Federal Reserve Bulletin March 1961 - CiteSeerX

FEDERAL RESERVE••-**§

March 196]

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

Digitized for FRASER Federal Reserve Bank of St. Louis

E D I T O R I A L C O M M I T T E ECharles Molony

Ralph A. Young Woodlief Thomas Guy E. NoyesThe 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

Gold and Dollar Transfers in 1960 265

Federal Reserve Operations in Perspective 272

Quarterly Survey of Consumer Buying Intentions 282

Law Department 288

Current Events and Announcements 301

National Summary of Business Conditions 304

Financial and Business Statistics, U. S. (Contents on p. 307) 308

International Financial Statistics (Contents on p. 367) 368

Board of Governors and Staff 384

Open Market Committee and Staff; Federal Advisory Council 385

Federal Reserve Banks and Branches 385

Federal Reserve Board Publications 387

Index to Statistical Tables 389

Map of Federal Reserve System Inside back cover

Volume 47 * Number 3

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Gold and Dollar Transfers in i960

NET GOLD AND DOLLAR transfers to for-eigners in 1960 were $3.8 billion. Althoughthe volume of net transfers was the same asin 1959, the pattern of international trans-actions was different. The U.S. trade surplusrose from less than $1 billion to $4.7 billion,but this improvement was offset after mid-1960 by unusually large outflows of U.S.private capital. These outflows reflected in-ternational differences in money marketconditions and also uncertainties about ex-change rates.

The capital movements that burdened theinternational payments position of theUnited States benefited the positions of othercountries correspondingly. In some, such asthe United Kingdom, capital inflows helpedto offset a deficit on other accounts. Inothers they added to an already large pay-ments surplus. In part to help reduce theinflow of funds, Germany and the Nether-lands appreciated their currencies by 5 percent in early March 1961.

Payments surpluses led to large gains inthe official reserves of many European coun-tries in 1960. The United Kingdom, Switz-erland, and the Netherlands took their gainsin gold, following customary practice.Other foreign countries changed the com-position of their reserves by taking most oftheir reserve accruals in gold, and some con-verted dollar assets into gold. In the secondhalf of 1960 alone, foreign countries pur-chased $1.8 billion of gold from the UnitedStates, a postwar record rate.

Foreign central banks resold some goldto meet the strong private demand that

developed in the fourth quarter. Despitethese sales, speculative private purchaseskept the price of gold bullion in the Londonmarket more than 1 per cent above the U.S.dollar parity from mid-October to the end ofJanuary 1961. Private demand for goldsubsided and purchases by foreign centralbanks declined after the President, in hismessages to the Congress, reaffirmed the de-termination of the Administration to main-tain the integrity of the dollar.

Events since mid-19 60 have focused at-tention on the need to improve the abilityof the international financial system to with-stand massive movements of short-term cap-ital. Various proposals have been madethat would enable the International Mone-tary Fund to provide greater assistance inmeeting this potential cause of imbalance.The President announced in his balance-of-payments message that the Administrationwould study ways of increasing the effective-ness of the Fund.

U.S. BALANCE OF PAYMENTS

Gold and dollar transfers to foreigners rosesharply after mid-19 60 to a seasonally ad-justed annual rate of $5.1 billion. The higherrate of transfers reflected large outflows ofprivate capital, which more than offset thesteady improvement in the U.S. surplus oncurrent account—that is, on goods and serv-ices, military expenditures, and remittancesand pensions.

Transactions on current account and onprivate long-term capital and U.S. Govern-

265


266 FEDERAL RESERVE BULLETIN • MARCH 1961

ment capital and aid may be regarded asthe underlying elements in the balance ofpayments. Long-run balance in these ele-ments is essential to equilibrium in the totalbalance of payments. The U.S. deficit inthese underlying elements declined from$4.5 billion in 1959 to $1.7 billion in 1960.This deficit dropped to an annual rate of$1.5 billion in the third quarter and would

U. S. BALANCE OF PAYMENTS[Billions of dollars]

Component

Current account:Exports of merchand i se 1 . . . .Exports of services

Total

Imports of merchandiseImports of services2

Total

Balance on current acct.

Long-term capital and aid:U.S. Govt. capital and aid:3

Net loansNonmilitary grants

Private capital:3

U.S. capitalForeign capital

Balance on current acct.,long-term capital,and aid3

U.S. short-term capital3

Unidentified transactions3

Net transfers to foreigners

1959

16.27.2

23.5

15.39.0

24.3

- 0 . 9

4 - . 4- 1 . 6

- 2 . 2.5

- 4 . 5

- . 1.8

3.8

Memorandum: Transfers,without seasonal adjust-ment 3.8

Seasonallyadjusted

annual rates,1960

1sthalf

19.07.6

26.6

15.29.4

24.6

2.0

- 0 . 9- 1 . 6

- 1 . 9.7

- 1 . 8

- . 44

2.6

2.8

2ndhalf*

19.97.8

27.7

14.29.4

23.6

4.1

- 1 . 3- 1 . 7

- 2 . 7(5)

- 1 . 6

- 2 . 0- 1 . 4

5.1

4.8

p Preliminary.1 Excludes military transfers under grants.2 Includes military expenditures abroad, remittances, and pensions.3 Minus sign indicates outflow from the United States.4 Excludes U.S. subscription to International Monetary Fund.5 Less than $50 million.NOTE.—Data are from U.S. Department of Commerce and Federal

Reserve. Details may not add to totals because of rounding.

have declined further in the fourth quarterexcept for the large foreign investment of aU.S. automobile company. Much of the im-provement reflected differences in businesscycle timing between the United States andindustrial countries overseas.

Current account Exports expanded vigor-ously in 1960 and imports declined. Theannual rate of exports in the fourth quarterwas $1.5 billion higher than in the firstquarter of the year and $4.5 billion abovethe cyclical low early in 1959. Most of thegains occurred in exports to Europe andJapan, where boom conditions prevailed in1960. The growth in exports to thesecountries, however, included a wider rangeof goods than those accounting for the ma-jor cyclical fluctuations in exports between1956 and 1959.

Although heavily influenced by cyclicalfactors, the behavior of exports suggests thatthe underlying competitive position of U.S.industries has improved. Nevertheless, fur-ther expansion in exports will be required tocover outflows of private long-term and ofGovernment capital as well as some increasein imports associated with future growth inthe U.S. economy.

Imports were a little lower than in 1959.Accompanying the downturn in demand inthe United States, imports declined by morethan $1.5 billion at annual rates from thesecond to the fourth quarter of 1960. Lowerdomestic consumption of industrial materialsreduced imports of metals, building mate-rials, rubber, and wool. Imports of steel millproducts declined from the exceptionallyhigh level of late 1959 and early 1960. Asa result of increased competition from do-mestic compact cars and of some reductionin inventories, imports of foreign automo-biles in the fourth quarter were reduced toless than half the first-quarter rate.


GOLD AND DOLLAR TRANSFERS IN 1960 267

U.S. Government capital and aid. The out-flow of Government capital was larger in1960 than in 1959, reflecting U.S. subscrip-tion payments to two new international in-stitutions, the Inter-American DevelopmentBank and the International DevelopmentAssociation. Receipts from advance repay-ments of outstanding loans to industrialcountries, which had been large in 1959,were lower last year. As a result, the netoutflow of Government loans increased by$700 million. Government grants changedlittle.

Private long-term capital. Mainly becauseof a reduced rate of foreign investment in theUnited States, the net outflow of privatelong-term capital was one-sixth larger thanin 1959. Foreigners purchased $300 million,net, of U.S. corporate securities in the firsthalf of 1960 but were net sellers aftermidyear as evidence of recession appeared.In early 1961 they again added U.S. cor-porate securities to their portfolios.

There was little change from 1959 to1960 in the recorded net outflow of long-term private U.S. capital, despite a largetransfer in December 1960 when a U.S.automobile manufacturer purchased minor-ity interests in its British subsidiary. Newissues of foreign securities in the U.S. mar-ket were at the lowest level since 1956. TheInternational Bank floated a loan early in1960, but thereafter it borrowed abroad.Canadian borrowings declined sharply afterthe first quarter of the year, following warn-ings by the Canadian Finance Minister thatCanadian borrowing abroad involved an ex-change risk.

Private U.S. short-term and unidentifiedcapital flows. Large recorded outflows ofshort-term U.S. capital began in mid-1960.They were accompanied by net payments of$700 million in the second half of the year

on unidentified transactions, which appearin the balance of payments as errors andomissions. Customarily such transactionsshow net receipts.

U.S. banking claims on foreigners rose$900 million in the second half of 1960,after increasing less than one-fourth as muchin the first half. About one-third of thesebank funds moved to Europe and Canada.This movement resulted in large part fromchanges in money market conditions.

After the June increases in short-term in-terest rates in Germany and the UnitedKingdom and the decline in U.S. rates, therewere strong incentives to transfer funds fromthe United States to those countries. In thesecond half of 1960 short-term rates in theUnited Kingdom generally exceeded thosein the United States by more than 1 percent-age point after allowing for the cost of cover-ing the exchange risk. During much of theperiod there was also an interest advantagein favor of Canada, although a smaller one.

On the other hand, an increase of $460million in bank claims on Japan in 1960resulted in large part from changes in Jap-anese exchange regulations. These changesbroadened the use of dollar acceptance cred-its for financing imports and also permittedthe establishment by Japanese banks of con-vertible yen accounts for foreigners. Theincrease of $300 million in bank claims onLatin American countries represented fi-nancing of commercial transactions as wellas assistance to some countries that sufferedfrom imbalances in their international pay-ments.

Unidentified outflows reflected not onlydifferences in money market conditions be-tween the United States and foreign coun-tries but also uncertainty about exchangerates. A large part of this flow appears tohave gone to European markets, including



some in which interest rates were lower thanin the United States. Changes in commercialterms of payment were important in uniden-tified flows. In addition, these flows in-cluded transactions by both U.S. residentsand foreigners in connection with purchasesof gold and of securities and short-term as-sets in foreign currencies that were expectedto appreciate. In mid-January the U.S.Treasury Gold Regulations were amended toprohibit acquisition and possession of goldor gold securities outside the United Statesby persons subject to the jurisdiction of theUnited States.

Gold and dollar transfers. Net foreignpurchases of gold from the United States in1960 were $1,670 million. Foreign coun-tries purchased $1,970 million of gold, whilethe International Monetary Fund sold $300million to the United States and invested the

TRANSFERS OF GOLD AND DOLLARSTO FOREIGNERS, I9601

[Net transfers from, or to ( —) the United States,in billions of dollars]

Type of transfer

Total . . .

GoldDollar holdings....

Deposits at:F.R. Banks...Commercial

banksU.S. Govt. sec:

Short - term3.Bonds and

notesOther securi-

ties*Others

Year

3.8

1.72.1

- . 1

1.3

.2

.1

.5

.1

Jan.-Mar.

.5

(2).4

2

(2)

- . 1

.1

.1

.4

Apr.-June

.9

.1

.8

A

.9

- . 1

.1

.1- . 1

July-Sept.

1.2

.6

.6

(2)

.5

.3

— . 2.

- . 1

Oct.-Dec.

1.2

.9

.3

(2)

(2)

.1

.2- . 2

1 Includes international institutions.2 Less than $50 million.3 Excludes items described in note 4.4 Represents special nonnegotiable, non-interest-bearing U.S. notes

(International Monetary Fund series and International DevelopmentAssociation series).

5 Represents mainly bankers' acceptances and short-term com-mercial paper.

NOTE.—Details may not add to totals because of rounding.

proceeds in U.S. Government securities.Five countries—the United Kingdom, Switz-erland, the Netherlands, France, and Bel-gium—accounted for almost three-fourthsof the purchases by foreign countries.

Foreigners increased their dollar holdingsby $2.1 billion in 1960. Almost two-thirdsof the increase was in deposits with commer-cial banks. Some of these deposits repre-sented working balances of European bankswhich they acquired by accepting dollar-denominated deposits. Time deposits of for-eign and international institutions also rosein 1960. The increase occurred in the sec-ond half when U.S. Treasury bill yields werebelow rates paid on time deposits.

Non-interest-bearing notes held by inter-national institutions increased, reflectingboth the initial U.S. payment to the Inter-national Development Association and re-payments of dollars to the InternationalMonetary Fund by countries that had drawnon the Fund in earlier years. Increased for-eign holdings of short-term marketable U.S.Government securities after midyear re-sulted from reserve gains of countries thattraditionally hold a large share of their re-serves in such securities.

Foreign private dollar holdings declined$500 million in the second half of 1960after rising by almost that amount in thefirst half. At the end of the year, however,they were still more than $1 billion higherthan in mid-1958 when U.S. short-term rateswere at their previous cyclical lows.

When foreign private holders sell dollarsto foreign central banks that take all or partof their reserve gains in gold, there is an in-creased demand for monetary gold. Thus,movements of private funds from the UnitedStates to the United Kingdom, Switzerland,and the Netherlands contributed importantlyto net foreign gold purchases from the



United States in the second half of 1960.Part of the dollar movements presumablywere connected with private purchases ofgold in the London market.

FOREIGN GOLD AND DOLLAR HOLDINGS

Additions of $4.2 billion to foreign gold re-serves and dollar holdings in 1960 reflectedtransfers from the United States and netpurchases of an estimated $370 million ofgold from new production and other sources.In the fourth quarter, when private pur-chases of gold reached a record level of al-most $500 million, foreign central bankssold an estimated $160 million, net, to pri-vate purchasers. During almost all of thisperiod the price of gold in the London mar-ket was above the price at which officialinstitutions in member countries are per-mitted to buy gold under the regulations ofthe International Monetary Fund. By theend of January 1961 these private demandsfor gold had declined to more normal levels.In February the gold premium disappearedand the flow of monetary gold into privatehoards stopped.

The increase in gold reserves and dollarholdings in 1960 was more concentrated ina few industrial countries than in other re-cent years. Holdings of many industrialcountries changed little, and those of mostof the less industrialized countries declined.

Germany, the United Kingdom, andJapan increased their holdings by a total of$3.5 billion. This sum, in combination withthe smaller gains of Canada and France,was equal to the total amount of gold anddollars transferred to foreigners by theUnited States during the year. Most foreigncountries had smaller export surpluses in1960 than in the preceding year, and thesharp increases in gold and dollar holdingswere due to capital inflows.

INCREASES IN FOREIGN GOLDAND DOLLAR HOLDINGS

Bil l ions of do l lo

1954-56 1958 1959 1960ANNUAL

AVERAGE

NOTE.—Includes international institutions. Countries withlargest gains are:

1954-56: Germany, Switzerland, and Canada;19S8: United Kingdom, Italy, and the Netherlands;1959: Italy, France, and Japan;1960: Germany, United Kingdom, and Japan.

By contrast, Germany once again had anexport surplus on merchandise account ofmore than $1.3 billion. In addition, net cap-ital inflows were of record proportions. As aresult German gold and dollar holdings in-creased $1.8 billion, compared with a rise of$200 million in 1959 when unusual transac-tions helped prevent reserves from increas-ing. Capital imports reflected high interestyields as well as speculation on the Germanmark and on capital appreciation of securi-ties.

British holdings increased $1.1 billion in1960 after repayment of [ $300 million to theInternational Monetary JFund. This rise inholdings occurred despite a record Britishtrade deficit and some decline in reservesof sterling area countries. Foreign dollardeposits placed with British banks increasedthe dollar holdings of these banks in thefirst half of the year, ahd high short-termyields in Britain attracted short-term fundsin the second hah*.



GOLD RESERVES AND DOLLAR HOLDINGSSIUCTCD IUROMAN COUNTRIIS

Billions of dollars7

-

--wv_,S UNITID KINGDOM

NITHIRIANDS

f 1 1

OIRMANV /

ITALY

^FRANCI j . ,

/ ' . . • . ^ *

_

i 1

- 4

- 3

- 2

195* 1960

NOTE.—End-of-quaner data except for France which areend-of-year data in 1954, 1955, and 1956.

Most of the increase in Japanese holdingsresulted from a capital inflow of $460 mil-lion from the United States. Canadian hold-ings increased in the first half of the year asnon-Canadians deposited U.S. dollar fundswith Canadian banks.

The concentration among a few countriesof gains in gold and dollar holdings at a timeof very large transfers to foreigners empha-sized the importance of capital flows whenmajor currencies are convertible. Largeoutflows of funds contributed to uncertain-ties in financial markets. Inflows of foreignfunds, on the other hand, greatly increaseddomestic liquidity in some countries thatobtained these funds, thus hampering theeffectiveness of monetary restraint for purelydomestic purposes.

In an effort to restrain inflows, Germanyprohibited the payment of interest on for-eigners' deposits and the sale of money mar-

ket paper to foreigners after mid-1960, andin August Swiss banks imposed a charge of1 per cent per annum on foreign-held de-posits of less than six months duration. Therevaluations of the currencies of Germanyand the Netherlands in March 1961 alsowere aimed, at least in part, at reducing theinflows of foreign funds that were contrib-uting to inflationary pressures.

The convertibility of most European cur-rencies, in fact established at the end of1958, was formally recognized in February1961. At that time nine of these countries(and also Peru) accepted the obligations ofArticle VOI of the Articles of Agreementof the International Monetary Fund. Pre-viously only the United States, Canada, and8 Latin American countries had acceptedthose obligations. All these countries arenow prevented from imposing restrictions oncurrent exchange transactions and from per-mitting divergent exchange rates for theircurrencies (multiple-currency practices)without prior approval of the Fund.

GOLD AND THE DOLLAR EXCHANGESTANDARD

Gold is the major component of the inter-national reserves of many countries, includ-ing virtually all major capital-exportingcountries. At the end of 1960 official goldreserves of foreign countries exceeded $20billion, the gold stock of the United Stateswas $17.8 billion, and gold holdings of theInternational Monetary Fund were $2.4 bil-lion. In addition, foreign countries heldmore than $10 billion of official reserves indollars, and 13 British Commonwealth coun-tries, together with the dependencies of theUnited Kingdom, held the equivalent ofabout $6 billion in sterling.



These official holdings of gold, dollars,and sterling, together with the drawingrights on the International Monetary Fund,constitute the reserves of the international fi-nancial system of the free world. To assistin meeting international payments, coun-tries may supplement these reserves by bor-rowing abroad and by utilizing private hold-ings of foreign exchange.

Growth in international reserves in thepast decade has been almost entirely in goldand dollar holdings and in increased draw-ing rights on the Monetary Fund. Sterlingreserves have changed little. For the periodas a whole the increase in dollar reserves hasbeen about three-fourths of that in gold re-serves. In recent years gold has becomemore important.

From the end of 1950 to the end of 1956foreign countries added about $3.5 billionto their gold holdings and about $4.5 billionto their official short-term dollar holdings.The development and extension of thedollar-exchange standard in these years wasmarked by an increase in foreign officialdollar holdings from about one-fourth tomore than one-third of total foreign goldand short-term dollar reserves. Since 1956this proportion has declined, as foreigncountries have added $6 billion to their goldholdings and only $2.5 billion to officialdollar assets.

The increased emphasis on gold in recentyears has reflected in part substantial growthin the reserves of four European countriesthat have traditionally maintained their re-serves almost exclusively in gold. Thesefour—Belgium, the Netherlands, Switzer-land, and United Kingdom—added a totalof $2.5 billion in gold to their reserves be-tween the end of 1956 and the end of 1960.

More important, France, Germany, and

Italy during the same period added morethan $4 billion in gold to their reserves. Bythe end of 1960 Italy had more than doubledthe proportion of its reserves held in gold,and the proportion of French reserves heldin this form was higher than at other timesof large reserve holdings. The gold propor-tion of German reserves declined sharplyafter mid-1959 as official foreign exchangeholdings increased very rapidly.

In 1960 the increased emphasis on goldas a basis for reserves was not confined toindustrial countries. After midyear, whenforeign purchases of gold began to rise,and especially after October, when privatespeculation led to the establishment of apremium on gold, the central banks of anumber of less industrialized countries alsopurchased large amounts of gold. Some ofthese countries, such as Argentina andSpain, were experiencing rapid increases intheir reserves and they expanded their hold-ings of convertible foreign currencies as wellas their gold reserves. Others apparentlyconverted dollar assets into gold.

Although rapid conversions of foreignexchange into gold may contribute to inter-national disequilibrium, a continuing, rapidaccumulation of monetary reserves in a fewcountries is a more fundamental problem.International equilibrium is more likely tobe maintained in the long run if countrieswith adequate reserves and continuing bal-ance-of-payments surpluses finance their ex-port surpluses on a long-term basis that in-cludes credits or other aid to less developedareas, instead of adding further to reserves.Current efforts to distribute the burden ofinternational assistance more widely amongindustrialized nations are thus an essentialpart of a program to improve the systemof international payments.


Federal Reserve Operations inPerspective

ALMOST A YEAR AGO, in the earlier partof 1960, the Federal Reserve System beganto lean against the incipient down-wind ofwhat has come increasingly to be classifiedas the fourth cyclical decline of the post-war era.

Already, as the winter faded, and withit the inflationary psychology that had char-acterized the economic situation carryingover from 1959, bank reserve positions—which govern the ability of the bankingsystem to expand loans—had been madeless dependent on borrowed funds.

Then, with the spring in progress, theFederal Reserve moved further: first, topromote still greater ease in bank reservepositions; and next, beginning in May, toprovide additional reserves to induce a mod-erate expansion in bank credit and themoney supply.

In this period in particular, new suppliesof reserve funds were injected into the econ-omy by means of open market operations.The first effect was to enable member banksto reduce appreciably their reliance on bor-rowed reserves. After this was accomplished,the added reserves went to support the po-tential for bank credit expansion. In theseopen market operations, from late Marchthrough July, the Federal Reserve paid outabout $1.3 billion, net, for the Govern-ment securities it was buying on an increas-ing scale. After cushioning the reserve im-pact of a $500 million increase of currencyin circulation and gold outflow, this sum

NOTE.—Statement of William McC. Martin, Jr.,Chairman, Board of Governors of the Federal Re-serve System, before the Joint Economic Committee,March 7, 1961.

made possible a $300 million reduction inmember bank borrowing and a $500 mil-lion increase in member bank reserves.

But other means available for the exe-cution of System policy were used as well,particularly after mid-1960.

In early June, and again in August, dis-count rates were reduced, by Vi percent-age point each time. These reductions low-ered the cost of member bank borrowingsfrom the Federal Reserve Banks to 3 percent from the 4 per cent level that had pre-vailed before.

In August also, and again in November,by actions taken in implementation of a1959 Act of Congress, nearly $2 billionpreviously tied up in vault cash of memberbanks was released to assure ample cover-age of heavy borrowing needs for the falland pre-Christmas seasons. An additional$700 million was provided by further netpurchases of U. S. Government securities.

After midyear, the task of monetary pol-icy was complicated by an outflow of goldexceeding $1.5 billion. Thus, a substantialpart of the reserve funds provided by theSystem in this part of the year went to off-set the effect of this outflow on memberbank reserves.

Taking the year 1960 as a whole, thechange in bank reserve positions was dra-matic. From net borrowings from the Fed-eral Reserve of $425 million in December1959, member banks as a whole moved byDecember 1960 to a surplus reserve of $650million. The total turnaround exceeded abillion dollars.

Nevertheless, the money supply showed

272


FEDERAL RESERVE OPERATIONS IN PERSPECTIVE 273

a stubborn downtrend until mid-1960. Inthe spring, bank credit seemed to respondless promptly to easier reserve conditionsthan in comparable periods in the past.After May, however, the seasonally ad-justed money supply did begin to reflect ouractions. In the second half of the year themoney supply rose at an annual rate of about1.5 per cent. By year-end it had risen to$140.5 billion, just below the end-of-1959level. The money supply has expanded fur-ther in January and February of this year.Indeed, the annual rate of increase calcu-lated from the performance of these twomonths was in the neighborhood of 4 percent and the total money supply is nowabove year-ago levels.

The savings and time deposits of bankscontinued to grow in 1960 and after mid-year the pace of growth was unusuallyrapid. This increase in time deposits per-mitted an increase of total bank loans andinvestments for the year as a whole by $8.4billion. That was twice as much as the yearbefore.

Total credit in the economy in 1960 ex-panded by some $37 billion. That figurewas about two-fifths less than the record ex-pansion of $61.5 billion in 1959, on whichI reported to you a year ago, and morenearly in line with total credit extensions ofother recent years. The smaller growth in1960 was attributable to reduced pressureof borrowing demand, especially on the partof the Federal Government.

The most significant thing about the Fed-eral Reserve's operations in 1960 is not thatthey were extraordinary but, instead, thatthey were typical of Federal Reserve oper-ations under the flexible monetary policythat has been in effect now for a full decade.

That policy, as I have capsuled it beforein the shortest and simplest description I

have been able to devise, is one of leaningagainst the winds of inflation and deflationalike—and with equal vigor.

It is, in my opinion, the policy that theFederal Reserve must continue to follow ifit is to contribute to the provision of con-ditions conducive to a productive, activelyemployed, growing economy with relativelystable prices.

Yet, while the necessity for adhering tothat policy remains as great as ever, thedifficulty of executing it has become vastlygreater. This is so because of economic andfinancial crosswinds that have been devel-oping for years and, since mid-1960, havebeen gaining in force.

The problem, it now appears, and it isby no means a problem for monetary pol-icy alone, is to lean against crosswinds—simultaneously. I do not know how effec-tively this can be done. I do know, how-ever, that it will not be easy—just as theproblems of monetary policy and of otherfinancial policy have never been easy.

To put in perspective the problems thatthe Federal Reserve faces today—and howit is adapting to these problems—let mebriefly review monetary policy over the past20 years.

Immediately upon the United States' en-try into World War II in December 1941,the Board of Governors announced that theFederal Reserve was prepared—

(1) "To use its powers to assure thatan ample supply of funds is available atall times for the war effort, and

(2) "To exert its influence towardmaintaining conditions in the U. S. Gov-ernment security market that are satisfac-tory from the standpoint of the Govern-ment's requirements."Making good on its words, the Federal

Reserve saw to it that the banking system



was supplied with ample lendable reservesto provide the Government with all the war-financing funds that it could not raisethrough taxation and through borrowingpeople's savings.

It did so by buying outstanding Govern-ment securities on a huge scale. The Fed-eral Reserve's payments for these securitieswound up in bank reserves. In turn, thebanking system used these additional re-serves to purchase new securities that theTreasury was issuing to obtain further fundsto finance the war effort.

To keep the process going, the FederalReserve in effect maintained a standing of-fer to buy Government securities in unlim-ited amount at relatively fixed prices, sethigh enough to assure that their interestrates or yields would be pegged at pre-determined low levels. When no one elsewould accept those yields and pay thoseprices, the Federal Reserve did so. And inso doing, it helped to finance the war.

The process was successful for its emer-gency purpose. But the procedure of peg-ging Government securities at high pricesand low yields entailed a price of its ownthat the economy—the people and the Gov-ernment alike—would later have to pay.The results were two-fold:

(1) During wartime, money was createdrapidly and continually, in effect setting atime bomb for an ultimate inflationary ex-plosion—even though the immediate infla-tionary consequences were held more or lessin check by a system of direct controls overprices, wages, materials, manpower, andconsumer goods.

(2) The market for Government securi-ties became artificial. The price risks nor-mally borne by participants in that marketwere eliminated: bonds not payable for 20years or more became the equivalent of in-

terest-bearing cash since they could beturned into cash immediately at par valueor better—at the option of the owners, atany time.

The pegging of yields and prices of Gov-ernment securities was continued for sometime after the war to provide a gradual tran-sition to a market freely responsive to thechanging demand for and supply of securi-ties. A gradual transition was especially im-portant because capital values generally hadbecome moored to the artificial yields andprices in the pegged market for Govern-ment securities.

By 1950, however, the need to end thedependence of the Treasury and the Gov-ernment securities market upon money cre-ation by the Federal Reserve, and to haltthe inevitable inflationary consequences, hadbecome clear to many observers. The out-break of hostilities in Korea and the infla-tionary crisis that accompanied it broughtthe matter to a head.

Understanding of the problem was en-hanced by an exhaustive investigation con-ducted by a Special Subcommittee of theJoint Congressional Committee on the Eco-nomic Report, under the chairmanship ofSenator Paul Douglas. In its report in Janu-ary 1950, the Congressional Subcommitteesaid means must be found for discontinuingthe pegging of the Government securitiesmarket—if financial stability and effectivecontrol over the creation of new moneywere to become possible in the decade ofthe 1950's.

After considerable negotiation, the Treas-ury and the Federal Reserve System reachedan Accord, jointly announced by them onMarch 4, 1951, that served to recognize andreaffirm that:

(1) To serve the public welfare, Fed-eral Reserve policy must be directed toward



maintaining monetary conditions appropri-ate for the economy as a whole, rather thantoward special treatment for the Treasuryand the Government as if their interestscould differ properly from those of the peo-ple as a whole.

(2) Likewise to serve the public welfare,the Treasury's borrowing operations in man-agement of the Government's debt must bereasonably calculated to induce loans to theGovernment in an economic system whereno one can be compelled to lend his moneyat interest rates that he would be unwillingto accept voluntarily.

Thus, the Accord reestablished the com-plementary operation of monetary and debtmanagement policies: by the Federal Re-serve, to regulate the availability, supply,and cost of money with a view to its eco-nomic consequences; by the Treasury, tofinance the Government's needs in the tra-ditional context of a competitive market.

To provide for the gradual withdrawalof the pegs that had fixed market prices andyields, several procedures were institutedimmediately and carried out over the nextweeks and months.

That's much easier to say now than itwas to do then. For this was the problem:

(1) Hanging over the market like astorm cloud were two issues of the longestterm, 2V£ per cent bonds, outstanding inthe total amount of $19.7 billion. Theirprices had been propped around 100%throughout January and February 1951, byprice-supporting purchases.

(2) Although these bonds were not duefor redemption until 1967-72, they were in-stantly saleable in markets. In fact, manyof their holders were exercising their rightto sell—and selling in large amounts—so asto reinvest the proceeds in private securitiesyielding a higher return.

(3) Even a lowering of the price props,much less a complete withdrawal, mightvery easily cause holders of these instantlymarketable securities to unload them on themarket so heavily as to cause a collapse inthe market that might, in turn, provoke asharp economic setback.

Since the primary necessity was to safe-guard the market and the economy againstthat danger, these were the first steps takenunder the Accord:

Holders of the overhanging, fully market-able 2Vi per cent bonds of 1967-72 wereoffered an opportunity to exchange them, inearly April 1951, for 2% per cent bonds of1975-80 that could not be sold at all al-though they could, at the holder's option,be converted into 1 Vi per cent notes carry-ing sale privileges.

While the exchange was being effected,support buying was continued by the Fed-eral Reserve and the Treasury, but at de-clining prices: from January through April,net purchases by the Federal Reserve totaledapproximately $1.4 billion. When the ex-change was completed, the offer of nonmar-ketable bonds had been accepted on a scalesufficient to remove from the market $13.6billion of the overhanging marketable bonds,including $5.6 billion that had been heldby the Federal Reserve and the Treasury.

This exchange paved the way for discon-tinuance of Federal Reserve purchases ofGovernment bonds in support of their prices.

In May and June net purchases by theFederal Reserve of long-term bonds droppedoff to $250 million, but that was enough toassure against development of disorderlyconditions in the market. After that theFederal Reserve ceased buying almost alto-gether; purchases during the entire last halfof 1951 totaled only $20 million. Andprices, which had been supported around



100% at the start of the year, fluctuatedaround 97 during the last half of the yearwhen the bond market was on its own.

As the years 1951 and 1952 progressed,however, market developments demon-strated a disturbing skepticism among in-vestors that the Federal Reserve was in factabstaining (or would continue to abstain)from attempting to maintain certain prede-termined interest rates, regardless of theover-all state of the demand for and thesupply of savings. This skepticism was fedby market observation that the System en-gaged in purchases of securities involved inTreasury financings around the periods ofsuch financings.

After very careful study of the function-ing of the Government securities market andof the relation of Federal Reserve monetaryoperations to the market, the System de-cided that it would limit its open markettransactions to short-term securities, usuallythose of the very shortest term: Treasurybills. It also decided to refrain from opera-tions in securities involved in Treasury fi-nancings. In taking these steps, the FederalReserve objective was to convince the mar-ket that it was not undertaking to peg in-terest rates—and most certainly not thoseon intermediate- and long-term securities.

Accordingly, to minimize market uncer-tainty as to possible Federal Reserve opera-tions affecting market rates, and thereby toaid the effective competitive functioning ofthe market, the System announcd in April1953 that until further notice, unless dis-orderly conditions arose in the market, itwould operate only in the short-term area,where its operations would have the leastmarket impact.

I think I should point out here, in fair-ness to my colleagues on the Federal OpenMarket Committee, that in this decision to

limit our open market operations to the shortend of the market, we were not unanimous—neither then, nor since then.

Indeed, the divergence of views in theSystem on this question has been moremarked and more continuous than on anyother that I can recall in my ten years inthe Federal Reserve. That, I think, is read-ily understandable because the question re-lates to the techniques of open market oper-ations—a highly technical and involved sub-ject—rather than to general credit policy it-self.

In my opinion, it is and always will beeasier to achieve full agreement on what todo than on how to do it. To me, that ex-plains why the uninterrupted character ofthe divergence in the System over operat-ing techniques contrasts sharply with therather high degree of agreement we havehad, most of the time, over questions ofgeneral credit policy—whether and whento ease or restrain, and how much. Also,why it contrasts completely with the unde-viating firmness of our opposition, at alltimes, to returning to a pegged market.

These matters, however, are too wellknown to members of this Committee forme to labor them further at this point: therecords of your past hearings, as well as ourAnnual Reports, contain the views on thatscore of several members of the Open Mar-ket Committee, including the former andthe present vice chairmen of our Commit-tee, Messrs. Allan Sproul and Alfred Hayesof the Federal Reserve Bank of New York,as well as myself as chairman.

In any event, following the 1953 decisionI have described—the decision to confineour open market transactions to the short-term sector of the market—the emphasis inFederal Reserve operations continued to beplaced upon providing bank reserves to meet



the economy's needs rather than to set par-ticular rates of interest. Inevitably, how-ever, interest rate movements, since they re-flected basic demand and supply conditions,continued to be one of many factors consid-ered by the Federal Reserve in making judg-ments about the need for changes in the re-serve base. Conversely, Federal Reserve op-erations in the market continued, inevitably,to be an important influence affecting thegeneral level of market interest rates.

Despite confinement of its operations or-dinarily to the short-term area, the FederalReserve stood prepared to buy securitiesother than Treasury bills should unusualdevelopments create disorderly conditions inthe Government securities market and thusin credit markets as a whole. When disor-derly conditions seriously threatened as inlate November of 1955 or actually devel-oped as in the summer of 1958, the Fed-eral Reserve bought longer term securitiesto maintain or reestablish orderly trading.Apart from these exceptional and infrequentcircumstances, however, the Federal Re-serve maintained its reliance upon opera-tions in Treasury bills without interruptionuntil 1960. With the introduction of the 6-month Treasury bill in 1958 and the 12-month Treasury bill in 1959, the Systemextended the maturity range of its operationswithin the short-term area.

Toward the close of 1959 there were in-creasing indications, signaled by rapid risesin market interest rates accompanying amounting intensity of borrowing demands,that conditions bordering on the disorderlymight be encountered increasingly in the fu-ture and that there might be more occa-sions than in the past for corrective opera-tions by the Federal Reserve in maturitiesbeyond the range of Treasury bills.

After the middle of 1960, another con-

sideration pointing to a possible need forFederal Reserve operations in longer termsecurities arose from the convergence of twoimportant developments:

(1) On the domestic front, a decline inkey sectors of business activity, accompaniedby gradual rise in unemployment, suggestedthat the economy might be moving down-ward on a broad pattern of recession.

(2) In the area of international finan-cial accounts, a big deficit in the U. S. bal-ance of payments was made larger by a sub-stantial outflow of short-term funds from theUnited States to foreign money centers,partly in response to higher interest ratesabroad.

As I stated earlier, the Federal Reservehad been making bank reserves available toease the credit situation since the winter of1960. Thus, it had been a contributinginfluence in the decline in market interestrates to mid-1960. In the light of the do-mestic business and employment situationand the balance-of-international-paymentsdeficit, this decline presented us with adilemma in the latter part of 1960.

If the Federal Reserve continued to sup-ply reserves by buying only Treasury bills,the direct impact of its purchases mightdrive the rate on those securities so low asto encourage a further outflow of funds toforeign markets and thus aggravate thealready serious balance-of-payments deficit.

If, on the other hand, the Federal Reserverefrained from further action to supply fundsfor bank reserves because of the balance-of-payments situation, it would be unable tomake its maximum contribution towardcounteracting decline in domestic economicactivity through the stimulative influence ofcredit ease.

Thus, in an effort to expand reserves andyet to minimize the repercussions on the bal-



ance of payments, the Federal Reserve be-gan, in late October 1960, to provide someof the additional reserves needed by buy-ing certificates, notes, and bonds maturingwithin 15 months. Since that time, the Sys-tem has bought and sold such securities, inaddition to bills, on a number of occasions,duly reporting these portfolio changes in apublic statement issued every Thursday.

Now here let me note something aboutthe decline in interest rates that took placein 1960. During the first eight monthsmarket rates on Treasury bills and interme-diate-term issues fell much more sharplythan on bonds, as is usual in a period ofdeclining rates.

After late summer, however, the differen-tial between short- and long-term ratesceased to widen, and the average level ofrates itself remained relatively unchanged.The increased net outflow of domestic andforeign capital from the United States in thesecond half of the year, in response partlyto the attraction of higher interest rates andpotential capital gains abroad, was itself afactor in keeping interest rates in the UnitedStates from declining, because it reduced thesupply of funds available here.

It was in the latter part of 1960, as I havenoted, that Federal Reserve operations weredirected more and more toward reducingthe direct impact on Treasury bill yieldsof Federal Reserve purchases. Thus, whenthe System was providing for the large sea-sonal expansion in credit needs that occursin the fall and pre-Christmas seasons, itdid not rely solely on further open marketpurchases but took actions that made vaultcash holdings of banks fully available formeeting reserve requirements. And onthe occasions when the System did engagein open market operations, it often con-ducted these operations in short-term Gov-

ernment securities other than Treasury bills.With the domestic economy and the bal-

ance of payments continuing to pose con-flicting problems, open market transactionsin securities other than Treasury bills arecontinuing. Beginning on February 20, aswe stated in an announcement issued on thatdate, the Federal Reserve has engaged inpurchase of securities having maturities be-yond the short-term area, putting to prac-tical test some matters on which it has beenpossible in recent years only to theorize.1

There is still a question as to the possi-bility of bringing about a meaningful de-cline in longer term rates through purchasesof longer term securities without, at the sametime, causing a shift in market demand to-ward short-term securities that would alsopress down levels of short-term rates.

On the other hand, it seems to me, fewcould question the desirability of the result,if it can be attained, as a means of keepingfinancial incentives attuned to the currentneeds of our domestic economy and our in-ternational financial position.

We will want to observe closely, of course,the effect of this change in operating tech-niques on the market and its capacity to ful-fill its role in transferring a large volume ofsecurities among our various financial insti-tutions to facilitate their responses to shiftsin the supply of savings and the demands ofborrowers.

In our country the Government cannotforce anyone to lend his money at rates heis unwilling to accept—any more than it canforce him to spend his money at prices heis unwilling to pay. In the securities mar-ket, investors always have the alternative ofinvesting their funds in short-term securitiesif they feel that yields in the longer term

1For text of this announcement, see BULLETIN forFebruary, 1961, p. 165.



area are unfavorable. Therefore, in the out-come of this test much will depend on thereactions of investors.

As I have said many times in the past,before this Committee and others, I am infavor of interest rates being as low as pos-sible without stimulating inflation, becauselow rates can help to foster capital expendi-tures that, in turn, promote economicgrowth.

Yet, as I assume we can all agree, in-terest rates cannot go to and long remainbelow the point at which they will attracta sufficient volume of voluntary saving tofinance current investment at a relativelystable price level. At least we can agree, Ithink, that interest rates cannot be drivenand long held below that point without re-sort to outright creation of money on sucha scale as to invite inflation, serious socialinequity, severe economic setback, and, un-der present conditions, an outflow of fundsto other countries and consequent drains onthis country's gold reserves.

I do not believe anyone expects the Fed-eral Reserve to engage in operations thatwill promote a resurgence of inflation inthe future. In combating inflation in thepast, undue reliance has perhaps been placedon monetary policy. I can readily agreewith those who would have fiscal policy,with all of its powerful force, carry a greaterresponsibility for combating inflation, and Iam encouraged to think that this may belikely in the future. If we do this, we shouldmore nearly achieve our over-all stabiliza-tion goals, along with some reduction inthe range of interest rate fluctuation.

That, however, is a matter for anotherday. Today, we have in this country a seri-ous problem to contend with in the erraticbut persistent rise in unemployment that hastaken place since mid-1960. In January the

seasonally adjusted rate of unemploymentwas 6.6 per cent of the labor force, the high-est percentage since 1958; the actual num-ber of persons unemployed was 5.4 million,the highest number since the days beforeWorld War II.

The contracyclical operations that theFederal Reserve is and has been conducting,despite the handicaps imposed by the bal-ance-of-international-payments difficultiesthat we hope will be overcome, should behelpful, as they have been in the past, incombating that part of unemploymentcaused by general economic decline. Cer-tainly those of us in the Federal Reservemean them to be.

While the unemployment that arises fromcyclical causes should prove only tempo-rary, there are, however, forces at work thathave produced another, structural type ofunemployment that is worse, in that it al-ready has proved to be indefinitely persist-ent—even in periods of unprecedented gen-eral prosperity.

The problem of structural unemploymentis manifest in the higher total of those leftunemployed after each wave of the threemost recent business cycles, and in the idle-ness of many West Virginia coal miners,Eastern and Midwestern steel and auto work-ers, West Coast aircraft workers, and likegroups, in good times as well as bad.

To have important effect, attempts to re-duce structural unemployment by massivemonetary and fiscal stimulation of over-alldemands probably would have to be carriedto such lengths as to create serious new prob-lems of inflationary character—at a timewhen consumer prices already are at a rec-ord high.

Actions effective against structural unem-ployment and free of harmful side effectstherefore need to be specific actions that



take into account the who, the where, andthe why of unemployment and, accordingly,go to the core of the particular problem.

Analysis of current unemployment showsthat, in brief:

(1) The lines of work in which job op-portunities have been declining most pro-nouncedly for some years are farming, min-ing, transportation, and the blue collarcrafts and trades in manufacturing indus-tries.

(2) The workers hardest hit have beenthe semiskilled and the unskilled (along withinexperienced youths newly entering thelabor market). These workers have ac-counted for a significant part of the increasein the level and duration of unemployment.Among white collar groups, employment hascontinued to increase and unemploymenthas shown little change even in times ofcyclical downturn.

(3) The areas hardest hit have been, pri-marily, individual areas dependent upon asingle industry, and cities in which such in-dustries as autos, steel, and electrical equip-ment were heavily concentrated.

Actions best suited to helping these groupswould appear to include more training andretraining to develop skills needed in expand-ing industries; provision of more and betterinformation about job opportunities for var-ious skills in various local labor markets;tax programs to stimulate investment thatwill expand work opportunities; revision ofpension and benefit plans to eliminate pen-alties on employees moving to new jobs;reduction of impediments to entry into jobs,and so on. Measures to alleviate distressand hardship are, of course, imperative atall times.

In some of the instances cited, the pri-mary obligation of the Government will beleadership, rather than action, for obviously

a major responsibility and role in efforts toovercome unemployment, both cyclical andstructural, rests upon management and labor.

For our part we in the Federal Reserveintend to do our share in combating thecyclical causes of unemployment, as effec-tively as we can, and in fostering the finan-cial conditions favorable to growth in newjob opportunities.

Meanwhile there is, I think, need on thepart of all of us to recognize that the worldin which we live today is not only a worldthat has changed greatly in recent years,but also a world that even now is in a pe-riod of further transition.

In economics and finance, no less than inother relationships, the lives of nations andpeoples throughout the earth have beenmade more closely interlinked by develop-ments that have progressed since the begin-ning of World War II—interlinked at suchspeed, in fact, as to outstrip recognition.

Today, the condition of our export trade,from which a very large number of Amer-icans derive their livelihood, depends notonly upon keeping competitive the costs andprices of the goods we produce for saleabroad, but also upon the prosperity or lackof it in the countries that want to buy ourgoods.

Whether our Government's budget is bal-anced or not, a factor that greatly affectsour economic and financial condition, de-pends not only upon our own decisions re-specting expenditures and taxes, but alsoupon decisions by governments abroad as tohow far they will share the costs of mutualdefense and of programs to aid underdevel-oped nations of the world. The decisionsthose governments make affect, in turn, theirbudget positions and, through them, eco-nomic and financial conditions in their owncountries.



Every country, of course, will always haveproblems of its own that differ from the cur-rent problems of other lands. CommunistRussia, for example, gives some signs ofworry over a problem old and familiar tous and to them: The danger of economicallydestructive inflation. The New York Timesof January 30 reported that Premier Khru-shchev, in a recent public speech, hadpointed to precisely that danger, noting that"the purchasing power in the hands of theSoviet people might exceed the value of thegoods available for them to buy."

In Brazil a new administration is seekingmeans to cope with an inflation that alreadyhas exacted an enormous price in sufferinginflicted upon her people by soaring in-creases in the cost of living.

In Belgium a program of austerity, tobring about adjustments made necessary bythe loss of the Congo, provoked riots thatrecently made headlines across the UnitedStates.

In the free world the United States hasnot been alone in finding that its domesticsituation and balance-of-payments positionseemed to call for conflicting actions, thuspresenting monetary and fiscal policy mak-ers some complicating crosscurrents.

On January 19, for example, the GermanFederal Bank reduced its equivalent of ourdiscount rate and made known at the timethat it was doing so, despite the high levelof activity in the German economy, for thepurpose of reducing a heavy and trouble-some inflow of funds from other countries.A month earlier the Bank of England had

reduced its bank rate also, to curb a short-term capital inflow.

Over the last weekend Germany and theNetherlands up-valued their currencies bynearly 5 per cent; these actions should helpthem to reduce the inflow of volatile capital.

The truth of it is that the major countriesof the Western world, after a long and pain-ful struggle in the wake of World War IIto restore convertibility of their currencies,and thus to lay the necessary basis for in-terchanges that can enhance the prosperityof all, have succeeded—only to find thatsuccess, too, brings its problems.

Today, though currency convertibilitydoes in fact make possible an expanding vol-ume of mutually profitable interchangesamong nations, it also makes possible dan-gerously large flows of volatile funds amongthe nations concerned—flows on a scale thatcould shake confidence in even the strong-est currencies, and cause internal difficultiesin even the strongest economies.

To the cause of these flows—differencesin interest rates, conditions of monetary easeor tightness, budgetary conditions, and de-velopments of any kind that raise questionsand doubts about determination to preservethe value of a country's currency—we mustremain alert and ready, willing and able tomeet whatever challenge arises.

I, for one, am confident that we will meetsuch challenges as may come. Our oppor-tunities for the future are more importantthan the problems they bring with them.Let us seize these opportunities, firmly andwithout fear.


Quarterly Surveyof Consumer Buying Intentions

IN EARLY 1961, the proportions of con-sumers reporting plans to buy both new andused automobiles within the next six monthswere at about the same level as a year ear-lier, after having fallen below year-earlierlevels in the second half of 1960. The pro-portion reporting plans to buy major house-hold appliances was substantially smallerthan a year earlier, but about equal to theJanuary 1959 level. Plans to buy houseswere also lower than in January 1960.These findings are based on data from theJanuary Survey of Consumer Buying In-tentions, conducted for the Board of Gov-ernors by the Bureau of the Census.1

Total plans to buy both automobilesand household durable goods showed littlechange from October 1960 to January 1961,compared with a sharp decline in the cor-responding period the year before. Thesharp reduction last year, however, reflectedin part the exceptionally high level of plansreported in October 1959.

The proportion of families reporting adecline in income from a year earlier washigher in January than at any time during1960, although the proportion reporting in-creases remained larger than the proportionreporting declines. Consumer expectations

1 This article presents the findings of the ninth Quar-terly Survey of Consumer Buying Intentions. TheQuarterly Survey is conducted under the supervisionof Mona E. Dingle of the Board's staff and Selma F.Goldsmith of the Bureau of the Census. Articles cov-ering the previous eight Surveys and giving a detaileddescription of the Survey appeared in the Federal Re-serve BULLETIN for September 1960, pp. 973-1003 andfor December 1960, pp. 1332-37. The current articlewas prepared by Tynan Smith and Theodore G.Flechsig.

regarding future income prospects remainedabout the same as in other recent Surveys.

Automobiles. In January 1961, 3.5 percent of the families interviewed reportedplans to buy new automobiles during thenext 6 months, compared with 3.4 per centa year earlier and 3.0 per cent in January1959. In October 1960, reported plans tobuy new automobiles had been substanti-ally lower than a year earlier. In October1959, however, buying plans had been un-usually high, in part as a result of the in-terest engendered by the introduction ofcompact cars.

Plans to buy used cars were at about thesame level in January as at the beginningof each of the two preceding years, with4.5 per cent of all families expressing plansto buy within 6 months. There was a slightdecline from year-earlier levels, however, inthe number of planners who were unde-cided between new and used cars. Reinter-view studies show that these families aregenerally more likely to purchase used cars.During 1960 plans to buy used cars wereclose to or below 1959 levels, but plannerswho were undecided between new and usedcars were more numerous in 1960.

About the same proportion of familiesthis January as a year earlier expressed dis-satisfaction with the automobile they cur-rently owned or reported that they hadshopped for an automobile in the weeksimmediately preceding the Survey. In Jan-uary 1959, fewer families had expresseddissatisfaction with their automobiles butmore had reported shopping for an auto-

282


QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 283

mobile, perhaps in part because of the laterintroduction date for 1959 model automo-biles.

According to both survey data and salesdata from independent sources, consumerpurchases of new cars continued aboveyear-earlier levels in the fourth quarter of1960 despite the lower level of buying plansas compared with late 1959. Comparisonwith late 1959, however, is affected by thelow level of sales associated with shortagesfollowing the steel strike; this developmentapparently was not fully taken into accountby families interviewed in mid-October ofthat year. Consumer purchases of usedcars were about the same in each quarterof 1960 as in the corresponding periods of1959, but the sustained level of sales was

accompanied by a substantial reduction inused car prices.

Major household appliances. Reportedplans to buy washing machines and refrig-erators within 6 months continued belowyear-earlier levels in January, after havingbeen at year-earlier levels last July. Plansto buy television sets were about the sameas in January of each of the two precedingyears. The sum of buying plans for these3 major household durable goods in Janu-ary was substantially lower than the totalreported in January 1960, but about thesame as in January 1959. Plans to buythe four growth items introduced in the 1960Surveys—clothes dryers, dishwashers, airconditioners, and radio and phonographicequipment—were also lower than in Janu-

PLANS TO BUY DURABLE GOODS WITHIN 6 MONTHSPer cent of all families Per cent of all families12

10

8

NEW AND USED

^ ^ 1960

1961 V .

AUTOMOBILES

1 9 5 9 ^

> ^

1 1

-

1

WASHING MACHINES

NEW AUTOMOBILES

REFRIGERATORS

USED AUTOMOBILES

JAN. APR. JULY OCT.

TELEVISION SETS

JAN. APR. JULY OCT.

NOTE.—Plans for new and used automobiles combined include plans of families undecided between new and used.


284 FEDERAL RESERVE BULLETIN MARCH 1961

ary I960.2 The decline in 6-month plansfor household durable goods from early1960 was general for all major income andage groups and for each of the four geo-graphic regions.

The number of consumer purchases ofthe 7 household durable goods covered inthe Survey totaled 14.1 per 100 families inthe last quarter of I960, slightly below the14.9 reported for the same quarter a yearearlier. The decline reflects fewer pur-chases of washing machines, refrigerators,and clothes dryers. Purchases of wash-ing machines and refrigerators had fallensharply below year-earlier levels in the thirdquarter of 1960 after having been aboveyear-earlier levels in the second quarter.

Houses. Reported plans to buy housesin both the 6-month period and the 12-month period following the January Surveywere fewer than a year earlier. In Janu-ary 1961, 4.8 per cent of the families re-ported plans to buy houses in the next year,compared with 5.7 per cent in January1960. Buying plans for new houses weredown relatively more than plans to buyexisting houses, declining to 1.7 per centfrom 2.2 per cent a year earlier. Plans tobuy existing houses were 1.9 per cent thisJanuary as compared with 2.1 per cent ayear earlier. No data are available on housepurchase plans prior to 1960.

Income change. The proportion of fami-lies reporting lower incomes than a yearearlier was larger this January than in Jan-uary 1960, and the proportion reportinghigher incomes was correspondingly smaller.Income reductions were reported by 18.7per cent of the families interviewed in therecent Survey, the largest proportion sinceJanuary 1959, when about 20 per cent re-

2 Detailed information on plans to buy houses andthese four household durable goods will be presentedin the report on the April 1961 Quarterly Survey.

ported such reductions. Reports of incomereductions had declined after January 1959,increased during the steel strike, and de-clined again in the first half of 1960.

Nearly one-fourth of the families inter-viewed this January expected their incomesto increase in the coming year. This wasabout the same proportion as in other Sur-veys conducted in 1959 and 1960. Theproportion of families expecting their in-come to decline also has remained rela-tively unchanged at about 6 per cent.

Sampling variability. Data from the Quar-terly Surveys are based on about 17,000interviews and, as is true of all sample sur-veys, may differ because of sampling vari-ability from data that would be obtained ifa complete census were taken. The chancesare about 2 in 3 that an estimate from theSurvey would differ from a complete censusby less than the sampling errors shown inthe table, and 95 in 100 that the differencewould be less than twice the errors shown.

SAMPLING ERRORS OF PROPORTIONS

The chances are about 2 out of 3 that the value being estimated lieswithin a range equal to the reported percentage plus or minus thenumber of percentage points shown below.

Number of households

1,000,0002,000,0005,000,000

10,000,00020,000,00050,000,000!

Reported percentage

2 or 98

0.80.60.4

0.30.20.1

10 or 90

1.81.30.8

0.60.40.3

25 or 75

2.61.81.2

0.80.60.4

50

3.02.11.4

1.00.70.4

1 Approximate total number of households.

The reliability of estimates of percentagesdepends on the size of the estimated per-centage and the size of the sample on whichthe percentage is based. Proportions of thetotal sample in the Quarterly Survey arebased on somewhat more than 50 millionhouseholds. The number of households invarious income and age groups can be esti-mated from the total number of householdsand the distributions shown in Table 5.



TABLE 1

PLANS TO BUY DURABLE GOODS, 1959-61 *

[Percentage of all families]

Buying plan1959

Jan. Apr. July Oct.

1960

Jan. Apr. July Oct.

1961

Jan. 2

New or used automobile:3

Planning to buy within 12 monthsDoesn't know about 12-month plan

Planning to buy within 6 monthsTiming of planned purchase:

First 3 monthsSecond 3 monthsDoesn't know when in 6 months

Doesn't know about 6-month plan

Has shopped for automobile4

Dissatisfied with automobile owned

New automobile:Planning to buy within 12 months

Planning to buy within 6 monthsDegree of certainty:

DefinitelyProbablyMaybe

Timing of planned purchase:First 3 monthsSecond 3 monthsDoesn't know when in 6 months

Used automobile:Planning to buy within 12 months

Planning to buy within 6 monthsDegree of certainty:

DefinitelyProbablyMaybe


Washing machine:Planning to buy within 6 months

Degree of certainty:DefinitelyProbablyMaybe



Refrigerator:Planning to buy within 6 months




Television set:Planning to buy within 6 months




16.98.3

8.4

2.13.82.54.8

5.18.9

6.6

3.0

1.21.10.8

0.91.40.7

8.4

4.6

.3

.6

.7

.2

.9

.5

5.8

3.2

2.6

1.32.12.43.2

3.6

1.8

1.8

0.71.31.62.6

4.2

2.5

1.7

1.11.41.73.0

15.67.7

7.5

2.43.02.14.3

4.88.1

6.5

2.7

0.90.90.8

0.71.40.6

7.1

4.0

.5

.41.1

5.0

2.9

2.1

2.12.9

3.4

1.8

1.6

1.01.01.42.2

2.3

1.5

1.01.41.42.7

16.88.3

8.2

2.53.22.54.9

5.28.1

6.9

3.1

1.21.10.9

0.91.40.8

7.7

4.1

.4

.5

.2

.5

.31.3

6.0

3.1

2.9

1.51.92.63.5

4.0

2.02.1

1.01.21.83.0

3.9

2.3

1.5

1.21.31.43.3

20.97.5

10.1

3.04.32.84.7

6.59.1

9.5

4.6

1.81.61.2

1.42.11.1

9.2

4.6

1.61.41.6

1.42.01.2

6.9

3.5

3.4

1.72.42.83.0

4.6

2.0

2.5

0.91.81.92.7

5.6

3.3

2.3

2.01.71.93.1

18.48.9

9.3

2.54.42.44.7

4.59.8

7.3

3.4

1.31.01.1

0.91.70.8

8.3

4.5

1.61.51.5

1.32.01.2

6.4

2.01.23.2

1.42.42.63.3

4.4

1.20.92.2

0.91.81.73.3

4.5

1.41.12.0

1.21.61.73.5

16.89.4

8.6

3.03.22.44.9

5.58.7

6.9

3.2

1.50.90.8

1.21.30.7

1.31.21.3

1.41.3

5.9

2.11.22.6

1.52.12.33.0

3.7

1.20.81.7

1.01.21.53.0

4.0

1.41.11.6

1.21.51.33.3

16.59.3

7.9

2.63.02.35.0

4.98.0

6.8

3.0

1.21.00.8

0.91.40.7

7.1

3.7

1.31.21.2

1.41.21.1

5.8

1.91.32.7

1.62.02.23.5

3.9

1.20.72.0

1.01.21.73.3

3.9

.3

.0

.7

.2

.3

.43.5

18.39.0

8.9

2.93.62.44.7

6.39.6

7.8

3.6

1.51.20.9

1.31.40.9

7.9

3.9

1.21.31.4

1.31.70.9

5.4

1.91.32.2

1.42.21.83.2

3.3

1.10.61.6

0.81.21.32.9

4.8

.9

.5

.43.2

17.97.4

9.0

2.54.12.42.7

4.510.0

7.4

3.5

.4

!o

.0

.60.9

8.3

4.5

1.51.41.6

1.32.01.2

5.5

1.71.12.7

1.32.12.11.1

3.7

1.20.71.9

0.91.41.40.7

4.4

1.21.22.0

1.31.51.61.0

1 As reported in interviews in January 1959 and in the first monthof succeeding quarters. Interviews are taken in the week that includesthe 19th of the month. Planning period begins on date of interview.

2 In the 1959 and 1960 Surveys, nonresponse cases on buying plans(2 per cent or less of all families) were classified in the "doesn'tknow" group. Beginning in January 1961, these nonresponse cases

were distributed proportionately among the groups for which re-sponses were obtained.

3 Includes those undecided between new and used.4 In the weeks immediately preceding interview.NOTE.—Details may not add to totals because of rounding.



TABLE 2

PLANS TO BUY DURABLE GOODS WITHIN 6 MONTHS, 1959-61

Income or age group

1959

Jan. Apr. July Oct.

1960

Jan. Apr. July Oct.

1961

Jan.i

Prospective purchasers as a percentage of all families in group

New or used automobile:2

All families

Income: 3Under $3,000$3,000-$4,999$5,000-$7,499$7,500-59,999$10,000 and over

Age of head:Under 3535-5455 and over

New automobile:All families

Income:3

Under $3,000$3,000-$4,999$5,000-$7,499$7,500-$9,999$10,000 and over

Age of head :Under 3535-5455 and over

Used automobile:All families

Income:3

Under $3,000$3,000-$4,999$5,000-$7,499$7,500-$9,999$10,000 and over


Household durable goods:4

All families

Income:3

Under $3,000$3,000-$4,999$5,000-$7,499$7,500-$9,999$10,000 and over


4.18.6

10.413.317.0

11.69.44.9

3.0

0.21.93.97.3

10.8

3.23.52.1

4 . 6

3.65.95.55.14.2

7.34.92.3

13.6

10.714.314.918.021.5

18.514.59.1

7 .5

3.47.19.2

12.913.9

10.68.53.9

2.7

0.51.83.16.38.5

3.23.01.8

4.0

2.64.65.15.43.8

6.24.51.8

12.2

8.512.813.816.117.7

16.113.18.0

8.2

4.47.4

10.413.116.1

11.19.34.7

3.1

0.91.84.06.8

10.4

3.43.72.3

4 . 1

3.24.75.25.23.8

6.84.51.7

10.1

4.49.8

13.116.119.6

12.811.86.2

4 . 6

0.73.15.5

10.015.3

4.35.83.3

4 . 6

3.45.86.24.63.3

7.64.82.3

9 .3

4.28.3

11.715.119.3

11.211.45.4

3.4

0.72.23.96.6

11.7

3.14.42.4

4 . 5

3.04.75.96.25.4

6.45.42.1

8.6

4.37.2

11.312.415.7

11.610.14.7

3.2

0.91.74.45.49.4

3.24.02.2

3.8

2.64.24.84.73.2

6.74.21.4

7 .9

4.16.89.3

13.816.1

11.19.04.4

3.0

0.81.53.56.49.6

3.33.62.0

3.7

2.84.04.55.34.0

6.53.91.5

Prospective purchases per 100 families in group

13.9

10.414.216.217.521.5

17.015.79.5

17.0

12.718.419.220.525.8

21.118.612.1

15.3

11.314.517.322.823.3

18.317.410.6

13.6

9.713.014.216.620.9

19.314.68.4

13.6

9.513.615.917.521.8

19.014.98.5

8.9

4.37.9

10.814.018.0

11.810.35.2

3 .6

0.62.34.46.7

11.4

3.64.32.8

3.9

2.94.34.85.53.8

6.64.21.6

13.5

9.014.115.518.520.9

19.214.98.0

9 . 0

3.97.7

11.512.417.7

11.810.75.2

3.5

0.61.94.16.3

11.3

3.64.32.5

4 . 5

2.84.96.04.94.8

7.15.02.0

13.7

8.511.616.218.523.1

17.515.58.9

1 In the 1959 and 1960 Surveys, nonresponse cases on buying plans(2 per cent or less of all families) were classified in the "doesn'tknow" group. Beginning in January 1961, these nonresponse caseswere distributed proportionately among the groups for which re-sponses were obtained.

2 Includes those undecided between new and used.3 Total money income of family in 12 months immediately pre-

ceding interview.4 Refers to sum of all prospective purchases of the following

durable goods: washing machines, refrigerators, television sets.



TABLE 3

PURCHASERS OF AUTOMOBILES AND OTHER SPECIFIED DURABLE GOODS, 8 QUARTERS, 1959-60*

[Percentage of all families]

Type of durable good

Automobile:New . . . .Used

Washing machineRefrigeratorTelevision set

1959

Jan.-Mar.

2.45.22.51.73.4

Apr.-June

2.85.72.52.22.6

July-Sept.

2.65.23.33.13.3

Oct.-Dec.

2.44.73.22.34.8

1960

Jan.-Mar.

2.75.02.41.63.3

Apr.-June

3.25.72.72.42.9

July-Sept.

2.85.22.82.73.4

Oct.-Dec.

2.84.92.91.94.8

i As reported in month immediately following purchase period.

TABLE 4

PAST AND EXPECTED CHANGES IN INCOME, 1959-61

[Percentage distribution of families]

Direction of change

Current income compared with a year earlier:HigherSameLower.Doesn't know

All families

Expected income compared with current:2

HigherSameLowerDoesn't know

All families . . . .

1959

Jan.

22.754.319.93.2

100.0

24.355.86.9

13.0

100.0

Apr.

22.358.316.43.0

100.0

21.059.86.0

13.2

100.0

July

23.357.815.73.2

100.0

23.058.66.3

12.1

100.0

Oct.

23.455.617.53.5

100.0

24.457.06.2

12.5

100.0

1960

Jan.

24.355.416.63.7

100.0

23.757.95.6

12.7

100.0

Apr.

21.659.715.13.6

100.0

23.658.65.5

12.3

100.0

July

20.860.015.23.9

100.0

23.857.85.8

12.5

100.0

Oct.

22.657.116.53.8

100.0

23.857.65.7

12.9

100.0

1961

Jan.i

22.657.918.70.8

100.0

24.657.26.0

12.2

100.0

1 In the 1959 and 1960 Surveys, nonresponse cases for the dataincluded in this table (between 2 and 3 per cent of all families) wereclassified in the "doesn't know" group. Beginning in January 1961,these nonresponse cases were distributed proportionately among the

groups for which responses were obtained.2 Expected a year hence.NOTE.—Details may not add to totals because of rounding.

TABLE 5

INCOME AND AGE OF PURCHASERS OF SPECIFIED DURABLE GOODS, FOURTH QUARTER, 1960 *

[Percentage distribution]

Income or age group

Income:2

Under $3 000$3,000-$4 999$5,000-$7,4999$7 500-$9 999$10,000 and overNot ascertained

All families. .

Age of head :Under 3535-5455 and over

All families

All families(purchasersand non-

purchasers)

27.221.724.010.610.36 .2

100.0

22.942 534.6

100.0

Automobile

New orused

14.921.828.614.215.15 .4

100.0

32.648.319.1

100.0

New

7.713.827.020.626.3

4 . 7

100.0

23.953.322.9

100.0

Used

19.126.429.610.48.65.9

100.0

37.745.416.9

100.0

Washingmachine

17.621.826.712.413.28.2

100.0

33.246.620.2

100.0

Refrig-erator

23.320.124.410.812.29.1

100.0

32.943.123.9

100.0

Televisionset

21.923.925.012.710.85.8

100.0

33.144.822.1

100.0

1 As reported in month immediately following purchase period.2 Total money income of family in 12 months immediately pre-

ceding interview in January 1961.

NOTE.—Details may not add to totals because of rounding.


Law DepartmentAdministrative interpretations, new regulations, and similar material

Savings Deposits Not Evidenced by a Pass BookRegulation Q, Payment of Interest on Deposits,

permits a member bank to classify as "savingsdeposits" funds of individuals and certain typesof corporations that are held by the bank, evi-denced only by a written receipt or agreement,provided "withdrawals are permitted only throughpayment to the depositor himself but not to anyother person whether or not acting for the de-positor." The purpose of this prohibition is toeliminate the so-called "agency privilege." Thereason for this is that withdrawal by an agent ofthe depositor merely by presenting a "writtenreceipt or agreement" for a specific amount de-posited with the bank could result in the use ofsuch deposits, in effect, as checking accounts.

For example, in lieu of taking one "receipt"for his deposit of, say, $100, the depositor couldrequest 20 receipts for $5 each. Then, when hewished to pay a bill, he could hand his creditorsufficient receipts and the latter, as his "agent,"could present them for payment. This procedureis possible with a savings deposit evidenced by apass book, but the cumbersome procedure ofturning the pass book over to a third party is adeterrent to the use of such savings accounts forchecking purposes. At least not more than oneso-called check could be outstanding against thesavings account at any time, because the depositorwould have to regain the pass book before turningit over to another person for a second withdrawalof funds.

With respect to the use of deposits not evi-denced by a pass book as collateral to a loaneither by the bank or by a third person, the abovequoted provision renders ineffective such use, sinceonly the depositor himself may receive payment.This likewise prevents the use of such deposits, ineffect, for checking purposes.

Order Under Section 3 of Bank HoldingCompany Act

The Board of Governors of the Federal ReserveSystem has issued the following Order and State-ment with respect to an application by a holding

company for approval of the acquisition of votingshares of a bank:

THE FIRST VIRGINIA CORPORATION

In the Matter of the Application of The FirstVirginia Corporation for prior approval of acquisi-tion of voting shares of Falls Church Bank, FallsChurch, Virginia.

ORDER APPROVING APPLICATION UNDERBANK HOLDING COMPANY ACT

There having come before the Board of Gov-ernors pursuant to Section 3(a)(2) of the BankHolding Company Act of 1956 (12 USC 1842)and Section 4(a)(2) of the Board's Regulation Y(12 CFR 222.4(a)(2)), an application on behalfof The First Virginia Corporation, Arlington, Vir-ginia, for the Board's prior approval of the acquisi-tion of 51 per cent or more of the voting shares ofFalls Church Bank, Falls Church, Virginia; aNotice of Receipt of Application having been pub-lished in the Federal Register on November 29,1960 (25 Federal Register 12209), which pro-vided interested persons an opportunity to submitcomments and views regarding the proposed ac-quisition; and the time for filing such commentsand views having expired and no such commentsor views having been filed;

IT IS HEREBY ORDERED, for the reasons set forthin the Board's Statement of this date, that the saidapplication be and hereby is granted, and theacquisition by The First Virginia Corporation of51 per cent or more of the voting shares of FallsChurch Bank, Falls Church, Virginia, is herebyapproved, provided that such acquisition is com-pleted within three months from the date hereof.

Dated at Washington, D. C , this 2nd day ofMarch, 1961.

By order of the Board of Governors.Voting for this action: Chairman Martin, and Gover-nors Balderston, Szymczak, Mills, Robertson, andShepardson. Present and not voting: Governor King.

(Signed) MERRITT SHERMAN,

Secretary.

288


LAW DEPARTMENT 289

STATEMENT

The First Virginia Corporation, Arlington, Vir-ginia ("First"), a registered bank holding com-pany, has applied pursuant to Section 3 (a) (2) ofthe Bank Holding Company Act of 1956 ("theAct"), for the Board's prior approval of the ac-quisition of 51 per cent or more of the capitalstock of Falls Church Bank, Falls Church, Vir-ginia ("Bank").

Views and recommendations of the Commis-sioner of Banking for the State of Virginia. Asrequired by Section 3(b) of the Act, the Boardforwarded notice of the application to the Com-missioner of Banking for the State of Virginia,who stated that he had no objection to approval.

Statutory factors. Section 3(c) of the Actrequires the Board to take into consideration thefollowing five factors: (1) the financial historyand condition of the holding company and bankconcerned; (2) their prospects; (3) the characterof their management; (4) the convenience, needs,and welfare of the communities and the area con-cerned; and (5) whether or not the effect of theacquisition would be to expand the size or extentof the bank holding company system involvedbeyond limits consistent with adequate and soundbanking, the public interest, and the preservationof competition in the field of banking.

Discussion. First presently controls four banksin the counties of Arlington, Fairfax, Prince Wil-liam, and Loudoun, with a total of eight officesand aggregate deposits of about $60,580,000 asof October 3, 1960. Its largest subsidiary bankis Old Dominion Bank, Arlington, with four officesand total deposits of about $44,650,000. Thebank to be acquired has three offices with totaldeposits of about $19,000,000. Its main officeand one branch are located in the independentCity of Falls Church, which lies between Arlingtonand Fairfax counties; all of these areas are in theWashington, D. C, Metropolitan Area. The otherbranch is nearby in Arlington County. FallsChurch, with a population of over 10,000, occu-pies an area of approximately two square miles.Arlington and Fairfax counties together have apopulation of over 420,000 within an area ofabout 430 square miles.

The financial history and condition, prospects,and management of both First and Bank are pres-ently satisfactory and would be expected to con-

tinue so. There is evidence that the acquisitionwould enable First to assure effective managementsuccession in Bank and there is some possibilitythat the acquisition would increase the availabilityof new capital to support expansion of banking ac-tivities in connection with growth in the area. How-ever, these considerations alone do not providecompelling reasons for approval of the application.

It appears that the provision of full bankingservices at Bank's two branches, as proposed byFirst, would benefit the areas served by them.However, consideration of all aspects of the con-venience, needs, and welfare of the areas con-cerned discloses no substantial support for ap-proval on this ground, because it is probable thatBank would continue to serve its community andarea adequately even if not owned by First. Onthe other hand, consideration of this factor dis-closes nothing inconsistent with approval.

At present, First controls nearly 17 per cent ofthe commercial banking offices and 23.5 per centof total deposits of individuals, partnerships, andcorporations ("IPC deposits") of banks in FallsChurch and the 4 counties in which First's banksoperate. The proposed acquisition would causeit to control in those counties and the City ofFalls Church 23 per cent of banking offices and30 per cent of IPC deposits. For the more im-mediately affected areas of Arlington and Fairfaxcounties and the City of Falls Church, the effectof the acquisition would be to increase First'spercentage of banking offices from about 16 percent to about 26 per cent and its percentage ofIPC deposits from about 25 per cent to about33 per cent.

Bank's primary service area consists of the Cityof Falls Church and portions of Arlington andFairfax counties. In that area are four otherbanking offices, none of which is controlled byFirst. However, one of First's banks has beenauthorized to establish a branch in Bank's primaryservice area. There are 16 banking offices (3 ofwhich are in First's system) within a radius of 4miles of Bank's offices.

After the acquisition there would remain inArlington and Fairfax counties 23 banking officesnot controlled by First. Bank's primary servicearea does not now overlap that of any of First'ssubsidiaries. Only two of First's subsidiaries(those in Arlington and Fairfax counties) drawIPC deposits of any significance from Bank's



primary service area; at September 30, 1960, theamount in each case was less than 5 per cent ofthe subsidiary's total IPC deposits, and the aggre-gate was an amount equal to approximately 15per cent of Bank's IPC deposits. Nearly three percent of Bank's IPC deposits originated from theprimary service areas of the two subsidiaries, andthis amount equaled about one per cent of theaggregate IPC deposits of the two subsidiaries.

Accordingly, it appears that the acquisitionwould result in the elimination of some competi-tion. However, the provision of full bankingservices at Bank's two branches would enhancebanking competition in the area to some extentand, in the Board's opinion, the acquisition wouldnot have a materially adverse effect on the com-petitive position of other banks in the area con-cerned; nor would the control of Bank by Firstdeprive the public of adequate alternative sourcesof banking service.

Consideration of the facts in this case does notindicate that the proposed acquisition would ex-pand the size of the First system or the resourceswithin its control beyond limits consistent withadequate and sound banking, the public interest,and the preservation of competition in the fieldof banking.

It is the judgment of the Board, based on therelevant facts considered in the light of the gen-eral purposes of the Act and the factors enumer-ated in Section 3(c) thereof, that the proposedacquisition would be consistent with the statutoryobjectives and the public interest, and that theapplication should be approved.

Order Under Section 4(c)(6)of Bank Holding Company Act

The Board of Governors of the Federal ReserveSystem has issued an Order approving a requestby a bank holding company for a determinationunder Section 4(c) (6) of the Bank Holding Com-pany Act of 1956 that a subsidiary corporation isexempt from the prohibitions of Section 4 of theAct. The Board's Order and accompanying State-ment, together with the Report and RecommendedDecision of the Hearing Examiner, read as follows:

ST. JOSEPH AGENCY, INC.In the Matter of the Request of St. Joseph Agency,Inc. for determination under Section 4(c)(6) ofthe Bank Holding Company Act of 1956, in re-

gard to the proposed interest in St. Joseph Insur-ance Agency, Inc. Docket No. BHC-57.

ORDER

The St. Joseph Agency, Inc., South Bend, Indi-ana, a bank holding company within the meaningof Section 2(a) of the Bank Holding CompanyAct of 1956 (12 USC § 1841), has filed a requestfor a determination by the Board of Governors ofthe Federal Reserve System that a corporationwhich has been formed, St. Joseph InsuranceAgency, Inc., also of South Bend, Indiana, andits prospective activities, are of the kind describedin Section 4(c)(6) of the Act and Section222.5(b) of the Board's Regulation Y (12 CFR222.5(b)), so as to make it unnecessary for theprohibitions of Section 4 of the Act with respectto acquisition and retention of shares in nonbank-ing organizations to apply in order to carry outthe purposes of the Act.

A hearing having been held pursuant to Section4(c)(6) of the Act and in accordance with Sec-tions 222.5(b) and 222.7(a) of the Board's Regu-lation Y; a brief in support of its request havingbeen filed by St. Joseph Agency, Inc.; the HearingExaminer having filed on January 19, 1961, hisReport and Recommended Decision wherein herecommended that the request with respect to St.Joseph Insurance Agency, Inc., be approved; thetime for filing with the Board exceptions and briefto the recommended decision of the Hearing Ex-aminer having expired and no exceptions havingbeen filed; the Board having given due considera-tion to all relevant aspects of the matter; and allsuch steps having been taken in accordance withthe Board's Rules of Practice for Formal Hear-ings (12 CFR 263):

IT IS HEREBY ORDERED, for the reasons set forthin the accompanying Statement of the Board ofthis date, that St. Joseph Insurance Agency, Inc.,and its proposed activities are determined to beso closely related to the business of banking or ofmanaging or controlling banks as to be a properincident thereto and as to make it unnecessary forthe prohibitions of Section 4 of the Bank HoldingCompany Act of 1956 to apply in order to carryout the purposes of that Act, and, therefore, Ap-plicant's request with respect to St. Joseph Insur-ance Agency, Inc., shall be, and hereby is, grantedprovided that St. Joseph Insurance Agency, Inc.,shall engage only in the general insurance businessand in no other activity or activities; and provided


LAW DEPARTMENT 291

further that this determination shall be subject torevocation by the Board if the facts upon whichit is based should substantially change in such amanner as to make the reasons for such deter-mination no longer applicable.

Dated at Washington, D. C, this 9th day ofMarch, 1961.

By order of the Board of Governors.

Voting for this action: Governors Balderston, Szym-czak, Robertson, Shepardson, and King. Absent:Chairman Martin and Governor Mills.

(Signed) MERRITT SHERMAN,Secretary.

[SEAL]

STATEMENT

Background of the case. Under date of Sep-tember 30, 1960, the St. Joseph Agency, Inc.(hereafter sometimes called the "Applicant"), anIndiana corporation with its principal office andplace of business in South Bend, Indiana, and abank holding company as defined in Section 2(a)of the Bank Holding Company Act of 1956 (the"Act"), filed with the Board of Governors of theFederal Reserve System (the "Board") a requestfor a determination that the acquisition and re-tention of all of the shares of stock in a nonbank-ing subsidiary, the St. Joseph Insurance Agency,Inc. ("Insurance Agency"), and the proposed ac-tivities of that subsidiary, will be of such a natureas to be exempt from the prohibitions of Section4(a) of the Act.

Section 4(a) of the Act makes it unlawful,subject to certain exceptions, for a bank holdingcompany (1) to acquire direct or indirect owner-ship or control of voting shares of any companythat is not a bank, or (2) to retain direct or indi-rect ownership or control of voting shares of anysuch company after two years from date of enact-ment (May 9, 1956) of the Act. Insurance Agencyis a nonbanking company incorporated under thelaws of the State of Indiana on May 16, 1960, allof the stock of which Applicant proposes to ac-quire and retain.

The Applicant's proposed acquisition of stockof Insurance Agency escapes the prohibitions ofthe Act only if it falls within one of the exceptionsprovided by the Act. Section 4(c) (6) of the Actexcepts shares of a nonbanking company if tworequirements are met: (1) if all the activities ofthe company are of a financial, fiduciary, or in-

surance nature, and (2) if the Board determineson the basis of the record made at a hearing, thatall the activities of the company are so closelyrelated to the business of banking or of managingor controlling banks as to be a proper incidentthereto and as to make it unnecessary for theprohibitions of Section 4 to apply in order tocarry out the purposes of the Act.1 Section222.5(b) of the Board's Regulation Y, issued pur-suant to the Act, paraphrases the provisions of theAct, but requires that the activities of a companymust be closely related to the business of bankingor of managing or controlling banks "as conductedby such bank holding company or its bankingsubsidiaries."

As required by the Act a hearing on the Appli-cant's request was held at Chicago, Illinois, on No-vember 21, 1960, before a duly designated Hear-ing Examiner. Following the conclusion of thehearing, Applicant submitted proposed findings offact and conclusions of law. On January 19,1961, the Hearing Examiner filed with the Boardhis Report and Recommended Decision whereinhe recommended approval of the Applicant's re-quest.

The salient facts with respect to the insurancebusiness to be carried on by Insurance Agency areset forth hereafter in this Statement. Additionalfacts with respect to its activities are contained inthe Hearing Examiner's Report and RecommendedDecision attached hereto; and to the extent notinconsistent with this Statement, the findings offact made by the Hearing Examiner are herebyadopted.

In determining whether or not the pending re-quest should be granted, the Board has consideredsolely the facts embraced in the record of thehearing held in this matter. In addition, how-ever, the Board has considered arguments pre-

1 The relevant language of the Act is as follows:"Sec. 4(a) Except as otherwise provided in this Act, no bank

holding company shall—"(1) after the date of enactment of this Act acquire direct

or indirect ownership or control of any voting shares of anycompany which is not a bank, or

"(2) after two years from the date of enactment of this Act. . . retain direct or indirect ownership or conrol of any votingshares of any company which is not a bank or a bank holdingcompany. . . .

* * * • *"(c) The prohibitions of this section shall not apply—

* * * * *"(6) to shares of any company all the activities of which

are of a financial, fiduciary, or insurance nature and which theBoard after due notice and hearing, by order has determined tobe so closely related to the business of banking or of managingor controlling banks as to be a proper incident thereto and asto make it unnecessary for the prohibitions of this section toapply in order to carry out the purposes of this Act. . . ."



sented in the Applicant's proposed findings of factand conclusions of law, and the Hearing Exam-iner's Report and Recommended Decision. TheBoard's findings and conclusions are hereafter setforth.

Factual summary. St. Joseph Bank and TrustCompany ("Bank") is a State bank whose princi-pal office is located in South Bend, Indiana. Bankhas two branches, one north of the city of SouthBend, in the village of Roseland, and the other inthe southeastern part of the city, on Miami Street.Bank is third in size of five commercial banks inSouth Bend, a city whose population is approxi-mately 130,000.

Applicant's history can be traced to an insurancedepartment operated in connection with a prede-cessor of Bank, St. Joseph Loan and Trust Com-pany. The insurance department was incorpo-rated in 1935 and it is this corporation which isthe Applicant in the present proceedings. Appli-cant now owns 4,110-7/8 shares of the outstand-ing 25,000 shares of Bank, which was organizedin 1939. Applicant also owns a majority of the1,750 outstanding shares in the Hamlet State Bankof Hamlet, Indiana, and of the 2,500 outstandingshares of stock in Central State Bank of Lakeville,Lakeville, Indiana. All 25,000 shares of Appli-cant's stock are held in trust by Bank as Trusteefor its own shareholders, under a trust agreementdated January 21, 1944. Each share of stock inBank is endorsed to show that the share carriesa beneficial interest in the trust which holds thestock of Applicant. Accordingly, both Bank andApplicant are bank holding companies.

The Hearing Examiner states that:"The Applicant . . . engages in the business of sell-

ing all forms of casualty, fidelity, and liability insur-ance to the general public, but primarily to customersof the banks it is associated with and principally inconnection with bank loans. It does not sell life in-surance as such, but does sell what is known as creditlife insurance. . . ."

Applicant estimated that approximately 80 percent of the total premium volume on insurancewritten by it comes from customers of the asso-ciated banks and that the remainder comes fromsuch sources as former bank customers, or casualcustomers who walk in off the street. The Appli-cant does not solicit insurance business from thegeneral public. The estimated proportions aresupported by analysis of 28 accounts of the largestdepositors and best customers of Bank, which

shows that in 1958 these accounts produced 41per cent of the total net premiums of Applicant,and that in 1959 they produced 43 per cent ofthe same total. Similarly, it is estimated that 40to 50 per cent of the insurance required in con-nection with loans made by the instalment creditdepartments operated by Bank and by the CentralState Bank of Lakeville is supplied by Applicant.Applicant surveys all the insurance needs con-nected with loans by these departments and makesrecommendations based on the surveys. Appli-cant makes similar surveys in connection withmortgage loans by these two banks, and counselsall three of the banks generally in connection withtheir insurance needs. The banks do not requirethat insurance be purchased from Applicant inconnection with loans, and the Hearing Examinerfound that "many of the services of the Applicantare performed without the direct knowledge of thebank customers involved." These services appearto be rendered without charge. Applicant alsofurnishes the insurance on the property of thethree related banks and all their other direct needsfor insurance.

Operation of Applicant is closely connectedwith that of Bank. Applicant's office is locatedon the premises of Bank, the two companies shar-ing a common lobby and a common entrance.Applicant pays rent to Bank for the use of theoffice. The employees of Applicant are coveredby Bank's hospital, medical, and pension plans.Bank and Applicant have identical Boards of Di-rectors, and all officers of Applicant have an offi-cial connection with Bank. Some officers anddirectors of Applicant also interlock with someofficers and directors of the two other relatedbanks. While Applicant's employees are not alsoemployees of Bank, Bank's auditors handle theauditing of Applicant, and the general managerof Applicant is a member of the managementcommittee of Bank.

In the past, Applicant has engaged in certainactivities in addition to the writing of insurance.As found by the Hearing Examiner, these activitiesincluded "buying and selling real estate, and deal-ing in stocks and bonds" as well as making "loansof money to persons who could not qualify forbank loans," most of these loans having beenmade to employees of Bank. However, it appearsfrom the record that these other activities havesubstantially ceased, and Applicant indicates that


LAW DEPARTMENT 293

only the insurance activities will be transferred toInsurance Agency.

While no evidence was introduced at the hearingtending to show how prevalent is the practice inthe area of operating insurance agencies in con-nection with banks, the Hearing Examiner foundthat

"The Indiana laws do not prohibit the operation of aninsurance department by banks, and the evidenceshows that banks in the City of South Bend, otherthan those connected with the Applicant, have relatedinsurance businesses.

:': * *"This practice has continued in South Bend, In-

diana, without objection from the banking authoritiesfor some twenty-five years."

Preliminary requirement as to nature of activi-ties. Assuming that Insurance Agency will con-fine itself to selling insurance and counseling therelated banks on insurance matters, it appears thatthe preliminary requirement for exemption underSection 4(c)(6) of the Act will be met—that allthe activities of the company involved will be ofan insurance nature.

Relation to banking business. In addition tothe required finding discussed above, as to thenature of the company's existing or proposed busi-ness, the statute and the Board's Regulation Yalso require that the company's activities must bedetermined by the Board to be so "closely related"to the business of banking or of managing or con-trolling banks, as conducted by the Applicant orits banking subsidiaries, as to be a "proper inci-dent" to such business and as to make it unneces-sary for the prohibitions of Section 4 of the Actto apply in order to carry out the purposes ofthe Act. This determination is to be made onthe basis of all the relevant facts and circumstancesdisclosed at a hearing held in the case.

The weight which the Board believes should begiven various factors and circumstances was dis-cussed at length in its Statement in the First BankStock Corporation matter, 1959 Federal ReserveBULLETIN 917, 930-933. Applying the reasoningtherein set forth to the present case, it is theBoard's judgment that the direct connection whichthe record reflects between the proposed activitiesof Insurance Agency and the three related banks,when considered in the light of the physical, per-sonnel, and historical connection between thebanks and Applicant, is sufficiently established soas to satisfy the statute's requirement as to close

relationship. Insofar as Applicant's insurance ac-tivities are related to the business of banking asconducted by Applicant's banking subsidiaries,Hamlet State Bank and Central State Bank ofLakeville, that relationship would appear to meetthe requirements of Section 221.5(b) of Regula-tion Y. While this portion of Applicant's insur-ance activities, taken alone, might not constituteenough of the whole to justify a favorable deter-mination, it is believed that in view of the purposeof the regulation and of the statute, the relation-ship between insurance activities of Applicant andthe banking business of Bank, the parent holdingcompany, may also be taken into considerationand that the total relationship substantially sup-ports a favorable determination.

Closeness and propriety of relationship. On thebasis of the record and particularly the facts here-tofore stated, it is the Board's view that the activi-ties of Insurance Agency will bear a direct andsubstantial relationship to the business of the threebanks which are related to Applicant. For thereasons set forth in the Board's Statement in theFirst Bank Stock Corporation matter, cited above,and incorporated herein, the Board believes thatthe relation of Insurance Agency's activities to thebusiness of Bank, the parent holding company,and of Hamlet State Bank and Central State Bankof Lakeville, Applicant's subsidiaries, will not beinconsistent with the purposes of the Act.

Conclusion. After considering historical, physi-cal, and personnel relationships between Applicantand Bank and Applicant's other two banking sub-sidiaries; the extent of direct connection betweenthe proposed activities of Insurance Agency andthe activities of those three related banks; thedegree to which common customers will be en-joyed by both; the fact that banks are permittedby Indiana law to conduct an insurance business,and that bank-related insurance agencies haveexisted in the South Bend area for more thantwenty-five years without objection from Statebank supervisory authorities; the Board concludesthat the activities of Insurance Agency will be soclosely related to the business of banking as con-ducted by St. Joseph Bank and Trust Company,Hamlet State Bank, and Central State Bank ofLakeville as to be a proper incident thereto andas to make it unnecessary for the prohibitions ofSection 4 of the Act to apply in order to carryout the purposes of the Act.



The other activities of Applicant present a dif-ferent question. The Board has held in Applica-tion of Otto Bremer Company, 1959 Federal Re-serve BULLETIN 892, 894-896, 898-901, that themaking of loans under circumstances similar tothose described in this record, and the buying andselling of real estate, are not sufficiently "closelyrelated" to the business of banking so as to bequalified for exemption from divestiture, and fur-ther, that the nature of these activities precludesa finding that they are a "proper incident" to thatbusiness. The present record presents no factswarranting a different holding here.

Accordingly, it is the Board's judgment that therequested exemption with respect to the St. JosephInsurance Agency, Inc., should be granted on thecondition that it engage only in insurance activi-ties of the kind carried on by Applicant, as de-scribed above; and IT IS SO ORDERED.

As indicated in the Board's Order, its approvalof this request is based solely on the facts disclosedby the record; and if the facts should substantiallychange in the future in such manner as to makethe reasons for the Board's conclusion no longerapplicable, the statutory exemption resulting fromthe Board's present determination would, ofcourse, cease to obtain.

REPORT AND RECOMMENDED DECISION

STATEMENT OF THE CASE

Under date of September 30, 1960, St. JosephAgency, Inc., herein Applicant, filed with the Board ofGovernors of the Federal Reserve System, hereinBoard, application requesting determination of theBoard, pursuant to Section 4(c)(6) of the Bank Hold-ing Company Act of 1956 (70 Stat. 133), herein theAct, that shares of stock which the Applicant proposesto acquire in a certain nonbanking company incor-porated under the laws of the State of Indiana, knownas St. Joseph Insurance Agency, Inc., of South Bend,Indiana, are exempt from the prohibitions of Sections4(a) ( l ) and 4(a)(2) of the Act.

On November 2, 1960, notice of request for deter-mination pursuant to Section 4(c)(6) and an orderfor a hearing thereon was entered, the same beingpublished in 25 Federal Register 10714, November 9,1960. In accordance therewith, a hearing was held inChicago, Illinois, on November 21, 1960, before theundersigned Hearing Examiner who was duly desig-nated and assigned to hear such. The Applicant andthe Board, the latter in a nonadversary capacity, wererepresented at the hearing by counsel and were af-forded full opportunity to be heard—to examinewitnesses and to introduce exhibits into the record.

On December 22, 1960, an Order was entered clos-ing the hearing, and counsel were allowed 15 daysthereafter to file proposed findings of fact, conclusions

of law, and briefs. Counsel for the Board, havingappeared in a nonadversary capacity, neither favoringnor opposing the application, but assisting merely inthe development of pertinent information whether thesame tended to support or oppose the application,made no such filing; however, counsel for the Appli-cant, within the time allowed, submitted proposedfindings of fact and conclusions of law. The Appli-cant filed no brief within the time allowed for such,but thereafter, by special permission of the Board, abrief of the Applicant was received. To the extentconsistent with the findings of fact and conclusionsof law made below, the same are accepted.

Upon the entire record in the proceeding, givingconsideration to the contentions of all parties of rec-ord, and those of their counsel, and from my ownobservations of the witnesses, the oral testimony, andthe exhibits, I make the following

FINDINGS OF FACT

I. Introduction

1. The particular sections of the Act pertinentherein are as follows:

"Sec. 4. (a) Except as otherwise provided in thisAct, no bank holding company shall—

" (1) after the date of enactment of this Act acquiredirect or indirect ownership or control of any votingshares of any company which is not a bank, or

"(2) . . . retain direct or indirect ownership orcontrol of any voting shares of any company whichis not a bank or a bank holding company or engagein any business other than that of banking or of man-aging or controlling banks or of furnishing servicesto or performing services for any bank of which itowns or controls 25 per centum or more of the votingshares.

* * *"(c) The prohibitions in this section shall not ap-

ply—* * *

"(6) to shares of any company all the activities ofwhich are of a financial, fiduciary, or insurancenature and which the Board after due notice and hear-ing, and on the basis of the record made at suchhearing, by Order has determined to be so closelyrelated to the business of banking or of managing orcontrolling banks as to be a proper incident theretoand as to make it unnecessary for the prohibitions ofthis section to apply in order to carry out the purposesof this Act;"

2. Acting under the provisions of Section 4(c)(6)of the Act, the Applicant has applied to the Boardseeking a determination that the insurance activitieswhich are now carried on by the Applicant, and thosesame activities when in the future are carried on bySt. Joseph Insurance Agency, Inc. as a subsidiarycorporation of the Applicant, are of a financial, fidu-ciary, or insurance nature and are so closely relatedto the business of banking or of managing or con-trolling banks as to be a proper incident thereto, andso as to make it unnecessary for the prohibitions ofSection 4 of the Act to apply in order to carry outthe purposes of the statute.


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II. St. Joseph Agency, Inc.

1. The St. Joseph Agency, Inc., the Applicant, is anIndiana Corporation with its principal office locatedin the City of South Bend of that State. It is a bankholding company within the meaning of Section 2(a)of the Act and has duly registered with the Board assuch. It was organized in August of 1935 as a generalcasualty and fidelity insurance, and the backgroundof its founding and the manner in which it becamea bank holding company are explained as follows:

a. Prior to 1935, a banking institution in the Cityof South Bend, known as the St. Joseph Loan andTrust Company, had an insurance business as a de-partment of the bank. It became apparent that theinsurance department was creating problems withcertain customers and depositors of the bank whowere connected with other insurance concerns, andit was also realized that there were limitations on thedepartment as a part of the bank when it came towriting insurance on the bank's own property, andfor these reasons it was deemed advisable to form aseparate corporation to carry on the insurance busi-ness. The Applicant was then formed and the in-surance business was transferred to it, its stock beingheld in trust by various officers and directors of theSt. Joseph Loan and Trust Company for the stock-holders of said bank.

b. The St. Joseph Loan and Trust Company hadbeen closed during the bank holiday of 1933 but hadbeen allowed to reopen, on a limited basis underrules and regulations in effect at that time, until cer-tain Class A debentures to the Reconstruction FinanceCorporation and Class B debentures to its own de-positors were sold. In 1938, the Department of Fi-nancial Institutions for the State of Indiana com-pleted the liquidation of this bank, and that of anallied bank known as the St. Joseph County SavingsBank, and the acceptable assets of the two bankswere transferred to a new bank which had been or-ganized and began business during the year 1939, thesame becoming the St. Joseph Bank and Trust Com-pany. The liquidation and the changes in the banksdid not affect the operation of the insurance businessof the Applicant.

c. When the St. Joseph Bank and Trust Companywas organized, because of the difficulty in sellingsufficient stock to complete its organization amongthe depositors and shareholders of its predecessorbanks, and since under its corporate powers the Appli-cant could acquire bank stock, its officers and direc-tors being likewise interested in the formation of thisnew bank, caused the Applicant to borrow moneythrough a Chicago bank and purchase 475 shares ofthe common capital stock, the number needed to com-plete the organization of the St. Joseph Bank andTrust Company. Since that time the Applicant haspurchased the stock of other shareholders who desiredto sell, and it now owns 4,110 Vs shares of the out-standing 25,000 shares.

d. In 1949 and 1950, the Applicant purchased thecontrolling interest in the Hamlet State Bank of Ham-let, Indiana. It has owned and controlled the majorityof such common capital stock since that date, andnow has 910 shares which is 52 per cent of the out-standing 1,750 shares.

e. Prior to 1956, there was a branch of the St.Joseph Bank and Trust Company located in the townof Lakeville, Indiana, approximately eight miles south

of the City of South Bend. Because said branch wascontrolled by the rules of the South Bend ClearingHouse of Banks, and its interest rates on savings andhours of business were not in keeping with the needsof the people of this rural community, and in orderto provide banking services more in keeping with suchneeds, the bank was closed and reestablished under aseparate corporation known as the Central State Bankof Lakeville. The Applicant acquired and now owns1,300 shares of the outstanding 2,500 shares of stockin this bank, this being 52 per cent thereof.

f. It was through the above set forth processes andprocedures that the Applicant became a bank holdingcompany.

2. In order for the Applicant to vote the shares ofstock it owns in the Hamlet State Bank and the Cen-tral State Bank of Lakeville, it must obtain a votingpermit each year from the Department of FinancialInstitutions for the State of Indiana.

3. The Applicant's common capital stock consistsof 25,000 shares with a par value of $5.00 per share,all of which are held in trust by the St. Joseph Bankand Trust Company, as Trustee for its own share-holders, pursuant to a trust agreement dated January21, 1944. Each share of stock of this bank bears thewording that it also carries a beneficial interest in thetrust holding the stock of the Applicant, and a saleof a share of bank stock automatically carries withit the beneficial interest in the trust. The shares ofbank stock and the beneficial interest in the trust arenot divisible and cannot be sold separately.

4. The Applicant's office is located on the premisesof the St. Joseph Bank and Trust Company, and infact the two companies share a common lobby anda common entrance, and the Applicant has alwaysoperated from the premises of such bank or its pre-decessor banks. The entrance to the Applicant's placeof business in the common lobby with the bank isdesignated by a sign "Insurance Department."

5. The Board of Directors of the St. Joseph Bankand Trust Company constitute the Board of Direc-tors of the Applicant, and all the officers of the Appli-cant, past and present, have had or now have someofficial connection with such bank. Likewise, thereis an interlocking of certain officers and directors ofboth the Applicant and said bank with the officersand directors of Hamlet State Bank and the CentralState Bank of Lakeville. The result is that all theseconcerns follow the same general direction andpolicies.

6. The employees of the Applicant are eligible forand are members of the St. Joseph Bank and TrustCompany employees' hospital, medical and pensionplan. The Applicant handles the collection of itsemployees' contributions to such, and also contributesits share of these costs to said bank.

7. Although the Applicant and the St. Joseph Bankand Trust Company occupy common quarters theydo not observe the same business hours, the Appli-cant being open on business weekdays until 5 p.m.,while the bank observes the banking hours in effectfor the City of South Bend. The Applicant has fiveemployees on its payroll which it maintains separateand apart from the bank, however, the bank's audi-tors do the auditing for the Applicant. The generalmanager of the Applicant is a member of the man-agement committee of the bank, and as such he meetsin a weekly conference with bank officers for discus-sion of management problems. The Applicant pays



rent to the St. Joseph Bank and Trust Company forthe space it occupies in the bank building, but makesno charges for the services it renders to such bankthe like of which as will hereinafter appear.

III. St. Joseph Bank and Trust Company

1. The St. Joseph Bank and Trust Company, here-inafter sometimes called the Bank, is a bank holdingcompany under the provisions of the Act, the reasonfor such being because it holds all of the stock ofthe Applicant in trust for its own shareholders. It isengaged in the general banking business, operates atrust department, and makes all types of bank loansincluding instalment loans. The Bank has some30,000 loan and deposit accounts at the present time,and had approximately $34,600,000 on deposit andapproximately $12,200,000 in loans as of December31, 1959.

2. The Bank has two branches; one north of theCity of South Bend in the Village of Roseland, andthe other in the southeastern part of the City onMiami Street. In addition to the Bank, there arethree other downtown banks in South Bend and onelocated in the outlying section of the City—the Bankis third in size of the five banks. The population ofSouth Bend is approximately 130,000.

3. When the Miami Street branch of the Bank wasestablished, the quarters for the same were obtainedunder lease from the Applicant, and when the samewere enlarged, in August of 1953, the Applicant fur-nished the funds for such. The reason for the Appli-cant providing such quarters and funds for theexpansion thereof was because the directors of theBank, being likewise directors of the Applicant, didnot think the Bank was in position to add to its fixedassets at that time. The same reasoning had occurredearlier, when in June 1953 the Bank had added toits main establishment by constructing a drive-infacility on property the Applicant leased from theowner.

4. The Bank receives all the dividends declared bythe Applicant and distributes the same to its ownshareholders, since it holds all stock of the Applicantin trust for its shareholders. This is helpful to theBank in promoting good relations with its stockholdersbecause some years the Bank has been unable to payother than a modest dividend, and by adding thedividends from the Applicant to such, the Bank'sstockholders have received a total return sufficient tokeep them happy.

IV. The Insurance Business of the Applicantand Its Services to Allied Banks

1. The Applicant, having general authorizationfrom the State of Indiana for such, engages in thebusiness of selling all forms of casualty, fidelity, andliability insurance to the general public, but primarilyto customers of the banks it is associated with andprincipally in connection with bank loans. It does notsell life insurance as such, but does sell what is knownas credit life insurance which insures the life of aborrower from one of the banks on a reducing termbasis where the remaining unpaid balance on a loanis insured during the existence of the loan in case ofthe borrower's death. In insurance parley this is notconsidered life insurance.

2. The Applicant through its employees, some ofwhom have become experts in the field of insurance,serves as an insurance counsellor to the Bank andits allied banks—the Hamlet State Bank, and theCentral State Bank of Lakeville. Such services havebecome so important to these banks that their officersconsider them on a par with services of their attorneyson legal matters. The Applicant has maintained sucha relationship with its related banks since they werefounded, and since it was founded to serve the needsof the predecessor bank, the now extinct St. JosephLoan and Trust Company.

3. The Applicant furnishes the insurance on theproperty of these related banks, and all their otherdirect needs for insurance such as Bankers' BlanketBonds and Liability Insurance policies. It also pro-vides insurance information, insurance surveys, andwrites insurance for customers of the three bankswhen needed in connection with bank loans.

4. Whether or not it writes the insurance, theApplicant surveys all the insurance needs in connec-tion with loans from the mortgage loan departmentsof the St. Joseph Bank and Trust Company, and theCentral State Bank of Lakeville. Its surveys are madeat the inception of the loans, and followed throughon renewals of the policies during the life of theloans. It also makes recommendations to the loancustomer for his individual protection.

5. The St. Joseph Bank and Trust Company, andthe Central State Bank of Lakeville operate instal-ment credit departments, and varied insurance re-quirements are needed in connection with loans fromsuch departments. The Applicant surveys all theseneeds, and makes recommendations with respectthereto. It writes the insurance in connection withfrom 40 to 50 per cent of these loans.

6. The Applicant consults with the officers andemployees of the trust department of the St. JosephBank and Trust Company in connection with theextent and coverage of insurance on all the trustand agency accounts therein. It surveys the insuranceneeds in connection with these accounts, and advisesthe department with respect thereto.

7. The Applicant makes no requirement that neededinsurance be purchased from it because of its servicesto the banks or their customers, neither do the banksrequire their depositors or loan customers to buyinsurance of the Applicant. Many of the services ofthe Applicant are performed without the direct knowl-edge of the bank customers involved.

8. An example of the Applicant's services to thebanks is that of its counseling with the instalmentcredit department on mobile home loans. Such loansusually will be for long terms, and the Bank is vitallyinterested in its complete insurance protection for theentire life of the loan, it also desires to have its cus-tomer fully protected, and for these reasons it seeksthe Applicant's advice on the form insurance policiesneeded, the proper coverage, the loss payable clauses,and term of duration of the policies. The services ofthe Applicant also come into play on the adjustmentsof such claims as may occur. No charge is madeto the Bank's customer for such service, and he isnot required to purchase his insurance from theApplicant.

9. Of the total premium volume on insurance writ-ten by the Applicant, approximately 80 per cent isderived from customers of its associated banks. The


LAW DEPARTMENT 297

remaining premium volume comes from such non-banking sources as policyholders who were formerbank customers, or just people who walk in from thestreets. The Applicant has no general outside sales-man, and it does not solicit insurance business fromthe general public by mail, advertising, or in anyother manner. When policies are about to expire,the Applicant sends a notice to the policyholdercalling the expiration date to his attention at leastthirty days in advance of the same. Regardless ofthis method of doing business, however, and to someextent the Applicant does solicit insurance businessfrom the customers of its allied banks. The extraservices it provides, and the efforts it makes to keepall those concerned abreast of their insurance needsis a form of a bid for business. The banks makepersonal solicitations for new accounts, and the Appli-cant's employees accompany bank employees onsuch calls to explain the insurance requirements andits services in regard thereto. These calls do resultin new business for the banks and the Applicant.When bank loans have been liquidated, often theinsurance on the property involved is left with theApplicant. The banks, however, never require theirloan customers to place the needed insurance withthe Applicant as a prerequisite to obtaining a loan.

10. No cross-reference record is made between theaccounts of the Applicant and those of its allied banks,and there is no way to ascertain how many of theApplicant's insurance customers are also customersof one of the banks, except by checking the recordsfor each separate account of the Applicant against therecords of all the accounts of the banks. The onlyevidence offered concerning such was the estimationsof certain witnesses. The Applicant has between2.500 and 3,000 insurance accounts, and a survey of28 of these was made for the years 1958 and 1959.These accounts are of some of the largest depositorsand best customers of the St. Joseph Bank and TrustCompany. It shows that

For 1958: Out of Applicant's total net premiumsamounting to $249,533.33, these 28 accounts produced41 per cent of the total, or $102,424.80.

For 1959: Out of Applicant's total net premiumsamounting to $251,420.12, these 28 accounts produced43 per cent of the total, or $108,434.94.

11. The Applicant is not a real estate broker, butit has purchased considerable real property, muchof which was to aid the banks in securing adequatespace. The Applicant is often a bidder on propertywhich the banks must foreclose because of default inthe payment of loans secured by the same.

12. Over the years, the Applicant has purchasedstock in the St. Joseph Bank and Trust Company, fromshareholders who desired to sell such, and in thismanner it has afforded a market for such stock. Attimes the Applicant has made loans of money to per-sons who could not qualify for bank loans—most ofthese incidents have been for employees of the Bank.

13. The officers and employees of the Applicantdevote the major portion of their time (estimated at95 per cent of such) in answering the requests of,and servicing the needed insurance policies of cus-tomers of its allied banks, including the furnishingof insurance information, insurance surveys, andwriting the policies.

V. St. Joseph Insurance Agency, Inc.

1. The St. Joseph Insurance Agency, Inc., some-times hereinafter referred to as the Agency, wasincorporated under the laws of the State of Indianaon May 16, 1960. Its principal office and place ofbusiness is located in the City of South Bend, Stateof Indiana.

2. The total authorized capital stock of the Agencyis divided into 12,500 shares without par value, butno certificates have yet been issued. If the Boarddetermines that the acquiring and holding of suchstock by the Applicant is exempt from the prohibitionsof Section 4 of the Act, under the provisions of Sec-tion 4(c)(6) of the Act, and as herein applied for,the Applicant proposes to acquire and hold all of suchshares and to transfer and convey all of its presentinsurance business, including the goodwill, accountsreceivable, assets and liabilities pertaining to such,to the Agency in exchange for said stock. The em-ployees of the Applicant who work in connection withits present insurance business will become employeesof the Agency, and the Agency will perform all theservices of an insurance nature, now being performedby the Applicant, to the same banks, the customersof these banks, and to the general public. Thereafterthe Applicant will cease to be in the insurance busi-ness, will have nothing to do with the same, and willbecome a bank holding company only.

3. The purposes for which the Agency is incor-porated, as contained in its Articles of Incorporationare:

"(a) To maintain and operate an agency for thepurpose of writing all forms of insurance, except lifeinsurance, including liability, casualty, credit life in-surance, and fidelity and surety bonds; to conductand carry on the business of writing as agent of allforms of insurance, except life insurance, includingliability, casualty, credit life insurance and fidelityand surety bonds; the owning, buying and selling ofbonds, stocks and real estate, the leasing of real estateand the performance of all matters incident thereto.

"(b) To acquire, hold or own real estate andequipment necessary to the successful accomplish-ment of the said business.

"(c) To buy, purchase or otherwise acquire andto hold, cancel, retire, reissue or otherwise dispose ofthe shares of the common capital stock, bonds, deben-tures, notes and other obligations of the corporationfrom time to time, to such extent, at such price, andin such manner and upon such terms as the Boardof Directors of this corporation shall from time totime determine.

"(d) To guarantee payment of promissory notes,bills of exchange or other evidences of indebtedness.

"(e) To carry on, engage in or conduct any busi-ness or businesses or do any act which a naturalperson or persons might do and which are necessary,convenient or expedient to accomplish the purposesfor which this corporation is formed and such as arenot repugnant to law."

4. The Agency does not propose to conduct anybusiness, or engage in activities except that pertainingto the conduct of a general insurance business.

5. It is legal under the laws of the State of Indianafor State banks to have an affiliated insurance busi-ness, and some banks in the City of South Bend,other than the banks involved herein, do have affiliatedagencies.



DISCUSSION OF THE CASE

The application under consideration herein is inthe nature of a request for determination by theBoard that the prohibitions of Section 4 of the Actshall not apply to the acquisition and retention, bythe Applicant, a bank holding company, of all thestock in a nonbanking corporation which has beenincorporated and authorized to begin business, butwhich has yet to be finally organized and imple-mented. The Applicant, in addition to being a bankholding company, is engaged in other activities whichare of a nonbanking nature, including that of a gen-eral insurance business. It proposes to transfer andconvey all of its insurance business to this newlycreated nonbanking corporation in exchange for thestock when, and if, the Board determines that theprohibitions of Section 4 of the Act do not applyagainst its acquiring or retaining such. Since thenonbanking concern has yet to function as an activebusiness, the subject of this inquiry is the activitiesit proposes to carry on, and these activities must bejudged by the way they have heretofore been carriedon in the hands of the Applicant, and as if they werepresently being carried on by St. Joseph InsuranceAgency, Inc. The Board has held that such con-sideration is appropriate, saying in First Bank StockCorporation, Federal Reserve BULLETIN, August 1959,at page 928—

"While the language of Section 4(c)(6) is couchedin the present tense, it does not, in the Board's opin-ion, preclude consideration of a request for exemptionwith respect to a corporation in which the Applicantproposes to acquire stock where, as here, the natureof the activities to be carried on by that corporationis susceptible of determination. . . . Accordingly, itis appropriate to consider the present request asthough all such activities were presently being car-ried on by Agencies, Inc. . . ."

The Applicant was originally founded for the pur-pose of taking over the insurance business of a bank.This bank was then in process of being liquidatedand after a few years its assets were transferred to anewly organized bank. Meanwhile, the Applicantseems to have prospered, and by reason of such wasable to borrow money and purchase a large numberof shares in the new bank. Later it was able to ac-quire the controlling interest in two other banks, andit became a bank holding company. Over the yearsthe Applicant has developed a large insurance busi-ness, and it has also engaged in other activities suchas buying and selling real estate, and dealing in stocksand bonds. The evidence does not fully disclose allof the activities the Applicant has engaged in, or howsuch activities, other than insurance, relate to thebanks it is associated with, but it is apparent that thesaid banks have used the Applicant for many andvaried purposes. On the basis of the record herein,some of the activities of the Applicant could not beheld to be so closely related to the business of bankingor of managing or controlling banks as to be a properincident thereto, but it does not propose to transferthese activities to the St. Joseph Insurance Agency,Inc., or rather the said Agency proposes only to carryon the activity of engaging in the general insurancebusiness free of all other activities.

The Board has made clear in a number of proceed-ings under Section 4(c) (6) of the Act that the primarypurpose of the Act is to remove sources of evil, and

particularly those that may be said to arise from, orbe accentuated by the operation of bank holding com-panies. The operation of an insurance business inclose relation with the banking business of an alliedbank, when the same has been found to be a properincident to banking, has been approved by the Boardas being properly exempt from the prohibitions ofSection 4 of the Act in many cases. So it is well-established that such is not evil, or a source of evil;but to deal in real estate and traffic in stocks andbonds might be, and the purposes for which the St.Joseph Insurance Agency, Inc., is incorporated arebroad enough to include such—in fact, broad enoughto include almost any activity. The proposal is, how-ever, to engage only in insurance activities on thesame basis as the Applicant conducted its insurancebusiness, and it is on such basis that this applicationis considered.

In order for the holding of stock in a nonbankingcorporation to be exempt from the prohibitions ofSection 4, under the provisions of Section 4(c)(6), apreliminary requirement is that all the activities mustbe of a financial, fiduciary, or insurance nature. Thewriting of all types of insurance and the servicing ofthe policies by keeping up with expiration dates, noti-fying policyholders concerning such, seeing that ade-quate coverage exists, and that proper loss payableclauses are attached, are all activities of an insurancenature. The insurance business of concern herein hasincluded all these activities, and the St. Joseph Insur-ance Agency, Inc., proposes to continue them. It alsoplans to furnish a counselling service on insurancematters to the banks with which it will be allied,similar to that which has been carried on by the Appli-cant. This service all deals with insurance mattersand insurance problems, and is considered as being ofgreat importance by the banks. They place its valueon a par with the services of attorneys on legal mat-ters. The insurance business has prospered in thehands of the Applicant; in 1959 its net premiumswere $251,420, and the inference is clear that thegood service it has rendered the banks, and its cus-tomers, plays no small part in its success. There isevery reason to believe this good service will continuewhen the St. Joseph Insurance Agency takes over thebusiness, and that it too will prosper. These are theonly activities the Agency will engage in, and sincethey all are of an insurance nature, the preliminaryrequirement for exemption under Section 4(c)(6) ofthe Act is satisfied. In Re Otto Bremer Company,Federal Reserve BULLETIN, August 1959, at page 896.

The preliminary requirement having been met, itmust now be determined if the insurance activitiesare so closely related to the business of banking orof managing and controlling the involved banks asto be a proper incident thereto, and so as to make itunnecessary for the prohibitions of Section 4 of theAct to apply in order to carry out the purposes of theAct. This determination must be made on the factsof the case, and there is no fixed standard for makingsuch as each case must be judged on its own merits.In discussing the method of making this determinationthe Board stated in First Bank Stock Corporation,supra, at page 930:

"The law prescribes no specific standards to guidethe Board in making such determinations; it does not,for example, require that a majority or even a sub-stantial part of the business of the company involvedbe directly connected with transactions of subsidiarybanks. In effect, it leaves the determination to be


LAW DEPARTMENT 299

made by the Board on the basis of the record of thehearing held in each case. As stated by the SenateBanking and Currency Committee's Report on theHolding Company Act, it was deemed advisable 'toprovide a forum before an appropriate Federal au-thority in which decisions concerning the relationshipor such activities to banking can be determined ineach cast on its merits'."

In the case just referred to above, the Board recog-nizes its responsibility to "consider all of the relevantfacts and circumstances," and it points out that bothFederal and State laws "implicitly recognize that in-surance has some general relation to the business ofbanking." The Indiana laws do not prohibit the oper-ation of an insurance department by banks, and theevidence shows that banks in the City of South Bend,other than those connected with the Applicant, haverelated insurance businesses.

There is no question as to the need of insurance inconnection with bank loans, trust agreements, andmany other banking services offered by banks. Allbanks need good insurance services readily availableto them and their customers, but it is common knowl-edge that almost any community has insurance agen-cies which offer all types of insurance and will performall of the services necessary and incidental thereto.So it cannot be said that having an insurance agencyconnected with a bank is a matter of necessity, andmany banks survive without such. On the other hand,an insurance agency connected with a bank can be aproper incident thereto if it is closely related to thebusiness of banking. In this case the insurance agencyis very closely related to the banking carried on. Itsservices are used in every transaction calling for in-surance whether it writes the policy or not, and infact the insurance services of this Agency properlyand naturally appertain to the banking done at itsallied banks, a test which the Board has applied whendealing with this question.

The Board has dealt with many cases involving in-surance activities, and examination of these casesbrings to light some of the important factors that theBoard has relied upon to determine whether or notthe prohibitions of Section 4 should apply. The fol-lowing questions are based upon the Board's actionsin a number of such cases, and are answered in ac-cordance with the evidence herein:

(1) Is it the general practice in the area for suchbanks to have a related insurance agency?

The evidence herein is not specific on this question.Nothing is shown concerning the insurance activitiesof the banks generally in the State of Indiana, or inany particular area of said State; however, the evi-dence does show that in the City of South Bend somebanks, other than those involved herein, have relatedinsurance businesses.

(2) Has the practice been in existence for sometime?

As for the Applicant, it has existed since 1935. Forthe banks involved, it has existed since their forma-tion, and there is evidence that it existed with theirpredecessor banks for a long while prior thereto.There is no evidence as to how long it may haveexisted with other South Bend banks.

(3) What is the physical relationship of the insur-ance agency to the Bank; that is, does it operate outof banking quarters?

This Agency is located just off the main lobby ofthe principal bank involved, and operates out of thebanking quarters.

(4) Do Bank employees also operate the insuranceagency?

The answer to this question is "no" from the stand-point of employees. The insurance business is toobig for Bank employees to carry on its operation ona part-time basis. It has its own independent staff.Its officers and directors, however, are all connectedwith the involved banks, and its general-manager is amember of the banks' policy committee. The businessof the insurance company is so related to the involvedbanks that there is almost constant consultation be-tween the two.

(5) Is the operation of the insurance agency inti-mately related to the operation of the Bank?

The evidence herein shows such to be the case.Each department of the banks relies upon the Agencyfor insurance information, advice, insurance surveys,and for other related insurance services. The banksconsider these services as important as the legal serv-ices of their attorneys.

(6) Is a substantial part of the business of theAgency done with Bank customers?

The evidence shows approximately 80 percent ofthe insurance policyholders are Bank customers. In1959, twenty-eight Bank customers furnished 43 percent of the volume of the net premiums.

(7) Is the maintenance of the Agency deemed ofbenefit to the Bank's operation?

The evidence shows it to be of great benefit andimportance.

(8) Are the Bank's customers required to obtaintheir insurance needs through the Agency, or do theydo so voluntarily?

There is no requirement that Bank customers pur-chase insurance from the Agency, and the evidenceis that the Agency counsels the banks on insurancematters in connection with Bank transactions whetherthe insurance is purchased from the Agency or not.

(9) Have the banking authorities in the area per-mitted the practice to continue without objection?

This practice has continued in South Bend, Indiana,without objection from the banking authorities forsome twenty-five years.

(10) Is the relationship between insurance agenciesand banks peculiar to banks in holding companygroups in the area, or is it prevalent also among non-holding company banks in the area?

The evidence herein does not deal with this ques-tion.

As indicated from the above, the answers to theabove questions are favorable to the application inthe majority of instances, but some of the questionscannot be answered satisfactorily. In other casesbefore the Board, it did not always find that everyone of these questions could be answered favorablyin a given case, yet where most of the questions couldbe answered favorably, it has found the prohibitionsof Section 4 of the Act did not apply. On this basis,the case at hand should be considered as meeting therequirement for exemption from such prohibitions.

Careful consideration of all the facts and circum-stances in this proceeding, in the light of the rulingof the Board in other cases of a similar nature, leadsto the conclusion that the insurance activities nowcarried on by the Applicant and contemplated to be



carried on by the St. Joseph Insurance Agency, Inc.,are of an insurance nature, and are so closely relatedto the business of banking, and managing and con-trolling the involved banks, as to be a proper incidentthereto, such as to make it unnecessary for the pro-hibitions of Section 4 of the Act to apply in orderto carry out the purposes of the Act.

Accordingly, upon the foregoing findings of factand in keeping with my opinion as expressed in theforegoing discussion of the case, I arrive at the follow-ing:

CONCLUSIONS OF LAW

The insurance activities for consideration herein1. Are all of an insurance nature;2. So closely related to the banking business of the

St. Joseph Bank and Trust Company, the Central StateBank of Lakeville, and the Hamlet State Bank, andthe managing and controlling of these banks, as to bea proper incident thereto;

3. It is unnecessary for the prohibitions of Section4 of the Act to apply in order to carry out the pur-poses of the Act; and

4. The application herein should be granted.

I therefore make the following

RECOMMENDATIONS

That the Board of Governors of the Federal Re-serve System—

1. Enter an order determining the issues in thisproceeding in accordance with the findings of factand conclusions of law made above.

2. Grant the application of the Applicant, St.Joseph Agency, Inc., and determine that shares ofstock to be issued to it in a corporation known asSt. Joseph Insurance Agency, Inc. are exempt fromthe prohibitions of Section 4 of the Bank HoldingCompany Act of 1956; but, provided that this de-termination be subject to revocation by the Board ifthe facts upon which it is made should substantiallychange so as to make the same no longer applicable.

Dated at Washington, D. C , this 19th day of Jan-uary, 1961.

(Signed) EDWARD H. MCMAHAN,

Hearing Examiner,


Current Events and Announcements

APPOINTMENTS OF PRESIDENTS AND FIRST VICE PRESIDENTS

The Board of Governors has approved appointment of the following Presidents and First VicePresidents at the Federal Reserve Banks for the five-year terms beginning March 1, 1961. Names inCAPITALS indicate new appointments; all other are reappointments. Brief biographical data on newappointees follow the list of appointments.

BankBostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Federal Reserve Bank of Boston

PresidentGEORGE H. ELLISAlfred HayesKarl R. BoppW. D. FultonEDWARD A. WAYNEMalcolm BryanCarl E. AllenDelos C. JohnsFrederick L. DemingGEORGE H. CLAYWatrous H. IronsELIOT J. SWAN

First Vice PresidentE. O. LathamWilliam F. TreiberRobert N. HilkertDonald S. ThompsonAUBREY N. HEFLINHarold T. PattersonC. J. ScanlonDarryl R. FrancisA. W. MillsHenry O. KoppangHarry A. ShufordH. E. HEMMINGS

GEORGE H. ELLIS graduated from the Uni-versity of Maine and holds M.A. and Ph.D. de-grees from Harvard University. During 1949-51,he was Assistant Professor of Economics and Busi-ness Administration at the University of Maine.Mr. Ellis entered the employ of the Boston Re-serve Bank in 1951, and has been Vice Presidentand Director of Research since 1957.

Federal Reserve Bank of Richmond

EDWARD A. WAYNE began his banking ca-reer in 1918 in Columbia, South Carolina. Hewas Chief Examiner for the South Carolina Boardof Bank Control from 1936 to 1940, and becameExecutive Secretary of the North Carolina StateBankers' Association in 1940. In 1943, Mr.Wayne joined the Reserve Bank as Vice Presidentin charge of the Bank Examination Departmentand was later assigned to the Bank Relations andPublic Information Department. He was namedFirst Vice President in 1953.

AUBREY N. HEFLIN is a graduate of theUniversity of Richmond and the Law School of

the University of Virginia. He has been a memberof the Bank's legal staff since 1941, and VicePresident and General Counsel since 1953.

Federal Reserve Bank of Kansas City

GEORGE H. CLAY holds A.B. and LL.B.degrees from the University of Missouri. Mr.Clay was a practicing attorney from 1934-44,serving with three different law firms. In 1944he became associated with Trans-World Airlineswhere, immediately prior to Reserve Bank em-ployment, he was a Vice President and chiefexecutive officer in Kansas City. He has beenwith the Federal Reserve Bank since Februrary1, 1958, as Vice President, General Counsel, andSecretary.

Federal Reserve Bank of San Francisco

ELIOT J. SWAN is a graduate of the Univer-sity of California. He also carried on graduatestudies at the University and served as teachingassistant, 1932-37. He was an Assistant Profes-sor at St. Mary's College, 1937-38, and a Lecturerin Economics at the University of California,

301



1938-41. In 1941 he joined the Federal Reserve eral Reserve Bank in 1927. He was transferredBank as a Research Assistant, was appointed anAssistant Vice President in 1950, and promotedto Vice President in 1954. He has served as FirstVice President since March 1956.

H. E. HEMMINGS was employed by the Fed-

to the Bank's Salt Lake City Branch as AssistantManager in 1947, returning to San Francisco asAssistant Cashier in 1950. He was appointedCashier in 1956, and promoted to Vice Presidentin 1959.

RETIREMENTS OF RESERVE BANK PRESIDENTS

The following Presidents of the Reserve Banksretired on February 28, 1961:

BankBostonRichmondKansas CitySan Francisco

PresidentJoseph A. EricksonHugh LeachH. G. LeedyH. N. Mangels

Joseph A. Erickson joined the Boston ReserveBank as President effective December 15, 1948.Before coming with the Reserve Bank, Mr. Erick-son had been Executive Vice President of theNational Shawmut Bank of Boston.

Hugh Leach has been associated with the Fed-eral Reserve Bank of Richmond since 1920. Dur-

ing his employment, Mr. Leach served in turnas General Auditor, Managing Director of theCharlotte Branch, Managing Director of the Balti-more Branch, and First Vice President. He hasbeen President of the Bank since 1936.

H. G. Leedy joined the Federal Reserve Bankof Kansas City in 1924 as Counsel. He was ap-pointed Vice President and General Counsel in1938, becoming President in 1941.

H. N. Mangels joined the San Francisco ReserveBank staff in 1916, and was appointed an AssistantCashier in 1920. He was promoted successivelyto Cashier, Vice President, and First Vice Presi-dent. Effective March 1, 1956, he was appointedPresident.

APPOINTMENT OF DIRECTOR

On February 9, 1961, the Federal Reserve Bankof Richmond appointed G. Harold Myrick, Lin-colnton, North Carolina, a director of its CharlotteBranch for the unexpired portion of a term endingDecember 31, 1962. Mr. Myrick is ExecutiveVice President of the First National Bank, Lin-colnton. As a director of the Charlotte Branch hesucceeds Charles D. Parker of Asheville, NorthCarolina, who resigned.

RESIGNATION OF DIRECTOR

Mr. Charles D. Parker, who had served as adirector of the Charlotte Branch of the FederalReserve Bank of Richmond since January 1, 1957,resigned effective February 9, 1961. Mr. Parkerwas formerly Vice Chairman of the Board andFirst Executive Vice President, First Union Na-tional Bank of North Carolina, Asheville.

CHANGES IN THE BOARD'S STAFF

Fred A. Nelson, Assistant Director, Division ofExaminations, retired March 1, 1961. Mr. Nelsonjoined the Board's staff in 1933 as a FederalReserve Examiner. He was appointed an AssistantSecretary in 1940, and Assistant Director of theDivision of Administrative Services when the Divi-sion was organized in 1944. He also served asDirector of the Division of Personnel Administra-tion for four years before returning to the Divisionof Examinations on October 30, 1950.

To succeed Mr. Nelson, the Board, effectiveMarch 1, 1961, appointed Brenton C. Leavitt anAssistant Director in the Division of Examina-tions. Prior to joining the Board's staff as aReview Examiner in 1955, Mr. Leavitt, a graduateof the University of Wyoming, was associated foreight years with the Wyoming State Banking De-partment and the Federal Reserve Bank of KansasCity.


CURRENT EVENTS AND ANNOUNCEMENTS 303

Arthur W. Marget, Director of the Board'sDivision of International Finance since the Divi-sion was established on July 1, 1950, resignedeffective March 26, 1961, to accept a position withthe International Cooperation Administration.

Mr. Marget, who prior to joining the Board'sstaff was Professor of Economics and Finance atthe University of Minnesota and held official posi-tions with U. S. Government agencies in Austriaand France, will reside in Guatemala, where hewill be responsible for maintaining liaison withthe Governments of Central America concerningthe work of Central American economic integra-tion.

PUBLICATION OF ANNUAL REPORT

The Forty-Seventh Annual Report of the Boardof Governors of the Federal Reserve System,covering operations for the calendar year 1960,is available for distribution. Copies may be ob-tained upon request from the Board's Division ofAdministrative Services, Washington 25, D. C.

FLOW-OF-FUNDS SUPPLEMENTARY TABLES

Supplement No. 4 of flow-of-funds and savingmaterial is now available for distribution. Thissupplement is a revision and extension of Supple-ment No. 1 previously distributed. It includesannual data for 1946-59 and quarterly data for1952-59 for Tables 2, 3, and 4 of the Flow-of-Funds/Saving presentation appearing quarterly inthe BULLETIN. Supplement No. 4 is statisticallyconsistent with the flow-of-funds tables in theAugust 1960 issue of the BULLETIN; it repeats the

annual and quarterly flow estimates published inthe August 1960 BULLETIN and, in addition, incor-porates corresponding revisions for time periodsprior to those covered in that issue.

Copies of Supplement No. 4 are being mailedto all those whose names are on the permanentmailing list for flow-of-funds supplementary ma-terials. Others who would like to receive copiesof No. 4 should address their requests to the Flowof Funds and Saving Section, Division of Researchand Statistics, Board of Governors of the FederalReserve System, Washington 25, D. C. In request-ing copies, please indicate if you would like to haveyour name placed on the permanent mailing list.

TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, ORQUARTERLY

Latest BULLETIN Reference

Annually Issue Page

Bank holding companies:List of, Dec. 31, 1959 June 1960 697Banking offices and deposits of group

banks, Dec. 31, 1959 July 1960 813Banking and monetary statistics, I960.. Feb. 1961 232-39Banks and branches, number of, by class

and State Apr. 1960 440-41Earnings and expenses:

Federal Reserve Banks Feb. 1961 228-29Member banks:

Calendar year May 1960 564-72First half of year Nov. 1960 1294Operating ratios July 1960 810-12

Insured commercial banks May 1960 573Stock Exchange firms, detailed debit and

credit balances Sept. 1960 1069

Sem [annually

Banking offices:Analysis of changes in number of Feb. 1961 230On, and not on, Federal Reserve Par

List, number of Feb. 1961 231

Quarterly

Flow of funds Jan. 1961 96-103Principal assets and liabilities of Federal

business-type activities Feb. 1961 240


National Summary of Business ConditionsReleased for publication March 16

Industrial production was unchanged in Feb-ruary. Nonagricultural employment declined,but the rate of unemployment remained at aboutthe December-January level. Retail sales ad-vanced. Commercial bank credit and the moneysupply increased. Between mid-February andmid-March, common stock prices rose, on bal-ance.

INDUSTRIAL PRODUCTION

Industrial production in February was 102 percent of the 1957 average, unchanged from Jan-uary. While production of materials declinedslightly further, output of final products wasmaintained. Among consumer goods, increasesin television sets, radios, and some applianceswere about offset by further decreases in autosand furniture. The decline in auto assemblieswas 6 per cent, compared with 20 per cent inJanuary; current production rates suggest someadditional decrease in March. Output of businessequipment, after declining 5 per cent from themid-1960 level, was maintained in February.

Iron and steel production increased furtherbut output of automotive parts, construction ma-terials, and some other durable materials con-

INDUSTRIAL PRODUCTION1957 = 100

NONDURABLEMANUFACTURES^

FINALPRODUCTS

/ MATERIALS

CONSUMERGOODS

J I L_

Federal Reserve indexes, seasonally adjusted. Monthlyures, latest shown are for February.

fig-

tinued to decline. Output of nondurable ma-terials was unchanged.

CONSTRUCTION

The value of new construction activity declinedslightly further in February to a seasonally ad-justed annual rate of $54.4 billion. While privateresidential construction continued to decrease,most other types of construction changed little.

EMPLOYMENT

Seasonally adjusted employment in nonfarmestablishments declined in February, with reduc-tions in manufacturing, mining, construction,transportation, and trade. State and local gov-ernment employment continued to rise. In man-ufacturing, layoffs were centered in automobilesand other durable goods lines. Average weeklyhours and earnings in manufacturing were un-changed. The seasonally adjusted unemploymentrate, at 6.8 per cent of the civilian labor force,was about the same as in December and January.

DISTRIBUTION

Following three months of decline, retail salesincreased slightly in February as sales at depart-ment and other general merchandise stores rosesubstantially. Sales of autos remained at the re-duced January rate. In February, as in January,dealers' stocks of autos changed little in contrastwith the usual seasonal increase.

COMMODITY PRICES

The wholesale commodity price index declinedslightly from early February to early March, re-flecting decreases in prices of foods, mainly meatand eggs. Prices of steel scrap and some othersensitive industrial materials advanced but pricesof most industrial commodities were stable.

BANK CREDIT AND RESERVES

Total commercial bank credit increased con-traseasonally in February. Loans expanded sub-stantially, mainly reflecting purchases of con-sumer instalment receivables from one large re-

304


NATIONAL SUMMARY OF BUSINESS CONDITIONS 305

tailer. Business and security loans rose mod-erately at city banks. Holdings of U. S. Gov-ernment securities declined less than usual andholdings of other securities continued to increase.The seasonally adjusted money supply, on a dailyaverage basis, rose further by $700 million.

Member bank borrowings from the FederalReserve averaged about $110 million and excessreserves $640 million over the four weeks endingMarch 8. Borrowings were higher and excessreserves were lower than in the preceding fourweeks. During the four weeks ending March 8,the gold stock declined further; the decrease,however, was considerably smaller than in otherrecent periods. Federal Reserve System holdingsof U. S. Government securities declined $70 mil-lion as a reduction in short-term securities wasoffset only in part by an increase in issues of

longer maturities. Required reserves declined,although less than they usually do in this period.

SECURITY MARKETS

From mid-February to mid-March, yields onTreasury securities showed some decrease onbalance. Yields on corporate bonds also de-clined while those on State and local govern-ment bonds increased. On March 15, the Treas-ury announced an advance refunding of fourissues maturing in 1962 and 1963. Holders willhave the option of exchanging up to $8 billionof outstanding securities for two new issues ma-turing in 1966 and 1967.

Common stock prices rose to new highs inearly March, then declined slightly. Trading ac-tivity has been heavy—averaging over 5 millionshares a day since mid-February.

RETAIL TRADE1947 - 49 = 100

RETAIL SALES DEPARTMENT STORES

INTEREST RATESPer cenf

L O N G - T E R M

GOVERNMENT SECURITIES ,

Federal Reserve indexes, seasonally adjusted; retail salesbased on Department of Commerce data. Monthly figures;latest for stocks is December, for other series, February.

Discount rate, range or level for all F. R. Banks. Weeklyaverage market yields for U. S. Government bonds maturingin 10 years or more and for 90-day Treasury bills. Latestfigures shown are for week ending March 10.


Financial and Business Statistics

* United States *

Member bank reserves, Reserve Bank credit, and related items. 308Reserve Bank discount rates; margin requirements; reserve requirements 312Federal Reserve Banks 313Currency in circulation, money supply; bank debits. . . 316All banks: consolidated statement of monetary system; deposits and currency 318All banks, by classes . . . 319Commercial banks, by classes. 322Weekly reporting member banks. 324Business loans 327

Interest rates 328Security prices; stock market credit; open market paper. 329Savings institutions 330Business finance 332Security issues 334Federal finance 335Federal business-type activities. 340Real estate credit 341Short- and intermediate-term consumer credit. , 344Industrial production . 348

Selected indexes on business activity. . 354Construction 354Employment and earnings. 356Department stores 358Foreign trade 359Wholesale and consumer prices 360National product and income series. . . . 362Flow of funds, saving, and investment. 364

Tables not published each month—list with latest BULLETIN reference. 303

Index to statistical tables.. 389

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 areUnited 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 bank-and the consumer credit estimates are derived ing and monetary tables, together with descrip-from regular reports made to the Board; pro- tive text, may be obtained from the Board'sduction indexes are compiled by the Board on publication, Banking and Monetary Statistics.

307


308 BANK RESERVES AND RELATED ITEMS

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS

[In millions of dollars]

Periodor

date

Reserve Bank credit outstanding

U. S. Govt. securities

TotalBought

out-right

Heldunderrepur-chaseagree-ment

Dis-counts

andad-

vances

Float iTo-tal 2

Goldstock

Treas-urycur-

rencyout-

stand-ing

Cur-rency

incir-

cula-tion

Treas-urycashhold-ings

Deposits, otherthan member bank

reserves,with F. R. Banks

Treas-ury

For- Otheri

OtherF. R.

ac-counts

Member bankreserves 3

TotalWithF. R.Banks

Cur-rencyandcoin

Averages ofdaily figures

1929—June....1933—June....1939—Dec1941—Dec1945—Dec1947—Dec1950—Dec1951—Dec1952—Dec1953—Dec1954—Dec1955—Dec1956—Dec1957—Dec1958—Dec1959—June....

Dec

1960

FebMarAprMayJuneJulyAugSeptOctNovDec

1961

Jan

Feb

Week ending:

1960

Jan. 6132027

Feb. 3101724

Mar. 29

162330

A p r > ^ : : : : : : :2027

May 4

18!.'!!!!!25

June 18

152229

1791,9332,5102,219

23,70821,90520,34523,40924,40025,63924,91724,60224,76523,98226,31225,96327,036

25,32225,31025,48825,81826,12426,61926,98326,65327,05627,87127,248

26,94226,829

26,64226,39525,62225,450

25,44725,38925,35525,253

25,21225,27025,44425,32325,239

25,28425,39625,70125,521

25,66025,86825,76125,745

25,96826,13426,17626,01126,129

1791,9332,5102,21923,70821,90520,33623,31023,87625,21824,88824,31824,49823,61526,21625,94926,993

25,28925,26125,37325,69726,11826,52126,76826,54626,92927,54227,170

26,86226,630

26,60726,33925,62025,450

25,44225,35525,30025,253

25,15425,23525,31325,29025,234

25,26425,28525,41725,444

25,55725,61625,62725,718

25,94126,11826,17626,01126,129

99952442129284267367961443

33491151216

9821510712732978

199

5835131335

2011128477

10325213427

2716

97825085

381268142657

1,633448407840706716564938911

81863762350242538829323317016094

58146

1,018915918776

811853974620

794595726587608

735734561524

552549555403

436400375550412

611283170652681

1,1171,3751,2621,018992

1,3891,6331,4431,496 281,0091,426

1,3172,2082,6122,40424,74422,85821,60625,44627,29927,10726,31726,85327,15626,186

,41227,93729,435

1,0321,0651,0361,0271,1591,140 28894

1,1681,2251,156 291,665

27,21027,04727,18127,37821,13128,17628,20628,08828,49029,24129,060

1,4311,121

28,48428,145

1,5781,269 281,5131,103

29,31028,63328,09827,370

27,40627,13527,365

220 27,131

1,107853997

1

1,054 27,095174 27,075994 27,197

1,245 27,189898 26,778

898 26,950910 27,073,200 27,500

1,153 27,228

958 27,199924 27,371133 27,480

1,161 27,338

924 27,358993 27,557

1,029 27,6091,505 28,0961,168 27,739

4,0244,03017,51822,75920,04722,71222,87922,48323,27622,02821,71121,68921,94222,76920,56320,03019,482

19,42919,41019,38619,35619,34319,24519,05218,87018,57118,05817,954

17,56717,402

19,45619,45519,45519,454

19,44519,43319,43219,423

19,42119,41219,40919,40919,408

19,40619,39419,38619,373

19,36019,35919,35919,353

19,35219,35219,35119,34619,325

2,0182,2952,9563,2394,3224,5564,6294,7014,8064,8854,9825,0085,0645,1445,2305,2785,311

5,3235,3365,3445,3495,3535,3575,3645,3745,3825,3915,396

5,4015,404

5,3135,3155,3165,315

5,340

5,3445,346

5,3475,3485,3495,350

5,3495,3505,3535,3545,356

4,4005,4557,60910,98528,45228,93727,80629,13930,49430,96830,74931,26531,77531,93232,37131,81332,775

31,58031,62831,71331,72631,92632,17432,09132,15132,18332,47433,019

'32,26531,840

32,52432,28231,91031,650

31,56531,59931,63131,562

31,51831,61331,72631,67131,534

31,65431,82631,82831,581

31,60631,72331,77431,684

31,81231,91731,97631,92731,867

210272

2,4022,1892,2691,3301,2901,2801,271767805777772768691632396

445442419415414406403400406405408

411423

407410424424

436443451445

442435448450439

423417420417

414419413415

414424415412406

3081616592625967615271569602443434463385470495524

515481554534496492490516488462522

482521

582519494519

510417591529

542542446451479

509465660553

567504608547

468445490550505

30164739

1,5311,2471,016920571745466439459372345262277361

214197185194221213202216226243250

239189

348308231217

239203224206

219200200180203

163200188186

184184195202

206199206225249

353264290390365394247186337359348

340306307316381375377390405396495

399392

545332326332

333344353335

317293293305327

356349258269

311314349290

321343365398415

376350248292493614739796832908929983998

1,0631,1741,2191,195

921970890937994910948962891973

1,029

9411,054

843840836836

834834896

1,008

1,0081,007980944945

942917864857

855854887

1,034

1,0331,0341,001970971

2,3142,21111,47312,81216,02717,26117,39120,31021,18019,92019,27919,24019,53519,42018,89918,45118,932

18,21318,02718,10418,23918,29418,51818,50118,57018,73319,00419,283

19,315?18,957

19,14119,02918,96318,476

18,53718,26818,25018,061

18,10517,94118,10818,18917,894

17,86817,87018,28018,392

18,24318,30618,23518,168

18,12118,15218,15718,60218,342

2,3142,21111,47312,81216,02717,26117,39120,31021,18019,92019,27919,24019,53519,42018,89918,45118,628

17,94717,77017,84317,96218,00118,20818,11117,69717,84317,73716,688

16,71516,532

18,83118,71318,64818,161

18,25218,04917,97417,793

17,80017,73117,84917,93417,600

17,65017,63418,01218,083

17,96818,08117,96117,868

17,80617,89717,85918,31518,007

304

266257261277293310390873890

1,2672,595

2,600*>2,425

310316315315

285219276268

305210259255294

218236268309

275225274300

315255298287335

For notes see opposite page.


BANK RESERVES AND RELATED ITEMS 309

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued


Periodor

date

Reserve Bank credit outstanding

U. S. Govt. securities

TotalBought

out-right

Heldunderrepur-chaseagree-ment

Dis-counts

andad-

vances

Float1 To-tal 2

Goldstock

Treas-urycur-

rencyout-

stand-ing

Cur-rency

incir-

cula-tion

Treas-ury

cashholdings

Deposits, otherthan member bank

reserves,with F. R. Banks

Treas-ury

517422548488

466452555485487

477465551579

467474489546

442418519469460

473522592522

441413528507

510523526496

485

588467

312558382513

456449545539

For-eign

226214209202

221192190195225

233204224200

213202215257

254250230224258

253237246260

245239248245

227196185172

217

238207

252256241261

225195194172

Other

OtherF. R.

ac-counts

Member bankreserves 3

TotalWithF.'R.Banks

Cur-rencyandcoin

Averages ofdaily figures

Week ending:

1960

July 6132027

Aug. 310172431

Sept. 7142128

Oct. 5121926

Nov. 29,

162330

Dec 7142128

1961

Jan. 4111825

Feb. 18

1522

End of month

1960

Dec

1961

Jan

Feb

Wednesday

1961

Jan. 4111825

Feb. 18

1522

26,55326,61326,55626,599

26,93027,09927,04126,99226,788

26,78426,64926,54126,539

27,02827,26827,03626,760

27,31328,01528,10527,83127,623

27,42127,38127,03427,074

27,37527,12426,96726,821

26,60026,86027,00726,740

27,384

26,57026,667

27,20527,00426,91226,747

26,69527,06127,16126,701

26,49126,51726,41626,522

26,76026,80626,81226,77226,682

26,64026,52426,49526,456

26,83627,13627,03626,681

26,94627,43927,58827,67827,607

27,42127,38127,01026,946

26,98426,98626,94826,821

26,58226,67226,65326,589

26,984

26,57026,667

26,98426,99126,91226,747

26,57026,68926,62526,586

6296

14077

170293229220106

1441254683

192132

"79

36757651715316

24128

39113819

18188354151

400

22113

125372536115

440 1341429351

315293416193273

26230186

244

21916895

262

211158190121121

67768056

,0391,1331,4231,085

877

28,06328,11528,43728,063

28,15428,246

976 28,46928,24527,882

822 28

1,014788

861 27,941052 28,035

28,18928,059

,527,242

096 28,38528,51728,62128,415

,0381,4531,354

1,098928

28,66229,154

976 29,32529,542

,022,532 29,228 29

1,057 281,272 282,1512,150

,594.778

29,31629,336

184604457

75188202116

33

98696668

188526471314

1,789 29,420350 28,592

28,47128,450

,408,523

,131,053829

1,326

1,847

8841,100

1,7541,1091,2591,006

859929907

1,229

27,85328,14828,08628,232

29,338

27,56027,866

29,11928,23028,28527,868

27,78828,56228,58928,294

19,32219,28219,25119,191

19,14719,09819,03919,02619,006

18,99918,97518,82818,731

18,67118,61518,58618.552

18,40518,12418,06817,99917,957

17,97418,08317,95717,882

17,74817,62917,59417,490

17,44117,42917,41017,385

17,767

17,441^17,373

17,67017,61517,51017,450

17,44117,41417,39817,373

5,3565,3565,3575,357

5,3585,3595,3635,3665,370

5,3725,3745,3765,375

5,3775,3805,3825,383

5,3875,3895,3915,3925,392

5,3915,3965,3965,398

5,3985,3995,4015,402

5,4025,4035,4045,405

5,398

5,401*>5,405

5,3995,4025,4015,401

5,4025,4045,4055,405

32,15532,36132,19932,041

32,04632,12932,18432,08731,980

32,17432,29132,17132,004

32,04932,27632,30432,120

32,10432,29832,52732,53232,640

32,72233,03833,17433,195

32,85332,63732,28731,964

31,77631,80531,93031,857

32,869

31,77631753

32,78532,44532,12231,801

31,75231,87731,90931,861

406406409405

408404409400395

399401403399

403408413403

403398402407414

413410414401

399403412417

422413417424

377

418

403416415428

427413427430

398374374371

358363386380384

411373379378

443379393373

456395408388387

474680443391

473381389392

393383401392

533

376404

381379387402

380384405403

958935884884

884884904

1,0161,014

1,011974936934

936932864862

865864914,073.071

,066.037,018,019

954941940942

9511,0181,0221,093

941

9401,092

940940941941

,018,024,097,091

18,32018,34918,76218,552

18.59118,52518,56418,40418,466

18,35818,58118,63518,609

18,75918,64018,83918,729

18,87318,79718,73418,76119,678

18,91618,93219,46019,447

19,94319,22619,29219,467

18,96318,948

^18,855^19,036

19,682

18,658n8,983

19,89719,13919,48319,153

18,96519,552

^19,459H9,216

18,07918,04118,42218,219

18,27218,27918,24318,07517,772

17,60717,67617,72917,671

17,92217,84017,90917,789

17,93118,04517,78417,83917,141

16,55816,33416,78216,828

17,20216,60516,66216,875

16,41716,64116,42016,""587 P2

241308340333

319246321329694

751905906938

837800930940

942752950922

2,537

2,3582,5982,6782,619

2,7412,6212,6302,592

2,5462,307*>2,435",449

17,081

16,06616,277

17,11516,25216,70816,373

16,37317,03816,81416,575

2,601

2,592*>2,706

2,7822,8872,7752,780

2,5922,514

^2,645^2,641

P Preliminary. r Revised.1 Figures beginning with 1960 reflect a minor change in concept of

float. For explanation, see the BULLETIN for February 1961, p. 164.2 Includes industrial loans and acceptances, when held. For holdings

of acceptances on Wednesday and end-of-month dates, see subsequenttables on Federal Reserve Banks. (Industrial loan program discontinuedAug. 21, 1959.) See also note 1.

3 Beginning Nov. 24, 1960, all currency and coin held by memberbanks allowed as reserves; during the period Dec. 1, 1959-Nov. 23, 1960,only part of such holdings were allowed. Monthly averages of currencyand coin are estimated.

4 Less than $500,000.


310 BANK RESERVES AND RELATED ITEMS

RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES

[Averages of daily figures. In millions of dollars]

Period

1929 June1933 June1939 Dec1941 Dec1945 Dec1947 Dec1950 Dec1951 Dec1952 Dec . .1953 Dec1954 Dec1955 Dec1956 Dec1957 Dec1958 Dec1959 June

Dec

I960 FebM a rAprMayJune . . .JulyAugSeptOctNovDec

1961 JanFeb

Week ending:

1960—Feb. 3101724

Sept. 71 4 . . . .2 1 . . . .2 8 . . . .

Oot. 5121 9 . . . .26

Nov 2 . .9

1 6 . . . .2330

Dec 714212 8 . . . .

1961—Jan. 411182 5 . . . .

Feb. 1 . . . .8

152 2 . . . .

All member banks

Totalre-

servesheldi

2,3145 2,16011,47312,81216,02717,26117,39120,31021,18019,92019,27919,24019,53519,42018,89918,45118 932

18,21318 02718,10418,23918 29418,51818,50118,57018,73319,00419,283

19 315P18,957

18,53718,26718,25118,061

18,35818,58118,63518,609

18,75918 64018,83918,729

18 87318,79718,73318,76119,678

18 91618,93219,46019,447

19,94419 22619 29219,467

18,96318,948

*18,855*19,036

Re-quired

re-serves2

2,2751,7976,4629,422

14,53616,27516,36419,48420,45719,22718,57618,64618,88318,84318,38318,04318 450

17,75817,61117,69617,77017,82818,01017,96117,93118,09518,24818,514

18 570Pi8,309

18,05617,83817,74317,637

17,70217,76218,11618,091

18,14817 95117,96318,200

18,30918,19118,12118,15418,481

18 21618,22218,70618,753

18,93018 65418 50018,463

18,41518,380

^18,201»18,321

Excessre-

serves 3

39363

5,0113,3901,491

9861,027

826723693703594652577516408482

455416408469466508540639638756769

745

481429508424

656819519518

611689876529

564606612607

1,197

700710754694

1,014572792

1,004

548568

P715

Bor-row-ings

atF. R.

Banks4

974184

35

334224142657

1,593441246839688710557921906

816635602502425388293225149142

87

49137

808850973620

261299

79225

20014874

240

18913616899

113

60707449

176513547

66179193107

Freere-

serves 3

- 9 3 5179

5,0083,3851,157

762885169

- 8 7 0252457

- 2 4 5- 3 6

- 1 3 3- 4 1

- 5 1 3- 4 2 4

- 3 6 1- 2 1 9- 1 9 4

- 3 341

120247414489614682

696

- 3 2 7-All- 4 6 5- 1 9 6

395520440293

411541802289

375470444508

1,084

640640680645

838521757957

482389

Central reserve city banks—New

Totalre-

servesheldi

762861

5,6235,1424,1184,4044,7425,2755,3574,7624,5084,4324,4484,3364,0333,9333,920

3,7533,7663,7653,8533,8523,8643,7803,7733,7883,7703,687

3,693P 3 , 6 3 2

3,8583,7733,7233,740

3,6813,6813,8353,834

3,9103,6973,8303,795

3,8153,7383,6993,7073,875

3,5593,5793,7693,753

3,8403,6763,6253,761

3,6583,6373,5783,616

Re-quired

re-serves2

755792

3,0124,1534,0704,2994,6165,2315,3284,7484,4974,3974,3924,3034,0103,9263,930

3,7443,7553,7843,8083,8193,8533,7803,7553,7653,7183,658

3,667*>3,598

3,8543,7533,7223,720

3,6513,6603,8353,836

3,8773,7013,7063,798

3,8073,7153,6883,7093,717

3,5403,5563,7533,725

3,8213,6703,6113,629

3,6593,6283,5483,597

Excessre-

serves 3

769

2,61198948

1051254430141235573423

7- 1 0

910

- 1 9453311

18225229

26P34

420

120

3021

1- 2

33- 4123- 3

82311

- 3158

20231628

196

15132

- 19

3120

Bor-row-ingsat

F. R.Banks4

174

n.a.n.a.1923858

15148611562

1961471391032299

599

12

17142720131819

8

6779

11815

1743

12,

14

58

2740

62

14

71

310126

'York

Freere-

serves 3

- 1 6 769

n.a.n.a.

- 1 4 46767

- 1 0 7- 4 5 6- 1 0 1

- 5 0- 1 6 2

- 9 1- 1 0 5

—80- 1 5

- 1 0 9

- 5 01

- 3 145162

- 2 7- 2

93410

26^26

- 6 3- 5 9

- 1 1 66

13- 2 2

1- 1 6

19- 4123

- 6 1

8- 4

- 2 9Q

157

20232

28

- 5 26

15132

- 4

1 913

Central reserve city banks—Chicago

Totalre-

servesheldi

161211

,1411,143

939,024,199

,406,295,210.166

l]lA91,1361,0771,0091,038

996975954988987

1,0201,0271,0141,0111,006

958

963*>954

f 03T1,007

993977

1,0021,0011,0291,019

1,033,001,015

1,004

1,006999998

[,008

937934962981

985972948967

957956939967

Re-quired

re-serves2

161133601848924

[,0111,1911,3531,4091,2951,2101,164

[J,127[,0701,006

038

993970955981988

1,0101,0241,0111,007

998953

959*>948

1,0311,003

997969

997996

1,0251,023

1,0211,002

9981,009

1,0131,004

995997990

934927966976

985965945951

960951937954

Excessre-

serves 3

78540295

141383

- 41

- 12

12873

36

- 17

- 11033484

4Pi

4- 5

9

544

- 4

13- 217

- 5

7241

18

47

- 35

83

16

- 262

13

Bor-row-ingsat

F. R.Banks4

63n an.a.n a

65

64232

37158597853966

104

1291579956584941

86

128

436

71137190104

18

12

611

21

301

1366

9

42

11

8288127

Freere-

serves 3

- 6 2n.a.n.a.n a.

1473

- 6 1- 2 3 6

- 3 6- 1 6- 8 3- 8 6- 7 7- 3 1- 6 3

— 104

- 1 2 6- 1 5 1- 1 0 0

- 4 9- 5 9- 3 9- 3 8

- 5- 2- 4- 4

v — 29

- 7 0- 1 3 3- 1 9 5

- 9 5

5- 1 4

4- 1 6

62

16- 2 6

- 2 3

- 9- 4

12

47

- 1 25

- 4 282

15

- 1 0- 2 2- 7 9- 1 4



BANK RESERVES AND RELATED ITEMS 311

RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued

[Averages of daily figures. In millions of dollars]

Period

Reserve city banks

Totalreserves

held*

761648

3,1404,3176,3946,8616,6897,9228,3237,9627,9277,9248,0788,0427,9407,7447,954

7,5447,4297,4987,5157,5407,6477,6547,6627,7617,8547,950

7,960^7,807

7,7037,6317,5107,498

7,6027,6087,7117,677

7,7277,7117,8277,768

7,8537,8227,8277,8017,938

7,7817,8517,9728,046

8,1358,0097,9238,057

7,7987,8137,7647,858

Requiredreserves2

749528

1,9533,0145,9766,5896,4587,7388,2037,8777,8367,8657,9837,9567,8837,7057,912

7,5037,3917,4537,4657,4967,5997,6077,5957,6967,7617,851

7,859^7,741

7,6657,5887,4687,434

7,5277,5417,6597,644

7,6667,6427,6547,738

7,8067,7697,7617,7637,729

7,7237,7327,9197,964

8,0077,9167,8487,813

7,7627,7697,7007,745

Excessreserves 3

12120

1,1881,303

4182712321841208591609686573941

42374551444847686594

100

101*66

38434164

75675233

6169

17330

47526638

209

58119

5283

1289375

244

364464

112

Borrow-ings at

Banks 4

40958

n.a.n.a.

96123

50354639184117398299314254574490

423289298224164176109112675620

1457

441418491289

11813926

145

839718

110

7858514549

2119149

44101710

19817447

Freereserves 3

-39762

n.a.n.a.322148182

-170-519

- 9 9- 2 6

-338-203-228-198-536-449

-381-252-253-173-120-128

- 6 2- 4 4- 23880

87

-403-375-450-225

- 4 4- 7 2

27-112

- 2 2- 2 9155

- 8 0

- 3 1- 5

15- 7161

37100

3873

848358

233

17- 3 7- 1 0

66

Totalreserves

held*

632441

1,5682,2104,5764,9724,7615,7566,0945,9015,6345,7165,8595,9065,8495,7656,020

5,9205,8575,8875,8825,9155,9876,0416,1206,1736,3746,689

6,699^6,564

5,9445,8566,0255,846

6,0736,2916,0596,078

6,0896,2316,1666,1626,1846,2316,2086,2536,857

6,6386,5696,7576,666

6,9846,5696,7956,683

6,5506,541

*6,574P 6 , 5 9 6

Country banks

Requiredreserves2

610344897

1,4063,5664,3754,0995,1615,5185,3075,0325,2205,3715,4575,4195,4065,569

5,5185,4945,5045,5175,5255,5485,5505,5695,6265,7716,053

6,085^6,022

5,5065,4935,5555,514

5,5265,5655,5975,587

5,5855,6065,6045,655

5,6835,7025,6775,6846,045

6,0206,0086,0686,089

6,1186,1036,0966,070

6,0356,032

*>6,017^6,025

Excessreserves 3

2296

671804

1,011597663596576594602497488449430359450

402363383366390439491551546602636

614P542

438363470332

547726462491

504626562506

501528532569811

619560689578

867466699613

515509

»558*572

Borrow-ings atF.R.

Banks 4

327126n.a.n.a.

46572989

23610552

159144172162259213

205180193222186149116

85635640

3136

229216174212

126995455

97505551

8151644257

39523740

18411736

36602627

Freereserves 3

-305- 3 0n.a.n.a.965540634507340489550338344277268101237

197183190144204290375466483546596

583P506

209146296119

420627408436

408576507455

420478468527754

580509652538

849425682577

479449

*>532P545

1929—June . . .1933—June . . .1939—Dec . . . .1941—Dec . . . .1945_Dec....1947_Dec... .1950—Dec...1951—Dec...1952—Dec...1953—Dec...1954_Dec. . .1955—Dec...1956—Dec...1957—Dec...1958—Dec...1959—June...

D e c . . .

1960—Feb....Mar... .

May. . .June. . .Ju ly . . .Aug....Sept....OctNov... .D e c . . .

1961—JanFeb. . . .

Week ending:

I960—Feb. 3101724

Sept.J2128

Oct. 5121926,

Nov. 2,9,

16,23.30,

Dec 7,14,21,28,

1961—Jan. 4,11,18,25,

Feb. 1,8,

15,22,

n.a. Not available. P Preliminary.1 Based on figures at close of business through November 1959; there-

after on closing figures for balances with Reserve Banks and openingfigures for allowable cash. Beginning Nov. 24, 1960, all currency andcoin held by member banks allowed as reserves; during the period Dec.1, 1959-Nov. 23, 1960, only part of such holdings had been allowed.Monthly averages of currency and coin are estimated.

2 Based on deposits as of opening of business each day. Monthly

averages for all classes of banks beginning with January 1960 are esti-mated.

3 Monthly averages for all classes of banks beginning with January1960 are estimated.

4 Based on closing figures.5 This total excludes, and that in the preceding table includes, $51

million in balances of unlicensed banks.


312 DISCOUNT RATES

FEDERAL RESERVE BANK DISCOUNT RATES

[Per cent per annum]

Federal Reserve Bank

Discounts for and advances to member banks

Advances secured by Governmentobligations and discounts of andadvances secured by eligible paper

(Sees. 13 and 13a)i

Rate onFeb. 28

In effectbeginning:

Other secured advances[Sec. 10(b)]

In effectbeginning:

Previousrate

Advances to individuals,partnerships, or corpora-tions other than memberbanks secured by directobligations of the U. S.

(last par. Sec. 13)

Rate onFeb. 28

In effectbeginning:

Previousrate

BostonNew York . . .Philadelphia..ClevelandRichmond...AtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

Aug. 23, 1960Aug. 12, 1960Aug. 19, 1960Aug. 12, 1960Aug. 12, 1960Aug. 16, 1960Aug. 19, 1960Aug. 19, 1960Aug. 15, 1960Aug. 12, 1960Sept. 9, 1960Sept. 2, 1960

Aug. 23,Aug. 12,Aug. 19,Aug. 12,Aug. 12,Aug. 16,Aug. 19,Aug. 19,Aug. 15,Aug. 12,Sept. 9,Sept. 2,

196019601960196019601960196019601960196019601960

Aug. 23,June 10,Aug. 19,Aug. 12,Aug. 12,Aug. 16,June 10,Aug. 19,Aug. 15,Aug. 12,Sept. 9,June 3,

196019601960196019601960196019601960196019601960

i Rates shown also apply to advances secured by obligations of Federalintermediate credit banks maturing within 6 months.

NOTE.—Maximum maturities. Discounts for and advances to memberbanks: 90 days for discounts and advances under Sections 13 and 13a ofthe Federal Reserve Act except that discounts of certain bankers' accept-ances and of agricultural paper may have maturities not exceeding 6

months and 9 months, respectively, and advances secured by obligationsof Federal intermediate credit banks maturing within 6 months arelimited to maximum maturities of 15 days; 4 months for advances underSection 10(b). Advances to individuals, partnerships, or corporationsunder the last paragraph of Section 13: 90 days.

FEDERAL RESERVE BANK DISCOUNT RATES i


Dateeffective

1948Jan. 12.

19.Auell:1950A u g ik1953

Jan. 16.23.

1954Feb. 5.

15.Apr. 14.

16.May 21 .

1955Apr. 14.

May 2 .Aug. 4 .

12!S e p M :Nov. 18.

23.

1956Apr. 13.

20.Aug. 24.

Range(or level)—

all F. R.Banks

1 -WAWA

1*4-1*4

WA

F. R.Bank

ofN. Y.

Dateeffective

Range(or level)—

all F. R.Banks

1957A u 8 - 2 3 :Nov. 15.Dec. 2.

1958Jan. 22.

24.Mar. 7.

13.21 .

Apr. 18.May 9Aug. 15.Sept. 12.

23.Oct. 24.Nov. 7.

1959Mar. 6.

16.May 29.June 12.Sept. 11.

18.

1960June 3.

10.14.

Aug. 12.Sept. 9.

1961In effectFeb. 28.

3 -3%

2*4-3

3 -3*4

3*1-43*4-4

3 723 -3*4

F. R.Bank

ofN. Y.

¥

1 Under Sees. 13 and 13a (as described in table above). For data for1941-47, See the BULLETIN for January 1959, p. 76.

NOTE.—The rate charged by the Federal Reserve Bank of New Yorkon repurchase contracts against U. S. Govt. securities was the same asits discount rate except in the following periods (rates in percentages):1955—May 4-6,1.65; Aug. 4,1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10,2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; and 1961—Jan. 9, 2.75; Feb. 6-7, 2.75.

MARGIN REQUIREMENTS i

[Per cent of market value]

Prescribed in accordance withSecurities Exchange Act of 1934

Regulation T:For extensions of credit by brokers and

For short salesRegulation U:

For loans by banks on stocks

Aug. 5,1958-

Oct. 15,1958

7070

70

Oct. 16,1958-

July 27,1960

9090

90

Effec-tive

July 28,1960

7070

70

1 Regulations T and U limit the amount of credit that may be extendedon a security by prescribing a maximum loan value, which is a specifiedpercentage of its market value at the time of extension: margin require-ments are the difference between the market value (100%) and the maxi-mum loan value.

MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS


Type of deposit

Savings deposits

Postal savings deposits

Other time deposits payable:In 6 months or moreIn 90 days to 6 months . . .In less than 90 days

Nov. 1,1933-

Jan. 31,1935

3

3

333

Feb. 1,1935-

Dec. 31,1935

2ft2%

Jan 1,1936-

Dec. 31,1956

2ft2ft

V

Effec-tive

Jan. 1,1957

3

3

3

NOTE.—Maximum rates that may be paid by member banks as estab-lished by the Board of Governors under provisions of Regulation Q.Under this Regulation the rate payable by a member bank may not in anyevent exceed the maximum rate payable by State banks or trust companieson like deposits under the laws of the State in which the member bank islocated. Effective Feb. 1, 1936, maximum rates that may be paid byinsured nonmember commercial banks, as established by the F.D.I.C.,have been the same as those in effect for member banks.


RESERVE REQUIREMENTS 313

MEMBER BANK RESERVE REQUIREMENTS

[Per cent of deposits]

Effective dateof change

In effect Dec. 31, 1945..

1948—Feb. 27June 11Sept. 16,24*. . . .

1949—May 1,5*June 30, July 1 *.Aug. 1 ,11*. . . .Aug. 16 ,18*. . . .Aug. 25Sept. 1

1951—Jan. 11,16*. . . .Jan. 25, Feb. 1 *.

1953—July 1,9*1954—June 16,24*. . . .

July 29, Aug. 1*

1958—Feb. 27, Mar.Mar. 20, Apr. 1*Apr. 17Apr. 24

1960—Sept. 1Nov. 24Dec. 1

In effect Mar. 1, 1961..

Present legal require-ments:

MinimumMaximum

Net demand deposits1

Centralreserve

citybanks

20

22242624

2324222120

19A1918%1817%

16%

16%

210222

Reservecity

banks

20

222120

8*18%18192019

18

17%17

16%

16%

10222

Coun-try

banks

14

1615141312

131413

12

12

12

714

DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS,BY CLASSES

[Averages of daily figures. 1 In millions of dollars]

Time deposits

Centralreserve

andreserve

citybanks

ItemCoun-

trybanks

7%

6

Gross demand:Total

InterbankU. S. Government.Other

Net demand 2

TimeDemand balances due

from domestic banks.Currency and coinBalances with F. R.

BanksTotal reserves held

RequiredExcess

* First-of-month or midmonth dates record changes at country banks,and other dates (usually Thurs.) record changes at central reserve orreserve city banks.

1 Demand deposits subject to reserve requirements which, beginningAug. 23, 1935, have been total demand deposits minus cash items inprocess of collection and demand balances due from domestic banks (alsominus war loan and Series E bond accounts during the period Apr. 13,1943-June 30, 1947).

2 Prior to July 28,1959, the minimum and maximum legal requirementsagainst net demand deposits of central reserve city banks were 13 and26 per cent, respectively, and the maximum for reserve city banks was20 per cent.

Gross demand:Total

InterbankU. S. Government.Other

Net demand2

TimeDemand balances due

from domestic banks.Currency and coinBalances with F. R.

BanksTotal reserves held

RequiredExcess

Allmemberbanks

Central reservecity banks

NewYork

Chi-cago

Reservecity

banks

Coun-try

banks

Four weeks ending Jan. 25, 1961

127,56315,2293,838

108,496105,64358,936

7,7562,646

16,83619,48218,637

845

25,4364,645853

19,93820,6795,408

117210

3,5153,7253,682

43

6,2571,305211

4,7415,3451,588

12134

9349689617

49,8987,5961,401

40,90240,92622,870

2,269802

7,2298,0317,896135

45,9721,6841,374

42,91538,69329,070

5,2491,600

5,1586,7586,097661

Four weeks ending Feb. 22, 1961

122,59813,8213,900

104,877103,23860,098

6,9452,433

16,51718,95018,329

621

24,3244,363836

19,12620,1685,602

101185

3,4373,6223,608

14

6,0281,187210

4,6315,2361,732

9930

9259559505

47,7456,7841,515

39,44539,83823,417

2,056741

7,0677,8087,744

64

44,5021,4881,339

41,67437,99729,347

4,6901,475

5,0896,5646,027537

1 Balances with Reserve Banks are as of close of business; figures for allother reported items (that is, excluding total reserves held and excess re-serves) are as of opening of business.

2 Demand deposits subject to reserve requirements, i.e., gross demanddeposits minus cash items reported as in process of collection and demandbalances due from domestic banks.

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS 1


Item

Wednesday

1961

Feb. 22 Feb. 15 Feb. 8 Feb. 1 Jan. 25

End of month

1961

February January

1960

February

Discounts and advances—total.Within 15 days16 days to 90 days91 days to 1 year

Acceptances—total. .Within 15 days. . . .16 days to 90 days.

U. S. Government securities—total.Within 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 yearsOver 5 years to 10 yearsOver 10 years

314305

9

471461

10

526516

10

18817810

685810

5345

604911

501733

26,701407

4,47411,0979,2671,185

271

511536

27,161910

4,39811,1439,2601,179

271

469

37

27,0614,4521,4309,045

10,6841,179

271

461036

26,6954,2421,2769,054

10,6731,179

271

471829

26,747573

4,9389,113

10,6731,179

271

461135

26,667204

4,53111,1289,3441,189

271

461135

26,5703,9381,4559,054

10,6731,179

271

739732

7

351421

25,209216829

14,1708,544

657793

1 Holdings under repurchase agreements are classified as maturingwithin 15 days in accordance with maximum maturity of the agreements.

2 Less than $500,000.


314 FEDERAL RESERVE BANKS

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS


Federal Reserve Notes—Federal Reserve Agents' Accounts

Item

AssetsGold certificate accountRedemption fund for F. R. notes

Total gold certificate reserves

Cash .Discounts and advances:

For member banksFor nommember banks, etc

Acceptances Bousht outrishtHeld under repurchase agreement

U. S. Government securities:Bought outright:

BillsCertificates—Special

OtherNotes . . . .Bonds

Total bought outrightHeld under repurchase agreement

Total U. S. Government securities . . . . . .

Total loans and securities

Cash items in process of collectionBank premisesOther assets

Total assets

LiabilitiesFederal Reserve notes . . . .Deposits:

Member bank reservesU § Treasurer—general account .Foreign . . .Other

Total deposits . . .

Deferred availability cash itemsOther liabilities and accrued dividends

Total liabilities

Capital AccountsCapital paid inSurplus .Other capital accounts

Total liabilities and capital accounts

Contingent liability on acceptances purchased forforeign correspondents

U. S. Government securities held in custody forforeign account .

Wednesday

1961

Feb. 22

16,0291,050

17,079

490

3059

464

2,596

5,45715,9912,542

26,586115

26,701

27,065

4,453109133

49,329

27,083

16,575539172452

17,738

3,17537

48,033

419817

60

49,329

187

5,880

Feb. 15

16,0541,053

17,107

488

4629

465

2,628

5,46215,9942,541

26,625536

27,161

27,683

5,006108114

50,506

27,129

16,814545194405

17,958

4,10035

49,222

41881749

50,506

190

5,934

Feb. 8

16,0711,055

17,126

506

5179

46

2,619

9 04512,4842,541

26,689372

27,061

27,633

4,018109224

49,616

27,104

17,038449195384

18,066

3,08936

48,295

418817

86

49,616

192

5,866

Feb. 1

16,0821,058

17,140

518

1799

46

2,524

9,04512,4662,535

26,570125

26,695

26,929

4,220108210

49,125

26,994

16,373456225380

17,434

3,36132

47,821

418817

69

49,125

195

5,807

Jan. 25

16,0901,060

17,150

499

599

47

2,694

9 05012,4682,535

26,747

26,747

26,862

4,268108271

49,158

27,027

16,373513261402

17,549

3,26233

47,871

416817

54

49,158

213

5,724

End of month

1961

February

16,0291,046

17,075

495

449

46

2,596

5 45716,0562,558

26,667

26,667

26,766

4,235108144

48,823

26,989

16,277467207404

17,355

3,13533

47,512

421817

73

48,823

179

5,879

January

16 0821,058

17,140

512

519

46

2,524

9 04512 4662,535

26,570

26,570

26,676

3,861108284

48,581

27,004

16,066588238376

17,268

2,97731

47,280

415817

69

48,581

197

5,793

1960

February

18 169965

19,134

491

739

34

1,148

8 50713 0102,484

25,14960

25,209

25,982

3,706101183

49,597

26 854

17 754453191326

18,724

2,72732

48,337

393775

92

49,597

119

4,588

F R notes outstanding (issued to Bank)Collateral held against notes outstanding:

Gold certificate account

U S Government securities

28,978

9,25577

21,130

30,462

29

9

21

30

,040

,24574

,130

,449

29,152

9,25550

21,130

30,435

29

9

21

30

,294

,25547

,140

,442

29,430

9,25520

21,140

30,415

28

9

21

30

,888

,07516

,110

,201

29

9

21

30

,320

,25518

,140

,413

28

10

19

30

,631

,585147

,270

,002

NOTE.—For explanation of adjustments in preparing this consolidatedstatement, see the BULLETIN for February 1961, p. 164. Reserve ratios,

previously shown in this Table, appear on the opposite page.


FEDERAL RESERVE BANKS 315

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1961


Item

AssetsGold certificate accountRedemption fund for F. R. no te s . . . .

Total gold certificate reserves...

F. R. notes of other BanksOther cash . . .

Discounts and advances:Secured by U. S. Govt. securities. .Other

Acceptances:Bought outrightHeld under repurchase agreement..

U. S. Govt. securities:Bought outrightHeld under repurchase agreement. .

Total loans and securities

Cash items in process of collection. . .Bank premisesOther assets

Total assets. . . .

LiabilitiesFederal Reserve notesDeposits:

Member bank reservesU. S. Treasurer—general account. .ForeignOther

Total deposits

Deferred availability cash itemsOther liabilities and accrued divi-

dends

Total liabilities

Capital AccountsCapital paid inSurplusOther capital accounts

Total liabilities and capital accounts..

Ratio of gold certificate reserves todeposit and F. R. note liabilitiescombined (per cent):

Feb. 28, 1961Jan 31 1961Feb 29 1960

Contingent liability on acceptancespurchased for foreign correspond-ents

Total

16,0291,046

17,075

559495

4310

46

26,667

26,766

5,291108144

50,438

27,548

16,277467207404

17,355

4,191

33

49,127

421817

73

50,438

38.038.141 5

179

Boston

74662

808

5134

20)

1,433

1,435

38747

2,726

1,588

6812110

1

713

360

2

2,663

2040

3

2,726

35.132.039.6

9

NewYork

3,865247

4,112

151114

13

46

6,651

6,701

1,1699

36

12,292

6,410

4,21939

2 58340

4,656

855

7

11,928

117229

18

12,292

37.239.643 0

3 45

Phila-del-phia

93763

1,000

3328

41

1,527

1,532

34048

2,945

1,814

74025122

779

274

2

2,869

2448

4

2,945

38.637.742 4

11

Cleve-land

1.39591

1,486

4544

1

2,291

2,293

4138

13

4,302

2,496

1,2934119

1,354

328

3

4,181

3975

7

4,302

38.637.342 7

17

Rich-mond

1,00382

1,085

2628

41

1,688

1,693

36969

3,216

2,116

67851102

741

296

2

3,155

1937

5

3,216

38.036.836.7

9

Atlan-ta

82661

887

8431

31

1,462

1,466

430128

2,918

1,567

85247111

911

366

2

2,846

2344

5

2,918

35.836.039.6

10

Chi-cago

2,821186

3,007

5381

15

4,564

4,580

8342225

8,602

5,147

2,5266229

2,619

641

7

8,414

60116

12

8,602

38.739.541.3

26

St.Louis

63946

685

1626

7C1)

1,078

1,085

21776

2,042

1,190

60030

0)637

170

1

1,998

1427

3

2,042

37.538.138.9

6

Minne-apolis

35126

377

169

10)

619

620

14453

1,174

585

41224

50)

441

117

1

1,144

1019

1

1,174

36.734.638.7

4

Kan-sas

City

74249

791

1415

5C1)

1,145

1,150

27556

2,256

1,130

796419

847

222

2,200

1835

3

2,256

40.038.935.3

8

Dallas

66532

697

2519

1

1,075

1,076

226146

2,063

808

9354112

1

989

192

1

1,990

2447

2

2,063

38.836.638.1

11

SanFran-cisco

2,039101

2,140

4566

3,134

3,135

4871217

5,902

2,697

2,545452553

2,668

370

4

5,739

53100

10

5,902

39.938.745 8

23

Federal Reserve Notes—Federal Reserve Agent's Accounts

F. R. notes outstanding (issued toBank)

Collateral held against notes out-standing :

Gold certificate accountEligible paperU. S. Govt. securities

Total collateral

9

21

30

,888

,07516

,110

,201

1

1

1

,665

475

,275

,750

6

2

5

7

,801

,000

,100

,100

1

1

1

,883

6504

,325

,979

2

1

2

,654

870

,880

,750

2

1

2

,190

670

,560

,230

1,

1,

1,

638

475

200

675

5

1

3

5

,308

,700

,800

,500

1,235

380

1,322

662

180

" " 5 1 0

690

1,155

3005

900

1,205

850

275

625

900

2

1

2

3

,847

,100

,000

,100

1 Less than $500,000.2 After deducting $149,000,000 participations of other Federal Reserve

Banks.

3 After deducting $134,000,000 participations of other Federal ReseneBanks.


316 CURRENCY

DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION

[On basis of compilation by United States Treasury. In millions of dollars]

End of year ormonth

193919411945194719501955195619571958 . . . .1959

I960—JanFebMar.AprMayJune. . . .JulyAugSeptOctNovDec

1961—Jan

Totalin cir-cula-tion1

7,59811,16028,51528,86827,74131,15831,79031,83432 19332,591

31,56931,55231 63331,60031,87932 06532,03932,02732 02232,14432,63232,869

31,776

Total

5,5538,120

20,68320,02019,30522,02122,59822,62622,85623,264

22,40922,44022,53922,52922,80922,97022,94622,91222,90022,99623,41023,521

22,580

Coin and small

Coin

590751

1,2741,4041,5541,9272,0272,1102,1822,304

2,2682,2752,2942,3112,3242,3382,3452,3642,3752,3902,4172,427

2,391

$12

559695

1,0391,0481,1131,3121,3691,3981,4941,511

1,4191,4091 4101,4171,4401,4401,4281,4261,4441,4571,4871,533

1,439

denomination currency

$2

36447365647578808385

828382828384848585848688

86

$5

1,0191,3552,3132,1102,0492,1512,1962,1882,1862,216

2,1022,0982,1052,1042,1382,1412,1242,1132,1332,1472,1912,246

2,120

$10

1,7722,7316,7826,2755,9986,6176,7346,6626 6246,672

6,4156,4566 4946,4746,5616,6046,5676,5256,5426,5576,6836,691

6,409

$20

1,5762,5459,2019,1198,5299,940

10,19410,18710 28810,476

10,12310,12010,15410,14110,26310,36310,39810,39910,32010,36210,54510,536

10,135

Large denomination currency

Total

2,0483,0447 8348,8508,4389 1369,1929,2089 3379,326

9,1609,1129 0949,0709,0709 0959,0949,1159 1229,1489,2229,348

9,196

$50

460724

2 3272,5482,4222 7362,7712,7772 7922 803

2 7392,7192 7152 7122,7182 7372 7392,7382 7282 7312,7622,815

2,752

$100

9191,4334 2205 0705,0435 6415 7045,7525 8865 913

5 8255,7955 7875 7695,7675 7745 7765,8005 8185 8445,8885,954

5,875

$500

191262454428368307292280275261

254256255254252252250250249248248249

247

$1,000

425556801782588438407384373341

334334330327324323320319319317317316

314

$5,000

2024

75433333

333333333333

3

$10,000

324624171212141395

55555555555

10

5

1 Outside Treasury and Federal Reserve Banks. Prior to December1955 the totals shown as in circulation were less than totals of coin and

paper currency shown by denomination by amounts of unassorted cur-rency (not shown separately).

2 Paper currency only; $1 silver coins reported under coin.

KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION

[On basis of compilation by United States Treasury. In millions of dollars]

Kind of currency

GoldGold certificates

Treasury currency—total

Standard silver dollarsSilver bullionSilver certificates and Treasury notes of 1890Subsidiary silver coinM inor coin . .United States notesFederal Reserve Bank notesNational Bank notes

Total Jan. 31 1961Dec 31 1960Jan. 31, 1960

Total out-standingJan. 31,

1961

17 44117,17029,318

5,401

4882 252

32 3701 580

583347

9655

(5)

(5)(5)

Held in the Treasury

As securityagainst

gold andsilver

certificates

17,170

32,370

1182 252

19,53919,90021,570

Treasurycash

2272

8957

42

5371

(4)

418377437

ForF. R.Banks

andagents

14 323

14,32314,66316,339

Held byF. R.Banks

andagents

2 8162 316

511

8

383751035

(4)(4)

5,6434,9855,405

Currency in circulation *

Jan. 31,1961

3026 9134,832

319

1,9871,501

5713059555

31,776

Dec. 31,1960

3027 8375,002

319

2,1111,533

5743139655

32,869

Jan. 31,1960

3126 7994,740

297

2,0091,436

53530210456

" 3i *569* *

1 Outside Treasury and Federal Reserve Banks. Includes any papercurrency held outside the continental limits of the United States. Totalsfor other end-of-month dates are shown in table above; totals for Wednes-day dates, in table on p. 309.

2 Includes $156,039,431 held as reserve against United States notesand Treasury notes of 1890.

3 To avoid duplication, amount of silver dollars and bullion held assecurity against silver certificates and Treasury notes of 1890 outstandingis not included in total Treasury currency outstanding.

4 Less than $500,000.5 Because some of the types of currency shown are held as collateral or

reserves against other types, a grand total of all types has no specialsignificance and is not shown. See NOTE for explanation of duplications.

NOTE.—There are maintained in the Treasury—(1) as a reserve forUnited States notes and Treasury notes of 1890—$156,039,431 in goldbullion; (2) as security for Treasury notes of 1890—an equal dollar amountin standard silver dollars (these notes are being canceled and retired onreceipt); (3) as security for outstanding silver certificates—silver in bullion

and standard silver dollars of a monetary value equal to the face amountof such silver certificates; and (4) as security for gold certificates—goldbullion of a value at the legal standard equal to the face amount ofsuch gold certificates. Federal Reserve notes are obligations of theUnited States and a first lien on all the assets of the issuing Federal ReserveBank. Federal Reserve notes are secured by the deposit with FederalReserve agents of a like amount of gold certificates or of gold certificatesand such discounted or purchased paper as is eligible under the terms ofthe Federal Reserve Act, or of direct obligations of the United States.Each Federal Reserve Bank must maintain a reserve in gold certificates ofat least 25 per cent against its Federal Reserve notes in actual circula-tion. Gold certificates deposited with Federal Reserve agents as collat-eral, and those deposited with the Treasury of the United States as aredemption fund, are counted as reserve. Gold certificates, as hereinused, includes credits with the Treasurer of the United States payablein gold certificates. Federal Reserve Bank notes and national banknotes are in process of retirement.


MONEY SUPPLY; BANK DEBITS 317

MONEY SUPPLY AND RELATED DATA

[Averages of daily figures. In billions of dollars]

Semimonthlyperiod

I960—Jan. 1. .2 . .

Feb. 1 . .2 . .

Mar. 1. .2 . .

Apr. 1. .2 . .

May 1. .2.

June 1 . .2. .

July 1. .2.

Aug. 1. .2 . .

Sept. 1. .2 . .

Oct. 1. .2 . .

Nov. 1. .2 . .

Dec. 1. .2 . .

1961—Jan. 1. .2 . .

Feb. 1. .2 * .

Money supply

Seasonally

Total

141.3141.3141.1140.9140.8140.3

140.3140.7140.2139.6139.4139.4

139.6139.7139.7139.8140.3140.5

140.0141.2140.6139.9140.3140.5

140.2141.0141.3141.2

adjustec

Cur-rency

28.929.028.929.029.029.0

29.129.029.029.028.928.9

28.929.029.028.829.028.9

29.029.029.029.028.929.0

28.929.028.928.9

Demandde-

posits 1

112.4112.3112.2111.9111.8111.3

111.3111.6111.2110.6110.5110.5

110.6110.7110.7111.0111.3111.6

111.0112.2111.6110.9111.4111.5

111.3112.0112.4112.3

Withoutseasonal adjustment

Total

145.2143.7141.9139.6140.0138.6

139.4140.9139.0137.0138.2137.9

138.1139.3139.6138.2139.8139.6

139.8141.4141.7141.2143.2144.4

144.0143.4142.0139.7

Cur-rency

29.128.628.728.628.728.6

28.928.628.828.728.928.8

29.229.029.228.929.228.9

29.229.029.229.329.529.6

29.128.528.628.5

Demandde-

posits !

116.1115.1113.2111.0111.2110.0

110.5112.3110.2108.3109.2109.0

108.9110.3110.4109.3110.7110.7

110.6112.4112.4111.9113.7114.8

114.9114.8113.3111.2

Memoranda:Deposits at member

banks (withoutseasonal adjustment)

De-mand

95.995.393.791.892.191.1

91.493.191.289.790.490.4

90.091.491.490.691.691.5

91.392.692.592.093.894.7

94.694.893.591.7

Time

53.953.553.553.553.753.9

54.154.254.454.554.755.0

55.455.755.956.556.857.0

57.357.557.657.557.858.3

58.959.260.260.6

U. S.Govt.

4 . 03 .23.44 . 03.34 . 3

2 . 93.85.46 .25 .36 .2

5.96 .25.55.43.95.8

5 .44 . 85 .25 .23 .64 . 7

4 . 13.13.55.1

Week

1960

Feb. 3.10.17.24 .

Mar. 2.

Nov. 2.9 .

16.2 3 .30.

Dec. 7.14.2 1 .28 .

1961Jan. 4.

11 .18.2 5 .

Feb. 1.8.

15.22 .

Mar. 1P

Money supply(Without seasonal

adjustment)

Total

142.7142.0141.1139.1

139.6

141.8141.5141.9140.9141.4

142.2143.9145.2143.8

144.2143.8144.0143.4

143.0142.2141.7139.7

139.7

Cur-rency

28.528.728.628.6

28.5

28.929.329.329.329.2

29.529.529.629.7

29.229.228.828.5

28.428.728.728.6

28.4

Demandde-

posits i

114.2113.3112.5110.6

111.1

112.9112.2112.6111.6112.2

112.7114.4115.7114.1

115.0114.6115.2114.9

114.6113.5113.0111.1

111.4

Memoranda:Deposits at

member banks(without

seas.

Time

53.453.553.553.5

53.5

57.657.857.557.557.5

57.757.858.158.4

58.858.859.059.2

59.460.260.460.5

60.8

adj.)

U. S.Govt.

3 .63 .33 .34 . 1

4 . 0

5.55 .44 . 85 .44 . 9

4 . 42 . 73.75 .3

5 .34 . 13 .02 . 9

3 .43 .83 .35 .2

5 .0

Preliminary. 1 At all commercial banks.

BANK DEBITS AND DEPOSIT TURNOVER

Year or month

19531954195519561957 . . . .19581959 . . . .I960

I960 FebMarAprMayJuneJulyAugSept . . . .OctNovDec . . .

1961 JanFeb

Debits to demand deposit accounts, except interbank andU. S. Government accounts

(In millions of dollars)

Allreportingcenters

Unadj.

1 759 0691,887,3662 043 5482,200,6432 356 7682,439,7542 679 1672,838,754

221,984245,729226,007232,844250 852223,539241,771240 772233,131235,100256 905

247,660222,666

Leading centers

New York

Adj.

90,78688,72186,04292,17691 60489,44499,947

103 83291,87098,79188 381

88,18698,269

Unadj.

632 801738,925766 890815,856888 455958,721

1,023 6051,102,850

85,05896,59386,17488,55199 80986,06392,43597 16289,90591,020

101 551

94,47389,831

6 others1

Adj.

49,75246,73048,41448,45348 58346,80750,12748 97448,08449,01747 871

51,05250,199

Unadj.

385 831390 066431 651462,859489 311487,432545 258577,606

45,62650,41046 86247,89550 41545,25449,47447 90947,56747,57752 313

52,38844,861

337 otherreportingcenters 2

Adj.

98,88695,63296,77798,00697 95194,79199,03696,22495,41898,30694 687

97,44697,657

Unadj.

740 436758,375845 007921,928979 002993,600

1,110 3041,158,298

91,30098,72692,97196,398

100 62992,22299,86295 70095,65996,503

103 041

100,80087,974

Annual rate of turnoverof demand deposits except interbank

and U. S. Government deposits

Leading centers

New York

Adj.

58.557.956.461.161.358.965.568.560.063.557.8

57.063.7

Unadj.

36 742.342 745.849 553.656.460.0

56.360.356.358.965.758.859.865.959.261.364 4

59.261.4

6 others1

Adj.

35.734.035.335.535 734.236.735 834.935.834 3

36.3*>35.4

Unadj.

25 625.827 328.830 430.032.534.8

33.436.635.535.236 534.034.735.534.734.936 5

36.2

337 otherreportingcenters 2

Adj.

26.425.826.126.326 425.526.626 025.526.225 1

25.7^25.7

Unadj.

18 919 220 421.823 022.924 525.7

25.025.825 426.226 925 726.026 225 726.226 6

25.8

v Preliminary.Adj. = adjusted for seasonal variation. Unadj. = without seasonal

adjustment.i Boston, Philadelphia, Chicago, Detroit, San Francisco and Los

Angeles. 2 Prior to April 1955, 338 centers.

NOTE.—Series revised by Federal Reserve beginning with 1950; fordescription and revised monthly figures, see the BULLETIN for Jan. 1960,pp. 8-11. Seasonally adjusted figures for earlier years, prepared byFederal Reserve Bank of New York, together with unadjusted datawere published in the BULLETIN for May 1959, p. 554.


318 ALL BANKS

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM»

[Figures partly estimated except on call dates. In millions of dollars]

Date

Assets

Gold

Treas-urycur-

rencyout-

stand-ing

Bank credit

Total Loans,net

U. S. Government obligations

Total

Com-mercial

andsavingsbanks

FederalReserveBanks

Other

Othersecu-rities

Totalassets,n e t -Totalliabil-itiesand

capital,net

Liabilitiesand Capital

Totaldeposits

andcurrency

Capitaland

misc.ac-

counts,net

1929—June 291933—June 301939—Dec. 301941—Dec. 311945_Dec. 311947_Dec. 311950—Dec. 301958—Dec. 311959_june 24

Dec. 31

1960—Feb. 24Mar. 30Apr. 27May 25June 15June 29July 27Aug. 31Sept. 28^Oct. 26^Nov. 30*Dec. 28*

1961—Jan. 25*

Mar. i n

4,0374,03117,64422,73720,06522,75422,70620,53419,80019,456

19,40019,40019,40019,40019,35119,30019,20019,00018,70018,50017,90017,800

17,50017,400

2,0192,2862,9633,2474,3394,5624,6365,2345,3005,311

5,3005,3005,3005,4005,3545,4005,4005,4005,4005,4005,4005,400

5,4005,400

58,64242,14854,56464,653167,381160,832171,667249,082248,500255,435

248,300247,600250,800250,700253,320252,500254,700255,100258,300261,000261,900265,700

263,700264,700

41,08221,95722,15726,60530,38743,02360,366121,602126,900135,867

133,400134,600136,200136,800139,164139,100138,200138,700140,800140,200140,900143,500

141,000142,300

5,74110,32823,10529,049128,417107,08696,560101,20795,20093,497

89,20087,30089,00088,50088,63787,90090,80090,80091,80094,70095,10095,700

96,20095,600

5,4998,19919,41725,511101,28881,19972,89473,64168,20065,801

63,00061,10062,60061,80061,54160,80063,20063,10064,20066,90066,80067,700

68,60068,100

2161,9982,4842,25424,26222,55920,77826,34725,90026,648

25,20025,30025,50025,70026,15526,20026,70026,80026,80027,00027,50027,200

26,70026,700

26131

1,2041,2842,8673,3282,8881,2191,2001,048

1,0001,0001,0001,000941900900900900900800800

800800

11,8199,8639,3028,9998,57710,72314,74126.27326;30026,071

25,70025,70025,60025,40025,51925,50025,70025,60025,70026,00025,90026,400

26,50026,900

64,69848,46575,17190,637191,785188,148199,009274,850273,600280,202

273,000272,400275,600275,400278,025277,200279,200279,500282,400284,800285,200288,900

286,500287,500

55,77642,02968,35982,811180,806175,348184,384252,022249,400256,020

248,000247,300250,200249,300251,981251,000252,900252,200255,100257,500257,000261,500

259,200259,400

8,9226,4366,8127,82610,97912,80014,62422,82924,20024,186

25,00025,10025,30026,00026,04426,20026,30027,30027,30027,30028,20027,400

27,30028,100

Date

Details of Deposits and Currency

For-eignbank

de-posits,

net

U. S. Govt. balances

Treas-urycashhold-ings

Atcom-

mercialand

savingsbanks

AtF. R.

Banks

Deposits adjusted and currency

Total

Time deposits2

TotalCom-

mercialbanks

Mutualsavingsbanks 3

PostalSavingsSystem

De-mand

de-posits4

Cur-rencyout-side

banks

Seasonally adjusted series5

Totaldemanddepositsadjusted

andcurrency

De-mand

de-posits

ad-justed

Cur-rencyout-side

banks

1929—June 29.1933—June 30.1939—Dec. 30.1941—Dec. 31.1945—Dec. 31.1947_Dec. 31..1950—Dec. 30.1958—Dec. 31.1959—June 24.

Dec. 31..

1960—Feb. 24..Mar. 30..Apr. 27..May 25. .June 15..June 29..July 27..Aug. 31 . .Sept. 28*Oct. 26*Nov. 30*Dec. 28*

1961—Jan. 25*Mar. l^

36550

1,2171,4982,1411,6822,5183,8703,6003,203

2,6002,7002,8002,8002,7442,9002,8003,0002,9003,1003,1003,300

3,1003,100

204264

2,4092,2152,2871,3361,293683400391

500400400400421400400400400400400400

400400

381852846

1,89524,6081,4522,9894,5584,7005,319

4,8004,7004,7007,2006,6577,3006,5005,7007,7006,2005,6006,000

3,6006,100

3635

634867977870668358500504

500500600500535500500500600500500400

500400

54,140,?63,:76,:150,793170,008176,916242,553240,100246,603

239,239;241;238;241;239;242;242;243;247;247;251

251,600249,400

28,61121,65627,05927,72948,45256,41159,24798,306101,000101,779

101,200102,200102,300102,600103,056103,700104,200105,200106,000106,700106,700108,100

109,100110,800

19,55710,84915,25815,88430,13535,24936,31463,16665,40065,884

65,40066,00066,20066,50066,90667,40067,90068,90069,40070,00070,00071,000

71,80073,400

8,9059,62110,52310,53215,38517,74620,00934,00634,60034,947

34,90035,30035,20035,20035,30135,40035,50035,60035,80035,90035,90036,300

36,50036,600

1491,1861,2781,3132,9323,4162,9231,1341,100948

22,54014,41129,79338,99275,85187,121

92,in115,507110,700115,402

900 110,500108,800

900 111,500107,700110,024107,800

800 110,100108,900109,300

800 112,200111,900114,500

900849800

800800

800 114,600700,110,500

3,6394,7616,4019,61526,49026,47625,39828,74028,30029,422

28,00028,10027,90028,10028,54428,30028,40028,50028,30028,30028,70028,800

28,00028,200

110,500114,600138,800140,900140,200

139,100139,500139,400137,500

138,000138,600138,600138,500139,900138,800139,000

140,600139,300

84,90,

110,112,112,

110,111,111,109,

109?110,110,110,111,110,110,

400 26,100000 24,600700 28,100600 28,300000 28,200

800 28100 28200 28300 28I (900 28300 28300 28300 28500 28600 28800 28

3,3003,400$,200S,200

#003,3003,3003,2003,4003,2003,200

112,200 28,400110,800.28,500

*» Preliminary. * Revised preliminary figures.t This date used instead of last Wednesday of February. Seasonal

adjustment factors used, however, were for last Wednesday of February.1 Represents all commercial and savings banks, Federal Reserve Banks,

Postal Savings System, and Treasury currency funds (the gold account,Treasury currency account, and Exchange Stabilization Fund).

2 Excludes interbank time deposits; U. S. Treasurer's time deposits,open account; and deposits of Postal Savings System in banks.

3 Prior to June 30, 1947, includes a small amount of demand deposits.4 Demand deposits other than interbank and U. S. Govt., less cash

items reported as in process of collection.5 Seasonally adjusted series begin in 1946 and are available only for last

Wednesday of the month. For description of series and for back datasec the BULLETIN for February 1960, pp. 133-36. Special adjustment

in seasonal factor for demand deposits adjusted for March 30, 1960,shown on page 135, footnote 3, of that BULLETIN has been revised from—0.9 to - 0 . 5 . The new factor is 97.9.

NOTE.—For description of statement and back figures, see the BULLETINfor January 1948, pp. 24^-32. The composition of a few items differsslightly from the description in the BULLETIN article; stock of FederalReserve Banks held by member banks is included in other securities andin capital and miscellaneous accounts, net, and balances of the PostalSavings System and the Exchange Stabilization Fund with the U. S.Treasury arc netted against capital and miscellaneous accounts, net,instead of against U. S. Govt. deposits and Treasury cash. Total depositsand currency shown in the monthly Chart Book excludes foreign bank de-posits, net, and Treasury cash. Except on call dates, figures are roundedto nearest $100 million and may not add to the totals.


ALL BANKS 319

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1

[Figures partly estimated except on call dates. Amounts in millions of dollars]

Class of bankand date

Loans and investments

Total LoansU. S.Govt.obliga-tions

Othersecu-rities

Cashassets2

Totalassets—Totallia-

bilitiesand

capitalac-

counts 3

Deposits

Total 2

Interbank2

De-mand Time

Other

Demand

U. S.Govt.

OtherTime

Bor-row-ings

Totalcapital

ac-counts

Num-berof

banks

All banks:1941—Dec. 311945—Dec. 311947—Dec. 3H1958—Dec. 311959—June 24

Dec. 31I960—Feb. 24

June 29July 27Aug. 31Sept. 28*Oct. 26PNov. 30*Dec. 28*

1961—Jan. 25*Mar. i n

All commercial banks:1941—Dec. 311945—Dec. 311947—Dec. 31*1958—Dec. 311959__june 24

Dec. 31I960—Feb. 24

June 29July 27Aug. 31Sept. 28*Oct. 26*Nov. 30*Dec. 28P

1961—Jan. 25*Mar. l^f

All member banks:1941—Dec. 311945_Dec. 311947—Dec. 311958—Dec. 311959—June 24

Dec. 31I960—Feb. 24

June 29July 27Aug. 31Sept. 28POct. 26*Nov. 30*Dec. 28*

1961—Jan. 25*Mar. i n

All mutual savings banks:1941_Dec. 311945_Dec. 311947—Dec. 3H1958—Dec. 311959_june 24

Dec. 31I960—Feb. 24

June 29July 27Aug. 31Sept. 28*Oct. 26*Nov. 30*Dec. 28*

1961—Jan. 25*Mar. l*f

126227924485200,831410,200,370940,100620,71C,480,590,020

746019284165920270540900890240270680690,310160360

521183846865,007879405593

587282042997238240,016

10,37916,20818,64136,32037,28037,56137,87038,30038.48038,70038,83038,94039,02039,17039,43039,660

,615,362,002

121,571128,690135,958135,710140,990140,520141,230142,180141,720142,090145,390141,450144,050

21,71426,08338,05798,214

104,450110,832110,250114,840114,170114,660115,430114,790115,010118,160114,070116,530

18,02122,77532,62884,06189,30194,77994,11197,89897,18397,52398,19697,46997,708

100,53996,77399,558

4,9014,2794,944

23,35724,24025,12625,46026,15026,35026,57026,75026,93027,08027,23027,38027,520

25,101,81,19973,641

,999 27,.577 35;723 38!273 49;

68,170 26,340 42276;

65,801,000 25,760 25,200 25,110 25,190 25;,890 26;,760 25;,650 26;,600 26,090 26

26,071 50700 43450 43650 43600 43730 44010 45860 46440 48540 44880 46

344,415,388911730 270,296 283,490 273,710 276,770 279,830 280,500 282,750 286,680 287,050 293,470 287090 291

90,908177,332175,091

,816,612

161,865430 250,990 241,629 254.430 241;710 244.050 245;000 245;710 249;550 252;650 254;650 259.380 255,400 257,320

225 26,551331 34

21,80890,60669,22166,376 2060,860 20;610 41

006 37575 48

58,937 20,501 49

54,210 19,56,170 20,120 42" " ~ '",850 42

,020 43,000 43,15043,400 45,300 45,830 47

, ,56,580 20,(57,690 20,60,490 20,-60,380 20,61,320 20,:62,16061,560

19,53978,33857,91454,29949,16446,81344,314

930 43, 270 45

806 160;502 155,,990 238,,930 232,,467 244.,780 234;,880 237;,010 239,080 240,,710 242;,000 246,,910 247,200 253,670 246;,260 250.

79,104 71,283312 150,227377 144,103651 216,017380 206,630686 219,903300 206,810040 209,010270 210,420000 210,240530 213,520290 216,580,290 218,230,060 223,380,570 218,510320 220,650

5,961 23,1236,070 29,8457,304 32,845

,188

42,980 15,715

504 43542 37287 43,509 205;726980 37

,171

68,121138,304132,060202,017196,182

45,23845,19846,07348,37948,22449,11849,80649,438

3,70410,68211,9787,2657,3106,8646,8306,5506,5006,5306,5006,4006,3806,3306,4406,530

16,58116.661

892 37866 38013 38194 39

,68937,977

686 203628 206

196,501199,243201,057201,632

492 212;174 206

891669,455,659507

17,020 39,900 211,040

1,7741,2461,7185,6985,7305,5705,5805,6005,6305,6005,5805,6105,5605,6105,6105,610

793609886921800829710830760750790750770850800830

11,80417,02019,71437,77938,61038,94339,13039,67039,78040,00040,18040,26040,36040,59040,81041,080

61,717129,670122,528182,816174,073184.706172,827175,200176,214175,999178,952181,064182,550187,174182.603185,402

10,53315,38517,76334,04034,60034,98334,95035,46035,48035,59035,81035,93035,97036,35036,52036,670

10,98214,065

12,79315,79912,87015,12;13;13;13;13;14;

650710300070500670180600

15,43015,07014,480

2402,3742,030,443,290,440,480,610,670,690,740,780,780,780

44,355105,935

1,3464,2534,4205,0544,4807,0606,2305,4407,390

130;121

5>70 1245,3605,7703,2905,790

10,98214,065

94,381

26,47945,61353,105

131,622122,720

132 97,498600 100,310

119,570121120121

101,116100,560103,100

125129,180126,280124,930

460 103,660600 104,680130 105,470450 106,220290 106,210

107,570108,610110,3401

12,79215,79912,87015,64912,71013,30013,07013,50013,67014,18015,60015,43015,07014,480

10,38513,57612,35315,22712S35715,04812,24012,77512,52412,94313,10513,60115,01414,81714,46513,912

2402,3722,0301,4411,2901,4401,4801,6101,6701,6901,7401,7801,7801,780

44,349105,921

1,343 94,4,250 130;4,420 1215,0504,480 1227,060 1196,230 1215,440 120

430 68,210570 69,120100 69,690420 70,320,260 70,270

.,... ,150 71,2503 290 126,250 72,120

900 73,700

7,390 121,5,970 124,-5,360*"' '5,770

5,790

14064 2250

2,1871,8891,338,187,298,336,467,525,552,594,635,636,639

709179

1,1763,8223,9434,5043,9676,3605,6224,8876,8275,38545,2,9145,179

15,95230,2411

367 35,360

131,593

63,49365,74066,16965,64067,670

125,129,

124,

23 82271066118121

2,7102262422

2,820232,170232,590232,920242,050242,480241,330 242,03024

600241,86024

23 7,219 8,6510,7318;

2,71019;615 19;

2,82019;2,17020;2,59020,2,92020.2,05020;2,480 20;l,3302i;2,03021,

60021,1,86021,

,414 14,826,542 14,553

14,71414,020

360 13,997915150770 14;0890 13,999120230370 13^89590680680790

13,99113,999

13,99814,000

13,98513,98613,98613,978

173 14,278950 14,011059 14,181486 13,501030 13,479556 13.474730 13,482280 13,485380 13,484580 13,483660 13,485

13,474n3470

810000 *110 13,472100 " -"170

13,47213,464

37,136 12.640 24609 28448 51992 52989 52152 52790 53366 54594 55905 55498 56128 56

347j210340!132892i 2,827|281 "

5415,46061915,875581

977366108590028033891

105,990 57,598319

108,631

105,353

56,

59,

16,264

614

33

()(5)

1429 343029

10,527|15,371!17,7451

006i34,570,34,948i

30 34,92030 35,43030 35,45030 35,56030 35,7803O35,9OOi30 35,940130 36,32030 36,49030 36,6

10

88

5,8867,5898,464

,75916,387,06916,822,50516,892,78317,056,99617,114,42917,239,26917,390,973 17,46656317,464

,82517,629

1,2411,5921,8893,2193,3303,3593,4203,490

,510,540,570,560,590,570,580

3,620

6,6196,8846,9236,3126,2796,2336,2236,2126,2046,2056,2006,1876,1786,1746,1646,160

548542533519518517517515515515515515515514514514

* Preliminary. * Revised preliminary figures.fThis date used instead of last Wednesday of February.1 All banks in the United States. Beginning with January 1959,

all banks in Alaska with total deposits of $172 million were includedin the series (a national member bank has been included since April1954); beginning with August 1959, all banks in Hawaii with total depositsof $365 million were included in the series (a national member bankwith total deposits of $220 million has been included in the series sinceApril 1959).

All banks comprise all commercial banks and all mutual savings banks.All commercial banks comprise (1) all nonmember commercial and(2) all member commercial banks. Member banks include (1) a nationalbank in the Virgin Islands that became a member on May 31, 1957, (2)a noninsured nondeposit trust company, and (3) two (three prior to I960)

mutual savings banks that became members in 1941 (these banks areexcluded from all commercial banks).

Stock savings banks and nondeposit trust companies are included withcommercial banks. Number of banks includes a few noninsured banks,for which asset and liability data are not available. Comparability offigures for classes of banks is affected somewhat by changes in FederalReserve membership, insurance status, and the reserve classifications ofcities and individual banks, and by mergers, etc.

2 Beginning with June 30, 1942, excludes reciprocal balances, which onDec. 31, 1942, aggregated $513 million at all member banks and $525million at all insured commercial banks.

3 Includes other assets and liabilities not shown separately.For other notes see following two pages.


320 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]



Total LoansU.S.Govt.obliga-tions

Othersecu-rities

Cashassets2


bilitiesand

capitalac-

counts3

Deposits

Total 2

Interbank2

De-mand Time

Other

Demand

U. S.Govt. Other

Time

Bor-row-ings

Totalcapital

ac-counts

Num-berof

banks

Central reserve citymember banks:

New York City:1941—Dec. 311945—Dec. 311947—Dec. 311958—Dec. 311959—June 24

Dec. 311960—Feb. 24

June 29July 27Aug. 31Sept. 28^Oct. 26?Nov. 30?Dec. 28^

1961—Jan. 25?Mar. i n

Chicago:1941_Dec. 311945—Dec. 311947—Dec. 311958—Dec. 311959_ju n e 24

Dec. 31I960—Feb. 24

June 29July 27Aug. 31Sept. 28?Oct. 26?Nov. 30^Dec. 28^

1961—Jan. 25?Mar. i n

Reserve city member banks:6

1941_Dec. 311945_Dec. 311947—Dec. 311958—Dec. 311959_ju n e 24

Dec. 31I960—Feb. 24

June 29July 27Aug. 31Sept. 28?Oct. 26^Nov. 30PDec. 28?

1961—Jan. 25?Mar. i n

Country member banks:1941—Dec. 311945—Dec. 311947_Dec. 311958—Dec. 311959—June 24

Dec. 31I960—Feb. 24

June 29July 27Aug. 31Sept. 28POct. 26?Nov, 30?Dec. 28P

1961—Jan. 25?Mar. i n

12,89626,14320,39325,96625,48825,29124,46025,32025,69825,43826,27025,92726,40227,95326,82127,690

2,7605,9315,0886,8306,5166,8856,6346,5986,8116,6616,7406,8476,7297,0326,8757,094

15,34740,10836,04060,55860,61761,62158,84859,56360,42760,68360,79061,80561,62563,20861,87963,470

12,51835,00236,32461,51162,38664,08264,46365,11265,37765,80566,48267,46367,24168,04567,66567,762

4,0727,3347,17916,16516,68118,12117,61018,06017,61017,23617,71417,08217,74218,73217,38718,141

9541,3331,8013,6373,6874,2064,1654,3424,2844,3174,3614,3284,2604,4464,1954,534

7,1058,51413,44934,00336,61638,68638,11639,42139,29039,49739,43039,35439,27340,24438,76340,282

5.8905,59610,19930,25732,31733,76634,22036,07535,99936,47336,69136,70536,43337,11736,42836,601

7,26517,57411,9727,4866,4265,0024,6965,2735,9756,0316,2776,6256,6196,8997,0626,975

1,4304,2132,8902,5622,1371,9851,8121,6201,8451,7271,7921,9031,8411,9041,9891,886

6,46729,55220,19620,64518,22417,29215,34014,84615,82515,92016,02917,04016,94317,40917,56817,521

4,37726,99922,85723,60622,37722,53522,46621,24121,59321,52021,97522,81122,82122,90623,18723,056

1,5591,2351,2422,3152,3812,1682,1541,9872,1132,1712,2792,2202,0412,3222,3722,574

376385397631692694657636682617587616628682691674

1,7762,042

5,777643

5,3925,2965,3125,266 155,3315,4115,4095,5555,5485,667

6,6376,4397,2619,2987,2049,1747,6647,7737,6397,8298,1658,5418,3808,8727,5618,640

,566,489,739

2,158,842,003,882,854,745,927,980,954

2,040,981,814,894

8,51811,28613,06617,70115,76218,21115,60015,78615,74315,35315,80115,99816,64916,93715,78916,243

2,2502,4083,2687,6487,6927,7817,7777,7967,7857,8127,8167,9477,9878,0228,0508,105

6,40210,63210,77814,03112,36314,12212,54312,56412,85412,92412,74013,13513,31513,70213,01013,123

19,86232,88727,98236,39833,86935,75033,55334,60034,88634,92836,06836,13636,51238,40736,04838,000

4,3637,4596,8669,0718,4408,9678,5998,5468,6628,6988,8338,9238,8929,1348,8099,118

24,43051,89849,65979,78177,88781,44376,06577,09077,93877,79678,38179,64380,14181,99079,54381,632

19,46646,05947,55376,76775,98679,56778,28479,00779,57180,21080,60981,96781,91083,12882,10782,290

17,93230,12125,21631,67928,41530,64727,54328,65428,24327,94529,34729,07129,92231,35729,97931,031

4,0577,0466,4028,2147,4238,0627,2887,4747,5517,6477,7667,7257,8008,0147,7337,950

22,31349,08546,46772,64769.44873;67567,43568,02868,79668,48469,31770,42171,12672,94370,95872,418

17,41543,41844,44370,27768,78772,32370,56171,04471,62471,92372,52273,84773,70274,86073,93374,003

4,2024,6404,4534,7864,0084,7654,0094,3394,0134,0574,0564,1374,7374,5494,6614,419

1,0351,3121,2171,3571,1231,2311,0991,1511,1631,2361,1911,2311,3591,3111,2541,221

4,3566,4185,6277,5065,9947,4505,8776,0626,0746,3426,5096,7747,4337,3997,0206,836

7921,2071,0561,5781,2321,6021,2551,2231,2741,3081,3491,4591,4851,5581,5301,436

61712

1,7391,480988884985

1,0121,1011,1211,1791,2141,2201,2211,220

1043022377341303256241250285317286293326326329

8666,940267968775

1,027664

1,4151,2761,0051,9951,234955

1,238589992

1271,552

72249259272213407342275552301261331141285

4918,221405

1,4291,6001,6981,6612,5912,2471,9842,5002,0621,8671,9611,0852,130

2255,465

43 '1,1751,3091,5081,4291,9471,7571,6231,7801,7881,6981,6701,0991,772

12,05117,28719,04020,70418,57020,41918,68518,37918,36618,14818,40118,78218,94820,17519,25719,960

2,4193,4624,2015,1364,5865,0704,5364,4424,5524,6294,4974,6624,6294,7994,7434,665

8071,2361,4453,4823,5823,4483,3013,5363,5763,6343,7743,7394,0684,1754,2514,440

476719913,438,424,468,417,426,444,452,465,470,490,510,532,715

12,55724,6552 8 , —42,39,72142,'"38,37,38,38,28438,25739,39,40,39,39,488

990 11259 21

668 21956 20966 21925 21

410 21654 21897 22883 22

4,8069,760,423,075

21,792"",555,685,168,300

21,58921,734"",889

,879,360,644

23,635

10,10924,23528,37842,349 2540,115 2642,40,40,003 2740,52340,53340,750 2841,644 2841,89742,760 2842,10741,240 29

6,25812,49414,560"",137

,094,356,878,847

28,04628,433",617,930

28,59628,84629,171",529

19530

805232852473946

1,083865

1,201535

1,03399891

3164404311611951171252199311288138

2114

1,140238

1,0041,0641,0631,093803822434629237577

411233751071472371301490203187207199139219

1,6482,1202,2593,2823,2923,3613,3813,4273,4503,4833,4703,5003,5573,5503,5693,584

288377426733740762747769770783781804813813821826

1,9672,5662,8445,7605,9456,1066,0826,2576,2566,3066,3326,3666,4066,4276,4226,573

1,9822,5252,9345,6855,8986,0356,1776,3696,4166,4846,5316,5696,6146,6766,6526,646

36373718171616161615151515151515

13121414141411111111111010101010

351359353274273265233223222218218218217217215214

6,2196,4766,5196,0065,9755,9385,9635,9625,9555,9615,9565,9445,9365,9325,9245,921

4 Beginning with Dec. 31, 1947, the all-bank series was revised as an-nounced in November 1947 by the Federal bank supervisory agencies.At that time a net of 115 noninsured nonmember commercial bankswith total loans and investments of about $110 million was added, and8 banks with total loans and investments of $34 million were transferredfrom noninsured mutual savings to nonmember commercial banks.

5 Less than $5 million. Because preliminary data are rounded to thenearest $10 million no amount is shown except on call dates.

6 Beginning with February 1960 reserve city banks with total loans andinvestments of $950 million and total deposits of $1,070 million werereclassified as country banks.

For other notes see preceding and opposite pages.


ALL BANKS 321

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued

[Amounts in millions of dollars]



Total LoansU.S .Govt.obliga-tions

Othersecu-rities

Cashassets 2


bilitiesand

capitalac-

counts 3

Deposits

Total 2

Interbank 2

De-mand Time

Other

Demand

U.S.Govt. Other

Time

Bor-row-ings

Totalcapital

ac-counts

Num-berof

banks

All insured commercial banks:1941—Dec. 311945—Dec. 311947—Dec. 311957—Dec. 311958—Dec. 311959—June 10

Dec. 311960—June 15

National member banks:1941—Dec. 311945__Dec. 311947—Dec. 311957—Dec. 311958—Dec. 311959—June 10

Dec. 31I960—June 15

State member banks:1941—Dec. 311945—Dec. 311947—Dec. 311957—Dec. 311958—Dec. 311959__june 10

Dec. 311960—June 15

Insured nonmembercommercial banks:

1941—Dec. 311945—Dec. 311947—Dec. 311957—Dec. 311958—Dec. 311959__jUne 10

Dec. 311960—June 15

Noninsured nonmembercommercial banks:

1941—Dec. 311945—Dec. 311947—Dec. 3H1957—Dec. 311958—Dec. 311959—June 10

Dec. 311960—June 15

All nonmember commercialbanks:

1941—Dec. 311945—Dec. 311947—Dec. 31*1957—Dec. 311958—Dec. 311959—June 10

Dec. 311960—June 15

Insured mutual savings banks:1941—Dec. 311945—Dec. 311947__Dec. 311957—Dec. 311958—Dec. 311959_jUne 10 ,

Dec. 311960—June 15

Noninsured mutual savingsbanks:

1941—Dec. 311945—Dec. 311947_Dec. 3141957—Dec. 311958—Dec. 311959_j u n e 10

Dec. 311960—June 15

49,29021,809[14,274168,59583,596[84,63288,790[88,691

27,57169,31265,28091,20199,27799,98202,615102,309

15,95037,87132,56651,15255,58855,30755,26455,348

5,77614,63916,44426,26828,75929,37130,93931,05"

1,452,2112,0091,4731,5681,5181,4801,446

7,23316,84918,45427,74130,32730,88932,41932,498

1,69310,84612,68326.53528,98030,15030,58031,133

8,6875,3615,9577,2467,3417,0716,9817,167

21,25925,76537,58393,43097,730102,902110,299114,785

11,72513,92521,42850,35052,62755,81659,96262,398

6,2958,85011,20030,60031,43532,61634,81735,946

3,2412,9924,95812,49313,68214,48415,53416,450

45531847446848450453452:

3,6963,3105,43212,96114,16514,98816,06816,97:

6423,0813,56017,19419,18020,10620,94221,721

4,2591,1981,3844,0224,1774,0434,1844,348

21,04688,91267,94157,58065,669 2061,396 2058,348 20

6,984 25,7887,131

17

34,2921,926,127,689

750 36585 48198 48334 42,623 231

76,820157,544152,733220,865236,724

54,366

12,03951,25038,67431,23435,71433,15231,76129,298

7,50027,08919,24015,84618,58517,07215,05214,228

1,50910,58410,03910,51211,38111,18311,54610,848

7611,6931,28066070763958954'

2,27012,27711,31811,17212,08811,82112,13411,395

6297,1608,1655,4045,2155,32--5,0164,743

3,0753,5223,8132,1482,0502,0251,848

19143 49;540 46,

242240,728

69,411147,775141,851199,876214,485

149,474

212,442

10,65413,883

876 206!828 218

12,61515,48915,65313,33815,50013,756

3,8064,137 20;5,178 22i9,617 26!

14,977

10,936

4390

024786 120

114

26,78111,014 23,83510,892 27,46410,614 26,380

433220182,153397255636,433

2,1551,9332,1254,7075,5685,6195,3965,174

1,0251,0631,4483,2643,6963,7043,8593,755

24120025534537737535837

1,2661,2621,7033,6084,0744,0794,2164,131

421606958

3,9374,5854,7214,6224,669

1,353641760

1,0761,1131,003949934

8,1459,73110,82215,96016,40714,02116,04515,495

2,6684,4484,0835,3835,5044,7705,6514,952

763514576301301271309299

3,4314,9624,6595,6845,!5,0415,9615,251

15142967571975!630686624

64:180211171169150143141

24,68848,08443,87968,67673,62071,01073,09072,734

8,70819,25620,69132,06634,73734,64237,13236,582

2,2832,7682,6431,8311,9271,8501,8581,815

10,99:22,02423,33433,89736,66436,49138,99038,397

1,95811,42413,49927,67130,18931,22831,74332,211

9,8465,5966,2157,4977,5897,2987,2007,387

39,45884,93982,023109,091116,714112,659119,638116,178

22,25944,73040,50561,54566,10262,15265,06963,341

7,70218,11919,34029,26631,69631,36533,79532,942

1,8722,4522,2511,4491,5321,4441,4291,386

9,57320,57121,59130,71533,22^32,81035,22434,328

1,78910,36312,20725,02227,27728,04128,57728,824

8,7445,0225,5566,6726.7636,4616,4056,511

541,2642,2092,0131,3581,324

1,76223,7401,3253,8594,241

41,298 15,69980,276 29,87692,975 34,882

2,766 122,744

127 56,137214 63,168

5,03765,288

130,720 65,8586,396 124,091 66,875

6,7869,229

8,3758,9589,0357,8188,9477,937

35517767705514472

3,7394,411

3,9786,1246,1925,1276,1025,429

15729

1,4201,285825833

262407426392451389

129244

1,08814,013

7952,1662,2921,5262,7423,594

6218,166381

1,3061,530880

1,7632,151

531,560149388419361533651

23,26245,47353,54166,546 3069,808 3466,433 3671,01567,270 36

8,32216,22419,278",904,812,177

36,421"',905

13,87424,16827,06839,00140,64038,23739,97438,296

4,0257,9869,06214,38616,32016,62216,40616,631

4,16210,63512,36617,580 1018,76618,07419,73218,525

3,3605,6806,5580,87312,06312,51613,05913,357

177147146143150163

329181

18512116312:83

12:

1,2911,905

439554572536601553

457425

1,392840890830873792

190138185144103141

5,50414,101167427428368545669

13,75818,42019,65518,90320,60519,318

253365478303325342311290

3,6136,0457,03611,17612,38712,85813,37013,648

12233232

1226 242827 282828 28

1,78910,35112,192

,99127,24328,01128,544'",791

8,7385,0205,5536,6716,7626,4606,4046,510

84413,42613,297

73413,39813,142

15413,101._,76213,086

602 19,20613,1072,573 19,97813,140

10215616667

2,762

6,8,6719,73417,05118,"18,

3,6404,6445,4099,0709,643

1,420 10,041~'"10,302

10,686340

1,491

113091810

1,266240

1,012

2,2462,9453,0555,4835,8175,8795,9626,143

9591,0831,2712,5002,6962,8462,9443,151

329279325317332338350353

1,2881,3621,5962,8173,0283,1833,2943,503

1641,0341,2522,3082,4732,6082,6542,735

1,077558637751746707705730

5,1175,0175,0054,6204,5784,5594,5424,542

1,5021,8671,9181,7731,7341,7211,6911,675

6,8106,4166,4786,7536,7936,8106,8786,926

852714783425399383366350

7,6627,1307,2617,1787,1927,1937,2447,276

52192194239241251268268

496350339283278267249247

For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see the BULLETINfor July 1947, pp. 870-71.


322 COMMERCIAL BANKS

LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1


Class ofcommercialbank andcall date

Totalloans 2and

invest-ments

Loans2

TotaP

Com-mer-cialin-

clud-ing

openmar-ketpa-per

Agri-cul-tur-al

Loans forpurchasingor carryingsecurities

Tobro-kersanddeal-ers

Toothers

Loansto

financialinstitutions

Tobanks

Toothers

Reales-tate

loans

Otherloans

toin-di-

vid-uals

Otherloans

Investments


Total BillsCer-tifi-

catesNotes Bonds

Obli-ga-

tionsof

Statesand

polit-icalsub-divi-sions

Othersecu-rities

Total: 31947—Dec. 31 . .1958—Dec. 31. . ,1959—Dec. 31*.1960—June 15..

Oct. 3«.

All insured:1941—Dec. 31. . .1945—Dec. 31 . .1947—Dec. 31 . .1958—Dec. 31 . .1959—Dec. 31*.1960—June 15..

Member, total:1941—Dec. 31 . .1945—Dec. 31 . .1947—Dec. 31 . .1958—Dec. 31 . .1959—Dec. 31*.1960—June 15..

Oct. 3 . .

New York City:*1941—Dec. 31 . .1945—Dec. 31 . .1947_Dec. 31 . .1958—Dec. 31 . .1959—Dec. 31*.1960—June 15..

Oct. 3 . .

Chicago:*1941 —Dec. 31..1945—Dec. 31..1947—Dec. 31..1958—Dec. 31..1959—Dec. 31*.1960—June 15..

Oct. 3..

Reserve city:1941—Dec. 31 . .1945_Dec. 31. .1947—Dec. 31 . .1958—Dec. 31 . .1959—Dec. 31*.1960—June 15..

Oct. 3 . .

Country:1941—Dec. 31 . .1945—Dec. 31 . .1947—Dec. 31 . .1958—Dec. 31 . .1959—Dec. 31*.1960—June 15..

Oct. 3 . .

Nonmember:3

1947_Dec. 31 . .1958—Dec. 31 . .1959—Dec. 31*.1960—June 15..

16,28485,16590,27090,13793,990

49,29021,809114,274183,596188,790188,691

43,521107,18397,846154,865157,879157,657160,865

12,89626,14320,39325,96625,29125,71'426,386

2,7605,9315,0886,8306,8856,7076,80"

15,34740,10836,04060,55861,62159,75061,144

12,51835,00236,32461,51164,08265,42766,533

18,45430,32732,41932,498

18,167 1,660. 4,973

110,832 40,174 5,0185,363",570

38,05798,214 40J425 4

115,307 41,775116.180 41,900 5

8302,8323,018

1,2201,8291,850

2,602 1,739

,214 121,25925,76537,58397,730 40i289 4

9,9,4618,012 1

2,730

614

,780

662,4501,314 3,164 3,606\ 6 1 0 823 1,190

,913 2,797 1,810110,299 40,022 4,973 2,982 1,827114,785 41,625 5,318 2,584 1,719

18,02122,77532,62884,06194,779: ,98,344 38,204 398,815

8,6718,949

16,9623 7 , ' "36,

972 594 598855 3,133 3,378

444 3826 3

38,246 3

4,0727,3347,179

16,16518,12118,35017,760

9541,3331,8013,6374,2064,3864,422

7,1058,514

13,44934,00338,68639,53439,820

5,8905,596

10,19930,25733,76636,07436,813

5,43214,16516,06816,972

2,8073,0445,361

10,92810,54910,49910,367

732760

1,4182,6282,5272,7162,797

3,4563,6617,088

15,80815,25215,77815,864

1,046",052,116,297,451

300205225669765805860

811 1,0652,730 1,5992,8852,4692,593

4122,453

5451,6521,7401,463',353

4821173266268187203

114427170518580511597

1,5871,4881,521

1691,172267382403366367

522338797124123123

1941,503484851776713738

1,6761,4843,0968,080

659648818

2,36881498 2,321

1 2,465".,567

9,219,218 2

1,2052,9813,3483,571

6141,9211,9022,066

204223

294298308440

20102133134

183471227268284286293

156230263251

115719819

2,3652,260

4049114713813

2,360

3947113710811

2,3092,212

322693503531

1,050849

7,7,0636,—

9,39325,*"-255 20

5,723,698

118 28J060 24,166~:5,523

770 28',640 26,040

947 69,22166,37658,93754,913•7,570

3,4372,7842,7472,720

2,1936,2945,300,593,720

7,1057,043

4,7734,6779,26625,148 2027,948 2428,240 25

4,.2,3615,654",589,032,387

5051,132914

3,4202,7672,728

21,04688,91257,94155,669"8,348i4,366

31,9004,662

17,02819,877

736 22,309 20,93221,333

3,4943,4557,130

20,01322,1856,801

6,7366,434 22J446

19,53978,33857,914

,21154,299,60346,813,55043,526

9882,455,124,159,1893,527

9716531,057839

3,2,2,2,52945^69 4^625

2,275,987

4,6444,6122,521

1,7881,8861,744

41715191235924935

611

242361

588581576

3,3693,1843,083

1,0561,0851,031

317327

12380111641936870815

223646161183183188

1,5271,4593,1478,4059,2519,0369,042

1,8231,8813,82710,80611,81612,22012,402

2,2665,2565,8886,053

287564

1,5021,7391,8211,827

51149357435396401

1855

1,9696,9308,2118,4308,570

522272238921833795830

954026

210148211179

7,2657,5741,9727,4865,0025,3846,354

1,4304,2132,8902,5621,9851,6641,778

311477,002643639681,380

25613313223210846129

508 6,467'29,552

35120,1961,30120,645

98017,29214,921

86415,993

387

7071,9798,2399,491

10,28610,535

1,0613,6714,2894,591

1,528 4,37726,99922,857

77923,606$22,53521,556" , 8 4 5

3592242277964365265621

2951,034

373,293,484464

,203

110630480

2,4752,3811,329',913

10911,318,088

12,13419711,395

134 1

2061,6511,6891,073

7,7897,3992,4202,2102,860

9,0717,5527,3622,4042,184

6,9855,8166,1431,8121,5832,223

3,433640

1,106227369508

1,467235361784249

6,03413,3964,856[5,22416,730

53,20539,28735,36033,88732,260

276 3,729505 4,070

3,5433,1273,000

5,6,6,9586,7897,240

789 3

3,1596,0455,9183,2404,729- , . _.5,090 33,566 16

16,89951,34252,34738,90835,027

3,3333,258

129 3,6213,9323,4222,994

3,6513,8735,1296,2666,721",545

3,0074,271 444,815 451,117 32

11,604 2811,959 273,,398 25

15,561',807,295,396,785

27,463--,724

199 3

2,8712,8153,105

405 3,1002,6102,3152,183

3,0903,254

13,13,67713,47313,897

1,6233,325558

1,6021,2771,5461,574

153749248522467480551

5,33110,3399,7724,1352,8592,7882,892

,022,864,274,446,332,096,048

729606638

1,8691,8331,7221,996

182181213491562564526

6,9822,3582,370645365670

5,1022,5832,306863807995

1,9731,255608627

7515,6531,9014,4974,1094,006 104,683

5,42115,88315,56312,48411,0540,0869,437

9561,1261,34"4,86-4,8304,6234,663

830629604446335319276

1932041851401339375

820916

1,053',047813672668

4814,5442,1084,4955,7515,9286,591

1,2192,2803,2543,265

3,78716,72217,68714,33013,54013,49312,347

7,9206,9016,5846,429

222 11,1,3422,0066,1816,4526,5656,712

1,0783,1023,2833,31"

,0281,0671,2621,4671,3301,2321,164

625971934814

* Estimated.* For a discussion of revision in loan schedule, see the BULLETIN for

January 1960, p. 12.* All commercial banks in the United States. These figures exclude

data for banks in U. S. possessions except for member banks. During1941 three mutual savings banks became members of the Federal Reserve

System; these banks (two beginning June 1960) are included in memberbanks but are not included in all insured or total banks. Compar abilityof figures for classes of banks is affected somewhat by changes in F ederalReserve membership, insurance status, and the reserve classificati ons ofcities and individual banks, and by mergers, etc.

For other notes see opposite page.


COMMERCIAL BANKS 323

RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1


Class ofcommercialbank andcall date

Total: 31947_Dec. 3 1 . . . .1958—Dec. 3 1 . . . .1959—Dec. 3 1 . . . .I960—June 15. . . .

Oct. 3 e...

All insured:1941—Dec. 3 1 . . . .1945_Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1958—Dec. 3 1 . . . .1959—Dec. 3 1 . . . .I960—June 15. . . .

Member, total:1941—Dec. 3 1 . . . .1945—Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1958—Dec. 3 1 . . . .1959—Dec. 3 1 . . . .I960—June 15. . . .

Oct. 3 . . . .

New York City:*1941—Dec 3 1 . . . .1945—Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1958—Dec. 3 1 . . . .1959—Dec. 3 1 . . . .I960—June 15. . . .

Oct. 3 . . . .

Chicago:*1941_Dec. 311945—Dec. 311947_Dec. 311958—Dec. 3 1 . . . .1959—Dec. 3 1 . . . .I960—June 15. . . .

Oct. 3 . . . .

Reserve city:1941—Dec. 3 1 . . . .1945—Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1958—Dec. 3 1 . . . .1959—Dec. 3 1 . . . .1960—June 15. . . .

Oct. 3 . . . .

Country:1941_Dec. 3 1 . . . .1945—Dec. 3 1 . . . .1947_Dec. 3 1 . . . .1958—Dec. 3 1 . . . .1959—Dec. 3 1 . . . .I960—June 15. . . .

Oct. 3 . . . .

Nonmember:3

1947_Dec. 311958—Dec. 311959—Dec. 31I960—June 15

p .

serveswith

FederalRe-serveBanks

17,79618,42717,93117,91717,550

12,39615,81017,79618,42717,93117,917

12,39615,81117,79718,42817,93217,91817,552

5,1054,0154,6394,4543,9084,0544,031

1,021942

1,0701,058

920995

1,074

4,0606,3267,0957,4727,5327,4827,148

2,2104,5274,9935,4445,5735,3885,300

Cash

vault

2,2163,2493,0123,2523,010

1,3581,8292,1453,2272,9903,232

1,0871,4381,6722,4412,2222,4272,249

93111151161151144144

43363036332830

425494562768681740684

526796929

1,4761,3571,5151,391

544808790826

Bal-anceswithdo-

mesticbanks s

10,21612,60912,23710,99911,530

8,57011,0759,736

12,35311,96910,737

6,2467,1176,2707,9777,5326,9137,275

141787092

1388778

298200175185142109117

2,5902,1742,1252,6702,3812,2292,130

3,2164,6653,9005,0304,8704,4884,950

3 9474,6334 7064,087

De-mand

de-posits

ad-justed 6

87,123115,518115,420110,025109,190

37,84574,72285,751

114,645114,563109,249

33,75464,18473,52896,21895,27491,04290,046

10 76115,06516,65316,17015,49415,33214,332

2,2153,1533 7374,2714,1713,6783,834

11,11722,37225,71435,50535,09532,87332,519

9,66123,59527,42440,27240,51439,15939,361

13,59519,30020 14618,983

Demand deposits

Interbankdeposits

Do-mestic 5

11,36214,14213,94412,48413,200

9,82312,56611,23614,02513,82512,356

9,71412,33310,97813,61413,38911,98012,648

3 5953,5353,2363,5193,4623,1493,509

1,0271,2921 1961,3141,1871,1931,200

4,3026,3075,4977,2177,1626,3546,540

7901,1991,0491,5651,5781,2851,399

385528555504

For-eign

1,4301,6571,7051,4361,490

6731,2481,3791,6291,6751,400

6711,2431,3751,6131,6591,3871,434

6071,1051,2171,2671,3031,0601,108

8202143434039

54110131289288272268

287

13241418

55434649

U.S.Govt.

1,3434,2505,0506,4147,310

1,76223,740

1,3254,2415,0376,396

1,70922,1791,1763,8224,5045,7456,715

8666,940

267968

1,0271,1401,947

1271,552

72249272335530

4918,221

4051,4291,6982,3192,512

2255,465

4321,1751,5081,9511,725

167428545669

Statesand

politicalsubdi-visions

6,79910,92811,45910,75311,040

3,6775,0986,692

10,84111,37210,648

3,0664,2405,5048,6038,9158,3048,563

319237290329310294307

233237285302329283366

1,1441,7632,2823,1533,3042,8032,904

1,3702,0042,6474,8194,9724,9234,986

1,2952,3252 5442,449

Certi-fiedandoffi-cers'

checks,etc.

2,5814,0433,9103,7013,880

1,0772,5852,5594,0013,8663,655

1,0092,4502,4013,7123,5423,3663,544

4501,3381,1051,5401,5361,8492,052

34666388

10585

104

286611705

1,0521,043

801796

239435528

1,032857631593

180331369335

Indi-viduals,partner-ships,

and cor-pora-tions

84,987115,132116,225110,429108,850

36,54472,59383,723

114,372115,482109,788

33,06162,95072,70498,13398,53293,89692,147

11 28215,71217,64618,83518,57317,75416,867

2,1523,1603 8534,7464,6364,3014,026

11,12722,28126,00338,05438,32136,15635,240

8,50021,79725,20336,49837,00335,68636,014

12,28416,99917 69216,533

Inter-bank

2402,3721,4411,4461,690

1587054

2,2091,3581,324

1406450

2,1871,3381,3051,547

61712

1,739988992

1,140

34234359

1043022

377303245314

30171736242634

190185103141

Time deposits

U. S.Govtand

PostalSav-ings

111327285259260

59103111327285259

5099

105300259234237

101236242425

27844

203845

124958081

315245

132132127127

6272625

States

polit-ical

subdi-visions

8663,5763,1663,6164,000

492496826

3,5123,0953,555

418399693

2,8292,3832,7683,117

292014

1006595

157

97

1287

243160332

1,4711,2291,3751,485

146219337

1,2501,0771,2901,467

172747783848

Indi-viduals,partner-ships,

and cor-pora-tions

34,38359,59062,71863,29065,610

15,14629,27733,94659,32962,47863,061

11,87823,71227,54248,00450,18550,53452,328

7781,2061,4183,3453,3593,3603,536

476719902

1,4231,4491,4011,458

4,5429,563

11,04519,48020,23119,48420,209

6,08212,22414,17723,75525,14626,28927,125

6,85811,61312 56012,775

Bor-

ings

6573

6152,5901,910

10215

6167

6022,573

4208

5454

5812,5031,829

19530

232980749

340

33381

21

14238870697

411233771

320302

12203487

Capi-talac-

counts

10,05918,48619,55620,33120,870

6,8448,6719,734

18,15419,20619,978

5,8867,5898,464

15,46016,26416,82917,268

1 6482,1202,2593,2823,3613,4303,493

288377426733762765786

1,9672,5662,8445,7606,1066,1816,343

1,9822,5252,9345,6856,0356,4536,645

1,5963,0273 2943,504

2 Beginning with June 30, 1948, figures for various loan items areshown gross (i.e., before deduction of valuation reserves); they do notadd to the total and are not entirely comparable with prior figures. Totalloans continue to be shown net.

3 Breakdowns of loan, investment, and deposit classifications are notavailable prior to 1947; summary figures for earlier dates appear in thepreceding table.

* Central reserve city banks.5 Beginning with June 30, 1942, excludes reciprocal bank balances,

which on Dec. 31,1942, aggregated $513 million at all member banks and$525 million at all insured commercial banks.

6 Demand deposits other than interbank and U. S. Govt., less cash itemsreported as in process of collection.



324 WEEKLY REPORTING MEMBER BANKS

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES


Wednesday

Totalloansand

invest-ments 1

Loansand

invest-ments

ad-justed2

Loans

Loansad-

justed2

Com-mer-cialand

indus-trial

Agri-cul-tural

For purchasingor carrying securities

To brokersand dealers

U.S.Govt.

ob-liga-tions

Otherse-

curi-ties

To others

U.S.Govt.

ob-liga-tions

Otherse-

curi-ties

Financial institutions

Banks

For-eign

Do-mes-tic

com-mer-cial

Nonbankinstitutions

Per-sonalandsales

fi-nancecom-paniesetc.

Other

Realestate

Allotherloans

Valua-tionre-

serves

Total-Leading Cities

1960

Feb. 3101724

1961

Jan. 4111825

Feb. 18

15

22

New York City

1960

Feb. 3101724

1961

Jan. 4111825

Feb. 18

1522

OutsideNew York City

1960

Feb. 3101724

1961

Jan. 4111825

Feb. 18

1522

103,273102,931103,013102,759

112,555110,482110,128108,917

110,961109,831111,270110,435

24,56524,47724,57624,526

27,76526,93226,80826,548

27,06426,57527,29126,848

78,70878,45478,43778,233

84,79083,55083,32082,369

83,89783,25683,97983,587

102,177101,699101,597101,375

110,362109,068108,781108,417

109,651108,630109,786109,213

24,05323,79723,84823,859

26,98026,47426,34126,190

26,69626,24126,73026,393

78,12477,90277,74977,516

83,38282,59482,44082,227

82,95582,38983,05682,820

66,03665,91866,18966,210

70,08668,79668,41767,628

68,79268,11068,65168,497

17,07316,90117,00017,059

17,91217,37417,17616,905

17,30916,91017,15917,033

48,96349,01749,18949,151

52,17451,42251,24150,723

51,48351,20051,49f51,464

29,94130,04730,26230,162

31,79331,65331,45031,150

31,06731,04531,28931,248

10,28510,30010,38210,333

10,70110,66510,59410,490

10,47210,41410,49110,469

19,65619,74719,88019,829

21,09220,98820,85620,660

20,59520,63120,79820,779

901903897899

,094,097,084,082

,0861,0891,083

891893887

1,0851,0881,0751,073

1,0791,0761,0791,075

355312247296

1,119618759579

856417611585

201174112172

435250234213

501213320269

154138135124

684368525366

355204291316

1,5831,4921,4661,515

1,7241,5421,4401,385

1,4121,3391,3701,411

1,019905867878

1,073949851822

835779800835

564587599637

651593589563

577560570576

157149141146

129127126123

117117124127

125117110116

10010110199

93939699

1,1491,1511,1451,145

1,1721,1681,1581,163

1,1681,1591,1671,166

341339337336

353352350349

344347348349

812808809

819816808814

824812819817

753769764761

738706701694

697696697671

471480479487

477461460452

452452450420

282289285274

261245241242

245244247251

1,0961,2321,4161,384

2,1931,4141,347500

1,3101,2011,4841,222

512680728667

785458467358

368334561455

584552688717

1,408956880142

94286'92376

3,7753,7053,8133,832

4,1693,9093,8343,611

3,5733,5023,5253,494

1,1641,1311,2141,253

1,3641,2211,2331,128

1,1281,1021,1391,111

2,6112,5742,5992,579

2,8052,6882,6012,483

2,4452,4002,3862,383

,741,728,727,725

,685,671,629,619

1,6051,5771,5821,574

394397401403

318313311305

298286285280

1,3471,3311,3261,322

1,3671,3581,3181,314

1,3071,2911,2971,294

12,61512,61012,64512,637

12,50312,49312,49212,482

12,46912,44212,45812,463

939933948942

787792792785

784773781785

11,67611,67711,69711,695

11,71611,70111,70011,697

11,68511,66911,67711,678

14,50714,49414,52614,537

15,48215,33715,27215,269

16,27616,26416,27416,211

2,6292,6122,6312,627

2,7862,7562,7382,749

2,8862,9342,9312,904

11,87811,88211,89511,910

12,69612,58112,53412,520

13,39013,33013,34313,307

1,4411,4421,4441,445

1,5221,5251,5281,529

1,5361,5341,5351,536

412412412412

420420421421

424424424425

1,0291,0301,0321,033

1,1021,1051,1071,108

1,1121,1101,1111,111

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.


WEEKLY REPORTING MEMBER BANKS 325

ASSETS AND LIABILITIES OF BANKS IN LEADING COTES— Continued


Wednesday

Total—Leading Cities

1960

Feb. 3101724

1961

Jan. 4111825

Feb 18

1522

New York City

1960

Feb 3101724

1961

Jan. 4111825

Feb 18

1522


1960

Feb. 3101724

1961

Jan. 4111825

Feb 18

1522 . . . .

Investments


Total

26,44426,11725,71325,525

30,23830,15430,27030,631

30,71230,26030,74730,310

4,8414,7584,6474,635

6,7876,7896,8566,916

7,0006,8927,0636,812

21,60321,35921,06620,890

23,45123,36523,41423,715

23,71223,36823,68423,498

Bills

2,0011,7531,6301,572

4,0183,8764,1014,423

4,4634,1073,8903,667

659597558584

1,3241,2271,3501,405

1,4701,3761,3611,278

1,3421,1561,072

988

2,6942,6492,7513,018

2,9932,7312,5292,389

Cer-tifi-

cates

1,2031,188

490475

1,5691,5721,5151,572

1,5941,5811,1591,080

280282

99108

574628552553

584572446392

923906391367

995944963

1,019

1,0101,009

713688

Notes and bondsmaturing:

With-in

1 year

1,7181,7021,6441,596

2,5972,5972,6002,641

2,6862,7073,8963,942

125145152153

442446441451

464471734724

1,5931,5571,4921,443

2,1552,1512,1592,190

2,2222,2363,1623,218

l t o5 years

15,03214,98116,82216,926

18,01618,08018,04518,031

18,02017,93817,91617,771

2,5422,5012,9362,918

3,6223,6573,6853,682

3,6583,6473,7123,629

12,49012,48013,88614,008

14,39414 42314,36014,349

14,36214,29114,20414,142

After5 years

6,4906,4935,1274,956

4,0384,0294,0093,964

3,9493,9273,8863,850

1,2351,233

902872

825831828825

824826810789

5,2555,2604,2254,084

3,2133,1983,1813,139

3,1253,1013,0763,061

Othersecu-rities

9,6979,6649,6959,640

10,03810,11810 09410,158

10,14710,26010,38810,406

2,1392,1382,2012,165

2,2812,3112,3092,369

2,3872,4392,5082,548

7,5587,5267,4947,475

7,7577 8077,7857,789

7,7607,8217,8807,858

Cash assets, excluding cash items in processof collection

Total

17,02516 89817,07016,745

17,43516,64116 78317,205

16,41216,79616 94416,700

4,0474 1153,9723,823

4,1383,5893,7413 970

3,8703,9813 8623,804

12,97812,78313,09812,922

13,29713 05213,04213 235

12,54212,81513,08212,896

Bal-anceswith

domes-tic

banks

2,6482,6442,7832,752

3,2993,0182 9123,473

2,8822,6293,0652,944

56566958

60636762

65476754

2,5922,5882,7142,694

3,2392,9552,8453,411

2,8172,5822,9982,890

Bal-anceswithfor-eign

banks

96909084

124109104123

110110122122

42403934

70555265

54446061

54505150

54545258

56666261

Currencyandcoin

1,1401 2121,1651,260

1,4081,4591 3801,358

1,2661,2791,3241,372

155174153162

233226209200

194193201193

9851,0381,0121,098

1,1751,2331,1711,158

1,0721,0861,1231,179

Re-serveswithF. R.Banks

13,14112 95213,03212,649

12,60412,05512 38712,251

12,15412,77812,43312,262

3,7943,8453,7113,569

3,7753,2453,4133,643

3,5573,6973,5343,496

9,3479,1079,3219,080

8,8298,8108,9748,608

8,5979,0818,8998,766

Allotherassets

3,4843 5443,4423,427

3,9534,0113 9203,965

4,0583,9873,9643,864

1,3911,4581,4361,423

1,6661,7661,6551,654

1,6491,6541 6781,622

2,0932,0862,0062,004

2,2872 2452,2652,311

2,4092,3332,2862,242

Totalassets—

totalliabili-

tiesand

capitalaccounts

134,250133 093134,935133,752

147,037143,118142 723140,489

143,554140,550146 224142,108

33,35233,17733,67033,609

37,81036,25736,20735,730

37,17635,54038,02636,028

100,89899,916

101,265100,143

109,227106,861106,516104,759

106,378105,010108,198106,080


326 WEEKLY REPORTING MEMBER BANKS

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued


Wednesday

Deposits

De-mand

depositsad-

justed 1

Demand

Interbank

Domes-tic

For-eign

U.S.Govt.

Statesand


Certi-fiedandoffi-cers'

checks,etc.

Indi-viduals,partner-

ships,and

corpo-rations

Time

Inter-bank

U. S.Govt.and

Postalsav-ings

Statesand


Indi-viduals,partner-

ships,and

corpo-rations

Borrowings

FromF. R.Banks

Fromothers

Otherliabil-ities

Capitalac-

counts

Total-Leading Cities

1960

Feb. 310172 .

1961

Jan. 4111825

Feb. 18

15

22

New York City

1960

Feb. 31017241961

Jan. 4111825

Feb. 18

1522


1960

Feb. 3101724

1961

Jan. 4111825

Feb. 18

1522

60,61660,59759,39559.744

61.05861,16461,52761,955

60,68660,22459,36359,389

15,26915,09815,01314,972

15,44715,25115,31815,687

15,12715,08714,80714,994

45,34745,49944,38244,772

45,61145,91346,20946,268

45,55945,13744,55644,395

10,76010,68110,56810,120

13,56513,06012,39112,211

11,66911,62512,23211,188

2,9632,9712,9562,937

3,5433,4633,3593,646

3,3343,0833,4883,041

7,7977,7107,6127,183

10,0229,5979,0328,565

8,3358,5428,7448,147

1,3451,3471,3651,383

1,3961,3321,3201,323

1,3731,4311,4161,387

1,0511,0371,0541,072

1,0851,0161,0131,009

1,0601,1201,0951,086

294310311311

311316307314

313311321301

2,6071,8883,0892,886

3,7782,1552,0422,074

3,0812,3143,7013,810

761513782672

1,199652606592

947715

1,015974

1,8461,3752,3072,214

2,5791,5031,4361,482

2,1341,5992,6862,836

4,9214,7524,6534,677

4,8274,5884,8544,831

5,0794,8014,7474,931

312282292289

267247340274

296283287382

4,6094,4704,3614,388

4,5604,3414,5144,557

4,7834,5184,4604,549

2,4362,0752,2802,609

2,9192,5812,4672,385

3,1492,3022,9972,370

,321,095,238,546

,717,540,463,447

2,1431,4171,8951,431

1,115980

1,0421,063

1,2021,0411,004938

1,006885

1,102939

63,72763,49063,87263,279

66,40665,97966,09865,141

64,58163,05765,66563,197

16,98516,84817,16916,974

17,70417,43417,51817,524

17,28116,71717,82016,935

46,74246,64246,70346,305

48,70248,54548,58047,617

47,30046,34047,84546,262

1,198,177,142,131

,599,595,598,600

,610,617,608,609

884879856849

,202,200,204,204

,213,213,208,207

314298286282

397395394396

397404400402

145147145146

136135139146

146140141143

27272727

27252727

121123121122

109108112119

119115114116

1,5181,5171,5451,534

2,2792,2872,3002,381

2,3932,4052,4252,406

229230214249

250255254254

1,4581,4571,4851,474

2,0502,0572,0862,132

2,1432,1502,1712,152

28,48328,48428,46928,447

30,82730,89230,97231,017

31,79031,89531,94832,057

3,2303,2243,2163,206

3,6573,6883,7303,745

3,8513,8873,8963,934

25,25325,26025,25325,241

27,17027,20427,24227,272

27,93928,00828,05228,123

635432588236

72173520

142412435272

2252

20483522

613380588236

72173520

122364400250

1,5732,0822,0822,200

2,3661,5701,603460

1,4601,4761,7771,482

7001,056888853

1,263726805100

787770975698

8731,0261,1941,347

1,103844798360

673706802784

3,5463,6603,7733,743

4,8224,8714,8684,856

4,9694,9465,0185,132

1,6731,7681,7651,763

2,3972,5102,4022,384

2,4242,4582,4792,487

1,8731,8922,0081,980

2,4252,3612,4662,472

2,5452,4882,5392,645

11,35611,36111,36411,361

12,04512,05612,03612,044

12,11212,12912,11412,124

3,3663,3683,3703,364

3,5203,5243,5263,529

3,5433,5493,5523,550

7,9907,9937,9947,997

8,5258,5328,5108,515

8,5698,5808,5628,574

i Demand deposits other than interbank and U. S. Govt., less cashi terns reported as in process of collection.


BUSINESS LOANS OF BANKS 327

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1

[Net decline, ( —). In millions of dollars]

Period2

Manufacturing and mining

Food,liquor,

andtobacco

Textiles,apparel,

andleather

Metalsand

metalprod-ucts3

Petro-leum,coal,

chemical,and

rubber

Other

Trade(whole-

saleand

retail)

Com-moditydealers

Publicutilities

(incl.trans-porta-tion)

Con-struc-tion

Allothertypes

ofbusiness

Netchangesclassi-

fied

Comm'landind'l

change—all

weeklyreport-

ingbanks

1959—July 8-Dec.

I960—Jan.-June...July-Dec...,

I960—Dec

1961—Jan..Feb..

Week ending:

1960—Dec. 7.14.21.28.

1961— Jan. 4.11.18.25.

Feb. 1.8.

15.22.

698

-558579

57

-222- 1 2

4069

- 5 2

- 1 4- 7 6- 5 7- 7 6

7- 4 6

32- 5

- 5 8

273-215

- 4 2

- 2 9116

- 6c

- 1 7- 1 4

3- 8

- 1 6- 2

21333824

- 1 4 8

1,062-665

-180126

-552585

- 4 6

-113T

- 4 7- 1 7

453

6017

248

-5258

97

88- 3 6

- 3 0175259

504911

- 2 2

- 1 8- 1 3

8- 1 3

26

354- 2 9

15

- 7 542

- 1 384

15

- 3 8- 4

- 2 1- 1 2

5- 32714

151

372- 2 8

-267

-244- 1 6

- 1 9- 2 2- 4 1

-184

- 5 5- 5 4- 7 8

- 5 9101221

738

-677507

49

- 2 542

- 1191913

- 2 1- 1 2

35

168

35- 1 7

480

- 4 861

118

- 3 2-119

- 7 137

11834

63- 4 3- 1 1- 4 1

- 3 7- 3 4

8- 5 7

9635

14

-18-12

221

-112

~7_ 4

- 6- 1

- 751

- 1 1

- 3 1

155310

69

475

6547

- 3 6

35- 624

- 6

- 1 6

1414

2,114

977615

120

-690134

-200205324

-209

-105-162-173-250

- 4 3- 4 5236

- 1 4

1,861

1,178299

182

-78198

199233348200

-138-140-203-300

- 8 3- 2 2244

- 4 1

* Data for a sample of about 200 banks reporting changes in theirlarger loans; these banks hold about 95 per cent of total commercialand industrial loans of all weekly reporting member banks and about

70 per cent of those of all commercial banks.2 Figures for periods other than weekly are based on weekly changes.3 Includes machinery and transportation equipment.

BANK RATES ON SHORT-TERM BUSINESS LOANS'

[Weighted averages. Per cent per annum]

Areaand

period

Annual averages,19 large cities:

1952195319541955

19561957195819591960

Quarterly:2

19 large cities:

1959—Dec. 31960—Mar

JuneSeptDec

Allloans

3.53.73.63.7

4.24.64.35.05.2

5.365.345.354.974.99

Size of loan(thousands of dollars)

1-10

4.95.05.05.0

5.25.55.55.86.0

5.996.016.005.945.90

10-100

4.24.44.34.4

4.85.15.05.55.7

5.745.755.765.585.56

100-200

3.73.93.94.0

4.44.84.65.25.4

5.545.505.535.215.21

200and over

3.33.53.43.5

4.04.54.14.95.0

5.245.215.224.784.82

Areaand

period

Quarterly (cont.): 2New York City:

1959—Dec. 3I960—Mar

JuneSeptDec

7 Northern andEastern cities:

1959—Dec. 3I960—Mar

JuneSeptDec

11 Southern andWestern cities:

1959—Dec. 31960—Mar

JuneSeptDec

Allloans

5.195.185.194.744.77

5.395.345.344.964.97

5.565.575.585.325.33

Size of loan(thousands of dollars)

10

5.825.815.815.735.73

5.955.955.945.905.86

6.086.126.106.046.00

10-100

5.615.635,645.455.42

5.775.735.725.545.52

5.815.835.845.685.65

100-200

5.415.415.425.004.99

5.505.475.525,215.19

5.645.575.615.345.36

200and over

5.125.105.104.624.66

5.305.245,244.814.83

5.385.405.415.105.12

1 For description see the BULLETIN for March 1949, pp. 228-37.2 Based on new loans and renewals for first 15 days of month.3 Coverage of Survey revised in accordance with changes in the loan

schedule of the call report of condition to exclude loans to nonbankfinancial institutions.

NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953.Changes thereafter occurred on the following dates (new levels shown, inper cent): 1953—Apr. 27, 3V4; 1954—Mar. 17, 3; 1955—Aug. 4, 3V4;Oct. 14, 3i/2; 1956—Apr. 13, 3V4; Aug. 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 31/i; Sept. 11,4; 1959—May 18, 4%; Sept. 1, 5; andI960—Aug. 23, 414.


328 INTEREST RATES

MONEY MARKET RATES


Year, month, or week

1958 average1959 averageI960 average .

I960—FebMarAprMayJune .JulyAugSeptOctNovDec

1961—JanFeb

Week ending:1961 Jan 28

Feb 4111825 . .

Primecom-

mercialpaper,4- to 6-months l

2.463.973.85

4.664.494.164.253.813.393.343.393.303.283.23

2.983.03

2.902 933.003.003.09

Financecompany

paperplaced

directly,3- to 6-

months 2

2.123.823.54

4.504.163.743.883.242 982.943.133 112.912.97

2.782.65

2.712 642.632.632.66

Primebankers'accept-ances,

90 days 3

2.043.493.51

4.443.963.883.783.283.133.043.003 003.002.92

2.862.78

2.882 752.752.752.81

L

3-month bills

Rateon new

issue

1.8393.4052.928

3.9543.4393.2443.3922.6412 3962.2862.4892.4262.3842.272

2.3022.408

2.2302 2992.3742.4622.496

Marketyield

K783.372.87

3.963.313.233.292.462.302.302.482.302.372.25

2.242.42

2.172.292.352.402.51

F. S. Government Securities (taxable)4

6-month bills

Rateon new

issue

3.8323.247

4.3213.6933.5483.6842.9092.8262.5742.8032.8452.6502.530

2.4962.601

2.4222.4972.5662.6522.688

Marketyield

3.793.20

4.303.613.553.582.742.712.592.832.732.662.50

2.472.60

2.422 492.552.592.68

9- to 12-month issues

Bills(marketyield)

3.41

4.453.683.834.013.103.032.822.862.922.872.64

2.632.75

2.662.682.712.732.83

Others

2.094.113.55

4.583.933.994.193.353.132.892.993.012.992.79

2.702.84

2.652.722.762.872.93

3- to 5-year

issues 6

2.904.333.99

4.664.244.234.424.063.713.503.503.613.683.51

3.533.54

3.573.573.563.563.48

1 Average of daily offering rates of dealers.2 Average of daily rates, published by finance companies, for varying

maturities in the 90-179 day range.3 Average of daily prevailing rates.

4 Except for new bill issues, yields are averages computed from dailyclosing bid prices.

5 Consists of certificates of indebtedness and selected note and bondissues.

6 Consists of selected note and bond issues.

BOND AND STOCK YIELDS i


Year, month, or week

Number of issues. . . .

1958 average1959 average1960 average

1960 FebMarAprMayJuneJulyAueSeptOctNovDec

1961—JanFeb

Week ending:1961 Jan 28 . .

Feb 4111825

Government bonds

UnitedStates(long-term)2

4-9

3.434.074.01

4.224 084.174 163.993.863.793.823.913 933.88

3.893.81

3.893 883.843.81i-76

Stateand local3

Total4

20

3.363.743.69

3.843.773.723.753.743.733.573.553.643.573.53

3.563.54

3.563 563.533.533.51

A a a

5

2.923.353.26

3.403.343.303.343.333.313.103.093.203.143.12

3.153.14

3.163.163.143.143.12

Baa

5

3.954.244.22

4.354.294.244.314.274.264.154.094.164.094.03

4 064.06

4.094 094.054.054.05

Total4

120

4.164.654.73

4.884.814.764.804.784.744.614.584.634.644.66

4.654.59

4.654.634.614.604.58

Corporate bonds-

By selectedratings

A a a

30

3.794.384.41

4.564.494.454.464.454.414.284.254.304.314.35

4.324.27

4.314.304.284.274.25

Baa

30

4.735.055.19

5.345.255.205.285.265.225.085.015.115.085.10

5.105.07

5.125.105.075.075.06

Bygroups

Indus-trial

40

3.984.514.59

4.714.644.614.654.644.614.494.464.504.514.55

4.524.46

4.514.494.474.444.43

Rail-road

40

4.394.754.92

5.054.994.974.984.944.904.824.784.844.854.87

4.864.82

4.874.854.824.834.83

Publicutility

40

4.104.704.69

4.894.794.704.764.764.714 534.484.564 564.58

4.574.51

4.564.554.534.514.48

Stocks 5

Dividend/price ratio

Pre-ferred

14

4 454.694.75

4.824 764.714 754.744.704 614.694.754 784 84

4 734.68

4.724 704 684.674.65

Com-mon

500

3 973.233.46

3.403 513.473 513.403.493 433.553.603 513.41

1 283.13

3.223 143.133.143.12

Earnings/price ratio

Com-mon

500

6.025.92

6.51

5.83

5.70

1 Monthly and weekly yields are averages of daily figures for U. S.Govt. and corporate bonds. Yields of State and local govt. bonds arebased on Thursday figures; dividend/price ratios for preferred andcommon stocks, on Wednesday figures. Earnings /price ratios for commonstock are as of end of period.

2 Series is based on bonds maturing or callable in 10 years or more.3 Moody's Investors Service. State and local govt. bonds include gen-

eral obligations only.

4 Includes bonds rated Aa and A .data for which are not shown sepa-rately. Because of a limited number of suitable issues, the number ofcorporate bonds in some groups has varied somewhat.

5 Standard and Poor's Corporation. Preferred stock ratio is basedon 8 median yields for a sample of noncallable issues—12 industrial and2 public utility. For common stocks, the ratios are based on the 500stocks in the price index. Quarterly earnings are seasonally adjustedat annual rates.


SECURITY MARKETS 329

SECURITY PRICES i

Year, month,or week

Bond prices

U.S .Govt.(long-term) 2

Mu-nicipal(high-grade) 3

!

Cor-po-rate

(high-grade) 3

Common stock prices

Standard and Poor's index(1941-43= 10)

TotalIn-

dus-trial

Rail-road

Pub-lic

util-ity

Securities and Exchange Commission index(1957-59= 100)

Total

Manufacturing

TotalDu-rable

Non-du-

rable

Trans-porta-

tion

Pub-lic-util-ity

Trade,fi-

nance,andserv-ice

Min-ing

Vol-umeof

trad-ing4

(inthou-sands

ofshares)

Number of issues

1958 average.1959 average1960 average . . .

I960—FebMarAprMayJuneJulyAugSeptOctNovDec

1961—JanFeb

Week ending:1961—Jan. 28

Feb. 4111825

94.0285.4986.22

83.6085.3284.2484.3986.5088.1288.9388.5787.5087.2387.84

87.7088.74

87.6687.8988.3888.7389.44

15

106.4100.7103.9

100.4101.9102.3102.2103.1103.9106.7106.7105.9107.7108.0

108.1109.7

108.7108.7109.4110.0110.7

17

102.995.094.7

92.893.994.294.194.294.896.496.896.095.595.1

95.696.3

95.896.196.396.496.5

500

46.2457.3855.85

55.7855.0255.7355.2257.2655.8456.5154.8153.7355.4756.80

59.7362.17

60.6362.0361.8361.7762.53

425

49.3661.4559.43

59.6058.7159.4658.8461.0659.2559.9657.9656.9058.8960.22

63.2065.71

64.2165.6365.3565.2766.07

25

27.0535.0930.31

32.5431.0130.5930.1830.8130.1930.1928.7627.7728.9329.03

31.4332.17

31.6431.9031.7132.0732.63

50

37.2244.1546.86

44.3844.6045.5345.7547.3548.0248.6548.6447.3447.8349.78

52.7355.64

53.3055.1655.3955.3956.00

300

93.2116.7113.9

114.1112.1113.5113.2117.0114.5115.6112.1109.1112.6115.2

120.9125.4

123.6125.5124.0125.4126.7

193

92.5116.5110.9

112.8109.9111.0110.7114.6111.2112.2107.6104.9108.5110.3

115.3119.2

117.5119.8117.8119.0120.4

108

90.4120.8117.3

119.115.8118.3118.7123.4119.0119.8114.1109.4113.0114.5

118.6121.4

120.1122.2119.1121.2123.0

85

94.4112.6104.9

107.0104.5104.3103.3106.6104.0105.1101.7100.8104.5106.4

112.1117.3

1 1 5 .

117.6116.7117.0118.0

18

91.0115.695.8

103.097.496.595.897.195.796.191.588.091.792.6

100.3102.6

100.6102.2101.3103.5103.5

34

95.8117.6129.3

122.3124.0127.1126.4129.8131.0132.6134.2130.5132.0138.5

148.7156.0

154.4155.2154.8156.2157.7

45

95.1122.3127.4

121.9122.2125.3125.8132.131.0131.8127.2122.8129.3132.4

134.8139.8

136.9137.0138.1141.3143.0

10

97.995.073.8

78.575.773.470.970.368.671.670.171.874.178.2

85.189.0

87.289.788.689.788.2

2,9653,2423,042

3,0272,8572,8653,2773,4792,6942,8412,8982,5923,1003,684

4,2434,884

4,3804,8794,6544,6045,174

1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standardand Poor's common stock indexes, and volume of trading are averagesof daily figures; (2) municipal and corporate bond prices are based onWednesday closing prices; and (3) the Securities and Exchange Commis-sion series on common stock prices are based on weekly closing prices.

2 Prices derived from average market yields in preceding table on basisof an assumed 3 per cent, 20-year bond.

3 Prices derived from average yields, as computed by Standard andPoor's Corporation, on basis of a 4 per cent, 20-year bond.

4 Average daily volume of trading in stocks on the New York StockExchange for a 5l/2 -hour trading day.

STOCK MARKET CREDIT


End of month ]

Customer credit

T o t a l -securities

other thanU. S. Govt.obligations(col. 3 +

col. 5)

Net debit balances withNew York Stock Exchange

firms 2

Secured byU. S. Govt.obligations

Secured byother

securities

Bank loans to others (thanbrokers and dealers) for pur-

chasing and carrying securities3

U. S. Govt.obligations

Othersecurities

Broker and dealer credit2

Money borrowed

OnU. S. Govt.obligations

Onother

seeuritie;

Customers'netfree

creditbalances

1957—Dec..1958—Dec.1959—Dec.

I960—Feb.Mar.Apr..May.June.July.Aug.,Sept.Oct..Nov.Dec .

1961—Jan..Feb..

3,5764,5374,454

4,2744,1584,1534,1324,2144,1334,2434,2824,2944,2944,406

4,4164,524

68146150

1381171131301061101111221119995

7768

2,4823,2853,280

3,1293,0283,0373,0213,0823,0043,1093,1373,1333,1413,222

3,2533,358

6063164

146136135139135135140147136128134

123127

,094,252,174

,145,130,116,111,132,129,134,145,161,153,184

,163,166

125234221

202161185208162187173177161139142

10194

1,7062,0712,362

2,1942,0592,1552,1152,1102,0422,0632,1432,1392,1292,133

1,9371,905

8961,159

996

981988940970

1,0161,0181,0211,0591,0631,0621,135

1,2691,392

1 Data for cols. 4-7 are for last Wednesday of month.2 Ledger balances of member firms of the New York Stock Exchange

carrying margin accounts, as reported to the Exchange. Customers' debitand free credit balances exclude balances maintained with the reportingfirm by other member firms of national securities exchanges and balancesof the reporting firm and of general partners of the reporting firm. Bal-ances are net for each customer—i.e., all accounts of one customer areconsolidated. Money borrowed includes borrowings from banks andfrom other lenders except member firms of national securities exchanges.

3 Figures are for weekly reporting member banks. Prior to July 1959,loans for purchasing or carrying U. S. Government securities were re-ported separately only by New York and Chicago banks. Accordingly,for that period col. 5 includes any loans for purchasing or carrying suchsecurities at other reporting banks. Composition of series also changebeginning with July 1959; revised data for the new reporting series (butnot for the breakdown of loans by purpose) are available back throughJuly 1958 and have been incorporated.


330 OPEN MARKET PAPER; SAVINGS INSTITUTIONS

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING


End of yearor month

19551956195719581959

I960—JanFebMarAprMayJuneJulyAugSen t . . .OctNovDec

1961_Jan

Commercial and financecompany paper

Total

2,0202,1662,666

32,7443,118

3,8894,0854,3204,2694,4924,4594,6524,9204,5585,0565,0974,312

4,949

Placedthroughdealers *

510506551840627

664718805888920

1,0211,1161,2661,2631,3651,3801,252

1,404

Placeddirect-

ly(financepaper)2

1,5101,6602,115

3 1,9042,491

3,2253,3673,5153,3813,5723,4383,5363,6543,2953,6913,7173,060

3,545

Dollar acceptances

Trxtut

642967

1,3071,1941,151

1,2291,2401,3661,3361,2631,3821,5611,6561,6681,7531,8682,027

2,029

Held by:

Accepting banks

To-tal

175227287302319

230218250320310311404424392501628662

725

Ownbills

126155194238282

193170178247237229299316284356454490

514

Billsbought

4972946436

364872737482

104108108145175173

210

F. R.Banks

Ownacct.

2869664975

423533302930293342394874

46

For-eigncorr.

3350766882

124119153167161182180204204196227230

197

Others

405621878775675

833868929819763859948996

1,0311,017

9651,060

1,061

Based on:

Im-portsinto

UnitedStates

252261278254357

341350364373352375400407409405401403

400

Ex-portsfrom

UnitedStates

210329456349309

337336413461474501545594632633647669

677

Dollarex-

change

172

468374

1491932011288794

166179123139146122

118

Goods stored in orshipped between

points in:

UnitedStates

63227296244162

15813114410965917683

107157229308

299

Foreigncountries

100148232263249

245229244266286321373393398419445524

535

1 As reported by dealers; includes finance company paper as well asother commercial paper sold in the open market.

* As reported by finance companies that place their paper directly withinvestors.

3 Beginning with November 1958, series revised to include all paperwith maturity of 270 days and over. Figures on old basis for Decemberwere (in millions of dollars): Total 2,731; place directly, 1891.

MUTUAL SAVINGS BANKS

[Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars]

End of yearor month

19411945

195319541955195619571958195931960

I960—JanFebMarAprMayJuneJuly,Aug. „SentOctNovDec . . .

Loans

Mort-gage

4,7874,202

12,79214,84517,27919,55920,97123,03824,76926,702

24,92825,04425 19425,32325,48425,65325,81226 01826,21426,38226,55326,702

Other

8962

165188211248253320358416

333372412386446396435449435417425416

Securities

U. S.Govt.

3,59210,650

9,1918,7558,4647,9827,5837,2706,8716,243

6,8626,8516 8836,7356,6556,5626,5146,5446,5126,3566,2886,243

Stateandlocalgovt.

1 •;

Corpo-rateand

other i

861,257

428608646675685729721672

715706709722699695691686687681676672

3,3113,5483,3663,5494,3444,9714,8455,076

4,8334,8244 8764,8574,8704,9274,9654,9574,9894 9855,0195,076

Cashassets

829606

9821 026

966920889921829874

698735776690732840771765787779788874

Otherassets

689185

330380414448490535552589

565569570575578569572564592585590589

Totalassets—

Totalliabili-

tiesand

surplusaccts.

11,77216,962

27,19929 35031,34633,38135,21537,78438,94540,571

38,93439,10139 42039,28839,46439,64239,76039,98340,21640 18540,33940,571

Deposits

10,50315,332

24,38826,35128,18230,02631,68334,03134,97736,343

34,90934,95935 27935,18435,24235,46335,48435,58935,86735 92335,96236,343

Otherliabili-

ties

3848

203261310369427526606678

660742722713799720795878806740810678

Surplusac-

counts

1,2311,582

2,6082,7382,8542,9863,1053,2273,3623,550

3,3653,4003,4193,3913,4233,4593,4813,5163,5433,5223,5673,550

Mortgage loancommitments2

Number

n.a.n.a.

n.a.n.a.n.a.n.a.n.a.

89,91265,24858,350

62,28555,77555,02857,91654,36452,63853,27656,01358,78260,39660,42058,350

Amount

n.a.n.a.

n.a.n.a.n.a.n.a.n.a.1,6641,1701,200

1,0991,0291,0081.0591,042,028

1,031,090

1,1641,205,242

1,200

n.a. Not available.1 Includes securities of foreign governments and international organiza-

tions and obligations of Federal agencies not guaranteed by the U. S.Government, as well as corporate securities.

2 Not a balance-sheet item. Data represent commitments outstandingof banks in New York State as reported to the Savings Banks Associationof the State of New York.

3 Data reflect consolidation of a large mutual savings bank with a com-mercial bank.

NOTE.—These data differ somewhat from those shown elsewhere inthe BULLETIN; the latter are for call dates and are based on reports filedwith Federal and State bank supervisory agencies. Loans are shownnet of valuation reserves.


SAYINGS INSTITUTIONS 331

LIFE INSURANCE COMPANIES 1

[Institute of Life Insurance data. In millions of dollars]

Date Total

Government securities

Total UnitedStates

State andlocal

(U.S.)Foreign2

Business securities

Total Bonds Stocks

Mort-gages

Realestate

Policyloans

Otherassets

End of year:3

19411945

1953195419551956195719581959

End of month:*1957—Dec...1958—Dec...1959—Dec.r.

I960—Jan...Feb.. .Mar...Apr...May..June..July..Aug...Sept...Oct. . .Nov...Dec...

32,73144,797

78,53384,48690,43296,011

101,309107,580113,650

101,309107,580113,650

114,202114,666114,965115,394115,908116,377117,005117,581117,947118,544119,066119,717

9,47822,545

12,53712,26211,82911,06710,69011,23411,581

10,69111,24211,599

11,73111,75511,63811,58311,55411,46811,65411,65011,75011,72911,78811,729

6,79620,583

9,8299,0708,5767,5557,0297,1836,868

7,0287,1826,858

7,0116,9756,8086,7236,6616,5596,6326,5926,5866,5246,5476,444

1,995722

1,2981,8462,0382,2732,3762,6813,200

2,3772.6913,221

3,1973,2223,2573,2783,3043,3173,4213,4643,5463,5793,6053,622

6871,240

1,4101,3461,2151,2391,285',370,513

,286,369,520

,523,558,573,582,589,592,601,595,618,626,636,663

10,17411,059

34,43837,30039,54541,54344,05747,10849,666

43,75046,42048,840

49,04749,17049,29849,45049,72549,88050,05150,26150,29950,61050,81151,010

9,57310,060

31,86534,03235,91238,04040,66642,99945,105

40,73743,04445,157

45,33045,43545,57645,70845,94046,09246,22346,38046,41446,66946,83146,956

601999

2,5733,2683,6333,5033,3914,1094,561

3,0133,3763,683

3,7173,7353,7223,7423,7853,7883,8283,8813,8853,9413,9804,054

6,4426,636

23,32225,97629,44532,98935,23637,06239,197

35,27137.09239,237

39,57339,76940,01140,23640,43940,63140,69440,92041,09941,31341,52141,798

1,878857

2,0202,2982,5812,8173,1193,3643,651

3,1203,3873,678

3,6883,6983,7123,7213,7663,7863,8093,8223,8283,8343,8513,804

2,9191,962

2,9143,1273,2903,5193,8694,1884,618

3,8724.1864,620

4,6514,7094,7744,8384,8974,9575,0295,0855,1385,1825,2255,267

1,8401,738

3,3023,5233,7434,0764,3384,6244,937

4,6055,2535,676

5,5125,5655,5325,5665,5275,6585,7685,8425,8335,8765,8706,109

r Revised.1 Figures are for all life insurance companies in the United States.2 Represents issues of foreign governments and their subdivisions

and bonds of the International Bank for Reconstruction and Develop-ment.

3 These represent annual statement asset values, with bonds carried onan amortized basis and stocks at end-of-year market value.

4 These represent book value of ledger assets. Adjustments for interestdue and accrued and for differences between market and book valuesare not made on each item separately, but are included in total, in "Otherassets."

SAVINGS AND LOAN ASSOCIATIONS i

[Federal Savings and Loan Insurance Corporation data. In millions of dollars]

End of yearor montk

19411945

1953195419551956195719581959rI960

1959 r—Dec

I960 »•—JanFebMarAprMay. . . .J u n e . . . .JulyAugSeptOctNovDec

Mort-gages2

4,5785,376

21 96226,10831 40835,72940,00745,62753,19460,084

53,194

53,51053,90854,45555,02055,65556,43557,05057,76358,40659,01159,51260,084

Assets

U. S.Govt.

obliga-tions

1072,420

1 9202,0132 3382,7823 1733,8194,4774,586

4,477

4,6734,7384,7164,7144,7354,5924,5594,5324,5334,5534,5894,586

Cash

344450

1,4791,9712,0632,1192,1462,5852,1832,715

2,183

1,8821,8481,8971,8701,9502,2792,0432,0732,0972,2012,2872,715

Other 3

775356

1 2971,4691,7892,1992,7703,1083,6764,104

3,676

3,5573,6223,7153,8214,0243,9663,8393,8413,9043,9894,1424,104

T * 1lotal

assets—2

Totalliabilities

6,0498,747

26 73331,63337 65642,87548 13855,13963,53071,489

63,530

63,62264,11664,78365,42566,36467,27267,49168,20968,94069,75470,53071,489

Savingscapital

4,6827,365

22 84627\25232,14237,14841,91247,97654,58362,154

54,583

55,05155,46056,08356,45557,08558,30158,45058,93959,54160,20860,76662,154

ReservesI W O v l V Wi9

andundivided

profits

475644

1 9012,1872 5572,9503 3633.8454,3934,982

4,393

4,4034,4124,4204,4244,4304,6434,6364,6374,6404,6404,6494,982

Liabilities

Borrowedmoney4

256336

1,027950

I 546,347,379,444

I TS7l\X9\

2,387

1,9251,8111,685[,7221,7271,938[,8111,8331,8821.8681J9192,191

Loans inprocess

(

Other

36402

9591,2441 4111,4301 4R4

,161,293,183

,293

,193,181,225,271,325,372,367,353,313,280

1,2091,183

713874979

874

1,0501,2521,370[,5531,797[,0181,2271,4471,5641,7581,987

979

JVL ongageloan

commit-ments 5

n.a.n.a.

n.a.n.a.833843862

,475,285,360

,285

,316,378,482,560,642,614,647,635,559,509,451,360

n.a. Not available. r Revised.1 Figures are for all savings and loan associations in the United States.

Data beginning with 1951 are based on monthly reports of insuredassociations and annual reports of noninsured associations. Data priorto 1951 are based entirely on annual reports.

2 Prior to 1958 mortgages are net of mortgage pledged shares. Assetitems will not add to total assets which include gross mortgages withno deductions for mortgage pledged shares. Beginning with January1958, no deduction is made for mortgage pledged shares. These have

declined consistently in recent years and amounted to $42 million at theend of 1957.

3 Includes other loans, stock in the Federal home loan banks and otherinvestments, real estate owned and sold on contract, and office buildingsand fixtures.

4 Consists of FHLB advances and other borrowing.5 Not a balance-sheet item.NOTE.—Data for 1960 are preliminary.


332 BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS

[Department of Commerce estimates. In billionsof dollars]

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1

[Securities and Exchange Commission estimates. In millions of dollars]

Year orquarter

1952...1953...1954...1955...1956...1957...1958...1959...

1958—3

1959—1234

1960—123

Profitsbeforetaxes

36.738.334.144.944.743.237.747.0

38.844.9

46.451.745.344.8

48.845.741.5

In-cometaxes

19.520.217.221.821.220.918.623.2

19.122.1

22.925.522.322.1

23.822.320.3

Profitsaftertaxes

17.218.116.823.023.522.319.123.8

19.622.723.526.222.922.7

25.023.421.3

Cashdivi-dends

9.09.29.8

11.212.112.612.413.4

12.612.0

13.013.213.613.8

13.913.914.0

Undis-tributedprofits

8.38.97.0

11.811.39.76.7

10.5

7.010.8

10.512.99.3

11.09.57.3

Year orquarter

19521953 . . . .195419551956195719581959 . . .

1959—34

1960—123

All types

Newissues

10,6799,550

11,69412,47413,20114,35014,76112,751

2,7883,499

2,9503,1013,293

Retire-ments

2,7512,4295,6295,5995,0383,6095,2964,607

1,1261,051

1,2111,1631,215

Netchange

7,9277,1216,0656,8758,162

10,7419,4658,144

1,6632,448

1,7391,9372,077

Bonds and notes

Newissues

7,3446,6517,8327,5717,9349,6389,6737,150

1,6472,093

1,6081,8082,055

Retire-ments

2,4031,8964,0333,3833,2032,5843,8172,891

681687

728717849

Netchange

4,9404,7553,7994,1884,7317,0535,8564,259

9671,406

8801,0901,206

Stocks

Newissues

3,3352,8983,8624,9035,2674,7125,0885,601

1,1411,405

1,3411,2931,238

Retire-ments

348533

1,5962,2161,8361,0241,4791,716

445363

482446366

Netchange

2,9872,3662,2652,6873,4323,6883,6093,886

6961.042

859847872

NOTE.—Quarterly data are at seasonally adjustedannual rates.

1 Reflects cash transactions only. As contrasted with data shown on p. 334 new issuesexclude foreign and include offerings of open-end investment companies, sales of securitiesheld by affiliated companies or RFC, special offerings to employees, and also new stockissues and cash proceeds connected with conversions of bonds into stocks. Retirementsinclude the same types of issues, and also securities retired with internal funds or withproceeds of issues for that purpose shown on p. 334

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i

[Securities and Exchange Commission estimates. In billions of dollars]

End of yearor quarter

19521953 . .19541955195619571958

1959—34 .

1960—123

Networkingcapital

90.191.894.9

103.0107.4111.6119.7

126.9128.8

130.7131.2132.5

Current assets

Total

186.2190.6194.6224.0237.9244.7246.4

262.1268.3

270.2271.5273.9

Cash

30.831.133.434.634.834.937.3

35.537.2

33.834.535.0

U.S.Govt.securi-

ties

19.921.519.223.519.118.619.6

22.923.5

23.421.720.3

Notes and accts.receivable

U.S.Govt. 2

2.82.62.42.32.62.82.8

2.72.9

2.92.92.9

Other

64.665.971.286.695.199.4

102.1

110.6112.7

113.6115.6118.2

Inven-tories

65.867.265.372.880.482.277.5

82.183.6

87.287.487.8

Other

2.42.43.14.25.96.77.0

8.48.3

9.49.59.6

Current liabilities

Total

96.198.999.7

121.0130.5133.1126.7

135.2139.5

139.6140.3141.4

Notes and accts.payable

U. S.Govt. 2

2.32.22.42.32.42.31.7

1.71.7

1.81.81.8

Other

57.057.359.373.881.584.381.0

85.889.4

89.891.091.3

Federalincome

taxlia-

bilities

18.118.715.519.317 615.413.0

14.415.4

14.013.0.3.4

Other

18.720.722.525.729 031.131.0

33.332.9

34.034.634.9

1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government excludeamounts offset against each other on corporations' books.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i

[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]

Year

19531954195519561957195819591960196H

Total

28.326.828.735.137.030.532.535.734.6

Manu-factur-

ing

11.911.011.415.016.011.412.114.514.1

Min-ing

.0

.0

.02

.'.2.9

1.01.01.0

Transportation

Rail-road

1.3.9.9

1.21.4

.8

.91.0

.6

Other

.6

.5

.6

.7

.8

.5>.O

.91.9

Publicutili-ties

4 . 64 . 24 . 34 .96 .26.15.75.76.2

Com-muni-cations

1.71.72 02.73.02.6

1:110

Other 2

6.36.57.58.47.47.28.28.4

.8

Quarter

1959-4

1960—1234

1961—1 4 r24

Total

9.0

7.99.39.09.5

7.78.7

Manu-factur-

ingandmin-ing

3.8

3.34.03.94.3

3.23.8

Trans-porta-tion

.8

.7

.8

.7

.7

.6

.7

Publicutili-ties

.5

.2

.4

.5

.6

.2

.5

Allother 3

2.9

2.73.02.93.0

2.72.7

Total(season-ally ad-justedannualrate)

33.6

35.236.335.935.5

34.433.8

r Revised.1 Corporate and noncorporate business, excluding agriculture.2 Includes trade, service, finance, and construction.

3 Includes communications and other.4 Anticipated by business.


BUSINESS FINANCE 333

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS


Industry

Manufacturing

Total (180 corps.):SalesProfits before taxesProfits after taxesDividends

Nondurable goods industries (79 corps.):1

SalesProfits before taxesProfits after taxesDividends . • .

Durable goods industries (101 corps.):2

SalesProfits before taxes . . . . . . . .Profits after taxesDividends

Selected industries:Foods and kindred products (25 corps.):

Sales . .

Profits after taxesDividends

Chemicals and allied products (21 corps.):SalesProfits before taxesProfits after taxesDividends . . . .

Petroleum refining (16 corps.):SalesProfits before taxes . . . . .Profits after taxesDividends

Primary metals and products (35 corps.):SalesProfits before taxesProfits after taxes . . . . . . .

Machinery (25 corps.):Sales

Profits after taxesDividends

Automobiles and equipment (14 corps.):SalesProfits before taxesProfits after taxesDividends . .

Public Utility

Railroad:Operating revenueProfits before taxesProfits after taxesDividends

Electric Power:Operating revenue .Profits before taxesProfits after taxes . .Dividends

Telephone:Operating revenue .Profits before taxesProfits after taxes . •

Annual totals

1955

104,40214 8037,5643,847

36,8585,0132,8141,588

67,5449,7904,7502,259

8,632868414260

9 5841,866

955690

11,5151,344

979438

20,7443,2671,652

730

12,4801,253

637368

24,6244,0111,841

872

10,1061,341

927448

8 3602,3041 244

942

5,4251,282

638496

1956

107,71713 4187,0944,068

39,4635,1462,9431,683

68,2548,2724,1512,385

9 394955460211

10 1991,804

942698

12,4541,4441,068

481

22,3653,3311,727

880

13,9081,209

607403

21,2172,4731,186

791

10,5511,268

876462

9 0492,4621 3261,022

5,9661,430

715552

1957

114,22913,3497,1774,192

41,7405,0102,9441,776

72,5258,3394,2332,416

9,9871,024

497289

10 6691,823

948737

13,4631,3251,075

512

22,4682,9771,540

873

15,1151,457

729416

23,4532,7011,354

805

10,4911,058

737438

9 6702,5791 4131,069

6,4671,562

788613

1958

105,13410,4665,7144,078

41,5414,4022,5741,785

63,5936,0653,1402,294

10,7071,152

555312

10,3901,538

829111

12,838919791516

19,2262,1821,154

802

14,6851,463

734422

18,4691,332

706758

9,565843602419

10,1952,7041,5191,134

6,9391,860

921674

1959

115,87414,0137,2594,361

45,7185,6063,1311,916

70,1568,4074,1282,445

11,9371,275

604343

11,5932,1331,107

799

13,4131,194

913523

20,9782,3291,127

831

16,4721,854

933461

20,5932,9871,470

810

9,826848578403

11,1022,9881,6691,213

7,5722,1531,073

743

Quarterly totals

1959

1

29,5553,8992,0161,033

11,0851,376

769459

18,4702,5231,247

575

2,78628713685

2,770493254180

3,447360263133

5,621821416201

3,853422212113

6,2591,012

491184

2,38816799

116

2,928853469303

1,825522258178

2

32,4524,6432,4991,029

11,4501,482

808445

21,0013,1611,692

585

2,94732215378

3,054595302177

3,228300220128

7,1101,183

695204

4,189504254106

6,5851,117

570196

2,633310207

82

2,644682385302

1,891551272183

3

26,8722,4401,0991,051

11,4141,391

780448

15,4581,049

319603

2,98634016279

2,964550282179

3,281259215128

3,644- 8 8

-215204

4,100462231123

4,624356155197

2,3681278678

2,685713392301

1,909537268190

4

26,9953 0321,6451,247

11,7691,356

775564

15,2261,675

870683

3 218326154100

2 804495269264

3,458274215134

4,603413231221

4,331466237119

3,124503254233

2,437243186127

2 845739422306

1,947543275192

1960

1

31 5734 0022 0631,092

11 5991,407

785482

19 9742,5951 277

610

2 82130314292

3 057537276191

3,427307238130

6 003854426206

4,000389197121

7 0221,076

521199

2,4111659991

3 172901502325

1,967558277196

2

30 9243 5441 '8131,099

11 6631,421

797486

19 2602,1231 016

612

2 92833815988

3 146'534281186

3,282292226130

5,442611322208

4,171395202119

6 516936457199

2,47721213994

2 841739422321

2,025585290200

3

28 1102 7091 4791,102

11 6241,401

793480

16 4871,309

686622

2 925340160100

3 096492258186

3,387352265128

4,939413225210

4,015366186120

4 502273152207

2,3221046573

2,856757418322

2,042589294203

1 Includes 17 companies in groups not shown separately.2 Includes 27 companies in groups not shown separately.NOTE.—Manufacturing corporations. Data are obtained primarily

from published company reports.Railroads. Figures are for Class I line-haul railroads (which account

for 95 per cent of all railroad operations) and are obtained from reportsof the Interstate Commerce Commission.

Electric Power. Figures are for Class A and B electric utilities (whichaccount for about 95 per cent of all electric power operations) and areobtained from reports of the Federal Power Commission, except thatquarterly figures on operating revenue and profits before taxes are partlyestimated by the Federal Reserve to include affiliated nonelectric opera-tions.

Telephone. Revenues and profits are for telephone operations of the

Bell System Consolidated (including the 20 operating subsidiaries andthe Long Lines and General departments of American Telephone andTelegraph Company) and for two affiliated telephone companies, whichtogether represent about 85 per cent of all telephone operations. Divi-dends are for the 20 operating subsidiaries and the two affiliates. Dataare obtained from the Federal Communications Commission.

All series. Profits before taxes refer to income after all charges andbefore Federal income taxes and dividends. For detailed description ofseries (but not for figures), see pp. 662-66 of the BULLETIN for June 1949(manufacturing); pp. 215-17 of the BULLETIN for March 1942 (publicutilities); and p. 908 of the BULLETIN for September 1944 (electric power).For back data for manufacturing, see pp. 792-93 of the BULLETIN forJuly 1959; back data for other series are available from the Division ofResearch and Statistics.


334 SECURITY ISSUES

NEW SECURITY ISSUES 1

[Securities and Exchange Commission estimates. In millions of dollars]

Year ormonth

1953195419551956195719581959I960

1959—Dec

I960—Jan . .FebMarApr .MayJuneJuly. .AugSeptOct .NovDec

Gross proceeds, all issuers2

Total

28,82429,76526,77222,40530,57134,44331,07427,576

1,942

1,9582,1272,0774,5791,9512,4931,6263,1771,822

1,7991,9851,981

Year ormonth

1953195419551956195719581959I960

1959 Dec

I960 JanFebMarAprMayJuneJulyAugSeot .OctNovDec

Noncorporate

U.S.Govt. 3

13,95712 5329,6285,5179,601

12,06312,3227 906

380

420435391

2,860368350353

1,371338345326348

Fed-eral

agen-cy4

106458746169572

2,321707

1,672

86

182150150148354

199

160149181

Stateandmu-nici-pal

5,5586,9695,9775,4466,9587,4497,6817,230

476

696622568717556978475607682343496490

Manufacturing

Newcapital8

2,1282,0442,3973,3364,1043,2651,9412,052

164

6864

18517193

252183224163

191'252205

Retire-ment of

secu-rities

9019053324349

1957073

3

541232113

'5'2719

Others

306289182334557

1,052616609

75

111817443784928134038'647

Corporate

Total

8,8989,516

10,24010,93912,88411,5589,748

10,159

926

649740894811595

1,115770987761

'9131,009

915

Bonds

Total

77789978

,083,488,420,002,957,653,1901??

747

524554675584404859648816612

'783'876786

Pub-licly

offered

3,8564,0034,1194,2256,1186,3323,5574,817

277

323253361347185540415600329

'623518323

Pri-vatelyplaced

3,2283,4843,3013,7773,8393,3203,6323,305

470

201302314237219319234216283

160'357463

Pre-ferredstock

489816635636411571531393

45

262946313826213457251645

Proposed uses of net proceeds, major grou]

Commercial andmiscellaneous

Newcapital8

502831769682579867812798

61

64101122466949395047

'65'7967

Retire-ment of

secu-rities

4093515129132837

25

619

' 622

Transportation

Newcapital8

553501544694802778942659

60

572171568033489252

'28'3486

Retire-ment of

secu-rities

r

362703382014381540

1

1

1

35(9)

1(9)

1

Com-monstock

1,3261,2132,1852,3012,5161,3342,0271,644

134

10015617319615322910113792

105117

85

Proposed use of net proceedsall corporate issuers6

Total

8,7559 365

10,04910,74912 66111,3729,5279 936

907

635724875789577

1,085753968746

'896'989900

)s of corporate is

Public utility

Newcapital8

?

22

3

3

,905,675,254,474,821,605,189,738

346

155245198302144362127222302

183r317182

Retire-ment of

secu-rities

679901741451

1381550

2(9)18(9)

15

10

New capital

Total

8,4957,4908,821

10,38412,44710,8239,3929,655

900

577715860766567

1,034727962738

'874'959876

Newmoney7

7,9606 7807,9579,663

11 7849,9078.5788 905

844

550667803681519985652919692

'815'809815

Otherpur-poses

535709864721663915814750

56

274857864850754346

'59150

61

suers

Communication

Newcapital8

871651

1,0451 3841,4411,294

7071,023

72

36816952376457

16189

253'2797

Retire-ment of

secu-rities

36077214

118(9)

1

1

Re-tire-ment

ofsecu-rities

2601,8751,227

364214549135282

7

589

152311512668

'22'3024

Real estateand financial

Newcapital8

1 536788

1,8121 8151,7011 0141,8012 384

198

196203215139143275274212

84154'249240

Retire-ment of

secu-rities

24273

56176747

681

2

51

62

9243

1'13

' Revised.1 Estimates of new issues maturing in more than one year sold for cash

in the United States.2 Gross proceeds are derived by multiplying principal amounts or num-

ber of units by offering price.3 Includes guaranteed issues.4 Issues not guaranteed.5 Represents foreign governments, International Bank for Reconstruc-

tion and Development, and domestic eleemosynary and other nonprofitorganizations.

6 Estimated net proceeds are equal to estimated gross proceeds less costof flotation, i.e., compensation to underwriters, agents, etc, and expenses.

7 Represents proceeds for plant and equipment and working capital.8 Represents all issues other than those for retirement of securities.9 Less than $500,000.


SECURITY ISSUES; FEDERAL FINANCE 335

NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1

[Investment Bankers Association data. Par amounts of long-term issues in millions of dollars]

Period

1953 . . . .195419551956 . . .1957195819591960

1959—Dec.

I960—Jan..Feb..Mar.Apr..May.June.July.Aug.Sept.. . .OctNov.. .Dec

All issues (new capital and refunding)

Total

5,5586 9695,9765,446

«7 1507,8327.8807,489

455

741631578734555

1,03157260 i689344507485

Type of issue

Gener-al

obli-gation

3,4953,3803,7703,5774,7955,4464,7664,636

380

449364467448293547338347494268340262

Reve-nue

1,5583,2051,7301,6261,9641,7782,3972,070

59

24515284

24811142113424312170

14297

PublicHous-

ingAuthor-

ity 3

49637447419966

187333403

103

20133

i49

98

Feder-al

Govt.loans4

992

44324420384379

15

4712271817639911256

2*>28

Type of issuer 2

State

7672,0471,408

8001,5082,0161,6091,094

125

1767

1545765

2321873

1674

10138

Specialdistrict

andstatu-tory

author-ity

2,0911,4631,097

9831,2791,3682,0941,977

75

157272

8924752

342128307136716797

Others

2,7013,4593,4723,6644,3624,4484,1774,418

255

409352335430437457426221385268339350

Totalamountdeliv-ered 6

n.a.n.a.n.a.n.a.

6,5687,7087,4157,021

431

480632639545729544932495612

'582409449

Total

5,4776,7895,9115,3837,0997,7467,7737,444

453

736623575729551

1,030571599689339502481

Edu-cation

1,3201,4321,5161,4552,5512,6442,2382,375

252

219181217312140297148163196172176145

Issues

1

Roadsand

bridges

1,5882 1361,362

6981,0411,172

8341,005

16

317779

136155868

231175

78043

for new capital

Use of proceeds 2

Water,sewerand

otherutili-ties

8031 270

8811,3991 5241,4031,9611,285

57

10710556

113120184123106966596

109

Resi-den-tial

hous-ing?

506456570258299530701686

4

391081827

1445495

7652

12115

Veter-ans'aid

141162169110333339355201

50

50

51

50

Otherpur-poses

1,119

,4141,464

35?[,6571,6831,892

1?6

290151155141131386137

9210692

13768

n.a. Not available. r Revised.1 Data prior to 1957 are from the Bond Buyer as classified by Federal

Reserve.2 Classifications prior to 1957 as to use of proceeds and type of issuer

are based principally on issues of $500,000 or more; smaller issues notclassified. As a result some categories, particularly education, are under-stated relative to later data.

3 Includes only bonds sold pursuant to the Housing Act of 1949.These are secured by contract requiring the Public Housing Administra-tion to make annual contributions to the local authority.

4 Beginning with 1957, coverage is considerably broader than earlier.

5 Consists of municipalities, counties, townships, school districts and,prior to 1957, small unclassified issues.

6 Excludes Federal Government loans. These data are based on dateof delivery of bonds to purchaser (and of payment to issuer) which occursafter date of sale. Other data in table are based on date of sale.

7 Includes urban redevelopment loans.8 Beginning in 1957 this figure differs from that shown on the opposite

page, which is based on Bond Buyer data. The principal difference is inthe treatment of Federal Government loans.

9 Less than $500,000.

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, FEBRUARY 28, 19611

[On basis of daily statements of United States 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 *Mar. 2, 1961Mar. 9, 1961Mar. 16, 1961Mar. 22, 1961*Mar. 23, 1961Mar. 30, 1961Apr. 6,1961Apr. 13, 1961Apr. 15, 1961Apr. 20, 1961Apr. 27, 1961May 4, 1 9 6 1 . . . . . . . . .May 11, 1961May 18, 1961May 25, 1961June 1,1961June 8,1961June 15, 1961June 22, 1961*June 23, 1961June 29, 1961July 6, 1961July 13, 1961July 15, 1961July 20, 1961July 27, 1961

,506,601,599,512,602,501,501,501,001.502,501,501,500,601,603500500501

3.504500501500500

1,501400500

Treasury bills—Cont.Aug. 3,1961Aug. 10, 1961Aug. 17, 1961Aus. 24, 1961Oct. 16, 1961Jan. 15, 1962

Certificates

May 15, 1961 4%Aug, 1,1961 3 ^

Treasury notesApr. 1,1961 \ViMay 15, 1961 3%Aug. 1,1961 4Oct. 1,1961 li/2Feb. 15, 1962 3*4Feb. 15, 1962 3%Feb. 15, 1962 4Apr. 1,1962 \ViMay 15, 1962 4Aug. 15,1962 4Aug. 15, 1962 3V4Oct. 1,1962 IViNov. 15, 1962 334

500500500500

1,5021,502

3,6747,829

1444,0782,136

3329,098

6471,435

5512,211

1587,325

5901,143

Treasury notes—Cont.Feb. 15, 1963 2%Apr. 1,1963 H/SMay 15, 1963 4Oct. 1,1963 1%Nov. 15, 1963 4%Apr. 1,1964 IViMay 15, 1964 4y4May 15, 1964 3%Aug. 15, 1964 5Oct. 1,1964 \ViNov. 15, 1964 4%Apr. 1,1965 1%May 15, 1965 4%Oct. 1,1965 \yi

Treasury bondsJune 15, 1959-62... 2 V4Dec. 15, 1959-62... 21/4Dec. 15, 1960-653..2%Sept. 15, 1961 2y4Nov. 15, 1961 214June 15, 1962-67... 2 ViAug. 15, 1963 2ViDec. 15, 1963-68... 2 ^Feb. 15, 1964 3June 15, 1964-69... 2 ^

3,971533

1,743506

3.011457

4,9333,8932,316490

4,195466

2,113186

5,2623,4491,4852,2396,9631.4656,7551,8203.8542,640

Treasury bonds—Cont.Dec. 15, 1964-69... 2 ViFeb. 15, 1965 2%Mar. 15, 1965-70.. .2*6May 15, 1966 3%Aug. 15, 1966 3Mar. 15, 1966-71... 2%June 15, 1967-72... 2&Sept. 15, 1967-72... 2ViDec. 15, 1967-72... 2UMay 15, 1968 3%Oct. 1,1969 4Nov. 15, 1974 3%May 15, 1975-85.. AV4June 15, 1978-83... 3 #Feb. 15, 1980 4Nov. 15, 1980 3ViMay 15, 1985 3 #Feb. 15, 1990 3ViFeb. 15, 1995 3Nov. 15, 1998 3Vi

Panama Canal Loan . . . . 3

Convertible bondsInvestment Series BApr. 1, 1975-80... 2%

2,5596,8964,6861,2131,4842,9321,7862,7163,5881,3901,424654470

1,599884643

1,1342,7192,7102,343

50

5,608

• Tax anticipation series.1 Direct public issues.

2 Sold on discount basis. For discounts on individual issues, see tableson Money Market Rates, p. 328. 3 Partially tax-exempt.


336 FEDERAL FINANCE

UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY

[On basis of daily statements of United States Treasury. In billions of dollars]

End ofmonth

1941 Dec1945 Dec1947 Dec1953 Dec1954 Dec1955 Dec1956 Dec1957 Dec1958 Dec1959 Dec . .

1960 FebMar . . .AprMayJune . . . .JulyAugSeptOctNovDec

1961 JanFeb

Totalgrossdebt*

64 3278 7257.0275 2278 8280.8276.7275 0283 0290.9

290.7287 0288 9289 5286 5288.5288.8288 6290.6290 6290.4

290 2290.7

Totalgrossdirectdebt 2

57.9278.1256.9275 2278.8280.8276.6274.9282 9290.8

290.6286.8288.8289 4286.3288.3288.7288.4290.5290 4290.2

290.0290.5

Public issues3

Total

50.5255.7225.3231.7233.2233.9228.6227.1236 0244.2

244.8240.5242.9242 4238.3241.1240.4240.4243.1242.6242.5

242.8243.5

Marketable

Total

41.6198.8165.8154.6157.8163.3160.4164.2175 6188.3

189.4185.4188.1187.7183.8186.9186.3186.4189.4188.8189.0

189.3189.9

Bills

2 . 017.015.119.519.522.325.226.929 739.6

41.237.237.137 333.436.436.436.539.539 539.4

39.739.9

cates

38.221.226.428.515.719.034.636.419.7

15.215.215.217.717.717.725.525.525.518 418.4

18.411.5

Notes

6.023.011.431.428.043.335.320.726 144.2

48.248.350.647 651.551.642.042.142 A51.251.3

51.358.7

Bonds

Bankeligi-ble 4

33.668.468.463.976.181.980.982.183 484.8

84.884.885.285 281.381.382.382.382.379 779.8

79.879.8

Bankre-

stricted

52.249.613.4

5.7

Con-vert-ible

bonds

12 011.811.410.89.58 37.1

6.96.66 .56 46 .36 .26.26.15.85 75.7

5.65 .6

Nonmarketable

Totals

8 956.959.565 163.659.257.453.452 148.9

48.548 448.348 248.248.048.047.948.048 047.8

47 947.9

Sav-ings

bonds

6.148.252.157 757.757.956.352.551 248.2

47.847.847.647 647.547.447.347.347.447 447.2

47.247.3

Tax

sav-ings

notes

2 . 58 .25 .46 .04 . 5

(6)

Specialissues

7 020 029.041 242 643.945.645 844 843.5

42.843 342.843 944 944.245.245 044.344 644.3

43 843.7

1 Includes some debt not subject to statutory debt limitation (amountingto $399 million on Feb. 28, 1961) and fully guaranteed securities, notshown separately.

2 Includes non-interest-bearing debt, not shown separately.3 Includes amounts held by Govt. agencies and trust funds, which

aggregated $10,744 million on Jan. 31, 1961.

4 Includes Treasury bonds and minor amounts of Panama Canal andpostal savings bonds.

5 Includes Series A investment bonds, depositary bonds, armed forcesleave bonds, adjusted service bonds, and R.E.A. bonds, not shown sep-arately.

6 Less than $50 million.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED

[Par value in billions of dollars]

End ofmonth

1941 Dec . . . .1945 Dec1947 Dec1952—Dec1953—Dec1954 Dec1955—Dec1956 Dec1957 Dec1958—Dec1959 June

Dec

I960—JanFeb . . . .MarAprMayJuneJulyAugSeptOctNovDec

Totalgrossdebt

(includ-ing guar-

anteedsecuri-ties)

64.3278 7257.0267.4275.2278.8280.8276 7275.0283.0284 8290.9

291.2290.7287.0288.9289.5286.5288.5288.8288.6290 6290.6290.4

Held by

U. S. Govt.agencies andtrust funds1

Specialissues

7 . 020.029.039.241.242.643.945.645.844.844.843.5

42.642.843.342.843.944.944.245.245.044.344.644.3

Publicissues

2 . 67 .05 .46 .77 .17 .07 .88 .49 . 49 . 69 .9

10.2

10.610.410.410.410.510.410.610.710.610.810.810.7

FederalReserveBanks

2 . 324.322.624.725.924.924.824.924.226.326.026.6

25.525.225.325.626.026.526.926.827.027.427.527.4

Held by the public

Total

52.5227.4200.1196.9201.0204.2204.3197.8195.5202.3204.2210.6

212.6212.3208.0210.2209.1204.6206.8206.1206.0208.2207.7207.9

Com-mercialbanks 2

21.490.868.763.463.769.262.059.559.567.561.560.3

59.157.154.957.056.255.657.757.959.161.961.862.6

Mutualsavingsbanks

3.710.712.09 . 59 . 28.88.58 .07 . 67 .37 .36 .9

6.96.96 .96 .86 .76 .66 .56 .66 .56 .46.36.3

Insur-ance

panies

8.224.023.916.015.915.314.613.212.512.712.512.3

12.512.412.212.112.011.811.911.811.811.811.811.7

Othercorpo-rations

4 . 022.214.119.921.519.223.519.118.619.621.523.5

25.426.223.424.124.721.722.121.420.320.120.619.7

Stateand

govts.

.76 .57 . 3

11.112.714.415.116.117.016.716.717.7

17.818.018.218.018.018.117.917.717.417.317.217.0

Individuals

Savingsbonds

5 .442 946.249.249.450.050.250.148.247.747.045.9

45.845.845.745.745.645.645.645.645.645.645.645.7

Othersecurities

8 .221.219.416.015.413.514.815.615.414.317.821.9

22.723.023.723.222.922.622.322.122.322.021.821.3

Misc.inves-tors3

.99 18.4

11.713.213.915.616.116.616.619 722.1

22.322.922.923.322.922.522.823.122.923 222.623.7

1 Includes the Postal Savings System.2 Includes holdings by banks in territories and insular possessions,

which amounted to about $85 million on Dec. 31, 1959.

3 Includes savings and loan associations, dealers and brokers, foreignaccounts, corporate pension funds, and nonprofit institutions.

NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.agencies and trust funds; Treasury Department estimates for other groups.


FEDERAL FINANCE 337

OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1

[On basis of Treasury Survey data. Par value in millions of dollars]

Type of holder and date

Marketable and convertible securities, by type

Total Bills Certifi- NotesMarket-

ablebonds2

Con-vertiblebonds

Marketable securities, by maturity class

Total Within1 year

1-5 5-10 Over10 years

All holders:1957—June 301958—June 301959—June 30

Dec. 31

1960—June 30Nov. 30Dec. 31

U. S. Govt. agencies and trust funds:1957—June 301958—June 301959—June 30

Dec. 31

1960—June 30Nov. 30Dec. 31

Federal Reserve Banks:1957—June 301958—June 301959—June 30

Dec. 31

I960—June 30Nov. 30Dec. 31

Commercial banks:1957—June 301958—June 301959—June 30

Dec. 31

1960—June 30Nov. 30Dec. 31

Mutual savings banks:1957—June 301958—June 301959—June 30

Dec. 31


Insurance companies:1957—June 301958—June 301959—June 30

Dec. 31


Other investors:Nonfinancial corporations 3

1960—June 30Nov. 30Dec. 31

Savings and loan associations3


All others4

1957_jUne 301958—June 301959—June 30

Dec. 31

1960—June 30Nov. 30Dec. 31

165,985175,573185,709195,346

190,151194,584194,695

8,5549,4779,6819,982

10,24610,63510,528

23,03525,43826,04426,648

26,52327,48827,384

48,73457,50953,51351,945

48,09953,47354,349

7,3977,1107,0796,773

6,4896,2206,188

10,93610,58010,94710,933

10,52110,46710,394

11,49411,63110,746

2,4802,4962,515

67,32965,45978,44489,066

74,29972,17372,591

23,42022,40632,01739,643

33,41539,45439.446

13017386260

371680591

2872,7032,0322,626

2,5133,1723,217

2,8533,7963,5635,011

2,3766,4556,976

16389175191

209152144

326254503416

232291341

4,5796,1005,599

178160163

19,66115,39225,65931,140

22,95722,44622,415

20,47332,92033,84319,669

17,65018,44218,442

416599537363

459469461

11,36719,94618,65010,508

8,5089,1739,082

2,9133,3313,8832,094

1,8322,3262,573

114132209158

166128143

136112347231

165154145

1,7401,5001,331

705657

5,5278,79910,2166,315

4,7114,6364,649

30,97320,41627,31444,152

51,48351,22651,284

1,2821,1691,3891,700

1,8101,8121,771

8,579

2,87911,016

13,01112,53712,519

8,98411,53212,41713,172

15,59816,79616,947

367465684

1,1991,1921,190

648614798

1,074

1,2251,3811,375

1,8821,7971,712

495506510

11,1136,6369,14716,302

16,26315,20515,260

80,83990,93284,85384,804

81,29779,71879,843

3,6644,7034,9885,071

5,1365,2585,294

2,8022,7892,4842,498

2,4912,6062,566

33,83938,72033,53131,565

28,19927,80527,763

5,6555,4935,2284,892

4,6074,5004,466

7,2777,3987,3717,454

7,3047,2267,139

3,2842,2292,099

1,6751,7131,724

27,60231,82931,25233,325

28,60228,38128,791

10,2808,8987,6817,077

6,3065,7445,680

3,0632,8332,6802,587

2,4702,4172,411

144130120104

9591

1,098931783644

309248245

2,5492,2021,9281,758

1,5951,4151,393

3,4262,8022,1711,985

1,7661,5061,476

155,705166,675178,027188,269

183,845188,840189.015

5,4916,6447,0017,394

7,7768,2188.117

23,03525,43826,04426,648

26,52327,48827.384

48,59057,37953,39451,841

48,00453,38254,260

6,2996,1796,2966,129

6,1815,9725,944

8,3878,3789,0199,175

8,9269.0529,001

11,48511,62610,741

2,4182,4352,454

63,90462,65776,27387,082

72,53370,66771,115

71,03367,78272,95878,456

68,98273,83973,830

1,138899930

1,037

1.0701,5851,482

20,24623,01020,68718,654

19,38515,34415,223

12,26813,43110,04511,198

6,54613,95614,697

576303480486

463472480

955651

1,0921,023

595909940

8.4429,0788,340

297319322

35,85029,48939,72446,057

32,18432,17632.345

39,18441,07156,81961,609

72,84470,75572,298

1,2101,5651,6791,909

2,6832,4592,432

6811,0143,8876,524

14,73222,96118,53823,625

21,73120,02918,684

295913

1,4481,882

2,0621,5831,602

75057

410677

5,689 1,17910,694 I 1,17910,711 ! 1,179

23,50024,49431,30428,778

8,60014,2598,2339,235

33,342 | 5,96630,124 6,94031,596 ! 5.654

1,0821,1061,3601,401

1,7201,5561,544

601675

1,7002,254

2,6621,8631,849

1,775 1,0221,650 1,0042,085 1,6782,279 I 2,422

2.794 3,0632,517 2,1622.508 2,075

2,8712,3582,269

947851858

10,93611,24316,50320,717

22,80020,19620,381

9811658

472459473

3,4646,0545,0697,154

6,2295,7285,794

30,75634,86029,71324,579

20,28824,21724,204

2,8483,2672,9442,567

1,9612,5902,601

1,3581,3581,060793

271271271

4,2225,1953,8122,629

2,1512,3622,313

4,0404,0942,7561,987

1,3362,0822,071

4,6345,0744,1643,450

2,4753,4633,477

757472

703806802

13,65415,87214,97713,153

11,31712,56912,597

i Direct public issues.Data complete for U. S. Govt. agencies and trust funds and Federal

Reserve Banks, but for other groups are based on Survey data. Latestdata shown are for 6,303 commercial banks, 513 mutual savings banks,and 831 insurance companies, which together accounted for more than90 per cent of all holdings of banks and insurance companies, and 497nonfinancial corporations and 489 savings and loan associations, whichtogether accounted for about half of the total holdings of all nonfinancialcorporations and savings and loan associations.

Holdings of "all others," a residual throughout, include holdings ofall those not reporting in the Treasury Survey, including investor groupsnot listed separately.

2 Includes minor amounts of Panama Canal and postal savings bonds.3 Holdings first reported separately in the Treasury Survey for Feb-

ruary 1960. Monthly figures for February-May 1960 shown in theTreasury Bulletin for September 1960, pp. 55-56. See also note 4.

4 Holdings of nonfinancial corporations and savings and loan associa-tions included in this category until February 1960.


338 FEDERAL FINANCE

SUMMARY OF FEDERAL FISCAL OPERATIONS

[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]

Period

Derivation of Federal Government cash transactions

Receipts from the public,other than debt

NetBudget

receipts ]

Plus:Trustfund

receipts

Less:Intra-Govt.trans-

actions 2

Equals:Totalrects.fromthe

public 3

Payments to the public,other than debt

Budgetex-

pendi-tures *

Plus:Trustfundex-

pendi-tures

Less:Adjust-ments4

Equals:Totalpayts.to thepublic

Excessof rects.

fromor

paytsto ( - ) ,

thepublic

Net Federal cash borrowing orrepayt. (—) of borrowing

In-crease,or de-crease

(direct& agen.)

Less:

Netinv. byGovt.

agen. &tr. funds

Othernon-cashdebts

Equals:Netcash

borrow-ing orrepayt.

()

Cal. year—1958...1959...1960.. .

Fiscal year—1957..1958..1959..I960..

Semiannually:1959—Jan.-June.

July-Dec..1960—Jan.-June.

July-Dec..

Monthly:I960—Jan

FebMarAprMayJuneJulyAugSeptOctNovDec

1961— Jan.?

68,69472,73879,517

70,56268,55067,91577,763

39,16333,57544,18835,329

4,8677,2379,5805,0646,550

10,8913,1286,4548,9812,8236,3007,643

4,846

16,79718,83022,732

14,36916,32917,08421,801

9,4499,381

12,42010,312

8282,3291,7081,4903,3012,7641,0572,9841,4061,1032,3621,400

938

3,7103,9663,906

2,7772,9273,2954,434

1,8192,1472,2871,619

229331198180161,187213195235269254453

196

81,72887,55298,287

82,10581,89281,66095,078

46,76840,78454,29443,993

5,4629,230

11,0846,3699,685

12,4653,9709,236

10,1463,6518,4038,586

5,585

75,78279,77777,565

68,96671,36980,34276,539

40,58639,19137,34840,217

6,1576,1426,4236,0326,0736,5216,1726,8036,7936,8296,7736,847

6,470

17,85620,24422,242

12,96116,06918,59722,158

9,67610,56811,59010,652

1,9741,6131,8682,0671,7802,2881,7901,7751,7981,7031,7711,815

2,018

4,6224,4665,114

1,9214,0264,1364,396

3,0011,4652,9312,183

1,363-3191,192280

-161576486

-348843653

-129678

1,214

89,01495,56094,694

80,00683,41294,80494,301

47,26548,29546,00648,688

6,7688,0747,1007,8198,0148,2327,4768,9267,7487,8798,6747,984

7,274

-7,287-8,0063,593

2,099-1,520-13,144

111

-4957,5118,2884,695

-1,3061,1563,984

-1,4501,6714,232

-3,506311

2,398-4,228-271603

-1,689

7,53310,112-548

-1,0536,2169,6563,371

2,7837,329

-3,9583,410

229-686

-3,6321,949898

-2,7152,094-338-3202,197-62-161

-323

-717-5431,625

2,339657

-1,181953

313-8561,809-184

-47232507

-4981,2201,022-5171,130-368-514339

-254

-484

4872,081491

-292-2002,160597

,50757423

468

14726

-1001253

-11484

-357611215477

42

7,7628,580

-2,670

-3,1005,7608,6781,821

9657,615

-5,7943,124

554-744

-4,0392,435-375

-3,6242,525

-1,433-29

2,600-555

16

119

Period

Effects of operations on Treasurer's account

Operating transactions

NetBudgetsurplus,

ordeficit

Trustfund

accumu-lation,

ordeficit

Recon-ciliationto Treas.

cash

Financing transactions

Netmarketissuance(+)ofGovt.agencyobliga-tions 6

Netinv. ( - )in Fed.sec. byGovt.agency& trustfunds6

Increase,or

decrease( - ) , ingrossdirectpublicdebt

Cash balances:inc., or dec. (—)

Heldoutside

Treasury

Treas-urer's

account

Account of Treasurer of UnitedStates (end of period)

Balance

Deposits in:

F. R.Banks(avail-able

funds)

Treas-ury

Tax andLoanAccts.

Othernet

assets

Fiscal year—1957..1958..1959..I960..

Semiannually:1959—Jan.-June.,

July-Dec..,1960—Jan.-June.

July-Dec..

Monthly:I960—Jan

FebMarApr ,MayJune ,JulyAug ,Sept ,OctNov ,Dec ,

1961—Jan

1,596-2,819-12,427

1,224

-1,423-5,617

6,841-4,888

-1,2901,0953,157-968476

4,370-3,044-3492,188

-4,006-473796

-1,624

1,409262

-1,511-359

-225-1,187

828- 343

-1,146716

-160-5771,521473

-7341,209-392-600590

-416

-1,080

-518670-29-149

203-43728854

634-838994134

-332-303186

-533559241

-643244

423

1,08556771

1,023

192366657

-492

310510414315315023

-69424218846

27

-2,300-1971,112-714

-32911

-1,625275

764-160-386296

-1,097-1,043

616-1,083

245659

-310148

-2,2245,8168,3631,625

1,7846,092

-4,4673,886

287-501

-3,7571,961579

3.0362,008334

-2492,063-73-197

-181

5140-23- 4

108-10510152

-26-3375

-1158311827

-12-48232042

15

-9564,159

-4,3992,654

389233

2,421-1,593

-722450

-1221,1051,217494

-1,006-1,1042,423

- 1,645-841580

-1,582

5,5909,7495,3508,005

5,3505,5838,0056,411

4,8625,3115,1896,2947,5118,0056,9985,8948,3176,6725,8316,411

4,829

498410535504

535504504485

567453549619462504477481489437512485

588

4,0828,2183,7446.458

3,7444,2166,4585,165

3,2463,8433,7384,4906,1806,4585,6764,6286,9875,4474,5175,165

3,215

1,0101,1211,0711,043

1,071863

1,043761

1,0491,015902

1,185869

1,043845785841788802761

1,026

n.a. Not available. p Preliminary.i Beginning with the October 1960 F. R. Bulletin figures are revised

to exclude certain interfund transactions from both net budget receiptsand budget expenditures. Figures for calendar year 1958 are not yetrevised. For more details see Treasury Bulletin for Sept. 1960, pp.II and 1.

2 Consists primarily of interest payments by Treasury to trust accountsand to Treasury by Govt. agencies, transfers to trust accounts representingBudget expenditures, and payroll deductions for Federal employees re-tirement funds.

3 Small adjustments to arrive at this total are not shown separately.For other notes, see opposite page.


FEDERAL FINANCE 339

DETAILS OF FEDERAL FISCAL OPERATIONS

[On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars]

Period

Budget receipts

NetBudget

re-ceipts1'3

Adjustments from totalBudget receipts

Transfers to:

Old-age

trustfund?

High-waytrustfund

R. R.re-

tire-mentacct.

Re-funds

ofre-

ceipts

TotalBudget

re-ceipts

Income andprofit taxes

Individual

With-held Other

Corpo-ration

Ex-cise

taxes

Em-ploy-menttaxes8

Otherre-

ceipts

Selected excise taxes(Int. Rev. Serv. repts.)

Liquor To-bacco

Mfrs.'and re-tailers'

Fiscal year—1957195819591960

Semiannually:1959—Jan.-June

July-Dec1960—Jan.-June

July-Dec

Monthly:1960—Jan

FebMar

Mw'.'.'.'.'.'.JuneJulyAugSept . . . . . . .OctNovDec

1961—Jan

70,56268,55067,91577,763

39,16333,57544,18835,329

4,8677,2379,5805,0646.550

10,8913,1286,4548,9812,8236,3007,643

4,846

6,6347,7338,00410,211

4,6213,8156,3964,762

2981,2431,078839

1,8341,104365

1,524739373

1,214547

304

1,4792,1162,1712,642

1,0591,2811,3611,576

218264191202249238257296262253268240

223

616575525607

260307300297

168450178250178352158149

3,9174,4334,9335,045

4,299718

4,327794

-16432

1,3171,3361,0052521672031611732961

64

83,67583,97483,90496,962

49,60840,03556,92743,069

5,4259,28912,2177,4689,72512,8043,9768,59010,2113,6417,9008,751

5,537

26,72827,04129,00131,675

15,23215,65216,02316,615

8604,8352,541770

4,7442,2731,0554,8492,5271,0664,5272,591

1,049

12,30211,52811,73313,271

8,9063,04110,2303,186

2,144884791

3,5201,0391,852346147

1,959230121383

2,149

21,53120,53318,09222,179

11,9188,32313,8568,838

564483

6,192619467

5,530670409

3,492481455

3,331

534

10,63810,81410,76011,865

5,3965,9485,9176,238

794954

1,044945

1,0611,118995

1,1211,0241,0211,0691,008

918

7,5818,6448,85411,159

5,2014,1277,0325,063

3411,6111,149858

1,9181,155383

1,608792389

1,295596

348

4,8955,4145,4646,813

2,9562,9443,8693,129

722522500755496876527456417454433842

539

2,9732,9463,0023,194

1,4021,7031,4911,685

186214258248282303238272277321319259

n.a.

1,6741,7341,8071,932

876984948

1,008

138151152157166183151179177158178164

n.a.

4,0984,3164,3155,114

2,3522,4082,7063,315

1,320

1,386

1,448

1,276

Budget expenditures9

PeriodTotali'3

68,96671,36980,34276,539

40,58639,19137,34840,217

6,601

6.1576,1426,4236,0326,0736,5216,1726,8036,7936,8296,7736,847

Major national security

Total io

43,27044,14246,42645,627

23,18023,11922,50823,186

4,231

3,5233,6843,9763.6693; 6693,9873,4713,9763,9103,7283,8844,217

Militarydefense

38,43939,06241,23341,215

20,61420,97520,24021,170

3,856

3,1603,3713,5703,3063,3313,5023,0963,6383,6003,4323,5373,867

Militaryassist-ance

2,3522,1872,3401,609

1,195715894644

125

1361031711361102381461057977

114123

Atomicenergy

1,9902,2682,5412,623

1,2721,2901,3331,342

237

210210223222224244219230226217228222

Intl.affairs

andfinance

1,9732,2313,7801,833

2,574650

1,1831,068

123

157169140163196358133166161164301143

Inter-est

7,3087,6897,6719,266

3,9854,4944,7724,587

813

831788792111111807815758746756740772

Vet-erans'serv-

ices andbene-

fits

4,7935,0265,1745,060

2,5942,4932,5672,577

430

419420457421422428404461416422436438

Laborand

welfare

3,0223,4474,4214,419

2,2632,0862,3332,225

318

393362340412390436342375388376378366

Agri-culture

andagri-cul-turalre-

sources

4,5254.3896,5294,838

2,6072,9611,8772,998

536

470322289304229263369420412727476594

Nat-uralre-

sources

1,2971,5441,6691,713

77394!772

1,056

134

105119120104131193125197213182193146

Com-merceand

housing

1,4552,1093,4212,782

1,9831,950

8321,870

125

195161148

37149142379326380330236219

Gen-eral

govern-ment

Fiscal year—1957.1958.1959.1960.

Semiannually:1959—Jan.-June

July-Dec.1960—Jan.-June

July-Dec.

Monthly:1959—Dec

1960—JanFebMarAprM a y . . . .J u n e . . . .Ju ly . . . . .AugSeptOctNovDec

1,7901,3591,6061,695

841833862951

149

127127156158108186165159182140140165

4 Consists primarily of (1) mtra-Governmental transactions as de-scribed in note 2, (2) net accruals over payments of interest on savingsbonds and Treasury bills, (3) Budget expenditures involving issuance ofFederal securities, (4) cash transactions between International MonetaryFund and the Treasury, (5) reconciliation items to Treasury cash, and(6) net operating transactions of Govt. sponsored enterprises.

5 Primarily adjustments 2, 3, and 4, described in note 4.6 Excludes net transactions of Govt. sponsored enterprises, which are

included in the corresponding columns above.

7 Includes transfers to Federal disability insurance trust fund.8 Represents the sum of taxes for old-age insurance, railroad retire-

ment, and unemployment insurance.9 For more details see the Treasury Bulletin, Budget Receipts and

Expenditures, Table 6 and the 1962 Budget Document, Special Analysis C.10 Includes stockpiling and defense production expansion not shown

separately.For other notes, see opposite page.


340 FEDERAL BUSINESS-TYPE ACTIVITIES

SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES

[Based on compilation by Treasury Department. In millions of dollars]

Asset or liability, and activity J

End of year

1953 1954 1955 1956 1957 1958

End of quarter

1959 1960

2

8,490526

1,547963

2,9732,480

5,8734,8151,056

1

717201174342

1,539

29389204

9,9043,5043,4252,874101

627563

3

7,636576

1,562972

3,0291,498

tf,J525,2381,113

1

726197170358

1,797

30891217

10,0843,5133,4252,998147

686623

Loans, by purpose and agency:To aid agriculture, total

Banks for cooperativesFederal intermediate credit banks 2 . .Farmers Home AdministrationRural Electrification Administration.Commodity Credit CorporationOther agencies

To aid home owners, totalFederal National Mortgage AssociationVeterans AdministrationOther agencies

To industry, totalTreasury DepartmentCommerce Department.. .Other agencies

To financing institutions

To aid States, territories, etc., total.Public Housing Administration..Other agencies

Foreign, totalExport-Import BankTreasury DepartmentInternational Cooperation Administration.Other agencies

All other purposes, totalHousing and Home Finance Agency.Other agencies

Less: Reserves for lossesTotal loans receivable (net) .

Investments:U. S. Government securities, total

Federal home loan banksFederal Savings and Loan Insurance CorpFederal Housing AdministrationFederal Deposit Insurance CorporationOther agencies

Investment in international institutionsOther securities 4

6,811377590648

2,0963,076

23

2,9302,462300168

588174

. 413

952

645500145

8,0432,8333,6201,537

53

1192990

-20319,883

2,602387217319

1,526152

3,385219

6,929367638701

2,2262,981

18

2,9072,46138363

431353

79

870

272112160

8,0012,8063,5701,624

1

16612739

-22819,348

2,967641228327

1,624147

3,385197

6,715375689681

2,3482,621

1

3,2052 Ml48084

678306

f 261{ 112

1,419

24590155

7,9882,7023,5191,767

Inventories, totalCommodity Credit CorporationDefense DepartmentGeneral Services AdministrationOther agencies

Land, structures, and equipment, totalCommerce Dept. (primarily maritime activities).. .Panama Canal CompanyTennessee Valley AuthorityHousing and Home Finance AgencyNat. Aeronautics and Space AdministrationBonneville Power AdministrationGeneral Services AdministrationPost Office DepartmentOther agencies

2,5152,087

3,8523,302

25620947

-26820,238

3,236745241381

1,720149

3,385179

4,3563,747

• 428

8,0624,834

3631,4751,040

550

8,0464,798

4211,739

728

609

7,8224,822

4211,829

450

Bonds, notes, & debentures payable (not guar.), total.Banks for cooperativesFederal intermediate credit banksFederal home loan banksFederal National Mortgage Association

350

1,182150619414

360

1,068156640272

300

2,379185665958570

6,752457734724

2,4882,349

(3)

3,6803,072

464145

619209219191

1,233

246106140

8,2232,7013,4701,995

57

21315657

-30920,657

3,7391,018256458

1,825181

3,420249

21,3753,65111,0046,517201

9,9854,502398

1,762236276311

1,298590613

2,711257721963770

6,681454935832

2,6881,778

(3)

4,7693,998770

674251217206

1,270

264105159

8,7543,0403,4702,195

49

34428362

-36722,395

3,804896274471

1,937226

3,420298

21,6283,02511,1367,282

185

9,9624,535398

1,80188283342

1,308599608

4,662247902825

2,688

8,672511

1,169819

2,8743,298

(3)

4,8603,924936

1

680216187278

1,298

293106187

9,5103,3623,4192,682

46

548458

-36825,493

4,198995288567

2,049300

3,420283

20,8103,0369,6817,919

174

10,6704,721396

1,77725285372

1,322637

1,134

4,038303

1,124714

1,898

64 63

-654 | -45126,788 27,138

4,4421,064310590

2,154324

4,795331 j

20,8213,6148,7518,278

178

8,8692,856409

1,8789

304357

1,241640

1,175

4,882314

1,488992

2,087

4,4781,046320622

2,162329

4.795335

21,8794,5278,8238,347

183

7,762623

1,396916

3,0831,745

(3)

6,7355,5681,167

1

733185166382

2,136

31987231

9,8403,2353,3733,043

189

75269162

-41327,865

4,6701,092

332649

2,178419

4,795323

8,178609

1,4991,0013,1401,929

(3)

6,9985,7591,238

1

739184158397

1,522

31691225

9,9723,2393,3733,115244

78272260

-41828,090

4,9981,282345667

2,270435

4,796337

82

1

1

1

,938,899408.907

9305354,234640,181

92

1

1

1

,124,880411,924

9310352,221640,376

5,582360

1,5321,4022,287

21,476 i 21,2944,493 4,2578,422 8.4258,370 ! 8,420

194 ! 193

9,1562,928411

1,9119

313349

1,261640

1,333

5,767396

1,4401,2932,638

5,974404

1,3591,7742,437

2,797553

1,6981,0133,1861,347

(3)

7,5646,0171,370176

754182155417

1,802

31192219

10,1643,2613,3733,244286

912765146

-54428,760

4,8741,165328653

2,289440

4,875338

20,8324,2287,9718,447186

9,0232,736418

1,9309

368355

1,312492

1,402

6,308342

1,6281,2553,082

1 Figures exclude interagency items. Prior to 1956, data for trustrevolving funds included such items.

2 Effective Jan. 1, 1957, the production credit corporations were mergedin the Federal intermediate credit banks, pursuant to the Farm CreditAct of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operationsof the banks are classified as trust revolving transactions.

3 Less than $500,000.4 Includes investment of the Agricultural Marketing revolving fund in

the banks for cooperatives; Treasury compilations prior to 1956 classifiedthis item as an interagency asset.

NOTE.—Coverage has changed in some of the periods shown. Be-ginning with 1956, changes reflect the expanded coverage and the newclassification of activities by type of fund now reported in the TreasuryBulletin. Classifications by supervisory authorities are those in existencecurrently. Where current Treasury compilations do not provide a de-tailed breakdown of loans, these items have been classified by FederalReserve on basis of information about the type of lending activity involved.


REAL ESTATE CREDIT 341

MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER

[In billions of dollars]


19411945

19521953195419551956195719581959PI960?

1959 Mar PJune33 . . . .Sept p.Dec.*\

1960—Mar.*> . .June2'Sept.?Dec P

All properties

Allhold-ers

37.635.5

91.4101.3113.7129.9144.5156.6171.9191.1206.5

175.9181.5186.7191.1

194.4198.5202.8206.5

Finan-cial

insti-tutions

20.721.0

66.975.185.799.3

111.2119.7131.5145.4157.6

134.2138.3142.2145.4

147.9151.2154.6157.6

Otherholders

SelectedFederalagen-cies

4.72.4

4.04.44.65.26.07.57.8

10.011.2

8.49.09.5

10.0

10.310.611.011.2

Indi-viduals

andothers

12.212.1

20.621.823 425.427.329.432.735.637.7

33.434.234 935.6

36.236.737.337.7

Allhold-ers

31.230.8

84.293.6105.4120.9134.6146.1160.7178.8193.4

164.4169.5174.5178.8

181.9185.7189.8193.4

]Sonfarm

1- to 4-family houses

Total

18.418.6

58.566.175.788 299.0

107.6117.7130.8141.8

120.5124.3128.0130.8

133.2136.1139.1141.8

Finan-cial

insti-tutions

11.212.2

46.853.662.573.883.489.998.5

109.1118.6

100.6103.8106.8109.1

111.1113.6116.2118.6

Otherhold-ers

7.26.4

11.712.513.214.415.617.719.221.723.2

19.920.521.221.7

22.122.522.923.2

Multifamily andcommercial properties1

Total

12.9

25.727.529 732.635.638.543.047.951.6

43.945.246 647.9

48.749.750.751.6

Finan-cial

insti-tutions

8.1

17.218.519 921.823.925.828.831.834.4

29.330.131 031.8

32.333.033.734.4

Otherhold-ers

4.8

8.49.09.8

10.811.712.714.216.117.3

14.615.115.616.1

16.316.717.017.3

Farm

Allhold-ers

6.4

7.37.88 39 19.9

10.511.312.313.1

11.511.912 212.3

12.512.813.013.1

Finan-cial

insti-tutions

1.51.3

2 83.03 33 63.94.04.24 54.7

4.34.44 44.5

4.54.64.74.7

Otherholders 2

4.93.4

4.44.85 05 46.06.57.17 88.4

7.37.57 77.8

8.08.28.38.4

P Preliminary.1 Derived figures, which include negligible amount of farm loans held

by savings and loan associations.2 Derived figures, which include debt held by Federal land banks and

Farmers Home Administration.NOTE.—Figures for first three quarters of each year are Federal Reserve

estimates. Financial institutions represent commercial banks (includingnondeposit trust companies but not trust departments), mutual savingsbanks, life insurance companies, and savings and loan associations.Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home

Administration, and Federal land banks, and in earlier years RFC,HOLC, and Federal Farm Mortgage Corporation. Other Federalagencies (amounts small or separate data not readily available currently)are included with individuals and others.

Sources.—Federal Deposit Insurance Corporation, Federal HomeLoan Bank Board, Institute of Life Insurance, Departments of Agri-culture and Commerce, Federal National Mortgage Association, FederalHousing Administration, Public Housing Administration, VeteransAdministration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS i



19411945

1952 . . . .195319541955 . . .19561957195819591960^

1959 MarJune . .SeptDec

I960 Mar.?Junep

Sept p

Dec P

Commercial bank holdings 2

Total

4,9064 772

15,86716,85018,57321,00422,71923,33725,52328,14528,803

426,13027,06027,63528,145

28,23528,470

528,65028,803

Residential

Total

3,2923 395

12,18812,92514,15215,88817,00417,14718,59120,32020,373

19,02019,61520,04020,320

20,30020,34020,37520,373

FHA-in-

sured

3,6753,9124,1064,5604,8034,8235,4766,1225,844

5,6605,8856,0456,122

6,0455,9805,9055,844

VA-guar-

anteed

3,0123,0613,3503,7113,9023,5893,3353,1612,864

3,3053,2303,1753,161

3,1203,0302,9152,864

Con-ven-

tional

5,5015,9516,6957,6178,3008,7359,780

11,03711,665

10,05510,50010,82011,037

11,13511,33011,55511,665

Othernon-farm

1,048856

2,6212,8433,2633,8194,3794,8235,4616,2376,780

5,6055,8756,0106,237

6,3456,4856,6256,780

Farm

566S2t

,0581,082,159

1,297336

1,367,471

1,5881,650

[,5051,5701,5851,588

1,590,645

1,6501,650

Mutual savings bank holdings3

Total

4,8124 208

11,37912,94315,00717,45719,74621,16923,26324,99226,927

423,63824,11024,60024,992

25,41025,86526,42526,927

Residential

Total

3 8843 387

9,88311,33413,21115,56817,70319,01020,93522,48624,240

21,25721,67622,12622,486

22,87923,30823,82724,240

FHA-in-

sured

3,1683,4893,8004,1504,4094,6695,5016,2756,970

5,6845,9156 0956,275

6,4206,5736,7506,970

VA-guar-

anteed

2,2373,0534,2625,7737,1397,7908,3618,5899,100

8,4358,5108 5808,589

8,7318,8859,0609,100

Con-ven-

tional

4,4774 7925,1495 6456,1556 5517,0737 6228 170

7,1387,2517 4517 622

7,7287,8508,0178,170

Othernon-farm

900797

1,4441 5561,7401 8311,9842,1022,2752 4512 633

2,3282,3802 4202,451

2,4772,5042,5452,633

Farm

2824

535356585957535554

53545455

54535354

P Prelimiary.1 Represents all banks in the United States and possessions.2 Includes loans held by nondeposit trust companies, but excludes

holdings of trust departments of commercial banks. March and Septem-ber figures are Federal Reserve estimates based on data from MemberBank Call Report and from weekly reporting member banks.

3 Figures for 1941 and 1945, except for the grand total, are estimatesbased on Federal Reserve preliminary tabulation of a revised series ofbanking statistics. March and September figures are Federal Reserveestimates based in part on data from National Association of MutualSavings Banks.

4 On Jan. 1, 1959, holdings of commercial banks increased by $143million, and those of mutual savings banks declined by that amount,as a result of the absorption of a mutual savings bank by a commercialbank.

5 Data reflect a $40 million reclassification by one bank from commer-cial and industrial to real estate loans, reported August 24, 1960.

Source.—All-bank series prepared by Federal Deposit InsuranceCorporation from data supplied by Federal and State bank supervisoryagencies, Comptroller of the Currency, and Federal Reserve.


342 REAL ESTATE CREDIT

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES


Year or month

19411945

1952 . . .195319541955 . . . .195619571958 . . . .1959.1960P

1959—Dec

1960 TanFebMar . . .

MayJune .JulyAugSeptOctNovDec . . . .

1961 Jan

Loans acquired

Total

976

3,9784,3455,3446,6236,7155,2305,2775,9756,074

670

582445544483476490420536472507503616

569

Nonfarm

Total

3,6063,9254,9316,1086,2014,8234,8395,4795,600

621

530405483443438456392504446477465561

524

FHA-insured

864817672971842653

1,3011,5351,393

151

13911712211010110890

133118117124114

167

VA-guar-anteed

429455

1,3781,8391,652

831195199303

35

862828172321221918161312

12

Other

2,3132,6532,8813,2983,7073,3393,3433,7453,904

435

305260333316314327280352310344328435

345

Farm

372420413515514407438496474

49

524061403834283226303855

45

Loans outstanding (end of period)

Total

6,4426,636

21,25123,32225,97629,44532,98935,23637,06239,19741,798

39,237

39,57339,76940,01140 23640,43940,63140,69440,92041,09941,31341,52141,798

42,008

Nonfarm

Total

5 5295,860

19,54621 43623,92827,17230 50832,65234,39536 37038,803

36,411

36,75336 93337,15537 35837,54537,72237,76937,98238,15338 35638,55338,803

39,021

FHA-insured

8151,394

5,6816,0126,1166,3956,6276,7517,4438 2739,043

8,293

8,4118 4848,5598 6238,6778,7278,7298 8018,8678 9309,0049,043

9,134

VA-guar-anteed

3,3473 5604 6436,0747 3047 7217,4337 0866,929

7,102

7,1627 1507,1357 1177,0987,0807,0577 0287,0066 9786 9516,929

6,899

Other

4 7144,466

10,51811 86413 16914,70316 57718 18019,51921 01122,831

21,016

21,18021 29921,46121 61821,77021,91521,98322 15322,28022 44822 59822,831

22,988

Farm

913776

1,7051 8862 0482,2732 4812 5842,6672 8272,995

2,826

2,8202 8362,8562 8782,8942,9092,9252 9382,9462 9572 9682,995

2,987

v Preliminiary.NOTE.—Certain mortgage loans secured by land on which oil drilling

or extracting operations are in process are classified with farm throughJune 1959 and with "other" nonfarm thereafter. These loans totaled$38 million on July 31, 1959.

For loans acquired, the monthly figures may not add to annual totals,and for loans outstanding, the end-of-December figures may differ from

end-of-year figures, because monthly figures represent book value ofledger assets whereas year-end figures represent annual statement assetvalues, and because data for year-end adjustments are more complete.

Source.—Institute of Life Insurance; end-of-year figures are fromLife Insurance Fact Book, and end-of-month figures from the Tally ofLife Insurance Statistics.

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS


Year ormonth

19411945

1954.195519561957195819591960

1960

JanFebMarAprMayJuneJulyAugSeptOctNovDec

1961

Jan.p

Loans made

Total i

1 3791,913

8 96911,25510 32510,16012,18215 15114 304

868975

1,1441,1511 2321 3971,2681,4131,3161,2501,1401 150

967

Newcon-

struc-tion

437181

3 0763,9843 6993,4844,0505 2014 678

291339405404435471408430402394332367

285

Homepur-chase

5811,358

3,8465,1554,6204,5915,1726 6136,132

377405458461509598569651591545508460

400

Loans outstanding (end of period)

Total 2

4 5785,376

26,10831,40835,72940,00745,6275^,19460,084

53,51053,90854,45555,02055,65556,43557,05057,76358,40659,01159,51260,084

60,446

FHA-in-

sured

1,1701,4041,4861,6432,2062,9973,523

3,0433,0853,1263,1653,2113,2553,3043,3573,3983,4473,4873,523

3,561

VA-guar-anteed

4,7095,8836,6437,0117,0777,1927,211

7,1967,2017,2157,2147,2277,2287,2337,2297,2257,2167,2147,211

7,194

Con-ven-

tional2

20,22924,12127,60031,35336,34443,00549,350

43,27143,62244,11444,64145,21745,95246,51347,17747,78348,34848,81149,350

49,691

» Preliminary.

1 Includes loans for other purposes (for repair, additions and alterations,refinancing, etc.) not shown separately.

2 Beginning 1958 includes shares pledged against mortgage loans.Source.—Federal Home Loan Bank Board.

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS


Year ormonth

1941.1945.

1953.1954.1955.1956.1957.1958.1959.1960.

1959

Dec .

1960

JanFebMar

MayJuneJulyAugSeptOctNovDec

Total

Season-allyad-

justed i

Withoutseasonal

adjust-ment2

2,485

2,4872,4302,4412,4002,4462,4272,4932,4882,4642,4512,426

4,7325,650

19,74722,97428,48427,08824,24427,38832,23529,341

2,487

2,0792,1492,4062,3662,5002,6902,5282,7842,5982,5252,3782,338

By type of lender(without seasonal adjustment)

Sav-ings &loan

assns.

1,4902,017

7,3658,31210,4529,5329,21710,51613,09412,158

963

777859983983,051,167,048,201,097,053978961

Insur-ancecom-

panies

404250

,480,768,932,799,472,460,523,318

3,6804,2395,6175,4584,2645,2045,8324,520

138

1071031191081141191161231111069795

Com-mer-cial

banks

1,1651,097

410

343342377382402415378406381372363361

Mutual

ingsbanks

218217

1,3271,5011,8581,8241,4291,6401,7801,557

152

115104104106120138145158145146141132

1 Three-month moving average, seasonally adjusted by Federal Re-serve.

2 Includes amounts for other lenders, not shown separately.Source.—Federal Home Loan Bank Board.


REAL ESTATE CREDIT 343

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE


Year or month

1945

19521953.195419551956 . .1957195819591960 . .

I960 JanFebMarApr . . . .MayJune .JulyAugSeptOctNovDec

1961 Jan

FHA-insured loans

Total

665

3,1133,8823,0663,8073,4613,7156,3497,6946,293

514464463433456539509615613573558558

564

Homemortgages

Newprop-erties

257

9691,2591,0351,2691 133

8801,6662,5632,197

221198193172155170162189192196181167

186

Ex-istingprop-erties

217

9741,030

9071,8161,5051,3712,8853,5072,403

196170168163167195200228233237223223

224

Proj-

typemort-gages i

20

322259232

76130595929628711

1928352245715997

119467892

89

Prop-ertyim-

prove-ment

loans 2

171

8481,334

891646692869868997982

7868677688

10388

10068947776

65

VA-guaranteed loans

Total 3

192

2,7193,0644,2577,1565 8683,7611,8652,7871,985

195170173153155175160181169162150142

130

Homemortgages

Newprop-erties

1,8232,0442,6864,5823,9102,8901,3112,0511,554

148133137123124143126139132125113109

101

Ex-istingprop-erties

8901,0141,5662,5641 948

863549730428

473636293132344137363733

28

MORTGAGE DEBT OUTSTANDING ONNONFARM 1- TO 4-FAMILY PROPERTIES


* Monthly figures do not reflect mortgage amendments included in annual totals.2 These loans are not ordinarily secured by mortgages.3 Includes a small amount of alteration and repair loans, not shown separately; only such

loans in amounts of more than $1,000 need be secured.NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed

loans, gross amount of loans closed. Figures do not take account of principal repaymentson previously insured or guaranteed loans. For VA-guaranteed loans amounts by typeare derived from data on number and average amount of loans closed.

Sources.— Federal Housing Administration and Veterans Administration.

End ofyear orquarter

1945

19521953195419551956195719581959PI960?

1959—Mar.*\...June*1

Sept.*...Dec*

I960—Mar.*....June*7 . . . .Sept.**....Dec.p

Total

18 6

58.566 175 788 299 0

107.6117 7130 8141.8

120.5124.3128.0130.8

133.2136.1139.1141.8

Government-underwritten

Total

4 3

25.428 132.138 943 947.250 153.856.4

51.352.153.153.8

54.555.055.856.4

FHA-m-

sured

4 1

10.812 012.814 315.516.519 723.826.7

20.921.822.923.8

24.625.226.026.7

VA-guar-anteed

2

14.616 119.324 628 430.730 430 029.7

30.430.330.230.0

29.929.829.829.7

Con-ven-

tional

14 3

33.138 043.649 355 160.467 677.085.4

69.272.274.977.0

78.781.183.385.4

v Preliminary.tal debt outstanding, 1

three quarters of year are Federal Reserve estimates.For conventional, figures are derived.

Sources.—Federal Home Loan Bank Board, FederalHousing Administration, Veterans Administration, andFederal Reserve.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY *


FEDERAL HOME LOAN BANKS


1952195319M195519561957195819591960

ind of yearor month

I960 T a n

FebMarAprMayJuneJulyAugSeptOctNov

1961 Tan

Mortgage holdings

Total

2 2422,4622,4342,6153,0473,9743,9015,5316,159

5,5085,5775,6935,7855,8275 8275,9185,9916,0506,1066,1436,159

6,154

FHA-in-

sured

320621802901978

1,2371,4832,5463,356

2,6212,7132,8212,9052,9973,0423,1213,1853,2403,2933,3333,356

3,357

VA-guar-

anteed

1 9221,8411,6321,7142,0692,7372,4182,9852,803

2,8872,8642,8732,8802,8302,7842,7972,8062,8102,8122,8102,803

2,797

Mortgagetransactions

(duringperiod'

Pur-chases

538542614411609

1,096623

1,9071,248

11013816212612974

1139684796969

56

Sales

56

"PS6?

S3

48?5

357

11549

126750

3

119

27

33

Com-mit-

mentsun-dis-

bursed

323638476

76360764

1,541568576

600601580588561592569584584571575576

564

1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA'snew charter, under which it maintains three separate programs: secondarymarket, special assistance, and management and liquidation. Data ex-clude conventional mortgage loans acquired by FNMA from the RFCMortgage Company, the Defense Homes Corporation, and the PublicHousing Administration.

Source.— Federal National Mortgage Association.

Year or month

1945

19531954195519561957195819591960

I960—Feb...Mar..Apr...May..June..July..Aug..Sept..Oct...Nov..Dec...

1961—Jan...Feb...

Ad-vances

1

1121

278

728734

,251745

,116,364,067,943

5888

155112290173168160133125344

90100

Repay-ments

1112

213

640818702934079

,331231

,097

1691961179694

269146121134119104

500176

Advances outstanding(end of period)

Total

195

952867

1,4171,2281,2651,2982,1341,981

1,6281,5201,5581,5741,7701,6741,6961,7361,7351,7411,981

1,5711,496

Shortterm*

11

1

1

176

634612991798731685

,192,089

963858828827932922967

,002986976

,089

C888822

Long-t e rm 2

19

317255426430534613942892

665662731747838751729734749765892

683674

Members'demandand timedeposits

46

558802698683653819589938

488534571590736682730737762788938

959978

c Corrected.1 Secured or unsecured loans maturing in one year or less.2 Secured loans, amortized quarterly, having maturities of more than

one year but not more than ten years.Source.—Federal Home Loan Bank Board.


344 CONSUMER CREDIT

CONSUMER CREDIT, BY MAJOR PARTS

[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]

End of year or month

193919411945

1954195519561957195819593I960

I960—JanFebMarAprMav.June ,JulyAug.Sept.OctNovDec

1961—Jan..

Total

7,2229,1725,665

32,46438,88242,51145,28645,544S2,11956 049

51,46851,18251,29852,35352 99153,66253,80954 09254,26554,34454,626^ 6 049

55,021

Instalment credit

Total

4,5036,0852,462

23,56828,95831,89734,18334,05739,85243,281

39,73839,78540,02040,65141,12541,75242,05042,37842,51742,59142,70343,281

42,782

Auto-mobilepaper i

1,4972,458

455

9,80913,47214,45915,40914,23716,54917.866

16,51916,62616,82617,17017,43117,75517,89318,02018,02117,99217,96717,866

17,611

Otherconsumer

goodspaper i

1,6201,929

816

6,7517,6348,5808,7828,923

10,47611,215

10,38610,25410,19210,28110,33910,46210,45210,47710,54310,62510,71511 215

11,050

Repairand mod-ernization

loans2

298376182

1,6161,6891,8952,0892,3272,7843,008

2,7692,7722,7832,8142,8652,9052,9342,9753,0013,0133,0203,008

2,967

Personalloans

1,0881,3221,009

5,3926,1636,9637,9038,570

10,04311,192

10,06410,13310,21910,38610 49010,63010,77110,90610,95210,96111,00111 192

11,154

Noninstalment credit

Total

2,7193,0873,203

8,8969,924

10,61411,10311,48712,26712 768

11,73011,39711,27811,70211,86611,91011,75911,71411,74811,75311,92312 768

12,239

Single-payment

loans

787845746

2,4083,0023,2533,3643,6274,1444,311

4,0564,1294,1914,2264,3134,2944,2654,2764,3174,2724,3014 311

4,314

Chargeaccounts

1,4141 6451,612

4,4854,7954 9955,1465,0605,1045 187

4,5954,1043 9274,2454 3424,4234,3114 2774,2834,3704,4635 187

4,599

Servicecredit

518597845

2,0032,1272 3662,5932,8003 0193 270

3,0793,1643 1603,2313 2113,1933,1833 1613,1483,1113,1593 270

3,326

* Represents all consumer instalment credit extended for the purposeof purchasing automobiles and other consumer goods, whether held byretail outlets or financial institutions. Includes credit on purchases byindividuals of automobiles or other consumer goods that may be usedin part for business.

2 Represents repair and modernization loans held by financial institu-tions; holdings of retail outlets are included in other consumer goods

3 Includes data for Alaska and Hawaii beginning with January andAugust 1959, respectively.

NOTE.—Monthly figures for the period December 1939 through 1946,and a general description of the series, are shown on pp. 336-54 of theBULLETIN for April 1953; monthly figures for 1947-57, in the BULLETINfor April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957,

•p. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17.Revised monthly data for 1958 and 1959 (with notes describing the

changes) are shown on pp. 1406-09 of the BULLETIN for December 1960.A detailed description of the methods used to derive the estimates may beobtained from Division of Research and Statistics.

pp.Re^

INSTALMENT CREDIT, BY HOLDER

[Estimated amounts outstanding, in millions of dollars]

End of yearor month

193919411945

1954195519561957195819594I960

I960 JanFeb .MarAprMayJuneJulyAugSeptOctNovDec

1961—Jan

Totalinstal-mentcredit

4,5036,0852,462

23,56828,95831,89734,18334 05739,85243,281

39,73839,78540,02040,65141,12541 75242,05042,37842,51742 59142,70343,281

42,782

Total

3,0654,4801,776

19,45024,45027,15429,51529 07434,17637,502

34,33234,57634,76435,43135,90236 48136,85737,19937,31837,33037,36837,502

38,186

Financial institution

Com-mercialbanks

1,0791,726

745

8,79610,60111,77712,84312,78015,22716,398

15,36615,43315,44015,71115,91116,14516,23916,36216,41616,40816,40216,398

17,261

Salesfinancecom-panies

1,1971,797

300

6,1448,4439,1009,5738,740

10,14511,134

10,16810,27610,35710,60410,74410,94511,06211,14211,15411,14711,14111,134

11,030

Creditunions

132198102

1,3421,6782,0142,4292,6683,2803,906

3,2723,3083,3813,4713,5373,6263,6793,7543,7953,8333,8703,906

3,860

i

Con-sumerfinancecom-

panies^

2,2572,6563,0563,3333,3843,7744,212

3,7873,8073,8213,8723,9023,9574,0494,0994,1114,0974,1074,212

4,179

Other i

657759629

9111,0721,2071,3371.502

,750,852

,739,752,765

1,7731,8081,8081,8281,8421,8421,8451.8481,852

1,856

Retail outlets

Total

1,4381,605

686

4,1184,5084,7434,6684,9835,6765,779

5,4065,2095,2565,2205.2235,2715,1935,1795,1995,2615,3355,779

4,596

Depart-ment

stores2

354320131

1,2421,5111,4081,3931 8822,2922,401

2,1031,9972,0982,0502,0542,0732,0202,0122,0492,1032,1552,401

1,342

Furni-ture

stores

439496240

984,044,187,210,128,225,189

,189,167

1,1441,1351,1251,132,124

1,1321,1291,1301,140.189

1,151

House-holdappli-ance

stores

183206

17

377365377361292310292

304299294290290291290290291290288292

286

Auto-mobile

dealers 3

12318828

463487502478506481513

480482487496503512516520519518517513

504

Other

339395270

1 0521,1011 2691,2261 1751,368J.384

,3301,264I 233I 2491,251I 263I 2431,2251,211I 220

235.184

1,313

1 Consumer finance companies included with "other" financial institu-tions until September 1950.

2 Includes mail-order houses.

3 Represents automobile paper only; other instalment credit held byautomobile dealers is included with "other" retail outlets.

4 See note 3 to table above.


CONSUMER CREDIT 345

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,BY TYPE OF CREDIT


End of yearor month

193919411945

19541955195619571958195911960

I960 JanFebMarApr . . . . .MayJune . . .JulvAugSeptOctNovDec

1961—Jan


1,0791,726

745

8,79610,60111,77712,84312,78015,22716,398

15,36615,43315,44015 71115,91116,14516,23916,36216,41616 40816,40216,398

17,261

Automobilepaper

Pur-chased

237447

66

2,2693,2433,6514,1304,0144,8275,264

4 8174,8454,9005 0045,0885,1955 2425,2905,3135 3115,3045,264

5,196

Direct

178338143

1,6682,0622,0752,2252,1702,5252,776

2,5352,5612,6092,6752,7262,7652,7772,7902,7782,7762,7832,776

2,757

Othercon-

sumergoodspaper

166309114

1,8802,0422,4642,5572,2692,6402,690

2,7812,7772,6552,6622,6672,6842 6902,6842,6862 6812,6702,690

3,683

Repairand

mod-erniza-

tionloans

135161110

1,3031,3381,4691,5801,7152,0392,163

2 0282,0242,0232 0452,0752,1052 1192,1442,1622,1702,1732,163

2,131

Per-sonalloans

363471312

1,6761,9162,1182,3512,6123,1963,505

3,2053,2263,2533,3253,3553,3963,4113,4543,4773,4703,4723,505

3,494

INSTALMENT CREDIT HELD BY SALES FINANCECOMPANIES, BY TYPE OF CREDIT


End of yearor month

193919411945

19541955195619571958195911960

I960—Jan..Feb..Mar.Apr.May.JuneJuly.Aug.Sept.Oct..Nov.Dec.

1961—Jan..


1,1971,797

300

6,1448,4439,1009,5738,740

10,14511,134

10,16810,27610,35710,60410,74410,94511,06211,14211,15411,14711.14111,134

4,8706,9197,2837,4706,4047,3287,695

7,3057,3427,4077,5387,6317,7677,8227,8557,8327,7967,7577.695

L030

Auto-mobilepaper

8781,363164

7.555

Othercon-

sumergoodspaper

11516724

8411,0341,2271,4131,5671,8832,374

1,9221,9821,9882,0962,1322,1752,2252,2602,2922,3192,3472,374

)2,412 i

Repairand

modern-izationloans

14820158

31252320193564

363739424549525760636364

Per-sonalloans

566654

402465567670750899

1,001

905915923928936954963970970969974

| 1,001

ii 9 9 9

i Includes data for Alaska and Hawaii, beginning with January andAugust 1959, respectively.

1 Includes data for Hawaii, beginning with August 1959.

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONSOTHER THAN COMMERCIAL BANKS AND SALES

FINANCE COMPANIES, BY TYPE OF CREDIT

NONINSTALMENT CREDIT


[Estimated amounts outsi

End of yearor month

193919411945

195419551956 . . .19571958195911960

I960—JanFebMarApr.May . . . .JuneJulyAugSeptOctNovDec

1961—Jan


789957731

4,5105,4066,2777,0997,5548,8049,970

8,7988,8678,9679,1169,2479,3919,5569,6959,7489,7759,8259,970

9,895

anding, in millions of dollars]

Auto-mobilepaper

8112254

5397619 4 8

[,1061,1431,3881,618

1,3821,3961,4231,4571,4831,5161,5361,565[,579,591,606

I 618

,599

Othercon-

sumergoodspaper

243620

375537648622610758885

757768780799820844860874885882880885

863

Repairand

modern-izationloans

151414

282326403489593710781

705711721727745751763774779780784781

772

Per-sonalloans

669785643

3,3143,7824,2784,8825,2085,9486,686

5,9545,9926,0436,1336,1996,2806,3976,4826,5056,5226,5556,686

6,661

i Includes data for Alaska and Hawaii, beginning with January andAugust 1959, respectively.

NOTE.—Institutions represented are consumer finance companies, creditunions, industrial loan companies, mutual savings banks, savings andloan associations, and other lending institutions holding consumerinstalment loans.

End of yearor month

193919411945

19541955195619571958195931960

I960—JanFeb.. .Mar...Apr.. .May. .June..July...Aug...Sept...Oct....Nov...Dec...

1961—Jan

Total. • z

mentcredit

2,7193,0873,203

8,8969,924

10,61411,10311,48712,26712,768

11,73011,39711,27811,70211,86611,91011,75911,71411,74811,753f1,92312,768

12,239

Single-payment

loans

Com-mer-cial

banks

625693674

2,0962 6352,8432,9373,1563,5823,737

3,5313,5493,5563,6273,6313,6823,6633,6563,7153,6923,7113,737

3,740

Otherfinan-cial

insti-tutions

16215272

312367410427471562574

525580635599682612602620602580590574

574

Charge accounts

De-part-ment

stores i

236275290

793862893876907958941

824685622656646633584584625661709941

805

Otherretail

outlets

1,1781,3701,322

3,5153 7173,8423,9533,8083^7533,801

3,3783,0342 9173^2063,3053,3823,2953,2363,1993,2663,3263,801

3,346

Creditcards2

177216260317345393445

393385388383391408432457459443428445

448

Servicecredit

518597845

2,0032 1272,3662 5932,800

3*270

3,0793,1643,1603,2313,2113,1933,1833,1613,1483,1113,1593,270

3,326

1 Includes mail-order houses.2 Service station and miscellaneous credit-card accounts and home-

heating-oil accounts.3 Includes data for Alaska and Hawaii, beginning with January and

August 1959, respectively.


346 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 adjustmentof monthly figures for seasonal variation and differences in trading days]

Year or month

1954 .1955195619571958195911960

I960 Jan .FebM a rAprMay

July . . . .AugSeptOctNovDec

1961—Jan

1954195519561957195819591I960

I960—JanFebMarAprMayJuneJuly

SeptOctNovDec

1961—Jan

1954195519561957. ,1958 . . . .195911960

1960 JanFebMarAprMayJuneJulyAugSeptOctNovDec

1961—Jan

Total

AdjustedUnad-justed

Automobile paper

AdjustedUnad-justed

Other consumergoods paper

AdjustedUnad-justed

Repair andmodernization loans

AdjustedUnad-justed

Personal loans

AdjustedUnad-justed

Extensions

4,1604,1974,2594,4994,2554 3134,2144,0724,1254,1084,1344,007

3,869

31 05139,03940,17542 54540,78949,04550,343

3,5923,7634,2384,5094,3754,6154,1564,3654,0104,0124,0674,641

3,473

J 4541,5341,5911,6361,558I 538,417

1,422[,422[,4601,482

325

1,239

11,80716,74515 56316,54514,31617,94117,839

J 96Q,424

1,6291,6921,658I 733[,4731,5701,3721,4071,364

248

1,130

J 997,171

1,178,266

1,170248

,1681,112

16?1,1651,1591,200

1,185

9,11710,63411 70211,74711,63813,83714,226

1,023061

1,0891,2021,183I 2671,0851,165,173,207

[,217654

1,012

158178177182190186176180164160160147

140

1,2611,3881 5681,6601,8612,2012,058

127149167179203198183202177172163138

117

J T?1[,3141,313[,415[,337I 3411,453

358l|3771,3231,3331,335

1,305

8,86610,27211,34212,59312,97415,06616,220

1,1731,2291,3531,4361,3311 4171,4151,4281,2881,2261,3231,601

1,214

Repayments

3,8483,7653 7773,9353 9113,9343,9973,9183,9583 9943 9463,931

3,972

31243248256434437921715416711418876

-103

30 48833,64937,23640,25940,91543,40746,914

3,7063,7164,0033,8783 9013,9883,8584,0373,8713,9383 9554,063

3,972

5635 3902 9392,286-1265 7953 429

-11447

23563147462729832813974

112578

-499

1.359[,330

3421,379[ 402,392

1,3851,388,375417

[ 3973 5 6

1,387

11 83313,08214,57615,59515,48815 69816,522

1 2991,317t 4291,348I 3971,4091,3351,4431,371[,436

38934Q

1,385

Net increase,

9520424925715614632^4474385

- 3 1

-148

263 663

987950

— 1 1722 3121 317

- 3 0107200344261324138127

1- 2 9- 2 5

-101

-255

1 116J 084

081,111126

,135,148123

,1411471191 5 6

1,154

9 1459,'751

10,75611,54511,49712 30713,487

1.1131,093[,1511,113I 1251,1441,0951,1401,107,125

127154

1,177

148146151150153155155156149160158153

159

J 9551,3151,3621,466,623751

.834

142146156148152158154161151160156150

158

or decrease ( —), in credit outstanding2

1118797

15544

11320

- 1 121184044

31

28883946202141

1 553739

- 9 0-132

- 6 28958

123- 1 0

25668290

500

-165

10322632373121241502

- 6

- 1 9

673

2061942384^7224

- 1 53

11315140294126127

- 1 2

- 4 1

1,2251,2051,2031,2951 2301,2521,3091,2511,2931,2701,2721,266

1,272

96109110120107

8914410784536169

33

8,2559,501

10,54211,65312,30713,65115,071

1,1521,1601,2671,2691,2271,2771,2741,2931,2421,2171,2831,410

1,252

611771800940667

1 4731 149

216986

167104140141135469

40191

- 3 8

1 Extensions and repayments include current data for Alaska andHawaii beginning with January and August 1959, respectively. Thedifferences between extensions and repayments do not equal the changesin outstanding credit for 1959 because the differences do not reflect theeffect of the introduction of outstanding balances for these two States.

2 Obtained by subtracting instalment credit repaid from instalmentcredit extended, except as indicated in note 1.

NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 ofthe BULLETIN for October 1956; for 1955-59, in the BULLETIN forDecember 1957, pp. 1420-22, November 1959, p. 1418, and December1960, pp. 1406-09.

A discussion of the composition and characteristics of the data anda description of the methods used to derive the estimates are shownin the BULLETIN for January 1954, pp. 9-17. Estimates of instalmentcredit extended and repaid are based on information from accountingrecords of retail outlets and financial institutions and often include chargesincurred under the instalment contract. Renewals and refinancing ofloans, repurchases and resales of instalment paper, and certain othertransactions may increase the amount of both credit extended and creditrepaid without adding to the amount of credit outstanding.


CONSUMER CREDIT 347

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]

Year or month

1954195519561I95711958119591, 2I960

1960 Jan ,FebMarAprMayJuneJulyAugSeptOctNovDec

1961 Jan.i

1954I95519561I957119581I9591, 2I960

I960 JanFebMarAprMayJuneJulyAugSeptOctNovDec

1961—Jan.i. .

1954195519561I95711958119591, 2I960

1960 JanFebMarApr . . . . . . .M ayJune . . . . .JulyAugSeptOctNovDec

1961 Jan 1

T o

Adjusted

tal

Unad-justed

Commerc

Adjusted

ial banks

Unad-justed

Sales financecompanies

AdjustedUnad-justed

Other financialinstitutions

AdjustedUnad-justed

Retail outlets

Adjusted Unad-justed

Extensions

4,1604,1974,2594,4994,2554,3134,2144,0724,1254,1084,1344,007

3,869

3,8483,7653,7773,9353,9113,9343,9973,9183,9583,9943,9463,931

3,972

31,05139,03940,17542 54540,78949,04550,343

3,5923,7634,2384,5094,3754,6154,1564,3654,0104,0124,0674,641

3,473

30,48833,64937,23640,25940,91543,40746,914

3,7063,7164,0033,8783,9013,9883,8584,0373,8713,9383,9554,063

3,972

1,4881,5371,5131,5451,5211,5341,4371,4421,4701,4731,4951,399

1,373

1,4121,3551,3471,3761,4111,4001,3951,3761,3881,4451,4111,376

1,433

11,26714,10914,46315,35514,86017,97617,854

1.368,419

1.5391,6321,6161,6581,4581,5601,4301,4191,3851.370

1,321

11,46912,30413,36214,36014,64715,56016,692

1,3501,3521.4201,3611,4161,4241,3641,4371,3761,4271,3911.374

1,434

915971972

1,028944943894894888896918847

800

Repaj

829810830862850849867870877868876853

855

7,26010,2009 600

10 2008,907

11,00711,110

802860967

1,008983

1,050955989879880872865

737

mients

7,0437,9018,9439,7279,7749,623

10,241

779792886841843849838909867887878872

841

1.064,075

[,0901,1751,124,128

1,233I 1291,1181,072I 078

077

1,028

973974966

1,047985

1,0241,0751,0271,0441,0211,0271.034

1,011

6 9838,4499 474

10 49510,45912,12213 363

920,004116

,167,121185

,201192051

.01110931 302

928

6 5117,5538,6039,673

10,00410,94312,197

926935

1,0161,018

9901,0411,0361,053

998984

1,0431,157

1,003

693614684751666708650607649667643684

668

634626634650665661660645649660632668

673

5,5416,2816,6386 4956,5637,9408,016

502480616702655722542624650702717

1,104

487

5,4655,8916,3286,4996,4907,2817,784

651637681658652674620638630640643660

694

Net increase or decrease ( —) in credit outstanding 3

312432482564344379217154167114188

76

- 1 0 3

5635,3902,9392,286— 1265,7953,429

- 1 1 447

23563147462729832813974

112578

- 4 9 9

197182

54169110134426682288423

916

- 2 0 21,8051,1761,066

— 632,4471,171

13967

7271200234

94123

54- 8- 6- 4

863

86201142246

94942724112842

- 6

- 5 5

2172,299

657473

— 8331,405

989

23108

81247140201117

8012

- 7- 6- 7

- 1 0 4

9110112412813910415810274515143

17

4728968718224S5

1,250,166

- 669

100149131144165139

532750

145

- 7 5

- 6 2- 5 2

16221

147

- 1 0- 3 8

07

16

-981

76390235

— 75315693103

- 2 7 0- 1 9 7

47- 3 6

348

- 7 8- 1 4

206274

444

- 1 , 1 8 3

1 Da ta on extensions and repayments have been adjusted to avoidduplication resulting from large transfers of other consumer goods paper.As a result, the differences between extensions and repayments for sometypes of holders do not equal the changes in outstanding credit.

2 Extensions and repayments include current data for Alaska andHawaii beginning with January and August 1959, respectively. Thedifferences between extensions and repayments do not equal the changesin outstanding credit for 1959 because the differences do not reflect theeffect of the introduction of outstanding balances for these two States.

3 Obtained by subtracting instalment credit repaid from instalmentcredit extended, except as indicated in notes 1 and 2.

NOTE.—Month ly figures for 1940-54 are shown on pp . 1049-54 of

the BULLETIN for October 1956; for 1955-59, in the BULLETINS forDecember 1957, pp. 1421-22, November 1959, p . 1419, and December1960, pp . 1406-09.

A discussion of the composition and characteristics of the data anda description of the methods used to derive the estimates are shown

repaid without adding to the amount of credit outstanding.


348 INDUSTRIAL PRODUCTION

INDUSTRY AND SUMMARY MARKET GROUPINGS1947-49= 100

[Seasonally adjusted]

Grouping

Annualaverage

1959 1960

1960 1961

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.

INDUSTRY GROUPINGS

Total index.

Manufacturing, total.DurableNondurable

MiningUtilities

Durable Manufactures

Primary and fabricated metals.Primary metals

Iron and steelFabricated metal products

Structural metal parts

Machinery and related products...Machinery

Nonelectrical machineryElectrical machinery

Transportation equipmentMotor vehicles and partsAircraft and other equipment..

Instruments and related products.Ordnance and accessories

Clay, glass, and lumberClay, glass, and stone products.Lumber and products

Furniture and miscellaneous.Furniture and fixturesMisc. manufactures

Nondurable Manufactures

Textile, apparel, and leather products.Textile mill productsApparel productsLeather and products

Paper and printingPaper and productsPrinting and publishing.

Newspapers

Mining

Coal, oil, and gasCoalCrude oil and natural gas.

Oil and gas extraction..Crude oilGas and gas liquids..

Oil and gas drilling

Metal, stone, and earth minerals.Metal miningStone and earth minerals

Utilities

Electric.Gas

159

158165155125268

164

163169160127

125114107142150

197169141212228147390209

128115110145155

205174145222238168368221

168

168180159129280

148147149148156

212180148232251186365220

166

166178157126281

143140142148155

211ill147227250184366218

166

165175158126288

139135136145153

209178147227243173371220

165

164172159129287

133126125142151

206175145225239169368218

167

166174161127284

131119115147156

211178147228249176383222

166

165173163128288

126112105148158

207178148226237176347224

166

165173163128290

124108100148160

209180152226237166372226

165

163169162129293

12210694147160

206176146223237167367227

162

161166159127295

11910290144157

204173143222237168368220

161

160164160128291

11810091144156

201167142208240170371220

159

157159158129290

1119485138151

197167140211226151373221

'156

154156

'156'129-291

108'8880

137

r194466'137214219143

'369'216

Chemical, petroleum^ and rubber productsChemicals and products

Industrial chemicalsPetroleum productsRubber and plastics products

Foods, beverages, and tobaccoFoods and beverages

Food manufacturesBeverages

Tobacco products

143159125

147164133

136126153119

154170143135

215240298158199

128128131117127

12268147145135210

139158118

153171138

136121159113

160172152141

224255320161200

132132134120130

12267147146135

SUMMARY MARKET GROUPINGS

Final products, totalConsumer goodsEquipment, including defense.

Materials

159

146107188

270265

162155188157

145

163133194

289

169162195160

143158127

153173136

138124157119

159176148139

250314157206

131131134120130

12515148146135227159

153119188

279287

170164195167

143159126

152171136

135124155110

755173148137

219248311153204

129130132117123

12269146145134223146

157131183

280289

167160194166

138153122

152166139

136123158111

157171147136

220251317154201

130130133117129

12171144144133229136

159143175

288292

167160196164

143159126

154174138

137122161111

158173148139

256318161201

130131133117133

12211145145133226138

172146199

286291

168162194163

142160122

157177140

140126162116

160174152142

258322161205

132132134122131

12171143143132222144

170142198

284290

171164197162

144164120

158111143

141128162116

160172152143

233263331167214

132132134122131

12264148148137226145

167133201

289289

171165196161

145165122

158177143

140126163115

161173153142

232263331172204

132132134122126

12264149148137

139162113

155173141

138124161116

161111153141

229260330168201

132132135120130

12365149149138

137157114

150169134

133118155109

161173153140

224254320167194

132132135122130

12164148147136

135157111

151168138

133116156113

161112154142

223255314164192

133134136123131

12266148147136

132155105

149167135

131113156112

160168155141

r221'252'318162'191

131131134119133

12463151150139

143

167130205

291

144

167133202

296

144

162127197

297

147

160121201

293

152

163131195

291

170164198161

169162195159

168161195157

16S162195156

166159193153

r129148'106r145'163'130

'127109P152108

159'168152139

'218r251314r158184

132'133135120131

122'67'148147135

148

168147188

290

155

153155155129291

1099283135145

190166135215208129368216

130146111

143159130

124109143

159171152136

216252

"i58*

132132135

12264148147134

154

175153197

164158191150

162156189149

'Revised.


INDUSTRIAL PRODUCTION 349

INDUSTRY AND SUMMARY MARKET GROUPINGS

1947-49 = 100

[Without seasonal adjustment]

Grouping

INDUSTRY GROUPINGS

DurableNondurable

MiningUtilities . . . . . .


Primary and fabricated metalsPrimary metals


Structural metal carts

MachineryNonelectrical machineryElectrical machinery

Transportation equipment . . .Motor vehicles and partsAircraft and other equipment . .

Instruments and related products

Clay glass and stone products .Lumber and products

Furniture and miscellaneousFurniture and fixturesMisc manufactures


Textile apparel and leather productsTextile mill productsApparel products . . . . .Leather and products

Paper and printing . . •Paper and products

Newspapers .

Chemical petroleum and rubber products

Industrial chemicalsPetroleum products

Foods beverages and tobaccoFoods and beverases . . .

Food manufactures

Tobacco products

Mining

Coal oil and sasCoalCrude oil and natural gas.

Oil and sas extraction . . . .Crude oil .Gas and gas liquids . . . . . .


Metal stone and earth mineralsMetal miningStone and earth minerals

Utilities

ElectricGas

SUMMARY MARKET GROUPINGS

Final products, total

Annualaverage

1959

159

755165155125268

725114107142150

797169141212228147390209

143159125

147164133

136126153119

754170143135

275240298158199

725128131117127

12268

147145135210159

146107188

270265

162155188157

1960

164

755169160127

725115110145155

205174145222238168368221

759158118

153171138

755121159113

750172152141

224255320161200

752132134120130

72267

147146135

145

755133194

289

169162195160

Jan.

168

757181156128

149150152146156

216181150229262199373220

73 /149111

149170131

140127160121

755172144128

223250314157216

72312312898

130

72574

153151139240163

73794

171

297

169162197167

Feb.

169

755181158127

147148148146154

277182152232261196374220

136151119

757170134

145127170122

755177146133

224151322155215

727121125102124

72570

151152139242145

737108167

290

170162198168

Mar.

168

167179158126

144143143144153

215183153231253183379223

133149115

757166138

142124165121

161177150141

226257326153211

722122124114129

72371

148149137240129

141117164

293

170161200166

Apr.

167

755175161128

735132129142150

209178149222245174372220

142158124

750170133

144127171112

752178151148

225262325157207

725125125124127

72270

145146135226131

755138195

281

169162197164

May

755174161128

737121116145154

210177149222247176378221

146164125

757170136

142128167110

752174153151

227260325158201

729129128134135

77969

142142m214141

753163202

269

169162198163

1960

June

166

755172162129

727114106146157

206178149223237174346223

152168133

755173140

136127154113

757176151143

237262326167207

735134133144143

12066

144143133212146

757164210

279

171164197162

July

157

755160153124

7739387

143154

195168145203220149359219

142162117

750169133

124112143103

149156145124

275248312171177

733134135131116

77551

143142132

147

757149213

288

163155193151

Aug.

162

750160165130

7759889

148158

755169139216197117359223

148168125

759177144

144124171122

755174148126

225255317173191

142142144132139

72768

145144133

149

753153214

303

168163191157

Sept.

164

752165164129

7209990

151159

799174141229219145363220

145163124

755176142

729116149111

753174155141

226255316171196

146147152123135

12167

145145134

147

178147210

304

171165194158

Oct.

166

755168167129

72010293

148159

204170140219244175369222

144164122

160176147

137111162114

169183160153

227258317163202

745145150125140

12372

146145133

148

772133212

285

174170192

Nov.

161

759162160128

1139585

141155

207169137220238167372222

132155104

154169142

132116156108

164171159154

222r320

160'195

133134139108133

12466

150149137

149

157119197

280

167162190155

Dec.

154

151'157'149127

'7058678

'137152

197'167'138'214'229157

'371'219

r120'144'92

148'166132

r11410513099

153152154138

'275'247314

'162176

r126127132105106

r124' 65151

r151137

150

149118

'182

294

161'153191148

1961

Jan.

752155153128

7709486

H 4144

795166138

216138376216

77913797

759156125

725111146

156169148125

275251

158

124124129

12563

153152138

157

149120178

162154191149

r Revised.



INDUSTRY GROUPINGS

1957=100


Grouping1957pro-por-tion

Annualaverage

1959 1960

1960 1961

Jan. Feb. Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec. Jan.

Total index.


MiningUtilities





Machinery and related products...Machinery

Nonelectrical machineryElectrical machinery



Clayy glass, and lumberClay, glass, and stone products.Lumber and products

Furniture and miscellaneous.Furniture and fixturesMisc. manufactures

100.00

86.4949.6636.838.554.96

13.157.736.215.422.91

28.9815.318.926.39

10.765.045.501.661.25

105

10510211095

115

959086

104101

10210399

10898

10094

112

108

10810411497

989188

106103

10610610211210211589

119

111

11211111398120

113115119109104

10911010411810812788118

110

11010911296121

109110114108104

10910810311510712688117

109

11010811296124

106106109107102

10810810411510411889119

109

10910611398123

10199100104101

10610710211410211589117

110

11010711597122

1009492108104

10910910411510612092120

109

11010511697124

968884108106

10710910511410212084121

110

11010611698125

958580109107

10811010711410211390121

108

10810411598126

938376108107

10610710311310111488122

107

70710211396127

918072106105

70510510111210211589118

106

70510111397125

907873105104

10410210010510311689

119

105

10498

11298

125

557468

101101

70210298

10797

10390

119

103r102

96'•111'98

125

r82'"6964

10198

700101r96

1089498

r89116


Textile, apparel, and leather productsTextile mill productsApparel productsLeather and products

Paper and printingPaper and productsPrinting and publishing

Newspapers

Chemical, petroleum, and rubber productsChemicals and products

Industrial chemicalsPetroleum productsRubber and plastics products .



Tobacco products

Mining

Coal, oil, and gasCoalCrude oil and natural gas

Oil and gas extractionCrude oilGas and gas liquidsOil and gas drilling

Metal, stone, and earth mineralsMetal miningStone and earth minerals

Utilities

ElectricGas

4.572.921.65

2.961.481.48

7.322.783.441.10

7.933.274.661.53

70.957.103.611.931.91

10.649.878.311.56

.77

7.051.305.754.984.33

.65

.77

7.50.70.80

3.761.20

777110113

772115109

/75113120106

705111105104

775114118105114

707106106106112

968299999810693

9411108

115114

709110107

775120113

7/5109125101

772112111108

118111121108115

709109109109114

95829810098

'8-5*

70596112

124

112110115

775121112

/75112124106

777115109106

775119125104118

709109109109114

9891991009811593

9887108

119124

7/2110115

775119111

11411112298

770113109105

775118124102117

107107107106108

958498999711385

70795106

120125

708106110

775116114

77511112499

/70112108104

775119126103115

708108108106113

948696999611680

702104101

123126

772110114

777122113

77511012799

7/0113109106

118122126107115

709108108106116

958797999711581

777106115

122125

777111110

779124115

778113127104

772113111108

779123128107117

770109109111115

96989611284

709103114

121125

772114109

720123117

779115127104

7/2112112109

722125132111122

770109109110115

9578991019911585

70797116

773114111

720124117

779113128103

772112112108

722125131115117

770110109111111

9678100102100

709112102

778121115

777111127103

772112113108

720124131112115

770109109109114

9680100102100

707109103

114118109

77210612297

772112112107

778121127111111

770110109110114

95119910199

705109100

775117113

772104122101

773112113108

777121125109110

777111lit112115

96819910199

70310795

773117110

77/10112399

/72110114108

126108109

709109109108117

9711101103101

r700103'96

rl 0114107

108r97

120r96

77/1f9112106

rll5120125105105

770110110109115

9910198

84

70794118

124

85

70796116

126

84

10492114

127

86

703

116

125

10495113

124

87

708107109

124

102

7029511098125

8372679997

9810195109898889116

707101101

709111106

70598113

777111112104

774120

7/0109110

95789910197

90

772111113




MARKET GROUPINGS

1957= 100


Grouping

Total index

F i n a l p r o d u c t s t o t a l . . . . .Consumer goodsEquipment including defense

Materials

Consumer Goods

Automotive productsAutos . . . .Auto parts and allied products

Home goods and apparelHome goods

Appliances, TV, and radiosAppliancesTV and home radios

Furniture and rugsMisc home goods

Apparel incl knit goods and shoes

Consumer staples.. . .Processed foodsBeverages and tobaccoDrugs soap and toiletriesNewspapers, magazines, and booksConsumer fuel and lighting

Fuel oil and gasolineResidential utilities

ElectricityGas

Equipment

Business eQuipmentIndustrial equipmentCommercial equipmentFreight and passenger equipmentFarm equipment

Materials

Durable goods materialsConsumer durableEquipmentConstruction . . . .Metal materials n.e.c

Nondurable materialsBusiness supplies

ContainersGeneral business supplies

Nondurable materials n e e

Business fuel and powerMineral fuelsNonresidential utilities

ElectricityGeneral industrialCommercial and other

GasIndus t r i a l . . . . . . . . . . .Commercial and other

Supplementary groups of consumer goods

Automotive and home goodsApparel and staples

1957pro-por-tion

100.00

46.7531.1315.6253.25

3.352.031.32

9.604 401.751.26

.491.181.475.20

18 188.112.322.731.443.451.192.261.57

69

12.167.292.461.83

.58

3.46

27.813.678.109 056.99

25.448.872 915.967.05

9.526.292.702 19

.991 12

.51

.33

.18

7.7523.38

Annualaverage

1959

105

107110100104

70596

113

116115114119102119113116

108106108111106113104117118115

70097

10498

115

70010110310789

107108109107115

10096

113113110118113

110110

1960

108

111115103106

777117117

11711511111796

118117118

113109111118114121106

128

70510211810191

70210910110792

770110109111119

10396

121115127

116114

1960

Jan.

I l l

772116103110

727134117

727123130139106122117118

772109111115110117104123122

705104114106109

770121107109115

7/0111111

119

10498

118117114121121

125113

Feb.

110

770113102109

722125117

776117117121105118116116

770107106114109117105123122

70510411310397

709120107108111

770110111109120

10396

119118116121123

119112

Mar.

109

770113104108

114113116

116114112114107114116118

772108108115110119105127127

70510411510293

707117106105107

770109109109120

10396

121120118124124

114113

Apr.

109

777115102108

777116119

779117115116114121116120

773108110118112120108126126

10410211510189

705110104109102

770109108110120

10397

120120115126122

117114

May

110

772117104107

727122119

727121120120118123120122

775109112120113118105125124

70610411710589

70511510411098

770110107112121

10296

120119114125121

121115

June

109

772117103106

727123118

727120118121109122122121

114110112122113120107127126

7051031209989

70211598

11086

/77111108113123

10397

121121117126119

121115

July

110

772116104106

114108122

77911711311997

118121121

775110111122116122109129129

70610412110188

70/11010211086

772113113113123

10397

120121117127

116116

Aug.

108

777115103105

775114118

77711410811687

119118119

774110111120U5123108130131

7051031219583

70010610110984

777111111112121

10498

122123118130

115115

Sept.

107

770114103104

777119113

77311210511093

119114113

114110112119116123106131132

70510112010187

9911297

10681

709110108111117

10396

123124117132

114114

Oct.

106

111115103103

72/123118

//211010311282

115115114

115110113122115121105130130

70599

12110386

9710398

10579

709110107

116

10397

121122113H I

115115

Nov.

105

109113102101

772109116

11211010411478

114114114

113109111118116122105131130

7051001199988

949498

10277

109110106112116

10398

120121112130

111114

Dec.

103

10811210199

70597

118

1111 1 0107

11782

1 1 3112112

114109111118

116122104132130

70298

117r 9 9

97r91959975

r108110109

1 1 0115

102r97119120113128

108113

1961

Jan.

10?

70711110098

9478

118

70S11010511580

109116107

775110

117118

107134

70798

1199697

9087959878

707109111109114

10196

103113

r Revised.NOTE.—Published groupings include some series and subtotals not

shown separately. Detailed description and historical data are availablein Industrial Production—7959 Revision (for announcement of that pub-lication, see the BULLETIN for June 1960, p. 632). Figures for industrial

series and subtotals without seasonal adjustment are published in themonthly Business Indexes release, which is available on request from theDivision of Administrative Services, Board of Governors, of the FederalReserve System, Washington 25, D. C.



INDUSTRY GROUPINGS

1957= 100


Grouping1957pro-por-tion

Annualaverage

1959 1960

1960 1961

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.

Total index.


MiningUtilities





Machinery and related products...Machinery ,

Nonelectrical machinery ,Electrical machinery



Clay, glass, and lumberClay, glass, and stone products.Lumber and products

Furniture and miscellaneousFurniture and fixturesMisc. manufactures

100.00

86.4949.6636.838.554.96

13.157.736.215.422.91

28.9815.318.926.39

10.765.045.501.661.25

105

10510211095

115

959086

104101

10210399

10898

10094

112

108

10810411497

111

11111111197

111

11211211296

111

11111011395

110

11010811497

109

11010711597

109

11010611698

103

10399

10994

107

10698

11798

108

10810211798

110

11010311998

106

10610011497

101noo

96106

r 9 7

9188

106103

10610610211210211589

119

113118122107104

11211010611611213690

119

112116118107103

11211110711711213490

118

110112114106102

11111210811710812591

120

104104103104100

10810810511310511990

118

1009593106103

10810810511210612091119

978985

107105

10710810511310111983

120

867369

105103

10110210210394

10287

118

907772

109105

9710398

109848086

120

917872

110106

10310699

116949988

119

928075

109106

10510498

11110412089

119

867468

103104

10410397

11210211490

119

816862

101101

102102

r 9 7109r98

107r89

118


Textile, apparel, and leather products... .Textile mill productsApparel productsLeather and products

Paper and printingPaper and productsPrinting and publishing

Newspapers

Chemical, petroleum, and rubber productsChemicals and products

Industrial chemicalsPetroleum productsRubber and plastics products



Tobacco products

Mining

Coal, oil, and gasCoalCrude oil and natural gas

Oil and gas extractionCrude oilGas and gas liquids


Metal, stone, and earth mineralsMetal miningStone and earth minerals

Utilities

ElectricGas

4.572.921.65

2.961.481.48

7.322.783.441.10

7.933.274.661.53

10.947.103.611.931.91

10.649.878.311.56

.77

7.051.305.754.984.33

.65

.77

1.50.70.80

3.761.20

111110113

112115109

115113120106

108111105104

113114118105114

107106106106112

968299999810693

9411108

115114

109110107

116120113

115109125101

112112111108

118121127108115

109109109109114

95829810098

'85'

10596112

124

102103101

113119107

118114126107

10811210698

117119125104124

10210110489114

7008910310410112296

846898

127

106105108

7/5119110

123114134109

770115107102

118120128103123

70710010193109

988510110410112385

124

104104104

116113

720112130108

112115110108

118122129102121

102101101103113

9787991029912276

908595

125

110112

114119109

122114135100

113116111113

120125129104118

104104102113112

9585971009811577

705100112

120

113113114

115119111

12011513198

113113113116

119124129105115

107107104122119

938495979610983

117118116

115

118117120

775121115

775114121101

112114111110

121125130111119

112111108130125

948097989710886

120119121

119

110113106

114119109

10510011392

10410110795

114118124114101

110111109119102

775116114

121124118

122111134108

11310997

118122126115109

118118117120122

113113113

120123116

77010411799

114113114108

118121125114112

121122124112118

112114110

122123121

116108127102

118119117117

119123126109116

121120122113123

9688989997

70510894

777118116

11210412396

115111117118

117121127107112

11111398117

9780100102100

r94

100

r112117108

97r 9 4

102

70799113105

118125108101

1041051079693

97r ? 9

101103100

86

116108123

123

88

117111123

129

86

114107121

130

87

11097122

122

10186114

120

9686105

102

1019510997

8474699896

10010297108939491116

9395

106109102

707100114

70911010996

774120

103102105

9876103104100

92

9587103

126 !




MARKET GROUPINGS

1957= 100


Grouping

Total index . . .

Final vroducts totalConsumer goodsEquipment including defense

Materials

Consumer Goods

Automotive woductsAutosAuto parts and allied products

Home zoods and apparelHome goods

Appliances TV and radiosAppliancesTV and home radios

Furniture and rugsMisc home goods

Apparel, incl. knit goods and shoes

Processed foodsBeverages and tobaccoDross soar) and toiletriesNewspapers magazines and books . . . .Consumer fuel and lighting

Fuel oil and gasolineResidential utilities

ElectricityGas

Equipment

Industrial equipmentCommercial equipmentFreight and passenger equipmentFarm equipment .

Defense equipment

Materials

Durable zoods materialsConsumer durableEquipmentConstructionMetal materials n e e

Nondurable materialsBusiness supplies

ContainersGeneral business supplies . . . .

Nondurable materials n.e.c

Business fuel and powerMineral fuels

ElectricityGeneral industrialCommercial and other

Gas

Commercial and other

Supplementary groups of consumer goods

Automotive and home goods . . . . . . .Apparel and staples

1957pro-por-tion

100.00

46.7531.1315.6253.25

3.352.031.32

9.604.401.751.26

.491.181.475.20

18.188.112.322.731.443.451.192.261.57

.69

12.167.292.461.83

.58

3.46

27.813.678.109.056.99

25.448.872.915.967.05

9.526.292 702.19

.991.12

51.33.18

7.7523.38

Annualaverage

1959

105

107110100104

70596

113

776115114119102119113116

108106108111106113104117118115

70097

10498

115

700101103107

89

107108109107115

10096

113113110118113

110110

1960

108

777115103106

777117117

77711511111796

118117118

775109111118114121106

128

70510211810191

70210910110792

770110109111119

10396

121115127

116114

1960

Jan.

I l l

777115104110

756149116

118115116120106120110120

70910397

115109126108

141

707104115104112

770128109103112

777108105109121

106101

117115120

124112

Feb.

I l l

772115104111

755143118

725121127136106121114125

10810198

114109123105

136

706103115106107

770128109103112

777109108109123

105100

115113117

126112

Mar.

I l l

772114106110

124129116

72212012713996

116116123

709100107117112123103

136

707104116107105

108121108102110

772111109112123

10599

118118119

122112

Apr.

110

777115104109

725126118

72711812013193

120115124

770102112118112118103

126

706103115107100

706109104108104

772113111113123

10297

116115118

120113

May

109

777115105108

124126120

77911711712695

117118122

777104121118112113103

114

70710411710894

70511010311198

777112110113122

10094

116115118

120113

June

109

772116104107

725127121

77711811612692

117120117

114108129120111115106

116

70710411910591

70410998

11493

777112114112121

10194

121117128

121115

July

103

707110102100

70594

116

70710595

10763

11211?.109

775110113114113119108

122

10410211710179

969697

10977

70¥104106103112

9990

124112136

104112

Aug.

107

777115101104

8360

117

120111979698

121120127

779118121122116122110

128

7051021199275

979197

11281

770111118108118

10495

i3i119143

99121

Sept.

108

772117102105

9884

120

775118112110117122123112

722124114121118123108

130

70¥1021219678

70010897

11282

770113

112116

10395

129118142

110119

Oct.

110

114121101105

729134121

779118109107114122125120

720122116125117116104

121

70599

1229985

9910997

11183

772116115116119

10397

123116130

123120

Nov.

106

770115100102

720123114

11411410811199

116121114

114112104120116118105

122

70799

1209578

9510598

10377

770111102

1 1 5119

10298

i is114124

117114

Dec.

101

70610810198

770108112

'702107

r991 0 8

7711611097

77710795

117116127108

136

70299

12096

r95

90r98r97r9671

7061 0 4

941 0 9112

10398

118113125

1 0 8108

1961

Jan.

102

10610910198

9886

118

70610395

10180

108109109

775104

118117

111

70298

11995

100

9092979376

705106105107116

10398

101112

r Revised.NOTE.—Published groupings include some series and subtotals not

shown separately. Detailed description and historical data are availablein Industrial Production—7959 Revision (for announcement of that pub-lication, see the BULLETIN for June 1960, p. 632). Figures for individual

series and subtotals without seasonal adjustment are published in themonthly Business Indexes release, which is available on request from theDivision of Administrative Services, Board of Governors of the FederalReserve System, Washington 25, D. C.


354 BUSINESS ACTIVITY

SELECTED BUSINESS INDEXES

[1947-49 = 100, unless otherwise indicated]

Year ormonth

19481949195019511952

195319541955195619571958

19591960

I960—JanFeb .MarAprMay.June.July..Aug..Sept..Oct.. .Nov..D e c .

1961—Jan...Feb

Industrial production

Total

Adj.

10398

113123127

138130146151152141

159P164

168166166165167166166165162161159156

155P155

Major industrygrouping

Manu-fac-tur-ing

Adj.

10397

113123127

139129145150150139

158P163

168166165164166165165163161160157154

153^152

Min-ing

Adj.

10694

105115114

117113125132132120

125PI 27

129126

r126129

'127128128129127128129129

129*127

s

Util-ities

Adj.

101108123140152

166178199218233244

268

280'281288

'287'284'288290293295291290291

291P294

Major market groupings

Final products

Total

Adj.

10299

112121130

138132144150152145

162P169

170167167168171171170169168168166164

162*>162

Con-sumergoods

Adj.

101101115114116

124123136139141140

155P\62

164160160162164165164162161162159158

1562>155

Equip-ment

Adj.

10594

102142170

182161172188189165

188*>195

195194196194197196198195195195193191

1892>189

Mate-rials

Adj.

10496

114124125

137128147151151138

157*160

167166164163162161161159157156153150

149H48

Constructioncontracts *

Resi-den-tial

Unadj.

98116185170183

178232280•99100113

132117

8591

11913613413712213211812811581

90

Allother

Unadj.

105111142172183

201204248•98100107

101112

7979

110118118125142117116121102115

95

Nonag-ricul-

em-ploy-

total2

Adj.

101.699.0

102.3108.2110.4

113.6110.7114.4118.3119.2115.5

118.8120.9

120.9121.1120.8121.5121.4121.5121.5121.3121.2120.7120.2119.4

119 5P118.9

Manu-facturing 3

Em-ploy-ment

Adj.

102.893.899.6

106.4106.3

111.8101.8105.6106.7104.494.3

98.999.1

101.4101.4100.8100.8100.9100.399.698.398.497.496.594.6

93 8*>92.6

Pay-rolls

Unadj.

105.197.2

111.7129.8136.6

151.4137.7152.9161.4162.7148.7

167.3170.2

175.5173.9172.6168.8171.5172.5169.0169.2172.5170.5166.2

'160.6

158 3*156.8

Freightcar-

load-ings

Adj.

1048897

10195

968695979078

8178

908683848377737573787573

7573

Depart-mentstoresales

(retailvalue)

Adj.

10499

107112114

118118128135135136

144145

'147142138154141145149143144150142147

*>142C147

Prices

Con-sumer

Unadj.

102.8101.8102.8111.0113.5

114.4114.8114.5116.2120.2123.5

124.6126.5

125.4125.6125.7126.2126.3126.5126.6126.6126.8127.3127.4127.5

127 4

Whole-sale

com-modity

Unadj.

104.499.2

103.1114.8111.6110.1110.3110.7114.3117.6119.2

119.5119.6

119.3119.3120.0120.0119.7119.5119.7119.2119.2119.6119.6119.5

119.8120.0

•Estimated. * Preliminary. 'Revised.Adj. = adjusted for seasonal variation. Unadj. = without seasonal

adjustment.•See note 1.1 Indexes beginning with 1956 are based on data for 48 States from

F. W. Dodge Corporation, 1957 = 100. Figures for earlier years arethree-month moving averages, based on value data for 37 States east ofthe Rocky Mountains, 1947-49=100; the data for 1956 on this basis

were: residential, 271; all other, 266. A description of the old index,including seasonal adjustments, may be obtained from the Division ofResearch and Statistics.

2 Employees only, excluding personnel in the armed forces.3 Production workers only.NOTE.—Indexes for employment (excluding Alaska and Hawaii),

payrolls, and prices are compiled by the Bureau of Labor Statistics.

CONSTRUCTION CONTRACTS

[Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]

Type of ownership andtype of construction

Total construction

By type of ownership:PublicPrivate

By type of construction:

NonresidentialPublic works and utilities

Annual totals

1959

36

tl25

17117

,269

,068,201

.150,387,732

1960

36,

P23,

15,12,8,

318

587731

105240973

Jan.

2,193

7271,466

927801465

Feb.

2,240

7021,537

988698554

Mar.

3

1

11

,046

075,971

j?94,067685

Apr.

3,360

1,0672,293

1,4801,048

833

May

3

12

11

,337

0*>5,312

A^,110774

1960

June

3

12

11

,472

,236

,483,110879

July

3,

12,

11,1,

597

413184

-P9152116

Aug.

3,295

1 0182,277

1 4331,177

685

Sept.

3,119

9952,124

1 2771,124

717

Oct.

3

12

11

,319

P 5,194

390,165764

Nov.

2

11

1

,886

071,815

?53916717

Dec.

2,718

1 2181,500

878994846

1961

Jan.

2,485

974813698

NOTE.—Monthly data exceed annual total and are not comparable counting for negative adjustments in monthly data after original figureswith monthly data for earlier years because of a change in policy of ac- have been published.


CONSTRUCTION 355

VALUE OF NEW CONSTRUCTION ACTIVITY

[Bureau of the Census estimates.1 Monthly data at seasonally adjusted annual rates. In millions of dollars]

Year or month Total

Private

Total

Non-farmresi-

dential

Business

Total Indus-trial

Com-mercial

Publicutility

Othernon-resi-den-tial

Public

Total Mili-tary

High-way

Sewerand

water

Allother

1952195319541955195619571958

19592I960?

1960—Feb..Mar..Apr.,May.June.July..Aug..Sept..Oct...Nov..Dec.P

1961—Jan.p.Feb.**

34,67037,01939,36244,16445,77947,79548,903

56,20655,148

54,88954,41954,16655,26055,18955,38955,29855,32554,73655,43056,135

54,83554,433

23,88925,78327,68432,44033,06733,77833,491

39,94938,925

39,70939,26338,72238,91639,10339,03438,66038,69738,33138,58138,598

37,88437,331

12,84213,77715,37918,70517,67717,01918,047

24,46922,022

22,53622,39221,93022,18022,36222,30821,78321,71621,22821,42821,490

20,43219,845

7,5008,4958,5319,98011,60812,53511,076

11,08812,245

12,39612,12012,08412,03612,07412,10112,26212,36212,47812,51612,609

12,94012,963

2,3202,2292,0302,3993,0843,5572,382

2,1062,861

1,1371,7912,2123,2183,6313,5643,589

3,9304,072

2,7482,7722,7722,7602,7882,8682,9343,0413,0843,0362,982

4,3564,1164,0563,9603,8813,8703,9224,0364,1334,1984,307

3,0313,037

4,5164,536

4,0434,4754,2894,3634,8935,4145,105

5,0525,312

5,2925,2325,2565,3165,4055,3645.4065,2855,2615,2825,320

5,3935,390

3,5473,5113,7743,7553,7824,2244,368

4,3924,658

4,7774,7514,7084,7004,6674,6254,6154,6194.6254;6374,499

4,5124,523

10,78111,23611,67811,72412,71214,01715,412

16,25716,223

15,18015,15615,44416,34416,08616,35516,63816,62816.40516,84917,537

16,95117,102

1,3871,2901,0031,2871,3601,2871,402

1,4881,355

9961,5121,2361,2001,2831,2651,4301,3921.3541,8191,453

1,4401,334

2,6793,0153,6803,8614,3954,8925,500

5,9165,797

448112304168639768

6,1215,9875,7915,6006,660

5,8765,897

790883982

1,0851,2751,3441,387

1,4671,487

1,5361,5361,5361,5121,4751,455',447,454,465,448,484

,534,599

5,9256,0486,0135,4915,6826,4947,123

7,3867,584

7,2006,9967,3687,4647,6897,8677,6407,7957,7957,9827,940

8,1018,272

v Preliminary.1 Data for 1952-58 are joint estimates of the Departments of Commerce

ad Labor.

2 Beginning 1959, series includes Alaska and Hawaii.

NEW HOUSING STARTS

[Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units]

Year or month

1952195319541955 . . .1956195719581959

19593I960

I960—JanFebMarAprMayJuneJulyAug.SeptOct.. .NovDec

1961—Jan

Seasonallyadjusted

annual rate(Private only)

Total

1,3661,3671,1121,3271,3331,3021,1821 2921,062

rl,2361,216P984

P 1 , 0 9 8

Nonfarm

1.291

r

P

,347,098,307,315,285,164273

,040,200,203P975

,070

Total

1,1271,1041,2201,3291,1181,0421,2091,379

1,554*l,280

889093

125130127115130102

1 1 096

?73

?72

Metro-politanareas1

795804897976780700827946

1,077878

656667839184808568746651

52

Non-

politanareasi

332300324353338342382432

477401

242527423944354434363022

20

Total

1,0691,0681,2021,3101,094

9931,1421,343

1,517P I . 2 3 8

878890

12412712211112596

r10894

P66

P69

Pri\

1-family

939933

1,0771,190

981840933

1,079

1,234988

697173

10210110090

10276847148

n.a.

'ate

2-family

4642343331333949

5643

333444443333

n.a.

Multi-family

8494908782

120170215

227207

151414182218182017202015

n.a.

Public

5936191924496836

37^42

123o35456

2P7

P3

Government-underwritten 2

Total

42140958367046 322439458

458336

202227333234313529?82619

19

F H A

280252276277195193337349

349261

161822252526242622232014

14

VA

141157307393271128102109

10975

4557787g7655

5

n.a. Not available. p Preliminary. r Revised.1 For new series, based on revised definition of metropolitan areas.2 Data from Federal Housing Administration and Veterans' Ad-

ministration represent units started, based on filed office reports of firstcompliance inspections.

3 New series, including both farm and nonfarm unless otherwiseindicated. Not strictly comparable with nonfarm series developed bythe Bureau of Labor Statistics, for which annual totals are given through1959.


356 EMPLOYMENT

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

[Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated]

Year or month

1954195519561957195819591960

I960 Feb 3

MarAprMayJune.Ju ly . . . .AugSeptOctNov.Dec

1961—JanFeb

Total non-institutionalpopulation

116,220117,388118,734120,445121,950123,366125,368

124,716124 839124,917125,033125,162125,288125 499125,717125,936126,222126,482

126,725126,918

Totallaborforce

67,81868,89670,38770,74671,28471,94673.126

70,97070,99372,33173,17175,49975,21574 55173,67273,59273,74673,079

72,36172,894

Civilian labor force

Total

64,46865 84867,53067,94668,64769,39470,612

68,44968,47369,81970,66773,00272,70672 07071,15571,06971,21370,549

69,83770,360

Employed *

Total

60,89062 94464,70865,01163 96665,58166,681

64,52064 26766,15967,20868,57968,68968 28267 76767,49067,18266,009

64.45264,655

In nonagri-cultural

industries

54,39556 22558,13558,78958 12259,74560,958

59,90159 70260,76561,37161,72261,80561 82861,17961,24461,51661,059

59,81859,947

Inagriculture

6,4956 7186 5726,2225 8445 8365,723

4,6194 5655,3935,8376,8566,8856 4546 5886,2475,6664,950

4,6344,708

Unem-ployed

3,5782 9042 8222,9364 6813 8133,931

3,9314 2063^6603,4594,4234,0173 7883*3883,5794,0314,540

5,3855,705

Not in thelabor force

48,40148 49248 34849,69950 66651 42052,242

53,74653 84552,58751,86249,66350,07450 94852 04552,34452,47653,403

54,36454,024

Unemploy-mentrate

(per cent)2

5.64 44 . 24.36.85.55.6

4.85 55.15.15.45.55 85.76.36.26.8

6.66.8

1 Includes self-employed, unpaid family, and domestic service workers.2 Per cent of civilian labor force. Monthly data are seasonally

adjusted.3 Beginning with January 1960, data include Alaska and Hawaii.

Figures for population increased by about 500,000 and total labor forceby nearly 300,000, most of which was in nonagricultural employment.

NOTE.—Information relating to persons 14 years of age and over isobtained through interviews of households on a sample basis. Monthlydata relate to the calendar week that contains the 12th day; annual dataare averages of monthly figures.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION

[Bureau of Labor Statistics. In thousands of persons]

Year or month Total i Manufac-turing Mining Contract

construction

Transporta-tion andpublicutilities

Trade Finance ServiceFederal,

State andlocal

government

1954195519561957195819591960

SEASONALLY ADJUSTED

1960—FebMarAprMayJune.July. . .AugSeptO c t . . . . . . . .NovDec ,

1961—Jan.*>

Feb.P

WITHOUT SEASONAL ADJUSTMENT


1961—Jan.*Feb.*>

48,43150,05651,76652,16250,54351,97552,895

52,97252,82353,12853,10553,14053,14553,04652,99852,80952.59152,221

52,27351,996

52,06052,17252,84452,95753,30952,92353,06253,49653,39153,13353,310

51,48051,105

15,99516,56316,90316,78215,46816,16816,336

16,56716,50916,52716,54016,49816,41716,26516,27516,13216,03015,790

15,67715,527

16,52016,47816,38016,34816,42216,25016,38616,50516,31316,12915,836

15,58315,471

777777807809721676664

669666684684678658665660656644638

630622

669666677677681655672663656647641

630622

2,5932,7592,9292,8082,6482,7672,771

2,7812,6012,7522,7832,7902,8582,8352,8002,8042,7832,647

2,6912,605

2,3892,3122,5902,8302,9773,0983,1303,0693,0062,8472,552

2,3792,238

4,0094,0624,1614,1513,9033,9023,902

3,9333,9203,9243,9273,9263,9103,8923,8793,8793.8583,821

3,8303,799

3,8873,9003,9173,9243,9423,9393,9213,9073,8893,8683,843

3,7733,755

10,52010,84611,22111,30211,14111,38511,643

11,62711,59511,65211,67511,71211,73611,76411,66511,66811,56811,541

11.66111,598

11,32911,32511,62011,54311,63711,59111,59211,66511,74211,84212,405

11,49011,301

2,1222,2192,3082,3482,3742,4252,485

2,4642,4562,4632,4692,4712,4802,4992,5152,5142,5122,517

2,5182,524

2,4392,4442,4632,4692,4962,5302,5362,5152,5012,4992,504

2,4932,499

5,6645,9166,1606,3366,3956,5256,637

6,6166,5776,6116,6186,6456,6826,6526,6656,6326,6656,679

6,6586,666

6,4846,5116,6446,7176,7456,7156,6856,6986,6986,6656,612

6,5256,533

6,7516,9147,2777,6267,8938,1278,456

8,3158,4998,5158,4098,4208,4048,4748,5398,5248,5318,588

8,6088,655

8,3438,5368,5538,4498,4098,1458,1408,4748,5868,6368,917

8,6078,686

* Preliminary.i Excludes data for Alaska and Hawaii.NOTE.—Data include all full- and part-time employees who worked

during, or received pay for, the pay period ending nearest the 15th of the

month. Proprietors, self-employed persons, domestic servants, unpaidfamily workers, and members of the armed forces are excluded. Backdata may be obtained from the Bureau of Labor Statistics.


EMPLOYMENT AND EARNINGS 357

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES

[Bureau of Labor Statistics. In thousands of persons]

Industry group

Seasonally adjusted

1960

Feb. Dec.

1961

Jan.* Feb.?

Without seasonal adjustment

1960

Feb. Dec.

1961

Jan.* Feb.?

Total

Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries.

Nondurable goodsFood and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industriesChemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products

12,537

7,25575

587322452

1,047854

1,173881

1,245231388

5,2821,042

80851

1,073448568534157208321

11,701

6,57974

529304416847786

1,076827

1,125216379

5,1221,022

74807

1.036435570528146187317

11,607

6,48473537299410835763

1,064834

1,081214374

5,1231,034

74804

1,024436573526147187318

11,455

6,34974525296403831744

1,056829

1,009211371

5,1061,032

77801

1,022433576527143184311

12,494

7,26875561328445

1,052863

1,191890

1,245231388

5,22693976860

1,111446565537155209329

11,745

6,61374518310416851794

1,081844

1.125218383

5,13298478819

1,052437579531145191317

11,515

6,46973507303400839771

1,075842

1,081215365

5,04694375808

1,034434573529144189318

11,405

6,35874501302397835751

1,072837

1,009211371

5,04792774809

1,058431573530141185319

v Preliminary.NOTE.—Data covering production and related workers only (full- and

part-time) who worked during, or received pay for, the pay period ending

nearest the 15th of the month.Bureau of Labor Statistics.

Back data may be obtained from the

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES

[Bureau of Labor Statistics. In unit indicated]

Industry group

Average weekly earnings(dollars per week)

Average hours worked(per week)

Average hourly earnings(dollars per hour)

1960

Feb. Dec.

1961 1960

Feb. Dec.

1961 1960

Jan.? Feb. Dec.

1961

Jan.""

Total

Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries...

Nondurable goodsFood and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industries..Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products

91.14

98.98107.6878.0174.5690.85115.2698.42104.5590.97111.7994.0777.81

79.9586.3361.3764.1656.1194.73104.12101.60116.87100.0060.64

89.55

96.97108.1477.5975.0191.48105.2896.58103.7492.28111.4494.4776.03

80.1889.2469.9561.8852.4495.35106.31104.30119.0799.5859.24

90.02

96.82108.6877.8071.4391.77

107.1696.68

104.9293.53

108.1497.1278.60

81.4190.2366.3561.5654.5496.28106.22104.55125.5599.5762.75

90.02

97.07108.4178.6071.2491.60106.5096.43104.6693.53108.9896.8878.80

80.9889.0466.7062.5954.7095.40105.84104.96123.7397.9161.88

39.8

40.441.139.440.340.240.340.541.039.940.840.239.9

39.039.636.140.136.242.138.041.340.340.037.2

38.6

39.140.238.639.939.637.239.139.939.139.839.238.4

38.040.239.338.233.441.137.740.940.538.935.9

38.8

39.240.438.938.239.937.639.340.239.838.940.339.3

38.440.137.738.034.341.537.841.041.339.237.8

38.8

39.3 j40.3 i39.3 !38.3 I40.0 I37.5 s39.2 i40.1 i39.8 |39.2 !40.2 i39.6 |

38.2 I39.437.938.4 !34.4 {41.337.8 |41.040.738.737.5

2.29

2.452.621.981.852.262.862.432.552.282.742.341.95

2.052.181.701.601.552.252.742.462.902.501.63

2.32

2.482.692.011.882.312.832.472.602.362.802.411.98

2.32 f 2.32

2.472.692.001.872.302.852.462.612.352.782.412.00 1

2.112.221.781.621.572.322.822.552.942.561.65

2.122.251.761.621.592.322.812.553.042.541.66

2.472.692.001.862.292.842.462.612.352.782.411.99

2.122.261.761.631.592.312.802.563.042.531.65

P Preliminary.NOTE.—Data are for production and related workers. Back data are

available from the Bureau of Labor Statistics.


358 DEPARTMENT STORES

DEPARTMENT STORE SALES AMD STOCKS, BY DISTRICTS

[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]

Year or month

SALES i1953 ,195419551956195719581959I960

SEASONALLY ADJUSTED

I960—JanFebMarAprMay

July

SeptOctNovDec

1961—Jan


I960—JanFebMarApr

JulyAueSeptOctNovDec

1961 Jan

STOCKS i19531954195519561957.19581959I960

SEASONALLY ADJUSTED

1959 Dec

I960 JanFeb..MarAprMay

July

SeptOctNovDec


1959—Dec


Sept .OctNovDec

UnitedStates

118118128135135136144145

142138154141145149143144150142147

111106115150138137122132145153171261

HOB

131128136148152148156

161

161160162159161165167169168167169^167

145

144152165165163157158165176186192

Federal Reserve district

Boston

114117123126122122126128

131130122134125129125124126129129128

126

99939513312412395106131132155249

96

124126132141138136142

^148

145

144143144141146148149153152152151147

135

128134146147149139135148159172177137

NewYork

105108113120124121131135

135133126144131135135137136140131135

129

108102107137127130101109138147167'245

103

120117119130138136142

145

146146147144149149151154153151152149

135

132136149150151140137150161171176140

Phil-adel-phia

111116125131132133140140

146143134151136144142136139145136136

131

108102113153134134108114141149178250

97

129127135148154152160

164

164160159157164168166166166165166164

148

144154164168167156149159114190'191148

Cleve-land

119112122128129128139140

'146136139144139139143139140144136142

140

'109105113144135131116128140145167254

105

125122124133136129134

P149

138

142142145139144150160157154151163145

126

125136149146148142147150160169184132

Rich-mond

127129140146148148156153

156149140168144149156149153162150153

^146

112105114165143139129135154169182283

141138159175178172179

179

178179111181187185187189188184182185

165

158167181188186174172186199209211170

At-lanta

131135149164166169181182

180175162192176183194178185189179187

nil

139137149194173165165170172187206329

^136

155152170195203197210^227

227

227225225224223227227232230231235^228

197

207223237232225213211225239251266"201

Chi-cago

114112122128128125133134

134127125145132134141134132140129137

130

10195108139130129113123136143

238

97

122120127138143139148

^154

154

150147151146152152155158160159158166

134

135139151155155149152155166175177144

St.Louis

120121132118138137144143

150134131159143144144140138149139142

141

111102110150144134119134142152166248

105

131125135148150143144

146

149145148147151152154154152150149147

132

133138150153149143146153161171170133

Minne-apolis

110113117126128128134136

137135123147133137136132134138137138

^134

9899105139127133109132144152154'238

123124130142146137144

»153

146

147145146146150152157162159158157150

136

135139149150150143148158166175179140

KansasCity

123129140144142146155155

156144142164150154159151154164157159

H61

115105119154150146140154159164181274

146141152164160153157

^165

162

162162160157160161165165171173173

146

146156164163161158158163176187196

^156

Dallas

132136149158159159172169

171163164181159170175169166172163171

135122143172159156156165159176190293

143140153168174165178

^187

183

186180182181185192190192189192192

170

163175191189183179180192201211211^168

SanFran-cisco

122122132141140143157156

'157158157159153153159155155160152159

152

'122121126153145147142154152156177282

118

140135142156158155167

3=178

175

178179183176167180180182178179178

160

158165182179166176177181188198205165

» Preliminary. r Revised.l Figures for sales are the average per trading day, while those for stocks

tre as of the end of the month or averages of monthly data.

NOTE.—For description of the series see the BULLETIN for December1957, pp. 1323-36. Back data may be obtained from the Division ofAdministrative Services.


DEPARTMENT STORES; FOREIGN TRADE 359

DEPARTMENT STORE MERCHANDISING DATA

[Based on retail value figures]

Period

Annual average:

19521953195419551956195719581959I960

Month:

1960 JanFebMar .AprMayJuneJulyAugSeptOctNovDec

1961 Jan.P

Amounts (in millions

Sales i(total

formonth)

397406409437454459462488492

384362418507448451373452471520584932

369

Stocks i(endof

month)

1,0971,1631,140,195,286

1,338(,3231,391

466

1,3011,3621,4681,4731,4611,3811 3711,4631,5641,6701,7351,339

1,309

Out-stand-

ingorders i(end ofmonth)

435421388446470461437510517

514456417420616678629621581479331

434

of dollars)

Re-ceipts2

(totalfor

month)

397408410444459461462495494

r368425524512436371363544572626649536

339

Neworders 3

(totalfor

month)

401401412449458458464498491

r456480466473439567425495564586547388

442

Ratios to sales4

Stocks

2.93.03 .02 . 93.03.13.03 .03.1

3.43.83.52.93.33.13.73.23.33.23.01.4

3.5

Out-stand-

ingorders

1.21.11.01 11.11.11.01.11.1

1.21.4

o!91.41 81.41.31.10.80.4

1.2

Stocksplusout-

stand-ing

orders

4.14 14 . 04 04 14 .14 14 .14.3

4.65 24.63.74.24.45 54.64.64 33.81.8

4.7

Re-ceipts

.0

oooooo1n

1.0J ?

(

(

(

1.31.0.0

o1.21.2I 2

).6

).9

v Preliminary. r Revised.1 These figures are not estimates for all department stores in the United

States. They are the actual dollar amounts reported by a group of de-partment stores located in various cities throughout the country. In 1959,sales by these stores accounted for about 45 per cent of estimated totaldepartment store sales.

2 Derived from the reported figures on sales and stocks.

3 Derived from receipts and reported figures on outstanding orders.4 The first three ratios are of stocks and/or orders at the end of the

month to sales during the month. The final ratio is based on totals ofsales and receipts for the month.

NOTE.—For description and monthly figures for back years, see theBULLETIN for October 1952, pp. 1098-1102.

MERCHANDISE EXPORTS AND IMPORTS

[Bureau of the Census. In millions of dollars]

Period

JanFebM a rAprMayJuneJuly .AugSeptOctNovDec

Jan -Dec

Merchandise exportsl

1959

1 4011,279I 4591,481t 5581,4271,4701.4101 4871 4821,4821 685

17,621

1960

1.561,576749

,818804

,737,699,609,610744

1,797r l 797

20,500

1961

1,647

Merchandise exports excludingmilitary-aid shipments 2

1959

1 287182378345418

,351,356

1,313I 407I 399I 380

SRO

16,395

1960

1,4841.497

632,703710

,637,629

1,5471,557I 6901,724

74T

19,551

1961

1,539

Merchandise imports3

1959 r

1. 154,119295

,221264

,370,250,188. 395

1 2021,2831,467

15,207

1960 r

1 143289378

,261262

,307,150.229

1 1601 1571,1611 157

14,654

1961

1,124

r Revised.1 Exports of domestic and foreign merchandise.2 Department of Defense shipments of grant-aid military equipment

and supplies under Mutual Security Program.3 General imports including imports for immediate consumption plus

entries into bonded warehouses.


360 PRICES

CONSUMER PRICES

[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100]

Year or month

1929193319411945

19521953195419551956195719581959

I960—JanFeb.MarAprMayJuneJulyAugSeptOct.NovDec

1961—Jan

Allitems

73.355.362.976.9

113.5114.4114.8114.5116.2120.2123.5124.6

125.4125.6125.7126.2126.3126.5126.6126.6126.8127.3127.4127.5

127.4

Foods

65.641.652.268.9

114.6112.8112.6110.9111.7115.4120.3118.3

117.6117.4117.7119.5119.7120.3120.6120.1120.2120.9121.1121.4

121.3

Housing

Total

114.6117.7119.1120.0121.7125.6127.7129.2

130.7131.2131.3131.4131.2131.5131.3131.5132.0132.2132.1132.3

132.3

Rent

117 483.688.490.9

117.9124.1128.5130.3132.7135.2137.7139.7

140.9141.0141.2141.4141.4141.6141.8141.9142.1142.5142.7142.8

142.9

Gasandelec-

tricity

104.5106.6107.9110.7111.8113.0117.0119.9

123.2124.0124.1124.4124.7124.7124.8124.9125.7125.7125.7125.6

125.9

Solidfuelsand

fuel oil

118.7123.9123.5125.2130.7137.4134.9136.6

139.0139.0137.2136.3132.9132.3132.9133.4134.8136.1136.3137.0

139.6

House-fur-nish-ings

108.5107.9106.1104.1103.0104.6103.9103.9

104.0104.3104.7104.7104.3104.3104.1103.5104.1104.0104.0103.9

103.6

House-hold

opera-tion

111.8115.3117.4119.1122.9127.5131.4134.3

135.9136.3136.9137.0137.2137.3137.4137.6138.0138.1138.3138.3

138.3

Ap-parel

60 345.955.676 3

105.8104.8104.3103.7105.5106.9107.0107.9

107.9108.4108.8108.9108.9108.9109.1109.3110.6111.0110.7110.6

109.4

Trans-porta-tion

126.2129.7128.0126.4128.7136.0140.5146.3

147.6147.5146.5146.1145.6145.8145.9146.2144.7146.1146.5146.5

146.2

Med-icalcare

117.2121.3125.2128.0132.6138.0144.4150.8

153.5154.7155.0155.5155.9156.1156.4156.7156.9157.3157.9158.0

158.5

Per-sonalcare

111.8112.8113.4115.3120.0124.4128.6131.2

132.7132.6132.7132.9133.2133.2133.4133.8133.9134.0133.9133.7

133.7

Read-ingand

recrea-tion

107.0108.0107.0106.6108.1112.2116.7118.6

120.3120.6120.9121.1121.4121.1121.6121.9122.1121.9122.5122.3

122.2

Othergoodsandserv-ices

115.4118.2120.1120.2122.0125.5127.2129.7

131.8131.8131.7131.9131.9132.0132.2132.4132.7132.7132.7132.7

132.6

NOTB.—Revised index, reflecting, beginning with January 1953, the in-clusion of new series (i.e. home purchases and used automobiles) and re-

vised weights. Prior to January 1953, indexes are based on the "interimadjusted" and "old" indexes, converted to the base 1947-49 —100.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES

[Bureau of Labor Statistics index. 1947-49 = 100]

1952.1953.1954.1955.1956.1957.19581959.

1960-

1961-

Year ormonth

JanFebMarAprMayJuneJulyAUKSent.OctNovDec . . . .

—Jan

Allcom-modi-

ties

111.6110.1110.3110.7114.3117.6119.2119.5

119.3119.3120.0120.0119.7119.5119.7119.2119.2119.6119.6119.5

119.8

Farmprod-ucts

107.097.095.689.688.490.994.989.1

86.587.090.491.190.489.088.986.687.789.589.988.7

89.7

Proc-essedfoods

108.8104.6105.3101.7101.7105.6110.9107.0

105.6105.7107.3106.8107.3107.6108.9107.8108.1109.0109.1

'109.2109.8

Total

113.2114.0114.5117.0122.2125.6126.0128.2

128.8128.7128.6128.7128.2128.2128.2128.2127.9128.0127.9127.9

128.1

Tex-tile

prod-uctsandap-

parel

99.897.395.295.395.395.493.595.0

96.696.596.396.396.396.396.396.195.995.895.495.2

95.0

Hides,skins,and

leatherprod-ucts

97.98 .94.93 .99 .99 .

100.114.

112.112.111.112.111.110.110.108.108.108.108.

108.

108.

?

?81463

708

2

171558

3

Fuel,power,

andlight-ingma-

terials

106.6109.5108.1107.9111.2117.2112.7112.7

111.9112.0112.3112.2110.8112.3113.8115.3116.1116.2116.1116.2

117.2

Chem-icalsand

alliedprod-ucts

104.5105.7107.0106.6107.2109.5110.4109.9

109.9110.0110.1110.2110.2110.2110.4110.5110.4110.3110.3110.4

110.4

Rub-berand

prod-ucts

134.0125.0126.9143.8145.8145.2145.0144.5

143.1144.6144.7144.7146.3146.7146.9145.3144.9144.7143.6

141.2

140.1

Other commodities

Lum-berand

woodprod-ucts

1?0120.118123.1?5119.117.125.

125.124.124.124.123.122.121.119.118.117.116.

116.

115.

3?064078

195374567795

8

Pulppaper,and

alliedprod-ucts

116.5116.1116.3119.3127.2129.6131.0132.2

133.7133.2133.1133.1133.4133.5133.5133.0133.0133.4133.1132.3

132.6

Metalsand

metalprod-ucts

123.0126.9128.0136.6148.4151.2150.4153.6

155.5155.3154.5154.5154.2153.8153.4153.6153.5152.8152.3152.2

152.2

Ma-chin-eryandmo-tive

prod-ucts

121.5123 0124.6128.4137.8146.1149.8153.0

153.8153.9153 9154.0153.5153 4153.2153.2151.3152.8

153.7153.6

153.6

Furni-tureand

otherhouse-holddura-bles

112.0114 2115.4115 9119.1122.2123.2123.4

123.4123.5123 7123.5123.2123 0123.1122.9122.8122.7122.6

122.6

122.5

Non-me-tallicmin-

erals—struc-tural

113.6118 2120.9124.2129.6134 6136.0137.7

138.4138.2138 2138.3137.9137 8137.8137.8138.0138.1137.9137.9

138.6

To-baccomfrs.and

bottledbev-erages

110.6115.7120.6121.6122.3126.1128.2131.4

131.7131.7131 7131.7131.7131.7131.8132.0132.0132.0132.0132.1

132.1

Mis-cella-neous

108.397 8

102.592 091.089 694.294 5

95.393.494 095.491.190 990 889.991.190.390.692.4

95.4

r Revised.


PRICES 361

WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued

[Bureau of Labor Statistics index, 1947-49= 100]

Subgroup1960

Jan.

104.977.278.595.999.356.977.5

127.4

120.792.4

118.8104.5113.3145.2103.9

95.9104.079.4

122.0100.879.3

73.7105.5134.2108.0

124.1170.4116.6101.3114.4

124.1128.3103.093.849.2

109.6108.8106.5

162.8132.2144.6

126.1137.898.2

121.2108.0144.5

Nov.

107.570.381.890.8

102.3108.172.5

129.1

123.196.6

121.7r109.4117.4140.9102.8

91.7101.378.2

125.9101.092.1

65.897.1

132.5104.2

123.0170.4120.2102.4120.6

123.5128.4104.894.348.9

112.1111.9107.4

140.6141.3146.8

115.1135.896.1

121.277.4

145.7

Dec.

99.572.782.890.7

102.387.774.1

130.4

123.5r97.3122.0

110.1116.3140.9100.8

91.2100.877.8

125.7101.092.6

64.999.4

132.5103.9

123.1170.4

120.0102.3120.8

'123.5130.3104.494.348.5

111.8111.9

107.2

136.5137.1146.8

115.0135.5

95.1

114.567.8

145.7

1961

Jan.

106.775.384.890.8

101.475.277.6

128.0

123.598.3

121.2112.1116.2140.9101.1

90.7100.377.4

130.8100.799.6

62.697.9

132.5103.9

123.5170.4120.2102.3122.4

123.1131.5105.094.350.1

112.0112.2107.1

135.5137.2144.6

114.5135.692.5

114.567.8

145.7

Subgroup1960

Jan. Nov. Dec,

1961

Jan.

Farm Products:

Fresh and dried produceGrainsLivestock and poultryPlant and animal fibersFluid milk

Hay and seeds

Other farm products

Processed Foods:

Cereal and bakery productsMeats, poultry, and fishDairy products and ice creamCanned, frozen fruits, and vegetablesSugar and confectioneryPackaged beverage materialsOther processed foods

Textile Products and Apparel:

Cotton productsWool productsSynthetic textilesSilk productsApparelOther textile products

Hides, Skins, and Leather Products:

Hides and skinsLeatherFootwearOther leather products

Fuel% Power, and Lighting Materials:

CoalCokeGas fuels (Jan. 1958= 100)Electric power (Jan. 1958= 100)Petroleum and products

Chemicals and Allied Products:

Industrial chemicalsPrepared paintPaint materialsDrugs, Pharmaceuticals, cosmetics..,Fats and oils, inedibleMixed fertilizersFertilizer materials ,Other chemicals and products

Rubber and Products:

Crude rubberTires and tubesOther rubber products

Lumber and Wood Products:

LumberMillworkPlywood

Pulp, Paper, and Allied Products:

WoodpulpWastepaperPaper

Pulp, Paper, and Allied Products(Cont.):

PaperboardConverted paper and paperboardBuilding paper and board

Metals and Metal Products:

Iron and steelNonferrous metalsMetal containersHardwarePlumbing equipmentHeating equipmentFabricated structural metal productsFabricated nonstructural metal

products

Machinery and Motive Products:

Agricultural machinery and equip-ment

Construction machinery and equip-ment

Metal working machineryGeneral purpose machinery and

equipmentMiscellaneous machinery ,Electrical machinery and equip-

mentMotor vehicles

Furniture and Other Household Dura-bles:

Household furnitureCommercial furnitureFloor coveringHousehold appliancesTelevision, radios, phonographsOther household durable goods ,

Nonmetallic Minerals—Structural:

Flat glassConcrete ingredientsConcrete productsStructural clay productsGypsum productsPrepared asphalt roofingOther nonmetallic minerals

Tobacco Manufactures and BottledBeverages:

CigarettesCigarsOther tobacco productsAlcoholic beverages ,Nonalcoholic beverages

Miscellaneous:

Toys, sporting goods, small armsManufactured animal feedsNotions and accessoriesJewelry, watches, photo equipment..,Other miscellaneous

135.9130.0147.6

172.4142.7152.9173.4134.0120.9135.4

146.3

144.3

173.6177.7167.8149.7

155.8141.6

124.7155.8129.6103.391.7

157.8

135.3142.0130.5161.3133.1113.6132.8

134.8106.6155.7120.5171.1

117.775.697.5

110.6131.9

132.4131.1145.4

168.5135.5153.6174.6130.8118.4133.9

146.7

148.2

177.3182.3166.3150.7

153.1140.5

125.7157.1130.2100.690.5

156.6

132.4142.1131.0162.3133.2106.6133.6

134.8106.5155.7121.1171.4

118.666.896.4

110.9132.1

132.4131.1145.4

168.6133.9153.6'174.7130.8'116.8133.9

148.6

r148.0

177.0r182.6

166.1150.9

152.6142.2

125.7157.1130.2100.4'91.2156.6

132.4142.0131.0162.3133.2106.6133.6

134.8106.5155.7121.2171.6

118.670.096.4

111.0132.4

132.4131.7145.4

169.5131.9156.6174.9130.9115.7133.9

148.8

148.5

177.3182.8

166.1151.1

152.4142.2

125.6156.0128.8100.691.2

156.9

132.4142.2131.4162.0134.9114.3133.5

134.8106.5155.7121.2171.6

118.975.196.4

111.5132.7

r Revised


362 NATIONAL PRODUCT AND INCOME

GROSS NATIONAL PRODUCT OR EXPENDITURE

[Department of Commerce estimates. In billions of dollars]

Item

Annual totals

1929 1933 1941 1950 1956 1957 1958 1959 1960

Seasonally adjusted annual ratesby quarters

1959

4

1960

Gross national product

Personal consumption expendituresDurable goodsNondurable goodsServices

Gross private domestic investmentNew Construction

Residential, nonfarmOther

Producers' durable equipmentChange in business inventories

Nonfarm only

Net exports of goods and servicesExportsImports

Government purchases of goods and services.Federal

National defenseOtherLess: Government sales

State and local

Addendum: Gross national product in con-stant (1954) dollars

104.4

79.09.2

37.732.1

16.28.73.65.15.91.71.8

7.06.3

8.51.31.3.0

7.2

181.8

56.0

46.43.5

22.320.7

1.41.4

.51.01.6

- 1 . 6- 1 . 4

.22.42.3

8.02.0

> 2.0

.06.0

126.6

125.8

81.99.7

43.229.0

18.16.63.53.16.94.54.0

1.16.04.8

24.816.9

\ 13.81 3 :o 2

7.8

238.1

284.6

195.030.499.864.9

50.024.214.110.118.96.86.0

.613.112.5

39.019.314.35.2

.119.7

318.1

419.2

269.938.5

131.4100.0

67.435.517.717.827.24.75.1

2.923.120.2

79.045.740.4

5.7.3

33.2

400.9

442.8

285.240.4137.7107.1

66.136.117.019.028.5

1.6

4.926.221.3

86.549.744.4

5.7.4

36.8

408.6

444.2

293.537.3

142.0114.2

56.035.418.017.423.1

- 2 . 5- 3 . 6

1.222.721.5

93.552.644.8

8.3.5

40.8

401.0

482.1

313.843.4

147.6122.8

72.040.322.318.025.85.95.4

- 1 . 022.923.8

97.153.346.07.8

.543.9

428.0

503.2

327.843.6

152.4131.7

72.840.421.119.328.8

3.63.2

3.026.523.5

99.752.445.1

7.9.6

47.3

439.2

486.4

319.643.5

149.6126.6

70.839.421.318.126.84.74.3

- . 423.523.9

96.452.545.5

7.5.5

43.9

429.1

501.3

323.344.2

150.5128.6

79.340.821.419.327.111.411.0

1.225.223.9

97.551.844.97.5

45.1

440.5

505.0

329.044.5

153.5130.9

75.540.721.319.429.55.35.0

2.026.424.4

98.6. 51.7

A4.17.6

.646.9

442.2

503.5

328.342.7

152.7132.9

70.840.521.119.529.7

.6

.3

3.727.323.5

100.752.745.1

8.2.6

48.0

438.0

503.5

330.843.2

152.9134.7

66.040.320.519.828.7

- 3 . 0- 3 . 4

4.627.022.4

102.153.345.7

8.2.6

48.8

437.0

NATIONAL INCOME, BY DISTRIBUTIVE SHARES


Item

Annual totals

1929 1933 1941 1950 1956 1957 1958 1959 1960


1959 1960

National income

Compensation of employees

Wages and salariesPrivateMilitaryGovernment civilian

Supplements to wages and salariesEmployer contributions for social in-

suranceOther labor income

Proprietors' income

Business and professionalFarm

Rental income of persons

Corporate profits and inventory valuationadjustment

Profits before taxProfits tax liabilityProfits after tax

DividendsUndistributed profits

Inventory valuation adjustment

Net interest

87.8

51.1

50.445.5

.34.6

.7

'.6

14.8

8.86.0

5.4

10.1

9.61.48.35.82.4

40.2

29.5

29.023.9

.34.9

.5

A

5.6

3.22.4

2.0

- 2 . 0

.5

2- 2 . 4

104.7

64.8

62.151.9

1.98.3

2.7

2.0.7

17.4

10.96.5

3.5

14.5

17.07.69.444.9

6.4

-2

5.0

2 5

241.9

154.2

146.4124.

5.017.3

7.8

4.03.8

37.5

23.514.0

9.0

35.7

40.617.922.8

9.213.6

- 5 . 0

350.8

242.5

227.6189.6

9.728.4

14.9

6.88.1

43.7

32.111.6

10.9

42.0

44.721.223.512.111.3

366.9

255.5

238.5198.4

9.630.5

77.0

7.89.

44.5

32.711.8

11.9

41.7

43.20.922.312.69.7

4.5 5.5

- 2 . 7

11.7

- 1

13.4

367.7

257.0

239.7196.4

9.833.5

17.4

8.09.4

46.4

32.314.0

12.2

37.4

37.718.619.112.46.

14.7

399.6

277.8

258.2212.9

9.935.4

19.6

9.510.1

46.5

34.711.8

12.4

46.6

47.023.223.813.410.5

- . 5

16.4

294.4

272.5224.3

10.138.1

21.9

10.911.0

47.8

35.912.0

12.5

14.0

18.7

402.8

281.6

261.5215.6

9.836.1

20.1

9.610.5

46.3

35.111.2

12.5

45.5

44.822.122.713.88.9

.7

16.9

414.4

290.2

268.7222.1

9.936.7

21.5

10.810.7

46.0

35.410.6

12.5

48.0

48.823.825.013.911.0

- . 8

17.8

419.4

295.0

273.1225.5

10.037.6

21.9

10.910.9

48.1

36.012.1

12.5

45.3

45.722.323.413.99.5

- . 4

18.5

419.3

297.2

274.9226.0

10.138.8

22.3

11.111.2

48.3

36.112.2

12.5

42.2

41.520.321.314.07.3

.7

19.1

295.2

273.2

10.339.3

22.0

10.911.1

48.8

35.912.8

12.5

14.1

.4

19.4

N0TE#—For explanation of series see U. S. Income and Output (a supple-ment to the Survey of Current Business for 1959) and the Survey of CurrentBusiness, July 1960.


NATIONAL PRODUCT AND INCOME 363

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING


Gross national product

Less: Capital consumption allowancesIndirect business tax and nontax lia-

bility .Business transfer paymentsStatistical discrepancy. . .

Plus: Subsidies less current surplus of gov-ernment enterprises

Equals: National income

Less: Corporate profits and inventory valua-tion adjustment

Contributions for social insuranceExcess of wage accruals over disburse-

ments

Plus: Government transfer paymentsNet interest paid by governmentDividends .Business transfer payments

Equals: Personal income. . . .

Less: Personal tax and nontax payments

Federal . . .State and local

Equals: Disposal personal income

Less: Personal consumption expenditures

Equals: Personal saving

Addendum: Disposable personal income inconstant (1954) dollars

Annual totals

1929

104.4

8.6

7.0.6.3

- . 1

87.8

10.1.2

.0

.91.05.8

. 6

85.8

2.6

1.31.4

83.1

79.0

4.2

134.9

1933

56.0

7.2

7.1.7.9

.0

40.2

- 2 . 0.3

.0

1.51.22.1

.7

47.2

1.5

.51.0

45.7

46.4

- . 6

102.1

1941

125.8

9.0

11.3.5.4

.1

104.7

14.52.8

.0

2.61.34.5

.5

96.3

3.3

2.01.3

93.0

81.9

11.1

175.1

1950

284.6

19.1

23.7.8

- . 7

.2

241.9

35.76.9

.0

14.34.89.2

.8

228.5

20.8

18.22.6

207.7

195.0

12.6

231.0

1956

419.2

34.4

35.71 6

- 2 . 4

.9

350.8

42.012.6

.0

17.25.7

12.11.6

332.9

40.0

35.24.8

292.9

269.9

23.0

286.9

1957

442.8

37.4

38.21.8

— . 6

1.0

366.9

41.714.5

.0

20.16.2

12.61.8

351.4

42.6

37.35.3

308.8

285.2

23.6

293.8

1958

444.2

38.1

39.41.8

- 1 . 7

1.1

367.7

37.414.8

.0

24.56.2

12.41.8

360.3

42.4

36.75.7

317.9

293.5

24.4

296.2

1959

482.1

40.5

42.61.8

- 1 . 8

.6

399.6

46.617.3

.0

25.27.1

13.41.8

383.3

46.0

39.86.2

337.3

313.8

23.4

311.1

1960

503.2

43.2

45.11.8

.5

20.2

.0

27.28.0

14.01.8

404.2

50.0

43.36.7

354.2

327.8

26.4

320.8


1959

4

486.4

41.4

43.51 8

- 2 6

.5

402.8

45.517.5

.0

26.07.6

13 81.8

389.0

46.5

40.26.3

342.4

319.6

22.8

313.6

1960

1

501.3

42.2

44.41 8

— 1 1

.5

414.4

48 019.9

.0

26.17.8

13 91.8

396.2

49.2

42.66 6

347.0

323.3

23.7

316.3

2

505.0

43.0

45.31 8

— 3 9

.6

419.4

45.320.2

.0

26.78.0

13.91.8

404.2

50.0

43.46.6

354.1

329.0

25.2

321.1

3

503.5

43.f

45.11 8

— 5 K

.5

419.3

42.220.4

.0

27.38.2

14.01.8

408.0

50.5

43 .*6 7

357 5

328.3

29.2

323 2

4

503.5

44.1

45.41 8

20.1

.0

28.78.2

14 11.8

408.5

50.4

43.66.8

358.1

332.0

27.2

322.0

PERSONAL INCOME


Item!

Total personal income

Wage and salary disbursementsCommodity-producing industries...

Manufacturing onlyDistributive industriesService industriesGo vernmen t

Other labor income

Proprietors' income:Business and professionalFarm

Rental income

Dividends

Personal interest income.

Transfer payments

Less: Personal contributions forsocial insurance

Nonagricultural income

Agricultural income

1959

383.3

258.2107.284.768.237.545.3

10.1

34.711.8

12.4

13.4

23.5

27.0

7.8

367.6

15.7

1960

404.2

272.5111.488.071 941.048.2

11.0

35.912.0

12.5

14 0

26.8

29.0

9.3

388.1

16.1

1960

Jan.

395.7

268.2112.689.469.939.446.3

10.6

35.511.3

12.5

13.9

25.2

27.7

9.2

380.2

15.5

Feb.

395.7

268.6111.989.070.339.846.5

10.7

35.510.4

12.5

13.9

25.5

27.7

9.1

381.2

14.5

Mar.

397.0

269.3111.688.870.840.046.9

10.8

35.410.1

12.5

13.9

25.9

28.3

9.2

382.7

14.3

Apr.

401.9

277.7112.188.671.840.547.3

10.8

35.711.7

12.5

13.9

26.2

28.6

9.2

385.9

16.1

May

404.7

273.6113.389.572.040.747.6

10.9

36.012.1

12.5

13.9

26.5

28.4

9.3

388.2

16.4

June

406.1

274.0112.989.272.241.147.8

11.0

36.212.5

12.5

13.9

26.8

28.5

9.3

389.3

16.8

July

407.3

275.1112.888.712.441.348.5

11.1

36.212.0

12.5

13.9

27.1

28.7

9.3

391.1

16.2

Aug.

408.2

275.1111.587.772 941.649.0

11.2

36.112.2

12.5

14.0

27.4

29.1

9.4

391.8

16.4

Sept.

408.8

275.0111.287.572.741.949.2

11.2

36.112.2

12.5

14.0

27.5

29.7

9.3

392.4

16.4

Oct.

409.7

274.8110.987.272.542.049.4

11.3

36.112.6

12.5

14.1

27.6

30.0

9.3

393.0

16 .7

Nov.

409.0

273.6109.586.272.542.049.6

11.1

35.912.9

12.5

14.1

27.6

30.5

9.2

392.1

16.9

Dec.

406 9

271.4107.384.672.342.049.8

11.0

35.712.9

12.5

14.0

27.7

30 9

9.2

390 1

16.8

1961

Jan.p

406.3

271.0106.984.272.042.150.0

11.0

35.512.9

12.5

14.0

27.7

31.0

9.3

389.5

16.8

* Preliminary. r Revised.1 Monthly data are seasonally adjusted totals at annual rates.NOTE.—For explanation of series see U. S. Income and Output (a supple-

ment to the Survey of Current Business for 1959) and the Survey of CurrentBusiness, July 1960.


364 FLOW OF FUNDS/SAVING

SAVING AND INVESTMENT


Transaction category,or sector

A Net national saving1

B Consumer and nonprofitC Farm and noncorp. business2 . . . .D Corporate nonfinancial business..E Federal Government1

F State and local governmentsl

G Financial sectors

H Caoital consunmtion3 . . .I Consumer and nonprofitJ Consumer durable goodsK Owner-occupied homesL Plant and equip, (nonprofit)...

N Noncorp, nonfinan. businessO Corporate nonfinancial business. .

p Gross national savins Q Consumer and nonprofitR Farm and noncorp. businessS Corporate nonfinancial business..

U State and local governments1

W Gross national investment1

X Consumer durable goods

Y Other gross private domestic fixedinvestment

Z Consumer and nonprofita Nonfarm residen. constr.*....b Plant and equip, (nonprofit). .c Farm businessd Noncorp. nonfinan. business4..e Corp. nonfinan. business4

f Financial sectors

g Change in inventories 5 . . .h Farm businessi Noncorp. nonfinan. business...j Corp. nonfinan. business

k Net financial investment6

1 Consumer and nonprofitm Net acquis. offinan. assets...n Net increase in liabilitieso Farm and noncorp. business.. .p Net acquis. offinan. assets...q Net increase in liabilitiesr Corp. nonfinan. businesss Net acquis. offinan. assets...t Net increase in liabilities

u Federal Governmentv Net acquis. offinan. assets...w Net increase in liabilitiesx State and local governments...y Net acquis. offinan. assets...z Net increase in liabilitiesaa Financial sectorsbb Net acquis. offinan. assets...cc Net increase in liabilitiesdd Financial trans, discrep

ce Discreoancv (P—W)?

Annual totals

1955

39.526.6

12.4c

-3 .23 3

62.333.930.43.1

.53.77.0

17.6

101.960.510.730.1

.5-3 .2

3.3

103.639.6

58.219.316.62.74.2

10.1T24.0

7

5.8.3.6

4 . 9

*4.7

25.120.4

- 4 . 4.5

4.9- 2 . 216.819.0

.51.0

.5- 2 . 6

2.24.83.5

27.023.4

.5

- 1 . 8

1956

41.529.5

*5.95.9

- 2 . 72.9

67.536.933.03.4

.53.77.5

19.3

108.966.411.325.25.9

- 2 . 72.9

108.038.5

62.718.916.12.83.8

10.229.1

.7

4.7— .4

.24 . 9

2.112.127.415.2

- 2 . 5.5

3.0- 1 3 . 4

4.317.7

5.91.6

-4.3- 2 . 2

2.64.82.7

22.519.8- . 5

.9

1957

37.928.5

*5.33.6

- 3 . 23 7

73.340.135.83.7

.63.98.1

21.2

111.268.612.026.5

3.6- 3 . 2

3.7

110.740.4

64.618.214.93.34.09.7

32.08

1.68

.2

.6

4.214.826.812.0

- 2 . 7.8

3.5- 8 . 7

4.413.1

3.63.2

- .4- 3 . 2

3.36.53.0

23.920.9

- 2 . 6

.5

1958

19.526.1

*3.5

- 8 . 2- 5 . 03 1

75.241.637.04.0

.64 07.7

21.9

94.667.711.725.4

- 8 . 2- 5 . 0

3.1

93.637.3

58.518.314.73.64.49.1

25.97

- 2 . 51 0

*- 3 . 5

.315.327.312.1

- 2 . 91.34.2

-.97.28.0

- 8 . 21.69.7

- 5 . 22.57.74.5

36.231.7

- 2 . 2

1.0

1959

36.130.6

#11.44 5- 4 . 43 1

79.043.438.54.3

.64 18.2

23.3

115.274.012.334.8

- 4 . 5- 4 . 4

3.1

113.743.4

66.122.218.53.74.9

10.827.4

8

5.95

.64 . 8

1 o10^631.320.7

- 4 . 5- .44.1

- 1 . 613.415.0

- 4 . 56.3

10.8- 3 . 9

3.16.93.7

29.225.5

- 1 . 6

1.5

Quarterly totals

1958

3

5.78.5

-5^4- 1 . 7

1 5

18.810.59.31.0

1 01.95.5

24.618.92.68.7

- 5 . 4- 1 . 7

1.5

23.28.7

15.14.63.61.01.22.56.5

2

- . 42

.1- . 8

- . 26.18.62.4

- 1 . 5.3

1.71.16.94.8

- 5 . 4-4.4

1.0-1.1

- .91.92.51.9

-.7- 1 . 3

1.4

4

3.85.82.44.2

- 7 . 6- 1 . 6

.5

19.210.69.41.0

.11 02.05.6

22.916.45.39.8

- 7 . 6- 1 . 6

5

26.911.4

15.75.34.31.01.02.47.0

2

- . 12c

.1

*3.39.05.72.2

.8-1.4

1.55.23.7

- 7 . 6.7

8.3- . 31.01.3

A15.415.3

.7

- 4 . 0

1959

1

9.98.2

- . 51.1

.7- . 6

.9

19.310.79.51.0

.21 02.05.6

29.218.92.56.7

.7- . 6

9

26.49.4

13.95.24.3

.9

1A5.3

2

3.62

1.12 . 4

- . 54.27.33.1

- 1 . 9-.51.4

- 1 . 5.2

1.7

.1

.2-.5

- 1 . 6.2

1.81.4

.2-1.1- 1 . 8

2.8

2

10.17.9

- 1 . 83.81.4

- 1 . 8.6

19.710.89.61.1

.21 02.05.8

29.718.71.29.61.4

- 1 . 86

30.111.2

17.34.94.1

.91.43.37.4

2

2 .1

.21.7

- . 41.87.96.2

- 3 . 8

3.9.8

5.64.8

1.44.32.9

- 1 . 2.7

1.9.6

10.19.5

A

- . 3

3

8.48.4

- 1 . 63.3

- 2 1—1.2

1.6

19.910.99.71.1

.21 02.15.8

28.319.4

1.59.1

- 2 . 1- 1 . 2

1 6

27.110.4

17.75.94.91.01.33.07.3

22

' l

— 1

- . 82.87.85 0

- 2 . 8- . 22.5

.53.63.1

- 2 . 12.64.7

- 1 . 3.9

2.31.18.56.3

*

1.2

4

7.76.13.93.3

— 4 5- . 9- . 1

20.211.09.71.1

.21 02.16.0

27.917.17.09.3

- 4 . 5- . 9

30.112.4

17.36.25.31.01.02.57.4

2

.41

- . 69

•2.08.46 44.0

.3-3.7- 1 . 4

4.15.4

- 4 . 5-.83.7

.31.2

.9«

10.310.9

A

-1.1

1960

1

12.48.7

- 1 . 3*

4 02

20.311.19.81.1

.21 i2.16.1

32.719.81.96.14.0

- . 31 2

28.810.0

14.45.44.5

.91.02.15.6

2

4.51

1.23 2

*2.84.92 1

-2 .5- .42.0

-4 .5-2.6

1.9

4.0-.3

-4.3- . 51.01.51.7

-2.9-4.6-1 .1

3.9

2

10.46.2

- . 61.24 4

-1 .5.6

20.611.29.91.2

.2

2.16.2

31.017.42.67.54.4

-1 .54

28.811.2

17.14.73.8

.91.33.17.8

2

.41

- . 14

.1-1 .2

3.95 1

-1 .7.3

2.0-1A

.72.9

4.44.0

c-.9

.41.31.0

12.211.2

.5

2.2

3*

9.9 A9.9 B

-1 .0 C2.1 D

— 5 E-2 .1 F

1.5 G

20.9 H11.3 I10.0 J

1.2 K.2 L

1 1 M2.2 N6.3 O

30.8 P21.2 Q2.2 R8.5 S

- . 5 T-2 .1 U

15 V

27.4 W10.1 X

17.6 Y5.4 Z4.3 a7.7 b1.2 c3.0 d7.8 e

2 f

- . 1 g1 h• i

— 2 j

- . 1 k3.7 17.4 m3 6 n

-2.0 o

1:1 I- 1 . 2 r

7.7 s2.9 t

- . 5 u.5 v

7.5 w- 2 . 1 x- . 7 y1.9 z1.8 aa

70.5 bb5.5 cc

.1 dd

3.4 ee

* Less than $50 million. *> Preliminary.t Includes $0.3 billion of existing facilities purchased from Federal

Government.1 For govt. sectors, saving is excess of all nonfinancial receipts over all

nonfinancial outlays; investment, changes in financial assets and liabilitiesonly. Govt. current outlays include, and govt. (and national) investmentexcludes, govt. purchases of tangible assets.

2 Annual figures for farm sector are retained earnings of corporatefarms; farm and nonfarm unincorporated businesses shown as havingzero annual net saving. Quarterly figures for both sectors include seasonalnet saving. See p. 838 of the BULLETIN for August 1959.

3 Depreciation, accidental damage to fixed capital, and capital outlayscharged to current account. Line H includes amounts for financialsectors not shown separately. See discussion on p. 836 of the BULLETINfor August 1959.

4 For consumers, 1-to 4-family dwellings completed and purchases ofadditions and alterations. Investment of nonfarm business sectors

includes work in process on 1-to 4-family dwellings and other privateresidential construction.

5 After inventory valuation adjustment.6 Financial component of national investment equals net lending to

rest of world; financial flows among domestic sectors cancel out innational total. (Discrepancies in financial transactions attributed entirelyto domestic transactions.) Differs from U. S. "net foreign investment"(net exports minus net unilateral transfers in national income accounts)by discrepancy in rest-of-world account, which equals "errors andomissions" in Dept. of Commerce balance-of-payments statement forthe United States.

7 Saving and investment are equal in concept but may differ statisticallybecause of discrepancies. See p. 857 of the BULLETIN for August 1959.

NOTE.—Descriptions of sectors and of transaction categories are givenin notes to tables and in "Technical Notes," pp. 846-59 of the BULLETINfor August 1959. For latest detailed flow of funds/saving tables, seethe BULLETIN for January 1961.

Notes to table on opposite page.1 Demand deposit liabilities of banking system are net of F. R. float

and cash items in process of collection as reported by commercial banks.Sum of sector holdings (partly on holder-record basis) differs from liabilitytotal mainly because of mail float (checks in transit from drawers todrawees). For further discussion, see p. 853 of the BULLETIN for August1959.

2 Consumer-held only; includes net interest accruals. Savings bonds

held by other sectors included in Federal obligations category.3 Mainly time deposits of State and local governments, corporate

businesses, and savings institutions.4 Assets in these categories are treated as consumer holdings.5 Marketable issues maturing within one year and, prior to 1956

savings notes.6 Excludes loans to domestic commercial banks. Gross of valuation

reserves.


FLOW OF FUNDS/SAVING 365

SUMMARY OF PRINCIPAL FINANCIAL FLOWS


Transaction category,or sector

I. Demand deposits and currency

A Net increase in commercial bkg.system liability 1

B Net increase in assets, by sectorC Federal GovernmentD Other domestic sectorsE Consumer and nonprofitF Farm and noncorporate bus . .G Corporate nonfinancial bus . . . .H State and local governmentI Financial sectorsJ Rest of the worldK Discrepancy (A—B)

II. Fixed-value redeemable claims

A Net increase, by typeB Time depositsC Savings sharesD U.S savings bonds2

E Net increase in liab., by sectorF Federal GovernmentG Commercial bankingH Savings institutions

I Net increase in assets, by sectorJ Consumer and nonprofitK Other domestic sectors3

L Rest of the world (time deposits).

III. Saving through life insuranceand pension funds

A Net increase, by typeB Life insuranceC Pension funds

D Net increase in liab., by sector4

E Federal GovernmentF State and local governmentG Life insurance companies . . .H Private noninsured pension plans.

IV. Credit and equity marketinstruments

A Net increase, by typeB Federal obligationsC Short-term direct5

D OtherE State and local obligations... .F Corporate and foreign bonds . . . .G Corporate stockH 1- to 4-family mortgagesI Other mortgagesJ Consumer creditK Security creditL Bank loans n e e . .M Other loans

N Funds raised, by sector .O Consumer and nonprofitP Farm business . . .Q Noncorporate nonfinancial bus...R Corporate nonfinancial business..S Federal GovernmentT State and local governmentU Financial sectorsV Rest of the world

W Funds advanced, by sectorX Consumer and nonprofitY Farm and noncorp. businessZ Corporate nonfinancial business..a Federal Governmentb State and local governmentc Commercial banking systemd Monetary authoritiese Commercial banksf Securitiesg Loons**h Savings institutionsi Insurance sectorj Finance n e e .k Rest of the world

Annual totals

1955

2.3.8

- . 61.5

- . 8.3

1.04

.6*

1.4

8.42.95.3

.3

8.4

1.37.1

8.48.7

- . 1- . 1

8.43.25.1

8.4.6

1.24 . 62 . 0

44.0.8

-7 .17.93.54.03 0

12.63.66.4

1956

1.71.7

2\\l1.0

2.2.2.1

8.93.65 4

9.0- . 32.17.3

8.99.0

*- . 1

9.33.85.6

9.31.01 44 . 82 .1

30.7- 5 . 6

7.4-13 .0

3.25.03 8

10.83.83.6

1 0j — 68.0 5.91.1

44.120.3

1.22.9

10.1- . 13 55.9

.3

44.08.0

.25.01.51.94.8

- . 35.0

-7.012.18.18.15.31.0

.9

31.215.1

.92.0

13.0- 5 . 4

3 31.21.0

30.7

.3- 3 . 8

1.12.34.8

.34.5

-3.58.07.38.01.61.3

1957

-A

c.6

2

'.:

10.16.85.2

- 1 . 9

10.12 25^56.9

10.19.8

.4*

9.02.86.1

9.0.6

1 64.32.6

36.71.15.5

- 4 . 44.77.54 08.63.52.8

_ 32.32.6

36.911.81.1

13ll1.04.92.41.4

36.7

.2

.42.42.64.3

- . 85.11.33.87.28.32.5

.6

1958

5.86.5

.16.42.51 31.7

.7

- . 7

16.110.16 5

5

16.2

8.9

16.113.51.7

.9

10.33 46.9

10.31.01 74 72 8

46.29 0

- 1 . 210.25 76.84 2

10.15.2

31 71 32.0

46.212.01 52.3

11.89.35 91 22.3

46.2

*1.21.71.4

17.02.2

14.910.44.59.48.92.0

1959

1.11.7

.7

.9

.9— 7

.1- . 6

7.62.27.2

- 1 . 8

7.6- 2 . 0

1.28.4

7.69.6

- 1 . 0- 1 . 0

11.63 77.9

11.61.01 85.63.2

61.511.35.55.84.94.74 4

13.35.86 3

7.92.8

61.420.62 04.8

11.610.75 15.7

.8

61.5

.45.53.82.95.6

.35.3

-7.212.510.69.84.53.1

Quarterly totals

1958

3

- 3 . 4- 2 . 5- 5 . 0

2.72.3

1.0

-'.9

2.51.6l.C

— . 2

2.5— . 21.11.5

2.53.0

- . 4- . 1

2.61 01.7

2.6.34

1 3.6

7.01.11.2

- . 11.31.3

93.01.3

.1— 1 4— .2- . 3

7.02.4

2*

3.11.11.4

- 1 . 7.5

7.0

- . 11.3

.5

.2- . 6- . 4- . 21.0

-1.22.92.3

-1 .9.8

4

8.06.6

6.32.3

32 .5

6.5.3

1.4

3.1.9

2.3- . 2

3.12

2.9

3.13.5

- . 4

2.81 01.8

2.8

41 5

8

22.77 63.83.8

81.61 13.21.61 91 i2 71.0

22.75.6

*2.83.17.9

81.8

.6

22.7

1959

1

- 7 . 0- 5 . 3

c

-'.9

- 2 . 9— 4- . 3- . 1

- 1 . 7

2.31.11.4

- . 2

2.3- . 2

.62.0

2.32.2

*.1

2.99

2.0

2.9.25

1 31 0

7.3

- 4 . 64.61.31.11 22.91.2

— 7_ 2— 4

.9

7.33.0

7— 4l!9

- . 21 3

.7

.2

7.3

.5! - . 34.2| 1.0

.9 .7

.58.01.46.61.74.92.42.52.1

.3

.6- 5 . 4- . 9

- 4 . 5-4.2-.32.72.5

.9

.2

2

2.11.91.0

.7- . 7— 21.5

1*

.2

.2

3.01.22.3

c

3.0- . 6

.92.6

3.03.5

- . 24

3.21 22.0

3.2.45

1 68

18.72.04.7

- 2 . 71 41.01 23.81.72 6

3.61.3

18.76.21 12.53.81.71 51.5

.4

18.7

.31.21.7

.54.2

.63.6

-1.75.33.22.6

.91.0

3

2.12.01.5

.4

.8— 2- . 2

2- . 3

.1

.2

.8

1.2- . 5

.8- . 6- . 11.4

.81.7

- . 7- . 3

2.58

1.7

2.5.35

1 2.5

18.35 3

.74.61.81.1

73.71.51 7

— 32 8

J

18.35.0

31.62.95.21 81.2

.3

18.3

- . 11.51.01.23.3

.52.8

-.83.63.02.1

.81.3

4

3.83.1

- 1 . 24.41.6

— 21.8

6.6

- . 1.7

1.6- . 12.3

- . 6

1.6- . 6- . 22.4

1.62.1

- . 22

3.19

2.1

3.1.15

1 6.9

17.24.04.7

- . 7.4

1.51 23.01.42.7

61.9

.5

17.16.4

- . 21.12.94.1

.52.3

*

17.2

.51.9

.5

.73.5

.13.4

-.43.81.62.62.0

.7

1960

1

- 8 . 8- 7 . 7- . 4

- 6 . 9- 3 . 0

- 3 . 4•

- . 4- . 4

- 1 . 1

1.6.2

1.5- . 2

1.62*

1.81.61.6

.22

2.9.7

2.1

2.9.15

1.21.1

2.3- 4 . 1- 7 . 4

3.41.01.1

92.31.1

- . 9— 1.6

.32.1

2.32.1

.5

.22.7

- 4 . 11.0

- . 3.3

2.34.3

- . 4- . 2

.9- 7 . 9- 1 . 4- 6 . 5-5.6-.82.32.9

.2

.5

2

2.52.32.8

- . 6- 1 . 2

.6— 4

.4*

.2

3.91.72.4

- . 1

3.9- . 21.52.6

3.93.4

.3

.2

3.31.02.3

3.3.7.5

1.3.8

11.4- 1 . 4- 2 . 1

.6

.81.2

.92.91.32.3

.52 .01.0

11.45.1

.81.22.7

- 1 . 5.8

1.7.5

11.4- . 7

.3- 1 . 3

1.0.4

5.01.23.8

.53.62.32.42.0

3^

1.5 A1.5 B

.2 C1.2 D1.4 E

. . . . F.2 G

— 2 H- . 2 I

* J* K

4.0 A2.6 B1.4 C

• D

4.0 E- . 1 F2.2 G1.8 H

4.0 I3.2 J

.5 K

.3 L

2.8 A1.2 B1.6 C

2.8 D.1 E.5 F

1.5 G.7 H

10.4 A1.2 B5.3 C

- 4 . 1 D1.4 E1.3 F

9 G3.0 H1.2 I

.6 J6 K

- . 5 L.5 M

10.4 N3.6 O

.2 P1 Q

2.5 R1.4 S1.5 T

.7 U

.4 V

10.4 W.8 X

- . 1 Y- 1 . 9 Z

.5 a- . 3 b5.2 c

.5 d4.7 e3.8 f

'9 g2.7 h2.5 i

3 k

* Less than $50 million. P Preliminary.NOTE.—Data for excluded categories—trade credit, proprietors' net

investment, gold, Treasury currency, and misc.—and more detail on

sector transactions appear in other flow of funds/saving tables in theBULLETIN for January 1961.



Financial Statistics

* International *

Reported gold reserves of central banks and governments 368

Gold production 369

Net gold purchases and gold stock of the United States 370

Estimated foreign gold reserves and dollar holdings 371

International capital transactions of the United States 372

United States balance of payments. 381

Money rates in foreign countries. 381

Foreign exchange rates. 383

Index to statistical tables 389

Tables on the following pages include the prin- dealers in the United States in accordance withcipal available statistics of current significance the Treasury Regulation of November 12, 1934.relating to international capital transactions of Other data are compiled largely from regularlythe United States, foreign gold reserves and dol- published sources such as central bank state-lar 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 de-ital transactions are collected by the Federal Re- scriptive text, may be obtained from the Board'sserve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics.

367


368 GOLD RESERVES

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS


End ofmonth

1954—Dec1955—Dec1956 Dec1957—Dec1958—Dec1959—Dec

I960 JanFebMarAprMayJuneJulyAusSeptOctNovDec.

1961—Jan

End ofmonth

1954—Dec1955—Dec1956—Dec1957—Dec.1958—Dec1959—Dec

I960—JanFebMarAprMay. . . .JuneJuly.AugSeptOct..NovDec

1961—Jan

End ofmonth

1954—Dec1955 Dec1956—Dec1957—Dec1958—Dec1959—Dec


SeptOctNovDec

1961 Jan

Esti-matedtotal

worldJ

36,94037 62038,11538 82039,49040,185

40 355

40 570

40 690

HO 520

Cuba

1861361361368050

502119191919193311

Iran

138138138138141140

140131131131131131131131131131131130

130

Int'lMone-

taryFund

1,7401 8081,6921 1801,3322,407

2 4162 4212,4542 4952,4892,5152,5272 5622 5642,6032 7232 439

2,446

Den-mark

313131313131

313131313131313131313131

31

Iraq

814203484

848484848484848484

11198

UnitedStates

21,79321,75322,05822 85720,58219,507

19 49419 47119,45719 40319,39519,36319,18819 04518,72518,44317 94817,804

17,480

Domin-ican

Repub-lic

121211111110

101010101010101010101010

0

Ire-land,

Repub-lic of

181818181818

181818181818181818181818

18

Esti-matedrest ofworld

13,40514 06014,36514 78517,57518,270

18,445

18,690

19 400

^20 275

Ecua-dor

232322222220

202020202020202020202020

20

Italy

346352338452

1,0861,749

1,8161,8701 9021,9021,9831,9971,9982,0882,1862,1862 198

Argen-tina

3723722241266056

5656565656555580848484

Egyp-tianRe-

gion—U.A.R.

174174188188174174

174174174174174174174174174174174174

Leb-anon

6374779191

102

102102102102102102102102102102102119

Aus-tralia

138144107126162154

157160163166170149153156159157147147

El Sal-vador

292828313130

303030303030303030303030

30

Mex-ico

62142167180143142

142142142142142142122122121140

Aus-tria

627171

103194292

292292292292292292293293293293293293

293

Fin-land

313535353538

383838383838383838414141

41

Nether-lands

796865844744

1.0501,132

1,1321,141I 1641,1641,1641,2311,2461.2461,3461 3761 376

r l ,451

1,451

Bel-gium

778929925915

1,2701,134

1 1431 1751,1831 1971,1821,1911,1751 0941 0941,1121 1581 170

1,156

France2

708942924581750

1.290

1,2851,298L 3221,3991,5131,5511,560I 5681,6271,6221,626

641

1,641

NewZealand

333333333334

343434343434343535353535

35

Brazil

322323324324325327

326326294294286286287287287287287287

Ger-many,Federal

Republicof

626920

1,4942,5422,6392,637

2,6382,6522 6702,7042,7412,7722,8182,8792,8882,9152,9432 971

2,999

Nor-way

454550454330

303030303030303030303030

30

Canada

1,0731,1341,1031,1001,078

960

952952950945922909906904894891886885

885

Greece

111110131726

2626262626262626313131

Paki-stan

384849494950

525252525252525252525252

52

Chile

424446404043

424141424242424242454545

39

Guate-mala

272727272724

242424242424242424

Peru

353535281928

282828282828282827424242

47

Co-lombia

868657627271

717273717273747475767778

India

247247247247247247

247247247247247247247247247247247247

247

Phil-ippines

91622

6109

101112131516161213141415

16

Congo,Rep.of the

115116122818342

423838383838

Indo-nesia

818145393733

333333333333333333375757

Portu-gal

429428448461493548

548548549549549549550550550550550552

* Preliminary.For notes see following page.

r Revised.


GOLD RESERVES AND PRODUCTION 369

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued


End ofmonth

1954—Dec1955 Dec1956—Dec1957 Dec1958 Dec1959—Dec


SeDtOct . . .NovDec

1961 Jan

SouthAfrica

199212224217211238

248244256258255240233219204187176178

170

Spain

1321321321015768

787878787878788898

108158178

189

Sweden

265276266219204191

191171171171171171171171171171171170

170

Switzer-land

1,5131,5971,6761,7181 9251,934

1 8261 8071,7771 7671,7671,7741 8961,9601,9802 0202 0592,185

2,184

SyrianRe-

gion—U.A.R.

1719192424

Thai-land

113112112112112104

104104104104104104104104104104

Turkey

144144144144144133

133133133133133133133133133133134134

134

UnitedKing-dom3

2,7622,1202,1332,2733,0692,736

2,6852 7222,7802,8312,8592,8922,9963,0723,1083,1393 1673,231

3,245

Uru-guay

227216186180180180

180180180180180180180180180180180180

Vene-zuela

403403603719719

r652

'652r652'652'512'512'512'512'512'462428398398

398

Yugo-slavia

141617131716

101010977776554

5

Bankfor

Int'lSettle-ments4

761215924

- 4 2-134

- 3 19

17(6)

-122-103-107-103

- 7 9- 5 4— 36- 1 9

53

EPU-EF5

15324426825412640

39

48

53

56

' Revised.i Excludes U.S.S.R., other Eastern European countries, and China

Mainland.Represents reported gold holdings of central banks and governments

and international institutions, unpublished holdings of various centralbanks and governments, estimated holdings of British Exchange Equaliza-tion Account based on figures shown for United Kingdom, and esti-mated official holdings of countries from which no reports are received.

The figures included for the Bank for International Settlements repre-sent the Bank's gold assets net of gold deposit liabilities. This procedureavoids the overstatement of total world gold reserves since most of thegold deposited with the B.I.S. is included in the gold reserves of individualcountries.

2 Represents holdings of Bank of France and French Exchange Stabili-zation Fund.

3 Beginning with December 1958, represents Exchange EqualizationAccount gold and convertible currency reserves, as reported by BritishGovernment; prior to that time represents reserves of gold and UnitedStates and Canadian dollars.

4 Represents net gold assets of B.I.S., i.e., gold in bars and coins andother gold assets minus gold deposit liabilities.

5 European Payments Union through December 1958 and EuropeanFund thereafter.

6 Less than $500,000.

GOLD PRODUCTION

[In millions of dollars at $35 per fine troy ounce]

Year or month

1953195419551956195719581959

1959—Dec

I960—JanFeb . . .MarApr . . . .Mi ayJuneJuly

SentOct

Dec

Estimatedworld

production1

'845.0r895 0'940.0'975.0

r l 015 0r l , 0 5 0 . 0'1 ,125 .0

Production reported monthly

Total

776.0826.0873.5911.6952.8980.1

1 059.9

88.4

89.388.589 190.2

Africa

SouthAfrica

417.9462.4510.7556.2596.2618.0702.2

59.3

60.860.059.661.863.163 463.663 563.463.463.462.2

Rho-desia

17.518.818.418.818.819.419.8

1.6

1.61.61.61.71.61.61.6

Ghana

25.427.523.821.927.7^9 231.8

2 . 7

2 . 62 .62 .72 .72 .62 62 .6? 62 . 62 .52 . 52 . 5

Congo,Rep.of the

13.012.813.013.113.112.812.0

.8

1.31.4

.9

.81.4

North and South America

UnitedStates

69.065.165.765.363.061.657.2

3.7

3.43.13.53.54 .13.94 . 54 95.04 . 44 . 33.9

Can-ada

142.4152.8159.1153.4155.2158.8156.9

13.2

13.213.013.612.813.213.513.813.312.914.113.713.8

Mex-ico

16.913.513.412.312.111.611.0

.8

.71.11.1

.9

Nica-ragua 2

9.18.28.17 .66.97 .27 .3

.6

.5

.6

.6

.7

.5

.6

.56

.6

.7

.6

Brazil

4 04 23.94 . 34 . 23.93.9

.4

.4

.43

.4

.33

.44

.3

.3

.4

Colom-bia

15.313.213.315.311.413.013.9

1.2

1.545

4?

1 f

Other

Aus-tralia

37.739.136.736.137.938.638.1

3 .6

2 .82 .83 23.32 83 43 23 13.43 .3

India

7 88 47 . 47 36 36 .05 8

.5

.555454455

r Revised.1 Excludes U.S.S.R., other Eastern European countries, China Main-

land, and North Korea.2 Gold exports representing about 90 per cent of total production.Sources.—Estimated world production: based on reports of the U. S.

Bureau of Mines.

Production reported monthly: reports from individual countries exceptGhana, Republic of the Congo and Brazil, data for which are fromAmerican Bureau of Metal Statistics. For the United States, annualfigures are from the U. S. Bureau of the Mint and monthly figures arefrom American Bureau of Metal Statistics.


370 U. S. GOLD

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES

[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]

Area and country

Western Europe:Austria

France . . . .Germany (Fed. Rep. of)

PortugalSpainSwitzerland . • •United KingdomBank for Int'l Settlements...Other

Total

Canada

Latin America:ArgentinaMexicoVenezuelaOther

Total

Asia:

Other

Total

All other

Total foreign countries..

International institutions2

Annual totals

1953

- 8 5

-130

- 6 5- 6 0

- 65- 480

94- 3 7

-1 ,016

- 8 5- 2 8

- 1 9

-132

- 6

- 6

- 1 0

-1,164

-1,164

1954

- 6

-226

- 5 5

- 16- 50- 2 0

- 6

-378

80- 30

12

62

- 1 0

- 1 0

- 1

-327

-327

1955

- 6 8- 1 0

- 5

4

- 7 8

14

14

- 5

- 5

- 6 8

- 6 8

1956

3- 3 4

- 8100

18

80

15

115

-20056

- 2 8

0)0)14

80

200

280

1957

3

25

31

8

68

5

75

6

81

18

18

0)172

600

772

1958

- 8 4-329

"XAQ

-261- 2 0

32-215-900-178

- 2 1

-2,326

67

2

69

-30- 4

- 3 4

- 3

-2,294

-2,294

1959

- 8 3-39

-266

- 3 0- 1 0

20-350

- 3 2- 3 8

-827

- 3 065

- 1 6

19

-157- 2 8

-186

- 5

-998

3-44

3-1,041

1960

— 1-141— 173

- 3 4

- 2 4 9

- 1 1 4— 324— 550

- 3 6- 9 6

- 1 , 7 1 8

- 5 0- 2 0

- 3 0

100

—15- 9 7

113

- 3 8

- 1 , 9 6 9

300

- 1 , 6 6 9

Quarterly totals

1959

Oct.-Dec.

—200

20

- 1 7

-197

65- 1

64

- 2 0

- 2 0

- 4

-157

100

- 5 7

1960

Jan.-Mar.

- 2 6

- 1 0

- 2

- 4 0

- 1

- 1

(!)

0)0)

- 4 2

- 4 2

Apr.-June

- 2 5

- 2 5

1

- 4 9

- 1

- 1

- 2 6

- 2 6

- 8

- 8 4

- 8 4

July-Sept.

- 7— 56

— 110

- 3 3160

— 200

- 1 1

- 5 7 6

- 3 0

- 6

- 3 6

- 1 5- 4

- 1 9

0)- 6 3 2

- 6 3 2

Oct.-Dec.

- 8 3117

- 3 4

— 105

— 81165350

— 36- 8 3

- 1 , 0 5 3

- 2 0- 2 0

- 2 2

- 6 2

67

- 6 7

- 2 9

- 1 , 2 1 2

300

- 9 1 2

1 Less than $500,000.2 Figures represent purchase of gold from, or sale to ( — ) International

Monetary Fund.

3 Includes payment of $344 million in June 1959 as increase in UnitedStates gold subscription to the International Monetary Fund.

ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES


Year

19491950195119521953

19541955195619571958

19591960

Gold stock(end of year)

Treas-ury

24,42722,70622,69523,18722,030

21,71321,69021,94922,78120,534

19,45617,767

Total i

24,56322,82022,87323,25222,091

21,79321,75322,05822,85720,582

19,50717,804

Totalgold

stock:increase,

or de-crease( - )

165-1,743

53380

-1,162-297

- 4 1306799

-2,2752-1,076-1,703

Netgold

import,or

export(-)

686-371-549

6842

1697

106104260

302333

Ear-marked

gold: de-crease,or in-crease( - )

-496-1,352

618-305

-1,171

-325-132

319600

-2,515-1,324-1,982

Domes-tic goldproduc-

tion

6780666769

6566656362

5749

Month

I960—FebMarAprMayJune. . . .JulyAugSeptOctNovDec

1961—JanFeb

Gold stock(end of month)

Treas-ury

. 19,421

. 19,408

. 19,360

. 19,352

. 19,322

. 19,144

. 19,005

. 18,685

. 18,402

. 17,910

. 17,767

. 17,441

. *>17,373

Total i

19,47119,45719,40319,39519,36319,18819,04518,72518,44317,94817,804

17 480ni, 412

Totalgold

stock:increase,

or de-crease( - )

- 2 3- 1 4- 5 4

- 8- 3 2

-174-144-319-282-495-144

-324P - 6 8

Netgold

import,or

export

4178

107749125

12519

3

—20(3)

Ear-marked

gold: de-crease,or in-crease( - )

- 2 1- 1 3- 7 1- 1 4

-102-222-151-319-397-512-145

-32243

Domes-tic goldproduc-

tion

34444555444

( 3 )

( 3 )

P Preliminary.1 Includes gold in Exchange Stabilization Fund, which is not included

in statistics on gold stock (Treasury gold) used in the Federal Reservestatement "Member Bank Reserves, Reserve Bank Credit, and RelatedItems" or in the Treasury statement, "Circulation Statement of UnitedStates Money."

2 Includes payment of $344 million as increase in United States goldsubscription to the International Monetary Fund.

3 Not yet available.4 Gold held under earmark at the Federal Reserve Banks for foreign

and international accounts amounted to $12,162 million on Feb. 28, 1961.Gold under earmark is not included in the gold stock of the United States.


GOLD RESERVES AND DOLLAR HOLDINGS 371

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONALINSTITUTIONS


Area and country

Western Europe:AustriaBelgiumDenmarkFinlandFranceGermanv (Fed Reo of)GreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomOthers

Total

Canada • • •

Latin America:ArgentinaBrazilChileColombiaCubaGuatemalaM exicoPanama Republic ofPeru • • •UruguayVenezuelaOther4

Total.

Asia:IndiaIndonesia . . . .•[ranJapanPhilippines .ThailandOther

Total

All other:AustraliaEgyptian Region—U.A.RUnion of South Africa. .Others

Total

Total foreign countries 6

International institutions

Grand total 6 . . .

Memorandum item:Sterling area

Dec. 31

Gold&short-term

dollars

6051,385

200104

1,2824,394

1432,2071,389

173656

93507

2,777164

3,723870

20,672

3,097

21046314024136669

56114696

2621,213

250

4,017

324145184

1,094186245

1,041

3,219

241190241512

1,184

32,189

2,876

35,065

4,837

, 1958

U.S.Govt.bonds

& notes

7661

1213

210

120(2)

31076

19429

489

341

1(2)(2)86

42

11

106

(2)

(2)131

27

32

14

15

983

495

1,478

242

Dec. 3

Gold&short-term

dollars

6231,272

168115

1,9454,624

2123,1181,617

125686154404

2,903164

3,490593

22,213

'3,158

39347822828821461

584129110242

'929253

'3,909

361172187

1,564181240

1,244

3,949

264194287

'523

'1,268

'34,497

'5,565

'40,062

4,729

, 1959

U.S.Govt.bonds

& notes

77

641

3516

(2)17

14113

10188

32351

855

452

1

82

31

312

105

(2)1

(2)231

46

53

141

42

1,507

660

2,167

407

Mar. 31, 1960

Gold&short-term

dollars

5561,339

145125

2,0414,682

1863,0611,646

129674189388

2,708163

'3,716617

'22,365

'3,307

44445019327716877

574128100242

'897273

'3,823

351183176

1,644190248

1,236

4,028

272207299526

1,304

'34,827

5,753

'40,580

'4,972

U.S.Govt.bonds

& notes

76

641

3716

(2)18

14113

7987

36838

866

485

1

82

43

12

106

10

(2)231

53

70

854

55

1,582

709

2,291

476

June 30, 1960

Gold&short-term

dollars

4901,340

11199

2,3105,245

1383,0571,643

131637227432

2,713152

'4,124507

'23,356

'3,439

44344818626214970

497116105240

'813388

'3,717

306188168

1,755214258

1,107

3,996

263216280547

1,306

'35,814

'5,832

'41,646

'5,302

U.S.Govt.bonds

& notes

77

531

1816

(2)17

158

37984

40338

885

429

1

821421

311

105

40

(2)221

70

115

157

58

1,592

755

2,347

550

Sept. 30, 1960

Gold&short-term

dollars

5161,240

7885

2,2735,997

1093,2031,646

115638235395

2,786149

4,503469

24,437

3,552

45446017924210865

49512797

244795400

3,666

297195156

1,984237270

1,026

4,165

259196235553

1,243

37,063

6,130

43,193

5,627

U.S.Govt.bonds

& notes

77

531

1716

(2)14

15813

7874

38139

849

424

(2)63

142

311

86

40

(2)

2(2)59

103

28

29

1,491

671

2,162

489

Dec. 31, 1960?

Gold&short-term

dollars

5361 317

8587

2 1606,449

1363,1321,779

112636327397

2,863152

4,470528

25,166

3,325

419481180236

7568

537123114231781373

3,618

301235152

2,166218284989

4,345

235196207603

1,241

37,695

6,392

44,087

5,561

U.S. Govt.bonds & notes *

Oldseries

76

28

1616

(2)12

143

37757

41140

818

416

(2)

(2)39

122

139

59

40

(2)22

(2)43

87

27

28

1,408

884

2,292

512

Newseries

32

31

53

(2)

148

18294

41945

837

446

12

1

7

1

15

41

2(2)45

92

8S34

1,424

900

2,324

535

P Preliminary. ' Revised,1 Of the two sets of figures shown, the first continues the series based

on a 1955 survey and reported securities transactions; the second isbased on a survey as of November 30, 1960, and reported securitiestransactions in December. Data are not available to reconcile the twoseries or to revise figures for earlier dates.

2 Less than $500,000.3 Includes other Western European countries, unpublished gold

reserves of certain Western European countries, gold to be distributedby the Tripartite Commission for Restitution of Monetary Gold, EuropeanPayments Union/European Fund, and the Bank for International Settle-ments; the figures for the gold reserves of the B.I.S. represent the Bank'snet gold assets, (see note 1 to table on reported gold reserves).

4 Includes other Latin American republics and the Inter-AmericanDevelopment Bank.

5 Includes unspecified countries in Africa, Oceania, and EasternEurope, and all Western European dependencies located outside Europeand Asia.

6 Excludes gold reserves of the U. S. S. R., other Eastern Europeancountries, and China Mainland.

NOTE.—Gold and short-term dollars include reported and estimatedofficial gold reserves, and total dollar holdings as shown in "Short-termLiabilities to Foreigners Reported by Banks in the United States byCountries" (Tables 1 and la-Id of the following section). U. S. Govt.bonds and notes are holdings with original maturities of more than oneyear.


372 BVTL 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]

End of month

1956—Dec1957 Dec1958 Dec1959—Dec

1960 JanFebMarAprMayJuneJulyAueSeptOctNovDec?

1961—Jan.?

Grandtotal

14,93915,15816,15919,387

19,389r19 49219,68119,860'20 187'•20,442'20,748r21,218'21,22821 44220,91221,371

20,975

In-terna-tionalinsti-

tutions2

1,4521,5171,544

43,158

3,1383 2853,3003,2343 3593,3173,3343,466

'3,5663,6823,6973,953

3,941

Foreign countries

Total

13,48713,64114,61516,229

16,252r16,20716,38216,62616,82817,12517,41417,75217,66217,76017,21617,418

17,034

Official

8,0457,9178,665

r9,152

'8,903r8,880r9,011'9,224r9,275r9,600'9,759

10,16010,10910,32810,10410,371

10,200

Private

5,4425,7245,950

'7,076

'7,348'7,326r7,371'7,402'7,553'7,525'7,655'7,592'7,5537,4327,1127,047

6,834

Ger-many,Fed.Rep.

of

1,8351,5571,7551,987

1,8991,9082,0122,1992,2202,4732,7042,8683,1093,2923,3673,478

3,505

UnitedKing-dom

1,0121,275

873990

1.0081,1651,2661,3401,5001,5991,7361,8001,8281,7931,6411.670

1,635

OtherEurope

4,0194,3105,0815,501

5,4145 2845,1224,9634,9404,8694,5734,5234,2644 2163,9823,958

3,648

TotalEurope

6,8657,1427,7088,479

8,322'8 357'8,399'8,502'8 660'8,942'9,013'9,190r9,2029 3028,9909,107

8,788

Canada

1,5161,6232,0192,198

2,3202 2722,3572,3862 4232 5302,6832,6992,6582 7112,5072,440

2,443

LatinAmerica

2,3462,5752 4032,406

2,3932 3782 3832,4782 5262 4322,4942 5402,4322 3662 3402,414

2,317

Asia

2 4151,9462 2052,774

2 8292 8062 8602,8432 8172 8242,8542 9372,9972 9983 0173,107

3,145

Allother

346355279373

388394382417403397369386374384362349

341

Table la. Other Europe

End of month

1956—Dec1957—Dec1958 Dec1959—Dec

I960 JanFebMarAprMayJuneJulyAueSeptOctNovDec.P

1961 Jan *>

OtherEurope

4,0194,3105,0815,501

5,4145,2845,1224,9634 9404,8694,5734,5234,2644,2163,9823,958

3,648

Aus-tria

296349411331

308300264234221198197203223229231243

213

Bel-gium

117130115138

152137156134141149172166146140141147

134

Den-mark

65112169137

120112114928280725347535354

54

Fin-land

53646977

839087757161644947484546

48

France

626354532655

664675719711726759650726646658583519

579

Greece

177154126186

188197160146128112977578546763

49

Italy

9301.079

,121,369

,358,245,159,142,050,060,095,127.017981952934

857

Neth-er-

lands

134203339485

496496482442430412386355300289277328

276

Nor-way

6793

13095

9594999697

101888585838182

80

Por-tugal

137142163138

128130125113104

88888788848584

81

Spain

43243686

9399

111108120149133132137187157149

114

Swe-den

217260303213

151196217265267261250250224219210227

229

Switz-er-

land

836967852969

977950931930928939878820806755693678

612

Tur-key

20182031

303130232419181416181718

21

Allother'

299360694590

571533468451552483386380402418391387

301

Table lb. Latin America

End of month

1956—Dec1957—Dec1958 Dec1959 Dec

I960 JanFebMarAprMayJuneJulyAueSeptOctNovDec.P

1961— Jan.?

LatinAmer-

ica

2,3462,5752 4032,406

2,3932,3782 3832,4782,5262 4322 4942,5402,4322 3662,3402,414

2,317

Argen-tina

146137150337

360380388386412388394393370324335315

299

Bo-livia

29262224

252321202221202023222123

23

Brazil

225132138151

152164156159172162162176173185186194

203

Chile

9175

100185

170159152147156144132132137116117135

120

Co-lom-bia

153153169217

222232204205205189185175167181166158

174

Cuba

211235286164

163151149146138130120111105908474

68

Do-min-icanRe-pub-

lic

68544037

363529293535353633343437

31

ElSal-

vador

25272628

313533333331272322222424

27

Guate-mala

64654237

445253545246403741414244

50

Mex-ico

433386418442

425All432437409355390399374358359397

367

Neth-er-

landsAn-tillesand

Suri-nam

69737986

868385828693989087797276

77

Pan-ama,Re-

pub-lic of

109136146129

131125128129123116123128127126122123

108

Peru

84607782

837072817977827770646472

65

Uru-guay

73558262

626862626360555464615251

49

Vene-zuela

455835494277

250209245317351301355407333349360383

363

OtherLatinAmer-ica6

111124133148

154172175190191285275282306313303306

293

* Preliminary. r Revised. For other notes see following page.


1NTL CAPITAL TRANSACTIONS OF THE U. S. 373

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued


Table lc. Asia and All Other

End of month

1956—Dec1957—Dec1958—Dec1959—Dec

I960—JanFebMarAprMayJune . . .JulyA u sSent .OctNovDec p

1961—Jan.?

Asia

Total

2,4151 9462,2052 774

2 8292,8062 8602 8432,8172 8242,8542,9372 9972,9983,0173,107

3,145

HongKong

66706260

616165615858595859586057

57

India

768277

114

11390

104686759555150363754

45

Indo-nesia

186151108139

146153150152138155158164162170148178

181

Iran

20554347

464345394737352725262522

20

Israel

45525687

938787939180687259627175

67

Japan

1,017586935

1,285

1.319,318365

,413,445476

,536,627705

,758808

,887

,953

Ko-rea,Re-pub-licof

99117145148

149145141140136139143144148153150152

139

Phil-

pines

272175176172

174177178184194198216219224217212203

193

Tai-wan

61869994

949595919090878989868484

84

Thai-land

148157133136

142142144142152154158163166169177180

190

Other

425417371494

493494486459399379339322311263245214

216

All other

Total

346355279373

388394382417403397369386374384362349

340

Aus-tralia

848579

110

10711210913511311410795

100878088

72

Con-£°>Rep.

ofthe

44393031

333442374637252729

r303232

33

Egyp-tianRe-

gion—U.A.R.

50401620

253833394142464022242722

20

Unionof

SouthAfrica

53383049

625743393040363231303329

38

Other

114153125162

162152157166174164155191192

'213189178

177

Area or country

Other Europe:AlbaniaBulgaria

Czechoslovakia 8Estonia

IcelandIreland Republic ofLatvia .LithuaniaLuxembourgMonacoPoland 8Rumania 8Soviet Zone of GermanyU. S. S. R.8

Other Latin America:Bahamas 9

BermudaCosta RicaEcuadorFrench West Indies and French Guiana. .HaitiHondurasNicaragua . • •ParaguayWest Indies Federation »

Other Asia:AdenAfghanistanBahrein Islands

Table lc1. Supplementary Areas and Countries7

End of year

1957

.16

\l1.7

.72 . 99 . 0

.55

16.45.43.2

.83.1

.7

7 916.422.7

.811.212 612.75.1

15.8

.84.7

.9

1958

.3

.3

.2

.61.7

.93.5

10 0.67

16.15.94.9

.91.42.2

6 824.517.4

.57.76 3

11.33.4

31.6

1.74 5

.9

1959

.31 2

.3

.71.81.32 . 75 4

.66

7.25.34.0

.91.52.6

14 318.921 7

.510 512 812.56.7

32.6

2.211 0

. 9

1960

.25

.51.0n.a.1.05.12 7

.56

12.64.16.11.11.3

12.1

47.221 719.827 3

.410.715 011.94.6

11.3

n.a.9 8n.a.

Area or country

Other Asia (Cont.):BurmaCambodia . . . . . .Ceylon

IraqJordan

LaosLebanonM^alaya Fed of . .PakistanPortuguese India (Goa)Ryukyu IslandsSaudi ArabiaSingapore .Syrian Region—U.A.RViet-Nam

All other:AlgeriaEthiopia and EritreaFrench SomalilandGhana .LiberiaLibya . . . . . . . . .Madeira IslandsMorocco,MozambiqueNew CaledoniaNew Zealand . .Somali RepublicSudan . . . .Tunisia

End of year

1957

6.720 034.236.319.6

1.65.9

33.128.2

1 612.82.5

32.794.87.13.5

58.5

935.1

3.1

23.010 7

.951.53.41.71.91.31 7

.8

1958

5.924 944.136.018.02 . 8

10.320 937.9

1 25.62.5

15.260.22.54.7

48.8

527.8

1 0.7

13.06 41.0

43.52.91.46.91.35 2

.3

1959

4 319 734.435.863.1

2 . 59 . 4

21 038 0

1 423.5

2.314.8

111.63.55.0

68.3

618.72 0

.420 317 6

657.82.01.36.8

.81 68.4

1960

910 96.9

34 8n.a.1.89 65 0

36 26 3

10.61.4n.a.18 41.9n.a.n.a.

49 3

9n.a.n a5 6

964.32.2n.a.n.a.3.5n a2 . 8

n.a. Not available. » Preliminary.1 Does not include banking liabilities to foreigners maturing in more

than one year; such liabilities amounted to $7 million on January 31,1961.

2 Includes International Bank for Reconstruction and Development,International Monetary Fund, and United Nations and other inter-national organizations.

3 Represents liabilities to foreign central banks and foreign centralgovernments and their agencies (including official purchasing missions,trade and shipping missions, diplomatic and consular establishments, etc.).

4 Includes $1,031 million representing increase in United States dollarsubscription to the International Monetary Fund paid in June 1959.

5 Includes Bank for International Settlements.« Beginning June 1960 includes Inter-American Development Bank.7 Except where noted, these data are based on reports by banks in

the Second (New York) Federal Reserve District. They represent apartial breakdown of the amounts shown in the "other" categories inTables la- lc .

8 Based on reports by banks in all Federal Reserve districts.» Prior to 1960 data for the Bahamas included with West Indies

Federation.NOTE.—Statistics on international capital transactions of the United

States are based on reports by U. S. banks, bankers, brokers, and dealers,by branches or agencies of foreign banks, by certain domestic institutionsnot classified as banks that maintain deposit or custody accounts forforeigners, and by the U. S. Treasury. The term "foreigner" is used todesignate foreign governments, central banks, and other official institu-tions, as well as banks, organizations, and individuals domiciled abroadand the foreign subsidiaries and offices of U. S. banks and commercialfirms.


374 INT'L CAPITAL TRANSACTIONS OF THE U. S.

TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES


End of month, or areaand country

1956 Dec1957 Dec1958 Dec1959 Dec . .

1960 JanFebMarAprMayJuneJulyA.ugSentOctNOVDec p

1961— Jan.?. . .

Europe:AustriaBelsiumDenmarkFinland

Germany, Fed. Rep. of....

ItalyNetherlandsNorway

PortugalSpainSwedenSwitzerlandTurkey

United Kinsdom

Other Europe

Total

Canada

Latin America:ArgentinaBoliviaBrazilChileColombiaCuba

Dominican RepublicEl SalvadorGuatemalaMexicoNeth. Antilles and Suri-

nam

Panama Rep. ofPeruUrusuavVenezuelaOther Latin America

Total

Total

Payable in dollars

To banks and official institutions

Total Deposits

U.S.Treasurybills and

certificates1

Other 2

To all other foreigners

Total Deposits


certificates

Other 2

Payablein foreigncurrencies

Total amounts outstanding

14,93915,15816,15919,387

19,38919,492r19,68119,860r20,187r20,442'20,748r21,218'21,22821,44220,91221,371

20,975

12,86012,84713,66916,911

16,98117,15317,36917,55417,84318,10918,41418,874

18,87219,03518,60319,040

18,744

5,9795,8756,7726,341

6,1506,0656,2726,6966,9207,1867,3657,631

'7,6487,6397,4517,565

7,319

5,9905 8405,8239,243

9,2589 4299,3579,2259 3409,3039,5129,7199,7059,9119,715

10,075

10,124

8911,1321,0751,328

1,5731,6601,7401,6321,5831,6201,5381,5241,5191,4851,4371,400

1,301

2,0302,2522,4302,398

2,3542,2752,2432,2342,2682,2502,2502,2532,2382,2632,1822,219

2,109

,653766

,951,833

,765749

,738,745770

,794,780770

,786,826111

1,836

1,759

243278306295

295225204199211167165182173173158149

128

134209174270

293301301290287289305301279264247234

222

49595977

56r64

'73r75r84'86'91

1 1 8144127112

121

Area and country detail, November 30, 1960

2311415345

583

3,36767

952277

81

85157210693

17

1,64110

380

8,990

2,507

33521

186117166

84

342442

359

72

1226452

360303

2,340

231944543

533

3,33951

92125349

43139202558

15

1,2767

316

8,115

2,281

2635

6276

10215

126

26222

42

112321

191222

1,300

210772615

238

22229

1229946

4013869

28715

8797

63

2,581

1,696

1405

58769015

126

17217

19

92319

18993

987

24

1819

259

2,73723

648131

8556

319

122

4,425

565

86

(3 )

( 3 )

2

11

121

220

1814

19

37

380(3)

15023

3

21

48215

78

131

1,109

20

38(3 )

4(3 )

13

(3 )75

12

2

2

8

93

147

82

50

2616312332

42187

1332

3133

15

768

216

7115

124416468

221716

136

30

1114131

16980

1,037

3672

43

2116261731

40187

852

1491

13

515

171

7015

113406264

211616

131

14

743824

16474

937

(3 )

3

2

44

( 3 )

( 3 )

13

77

1

107

33

( 3 )2

(3 )

(3 )

(3 )(3 )

4

3

112

15

( 3 )

11(3)

4

3

11

2

( 3 )34

8621

146

12

1( 3 )

10(3 )

14

1

13

12

342644

85

(3)

1

(3 )

2

(3)(3)(3)

2

51

49

107

11

( 3 )( 3 )(3 )

( 3 )

1

( 3 )

(3 )(3 )

3

P Preliminary. r Revised.1 Includes International Monetary Fund's holdings of nonnegotiable,

non-interest-bearing demand notes of the United States which amountedto $2,498 million on January 31, 1961.

2 Represents principally bankers' acceptances and commercial paper3 Less than $500,000.


INT'L CAPITAL TRANSACTIONS OF THE U. S. 375

TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued


Area andcountry

Asia:Hong KongIndiaIndonesia . . . . •IranIsrael

JapanKorea Rep ofPhilippinesTaiwanThailand . .Other Asia

Total

All other:AustraliaCongo Rep of the .Egyptian Region—U.A.R..Union of South Africa....Other

Total

Total foreign countries.

International institutions....

Grand total

Total

6037

1482571

1,80815021284

177245

3,017

80322733

189

362

17,216

3,697

20,912

Payable

To banks and official institutions

Total

3526

1462067

1,79014819377

174210

2,886

77312629

163

325

14,907

3,696

18,603

Deposits


certificatesOther i

n dollars

To all other foreigners

Total

Area and country detail, November 30,

2922832023

9791361677420

153

1,706

30211729

126

222

7,192

258

7,451

33

\A

7331221

12239

975

4288

35

93

6,277

3,438

9,715

74

29

30

78

53

3317

205

521

2

11

1,437

1,437

2411254

162

1973

35

127

3

14

25

34

2,182

C2)

2,182

Deposits


certificates

1960—Continued

2311254

152

1963

33

123

3I14

23

31

1,777

1,777

«

p>

p>

i

(2)

(2)

158

158

Other i

1

(2)

1

( 2 ) "

1

3

(22>

2

247

247

Payablein foreigncurrencies

(2)1

(2)

1

(2)1

3

(2)C2)

2

3

127

127

1 Represents principally bankers' acceptances and commercial paper.2 Less than $500,000.

TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i


End of month Total France

Ger-many,Fed.

Rep. of

ItalySwit-zer-land

UnitedKing-dom

OtherEurope

TotalEurope

Can- LatinAmer-

icaAsia All

other

1956—Dec..1957—Dec..1958—Dec..1959—Dec..

I960—Jan..Feb..Mar.Apr..May.June.July.Aug.Sept.Oct..Nov.Dec.

1961—Jan.p

1,9462,1992,5422,623

2,7002,6802,7282,70^r2,6912,7643,06:r3,1173,160'3,3543,3263,554

3,586

1811410257

463825252628273329322831

33

1571407754

515153555562636877847881

78

43563630

393830333232303533423534

38

29344238

513937413642364145545560

10498124121

111124112129135181234239256237222244

201

216211315234

229229231228226230227212226236240260

237

568654696534

526519488512509575617628665685658710

648

157154243272

255234246254258272336341356397376401

413

840956,099,175

,241,248,257,172,124,111,203,200,150,244,254,350

,342

337386435586

624626682715743746r845r886'"921'958972

1,025

1,110

43506956

555354555660616268696668

73

P Preliminary. r Revised.1 Short-term claims reported in these statistics represent principally

the following items payable on demand or with a contractual maturityof not more than one year; loans made to and acceptances made for

foreigners; drafts drawn against foreigners that are being collected bybanks and bankers on behalf of their customers in the United States;and foreign currency balances held abroad by banks and bankers and theircustomers in the United States.


376 INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i


Table 3a. Other Europe

Continued

End of month

1956 Dec1957—Dec1958 Dec1959 Dec

I960 JanFebMarAprMay

July

SeptOctNovD e c p

1961—Jan.P

OtherEurope

216211315234

229229231228226230227212226236240260

237

Aus-tria

7674

433222323232

2

Bel-gium

28256556

565349514650494141455061

63

Den-mark

12111418

181512977679

101313

14

Fin-land

4468

899988978999

9

Greece

4675

333444565576

5

Neth-er-

lands

21295638

332630263634363029323033

34

Nor-way

2323227

87867789

11161717

11

Por-tugal

2222

222222223334

3

Spain

88

308

76665577

10878

6

Swe-den

13102419

171718192322221823252628

26

Tur-key

o n

767247

506669676062555961585349

41

Yugo-slavia

(2)

1789

1112121211978

11

9

Allother

7109

18

161614151314121315161518

14

Table 3b. Latin America

End of month

1956—Dec1957 Dec1958 Dec1959—Dec

I960—JanFebMarAprMay

JulyAugSeptOctNovDec p

1961 Jan P

LatinAmer-

ica

840

rT

r

1,0991,175

1,241,248

1,2571,1721,1241,1111,2031,2001,150[.244,254

ISO

1,342

Argen-tina

15284060

606165636876818796

108112121

122

Bo-livia

4333

333444444444

4

Brazil

72100148117

138150151148161156173176189212206225

229

Chile

16335259

585751505050575457556372

74

Co-lom-bia

1451035168

717071757777807879777680

80

Cuba

9o113166115

1039695927767625531292726

25

Do-min-icanRe-

pub-lic

7151929

292723201917161817171716

14

ElSal-

vador

118

1015

105556779

14191922

21

Guate-mala

78

1210

121312131311111111121314

13

Mex-ico

213231293291

288257282297325321335333316303302340

342

Neth-er-

landsAn-tillesand

Suri-nam

5264

355355564458

5

Pan-ama,Re-

pub-lic of

12182318

181918172217171620192223

27

Peru

35313136

353836404143434643424344

48

Uru-guay

15425247

474651524942383952555257

50

Vene-zuela

144170142247

314346334242157169224219164233235234

231

OtherLatin

Amer-ica

49515357

525554525050

r50r50r52565765

57

Table 3c. Asia and Ail Other

End of month

1956 Dec1957—Dec1958 Dec1959 Dec

I960 JanFebMarAprMayJune ..July

SeptOctNovDec P

1961—Jan v

Asia

Total

337386435586

624626682715743746

'845r886r921'958972

1,024

1,110

HongKong

476

10

11121211121110109888

7

India

6646

666887979

11119

8

Iran

20222729

3030313533353638363534CO

C

O

Israel

16242314

141713151617161514151724

27

Japan

170146179324

362372420456488497

r586r628'660••695712780

866

Phil-ippines

16536724

241822222114222623252419

16

Tai-wan

6669

999

10101110106877

7

Thai-land

9141315

141213101211151415151624

22

Other

91110111155

154151154148145143141140149147143121

123

All other

Total

43506956

555354555660616268696668

73

Aus-tralia

1113C

OO

O

OO

vC

18192123252527292727

28

CongoRep.of the

6543

3333333253

CO

CO

I

Egyp-tianRe-

gion—U.A.R.

2132

22

21221229CO

C

O

Unionof

SouthAfrica

8122112

101110111111121011101011

12

Other

17192921

222123192021212223252524

27

* Preliminary. f Revised.* See note 1 on preceding page.

2 Less than $500,000.


ENTL CAPITAL TRANSACTIONS OF THE U. S. 377

TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES


End of month, or areaand country

1955 Dec1956 Dec1957 Dec . .1958 Dec1959 Dec

I960 JanFebMarAprMayJuneJulyAugSeptOctNovDec P

1961— Jan. v

Europe:AustriaBelsiumDenmarkFinlandFrance

Germany, Fed. Rep. ofGreeceItalyNetherlandsNorway

Portusal .Spain .SwedenSwitzerland . .Turkey

United Kingdom

Other Europe

Total

Canada • . . . .

Latin America:Argentina

BrazilChileColombiaCuba

Dominican RepublicEl Salvador

Netherlands Antilles andSurinam

Peru

Other Latin America

Total

Long-term—total i

Short-term

Total

Payable in dollars

Total

Loans to:

Banks andofficialinstitu-tions

Others

Collec-tionsout-

standingOther

Payable in foreign currencies

TotalDeposits

withforeigners

Other

Total amounts outstanding

671839

r

1,1741,3621,545

1,5271,5171,5331,5871 6281,5991,6661,6361,6261,6281,6591.694

1,650

1,5491,9462 1992,5422,623

2,7002,6802,7282,7072,6912,7643.062

r3,117r3,160r3,3543,3263.554

3,586

1,3851,7962,0522,3442,406

2,4912,4872,5202,4902,4662,4852,665

%708r2,729r2,8762,9023,077

3,111

489582627840848

873845806774768726731715

f719831772813

804

236330303428460

425411397408392387387385386404436480

466

353440423421516

517526538562569579

r561r554r578'591604591

620

307444699656582

676705779746737793986

1,0541,0451,0491,0911,192

1,221

164150147198217

209194208218224280397409431478424477

475

144131132181203

195175179186191198223221270293221242

198

2019151615

141929313482

173188161185203235

276

Area and country detail, November 30, 1960

330

33

21

264

2710

133

35

322

2919

341

68

114(2)

2184128

1

1PJ197

3

3011(2)

19365

910

350139

28

787

353017

37

265553

2228

15

658

376

1124

206637627

171913

3025

224352

23557

1,254

249139

26

657

332615

36

243653

578

15

446

242

914

206627627

161913

2985

224352

23457

1,227

( 2 )

291

2

212874

1338

49

642

151

13

9(2)64

874

581

123

1

596

4

336

( 2 )

42

3

61531

615

3

2

52

192

8(2)1317112

12

492

1173

488

183

11122

10

214

15123

11663

1715

123

14

273

33142619

357

333

517

35233

285

(2)587

11

17

47

197

3125

120

22

46

952332

2

862

93

18423813

423

<*)

(2)2

13

142

220

166

8212

134

21

n\(2)(2)(2)

(44

8(2)

1

27

(2)1

(2)2

12

i "4

18

77(2)

107

47

21

1(2)3

(2)(2)

( 2 )

24

(2)(2)

(2)(2)

<?(2)

n\1

12

89

(2)

105

87

(2)

n\(2)(2)

( 2 )

1

(2)1

(2)

( . 2 ) . .

3

year.

Preliminary. r Revised,i Represents mainly loans with an original maturity of more than one

2 Less than $500,000.


378 BNTTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued


Area andcountry

Asia:

Indonesia

Israel

JapanKorea Rep. of

TaiwanThailandOther Asia

Total

Allother:AustraliaCongo Rep. of theEgyptian Region—U.A.R..Union of South AfricaOther

Total

International institutions... .

Grand total

Long-term—total i

120391410

19

17

2

129

2740

55881

211

1,659

Short-term

Total

811

3417

7122

247

16141

972

2722

1025

66

3,326

Payable in dollars

Total

Loan

Banks andofficialinstitu-tions

s to:

Others

Collec-tionsout-

standing

Area and country detail, November 30,

88

3417

6722

247

16140

929

24229

21

58

2,902

51

23

107

S27

120267

1

3

4

772

p>

2

15

3

3

436

26

2

782212

18

145

11218

15

37

604

Other

Payable in foreign currencies

Total

960—Continued

1

12

485

i471

512

12

11

14

1,091

2

40

(2)

1

43

4

3

8

424

Depositswith

foreigners

<?

39

(2)

(2)

40

1

333

2

221

Other

2

/ •2 \

i

2

3

3

6

203

i Represents mainly loans with an original maturity of more thanone year.

2 Less than $500,000.

TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i


Year or month

1957195819591960^

I960—JanFebMarAprMayJuneJUlyAu2SeptOctNovDec*

1961—Jan.?

U. S. Govt. bonds & notes

Pur-chases

6661 2241,2171,730

104119113188166198486144

148345195

73

Sales

7181,188

5281,604

53887086

24117058

r18793

196262

99

96

Net purchases,or sales (—)

Total

— 5236

689125

503242

102- 7 5

29- 1 0

r -126-49- 4 8

8296

- 2 3

Foreigncountries

117-237

527- 9 9

49179

44- 2 9

- 5- 9

r - 5 0- 4 2-48- 1 3- 2 3

- 2 3

U. S. corporate securities 2

Pur-chases

1 6171,7592,5932,417

229194199191205272189

r183181179187208

250

Sales

1 4231,7982,1582,166

152149156145183220192

r184199187180219

219

Net pur-chases, orsales ( - )

194- 3 9435251

774643452352

r _ 4

- 1 8- 8

7- 1 2

30

Foreign bonds

Pur-chases

699889946882

577757765984533673

2443631

54

Sales

1,3921,9151.4581,430

59238174109

87142836089

2684477

89

Net pur-chases.orsales ( - )

693-1,026

-512-548

- 1-161-117

- 3 3- 2 8- 5 8- 3 0- 2 4- 1 6- 2 4o- 4 5

- 3 5

Foreign stocks

Pur-chases

593467566501

564142415850353536354331

51

Sales

622804804575

453644594670464844355448

49

Net pur-chases, orsales ( - )

—29-336-238- 7 4

115

- 2- 1 9

12- 1 9- 1 1— 13

- 8

-ft- 1 7

2

P Preliminary. r Revised.i Includes transactions of international institutions.

2 Includes small amounts of U. S. municipal securities.3 Less than $500,000.


INT'L CAPITAL TRANSACTIONS OF THE U. S. 379

TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,BY TYPE OF SECURITY AND BY COUNTRY 1

[Net sales, ( —). In millions of dollars]

Year or month Total 2

Type of security

Stocks Bonds

Country

Belgium FranceNeth-

er-lands

Switz-er-

land

UnitedKing-dom

OtherEurope

TotalEurope

CanadaLatinAmer-

icaAll

other2

195719581959I960?

I960—Jan...Feb..Mar..Apr..May.June.July..Aug..Sept..Oct . .Nov..Dec?

1961—Jan. P.

194- 3 9435251

774643452352

r_4r-l- 1 8

- 87

- 1 230

143- 5 6363201

72342934

646

- 14

- 1 8- 2 2

106

32

51177350

5111412176

r 3r-5

114

- 3-18

- 1

14- 3

55

8(3)()

1- 4- 1

3

24038

97433322

- 1232

35- 831

1

3- 6

52321

(3)

- 4

2

10119

254171

28342321

430

- 11 3

- 1 22014

- 2

77_ |15

- 4 8

13- 6

68

- 3114

- 4- 7

- 2 9- 2 0- 2 1

20

3566

1772443

_ j17

25510

379234

713741371350

41 6

- 1 3- 7

3- 1 7

22

- 9 9- 8 6- 3 0- 4 6

- 22

- 124

- 4- 1 2- 2 2

- 4- 6- 2

- 4

23234036

77123323125

15144628

21353432

- 2325

Preliminary. r Revised,i Includes small amounts of U. S. municipal securities.

2 Includes transactions of international institutions.3 Less than $500,000.

TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERMFOREIGN SECURITIES, BY AREAS

Year ormonth

195719581959I960?

1960—JanFeb..Mar..Apr..May.June.July..Aug..Sept..Oct...Nov..Dec.p

1961— Ian P. ..

[Net sales, ( - ) .

Inter-national

insti-tutions

- 3 8 4- 5 5 8- 1 5 7— 147

29- 1 0 1

7- 2

- 3 95

- 9- 1 0- 2 1- 1 6

72

- 1

Totalforeigncoun-tries

- 3 3 8- 8 0 5- 5 9 3- 4 7 5

- 2 0- 5 6

- 1 2 6- 5 0

22- 8 3- 3 3- 2 7

- 4o

- 2 6- 6 4

- 3 3

In millions of dollars]

Europe

231- 7 2- 5 0

-106

- 1 79

- 3- 422

f-27- 6

- 3 4- 5- 7

- 1 8- 1 9

- 2 7

Can-ada

-552-543-443-197

2- 4 3- 8 9- 2 4

-8- 1 05

128

10- 1 6

- 5

LatinAmer-

ica

155

11- 9 2

0)- 2 0- 3 2

223

- 1 53

- 79

- 1 4- 2 4

1

Asia

- 4 5- 4 5- 9 7- 4 1

- 6- 3- 4- 2

2- 4- 4- 1- 6

7- 6- 9

- 6

Allother

13- 1 5 0

- 1 5- 3 6

112

- 2 21

- 2211

- 2 413

4

p Preliminary. r Revised,i Less than $500,000.

TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD ATFEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i


End of month

1959—Dec

I960—FebM a r . . . .A p r . . . .M a y . . .J u n e . . .J u l y . . . .Aug.. . .SeptOctN o v . . . .Dec

1961—JanFeb

Deposits

345

191184194215254215204223251252217

238207

Assets in custody

U. S. Govt.securities2

4,477

4,7074,7284,8184,8414,9775,2725,4235,4795,6345,4305,726

5,7935,879

Miscel-laneous 3

570

466615639643672671701713718752756

714694

1 Excludes assets held for international institutions, and earmarkedgold. See note 4 at bottom of p . 370 for total gold under earmark atFederal Reserve Banks for foreign and international accounts.

2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds.3 Consists of bankers' acceptances, commercial paper, and foreign and

international bonds.


380 INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS

[End of year or quarter. In millions of dollars]

Area and country

Europe:Austria

Finland

Germany, Fed. Rep. ofGreeceItalyNetherlands • . .Norway

Portugal

SwedenSwitzerland

United KingdomYugoslaviaOther Europe

Canada

Latin America:

Brazil

ColombiaCuba

Dominican RepublicEl SalvadorGuatemalaMexicoNeth. Antilles and Surinam.

PeruUruguay

Other Latin America

Total

Asia:

India

Korea Ret> of . . . .

ThailandOther Asia

Total

All other:

Conco Ret) of the . . . .Egyptian Region—.U.A.R.Union of South AfricaOther

Total

International institutions

Grand total

Liabilities to foreigners

Dec. 1957

126

11

27

1088

1713

16871

8021

219

75

41

21656

72

10113

173

98

34321

35

268

70

181128

30

0)491

Dec. 1958

329

11

34

121

101714

17

14151

90

252

31

101

16335

1

1104

435

145

85

26231

13

216

42

19

45

29

C1)

440

Dec. 1959

12821

42

551

133911

18

26342

11215

382

54

121

18435

10)

7

234

184

87

28342

15

164

53

5

75

18

0)593

Mar. 1960

32121

43

561

14399

2042

2

10915

376

54

53

15539

10)

6

324

205

86

33331

23

145

53

6

66

19

C1)

588

June 1960P

21621

37

481

13447

1429

1

8916

320

58

92

20534

10)

6

533

194

87

24441

19

235

51

81165

22

0)537

Claims on foreigners

Dec. 1957

21341

21

255

29265

210137

22

5516

248

112

113

68101025

525

331

1219

64619

275

26248

42

18

25

107

12237

12

36

0)777

Dec. 1958

31071

21

213

31237

310255

25

6214

262

101

132

6286

24

425

361

313

53315

234

26194

37

24

19

95

8227

10

28

0)720

Dec. 1959

41093

25

312

33214

211221313

530)

264

101

253

54107

27

314

271

1182

3516

235

2527

11

361

1023

13

92

16136

10

38

0)730

Mar. 1960

4942

28

253

26154

31223199

730)

265

89

144

5599

26

213

301

563

3218

220

2728

11

411823

15

100

15158

11

41

C1)

715

June 1960^

51151

33

272

26166

41127209

14913

358

110

123

629

1120

224

302

985

3119

228

2718

10

391724

18

99

15168

11

41

0)837

* Preliminary.i Less than $500,000.NOTE.—Reported by exporters, importers, and industrial and com-

mercial concerns in the United States. Data excludes claims held throughUnited States banks, and intercompany accounts between United Statescompanies and their foreign affiliates.


U- S. BALANCE OF PAYMENTS 381

UNITED STATES BALANCE OF PAYMENTS

[Department of Commerce estimates. Quarterly totals in millions of dollars]

Item1957 1958 1959 1960

Exports of goods and services, total1 .MerchandiseServices2

Imports of goods and services, total...MerchandiseServicesMilitary expenditures

Balance on goods and services1

Unilateral transfers (net)3

Private remittances and pensions...Government nonmilitary grants.. . .

U.S. long- and short-term capital (net)2

Private, totalDirect investmentPortfolio and short-term invest-

mentGovernment

Foreign capital and gold (net)Increase in foreign short-term assets

and Government securitiesIncrease in other foreign assetsGold sales by United States

Errors and omissions

6,3264,4621,864

5,3613,2651,381

715

965

-499-164-335

-544-410-339

- 7 1-134

-269

-26018

- 2 7

347

6,6544,6621,992

5,1523,3851,047

720

1,502

-581-180-401

-956-588-324

-264-368

227

27550

- 9 8

-192

5,6114,0581,553

4,9413,139

970832

670

-563-178-385

-887-642-155

-487-245

580

19713

370

200

5,9654,1931,772

5,2783,1661,200

912

687

-598- 1 7 4- 4 2 4

-1,251-1,025

-411

-614-226

1,086

26- 1 5

1,075

76

5,6073,8161,791

5,3883,1241,425

839

219

-544-174-370

-784-451-156

-295-333

934

477- 2 6483

175

6,1424,1961,946

5,4463,5221,095

829

696

-633-196-437

-893-726-372

-354-167

901

50252

347

- 7 1

5,4213,8021,619

5,4313,5971,059

775

- 1 0

-627-190-437

-470-391-267

-124- 7 9

947

7807295

160

5,7974,0601,737

5,9673,8841,293

790

-170

-578-185-393

4-1,033-745-449

-2964-288

4829190

4397

365

5,8784,0351,843

6,2003,8481,579

773

- 3 2 2

- 5 3 4- 2 0 1- 3 3 3

-620-392-229

-163-228

1,444

1,119158167

32

6,3684,3282,040

5,9623,9861,224

752

406

-663-203-460

-536-773-365

-408237

567

36712872

226

6,3094,6041,705

5,7613,8201,177

764

548

-575-195-380

-768-546-269

- 2 7 7- 2 2 2

801

56618550

- 6

6,9035,0001,903

6,0493,8581,455

736

854

-624-213-411

-1,064-683-297

-386-381

979

73315294

-145

6,6814,6732,008

6,0223,5551,677

790

659

-614-209-405

-1,008-864-345

-519-144

1,151

515- 1637

-188

P Preliminary.1 Excluding military transfers under grants.2 Including military transactions.

3 Minus sign indicates net outflow.4 Excluding additional U. S. subscription to IMF of $1,375 million,

of which $344 million was transferred in gold and $1,031 million innoninterest bearing U. S. Government securities.

OPEN MARKET RATES


Month

1958—Dec1959—Dec

1960—JanFebMarAprMayJuneJulyAugSeptOctNovDec

1961—Jan

Canada

Treasurybills,

3 months1

3.465.02

4.814.693.873.402.872.873.132.531.892.653.533.53

3.20

Day-to-day

money2

2.074.30

3.604.143.833.332.772.843.242.701.582.363.263.16

2.75

United Kingdom

Bankers'accept-ances,

3 months

3.343.72

4.144.694.744.804.765.045.765.755.715.624.984.64

4.45

Treasurybills,

3 months

3.163.61

4.074.554.594.654.584.885.585.585.535.364.744.44

4.25

Day-to-day

money

2.702.85

3.073.783.913.673.873.984.674.794.854.794.303.88

3.77

Bankers'allowance

ondeposits

2.002.00

2.353.003.003.003.003.254.004.004.003.923.503.12

3.00

France

Day-to-day

money3

6.074.07

3.914.114.174.224.254.154.534.054.153.993.763.70

Germany

Treasurybills

60-90days 4

2.383.75

3.753.884.004.004.004.884.884.884.884.884.003.75

3.25

Day-to-day

moneys

2.633.56

3.693.944.063.943.884.754.694.755.255.314.694.31

3.88

Netherlands

Treasurybills,

3 months

2.262.52

2.532.482.332.252.302.492.192.052.001.961.571.51

1.32

Day-to-day

money

1.501.50

1.501.541.651.751.541.751.641.561.501.641.141.13

1.00

Switzer-land

Privatediscount

rate

2.502.00

2.002.002.002.002.002.002.002.002.002.002.002.00

2.00

i Based on average yield of weekly tenders during month.* Based on weekly averages of daily closing rates.3 Rate shown is on private securities.

4 Rate in effect at end of month.5 Based on average of lowest and highest quotation during month.


382 MONEY RATES

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1


Country

Argentina 2

BelgiumBrazil2

Canada3

Ceylon2

Chile4

Colombia2

Costa Rica2

Cuba2

DenmarkEcuador2

EgyptEl Salvador2

FinlandFranceGermanyGreece . . .Honduras 5

IcelandIndia Indonesia2

Ireland

IsraelItalyJapan 2

MexicoNetherlands

New Zealand . . . . .NicarasuaNorwayPakistanPeru2

Philippine Republic2

Portugal . . . .South AfricaSpainSweden

SwitzerlandThailandTurkeyUnited KingdomVenezuela 2

Rate as ofFeb. 29, 1960

Percent

6.04.54.0

10.03.0

4.862.5

16.45.03.0

6.05.55.03.05.5

6.754.04.09.02.0

11.04.03.04.04.75

6.03.57.34.53.5

6.06.03.54.09.5

6 52.04.05.05.0

2.07 .06.05.04.5

Montheffective

Dec. 1957Apr. 1959Dec. 1959Apr. 1958Feb. 1948

Feb. 1960Dec. 1959Jan. 1960Aug. 1959Apr. 1939

Jan. 1960Jan. 1960Nov. 1956Nov. 1952Jan. 1960

Mar. 1959Apr. 1959Oct. 1959Dec. 1959Jan. 1953

Feb. 1960May 1957Apr. 1946Aug. 1948Jan. 1960

Feb. 1955June 1958Dec. 1959June 1942Nov. 1959

Oct. 1959Apr. 1954Feb. 1955Jan. 1959Nov. 1959

Feb 1959Jan. 1944Jan. 1959Aug. 1959Jan. 1960

Feb. 1959Feb. 1945June 1956Jan. 1960Nov. 1959

Changes during the last 12 months

1960

Mar.

5.0

3.26

Apr.

3.51

7.0

4 . 6

May

3.26

6.0

June

3.32

5.0

6.6

July

3.17

16 55

5.5

Aug.

5 .0

2.54.0

6 94

4 5

Sept.

1.95

5.75

Oct.

3.28

3 5

5 56.5

Nov.

4.02

4 . 06 .0

5 31

5 0

Dec.

3 .5

9 . 0

5 0

1961

Jan.

3.29

3 5

6.57

Feb.

3.46

Rateas of

Feb. 28,1961

6.05.05.0

10.03.0

3.464.0

16.555.03.0

6.05.55.03.05.5

6.753.53.56.02.0

9.04.03.04.05.31

6.03.56.574.53.5

6.06.03.54.09.5

5.02.04.54.65.0

2.07.06.05.06.5

1 Rates shown represent mainly those at which the central bank eitherdiscounts or makes advances against eligible commercial paper and/orgovernment securities for commercial banks or brokers. For countrieswith more than one rate applicable to such discounts or advances, therate shown is the one at which the largest proportion of central bankcredit operations is understood to be transacted. In certain cases otherrates for these countries are given in note 2.

2 Discounts or advances at other rates include:Argentina—3 and 5 per cent for certain rural and industrial paper, de-pending on type of transaction;Brazil—8 per cent for secured paper and 4 per cent for certain agriculturalpaper;Ceylon—4.0 per cent for advances against certain types of commercialand production paper (increased from 2.5 per cent on Jan. 20, 1960);Colombia—3.5 per cent for agricultural and industrial developmentpaper of up to 150 days, 3 per cent for economic development paperof up to 5 years, and 2 per cent for specific small business, cooperativeand employee paper;Costa Rica—5 per cent for paper related to commercial transactions(rate shown is for agricultural and industrial paper);Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured bynational public securities;Ecuador—6 per cent for bank acceptances for commercial purposes;

El Salvador—4.5 per cent for agricultural and industrial paper and 3.5per cent for special cases;Indonesia—various rates depending on type of paper, collateral, com-modity involved, etc.;Japan—penalty rates (exceeding the basic rate shown) for borrowingsfrom the Central bank in excess of an individual bank's quota;Peru—8 per cent for agricultural, industrial and mining paper;Philippine Republic—^4.0 per cent for crop loan paper and 4.0 per cent forexport packing credit paper; andVenezuela—6 per cent for rediscounts of certain agricultural paper andfor advances against government bonds or gold and 7 per cent on ad-vances against securities of Venezuelan companies.

3 Since Nov. 1, 1956, the discount rate has been set each week atlA of one per cent above the latest average tender rate for Treasury bills;end-of-month rate shown.

4 Since April 1, 1959, new rediscounts are granted at the average ratecharged by banks in the previous half year. Old rediscounts remain subjectto old rates provided their amount is reduced by one-eighth each monthbeginning May 1, 1959, but the rates are raised by 1.5 per cent for eachmonth in which the reduction does not occur.

5 Rate shown is for advances only.6 Since May 16, 1957, this rate applies to advances against commercial

paper as well as against government securities and other eligible paper.


FOREIGN EXCHANGE RATES 383

FOREIGN EXCHANGE RATES

[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

Year or month

Argentina(peso)

Official Free

Aus-tralia

(pound)

Austria(schilling)

Belgium(franc)

Canada(dollar)

Ceylon(rupee)

Finland(markka)

France(franc)

1955.1956.1957.1958.1959.1960.

1960—FebMarAprMayJuneJulyAugSeptOctNovDec

1961—Jan..Feb..

5.5565.5565.556

.2730

.2026

.2032

.2030

.2004

.2005

.1989

.2010

.2022

.2037

.2042

.2054

.2061

1.20581.2061

7.1832.8352.5062.207

222.41222.16222.57223.88223.81223.71

223.37223.57223.86223.59223.32223.78223.92224.12224.03224.18223.69

223.62223.10

85808580853985368619

3.8461

.8419

.8418

.8407

.8406

.8426

.8468

.85733.86093.85093.84323.8409

3.83913.8352

1,99052.00301.99062.00442.00122.0053

2.00482.00512.00612.00552.00532.00411.99552.00242.00612.01302.0131

2.00742.0026

101.40101.60104.29103.03104.27103.12

105.07105.15103.84102.24101.79102.19103.10102.82102.18102.37101.78

100.69101.03

20.89420.94620.91321.04921.05521.048

21.03121.04421.06221.04721.02021.04821.06121.07221.06321.06521.044

21.03721.013

.4354

.4354

.3995

.3118

.3115

.3112

.3113

.3113

.3112

.3112

.3112

.3111

.3111

.3111

.3111

.3112

.3112

.3112

.3112

.23762.2374.2038

320.389

20.36920.37620.38420.39620.40120.40420.40420.40420.37520.40220.387

20.40120.402

Year or monthGermany(deutsche

mark)

India(rupee)

Ireland(pound)

Italy(lira)

Japan(yen)

Malay-sia

(dollar)

Mexico(peso)

Neth-erlands(guilder)

NewZealand(pound)

195519561957195819591960

1960—Feb..Mar.Apr.,May,JuneJuly.Aug.Sept.Oct..Nov.Dec.

1961—Jan..Feb..

23.76523.78623.79823.84823.92623.976

23.97723.97823.97823.97823.98023.97923.97823.97823.96823.97423.973

23.96823.966

20.89420.93420.91021.04821.03120.968

20.95120.96320.97820.95820.93520.96620.97820.99020.98321.00020.982

20.97520.950

279.13279.57279.32280.98280.88280.76

280.33280.59280.95280.60280.27280.84281.02281.27281.16281.35280.74

280.64279.99

.1610

.1610

.1610

.1610

.1611

.1611

.1611

.1611

.1611

.1611

.1611

.1610

.1610

.1610

.1607

.2779

.2779

.2779

.2778

.2778

.2773

.2773

.2776

.2774

.2768

.2783

.2787

.2787

.2787

.2778

.2781

.2786

.2786

32.62432.58232.52732.76732.85732.817

32.77132.76732.83332.81032.78532.83932.84632.85132.83832.85832.833

32.82632.774

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

.0056

26.23026.11326.17026.41826.49226.513

26.51226.51126.51626.51926.51926.51126.51226.51826.51826.49226.517

26.49926.400

276.36276.80276.56278.19278.10277.98

277.55277.81278.17277.82277.49278.06278.24278.49278.37278.57277.96

277.86277.22

Year or monthNorway(krone)

Philip-pine

Republic(peso)

Portu-gal

(escudo)

South Africa

(pound) (rand)

Spain(peseta)

Sweden(krona)

Swit-zerland(franc)

UnitedKing-dom

(pound)

1955...1956...1957...1958...1959...1960...


1961—JanFeb

14.00814.00814.00814.00814.02814.018

13.99014.00614.03514.01814.00714.018

49.67749.67649.69349.69549.721449.770

49.77049.770449.770

14.02614.04014.03214.03814.021

14.00413.985

3.49003.49003.49003.49003.49673.4937

3.48983.49233.49573.49353.49053.49363.49563.49793.49733.49923.4950

3.49283.4861

278.09278.52278.28279.93279.83279.71

279.28279.54279.90279.55279.22279.79279.97280.22280.11280.30279.69

279.595279.19 6139.37

2.38102.05791.6635

.6625

.6637

.6637

.6633

.6636

.6640

.6640

.6640

.6640

.6641

.6642

.6635

.6644

19.33319.33319.33119.32819.32419.349

19.31119.31419.35919.33919.36519.36619.39219.37919.36519.35519.334

19.33919.342

23.33123.33423.33023.32823.14223.152

23.05423.05823.04823.12423.17523.18323.19823.21923.21123.21623.225

23.22023.144

279.13279.57279.32280.98280.88280.76

280.33280.59280.95280.60280.27280.84281.02281.27281.16281.35280.74

280.bA279.99

1 Effective Jan. 12, 1959, the Argentine Government established asingle exchange rate for the peso in place of the former official and freerates.

2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957,was extended to all foreign exchange transactions on Oct. 28, 1957, andon June 23, 1958, became the official rate. On Dec. 29, 1958, the francwas further devalued to 493.706 francs per U. S. dollar.

3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960.4 Based on quotations through Apr. 22, 1960.5 Based on quotations through Feb. 10, 1961.6 Effective Feb. 14, 1961, South Africa adopted the decimal system.

The new currency unit, replacing the pound, is the rand, consisting of100 cents and equivalent to 10 shillings or one-half the former pound.


BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

M. S. SZYMCZAK J. L. ROBERTSON CHAS. N. SHEPARDSON

A. L. MILLS, JR. G. H. KING, JR.

WOODLIEF THOMAS, Adviser to the Board RALPH A. YOUNG, Adviser to the Board

JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Assistant to the Board

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselG. HOWLAND CHASE, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSGUY E. NOYES, DirectorFRANK R. GARFIELD, AdviserROBERT C. HOLLAND, AdviserALBERT R. KOCH, AdviserROLAND I. ROBINSON, AdviserDANIEL H. BRILL, Associate AdviserLEWIS N. DEMBITZ, Associate AdviserKENNETH B. WILLIAMS, Associate Adviser

DIVISION OF INTERNATIONAL FINANCEJ. HERBERT FURTH, AdviserA. B. HERSEY, AdviserROBERT L. SAMMONS, AdviserSAMUEL I. KATZ, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorGERALD M. CONKLING, Assistant DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

ROBERT C. MASTERS, Associate DirectorC. C. HOSTRUP, Assistant DirectorGLENN M. GOODMAN, Assistant DirectorHENRY BENNER, Assistant DirectorJAMES C. SMITH, Assistant Director

BRENTON C. LEAVITT, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

J. J. CONNELL, ControllerSAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

384


FEDERAL RESERVE BANKS AND BRANCHES 385

Federal Open Market Committee

W M . M C C . MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman

CARL E. ALLEN G. H. KING, JR. ELIOT J. SWAN

C. CANBY BALDERSTON A. L. MILLS, JR. M. S. SZYMCZAK

WATROUS H. IRONS J. L. ROBERTSON EDWARD A. WAYNE

CHAS. N. SHEPARDSON

RALPH A. YOUNG, Secretary ROBERT S. EINZIG, Associate EconomistMERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate EconomistKENNETH A. KEN YON, Assistant Secretary GEORGE MITCHELL, Associate EconomistHOWARD H. HACKLEY, General Counsel GUY E. NOYES, Associate EconomistDAVID B. HEXTER, Assistant General Counsel BENJAMIN U. RATCHFORD, Associate EconomistWOODLIEF THOMAS, Economist CHARLS E. WALKER, Associate Economist

ROBERT G. ROUSE, Manager, System Open Market Account

Federal Advisory CouncilOSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO, President

GEORGE A. MURPHY, NEW YORK NORFLEET TURNER, ST. LOUIS

HOWARD C. PETERSEN, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS, Vice President

REUBEN B. HAYS, CLEVELAND R. OTIS MCCLINTOCK, KANSAS CITY

ROBERT B. HOBBS, RICHMOND I. F. BETTS, DALLAS

JOHN C. PERSONS, ATLANTA CHARLES F. FRANKLAND, 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 CHAIRMANBANK OF— FEDERAL RESERVE AGENT

BOSTON NILS Y. WESSELL ERWIN D. CANHAM

NEW YORK PHILIP D. REED JAMES DECAMP WISE

PHILADELPHIA HENDERSON SUPPLEE, JR. WALTER E. HOADLEY

CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON

RICHMOND ALONZO G. DECKER, JR. EDWIN HYDE

ATLANTA WALTER M. MITCHELL HENRY G. CHALKLEY, JR.

CHICAGO ROBERT P. BRIGGS JAMES H. HILTON

ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL

MINNEAPOLIS ATHERTON BEAN

KANSAS CITY RAYMOND W. HALL HOMER A. SCOTT

DALLAS ROBERT O. ANDERSON LAMAR FLEMING, JR.

SAN FRANCISCO F. B. WHITMAN Y. FRANK FREEMAN



Presidents and Vice Presidents

FederalReserveBank of

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas City

Dallas

San Francisco...

PresidentFirst Vice President

George H. EllisE. O. Latham

Alfred HayesWilliam F. Treiber

Karl R. BoppRobert N. Hilkert

W. D. FultonDonald S. Thompson

Edward A. WayneAubrey N. Heflin

Malcolm BryanHarold T. Patterson

Carl E. AllenC. J. Scanlon

Delos C. JohnsDarryl R. Francis

Frederick L. DemingA. W. Mills

George H. ClayHenry O. Koppang

Watrous H. IronsHarry A. Shuford

Eliot J. SwanH. E. Hemmings

Vice Presidents(Vice Presidents in charge of branches are

listed in lower section of this page)

D. Harry AngneyAnsgar R. Berge

Harold A. BilbyCharles A. CoombsHoward D. Crosse

Joseph R. CampbellWallace M. CatanachDavid P. Eastburn

Roger R. ClouseE. A. FinkClyde Harrell

N. L. ArmisteadJ. G. Dickerson, Jr.

J. E. DenmarkJ. E. McCorvey

Ernest T. BaughmanA. M. GustavsonHugh J. Helmer

Marvin L. BennettHomer Jones

Kyle K. FossumC. W. Groth

John T. BoysenC. A. CravensJ. R. Euans

James L. CauthenP. E. ColdwellThomas A. Hardin

J. L. Barbonchielli

Benjamin F. GrootDana D. Sawyer

Marcus A. HarrisHerbert H. KimballRobert G. Rouse

Murdoch K. GoodwinPhilip M. Poorman

W. Braddock HickmanL. Merle HostetlerF. O. Kiel

Upton S. MartinJohn L. NoskerJoseph M. Nowlan

L. B. Raisty

Paul C. HodgeL. H. JonesC. T. Laibly

George E. KronerDale M. Lewis

M. B. HolmgrenA. W. JohnsonH. G. McConnell

F. H. LarsonL. F. MillsE. U. Sherman

G. R. MurffJames A. ParkerThomas W. Plant

R. S. EinzigE. H. Galvin

O. A. SchlaikjerCharles E. Turner

Walter H. Rozell, JrH. L. SanfordTodd G. Tiebout

James V. VergariRichard G. Wilgus

Martin MorrisonPaul C. Stetzelberger

Benjamin U. RatchfordJames M. Slay

Brown R. RawlingsCharles T. Taylor

George W. MitchellH. J. NewmanHarry S. Schultz

Howard H. WeigelJoseph C. Wotawa

F. L. ParsonsM. H. Strothman. Jr,

Clarence W. TowJ. T. White

L. G. PondromW. M. PritchettCharls E. Walker

John A. O'Kane

Vice Presidents in Charge of Branches of Federal Reserve Banks

Federal ReserveBank of

New YorkCleveland

Richmond

Atlanta

ChicagoSt. Louis

Branch

BuffaloCincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew Orleans

DetroitLittle RockLouisvilleMemphis

Vice Presidents

I. B. SmithR. G. JohnsonJ. W. KossinD. F. HagnerE. F. MacDonaldH. C. FrazerT. A. LanfordR. E. Moody, Jr.M. L. Shaw

R. A. SwaneyFred BurtonDonald L. HenryE. Francis DeVos

Federal ReserveBank of

MinneapolisKansas Ci ty . . . .

Dallas

San Francisco...

Branch

HelenaDenverOklahoma CityOmaha

El PasoHoustonSan Antonio

Los AngelesPortlandSalt Lake CitySeattle

Vice Presidents

C. A. Van NiceCecil PuckettH. W. PritzP. A. Debus

Howard CarrithersJ. L. CookCarl H. Moore

W. F. VolbergJ. A. RandallE. R. BaFglebaughA. B. Merritt


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 ofthe Federal Reserve System. A more complete list, including periodic releases and additional reprints,appeared on pages 1431-34 of the December 1960 Bulletin. {Stamps and coupons not accepted.)

THE FEDERAL RESERVE SYSTEM—PURPOSES AND TREASURY-FEDERAL RESERVE STUDY OF THE GOV-

FUNCTIONS. February 1961. 238 pages.

ANNUAL REPORT OF THE BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM.

FEDERAL RESERVE BULLETIN. Monthly. Sub-scription price in the United States and its pos-sessions, Bolivia, Canada, Chile, Colombia,Costa Rica, Cuba, Dominican Republic, Ecua-dor, Guatemala, Haiti, Republic of Honduras,Mexico, Nicaragua, Panama, Paraguay, Peru,El Salvador, Uruguay, and Venezuela is $6.00per annum or 60 cents per copy; elsewhere$7.00 per annum or 70 cents per copy. (Groupsubscriptions in the United States for 10 ormore copies to one address, 50 cents per copyper month, or $5.00 for 12 months.)

FEDERAL RESERVE CHART BOOK ON FINANCIALAND BUSINESS STATISTICS. Monthly. Annualsubscription includes one issue of HistoricalSupplement. Subscription price in the UnitedStates and the countries listed above is $6.00per annum or 60 cents per copy; elsewhere$7.00 per annum or 70 cents each. (Grouprate of 50 cents each for 10 or more of sameissue for single shipment.)

HISTORICAL SUPPLEMENT TO FEDERAL RESERVECHART BOOK. Issued annually in September.Annual subscription to monthly chart book in-cludes one issue of Supplement. In the UnitedStates and countries listed above under FederalReserve Bulletin, single copies 60 cents each,elsewhere 70 cents each. (Group rate in quan-tities of 10 or more for single shipment 50 centseach.)

INDUSTRIAL PRODUCTION CHART BOOK. February1961. 210 pages. $1.75 per copy; in quan-tities of 10 or more for single shipment, $1.50each.

ERNMENT SECURITIES MARKET. Part I. July1959. 108 pages. Part II. February 1960.159 pages. Part III. February 1960. 112pages. Individual books $1.00 each; set of 3books $2.50.

INDUSTRIAL PRODUCTION—1959 REVISION. July1960. 229 pages. $1.00 per copy; in quanti-ties of 10 or more for single shipment, 85 centseach.

THE FEDERAL FUNDS MARKET—A Study by aFederal Reserve System Committee. May1959. I l l pages. $1.00 per copy; in quanti-ties of 10 or more for single shipment, 85cents each.

DEBITS AND CLEARINGS STATISTICS AND THEIRUSE (rev. ed.). May 1959. 144 pages. $1.00per copy; in quantities of 10 or more for singleshipment, 85 cents each.

ALL-BANK STATISTICS, 1896-1955. Part I, U. S.Summary. Part II, Summaries by States andother areas. April 1959. 1,229 pages. $4.00.

THE FEDERAL RESERVE ACT, as amended throughDecember 31, 1956, with an Appendix con-taining provisions of certain other statutes af-fecting the Reserve System. 385 pages. $1.00.

FLOW OF FUNDS IN THE UNITED STATES, 1939-53.December 1955. 390 pages. $2.75.

BANKING AND MONETARY STATISTICS. November1943. 979 pages. $1.50.

RULES OF ORGANIZATION AND RULES OF PROCE-DURE—Board of Governors of the Federal Re-serve System. 1946. 31 pages.

REGULATIONS OF THE BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM.

ADMINISTRATIVE INTERPRETATIONS OF REGULA-TION F—SECTION 17—COMMON TRUST FUNDS.9 pages.

CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV, published in 1957), giving the results of anintensive study undertaken by the Board on request of the Council of Economic Advisers bydirection of the President. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00;Pt. IV—Financing New Car Purchases, $.60. Requests and remittances for these six books shouldbe directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C.

387



REPRINTS(From Federal Reserve Bulletin unless preceded

by an asterisk)

THE MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.INFLUENCE OF CREDIT AND MONETARY MEASURES

ON ECONOMIC STABILITY. March 1953. 16pages.

FEDERAL FINANCIAL MEASURES FOR ECONOMICSTABILITY. May 1953. 7 pages.

•DETAILED DESCRIPTION OF SOURCES AND METH-ODS USED IN REVISION OF SHORT- AND INTER-MEDIATE-TERM CONSUMER CREDIT STATISTICS.April 1953. 25 pages.

DEPARTMENT STORE SALES AND STOCKS, BYMAJOR DEPARTMENTS (Revised Indexes). No-vember 1953. 65 pages.

A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC-

COUNTS, ANNUAL ESTIMATES, 1939-54. Octo-ber 1955. 40 pages.

SURVEYS OF BANK LOANS FOR COMMERCIAL AND

INDUSTRIAL PURPOSES. Business Loans ofMember Banks. April 1956. 14 pages. CreditLines and Minimum Balance Requirements.June 1956. 7 pages. Member Bank Lendingto Small Business, 1955-57. April 1958. 19pages. Member Bank Term Lending to Busi-ness, 1955-57, April 1959. 16 pages. SecurityPledged on Business Loans at Member Banks.September 1959. 16 pages.

FINANCING OF LARGE CORPORATIONS, 1951-55.June 1956. 9 pages.

REVISION OF CONSUMER CREDIT STATISTICS. Oc-

tober 1956. 24 pages. (Also, similar reprintfrom April 1953 BULLETIN.)

AGRICULTURAL LOAN SURVEY. November 1956

and January, February, and March 1957 BUL-LETINS. 52 pages.

SURVEY OF FINANCE COMPANIES, MID-1955.

April 1957. 17 pages.REVISION OF MONTHLY DEPARTMENT STORE IN-

DEXES. December 1957. 30 pages.OPEN MARKET OPERATIONS IN LONG-TERM SE-

CURITIES. November 1958. 15 pages.•PART I, ALL-BANK STATISTICS, 1896-1955. April

1959. 94 pages.1959 SURVEY OF CONSUMER FINANCES. March,

July, and September 1959. 48 pages. (Simi-lar Surveys available for some earlier years inthe period 1952-58.)

A QUARTERLY PRESENTATION OF FLOW OF FUNDS,SAVING, AND INVESTMENT. August 1959. 49pages.

THE GOVERNMENT SECURITIES MARKET. August1959. 22 pages.

REVISED INDUSTRIAL PRODUCTION INDEX. De-cember 1959. 24 pages.

CAPITAL MARKETS and MONEY AND BANK CREDITIN 1959. Combined reprint. January and Feb-ruary 1960. 14 pages.

REVISED SERIES FOR SEASONALLY ADJUSTEDMONEY SUPPLY. February 1960. 4 pages.

SURVEY OF COMMON TRUST FUNDS, 1959. May

1960. 7 pages. (Also, similar reprints fromAugust 1956, June 1957, May 1958, and May1959 BULLETINS.)

INTEREST RATES IN LEADING COUNTRIES. June1960. 6 pages.

RECENT MONEY AND CREDIT DEVELOPMENTS.

July 1960. 8 pages.THE BALANCE SHEET OF AGRICULTURE, 1960.

August 1960. 9 pages.CONSUMER BUYING INTENTIONS AND QUARTERLY

SURVEY OF CONSUMER BUYING INTENTIONS.

Combined reprint. September 1960. 31 pages.THE U. S. BALANCE OF PAYMENTS, 1959-60. Oc-

tober 1960. 7 pages.A NEW MEASURE OF THE MONEY SUPPLY. Octo-

ber 1960. 22 pages.CAPITAL MARKETS IN 1960. December 1960.

7 pages.IMPLEMENTATION OF THE 1959 ACT ON RESERVE

REQUIREMENTS. December 1960. 6 pages.QUARTERLY SURVEY OF CONSUMER BUYING IN-

TENTIONS. December 1960. 6 pages.SMALL BUSINESS FINANCING: CORPORATE MANU-

FACTURERS. January 1961. 15 pages.CREDIT AND MONEY IN 1960. February 1961.

8 pages.BANKING AND MONETARY STATISTICS, 1960. Se-

lected series of banking and monetary statisticsfor 1960 only. February 1961. 13 pages.(Similar reprint of 1959 data, February andMay 1960 BULLETINS.)

GOLD AND DOLLAR TRANSFERS IN 1960. March1961. 7 pages.

FEDERAL RESERVE OPERATIONS IN PERSPECTIVE.

March 1961. 10 pages.QUARTERLY SURVEY OF CONSUMER BUYING IN-

TENTIONS. March 1961. 6 pages.


Index to Statistical Tables

Acceptances, bankers', 328, 330Agricultural loans of commercial banks, 322, 324Agriculture, Govt. agency loans, 340Assets and liabilities {See also Foreign liabilities and

claims):Banks and the monetary system, consoli-

dated, 318Corporate, current, 332Domestic banks, by classes, 319, 322, 324, 330Federal business-type activities,

by fund or activity, 340Federal Reserve Banks, 314

Automobiles:Consumer instalment credit, 344, 345, 346Production index, 348, 351

Bankers' balances, 323, 325{See also Foreign liabilities and claims)

Banks and the monetary system, consolidated state-ment, 318

Bonds {See also U. S. Govt. securities):New issues, 332, 334, 335Prices and yields, 328, 329

Brokers and dealers in securities, bankloans to, 322, 324

Business expenditures on new plant and equip-ment, 332

Business indexes, 354Business loans {See Commercial and industrial loans)

Capital accounts:Banks, by classes, 319, 323, 326Federal Reserve Banks, 314

Carloadings, 354Central banks, foreign, 368, 382Coins, circulation of, 316Commercial banks:

Assets and liabilities, 319, 322Consumer loans held, by type, 345Number, by classes, 319Real estate mortgages held, by type, 341

Commercial and industrial loans:Commercial banks, 322Weekly reporting member banks, 324, 327

Commercial paper, 328, 330Commodity Credit Corporation, loans, etc., 340Condition statements {See Assets and liabilities)Construction, 354, 355Consumer credit:

Instalment credit, 344, 345, 346, 347Major parts, 344, 346Noninstalment credit, by holder, 345

Consumer price indexes, 354, 360Consumption expenditures, 362, 363Corporate sales, profits, taxes, and dividends, 332, 333Corporate security issues, 332, 334Corporate security prices and yields, 328, 329Cost of living {See Consumer price indexes)Currency in circulation, 309, 316, 317Customer credit, stock market, 329

Debits to deposit accounts, 317Demand deposits:

Adjusted, banks and the monetary system, 318Adjusted, commercial banks, by classes, 317, 323Banks, by classes, 319, 326Turnover of, 317Type of holder, at commercial banks, 323

Department stores:Merchandising data, 359

Department stores—ContinuedSales and stocks, 354, 358

Deposits {See also specific types of deposits):Adjusted, and currency, 318Banks, by classes, 313, 319, 323, 326, 330Federal Reserve Banks, 314, 379Postal savings, 312, 318

Discount rates, 312, 382Discounts and advances by Federal Reserve

Banks, 308, 313, 314Dividends, corporate, 332, 333Dollar assets, foreign, 371, 379Dwelling units started, 355

Earnings and hours, manufacturing indus-tries, 354, 357

Employment, 354, 356, 357Export-Import Bank, loans, etc., 340

Farm mortgage loans, 340, 341, 342Federal business-type activities, assets and liabilities,

by fund or activity, 340Federal Deposit Insurance Corporation,

assets, etc., 340Federal finance:

Cash transactions, 338Receipts and expenditures, 339Treasurer's balance, 338

Federal home loan banks, loans, etc., 340, 343Federal Housing Administration, loans, etc., 340, 341,

342, 343Federal National Mortgage Association,

loans, etc., 340, 343Federal Reserve Banks:

Condition statement, 314U. S. Govt. securities held by, 308, 313, 314,

336, 337Federal Reserve credit, 308, 313, 314Federal Reserve notes, 314, 316Finance company paper, 328, 330Financial institutions, loans to, 322, 324Flow of funds, saving and financial flows, 364Foreign central banks, 368, 382Foreign deposits in U. S. banks, 308, 314, 318, 323, 326Foreign exchange rates, 383Foreign liabilities and claims:

Banks, 372, 374, 377, 379Nonfinancial concerns, 380

Foreign trade, 359

Gold:Earmarked, 370Net purchases by U. S., 370Production, 369, 370Reserves of central banks and governments, 368Reserves of foreign countries and international

institutions, 371Stock, 308, 318, 370

Gold certificates, 314, 316Govt. debt {See U. S. Govt. securities)Gross national product, 362, 363

Home owners, Govt. agency loans, 340Hours and earnings, manufacturing indus-

tries, 354, 357

Industrial production index, 348, 354Instalment loans, 344, 345, 346, 347Insurance companies, 331, 336, 337, 342

389



Insured commercial banks, 321, 322Interbank deposits, 312, 319, 323, 326Interest rates:

Bond yields, 328Business loans by banks, 327Federal Reserve Bank discount rates, 312Foreign countries, 381, 382Open market, 328, 381Stock yields, 328Time deposits, maximum rates, 312

International capital transactions of the U. S., 372International institutions, 368, 370, 371Inventories, 362Investments (See also specific types of investments):

Banks, by classes, 319, 322, 325, 330Federal Reserve Banks, 313, 314Govt. agencies, etc., 340Life insurance companies, 331Savings and loan associations, 331

Labor force, 356Loans (See also specific types of loans):

Banks, by classes, 319, 322, 324, 330Federal Reserve Banks, 308, 313, 314Govt. agencies, etc., 340Insurance companies, 331, 342Savings and loan associations, 331, 342

Loans insured or guaranteed, 341, 342, 343

Manufactures, production index, 348, 354Margin requirements, 312Member banks:

Assets and liabilities, by classes, 319, 322Borrowings at Federal Reserve Banks, 308

314, 326Deposits, by classes, 313Number, by classes, 320Reserve requirements, by classes, 313Reserves and related items, 308Weekly reporting series, 324

Mining, production index, 348, 354Money rates (See Interest rates)Money supply and related data, 317Mortgages (See Real estate loans)Mutual savings banks, 318, 319, 321, 330, 336,

337, 341

National banks, 321National income, 362, 363National security expenditures, 339, 362Nonmember banks, 314, 321, 322, 323

Payrolls, manufacturing, index, 354Personal income, 363Postal Savings System, 312, 318Prices:

Consumer, 354, 360Security, 329Wholesale commodity, 354, 360

Production, 348, 354Profits, corporate, 332, 333

Real estate loans:Banks, by classes, 322, 324, 330, 341Type of mortgage holder, 341, 342, 343Type of property mortgaged, 341, 342, 343

Reserve requirements, member banks, 313

Reserves:Commercial banks, 323Federal Reserve Banks, 314Foreign central banks and governments, 368Foreign countries and international institu-

tions, 371Member banks, 308, 313, 323, 325

Residential mortgage loans, 341, 342, 343

Sales finance companies, consumer loans of, 344,345, 347

Saving:Flow-of-funds series, 364National income series, 363

Savings deposits (See Time deposits)Savings institutions, principal assets, 330, 331Savings and loan associations, 331, 337, 342Securities, international transactions, 378, 379Security issues, 332, 334, 335Silver coin and silver certificates, 316State member banks, 321State and municipal securities:

New issues, 334, 335Prices and yields, 328, 329

States and political subdivisions:Deposits of, 323, 326Holdings of U. S. Govt. securities, 336Ownership of obligations of, 322, 330, 331

Stock market credit, 329Stocks:

New issues, 334Prices and yields, 328, 329

Tax receipts, Federal, 339Time deposits, 312, 313, 318, 319, 323, 326Treasurer's account balance, 338Treasury cash, 308, 316, 318Treasury currency, 308, 316, 318Treasury deposits, 308, 314, 338

Unemployment, 356U. S. balance of payments, 381U. S. Govt. balances:

Commercial bank holdings, by classes, 323, 326Consolidated monetary statement, 318Treasury deposits at Federal Reserve

Banks, 308, 314, 338U. S. Govt. securities:

Bank holdings, 318, 319, 322, 325, 330, 336, 337Federal Reserve Bank holdings, 308, 313, 314,

336, 337Foreign and international holdings, 314, 371International transactions, 378, 379New issues, gross proceeds, 334Outstanding, by type of security, 335, 336, 337Ownership of, 336, 337Prices and yields, 328, 329

United States notes, outstanding and in circula-tion, 316

Utilities, production index, 348, 354

Vault, cash, 308, 313, 323Veterans Administration, loans, etc., 340, 341,

342, 343

Weekly reporting member banks, 324

Yields (See Interest rates)


BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

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C° THE FEDERAL RESERVE SYSTEM o)

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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


Federal Reserve Bulletin March 1961 - CiteSeerX

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