 150 132 143 142 145 156 179 137 141 133 157 184 157 Sept 150 130 136 140 141 157 192 136 141 140 163 175 170 Oct 151 143 144 149 142 162 188 138 144 134 161 174 164 Nov 153 147 143 149 150 162 189 136 145 143 160 178 165 Dec 156 139 146 148 151 165 196 141 143 142 163 185 178 1962—Jan 149 137 141 146 145 157 185 132 134 133 157 172 166 Feb 150 122 141 142 138 162 194 130 137 135 165 184 177 Mar 156 145 148 151 150 168 189 140 143 131 168 181 177 Apr 140 148 149 148 190 146 148 187 173 WTTHOUT SEASONAL ADJUSTMENT 1961—Apr 134 120 125 131 126 139 172 123 127 128 148 159 148 May 140 131 132 135 133 149 171 131 140 133 152 160 145 June 141 129 136 136 133 146 166 132 133 139 151 149 156 July. 126 102 106 110 122 134 165 114 122 109 145 158 149 Aug. 136 112 114 119 132 142 172 126 135 133 160 181 156 Sept 150 135 138 142 141 158 178 140 145 149 168 168 166 Oct 154 145 151 153 143 170 186 141 147 149 161 177 160 Nov. 184 176 182 195 182 196 217 166 173 161 184 206 192 Dec 279 270 267 273 273 305 345 246 249 245 280 317 311 1962—Jan 113 104 112 108 109 113 142 99 r99 95 116 136 129 Feb 112 87 109 101 105 115 152 97 104 100 120 138 135 Mar 131 124 127 121 135 174 120 120 141 158 142 Apr 138 142 151 148 *164 192 140 139 178 166 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—Apr 161 147 144 159 143 183 229 150 148 149 168 180 178 May 164 150 150 162 142 187 225 155 152 150 167 178 179 163 153 148 165 147 184 227 151 152 148 166 180 178 July 166 153 149 165 151 187 227 159 151 161 171 182 176 168 154 150 165 151 189 239 160 154 153 172 190 182 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 172 154 153 171 151 195 242 163 148 153 175 197 192 Feb 172 154 155 168 150 197 235 160 148 156 173 196 196 Mar 173 155 153 170 150 197 241 166 152 153 175 197 196 Apr . .. 154 152 169 150 246 160 153 155 P197 WTTHOUT SEASONAL ADJUSTMENT 1961—Apr 168 153 150 170 150 190 238 159 154 152 174 187 180 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 196 184 178 197 175 221 281 181 176 179 196 217 210 Dec 156 147 143 155 138 178 215 144 141 149 158 175 170 1962—Jan 154 137 138 150 133 173 222 147 132 140 158 173 170 Feb 163 145 144 161 144 184 235 152 140 149 166 190 180 Mar 176 157 156 175 155 203 253 166 154 157 178 207 194 Apr 160 158 181 157 P204 256 169 159 158 ^205 9 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 755 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period m S (t o a f o o l n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t o n d i a n d u n e n g r t t d - s h o - ) f * m c ( e t o R f i o o n p e t r t - a t h s l 2 ) o m ( r N t o d f o o e n e t r w t a r h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st p o r t i a o d n l u n u c e g t d k s r - s - s ce R ip e- ts Annual average: 1953 406 421 408 401 3.0 J-i 4.1 1954 409 1,140 388 410 412 3.0 1.0 4.0 .0 1955 437 1,195 446 444 449 2.9 l.l 4.0 1.0 1956 454 1,286 470 459 458 3.0 L.I 4.1 1.0 1957 459 1,338 461 461 458 3.1 l.l 4.1 0 1958 462 1,323 437 462 464 3.0 1.0 4.1 .0 1959 488 1,391 510 495 498 3.0 L.l 4.1 I960 494 1,474 518 496 493 3.1 .1 4.3 (.0 1961 503 1,485 530 508 512 3.1 1.1 4.3 L.O Month: 1961_Apr '434 rd1,497 '386 '476 '422 '3.4 .9 '4.3 476 1,475 419 449 481 3.1 .9 4.0 .9 467 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 L.O 466 1,470 650 560 521 3.2 1.4 4.5 ? Sept 475 1,576 654 581 585 3.3 1.4 4.7 •L.2 Oct 529 1,708 645 661 652 3.2 1.2 4.4 ? 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 Feb '360 r1,466 '532 '418 '474 4.1 1.5 5.6 L.2 Mar 472 I 576 498 582 548 3.3 1.1 4.4 Apr.** 498 1,587 459 509 470 3.2 .9 4.1 0 9 Preliminary. f 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 department store sales. BULLETIN for October 1952,pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census; in millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1960 1961 1962 1960 1961 1962 1960 1961 1962 Jan 1.561 1.644 1,642 1,484 1,536 1,592 1.174 1,150 1,373 Feb 1,579 1,671 '1,775 1,500 1,606 '1,712 1,329 1.068 1,224 Mar 1,753 1,933 '1,845 1,636 1,888 '1,783 1,410 1,255 1,386 Apr 1,817 1,707 1,881 1.703 1,648 1,799 1,294 1,063 1,333 May L 814 L 749 720 1 677 1,289 1,223 June L 742 L 699 642 1 644 L 332 I 232 JUly 1,702 1,637 ,632 1,558 L,183 1,285 Aug . I 619 L 669 556 1,598 [,259 I 252 Sept L 612 I 631 559 1 557 I 193 I 197 Oct . L,746 1,890 ,692 1,817 1,184 1,364 Nov 1,799 L 818 726 1,759 1,197 1,342 Dec 1,806 L,827 ,752 1,777 1,175 1,295 Jan.-Apr (>,710 5,955 7,143 5,323 6,678 6,886 5,207 tt,536 5,316 r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses; beginning with January 1960, include 2 Department of Defense shipments of grant-aid military equipment uranium ore and concentrates. and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 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 t s - 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 o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s 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—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 Auc . ... ...... 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 Mar. 105.0 103.2 104.6 105.3 107 9 103.6 99.5 107.1 102.7 105.9 113 6 105.9 109.2 105.1 Apr 105.2 103.4 104.6 105.4 107.8 102.4 99.3 107.1 102.7 107.2 113.9 106.3 109.4 105.1 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 l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e n c o p l r x t d e d - e s - l - l H p s e u a k 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 u w 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 e a ie t m d l d s s d - - p R u a b r u c n o e b t d d r s - - p L w 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 e t 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 u m a t e r h i c n o v r i o a t y n d d e - s - - - h F d o h t b o a u u t u o l n h u r r e r l d e s n a e d s e r - i- - p N t m u m e a r o r c l o i e l a n t n d i - s l c - - - b e b p o b r u T a a r a t e n c o c o t g v l t d c d - e e s - 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 96.1 86.3 99.4 88.7 83.6 82.2 92.9 86.9 89.8 105.4 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—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 M Fe a b r . . 1 1 0 0 0 0. . 7 7 '9 9 8 8 . . 4 2 1 1 0 0 1 1 . . 7 4 r1 10 0 0 0 . . 8 8 1 1 0 0 0 0 . . 4 5 r1 1 0 0 7 7 . . 4 7 1 9 0 8 0 . . 9 4 9 9 8 8 . . 1 0 '9 9 3 3 . . 8 3 9 9 5 6 . . 2 2r1 9 0 9 1 . . 9 0 1 1 0 0 0 0 . . 4 6 1 1 0 0 2 2 . . 3 3 9 9 9 9 . . 1 0 1 1 0 0 2 2 . . 1 2 1 1 0 0 3 4 . . 8 0 1 1 0 0 5 5 . . 6 6 Apr. 100.4 96.9 100.1 100. 100.5 106.6 100.3 97.9 93.8 96.8 101.3 100.3 102.3 99.0 102.4 104.0 106.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 757 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index; 1957-59= 100] 1961 1962 1961 1962 Subgroup Subgroup Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper, and Allied Products—Cont. : 94.4 103.9 105.7 99.3 94.8 89.9 93.0 93.9 91.9 96.7 97.4 98.5 102.1 101.1 102.3 102.8 95.3 94.5 95.7 94.1 Building paper and board 101.1 98.4 98.2 97.9 92.2 98.2 98.5 98.9 Fluid milk 102.1 104.8 102.9 99.0 Metals and Metal Products: on O 97.5 Hay and seeds 122.8 104.7 105.5 107.4 Iron and steel 101.1 100 4 99.8 99.5 93.0 93.5 93.6 93.2 Nonferrous metals 99.0 100.3 100.1 99.9 102.0 103.7 103.7 103.7 Processed Foods: Hardware 103.3 104 4 104.4 104.1 Plumbing equipment 102.3 104 4 104.1 104.0 Cereal and bakery products 104.7 107.3 107.4 108.1 Heating equipment 94.7 94 1 94.0 94.0 M^eats poultry and fish 95.3 98.7 98.4 95.6 Fabricated structural metal products. 99.3 98.2 r98.1 98.0 Dairy products and ice cream 106.2 109.1 108.0 106.0 Fabricated nonstructural metal Canned, frozen fruits, and vegetables.. 103.3 99.8 '99.0 98.9 products 103.2 103 3 104.1 104.4 Sugar and confectionery 100.2 100.4 100.4 100.9 Packaged beverage materials 84.2 82.4 82.4 82.6 Machinery and Motive Products: Miscellaneous processed foods 106.3 102.0 102.7 101.1 Agricultural machinery and equip- Textile Products and Apparel: 107.2 109.2 109.4 109.2 Construction machinery and equip- 99.6 102.2 102.4 102.4 ment 107.6 107 6 107.6 107.7 Wool products 96.3 98.1 98.3 98.6 M^etalworking machinery 106.6 109 0 109.2 109 4 Synthetic textiles 93.5 93.3 r93.5 93.7 General purpose machinery and Silk products 111.3 113.2 116.3 121.6 equipment 103.3 103 7 103.9 104 0 100.8 101.2 101.3 101.3 Miscellaneous machinery. . 102.6 103 3 103.4 103 2 Miscellaneous textile oroducts 122.9 122.1 122.5 118.7 Special industry machinery and equipment (Jan. 1961= 100) 100.3 101.5 101.5 101.7 Hides, Skins, Leather, and Products: Electrical machinery and equipment 100.0 98.9 r98.9 99.0 100.3 105.4 103.8 103.3 Motor vehicles 100.7 100 2 100.1 100.1 Leather 104.2 110.6 109.6 109.5 Transportation equip., R. R. rolling 106.8 108.5 108.7 108.7 stock (Jan. 1961= 100).. . . 100.0 100 5 100.5 100.5 Other leather products 102.7 104.6 104.5 100.9 Furniture and Other Household Dura- Fuel and Related Products and Power: bles: Coal 97.0 98.7 98.7 95.7 Household furniture 102.5 103.5 103.4 103.4 Coke. 103.6 103.6 103.6 103.6 101.6 102 2 102.2 102.2 Gas fuels (Jan. 1958= 100) 118.3 122.0 119.4 115.3 Floor coverings 99.1 97.2 97.2 97.3 Electric power (Jan. 1958= 100) 102.5 103.0 103.1 103.0 Household appliances 95.3 95 0 r94.9 94.7 Crude petroleum and natural gasoline. 98.0 98.2 98.2 98.2 Television, radios, phonographs 96.6 91.7 '91.4 91.2 Petroleum products, refined 99.7 97.8 95.3 98.9 Other household durable goods 103.0 102.9 103.2 103.3 Chemicals and Allied Products: Nonmetallic Mineral Products: Industrial chemicals 99.6 96.8 r96.6 96.5 Flat glass 97.7 96 2 96 2 97 9 103.7 103.7 103.7 103.7 Concrete ingredients 103.0 103.0 103.1 103.1 Paint materials 101.5 97.0 96.5 96.6 Concrete products . 102.5 102 8 102 8 102 8 99.0 97.1 97.1 97.0 Structural clay products 103.3 103 5 103.6 103.6 Fats and oils, inedible 103.1 77 0 r81.3 79.3 Gypsum products . 102.9 105 0 105 0 105 0 Mixed fertilizers 102.0 104.0 104.3 104.3 Prepared asphalt roofing. 97.5 101 4 101.4 101.4 Fertilizer materials 104.7 106.3 103.7 103.7 Other nonmetallic minerals . 102.4 102 8 102 8 102 8 Other chemicals and products 99.3 99.3 99.3 99.3 Tobacco Products and Bottled Bev- Rubber and Products: erages: 97.0 94.6 r94.3 94 A Cigarettes 101.4 101 4 101.4 101.4 Tires and tubes 93.0 86.7 88.0 88.5 Cigars 100.4 100 4 100.4 100 4 Miscellaneous rubber products 100.4 99.5 99.5 99.1 Other tobacco products 109.1 110.6 110.6 110.6 Alcoholic beverages 100.5 100 7 100.8 100.8 Lumber and Wood Products: Nonalcoholic beverages 110.5 116.2 116.7 116.7 95.7 94.8 r95.8 96.8 Miscellaneous: Millwork 103.1 100.7 101.1 101.3 100.9 92.8 94.6 94.5 Toys, sporting goods, small arms.... 100.8 100.3 100.5 100.6 107.2 107.6 107.5 108.3 Pulp, Paper, and Allied Products Notions and accessories 99.0 98.8 98.7 98.7 Jewelry, watches, photo equipment... 103.2 103.8 103.7 104.1 95.0 95.0 95.0 95.0 100.6 101.6 101.6 101.4 Wastcpapcr 67.0 100.1 103.2 98.0 Paper 102.0 102.5 102.7 103.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 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 1961 1962 1929 1933 1941 1950 1957 1958 1959 1960 1961 Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.8 504.4 521.3 500.8 516.1 525.8 542.2 548.3 Personal consumption expenditures 79.0 46.4 81.9 195.0 285.2 293.2 314.0 328.9 339.0 330.7 336.1 341.0 348.4 352.0 Durable goods 9.2 3.5 9.7 30.4 40.4 37.3 43.5 44.3 '42.3 39.4 42.0 42.3 45.5 44.8 Nondurable goods 37.7 22.3 43.2 99.8 137.7 141.6 147.3 152.4 155.5 153.7 154.1 156.2 158.1 159.8 Services 32.1 20.7 29.0 64.9 107.1 114.3 123.2 132.2 141.2 137.5 139.9 142.4 144.9 147.3 Gross private domestic investment 16.2 1.4 18.1 50.0 66.1 56.6 72.4 72.4 69.6 59.8 68.8 73.2 76.6 77.0 New construction 8.7 1.4 6.6 24.2 36.1 35.5 40.2 40.7 41.7 39.6 41.3 42.7 43.3 41.8 Residential, nonfarm 3.6 3.5 14.1 17.0 18.0 22.3 21.1 21.2 19.3 20.6 22.1 23.0 21.4 Other 5.1 l!o 3.1 10.1 19.0 17.4 17.9 19.6 20.5 20.4 20.7 20.6 20.3 20.5 Producers' durable equipment 5.9 1.6 6.9 18.9 28.5 23.1 25.9 27.5 '25.7 24.2 24.7 26.0 28.0 28.5 Change in business inventories 1.7 -1.6 4.5 6.8 1.6 -2.0 6.3 4.2 2.2 -4.0 2.8 4.5 5.3 6.8 Nonfarm only 1.8 -1.4 4.0 6.0 .8 -2.9 6.2 4.0 1.8 -4.3 2.4 4.1 5.1 6.6 Net exports of goods and services. .8 .2 1.1 .6 4.9 1.2 3.0 4.0 5.3 3.9 2.6 4.0 3.5 Exports 7.0 2.4 6.0 13.1 26.2 22.7 23.'l 26.7 27.4 27.6 26.4 27.0 28.5 28.2 Imports 6.3 2.3 4.8 12.5 21.3 21.5 23.8 23.6 23.4 22.3 22.5 24.3 24.5 24.7 Government purchases of goods and services. 8.5 8.0 24.8 39.0 86.5 93.5 97.1 100.1 108.7 105.0 107.3 109.0 113.2 115.9 Fe N de a r t a io l nal defense 1.3 2.0 f 1 1 6 3 . . 9 8 1 1 9 4 . . 3 3 4 4 9 4 . . 7 4 5 4 2 4 . . 6 8 5 4 3 6 . . 5 2 5 4 2 5 . . 9 5 5 49 7 . . 2 3 5 4 4 7 . . 7 2 5 4 6 8. . 8 6 5 4 7 9. . 0 4 6 5 0 1 . . 0 7 6 5 1 2 . . 5 8 Other > 1.3 2.0 5.2 5.7 8.3 7.8 8.0 8.6 8.0 8.3 8.9 9.0 9.4 Sta L te e s a s n : d G o lo v c e a r l nment sales .0 6. . 0 0 7.8 19 . . 1 7 36 . . 4 8 40. . 8 5 43. . 6 5 47. . 2 6 51 . . 6 4 50 . . 5 3 50 . . 5 6 51 . . 6 6 53. . 2 7 54. . 3 7 7.2 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 408.6 401.3 428.4 440.8 448.8 433.2 445.5 451.8 464.6 468.2 r Revised. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates; in billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1961 1962 1929 1933 1941 1950 1957 1958 1959 1960 1961 National income 87.8 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 412.2 426.0 434.3 447.9 Compensation of employees 51.1 29.5 64.8 154.2 255.5 257.1 278.4 293.7 302.9 292.6 300.2 306.2 312.7 317.9 Wages and salaries 50.4 29.0 62.1 146.4 238.5 239.8 258.5 271.3 279.7 270.1 277.3 282.7 288.7 292.5 Private 45.5 23.9 51.9 124.1 198.4 196.6 213.2 223.0 227.8 219.7 226.0 230.7 234.7 237.1 Military .3 .3 1.9 5.0 9.6 9.8 9.9 9.9 10.4 10.1 10.1 10.2 11.1 11.6 Government civilian 4.6 4.9 8.3 17.3 30.5 33.5 35.4 38.5 41.5 40.3 41.2 41.9 42.8 43.8 Supplements to wages and salaries .7 .5 2.7 7.8 17.0 17.3 20.0 22.4 23.2 22.5 22.9 23.4 24.1 25.4 Employer contributions for social insurance .1 .1 2.0 4.0 7.8 8.0 9.7 11.5 12.1 11.7 12.0 12.2 12.6 13.5 Other labor income .6 .4 .7 3.8 9.1 9.4 10.3 10.9 11.1 10.8 10.8 11,2 11.5 11.9 Proprietors' income 14.8 5.6 17.4 37.5 44.5 46.1 46.3 48.2 49.6 48.9 49.2 49.4 50.8 50.6 Business and professional 3.2 10.9 23.5 32.7 32.5 35.0 36.2 36.5 36.0 36.3 36.6 37.2 37.6 Farm 6.0 2.4 6.5 14.0 11.8 13.5 11.3 12.0 13.1 12.9 12.9 12.8 13.6 13.0 Rental income of persons , 5.4 2.0 3.5 9.0 11.9 12.2 11.9 11.7 11.5 11.5 11.5 11.5 11.5 11.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 41.7 37.2 46.4 45.1 46.2 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 A 39.6 45.2 47.2 52.4 Profits tax liability I 1.4 .5 7.6 17.9 20.9 18.6 23.1 22.3 22.8 19.6 22.4 23.3 26.0 Profits after tax 8.3 9.4 22.8 22.3 15.5 23.7 22.7 23.3 20.0 22.8 23.8 26.5 Dividends j 5.8 ~2A 4.5 9.2 12.6 12.4 13.4 14.1 14.4 14.2 14.2 14.3 15.0 15.0 Undistributed profits I 2.4 4.9 13.6 9.7 6.4 10.3 8.6 5.8 8.6 9.5 11.5 -2.4 Inventory valuation adjustment .5 -2.5 -5.0 -1.5 o -.5 .0 .1 .4 .3 -.2 -.3 -2.1 Net interest 6.4 4.5 5.5 13.4 14.8 16.6 18.4 20.0 19.2 19.6 20.2 20.7 21.3 5.0 NOTE.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 759 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates; in billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1961 1962 1929 1933 1941 1950 1957 1958 1959 1960 1961 Gross national product 104.4 56.0 125.8 284.6 442.8 444.5 482.8 504.4 521.3 500.8 516.1 525.8 542.2 548.3 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 37.4 38.6 40.8 43.1 45.2 44.2 45.0 45.5 46.1 46.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 38.2 39.3 42.7 45.6 47.1 45.7 46.4 47.5 48.9 49.4 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 .8 - 1 .6 .8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 r-.5 1.8 1.8 -.7 -1.5 -1.7 -2.6 -1.5 -2.6 -1.5 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 1.0 1.1 .4 .5 1.4 .5 1.4 1.8 1.9 1.9 Equals: National income 87.8 40.2 104.7 241.9 366.9 367.4 399.6 417.1 430.2 412.2 426.0 434.3 447.9 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 40.0 45.5 47.0 52.1 Contributions for social insurance.... .2 .3 2.8 6.9 14.5 14.8 17.6 20.7 21.9 21.2 21.7 22.0 22.6 23.9 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Pluss Government transfer payments .9 1.5 2.6 14.3 20.1 24.5 25.4 27.3 31.0 30.1 31.0 31.6 31.4 31.4 Net interest paid by government 1.0 1.2 1.3 4.8 6.2 6.2 7.1 7.8 7.3 7.5 7.3 7.2 7.2 7.3 Dividends 5.8 2.1 4.5 9.2 12.6 12.4 13.4 14.1 14.4 14.2 14.2 14.3 15.0 15.0 Business transfer payments .6 .5 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 .7 Equals: Personal income 85.8 96.3 228.5 351.4 360.3 383.3 402.2 416.7 404.7 413.2 420.3 428.6 432.9 47.2 Less: Personal tax and nontax payments 2.6 3.3 20.8 42.6 42.3 46.0 50.4 51.8 50.5 51.4 52.5 53.1 54.7 1.5 Federal 1.3 .5 2.0 18.2 37.3 36.6 39.6 43.2 43.9 42.6 43.6 44.5 44.8 46.0 1.4 1.0 1.3 2.6 5.3 5.7 6.4 7.2 8.0 7.7 7.8 8.0 8.3 8.7 State and local 83.1 45.7 93.0 207.7 308.8 317.9 337.3 351.8 364.9 354.3 361.8 r367.7 375.6 378.2 Equals: Disposable personal income 79.0 46.4 81.9 195.0 285.2 293.2 314.0 328.9 339.0 330.7 336.1 341.0 348.4 352.0 Less: Personal consumption expenditures... 4.2 -.6 11.1 12.6 23.6 24.7 23.4 22.9 25.8 23.7 25.8 26.8 27.1 26.2 Equals: Personal saving Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 293.8 296.3 310.6 319.0 326.8 318.4 324.8 329.0 335.0 336.2 rRevised. PERSONAL INCOME [Department of Commerce estimates; in billions of dollars] 1961 1962 Item1 1960 1961 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.33 Total personal income. 402.2 416.7 409.8 413.2 417.3 421.2 419.4 421.1 425.2 429.3 431.8 430.1 433.3 435.9 438.7 Wage and salary disbursements 271.3 279.7 274.6 277.2 280.7 282.3 282.8 284.0 286.4 289.4 290.7 290.2 293.1 294.7 297.1 Commodity-producing industries.. 110.4 111.2 109.1 110.5 112.7 113.2 112.9 112.9 114.1 115.8 115.6 114.3 116.2 116.9 118.9 Manufacturing only 87.4 87.8 86.1 57.5 88.9 89.3 89.0 88.8 89.9 91.3 91.4 90.6 92.0 92.9 94.3 Distributive industries. 71.8 73.4 72.3 72.9 73.5 74.0 74.2 74.7 74.8 74.7 75.4 75.7 76. 76.4 76.6 Service industries 40.7 43.1 42.3 42.5 42.9 43.3 43.6 44.0 44.4 44.7 45.1 45.2 45.4 45.7 45.8 Government 48.4 51.9 51.0 51.3 51.6 51.8 52.1 52.4 53.1 54.2 54.6 55.0 55.4 55.7, 55.9 Other labor income. 10.9 11.] 10.7 10.8 11.0 11.1 11.2 11.2 11.4 11.5 11.7 11.8 12.0 12.1 12.2 Proprietors* income 48.2 49.6 49.0 49.1 49.4 49.5 49.4 49.5 50.5 51.1 50.9 50.5 50.5 50.7 50.6 Business and professional. 36.2 36.5 36.1 36.3 36.4 36.6 36.6 36.8 37.0 37.3 37.4 37.4 37.6 37.8 37.9 Farm 12.0 13.1 12.9 12.9 13.0 12.9 12.8 12.7 13.5 13.8 13.5 13.1 12.9 12.9 12.7 Rental income. 11.7 11.5 11.5 11.5 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 14.3 14.3 14.3 14.4 14.5 14.8 15.5 14.9 14.9 15.2 15.3 Personal interest income. 26.2 27.3 26.8 27.0 27.1 27.2 27.4 27.5 27.7 27.9 28.2 28.5 28.7 28.9 29.1 Transfer payments 29.1 32.9 32.5 33.0 33.0 35.2 32.5 32.7 33.1 33.2 33.4 33.1 33.2 33.5 33.6 Less: Personal contributions for social insurance 9.3 9.7 9.6 9.7 9.8 9.8 9.8 9.8 10.0 10.1 10.1 10.3 10.5 10.6 10.7 Nonagricultural income. 386.2 399.4 392.9 396.4 400.2 404.0 402.4 404.1 407.2 410.9 413.6 412.3 415.8 418.2 421.1 Agricultural income 16.0 17.3 16.9 16.8 17.1 17.2 17.0 17.0 18.0 18.5 18.2 17.7 17.6 17.7 17.6 » Preliminary. NOTE.—For explanation of series see U. S. Income and Output (a supple- * 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

760 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [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 1 2 3 4* A Net national saying1 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 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 B C Farm and noncorp. business 2.... * * -.1 -j 3.9 -1.2 -.1 -.7 2.0 -.8 -2.2 -1.9 4.9 C D Corporate nonfinancial business.. 5.3 3.1 11.4 6.1 8!8 2.9 1.4 2.6 2.0 -1.2 1.9 3.4 4.7 D E Federal Government * 3.6 -8.2 —5.0 3.8 -6.2 —5.0 4io 4.7 — .6 —4.3 1.1 .2 -1.0 -6.6 E F State and local government1 -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 F G Financial sectors ... 3.5 2.8 3.5 4.2 4.1 -.1 1.7 .6 1.9 1.5 .7 1.9 .1 G H Capital consumption3 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 J Consumer durable goods.. 4 3 0 5 . . 0 8 4 3 1 7 . . 6 0 4 3 3 8 . . 5 6 4450..74 4 4 7 2 . . 9 2 1 9 1 . . 8 1 1 9 1 . . 9 2 1 10 1 . . 0 3 1 1 1 0 . . 5 2 1 1 0 1. . 7 3 1 10 1 . . 4 8 1 1 1 0 . . 9 5 1 1 2 0 . . 0 6 1 10 2 . . 7 2 J I 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 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 M N Noncorp. nonfinan. business 8.1 8.0 8.3 8.6 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 p Gross national saying 1 110.6 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 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 noncorpf 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 T Federal Government1 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 government1 -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 3.7 3.0 3.7 4.5 4.4 1.8 .7 2.0 * 1.5 .8 1.9 •2 V W Gross national investment* 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 33.2TW 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)... 4 2 .0 5 4 7 . 4 7 4.7 4.2 4.6 1.0 1.1 1.2 1.1 .9 1.0 1.3 1 3 1.0 0 c h d Noncorp. nonfinan. business4.. 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. business4 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 f g Change in inventories 5...... 1.6 -2.0 6.3 4.2 2.2 .7 4.6 .5 .2 -1.1 .8 .3 .9 .2 g i Noncorp. nonfinan. business... . . 2 8 .9 . . 1 9 . . 3 9 .3 * -.5 * 1.3 . . 1 1 .1 * -.6 .1 . . 3 1 .1 * .1 1 -.4 • h i .6 -1.6 5.3 3.1 1.8 1.2 3.2 .4 .1 -.6 .4 .2 .6 .6 j k Net financial investment6 4.2 .3 — 1.7 .8 1.8 • .1 .1 — .1 .8 .8 3 1 .6 k 1 Consumer and nonprofit 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 21.9 30.4 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 5.5 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 .2 -.2 .3 -.4 .3 * .9 p q Net increase in liabilities 3.1 -5.5 q r Corp. nonfinan. business...... -8.6 -3.6 -3.4 —7.6 -4.4 -1.7 —4.0 —2.4 — 1.1 * —3.3 * — .3 — .8 r s Net acquis. offinan. 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 s 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 -/./ v w 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 w x State and local governments... -3.1 -5.2 -4.0 -3.4 -5.0 -1.0 -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 1.3 .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 3.0 4.5 4.5 5.8 5 9 — .5 2.1 1.6 1.9 1.5 2 4 5 — 2 aa bb Net acquis. offinan. assets... 24.1 36.3 30.0 34.3 44.5 10.4 -2,6 12.5 10.0 14.4 • 14.9 14.0 15.5 bb cc Net increase in liabilities 21.1 31.8 25.5 28.5 38.6 10.9 -4.7 10.9 8.0 14.3 -1.4 14.8 9.5 15.7 cc -2.4 -3.8 -1.0 .9 .5 -1.2 1.1 -.7 1.2 -1.7 2.1 dd ee Discrepancy (P—W)7 * .6 1.1 2.8 -.5 -3.5 2.7 1.9 3.1 3.9 3.2 -2.8 2.4 -3.4 ""ee • Less than $50 million. * Preliminary. residential construction. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 5 After inventory valuation adjustment. nonfinancial outlays; investment, changes in financial assets and liabilities 6 Financial component of national investment equals net lending to only. Govt. current outlays include, and govt. (and national) investment rest of world; financial flows among domestic sectors cancel out in excludes, govt. purchases of tangible assets. national total. (Discrepancies in financial transactions attributed entirely 2 Annual figures for farm sector are retained earnings of corporate to domestic transactions.) Differs from U.S. "net foreign investment*' farms; farm and nonfarm unincorporated businesses shown as having (net exports minus net unilateral transfers in national income accounts) zero annual net saving. Quarterly figures for both sectors include seasonal by discrepancy in rest-of-world account, which equals "errors and net saving. See p. 838 of BULLETIN for August 1959. omissions" in Dept. of Commerce balance-of-payments statement for 3 Depreciation, accidental damage to fixed capital, and capital outlays the United States. charged to current account. Line H includes amounts for financial 7 Saving and investment are equal in concept but may differ statistically sectors not shown separately. See discussion on p. 836 of BULLETIN because of discrepancies. See p. 857 of BULLETIN for August 1959. for August 1959. NOTE.—Descriptions of sectors and of transaction categories are given 4 For consumers, 1- to 4-family dwellings, completed and purchases of in notes to tables and in "Technical Notes," pp. 846-59 of BULLETIN additions and alterations. Investment of nonfarm business sectors for August 1959. For latest detailed flow of funds /saving tables, see includes work in process on 1- to 4-family dwellings and other private BULLETIN for April 1962. Notes to table on <_ held by other sectors included in Federal obligations category. 1 DDeema and depp ositliabi . l .. i . tie . s o „ f banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate S an u dd m c o a f s hh se i c it t e o m r s h o iin ld p in ro g c s e ( s p s a r o t f l y c o o l n le h c o ti l o d n e r a -r s e r c e o p r o d r b te a d s is b ) y d c if o fe m rs m f e r r o c m ia l li b a a b n il k it s y . bus 4 in A e s s s s e e t s s , i a n n d th e sa se v i c n a g t s e g in o s ri t e it s u t a i r o e n s tr . eated as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within 1 year and, before 1956, savings drawees). For further discussion, see p. 853 of BULLETIN for August notes. 1959. « Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals. Savings bonds reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 761 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In 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 2 3 4* I. Demand deposits and currency A Net increase in commercial bkg. system liability1 -.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 C B D Ne O F t e t i d h nc e e r r r e a d a l o s G e m o m e v s e t a i r s c n s m s e e t e s c n , t o t b r y s sector . . 2 3 6. . 3 1 .8 . . 9 1 3. . 5 3 -1 4 .2 .4 - - 6 . . 4 6 - 2 .3 .8 1. . 5 2 — 5 1 . . 5 7 - - 1 5 . . 7 3 2 1 . . 0 5 2. . 4 9 — 4 62 . .. 4 43 D B C E Consumer and nonprofit.... -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 noncorporate bus .7 1.2 -.8 — .3 -.2 — .1 1 — .1 — .1 1 .1 .1 .1 F 1.7 * — .7 1.3 1.8 -3.4 .7 .1 2.0 -3.2 .8 .3 3.4 G H State and local ^government .2 .2 .5 .2 .3 .6 * -.4 -.2 g _ 5 .7 — 1.0 1.1 H I Financial sectors . . .3 .7 .1 .6 .8 .6 -.4 .5 -.2 .7 -.1 .3 -.1 .6 I J Rest of the world .2 • .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, by type 10.1 B Time deposits 6.8 10.2 2.2 7.0 10.8 — .1 2.3 1.2 B C D U Sa S v in s g a s v i s n h g a s r e b s onds2 -15..92 — 6. 6 .5 -1 7 . . 8 2 8.1 3 9. . 4 8 -2.6.3 - 1 .2 .6 - 2 .1 .4 1.4 * 2.8 1 2.0 3 2. , 7 1 1. . 5 2 3. . 3 2 D C E Net increase in liab., by sector...... 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 -2.2 — 7 -2.0 -.4 .7 -.6 -.2 -.2 -.1 * .2 .1 .2 .2 F G Commercial banking 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 10.1 4.6 I 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 3 .4 1.7 -.9 1.7 2 3 2 .2 .3 5 7 1 2 1 0 2 — .1 K L Rest of the world (time deposits).. * .9 9 .3 .8 -.3 -.2 .2 .3 .1 * .1 .3 .3 L ED. Saying 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 B Life insurance 2.8 3.4 3.7 3.6 3.6 .9 .8 .8 1.0 1.0 .9 .8 1.0 .9 B 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* 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 .6 .6 .6 .6 F G Life insurance companies 4.2 4.7 5.5 4.7 5.1 1.6 i!o 1.0 1.2 \A 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 A Net increase, by type 36.6 46.2 61.2 39.5 51.3 17.3 2.5 12.0 10.3 14.j * 14.2 17.1 20.0 A B Federal obligations 1.1 9.0 11.3 -2.2 6.6 4.0 -4.1 -1.4 1.2 -3.3 .6 5.8 3.5 B C Short-term direct' 5.5 -1.2 5.5 -5.1 10 8 4.7 —7.4 -2.1 5.3 -!8 .9 4.8 .6 4.6 C -4.4 10.2 5.8 2.9 —4 2 — .7 3.3 .6 -4.1 3.0 —4 2 -4 2 5 2 — 1.1 D E State and local obligations 4.6 5.7 4.9 3.6 5.3 A 1.0 .7 1.4 e 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 1.9 .8 2.2 .9 1.7 F 4.0 4.2 4.4 3.5 5.1 1.2 1.0 .9 .9 1.2 1.7 1 I 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 1.2 I 2.8 2 6.4 3.9 1.4 2.7 -.8 2.4 .6 1.8 -2.1 1.0 2.4 J 3 1.7 .1 .4 2 2 .6 -1.6 .5 .6 9 _ 4 1.3 * 1.2 K 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.C 2.9 5.9 4 9 .6 2.3 1.5 .6 1.5 1.5 1.1 1.8 M N Funds raised, by sector 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 .8 .2 .6 .9 * P Q Noncorporate nonfinancial bus 1.2 2.2 4.6 3.4 2.9 1.2 1 1.3 -.1 l.J — 1.6 1.6 1.5 1.4 Q R Corporate nonfinancial business.. 1 1 3 . . 0 1 1 9 1 . . 3 8 1 1 1 0 . . 7 7 - 1 1 0 .7 .6 1 6 0 . . 8 7 4 3 . . 1 0 -4 2 .1 .7 3 15 .0 2 1 . . 5 4 2 2. . 5 3 -3 2 . . 1 1 4.0 2 5. . 5 3 2 4. . 1 2 R S T State and local government 4.8 5.9 5.1 3.8 5.7 l.C .8 1.5 1.4 1.1 2.1 1.2 T 2.4 1.1 5.7 4.1 4.5 2J3 1.7 .7 2.*0 -1.1 1.6 1.0 3.0 U V Rest of the world \A 2.3 .s 2.0 2 7 .1 .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 X Consumer and nonprofit 7.7 4.3 15.5 2.4 1.6 3.3 4.0 — .7 1.2 -2.0 .6 -1.0 1.3 .8 X Y Farm and noncorp. business .1 -.1 .1 .1 t — A .2 -.1 ,i — .4 .2 -.1 .8 Y Z Corporate nonfinancial business.. .6 1.5 4.7 -2.1 —./ i!s -1.2 -1.8 1.1 -1.6 < -1.0 1.7 Z a Federal Government. 2.4 1.7 3.8 2.3 2.8 * 1.3 .4 .6 1.3 1.1 a b State and local government 2.7 1.5 2.9 1.0 2.1 \\ 9 .4 — .3 '9 'A .3 b c Commercial banking system 4.3 17.0 5.6 10.0 16.2 3.5 -7i8 5.1 5.'l l.i -4.S 6.8 7.2 6.9 c d Monetary authorities -.8 2.2 .7 1.5 .1 -1.4 1.2 « 1.1 d e Commercial banks 5.1 14.9 5J 9.3 14.8 3.4 -6.4 3.9 4!5 7'.: -4i0 6.3 6*.7 5.8 e f g L S o ec a u n r s i 6 ties 3 1 . . 8 3 1 4 0 . . 5 4 - 1 7 2 .2 .5 2 6 . . 4 9 8 6 . . 5 3 — 3. 8 .4 -5 - . . 6 8 3. . 7 5 3. . 7 9 3 4 . . 2 0 - - 1 2 . . 6 4 3 2 . . 7 6 5 1 . . 1 6 1 4 . . 3 5 g f fa 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 j Finance n.e.c 2.5 2.0 4.6 5.1 4.6 2.0 .4 2.2 .7 1.8 -.6 1.8 1.0 2.3 j .6 -.1 3.1 1.1 9 .7 * .3 .1 -.2 .7 .2 k • Less than $50 million. ? Preliminary. sector transactions appear in other flow of funds /saving tables in BULLETIN NOTE.—Data for excluded categories—trade credit, proprietors* net for April 1962. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 BANK HOLDING COMPANIES BANK HOLDING COMPANIES, DECEMBER 31, 1961 [Registered pursuant to Section 5, Bank Holding Company Act of 1956] Location of Location of principal office Holding company principal office Holding company California New York Los Angeles Western Bancorporation Buffalo Marine Midland Corporation New York Amalgamated Clothing Workers of America Florida New York Empire Shares Corporation Jacksonville The Atlantic National Bank of Jacksonville New York Southeastern Shares Corporation Jacksonville Atlantic Trust Company Warsaw Financial Institutions, Inc. Jacksonville Barnett National Securities Corporation Ohio Georgia Columbus BancOhio Corporation Atlanta Trust Company of Georgia Springfield The Springfield Savings Society of Clark County Atlanta Trust Company of Georgia Associates Savannah Citizens and Southern Holding Company Tennessee Savannah The Citizens and Southern National Bank Chattanooga Hamilton National Associates, Inc. Knoxville Tenneessee Shares Corporation South Bend St. Joseph Agency, Inc. Texas South Bend St. Joseph Bank and Trust Company Fort Worth The Fort Worth National Bank Houston C. B. Investment Corporation Des Moines Brenton Companies, Inc. Utah Salt Lake City First Security Corporation Kentucky Louisville Trustees, First National Bank of Louisville Virginia Arlington The First Virginia Corporation Maine Bangor Eastern Trust and Banking Company Washington Port Anaeles Union Bond & Mortgage Company Massachusetts Spokane Old National Corporation Boston Baystate Corporation Boston The National Shawmut Bank of Boston Wisconsin Boston Shawmut Association Milwaukee Bank Stock Corporation of Milwaukee Milwaukee First Wisconsin Bankshares Corporation Minnesota Milwaukee The Marine Corporation Minneapolis Bank Shares Incorporated Wausau Central Wisconsin Bankshares, Inc. Minneapolis First Bank Stock Corporation Minneapolis Northwest Bancorporation Canada St. Paul Otto Bremer Company Montreal Bank of Montreal Toronto Canadian Imperial Bank of Commerce St. Joseph The First National Bank of St. Joseph Japan St. Louis General Bancshares Corporation Tokyo The Bank of Tokyo, Ltd. Montana Great Falls Montana Shares, Incorporated New Hampshire Nashua New Hampshire Bankshares, Inc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 764 Gold production 765 Net gold purchases and gold stock of the United States. 766 Estimated foreign gold reserves and dollar holdings. . 767 International capital transactions of the United States. 768 U. S. balance of payments 777 Money rates in foreign countries 777 Foreign exchange rates . 779 Index to statistical tables. 787 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. 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 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 m to a t t a e l d M ta o r n y e- U S n ta i t t e e s d r m es a t t e o d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - g B iu e m l- Brazil Canada Chile lo C m o b - ia o R f e t p h . e world 1 Fund world 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 I 170 287 885 45 78 1961 Apr.. 2 476 17 435 193 153 293 I 086 288 891 46 81 May 2,479 17,451 192 153 293 1,069 288 899 46 82 June r40 925 2 482 17 603 r20 840 192 155 293 I 074 288 906 47 83 July 2,508 17,590 192 153 293 1,083 288 912 48 84 AUK 2 042 17 530 192 153 293 I 151 288 920 48 84 Sent.. r41 070 2 046 17 457 '21 565 191 152 298 1*165 288 927 48 85 Oct 2,055 17,331 190 155 302 IJ203 289 932 48 86 Nov 2 059 17 021 190 159 302 [ 234 285 941 49 87 Dec r41,130 2,077 16,947 '22,105 190 162 303 1,248 285 946 48 88 1962—Jan 2,079 16,847 190 164 303 1,277 285 950 48 89 Feb . 2 096 16 795 165 164 304 I 291 285 962 47 Mar... HI 245 2 098 16,643 #22 505 167 344 597 285 964 46 Apr 2,099 16,519 170 363 1,315 963 46 Ger- E m n o d n t o h f Cuba m De a n rk - D R o i e c m p a u n i b n - - E d c o u r a- E v l a d S o a r l- l F a i n n d - France R F m e e p d a u e n r b 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—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 3^44 77 24 247 130 Seot. 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 24 247 130 Dec... 31 3 19 18 47 2,121 3^664 87 24 247 130 1962—Jan 31 3 19 18 47 2,120 3,664 87 247 130 Feb . 31 3 19 18 46 2 144 3 664 87 247 130 Mar 31 3 19 18 61 2 171 3 666 91 247 129 Apr 31 3 19 18 62 2,207 3,666 247 129 Ire- E m n o d n t o h f Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h in il e - s Po g r a t l u- A S f o r u ic th a lic of 1955—Dec g 18 352 74 142 865 33 45 48 35 16 428 212 1956—Dec 14 18 338 77 167 844 33 50 49 35 22 448 224 1957—Dec 20 18 452 91 180 744 33 45 49 28 6 461 217 1958—Dec 34 18 1,086 91 143 1,050 33 43 49 19 10 493 211 1959—Dec 84 18 1,749 102 142 1,132 34 30 50 28 9 548 238 I960—Dec 98 18 2,203 119 137 1,451 35 30 52 42 15 552 178 1961—Apr 84 18 2,128 119 i37 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 Aug 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 ,581 30 53 47 26 439 256 Dec 84 18 2,225 140 112 1,581 30 53 47 27 443 298 1962—Jan 98 18 2,228 140 111 ,581 30 53 47 27 444 343 Feb 18 2,228 140 110 ,581 30 53 47 28 444 361 Mar 18 140 ,581 30 53 47 446 379 Apr 18 140 581 1 30 53 47 446 386 p Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 765 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank E m n o d n t o h f Spain Sweden Sw la i n tz d er- Syria T la h n a d i- Turkey U (E . g A y . p R t . ) U K d n o i i n m t g e 2 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l 'l e- E E P F U 4 ments3 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 ill 144 174 3,069 180 719 17 -42 126 1959—Dec 68 191 1,934 19 104 133 174 2,736 180 652 10 -134 40 1960—Dec 178 170 2,185 19 104 134 174 3,231 180 398 4 -19 55 1961—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 July 244 170 2 322 19 104 134 174 2 453 180 398 6 — 19 Aug 272 180 2,428 19 104 139 174 3^486 180 398 5 91 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 NOT 301 180 2,505 104 139 174 3,556 180 398 6 183 Dec 316 180 2,560 104 139 174 3,318 180 398 6 115 56 1962—Jan 331 181 2,505 104 140 174 3,410 180 398 6 176 Feb 341 181 2,481 104 140 174 3,424 180 398 6 176 Mar . . . 351 181 2,444 140 174 3,452 180 398 6 171 61 Apr 376 181 2,424 140 174 3,472 398 162 * Excludes U.S.S.R., other Eastern European countries, and China gold deposited with the B.I.S. is included in the gold reserves of individual Mainland. countries. Represents reported gold holdings of central banks and governments 2 Beginning with December 1958, represents Exchange Equalization and international organizations, unpublished holdings of various central Account gold and convertible currency reserves, as reported by the U.K. banks and governments, estimated holdings of the U.K. Exchange Treasury; before that time represents reserves of gold and U. S. and Equalization Account, and estimated official holdings of countries from Canadian dollars. which no reports are received. 3 Represents net gold assets of B.I.S., i.e., gold in bars and coins and The figures included for the Bank for International Settlements repre- other gold assets minus gold deposit liabilities. sent the Bank's gold assets net of gold deposit liabilities. This procedure 4 European Payments Union through December 1958 and European avoids the overstatement of total world gold reserves since most of the Fund thereafter. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reportecI monthly Estimated Africa North and South America Other Year or month world production 1 Total 2 A So fr u ic th a d R e h s o ia - Ghana C o R f o e n t p h g . e o,U S n ta it t e e d s 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 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 803 1 20 1 155 5 4 4 14.0 37.5 5 7 1961 Mar . 65 7 I 9 2 5 3.7 13 7 1 1 .4 1.2 2.9 .5 Apr 65 3 J 8 3 2 13 1 7 .4 0 3.4 4 May 67.5 7 3.3 13.4 .7 .4 0 2.9 .4 June . 67.3 8 3.8 12 8 .6 .4 ? 2.9 .5 July 67 7 7 3 8 12 6 1 0 .4 0 3.1 .5 Aug 68.8 3 8 12 5 1.0 .2 1 3.4 .5 Sept 68.5 6 4 5 12 1 6 .3 4 3.2 .5 Oct 68 9 6 3 9 12 7 6 4 4 3.5 .4 Nov 69.2 6 4 1 n 0 .9 .4 t 3.1 .5 Dec 67.8 3.4 12.9 .4 1 3.3 .5 1962 Jan 70 6 1 6 3 5 12 6 4 Feb 67 4 3 2 11 4 4 4 Mar 72.9 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

766 U, S. GOLD NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce.] Quarterly total* Annual totals Area and country 1961 1962 1954 1955 1956 1957 1958 1959 1960 1961 1 2 3 4 1 Western Europe: -6 —84 -83 -1 -39 Belgium 3 3 -329 -39 -141 -144 -63 -81 28 -68 -34 -266 -173 -45 Germany Fed. Rep. of -226 — 10 -34 -23 -23 Italy —349 100 100 Netherlands 25 -261 -30 -249 -25 -25 Portugal . . . .. —55 —5 —20 — 10 Spain 31 32 -114 — 156 -58 -58 -40 -47 -16 -8 -215 20 -324 -125 -55 -20 -45 -5 62 -50 100 —900 -350 —550 -306 -150 225 -55 -326 -181 Bank for Int'l Settlements.... -20 -178 -32 -36 -23 -23 Other -6 4 18 8 -21 -38 -96 -53 -35 -3 0) -14 -11 Total -378 -78 80 68 -2,326 -827 -1,718 -754 -244 202 -246 -466 -290 Latin America: 115 75 67 -50 -90 -90 25 Mexico 80 —30 -20 -30 -200 65 Other 12 14 56 6 2 -16 -30 -19 -12 5 -9 _4 -1 Total 62 14 -28 81 69 19 -100 -109 -102 5 -9 -4 24 Asia: -30 -157 -15 Other -10 -5 C1) 18 -4 -28 -97 2_ioi -20 -27 -34 -20 -24 Total -10 -5 0) 18 -34 -186 -113 -101 -20 -27 -34 -20 -24 All other* -1 1 29 5 -3 «j -38 -6 0) j 0) -4 -1 Total foreign countries... -327 -68 80 172-2,294 -998 -1,969 -970 -366 179 -288 -494 -291 International* 200 600 5-44 300 150 150 Grand total -327 -68 280 772 -2,294 5-1,041 -1,669 -820 -366 179 -138 -494 291 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 y k e o a ta r) l* in s c o T c t r r ( o r o e - e d a c t ) a a s k e s l e - : e, i e m N x o p p e r o t o r r t t , d m e c o a E c r ( r e r r - a e k a ) i r n a s e - s e - d e : , c h ( u o e y r l n e r d d e a i n n r o ) c g f y s Month ( T e r u n e r d a y s S o - t f o m c T k o o n ta th li ) in s c o T c t r r o r o e e d c a t a a s k e s l e - : e, i e m x N p o p e r o o t r r t t , d m e c o a c E r ( r r e r - a e k ) a i r n a e s - - s e d e : , h c m o ( u e l r d o n r i d n e n n t g h o c s ) f y 2 <•-) 1950 22,706 22,820 -1,743 -371 -1,353 1961—May.. 17,403 17,451 16 -131 152 165 1951 22,695 22,873 53 -549 618 June.. 17,550 17,603 152 -96 254 186 1952 23,187 23,252 379 684 -305 July... 17,527 17,590 -13 2 -3 105 1953. 22,030 22,091 -1,161 2 -1,171 Aug... 17,451 17,530 -60 -33 -23 106 1954 21,713 21,793 -298 16 -325 Sept... 17,376 17,457 -73 -58 4 62 Oct... 17,300 17,331 -126 -66 -43 112 1955....... 21,690 21,753 -40 97 -132 Nov... 16,975 17,021 -310 -272 127 1956 21,949 22,058 305 106 318 Dec... 16,889 16,947 -74 -42 -65 116 1957 22,781 22,857 799 104 600 1958 20,534 20,582 -2,275 260 -2,515 1962—Jan... 16,815 16,847 -100 -26 -64 116 1959 19,456 19,507 3-1,075 302 -1,323 Feb... 16,790 16,795 -52 -11 -37 153 Mar... 16,608 16,643 -152 -42 -142 230 1960....... 17,767 17,804 -1,703 333 -1,982 Apr... 16,495 16,519 -124 (4) -82 242 1961 16,889 16,947 -857 -719 -62 116 May.. *>16,435^16,458 *-61 (4) 5-78 (4) p Preliminary. 3 Includes payment of $344 million as increase in U. S. gold subscrip- 1 Includes gold in Exchange Stabilization Fund, which is not included tion to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve 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 $12,308 million on May 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. 710. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 767 GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS [In millions of dollars] Dec. 31, 1960 Mar. 31,1961 June 30, 1961 Sept 30, 1961 Dec. 3I,1961 Mar. 31, 1962*> U.S. Govt. Area and country Gold& bonds & notes1 Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- short- Govt. short- Govt. short- Govt short- Govt. short- Govt. term term bonds term bonds term bonds term bonds term bonds dollars Old New dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes series series Western Europe: 536 7 3 491 3 480 3 526 3 558 3 594 (2\ 1,312 6 2 1,279 2 1,307 1 1,476 1 1,574 8 1 616 8 85 28 31 89 31 81 31 79 30 83 30 80 29 87 (2) 85 112 2 134 2 138 2 138 2 Germanv Fed Reo of 2 6 , , 1 4 6 4 0 7 1 1 6 6 5 2 6 , , 4 7 7 5 4 2 < i •» 2 6 , , 8 5 6 8 2 8 4 3 6 3 , .0 3 1 9 4 4 5 6 3, , 1 5 1 0 0 5 i 4 6 3 ,2 3 0 6 0 0 i 3 139 143 136 120 154 189 Italy 3,080 2,912 3,059 3,377 3,459 3 415 1,779 13 4 1,731 1,735 3 1,804 3 1,797 1 822 2 112 143 148 115 141 134 132 135 128 135 126 142 93 636 1 615 1 546 1 523 1 542 1 532 \ 327 3 1 316 1 352 1 405 1 469 1 516 I Sweden 397 77 82 438 93 574 51 566 71 586 93 584 92 2,863 57 94 2,721 91 2,850 87 3,177 86 3,434 83 3 260 83 Turkey 152 158 150 158 165 ' 160 4,467 412 4,379 4,109 & 4,719 4,526 & 4,936 388 Other4 529 39 44 593 45 609 47 788 47 670 48 721 46 Total 25,108 819 838 25,291 868 25,684 801 27,395 864 27,905 840 28 265 751 3,324 416 446 3,313 464 3,565 463 3,576 465 3.704 459 3,454 423 Latin America: 419 1 501 1 475 1 454 1 425 1 408 1 Brazil 481 2 2 480 2 474 2 551 1 513 1 492 1 Chile 180 (2) 177 171 178 153 158 (2) 236 (2) j 240 j 202 j 222 1 235 j 226 Cuba. 7 6 8 8 1 1 7 6 7 4 ft 5 8 9 3 ft 4 7 6 0 4 7 4 0 (2: 4 8 0 2 534 2 j 472 6 450 5 529 618 5 628 Panama Reoublic of 123 2 95 1 78 79 i 87 1 82 1 114 (2) 112 118 123 i 131 1 J37 231 1 j 227 230 1 229 i 237 1 255 796 3 1 892 1 826 846 i 815 1 796 1 Others 370 9 317 28 303 57 297 77 278 192 326 188 Total 3,630 59 15 3,654 41 3,469 69 3,624 89 3,606 204 3 630 200 Asia: 301 40 41 295 6 288 6 333 6 325 6 321 6 Indonesia 236 (2) 1 158 1 142 1 120 1 119 137 152 173 178 167 161 165 2,166 2 3 2,306 2 2,262 3 1,953 3 1,894 3 2,048 218 2 2 214 2 184 2 174 2 212 1 Thailand 290 (*) 318 331 344 368 410 Other 991 43 45 989 45 rl,O33 45 rl,l30 45 rl,154 45 1,185 41 Total 4,354 87 92 4,453 57 r4,418 57 r4,221 57 r4,233 56 4 459 52 All other: 235 233 238 238 260 268 (2) South Africa 207 1 (2) 227 (2) 192 ft 251 /j\ 330 (2) 419 (2) U A R fEevott ... . 196 195 190 189 189 190 Others 600 27 35 596 618 579 38 635 632 42 Total 1,238 28 35 1,251 38 1,238 3377 1,257 38 1,414 39 1,509 42 Total foreign countries ^ 37,654 1,409 1,426 37,962 1,468 r38,374 1,427 M0,073 1,513 r40,862 1,598 41,317 1,468 International 6,394 884 900 6,353 1,064 6,451 1,011 5,480 1,127 5,881 1,240 6,503 1,087 Grand total? 44,048 2,293 2,326 44,315 2,532 '"44,825 2,438 r45,553 2,640 r46,743 r2,838 47,820 2,555 Memorandum item: 5,558 512 536 5,488 531 5,179 518 5,863 567 5,841 520 6,356 474 P Preliminary. r Revised. 5 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 6 Includes unspecified countries in Africa, Oceania, and Eastern based on a survey as of Nov. 30,1960, and reported securities transactions Europe, and all Western European dependencies located outside Europe in December. Data are not available to reconcile the 2 series or to revise and Asia. figures for earlier dates. 1 Excludes gold reserves of the U. S. S. R., other Eastern European 2 Less than $500,000. countries, and China Mainland. 3 Gold reserves of the United Kingdom are estimated. NOTE.—Gold and short-term dollars include reported and estimated * This category includes—in addition to other Western European official gold reserves, and total dollar holdings as shown in "Short-term countries—unpublished gold reserves of certain Western European Liabilities to Foreigners Reported by Banks in the United States by countries; gold to be distributed by the Tripartite Commission for the Countries" (Tables 1 and la-lc of the following section). U. S. Govt. Restitution of Monetary Gold; European Fund; and the Bank for bonds and notes are holdings with original maturities of more than 1 International Settlements (the figures for the gold reserves of the B.I.S. year. represent the Bank's net gold assets; see note 1 to table on reported gold reserves). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding; in millions of dollars] Foreign countries Europe In- End of month G to ra ta n l d t t i e o r n n a a l - 2 Total Official Private m G F a e e n d r y . - , U K n i i n t g ed - Other Total Canada A L m a e ti r n ica Asia ot A h 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 •3,158 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 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 17,786 10,096 7,690 2,970 1,691 4,639 9,300 2,712 2,307 3,105 362 21,626 3,404 18,222 10,537 7,685 2,791 2,431 4,636 9,857 2,701 2,277 3,038 349 Seot 21,940 3,434 18,506 10,924 7,581 2,750 2,619 4,845 10,214 2,649 2,372 2 896 375 Oct 22,235 3,715 18,520 10,692 7,827 2,544 2,676 4,894 10,113 2,907 2,312 2,807 382 Nov ... • 22,417 3,836 18,581 10,594 7,987 2,531 2,505 4,969 10,004 3,029 2,343 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 22,494 3,815 18,679 10,261 8,417 2,299 2,501 5,281 10,081 2,909 2,348 2,926 415 Feb .... 22,804 4,126 18,678 10,105 8,574 2,401 2,566 5,216 10,183 2,761 2,366 2 990 378 Mar p 23,215 4,405 18,810 10,495 8,315 2,534 2,486 5,354 10,374 2,490 2,463 3,086 396 APT.P 23,351 4,503 18,847 10,291 8,557 2,518 2,431 5,377 10,325 2,503 2,563 3,064 392 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 g r a - l Spain S d w en e- S l w a e n r it - d z- T k u e r y - Others 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 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 4,639 195 310 36 77 1,012 59 1,008 252 101 80 134 423 552 13 388 4,636 212 300 38 87 871 55 11,098 200 105 84 133 387 661 17 388 Sept 4,845 228 311 48 89 890 43 1,151 223 105 86 128 386 705 19 433 Oct 4,894 228 311 56 92 888 43 1,191 227 110 88 133 391 689 21 427 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 Jan 5,281 256 357 52 90 1,083 76 1,248 218 93 93 159 392 771 34 359 Feb 5,216 262 328 55 90 1,097 85 1,100 263 103 91 152 394 816 37 345 Mar * 5,354 250 319 49 77 1,189 98 1.187 241 112 86 165 403 816 20 342 Aprv .... 5,377 229 293 49 74 1,261 104 M85 247 141 98 160 391 806 19 321 Table lb. Latin America Neth- End of month Total A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i a i o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - i - s s - l a p P i R m c u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - Other « 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—Apr 2,344 326 21 185 128 149 62 29 29 58 358 84 89 66 49 458 252 May 2,294 308 21 220 119 132 61 32 28 58 332 83 80 64 46 454 255 June . ... 2 216 283 21 186 124 119 58 31 27 59 333 90 78 71 50 428 259 July 2,307 278 23 231 116 150 53 32 31 55 339 87 77 83 50 439 264 2,277 275 24 218 125 134 49 30 27 49 430 84 78 86 52 367 250 Sept 2,372 263 23 263 130 137 45 29 26 46 413 87 79 76 49 448 259 Oct 2,312 246 23 254 96 137 46 27 28 43 403 88 84 73 50 406 307 Nov 2,343 240 25 260 96 130 45 23 23 43 439 87 85 77 53 416 300 Dec 2,405 235 26 228 105 147 43 23 22 46 506 89 87 84 57 417 292 1962—Jan 2,348 228 23 252 99 119 41 26 24 48 473 86 79 79 68 395 308 Feb 2,366 217 23 241 95 139 40 28 29 54 486 88 83 80 80 379 306 Mar.2* 2,463 243 24 207 112 137 39 34 28 58 518 92 82 90 75 398 327 Apr.» 2,563 224 24 254 109 140 38 42 29 57 516 97 90 92 75 443 332 v Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BVTL CAPITAL TRANSACTIONS OF THE U. S. 769 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 —Continued [Amounts outstanding; in millions of dollars] Table lc. Asia and All Other Asia All other Ko- End of month Total K H o o n n g g India I n n e d si o a - Iran Israel Japan p r R l u e i 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 A tra 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 ,285 148 172 94 141 494 373 110 31 49 20 16? I960—Dec 3,115 57 54 178 22 75 1,887 152 203 84 186 217 352 88 32 29 22 181 1961—Apr 3,202 51 40 89 41 50 1,096 154 172 77 215 219 393 124 32 30 21 187 May 3,185 51 43 86 41 42 >,,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 ,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 ,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>m 198 150 90 248 276 385 91 38 44 12 199 Dec 2,892 55 78 76 31 63 ,590 199 185 92 264 258 387 98 34 32 15 209 1962—Jan 2,926 59 75 86 34 63 599 188 202 98 276 246 415 127 31 32 21 204 Feb 2,990 57 74 100 35 87 1,628 187 171 103 293 255 378 95 28 36 14 205 Mar.** 3,086 57 74 94 36 71 1,744 183 165 92 306 262 396 101 27 40 16 213 Apr v 3,064 58 70 88 23 79 1,702 181 173 90 314 287 392 96 27 43 17 210 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 China Mainland8 , 36.0 35.8 34.8 34.6 Czechoslovakia* .6 .7 1.0 .9 Goa 2.5 2.3 1.4 .9 Hungary .9 1.3 1.0 1.0 Iraq 18.0 63.1 13.8 n.a. Iceland 3.5 2.7 5.1 3.1 Jordan , 2.8 2.5 1.8 1.6 Ireland, Republic of 10.0 5.4 2.7 3.2 Kuwait 10.3 9.4 9.6 27.1 Luxembourg 16.1 7.2 12.6 16.1 Laos 20.9 21.0 5.0 n.a. Monaco 5.9 5.3 4.1 3.4 Lebanon 37.9 38.0 36.2 n.a. Poland* 4.9 4.0 6.1 7.2 Malaya... 1.2 1.4 6.3 4.4 Rumania8 .9 .9 1.1 1.5 Nepal 1.2 1.8 1.2 n.a. Soviet Zone of Germany. 1.4 1.5 1.3 1.3 Pakistan 5.6 23.5 10.6 10.1 U. S. S. R.« 2.2 2.6 12.1 4.8 Ryukyu Islands 15.2 14.8 14.2 n.a. Yugoslavia8 9.5 6.2 10.0 11.6 Saudi Arabia 60.2 111.6 18.4 24.9 Singapore , 2.5 3.5 1.9 3.2 Other Latin America: Syria , 4.7 5.0 4.2 2.6 Bahamas9 47.2 77.5 Viet-Nam 48.8 68.3 14.6 7.9 T B C H H N P E F a r h c e o o a i e r c e u r s i n a n m a t t a d i g W a c r d u u a u h o R d g e r a r a s W a u y i t s c a a e In 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 9 ench Guiana. 2 3 1 1 7 6 6 3 4 1 1 7 . . . . . . . . . 7 8 4 3 5 6 5 3 4 2 3 1 1 1 1 1 6 1 2 2 2 8 0 4 . . . . . . . . . 7 7 5 6 5 8 9 5 3 2 2 1 1 1 1 1 4 7 1 1 9 0 1 5 . . . . . . . . . 6 4 7 3 9 8 7 3 0 2 3 1 1 1 1 9 4 3 3 3 7 4 . . . . . . . . 9 9 6 5 5 3 8 3 Al E L l A F L G M M r i t i o l h b h b o a e g t a d n e y i r h e o n o r e a c r e i p 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) 4 2 1 6 3 7 1 1 3 . . . . . . . . 4 0 0 5 5 8 7 0 2 5 1 1 2 0 7 8 7 . . . . . . . . 0 6 4 3 8 7 6 6 6 1 9 5 4 6 . . . . . . . . 3 6 4 9 3 9 9 8 9 2 1 5 3 1 1 1 . . . . . . . . 1 4 0 9 5 1 8 7 Mozambique 2.9 2.0 2.2 1.6 Other Asia: New Caledonia 1.4 1.3 1.4 n.a. Aden 1.7 2.2 2.3 n.a. New Zealand , 6.9 6.8 35.1 4.0 Afghanistan. 4.5 11.0 9.8 3.6 Rhodesia and Nyasaland, Federation of, .2 .3 3.9 n.a. Bahrain .9 .9 .5 .6 Somali Republic 1.3 .8 3.5 1.7 Burma 5.9 4.3 .9 n.a. Sudan 5.2 1.6 1.9 n.a. Cambodia... 24.9 19.7 10.9 15.3 Tunisia 8.4 2.8 1.2 n.a. Not available. p 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 Apr. 30, 1962. 8 Based on reports by banks in all Federal Reserve districts. 2 Represents principally the International Bank for Reconstruction and » Before 1960 data for the Bahamas included with The West Indies Development, International Monetary Fund, International Finance federation. Corporation, and the International Development Association. 10 Excludes Jamaica. 3 Represents liabilities to foreign central banks and foreign central NOTE.—Statistics on international capital transactions of the United governments and their agencies (including official purchasing missions, States are based on reports by U. S. banks (including the Federal Reserve trade and shipping missions, diplomatic and consular establishments, etc.). Banks), bankers, brokers, and dealers, by branches or agencies of foreign 4 Includes $1,031 million representing increase in U. S. dollar sub- banks, by certain domestic institutions not classified as banks that mainscription to the International Monetary Fund paid in June 1959. tain deposit or custody accounts for foreigners, and by the U. S. Treasury. 5 Includes Bank for International Settlements. The term "foreigner" is used to designate foreign governments, central 6 Beginning with 1960 includes Inter-American Development Bank. banks, and other official institutions, as well as banks, organizations, and ' 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

770 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable End of month, or area Total in foreign and country U.S. U.S. currencies 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* certificates^ 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 1960_Dec. 21,329 18,986 7,568 10,018 1,401 2,230 1,849 148 233 113 1961 Apr 20,862 18,617 7,756 9,594 1,268 2,133 1,810 103 220 112 May 21,079 18,760 7,971 9,503 1,287 2,185 1,844 129 212 134 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 ,307 2,206 1,880 109 217 145 21,626 19,310 8,631 9,343 1,336 2,209 1,871 109 229 108 Sept 21 940 19,613 8,691 9,543 1,379 2,226 1,891 117 219 100 Oct 22,235 19,783 8,899 9,485 1,398 2,293 1,918 151 224 159 Nov 22,417 19,942 8,843 9,654 1,445 2,333 1,930 147 256 142 Dec 22,562 20,051 8,664 9,891 1,496 2,362 .974 149 238 149 1962 Jan 22,494 19,960 9,148 9,372 1,439 2,374 1,966 151 257 160 Feb 22,804 20,213 9,146 9,635 1,432 2,440 1,971 166 302 152 Marp 23,215 20,562 8,775 10,352 I 435 2,471 2,005 156 310 182 Apr.v 23,351 20,691 9,081 10,146 1,465 2,479 2,034 140 305 181 Area and country detail, Feb. 28, 1962 Europe: 262 260 252 3 5 1 { (3) (3) Belgium . .. .... 328 292 214 27 51 34 28 55 46 21 25 1 8 8 P) (3) (3) Finland 90 89 51 38 (3) 1 France 1,097 1,045 270 733 42 49 43 3 3 3 Germany, Fed. Rep. of.... 2,401 2,358 455 1,524 379 40 31 2 7 3 Greece . 85 70 41 30 (3) 14 14 (3) Italy 1,100 1,043 144 732 168 32 28 3 1 25 Netherlands .. 263 237 123 102 12 26 21 2 3 Norway 103 68 55 5 8 35 34 Portucal 91 56 51 5 35 33 (3) 2 Spain 152 130 113 5 12 22 20 (3) 1 (3) Sweden 394 383 93 279 11 11 10 (3) (3) Switzerland 816 672 281 198 193 111 70 14 27 34 Turkey 37 35 35 2 2 United Kingdom 2,566 2,132 1,075 1,001 56 385 133 86 166 49 Yugoslavia . 10 10 9 1 1 1 (3) Other. 335 301 80 73 148 12 11 (3) 22 Total 10,183 9,227 3,364 4,773 1,090 818 491 111 216 137 Canada • ... 2,761 2 488 2,044 425 18 267 191 43 33 7 Latin America: Argentina 217 133 126 6 1 84 81 (3) s3 (3) B B o ra li z v i i l a . 2 2 4 3 1 110 6 94 6 (3) 16 13 1 0 6 12 1 7 6 (3) (3) (3) Chile 1 9 3 5 9 3 6 9 9 6 3 3 9 (3) (3 5 ) 5 7 6 0 5 6 5 9 |(s3>) 1 1 ( ( 3 3) ) Cuba. 40 2 2 38 37 Dominican Republic ... 28 12 11 1 16 16 (3) El Salvador 29 15 8 5 3 14 14 54 36 21 8 8 18 18 f3) (3) Mexico 486 295 245 14 36 190 183 1 6 Neth. Antilles and Suri- 88 45 25 12 8 43 33 1 10 Panama Rep of . ... 83 10 8 73 65 1 6 Peru 80 29 29 51 48 2 Uruguay 80 45 41 35 30 4 Venezuela . . 379 154 154 224 221 1 2 Other 306 191 130 429 (31} 115 100 7 8 1 Total 2,366 1,192 1,001 74 116 1,172 1,114 12 47 2 v Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 771 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, Feb. 28, 1962—Cont. Asia: Hong Kong 57 29 24 5 28 28 (3) 1 (3) India 74 69 25 39 5 5 5 (3) (3) (3) Indonesia.. 100 98 66 32 2 2 Iran 35 28 28 8 8 Israel 87 80 39 8 32 7 5 1 1,628 1,609 1,138 374 97 19 18 (3) 1 (3) Korea, Rep. of 187 186 183 3 1 1 Philippines 171 149 137 13 22 21 (3) (3) (3) Taiwan ... 103 95 92 (3) 3 8 8 Thailand 293 291 68 216 7 3 3 Other 255 212 163 27 23 41 40 (3) 1 2 Total.. 2,990 2,844 1,963 695 186 143 139 1 4 2 All other: Australia 95 91 44 42 5 3 3 (3) (3) 1 Congo Rep of the 28 26 25 1 2 2 S U o .A ut . h R A . ( f E ri g ca ypt) 3 1 6 4 3 1 1 4 3 1 1 1 3 3 4 3 (3) (3 1 ) Other 205 173 146 5 30 29 (3) 1 Total 378 336 256 66 13 39 37 (3) 2 4 Total foreign countries. 18,678 16,087 8,629 6,033 1,425 2,440 1,971 166 302 152 International 4,126 4,126 517 53,601 8 Grand total 22,804 20,213 9,146 69,635 1,432 2,440 1,971 166 302 152 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 $2,760 million on Apr. 30, 1962. 5 Includes $2,526 million of nonnegotiable, non-interest-bearing special 2 Represents principally bankers' acceptances and commercial paper. U. S. notes held by international organizations. 3 Less than $500,000. 6 Includes amounts shown in notes 4 and 5. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding; in millions of dollars] End of month Total France 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 i n 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 i m a c t a e in r- Asia ot A h 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 I960—Dec 3,614 32 82 34 60 245 264 717 421 1,356 1,052 69 1961—Apr.. 4,150 46 135 46 70 173 227 697 532 1,394 1,450 76 May.. . 4,124 44 145 42 65 171 228 695 520 1,336 1,497 75 June 4,123 48 148 33 64 165 233 691 514 1,243 1,598 76 July 4,189 50 141 35 64 187 209 688 492 1,245 1,674 90 Aug 4,122 42 136 37 60 134 178 586 517 1,295 1,626 98 Sept 4,156 34 146 34 67 185 186 652 491 1,347 1,581 84 Oct 4,347 37 140 34 72 169 182 634 618 1,412 1,597 86 Nov. 4,384 40 147 34 67 189 181 658 577 1,450 1,620 79 Dec .. 4,700 42 165 35 105 181 239 767 537 1,504 1,807 85 1962 Jan 4,577 43 157 37 68 163 214 682 483 1,430 1,890 92 Feb 4 692 47 155 40 71 160 215 688 496 1,460 1,958 89 Mar v 4,872 52 144 38 76 162 222 694 540 1,507 2,036 94 Apr.P 4,839 47 161 43 68 140 207 666 517 1,530 2,025 101 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

772 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding; in millions of dollars] Table 3a. Other Europe End of month Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - Other 1957 Dec 211 6 25 11 4 6 29 23 2 8 10 76 (2) 10 1958—Dec 315 7 65 14 6 7 56 22 2 30 24 72 S 9 1959 Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 1960—Dec 264 2 65 13 9 6 33 17 4 8 28 49 11 19 1961—Apr 227 2 56 11 11 7 38 10 2 7 24 24 16 19 May 228 3 58 11 11 7 42 10 3 8 25 15 16 21 233 3 43 9 14 7 45 11 3 11 25 24 16 22 July 209 3 43 9 14 8 47 11 2 8 17 13 15 19 178 3 13 11 14 6 43 11 2 7 16 22 14 17 Sept 186 3 10 10 16 7 45 13 2 7 15 31 8 18 Oct 182 3 11 12 19 6 41 17 3 6 15 23 8 16 Nov 181 4 10 11 20 6 46 23 3 5 18 9 9 17 Dec 239 5 20 11 23 6 54 27 5 11 35 16 9 17 1962 Jan 214 4 18 13 23 5 60 26 2 14 17 7 7 19 Feb 215 5 19 9 23 4 61 22 3 17 18 7 7 21 Marp 222 4 17 8 24 4 66 20 5 15 18 11 4 23 Apr.? 207 5 15 7 24 4 58 21 5 13 17 13 5 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 l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t a A a i e u l n n l r n r e d - d i - s s - l a P p i R m c u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - Other nam 1957—Dec 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Dec 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 Dec 1,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960—Dec 1,356 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961—Apr 1,394 127 5 213 118 79 21 13 17 12 323 5 29 50 40 281 61 May 1,336 133 5 202 111 81 20 14 15 14 321 7 38 55 43 215 63 June 1,243 143 5 182 114 91 20 13 12 13 327 6 26 61 46 121 63 July 1,245 148 5 160 120 91 20 12 14 14 336 8 25 63 38 119 71 1,295 158 8 147 119 91 20 13 17 17 375 8 28 67 39 121 68 Sept 1,347 160 5 180 117 90 19 12 15 16 385 6 30 68 39 134 72 Oct 1,412 171 5 233 116 87 19 12 14 17 385 8 30 71 45 124 74 Nov 1,450 179 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 1,430 179 5 132 126 134 18 12 14 19 412 9 43 71 61 122 71 Feb 1,460 184 6 133 125 160 19 11 16 19 398 6 41 70 62 141 68 Mar p 1,507 205 5 140 120 161 18 10 14 18 439 9 41 71 60 127 69 Apr.? 1,530 203 5 164 120 156 18 12 15 18 439 9 52 74 61 117 68 Table 3c. Asia and All Other Asia All other End of month Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f n e t p g h . o e , A So fr u ic th a ( U E . g A y . p R t) . Other 1957—Dec 386 7 6 22 24 146 53 6 14 110 50 13 5 12 1 19 1958—Dec. 435 6 4 27 23 179 67 6 13 111 69 13 4 21 3 29 1959—Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 12 2 21 1960—Dec 1,052 9 9 33 24 806 19 7 24 121 69 28 3 11 3 24 1961—Apr 1,450 10 11 52 30 ],159 23 11 23 130 76 27 4 13 8 24 May 1,497 10 12 47 33 ],196 26 14 25 134 75 25 3 13 10 24 June 1,598 9 41 47 33 ,272 24 15 27 131 76 25 3 15 10 23 July 1,674 9 40 36 34 1,341 42 13 30 129 90 26 3 24 13 23 Aug....... 1,626 10 10 36 31 ,335 37 12 29 128 98 32 3 24 13 25 Sept 1,581 10 8 35 31 1,288 38 10 32 129 84 27 3 19 13 22 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 1,958 9 10 28 37 1,598 120 11 33 113 89 31 3 11 13 31 Mar.? 2,036 10 11 28 41 1,681 116 9 33 108 94 32 3 11 16 32 Apr.? 2,025 12 13 30 39 1,664 110 9 33 114 101 33 4 11 21 32 * Preliminary. 2 Less than $500,000. 1 See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFL CAPITAL TRANSACTIONS OF THE U. S. 773 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- End of month, or area term— Loans to: and country total i Total Collec- Total Ba i o n n f s f k i t c s it i a u a l - nd Others sta t o i n o u d n t i - s ng Other Total f D or e e w p ig i o t n 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 I960 Dec 1,698 3,614 3,135 815 482 605 1,233 480 242 238 1961 Apr 1,639 4,150 3,619 907 523 716 1.473 531 245 286 1,636 4,124 3,616 870 520 710 ,517 507 235 272 1,850 4,123 3,672 810 506 711 1,645 451 249 202 JUly 1 1 , , 9 8 0 3 6 6 4 4 , , 1 1 8 2 9 2 3 3, , 7 7 1 7 2 7 7 8 5 4 6 3 5 5 2 3 5 7 7 7 1 1 8 9 1 1 , , 6 7 9 0 1 0 4 4 1 1 0 2 2 2 2 3 9 2 1 17 8 8 3 Sept 1,864 4,156 3,708 776 564 697 1,671 448 266 182 Oct 1,847 4,347 3,799 780 600 683 1,736 548 337 211 Nov 1,880 4,384 3,835 828 625 682 1,700 549 329 220 Dec 2,020 4,700 4,115 1,014 618 694 1,789 586 385 200 1962 Jan 2,035 4,577 4,119 1,008 618 708 ,784 458 287 171 Feb 2,077 4,692 4,249 1,090 625 715 1,819 443 288 154 Marv .... 2,115 4,872 4,404 1,208 650 732 1,814 468 302 166 Apr." 2,062 4.839 4,386 1,217 686 728 1,755 453 269 184 Area and country detail, Feb. 28, 1962 Europe: 44 5 4 2 (2) 1 1 (2) (2) 39 19 16 4 1 8 3 4 4 (2) 8 9 8 (2) 2 2 4 1 Finland . . ......... 3 23 22 2 20 (2) 11 47 42 4 7 12 19 5 (2) Germany, Fed. Rep. of.... 78 155 136 39 43 23 31 19 16 4 Greece 7 4 4 (2) (2) 4 (2) (2) Italy 26 40 37 9 7 17 4 3 2 (2) 46 61 52 7 30 13 2 9 9 2) 174 22 21 1 1 2 16 1 1 1 Portusal •. 4 3 3 (2) (2) 2 (2) (2) 1 17 16 7 2 3 4 1 1 (2) 49 18 16 1 6 8 2 2 10 71 35 6 18 6 5 36 19 17 Turkey 7 7 4 3 United Kinsdom 7 160 67 28 3 14 23 93 76 17 2 7 7 4 (2) (2) 2 Other • • • 3 21 21 2 6 4 9 (2) (2) Total 510 688 514 119 120 121 154 174 135 38 275 496 319 11 195 7 106 177 66 111 Latin America: 75 184 175 33 19 44 80 8 8 Bolivia • (2) 6 6 1 (2) 4 (2) 269 133 98 27 32 27 12 35 35 (2) Chile 25 125 125 37 28 20 40 (2) 29 160 160 44 13 27 76 (2) (2) Cuba 1 19 19 17 (2) Tiotninican Republic 11 11 5 1 5 1 <?) El Salvador (2) 16 16 1 5 9 (2) C\\ i a temala 12 19 19 4 7 8 (2) (2) 156 398 393 143 87 35 128 5 4 1 Netherlands Antilles and Surinam 8 6 6 1 3 2 Panama Reo of 29 41 41 28 6 6 11 70 70 5 9 24 32 (2) (2) 1 62 61 7 4 6 44 j (2) 1 237 141 141 15 22 67 37 1 (2) 8 Other 79 68 68 5 18 29 16 (2) Total 934 1,460 1,410 326 269 327 488 50 47 3 P Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Cont inued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to— country total i Total Collec- Total Ba i o n n f s f k i t c s it i a u a l - nd Others sta t o i n o u d n t i - s ng Other Total f D or e w e p i i g o t n h si e t r s s Other tions Area and country detai,Feb. 28, 1962—Cont. Asia: 1 Hong Kong ft 9 9 2 3 3 I^dia 10 9 2 5 Indonesia 51 12 12 12 Iran . ... 12 28 27 3 (2) 23 2 1 1 (2) Israel 18 37 37 4 4 4 25 Japan 25 1,598 1,565 415 12 156 982 33 33 K Ph o i r li e p a p i R ne e s p . o . f .. . .. 55 12 5 0 12 5 0 i" cf 12 (2) (2) Taiwan 1 11 11 2 (2) 6 Thailand 3 33 33 14 (2) 3 16 Other 3 96 94 63 7 21 3 1 1 (2) Total 186 1,958 1,923 624 28 222 1,048 36 36 (2) All other: Australia 31 31 27 (2) 2 12 13 3 2 C S U o o A u n t g h R o A R ( f E r e i s c p v a . D o t f ) the 3 5 3 9 8 1 1 3 3 1 1 9 3 3 4 ( ( 2 2T ) 9 1 1 (2) 8 2 2 (2) Other 41 31 31 3 10 15 2 (2) Total 173 89 83 9 12 38 23 6 4 2 Total foreign countries 2,077 4,692 4,249 1,090 625 715 1,819 443 288 154 1 Represents mainly loans with an original maturity of more than 1 year. 2 Less than $500,000 . 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 '* 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 s c 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 N ha e s t e p s u , o r- r ) Total 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. 1,744 1,231 '512 172 3,384 3,161 223 802 1,261. -459 594 959 -365 1961—Apr.. 91 101 -10 32 348 308 40 44 101 -58 50 96 -46 May. 155 206 -50 -40 344 300 45 59 126 -67 57 96 -39 June. 41 74 -33 -33 303 276 27 63 97 -34 53 72 -19 July.. 170 127 43 43 194 212 -18 50 120 -70 35 55 -20 Aug.. 340 177 163 48 246 254 -8 37 36 1 40 64 -24 D N S O e c o e p t v c t . . . . . . . , 2 1 2 5 2 2 9 0 1 2 5 8 3 6 6 1 2 - 7 6 4 9 5 - 6 1 5 n 4 9 2 2 3 2 4 1 8 1 5 7 6 0 2 2 2 27 1 9 3 3 6 0 2 2 1 1 0 1 4 4 22 6 5 6 5 2 2 4 2 1 1 2 7 0 0 8 7 5 6 - - — 2 4 6 2 3 4 5 5 5 1 5 3 9 1 7 9 5 3 9 4 8 9 - - - - 1 3 2 8 7 9 6 0 -41 1962—Jan.... 30 58 -28 -19 257 220 37 93 91 2 58 80 -22 Feb... 144 269 -125 -62 238 208 30 106 160 -53 51 87 -36 Mar.?. 142 272 -129 -49 268 234 34 95 145 -50 58 90 -32 Apr.?. 92 140 -48 -36 232 211 21 79 114 -36 57 67 -10 » Preliminary. r Revised. 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

INFL CAPITAL TRANSACTIONS OF THE U. S. 775 TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY t [Net sales, (-); in millions of dollars] Type of security Country or area Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- ot A he ll r 2 1958 -39 -56 17 3 2 -8 19 _ * 1 10 , -S6 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 223 323 -99 4 21 20 166 -17 38 232 -112 44 58 1961—Apr 40 56 -16 -1 (3) 3 21 9 -1 32 CJ 9 9 May 45 58 -13 5 5 29 1 9 50 -19 9 4 June 27 33 -6 -1 3 19 11 3 34 -14 4 2 July -18 -5 -13 -1 -2 -6 -1 — 1 -12 -13 2 5 Aug -8 2 -10 -2 6 -7 4 1 -14 2 3 Sept 1 16 -15 1 2 2 2 2 3 12 -17 5 1 Oct 14 28 -15 2 1 24 -10 2 19 -7 1 1 Nov 20 25 -5 j 4 5 25 -20 3 18 -8 2 8 Dec 14 15 -1 1 1 1 21 -25 5 3 (3) 4 7 1962—Jan. 37 54 -17 5 -2 46 10 -3 55 -19 4 -3 Feb 30 36 -6 j 5 34 -2 37 3 Mar.p 34 20 14 -1 2 1 16 -1 — 1 16 17 -1 3 Apr P 21 21 (3) 18 15 -1 33 -6 2 — 8 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 * [Net sales, (-); in millions of dollars] [In millions of dollars] Y m e o a n r t o h r na In ti t o e n r- al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L i m a c t a i e n r- Asia o A th l e l r End of month Deposits Assets in custody tries U. S. Govt Miscelsecurities* 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 1961 . -825 -260 -318 -60 -114 73 1961—May. 210 5,637 687 June. 220 5,723 688 1961—Apr... 3 -106 -9 -59 -20 -19 C1) July. 226 5,660 667 May.. 1 -107 -26 -52 -6 -22 -1 Aug. 270 5,903 660 June.. -15 -37 -17 -23 3 9 -10 Sept. 312 6,036 662 July... 3 -93 12 -70 1 -5 -30 Oct.. 249 5,988 652 Aug... 6 -29 -10 -17 1 2 1 Nov. 198 5,793 634 Sept... 4 -24 -3 6 2 -7 -22 Dec. 279 6,006 669 Oct.. -5 -47 -17 <7 1 -25 1 Nov... 1 -82 -26 -15 -9 -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.... C1) -19 -9 22 -1 -8 -23 Apr.. 230 5,551 616 Feb.. .. -96 6 -22 2 4 -11 33 May. 223 5,754 627 Mar.*\ -28 -54 -57 8 0) -5 t Apr.?.. -22 -24 -23 2 1 -3 1 1 Excludes assets held for international organizations, and earmarked gold. See note 4 at bottom of p. 766 for total gold under earmark at P Preliminary. Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds; 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

776 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of quarter; in millions of dollars] Liabilities to foreigners Area and country 1960 4 Europe: 1 18 1 Finland 1 29 Germany, Fed. Rep. of... 41 1 Italy 15 48 Norway 5 1 9 6 Switzerland 26 Turkey 3 United Kinadom 61 Yuuoslavia •• 1 Other. 4 Total 271 53 Latin America: 7 1 16 Chile 3 4 Cuba 2 Dominican Rcoublic 1 El Salvador (2) Neth. Antilles and Surinam. 7 2 Peru • 4 Uruguay Venezuela 13 Other 4 Total 73 Asia: Hone Konss 3 6 3 4> Israel 5 27 Korea ReD of . ... 5 3 Thailand Other Total Allother: Australia Congo Rep of the U A R fEevot) . Other Total International Grand total covo 1st. revised ser.1 2d revised ser.1 3d. revised ser.J 1960 1961 1961 1961 4 1 1 2 2 3 2 2 2 2 18 29 29 28 28 25 1 2 2 2 3 1 1 1 1 1 1 29 33 34 37 37 40 41 48 49 40 40 40 1 1 1 2 2 16 19 20 23 23 30 48 62 62 68 68 5 6 6 6 6 1 1 1 1 1 9 8 8 6 7 6 5 5 8 8 27 25 26 47 47 3 3 65 1 79 79 1 107 1 109 1 4 2 2 1 2 277 327 331 385 388 57 37 40 43 49 7 7 8 10 10 1 1 1 1 1 17 19 20 20 20 3 4 4 5 5 4 5 5 7 7 2 2 2 2 2 1 i 1 1 & 7 64 4 6 6 6 2 3 3 6 7 4 5 6 2 3 1 2 2 2 2 14 16 23 23 23 4 7 7 10 10 76 83 92 102 102 3 3 3 3 3 7 6 6 5 5 3 11 11 10 10 5 5 5 5 5 4 4 2 2 29 57 58 67 68 c^ (*> <? 7 3 3 3 3 9 8 9 11 11 65 73 107 109 114 114 14 14 15 15 15 15 1 2 1 1 1 1 1 2 2 3 2 2 2 2 1 5 7 9 9 11 11 23 25 29 29 31 31 485 507 583 600 673 684 00ON — Claims on foreigners 1st. revised ser.1 2d revised ser.1 1960 1960 1961 1961 4 4 1 1 2 8 4 12 11 11 35 12 12 12 « 2 37 39 44 44 40 34 39 37 4C 6i 2 2 26 30 31 32 35 16 17 16 17 22 6 6 7 7 3 3 4 4 5 11 11 7 7 10 6 26 26 26 26 39 17 18 23 25 5 110 639 642 278 279 2 1 1 2 2 4 5 5 c 370 862 880 516 526 45 160 187 295 327 7 20 20 25 26 1 3 3 3 3 24 76 78 60 61 5 11 12 14 15 5 11 12 13 14 2 8 8 6 7 1 3 3 3 3 2 2 2 2 4 4 4 4 36 39 45 47 5 2 2 2 2 13 7 7 9 9 2 8 9 9 10 4 3 3 21 33 34 36 38 10 19 19 22 22 106 245 254 257 265 3 2 2 3 3 6 12 15 10 11 7 1 1 4 4 5 8 8 9 9 3 11 11 7 8 71 45 54 51 52 1 1 1 7 9 8 9 1 1 1 3 3 3 4 4 3 3 15 18 20 17 18 122 111 128 118 120 11 21 22 19 20 (2) 3 3 2 2 6 7 9 9 4 6 7 7 7 13 13 15 12 13 29 49 52 50 51 1 1 672 1,428 1,501 1,235 1,292 ON ON* 3d. revised ser. * 1961 2 3 4 3f 17 6 2 40 36 74 2 36 34 22 23 7 7 4 6 10 9 19 18 19 15 22J 226 169 2 4 5 506 511 433 422 440 488 29 30 31 2 3 73 74 91 18 18 16 13 13 14 6 7 2 2 3 3 3 3 5 5 42 44 47 2 2 2 7 7 6 11 12 18 35 36 57 25 26 43 278 285 349 3 3 3 11 11 13 3 3 3 7 7 7 8 8 8 55 56 63 1 1 1 7 7 7 2 2 2 3 3 3 18 18 18 117 118 127 19 19 21 2 2 2 11 11 11 7 7 10 16 16 19 56 56 62 1 1,378 1,410 1,460 * Preliminary- NOTE.—Reported by exporters, importers, and industrial and com- 1 Includes data for a number of firms reporting for the first time on mercial concerns in the United States. Data exclude claims held through Dec. 31,1960 (first revised series), 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 777 U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1958 1959 1960 1961 Item Exports of goods and services, total1.. 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 4^43 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 2,194 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 -63$ -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^-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 -950 -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 -597 -824 -516 -546 -216 -1,072 Government -167 -82 •-294 -220 243 -224 -386 -151 -348 -420 413 -469 -478 Foreign capital and gold (net) 901 953 • 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 82S 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 *397 167 72 50 94 637 921 346 -330 270 456 Errors and omissions -71 100 290 -8 146 49 -128 -117 -452 -9 -395 159 -371 r Preliminary. * 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 Switzerland Month 3 T m r b e o i a l n s ls u t , h ry s1 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 t r , - h s' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a l y - s l 9 s s u 0 * , ry m Da o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t y o- 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 L52 1.50 2.00 1960—Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 .51 1.13 2.00 1961—Apr 3.30 3.03 4.63 4.45 3.65 3.00 3.70 2.38 2.94 .77 .75 2.00 May. 3.18 2.92 4.55 4.38 3.81 3.00 3.91 2.25 2.63 .83 .75 2.00 June 2.69 2.45 4.64 4.50 3.67 3.00 3.76 2.25 2.56 .88 .75 2.00 July....... 2.61 2.55 4.72 5.10 3.98 3.38 3.65 2.25 2.63 .88 .75 2.00 Aug 2.48 2.29 6.91 6.71 5.64 5.00 3.52 2.25 2.44 .84 .75 2.00 Sept 2.42 2.17 6.84 6.60 5.71 5.00 3.57 2.25 2.94 L.QO .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 L.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 Mar 3.10 2.81 5.13 4.86 4.32 3.46 3.65 2.00 3.13 1.81 1.59 2.00 Apr 3.08 3.12 4.50 4.26 3.70 2.93 2.13 2.75 2.13 1.75 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

778 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months May 31, 1961 Rate as of Country 1961 1962 May 31, 1962 Per Month cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Argentina2 ... ... 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 3.0 Nov. 1957 4.0 4.0 Canada3 ... . 3.42 May 1961 2.82 2.80 2.51 2.84 2.75 2.75 3.24 3.35 3.42 3.37 3.32 3.77 3.77 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 Rica2 3.0 Apr. 1939 3.0 Cuba2 6.0 Jan. 1960 6.0 Denmark. 6.5 May 1961 6.5 Ecuador2 5.0 Nov. 1956 5.0 Egypt 3.0 Nov. 1952 5 0 5.0 El Salvador.. 5.5 Jan. 1960 6.0 6.0 Finland 6.75 Mar. 1959 8.0 7 0 7.0 France 3.5 Oct. 1960 3.5 3.0 May 1961 3.0 6.0 Nov. 1960 6.0 Honduras 5 2.0 Jan. 1953 2.0 Iceland 9.0 Dec. 1960 9.0 4.0 May 1957 4.0 Indonesia2 ... 3.0 Apr. 1946 3.0 Iran 6.0 Nov. 1960 6.0 Ireland 4.62 May 1961 4.78 6.88 6.75 5.94 5.56 5.44 74.70 4.70 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 Netherlands 3.5 Nov. 1959 4 0 4.0 New Zealand , 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 9.5 Nov. 1959 9.5 Philippine Republic 3.0 May 1961 6.0 6.0 Portugal 2.0 Jan. 1944 2.0 5.0 May 1961 4.5 4.5 Spain 4.6 Apr. 1960 4.0 4.0 Sweden 5.0 Jan. 1960 4 5 4.5 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 7.5 May 1961 7.5 United Kingdom 5.0 Dec. 1960 7.0 6.5 6.0 85.0 4.5 4.5 Venezuela2 . . 4.5 Dec. 1960 4.5 1 Rates shown represent mainly those at which the central bank either Indonesia—various rates depending on type of paper, collateral, comdiscounts or makes advances against eligible commercial paper and/or modity involved, etc.; government securities for commercial banks or brokers. For countries Japan—penalty rates (exceeding the basic rate shown) for borrowings with more than one rate applicable to such discounts or advances, the from the Central bank in excess of an individual bank's quota; rate shown is the one at which it is understood the central bank trans- Peru—8 per cent for agricultural, industrial and mining paper; 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—6 per cent for bank acceptances for commercial purposes; 7 Effective Mar. 30, 1962; from Mar. 2 to Mar. 29 the rate was 5.75. 8 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 779 FOREIGNIEXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers, in cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 1956 5.556 2.835 222.16 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 .2374 1959....... 2 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—May. .2071 222.63 3.8308 1.9983 101.255 20.988 .31100 20.404 June. .2096 222.30 3.8368 2.0018 99.471 20.984 .31100 20.405 July. .2113 222.10 3.8554 2.0081 96.701 20.951 .31090 20.405 Aug. .2104 223.34 3.8592 2.0080 96.933 21.012 .31089 20.352 Sept. .2061 224.08 3.8634 2.0084 97.003 21.076 .31088 20.331 Oct.. .2056 224.33 3.8660 2.0085 97.039 21.094 .31085 20.337 Nov. .2057 224.30 3.8648 2.0085 96.532 21.089 .31085 20.364 Dec. .2080 223.88 3.8671 2.0086 95.885 21.058 .31084 20.399 1962—Jan.. 1.2056 223.98 8647 2.0086 95.678 21.051 .31085 20.403 Feb.. 1.2054 224.27 8643 2.0086 95.335 21.039 .31072 20.402 Mar. 4 1.2081 224.32 8659 2.0086 95.277 21.058 .31074 20.405 Apr.. 5 1.0444 224.22 8690 2.0080 95.232 21.059 .31070 20.405 May. .9600 224.07 3.8698 2.0089 6 92.394 21.057 .31070 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 1960. 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961. 7 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 s27.555 277.45 1961—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 Apr.. 25.006 21.075 281.40 .16107 .27623 32.766 8.0056 27.772 278.61 May.'; 25.009 21.066 281.21 .16108 .27625 32.759 8.0056 27.821 278.43 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 i n t 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 1960. 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961., 14.000 3.4909 9 279.48 10139.57 1.6643 19.353 23.151 280.22 1961—May................. 13.964 3.4851 139.18 1.6644 19.378 23.101 279.40 June................ *13.952 3.4815 138.97 .6644 19.365 23.144 278.98 July. 13.947 3.4797 138.85 .6644 19.357 23.169 278.74 Aug................ 14.004 3.4875 139.62 .6644 19.366 23.163 280.29 Sept.... .... 14.041 3.4941 140.09 .6644 19.329 23.167 281.22 Oct................. 14.051 3.5013 140.24 .6644 19.351 23.133 281.54 Nov.......... 14.048 3.4990 140.22 .6644 19.347 23.133 281.49 Dec 14.039 3.5020 139.96 .6649 19.346 23.169 280.96 1962—Jan....... 14.027 3.5000 140.02 .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 .6651 19.408 23.042 281.53 Apr. 14.033 3.5032 140.17 .6651 19.424 23.011 281.40 May........... 14.022 3.5050 140.08 .6651 19.428 23.098 281.21 1 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957, 5 Based on quotations beginning with Apr. 4, 1962. was extended to all foreign exchange transactions on Oct. 28, 1957, and 6 Effective May 2,1962, the par value of the Canadian dollar was set at on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 92.5 U. S. cents. was further devalued to 493.706 francs per U. S. dollar. 7 Effective Mar. 5,1961, the par value of the deutsche mark was changed 2 Effective. Jan. 12, 1959, the Argentine Government established a from 4.20 to 4.00 marks per U. S. dollar. single exchange rate for the peso in place of the former official and free 8 Effective Mar. 7, 1961, the par value of the guilder was changed from rates. 3.80 to 3.62 guilders per U. S. dollar. 5 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 9 Based on quotations through Feb. 10, 1961. 4 Based on quotations through Mar. 19, 1962. io Effective Feb. 14, 1961, South Africa adopted the decimal system. The new currency unit, the rand, replaces the pound and consists of 100 cents; it is equivalent to 10 shillings or one-half the former pound. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON G. H. KING, JR. J. L. ROBERTSON GEORGE W. MITCHELL RALPH A. YOUNG, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ROBERT C. MASTERS, Associate Director ELIZABETH L. CARMICHAEL, Assistant Secretary GLENN M. GOODMAN, Assistant Director LEGAL DIVISION HENRY BENNER, Assistant Director HOWARD H. HACKLEY, General Counsel JAMES C. SMITH, Assistant Director DAVID B. HEXTER, Assistant General Counsel BRENTON C. LEAVITT, Assistant Director G. HOWLAND CHASE, Assistant General Counsel ANDREW N. THOMPSON, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner JEROME W. SHAY, Assistant General Counsel WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION GUY E. NOYES, Director FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director ROBERT C. HOLLAND, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ALBERT R. KOCH, Adviser KENNETH B. WILLIAMS, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF INTERNATIONAL FINANCE JOSEPH E. KELLEHER, Director HARRY E. KERN, Assistant Director RALPH A. YOUNG, 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 780 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 781 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 MERRITT SHERMAN, Assistant Secretary J. HERBERT FURTH, Associate Economist KENNETH A. KENYON, Assistant Secretary GEORGE GARVY, Associate Economist HOWARD H. HACKLEY, General Counsel ROBERT C. HOLLAND, Associate Economist DAVID B. HEXTER, Assistant General Counsel L. MERLE HOSTETLER, Associate Economist GUY E. NOYES, Economist ALBERT R. KOCH, Associate Economist HARRY BRANDT, Associate Economist FRANKLIN L. PARSONS, Associate Economist DANIEL H. BRILL, Associate Economist PARKER B. WILLIS, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON KENNETH V. ZWIENER, CHICAGO GEORGE A. MURPHY, NEW YORK, President SIDNEY MAESTRE, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND, Vice President M. L. BREIDENTHAL, KANSAS CITY ROBERT B. HOBBS, RICHMOND I. F. BETTS, DALLAS J. FlNLEY McRAE, ATLANTA ELLIOTT MCALLISTER, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON NILS Y. WESSELL ERWIN D. CANHAM NEW YORK PHILIP D. REED JAMES DECAMP WISE PHILADELPHIA WALTER E. HOADLEY DAVID C. BEVAN CLEVELAND JOSEPH B. HALL JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. EDWIN HYDE ATLANTA JACK TARVER HENRY G. CHALKLEY, JR. CHICAGO ROBERT P. BRIGGS JAMES H. HILTON ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS ATHERTON BEAN JUDSON BEMIS KANSAS CITY HOMER A. SCOTT OLIVER S. WILLHAM DALLAS ROBERT O. ANDERSON LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN JOHN D. FREDERICKS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN • JUNE 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 H. L. Sanford William F. Treiber Charles A. Coombs Herbert H. Kimball Robert W. Stone Howard D. Crosse Robert G. Rouse Todd G. Tiebout Walter H. Rozell, Jr. 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. Stctzelberger Martin Morrison Richmond Edward A. Wayne J. G. Dickerson, Jr. John L. Nosker Joseph M. Nowlan Aubrey N. Heflin Upton S. Martin Benjamin U. Ratchford 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 H. J. Newman Hugh J. Helmer A. M. Gustavson C. T. Laibly Leland M. Ross Paul C. Hodge Richard A. Moffatt Harry S. Schultz St. Louis (Vacancy) Marvin L. Bennett Dale M. Lewis Joseph C. Wotawa Darryl R. Francis Homer Jones Howard H. Weigel Orville O. Wyrick 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. McConneil 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 Howard Carrithers Thomas A. Hardin Thomas W. Plant Harry A. Shuford James L. Cauthen G. R. Murff L. G, Pondrom P. E. Coldwell James A. Parker W. M. Pritchett 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 Roy E. Bohne Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City A. L. Price Memphis E. Francis DeVos Seattle E. R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. {Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND 159 pages. Part III. February 1960. 112 FUNCTIONS. April 1961. 238 pages. pages. Individual books $1.00 each; set of 3 books $2.50. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. INDUSTRIAL PRODUCTION—1959 REVISION. July 1960. 229 pages. $1.00 per copy; in quanti- FEDERAL RESERVE BULLETIN. Monthly. Subties of 10 or more for single shipment, 85 cents scription prices: (1) $6.00 per annum or 60 each. cents a copy in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa THE FEDERAL FUNDS MARKET—A Study by a Rica, Cuba, Dominican Republic, Ecuador, Federal Reserve System Committee. May Guatemala, Haiti, Republic of Honduras, 1959. Ill pages. $1.00 per copy; in quanti- Mexico, Nicaragua, Panama, Paraguay, Peru, ties of 10 or more for single shipment, 85 El Salvador, Uruguay, and Venezuela. (2) Else- cents each. where, $7.00 per annum or 70 cents per copy. DEBITS AND CLEARINGS STATISTICS AND THEIR (3) In quantities of 10 or more copies sent to USE (rev. ed.). May 1959. 144 pages. $1.00 one address in the United States, $5.00 per per copy; in quantities of 10 or more for single annum or 50 cents per copy per month. 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 prices: (1) $6.00 THE FEDERAL RESERVE ACT, as amended through per annum or 60 cents per copy in the United October 1, 1961, with an Appendix containing States and the countries listed above. (2) Else- provisions of certain other statutes affecting where, $7.00 per annum or 70 cents per copy. the Reserve System. 386 pages. $1.25. (3) In quantities of 10 or more of same issue FLOW OF FUNDS IN THE UNITED STATES, 1939-53 for single shipment, 50 cents each. 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- Prices: (1) 60 cents each in the United States TISTICS. SECTION 10. Member Bank Reserves and the countries listed above. (2) Elsewhere, and Related Items. January 1962. 64 pages. 70 cents each. (3) In quantities of 10 or more $.50. SECTION 15. International Finance. of same issue for single shipment, 50 cents each. March 1962. 92 pages. $.65. INDUSTRIAL PRODUCTION CHART BOOK. February REGULATIONS OF THE BOARD OF GOVERNORS OF 1961. 210 pages. $1.75 per copy; in quanti- THE FEDERAL RESERVE^SYSTEM. ties of 10 or more for single shipment, $1.50 RULES OF ORGANIZATION AND PROCEDURE— each. BOARD OF GOVERNORS OF THE FEDERAL RE- TREASURY-FEDERAL RESERVE STUDY OF THE GOV- SERVE SYSTEM. February 1962. 40 pages. ERNMENT SECURITIES MARKET. Part I. July PUBLISHED INTERPRETATIONS of the Board, as of 1959. 108 pages. Part II. February 1960 January 1, 1961. $2.50 each. 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN • JUNE 1962 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA FEDERAL RESERVE PAR LIST (Also annual list. CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS Both available at Federal Reserve Banks only.) BY INDUSTRY INTERDISTRICT SETTLEMENT FUND CHANGES IN STATE BANK MEMBERSHIP CONDITION OF WEEKLY REPORTING MEMBER INDEX NUMBERS OF WHOLESALE PRICES BANKS IN CENTRAL RESERVE CITIES MONTHLY DEPARTMENT STORE SALES CONDITION OF WEEKLY REPORTING MEMBER MONTHLY DEPARTMENT STORE SALES AND BANKS IN LEADING CITIES STOCKS, BY DEPARTMENTS FACTORS AFFECTING BANK RESERVES AND CON- MONTHLY DEPARTMENT STORE STOCKS DITION STATEMENT OF F. R. BANKS MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS OPEN MARKET MONEY RATES AND BOND PRICES WEEKLY FOREIGN EXCHANGE RATES RETAIL FURNITURE REPORT WEEKLY U. S. GOVERNMENT SECURITY YIELDS SALES FINANCE COMPANIES AND PRICES STATE MEMBER BANKS OF THE FEDERAL RESERVE SEMIMONTHLY-IRREGULAR SYSTEM AND NONMEMBER BANKS THAT MAIN- TAIN CLEARING ACCOUNTS WITH FEDERAL RE- APPLICATIONS TO MERGE BANKS OR TO FORM OR SERVE BANKS (Also annual list) EXPAND A BANK HOLDING COMPANY RECEIVED U. S. GOVERNMENT SECURITY YIELDS AND PRICES BY OR ACTED ON BY THE BOARD. DEMAND DEPOSITS, CURRENCY, AND RELATED QUARTERLY-SEMIANNUAL ITEMS DEPOSITS, RESERVES, AND BORROWINGS OF MEM- ALL BANKS IN THE UNITED STATES AND OTHER BER BANKS AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES RESEARCH LIBRARY—RECENT ACQUISITIONS BANK RATES ON SHORT-TERM BUSINESS LOANS MONTHLY SUMMARY REPORT—ASSETS AND LIABILITIES OF MEMBER BANKS ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (Including Consolidated State- MEMBER BANK INCOME ment for Banks and the Monetary System) MEMBER BANK LOANS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY DISTRICTS SALES, PROFITS, AND DIVIDENDS OF LARGE COR- PORATIONS BANK DEBITS AND DEPOSIT TURNOVER ANNUAL BUSINESS INDEXES CONSUMER CREDIT (Short- and Intermediate- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS Term and Consumer Instalment Credit Ex- DEPARTMENT STORE TRADE tended and Repaid) CONSUMER CREDIT AT CONSUMER FINANCE COM- BIENNIAL PANIES CONSUMER INSTALMENT CREDIT AT COMMERCIAL DISTRIBUTION OF BANK DEPOSITS BY COUNTIES BANKS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 785 REPRINTS A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- (From Federal Reserve Bulletin unless preceded ber 1955. 40 pages. by an asterisk) SURVEYS OF BANK LOANS FOR COMMERCIAL AND THE HISTORY OF RESERVE REQUIREMENTS FOR INDUSTRIAL PURPOSES. Business Loans of BANKS IN THE UNITED STATES. November Member Banks. April 1956. 14 pages. Credit 1938. 20 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. Member Bank Lending HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL to Small Business, 1955-57. April 1958. 19 RESERVE POLICY. April 1940. 11 pages. pages. Member Bank Term Lending to Business, 1955-57. April 1959. 16 pages. Security ADJUSTMENT FOR SEASONAL VARIATION. Descrip- Pledged on Business Loans at Member Banks. tion of method used by Board in adjusting September 1959. 16 pages. economic data for seasonal variation. June 1941. 11 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint *THE TREASURY-CENTRAL BANK RELATIONSHIP from April 1953 BULLETIN.) IN FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. UNITED STATES BANKING ORGANIZATION ABROAD. 19 pages. December 1956. 16 pages. THE MONETARY SYSTEM OF THE UNITED STATES. SEASONAL FACTORS AFFECTING BANK RESERVES. February 1953. 16 pages. February 1958. 12 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES REVISED WEEKLY INDEX OF DEPARTMENT STORE ON ECONOMIC STABILITY. March 1953. 16 SALES. April 1958. 10 pages. pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- FEDERAL FINANCIAL MEASURES FOR ECONOMIC ( CURITIES. NOVEMBER 1958. 15 pages. STABILITY. May 1953. 7 pages. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- FEDERAL RESERVE BANK RESPONSIBILITIES. May print of the U. S. Summary containing a de- 1953. 5 pages. scription of revised statistics for all banks in the United States, by class of bank, together EXTENSIONS AND REPAYMENTS OF CONSUMER INwith revised statistics. April 1959. 94 pages. STALMENT CREDIT. January 1954. 14 pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- SAVING, AND INVESTMENT. August 1959. 49 tember 1954. 10 pages. pages. USE OF MONETARY INSTRUMENTS SINCE MID- THE GOVERNMENT SECURITIES MARKET. August 1952. December 1954. 8 pages. 1959. 22 pages. REVISED INDUSTRIAL PRODUCTION INDEX. De- DIRECTLY PLACED FINANCE COMPANY PAPER. cember 1959. 24 pages. December 1954. 8 pages. REVISED SERIES FOR SEASONALLY ADJUSTED UNITED STATES BANKS AND FOREIGN TRADE FI- MONEY SUPPLY. February 1960. 4 pages. NANCING. April 1955. 11 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY BANKER'S ACCEPTANCE FINANCING IN THE UNITED SURVEY OF CONSUMER BUYING INTENTIONS. STATES. May 1955. 13 pages. Combined reprint. September 1960. 31 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN • JUNE 1962 IMPLEMENTATION OF THE 1959 ACT ON RESERVE REVISION OF CONSUMER CREDIT STATISTICS. REQUIREMENTS. December 1960. 6 pages December 1961. 15 pages. SMALL BUSINESS FINANCING: CORPORATE MANU- REVISED INDEXES OF FREIGHT CARLOADINGS. December 1961. 3 pages. FACTURERS. January 1961. 15 pages. THE MEANS OF ECONOMIC PROGRESS. February FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. 1962. 9 pages. March 1961. 10 pages. MONETARY EXPANSION DURING 1961. February STATISTICS ON THE GOVERNMENT SECURITIES 1962. 7 pages. MARKET. April 1961. 8 pages. INTEREST RATES ON TIME DEPOSITS, MID-JANU- OWNERSHIP OF DEMAND DEPOSITS. April 1961. ARY 1962. February 1962. 5 pages. 3 pages. CAPITAL FLOWS AND INTERNATIONAL PAYMENTS. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER March 1962. 8 pages. TIME DEPOSITS. May 1961. 2 pages. (Also, MONETARY FUND RESOURCES AND THE INTERNAsimilar reprint from July 1960 BULLETIN.) TIONAL PAYMENTS SYSTEM. March 1962. 4 pages. BANK CREDIT AND MONEY IN RECOVERY. June 1961. 8 pages. BANKING AND MONETARY STATISTICS, 1961. Selected series of banking and monetary statistics INTEREST RATES IN LEADING COUNTRIES. August for 1961 only. February, March, and May 1961. 8 pages. 1962. 14 pages. CAPITAL MARKETS IN 1961. September 1961. 7 QUARTERLY SURVEY OF CONSUMER BUYING INpages. TENTIONS. May 1962. 6 pages. (Also, similar reprints from BULLETINS for December U. S. BALANCE OF PAYMENTS IN 1961. October 1960, March, May, August, and November 1961. 7 pages. 1961 and March 1962.) SURVEY OF FINANCE COMPANIES, MID-1960. Oc- GROWTH IN INSTITUTIONAL SAVINGS. May 1962. tober 1961. 21 pages. (Also, similar reprint 9 pages. from April 1957 BULLETIN.) SURVEY OF COMMON TRUST FUNDS, 1961. May LIQUIDITY AND PUBLIC POLICY. October 1961. 1962. 7 pages. (Also, similar reprint from 17 pages. May 1961 BULLETIN.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 724, 726 Deposits {See also specific types of deposits): Agricultural loans of commercial banks, 718, 720 Adjusted, and currency, 714 Assets and liabilities {See also Foreign liabilities and Banks, by classes, 709, 715, 719, 722, 726 claims): Federal Reserve Banks, 710, 775 Banks and the monetary system, consoli- Postal savings, 708, 714 dated, 714 Discount rates, 708, 778 Corporate, current, 736 Discounts and advances by Federal Reserve Domestic banks, by classes, 715, 718, 720, 726 Banks, 704,709, 710 Federal Reserve Banks, 710 Dividends, corporate, 735, 736 Automobiles: Dollar assets, foreign, 767, 775 Consumer instalment credit, 740, 741, 742 Production index, 744, 747 Earnings and hours, manufacturing industries, 750, 753 Bank holding companies, list of, Dec. 31, 1961, 762 Employment, 750, 752, 753 Bankers' balances, 719, 721 {See also Foreign liabilities and claims) Farm mortgage loans, 737, 738 Banks and the monetary system, consolidated state- Federal finance: ment, 714 Cash transactions, 728 Bonds {See also U S. Govt. securities): Receipts and expenditures, 729 New issues, 733, 734, 736 Treasurer's balance, 728 Prices and yields, 724, 725 Federal home loan banks, loans, etc., 739 Brokers and dealers in securities, bank Federal Housing Administration, loans, etc., 737, loans to, 718, 720 738, 739 Business expenditures on new plant and Federal National Mortgage Association, equipment, 736 loans, etc., 739 Business indexes, 750 Federal Reserve Banks: Business loans {See Commercial and industrial loans) Condition statement, 710 U. S. Govt. securities held by, 704, 709, 710, Capital accounts: 730,731 Banks, by classes, 715, 719, 722 Federal Reserve credit, 704, 709, 710 Federal Reserve Banks, 710 Federal Reserve notes, 710, 712 Carloadings, 750 Finance company paper, 724, 726 Central banks, foreign, 764, 778 Financial institutions, loans to, 718. 720 Coins, circulation of, 712 Float, 704 Commercial banks: Flow of funds, saving and financial flows, 760 Assets and liabilities, 715, 718 Foreign central banks, 764, 778 Consumer loans held, by type, 741 Foreign currencies, convertible, holdings by U.S. Number, by classes, 715 monetary authorities, 710, 766 Real estate mortgages held, by type, 737 Foreign deposits in U. S. banks, 704, 710, 714, 719, Commercial and industrial loans: 722, 775 Commercial banks, 718 Foreign exchange rates, 779 Weekly reporting member banks, 720, 723 Foreign liabilities and claims: Commercial paper, 724, 726 Banks, 768, 770, 773, 775 Condition statements {See Assets and liabilities) Construction, 750, 751 Nonfinancial concerns, 776 Consumer credit: Foreign trade, 755 Instalment credit, 740, 741, 742, 743 Major parts, 740, 742 Gold: Noninstalment credit, by holder, 741 Earmarked, 766 Consumer price indexes, 750, 756 Net purchases by U. S., 766 Consumption expenditures, 758, 759 Production, 765 Corporate sales, profits, taxes, and dividends, 735, 736 Reserves of central banks and governments, 764 Corporate security issues, 734, 736 Reseryes of foreign countries and international Corporate security prices and yields, 724, 725 institutions, 767 Cost of living {See Consumer price indexes) Stock, 704, 714, 766 Currency in circulation, 704, 712, 713 Gold certificates, 710, 712 Customer credit, stock market, 725 Govt. debt {See U. S. Govt. securities) Gross national product, 758, 759 Debits to deposit accounts, 713 Hours and earnings, manufacturing indus- Demand deposits: tries, 750, 753 Adjusted, banks and the monetary system, 714 Housing starts, 751 Adjusted, commercial banks, by classes, 713, 719 Banks, by classes, 709, 715, 722 Turnover of, 713 Industrial production index, 744, 750 Type of holder, at commercial banks, 719 Instalment loans, 740, 741, 742, 743 Department stores: Insurance companies, 727, 730, 731, 738 Merchandising data, 755 Insured commercial banks, 717, 718 Sales and stocks, 750, 754 Interbank deposits, 709, 715, 719 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN • JUNE 1962 Interest rates: Reserves—Continued Bond yields, 724 Foreign central banks and governments, 764 Business loans by banks, 723 Foreign countries and international institu- Federal Reserve Bank discount rates, 708 tions, 767 Foreign countries, 777, 778 Member banks, 704, 706, 709, 719, 721 Open market, 724, 777 Residential mortgage loans, 737, 738, 739 Stock yields, 724 Time deposits, maximum rates, 708 Sales finance companies, consumer loans of, 740, International capital transactions of the U. S., 768 741, 743 International institutions, 764, 766, 767 Saving: Inventories, 758 Flow-of-funds series, 760 Investments (See also specific types of investments): National income series, 759 Banks, by classes, 715, 718, 721, 726 Savings deposits (See Time deposits) Federal Reserve Banks, 709, 710 Savings institutions, principal assets, 726, 727 Life insurance companies, 727 Savings and loan associations, 727, 731, 738 Savings and loan associations, 727 Securities, international transactions, 774, 775 Security issues, 733, 734, 736 Labor force, 752 Silver coin and silver certificates, 712 Loans (See also specific types of loans): State member banks, 717 Banks, by classes, 715, 718, 720, 726 State and municipal securities: Federal Reserve Banks, 704, 709, 710 New issues, 733, 734 Insurance companies, 727, 738 Prices and yields, 724, 725 Savings and loan associations, 727, 738 States and political subdivisions : Loans insured or guaranteed, 737, 738, 739 Deposits of, 719,722 Holdings of U. S. Goyt. securities, 730 Manufacturers, production index, 744, 750 Ownership of obligations of, 718, 726, 727 Margin requirements, 708 Stock market credit, 725 Member banks: Stocks: Assets and liabilities, by classes, 715, 718 New issues, 734 Borrowings at Federal Reserve Banks, 706, Prices and yields, 724, 725 710,722 Deposits, by classes, 709 Tax receipts, Federal, 729 Number, by classes, 716 Time deposits, 708, 709, 714, 715, 719, 722 Reserve requirements, by classes, 709 Treasurer's account balance, 728 Reserves and related items, 704 Treasury cash, 704, 712, 714 Weekly reporting series, 720 Treasury currency, 704, 712, 714 Mining, production index, 744, 750 Treasury deposits, 704, 710, 728 Money rates (See Interest rates) Money supply and related data, 713 Unemployment, 752 Mortgages (See Real estate loans) U. S. balance of payments, 777 Mutual savings banks, 714, 715, 717, 726, 730, U.S. Govt. balances: 731, 737 Commercial bank holdings, by classes, 719, 722 Consolidated monetary statement, 714 National banks, 717 Treasury deposits at Federal Reserve National income, 758, 759 Banks, 704, 710, 728 National security expenditures, 729, 758 U. S. Govt. securities: Nonmember banks, 710, 717, 718, 719 Bank holdings, 714, 715, 718, 721, 726, 730, 731 Dealer transactions, positions, and financing, 732 Payrolls, manufacturing, index, 750 Federal Reserve Bank holdings, 704, 709, 710, Personal income, 759 730,731 Postal Savings System, 708, 714 Foreign and international holdings, 710, 767 Prices: International transactions, 774 Consumer, 750, 756 New issues, gross proceeds, 734 Security, 725 Outstanding, by type of security, 730, 731, 733 Wholesale commodity, 750, 756 Ownership of, 730, 731 Production, 744, 750 Prices and yields, 724, 725 Profits, corporate, 735, 736 United States notes, outstanding and in circulation, 712 Real estate loans: Utilities, production index, 744, 750 Banks, by classes, 718, 720, 726, 737 Type of mortgage holder, 737, 738, 739 Vault cash, 704, 709, 719 Type of property mortgaged, 737, 738, 739 Reserve requirements, member banks, 709 Veterans Administration, loans, etc., 737, 738, 739 Reserves: Commercial banks, 719 Weekly reporting member banks, 720 Federal Reserve Banks, 710 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 (p~THE FEDERAL E^EKVB SYSTEM HAWAII Legend 1 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