Full text of Federal Reserve Bulletin : April 1960

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FEDERAL RESERVE

April i960

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM







E D I T O R I A L
Ralph A. Young

C O M M I T T E E

Woodlief Thomas

Guy E. Noyes

Charles Molony
Susan S. Burr

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.

Contents
Consumer Instalment Credit Expansion

359

Proposed Legislation on Finance Charges

365

Ownership of Demand Deposits

367

Current Events and Announcements
Law Department

370
371

National Summary of Business Conditions

373

Financial and Business Statistics, U. S. (Contents on p. 375)

376

International Financial Statistics (Contents on p. 443)

444

Board of Governors and Staff

460

Open Market Committee and Staff; Federal Advisory Council

461

Federal Reserve Banks and Branches

461

Federal Reserve Board Publications

463

Index to Statistical Tables

465

Map of Federal Reserve System

Volume 46

Inside back cover

Number 4

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Consumer Instalment Credit Expansion
instalment credit reached
a high in the summer of 1959, and then
moderated in the fourth quarter. In early
1960 expansion increased, but at a slower
rate than in mid-1959.
A sharp rise in outstanding instalment
credit from late 1958 through the summer
of 1959 accompanied improving economic
conditions and rising consumer expenditures, particularly for automobiles and
EXPANSION OF

CHANGE IN INSTALMENT CREDIT
Billions

of

dollars

1955

1957

1959

'60

automobiles. Meanwhile, debt repayments
continued to rise. For 1959 as a whole, the
increase in outstanding short- and intermediate-term consumer credit totaled $6.5 billion, of which $5.4 billion was instalment,
and about $1 billion noninstalment, credit.
In early 1960 outstanding credit increased at a rate above that of late 1959.
Automobile purchases rose but remained
below earlier industry expectations, in part
because of unusually bad weather. They
picked up in late March and early April.
Loan delinquencies and automobile repossessions, which had declined as income
and employment rose from recession levels,
increased somewhat after mid-1959, and in
early 1960 were above year-earlier levels.
Banks financed much of the 1959 expansion in consumer credit by lending to
consumers directly and to consumer-lending businesses such as finance companies
and retailers. With total bank credit expansion under restraint, banks obtained funds
to lend mainly by reducing their holdings
of U. S. Government securities.

NOTE.—Monthly change in outstanding, adjusted for seasonal
variation. Data for Alaska and Hawaii introduced in January
and August 1959, respectively. Latest figures shown, February.

COMPARISON OF 1959 AND 1955

household durable goods. Expansion was
stimulated to some extent by widespread
promotion of new types of credit plans by
financial institutions and retail outlets.
Beginning last autumn instalment credit
increased more slowly as retail sales
showed little change. In late 1959 growth
in seasonally adjusted credit extensions was
interrupted by general uncertainty induced
by the steel strike and by shortages of new




The $5.4 billion expansion in instalment
credit outstanding in 1959 was about equal
to the record in 1955. The growth rate was
only about 16 per cent in 1959, however,
compared with 23 per cent in 1955.
Despite similar dollar expansions in these
years, underlying developments in instalment credit differed considerably. All major
types of consumer credit increased at about
359

360

FEDERAL RESERVE BULLETIN • APRIL 1960
ANNUAL INCREASE IN OUTSTANDING
INSTALMENT CREDIT

Type of credit
or holder

Billions
of dollars

Per cent

19591 1955 19591 1955
All types

5.4

5.4

16

23

NEW CREDIT PLANS AND FACILITIES

Type of credit
Automobile paper
Other consumer goods
paper
Repair and modernization
loans
Personal loans

2.4

3.7

17

37

1.3

.9

15

13

4
1.4

.1
.8

15
16

5
14

Financial institutions,, total. 4.7 5.0
Commercial banks
2.1
1.8
Salesfinancecompanies. 1.4
2.3
Credit unions
6
.3
Consumer finance companies
4
.4
.2
Other
3

16
17
16
21

26
21
37
25
18

11
16

18

Type of holder

Retail outlets, total.
Department stores and
mail-order
firms
Other

7

A

13

9

4
2

.3
.1

22
8

22
4

1
Includes introduction of data for Alaska and Hawaii, amounting
to $22 and $136 million, respectively.
NOTE.—Details may not add to totals because of rounding.

the same rate in 1959, whereas in 1955 automobile credit increased almost three times
as fast as other credit, as the table shows.
Credit expansion on new cars accounted for
a smaller proportion of automobile credit
in 1959 than in 1955.
In 1959 new car sales increased less than
in 1955. Moreover, credit extended on new
cars rose at about the same rate as sales in
1959. In 1955, on the other hand, it grew
considerably faster as both the proportion
of units financed and the average size of contract rose appreciably. The opposite occurred with extensions of other types of
credit, which expanded at a faster rate in
1959 than consumer expenditures for goods
other than autos, and at about the same rate
as such expenditures in 1955.




Average maturities on automobile contracts lengthened much less in 1959 than in
1955, when 36-month contracts on new cars
first became widely available. On other
types of credit, lengthening of maturities was
apparently greater in 1959.

Consumer credit was actively promoted by
both financial institutions and retailers in
1959 and early 1960. New credit plans
were adopted and in some instances terms
on conventional plans were eased.
A number of banks throughout the country introduced charge-account or checkcredit plans in early 1959. These plans
spread rapidly through midyear and were
heavily promoted at the time of introduction.
Many retail outlets, particularly department stores and mail-order houses, offered
new revolving credit plans and liberalized old
plans. Some chains that had traditionally
operated on a cash basis began to offer
credit. Late in the year the subsidiary of
a large consumer finance company extended
its charge-account financing activities across
the nation. Credit-card services were widely
promoted.
A major automobile manufacturer and
several retail chains organized sales finance
subsidiaries in late 1959 and early 1960 to
facilitate the financing of retail receivables
originated by the parent company or by
dealers. Such subsidiaries are able to raise
funds through direct placement of commercial paper as well as to borrow on favorable terms from banks and in the long-term
market. Since some of these subsidiaries
were organized relatively recently, they have
as yet exerted little influence on the market.

361

CONSUMER INSTALMENT CREDIT EXPANSION
TYPES OF INSTALMENT CREDIT
NEW AUTOMOBILES

Outstanding instalment credit reached an
annual growth rate of $6 billion during
the second and third quarters of 1959 as
credit extensions, which reflect current financing activities, rose more rapidly than
repayments. The repayments lag was enhanced by some lengthening of maturities on
automobile and other contracts. In February 1960 extensions were 28 per cent, and
repayments were about 9 per cent, above
the lows in March 1958.
Automobile paper. Extensions of automobile credit began to expand in October
1958 as consumer expenditures on automobiles recovered from the lowest levels in five
years. The increase was rapid through December 1958, as the chart on the following page shows, and then slower until the
introduction of new-model automobiles in
October 1959. Meanwhile repayments
were gradually increasing.
In the last two months of the year,
strike-induced shortages of new cars curtailed expenditures, and in December extensions of automobile credit declined to about
the level of repayments. Expansion in outstanding credit resumed with the upturn in
sales in 1960.
Sales of new domestic and imported automobiles in 1959 were 30 per cent higher
than in 1958, and sales of used cars, which
had declined only moderately in 1958, were
about 10 per cent higher. Credit sales of
new cars increased at about the same rate
as cash sales during the recent expansion,
and this contrasts with 1954-55, as the chart
shows. New car financing accounted for
about 70 per cent of the increase in automobile credit extensions in 1959 compared
with about 90 per cent of the increase in
1955.




CREDIT AND CASH SALES

20

40

60

Percentage increase
1958 to 1959
TOTAL
1954 to 1955

CREDIT

CASH

NOTE.—Percentage change in number of cars sold.

Credit contracts written on new cars in
early 1960 averaged $2,600, slightly smaller
than a year earlier. In other recent years
average new car contracts had increased.
Last year, for the first time in several years,
new-model automobiles were introduced
without an increase in list prices. A shift
by consumers to lower priced lines more
than offset the effects of a small increase
in the proportion of the price financed and
some increase in finance charges accompanying longer maturities.
On used cars the average contract was
somewhat larger in early 1960 than a year
earlier. The factors tending to increase contracts were higher prices, larger finance
charges accompanying longer maturities,
and lower downpayments.
The maximum maturity on automobile
contracts remained at 36 months, but use
of this maturity continued to increase. In
early 1960 the proportion of new-car credit

362

FEDERAL RESERVE BULLETIN • APRIL 1960

sales with 36-month contracts was somewhat
more than 60 per cent, about 10 percentage points higher than a year earlier. There
were also increases in the proportions of
late-model used cars sold with 30- and 36month contracts and of older-model used
cars with 24-month contracts.
Other consumer goods paper.

Extensions

of credit in connection with the purchase of
consumer goods other than automobiles,
which had increased during most of 1958,
rose more rapidly during the first half of
1959. Since then they have shown little
change. Repayments increased gradually
throughout the period. In early 1960 outstanding credit of this type was increasing
at a slower rate than in mid-1959.
A large proportion of the credit advanced
in 1959 for the purchase of consumer goods
other than automobiles took the form of revolving credit. At the year-end such credit
CREDIT EXTENSIONS AND REPAYMENTS
Billions of dollars
TOTAL INSTALMENT

Repair and modernization loans.

EXTENDED i

3.2

1.6

POSITION OF BORROWERS

4X1
3.4

1.2
2.8
2.4
2.0
1959

1958

NOTE.-—Monthly, adjusted
figures shown, February.




tor

seasonal variation.

Home

repair and modernization loans, which account for a small part of total outstanding
instalment credit, have grown relatively
rapidly in recent years. The increase reflects in part a steady lengthening of average maturities.

4.4

CREDIT

accounted for an estimated $1 billion, or
more than 40 per cent, of all instalment
credit at department stores and mail-order
houses. The growth probably reflects some
shift from conventional 30-day charge accounts, which typically are used mainly for
the purchase of soft goods. Much of the
credit granted under bank charge-account
plans also is repaid on a revolving credit
basis.
Personal loans. Unlike loans made directly in connection with purchases, personal loans continued to expand throughout
the 1957-58 recession, and reached a record
$1.7 billion annual growth rate in the third
quarter of 1959. As consumer outlays for
services have grown, there has been an increase in credit financing of services, including such items as travel and school tuition. The availability of new credit plans
has facilitated the use of personal loans for
purchasing a wide variety of nondurable as
well as durable goods.

Latest

Repayments of consumer short- and intermediate-term instalment debt have risen
faster than disposable personal income in
the past decade. They tend in general to
show a more stable relationship to personal
income than do credit extensions, which are
relatively sensitive to cyclical and short-run
developments.
Over the past two years the ratio of repayments to disposable personal income has

CONSUMER INSTALMENT CREDIT EXPANSION

fluctuated around 13 per cent as income
has risen at about the same rate as repayments. Since early 1959 repayments have
risen more rapidly than income, and may
continue to do so as they reflect the recent
volume of credit extensions. Repayments
were about 9 per cent of disposable income
both at the beginning of the decade and at
the outset of World War II.
INSTALMENT CREDIT AND INCOME
Per cent

1953

1955

1957

1959

NOTE.—Quarterly ratio of instalment credit repayments to
Department of Commerce estimates of disposable personal income, both series seasonally adjusted. Latest figure shown,
average for January-February 1960.

The gradual increase in the ratio of repayments to disposable personal income reflects use of instalment credit for an increasing variety and quantity of purchases,
including nondurable goods and services.
More families have debt, and many with
debt owe larger amounts. According to the
Survey of Consumer Finances, the increase
in short- and intermediate-term debt has
been widely distributed among income and
age groups.
Although consumers have used a growing proportion of their income for repayment of instalment debt in recent years, de-




linquency and repossession rates have remained moderate. Both the proportion of
loans with payments in arrears and the proportion of automobiles that were repossessed
increased somewhat during the 1957-58 recession, and then declined from mid-1958
to mid-1959 as income and employment expanded. For some types of loans these rates
reached the lowest levels of recent years.
During the steel strike delinquencies and
repossessions increased, and some loans were
refinanced that would otherwise have been
reflected in the delinquency statistics. In
early 1960 delinquency and repossession
rates declined from the seasonal peaks
reached at the year-end, but were still above
a year earlier.
POSITION OF LENDERS

Ratio - Repayments
to Disposable Personal Income

1951

363

Demands for funds to finance consumer
credit expansion competed with other credit
demands in 1959, and contributed to the
tightening of credit markets. The combined
credit demands of the Federal Government,
businesses, and consumers resulted in a record increase in short- and intermediate-term
debt in 1959. During the year, as indicated
earlier, total bank credit expansion was under restraint.
Notwithstanding the growing pressures on
bank reserve positions, banks extended a
considerable volume of credit to consumers, as the table on page 360 shows. Banks
increased their share of outstanding personal
loans during the first half of the year. Holdings of automobile paper increased slightly
more at banks than at sales finance companies. Moreover, commercial banks supplied a substantial share of the funds loaned
by finance companies and retail outlets.
By late 1959 bank promotion of consumer
credit had slackened, and some banks ap-

364

CONSUMER INSTALMENT CREDIT EXPANSION

peared reluctant to expand existing credit
lines to retailers and finance companies.
At sales finance companies, instalment
credit increased about as much relatively in
1959 as at banks. The share of these companies in automobile financing was smaller
in 1959 than in 1955, when it increased
sharply. Their share of other consumer
goods paper continued the steady growth
of recent years, largely as a result of increasing activity of the sales finance subsidiaries of mail-order houses.
Sales finance companies raised the major
part of their funds in 1959 in the short-term
market. They borrowed directly from banks
and sold commercial paper, despite increases
in the bank prime rate and in rates on directly placed finance company paper.
Finance companies increased their borrowing in the long-term market in the first
quarter of 1960. They also borrowed in
the commercial paper market, partly to finance expansion of automobile dealer inventories. Recent changes in bank loans to




finance companies appear to reflect mainly
seasonal influences.
Credit unions continued to increase their
share of the consumer credit market in 1959
as in other recent years. The increase reflected the continued inflow of funds, promotional campaigns, and relatively favorable lending rates to members.
Despite generally higher interest rates in
short-term credit markets during 1959,
charges on consumer credit apparently rose
only slightly on the average. Credit costs
to lenders are only a part of the cost of
making consumer loans, and charges on consumer loans have typically changed only
slightly in response to cyclical changes in
market rates of interest. Some financial institutions, including several New York City
banks, made moderate upward adjustments
in finance charges to consumers. Other
financial institutions, some of which were
operating at legal maxima, and most retailers operated with unchanged rates.

Proposed Legislation on Finance Charges
You HAVE ASKED ME to comment on S.
2755, a bill to require disclosure of finance
charges in connection with extensions of
credit. First, I should like to say that the
protection of borrowers by regulating the
trade practices of those who extend credit to
them is a commendable social and economic
objective. As the Committee knows, this has
been recognized in the passage of legislation
in many States which requires lenders and
vendors to set forth the charges which are
made in connection with instalment sales and
consumer loans.
The bill before you goes further than most
State laws in several respects. It covers a
broader area than is generally encompassed
by State legislation and it also requires that
the finance charges be translated into a
simple rate of interest. Its objective, as
stated by the Chairman of this Subcommittee, is "to require lenders and vendors to tell
the truth about interest rates and finance
charges."
Before proceeding, I should like to emphasize that I am not personally an expert
on finance charges in the consumer credit
field. Nor is regulation of lenders' and vendors' trade practices a current responsibility
of the Federal Reserve System. I am sure
that there are numerous technical problems
involved in applying the requirements of the
bill to the wide variety of credit transactions
it comprehends. Even if business loans were
exempted, the proposed regulation would
apply to hundreds of millions of individual
NOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System, before the Subcommittee on Production and Stabilization of the Senate Banking and Currency Committee, April 5, 1960.




transactions, carried out by over 50,000
financial institutions and hundreds of thousands of retail outlets.
As was indicated to your Committee in
our written response, the Board's most immediate concern is with the provisions of the
bill which would place responsibility for its
administration in the Federal Reserve System. We feel that the administration of such
legislation would not constitute an appropriate activity for the Federal Reserve System.
It would require the Federal Reserve to
police the trade practices of hundreds of
thousands of credit granters over which it
now has no supervisory authority. The major
activities of most of these are far removed
from basic Federal Reserve responsibilities,
and their operations entail practices and
problems with which the Federal Reserve is
totally unfamiliar. As the Chairman of this
Subcommittee has pointed out, it is not the
purpose of this bill to control credit. It is
not intended that the regulatory requirements would be varied from time to time to
encourage or discourage the volume of
credit extended. Accordingly, the reasoning
that in the past has prompted the Congress
to assign responsibility for stock market,
consumer instalment, and real estate credit
regulations to the System would not seem
to apply in this case. The fact that adaptation to changing economic conditions is not
involved also suggests that a possible alternative solution might be to recast the bill as a
criminal statute, not designed for administration by a regulatory authority, and to
be enforced by regular law enforcement
agencies.
365

366
As you know, the major responsibilities
of the Federal Reserve relate to the supply,
availability, and cost of credit and money.
The System is interested in movements of
consumer credit primarily as they affect
changes in the total volume of credit. It has
also the responsibility of supervising member banks to ensure sound banking practices; this is closely related to its responsibilities in the monetary area. Our principal
objection to giving the Federal Reserve responsibility for administering this legislation is that it does not pertain to the control
of credit. Full disclosure between parties to
credit transactions is, in the final analysis, a
question of trade practice and the prevention of fraud. A whole body of legal
precedent and regulatory procedure, with
which we are unfamiliar, is involved. It is
alien to our existing activities.
I am not aware of the extent to which
your Committee has had an opportunity to
study the experience of the States which have
had disclosure laws in force. It would seem
that their experience might be of some assistance in determining the most effective approach to regulation in this area, particularly
with respect to problems of administration
and enforcement. Certainly, their experience is more directly relevant than any incidental experience gained by the Federal
Reserve in conjunction with either its past
or present responsibilities.
In its present form the bill seems to us
to raise a number of difficult problems of
administration and enforcement. It may be
worthwhile to investigate how States operating under similar laws have overcome these
problems. For example, there is the question of identifying which lenders and vendors should be subject to the terms of the
bill. Many vendors that do not normally
charge for credit granted may, on occasion,
levy penalties for late payments and thus be
subject to the terms of the proposed legisla-




FEDERAL RESERVE BULLETIN • APRIL 1960

tion. Also, some light might be shed on how
best to deal with the large number of cash
loan transactions between individuals.
Another problem is to define finance
charges, which are of many kinds, and which
may or may not be graduated with the
amount or maturity of the credit involved.
Many of the instalment transactions that
would be covered include not only financing,
but also the provision of insurance and other
services for which a fee is customarily
charged. The way in which States have
coped with separating the total cost of the
transaction into cash price, finance charges,
and charges for other services would be illuminating. States have undoubtedly faced
the difficulties that would be encountered if
the requirements led some credit granters to
attempt to conceal finance charges in the
cash price of the goods or in the costs of
additional services provided.
The conversion of charges into simple interest rates presents problems going beyond
the experience of the various States, but
which seem to us to require further consideration. Very detailed and complex instructions would be needed to assure uniformity
among credit granters. Examples of the kind
of problems that would have to be treated
explicitly are the handling of such charges
as commitment fees and required insurance
and provisions for prepayment and late payment penalties.
Leasing arrangements,
which are becoming increasingly common in
many durable goods areas, would be exceedingly difficult if not impossible to handle.
As I remarked at the outset, men of good
will wish the consumers not to be deceived
by lenders or vendors and thus fail to receive the value they thought they had bargained for. Caveat emptor can scarcely
operate in the absence of knowledge by the
potential buyer and debtor as to how much
he is really paying.

Ownership of Demand Deposits
DEMAND DEPOSITS of individuals, partnerships, and corporations at insured commercial banks rose an estimated $2.2 billion, or
2 per cent, in the year ending January 27,
1960. According to the Federal Reserve
System's most recent Survey of Demand Deposit Ownership, demand deposits of nonfinancial businesses increased by the same
dollar amount as the total, but the relative
increase was 4 per cent. Personal demand

accounts of individuals increased $600 million, or 2 per cent, while demand balances of
farmers declined $500 million, or 11 per
cent.
As in the past several years the number of
demand deposit accounts held by individuals, partnerships, and corporations rose further. The 2.7 million increase in the current
year was nearly one-fourth larger than in the
two previous years combined.

NOTE.—This article was prepared by Edward P.
Snyder of the Board's Division of Research and Statistics. For results of the January 1959 Survey see the
Federal Reserve BULLETIN for April 1959.

OWNERSHIP GROUPS

Holdings of nonfinancial businesses account
for about one-half of total demand deposits

TABLE 1
DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS
JANUARY 27,
1960
[Estimates for insured commercial banks]
Number

Type of holder

All holders

Amount

Increase, or
decrease ( —),
from Jan. 28, 1959

Jan. 27, 1960

Millions

Percentage dis-

Millions

Per cent

Jan. 27, 1960

Billions
of
dollars

Increase, or
decrease (—),
from Jan. 28, 1959

Percentage distribution

Billions
of
dollars

Per cent
2.0

57.1

100.0

2.7

5.0

109.5

100.0

2.2

Domestic business...

6.1

10.6

0.3

5.6

64.5

58.9

2.2

3.5

Corporate.
Noncorporate
Financial business
Corporate
Noncorporate

2.1
3.9

3.8
6.9

0.3

15.0
1.0

49.5
15.0

45.2
13.7

2.0
0.1

4.3
0.9

0.4
0.2
0.2

0.8
0.4
0.4

0)

1.2
8.3
-5.9

9.6
7.7
1.9

8.7
7.0
1.7

-0.1
0.1
-0.1

-0.6
0.8
-6.0

Nonfinancial business
Corporate
Noncorporate

5.6
1.9
3.7

9.9
3.4
6.5

5.9
15.9
1.4

54.9
41.8
13.1

50.1
38.2
11.9

2.2
2.0
0.3

4.2
4.9
2.0

2.9
3.0
44.9
0.1
(3)
0.1

5.1
5.3
78.7
0.2
0.1
0.1

3.6
-4.6
5.7
3.8
-1.7
7.3

5.2
4.4
32.3
3.2
2.2
1.0

4.8
4.0
29.5
2.9
2.0
0.9

0.2
-0.5
0.6
-0.3
-0.3

4.9
-10.9
2.0
-8.2
-10.9
-2.0

Nonprofit organizations
Farm operators
Individuals—personal
All other
Trust departments of banks
Foreigners

0)

8
0.3
0.3
0.1
0.1
-0.1
2.4

0)
(2)
0)

1 Increase of less than 50,000 accounts.
2 Decrease of less than 50,000 accounts.
3 Less than 50,000 accounts.
4 Decrease of less than $50 million.




NOTE.—Corporate farming enterprises are classified as corporate
nonfinancial business. Details may not add to totals because of
rounding.

367

368

FEDERAL RESERVE BULLETIN • APRIL 1960

of individuals, partnerships, and corporations. The 4 per cent increase in the balances
of these businesses in the 12 months ending
January 27, 1960, appears to have reflected
a continued growth in need for cash. However, the increase in their balances was evidently less than the increase in their use of
cash. In January 1960 demand deposits at
337 centers outside New York City and six
other leading centers were turning over 6 per
cent faster than they were a year earlier, and
industrial production was up 10 per cent.
Nonfinancial businesses also expanded their
holdings of liquid assets during the year, as
interest rates moved upward. A large part
of these assets were invested in short-term
U. S. Government securities.1
Personal deposits of individuals, which account for about 30 per cent of the total, increased by $600 million in the year ending

January 27, I960, two-fifths as much as
the exceptionally large growth of the preceding 12 months. The past year's increase accompanied a continued growth in disposable
personal income, but its pace was slower
than that in income. The slower growth in
deposits probably reflects continued preference by individuals, as well as other holder
groups, for interest-bearing types of liquid
assets when interest rates are relatively high.
Balances of farm operators declined
nearly 11 per cent this year to the lowest
levels reported since the Survey was undertaken on the new basis in January 1957.
The decline more than offset last year's increase and appears to reflect the sharp reduction in net farm income during the year.
Increased production expenses and a decline
in prices received by farmers more than
offset the gains in income from larger output.
The relatively large decline in deposits of
trust departments of banks this year offset

^ e e also article "Money and Bank Credit in 1959"
in the BULLETIN for February 1960, pp. 119-25.

TABLE 2
DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, JANUARY 27,

1960

BY FEDERAL RESERVE DISTRICT AND BY TYPE OF HOLDER
Number (in millions)

Amount (in billions of dollars)
Type of holder

Type of holder
Federal Reserve
district

All
holders

Financial
business

Nonfinancial
business

Farm
operators

Individuals—
personal

All
other i

57.1

0.4

5.6

3.0

Boston
New York..
Philadelphia.

2.7
5.8
2.9

(2)
0.1

0.4
0.8
0.3

()

0.1
0.1

44.9
2.2
4.6
2.3

3.1
0.1
0.3
0.2

Cleveland..
Richmond.
Atlanta

4.3
5.2
5.6

0.4
0.4
0.5

0.1
0.3
0.2

3.5
4.1
4.5

0.3
0.3
0.3

Chicago....
St. Louis
Minneapolis.

7.5
4.2
2.5

0.8
0.3
0.2

0.6
0.5
0.4

5.7
3.2
1.7

0.4
0.2
0.2

Kansas City...
Dallas
San Francisco.

4.4
4.3
7.7

0.4
0.4
0.8

0.4
0.3
0.2

3.3
3.4
6.4

0.3
0.2
0.3

All districts.

0.1

1
Nonprofit organizations, trust departments of banks, and foreigners.
2 Less than 50,000 accounts.




All
holders

Financial
business

Nonfinancial
business

109.5
6.1
21.2
6.5
8.7
6.7
8.1
16.9
5.0
2.9
7.2
7.8
12.5

9.6
0.6
1.9
0.7

54.9
3.5
12.6
3.2

0.8
0.6
0.8

4.5
2.9
3.8

1.4
0.3
0.2

9.0
1.9
1.1
3.2
3.2
6.0

0.6
0.7
1.2

Farm
oper-

Individuals—
personal

4.4

32.3

8.4

f\

1.5
4.3
1.9

0.5
2.3
0.6
0.7
0.8
0.5

0.8
0.5
0.5

2.6
2.1
2.7
4.5
2.0
1.0

0.7
0.6
0.5

2.4
3.0
4.2

0.3
0.3
0.7

0.1
0.1
0.3
0.3

All
other 1

3 Less than $50 million.
NOTE.—Details may not add to totals because of rounding.

1.2
0.3
0.2

369

OWNERSHIP OF DEMAND DEPOSITS

a part of the increase reported a year earlier. As indicated at that time, there are few
of these accounts and changes in their balances do not affect the total importantly.
Deposit balances held by trust departments
are influenced by interest rates, the condition
of the stock market and capital markets generally, and other financial factors. Deposits of foreign holders, which may also be
influenced by these factors, changed little.
Deposits of financial businesses, too, were
almost unchanged in the year ending January
27, 1960. A small reduction for noncorporate firms more than offset a slight increase
for corporations. The degree of change
in their holdings during this period reflects
their sensitivity to trends in interest rates.
After the reduction in their demand deposits
last year, a development attributed in part to
their purchases of long-term Treasury bonds
offered in late January 1959, financial businesses appear to have kept new funds invested as interest rates moved upward.
The rise in balances of nonprofit organizations in the current year was about in line
with the usual expectation for this holder
group. The rise this year more than offset a
slight decline in these balances in the year
ending January 28, 1959.
NUMBER OF ACCOUNTS

Continued growth in the number of personal accounts of individuals and an increase
in the number of accounts of corporate business firms accounted for the over-all increase in the number of accounts of individuals, partnerships, and corporations in the
year ending January 27, 1960. A small decline in the number of accounts of farm
operators, possibly associated with a continued reduction in the number of independent farm operators, was offset by a small in-




crease in the number of accounts of nonprofit
organizations. The number of accounts of
other ownership groups changed very little
during the year.
Except in the case of corporate businesses,
the relative change in number of accounts
held by each of the more important ownership groups was roughly proportional to the
change in total deposits held by the group.
Multiple-account holding by corporate business firms is common and the decision to
open an account may be related to many
factors including the desire to establish a
credit line at a particular bank and internal
cash-management practices. Thus, shortTABLE 3
OWNERSHIP OF DEMAND DEPOSITS RELATED
TO SIZE OF BANK, JANUARY 27, 1960
[Percentage distribution within size group]
Size of bank (total deposits, in
millions of dollars)
Type of holder

Under
2

1050

50- 250- 1,000
250 1,000 and

Number of accounts
100.0 100.0 100.0 100.0

All holders.
Domestic business.
Corporate
Noncorporate
Financial. .. .
Nonfinancial.
Nonprofit organizations.
Farm operators
Individuals—personal...
Another*

10.7 12.6 13.9 12.6

8.2

9.3

1.7
6.4

2.5
6.8

0.6
7.6

0.7 0.8 0.9 1.2 0.9
8.6 10.0 11.8 12.7 11.8

3.9
6.8

5.6
7.0

6.4
7.4

5.4
7.3

7.6 5.7 4.4 4.2 4.1 3.0
14.7 7.3 2.1 1.0 1.2 1.0
69.3 77.6 82.6 82.0 80.5 82.6
0.1 0.1 0.2 0.1 0.3 0.9
Amount of deposits

All holders
Domestic business.

100.0 100.0 100.0 100.0 100.0 100.0
30.5 40.2 52.3 66.5 69.5 71.4

Corporate....
Noncorporate.

13.6 22.5 34.4 54.1 58.1 62.2
16.9 17.6 17.9 12.4 11.4 9.3

Financial....
Nonfinancial.

3.4 5.0 8.0 10.1 12.3 9.2
27.1 35.2 44.3 56.4 57.2 62.2
5.1 5.2 4.8 5.5 4.1 4.2
20.7 10.5 1.8 0.8 1.0 0.7
43.3 43.1 38.0 24.5 22.0 18.7
0.4 1.0 3.0 2.7 3.4 5.0

Nonprofit organizations.
Farm operators
Individuals—personal...
Allotheri

1 Trust departments of banks and foreigners.
NOTE.—Details may not add to totals because of rounding.

370

FEDERAL RESERVE BULLETIN • APRIL 1960

term changes in the number of accounts held
by these firms are probably not very significant.
OTHER CLASSIFICATIONS

Data on the ownership of demand deposits
by Federal Reserve districts are shown in
Table 2. District comparisons should be
made with care since the statistics not only
reflect regional differences but also are affected by sampling errors.
Table 3 shows the distribution of deposits
by ownership groups within bank-size
classes. A similar table, based on the 1957
Survey, was published in the BULLETIN for
May 1957, page 514. Comparison of the
data for the two Surveys indicates that no
important changes have occurred in this
over-all distribution.
STATISTICAL NOTE

Estimates of sampling errors for various
Survey statistics are shown in Table 4. These
estimates are based on the 1959 and 1960

Survey results. Additional computations of
sampling errors for the estimates of deposit
holdings and of changes in deposit holdings
of the various combinations of ownership
groups, such as all nonfinancial business,
will be made later this year in order to provide measures of reliability for all Survey
statistics.
TABLE 4
ESTIMATED SAMPLING ERRORS FOR SURVEY
OF DEMAND DEPOSIT OWNERSHIP
Standard deviations
(in millions of dollars)
Type of holder

Financial business:
Corporate
Noncorporate
Nonfinancial business:
Corporate
Noncorporate
Nonprofit organizations
Farm operators
Individuals—personal
Trust departments of banks
Foreign holders

Deposits
outstanding
Jan. 28, 1959

Change in :
deposits,
Jan. 28, 1959?to
Jan. 27, 1960

450
175

400
200

2,000
350

1,125
375
225
175
575
275
50

250
175
550
275
50

NOTE.—All estimates rounded to nearest $25 million.

Current Events and Announcements
ELECTION OF DIRECTOR

The Federal Reserve Bank of Boston on March 30
announced the election of Mr. William R. Robbins
as a Class B director of the Bank to serve for the
remainder of a term expiring December 31, 1960.
Mr. Robbins is Vice President and Controller of
the United Aircraft Corporation, East Hartford,
Connecticut. As a director of the Boston Bank,
he succeeds Mr. Stanley M. Cooper, Chairman of




the Board of The Fafnir Bearing Company, New
Britain, Connecticut, who recently resigned.
ADMISSION OF STATE BANK TO MEMBERSHIP IN THE
FEDERAL RESERVE SYSTEM

The following bank was admitted to Membership
in the Federal Reserve System during the period
February 16, 1960 to March 15, 1960:
New Jersey
Millburn .

. Millburn-Short Hills Bank

Law Department
Administrative interpretations, new regulations, and similar material

Time of Receipt of Savings Deposit for
Grace Period Purposes
Section 3(d) of Regulation Q provides that a
member bank may pay interest on a savings deposit received during the first 10 calendar days of
any calendar month at the applicable maximum
rate prescribed by the Regulation from the first
day of such calendar month until such deposit is
withdrawn or ceases to constitute a savings deposit, whichever shall first occur. The opinion
of the Board of Governors has been requested as
to whether deposits received under the following
circumstances will be eligible to receive interest
from the first of the month:
1. Mail deposits postmarked the 10th or earlier—
2. Deposits received in the "drop box" located
in the bank lobby and opened the morning of the
11th—
3. Deposits received in the night depository and
opened the morning of the 11th—
4. Collections outstanding until the 11th or a
subsequent date—
5. Auto bank deposits not received in the savings department until the morning of the 11th—
6. Transfers from branches received at the
Main Office on the 1 lth—
7. Inter-department credits held over until the
11th due to late hour business.
As to the first situation, it is the Board's opinion
that the postmark does not determine when the
deposit is delivered to the bank; that is, received
by it. The customer adopts the post office as his
agent and, therefore, must rely upon such agent
making the deposit within the first 10 calendar
days.
In the second and third situations, deposit in
the drop box or night depository during the first
10 calendar days amounts to receipt by the bank
and the day the bank opens the drop box or night
depository does not change this. An extreme
situation would be when the 10th day is Saturday
and the drop box or night depository is not opened




until Monday, the 12th. Although a deposit may
possibly have been made on the 11th, the bank
might reasonably assume that the deposit was made
within the 10 calendar days.
As to the fourth situation, items received for
collection on or before the 10th calendar day may
be included although final credit is not given until
after the 10th day.
In situations five, six, and seven, if the deposit
is delivered to the bank, branch, or any office
thereof by the 10th calendar day, interest may be
credited from the 1st day of the month regardless
of when the item is processed and credit is given.
Director Serving Member Bank and
Closed-end Investment Company
Being Organized
In rulings published in the 1941 Federal Reserve
399 and the 1951 Federal Repage 645, the Board expressed
the opinion that Section 32 of the Banking Act of
1933 is applicable to a director of a member bank
serving as a director of an open-end investment
company, because the more or less continued process of redemption of the stock issued by such company makes the issuance and sale of its stock essential to the maintenance of the company's size
and to the continuance of operations, with the result that the issuance and sale of its stock constitutes one of the primary activities of such a company. The Board also stated that if the company
had ceased to issue or offer any of its stock for
sale, the company would not be engaged in the
issuance or distribution of its stock and therefore
the prohibitions of Section 32 would not be applicable. Subsequently, the Board expressed the
opinion that Section 32 would not be applicable
in the case of a close-end investment company.
The Board has recently stated that it believed
that a closed-end company which was in process
of organization and was actively engaged in issuing and selling its shares was in the same position
relative to Section 32 as an open-end company,
and that the section would be applicable while this
activity continued.

BULLETIN at page
serve BULLETIN at

371

372

FEDERAL RESERVE BULLETIN • APRIL 1960

Reporting Securities Credit Extended by
Lender Other Than Bank or Broker

The Board of Governors, effective March 15,
1960, extended to May 15, 1960, the time within
which the filing of information on Form FR 728
is required of all lenders, other than banks or
brokers, who, on December 15, 1959, were making any loans for purchasing or carrying stocks
registered on a national securities exchange. Notice of the requirement to file this Form was published in 24 Federal Register 10331 and appeared
in the January 1960 Federal Reserve BULLETIN
at page 13. The extension of time was effected
by publication of the following item in 25 Federal
Register 3154:
TITLE 12—BANKS AND BANKING
CHAPTER II—FEDERAL RESERVE SYSTEM
[REG. U]

Part 221—Loans by Banks for the Purpose of
Purchasing or Carrying Registered Stock
Form to be Used in Reporting Securities Credit
Extended by Lender Other Than a Bank or Broker
1. Effective March 15, 1960, § 221.51 is amended
to read as follows:
§ 221.51 Form to be used in reporting securities
credit extended by lender other than a bank or broker.
Pursuant to authority conferred on the Board of Governors of the Federal Reserve System by the Securities Exchange Act of 1934 (15 U.S.C. Chapter 2B;
48 Stat. 881) and in accordance with § 221.3(j), the
Board has, effective
December 15, 1959, adopted
Form FR 728,1 to be used by persons (other than
banks, as defined in § 221.3 (k), and creditors, as
defined in § 220.2(b) (Reg. T ) ) who are engaged in
the business of extending credit and who, in the ordinary course of business, extend credit for the purpose
of purchasing or carrying securities registered on a
national exchange. Persons whose activities as of

December 15, 1959, bring them within the scope of
the above definition must return the filled-in form to
the Federal Reserve Bank in their district on or before May 15, 1960. Persons who were not extending
credit on or before December 15, 1959, for the said
purpose, but whose activities at any time or from
time to time thereafter bring them within the scope
of the above definition, mustfilefilled-informs within
90 days after the first extension of credit for such
purpose.
2. (a) The amendment is issued pursuant to the
Securities Exchange Act of 1934, particularly Section 17(b) thereof. The purpose of this action is
to extend to May 15, 1960, the time allowed for
filing Form FR 728, which must be filed by all
persons other than banks and creditors as defined
above who are engaged in the business of extending credit and who, in the ordinary course of business, extend credit for the purpose of purchasing
or carrying securities registered on a national securities exchange. Form FR 728 was adopted to
implement § 221.3(j) as amended June 15, 1959
(24F.R. 3867).
(b) The notice, public participation, and deferred effective date procedures described in Section 4 of the Administrative Procedure Act are not
followed in connection with this amendment for
the reasons and good cause found as stated in
§ 262.2(e) of the Board's Rules of Procedure
(Part 262), and especially because in connection
with this amendment such procedures are unnecessary as they would serve no useful purpose. The
reporting requirement contained herein has been
approved by the Bureau of the Budget in accordance with the Federal Reports Act of 1942.
(Sec. 23, 48 Stat. 901; 15 U.S.C. 78w. Interprets or applies Sec. 17(b), 48 Stat. 897; 15
U.S.C. 78q.)
[SEAL]

1

Filed as part of the original document. Copies available
upon request to the Board of Governors of the Federal Reserve System, Washington 25, D. C, or to any Federal
Reserve Bank.




(Signed) MERRITT SHERMAN,

Secretary.

National Summary of Business Conditions
Released for publication April 15

Industrial production and retail sales in March
remained close to the February high levels while
employment declined and unemployment increased. Inclement weather early in the month
limited some activities. In late March and early
April, there was a marked pickup in auto and
department store sales. Total bank credit declined
further in March, but on a seasonally adjusted
basis the money supply increased. Yields on fixed
income securities generally continued to decline
until late March when yields on Treasury securities turned up and then rose sharply in mid-April.

indicate little change in assemblies from the March
rate. Output of apparel, furniture, and some appliances also was reduced further in March, while
production of consumer staples was maintained.
Steel mill operations slipped further to 92 per
cent of capacity in March, and dropped to a scheduled rate of 80 per cent in mid-April. While
output of construction materials and mineral fuels
also declined in March, production of nonferrous
metals recovered somewhat further. Over-all
production of nondurable materials was maintained.
CONSTRUCTION

INDUSTRIAL PRODUCTION

The Board's seasonally adjusted index of industrial production in March was 109 per cent of the
1957 average—1 per cent below the February
figure and 2 per cent below the January high.
Production curtailments in March, as in February,
were primarily among consumer goods. Activity
in business equipment lines was maintained at
peak rates, and output of materials was substantially unchanged from the February level.
Among consumer goods, seasonally adjusted
auto assemblies declined further in March to a
level 15 per cent below the January high but 10
per cent above a year earlier. Schedules for April
INDUSTRIAL PRODUCTION
1957 =100

Private nonfarm housing starts were unchanged
in March at a seasonally adjusted annual rate of
1.1 million units. The seasonally adjusted value
of new construction put in place, after rising for
three months, declined in March to an annual rate
of $52.9 billion. Nearly every type of construction activity registered some decrease.
EMPLOYMENT

After reaching a new high in February, seasonally adjusted employment in nonfarm establishments declined 214,000 in March. Bad weather
was an important influence in reducing employment in construction and trade. In manufacturing industries, employment declined slightly and
average weekly hours and weekly earnings decreased further. Government employment rose
considerably, mainly because of hiring of Census
enumerators. Unemployment rose substantially,
with the seasonally adjusted rate increasing to 5.4
per cent of the civilian labor force from 4.8 per
cent in February.
DISTRIBUTION

Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for March.




Retail sales in March remained at about the
January-February level. In late March and early
April, department store and auto sales rose considerably as the weather became more favorable.
In some lines, sales-production relationships improved and the rate of inventory accumulation
slowed considerably.

Monthly fig-

373

374

FEDERAL RESERVE BULLETIN • APRIL 1960
COMMODITY PRICES

Industrial commodity prices on the average
changed little in March and early April. While
price declines occurred for some materials, prices
of other materials advanced. Prices of finished
products for the most part were stable. Meanwhile, average prices of farm products and foods
rose further, mainly reflecting increases in some
fresh foods, and the combined index of wholesale
prices advanced to about the year-ago level.
BANK CREDIT AND RESERVES

Commercial bank credit continued to decline
in March as a further reduction in bank holdings
of U. S. Government securities exceeded a rise in
loans. While the expansion in total loans was
moderate, loans to business rose substantially. On
a seasonally adjusted basis, the money supply increased $400 million after having declined more
than $1 billion in the first two months of the year.
The seasonally adjusted rate of turnover of bank
deposits declined somewhat following a sharp rise
in February.
Member bank borrowings from the Federal Reserve averaged $640 million and excess reserves

$440 million during the four weeks ending April
13. Over the period, required reserves declined,
despite a mid-March increase associated with
credit and deposit expansion around the tax date.
Reserves were absorbed primarily by an outflow
of currency, a decline in float, and a reduction in
Federal Reserve System holdings of U. S. Government securities.
SECURITY MARKETS

Yields on fixed income securities generally
declined further in the second half of March,
reaching new lows for the year. Yields on corporate and State and local government bonds have
been relatively stable since then. Yields on Treasury securities rose sharply in the second week of
April, and at mid-month the market yield on 3month Treasury bills was 3.56 per cent compared
with its low of 2.68 per cent on March 25. On
March 31, the Treasury announced the terms of
its $2.5 billion financing for April, which included
a 2-year note at 4 per cent and a AVk per cent
bond due in 25 years and callable in 15 years.
Common stock prices have increased somewhat
since mid-March. Trading volume has remained
moderate.
INTEREST RATES

RETAIL TRADE
194T - 49 = 100
RETAIL

SALES

DEPARTMENT

STORES

STOC
CKS
KS

1956

/ /V \

—

1958

Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest shown for stocks is February, for other series, March.




Discount rate, range or level for all F. R. Banks. Weekly
average market yields for U. S. Government bonds maturing
in 10 years or more and for 90-day Treasury bills. Latest figures shown are for week ending April 16.




Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, Jind related items.
Reserve Bank discount rates; margin requirements; reserve requirements .
Federal Reserve Banks
Bank debits* currency in circulation
. ..
All banks: consolidated statement of monetary system; deposits and currency
All banks, by classes
Commercial banks, by c l a s s e s . . . .
Weekly reporting member banks. .
Business loans

316
380
381
384
386
387
390
392
395

Interest rates
Security prices; stock market credit; open market paper.
Savings institutions
Business finance
Security issues
Federal finance
Federal business-type activities .
Real estate credit
Short- and intermediate-term consumer credit

396
397
398
400
402
403
408
409
412

Industrial production
Selected indexes on business activity.
Construction
Employment and earnings.
Department stores
Foreign trade
Wholesale and consumer p r i c e s . . . .
National product and income series. . . .
Flow of funds, saving, and investment
Number of banks and branches in operation on December 31, 1959.

416
422
422
424
426
427
428
430
432
440

Index to statistical tables.

465

Tables on the following pages include the principal statistics of current significance relating
to financial and business developments in the
United States. The data relating to Federal
Reserve Banks, member banks of the Federal
Reserve System, and department store trade,
and the consumer credit estimates are derived
from regular reports made to the Board; production indexes are compiled by the Board on

the basis of material collected by other agencies;
figures for gold stock, currency in circulation,
Federal finance, and Federal credit agencies are
obtained from Treasury statements; the remaining data are obtained largely from other sources.
Back figures for 1941 and prior years for banking and monetary tables, together ^tvith descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.

375

376

BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U, S. Govt. securities

Period
Total

DisHeld counts
under
Float
Bought repur- and
adoutchase vances
right
agreement

Gold
stock
Total i

Deposits, other
than member bank
reserves,
with F. R. Banks

Treasury
currency
outstanding

Currency
in
circulation

Treasury
cash
holdings

4,400
5,455
7,609
10,985
28,452
28,937
27,806
29,139
30,494
30,968
30,749
31,265
31,775
31,932
31,039
32,371

210
272
2,402
2,189
2,269
1,330
1,290
1,280
1,271
767
805
777
772
768
701
691

30
81
616
592
625
967
615
271
569
602
443
434
463
385
442
470

30
164
739
1,531
1,247
1,016
920
571
745
466
439
459
372
345
281
262

353
264
290
390
365
394
247
186|
3501
337

31,158
31,227
31,304
31,490
31,813
32,042
31,994
32,019
31,974
-32,207
5,311 =32,775

729
717
708
708
632
411
399
394
391
413
*396

417
477
505
532
495
490
546
543
512
485
524

303
312
283
274
277
269
260
301
302
317
361

Member bank
reserves
Other
F. R.
accounts

Treas- Forury
eign

Total 2

With Allowable
F. R.
Banks
cash 3

929
983
998
,063
,132
,174

2,314
2,211
11,473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,600
18,899

2,314
2,211
11,473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,600
18,899

378
3771
347
369
359
344
337|
381
388
379
348

,211
,208
168
,197
,219
,170
,239
,246
,175
204
,195

18,577
18,429
18.664
18,580
18,451
18,671
18,613
18.593
18,610
18,621
18,932

18.577
18,429
18,664
18,580
18,451
18,671
18,613
18,593
18,610
18,621
18,628

304

838 18,878 18,568
921 18,213 17,947
970 8,027 17,770

310
266
^'257

Other

Averages of
daily figures
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—June
Dec

179
1,933
2,510
2,219
23,708
21,905
20,345
23,409
24,400
25,639
24,917
24,602
24,765
23,982
24,749
26,312

179
1,933
2,510
2,219
23,708
21,905
20,336
23,310
23,876
25,218
24,888
24,318
24,498
23,615
24.698
26,216

9
99
524
421
29
284
267
367
51
96

978
250
8
5
381
268
142
657
1,633
448
407
840
706
716
142
564

61 1,317
12 2,208
83 2,612
170 2,404
652 24,744
681 22,858
1,117 21,606
1,375 25,446
1,262 27,299
1,018 27,107
992 26,317
1,389 26,853
1,633 27 ,156
1,443 26,186
916 25,851
25
1,496 28,412

4,024
4,030
17,518
22.759
20,047
22,712
22,879
22,483
23,276
22,028
21,711
21,689
21,942
22,769
21,490
20,563

2,018
2,295
.956
,239
4,322
4,556
,629
,701
,806
4,885
4,982
5,008
5,064
5,144
5,203
5,230

25,532
25,446
25,661
25,920
25,963
26,422
26,588
26,674
26,517
26,732
27,036

25,503
25,400
25,538
25,882
25,949
26,354
26,548
26.628
26.479
26,628
26,993

526
29
620
46
694
123
784
38
938
14
969
68
40 1,008
904
46
909
38
886
104
911
43

961 27,059
954 27,055
937 27,323
935 27,669
1,009 27,937
1,023 28,441
891 28,509
1,088 28,687
1,115 28,563
1,094 28,741
1,426
'"'29,435

20,475
20,448
20,403
20.217
20,030
19.674
19,596
19,514
19,498
19,581
19,482

5,238
5,244
5,253
5,265
5,278

376
350
248
292
493
614
739
796
832

1959
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
1960
Jan
Feb

25,934 25,914
25,322 25,289
25,310 25,261

909 1,343 28 ,236 19,454 5,315
818 1,098 27,276 19,429 5,323
637 1,066 27
"",048 19,410 5,336

32,008
31,580
31,627

419
445
442

534
515
481

270
214
197

368
4061
307

Mar
Week ending:
1959
Feb.

4
11
18
25
Mar. 4
11
18
25

25,673
25.657
25;529
25,399

25,592
25,621
25,523
25,394

81
36
6
5

433
946 27,092
553
887 27,136
583
960 27,112
474 1,050 26,965

20,476
20,476
20,475
20,474

5,235
5,236
5,238
5,239

31,120
31,193
31,205
31,111

723
727
741
724

442
364
398
443

278
304
313
308

344
333
391
448

1,146
1,185
1,214
1,255

18.749
18,742
18,562
18,389

18,749
18,742
18,562
18,389

25,355
25,366
25,471
25,510

25,294
25,331
25,419
25,461

61
35
52
49

548
951 26.892
722
849 26,976
543 1,000 27,048
619
961 27,123

20,479
20,448
20,442
20,442

5,241
5,242
5,244
5,246

31.129
31,215
31,287
31,231

721
716
727
714

534
454
437
456

298
311
290
295

339
336
340
339

1,214
1,212
1,214
1.218

18,375
18,421
18,439
18,558

18,375
18,421
18.439
18,558

Apr.

1
8
15
22
29

25,494
25,722
25,789
25,544
25,608

25,462
25,484
25,545
25,511
25,608

32
238
244
33

629
998 27,151
690
914 27,357
721
816 27,357
767 1,130 27,472
673
900 27,212

20,442
20,442
20,440
20,409
20,330

5,247 31,229
5,250 31,280
5,253 31,365
5,254 31,332
5,257 31,244

709
709
712
705
705

523
524
471
456
560

364
296
279
286
271

512
348
343
362
333

1,181
1,180
1.181
1,178
1,136

18,323
18,711
18.698
18,817
18,551

18,323
18,711
18,698
18,817
18,551

May

6
13
20
27

25,808
26,010
25,935
25,905

25,706
25,940
25,926
25,905

102
70
9

893 27,424
693
726
795 27,563
870 1,155 27,989
675
940 27,548

20,262
20,251
20,197
20,188

5,259
5,262
5,264
5,268

31,368
31,505
31,515
31,473

711
710
710
708

542
521
504
543

256
269
280
281

360
383
367
363

1,136
1,139
1,245
1,244

18,571
18,550
18,829
18,393

18,571
18,550
18,829
18,393

June

3
10
17
24

25,905
25,939
25,944
25,970

25,905
25,939
25,944
25,936

853 27,650
866
996
11A 21136
21
993 1,029 27,994
894 1,"""
256 ",147
28

20,188
20,141
20,136
20,017

5,272
5,275
5,280
5,280

31,645
31,803
31,876
31,807

701
716
715
626

548
476
436
515

297
260
259
283

376
364
361
349

1,219
1,218
1,226
1,238

18,324
18,314
18,537
18,627

18,324
18,314
18,537
18,627

For notes see opposite page.




34

377

BAiNK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[Tn millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date

Gold
Disstock
Held counts
and
under
Float
Total*
Bought
adTotal out- repurvances
right chase
agreement

Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing

Deposits, other
Member bank
than member bank
reserves
reserves,
with
F.
R.
Banks
TreasOther
ury
F. R.
cash
acholdcounts
With Allowings Treas- ForOther
Total 2 F. R. able
ury eign
Banks
cash 3

Averages of
daily figures
Week ending:
1959
1.
8.
15.
22.
29.

26,045
26,300
26,494
26,449
26,459

26,018
26,255
26,383
26,390
26,408

938 1,032 28,042
27
948 28,319
45 1,044
922 28.462
111 1,019
929 1,299 28,705
59
51
890
998 28,374

19,712
19,704
19,695
19,669
19,636

5,283
5,283
5,283
5,283
5,284

31,852
32.105
32,194
32,036
31,883

407
412
419
412
403

552
516
394
460
559

296
278
269
255
271

353
360
338
334
340

,190
,183
,185
,183
,137

18,386
18,452
18,640
18,976
18,702

18,386
18.452
18,640
18,976
18,702

19.
26.

26,549
26,605
26,531
26,573

26,440
26,597
26,525
26,518

790 28,399
109 1,034
771 28,473
8 1,073
945 1,065 28,562
6
950 28,485
941
55

19,626
19,619
19,601
19,600

5,281
5,282
5,282
5,283

31,922
32,071
32,051
31,951

403
401
397
395

503
475
638
564

277
257
256
257

340
343
349
321

,166
,203
,246
,294

18.696
18.622
18.509
18,586

18,696
18,622
18,509
18,586

Sept. 2
9
16
23
30

26,691
26,754
26,737
26,637
26,563

26,650
26,663
26,643
26,637
26,563

836 28,515
966
41
819 28,656
91 1,059
94 1,060 1,017 28.834
860 1,499 29.016
722 1,098 28,403

19,525 5,276 31,935
19,523 5,274 32,107
19.522
32,197
19;513
31,984
19,493
31,811

400
401
395
390
388

561
430
421
632
681

260
275
331
298
310

333
341
373
420
403

,260
,259
,260
,264
,196

18,566
18,640
18.653
18,819
18,394

18,566
18,640
18.653
18.819
18,394

Oct.

7.
14.
21.
28.

26,591
26,637
26.402
26,385

26.563
26,563
26,402
26,364

Nov. 4 .
11.
18.
25.

26,686
26,763
26,702
26,682

26,544
26,574
26,593
26,652

142
189
109
30

Dec.

26,871
27,194
27,176
27,007
26,829

26,843
27,130
27,142
26,970
26,787

28
64
34
37
42

6...
13...
20...
27...

26,642
26,395
25,622
25,450

3
10
17
24

July

Aug.

2.
9.
16.
23.
30.

1,007 1,005 28,623 19.491 5,289
956 28,667 19,489 5,290
1,051
824 1,417 28.664 19,488 5,293
796 1,149 28,353 19,486 5,297

31,933
32;096
32,026
31,873

387
387
391
396

533
474
518
530

300
326
294
297

420
464
344
335

,194
,197
,193
,136

18,636
18,501
18,679
18,568

18,636
18,501
18,679
18,568

834
897 28,443
916
947 28,651
864 1,165 28,758
829 1,311 28,857

19,585
19,585
19,583
19,582

5,299
5,301
5,303
5,304

31,924
32,105
32,235
32,269

404
414
414
415

471
458
478
515

293
313
304
315

397
396
362
369

,127
,128
,204
.297

18.711
18,724
18,647
18,563

18,711
18,724
18,647
18,563

875
916
961
985
933

,086 28,867
,003 29,153
,169 29,365
,818 29,883
,788 29,629

19,568
19,505
19,478
19,467
19,456 5,313

32,446
32,601
32,798
32,924
32,893

410
405
396
387
393

547
487
528
523
537

347
362
341
365
387

355
338
342
331
333

,241
,244
,181
,195
,195

18,451
18,797
18,872
19,274
18,997

18,396
18.529
18.567
18,937
18,660

55
268
305
337
337

26,607
26,339
25,620
25,450

1,018
915
918
776

,586 29,318
,269 28,633
,513 28,098
,103 27,370

19,456
19,455
19,455
19,454

5,313
5,315
5,316
5,315

32,524
32,282
31,910
31,650

407
410
424
424

582
519
494
519

348
308
231
217

553
332
326
332

843
840
836
836

19,141
19,029
18,963
18,476

18,831
18,713
18,648
18,161

310
316
315
315

25,44'
25,389
25,355
25,253

25,442
25,355
25,300
25,253

811
853
974
620

,108 27,406
853 27,135
,167 27,535
,324 27,235

19,445
19,433
19,432
19,423

5,319
5,321
5,323
5,325

31,565
31,599
31,631
31,562

436
443
451
445

510
417
591
529

239
203
224
206

834
333
834
344
896
522
439 1,008

18,537
18,268
18,250
18,061

18,252
18,049
17,974
17,793

285
219
276
268

25,21
25,270
25,444
25,323
25,239

25,154
25,235
25,313
25,290
25,234

794 ,061 27,102
595 ,174 27,075
726
994 27,197
587 1,245 27,189
608
898 26,778

19,421
19,412
19,409
19,409
19,408

5,328
5,333
5,335
5,337
5,340

31,518
31,613
31,726
31,671
31,534

442
435
448
450
439

542
542
446
451
479

219
200
200
180
203

323 1,008 18,105 17,800
293 1,007 17,941 17,731
980 18,108 17,849
293
944 18,189 17,934
305
945 ^17,893 17,600
327

305
210
259
255

25,449
25,374
25,366
25,178

25,415
25,340
25,300
25,178

813 27,104
80:
83! 26,871
626
743 1,041 27,187
433
926 26,572

19,444
19,433
19,432
19,421

5,319
5,321
5,323
5,326

31,545
31,627
31,548
31,536

434
448
456
450

472
420
464
544

219
215
212
210

832 18.306
344
833 17,963
337
338 1,008 18,19f
310 1,008 17,530

18,021
17,744
17,916
17,262

285
219
276
268

25,218
~!5,22f
25,480
25,107
25,266

25,184
25,225
25,360
25,107
25,264

674
869 26,796 19,420
815 26,818 19,409
74:
1,175
27,072 19,409
385
26,412 19,409
911
362
823
26,956 19,408 5,340
835

31,520
31,662
31,689
31,569
31,558

437
441
460
450
436

451
564
251
467
511

231
200
201
206
223

293 1,004 17,916 17,611
307 1,006 17,591 17,381
945 18,241 17,981
291
943 17,473 17,218
306
945 ^18,009 17,716
316

305
210
260
255

I960

Mar. 2.
16
23
30

58
35
131
33
5

Wednesday
1960
Feb.

3.
10.
17.
24.

Mar. 2
16....
23 . . . .
30... .

34

'iio
"*2

« Corrected.
v Preliminary.
* Includes industrial loans a n d acceptances, w h e n held. F o r holdings
of such items o n W e d n e s d a y a n d e n d - o f - m o n t h dates, see s u b s e q u e n t




*>293

tables o n F e d e r a l Reserve B a n k s . (Industrial loan p r o g r a m discontinued
A u g . 2 1 , 1959.)
2 See n o t e 3.
3 Beginning with D e c e m b e r 1959, m o n t h l y averages are estimated.

378

BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. In millions of dollars]
Central reserve city banks—New York

All member banks
Period

Total
reserves
heldi

Required Excess
re- 3
reserves 2 serves

BorBorBorrowRerowTotal
rowReTotal
Free
Free
Free
ings
quired Excess
ings
ings
required Excess
rererererere- 3
at
at
3 serves
at
3
re- 2 serves3
serves
re- 2 serves3
serves
serves
serves
held* serves
F.R. 4
F. R.
held* serves
F.R. 4
Banks
Banks 4
Banks
-167
69
n.a.
n.a.
-144
67
67
-107
-456
-101
-50
-162
-91
-105
7

161
211
,141
,143
939
,024
,199
,356
,406
,295
,210
,166
,149
,136
,113
,077

161
133
601
848
924
1,011
1,191
1,353
1,409
1,295
1,210
1,164
1,138
1,127
1,099
1,070

1
78
540
295
14
13
8
3
-4
1
-1
2
12
8
14
7

63
n.a.
n.a.
n.a.
6
5
64
232
37
15
85
97
85
2
39

-62
n.a.
n.a.
n.a.
14
7
3
-61
-236
-36
-16
-83
-86
-77
12
-31

43
13
96
75
22
157
248
209
225
207
99

-28
16
-89
-51
-15
-154
-225
-227
-209
-184
-109

,052
,029
,041
,037
,009
,028
,033
,025
,020
,029
,038

1,051
1,027
1,036
1,033
1,006
1,028
1,029
1,022
1,018
1,026
1,038

1
2
5
4
3

27
124
69
44
66
47
40
46
84
64
104

-26
-122
-64
-41
-63
-47
-35
-44
-82
-61
-104

111
59

-88
-50
1

1,046
996

1,041
993
970

94
129
157

-90
-126
-151

40
-58
16

1,054
1,025
1,034
1,028

1,051
1,023
',033
,026

37
64
106
207

-35
-62
-104
-205

103
96
61

-100
-94
-62
-82

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—June.
Dec.

2,314
52,160
11,473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,600
18,899

2,275
1,797
6,462
9,422
14,536
16,275
16,364
19,484
20,457
19,227
18,576
18,646
18,883
18,843
17,974
18,383

39
363
5,011
3,390
1,491
986
1,027
826
723
693
703
594
652
577
626
516

974
184
3
5
334
224
142
657
1,593
441
246
839
688
710
142
557

-935
179
5,008
3,385
1,157
762
885
169
-870
252
457
-245
-36
-133
484
-41

762
861
5,623
5,142
4,118
4,404
4,742
5,275
5,357
4,762
4,508
4,432
4,448
4,336
4,214
4,033

755
792
3,012
4,153
4,070
4,299
4,616
5,231
5,328
4,748
4,497
4,397
4,392
4,303
4,186
4,010

7
69
2,611
989
48
105
125
44
30
14
12
35
57
34
28
23

n.a.
n.a.
192
38
58
151
486
115
62
196
147
139
21
103

1959—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

18,577
18,429
18,664
18,580
18,451
18,671
18,613
18,593
18,610
18,621
6 18,932

18,117
17,968
18,247
18,132
18,043
18,271
18,141
18,183
18,164
18,176
18,450

460
461
417
448
408
400
472
410
446
445
482

508
601
676
767
921
957
1,007
903
905
878
906

-48
-140
-259
-319
-513
-557
-535
-493
-45«
-433
-424

3,968
3,994
4,008
3,979
3,933
3,981
3,889
3,848
3,867
3,808
6 3,920

3,953
3,965
4,001
3,955
3,926
3,977
3,866
3,866
3,851
3,785
3,930

15
30
7
24
7
4
23
-18
15
23
-10

1960—Jan...
Feb..
Mar..

P18,027 P17,611

3,90'
3,753
3,766

3,884
3,744
3,755

23
9
10

18,878 18,334
18,213 17,758

455
^416

Central reserve city banks—Chicago

905 c —361
816 -361
635 P - 2 1 9

174

Week ending:
18,375
18,421
18,439
18,558

17,957
17,868
18,051
18,100

418
553
388
458

529
703
525
600

-111
-150
-137
-142

3,959
3,966
3,996
4,017

3,943
3,924
4,000
4,001

16
42
-4
16

7.
14.
21.
28.

18,636
18,501
18,679
18,568

18,153
18,012
18,173
18,266

483
489
506
302

1,006
1,048
819
790

-523
-559
-313
-488

3,
3,812
3,850
3,891

3,866
3,783
3,853
3,881

16
29
-4
10

305
300
223
125

-289
-271
-227
-115

1,029
1,005
1,014
1,926

,026
,004
,015
,020

Nov. 4.
11.
18.
25.

18,711
18,724
18,647
18,563

18,311
18,202
18,190
18,130

400
522
457
433

826
908
856
822

-426
-386
-399
-389

3,911
3,765
3,794
3,786

3,902
3,783
3,768
3,758

8
-18
26
29

17
286
281
116

-169
-304
-255

1,038
1,030
1,032
1,028

,037
,026
,026
,024

56
70
86
3.

-55
-66
-81
-30

2.
9.
16.
23.
30.

6 18,451
18,797
18,872
19,27<
18,99'

18,085
18,282
18,429
18,635
18,533

366
515
443
639
464

870
911
956
980
928

-504
-396
-513
-34
-464

6 3,773
3,876
3,949
4,005
3,953

3,769
3,874
3,938
3,988
3,944

78
4
109
202
86

- 7 4 6 1,017
1,032
- 9 8 1,035
-186 1,053
- 7 6 1,054

,019
,030
,031
,049
,049

60
69
84
14:
156

-62
-67
-139
-151

6.
13.
20.
27.

19,14
19,029
18,963
18,476

18,620
18,472
18,368
18,07-

52
55'
595
402

1,013
9V
91
773

-492
-35-31!
-37

4,011
3,91:
3,86
3,83'

4,012
3,889
3,858
3,820

221
117
80
49

-215
-91
-T
-32

1,06
1,049
1,046
1,026

,064
,041
,044
,023

153
80
128
29

-156
-72
-126
-26

18,537
18,268
18,250
18,06'

18,056
17,836
17,742
17,636

48
432
508
425

850
973
620

-327
-418
-465
-19:

3,858
3,773
3,723
3,740

3,85.
3,753
3,722
3,720

6
79
118

-63
-5'
-116

1,03
1,007
993
977

1,03
1,003
99969

7
13
190
104

-70
-133
-195
-95

17.664
17,576
17,598
17,737
P 1 7 8 9 : ^17,535

44
365
510
452

-35:

3,75
3,73:
3,77'
3,80:
3,74i

3,749
3,73'
3,76
3,77'
3,743

-25

98
97(
97:
98
96<

98
97C(
96
978
963

4
133
259
199

-40
-130
-257
-197

1959__Mar. 4.
11.
18.
25.
Oct.

Dec

I960—Jan.

Feb.

Mar.

18,10:
17,94
18,10?
18,18S

For notes see opposite page.




79
595
726
587
60:

-23C
-21<
-13.
p-244

1
27
22

-1

-81

BANK RESERVES AND RELATED ITEMS

379

RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued
[Averages of daily figures. In millions of dollars]
Country banks

Reserve city banks

Period

Total
reserves
heldi

Required2
reserves

Excess
reserves3

Borrowings at
F. R.
Banks 4

Free
reserves3

Total
reserves
heldi

Required2
reserves

Excess
reserves3

Borrowings at
F. R.
Banks4

Free
reserves 3

327
126
n.a.
n.a.
46
57
29
89
236
105
52
159
144
172
74
162

-305
-30
n.a.
n.a.
965
540
634
507
340
489
550
338
344
277
408
268

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—June...,
Dec

761
648
3,140
4,317
6,394
6,861
6,689
7,922
8,323
7,962
7,927
7,924
8,078
8,042
7,721
7,940

749
528
1,953
3,014
5,976
6,589
6,458
7,738
8,203
7,877
7,836
7,865
7,983
7,956
7,619
7,883

12
120
1,188
1,303
418
271
232
184
120
85
91
60
96
86
102
57

409
58
n.a.
n.a.
96
123
50
354
639
184
117
398
299
314
45
254

-397
62
n.a.
n.a.
322
148
182
-170
-519
-99
-26
-338
-203
-228
57
-198

632
441
1,568
2,210
4,576
4,972
C
4,761
5,756
6,094
5,901
5,634
5,716
5,859
5,906
5,552
5,849

610
344
897
1,406
3,566
4,375
4,099
5,161
5^307
5,032
5,220
5,371
5,457
5,070
5,419

22
96
671
804
1,011
597
663
596
576
594
602
497
488
449
481
430

1959—Feb
Mar
Apr
May...
June
July...
Aug....
Sept....
Oct
Nov....
Dec...

7,777
7,702
7,825
7,792
7,744
7,838
7,836
7,825
7,820
7,848
6 7,954

7,723
7,653
7,791
7,728
7,705
7.809
7,779
7,783
7,766
7,802
7,912

55
49
34
64
39
29
57
42
55
46
41

250
277
317
424
574
510
477
433
393
415
490

-195
-228
-284
-360
-536
-482
-420
-391
-339
-369
-449

5,780
5,704
5,790
,772
,765
5,824
5,855
5,895
5,903
5,936
6 6,020

5,390
5,323
5,418
5,415
5,406
5,458
5,467
5,511
5,529
5,564
5,569

390
381
372
357
359
366
388
384
374
372
450

188
187
194
224
259
242
242
215
203
192
213

202
194
178
133
101
124
145
169
171
180
237

1960—Jan
Feb....
Mar....

7,909
7; 544
7,429

7,840
7,503
7,391

69
42
37

508
423
289

-439
-381
-252

6,014
5,920
^5,857

5,568
5,518
*>5,494

449
402

192
205
181

P182

1959—Mar. 4
11
18
25
Oct. 7
14
21
28

7,679
7,661
7,728
7,774

7,631
7,596
7,693
7,730

48
64
35
44

273
426
201
250

-225
-362
-166
-206

5,684
5,770
5,681
5,738

5,332
5,325
5,325
5,343

352
445
356
395

205
211
164
143

147
234
192
252

7,796
7,782
7,786
7,844

7,748
7,715
7,755
7,820

48
68
31
24

417
418
370
364

-369
-350
-339
-340

5,929
5,902
6,029
5,807

5,513
5,510
5,550
5,545

416
392
479
262

181
234
165
214

235
158
314
48

*Nov. 4
11
18
25

7,866
7,900
7,864
7,826

7,828
7,821
7,830
7,775

38
80
34
51

379
377
347
461

-341
-297
-313
-410

5,896
6,028
5,957
5,924

5,544
5,572
5,566
5,573

352
456
391
351

214
175
142
211

138
281
249
140

257
197

Week ending:

Dec.

2
9
16
23
30

6 7,807
7,861
7,957
8,050
8,050

7,760
7,813
7,907
7,998
7,962

47
48
50
52
87

490
587
545
422
487

-443
-539
-495
-370
-399

6 5,854
6,030
5,932
6,165
5,939

5,537
5,565
5,553
5,600
5,578

317
465
379
565
361

242
251
218
213
199

75
214
161
352
162

1960—Jan.

6
13
20
27

8,000
7,992
7,917
7,775

7,973
7,927
7,866
7,715

26
65
51
60

525
482
565
459

-499
-417
-514
-399

5,571
5,615
5,600
5,516

492
458
539
321

114
232
141
236

378
226
398
85

Feb.

3
10
17
24

7,703
7,631
7,510
7,498

7,665
7,588
7,468
7,434

38
43
41
64

441
418
491
289

-403
-375
-450
-225

6,063
6,073
6,139
5,837
5,945
5,856
6,025
5,846

5,506
5,492
5,555
5,513

439
364
470
332

230
216
174
213

209
148
296
119

Mar. 2
9

7,452
7,414
7,417
7,533
7,396

7,426
7,381
7,370
7,460
7,359

25
33
47
73
36

469
323
389
187
232

-443
-290
-342
-114
-196

5,922
5,825
5,942
5,872
P5,185

5,508
5,494
5,497
5,523
^5,470

414
331
444
350

209
226
182
134
171

205
105
262
216

16
23
30
c

Corrected.
n.a. Not available.
P Preliminary.
1 Based on figures at close of business through November 1959; thereafter on closing figures for balances with Reserve Banks and opening
figures for allowable cash. Monthly averages for allowable cash are
estimated.
2
Based on deposits as of opening of business each day. Weekly
averages for country banks prior to Jan. 6, 1960, and monthly averages
for3 all classes of banks beginning with January 1960 are estimated.
Weekly averages for all member and for country banks prior to Jan.




6, 1960, and monthly averages for all classes of banks beginning with
January 1960 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.
6 Beginning with December 1959, total reserves held include allowable
cash (for definition see the BULLETIN for December 1959, p. 1482). See
also note 1.

380

DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i

Federal Reserve Bank

Rate on
Mar. 31
Boston
New York. . .
Philadelphia..
Cleveland....
Richmond.. .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas

In effect
beginning:
Sept. 14,
Sept. 11,
Sept. 18,
Sept. 11,
Sept. 11,
Sept. 14,
Sept. 11,
Sept. 11,
Sept. 14,
Sept. 11,
Sept. 11,
Sept. 11,

San Francisco

Previous
rate

Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)

Other secured advances
[Sec. 10(b)]

Rate on
Mar. 31

In effect
beginning:

Rate on
Mar. 31

Previous
rate

In effect
beginning:
Sept. 14,
Sept. 11,
Sept. 18,
Sept. 11,
Sept. 11,
Sept. 14,
Sept. 11,
Sept. 11,
Sept. 14,
Sept. 11,
Sept. 11,
Sept. 11,

Sept. 14, 1959
Sept. 11, 1959
Sept. 18, 1959
Sept. 11, 1959
Sept. 11, 1959
Sept. 14, 1959
Sept. 11, 1959
Sept. 11, 1959
Sept. 14,1959
Sept. 11, 1959
Sept. 11, 1959
Sept. 11, 1959

1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959

Previous
rate

1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959
1959

1
Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6

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

FEDERAL RESERVE BANK DISCOUNT RATES»

MARGIN REQUIREMENTS 1

[Per cent per annum]

[Per cent of market value]

Date
effective

Range
(or level)—
all F. R.
Banks

1948
Jan. 12. . .
19...
Aug. 13. . .
23...
1950
Aug. 2 1 . . .
25...

1 -1%
1*4

lv A

\t

1953
Jan. 1 6 . . .
23. . .
1954
Feb. 5 . . .
15...
Apr. 14. . .
16...
May 2 1 . . .
1955
Apr. 14. . .
15...
May 2 . . .
Aug. 4 . . .
5...
12...
Sept. 9 . . .
13...
Nov. 1 8 . . .
23...
1956
Apr. 1 3 . . .
20...
Aug. 2 4 . . .
31...

F. R.
Bank
of
N. Y.

1*4
1 *4

i8
1%
1%
2
2

1%—2

1%

1*4-13/4
1 *4-l 3/4

1*4

1*4-1%

1%

1%—2*4
1%—2*4
2 -2*4
2 -2*4

2i 2 *2i
2*i 2
2*4-3
23/4-3
2%-3
3

1%
1%
1%
1*4
1*4
1*4
13 %
l /4
1%
2
2
2V4
2V4
2*4

Date
effective

1957
Aug. 9 . . .
23...
Nov. 1 5 . . .
Dec. 2 . . .
1958
Jan. 2 2 . . .
24...
Mar. 7 . . .
13...
21...
Apr. 1 8 . . .
May 9 . . .
Aug. 1 5 . . .
Sept. 1 2 . . .
23...
Oct. 2 4 . . .
Nov. 7 . . .
Mar.
Mar.
May
June
Sept.
Sept.

6...
16...
29...
12...
11...
18...

Range
(or level)—
all F. R.
Banks

3

-3*4

3 —3*4
3
2%-3
2%-3
2*4-3
214-234
13 2 1 / 2i
1%— 2

2
2

-2*4

2*4
21/2-3
3
3 -3*4
3*4
4

Prescribed in accordance with
Securities Exchange Act of 1934

3

Regulation T:
For extensions of credit by brokers and
dealers on listed securities

3*4
3
3

3
2%
2*4
2*4
2%
1%
1%
2
2
2
2*4
3
3

IB
4

1960
In effect
Mar. 3 1 . . .

2%
2%
3

1 Under Sees. 13 and 13a (as described in table above). For data for
1941-47, see the BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York
on repurchase contracts against U. S. Govt. securities was the same as
its 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; and 1957—Aug. 22, 3.50.




Jan. 16, Aug. 5, Effec1958tive
1958Aug. 4, Oct. 15, Oct. 16
1958
1958
1958

F. R.
Bank
of
N. Y.

Regulation U:
For loans by banks on stocks

50
50

70
70

90
90

50

70

90

1 Regulations T and U limit the amount of credit that may be extinded
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin require*ments are the difference between the market value (100%) and the maximum loan value.

MAXIMUM INTEREST RATES PAYABLE ON TTME DEPOSITS
[Per cent per annum]

Type of deposit

Nov. 1,
1933Jan. 31,
1935

Feb. 1,
1935Dec. 31,
1935

Jan. 1,
1936Dec. 31,
1956

Effective
Jan. 1,
1957

Savings deposits

3

2*4

2*4

3

Postal savings deposits

3

2*4

2*4

3

Other time deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
In less than 90 days

3
3
3

18

1*

2*4

1

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

381

RESERVE REQUIREMENTS
MEMBER BANK RESERVE REQUIREMENTS

DEPOSITS AND CASH OF MEMBER BANKS, BY CLASSES

[Per cent of deposits]

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

Net demand deposits*
Effective date
of change

Central
reserve
city
banks

In effect Dec. 31, 1945..

20

1948—Feb. 27
June 11
Sept. 1 6 , 2 4 * . . . .
1949_May 1,5*
June 30, July 1*.
Aug. 1 , 1 1 * . . . .
Aug. 16, 1 8 * . . . .
Aug. 25
Sept* 1
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*.
1953—July 1,9*
1954_june 1 6 , 2 4 * . . . .
July 29, Aug. 1*

22
24
26
24

1958—Feb.
Mar.
Apr.
Apr.

27, Mar. 1*
20, Apr. 1 *
17
24

In effect Apr. 1, 1960...
Present legal requirements:
Minimum
Maximum

g*
23
24
22
21
20

Reserve
city
banks

20

22
21
20

19Vi
19

8*
19
20
19
18

210
2 22

Central
reserve
and
reserve
city
banks

Country
banks

Central reserve
city banks
Chicago

New
York

Reserve
city
banks

Country
banks

Four weeks ending Feb. 24, 1960
Gross demand:
Total
120,304 23,439
Interbank
12,544 4,035
U. S. Government.
672
3,570
Other 2
104, 190 18,732
Net demand
102,200 19,727
Time
53,503 4,229
Demand balances due
from domestic banks.
75
6,242
Currency and coin:
Total
2,201
138
Allowable as reserves,
262

14
16
15
14
13
12

7*4
6

13
14
13

4,630
5,152
1,455

47,052
6,081
1,331
39,640
39,265
21,204

43,875
1,342
1,345
41,189
38,056
26,615

101

2,018

4,048

29

682
81

1,352
180

5,938
1,086

222

1

Four weeks ending Mar. 23, 1960
Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand 2
Time
Demand balances due
from domestic banks.
Currency and coin:
Total
Allowable as reserves.

12

I61/2

10
222

All
member
banks

Type of deposit

11*

8*
18Vi
18
18

Country
banks

Time deposits

7
14

* First-of-month or midmonth dates record changes at country banks,
and other dates (usually Thurs.) record changes at central reserve or
reserve city banks.
1 Demand deposits subject to reserve requirements which, beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus 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 requirements
against net demand deposits of central reserve city banks were 13 and
26 per cent, respectively, and the maximum for reserve city banks was
20 per cent.

118,815
12,382
3,757
102,676
101,001
53,670

23,248
3,927

5,794
1,074

689

202
4,517
5,014
1,439

46,317
6,080
1,444
38,793
38,582
20,867

43,456
1,301
1,422
40,734
37,727
27,115

18,632
19,677
4,250

6,249
2,172

72

97

2,080

4,000

135

27
1

665
77

1,345
178

256

r
1
2

Revised.
At opening of business.
Demand deposits subject to reserve requirements, i.e., gross demand
deposits minus cash items reported as in process of collection and demand
balances due from domestic banks.

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS *
[In thousands of dollars]
Wednesday
Item

1960
Mar. 30

Discounts and advances—total...
Within 15 days
16 days to 90 days
91 days to 1 year
Acceptances—total
Within 15 days
16 days to 90 days
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

Mar. 23

Mar. 16

1960
Mar. 9

Mar. 2

March

1959

February

March

834,605
804,695
9,840
20,070

361,887
356,451
5,376
60

385,052
379,057
5,935
60

745,374
738,032
7,263
79

673,878
666,962
6,767
149

755,725
725,515
30,150
60

738,734
731,843
6,843
48

326,682
300,947
25,637
98

31,701
10,174
21,527

31,698
8,113
23,585

32,391
7,818
24.573

32,394
10,004
22,390

34,902
14,011
20,891

33,296
11,059
22,237

34,786
13,837
20,949

30,234
8,081
22,153

25,266,479 25 ,107,179 25,479,879 25,225,279 25,217,903 25,264,479 25 ,208,603 25,497,062
160,196
76,736
356,996
162,160
194,160
216,260
174,100
729,371
911,231
903,271
864,007
854,131
789,231
828,731
14,284,443 14,223,543 14,225,543 14,205,043 14,175,543 14,307,079 14,169,543
8,544,212 8,544,212 8,544,212 8,544,212 8,544,212 8,544,212 8,544,212
1,178,574 1,178,574 1,178,574
657,084
657,084
657,084 1,178,574
271,283
271,283
792,773
792,773
271,283
792,773
271,283

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




End of month

163,500
1,149,000
18,833,226
3,881,179
206,495
1,263,662

382

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday

End of month

1960

Item
Mar. 30
Assets
Gold certificate account
Redemption fund for F. R. notes..

Mar. 23

Mar. 16

1960
Mar. 9

Mar. 2

March

1959

February

March

18,158,642 18,158,643 18,158,644 18,158,642 18,168,642 18,158,642 18,168,643 18,939,891
953,993
958,519
958,519
962,4681
965,149
953,992
965,331
920,587

Total gold certificate reserves.

19,112,635 19,117,162 19,117,163 19,121,110 19,133,791 19,112,634 19,133,974 19,860,478

F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
Acceptances—Bought outright
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreement.

483,852
460,131

495,298
451,909

473,143
446,910

494,222
465,043

570,401
495,059

471,576
458,765

579,473
491,124

427,588
427,053

814,605
20,000

361,887

385,052

745,374

673,878

735,725
20,000

738,734

'*32*39i

"32^394

"'34^902

309,082
17,600
5
30,234

31,701

"3 i * 698

33,296

1,263,417 1,106,117 1,359,417 1,224,217, 1,183,341 1,263,417 1,148,041 1,496,000
,506
13,010
2,483

8,506,993
13,010,298
2,483,771

506,993
,506,993 8,506,993 8,506,993 8,506,993 18 649,726
010,298 13,010,298 13,010,298 13,010,298 13,010,298
867,565
483,771 2,483,771 2,483,771 2,483,771 2,483,771
483,771

25,264,479 25,107,179 25. 360,479 25,225,279 25,184,403 25,264,479 25,149,103 25. 497,062
2,000
119,400 .
33,500
59,500

Total U. S. Government securities.

25,266,479 25,107,179 25,479,879 25,225,279 25,217,903 25,264,479 25,208,603 25,497,062

Total loans and securities

26,132,785 25,500,764 25,897,322 26,003,047 25,926,683 26,053,500 25,982,123 25,853,983
15
15
15
5,147 518 5,727,033 6,620,232
102 480
102,697
102,246
262 132
242,599
222,310

Due from foreign banks
Cash items in process of collection.
Bank premises
Other assets
Total assets.

15
,763,471
101,315
210,725

15
15
15
15
,581,088 5,112,492 4,960,277 4,665,830
102,371
101,296
101,262
94,932
265,207
190,628
183,146
161,512

51,701,548 51,637,477 52,879,341 51,158,948 51,998,961 51,576,560 51,431,394 51,491,391
Liabilities

Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account
Foreign
Other

27,302,390 27,335,848 27,440,976 27,440,356 27,405,543 27,341,214 27,433,335 26,965,377
17,716.
5io;
222.
315;

Total deposits.

17,218,430 17. 981,294 17,380 710 17,610,646 17,773,354 17,754,412 18 ,191,815
250,817
467 ,056
548
564 050
670
453
398,276
200,614
184!
205 ,702
199 979
230; 813
307,555
190,
290,871
354;
307 417
306 197
387,759
326;
293 281

18,765,738 18,197,385 18,723,596 18,452,156 18,585,410 18,861,001 18,724,842 19,285,405
,445,201 3,948.
4,711,633 4,062,809 3,981,016 3,804,029
33,995
30,951
35,289
32,115
27,135
33:
50,427,827 50,382,392 51,643,768 49,874,382 50,733,537 50,300,313 50,171,308 50,081,946
4,324,
35;

Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
Capital Accounts
Capital paid in.
Surplus
Other capital accounts.

395,340
774,808
103,573

Total liabilities and capital accounts.

4,815,738
33,421

395,138
774,S""

85,139

394,544
774,808
66,221

394,063
774,808
115,695

393,678
774,808
96,938

395,358
774,808
106,081

393,541
774,808
91,737

374,545
868,410
166,490

51,701,548 51,637,477 52,879,341 51,158,948 51,998,961 51,576,560 51,431,394 51,491,391

Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
U. S. Government securities held in custody for
foreign account

41.5

42.0

41.4

41.7

41.6

41.4

41.5

42.9

146,560

126,500

110,535

111,622

117,469

153,223

118,941

59,908

4,737,178 4,753,280

4,757,362 4,673,842 4,592,292 4,727,978 4,587,672 3,592,890

Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued to Bank). .
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
Total collateral.




28,438,402 28,490,594 28,517,456 28,567,010 28,616,300 28,409,894 28,630,792 28,012,937
10,585,000 10,585,000 10,585,000 10,585,000 10,585,000 10,585,000 10,585,000 10,755,000
168,846
57,306
143,577
60,561
136,232
142,361
147,452
87,526
19,245,000 19,270,000 19,270,000 19,270,000 19,270,000 19,245,000 19,270,000 18,685,000
29,998,846 29,912,306 29,915,561 29,998,577 29,991,232 29,972,361 30,002,452 29,527,526

383

FEDERAL RESERVE BANKS

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1960
[In thousands of dollars]

Item

New
York

Boston

Cleveland

Philadelphia

Richmond

Atlanta Chicago

St.
Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

Assets
Gold certificate account
Redemption fund for F. R.
notes

852,610 5,137,871 1,074,898 ,547,314

Total gold certificate reserves.

910,629 5,344,184 1,133,180 1,632,456 1,067,140

F. R. notes of other Banks...
Other cash

58,019

33,471
32,042

206,313

112,636
76,068

58,282

21,617
24,888

85,142

32,220
41,016

990,395
76,745

30,781
30,027

347,726

686,705

45,454

22,744

44,511

970,447 3,025,875

749,834

370,470

731,216

13,888
25,101

12,638
12,528

16,561
16,695

31,906
19,666

43,786
62,894

65,275
8,460

87,076
955

8,396
1,557

12,300
2,460

62,071

96,669
35,478

25,403
82,362

Discounts and advances:
Secured by U. S. Govt.
27,635
37,653
36,425
24,079
18,860
10,010
securities
58,080 328,810
1,060
5,700
1,180
900
660
Other
1,880
13,540
2,774
Acceptances:
33,296
Bought outright
Held under repurchase
agreement
U. S. Govt. securities:
Bought outright
1,369,714 6,357,857 1,440,732 2,187,348 1,619,150 1,331,539 4,372,069 1,027,506
Held under repurchase
agreement
Total loans and securities
Due from foreign banks
Cash items in process of
collection
Bank premises
Other assets
Total assets.

1,394,853 6,424,488 1,460,77: 2,199,238 1,657,703 1,403,159 4,703,653 1,064,591
1

1

14

1

1

644,868 2,417,020

704,380

179,396

908,376 2,846,479

1

32,539

82,776

677,407 2,499,796

575,449 1,089,025 1,008,406 2,885,684

649,184 1,177,056 1,018,359 2,900,444
1

2

1

990,550 311,800 458,726 364,803 416,01
883,550 202,986 142,225 240,491 226,406 547,307
3,969
6,527
4,985
6,924
4,594 12,416
17,693
10,200
11,99a
9,74:
9,112
15,120
6.018
16,90'
10,699
12,257
10,685
14,638 44,984
30,396
65,651
23,539
2,717,169 13,023,323 2,971,347 4,396,308 3,173,884 2,946,604 8,783,522 2,074,023 ,198,048 2,198,871 1,996,846 6,096,615
327,636
4,224
14,313

Liabilities
1,564,924 6,420,571 1,760,289 2,495,93' 2,049,526 ,537,990 5,175,955 1,194,809 597,612 1,093,290 777,306 2,673,005
F. R. notes
Deposits:
741,501 5,016,437 854,981 1,373,919 716,841 937,850 2,676,085 623,599 422,673 836,377 902,237 2,670,854
Member bank reserves....
U. S. Treasurer—general
38,87!
33,221
128,508
27,718
32,646
38,842
account
22,090
43,963
28,150
60,489
50,761
43,488
60,621
10,207
7,785
16,262
8,996
10,034
Foreign
21,279
8,477 3296,300
7,093
3,979
23,874
5,709
2,031
3,305
1,896
1,244
1,125
Other
45,965
314
45"
613
1,059
279
Total deposits
789,30: 5,501,866 894,937 1,424,723 761,152 986,813 2,761,507 673,075 455,116 866,173 957,478 2,788,859
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities

297,336

731,385

239,58-

354,642

302,106

352,769

659,748

161,527

114,733

184,877

188,731

475,371

1,838

8,297

1,79'

3,460

1,953

1,916

6,059

1,305

1,184

1,367

1,304

4,809

2,653,400 12,662,119 2,896,60' 4,278,762 3,114,737 2,879,488 8,603,269 2,030,716 1,168,645 2,145,707 1,924,819 5,942,044

Capital Accounts
Capital paid in
Surplus
Other capital accounts.

19,506
38,332
5,931

112,980
220,905
27,319

23,214
45,638
5,888

36,590
72,530
8,426

17,641
34,566
6,940

20,786
40,306
6,024

54,698
107,334

18,221

13,295
25,86"
4,150

9,168
17,580
2,655

16,350
31,720

5,094

22,936
44,645
4,446

48,194
95,390
10,987

Total liabilities and capital
2,717,169 13,023,323 2,971,347 4,396,308 3,173,884 2,946,604 8,783,52: 2,074,023 1,198,048 2,198,871 1,996,846 6,096,615
accounts
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities combined (per cent)

38.7

44.8

Contingent liability on acceptances purchased for
foreign correspondents....

7,183

48,404

42.'

8,649

41.6

38.0

38.4

38.1

40.1

35.2

37.3

39.0

45.8

13,780

6,597

7,623

20,231

4,838

3,37:

6,011

8,503

18,032

Federal Reserve Notes—Federal Reserve Agent's Accounts
F. R. notes outstanding
(issued to Bank)
1,639,535 6,747,650 1,818,060 2,567,168 2,109,903 1,601,012 5,291,754 1,241,957 607,203 1,121,189 ;28,188 2,836,275
Collateral held against notes
outstanding:
Gold certificate account.... 530,000 2,900,000 700,000 920,000 675,000 500,000 1,900,000 430,000 180,000 300,000 250,000 1,300,000
18,860
Eligible paper
36,425
87,076
1 ,'250,666 4,000,666 1,200,000 ,750,666 i,465,666 1,200,000 3,700,000 935,000 450,666 870,000 '625,666 ,'8oo,666
U. S. Govt. securities
Total collateral.
1

1,780,000 6,900,000 1,918,860 2,670,000 2,140,000 1,700,000 5,600,000 1,401,425

After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $123,695,000 participations of other Federal Reserve
Banks.




630,000 1,257,076 875,000 3,100,000'

4 After deducting $104,819,000 participations of other Federal Reserve
Banks.

384

BANK DEBITS
LOANS GUARANTEED UNDER REGULATION

FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*

[Amounts in millions of dollars]

[In effect Mar. 31]

End of
year or
month

1954
1955
1956
1957
1958

Loans
authorized
to date

Loans
outstanding
Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Number

Amount

Total
amount

1,367
1,411
1,468
1,503
1,543

2,500
2,575
2,761
2,912
3,105

472
294
389
395
310

368
226
289
300
236

273
170
125
135
168

1,549
1,550
1,552
1,557
1,557
1,557
1,558
1,560
,561
,562
,563

3,118
3,120
3,128
3,169
3,170
3,170
3,174
3,174
3,179
3,179
3,189

329
335
314
313
317
323
330
342
340
342
340

250
254
241
240
240
244
249
257
253
255
256

141
128
142
151
137
129
121
101
107
105
98

1,565
,565

3,192
3,195

333
341

250
256

103
95

Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan

Percentage of
loan guaranteed

May
June
July
Aug
Sept
Oct
Nov
Dec

10
15
20
25
30
35
40-50

10
15
20
25
30
35
40-50

Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
i Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.

1960
Jan
Feb

Percentage of
any commitment
fee charged
borrower

70 or less
75
80
85
90
95
Over 95

1959
Feb
Mar

Guarantee fee
(percentage of
interest payable
by borrower)

i Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Annual rate of turnover
of demand deposits except interbank
and U. S. Government deposits

Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month

All
reporting
centers
Unadj.

Adj.

Mar
Apr

May.
June
July
AUK

Sept
Oct

Nov
Dec
I960—Jan
Feb

Mar

Unadj.

Adj.

597,815
632,801
738,925
766,890
815,856
888,455
958,721
1,023,605

Unadj.

Adj.

Unadj.

Leading centers
New York
Adj.

695,133
740,436
758,375
845,007
921,928
979,002
993,600
1,110,304

349,904
385,831
390,066
431,651
462,859
489,311
487,432
545,258

34.4
36.7
42.3
42.7
45.8
49.5
53.6
56.4

91,172
91,358
90,631
95,574
97,615
89,633
91,516
94,642
91,055
104,382

53.1
57.3

54.6
56.4
54.2
56.9
57.2

^ ^ 240
45 486
46,257
46,278

90,361
92 894
92 143
93,032
93,516
93 109
92,017
92 216
95,067
93,696

57.6
60.1
60.1
60.1

55.4
59.2
58.0
67.0

46,218
49,752
46,730

46,305
45,626
50,410

94,335
'98,866
95,600

95,266
'91,282
98,693

55.7
58.5
57.9

79,534
85 877
84,030
79,479
86,792
85,207
86,633
89 356
91,522
89,244

84,710
88 049
80,725
86,598
89,600
75,233
81,067
89,519
82,273
104,976

44 957
46 346

230,100
'221,965
245,695

84,646
90,786
88,721

88,529
85,058
96,593

44,746
46,694

6 others1

Unadj. Adj.

47,485
45 955
44,646
46,429
48,422
43 265
43,259
46 083
43,810
51,763

223,367
225,362
216,003
228,601
235,637
208,130
215,843
230,245
217,139
261,121

r
P Preliminary.
Revised.
Adj. = adjusted for seasonal variation. Unadj. = without seasonal
adjustment.
1 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los
Angeles.
2 Prior to April 1955, 338 centers.




337 other
reporting
centers 2

6 others 1

New York

1,642,853
1,759,069
1,887,366
2,043,548
2,200,643
2,356,768
2,439,754
2,679,167

1952
1953
1954
1955
1956
1957
1958
1959
1959

Leading centers

52.4
56.6

51.3

57.8
56.3
60.3

337 c)ther
repo rting
cent ers^

Unadj. Adj.
24.1
25.6
25.8
27.3
28.8
30.4
30.0
32.5

31.8
33.1
32.6
32.1
33.1
33.1
32.1
32.8
33.6
33.2

34.3
33.3
32.5
32.8
32.9
31.3
31.7
32.5
32.7

33.0
35.7

32.9
33.4

35.3

Unadj.
18.4
18.9
19.2
20.4
21.8
23.0
22.9
24.5

24.0
24.7
24.5
24.6
24.7
24.7
24.6
24.7

25.3
24.9
25.1

26.4
»25.8

24.0
24 0
24.5
25.1
24.9
24.1 "
24.7
24.8
25.4

26.4

25.3
25.0

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

385

CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
Total
in circulation i

Total

Coin

$12

7,598
11,160
28,515
28 868
27,741
30,509
31 158
31,790
31,834
32,193

5,553
8,120
20,683
20,020
19,305
21,374
22,021
22,598
22,626
22,856

590
751
1,274
1,404
1,554
1,834
1,927
2,027
2,110
2,182

31 129
31,250
31,349
31,638
31 914
31,898
31,973
31,848
31,905
32 489
32,591

21,975
22,111
22,209
22,479
22,731
22,721
22,784
22,672
22,752
23,277
23,264

2,144
2,164
2,175
2,193
2,215
2,224
2,241
2,259
2,269
2,294
2,304

,406
,414
,429
1,447
,449
,436
,444
,464
,474
,488
,511

. . 31 569
31,552

22,409
22,440

2,268
2,275

1,419
,409

End of year or
month
1939
1941
1945
1947
1950
1954
1955
1956
1957
1958
1959

. . . .

Feb
Mar
Apr
May

June . . . .
July
Aug
Sept
Oct
Nov .
Dec
I960 Jan.
Feb.

.

In millions of dollars]

Coin and small denomination currency
$50

$100

$500

1,772 1,576
2,731 2,545
6,782 9,201
6,275 9,119
5,998 8,529
6,450 9,665
6,617 9,940
6,734 10,194
6,662 10,187
6,624 10,288

2,048
3,044
7,834
8,850
8,438
9,136
9,136
9,192
9,208
9,337

460
724
2,327
2,548
2,422
2,720
2,736
2,771
2,777
2,792

919
1,433
4,220
5,070
5,043
5,612
5,641
5,704
5,752
5,886

191
262
454
428
368
321
307
292
280
275

425
556
801
782
588
464
438
407
384
373

20
24
7
5
4
3
3
3
3
3

32
46
24
17
12
15
12
14
13
9

9,904
9,968
9,989
10,112
10,282
10,312
10,333
10,233
10,261
10,491
10,476

9,155
9,139
9,140
9,158
9,184
9,178
9,189
9,176
9,154
9,213
9,326

2 714
2,704
2,710
2,721
2,742
2,742
2,741
2,733
2,725
2,753
2,803

5,791
5,789
5,787
5,796
5,808
5,804
5,820
5,823
5,815
5,850
5,913

271
270
269
269
265
266
264
263
261
260
261

367
366
363
361
357
355
352
347
344
342
341

3
3
3
3
3
3
3
3
3
3
3

8
8
8
8
8
8
8
7
5
5
5

6,415 10,123
6,456 10,120

9,160
9,112

2,739
2,719

5,825
5,795

254
256

334
334

3
3

5
5

$5

559
695

36
44

1,039
1,048
,113
,256
,312
,369
,398
,494

73
65

1,019
1,355
2,313
2,110
2,049
2,098
2,151
2,196
2,188
2,186
2 062
2,075
2,083
2,112
2,117
2,104
2,111
2,112
2,122
2,185
2,216

6,378
6,410
6,452
6,534
6,584
6,562
6,572
6,521
6,544
6,734
6,672

2,102
2,098

64
78
80

83
80
80

80
81
83
82

83
82
83
84
85
82
83

$20

Total

$2

71
75

Large denomination currency

$10

1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and

$1,000 $5,000 $10,000

paper currency shown by denomination by amounts of unassorted currency
(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]

Held in the Treasury
Total outstanding As security
Feb. 29,
against
Treasury
gold and
1960
cash
silver
certificates

Kind of currency

Gold
Gold certificates
Federal Reserve notes
Treasury currency—total

....

Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.. . .
Subsidiary silver coin
IVfinor coin
. ...
United States notes
Federal Reserve Bank notes.
....
National Bank notes...
Total

Feb. 29, 1960
Jan. 31, 1960
Feb 28 1959

19,421
19,165
28,631
5,329
488
2,251
3 2,383
1,534
549
347
104
56
(55)
(5 )

()

19,165

2 256

3 2,383

93
78

132
2,251

50

16,318

(4)
4
( )

1 Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals for Wednesday dates, in table on p. 377.
2 Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3 To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
*5 Less than $500,000.
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 special
significance and is not shown. See NOTE for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on




For

F.R.
Banks
and
agents

19
3
5

21,548
21,570
22,334

427
437
718

Currency in circulation *
Held by

16,318
16,339
17,078

F.R.
Banks
and
agents

Feb. 29,
1960

Jan. 31,
1960

Feb. 28,
1959

2,816
1,777
491

31
26,761
4,760

31
26,799
4,740

31
26,400
4,699

8

298

297

278

365
74
9
33
1
4
()

2,018
1,440
536
308
103
56

2,009
1,436
535
302
104
56

2,079
1,365
501
304
113
58

5,084
5,405
5,001

31,552
31,569

"* 3 i i i 29

receipt); (3) as security for outstanding silver certificates—silver in bullion
and standard silver dollars of a monetary value equal to the face amount
of such silver certificates; and (4) as security for gold certificates—gold
bullion of a value at the legal standard equal to the face amount of
such gold certificates. Federal Reserve notes are obligations of the
United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal
Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of
the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of
at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasury of the United States as a
redemption fund, are counted as reserve. Gold certificates, as herein
used, includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank
notes are in process of retirement.

386

ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.

In millions of dollars]
Liabilities
and Capital

Assets

Other
securities

Total
assets,
netTotal
liabilities
and
capital,
net

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

Bank credit

Date
Gold

Treasury
currency
outstanding

U. S. Government obligations

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Loans,
net

Total

Other

4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,690
21,949
22,781
21,356
20,534

2,019
2,2S6
2,963
3,247
4,339
4,562
4,636
5,008
5,066
5,146
5,204
5,234

58,642
42,148
54,564
64,653
167,381
160,832
171,667
217,437
223,742
229,470
240,451
249,082

41,082
21,957
22,157
26,605
30,387
43,023
60,366
100,031
110,120
115,157
116,842
121,602

5,741
10,328
23,105
29,049
128,417
107,086
96,560
96,736
93,161
91,370
97,849
101,207

5,499
8,199
19,417
25,511
101,288
81,199
72,894
70,052
66,523
65,792
71,611
73,641

216
1,998
2,484
2,254
24,262
22,559
20,778
24,785
24,915
24,238
25,000
26,347

26
131
1,204
1,284
2,867
3,328
2,888
,899
,723
,340
,238
,219

11,819
9,863
9,302
8,999
8,577
10,723
14,741
20,670
20,461
22,943
25,760
26,273

64,698
48,465
75,171
90,637
191,785
188,148
199,009
244,135
250,757
257,397
267,011
274,850

55,776
42,029
68,359
82,811
180,806
175,348
184,384
224,943
230,510
236,372
244,131
252,022

8,922
6,436
6,812
7,826
10,979
12,800
14,624
19,193
20,246
21,023
22,880
22,829

1959—Mar. 25
Apr. 29.
M a y 27.
June 24.
July 29
Aug. 26.
Sept. 30
Oct. 28
Nov. 25
Dec. 31

20,400
20,300
20,200
19,800
19,600
19,600
19,500
19,500
19,600
19,456

5,200
5,300
5,300
5,300
5,300
5,300
5,300
5,300
5,300
5,311

244,900
247,900
248,300
248,500
250,700
251,200
252,100
251,800
251,400
255,435

121,400
123,500
124,800
126,900
128,400
129,800
131,600
131,500
132,300
135,867

97,200
97,800
97,100
95,200
96,000
95,200
94,100
94,000
93,100
93,497

70,600
71,000
70,000
68,200
68,400
67,600
66,500
66,600
65,400
65,801

25,500
25,600
25,900
25,900
26,500
26,500
26,600
26,400
26,700
26,648

,100
,200
,200
,200
,100
,100
,100
,100
,100
,048

26,300
26,600
26,400
26,300
26,300
26,200
26,500
26,200
25,900
26,071

270,600
273,500
273,700
273,600
275,700
276,100
276,900
276,600
276,300
280,202

246,700
249,800
249,400
249,400
251,400
251,100
252,100
251,700
251,100
256,020

23,900
23,700
24,300
24,200
24,200
25,000
24,800
24,900
25,200
24,186

I960—Jan. 27
Feb. 24
Mar. 30

19,500
19,400
19,400

300
300
300

250,200 133,000
248,300 133,400
247,600 134,600

91,300
89,200
87,300

64,800
63,000
61,100

25,400
25,200
25,300

,000
,000
,000

25,800
25,700
25,700

274,900
273,000
272,400

250,500
248.000
247;300

24,400
25,000
25,100

1929—June
1933—June
1939—Dec.
1941—Dec.
1945_Dec.
1947—Dec.
1950—Dec.
1955—Dec.
1956—Dec.
1957__Dec.
1958—June
Dec.

29.
30.
30.
31
31
31
30
31
31
31
23
31

Details of Deposits and Currency
Deposits adjusted and currency

U. S. Govt. balances
Date

Foreign
bank
deposits,
net

At
TreascomAt
ury
mercial
F. R.
cash
and
Banks
holdsavings
ings
banks

1929—June 29..
1933—June 30..
1939—Dec, 30..
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1950—Dec. 30..
1955—Dec. 31..
1956—Dec. 31..
1957—Dec. 31..
1958—June 23..
Dec. 31..

365
50
1,217
1,498
2,141
1,682
2,518
3,167
3,306
3,270
3,953
3,870

1959—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

25..
29..
27..
24..
29..
26..
30..
28 r .
25 r.
31..

3,900
3,700
3,700
3,600
3,400
3,300
3,300
3,100
3,000
3,203

700
700
700
400
400
400
400
400
400
391

I960—Jan. 27 r.
Feb. 24 r .
Mar. 30?.

2,800
2,600
2,700

400
500
400

Time deposits
Total
Total

Demand
Com- Mutual Postal
demercial savings Savings posits 4
banks banks3 System

Currency
outside
banks

Total
demand
deposits
adjusted
and
currency

Demand
deposits
adjusted

Currency
outside
banks

36
35
634
867
977
870
668
394
441
481
524
358

54,790
40,828
63,253
76,336
150,793
170,008
176,916
216,577
221,950
227,681
229,483
242,553

28,611
21,656
27,059
27,729
48,452
56,411
59,247
78,378
82,224
89,126
95,524
98,306

19,557
10,849
15,258
15,884
30,135
35,249
36,314
48,359
50,577
56,139
61,473
63,166

8,905
9,621
10,523
10,532
15,385
17,746
20,009
28,129
30,000
31,662
32,837
34,006

149 22,540
186 14,411
,278 29,793
,313 38,992
,932 75,851
,416 87,121
,923 92,272
,890 109,914
,647 111,391
,325 110,254
214 106,169
134 115,507

3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,285
28,335
28,301
27,790
28,740

110,500
114,600
133,500
134,500
133,600
135,300
138,800

84,400 26,100
90,000 24,600
106,100 27,400
107,100 27,400
105,800 27,800
107,500 ",800
27
110,700 28,100

3,900
4,600
5,200
4,700
5,000
6,000
6,400
5,500
4,700
5,319

500
500
500
500
600
500
700
500
400
504

237,600 99,500
240,300 99,900
239,300 100,400
240,100 101,000
242,000 100,900
240,800 101,200
241,400 101,500
242,200 101,100
242,600 100,300
246,603 101,779

64,100
64,500
65.000
65,400
65,300
65,600
65,700
65,500
64,800
65,884

34,300
34,300
34,400
34,600
34,500
34,600
34,800
34,600
34,600
34,947

,100
,100
,100
,100
,000
,000
,000
,000
,000
948

27,900
27,900
28,100
28,300
28,400
28,500
28,500
28,300
29,100
29,422

140,300
140,400
140,600
140,900
141,200
140,900
140,800
140,400
140,100
140,200

112,100 28,200
112,200 28,200
112,400 28,200
112,600 28,300
112,900 28,300
112,600 28,300
112,400 28,400
112,000 28,400
111,800 '28,300
112,000 28,200

3,800
4,800
4,700

600 242,900 (01,000 65,200 34,900
",200 65,400 34,900
500 239,600 101
500 239,000 102,200 66,000 35,300

204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1,336
1,452
1,293 2,989
767 4,038
775 4,038
761
4,179
700 9,471
683 4,558

r
P Preliminary.
Revised.
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 data
see the BULLETIN for February 1960, pp. 133-36. Special adjustment
in seasonal factor for demand deposits adjusted for March 30, 1960,




| Seasonally adjusted series *

2

110,300
112,500
110,700
110,700
112,700
111,100
111,400
112,700
113,100
115,402

900 114,000 27,900
900 110,500 28,000
900 108,800 28,100

140,000
,700 28,300
139,100 110,800 28,300
139,500
100 28,400

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 BULLETIN
for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are roundedi
to nearest $100 million and may not add to the totals.

387

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank2
Other
liaCash bilities
U.S. Other assets2
Govt. secuand
Demand
Loans obligacapital Total 2 Detions rities
ac- 3
Time
mand
counts
U. S.
Govt. Other

Loans and investments

Class of bank
and date

All banks:
1941—Dec. 31
1945__Dec. 31
1947—Dec. 314
1956—Dec. 31
1957_Dec. 31
1958—June 23
Dec. 31
1959—Mar. 25
June 24
Aug. 26
Sept. 30
Oct. 28 '
Nov. 25 r
Dec. 31
I960—Jan. 29 ;'
Feb. 24
Mar. 30*

Total

.
.....

All commercial banks:
1941__Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 H . .
1956—Dec. 3 1 . . .
1957—Dec. 3 1 . . .
1958—June 2 3 . . .
Dec. 3 1 . . .
1959—Mar. 2 5 . . .
June 2 4 . . .
Aug. 26. . .
Sept. 30. . .
Oct. 2 8 r' . .
Nov. 2 5 . .
Dec. 31 . . .
1960—Jan. 2 7 ' . .
Feb. 2 4 ' . .
Mar. 30?. .

61 126
40 227
34 924
97 063
203 849
215 179
221 485
219 690
223 200
225 780
225 530
225 870
225 810
227 ,831
225 ,530
224! 410
223,770

26,615
30,362
43,002
110,079
15,115
17,808
21.571
122,850
128,690
131,970
132,610
133,050
134,520
135,958
134,860
135,710
137,010

50,746 21,714
124,019 26,083
116,284 38,057
165,123 90,302
170,068 93,899
179,905 95,571
185,165 98,214
182,940 99,190
185,920 104.450
188,190 107^370
187,790 107,830
188,380 108,160
188,280 109,470
190,270 110,832
187,780 109,550
186,540 110,250
185,680 111,390

All member banks:
1941—Dec. 31
1945__Dec. 31
1947__Dec. 31...
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31...,
1959—Mar. 25
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
I960—Jan. 27r
Feb. 24 ....
Mar. 3Q*>

521
183
846
768
353
589
865
813
007
537
938
328
142
879
509
405
762

All mutual saving ;s banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31*
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959—Mar. 25
June 24
Aug. 2 6 . . . . . .
Sept. 30
Oct. 28
Nov. 25
Dec. 31
1960—Jan. 27
Feb. 24
Mar. 30^

10,379
16,208
18,641
31,940
33,782
35,274
36.320
36,750
37,280
37,590
37,740
37,490
37,530
37,561
37,750
37,870
38,090

18,021
22,775
32,628
78,034
80,950
82.146
84,061
84,882
89,301
91,757
92,063
92,328
93,525
94,779
93,567
94,111
95,086

Time

10,982
14.065
2,793
240
6.133 1,462
5,636 1,386
3,789 2,497
5,799 2,374
3,030 2,340
2,870 2,030
2,900 1,910
3,700 1,780
3,150 1,710
3,200 1,610
5,650 1,443
2,920 1,390
2,710 1,290
2,680 1,270

44,355
26,479
105,935
45.61?
1,346 94,381 3.105
3,736 125,308 80 908
3,903 123,993 88.102
9,209 117,113 94,5^6
4,253 130,132 97,498
3,590 120,480 98,710
4,420 121,600 100,310
5,720 121,490 100,530
6,140 123,860 100,840
5,190 124,350 100,450
4,400 125,960 99,660
5,054 131,622 101,116
3,540 125,
100,380
4,480
,720 100,560
4,410
,720 101,550

23 8,414 14,826
227 10,542 14,553
66 11,948 14,714
78 19,249 14,167
80 20,428 14,090
1,137 21,359 14,055
81 21,705 14,020
2,050 21
14,012
2,710 22
13,997
2,770 22
14,004
1,410 22,840 13,996
2,480 22,
13,995
2,860 22,
13,993
624 22;
13,991
2,340 23
13,997
2,820 23;
13,999
3,290 23,
13,999

26,551 79,104 7 1 , 283
10,982
34,806 1601312 1501227
14,065
006 37 502 155,377 144,103 12,792
240
269 48 720 217,460 197,515 16,133 1,460
930 48 428 222,696 201,326 15,636 1,385
140 43.507 227 ,847 204,335 13,789 2,495
,575 48;990 238,651 216,017 15,799 2,372
,590 41.380 228,710 203,850 13,030 2,340
;930
; 232;380 206; 630 12,870 2,030
60,290
530 41,430 234 170207; 910 12,900 1,910
59,230
730 43,910 236',500 211; 48013,700 1,780
,150 1,710
59;620 20 600 43,330 236,440 21O3
,200 1,610
58,480 20 330 44 150 237 210 210
58,937 20,501 49 467 244; 686 219,903 ,649 1,441
1.920
1,390
57,980 20,'250
' - " 42!
- ' 4 7 0 235;280 208,650
56,170 20,120 42 780 234,300 206,810 12,710 1,290
680 1,270
54; 160 20,130 41J80 232,590 204,350

44,349
15,952
105,921
30,241
1,343 94,367 35,360
3,733 125,282 50,908
3,898 123,967 56,440
9,205 117,086 61,759
4,250 130,104 63,493
3,590
450 64,440
4,420
570 65,740
5,720 121,460 65,920
6,140 123,830 66,030
5,190 124,320 65,830
4,400 125,930 65,070
5,050 131,593 66,169
3,540 125,290 65,510
4,480 122,690 65,640
4,410 119,690 66,300

23
14,278
219 8,950 14,011
65 10,059 14,181
75 16,302 13,640
77 17,368 13,568
1,136 18,178 13.535
73 18,486 13,501
2,050 18,730 13,494
2,710 19,030 13,479
2,770 19,340 13,486
1,410 19,440 13.478
2,480 19,500 13,478
2,860 19,590 13,476
615 19,556 13,474
2,340 19,650 13,480
2,820 19,730 13,482
3,290 19,860 13,482

81,816
25,511 8,999 27,344
,415
65,612
01,288
161.865
81,199 10,723 38,388
66,523 20,461 49,641 250;770 227,546
943 49 318
233,020
65,792
760 44 423
237,204
71.611
273 49 911 276.430 250,057
73,641
260 42 240 266,
70,580
238,150
340 42 ,730 270 990 241,230
68,170
240 42 150 273
67,570
242,550
450 44 630 275',500 246,320
66,470
240 44 030
244,850
66,580
244,830
65,360 25,930 44,870
254,885
65,801 26,071 50,296
243,550
64,840 25,830 43
241,760
63,000 25 700 43
239,630
61,060 25,700 42,530 271
21,808
90,606
69,221
58,552
58,239
64,194
66,376
63,160

19,539 5,961 23,123 68,121 61,717 10,385
78,338 6,070 29,845 138,304 129,670 13,576
57,914 7,304 32,845 132,060 122,528 12,353
47,575 13; 159 42 ,906 184,874 167,906 15,567
47,079 14 324 42 746 188,828 170,637 15,082
53,165 16,277 38;489 194,003 173,904 13,274
54,299 16,504 43,188 202.017 182,816 15,227
51,392 16,539 36,382 193,065 171,785 12,582
49,164
196,18: 174,073 12,357
542 37
48,370
197,076 174,568 12,356
410 36;
47,307
198,984 177,713 13,181
568 38.
47,571
198,793 176,368 12,590
38;
46,436 ,181 ,026 199,373 176,195 12,638
46,813 ,28'
509 205,726 184,706 15,048
45,875 16,067
,279 174,440 12,412
44,314 15,980 37
,501 172,827 12,240
42,686 15,990 36,770 195,09: 170,715 12,207

4,901 3,704 1,774
4,279 10,682 1,246
4,944 11,978 1,718
19,777 7,971 4,192
21,216 7,55" 5,013
22,237 7,41' 5,620
23.357 7.265 5,698
23,660 7,420 5,670
24,240 7,310 5,730
24,600 7,280 5,710
24,780 7,240 5,720
24,890 6,960 5,640
25,050 6,880 5,600
25,126 6,864 5,570
25,310 6,860 5,580
25,460 6,830 5,580
25,620 6,900 5,570

793
609
886
920
890
916
921
860
800
720
720
700
720
829
690
710
750

r
P Preliminary.
Revised.
1 All banks in the United States. Beginning with January 1959,
all banks in Alaska with total deposits of $172 million were included
in the series (a national member bank has been included since April
1954); beginning with August 1959, all banks in Hawaii with total deposits
of $365 million were included in the series (a national member bank
with total deposits of $220 million has been included in the series since
April 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 national
bank in the Virgin Islands that became a member on May 31, 1957, (2)
a noninsured nondeposit trust company, and (3) two (three prior to 1960)




Bor- Total Number
row- capital
acof
ings counts
banks

11,804
17,020
19,714
33,311
35,168
36,678
37,779
38,170
38,610
38,840
39,000
38,720
38,780
38,943
38,990
39,130
39,400

10,533
15,385
17,763
30,032
31,695
32.869
34,040
34,300
34,600
34,640
34,840
34,650
34,620
34,983
34,900
34,950
35,280

140
64
50
1,289
1,246
2,266
2,187
2,155
1,889
1,767
1,634
1,564
1,462
1,338
1,288
1,187
1,165

_ ,709
136 12,347
22 179
640 24,210
176
609 28,340
3,292
850 40,909
3,472
547 45,290
8,658
812 49,893
3,822 110,448 51,132
3,203
988 51,857
3.943
992 52.892
5,095
552 52,798
5,522 104,492 52,884
4,628 104,901 52,685
3,870 106,183 52,042
4,504 110,989 52,827
3,077 105,445 52,218
3,967 103,152 52,281
3,904 100,641 52,798
6
14

(5)

8
(5)

10,527
15,371
17,745
30,001
26 31,662
31
26 32,837
29 34.006
30 34,270
30 34,570
30 34,610
30 34,810
30 34,620
30 34,590
29 34,948
30 34,870
30 34,920
30 35,250

4
208
54
48
57
1,078
54
1,949
2,619
2,685
1,358
2,387
2,780
581
2,275
2,759
3,216

5,886
7,589
8,464
13,655
14,554
15,181
15,460
15,642
15,875
16,090
16,169
16,209
16,280
16,264
16,327
16,387
16,495

6,619
6,884
6,923
6,462
6,393
6,357
6.312
6,289
6.279
6,263
6,249
6,248
6,240
6,233
6,224
6,223
6,223

1,241
1,592
1,889
2,947
3,059
3,181
3,219
3,250
3,330
3,360
3,400
3,370
3,400
3,359
3,390
3,420
3,400

548
542
533
527
522
520
519
518
518
518
518
517
517
517
517
517
517

mutual savings banks that became members in 1941 (these banks are
excluded from all commercial banks).
Stock savings banks and nondeposit trust companies are included with
commercial banks. Number of banks includes a few noninsured banks
for which asset and liability data are not available. Comparability of
figures for classes of banks is affected somewhat by changes in Federal
Reserve membership, insurance status, and the reserve classifications of
cities
and individual banks, and by mergers, etc.
2
Beginning with June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3 Includes other assets and liabilities not shown separately.
For other notes see following two pages.

388

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

Continued

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

Class of bank
and date

Total

Deposits
Total
assets—
Total
Interbank2
Other
liaCash
U. S. Other assets 2 bilities
2
Govt. secuand
Demand
Loans obligacapital Total
Detions rities
ac- 3
Time
mand
counts
U. S. Other
Govt.

Central reserve city
member banks:
New York City:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959—Mar. 25
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
1960—Jan. 27
Feb. 24
Mar. 30*>

12,896
26,143
20,393
23,809
23,828
27,149
25.966
25,594
25,488
25,636
25,194
- 25,061
25,020
25,291
24,713
24,460
24,342

Chicago:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959—Mar. 25
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
1960—Jan. 27
Feb. 24
Mar. 30?

2,760
5,931
5,088
6,473
6,446
6,942
6,830
6,759
6,516
6,677
6,727
6,701
6,606
6,885
6,673
6,634
6,630

954
1,333
1,801
3,772
3,852
3,594
3,637
3,551
3,687
3,954
4,011
3,944
3,908
4,206
4,072
4,165
4,135

1,430
4,213
2,890
2,113
2,032
2,694
2,562
2,576
2,137
2,067
2,052
2,092
2,015
1,985
1,928
1,812
1,866

376
385
397
588
562
654
631
632
692
656
664
665
683
694
673
657
629

,566
,489
,739
2,171
2,083
1,914
2,158
,745
,842

Reserve city member banks:6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959—Mar. 25
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
I960—Jan. 27 r
Feb. 24
Mar. 30P

15,347
40,108
36,040
53,915
55,259
59,273
60.558
59,524
60,617
61,143
60,647
60,879
60,790
61,621
60,334
58,848
58,445

7,105
8,514
13.449
31,783
32,805
32,851
34.003
34,720
36,616
37,780
37,733
37,757
38,171
38,686
38,282
38,116
38,392

6,467
29,552
20,196
17,368
17,352
20,436
20,645
18,946
18,224
17,665
17,169
17,416
16,954
17,292
16,490
15,340
14,690

Country member banks:6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—June 23
Dec. 31
1959—Mar. 25
June 24
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
I960—Jan. 27
Feb. 24
Mar. 30*>

12,518
35,002
36,324
54,571
56,820
58,225
61.511
60,936
62,386
63,081
63,370
63,687
63,726
64,082
63,789
64,463
64,345

5,890
5,596
10,199
26,491
28,191
28,937
30,257
30,464
32,317
32,817
33,075
33,223
33,456
33,766
33,599
34,220
34,697

4,377
26,999
22,857
22,037
21,815
22,000
23,606
22,873
22,377
22,551
22,516
22,668
22,509
22,535
22,476
22,466
21,847

«

4,072 7,265 1,559 6,637 19,862 17,932 4,202
6
7,334 17,574 1,235 6,439 32,887 30,121 4,640
17
7,179 11,972 1,242 7,261 27,982 25,216 4,453
12
15,987 6,057 1,765 8,629 33,381 29,149 5,022
965
16,102 5,880 1,846 8,984 33,975 29,371 4,869
912
16.764 8,035 2,350 8,272 36,664 31,469 4,345 1,774
16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739
16,147 6,997 2,450 7,066 33,808 28,627 4,079 1,773
16,681 6,426 2,381 7,204 33,869 28,415 4,008 1,480
17,206 6,087 2,343 6,815 33,594 27,859 3,897 1,363
17,244 5,570 2,380 7,690 34,101 29,141 4,315 1,256
17,404 5,395 2,262 7,800 34,024 28,545 3,848 1,205
17,990 4,958 2,072 7,834 34,054 28,252 3,892 1,100
18,121 5,002 2,168 9,174 35,750 30,647 4,765
988
17,614 4,981 2,118 7,374 33,440 27,801 3,971
933
17,610 4,696 2,154 7,664 33,553 27,543 4,009
884
17,862 4,283 2,197 7,776 33,609 27,431 3,906
889

,992
,877
,879
2,003
,869
,882
,604

4,363
7,459
6,866
8,695
8,595
8,929
9,071
8,583
8,440
8,567
8,805
8,662
8,564
8,967
8,629
8,599
8,329

4,057
7,046
6,402
7,943
7,792
8,022
8,214
7,438
7,423
7,530
7,681
7,556
7,578
8,062
7,550
7,288
6,978

1,035
1,312
1,217
1,364
1,333
1,249
1,357
1,135
1,123
1,105
1,204
1,126
1,115
1,231
1,061
1,099
1,219

1,776
2,042
2,396
4,764
5,102
5,986
5,910
5,858
5,777
5,698
5,745
5,706
5,665
5,643
5,562
5,392
5,363

8,518
11,286
13,066
17,716
17,540
15,443
17,701
15,381
15,762
15,441
16,298
15,930
16,463
18,211
15,624
15,600
15,044

24,430
51,898
49,659
72,854
74,196
76,155
79,781
76,360
77,887
78,068
78,511
78,391
78,852
81,443
77,625
76,065
75,183

22,313
49,085
46,467
66,524
67,483
68,672
72,647
68,272
69,448
69,679
70,496
69,942
69,951
73,675
69,116
67,435
66,202

4,356
6,418
5,627
7,584
7,241
6,397
7,506
6,122
5,994
6,093
6,377
6,295
6,273
7,450
6,029
5,877
5,831

104
30
22
294
301
416
377
316
341
342
318
299
303
303
297
256
228

2,250
2,408
3,268
6,042
6,814
7,288
7.648
7,599
7,692
7,713
7,779
7,796
7,761
7,781
7,714
7,777
7,801

6,402
10,632
10,778
14,390
14,139
12,860
14,031
12,190
12,363
12,476
12,854
12,707
12,850
14,122
12,465
12,543
12,346

19,466
46,059
47,553
69,945
72,062
72,255
76,767
74,314
75,986
76,847
77,567
77,716
77,903
79,567
77,585
78,284
77,971

17,415
43,418
44,443
64,289
65,991
65,741
70,277
67,448
68,787
69,500
70,395
70,325
70,414
72,323
69,973
70,561
70,104

792
1,207
1,056
1,597
1,640
1,282
1,578
1,246
1,232
1,261
1,285
1,321
1,358
1,602
1,351
1,255
1,251

30

,815

< Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
from noninsured mutual savings to nonmember commercial banks.




866
6,940
267
747
737
2,946
968
691
775
1,054
1,208
1,114
692
1,027
547
664
794

12,051
17,287
19,040
19,940
19,959
18,898
20,704
18,479
18.570
18,043
18,795
18,930
19,183
20,419
19,032
18,685
18,397

127
1,552
72
184
195
705
249
223
259
285
347
228
213
272
166
213
233

2,419
3,462
4,201
5,069
4,904
4,626
5,136
4,655
4,586
4,685
4,678
4,749
4,785
5,070
4,849
4,535
4,103

491
8,221
405
1,201
1,358
3,150
1,429
1,226
1,600
2,081
2,282
1,746
1,528
1,698
1,135
1,661
1,474

NumBor- Total
ber
row- capital of
ings counts banks
Time

1 648
807
1,236
195 2,120
1,445
30 2,259
2,475
2 2,873
2,893
2 3,136
3,506
483 3,214
3,482
3 282
3,605
513 3,277
3,582
805 3,292
3,502 1,000 3,334
3,567
244 3,342
3,448
770 3,340
3,385
968 3,337
3,448
232 3,361
3,318
637 3,360
3,301
852 3,381
3,445
951 3,384

36
37
37
18
18
18
18
18
17
17
16
16
16
16
16
16
16

288
377
426
660
689
708
733
728
740
749
753
751
754
762
755
747
752

13
12
14
14
14
14
14
14
14
14
14
14
14
14
13
11
11

1 967

1,004
1,298

2,844
5,076
5,370
5,617
5.760
5,'845
5,945
6,004
6,044
6,053
6,083
6,106
6,120
6,082
6,115

35
359
353
289
278
280
274
273
273
271
270
270
270
265
267
233
228

4
11
23
21
30
164
37
301
510
531
306
481
529
71
487
472
500

1,982
2,525
2,934
5,046
5,359
5,641
5.685
5,792
5,898
6,003
6,030
6,065
6,106
6,035
6 092
6 177
6,244

6,219
6,476
6,519
6,141
6,083
6.045
6.006
5,984
5,975
5,961
5,949
5,948
5.940
5,938
5,928
5,963
5,968

476
719
913
1,319
1,345
1,403
1,438
1,395
1,424
1,427
1,426
1,427
1,440
1,468
1,450
1,417
1,399

12,557 4,806
24,655 9,760
28,990 11,423
40,647 16,797
39,960 18,623
38,~~"
003 20 ,706
42,259 21 ,075
39,233 21 ,375
39,721 21,792
3 9 ,554
" " "',609
21
39,914 21,605
40,073 21,529
4 0 ,590
— "',257
21
42,668 21,555
40,426 21 ,229
38,956 20,685
37,994 20,675

225 10,109 6,258

17 5,465
432
1,160
1,181
1,857
36 1,175
1,063
1,309
1,675
-. 1,685
34 1,540
34 1,437
24 1,508
34 1,229
24 1,429
24 1,403

24,235 12,494
28,378 14,560
20
4 1 ,194
" " '",317
40,724 22,429
38,286 24,277
42, 349 25,137
39,621 25,482
40,115 26,094
40,270
270 26,260
26
41,105 26,286
41,149 26,281
41,625 "-,960
25
42, 832 26,356
41, 138 26,221
40,975 26,878
40, 147 27,279

4
80
3
296
164
182
253
235
108
40
208
431
467

2 2,566
1
21
21
350
14
839
1,140

972
555
901
1,175

238
943

5 Less than $5 million. Because preliminary data are rounded to the
nearest
$10 million no amount is shown except on call dates.
6
Beginning with February 1960 reserve city banks with total loans and
investments of $950 million and total deposits of $1,070 million were
reclassified as country banks.
For other notes see preceding and opposite pages.

389

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash
U. S. Other assets: bilities
Govt.
and
Demand
obliga- secucapital Total 2 Detions rities
ac- 3
Time
mand
counts
U.S.
Govt. Other

Loans and investments

Class of bank
and date
Total

Loans

AH insured commercial banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31

49,290
21,809
14,274
63,601
68,595
83,596
84,632
88,790

21,259
25,765
37,583
89,831
93,430
97,730
102,902
110,299

National member banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31

27,571
69,312
65,280
88,477
91,201
99,277
99,98!
102,615

11,725
13,925
21,428
48,109
50,350
52,627
55,816
59,962

12,039
51,250
38,674
31,568
31,234
35,714
33,152
31,761

State member banks:
1941— Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31

15,950
37,871
32,566
50,291
51,152
55,588
55.307
55,264

6,295
8,850
11,200
29,924
30,600
31,435
32,616
34,817

7,500
27,089
19,240
16,007
15,846
18,585
17,072
15,052

2,155
1,933
2,125
4,359
4,707
5,568
5,619
5,396

8,145
9,731
10,822
15,900
15,960
16,407
14,021
16,045

Insured nonmember
commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—Dec. 3 1 . .
1959__j une 1 0 . .
Dec. 3 1 . .

5,776
14,639
16,444
24,859
26,268
28,759
29.371
30,939

3,241
2,992
4,958
11,808
12,493
13,682
14,484
15,534

1,509
10,584
10,039
10,274
10,512
11,381
11,183
11,546

1,025
1,063
1,448
2,777
3,264
3,696
3,704
3,859

1,457
2,211
2,009
1,521
1,473
1,568
1,518
1,480

455
318
474
471
468
484
504
534

761
1,693
1,280
714
660
707
639
589

All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31

7,233
16,849
18,454
26,381
27,741
30,327
30,889
32,419

3,696
3,310
5,432
12,279
12,961
14,165
14,988
16,068

Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31

1,693
10.846
12,683
24,170
26,535
28,980
30,150
30,580

8,687
5,361
5,95"
7,770
7,246
7,341
7,071
6.981

Noninsured nonmember
commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 31
1947—Dec. 3 H . . .
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1 9 5 9 _ j u n e 10
Dec. 3 1 . . . .

Noninsured mutual savings
banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 314
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1 9 5 9 _ j u n e 10
Dec. 31

3,806 14 ,977
4,137 20 ,114
5,178 22 024
8,800 27 ,006 117
9,617 26,786 120
10,936 26;
128
11,014 23
126;
10,892 27
132

10,654
13,883
12,615
54
15,981 1,301
15,489 1,264
15,653 2,209
13,338 2,013
15,500 1,358

Time

762 41,298 15,699
10 6,84413,,426
,740 80,276 29,876
215 8,671 13,297
,325 92,975 34,882
13,398
61 9,73413',
717 124, 346 50,608
5615,98813,195
3,859 123, 127 56,137
6617,051 13,142
67 18,115413,101
4,241 129,: 214 63,168
2,766 1221744 65,288 2,76: 18.776213.086
5,037 130, 720 65,858
60: 19,220613,107
23,262
45,473
53,541
67,434
66,546
69,808
66,433
71,015

8,322
4 3,640 5,117
16,224
78 4,644 5,017
19,278
45 5,409 5,005
27
"",810
19 8,450 4,651
30 ,904
38 9,070 4,620
34 ,812
43 9,643 4,578
36 ,177 1,42010.041 4.559
36,421
34010,302 4,542

39,458
84,939
82,023
107,161
109,091
116,714
112.659
119,638

6,786
9,229
8,375
35
9,322
522
8,958
517
9,035
767
7,818
705
8,947
514

1,088
14,013
795
2,074
2,166
2,292
1,526
2,742

24,688
48,084
43,879
67,530
68,676
73,620
71,010
73,090

22,259
44,730
40,505
60,744
61,545
66,102
62,152
65,069

3,739
4,411
3,978
15
6,245
767
6,124
729
6,192 1,420
5,127 1,285
6,102
825

621
8,166
381
1,218
1,306
1,530
880
1,763

13,874 4,025
24,168 7,986
27,068 9,062
39,416 13,098
39,001 14,386
40,640 16,320
38,237 16,622
39,974 16,406

2,668
4,448
4,083
5,448
5,383
5,504
4,770
5,651

8,708
19,256
20,691
30,667
32,066
34,737
34.642
37,132

7,702
18,119
19,340
28,073
29,266
31,696
31.365
33,795

262
414
407
426
392
451

53
1,560
149
425
388
419
361
533

4,162 3,360
10,635 5,680
12,366 6,558
17,497 9,724
17,580 10,873
18,766 12,063
18,074 12,516
19,732 13,059

241
200
255
336
345
377
375
358

763
514
576
369
301
301
271
309

2,283
2,768
2.643
1,946
1,831
1,927
1.850
1,858

1,87:
2,45:
2,251
1,562
1,449
1,532
1,444
1,429

177
152
147
146
143
150

2,270
12,277
11,318
10,989
11,172
12,088
11,821
12,134

1,266
1,262
1,703
3,113
3,608
4,074
4,079
4,216

3,431
4,962
4,659
5,817
5,684
5,805
5,041
5,961

10,992
22,024
23,334
32.613
33,897
36,664
36.491
38,990

9,573
20,571
21,591
29,635
30,715
33,227
32,810
35,224

439
566
554
572
536
601

642
3,081
3,560
15,542
17,1919,180
20,106
20,94!

629
7,160
8,165
5,518
5,404
5,215
5,324
5,016

421
606
958
3,110
3,937
4,585
4,721
4,62:

151
429
675
739
719
75:
630
686

1,958
11,424
13,499
25.282
27,671
30,189
31.228
31,743

4,259
1,198
1,384
4,235
4,022
4,177
4,043
4,184

3,075
3,522
3,813
2,453
2,148
2.050
2,025
1,848

1,353
641
760
1,082
1,076
1,113
1,003
949

64:
180
211
18:
171
169
150
143

9,846
5,596
6,215
8,028
7,497
7,589
7,298
7,200

For other notes see preceding two pages.




21,046 6,984
76,820 69,411
88,912 7,131
157,544 147,775
67,941
750 36 926 152,733 141,851
57,837
,933 48 352 215,514 195,953
57,580 17,585 48 127 220,865 199,876
65,669 20 , 198 48689 236,724:214,485
61,396 20 ,334 42 623 231,876 206,149
206
58,348 20 , 143 49158 242 828 218,474

Bor- Total Number
row- capital
acof
ings counts
banks

129
244

2,246
2,945
3,055
5,205
5,483
5,817
5,879
5,962

1,502
1,867
1,918
1,811
1,773
1,734
1,721
1,691

959
1,083
1,271
2,336
9 2,500
13 2,696
76 2,846
2,944

6,810
6,416
6,478
6,737
6,753
6,793
6.810
6,878

1
130
9
29
18
10
,266
240

1,291
1,905
1,392
936
840
890
830
873

253
365
478
300
303
325
342
311

329
279
325
313
317
332
338
350

852
714
783
444
425
399
383
366

5,504
14,101
167 13,758
440 18,433
427 18,420
420
428 19,655
368 18,903
545 20,605

3,613
6,045
7,036
10,024
11,176
12,387
12,858
13,370

18 1,288
1,362
1,596
2,649
2,817
3,028
3.183
34 3,294

7,662
7,130
7,261
7,181
7,178
7,192
7.193
7,244

1,789
10,363
12,207
22,886
25,022
27,277
28.041
28,577

1,789
10,351
12 12,192
23 22",857
26 24 ,991
28 27,243
27 28 011
28 28,544

164
1.034
K252
2,130
2,308
2,473
2 608
2,654

52
192
194
223
239
241
?51
268

8,744
5,022
5,556
7,146
6,672
6,763
6,461
6,405

8,738
5,020
5,553
7,143
6,671
6,762
6,460
6,404

1,077
558
637
817
751
746
707
705

496
350
339
304
283
278
267
249

329
181
185
159
121
163
122
83

457
425

190
171
138
185
144
103

NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN
for July 1947, pp. 870-71.

390

COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2

Total
loans
and
invest- Total 2
ments

Class of
commercial
bank and
call date

Investments

Loans for
Loans
Compurchasing
to
meror
carrying
financial
cial
Other
institutions
in- Agri- securities
Real loans
clud- culto
esing
in- Other
tate
To
loans
open turdial broloans vidmarkers
To
To
To
ket
uals
and
others
padeal- others banks
per
ers

Total: 3
1947_Dec. 3 1 . . . 16,284 38,057 8,167 1,660 830
1958—Dec. 3 1 . . . 85,165 98,214 40,425 44,973 2,832
1959—June 10...c .86,151 103,406 41,613 5,098 2,333
June 10* 86,151 103,406 37,158
:~ ' " 5,098 2,333
Dec. 3 1 . . . 90,270 110,832 40,174
" 5,018 3,018

9,393 5,723
,220
115
25,255 20,698
,829
719
26,669 22,382
,903 1,852
,903 1,850 5,569 26,669 22,382
,850
819 7,118 28,060 24,166

Obligations
of
States Other
and secupolit- rities
Cerical
Total Bills tifi- Notes Bonds subcates
divisions
U. S. Government obligations

947 69,221 2,193 7,789
66,376 6,294 7,399
3,437 66
3,567 62,035 5,149 4,722
2,455
2,784 58,937 6,300 2,420

6,034 53,205 5,276 3,729
13,396 39
39,287 16,505 4,070
14,037 38,127 16,984 3 ,725
14,856 35,360 16,958 3,543

All insured:
4,5
4,773
21,046 988
3,159 16,899 3,651 3,333
505
1941_Dec. 3 1 . . . 49,290 21,259 9,214 1,450 614 662
40
4,677 2,361 1,132 88,912 2,455 19,071 16,045 51,342 3,873 3,258
1945—Dec. 3 1 . . . 21,809 25,765 9,461 1,314 3,164 3,606
49
914 67,941 2,124 7,552 5,918 52,347
5:
37,583 8,012 1,610
9,266 5,654
5, 129
' 3,621
823 ,190
1947_Dec. 3 1 . . . 14,274 37
114
4
25,148 20,589 3,420 65,669 6,159 7,362 13,240 38,908 16,266 3,932
2,797 ,810
1958—Dec. 3 1 . . . 83,596 97,730 40;289 4,913
713
26,550 22,264 3,549 61,396 5,025 4,690 13,928 37,754 16,743 3,591
1 9 5 9 _ j u n e 10... 84,632 102,902 41,459 5,046 2,312 ,884 1,847
June 10*., 84,632 .02,902 37,013 ,046 2,312 ,884 1,846 5,553 26,550 22,264 2,444
Dec. 31... 88,790 10,299 4 0 022
, " " 4,973 2,982 ,827
813 7,105 27,948 24,032 2,767 58,348 6,189 2,404 14,729 35,027 16,721 3,422
Member, total:
1941—Dec. 31...
1945_Dec. 31...
1947_Dec. 31...
1958—Dec. 31...
1959—June 10..,
June 10*.
Dec. 31...

3,494
43,521 18,021 8,671 972 594 598
39
3,455
07,183 22,775 8,949 855 3,133 3,378
47
7,130
811 1,065
97,846 32,628 16,962 1,046
113
20,013
54,865 84,061 37 '" 3,052 2,730 1,599
710
21,180
.55,289 88,431 38;469 3,132 2,260 1,669 1,821
55,289 88,431 34,172 3 ,132 2,260 1,669 1,820 5,277 21,180
879 94,779 36,826 3 ,116 2,885 ,587
.57,—
811 6,801 22,185

New York City:''
1941_Dec. 31..
1945_Dec. 31..
1947—Dec. 31..
1958_Dec. 31..
1959—June 10..
June 10*.
Dec. 31..

12,896
26,143
20,393
25,966
25,648
25,648
25,291

Chicago:4
1941—Dec.
1945_Dec.
1947_Dec.
1958—Dec.
1959—June
June
Dec.

4,072
7,334
7,179
16,165
16,514
16,514
18,121

2,807
3,044
5,361
10,928
10,731
9,523
10,549

123
80
111
641
746
746
936

287
564
1,502
1,625
1,625
1,739

107
10'
124

418
588

22
36
46
161
181
181
183

51
149
357
386
386
435

114 194
427 1,503
170 484
518 851
404 860
404 860
580 776

4
17
1
191
715
714 2,635
235 3,369

1,527
l,45r
3,14'
8,405
8,986
8,986
9,251

48
211
73
266
146
146
268

5:
233

Reserve city:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—June 10..
June 10*.
Dec. 31..

15,347 7,105
40,108 8,514
36,040 13,449
60,558 34,003
60,812 36,315
60,812 36,315
61,621 38,686

Country:
1941—Dec.
1945_Dec.
1947_Dec.
1958—Dec.
1959—June
June
Dec.

12,518 5,890
35,002 5,596
36,324 10,199
61,511 30,257
62,248 31,960
62,248 31,960
64,082 33,766

1,676 659
1,484 648
3,096 818
8,080 ,368
8,650 ,36!
8,057 2,36!
8,498 2,321

20
4:
23
294
1515298

183
471
227
268
293
293
284

5,432
14,165
14,988
16,068

1,205 612,981 1,921
3144 1,967
3,144
3,348 1,902

20
102
73
133

156
230
234
263

31..
31..
31..
31..
10..
10*.
31..

Nonmember:3
1947_Dec. 31..
1958—Dec. 31..
1 9 5 9 _ j u n e 10..
Dec. 31..
e

18,4530,32
30,88'
32,419

3,456
3,661
7,088
15,808
16,410
14,285
15,25f

300
205
225
669
753
753
76:

4
6
101

1,823
1,881
3,827
10,806
11,267
879 11,267
1,056 11,816

Estimated.

* For a discussion of revision in loan schedule, see the BULLETIN for

January
1960, p. 12.
1
All commercial banks in the United States. These figures exclude
data for banks in U. S. territories and possessions except for member
banks. During 1941 three mutual savings banks became members of




522

32
26
93
503
967
966 1,344
531 1,788

169
412
2,453 1,172
545 267
1,652 38:
1,556 409
,556 409
1,740 403

954
732
31.. 2,760
760
31.. 5,931 1,333
31.. 5,088 1,801 1,418
31.. 6,830 3,637 2,628
10.. 6,581 3,643 2,678
10*. 6,581 3,643 2,308
31.. 6~~ 4,206 2,527

3,653
1,900 1,057
839
4,662
17,028 3,211
276
18,397 3,"""
18,397 2,298
19,877 2,603

31

2,266
5,256
5,502
5"""

272
238
921
85:
717
833

95
40
26
210
203
155
148

1,508
855
38
1,969
351
6,930 1,301
7,513 1,358
848
7,513
980
8,211

19,539 971
78,338 2,275
57,914 1,987
54,299 4 ,644
50,225 3,854

16,985
5,816
6,143
3,688

3,007 15,561
14,271 44,807
4,815 45,295
45
11,117 32,396
11,410 31
"',273

3,090 2,871
3,254 2,815
4,199 3,105
13,405 3,100
13,820 2
',813

46,813 4,612 1,812 11,604 28,785 13,677 2,610
1,623
7,265 311
17,574 477 3,433 3,325
640
11,972 1,002
558
7,486 643 1,106 1,602
6,745 ,165
350 1,717

5,331
729
10,339
606
9,772
6-38
4,135 1,869
3,513 1,978

830
629
604
446
411

227 1,277 2,859 1,833

335

5,002

639

1,430
4,213
2,890
2,562
2,235

256
133 1,467
132
235
361
232
205
178

1,985

108

78

6,467 295
29,552 1,034
20,196 373
20,645 1,293
18,663 870

6,982
2,358
2,370
1,512

17,292 1,484

1,528
707
1,979
8,239
8,872
8,872
9,491"

110
4,37
359 26,999 630
224 22,857 480
779 23,606 2,475
",581 1,642
864 22
578
643 22,535 2,381

1,061
3,671
3,985
4,289

109
226
29
18

1,022
1,864
2,274
1,446
1,414

182
181
213
491

193
204
185
140
139

467 1,332

562

133

153
749
248
522
439

751
5,653
1,901
4,497
4,230

5,421
15,883
15,563
12,484
12,051

820
956
1,126 916
1,342 ,053
4,864 1,047
4,8"" 949

645 4,109 11,054 4,830

813

1,222
1,342
2,006
6,181
6,39"

1,028
1,067
1,262
1,467
,315

5,102
2,583
2,306
1,622

481
4,544
2,108
4,495
5,023

3,787
16,722
17,687
14,330
14,295

863 5,751 13,540 6,45: 1,330

11,318 206 1,973 1,219
12,088 1,651 1,255 2,280
11,821 1,295 1,034 2,629
12,13. 1,689
608 3,254

7,920
6,901
6,864
6,584

1,078
3,102
3,166
3,283

625
971
913
934

the Federal Reserve System; these banks are included in member banks
but are not included in all insured or total banks. Comparability of
figures for classes of banks is affected somewhat by changes in Federal
Reserve membership, insurance status, and the reserve classifications of
cities and individual banks, and by mergers, etc.
For other notes see opposite page.

391

COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES!
[In millions of dollars]
Demand deposits
Class of
commercial
bank and
call date

Total: 3
1947—Dec.
1958—Dec.
1959—June
Dec.

ReDeBalserves
mand
Cash ances
with
with
deFederal in
doposits
vault mestic
Readserve
banks5 justed 6
Banks

Interbank
deposits
Do- I Formestic5! eign

Time deposits

CertiIndiIndi- Bor- CapiU.S. States viduals,
States
fied
viduals,
Govt. and partnerrow- tal
and
and
partnerU. S. political offiInter- and polit- ships, ings acships,
counts
Govt. subdi- cers' and cor- bank postal ical and corsav- subdi- poravisions checks, poraings visions tions
etc.
tions

17,796
18,427
18,084
17,931

2,216
3,249
3,118
3,012

10,216
12,609
10,371
12,237

87,123
115,518
112,353
115,420

11,362
14,142
11,934
13,944

1,430
1,657
1,547
1,705

1,343 6,799
4,250 10,928
2,774 10.485
5,050 11,459

240
2,581 84,987
4,043 115,132 2,372
3,407 109,681 2,135
3,910 116,225 1,441

111
866 34,383
65 10,059
327 3,576 59,590
7318,486
322 3,747 61,562 1,77019,100
285 3,166 62,718 615 19,556

All insured:
1941—Dec. 31...
1945—Dec. 31...
1947—Dec. 31...
1958—Dec. 31...
1959_j une 10...
Dec. 31...

12,396
15,810
17,796
18,427
18,084
17,931

1,358
1,829
2,145
3,227
3,096
2,990

8,570
11,075
9,736
12,353
10, 140
""
11,969

37,845
74,722
85,751
114,645
"",537
111
114,563

9,823
12,566
11,236
14,025
11,821
13,825

673
1,248
1,379
1,629
1,517
1,675

,762 3,677
23,740 5,098
1,325 6,692
4,241 10,841
2,766 10,390
5,037 11,372

1,077

70
2,585 72,593
54
2,559 83,723
4,001 114,372 2,209
3,376 108,979 2,013
3,866 115,482 1,358

59
492 15,146
10 6,844
103
496 29,277 215 8,671
111
826 33,946
61 9,734
327 3,512 59,329
67 18,154
322 3,674 61,292 1,76218.762
285 3,095 62,478 60219,206

Member, total:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1959—June 10...
Dec. 3 1 . . .

12,396
15,811
17,797
18,428
18,086
17,932

1,087
1,438
1,672
2,441
2,351
2,22f

6,246
7,117
6,270
7,977
6,375
7,53:

33,754
64,184
73,528
96,218
93,722
95,274

9,714
12,333
10,978
13,614
11,446
13,389

671
1,243
1,375
1,613
1,499
1,659

1,709
22,179
1,176

3,822
2,406
4,504

3,066
4,240
5,504
8,603
8,207
8,915

1,009
2,450
2,401
3,712
3,110
3,542

33,061
140
62,950
64
72,704
50
98,133 2,187
93,353 1,990
98,532 1,338

50
418 11,878
5,886
99
399 23,712 208 7,589
54 8,464
105
693 27,542
300 2,829 48,004
5415,460
297 2,937 49, f " 1,68615,919
259 2,383 50,185 581 16,264

New York City:*
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1959—June 10...
Dec. 3 1 . . .

5,105
4,015
4,639
4,454
4,090
3,908

93
111
151
161
148
151

141
78
70
9
66
138

10,761
15,065
16,653
16,170
16,010
15,494

3,595
3,535
3,236
3.519
2,888
3,462

866
607
1,105 6,940
267
1,217
968
1,267
479
1,148
1,303 1,02'

319
237
290
329
295
310

450
1,338
1,105
1,540
1.259
1,536

11,282
6
15,712
17
17,646
12
18,835 1,739
17.657 1,564
18,573
988

Chicago:*
1941_Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959_june
Dec.

31...
31...
31...
31...
10...
31...

1,021
942
1,070
1.058
998
920

298
200
175
185
105
142

2,215
3,153
3,73
4,271
3,947
4,171

1,027
1,292
1,196
1,314
1,119
1,187

127
1,552
72
249
120
272

233
237
285
302
235
329

34
66
63
88
77
105

2,152
3,160
3,853
4,746
4.345
4,636

Reserve city:
1941_Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1959—June 10...
Dec. 3 1 . . .

4,060
6,326
7,095
7,472
7,350
7,532

2,590
2,172,125
2,670
2,110
2,38

11,117
22,372
25,714
35,505
34,625
35,095

4,302
6,307
5,497
7.217
6,159
7,16:

491
54
110 8,221
405
131
289 1,429
858
291
288 1,698

1,144
1,763
2,28:
3,153
2,959
3,304

286
611
705
1,05:
830
1,043

11,127
22,281
26,003
38,054
36,201
38,321

Country:
1941—Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—June
Dec.

2,210
526
4,527
796
4,993
929
5,44' 1,476
5.64' 1,423
5,573 1,35

3,216 9,661
4,665 23,595
3,900 27,424
5,030 40,272

790
1,199
1,049
1,565
1,281
1,578

225
5,465
432
1,175
950
19
1,508

1,370
2,004
2,647
4,819
4,718
4,972

239
435
528
1,03:
944
857

8,500
21,797
25,203
36,498
35,150
37,003

385
521
528
487
555

167
440
428
368
545

1,295
2,238
2,325
2,279
2.544

180
310
331
297
369

12,284
15,885
16,999
16.328
17,692

Nonmember:3
1947—Dec.
1956—Dec.
1958_Dec.
1959—June
Dec.

31...
31...
10...
31...

31...
31...
31...
31...
10...
31...
31.
31.
31.
10.
31.

425
49,
562
768
750
681

544
808
767
790

4,093

39,140

4,870 40,51

3,94'
4,690
4,633
3,996

13,595
18,085
19,300
18.632
4,706 20.146

2 Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net.
3 Breakdowns of loan, investment, and deposit classifications are not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.




4

36,544

158

104
30
22
377
361
303

29
20
14
100
140
65

20
243
38
160
45
332
124 1,471
12: 1,466
95 1,229

778
1,206
1,418
3,345
3,423
3,359

3,282

809 3,300
232 3,361

|
7191
902))
1,423
423
1,387 272
1,449
40

288
377
426
733
743
762

4,542
9,563
2
11,045
1
19,480
14
20,1361 ,141
20,231 238

1,967
2,566
2,844
5,760
5,930
6,106

146 6,082
31
219 12,224
5:
45
337 14,177
13: 1,250 23,755!
140 1,320 24,6201
13: 1,077 25,146|
190
171
185
144
103

1,648
195 2,120
30 2,259

172 6,858
546 9,449
747 11,613
810 12,0241
783 12,560

4
11
23|!
37
463
71

1,982
2,525
2,934
5,685
5,946
6,035
1,596
2,649
3,027
3,183
3,294

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 items
reported as in process of collection.
For other notes see opposite page.

392

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
[In millions of dollars]
Loans
For purchasing
or carrying securities

Wednesday

Total
loans
and
investments

Loans
and
investments
adjusted1

Loans
adjusted1

Commercial
and
industrial

To brokers
and dealers

Financial institutions

To others

Agricultural
U.S.
U.S.
Govt. Other Govt. Other
seseobobcuri- ligacuriligaties
ties
tions
tions

Nonbank
institutions

Banks

Foreign

Domestic
commercial

Personal
and
sales
fiOther
nance
companies
etc.

1,084
1,130
1,072
1,313

Real
estate

All
other
loans

Valuation
reserves

Total—
Leading Cities
1960
Jan.

6
13
20
27

104,998
105,126
103,906
103,589

103,914
103,996
102,834
102,276

67,156
66,769
66,228
65,923

30,171
30,131
29,976
29,862

918
901
897
897

333
330
277
255

1,964
1,830
1,724
1,662

160
159
151
154

,167
,176
,164
,167

759
757
752
761

4,288
4,156
3,906
3,790

1,754
1,744
1,776
1,736

12,630
12,640
12,635
12,626

14,446
14,380
14,404
14,452

1,434
1,435
1,434
1,439

Feb.

3
10
17
24

103,273
102,931
103,013
102,759

102,177
101,699
101,597
101,375

66,036
65,918
66,189
66,210

29,957
30,063
30,278
30,178

901
903
897
899

355
312
247
296

,583
,492
,466
,515

157
149
141
146

,149
,151
,145
,145

753 1,096 3,783
769 1,232 3,713
764 ',416 3,821
761
,384 3,840

1,721
1,708
1,707
1,705

12,615
12,610
12,645
12,637

14,503
14,490
14,522
14,533

,441
,442
,444
,445

Mar. 2
9
16
23

102,726
102,191
103,452
102,767
102,446

101,572
100,986
102,153
101,510
101,040

66,532
66,206
67,273
67,000
66,890

30,320
30,331
31,076
31,054
31,026

896
888
890
893
904

254
219
275
167
144

,515
,492
,447
,390
,335

149
,140
136
,130
140
,128
135 1,125
136 1,130

751
754
769
759
758

,154
,205
,299
,257
,406

4,095 1,694
3,909 1,674
4,217 1,660
4,185 1,646
4,067 1,691

12,605
12,587
12,585
12,576
12,586

14,559
14,535
14,537
14,524
14,573

,446
,449
,451
,454
,460

24,997
24,960
24,636
24,771

24,620
24,584
24,160
24,101

17,680
17,422
17,130
17,050

10,405
10,335
10,295
10,258

117
130
132
115

1,394
1,262
1,154
1,121

354
357
346
345

473
470
462
471

377
376
476
670

1,352
1,311
1,158
1,151

374
367
394
386

948
948
938
939

2,625
2,606
2,618
2,632

411
411
411
411

24,565
24,477
24,576
24,526

24,053
23,797
23,848
23,859

17,073
16,901
17,000
17,059

10,285
10,300
10,382
10,333

201 1,019
174
905
112
867
172
878

341
339
337
336

471
480
479
487

512
680
728
667

1,164
1,131
1,214
1,253

394
397
401
403

939
933
948
942

2,629
2,612
2,631
2,627

412
412
412
412

24,589
24,270
24,998
24,574
24,399

24,072
23,691
24,451
23,907
23,721

17,231
16,980
17,593
17,356
17,270

10,399
10,369
10,714
10,688
10,638

128
119
194
86
82

895
864
844
779
755

333
330
327
326
330

480
477
485
478
475

517
579
547
667
678

1,432
1,280
1,470
1,462
1,380

401
397
389
387
386

932
925
912
910
913

2,601
2,590
2,628
2,614
2,635

412
412
415
415
414

30
New York City
1960
Jan.

6
13
20
27
Feb. 3
10
17
24
Mar. 2
9.
16
23
30
Outside
New York City
1960

Jan.

6
13
20
27

80,001
80,166
79,270
78,818

79,294
79,412
78,674
78,175

49,476
49,347
49,098
48,873

19,766
19,796
19,681
19,604

909
893
888
887

216
200
145
140

570
568
570
541

120
120
116
121

813
819
818
822

286
287
290
290

707
754
596
643

2,936 1,380
2,845 1,377
2,748 1,382
2,639 1,350

11,682
11,692
11,697
11,687

11,821
11,774
11,786
11,820

,023
,024
,023
,028

Feb.

3
10
17
24

78,708
78,454
78,437
78,233

78,124
77,902
77,749
77,516

48,963
49,017
49,189
49,151

19,672
19,763
19,896
19,845

891
893
887
889

154
138
135
124

564
587
599
637

125
117
110
116

808
812
808
809

282
289
285
274

584
552
688
717

2,619
2,582
2,607
2,587

,327
,311
,306
,302

11,676
11,677
11,697
11,695

11,874
11,878
11,891
11,906

,029
,030
,032
,033

Mar. 2
9
16
23
30

78,137
77,921
78,454
78,193
78,047

77,500
77,295
77,702
77,603
77,319

49,301
49,226
49,680
49,644
49,620

19,921
19,962
20,362
20,366
20,338

885
877
879
882
893

126
100
81
81
62

620
628
603
611
580

118
106
106
105
107

807
800
801
799
800

271
277
284
281
283

637
626
752
590
728

2,663
2,629
2,747
2,723
2,687

,293
,277
,271
,259
,305

11,673
11,662
11,673
11,666
11,673

11,958
11,945
11,909
11,910
11,938

,034
,037
,036
,039
,046

1
Exclusive of loans to domestic commerical banks and deduction of
valuation reserves; individual loan items are shown gross.




NOTE.—For description of changes in the series, beginning July 1, 1959,
see the BULLETIN for August 1959, p. 885.

393

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Cash assets, excluding cash items in process
of collection

Investments
U. S. Government obligations
Wednesday
Total

Bills

Certificates

Notes and bonds
maturing:
With-

Other
securities

Total

1 to After
5 years 5 years

Balances
with
domestic
banks

Balances
with
foreign
banks

ReCurrency serves
and
with
coin
F.R.
Banks

All
other
assets

Total
assets—
total
liabilities
and
capital
accounts

Total—
Leading Cities
1960
Jan.

6
13
20
27

27,018
27,406
26,904
26,679

2,037
2,691
2,425
2,267

994
995
983
1,052

1,882
1,832
1,759
1,708

15,594
15,396
15,263
15,166

6,511
6,492
6,474
6,486

9,740
9,821
9,702
9,674

18,498
17,807
17,556
16,869

2,892
2,945
2,847
2,674

96
94
96
100

,267
,343
,237
,267

14,243
13,425
13,376
12,828

3,208
3,238
3,325
3,419

138,294
137,928
135,926
133,970

Feb.

3
10
17
24

26,444
26,117
25,713
25,525

2,001
',753
,630
,572

1,203
1,188
490
475

1,718
1,702
1,644
1,596

15,032
14,981
16,675
16,779

6,490
6,493
5,274
5,103

9,697
9,664
9,695
9,640

17,025
16,898
17,070
16,745

2,648
2,644
2,783
2,752

96
90
90
84

,140
,212
,165
,260

13,141
12,952
13,032
12,649

3,484
3,544
3,442
3,427

134,250
133,093
134,935
133,752

Mar. 2
9
16
23

25,35:
25,068
25,10^
24,843
24,495

,617
,486
,598
,388
,069

464
425
411
423
431

1,582
1,579
1,531
1,506
1,525

16,673
16,584
16,654
16,705
16,695

5,016
4,994
4,913
4,821
4,775

9,688
9,712
9,773
9,667
9,655

16,844
16,644
17,323
16,826
17,103

2,774
2,584
2,932
2,839
2,696

94
92
90
93
87

,114
,149
,147
,191
,216

12,862
12,819
13,154
12,703
13,104

3,457
3,446
3,394
3,398
3,587

133,558
131,573
135,699
132,813
132,877

4,790
4,979
4,885
4,924

516
760
728
799

195
203
222
227

174
157
157
123

2,637
2,596
2,534
2,530

1,268
1,263
1,244
1,245

2,150
2,183
2,145
2,127

4,198
4,290
4,177
4,008

66
79
69
54

193
180
166
167

3,895
3,990
3,899
3,741

,239
,260
,312
,357

34,090
34,017
33,797
33,508

Feb.

4,841
4,758
4,647
4,635

659
597
558
584

280
282
99
108

125
145
152
153

2,542 1,235
2,501 1,233
2,936
902
2,918
872

2,139
2,138
2,201
2,165

4,047
4,115
3,972
3,823

56
56
69
58

155
174
153
162

3,794
3,845
3,711
3,569

,391
,458
,436
,423

33,352
33,177
33,670
33,609

Mar.

4,605
4,454
4,557
4,353
4,241

599
476
579
393
220

113
85
85
77
98

159
166
165
158
178

2,859
2,854
2,853
2,847
2,862

875
873
875
878
883

2,236
2,257
2,301
2,198
2,210

3,981
4,133
3,957
4,024
4,432

57
49
61
62
181

150
153
151
147
157

3,732
3,r~
3,705
3,774
4,054

,401
,390
,335
,360
,482

33,279
32,889
33,908
33,319
33,659

1,969
1,978
2,013
2,062

104,204
103,911
102,129
100,462

30
New York City
1960
6
Jan. 13
20
27

Outside
New York City
1960
Jan.

6
13
20
27

22,228
22,427
22,019
21,755

1,521
1,931
1,697
1,468

799 1,708 12,957 5,243
792
,675 12,800 5,229
761
,602 12,729 5,230
825
,585 12,636 5,241

7,590
7,638
7,557
7,547

14,300
13,517
13,379
12,861

2,826
2,866
2,778
2,620

1,074
1,163
1,071
1,100

10,348
9,435
9,477
9,087

Feb.

3
10
17
24

21,603
21,359
21,066
20,890

1,342
1,156
1,072
988

923
906
391
367

,593
,557
,49!
,44:

12,490
12,480
13,739
13,861

5,255
5,260
4,372
4,231

7,558
7,526
7,494
7,475

12,978
12,783
13,098
12,922

2,592
2,588
2,714
2,694

985
1,038
1,012
1,098

9,347
9,107
9,321
9,080

2,093 100,898
2,086 99,916
2,006 101,265
2,004 100,143

Mar. 2
9
16
23
30

20,74'
20,6120,550
20,490
20,254

1,018
1,010
1,019
995
849

351
340
326
346
333

,423
,413
,366
,348
,347

13,814
13,730
13,801
13,858
13,833

4,141
4,121
4,038
3,943
3,892

7,452
7,455
7,472
7,469
7,445

12,863
12,511
13,366
12,802
12,671

2,717
2,535
2,871
2,777
2,515

964
996
996
1,044
1,059

9,130
8,931
9,449
8,929
9,050

2,056 100,279
2,056 98,684
2,059 101,791
2,038 99,494
2,105 99,218

For notes see opposite page.




394

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits

Borrowings

Demand
Wednesday

DeInterbank
mand
deposits
ad- 1
justed
Domes- Fortic
eign

Time

U.S.
Govt.

States
and
political
subdivisions

Certified
and
officers'
checks,
etc.

Individuals,
partnerships,
and
corporations

2,414
2,841
1 986
2,088

4,821
4,596
4,774
4,599

2,623
2,229
2,423
2,104

66,113

2,436
2,075
2,280
2,609

63,727
63,490
63,872
63,279

1,198
,177
1,142
1,131

145
147
14S

144
143

u. s.
Interbank

Govt.
and
postal
savings

Other Capital
liabilacities
counts

States
and
political
subdivisions

Individuals,
partnerships,
and
corporations

From
F. R.
Banks

From
others

1,461
1,466
1,458
1,510

28,762
28,630
28,537
28,486

1,148
350
621

1,300
1,360
1 382
1,676

3,227
3,300
3 426
3,473

11,314
11,308
11 289
11,314

1.518
,517
,545
,534

28,483
28,484
28,469
28,447

635
432
588

1 573
2,082
2,082
2,200

3 546
3 660
3,773
3,743

11 356
11 361
11 364
11,361

,521
,518
,528
,544
.550

28,481
28,566
28,619
28,705
28 ..731

277

238
665

1,888
2 164
1,945
1,999
2,228

3,769
3 809
3,728
3,815
3,864

11,399
11 399
11'383
11,379
11,431

69
70
62

686
40

717
658

3 338
3 339
3,341
3,343

TotalLeading Cities
1960
Jan.

61,967
62,435
62,273
62,122

6
13
20
27

12,170
11,607
11,005
10,221

1,490
1,441
1,436
1,377

67,367
66,215
65,512

1.309
,293
1,233
,222

142

140
141
147

Feb

3
10
17
24

60,616
60,597
59,395
59,744

10 760
10 681
10,568
10,120

1,345
1,347
1,365
1,383

2 607
1 888
3,089
2,886

4,921
4,752
4,653
4,677

Mar

2
9
16

59,536
59,586
60,247
59,164
59,072

10,331
10 330
10,881
10,390
10,054

1,330
1,400
1,388
1,378
1,407

2,954
1 709
2 898
3,105
2,856

4,920
4,648
4,358
4,650
4,823

2,309
2,118
2,307
2,171
2,100

62,838
62,112
65,112
62,165
61,890

1,122
1,129
,133
,131
.136

143
142

3,220
3,027
3,100
2,908

1,177
1,134
1,128
1,062

711

306

850
541

253
371

17,501
17,706
17,529
17,796

975
962
906

24
24

23

30

146

142

241

236
552
528

New York City
1960
j

6
13
20
27

15,447
15,561
15,527
15,806

540

282

1,296
1,109
1,299
1,100

25

60

3,255
3,254
3,223
3,223

Feb

3
10
17 .
24

15,269
15,098
15,013
14,972

2,963
2,971
2,956
2,937

1,051
1,037
1,054
1,072

761
513
782
672

312
282
292
289

1,321
1,095
1,238
1,546

16,985
16,848
17,169
16,974

884
879
856
849

24
24
24
24

60
60
60
60

3,230
3,224
3,216
3,206

Mar

2
9

15 277
15,113
15 517
14 841
15 154

2 782
2,790
2,967
3 008
2 829

1 020
1,083
1,060
1 056
1 077

328

17 002
16,727
17,655
16 727
16,969

858
862
872
875

2^

59

308
262
283
391

1 255
1,174
1,218
1 192
1,140

854

475
729
922
802

a n

16
23
30

744

898

24

639

1 537.
,572
,575
,632

22
52

700
1,056
888
853

,673
1,768
,765
,763

3 366
3,368
3,370
3,364

i3

883
987
726
752
963

756
,772
708
750
SI?

3 368
3,366
3 356
3 358
3 367

1,695
1,728
1,851
1,841

7,976
7,969
7,948
7,971

1,026
1,194
1,347

1,873
1,892
2,008
1,980

7,990
7,993
7,994
7,997

1,005
1.177
1 219
1 247
1,265

2,013
2,037
2 020
2,065
2,032

8 031
8,033
8 027
8 021
8,064

74
24
24
24

60
60
61
64

3 203
3,252
3,271
^ 314
3 326

1.392
1,396
1,396
,450

25,507
25,376
25,314
25,263

1,148

1,458
1,457
,485
,474

25,253
25,260
25,253
25,241

613
380
588

,462
1,458
,468
,483
,486

25,278
25,314
25,348
25,391
25,405

10

Outside
New York City
1960
Jan.

Feb

Mar

6
13 .
20
27

.

46,520
46,874
46,746
46,316

8,950
8,580
7,905
7,313

313
307
308
315

1,703
1 991
1,445
1 548

4,515
4,343
4,403
4,317

1,327
1,120
1,124
1,004

48,612
49,661
48,686
47,716

334
331
327
324

118
116

3
10
17
24

45,347
45,499
. . 44,382
44,772

7,797
7,710
7,612
7,183

294
310
311

t 846
1,375
2,307
2,214

4,609
4,470
4,361
4,388

1,115

46,742
46,642
46,703
46,305

314
298
286

121
123
121

2
9

. . 44 259
44,473
44,730
. . . . 44,323
43,918

7 549
7,540
7 914
7,382
7,225

310

2 210
1,234
2 169
2,183
2,054

4,592
4,340
4,096
4,367
4,432

1,054

45,836
45,385
47,457
45,438
44,921

268

16

23
30

311
317
328
322
330

980

1,042
1,063
944

1,089
979
960

1
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.




282
271
271
259
261

117
122

122
119
119

118
119
118

350
581
241

236
552
515
267
238
665

614
643
724

1,037
873

NOTE.—For description of changes in the series, beginning July 1, 1959'
see the BULLETIN for August 1959, p. 885.

395

BUSINESS LOANS OF BANKS
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUS TRY 1
[Net decline, (—). In millions of dollars]
Manufacturing and mining
Period2

Trade
(wholesale
and
retail)

Commodity
dealers

Public
utilities
(incl.
transportation)

Comm'l
and
All
ind'l
N
e
t
other
change—
changes
types
all
classiof
weekly
fied
business
reporting
banks

Metals Petroleum,
and
coal,
metal chemical,
prod-3
and
ucts
rubber

Other

84
-232

146
-454

-140
-14

157
-121

-158
162

-283
410

-177
234

56
50

69
362

-905
920

-1,085
723

-519
698

218
-58

864
-148

188
26

284
151

-364
738

-141
480

106
11

145
-31

620
2,114

762
1,983

-137
-109
-101

15

84

-162
248
4

-20

137
101

259
444

-37
-13

63
121

-103
93
181

-113
-120
-185

-24
-50
37

-40
27
31

-72
27
84

-405
290
702

-603
316
848

-62
-11
-32
-33

-11
13

-36
31
24

65

-22
-56
-25

-15
-32
-27
-38

-3
7
-19
-10

-30
-16
6

5

-39
36
3
4

-16
10

8

6
-48
-6
-23

-206
-32
-103
-64

-294
-40
-155
-114

-26
-31
30
-82

34
38

59
64

44

100

-26
2

35
22
23
15

-3
-56
-42
-19

-9
9
12
-62

11
6
3
7

25
7
10
-15

101
94
193
-99

95
106
215
-100

50
10
94
24
3

-41
-25
-42
-22
-56

-17
-36
95
-25
21

-8
4
31
-3
7

14
10
48
-21
34

88
— 22
675
-33
-6

142
11
745
-22
-28

Food,
liquor,
and

Textiles,

1958 Jan -June44
July-Dec

-658
522

1959 Jan -July 1
July 8-Dec
1960 Jan
Feb
Mar

apparel,
and
tobacco leather

Construction

Week ending:

I960

Jan

6
13
20
27

Feb

. . .

3
10
17
24

Mar

2

14
— 75
30
— 27
-43

Q

16
2^

30

-9

-6

-8
2
35
23

21

37

-4

3

22
20

76
44

-18
-6

-4
31

69

239

40

73

-8

51
35

-20
-9

11
9

1
D a t a for a sample of a b o u t 210 b a n k s reporting changes in their
larger l o a n s ; these b a n k s hold a b o u t 95 per cent of total commercial
a n d industrial loans of all weekly reporting m e m b e r b a n k s and a b o u t
75 per cent of those of all commercial b a n k s .
2
Figures for periods other t h a n weekly are based o n weekly changes.
3 Includes machinery and transportation equipment.
* J a n u a r y - J u n e includes 25 weeks; July-December, 27 weeks.

N O T E . — B e g i n n i n g with the week ended July 8, 1959, changes in c o m mercial a n d industrial loans exclude loans to sales finance c o m p a n i e s
a n d certain other n o n b a n k financial concerns (for description of revisions,
see the BULLETIN for A u g u s t 1959, p . 885.) Figures for earlier periods in t h e
last two columns have been adjusted only to exclude loans t o sales finance
companies. T h u s , these d a t a are n o t strictly c o m p a r a b l e with current
figures.

BANK RATES O N S H O R T - T E R M B U S I N E S S L O A N S i
[Per cent per a n n u m ]

Area
and
period

Size of loan
(thousands of dollars)

All

loans

1—
10

10100

100200

200

1951
1952
1953
1954

3.1
3.5
3.7
3.6

4.7
4.9
5.0
5.0

4.0
4.2
4.4
4.3

3.4
3.7
3.9
3.9

2.9
3.3
3.5
3.4

1955
1956
1957
1958
1959

3.7
4.2
4.6
4.3
5.0

5.0
5.2
5.5
5.5
5.8

4.4
4.8
5.1
5.0
5.5

4.0
4.4
4.8
4.6
5.2

3.5
4.0
4.5
4.1
4.9

4.51
4.87
5.27
5.27
5.36
5.34

5.53
5.68
5.91
5.92
5.99
6.01

5.09
5.33
5.65
5.66
5.74
5.75

4.74

4.32
4.72
5.15

2

Quarterly:
19 large cities:

5.06
5.43
5.44
5.54
5.50

5.15

5.24
5.21

1 For description see the BULLETIN for March 1949, pp. 228-37.
Based on figures for first 15 days of month.
Coverage of Survey revised in accordance with changes in the loan
schedule of the call report of condition to exclude loans to nonbank
financial institutions.
2
3




Quarterly (cont): 2
New York City:
1959—Mar
June
Sept
Sept.3
Dec.3
1960—Mar
7 Northern and Eastern
cities:
1959—Mar
,
June
,
Sept
Sept.3...,
Dec.3
1960—Mar
11 Southern and
Western cities:
1959—Mar
June
Sept
Sept.3. . .
Dec.3....
I960—Mar

Size of loan
(thousands of dollars)

All
loans
10

10100

100200

200
and over

5.19
5.18

5.30
5.55
5.79
5.79
5.82
5.81

4.93
5.24
5.60
5.61
5.61
5.63

4.56
4.97
5.36
5.36
5.41
5.41

4.18
4.61
5.07
5.06

4.49
4.90
5.27
5.28
5.39
5.34

5.54
5.67
5.88
5.89
5.95
5.95

5.06
5.33
5.69
5.70
5.77
5.73

4.71
5.06
5.42
5.42
5.50
5.47

4.35
4.78
5.17
5.17
5.30
5.24

4.84
5.07
5.44
5.46
5.56
5.57

5.62
5.74
5.97
5.99
6.08
6.12

5.20
5.37
5.65
5.68
5.81
5.83

4.87
5.13
5.50
5.51
5.64
5.57

4.60
4.87
5.29
5.30
5.38
5.40

and over

Annual averages,
19 large cities:

1959—Mar..
June..
Sept..
Sept. 3,
Dec. 3.
1960—Mar...

Area
and
period

4.29
4.71
5.15
5.14

5.12

5.10

NOTE.—Bank prime rate was 2*4 per cent Jan. 1-Jan. 7, 1951. Changes
thereafter occurred on the following dates (new levels shown, in per cent):
1951—Jan. 8, 2y2; Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 3V4; 1954—
Mar. 17, 3; 1955—Aug. 4, 314; Oct. 14, 3*/2; 1956—Apr. 13, 3 % ; Aug. 21,
4; 1957—Aug. 6, 4i/ 2 ; 1958—Jan. 22, 4; Apr. 21, 3V2; Sept. 11, 4; and
1959—May 18, 4V2; Sept. 1, 5.

396

INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
U. S. Government Securities (taxable)4

Prime
commercial
paper,
4- to 6months *

Finance
company
paper
placed
directly,
3- to 6months 2

Prime
bankers'
acceptances,
90 days 3

1957 average..
1958 average..
1959 average..

3.81
2.46
3.97

3.55
2.12
3.82

1959—Mar....
Apr.. . .
May...
June. . .
July...
Aug... .
Sept....
Oct
Nov....
Dec....

3.35
3.42
3.56
3.83
3.98
3.97
4.63
4.73
4.67
4.88

1960—Jan
Feb....
Mar....
Week ending:
1960—Mar. 5
12
19
26
Apr. 2

Year, month, or week

3-month bills

6-month bills

Others

3- to 5year
issues 6

3.53
2.09
4.11

3.62
2.90
4.33

4.31
4.83
4.69
4.54
4.99

3.56
3.66
3.92
3.97
4.30
4.32
4.80
4.65
4.70
4.98

3.88
4.03
4.16
4.33
4.40
4.45
4.78
4.69
4.74
4.95

4.74
4.30
3.61

4.95
4.45
3.68

4.93
4.58
3.93

4.87
4.66
4.24

4.27
3.87
3.57
3.17
3.21

4.31
3.97
3.56
3.27
3.32

4.55
4.14
.84
.47
3.69

4.58
4.35
4.17
4.02
4.11

Rate
on new
issue

Market
yield

Rate
on new
issue

Market
yield

3.45
2.04
3.49

3.267
1.839
3.405

3.23
1.78
3.37

3.832

3.79

3.22
3.36
3.44
3.66
3.81
3.87
4.52
4.70
4.38
4.82

2.852
2.960
2.851
3.247
3.243
3.358
3.998
4.117
4.209
4.572

2.80
2.95
2.84
3.21
3.20
3.38
4.04
4.05
4.15
4.49

3.159
3.277
.368
3.531
3.885
3.840
4.626
4.646
4.585
4.915

3.13

2.98
3.17
3.31
3.45
3.56
4.07
4.25
4.25
4.47

3.27
3.32
3.52
3.82
3.87
4.70
4.53
4.54
4.85

4.91
4.66
4.49

5.02
4.50
4.16

4.78
4.44
3.96

4.436
3.954
3.439

4.35
3.96
3.31

4.840
4.321
3.693

4.85
4.70
4.53
4.25
4.13

4.61
4.49
4.19
3.86
3.58

4.38
4.18
3.93
3.73
3.63

4.278
3.641
3.451
3.033
2.792

3.92
3.60
3.41
2.84
2.88

4.458
4.024
3.619
3.176
3.187

1
Average of daily offering rates of dealers. Corrected rates for week
ending:
Feb. 13, 4.56; and Feb. 20, 4.58.
2
Average of daily rates, published by finance companies, for varying
maturities
in the 90-179 day range.
3
Average of daily prevailing rates.

9- to 12-month issues
Bills
(market
yield)

4
Except for new bill issues, yields are averages computed from daily
closing
bid prices.
5
Consists of certificates of indebtedness and selected note and bond
issues.
6
Consists of selected note and bond issues.

BOND AND STOCK YIELDS i
[Per cent per annum]

Year, month, or week

Number of issues
1957 average
1958 average
1959 average

..

1959—Mar
Apr

May
June
July
Aug

Sept
Oct
Nov
Dec

1960 Jan
Feb

Mar
Week ending:
1960—Mar 5
12
19

Apr
r

26 . . .
2

State
and local-

By
groups

By selected
ratings

Dividend /
price ratio

United
States
(longterm) 2

Total 4

4-7

20

5

5

120

30

30

40

40

40

14

500

3 47
3.43
4.07

3.56
3.36
3.74

3.10
2.92
3.35

4.20
3.95
4.24

4.21
4.16
4.65

3.89
3.79
4.38

4.71
4.73
5.05

4.12
3.98
4.51

4.32
4.39
4.75

4.18
4.10
4.70

4.63
4.45
4.69

3 92
4 01
4.08
4 09
4.11
4 10
4 26
4 11
4 12
4 27

3.44
3 53
3.70
3.80
3.92
3 84
3.95
3.90
3 81
3 84

3.06
3 12
3.29
3.37
3.51
3.44
3.60
3.57
3 44
3.43

3.93
4.02
4.20
4.28
4.43
4.36
4.42
4.38
4.30
4.37

4.40
4.47
4.60
4.69
4.72
4.71
4.82
4.87
4 85
4.87

4.13
4.23
4.37
4.46
4.47
4.43
4.52
4.57
4.56
4.58

4.85
4.86
4.96
5.04
5.08
5.09
5.18
5.28
5.26
5.28

4.28
4.35
4.46
4.55
4.58
4.56
4.68
4.70
4 69
4.70

4.51
4.56
4.67
4.76
4.79
4.80
4.88
4.96
4 99
5.05

4.43
4.49
4.67
4.77
4.79
A.11
4.89
4.95
4.86
4.86

4.48
4.51
4.68
4.79
4.75
4.70
4.80
4.81
4.81
4.85

4.35
3.97
3.23
3.25
3.26
3.21
3.23
3.11
3.14
3.26
3.26
3.24
3.18

4 37
4 22
4 08

3 92
3 84
3.77

3 49
3.40
3.34

4.43
4.35
4.29

4.91
4.88
4.81

4.61
4.56
4.49

5.34
5.34
5.25

4.74
4.71
4.64

5.08
5.05
4.99

4.92
4.89
4.79

4.87
4.82
4.76

3.27
3.40
3.43

4 22
4 11
4 05
4 00
4.07

3.84
3 80
3 78
3.74
3.70

3.40
3 37
3.35
3.32
3.28

4.35
4.31
4.29
4.26
4.22

4.86
4 83
4.80
4.78
4.75

4.54
4 51
4.48
4.46
4.45

5.31
5.28
5.26
5.22
5.18

4.70
4 67
4.64
4.60
4.59

5.02
5 01
4.98
4.98
4.95

4.85
4.83
4.78
4.75
4.71

4.81
4.78
4.77
4.72
4.72

3.40
3.51
3.44
3.41
3.41

Total
Aaa

4

Aaa

Baa

Revised.
1 Monthly and weekly yields are averages of daily figures for U. S.
Govt. and corporate bonds. Yields of State and local govt. bonds are
based on Thursday figures; dividend /price ratios for preferred and
common stocks, on Wednesday figures. Earnings/price ratios for common
stocks
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 general obligations only.




Stocks 5

Corporate bonds 3

Government bonds

Baa

Industrial

Railroad

Public
utility

Preferred

Common

Earnings /
price ratio
Common
500
r

8.43
'5.23
r

5.61

r

5.81

r

6.03

4
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate
bonds in some groups has varied somewhat.
5
Standard and Poor's Corporation. Preferred stock ratio is based on
8 median yields in a sample of noncallable issues—12 industrial and 2
public utility. For common stocks, the ratios beginning with July 1957
are based on the 500 stocks in the price index; prior to mid-1957, on the
90 stocks formerly included in the daily price index.

397

SECURITY MARKETS
SECURITY PRICES i
Bond prices

Common stock prices
Standard and Poor's series
(index, 1941-43= 10)

Year, month,
or week

U.S.
Govt.
(longterm) 2

CorpoMurate
nicipal
(high- (high3
grade) grade) 3 Total

15

Number of issues

500

17

Trans- Pubporta- liction
utility

98

72

21

29

31

14

391
385
495

451
458
536

275
270
347

156
173
216

277
314
418

342
314
322

2,222
2,965
3,242

45.06
45.12
44.30
42.58
44.21
45.15
43.59
44.11
43.71
44.31

414
419
425
419
434
434
417
416
417
429

508
514
527
521
543
542
520
517
519
538

475
481
495
496
522
516
500
498
496
518

530
536
547
534
551
556
529
524
530
547

353
360
358
357
364
349
333
339
322
328

221
226
221
213
218
219
211
213
211
213

405
405
409
418
429
425
424
428
434
440

348
340
334
326
321
324
305
292
285
297

3,926
3,449
3 379
2,925
3,222
2,431
2,739
2,788
3,398
3,284

92.0
92.8
93.9

58.03 62.27 33.68 44.50
55.78 59.60 32.54 44.38
55.02 58.71 31.01 44.60

419
405
396

318
494
478

499
474
458

526
502
487

323
312
295

219
224
226

434
420
425

292
279
268

3,197
3,027
2,857

93.2
93.9
93.9
94.1
94.3

55.42
53.92
54.81
55.61
55.61

394
391
396
403
398

476
472
479
486
479

456
453
459
465
459

485
480
488
497
489

293
294
295
298
291

225
224
226
231
230

420
417
427
434
432

267
266
269
270
265

3,248
3,196
2,590
2,719
2,442

98.2
97.0
95.0
94.©
93.8
94.3
93.0
92.8
92.9
92.4

56.15
57.10
57.96
57.46
59.74
59.40
57.05
57.00
57.23
59.06

I960—J an
Feb
Mar

81.81
83.60
85.32

98.3
100.4
101.9

Week ending:
1960 Mar 5
12
19
26
Apr. 2

83.66
84.97
85.68
86.35
85.48

100.5
101.7
102.1
102.5
102.5

... .

50

Nondurable

170

103.4
102.2
100.4
99.4
99.4
100.6
98.3
100.2
100.9
99.3

July
Aug
Sept
Oct .
Nov
Dec

Total

Durable

422
426
522

87.37
86.21
85.31
85.16
85.00
85.11
83.15
84.95
84.82
83.00

.

Total

331
341
420

101.3
102.9
95.0

..

425

Public
utility

265

105.8
106.4
100.7

1959—Mar
Apr
May

Railroad

25

44.38 47.66 28.11 32.19
46.24 49.36 27.05 37.22
57.40 61.45 35.09 44.15

93.24
94.02
85.49

1957 average
1958 average
1959 average

Manufacturing
Industrial

Volume
of
trading 4
(in
Trade,
thoufisands
nance, Minof
and
ing shares]
service

Securities and Exchan ge Commission series
(index, IS>39= 100)

59.79
60.92
62.09
61.75
64.23
63.74
61.21
61.04
61.46
63.56

59.16
57.52
58.52
59.39
59.32

35.47
35.94
36.07
36.02
36.86
35.56
33.78
34.32
32.80
33.57

31.46
30.35
31.16
31.27
30.99

i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; (2) municipal and corporate bond prices are based on
Wednesday closing prices; and (3) the Securities and Exchange Commission series on common stock prices are based on weekly closing prices.

44.75
43.90
44.24
44.90
45.35

2
Prices derived from average market yields in preceding table on basis
of an assumed 3 per cent, 20-year bond.
3
Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent, 20-year bond.
4
Average daily volume of trading in stocks on the New York Stock
Exchange for a 5Vi-hour trading day.

STOCK MARKET CREDIT
[In millions of dollars]

Broker and dealer credits

Customer credit

End of month l

Totalsecurities
other than
U. S. Govt.
obligations
(col. 3 +
col. 5)

Net debit balances with
Bank loans to others (than
New York Stock Exchange brokers and dealers) for purfirms 2
chasing and carrying securities 3
Secured by
U. S. Govt.
obligations

Secured by
other
securities

U. S. Govt.
obligations

Other
securities

Money borrowed

On

On

U. S. Govt.
obligations

other
securities

Customers'
net
free
credit
balances

1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.

4,030
3,984
3,576
4,537

34
33
68
146

2,791
2,823
2,482
3,285

32
41
60
63

1.239
1,161
1,094
1,252

51
46
125
234

2,246
2.132
1,706
2,071

1959—Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec,

4,569
4,636
4,764
4,758
4,734
4,648
4,528
4,443
4,401
4,460
4,454

157
153
166
163
158
153
154
156
168
165
150

3,253
3,305
3,401
3,385
3,388
3,374
3,269
3,250
3,210
3,273
3,280

65
55
55
58
58
164
166
162
158
158
164

1,316
1,331
1,363
1,373
:
1,346
1,274
1,259
,193
,191
,187
,174

223
218
252
252
237
228
217
231
227
236
221

1,963
1,977
2,156
2,159
2,246
2,205
2,199
2.149
2.178
2.256
2,362

,196
,257
,205
,188
,094
,079
,035
,039

I960—Jan..
Feb..

4,365
4,274

134
138

3,198
3,129

154
146

,167
,145

190
202

2,233
2,194

1.001

1
2

Data for cols. 4-7 are for last Wednesday of month.
Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.




894
880
896

1,159

967
974
996
981

398

OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances

Commercial and finance
company paper
Held by:
End of year
or month

Placed
Placed
directthrough
ly
dealers 1 (finance
paper) 2

Total

Accepting banks
Total
Total

Own Bills
bills bought

Based on:
Goods stored in or
ExImshipped between
ports
ports Dollar
points in:
from
exOthers into
United United change
ForStates States
eign
United Foreign
corr.
States countries

F. R.
Banks
Own
acct.

1,924
2,020
2,166
2,666
3 2,744

733
510
506
551
840

1,191
1,510
1,660
2,115
3 1,904

873
642
967
1,307
1,194

289
175
227
287
302

203
126
15-5
194
238

86
49
72
94
64

28
69
66
49

19
33
50
76
68

565
405
621
878
775

285
252
261
278
254

182
210
329
456
349

17
17
2
46
83

300
63
227
296
244

89
100
148
232
263

1959—Feb..
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct.
Nov.
Dec.

3,322
3,267
3,334
3,555
3,401
3,552
3,646
3,334
3,784
3,664
3,118

897
883
822
791
729
759
795
763
755
784
627

2,425
2,384
2,512
2,764
2,672
2,793
2,851
2,571
3,029
2,880
2,491

1,161
1,054
1,029
1,038
983
957
946
954
945
1,029
1,151

309
271
269
242
213
198
169
205
182
232
319

232
227
208
193
175
160
127
158
145
187
282

77
44
60
49
38
38
42
47
36
44
36

39
30
30
28
26
25
21
20
28
34
75

62
60
56
79
76
74
72
67
62
71
82

751
692
673
689
668
661
685
662
673
693
675

275
278
292
286
256
259
287
316
304
355
357

339
329
348
350
327
334
322
301
290
283
309

112
111
78
103
111
85
56
45
36
46
74

183
82
48
43
33
26
29
46
81
119
162

252
253
263
256
256
253
251
246
234
226
249

1960—Jan..
Feb.,

3,889
4,085

664
718

3,225
3,367

1,229
1,240

230
218

193
170

36
48

42
35

124
119

833

341
350

337
336

149
193

158
131

245
229

1954
1955
1956
1957
1958

1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
2 As reported by finance companies that place their paper directly with
investors.

3 Beginning with November 1958, series revised to include all paper
with maturity of 270 days and over. Figures on old basis for December
were (in millions of dollars): Total, 2,731; placed directly, 1,891.

MUTUAL SAVINGS BANKS
[Data from National Association of Mutual Savings Banks unless otherwise noted.
Loans
End of year
or month

Mortgage

Securities

Other

U.S.
Govt.

State
and
local
govt.

Mortgage loan2
commitments

Number Amount
38
48

1,231
1,582

n.a.
n.a.

2,925
3,311
3,548
3,366
3,549
4,344
4,971
4,844

917
982
1,026
966
920
889
921
837

304
330
380
414
448
490
535
553

25,300
27,199
29,350
31,346
33,381
35,215
37,784
38,934

22,610
24,388
26,351
28,182
30,026
31,683
34,031
34,967

163
203
261
310
369
427
526
604

2,527
2,608
2,738
2,854
2,986
3,105
3,227
3,363

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
89,912
65,248

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,664
1,170

728
724
763
729
739
747
751
750
758
738
730
730

4,931
4,937
4,908
4,967
4,947
4,965
4,918
4,931
4,929
4,874
4,846
4,844

803
821
866
752
760
803
724
727
725
698
718
837

533
538
559
541
550
547
549
547
561
553
556
553

37,639
37,855
38 185
38,175
38,392
38,560
38,592
38,784
38,947
38,664
38,729
38,934

33,861
33,974
34,287
34,293
34,413
34,624
34,570
34,650
34,847
34,660
34,633
34,967

570
641
629
630
699
643
710
798
730
665
724
604

3,208
3,240
3,269
3,252
3,280
3,293
3,312
3,336
3,370
3,339
3,372
3,363

89,819
85,696
82,783
86,488
85,913
91,397
86,894
79,862
77,316
73,699
76,612
65,248

1,628
1,596
1,564
1,620
1,581
1,572
1,503
1,460
1,439
1,294
L245
1,170

715

4,833

698

565

38,934

34,909

660

3,365

62,285

1,099

1952
1953
1954
1955
1956
1957
1958
1959

11.231
12,792
14,845
17,279
19,559
20,971
23,038
24,754

144
165
188
211
248
253
320
359

9,443
9,191
8,755
8,464
7,982
7,583
7,270
6,857

336
428
608
646
675
685
729
730

1959 Jan. 3
Feb
Mar
Apr
May

23,107
23,232
23 407
23,562
23,723
23,879
24,058
24,214
24,374
24,511
24,635
24,754

212
239
256
242
278
318
304
339
356
327
366
359

7,324
7,364
7 426
7,382
7,395
7,301
7,288
7,276
7,244
6,963
6,878
6,857

24,928

333

6,862

1,786
1,257

n.a.
Not available.
1
Includes securities of foreign governments and international organizations and obligations of Federal agencies not guaranteed by the U. S.
Government, as well as corporate securities.
* Not a balance-sheet item. Data represent commitments outstanding
of banks in New York State as reported to the Savings Banks Association
of the State of New York.




Surplus
accounts

10,503
15,332

3,592
10,650

I960—Jan

Other
liabilities

11,772
16,962

89
62

Sept
Oct
Nov
Dec

Other
assets

689
185

4,787
4,202

July

Cash
assets

Total
assets—
Total
liabili- Deposits
ties
and
surplus
accts.

829
606

1941
1945

. .

Corporate
and
other!

Amounts in millions of dollars]

n.a.
n.a.

3 Data reflect consolidation of a large mutual savings bank with a commercial bank.
NOTE.—These data differ somewhat from those shown elsewhere in
the BULLETIN; the latter are for call dates and are based on reports filed
with Federal and State bank supervisory agencies. Loans are shown
net of valuation reserves.

399

SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES i
[Institute of Life Insurance data.

In millions of dollars]

Government securities
Total
assets

Date

End of year: 3
1941
1945

Business securities
Mortgages

United jState and|
States
local |Foreign :
(U.S.) |

Total

Bonds

Stocks

Real
estate

Policy
loans

Other
assets

32,731
44,797

9,478
22,545

6,796
20,583

1,995
722

687
1,240

10,174
11,059

9,573
10,060

601
999

6,442
6,636

1,878
857

2,919
1,962

1,840
1,738

73,375
78,533
84,486
90,432
96,011
101.309
107,580

12.905
12.537
12,262
11,829
11.067
10,690
11.234

10,252
9,829
9,070

8.576
7.555 j
7,029
7,183

1 .153
1 .298
1 ,846
2 ,038
2 ,273
2 ,376
2 ,681

1,500
1,410
1,346
1,215
1,239
1,285
1,370

31,515
34.438
37,300
39,545
41,543
44.057
47,108

29,069
31,865
34,032
35,912
38,040
40,666
42,999

2,446
2,573
3,268
3,633
3,503
,391
4,109

21,251
23.322
25,976
29,445
32,989
35,236
37,062

1,903
2,020
2,298
2,581
2,817
3,119
3,364

2,713
2,914
3,127
3,290
3,519
3,869
4,188

3,088
3.302
3,523
3,743
4,076
4,338
4,624

End of month: 4
1957—Dec
1958—Dec

101,309
107,580

10,691
11,242

7,028
7,182

2 ,377
2 ,691

1,286
1,369

43,750
46,420

40.737
43,044

3,013
3,376

35,271
37,092

3,120
3,387

3,872
4,186

4,605
5,253

1959_jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

108,145
108,583
108,945
109,430
109,928
110,424
111,152
111,646
111,846
112,405
112,904
113,626

11,620
11,596
11,479
11,568
11,644
11,679
11,807
11,938
11,772
11,770
11,668
11,536

7,485
7,414
7,229
7,251
7,235
7,246
7,259
7,354
7,169
7,147
7,016
6,848

2 ,744
2 ,774
2 ,840
2 ,889
2 ,968
2 ,991
3 ,085
3 ,115
3 ,130
3 ,138
3 ,154
3 ,177

1,391
1,408
1,410
1,428
1,441
1,442
1,463
1,469
1,473
1,485
1,498
1,511

46,602
46,829
47,093
47,343
47,545
47,800
48,024
48,096
48,224
48,444
48,662
48,908

43,237
43,442
43,672
43,904
44,086
44,314
44,477
44,539
44,658
44,853
45,032
45,206

3,365
3,387
3,421
3,439
3,459
3,486
3,547
3,557
566
591
630
702

37,211
37,350
37,486
37,602
37,737
37,894
38,108
38,282
38,493
38,744
38,984
39,299

3,393
3,414
3,450
3,469
3,493
3,522
3,583
3,603
624
631
673
670

4,225
4,253
4,284
4,317
4,346
4,380
4,389
4,423
4,464
4,511
4,555
4,605

5,094
5,141
5,153
5,131
163
149
241
304
5,269
5,305
5,362
5,608

1960—Jan.

114,202

11,731

7,011

3 ,197

1,523

49,047

45,330

3,717

39,573

4,651

5,512

1952...
1953...
1954...
1955...
1956...
1957...
1958...

^Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3 These represent annual statement asset values, with bonds carried on
an amortized basis and stocks at end-of-year market value.
2

4
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included in total, in "Other
assets."

SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.

In millions of dollars]
Liabilities

Assets
End of year
or month

Mortgages2

U.S.
Govt.
obligations

Cash

1941
1945
1952
1953
1954
1955
1956
1957
1958
1959

4,578
5,376

107
2,420

344
450

18,396
21,962
26,108
31,408
35,729
40,007
45,627
53,087

1,787
1,920
2,013
2,338
2,782
3,173
3,819
4,471

1,289
1,479
1,971
2.063
2;il9
2,146
2,585
2,189

1959—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

46,029
46,456
47,049
47,754
48,508
49,348
50,131
50,858
51,528
52,149
52,608
53,087

4,116
4,213
4,289
4,394
4,417
4,413
4,517
4,534
4,527
4,534
4,500
4,471

I960—Jan..

53,410

4,647

e

Other 3

Total
assets—2
Total
liabilities




Borrowed
money 4

Loans in
process

Other

Mortgage
loan
commitments 5

775
356

6,049
8,747

4,682
7,365

475
644

256
336

636
402

n.a.
n.a.

1,108
1,297
l,469
«1,789
2,199
2,770
3,108
3,725

22,660
26,733
31,633
37,656
42,875
48,138
55,139
63,472

19,195
22,846
27,252
32,142
37,148
41,912
47,976
54,548

1,658
1,901
2,187
2,557
2,950
3,363
3,845
4,387

944
1,027
950
,546
,347
,379
,444
,384

863
959
1,244
1,411
1,430
1,484

2,287
2,261
2,259
2,077
2,103
2,348
1,916
1,873
1,820
1,752
1,817
2,189

3,053
3,133
3,231
3,382
3,560
3,570
3,462
3,484
3,549
3,637
3,777
3,725

55,485
56,063
56,828
57,607
58,588
59,679
60,026
60,749
61,424
62,072
62,702
63,472

48,410
48,818
49,347
49,767
50,371
51,461
51,651
52,045
52,489
52,888
53,371
54,548

3,856
3,866
3,868
3,872
3,883
4,093
4,099
4,111
4,116
4,121
4,133
4,387

,263
,207
,202
,299
,362
,675
,706
,824
,972

1,898

3,609

63,564

54,985

4,400

c

Corrected.
n.a. Not available.
Figures are for all savings and loan associations in the United States.
Data beginning with 1951 are based on monthly reports of insured
associations and annual reports of noninsured associations. Data prior
to 21951 are based entirely on annual reports.
Prior to 1958 mortgages are net of mortgage pledged shares. Asset
items will not add to total assets which include gross mortgages with
no deductions for mortgage pledged shares. Beginning with January
1958, no deduction is made for mortgage pledged shares. These have
1

Savings
capital

Reserves
and
undivided
profits

713
871

2,165
2,384

1,161
1,282
1,124
,166
,281
,378
,475
,589
,597
,585
,539
,476
,374
1,282

n.a.
n.a.
n.a.
833
843
862
,475
,283

832
,006
,130
.291
,497
861
973
,184
,308
,479
,659
871

,513
,628
,753
,920
,975
,979
,951
,862
,779
,626
,470
,283

1,935

1,181

1,063

1,316

2,108

declined consistently in recent years and amounted to $42 million at the
end of 1957.
3 Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and4 fixtures.
Consists of FHLB advances and other borrowing.
5
Not on a balance-sheet item.
NOTE.—Data for 1959 are preliminary.

400

BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i

[Department of Commerce estimates. In billions
of dollars]

[Securities and Exchange Commission estimates. In millions of dollars]

Year or
quarter

Profits
before
taxes

1951.
1952
1953.
1954
1955
1956
1957
1958

42.2
36.7
38.3
34.1
44.9
44.7
43.3
37.1

22.4
19 5
20.2
17.2
21.8
21.2
21.1
18.2

19.7
17.2
18.1
16.8
23.0
23.5
22.2
18.9

9.0
9.0
9.2
9.8
11.2
12.1
12.5
12.4

10.7
8.3
8.9
7.0
11.8
11.4
9.7
6.5

1957_3
4

44.0
39.4

21.4
19.2

22.5
20.2

12.8
12.2

9.7
8.0

1958—1
2...
3
4

32.0
33.6
38.3
44.6

15.7
16.5
18.8
21.9

16.3
17.1
19.5
22.7

12.7
12.6
12.6
12.0

3.6
4.5
6.9
10.7

46.5
52.6
46.4

22 6
25.6
22.6

23.8
27.0
23.8

12.8
13.0
13.4

11.0
14.0
10.4

1959—1
2
3

..

Bonds and notes

All types

In- Profits Cash Undiscome after
divi- tributed
taxes taxes dends profits

Year or
quarter

1952..
1953
1954
1955
1956
1957
1958r
1959

Stocks

Net
New Retire- Net
New RetireNet
New Retireissues ments change issues ments change issues ments change

..

10,679
9,550
11 694
12,474
13,201
14 350
14,761
12,751

2,751 7,927 7,344
2,429 7,121 6,651
5 629 6,065 7,832
5,599 6,875 7,571
5,038 8,162 7,934
3,609 10,741 9,638
5,296 9,465 9,673
4,607 8,144 7,150

2,403
1,896
4,033
3,383
3,203
2,584
3,817
2,891

4,940
4,755
3,799
4,188
4,731
7,053
5,856
4,259

3,335
2,898
3,862
4,903
5,267
4,712
5,088
5,601

348
533
1,596
2,216
1,836
1,024
1,479
1,716

2,987
2,366
2,265
2,687
3,432
3,688
3,609
3,886

1958—4 r

3,590

1,324

2,265 2,184

781

1,403

1,405

543

862

1959—1...
2
3
4. .

3,054
3,410
2,788
3,499

1,165
1,266
1,126
1,051

1,890
2,144
1,663
2,448

688
834
681
687

903
983
967
1,406

1,462
1,593
1,141
1,405

476
432
445
363

986
1,161
696
1,042

1,592
1,818
1,647
2,093

r
1

Revised.
Reflects cash transactions only. As contrasted with data shown on p. 402, new issues
exclude foreign and include offerings of open-end investment companies, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new stock
issues and cash proceeds connected with conversions of bonds into stocks. Retirements
include the same types of issues, and also securities retired with internal funds or with
proceeds of issues for that purpose shown on p. 402.

NOTE.—Quarterly data are at seasonally adjusted
Annual rates.

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
Current assets
End of year
or quarter

Net
working
capital

U.S.
Govt
securities

Cash

Total

Current liabilities

Notes and accts.
receivable
Inventories

U.S.
Govt.2

Other

Notes and accts.
payable
Other

Total
U. S.
Govt.2

Other

1952
1953
1954
1955
1956 r
1957 .

90.1
91.8
94.9
103.0
107.4
111.6

186.2
190.6
194.6
224.0
237.9
244.7

30.8
31.1
33.4
34.6
34.8
34.9

19.9
21.5
19.2
23.5
19.1
18.6

2.8
2.6
2.4
2.3
2.6
2.8

64.6
65.9
71.2
86.6
95.1
99.4

65.8
67.2
65.3
72.8
80.4
82.2

2.4
2.4
3.1
4.2
5.9
6.7

96.1
98.9
99.7
121.0
130.5
133.1

2.3
2.2
2.4
2.3
2.4
2.3

57.0
57.3
59.3
73.8
81.5
84.3

1958—3'"
4r

116.9
119.7

240.4
246.4

35.4
37.3

16.3
19.6

2.7
2.8

101.7
102.1

77.2
77.5

7.2
7.0

123.5
12o.7

1.8
1.7

79.4
81.0

J959_lr
2rr .
3
4 . .

122.2
125.3
126.9
128.8

249.8
257.6
262.1
268.3

34.5
35.8
35.5
37.2

21.0
21.5
22.9
23.5

2.8
2.7
2.7
2.9

103.8
107.7
110.6
112.7

80.0
81.7
82.1
83.6

7.8
8.3
8.4
8.3

127.6
132.4
135.2
139.5

1.7
1.7
1.7
1.7

81.5
84.3
85.8
89.4

r
1

Federal
income
tax
liabilities
18.1
18.7
15.5
19.3
17.6
15.4
11.1
13.0
12.6
13.5
14.4
15.4

Other

18.7
20.7

22.5
25.7
29.0
31.1
31.2
31.0
31.9
32.9
33.3
32.9

2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.

Revised.
Excludes banks and insurance companies.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Transportation
Year

1952
1953
1954
1955
1956
1957
1958
1959
I960*
1
2

Total

26.5
28.3
26.8
28.7
35.1
37.0
30.5
32.5
37.0

Manufacturing

11.6
11.9
11.0
11.4
15.0
16.0
11.4
12.1
15.1

Mining

1.0
.0
LO
L.O
1.2
1.2
.9
1.0
1.0

Railroad

Other

1.4
1.3
.9
.9
1.2
1.4
.8
.9
1.0

.5
.6
1.5
1.6
1.7
1.8
1.5
2.0
2.1

Public Comutili- muni- Other 2
cations
ties

3.9
4.6
4.2
4.3
4.9
6.2
6.1
5.7
6.1

Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.




1.5
1.7
1.7
2.0
2.7
3.0
2.6
2.7

5.6
6.3
6.5
7.5
8.4
7.4
7.2
8.2
11 .7

Quarter

Manufactur- Trans- Public
ing
All
utili- other
Total
3
and portation
ties
mining

Total
(seasonally adjusted
annual
rate)

1958—4

8.0

3.2

.6

1.7

2.5

30.0

1959—1
2
3
4

6.9
8.3
8.3
9.0

2.7
3.3
3.3
3.8

.6
.8
.8
.8

1.2
1.5
1.5
1.5

2.5
2.8
2.7
2.9

30.6
32.5
33.4
33.6

I960— 1 4 . . . .
24....

7.9
9.5

3.3
4.0

.8
.9

1.2
1.5

2.7
3.0

35.3
36.9

3 Includes communications and other.
4
Anticipated by business.

401

BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals

Annual totals
1958

Industry
1955

1956

1957

1958

1959

1959
2

1

4

3

2

4

3

Manufacturing
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
. . . .
Nondurable goods industries (79 corps.) :*
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (101 corps.):2
Sales
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes .
.
Dividends
Chemicals and allied products (21 corps.):
Sales.
Profits before taxes
Dividends
..
Petroleum refining (16 corps.):
Sales
Profits before taxes
Dividends
.. .
Primary metals and products (35 corps.):
Sales
Profits before taxes
Dividends
Machinery (25 corps.):
Sales
Pfofits before taxes

.
•

Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
.
...
Profits after taxes
Dividends

105,006 108,307 114,834 105,251 115,925 25,620 25,367 28,722 29,555 32,452 r 26,872
27,046
14,803 13,418 13,349 10,524 14,009 2 249 2 436 3,531 3,899 4,643 r 2,440 3 027
7,564 7,094 7,177 5,737 7,257 1,194
1,643
1,287 2,013 2,016 2,499 1,099
3,847 4,068 4,192 4,078 4,367 1,011
1,033
1,253
987 1,042
1,029 1,051
37,462 40,053 42,309 41,820 45,769 10,113 10,626 11,069 11,085 11,450 11,414 11,820
5,013 5 146 5 010 4,421 5,604
947
1 191 1 297 1,376
1,482 1 r 391 1 354
2,814 2 943 2,944 2,572 3,131
541
679
778
769
780
775
808
r
1,785 1,925
1,588
448
1,683
1,776
440
430
463
459
573
445
67,544 68,254 72,525 63,430 70,156 15,506 14,741 17,653 18,470 21,001 15,458 15,226
9,790 8.272 8,339 6,102 8,405 1,303 1,245 2,234 2,523 3,161 1,049
1,673
4 750 4 151 4 233 3,165 4,126
869
652
608
1 235 1,247
1,692
r
2,259 2 385 2 416 2,293 2,442
603
572
578
575
680
557
585

9 984 10 592 11,085 11,989
1,273
1 024 1,151
955
555
604
460
497
312
289
343
277

2 760

2 828

2 865

2,786

2,947

283

310

308

287

322

138
72

149
72

149
88

153
78

162
79

9,584 10,199 10,669 10,393 11,593
1,866 1 804 1 8?3 1,541 2,133
1,107
831
955
942
948
690
717
808
698
737

2,533

2,679

2,760

136
85
2,770

3,054

2,964

2,804

339
179

398
208

475
271

493
254

595
302

495
269

178

172

185

180

177

550
282
179

11,515 12,454 13,463 12,790 13,413
1,344
941 1,194
1,444
1,325
913
979 1 068 1 075
788
516
523
438
481
512

2,982
146
136
130

3,210
274
219
127

3,404
274
234
129

3,447
360
263
133

3,228
300
220
128

3,281

3,458
274
215
134

20,744 22,365 22,468 19,100 20,978
3,267 3 331 2 977 2.205 2,329
1,652 1 727 1 540 1,163 1,127
830
730
801
880
873

4,644

4,881

5,193

5,621

481
255

562
294

771
409

7,110
1,183

194

203

821
416

201

204

12.480 13,908 15 115 14,654 16,472
1,253
1,209
1.457 1,470 1,853
933
741
637
607
729

3,669
344
174

3,703
395
204

3,796
426
212

3,853
422
212

4,189
504
254

r

r

9 236
868

414
260

201

695

458

102

104

104

113

24,624 21 217 23,453 18,483 20,593
4,011 2,473 2,701 1,330 2,985
1,841
706 1,470
1 186 1 354

4,472
234
101

3,329
-15
-44

5,679
715
446

6,259
1,012
491

6,585
1,117
570

184

196

368

403

416

422

805

758

810

194

183

183

10,106 10,551 10,491
1,341
1,268
1,058
927
876
737
448
462
438

9,564
844
602
410

9,826
848
578
403

2,299
144
102
79

2,466
272
195
77

2,555
366
271
157

872

791

2 986

3 270

140

324

r<

r

r

r

273

3,644
r
-88
-215
'204

4,603

4,100
'462
r
231

4,331
465
236

r

106

215
128

154
100

413
231

221

123

117

4,624
356
155

3,124
501
253

197

233

Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Electric Power:
Operating revenue.
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
r

.

•




2,388
167
'99
116

r

2,633
310
207
r
82

f

2,368
127
78

2,437
243
186
127

r

2,688
713
392
301

2,840
739
422
306

1,909
537
268
190

1,947
543
275
192

8,360
2,304
1,244
942

9,049
2,462
1,326
1,022

9,644 10,205 11,117
2,557 2,721 2,987
1,668
1,413 1,517
1,212
1,077 1,134

2,410
615
349
287

2,469
650
357
276

2,623
688
390
290

2,936
853
469
303

2,655
682
385
302

5,425
1,282
638
496

5,966
1,430
715
552

6,467
1,562
788
613

7,572
2,153
1,073
743

1,715
454
226
166

1,745
494
244
171

1,807
510
251
173

1,825
522
258
178

1,891
551
272
183

Revised.
Includes 17 companies in groups not shown separately.
2 Includes 27 companies in groups not shown separately.
VOTE.—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 reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
1

f

6,939
1,860
921
674

Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949
(manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public
utilities); and p. 908 of the BULLETIN for September 1944 (electric power).
For back data for manufacturing, see pp. 792-93 of the BULLETIN for
July 1959; back data for other series are available from the Division of
Research and Statistics.

402

SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates.

In millions of dollars]
Proposed use of net proceeds,
all corporate issuers6

Gross proceeds, all issuers2
Noncorporate
Year or
month
Total

Federal
U.S.
Govt. 3 agen4

State
and
municipal

Corporate

New capital

Bonds
Others

Total

Publicly
offered

Total

Pre- Common
Pri- ferred
stock
stock
vately
placed

Retirement
of
New Other
pur- secuTotal money'
poses rities

Total

27,209
28,824
29,765
26,772
22,405
30,571
34,443
31,134

12,577
13,957
12,532
9,628
5,517
9,601
12,063
12,322

459
106
458
746
169
572
,321
707

4,401
5,558
6,969
5,977
5,446
6,958
7,449
7,681

237
306
289
182
334
557
1,052
621

9,534
8,898
9,516
10,240
10,939
12,884
11,558
9,803

7,601
7,083
7,488
7,420
8,002
9,957
9,653
7,253

3,645
3,856
4,003
4,119
4,225
6,118
6,332
3,556

3,957
3,228
3,484
3,301
3,777
3,839
3,320
3,697

564
489
816
635
636
411
571
535

1,369
1,326
1,213
2,185
2,301
2,516
1,334
2,015

1959_Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.

5,780
2,132
1,921
4,511
1,787
2,275
1,452
1,688
1,749
4,122
1,735
1,982

3,971
420
443
2,583
338
323
350
309
300
2,574
332
380

199

86

639
881
637
940
569
995
457
523
520
587
458
476

85
62
11
60
51
47
93
5
44
39
52
72

885
770
656
928
829
910
552
753
736
923
893
969

724
481
457
619
624
614
433
623
592
644
659
783

405
187
195
310
380
270
173
414
219
330
396
277

319
294
262
309
244
343
260
209
372
314
263
506

36
55
47
92
38
43
26
13
24
48
61
52

126
234
151
217
167
254
93
117
120
231
173
134

869
754
640
908
809
890
538
737
721
899
873
950

840
745
631
899
791
874
531
718
709
887
865
936

794
600
539
832
764
814
480
677
665
799
803
886

46
145
92
66
27
60
51
42
44
89
62
50

29
9
9
9
17
15
7
19
12
11
8
14

1960—Jan..

1,979

420

182

696

672

549

323

225

26

98

657

596

567

30

61

1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.

175

98
150

9,380 8,716
8,180
8,755 8,495 7,960
9,365 7,490 6,780
10,049 8,821
7,957
10,749 10,384 9,663
12,661 12,447 11,784
11,372 10,823 9,907
9,588 9,427 8,654

537
664
535
260
709 1,875
864 1,227
721
364
663
214
915
549
774
160

Proposed use of net proceeds, major groups of corporate issuers
Manufacturing
Year or
month

1952
1953
1954
1955
1956
1957
1958
1959
1959_jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.

1960—Jan..

Commercial and
miscellaneous

Public utility

Communication

Real estate
and financial

RetireRetireRetireRetireRetireRetireNew
ment of
New
ment of
ment of
New
New
ment of
ment of
New
ment of
New
secusecusecucapital 8 secu- capital 8 secucapital 8
capital 8
capital 8 secu- capitals
rities
rities
rities
rities
rities
rities
758
553
501
544
694
802
778
960

225
36
270
338
20
14
38
14

2,539
2,905
2,675
2,254
2,474
3,821
3,605
3,178

61
105
46
78
56
127
59
45
42
85
63
70

80
154
51
75
38
96
34
97
142
101
17
74

2
3
1

295
188
331
314
338
313
170
192
109
341
241
346

86

25

151

3,712
2,128
2,044
2,397
3,336
4,104
3,265
1,966

261
90
190
533
243
49
195
87

512
502
831
769
682
579
867
838

148
123
92
277
248
221
146
126
205
97
115
167

17
5
6
7
10
6
3
15
6
4
1
7

24
40
93
51
51
29
13
31

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 number of units by offering price.
3 Includes guaranteed issues.
45 Issues not guaranteed.
Represents foreign governments, International Bank for Reconstruc-




Transportation

67
990
174
14
51
138
12

448
1,536
788
1,812
1,815
1,701
1,014
1,777

60
24
273
56
17
67
47
17

34
62
9
16
6
22
8
36
56
127
262
72

221
113
102
139
105
95
114
223
156
137
167
207

3
1
3

32

223

52

747
871
651
1,045
1,384
1,441
1,294
709

6
3
60
77
21
4
118

tion and Development, and domestic eleemosynary and other nonprofit
organizations.
6
Estimated net proceeds are equal to estimated gross proceeds less cost
of 7flotation, i.e., compensation to underwriters, agents, etc, and expenses.
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.

403

SECURITY ISSUES; FEDERAL FINANCE
NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1
[Investment Bankers Association data.

Par amounts of long-term issues in millions of dollars]

All issues (new capital and refunding)
Type of issue
Period
Total

1952
1953
1954
1955
1956
1957
1958
1959

. . . .

General
obligation

Issues for new capital

Type of issuer

Public FederReve- Housal
ing
nue AuthorGovt.4
3
loans
ity

State

Use of proceeds 2

2

Special
district
and
statu- Other-15
tory
authority

4,410
5,558
6,969
5,976
5,446
87,150
7,832
7,880

2,633
3,495
3,380
3,770
3,577
4,795
5,446
4,766

1,463
1,558
3,205
1,730
1,626
1,964
1,778
2,397

305
496
374
474
199
66
187
333

9
9
9
2
44
324
420
384

718
767
2,047
1,408
800
1,508
2,016
1,609

1,305
2,091
1,463
1,097
983
1,279
1,368
2,094

2.387
2,701
3,459
3,472
3,664
4,362
4,448
4,177

651
882
647
940
596
1,010
567
515
515
594
517
'455

301
492
447
495
369
545
224
392
398
357
371
'380

324
264
185
431
93
426
192
117
112
128
73
'59

20
103
1

6
23
14
15
29
40
150
6
73
15

53
142
185
186
50
271
150
177
133
30
106
125

307
255
139
397
147
359
62
80
93
125
59
'75

292
484
323
357
399
381
355
258
290
439
351
'25 5

733

442

244

47

176

156

400

1959—Jan
Feb
Mar
Apr
May....
June....
July....
Aug.. . .
Sept
Oct
Nov
Dec
I960—Jan

105

00

c

102

r
n.a. N e t available.
Revised.
1
D a t a prior t o 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 m o r e ; smaller issues n o t
classified. As a result some categories, particularly education, are understated relative to later data.
3
Includes only bonds sold pursuant to the Housing Act of 1949.
These are secured by a contract requiring the Public Housing Administration t o m a k e annual contributions to the local authority.
4
Beginning with 1957, coverage is considerably broader than earlier.

Total
amount
delivered 6

Total

Education

Water,
Roads sewer
and
and
bridges other
utilities

Residential
housing 7

Veterans'
aid

Other
purposes

4.096
5; 477
6,789

5,911
5,383
7,099
7,746
7,773

969
1,320
1,432
1,516
1,455
2,551
2,644
2,238

938
1,588
2,136
1,362
698
1,041
1,172
834

642
803
1,270
881
1,399
1,524
1,403
1,961

424
506
456
570
258
299
530
701

100
141
162
169
110
333
339
355

1,024
1,119
1,333
1,414
1,464
1,352
1,657
1,683

354
638
563
858
907
646
618
931
904
593
613 1,006
985
567
538
514
401
468
502
593
603
513
'431
'45 3

159
162
196
264
191
225
155
151
168
168
153
'252

26
91
49
166
25
134
159
59
43
28
37
Iff

339
123
142
334
188
321
50
86
82
135
106

20

100

»-57

23
124
12
10
121
29
145
4
1
102
126
4

71
357
198
124
68
197
58
94
141
160
91
'126

728

213

31

105

39

50

n.a.
n.a.
n.a.
n.a.
n.a.
6,568
7,708
7,415

468

50
33

120
32

289

5
Consists of municipalities, counties, townships, school districts a n d ,
prior to 1957, small unclassified issues.
6
Excludes Federal Government loans. These data are based on date
of delivery of b o n d s t o purchaser (and of payment to issuer) which occurs
after date of sale. Other d a t a 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. T h e principal difference is in
the treatment of Federal Government loans.
9 Less than $500,000.

U N I T E D S T A T E S G O V E R N M E N T M A R K E T A B L E A N D C O N V E R T I B L E S E C U R I T I E S O U T S T A N D I N G , M A R C H 3 1 , 19601
[On basis of daily statements of United States Treasury.
Issue a n d c o u p o n rate
Treasury bills 2
Apr. 7, 1960
Apr. 14, 1960
Apr. 15, 1960
Apr. 2 1 , 1960
Apr. 28, 1960
M a y 5,1960
M a y 12, 1960
M a y 19, 1960
M a y 26, 1960
J u n e 2, 1960
J u n e 9, 1960
J u n e 16, 1960
June 22, 1960*
J u n e 23, 1960
J u n e 30, 1960
July 7, 1960
July 14, 1960
July 15, 1960
July 2 1 , 1960
July 28, 1960
Aug. 4, 1960
Aug. 11, 1960
Aug. 18, 1960
Aug. 25, 1960

* Tax anticipation series.
1 Direct public issues.




Amount

Issue a n d c o u p o n rate

Treasury bills—Cont.

Sept. 1, 1960
,605
.602
Sept. 8,1960
2,003
Sept. 15, 1960
' ,401
Sept. 22, 1960
,400
Sept. 29, 1960
,400
Oct. 17, 1960
,606
Jan. 15, 1961
,603
,604 Certificates
,501
May 15, 1960
,700
Nov. 15, 1960
,700
Feb. 15, 1961
4,018
,700 Treasury notes
,600
Apr. 1,1960
400
May 15, 1960
400
May 15, 1960
2,001
400
400
400
396
400
401

Aug.
Oct.
Apr.
May
Aug.
Oct.
Feb.

15, 1960
1,1960
1,1961
15, 1961
1,1961
1,1961
15, 1962

Amount

400
400
400
400
400
2,007
1,504

I n millions of dollars]

Issue a n d c o u p o n rate

Treasury notes—Cont.
Feb. 15, 1962
4
Apr. 1,1962
11/2
Aug. 15, 1962
4
Oct. 1,1962
iy 2
Nov. 15, 1962
334
Feb. 15, 1963
25/8
Apr. 1,1963
11/2
May 15, 1963
4
Oct. 1,1963
iy 2
Nov. 15, 1963
4%
Apr. 1,1964
11/2
May 15, 1964
4%
Aug. 15, 1964
5
Oct. 1,1964
11/2
Nov. 15, 1964
4%

4
434
4%

1,269
7,037
6,931

lVi
314
3V2
434
iy 2
li/ 2
3%
4
IV2
3%

57
2,738
2,406 Treasury bonds
June 15, 1959-62...2*4
9,561
Dec. 15, 1959-62... 214
278
144
Nov. 15, 1960
21/s
4,078
Dee. 15, 1960-65 3 . .2%
2,136
Sept. 15, 1961
2%
332
Nov. 15, 1961
2V?.
647
June 15, 1962-67... 21/2
2

Amount

1,435
551
158
590
1,143
3,971
533
1,743
506
3,011
457
4,933
2,316
359
4,203
5,264
3,453
3,806
1,485
2,239
11,177
2,110

Issue a n d coupon rate

Treasury bonds—Cont.
Aug. 15, 1963
21/2
Dec. 15, 1963-68... 21/2
Feb. 15, 1964
3
June 15, 1964-69... 21/2
Dec. 15, 1964-69... 21/2
Feb. 15, 1965
2%
Mar. 15, 1965-70.. .2y 2
Aug. 15, 1966
3
Mar. 15, 1966-71.. .2V2
June 15, 1967-72... 21/2
Sept. 15, 1967-72... 21/2
Dec. 15, 1967-72... 21/2
Oct. 1,1969
4
Nov. 15, 1974
3%
Feb. 15, 1980
4
June 15, 1978-83... 3Vi
May 15, 1985
3V4
Feb. 15, 1990
3Vi
Feb. 15, 1995
3
Panama Canal L o a n . . . . 3
Convertible bonds
Investment Series B
Apr. 1, 1975-80.... 2%

Amount

6,755
2,816
3,854
3,739
3,813
6,896
4,693
1,484
2,940
1,812
2,716
3,653
1,276
654
884
1,601
1,135
1,727
2,730
50
6,645

Sold on discount basis. For discounts on individual issues, see tables
on Money Market Rates, p. 396.
3 Partially tax-exempt.

404

FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury.

In billions of dollars]

Public issues3

Total
gross
debti

End of
month

Total
gross
direct
debt2

Marketable

Nonmarketable
Bonds

Total
Total

Bills

Certificates

Notes

Bank
eligible 4

Bank
restricted

Totals

12.1
12.5
12.0
11.8
11.4
10.8
9.5
8.3

51.9
51.7
51.5
51.4
51.1
50.8
50.6
50.2
50.0
48.9

51.0
50.8
50.7
50.5
50.2
50.0
49.7
49.4
49.3
48.2

43.9
43.3
44.2
44.8
44.1
44.7
44.4
43.6
43.6
43.5

48.6
48 5
48.4

47.9
47 8
47.8

42.6
42 8
43.3

1941 Dec
1945 Dec
1947 Dec
1951—Dec
1952 Dec
1953 Dec
1954—Dec
1955 Dec
1956—Dec
1957 Dec
1958—Dec

64.3
278.7
257.0
259.5
267.4
275.2
278.8
280.8
276.7
275.0
283.0

57.9
278.1
256.9
259.4
267.4
275.2
278.8
280.8
276.6
274.9
282.9

50.5
255.7
225.3
221.2
226.1
231.7
233.2
233.9
228.6
227.1
236.0

41 6
198.8
165.8
142 7
148.6
154 6
157.8
163.3
160.4
164.2
175.6

2 0
17.0
15.1
18.1
21.7
19.5
19.5
22.3
25.2
26.9
29.7

38.2
21.2
29 1
16.7
26 4
28.5
15.7
19 0
34.6
36.4

6 0
23.0
11.4
18.4
30.3
31 4
28.0
43.3
35.3
20.7
26.1

33 6
68.4
68.4
41.0
58.9
63 9
76.1
81.9
80 9
82.1
83.4

1959—Mar

282.2
285.5
286.4
284.8
288.8
290.5
288.4
291.4
290.7
290.9

282.0
285.4
286.3
284.7
288.7
290.4
288.3
291 3
290.6
290.8

236.1
240.2
240.3
237.1
241.8
242 9
241.1
244 9
244.2
244.2

176.3
180.7
181.0
178 0
183.1
184 5
J83.1
187 4
187.0
188.3

32.2
34.2
35.0
32.0
37.0
38 6
37.1
39 1
39.1
39.6

34 4
34.4
33.8
33 8
33.8
20 3
20.3
20 3
19 7
19.7

25.4
27.2
27.3
27.3
27.3
40 7
40.8
43 1
43.3
44.2

84 2
84.9
84.9
84.9
84.8
84 8
84.8
84 8
84.8
84.8

8.0
7.8
7.7
7.7
7.6
7.6

291.2
290 7
287.0

291.1
290 6
286.8

245.5
244 8
240.5

189.9
189 4
185.4

41.2
41 2
37.2

19.7
15 2
15.2

44.2
48 2
48.3

84.8
84 8
84.8

7.0
6 9

Apr
May

June
July
Aug
Sept
Oct

Nov
Dec

I960- Jan
Feb

Mar

1
Includes some debt not subject to statutory debt limitation (amounting
to $409 million on Mar. 31, 1960) and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $10,393 million on Feb. 29, 1960.

Special
issues

Convertiible
bonds

52.2
49.6
36.0
21.0
13 4
5.7

7.5
7.3
7.2

7.1

6.6

Savings
bonds

Tax
and
savings
notes

8.9

6.1

2.5

56.9
59.5
66.4
65.1
65.1
63.6
59.2
57.4
53.4
52.1

48.2
52.1
57.6
57.9
57.7
57.7
57.9
56.3
52.5
51.2

8.2
5.4
7.5
5.8
6.0
4.5

7 0
20.0
29.0
35.9
39.2
41.2
42.6
43.9
45.6
45.8
44.8

4 Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces
leave
bonds, and adjusted service bonds, not shown separately.
6
Less than $50 million.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]

End of
month

1941—Dec
1945 Dec
1947—Dec
1951 Dec
1952—Dec
1953 Dec
l954_Dec
1955 Dec
1956—Dec
1957 Dec .
1958—June
Dec..
1959_jan
Feb

....

Mar

Apr
May
June
July
AUK

Sept
Oct
Nov

Dec
1960

Jan

c
1

. .

Total
gross
debt
(including guaranteed
securities)

Special
issues

Public
issues

64.3
278 7
257 0
259 5
267.4
275 2
278.8
280 8
276.7
275 0
276.4
283.0

7 0
20 0
29.0
35 9
39.2
41.2
42.6
43.9
45.6
45 8
46.2
44.8

2
7
5
6

285.9
285.2
282 2
285.5
286.4
284.8
288.8
290 5
288.4
291.4
290 7
290.9

43.9
43.9
43 9
43.3
44.2
44.8
44.1
44 7
44.4
43.6
43 6
43.5

9.6
9.8
9 8

291.2

42.6

Held by the public

Held by
U. S. Govt.
agencies and1
trust funds
Total

Federal
Reserve
Banks

Commercial
banks 2

54.7
251 6
222.6
217 2
221.6
226 9
229.2
229.1
222.7
219 8
220.5
228.6

2 3
24 3
22 6
23 8
24.7
25 9
24.9
24.8
24.9
24 2
25.4
26.3

21.4
90 8
68.7
61 6
63.4
63 7
69.2
62 0
59.5
59 5
65.3
67.5

10.0
9 9
10.0
9 9
9 8
10.0
10 2
10.2

232.4
231.6
228.4
232.4
232.2
230.2
234.7
235 9
234.2
237.8
236 9
237.3

25.7
25.3
25 5
25.7
25.9
26 0
26.5
26 7
26.6
26.6
26 9
2o.6

68.2
66.3
63 2
64.7
63.2
61 3
61.8
60 8
60 0
60.4
59 0
59.8

10.6

238.0

25.5

58.6

6
0
4
4

6.7

7 1
7.0
7 8
8.4

9 4
9.7

9.6

9.8

Corrected.
Includes the Postal Savings System.
2 Includes holdings by banks in territories and insular possessions,
which amounted to about $293 million on Dec. 31, 1958, and to about
$85 million on Jan. 31, 1960. Starting with September 1959, banks in
Alaska and Hawaii are being gradually reclassified as continental U. S.
banks.




Mutual
savings
banks

Insurcompanies

Other
corporations

8.2

4.0

24.0
23.9
16.5
16.0
15.9
15.3
14.6
13.2
12.5
12.2
12.7

22.2
14.1
20.7
19 9
21.5
19.2
23.5
19.1
17.2
13.9
18.2

6 9
6.9

13.0
12.8
12.6
12.6
12.6
12.5
12.6
12.7
12.6
12.6
12 5
12.3

6.9

12.5

3.7

10 7
12.0
9 8
9.5

9 2
8.8
8.5
8.0

7 6
7.4

7.3
7.3
7.4
7.4
7.4

7.4
7.3
7.3

7 3
7.3
7.0

State
and
local
govt's

Individuals
Other
Savings
bonds securities

Misc.
tors 3

5.4

8.2

11.1
12.7
14.4
15.1
16.1
17.0
16.9
16.7

42.9
46.2
49.1
49.2
49.4
50.0
50.2
50.1
48.2
48.0
47.7

21.2
19.4
15.5
16.0
15.4
13.5
14.8
15.6
16.9
16.1
15.8

10.6
11.7
13.2
13.9
15.6
16.1
16.5
15.2
16.5

19.8
20.2
19.5
20.9
21.4
20.0
21.8
22.8
21.3
22.9
23 2
23.1

17.0
16.9
16.8
16.9
16.8
C
16.7
17.0
17.2
17.3
17.4
17.4
17.5

47.7
47.6
47.5
47.3
47.2
47.0
46.9
46.7
46.5
46.3
46.2
45.9

16.9
17.7
18.7
19.2
19.5
19.7
20.4
21.0
21.8
22.8
22.9
23.3

16.7
17.3
17.2
17.8
18.2
19.4
20.4
20.6
21.0
21.7
21.9
21.8

25.1

17.6

45.8

24.1

22.0

.7
6.5
7.3
9.6

.9
9.1
8.4

3
Includes savings and loan associations, dealers and brokers, foreign
accounts, 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.

405

FEDERAL FINANCE
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data.

Par value in millions of dollars]

Marketable and convertible securities, by type
Type of holder and date

Marketable securities, by maturity class

Total

Bills

Certificates

Notes

Market- Convertible
able
bonds2 bonds

30.
30.
30.
30.
31.
30.
31.

166,882
166,050
165,985
175,573
183,896
185,709
195,346

19,514
20,808
23,420
22,406
29,748
32,017
39,643

13,836
16,303
20,473
32,920
36,364
33,843
19,669

40,729
35,952
30,973
20,416
26,072
27,314
44,152

81,128
81,890
80,839
90,932
83,402
84,853
84,804

1960—Jan. 31.

196,886

41,156

19,669

44,235

84,796

7,162
8,236
8,554
9,477
9,379
9,681
9,982

40
273
130
86
260

8
355
416
599
492
537
363

119
688
1,282
1,169
1,338
1,389
1,700

3,556
3,575
3,664
4,703
4,711
4,988
5,071

3,439
3,345
3,063
2,833
2,759
2,680
2,587

10,380

526

366

1,719

5,080

2,689

23,607
23,758
23,035
25,438
26,347
26,044
26,648

886
855
287
2,703
2,284
2,032
2,626

8,274
10,944
11,367
19,946
18,704
18,650
10,508

11,646
9,157
8,579

All holders:
1955_june
1956—June
1957—June
1958_j U ne
Dec.
1959—June
Dec.

U. S Govt. agencies and trust funds:
1955—June 30
1956—June 30
1957_june 30
1958—June 30
Dec. 31
1959—June 3 0 . . .
Dec. 31
1960—Jan. 31.
Federal Reserve Banks:
1955—June 30
1956—June 30
1957__june 30
1958—June 30
Dec. 31
1959—June 30
Dec. 31

173
78

Total

Within
1 year

1-5
years

5-10
years

Over 10
years

155,206
154,953
155,705
166,675
175,586
178,027
188,269

49,703
58,714
71,033
67,782
72,616
72,958
78,456

38,188
31,997
39,184
41,071
52,318
56,819
61,609

33,687
31,312
14,732
22,961
18,652
18,538
23,625

33,628
32,930
30,756
34,860
31,999
29,713
24,579

7,030 189,856

79,969

61,691

23,623

24,573

3,723
4,891
5,491
6,644
6,620
7,001
7,394

74
927
1,138
899
721
930
1,037

199
500
1,210
1,565
1,696
1,679
1,909

506
434
295
913
1,179
1,448
1,882

2,944
3,030
2,848
3,267
3,025
2,944
2,567

7,691

1,315

1,923

1,886

2,567

2,875
2,879
11,016

2,802
2,802
2,802
2,789
2,484
2,484
2,498

23,607
23,758
23,035
25,438
26,347
26,044
26,648

17,405
20,242
20,246
23,010
20,995
20,687
18,654

3,773
1,087
681
1,014
3,881
3,887
6,524

1,014
1,014
750
57
206
410
677

1,415
1,415
1,358
1,358
1,264
1,060
793

25,464

17,470

6,524

677

793

11,676
11,098
10,280
8,898
8,309
7,681
7,077

I960—Jan. 31.

25,464

1,463

10,507

11,010

2,484

Commercial banks:
1955—June 3 0 . .
1956—June 3 0 . .
1957_june 30..
1958—June 3 0 . .
Dec. 31. .
1959—June 3 0 . .
Dec. 31. .

55,667
49,673
48,734
57,509
59,048
53,513
51,945

2,721
2,181
2,853
3,796
5,194
3,563
5,011

1,455
1,004
2,913
3,331
6,686
3,883
2,094

15,385
11,620
8,984
11,532
12,285
12,417
13,172

35,942
34,712
33,839
38,720
34,753
33,531
31,564

164
155
144
130
130
120
104

55,503
49,517
48,590
57,379
58,918
53,394
51,841

7,187
7,433
12,268
13,431
14,380
10,045
11,198

21,712
18,234
23,500
24,494
29,696
31,304
28,778

21,110
19,132
8,600
14,259
10,433
8,233
9,235

5,494
4,719
4,222
5,195
4,409
3,812
2,629

I960—Jan. 31.

50,916

4,793

2,112

12,704

31,203

103

50,812

10,783

28,200

9,199

2,631

8,069
7,735
7,397
7,110
6,942
7,079
6,773

84
107
163
89
139
175
191

53
37
114
132
115
209
158

289
356
367
465
538
684

6,422
6,074
5,655
5,493
5,268
5,228
4,892

1,222
1,161
1,098
931
882
783
644

6,848
6,574
6,299
6,179
6,060
6,296
6,129

164
247
576
303
300
480
486

533
540
1,082
1,106
1,229
1,360
1,401

1,405
1,319

1,700
2,254

4,746
4,468
4,040
4,094
3,573
2,7561
1,9871

6,791

287

229

883

4,818

574

6,217

654

1,384

2,232

1,947

13,117
11,702
10,936
10,580
10,984
10,947
10,933

630
318
326
254
726
503
416

74
44
136
112
231
347
231

789
760
648
614
731
798
1,074

8,479
7,789
7,277
7,398
7,255
7,371
7,454

3,145
2,791
2,549
2,202
2,042
1,928
1,758

9,972
8,911
8,387
8,378
8,943
9,019
9,175

810
632
955
651
1,158
1,092
1,023

1,339
1,192
1,775
1,650
1,976
2,085
2,279

2,027
1,802
1,022
1,004
1,156
1,678
2,422

5,796
5,285
4,634
5,074
4,653
4,164
3,450

I960—Jan. 31.

11,106

627

246

1,071

7,467

1,696

9,410

1,246

2,291

2,431

3,441

Other investors:
1955__jUne 30.
1956—June 30.
1957—June 30.
1958—June 30.
Dec. 31 .
1 9 5 9 _ j u n e 30.
Dec. 31.

59,260
64,947
67,329
65,459
71,195
78,444
89,066

15,153
17,074
19,661
15,392
21.326
25,659
31,140

3,973
3,919
5,527
8,799
10,137
10,216
6,315

12,502
13,371
11,113
6,636
8,304
9,147
16,302

23,927
26,896
27,602
31,829
28,931
31,252
33,325

3,706
3,646
3,426
2,802
2,497
2,171
1,985

55,554
61,301
63,904
62,657
68,698
76.273
87,082

24,062
29,233
35,850
29,489
35,062
39,724
46,057

10,633
10,443
10,936
11,243
13,841
16,503
20,717

7,626
7,612
3,464
6.054
4,719
5,069
7,154

13,233
14,013
13,654
15,872
15,076
14,977
13,153

92,230

33,461

6,210

16,847

33,745

1,968

90,263

48,530

21,368

7,198

13,193

Mutual savings banks:
1955—June 3 0 . . . . .
1956—June 30
1 9 5 7 _ j u n e 30
1958—June 30
Dec. 31
1959—June 30
Dec. 31
I960—Jan. 31.
Insurance companies:
1955—June 30
1956—June 30
1957__jUne 3 0 . . . .
1958—June 30
Dec. 31
1959—June 30
Dec. 31. . . .

I960—Jan. 3 1 . . . .

1
Direct public issues.
2 Includes minor amounts of Panama Canal and postal savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com-




601
675
958

panies included in the survey account for more than 90 per cent of total
holdings by these institutions. Data are complete for U. S. Govt.
agencies and trust funds and Federal Reserve Banks.

406

FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin.

In millions of dollars]

Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period

Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
Infrom
Less:
Equals:
crease,
or
Equals: payts.
Net
or
deTotal to ( - ) , crease
cash
Less:
Net
Other
payts.
borrowAdjust(-),in inv. by
the
noning or
ments 3 to the
Govt.
debt
public public (direct
repayt.
cash
agen. & debt*

Payments to the public,
other than debt

Equals:
Less:
Plus:
Total
Net
Intrarects.
Trust
budget
Govt.
from
fund
receipts receipts transthe 2
actions i public

Budget
expenditures

Cal. year—1957
1958
1959

72,284
68,694
73,282

15,368
16,797
18,830

3,079
3,710
4,509

84,521
81,728
87,552

71,692
75,782
80,321

14,794
17,856
20,244

3,155
4,622
5,009

83,328
89,014
95,560

Fiscal year—1956

68,145
71,029
69,117
68,270

11,685
14,369
16,329
17,084

2,739
3,242
3,493
3,650

77,088
82,107
81,893
81,660

66,540
69,433
71,936
80,697

9,436
12,961
16,069
18,597

3,358
2,386
4,592
4,491

Semiannually:
1958—Jan.-June.... 39,792
July-Dec
28,902
39,368
1959—Jan.-June
July-Dec
33,914

9,162
7,635
9,449
9,381

2,083
1,627
2,023
2,486

46,836
34,892
46,768
40,784

35,876
39,906
40,791
39,530

8,936
8,921
9,676
10,568

Monthly:
1959—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

6,576
8,426
4,258
5,425
10,154
3,246
5,679
8,486
3,023
5,897
7,582

1,637
1,322
1,302
2,479
1,950
1,214
2,444
1,236
1,009
2,004
1,474

212
162
171
189
1,052
486
217
230
348
316
889

7,998
9,581
5,384
7,708
11,048
3,973
7,903
9,488
3,678
7,579
8,163

6,331
6,461
6,427
6,164
8,631
6,557
6,305
6,357
6,868
6,598
6,844

4,909
7,265

828
2,329

272
359

5,461
9,231

6,199
6,170

1957
1958
1959

1960—Jan
Feb

Plus:
Trust
fund
expenditures

& agen.) tr. funds
1,573
-717
-543

64
487
2,081

-1,168
7,762
8,580

72,617
80,008
83,413
94,804

- 5 7 8 3,166
4.471
2,099 - 1 , 0 5 3 2,339
657
-1,520
6,216
-13,144
9,656 -1,181

623
-292
-200
2,160

-4,366
-3,100
5.760
8,678

3,338
1,285
3,205
1,804

41,475
47,539
47,265
48,295

5,362
-12,649
-495
-7,511

-166
653
1,507
574

49
7,713
965
7,615

1,462
1,451
1,905
1,426
1,548
2,174
1,528
1,735
1,886
1,496
1,748

-232
789
328
-288
1,533
561
-664
383
861
-134
797

8,025
7,124
8,005
7,879
8,646
8,171
8,498
7,709
7,894
8,228
7,795

-28
2,457
-2,621
-171
2,403
-4,198
-594
1,779
-4,216
-649
368

-434
-3,016
3,491
4,339
1,943
-1,866
3,077
-423
259

128
93
-665
1,148
454
-505
573
-399
-683
242
-84

64
145
69
84
1,042
239
31
-9
105
97
111

-627
-3,253
4,086
15
-2,803
4,606
1,339
-1,457
3,656
-763
233

1,974
1,613

1,406
-615

6,767
8,075

-1,306
1,156

229
-686

-472
32

147
26

554
-744

1,191
-7,287
-8,006

467
7,533
10,112

660
777
6,873 -1,494
313
2,783
7,329 - 8 5 6

1,248
-1,307

Effects of operations on Treasurer's account

Operating transactions
Period

Financing transactions

Cash balances:
inc., or dec. ( —)

Increase,
Net
or
inv. ( - ) ,
in Fed. decrease
Held
Treas(+), of sec. by (-),in outside
urer's Balance
Govt.
gross
Govt.
agency
direct Treasury account
agency
obliga- & trust public
debt
tions 5 funds 5

Net
market
issuance

Net
budget
surplus,
or
deficit

Trust
fund
accumulation,
or
deficit
(

Reconciliation
to Treas.
cash

1957
1958
1959

1,626
1,596
-2,819
-12,427

2,250
1,409
262
-1,511

320
-518
670
-29

173
1,085
567
71

-2,617
-2,300
-197
1,112

-1,623
-2,224
5,816
8,363

-202
5

Semiannually:
1958—Jan.-June
July-Dec
1959—Jan.-June
July-Dec

3,916
-11,004
-1,423
-5,617

228
-1,286
-225
-1,187

511
-232
203
-437

-440
-121
192
366

-218
1,144
-32
911

1,445
6,579
1,784
6,092

300
-131

Monthly:
1959—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

245
1,965
-2,169
-739
1,524
-3,311
-626
2,129
-3,846
-701
738

175
-130
-603
1,053
404
-960
916
-499
-877
507
-274

-477
507
355
-432
-211
35
-641
323
541
-537
-158

57
6
78
1
53
-1
51
155
3
56
102

47
-70
491
-980
-568
670
-666
667
-67
-12

-697
-3,069
3,319
950
-1,597
3,976
1,714
-2,100
2,957
-664
209

-7
45
-60
-67
143
-77
-33
-73
86

-1,290
1,095

-1,146
716

634
-838

3
105

764
-160

287
-501

Fiscal year—1956

I960—Jan
Feb

317

c
Corrected.
n.a. Not available.
1 Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing




Account of Treasurer of United
States (end of period)
Deposits in:
F. R.
Banks
(available
funds)

Treasury
Tax and
Loan
Accts.

Other
net
assets

331
-956
4,159
-4,399

6,546
5,590
9,749
5,350

522
498
410
535

4,633
4,082
8,218
3,744

1,391
1,010
1,121
1,071

5,143
-4,788
389
233

9,749
4,961
5,350
5,583

410
358
535
504

8,218
3.468
3; 744
4,216

1,121
1,135
1,071
863

-644
-836
1,531
-81
-538
486

-10

399
-641
-1,408
615

5,274
4,438
5,969
5,888
5,350
5,837
6,617
7,017
6,376
4,968
5,583

492
398
539
567
535
522
537
704
488
582
504

3,454
2,787
3,844
4,117
3,744
4,364
5,227
5,353
4,990
3,559
4,216

1,328
1,253
1,586
1,204
1,071
951
853
960
898
827
863

-26
-33

-722
450

4,862
5,311

567
453

3,246
3,843

1,049
1,015

140
-23

108
-105

781

Budget expenditures, and payroll deductions for Federal employees retirement funds.
2 Small adjustments to arrive at this total are not shown separately.
For other notes, see opposite page.

407

FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars]

Selected excise taxes
(Int. Rev. Serv. repts.)

Budget receipts
Adjustments from total
Budget receipts
Period

Net
Budget
receipts

Transfers to:
Oldage
trust
fund*

High- R.re-R.
way tiretrust ment
fund acct.

Income and
profit taxes

Total
Budget
Rerefunds ceipts
of
receipts

Excise
taxes
Corporation

Employment7
taxes

Other
receipts

Liquor

Mfrs.
Torebacco and
tailers'

21,299
21,531
20,533
18,092

10,004
10,638
10,814
10,760

7,296
7,581
8,644
8,854

4,887
4,895
5,414
5,464

2,921
2,973
2,946
3,002

1,613
1,674
1,734
1,807

3,778
4,098
4,316
4,315

8,654 14,260
2,827 6,174
8,906 11,918
3,041 8,323

5,219
5,364
5,396
5,948

5,199
3,653
5,201
4,127

2,789
2,509
2,956
2,944

1,372
1,600
1,402
1,703

886
931
876
984

2,090
1,963
2,352
2,408
1,194

Individual

Withheld

Other

11,322
12,302
11,528
11,733

Fiscal year—1956..
1957..
1958..
1959..

68,165
71,029
69,117
68,270

6,337
6,634 1,479
7,733 2,116
8,004 2,171

634
616
575
525

3,684
3,917
4,433
4,933

78,820
83,675
83,974
83,904

24,012
26,728
27,041
29,001

Semiannually:
1958—Jan.-June
July-Dec..
1959—Jan.-June.
July-Dec..

39,792
28,902
39,368
33,914

4,598
965
3,383 1,112
4,621 1,059
3,815 1,281

270
265
260
307

3,778
634
4,299
718

49,403
34,296
49,608
40,035

13,281
13,769
15,232
15,652

Monthly:
1959—Feb.
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

6,576
8,426
4,258
5,425
10,154
3,246
5,679
8,486
3,023
5,897
7,582

949
799
540
1,417
649
311
1,235
652
259
882
476

182
152
148
214
191
192
237
201
198
219
233

71
43
16
70
46
20
85
52
16
82
51

374 8,152
1,301 10,722
1,412 6,375
1,030 8,155
208 11,247
167 3,936
181 7,418
161 9,552
129 3,626
72 7,152
7 8,350

4,356
2,213
969
4,196
2,552
1,239
4,223
2,264
1,211
4,345
2,371

846
725
3,033
617
1,689
364
123
1,837
257
99
362

362
5,459
477
410
4,786
568
368
3,311
491
405
3,180

906
927
852
1,020
842
971
1,027
1,007
977
936
1,031

1,281
857
558
1,488
696
332
1,321
704
278
965
527

401
540
486
424
682
462
356
430
413
402
879

209
245
243
276
228
243
288
300
319
296
258

141
150
159
!56
114
150
172
169
179
162
152

4,909
7,265

298
1,243

218
264

16
84

860
4,835

2,144

564
483

794
954

341
1,611

722
522

186

138
n.a.

I960—Jan
Feb

-16
432

5,425
9,289

1,157
1,271
c

l,137

Budget expenditures *
Major national security
Period
Total
Total*

Intl.
affairs
Military
and
Military assist- Atomic finance
defense
energy
ance

Agriculture
Vetand
NatComGenerans' Labor
agriural
merce
eral
servInterand
culreand
governest ices and welfare
tural sources housing ment
benerefits
sources

Fiical year—1956..
1957..
1958..
1959..

66,540
69,433
71,936
80,697

40,641
43,270
44.142
46,426

35,791
38,439
39,062
41,233

2,611
2,352
2,187
2,340

1,651
1,990
2,268
2,541

1,843
1,973
2,231
3,780

6,846
7,308
7,689
7,671

4,756
4,793
5,026
5,174

2,82?
3,022
3,447
4,421

4,867
4,525
4,389
6,529

1,105
1,297
1,544
1,669

2,030
1,455
2,109
3,421

1,630
1,790
1,359
1,606

Sttniannually:
1958—Jan.-June.
July-Dec..
1959—Jan.-June.
July-Dec..

35,876
39,906
40,791
39,530

22,418
23,246
23,180
23,119

19,692
20,619
20,614
20,975

1,156
1,145
1,195
715

,188
,269
,272
,290

1,015
1,206
2,574
650

3,777
3,686
3,985
4,494

2,626
2,580
2,594
2,493

1,811
2,158
2,263
2,086

1,738
3,922
2,607
2,961

694
896
773
941

1,106
1,438
1,983
1,950

698
765
841
833

Monthly:
1959_jan
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec

6,776
6,331
6,461
6,427
6,164
8,631
6,557
6,305
6,357
6,868
6,598
6,844

3,693
3,596
3,864
3,898
3,642
4,487
3,772
3,710
3,783
3,980
3,643
4,231

3,298
3,218
3,434
3,465
3,253
3,946
3,435
3,375
3,412
3,622
3,275
3,856

163
143
195
209
165
320
95
90
122
135
148
125

213
203
217
211
214
214
224
208
205
204
212
237

212
176
184
162
167
1,673
159
144
136
-85
173
123

680
636
657
656
658
698
735
734
725
740
747
813

445
440
441
361
433
474
406
400
428
405
424
430

432
317
326
482
355
351
330
352
364
405
317
318

798
610
394
351
273
181
506
346
403
675
495
536

106
114
106
125
122
200
143
150
176
173
165
134

310
320
343
242
389
379
388
346
178
446
467
125

97
131
147
150
129
187
131
114
143
166
130
149

I960—Jan

6,199

3,523

3,160

136

210

157

831

419

393

470

105

195

127

3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6)4 aet operating transactions of Govt. sponsored enterprises.
Primarily adjustments 2, 3, and 4, described in note 3.
5
Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.




6
7

Includes transfers to Federal disability insurance trust fund.
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
« The 1961 Budget Document shows certain revisions in fiscal year data.
For more details, see the 1961 Budget Document and the Treasury Bulletin, Budget Receipts and Expenditures, Table 4.
9 Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.

408

FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.

In millions of dollars]

End of year

Asset or liability, and activity

End of quarter

1

1959

1958
1952

1953

1954

1955

1956

1957

5,070
ATA
673
596
1,920
1,426
31

6,811
377
590
648
2,096
3,076
23

6,929
367
638
701
2,226
2,981
18

6,715
375
689
681
2,348
2,621
1

6,752
457
734
724
2,488
2,349
(3)

6,681
454
935
832
2,688
1,778
(3)

6,931
410
1,228
903
2,774
1,600
(3)

7t402
473
1,247
900
2,820
1,962
(3)

8,672
511
1,169
819
2,874
3,298
(3)

9,630
518
1,313
935
2,919
3,944
C3)

8,490
526
1,547
963
2,973
2,480
(3)

2,603
2,242
362

2,930
2,462
300
k 168

2,907
2,461
383
63

3,205
2,641
480
84

3,680
3,072
464
145

4,769
3,998
770
1

4,628
3,776
851
1

4,607
3,716
890
1

4,860
3,924
936
1

5,352
4,362
989

5,873
4,815
1,056
1

To industry, total
Treasury Department...
Commerce Department.
Other agencies

598

588
174
\ 413

431
353
79

678
306
I 261
f 112

619
209
219
191

674
251
217
206

654
222
191
241

555
221
190
247

680
216
187
278

695

To financing institutions

864

952

870

1,419

1,233

1,270

931

1,010

1,298

182
301
1,087

717
201
174
342
1,539

1,020
894
126

645
500
145

272
112
160

245
90
155

246
106
140

264
105
159

271
91
180

294
106
188

293
106
187

291
91
200

293
89
204

7,736 8,043
2,496 2,833
3,667 3,620
51,515 1,537
58
53

8,001

7,988 8,223
2,702 2,701
3,519 3,470
1,767 1,995
57

8,754
3,040
3,470
2,195
49

9,022
3,094
3,470
2,412
45

9,271
3,239
3,470
2,514
47

9,510
3,362
3,419
2,682
46

9,712
3,439
3,419
2,782
73

9,904
3,504
3,425
2,874
101

213
156
57

344
283
62

449
383
65

489
423
66

548
458
89

562
497
66

627
563
64

Loans, by purpose and agency:
To aid agriculturet total
Banks for cooperatives
Federal intermediate credit banks 2..
Farmers Home Administration
Rural Electification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
,
Federal National Mortgage Association.
Veterans Administration
,
Other agencies

To aid States, territories, etc., total.
Public Housing Administration..
Other agencies
Foreign, total
Export-Import Bank 4
,
Treasury Department
,
International Cooperation Administration.
Other agencies
All other purposes, total
Housing and Home Finance Agency.
Other agencies
Less: Reserves for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Federal Housing Administration
Federal Deposit Insurance Corporation....
Other agencies
Investment in international institutions
Other securities*

598

75
5
69

119
29
90

2,806
3,570
1,624

1
166
127
39

256
209
47

in

-140
-309
-367
-268
-486
-203
-228
-450
-368
•654
-553
17,826 19,883 19,348 20,238 20,657 22,395 22,383 23,280 25,493 26,977 26,788
2,421
311
208
316
1,437
148
3,385
223

2,602
387
217
319
1,526
152
3,385
219

2,967
641
228
327
1,624
147
3,385
197

3,236
745
241
381
1,720
149
3,385
179

Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies

1,280
978

2,515
2,087

3,852
3,302

303

428

550

4,356 21,375 21,628 21,540 20,743 29,81« 20,504 20,821
2,906 3,614
3,747 3,651 3,025 3,310 3,013 3,036
11,004 11,136 10,344 9,730 9,681
9,421
8,751
6,517 7,282 7,700 7,809 7,919
7,987
8,278
609 1 201
185
186
191
174
191
178

Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities)
Panama Canal Company
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Aeronautics and Space Administration
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies

3,213

8,062
4,834
363
1,475
1,040

8,046
4,798
421
1,739
728

7,822
4,822
421
1,829
450

3,739
1,018
256
458
1,825
181
3,420
249

345

350

360

300

9,985
4,502
398
1,762
236
276
311
1,298
590
613

Bonds, notes, & debentures payable (not guar.), total... 1,330
181
Banks for cooperatives
704
Federal intermediate credit banks
445
Federal home loan banks
Federal National Mortgage Association

1,182
150
619
414

1,068
156
640
272

2,379
185
665
958
570

2,711
257
721
963
770

415
1,251
1,202

1 Figures exclude interagency items. Prior to 1956, data for trust
revolving
funds included such items.
2
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26,1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
3 Less than $500,000.
4
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
5
Figure derived by Federal Reserve.




3,804
896
274
471
1,937
226
3,420
298

4,467
1,366
293
536
2,030
242
3,420
311

4,365
1,250
278
559
2,034
245
3,420
283

4,198
995
288
567

2,049
300
3,420
283

4,533
1,202
296
586
2,139
310
3,420
282

9,962 10,459 10,422 10,670 10,753
4,535 4,589 4,550 4,721
4,736
398
396
398
396
402
1,801 1,803 1,790 1,777
1,802
88
32
26
25
20
283
280
282
285
289
342
349
371
372
373
1,308 1,341 1,319 1,322
1,237
599
637
637
637
637
608 1,033 1,050 1,134
1,257
4,662
247
902
825
2,688

3,812
207
1,181
455
1,968

3,981
260
1,211
612
1,898

4,038
303
1,124
714
1,898

4,212
310
1,256
699
1,947

4,442
1,064
310
590
2,154
324
4,795
331

8,869
2,856
409
1,878
9
304
357
1,241
640
1,175
4,882
314
1,488
992
2,087

6 Includes investment of the Agricultural Marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this item as an interagency asset.
NOTE.—Coverage has changed in some of the periods shown. Beginning with 1956, changes reflect the expanded coverage and the new
classification of activities by type of fund now reported in the Treasury
Bulletin. Classifications by supervisory authorities are those in existence
currently. Where current Treasury compilations do not provide a detailed breakdown of loans, these items have been classified by Federal
Reserve on basis of information about the type of lending activity involved.

409

REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
Nonfarm

All properties

End of year
or quarter

All
holders

Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies

All
holders

Farm

1- to 4-family houses

Multi-family and
commercial properties 1

Total

Financial
institutions

Other
holders

Total

Financial
institutions

Other
holders

All
holders

FinanOther
cial
insti- holders 2
tutions

1941

37.6
35.5

20.7
21.0

2.0
.9

14.9
13.7

31.2
30.8

18.4
18.6

11.2
12.2

7.2
6.4

12.9
12.2

8.1

4.8

6.4

1.5

4.9

1951
1952
1953
1954
1955
1956
1957
1958
1959P

82.3
91.4
101.3
113.7
129.9
144.5
156.6
171.9
191.0

59.5
66.9
75.1
85.7
99.3
111.2
119.7
131.5
145.6

2.0
2.4
2.8
2.8
3.1
3.6
4.7
4.8
6.7

20.8
22.1
23.5
25.2
27.5
29.7
32.1
35.6
38.8

75.6
84.2
93.6
105.4
120.9
134.6
146.1
160.7
178.9

51.7
58.5
66.1
75.7
88.2
99.0
107.6
117.7
131.3

41.1
46.8
53.6
62.5
73.8
83.4
89.9
98.5
109.4

10.7
11.7
12.5
13.2
14.4
15.6
17.7
19.2
21.9

23.9
25.7
27.5
29.7
32.6
35.6
38.5
43.0
47.6

15.9
17.2
18.5
19.9
21.8
23.9
25.8
28.8
31.7

8.0
8.4
9.0
9.8
10.8
11.7
12.7
14.2
15.9

6.7
7.3
7.8
8.3
9.1
9.9
10.5
11.2
12.2

2.6
2.8
3 0
3.3
3.6
3.9
4.0
4.2
4.5

4.1
4.4
4.8
5.0
5.4
6.0
6.5
7.0
7.7

1958—June
Sept
Dec

162.8
167.1
171.9

124.5
127.9
131.5

4.6
4.6
4.8

33.7
34.6
35.6

151.9
156.0
160.7

111.5
114.5
117.7

93.3
95.9
98.5

18.2
18.6
19.2

40.4
41.5
43.0

27.1
27.8
28.8

13.3
13.7
14.2

10.9
11.1
11.2

4.1
4.2
4.2

6.8
6.9
7.0

1959

175.9
181.4
186.6
191.0

134.3
138.4
142.3
145.6

5.3
5.8
6.3
6.7

36.3
37.1
38.0
38.8

164.4
169.5
174.5
178.9

120.5
124.3
128.1
131.3

100.7
103.9
106.9
109.4

19.8
20.5
21.2
21.9

43.9
45.2
46 4
47.6

29.3
30.1
30 9
31.7

14.6
15.0
15.5
15.9

11.5
11.8
12 1
12.2

4.3
4.4
4 4
4.5

7.2
7.4
7 6
7.7

Mar »
June1*
Sept.*
Dec p...

P1 Preliminary.
Derived figures, which include negligible amount of farm loans held
by 2savings and loan associations.
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 (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.

Federal agencies represent HOLC, FNMA, and VA (the bulk of the
amounts held by HOLC, in 1941 and 1945; by FNMA in other periods
shown). Other Federal agencies (amounts small and separate data not
readily available currently) are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home Loan
Bank Board, Institute of Life Insurance, Departments of Agriculture
and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *
[In millions of dollars]
Commerc ial bank holdings 2
End of year
or quarter

Residential
Total
Total

FHAinsured

1941
1945

4,906
4,772

3,292
3,395

1951
1952
1953
1954
1955
1956
1957
1958
1959P

14,732
15,867
16,850
18,573
21,004
22,719
23,337
25,523
28,200

11,270
12,188
12,925
14,152
15,888
17,004
17,147
18,591
20,430

3,421
3,675
3,912
4,106
4,560
4,803
4,823
5,476
6,200

1958—June
Sept
Dec

23,960 17,460
24,700 18,049
25,523 18,591

1959—Mar."
June pv
Sect
Dec.P
c

•26,130
27,060
27,630
28,200

19,020
19,615
20,015
20,430

VAguaranteed

Conventional




Other
nonfarm

Residential
Farm

Total
Total

FHAinsured

VAguaranteed

1,048
856

566
521

4,812
4,208

3,884
3,387

2,921 4,929
3,012 5,501
3,061 5,951
3,350 6,695
3,711 7,617
3,902 8,300
3,589 8,735
3,335 9,780
3,100 11,130

2,458
2,621
2,843
3,263
3,819
4,379
4,823
5,461
6,180

1.004
1,058
,08?
1,159
1,297
1,336
1,367
1,471
1,590

9,916
11,379
12,943
15,007
17,457
C
19,746
21,169
23,263
24,990

8,595
9,883
11,334
13,211
15,568
17,703
19,010
20,935
22,457

2,567
3,168
3,489
3,800
4,150
4,409
4,669
5,501
6,335

1,726
2,237
3,053
4,262
5,773
7,139
7,790
8,361
8,635

4,970
5,205
5,476

3,405
3,355
3,335

9,085
9,489
9,780

5,060
5,190
5,461

[,440 22,165 19,927
,461 22,746 20,460
,471 23,263 20,935

5,047
5,280
5,501

5,660
5,885
6,040
6,200

3,305
3,230
3,165
3,100

10,055
10,500
10,810
11,130

5,605
5,875
6,025
6,180

1,505
1,570
1,590
1,590

5,684
5,915
6,152
6,335

Corrected.
* Preliminary.
1 Represents all banks in the United States and possessions.
Includes loans held by nondeposit trust companies, but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
2

Mutual savings bank holdings 3

423,638
24,110
24,610
24,990

21,257
21,676
22,120
22,457

Conventional

Other
nonfarm

Farm

900
797

28
24

4,303
4,477
4,792
5,149
5,645
6,155
6,551
7,073
7,487

1,274
1,444
1,556
1,740
1,831
1,984
2,102
2,275
2,480

47
53
53
56
58
59
57
53
53

8,160
8,276
8,361

6,720
6,904
7,073

2,181
2,231
2,275

57
55
53

8,435
8,510
8,585
8,635

7,138
7,251
7,383
7,487

2,328
2,380
2,436
2,480

53
54
54
53

estimates based in part on data from National Association of Mutual
Savings
Banks.
4
On Jan. 1, 1959, holdings of commercial banks increased by $143
million, and those of mutual savings banks declined by that amount,
as a result of the absorption of a mutual savings bank by a commercial
bank.
Source.—All-bank series prepared by Federal Deposit Insurance
Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.

410

REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired

Loans outstanding (end of period)

Nonfarm
Year or month

Total
FHAinsured

Total

Nonfarm

VAguaranteed

Farm

Total

Other

1941.
1945.

976

1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.

3,978
4,345
5,344
6,623
6,715
5,230
5,277
5,970

3,606
3,925
4,931
6,108
6,201
4,823
4,839
5,468

864
817
672
971
842
653
1,301
1,549

429
455
1,378
1,839
1,652
831
195
201

2,313
2,653
2,881
3,298
3,707
3,339
3,343
3,718

1959—Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.

420
473
432
433
469
535
470
517
539
507
667

364
410
385
386
428
501
438
488
506
477
619

141
130
120
105
116
124
118
134
146
123
153

9
10
13
18
17
11
9
21
22
24
36

I960—Jan.. ,
Feb..

582
445

530
405

139
117

28

Total

FHAinsured

6,442
6,636

5,529
5,860

815
1,394

372
420
413
515
514
407
438
502

21,251
23,322
25,976
29,445
32,989
35,236
37,062
39,299

19,546
21,436
23,928
27,172
30,508
32,652
34,395
36,475

5,681
6,012
6,116
6,395
6,627
6,751
7,443
8,318

214
270
252
263
295
366
311
333
338
330
430

56
63
47
47
41
34
32
29
33
30
48

37,350
37,486
37,602
37,737
37,894
38,108
38,282
38,493
38,744
38,984
39,299

34,635
34,753
34,851
34,958
35,094
35,335
35,496
35,698
35,936
36,169
36,475

305
260

52
40

39,573
39,769

36.753
36,933

VAguaranteed

Farm
Other

4,714
4,466

913
776

3,347
3,560
4,643
6,074
7,304
7,721
7,433
7,115

10,518
11,864
13,169
14,703
16,577
18,180
19,519
21,042

1,705
1,886
2,048
2,273
2,481
2,584
2,667
2,824

7,623
7,693
7,758
7,813
7,877
7,945
8,005
8,082
8,176
8,257
8,318

7,392
7,347
7,314
7,286
7,258
7,220
7,181
7,153
7,132
7,116
7,115

19,620
19,713
19,779
19,859
19,959
20,170
20,310
20,463
20,628
20,796
21,042

2,715
2,733
2,751
2,779
2,800
2,773
2,786
2,795
2,808
2,815
2,824

8,411
8,484

7,162
7,150

21,180
21,299

2,820
2,836

NOTE.—Certain mortgage loans secured by land on which oil drilling
or extracting operations are in process are classified with farm through
June 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 of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics and Life Insurance News Data.

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS

NONFARM MORTGAGE RECORDINGS OF $20,000 OR

[In millions of dollars]
Loans outstanding (end of period)

Loans made
Year or
month

Total*

New
construction

Home
purchase

Total 2

FHAinsured

1,379
1,913

437
181

581
1,358

4,578
5,376

1953
1954
1955
1956
1957
1958
1959

7,767
8,969
11,432
10,545
10,402
12,346
15,463

2,475
3,076
4,041
3,771
3,562
4,096
5,296

3,488
3,846
5,241
A,121
4,708
5,251
6,766

21,962
26,108
31,408
35,729
40,007
45,627
53,087

1,048
1,170
1,404
1,486
1,643
2,206
2,986

3,979
4,709
5,883
6,643
7,011
7,077
7,187

16,935
20,229
24,121
27,600
31,353
36,344
42,914

1,012
1,257
1,359
1,434
1,555
1,529
1,421
1,374
1,329
1,086
1,094

326
439
480
522
554
520
472
450
465
373
377

429
515
562
601
674
695
662
645
590
486
465

46,456
47,049
47,754
48,508
49,348
50,131
50,858
51,528
52,149
52,608
53,087

2,328
2,388
2,461
2,528
2,605
2,685
2,760
2,818
2,883
2,939
2,986

7,110
7,100
7,111
7,119
7,119
7,125
7,136
7,138
7,159
7,172
7,187

37,018
37,561
38,182
38,861
39,624
40,321
40,962
41,572
42,107
42,497
42,914

Year or
month

Season- Without
seasonal
ally
adjustadjusted ! ment 2

Savings &
loan
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

1941
1945

4,732
5,650

1,490
2,017

404
250

1,165
1,097

218
217

1953
1954
1955
1956
1957
1958
1959

19,747
22,974
28,484
27,088
24,244
27,388
32,235

7,365
8,312
10,452
9,532
9,217
10,516
13,094

1,480
1,768
1,932
1,799
1,472
1,460
1,523

3,680
4,239
5,617
5,458
4,264
5,204
5,832

1.327
1,501
1,858
1,824
1,429
1,640
.780

2,352
2,245
2,586
2,776
2,768
2,974
3,100
2,871
2,834
2,799
2,442
2,487

870
,059
,148
,151
,261
,286
,203
,184
152
963

121
106
116
115
112
120
138
137
136
146
137
138

454
426
492
553
534
543
561
505
481
463
409
410

123
113
112
124
140
168
187
167
173
168
152
152

2,079

777

107

343

115

1959

1959
Jan
Feb...
Mar
Apr
May
June
July
Aug
Seot
Oct

,

Dec

1960
Jan.?

By type of lender
(without seasonal adjustment)

Total

VAConguarvenanteed tional 2

1941
1945

Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

LESS

[In millions of dollars]

885
989

296
345

386 53,410
413 53,809

3,031
3,065

7,191 43,188
7,196 43,548

2,677
2,631
2,683
2,683
2,757
2,780
2,787
2,769
2,650
2,639
2,589
2,485

953

1960
Jan

p

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.




1
Three-month moving average, seasonally adjusted by Federal Reserve.
2 Includes amounts for other lenders, not shown separately.
Source.—Federal Home Loan Bank Board.

411

REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES

[In millions of dollars]

[In billions of dollars]
VA-guaranteed loans

FHA-insured loans
Home
mortgages
Year or month
Total

New
properties

Existing
properties

Projecttype
mort-1
gages

Property
improve- TotaP
ment2
loans

Home
mortgages
New
properties

End of
year or
quarter

Existing
properties

Governmentunderwritten

Total
1945

665

257

217

20

171

192

1951
1952
1953
1954
1955
1956
1957
1958
1959

3,220
3,113
3 882
3 066
3
3,461
3,715
6,349
7,694

1,216
969
1,259
1,035
1,269
1,133
880
1,666
2,563

713
974
1,030
907
1,816
1,505
1,371
2,885
3,507

582
322
259
232
76
130
595
929
628

708
848
,334
891
646
692
869
868
997

3,614
2,719
3,064

1959—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

598
643
639
652
680
694
660
656
649
583
540

196
211
196
186
208
214
215
226
237
223
233

311
319
294
291
312
310
288
284
286
225
218

37
33

71
67
52
35
50
11

I960—Jan
Feb

514
464

221
198

196
170

19
28

4,257
7,156
5,868
3,761
865
2,787

2,667
1,823
2,044
2,686
4,582
3,910
2,890
1,311
2,051

942
890
1,014
1,566
2,564
1,948
863
549
730

54
81
69
88
92
99
89
94
90
85
78

238
260
231
211
221
227
202
221
238
220
241

174
201
179
161
165
168
150
157
167
158
177

64
59
52
50
56
59
52
63
70
61
64

78

195
170

148
133

47
36

1
2

Monthly figures do not reflect mortgage amendments included in annual totals.
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 repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.

FEDERAL NATIONAL MORTGAGE ASSOCIATION

ACTIVITY»

End of year
or month
Total

1,850
2,242
2,462
2,434
2,615
3,047
3,974
3,901
5,531

1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
19S9- - F e b
Mar
Apr
M^ay
July
Sept
Oct
Tier.

1960—Tan
Feb
1

FHAinsured

VAguaranteed

204
320
621
802
901
978
1,237
1,483
2,546

1,646
1,922
1,841
1,632
1,714
2,069
2,137

2,418
2,985

4,188
4,340
4,508
4,641
4,793
4,948
5,085
5,216
5,335
5,441
5,531

1,664
1,740
1,831
1,900
2,000
2,104
2,198
2,288
2,383
2,471
2,546

2,523
2,600
2,677
2,740
2,794
2,844
2,887
2,928
2.953
2,970
2,985

5,508
5,577

2,621
2,713

2,887
2,864

4 3

4 1

2

14 3

1951
1952
1953
1954
1955
1956
1957
19*i8
1959P

51.7
58 5
66 1
75 7
88 2
99 0
107.6
117 7
131 3

22.9
25 4
28 1
32 1
38.9
43 9
47.2
50 1
53 8

9.7

10 8
12 0
12 8
14.3
15 5
16.5
19 7
23 8

13 2
14 6
16 1
19 3
24.6
28 4
30 7
30 4
30 0

28.8
33 1
38 0
43.6
49.3
55 1
60.4
67 6
77 5

1958—June
Sept
Dec

111.5
114.5
117.7

48.3
49.1
50.1

17.7
18.6
19.7

30.6
30.5
30.4

63.2
65.4
67.6

1959—Mar.*....
June*>....
Sept.P
Dec.P....

120.5
124.3
128.1
131.3

51.3
52.1
53.1
53.8

20.9
21.8
22.9
23.8

30.4
30.3
30.2
30.0

69.2
72.2
75.0
77.5

* Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.

FEDERAL HOME LOAN BANKS
[In millions of dollars]

Mortgage
transactions
(during
period)
Purchases

Sales

Commitments
undisbursed

677
538
542

111
56
221

614
411
609
1,096
623
1,907

525
62

239
323
638

176
175
193
154
177
178
165
155
143

5

482
5
1
1
1
1

476
76
360
764
1,541
568
1,291
1 182
1 063
982
875

573

129

568

144

115
49

600
601

Ad- Repayvances ments

Advances outstanding
(end of period)
Total

Shortterm 1

Long-2
term

Members*
demand
and time
deposits

1945

278

213

195

176

19

46

1952
1953
1954
1955
1956
1957
1958
1959

586
728
734

528
640
818
702
934

864
952
867
417

565
634
612
991
798
731
685

299
317
255
426
430
534
613
942

420
558
802
698
683
653
819
589

531
570
596
750
807
892

556
612
650
786
750
773
753
835
854
942

736
695
692
776
613
587
570
524
506
589

697
665
662

499
488
533

1,251

1,116
1 364
2,067

1,079
1 331
1,231

I 228
1,265
1,298
>,134

May
June
July
Aug
Sept
Oct
Nov
Dec

83
157
116
351
235
171
200
199
129
281

96
62
53
60
214
63
70
78
82
109

,087
1,183
,246
,537
,557
.665
,795
1,916
1,963
2,134

Jan
Feb
Mar

136
58
88

531
169
196

1,740
1.628
1,520

745

1959—Mar

672
611

127

126

Year or month

788
714

Operations beginning with Nov. 1, 1954, are on the basis of FNMA's
new charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.




FHA- VAinguarsured anteed

18 6

1945

[In millions of dollars]
Mortgage holdings

Conventional

Total

I960

1,192

1,042
1,080
1,109
1,192
1 042
963
858

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.

412

CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Noninstalment credit

Instalment credit
Total

End of year or month

Total

Automobile
paperi

Other
consumer
goods
paper i

Repair
and modernization
loans 2

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

1939
1941
1945

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458
455

1,620
1,929
816

298
376
182

1,088
1,322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
84S

1953
1954
1955
1956
1957
1958
19593

31,393
32,464
38,882
42,511
45,286
45,586
52,046

23,005
23,568
28,958
31,897
34,183
34,080
39,482

9,835
9,809
13,472
14,459
15,409
14,237
16,590

6,779
6,751
7,634
8,580
8,782
8,923
10,243

1,610
1,616
1,689
1,895
2,089
2,350
2,704

4,781
5,392
6,163
6,963
7,903
8,570
9,945

8,388
8,896
9,924
10,614
11,103
11,506
12,564

2,187
2,408
3,002
3,253

4,274
4,485
4,795
4,995
5,146
5,060
5,351

1,927
2,003
2,127
2,366
2,593
2,800
3,037

1959—Feb
Mar
Apr
May
June
July
Aug. 3
Sept
Oct
Nov
Dec

44,748
44,925
45,708
46,603
47,522
48,047
48,841
49,350
49,872
50,379
52,046

34,025
34,234
34,762
35,357
36,135
36,757
37,510
37,962
38,421
38,723
39,482

14,339
14,494
14,810
15,128
15,566
15,923
16,288
16,470
16,659
16,669
16,590

8,727
8,691
8,755
8,887
9,040
9,134
9,289
9,390
9,534
9,687
10,243

2,324
2,338
2,364
2,419
2,467
2,517
2,569
2,613
2,653
2,683
2,704

8,635

8,711
8,833
8,923
9,062
9,183
9,364
9,489
9,575
9,684
9,945

10,723
10,691
10,946
11,246
11,387
11,290
11,331
11,388
11,451
11,656
12,564

3,991
3,954
4,034
4,084
4,050
4,117
4,176

4,098
4,004
4,160
4,359
4,446
4,407
4,365
4,390
4,525
4,614
5,351

2,928
2,932
2,974
2,962
2,950
2,929
2,932
2,914
2,876
2,925
3,037

I960 Jan
Feb

51,356
51,021

39,358
39,408

16,568
16,677

10,129
9,997

2,691
2,695

9,970
10,039

11,998
11,613

4,092
4,151

4,816
4,305

3,090
3,157

1
Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in part for business,
2 Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
3 Includes data for Alaska and Hawaii beginning with January and
August 1959, respectively.

3,364
3,646
4,176
3,697
3,755
3,812
3,925

NOTE.—Monthly figures for the period December 1939 through 1946,
and a general description of the series, are shown on pp. 336-54 of the
BULLETIN for April 1953; monthly figures for 1947-58, in the BULLETIN
for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957,
pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17.
A detailed description of the methods used to derive the estimates may
be obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit

Total

1939
1941
1945

4,503
6 085
2,462

1953
1954
1955
14)56
1957
1958
I9594

1959_Feb
Mar

End of year
or month

Commercial
banks

Sales
finance
companies

3,065
4 480
1,776

1,079
1 726

1,197
1,797

745

300

23,005
23,568
28,958
31,897
34,183
34,080
39,482

18,963
19,450
24,450
27,154
29,515
29,097
33,838

8,998
8,796
10,601
11,777
12,843
12,780
14,922

5,927
6,144
8,443
9,100
9,573
8,740
10,145

July 4
Aug.
Sept
Oct
Nov
Dec

34,025
34,234
34,762
35,357
36,135
36,757
37,510
37,962
38,421
38,723
39,482

29,238
29,499
30,010
30,540
31,245
31,861
32,540
32,954
33,318
33,519
33,838

12,938
13,086
13,374
13,645
13,963
14,230
14,497
14,664
14,817
14,853
14.922

8,724
8,780
8,921
9,089
9,350

9,592
9,806
9,949
10,071
10,117
10,145

2,766
2,815
2,895
2,946
3,044
3,093
3,143
3,183
3,232

Jan
Feb

39,358
39,408

34,003
34,246

15,066
15,134

10,168
10,276

3,225
3,259

Apr
May

I960

Credit
unions

Consumer
finance
companies 1

1,124
1,342
1,678
2,014
2,429
2,668

3,232
2,671
2,710

Other 1

Total

Department
stores 2

Furniture
stores

Household
Automobile
applidealers 3
ance
stores

Other

657
759
629

1,438
1 605
686

131

439
496
240

183
206
17

123
188
28

270

in
911
1,072
1,207
1,337
1,525
1,775

4,042
4,118
4,508
4,743
4,668
4,983
5,644

1,064
1,242
1.511
1,408
1,393
1,882
2,298

1,004
984
1,044
1,187
1,210
1,128
1,167

377
377
365
377
361
292
295

527
463
487
502
478
506
588

1,070
1,052
1,101
1,269
1,226
1,175
1,296

3,377
3,378
3,387
3,394
3,424
3,463
3,515
3,542
3,570
3,622

4,787
4,735
4,752
4,817
4,890
4,896
4,970
5,008
5,103
5,204
5,644

1,807
1,781
1,781
1,807
1,839
1,826
1,868
1,907
1.967
2,045
2,298

1,079
,045
1,043
1,044
1,052
1,055
1,072
1,078
1,089
1,107
1,167

283
282
282
283
283
284
288
288
286
290
295

509
513
524
535
551
565
578
586
593
592
588

1,109
1,114
1,122
1,148
1,165
1,166

3,764

1,528
1,545
1,562
1,597
1,613
1,630
1,678
1,706
1,717
1,744
1,775

3,777
3,795

1,767
1,782

5,355
5,162

2,109
2,002

1,132
I 111

289
285

587
590

1,238
[ 174

132
198
102

1
Consumer finance companies included with "other" financial institutions until September 1950.
2 Includes mail-order houses.




Retail outlets

2,137
2,257
2,656
3,056
3,333
3,384
3,764

354
320

339
395

[,164
1,149
1,168
1,170
1,296

3 Represents automobile paper only; other instalment credit held by
automobile
dealers is included with "other" retail outlets.
4
See note 3 to table above.

413

CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT

INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

Automobile
paper

Repair
and
modernization
loans

Personal
loans

Purchased

Direct

Other
consumer
goods
paper

1,079
1,726
745

237
447
66

178
338
143

166
309
114

135
161
110

363
All
312

1953
1954
1955
1956
1957
1958
I9591

8,998
8,796
10,601
11,777
12,843
12,780
14,922

2,215
2,269
3,243
3,651
4,130
4,014
4,798

1,867
1,668
2,062
2,075
2,225
2,170
2,511

2,078
1,880
2,042
2,464
2,557
2,269
2,553

1.317
,303
,338
1,469
1,580
,715
1,941

1,521
1,676
1,916
2,118
2,351
2,612
3,119

1959—Feb
Mar
Apr
May
June
July

12,938
13 086
13,374
13,645
13 963
14,230
14,497
14,664
14,817
14 853
14,922

4,075
4,133
4,241
4,340
4,475
4,580
4,682
4,746
4,816
4,825
4,798

2,218
2,262
2,324
2,376
2,425
2,465
2,495
2,500
2,517
2,519
2,511

2,290
2,288
2,310
2,347
2,383
2,424
2,472
2,494
2,512
2,513
2,553

1,695
1,700
1,720
1,754
1,788
1,825
1,855
1,882
1,912
I 928
[.941

2,660
2,703
2,779
2,828
2,892
2,936
2,993
3,042
3,060
3,068
3,119

15,066
15,134

4,793
4,822

2,522
2,549

2,689
2,684

1,932
1,928

3,130
3,151

End of year
or month

1939
1941
1945

AUK

1

Sent
Oct
Nov
Dec
I960

..

Jan
Feb

Total
instalment
credit

Other
consumer
goods
paper

Repair
and
modernization
loans

Total
instalment
credit

Automobile
paper

1939
1941
1945

1,197
1,797
300

878
1,363
164

115
167
24

148
201
58

56
66
54

1953
1954
1955
1956
1957
1958
19591

5,927
6,144
8,443
9,100
9,573
8,740
10,145

4,688
4,870
6,919
7,283
7,470
6,404
7,328

816
841
,034
,227
,413
,567
,883

46
31
25
23
20
19
35

377
402
465
567
670
750
899

1959—Feb..
Mar.
Apr.
May.
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

8,724
8,780
8,921
9,089
9,350
9,592
9,806
9,949
10,071
10,117
10,145

6,394
6,429
6,543
6,679
6,884
7,063
7,240
7,328
7,406
7,388
7,328

,548
,561
,582
,605
,647
,695
,723
,761
,788
,830
,883

19
21
20
22
23
25
26
30
33
34
35

763
769
776
783
796
809
817
830
844
865
899

1960—Jan..
Feb..

10,168
10,276

7,305
7,342

1,922
1,982

36
37

905
915

End of year
or month

1

Personal
loans

Includes data for Hawaii, beginning with August 1959.

l Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT

NONINSTALMENT CREDIT
[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

End of year
or month

1939
1941
1945

Total
instalment
credit

Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

789
957
731

81
122
54

24
36
20

15
14
14

669
785
643

1953
1954
1955
1956
1957
1958
I9591

4,038
4,510
5,406
6,277
7,099
7,577
8,771

538
539
761
948
,106
,143
,365

370
375
537
648
622
610
751

247
282
326
403
489
616
728

2,883
3,314
3,782
4,278
4,882
5,208
5,927

1959_Feb
Mar
Apr
May
June
July
Aug i
Sept
Oct
Nov
Dec

7,576
7,633
7 715
7,806
7 932
8,039
8 237
8,341
8,430
8,549
8,771

,143
,157
178
,198
231
,250
,293
,310
.327
1,345
1,365

611
620
635
653
671
684
702
713
724
732
751

610
617
624
643
656
667
688
701
708
721
728

5,212
5,239
5 278
5,312
5,374
5,438
5,554
5,617
5,671
5,751
5,927

I960

8,769
8,836

1,361
1,374

750
759

723
730

5,935
5,973

Jan
Feb

1
Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
NOTE.—Institutions represented are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.




End of year
or month

1939
1941
1945

Total
noninstalment
credit

Singlepayment
loans

Charge accounts

Other
Com- finanDeOther
merpartcial
retail Credit2
cial
ment
instioutlets cards
banks tutions stores !

Service
credit

2,719
3,087
3,203

625
693
674

162
152
72

236
275
290

1,178
1,370
1,322

1953
1954
1955
1956
1957
1958
19593

8,388
8,896
9,924
10,614
11,103
11,506
12,564

1,899
2,096
2,635
2,843
2,937
3,156
3,542

288
312
367
410
427
490
634

772
793
862
893
876
907
960

3,352
3,515
3,717
3,842
3,953
3,808
3,985

150
177
216
260
317
345
406

1,927
2,003
2,127
2,366
2,593
2,800
3,037

1959—Feb
Mar
Apr
May... .
June....
July
Aug3...
Sept
Oct
Nov
Dec

10,723
10,691
10,946
11,246
11,387
11,290
11,331
11,388
11,451
11,656
12,564

3,182
3,208
3,291
3,337
3,417
3,407
3,431
3,455
3,466
3,472
3,542

515
547
521
588
574
547
603
629
584
645
634

637
608
601
609
599
558
562
606
647
717
960

3,112
3,047
3,208
3,405
3,494
3,467
3,408
3,383
3,491
3,506
3,985

349
349
351
345
353
382
395
401
387
391
406

2,928
2,932
2,974
2,962
2,950
2,929
2,932
2,914
2,876
2,925
3,037

1960—Jan
Feb

11,998
11,613

3,499
3,496

593
655

825 3,577
686 3,204

414
415

3,090
3,157

1

518
597
845

Includes mail-order houses.
Service station and miscellaneous credit-card accounts and homeheating-oil accounts.
3
Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
2

414

CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Automobile paper

Total

Other consumer
goods paper

Repair and
modernization loans

Personal loans

Year or month
Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Extensions
31,558
31,051
39,039
40,175
42,545
40,818
48,476

1953
1954
1955
1956
1957
1958
19591

12,981
11,807
16,745
15,563
16,545
14,316
18,001

9,227
9,117
10,634
11,702
11,747
11,638
13,512

8,006
8,866
10,272
11,342
12,593
12,974
14,876

,344
,261
388
,568
,660
,890
2,087

1959—Feb..
Mar..
Apr..,
May..
June.
July..1
Aug .
Sept.,
Oct.. .
Nov..
Dec.

3,857
3,809
3,989
4,112
4,032
4,159
4,132
4,172
4,219
4,083
4,046

3,290
3,830
4,073
4,092
4,454
4,315
4,193
4,061
4,185
3,928
4,686

1,468
1,435
1,527
1,533
1,509
1,557
1,538
1,521
1,622
1,466
1,377

,266
,491
,598
,580
,780
,720
,627
,515
,564
,313
,293

1,066
1,075
1,146
1,160
1,130
1,154
1,138
1,138
1,124
1,133
1,146

860
995
1,090
1,128
1,173
1,109
1,123
1,123
1,198
1,172
1,616

158
168
176
190
178
183
185
175
174
171
173

126
157
173
198
195
197
199
191
190
175
166

1,165
1,131
1,140
1,229
1,215
1,265
1,271
1,338
1,299
1,313
1,350

1,038
1,187
1,212
1,186
\3O6
,289
,244
,232
,233
,268
,611

1960—Jan..
Feb.,

4,217
4,115

3,534
3,723

1,535
1,560

,278
,427

1,208
1,094

976
934

165
175

124
146

1,309
1,286

,156
,216

Repayments
27,956
30,488
33,649
37,236
40,259
40,921
43,239

1953..
1954..
1955..
1956..
1957..
1958..
19591.
1959—Feb..
Mar..
Apr..
May..
June.
July..1
Aug.
Sept..
Oct.. ,
Nov..
Dec.

3,510
3,455
3,540
3,628
3,542
3,636
3,635
3,660
3,697
3,700
3,776

I960—Jan..
Feb.

3,824
3,707

8,622
9,145
9,751
10,756
11,545
11,497
12,225

10,879
11,833
13,082
14,576
15,595
15,488
15,715

3,294
3,621
3,545
3,497
3,676
3,693

1,119
1,255
1,315
1,362
1,466
1,629
1,738

7,336
8,255
9,501
10,542
11,653
12,307
13,561

578
609
3,726
626
927

,290
,276
,296
,318
,289
,334
,325
,315
,341
,311
,361

1,198
1,336
1,282
1,262
1,342
1,363
1,318
1,333
1,375
1,303
1,372

991
984
1,013
1,014
992
1,011
1,012
1,045
1,048
1,069
1,066

966
,031
,026
996
,020
,015
993
,022
,054
,019
,060

139
138
149
149
145
146
152
147
147
142
144

132
143
147
143
147
147
151
147
150
145
145

1,090
1,057
',082
,147
,116
,145
,146
,153
,161
,178
,205

998
1,111
1,090
1,096
1,167
1,168
1,116
1,107
1,147
1,159
1,350

3,658
3,673

,386
,338

1,300
1,318

1,089
1,046

,090
,066

141
143

137
142

,208
,180

1,131
1,147

Change in outstanding credit 2
+ 3,602
+563
+5,390
+2,939
+2,286
-103
+5,402

1953
1954
1955
1956
1957
1958
19591

+2,102
-26
+3,663
+987
+950
-1,172
+2,353

+605
-28
+ 883
+946
+202
+ 141
+ 1,320

+225
+6
+73
+206
+ 194
+261
+354

1959—Feb...
Mar...
Apr...
May. .
June..
July...
Aug. l .
Sept...
Oct.. .
Nov...
Dec...

+ 347
+354
+449
+484
+490
+523
+635
+512
+ 522
+383
+270

-4
+209
+ 528
+595
+778
+622
+753
+452
+459
+302
+759

+ 178
+ 159
+231
+215
+220
+223
+269
+206
+281
+ 155
+ 16

+68
+ 155
+316
+318
+438
+357
+365
+ 182
+189
+ 10
-79

+75
+91
+ 133
+ 146
+ 138
+ 143
+ 151
+93
+76
+64
+80

-106
-36
+64
+ 132
+ 153
+94
+ 155
+ 101
+ 144
+ 153
+556

+ 19
+ 30
+27
+41
+ 33
+ 37
+ 37
+28
+27
+29
+29

-6
+ 14
+26
+55
+48
+50
+52
+44
+40
+30
+21

1960—Jan..
Feb.,

+ 393
+408

-124
+50

+ 149
+222

-22
+ 109

+ 119
+48

-114

+24
+32

-13

1 Extensions and repayments include current data for Alaska and
Hawaii beginning with January and August 1959, respectively. The
differences between extensions and repayments do not equal the changes
in outstanding credit for these two months or for the year 1959 because
the differences do not reflect the effect of the introduction of outstanding
balances
for these two States.
2
Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of
the BULLETIN for October




1956; for 1955-58, in

the

BULLETIN for

-132

+4

+670
+611
+771
+ 800
+940
+667
+ 1,375

+75
+74
+58
+82
+99

+ 120
+ 178
+ 185
+ 138
+ 135
+ 145

+40
+76
+ 122
+90
+ 139
+ 121
+ 181
+ 125
+86
+ 109
+261

+ 101
+ 106

+25
+69

December 1957, pp. 1420-22, and November 1959, p. 1418.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other
transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.

415

CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total

Sales finance
companies

Commercial banks

Other financial
institutions

Retail outlets

Year or month
Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Extensions
1953
1954....
1955....
19561...
19571...
19581...
195912..

12,099
11,267
14,109
14,463
15,355
14,860
17,522

31,558
31,051
39,039
40,175
42,545
40,818
48,476

7,560
7,260
10,200
9,600
10,200
8,907
11,007

5,524
5,541
6,281
6,638
6,495
6,563
7,912

6,375
6,983
8,449
9,474
10,495
10,488
12,035

1959_Feb. i.
Mar...
Apr.. .
May..
June..
July.2 .
Aug. .
Sept...
Oct.. .
Nov...
Dec...

3,857
3,809
3,989
4,112
4,032
4,159
4,132
4,172
4,219
4,083
4,046

3,290
3,830
4,073
4,092
4,454
4,315
4,193
4,061
4,185
3,928
4,686

1,394
1,374
1,447
1,496
1,428
1,535
1,521
1,510
1,521
1,440
1,424

1,225
,430
,559
,518
,623
,612
,530
,473
,482
,322
,425

869
888
945
944
918
948
917
941
992
900
860

723
883
933
940
1,074
1,061
988
950
973
843

936
912
929
1,012
1,002
1,018
1,031
',069
,053
,068
,096

834
950
955
981
1,069
1,041
1,021
996
1,014
1,052
1,314

658
635
668
660
684
658
663
652
653
675
666

508
567
626
653
688
601
654
642
716
711
1,061

1960—Jan. i
Feb. i

4,217
4,115

3,534
3,723

1,519
1,495

,346
,393

985
973

802
860

,063
,058

912
996

650
589

474
474

Repayments
10,625
11,469
12,304
13,362
14,360
14,647
15,406

27,956
30,488
33,649
37,236
40,259
40,921
43,239

1953
1954
1955
19561
19571
19581 2
19591

6,344
7,043
7,901
8,943
9,727
9,774
9,623

5,304
5,465
5,891
6,328
6,499
6,490
7,293

5,683
6,511
7,553
8,603
9,673
10,010
10,917

1959_Feb. i.
Mar..
Apr...
May..
June..
July ..
Aug. 2.
Sept...
Oct.. .
Nov...
Dec...

3,510
3,455
540
628
542
636
635
660
697
700
776

3,294
3,621
3,545
497
676
693
578
609
726
3,626
3,927

1,256
1,236
1,257
1,287
1,250
1,311
1,310
1,312
1,326
1,312
1,331

1,171
1,282
1,271
1,247
1,305
1,345
1,299
1,306
1,329
1,286
1,356

793
781
808
819
787
807
793
804
816
794
832

732
827
792
772
813
819
795
807
851
797
858

863
852
876
924
905
923
920
930
935
943
970

795
893
873
890
943
934
892
892
925
933
1,092

598
586
599
598
600
595
612
614
620
651
643

596
619
609
588
615
595
592
604
621
610
621

I960—Jan. i.
Feb.i.

3,824
3,707

3,658
3,673

1,389
1,340

1,323
1,325

844

779
792

970
953

914
929

621
606

642
627

Change in outstanding credit 3
+3,602
+563
+5,390
+2,939
+2,286
-103
+ 5,402

1953
1954
1955
19561
19571
19581
195912

+ 1,474
-202
+ 1,805
+ 1,176
+ 1,066
-63
+2,142

+ 1,216
+217
+2,299
+657
+473
-833
+ 1,405

1959- -Feb.i.
Mar...
Apr...
May..
June..
July..
Aug. 2.
Sept...
Oct.. .
Nov...
Dec...

+347
+354
+449
+484
+490
+ 523
+635
+512
+522
+ 383
+270

-4
+209
+528
+595
+778
+622
+753
+452
+459
+ 302
+759

+ 114
+ 138
+ 190
+209
+ 178
+224
+247
+ 198
+ 195
+ 128
+93

+ 30
+ 148
+288
+271
+ 318
+267
+267
+ 167
+ 153
+ 36
+69

+76
+ 107
+ 137
+ 125
+ 131

I960—Jan. i .
Feb.i.

+393
+408

-124
+50

+251
+ 155

+ 144
+68

+ 141

1
Data on extensions and repayments have been adjusted to avoid
duplications resulting from large transfers of other consumer goods paper.
As a result, the differences between extensions and repayments for some
types
of holders do not equal the changes in outstanding credit.
2
Extensions and repayments include current data for Alaska and
Hawaii beginning with January and August 1959, respectively. The
differences between extensions and repayments do not equal the changes
in outstanding credit for these two months or for the year 1959 because
the differences do not reflect the effect of the introduction of outstanding
balances for these two States.
3 Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in notes 1 and 2.




+ 141

+ 145
+ 137
+ 176
+ 106
+28
+205

-9
+ 56

+ 141
+ 168
+261
+242
+214
+ 143
+ 122
+46
+28
+23
+ 108

+220
+76
+ 390
+235
-75
+ 315
+ 661

+692
+472
+ 896
+ 871
+ 822
+478
+ 1,194

+ 125
+ 126

+91
+ 126
+ 107
+ 198
+ 104
+ 89
+ 119
+222

+84
+49
+69
+62
+ 84
+63
+63
+ 38
+33
+24
+23

+65
+73
+6
+74
+38
+95
+ 101
+440

+93
+ 105

-2
+67

-92
-57

-289
-193

+73
+60
+53
+88
+97
+95
+ 180
+ 139

+ 118

+ 39
+57
+ 82

-64
-52

+ 17

NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of
the BULLETIN for October

1956; for

1955-58, in the BULLETINS for

December 1957, pp. 1421-22, and November 1959, p.1419.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.

416

INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 - 1 0 0
[Seasonally adjusted]

Grouping

Annual
average

1959

1958 1959* Feb.

Mar. Apr. May June July

1960
Aug. Sept. Oct. Nov. Dec. Jan. Feb.

INDUSTRY GROUPINGS
141

159

155

157

162

166

166

163

157

156

155

156

165

168

166

139
141
141
120
244

158
165
155
125
268

153
160
150
126
259

156
165
151
126
261

161
171
155
129
262

165
111
156
131
266

166
179
156
129
271

163 156
171 159
159 159
123 120
271 269

156
157
159
119
273

154 154
155 '155
157 157
120
126
r
274 '273

164
174
158
130
r
278

168
181
159
128
280

166
178
157
125
281

Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal p r o d u c t s . . . .
Structural metal parts

110
99
94
125
138

125
114
108
142
149

132
130
129
136
146

139
139
140
138
148

144
145
146
142
154

153
155
155
149
159

151
150
148
152
163

122
103
89
151
162

r
94
'60
'39
145
150

92
'58
'38
144
149

87
'56
'38
135
138

113 145 r148
101 145 '147
95 '148 149
130 143 '149
136 149 156

143
139
141
149
155

Machinery and related products. ..
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment..
Instruments and related products.
Ordnance and accessories

166
140
117
175
197
112
376
175

197
169
141
212
228
146
389
209

186
154
128
197
224
142
389
192

190
157
132
198
231
151
389
195

196
163
138
204
238
158
395
197

203
170
143
213
244
163
401
204

206
175
148
217
244
165
397
212

209 r204 r202 '201
177 173 -175 174
149 146 148 147
223 r218 '219 '217
247 237 230 229
167 155 151 152
400 400 386 378
215 215 218 220

186
'170
145
'210
184
92
378
220

200 212
111 180
147 148
227 r232
217 251
137 187
375 365
223 220

211
178
148
227
250
185
364
218

Clay', glass, and lumber
Clay, glass, and stone products.
Lumber and products

124
137
110

143
159
124

138
152
123

144
160
127

147
162
131

147
167
123

151
170
129

147
165
125

144
162
124

143
161
123

142
159
123

144 143
160 159
127 126

143
159
127

Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures

126
137
116

147
164
133

140
157
127

144
161
131

148
166
134

150
167
135

153
171
138

150
167
136

149
165
136

150
166
136

150
168
135

152
172
136

153
173
136

151
170
136

Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products

117
109
129
109

136
126
152
119

129
121
143
115

131
123
145
114

137
127
152
120

139
129
155
127

140
132
156
121

142
135
156
124

139
130
154
120

137
127
154
117

136
123
156
117

137
124
159
116

139 138
124 124
160 157
118 119

135
124
155

Paper and printing
Paper and products
Printing and publishing.
Newspapers

142
155
133
126

154
170
143
135

150
167
138
131

149
164
139
131

153
173
141
136

154
172
142
135

153
169
142
132

156
175
145
139

157
174
146
140

158
175
148
138

157
175
146
137

155 755 159
167 '173 176
147 148 148
137 140 139

158
173
148
137

Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

188
210
247
148
166

215
240
298
158
199

205
227
275
154
197

209
230
282
163
196

210
238
290
157
182

212
241
296
158
183

219
244
306
162
205

223
245
310
163
223

221
246
310
161
210

223
250
315
159
209

218
245
307
159
201

218
246
309
158
198

219 '220 217
248 -250 246
313 313
153 153 "\52
203 205

Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products

123
123
125
112
121

128
128
131
118
127

126
127
129
114
128

125
126
129
112
122

130
130
132
121
135

130
131
133
120
126

127
128
131
112
117

127
127
129
114
134

130
131
131
126
130

130
130
131
125
126

128
128
129
119
130

129
129
132
116
127

129 131
130 131
133 134
114 120
131 129

130
130
132

Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids..
Oil and gas drilling

117
68
140
138
129
196
152

122
67
147
145
135
209
159

121
72
144
142
133
202
153

120
67
145
143
134
205
151

123
69
148
147
138
207
152

125
73
150
148
139
209
155

124
68
150
147
139
213
161

120
58
148
146
135
217
162

119
59
146
143
133
214
163

120
61
146
144
134
212
161

121
63
147
145
135
215
159

124
71
149
146
136
215
164

•127

124
75
147
144
133

120
69
143
142
132

i64*

*146*

Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals

142
114
171

146
106
188

157
139
175

159
139
179

163
136
190

164
140
189

160
130
190

145
100
192

128
66
193

118
53
189

120
57
188

142
94
192

152 153
111 '119
196 188

244
244

271
262

258
264

261
265

262
265

267
266

273
266

275
261

274
'259

279
259

279
263

274
"272

278
283

145
140
165
138

162
155
188
156

155
150
176
154

157
151
179
158

161
156
184
163

164
157
190
167

164
157
193
167

166
159
196
160

165
159
190
147

168 170
161 165
193 192
151 '150

161
154
189
154

166 170
159 164
194 196
165 167

Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable Manufactures

Nondurable Manufactures

Mining
78
149
146
135
219
170

155
129
182

Utilities
Electric.
Gas

'279

SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
P Preliminary.




' Revised.

168
161
196
165

417

INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 -100
[Without seasonal adjustment]
Annual
average

1959

1960

Grouping
1958 1959* Feb. Mar. Apr. May June July

Aug. Sept. Oct. Nov. Dec. Jan. Feb.

INDUSTRY GROUPINGS
Total index

141

159

157

160

163

165

167

154 '156

159

160

157

162

168

169

755

755
157
163
120

164

756
158
159

128

753 754
161 '152
149 162
119 120

759
159

125

764
177
155
132

767

152

763
173
155

125
268

755
163
151
126

759
169

Nondurable

739
141
141
120
244

122

126

161
174
151
129

167
181
156
127

168
181
158
125

110
99

725
114

736
137

754
156
154
151
162

77
145
156

'90
'57

146
148

'38
151

'40

774 742 149
102 '141 '150
145 '152
96
133
143 '147
140 154 '156

747
147

142
149

752
155
154
146
157

56

134
134
145

745
151
151
142
153

r94

108

744
148
147
137
148

777
88

94
125

797
159
132
202
233
151
398
194

796
162
137
202
240
160

799
165

164
142
198

204

276

217

173
143
222

178
148
226

181
151

183
153
232

197

205
174
149
214
243
164
395
211

189

244
163
400
200

202
169
146
206
244
164
395
203

797

376
175

797
169
141
212
228
146
389
209

225

220

372
220

724
137
110

743
159
124

726
138
113

734
149
116

743
159
125

750
165
135

726

735

116

747
164
133

123

740
157
125

740
157
126

Textile apparel and leather products
Textile mill products
Anoarel oroducts
Leather and products

117
109
129
109

736
126
152
119

739
125
157
128

736
125
152
124

Paver and vrintins
Paper and products

142
155

754
170
143
135

750
171
136
127

275
240
298
158
199

270
231
284
155
208

725
128
131
118
127

Utilities

165
155

180
156
131

Durable Manufactures
Primarv and fabricated metals

138

Structural metal parts

166

Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment
Instruments and related products

140
117
175

197
112
.

..

Clay glass and lumber
Clay glass and stone products
Lumber and oroducts
Furniture and fixtures

137

155

142
201

'55
'37

150

139
141

759

795

168
139
213

178
145
233

205
179

238 '203
158 113

210
125

393

391

382

209 '212

754
171
136

747
168
123

743
159
129

747
164
133

742
132
160
121

740
130
157
119

753
169
142
136

757
178
144
145

274
236
289

398

145
234
231
155

192
103

'229
230 '263
154 199
377 '373

147
147

154

260
196

218

376
221

222

756
171
139

753
169
136

752
168
135

742
160
122

735 '737
155 149
111 '111

736
151
119

745
164
128

753
170
139

757
171
144

755

155

154
137

149
'170
131

150

171

175

142

737
128
152
118

723
118
134
110

743
132
161
126

736
127
152
119

742 '735
131 '127
162 159
118
113

'725
117
140
108

140
127
160
121

745
127

755
173
144
144

753
172
141
133

745
158

755
176

137

141

755
177

125

765
186
152
148

759 752 '755
170 '156 172

121

760
176
150
139

273
244
296

272
243
298

277
243
302

207
231
292

275
242

224
251
312

174
145

376

170

134

Nondurable Manufactures

.

133

Newspapers

126

.

Chemical petroleum and rubber products .
Chemicals and products

188
210
247

Petroleum products
Rubber and plastics products

166

162

152

155

162

161

165

206

187

179

199

187

203

212

779
118
122
100
130

775

723

726

730

729

747

742

118
120
110

123
123
123

125
125
129

130
129
137

130
130
130

141
143
134

143
147
126

722
67
147
145
135
209
159

725
73
149
149
138
220
152

723

723

68
148

148
138
214
146

67
149

149
139
207
148

147
139
202
155

145
136
200
160

746
106
188

737
114
159

747
114
168

757
129
186

177
161
193

271
262

269

265

257

145
140

162

158
153

188
156

180
156

159
153
183
160

161

155

165
138

148

723

Foods beverages and tobacco
Foods and beverages.
Food manufactures
Beverages
.
Tobacco oroducts

123
125
112

121

122

130

163

127

122

724

723

773

775

779

71
149

71
147

46
143

62
143

64
144

130

139

131

170

152

149

144

149

138

128

133

222
249
310
158
211

275
246
310

276 r222
244 '249
313 313

222
251

156

157

194

215

212

739
138
143
120
139

131

123
124
130
101

723
'123

1*>2

131
137
106

127

106

124

128

127

74
147

76
152

145 '150
134 138
221 '230
162 166

74
151

149
137
163

145

737
'94
171

136
106
166

203

153

128
98

146

154

121
125

129

Mining
117

Coal oil and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling

68
140

..
.

Metal stone and earth minerals
Metal minins
Stone and earth minerals

.

138
129
196
152
142
114
171

139
130
199
164

139
130
202
168

141
132
203
166

727
68
145
143
133
209
161

750
161
198

756
115
200

739
76
205

729
62
201

725
63
198

735
86
193

737
'89
189

254

264

273

280

284

267

265

283 '297

162
154
191
167

165
157
195
168

159
150
191
150

165

168

170

162

162

169

159

161

165

154
189

153

162

124
70
149
149
137

Utilities
244
Gas

244

SUMMARY MARKET GROUPINGS

Equipment including defense
Materials
•
•

v Preliminary.




9

Revised.

154

187
164

190 193
147 '151

192
150

154

194 '198
163 167

170
198

167

418

INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957= 100
[Seasonally adjusted]

Grouping

Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities

1957
proportion

Annual
average

1959

1958 1959*> Feb. Mar. Apr. May June July

1960
Aug. Sept. Oct. Nov. Dec.

100.00

93

105

102

104

107

109

110

108 '104

103

86.49
49.66
36.83
8.55
4.96

92
87
100
91
105

105
102
110
95
115

102
98
107
96
111

104
101
107
95
112

107
105
110
98
112

110
109
111
99
114

110
110
111
98
116

108
105
113
94
116

104
98
113
91

104
97
113

••116

71
'47
'31
106
100

102

103

Jan. Feb.

109 111

102 102 109
'96
96 107
111 111 112
r91
91
99
96
r
117 118 '117 119

110 ;

112
111
113
97
120

770
109
112
95
121

110 113
114 116
119 119
105 109
100 104

709
109
113
109
104

Durable Manufactures
r

Primary and fabricated metals.
Primary metals
,
Iron and steel
Fabricated metal products
Structural metal parts

13.15
7.73
6.21
5.42
2.91

96
90
86
104
100

101
102
103
99
98

106
109
112
101
99

110
113
117
104
103

117
122
124
109
106

115
118
119
112
109

93
81
71
111
108

Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
,
Motor vehicles and parts
Aircraft and other equipment...
Instruments and related products.
Ordnance and accessories

28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25

102
103
99
108
98
100
94
112

96
94
90
100
96
97
94
103

98
96
93
100
99
103
94
105

101
100
97
103
102
108
95
106

105
104
101
107
104
111
97
110

106
107
104
110
105
113
96
114

'705 104
108
96
108 1 0 7 1 0 8 107 104
105 103 104 103 102
113 113 113 1 1 2 108
106 102
79
98
98
114 106 103 104
63
96
91
96
93
91
115 116 117 118 119

103
108
103
115
93
94
90
120

110
110
104
118
108
128
88
118

109
109
104
115
107
126
88
117

70
45
30
106
99

67
'44
'31
99
92

86
79
76
95
91

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.57
2.92
1.65

97
95
100

111
110
113

104
101
109

108
106
112

112
111
115

114
112
118

114
116
112

775 774 772
118 115 112
117 114 113

777
111
111

777
110
112

773 772
111 110
115 115

772
110
115

Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures

2.96
1.48
1.48

96
96
95

112
115
109

106
109
102

107
110
104

110
112
107

113
116
109

114
117
110

116
120
113

114
116
111

773
115
111

114
116
111

114
118
111

776 '776
120 121
111 112

775
119
111

Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products

7.32
2.78
3.44
1.10

99
98
101
97

115
113
120
106

109
108
112
103

111
111
114
101

116
114
120
107

118
115
122
113

119
119
122
107

120
121
122
110

777 776
117 114
121 121
107 105

775
111
122
104

776 ni7 '776
111 in
112
125 126 124
104 105 106

114
111
122

Paper and printing
Paper and products
Printing and publishing.
Newspapers

7.93
3.27
4.66
1.53

99
101
98
96

108
111
105
103

105
109
102
100

104
107
102
100

107
112
104
104

108
112
104
103

107
110
104
101

109
114
106
106

110
113
107
107

777
114
108
106

770
114
107
105

709
109
108
104

777
113
109
107

777
115
109
106

777
113
109
105

Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

10.95
7.10
3.61
1.93
1.91

99
100
98
99
95

113
114
118
105
114

108
108
109
102
113

110
110
112
108
112

110
113
115
104
104

111
115
117
105
105

115
116
122
108
117

777
117
123
108
128

775
117
123
107
120

777 '775
119 117
125 122
106 106
120 115

114
117
123
105
113

775
118
124
102
116

776
119
124
102
117

114
117

Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products

10.64
9.87
8.31
1.56
.77

102
102
102
102
106

707
106
106
107
112

105
105
105
104
112

104
104
105
102
107

108
107
107
110
119

108
108
108
109
110

705
106
106
102
102

106
105
105
103
117

705
108
107
114
114

705
108
107
113
111

706
106
105
108
114

707 705 709
107 107 109
107 108 '109
105 104 109
111 115 114

Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction. .
Crude oil
Gas and gas liquids. .
Oil and gas drilling

7.05
1.30
5.75
4.98
4.33
.65
.77

92
83
94
94
93
100
89

96
82
99
99
98
106
94

95
87
96
97
97
102
89

94
82
97
98
97
104

96
84
99
101
100
105
89

98
89
100
102
101
106
91

97
83
100
101
101
108
94

94
71
99
100
98
110
95

93
72
98
98
97
109
95

94
74
98
99
97
107
94

94
76
'99
99
98
109
93

97
87
100
100
99
109
96

99
94
100
100
98
111
99

'96' "'85*

Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals

1.50
.70
.80

91
83
98

94
77
108

101
101
101

102
101
103

104
99
109

105
102
109

102
94
109

93
73
111

82
48
111

76
39
109

77
42
108

91
68
110

'95
'80
113

95
'87
108

3.76
1.20

104
105

116
113

110
114

111
114

112
114

114
115

117
115

118 117 119 119 117 119 119.
113 111 111 113 117 122

Nondurable Manufactures

'ioi*
705
108
108

Mining
97
91
98
'99
97

Utilities
Electric.
Gas
For notes see opposite page.




94
84
96
98
96

700
93
105

419

INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Seasonally adjusted]

Grouping

Total index.
Final products, total
Consumer goods
Equipment, including defense.
Materials

1957
proportion

Annual
average

1959

1958 1959* Feb.

Mar. Apr. May June July

1960
Aug. Sept. Oct. Nov. Dec. Jan. Feb.

100.00

105

102

104

107

109

110

108

103

103

102

109

111

110

46.75
31.13
15.62
53.25

107
110
100
103

102
107
93
101

103
107
95
104

106
111
97
108

108
111
100
110

705
111
102
110

109
112
103
106

109
112
103
98

109
112
103
99

109
112
103
97

109
112
102
109

112
116
103
110

770
114
103
109

116
113
119

105
97
118

98
89
114

105
98
117

99
87
117

127
134
'117

722
125
117

Consumer Goods
Automotive products
Autos
Auto parts and allied products.

3.35
2.03
1.32

83
71
100

103
96
113

101
93
112

106
102
112

108
108
108

110
109

113
112
115

Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
,
Misc. home goods
Apparel, incl. knit goods and shoes.

9.50
4.40
1.75
1.26
.49
1.18
1.47
5.20

98
96
94
99
83
98
97
100

116
115
114
119
102
119
114
116

109
108
106
111
95
114
106
110

110
107
103
107
92
114
107
113

115
112
110
115
96
117
111
118

117
116
115
121
100
121
112
118

118
117
115
118
108
121
115
119

120
120
119
121
112
123
117
120

118
120
121
130
97
-121
118
117

119
121
125
130
111
r
119
118
117

119
121
124
129
113
120
118
118

122
124
133
143
108
122
116
120

121
123
130
139
106
122
117
118

776
117
117
122
105
118
116
116

Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

18.18
8.11
2.32
2.73
1.44
3.45
1.19
2.26
1.57
.69

102
102
103
102
99
105
98
108
108
107

108
106
108
111
106
113
104
117
119
114

106
105
106
108
102
110
104
113
113

106
104
104
108
103
111
107
113
113

109
107
113
111
104
110
105
113
113

109
108
109
110
104
111
103
114
115

108
107
102
111
105
112
105
115
116

108
106
108
111
106
113
104
117
119

110
107
114
112
108
113
105
118
120

777
107
112
115
110
114
101
121
124

109
104
110
114
108
115
100
123
126

•no
107
107
113
109
116
103
122
121

HI

777
107

91
88
96
95
108

93
90
97
95
112

96
92
100
97
119

100
97
102
99
128

702
100
105
97
132

104
101
107
101
132

703
102
108
96
109

705
101
109
92
129

703
101
111
91
112

703
104
113
90
105

705
104
114
100
112

705
104
114
97

700
101
103
107

99
95
98
101

104
102
100
106

705
107
102
111

772
113
106
114

772
117
109
113

703
111
106
113

103
102
107

91
105
101
105

95
103
102

707
107
106
107

770
121
107
108

709
120
106
107

705
109
107
110
117

777
112
113
111
119

770
111
112
111
119

709
110
112
109
118

98 101
97
95
113 1 1 4
114 114
106 106
97
97
122 122
109 113

104
99
117
117
114
97
121
118

103
97
117
117
114
96
121

102
95

no

109
111
115
110
116
103
123
122

U4
110

ioi'

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment.

12.16
7.29
2.46
1.83
.58
3.46

Materials
Durable goods materials.
Consumer durable
Equipment
Construction
Metal materials n.e.c....

27.81
3.61
8.10
9.05
6.99

Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..

25.44
8.87
2.91
5.96
7.05

97
98
101
97
98

707
107
109
107
115

704
105
109
102
108

104
104
108
102
110

705
107
111
106
116

705
107
110
106
116

709
107
108
106
118

709
110
111
109
122

707
110
111
109
118

707
110
110
110
117

9.52
6.29
2.70
2.19
.99
.08
1.12
.51
.33

94
92
102
102
98
97
105
102

100
96
113
114
110
97
118
112

100
95
109
108
107
97
111
112

99
95
111
110
109
97
112
114

101
97
112
111
109
96
115
115

103
99
114
113
111
96
117
116

103
97
117
117
117
97
118
117

99
94
116
117
116
97
118
112

97
93
113
115
109
97
120
109

114
116
109
97
123
109

105
107

107
107

110
111

113
111

115
110

118
111

114
112

111
112

Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Atomic energy
Commercial and other.
Gas
Industrial
Commercial and other.

98
r94

r

707
107
106
107
117

.18

Supplementary groups of consumer goods
Automotive and home goods.
Apparel and staples

7.75
23.38

r
v Preliminary.
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. For summary description and historical data, see
the BULLETIN for December 1959, pp. 1451-74. Availability of detailed
descriptive and historical data will be announced in a forthcoming




114
111

114
112

119
112

BULLETIN. Figures for individual series and subtotals without seasonal
adjustment for the period since December 1958 are available on request
from the Division of Administrative Services, Board of Governors of the
Federal Reserve System, Washington 25, D. C.

420

INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957= 100
[Without seasonal adjustment]
1957
proportion

Grouping

Annual
average

1959

1958 1959* Feb.

1960

Mar. Apr. May June July Aug. Sept Oct. Nov. Dec.

Jan.
Ill

Ill

111
r
lll
107

112

Total index

100.00

93

105

103

105

107

109

110

102 '103

105

105

104

107

92

105

103

106

108

109

111

102

Durable
Nondurable

86.49
49.66
36.83
8.55
4.96

103

105

104

102
110
95
115

100
107
96

106
110
97

109
110
100

111
111
100

107

87
100
91
105

104
108
95

106

99
106
90

93
115
92

97
116
91

98
117
92

97
113
96

107
98

84
78

96
90

104
108

no

116
121

117
122

55
69

HO
'43

71
44

86
104

107
98

116

113
119

75
92

117
101

121
104

123
111

100

97

102

61
106

93

99

123
107

29
107

30
110

86
85
83

102
103
99

99
97
93

101
99
97

103
101
100

102

102

.

Utilities

111
96

Feb.

112
112
95

Durable Manufactures
Primary and fabricated metals . .
Primary metals

13.15

.

7.73
6.21
5.42
2.91

Fabricated metal products
Structural metal parts

28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25

Machinery and related products
Machinery
Nonelectrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other eouipment
Instruments and related products
Ordnance and accessories

4.57

Clay glass and stone products
Lumber and products
Furniture and miscellaneous
Furniture and fixtures
Misc manufactures

89

108

102

105

108

104

104
103
103

106
106
105
108

105

84
77
91
94

98
100
94
112

100
103
96
104

103
110
96
106

104
111
96
107

104
112
95
109

104
112
95
113

97

HI

98

117

120

95
100

110
113

96
103

104
103
105

112

2.92
1.65
2.96
1.48
1.48

96
96
95

112
115
109

105
109
101

106
110
102

107
110
104

7.32

99
98
101
97

115
113
120
106

118
113
123
114

115
112
120
110

121
119
126
108

111
113

114
122

r

r
r

68
45

32
102

87
80

99

100

102
100
100

98
102
98

102
109
102

106
109
102

98
105
100

101

108

118

119

113

102
108
95
112
115

87
77
94
114

90
85
92
117

121

119

119
123

117
112

108
111
106

112
115
109

115
105

no

116
119
114

119
120
118

118
117
123
106

116
115
119
105

104
106
105
98

121
118
127
112

115
114
119
106

119
126

94

99
106
91
119
119

117
123

116
122
120
122
119

109 114
111 '118
116 r\22

77
97

107

105

93

112
115
118
108

103 '104

103

106
109
104

112
110
106

112
112
108

115

116

118

82
70
91
119

'98 112
105 136
91
90
121 '119

111

105

106

118
119
116

117 113
122 '119
112 107

114
119
110

r
102
108 '103
100 '100

111
111

111
134
90
118

105
108

Nondurable Manufactures
Textile apparel

a n dleather products • •

Textile mill products
Aor>arel Droducts
Leather and products

Paper and printing
Paper and products
Printing and publishing
Newspapers .

...

2.78
3.44
1.10

7.93

.

3.27
4.66
1.53

Chemical, petroleum, and rubber products

10.94

Industrial chemicals
Petroleum products .
Rubber and plastics products

7.10
3.61
1.93
1.91

Foods beverages and tobacco
Foods and beverages
.
Food manufactures
Beverages
.
Tobacco products

10.64
9.87
8.31
1.56
.77

r

99
101

108
111

105
111

107
110

110
116

108
112

107
112

101
103

108
115

112
115

115
121

111
111

98

105

100

104

106

106

104

100

104

110

111

112

96

103

99
100
98
99
95

113
114
118
105
114

102
102
102

107
106
106

102

107

97

104

110

111

110

102

no
113
103
119

113
112
115
108
118

112
116
117
101
107

777
116
118
103
103

99
98
99

98
98
97

102
101
100

105
104
101

91

100

111

117

106

112

114

92
83
94
94

96
82
99
99

98
89
100
102

96
83
99
101

93
100

98
106

100
111

89

94

100
109

89

86

1.50
.70
.80

91
83
98

94
77
108

88
83
92

90
82
97

3.76
1.20

104

116
113

115

113

107

92

96

107

113

114

114
116
120
108
114

109 115
110 115
116 '119
107 110
107 117

118
119
124
109
121

117
119
123
105
121

108
108
105

107
107
105

115
115
116

124

118

118
119
119
r
121 115
122 115

114

112

96
82
100
102

97
86
100
101

96
86
99
99

88
55
96
95

101
105

101
102

99
101

95
101

114

108

117
117
116

109

r

118
114
126
107

123
114

I06
102

1G8
111

111
115

110

106

107

120 117
117 '114
127 125
105 101

106
105
110
96
r

134

106

98

102

115
117
123
104
116

775
116
124
104
111

117
119
124
102
123

777
119

109
109
111

102
103
105

102
101
104

102
100
101

96

91

102

121

89

122

111

93

114

100
92
102
102

99
89
101
102

97
85
100
102
100

Mining
Coal oil and xas
Coal
Crude oil and natural gas
Crude oil
Oil and gas drilling
Metal stone and earth minerals
Metal mining

.

..... . .

7.05
1.30
5.75
4.98
4.33
.65
.77

87

92
75
96
95

93
78
97
97

97
90
99
99

94

95
83
97
98

96
103

96
106

97
112

96

102
99

115
116
114

100
83
115

89
55
118

83
45
116

113

116

120

121

91

94

101
93
107

114
117
111

110

108

97

r

100

100

95

'117
97

96

85

82
46
114

88
62
111

88
'64
109

84
'68
98

87
96

114

113

121 '127

124

94

Utilities
Electric
Gas
For notes see opposite page.




105

421

INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957-= 100
[Without seasonal adjustment]
1957
proportion

Grouping

Annual
average

1959

1958 1959* Feb.

1960

Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

Jan. Feb.

100.00

93

105

103

105

107

109

110

102 1 0 3

105

105

104

107

Ill

Ill

46.75
31.13
15.62
53.25

95
99
87
91

707
110
100
103

104
108
95
103

70*
108
97
106

706
109
99
109

707
109
101
110

705
111
103
111

705
107
101
99

709 770
113 114
100 102
97 100

772
117
101
99

706
109
100
102

706
108
103
108

111
115
104
110

772
116
104
110

Automotive products
Autos
Auto parts and allied products

3.35
2.03
1.32

83
71
100

705
96
113

709
107
112

775
117
113

77*
118
107

77*
117
109

776
114
118

770
109
113

77
51
118

50
53
121

777
105
120

76
55
107

705
98
111

756
149
116

133
143
118

Home goods and apparel
Home goods
Appliances TV and radios
Appliances. .
TV and home radios
Furniture and rugs
Misc. home goods
Apparel incl knit goods and shoes

9.60
4.40
1.75
1.26
.49
1.18
1.47
5.20

95
96
94
99
83
98
97
100

776
115
114
119
102
119
114
116

776
112
116
124
95
116
104
119

775
113
115
128
83
117
106
116

777
112
113
126
78
116
109
120

776
112
113
126
80
114
110
118

776
115
116
126
91
116
113
117

705
105
95
103
73
115
109
105

720
116
108
108
110
122
120
124

722
127
130
127
139
123
126
117

725
129
131
121
157
126
129
122

779
120
119
116
125
123
121
118

112 118
117 115
114 116
118 120
102 106
125 120
113 110
107 120

123
121
128
136
106
120
114
125

18.18
8.11
2.32
2.73
1.44
3.45
1.19
2.26
1.57
69

102
102
103
102
99
105
98
108
108
107

705
106
108
111
106
113
104
117
119
114

70*
98
98
108
102
117
105

705
97
102
109
104
114
105

705
99
112
111
104
109
100

705
101
116
109
103
106
101

705
105
120
110
104
107
104

707
106
114
104
103
109
103

775
116
12?.
114
109
106

777 77* 770 »705
120 115 111 105
115 113 101
92
118 117 116 113
113 110 109 109
114 109 112 120
103
99 104 107

109
103
97
115
109
126
107

127

121

113

105

106

112

117

121

113

115

129

141

12.16
7.29
2.46
1.83
.58

55
82
88
89
100

99
97
104
95
116

93
88
97
98
120

95
90
98
100
129

98
92
100
103
138

707
97
101
103
136

70*
101
104
102
133

707
100
103
99
116

700
101
106
93
95

702
102
110
87
112

702
102
112
88
111

700
100
113
84
94

70*
105
115
87
101

106
104
115
'99
116

106
103
115
100

27.81
3.67
8.10
9.05
6-99

86
11
86
95

700
101
103
107

707
101
100
97

706
106
103
103

709
106
104
110

772
108
106
114

77*
110
108
118

55
97
97
87
101
98
110 110

94 707 110
85 115 128
102 108 109
102 103 102

110
128
109
103

25.44
8.87
2.91
5.96
7.05

97
98
101
97
98

107
107
109
107
115

705
104
106
102
112

706
106
107
105
113

709
111
114
109
117

705
109
113
107
117

705
108
114
105
116

707 707 709 709
101 110 113 113
105 119 118 114
100 105 111 112
109 116 117 120

709
110
103
113
120

705 110
106 108
97 106
110 109
116 121

111
109
110
109
123

9 52
6.29
2.70
2.19
.99
.08
1.12
.51
.33
• 18

94
92
102
102
98
97
105
102

100
96
113
114
110
97
118
112

102
99

101
98

101
98

102
98

102
96

95
87

98
91

93

98
95

101
97

105
100

105
99

104
98

106
104
97
108

108
108
97
108

108
109
96
107

111
112
96
110

117
117
97
119

119
112
97
128

121
110
97
133

121
110
97
133

115
109
97
122

112
108
97
116

115
114
97
118

117
115
96
120

7.75
23.38

90
102

110
110

111
107

114
106

113
108

113
108

115
110

107
107

99
117

107 121
117 116

Total index .

.

.

.

.

Consumer goods
Materials
Consumer Goods

Consumer staples
Processed foods
Drugs soap and toiletries .
. . .
Newspapers magazines, and books
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

in

108
101
114
110
104

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment

.

3.46
Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n.e.c
Nondurable materials
Business supplies
Containers.

.

Nondurable materials n.e.c
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial

.
.

Commercial and other
Gas
Commercial and other

97
90
101 101
101 102
110 107

Supplementary groups of consumer goods
Automotive and home goods
Apparel and staples

. . . .

p
r
Preliminary.
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. For summary description and historical data, see
the BULLETIN for December 1959, pp. 1451-74. Availability of detailed
descriptive and historical data will be announced in a forthcoming




101 111 124
112 108 112

126
112

BULLETIN. Figures for individual series and subtotals without seasonal
adjustment for the period since December 1958 are available on request
from the Division of Administrative Services, Board of Governors of the
Federal Reserve System, Washington 25, D. C.

422

BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49 = 100, unless otherwise indicated]
Industrial production

Manufacturing 3

Construction
contracts 1

Nonagricultural
employEmment— ploytotal 2 ment

Major market groupings
Major industry
groupings

Year or
month

Final products

Total
ManufacMinturing
ing

Utilities

Total

ResidenMate- tial
Con- Equip- rials
sumer
goods ment

All
other

Prices

Payrolls

DepartFreight ment
store
carsales
load(retail
ings
Convalue) sumer

Wholesale
commodity

Adj.

Adj.

Adj.

Adj.

Adj.

Adj.

Adj.

Adj.

1947
1948
1949
1950
1951
1952

99
103
98
113
123
127

99
103
97
113
123
127

101
106
94
105
115
114

91
101
108
123
140
152

99
102
99
112
121
130

98
101
101
115
114
116

100
105
94
102
142
170

100
104
96
114
124
125

86
98
116
185
170
183

83
105
111
142
172
183

99.4
101.6
99.0
102.3
108.2
110.4

103.4
102.8
93.8
99.6
106.4
106.3

97.7
105.1
97.2
111.7
129.8
136.6

108
104
88
97
101
95

98
104
99
107
112
114

95.5
102.8
101.8
102.8
111.0
113.5

96.4
104.4
99.2
103.1
114.8
111.6

1953
1954
1955
1956
1957
1958
1959

138
130
146
151
152
141
*159

139
129
145
150
150
139
*158

117
113
125
132
132
120
*125

166
178
199
218
233
244
*268

138
132
144
150
152
145
*162

124
123
136
139
141
140
*155

182
161
172
188
189
165
»188

137
128
147
151
151
138
*156

178
232
280
•99
100
113
132

201
204
248
•98
100
107
101

113.6
110.7
114.4
118.3
119.2
115.5
118.8

111.8
101.8
105.6
106.7
104.4
94.3
98.9

151.4
137.7
152.9
161.4
162.7
148.7
167.3

96
86
95
97
90
78
81

118
118
128
135
135
136
144

114.4
114.8
114.5
116.2
120.2
123.5
124.6

110.1
110.3
110.7
114.3
117.6
119.2
119.5

1959—Feb
Mar
Apr
May....
June
July
Aug
Sept
Oct
Nov ,
Dec . ,

155
157
162
166
166
163
157
156
155
156
165

153
156
161
165
166
163
156
156
154
154
164

126
126
129
131
129
123
120
119
120
126
130

259
261
262
266
271
271
269
273
r
274
'273
r
278

155
157
161
164
164
166
165
168
170
161
166

150
151
156
157
157
159
159
161
165
154
159

176
179
184
190
193
196
190
193
192
189
194

154
158
163
167
167
160
147
151
150
154
165

99
142
169
154
162
156
143
135
139
101
91

77
113
122
117
119
123
96
100
102
80
77

117.0
117.6
118.6
119.2
119.8
120.2
118.9
119.2
118.9
119.4
120.4

96.8
98.2
99.5
100.9
101.9
102.0
97.4
98.3
97.3
98.4
100.4

160.4
165.1
167.0
169.6
174.4
170.2
164.9
169.1
165.9
166.8
175.4

84
85
87
89
87
73
72
72
74
81
91

141
138
141
144
144
150
149
143
144
145
148

123.7
123.7
123.9
124.0
124.5
124.9
124.8
125.2
125.5
125.6
125.5

119.5
119.6
120.0
119.9
119.7
119.5
119.1
119.7
119.2
118.9
118.9

1960—Jan , ,
Feb
Mar

168
166
»165

168
166
*>165

128
125
P123

280
281
*>284

170
168
^166

164
161
Pi 59

196
196
*>195

167
165
*>164

85
91

79
79

120.9 101.4 175.5
121.1 101.4 174.0
P120.6 P100.9 *172.4

90
86
83

145
*140
142

125.4 119.3
125.6 119.3
120.0

r
• Estimated.
* Preliminary.
Revised.
Adj. = adjusted for seasonal variation.
Unadj. = without seasonal
adjustment.
• See note 1.
i Indexes beginning with 1956 are based on data for 48 States from
F. W. Dodge Corporation, 1957=100. Figures for earlier years are
three-month moving averages, based on value data for 37 States east of
the Rocky Mountains, 1947-49=100; the data for 1956 on this basis

Unadj. Unadj.

Adj. Unadj.

Adj.

Adj.

Adj.

Unadj. Unadj.

were: residential, 271; all other, 266. A description of the old index,
including seasonal adjustments, may be obtained from the Division of
Research
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]
1959

Annual totals
Type of ownership and
type of construction

Total construction
By type of ownership:
Public
By type of construction:
Residential
Nonresidential
Public works and utilities

1958

1959

Feb.

Mar.

Apr.

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

35,090 36,269 2 ,307 3,340 3 ,778 3,542 3 ,659 3 ,657 3 084 3 ,058 3,135 2 ,373 2,224 2,193 2,240
800
869 1 707 1,094
850
840
701
13,427 11,068
167 1 186
914
711
727
702
21,663 25,201 1 ,507 2,471 7 ,571 2,447 7 ,497 7 ,470 7 734 7 ,718 2,220 1 ,67? 1,513 1,466 1,537
1 ,466 1,515 1 ,097
1,677 1 ,76? 1 690 1
14,696 17,150 1 ,07^ 1,541 1
1 ,187 1,072
1J91
961
,006 1,003
704
801
10,948 11,387
886
530
760
793
842
9,446 7,732
776
571
586
616
480

NOTE.—Beginning in 1958, monthly data exceed annual total and are
not comparable with monthly data for earlier years because of a change




May

1960

993
790
441

927
801
465

in policy of accounting for negative adjustments in monthly data after
original figures have been published.

423

CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
[Joint estimates of the Departments of Commerce and Labor.* Seasonally adjusted.

In millions of dollars]

Private
Year or month

1959 Mar
Apr
May
July
Aug
Sept
Oct
Nov
Dec
1960 Jan P
Feb P33
Mar.

Indus- Com- Public
trial mercial utility

Other
nonresidential

Total

Military

Highway

Conservation

All
other

887

I 387
1,290
1,003
1,287
1,360
1,287
1.402
1,433

2,353
2 679
3,015
3,680
3,861
4,395
4,892
5,500
5,800

912
900
892
773
701
826
971

5,101
5 815
6,039
6,222
5,875
6,131
6,867
7,491
7,623

98
99
101
112
90
86
88

674
665
659
656
653
632

Business

Total
Total

1951
1952
1953
1954
1955
1956
1957
1958
1959

Public

Residential

Total

32,700
34,670
37,019
39,362
44,164
45,779
47,795
48,903
54,258

23,447
23,889
25,783
27,684
32,440
33,067
33,778
33,491
38,281

12,529
12,842
13,777
15,379
18,705
17,677
17,019
18,047
22,322

7,344
7,500
8,495
8,531
9,980
11,608
12,535
11,076
11,195

2,117
2,320
2,229
2,030
2,399
3,084
3,557
2,382
2,008

1,498
1 137
1,791
2,212
3,218
3,631
3,564
3,589
3,914

3,729
4,043
4,475
4,289
4,363
4,893
5,414
5,105
5,273

3,574
3,547
3,511
3,774
3,755
3,782
4,224
4,368
4,764

9,253
10 781
11,236
11,678
11,724
12,712
14,017
15,412
IS 977

4,659
4,667
4,713
4,705
4,671
4,566
4,427
4,313
4,221
4,331

3,158
3,243
3,296
3,287
3,301
3,260

915
915
936
954
970
966

156
153
157
163
170
175

305
311
334
344
351
347

454
451
445
447
449
444

376
376
379
394
407
419

596
517
513
511
514
475

168
169
180
196

329
318
317
331

436
423
424
428

408
408
416
429

,501
,424
1,417
1,418
1,370
1,306
1,231
1,184
1,134
1,187

133
143
144
139
113
113

3,129
3,085
3,144

1,867
1,952
1,981
1,939
1,924
1,875
1,855
1,811
1,748
1,760

102
95
105
111

443
418
381
381

4,489
4,538
4,406

3,211
3,230
3,129

1,804
1,784
1,715

993
1,036
1,004

203
218
215

345
363
344

445
455
445

414
410
410

1,278
1,308
1,277

95
93
91

483
481
482

3,196

933
910
921
955

1,019
1,121

91
77
95

598
580
571
600

91
104
95

609
630
609

* Beginning with June 1959, data are from Bureau of Census.

9 Preliminary.

PERMANENT NONFARM DWELLING UNITS STARTED
[Bureau of Labor Statistics estimates.* In thousands of units]

Year or month

Total
private
(seasonally
adjusted
annual rate)

1951
1952
1953
1954
1955
1956
1957
1958
1959

Total

J.091
,127
,104
L220
1,329
1,118
1,042
[,209
1.379
121

Sept
Oct
Nov
Dec

1.403
,434
1,370
1,368
1,375
1,340
1,323
1,180
1,210
1,330

1960 Jan
Feb
Mar

1,216
p 1,115
p 1,115

76
Pll

1959

Mar
Apr
May
June
July
AUK

.

Metropolitan
areas

111

315

795
804
897
976
780
700
827
946

332
300
324
353
338
342
382
432

81

40

142
137
137
129
129
120

97
94
93
88
86
83

106

75

93
84

P97

Nonmetropolitan
areas

66
59
53
54
65

45
43
44
41
43
38
30

27
24
23
23
32

n.a. Not available.
P Preliminary.
•1 Beginning June 1959 data are from the Bureau of the Census.
Data from Federal Housing Administration and Veterans' Administration represent units started under commitments of FHA or VA to in-




Pri\rate
Total
1 020
1,069
1,068
1,202
1,310
1 094
993

1,142
1,343
118

137
134
131
127
125
117
102

91
83
75
*74
P94

1family

Government-underwritten *
Public

2family

892
939
933
1,077
1,190
981
840
933
1,079

40
46
42
34
33
31
33
39

Multifamily

Total

FHA

412

264

421
409
583
670
465
322
439

458

280
252
276
277
195
193
337
349

3
5
4
6
2
4
3
3
2
1

40

30

1

50

88
84
94
90
87
82
120
170
216

71
59
36
19
19
24
49
68
36

93
109
107
107
105
104
95
83
73
64

5
5
5
4
4
4
4
4
4
3

20
24
21
20
18
17
18
15
16
16

58
n.a.
n.a.

3
n.a.
n.a.

14
n.a.
n.a.

P2

P3

VA

149
141
157
307
393
271

128
102
109
10

46
47
47
45
45
42

35
36
36
34
35
32

37

28

9
8

20
22
27

16
18
22

4
5
5

31
26

23
20

11
10
11
11
10
10
6

sure or guarantee the mortgages. VA figures after June 1950 and all FHA
figures are based on filed office reports of first compliance inspections;
earlier VA figures are estimates based on loans-closed information.

424

EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of Labor Statistics estimates, without seasonal adjustment.

In thousands of persons unless otherwise indicated]

Civilian labor force

Year or month

I9533
1954
1955
1956
1957
1958
I959
1959

Mar
Apr
May

June.
July
Aug
Sept
Oct
Nov.
Dec

....

I960—Jan 4
Feb
Mar

Total noninstitutional
population

Total
labor
force

Employed 1
Total
Total

In nonagricultural
industries

In
agriculture

Unemployed

Not in the
labor force

115 095
116,220
117,388
118,734
120,445
121,950
123,366

67,362
67,818
68,896
70,387
70,746
71,284
71,946

63,815
64,468
65,848
67,530
67,946
68,647
69,394

61,945
60,890
62,944
64,708
65,011
63,966
65,581

55,390
54,395
56,225
58,135
58,789
58,122
59,745

6,555
6,495
6,718
6,572
6,222
5,844
5,836

1 870
3,578
2,904
2,822
2,936
4,681
3,813

47 732
48,401
48,492
48,348
49,699
50,666
51,420

122,945
123,059
123,180
123,296
123,422
123,549
123,659
123,785
123 908
124,034

70,768
71,210
71,955
73,862
73,875
73,204
72,109
72,629
71,839
71,808

68,189
68,639
69,405
71,324
71,338
70,667
69,577
70,103
69,310
69,276

63,828
65,012
66,016
67,342
67,594
67,241
66,347
66,831
65,640
65,699

58,625
59,163
59,608
60,111
60,769
60,884
60,105
60,707
60,040
60,888

5,203
5,848
6,408
7,231
6,825
6,357
6,242
6,124
5,601
4,811

4 362
3,627
3,389
3,982
3,744
3,426
3,230
3,272
3 670
3,577

52 177
51,849
51,225
49 435
49,547
50,345
51,550
51,155
52 068
52,225

124,606
124,716
124,839

70,689
70,970
70,993

68,168
68,449
68,473

64,020
64,520
64,267

59,409
59,901
59,702

4,611
4,619
4,565

4 149
3,931
4,206

53 917
53,746
53,845

1
Includes self-employed, unpaid family, and domestic service workers.
2 per cent of civilian labor force. Monthly data are seasonally
adjusted.
3 Data for 1953-56 adjusted to reflect changes in the definition of
employment
and unemployment adopted in January 1957.
4
Beginning with January 1960, data include Alaska and Hawaii.

Unemployment
rate
(per cent) 2

2 9
5.6
4.4

4 2
4.3
6.8
5.5

5 7
5.1

4.9
5 1
5.1
5.4
5 6
6.0

5 9
5.5

5 2
4.8
5.4

Figures for population increased by about 500,000 and total labor force
by nearly 300,000, most of which was in nonagricultural employment.
NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual data
are averages of monthly figures.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics.

In thousands of persons]

Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

Federal
State and
local
government

852
777
777
807
809
721
676

2,622
2,593
2,759
2,929
2,808
2,648
2,767

4,221
4,009
4,062
4,161
4,151
3,903
'3,902

10,527
10,520
10,846
11,221
11,302
11;141
11,385

2,038
2,122
2,219
2,308
2,348
2,374
2,425

5,538
5,664
5,916
6,160
6,336
6,395
6,525

6,645
6,751
6,914
7,277
7,626
7,893
8,127

16,006
16,182
16,372
16,527
16,580
16,037
16.141
16,022
16,174
16,436

701
708
709
714
633
617
621
657
665

2,719
2,829
2,787
2,799
2,800
2,814
2,776
2,762
2,792
2,800

3,885
3,886
3,917
3,928
3,920
3,893
3,899
3,900
3,902
3,917

11,263
11,333
11,363
11,425
11,465
11,529
11,464
11,478
11,452
11,486

2,398
2,403
2,413
2,418
2,426
2,437
2,452
2,453
2,450
2,450

6,441
6,479
6,486
6,525
6,570
6,549
6,584
6,549
6,593
6,613

,056
,074
,079
,076
,083
,131
:,221
!,217
1,233
1,307

52,880
52,950
52,736

16,562
16,571
16,500

658
667
665

2,775
2,781
2,557

3,941
3,932
3,922

11,594
11,610
11,548

2,454
2,463
2,452

6,606
6,611
6,564

,290
,315
,528

1959—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

50,878
51,430
51,982
52,580
52,343
52,066
52,648
52,569
52,793
53,756

15,969
16,034
16,187
16.455
16,410
16,169
16,367
16,197
16,280
16,484

688
694
701
713
710
639
620
621
660
668

2,417
2,662
2,834
2,986
3,035
3,107
3,043
2,961

3,865
3,879
3,914
3.944
3,949
3 9922
22
927
910

856
699

3,912
3,940

11,083
11,136
11,234
11,352
11,324
11,360
11,464
11,551
11,723
12,345

2,386
2,403
2,413
2,442
2,475
2,474
2,452
2,441
2,438
2,438

6,377
6,511
6,583
6,623
6,603
6,582
6,617
6,614
6,593
6,547

8,093
8,111
8,116
8,065
7,837
7,813
8,158
8,274
8,331
8,635

I960—Jan
Feb
Mar

52,078
52,037
52,092

16,470
16,522
16,469

658
667
665

453
389
2,273

3,882
3,886
3,902

11,424
11,313
11,279

2,429
2,438
2,440

6,474
6,479
6,498

8,288
8,343
8,566

Total 1

Manufacturing

49,681
48,431
50,056
51,766
52,162
50,543
r
51,975

17,238
15,995
16,563
16,903
16,782
15,468
16,168

1959—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

51,456
51,887
52,125
52,407
52,558
52,023
52,154
52,002
52,253
52,674

1960—Jan
Feb
Mar

Year or month

1953
1954
1955
1956
1957
1958
1959

Mining

SEASONALLY ADJUSTED

WITHOUT SEASONAL ADJUSTMENT

r
Revised.
1 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, unpaid
family workers, and members of the armed forces are excluded. Figures
for February and March 1960 are preliminary. Back data may be
obtained from the Bureau of Labor Statistics.

425

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group

1959

Without seasonal adjustment

1960

1959

1960

Mar.

Jan.

Feb.

Mar.

Mar.

Jan.

Feb.

Mar.

12,149

12,536

12,543

12,476

12,117

12,449

12,503

12,448

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.

6,914
73
569
313
435
1,010
821
1,097
790
1,226
214
366

7,244
74
594
322
454
1,043
849
1,167
883
1,239
230
389

7,260
74
588
322
452
1,049
855
1,172
883
1,247
231
387

7,192
74
569
323
447
1,048
850
1,170
871
1,223
230
387

6,937
73
552
316
433
1,015
829
1,113
798
1,226
216
368

7,230
74
561
327
443
1,048
857
1,179
892
1,239
231
379

7,275
74
562
328
445
1,054
864
1,190
892
1,247
231
387

7,218
74
552
326
445
1,053
858
1,188
880
1,223
232
389

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

5,235
1,049

5,292
1,044
76
856
1,080
449
562
533
157
206
329

5,283
1,042
80
850

5,284
1,034

5,180
945
72
866
1,085
441
551
527
160
202
331

5,219
954
78
860
1,091
447
562
536
154
208
329

5,228
939
76
859
1,111
446
566
539
155
208
329

5,230
932
72
860
1,120
446
569
543
155
206
329

Total

81
857

1,048
443
551

519
162
202
323

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. Figures for February and March

1,073
448

569
536
157
207
321

81

851
1,082
448
569
535
157
206
321

1960 are preliminary.
Labor Statistics.

Back data may be obtained from the Bureau of

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
'dollars per week)
Industry group

1959
Mar.

1960
Jan.

1959

Feb.

Mar.

Average hourly earnings
dollars per hour]

Average hours worked
(per week)

Mar.

1959

1960
Jan.

Feb.

Mar.

Mar.

1960
Jan.

Feb.

Mar.

89.24

92.29

91.14

90.68

40.2

40.3

39.8

39.6

2.22

2.29

2.29

2.29

97.10
Durable goods
Ordnance and accessories
104.08
Lumber and wood products
77.74
Furniture and fixtures
73.12
Stone, clay, and glass products
90.20
Primary metal industries
115.34
Fabricated metal products
95.88
Machinery except electrical
102.42
Electrical machinery
89.06
Transportation equipment
107.04
Instruments and related products
91.53
Miscellaneous manufacturing industries... 75.60

100.86
108.21
77.03
74.56
91.30
117.96
100.94
105.32
92.80
115.92
94.19
78.20

98.98
108.09
77.42
74.37
90.85
115.26
98.42
104.55
90.97
112.75
93.67
77.81

98.49
108.09
77.41
72.52
90.35
114.29
98.01
104.96
91.60
111.24
94.54
78.18

40.8
41.3
40.7
40.4
41.0
40.9
40.8
41.3
40.3
40.7
40.5
40.0

41.0
41.3
39.3
40.3
40.4
41.1
41.2
41.3
40.7
42.0
40.6
40.1

40.4
41.1
39.3
40.2
40.2
40.3
40.5
41.0
39.9
41.0
40.2
39.9

40.2
41.1
38.9
39.2
39.8
40.1
40.5
41.0
40.0
40.6
40.4
40.3

2.38
2.52
1.91
1.81
2.20
2.82
2.35
2.48
2 21
2.63
2.26
1.89

2.46
2.62
1.96
1.85
2.26
2.87
2.45
2.55
2.28
2.76
2.32
1.95

2.45
2.63
1.97
1.85
2.26
2.86
2.43
2.55
2.28
2.75
2.33
1.95

2.45
2.63
1.99
1.85
2.27
2.85
2.42
2.56
2.29
2.74
2.34
1.94

80.77 79.95 79.52
88.91 86.15 86.94
66.05 61.71 61.06
64.48 64.16 63.67
55.44 56.11 54.72
95.20 94.73 94.08
104.56 104.12 104.94
101.60 101.60 101.11
116.98 117.20 116.80
102.16 99.85 97.81
61.78 60.80 60.68

39.5
40.2
38.1
40.4
36.5
42.7
38.3
41.3
41.2
42.0
38.0

39.4
40.6
38.4
40.3
36.0
42.5
38.3
41.3
40.2
40.7
37.9

39.0
39.7
36.3
40.1
36.2
42.1
38.0
41.3
40.0
40.1
37.3

38.6
39.7
35.5
39.3
35.3
42.0
38.3
41.1
40.0
39.6
37.0

2.00
2.10
1.69
1.57
1.53
2.17
2.68
2.37
2.87
2.47
1.60

2.05
2.19
1.72
1.60
1.54
2.24
2.73
2.46
2.91
2.51
1.63

2.05
2.17
1.70
1.60
1.55
2.25
2.74
2.46
2.93
2.49
1.63

2.06
2.19
1.72
1.62
1.55
2.24
2.74
2.46
2.92
2.47
1.64

Total

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries..
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

79.00
84.42
64.39
63.43
55.85
92.66
102.64
97.88
118.24
103.74
60.80

NOTE.—Data are for production and related workers. Figures for
February and March 1960 are preliminary. Back data are available
from the Bureau of Labor Statistics.




426

DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Federal Reserve district
Year or month

United
States
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

114
118
118
128
135
135
136
144

110
114
117
123
126
122
122
126

104
105
108
113
120
124
127
131

113
117
116
125
131
132
133
139

115
119
112
122
128
129
127
136

122
127
129
140
146
148
149
156

127
131
135
149
164
166
169
181

109
114
112
122
128
128
125
133

116
120
121
132
138
138
137
144

109
110
113
117
126
128
128
134

121
123
129
140
144
142
146
155

129
132
136
149
158
159
159
172

120
122
122
132
141
140
143
156

'141

120
116
120
124
118
133
132
124
130
127

127
123
126
130
128
138
133
129
133
133

'142

'137

168
167
175
182
186
190
196
180
178
187

129
129
130
135
133
140
139
132
135
134

133
141
127
131
139
134
139
137
130
128

155
156
150
158
154
154
163
154
156
155

'163

128
132
136
135
142
143
135
135
138

159
146
156
158
157
161
161
149
158
153

'143

129
142
139
140
148
135
137
141
140

155
155
153
154
161
161
162
154
153
156

Minne- Kansas
Dallas
apolis
City

San
Francisco

SALESi
1952
1953
1954
1955
1956
1957
1958
1959
SEASONALLY ADJUSTED
1959

Feb
Mar

138
141
144
144
150
149
143
144
145

May
July
Sept
Oct
Nov
Dec
1960

Jan
Feb

144
138
148
140
146
154
146
148
149

166
169
173
176
174
189
167
170
182

148

138

138

140

144

158

188

137

143

138

154

168

158

145

126

135

146

139

159

'132

153

'171

153

130

143

136

127

150
^134

133

124

178
^167

157

159

107
125
130
141
137
121
132
145
150
176
260

90
103
114
124
118
95
103
132
131
154
251

100
112
116
126
125
100
102
132
141
170
245

102
124
128
138
132
108
112
140
144
183
257

'106

114
138
139
156
146
129
138
156
166
190
290

138
167
165
175
162
157
177
173
186
217
325

96
114
123
134
130
111
124
138
142
164
233

109
128
129
149
130
120
138
144
151
177
250

99
119
122
127
135
107
131
146
150
147
230

'127

117
123
132
127
115
126
135
139
170
252

'266

151
157
172
160
155
176
160
177
208
291

119
132
138
146
151
143
157
154
154
180
281

111

99
93

108
102

108
102

105
105

112

139

'101

111

98

115

'135

'121

122

121

121
131
128
136
148
152
148
156

117
124
126
132
141
138
136
142

115
120
117
119
130
138
136
142

120
129
127
135
148
154
152
159

115
125
122
133
136
129
134

127
141
138
159
175
178
172
179

143
155
152
170
195
203
197
210

112
122
120
127
138
143
139
148

120
131
125
135
148
149
140
144

113
123
124
130
142
146
137
143

129
143
140
153
168
174
165
178

131
140
135
142
156
158
155
167

150
148
151
151
156
159
160
161
158
160

139
136
138
138
142
147
147
148
145
145

138
137
138
136
141
142
145
144
144
145

'154

127
127
127
128
131
138
136
139
139
142

172
171
175
172
183
184
186
188
180
183

198
195
201
200
202
212
217
222
225
223

141
138
142
140
149
152
159
157
151
149

138
138
141
143
147
151
147
147
145
142

142
139
138
140
141
143
148
146

'162

147
149

155
151
152
154
157
158
157
159
160
164

'169

153
155
156
164
163
162
161
159
160

169
174
175
181
180
182
182
185
188

163
166
167
170
170
165
170
162
175

161

145

145

166

138

182

227

154

146

146

160

183

174

161

142
142

'148

'164

142
^141

177

227
*>226

148
P144

149

144
P144

162

186

176

131
138
144

130
141
143

'148
158
166

122
131
133

182
184

196
204
211

133
139
150

134
143
149

136
143
140

149

153
158

157,
159

'164
178

153
148

141
134

140
132

159
152

132
125

173
169

202
192

145
145

143
136

139
133

156
151

174
169

166
163

148
156
168
177

132
143
154
164

129
142
151
162

147
156
169
183

127
130
145
156

167
181
194
205

146
152
163
167

140
145
154
163

136
145
152
163

150
155
164
174

171
182
192
203

165
166
176
182

182
146

197
212
230
245

170
135

167
134

185
149

160
126

207
166

252
197

170
136

162
132

168
136

182
146

207
170

196
160

144

'128

132

'144

125

158

207

135

132

132

146

163

158

WITHOUT SEASONAL ADJUSTMENT
1959

Feb
Mar
Apr
May
July
Aug
Seot
Oct
Nov
Dec

1960

Jan
Feb

113
134
141
154
147
135
156
155
162
179

95

STOCKS i
1952
1953
1954
1955
1956
1957
1958
1959

124

130
146
141

152
164
160
153
157

SEASONALLY ADJUSTED
1959

Feb

Mar
Apr
May
July
Sept
Oct
Nov
Dec .
I960—Jan
Feb .

P\44

WITHOUT SEASONAL ADJUSTMENT
1959—Feb
Mar
Apr
May
June

July
Sept
Oct
Nov
Dec
1960

Jan
Feb

143

134

155

r
9 Preliminary.
Revised.
l Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.




166

»137

181

r

152
165
169

P148

NOTE.—For description of the series and for monthly indexes beginning
with 1947, see the BULLETIN for December 1957, pp. 1323-52. Figures
prior to 1947 may be obtained from the Division of Research and Statistics.

427

DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Amounts (in millions of dollars)

Sales i
(total
for
month)

Period

Stocks i
(end
of
month)

Outstanding
orders*
(end of
month)

Receipts 2
(total
for
month)

Ratios to sales •

New
orders 3
(total
for
month)

Stocks

Outstanding
orders

Stocks
plus
outstanding
orders

Receipts

Annual average:
1951
1952
1953
1954
1955
1956
1957
1958
1959

1,202
1,097
1,163
1,140
1,195
1,286
1,338
1,323
1,385

391

397
406
409

437
454
459

462
485

460

390

379

3.2

435
421

1 3

397
408

401
401

2.9
3 0

.2
1.0

4 4
4.1
4 1
4 0

11
l.l
L.O
.1

4.0
4 1
4 1
4.1
4 1

388

410

412

3.0

446
470

444
459

449
458

2.9
3 0

461

461

3.1

437
510

462
492

458

464
496

3.0
3.0

434
489
441

3.7

1 0
1.0
1 0
1 0
1.0
1 0
1 0
1.0
1 1

Month:
1959—Feb
Mar
Apr
May
June
July
Aus
Sect
Oct
Nov
Dec
I960

r

•

....

344
434
431

r

453

.

.
.

. . .

.

446
389
427
472
531
578
940
384

Jan
Feb.**

360
r

P1 Preliminary.
Revised.
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1959,
sales by these stores accounted for about 45 per cent of estimated total
department
store sales.
2
Derived from the reported figures on sales and stocks.

l,280
1,360
1,404
1,365
1,299
1,304
1,380
1,483
1,578
1,639
1,310
1,299
1,362

r

r

402
516
475

3.1
3 3

1 3
1.0
0 9

414

444

3.0

0.9

603
664
631
627
604
521
372

380
394
503
575
626
639
611

565
455
470
571
603
556
462

2.9
3 4
3.2
3.1
3.0
2.8
1.4

1.4
1 7
1.5
1.3
1.1
0.9
0.4

5 0
4.1
4 2
3 9
4.3
5 1
4.7
4.5
4 1
3.7
1.8

459

373

460

3 4

1 2

4 6

1 0

502

423

466

3.8

1.4

5.2

1.2

449

422
388
418

1 2
1.2
1 l
0 9
0.9
1 0
1.2
1.2
1 2
0.7

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 of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see the
BULLETIN for October 1952, pp. 1098-1102.

MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census.

In millions of dollars]
Merchandise exports excluding
military-aid shipments 2

Merchandise exports *
Period
1958

1959

Jan
Feb

,505
,346

1,562
1,576

Apr

,530

June
July
Aug
Sept
Oct
Nov

,408
,401
,363
,607
,599
524

1,400
1,280
1 456
1,479
1 551
1,423
1 468
1,397
1,479
1,482
1,479
1 675

2,851

2,680

3,138

555
638

.

Dec

Jan -Feb
r

. .

. . .

418

...

Revised.
1 Exports of domestic and foreign merchandise.
2 Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.




1960

3

1958

1959

1,397
1,246
1 440
1,408
1 507
1,309
1 289
1,287
1 242
1,426
1,410
1 389

1,286
1,183
I 375
1,343
I 411
1,347
I 353
1,300
L 399
1,398
1,376

2,643

2,469

r

Merchandise imports 3

1960

1958

1959

1960

l,484
1,497

1,096
956

1,154
1,118
I 295
I 221
I 264
I 369
I 248
I 189
[ 392
I 202
1,282
d78

1,137
1 288

2,272

2,425

072

' 057
061
031
049
950
073

2,981

,150
,086
9S4
2,052

General imports including imports for immediate consumption plus
entries into bonded warehouses.

428

PRICES

CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.

1947-^9=100]

Housing
All
items

Year or month

Foods
Total

1929
1933
1941
1945

•. .

1952
1953
1954
1955
1956
1957
1958
1959
1959

Feb
Mar
Apr
May
June
JUly
Aug
Sept
Oct
Nov
Dec

.

1960 Jan
Feb

Gas
and
electricity

Rent

ApSolid House- House- par
el
fuels
furhold
and
nish- operafuel oil ings
tion

117.4
83.6
88.4
90.9

Transportation

Medical
care

Personal
care

Read- Other
goods
ing
and
and
recrea- servtion
ices

73.3
55.3
62.9
76.9

65.6
41.6
52.2
68 9

113.5
114.4
114.8
114.5
116.2
120.2
123.5
124.6

114.6
112.8
112.6
110.9
111.7
115.4
120.3
118.3

114.6
117.7
119.1
120.0
121.7
125.6
127.7
129.2

117.9
124.1
128.5
130.3
132.7
135.2
137.7
139.7

104.5
106.6
107.9
110.7
111.8
113.0
117.0
119.9

118.7
123.9
123.5
125.2
130.7
137.4
134.9
136.6

108.5
107.9
106.1
104.1
103.0
104.6
103.9
103.9

111.8
115.3
117 4
119.1
122.9
127.5
131.4
134.3

105.8
104.8
104.3
103.7
105.5
106.9
107.0
107.9

126.2
129.7
128 0
126.4
128.7
136.0
140.5
146 3

117 3
121.3
125 2
128.0
132.6
138.0
144.4
150 8

111.8
112.8
113 4
115.3
120.0
124.4
128.6
131.2

107.0
108.0
107 1
106.6
108.1
112.2
116.7
118 6

115.4
118.2
120.1
120.2
122.0
125.5
127.2
129.7

123.7
123.7
123.9
124.0
124.5
124.9
124.8
125.2
125.5
125.6
125.5

118.2
117.7
117.6
117.7
118.9
119.4
118.3
118.7
118.4
117.9
117.8

128.5
128.7
128.7
128.8
128.9
129.0
129.3
129.7
130.1
130.4
130.4

139.0
139.1
139.3
139.3
139.5
139.6
139.8
140.0
140.4
140.5
140.8

118.5
118.5
118.2
118.7
119.3
119.5
120.1
121.6
121.7
121.7
122.7

140.0
140.3
138.7
135.3
133.9
134.0
133.9
135.0
135.5
135.9
137.3

103.8
103.8
103.8
103.7
104.1
104.0
103.6
104.0
104.1
104.4
104 2

133 1
133.7
133.8
133 8
133.9
134 3
134.6
135.2
135 3
135.4
135 5

106 7
107.0
107.0
107.3
107.3
107 5
108.0
109.0
109.4
109.4
109 2

144 3
144.9
145.3
145.4
145.9
146 3
146.7
146.4
148.5
149.0
148 7

148 6
149.2
149.6
150.2
150.6
151 0
151.4
152.2
152 5
153.0
153 2

129.8
129.7
130.0
130.7
131.1
131.3
131.7
132.1
132.5
132.7
132 9

117 1
117.3
117.7
117.8
118.1
119.1
119.1
119.6
119.7
120.0
120.4

Ml A
127.3
128.2
128.4
129.2
130.8
131.1
131.5
131.6
131.6
131.7

125.4
125.6

117.6
117.4

130.7
131.2

140.9
141.0

123.2
124.0

139.0
139.0

104 0
104.3

135 9
136.3

107 9
108.4

148 1
147.9

153 5
154.7

132.7
132.6

120.3
120.6

131.8
131.8

60.3
45 9
55.6
76 3

NOTE.—Revised index, reflecting, beginning with January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-

vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49=100.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.

1947-49=100]
Other commodities

Year or
month

1952
1953
1954
1955
1956
1957
1958
1959

All
Tex- Hides,
com- Farm Proctile
essed
prod- skins,
modi- prodand
ucts
foods
ties
Total ucts leather
and prodapparel ucts

Fuel,
power,
and
lighting
materials

Ma- FurniToChem- Rub- Lum- Pulp Metals chin- ture Nonme- bacco
ery
and
icals
ber
paper,
tallic mfrs. Misber
and
and
other
and
and
and
and cellaand wood allied metal mo- house- minallied prodneous
tive
hold erals— bottled
prod- ucts prod- prod- prodbevucts
strucprod- duraucts
ucts
ucts
ucts
bles tural erages

111.6 107.0 108.8 113.2
110.1 97.0 104.6 114.0
110.3 95.6 105.3 114.5
110.7 89.6 101.7 117.0
114.3 88.4 101.7 122.2
117.6 90.9 105.6 125.6
119.2 94.9 110.9 126.0
119.5 89.1 107.0 128.2

99.8 97.2
97.3 98.5
95.2 94.2
95.3 93.8
95.3 99.3
95.4 99.4
93.5 100 6
95.0 114.3

106.6
109.5
108.1
107.9
111.2
117 2
112 7
112.7

104.5
105 7
107.0
106 6
107.2
109 5
110 4
109.9

119.5
119.6
120.0
119.9
119.7
119.5
119.1
119.7
119.1
118.9
118.9

91.1
90.8
92.4
90.8
89.8
88.4
87.1
88.9
86.5
85.4
85.9

93.7
93.9
94.1
94.5
94.9
95.3
95.7
95.9
95.9
96.3
96.7

114.8
115 0
114.0
113.4
111 2
111 1
112.2
111.9
111 4
111.2
111.7

109.9
109 8
110 0
110.0
110 0
109 9
109.7
109.9
110 0
110 0
110.0

119.3
119.4

86.5 r 105.6 128.8
87.0 105.7 128.8

134.0
125 0
126.9
143 8
145.8
145 2
145 0
144.8

120.3
120 2
118.0
123 6
125.4
119 0
117 7
125.8

116.5
116 1
116.3
119 3
127.2
129 6
131 0
132.2

123.0
126 9
128.0
136 6
148.4
151 2
150 4
153.6

121.5
123 0
124.6
128 4
137.8
146 1
149 8
153.0

112.0
114 2
115.4
115 9
119.1
122 2
123 2
123.4

113.6
118.2
120.9
124 2
129.6
134.6
136 0
137.7

110.6 108.3
115.7 97.8
120.6 102.5
121.6 92.0
122.3 91.0
126.1 89.6
128 2 94 2
131.4 94.5

145.4
146 7
147 5
148.8
147 3
146 4
141.0
142.0
142 3
144 9
142.5

122.5
124 2
126 3
128.2
128 9
128 3
128.5
127.2
126 2
124 3
124.8

131.7
132 0
132 2
132.0
132 3
132 4
132.3
132.4
132 5
132 3
132.4

153.4
153 6
152 8
153.0
153 3
152 7
152.8
153.8
154 5
155 8
155.2

152 0
152 2
152 1
152.5
153 0
153 6
153.8
153.9
153 7
153 6
153.7

123.3
123 5
123 4
123.5
123 6
123 8
123.5
123.4
123 3
123 3
123.2

137.5
137 7
138.3
138.4
137 4
137 5
137.4
137.5
137 5
137.7
137.8

128.9
132 1
132.2
132.2
132 2
134 5
134.5
131.8
131 7
131 7
131.7

1959
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

107.6
107.2
107.2
107.7
108.1
107.5
105.8
107.8
106.4
104.9
104.7

127.8
128.1
128.3
128.4
128.2
128.4
128.4
128.4
128.4
128.5
128.6

105.4
108.5
117.8
118.5
118 9
119.3
119.7
119.1
116.2
111.7
112.3

r

98.5
97 0
98.8
95.2
91 0
92.9

92.0
88.6
91.8
93.7
94.2

1960
Feb
r

Revised.




r

96.6 r 112.7 111 9 109 9 143 5 r125 1 r133 7 r155 5 153 8 r123 4 r138 4 r131 7
96.5 112.0 112.0 110.0 145.1 124.7 133.2 155.4 154.1 123.5 138.1 131.7

r

95 3
93.4

429

PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1959

1960

1959

Jan.

Feb.
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products

104.9
77.2
78.5
95.9
'99.3
56.9
'77.5
127.4

Feb.

136.2
127.6
144.2

135.9
127.5
147.6

135.9
130.0
147.6

135.9
130.0
147.6

172.5
134.1
156.3
172.9
126.0
122.0
134.0

172.2
140.7
152.9
173.2
133.2
121.6
135.4

172.4
142.2
152.9
173.4
134.0
120.9
135.4

171.6
142.1
154.8
173.4
133.9
120.3
135.6

145.8

146.5

146.3

146.4

143.0

144.0

144.3

145.5

171.2
171.4

172.9
177.6

173.6
177.7

173.9
178.0

163.9
149.0

167.9
149.8

167.8
149.7

168.1
149.8

152.5
143.2

155.7
141.6

156.0
141.6

156.5
141.6

124.1
155.0
126.3
105.1
93.2
156.0

124.2
'155.5
129.0
103.7
91.9
156.6

124.7
155.8
129.6
103.3
'91.7
157.8

125.0
155.8
129.6
103.2
91.7
158.1

135.2
140.2
129.0
159.6
133.1
119.8
131.7

135.3
140.4
130.4
160.7
133.1
113.6
132.5

135.3
142.0
130.8
161.3
133.1
113.6
132.8

135.3
142.0
131.3
161.3
133.1
106.3
133.7

,
,

134.8
106.6
148.3
121.7
148.9

134.8
106.6
153.7
120.7
171.1

134.8
106.6
155.7
120.5
171.1

134.8
106.5
155.7
120.6
171.1

Toys, sporting goods, small arms
Manufactured animal feeds
,
Notions and accessories
Jewelry, watches, photo equipment..,
Other miscellaneous
,

117.9
82.2
97.5
108.1
132.4

118.0 '117.7
74.0 r 75.6
97.5
97.5
109.5 '110.6
131.9 '131.9

117.8
72.2
97.5
110.6
131.5

120.4 '120.7
90.5 '92.4
118.1 '118.8
104.6 104.5
115.6 113.3
145.2 145.2
100.0 103.9

89.6
97.6
79.8
109.3
99.3
78.0

95.0
95.9
104.2 '104.0
81.3 '79.4
121.7 122.0
100.9 100.8
79.4
79.3

95.8
103.2
79.8
119.5
100.6
79.8

73.0
101.0
123.3
100.8

73.8
103.5
134.1
107.8

126.2
170.4
112.0
100.8
119.5

124.1 124.1
170.4 170.4
115.5 '116.6
101.2 101.3
114.3 114.4

69.8
104.8 Furniture and Other Household Dura134.2
bles:
107.2
Household furniture
Commercial furniture
Floor covering
124.1
Household appliances
170.4
Television, radios, phonographs
115.3
Other household durable goods
101.8
114.6 Nonmetallic Minerals—Structural

123.7
128.4
101.4
93.0
58.9
109.8
107.5
106.5

124.0 124.1
128.3 128.3
103.1 103.0
93.7
93.8
50.8
49.2
109.8 109.9
107.0 '108.8
106.8 106.5

Flat glass
Concrete ingredients
124.2
Concrete products
128.3
Structural clay products
103.0
Gypsum products
94.0
Prepared asphalt roofing
49.4
Other nonmetallic minerals
109.9
108.8 Tobacco Manufactures and
106.5
Beverages:

,

139.4
151.9
141.9

160.5
133.3
143.0

162.8
133.3
144.6

160.7
138.1
144.6

,
,

123.1
130.2
103.6

125.9
137.9
97.2

126.1
137.8
'98.2

125.8
137.7
97.0

121.2
107.1
142.1

121.2
109.8
144.3

121.2
108.0
144.5

121.2
93.6
144.5

Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products

'73.7
105.5
134.2
108.0

Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics..
Fats and oils, inedible
,
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:

Lumber and Wood Products:

Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles

Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages

Bottled

Miscellaneous:

Pulp, Paper, and Allied Products:




Feb.

117.7
100.9
113.0
110.6
113.8
149.7
97.2

Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products

' Revised.

Jan.

Pulp, Paper, and Allied Products
{Cont.):
100.5
Papcrboard
76.7
Converted paper and paperboard
80.8
Building paper and board
96.1
98.7
58.4 Metals and Metal Products:
77.1
Iron and steel
128.9
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
120.7
Heating equipment
93.0
Fabricated structural metal products.
118.4
Fabricated
nonstructural
metal
105.0
113.9
products
145.2
101.6 Machinery and Motive Products:

Textile Products and Apparel:

Woodpulp
Wastepaper
Paper

Dec,

107.9
76.1
76.0
95.7
'98.3
62.8
76.3
127.5

Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods

Lumber
Millwork
Plywood

Feb.

105.9
77.0
88.4
99.1
95.5
69.3
78.0
134.8

Processed Foods:

Crude rubber
Tires and tubes
Other rubber products

1960

Subgroup

Subgroup

430

NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters

Annual totals
Item

1958
1929

1933

Gross national product.
Personal consumption expenditures.
Durable goods
Nondurable goods
Services

104.4
79.0
9.2
37.7
32.1

Gross private domestic
investment.
New Constructionl
Residential^ nonfarm
Other
Producers' durable equipment..
Change in business inventories.
Nonfarm only

16.2
8.7
3.6
5.1
5.9
1.7
1.8

56.0 125.8 284.6 397.5 419.2
46.4 81.9 195.0 256.9 269.9
3.5
9.7 30.4 39.6 38.5
22.3 43.2 99.8 124.8 131.4
20.7 29.0 64.9 92.5 100.0
1.4 18.1 50.0 63.8 67.4
6.6 24.2 34.9 35.5
1.4
3.5 14.1 18.7 17.7
.5
3.1 10.1 16.2 17.8
1.0
6.9 18.9 23.1 27.2
1.6
4.5
6.8
-1.6
5.8
4.7
4.0
6.0
-1.4
5.5
5.1

Net exports of goods and services.
Exports
Imports

2.8
7.0
6.3

2.2
2.4
2.3

8.5
1.3

8.0
2.0

Government purchases of goods and services
Federal
National defense3
Other
Less: Government sales*
State and local
Addendum: Gross national product in constant (1954) dollars

2.0

.0
7.2

.0
6.0

1941

21.1
6.0
4.8
24.8
16.9
13.8
7.8

1950

.6
13.1
12.5
39.0
19.3
14.3
5.2
.1
19.7

1955

1956

1.1
19.4
18.3

2.9
23.1
20.2

75.6
45.3
39.1
6.6
.4
30.3

79.0
45.7
40.4
5.7
33!

1959

1957

1958

442.5
284.8
40.3
137.7
106.7
66.6
36.1

441.7 479.5 457.1 470.4 484.8 478.6 483.5

17.0

19.0
28.5
2.0
1.2
4.9
26.2
21.3
86.2
49.4
44.3
5.5
.4
36.8

1959

293.0 311.6 299.1 303.9 311.2 313.3 317.0
37.6 43.0 39.8 41.3 44.1 43.6 42.8
141.9 147.9 143.6 145.3 147.7 148.0 150.1
113.4 120.7 115.7 117.4 119.4 121.6 124.1
54.9 71.1 61.3 70.0 77.7 67.0 69.7
35.8 40.2 37.3 39.7 41.0 41.0 39,2
18.0 22.2 19.9 21.9 23.1 22.6 21.3
17.7 18.0 17.4 17.8 17.9 18.3 17.9
22.9 26.1 23 2 23.9 26.0 27.0 27.5
-3.8
3.0
4.8
8
6.3 10.7 - 1 . 0
-4.9
9.8
3.9 - . 1
2.3
5.4
-.8
.0
.2
-.6
1.2
-1.1
22.6 22.8 22.7 2K5 22.1 24.1 23.4
21.3 23.6 22.5 22.4 23.9 2 4 . 1 24.1
92.6 97.6 96.5 97.4 97.7 98.4 97.4
52.2 53.5, 54.2 53.8 53.9 53.6 52.7
44.5 45.8 45.3 45.8 46.2 45.9 45.3
8.3
8.1
8.0
8.1
7.8
9.4
8.1
.4
.3
.4
.4
.5
.6
43.8 44.8 44.7
40.5 44.1 42.2 4!

181.8 126.6 238.1 318.1 392.7 400.9 408.3 399.0 426.0 410.8 420.7, 432.1 424.3 426.8
I

21 Includes expenditures for crude petroleum and natural gas drilling.
Net exports of goods and services and net foreign investment have
been equated, since foreign net transfers by government were negligible
during the period 1929-45.
3 This category corresponds closely to the major national security
classification in the Budget of the United States Government for the fiscal
year ending June 30, 1960.

* Consists of sales abroad and domestic sales of surplus consumption
goods and materials.
NOTE.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the July 1959 issue
of the Survey of Current Business.

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars}
Seasonally adjusted annual rates
by quarters

Annual totals
Item

1958
1929

National income
Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' income2
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax.
Profits tax liability
Profits after tax
Inventory valuation adjustment

87.8
51.1
50.4
45.5
.3
4.6
.7
14.8
8.8
6.0
5.4

10.1
9.6
1.4
8.3

1933

1957

1958

1959

40.2 104.7 241.9 330.2 350.8
29.5 64.8 154.2 223.9 242.5
29.0 62.1 146.4 210.9 227.6
23.9 51.9 124.1 174.9 189.6
1.9
9.7
.3
5.0
9.8
8.3
17.3 26.2 28.4
4.9
2.7
7.8 13.0 14.9
.5

366.5
255.5
238.5
198.4
9.6
30.5

366.2
256.8
239.4
196.2
9.7
33.5

398.5
277.4
257.8
212.
9.8
35.9

17.0

17.4

44.5

10.7

43.7
32.1
11.6
10.9

32.7
11.8
11.5

46.6
32.4
14.2
11.8

43.1
44.9
21.8
23.0

42.0

44.7
21.2
23.5

41.7
43.3
21.1
22.2

36.7
37.1
18.2
18.9

5.6
3.2
2.4
2.0
-2.0

.2
.5
-.4

1941

1950

1955

17.4

37.5

10.9
6.5

42.1
30.4
11.8

3.5

23.5
14.0
9.0

14.5
77.0
7.6
9.4

40.6
17.9
22.8

35.7

1956

1959

380.4
262.9
245.1
200.8
9.9
19.6 34.4
46.3 17.8
34.5 47.4
11.8 33.2
12.0 14.1
11.9

389.4
269.9
250.9
206.2
9.8
34.8

403.9
278.9
259.4
214.0
9.8
35.6

398.2
279.3 281.6
259.5 261.5
214.8
213.5
9.8
9.8 36.9
36.3
20.0
19.8
46.7
45.1 35.1
34.8 11.6
10.3
12.0
12.0

19.0

19.6

46.9
33.7
13.2

46.6
34.5
12.1

12.0

12.0

43.5

45.5

51.0

46.0

44.6
21.9
22.7

46.5
22.6
23.8

52.6
25.6
27.0

46.4
22.6
23.8

.5
-2.5 -5.0 -1.7 -2.7 -1.5 -.4
-.9 -1.6 -.3
-1.1
6.4 - 2 . 1
4.5
5.5 10.4 11.7 13.3 14.3 15.6 14.7 15.1 15.4 15.8
5.0!
2
* Includes employee contributions to social insurance funds.
Includes noncorporate inventory valuation adjustment.

Net interest




16.1

431

NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates. In billions of dollars]

Seasonally adjusted annual rates
by quarters

Annual totals
Item
1933

1941

1950

1QCC

1Q<7
lyj 1

1956

1958

1959
4

104.4

Gross national product

7.2

9.0

19.1

32.0

34.4

7.0
.6

7.1
.7
.9

11.3
.5
.4

23.7
.8
-.7

32.9
1.5
1.0

35.7
1.6
-2,4

.0

.1

.2

.0

.9

-.1

Equals: National income

87.8

.3

Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments

Personal

tax and nontax

payments.....

.0
.9
1.0
5.8
.6

.0
1.5
1.2
2.1
.7

85.8

47.2

2.6

1.5

1.3
1.4

Federal
State and local
Equals: Disposable personal income....

.5

1.0

36.9

37.9

40.2

38.5

38.1 39.0
1.7
1.7
.5 - 2 . 1

42.0
1.7
-2.3

39.9
1.7
-2.4

1.0

.7

1.0

1.1

39.9

40.5

41.2

40.7 41.7
1.7
1.7
.2 - 1 . 7

42.3
1.7
-3.6

43.1
1.7

.7

.6

.6

39.3

.8

14.5
2.8

35.7
6.9

43.1
11.0

42.0
12.6

41.7
14.6

36.7
15.1 "\Y.9

43.5
15.5

45.5
17.5

51.0
17.9

46.0
18.1 "V%.2

.0
2.6
1.3
4.5
.5

.0
14.3
4.8
9.2
.8

.0
16.0
5.4
11.2
1,5

.0
17.2
5.7
12.1
1.6

.0
20.0
6.2
12.5
1.7

.0
24.4
6.2
12.4
1.7

.0
25.1
6.1
12.0
1 7

.0
24.7
6.3
12.8
1 7

.0
24.8
6.6
13.0
1 7

.0
24.8
7.0
13.4
1 7

.0
25.1
6.8
13.2
1 7

.0
26.0
7.4
13.6
1.7

96.3 228.5 310.2 332.9 350.6 359.0 380.2 366.3 371.8 381.1 381.0 386.8
5.3

20.8

35.7

40.0

42.7

42.6

45.5

43.4

44.4

45.8

45.9

46.1

2.0
1.3

18.2
2.6

31.5
4.2

35.2
4.8

37.4
5.4

36.7
5.8

39.2
6.3

37.4
6.0

38.2
6.2

39.5
6.3

39.5
6.4

39.7
6.4

83.1

45.7

93.0 2&7.7 274.4 292.9 307.9 316.5 334.6 322.9 327.4 335.3 335.1 340.8

79.0

46.4

81.9 195.0 256.9 269.9 284.8 293.0 311.6 299.1 303.9 311.2 313.3 317.0

4.2

-.6

11.1

Less: Personal consumption expenditures....
Equals: Personal saying
Addendum: Disposable personal income i
constant (1954) dollars

4

40.2 104.7 241.9 330.2 350.8 366.5 366.2 398.5 380.4 389.4 403.9 398.2

10.1 - 2 . 0
.3
.2

Equals: Personal income

3

2

1

56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 457.1 470.4 484.8 478.6 483.5

8.6

Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises

Less:

1959

1958
1929

12.6

17.5

23.§

23.1

23.5

23.1

23.7

24.1

23.5

21.9

23.7

134.9 102.1 175.1 231.0 273.4 286.9 292.9 295.2 309.0 300.4 304.3 310.7 308.9 312.9

PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars)
1959
Itemi

1958

1959

Mar.

Apr.

May

June

July

1960

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.**

359.0 380.2 375.4 379.0 381.3 383.8 383.4 380.0 380.9 382.6 387.0 392.1 392.8 393.0' 393.5

Total personal income.

Wage and salary disbursements
239.4 257.8 254.0 257.3 259.8 261.7 261.5 258.8 259.2 259.2 261.1 265.4 268.1 268.8 269.0
Commodity-producing industries.. 97.8 107.3 106.3 108.6 109.8 110.9 109.9 106.8 106.8 106.4 107.5 111.1 113.0 112.7, 112.1
85.4
83.8
86.7
84.4
Manufacturing only
76.7 84.6
87.7 86.9
84.0
83.6
88.7
87.6 89.3 89.0
84.2
63.8 67.6 66.6 66.9 67.5 68.0 68.4 68.3 68.3 68.5 68.6 68.8 69.5 69.7 69.8
Distributive industries
34.6 37.2 36.4 36.8 37.1 37.2 37.3 37.6 37.8 38.0 38.3 38.6 38.7 39.0 39.0
Service industries
43.2 45.7 44.8 45.0 45.4 45.6 45.9 46.0 46.2 46.4 46.7 46.9 46.9 47.4 48.1
Government
9.3

10.0

9.8

9.9

9.9

10.0

10.1

10.1

10.2

10.2

10.3

10.3

10.4

10.4

10.4

Proprietors' income:
Business and professional.
Farm

32.4
14.2

34.5
11.8

34.0
12.9

34.3
12.2

34.5
12.0

34.7
12.1

34.9
11.4

34.9
10.0

34.8
9.6

35.0
10.5

35.
11.6

35.2
12.6

35.4
11.6

35.4
10.7

35.4
10.3

12.0

12.1

12.2

12.2

13.6

13.6

13.6
24.6

Other labor income

Rental income

11.8

12.0

12.0

12.0

12.0

12.0

12.0

12.0

12.0

12.0

12.0

Dividends

12.4

13.2

12.8

12.9

13.0

13.1

13.2

13.4

13.5

13.6

13.7

Personal interest income.

20.4

22.4

21.6

21.8

22.0

22.2

22.4

22.7

23.0

23.3

23.5

23.8

24.1

24.3

Transfer payments2

26.1

26.8

26.6

26.9

26.4

26.4

26.3

26.5

27.0

27.2

28.0

27.7

27.2

27.3

27.7

7.0

8.3

8.2

8.3

8.3

8.4

8.4

8.4

8.4

8.4

8.4

8.5

9.7

9.7

9.7

Less: Persomal contributions
social insurance
IN on agricultural income3.
Agricultural income

for

13.51

341.1 364.4 358.5 362.7 365.3 367.8 368.2 366.3 367.5 368.1 371.5 375.4 377.1 378.2 379.1
17.9

15.8

16.9

16.3

16.0

16.0

15.2

13.7

13.4

14.5

15.5

16.7

15.7

14.8

14.4

I
p

Preliminary.
Monthly data are seasonally adjusted totals at annual rates.
Mainly social insurance benefits and veterans' payments.
3 Personal income exclusive of net income of unincorporated farm

1
2




enterprises, farm wages, agricultural net interest, and net dividends paid
by corporations.
NOTE.—For description of series see U. S. Income and Output, a supplement to the Survey of Current Business.

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR FOURTH QUARTER, 1959?

to

[In billions of dollars]

Sector

Transaction
category

B
C

Farm i

Noncorporate l

Corporate

S

S

U

U

U

S

1.7
1.0
.7

16.3
11.1
52

U

S

9.0
59
3.2

6.3
22
41

Commercial
banking3

Savings
institutions 4

Insurance

S

U

S

U

U

U

S

Rest-ofworld
sector

Finance
n.e.c.6

6

S

Dis- Natl.
crep- saving
ancy7 and
investment

All
sectors

.4

— .6

.7

.1

.3

-1.7

.4

-.6

.7

1

3

5.0

1.3

3.0

8.1

.1

.1

1 0
.2

o
23
-.5

2
73
.5

1

.i

Net financial invest. ( K - L ) . . .

3.5

.5

4.3

-3.1

K. Net acquis. of finan. assets . . .
L Net increase in liab ^ 7

9.3

-.1

.4

3.9

M
N

Gold and Treas. currency 18 .
Dem. dep. and currency 1 9..

1.6

O
P
Q
R

Fixed-value redeem, claims..
Time deposits 20
Savings shares 2^
.. . .
U. S. savings b o n d s 2 2 . . . .

20
3
22
- 6

S]
T

Saving through life insur. 2 3..
Saving through pen. funds 2 4 .

9
2.0

U
V
W
X
Y
Z
a
b
c
d
e

Credit and equity mkt. instr..
Federal o b l i g a t i o n s 2 5 . . . .
State and local obligations.
Corp and foreign b o n d s . .
Corporate stock
1- to 4-family mortgages..
Other mortgages
Consumer credit
Security credit2 « 2 7
Bank loans n.e.c.
Other loans 2 8

4.2
38
.1
— 2
1
.1
.3

~
f
g]

Trade credit
Proprietors' net invest, in
noncorporate business *... - 1 3
Misc financial trans 30

i "I Sector discrepancies (A—D) 3 1 . - 4 . 7

-.6

6.8
- 1

3.9
-.1

-4.8

.3

.-4.8
6.9

1.8
- 1
_ l

-.3

.3

— .9
*
-1 3

U

S

—1.7

6.3

J

U

-4.8

1.7

18.5
12 3
5.3
1 0

S

U

-4.8

31.0

Private capital expenditures
(net of sales) * 3
Consumer durable goods. .
Nonfarm resident constr. i *.
Plant and equipment
. .
Change in inventories ^

1.3

3.9
*

1.0

3.4
3.8
q O

-.6

-.2
-.2

.1

.7

-.6

-A

6
*

.1

*
6.8

3.6
*
2 .27
1
2

-.2

.5

.1
.5
— .1
— 2

1.8

— 2
.4
14
.2

—3

—4 5

— .1

-1 2

1.6
6

i.2

2.3
1 1
.7
— 2
.8

.5

.6

.1

.1

-.5

3.1

3.9

1.9

.5

34.6

3.8

5
*
*

2
3
.1

-.2

*

2

46

2

.3

.5
.4

1

- 3
.2

4.0

.6
.2

3.3

1.8
— 1

.2
2.4
.1
2.2

4

1

*

*

.4
.2
3
.8
19
2

*
7

.4

i7

.3
2
*

.1
—1 8

1.6
— 4
*
*

*

1
.3

2.7
-.1
.2
1.1
.5
5
3

2.0
_ 1
.1
.4
.5
.2
.5
*

.2
*

A
B
C

.5

39.9

D

30.0
12.3
5.7
11.8
.2

E
F
G
H
I

.2

35.1

—3
3

1.5
2
2.2
—6

1.5
2
2.2
—6

9
2.0

9
2.0

17.7
4.2
.4
1.5
1.2
3.2
1.3
2.7
.8
1 9
.5

17.7
4.2
4
1.5
1.2
3.2
1.3
2.7
.8
19
.5
*

*

.3
.5

*
.1

.1
*

.5
6
-.1

*

*
2
-.2

*

.2
-.1

.5

3.8

.7
.5

.1
.1

-1 3 -1 3
.4
.3
.4
—1.7

8

37.6
20.2
7.4

*
3.2

1.9

i

37.8 - 3 . 3
20.2
76

1
_ i

.9
1.4
3.4
—3
*
—l

U

30.0
12 3
5.7
11 8
.2

-.6

.6

4.2
4.2

S

39.5

- 6

* Less than $50 million.
» Preliminary.
NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions
of assets; financial sources of funds, net changes in liabilities.
For discussion of saving and investment concepts see pp. 831-43 of BULLETIN for August 1959. Descriptions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," pp.
846-59 of BULLETIN for August 1959.
In Tables 3 and 4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes,




Financial sectors

State
and local

Federal

S

F
G
H
I

h

Government sectors2

Nonfinancial business sectors

2

U

Capital consumption 12
Net saving (A—B)

D Gross investment ( E - i - J ) 2 . . . .
E

Consumer
and nonprofit
sector

*
.7

-.1

J

.4
.5

K
L

-.1
.1

M
N

.3
.3

O
P
Q
R

s

T
*

-.7
-.5

U
V
W
.1 X
-.1 Y
Z
a
b
* c
.2 d
-.3
e

-.2
*

f
*

h

-1.7 -2.3

i

in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and
Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual
savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjustments apply to the first three quarters and to the annual totals for 1959.
Details may not add to totals because of rounding.
For other notes see pp. 435 and 436.

433

FLOW OF FUNDS/SAVING
TABLE 2. SAVING AND INVESTMENT
[In billions of dollars]
Quarterly totals
Annual totals

Transaction category,
or sector

1956

1955
2

A
B
C
D
E
F
G

Net national saving
Consumer and nonprofit
Farm and noncorp. business 3 2 . .
Corporate nonfinancial
business.
Federal Government2
State and local governments2. . .
Financial sectors

H Capital consumption *2
I
Consumer and nonprofit
J
Consumer durable goods
K
Owner-occupied homes
L
Plant and equip, (nonprofit)...
M
Farm business
N
Noncorp. nonfinan. business....
0
Corporate nonfinancial business.
Gross national saving2
Consumer and nonprofit
Farm and noncorp. business....
Corporate nonfinancial business.
Federal Government2
State and local governments 2 .. .
Financial sectors

P
Q
R
S
T
U
V

18.9 36.5
4.7
25.5 30.0
5.4
3.
*
*
12.4
2.4
2.7 11.7
5.4
.4
3.6 -8.2 - 4 . 5 - 5 . 0
-3.2 -2.7 -3.3 -4.6 - 5 . 0 - 1 . 3
.1
4.3
3.2
3.3
3.4
3.9
41.4
29.3

*

*
5.8
5.8

62.3
33.9
30.4

67.4
36.9
33.0

72.7
40.0
35.8

74.9
41.6
37.0

3.1
.5
3.7
7.0

3.4
.5
3.7
7.5

3.7
.5
3.9
8.1

4.0
.6
4.0
8.0

17.6

19.3

20.7

21.4

Change in inventories15
Farm business
Noncorp. nonfinan. business..
Corp. nonfinan. business

k
1
m
n
o
p
q
r
s
t

Net financial investment * 6
Consumer and nonprofit
Net acquis. offinan. assets. .
Net increase in liabilities....
Farm and noncorp. business..
Net acquis. offinan. assets. .
Net increase in liabilities....
Corp. nonfinan. business
Net acquis. offinan. assets. .
Net increase in liabilities....

u
v
w
x
y
z
aa
bb
cc
dd

Federal Government
Net acquis. offinan. assets. .
Net increase in liabilities
State and local governments. .
Net acquis. offinan. assets. .
Net increase in liabilities....
Financial sectors
Net acquis. offinan. assets. .
Net increase in liabilities....
Financial trans, discrep

ee Discrepancy (P —W)31

37.5
27.9

78.4
43.
38.2
4.3
.6
4.1
8.5
22.7

18.7
10.2
9.1
.9
.1
1.0
2.1
5.5

93.8 114.9
67.2 73.1
12.0 12.6
34.4
24.1
5.8
.4
3.6 -8.2 - 4 . 5
5.0
-2.7
-3.2
-3.3 -4.6

23.4
15.6
6.1
7.9
-5.0
-1.3

101.8 108.9 110.2
60.5 66.2 67.9
10.7 11.3
11.9
30.1 25.1 26.1

3.3

3.2

3.9

18.9
10.4
9.3
1.0

l!o
2.0
5.2

1.0
2.0
5.5

.1

19.4
10.5
9.3
1.0
.1
1.0
2.1
5.8

19.1
10.6
9.4
1.0
.2
1.0
2.1
5.5

19.4
10.7
9.5
1.1
.2
1.0
2.1
5.6

19.7
10.8
9.6
1.1
.2
1.0
2.2
5.7

20.2
11.1
9.8
1.1
.2
1.0
2.2
5.9

24.8 21.3 24.3 23.4
17.0 14.9 18.6 16.6
1.8
1.8
2.2
6.1
1.8
3.9
8.7
9.7
3.5
1.3 - 5 . 4 - 7 . 6
- . 4 -1.1 -1.5 -1.6
1.0
.4
1.7
.2

29.4 29.2 28.8 27.6
18.9 18.4 19.5 16.3
2.3
.9
1.3
8.1
6.7
9.5
9.2
9.0
1
.7
-1.6 -4.8
-.5 - 1
-1.3 -1.7
1.4
.6
1.7

26.6
11.4

26.1
9.4

29.8
11.1

26.8
10.3

29.9
12.3

66.5
22.2
75.5
2.8 3.3 3.4 3.7
5.1
3.8
4.6
4.0
10.1
9.2 10.7
9.7
29.1
32.0 26.1 27.5
.7
.7
.8

16.7
4.9
4.0
.9
.8
2.3
8.4
.2

13.
4.4
3.6
.8
1.0
1.7
5.8
.2

14.7
4.0
3.7
.5
1.3
2.5
6.7
.2

15.1
4.6
3.6
.9
1.2
2.5
6.6
.2

15.8
5.2
4.3
.9
1.0
2.4
7.0
.2

14.0
5.2
4.3
.9
1.2
2.1
5.3
.2

17.3
4.9
4.1
.9
1.5
3.2
7.4
.2

17.7
5.9
4.9
1.0
1.4
2.9
7.3
.2

17.5
6.2
5.3
1.0
1.0
2.5
7.5
.2

4.8
.8
.4
3.5

.2

-2.4
.2
.3
.2
.6 - . 3
.1
-1.0 - 2 . 4 - 1 . 1

-.6
.2
-.5
-.4

3.2
.2
.9
2.0

1.8
.2
.1
1.5

-.5
.2
-.1
-.6

62.7
18.9
75.7

.4
2.9

64.6
18.2
14.9

58.7
18.2
14.7

2.0 -3.8
A
1.1
.8
'.2
4.9
1.2 -1]8
2.1

4.2

.7
3.2

-'.5

.1
.4 - 1 . 7
1.8
12.5 12.3
5.4
24.6 33.7
3.6
12.1 20.5
3.6
-2.8 - 4 . 5
.5
7.5 - . 2
4.
3
.7
4.3
A -4.0 - . 3
7.5
7.4 12.9
1.9
7.0 16.8

3.6 -8.2 - 4 . 5 - 5 . 0
6.5 -2.1
3.2 7.5
2.8
9.8 11.0
-2.2
4
.4
-.6
4.9
7.0
2.6 3.5 3.0 2.5
7.5
4.8 6.5 7.9 7.
A
4.2
2.5
2.6
3.4
22.4 23.7 35.3 25.7
9.0
9.4
19.9 21.1 31.8 24.5
1.5
-2.0
-.8
* -.9

5.8
.4
.9 7.5
.5 -4.3

.8

- .4
-3.0

o

.9

* Less than $50 million.
r
v Preliminary.
Revised.
Notes to Tables 1-3
1 Net saving of, and consumer investment in, unincorporated business
discussed
on p. 838 of BULLETIN for August 1959. See note 32, p. 1315.
2
For govt. sectors, saving is excess of all nonfinancial receipts over all
nonfinancial outlays; investment, changes in financial assets and liabilities
only. Govt. current outlays include, and govt. (and national) investment excludes, govt. purchases of tangible assets.
3 Consolidated account for monetary authorities (Federal Reserve
System, ESF, and Treasury currency accounts) and commercial banks
in 4United States (excluding territories and possessions).
Mutual savings banks, savings and loan assns., and credit unions.
5
Life and nonlife insurance companies and private pension plans.
6 Finance companies, open-end investment companies, security brokers
and dealers, banks in U. S. territories and possessions, and U. S. agencies
of foreign banks.
7 For discussion, see p. 857 of BULLETIN for August 1959.
8 Totals for domestic sectors; financial entries are net uses plus items
in discrepancy column. For comparison with national saving and investment in national income accounts of Dept. of Commerce, see p. 842
of BULLETIN for August 1959.




18.5
10.4
9.2
1.0

23.0
8.8

.6
5.0

.5

.1

18.1
10.3
9.2
1.0
.1
1.0
2.0
4.9

10.3
9.8
9.0
7.4
8.3
7.7
8.7
5.2
- . 7 -2.2 -1.9
4.8
1.2
3.9
3.4
3.2
.7
1.2 - 1 . 6 - 4 . 8
- . 5 -1.5 -1.3 -1.7
1.4
.6
1.7
.6

21.6
9.1

-2.9 -12.2 -6.9
75.5
4.2 2.8
79.5 16.4
9.7

-2.0

4.3

2.8
4.5
-1.1
-1.3

21.7
8.3

12.6 11.3
25.8 27.6 23.7
20.4 15.0 11.8
-4.4 -2.5 -2.5

26.9
23.3

3.4

4.0
5.4
6.2
8.1
-.8
3.
3.3
3.8
1.3 - 5 . 4 - 7 . 7
-1.1 -1.5 -1.6
.4
.2
1.7

6.7
6.7
-1.1
-3.1
3.5
-.4
1.0

27.6
11.3

4.7

2.2
4.8
3.6

1959

92.9 112.5
37.6 43.0

108.0 111.1
38.5 40.3

5.8
.3
.6
4.9
*
5.4

-2.6

1958

1958

1957

39.4
26.6

103.8
W Gross national investment2
39.6
X
Consumer durable goods
Y
Other gross private domestic fixed
58.4
investment
19.3
Z
Consumer and nonprofit
16.6
a
Nonfarm residen. constr.n..
b
Plant and equip, (nonprofit)..
2.7
c
Farm business
4.2
14
10.1
d
Noncorp. nonfinan. business
4
24.1
e
Corp. nonfinan. business * . . .
f
Financial sectors
.7

g
h
1
j

1957

2.4

-4.2

:! 8
-.5
.5
.1

i
j

.3
.2 - . 1
-.4
-.4
-.8
4.8
5.5
2.5
4.0
-.6
2.8
2.1
3.7
5.2
7.4
9.3
7.0
3.2
5.7
5.7
5.5
1.9
6.8
3.0
.4
5.9
6.0
3.9
5.0
4.9
-1.9 - 1 . 9 - 1 . 9
3.0 - 2 . 1 - 4 . 1 -3.1
2
.3
.3
.5 - . 5
.5
.7 - . 2
2.2
2.5
7.7
1.7
-2.7
4.2
2.9 -4.5
2.6
.1
-4.3
2.0 - 1 . 7
.6
.3 - 3 . 1
6.8
1.4
-6.2
5.4
.3
5.4
3.4
3.9
4.3
-1.9
1.3
3.4
2.0
4.8
3.1
6.9
3.5
1.4
-2.2
-1.2
7.2
2.4
.5
2.7
2.2
-1.2
3.1

1.3 - 5 . 4 - 7 . 6
1.2 - 1 . 6 - 4 . 8
.7
3.9 -4.4
-.9
.7
4.1
.2
3.0
2.6
1.0
3.9
8.4
2.9
- .4
4.7
- . 7 -2.7
- . 3 -1.7 -1.4 -1.5
x
7.5 - . 5
1.2
7.0
.2
.5
.5
y
2.2
2.0
1.9
1.4
7.5
2.4
1.0
z
1.2
2.2
.9
1.9
-.5
1.7
- . 3 aa
id
75.7
5.7 70.2 bb
7.5 75.0
10.3
5.7 70.5 cc
14.9 - . 5
75.5 - 7 . 7
9.5
-.4
.7 - 1 . 3
A
.5 dd
-.2

1.3

-3.2

3.4

-.6

2.0 - 2 . 3

ee

NOTE.—Descriptions of sectors and of transaction categories are given
in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN
for August 1959. For other notes see below and second page following.

9
For content of sector saving, see transactions in sector statements,
Table 4 on second page following and pp. 833 and 849 of the BULLETIN
for1 August 1959.
0 Rest-of-world surplus on current transactions with United States.
11
Discrepancy between total nonfinancial sources and uses of funds
(Line
A minus line E in "all sectors" column).
12
Depreciation, accidental damage to fixed capital, and capital outlays
charged to current account. Annual data in Table 2 are from Dept. of
Commerce national income accounts except for F. R. estimates of depreciation on consumer durable goods. Depreciation on latter item
and on farm assets at current cost; other depreciation, in general, at
original cost. Line H in Table 2 includes amounts for financial sectors
not shown separately. See discussion on p. 836 of BULLETIN for August
1959.
13 Transactions in land excluded from sector investment for statistical
reasons. Such transactions, when recorded as capital flows, affect
sector allocation of investment but not the national total.
For other notes to Tables 1-3 see second page following.

434

FLOW OF FUNDS/SAVING
TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3
[In billions of dollars]

Quarterly totals
Annual totals

Transaction category,
or sector
1955

1956

1957

1957

1958

1959*

1959

1958

4

1

3

2

lr

4

2r

3

-7.3
-5.6
-.5
-4.9
—11
-.2
-2.9
4
4 _ 3
.3 - . 1
1.6 - 1 . 7

2.4
2.3
1.0
1.2
3
-.2
1.5
.1
*
.2
.1

3.8 A
2.1
3.2 B
2.1
1.5 - 1 . 3 C
4.5 D
.5
16 E
1.0
-.2 F
-.2
1.8 G
-.2
.6 H
.2
_ 3
6 I
.1 - . 1
J
.7 K
*

I. Demand deposits and currency
A
B
C
D
E
F
G
H
I
J
K

Net increase in commercial bkg.
system liability ^
Net increase in assets, by sector
Federal Government
Other domestic sectors
Consumer and nonprofit
Farm and noncorporate bus....
Corporate nonfinancial bus
State and local government....
Financial sectors
Rest of the world
Discrepancy (A — B)
II.

2.3
.8
-.6
1.5
-.8
.3
1.0
.4
.6
*
1.5

1.7
1.8
-.2
1.7
1.0
.1
.1
.2
2
.2

-.8
.3
.2
- 8
.5
-.2
.2

5.8
6.3
.1
6.2
2 5
1.3
1.8
2

.2
-1.1

*
-.5

3

4

3.1 - 5 . 2
1.1
1.4 - 3 . 2
2.0
1.5
.7 - 2 . 7
1.2
4.0 - 4 . 4
1 l
1 3 -1 3
.1
-.6
.3
1.3 - 3 . 1
.2
5
6 -.3
8
* -.3
.1
1.7 - 1 . 9
g

6.4 - 3 . 4
5.7 - 2 . 4
3.6 - 5 . 0
2.7
1.8
- 8 2.4
.3
.3
1.3
1.0
6
n

8.0
6.3
6.1
2.2
.3
2.5
.6

3

— 3

2.8
5.5
4.3
1.4
1.3
1.8
— 4 _ l

5.0
3.3
1.8

2.5
1.6
1.0
2

3.1
.9
2.3
2

2.3
1.1
1.4

3.0
1.2
2.3
—5

5.0
-.2
2.8
2.4

2.5

3.1
-.2
.5
2.8

2.3
2
.'6
2.0

3.0
-.6
.9
2.6

2.3
2.3

3.0
3.6
— 2

.2 - . 1
.7 - 1 . 0

Fixed-value redeemable claims

A
B
C
D

Net increase by type
Time deposits
Savings shares
U S savings bonds 2 2

8.4
2.9
5.3
.3

8.9
3.6
5.4

E
F
G
H

Net increase in liab., by sector 3 4 ... .
Federal Government
Commercial banking
Savings institutions

9.0
-.3
2.1
7.3

10.1
-2.2
5.5
6.9

7.5
16.1
-.7 -2.0
8.0
1.1
8.8
8.4

2.9
2^3

5.5
-.1
3.6
2.0

I
J
K
L

Net increase in assets, by sector 34 ...
Consumer and nonprofit
Other domestic sectors 3 5
Rest of the world (time deposits).

8.4
*
1.3
7.1
8.4
8.7i

8.9
9.01

10.1
9 48

16.0
7.5
9 5
13 6
1 3 —1 0
.9 - 1 . 0

2.8
2 8
1
*

5.5
3 3
1 2
1.0

5.0
3.7
12

2.5
3.0
—4
-.1

3.1
3.6
—6
*

.1

III.

10.1 16.0
6.8 10.1
5.2
6.5
—1 9

-.1

-.1

7.5
2.2
7.2

c

i

l.*5

A

1.8
*
1.2
c

-!i
1.4
.8
1.7
_ 7
-.3

1.5
-.2
2.2
- 6

A
B
C
D

1.5 E
-.6 F
-.2 G
2.4 H
1.5

I

2.0
—2
-.3

J
K
L

2.9
.9
2.0
2.9
.1
.6
1.4
.8

A
B
C
D
E
F
G
H

17.7
4.2
4.7
-.5
.4
1.5
1.2
3.2
1.3
2.7
.8
1.9
.5
17.7
6.8
-.2
1.8
2.3
4.2
.5
2.3

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U

Saving through life insurance
and pension funds

A
B
C

Net increase, bv type
Life insurance.
Pension funds

8.4
3.2
5.1

9.3
3.8
5.6

9.0
2 8
6.2

10.3
3 4
6.9

10.9
35
7.4

2.3
7
1.6

2.6
8
1.8

2.2
.7
1.5

2.6
.9
1.7

2.8
1.0
1.8

2.7
8
1.9

D
E
F
G
H

Net increase in liab., by sector34, 3 6.
Federal Government
State and local government
Life insurance companies
Private noninsured pension plans .

8.4
.6
1.2
4.6

9.3
1.0
1.4
4.8
2.1

9.0
.6
1 6

10.3
1.0
1 9
4 8

10.9
1.0
21

2.3
.1
4

2.2
.4
.5

2.6
.3
.5

2.8
.1
.5

2.7
.2
.5

4.8
2.9

1.2
.6

2.6
.2
4
1.1
.9

1.3
.6

1.4
.8

1.1
.9

5.9
.9
1.2

22.7
7.7
3.8
3.9

IV.

2.0

4.3
2.6

2.6

1.0
.4

3.0
11
1.9
3.0
.4
.5
1.3
.7

2.4
.8
1.7

7.3 18.5
*
1.9
4.7
-4.6
4.6 - 2 . 8
1 3
.8
14
1.6
1.1
1.1
1.2
1.1
1.3
3.2
2.9
3.8
1.2
1.2
1.6
2.6
1.9
-.9
-.2
1.4
-.2
3.6
2.8
-.4
1.3
.9
1.0

18.3
5.3
.7
4.6
18
1.1
.8
3.7
1.5
1.7
-.4
2.8
.1

18.5
6.0
1.1
3.0
3.4
1.7
1.5
1.5
.4

18.3
5.0
.3
1.8
2 8
5.2
1.9
1.2
.3

2.4
.3
.5
1.0
.5

Credit and equity market
instruments

A Net increase, by type
B
Federal obligations 37
C
Short-term direct
D
Other
E
State and local obligations ..
F
Corporate and foreign bonds
(j
Corporate stock .
H
1- to 4-family mortgages
I
Other mortgages
J
Consumer credit
K.
Security credit
L
Bank loans n e e
. . .
M
Other loans

43.8 30.6 36.7 45.4
9.1
1.3
.8 - 5 . 4
7.4
-7.1
5.5 - 1 . 2
7.9 - 1 2 . 8 — 4.2 10 3
3 2
5 7
4 7
4.0
5.0
7.5
6.9
3.0
4 0
3.8
4 2
12.6 10.8
8.6 10.4
3.6
3.8
3.5
4 2
6.4
3.4
.3
2.7
.9
1.4
-.4
8.0
5^9
1.4
2.3
1.8
1.1
.9
2.6

N
O
P
Q
R
S
T
U
V

Funds raised bv sector 3 4
Consumer and nonprofit
Farm business
Noncorporate nonfinancial bus.. .
Corporate nonfinancial business. .
Federal Government
State and local government
Financial sectors
. .
. .
Rest of the world

44.0 30.9 36.6
20.3 14.9 11.7
1.2
.9
1.1
4.0
3.4
2.6
9.0 11.4 11 3
_ l —5 4 1 0
3.5
3.3
4.9
5 8
1 3
2 6

W
X
Y
Z
a
b
c
d
e
f
g
h
i
j
k

Funds advanced, by sector
Consumer and nonprofit
Farm and noncorp. business
Corporate nonfinancial business. ,
Federal Government
State and local government
Commercial banking system
Monetary authorities
Commercial banks
Securities
Loons3 8
Savings institutions
Insurance sector
Finance n.e.c
Rest of the world

43.8 30.6 36.7
8.0
9.7
7.9
.2
.2
5.0 -3*.9 - 1 . 2
1.4
2.3
1.1
1.9
2.8
2.3
4.8
4.3
4.8
3
-.8
5 0
4.5
5 1
- 7 0 -3.5
1 3
12.1
8.0
3.8
8.1
7.3
7.2
8.1
8.3
7.9
5.3
2.3
1.6
1 0
6
1.3

* Less than $50 million.




3

Preliminary.

1.0

1.4

r

45.2
12.0
1 4
4.2
8 5
9.3
5.9
1 5
2 4

61.8
11.5
5.5
5 9
4 9
4.7
4 5
13.6
5 6
6.3
*
7.9
2.9
61.9
20.8
1 9
6.2
10 4
10.9
5.1
5 8
.8

45.4 61.8
3.6 16.7
.2
.4
1 .2 5.1
1.7
3.9
2.0
2.7
5.2
17.0
3
2.2
4 9
14 9
J C
10 4
4.5

9.1
8.8
1.8

Revised.

i

12.5
10.6
9.6
4.6
31

11.8
3.0 13.7
2.6
2.0 - 2 . 0
2.2 - 1 . 9 - 4 . 3
2 — .1 6.9
1 9
11
16
1.5
1.8
2.4
9
8
1.4
2.4
1.9
1.7
1.1
1.0
.8
.6
1.6 - 2 . 3
.1
1.4

-1.7
1.4

11.9
3.6

2.8
.4
.4
-.8
1.5
2.6
1 8
2.3 - 2 . 0
2.0
1.1
A
11
.6
.5

11.8
3.0
.2
1.9
.4 - . 5
1.8 - 1 . 8
*
.9
.4
.9
3.6 - 1 . 2
.9 - . 6
c
2 7
1.2
/ 6
1.1 -1.7
1.3
1.7
2.0
2.3
.1
.8
c
4

1 3
1.4
1.0
3.1
1.0
.1
2.1 - 2 . 1
.7 - . 3
-.2 -.3

13.6
6.1
3.9
1.9
.2
.9
.2
.9
2 4
2.0
2.2
1.1
1.7
1.4
1 5 -1.7

22.7
5.9
-.1
3.9
1.5
7.9
.8
2.1
.7

13.7
-.6
.2
23
3

7.3 18.5 18.3
22.7
4.8
1.4
4.5
3.2
*
.5 - . 3
.3
4.2
1.2
1.0
1.3
.9
.7
1.6
1.1
.6
.6
.4
1.1
8.0 - 5 . 6
4.5
2.9
1.4
-.9
.6
.5
6.6 - 4 . 7
4.0
2.4
1.7 -4.5
-1.3
-1.2
4.9
— .3 5.3
3.6
2.3
2.8
3.2
3.0
2.5
2.4
2.5
2.0
2.1
1.0
.9
.8
3
.1
1.0
1.3

.6

.5

5.9
.8
*
1.1
.5
.3
IO'.S - . 6
-.4
1.8
9.0 _ 2
l'.O
6 5
12
2.5
2.8
2.3
2.3
1.7
1.7 - 2 . 1
.8
— .6

For other notes see opposite page.

7.3
3.0
.7
-.3
1.9
-.2
1.3
.8
2

*

y

17.7 W
4.2 X
.5 Y
1.6 Z
.5
a
.6 b
3.4
c
.1
d
3.3
e
-.5
f
3.8
g
1.6
h
2.7
i
2.0
j
.7 k

435

FLOW OF FUNDS/SAVING
Notes to Tables 1-3 (cont.).
14
For consumers, 1- to 4-family dwellings completed and purchases of
additions and alterations. Investment of nonfarm business sectors
includes work in process on 1- to 4-family dwellings and other private
residential
construction.
15
After inventory valuation adjustment.
1
* Financial component of national investment equals net lending to
rest of world; financial flows among domestic sectors cancel out in national
total. (Discrepancies in financial transactions attributed entirely to
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 and
omissions" in Dept. of Commerce balance-of-payments statement for
the1 7United States.
"Liabilities" cover equity as well as debt claims.
is For description, see p. 852 of BULLETIN for August 1959.
19 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
liability total mainly because of mail float (checks in transit from drawers
to drawees). See Table 4 (G), lines Y-a, for sector allocation of currency
and demand deposit liability on a net bank-record basis. For further
discussion, see p. 853 of BULLETIN for August 1959.
2« At commercial and mutual savings banks and Postal Savings System.
2
! Shares in savings and loan associations and credit unions.
22
Consumer-held only; includes net interest accruals. Savings bonds
held by other sectors included in Federal obligations category.
2
3 Private and Federal Government life insurance. Estimated as equal
to changes in reserves against life insurance policies and supplementary
contracts and in policy dividend accumulations.
24
Private pension plans and railroad and govt. employee retirement
funds. Estimated as equal to changes in reserves of pension plans administered by life insurance companies and in assets of other private
plans
and of railroad and govt. employee retirement funds.
2
5 Excludes Federal debt held by Federal agencies, consumer-held

savings bonds, special notes issued to IMF, and currency items in public
debt; includes Federal agency debt and accrued interest on Treasury bills
and2 6 on savings bonds (other than consumer-held).
Loans from banks for purchasing or carrying securities and customer debit and net free credit balances on books of security brokers
and2 dealers.
7 Mainly commercial, industrial, and agricultural loans (other than
open market paper and CCC-guaranteed loans); includes loans to foreign
banks, loans to individuals (other than consumer credit), and other loans.
Gross of valuation reserves. Loans to domestic commercial banks
excluded in consolidated banking statement.
2 8 Mainly Federal Government loans (other than mortgages), CCCguaranteed loans, open market paper, finance company loans to business,
and policy loans on life insurance.
29 Trade debt net of trade credit.
3 0 For coverage, see p. 856 of BULLETIN for August 1959. See also
notes for this category in individual sector statements in Table 4.
31 Saving and investment are equal in concept but may differ statistically
because of discrepancies. See p. 857 of BULLETIN for August 1959.
3 2 Annual figures for farm sector are retained earnings of corporate
farms; farm and nonfarm unincorporated businesses shown as having
zero annual net saving. Quarterly figures for both sectors include
seasonal net saving. See p. 838 of BULLETIN for August 1959.
3 3 Data for excluded categories—trade credit, proprietors' net investment,
gold, Treasury currency, and misc.—appear in Tables 1 and 4.
3
* For sector transactions in specific instruments, see Tables 1 and 4.
3 5 Mainly time deposits of State and local governments, corporate
businesses,
and savings institutions.
3
6 Includes life insurance issued by fraternal orders not shown separately. Assets in these categories shown as consumer holdings.
3 7 Marketable issues maturing within one year and, prior to 1956,
savings notes.
3 8 Excludes loans to domestic commercial banks. Consists of mortgages, consumer credit, security credit, other loans, and bank loans, n.e.c.
Gross of valuation reserves.

TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS
[In billions of dollars]
Quarterly totals
Annual totals

Category

1957
1955

1956

1957

1958

1959
r

1958 1959^

2

(A) Consumer and nonprofit organization sector
A
B
C
D
E
F
G

291.9 314.2 330.6 337.8 358.6
Current receipts 1
Income receipts 2
273.4 293.5 306.8 309.3 329.4
Transfer receipts
18.6 20.7 23.8 28.4 29.2
Income taxes and other deductions..
38.3 42.9 46.2 46.0 50.1
3
Taxes less tax refunds
33.1
37.0 39.4 38.9 41.5
5.2
6.8
8.5
5.9
Pension and OASI deductions 4 ...
7.1
Cur. receipts after deduct. (A—D).. 253.6 271.2 284.4 291.7 308.6

84.5
78.1

81.5
74.6

82.7
75.5

85.6
78.5

87.9
80.7

86.4
79.0

89.4
82.1

90.3
83.1

6.4
9.4
8.1
1.3

6.9

7.2

7.1

7.3

7.3

7.2

12.1
10.1

12.5
10.5

11.6

13.8
11.5

12.4
10.5

2.0

9.9
1.6

12.4
10.1

2.1

7.2
9.8
8.4
1.4

2.4

2.4

1.9

75.1

69.4

70.2

74.1

78.0

74.0

75.6

77.8

H
I
J
K
L
M
N

198.3 211.2 222.6 232.1 243.6
Cur. expend, for goods and serv.5..
2.5
2.8
2.7
2.8
2.5
Net life insurance premiums 6 ...
Current surplus (G—H—I)
52.5 57.3 59.0 57.1 62.4
8.0
8.9
9.0
Insurance and retirement credits 7 ...
10.0 10.7
Capital consumption*
33.9 36.9 40.0 41.6 43.1
Net saving ( J - f K - L )
26.6 29.3 27.9 25.5 30.0
Gross saving (L+M)
60.5 66.2 67.9 67.2 73.1

60.9

54.4

56.9

57.4

63.4

57.1

59.5

60.0

0

Gross investment (P+T)

64.3

70.0

69.7

68.3

77.5

P
Q
R
S

Capital expend, {net of sales)..
Residential construction
Consumer durable goods
Plant and equip, (nonprofit)

58.9
16.6
39.6

57.4
16.1
38.5

58.5
14.9
40.3

55.8
14.7
37.6

65.2
18.5
43.0

T Net financial investment 9 (U—)).
U
Net acquis. offinan. assets
V
Demand deposits and currency.
W
Fixed-value redeem, claims
X
Time deposits
Y
Savings shares
Z
U.S. savings bonds 1 e . . . .
a
b
c
d
c
f
g
h
1
j
k
1
m
n
o

Saving through life insurance...
Saving through pension funds..
Cr. and equity mkt. instr. 1 1 ....
Federal obligations
State and local obligations...
Corporate and foreign bonds.
Corporate stock
Mortgages
Net invest, in noncorp. bus

* Less than $50 million.




9

2.2

2.6

2.7

2.6

2.9

2.4

10.4

10.4

10.7

10.8

4.5

8.1

17.0

14.9

10.5
6.2

10.6

6.7

18.6

19.5

17.5

12.4

18.9

18.9
18.5

18.4

18.0

16.6
19.4

18.1

19.8

21.0

O

16.2

12.7

13.1

13.4

16.6

14.5

16.0

16.2

4.0

3.6
8.3
.8

3.1
9.1
.8

3.6
8.8
.9

4.3

4.3
9.4
.9

4.1

4.9

11.4

11.1

10.3

g

4.8
5.2

5.5
7.4
2.4
3.0
2.1
1.0
-.2

2.8
8.7
2.2
3.6
1.5
2.3
-.2

4.0
7.0

2.1
8.1

3.3
2.1
1.3
-.1

-.6
3.2
-.8
3.7
2.0
1.8
-.1

23
1.0
1.4

.8
1.8

.7
1.5

.9
1.7

-.6
-1.6

.8
-.8
.6
*
.4
.5

.7

.7

.6

.6

.6

16.0

13.9

16.3

15.5

17.2

5.4

15.6

11.3

2.8

3.3

3.5

3.7

.9

11.3
23.1

12.5
24.6

12.3
33.1

1.8
5.4
1.3
2.9
1.4
1.8
-.4

1.0
9.0
3.7
5.3

-.8
9.8
6.5
5.2

2.5

13.6
7.7
6.5

j -1.9
3.8
5.6

2.8
6.2

3.4
6.9

8.0
2.2

7.9

9.7
2.5
2.3
1.1
1.8
2.1

3.6

2.1
1.1
1.4
1.4
1.6

1.2
1.7
1.2
2.2
1.6
.4

15.0
11.1

3.5
7.4

.7
1.6

16.7
.2
10.6 - 1 . 0

-1.3

1.5
.5
1.7
1.8

2.6
.1
1.6
2.0

.4
-.3
.5
.5

2.0
-.3
.7
.8
.3
.3

-4.5

-5.5

-5.2

-1.1

-1.4

11.8

12.1
10.1

20.8
13.6

.4
2.3

.3

.7

6.3
*
1.0

-2.3

.9

3.6
2.1
1.6
-.3
.2

-1.1

-4.3

-2.4

6.4
.7

3.4
*

.9

.6

8.8
2.7
-.4
.8

-3.8

-3.8

-1.8

Preliminary.

1.1
9.5
4.0
7.3

c -1.8

3.2
5.1

12.4

Discrepancy (N—O)

2.5

10.3

.5

12.7

12.6
27.6

20.4

Net increase in
liabilities
Mortgages 12
Consumer credit
Security credit
Other 1 '

2.3

10.2

.6

14.5

5.4
-.8
8.7
3.3
5.2
.3

r

-2.3

Revised.

A
B
C
D
E
F
G

67.0 H
.7
I
13.5
J
2.8 K
11.1 L
5.2 M
16.3 N

.8

13.3

2.7

25.8

92.5
85.2
7.4
11.4
9.5
1.9
81.2

-.2
-.3
.8

.6
-1.4 -1.4

.2
.3

3.9
2.1
.6
.9
.2

-.9
.2

-.5

2.5

-.3

8.3

7.7

8.7

1.0

18.5
5.3
12.3
1.0

2

3^6
1.6
2.4
-.5

3.7
8.6
1.0
1.7
1.0
1.2
-.5

2.5
9.3
1.6
2.0
.3
2.2
-.6

1.0
1.8

.8
1.9

1.1
1.9

.8
1.7

.9
2.0

1.4

3.2
1.4
.7
-.1
.7
.6

4.8
2.4
1.2
.4
.3
.6

4.2
3.8
.1
-.2

'.2
.4

4.5
3.1
.5
*
.5
.4

-1.4

-1.3

-1.3

-1.3

5.9
3.2
1.9
.5
.2

3.0
3.3
-.7
.2

6.0
3.3
2.6
-.1
.3

5.0
3.4
1.7
-.3
.2

-1.3
6.8
3.6
2.7
.2
.3

-2.8

.4

.3

-.3

-4.7

.9

2

.5
.4
#

1.9
2.5

.1

For~other notes see end of table.

.9

\

#

1

P
S
T
U
V

w
X
Y

z
c
d
e
f

:i f
i

436

FLOW OF FUNDS/SAVING
TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued)
[In billions of dollars]
Quarterly totals
Annual totals

Category
1955

1956

1957

1958

1957

1958

1959*

4

2

1

1959
4

3

4*

3

(B) Farm business sector

B
C
D
E

Proprietors* income1 withdrawals 14 ..
Net saving (A—B) 5.
Capital consumption
Current surplus = gross saving (C -f- D)

F

Gross investment (G-}-J)

K
L
M
N
O
P
Q
R

8.7
*
3.7
3.7
3.7

G Capital expenditures

H
I

8.7

Construction and equipment**...
Chanse in inventories
Net acquis. of financial assets11...
Net increase in liabilities
Credit market instruments
Mortgages
18
Bank loans n.e.c.
Other loans 19
Trade debt
Proprietors' net investment....

4.5
4.2
.3

*
.8
1.2
8

.4
*
- A

8.7
*
3.9
3.9

11.0
11.0
*
4.0
4.0

8 6
8.6
*
4.1
4.1

2 7
2.1
.6
1 0
1.5

2 5
2.9
-.3

3.7

3.9

4.0

4.1
6.0
5 1

1.5
1.0
8
.2

n

Q

1

r

rr

j

2

I

.8
A

.6

4
2.1
1.4
7

1
1.2
.9
2

.3
.2

.6
.2

.2

.4
.2
.2
.2

8.5

8.7

8.5
*
3.7
3.7

4.7
4.0
.8

3.4
3.8
-.4
2

.7

-.5

1.1

.9
8

*
.1
-1.4

5.6
4.6
1.1

.8

m

-.5

.6

—4
1 5
1.9

1 0
.7
.3
-.4

*

-.6

— .2
-.1
-.1
-.3
-.1

2.7
.3
1.0
1.3

2.7
.5
1.0
1.5

2.5

.7

2 1
2.7
-.5
1.0
.4

.7
1.3
1 0
.3

.4
1.6
1 3
.2

1.3
1.5
1 2

1.5
1.2
1 0

1.0

1

.2
.2

3.1

.2

2.1

3.3

.2

2.2
-.6
1.0

.6

.4

1.4

.6
1.4
1.2
.2

.4

1.4

n

•*

7
.3
.2
2

-.1
1

'.2

— .1
-.3
.2

*
*

7

2

2.1

1.6

A

1.7
1 5
.2
i

1.6
1 4
.2

?

—1

—1

.8
.7
.3

1.2
1.1
3

.1
.2
.2
-.1

1.8
.3
1.0

.5
.2
.2
-.1

/
.7
.3
2

"*
-.1
-.1

2.8
2.1
.7
1.0
1.7

A
B
C
D
E

1.7
1.2
1.0
.2

F
G
H
I

.5
—
— .6
-.2
1
-.1
— .2
-.3
-.1

J
IK
L
M
N
O
P
Q
R

14.2
10.1
4.1
2.2
6.3

A
B
C
D
E

6.3
2.0
2.5
- 5

F
G
H
I

( C ) N incorporate nonfinancial business sector
A Net income2 °
B Proprietors* income withdrawals 21 ..
C Net saving (A —B)i 5
D Capital consumption
E Current surplus = gross saving (C+D)

36.1
36.1

37 8
37.8

38.2
38.2

37.5
37.5

39.8
39.8

7.0

7.5

7.5

8 1
8.1

8.0

7.0

8.0

F

7.0
10.7
10.1
6

7.5
10.3
10.1
2

8.1
9.7
9.7
*

8.0
9.1
9.2
*

Gross investment iG-\-J)

G Capital expenditures

I

Chance in inventories

20

8 5
8.5

12.0
9.5
2.5
2.1
4.6

9.1
-.8
2.0
1.2

9.3
-.6
2.0
1.4

9.4
-1.1
2.0
.9

12.1
9.6
2.5
2.1
4.6

9.7
-.3
2.1
1.7

8.5
11.1
10.7
4

4.6
1.5
2.3
—8

1.2
2.4
1.7
6

1.4
2.2
2.5
—3

.9
2.6
2.5
1

4.6
1.9
2.4
—5

1.7
3.0
2.1
9

8.4

8.7

8.3

9.4

8.3
7 8
9.9 10.0
-1.6 -2.2
2.1
2.2
.5 - . 1
i

.5
3.3
3.2
1

2.8
2.9

3.1 -1.2
-2.8
2.7 -1.3
-2.8
-2.8
4.3
J
-1.1
-.8
-1.7
-1.8
J Net financial investment (K—iV) -3.7
-2.6
.6 - .3
.63
.7
— .4
.2 — 1
.4 K
1.19
.4
.63
.97
.22
K
Net acquis of financial assets....
2
2
2
2
2
— 2
— 1 —1 —1 L
L
Demand deposits and currency
•
.2
.2
-.5
.2
.2
.3
.5 M
.3
.5 - . 3
A
M!
Consumer credit .
A
2.2
.9
3.4
.9
4.2
1.3
2.5
2.0 -1.9
3.0
-3.9
N
2.7
N
Net increase in liabilities
2 8 -2.5
4.2
.2
6.2
3.4
1.5
2.6
3.9
-.3
3.0
1.8
1.8 O
4.0
.9
O
Credit market instruments
1.3
1.5
.4
.6
.2 - ! l
1.0
.5
.6
.2
P
.9
.8
A
P
Mortgages
*
.7 - . 1
2.8
4.1
1.3
2.1
1.0 - 1 . 0
2.0
1.4 Q
3.2
2.2
1.2
O
Bank loans n e e
2 - 2
1
7
.4
8
3 -.6
3 — .1
.2 R
2
R
Other loans 2 ^
.3
.5
2 ..2
4
S
3.2
1.9
3.3 - 4 . 3
1.2
2.2 - 4 . 5
1.3 - 3 . 0
4.1
4.0
-1.7 -1.8
S
Trade debt 2 4
2.0
T
1.8 - 4 . 1 - 6 . 1 - 4 . 8 - 1 . 0 - 1 . 5 - 1 . 5 - 1 . 5 - 1 . 5 - 1 . 2 - 1 . 2 - 1 . 2 - 1 . 2
T
Proprietors' net investment....
(D) Corporate nonfinancial business sector
20

A Profits
. 2
...
B Profits tax payments (net)
5
C Net dividend payments 2 *
D Net saving (A—B — C)
E Capital consumption
.
..
F Current surplus = gross saving (D -f E)

38.3
17.1

G

26.2
29.0
24.1
23.1
1 0
4 9

Gross investment ( H + M )

H Capital expenditures

I
J
K
L

Fixed investment
Plant and equipment
Other
Change in inventories 20

•..
..

8.8

12.4
17.6
30.1

36 8
21.6
9 4
5.8

36.1
21.1

31.0
18.8

9.6
5.4

9.5
2.7

20.7
26.1

21.8
34.0
29.1
28.4

26.3 21.6
33.2 21.2
32.0 26.1
30.9 24.4
1 1
1.7
1.2 - 4 . 8

8

4 9

M Net financial investment (N-V)

N
O
P
Q
R
S
T
U

-6.9
-2.9 -12.2
4.2
2.8
Net acquis. of financial assets
16.8
.1
- .2
Demand deposits and currency.
1.0
Credit market instruments 2 7 . . .
5.0 - 3 . 9 - 1 . 2
Federal obligations
4.4 - 4 . 3 - 1 . 5
.6
.3
Consumer credit
*
1
*
Other loans (finance paper)..
.3
2.1
10.2
6.2
Trade credit
1.9
Other financial a s s e t s 2 8 . . . .
1.8
.6

V
W
X

Net increase in liabilities2 9
Credit and equity market instr..
Corporate bonds

19.6
9.0
2.8
2.0

Z
&
b
c
d
e

Mortgages
Bank loans n e e
Other loans 30
Trade debt
Discrepancy (F—G)
Memo* Profits tax accruals 2 5.,
• Less than $50 million.




2.0
1.8
.3

10.5
3.9
20.2
Preliminary.

21.4
24.1

19.3
25.1

39.8
17.8
10.2
11.7
22.7
34.4
27.1
31.1
27.5
25.7
1 9
3.5

1

9.7
11.3
6.3

1.3
2.0
1.2

7.3
20.5

r

Revised.

-.3
1.5
1.3
1.8
.9
1.0

*

.5

3.2
.6
1.0 - 1 . 1
.6

6.4

5.5
8.7

.4
4.4
8.0
4.4
4.7
5.5
6.6
6.7
5.8
5.9
6.2
5.87
2
6
—1
— 5 - 1 . 0 - 2 4 — 1.1

1.9
1.8
1.7

2.4

8.3
2.8
2.2
3.3

7.6
7.9
8.4
8.2

1.4
.9

3

-.1
19.0

2.5
15.7

-1.3
5.2
3.9

6.8 - 1 . 9 - 2 . 1
.8
.7
.3
16.8
10.4
3.3

3.2
19.5

-3.1
4.9
1.8

7.1
6.2
2.3

.1
1.4
1.3
-2.3
-2.4
.2

7.0
8.5
5.9
2.4
2.3
2.3
1.8
2.5
1.8
3.6
.2 - 2 . 2*
.1
.5
4.8 - 1 . 7 - 1 . 5

16.4
11.4
3.7

5.5
7.9

6.1
6.8
2.3

-4.3
-6.2
-3.1
-1.8
-1.3
-1.0

.4 -4.0
7.4 12.9
1.8
.2
1.2
5.1
.7
3.9
.8
.4
2.6
1.7

8.3
3.1
2.8
2.4

.2

6

-1.9
2.6
1.9
.3

.2
-.2

.9

.7
-.6

.4

* -4.5

-.7

1.4
3.1

-.6
3.5

.3
4.4

9.5
2.9
2.8
3.8

9.1
5.4
2.5
1.2

11.2

5.8
9.7

5.5
6.7

8.7
6.6
7.0
6.5

5.6
7.3
5.3
5.3

5

4

1
2.0

2.0 -1.7
2.6
6.8
5.4
.3
1.0
2.5 - 2 . 9
4.2
1.2
1.1
1.2
3.2
1.6
.1
1.2
-.9
4
—2 —2
4.5 - 1 . 2
1.7
.2 - . 1
.3
4.3
2.4
1.5

3.4
1.5
1.3

2.0
1.9
.6

.6

.5

.6

.9
.8
- . 2<j - 1 . 3
.1
1.9
1.9
.7
4.2

.4
*
.3
.1

9.8
3.9

5.6
9.5

2.5
3.4
5.7
9.2

9.7
3.8
2.8
3.2
5.9
9.0

A
B
C
D
E
F

9.5
8.9
1A
6.5

7.0
6.8
7.3
6.6

5.0
8.1
7.5
7.3
2
.5

G
H
I
J
K
L

4.8
2.4
3.9

9

-

.6
5.4
1.5
1.0
.5
.3

.3 -3.1
M
3.4
3.9 N
-.2
1.8 O
1.3
1.6
P
.6 Q
1.3
1.2 R
*
_ l
—2 S
2.2
.2 T
#
.2 U

1

2.6
.3
4.8
3.4
.9
.9

1.2
.4

6

3.1
2.8
.6
.3

1.0
.9

-.1

1.0

1.1

1.4
*

5.0

4.7

5.7

For other notes see end of table.

7

1 5

.3
2.1
4.9

6.9 V
2.3 W
1.1 X
.7 Y
.6 Z
-.3
a
.2 b
4.6
c
4.0
5.1

d
e

437

FLOW OF FUNDS/SAVING
TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued)
[In billions of dollars]
Quarterly totals
Annual totals
Category

1957
1955

1956

1957

1958

1958

1959

1959?
(E) Federal Government sector

A
B
C
D
E
F
G
H

Tax receipts (net of refunds)
Individual income
Corporate profits
Other 31
Social insurance programs 32
Premiums received
Benefits paid
Life insurance 3and
retirement
programs 3
Premiums received
Benefits paid

59.7
30.0
18.1
11.6

69.1
34.1
22.4
12.6

71.5
36.1
21.8
13.6

67.7
34.6
19.9
13.2

72.3
38.6
19.4
14.3

13.8
7.4
3.0
3.4

20.1
9.5
7.3
3.3

18.9
8.9
6.7
3.3

14.9
8.7
2.9
3.4

13.8
7.6
3.0
3.2

19.0
9.7
6.0
3.3

19.6
10.7
5.4
3.5

17.5
9.7
4.1
3.7

16.2
8.6
3.9
3.7

7.5
6.5

8.0
7.2

9.5
9.3

10.4
12.4

11.3
12.9

1.8
2.5

2.5
3.1

3.4
3.3

2.5
3.1

2.0
2.9

2.6
3.3

3.5
3.1

3.0
3.1

2.2
3.3

1 5

1.7
1.8

1.8
2.0

1 8

A

A

2.3

.5

.4
.5

.4

2.1

.5

.4
.5

.4
.6

.4
.6

.5
.6

.5
.6

1.6

1.7

.6

A
B
C
D

G
H

Net grants and donations paid 3 4 . .
Net interest paid 3 5
Other net purchases
of goods and
services3 6
L
Construction expenditures
M
Other
N Current surplus (A, E, and G,
less F and H through K)
O Credits imputed to consumers 37 ...
P Gross and net saving (N —O)

9.6
4.8
45.3
2 8
42.5

10.0
5.3

11.4
5.7

13.2
5.4

14.1
6.4

3.0
1.5

2.8
1.5

3.2
1.4

3.6
1.3

3.7
1.3

3.2
1.5

3.3
1.5

3.6
1.7

3.9
1.8

47.6
2.7
44.9

50.2
3.0
47.2

53.8

3.4

50.4

53.2
3.7
49.5

13.5
.8
12.7

11.5
.6
10.9

12.6
.8
11.8

14.4
1.0
13.5

15.3
1.0
14.2

12.7
.8
11.8

13.3
1.1
12.2

13.3
1.0
12.3

13.9
.8
13.1

M

1.0
.6
.4

6.9
1.0
5.8

4.1

-7.2
.6
1.0
3.6 - 8 . 2

-3.5
1.0
-4.5

-4.9
.1
-5.0

3.7
.2
3.5

1.7 - 5 . 1 - 7 . 5
.3
.1
.4
1.3 - 5 . 4 - 7 . 6

.9
.2
.7

1.6 - 1 . 3 - 4 . 7
.1
.4
.3
1.2 - 1 . 6 - 4 . 8

N
O
P

Q Net finan. investment (R — X) .
R
Net acquis. of finan. assets
S
Demand deposits and currency
T
Credit market3 8instruments
U
Mortgages
V
Other loans 3 *
W
Other financial assets4 °

.4
.9
-.6
1.4
.5
.9
.1

5.8
1.5
-.2
1.1
.8
.3
.6

3.6 -8.2
3.2
1.5
.2
2.3
1.4
\l
.9
1.4
.6 - . 2

-5.0
-4.5
6.5 -2.1
.7 - 2 . 7
.9
3.9
2.2
.3
1.7
.6
2.0 - . 3

3.5
1.4
1.5
*
.2

1.3 -5.4
-7.6
3.9 -4.4
.7
3.6 - 5 . 0
*
.3
.5
.9
-.2
*
.3
.5
.5
.6
-.1
-.1
2.6
1.0
8.4
-.2
2
2
-.2
-- '.. 21
-'A

.7
.2

1.2 -1.6
-4.8
Q
- .9 R
4.1
3.0
S
1.0
1.5 - 1 . 3
1.6
.5 T
1.1
.6
.4 U
.6
* V
1.0
.5
1.5
.4 - . 1 W

I
J
K

X
Y
Z
a
b
c
d
e
f
g
h

Net increase in liabilities
Fixed-value redeemable claims.
Postal saving deposits
Consumer-held svgs. bonds *'
Consumer saving through life
insurance and retir.
funds
Federal obligations 4 !
Short-term direct^
Other direct and guaranteed.
Nonguaranteed 43
Other loans 44 4
Other liabilities 5
Memo: Assets of OASI fund

,

.5 -4.3
- .4
*
2 -2.2
-.3
— .2 - 1 . 9
!3

9.8
-.7
-.2
-.5

.6
1.0
.6
1.0
1.0 - 5 . 1
1.4
9.0
-7.1
7.4
5.5 - 1 . 2
6.6 - 1 3 . 0 - 6 . 2 10.7
1.5
.6
2.1 - . 5
-1.1
-.3
-.4
.4
*
.3
.3
.1
1.1

.9

"-

1

-.5

11.0
-2.0
— 2
-1.8

9

2.8 -2.2
-.5
-A
— .1
*
A
-A

.2
A
A
1.0
2.5
2.1 - 2 . 2
11.5
2.2 - 1 . 9 - 4 . 3
5.5
7.7
-.3
3.6 - 1 . 1
.1 - . 9
1.0
2.4
2
.2
.2
-.6
.9 - . 3
1.1
'.2
-1.7

4

-.2

.7

-.4
-.2
- . 2*

2.9
-.6
_ 1
-.5

.1
.2
.4
7.6
2.0
3.8 - 4 . 6
4.7
3.7
4.4 - 3 . 5
.8
.1
.2
-.3
.3 - . 2
1.3
.5 - . 2

.3
1.1
1.2
A

'.2
A
-.3
-.5

\l
.6
.1
.1

-.5

3.9
-.6
*
-.6
.1
.3
4.2
5.3
.7
4.7
3.7 - 1 . 1
.8
.6
*

4.7
-.5

X

•
-.5

.2

-.5

.2

-.7

8.0

8.2

8.4

(F) State and local government sector
A
B
C
D
E
F
G
H
I
J

Tax receipts4*
Net insurance
and grants
receipts 47
Net interest paid
Other net purchases
of goods
and services. 3 6
Construction and land
Other by govt. enterprises
Other by general government. . .
Current surplus (A+B —C—D).
..
Credits imputed to consumers 48 ...
Gross and net saving (H —I)

K. Net finan. investment (L, — S)..
L
Net acquis. of finan. assets
M
Demand deposits and currency
N
Time deposits
O
Credit market instruments....
P
Federal obligations
Q
State and local obligations..
R
Other^
S
T
U
V
W
X
Y

Net increase in liabilities
State and local obligations....
Short-term
Other
Consumer saving through
retirement funds
Other liabilitiesS o
Discrepancy ( J - K )
* Less than $50 million.




24.5

27.3

29.4

33.2

7.4

7.5

.4
.9
2.2
1.4
.6
.6
.7
.5
26.2 28.5 31.5 34.4 37.6
10.0 11.1 12.1 13.1 13.8
-1.6 -1.7 -1.9 -2.1 -2.3
17.8 19.1 21.2 23.4 26.1
-2.0 -1.4 -1.7 -2.7 -2.9
1.2
2.1
1.4
1.6
1.9
- 3 . 2 -2.7 - 3 . 3 -4.6 - 5 . 0

.2
.1

.4

30.9

.2
.5

-2.2
- 5 . 0 -4.9
2.6
5.5
3.0
.2
.2
.2
.4
.8
*
2.3
1.9
2.8
2.0
r
1.1
1.0
.8
-.3
.4
.5
.5
.5
.7
1.3
1.8
.7
4.8
4.8
6.5
7.9
3.5
3.2
A.I
5.7
-.2
-.1
.4
.4
3.7
4.3
3.3
5.2

-2.6
2.2

A
- 1

1.2
.1
-.6

p Preliminary.

1.4
.2
-.5

8.4
7.7
2.4
3.1
c
^
5^8
5'.S
.1
-.9
.4
A
-.4
-1.3
-4.4
-.6
-1.2
2.8
1.0
1.2
.5
.6 - . 3
-.4
.6
*
.4
.9
2.7
.8 - . 2
.3
.1
.1
.5
1.4
.4
.4
7.2
1.6
2.4
4.9
1.1
1.9
.3 - . 1
.3
1.2
1.6
4.5

7.9

- . 7 -2.7
1.5
-.8
.6 - . 7
.7 — .4
.2
.3
A
—2
.1
.2
.4
A
2.2
1.6
.1
1.5

1.9
1.3
.3
1.1

1.9
.4

2.1
.3

.4

.4
*

.5
.1

.5

-.3

.3

-.6

-.8

.8

-.4

1.2

Revised.

8.6

A

.2
.6
.7
.7
.2
.2
.2
.2
8.5
9.3
9.6 10.3
2.7
3.4
3.6
4.1
-.6
-.6
-.6
-.6
6.3
6.4
7.2
6.1
H
-1.2
* -1.0
'.5
.5
.6
.5
- . 5 -1.5 -1.2 -1.8
.2 K
- . 3 -1.6
-1.4
-1.5
1.2 L
.9
1.0
.2
.6
.6 -A
.2
.6 M
- 1
* N
— .5
.6 O
.6
.6
A
1.1
1 —A
.2 P
.6
.1
.1
.2
.1 Q
.4
.4
'A
.4
.4 R
S
1.4
1.8
2.0
2.4
1.8
.8
1.3
1.4
A T
U
.6
-A
-.2
.2
*
V
1.2
1.0
1.1
1.4
.6 W
.5
.5
.5
.5
.1
.1
.1
.1 X
*

.4
.3
.2
.2
9.2
8.9
8.6
3.9
3.5
3.3
-.5
-.5
-.5
5.9
5.5
6.2
- . 6 -1.0 -1.1
.5
.5
.5
-1.1 -1.5 -1.6

1.6
.3

r

7.8

7.7

.3

-1.3

For other notes see end of table.

[1.1

j

.3

-1.8

Y

438

FLOW OF FUNDS/SAVING
TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued)
[In billions of dollars]
Quarterly totals
Annual totals

Category

1957
1955

1956

1957

1958

1959?

1958

1959

4

(G) Commercial banking and monetary authorities sector
Net operating surplus
Profits tax & net div. pymts. 5 *
Current surplus = gross saving
(A-B)52

2.5
1.7

3.0
1.8
1.2

1.3

1.1

1.3

.4

.2

D Gross investment (E-f-F)
E Capital expenditures
F Net financial invest. (G-W) ..
G
Net acquis. of finan. assets**...
H
Gold
I
Credit market instruments....
J
Federal obligations
K
Monetary authorities
L
Commercial banks
M
Short-term direct*2
N
Other direct and guar...
O
Nonguaranteed * 3
P
State and local obligations..
Q
Corp. and foreign bonds. . .
R
Mortgages
S
Consumer credit
T
Security loans
U
Bank loans n.e.c
V
Other loans5*

1.4
.3

13
4

1.1
.4

1.3
.4

2 1

-.1

.6
9.9

1.2

A
B
C

W
Net increase in liabilities 5
X
Dem. dep. net & currency 5 . .
Y
Due to U.S. Govt.56
Z
Due to rest of world
a
Due to others56
b
Demand deposits, net55...
c
Currency
d
Time deposits
e
Due to consumers
f
Due to others
g
Other liabilities5?
h Discrepancy ( C - D )

3.5
2.2

3.5
2.4

4.1
2.8

.8
.4

.9
.7

.4

.1

-.1
.1

1.1
1 0
.7
.9
1 7
5.1
5.4
14.7
4.2
4.7
.3
.8
2
.
3
\ I
*
4.8
4.3
17.0
5 2
4.8
-.6
3
.
1
10.0
-l'.5
-7.1
2.2
.3
7
- . 7 -3.3 ?
.2
7.8 -7.8
-6.9
4.8
1.9
.9 - 3 . 3
-8.5
6.8 - 4 . 0
2
1.1 - -7. 28 - 2 ..5
.1
-.5
.5
.
2
1.0
2
.6
.4
.1

-.2

-.2

-.2
2.4
2.3

.6
8.0
-1.3
3.6
2.3
-.7
3.0
2.6
.4
1.3
1.7
-.3
-.6

-.4
1.7
1.3
-.8
5.9

-.2
4.1
1.7
.1
.2
1.4
1.4
*
2.1
2.1
-.1
.3

.1
.6
1.1
-.1
2.3
-.3

-.1

4.7
-.8
.2
.2

73.7

-1.1
-7.7

5.6

*
5.5
5.1
.3
*

-.1

.3

2.1
.1
.4
1.4
.4

5.8
.2
*

5.2

.4

8.0
5.5
2.5
*
-.3

-.2
2.5
2.5
.2
7.9
-.6

2.6
1.1
.7
.1
.3
-.3
.6
1.1
3.0

-1.9

5.P - 7 . 7
.1 - . 4
3.6 - 1 . 2

2.0
.9
1.1
.8
-.1
.4
.4
.1
.2
.1
.3
.1
.5

4.1
3.1

-2.3

*
5.3
4.9
.4
1.0
1.0

-.1

-.5

.5
.1
.1
.3
.6
*
.1
-.5
-.1

-1.7

.5

-7.5
-5.2
1.2
-.3

-6.1
-5.3
-.7

3.6
1.4

.4

.1

2.2
*

-.8

.5

.3

.9
.5

.9
.5

1.0
.7

.1

.4

.4

.7

1.3
.1

—5

.8
.7

-1.1
10.8
7.0
1.8
5.2
A

5 9
-.3
1.3
1
'.6
.3
1.2
.7
-.2

-7.7
-.5
-.6
.2
-.4
.6
.3
.1
.2
.5

.1
-1.7

-.3
*

P.5 -2.3
6.4 - 3 . 4
3.8 - 5 . 0
.2 - . 1

2

.4

.4

C

.8

.7

9
.1

-.3
.1

D
E

-.4
3.4
-.1
3.4
-.3
.1
- .4

F
G
H
I
J
K
L
M
N

.J

-5.7
-5.6

3i0 - 5 . 5
7 4

1.6
.9
7

*
'.2

-.9

-4.6
-6.0

1.6
-.2
.2

i

— 1
'.1

.3

-.1
80

.*8
.2
1.0
2.8

.2
8.3
8.0

.1

.4
.3
A

-'A

-.2

-tf.5
-7.3
-.9

i

.3

2.4
2.0
,4
2.8
1.5
1.3
.1

1.1
1.6
-.5

.8
.5
1.0
-.5

-.1

-.1

.6
.5
.1
.2

-.5

-1.0

.9

-.6

2.0
2.1
-.1

3.0
2.0
1.1

1.7
7.7

A
B

1.0
.6

I

7.7

1.1
.7

1.0
.8

7.6 - 6 ^ 2
6.8 -5.4
-.8

3.9
-.7
4.5
-.9
.6

2.5

2

2^9
o

.5

-7.5

-1.3

1.0

- A

-2.3

-.2
.2
*
1.0
1.1
*
3.6
A

3.3
2.4
1.0
.2
1.2
.7
.5
.9
1.4
-.5
*

2.1

- 9 -2.4
*
-.1
*
.5
.7

2

2^8
-.1

-.1
.6
.3
1.9
.2

T
U
V

3.8 W
3.8 X
-1.3 Y
-.1
Z
5.2
a
4.2
b
1.0
c
-.2
d
_ i
.3
e
'.9
-.5
f
-1.0
4c
.2 g
2.0
2.1
1.9
.1
.1
.2

-.5

.7

2.4
2.0
.4

2.7
1.5
1.3

2.4
2.2

.2

C

1.1
.1

.4
.1

1.3
.1

.2
.1

D
E

1.0
5.8

.3
6.5
A
2.7
1.4
.4
.7
.9

1.2
5.4
A
2.1
1.1

.1
6.9

F
G

-.4

(H) Nonbank financial sectors
Current surpluses
59
Credits imputed to consumers
...
Gross saving (A—B)5*
D
E

Gross investment (E-f-F)
Capital expend, (tnsur. sector)
Net financial invest. (G — Z) ...
Net acquis. offinan.assets
By subsector:
H
Mutual savings banks
S & L assns. & cr. unions..
I
Life insurance companies...
J
Other insurance companies..
K
Noninsured pension funds..
L
Finance n.e.c
M
By type:
N
Demand dep. and currency.
O
Cr. and equity mkt. instr....
P
Federal obligations
Q
State and local oblig
R
Corp. and foreign bonds..
S
Corporate stock
T
1- to 4-family mortgages..
U
Other mortgages
V
Consumer credit
Security credit
w
Other loans«>
X
Other financial assets «i
Y
Net Increase in liabilities
Dep. in mutual savings bks
Savings shares
Saving through life insurance..
Saving through pension funds.
Cr. and equity mkt. instr. «*...
Corporate bonds
Corporate stock
Security credit
Bank loans n.e.c
Open market paper*3
FHLB loans to S & L assns.«
Miscellaneous64
Discrep. & unident. assets (C—D).
* Less than $50 million.




8.7
6.2
2.5

8.5
6.5
2.0

9.4
6.8
2.6

2.8
.4
2.5
22.2
2.0
6.3
5.2
1.2
2.0
5.6

9.5
7.2
2.3

10.5
7.6
2.9

1.9
.3

2.3
.4

2.8
.3

2.9
.4

1.6
17.3
2.0
5.6
5.2
.7
2.

2.0
18.3
1.8
5.6
4.9
1.0
2.6
2.5

2.5
20.6
2.6
7.1
5.2
1.2
2.6
1.9

2.5
24.5
1.4
8.7
5.3
1.5
2.9
4.7

-.1
5.1
A
1.6

.6
.2
21.5 16.9
-.6 -1.
.9
2.4
1.3
1.5
10 2
8.4
7
1.8
3.3
1.6
.5
*
1.7
.4
.1
.2

.3
17.8
-.3
.9
5.1
2.0
6.2
1.5
1.3
-.4
1.4
.2

.4
19.8

4.2
-.1
.2
1.7
.4
1.4
.5
.1
-.3
.4
.2

19.7
1.8
5.3
3.3
3.
5.9
1.4
.9

16.4
1.7
5.2
2.7
4.1
2.4
.7
1.2

18.1
2.3
6.5
3.4
4.1
1.5
.1
1.6

24.7
.8
1.4
3.7
2.6
9.8
2.2
2.7
*
1.6
-.2
22.0
1.2
7.2
3.4
4.4
5.6
1.0
1.8

-.1
.5

-.7
.1
*

75.5
1.8
5.4
3.6
3.3
1.1
1.1
1.1
—. /
-.4

1.1
4.7
2.5
8.5
1.8
-.4
.6
*
.4

.3

-.4

* Preliminary.

1.0

r

-.5
Revised.

1.5
1.8
-.3
.1

1.3
.3

.6
.9

5.3
.5
1.8
1.0
.1
.3

1.5

.3
*

.8

.1
.1
.2
-.3

2.7
1.9
.8
.8
.1
.7
4.5
.9
1.2
1.2
'.9
.1
-.1
4.1
.1
.5
1.1
.4

1.7
1.4
.7
.1

.3
5.7
.4
.3
1.3
.7
2.2
.4
-.1
.7
-.2
.2

3.7
.7
1.3
.8

5.6
.6
1.8
.7
.7

-.2
-.9
.6
-.6
.1

1.1
.1

1.0
.6
2.5
6.3
.6
.6
1.7
2.0
1.3
1.1
.2
A
.4
.6
1.8 - 2 .

1.5
.4
-.3
*
.4
.4

1.2
-.4
.3
.4

3.1
1.8
1.3

1.5

-.3
3.0

.5
2.4
.4
-.1
-.5
-.6
-.2
7.5
.5
1.0
.9
1.0
-1.7

.1
7.3
.5

.1

1.5
.4
.8
2.0

1.8
1.2
.2
.9
1.1

.4
6.9
.8
.2
1.3
.9
2.4
.5
*

-.3
6.1
.6
.5
.9
.7
2.
.5
.2

.4
.4

.7

7.2
.5
2.3
1.0
1.2
2.1
.1
.5
.8
.7

4.8
.5
1.4
.7
1.3
.7
.3
.5
-.4
*
.5

2.1

1.1 - 1 .
-.1
-.4
-.2
.2
.3 - . 1

-.3
.3
.1

-.4

-.4

For other notes see end of table.

-.2
.1

.5
.5
.9

6.5
.2
.4
.9
.4
2.4
.6
.9
.1
.6
-.1

-.3
5.9
.6
.3
.4
.4
2.9
.6
1.0
-.2
-.2
2

6\ 2
.3
2.3

4.2
.2

r.o
1.5
!3
-.1
.5
.2
.4

1.2
.7
.8
1.1
.3
.4
-.1
.3

-.1
.3
.1

2.1

1.6
.4
.8
1.9

H
I
J
K
L
M

.6
6.2

N
O
P
.3 Q
1.5 R
1.0
S
2.3 T
.6 U
.6 V
* W
.4 X
* Y

-.6

6.8
.1
2.2
.9
1.4
2.3
.3

.7
-.1
.3
-.1

i
i
k
1
m

139

FLOW OF FUNDS/SAVING
TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued)
[In billions of dollars]

Quarterly totals
Annual totals
Category
1955

1956

1957

1958

1959*

1

4

©
A
B
C
D
E

Net purch. of goods and serv. (B — C)
Purch. of goods and services*6...
Sales of goods and services

F
G
H
I
J

Net financial investment (G—N)
Net acquis. offinan. assets
Gold
U.S. dem. dep. and currency...
Time deposits

L
M

Other credit market instr.67....
Misc. financial assets 6 8

N

o

P
Q
p

s

Current SUTDIUS CD—A).

Net increase in liabilities
Loans**
Miscellaneous7 o
Discrepancy (E—F)' 1
Memo: Unilateral transfers in kind 72

1.4
6.5
5.2
.5
-.9

.5
5.4
4.9
.4
•*

.5
5 .8
5 .3

-2.1
-4.2
— .1
1 5
1.5
.1 - . 3
-.8
.2
.2
*
.
1
-.1
.8
.2
1.1
.4
.5
'7
4 — .1

-.4
1.7
3.5
5.6
2.3
1.0
.1
*
-1.0
.9
2.8
.3
- . 1*
2.3
.3
3.9
3.8
1.2
.7
.2
1.1
3.0
1.4

-.7
.2
-.1

-.3
.6
A

.2
1 J
1 .1
.2

3.6
.4
.6
2.6

4.1
.5
,9
2.8

4
2.8

3.0

7
2.9

4
2.9

8
2.1

-

2r

I'

4.

3

Rest-of-world sector

-.5
22.9
23.4
2.0
2.5

*
.4

4

3

1.8
22.8
21.0
1.9
.1

r
* Less than $50 million.
v Preliminary.
Revised.
1 Payrolls; interest; dividends; and income withdrawals from unincorporated business.
2 Grant and donation receipts of consumers and nonprofit organizations (net of transfers within the sector), social insurance benefits, and
benefits from private pension and government retirement funds.
3 Federal, State, and local income and estate and gift taxes.
4 Mainly employee contributions to OASI and to private pension and
government retirement funds.
5 Figures include net operating outlays of nonprofit organizations and
net transfer payments abroad.
6 Net of dividends on and benefits from private life insurance and
individual
annuity policies and Government life insurance.
7
In connection with consumer saving through life insurance, private
pension funds, railroad retirement, and government employee retirement.
* For details, see Table 2, lines J-L.
9
Includes misc. deposits with Federal Govt. not shown separately.
10
Includes net accruals of interest.
1
* Includes net free credit balances with brokers not shown separately.
12 Mainly consumer debt on 1- to 4-family properties.
13 For consumers, loans on insurance policies; for nonprofit organizations,
bank loans, loans from government, and trade debt.
1 4 Estimated as equal to seasonally adjusted net income of unincorporated farms. Figures include small amounts of dividends and profits
taxes paid by corporate farms.
1 s See Table 2, note 32.
1
6 Includes farm residential construction,
l 7 Mainly demand deposits and currency.
1* Excludes CCC-guaranteed loans. See p. 840 of BULLETIN for
August 1959.
19 Government loans; excludes CCC loans.
2
° After inventory valuation adjustment.
21 Estimated as equal to seasonally adjusted business net income.
22 Includes business residential construction.
23 Mainly REA and other loans from Federal Government and loans
from
finance companies.
24
Net of trade receivables.
2 5 Federal, State, and local taxes on profits.
26 Includes profits paid by U. S. branches to foreign parent corporations
less profits paid by foreign branches to U. S. parent corporations.
22 7 Includes State and local obligations not shown separately.
8 Miscellaneous financial assets (direct investments in foreign branches
and holdings of foreign cash), and time deposits.
29 Includes direct investments from abroad not shown separately.
3 0 Mainly commercial paper and loans from finance companies.
31 Mainly excise taxes and customs receipts; also includes estate and
gift3 2taxes and payment to Treasury on F. R. notes outstanding.
OASI, disability insurance, and unemployment programs. Line E
includes Federal employment taxes and States deposits in unemployment
compensation trust funds; line F, Federal benefit payments to consumers
and State withdrawals from these trust funds.
33 Veterans' life insurance and Government employee and railroad retirement funds. Line G excludes Government contributions to these funds,
3 4 Transfer payments (other than insurance benefits) to individuals,
plus net cash unilateral transfers to foreign countries, grants-in-aid to
State and local governments, and subsidies to business.
3 5 Includes net accruals on savings bonds and Treasury bills.
36 Purchases less sales for general govt. and govt. enterprises, including
outlays for tangible capital and (for Federal Govt.) net disbursements to
farmers in form of CCC direct and guaranteed loans.
3 7 In connection with saving through Government life insurance and
Government
employee and railroad retirement funds.
3
* Mainly on 1 - to 4-family and farm properties.




2

3.4
5.3
1.6
19.5 23.2 26.3
17.9 19.8 20.9
2.1
1.9
1.9
.4 - 1 . 5 - 3 . 5

1.5
*
.4
1.2

1959

1958

1957

*

— 'j
.1
.1

1.0
*
.6
.3

.9
A
.1
.4

2
.7

2
.8

.1

•

4
- .2
4

1 .2

4?
.6
1
.9

.1
5.5
5.4

5
.4

.1
9
.5
-.1
-.1
8
-.1
—1

.6
6.0
5.4
.5

-.1
5.3
5.4
.5
.7

9
.3
.3

.4
9
.1
-.1

.3
*
— l

'.2
-.1
7

.8
?
4
.2

.9
A
.2

2
.6

_ 1
.6

.3
5 .7
6 .0
.8
?

.4
5 .8
6 .2
4
.8
1

.«

A
B
C
D
E
F
G
H
I
J
K
L
M
.4 N
1 O

.3
6.2
5.9
.6
.3
.1
.15
-.1
-.3
5
.2
1

.7
.2
.4
9
.1

.2
.1
.3
1 ?

.5
.3
-.1
.3

2 .4

.6

->
2 .0

.4

2
.6

4
.7

.3 Q
1 p

.5

.3

1

.1

1

-.1

P

s

39 Mainly loans to business sectors, to foreign and State and local
governments, and to savings and loan associations (by FHLB). Excludes
CCC-guaranteed loans other than those on tobacco.
40 Treasury currency assets, time deposits, trade credit, and miscellaneous (mainly foreign currency and deposits).
41 See Table 1, note 25.
42 See Table 3, note 37.
4 3 Securities and notes issued by FNMA, Federal land banks, home
loans banks, intermediate credit banks, and banks for cooperatives.
44 CCC-guaranteed bank loans and CCC certificates of interest.
45 Treasury currency liabilities, trade debt, and misc. liabilities (special
I M F notes, misc. deposits, and private equity in Govt. enterprises).
46 Excludes employment taxes.
47 Receipts of Federal Government grants; payments of direct relief
and other transfers; and receipts and payments in connection with
government employee retirement, unemployment insurance, workmen's
compensation,
and cash sickness compensation programs.
48
In connection with saving through govt. employee retirement funds.
49 Corporate bonds and mortgages.
50 Trade debt and loans from Federal Government.
3* Includes payment to Treasury on F. R. notes outstanding.
52 Met saving is less than line C by the amount of capital consumption,
about $0.1 billion a year.
5 3 Includes misc. and Treasury currency assets not shown separately.
54 Open market paper, CCC-guaranteed loans, and CCC certificates o
interest.
5 5 Net of Federal Reserve float and cash items in process of collection
as reported by commercial banks.
5 6 Bank-record basis, net of bank float; differs from sector demand
deposits and currency assets (shown in Table 3 and in nonbank sector
accounts in Table 4) principally because of mail float.
5 7 Mainly issues of corporate stock and balances due to foreign
branches.
5 8 Includes premiums on life insurance and private pension plans, less
benefit payments and policy dividends.
5* In connection with consumer saving through life insurance and
pension funds.
6 0 Mainly finance company loans to business and insurance policy loans.
61 Trade credit, time deposits, sayings shares, and miscellaneous assets.
62 Lines / , j , and most of i are liabilities of finance companies; line g,
shares of open-end investment companies; and line h, liabilities of security
brokers and dealers.
63 Part of "other loans" category.
64 Deposits of banks in U. S. possessions and agencies of foreign banks.
65 Consolidated; records only transactions with U. S.
66 Excludes unilateral transfers in kind, shown in line 5".
67
Corporate securities, security credit, and commercial paper.
6
8 Direct investments, unidentified assets, I M F holdings of special
U. S. notes, and miscellaneous deposits.
69 Security credit, bank loans n.e.c, and other loans (mainly from
U. S. Government).
70 Direct investments, foreign currency and deposits held by U . S.
domestic sectors, and other liabilities.
71 "Errors and omissions" in U. S. balance-of-payments statement.
J2 Grants in the form of goods and services by U. S. Government and
private individuals and institutions.
NOTE.—"Liabilities" covers equity as well as debt claims.
For descriptions of sectors, of capital expenditures, and of financial
transaction categories, see notes to corresponding items in Tables 1-3,
pp. 1313-15, and "Technical Notes," pp. 846-59 of BULLETIN for August
1959. For discussion of saving and investment concepts, see p. 833 of
BULLETIN for August 1959.
Details may not add to totals because of rounding.

440

BANKS AND BRANCHES
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1959
All banks maintaining branches or additional offices
(except banking facilities), by class of bank *

All banks by class of bank
Commercial banks
State

Member
banks

Total

Commercial banks

Nonmember
banks

Mutual savings banks
Total

Total
Na- State
Intional member sured
United States 2 ..

13,991 13,474 4,542 31,691 6,878

Alabama
Alaska
Arizona
Arkansas
California

237
18
9
236
115

237
18
9
236
115

69
7
3
55
37

1
20
23

145
6
4
156
50

Colorado
Connecticut
Delaware
Dist. of Col
Florida

186

293

186
73
20
12
293

77
24
3
5
106

18
10
2
4
11

65
29
14
3
171

Georgia
Hawaii
Idaho
Illinois
Indiana

413
11
32
955
454

413

11
32
955
450

52
13
1
10 " " 8
395
129
124 3103

Iowa
Kansas
Kentucky
Louisiana
Maine

672
593
358
187
86

672
593
358
187
54

98
169
88
42
28

Maryland
Massachusetts. .
Michigan
Minnesota
Mississippi

147
354
383
688
193

140
168
383
687
193

Missouri
Montana
Nebraska
Nevada
New Hampshire

623
116
426
7
108

New Jersey
New Mexico. . .
New York
North Carolina.
North Dakota..

Noninsured
366

Insured
3268

Total

Noninsured

Nonmember
banks

Member
banks

249 2,351 2,164

InNa- State
tional member sured
805

383

956

15
5
2
8
17

3

3
2
1
21
23

21
7
5
32
58

21
7
5

1
54
9
11

1
33
7
11

292
5
14
425
217

109

109

57

71
46
20
11
6

463
370
240
133
14

129
15
64
63
33

129
15
64
63
29

118
5
33
34
10

52
103
74
179
27

11
22
145
30

76
38
162
468
156

57
150
121
2
66

52
86
121
2
66

25
22
54

623
116
426
7
75

77
41
123
3
51

45
17
2
1

1
5
4

1
5
2

1
2
1

279
52
543
192
156

258
52
415
192
156

164
27
249
39
38

53
8
113
4
2

38
17
41
148
113

135
24
224
92
19

126
24
156
92
19

74
13
79
24
1

Ohio
Oklahoma
Oregon
Pennsylvania. . .
Rhode Island...

590
388
54
729
17

588
388
53
722
9

222
197
11
473
4

151
26
6
75
1

214
159
34
162
3

175
14
19
195
12

174
14
19
191

82
10
2
117
3

South Carolina.
South Dakota. .
Tennessee
Texas
Utah

145
173
297
990
49

145
173
297
990
49

25
34
75
466
7

6
26
8
111
13

107
113
207
390
26

39
28
66

39
28
66
8
13

15
4
27

Vermont
Virginia
Washington
West Virginia...
Wisconsin

63
309
91
183
559

57
309
87
183
555

32
130
25
77
98

70
9
35
3 62

24
109
51
69
392

14
101
23

13
101
21

91

91

Wyoming
Virgin Island 2 ..

53
1

53

25
1

14

14

1
2

144
22
12

23

22

248
2
19

10
178

433
29

Banking facilities are shown separately; see note 4.
Includes one national bank in the Virgin Islands, with one branch,
that3 became a member of the Federal Reserve System in 1957.
State member bank and insured mutual savings bank figures both
include three member mutual savings banks not included in the total for
commercial banks. State member bank figures also include one noninsured trust company without deposits, which is not included with
noninsured
nonmember banks.
4
Banking facilities (other than branches) that are provided at military
and other Government establishments through arrangements made by
the Treasury Department; they are operated by 190 banks, 74 of which
have no other type of branch or additional office.




58

33
21

"128

32
58

13

1
3
16

8
2

Noninsured
20

Mutual savings banks

Insured
113

1
12
4
2

Noninsured
74

14

59

49

35
68

82

5 Each bank is reported once only—according to the widest area in
which it operates branches or additional offices.
NOTE.—Each branch and additional office is located in the same'State
as its parent bank except that one national bank in New Jersey has a
branch in Pennsylvania, one national bank in California has two branches
in Washington and one in Oregon, and one noninsured (unincorporated)
bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown according to their
own location, rather than that of the parent bank.

441

BANKS AND BRANCHES
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1959—Continued
All branches and additional offices (except banking facilities),
by class of bank *
Commercial banks
State

Member
banks

Total

All branches and additional offices
(except banking facilities),
by location 1

Mutual
savings
banks

Nonmember
banks

Outside head office city
In
head
office
city

Total

United States
Alabama
Alaska
Arizona
Arkansas
California

Georgia
Hawaii
Idaho
Illinois
Indiana
Kansas
Kentucky
M^aine
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota

.

State
member

Insured

9,835

9,388

4,769

2,490

2,087

71

71

62

4

5

7
4
211

24
24
160

56
24
24

1
41
26
6

18

Colorado
Connecticut
Delaware
District of Columbia..
Florida

National

18

15

318

129

1,308

1,524

264

24

8
5
30
1
802

7
6
6
1
41

5

32
2

4

278

176

75
12
59

120
21

34
17

4
5

6
1
1
5
14

63
20
5

1
19
6

6

9
34
56

8
5

13

140

132

6
15
73
99

121

45

53
51

28

49

3
6
43

3
5

109
248
280
6

56
205
169

65
8
72

16
1
10

57

24

6

7

1
184
52
59

29

79
73
80

79
73
80

46
25
66

19
8

14
47
6

272

272

155

26

91

172
15
129
159

172
15
129
159

4
8
63
85

159
5
41
56

2

39

7
2
25
18
41

29

10

5

1

5
1
2

33
18

94

119

3,020

34

5
6
44
4
259

1
2^3
55
59

87

2

15
3

34

1

246
462
531
6

213
350
531
6

63
192
183
6

64
100
253

81
57
93

128

128

20

14

94

41

7

7

1

4

2

7

34

1
34

1
20

10

4

4

2

411
45

1

391

219

45

25
418
92

1 426

1 286

448
27

448
27

598
14
179

595
14
179

131

41
20
67
284
25

286
10
153

231
2
5

194
18

78
2
21

101
21

2

38
30
57

732
88

435
48

South Carolina
South Dakota
Tennessee
Texas
Utah

128
53
190
8
65

128
53
190
8
65

88
23
116

33
237
269

32
237
262

17
113
238

51
17

15
73
7

152

152

16

8

128

1

1

1

38

17
8
18

2

1

797
69
1

20
4
3

140
3

2
1

47
24

39
33

8

6

6
4

14

173
27
890
118

237
13
370
81
16

1
4
125
111
11

1
41
138

315
14
33

273

10

21

104
1
16

307
35

287
43

21
184
18

37

24
23
64

14
19
7

53
11
8

1
7

4
4
3
3
3
4
13
4
2
4
2
1
1
2
1
7
4
15
4
3
4
8
2
6

16

6

32

1
6
20
5

5
151
80

13
45
49

12
28
47

3
13
93

1
18
6

19

107

26

111
8
11

9

1

1
Member banks

Distribution by location of branches with
respect to head office

Insured

Noninsured

Insured

Noninsured

383
135
177
45
26

956
175
568
186
27

20
5
7
5
3

113
87
13
13

74
26
39
9

2,087
534
953
385
215

42
16
11
11
4

318
261
26
31

129
56
63
10

31

2,351
698
1,214
337
102

410

Branches and additional offices (except banking facilities)
In head office city
Outside head office city:
In head office county
In contiguous counties
In noncontiguous counties2

9,835
3,983

4,769
1,736

3,020
1,308
1,524

1,137

2,490
1,380
640
302
168

264

204

29

For footnotes see opposite page.

Mutual
savings banks

State

Banks with branches or additional offices (except banking facilities)2 5
In head office city
Outside head office city but not beyond head office county
Outside head office county but not beyond contiguous counties.
In counties not contiguous to head office county 2

Banking facilities at military and other Government establishments4...

Nonmember
commercial banks

Total
National




establishments 4

3,983

3

779
112

Wyoming
Virgin Islands

Noninsured

145
40
1,515

Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

Virginia
Washington
West Virginia
Wisconsin

42

Insured

145
40
1 515

125

109
12
1,140

Noninsured

nonIn head In con- In
office
tiguous contiguous
county counties counties

Banking
facilities at
Govern-

805
270
79
46

1,327

569

* International *
International capital transactions of the United States.

444

Net gold purchases and gold stock of the United States.

452

Estimated foreign gold reserves and dollar holdings.

453

Reported gold reserves of central banks and governments.

454

Gold production

455

International Bank and Monetary Fund.

456

United States balance of payments.

457

Money rates in foreign countries.

457

Foreign exchange rates

459

Index to statistical tables

465

Tables on the following pages include the principal available statistics of current significance
relating to international capital transactions of
the United States, foreign gold reserves and dollar holdings, and the balance of payments of the
United States. The figures on international capital transactions are collected by the Federal Reserve Banks from banks, bankers, brokers, and




dealers in the United States in accordance with
the Treasury Regulation of November 12, 1934.
Other data are compiled largely from regularly
published sources such as central bank statements and official statistical bulletins. Back figures for 1941 and prior years, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.

443

444

INT'L CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]

Date

Grand
total

Interna- Foreign countries
tional
institutions 2 Total Official

Germany,
Fed.
Rep.
of

Italy

United
Kingdom

Other
Europe

Total
Europe

Latin
Canada America

All
other

Asia

1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.

31
31
31
31

13,601
14,939
15,158
16,159

1,881
1,452
1,517
1,544

11,720
13,487
13,641
14,615

6,953
8,045
7,917
8,665

[,454
1,835
1,557
[,755

785
930
1 ,079
] ,121

550
,012
,275
873

3,357
3,089
3,231
3,960

6,147
6,865
7,142
7,708

1,032
1,516
1,623
2,019

2,000
2,346
2,575
2,403

2,181
2,415
1,946
2,205

360
346
355
279

1959—Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

28
31
30
31
30
31
31
30
31
30
31

16,617
16,655
16,803
17,153
18,428
18,724
18,812
19,197
19,014
19,303
19,337

1,541
1,676
1,668
1,719
42,756
2,780
2,720
2,991
3,049
3,160
3,158

15,076
14,980
15,135
15,434
15,673
15,944
16,092
16,206
15,965
16,144
16,179

8,757
8,623
8,438
8,802
8,967
9,141
9,175
9,226
9,096
9,082
9,139

1,697
1,385
1,299
1,409
1,467
1,446
1,409
1,436
1,544
1,706
1,987

,170
1,231
1,245
1,298
1,409
1,476
1,570
1,578
1,543
1,523
1,369

,131
,123
,228
,094
,084
,091
1,093
1,056
874
955
971

3,920
4,005
4,083
4,183
4,279
4,402
4,503
4,611
4,454
4,300
4,127

7,918
7,744
7,855
7,984
8,238
8,415
8,575
8,681
8,415
8,484
8,454

2,142
2,087
2,171
2,094
2,122
2,231
2,135
2,245
2,253
2,330
2,195

2,382
2,522
2,463
2,661
2,551
2,439
2,515
2,364
2,300
2,302
2,406

2,339
2,337
2,357
2,391
2,439
2,532
2,526
2,560
2,627
2,658
2,748

295
290
290
304
322
327
340
355
369
369
376

19,340
19,439

3,138
3,285

16,202
16,154

8,889
8,865

1,899
1,908

1,358
1,245

993
1,143

4,049
4,036

8,299
8,331

2,318
2,270

2,393
2,377

2,803
2,779

391
397

I960—Jan. 31*
Feb. 29?

Table la. Other Europe
Netherlands

Norway

Portugal

Spain

Sweden

Switzerland

Turkey

Yugoslavia

All
other^

177
154
126

164
134
203
339

82
67
93
130

132
137
142
163

104
43
24
36

153
217
260
303

757
836
967

852

9
20
18
20

13
17
11
9

209
282
349
685

637
644
649
855
981
1,054
1,139
1,157
1,095
903
655

132
138
145
156
154
164
165
161
172
192
186

345
347
361
363
356
397
423
435
426
429
485

114
108
104
108
113
109
102
103
101
97
95

157
175
171
162
151
153
155
151
142
138
138

32
30
29
33
35
32
59
67
71
79
86

280
294
321
322
350
351
343
330
241
243
213

796
846
853
857
878
868
869
905
889
902
966

20
20
25
22
21
27
29
32
28
34
31

6
6
7

7
6
7
6
6
5
6

682
650
651
582
544
538
528
557
582
578
583

664
675

188
197

494
496

95
94

128
131

93
99

151
196

973
943

30
35

10
10

559
521

Date

Other
Europe

Austria

Belgium

Denmark

Finland

Dec. 31
nee 31
Dec 31
Dec. 31

3,357
3,089
3,231
3,960

261
296
349
411

108
117
130
115

60
65
112
169

49
53
64
69

1,081
626
354
532

176

1959-Feb. 28
Mar 31

3,920
4,005
4 083
4,183
4,279
4 402
4,503
4,611
4,454
4,300
4,127

410
417
410
409
390
390
391
394
386
364
331

105
117
151
124
118
122
119
129
125
132
138

129
138
130
110
110
119
98
113
113
122
137

76
75
74
73
71
72
76
71
79
81
77

4,049
4,036

308
300

152
137

120
112

83
90

1955
1956
1957
1958

Apr
May
June
J U ly
Aug.
Sept
Oct
Nov.
Dec

30
31
30
3]
31
30
31
30
31

I960—Jan. 31v
Feb. 29*>

France Greece

6

Table l b . Latin America

Date

Latin
Amer- Argentina
ica

Bolivia

Brazil

Chile

Colombia

Cuba

Dominican
Republic

El
MexSal- Guate- ico
vador mala

Netherlands
West
Indies
and
Surinam

Panama,
Republic of

Peru

Uruguay

Other
Vene- Latin
zuela America

1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.

31
31
31
31

2,000
2,346
2,575
2,403

138
146
137
150

26
29
26
22

143
225
132
138

95
91
75
100

131
153
153
169

253
211
235
286

65
68
54
40

24
25
27
26

45
64
65
42

414
433
386
418

47
69
73
79

86
109
136
146

92
84
60
77

65
73
55
82

265
455
835
494

112
111
124
133

1959_Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

28
31
30
31
30
31
31
30
31
30
31

2,382
2,522
2,463
2,661
2,551
2,439
2,515
2,364
2,300
2,302
2,406

189
180
180
211
206
222
245
268
291
310
337

20
20
20
22
22
23
20
20
23
22
24

166
178
151
176
154
154
163
169
150
141
151

85
95
92
102
130
121
144
171
141
139
185

198
189
199
210
204
206
212
197
203
215
217

267
263
257
250
242
227
206
202
191
168
164

38
41
49
46
44
43
40
37
39
41
37

33
33
38
39
38
33
29
25
22
27
28

43
43
43
44
42
39
36
35
35
36
37

389
401
412
445
406
402
416
400
396
420
442

76
74
79
78
78
80
79
85
83
85
86

155
156
157
150
147
159
155
157
151
144
129

72
74
81
82
77
77
81
88
96
88
82

89
96
84
85
89
77
85
71
70
68
62

410
508
443
549
500
407
428
278
254
251
277

152
170
178
172
170
169
175
161
154
148
148

2,393
2,377

360
380

25
23

152
164

170
159

222
232

163
151

36
35

31
35

44
52

425
421

85
83

131
125

83
70

62
68

250
209

155
171

I960—Jan. 31*
Feb. 29»
p

Preliminary.




For other notes sec following page.

445

INFL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*—Continued
[Amounts outstanding, in millions of dollars]
Table lc.

Asia and All Other
All other

Asia

Ko-

Date
Total

Hong
Kong

India

Indonesia

Iran

Israel Japan

rea,
n.
ivepublic
of

Philippines

Taiwan

Thailand

Other

Total

Australia

Union
of
Belgian Egypt's South Other
Congo
Africa

1955—Dec.
1956—Dec.
l957_Dec.
1958—Dec.

31
31
31
31

2,181
2,415
1,946
2,205

55
66
70
62

73
76
82
77

174
186
151
108

37
20
55
43

53
45
52
56

893
1,017
586
935

88
99
117
145

252
272
175
176

39
61
86
99

138
148
157
133

380
425
417
371

360
346
355
279

75
84
85
79

42
44
39
30

72
50
40
16

53
53
38
30

119
114
153
125

1959—Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

28
31
30
31
30
31
31
30
31
30
31

2,339
2,337
2,357
2,391
2,439
2,532
2,526
2,560
2,627
2,658
2,748

57
62
57
58
57
56
57
58
59
61
59

86
90
91
94
99
113
103
119
122
115
114

112
119
108
81
77
88
92
108
116
126
139

51
55
54
51
39
27
28
27
21
24
47

60
62
65
70
86
86
94
78
80
81
87

1,020
998
1,028
1,068
1,101
1,131
1,106
1,141
1,169
1,215
1,260

147
147
146
142
145
147
148
150
152
148
148

169
173
164
175
168
163
182
180
176
179
172

96
94
91
92
90
90
90
87
91
92
94

139
138
133
133
134
133
126
127
129
133
136

402
400
418
427
443
497
501
484
511
483
494

295
290
290
304
322
327
340
355
369
369
376

80
83
83
83
91
84
85
109
112
114
114

31
33
33
33
35
39
31
29
29
26
31

17
16
15
16
16
16
16
16
17
18
20

37
28
28
33
36
48
53
43
48
49

129
130
132
139
144
140
155
159
163
161
162

2,803
2,779

60
61

113
90

146
153

46
43

93
87

,293
1,291

149
145

174
177

94
95

142
142

493
494

391
397

110
115

33
34

25
38

62
57

162
152

1960—Jan. 3 1 * . . . .
Feb. 29»....

Table Id.

Supplementary Areas and Countries7
End of year

End of year
Area or country

Area or country
1956

Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia 8
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland?
Rumania8
Trieste
U. S. S. R.8
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
Paraguay
Other Asia:
Afghanistan
Bahrein Islands
British dependencies

.3
.4
.2
.5
1.2
1.9
.8

1957 1958 1959

.1
.3
.6
.7
3.1
1.7
.7
2.9
9.0
.5
.5
16.4
5.4
3.2
1.2
.7

1.7
.9
3.5
10.0
.6
.7
16.1
5.9
4.9
.9
.5
2.2

1.2
.7
1.5
n.a.
1.3
2.7
5.4
.6
.6
8.2
5.3
4.0
.9
n.a.
2.6

24.1
14.6
18.0
1.0
8.9
10.2
11.8
4.0

24.0
16.4
22.7
.8
11.2
12.6
12.7
5.1

40.9
24.5
17.4
.5
7.7
6.3
11.3
3.4

46.9
18.9
21.7
.5
10.5
12.8
12.5
6.7

5.3
1.7
7.4

4.7
.9
8.0

4.5
.9
4.3

n.a.
.9
5.7

3.1

9.1
.6
.4

13.2

4.3
3.3
.9
1.4

n.a. Not available.
*> Preliminary.
1
Does not include banking liabilities to foreigners maturing in more
than one year; such liabilties amounted to $15 million on Feb. 29, 1960.
2
Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
3
Represents liabilities to foreign central banks and foreign central
governments 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 dollar
subscription to the International Monetary Fund paid in June 1959.
5 Includes Bank for International Settlements.
6 Part of the United Arab Republic since February 1958.
7
Except where noted, these data are based on reports by banks in




51

Other Asia (Cont.):
Burma.
Cambodia
Ceylon
China Mainlands
Iraq.,
Jordan
Kuwait
,
Laos
Lebanon
Malaya, Fed. of
Pakistan
,
Portuguese dependencies.
Ryukyu Islands
Saudi Arabia
Syria*
Viet-Nam
All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya
Morocco:
Morocco (excl. Tangier)
Tangier
New Zealand
Portuguese dependencies
Somalia
Spanish dependencies
Sudan
Tunisia

1956

1957

1958

1959

7.0
17.2
41.2
35.5
16.9
2.0
5.3
37.3
22.3
1.4
20.2
2.7
30.6
97.4
17.1
50.1

6.7
20.0
34.2
36.3
19.6
1.6
5.9
33.1
28.2
1.6
12.8
3.1
32.7
94.8
3.5
58.5

5.9
24.9
44.1
36.0
10.3
20.9
37.9
1.2
5.6
3.1
15.2
60.2
4.7
48.8

n.a.
19.7
n.a.
35.8
n.a.
2.5
9.4
n.a*
38.0
1.4
23.5
2.4
14.8
111.6
5.0
68.3

2.3
35.1
10.7
23.0
10.7

1.8
27.8
6.5
13.0
6.4

2.4
18.7
5.8
20.3
17.6

32.2
19.2
1.9
4.4
t.3
.7
1.7

25.4
18.1
6.9
4.0
1.3
.4
5.2
.3

41.9
16.0
6.8
2.9
n.a.
.2
n.a.
8.4

18.0

2.8

the Second (New York) Federal Reserve District. They represent a
partial breakdown of the amounts shown in the "other" categories in
Tables la-lc.
8 Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
tates are based on reports by U S banks bankers brokers and dealers
foreigners, and by the U. S. Treasury. The term foreigner is used to
designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled abroad
and the foreign subsidiaries and offices of U. S. banks and commercial
firms.

446

INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Payable in dollars
To banks and official institutions
Date, or area
and country

To all other foreigners

Payable
in foreign
currencies

Total
Total

U.S.
Deposits Treasury
bills and 1
certificates

Other 2

Total

Deposits

U.S.
Treasury
bills and
certificates

Other*

Total amounts outstanding
31
31
31
31

13,601
14,939
15,158
16,159

11,777
12,860
12,847
13,669

5,451
5,979
5,875
6,772

5,670
5,990
5,840
5,823

656
891
1,132
1,075

1,783
2,030
2,252
2,430

1,543
1,653
1,766
1,951

184
243
278
306

56
134
209
174

40
49
59
59

1959 Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct 31
Nov. 30
Dec 31

16,617
16,655
16,803
17,153
18,428
18,724
18,812
19,197
19,014
19,303
19,337

14,056
14,115
14,196
14,569
15,794
16,082
16,131
16,549
16,450
16,805
16,857

6,797
6,936
6,864
6,775
6,694
6,497
6,374
6,560
6,132
6,331
6,341

6,173
6,079
6,242
6,633
7,940
8,409
8,546
8,768
9,046
9,181
9,240

1,085
1,099
,090
,161
1,160
1,175
1,211
1,220
1,271
1,292
1,277

2,499
2,488
2,537
2,523
2,557
2,576
2,615
2,578
2,496
2,433
2,403

1,932
1,970
1,966
1,975
1,999
2,026
2,045
1,963
1,913
1,857
1,833

371
311
338
305
314
301
303
331
310
290
299

197
205
234
243
244
249
267
283
273
286
271

62
54
69
62
77
67
66
71
68
65
77

19.340
19,439

16.926
17,100

6,149
6,065

9,253
9,427

1,524
1,608

2,358
2,283

1,766
1,750

297
228

295
305

56
56

1

(3)
6
1

(3)
(3)
(3)
(3)

1955
1956
1957
1958

i960

Dec
Dec.
Dec
Dec.

Jan 31 v
Feb. 29^

Area and country detail, December 31, 1959
Europe:
Belgium
Finland
France
Germany, Fed. Rep. of
Greece
Italy
Netherlands

Spain
Sweden
Switzerland
Turkey

•
*••••••••
. ...

United TCinfidom

Other Europe
Total
Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Dominican ReDublic
El Salvador

..

Neth. W. Indies and Surijiam

Panama Rep of
Peru
Venezuela
Other Latin America
Total

331
138
137
77
655

329
91
126
76
599

188
46
18
7
237

129
12
99
64
324

12
33
9
5
38

2
47
10
1
56

51

3

3

1,987
186
1,369

1,962
174
1,338

244
20

208

22
12

18
12

2

2

445

31
30

24
15

95

57

48

39

37

6
12
1

1
3

(3)

485

147
138

1,510
155
1,049

138

91

85

46

45

(3)

1

86
213
966

68
205
792

68
61
335

(3)

(3)
(3)
(3)

28

28

17
7
91

(3)
(3)

31

17
8
169

22

56

5

971
6
583

631
6
563

298
1
19

129
1
11

112

58

42

4

4

(3)

8,454

239
8

4

(3)

9

103
171

6
1
42
286

331
6
63

254

46

371

7,583

2,072

4,486

1,024

.3

811

509

166

136

60

2,195

1,844

1,302

497

44

341

207

95

38

10

337
24
151
185
217
164

264
9
44
135
155
65

264
9
40
135
144
55

1

72
15
107
49
62
99

69
15
97
48
61
90

(3)
2

(3)

37
28
37
442

5
12
20
306

5
9
6
287

8
18

2
6
1

32
16
17
136

32
15
17
123

11

3

86

40

11

21

8

46

13

10

23

129
82
62
277
148

25
36
27
113
80

24
35
25
113
61

(33)

()
13

(3)

5

69
44
27
160
64

6
1

2

105
47
35
164
67

2
1

29
2
7
2
2

2,406

1,335

1,223

70

42

1,067

942

35

90

(3)

3

3

()

(3)

11

0)
9

»1 Preliminary.
Includes International Monetary Fund's holdings of nonnegotiable,
non-interest-bearing demand notes of the United States which amounted
to $2,127 million on Feb. 29, 1960.




142
68

1
39
8

2

2

2

(3)

1

4
8
1
1
8

(33)
()

(3)

(3)

(3)

3

Represents principally bankers' acceptances and commercial paper.
3 Less than $500,000.

447

INFL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Payable in dollars

Area and
country

Total

To all other foreigners

To banks and official institutions

Total

Deposits

U. S.
Treasury
bills and
certificates

Other i

Total

Deposits

U.S.
Treasury
bills and
certificates

Payable
in foreign
currencies
Other i

Are£i and country detail, December 31, 1959—Continued
Asia:
Hong Kong
India
Iran
Israel
Japan
Korea Reo of

•

Taiwan
Thailand
Other Asia
Total

59
114
139
47
87

32
101
137
42
83

25
28
74
38
25

70
62
1
48

7
2
1
3
9

27
13
2
4
4

26
13
2
4
4

(2)

1,260
148
172

1,245
145
152

629
107
125

564
38
18

15
3
19

14
3
19

94
136
494

86
133
455

82
29
265

a

53
1
9

162

4
5
27

8
3
39

7
3
38

2,748

2,612

1,428

1,063

121

136

132

w
(22)
(2)
((21))

114

109

30

72

8

4

3

31
20
49
162

30
19
45
122

2
2
19
15

16

All other:
Belgian Congo
Egypt 3
Union of South Africa....
Other
Total

3
13

1

(2)

(2)

(2)

1

(2)

3

1

(2)

1

(2)

1

3

1
1
3
35

1
2

109

40

47

42

1

4

3

6,226

1,271

2,403

1,833

299

271

77

3,158

138

3,014

6

16,857

6,341

9,240

1,277

2,403

1,833

299

271

77

326

16,179

13,699

International institutions....

3,158
19,337

1
2
3
39

(2)

(2)

6,203

376

Total foreign countries.

Grand total

13
17
24
93

1

ill

1

Represents principally bankers' acceptances and commercial paper.
2 Less than $500,000.

3 Part of the United Arab Republic since February 1958.

TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i
[Amounts outstanding, in millions of dollars]

Date

Total

GerFrance many,
Fed.
Rep. of

Italy

Switzerland

United Other Total
King- Europe Europe
dom

Canada

Latin
America
706
840

233
337

956
1,099

386

12
18
114
102

157
140
77

30
43
56
36

26
29
34
42

109
104
98
124

158
216
211
315

423
568
654
696

144
157
154
243

1959—Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.

1,549
1,946
2.199
2,542
2,379
2.419
2,399
2,427
2,441
2,384
2,356
2,392
2,394
2,482
2,635

100
102
103
99
94
91
89
81
65
60
57

68
60
58
52
54
52
45
44
41
48
54

29
36
33
34
37
31
34
33
29
28
30

35
39
45
39
34
36
34
39
36
37
38

102
88
94
105
105
122
142
151
150
174
138

288
264
255
236
220
234
222
239
230
225
234

622
589
588
565
544
566
567
586
551
573
552

218
246
242
236
229
245
241
272
311
282
272

1960—Jan. 31 P.
Feb. 29P,

2,703
2,691

46
38

51
51

41
41

51
39

131
141

229
229

548
538

255
234

1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.

31.
31.
31.
31.

88

v1 Preliminary.
Short-term claims reported in these statistics represent principally
the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for




Asia

All
other

43
43

50

435

69

l,C45
1,169

422
454
481
502
520
510
518
511
503
528
586

63
61
61
61
65
64
66
54
52
54
56

1,235
1,240

610
626

55
53

1,054
1,068
1,027
1,064
1,082
1,000
965
968
976

foreigners; drafts drawn against foreigners thai are being collected by
banks and bankers on behalf of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and their
customers in the United States.

448

INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table 3a.

Date

Other
Europe

31.
31.
31
31

Netherlands

Belgium

Denmark

158
216
211
315

16
28
25
65

13
12
11
14

11
21
29
56

9
23
23
22

1959—Feb. 28
Mar. 31
Apr. 30.
M a y 31
June 30
July 31.
Aug. 31.
Sept. 30
Oct. 31
Nov. 30.
Dec. 31.

288
264
255
236
220
234
222
239
230
225
234

64
63
62
51
50
53
48
50
50
51
56

16
12
10
9
8
9
9
10
11
14
18

59
52
40
34
31
32
24
22
23
25
38

18
15
14
11
10
8
10
10
9
9
7

I960—Jan. 31
Feb. 29

229
229

56
53

18
15

33
26

1955—Dec.
1956—Dec.
1957—Dec.
1958_Dec.

Aus-

Finland

Other Europe

Greece

Norway

Portugal

Spain

Yugoslavia

Sweden

Turkey

7
13
10
24

78
88
76
72

7
7
10
9

16
16
14
15
10
12
13
19
15
16
19

60
50
51
51
49
57
70
75
72
62
47

9
9
14
16
13
14
15
17
17
17
18

17
17

50
66

16
16

30
25
27
29
28
26
25
11
11
9

All
other

Table 3b. Latin America

Date

Latin
BoAmer- Argenlivia
tina
ica

Brazil Chile

Colombia

Cuba

Dominican
Republic

NetherEl Guate- Mex- lands
West
SalIndies
ico
vador mala
and
Surinam

Panama,
Republic of

Peru

Uruguay

Other
Vene- Latin
zuela AmeTica

1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.

31
31
31
31

706
840
956
.099

7
15
28
40

4
4
3
3

69
72
100
148

14
16
33
52

143
145
103
51

92
90
113
166

5
7
15
19

8
11
8
10

5
7
8
12

154
213
231
293

3
5
2
6

17
12
18
23

29
35
31
31

18
15
42
52

105
144
170
142

34
49
si
53

1959_Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

28
31
30
31
30
31
31
30
31
30
31

,054
.068
.027
.064
,082
.000
965
968
976
.045
,169

38
38
40
43
45
44
44
48
51
63
63

3
3
3
3
3
3
3
3
3
3
3

176
172
136
156
167
151
134
125
112
113
118

48
50
52
58
65
40
36
42
46
47
59

48
49
50
50
53
53
55
55
58
61
68

150
149
149
140
130
119
92
91
91
101
103

23
25
25
23
27
29
28
30
29
31
29

6
5
5
5
6
6
7
9
14
16
15

11
9
10
10
10
9
11
10
13
10
10

260
263
263
278
279
271
269
267
265
275
291

3
4
4
3
3
3
3
3
3
4
4

24
25
27
28
22
21
24
22
23
17
18

30
14
38
37
31
34
34
32
34
34
36

43
45
33
34
38
27
39
40
39
45
47

139
144
139
143
151
139
136
142
146
174
247

53
53
54
52
51
49
50
49
49
52
59

,235
,240

64
64

3
3

139
150

58
57

71
70

91
83

29
27

10
5

12
13

288
257

3
5

18
19

35
38

47
46

314
346

54
56

I960—Jan. 31 P
Feb. 2 9 P

Table 3c. Asia and All Other
Asia
Date
Total

1955 Dec
1956 Dec.
1957_Dec.
1958 Dec

Hong India
Kong

Iran

Phil- TaiIsrael Japan ippines
wan

60
91
110

43
43
50

5
6
5

179

67

6

13

111

11
11
13

69

13

4

3

23

27

175
204

42
34

8
8

13
14

124
130

63
61

12
11

3
4

2

29
29
24
18

9
10
9
8

8
8

13
12

16
18

3
3

24
25
26
25

8
8
9

12
14
15

154
157
155

52
54
56

19
18
18

3

1
2

19
19
20
20

11
20
24

151
155

61
61
65
64

2
2
2
1

18
17

137
142
143
153

4
3
3
3

269
262

17
17
20
12

11
12
15
14

22
24

224
242
260
256

24
21

3

2
2
2

24
18

8
9

14
12

154
148

55
53

18
16

3
3

2
2

5
6
6

18
20
22

10
16
24

435

6

4

27

23

28
31
30
31
10
31
31
10
11
30
11

422
454

5
6

5
5

28
34

22
19

481
502
520
510
518

8
8
7
8

6
5
5
6

9
9

5
6

34
32
35
31

18
16
16
17

503
528
586

9
10
10

7
6
6

29
29
29

12
9
14

262
275
324

610
626

It
12

6
6

30
30

14
17

349
372

1960 Jan 31 p
Feb 29?

Preliminary,
i See note 1 on preceding page.




103
170
146

66
54

T,

1
2
1

g
8

8
9
14

3
4
7

15
13

Union
BelAus- gian
of
Egypt3 South
Other
tralia Congo
Africa

6
6
6

233
337
186

29
30

19

Thai- Other Total
land

16
53

31
31
31
31

1959 Feb
Mar.
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec

All other

2 Less than $500,000.
3 Part of the United Arab Republic since February 1958.

12

17
17
19

21
14

25
18

12
13
12

17
18
21

12
11

20
21

449

INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Short-term

Payable in foreign currencies

Payable in dollars
Date, or area
and country

Longterm—
total 1

Loans to:
Total
Total

Banks and
official
institutions

Others

Collections
outstanding

Other

Total

Deposits
with
foreigners

Other

Total amounts outstanding
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.

31
31
31
31

671
839
,174
,362

1,549
1,946
2,199
2,542

1,385
1,796
2,052
2,344

489
582
627
840

236
330
303
428

353
440
423
421

307
444
699
656

164
150
147
198

144
131
132
181

20
19
15
16

1959__Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

28
31
30
31
30
31
31
30
31
30
31

,363
,361
,379
,402
,440
,482
,501
,507
,516
,497
,526

2,379
2,419
2,399
2,427
2,441
2,384
2,356
2,392
2,394
2,482
2,635

2,227
2,258
2,247
2,264
2,280
2,204
2,178
2,193
2,168
2,270
2,400

744
746
738
731
743
717
708
743
728
805
839

412
424
434
424
413
413
421
424
439
456
463

413
428
427
434
455
437
442
453
458
475
516

658
660
648
674
669
637
607
573
543
533
582

152
161
152
164
161
180
178
199
226
212
235

138
146
136
149
144
153
152
163
192
182
203

13
15
16
15
17
27
26
36
34
30
32

,501
,493

2,703
2,691

2,474
2,481

864
835

431
416

504
526

676
704

229
210

195
175

34
36

1960—Jan. 31 P
Feb. 29^

Area and country detail, December 31, 1959

Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of...
Greece
Italy
Netherlands
Norway

16
22
1
3
20

9
6
35
10
138

Portugal
Spain
Sweden
Switzerland
Turkey

2
7
33
3

United Kingdom
Yugoslavia
Other Europe
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
El Salvador
Guatemala
Mexico
Netherlands W. Indies
and Surinam
Panama, Rep. of
Peru
Uruguay
Venezuela
Other Latin America
Total

4
56
18
8
57

4
55
18
8
56

1
38

54
5
30
38
7

46
5
29
26
6

14
1
5

17
34
47

50
(2)
10

138
3
18

27
3
17

366

552

408

144

46

99

272

216

5

191

60
263
48
26
71

63
3
118
59
68
103

38
3
118
59
68
102

()
51
20

175

29
15
10
291

29
15
10
288

(>
24
14
9
6
6
1
2
61

1
32
61

18
36
47
247
59

18
36
47
244
59

24
102
5

795

1,169

1,138

397

()
15

7
10

44

121

7
38

24
4
13
17
4

19
38
47

2
i
()

1

13
1

13
1

16
1
5

111

89

130

144

121

23

57

52

5

25

25

2
1
8
6
3

12
18
3
17
12
26
28

26
13
25
22

5
4
6
31

12
3
2
75

11
4
3
51
15

4
17
2
51
28

3
13
18
40
11

214

252

274

2 Less than $500,000.

22
*( 2 )'

1
38
13

Preliminary.
1 Represents mainly loans with an original maturity of more than one




2
9
3
1
13

28

450

INFL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Short-term
Payable in dollars
Longterm—
total 1

Area and
country

Payable in foreign currencies

Loans to:
Total
Total

Banks and
official
institutions

Others

Collections
outstanding

Other

Total

Deposits
with
foreigners

Other

Area and country detail, December 31, ] 959—Continued
Asia:
Hong Kong
Indonesia
Iran
Israel

2
11
56
9
4

..

Japan
Korea Rep of
Philippines
Taiwan
Thailand
Other Asia

10
6

10
5

7
1

814

814

1
1

324

10
2

324
1
24
9
15
153

24
9
15
153

10
134

116

586

585

288

25
21

16
3
2
12
21

1
1

20
83

18
3
2
12
21

(2)

2

5

11
13

1

1

150

56

53

4

5

35

9

1,526

2,635

2,400

839

463

516

582

16
. .. ..

7

Total
All other:
Belgian Congo
Egypt^
Union of South Africa
Other
Total

2

2
3
2

107

1

180

9

8
(2)
3

35
1
2
2
15

7

91

199

8
3

8

(22>
(>

l
(22)
((2))

i

1

3

i

2

235

203

32

I(22)
(2)
()

(2)
11

j

1
2
2
1

8

(2>
c2)

1

2

International institutions....
Grand total

2 Less than $500,000.
3 Part of the United Arab Republic since February 1958.

i Represents mainly loans with an original maturity of more than
one year.

TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPESt
[In millions of dollars]
U. S. Govt. bonds & notes
Year or month

1956
1957
1958
1959
1959—Feb
Mar
May
July
Sept
Oct
Nov
Dec
1960 Jan *»
Feb P

...

.

...

Net purchases.or Pursales ( - ) chases

Foreign bonds

Net pur- Purchases, or chases
sales ( - )

Foreign stocks

Net pur- Purchases, or chases
sales ( - )

Net purchases.or

Purchases

Sales

883
666
1,224
1,214

1,018
718
1,188
528

-135
-52
36
686

1,907
1,617
1,759
2,593

1,615
1,423
1,798
2,158

291
194
-39
435

607
699
889
946

992
1,392
1,915
1,455

-385
-693
1,026
-510

749
593
467
566

875
622
804
803

78
37
60
39
24
63
259
106
163
166
92

86
18
19
23
23
40
25
40
77
99
55

-7
19
41
16
1
23
234
66
86
68
37

186
231
226
240
222
229
190
177
191
234
254

164
224
196
203
181
190
145
134
151
175
200

22
7
30
37
41
39
45
44
40
59
54

99
63
49
111
45
60
27
157
52
53
95

185
89
74
169
45
163
27
208
75
93
142

-86
-26
25
57
-102

41
45
51
47
49
48
44
44
58
41
53

73
84
76
83
56
53
50
44
35
63

23
— 10
-10

104
119

40
88

63
32

229
194

152
149

77
46

57
77

59
238

-1
-161

56
41

45
36

11
5

9 Preliminary.
l Includes transactions of international institutions.




U. S. corporate securities 2

Sales

2

Sales

— 52
-23
-40
-47

Sales

Includes small amounts of U. S. municipal securities.
3 Less than $500,000.

sales (-}
-126

— 29
-336
— 237
-32
— 39
-25
— 36
-6
-5
-6

451

TNTL CAPITAL TRANSACTIONS OF THE U. S.
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]
Country

Type of security
Total 2

Year or month

Stocks

1956
1957
1958
1959
1959—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

.

.

I960 Jan P7
Feb.*

Bonds

Belgium

France

Netherlands

Switzerland

United
Kingdom

Other
Europe
7
20
1
35

280
255
10
379

-53
-99
-86
-30

38
23
23
40

27
15
14
46

15
8
31
33
31
27
42
40
34
58
46

4
-6
-8
-3
2
1
-1
-5
-4
-2
-6

2
2
2
3
2
4
4
6
5
3
5

1
3
4
4
5
7
1
3
4
1
9

71
37

-2
2

7
7

2
1

256
143
-56
363

35
51
17
73

23
14
-3
5

23
8
2
40

-7
35
-8
31

147
101
19
254

87
77

22
7
30
37
41
39
45
44
40
59
54

15
2
25
36
36
34
35
26
30
48
58

7
5
5
1
5
6
10
18
10
11
-4

2

2

(3)

j

7
20
27
21
21
19
18
35
26
23
20

2
-12
-2
4
4
7
-4
-1
11
13

2
1
4
5
4
2
1
2
4
5
4

77
46

72
34

5
11

28
34

13
-6

17
7

11

2

I?

11
6
9
7

3
-6

1 1

15

All
other 2

Canada

291
194
-39
435

-1
-1
1
4
-1
2
5
5
5
8
5

Latin
America

Total
Europe

2

* Preliminary.
i Includes small amounts of U. S. municipal securities.

Includes transactions of international institutions.
3 Less than $500,000.

TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS

TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i

[Net sale s, (-). In millions of dollars]

[In millions of dollars]

Year or
month

1956
1957
1958
1959
1959—Feb....
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
I960—Jan.*.
Feb.*

Total
International foreign Europe
couninstitries
tutions

Latin
Amer- Asia
ica

All
other

-16
13
-150
-15

-33
-384
-558
-157

-478
-338
-805
-590

8
231
-72
-50

-447
-552
-543
-439

17
15
5
11

-40
-45
-45
-97

6
-5
-8
-50
-8

-14
-22
-28
18
5
-4
-4
42
24
-13
-16

-64
-24
-2
- 6 11

-3
9
-3
3
3

0)

-124
-60
-42
-43
2
-107
-6
-17
7
-44
-57

4
5

-41
-8
-8
-4
-7
-4
-2
3
1
-6
-11

29
-101

-20
-56

-17
9

2
0)
-43 -20

-6
-3

.8
-7
-6

P Preliminary.
i Less than $500,000.




Canada

C)

-100
-42
-21
-29
-36

(

V3

-2
3
—1
2
2
-1
1
-21

C1)
0)
2

1
1

Assets in custody
Date

Deposits

U. S. Govt.
securities2

Miscellaneous 3

1958—Dec. 31

272

3,695

480

1959—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
30
31
30
31
31
30
31
30
31

307
266
291
294
278
252
312
284
332
345

3,593
3,559
3,750
3,900
4,131
4.286
4,346
4,409
4,396
4,477

509
504
524
528
525
520
548
547
556
570

I960—Jan. 31
Feb. 29
Mar. 31

249
191
184

4,444
4,707
4,728

593
466
615

1
Excludes assets held for international institutions, and earmarked
gold. See note 5 at bottom of next page for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes, and bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.

452

U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce.

Negative figures indicate net sales by the United States]
Quarterly totals

Annual totals
1958

Area and country
1952

Continental Western Europe:
Austria
Belgium
France
Germany (Fed. Rep. of)
Italy
Netherlands .
...
Portugal
Sweden
Switzerland
Bank for Int'l Settlements
Other

1953

1954

1956

1955

-6
1—6

-10

-ioo
-17

-65
-60
-20
-65
-94
-18

-5
23

Total

-226

-68
-10

-5

-55
— 15
-16
-20
9

-215
-178
38

20
-32
-38

-28
329

-7
-1
-38

-118

-124

-197

20

-150

-900

-350

-100

-200

-150

-20

-10

2

-2

-481

-51

(2)

339

100

7

15

5

115

75

67

14

— 200
56

6

2

14

-28

81

69

31

58

-20

-12

64

18

4-27

4-176

4-23

4-45

4-50

4-62

-19

(2)

(2)

-969

-347

-84

-389

-348

-9

5-344

189

91

-93

-732

-159

-57

— 85

-10

-19

58

-132

62

-7

-6

-10

-5
1

14

-1

394 - 1 , 1 6 4

-327

-68

80

172 -2,287

International institutions 5
-327

-17

-200

451

394 - 1 , 1 6 4

-15

-100

Total

All other

-25
-5

-10

-350

(2)

Grand total

-30

-200

-900

-50
-1

Total foreign countries...

-110

-66
-56

100

-480
-1

Total

-30
-10

15
-8

Oct.Dec.

-43

-281

440
11

Asia

25

-349
-261
-20

-39
— 39

-477

-79

80
-30
12

-58
-58

-84
-329

JulySept.

68 - 1 , 4 2 8

-328

-28

-83
-39
-266

3

Apr.June

-20

-546

— 20
88

Jan.Mar.

Oct.Dec.

1959

3

-116

Latin America:
Argentina
M^exico
Venezuela
Other

1958

4

Sterling Area:
United Kingdom
Other

Canada

3
-34

1-95
-130

1957

1959

-68

55

-30
65
-4

200

600

-7

-73

280

772 -2,294

-1,041

1
Includes sales of gold to Belgian Congo as follows (in millions): 1952,
$2; and 1953, $10.
2 Less than $500,000.
3 Includes purchases of gold from Spain as follows (in millions): 1957,
$31; and 1958, $32.

(2)

3

-347

()

65

-148

4 Includes sales of gold to Japan as follows (in millions): 1958, $30;
and5 1959, $157 (Jan.-Mar., $50; Apr.-Jime, $45; and July-Sept., $62).
Figures represent purchase of gold from, or sale to ( —) International
Monetary Fund; includes payment of $344 million in June 1959 as
increase in United States gold subscription.

ANALYSIS O F CHANGES IN GOLD STOCK O F T H E UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year

Treasury
Total i

2 2,162
1,530
165
-1,743
380

1,866
1,680
686
-371
-549
684

210
-159
-496
-1,352
618
-305

76
71
67
80
66
67

22,091 -1,162
-297
21,793
-41
21,753
306
22,058
799
22,857
20 582 -2,275
19,507 3-1,076

2
16
97
106
104
260
302

-1,171
325
-132
319
600
- 2 515
-1,324

69
65
66
65
63
62
49

1947
1948
1949
1950
1951
1952

22,754
24,244
24,427
22,706
22,695
23,187

22,868
24,399
24,563
22,820
22,873
23,252

1953
1954
1955
1956
1957
1958
1959

22,030
21,713
21,690
21,949
22,781
20 534
19,456

p
1

Total
EarNet
gold
marked Domesgold gold:
stock: import,
de- tic gold
increase,
crease, producor
or deor
inexport
tion
crease
crease

53

Preliminary.
Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
Reserve Bank Credit, and Related Items" or in the Treasury statement,
"Circulation Statement of United States Money."
2 Net after payment of $688 million as United States gold subscription
to the International Monetary Fund.




Gold stock
(end of month)
Month
Treas- Total i
ury
1959—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
I960 Jan
Feb.
Mar

20,442
20,305
20,188
19,705
19,626
19,524
19,491
19,585
19,566
19,456
..

EarTotal
Net
marked Domesgold
gold gold:
de- tic gold
stock: import,
crease,
increase,
producor
or inor detion
export
crease
crease

20 486
20,358
20,227
19 746
19,672
19,568
19,579
19,647
19,617
19,507

— 34
-129
-130
3—482
— 73
-104
10
68
-30
-110

19,444 19,494
19 421 P\9 471
P19,408 ^19,457

-13
— 23
P-14

76
55
24
48
9

— 48
-127
-137
— 492
— 98
-176
-35
52
-71
-112

4
4
4
5
5
4
4
4
3
4

2
4

-12
— 21

3
3

18
3
10
15

25

5-13

3
Includes payment of $344 million as increase in United States gold
subscription
to the International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $9,908 million on Mar. 31, 1960.
Gold under earmark is not included in the gold stock of the United States.

453

GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31 , 1957
Area and country

Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian Congo)..
Denmark
Finland
France (and dependencies)
Germany (Federal Republic of)
Greece
Italy
. .
Netherlands (and Netherlands West Indies
and Surinam)
.
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other2

452

Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa .
Other
Total.
Canada
Latin America:
Argentina
Brazil
Chile
.
Colombia
Cuba
Guatemala
Mexico
Panama Republic of
Peru
Uruguay
Venezuela
Other

7

629

7

6
6

1,489
169

5

'952
4,099
167
1,531

104

1

1,510
141

99

113

6
43

9
14

1,295
4,394
143
2,207

12
13

1,469
4,063
158
2,421

12
15

1,497
173
707
94
507
2,777
164
1,209

15
120

1,614
151
728
88
498
2,781
164
1,117

17
125

5
128

0)

12

.. •

Total
Total foreign countries 4

31
80
16

7

623

7

1,484
144

7
54

1,361
168

7
64

1

109

1

1,893
4,171
179
2,720

32
16

'2,091
4,057
187
3,054

1,627
156
711
92
555
2,787
165
1,111

22
133

1,711
133
723
123
521
2,805
176
1,067

109

31
82
16

115

1

32
16

1,957
4,624
212
3,118

35
16

26
136
1
3
68

1,732
125
731
141
404
2,900
164
1,076

0)
0)

90

0)

396 19,070

15
456

2,875
104
211
329
255
228

205
4

194
4

1
55

3,956
106
252
366
268
199

264
4

(i)
J
49

3,909
105
226
346
237
199

201
4

43

3,923
110
246
337
221
250

184
4

1
1
34

3,723
109
241
324
241
251

4,002

245

4,889

242

5,087

238

5,022

261

5,147

2,723

457

3,097

341

3,159

344

3,195

342

210
463
140
241

G)

237
504
135
262

0)
0)

263
480
170
278

0)
0)

70
543
156
93
276
1,227

0)

67
566
147
96
269
1,219

0)

1

154
3
(i)

277

2
13

4,368

176

366

69
561
146
96
262
1,213

0)

(1)
86

(1

i
2

0)
0)

339

(1)
86

2

(i)

0)

317

0)

(1)
82

2

(i)

0)1
0)
141
j

101 '
88 '

8'

19,451

510
323
4

57

3,471
115
268
361
287
211

326

4,713

404

3,284

450

3,155

452

325
495
212
266

0)
0)
0)

393
478
226
288

0)

214

82

0)

61
585
129
110
242
931

0)

277

59
565
157
107
251
997

0)

82

2

(i)

0)

76

/^\

(l)

3
1

0)

250

11

292

13

302

13

268

13

252

12

4,017

106

4,134

107

4,174

104

3,979

105

3,909

105

118

1

149

172

1

184

(!)

195

1
8

1,094
186
245
778

1
3
1
7

1,232
180
250
818

2,324

16

2,632

12

228
162

0)

190
140

390

7

330

C1)
8
8

'28,565 1,220

'"32,563

(i)

714
181
269
111

2,697

%

222

'31,262 1,442

145

2,876

156

n\

495

179

167

21

3,354

0)
10

190
176

C1)
11

194
170

0)

10

366

11

364

10

2,831

13

3,032

14

190
149

C1)
10

190
171

339

10

361

523

'34,357 1,127
4,665

1

3,175

7

1,420
187
239
1,013

3,027

187

1,539
181
248
1,027

3
1
7

'36,229 1,593

1

0)

2
5
1
12

1,380
178
246
931

3

983 '33,202 1,070

'35,439 1,478

r
P Preliminary.
Revised.
1 Less than $500,000.
2 Includes Yugoslavia, Bank for International Settlements (including
European Payments Union account through December 1958 and European Fund account thereafter), gold to be distributed by the Tripartite
Commission for Restitution of Monetary Gold, and unpublished gold
reserves of certain Western European countries.
3 Part of the United Arab Republic since February 1958.
4
Excludes gold reserves of the U. S. S. R., other Eastern European
countries, and China Mainland.




10
76

685

7
44

358 18,573

193

Total

Grand total 4

14
105

2

7

274 17,652

190

All other:
Egypt 3
Other

International institutions

0)

1

646

319 17,598

92
566
136
88
235
1,554

Dec. 31 , 1959P

u. s.

605

1,044
138
651
126
479
2,685
162
'846

Sept. 30, 1959

U. S. Gold& U. S. Gold& U. S. Gold& U. S.
Gold & U.S.
Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt.
term
term
bonds
bonds
bonds
bonds
term
term
term
bonds
bonds
& notes dollars & notes dollars & notes dollars & notes dollars &notes dollars & notes

1,522
200

371

.

June 30, 1959

8
6

263
456
115
215

Total

Mar. 31, 1959

8

1,184
143

14,758

Total

Asia:
Indonesia
Iran
Japan
Philippines
Thailand
Other

Gold&
shortterm
dollars

Dec. 31 , 1958

523

'39,022 1,650

'35,021 1,369
5,043

605

'40,064 1,974

1
16
23

10

34,946 1,504
5,565

660

40,511 2,164

NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in "Short-term
Liabilities to Foreigners Reported by Banks in the United States by
Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings with original maturities
of more than one year; these estimates are based on a survey of selected
U. S. banks and on monthly reports of security transactions.

454

GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month

Estimated
total
world*

Infl
Monetary
Fund

1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec

36,425
37,075
37,730
38,235
38,960
'39,865

1959—Feb
Mar

'40,060

May
June
July
A.Ug
Sept
Oct
Nov
Dec

'40,340
'40,445
'40,680

I960—Jan
Feb

End of
month

1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957 Dec
1958 Dec
1959

Cuba

Argentina

1,702
1,740
1,808
1,692
1,180
1,332

22,091 12,630
21,793 13,540
21,753 14,170
22,058 14,485
22,857 14,925
20,582 '17,950

372
372
372
224
126
60

117
138
144
107
126
162

52
62
71
71
103
194

101
115
116
122
81
83

1,349
1,352
1,353
1,522
1,910
1,923
2,025
2,052
2,210
2,389
2,407

20,520
20,486
20,358
20,227
19,746
19,672
19,568
19,579
19,647
19,617
19,507

60
57
57
57
57
57
57
57
57
57
56

160
163
166
169
135
138
141
143
146
150
154

208
212
222
222
256
280
291
291
291
291
292

2,416
2,421

19,494
19,471

292
292

Denmark

Dominican
Republic

Ecuador

Egypt2

El Salvador

'18,220
'18,685
'18,815
'18,765

Australia

Austria

Finland

Belgian
Congo

Belgium

Brazil

Canada

Chile

Colombia

776
778
929
925
915
1,270

321
322
323
324
324
325

986
1,073
1,134
1,103
1,100
1,078

42
42
44
46
40
40

86
86
86
57
62
72

69
69
65
63
63
53
53
48
42
42
42

1,225
,246
,265
1,289
1,270
1,281
,276
,254
1,187
1,156
1,134

326
326
326
326
326
326
326
326
326
327
327

1,082
,072
,071
,074
1,073
1,061
1,053
1,039

40
40
40
40
40
40
41
41
42
41
41

72
73
73
74
74
74
75
69
70
70
71

42

1,143

326
326

952
952

40

71

Germany,
Frances Federal Greece
Republic
of

Guatemala

17S

Q67

960
960

India

Indonesia

186
186
136
136
136
80

31
31
31
31
31
31

12
12
12
11
11
11

23
23
23
22
22
22

174
174
174
188
188
174

29
29
28
28
31
31

26
31
35
35
35
35

'617
'708
'942
'924
'581
'750

328
626
920
1,494
2,542
2,639

11
11
11
10
13
17

27
27
27
27
27
27

247
247
247
247
247
247

145
81
81
45
39
37

76
76
76
76
75
75
75
75
75
60
50

31
31
31
31
31
31
31
31
31
31
31

11
11
11
11
11
12
12
12
12
12
10

22
22
20
20
20
20
20
20
20
20
20

174
174
174
174
174
174
174
174
174
174
174

31
31
31
31
31
31
31
30
30
30
30

38
38
38
38
38
38
38
38
38
38
38

'740
'812
'718
'859
'899
'939
'930
'921
'1,055
'1,122
'1,290

2,678
2,678
2,678
2,684
2,704
2,721
2,721
2,621
2,626
2,626
2,637

18
20
21
23
25
26
26
26
26
26
26

27
27
27
25
25
24
24
24
24
24

247
247
247
247
247
247
247
247
247
247
247

37
37
36
41
41
41
41
41
33
33
33

31
31

10
10

20
20

174
174

30
30

38
38

'1,285
1,298

2,638
2,652

247
247

33
33

Philippines

Portugal

Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

I960 Jan
Feb

End of
month

Estimated
rest of
world

United
States

Iran

Iraq

Ireland,
Republic of

Italy

Lebanon

Mexico

NetherNew
lands Zealand

Norway

Pakistan

Peru

1953 Dec
1954—Dec
1955 Dec
1956—Dec
1957 Dec
1958—Dec

137
138
138
138
138
141

8
14
20
34

18
18
18
18
18
18

346
346
352
338
452
1,086

35
63
74
77
91
91

158
62
142
167
180
143

737
796
865
844
744
1.050

33
33
33
33
33
33

52
45
45
50
45
43

38
38
48
49
49
49

36
35
35
35
28
19

9
9
16
22
6
10

361
429
428
448
461
493

1959_Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

141
140
140
140
140
140
140
140
140
140
140

34
34
34
34
34
73
84
84
84
84
84

18
18
18
18
18
18
18
18
18
18
18

1,155
1,190
1,222
1,263
1,311
1,381
1,433
1,476
1,583
1,635
1,749

95
102
102
102
102
102
102
102
102
102
102

143
142
142
142
160
158
156
165
165
143

1,145
1,164
1,164
1,164
1,164
1,164
1,162
1,162
1,126
1.132
1,132

33
33
33
33
33
33
33
33
33
33
33

43
43
43
43
43
30
30
30
30
30
30

49
49
49
50
50
50
50
50
50
50
50

19
19
19
19
19
19
19
19
19
29
28

7
7
9
9
10
6
6
7
8
8
9

498
501
502
507
512
513
525
525
530
546
548

I960 Jan
Feb

140
131

1,132
1,141

33

30
30

52
52

28
28

10
11

548

r

Revised.




18
18

For notes see following page.

102
102

455

GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]

South
Africa

End of
month

1953 Dec
1954—Dec
1955 Dec
1956—Dec
1957—Dec
1958 Dec
1959

.

Feb
Mar
Apr
May
June
July

.

. . .

AUK

Sept
Oct
Nov
Dec
I960—Jan
Feb

Switzerland

176
199
212
224
217
211

218
265
276
266
219
204

1 459
1,513
1,597
1,676
1,718
1,925

14
17
19
19
24
24

211
193
190
197
201
217
204
225
231
230
238

204
204
204
204
205
205
191
191
191
191
191

1,993
1,935
1,931
1,912
1,909
1 925
1,919
1,900
1,868
1 816
1,934

24
24
24
24
24
24
19
19
19
19

248
244

191
171

1,826
1,807

Syria 2

1
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 central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown for United Kingdom, and estimated official holdings of countries from which no reports are received.

Yugoslavia

Bank
for
Int'l
Settlements

European
Payments
Union

373
403
403
603
719
719

13
14
16
17
13
17

193
196
217
179
165
339

153
153
244
268
254
126

180
180
180
180
180
180
180
180
180
180
180

719
719
719
719
719
719
719
719
719
654
654

17
17
15
10
10
10
10
10
10
10
16

351
378
533
479
486
436
434
427
367
383
381

180

654
654

10
10

445
513

Turkey

United
Kingdom 4

113
113
112
112
112
112

143
144
144
144
144
144

2 518
2,762
2,120
2,133
2,273
3,069

227
227
216
186
180
180

112
112
112
112
112
112
112
112
112
112

144
144
144
144
144
144
144
144
133
133
133

3,156
3,139
3,251
3,119
3,172
* 220
3,248
3,284
3,024
2 974
2,736

133
133

2,685
2,722

Thailand

Sweden

Uruguay

Venezuela

2

Part of the United Arab Republic since February 1958.
3
Represents holdings of Bank of France and French Exchange Stabilization Fund.
4
Beginning with December 1958, represents Exchange Equalization
Account gold and convertible currency reserves, as reported by British
Government; prior to that time represents reserves of gold and United
States and Canadian dollars.

GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Y ear or
tnonth

840.0
868.0
864.5
910.0
955.5
994.0
1,036.0
1,064.0

1951.
1952
1953.
1954.
1955
1956.
1957
1958.
1959

Estimated
world
production
(excl.
U.S.S.R.)

Tan
Feb
Mar
Apr
May
June....
July .
Aug
Sent . . . .
Oct
Nov

I960—Tan

North and South America

Africa
South
Africa

Rhodesia

763.1
785.7
780.5
830.4
877.7
914.8
956.3
984.0

403.1
413.7
417.9
462.4
510.7
556.2
596 2
618.0

17
17
17
18
18
18
18
19

83.4
81.2
85.0
86.6
2
88.1
2 89.4
2
91 4
2
88.8
2
89.5
2
91.4

54.1
52.8
55.9
57.9
58.7
59.5
60 8
60.7
60.9
61.3
60.3
59 3

0
4

Ghana

8
4
8
8
4

22.9
23.8
25.4
27.5
23.8
21.9
27.7
29.2

6
1 .5
1 .7
1 6
1 .6
1 8
t 6
1 .4
0
1 .7
1 7
1 6

2.6
2.6
2.6
2.6
2.6
2.6
2 7
2.7
2 8
2.8
2.7
2 7

Belgian United
Congo States

Canada

Mexico

3
9
0
8
0
1
1
8

66.3
67.4
69.0
65.1
65.7
65.3
63.0
61.€

153 7
156 5
14? 4
15? 8
159 1
153 4
155
158.8

13 8
16.
16. 9
13 5
13. 4
1? 3
12. 1
11. 6

1.2
.9
.0
8
I .3
0
8
1 .4
7
1 .1
9
R

4.2
4.1
3.8
3.8
4.1
4.6
5.3
4.2
3.8
3.5
3.4
3 7

13 ?
12 5
13 2
13
13 3
1? 5
13 0
12.2
12,7
13 9
13 6
13

9
1. 0
1. 0
1.
9
9

3.4

13 2

1?
1?
13
1?
13
13
13
12

2.6

1 Gold exports, representing about 90 per cent of total production.
2
Excluding Chile.
Sources.—World production: estimates of the U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except




Other

Total

9

6
8
1. 1

Nicaragua J
8
8
9
8
8
7
6
7

Brazil

Chile

8
9
1
2
1
6
9
?

4.8
4.9
4.0
4.2
3.9
4.3
4.2
3.9

6.1
6.2
4.6
4.4
4.3
3.3
3.6
3.9

5
.8
.6
5
.7
7
6
.6
5
.6
6
6

.3
.3
.3
.3
.3
.3
.4
.3
.3
.4
.4
4

.3
.1
.4
.3
.2
.2

.5

.4

Colombia

Australia

India

15 1
14 8
15 3
13
3
15 3
11 4
13 0

31.3
34 3
37.7
39.1
36.7
36.1
37 9
38.6

7.9
8 9
7.8
8.4
7 4
7.3
6 3
6 0

1
1 .1
.7
1 0
1 .0
1 3
1 4
1 .2
9
1 .2
1

2.8
3.0
3.3
2.9
2.9
3.5
3 2
3.0
3 3
3.3
3 4

.4
.5
.5

n

.5
.5
5
.5
5
.5

Ghana, Belgian Congo and Brazil, data for which are from American
Bureau of Metal Statistics. For the United States, annual figures arc
from the U. S. Bureau of the Mint and monthly figures are from American
Bureau of Metal Statistics.

456

INTERNATIONAL INSTITUTIONS

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

INTERNATIONAL MONETARY FUND
[End-of-month figures.

In millions of dollars]

[End-of-month figures. In millions of dollars]
1960

1959
1958

1959
Item
Jan.

Item
Dec.

Mar.

June

Sept.

Dollar deposits and U. S. securities.
Other currencies and securities 1
Effective loans 2
Other assets^

943
966 1,039 1,023
937
693
657
624
666
636
3,275 3,408 3,387 3,548 3,531
101
93
92
104
138

IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital

1,792 1,840 1,905 1,963 1,990
910
839
893
960
893
24
28
28
31
28
382
420
462
401
440
1,904 1,911 1,911 1,920 1,985

Gold
Investments 9
Currencies: 1
United States
Other
Gold and currency in separate
accounts: 10
Gold
Currency
Unpaid member subscriptions
Other assets
Member subscriptions
Member subscriptions in separate
account i o
Reserves and liabilities

Loans by country, Feb. 29, 1960

Principal

Disbursed

Repaid

Quota
Sold
to
Total
others'

Country
Total

Continental Western Europe,
total
Austria
Belgium and Luxembourg..
Denmark
Finland
France
Italy
Netherlands
Norway
Turkey..
Yugoslavia

1,537
100
173
60
102
352
298
236
95
61
61

1,249
65
162
46
71
273
208
236
68
60
61

262
1
22
6
17
28
7
161
3
7
10

987
64
140
40
54
245
201
75
66
52
50

232
5
35
3
8
32
50
75
22

Sterling area, total
Australia
Ceylon
India
Pakistan
Union of S. Africa
United Kingdom
Other

1,500
318
24
592
151
197
193
25

1,261
318
14
455
95
193
166
20

161
42
1
39
19
50
10
1

1,099
276
13
416
76
143
156
19

111
26
1
32
2
28
23

Latin America, total
Brazil
Chile
Colombia
Ecuador
El Salvador
Mexico
Nicaragua
Peru
Uruguay
Other

976
267
106
148
45
32
186
23
47
71
50

723
192
52
107
21
24
163
21
42
60
42

137
33
9
34
2
3
20
7
9
10
13

586
159
42
73
19
21
144
15
34
50
29

14

Asia (excluding Sterling area),
total
Iran
Japan
Lebanon
Malaya
Philippines
Thailand
Other

686
194
298
27
36
19
107
6

399
88
225
7
2
15
56
6

33
10

367
78
217
7
2
15
47

29
12
14

Africa
(excluding
Sterling
area), total
Ethiopia
Sudan
United Arab Republic

119
24
39
57

54
15
21
17

4,818

3,686

3,091

8396




July

Jan.

Oct.

1,332 1,352 1,371 2,210 2,416
500
200
200
200
500
780
951
998 2,028 2,141
5,958 5,807 5,839 8,283 8,349
1
551
4 1,542
944
854
9

979
9

680
i 105

640
1159

9,228 9,228 13,644 13,999

9,228

5 2,093
35
42

30

162

H106

Outstanding

Area and member country*

Total

Apr.

Dec,

7

595

1
1

Paid
in
gold

1959

1960
Jan.

Feb.
Argentina
Bolivia
Brazil
Burma
Chile

280
23
150
15
75

70
6
38
\
15

Colombia
Cuba
Dominican Rep...
El Salvador
France

75
50
15
11
788

19
13
4
3
174

Haiti
Honduras
Iceland
India
Indonesia
Iran

11
11
11
600
165
70

3
3
3
78
29
18

Paraguay
Philippines
Spain
Sudan
Turkey

9
50
100
15
86
60
1,950
4,125
66

United Arab Republic—Egypt..
United Kingdom.
United States
Yugoslavia

i

Cumulative net drawings
on the Fund

9
113
12
42
30
25
394

Feb.

148
11
92
8
42

155
10
92
8
42

15
25
2
6
181

15
25
5
6
181

4

5
4

200
55
17

200
46
5

3
150
46
5

2
13
10
2
22

6
15

5
9
50
6
36

5
9
50
6
36

10
399
1,031
9

30
545
12-1,926
23

27
310
12-1,607
23

27
296
12-1,548
23

1 Currencies include demand obligations held in lieu of deposits.
2
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold to others, and exchange adjustment.
3 Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
6 Less than $500,000.
7
Includes $220 million in loans not yet effective.
8 Includes $376 million not guaranteed by the Bank.
9 U. S. Treasury bills purchased with proceeds from sale of gold.
i o Paid by members pending increases in quotas becoming effective.
1
! Includes subscriptions due from members on increases in quotas
consented to but not yet effective.
12 Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.

457

U. S. BALANCE OF PAYMENTS
UNITED STATES BALANCE OF PAYMENTS
[Department of Commerce estimates. Quarterly totals in millions of dollars]
1956

1958

1957

1959

Item

Exports of goods and services, total l .
Merchandise
Services*

6,563
4,887
1,676

6,743
5,108
1,635

7,010
5,158
1,852

6,326
4,462
1,864

6,654
4,662
1,992

5,566
4,054
1,512

5,920
4,191
1,729

5,571
3,806
1,765

6,142
4,176
1,966

5,381
3,798
1,583

5,798!
4,0611
1,737

5,876 6,282
4,032 4,320
1,844 1,962

Imports of goods and services, total...
Merchandise
Services
Military expenditures

4,849
3,220
948
681

5,092
3,297
915

5,318
3,344
1,124
850

5,361
3,265
1,381
715

5,152
3,385
1,047
720

4,904
3,139
936
829

5,250
3,166
1,176
908

5,372
3,124
1,407
841

5,425
3,517
1,070
838

5,422
3,604
1,017
801

5,992
3,885
1.286
821

6,166 5,894
3,852 3,994
1,541 1,161
773
739

Balance on goods and services1

1,714

1,651

1,692

965

1,502

662

670

199

717

-41

-194

-290

Unilateral transfers (net) 3
Private remittances and pensions...
Government nonmilitary grants....

-645
-184
-461

-576
-184
-392

-662
-174
-488

-499
-164
-335

-581
-180
-401

-562
-178
-384

-599
-170
-429

-541
-173
-368

-616
-186
-430

-619
-186
-433

-575
-185
-390

-534 -672
-203 -203
-331 -469

-1,179 -1,070 -1,563
-813 -1,364
-1,077
-694
-402
-993

-544
-410
-339

-956
-588
-324

-1,247
-642 -1,025
-411
-155

-783
-451
-156

-892
-726
-372

-472 - 1 , 0 2 0
-383
-752
-267
-450

-641 -366
-405 -605
-229 -258

-295
-332

-354
-166

-116
-89

-302
4-268

-176 -347
-236
239

U.S. long- and short-term capital (net)3
Private, total
Direct investment
Portfolio and short-term investment
Government
Foreign capital and gold (net)
Increase in foreign short-term assets
and Government securities
Increase in other foreign a s s e t s . . . .
Gold sales by United States
Errors and omissions

388

-383
-102

-411
-257

-371
-199

-71
-134

-264
-368

-487
-246

-195

-381

316

-269

227

585

-614
-222
1,069

907

878

915

4 1,432

1,403

510

-283
115
-27

-199
166
-348

514
127
-325

-260
18
-27

275
50
-98

202
13
370

9
-15
1,075

450
-26
483

479
52
347

744
75
96

4 845
190
4 397

1,078
158
167

303
135
72

305

376

217

347

-192

203

107

218

-87

2171

357

62

140

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 in
noninterest bearing U.S. Government securities.

»1 Preliminary.
Excluding military transfers under grants.
2
Including military transactions.

OPEN MARKET RATES
[Per cent per annum]
United Kingdom

Canada
Month

Treasury Day-tobills,
day
3 months' money2

Bankers' Treasury
acceptbills,
ances ,
3 months 3 months

Day-today
money

France
Bankers'
allowance Day-today 3
on
deposits money

Netherlands

Germany
Treasury
bills,
60-904
days

Day-today
money 5

Switzerland

Treasury
bills,
3 months

Day-today
money

1.64
1.26

* .50

5. 33

2.50
2.50

Private
discount
rate

1957—Dec
1958—Dec

3.65
3.46

3.60
2.07

6.67
3.34

6.43
3.16

5.67
2.70

5.00
2.00

5 72
6.07

3.75
2.38

3.25
2.63

1959_Feb
Mar
Apr
May
June
July
Aue
Sept
Oct
Nov
Dec

3.70
4.16
4.57
4.98
5.15
5.23
5.82
5.68
5.05
4.87
5.02

2.96
4.00
4 41
4.26
4.49
4.52
5.72
5.01
4.28
4.16
4.30

3.23
3.41
3.40
3.43
3.54
3.57
3.60
3.59
3.58
3.55
3.72

3.09
3.30
3.25
3.33
3.45
3.46
3.48
3.48
3.43
3.39
3.61

2.73
2.67
2.69
2.67
2.74
2.79
2.76
2.78
2.82
2.77
2.85

2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00

4.23
4 36
4.13
3.88
3.67
4.27
3.93
4.05
3.87
4.02
4.07

2.25
2.25
2.00
2.00
2.00
2.00
2.00
2.75
3.63
3.63
3.75

2.94
2.44
2.31
2.56
2.50
2.25
2.44
2.75
2.38
3.94
3.56

1.75
1.68
1.61
.63
1.82
.79
.63
.66
2.03
2.01
2.52

.26
.42
.50
34
46
.48
15
.31
50
.50
.50

2.50
2.25
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00

1960—Jan
Feb

4.81
4.69

3.60
4.14

4.14
4 69

4.07
4.55

3.07
3.78

2.35
3.00

3 91
4.11

3.75
3.88

3.69
3 94

2.53
2.48

.50
.54

2.00
2.00

1
Based on average yield of weekly tenders during month.
23 Based on weekly averages of daily closing rates.
Rate shown is on private securities.




4

i

Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.

458

MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS'
[Per cent per annum]
Changes during the last 12 months

Rate as of
Mar. 31, 1959

1959

Country
Per
cent
Argentina ^
Belgium
Brazil 2
Canada'
Chile

2

Costa Rica 2
Cuba 2
Ecypt
Fl Salvador2
Finland^

India 7
T 1 H
Israel
Italy 2
Japan
Netherlands
New Zealand
Pakistan
Philippine Republic 2
Portuoal
South Africa
Spftin
Sweden
Thailand.
Venezuela 2

•

Month
effective

Apr.

6.0
5.0
3.25
10.0
3.0

Dec.
Nov.
Jan.
Apr.
Feb.

1957
1955
1959
1958
1948

4.55
2 5
6 0
40
3.0

Mar.
June
Feb.
July
Apr.

5.01
1959
1954
1957 515.90
1933
1939

5.5
4.5
10.0
3.0
4.0

Dec.
Aug.
May
Nov.
Apr.

1957
1958
1948
1952
1957

6.0
4.25
2.75
10.0
2.0

Mar.
Feb.
Jan.
May
Jan.

1959
1959
1959
1956
1953

7.0
4.0
3.0
4 0
4.25

Apr.
May
Apr.
Aug.
Nov.

1952
1957
1946
1948
1958

6 0
3 5
6.94
4 5
2.75

Feb.
June
Feb.
June
Jan.

1955
1958
1959
1942
1959

7 0
6.0
3 5
4.0
6 0

Oct.
Apr.
Feb
Jan.
Nov

1955
1954
1955
1959
1947

6.5
2.0
4.0
5.0
4.5

Feb.
Jan.
Jan.
July
May

1959
1944
1959
1957
1958

2 0
7.0
6 0
4 0

Feb.
Feb.
June
Nov.
May

1959
1945
1956
1958
1947

2.0

May

June

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

4.5

Mai.

5.0
4.0

5.15

5.36 5.72

5.58

5.85

5.27

5.11

516.25

4

5.37
2.5

4.85

4.86

516 40

6 0
5 5

5.0

3.26
2.5
16.40
4.0
3.0

6.0
4.0
4.0
10.0
2.0

4.0
3.0

3.26

6.0
5.0
4.0
10.0
3.0

6.0
5.5
10.0
3.0
5.5

5 5

1 Rates shown represent mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates
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, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Chile—rates of more than 6 per cent for rediscounts in excess of 50 per
cent of the rediscounting bank's capital and reserves, and 2 and 4 per
cent for certain types of agricultural paper;
Colombia—3 per cent for agricultural paper and for loans on products
in bonded warehouses;
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 by
national public securities:
El Salvador—4.5 per cent for agricultural and industrial paper and 3.5
ner cent for special cases:
Finland—rates ranging up to 7.25 per cent for longer term paper (rate
shown is for 3 months commercial paper);




July

Rate
as of
Mar. 31,
1960

1960

4.0

11 0

4 75

11.0
4.0
3.0
4.0
4.75

3.5

6.0
3.5
7.3
4.5
3.5

9.5

6.0
6.0
3.5
4.0
9.5

7.3

6.0

6.25
5.0

5 0
4.5

6.5
2.0
4.0
6.25
5.0
2.0
7.0
6.0
5.0
4.5

Indonesia—various rates depending on type of paper, collateral, commodity involved, etc. ;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the Central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper;
Philippine Republic—^4.5 per cent for crop loan paper and 5 per cent for
export packing credit paper; and
Venezuela—4 percent for rediscounts of certain agricultural paper and
for advances against government bonds or gold and 5 per cent on advances against securities of Venezuelan companies.
3 Since Nov. 1, 1956, the discount rate has been set each week at
V4 of one per cent above the latest average tender rate for Treasury bills;
end-of-month rate shown.
* The discount rate was advanced from 2.5 to 3 per cent on Dec. 16,
and5 lowered again to 2.5 per cent on Dec. 24, 1959.
Since April 1, 1959, new rediscounts are granted at the average rate
charged by banks in the previous half year. Old rediscounts remain subject
to old rates provided their amount is reduced by one-eighth each month
beginning May 1, 1959, but the rates are raised by 1.5 per cent for each
month in which the reduction does not occur. All rediscounts were repaid
by 6January 1960.
Rate shown is for advances only.
7
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

459

FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)

In cents per unit of foreign currency]

Australia
(pounds)

Austria
(schilling)

Belgium
(franc)

Canada
(dollar)

Ceylon
(rupee)

7.198
7.183
5.556
2.835
5.556
2.506
5.556
2.207
U.2730

223.80
222.41
222.76
222.57
223.88
223.81

8580
8580
8580
3.8539
3.8536
3.8619

1.9975
1.9905
2.0030
1.9906
2.0044
2.0012

102.72
101.40
101.60
104.29
103.03
104.27

21.017
20.894
20.946
20.913
21.049
21.055

.4354
.4354
.4354
.3995
.3118
.3115

1959—Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct.. .
Nov..
Dec.

1.4703
.3680
All 4
.1091
.1851
.1922
.2037
.2213
.2084
.2003

224.12
224.42
224.27
224.11
224.04
223.86
223.40
223.61
223.32
222.98

3.8484
,3.8487
3.8488
3.8510
3.8506
3.8502
3.8525
3.8526
3.8526
3.8523

1.9997
2.0037
2.0057
2.0027
2.0031
2.0013
1.9989
1.9993
1.9990
1.9996

103.12
103.77
103.84
104.28
104.46
104.75
105.08
105.51
105.22
105.12

21.074
21.089
21.081
21.072
21.062
21.060
21.037
21.048
21.031
20.995

.3114
.3114
.3114
.3120
.3120
.3116
.3113
.3113
.3113
.3113

1960—Jan...
Feb..
Mar..

.2035
.2032
1.2030

223.09
223.37
223.57

3.8449
3.8419
3.8418

2.0037
2.0048
2.0051

104.91
105.07
105.15

21.014
21.031
21.044

.3113
.3113
.3113

Italy
(lira)

Japan
(yen)

Malay-

collar)

Mexico
(peso)

32.641
32.624
32.582
32.527
32.767
32.857

9.0515
8.0056
8.0056
8.0056
8.0056
8.0056

Year or month
Official
1954.
1955.
1956.
1957.
1958.
1959.

Free

France
(franc)

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

.2376
2.2374
.2038

23.838
23.765
23.786
23.798
23.848
23.926

21.020
20.894
20.934
20.910
21.048
21.031

280.87
279.13
279.57
279.32
280.98
280.88

3.1610

.2779
.2779
.2779
.2778

.2039
.2039
.2039
.2039
.2038
.2039
.2038
.2037
.2038
.2038

23.914
23.913
23.911
23.931
23.918
23.901
23.901
23.931
23.971
23.974

21.073
21.101
21.087
21.049
21.032
21.028
20.999
21.010
20.954
20.928

281.27
281.65
281.45
281.25
281.17
280.95
280.37
280.63
280.27
279.84

3.1610
.1610
.1610
.1611
.1611
.1610
.1611
.1610
.1611
.1610

.2779
.2779
.2779
.2779
.2779
.2779
.2777
.2776
.2776
.2776

32.917
32.975
32.951
32.870
32.856
32.837
32.784
32.794
32,798
32.766

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

23.975
23.977
23.978

20.935
20.951
20.9b3

279.98
280.33
280.59

.1610
.1610
.1610

.2775
.2773
.2773

32.776
32.771
32.767

8.0056
8.0056
8.0056

New
Zealand
(pound)

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

Africa
(pound)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

1954.
1955.
1956.
1957.
1958.
1959.

278.09
276.36
276.80
276.56
278.19
278.10

14.008
14.008
14.008
14.008
14.008
14.028

49.677
49.677
49.676
49.693
49.695
49.721

3.4900
3.4900
3.4900
3.4900
3.4900
3.4967

279.82
278.09
278.52
278.28
279.93
279.83

2.3810
52.0579

19.333
19.333
19,333
19,331
19.328
19.324

23.322
23.331
23.334
23.330
23.328
23.142

1959__Mar
Apr
May....
June....
July....
Aug.. . .
Sept.. ..
Oct
Nov.. ..
Dec

278.49
278.86
278.67
278.47
278.38
278.17
277.59
277.85
277.49
211.01

14.029
14.048
14.041
14.052
14.050
14.038
14.011
14.023
14.008
13.994

49.695
49.695
49.695
49.695
49.695
49.713
49.770
49.770
49.770
49.770

3.4980
3.5026
3.5019
.5004
3.5001
3.4990
3.4947
3.4958
3.4915
3.4861

280.22
280.60
280.40
280.20
280.12
279.90
279.32
279.58
279.22
278.80

2.3810
2.3810
2.3810
2.3810
52.0679
.6600
.6607
.6607
.6607
.6607

19.325
19.330
19.326
19.327
19.330
19.327
19.325
19.325
19.308
19.303

23.133
23.134
23.133
23.194
23.204
23.178
23.121
23.048
23.040
23.127

1960—Jan..
Feb..
Mar.,

277.20
277.55
277.81

13.985
13.990
14.006

49.770
49.770
49.770

3.4844
3.4898
3.4923

278.93
279.28
279.54

.6607
.6625
.6637

19.302
19.311
19.314

23.112
23.054
23.058

Year or month

1954..
1955..
1956..
1957..
1958..
1959..
1959_Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
1960—Jan..
Feb..
Mar.

420.366
20.369
20.376

Year or month

1 Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and free
rates.
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, and
on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc




Finland
(markka)

was further devalued to 493.706 francs per U. S. dollar.
3 Based on quotations beginning with Mar. 2, 1959.
4
A new franc equal to 100 old francs was introduced on Jan. 1, 1960.
5
Effective July 20, 1959, the par value for the Spanish peseta was set
at 60 pesetas per U. S. dollar.

BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,

Chairman

M. S. SZYMCZAK

C. CANBY

BALDERSTON,

J. L. ROBERTSON

A. L. MILLS, JR.

WOODLIEF THOMAS,
JEROME

Vice Chairman

CHAS. N. SHEPARDSON
G. H. KING, JR.

Adviser to the Board

RALPH

W. SHAY, Legislative Counsel
CLARKE

A. YOUNG, Adviser to the Board

CHARLES MOLONY,

Assistant to the Board

L. FAUVER, Assistant to the Board

DIVISION OF EXAMINATIONS

OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary

FREDERIC SOLOMON, Director

LEGAL DIVISION
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel

ROBERT C. MASTERS, Associate Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
JAMES C. SMITH, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF RESEARCH AND STATISTICS
GUY E. NOYES, Director
FRANK R. GARFIELD, Adviser
ALBERT R. KOCH, Adviser
ROLAND I. ROBINSON, Adviser
DANIEL H. BRILL, Associate Adviser
SUSAN S. BURR, Associate Adviser
LEWIS N. DEMBITZ, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser

DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director

DIVISION OF INTERNATIONAL FINANCE

HARRY E. KERN, Assistant Director

ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate Adviser
A. B. HERSEY, Associate Adviser
ROBERT L. SAMMONS, Associate Adviser

OFFICE OF THE CONTROLLER
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant Controller

DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
JOHN N. KILEY, JR., Assistant Director




OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS, Coordinator

460

FEDERAL RESERVE BANKS AND BRANCHES

461

Federal Open Market Committee
W M . M C C . MARTIN, JR.,

Chairman

ALFRED HAYES,

Vice Chairman

C. CANBY BALDERSTON

W. D. FULTON

J. L. ROBERTSON

KARL R. BOPP

G. H. KING, JR.

CHAS. N. SHEPARDSON

MALCOLM BRYAN

H. G. LEEDY

M. S. SZYMCZAK

A. L. MILLS, JR.
RALPH A. YOUNG, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
WOODLIEF THOMAS, Economist
HARRY BRANDT, Associate Economist
ROBERT G. ROUSE, Manager,

DAVID P. EASTBURN, Associate Economist
L. MERLE HOSTETLER, Associate Economist
ARTHUR W. MARGET, Associate Economist

_

^ N^oTY E S

_
Economist
ROBERT V. ROOSA, Associate Economist
CLARENCE W. TOW, Associate Economist
System Open Market Account
GuY R

'

A
Associate

Federal Advisory Council
J. LIVINGSTON, CHICAGO, President

OSTROM ENDERS, BOSTON

HOMER

JOHN J. MCCLOY, NEW YORK

NORFLEET TURNER, ST. LOUIS

CASIMIR A. SlENKIEWICZ, PHILADELPHIA,

^

^

M u

MINNEAPOLIS

Vice President
REUBEN B. HAYS, CLEVELAND

R

JOHN S. ALFRIEND, RICHMOND

I- F- BETTS, DALLAS

JOHN C. PERSONS, ATLANTA

CHARLES F. FRANKLAND, SAN FRANCISCO

HERBERT

V. PROCHNOW, Secretary

'

OTIS

WILLIAM

MCCLINTOCK, KANSAS CITY

J. KORSVIK, Assistant Secretary

Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE
BANK OF—

CHAIRMAN AND
FEDERAL RESERVE AGENT

DEPUTY CHAIRMAN

BOSTON

ROBERT C. SPRAGUE

NILS Y. WESSELL

NEW YORK

PHILIP D. REED

FORREST F. HILL

PHILADELPHIA

HENDERSON SUPPLEE, JR.

WALTER E. HOADLEY, JR.

CLEVELAND

ARTHUR B. VAN BUSKIRK

JOSEPH H. THOMPSON

RICHMOND

ALONZO G. DECKER, JR.

D. W. COLVARD

ATLANTA

WALTER M. MITCHELL

HENRY G. CHALKLEY, JR.

CHICAGO

BERT R. PRALL

ROBERT P. BRIGGS

ST. LOUIS

PIERRE B. MCBRIDE

J. H. LONGWELL

MINNEAPOLIS

O. B. JESNESS

ATHERTON BEAN

KANSAS CITY

RAYMOND W. HALL

JOE W. SEACREST

DALLAS

ROBERT J. SMITH

LAMAR FLEMING, JR.

SAN FRANCISCO

F. B. WHITMAN

Y. FRANK FREEMAN




FEDERAL RESERVE BULLETIN • APRIL 1960

462

Presidents and Vice Presidents
Federal
Reserve
Bank of

Vice Presidents
(Vice Presidents in charge of branches are
listed in lower section of this page)

President
First Vice President

Boston

J. A. Erickson
E. O. Latham

D. Harry Angney
Ansgar R. Berge
George H. Ellis

Benjamin F. Groot
Dana D. Sawyer

O. A. Schlaikjer
Charles E. Turner

New York

Alfred Hayes
William F. Treiber

Harold A. Bilby
Charles A. Coombs
Howard D. Crosse
Marcus A. Harris

Herbert H. Kimball
Robert V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.

H. L. Sanford
Todd G. Tiebout

Philadelphia

Karl R. Bopp
Robert N. Hilkert

Joseph R. Campbell
Murdoch K. Goodwin
Wallace M. Catanach Philip M. Poorman
David P. Eastburn

Cleveland

W. D. Fulton
Donald S. Thompson

Dwight L. Allen
Roger R. Clouse
E. A. Fink

Martin Morrison
Clyde Harrell
W. Braddock Hickman Paul C. Stetzelberger
L. Merle Hostetler

Richmond

Hugh Leach
Edward A. Wayne

N. L. Armistead
J. Dewey Daane

Aubrey N. Heflin
Upton S. Martin

Joseph M. Nowlan
James M. Slay

Atlanta

Malcolm Bryan
Harold T. Patterson

J. E. Denmark
John L. Liles, Jr.

J. E. McCorvey
L. B. Raisty

Earle L. Rauber

Chicago

Carl E. Allen
C. J. Scanlon

Ernest T. Baughman
W. R. Diercks
A. M. Gustavson
Hugh J. Helmer

Paul C. Hodge
Robert C. Holland
L. H. Jones
C. T. Laibly

George W. Mitchell
H. J. Newman
Harry S. Schultz

St. Louis

Delos C. Johns
Darryl R. Francis

Marvin L. Bennett
Homer Jones

George E. Kroner
Dale M. Lewis

Howard H. Weigel
Joseph C. Wotawa

Minneapolis

Frederick L. Deming
A. W. Mills

C. W. Groth
M. B. Holmgren

A. W. Johnson
H. G. McConnell

M. H. Strothman, Jr

Kansas City , ,

H. G. Leedy
Henry O. Koppang

John T. Boysen
George H. Clay
C. A. Cravens

Joseph S. Handford
L. F. Mills

E. U. Sherman
Clarence W. Tow

Dallas

Watrous H. Irons
Harry A. Shuford

James L. Cauthen
Thomas A. Hardin
G. R. Murff

James A. Parker
Thomas W. Plant

L. G. Pondrom
Morgan H. Rice

San Francisco

H. N. Mangels
Eliot J. Swan

J. L. Barbonchielli
R. S. Einzig
H. E. Hemmings

A. B. Merritt
E. R. Millard

R. H. Morrill
John A. O'Kane

James V. Vergari
Richard G. Wilgus

Vice Presidents in Charge of Branches of Federal Reserve Banks
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta

Chicago
St. Louis




Branch

Vice Presidents

Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans

I. B. Smith
R. G. Johnson
J. W. Kossin
D.F. Hagner
Thomas I. Storrs
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw

Detroit
Little Rock
Louisville
Memphis

R. A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos

Federal Reserve
Bank of
Minneapolis
Kansas City

Dallas

Branch

Vice Presidents

Helena
Denver

Kyle K. Fossum
Cecil Puckett

Oklahoma City
Omaha

R. L. Mathes
P. A. Debus

El Paso
Houston
San Antonio

Howard Carrithers
J. L. Cook
Carl H. Moore

San Francisco... Los Angeles
Portland
Salt Lake City
Seattle

W. F. Volberg
J. A. Randall
E. R. Barglebaugh
J. M. Leisner

Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 1565-68 of the December 1959 Bulletin,
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1954. 208 pages.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
FEDERAL RESERVE BULLETIN. Monthly. Sub-

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FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual

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HISTORICAL SUPPLEMENT TO FEDERAL RESERVE

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Annual subscription to monthly chart book includes one issue of Supplement. In the United
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TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Part I. July

1959. 108 pages. Part II. February 1960.
159 pages. Part III. February 1960. 112
pages. Individual books $1.00 each; set of 3
books $2.50.

FEDERAL FUNDS MARKET—A Study by a
Federal Reserve System Committee. May
1959. I l l pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85
cents each.

THE

DEBITS AND CLEARINGS STATISTICS AND THEIR

USE (rev. ed.). May 1959. 144 pages. $1.00
per copy; in quantities of 10 or more for single
shipment, 85 cents each.
ALL-BANK STATISTICS, 1896-1955. Revised statistics for all banks in the United States, by class
of bank, together with descriptive and explanatory material. Part I, U. S. Summary. Part II,
Summaries by States and other areas. April
1959. 1,229 pages. $4.00.
THE FEDERAL RESERVE ACT, as amended through

December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Reserve System. 385 pages. $1.00.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.

A new accounting record designed to picture
the flow of funds through the major sectors of
the national economy. December 1955. 390
pages. $2.75.
A STATISTICAL STUDY OF REGULATION V LOANS.

September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
BANKING AND MONETARY STATISTICS. Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50.
RULES OF ORGANIZATION AND RULES OF PROCE-

DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.

9 pages.

CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of

consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction 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—
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to the Superintendent of Documents, Government Printing Office, Washington 25, D. C.




463

FEDERAL RESERVE BULLETIN • APRIL 1960

464
REPRINTS

GOLD AND DOLLAR FLOWS IN

THE MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16

April 1959.

OWNERSHIP OF DEMAND DEPOSITS.

3 pages.
MEMBER BANK TERM

LENDING TO BUSINESS,

1955-57. April 1959. 16 pages.
I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a description of revised statistics for all banks in the
United States, by class of bank, together with
revised statistics. April 1959. 100 pages.

•PART

pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC

STABILITY.

May 1953. 7 pages.

•DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.

April 1953. 25 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-

vember 1953. 65 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December

1953.

1958. March 1959.

6 pages.

(From Federal Reserve Bulletin unless preceded
by an asterisk)

96 pages.

SEASONAL ADJUSTMENT FACTORS FOR DEMAND
DEPOSITS ADJUSTED AND CURRENCY OUTSIDE
BANKS. March 1955. 4 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-

ber 1955. 40 pages.
SURVEY OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of

Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages.
REVISION OF CONSUMER CREDIT STATISTICS.

Oc-

tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)

SURVEY OF COMMON TRUST FUNDS, 1958.

May

1959. 6 pages. (Also, similar reprints from
August 1956, June 1957, and May 1958 BULLETINS.)

1959 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1959. 4 pages. The Financial Position of Consumers. July 1959. 24
pages. Housing of Nonfarm Families. September 1959. 17 pages. (Similar Surveys are
available for earlier years from 1952, 1953,
1955, 1956, 1957, and 1958 BULLETINS.)
INTEREST RATES IN LEADING COUNTRIES.

1959.

July

6 pages.

A QUARTERLY PRESENTATION OF FLOW OF FUNDS,
SAVING, AND INVESTMENT. August 1959. 49

pages.
THE GOVERMENT SECURITIES MARKET.

1959.

August

22 pages.

SECURITY PLEDGED ON BUSINESS LOANS AT MEM-

BER BANKS. September 1959. 16 pages.
REVISED INDUSTRIAL PRODUCTION INDEX.

De-

cember 1959. 24 pages.
CAPITAL MARKETS and MONEY AND BANK CREDIT

AGRICULTURAL LOAN SURVEY.

November

1956

and January, February, and March 1957 BULLETINS. 52 pages.
SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55.

April 1957. 20 pages.
SURVEY

OF FINANCE

COMPANIES,

IN 1959. Combined reprint. January and February 1960. 14 pages.
MONETARY

POLICY

AND ECONOMIC

BANKING AND MONETARY STATISTICS, 1959.
MID-1955.

April 1957. 17 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-

DEXES. December 1957. 30 pages.

Se-

lected series of banking and monetary statistics
for 1959 only. February 1960. 9 pages.
(Similar reprint of 1958 data, February and
May 1959 BULLETINS.)

1959. March

REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.

GOLD AND DOLLAR TRANSFERS IN

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.

OWNERSHIP OF DEMAND DEPOSITS.




GROWTH.

February 1960. 7 pages.

1960.

6 pages.

4 pages.

April 1960.

Index to Statistical Tables
Department stores:
Merchandising data, 427
Sales and stocks, 422, 426
Deposits {See also specific types of deposits):
Adjusted, and currency, 386
Banks, by classes, 381, 387, 391, 394, 398
Federal Reserve Banks, 382, 451
Postal savings, 384, 386
Discount rates, 380, 458
Discounts and advances by Federal Reserve
Banks, 376, 381, 382
Dividends, corporate, 400, 401
Dollar assets, foreign, 451, 453
Dwelling units started, 423

Acceptances, bankers', 396, 398
Agricultural loans of commercial banks, 390, 392
Agriculture, Govt. agency loans, 408
Assets and liabilities {See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 386
Corporate, current, 400
Banks, by classes, 387, 390, 392, 398
Federal business-type activities,
by fund or activity, 408
Federal Reserve Banks, 382
Automobiles:
Consumer instalment credit, 412, 413, 414
Production index, 416, 419
Bankers' balances, 391, 393
{See also Foreign liabilities and claims reported
by banks)
Banks and branches, number, by class and State, 440
Banks and the monetary system, consolidated statement, 386
Bonds {See also U. S. Govt. securities):
New issues, 400, 402, 403
Prices and yields, 396, 397
Brokers and dealers in securities, bank
loans to, 390, 392
Business expenditures on new plant and equipment, 400
Business indexes, 422
Business loans {See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 387, 391, 394
Federal Reserve Banks, 382
Carloadings, 422
Central banks, foreign, 454, 458
Coins, circulation of, 385
Commercial banks:
Assets and liabilities, 387, 390
Consumer loans held, by type, 413
Number, by classes, 387, 440
Real estate mortgages held, by type, 409
Commercial and industrial loans:
Commercial banks, 390
Weekly reporting member banks, 392, 395
Commercial paper, 396, 398
Commodity Credit Corporation, loans, etc., 408
Condition statements {See Assets and liabilities)
Construction, 422, 423
Consumer credit:
Instalment credit, 412, 413, 414, 415
Major parts, 412, 414
Noninstalment credit, by holder, 413
Consumer price indexes, 422, 428
Consumption expenditures, 430, 431
Corporate sales, profits, taxes, and dividends, 400, 401
Corporate security issues, 400, 402
Corporate security prices and yields, 396, 397
Cost of living {See Consumer price indexes)
Currency in circulation, 377, 385
Customer credit, stock market, 397
Debits to deposit accounts, 384
Demand deposits:
Adjusted, banks and the monetary system, 386
Adjusted, commercial banks, by classes, 391
Banks, by classes, 387, 394
Turnover of, 384
Type of holder, at commercial banks, 391




Earnings and hours, manufacturing industries, 422, 425
Employment, 422, 424, 425
Export-Import Bank, loans, etc., 408
Farm mortgage loans, 408, 409, 410
Federal business-type activities, assets and liabilities,
by fund or activity, 408
Federal Deposit Insurance Corporation,
assets, etc., 408
Federal finance:
Cash transactions, 406
Receipts and expenditures, 407
Treasurer's balance, 406
Federal home loan banks, loans, etc., 408, 411
Federal Housing Administration, loans, etc., 408, 409,
410,411
Federal National Mortgage Association,
loans, etc., 408, 411
Federal Reserve Banks:
Condition statement, 382
U. S. Govt. securities held by, 376, 381, 382,
404, 405
Federal Reserve credit, 376, 381, 382
Federal Reserve notes, 382, 385
Finance company paper, 396, 398
Financial institutions, loans to, 392
Flow of funds, saving and financial flows, 432
Foreign central banks, 454, 458
Foreign deposits in U. S. banks, 376, 382, 386,
391, 394
Foreign exchange rates, 459
Foreign liabilities and claims reported by
banks, 444, 446, 449, 451
Foreign trade, 427
Gold:
Earmarked, 452
Net purchases by U. S., 452
Production, 452, 455
Reserves of central banks and governments, 454
Reserves of foreign countries and international
institutions, 453
Stock, 376, 386, 452
Gold certificates, 382, 385
Govt. debt {See U. S. Govt. securities)
Gross national product, 430, 431
Home owners, Govt. agency loans, 408
Hours and earnings, manufacturing industries, 422, 425
Industrial production index, 416, 422
Instalment loans, 412, 413, 414, 415
Insurance companies, 399, 404, 405, 410
Insured commercial banks, 389, 390, 440

465

466
Interbank deposits, 381, 387, 391, 394
Interest rates:
Bond yields, 396
Business loans by banks, 395
Federal Reserve Bank discount rates, 380
Foreign countries, 457, 458
Open market, 396, 457
Regulation V loans, 384
Stock yields, 396
Time deposits, maximum rates, 380
International capital transactions of the U. S., 444
International financial institutions, 452, 453, 454, 456
Inventories, 430
Investments (See also specific types of investments):
Banks, by classes, 387, 390, 393, 398
Federal Reserve Banks, 381, 382
Govt. agencies, etc., 408
Life insurance companies, 399
Savings and loan associations, 399
Labor force, 424
Loans (See also specific types of loans):
Banks, by classes, 387, 390, 392, 398
Federal Reserve Banks, 376, 381, 382
Govt. agencies, etc., 408
Insurance companies, 399, 410
Savings and loan associations, 399, 410
Loans insured or guaranteed, 384, 409, 410, 411
Manufacturers, production index, 416, 422
Margin requirements, 380
Member banks:
Assets and liabilities, by classes, 387, 390
Borrowings at Federal Reserve Banks, 376,
382, 394
Deposits, by classes, 381
Number, by classes, 388, 440
Reserve requirements, by classes, 381
Reserves and related items, 376
Weekly reporting series, 392
Mining, production index, 416, 422
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 386, 387, 389, 398, 404, 405,
409, 440
National banks, 389, 440
National income, 430, 431
National security expenditures, 407, 430
Nonmember banks, 382, 389, 390, 391, 440
Payrolls, manufacturing, index, 422
Personal income, 431
Postal Savings System, 380, 386
Prices:
Consumer, 422, 428
Security, 397
Wholesale commodity, 422, 428
Production, 416, 422
Profits, corporate, 400, 401
Real estate loans:
Banks, by classes, 390, 392, 398, 409
Type of mortgage holder, 409, 410, 411
Type of property mortgaged, 409, 410, 411
Regulation V, loan guarantees, 384
Reserve requirements, member banks, 381




FEDERAL RESERVE BULLETIN • APRIL 1960
Reserves:
Commercial banks, 391
Federal Reserve Banks, 382
Foreign central banks and governments, 454
Foreign countries and international institutions, 453
Member banks, 376, 382, 391, 393
Residential mortgage loans, 409, 410, 411
Sales finance companies, consumer loans of, 412,
413, 415
Saving:
Flow-of-funds series, 432
National income series, 431
Savings deposits (See Time deposits)
Savings institutions, principal assets, 398, 399
Savings and loan associations, 399, 410
Securities, international transactions, 450, 451
Security issues, 400, 402, 403
Silver coin and silver certificates, 385
State member banks, 389, 440
State and municipal securities:
New issues, 402, 403
Prices and yields, 396, 397
States and political subdivisions:
Deposits of, 391, 394
Holdings of U. S. Govt. securities, 404
Ownership of obligations of, 390, 398, 399
Stock market credit, 397
Stocks:
New issues, 402
Prices and yields, 396, 397
Tax receipts, Federal, 407
Time deposits, 380, 381, 386, 387, 391, 394
Treasurer's account balance, 406
Treasury cash, 376, 385, 386
Treasury currency, 376, 385, 386
Treasury deposits, 376, 382, 406
Unemployment, 424
U. S. balance of payments, 457
U. S. Govt. balances:
Commercial bank holdings, by classes, 391, 394
Consolidated monetary statement, 386
Treasury deposits at Federal Reserve
Banks, 376, 382, 406
U. S. Govt. securities:
Bank holdings, 386, 387, 390, 393, 398, 404, 405
Federal Reserve Bank holdings, 376, 381, 382,
404, 405
Foreign and international holdings, 382, 453
International transactions, 450, 451
New issues, gross proceeds, 402
Outstanding, by type of security, 403, 404, 405
Ownership of, 404, 405
Prices and yields, 396, 397
United States notes, outstanding and in circulation, 385
Utilities, production index, 416, 422
Vault cash, 376,391
Veterans Administration, loans, etc., 408, 409,
410, 411
Weekly reporting member banks, 392
Yields (See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

1959

(o THE FEDERAL RESERVE SYSTEM Q)
c?
HAWAII

Legend
Boundaries of Federal Reserve Districts




Boundaries of Federal Reserve Branch Territories

© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities

• Federal Reserve Branch Cities