Full text of Federal Reserve Bulletin : August 1961
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE I I August 1961 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM E D I T O R I A L C O M M I T T E E Charles Molony Ralph A. Young Woodlief Thomas Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Interest Rates in Leading Countries Quarterly Survey of Consumer Buying Intentions Proposed Legislation on Finance Charges The Balance Sheet of Agriculture, 1961 Law Department Current Events and Announcements National Summary of Business Conditions Financial and Business Statistics, U. S. (Contents on p. 927) International Financial Statistics (Contents on p. 1005) Board of Governors and Staff Open Market Committee and Staff; Federal Advisory Council Federal Reserve Banks and Branches Federal Reserve Board Publications Index to Statistical Tables Map of Federal Reserve System Inside back Volume 47 891 899 905 908 917 924 925 928 1006 1022 1023 1023 1025 1027 cover Number 8 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. INTERNATIONAL financial developments as well as domestic economic conditions have strongly influenced interest rates in leading countries during the past year. In part because of increased market adaptation to the wider convertibility of currencies reestablished nearly three years ago, international flows of funds responded to differences in interest rates and credit conditions more rapidly and on a larger scale than in previous postwar years. Some countries adjusted their policy practices in an attempt to moderate these flows. to developments in the Congo and in Cuba, and from speculation on possible changes in currency values. Some of this speculation took the form of international interest arbitrage movements without forward cover of any exchange risks. As a result, the normal tendency for interest arbitrage moveBILL RATES AND INTEREST ARBITRAGE Pel t e n t per on INTERNATIONAL CAPITAL FLOWS Increased international flows of short-term capital after mid-1960 at first reflected the sharp widening of interest rate differentials that resulted from previous increases in central bank discount rates and money market rates in the United Kingdom and Germany and from easing of market rates in the United States. This divergence in interest rate trends developed last year as the United States was experiencing a mild recession while boom conditions continued to prevail in Europe. Partly because of the increased tendency for funds to move in response to rate differentials, U.S. interest rates did not decline last year to as low levels as in other postwar recessions. With the economic upturn this year there has not been the prompt and sharp rise in rates that ensued in previous periods of recovery. There were also flows to and among European markets resulting from international uncertainties, such as those relating RATE DIFFERENTIAL I FORWARD EXCHANGE MARGIN! FAVOR OF M Y. \A _NET COVERED YIELD f A V Q , 0F L0NDON _ NOTE.—Friday figures. Bill rates, 3-month Treasury, for U. S. (New York) computed from closing bid prices, and for U. K. (London) average yield at tender. Forward exchange margin: N. Y. closing quotations on 3-month forward sterling, discount (favor of N. Y.) or premium (favor of London). Latest figures shown: August 4. Solid line in middle grid is the difference between the two bill rates and measures the incentive to move funds from one market to the other without cover of foreign exchange risk. Line in bottom grid is the difference between the bill rate differential and the forward exchange margin (sum of the two when both favor the same center) and measures incentive to move with cover of foreign exchange risk. 891 892 FEDERAL RESERVE BULLETIN • AUGUST 1961 ments to be self-limiting, although it continued to manifest itself to some extent, for many months did not operate with sufficient strength to eliminate the incentive to move funds. This is illustrated in the incentives to arbitrage between Treasury bill rates in the New York and London markets, as shown in the chart on the preceding page. Since last autumn, some leading countries have taken steps intended to limit recurrence of destabilizing short-term capital movements and other steps to help restore equilibrium in international payments. In the United States, where industrial production and employment continued to decline until January, the Federal Reserve maintained its discount rates at the 3 per cent level of September 1960, and it endeavored to supply reserves to banks in a manner that would INDUSTRIAL PRODUCTION 1957*100, leoionolly adjusted Ratio teals' GERMANY _ - 140 - 120 , />-N /* **' ^*^* FRANCE / _ UNITED KINGDOM _ 100 V• • t 1 1 ! 1 80 140 WEST EUROrE - HO CANADA ry* \ - I 100 UNITED STATES 1 1 1957 1 1 1959 1 10 1961 NOTE.—Federal Reserve index for United States. Other indexes shifted to 1957 base by Federal Reserve. Organization for European Economic Cooperation (OEEC) indexes for Germany, United Kingdom, and West Europe; national indexes for other countries. Latest figures shown (preliminary): June, except Canada (May). Federal Reserve estimates for June for United Kingdom and West Europe. promote credit expansion while minimizing downward pressure on short-term interest rates. In Germany, where boom conditions continued, the Federal Bank discount rate was reduced. Bank reserve requirements also were eased repeatedly. In Britain, where economic activity and levels of resource utilization remained high, and long-term interest rates continued their general upward movement, the discount rate of the Bank of England was reduced late last year to discourage inflows of funds. In July 1961, however, this rate was raised as part of a program designed to stem recent outflows of funds and to help eliminate a balance-of-payments deficit. NORTH AMERICA \fter moving similarly for many years, inerest rates in the United States and in Tanada have shown somewhat divergent endencies since last autumn. Although ates in both countries declined through he summer of 1960, Canadian rates rose iharply in the latter part of the year while hose in the United States remained relaively stable. More recently, rates in Canida have declined from the levels reached n the latter part of 1960. United States. The general level of inerest rates in the United States rose during he economic upswing from mid-195 8 to ;arly 1960 to the highest levels since the 1920's, then declined through August as economic activity declined. During the rest af 1960 and the first months of 1961, most rates fluctuated within a narrow range. Since late winter, market yields on private and on State and local government securities have tended to move up, as economic recovery progressed and as the market absorbed a large volume of long-term 893 INTEREST RATES IN LEADING COUNTRIES borrowing, particularly by corporations. And after mid-May, yields on intermediateand long-term U.S. Government securities rose fairly sharply. For neither private nor government securities, however, has the rise been as sudden or sharp as it was in 1958, when yields had fallen much lower. Rates on short-term U.S. Government securities continued to fluctuate within a narrow range through early August. In 1960 the Federal Reserve followed a policy of ease to counter recessionary tendencies and encourage expansion. This policy was continued into the summer of 1961, as recovery from the mild recession progressed. The Federal Reserve also had to take account of a balance-of-payments deficit and, last year, of a gold outflow. To minimize downward pressures on short-term interest rates, declines in which might have accentuated outward movements of shortterm capital, Federal Reserve open market operating procedures were modified. In late summer and fall of 1960, a large part of the bank reserves needed to meet seasonal requirements and offset the reserve effects of the gold outflow were supplied by means other than the purchase of Treasury bills, notably through granting authority for member banks to count vault cash as reserves and through some purchases of short-term securities other than bills. Later, when it was necessary to absorb reserves, this was accomplished by the sale of bills. Beginning in February 1961 open market operations were extended to longer term U.S. Government securities. Canada. There was a marked reversal in Canadian interest rate movements in the latter part of 1960. After having declined rapidly from August 1959, yields on all maturities reached low levels in mid-September 1960, then moved sharply upward INTIRfST RATES IN NORTH AMERICA GOVERNMENT BONDS CANADA 1 1 /""' *~. 1 1 IIIASURY ( H I S CANADA / ' * * \ 1 1 V\ JA i i ^ _ ! 1999 NOTE.—Treasury bills, 3-month: United States, monthly average yields computed from daily closing bid prices; Canada, based on average yield of weekly tenders during month. Government bonds, long-term: United States, monthly average yields based on marketable issues maturing or callable in 10 years or more; Canada, last-Wednesday-of-month quotations for 3% per cent bonds of 1975-78. Latest figures shown: July. in the next three months despite economic slack evidenced by growing unemployment. In mid-September the 3-month Treasury bill yield was about Vi percentage point below that on U.S. bills. By early December it was about l'/2 percentage points above U.S. yields. Yields on government issues with longer maturities rose more than V2 percentage point during this period, and the difference between Canadian and U.S. yields widened. The beginning of the rise in rates coincided with the introduction of a large issue of long-term government bonds in midSeptember. The issue found little public interest, and the major part was purchased or financed by the commercial banking system. Although the money supply rose rather sharply, upward pressure on rates was sustained by sizable refinancing issues and by 894 FEDERAL RESERVE BULLETIN • AUGUST 1961 the general public's preference for more liquid assets. Private nonbank holdings of marketable government bonds declined by more than $200 million during the second half of 1960. At the turn of the year there was some easing of interest rates under the influence of a continued rise in the money supply. In March and April of this year, heavy refinancing put upward pressure on interest rates, but in mid-June rates declined again after the government announced that credit conditions would be eased to promote domestic expansion and discourage large capital inflows. At the same time the government announced its intention to facilitate a reduction in the exchange value of the Canadian dollar. The 3-month Treasury bill rate fell to about 2.6 per cent by the end of the month. Yields on longer maturities also declined. UNITED KINGDOM Long-term interest rates in Great Britain moved generally up throughout 1960 and the first seven months of 1961, under pressure of heavy demands for capital and credit. Banks sold government securities in order to expand their loans. Other investors added to their holdings during 1960, but tended to reduce them in the first half of 1961. By early August the yield on undated 3Vi per cent War Loan reached nearly 7 per cent. From March 1960 through the first half of this year, industrial production in the United Kingdom was relatively stable, although with sustained pressure on productive resources. Steps taken in the first half of 1960 to moderate this pressure culminated in the raising of the discount rate of the Bank of England from 5 to 6 per cent in June. The June 1960 increase in the bank rate and in associated money market and bank lending rates, together with earlier decreases in short-term rates in the United States, stimulated a shift of short-term funds from New York to London. In late October and in early December, the Bank of England reduced its discount rate from 6 to 5 per cent in two steps to help reestablish a better alignment of London and New York money rates, and to discourage the flow of interest-sensitive funds into the London money market. Money market rates generally eased from their mid-1960 peaks during the last half of the year, and fluctuated narrowly in the first half of 1961. In July the British Government announced a number of important measures designed to correct a large deficit in the basic balance of payments and to halt the heavy outflow of short-term capital that developed after revaluation of the German mark and the Dutch guilder in March. Among these measures was an increase in the discount rate of the Bank of England from 5 per cent, the rate established in December 1960, to 7 per cent. The amount of special deposits which London clearing banks are required to maintain with the Bank of England was also raised from 2 to 3 per cent of each bank's total deposits. In addition, arrangements were made with the International Monetary Fund for a substantial drawing and a stand-by credit. CONTINENTAL WEST EUROPE Interest rates in leading continental West European countries generally remained stable or declined during most of the past year, although Swiss and German rates have risen in recent months. The declines, unlike those in earlier postwar periods of declining interest rates, did not reflect any weakening 895 INTEREST RATES IN LEADING COUNTRIES of economic activity for boom conditions prevailed in most countries. Instead, the declines reflected such factors as the rise in liquidity due to inflows of funds from abroad, increased savings, expectations of further increases in bond prices, and official measures designed to encourage lower interest rates. The measures to encourage interest rate declines had various objectives. In countries that were attempting to control strong inflationary pressures, a primary objective was to eliminate or reduce large-scale capital inflows as a means of avoiding further large increases in liquidity. The monetary authorities in such countries have recently tended to take the view that in the light of the circumstances they were facing—notably the magnitude of short-term capital inflows during the past year relative to the size of their money markets—low interest rates, by discouraging capital inflows, would aid their antiinflationary policies. Countries with large balance-of-payments surpluses also fostered interest rate declines in an effort to improve international balanceof-payments equilibrium. In addition, in some European countries interest rates during postwar years have been relatively high. Several of these countries have attempted to lower their general interest rate structures to encourage private domestic investment, and they made some progress last year. Germany. In November 1960, Germany reversed its policy of attempting to limit credit expansion through measures intended to reduce bank liquidity. This policy was reversed because it involved high interest rates which contributed to heavy inflows of capital from abroad. Such inflows had continued on a substantial scale despite the adoption in June 1960 of special measures to discourage INTEREST RATES IN WEST EUROPE Per cenl par annum O O V f l N M I N T tONDS SWITZERLAND J L TIIASUIY BILLS UNHID KINGDOM NOTE.—Treasury bills: Germany, end-of-month selling rates on 60- to 90-day bills; United Kingdom, based on average yield at Friday tenders for 3-month bills. Government bonds, long-term: Monthly average yields, unless otherwise noted, for the following: France, composite of nonindexed issues, figures for every fourth Monday through 19S9 and for last Friday of month thereafter. Germany, weighted average yield before tax on 6 per cent fully taxed issues through 1958 and on loans of public authorities thereafter. Switzerland, weighted average yield on 12 Confederation and Swiss Railway bonds, last Friday of month. United Kingdom, War Loan, 3'/2 per cent undated. Latest figures shown: July. them. These measures included prohibition of interest payments on foreign demand and time deposits and of the sale of money market paper to foreigners. From June through October 1960, gold and foreign exchange reserves, including German bank balances at foreign banks and money market investments abijoad, had increased by about $1 billion as a result of capital inflows as well as a balanice-of-payments surplus on current account. In November 1960, the Federal Bank reduced its discount rate from 5 to 4 per cent. Reductions in January and May of 1961 brought the rate to 3 per cent. Reductions 896 FEDERAL RESERVE BULLETIN • AUGUST 1961 in reserve requirements through July lowered these requirements by about a fourth from their level at the end of last year. In line with this easing of the money market, Treasury bill rates were substantially reduced. Yields on long-term securities also declined sharply until May, but did not reach levels likely to bring a significant volume of foreign issues on the German market. On the contrary, foreign funds were attracted to German bonds—particularly after the German policy reversal of last November—not only by yields that continued to be comparatively high and by possible speculative gains in the event of an upward revaluation of the currency (which occurred in March of this year), but also by the expectation that German bond prices would rise further. Because of continued capital inflow as well as a surplus on current account, the over-all German balance-of-payments surplus remained very high during the first half of 1961. The rise in bond prices and decline in yields halted in May. Since mid-June yields have increased slightly. Foreign buying diminished and in June turned into net selling, partly in reaction to reemergence of the Berlin question. The shift in market conditions appears to have led to an increase in demand for mortgage loan commitments, and this has tended to put upward pressure on interest rates. France. Although rising investment increased demands for credit and capital, short-term money rates in France were at about the same level in 1960 as in 1959. In the first half of 1961 these rates were slightly lower, while intermediate- and longterm rates remained near the reduced level reached at the end of 1959. This stability of interest rates was due primarily to a high rate of private saving; to the further increase in liquidity due to foreign exchange inflow; and to monetary actions designed to foster relatively low interest rates to encourage private investment during a period of no marked pressure on productive resources. In July 1960 rates were lowered on Treasury certificates sold to the public, and in December rates were reduced on those sold to banks. In October the Bank of France lowered its discount rate from 4 to 3Vi per cent and its rate on advances against government securities from 5Vi to 5 per cent. Certain governmental and quasi-governmental institutions lowered their mortgage and other lending rates by V* to V2 percentage point. In January 1961 there were reductions of up to VA percentage point in the interest paid by savings and by commercial banks on time deposits and deposit certificates. Switzerland. Swiss money and capital markets were among those strongly influenced by the international capital movements of the past year. Largely because of the increasing supply of funds seeking investment there, the average yield on longterm government bonds declined from 3.32 per cent in January 1960 to 2.82 per cent in April 1961. Interest rates paid on 3month deposits fluctuated moderately in 1960 around an average of 1.86 per cent for the year, but dropped to 1.50 per cent with the very large movement of short-term funds to Switzerland in March 1961. Throughout the past year, Swiss economic activity was booming, and pressure on resources was strong. Under the circumstances, the Swiss monetary authorities took the view that efforts to prevent inflation by tightening credit and thereby bringing upward pressure on interest rates would be self-defeating because more funds would be attracted from abroad. Therefore, to dis- 897 INTEREST RATES IN LEADING COUNTRIES courage capital inflows and encourage outflows, they attempted to facilitate the maintenance of low interest rates and to make it unprofitable for foreign funds to enter Switzerland. The official discount rate has been kept at 2 per cent since February 1959. Since August 1960 the banks, in agreement with the Swiss National Bank, have refused to accept foreign demand deposits, have not paid interest on other foreign-owned deposits made since July 1960, and have imposed a service charge of Vx of 1 per cent per calendar quarter on deposits held less than six months. Despite these restrictions, large-scale inflows occurred but most of them were not related to interest rate differentials. Because of the inflationary dangers implicit in these large inflows, arrangements were made for temporary sterilization of part of the resulting accretions of Swiss franc reserves. Under such arrangements a portion of such accretions was blocked in special deposits at the Swiss National Bank. Since April, interest rates on long-term bonds and on 3-month deposits have risen. Large flotations of foreign and domestic issues on the Swiss capital market during the first seven months of the year and expectations of an increase in mortgage rates in the autumn contributed to the rise. The Netherlands. During 1960 and the first half of 1961 the main threat to monetary stability in the Netherlands, as in Switzerland, was an inflow of gold and foreign exchange resulting from balance-ofpayments surpluses during a boom. In the Netherlands the surpluses reflected large exports and an inflow of long-term capital. Tn the circumstances the Netherlands attempted to discourage money inflows. Such inflows tended to increase during the latter part of 1960 as Dutch commercial banks found it less attractive to keep funds abroad than before, in part because of declines in interest rates abroad. To discourage repatriation of these funds the Netherlands Bank facilitated a considerable rise in money market liquidity and declines in interest rates. The 90-day Treasury bill rate, which had averaged 2.45 per cent in the first quarter of 1960, fell to 1.51 per cent by December and to .88 per cent in June of this year. On the other hand the Bank absorbed a considerable part of the rise in liquidity associated with the inflow of gold and foreign exchange. This was done primarily by increasing the minimum reserves the commercial banks are required to hold from 7 per cent to 10 per cent between July 1960 and April 1961 and by government borrowing and accumulation of cash balances. Since April of this year, foreign issues have again been permitted on the capital market. Such issues had been forbidden since 1955. Several have been placed since April, usually at yields of AVi to 5 per cent. On September 1 a system of special measures to curtail credit expansion by the commercial banks will be put into effect for the first time since these measures were drawn up by the Netherlands Bank in agreement with the commercial banks in the spring of 1960. JAPAN The current economic boom in Japan, which began in mid-1958, has created tight money market conditions. From August 1960 to the spring of this year, however, most interest rates were reduced in line with the longrun trend of Japanese rates to come closer to those in Western money markets. The 898 FEDERAL RESERVE BULLETIN • AUGUST 1961 Bank of Japan lowered its basic discount rate from 7.30 to 6.94 per cent in August 1960 and to 6.57 per cent in January 1961. The average rate charged on bank loans and discounts declined from 8.22 per cent in July 1960 to 7.89 per cent in May 1961. In April the Government lowered interest rates on a broad variety of deposit, savings, and trust accounts, and the rates on longterm bank loans. In the same month the new-issue terms for various public and private bonds were changed, establishing lower yields. A sizable inflow of foreign short-term capital, particularly in the form of acceptance credits and borrowings of dollars from European banks by Japanese banks, was stimulated last year by relaxation of government controls and by international differences in interest rates. Since March this inflow has tapered off. In July the Bank of Japan raised its discount rate to 6.94 per cent. It took this action in response to a large expansion of bank credit and to the deterioration in the Japanese balance of payments since early in the year. Quarterly Survey of Consumer Buying Intentions CONSUMERS' PLANS to buy automobiles, which had been close to year-earlier levels in both January and April, rose from April to July. Reported plans to buy houses and most household durable goods, however, remained below year-earlier levels. These findings are from the eleventh Quarterly Survey of Consumer Buying Intentions, conducted in the third week of July.1 The proportion of consumers reporting in July that they planned to buy new or used automobiles within the next 6 months was slightly larger than in July 1960 and about the same as in July 1959. The proportion of families with plans to buy major household durable goods, however, was smaller than in either of the two preceding July Surveys. Plans to purchase houses during the coming year were reported about as often as in the three preceding Surveys, but less often than in July 1960. In July the proportion of consumers reporting lower incomes than a year earlier was slightly smaller than in previous Surveys this year, but it continued to be somewhat higher than in the two preceding Julys. Reports of income increases showed little change from April to July, while reports of 1 This article presents the findings of the July 1961 Quarterly Survey of Consumer Buying Intentions, conducted for the Board of Governors by the Bureau of the Census. The Quarterly Survey is conducted under the supervision of Mona E. Dingle of the Board's staff and Selma F. Goldsmith of the Bureau of the Census. The current article was prepared by Tynan Smith. Articles covering the previous Quarterly Surveys appeared in earlier issues of the BULLETIN. A description of the Survey appeared in the BULLETIN for September 1960, pp. 977-1003. 899 no change rose. Expectations regarding future incomes remained about the same as in July 1960, with about three-fifths of the consumers anticipating little change and one-fourth somewhat higher incomes a year hence. Automobiles. Plans to purchase new automobiles during the next 6 months were reported by 3.4 per cent of the families interviewed in July, compared with 3.1 per cent a year earlier and 3.2 per cent in July 1959. Increases from a year earlier in plans to buy new cars occurred in most income and age groups. The increase from April to July was similar to the 1959 movement and contrasted with a slight decline over the same period of 1960. In July, 4.2 per cent of consumers reported plans to buy used cars within the next 6 months. This was the same proportion as in July 1959 but more than in July 1960 when only 3.8 per cent reported such plans. Plans to buy within 12 months followed a pattern similar to 6-month plans for both new and used cars. A higher proportion of families reported that they were dissatisfied with the car currently owned than a year earlier or in July 1959. On the other hand, somewhat fewer reported that they had been shopping for a car. The proportion of consumers reporting purchases of new cars in the second quarter of this year, as in the first quarter, was smaller than in the corresponding period of last year. While this finding was in general 900 FEDERAL RESERVE BULLETIN • AUGUST 1961 agreement with the reduced level of new car sales in the first half of 1961, the decline indicated by the Survey was somewhat larger than that shown by sales data from other sources. Survey reports of used car purchases by consumers during the second quarter of this year were about as frequent as in the second quarters of 1960 and 1959. In contrast, sales data indicate a slightly lower level of used car sales than in the second quarter of either of the two previous years. PLANS TO BUY WITHIN 6 MONTHS Per cent NEW AUTOMOBILES 5 1959 . • • • " " • • • • • . . 4 1961 I960 ~v 1 1 L_ JULY — 3 2 Per cent OCT. JAN. * Sum of plans per 100 families. NOTE.—Plans to buy major household durable goods refer to sum of plans to buy washing machines, refrigerators, and television sets. Household durable goods. In July, plans to buy the three major household appliances covered by the Survey—washing machines, refrigerators, and television sets—during the next 6 months continued lower than in the same period of 1960. As in April, the reduction from year-earlier levels reflected decreases in plans to buy washing machines and refrigerators. Plans to buy these two items declined slightly from April to July this year, compared with sharp increases in 1959, and in July were below their July 1959 levels. Plans to buy television sets were slightly above July levels of the past two years. The lower levels of 6-month buying plans for washing machines and refrigerators reflected primarily a decline in the proportion of consumers reporting indefinite plans. The proportions reporting that they "definitely" or "probably" would purchase these items were about the same this July as at the same time in the two preceding years. Plans to buy the durable items covered for the first time in the January 1960 Survey—air conditioners, clothes dryers, dishwashers, and radio and phonographic equipment—were also generally below yearearlier levels in July. The only exception was plans to buy radio and phonographic equipment. The slight increase in plans to buy these items probably reflected the continued interest in, and promotion of, stereophonic and phonographic equipment. Reports of purchases of the household durable goods covered by the Survey indicate about 10 purchases per 100 families in the second quarter of this year. This compares with 10.8 per 100 families in the second quarter of last year. The decline in purchases appeared to be general for most items except dishwashers and radio and phonographic equipment. The lower level 901 QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS of purchases is consistent with gross national product estimates, which show declines in total consumer expenditures for household durable goods from year-earlier levels. Houses. About 5 per cent of the families interviewed in July planned to purchase a house during the next 12 months. This was about the same proportion as in April but less than the 5.4 per cent reporting such plans in July 1960. Most income and age groups, except those with incomes under $3,000 and families headed by persons under 35 years of age, reported declines in house purchase plans. According to the Survey, about as many families purchased houses in the second quarter of the year as in the first quarter, but somewhat fewer than in the second quarter of 1960. The decline from a year ago appears to be primarily in purchases of new houses. As is indicated in the note to Table 4, however, data on purchases of houses are subject to somewhat larger sampling errors than other data from the Survey because of special problems involved in estimating house purchases. Sampling variability. Data from Quarterly Surveys are based on about 17,000 interviews and, as is true of all sample surveys, may differ because of sampling variability from data that would be obtained if a complete census were taken. The reliability of estimates of percentages obtained from the Survey depends on the size of the estimated percentage and the size of the total sample —or portion of the sample—on which the percentage is based. Sampling errors are shown in the table for selected percentages and sample sizes. The sample sizes are expressed in terms of the estimated number of households represented by the Survey (or portion of the SAMPLING ERRORS OF PROPORTIONS The chances are 68 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number of percentage points shown below. Reported percentage Number of households 2 or 98 10 or 90 25 or 75 50 5,000,000 0.8 0.6 0.4 1.8 1.3 0.8 2.6 1.8 1.2 3.0 2.1 1.4 10,000,000 20,000,000 50,000,000 0.3 0.2 0.1 0.6 0.4 0.3 0.8 0.6 0.4 1.0 0.7 0.4 1,000,000 2,000,000 Survey) rather than in terms of the actual number of households sampled. The chances are 68 in 100, or about 2 in 3, that an estimate from the Survey would differ from a complete census by less than the sample errors shown in the preceding table and 95 in 100 that the difference would be less than twice the errors shown. SAMPLE SIZE FOR SPECIFIED GROUPS Families or households 1 Group characteristic Proportion in July 1961 Survey Approximate number applicable to all Surveys 100.0 54,000,000 Income: 2 Under $3,000 $3,000-54,999 $5,000-$7,499 $7,500-$9,999 $10,000 and over Not ascertained 28.5 21.5 24.2 10.8 9.2 5.8 15,000,000 12,000,000 12,000,000 6,000,000 5,000,000 4,000,000 Age of head: Under 35 35-54 55 and over 23.4 41.9 34.7 13,000,000 23,000,000 18,000,000 Total 1 For the Quarterly Survey, data are collected only from the principal family in the household. Therefore the number of families is the same as the number of households. 2 Total money income (before taxes) of family in 12 months immediately preceding interview. The approximate number of households by income and age groups is shown in the table above. The estimated size of each subgroup may be used in the foregoing table to obtain the approximate sampling error for that subgroup in preceding Surveys as well as in the July 1961 Survey. 902 FEDERAL RESERVE BULLETIN • AUGUST 1961 TABLE 1 PLANS TO BUY HOUSES AND DURABLE GOODS, 1959-61x 1959 1960 1961 Buying plan Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Percentage of all families New or used automobile: 2 Planning to buy within 12 months Doesn't know about 12-month plan... Planning to buy within 6 months Doesn't know about 6-month plan Has shopped for automobile 3 Dissatisfied with automobile owned... New automobile: Planning to buy within 12 months Planning to buy within 6 months Degree of certainty: Definitely Probably Maybe Timing of planned purchase: First 3 months Second 3 months Doesn't know when in 6 months., Used automobile: Planning to buy within 12 months Planning to buy within 6 months Degree of certainty: Definitely Probably Maybe Timing of planned purchase: First 3 months Second 3 months Doesn't know when in 6 months., 17.1 6.9 15.8 6.4 17.1 6.5 21.2 5.6 18.7 7.8 8.5 3.4 7.6 3.0 8.4 3.1 10.3 2.8 9.5 3.6 3.0 5.1 4.8 8.1 5.2 8.1 6.5 9.1 4.5 9.8 6.7 6.6 7.0 9.6 3.1 2.7 3.2 4.7 1.2 1.1 0.8 0.9 0.9 0.8 1.2 1.1 0.9 0.9 1.4 0.7 0.7 1.4 0.6 8.5 7.2 16.8 7.1 18.6 7.1 17.9 7.4 16.6 7.6 17.4 7.3 9.1 2.8 6.3 9.6 9.0 2.7 4.5 10.0 8.4 2.9 8.4 2.9 5.5 8.7 8.1 2.8 4.9 8.0 5.1 8.9 4.6 9.1 7.4 7.0 6.9 7.9 7.4 6.8 7.6 3.5 3.3 3.1 3.7 3.5 3.1 3.4 1.8 1.6 1.2 1.3 1.0 1.1 1.5 0.9 0.8 1.2 1.0 0.8 1.5 1.2 0.9 .4 .1 .0 1.1 1.1 0.9 1.4 1.1 1.0 0.9 1.4 0.8 1.4 2.1 1.1 0.9 1.7 0.8 1.2 1.3 0.7 0.9 1.4 0.7 1.3 1.4 0.9 .0 .6 0.9 0.9 1.4 0.8 1.1 1.5 0.8 7.8 9.3 7.2 7.2 8.0 8.3 7.7 7.9 3.8 4.0 4.5 4.1 4.2 17.1 7.5 4.7 4.1 4.2 4.7 4.6 3.9 1.3 1.6 1.7 1.4 1.5 1.1 1.4 1.5 1.2 1.6 1.4 1.6 1.6 1.5 1.5 .3 .2 .3 1.4 1.2 1.2 1.2 1.3 1.4 1.5 1.4 1.6 1.6 1.3 1.3 1.5 1.2 1.5 1.2 1.9 1.5 1.5 1.4 1.1 1.5 1.3 1.3 1.4 2.0 1.2 1.3 2.0 1.2 .4 .3 .1 1.4 1.2 1.1 1.3 1.7 0.9 1.3 2.0 1.2 1.7 1.3 1.1 1.6 1.6 1.0 (12.0 6.6 11.1 6.2 11.2 6.6 10.6 6.8 10.3 6.4 10.0 6.3 10.0 6.1 House (new or existing): Planning to buy within 24 months Doesn't know about 24-month plan... Planning to buy within 12 months Degree of certainty: Definitely Probably Maybe Timing of planned purchase: First 6 months Second 6 months Doesn't know when in 12 months Doesn't know about 12-month plan... 5.8 5.3 5.4 5.0 4.8 5.1 5.0 2.3 1.8 1.7 2.2 1.6 1.5 2.2 1.6 1.5 2.0 .5 .5 1.9 1.5 1.4 2.1 1.5 1.4 2.0 .6 .4 2.4 1.8 1.6 2.4 2.5 1.3 1.4 2.4 2.4 1.7 1.3 2.4 .9 .9 .1 2.5 1.9 1.5 1.4 2.1 2.3 1.4 1.3 2.2 .9 .7 .4 2.2 Plans per 100 families Household durable goods: 4 Planning to buy within 6 months Degree of certainty: Definitely Probably Maybe Timing of planned purchase: First 3 months Second 3 months Doesn't know when in 6 months. Doesn't know about 6-month plan Major household durable goods: 5 Planning to buy within 6 months Degree of certainty: Definitely Probably Maybe Timing of planned purchase: First 3 months Second 3 months Doesn't know when in 6 months. Doesn't know about 6-month plan 21.9 20.1 21.0 20.5 20.2 7.5 6.0 10.7 7.7 5.8 8.5 6.5 5.0 8.6 7.4 5.5 8.1 6.3 5.4 8.8 6.5 5.6 8.1 18.4 6.2 4.8 7.3 5.4 10.6 8.2 5.5 7.4 7.7 6.7 5.4 5.9 7.4 6.7 4.7 6.8 8.2 6.0 4.5 5.1 8.8 6.6 4.7 6.7 7.8 5.7 5.0 5.8 7.4 5.2 4.6 n.a. n.a. n.a. 13.9 12.4 14.2 17.3 15.7 13.9 14.0 13.8 13.7 13.0 12.8 > 7.5 6.4 7.0 5.5 7.4 6.8 8.8 8.5 /( 43.3 '7 7.7 4.7 3.1 6.2 4.4 3.0 6.7 4.7 3.1 5.9 4.1 3.0 6.6 4.1 3.1 5.8 4.1 3.1 5.6 3.2 4.9 5.8 3.8 3.4 4.1 5.0 3.2 3.8 4.5 5.9 3.4 4.7 6.0 6.7 2.4 3.7 5.8 6.1 2.8 3.8 4.9 5.2 2.7 3.8 4.7 5.4 2.9 4.2 5.1 4.5 2.6 3.5 5.1 5.1 2.9 3.7 5.0 4.2 2.8 3.9 4.7 4.2 2.9 n.a. Not available. 1 As reported in interviews in January 1959 and in the first month of succeeding quarters. Interviews are taken in the week that includes the 19th of the month. Planning period begins on date of interview. 2 Includes those undecided between new and used. 24.3 3 In the weeks immediately preceding interview. 4 Sum of plans to buy washing machines, refrigerators, television sets, air conditioners, clothes dryers, radio and phonographic equipment, and dishwashers. 5 Sum of plans to buy first three items listed in note 4. 903 QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS TABLE 2 PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1959-61 1959 1960 1961 Planning period, and income or age group Jan. Apr. July Oct. Jan. Apr. July Oct. Jan Apr. July Planners as a percentage of all families in group Planning to buy new automobile within 6 months: All families Income: 1 Under $3,000 $3,000-$4,999 $5,000-$7,499 $7,500-59,999 $10,000 and over Age of head: Under 35 35-54 55 and over Planning to buy used automobile within 6 months: All families Income: * Under $3,000 $3,000-$4,999 $5,000-$7,499 $7,500-$9,999 $10,000 and over Age of head: Under 35 35-54 55 and over 3.1 2.7 3.2 4.7 3.5 3.3 3.1 3.7 3.5 3.1 3.4 0.2 1.9 4.0 7.4 11.0 0.5 1.8 3.2 6.4 8.7 0.9 1.8 4.1 7.0 10.7 0.7 3.2 5.6 10.2 15.6 0.7 2.3 4.0 6.8 12.0 0.9 1.7 4.5 5.5 9.6 0.8 1.5 3.6 6.6 9.9 0.6 2.4 4.5 6.8 11.7 0.6 1.9 4.1 6.3 11.3 0.8 1.7 3.8 4.8 9.6 0.7 2.2 3.8 6.0 11.0 3.3 3.6 2.1 3.3 3.1 1.8 3.5 3.8 2.4 4.4 5.9 3.4 3.2 4.5 2.5 3.3 4.1 2.3 3.4 3.7 2.1 3.7 4.4 2.9 3.6 4.3 2.5 3.2 3.7 2.4 3.3 4.3 2.3 3.7 6.0 5.6 5.2 4.3 2.6 4.7 5.2 5.5 3.8 3.2 4.8 5.3 5.3 3.9 3.4 5.9 6.3 4.7 3.3 3.1 4.8 6.0 6.3 5.5 2.6 4.3 4.9 4.8 3.3 2.9 4.1 4.6 5.4 4.1 2.9 4.4 4.9 5.6 3.9 2.8 4.9 6.0 4.9 4.8 2.5 5.1 4.6 5.4 4.3 2.7 4.5 5.3 5.2 4.7 7.5 5.0 2.3 6.3 4.6 1.8 6.9 4.6 1.7 7.7 4.9 2.3 6.5 5.5 2.1 6.8 4.3 1.4 6.6 4.0 1.5 6.7 4.3 1.6 7.1 5.0 2.0 6.8 4.8 1.5 7.1 4.7 1.6 5.8 5.3 5.4 5.0 4.8 5.1 5.0 1.9 5.3 8.4 9.1 11.5 1.7 5.1 7.1 8.4 10.2 2.1 5.4 7.3 8.6 9.1 1.8 4.9 7.0 8.4 7.3 1.5 4.1 6.6 7.3 8.6 1.7 4.8 6.4 7.9 8.1 2.2 4.8 6.7 7.9 7.7 10.1 6.2 2.4 9.4 5.6 2.0 9.8 5.5 2.2 9.2 5.1 2.0 8.8 5.1 1.7 9.3 5.1 2.1 9.9 4.7 2.1 4.7 Planning to buy house within 12 months All families Income: * Under $3,000 $3,000-$4,999 $5,000-$7,499 $7,500-$9,999 $10,000 and over Age of head: Under 35 35-54 55 and over 4.2 n.a. n.a. n.a. Plans per 100 families in group Planning to buy household durable goods within 6 months: 2 All families Income: * Under $3,000 $3,000-$4,999 $5,000-$7,499 $7,500-$9,999 $10,000 and over Age of head: Under 35 35-54 55 and over Planning to buy major household durable goods within 6 months: 3 All families Income:* Under $3,000 $3,000-$4,999 $5,000-$7,499 $7,500-$9,999 $10,000 and over Age of head: Under 35 35-54 55 and over n.a. n.a. 21.9 20.1 21.0 20.5 20.2 13.4 21.1 129.1 -(39.9 146.9 12.1 19.3 24.0 30.8 43.8 11.1 18.8 24.1 29.8 39.1 10.8 19.6 24.9 32.2 41.1 10.0 15.0 24.7 31.5 40.8 10.4 15.9 21.4 28.6 39.7 18.4 10.7 14.8 20.5 28.4 34.0 31.0 28.1 14.9 32.0 24.4 11.9 29.8 22.0 11.2 31.2 23.7 10.6 27.3 23.9 11.8 29.6 21.8 12.0 26.9 20.2 10.4 13.9 12.4 14.2 17.3 15.7 13.9 14.0 13.8 13.7 13.0 12.8 10.9 14.6 15.2 18.3 21.9 8.6 13.0 14.0 16.4 18.0 10.6 14.5 16.6 17.9 22.0 12.9 18.7 19.6 20.9 26.3 11.6 14.8 17.7 23.3 23.9 9.9 13.3 14.5 17.0 21.4 9.8 14.0 16.3 18.0 22.4 9.2 14.4 15.9 19.0 21.4 8.5 11.6 16.2 18.5 23.1 8.7 11.5 13.7 15.2 21.5 9.5 11.4 13.6 18.7 19.2 18.8 14.8 9.3 16.4 13.3 8.1 17.4 16.1 9.7 21.5 18.9 12.3 18.7 17.8 10.9 19.8 15.0 8.6 19.5 15.3 8.7 19.7 15.3 8.2 17.5 15.5 8.9 18.3 13.7 8.6 17.8 14.0 7.9 n.a. Not available. 1 Total money income (before taxes) of family in 12 months immediately preceding interview. 2 Sum of plans to buy washing machines, refrigerators, television n.a. 24.3 sets, air conditioners, clothes dryers, radio and phonographic equipment, and dishwashers. 3 Sum of plans to buy first three items listed in note 2. 904 FEDERAL RESERVE BULLETIN • AUGUST 1961 TABLE 3 PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1959-61 [Percentage of all families] 1959 Type of durable good Washing machine Refrigerator Television set Air conditioner Clothes dryer Radio and phonographic equipment * Dishwasher 1960 1961 Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July 5.9 3.7 4.3 5.1 3.5 3.9 6.1 7.0 6.5 6.0 5.9 5.5 3.4 5.5 3.7 5.3 3.6 5.1 3.4 n.a. n.a. n.a. n.a. f 3.2 2.2 ) 2.3 3.4 1.8 1.9 0.8 1.4 2.0 1.9 0.8 1.3 2.3 2.7 0.8 2.0 1.9 2.1 0.8 2.6 1.8 2.1 0.8 1.1 1.7 2.1 0.7 I 0.9 1 Radios or phonographs (or their component parts) together costing $100 or more. n.a. Not available. TABLE 4 PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1959-61x [Percentage of all families] 1959 Item 1960 Jan.Mar. Apr.June JulySept. Automobile: New. Used 2.4 2.8 2.6 House (new or existing)2 Washing machine Refrigerator . ... Television set Air conditioner Clothes dryer Radio and phonographic equipment 3 Dishwasher. Oct.Dec. Jan.Mar. 1961 Apr.June JulySept. 2.8 Oct.Dec. Jan.Mar. Apr.June 2.4 2.7 3.2 5.2 5.0 2.2 5.7 5.2 2.1 4.7 2.8 5.7 4.9 5.1 5.9 n.a. n.a. n.a. 1.5 0.8 1.4 1.4 1.2 1.0 1.1 2.5 17 2.5 2.2 3.3 3.1 3.4 2.6 3.3 3.2 2.3 4.8 02 2.4 1.6 3.3 0.3 2.7 2.4 2.9 1.1 2.8 2.7 3.4 10 2.2 1.7 2.8 0.2 2.5 2.2 2.7 0.8 n.a. n.a. n.a. 1.4 0.6 0.5 0.7 2.9 1.9 4.8 02 1.1 2.9 0.4 0.7 0.4 5.2 2.5 0.4 1.0 0.3 0.9 0.3 1.0 0.3 0.9 0.2 1.0 0.3 other data because of special problems involved in estimating purchases of new houses. 3 Radios or phonographs (or their component parts) together costing $100 or more. n.a. Not available. 1 As reported in month immediately following purchase period. 2 Estimates are subject to somewhat larger sampling errors than TABLE 5 PAST AND EXPECTED CHANGES IN INCOME, 1959-61 [Percentage distribution of families] 1959 1960 1961 Direction of change Jan. Current income compared with a year earlier: Higher Same Lower . . . . . . . Doesn't know All families Expected income compared with current: l Higher Same Lower Doesn't know All families 1 Expected a year hence. 23.3 55.6 20.2 Apr. 22.9 59.7 16.7 July 23.9 59.4 16.1 Oct. 24 A 57.3 17.9 Jan. 25.0 57.1 17.0 Apr. 22.2 61.3 15.5 July 21.5 61 9 15.7 Oct. 23.2 58.7 17.0 Jan. 22.6 57.9 18.7 Apr. 20.7 59.9 18.5 July 20.6 61.0 17.6 1.0 0.7 0.6 0.7 0.9 1.0 0.9 1.1 0.8 0.8 0.9 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 24.8 57.1 7.0 11.1 21.6 61.1 6.1 11.2 23.6 60.2 6.4 9.8 25.1 58.7 6.3 10.0 24.4 59.6 5.7 10.2 24.2 60.2 5.6 10.0 24.6 59.6 5.9 9.8 24.5 59.2 5.8 10.5 24.6 57.2 6.0 12.2 23.9 59.4 5.4 11.4 24.7 58.5 5.8 11.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 NOTE.—Details may not add to totals because of rounding. Proposed Legislation on Finance Charges You HAVE ASKED that I appear before you today to comment on S. 1740, a bill to require disclosure of finance charges in connection with extensions of credit. I am glad to give you such assistance as I can in your consideration of this proposal. Briefly, the bill would require a person engaged in the business of extending credit to furnish to each of his customers prior to the consummation of a credit transaction a written statement setting forth certain details concerning the credit in accordance with rules and regulations prescribed by the Board of Governors of the Federal Reserve System. These details would include (1) the finance charge expressed in dollars and cents and (2) the percentage that the finance charge bears to the total amount to be financed expressed as a simple annual rate on the outstanding unpaid balance of the obligation. I should like to begin my statement by reaffirming the Board's general position as set forth in our report and statement on S. 2755, the similar bill considered by your Subcommittee last year, and repeated in our recent report on S. 1740. The Board is in full accord with the objective of requiring lenders and vendors to disclose fully their interest rates and finance charges to credit customers. The regulation of trade practices of vendors and lenders in stating finance charges, where necessary to provide credit 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, July 19, 1961. 905 customers with better information, is a commendable social and economic objective. While we are in full sympathy with the "truth in lending" objective of the bill, we also believe, as we stated last year, that administration of such legislation would not constitute an appropriate activity for the Federal Reserve System. As you are aware, the major responsibility of the Federal Reserve is influencing the reserves of the banking system in the interests of economic stability and growth. The statute proposed in S. 1740, it seems to me, would be essentially a trade practices law not related to our primary responsibility, which is to regulate the availability and supply of credit in accordance with the over-all needs of the economy. The bill is designed to protect the interests of borrowers or other retail credit customers on a continuing basis. It would do this by improving the quality of their information concerning the finance charges on credit contracts into which they may enter. As a result of the better information on financing charges, the bill would presumably facilitate customer choice as to type and source of available credit financing best suited to his pocketbook. In this way, the bill would work from the demand side to make the market for funds more competitive and make more efficient the allocation of resources generally. The bill would not be administered as a contracyclical instrument, tightened in boom times and eased in times of slack. Rather it would be administered so as to give bor- 906 FEDERAL RESERVE BULLETIN • AUGUST 1961 rowers truthful information at all times— good and bad alike. Thus, regulation of the disclosure of finance charges under the bill would differ from the administration of general monetary policy. Its administration would also differ with respect to cyclical flexibility from the selective credit regulations, such as regulation of stock market credit which the Federal Reserve administers at present, and from regulations of consumer credit and real estate credit which the Federal Reserve has administered in the past. The question as to whether or not knowledge as to the actual cost of an article bought on credit tends to diminish cyclical fluctuations can be thought of in two parts. One part has to do with the price of the article itself; the other with the additional cost of buying it "on time." Decisions as to whether or not to buy the item at all are made more intelligently, of course, when the true price is known. Since prices of goods and services fluctuate, potential buyers tend to be encouraged to purchase by prices they consider low and discouraged by those they consider high. Price changes on the items themselves, therefore, do have contracyclical influence, and this influence is enhanced when potential buyers are quoted the total cost as well as the monthly payment. If consumer finance charges actually did fluctuate with economic cycles, knowledge of the total cost of consumer credit itself would tend to have contracyclical effects. However, finance charges on consumer instalment credit, a major area that would be covered by the bill, have not shown much fluctuation in response to cyclical changes in the availability of credit during the postwar period. Also, it is hard to find evidence as to consumer responsiveness to the changes in charges that have occurred. Consumer instalment credit has been more responsive to changes in terms, such as maturities and downpayments, and in credit standards of lenders than to changes in finance charges. Finance charges on instalment loans, like charges on other types of credit, have risen from the lows reached in the World War II period. The rise has been gradual and, unlike money market interest rates, rates on consumer loans have not varied much in response to changes in the availability of and demand for credit over the course of postwar business cycles. One factor of particular importance in connection with the prevailing level and relative invariability of credit charges on instalment loans is the presence of State laws setting maximum finance rates. Another factor is the relative importance of costs other than the cost of money per se in the consumer lending business. These costs, which include the cost of credit investigation, collection, and provision for losses, do not show much cyclical fluctuation. This is not to say that consumer instalment credit is unresponsive to changes in monetary policy. Instalment lenders, like other lenders, are affected by changes in the supply of bank reserves. Commercial banks, which are most directly affected by changes in Federal Reserve policy, themselves hold about two-fifths of all outstanding consumer credit and also make loans in substantial volume to finance companies and retailers. Changes in the availability of credit to instalment vendors and lenders tend to be reflected more in changes in the credit standards which lenders and vendors apply than in changes in their finance charges. When credit conditions tend to tighten, more restrictive credit standards tend to eliminate customers who are marginal risks. PROPOSED LEGISLATION ON FINANCE CHARGES On the other hand, when credit conditions become easier, instalment lenders and vendors are more willing to extend credit and to accept marginal risks. Moreover, consumer lenders and vendors tend to engage in more promotional activity when funds are readily available and to cut back on such activity when funds are hard to come by. In view of the technical characteristics of the consumer credit business, it seems unlikely that a fuller awareness by consumers of instalment finance charges in and of itself would make for increased cyclical variation in such charges and thereby result in much contracyclical effect on consumer borrowing. Whatever increased cyclical variation in rates and in borrower responsiveness to rate changes did result from the bill would, of course, be salutary. Cyclical flexibility in financing costs serves generally to discourage borrowing in boom periods and to encourage it in periods of slack. Perhaps the most important effect of the bill in the instalment credit field would be in furthering the healthful functioning of the economy generally, through better allocation of resources. It would, indeed, be beneficial if a fuller consumer awareness of credit charges resulted in the avoidance of particularly burdensome indebtedness on the part of some consumers or caused them to allocate their funds more economically. While most of the discussion of this bill has been in terms of its role in requiring disclosure of terms on short-term consumer credit, the bill also would apparently apply 907 to the mortgage credit area. Mortgage interest rates, like finance charges on consumer credit, have risen since the war, although they have fluctuated more in response to changes in credit availability. Contract rates on first mortgages tend to be close to their effective rates. It is true that appreciable discounts are sometimes charged on mortgages insured or guaranteed by the Federal Government. This happens when administratively determined rates are below market rates. However, sizable discounts are seldom charged on mortgages of the conventional type. Moreover, charges other than the cost of money typically add little to the contract interest rates on mortgages. There is unfortunately little information to be had about practices in disclosing financing charges to borrowers in second and third mortgage financing. If there is a problem requiring compulsory disclosure of contract costs in the mortgage field, it would seem to relate more to this area of financing than to first mortgages. In conclusion, let me say that the Board of Governors looks with favor on the general principle of the bill of requiring disclosure of finance charges. At the same time, however, the Board believes that the administration of such a trade practice function would be essentially unrelated to the Board's present responsibilities. On behalf of the Board, therefore, I wish to reaffirm the position we took last year that administration of such legislation would not constitute an appropriate activity for the Federal Reserve. The Balance Sheet of Agriculture, 1961 The major factual portion of the 17th in a series of annual reports on the financial condition of agriculture, as issued by the U.S. Department of Agriculture, is given below.1 The full report has been published as an Agriculture Information Bulletin of the Department of Agriculture. The study was prepared, under the direction of Norman J. Wall, Chief, Agricultural Finance Branch, Farm Economics Division, Economic Research Service, by F. L. Garlock, F. D. Hansing, W. H. Scofield, F. D. Stocker, and Q. F. Dallavalle. Data relating to the inventories of livestock, crops, machinery, and household equipment were prepared under the direction of the following persons: livestock—R. H. Moats; crops—C. E. Burkhead and R. P. Hardy; machinery—Robert H. Masucci and Mardy Myers; household equipment—Jean L. Pennock. Data relating to farm income and expenditures were compiled under the direction of Mardy Myers and Albert Kendall. SUMMARY OF THE 1961 BALANCE SHEET During 1960, the value of farm assets rose from about $204.8 billion to about $206.1 billion; land values continued to rise in all regions except the Corn Belt; and, at $11.7 billion, the net realized income of farm operators from farming was about 4 per cent higher than in 1959. Opposed to these gains were an increase in farm debts that equaled the increase in farm asset values; a decline in farm mortgage debt repayments accompanied by an increase in renewals of non-real-estate farm debts; and a drop in the liquid financial assets of farmers. Despite the higher income in 1960, indications are that farmers were in a tighter cash position than in 1959. This is suggested not only by the continued decline in farmers' liquid assets and the debt trends cited above, but also by a reduction of about $475 million in farmers' expenditures for motor vehicles and machinery. The Federal Reserve estimates of farmer-owned demand deposits indicate that nearly 260,000 fewer farmers had checking accounts early in 1961 than a year earlier. There are also indications that more farmers had difficulty in financing their operations in 1960 than in other recent years. This is suggested by a substantially lower rate of increase in non-realestate farm debt, by an increase in the proportion of farm mortgage loans used to refinance existing debts, and by the fact that the Farmers Home Administration supplied a larger part of the operating credit obtained by farmers in 1960 than in other recent years. The tighter cash position of farmers and their greater difficulty in obtaining financing are interrelated, because farmers use credit to maintain their bank accounts as well as to buy goods and services. A possible reason for the tighter situation in 1960 is suggested by reports of lending 1 The balance sheet as presented here brings together the assets and liabilities of agriculture as though it were one large enterprise. It is the 17th in a series that contain comparable annual estimates beginning in 1940. The annual changes shown provide a means of appraising the effects of developments in both the farm and nonfarm sectors of the economy on the financial structure of agriculture. This report shows farm assets and farm debts as of the beginning of 1961 and selected earlier years. It deals mainly with changes in thefinancialsituation of agriculture that occurred during 1960. 908 In using and interpreting the balance sheet, it should be remembered that the data are aggregates and that they do not show the distribution of assets and debts among owner-operators, tenants, and landlords. Nor do the data permit full separation of the farm firm as a production unit from the farm family as a consumption unit. The general financial and credit position of agriculture and the way it varies among regions is given special attention in the Agricultural Finance Outlook issued in November of each year by the Farm Economics Division, Economic Research Service. 909 THE BALANCE SHEET OF AGRICULTURE, 1961 institutions that a growing number of farmers have built up their debts to such levels that lenders are reluctant to extend them additional credit. But apparently something more than this is involved. From the decline in the number of farmers who have checking accounts it seems TABLE 1 COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED STATES, JANUARY 1, 1940, 1960, AND 19611 [In billions of dollars] Item 1940 1960 1961 New ?asis2 1960 1961 Assets Physical assets: Real estate 33.6 129.1 130.6 134.8 136.5 Non-real-estate: Livestock 5 1 315.5 415.5 15.5 15.5 Machinery and motor ve3.1 318.6 18.1 18.6 18.1 hicles Crops stored on and off 8.1 8.1 7.9 2.7 37.9 farms5 Household furnishings and 4.3 13.5 13.7 10.1 10.3 equipment 6. Financial assets: 8.7 9.1 9.1 3.2 8.7 Deposits and currency 4.6 4.7 United States savings bonds .. 5.1 .2 35.1 4.3 Investment in cooperatives . . . 4.1 4.3 .8 4.1 53.0 3202.9 204.1 204.8 206.1 Total 7 Claims Liabilities: Real estate debt Non-real-estate debt to: Commodity8 Credit Corporation Other 9 reporting institutions Nonreporting creditors* ° . . . Total liabilities 7 6.6 12.3 13.1 12.3 13.1 .4 31.2 1.3 1.2 1.3 1 5 6 7 7.0 6.7 7.0 1.5 3.9 4.0 3.9 4.0 10.0 324.1 25.4 24.1 25.4 Proprietors' equities 43.0 3178.8 178.7 180.7 180.7 Total? 53.0 3202.9 204.1 204.8 206.1 1 2 Does not include data for Alaska and Hawaii. Tentative estimates based on revisions in process as a result of the 1959 Census of Agriculture. 3 Revised. 4 Beginning with 1961, horses and mules are excluded. 5 Includes all crops held on farms for whatever purpose and crops held off farms as security for Commodity Credit Corporation loans. On Jan. 1, 1960, the latter totaled $499 million. 6 Estimated valuation for 1940, plus purchases minus depreciation since then. i8 Total of rounded data. Although these are nonrecourse loans, they are included as liabilities because borrowers must either repay in cash or deliver the commodities on which the loans were based. The values of the underlying commodities are included among the assets; hence the loans must be included as liabilities to avoid overstating the amount of 9proprietors' equities. Loans of all operating banks, the production credit associations, and the Farmers Home Administration, and discounts of the Federal intermediate credit banks for agricultural credit corporations and livestock loan companies. 10 Loans and credits extended by dealers, merchants, finance companies, individuals, and others. Estimates based on fragmentary data. probable that the financial pressures on smaller farmers became heavier in 1960. The principal reason for the increase in the value of farm assets in 1960 was the continued rise in the price of farm real estate. Early in 1961, this asset reached a record high value of $136.5 billion, and it represented so large a part of the value of all farm assets that it raised the total value of these assets despite a net decline in non-real-estate farm assets (Table I). 2 Farm assets other than real estate that increased in 1960 included crop inventories, household furnishings and equipment, and investment in farm cooperatives. The increases in the values of these assets were small. Substantial declines occurred in farmers' holdings of deposits and currency and in the value of motor vehicles and machinery on farms. Depreciation exceeded farm expenditures for motor vehicles and machinery. During 1960 farm debt rose from $24.1 billion to $25.4 billion. Most of the increase was in farm mortgage loans. Part of the rise of $800 million in farm mortgage debt was caused by a decline in payments on mortgage loans. Price-support loans of the Commodity Credit Corporation increased by about $100 million, and other non-real-estate loans to farmers increased by about $400 million. Despite the increases in farm debt during recent years, proprietor's equities on January 1, 1961, amounted to about $181 billion, or nearly 88 per cent of the value of farm assets. As reflected by valuations in 1940 prices, the physical quantity of farm assets at the beginning of 1961 showed little change—possibly a slight decline—from a year earlier (Table 2). Both gross and net income from agriculture were about $700 million higher in 1960 than in 1959, and the net realized income of farm operators from farming was up nearly $500 million. Realized net income from farming is estimated" (new basis) at $2,925 per farm in 1960 compared with $2,738 in 1959. 2 The number of farms and the size of the farm population are used in computing values for some of the series in these tables. As the 1959 Census of Agriculture showed a greater reduction in the number of farms than had been expected, the affected series must be revised. In Table 1 and some of the other tables, the figures presented under the heading "new basis" are preliminary estimates of what the values are likely to be after final revisions have been made. 910 FEDERAL RESERVE BULLETIN • AUGUST 1961 TABLE 2 PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 PRICES, UNITED STATES, JANUARY 1, 1940, 1960, AND 1961 x [In billions of dollars] New basis 2 Type 1940 1960 1961 1960 1961 Real estate 3 33.6 Livestock 5.1 Machinery and motor vehicles.. 3.1 Crops stored on and off farms.. 2.7 Household 6 furnishings and equipment 4.3 38.2 45.1 47.2 3.8 38.3 54.8 7.0 4.0 38.2 5.1 7.2 3.8 38.3 4.8 7.0 4.0 7.2 7.3 5.4 5.5 48.8 61.5 61.4 59.7 59.6 Total? 1 2 Does not include data for Alaska and Hawaii. Tentative estimates based on revisions in process as a result of the 1959 Census of Agriculture. 3 This series was developed by Alvin S. Tostlebe from data for census years 1880 to 1950. (See Agricultural Finance Review, Nov. 1952.) Estimates for 1960 and 1961 are extensions of these data. 4 Revised. 5 Beginning with 1961, horses and mules are excluded. <s Purchases since 1940 are deflated by an index of prices paid by farmers for house-furnishings. 7 Total of rounded data. creased sufficiently to overbalance a decline in business purchases for fixed investment. In addition to a strong domestic demand, foreign takings of agricultural products rose to a new record in 1960, in both volume and dollar value, as part of a general export expansion. The general price level—a major influence on values of farmland and other farm assets—showed small increases during 1960. The consumer price index (1947-49=100) rose steadily and at yearend, at 127.5, was 2 points above the index a year earlier. Beginning early in 1960, monetary policies of TABLE 3 COMPARATIVE INCOME STATEMENT OF AGRICULTURE, UNITED STATES, 1940, 1959, AND I960 1 [In millions of dollars] Item 1940 19592 1960 How net income was obtained INFLUENCE OF THE ECONOMIC SITUATION These changes in the financial situation of farmers occurred in an economic environment of expanding activity at the beginning of the year and gradually declining activity after the first quarter. The sharp rise in economic activity at the beginning of the year was spurred by business demand for inventories with which to rebuild stocks depleted during the 1959 steel strike. By the second quarter, however, inventory investment had slackened considerably, and in the fourth quarter there was disinvestment. Industrial production (seasonally adjusted) started the year at a record 11 per cent above the 1957 base, but by year-end, the index was at a rate of only 3 per cent above 1957. Employment also peaked in 1960. An expansion during the first half of the year brought total civilian employment to a record 68.7 million in July. But layoffs after midyear, especially in manufacturing, reduced the total to 66 million at the close of the year. For the year, consumer disposable income totaled $351.8 billion, 4 per cent above the 1959 total, and the gross national product was $504.4 billion, a rise of 4.5 per cent over 1959. Final demand grew slowly throughout the year as consumer, government, and foreign purchases in- Gross farm income: Cash receipts from farm marketings Government payments to farmers Home consumption of farm products... Rental value of farm dwellings Net change in inventory^ Total Production costs, other than wages, rent, and interest on mortgages: Feed bought Livestock bought, except horses and mules Fertilizer and lime bought Repairs and operation of capital items.. Depreciation and other consumption of farm capital Taxes on farm real estate and personal property Seed bought Miscellaneous 8,382 33,452 34,014 723 681 693 1,210 1,410 1,342 723 1,971 2,020 281 92 258 11,319 37,606 38,327 998 4,808 4,848 517 306 1,006 2,723 1,460 4,002 2,508 1,463 3,986 796 4,135 4,144 451 197 708 1,436 506 2,665 1,553 538 2,728 Total 21,735 Net income from agriculture 15,871 How net income was distributed Wages to hired labor (cash and perquisites) Net rent and Government payments to landlords not living on farms 4 , Interest on farm-mortgage debt Net income of farm operators 448 1,011 1.030 293 580 636 4,570 11,318 11,958 Net income from agriculture 6,340 15,871 16,559 1,029 2,962 2,935 Realized net income of farm operators Net income of farm operators Net change in inventory Realized net income of farm operators .. 4,570 11,318 11,958 281 92 258 4,289 11,226 11,700 1 Does not include data for Alaska and Hawaii. 2 Revised. 3 Reflects the physical changes during the year in all livestock and crops on farms, except crops under CCC loan, with the changes valued at average prices for the year. 4 After subtraction of taxes, mortgage interest, and other expenses paid by such landlords. 911 THE BALANCE SHEET OF AGRICULTURE, 1961 the Federal Reserve changed from restraint to ease. The demand for credit also eased. Loans of commercial banks, for example, increased only $7.4 billion in 1960, compared with a rise of $12.6 billion in 1959. Interest rates in the central money markets moved generally lower during the year. AGRICULTURAL INCOME Total gross farm income was $38.3 billion in 1960, nearly 2 per cent higher than in 1959 (Table 3). Most of this increase was in cash receipts from farm marketings. Production costs (other than wages, rent, and interest on mortgages) were up less than one-half of 1 per cent in 1960. Most of the cost items increased slightly from 1959, but livestock purchases and repairs on capital items decreased slightly. With gross farm income greater in 1960 and production costs changing very little, the net income from agriculture increased about 4 per cent to a total of $16.6 billion. After allowing for wages to hired labor, net rent, and interest on farm mortgage debt, the net income of farm operators increased by almost 6 per cent to almost $12 billion. Omitting adjustments for changes in inventory, the realized net income of farm operators was about $11.7 billion, or about 4 per cent more than in 1959. The purchasing power of the realized net income of farm operators from farming increased 3.6 per cent over that in 1959. This resulted chiefly from an increase in current dollar income and a relatively smaller increase in prices paid for items and services used in family living. THE 1961 BALANCE SHEET IN DETAIL In the preceding paragraphs, the balance sheet was summarized in general terms. In the sections that follow, each item of the 1961 balance sheet is treated in detail. ASSETS Assets fall into two general classes: (1) physical assets, both real estate and tangible personal; and (2) financial assets, which include cash, bank deposits, U.S. savings bonds, and farmers' investments in cooperative associations. Farm real estate. Preliminary (new basis) estimates place the total market value of farm real estate at $136.5 billion as of March 1, 1961. This is only $1.7 billion, or 1 per cent, higher than the revised estimate for March 1, 1960, which is $5.7 billion higher than had previously been estimated for that date. The value of farm buildings in March 1961 is estimated at $28.4 billion, or 20.8 per cent of the total value of land and buildings. Dwellings on farms are estimated to account for about half of the total value of all farm buildings. The rise in market value per acre of farm real estate slowed perceptibly in 1960 after having advanced at an annual rate of 6 to 7 per cent between the spring of 1956 and the fall of 1959. The revised (new basis) national estimate of $122 per acre for March 1, 1960, was about $10 per acre higher than had been estimated previously for that date. The average value of land and buildings per farm was nearly $36,000 in 1961. Market prices of farm real estate strengthened slightly in the Corn Belt in the four months ended March 1, 1961, but remained about 3 per cent below a year earlier. Elsewhere, prices held steady or showed) small gains in the year ended March 1, 1961, but the gains were generally less than had prevailed before 1960. CHANGE IN DOLLAR VALUE OF FARMLAND* The rate of voluntary sales in the year ended March 1, 1961, was 8 per cent below that of the previous year and the lowest since the early thirties. This low rate of 28.1 farms per 1,000, applied to the smaller number of farms, probably 912 FEDERAL RESERVE BULLETIN • AUGUST 1961 represented the smallest number of farm sales in many years. Weaker demand, rather than a smaller supply of farms for sale, was responsible. Farm foreclosures and other distress transfers were at about the same low rate as those in the last few years. Sales made in 1960-61 were financed in about the same general way as they were a year earlier. A total of about $1.5 billion in credit was extended as a result of voluntary transfers, and half of this was provided by sellers. The land instalment contract continues to be the principal means of financing sales of farms, particularly in the Lake, Corn Belt, and Great Plains States. Downpayments made by buyers under this method of sale averaged 27 per cent, whereas buyers who obtained mortgage financing from commercial lenders averaged downpayments of 45 per cent. Livestock and poultry. The estimated value of livestock on farms on January 1, 1961, excluding horses and mules, totaled $15.5 billion (Table 4). This was about the same as the value shown for a year earlier, which included horses and mules.3 In 1960, other livestock on farms increased in value by nearly $300 million. This increase resulted from a $400 million increase in the value of hogs and an increase of $62 million in the value of chickens and turkeys. Declining values for cattle, down $104 million, and for sheep, down $66 million, offset part of the gain for the other groups. The value of livestock on farms represented 7.5 per cent of total farm assets on January 1, 1961. The number of all cattle and calves on farms increased during 1960 for the third consecutive year. After increasing for two years, the number of hogs and pigs on farms declined to 55.3 million on January 1, 1961, down 6 per cent from a year earlier. The number of all sheep on farms also declined, but the total on January 1, 1961, 32.9 million, was still the second highest number on farms since 1948. Completion of the 1959 Census of Agriculture 3 Starting with January 1, 1961, estimates of the value of horses and mules on farms will no longer be made. On January 1, 1940, the first date for which balance-sheet data were aggregated, the value of horses and mules totaled about $1.3 billion, almost 9 per cent of total livestock values. On January 1, 1960, the value of horses and mules totaled $0.3 billion, only 2 per cent of the total farm investment in livestock. TABLE 4 LIVESTOCK AND POULTRY ON FARMS: UNITED STATES, JANUARY 1, 1960 AND 1961 * 19602 1961 Value Class Cattle Milk cows 4 Hogs All sheep 5 Stock sheep 6 Horses and mules.. Chickens . . . . Turkeys Total Number (millions) 96 20 59 33 29 3 369 6 Value Number (millions) Per head 3 (dollars) Total (million dollars) 137 00 210.00 18 50 16.45 16.50 113.00 1.06 4.89 13 150 97 4,102 19 1 092 55 33 545 29 477 34S 391 358 27 7 15,553 Per head 3 (dollars) Total (million dollars) 134.00 208.00 27.00 14.57 14.60 13 046 4,004 1 491 480 419 1.25 4.94 447 34 15,498 1 Does not include data for Alaska and Hawaii. Revised. Rounded to significant price intervals. 4 Included in cattle. 5 Includes sheep and lambs on feed for market. 6 Included in all sheep. 7 Beginning with 1961, estimates are discontinued because of decline in number of horses and mules on farms. 2 3 provided the necessary data for revising estimates of the numbers and value of livestock on farms from January 1, 1955, to January 1, 1960. When the revisions were made, it was found that the numbers and values of livestock on farms as of January 1 for all years from 1956 to date were less than previously estimated. Motor vehicles and machinery on farms. Farm operators invested $3.1 billion in motor vehicles and farm machinery during 1960, a drop of $475 million from the amount invested in 1959 and a continuation of the decline from the recent high peak achieved in 1958. Farmers cut back most on their purchases of tractors. Expenditures for tractors were reduced to $496 million, $267 million less than in 1959, and the lowest since 1947. Although expenditures for new machines were reduced in 1960, they were still large as reflected by increases in numbers of major machines on farms. Despite the increases in numbers of machines, the value of the inventory declined about $480 million from the record high level of $18.6 billion on January 1, 1960 (Table 5). Prices paid by farmers for new machines were slightly higher in 1960 than they were in 1959 for tractors and "other" farm machinery, un- 913 THE BALANCE SHEET OF AGRICULTURE, 1961 TABLE 5 MOTOR VEHICLES AND FARM MACHINERY, UNITED STATES, JANUARY 1, SPECIFIED YEARS, 1940-61* assets at $13.3 billion on January 1, 1961, a decrease of $500 million from a year earlier (Table 6). In millions> of dollars] Year 1940 1950 1955 19602.... 19613.... 1 2 3 . . . . TABLE 6 Total Automobiles Motortrucks Tractors Other farm machinery 3,060 11,314 16,164 18,574 18,094 958 2,324 3,827 4,133 3,885 262 1,446 1,885 2,254 2,197 503 2,380 3,120 3,597 3,384 1,337 5,164 7,332 8,590 8,628 LIQUID FINANCIAL ASSETS OWNED BY FARMERS, UNITED STATES, JANUARY 1, SPECIFIED YEARS, 1940 TO 1961 X [In billions of dollars] Deposits Year Does not include data for Alaska and Hawaii. Revised. Preliminary. changed for trucks, and lower for automobiles as the compact models came on the market in increasing numbers. Crop inventories. Farmer-owned inventories of harvested crops on January 1, 1961, including crops pledged under loan to the Commodity Credit Corporation, were valued at slightly over $8 billion, an increase of about 3.5 per cent over the value a year earlier. This increase resulted chiefly from an increase in the quantity of stocks stored off farms under CCC loans. On January 1, 1961, the value of stocks stored off farms was almost 30 per cent more than a year earlier. Off-farm storage of all major crops except soybeans and rice showed an increase in value on January 1, 1961, over a year earlier, with wheat and grain sorghum accounting for most of the increase. The value of all crops stored on farms changed less than 2 per cent between January 1, 1960, and January 1, 1961. Food grain stocks, however, increased in value about 25 per cent, chiefly because of an increase of about 28 per cent in the physical quantity of wheat stocks. The inventory value of hay and forage increased about 3 per cent, while feed grains decreased about 2 per cent and soybeans, the principal oil crop, decreased about 13 per cent. As measured in 1940 prices, the physical quantity of crop inventories increased about 5 per cent between January 1, 1960, and January 1, 1961. For crops stored on farms, the quantity increased about 3 per cent, and for crops stored off farms under CCC loan, it increased about 33 per cent. Liquidfinancialassets. The bank deposits, currency, and U. S. savings bonds owned by farmers declined during 1960 for the second consecutive year. New basis estimates place the total of these 1940 1945 1950 1955 1960 1961 Hew basis : 1960 1961 1 2 Total Currency 3.4 11.3 13.8 14.4 2 14.2 13.8 13.8 13.3 U. S. savings bonds Demand Time 0.7 2.6 2.5 2.2 1.9 1.8 1.3 3.6 4.5 4.7 4.3 4.0 1.2 1.7 2.1 2.5 2.9 2.9 0.2 3.4 4.7 5.0 25.1 5.1 1.9 1.8 4.3 4.0 2.9 2.9 4.7 4.6 Does not include data for Alaska and Hawaii. Revised. About $300 million of the decrease in liquid financial assets in 1960 was in farmers' checking accounts. According to Federal Reserve estimates, farmer-owned demand deposits decreased during 1960 in all except the Kansas City and Cleveland Districts. The average size of farmers' checking accounts increased about 2.5 per cent nationally during 1960, while the number of accounts decreased by more than 8 per cent. Of the 12 Federal Reserve districts, 10 showed decreases in the number of farm checking accounts. Seven had increases in the average size of demand deposits ranging from 5 to 12 per cent, while the other 5 had decreases ranging from 4 to 18 per cent. Preliminary (new basis) estimates indicate that the value of the U. S. savings bonds owned by farmers on January 1, 1961, was about $4.6 billion, $100 million less than a year earlier. During 1960, purchases of both E and H bonds declined. Redemptions of E bonds increased, but redemptions of H bonds decreased. Purchases of E bonds increased slightly in the Northeast, Lake States, and Southeast. Purchases of H bonds increased slightly during 1960 in the Southern Plains, Lake States, and Southeast. Net worth of farmers' cooperatives. On January 1, 1961, the net worth of farmers' cooperatives was $4.3 billion, reflecting an increase of a little 914 FEDERAL RESERVE BULLETIN • AUGUST 1961 more than 5 per cent during 1960. For the last eight years, the net worth of cooperatives has increased by 5 to 8 per cent each year. The marketing and purchasing associations continue to have the largest net worth, accounting for a little more than 50 per cent of the total net worth of cooperatives on January 1, 1961. The rural electric cooperatives increased 14.3 per cent in net worth, the largest increase of any of the cooperative groups. For this group, however, it was the smallest increase in the last 10 years. The net worth of production credit associations increased to a high of $301 million on January 1, 1961. This was an increase of 9 per cent in 1960 compared with increases of 14 per cent for both 1958 and 1959. During 1960, because of greater fire losses, the net worth of farmers' mutual fire insurance companies decreased almost 3.5 per cent. Assets used in farm production. Preliminary (new basis) estimates put the value of the assets used in farm production on January 1, 1961, at $163.5 billion, or about four-fifths of the total value of all farm assets. During 1960, these assets increased by about one-half of 1 per cent. The value of farmland and service buildings, which make up about three-quarters of the total productive assets, increased by about 1.3 per cent. All other categories of assets declined during 1960. More significant is the amount of productive capital per farm and per worker. Although the value of productive assets has increased greatly over the last 10 years, numbers of farms and of farmworkers have decreased; thus, assets per farm and per farmworker have increased even more than the total of productive assets. billion, an increase of $800 million (6.6 per cent) during 1960 (Table 7). This increase was less than the increase in 1959, but it was the fourth largest annual increase since 1910. TABLE 7 FARM MORTGAGE D E B T OUTSTANDING, BY LENDERS, UNITED STATES, JANUARY 1, SPECIFIED YEARS, 1940-61 * Increase, or decrease ( - ) 3 (per cent) Amount (In millions of dollars) Lender 1940 1950 1960 19612 1950-61 1960-61 6,586 5,579 12,289 13,103 Total Federal land banks 4 . 2,010 906 Federal Farm MortgageCorporation4,5 713 59 Farmers Home Administration 6 32 193 Life insurance companies 4 984 1,172 Insured commercial banks 879 534 Individuals and miscellaneous 2,313 2,370 2,335 2,538 134.8 6.6 180.2 8.7 0 0 100.0 437 482 149.2 2,820 2,984 154.6 1,554 1,617 83.8 5,143 5,482 131.4 10.2 5.8 4.0 6.6 1 2 3 4 Does not include data for Alaska and Hawaii. Preliminary. Computed from unrounded data. Includes regular mortgages, purchase-money mortgages, and sales contracts. 5 Loans were made for the Corporation by the Land Bank Commissioner. Authority to make new loans expired July 1, 1947. On June 30, 1955, loans of the Federal Farm Mortgage Corporation were sold to the 12 Federal land banks. 6 Data for 1940 include only tenant-purchase loans and direct soil and water loans to individuals. Thereafter, data include also farm-development, farm-enlargement, and project-liquidation loans; farm-housing loans, beginning with July 1950; and building-improvement loans beginning with 1955. FARM MORTGAGE DEBT HELD BY MAJOR LENDERS BIL. DOLLARS"] |]] Farmers Home A dm. j o _ E 2 F e d . Farm Mort. Corp, CLAIMS Claims on agricultural assets are of two general kinds: (1) liabilities, which are divided into real estate and non-real-estate debts; and (2) equities, which represent the value of the residual rights in agricultural assets belonging to the proprietors— owner-operators, tenants, and landlords. Included among these proprietors are individuals, corporations, and Federal, State, and local government agencies. Farm real estate debt Farm mortgage debt outstanding on January 1, 1961, totaled $13.1 1910 1920 1930 1940 1950 1960 All lender groups increased their holdings of farm mortgages during 1960. The largest percentage increase was made by the Farmers Home Administration. It resulted from heavy lending activity during the last half of 1960 when the 915 THE BALANCE SHEET OF AGRICULTURE, 1961 1961 fiscal appropriations became available. The smallest increase was by insured commercial banks, whose holdings were increased by 4 per cent. The increase by banks was probably limited by the relatively high ratios of loans to deposits, which developed at many banks during recent years. Two significant changes in lending activity occurred during 1960. The first was a decline in payments on principal indebtedness. According to reports from three lender groups—the life insurance companies, the Federal land banks, and the Farmers Home Administration—the payment rate on debt outstanding during 1960 was the lowest since 1957. This happened despite the fact that the source of funds for payments, farm operators' realized net income, was higher in 1960 than in 1959. The second important change in farm lending activity occurred in the use of farm mortgage funds. Reports from 20 life insurance companies indicate that there was an increase in the use of funds for refinancing mortgages and for making repairs and improvements to land and buildings and a decline in the planned use of funds for purchasing farm real estate and for refinancing other indebtedness. Scattered reports from the field indicate that more and more loans secured by real estate are used by borrowers for buying seed, feed, machinery, and livestock. The generally lower rate of farm transfers and a weakened demand for land reflects this situation. In total, however, mortgage loans used to refinance existing indebtedness increased and those used for other purposes decreased in 1960. The volume of farm mortgages recorded was smaller in 1960 than in 1959. The number of mortgages recorded was also down, but the average size was up. Loan size has increased year after year in response to higher land prices and the increased cost of equipping and operating a farm business. Interest rates on new farm mortgage loans in 1960 remained firm at about 6 per cent until the last quarter, when the rates charged by major lenders declined slightly. On outstanding mortgage loans, the average interest rate on January 1, 1961, was 5.05 per cent—highest since the midthirties—compared with 4.97 per cent on January 1, 1960. Non-real-estate debt. The non-real-estate debt of farmers (including CCC loans) on January 1, 1961, was estimated to be $12.3 billion, an increase of about 4 per cent over a year earlier (Table 8). Loans held by banks and Federally TABLE 8 FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES, JANUARY 1, SPECIFIED YEARS, 1940-61 1 [In billions of dollars] Type 1950 1960 0.4 1.7 31.2 1.3 1.5 2.8 6.7 7.0 1.5 2.4 3.9 4.0 3.0 3.4 5.2 10.6 6.9 311.8 11.0 12.3 1940 Price-support loans made or guaranteed by CCC 2 Other loans by banks and Federally sponsored agencies Loans and book credits by miscellaneous lenders 4 Total, excluding CCC loans Total, including CCC loans 1961 1 Does not include data for Alaska and Hawaii. 2 Although these are nonrecourse loans, they are treated as debts. Borrowers must either pay them in cash or deliver the commodities on which they are based. 3 Revised. 4 Estimates based on fragmentary data. NON-REAL-ESTATE FARM LOANS Held by Banks and Federally Sponsored Agencies* i % JIL. 0 iU &3 4 2 385 \ I I I i I 01910 F. H. A . ° Prod, credit c iss'ns* All operating banks Hi ill 1920 888 ft 1930 mII 81 A 1940 ' { §«K II 1950 1960 sponsored agencies, which represent about twothirds of the total non-real-estate debt, increased only 4 per cent during 1960 compared with almost 16 per cent during 1959. Price-support loans owed by farmers to the Commodity Credit Corporation and debts owed to miscellaneous lenders each increased $100 million. During 1960, outstanding loans held by banks increased only 3.5 per cent compared with an increase of almost 16 per cent during the preceding year. Loans held by the production credit associations increased only 9 per cent during the 916 FEDERAL RESERVE BULLETIN • AUGUST 1961 same period compared with an increase of 22 per cent a year earlier. Loans held by the Farmers Home Administration—a small part of the total— increased nearly 6 per cent during 1960 compared with a decline of 2 per cent during 1959. Farmers' non-real-estate loans held by the principal lending agencies increased in all geographic regions except the Corn Belt, where there was a decline of 1 per cent. Areas of greatest expansion were in the Delta, Southeast, and Lake States. Expansion of bank loans was not large during 1960. Areas of greatest increase were in the Northeast, Northern Plains, and Lake States. Loans made by the production credit associations increased about one-sixth in the Lake, Southeast, and Pacific regions. The continued increase in outstanding non-realestate loans of farmers during 1960 probably resulted chiefly from an increase in the volume of renewed loans. From January through October 1960, new loans of the production credit associations were slightly lower than during the same periods of 1959. Since then, they have run higher than in the corresponding months a year earlier. Renewals were 19 per cent larger during 1960 than a year earlier, and in the early months of 1961 they were greater than in the corresponding months of the previous year. Probably because more farmers needed credit, and more of them could not obtain all the credit they needed from banks and production credit associations, non-real-estate loans obligated by the Farmers Home Administration were 26 per cent greater during the second half of 1960 than in the same period a year earlier. Most of this increase was in operating loans, which increased 28 per cent. Emergency loans increased only 2 per cent. Interest payments on non-real-estate debt increased again during 1960. Interest charges for banks and Federally sponsored agencies are estimated to have increased almost 13 per cent during 1960 to a high of almost $490 million. Despite this increase, interest rates paid by farmers decreased somewhat during the latter part of 1960. This was particularly true of loans made by the production credit associations, which tend to follow rates in the money market. Rates for marketable securities in the central money markets declined sharply during the first half of 1960. This reduced the cost of money to the banks of the Farm Credit System and lowered the yields of alternative investments for other farm lenders. Bank rates on farm loans showed little change as they are not very responsive to changes in the money market. Total farm debt Excluding price-support loans, the total farm debt during 1960 increased 5 per cent to a high of $24.1 billion. Farm mortgage debt increased $800 million, or about 6.6 per cent, compared with an increase of $400 million, or nearly 4 per cent, in non-real-estate loans. The aggregate farm mortgage debt and non-real-estate debt held by institutional lenders showed the largest increases in the Delta and Southeast regions. In both regions, the percentage increase in non-real-estate loans was slightly higher than for mortgage loans. The Corn Belt showed the smallest increase in total farm debt during 1960. This was the only region in which the non-realestate loans decreased during 1960; mortgage loans increased by only about 5 per cent. Law Department Administrative interpretations, new regulations, and similar material Old Series Currency Adjustment Act The Act of Congress approved June 30, 1961 (Public Law 87-66) cited as the "Old Series Currency Adjustment Act," authorizes the Board of Governors, with the approval of the Secretary of the Treasury, to require any Federal Reserve Bank to pay to the Secretary an amount equal to the amount of Federal Reserve notes of any series prior to the series of 1928 issued by such bank and outstanding at the time of such payment. The Act also amends Section 16 of the Federal Reserve Act with respect to the liability, collateral, reserves, and redemption fund for any notes as to which a Reserve Bank has made such payment to the Secretary. The text of these provisions of the Act read as follows: Sec. 4. The Board of Governors of the Federal Reserve System, with the approval of the Secretary, may require any Federal Reserve bank to pay to the Secretary, to be credited as a public debt receipt, an amount equal to the amount of Federal Reserve notes of any series prior to the series of 1928 issued to such bank and outstanding at the time of such payment. Sec. 5. Any currency the funds for the redemption or security of which have been transferred pursuant to the provisions of Section 3 of this Act, and any Federal Reserve notes as to which payment has been made under Section 4 of this Act, shall thereafter, upon presentation at the Treasury for redemption, be redeemed by the Secretary from the general fund of the Treasury and thereupon retired. Sec. 6. (b) Except as provided in subsection (c) of this section, there shall be carried on the books of the Treasury as public debt bearing no interest Federal Reserve notes as to which payment has been made to the Secretary under Section 4 of this Act and the amount of the payment credited as a public debt receipt in accordance with such section. (c) The Secretary is authorized to determine, from time to time, the amount of— (1) outstanding currency of any type designated in subsections (a) and (b) of this section. (2) circulating notes of Federal Reserve Banks, issued prior to July 1, 1929, for which the United States has assumed liability, and (3) circulating notes of national bankin? associations, issued orior to July 1, 1929, for which the United States has assumed liability. which, in his judgment, have been destroyed or irretrievably lost and so will never be presented for redemption, and to reduce accordingly the amount or amounts thereof outstanding on the books of the Treasury and to credit such amounts to the appropriate receipt account. Sec. 8. (a) The fifth paragraph of Section 16 of the Federal Reserve Act (12 U.S.C., 415) is amended by adding at the end thereof the following new sentence: "The liability of a Federal Reserve bank with respect to its outstanding Federal Reserve notes shall be reduced by any amount paid by such bank to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act." (b) The seventh paragraph of Section 16 of the Federal Reserve Act (12 U.S.C., sec. 416) is amended by striking out the third sentence and inserting in lieu thereof the following: "Any Federal Reserve bank shall further be entitled to receive back the collateral deposited with the Federal Reserve agent for the security of any notes with respect to which such bank has made payment to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act. Federal Reserve banks shall not be required to maintain the reserve or the redemption fund heretofore provided for against Federal Reserve notes which have been retired, or as to which payment has been made to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act." Sec. 9. Nothing contained in this Act shall impair the redeemability of any currency of the United States as now provided by law. Orders Under Section 3 of Bank Holding Company Act The Board of Governors of the Federal Reserve System has issued the following Orders and Statements with respect to applications by bank holding companies for approval of the acquisition of voting shares of certain banks. THE ATLANTIC NATIONAL BANK OF JACKSONVILLE AND ATLANTIC TRUST COMPANY In the Matter of the Applications of The Atlantic National Bank of Jacksonville and Atlantic Trust Company for prior approval of acquisition of voting shares of the Lake Shore Atlantic Bank, Jacksonville, Florida. 917 ORDER APPROVING APPLICATIONS UNDER BANK HOLDING COMPANY ACT There having come before the Board of Governors pursuant to Section 3 (a) (2) of the Bank 918 FEDERAL RESERVE BULLETIN • AUGUST 1961 Holding Company Act of 1956 (12 USC 1842) and Section 4(a)(2) of the Board's Regulation Y (12 CFR 222.4(a)(2)), applications by The Atlantic National Bank of Jacksonville and Atlantic Trust Company, both of Jacksonville, Florida, for the Board's prior approval of the acquisition of up to 39,400 of the 40,000 shares of a proposed bank, the Lake Shore Atlantic Bank, Jacksonville, Florida; a Notice of receipt of applications having been published in the Federal Register on May 9, 1961 (26 Federal Register 4006), which provided interested persons an opportunity to submit comments and views regarding the proposed acquisition; and the time for filing such comments and views having expired and no such comments or views having been filed; IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date that the said applications be and hereby are granted, and the acquisition by The Atlantic National Bank of Jacksonville and Atlantic Trust Company of up to 39,400 of the 40,000 shares of Lake Shore Atlantic Bank, Jacksonville, Florida is hereby approved, provided that such acquisition is completed within three months from the date hereof. Dated at Washington, D.C. this 2nd day of August, 1961. By order of the Board of Governors. Voting for this action: Governors Balderston, Mills, Robertson, and Shepardson. Absent and not voting: Chairman Martin and Governor King. (Signed) KENNETH A. KENYON, Assistant Secretary. [SEAL] STATEMENT The Atlantic National Bank of Jacksonville and Atlantic Trust Company, both of Jacksonville, Florida ("Applicants"), have applied pursuant to Section 3(a) (2) of the Bank Holding Company Act of 1956 ("the Act"), for the Board's prior approval of the acquisition of up to 39,400 of the 40,000 shares of a proposed new bank, the Lake Shore Atlantic Bank, Jacksonville, Florida ("Bank"). Both of the Applicants are registered bank holding companies; Atlantic Trust Company (which is not a bank) directly owns a controlling interest in eight banks, and all of its outstanding stock is held by trustees for the benefit of the shareholders of The Atlantic National Bank of Jacksonville. Views and recommendations of the supervisory authorities. One of the Applicant companies is a national bank. The proposed bank to be acquired is to be a State bank. Pursuant to Section 3(b) of the Act, notice of the application was given to, and views and recommendations requested of, both the Comptroller of the Currency and the State Commissioner of Banking of the State of Florida. Both recommended approval of the applications. Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the following five factors: (1) the financial history and condition of the holding companies and bank concerned; (2) their prospects; (3) the character of their management; (4) the convenience, needs, and welfare of the communities and the area concerned; and (5) whether or not the effect of the acquisition would be to expand the size or extent of the bank holding company system involved beyond limits consistent with adequate and sound banking, the public interest, and the preservation of competition in the field of banking. Discussion. The 17 commercial banks in Duval County (in which Jacksonville is located) hold total deposits of $662 million as of December 31, 1960. Applicants' group of banks includes four of these, with total deposits of $236 million. The largest of these four banks is The Atlantic National Bank of Jacksonville, with total deposits of $209 million. Bank would be located in a suburban area about two miles southwest of the city limits of Jacksonville, at the intersection of Harlow and Blanding Boulevards, and .4 mile south of a fairly large shopping center. Bank's anticipated primary service area has a population estimated at 20,000 to 30,000. The area has no industry, but population growth has been pronounced in recent years and may be expected to continue in the foreseeable future. At present, there is no bank located within Bank's anticipated primary service area. The two banks closest to Bank's proposed site are about 4.5 and 5 miles distant. Of Applicants' banks, The Atlantic National Bank of Jacksonville is the closest to the proposed location of Bank. It is approximately 8 miles away. The financial history and condition, prospects, and management of the Applicants are satis- 919 LAW DEPARTMENT factory. The prospects and proposed management of Bank are also satisfactory; since Bank has not yet been established, financial history and condition are not relevant factors with respect to it. Relative to the fourth statutory factor, while the need for a bank in the area is not deemed urgent, it is felt that a need is sufficiently evidenced and that the convenience and welfare of the area concerned would be benefited to an extent which would support approval under this factor. The proposed acquisition would give the Applicants' group 5 of the 18 banks (27.8 per cent) in the metropolitan area of Jacksonville (Duval County). It does not appear that the acquisition would increase substantially Applicants' present control of banking resources nor strengthen significantly their competitive ability. The banks in Applicants' holding company system held approximately 32 per cent of the deposits of individuals, partnerships, and corporations ("IPC deposits") of all banks in Duval County, compared with about 29 per cent held by the Florida National Group (not a bank holding company as defined in the Act), 23 per cent by the Barnett National Bank of Jacksonville and the subsidiary banks of the affiliated Barnett National Securities Corporation (a registered bank holding company), and 16 per cent by all other banks. If Bank's anticipated deposits at the end of three years of operation should consist entirely of IPC deposits and should be added to Applicants' year-end 1960 totals, Applicants' proportion of the total of such deposits held by Duval County banks would increase by only 1 percentage point. In the Board's opinion, under Applicants' control Lake Shore would be operated soundly, and the establishment of the bank would not produce an overbanked situation in the area. Neither does it appear that the proposed acquisition would expand the size of the Applicants' system beyond limits consistent with adequate and sound banking, the public interest, and the preservation of competition in the field of banking. It is the judgment of the Board, based on the relevant facts considered in the light of the general purposes of the Act and the factors enumerated in Section 3(c) thereof, that the proposed acquisition would be consistent with the statutory objectives and the public interest, and that the application should be approved. NORTHWEST BANCORPORATION In the Matter of the Application of Northwest Bancorporation for prior approval of acquisition of Roseville Northwestern National Bank, Roseville, Minnesota. ORDER DENYING APPLICATION UNDER BANK HOLDING COMPANY ACT WHEREAS, there has come before the Board of Governors, pursuant to Section 3(a)(2) of the Bank Holding Company Act of 1956 (12 USC 1842) and Section 222.4(a)(2) of Federal Reserve Regulation Y (12 CFR 222.4(a) (2)), an application by Northwest Bancorporation, Minneapolis, Minnesota, for the Board's prior approval of the acquisition by Northwest of 950 of 1,000 voting shares of Roseville Northwestern National Bank, a proposed new bank; and a Notice of Application and Order for Hearing, together with related Orders, have been published on August 31, 1960 (25 Federal Register 8339); WHEREAS, a public hearing has been held pursuant to Section 222.7(a) of Regulation Y (12 CFR 222.7(a)), and the Hearing Officer has riled a Report, Rulings on Requests to Find and Findings of Fact, Conclusions, and Recommendation that the application be approved, all such steps having been taken in accordance with the Board's Rules of Practice for Formal Hearings (12 CFR 263); and WHEREAS, Chairman Martin and Governors Shepardson and King having voted to approve this application for the reasons set forth in their Statement of this date, and Governors Balderston, Mills, and Robertson having voted not to approve this application for the reasons set forth in their Statements of this date, the application has failed to receive a majority vote of the Board for approval; IT IS ORDERED, that said application be and hereby is denied. Dated at Washington, D.C. this 8th day of August, 1961. By order of the Board of Governors. (Signed) KENNETH A. KENYON, Assistant Secretary. [SEAL] 920 FEDERAL RESERVE BULLETIN • AUGUST 1961 STATEMENT OF CHAIRMAN MARTIN AND GOVERNORS SHEPARDSON AND KING Northwest Bancorporation's application to acquire the stock of the proposed Roseville Northwestern National Bank was filed with the Board on June 29, 1960, after preliminary approval of the Bank's organization had been granted by the Comptroller of the Currency. As required by the Bank Holding Company Act, the Board requested the Comptroller's views with respect to Northwest's application, and the Comptroller recommended approval. Although a hearing on the application was not required by the statute, the Board ordered a public hearing, which was conducted before a Hearing Officer at the Federal Reserve Bank of Minneapolis from October 17 to October 26, 1960. In addition to testimony by witnesses for the Applicant, testimony in opposition to the application was presented by witnesses for three banks, the Falcon Heights State Bank and the St. Anthony Park State Bank, both of St. Paul, and the Fidelity Bank and Trust Company of Minneapolis. Also opposing the application were witnesses representing a group that had applied to the Minnesota Department of Commerce for authority to organize a State bank to be called "Roseville State Bank" and to be located at the same site as that contemplated for Northwest's proposed bank. The United States Department of Justice filed a Statement in Opposition, which was introduced at the hearing and made a part of the record. The Hearing Officer in his Report of February 21, 1961, recommended that the application be approved. The application to organize Roseville State Bank was filed with the Department of Commerce of Minnesota one week after the filing of Northwest's application with the Comptroller of the Currency. The Department of Commerce held a hearing on the Roseville State Bank application after the Comptroller's preliminary approval of the organization of Northwest's bank and after the Board's hearing. The Department of Commerce approved the State bank application, but because the Department was of the opinion that at the present time only one of the two proposed banks should be established, and because Northwest's application was prior in time, such approval was conditioned upon denial of Northwest's application by the Board. While this is admittedly a difficult case, we agree with the Hearing Officer's conclusion that a balancing of all considerations pertinent to the five statutory factors set forth in Section 3(c) of the Act warrants favorable action in this case. As to the first three factors—financial history and condition, prospects, and management—there appear to be no considerations that would affirmatively suggest approval, but likewise none, either as to Northwest or as to Bank, that would suggest disapproval of the application. With respect to the convenience, needs, and welfare of the area proposed to be served by Bank, we agree with the finding of the Hearing Officer that there is a need for a bank in the Village of Roseville. Between 1950 and 1960, Roseville has grown in population from about 6,500 to about 24,000. Continued growth is anticipated, and for some time Roseville's residents and businesses have been making efforts to obtain a bank in the Village, leading to the two separate proposals for the establishment of a bank at the proposed site. We concede that the prospect of the organization of the Roseville State Bank somewhat lessens the favorable weight of considerations relating to the need for banking services in Roseville. However, we still regard the needs and convenience of the community as lending strong support for approval of Northwest's application. Our opportunity to evaluate Northwest's proposal has enabled us to satisfy ourselves that Northwest can and would provide needed services to the community in a sound manner. While there is substantial evidence in the record in this case as to the State bank proposal, that application is not before us and our opportunity to make a similar evaluation of it is necessarily limited. Further, we cannot adopt the views of the Minnesota Department of Commerce on the merits of that proposal as our own, because the Department acts under one statute and the Board under another. Moreover, the grant of permission to the State bank group is, by its terms, subject to the Board's action on Northwest's application. In these circumstances, we believe that our responsibilities under the Act, as well as justice to the applicant, require us to give weight to the favorable effects of the proposed transaction under the fourth factor despite the alternative prospect of organization of the Roseville State Bank. LAW DEPARTMENT The question, then, is whether this favorable consideration is outbalanced by any adverse considerations under the fifth factor relating to "preservation of competition in the field of banking." For several reasons, we regard the expansive effect of the proposed acquisition as not significantly adverse to approval. Bank is a proposed bank, so that there would be no immediate shift of deposits to the holding company's control such as there would be upon acquisition of an existing bank. The addition of deposits to the holding company system would be gradual and Bank's projected deposits even after a few years would constitute only a very small percentage of total deposits in the relevant areas (which are discussed more fully below). Further, Northwest banks' percentage of total commercial bank deposits in the Minneapolis-St. Paul Metropolitan Area has declined in the period 1945 to 1960, as has the percentage held by the banks of First Bank Stock Corporation, the other large bank holding company in the area. In the same period, the percentage of such deposits held by nonholding-company banks has increased. If this trend should continue, Bank's growth might well be insufficient to offset it and thus it would not have the effect of increasing the relative size of the applicant's system in such area in terms of deposits. In Ramsey County, including St. Paul, Northwest has increased its percentage of total commercial bank deposits in the period 1945 to 1960, but only from 7 to 10 per cent. The declining trend in the Metropolitan Area as a whole is apparently attributable in part to the fact that the deposit strength of the nonholding-company banks is found more in faster-growing suburban areas while that of the Northwest system is in the more settled downtown areas. The proposed acquisition would, of course, add a new bank in a fast-growing area but probably would not by itself materially affect the over-all situation. We agree with the Hearing Officer's view that, on the record, the Twin Cities area comprises an integrated financial center and that, for evaluation of the situation with respect to concentration in this case, Ramsey County should be viewed in conjunction with Hennepin County and as a part of the Metropolitan Area. In the Metropolitan Area (five counties), Northwest banks hold about 34 per cent of deposits of individuals, partnerships and corporations ("IPC deposits") in 921 commercial banks. The Northwest and First Bank Stock systems together hold over 75 per cent of such deposits in the area. In Ramsey County alone, Northwest banks hold only 11 per cent of such deposits while First Bank Stock banks hold 57 per cent. We believe the combined resources of Northwest banks and First Bank Stock banks to be a material consideration, since the two systems are by far the largest banking organizations in the area in terms of aggregate resources under centralized control. In this situation, their combined size is pertinent to the effect of the Northwest system's own size and any expansion thereof on the smaller organizations, whether systems or independent banks. We believe that there is potential danger to competition in a high degree of concentration, but we do not find substantial evidence in the record in this case that the size of Northwest or of the two large holding company systems combined has had a demonstrable adverse effect on banking competition in the area, and it does not appear that the proposed acquisition would increase present concentration to a significant degree. The establishment of Bank would actually increase competition for Roseville banking business. While Bank would draw some business away from existing banks, we agree with the conclusion of the Hearing Officer that Bank would not create an overbanked situation in the area of Roseville and that the acquisition would otherwise be consistent with adequate and sound banking. On the basis of the record in this case, we conclude that any adverse considerations under the fifth statutory factor are outweighed by favorable considerations under the fourth factor and, in the absence of unfavorable considerations under the first three factors, that the acquisition would be consistent with the public interest and that the application should be approved. STATEMENT OF GOVERNORS BALDERSTON AND ROBERTSON After consideration of all facts relevant to the five statutory factors, it is our opinion that this application should be denied. The record of the public hearing in this case discloses a situation with respect to concentration of banking resources that is of concern to us un- 922 FEDERAL RESERVE BULLETIN • AUGUST 1961 der the fifth statutory factor, which requires the Board to consider whether the effect of a holding company's acquisition of a bank would be to expand the size or extent of the bank holding company system involved beyond limits consistent with, among other things, "the preservation of competition in the field of banking." As of June 15, 1960, banks controlled by Northwest held more than one-third of the deposits of individuals, partnerships, and corporations ("IPC deposits") held by commercial banks in the Minneapolis-St. Paul Metropolitan Area. Over threequarters of such deposits were held by banks controlled by Northwest and by First Bank Stock Corporation, also a bank holding company. While the banks of each of these two systems may actively compete with those of the other, and even among themselves to some extent, such concentration of control of banking resources represents an excessive imbalance of competitive strength among banks in the area. In Ramsey County alone (which includes St. Paul and Roseville), Northwest's banks have only about 11 per cent of the IPC deposits of commercial banks as against 57 per cent in First Bank Stock's banks but, although Northwest contends that only the situation in Ramsey County should be considered in this case, we agree with the Hearing Officer that Ramsey County should be considered in conjunction with Hennepin County, the two comprising most of the Metropolitan Area. Although the acquisition would not immediately increase the relative size of the Northwest system to the same extent that the acquisition of an existing independent bank would, the tendency of the establishment of a Northwest bank in the fastgrowing Roseville area would be expansive from the standpoint of concentration, while the tendency of the establishment of a new independent bank would be to further the slight gradual decline in concentration of banking resources in holding companies in the Metropolitan Area that has been in process in recent years. In view of the still high levels of such concentration, the latter effect is to be desired, and would be promoted by denial of Northwest's application because of the apparent certainty that Roseville State Bank would thereupon be established. These considerations must be regarded as adverse to approval. Our conclusion is not altered by the fact that a new bank in Roseville would increase com- petition in that area, since that effect can be achieved by the establishment of either bank and perhaps somewhat more by the establishment of the State bank, since some Roseville banking business is now in Northwest banks. We therefore conclude that, in net result, the proposed acquisition would have potentially adverse effects under the fifth statutory factor and, unless we find sufficient offsetting favorable considerations under the other factors, we cannot approve this application. We find Northwest's financial history and condition, its prospects, and its management to be satisfactory. It further appears that Bank would be adequately capitalized and managed and that its prospects are favorable. Consequently, under the first three statutory factors there is no objection to approval, but neither is approval affirmatively indicated. Upon consideration of the convenience, needs, and welfare of the area concerned, we find that the establishment of a bank at the proposed site is justified. However, the proposal to establish Roseville State Bank raises a strong probability that the convenience and needs of residents and businesses in the Roseville area, to the extent that they are not now served by existing banks, will be provided for within a reasonable time even if Northwest's application is denied. While this consideration is not, in itself, adverse to Northwest, it materially diminishes the weight of the arguments for approval based on the need for a bank in Roseville. Organization of the State bank was approved by the Minnesota Department of Commerce on March 6, 1961, "provided that the application of the Roseville Northwestern National Bank pending before the Federal Reserve Board shall be denied. . . ." We make no conjecture as to the effect such approval might have had upon the favorable recommendations of the Hearing Officer and the Comptroller of the Currency, which were made prior to the State action, but in our view it further lessens the importance of approval of Northwest's application to the provision of banking facilities in Roseville. We conclude upon the record as a whole that considerations favorable to approval are outweighed by those that are adverse, and that this application should therefore be denied. LAW DEPARTMENT STATEMENT OF GOVERNOR MILLS Persuasive reasons for denying this application focus on a choice between the proposed Roseville State Bank and the proposed Roseville Northwestern National Bank as the more appropriate commercial banking vehicle capable of adequately serving the clearly demonstrated banking needs of the growing community of Roseville. In this case, the minimal expansion in the size of the applicant Northwest Bancorporation that would result from the proposed acquisition cannot be considered as being contrary to the public interest on adverse grounds of comparative size of competing commercial banking institutions operating in the Metropolitan Area of St. Paul-Minneapolis. In fact, other things being equal, a strong argument could be made for permitting the parent Northwest Bancorporation to make available its recognized high quality banking services through the proposed Roseville Northwestern National Bank to a section of the St. Paul-Minneapolis Metropolitan Area that it does not materially serve at the present time and which might benefit from the kind of 923 "service station" banking facilities that have been evolved over the years for the convenient use of population concentrations located within the territorial boundaries of a large metropolitan area. Provision of this kind of commercial banking service can fill an important community need and is not to be compared to the expansion of a bank holding company into a distant geographical area alien to the existing field of its operations. In the instant case, however, the commercial banking facilities proposed to be made available by the Roseville State Bank for the community of Roseville are indicated as being adequate for the convenience, needs, and welfare of that community, and as they would be supplied by a new competitive element introduced into the St. PaulMinneapolis commercial banking complex, primacy of the choice of banking services sought to be granted should fall to the lot of that proposed institution. The application of the Northwest Bancorporation, Minneapolis, to establish the Roseville Northwestern National Bank consequently should be denied. Current Events and Announcements ERRATA REVISED DATA FOR FLOW OF FUNDS/SAVING TABLES Extensive revisions have been made in the data for the Flow of Funds/Saving tables that appear on pages 984-1000 of this BULLETIN. These data, together with revised data for years and quarters not shown in this issue, will be shown in a new Supplement containing amounts outstanding for the period 1945-60 and flows annually and quarterly beginning with 1946 and 1952, respectively. The Supplement will also contain additional detail on transaction accounts and financial sectors and subsectors. This new consolidated Supplement, which is scheduled for distribution later this year, will supersede Supplements No. 2, 3, and 4. Publication of the Supplement will be announced in this section of the BULLETIN. Certain figures for March 9, 1960, as published in the BULLETIN for July 1961 should be changed as follows: Real estate loans, from 13,122 to 12,904 on page 848 and from 12,197 to 11,979 on page 860. All other loans, from 14,529 to 14,747 on page 848 and from 11,939 to 12,157 on page 860. ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The following bank was admitted to Membership in the Federal Reserve System during the period June 16, 1961 to July 16, 1961: Montana Great Falls Central Bank of Montana TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY NEW SERIES ON COMMERCIAL BANK DEPOSITS Estimates of time deposits and U. S. Government demand deposits of all commercial banks have been prepared on a daily average basis, semimonthly for the period 1947 to date (see page 1001). These series combine reported figures for member bank deposits with estimates for nonmember banks. The estimates for nonmember banks are based on ratios of nonmember deposits to country member bank deposits derived from regular Reports of Condition and interpolated for intervening periods. These ratios are applied to the semimonthly average deposit figures for country member banks. The new series will appear in the BULLETIN each month in the table on "Money Supply and related Data" (see page 937); they will replace the member bank data formerly shown in that table. 924 Latest BULLETIN Reference Annually Bank holding companies: List of, Dec. 31, 1960 Banking offices and deposits of group banks, Dec. 31, 1960 Banking and monetary statistics, 1960.. Banks and branches, number of, by class and State Earnings and expenses: Federal Reserve Banks Member banks: Calendar year First half of year Operating ratios Insured commercial banks Stock Exchange firms, detailed debit and credit balances Semiannually Banking offices: Analysis of changes in number of On, and not on, Federal Reserve Par List, number of Issue Page June 1961 723 June 1961 { j ^ J961 722 gjg^i Apr. 1961 486-87 Feb. 1961 228-29 May Nov. May May 1961 1960 1961 1961 604-12 1294 613-15 616 Sept. 1960 1069 Aug. 1961 1002 Aug. 1961 1003 Quarterly Cash receipts from and payments to the public May 1961 Flow of funds Aug. 1961 Selected assets and liabilities of Federal business-type activities Aug. 1961 622 984-1000 1004 National Summary of Business Conditions Released for publication August 15 Industrial production, construction activity, and nonfarm employment continued to increase in July. The unemployment rate was unchanged. Total commercial bank credit increased further, while the money supply showed little change and time deposits rose substantially. Following announcement in late July of a substantial increase in defense spending, common stock prices rose and yields on U. S. Government and on corporate bonds advanced. Commodity prices generally changed little. duction of industrial and commercial machinery increased and total output of business equipment regained its mid-1960 level. Output of iron and steel, other metals, and construction materials continued to rise. Total output of durable materials, however, was still somewhat below its high in early 1960 when inventory accumulation was at an exceptionally rapid rate. Nondurable materials reached another new high as output of chemicals, paper, and some other materials rose further. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial production rose further in July to a new high as gains continued widespread among both final products and materials. At 112 per cent of the 1957 average, the index was 2 per cent higher than in June and 2V2 per cent above the plateau in the first half of 1960. The previous high of 111 was in January 1960. Output of consumer goods, already at a record high in June, rose further in July. Output of television and home radios remained at advanced levels while production of most other home goods and of consumer staples continued to increase. Auto assemblies were unchanged after allowance for the earlier model changeover this year. Pro- New construction activity advanced 2 per cent further in July to a seasonally adjusted annual rate of $58.7 billion, a new high. Residential and highway building continued to rise and activity on military facilities increased sharply while most other construction changed little. 1NDUSTR1AL PRODUCTION 1957 = 100 EMPLOYMENT Seasonally adjusted employment in nonfarm establishments continued to rise in July, reflecting further gains in durable goods industries and in construction, trade, and services. At 53.4 million, nonfarm employment was 1.2 million above the March low and equal to the peak reached a year earlier. The seasonally adjusted rate of unemployment was 6.9 per cent, about the level prevailing since December. DISTRIBUTION - TOTAl - A*V / FlNAt - A/V / PRODUCTS > f V X A / « ~ - Retail sales, which had increased more than 2 per cent from April to June, declined 1 per cent in July mainly because of a decrease at stores in the automotive group. Department store sales rose further in July, and total sales at stores other than the automotive group were nearly maintained; in June total sales excepting the automotive group had risen 2 per cent, almost regaining the peak of April 1960. \% / MATERIALS NONDURABIE / \ / MANUFACTURES^^/ ^Sj _ 1 v \ \ 1 1 1957 } DURABLE / ' MANUFACTURES I 1 1959 I CONSUMER VV _ \J - „ / EQUIPMENT AGRICULTURE . . . 1 1 1957 I 1 1 1959 Federal Reserve indexes, seasonally adjusted. ures, latest shown are for July. A/^V / GOODS r*y Monthly fig- The crop production forecast based on August 1 conditions was 113 per cent of the 1947-49 average, 1 per cent higher than a month earlier but 925 926 FEDERAL RESERVE BULLETIN • AUGUST 1961 7 per cent below the production record in 1960. Feed grain output is expected to be down 15 per cent from last year as acreage was reduced under the Feed Grain Program. The cotton crop was forecast at 13.9 million bales, 3 per cent less than last year. Output of livestock and products is increasing further this year. COMMODITY PRICES The comprehensive index of wholesale commodity prices has been relatively stable since mid-July. Although prices of steel scrap and a few other sensitive industrial materials have increased, prices of basic commodities generally have shown little change since July 25 when an increase in defense spending was announced. The average money supply, seasonally adjusted, showed little change at the level prevailing since late March. Time deposits increased substantially further. Member bank excess reserves averaged about $600 million and borrowings from the Federal Reserve averaged about $75 million over the four weeks ending August 9. Between early July and early August, reserves were absorbed principally by reductions in Reserve Bank float and were supplied by currency inflow and Federal Reserve purchases of U. S. Government securities. Required reserves rose reflecting mainly increases in U. S. Government deposits associated with bank purchases of new Treasury securities. SECURITY MARKETS Total commercial bank credit increased further in July, as banks added to holdings of U. S. Government securities in connection with Treasury financing operations. Bank holdings of other securities also rose while loans declined somewhat. Common stock prices declined during the first three weeks of July and then advanced substantially to new highs. Yields on U. S. Government securities rose considerably after the third week of July, and yields on corporate bonds also increased while those on State and local issues changed little. RETAIL TRADE INTEREST RATES BANK CREDIT AND RESERVES 1947 - 49 - 100 RETAIL SALES DEPARTMENT STORES LONG-TERM _ TOTAL A / * Y ^ ^ _ : ..,-/v: GOVERNMENT SECURITIES . V " STOCKS ^ ^ ^ / V V / T O T A l LESS ,. 1 1 ! 1 1 _ - , SALE1S 1 1 1 f**}M/f 1 Federal Reserve indexes, seasonally adjusted; retail sales based on Department of Commerce data. Monthly figures; latest for stocks is June, for other series, July. 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 August 11. Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items Reserve Bank discount rates; margin requirements; reserve requirements. . Federal Reserve Banks. Currency in circulation, money supply; bank debits All banks: consolidated statement of monetary system; deposits and currency. . All banks, by classes Commercial banks, by classes. . Weekly reporting member banks. Business loans 928 932 933 936 938 939 942 944 947 Interest rates. .. .. Security prices; stock market credit; open market paper. . Savings institutions. Federal finance Security issues Business finance . . Real estate credit Short- and intermediate-term consumer credit. . 948 949 950 952 957 959 961 964 Industrial production . . . Selected indexes on business activity. Construction Employment and earnings. Department stores . Foreign trade . ... Wholesale and consumer prices. . . National product and income series. . . . Flow of funds, saving, and investment. . Commercial Bank Deposits. . Changes in number of banking offices in the United States. Banking offices on Federal Reserve par list and not on par list. Federal business-type activities. 968 974 974 976 978 979 980 982 984 1001 1002 1003 1004 Index to statistical tables. 1027 Tables on the following pages include the prin- the basis of material collected by other agencies; cipal statistics of current significance relating figures for gold stock, currency in circulation, to financial and business developments in the Federal finance, and Federal credit agencies are United States. The data relating to Federal obtained from Treasury statements; the remainReserve Banks, member banks of the Federal ing data are obtained largely from other sources. Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 927 928 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 or date Total DisHeld counts Bought under and Float i repur- adoutchase vances right agreement Total* Gold stock TreasCurury rency curin rency ciroutculastandtion ing Treasury cash holdings Deposits, other than member bank reserves, with F. R. Banks Member bank reserves3 Other F. R. accounts Treas- For- Other i ury eign Total With F.R. Banks Currency and coin Averages of daily figures 1929—June 1933—June.... 1939—Dec 179 1,933 2,510 179 1,933 2,510 1941—Dec 1945—Dec 1947_Dec 1950—Dec 1951—Dec 1952—Dec 1953—Dec 1954—Dec 1955—Dec 2,219 23,708 21,905 20,345 23,409 24,400 25,639 24,917 24,602 2,219 23,708 21,905 20,336 23,310 23,876 25,218 24,888 24,318 9 99 524 421 29 284 1956—Dec.. 1957—Dec.. 1958—Dec.. 1959—Dec.. I960—June. 24,765 23,982 26,312 27,036 26,124 24,498 23,615 26,216 26.991 26,118 267 367 96 43 6 706 716 564 911 425 26,619 26,983 26,653 27,056 27,871 27,248 26,521 26,768 26,546 26,929 27,542 27,170 26,942 26,829 26,831 26,676 26,747 26,935 27,024 26,862 26,630 26,826 26,663 26,722 26,927 27,014 1,317 2,208 2,612 4,024 2,018 4,030 2,295 17,518 2,956 210 4,400 272 5,455 7,609 2,402 376 2,314 2,314 350 2,211 2,211 248 11,473 11,473 30 81 616 30 164 739 2,189 2,269 1,330 1,290 1,280 1,271 767 805 777 592 625 967 615 271 569 602 443 434 1,531 1,247 1.016 920 571 745 466 439 459 353 264 290 390 365 394 31,775 31,932 32,371 12.775 31,926 772 768 691 396 414 463 385 470 524 496 372 345 262 1*1 221 998 247 186 1,063 337 1,174 148 1.195 994 381 98 215 107 127 329 78 388 1,140 28,176 19,245 5,357 32,174 293 894 28,206 19,052 5,364 32,091 233 ,168 28,088 18,870 5,374 32,151 170 8,490 18,571 5,382 32,183 160 ; 156 29,241 18,058 5,391 32,474 94 ,665 29,060 17,954 5,396 33,019 406 403 400 406 405 408 492 490 516 488 462 522 213 202 216 226 243 250 375 377 390 405 396 495 80 199 5 13 25 8 10 58 1,431 28,484 17,567 5,401 32,265 146 .121 28.145 17,402 5,404 31,841 80 ,071 28,030 17,380 5,408 31,839 63 ,140 27,925 17,389 5,414 31,913 101 119 28,007 17,397 5,425 32,011 66 265 28,304 17,475 5,432 32,246 52 388 28,498 17,540 5,450 32,586 411 422 426 408 420 411 401 482 521 459 422 463 515 474 239 189 240 207 205 205 235 399 392 383 316 293 250 279 978 250 170 2,404 22,759 3,239 10,985 5 652 24,744 20,047 4,322 28,452 381 268 681 22,858 22,712 4,556 28,937 142 1,117 21,606 22,879 4,629 27,806 ,375 25.446 22,483 4,701 29,139 657 ,262 27,299 23,276 4,806 30,494 ,633 448 1,018 27,107 22,028 4,885 30,968 992 26,317 21,711 4.982 30.749 407 ,389 26,853 21,689 5,008 31,265 840 1,633:27,156 1,443 26,,186 1,496 28..412 426 29.4^5 1,159 27,737 21,942 22,769 20,563 19.482 19,343 5,064 5,144 5,230 5,311 5,353 12,812 16,027 17,261 17,391 20,310 21,180 19,920 19,279 19,240 12,812 16,027 17,261 17,391 20,310 21,180 19,920 19,279 19,240 19,535 19,420 18,899 18 912 18,294 19,535 19,420 18,899 18.628 18,001 910 948 962 891 973 .029 18,518 18,501 18,570 18,733 19,004 19,283 310 18,208 390 18,111 873 17,697 890 17,843 17,737 1,267 16,688 2,595 941 1,054 1,052 987 1,017 1,038 967 19,315 18.964 18,809 18,884 18,856 19,042 ^19,055 16,715 2.600 16,532 2,432 16,419 2,390 16,474 2,410 16,420 2,436 16,547 2,495 16,547 ^2,508 292 493 614 739 796 832 908 929 983 304 293 1960 July Aug Sept Oct Nov Dec 1961 Jan Feb Mar Apr May June , , , July Week ending1960 436 400 375 550 412 924 27,358 993 27,557 ,029 27,609 ,505 28.096 ,168 27,739 19,352 19,352 19,351 19,346 19,325 5,349 5.350 5,353 5,354 5,356 31,812 31,917 31,976 31,927 31,867 414 424 415 412 406 468 445 490 550 505 206 199 206 225 249 321 1,033 343 1,034 365 1,001 970 398 971 415 18,121 18,153 18,156 18,602 18,342 17,806 17,897 17,859 18,315 18,007 315 256 297 287 335 62 96 140 77 440 341 429 351 ,039 28,063 ,133 28,115 ,423 28,437 ,085 28,063 19,322 19,282 19,251 19,191 5,356 5,356 5,357 5,357 32,155 32,361 32,199 32,041 406 406 409 405 517 422 548 488 226 214 209 202 398 374 374 371 958 935 884 884 18,320 18,349 18,761 18,552 18,079 18,041 18,422 18,219 241 308 339 333 26,760 26,806 26,812 26,772 26,682 170 293 229 220 106 877 28,151 315 822 28,246 293 976 28,469 416 193 1,014 28,245 788 27,882 273 19,147 19,098 19,039 19,026 19,006 5,358 5,359 5,363 5,366 5,370 32,046 32,129 32,184 32,087 31,980 408 404 409 400 395 466 452 555 485 487 221 192 190 195 225 884 358 884 363 904 386 380 1,016 384 1,014 18,591 18,525 18,564 18,404 18,466 18,272 18,279 18,243 18,075 17,772 319 246 321 329 694 26,784 26,649 26,541 26,539 26,640 26,524 26,495 26,456 144 125 46 83 262 861 27,941 18,999 301 1,052 28,035 18,975 86 * ,527 28,189 18,828 ,242 28,059 18,731 244 5,372 5,374 5,376 5,375 32,174 32,291 32,171 32,004 399 401 403 399 477 465 551 579 233 204 224 200 411 1,011 974 373 936 379 934 378 18,358 18,581 18,635 18,609 17,607 17,676 17,729 17,671 751 905 906 938 5. 12. 19. 26. 27,028 27,268 27,036 26,760 26,836 27,136 27,036 26,681 192 132 219 168 95 262 5,377 5,380 5,382 5,383 32,049 32,276 32,304 32,120 403 408 413 403 467 474 489 546 213 202 215 257 443 379 393 373 936 932 864 862 18,759 18,640 18,839 18,729 17,922 17,840 17,909 17,789 837 800 930 940 Nov. 2. 9. 16. 23. 30. 27,313 28,015 28,105 27,831 27,623 26,946 27,439 27,588 27,678 27,607 367 576 517 153 16 211 1,098 28,662 18,405 158 >,154 18,124 190 976 29,325 18,068 121 ,532 29,542 17,999 121 ,228 29,022 17,957 5,392 32,104 32,298 32,527 32,532 32,640 403 398 402 407 414 442 418 519 469 460 254 250 230 224 258 865 456 864 395 914 408 388 1,073 387 1,071 18,873 18,797 18,734 18,761 19,678 17,931 18,045 17,784 17,839 942 752 950 922 2,537 June 1 15. 22. 29. 25,968 26,134 26,176 26,011 26,129 25,941 26,118 26,176 26,011 26,129 July 6. 13. 20. 27. 26,553 26,613 26,556 26,599 26,491 26,517 26,416 26,522 Aug. 3. 10. 17. 24. 31. 26,930 27,099 27,041 26,992 26,788 Sept. 7. 14. 21. 28. Oct. For notes see opposite page. 79 1,096 1,038 1,453 1,354 28 ,385 28 ,517 28 ,621 28 ,415 18,671 18,615 18,586 18,552 929 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding U. S. Govt. securities DisHeld counts Tounder and Float1 tal 2 Bought repur- adchase vances Total outright agreement Period or date Gold stock Treasury Curcur- rency in rency ciroutstand- culation ing Deposits, other than member bank Member bank reserves, reserves 3 Treas- with F. R. Banks Other ury F. R. cash achold counts ings CurWith Treas- ForTotal F. R. rency eign Other i ury and Banks coin Averages of daily figures Week ending— 1960 Dec. 7 1,057 28,594 ' —28,778 29,316 2,150 29,336 17,974 18,083 17,957 17,882 5,391 5,396 5,396 5,398 32,722 33,038 33,174 33,195 413 410 414 401 473 522 592 522 253 237 246 260 474 680 443 391 1,066 1,037 1,018 1,019 18,916 18,932 19,460 19,447 16,558 16,334 16,782 16,82* 2,358 2,598 2,678 2,619 1,789 1,350 1,408 1,523 17,748 17,629 17,594 17,490 5,398 5,399 5,401 5,402 32,853 32,637 32,287 31,964 399 403 412 417 441 413 528 507 245 239 248 245 473 381 389 392 954 941 940 942 19,944 19,226 19,292 19,467 17,202 16,605 16,662 16,875 2,742 : 75 1,131 27,853 17,441 5,402 188 1,053 28,148 28; 17,429 5,403 20: 829 28,086 17,410 5,404 116 1,326 28,232 17,385 5,405 31,776 31,805 31,930 31,857 422 413 417 424 510 523 526 496 227 196 185 172 393 383 401 392 951 ,018 ,022 ,093 18,963 18,948 18,844 19,045 16,417 16,641 16,420 16,587 2,546 2,307 2,424 2,458 59 104 58 62 87 31,768 31,794 31,901 31,887 31,775 437 433 428 418 426 531 415 418 506 497 199 233 267 238 218 400 398 389 365 370 ,093 ,087 ,057 ,035 ,032 19,014 18,671 18,827 18,955 18,793 16,458 16,433 16,437 16,578 16,342 2,556 2,238 2,390 2,377 2,451 17,388 5,410 31,903 27,978 17,389 5,411 32,007 28,009 17,390 5,414 31,980 27,755 17,390 5,417 31,807 404 406 411 414 429 398 424 374 250 212 172 194 388 310 309 298 ,028 ,014 966 963 18,702 18,782 19,026 19,018 16,369 16,429 16,552 16,511 2,333 2,353 2,474 2,507 27,421 27,381 27,034 27,074 27,421 27,381 27,010 26,946 4. 11. 18. 25. 27,375 27,124 26,967 26,821 26,984 26,986 26,948 26,821 391 138 19 184 60 44 57 1. 8. 15. 22. 26,600 26,860 27,007 26,740 26,582 26,672 26,653 26,589 18 188 354 151 26,706 26,793 27,008 26,864 26,724 26,621 26,775 27,003 26,864 26,724 85 18 5 14 21 28 "24 128 1961 Jan. Feb. Mar. 1 8 15 22 29 29 ,420 28 ,592 28 ,471 28 ,450 1,294 1,068 1.003 1,260 1.004 28 ,109 28 ,014 28 ,116 28 ,234 27 ,863 277,973 17,373 17,373 17,374 17,385 17,389 5,405 5,405 5,407 5,409 5,408 2,621 2,630 2,592 26,389 26,389 115 942 59 1,004 5: 1,310 1,279 3 10 17 24 31 26,692 26,801 26,725 26,653 26,802 26,692 26,792 26,683 26,598 26,799 66 066 27,868 17,390 5,420 70 1,003 27,914 17,390 5,422 179 1,237 28,180 17,395 5,424 71 1,308 28,070 17,403 5,426 97 965 27 ,904 17,402 5,428 31,842 31,968 32,081 32,001 32,058 408 420 424 420 416 572 396 550 483 374 221 204 206 201 211 962 18,808 298 304 961 18,754 304 984 18,909 280 1,075 18,917 275 1,073 18,872 16,373 16,474 16,451 16,440 16,329 2,435 2,280 2,458 2,477 2,543 June 7 14 21 28 27,061 26,946 26,848 26,820 27,041 26,946 26,845 26,817 66 1,010 28,175 17,410 5,429 28,177 17,449 5,433 75 44 ; 2 8 , 4 8 6 17,487 5,433 84 1,379 28,319 17,533 5,434 32,198 32,299 32,247 32,201 425 410 410 404 473 480 481 624 198 203 193 221 239 242 233 259 16,410 16,382 16,820 16,553 2,394 2,462 2,476 2,568 27,283 "7,266 26,737 26,731 27,274 27,266 26,737 26,720 49 1,202 28,568 17,550 5,435 48 1,291 28,641 17,550 5,433 56 28,575 17,547 5,437 50 476 28,289 17,525 5,440 32,484 32,797 32,634 32,476 388 385 392 399 434 390 605 498 233 231 218 251 317 1,007 19,086 16,689 2,397 996 19,102 16,570 2,532 255 946 19,077 16,491 ^2,586 274 944 ^19,006 16,412 ^2,594 274 771 27,806 17,403 5,431 32,197 36 1,171 28,496 17,550 5,437 32,405 59 1,115 28,628 P17,527 '5,541 2>32,470 408 379 372 408 415 210 220 226 277 1,071 18,807 16,107 2,700 350 1,004 19,410 16,716 2,694 303 951 ^19,164 16,856 '2,308 65 869 28,150 17,428 63 1,187 28,132 17,476 81 290 28,273 17,526 86 1,093 27,988 17,550 Apr. 5 12 19 26 May 26,870 26,836 26,868 26,854 ... .26,601 26,591 19. 26. 1,071 1,043 1,021 1,023 18,804 18,844 19,296 19,121 End of month 1961 May June 26,887 26,886 27,253 27,253 27,422 27,188 1 '234 111 July Wednesday 1961 '7,179 !6,845 !6,865 16,774 27,179 26,845 26,845 26,774 27,383 27,143 ,5:::::::: 26,567 19 27,383 27,143 26,567 26,924 June 7 14 21 28 26 26,924 20 61 44 172 59 1,063 1,309 1,591 1,124 28,542 28,529 28,363 28,140 17,550 17,551 17,526 17,527 P Preliminary. rreiiminary. Figures beginning with 1960 reflect a minor change in concept of For BULLETIN for 1961, T, explanation, 1~.-*.-~. see . _ . «the !.-n r~. February T?-L i^i p. _ 164. *** * Includes industrial loans and acceptances, when held. For holdings of acceptances on Wednesday and end-of-month dates, see subsequent tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. float. . 1,068 1,007 1,020 1,022 2,591 2,757 2,758 2,848 5,429 5,434 5,433 5,433 32,270 32,271 32,211 32,268 417 417 409 410 420 565 563 649 227 202 176 200 246 241 293 318 5,433 5,433 5,438 5,443 32,745 32,703 32,560 32,414 392 400 401 406 349 493 646 537 275 216 237 258 234 1,006 18,980 16,524 2,456 945 19,351 16,487 2,864 269 943 19,068 16,""" 265 '2,793 275*2 947 19,131 16,286 '2,845 262 18,950 19,096 19,318 18,953 16,359 16,339 16,560 16,105 33 Beginning Beginning with with Nov. Nov. 24, 24, 1960, 1960,all all currency currency ana and com coin neia held by by member member b a k s aallowed l l d as ; i g the period p 6, banks as rreserves; during Dec. 1,, 1959-Nov. 23,, 1960, only part of such holdings were allowed. allowed Monthly averages of currency and coin are estimated. * Less than $500,000. 930 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Total reserves heldi Period Required Excess re- 3 reserves2 serves Central reserve city banks—New York BorBorTotal RerowTotal ReFree Excess rowFree Free required ings ings required Excess rererere- 3 re3 at serves reat 3 at serves reF. R. serves 3 heldi serves2 serves 3 F. R. serves heldi serves 2 serves F. R. serves Banks 4 Banks'* Banks * Borrowings 1929 June 1933—June 1939—Dec 2,314 5 2,160 11,473 2,275 1,797 6,462 39 363 5,011 974 184 -935 179 5,008 762 861 5,623 1941—Dec 1945 Dec 1947—Dec 1950 Dec 1951—Dec 1952 Dec 1953 Dec 1954 Dec . . 1955 Dec 12,812 16,027 17,261 17,391 20,310 21,180 19,920 19,279 19,240 9,422 14,536 5 334 3,385 16,275 16,364 19,484 20,457 19,227 18,576 18,646 3,390 1,491 986 224 5,142 4,118 4,404 4,742 5,275 5,357 4,762 4,508 4,432 1956 Dec 1957—Dec 1958—Dec 1959 Dec I960 June 19,535 19,420 18,899 18,932 18,294 18,883 18,843 18,383 18,450 17,828 482 466 I960 18,518 18 501 18,570 18,733 19,004 19,283 18,010 17 961 17^931 18,095 18,248 18,514 508 540 639 638 756 769 19 315 18,964 18,809 18 884 18,856 19,042 *>19,055 18 570 18,310 18,263 18 266 18,307 18,430 P18.471 18,320 18,349 18,761 18,552 4.... 11 18.... 25.... 1,157 762 1,027 826 723 693 703 594 142 657 1,593 441 246 839 885 169 -870 252 457 -245 652 577 516 688 710 557 906 425 388 293 225 149 142 87 -36 -133 -41 -424 41 745 654 546 618 549 612 *584 49 137 70 696 517 476 56 562 96 63 51 453 549 »533 17,883 17,775 18,245 18,078 437 574 516 474 440 341 429 351 -3 233 87 123 3 884 3,769 3,929 3,875 19,944 19,226 19,292 19,467 18,930 18,654 18,500 18,463 1,014 572 792 1,004 176 51 35 47 838 521 757 957 1.... 8 15.... 22.... Mar. 1 8.... 15 22 29 18,963 18,948 18,844 19,045 18,415 18,380 18,202 18,320 548 568 642 725 66 179 193 107 19,014 18,671 18,827 18,955 18,793 18,335 18,244 18,192 18,451 18,193 679 427 635 504 600 Apr. 5 12.... 19 26 18,702 18,782 19,026 19,018 18,167 18,201 18,345 18,287 May 3 10.... 17 24 31.... 18,808 18,754 18,909 18,917 18,872 June 7.... 14 21 28 July Aug Sent Oct Nov Dec • . 1961 Jan Feb Mar Apr May June . . . July Week ending— I960—July 6 13 20 27 1961—Jan. Feb. Iuly ii:::: 19 26.... 120 247 414 489 614 682 4,448 4,336 4,033 3,920 3,852 3,864 3 780 3,773 3,788 3,770 3,687 n.a. -167 69 n.a. 161 211 1,141 n.a. 192 38 58 151 486 115 62 196 n.a. -144 67 67 -107 -456 -101 -50 -162 1,143 Q1Q Q0A 024 ,199 356 ,406 1,295 ,210 1,166 I 011 1,191 I 353 1,409 1,295 1,210 1,164 57 34 23 -10 33 147 139 103 99 17 -91 -105 -80 -109 16 1,149 [,136 1,077 11,038 987 1,138 1,127 [,070 1,038 988 -1 11 14 27 20 13 18 19 -3 —27 -2 9 34 10 1,020 I 027 [,014 [,010 I 024 10 3 8 1 26 26 9 2 17 963 954 946 60 -22 40 P7 923 953 970 *>958 948 936 927 945 964 *>955 4 -13 -24 17 1,002 997 1,035 1,020 1,001 989 1,034 1,012 -52 6 15 132 985 972 948 967 985 965 945 951 3 16 -4 -1 19 13 957 956 939 967 960 951 937 954 57 9 44 25 13 950 945 927 959 936 35 -13 755 792 7 69 2,611 4,616 5,231 989 48 105 125 44 30 14 12 35 3,012 4,153 4,070 4,299 5,328 4,748 4,497 4,397 4,392 4,303 4,010 3,930 3,819 3,853 3 780 3,755 3,765 3,718 3,658 3 693 3 667 3,632 3,598 3,623 3,613 3 649 3 588 3,576 3,581 3,698 3,658 ^3,648 ^3,638 18 22 52 29 26 34 10 62 -5 40 174 1,011 OOfi 958 161 133 601 1 78 540 63 n& na -62 n.a. n.a. 848 295 14 13 8 3 -4 1 -1 2 na 6 n.a. 14 7 5 64 232 37 15 85 3 —61 -236 -36 -16 -83 12 8 7 -86 -77 — 31 -104 -59 3 4 8 4 97 85 39 104 58 49 41 8 6 12 8 4 7 9 4 36 8 i|on I 998 007 953 959 42 1 1 -42 8 2 15 - 2 6 2 13 8 28 81 27 -10 -22 -79 -14 948 943 929 951 930 2 4 12 -2 -11 -2 7 -16 935 929 936 925 914 927 930 924 22 3 -27 -43 12 46 949 933 944 953 954 940 935 939 950 952 9 -2 5 3 2 3,821 3,670 3,611 3,629 19 6 15 132 71 482 389 449 618 3,658 3,637 3,578 3,616 3,659 3,628 3,548 3,597 -1 9 31 20 3 10 12 6 50 94 49 52 78 629 333 586 452 522 3 670 3,582 3 636 3,693 3 633 3,613 3,572 3,592 3,669 3,620 57 11 44 25 13 535 581 681 731 107 52 428 529 3,647 3 545 3,628 3,597 3,613 3,552 3,589 3,577 35 —7 18,341 467 478 602 565 615 61 64 173 66 92 406 18,276 18,307 18,352 18,257 414 429 499 523 3,698 3,561 3,585 3,603 3,601 3,645 3,570 3,578 3,583 3,556 -9 8 20 46 18,804 18,844 19,296 19,120 18,233 18.215 18,750 18,493 571 629 546 627 62 71 42 81 509 558 504 546 3,597 3,638 3 785 3,725 3,573 3,582 3 767 3,687 24 55 18 37 24 55 18 37 955 948 993 984 950 942 995 969 5 6 -2 16 19,086 19,103 2*19,077 2>19,006 18,539 18,446 ^18,384 ^18,357 547 657 *>693 *>649 48 47 55 50 499 610 ^638 ^599 3,744 3 651 3,579 3,648 3,734 3,625 3,575 3,585 10 25 4 62 10 25 -7 62 965 950 945 957 960 944 946 948 5 6 37 38 20 53 53 18 51 8 ii 5 5 -42 -4 -76 -21 3,840 3,676 3,625 3,761 6 —4 43 12 77 29 26 34 38 20 -29 1 1 8 1 8 4 13 10 17 637 694 -4 3 1 3 3,880 3,757 3,919 3,858 44 -2 -4 8 6 *>3 2 1 -39 — 38 -5 -4 P9 For notes see opposite page. Central reserve city banks—Chicago 8 8 6 21 3 6 2 9 1 1 10 2 2 1 1 2 4 p 19 2 6 2 9 -3 -6 1 2 2 5 -2 16 4 6 -2 5 BANK RESERVES AND RELATED ITEMS 931 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Period Total reserves held* Required2 reserves Excess reserves 3 Country banks Borrowings at F. R. Banks 4 Free reserves 3 Total reserves heldi Required reserves2 Excess reserves3 Borrowings a t Free reserves' Banks'* 1929—June.... 1933—June 1939—Dec 761 648 3,140 749 528 1,953 12 120 1,188 409 58 n.a. -397 62 n.a. 632 441 1,568 610 344 897 22 96 671 327 126 n.a. -305 -30 n.a. 1941_Dec 1945—Dec 1947—Dec 1950—Dec 1951—Dec 1952—Dec 1953—Dec 1954_Dec 1955—Dec 4,317 6,394 6,861 6,689 7,922 8,323 7,962 7,927 7,924 3,014 5,976 6,589 6,458 7,738 8,203 7,877 7,836 7,865 1,303 418 271 232 184 120 85 91 60 n.a. 96 123 50 354 639 184 117 398 n.a. 322 148 182 -170 -519 -99 -26 -338 2,210 4,576 4,972 4,761 5,756 6,094 5,901 5,634 5,716 1,406 3,566 4,375 4,099 5,161 5,518 5,307 5,032 5,220 804 1,011 597 663 596 576 594 602 497 n.a. 46 57 29 89 236 105 52 159 n.a. 965 540 634 507 340 489 550 338 1956—Dec 1957—Dec 1958—Dec 1959—Dec I960—June.... 8,078 8,042 7,940 7,954 7,540 7,983 7,956 7,883 7,912 7,496 96 86 57 41 44 299 314 254 490 164 -203 -228 -198 -449 -120 5,859 5,906 5,849 6,020 5,915 5,371 5,457 5,419 5,569 5,525 488 449 430 450 390 144 172 162 213 186 344 277 268 237 204 1960—July Aug Sept Oct Nov Dec 7,647 7,654 7,662 7,761 7,854 7,950 7,599 7,607 7,595 7,696 7,761 7,851 48 47 68 65 94 100 176 109 112 67 56 20 -128 -62 -44 -2 38 80 5,987 6,041 6,120 6,173 6,374 6,689 5,548 5,550 5,569 5,626 5,771 6,053 439 491 551 546 602 636 149 116 85 63 56 40 290 375 466 483 546 596 7,960 7,810 7,756 7,783 7,780 7,823 *>7,861 7,859 7,743 7,698 7,723 7,726 7,740 *7,796 101 67 58 60 54 83 ?65 14 57 23 21 36 17 8 87 10 35 39 18 66 P57 6,699 6.568 6,485 6,529 6,547 6,551 *6,588 6,085 6,022 6,016 6,029 6,055 6,068 *>6,081 614 546 469 500 491 483 P507 31 36 38 33 40 45 38 583 510 431 467 451 438 *469 20\ 27. 7,536 7,594 7,738 7,695 7,502 7,507 7,701 7,649 34 88 37 45 228 127 198 171 -194 -40 -160 -125 5,897 5,989 6,059 5,962 5,500 5,522 5,592 5,559 397 466 467 403 169 176 120 151 229 291 348 251 1961—Jan. 4. 11. 18. 25. 8,135 8,009 7,923 8,057 8,007 7,916 7,848 7,813 128 93 75 244 44 10 17 10 84 83 58 233 6,984 6,569 6,795 6,683 6,118 6,103 6,096 6,070 867 466 699 613 19 41 17 36 849 425 682 577 Feb. 1. 8. 15. 22. 7,798 7,813 7,764 7,858 7,762 7,769 7,700 7,745 36 44 64 112 19 81 74 47 17 -37 -10 66 6,550 6,541 6,562 6,604 6,035 6,032 6,017 6,024 515 509 545 580 36 60 26 27 475 449 519 553 Mar. 1. 8. 15. 22. 29. 7,787 7,771 7,717 7,829 7,710 7,756 7,735 7,650 7,773 7,644 31 36 67 56 65 17 31 21 18 20 14 5 47 38 45 6,607 6,372 6,547 6,473 6,513 6,018 5,994 6,021 6,057 5,998 589 378 525 416 516 29 50 28 34 37 560 328 497 382 479 Apr. i 5 . 19. 26. 7,732 7,777 7,854 7,782 7,663 7,690 1,11'4 7,742 69 87 80 40 34 23 14 18 35 64 66 22 6,388 6,530 6,608 6,714 5,977 6,033 6,051 6,044 410 497 557 670 70 23 30 19 340 475 527 650 May 3. 10. 17. 24. 31. 7,803 7,760 7,773 7,775 7,783 7,732 7,724 7,733 7,740 7,697 71 36 40 35 86 19 23 74 34 21 51 12 -33 1 65 6,358 6,500 6,607 6,585 6,534 6,024 6,047 6,058 6,079 6,052 333 453 550 506 482 41 22 38 22 71 290 431 512 484 411 June 7. 14. 21. 28. 7,711 7,755 7,907 7,881 7,659 7,649 7,873 7,769 53 106 33 112 20 21 17 13 32 85 16 99 6,541 6,503 6,610 6,530 6,051 6,042 6,114 6,068 490 461 496 462 40 49 25 68 450 411 471 394 July i5. 7,850 7,883 7,809 7,871 7,787 7,785 7,770 7,755 63 97 39 116 12 8 9 1 51 90 30 115 6,527 6,619 *>6,741 *>6,531 6,059 6,091 *>6,093 ^6,069 *>648 *462 468 528 35 39 33 45 432 489 *615 1961—Jan Feb Mar Apr May.... June.... July.... Week ending— 1960—July 6. 19. 26. n.a. Not available. » 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. Beginning with Nov. 24, 1960, all currency and coin held by member banks allowed as reserves; during the period Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has been allowed. Monthly averages of currency and coin are estimated. 2 Based on deposits as of opening of business each day. Monthly averages for all classes of banks beginning with January 1960 are estimated. 3 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. 932 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 July 31 Boston New York Philadelnhia Cleveland Richmond. . Atlanta Chicago St. Louis Minneapolis Kansas City . Dallas San Francisco 3 3 3 3 3 3 3 3 3 3 3 3 .. In effect beginning—• Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Sept. Sept. 23, 12, 19, 12, 12, 16, 19, 19, 15, 12, 9, 2, Previous rate Other secured advances [Sec. 10(b)] Rate on July 31 3 ! /2 1960 1960 1960 1960 1960 1960 1960 1960 1960 1960 1960 1960 3*4 3*4 3*4 31/2 3*4 31/2 Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) 31/2 In effect beginning— Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Sept. Sept. 23, 12, 19, 12, 12, 16, 19, 19, 15, 12, 9, 2, 1960 1960 1960 1960 1960 1960 1960 1960 1960 1960 1960 1960 In effect beginning— Rate on July 31 Previous rate 4 4 4 4 4 4 4 4 4 4 4 4 4 Aug. June Aug. Aug. Aug. Aug. June Aug. Aug. Aug. Sept. June 41/2 41/2 4*4 41/2 41/2 4 4 4 41/2 41/2 23, 10, 19, 12, 12, 16, 10, 19, 15, 12, 9, 3, 1960 1960 1960 1960 1960 1960 1960 1960 1960 1960 1960 1960 Previous rate 4V4 5 5 41/2 5 41/2 4*4 5 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 1 MARGIN R E Q U I R E M E N T S 1 [Per cent per annum] [Per cent of market value] Date effective Range (or level)— all F. R. Banks 1948 Jan. 1 2 . . . 19... Aug. 1 3 . . . 23... 1950 Aug. 2 1 . . . 25. . . 1953 Jan. 1 6 . . . 23... 1954 Feb. 5 . . . 15. . . Apr. 14. . . 16... May 2 1 . . . 1955 Apr. 1 4 . . . 15. . . May 2 . . . Aug. 4 . . . 5... 12. . . Sept. 9 . . . 13. . . Nov. 1 8 . . . 23. . . 1956 Apr. 1 3 . . . 20... Aug. 2 4 . . . 31... 1 -1*4 WA WA-WI F. R. Bank of N. Y. Date effective WA WA 1957 Aug. 9 . . . 23... Nov. 1 5 . . . Dec. 2... 1*4 ig WA WA WA WA-2 WA-2 WA WI-WA 1*4-1% 11/2 11/2-134 134 1 3 4-2i4 2 -214 2 -214 214 2*4-2% 2*4 2 2 1 3 /4 134 134 1*4 1*4 1*4 134 134 WA 2 2 IB 2*4 2*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 . . . 1959 Mar. 6 . . . 16... May 2 9 . . . June 1 2 . . . Sept. 1 1 . . . 18... 1960 June 3 . . . 10... 14... A i lt r 1Z 1 O. . . AUg. 21/2-3 234-3 234-3 234 234 3 Sept. 9 . . . 1961 In effect July 3 1 . . . Range (or level)— all F. R. Banks 3 -3*4 F. R. Bank of N. Y. 3 31/2 3 ^3*4 3 3 3 234-3 234-3 214-3 2*4-234 3 234 214 134-214 WA WA-2 2*4 2*4 2*4 21/2-3 3 3 -31/2 3 3 31/2 3I/2—4 4 4 4 3*4-4 4 -2*i 31/2^4 3 3 3*4 90 90 70 70 70 90 70 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension: margin requirements are the difference between the market value (100%) and the maximum loan value. M A X I M U M INTEREST RATES PAYABLE O N T I M E D E P O S I T S [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 2V2 2*4 3 3*2 Postal savings deposits 3 21/2 21/2 3 3J 1 / 2 Other time deposits payable: In 6 months or more In 90 days to 6 months. . . In less than 90 days 3 3 3 SB fA 21/2 3 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; Seot. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 3 1 Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3 ^ , 2.50; June 29, 2.75; and July 20 and 31, 2.50. 70 70 14 21/2 2 Regulation T : For extensions of credit by brokers and dealers on listed securities For short sales Regulation U : For loans by banks on stocks 134 3 2 2 2 21/2 2 Aug. 5, Oct. 16, Effective 19581958Oct. 15, July 27, July 28, 1960 1960 1958 Prescribed in accordance with Securities Exchange Act of 1934 21/2 3 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. 933 RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES M E M B E R BANK R E S E R V E R E Q U I R E M E N T S [Per cent of deposits] [Averages of daily figures. * In millions of dollars] Net demand deposits1 Effective date of change Central reserve city banks Reserve city banks Country banks Time deposits Central reserve and reserve city banks Country banks 6 6 All member banks Central reserve city banks New York Country banks Reserve city banks Chicago Four weeks ending June 14, 1961 Tn effect D e c . 3 1 , 1945.. 1948 20 Feb June Sept. 1949__May June Aug. Aug. Aug. Sept. 1951—Jan. Jan. 1953—July 1954—June July 27 11 16, 2 4 * . . . . 1,5* 30, July 1 * . 1,11*.... " 16, 1 8 * . . . . 25 1 11, 1 6 * . . . . 25, Feb. 1*. 1,9* 16, 2 4 * . . . . 29, A u g . 1 * 1958—Feb. Mar. Apr. Apr. 1960—Sept. Nov. Dec. 27, M a r . I * 20, A p r . 1 * 17 24 1 24 1 24 26 24 23%" 23 22i/ 2 2^ 23 24 22 21 20 l9i/ 2 19 18>/2 18 IV/t 22 21 20 14 !§* 16 15 14 13 12 19 20 19 13 14 13 18 12 IS* Gross demand: 120,923 Total Interbank 13,410 U. S. Government. 3,728 Other 103,785 2 Net demand 101,648 Time 63,815 Demand balances due from domestic banks. 6,659 Currency and coin 2,469 Balances with F. R. 16,390 Banks 18,859 Total reserves held 18,264 Required. 595 Excess 7*4 6 6 5 • • • - • 6 6 5 5 • Gross demand: 123,893 Total 13,984 Interbank 4,927 U. S. Government. 104,982 Other Net demand 2 103,256 Time 64,490 Demand balances due 7,013 from domestic banks. 2,493 Currency and coin Balances with F. R. 16,658 Banks 19,151 Total reserves held 18,557 Required 594 Excess 16i/2 16i/2 !6?/2 2 10 2 O'J 16i/2 10 2 22 12 7 14 23,935 4,339 661 18,936 19,676 6,536 5,995 1,200 196 4,600 5,181 1,870 46,860 6,474 1,441 38,944 39,048 24,867 44,132 108 171 101 32 1,957 771 4,492 1,496 3,439 3,610 3,573 37 921 953 948 5 6,985 7,756 7,686 70 5,045 6,541 6,056 485 1,397 1,430 41,305 37,743 30,542 Four weeks ending July 12, 1961 11% 11 12 In effect A u g . 1, 1961 . . Present legal requirements : Minimum Maximum... 20 5 5 3 6 3 6 * 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 with 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. 24,926 4,562 1,065 19,299 20,405 6,732 6,155 1 224 336 4,594 5,286 1,899 48,214 6,751 1,937 39,526 39,687 25,108 44,599 1.447 f,588 41,564 37,878 30,751 117 170 102 31 2,126 775 4,667 1,518 3,556 3,726 3,703 23 942 973 967 6 7,105 7,880 7,804 76 ! 5,054 6.572 6,083 489 1 Balances with Reserve Banks are as of close of business; figures for all other reported items (that is, excluding total reserves held and excess reserves) are as of opening of business. 2 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 i [In millions of dollars] End of month Wednesday 1960 1961 1961 July June July July 26 July 19 July 12 July 5 June 28 59 57 2 172 170 2 44 42 2 61 58 3 86 82 4 59 55 4 36 32 4 343 333 10 Discounts and advances—total.. . Within 15 days 16 days to 90 days 91 days to 1 y e a r . . . . . (2) Acceptances—total....... Within 15 days 16 days to 90 days. 33 8 25 33 8 25 33 7 26 35 9 26 35 9 26 32 8 24 36 8 29 6 23 26,924 5,200 1,066 7,737 10,511 2,210 200 26,567 5,123 1,102 7,736 27,143 432 6,284 7,821 2,148 177 2,148 177 27,383 497 6,450 7,830 10,281 2,148 177 26,774 308 6,222 7,710 10,240 2,135 159 27,422 5,380 1,146 7,895 10,575 2,218 208 27,253 341 6,503 7,834 10,268 2,141 166 26,885 5,932 1.541 12;275 5.687 1,179 271 U. S. Government securities—tot a Within 15 days 16 days to 90 d a y s . . . . 91 days to 1 year. Over 1 year to 5 years Over 5 to 10 years Over 10 years 10,281 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 2 Less than $500,000. 10,281 934 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday Item End of month 1961 1960 1961 July 26 July 19 July 12 July 5 June 28 July June July 16,175 1,048 17,223 16,175 1,048 16,201 1,048 16,211 1,041 16,198 1,043 16,175 1,048 16,213 1,043 17,881 958 17,223 17,249 17,252 17,241 17,223 17,256 18,839 393 375 349 339 375 394 378 413 59 44 84 2 35 35 1 36 343 33 60 1 35 59 33 162 10 33 Assets Redemption fund for F. R. notes Total sold certificate reserves Cash Discounts and advances: For member banks For nonmember banks etc Acceptances—Bought outright Held under repurchase agreemen t U. S. Government securities: Bought outright: Bills Certificates Special Other Notes Bonds 32 29 2,166 2,123 2,699 2,939 2,455 2,227 2,840 2,769 6,511 14,836 3,411 6,511 14,646 3,287 6,511 14,646 3,287 6,511 14,646 3,287 6,500 14,585 3,234 6,522 14 969 3,470 6,511 14 634 3,268 8,507 13 010 2,484 26,924 26,567 27,143 27,383 26,774 27,188 234 27,253 26,770 115 Total U. S. Government securities 26,924 26,567 27,143 27,383 26,774 27,422 27,253 26,885 Total loans and securities ... 27,016 26,772 27,220 27,479 26,895 27,513 27,325 27,257 Cash items in process of collection . . Bank premises Other assets 4,336 111 324 5,215 111 305 4,961 111 288 4,138 111 273 4,441 111 252 3,787 111 334 4,000 111 260 3,569 105 339 49,403 50,001 50,178 49,592 49,315 49,362 49,330 50,522 27,466 27,595 27,717 27,745 27,310 27,494 27,432 27,193 16,286 537 258 262 16,275 646 237 265 16,487 493 216 269 16,524 349 275 234 16,105 649 200 318 16,856 415 226 303 16,716 408 220 350 18 261 477 215 353 17,343 17,423 17,465 17,382 17,272 17,800 17,694 19,306 3,212 48 3,624 41 3,652 42 3,075 46 3,348 53 2,672 53 2,829 139 2,695 44 48,069 48,683 48,876 48,248 47,983 48,019 47,994 49,238 428 817 89 427 817 74 426 817 59 425 817 102 424 817 91 429 817 97 425 817 94 401 775 108 49,403 50,001 50,178 49,592 49,315 49,362 49,330 50,522 Total bought outright . Held under repurchase agreement • . Total assets Liabilities Deposits: U S Treasurer—general account Foreign Other Total deposits. . Deferred availability cash items Other liabilities and accrued dividends Total liabilities Capital Accounts Capital paid in Surplus Other capital accounts Total liabilities and capital accounts Contingent liability on acceptances purchased for U. S. Government securities held in custody for foreign account 147 149 149 155 156 144 156 180 5,695 5,658 5,675 5,677 5,802 5,660 5,723 5,272 Federal Reserve Notes—Federal Reserre Agents' Accounts F R. notes outstanding (issued to Bank) Collateral held against notes outstanding: Gold certificate account U. S. Government securities Total collateral 29,156 29,206 29,212 29 ,056 28 ,934 29 ,105 28 ,960 28,652 9,055 8 21,335 9,055 11 21,335 9,030 10 21,360 8 ,965 12 21 ,235 8 ,975 20 21 ,235 <),075 18 21 ,335 8 ,975 7 21 ,235 10,565 70 19,180 30,398 30,401 30,400 30 ,212 30 ,230 30 ,428 30 ,217 29,815 i No accrued dividends at end of June. NOTE.—For explanation of adjustments in preparing this consoli- dated statement, see the BULLETIN for February 1961, p. 164. For reserve ratios see opposite page. 935 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1961 [In millions of dollars] Item Total Boston Philadelphia New York Cleveland Richmond Atlanta Chicago Minneapolis St. Louis Kansas City Dallas San Francisco Assets Gold certificate account Redemption fund for F. R. note* 16,175 1,048 792 63 3,989 241 968 64 1,465 90 994 84 822 61 2,796 189 591 46 332 27 655 47 660 34 2,111 102 Total gold certificate reserves 17,223 855 4,230 1,032 1,555 1,078 883 2,985 637 359 702 694 2,213 412 394 37 25 106 72 35 18 20 39 21 17 59 32 24 71 13 19 23 11 14 12 17 22 43 56 59 0) 4 1 6 6 (!) 4 17 14 2 3 1 (]) (0 F. R. notes of other Banks Other cash Discounts and advances: Secured by U. S. Govt. securities.. Other Acceptances: Bought outright Held under repurchase agreement.. U. S. Govt. securities: Held under repurchase agreement.. Total loans and securities Cash items in process of collection... Bank premises Other assets .... Total assets . ..... 0) 32 Total liabilities 6,724 234 1,571 2,305 1,721 1,495 4,645 1,094 636 1,185 1,104 3,261 27,513 1,447 6,994 1,572 2,311 1,727 1,499 4,662 1,108 638 1,188 1,105 3,262 4,795 111 334 364 4 18 987 9 83 312 4 19 379 8 30 324 6 20 344 13 19 111 24 56 191 7 13 149 5 8 242 6 14 210 14 14 516 11 40 2,750 12,481 2,992 4,342 3,193 2,849 8,599 1,988 1,193 2,178 2,076 6,141 1,633 6,420 1,825 2,501 2,173 1,597 5,176 1,194 584 1,159 837 2,807 657 29 12 0) 4,642 43 2 46 260 778 13 15 0) 1,300 18 23 1 671 48 12 2 831 36 13 2,631 60 35 2 580 28 9 0) 404 21 6 C1) 763 45 11 1 987 29 14 2,612 45 30 35 698 4,991 806 1,342 733 881 2,728 617 431 820 1,031 2,722 351 687 16 3 2,685 12,114 281 2 2,914 371 5 4,219 222 3 295 3 495 8 146 2,776 8,407 1,162 140 2 2,121 130 2 2,000 432 6 3,131 130 2 1,943 5,967 117 229 21 25 48 5 40 75 8 20 37 5 23 44 6 60 116 16 14 27 4 10 19 2 18 35 4 25 47 4 56 100 18 2,750 12,481 2,992 4,342 3,193 2,849 8,599 1,988 1,193 2,178 2,076 6,141 37.1 38.6 42.3 39.2 38.5 40.7 40.5 37.9 40.9 37.1 36.7 37.1 35.6 34.0 36.4 37.8 38.6 40.4 35.2 38.3 38.0 35.4 32.3 36.2 35.5 38.0 38.1 37.2 37.6 39.1 40.0 39.5 41.2 338 9 13 7 8 21 5 3 6 9 18 1,248 664 1,195 887 380 14 935 170 325 3 900 275 1 ,000 510 650 2 ,100 1,329 680 1,228 925 3 ,100 50,782 3,680 53 49,439 Capital Accounts Capital paid in . Surplus Other capital accounts 32 1,447 17,800 Deferred availability cash items Other liabilities and accrued dividends. 1 27,188 234 Liabilities 27,906 Federal Reserve notes Deposits: 16,856 Member bank reserves .... 415 U. S. Treasurer—general account.. 226 303 Other Total deposits 0) 429 817 97 Total liabilities and capital accounts.. 50,782 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): July 31, 1961 June 30 1961 July 31 1960 37.7 37.9 40.2 Contingent liability on acceptances purchased for foreign correspondents 144 21 40 4 36.7 36.0 38.0 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (Issued to Bank) Collateral held against notes outstanding: Gold certificate account Eligible paper U. S. Govt. securities Total collateral .. ... ?9 ,105 1 ,687 6,731 1 ,89? 2,646 650 1 1 ,325 870 735 475 1 ,700 1,880 1,560 1,300 1 ,976 2,750 2,295 1,775 3 ,800 5 ,500 9 ,075 495 2,000 21 ,335 1 ,275 30 ,428 1 ,770 5,100 7,100 18 1 Less than $500,000. 2 After deducting $180,000,000 participations of other Federal Reserve Banks. 2 258 1,662 3 After deducting $106,000,000 participations of other Federal Reserve Banks. 936 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by U. S. Treasury. Total in circulation i End of year or month Coin $12 7,598 11,160 28,515 28,868 27,741 31,158 31,790 31,834 32,193 . . 32,591 5,553 8,120 20,683 20,020 19,305 22,021 22,598 22,626 22,856 23,264 590 751 1,274 1,404 1,554 1,927 2,027 2,110 2,182 2,304 32,065 32,039 32,027 32,022 Sept 32,144 Oct Nov. . . . 32,632 Dec 32,869 22,970 22,946 22,912 22,900 22,996 23,410 23,521 22,580 22,612 22,742 22,702 23,042 23,229 . I960 Coin and small denomination currency Total 1939 1941 1945 1947 1950 1955 1956 1957 1958 1959 June . . . July Aug 1961—Jan Feb Mar Apr. May June 31,776 31,769 31,891 31,830 32,197 32,405 In millions of dollars] Large denomination currency $5,000 $10,000 $2 $5 $10 $20 Total $50 $100 $500 $1,000 1,039 1,048 ,113 ,312 1,369 ,398 1,494 1,511 36 44 73 65 64 75 78 80 83 85 1,019 1,355 2,313 2,110 2,049 2,151 2,196 2,188 2,186 2,216 1,772 2,731 6 782 6,275 5,998 6 617 6,734 6,662 6,624 6,672 1,576 2,545 9 201 9,119 8,529 9 940 10,194 10,187 10,288 10,476 2 048 3,044 7 834 8,850 8,438 9 136 9,192 9,208 9,337 9,326 460 724 2 327 2,548 2,422 2 736 2,771 2,777 2,792 2,803 919 1,433 4 220 5,070 5,043 5 641 5,704 5,752 5,886 5,913 191 261 454 428 368 307 292 280 275 261 425 556 801 782 588 438 407 384 373 341 20 24 7 5 4 3 3 3 3 3 32 46 24 17 12 12 14 13 9 5 2,338 2,345 2,364 2,375 2,390 2,417 2,427 1,440 1,428 1,426 1,444 ,457 1,487 1,533 84 84 85 85 84 86 88 2,141 2,124 2,113 2,133 2,147 2,191 2,246 6,604 6,567 6,525 6,542 6,557 6,683 6,691 10,363 10,398 10,399 10,320 10 362 10,545 10,536 9,095 9,094 9,115 9,122 9 148 9,222 9,348 2,737 2,739 2,738 2,728 2,731 2,762 2,815 5,774 5,776 5,800 5,818 5 844 5,888 5,954 252 250 250 249 248 248 249 323 320 319 319 317 317 316 3 3 3 3 3 3 3 5 5 5 5 5 5 10 2,391 2,392 2,406 2,417 2,445 2,462 1,439 1,431 1,434 [,433 86 86 86 86 87 88 2,120 2,114 2,124 2,119 2 156 2,162 6 409 6,438 6,496 6,476 6 584 6,638 10 135 10,150 10 198 10,171 10 305 10,418 9 196 9,158 9 148 9,128 9 154 9,176 2 752 2,736 2 733 2,726 2 741 2,757 5 875 5,855 5 851 5,839 5 852 5,861 247 246 245 245 244 243 314 312 312 310 309 306 3 3 3 3 3 3 5 5 5 6 6 5 559 695 I 465 [ 462 i Outside Treasury and Federal Reserve Banks. Prior to 1955 the totals shown as in circulation were less than totals of coin and 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 U. S. Treasury. In millions of dollars] Currency in circulation 1 Held in the Treasury 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 Minor coin United States notes Federal Reserve Bank notes National Bank notes Total June 30 1961 May 31, 1961 June 30 1960 . Total outstanding As security June 30, against 1961 gold and Treasury cash silver certificates 17,550 17,285 28,960 5,437 17,285 2265 32,376 78 36 488 2,252 22,376 1 609 594 347 93 54 124 2,252 (55) (5) () 19,662 19,501 21,455 14,440 June 30, 1961 May 31, 1961 June 30, 1960 2,816 1,529 378 30 27,353 5,022 30 27,157 5,010 30 27,094 4,941 10 329 326 305 281 56 7 24 2,096 1,548 585 318 92 54 2,101 1,538 581 317 92 54 2,128 1,484 549 318 100 56 25 5" 1 4 (4) (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. 929. 2 Includes $156,039,431 held as reserve against United States notes and3 Treasury notes of 1890. 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. * Less than $500,000. 5 Because some of the types of currency shown are held as collateral or reserves against other types, a grand total of all types has no 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 receipt); (3) as security for outstanding silver certificates—silver in bullion For F.R. Banks and agents Held by F.R. Banks and agents 379 408 395 14,440 14,279 16,213 4,724 4,759 4,398 32,405 32 197 32,065 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. 937 MONEY SUPPLY; BANK DEBITS MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Related deposits (not seasonallyl adjusted) Money supply Seasonally adjusted Period Not seasonally adjusted Cur- Demand derency posits i Total Total Cur- Demand derency posits i Time Week ending— U.S. Govt. 128.1 131.8 134.6 136.5 135.5 140.8 141.5 140.4 27.7 27.4 27.8 28.2 28.3 28.6 28.9 29.0 100.4 104.4 106.8 108.3 107.2 112.2 112.6 111.4 131.4 135.0 137.9 139.7 138.8 144.3 144.9 143.8 28.2 27.9 28.3 28.7 28.9 29.2 29.5 29.5 103.3 107.1 109.6 111.0 109.9 115.1 115.5 114.3 44.7 48.5 50.0 51.8 57.1 65.1 67.0 72.5 3.8 1960 5.0 3.4 June 1 3.4 8 3.5 15 3.9 22 4.9 29 4.7 I960—July Aug Sept Oct Nov Dec. 139.6 139.7 140.4 140.6 140.2 140.4 28.9 28.9 29.0 29.0 29.0 29.0 110.7 110.8 111.5 111.6 111.2 111.4 138.7 138.9 139.7 140.6 141.4 143.8 29.1 29.0 29.1 29 A 29.2 29.5 109.6 109.8 110.7 111.5 112.2 114.3 69.5 70.3 71.2 71.8 72.0 72.5 1961—Jan Feb Mar Apr May June July P 140.6 141.2 141.5 142.0 142.0 142.1 142.0 28.9 28.9 29.0 29.0 29.0 28.9 29.0 111.7 112.3 112.6 113.0 113.0 113.2 113.0 143.7 140.9 140.1 141.7 140.0 140.7 141.1 28.8 28.6 28.6 28.7 28.7 28.9 29.2 114.9 112.3 111.4 113.0 111.3 111.8 111.9 73.7 75.1 75.9 76.9 78.1 79.0 79.9 142.0 141.9 142.4 141.9 142.1 142.0 29.0 28.9 28.9 29.0 29.0 29.1 113.0 113.0 113.5 112.9 113.1 112.9 140.8 139.3 141.1 140.3 140.6 141.6 28.8 28.6 29.0 28.9 29.3 29.1 112.0 110.6 112.1 111.5 111.3 112.5 77.8 78.3 78.8 79.2 79.7 80.1 6.7 20 6.1 27 5.4 Aug. 3 5.7 10 5.8 17 4.7 1961 4.1 4.8 May 3 . . . . 4.7 10 2.9 17 4.6 24 4.5 31 4.3 June 7 14 21 28 3.9 July 5 12 5.3 19 3.3 26 5.8 4.8 Aug. 2v 3.9 1961—May 1 June 1 2 July 1 2v p Cur- Demand de- 1 rency posits Total 1953—Dec 1954_Dec 1955—Dec 1956—Dec 1957—Dec 1958—Dec 1959—Dec 1960—Dec Semi-monthly Related deposits (not seasonally1 adjusted) Money supply (not seasonally adjusted) Time U.S. Govt. 136.9 137.5 139.0 138.3 137.6 137.5 138.4 139.1 139.1 139.7 139.9 138.9 28.7 29.0 28.9 28.9 28.7 29.3 29.3 29.1 28.9 29.0 29.3 29.1 108.2 108.5 110.1 109.4 108.8 108.2 109.1 110.0 110.2 110.8 110.6 109.8 68.3 68.5 68.5 68.7 68.9 69.2 69.3 69.5 69.7 70.0 69.9 70.1 6.9 6.4 5.1 7.0 6.6 7.2 5.6 7.6 6.6 6.5 6.0 6.1 141.6 140.8 140.3 139.0 139.2 140.2 141.9 141.4 139.6 139.9 140.8 141.2 141.3 141.9 28.6 28.9 28.8 28.7 28.6 29.0 29.0 28.9 28.8 29.2 29.4 29.2 29.0 29.0 113.1 112.0 111.5 110.3 110.6 111.3 112.9 112.5 110.8 110.7 111.4 112.0 112.3 112.8 77.5 78.0 77.9 78.3 78.5 78.7 78.8 79.0 79.2 79.6 79.8 79.9 80.2 80.3 3.2 3.9 4.5 5.8 5.0 4.0 2.2 5.7 5.7 6.1 4.5 3.2 2.8 6.0 1947, see the BULLETIN for October 1960, pp. 1102-1123. Back data for time deposits and U.S. Government demand deposits are shown on Preliminary. At all commercial banks. NOTE.—For description of series and for figures beginning with January 1 p. 1001 of this BULLETIN. BANK DEBITS AND DEPOSIT TURNOVER 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 (in millions of dollars) Year or month Leading centers Unadj. 6 others * New York Adj. Unadj. Adj. Unadj. 632,801 738,925 766,890 815,856 888 455 958,721 1,023,605 1 102 850 1,759,069 1,887,366 2,043,548 2,200,643 2,356 768 2,439,754 2,679,167 2 838 754 1953 1954 1955 1956 1957 1958 1959 I960 337 other reporting centers 2 All reporting centers Adj. Unadj. Leading centers New York Adj. 740,436 758,375 845,007 921,928 979,002 993,600 1,110,304 1,158 298 385,831 390,066 431,651 462,859 489 311 487,432 545,258 577 606 6 others i Unadj. Adj. 337 other reporting centers 2 Unadj. Adj. 18.9 19.2 20.4 21.8 23.0 22.9 24.5 25.7 25.6 25.8 27.3 28.8 30.4 30.0 32.5 34.8 36.7 42.3 42.7 45.8 49.5 53.6 56.4 60 0 34.0 34.7 35.5 34.7 34.9 36.5 Unadj. I960—July Aus Sept Oct Nov.. Dec 223,539 241,771 240,772 233,131 235,100 256,905 89,444 99,947 103,832 91,870 98,791 88,381 86,063 92,435 97,162 89 905 91,020 101,551 46,807 50,127 48,974 48 084 49,017 47,871 45,254 49,474 47,909 47 567 47,577 52,313 94,791 99,036 96,224 95,418 98,306 94,687 92,222 99,862 95,700 95 659 96,503 103,041 58.9 65.5 68.5 60.0 63.5 57.8 58.8 59.8 65.9 59.2 61.3 64.4 1961—Jan Feb Mar . Apr '257,714 '222,722 '265,442 '240,966 '268,804 '•271,830 247,657 97,520 98,269 101,454 103,451 113,337 103,829 104,542 104,473 89,831 110,455 101,151 111,463 113,228 100,591 51,046 50,199 49.484 51,281 53,180 '52.292 50:736 52.382 44,861 53,354 48,529 53,782 r 54,277 49.085 '97,504 '97,719 '98,447 '97,332 '102,847 '101,549 100,710 '100,860 '88:030 '101^633 '91,286 '103,560 '104,325 97,981 63.0 63.7 67.1 68.0 74.6 70.6 70.6 65.5 36.5 36.3 25.7 '25.8 61.4 35.8 33.5 25.7 24.4 69.9 35.4 38.1 '26.1 26.! 67.8 36.9 37.1 '25.6 '24.9 72.0 38.0 37.8 26.9 26.8 75.6 37.7 38.6 26.6 27.1 70.4 ^36.7 ?36.5 2>26.2 »26.4 May June July r P Preliminary. Revised. Adj. = adjusted for seasonal variation. Unadj. = without seasonal adjustment, i Boston, 2Philadelphia, Chicago, Detroit, San Francisco and Los Angeles. Prior to April 1955, 338 centers. 34.2 36.7 35.8 34.9 35.8 34.3 25.5 26.6 26.0 25.5 26.2 25.1 25.7 26.0 26.2 25.7 26.2 26.6 NOTE.—For description of series and for revised monthly figures beginning with 1950, see the BULLETIN for January 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. 938 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 Other Loans, net Total 1929—June 29.. 1933—June 30.. 1939—Dec. 30.. 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31.. 1950—Dec. 30.. 1958—Dec. 31.. 1959—Dec. 31.. 4,037 4,031 17,644 22,737 20,065 22,754 22,706 20,534 19,456 2,019 2,286 2,963 3,247 4,339 4,562 4,636 5,234 5,311 58,642 42,148 54,564 64,653 167,381 160,832 171,667 249,082 255,435 41,082 21,957 22,157 26,605 30,387 43,023 60,366 121,602 135,867 5,741 10,328 23,105 29,049 128,417 107,086 96,560 101,207 93,497 5,499 8,199 19,417 25,511 101,288 81,199 72,894 73,641 65,801 216 1,998 2,484 2,254 24,262 22,559 20,778 26,347 26,648 26 131 1,204 1,284 2,867 3,328 2,888 1,219 1,048 11,819 9,863 9,302 8,999 8,577 10,723 14,741 26,273 26,071 64,698 48,465 75,171 90,637 191,785 188,148 199,009 274,850 280,202 55,776 42,029 68,359 82,811 180,806 175,348 184,384 252,022 256,020 8,922 6,436 6,812 7,826 10,979 12,800 14,624 22,829 24,186 I960—June 29.. July 27.. Aug. 31.. Sept. 28.. Oct. 26.. Nov. 30.. Dec. 31.. 19,300 19,200 19,000 18,700 18,500 17,900 17,767 5,400 5,400 5,400 5,400 5,400 5,400 5,398 252,500 254,700 255,100 258,300 260,900 261,700 266,782 139,100 138,200 138,700 140,800 140,200 140,900 144,704 87,900 90,800 90,800 91,800 94,600 94,900 95,461 60,800 63,200 63,100 64,200 66,800 66,600 67,242 26,200 26,700 26,800 26,800 27,000 27,500 27,384 900 900 900 900 900 800 835 25,500 25,700 25,600 25,700 26,000 25,900 26,617 277,200 279,200 279,500 282,400 284,700 285,000 289,947 251,000 252,900 252,200 255,100 257,500 257,000 263,165 26 200 26,300 27,300 27,300 27,200 28,000 26,783 1961—Jan. 25.. 17,500 17,400 17,400 17,400 17,400 17,600 17,500 5,400 5,400 5,400 5,400 5,400 5,400 5,400 263,500 264,700 263,800 265,000 267,200 268,900 272,200 141,000 142,500 142,600 143,300 144,100 145,100 145,100 95,900 95,300 93,700 94,100 95,500 95,800 98,800 68,300 67,800 66,200 67,100 67,800 68,300 71,100 26,700 26,700 26,700 26,200 26,900 26,800 26,900 800 800 800 800 800 R00 800 26,500 26,900 27,500 27,600 27,700 28,000 28,300 286,400 287,500 286,600 287,800 290,100 291,900 295,200 259,200 259,500 258,900 260,600 261,600 264,000 267,200 27,200 27,900 27,700 27.200 28,500 27,900 27,900 Mar. If, Mar. Apr. May June July 29* 26* 31* 28* 26P. Details of Deposits and Currency Date At Treas- comury mercial At cash F. R. and Banks hold- savings ings banks 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1958—Dec. 1959—Dec. 29.. 30.. 30.. 31.. 31.. 31.. 30.. 31.. 31.. 365 50 1,217 1,498 2,141 1,682 2,518 3,870 3,203 1960—June July Aug. Sept. Oct. Nov. Dec. 29.. 27.. 31.. 28.. 26.. 30.. 31.. 2,900 2,800 3,000 2,900 3,100 3,100 3,184 400 400 400 400 400 400 377 1961—Jan. Mar. Mar. Apr. May June July 25.. If. 29* 26* 31*. 28^. 26? 3,100 3,100 3,300 3,200 1,100 1,300 1,300 400 400 400 400 400 400 400 Time deposits 2 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 35 634 867 977 870 668 358 504 54,790 40,828 63,253 76,336 150,793 170,008 176,916 242,553 246,603 28,611 21,656 27,059 27,729 48,452 56,411 59,247 98,306 101,779 19,557 10,849 15,258 15,884 30,135 35,249 36,314 63,166 65,884 8,905 9,621 10,523 10,532 15,385 17,746 20,009 34,006 34,947 149 22,540 1,186 14,411 1,278 29,793 1,313 38,992 2,932 75,851 3,416 87,121 2,923 92,272 15,507 1,134115 948 115,402 3,639 4,761 6,401 9,615 26,490 26,476 25,398 28,740 29,422 110,500 84, 40026,100 114,600 90, 00024,600 138,800 110, 700 28,100 140,200 112, 000 28,200 7,300 6,500 5,700 7,700 6,200 5,600 6,193 500 500 500 600 500 500 485 239,800 242,600 242,700 243,600 247,200 247,300 252,926 103,700 104,200 105,200 106,000 106,700 106,700 108,468 67,400 67,900 68,900 69,400 70,000 70,000 71,380 35,400 35,500 35,600 35,800 35,900 35,900 36,318 800107,800 8001110,100 8001108,900 800 109,300 800112,200 800 111,900 770115,102 28,300 28,400 28,500 28,300 28,300 28,700 29,356 138,000 109,900 28 ,100 138,600 110,300 28 ,300 138,600 110,300 28 ,300 138,500 110,300 28 ,200 139,900 111,500 28 400 138,800 110,60028 139,200 00028,200 3,600 6,100 4,400 2,300 5,100 5,900 5,900 500 400 500 500 400 600 50C 251,600 249,500 250,200 254,200 254,600 255,700 259,200 109,000 110,700 111,900 112,700 115,600 116,600 117,600 71,700 73,300 74,200 75,000 77,800 78,600 79,500 36,500 36,600 37,000 36,900 37,000 37,300 37,500 800 114,700 700 110,600 700110,300 700113,600 700 110,600 700 110,800 700113,000 28,000 28,200 28,000 27,900 28,400 28,300 28,500 140,700 139,400 140,400 141,500 140,800 141,000 141,600 204 381 264 85: 2,409 846 2,215 1,895 2,287 24,608 1,336 1,45" 1,293 2,989 683 4,558 391 5,319 P Preliminary. • Revised preliminary figures. f This date used instead of last Wednesday of February. Seasonal adjustment factors used, however, were for last Wednesday of February. * 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. * 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 sec the BULLETIN for February 1960, pp. 133-36. Special*adjustment Seasonally adjusted series' Deposits adjusted and currency U. S. Govt. balances Foreign bank deposits, net 112,30028 ,400 110,900 28 ,500 112,100 28 ,300 113,30028 ,200 112,30028 ,500 112.700 28,300 113,200 28 ,400 in seasonal factor for demand deposits adjusted for Mar. 30, 1960, shown on p. 135, note 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 rounded to nearest $100 million and may not add to the totals. 939 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 Interbank 2 Other liaCash U. S. Other assets : bilities and Govt. secuDemand Loans obligacapital Total 2 Detions rities acTime mand counts 3 U.S. Govt. Other Loans and investments Class of bank and date Total All bankss 1941—Dec. 1945__Dec. 1947_Dec. 1958—Dec. 1959_Dec. 1960—June July Nov. Dec. 1961—Jan. Mar. Mar. Apr. May June July Bor- Total Number row- capital of acings counts banks Time 26,615 30,362 43,002 21,571 135,958 40.990 140,520 142,090 144,764 141,590 144,240 144,290 144,950 145,600 146,400 146,260 999 27 ,344 90,908 81 10,982 25, 577 35 ,415 177,332 165 14,065 101, 240 81;199 10,723 38,388 175,091 161;865 12,793 73,641 26,273 49,911 276,430 250,057 15,799 2,374 65,801 26,071 50,296 283,629 254,885 15 650 ,443 300 760 25 450 43 710 276,710 244,470 ,440 200 25, 650 43 770 279 050 245,900 13 070 ,480 560 25, 860 46, 287 650 254 ,200 15 ,600 ,740 242 26, 617 53. 022 298 126 266 ,196 ,080 ,800 320 26, 540 44, 610 287 400 255 ,050 15^20 ,800 840 26! 880 46! 260 291',510 257,430 14,420 ,800 240 27! 470 42 890 287 500 253,340 13,660 ,820 100 27, 580 44! 200 290! 370 256 350 13 500 — ,900 800 27 710 44! 920 292! 620 258 160 13,500 430 250 28 010 44! 420 293 760 259 520 13,680 430 440 71,120 28,250 43,980 296 270 262 ,160 13 560 23 8,414 14,826 44,355 26,479 105,935 45,613 227 10,542 14,553 66 11,948 14,714 1,346 94,381 53,105 4,253 132 97,498 81 21,705 14,020 624 22 ,915 13,991 5,054 622 101,116 7,060 570 103,100 2,170 23 ,770 14.000 6,230 460 103,660 2,590 23 890 13,999 5,360 125,290 106.210 1,330 24 590 13,985 5,949 133,408 107,959 167 24,539 13,986 13,986 600 24 3,320 126,380 108,530 13,978 5,830 125,120 110,260 ,860 24, 13,977 4,160 122,200 111,500 ,880 24 13,974 2,010 126,690 112,250 ,750 24 13,975 4,790 124,260 115,180 ,690 25 13,978 5,630 123,560 116,220 ,400 25 5,560 125,350 117,250 ,210 25,290 13,793 All commercial banks: 1941—Dec. 3 1 . . . 1945_Dec. 3 1 . . . 1947__Dec. 3 1 * . . 1958—Dec. 3 1 . . . 1959—Dec. 3 1 . . . I960—June 2 9 . . . July 2 7 . . . Nov. 3 0 . . . Dec. 3 1 . . . 1961—Jan. 2 5 . . . Mar. I f . . Mar. 29*.. Apr. 260.. May 3 1 * . . June 2 8 P . . July 26^.. 21,714 26.083 38,057 98,214 110,832 114,840 114,170 115,010 117,64: 114,210 116,720 116,640 117,180 117,600 118,200 117,730 26,551 79,104 71 10,982 21,808 34,806 160,312 150 90,606 14,065 502 12,792 69,221 006 37 155,377 144,103 240 66,376 20 575 48, 990 238,651 216,017 15,799 2,372 58,937 20 501 49,467 244! 686 219 ,903 15, ,441 ,440 54,210 19 850 42! 880 237 040 209; 010 13 56,700 20 020 43, 010 239 270 210',420 13,070 ,480 600 ,740 60,180 20 300 46 110 247 290 218 ,230 079 ,799 61,003 20 864 52 150 257 552 229,843 61,880 205,930 43 810 246,590 218,530 15 020 ,800 61,310 21 ,270 45 430 250,430 220,760 14,420 ,800 59,670 21;680 42,040 246,020 216,330 13,660 ,820 60,740 211,800 "" 43,400 "" •" 249,040 219,390 13,500 ,900 430 500 61,450 211,900 44,090 251,030 221,090 13 """ 430 61,950 22,170 43,540 251,950 222,200 13 ,680 440 64,830 22,360 43,260 254,230 224,680 13 560 44,349 23 ,173 14,278 15,952 105,921 219 ,950 14,011 30,241 94 65 10,059 14,181 367 35,360 1,343 8,486 13,501 73 18,486 4,250 130,104 63,493 615 19,556 13.474 5,050 131,593 66,169 7,060 119,540 67,670 2,170 20,280 13,485 6,230 121,430 68,210 2,590 20,380 13,484 5,360 125,260 70,270 1,330 21 ,000 13.470 163 20 ,986 13,472 5,945 379 71,641 600 21 ,100 13,472 3,320 350 72,040 5,830 125,090 73,620 ,860 21 ,170 13,464 4,160 122,170 74,520 ,880 21 ,170 13,463 2,010 126,660 75,320 ,750 21 ,200 13,460 4,790 124,230 78,140 ,690 21 ,420 13,461 5,630 123,530 78,930 ,400 21,560 13,464 5,560 125,320 79,800 ,210 21,580 13,459 AH member banks: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1958—Dec. 3 1 . . 1959—Dec. 3 1 . . I960—June 29. . July 27. . Nov. 30. . Dec. 3 1 . . 1961- -Jan. 25. . Mar. If. Mar. 29P . Apr. 26*\ May 31*>. June 28P July 26^ 18,021 22,775 32,628 84,061 94,779 97,898 97,183 97,708 99,933 96,773 99,558 99,473 99,913 100,140 100,603 100,098 19,539 5,961 23,123 68,121 61,717 10,385 4 5.886 6,619 709 ,136 12,347 140 78,338 6,070 29,845 138,304 129,670 13,576 208 7.58( 6,884 64 22 179 ,640 24,210 57,914 304 32 845 132,060 122,528 12,353 54 8.464 6,923 50 1,176 ,609 28,340 51,132 54,299 16 504 43, 188 202 017 182,816 15,227 2,187 3.822 54 15.460 6,312 46,813 16,28' 43 509 205 726 184,706 15,048 ,338 4,504 110,989 52,827 581 16,264 6,233 42,980 15,715 37.97 199,243 175,200 12.775 ,298 6,360 100,790 53.977 2,069 16.822 6.212 45,238 15, 37,981 201,057 176,214 12,524 ,336 5,622 102,366 54,366 2,505 16,892 6,204 48,224 16,065 40, 384 207 455 182,550 15,014 ,594 4,781 105,128 56,033 1,269 17,390 6,178 49,106 16,579 4 5 J 5 6 216. 577 193,029 16,436 .639 5.287 112,393 51,212 130 17,398 6,174 105,990 57,598 49,806 16,661 38,174 206,507 182,603 14,465 .636 563 17.464 6,164 105,353 59,319 1,825 17,629 6,160 49,438 17,020 39,900 211,040 185 13,912 ,639 102.770 60,101 1,827 17,65! 6,151 48.030 17,372 36,842 207,099 181 13.181 .664 106.839 60,825 1,720 17,683 6,147 49,020 17,465 38,007 209,737 184 i118 13,007 ,741 104,693 63,543 1,639 17,865 6,147 49,817 ,493 735 211,580 185,727 13,025 268 104,067 64,237 1,359 17,963 6,141 289 212 50,353 ,719 186,80' 13,203 27: 105,579 64,965 1,178 17,98! 6,138 52,907 17,888 37,991 214 188,916 13,070 275 31 31 3H.... 31 31 29 27 30 31 25 If... 29*..., 26*..., 31*... 28* 26*.... All mutual savings banks: 1941_Dec. 31 1945—Dec. 31 1947_Dec. 3H 1958_Dec. 31 1959—Dec. 31 I960—June 29 July 27 Nov. 30 Dec. 31 1961—Jan. 25 Mar. If Mar. 29* Apr. 26* May 31* June 28*> July 26^ p 61,126 140,227 134,924 221,485 227,831 227,200 229,370 234.510 238,623 236,450 238,960 238,000 239,630 241,110 242,660 245,630 10,379 16,208 18,641 36,320 37,561 38,300 38,480 39,020 39,114 39,430 39,660 40,010 39,910 40,160 40,340 40,710 4,90 3.704 1.774 4,279 10,682 1,246 4.944 11.978 1,718 23,357 7,265 5,698 25,126 6,864 5,570 26,150 6,550 5,600 26,350 6,500 5,630 27,080 6,380 5.560 27,122 6,239 5,752 27,380 6,440 5,610 27,520 6,530 5,610 27,650 6,570 5,790 27,770 6,360 5,780 28,000 6,350 5,810 28,200 6,300 5,840 28,530 6,290 5,890 793 609 886 921 829 830 760 770 872 800 830 850 800 830 880 720 Preliminary. * Revised preliminary figures. f This date used instead of last Wednesday of February. * 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 commerical 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) one mutual savings 11,804 17.020 19,71 37,779 38,943 39,670 39,780 40,360 40,574 40,810 41,080 41,480 41,330 41.590 41,810 42,040 10,533 15,385 17,763 34,040 34,983 35,460 35,480 35,970 36,353 36,520 36,670 37,010 36,960 37,070 37,320 37,480 6 14 (5) (5) (5) (5) (5) 8 (5) (5) (*) (5) (5) (5) 10,527 15,371 17,745 29 34,006 34,948 35.430 35,450 35.940 16.318 16.490 36.640 36,980 36,930 37,040 37,290 30i37,450 (5) 1.241 1,592 1 .889 3,219 3,359 3.490 3,510 3,590 3,55? 3.580 3.620 3,630 3,600 3,650 3 WO 3,710 548 542 533 519 517 515 515 515 514 514 514 514 514 514 514 514 bank (two prior to July 1961 and three prior to 1960) 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. 940 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] Deposits Total assets— Total Interbank2 Other liaCash 2 U.S. Other assets bilities Govt. secuand Demand Loans obligacapital Total 2 Detions rities ac- : Time mand counts U.S. Other Govt. Loans and investments Class of bank and date Central reserve city member banks: New York City: 1941—Dec. 3 1 . . . 1945—Dec. 3 1 . .. 1947_Dec. 3 1 . .. 1958—Dec. 3 1 . . . 1959—Dec. 3 1 . .. I960—June 29. .. July 27. .. Nov. 30. . . Dec. 3 1 . . . 1961—Jan. 25. . . Mar. It.. Mar. 29*.. Apr. 26*.. May 3 1 * . . June 28*.. July 26?. . Chicago: 1941—Dec. 1945_Dec. 1947—Dec. 1958—Dec. 1959—Dec. I960—June July Nov. Dec. 1961—Jan. Mar. Mar. Apr. May June July 31 . . 31.. 31.. 31.. 31.. 29.. 27. . 30.. 31.. 25.. If. 29P. 26*. 31 P . 28". 26*. Reserve city member banks: 6 1941—Dec. 31 1945_Dec. 31 1947_Dec. 31 1958—Dec. 31 1959—Dec. 31 I960—June 29 July 27 Nov. 30 Dec. 31 1961—Jan. 25 Mar. It Mar. Aor. May June July 29*> 26P 31* 28* 26v Country member banks:6 1941 _ D e c . 31 1945_Dec. 31 1947_Dec. 31 1958—Dec. 31 1959_Dec. 31 I960—June 29 July 27 Nov. 30 Dec. 31 1961—Jan. 25 Mar. It Mar. Apr. 26* May 31*. June 28*. July 26* Total 12,896 26,143 20,393 25,966 25,291 25,320 25,698 26,402 27,726 26,821 27,690 27,370 27,725 27,756 28,333 28,732 4,072 7,265 1,559 6,637 7,334 17,574 1,235 6,439 7,179 11,972 1,242 7,261 16,165 7,486 2,315 9,298 18,121 5,002 2,168 9 MA 18,060 5.273 1.987 7.773 17,610 5,975 2,113 7,639 17,742 6,619 2,041 8,380 18,465 6,980 2,282 10,301 17,387 7.062 2,372 7,561 18,141 6,975 2,574 8,640 18,278 6,358 2,734 7,837 18,447 6,588 2,690 8,037 18,179 7,116 2,461 8,144 18,295 7,478 2,560 8,253 18,100 8,090 2,542 7,820 19.862 32.887 27,982 36,398 35,750 34.600 34,886 36.512 39,767 36.048 38.000 37,093 37,668 37,811 38,465 38,619 17,932 30,121 25,216 31,679 30,647 28.654 28,243 29.922 33,761 29,979 31,031 30,324 30,722 31,012 31,665 31,717 4,202 4.640 4,453 4.786 4.765 4,339 4,013 4.737 5,289 4.661 4.419 4,316 3,891 4,150 4,144 4,027 .566 ,489 ,739 2.158 2.003 .854 ,745 2.040 2,046 ,814 ,894 .635 ,730 ,897 ,864 ,954 4,363 7.459 6,866 9,071 8,967 8.546 8,662 8.892 9,219 8,809 9.118 8.826 8,718 9.091 9.043 9,307 4,057 7.046 6,402 8.214 8.062 7.474 7,551 7,800 8,197 7,733 7.950 7,436 7,643 7 978 7.994 8,227 1,035 1.312 1,217 1,357 1.231 1.151 1,163 1.359 1,380 1.254 1,221 1,188 1,162 1,186 1.205 1,205 2,760 5,931 5,088 6,830 6,885 6,598 6,811 6.729 7,050 6.875 7.094 7,049 6,847 7,051 7,034 7,211 954 1,333 1,801 3,637 4,206 4.342 4,284 4,260 4,485 4.195 4.534 4,403 4,401 4,291 4,277 4,151 1.430 4,213 2,890 2,562 1,985 1.620 1,845 1,841 1,882 1.989 1,886 1,939 1,682 1,994 2,047 2,301 376 385 397 631 694 636 682 628 683 691 674 707 764 766 710 759 15,347 40,108 36,040 60,558 61,621 59,563 60,427 61,625 62,953 61,879 63,470 62,559 63,418 63,706 64,082 65,089 7,105 8.514 13,449 34,003 38,686 39,421 39,290 39.273 40,002 38,763 40,282 39,928 39,916 40,015 40.095 39,910 6.467 29,552 20,196 20,645 17,292 14,846 15,825 16.943 17,396 17,568 17.521 16,947 17,805 17,876 18,074 19,171 1,776 2.042 2,396 5,910 5,643 5.296 5,312 5,409 5,554 5.548 5.667 5,684 5,697 5,815 5,913 8,518 11.286 13.066 17,701 18.211 15,786 15,743 16,649 18,668 15,789 16,243 14,891 15,529 15,920 15,755 6,008 15,733 24,430 51.898 49.659 79.781 81,443 77.090 77,938 80.141 83,464 79.543 81.632 79,359 80,838 81,549 81 7«5 82.777 22.313 49.085 46.467 72.647 73.675 68.028 68,796 71,126 75,067 70,958 72.418 70,197 71,556 72,113 72,559 73,695 4,356 6!418 5.627 7.506 7.450 6.062 6,074 7.433 7,989 7,020 6,836 6,316 6,554 6,343 6,495 6,443 12,518 35,002 36,324 61,511 64.082 65.112 65,377 67.241 67,890 67,665 67,762 67,897 68,408 68,937 69,226 69,861 5.890 5.596 10,199 30.257 33.766 36,075 35,999 36.433 36,981 36,428 36.601 36,864 37,149 37,655 37,936 37,937 4.377 26,999 22.857 23.606 22,535 21,241 21,593 22.821 22,848 23,187 23.056 22,786 22,945 22,831 22,754 23,345 2.250 2.408 3.268 7.648 7,781 7,796 7,785 7.987 8,060 8,050 8,105 8,247 8,314 8,451 8.536 8,579 19.466 46,059 47,553 76.767 79.567 79.007 79,571 81.910 84,126 82,107 82.290 81,821 82,513 83,129 83,14Q 83,673 17,415 43,418 44,443 70,277 72,323 71,044 71,624 73,702 76,004 73,933 74,003 73,480 74,197 74,624 74,589 75,277 792 1,207 1,056 1,578 1,602 1,223 1,274 1,485 1,778 1,530 1,436 1,361 1,400 1,346 1,359 1,395 6,402 10,632 10,778 14,031 14,122 12,564 12,854 13,315 14,740 13,010 13,123 12,479 12,711 12,774 12,417 12,484 4 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 totaPloans and investments of about $110 million were added, and 8 banks with total loans and investments of $34 million were transferred from noninsured mutual savings to nonmember commercial banks. 17 12 .739 988 985 ,012 ,214 ,216 ,221 ,220 ,237 ,281 161 169 169 104 30 22: 377 303 241 250 293 326 326 329 311 341 60 57 59 Bor- Total Numrow- capital ber of acings counts banks Time 866 6,940 267 968 1.027 1.415 1,276 955 1,217 589 992 818 204 754 1,080 1,203 12.051 17.287 19 040 20.704 20,419 18.379 18,366 18.948 21,833 19.257 19.960 19,203 20,415 19,568 19.680 19,532 807 1,236 1,445 3,482 3,448 3.536 3,576 4.068 4,206 4.251 4.440 4,750 4,931 6,379 6,592 6,786 3,282 *232 3,361 473 3.427 946 3,450 535 3.557 3 ^54 99 3'569 891 3.584 All 3,575 593 3,592 390 3,630 453 3.612 392 3,626 36 37 37 18 16 16 16 15 15 15 15 15 15 15 15 15 127 1,552 72 249 272 407 342 261 327 141 285 232 57 219 326 385 2.419 3.462 4,201 5,136 5,070 4.442 4,552 4.629 4,899 4.743 4,665 4,256 4,625 4,704 4 569 4,700 476 719 913 1,438 1,468 1.426 1,444 1,490 1,530 1.532 1,715 1,681 1,717 1.859 1.884 1,927 3 40 161 195 93 35 88 138 362 54 73 15 56 288 377 426 733 762 769 770 813 822 821 826 827 831 841 842 841 13 12 14 14 14 11 11 10 10 10 10 10 10 10 10 10 491 8.221 405 1,429 1,698 2.591 2,247 1,867 1,960 1,085 2,130 1,474 617 1,608 1,989 1,999 12,557 4.806 24,655 9,760 2 28,990 11,423 1 42, 259 21 ,075 14 42,668 21,555 238 37,966 21 .168 1,064 38,925 21,300 1.063 39,654 "' ~ 21\ 8 7 9 '434 42, 267 22,525 73 39,883 22.644 237 39,488 23,635 577 13,622 38,474 23 694 ",967 40,077 23 879 39,290 24,812 885 38.933 25.085 662 39, 866 25 ,328 535 1 967 2',566 2,844 5,760 6.106 6,257 6,256 6,406 6,423 6,422 6,573 6,589 6,588 6,640 6.684 6,685 351 359 353 274 265 223 222 217 217 214 213 206 205 205 205 204 225 5,465 432 1,175 1,508 1,947 1,757 1.698 1,783 1,099 1.772 1,197 828 1,617 1,632 1,440 10,109 6,258 24,235 12,494 28,378 14,560 42,349 25.137 42,832 26.356 40,003 27,847 40,523 28,046 41,897 28,596 43,395 29.011 42,107 29,171 41,240 29,529 40,837 30,048 41,722 30,210 41,131 30,493 40,885 30.676 41,481:30,924 4 11 23 37 71 371 301 207 23 139 219 294 194 291 229 195 1,982 2,525 2,934 5,685 6.035 6,369 6,416 6,614 6,599 6.652 6.646 6,660 6,672 6,754 6,825 6,829 6,219 6,476 6,519 6,006 5,938 5,962 5,955 5.936 5,932 5,925 5,922 5,920 5,917 5,917 5,911 5,909 1 648 195 2.120 30 2,259 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. 941 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Class of bank and date Total Loans Deposits Total assets— Total Interbank 2 Other liaCash bilities U.S. assets 2 Other Govt. and Demand obliga- secucapital Total 2 Derities tions acTime mand counts 3 U.S. Govt. Other AH insured commercial banks: 1941—Dec. 31 1945_Dec. 31 1947—Dec. 31 1957—Dec. 31 1958—Dec. 31 1959—Dec. 31 1960—June 15 Dec. 31 49,290 21,809 [14,274 168,595 [83,596 [88,790 [88,691 198,011 21,259 25,765 37,583 93,430 97,730 110,299 114,785 117,092 21,046 88,912 67,941 57,580 65.669 58,348 54,366 60,468 National member banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1957—Dec. 31 1958—Dec. 31 1959—Dec. 31 I960—June 15 Dec. 31 27,571 69,312 65,280 91,201 99,277 102,615 102,309 107,546 11,725 13,925 21,428 50,350 52,627 59,962 62,398 63,694 12,039 51,250 38,674 31,234 35.714 31,761 State member banks: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947__Dec. 3 1 . . 1957—Dec. 3 1 . . 1958—Dec. 3 1 . . 1959_Dec. 3 1 . . 1960—June 1 5 . . Dec. 31. . 15,950 37,871 32,566 51,152 55,588 55,264 55,348 58,073 6,295 8,850 11,200 30,600 31,435 34,817 35,946 36,240 7,500 27,089 19,240 15,846 18,585 15,052 14,228 16,394 2,155 8,145 1,933 9,731 2,125 10,822 4 707 15,960 5 568 16,407 5 396 16,045 5 174 15,495 5,439 17,081 24,688 48,084 43,879 68,676 73,620 73,090 72,734 77,316 22,259 44,730 40,505 61,545 66.102 65,069 63,341 68,118 Insured nonmember commercial banks: 1941—Dec. 3 1 . . 1945_Dec. 3 1 . . 1947__Dec. 3 1 . . 1957—Dec. 3 1 . . 1958—Dec. 3 1 . . 1959—Dec. 3 1 . . I960—June 1 5 . . Dec. 3 1 . . 5,776 14,639 16,444 26,268 28,759 30,939 31,052 32,411 3,241 2,992 4,958 12,493 13,682 15,534 16,450 17,169 1,509 10,584 10,039 10,512 11,381 11,546 10,848 11,368 1,025 1,063 1,448 3,264 3,696 3,859 3,755 3,874 2,668 4,448 4,083 5,383 5,504 5,651 4,952 6,08f 8,708 19,256 20,691 32,066 34,737 37,132 36,582 39,114 7,702 18,119 19,340 29,266 31,696 33,795 32,942 35,391 262 407 426 451 389 484 1,457 2,211 2,009 1,473 1,568 1,480 1,446 1,498 455 318 474 468 484 534 522 550 761 1,693 1,280 660 707 589 547 535 241 200 255 345 377 358 377 413 763 514 576 301 301 309 299 314 2,283 2,768 2,643 1,831 1.927 1,858 1,815 1,883 1,872 2,452 2,251 1,449 1,532 1,429 1,386 1,443 177 147 146 150 163 159 All nonmember commercial banks: 1941—Dec. 31 1945—Dec. 31 1947__Dec. 31 < 1957—Dec. 31 1958—Dec. 31 1959__Dec. 31 I960—June 15 Dec. 31 7,233 16,849 18,454 27,741 30,327 32,419 32,498 33,910 3,696 3,310 5,43: 12,961 14,165 16,068 16,97: 17,719 2,270 12,277 11,318 11,17: 12.088 12,134 11,395 11,904 1,266 1,262 1,703 3,608 4,074 4,216 4,131 4,287 3,431 4,962 4,659 5,684 5.805 5.961 5,251 6,396 10.992 22,024 23,334 33,897 36.664 38.990 38.397 40,99' 9,573 20,571 21,591 30,715 33,227 35,224 34,328 36,834 Insured mutual savings banks: 1941—Dec. 31 1945—Dec. 31 1947__Dec. 31 1957—Dec. 31 1958—Dec. 31 1959—Dec. 31 I960—June 15 Dec. 31 1,693 10,846 12,683 26,535 28,980 30,580 31.133 33,794 642 3,081 3,560 17,194 19.180 20,94: 21,721 23.852 629 7,160 8,165 5.404 5.215 5,016 4.743 4,78' 421 606 958 3,937 4,585 4,622 4,669 5,155 151 429 675 719 752 686 624 766 1,958 11.424 13,499 27,671 30,189 31,743 32.211 35,092 1,789 10,363 12,207 25,022 27,277 28,577 28,824 31,502 8,687 5,361 5.957 7,246 7,341 6,981 7,167 5,320 4,25( 1,198 1,384 4,02f 4,177 4,184 4,348 3,270 3,075 1,353 3,52 641 3,813 760 2,148 1,076 2,050 1,113 1,848 949 1,: 934 597 1,453 642 180 211 171 169 143 141 10' 9.846 5,596 6,215 7,497 7,589 7,200 7,387 5,481 8,744 5,022 5,556 6,672 6,763 6,405 6,511 4,850 Noninsured nonmember commercial banks: 1941—Dec. 31 1945—Dec. 31 1947_Dec. 3 1 « . . . 1957—Dec. 31 1958—Dec. 31 1959—Dec. 31 1960—June 15 Dec. 31 Noninsured mutual savings banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 3H 1957—Dec. 31 1958—Dec. 31 1959—Dec. 31 I960—June 15 Dec. 31 3,806 4,137 5,178 9,617 10.936 10,892 14,977 43,433 39,458 20 ",114 90,220 84,939 22,,024 __. ~~,182 82,023 26,786 120 ,153 109,091 265,781 128.397 116.714 277,464 132,636 119 ,638 380 131,433 116,178 32,712 11,140 28,675 139,261 124,911 Time 10,654 10 6,84413,,426 1,762 41,298 15,699 13,883 23,740 80,276 29,876 215 8,67113,,297 12,615 54 1,325 92,975 34,882 61 9,73413,,398 15,489 1,264 3,859 123,127 56,137 70 66 17,051 ,113,142 15,653 2.209 4.241 129,214 63,168 67 18,15413,101 15,500 1,358 5,037 130,720 65,858 602 19,20613,107 13,756 1,324 6,396 124,091 66,875 2,573 19,9 97813,140 16,921 1,667 5,932 132,533 71,348 149 20,6 62813,119 6,786 9,229 8,375 35 8,958 517 9,035 767 8,947 514 472 7,937 611 9,829 1,088 14,013 795 2.166 2.292 2,742 3,594 3,265 3,739 4,411 3,978 15 6,124 729 6.192 1,420 6,102 825 5,429 833 6,608 1,028 621 8,166 381 1,306 1,530 1,763 2,151 2,022 1 2,246 1,502 13,874 4,025 130 2,945 1,867 24,168 7,986 9 3,055 1,918 27,068 9,062 39,001 14,386 18 5,483 1,773 40,640 16,320 16 10 5,817 1,734 39,974 16,406 240 5,962 1,691 38,296 16,631 16 1,012 6,143 1,675 40,733 17,727 20 6,299 1,644 53 1,560 149 388 419 533 651 645 4,162 3,360 10,635 5,680 12,366 6,558 17,580 10,873 18,766 12,063 19,732 13,059 18,525 13,357 20,140 14,095 129 244 329 181 185 121 163 83 122 132 23,262 8,322 45,473 16,224 53,541 19,278 66,546 30,904 30 69,808 34.812 71,015 36,421 67,270 36 ,905 71,660 39,546 4 78 45 38 43 340 ,491 111 3,640 4,644 5,409 9,070 9;643 10,302 10,686 11,098 5,117 5,017 5,005 4,620 4,578 4,542 4,542 4530 959 1,083 1,271 2,500 2,696 2,944 3,151 3,232 6,810 6,416 6,478 6,753 6,793 6,878 6,926 6,948 852 714 783 425 399 366 350 352 1,291 1,905 1,392 840 890 873 792 846 253 365 478 303 325 311 290 293 329 279 325 317 332 350 353 358 5,504 14,101 167 13,758 427 18,420 428 19,655 545 20,605 669 19,318 657 20,986 3,613 6,045 7,036 11.176 12,387 13,370 13,648 14,388 1.288 1,362 1,596 2,817 3,028 3,294 3.503 3,590 7,662 7,130 7,261 7,178 7,192 7,244 7,276 7,300 1,789 10,351 12 12,192 26 24•,991 28 27 ,243 28 28 ,544 28 28 ,791 29 31,468 164 1,034 1,252 2,308 2,473 2,654 2,735 2,998 52 192 194 239 241 268 268 325 8,738 5,020 5,553 6,671 6.762 6,404 6,510 4,850 1,077 558 637 751 746 705 730 555 496 350 339 283 278 249 247 189 I For other notes see preceding two pages. 6,984 25 76,820 69,411 34 157,544 147,775 750 36; 152,733 733 141,851 17 585 48! 127 220,865 199,876 20 198 48,689 236.""" 724 214,485 20 143 49,158 242 828 218,474 19 540 46,825 240 728 212,442 20 451 51,836 255 669 228,401 7 131 Bor- Total Numrow- capital ber of ings counts banks 457 425 439 554 572 601 553 643 190 138 185 103 141 160 1 1 2 2 2 1 12 2 3 3 3 2 4 NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN for July 1947, pp. 870-71. 942 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES i [In millions of dollars] Loans2 Investments ComLoans Loans for merpurchasing to Total2 U. S. Government obligations cial or carrying financial Other loans ininstitutions securities AgriReal loans and cludto culesinvest2 ing in- Other tur- To tate ments Total open loans dibroal loans marvidCerkers To To To ket uals Total Bills tifi- Notes Bonds and padeal- others banks others per ers Class of commercial bank and call date Obligations of States Other and secupolit- rities ical subdivisions Total: 3 1947__Dec. 31.. 1958—Dec. 31.. 1959—Dec. 314. 1960—June 15.. Dec. 31.. 1961—Apr. 12.. 116,284 38,057 18,167 1,660 185,165 98,214 40,425 4,973 190,270 110,832 40,174 5,018 190,137 115,307 41 i775 5 ,363 199,509 117.642 43,125 5,676 199,120 117,050 42,590 6,020 7,789 034 53,205 7,399 396 39,287 856 35,360 2,420 ,887 2,210 2,920 19,013 30,998 2,120 19^50 31,190 276 3i,729 505 4t,070 958 31,543 789 31,127 570 31,294 710 31,230 All insured: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31.. 1958—Dec. 31.. 1959—Dec. 314, 1960—June 15.. Dec. 31.. 1961—Apr. 12.. 40 4,773 49,290 21,259 21,046 988 3,159 16,899 ,214 450 614 662 4,-505 49 4,677 2,361 1,132 88,912 2,455 19,071 16,045 51 121,809 25,765 ,461 314 3,164 3,606 51,342 9,266 5,654 114 114,274 37,583 18 ,012 610 823 1,190 914 67,941 2,124 7,552 5,918 52,347 25,148 20,589 3,420 65,669 6,159 7,362 13,240 38,908 713 183,596 97,730 40 ,289 4; 913 2 ,797 1,810 813 7, 105 27,948 24,032 188,790 110,299 40 ,022 4, 973 2 982 1,827 767 58,348 6,189 2,4041 14,729 35,027 188,691 114.785 41 ,625 5 318 2 584 1,719 2,360 7 043 281240 25,387 2, ,366 3,527 2,184 15,090 33i566 965 7 090 28,602 26,263 2, 883 60,468 7,994 2,884 18,868 300,722 198,011 117,092 42 ,957 628 247 1,811 197,596 116,486 42 ,419 971 ,428 1,829 1,972 5 i 744 28J 65826,680 3,186 59,589 6,794 2,084 19,799 300,911 3,651 3,333 3,873 ",258 5,129 3 ,621 ,932 16, 16,721 3,422 16^45 2",994 17,300 3 ,150 18,438 3 ,083 Member, total: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31.. 1958—Dec. 31.. 1959-Dec. 314. 1960—June 15.. Dec. 31.. 1961—Apr. 12.. 39 3,494 19,539 971 43,521 18 671 972 594 598 3, 653 47 3,455 1,900 1,057 78 78,338 2,275 16,985 107,183 22 949 855 3,133 3,378 113 7,130 4,662 839 57,914 1,987 5,816 962 1 ,046 811 1,065 97,846 32,628 710 20,013 17,028 3,211 54,299 4,644 6,143 154,865 84,061 ,444 3 ,052 2,730 1,599 811 6,801 22,185 ",813 4,612 1,812 """ 157,879 94,779 36,826 3,1162 ,885 1,587 , ... 19,877 2,603 46 204 3 ,297 2,469 1,488 2,309 6,"736" 22,309 20,932 2,550 43 ,526 2,521 1,583 157,657 98,344 947 6, 726 22 518 21,622 2,694 49', 106 66,402 2,296 288 3 ,509 3,124 1,564 165,619 99,933 165,481 99,504 38, 821 ,709 2 ,308 1,582 1,929 5, 427 22 716 22,107 3,003 48,332 5,216 1,681 3,090 2 ,871 3,,254 2,815 4,,199 3 ,105 13,,405 3,100 13,,677 2 ,610 13, 473 2 ,315 14,141 2,439 15,""' ,284 2 ,361 New York City;* 1941—Dec. 31.. 1945—Dec. 31.. 1947_Dec. 31.. 1958—Dec. 31.. 1959—Dec. 314. 1960—June 15.. Dec. 31.. 1961—Apr. 12.. Chicago:* 12,896 4,072 26,143 7,334 20,393 7,179 25,966 16,165 25,291 18,121 25,774 18,350 21,126 18,465 26,902 17,678 2,760 5,931 5,088 6,830 6,885 6,707 7,050 6,871 2,807 3,044 5,361 10,928 10,549 10,499 10,876 10,707 954 1,333 1,801 3,637 4,206 4,386 4,485 4,532 732 760 1,418 2,628 2,527 2,716 2,690 2,627 Reserve city: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31.. 1958—Dec. 31.. 1959—Dec. 314. I960—June 15.. Dec. 31.. 1961—Apr. 12.. 15,347 7,105 40,108 8,514 36,040 13,449 60,558 34,003 61,621 38,686 59,750 39,534 62,953 40,002 63,20: 40,027 3,456 3,661 7,088 15,808 15 ",252 15 ,778 16,223 15.910 Country: 1941—Dec. 31.. 1945—Dec. 31.. 1947__Dec. 31.. 1958—Dec. 31.. 1959—Dec. 31 4. I960—June 15.. Dec. 31.. 1961—Apr. 12.. 12,518 5,890 35,002 5,596 36,324 10,199 61,511 30,257 64,082 33,766 65,427 16,074 67,890 36,981 68,505 37,267 1,676 1,484 3,096 8,080 8.498 9,212 9.499 9,577 Nonmember:3 1947_Dec. 31.. 1958—Dec. 31.. 1959—Dec. 314. I960—June 15.. Dec. 31.. 18,454 30,327 32.419 32,498 33,910 1941—Dec. 31.. 1945—Dec. 31.. 1947__Dec. 31.. 1958—Dec. 31.. 1959—Dec. 31 4. I960—June 15.. Dec. 31.. 1961—Apr. 12.. 5,432 14,165 16,068 16,972 17,719 830 2,832 3,018 2,602 3,284 2,460 ,220 115 9,393 5,723 ,829 719 25,255:., -,698 ,850 819 7,118 28,060 24,,166 ,739 2,365 7,063 28,353:25,523 ,833 966 1,"106' 28,713 26,396 ,850 1,970 5, 760 28,770 26,820 32 412 169 26 2,453 1,172 93 545 267 503 ,652 382 531 1,788 ,740 403 71,463 366 1,050 1,886 399 500 1,799 10 V 1,574 1 ,J /t 508 1,348 6 1,179 372 52 233 87 97 124 123 134 131 10 33 93 67 184 114 194 427 1,503 170 484 518 851 580 776 511 713 719 739 553 712 4 17 15 191 235 924 351 930 48 211 73 266 268 187 322 218 300 205 225 669 765 805 887 946 2,368 2,321 2,465 2,589 2,714 20 42 23 294 298 308 508 359 183 471 227 268 284 286 293 367 1,205 614 2,981 1,921 3,348 1,902 3,571 2,066 3,838 2,167 20 102 133 134 161 156 230 263 251 269 588 581 564 479 22 36 46 161 183 183 196 193 3,369 3,184 3,216 2,650 1,527 1,459 3,147 8,405 9,251 9,036 9,005 9,106 2 1,823 4 1,881 5 3,827 6 10,806 11 1,056 11,816 242 1,085 12,220 29 1,147 12.449 307 950 12.561 1 All commercial banks in the United States. These figures exclude data for banks in U. S. possessions except for member banks. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks (two beginning with June 1960) 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 classi- 123 80 111 641 936 870 868 856 947 69,221 2,193 3, 437 66;376 6,294 2,784 58,937 6,300 2,747 54 54,913 3,593 2,901 6\,0038,072 3,210 60 ,130 6,870 3,007 15,561 14,271 44,807 ",295 4,815 45 11,117 32 ,396 11,604 28 ,785 ,463 11, 15,072 25 ,335 25,502 15,933 522 7,265 311 1,623 5,331 729 287 272 17,574 477 3,433 3,325 10,339 606 564 238 11,972 1,002 558 9.772 640 638 ,502 921 7,486 643 1,106 1,602 4,135 1,869 ,739 833 5,002 639 227 1,277 2,859 1,833 ,821 795 5,384 681 369 1,546 2,788 1,722 ,930 940 6,980 1 ,422 578 1,708 3,272 1,964 ,950 1,190 6,419 804 515 1,676 3,424 2,497 95 51 149 357 435 396 421 586 40 26 210 148 211 197 206 1,430 4,213 2,890 2,562 1,985 1,664 1,882 1,569 256 133 1,467 132 235 232 361 108 78 46 42 132 37 154 20 153 749 248 522 467 480 663 537 1,022 1,864 2,274 1,446 1,332 1,096 1,050 857 1, 508 6,467 295 751 5,421 855 387 29,552 ,034 6,982 5,653 15,883 1,969 351 20,196 373 2,358 1,901 15,563 6,930 1,301 20,645 12,484 .- 1,293 2,370 4,497 12 8,211 645 4,109 11,054 980 17,292 1,484 8,430 0,086 892 14,921 464 365 4,006 10 8,721 ,031 794 5,461 9,111 909 9,030 1,747 566 6.086 9,064 17.462 959 182 181 213 491 562 564 607 693 830 629 604 446 335 319 317 308 193 204 185 140 133 93 76 77 956 820 1,126 916 1,342 ,053 4,864 1,047 4,830 813 4,623 672 4,817 738 5,052 661 1,528 4,377 110 481 3,787 1,222 ,028 707 359 26,999 630 5,102 4,544 16 6,722 1,342 ,067 1,979 224 22 ",857 480 2,583 2,108 17,687 2,006 ,262 8,239 779 ,475 4,495 14,330 2,306 6,181 ,467 779 23; 606 2 643 22,535 2,381 9,491 863 5,751 13,540 6,452 ,330 10,286 21,""" ',329 652 21,556 1 807 5,928 13,493 6,565 ,232 10,550 647 22,848 22, 888 7,240 11,903 6,752 \3O8 647 2,817 648 22.882 2 ,511 10,540 580 7,635 12,156 7,042 ,315 2,266 1,061 5,256 3,671 317 5,888 4,289 327 6,053 4,591 379 6,205 4,774 11,318 206 1,973 1,219 7,920 1,078 12,088 ,651 1,255 2,280 6,901 3,102 12,134 ,689 608 3,254 6,584 3,283 11,395 ,073 627 3,265 6,429 3,317 207 11,904 1,670 624 3,941 5,668 3,431 109 226 181 197 625 971 934 814 857 fications of cities and individual banks, and by mergers, etc. 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. For other notes see opposite page. 943 COMMERCIAL BANKS RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Class of commercial bank and call date Reserves DeBalmand with Cash ances dewith Federal doposits Revault mestic adserve banks* justed"' Banks Total :3 1947_Dec. 1958—Dec. 1959—Dec. I960—June 17,796 18,427 17,931 17,917 2,216 3,249 3,012 3,252 Dec. 3 1 . . . . 16,720 3,346 1961—Apr. 1 2 . . . . 16,190 3,560 31.... 31.... 31.... 15.... All insured: 1941_Dec. 1945—Dec. 1947—Dec. 1958—Dec. 1959—Dec. i960—June Dec. 1961_Apr. 31.... 31.... 31.... 31.... 31.... 15.... 31.... 12.... Member, total: 1941—Dec. 3 1 . . . . 1945—Dec. 3 1 . . . . 1947—Dec. 3 1 . . . . 1958—Dec. 3 1 . . . . 1959—Dec. 3 1 . . . . 1960—June 1 5 . . . . Dec. 3 1 . . . . 1961—Apr. 1 2 . . . . New York City.-s 1941 Dec. 3 1 . . 1945—Dec. 31...'! 1947_Dec. 3 1 . . . . 1958—Dec. 3 1 . . . . 1959—Dec. 3 1 . . . . I960—June 15 Dec. 3 1 . . . . 1961—Apr. 1 2 . . . . Chicago: 5 1941 Dec. 1945—Dec. 1947_Dec. 1958—Dec. 1959—Dec. I960—June Dec. 1961_Apr. 31 31.!. 31 31.... 31.... 15.... 31.... 12.... Reserve city: 1941_Dec. 1945_Dec. 1947—Dec. 1958—Dec. 1959—Dec. 1960—June Dec. 1961_Apr. 12,396 15,810 17,796 18,427 17,931 1,358 1,829 2,145 3,227 2,990 17,917 3,232 16,720 3,326 16,188 3,539 12,396 1,087 15,811 1,438 17,797 1,672 18,428 2,441 17,932 2,222 17,918 2,427 16,720 2,518 16,188 2,708 5 105 4^015 4,639 4,454 3,908 4,054 3,398 3,612 1,021 *942 1,070 1,058 920 995 899 895 4,060 31 31.... 31.... 31.... 31.... 15.... 31.... 12.... 7,095 7,472 7,532 7,482 7,354 6,986 1941 —Dec. 1945—Dec. 1947_Dec. 1958—Dec. 1959—Dec. I960—June Dec. 1961—Apr. 31.... 31 31.... 31.... 31.... 15.... 31.... 12.... 2,210 4,527 4,993 5,444 5,573 5,388 5,070 4,695 Nonmember: 3 1947_Dec 1958—Dec. 1959—Dec. I960—June Dec. 31 31 31 15 31,,. Country: 6,326 93 111 151 161 151 144 199 202 10,216 12,609 12,237 10,999 13,681 11,590 Interbank deposits Domestic6 ]For- eign 87,123 11,362 1,430 1,343 84,987 115,132 116,225 110,429 117,103 113,210 2,372 1,441 1,446 1,799 1,077 2,585 2,559 4,001 3,866 3,655 4,564 3,443 36,544 72,593 83,723 158 70 54 4,241 3,677 5,098 6,692 10,841 11,372 10,648 11,582 10,933 1,709 22,179 1,176 3,822 4,504 5,745 5,287 941 1,909 3,066 4,240 5,504 8,603 8,915 8,304 9,016 8,442 1,009 2,450 2,401 3,712 3,542 3,366 4,244 3,175 115,120 15,453 1,627 5,945 11,674 115,470 13,290 ,000 2,310 11,020 1,248 1,379 1,629 1,675 1,400 1,582 673 5,037 6,396 5,932 956 2,302 671 6,246 7,117 6,270 7,977 7,532 6,913 8,582 7,095 33,754 64,184 73,528 96,218 95,274 91,042 94,594 95,377 9,714 12,333 10,978 13,614 13,389 11,980 14,875 12,767 1,243 1,375 1,613 1,659 1,387 1,561 141 78 70 92 10 761 15,065 16,653 3 595 3,535 3,236 3,519 3,462 3,149 4,105 3,192 1,105 1,217 1,267 1,303 1,060 1,184 I 027 ,292 1,196 1,314 1,187 1,193 1,327 1,216 8 20 21 43 43 40 53 37 16,170 607 678 43 36 30 36 33 28 33 31 298 200 142 109 171 88 3,153 3,737 4,271 4,171 3,678 3,968 3,871 425 494 562 768 681 740 753 851 2,590 2,174 2,125 2,670 2,381 2,229 2,610 2,074 11,117 22,372 25,714 35,505 35,095 32,873 34,357 34,393 4,302 6,307 5,497 7,217 7,162 6,354 7,688 6,884 54 110 131 289 288 272 301 207 526 796 929 9,661 23,595 27,424 40,272 40,514 39,159 40,917 40,507 790 1,476 1,357 1,515 1,534 1,624 3,216 4,665 3,900 5,030 4,870 4,488 5,655 4,815 1,199 ,049 1,565 1,578 ,285 ,755 ,475 2 8 7 13 24 14 23 20 544 808 790 826 828 3,947 4,633 4,706 4,087 5,099 13,595 19,300 20,146 18,983 20,525 385 528 555 504 578 5s 43 46 49 65 2,215 1,762 23,740 1,325 866 6,940 319 237 290 450 240 410 114,372 2,209 115,482 1,358 109,788 1,324 116,388 1,667 280 112,516 34,383 65 10,059 73 18,486 59,590 62,718 615 19,556 63,290 2,590 20,331 66,836 163 20,986 71,250 1,650 21,530 59 103 15,146 10 6,844 29,277 215 8,671 33,946 61 9,734 67 18,154 59,329 62,478 602 19,206 63,061 2,573 19,978 66,605 149 20,628 70,904 1,639 21,154 111 327 285 259 262 276 253 2,829 2,383 2,768 3,559 4,008 6 11,282 17 15,712 12 17,646 18,835 1,739 988 18,573 992 17,754 19,051 1,216 145 17,937 10 12 36 24 24 27 33 29 20 14 100 65 95 203 226 778 1 648 1,206 195 2; 120 30 2,259 1,418 3,345 3,282 3,359 "232 3,361 3,360 980 3,430 3,976 3,554 5,649 **842 3,597 9 7 12 8 7 8 243 160 332 2,187 1,338 1,305 1,639 310 294 305 278 127 233 237 285 302 329 283 298 211 34 66 63 88 105 85 102 85 2 152 3,160 3,853 4,746 4,636 4,301 4,499 4,382 34 23 43 61 8 2 7 8 4 2 2 1,144 1,763 2,282 3,153 3,304 2,803 3,329 3,111 286 611 705 11,127 22,281 26,003 38,054 38,321 36,156 37,986 36,768 104 30 22 377 303 245 326 61 20 38 45 124 95 80 85 98 30 17 17 36 24 26 37 39 31 52 45 132 132 127 122 117 190 185 103 141 6 27 26 25 25 266 1,552 72 249 272 335 327 87 491 8,221 405 1,429 1,698 2,319 1,960 679 1,052 1,043 801 953 839 1,032 877 1,370 2,004 2,647 4,819 4,972 4,923 5,083 4,842 857 631 713 607 8,500 21,797 25,203 36,498 37,003 35,686 37,598 36,793 167 428 545 669 657 1,295 2,325 2,544 2,449 2,658 180 331 369 335 357 12,284 16,999 17,692 16,53^ 17,970 225 5,465 432 1,175 1,508 1,951 1,783 239 435 528 3,512 3,095 3,555 4,481 4,946 4 5,886 11,878 23,712 208 7,589 54 8,464 27,542 54 15,460 48,004 50,185 581 16,264 50,534 2,503 16,829 53,477 130 17,398 57,750 1,610 17,857 1,027 1,140 1,217 329 492 496 826 50 99 105 300 259 234 237 250 33,061 62,950 72,704 98,133 98,532 93,896 99,134 95,880 140 64 50 IndiCapividuals, Bor- tal partner- row- acships, ings counts and corporations 111 866 327 3,576 3,166 3,616 4,544 5,040 285 259 262 280 1,338 1,105 1,540 1,536 1,849 2,476 1,644 267 968 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 For a discussion of revision in loan schedule, see the BULLETIN for January I960. p. 12. 5 Central reserve city banks. * Beginning with June 30, 1942, excludes reciprocal bank balances, 6,799 2,581 4,043 3,910 3,701 4,602 3,480 8,570 37,845 9,823 11,075 74,722 12,566 9,736 85,751 11,236 12,353 114,645 14,025 11,969 114,563 13,825 10,737 109,249 12,356 13,409 114,292 15,339 11,346 114,520 13,182 175 185 CertiIndiU.S. States States fied viduals, Govt and and partnerU. S. political offiInterand politships, bank postal Govt. subdi- cers' and ical corvisions checks, poraings visions etc. tions 115,518 14,142 1,657 4,250 10,928 115,420 13,944 1,705 5,050 11,459 110,025 12,484 1,436 6,414 10,753 138 15,494 87 15,332 147 15,352 118 16,606 Time deposits 160 418 399 693 476 719 902 288 377 426 1,423 1,449 1,401 1,521 1,794 3 40 333 35 42 4,542 9,563 11,045 19,480 20,231 19,484 20,652 22,016 2 1 14 238 870 73 642 1 967 2,566 2,844 5,760 6,106 6,181 6,423 6,592 1,250 1,077 1,290 1,562 1,736 6,082 12,224 14,177 23,755 25,146 26,289 27,327 28,291 4 11 23 37 71 320 23 84 1,982 2,525 2,934 5,685 6,035 6,453 6,599 6,838 172 747 783 848 985 6,858 11,613 12,560 12 775 13,378 12 20 34 87 33 1,596 3^027 3^294 3 504 3^90 1,471 1,229 1,375 1,787 2,038 146 219 337 733 762 765 822 830 which on Dec. 31, 1942, aggregated $513 million at all member banks and $525 million at all insured commercial banks. 7 Through 1960, demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection; beginning with 1961, demand deposits other than domestic commercial interbank and U.S. Government, less cash items reported as in process of collection. For other notes see opposite page. 944 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Total loans and invest-1 ments Wednesday Loans and investadjusted 2 To brokers and dealers ComLoans cial adand justed 2 industrial Agricultural To financial institutions To others Nonbank institutions Banks U.S. U.S. Govt. Other Govt. Other seForseob- curiobligaliga- curi- eign tions ties tions ties PerDosonal mesand tic sales comfiOther mer- nance cial companies etc. Real estate All other loans Valuation reserves Total— Leading Cities 1961 Apr 26 112,618 111,059 69,801 31,735 1 ,156 609 1,788 May 31 112,872 112,698 113,820 113,308 113,444 111,606 111,272 112,822 111,927 112,147 70,153 31,905 1 ,184 70,109 31,803 1 185 70,432 31,883 ,185 69,901 31,586 ,197 69,913 31,460 ,141 614 1.886 594 ,95?. 891 ,973 549 j 9??, 542 1.897 14 21 28 112,912 114,744 115,512 • . 114,343 111,406 113,807 114,190 113,106 69,047 69,848 70,350 70,171 31,161 31,519 31,702 31,769 115,084 113,683 114,304 116,067 113,257 112,402 112,910 115,045 70,361 69,940 69,989 69,835 3 17 24 j u ly 5 19 26 112 1,254 112 1.271 537 1 ,559 3,289 1,588 12,772 16,513 1,552 109 ,?,68 108 ,?85 126 ,310 108 1,326 578 1 3,375 1.585 12,770 16 428 1 555 576 1 ,4?6 3,292 [,603 12,803 16,481 1,557 558 998 3,287 1,618 12,825 16 427 J 558 561 1 .381 3,287 1,639 12,842 16,439 ,557 585 1 ,297 3,382 1,675 12,855 16,504 ,562 103 1,326 ,33? 103 ,340 105 104 1,343 551 564 ,155 163 1,996 2,098 2,036 380 2,061 151 31,615 31,549 161 31,380 ,160 31,320 1 168 475 2,069 336 2,114 793 2,073 720 2,012 106 ,360 614 1 103 106 106 .376 T,364 587 572 582 [,149 ,148 147 360 729 367 558 1 506 3 257 937 3,314 1 ,3?? 3,360 579 1 ,237 3,332 [,663 1,703 [,672 [,693 3 482 1,727 1,730 1,737 .748 1 ' 281 3,253 1 394 3,144 1 *022 3,116 12,832 16 402 12,863 16 420 12,904 16,354 12,896 16,418 12,902 12,923 12,942 12,952 563 563 ,563 ,559 570 16 430 16,387 ,570 570 16 276 16,317 1,570 New York City 1961 310 1,163 20 366 272 84? 1,047 287 758 1.194 L 257 ,??6 20 18 18 17 17 374 378 384 390 402 301 294 292 291 301 758 577 5 313 356 614 368 288 1.114 [,039 1,048 1,056 [ 129 286 300 301 302 309 759 770 775 771 111 10,243 10,417 10,499 10,571 5 5 4 87 254 492 ,294 265 405 409 410 278 274 287 3 1,316 ,345 16 17 18 735 449 347 309 312 313 757 759 775 319 755 10,515 10,468 10,357 10,366 3 316 331 758 3 3 3 195 519 451 ,344 ,364 320 312 309 763 766 760 85,177 84,460 52,348 21,197 ,150 85,444 85,462 86,426 86,016 85,966 84,936 84,613 85,555 85,100 85,185 52,544 52,524 52,562 52,389 52,406 21,274 21,243 21,295 21,161 21,045 ,179 1,180 1,180 ,19? ,136 85,588 86,480 87,179 86,283 84,817 85,992 86,204 85,499 52,072 52,374 52,596 52,485 20,918 21,102 21,203 21,198 86,420 86,091 86,485 87,612 85,511 85,400 85,556 87,065 52,566 52,507 52,408 52,358 21,100 21,081 21,023 20,954 Apr 26 27,441 26,599 17,453 10,538 May 3 10 17 24 31 27,428 27,236 27,394 27,292 27,478 26,670 26,659 27,267 26,827 26,962 17,609 17,585 17,870 17,512 17,507 10,631 10,560 10,588 10,425 10,415 June 7 14 21 28 27,324 28,264 28,333 28,060 26,589 27,815 27,986 27,607 16,975 17,474 17,754 17,686 5 12 19 26 28,664 27,592 27,819 28,455 27,746 27,002 27,354 27,980 17,795 17,433 17,581 17,477 Apr 26 May July . . 6 5 5 238 465 3,114 3,044 3 040 3,051 3,057 3 061 428 432 432 432 432 435 19 414 299 453 [ 031 [,099 [ 111 1,110 20 417 323 918 1,186 .311 351 20 20 20 419 423 419 302 295 297 590 465 475 299 625 92 888 265 717 2,242 1,301 301 238 277 181 254 692 695 697 660 659 92 91 90 109 91 897 890 901 920 924 277 282 266 270 284 508 2,261 1.299 12,011 13 384 I 113 849 2,253 1,303 12,033 13,441 1,125 871 2 239 1,317 12,050 13 376 I 126 175 2,231 1,337 12,071 13 382 781 2,253 1,366 12,078 13,443 1,144 1,143 [,143 ,152 76 106 237 115 702 702 720 716 87 86 87 85 921 923 930 929 280 277 277 280 771 488 975 784 2,226 1,354 12,075 13,417 1,128 2,215 1,391 12,104 13,454 ,129 2,249 1,359 12,129 13 391 2,222 1,374 12,141 13,399 l!l26 ,148 ,158 ,157 ,165 159 141 274 269 725 750 722 701 86 83 86 86 943 948 953 945 291 285 277 285 909 691 929 547 2,296 2-245 2 168 2,146 396 008 976 970 2 985 2,966 2 963 3,019 435 434 434 3,018 3 007 2 995 3 008 436 433 436 436 437 Outside New York City 1961 June July 3 10 17 . 24 31 7 14 21 28 5 12 . . . . . 19 26 1 2 . . After deduction of valuation reserves. Exclusive of loans to domestic commercial banks and after deduction of valuation reserves; individual loan items are shown gross. 1,396 I 410 1,425 I 439 12,014 13,399 1,124 12,144 12 160 12,176 12,192 13,412 ,134 13 380 I 134 13,281 1,134 13,309 [ 133 NOTE.—Figures reflect new coverage; for description of changes in the series, see BULLETIN for June 1961, p. 654. 945 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— Other securities Total Within 1 to After 1 year 5 years 5 years Balances with domestic banks Balances with foreign banks Currency and coin Reserves with F.R. Banks All other assets Total assets— Total liabilities and capital accounts Total— Leading Cities 1961 Apr. 26 30,340 3,580 1,307 4,413 16,141 4,899 10,918 16,243 2,933 122 1,398 11,790 4,284 144,897 May 3 10 17 24 31 30 590 30,290 31 438 31,188 31,397 3,728 3,379 3 447 3,259 3,461 1 410 1,485 2 203 2,257 2,292 4 472 4,512 4 973 4,996 5,108 16 103 16,071 16 168 16,089 16,033 4 877 4,843 4 647 4^587 4,503 10 863 10,873 10 952 10,838 10,837 16,856 16,663 17,192 16,565 16,637 3,095 2,765 2,961 2,639 2,958 156 133 117 129 113 1,278 1.347 ,354 ,393 ,395 12,327 12,418 12,760 12,404 12,171 4,319 4,288 4,125 4,192 4,339 145,782 145,102 147,927 144,680 146,569 June 7 14 21.. 28 . . 31,431 33,124 32 935 31,976 3,494 5,177 4 894 3,923 2,302 2,330 2 379 2,386 5,180 5,164 6 163 6,223 15,941 15,945 14 983 14,948 4,514 4,508 4 516 4,496 10,928 10,835 10 905 10,959 16,334 17,279 16,792 16,988 2,702 3,373 2,834 3,172 112 114 129 120 ,320 ,423 ,394 ,469 12,200 12,369 12,435 12,227 4,277 4,227 4,226 4,303 144,489 149,890 148,139 146,974 31.974 U 456 31.899 34,103 3,959 3 522 3,856 6,138 2,386 2 418 2,553 2,547 6,264 6 256 6,278 6,299 14.927 14 855 14,802 14,726 4 4^8 4 405 4,410 4,393 10 922 11 006 11,022 11,107 16,852 17,099 16,617 16,973 3,064 3,149 2,934 3,032 111 . . . 128 133 306 ,494 ,399 .429 12,371 12,333 12,156 12,379 4,331 4,334 4,343 4,510 149,051 148 384 147,762 148,582 6,453 975 550 800 3,297 831 2,693 3,590 82 64 192 3,252 1,883 37,346 6 495 6 599 6,911 6 855 6,994 915 3 286 3,276 3,245 3 220 3,236 832 3,723 3,884 4,254 3,921 3,652 71 175 73 70 793 798 787 2 566 2 475 2,486 2 460 2,461 90 1,034 935 1,005 826 636 843 704 755 1,084 803 1,099 831 [,135 96 70 67 53 65 49 176 187 184 3,387 3,551 3,929 3,599 3,352 1,856 1.837 ,765 ,828 ,889 37 024 37,225 37,890 36,886 37,469 28 7,091 7,837 7,693 7,364 1,095 1,831 1,665 1,344 833 [,140 852 [,106 875 ,440 869 ,446 3,233 3,256 2,927 2,918 790 792 786 787 2,523 2,504 2,539 2,557 3,602 4,001 3,897 3,986 52 116 71 107 49 51 65 57 188 188 186 193 3,313 3,646 3,575 3,629 ,851 ,816 ,821 ,858 36,561 39,135 38,045 38,114 5 12!.: 19 . . . 26 7 420 7,074 7 286 7,963 1 419 1,054 1 160 1,876 870 476 884 1,474 458 994 984 .473 2 869 2,871 2 878 2 845 786 791 796 3,503 3,947 3,845 3,920 62 88 73 48 57 63 194 191 181 785 2 531 2,495 2 487 2 540 70 58 181 3,199 3,611 3.528 3,611 ,860 ,882 .903 2,045 38 356 37,884 38 113 38,262 Apr. 26 23,887 2,605 757 3,613 12,844 4,068 8,225 12,653 2,851 58 1,206 8,538 2,401 107,551 May 24,095 23,691 24 527 24,333 24,403 2,813 2,440 2 413 2,324 2 456 774 781 1 448 1,454 1 461 3,646 3,669 3,889 3,897 3,973 12,817 12,795 12 923 12,869 12 797 4,045 4,006 3 854 3,789 3 716 8,297 8,398 8 466 8,378 8 376 13,133 12,779 12,938 12,644 12,985 3,005 2,692 2,865 2,569 2,891 85 63 64 64 64 1.103 ,157 1,178 1,206 ?11 8,940 8,867 8,831 8,805 8,819 2,463 2,451 2,360 2,364 2,450 108,758 107,877 110,037 107,794 109,100 2,399 3,346 3 229 2,579 1,469 1,478 1 504 1,517 4,040 4,058 4 723 4,777 12,708 12 689 12 056 12,030 3,724 3 716 3 730 3,709 8,405 8,331 8 366 8,402 12,732 13,278 12 895 13,002 2,650 3,257 2,763 3,065 63 63 28 24,340 25,287 25 242 24,612 63 1,132 ?35 1.208 1,276 8,887 8,723 8,860 8,598 2,426 2,411 2,405 2,445 107,928 110,755 110,094 108,860 5 12 19 26 24,554 24 382 24,613 26,140 2,540 2,468 2,696 4,262 1,516 1,534 1,559 1,563 4.788 4782 4,820 4,826 12,058 11,984 11,924 11,881 3,652 3 614 3,614 3,608 8,391 8,511 8,535 8,567 13,349 13,152 12,772 13,053 3,002 3,061 2,861 2,962 63 66 65 75 ,112 303 1,218 248 9,172 8,722 8,628 8,768 2,471 2,452 2,440 2,465 110,695 110,500 109,649 110,320 July 5 12 19 26 123 New York City 1961 Apr. 26 May June 3 10 17 24 31 . . 7 14 21 JulvY 939 837 190 Outside New York City 1961 3 10 17 24 31 June . . 7 14 21 Julvy :* NOTE.—Figures revised to reflect new coverage. For explanation see BULLETIN for June 1961, p. 654. 64 946 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES - Continued [In millions of dollars] Deposits Borrowings Demand Wednesday Total unadjusted i Time Demand IndiStates viduals, and departner- polit- For- U. S. posits ical ad- Total 3 ships, and sub- eign * Gov't. justed2 corpo- divirations sions Other time Domestic com- Totals mercial banks Savings Indi- States viduals, and partner- polit- For4 ships, ical and sub- eign corpo- divirations sions Other Capital From From liabil- acF. R. others ities counts Banks TotalLeading Cities: 1961 125,621 64,064 87,446 1,076 10,554 38,175 '27,819 '5,480 2,723 ,864 62 ,550 62 ,246 61 ,313 61 ,876 62 ,120 88,229 86,840 89,331 86,041 88,056 63,869 63,490 63,926 62,651 64,168 5,572 5,186 5,138 5,223 5,490 1,512 2, 854 11,090 38,538 1,612 2,244 10,897 38,768 1,625 3 ~994 ~ ' 11,234 38,874 446 10,104 39,066 1,562 1,564 2^982 10J805 39,191 '27,902 '27,994 '28,066 r 28,131 '28,202 '5,699 '5,790 '5,805 '5,871 '5,939 2,775 2,797 2,803 2,839 2,837 ,868 ,890 ,894 ,920 ,913 124, 919 62,210 131, 072 63,433 128, 916 62,600 127, 967 62,156 85,628 91,610 89,480 88,255 63,391 66,811 64,512 63,750 5,210 1,523 1,565 10,887 39,291 4,891 1,592 2,788 11, 749 39,462 4,737 1,712 4,750 10,521 39,436 ",925 39,712 4,932 1,626 3,834 10 '28,408 '28,449 '28,509 '28,627 '5,858 '5,974 '5,933 '6,102 2,809 2,822 2,817 2,799 ,908 ,906 ,866 ,874 129,530 61,155 129,305 61,892 128,320 62 '",509 129,598 63,398 89,698 89,346 88,203 89,382 63,866 65,451 65,212 64,692 5,015 4,716 4,516 4,822 1,598 4,015 11,744 39,832 1,615 2,089 125097{39,959 1,621 1,790 11,406.40,117 1,669 4,164 10,788 40,216 28,714 28,763 28,805 28 823 6,133 6,194 6,281 6,343 2,789 2,803 2,793 2,794 ,883 ,920 ,937 Apr. 26 30,474 17,064 24,501 17,667 280 1,206 202 2,803 5,973 2,526 1,658 May 30,357 16,553 30,154 16,121 30,649 16,019 29,116 16,167 30,707 16,055 24,258 23,979 24,469 23,530 24,412 16,903 16,693 16,796 16,635 17,197 785 2,903 6,099 469 1,146 612 2,978 6,175 265 ',242 282 ,257 1,020 2,953 6,180 841 2,677 6,246 268 ,205 756 3,151 6,295 274 ,204 2,540 2,555 2,564 2,573 2,582 ,756 ,803 ,797 ,822 ,876 239 239 240 253 246 ,444 ,455 ,451 ,471 ,465 398 2,799 .165 759 3,226 ,240 ,284 1,311 2,724 ,217 1,083 3,142 6,320 6,411 6,407 6,520 2.590 2.601 2,608 2,632 ,878 ,942 .937 2,027 259 272 270 259 ,463 ,461 ,455 ,466 3,297 3,243 3,136 3,049 6,527 6,582 6,688 6,714 2,639 2,658 2,667 2,672 2,019 2,051 2,129 2,132 257 ,474 256 ,478 245 1,505 249 1,519 Apr. 2 6 . . . . May 3.... 10.... 17..., 24..., 31.... June 7 14.... 21.... 28..., JuIy i 5... 19... 26... 126,767 125,608 128,205 125,107 127,,247 65,418 5,229 1,600 ,8811 11 1,674 5,198 12,393 25 192 715 176 46 1,277 1,626 1,277 1,607 1,426 5,261 5,214 5,268 5,329 5,341 12,452 12,462 12,462 12,461 12,509 27 1,705 5,335 12,503 17 882 5,428 12,491 44 1,507 5,188 12,484 20 1,221 5,244 12,522 1,885 1,467 141 1,608 11 1 ,078 5,061 12,550 5,051 12,552 5,168 12,525 5,352 12,543 New York City 1961 3 10 17 24 31 June 7 21 28 29.630 32,444 31,103 31,361 16,329 16,994 16,667 16,406 23,310 26,033 24,696 24,841 16.886 18,098 17,170 17,198 250 258 247 220 5 12 19 26 31,282 15,917 30.911 16,046 31,060 16,202 31,407 16,610 24,755 24,329 24,372 24,693 16,719 16,921 16,881 16,901 272 ,210 1,212 577 338 ,197 488 293 1,222 277 1,243 1,192 14 July 237 1,434 593 2,716 3,563 127 230 58 75 327 644 732 712 396 2,751 2,708 2,685 2,756 2,766 3,589 3,592 3,594 3,584 3,600 563 261 660 457 2.782 2,842 2,696 2,715 3,586 3,588 3,586 3,581 797 688 689 394 2,676 2,681 2,684 2,863 3,601 3,604 3,605 3,598 Outside New York City 1961 Apr. 2 6 . . . 95,147 47,000 62,945 May 3... 10... 17... 24... 31... 96,410 45,997 95.454 46,125 97,556 45,294 95,331 45,709 96,540 46,065 63,971 62,86! 64.862 62,511 63,644 June 7... 14... 21... 28... 95,289 98,628 97,813 96,606 45,881 46.439 45,933 45,750 July 5... 12... 19... 26... 98,248 45,238 98,394 45,846! 97,260 46,307 98,191 46,788 r 874 7,751 32,202 25,293 47,751 4,949 394 '3,822 2,486 430 46,966 46,797 47.130 46,016 46,971 5,103 4,921 4,856 4.955 5,216 366 370 36R 357 360 2,069 1,632 2,974 2,605 2,226 8,187 32,439 7,919 32,593 8,281 32,694 7,427 32,820 7,654 32,896 r 25,362 r 25,439 r 25,502 r 25,558 r 25,620 '3,943 '3,987 '4,008 '4,049 '4,063 2,536 2,558 2,563 2,586 2,591 424 435 443 449 448 62,318 65,577 64,784 63,414 46,505 48,713 47,342 46,552 4,960 4,633 4,490 4,712 358 352 428 409 1,167 2,029 3,439 2,751 8,088 32,971 8,523 33,051 7,797 33,029 7,783 33,192 '•25,818 '25,848 r 25,901 r 25,995 '3,980 '4,032 '3,996 '4,075 2,550 2,550 2,547 2,540 445 445 411 408 27 1,142 2,553 8,917 621 2,586 8,903 17 847 2,492 8,898 44 764 2,529 8,941 20 64,943 65,017 63,831 64,689j 47,147 48,530 48,331 47,791 4,743 4,378 4,223 4,545 388 418 399 426 2,803 1,512 1,302 2,972 8,447 8,854 8,270 7,739 33,305 26,075 33,377 26,105 33,429'26,138 33,502 26,151 4,114 4,143 4,152 4,211 2,532 2,547 2,548 2,545 407 405 415 418 25 1,088 2,385 8,949 9 779 2,370 8,948 919 2,484 8,920 66 684 2,489 8,945 11 ' Revised. Total demand and total time deposits. Beginning with Apr. 26, 1961, based on demand deposits other than domestic commercial interbank and U. S. Government, less cash items reported as in process of collection. 3 Includes certified and officers' checks and deposits of mutual savings banks, not shown separately. 1 2 11 1,081 2,482 8,830 950 25 982 65 545 485 895 118 46 1,030 2,510 2,506 2,583 2,573 2,575 8,863 8,870 8,868 8,877 8,909 4 Comprises deposits of foreign governments and official institutions, central banks, international institutions, banks in foreign countries, and foreign branches of U. S. banks other than reporting bank. $ Includes U. S. Government, postal savings, domestic commercial interbank, and mutual savings banks, not shown separately. NOTE.—Figures reflect new coverage; for description of changes in the series, see BULLETIN for June 1961, p. 654. 947 BUSINESS LOANS OF BANKS CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net increase, or decrease (—). In millions of dollars] Manufacturing and mining Other Trade (wholesale and retail) Commodity dealers Public utilities (incl. transportation) -52 58 354 -29 372 -28 -677 507 -48 61 PetroFood, Textiles, Metals leum, and liquor, apparel, metal coal, and chemical, and prod-3 tobacco leather and ucts rubber Period 2 1960—Jan.-June July-Dec 1961—Jan.-June 1961—May June Construction -558 579 273 -215 1,062 -665 -498 177 -100 81 249 -175 -325 -330 96 35 53 -73 -13 -108 9 32 -4 -65 68 -242 -54 -4 -51 19 131 -25 46 -16 -28 -104 -69 51 -106 27 -50 62 12 16 13 -63 47 -68 -2 18 9 20 -27 -11 28 -20 -22 -30 -22 5 1 -22 -32 -6 16 —7 6 -7 10 29 26 11 -17 -3 -4 -41 -16 -20 -23 13 -24 -18 -51 -26 -54 20 70 -50 -4 26 14 -3 -112 59 19 101 -23 28 -1 -8 8 37 23 63 -17 15 8 -23 -47 -5 -27 10 -1 -46 -30 -40 12 -10 -87 -23 -85 -47 -52 12 -28 18 -10 7 -3 4 -3 -26 13 30 -36 72 24 -33 2 -60 -22 34 All other types of business Comm'l and ind'l Net changes change— all classi- weekly fied reporting banks 4 1,186 305 155 310 977 615 406 -463 -387 -18 126 15 -284 292 -425 -275 309 -449 7 16 16 8 15 -4 16 -1 -12 -19 122 -87 21 -254 170 -102 1 16 21 -27 7 64 29 25 -276 333 181 55 -299 358 183 67 -14 17 12 2 1 -4 23 -6 -155 -77 -130 -63 -154 -66 -169 -60 July Week ending— 1961—May 3 10 17 24 June 31 7 14 21 Wy 28 A c 19 26 1 Data for sample of about 200 banks reporting changes in their larger loans; these banks hold about 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. -22 6 4 80 -297 -126 2 3 Figures for periods other than weekly are based on weekly changes Includes machinery and transportation equipment. 4 Revised to reflect new coverage; see BULLETIN for June 1961, p. 654. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages. Per cent per annum] Size of loan (thousands of dollars) Area and period All loans 10 10100 100200 200 and over Annual averages, 19 large cities: 1952 1953 1954 1955 1956 1957 1958 1959 I960 3.5 4.2 3.7 3.3 3.6 3.7 5.0 5.0 5.0 4.4 4 3 4.4 3.9 3 9 4.0 3.5 3.4 3.5 4.2 4.6 4.3 5.0 5.2 5.2 5.5 5.5 5.8 6.0 4.8 5.1 5.0 5.5 5 7 4.4 4.8 4.6 5.2 5.4 4.0 4.5 4.1 4.9 5.0 5.35 4.97 4.99 4.97 4.97 6.00 5.94 5.90 5.89 5.89 5.76 5.58 5.56 5.53 5.53 5.53 5.21 5.21 5.20 5.18 5.22 4.78 4.82 4.80 4.80 3 7 . . . . 4.9 Quarterly: 2 19 large cities: I960 June Sept Dec 1961 Mar June . . ... . 1 For description see the BULLETIN for March 1949, pp. 228-37. Based on new loans and renewals for first 15 days of month. NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953. Changes thereafter occurred on the following dates (new levels shown, in 2 Size of loan (thousands of dollars) Area All period loans 110 10100 100200 200 and over 1961—Mar June 5.19 4.74 4.77 4.75 4.75 5.81 5.73 5.73 5.67 5.63 5.64 5.45 5.42 5.40 5.39 5.42 5.00 4.99 5.03 5.06 5.10 4.62 4.66 4.64 4.63 7 Northern and Eastern cities: I960—June Sept Dec 1961—Mar June 5.34 4.96 4.97 4.96 4.95 5.94 5.90 5.86 5.85 5.84 5.72 5.54 5.52 5.49 5.45 5.52 5.21 5.19 5.20 5.15 5.24 4.81 4.83 4.82 4.82 11 Southern and Western cities: I960—June Sept . . . . Dec 1961—Mar . . June 5.58 5.32 5.33 5.29 5.31 6.10 6.04 6.00 5.99 6.02 5.84 5.68 5.65 5.62 5.65 5.61 5.34 5.36 5.31 5.29 5.41 5.10 5.12 5.09 5.10 Quarterly (cont.) :2 New York City: I960—June Sept Dec per cent): 1953—Apr. 27, 3*4; 1954—Mar. 17, 3; 1955—Aug. 4, 3*4; Oct. 14, 3Vi; 1956—Apr. 13, 3 ^ ; Aug. 21, 4; 1957—Aug. 6, 4 ^ ; 1958— Jan. 22, 4; Apr. 21, 3 % ; Sept. 11, 4; 1959—May 18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4i/ 2 . 948 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Prime commercial paper, 4- to 6months 1 Finance company paper placed directly, 3- to 6months 2 Prime bankers' acceptances, 90 days3 1958 average. 1959 average. 1960 average. 2.46 3.97 3.85 2.12 3.82 3.54 1960—July. . Aug... Sept... Oct.. . Nov... Dec.. . 3.39 3.34 3.39 3.30 3.28 3.23 1961—Jan Feb Mar Apr May June July Year, month, or week Week ending— 1961—July 1 15 29 3-month bills 6-month bills 9- to 12-month issues | . Rate on new issue Market yield 2.04 3.49 3.51 1.839 3.405 2.928 1.78 3.37 2.87 2.98 2.94 3.13 3.11 2.91 2.97 3.13 3.04 3.00 3.00 3.00 2.92 2.396 2.286 2.489 2.426 2.384 2.272 3.03 3.03 2.91 2.76 2.91 2.72 2.78 2.65 2.76 2.58 2.50 2.66 2.50 2.86 2.78 2.94 2.84 2.68 2.75 2.75 2.302 2.408 2.420 2.327 2.288 2.359 2.268 2.30 2.30 2.48 2.30 2.37 2.25 2.24 2.42 2.39 2.29 2.29 2.33 2.24 2.78 2.75 2.75 2.68 2.70 2.54 2.50 2.50 2.50 2.50 2.75 2.75 2.75 2.75 2.75 219 2*.305 2.322 -)200 -> 244 2.27 2.31 2.25 2.19 2.22 1 Average of daily offering rates of dealers. Average of daily rates, published by finance companies, for varying maturities in the 90-179 day range. 3 Average of daily prevailing rates. 2 1 3. to 5_ Other-S year issues 6 3.41 2.09 4.11 3.55 2.90 4.33 3.99 2.71 2.59 2.83 2.73 2.66 2.50 3.03 2.82 2.86 2.92 2.87 2.64 3.13 2.89 2.99 3.01 2.99 2.79 3.71 3.50 3.50 3.61 3.68 3.51 2.496 2.601 2.591 2.493 2.436 2.546 2.457 2.47 2.60 2.54 2.47 2.44 2.54 2.45 2.63 2.75 2.76 2.74 2.72 2.80 2.79 2.70 2.84 2.86 2.83 2.82 3.02 2.87 3.53 3.54 3.43 3.39 3.28 3.70 3.69 2.399 2.486 2.512 2.385 2.446 2.45 2 49 2.46 2.39 2.46 2.77 2.80 2.72 2.81 2.83 3.01 2.98 2.88 2.82 2.84 3.71 3.69 3.72 3.66 3.68 Rate on new issue Market yield 3.832 3.247 2.826 2.574 2.803 2.845 2.650 2.530 3.79 3.20 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] Corporate bonds 3 Government bonds Year, month, or week United States (longterm) 2 By selected ratings State and local 3 Stocks 5 Dividend/ price ratio By groups Earnings/ price ratio j Total4 Total 4 Aaa Baa Aaa Baa Industrial Railroad Public utility Preferred Common Common Number of issues . . . 4-9 20 120 30 30 40 40 40 500 500 1958 average 1959 average 1960 average 3.43 4.07 4.01 3.36 3.74 3.69 2.92 3.35 3.26 3.95 4.24 4.22 4.16 4.65 4.73 3.79 4.38 4.41 4.73 5.05 5.19 3.98 4.51 4.59 4.39 4.75 4.92 4.10 4.70 4.69 4.45 4.69 4.75 3.97 3.23 3.46 6.02 5.92 5.87 I960—July Aug.. . . Sept Oct Nov.. . . Dec.. . . 3.86 3.79 3.82 3.91 3.93 3.88 3.73 3.57 3.55 3.64 3.57 3.53 3.31 3.10 3.09 3.20 3.14 3.12 4.26 4.15 4.09 4.16 4.09 4.03 4.74 4.61 4.58 4.63 4.64 4.66 4.41 4.28 4.25 4.30 4.31 4.35 5.22 5.08 5.01 5.11 5.08 5.10 4.61 4.49 4.46 4.50 4.51 4.55 4.90 4.82 4.78 4.84 4.85 4.87 4.71 4.53 4.48 4.56 4.56 4.58 4.70 4.61 4.69 4.75 4.78 4.84 3.49 3.43 3.55 3.60 3.51 3.41 5.70 1961—Jan.... Feb.. . Mar.. . Apr.. . May. . June.. July.. , 3.89 3.81 3.78 3.80 3.73 3.88 3.90 3.56 3.54 3.60 3.61 3.57 3.63 3.63 3.15 3.14 3.23 3.27 3.25 3.35 3.35 4.06 4.06 4.11 4.01 3.95 3.97 3.94 4.65 4.59 4.54 4.56 4.58 4.63 4.70 4.32 4.27 4.22 4.25 4.27 4.33 4.41 5.10 5.07 5.02 5.01 5.01 5.03 5.09 4.52 4.46 4.40 4.45 4.48 4.54 4.59 4.86 4.82 4.78 4.75 4.77 4.83 4.89 4.57 4.51 4.43 4.46 4.49 4.52 4.60 4.73 4.68 4.66 4.67 4.63 4.66 4.69 3.28 3.13 3.93 3.92 3.92 3.88 3.89 3.63 3.64 3.63 3.62 3.61 3.37 3.37 3.36 3.34 3.33 3.94 3.94 3.95 3.93 3.93 4.66 4.67 4.69 4.70 4.71 4.36 4.39 4.41 4.41 4.42 5.05 5.07 5.08 5.09 5.10 4.57 4.59 4.58 4.60 4.60 4.55 4.57 4.59 4.60 4.62 4.69 4.70 4.69 4.67 4.69 3.03 2.98 3.00 3.03 2.97 Week ending— 1961—July 1. 15. 22. 29. c 1 Corrected. » Preliminary. 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; dividends/price ratios for preferred and common stocks, on Wednesday figures. Earnings/price ratios for common stock 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. C 4.84 4.87 4.88 4.91 4.90 3.03 5'. 44' MAX 2.95 2.92 2.99 2 .99 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 for a sample of noncallable issues—12 industrial and 2 public utility. For common stocks, the ratios are based on the 500 stocks in the price index. Quarterly earnings are seasonally adjusted at annual rates. 949 SECURITY MARKETS SECURITY PRICES i Common stock prices Bond prices Year, month, or week Standard and Poor's index (1941-43= 10) CorMupoU.S. Govt. nicipal rate (long- (high- 3 (highterm) 2 grade) grade) '• Total Number of issues. 15 17 Industrial 500 Railroad 425 25 Volume of trad-4 ing (in Trade, thousands fiof nance, Mining shares) and service Securities and Exchange Commission index (1957-59= 100) Manufacturing Public utility Total 50 300 Total Durable Nondurable 193 108 85 Trans- Pubporta- liction utility 18 34 45 10 46.24 49.36 27.05 37.22 93.2 92.5 90.4 94.4 91.0 95.8 95.1 57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 97.9 2,965 95.0 3,242 73.8 3,042 94.8 96.4 96.8 96.0 95.5 95.1 55.84 56.51 54.81 53.73 55.47 56.80 59.25 59.96 57.96 56.90 58.89 60.22 30.19 30.19 28.76 27.77 28.93 29.03 48.02 48.65 48.64 47.34 47.83 49.78 114.5 115.6 112.1 109.1 112.6 115.2 111.2 112.2 107.6 104.9 108.5 110.3 119.0 119.8 114.1 109.4 113.0 114.5 104.0 105.1 101.7 100.8 104.5 106.4 95.7 96.1 91.5 88.0 91.7 92.6 131.0 132.6 134.2 130.5 132.0 138.5 131.0 131.8 127.2 122.8 129.3 132.4 68.6 71.6 70.1 71.8 74.1 78.2 108.1 109.7 108.9 108.1 109.0 106.8 106.7 95.6 96.3 97.0 96.4 96.0 95.0 94.5 59.72 62.17 64.12 65.83 66.50 65.62 65.38 63.20 65.71 67.83 69.64 70.34 69.48 69.09 31.43 32.17 32.93 32.35 33.08 32.41 31.78 52.73 55.64 57.06 59.09 59.59 58.43 59.36 120.9 125.4 129.8 133.0 134.9 132.8 132.7 115.3 119.2 123.9 125.8 127.6 126.0 125. 118.6 121.4 127.8 128.5 130.6 128.0 126.5 112.1 117.3 120.3 123.3 124.9 124.2 123.9 100.3 102.6 104.2 103.4 107.5 105.1 103.3 148.7J 156.0 159.2 168.9 170.0 164.0 166.7! 134.8 139.8 146.7 150.4 153.1 156.0! 158.5 85. 89.0 89.2 93.5 96.6 97.0 93.1 2,694 2,841 2,898 2,592 100 684 4,243 4,884 5,365 5,089 4,617 3,324 3,045 106.4 106.3 106.4 107.1 107.1 94.7 94.7 94.6 94.5 94.2 64.54 65.61 65.37 64.69 65.85 68.32 69.38 69.01 68.33 69.62 31.70 32.48 31.94 31.02 31.67 57.63 59.00 59.73 59.09 59.63 130.7 132.9 131.9 130.9 135.0 123.7 125.4 124.4 123.3 127.6 125.2 126.5 125.4 124.8 129.3 122.3 124.4 123.4 121.9 126.0 103.8 105.5 102.8 100.3 104.4 161.8 165.8 165.5 165.5 170.1 156.4 159.4 158.2 156.9 159.3 95.6\ 95.1! 93.2! 91.6 92.6 2,711 2,991 2,969 2,710 3,472 1958 average. 1959 average. 1960 average. 94.02 85.49 86.22 106.4 100.7 103.9 102.9 95.0 94.7 I960—July.. Aug.. Sept.. Oct.. Nov.. Dec.. 88.12 88.93 88.57 87.50 87.23 87.84 103.9 106.7 106.7 105.9 107.7 108.0 1961—Jan Feb Mar Apr May June July 87.70 88.74 89.07 88.80 89.74 87.83 87.57 Week ending— 1961—July ^ 1 8 15 22 29 87.20 87.39 87.38 87.78 87.76 i 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. 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 5 ^-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit End of month l Totalsecurities other than U. S. Govt. obligations (col. 3 + col. 5) Broker and dealer credit 2 Net debit balances with Bank loans to others (than New York Stock2 Exchange brokers and dealers) for purfirms chasing and carrying securities 3 Money borrowed Secured by U. S. Govt. obligations Secured by other securities U. S. Govt. obligations Other securities On U. S. Govt. obligations On other Customers' net free credit balances 1957—Dec.. 1958—Dec.. 1959—Dec. 3,576 4,537 4,454 68 146 150 2,482 3,285 3,280 60 63 164 1,094 1,252 1,174 125 234 221 1,706 2,071 2,362 1,159 I960—July. Aug.. Sept.. Oct.. Nov.. Dec.. 4,133 4,243 4,282 4,294 4,294 4,406 110 111 122 111 99 95 3,004 3,109 3,137 3,133 3,141 3,222 135 140 147 136 128 134 1,129 1,134 1,145 1,161 1,153 1,184 187 173 177 161 139 142 2,042 2,063 2,143 2,139 2,129 2,133 1,018 1,021 1,059 1,063 1.062 1,135 1961—Jan... Feb... Mar... Apr... May.. June.. Julv... 4,416 4,524 4,775 5,190 5,386 r 5,367 5,355 77 68 55 50 40 51 50 3,253 3,358 3,601 3,936 4,060 r 4,024 3,991 123 127 110 112 108 104 106 1,163 1,166 1,174 1,254 1,326 1,343 1,364 101 94 70 67 58 r 67 71 1,937 1,905 1,927 2,284 2,529 2,748 2,728 1,269 1,392 1,507 1,508 1,453 1,280 1,207 r Revised 1 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 excerrt member firms of national securities exchanges. 2 896 996 3 Figures are for weekly reporting member banks. Prior to July 1959, loans for purchasing or carrying U. S. Government securities were reported separately only by New York and Chicago banks. Accordingly, for that period col. 5 includes any loans for purchasing or carrying such securities at other reporting banks. Composition of series also changed beginning with July 1959; revised data for the new reporting series (but not for the breakdown of loans by purpose) are available back through July 1958 and have been incorporated. 950 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and inance company paper End of year or month Placed Placed directly through dealers 1 (finance paper) 2 Total 1955 1956 1957 1958 1959 I960—June July Aug Sept Oct Nov Dec 1961—Jan Feb Mar Apr Mav June .... Held b y - Total Accepting banks Total Own Bills bills bought 642 967 1,307 1,194 1,151 175 126 227 287 155 194 677 1,510 1,660 2,115 31,904 2,491 4,553 4,749 5,019 4,656 5,184 5,222 4,418 1.115 1,213 ,365 1,361 1,493 1,505 1,358 3,438 3,536 3,654 3,295 3,691 3,717 3,060 5,010 4,968 4,992 '5,001 r 4 848 4,581 1,465 [,479 1,525 ,532 r 478 ,460 3,545 3,489 3,467 3,469 3,370 3,391 2,020 2,166 2,666 3 2,744 3,168 510 506 551 840 ] Jased F. R. Banks Own acct. Others Foreign corr. on— Goods stored in or ImExshipped between ports ports Dollar points in:— into from exUnited United change States States United Foreign States countries 302 238 319 282 49 72 94 64 36 1,382 1,561 1,656 1,668 1,753 1,868 2,027 311 404 424 392 501 628 662 229 299 316 284 356 454 490 82 104 108 108 145 175 173 30 29 33 42 39 48 74 182 180 204 204 196 227 230 859 948 996 1,031 1,017 965 1,060 375 400 407 409 405 401 403 501 545 594 632 633 647 669 94 166 179 123 139 146 122 91 76 83 107 157 229 308 321 373 393 398 419 445 524 2,029 2,049 2,231 2,254 2,203 2,271 725 730 842 858 808 514 554 641 661 645 210 176 202 197 163 197 179 173 151 166 216 400 388 408 397 379 395 118 104 110 93 74 70 299 291 269 268 235 207 535 563 623 633 651 697 1,061 1,093 1,169 1,200 1,192 1,166 677 702 821 863 864 913 46 46 46 45 ^7 r 1 Revised. 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. 210 329 456 675 252 261 278 254 357 28 33 405 69 66 50 76 49 68 621 878 775 75 82 36 156 63 227 296 244 162 148 232 309 17 2 46 83 74 349 896 100 263 249 703 3 Beginning with November 1958, series includes all paper with maturity of 270 days and over. Figures on old basis for December were (in millions of dollars): Total 2,731; place directly, 1891. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Securities Loans End of year or month Mortgage Other U. S. Govt. State and local govt. Corporate and 4,787 4,202 89 62 3,592 10,650 1953 1954 1955 1956 1957 1958 I9593 I960 12,792 14,845 17,279 19,559 20,971 23,038 24,769 26,702 165 188 211 248 253 320 358 416 9,191 8,755 8,464 7,982 7,583 7,270 6,871 6,243 428 608 646 675 685 729 721 672 3,311 3,548 3,366 3,549 4,344 4,971 4,845 5,076 386 446 396 435 449 Sept Oct Nov Dec 25,323 25 484 25,653 25,812 26 018 26,214 26,382 26,553 26,702 435 417 425 416 6,735 6,655 6,562 6,514 6,544 6,512 6,356 6,288 6,243 722 699 695 691 686 687 681 676 672 Jan Feb Mar Apr May 26,863 27,003 27,207 27,383 27,570 412 427 453 401 449 6,349 6,449 6,566 6,350 6,337 667 667 666 664 665 Apr May June July Aug 1961 Total assets— Total liabili- Deposits ties and surplus accts. Other liabilities Surplus accounts Mortgage loan2 commitments Number Amount 829 606 689 185 11,772 16,962 10,503 15,332 38 48 1,231 1,582 n.a. n.a. 982 966 920 889 921 829 874 330 380 414 448 490 535 552 589 27,199 29,350 31,346 33,381 35,215 37,784 38,945 40,571 24,388 26,351 28,182 30,026 31,683 34,031 34,977 36,343 203 261 310 369 427 526 606 678 2,608 2,738 2,854 2,986 3,105 3,227 3,362 3,550 n.a. n.a. n.a. n.a. n.a. 89,912 65,248 58,350 n.a. n.a. n.a. n.a. n.a. 1,664 1,170 1,200 4,857 4,870 4,927 4,965 4,957 4,989 4,985 5,019 5,076 690 732 840 771 765 787 779 788 874 575 578 569 572 564 592 585 590 589 39,288 39,464 39,642 39,760 39,983 40,216 40,185 40,339 40,571 35,184 35,242 35,463 35,484 35,589 35,867 35,923 35,962 36,343 713 799 720 795 878 806 740 810 678 3,391 3,423 3,459 3,481 3,516 3,543 3,522 3,567 3,550 57,916 54,364 52,638 53,276 56,013 58,782 60,396 60,420 58,350 1,059 1.042 ,028 ,03! ,090 ,164 ,205 ,242 .200 5,079 5,064 5,110 5,099 5,126 825 846 855 804 834 610 621 624 625 607 40,804 41,076 41,480 41,326 41,588 36,513 36,649 37,000 36.946 37,060 728 3,563 3,606 3,630 3,599 3,645 63,470 65,254 68,646 66,582 67,236 1,241 1,334 1,428 1,488 1,556 1,7 86 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. 2 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. Other assets other! 1941 1945 I960 Cash assets Amounts in millions of dollars] 1,026 821 850 781 883 na 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. 951 SAVINGS INSTITUTIONS LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Business securities Government securities Total assets Date State and local Foreign 2 (U.S.) Total united States 32,731 44,797 9,478 22,545 6,796 20,583 1,995 722 78,533 84,486 90,432 96,011 101,309 107,580 113,650 12,537 12,262 11,829 11,067 10,690 11,234 11,581 9,829 9,070 8,576 7,555 7,029 7,183 6,868 End of month: 4 1958—Dec 1959—Dec 107,580 113,650 11,242 11,599 I960—May June July Aug Sept Oct Nov Dec 115,908 116,377 117,005 117,581 117,947 118,544 119,066 119,717 1961—Jan Feb Mar Apr May 120,467 120,951 121,469 121,921 122,462 End of year: 3 1941 1945 1953 1954 1955 1956 1957 1958 1959 Mortgages Policy loans Other assets 1,878 857 2,919 1,962 1,840 1,738 23,322 25,976 29,445 32,989 35,236 37,062 39,197 2,020 2,298 2,581 2,817 3,119 3,364 3,651 2,914 3,127 3,290 3,519 3,869 4,188 4,618 3,302 3,523 3,743 4,076 4,338 4,624 4,937 3,376 3,683 37,092 39,237 3,387 3,678 4,186 4,620 5,253 5,676 45,940 46,092 46,223 46,380 46,414 46,669 46,831 46,956 3,785 3,788 3,828 3,881 3,885 3,941 3,980 4,054 40,439 40,631 40,694 40,920 41,099 41,313 41,521 41,798 3,766 3,786 3,809 3,822 3,828 3,834 3,851 3,804 4,897 4,957 5,029 5,085 5,138 5,182 5,225 5,267 5,527 5,658 5,768 5,842 5,833 5,876 5,870 6,109 47,211 47,296 47,377 47,563 47,672 4,095 4,150 4,235 4.249 4,336 42,008 42,143 42,351 42,553 42,723 3,813 3,822 3,823 3,827 3,837 5,303 5,345 5,409 5,461 5,508 6,156 6,251 6,287 6,286 6,323 Total Bonds Stocks 687 1,240 10,174 11,059 9,573 10,060 601 999 6,442 6,636 1,298 1,846 2,038 2,273 2,376 2,681 3,200 ,410 ,346 ,215 ,239 ,285 ,370 ,513 34,438 37,300 39,545 41,543 44,057 47,108 49,666 31,865 34,032 35,912 38,040 40,666 42,999 45,105 2,573 3,268 3,633 3,503 3,391 4,109 4,561 7,182 6,858 2,691 3,221 ,369 1,520 46,420 48,840 43,044 45,157 11,554 11,468 11,654 11,650 11,750 11,729 11,788 11,729 6,661 6,559 6,632 6,592 6,586 6,524 6,547 6,444 3,304 3,317 3,421 3,464 3,546 3,579 3,605 3,622 ,589 1,592 1,601 [,595 1,618 1,626 1,636 1,663 49,725 49,880 50,051 50,261 50,299 50,610 50,811 51,010 11,881 11,944 11,987 11,982 12,063 6,545 6,542 6,535 6,488 6,551 3,671 3,702 3,735 3,769 3,774 1,665 1,700 1,717 .725 1,738 51,306 51,446 51,612 51.812 52,008 1 2 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. Real estate 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 * [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Liabilities Assets End of year or month Total assets2— Total liabilities Savings capital Reserves and undivided profits Mortgages U.S. Govt. obligations 1941 1945 4,578 5,376 344 775 450 356 6,049 8,747 4,682 7,365 475 2,420 1953 1954 1955 1956 1957 1958 1959 I960 21,962 26,108 31,408 35,729 40 007 45,627 53 194 60,084 1,920 2,013 2,338 2,782 3 173 3,819 4 477 4,586 1,479 1,971 2,063 2,119 2,146 2,585 2,183 2,715 1,297 1,469 1,789 2,199 2,770 3,108 3,676 4,104 26,733 31,633 37,656 42,875 48,138 55,139 63,530 71,489 22,846 27,252 32,142 37,148 41 912 47,976 54 583 62,154 I960—May June July Aug Sept Oct Nov Dec 55,655 56,435 57,050 57,763 58,406 59,011 59,512 60,084 4,735 4,592 4,559 4,532 4,533 4,553 4,589 4,586 1,950 2,279 2,043 2,073 2,097 2,201 2,287 2,715 4,024 3,966 3,839 3,841 3,904 3,989 4,142 4,104 66,364 67,272 67,491 68,209 68,940 69,754 70,530 71,489 1961—Jan Feb Mar Aor May 60,455 60,882 61,571 62.265 63,080 4,679 4,871 4,978 4.960 4,960 2,620 2,679 2,682 2.706 2,855 3,997 4,068 4,191 4.^04 4,520 71,751 72,500 73,422 74,235 75,415 107 Cash Other 3 c Corrected. n.a. Not available. 1 Figures are for all savings and loan associations in the United States. Data beginning with 1953 are based on monthly reports of insured associations and annual reports of noninsured associations. Data prior to 21953 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 Borrowed money 4 Loans in process Other Mortgage loan commitments 5 256 36 336 402 1,901 2 187 2,557 2,950 3 363 3,845 4 393 4,982 1,027 950 1,546 1,347 c l 379 1,444 2 387 2,191 959 1,244 1,411 1,430 1 4,94 1,161 1,293 1,183 713 874 979 n.a. na 833 843 862 1,475 1 285 J.lfiO 57,085 58,301 58,450 58,939 59,541 60,208 60,766 62,154 4,430 4,643 4,636 4,637 4,640 4,640 4,649 4,982 1,727 1,938 1,811 1,833 1,882 1,868 1,919 2,191 1,325 1,372 1,367 1,353 1,313 1,280 1,209 1,183 ,797 ,018 ,227 ,447 1,564 1,758 1,987 979 1,642 1,614 ,647 1,635 1,559 1,509 1,451 I 360 62,745 63,298 64,003 64.420 65,220 4,980 4,984 4,991 5.002 5,005 1,726 1,646 1,620 1.708 1,749 1,114 1,127 1,226 1.322 1,413 1,186 1,445 1,582 1.783 2,028 1,425 1,556 ,787 644 na n.a. f 951 2,115 1958, no deduction is made for mortgage pledged shares. These have 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 a balance-sheet item. NOTE.—Data for 1960 and 1961 are preliminary. 952 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 Budget receipts Payments to the public other than debt Equals: Less: Plus: Total IntraTrust rects. Govt. fund from transreceipts actions 1 the public 2 Plus: Trust fund expenditures Budget expenditures Equals: Less: Total Adjust- payts. ments 3 to the public Excess of rects. from, or payts. to ( - ) , public Net Federal cash borrowing or repayt. (—) of borrowing Increase, or de(),in debt (direct & agen.) Less— Net inv. by Other nonGovt. cash agen. & debt* tr. funds Equals— Net cash borrowing or Cal. year—1958 1959.. 1960 68,262 72,738 79,518 16,797 18,830 22,732 3,278 3,966 3,906 81,728 87,552 98,287 75,349 79,778 77,565 17,856 20,244 22,242 4,190 4,466 5,114 89,014 - 7 , 2 8 7 95,560 - 8 , 0 0 6 94,694 3,593 7,533 10,112 -548 -717 -543 ,625 487 7,762 8,580 2,081 491 - 2 , 6 7 0 Fiscal year—1958. 1959. 1960. 1 68,550 '16,319 67,915 '16,950 77,763 520,534 77,578 23,792 '2,917 '3,161 3,167 4,176 81,892 81,660 95,078 97,132 71,369 '16,059 80,342 '18,462 76,539 520,891 81,503 23,182 '4,016 '4,002 3,129 5,406 83,412 - 1 , 5 2 0 94,804 -13,144 94,301 111 99,279 -2,147 6,216 9,656 3,371 2,103 657 ,181 953 871 -200 2,160 5,760 8,678 1,821 Semiannually: 1959—July-Dec... 1960—Jan.-June.. July-Dec... 1961—Jan.-JuneP. 33,575 9,381 44,188 12,420 35,329 510,219 42,249 13,572 2,147 2,287 1,526 2,650 40,784 54,294 43,993 53,139 39,191 10,568 37,348 11,590 40,217 510,561 41,286 12,621 1,465 2,931 2,089 3,316 48,295 46,006 48,688 50,591 -7,511 8,288 -4,695 2,548 7,329 -3,958 3,410 -1,307 -856 1,809 -184 1,055 574 23 468 66 7,615 -5,794 3,124 -2,426 Monthly: I960—June July Aug Sept Oct Nov Dec 10,891 3,128 6,454 8,981 2,823 6,300 7,643 52,417 1,047 2,968 1,380 1,081 2,344 1,399 840 203 179 209 247 236 452 12,465 3,970 9,236 10,146 3,651 8,403 8,586 6,521 6,172 6,803 6,793 6,829 6,773 6,847 51,943 1,780 1,759 1,772 1,681 1,754 1,815 232 476 -365 816 631 -147 678 8,232 7,476 8,926 7,748 7,879 8,674 7,984 4,232 -3,506 311 2,398 -4,228 1,022 -517 1,130 -368 -514 339 -254 -114 84 -35 76 -3,624 2,525 112 603 -2,715 2,094 -338 -320 2,197 -62 -161 154 77 -29 2,600 -555 16 4,846 6,537 8.524 5,125 6,467 10.750 858 2,684 1,939 1,539 3,577 2,975 116 303 203 364 305 1,359 5,586 8,916 10,256 6,295 9,731 12,362 6,470 6,236 7,012 6,450 7,169 7; 948 1,938 2,046 2,059 2,225 2,033 2,320 1,133 415 810 383 -260 826 7,275 7,867 8,260 8,292 9,462 9,442 -1,689 1,049 1,996 -1,997 269 2,920 -323 381 -3,231 513 2,280 -927 -483 -65 403 -916 1,559 556 42 34 -24 16 -4 3 119 412 -3,609 1,412 725 -1,486 1961—Jan Feb Mar Apr May 3 June* -271 597 534 -1,433 Effects of operations on Treasurer's account Operating transactions Period Net Budget surplus, or deficit -2,819 Trust fund accumulation, or deficit ) Reconciliation to Treas. cash 262 -1,511 -359 610 670 -29 -149 449 Financing transactions Cash balances: inc., or dec. (—) Increase, or decrease Held ( - ) , in outside gross Treasury direct public debt Net market issuance (+)of Govt. agency obligations 6 Net inv. ( - ) in Fed. sec. by Govt. agency & trust funds 6 567 1,023 -733 71 -197 1,112 -714 -436 5,816 8,363 1,625 2,640 Account of Treasurer of United States (end of period) Deposits in— Treasurer's account Balance 140 -23 -4 -83 4,159 -4,399 2,654 -1,311 9,749 5,350 8,005 6,694 Treasury Tax and Loan Accts. Other net assets 8,218 3,744 6,458 5,453 1,121 1,071 1,043 833 Fiscal year—1958 . . . 1959... 1960... -12,427 1,224 Semiannually: 1959__j u ly-Dec... 1960—Jan.-June... July-Dec 1961—Jan.-June^.. -5,617 6,841 -4,888 963 -1,187 828 -341 951 -437 288 C 19 430 366 657 -493 -240 911 -1,625 275 -711 6,092 -4,467 3.886 -1,246 -105 101 52 -135 233 2,421 -1,594 283 5,583 8,005 6,411 6,694 504 504 485 408 4,216 6,458 5,165 5,453 863 1,043 761 833 Monthly: 1960—June July Aug Sept Oct Nov Dec 4,370 -3,044 -349 2,188 -4,006 -473 796 473 -734 1,209 -392 -600 590 -416 - 3C 0 3 152 -533 559 241 -643 244 150 23 -694 24 21 88 46 -1,043 616 659 -310 148 -3.036 2; 008 334 -249 2,063 -73 -197 118 27 -12 -48 23 20 42 494 -1,006 -1,104 2,423 -1,645 -841 580 8,005 6,998 5,894 8,317 6,672 5,831 6,411 504 477 481 489 437 512 485 6,458 5,676 4,628 6,987 5,447 4,517 5,165 1,043 845 785 841 788 802 761 1,624 301 1,512 1,325 -702 2,801 -1,080 638 -119 -686 423 -57 580 205 -503 -216 27 8 -87 65 -423 842 -1,409 -655 -181 508 -3,072 516 2,158 -1,175 15 1 -112 181 -126 -94 -1,582 1,463 -1,498 -761 1,128 1,532 4,829 6,292 4,794 4,034 5,162 6,694 588 467 443 633 372 408 3,215 4,881 3,533 2,315 3,994 5,453 1,026 944 818 1,086 796 833 1961—Jan Feb Mar Apr May June*7 -3,925 1,544 655 -132 -86 29 -1,083 245 c Corrected. n.a. Not available. *> Preliminary. ' Revised. 1 Consists primarily of interest payments by Treasury to trust accounts and to Treasury by Govt. agencies, transfers to trust accounts representing 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. 953 FEDERAL FINANCE DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes (Int. Rev. Serv. repts.) Budget receipts Income and profit taxes Adjustments from total Budget receipts Period Net Budget receipts 2 Transfers to Oldage trust fund? High- R.re-R. way tiretrust ment fund acct. Refunds of receipts Total Budget receipts Individual Corporation Withheld Other 11,528 11,733 13,271 13,175 Fiscal year—1958... 1959... 1960 1961? 68,550 7,733 2,116 67,915 8,004 2,171 77,763 10,211 2,642 77,578 11,586 2,923 575 525 607 571 4,433 4,933 5,045 5,752 83,974 83,904 96,962 99,405 27,041 29,001 31,675 32,969 Scmiannually: 1959—July-Dec I960—Jan.-June July-Dec 1961—Jan.-June 33,575 44,188 35,329 42,249 3,815 6,396 4,762 6,824 1,281 1,361 1,576 1,347 307 300 297 274 718 4,327 793 4,959 40,035 56,927 43,070 56,335 15,652 3,041 8,323 16,023 10,230 13,856 16,616 3,185 8,838 16,353 9,990 2,927 Monthly: 1960—June July Aug Sept Oct Nov Dec 10,891 3,128 6,454 8,981 2,823 6,300 7,643 1,104 365 1,524 739 373 1,214 547 238 257 296 262 253 268 240 50 17 83 52 15 81 49 252 12,804 167 3,976 203 8,590 161 10,211 173 3,641 29 7,900 61 8,751 2,273 1,055 4,849 2,527 1,066 4,527 2,591 1,852 346 147 1,959 230 121 383 4,846 6,537 8,524 5,125 6,467 10;749 304 1,448 1,285 720 1,941 1,127 223 235 213 201 237 238 13 77 48 14 77 44 64 5,537 530 9,153 1,792 11,878 1,296 7,359 1,036 9,767 242 12,642 1,049 4,781 2,413 916 4,743 2,450 2,149 786 759 3,403 956 1,937 1961—Jan... Feb Mar Apr May. . . . . . June**..... 20,533 18,092 22,179 21,765 Employment taxess Other receipts Liquor Mfrs.' Torebacco and tailers' 10,814 8,644 10,760 8,854 11,865 11,159 12,069 12,502 5,414 5,464 6,813 6,935 2,946 3,002 3,194 n.a. 1,734 1,807 1,932 n.a. 4,316 4,315 5,114 n.a. 2,408 2,706 3,315 n.a. Excise taxes 5,948 5,917 6,238 5,831 4,127 7,032 5,063 7,439 2,944 3,869 3,130 3,795 1,703 1,491 1,685 984 948 1.008 n.a. 5,530 670 409 3,492 481 455 3,331 1,118 995 1,121 1,024 1,021 1,069 1,008 1,155 383 1,608 792 389 1,295 596 876 527 456 417 454 433 842 303 238 272 277 321 319 259 183 151 179 177 158 178 164 534 444 5,799 493 411 5,246 918 861 1,082 831 1,072 1,067 348 1,814 1,348 736 2,020 1,173 539 467 477 980 565 769 204 169 313 231 285 n.a. 128 116 213 160 176 1,448 1,275 1,403 Budget expenditures9 Major national security Period Total 2 Total i Intl. affairs and Military Military assist- Atomic finance energy defense ance AgriVetculture erans' Labor and NatComGenservagriInterural merce eral and culreest ices and welfare and governbenetural sources housing ment fits resources Fiscal year—1958 1959 1960 1961^.... 71,369 80,342 76,539 81,503 44,142 46,426 45,627 47,393 39,062 41,233 41,215 43,215 2,187 2,340 1,609 1,439 2,268 2,541 2,623 2,716 2,231 3,780 1,833 2,556 7,689 7,671 9,266 9,055 5,026 5,174 5,060 5,248 3,447 4,421 4,419 4,957 4,389 6,529 4,838 5.086 1,544 1,669 1,713 2,008 2,109 3,421 2,782 3,908 1,359 1,606 1 695 1,932 Semiannually: 1959—July-Dec 1960—Jan.-June July-Dec 1961— Jan.-June?'.. . 39,191 37,348 40,217 41,286 23,119 22,508 23,186 24,207 20,975 20,240 21,170 22.045 715 894 644 795 1,290 1,333 1,342 1,374 650 1,183 1,068 1,488 4,494 4,772 4,587 4,468 2,493 2,567 2,577 2,671 2,086 2,333 2,225 2,732 2,961 1,877 2,998 2,088 941 772 1,056 952 1,950 832 1,870 2,038 833 862 951 981 6,073 6,521 6,172 6,803 6,793 6,829 6,773 6,847 3,669 3,987 3,471 3,976 3,910 3,728 3,884 4,217 3,331 3,502 3,096 3,638 3,600 3,432 3,537 3,867 110 238 146 105 79 77 114 123 224 244 219 230 226 217 228 222 196 358 133 166 161 164 301 143 777 807 815 758 746 756 740 772 422 428 404 461 416 422 436 438 390 436 342 375 388 376 378 366 229 263 369 420 412 727 476 594 131 193 125 197 213 182 193 146 149 142 379 326 380 330 236 219 108 186 165 159 182 140 140 165 6,470 6,236 7,012 6,450 7,169 7,948 3,693 3,778 4,279 3,754 4,144 4,559 3,398 3,468 3,935 3,392 3,804 4,048 91 88 99 135 88 294 201 217 236 230 246 244 221 202 199 217 182 192 780 727 738 730 723 770 444 431 480 443 441 432 431 406 399 224 486 696 446 130 223 332 587 775 142 129 134 206 146 195 215 334 359 399 312 379 163 134 194 144 156 190 Monthly: 1960—May June July Aug Sept Oct Nov Dec 1961—Jan Feb Mar Apr May June*' 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) net operating transactions of Govt. sponsored enterprises. 4 Primarily adjustments 2 , 3 , and 4, described in note 3. 5 Adjusted for reclassification of certain repayment of advances from the general fund. 6 Excludes net transactions of Govt. sponsored enterprises, which are included in the corresponding columns above. 7 8 Includes transfers to Federal disability insurance trust fund. Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance. 9 For more details see the Treasury Bulletin, Budget Receipts and Expenditures, Table 6, and the 1962 Budget Document, Special Analysis C. 1 ° Includes stockpiling and defense production expansion not shown separately. For other notes, see opposite page. 954 FEDERAL FINANCE U. S. GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of U. S. Treasury. In billions of dollars] Ill Public issues3 End of month Total gross direct debt 2 Nonmarket<ible Marketable Bonds Total Total Bills Certificates Notes Bank eligible* Bank restricted Convertible bonds Total? Savings bonds Tax and savings notes 12.0 11.8 11.4 10 8 9.5 8.3 7.1 8.9 56 9 59.5 65.1 63.6 59.2 57 4 53.4 52.1 48.9 6.1 48 2 52.1 57.7 57.7 57.9 56 3 52.5 51.2 48.2 2.5 8.2 5.4 6.0 4.5 (<) Special issues 1941—Dec 1945—Dec, 1947_Dec 1953—Dec 1954 Dec 1955 Dec 1956 Dec 1957 Dec 1958—Dec 1959 Dec 64.3 278 7 257.0 275.2 278.8 280.8 276 7 275.0 283.0 290.9 57.9 278.1 256.9 275.2 278.8 280.8 276 6 274.9 282.9 290.8 50.5 255 7 225.3 231.7 233.2 233.9 228 6 227.1 236.0 244.2 41.6 198 8 165.8 154.6 157.8 163.3 160 4 164.2 175.6 188.3 2.0 17 0 15.1 19.5 19.5 22.3 25 2 26.9 29.7 39.6 38.2 21.2 26.4 28.5 15.7 19.0 34.6 36.4 19.7 6.0 23.0 11.4 31.4 28.0 43.3 35 3 20.7 26.1 44.2 33.6 68.4 68.4 63.9 76.1 81.9 80 9 82.1 83.4 84.8 I960 July Axis. Sept Oct Nov Dec 288.5 288.8 288 6 290.6 290 6 290.4 288.3 288.7 288 4 290.5 290.4 290.2 241.1 240.4 240 4 243.1 242 6 242.5 186.9 186.3 186 4 189.4 188.8 189.0 36.4 36.4 36 5 39.5 39.5 39.4 17.7 25.5 25 5 25.5 18.4 18.4 51.6 42.0 42 1 42.1 51.2 51.3 81.3 82.3 82 3 82.3 79.7 79.8 6.2 6.2 61 5.8 5.7 5.7 48.0 48.0 47 9 48.0 48.0 47.8 47.4 47.3 47 3 47.4 47.4 47.2 44.2 45.2 45 0 44.3 44.6 44.3 1961 Jan Feb Mar 290.2 290.7 287 7 288.2 290 4 289.2 292.6 290.0 290.5 287 5 288.0 290.1 289.0 292.4 242.8 243.5 240 1 241.6 242 3 240.6 244.8 189.3 189.9 186 5 188.1 188 9 187.1 191.3 39.7 39.9 36 5 38.2 38.4 36.7 40.8 18.4 11.5 11 5 11.5 13.3 13.3 13.3 51.3 58.7 57 8 57.5 56.2 56.3 56.3 79.8 79.8 80 7 80.9 80.9 80.8 80.8 5.6 5.6 55 5.4 5.4 5.4 5.3 47.9 47.9 48 0 48.0 48.1 48.1 48.2 47.2 47.3 47 4 47.4 47.5 47.5 47.6 43.8 43.7 44.0 43.0 44.5 45.0 44.2 Apr Winy June July .. . 1 Includes some debt not subject to statutory debt limitation (amounting to $444 million on July 31, 1961) and fully guaranteed securities, not shown separately. * Includes non-interest-bearing debt, not shown separately. s Includes amounts held by Govt. agencies and trust funds, which aggregated $11,046 million on June 30, 1961. 52 2 49.6 13.4 5.7 7.0 20.0 29.0 41.2 42.6 43.9 45.6 45.8 44.8 43.5 * 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, adjusted service bonds, and REA bonds, not shown separately. « Less than $50 million. OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] End of month Total gross debt (including guaranteed securities) ]tfeld Held by the public by- U. S. Govt. agencies and1 trust funds Special issues Public issues Federal Reserve Banks Total State and Individuals panies Other corporations govts. Savings Other bonds securities 3.7 10.7 12.0 9.5 9.2 8.8 8.5 8.0 7.6 7.3 6.9 8.2 24.0 23.9 16.0 15.9 15.3 14.6 13.2 12.5 12.7 12.5 4.0 22.2 14.1 19.9 21.5 19.2 23.5 19.1 18.6 18.8 22.6 .7 6.5 7.3 11.1 12.7 14.4 15.1 16.1 17.0 16.7 17.7 5.4 42.9 46.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45 9 Commercial banks2 Mutual savings banks 21.4 90.8 68.7 63.4 63.7 69.2 62.0 59.5 59.5 67.5 60.3 Insurance Misc. investors 3 1941 _ D e c 1945 Dec 1947 _ D e c 1952—Dec 1953—Dec 1954 Dec t955_Dec 1956—Dec 1957—Dec 1958 Dec 1959 Dec 64.3 278 7 257.0 267.4 275.2 278.8 280.8 276.7 275.0 283.0 290.9 7.0 20.0 29.0 39.2 41.2 42.6 43.9 45.6 45.8 44.8 43.5 2.6 7 0 5.4 6.7 7.1 7.0 7.8 8.4 9.4 9.6 10 2 2.3 24.3 22.6 24.7 25.9 24.9 24.8 24.9 24.2 26.3 26.6 52.5 227.4 200.1 196.9 201.0 204.2 204.3 197.8 195.5 202.3 210 6 1960 289 5 286.5 288.5 288.8 288.6 290 6 290.6 290.4 43 9 44.9 44.2 45.2 45.0 44.3 44.6 44.3 10.5 10.4 10.6 10.7 10.6 10 8 10.8 10.7 26.0 26.5 26.9 26.8 27.0 27.4 27.5 27.4 209.1 204.6 206.8 206.1 206.0 208.2 207.7 207.9 r 56.O '55.3 '57.4 '57.5 '58.6 r 6l.4 r 61.2 '62.1 6.7 6.6 6.5 6.6 6.5 6.4 6.3 6.3 12.2 12.0 12.0 12.0 12.0 11.9 11.9 11.9 23.7 20.7 21.1 20.4 19.3 20.1 20.6 19.7 18.0 18.1 17.9 17.7 17.4 17.3 17.2 17.0 45.6 45.6 45.6 45.6 45.6 45.6 45.6 45.7 r '21.9 '21.2 22.9 22.7 23.0 23.4 23.5 23 6 22.8 24.2 290.2 290.7 287.7 288.2 290.4 43.8 43.7 44.0 41 0 44.5 10.7 10.8 10.9 11.0 11.0 26.6 26.7 26.7 26 8 26.9 209.1 209.6 206.1 207.5 208.0 '62.7 r 61.9 r 59.7 '61.7 62.1 6.3 6.4 6.6 6.3 6.3 11.9 11.8 11.7 11.6 11.6 20.1 21.2 19.5 20.0 20.6 17.1 17.3 17.4 17.2 17.1 45.8 45.8 45.9 45.9 46.0 '21.1 r 21.2 '21.3 '20.8 20.6 24.0 23.9 24.1 23.9 23.5 May . June July Aug Sept Oct Nov Dec 1961—Jan Feb . Mar Anr May '1 Revised. Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to about $100 million on Dec. 31, 1960. 8.2 21.2 19.4 16.0 15.4 13.5 14.8 15.6 15.4 15.1 22.6 23.9 '23.6 '23.2 '22.9 '•23.1 r 21.9 .9 9.1 8.4 11.7 13.2 13.9 15.6 16.1 16.6 16.6 22.1 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. 955 FEDERAL FINANCE OWNERSHIP OF U. S. 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 bonds 2 bonds 30. 30. 30. 31. 75,573 85,709 90,151 94,695 22,406 32,017 33,415 39,446 32,920 33,843 17,650 18,442 20,416 27,314 51,483 51,284 90,932 84,853 81,297 79,843 1961—Apr. 30. May 3 1 . 93,596 94,277 38,213 38,411 11,503 13,338 57,518 56,246 9,477 9,681 10,246 10,528 173 86 371 591 599 537 459 461 10,753 10,815 845 805 25,438 26,04* 26,523 27,384 All holders: 1958—June 1959—June 1960—June Dec. U. S. Govt. agencies and trust funds: 1958—June 30 1959—June 30 I960—June 30 Dec. 31 1961—Apr. 30. May 31 . Federal Reserve Banks: 1958—June 30 1959__j une 30 I960—June 30 Dec. 31 Total Within 1 year 1-5 years 5-10 Over 10 years 8,898 7,681 6,306 5,680 66,675 78.027 83,845 89,015 67,782 72,958 68,982 73,830 41,071 56,819 72,844 72,298 22,961 18,538 21,731 18,684 34,860 29,713 20,288 24,204 80,913 80,899 5,448 5,384 88,148 88,893 77,246 77,411 62,026 63,835 27,654 26,438 21,222 21,210 ,169 ,389 ,810 ,771 4,703 4,988 5,136 5,294 2,833 2,680 2,470 2,411 6,644 7,001 7,776 8,117 899 930 1,070 1,482 1,565 1,679 2,683 2,432 913 1,448 2,062 1,602 3,267 2,944 1,961 2,601 257 216 ,400 ,302 5,889 6,141 2,363 2,352 8,391 8,463 1,775 1,524 1,789 1,890 2,532 2,550 2,295 2,499 2,703 2,032 2,513 3,217 19,946 18,650 8,508 9,082 2,879 13,011 12,519 2,789 2,484 2,491 2,566 25,438 26,044 26,523 27,384 23,010 20,687 19,385 15,223 1,014 3,887 5,689 10,711 57 410 1,179 1,179 1,358 1,060 271 271 26,772 26,887 15,154 14,149 9,603 10,471 1,863 2,116 152 152 130 120 95 89 57,379 53,394 48,004 54,260 13,431 10,045 6,546 14,697 24,494 31,304 33,342 31,596 14,259 8,233 5,966 5,654 5,195 3,812 2,151 2,313 8,263 7,402 1,978 1,922 675 1,700 2,662 1,849 4,094 2,756 1.336 2,071 1961—Apr. 30. May 31. Commercial banks: 1958—June 3 0 . . 1959—June 30. . I960—June 30. . Dec. 31. . 26,772 26,887 2,483 2,652 5,001 6,517 16,436 14,548 2,852 3,170 57,509 53,513 48,099 54,349 3,796 3,563 2,376 6,976 3,331 3,883 1,832 2,573 11,532 12,417 15,598 16,947 38,720 33,531 28,199 27,763 1961—Apr. 3 0 . . May 31. . 54,091 54,623 6,447 5,917 2,030 3,026 17,801 18,299 27,730 | 27,298 84 84 54,007 54,540 16,609 17,789 27,157 27,427 Mutual savings banks: 1958—June 30 1959—June 30 1960—June 30 Dec. 31 . . . .. 7,110 7,079 6,489 6,188 89 175 209 144 132 209 166 143 465 684 1,199 1.190 5,493 5,228 4,607 4,466 931 783 309 245 6,179 6,296 6,181 5,944 303 480 463 480 ,106 ,360 ,720 ,544 6,273 6,247 207 232 96 97 1,294 1,339 4,453 4,357 222 222 6,051 6,025 600 671 ,428 ,460 2,330 2,290 1,692 1,604 10,580 10,947 10,521 10,394 254 503 232 341 112 347 165 145 614 798 1,225 1,375 7,398 7,371 7,304 7,139 2,202 ',928 ,595 ,393 8,378 9,019 8,926 9,001 651 1,092 595 940 1.650 2; 085 2,794 2,508 1,004 1,678 3,063 2,075 5,074 4,164 2,475 3,477 10,176 10,194 283 342 95 112 1,342 1,349 7.136 7; 106 ,321 ,286 8,856 8,908 973 1,038 2,056 2,076 3,148 3,118 2,679 2,675 11,494 10,746 4,579 5,599 1.740 1,331 1.882 1,712 3,284 2.099 \\.485 10,741 8,442 8,340 2,871 2,269 10,683 11,233 5,466 6,047 1,102 892 2,104 2,177 2,007 2,112 10,678 11,228 8,776 9,244 1,756 1,827 108 115 38 42 2,480 2,515 2,694 2,704 178 163 495 510 1 .675 1,724 2,418 2,454 947 858 472 473 703 802 141 139 577 605 1,884 1,863 2,634 2,645 297 322 355 374 760 786 766 739 753 745 30. 30. 30. 31. 65,459 78,444 74,299 72,591 15,392 25,659 22,957 22,415 8,799 10,216 4,711 4,649 6,636 9,147 16,263 15,260 31,829 31,252 28.602 28,791 2,802 2,171 1,766 1,476 62,657 76,273 72,533 71,115 29,489 39,724 32,184 32,345 11 ,243 16 ,503 22 ,800 20 ,381 6.054 5.069 6,229 5,794 15,872 14,977 11,317 12,597 1961—Apr. 30. May 31. 72,153 71,575 22,342 22,277 2,889 2,441 16,565 16,628 28,964 28,852 1,394 1,377 70,759 70,198 33,005 32,622 17 ,476 17 ,897 8,644 8,108 11,634 11,571 1961—Apr. 30. May 31. Insurance companies: 1958—June 30 1959—June 30 1960—June 3 0 . . . . Dec, 31 . . . 196l_Apr. 30. ,.. May 31. . Other investors: Nonfinancial corporations: 3 I960—June 30 Dec. 31 1961—Apr. 30. May 31. Savings and loan associations: 1960—June 30 Dec. 31 1961—Apr. 30. May 31. All others: 4 1958—June 1959—June I960—June Dec. 75 72 3 1 Direct public issues. Data complete for U. S. Govt. agencies and trust funds and Federal Reserve Banks, but for other groups are based on Survey data. Latest data shown are for 6,282 commercial banks, 512 mutual savings banks, and 828 insurance companies, which together accounted for more than 90 per cent of all holdings of banks and insurance companies, and 490 nonfinancial corporations and 489 savings and loan associations, which together accounted for about half of the total holdings of all nonfinancial corporations and savings and loan associations. i Holdings of "all others," a residual throughout, include holdings of all those not reporting in the Treasury Survey, including investor groups not2 listed separately. Includes minor amounts of Panama Canal and postal savings bonds. 3 Holdings first reported separately in the Treasury Survey for February 1960. Monthly figures for February-May 1960 shown in the Treasury Bulletin for September 1960, pp. 55-56. See also note 4. 4 Holdings of nonfinancial corporations and savings and loan associations included in this category until February 1960. 956 FEDERAL FINANCE DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1 [Averages of daily figures. Par value, in millions of dollars] U. S. Government securities By maturity By type of customer Week ending— Total Within 1 year 5-10 years 1-5 years U. S. Govt. securities dealers and brokers After 10 years Other dealers and brokers Commercial banks Federal agency securities All other 1961 Apr. 5 1,977 1,334 1,556 1,509 12 19 26 May 3 10 17 24 31 June 7 14 21 28 July 5 12 19 26'' 1,591 999 1,290 1,156 237 219 188 204 99 80 52 115 49 35 26 34 508 434 468 491 17 17 17 29 754 557 625 601 697 325 446 388 88 59 51 105 348 428 390 392 347 374 379 327 334 64 85 81 83 75 67 105 86 64 513 418 621 523 70 69 78 66 1,572 1,620 1,569 1,427 1,312 1,231 1,105 1,105 1,024 986 242 365 350 263 215 80 112 76 93 84 18 39 38 46 28 562 473 462 447 430 22 33 24 17 13 1,346 1,457 1,241 1,443 1,041 1,208 1,004 1,267 224 192 170 117 56 36 45 35 26 21 22 23 459 408 338 451 17 17 18 22 640 686 693 570 522 497 653 559 635 1.412 1,573 2.301 1.825 1,209 1,417 1,846 1,339 156 108 381 397 26 34 65 69 21 13 9 20 379 535 768 492 16 12 49 33 506 608 862 771 p 1 Preliminary. The transactions data combine market purchases and sales of U. S. Government securities dealers reporting to the Federal Reserve Bank of New York. They do not include allotments of and exchanges for new U. S. Government securities, redemptions of called or matured securities, DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i [Averages of daily figures.2 Par value, in millions of dollars] or purchases or sales of securities under repurchase agreements, reverse repurchase (resale), or similar contracts. The averages are based on the number of trading days in the week. NOTE.—Details may not add to totals because of rounding. FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS 1 [Averages of daily figures. In millions of dollars] U.S. Government securities, by maturity Week ending- All maturities Within 1 year 1-5 years After 5 years Federal agency securities Commercial banks Week ending— All sources 1961 1,936 1,748 1,807 ,471 1,372 575 404 388 435 313 85 83 86 43 142 126 113 86 83 133 1,613 1,880 2,204 232 247 213 214 135 137 128 109 143 119 105 115 2,344 2,927 3,237 2,778 2,534 1,970 2,204 2,560 2,250 2,049 244 581 560 459 459 131 142 118 69 26 132 139 159 179 172 7.... 14 21. . . . 28.... 1.943 2.086 2:579 2,455 1,613 ,757 2.316 2.219 354 346 280 257 -23 -17 -19 -21 146 145 134 130 5.... 2,248 2.067 205 -24 165 Mar. 1 8 15 22 29 2,597 2,234 2,281 1,949 1,827 Apr. 5 12 19 26 1,980 2,264 2,888 2,528 3 10.... 17 24.... 31 May June July :2,547 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more nearly represent investments by the holders of the securities rather than dealer trading positions. 2 Averages are based on number of trading days in the week. NOTE.—Details may not add to totals because of rounding. New York City Elsewhere Corporations 2 All other 1961 1 8 15 22.... 29.... 2,707 2,284 2,263 2,108 1,816 580 435 516 457 221 629 558 547 669 482 1,170 1,095 1,023 831 928 328 196 175 151 184 -.!:::: 19 26.... 1,897 2,108 2,615 2,423 349 513 589 425 477 463 663 552 921 966 [,201 1,278 151 167 162 168 3.... 10.... 17 24.... 31 2,277 2,147 2,873 2,912 2,535 440 433 850 791 509 619 495 633 560 468 1,072 1,049 [,149 1,350 1,355 147 170 241 211 203 June 7 . . . . 14.... 21.... 28.... 2,214 1.985 2,612 2,432 475 509 830 595 328 245 556 409 (,209 ,054 1,037 1,217 202 178 188 210 July 2,260 598 339 1,154 169 Mar. Apr May 5.... 1 The figures are 7-day averages and include both bank and nonbank dealers. See also note 1 of the opposite table on this page. 2 All business corporations except commercial banks and insurance companies. NOTE.—Details may not add to totals because of rounding. FEDERAL FINANCE; SECURITY ISSUES U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JULY 31, 19611 [On basis of daily statements of U. S. Treasury. In millions of dollars] Issue and coupon rate Amount Treasury bills Aug. 3, 1961 Aug. 10, 1961 Aug. 17, 1961 Aug. 24, 1961 Aug. 31, 1961 Sept. 7, 1961 Sept. 14, 1961 Sept. 21, 1961 Sept. 22, 1961* Scot. 28. 1961. Oct. 5,1961 Oct. 13, 1961. Oct. 16. 1961 Oct. 19, 1961 Oct. 26, 1961 Nov. 2, is>6i Nov. 9, 1961 Nov. 16, 1961 Nov. 24, 1961 Nov. 30, 1961 Dec. 7,1961 Dec. 14, 1961... Dec. 21, 1961 Dec. 28, 1961 Jan. 4, 1962.. Jan. 11, 1962 Issue and coupon rate Treasury bills —Cont. 1,701 Jan. 15, 1962 1,701 Jan. 18, 1962 1.700 Jan. 25, 1962 1,700 Mar. 23, 1962* 1,601 Apr. 15, 1962 1,701 July 15, 1962 1,701 1,701 Certificates 1,503 Aug. 1,1961 1,700 1,701 May 15, 1962 1.701 i;502 Treasury notes Aug. 1,1961 1.600 Oct. 1,1961 1,600 Feb. 15, 1962 600 Feb. 15, 1962 600 Feb. 15, 1962 601 Apr. 1,1962 600 May 15, 1962 600 Aug. 15, 1962 500 Aug. 15, 1962 500 Oct. 1,1962 501 Nov. 15, 1962 500 500 Feb. 15, 1963 500 Apr. 1,1963 . Issue and coupon rate Amount 2 2 Amount Treasury notes—Cont. May 15, 1963 4 May 15, 1963 3V4 Oct. 1,1963 IV2. Nov. 15, 1963 4% Apr. 1,1964 PA May 15, 1964 4% May 15, 1964 3% Aug. 15, 1964 5 Oct. 1,1964 VA 7,829 Nov. 15, 1964 4% 5,509 Apr. 1,1965 iy£ May 15, 1965 4% Oct. 1,1965 \Vi 2,136 Apr. 1,1966 11/2 332 9,098 Treasury bonds Sept. 15, 1961.... 2y4 647 Nov. 15, 1961.... 1,435 June 15, 1959-62. 551 Dec. 15, 1959-62...214 2,211 Dec. 15, 1960-65 3.. 2*A 158 June 15, 1962-67... 7,325 590 Aug. 15, 1963 1,143 Dec. 15, 1963-68... 2,839 Feb. 15, 1964 June 15, 1964-69... 533 1,502 500 500 3,503 2.000 2,004 3V8 3 4 Wi 3V4 3& 4 IVi 4 4 28 3VA 1V4 3Y4 2% \Vi 1,743 2,753 506 3,011 457 4,933 3,893 2,316 490 4,195 466 2,113 315 107 Issue and coupon rate Amount Treasury bonds—Cont. Dec. 15, 1964-69... 2Vi Feb. 15, 1965 2% Mar. 15, 1965-70.. .2Vi May 15, 1966 3*/4 Aug. 15, 1966 3 Nov. 15, 1966 3% Mar. 15, 1966-71... 2 # June 15, 1967-72... 2ft Sept. 15, 1967-72... 2 % Nov. 15, 1967 3% Dec. 15, 1967-72... 2Vi May 15, 1968 3% Oct. 1,1969 4 Nov. 15, 1974 3% May 15, 1975-85.. .414 June 15, 1978-83... 314 Feb. 15, 1980 4 Nov. 15, 1980 3% May 15, 1985 314 Feb. 15, 1 9 9 0 . . . . . . 31/2 Feb. 15, 1995 3 Nov. 15, 1998 3% 2,557 6.896 4,688 1,213 1,484 2,438 2,928 1,775 2,716 3,604 3,553 1,390 1,424 654 470 1,597 884 643 1,133 2,719 2,695 2,343 2,239 6,963 3,961 2,271 1,485 1.464 4,317 1,819 Convertible bonds 3,854 Investment Series B 2,638 Apr. 1, 1975-80... 2% 5,327 2 Sold on discount basis. For discounts on individual issues, see tables 3 on Money Market Rates, p. 948. Partially tax-exempt. * Tax anticipation series. » Direct public issues. NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] Issues for new capital Al issues (new capital and refunding) Type of issue Period Total 1953 1954 1955 1956 1957 1958 1959 I960 General obligation 5,558 6,969 5,976 5,446 8 6,925 7,526 7,695 7,302 3,495 3,380 3,770 3.577 4,792 5,447 4,778 4,677 724 549 457 297 Public FederReve- Housal ing nue AuthorGovt.4 ity 3 loans 1,558 3,205 1,730 1,626 1,967 1,777 2,409 2,097 496 374 241 110 20 132 I960—\pr May June July.... Aug.. .. Sept.. .. Oct Nov.. .. Dec 992 492 611 683 353 506 496 547 342 356 502 271 351 270 426 136 249 126 72 144 108 1961—Jan Feb..... Mar.. .. April1".. May.... 709 662 763 724 59! 556 367 610 543 370 85 283 137 124 208 r Type of issuer 474 199 66 187 333 403 1 49 98 63 9 51 5 10 Total amount deliv-6 ered Total Water, sewer, and Edu- Roads and cation bridges other utilities 2,701 3 459 3,472 3 664 4,163 4,162 3,889 4,206 n.a. n.a. n.a. n a. 6,568 7,708 7,423 7,112 5,477 6 789 5,911 5 383 6,874 7,441 7,588 7,257 1,320 1,432 1,516 1,455 2,524 2,617 2,314 2,411 1,588 2 136 1,362 1,489 1,993 1,686 1,110 2,091 1,463 1,097 983 1,272 1,371 2.120 1,985 50 68 247 50 427 432 552 732 719 545 305 142 409 335 227 381 272 334 348 547 934 501 623 589 432 448 991 492 606 683 348 501 491 304 161 165 200 176 181 162 58 68 232 177 8 81 44 399 377 436 340 374 504 712 703 745 670 708 661 759 720 588 375 229 225 209 264 36 95 48 67 26 800 20 14 6 7 9 11 21 238 28 76 165 6 102 49 4 4 16 6 12 225 62 252 271 18 345 130 308 137 75 70 99 86 223 75 113 199 n.a. Not available. Revised. 1 Data prior to 1957 are from the Bond Buyer as classified by Federal Reserve. 2 Classifications prior to 1957 as to use of proceeds and type of issuer are based principally on issues of $500,000 or more; smaller issues not 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 contract requiring the Public Housing Administration to make annual contributions to the local authority. * Beginning with 1957, coverage is considerably broader than earlier. 1Use of proceeds 2 Special district and State statu- Others tory authority 9 767 9 2,047 2 1,408 44 99 115 176 125 2 5 Residential housing 7 Veter- Other purans' poses aid 506 456 1,007 803 1 270 881 1 399 1 516 1,412 1,989 1 318 136 17 115 121 23 135 698 1,036 1,164 844 183 124 111 100 73 101 119 r 109 195 169 67 150 570 258 113 251 402 425 8 1 5 50 141 162 169 1,414 110 [ 464 333 339 ,657 355 68 ^ 894 201 141 131 50 387 137 94 106 92 138 68 31 13 100 170 93 121 216 151 143 51 ( ») 99 63 9 5 Consists of municipalities, counties, townships, school districts and, prior to 1957, small unclassified issues. 6 Excludes Federal Government loans. These data are based on date of delivery of bonds to purchaser (and of payment to issuer), which occurs after date of sale. Other data in table are based on date of sale. 7 Includes urban redevelopment loans. 8 Beginning in 1957 this figure differs from that shown on the following page, which is based on Bond Buyer data. The principal difference is in the treatment of Federal Government loans. 9 Less than $500,000. 958 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed use of net proceeds all corporate issuers* Gross proceeds, all issuers2 Noncorporate Year or month Total U.S. Govt.3 Federal agency* State and municipal Corporate New capital Bonds Other5 Total Pre- ComPri- ferred mon vately stock stock placed Publicly offered Total Total Retirement of New Other Total money' pur- securities 28,824 29,765 26,772 22,405 30,571 34,443 31,074 27,541 13,957 12,532 9,628 5,517 9,601 12,063 12,322 7,906 106 458 746 169 572 2,321 707 1,672 5,558 6,969 5,977 5,446 6,958 7,449 7,681 7,230 306 289 182 334 557 1,052 616 579 8,898 9,516 10,240 10,939 12,884 11,558 9,748 10,154 7,083 7,488 7,420 8,002 9,957 9,653 7,190 8,081 3,856 4,003 4,119 4,225 6,118 6,332 3,557 4,806 3,228 3,484 3,301 3,777 3,839 3,320 3,632 3,275 489 816 635 636 411 571 531 409 1,326 1,213 2,185 2,301 2,516 1,334 2,027 1,664 I960—May.. June.. July. . Aug... Sept.. Oct... Nov.. Dec... 1,939 2,502 1,637 3,187 1,808 1,814 1,986 1,947 368 350 353 1,371 338 345 326 348 354 160 149 181 556 978 475 607 682 343 496 490 53 49 32 14 41 38 6 34 608 1,124 111 996 747 928 1,009 895 406 859 651 821 619 778 875 764 186 540 415 592 329 621 518 323 220 319 236 229 289 157 357 441 44 34 21 34 37 45 16 45 158 231 106 141 91 105 118 86 590 1,092 760 976 731 910 988 879 577 1,044 736 966 726 890 956 852 514 992 657 895 671 830 805 749 63 52 79 71 55 60 152 103 13 48 24 10 5 20 32 27 1961 —Jan.. . Feb... Mar.. Apr... May.. 1,774 5,455 2,161 3,395 4,402 455 4,069 434 348 2,245 252 100 149 706 660 756 710 625 12 31 23 2 69 601 695 696 2,235 1,314 472 529 542 1,067 994 178 273 211 713 662 294 255 331 354 331 99 30 130 37 125 29 57 1,111 229 91 590 682 679 2,206 1,286 580 667 562 2,115 1,223 552 612 484 2,042 1,052 28 56 77 73 171 10 14 118 91 63 1953 1954 1955 1956 1957 1958 1959 I960 199 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 9,527 9,392 8,578 9,924 9,653 8,758 535 260 709 1,875 864 1,227 721 364 663 214 915 549 814 135 895 271 Proposed uses of net proceeds, major groups of corporate issuers Year or month Manufacturing Commercial and miscellaneous Transportation Public utility Communication Real estate and financial RetireRetireRetireRetireRetireRetireNew New ment of ment of New ment of New New ment of ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secucapital8 secu- capital8 securities rities rities rities rities rities 1953 1954 1955 1956 1957 1958 1959 1960 2,128 2,044 2,397 3,336 4,104 3,265 1,941 1,997 90 190 533 243 49 195 70 79 502 831 769 682 579 867 812 794 40 93 51 51 29 13 28 30 553 501 544 694 802 778 942 672 6 1 9 (9) 6 3 1 78 38 50 92 51 36 45 78 1 2 5 1 1 81 55 72 28 73 I960—May. June. July. . Aug.. Sept.. Oct.. Nov.. Dec. 92 249 182 220 161 185 249 191 6 4 4 27 22 68 49 38 51 45 66 79 61 1961—Jan.. . Feb.. Mar.. Apr.. May. 169 99 248 570 444 1 5 32 19 22 33 91 47 86 67 1 Estimates of new issues maturing in more than one year sold for cash in 2the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes guaranteed issues. 4 Issues not guaranteed. 5 Represents foreign governments, International Bank for Reconstruc- 36 270 338 20 14 38 15 39 35 () 10 1 2,905 2,675 2,254 2,474 3,821 3,605 3,189 2,754 144 362 126 222 303 203 314 180 137 160 84 200 421 67 990 174 14 51 138 15 51 871 651 1,045 1,384 1,441 1,294 707 1,036 1 36 61 57 165 94 254 27 100 21 24 21 41 19 993 81 3 14 '0 3 60 77 21 4 118 70 45 12 1,536 788 1,812 1,815 1,701 1,014 1,801 2,401 24 273 56 17 67 47 6 71 157 286 282 215 72 147 242 242 1 9 8 138 223 92 238 137 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. 959 BUSINESS FINANCE SALES, P R O F I T S , AND DIVIDENDS O F LARGE C O R P O R A T I O N S [In millions of dollars] Quarterly totals Annual totals 1960 1959 Industry 1956 1957 1958 1959 1961 1960 Manufacturing Total (180 corps.): Sales Profits before taxes Profits after taxes Dividends Nondurable goods industries (79 corps.)'. 1 Sales Profits before taxes Profits after taxes Dividends Durable goodsindustries (101 corps.): 2 Sales Profits before taxes 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 Profits after taxes Dividends Petroleum refining (16 corps.): Sales Profits before taxes Profits after taxes Dividends Primary metals and products (35 corps.): Sales Profits before taxes Profits after taxes Dividends Machinery (25 corps.): Sales Profits before taxes Profits after taxes Dividends Automobiles and equipment (14 corps.): Sales Profits before taxes Profits after taxes Dividends 107,717 114,229 105,134 13,418 13,349 10 10466 ,466 7,177 7,094 5 ,714 4,192 4,068 4 ,078 273 120,742 27,233 28,999 094 13,363 2,506 3,059 443 7,077 1,125 1,678 342 4,492 1,036 1,249 31,573 30,924 28,103 30,142 28,988 4,002 3,544 2,710 3,107 2,666 1,813 1,499 1,703 2,063 1,429 1,099 1,092 1,101 1,201 1,113 39,463 41,704 41 ,541 5,010 5,146 4 ,402 2,944 2,943 2 ,574 1,776 1,683 1 ,785 465 46,819 652 5,526 212 3,161 912 1,978 68,254 72,525 8,339 8,272 4,233 4,151 2,416 2,385 808 73,923 15,827 17,428 19,974 19,260 16,487 18,201 16,816 442 7,837 1,095 1,670 1,306 2,595 2,123 1,341 1,813 231 3,915 868 333 1,016 684 1,277 938 677 430 2,515 684 588 612 619 610 674 627 63,593 6,065 3,140 2,294 11,406 11,572 11,599 11,663 11,616 11,941 12,172 1,411 1,388 1,421 1,404 1,407 1,294 1,325 791 810 797 814 785 765 752 448 564 486 482 482 528 486 9,987 10,707 11,303 11,814 1,274 1,323 1,024 1,152 604 629 497 555 344 376 289 312 2,898 346 163 80 2,829 307 148 100 2,821 303 142 92 2,928 338 159 2,943 345 162 100 3,122 338 166 95 3,026 318 150 95 ,199 10,669 10,390 11,979 12,319 1,999 2,187 1,538 ,804 1,823 1,131 1,062 948 829 942 799 794 737 717 698 3,013 559 286 179 3,038 524 280 264 3,057 537 276 191 3,146 534 281 186 3,096 489 256 187 3,020 440 250 230 2,994 440 231 193 ,454 13,463 12,838 13,372 13,728 1,187 1,261 ,444 1,325 919 986 969 791 ,068 1,075 521 512 518 516 481 3,281 263 220 128 3,459 302 247 134 3,427 307 238 130 3,282 292 226 130 3,385 364 292 128 3,635 299 230 133 3,483 364 268 129 :,365 22,468 19,226 21,035 20,898 ,331 2,977 2,182 2,331 2,263 1,222 1,178 ,727 1,540 1,154 831 840 873 880 802 3,649 -76 -208 205 4,591 411 233 221 6,003 854 426 206 5,442 611 322 208 4,939 411 224 208 4,513 387 205 219 4,396 309 166 208 ,908 15,115 14,685 16,922 16,503 1,890 1,482 ,209 1,457 1,463 934 760 729 734 60' 482 448 416 422 403 4,468 495 239 109 4,413 472 236 121 4,000 389 197 121 4,171 395 202 119 4,015 366 185 120 4,316 332 175 123 4,137 337 178 121 ,21 23,453 18,469 22,731 24,175 :,473 2.701 1,33.^ 2,985 3,100 1,479 1,529 ,186 1.354 706 833 807 805 791 758 4,625 356 155 195 5,262 500 254 233 7,022 1,076 521 199 6,516 936 457 199 4,502 273 151 207 6,134 816 400 228 5,293 478 223 213 9,514 649 445 383 2,365 127 86 79 2,435 242 185 130 2,411 165 99 91 2,477 212 139 94 2,322 104 65 73 2,304 169 141 126 2,129 26 -13 86 9,049 2,46: 1,326 1,02: 9,670 10,195 11,129 11,861 2.579 2,704 2,983 3,169 1,655 1,795 1,413 1,519 1,219 1,069 1,134 1,30: 2,693 714 389 302 2,85 740 41 31 3,166 901 50: 325 2,837 739 422 321 2,865 757 418 322 2,993 772 452 335 3,267 918 523 343 5,966 1,430 715 55: 6,467 1,562 788 613 1,909 537 268 190 1,947 543 275 192 1,96' 558 27' 196 2,025 585 290 200 2,042 589 294 203 2,077 594 294 207 2,090 587 290 210 •,394 955 460 277 Public Utility Railroad: Operating revenue Profits before taxes Profits after taxes Dividends Electric Power: Operating revenue Profits before taxes Profits after taxes Dividends Telephone: Operating revenue Profits before taxes Profits after taxes Dividends 1 2 10,551 10,491 1,058 1,268 737 876 438 46: 9,565 843 602 419 6,939 1,860 921 674 Includes 17 companies in groups not shown separately. Includes 27 companies in groups not shown separately. NOTE.—Manufacturing corporations. Data are obtained primarily from published company reports. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from 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. Telephone. Revenues and profits are for telephone operations of the 9 825 845 578 406 7,57: 2,153 1,073 743 8,111 2,326 1,155 806 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. 960 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. Profits before taxes Income taxes 1953 1954 1955 . . . 1956 1957 r 1958 r 1959 I960 38.3 34.1 44.9 44.7 43 2 37.4 46.8 45.0 20.2 17.2 21.8 21.2 20.9 18.6 23.1 22.3 18.1 16.8 23.0 23.5 22.3 18.8 23.7 22.7 9.2 9.8 11.2 12.1 12.6 12.4 13.4 14.1 8.9 7.0 11.8 11.3 9.7 6.4 10.3 8.6 1959—I rr 2r 3 4r 46.1 51.5 44.8 44.9 22.8 25.4 22.1 22.1 23.4 26.1 22.7 22.7 13.0 13.3 13.7 13.8 10.4 12.8 9.0 8.9 I960— I rr 2r 3 '.'.'.'.'. 4r 48.1 46.3 43.2 42.6 23.9 23.0 21.4 21.1 24.2 23.3 21.7 21.4 14.0 14.0 14.1 14.3 1961—1 39.6 19.6 20.0 14.2 10.2 9.3 7.6 7.2 5.8 Year or quarter All types Profits Cash Undisafter divi- tributed taxes dends profits Year or quarter 1953 1954 1955 1956 1957 1958 1959 1960 In millions of dollars] Bonds and notes Stocks New Retire- Net New Retire- Net New Retireissues ments change issues ments change issues ments 9,550 11,694 12,474 13,201 14,350 14,761 12,855 12,958 ... 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 4,858 7,998 7,125 4,760 8,198 8,044 Net change 1,896 4,033 3,383 3,203 2,584 3,817 3,049 3,010 4,755 3,799 4,188 4,731 7,053 5,856 4,076 5,034 2,898 3,862 4,903 5,267 4,712 5,088 5,730 4,914 533 1,596 2,216 1,836 1,024 1,479 1,809 1,751 2,366 2,265 2,687 3,432 3,688 3,609 3,922 3,164 880 1,090 1,206 1,859 1,341 1,293 1,238 1,042 482 446 366 456 859 847 872 586 718 1,759 647 1,112 1960—1 2 3 4 2,950 3,101 3,293 3,615 1,211 1,163 1,215 1,171 1,739 1,937 2,077 2,445 1,608 1,808 2,055 2,573 728 717 849 715 1961—1 3,247 1,417 1,830 1,488 770 1 Reflects cash transactions only. As contrasted with data shown on p. 958 new issue* 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. 958. r Revised. 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 Cash Total U.S. Govt. securities Current liabilities Notes and accts. receivable U. S. Govt. 2 Other Inventories Notes and accts. payable Other U.S. Govt. 2 Other Federal income tax liabilities Total Other 1953 1954. 1955 1956 . 1957 1958 1959 4 91 8 94.9 103 0 107.4 111 6 118.7 127.5 190.6 194.6 224.0 237.9 244.7 255.3 278.7 31.1 33.4 34.6 34.8 34.9 37.4 37.2 21.5 19.2 23.5 19.1 18.6 18.8 22.6 2.6 2.4 2.3 2.6 2.8 2.8 2.9 65.9 71.2 86.6 95.1 99.4 106.9 119.0 67.2 65.3 72.8 80.4 82.2 81.9 88.2 2.4 3.1 4.2 5.9 6.7 7.5 8.8 98.9 99.7 121.0 130.5 133.1 136.6 151.2 2.2 2.4 2 3 2.4 2 3 .7 .7 57.3 59.3 73.8 81.5 84 3 88.7 99.0 18.7 15.5 19.3 17.6 15.4 12.9 15.3 20.7 22.5 25.7 29.0 31.1 33.3 35.2 I960 129.7 130.2 131 6 132.5 281.3 283.0 285.8 287.4 33.8 34.6 35.0 37.0 22.4 20.7 19.3 19.7 2.9 2.9 2.9 3.1 120.3 122.8 125.8 126.5 91.9 92.1 92.6 91.3 9.9 10.0 10.1 9.8 151.6 152.9 154.2 154.9 .8 .8 .8 8 99.6 101.3 101.9 102.6 13.9 12.9 13.4 13.8 36.2 36.9 37.2 36.8 134.3 286.6 34.8 19.5 3.2 125.5 92.9 10.7 152.3 .8 100.9 12.1 37.5 1. . 2 3 4 1961—1 i Excludes banks, savings and loan associations, and insurance compa- 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT1 [Department of Commerce and Securities and Exchange Commission estimates. Transportation Year 1953 1954 1955 1956 1957 1958 1959 1960 196M Total 28.3 26.8 28.7 35.1 37.0 30.5 32.5 35.7 34.5 Manufacturing Mining 11.9 11.0 11.4 15.0 16.0 11.4 12.1 14.5 14.0 [.0 1.0 .0 1.2 1.2 .9 1.0 1.0 .0 Railroad Other 1.3 .9 .9 1.2 1.4 .8 .9 1.0 .7 1.6 1.5 1.6 1.7 1.8 1.5 2.0 1.9 1.8 Public Comutili- muni- Other 2 cations ties 4.6 4.2 4.3 4.9 6.2 6.1 5.7 5.7 5.9 1 Corporate and noncorporate business, excluding agriculture. * Includes trade, service, finance, and construction. 1.7 1.7 2.0 2.7 3.0 2.6 2.7 3.1 11 .1 6.3 6.5 7.5 8.4 7.4 7.2 8.2 8.4 3 4 Quarter Total In billions of dollars] Manufactur- Transing portaand tion mining Public utilities Total (seasonally adAll other 3 justed annual rate) 1960—1 2 3 4 7.9 9.3 9.0 9.5 3.3 4.0 3.9 4.3 .7 .8 .7 .7 1.2 1.4 1.5 1.6 2.7 3.0 2.9 3.0 35.2 36.3 35.9 35.5 1961—1 24.... 34.... 7.6 8.7 8.7 3.2 3.8 3.7 .6 .7 .6 1.1 1.5 1.7 2.7 2.8 2.7 33.9 33.9 34.6 Includes communications and other. Anticipated by business. 961 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 Other holders All holders Financial insti- Selected Inditutions Federal viduals and agenothers cies All holders Farm 1- to 4-fatnily houses Multifamily and commercial properties 1 Total Financial institutions Other holders Total Financial institutions Other holders All holders Financial Other insti- holders 2 tutions 1941 1945 37.6 35.5 20.7 21.0 4.7 2.4 12.2 12.1 31.2 30.8 18.4 18.6 11.2 12.2 7.2 6.4 12.9 12.2 8.1 7.4 4.8 4.7 6.4 4.8 1.5 1.3 4.9 3.4 1954 1955 1956 1957 1958 1959 I960? 113.7 129.9 144.5 156.6 171.9 191.2 206.5 85.7 99.3 111.2 119.7 131.5 145 5 157.6 4.6 5.2 6.0 7.5 7.8 10 0 11.2 23.4 25.4 27.3 29.4 32.7 35.6 37.7 105.4 120.9 134.6 146.1 160.7 178.9 193.4 75.7 88.2 99.0 107.6 117.7 131.0 141.8 62.5 73.8 83.4 89.9 98.5 109 3 118.6 13.2 14.4 15.6 17.7 19.2 21 7 23.2 29.7 32.6 35.6 38.5 43.0 47.9 51.6 19.9 21.8 23.9 25.8 28.8 31.8 34.3 9.8 10.8 11.7 12.7 14.2 16.1 17.3 8.3 9.1 9.9 10.5 11.3 12 3 13.1 3.3 3.6 3 9 4.0 4.2 4 5 4.7 5.0 5.4 6.0 6.5 7.1 7 8 8.4 1959 Sept Dec 186.8 191.2 142.3 145.5 9.5 10.0 34.9 35.6 174.6 178.9 128.1 131.0 106.9 109.3 21.2 21.7 46.5 47.9 30.9 31.8 15.6 16.1 12.2 12.3 4.4 4.5 7.7 7.8 I960 Mar June Sept Dec 194.5 198.7 202.8 206.5 148.1 151.4 154.6 157.6 10.3 10.6 11.0 11.2 36.2 36.7 37.3 37.7 182.0 185.9 189.9 193.4 133.2 136.2 139.2 141.8 111.1 113.7 116.3 118.6 22.1 22.5 22.9 23.2 48.8 49.8 50.7 51.6 32.5 33.1 33.7 34.3 16.3 16.7 17.0 17.3 12.5 12.8 13.0 13.1 4.5 4.6 4.6 4,7 8.0 8.2 8.3 8.4 210.0 160.4 11.3 38.4 196.6 144.1 120.7 23.4 52.6 35.0 17.6 13.3 4.7 8.6 1961—Mar.P p Preliminary. * Derived figures, which include negligible amounts of farm loans held by2savings 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. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home Administration, and Federal land banks, and in earlier years R F C , HOLC, and Federal Farm Mortgage Corporation. Other Federal agencies (amounts small or separate data not readily available currently) are included with individuals and others. SOURCE.—Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Federal Housing Administration, Public Housing Administration, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings 2 End of year or quarter Residential Total Total 1941 1945 Mutual savings bank holdings 3 FHAinsured VAguaranteed Residential Conventional Other nonfarm Total Total FHAinsured VAguaranteed 1,048 856 566 521 4 812 4,208 3,884 3,387 6,695 7,617 8,300 8,735 9,780 11,037 11,652 3,263 3,819 4,379 4,823 5,461 6,237 6,796 1,159 1,297 1,336 1,367 1,471 1,588 1,648 15,007 17,457 19,746 21,169 23,263 24 992 26,935 13,211 15,568 17,703 19,010 20,935 22 486 24,297 3,800 4,150 4,409 4,669 5,501 6 275 7,074 4,262 5,773 7,139 7,790 8,361 8 589 8,986 3,175 3,161 10,820 11,037 6,010 6,237 1,585 1,588 24 600 24,992 22 126 22,486 6 095 6,275 6,053 5,978 5,906 5,851 3,124 3,032 2,919 2,859 11,115 11,324 11,574 11,652 6,345 6,484 6,651 6,796 1,591 1,646 1,643 1,648 25,421 25,881 26,442 26,935 22,889 23,319 23,838 24,297 5,816 2,803 11,799 6,960 1.681 27,437 24,765 4,906 4,772 3,292 3,395 1954 1955 1956 1957 1958 1959 I960.. 18,573 21,004 22,719 23,337 25,523 28,145 28,806 14,152 15,888 17,004 17,147 18,591 20,320 20,362 4,106 4,560 4,803 4,823 5,476 6,122 5,851 3,350 3,711 3,902 3,589 3,335 3,161 2,859 1959—Sept Dec 27,635 28,145 20,040 20,320 6,045 6,122 I960 Mar June Sept Dec 28,228 28.463 28,693 28,806 20,292 20,334 20,399 20,362 1961 Mar 29,059 20,418 1 Represents all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies, but excludes holdings of trust departments of commercial banks. March and 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 estimates based in part on data from National Association of Mutual Savings Banks. Farm 4 Conventional Other nonfarm Farm 900 797 28 24 5 149 5,645 6,155 6,551 7,073 7 622 8,237 1 740 1,831 1 984 2,102 2 275 2 451 2,584 56 58 59 57 53 55 54 8 580 8,589 7 451 7,622 2 420 2,451 54 55 6,422 6 569 6,821 7,074 8,735 8 880 8,933 8,986 7,732 7 870 8,084 8,237 2,478 2 509 2,551 2,584 54 53 53 54 7,291 9,070 8,404 2,618 54 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. 5 Data reflect a $40 million reclassification by one bank from commercial and industrial to real estate loans, reported August 24, 1960. 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. 962 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHAinsured Total 1941. 1945. VAguaranteed Farm Total Other Total FHAinsured VAguaranteed Farm Other 6,442 6,636 5,529 5,860 815 1,394 413 515 514 407 438 498 464 25,976 29,445 32,989 35,236 17.062 39,197 41,771 23,928 27,172 30,508 32,652 34,395 36,353 38,789 6,116 6,395 6,627 6,751 7,443 8,273 9,032 4,643 6,074 7,304 7,721 7,43^ 7,086 6,901 13,169 14,703 16,577 18,180 19.519 20,994 22,856 913 776 2,048 2,273 2,481 2,584 2 6*7 2,844 2,982 976 4,714 4,466 5,344 6,623 6,715 5,230 5,277 5,970 6,083 4,931 6,108 6,201 4,823 4,819 5,472 5,619 672 971 842 653 1.301 1,549 1,401 1,378 1,839 1,652 831 195 201 288 1960-June. July., Aug.. Sept.. Oct.. Nov.. Dec.. 490 420 536 472 507 503 616 456 392 504 446 477 465 561 108 90 133 118 117 124 114 21 22 19 18 16 13 12 327 280 352 310 344 328 435 34 28 32 26 30 38 55 40,631 40,694 40,920 41,099 41,313 41,521 41,798 37,722 37,769 37,982 38,153 38,356 38,553 38,803 8,727 8,729 8,801 8,867 8,930 9,004 9,043 7,080 7,057 7,028 7,006 6,978 6,951 6,929 21,915 21,983 22,153 22,280 22,448 22,598 22,831 2,909 2,925 2,938 2,946 2,957 2,968 2,995 1961—Jan Feb.... Mar.... Apr.... May... June.. . 569 447 549 513 511 537 524 395 490 463 461 489 167 117 105 107 105 99 12 12 20 13 12 13 345 266 365 343 344 377 45 52 59 50 50 48 42,008 42,143 42,351 42,553 42,723 42,905 39,021 39,152 39,347 39,525 39,670 39,827 9,134 9,210 9,275 9,326 9,364 9,403 6,899 6,866 6,839 6,810 6,770 6,736 22,988 23,076 23,233 23,389 23,536 23,688 2,987 2,991 3,004 3,028 3,053 3,078 1954.. 1955.. 1956.. 1957.. 1958.. 1959'. 1960.. 2,881 3,298 3,707 3,339 3 341 3,722 3,930 f Revised. 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. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Year or month Total i New construction Loans outstanding (end of period) Home purchase Total 2 FHAinsured VAConguarvenanteed tional 2 1941 1945 1,379 1.913 437 181 581 1,358 4,578 5,376 1954 1955 1956 1957 1958 1959 1960 I1,969 11 ,255 1(),325 1(),160 i:',182 1!5,151 Ui,304 3,076 3,984 3,699 3,484 4,050 5,201 4,678 3,846 5,155 4,620 4,591 5,172 6,613 6,132 26,108 31,408 35,729 40,007 45,627 53,194 60,084 1,170 1,404 1,486 1,643 2,206 2,997 3,523 4,709 5,883 6,643 7,011 7,077 7,192 7,211 20,229 24,121 27,600 31,353 36,344 43,005 49,350 ,397 ,268 ,413 1,316 ,250 ,140 1,150 471 408 430 402 394 332 367 598 569 651 591 545 508 460 56,435 57,050 57,763 58,406 59,011 59,512 60,084 3,255 3,304 3,357 3,398 3,447 3,487 3,523 7,228 7,233 7,229 7,225 7,216 7,214 7,211 45,952 46,513 47,177 47,783 48,348 48,811 49,350 969 1,001 1,356 .309 1,511 1,738 285 288 426 417 460 531 400 395 515 504 603 715 60,455 60,882 61,571 62,265 63,080 64,020 3,561 3,610 3,658 3,702 3,770 3,813 7,191 7,193 7,183 7,195 7,204 7,188 49,703 50,079 50,730 51,368 52,106 53,019 1960 June July Aug Sept Oct Nov Dec 1961 Jan Feb Mar Apr May June? Year or month Season- Without seasonal ally adjustadjusted i ment 2 Savings & loan assns. Insurance companies Commercial banks Mutual savings banks 4,732 5,650 1,490 2,017 404 250 1,165 1,097 218 217 22,974 28,484 27,088 24,244 27,388 32,235 29,341 8,312 10,452 9 532 9,217 10,516 13,094 12,158 1,768 1,932 I 799 ,472 1,460 1,523 .318 4,239 5,617 5,458 4,264 5,204 5,832 4,520 1,501 1,858 1,824 1,429 1,640 1,780 1.557 2,446 2,427 2,493 2,488 2,464 2,451 2,426 2,407 2,500 2,690 2,528 2,784 2,598 2,525 2,378 2,338 1,051 1,167 1,048 1,201 1,097 1,053 978 961 114 119 116 123 111 106 97 95 402 415 378 406 381 372 363 361 120 138 145 158 145 146 143 132 2,373 2,387 2,398 2,476 2,075 1,997 2,444 2,358 2,700 830 838 1,060 1,038 1,199 83 78 94 89 100 337 321 394 386 444 110 95 106 114 138 1941 1945 1954 1955 1956 1957 . . 1958 1959 I960 1960 May July Aug SeDt Oct Nov Dec . 1961 Jan Feb Mar Apr May v1 Preliminary. Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 2 Beginning with 1958 includes shares pledged against mortgage loans. SOURCE.—Federal Home Loan Bank Board. By type of lender (without seasonal adjustment) Total 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. 963 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE [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 mortgages i Property improve- Total 3 ment loans 2 Home mortgages New properties Governmentunderwritten End of year or quarter Existing properties Total 1945 665 257 217 20 171 192 1954 1955 1956 1957 1958 1959 1960 3,066 3,807 3,461 3,715 6,349 7,694 6,293 1,035 1,269 1,133 880 1,666 2,563 2,197 907 1,816 1,505 1,371 2,885 3,507 2,403 232 76 130 595 929 628 711 891 646 692 869 868 997 982 4,257 7,156 5,868 3,761 1,865 2,787 1,985 2,686 4,582 3,910 2,890 1,311 2,051 1,554 1,566 2,564 1,948 863 549 730 428 I960—June July Aug Sept Oct Nov Dec 539 509 615 613 573 558 558 170 162 189 192 196 181 167 195 200 228 233 237 223 223 71 59 97 119 46 78 92 103 88 100 68 94 77 76 175 160 181 169 162 150 142 143 126 139 132 125 113 109 32 34 41 37 36 37 33 1961—Jan Feb Mar Apr May June 564 448 480 458 501 563 186 148 143 124 130 132 224 193 204 193 219 254 89 57 72 75 84 90 65 50 60 65 68 87 130 108 125 109 123 137 101 81 93 78 83 89 28 27 32 31 41 48 1 Monthly figures do not reflect mortgage amendments included in annual totals. 23 These loans are not ordinarily secured by mortgages. 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. SOURCE.—Federal Housing Administration and Veterans Administration. FHA- VAguarinsured anteed 1945 18.6 4.3 4.1 .2 14.3 1954 1955 1956 1957 1958 1959 I960 75.7 88.2 99.0 107.6 117.7 131.0 141.8 32.1 38.9 43.9 47.2 50.1 53.8 56.4 12.8 14.3 15.5 16.5 19.7 23.8 26.7 19.3 24.6 28.4 30.7 30.4 30.0 29.7 43.6 49.3 55.1 60.4 67.6 77.2 85.4 1959_Sept 128.1 D e c . . . . . . 131.0 53.1 53.8 22.9 23.8 30.2 30.0 75.0 77.2 1960—Mar...... June Sept Dec 133.2 136.2 139.2 141.8 54.5 55.0 55.8 56.4 24.6 25.2 26.0 26.7 29.9 29.8 29.8 29.7 78.7 81.2 83.4 85.4 1961—Mar.P.... 144.1 57.1 27.4 29.7 87.0 . . P Preliminary. NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. For conventional, figures are derived. SOURCE.—Federal Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage transactions (during period) Total FHAinsured VAguaranteed Purchases Sales Commitments undisbursed 1954 1955 1956 1957 1958 1959 I960 2,434 2,615 3,047 3,974 3,901 5,531 6,159 802 901 978 1,237 1,483 2,546 3,356 1,632 1,714 2,069 2,737 2,418 2,985 2,803 614 411 609 1,096 623 1,907 1,248 525 62 5 3 482 5 357 476 76 360 764 1,541 568 576 I960—June July Auc Sept Oct Nov Dec 5,827 5,918 5 991 6,050 6,106 6,143 6,159 3,042 3,121 3 185 3,240 3,293 3,333 3,356 2,784 2,797 2 806 2,810 2,812 2,810 2,803 74 113 96 84 79 69 69 50 3 1 1 9 27 592 569 584 584 571 575 576 6,154 6,110 6,017 5,858 5,772 . . 5,763 3,357 3,336 3,298 3,211 3,188 3,191 2,797 2,775 2,719 2,646 2,584 2,572 56 54 48 38 42 38 33 75 116 172 101 18 564 539 540 532 523 544 Mortgage holdings End of year or month 1961—Jan Feb Mar Apr May June . . i 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. Data exclude conventional mortgage loans acquired by FNMA from the RFC Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. SOURCE.—Federal National Mortgage Association. Year or month Conventional Total Advances Repayments Advances outstanding (end of period) Total Short term 1 Long-2 term Members' demand and time deposits 1945 278 213 195 176 19 46 1954 1955 1956 1957 1958 1959 I960 734 1,251 745 1,116 1,364 2,067 1,943 818 702 934 1,079 1,331 1,231 2,097 867 1,417 1,228 1,265 1,298 2,134 1,981 612 991 798 731 685 1,192 1,089 255 426 430 534 613 942 892 802 698 683 653 819 589 938 I960—July Aug... Sept... Oct.... Nov... Dec.... 173 168 160 133 125 344 269 146 121 134 119 104 1,674 1,696 1,736 1,735 1,741 1,981 922 967 1,002 986 976 1,089 751 729 734 749 765 892 682 730 737 762 788 938 1961—Jan.... Feb.... Mar... Apr.... May... June... July... 90 100 135 205 197 367 271 500 176 154 106 149 122 270 1,571 1,496 1,477 1,576 1,624 1,869 1,871 888 822 781 807 852 975 1,062 683 674 696 769 772 894 809 959 978 1,026 1,056 1,089 1,154 1,048 1 Secured or unsecured loans maturing in one year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. SOURCE.—Federal Home Loan Bank Board. 964 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Noninstalment credit Instalment credit End of year or month Total Total Automobile paper * Other consumer goods paper* 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 1,612 518 597 845 1954.... 1955.... 1956 1957 1958 19593 1960 32,464 38,882 42,511 45,286 45,544 52,119 56,049 23,568 28,958 31,897 34,183 34,057 39,852 43,281 9,809 13,472 14,459 15,409 14,237 16,549 17,866 6,751 7,634 8,580 8,782 8,923 10,476 11,215 1,616 1,689 1,895 2,089 2,327 2,784 3,008 5,392 6,163 6,963 7,903 8,570 10,043 11,192 8,896 9,924 10,614 11,103 11,487 12,267 12,768 2,408 3,002 3,253 3,364 3,627 4,144 4,311 4,485 4,795 4,995 5,146 5,060 5,104 5,187 2,003 2,127 2,366 2,593 2,800 3,019 3,270 1960—June July Aug Sept Oct Nov Dec. 53,662 53,809 54,092 54,265 54,344 54,626 56,049 41,752 42,050 42,378 42,517 42,591 42,703 43,281 17,755 17,893 18,020 18,021 17,992 17,967 17,866 10,462 10,452 10,477 10,543 10,625 10,715 11,215 2,905 2,934 2,975 3,001 3,013 3,020 3,008 10,630 10,771 10,906 10,952 10,961 11,001 11,192 11,910 11,759 11,714 11,748 11,753 11,923 12,768 4,294 4,265 4,276 4,317 4,272 4,301 4,311 4,423 4,311 4,277 4,283 4,370 4,463 5,187 3,193 3,183 3,161 3,148 3,111 3,159 3,270 1961—Jan.... Feb Mar ADr May June.. 55,021 54,102 53,906 53,972 54.390 54.786 42,782 42,264 42,058 41,988 42,127 42 441 17,611 17,383 17,265 17.200 17,24? 17.358 11,050 10,793 10,679 10.585 10 60? 10.666 2,967 2,935 2,922 2,922 2 943 2^958 11,154 11,153 11,192 11,281 11.340 11,459 12,239 11,838 11,848 11.984 12 ?M 12.345 4,314 4,381 4,417 4,402 4.524 4.547 4,599 4,037 4,004 4,096 4,274 4.349 3,32b 3,420 3,427 3,486 3,465 3 449 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 2part for business. 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. 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 1947-57, in the BULLETIN for April 1953, pp. 347-53; October 1956, pp. 1035^2; December 1957, pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. Revised monthly data for 1958 and 1959 (with notes describing the changes) are shown on pp. 1406-09 of the BULLETIN for December 1960. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions End of year or month 1939 1941 1945 Total instalment credit Total Commercial banks Sales finance companies Credit unions 4,503 6,085 2,462 3,065 4,480 1,776 1,079 1,726 745 1,197 1,797 300 132 198 102 Retail outlets Consumer finance companies i Other i Total Department stores 2 Furniture stores Household appliance stores Automobile dealers 3 657 759 629 1,438 1,605 686 354 320 131 439 496 240 183 206 17 123 188 28 339 395 270 1954 1955 1956 1957 1958 19594 1960 1960—June July. Aug. Sept. Oct.. Nov. Dec. 23,568 28,958 31,897 34,183 34,057 39,852 43,281 19,450 24,450 27,154 29,515 29,074 34,176 37,502 8,796 10,601 11,777 12,843 12,780 15,227 16,398 6,144 8,443 9,100 9,573 8,740 10,145 11,134 1,342 1,678 2,014 2,429 2,668 3,280 3,906 2,257 2,656 3,056 3,333 3,384 3,774 4,212 911 1,072 1,207 1,337 1,502 1,750 1,852 4,118 4,508 4,743 4,668 4,983 5,676 5,779 1,242 1,511 1,408 1,393 1,882 2,292 2,401 984 1,044 1,187 1,210 1,128 1,225 1,189 377 365 377 361 292 310 292 463 487 502 478 506 481 513 1,052 1,101 1,269 1,226 1 ,175 1,368 1,384 41,752 42,050 42,378 42,517 42,591 42,703 43,281 36,481 36,857 37,199 37,318 37,330 37,368 37,502 16,145 16,239 16,362 16,416 16,408 16,402 16,398 10,945 11,062 11,142 11,154 11,147 11,141 11,134 626 679 3,754 ,795 ,833 3,870 3,906 3,957 4,049 4,099 4,111 4,097 4,107 4,212 1,808 1,828 1,842 1,842 1,845 1,848 1,852 5,271 193 179 199 261 335 5,779 2,073 2,020 2,012 2,049 2,103 2,155 2,401 1,132 1,124 1,132 1,129 1,130 1,140 1,189 291 290 290 291 290 288 292 512 516 520 519 518 517 513 1,263 1,243 1,225 1,211 ',220 ,235 ,384 1961—Jan.. Feb. Mar. Apr. May June 42,782 42,264 42,058 41,988 42,127 42.441 38,186 37,790 37,542 37,434 37,462 37,663 17,261 17,001 16,860 16,776 16,776 16,804 11,030 10,914 10,787 10,733 10,696 10,768 3,860 3,863 3,897 3,937 3,991 4,074 4,179 4,151 4,131 4,133 4.133 4,151 1,856 1,861 1,867 1,855 1,866 1.866 4,596 4,474 4,516 4,554 4,665 4,778 1,342 1,348 1,442 1,527 1,634 1,732 1,151 1,121 1,092 1,077 1.071 1.076 286 279 274 269 270 272 504 497 491 488 488 490 ,313 ,229 ,217 ,193 ,202 .208 1 Consumer finance companies included with "other" financial institutions until September 1950. 2 Includes mail-order houses. 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. 965 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] End of year or month Total instalment credit Automobile paper Purchased Direct goods paper 237 447 178 338 166 309 1,079 1 726 1939 1941 1945 Other con- Repair and modernization loans Personal loans 135 161 363 471 745 66 143 114 110 312 1954 1955 1956 1957 1958 19591 I960 8,796 10,601 11 777 12,843 12,780 15 227 16,398 2 269 3,243 3 651 4,130 4,014 4 827 5,264 1,668 2,062 2,075 2,225 2,170 2,525 2,116 1,880 2,042 2 464 2,557 2,269 2 640 2,690 1,303 1,338 1,469 1,580 1,715 2,039 2,163 1,676 1,916 2,118 2,351 2,612 3,196 3,505 I960—June July Aug Sept 16,145 16,239 16 362 16,416 16 408 16,402 16,398 5,195 5,242 5 290 5,313 5 311 5,304 5,264 2,765 2,777 2,790 2,778 2,776 2,783 2,776 2,684 2,690 2 684 2,686 2 681 2,670 2,690 2,105 2,119 2,144 2,162 2 170 2,173 2,163 3,396 3,411 3,454 3,477 3,470 3,472 3,505 17,261 17,001 16,860 16,776 16,776 16,804 5,196 5 121 5,102 5,090 5 177 5.178 2,757 2,737 2,747 2.752 2.774 2,796 3,683 3,546 3,409 3,278 3, IRt 3.085 2,131 2,104 2,087 2,090 2.100 2 111 3,494 3,493 3,515 3,566 3,594 3,634 Oct Nov Dec 1961— Jan Feb Mar Apr Mav June .. 1 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. Total instalment credit Automobile paper Other consumer goods paper 1939 1941 1945 1,197 1,797 300 878 1,363 164 115 167 24 148 201 58 56 66 54 1954 1955 1956 1957 1958 19591 1960 6,144 8,443 9,100 9,573 8,740 10,145 11,134 4,870 6,919 7,283 7,470 6,404 7,328 7,695 841 1,034 1,227 1,413 1,567 1,883 2,374 31 25 23 20 19 35 64 402 465 567 670 750 899 1,001 I960—June July. Aug. Sept. Oct.. Nov. Dec. 10,945 11,062 11,142 11,154 11,147 11,141 11,134 7,767 7,822 7,855 7,832 7,796 7,757 7,695 2,175 2,225 2,260 2,292 2,319 2,347 2,374 49 52 57 60 63 63 64 954 963 970 970 969 974 1,001 1961—Jan.. Feb., Mar. Apr. May June 11,030 10,914 10,787 10,733 10,696 10.768 7,555 7,429 7,314 7,245 7,204 7,214 2,412 2,420 2,402 2,405 2,405 2,447 64 64 66 67 67 69 999 1,001 1,005 1,016 1,070 1,038 End of year or month NONINSTALMENT CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year or month Automobile paper Other consumer goods paper Repair and modernization loans Total Personal loans 789 957 731 81 122 54 24 36 20 15 14 14 669 785 643 4,510 5,406 6,277 7,099 7,554 8,804 9,970 539 761 1,106 1,143 1,388 1,618 375 537 648 622 610 758 885 282 326 403 489 593 710 781 3,314 3,782 4,278 4,882 5,208 5,948 6,686 Dec. 9,391 9,556 9,695 9,748 9,775 9,825 9,970 1,516 1,536 1,565 1,579 1,591 ,606 ,618 844 860 874 885 882 880 885 751 763 774 779 780 784 781 6,280 6,397 6,482 6,505 6,522 6,555 6,686 1961—Jan... Feb.. Mar.. Apr.. May. June. 9,895 9,875 9,895 9,925 9,990 10,091 ,599 ,599 ,611 ,625 863 850 843 836 6,661 6,659 6,672 6,699 ,680 846 772 767 769 765 T7f, 778 1939 1941 1945 1954 1955 1956 1957 1958 19591 1960 i960—June. July.. Aug.. Sept.. Oct... Nov.. 1 948 R1Q f>.l">« 6,787 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. Personal loans i Includes data for Hawaii, beginning with August 1959. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT Total instalment credit Repair and modernization loans End of year or month 1939 1941 1945 1954 1955 . 1956 1957 1958 19593 1960 instalment credit Singlepayment loans Charge accounts Service credit Com- Other DeOther finanmerpart- retail Credit2 cial cial ment cards insti- stores i outlets banks tutions 2,719 3,087 3,203 625 693 674 162 152 72 236 275 290 1,178 1*370 1,322 8,896 . . 9,924 10,614 11,103 11,487 12,267 12,768 2,096 2,635 2,843 2,937 3 156 3,582 3,737 312 367 410 427 471 562 574 793 862 893 876 907 958 941 3,515 3,717 3,842 3,953 3,808 3^753 3,801 177 216 260 317 345 393 445 2 003 2,127 2*366 2,593 2,800 3*019 3,270 518 597 845 1960—June.... July Aug Sept Oct Nov Dec 11,910 11,759 11,714 11,748 11,753 11,923 12,768 3,682 3,663 3,656 3,715 3,692 3,711 3,737 612 602 620 602 580 590 574 633 584 584 625 661 709 941 3,382 3,295 3,236 3,199 3,266 3,326 3,801 408 432 457 459 443 428 445 3,193 3,183 3,161 3,148 3,111 3,159 3,270 1961—Jan Feb Mar Apr May.... June 12,239 11,838 11,848 11,984 12.263 12,345 3,740 3,789 3,793 3,842 3,904 3,970 574 592 624 560 670 577 805 669 637 631 634 624 3,346 2,926 2,926 3,035 3 210 3,286 448 442 441 430 3,326 3,420 3,427 3,486 439 3^449 470 T, 4£S 1 Includes mail-order houses. 2 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. 966 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 Personsil loans Year or month Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Ad justed Unadjusted Extensions 31,051 39,039 40 175 42,545 40,789 49,045 50 343 1954 1955 1956 1957 1958 19591 I960 I960—June July Aug Sept Oct Nov Dec . 1961—Jan Feb Mar Apr May June . . . . 11 807 16,745 15 563 16 545 14 316 17,941 17,839 9 117 10,634 11 702 11 747 11 638 13,837 14,226 8 866 10,272 11 342 12 593 12.974 15,066 16,220 I 388 568 660 2'201 2 058 4,313 4,214 4,072 4,125 4,108 4,134 4,007 4,615 4,156 4,365 4,010 4,012 4,067 4,641 1.538 1,417 [,422 1,422 1,460 1,482 1,325 1,733 1,473 1,570 1,372 1,407 1,364 1,248 1.248 ,168 ,112 1,162 1,165 ,159 ,200 1.267 1,085 ,165 1,173 1,207 1,217 1,654 186 176 180 164 160 160 147 198 183 202 177 172 163 138 1 .341 ,453 ,358 ,377 323 ,333 ,335 1.417 ,415 ,428 ,288 ,226 ,323 ,601 3,869 3,803 4,002 3,883 4,001 4,116 3,473 3,241 3,995 3,765 4,280 4,402 1,239 1,190 1,288 1,243 1 315 1,347 1,130 1,051 1,330 1,247 1461 1,525 [,185 ,131 1,212 1,145 158 1,190 I 012 888 I 125 1,053 [ 219 1,214 140 141 159 157 168 167 117 114 150 151 185 178 ,305 1,341 1,343 [,338 360 1,412 ,214 ,188 ,390 ,314 ,415 ,485 Repayments 1954 1955 1956 1957 1958 I9591 1960 . 11,833 13,082 14 576 15,595 15,488 15,698 16 522 30,488 33,649 37,236 40 259 40,915 43,407 46 914 . . . 1 .255 1,315 1,362 1,466 1,623 1,751 8^4 9,145 9,751 10,756 11.545 11,497 12,307 13 487 8,255 9,501 10,542 11,653 12,307 13,651 15 071 June July Aus Sept Oct Nov Dec 3,934 3,997 3,918 3,958 3,994 3,946 3 931 3,988 3,858 4,037 3,871 3 938 3,955 4 063 1,392 1,385 1,388 1,375 1,417 1,397 1,356 1 409 ,335 ,443 ,371 436 ,389 1,349 1,148 1,123 1,141 1,147 1,119 1,156 1 144 1,095 1,140 1,107 1,125 1,127 1,154 155 155 156 149 160 158 153 158 154 161 151 160 156 150 1,252 1,309 1,251 1,293 1 270 1,272 1,266 J 277 1,274 1,293 1,242 ,217 1,283 410 1961—Jan Feb Mar Apr May June 3 972 4,011 3,954 4,022 3,974 4,016 3 972 3 759 4,201 3,835 4,141 4,088 1 387 1,363 1,353 1,388 1,365 1,386 385 ,279 ,448 ,312 ,419 ,409 ,154 1,191 1,163 1,186 1,148 1,137 1,177 1,145 1,239 1,147 1,202 1,150 159 152 158 156 160 160 158 146 163 151 164 163 1 272 1 305 1,280 1,292 1,301 1,333 I 252 I 189 1,351 1,225 1,356 ,366 I960 Net increase or decrease ( —) in credit outstanding 2 1954 1955 1956 1957 1958 19591 1960 . . I960—June July Aug Sept Oct Nov Dec 1961—Jan Feb Mar Apr May June -26 3 663 987 950 — 1 172 2,312 1 317 563 5 390 2,939 2,286 -126 5,795 3 429 . 379 217 154 167 114 188 76 627 298 328 139 74 112 578 146 32 34 47 43 85 -31 324 138 127 1 -29 -25 -101 113 20 -11 21 18 40 44 -103 -208 48 -139 27 100 -499 -518 -206 -70 139 314 -148 -173 -65 -145 -50 -39 -255 -228 -118 -65 42 116 31 -60 49 -41 10 53 lExtensions and repayments include currant 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 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 1955-59, in the BULLETIN for December 1957, pp. 1420-22, November 1959, p. 1418, and December 1960, pp. 1406-09. 6 73 206 194 238 457 224 -28 883 946 202 141 1,553 739 611 771 800 940 667 1,473 1 149 25 66 82 90 500 31 21 24 15 0 2 -6 40 29 41 26 12 7 -12 89 144 107 84 53 61 69 -165 -257 -114 -94 17 64 -19 -11 1 1 8 7 -41 -32 -13 0 21 15 33 36 63 46 59 79 123 -to 140 141 135 46 9 40 191 -38 39 89 59 119 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. 967 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] Commercial banks Total Sales finance companies Other financial institutions Retail outlets Year or month Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Extensions 1954 1955 19561 19571 19581 19591, 2 1960 31,051 39,039 40,175 42,545 40,789 49,045 50,343 11,267 14,109 14,463 15,355 14,860 17,976 17,854 1960—June. July. Aug.. Sept.. Oct.. Nov.. Dec. 4,313 4,214 4,072 4,125 4,108 4,134 4,007 4,615 4,156 4,365 4,010 4,012 4,067 4,641 1,534 1,437 1,442 1961—Jan. i Feb. i Mar Apr May June 3,869 3,803 4,002 3,883 4,001 4,116 3,473 3,241 3,995 3,765 4,280 4,402 7,260 10,200 9,600 10,200 8,907 11,007 11,110 5,541 6,281 6,638 6,495 6,563 7,940 8,016 6,983 8,449 9,474 10,495 10,459 12 122 13,363 ,495 ,399 ,658 ,458 ,560 ,430 ,419 ,385 ,370 943 894 894 888 896 918 847 1,050 955 989 879 880 872 865 1.128 ,233 ,129 ,118 ,072 ,078 ,077 1,185 1,201 1,192 1,051 1,011 1,093 1,302 708 650 607 649 667 643 684 722 542 624 650 702 717 1,104 ,373 ,358 ,404 ,371 ,420 ,444 ,321 ,189 ,433 ,400 ,573 ,567 800 786 807 810 802 858 737 656 806 763 868 949 ,028 ,059 ,096 ,063 ,124 ,165 928 942 1,126 1,023 1,165 1,221 668 600 695 639 655 649 487 454 630 579 674 665 1,470 ,473 Repayments 1954 1955 19561 19571 19581 19591,2 1960 30,488 33,649 37,236 40,259 40,915 43,407 46,914 11,469 12,304 13,362 14,360 14,647 15,560 16,692 7,043 7,901 8,943 9,727 9,774 9,623 10,241 5,465 5,891 6,328 6,499 6,490 7,281 7,784 6,511 7,553 8,603 9,673 10,004 10,943 12,197 I960—June. July. Aug.. Sept.. Oct.. Nov.. Dec. 3,934 3,997 3,918 3,958 3,994 3,946 3,931 3,988 3,858 4,037 3,871 3,938 3,955 4,063 1,400 1,395 1,376 1,388 1,445 1,411 1,376 ,424 ,364 ,437 ,376 ,427 ,391 ,374 849 867 870 877 868 876 853 849 838 909 867 887 878 872 ,024 ,075 ,027 ,044 ,021 ,027 ,034 1,041 1,036 1,053 998 984 1,043 1,157 661 660 645 649 660 632 668 674 620 638 630 640 643 660 1961—Jan. i . Feb.i. Mar... Apr... May.. June.. 3,972 4,011 3,954 4,022 3,974 4,016 3,972 3,759 4,201 3,835 4,141 4,088 1,433 1,534 1,488 1,551 1,500 1,508 ,434 ,449 ,574 ,484 ,573 ,539 855 873 871 866 873 872 841 807 933 817 905 877 ,011 ,054 ,051 ,052 ,052 ,098 1,003 962 1,106 993 1,100 1,120 673 550 544 553 549 538 694 541 588 541 563 552 Net increase or decrease ( —) in credit outstanding 3 1954... 1955... 19561.. 19571.. 19581.. 19591, : 1960... 1960—June.. July. . Aug... Sept... Oct.. . Nov... Dec.. . 1961_Jan.i. Feb. i . Mar... Apr... May.. June.. -202 ,805 176 ,066 -63 2,447 1,171 563 5,390 2,939 2,286 -126 5,795 3,429 76 390 235 -75 315 693 103 -6 -4 94 27 24 11 28 42 -6 201 117 80 12 -7 -6 -7 104 158 102 74 51 51 43 144 165 139 53 27 50 145 47 -10 -38 0 7 11 16 48 -78 -14 20 62 74 444 863 -260 -141 -84 0 28 -55 -52 -64 -56 -71 -14 -104 -116 -127 -54 -37 72 17 5 45 11 72 67 -75 -20 20 30 65 101 -981 -1,183 -122 42 38 111 113 379 217 154 167 114 188 76 627 298 328 139 74 112 578 134 42 66 82 28 84 23 234 94 123 54 -103 -208 48 -139 27 100 -499 -518 -206 -70 139 314 916 -176 -84 -180 -80 -64 o 1 Data on extensions and repayments have been adjusted to avoid duplication resulting from large transfers of other consumer goods paper. As a result, the differences between extension 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 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. NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of 472 896 871 822 455 1,250 1,166 217 2,299 657 473 -833 1,405 989 the BULLETIN for October 1956; for 15 151 86 106 111 1955-59, in the BULLETIN for December 1957, pp. 1421-22, November 1959, p. 1419, and December 1960, pp. 1406-09. 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. 968 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] Annual average Grouping 1960 1959 1960 June July 1961 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June INDUSTRY GROUPINGS 159 164 166 166 165 162 161 159 156 155 155 156 160 164 168 158 165 155 . . . . 125 268 163 169 160 128 287 165 173 163 128 288 165 173 163 128 289 163 169 162 129 292 767 166 159 127 293 760 164 160 128 289 757 159 158 129 286 754 156 156 129 286 755 154 155 129 290 752 153 156 128 291 755 154 157 127 291 755 161 160 163 167 125 114 107 142 150 128 115 110 145 155 126 112 105 148 158 124 108 100 148 160 122 106 94 147 160 779 102 118 100 91 144 156 777 94 85 138 151 108 88 80 137 147 707 91 82 132 145 108 93 86 131 141 141 205 174 145 222 238 168 368 221 207 178 148 226 237 176 347 224 209 180 152 226 237 166 372 226 206 176 146 223 237 167 367 227 204 201 167 142 208 240 170 371 220 797 795 166 137 213 218 142 369 216 190 166 136 Motor vehicles and parts. , Aircraft and other equipment Instruments and related products 197 169 141 212 228 147 390 209 189 165 136 214 205 127 363 210 Clay glass, and lumber Clay, glass, and stone products Lumber and products . 143 159 125 139 158 118 144 164 120 145 165 122 139 162 113 137 157 Furniture and miscellaneous Furniture and fixtures Misc. manufactures 147 164 133 153 171 138 158 177 143 755 177 143 755 173 141 150 169 136 126 153 119 136 121 159 113 141 128 162 116 140 126 163 115 138 124 161 116 154 170 143 135 160 172 152 141 160 172 152 143 161 173 153 142 215 240 298 158 199 224 255 320 161 200 233 263 331 167 214 128 128 131 117 127 132 132 134 120 130 122 68 147 145 135 210 159 Total index Durable Mining Utilities 296 '304 166 171 165 129 304 709 94 777 105 126 115 729 117 87 131 98 135 108 143 152 110 146 144 759 195 201 205 165 135 213 206 126 367 210 169 140 216 220 144 366 210 171 141 221 '373 r 215 176 144 229 235 166 365 220 725 144 110 131 149 755 151 137 155 143 162 144 158 132 r 128 '162 128 Durable Manufactures Primary and fabricated metals Fabricated metal products Structural metal parts . . . . Machinery and related products Nonelectrical machinery 90 144 157 173 143 222 237 168 368 220 167 140 211 226 151 373 221 135 157 111 132 155 151 168 138 149 167 133 118 155 133 116 156 113 161 172 153 141 161 232 263 331 172 204 229 260 330 168 201 224 132 132 134 122 131 132 132 134 122 126 132 132 135 120 130 132 132 135 122 67 147 147 135 228 145 122 64 148 148 137 226 145 122 64 148 148 137 229 143 123 65 149 149 138 230 144 121 146 107 188 163 133 194 167 133 201 167 130 205 757 133 202 76*2 127 270 265 289 285 289 289 291 286 . . 162 155 188 157 169 162 195 160 171 165 196 161 170 164 198 161 114 134 215 208 130 366 216 729 148 106 729 145 145 163 130 143 159 131 113 156 727 109 152 108 72¥ 110 144 767 172 154 142 160 759 168 152 139 759 223 255 314 164 192 221 218 252 315 158 184 752 133 135 120 131 752 133 135 722 105 135 111 110 r 231 157 158 117 122 145 161 148 '752 165 167 131 134 756 172 727 113 147 108 750 116 152 108 132 118 153 112 759 16~> 136 759 174 150 134 277 276 216 250 249 130 117 139 143 Nondurable Manufactures Textile apparel, and leather p r o d u c t s . . . Textile mill products Apparel products Leather and products Paper and printing Paper and products Printing and publishing Newspapers ... ... . Chemical, petroleum, and rubber products Chemicals and products Industrial chemicals . . . Petroleum products Rubber and plastics products. Foods beverages, and tobacco Foods and beverages Food manufactures Beverages Tobacco products . . . . . . 109 173 153 140 254 320 167 194 112 168 155 141 252 318 162 191 109 170 151 315 159 180 180 173 150 150 137 136 r 312 160 178 321 158 168 ~>25 259 328 162 '192 752 133 135 119 133 754 134 137 121 132 134 134 1V7 122 139 72/ 63 148 148 135 121 252 133 134 136 123 131 131 131 134 122 66 148 147 136 234 147 124 231 152 722 67 148 147 135 238 148 i54 144 136 145 163 131 195 168 147 188 772 150 193 765 146 185 767 146 759 127 197 160 121 201 296 284 297 281 293 279 291 274 290 277 293 169 162 195 159 168 161 195 157 168 162 195 156 166 164 158 191 150 162 155 188 148 122 130 119 133 122 129 134 122 r 153 112 163 179 r \5\ 137 757 125 156 164 181 153 138 232 r 266 339 '167 199 239 r 755 135 >i35 139 275 168 136 139 117 132 Mining Coal oil, and gas Coal Crude oil and natural gas Oil and gas extraction Crude oil Gas and gas liquids Metal mining. Stone and earth minerals . . 64 147 147 136 226 144 63 (51 150 H9 64 148 147 134 56 150 152 139 r l23 123 63 66 M49 r r 151 r 151 139 r 149 138 725 62 150 150 139 143 142 186 157 ni9 192 r l 9 7 769 138 201 294 292 297 162 162 156 188 150 166 160 190 156 r Utilities Electric Gas 307 SUMMARY MARKET GROUPINGS Final products, total Consumer goods Equipment, including defense Materials r Revised. 159 193 153 155 188 149 r 168 163 192 161 171 167 193 164 969 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] Annual average 1960 1961 Grouping 1959 1960 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June INDUSTRY GROUPINGS 159 164 166 157 162 164 166 161 154 155 156 158 158 165 155 125 268 163 169 160 128 287 165 172 162 129 155 160 153 124 160 160 165 130 162 165 164 129 755 168 167 129 759 162 160 128 757 156 149 128 757 154 153 128 154 155 157 128 755 157 158 127 Primary and fabricated metals. Primary metals Iron and steel Fabricated metal products Structural metal parts 125 114 107 142 150 128 115 110 145 155 127 114 106 146 157 113 93 87 143 154 118 98 89 148 158 120 99 90 151 159 120 102 93 148 159 775 95 85 141 155 705 86 78 137 152 108 93 85 130 144 709 97 88 128 140 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 197 169 141 212 228 147 390 209 205 174 145 222 238 168 368 221 206 178 149 223 237 174 346 223 795 168 145 203 220 149 359 219 188 169 139 216 197 117 359 223 199 174 141 229 219 145 363 220 204 170 140 219 244 175 369 222 207 169 137 220 238 167 372 222 797 167 138 214 229 157 371 219 793 167 138 213 216 138 374 216 Clay, glass, and lumber Clay, glass, and stone products. Lumber and products 143 159 125 139 158 118 152 168 133 142 162 117 148 168 125 145 163 124 144 164 122 752 155 104 720 144 92 Furniture and miscellaneous. Furniture and fixtures Misc. manufactures 147 164 133 153 171 138 755 173 140 750 169 133 75P 177 144 755 176 142 750 176 147 154 169 142 Textile, apparel, and leather products Textile mill products Apparel products Leather and products 136 126 153 119 136 121 159 113 136 127 154 113 124 112 143 103 144 124 171 122 129 116 149 111 757 121 162 114 Paper and printing Paper and products Printing and publishing Newspapers 154 170 143 135 160 172 152 141 757 176 151 143 149 156 145 124 158 174 148 126 163 174 155 141 Chemical, petroleum, and rubber products... Chemicals and products Industrial chemicals Petroleum products Rubber and plastic products 215 240 298 158 199 224 255 320 161 200 231 262 326 167 207 218 248 312 171 177 225 256 317 173 191 Foods, beverages, and tobacco Foods and beverages Food manufactures Beverages Tobacco products 128 128 131 117 127 132 132 134 120 130 135 134 133 144 143 133 134 135 131 116 Coal, oil, and gas Coal Crude oil and natural gas Oil and gas extraction Crude oil Gas and gas liquids Oil and gas drilling 122 68 147 145 135 210 159 122 67 147 147 135 228 145 120 66 144 143 133 212 146 Metal, stone, and earth minerals Metal mining Stone and earth minerals 146 107 188 163 133 194 270 265 162 155 188 157 Total index. Manufacturing, total. Durable Nondurable Mining Utilities 162 164 168 160 162 127 755 167 162 128 757 172 166 130 772 99 91 130 141 779 109 101 135 143 727 117 110 140 150 730 119 112 146 157 795 170 140 217 212 134 371 212 794 169 140 216 213 132 375 213 799 172 144 216 225 149 371 212 207 172 143 217 231 159 '368 215 205 176 145 227 236 167 364 219 775 136 97 727 137 103 725 145 104 134 151 115 141 158 121 750 166 132 148 166 132 759 156 125 142 158 129 143 159 129 144 160 129 146 161 134 753 168 140 752 116 156 108 114 105 129 99 725 112 146 111 757 117 162 119 757 117 162 118 755 123 161 114 735 125 156 106 735 125 154 759 183 160 153 164 171 159 154 755 152 154 138 755 169 147 125 759 175 148 130 755 178 153 141 755 185 154 146 164 180 153 146 755 186 152 139 226 255 316 171 196 227 258 317 163 202 222 253 320 160 195 275 247 315 162 176 279 250 315 159 189 227 253 322 162 188 227 259 330 157 176 r 142 142 144 132 139 146 147 152 123 135 145 145 150 125 140 735 134 139 108 133 127 132 105 106 124 124 129 100 129 124 128 106 134 126 125 127 116 131 129 rl32 129 131 129 132 129 130 136 133 739 139 138 775 51 143 142 132 210 147 727 68 145 144 133 217 149 727 67 145 144 134 217 147 725 72 146 145 133 226 148 124 66 150 149 137 238 149 124 65 151 151 137 250 150 725 63 153 152 138 725 64 154 154 140 124 H23 r122 57 61 ! 64 154 151 1 4 8 157 153 ,149 143 141 1137 720 62 146 146 135 157 143 129 757 164 210 757 149 213 183 153 214 178 \A1 210 772 133 212 757 119 197 149 118 182 146 118 175 144 120 168 147 120 175 753 119 188 169 137 '201 289 285 279 288 303 304 285 280 294 313 304 298 291 291 169 162 195 160 171 164 197 162 163 155 193 151 168 163 191 157 171 165 194 158 174 170 192 159 167 162 190 155 161 152 191 148 162 154 191 149 164 157 191 150 164 ! 167 167 156 160 i 161 191 193 ! 193 152 157 ! 161 Durable Manufactures Nondurable Manufactures 230 232 238 268 r269 274 335 i 342 157 '164 i68 197 194 Mining 137 i 140 143 r 790 170 210 Utilities Electric Gas SUMMARY MARKET GROUPINGS Final products, total Consumer goods Equipment, including defense Materials r Revised. 172 166 195 165 970 INDUSTRIAL PRODUCTION INDUSTRY G R O U P I N G S 1957=100 (Seasonally adjusted] Grouping 1957 proportion Annual average 1959 1960 1960 June July 1961 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June 100 00 105 108 109 110 108 107 106 105 103 102 102 103 '106 108 110 86 49 49 66 36.83 8.55 4.96 105 102 110 95 115 705 104 114 97 123 770 105 116 97 124 770 106 116 97 124 108 104 115 98 125 707 102 113 96 126 705 101 113 97 124 104 98 112 98 123 702 96 111 98 123 707 95 707 94 98 124 97 125 702 95 112 97 125 705 99 114 r 97 127 705 103 116 97 130 770 105 118 98 131 Primary and fabricated metals Primary metals Iron and steel Fabricated metal products Structural metal parts . 13.15 1 73 6.21 5.42 2.91 95 90 86 104 101 95 91 88 106 103 96 88 84 108 106 95 85 80 109 107 93 83 76 108 107 97 80 72 106 105 90 78 73 105 104 55 74 68 101 101 52 69 64 101 98 52 71 66 97 97 52 73 69 96 94 53 74 69 96 94 59 82 79 99 96 96 90 86 105 102 98 9? 88 107 106 Machinery and related products 25 9* 102 103 99 108 98 100 94 112 705 106 102 112 102 115 89 119 707 109 105 114 102 120 84 121 705 110 107 114 102 113 90 121 /05 107 103 113 101 114 88 122 705 105 101 112 102 115 89 118 104 102 100 105 103 116 89 119 102 102 98 107 97 103 90 119 700 101 96 108 93 97 89 116 95 101 96 109 89 89 88 116 97 101 96 108 88 86 88 113 97 101 95 108 88 86 89 113 101 103 98 109 94 99 88 113 104 104 99 112 99 108 90 116 106 107 101 116 101 113 88 119 Total index Manufacturing total Durable Nondurable . Mining Utilities Durable Manufactures Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles and parts Aircraft and other equipment Instruments and related products Ordnance and accessories is.:i 8.92 6.39 10.76 5.04 5.50 1.66 1.25 Clay, glass, and lumber C l a y glass a n d stone p r o d u c t s . . . Lumber and products 4.57 2.92 1.65 111 110 113 709 110 107 772 114 109 773 114 111 709 112 102 707 109 103 705 109 100 703 107 95 700 103 96 700 101 100 700 100 99 702 103 100 705 105 106 707 107 106 772 112 110 Furniture and miscellaneous Furniture and fixtures Misc manufactures 2.96 1.48 1.48 112 115 109 775 120 113 720 123 117 720 124 117 775 121 115 114 118 109 775 117 113 7 73 117 110 7/0 114 107 709 111 107 709 111 108 7/0 112 107 112 115 110 775 117 114 7/5 120 117 7.32 7/5 113 120 106 7/5 109 125 101 779 115 127 104 //9 113 128 103 7/7 (11 127 103 772 106 122 97 772 104 122 101 101 123 99 705 98 119 96 705 98 113 97 107 102 116 96 110 104 120 96 112 106 120 100 773 109 120 100 775 112 123 772 112 112 108 //2 112 113 108 772 112 112 107 773 112 113 108 112 110 114 108 109 112 106 111 111 104 113 110 102 77/ 113 110 104 113 117 110 105 774 117 111 105 775 118 112 106 I/8 123 130 108 110 722 127 135 111 114 126 131 r 772 112 113 107 116 773 113 113 96 81 100 103 100 96 75 101 103 101 Nondurable Manufactures Textile, apparel, and leather products Textile mill products Apparel products Leather and products 2.78 3.44 1.10 Paper and printing Paper and products Printing and publishing Newspapers /05 111 105 104 //2 112 4.66 1.53 108 772 112 112 109 Chemical, petroleum, and rubber products Chemicals and products Industrial chemicals Petroleum products Rubber and plastics products 10.95 7 10 3.61 1 93 1.91 113 114 118 105 114 7/5 121 127 108 115 722 125 132 11! 122 122 125 131 115 117 720 124 131 112 115 775 121 127 HI 111 777 121 125 109 110 116 120 126 108 109 7/5 120 125 105 105 7/4 119 125 106 103 113 118 124 106 102 773 120 127 106 96 Foods, beverages, and tobacco Foods and beverages Food manufactures Beverages Tobacco products . 10.64 9.87 8.31 1.56 .77 107 106 106 106 112 709 109 109 109 114 770 109 109 110 115 770 110 109 111 111 /70 109 109 109 114 770 HO 109 110 114 777 111 111 112 115 109 109 109 108 117 7 70 110 110 109 115 110 110 110 113 7/0 110 110 108 116 111 111 109 116 112 111 111 111 122 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 96 82 99 99 98 106 93 95 82 98 100 98 116 85 95 78 99 101 99 115 85 95 78 99 102 100 116 84 96 80 100 102 100 117 85 95 11 99 101 99 115 84 96 81 99 101 99 118 86 97 11 101 103 101 117 89 96 81 99 101 98 121 87 95 78 99 101 98 95 11 99 101 98 95 68 101 104 101 97 11 101 104 101 90 85 80 85 84 83 Metal stone and earth minerals Metal mining Stone and earth minerals 1.50 .70 .80 94 11 108 705 96 112 107 97 116 707 94 118 107 96 116 704 92 114 703 88 116 704 95 113 705 107 109 770 109 111 705 106 106 707 106 107 102 92 110 '707 r 86 114 705 100 116 3.76 1.20 115 114 124 123 123 124 '26 122 127 121 125 120 124 118 124 119 125 125 125 127 131 123 7.93 3.21 r 112 Mining Utilities Flectric Gas For notes see opposite page. 971 INDUSTRIAL PRODUCTION MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping 1957 proportion Annual average 1960 1961 1959 1960 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June 100.00 105 108 109 no 108 107 106 105 103 102 102 103 1 0 6 108 110 46.75 31.13 15.62 53.25 707 777 115 103 106 112 117 103 106 772 116 104 106 777 115 103 105 770 114 103 777 115 103 108 112 101 707 707 no no 99 98 100 709 777 114 1 1 5 100 101 103 98 100 707 111 99 99 775 118 102 104 709 113 102 101 103 106 109 A utomotive products Autos . Auto parts and allied products 3.35 2.03 1.32 103 96 777 117 117 727 123 118 114 108 122 775 114 118 777 119 727 123 113 94 78 118 90 73 115 88 71 115 103 92 108 101 775 109 118 772 109 116 705 97 113 120 118 120 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 1.26 116 115 114 119 779 117 113 119 97 118 121 121 777 114 108 116 87 119 118 119 772 110 103 112 772 114 777 110 106 116 no 108 113 775 114 111 115 78 114 82 113 112 111 100 116 110 117 114 114 95 110 720 122 123 122 115 114 709 109 109 114 94 109 110 776 117 116 118 82 115 108 108 106 116 80 109 111 108 772 102 119 727 120 118 121 109 122 122 121 775 112 105 .49 777 115 111 117 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 18.18 8.11 2.32 2.73 1.44 3.45 1.19 2.26 1.57 69 108 106 108 111 106 113 775 109 111 118 114 119 114 775 114 109 111 118 116 119 114 106 130 132 128 130 105 126 130 104 127 130 no 112 118 117 123 108 131 133 no in 108 129 131 no 113 122 115 120 105 775 109 111 118 116 119 774 no 112 119 116 121 106 127 128 775 110 111 122 116 122 109 129 129 114 110 104 117 114 110 112 122 113 120 107 127 126 12.16 7.29 2.46 1.83 .58 700 705 705 104 121 101 88 705 705 103 121 95 83 101 120 101 87 99 121 103 86 705 702 102 118 101 91 705 103 120 99 89 705 97 104 98 115 100 119 99 88 98 117 99 99 70/ 98 118 95 98 101 98 118 91 103 702 115 98 707 100 106 99 112 97 103 94 94 97 91 90 88 101 109 84 97 106 81 98 105 79 98 102 77 95 99 75 95 98 77 89 83 95 97 78 777 111 111 709 709 709 108 107 108 108 104 Total index Final products total Consumer goods Equipment including defense Materials no 104 100 Consumer Goods 1.18 1.47 5.20 113 116 118 115 96 118 117 118 in 120 115 122 no 93 119 114 113 no 104 118 no 117 115 125 112 132 133 112 114 126 120 115 1 1 8 116 115 122 118 7/7 113 110 119 123 114 1 1 6 123 125 118 114 774 111 111 116 114 122 775 107 130 129 105 132 132 105 136 136 106 100 102 705 104 96 117 93 104 97 118 94 107 99 120 95 104 99 123 94 106 in 114 126 117 Equipment Business equipment Industrial equipment Commercial equipment Freight and passenger equipment Farm equipment Defense equipment . 3.46 Materials Durable goods materials Consumer durable Equipment Construction Metal materials n.e c 27.81 3.67 8.10 9.05 6.99 Nondurable materials Business supplies Containers General business supplies Nondurable materials n e e Business fuel and power Mineral fuels Nonresidential utilities Electricity General industrial Commercial and other Gas Commercial and other 100 101 702 109 103 107 89 101 107 92 25.44 8.87 2.91 5.96 7.05 107 108 109 770 no 777 111 108 107 115 111 119 113 123 772 113 113 113 123 9.52 6.29 2.70 2.19 100 103 103 103 .99 1.12 .51 96 113 113 109 no 102 no no 86 86 112 121 no no no no 107 106 109 108 111 117 102 97 97 120 121 121 121 120 121 122 123 122 124 117 126 117 127 118 130 117 132 121 115 116 116 115 115 114 114 97 110 115 118 113 127 120 no no 116 114 98 96 111 116 112 116 110 115 109 114 103 103 102 101 97 121 122 98 97 96 108 108 no 108 90 85 96 93 707 107 104 111 95 99 79 98 104 86 99 107 101 110 94 109 108 112 111 772 110 114 no 114 113 114 112 110 124 104 1r0 5 116 107 1 1 0 118 121 102 102 96 96 98 98 120 121 120 120 119 119 113 131 112 130 119 120 121 122 123 124 113 128 128 112 128 114 131 136 115 115 111 114 108 113 102 113 101 113 100 114 109 113 115 1 1 6 128 105 97 126 127 117 138 .33 .18 Supplementary groups of consumer goods Automotive and home goods Apparel and staples 7.75 23.38 r Revised. NOTE.—Published include some series and subtotals not N O T E . P u b l i s h e d groupings g p g h D i l d description d i pi d historical h i i l data d ilbl shown separately. Detailed and are available py l in pub in Industrial Industrial Production1959 Production—1959 Revision Revision (for (for announcement announcement of of that that publication, see the BULLETIN for June 1960, p. 632). Figures for industrial 118 118 series and subtotals withoutt seasonal o a adjustment are published in the thly Business B i IIndexes d l h i h iis available monthly release, , which a a ailbl b l e on o request requet ffrom o the th e Division of Administrative Services Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. 972 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] 1957 pro- Grouping tion Annual average 1959 1960 1960 June July 1961 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June 109 103 107 108 110 106 101 102 103 104 107 108 111 705 104 114 97 123 7/0 106 116 98 703 99 109 94 706 98 117 98 /05 102 117 98 770 103 119 98 106 100 114 97 700 96 106 97 70/ 95 109 97 102 96 111 97 103 97 112 96 rJQJ 100 115 97 108 103 98 77/ 106 118 99 95 90 86 104 101 95 91 88 106 103 97 89 85 107 105 56 73 69 105 103 90 11 72 109 105 91 78 72 110 106 92 80 75 109 106 56 74 68 103 104 57 68 62 101 101 53 73 68 96 96 53 76 71 94 93 55 78 73 96 94 91 86 81 99 96 97 92 88 103 '101 99 93 90 107 105 28.98 15.31 8.92 6.39 10.76 5.04 5.50 1.66 1.25 702 103 99 108 98 100 94 112 706 106 102 112 102 115 89 119 707 108 105 113 101 119 83 120 707 102 102 103 94 102 87 118 97 103 98 109 84 80 86 120 703 106 99 116 94 99 88 119 105 104 98 111 104 120 89 119 104 103 97 112 102 114 90 119 702 102 97 108 98 107 89 118 100 102 97 108 93 94 90 116 100 103 99 110 91 91 89 114 100 103 99 109 91 91 90 114 103 105 101 109 96 102 89 114 104 105 101 110 99 109 89 116 106 107 102 115 101 114 88 118 4.57 2.92 1.65 777 110 113 709 110 107 775 117 120 770 113 106 7/5 116 114 /73 113 113 7/2 114 110 703 108 94 94 100 83 92 95 88 95 95 93 95 101 94 104 105 104 770 110 109 777 115 120 2.96 1.48 1.48 772 115 109 776 120 113 118 121 115 114 119 109 727 124 118 720 123 116 122 123 121 7/7 118 116 772 117 108 106 109 102 /05 110 106 705 111 106 109 112 106 77/ 112 110 776 118 115 Textile, apparel, and leather products Textile mill products Apparel products Leather and products 7.32 2.78 3.44 1.10 775 113 120 106 775 109 125 101 775 114 121 101 705 100 113 92 722 111 134 108 no 776 108 127 102 7/2 104 123 96 97 94 102 88 107 100 115 99 776 105 128 106 116 105 128 105 '7/6 104 117 99 '7/5 113 123 94 114 112 Paper and printing Paoer and products Printing and publishing Newspapers 7.93 3.27 4.66 1.53 108 111 105 104 772 112 111 108 112 114 111 113 109 97 114 113 114 108 7 75 119 117 117 775 111 117 118 707 99 113 105 709 110 108 96 111 114 109 99 114 116 113 108 116 121 113 112 r no 104 101 107 95 114 117 113 112 776 121 111 106 10.94 7.10 3.61 1.93 1.91 113 114 118 105 114 775 121 127 108 115 727 125 130 111 119 114 118 124 114 101 7/5 122 126 115 109 7/5 121 125 114 112 7/9 123 126 109 116 7/7 121 127 107 112 113 118 125 108 101 7/5 119 125 106 108 116 121 128 108 108 116 123 131 105 101 ''727 127 133 105 '113 722 128 136 109 111 725 131 10.64 9.87 8.31 1.56 .77 .. • 107 106 106 106 112 709 109 109 109 114 772 111 108 130 125 770 111 109 119 102 775 118 117 120 122 /27 122 124 112 118 /27 120 122 113 123 /// 111 113 98 117 104 105 107 96 93 104 103 105 91 113 104 103 104 96 118 104 104 103 105 115 107 107 r 7/6 115 112 7.05 1.30 5.75 4.98 4.33 .65 .77 96 82 99 99 98 106 93 95 82 98 100 98 116 85 94 80 97 98 97 108 86 90 63 96 97 96 107 86 94 83 97 99 97 110 88 94 82 97 99 97 110 86 96 88 98 99 97 115 87 97 80 100 102 100 121 88 97 79 101 103 100 127 88 95 76 103 104 101 95 78 103 106 102 97 69 103 107 104 92 84 76 7.50 .70 .80 94 77 108 705 96 112 720 119 121 776 108 123 7/7 111 123 114 107 121 110 97 122 101 86 114 96 86 105 94 85 101 92 87 97 3.76 1.20 115 114 124 123 119 123 129 130 122 126 134 130 Total index Manufacturing total Durable Nondurable Mining Utilities . . . . . . . . . 100.00 105 86.49 49.66 36.83 8.55 4.96 705 102 110 95 115 13.15 7.73 6.21 5.42 2.91 108 Durable Manufactures Primary and fabricated metals . Primary metals Iron and steel . . . Fabricated metal products Structural metal parts . . . . . 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 .. .. Clay, glass and lumber C l a y glass a n d s t o n e p r o d u c t s Lumber and products Furniture and miscellaneous Furniture and fixtures Misc manufactures . . . . . . .. Nondurable Manufactures Chemical, petroleum, and rubber products Chemicals and products Industrial chemicals Petroleum products Poods beverages and tobacco Foods and beverages Food manufactures Beverages Tobacco products .... no 126 101 117 117 110 107 117 120 112 Mining Coal oil and gas Coal Crude oil and natural sas Oil and gas extraction Crude oil Gas and gas liquids Oil and gas drilling . . . . . Metal, stone, and earth minerals M^etal mining Stone and earth minerals ... r 105 102 82 84 94 87 101 95 r 86 108 '705 r 99 116 722 123 121 127 124 124 r Utilities Electric Gas For notes see opposite page. 94 76 98 100 98 95 78 99 102 100 96 75 973 INDUSTRIAL PRODUCTION MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] Grouping 1957 proportion 1959 196C June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.' Apr. May June 105 108 109 103 107 108 110 106 101 102 103 104 107 108 111 46.75 107 31.13 110 15.62 100 53.25 104 HI 115 103 106 112 116 104 107 107 110 102 100 HI 115 101 104 112 117 102 105 114 121 101 105 110 115 100 102 106 108 101 98 106 109 101 98 108 111 101 99 707 111 101 101 770 770 113 114 102 102 104 '107 775 118 103 109 772 107 119 775 116 122 100.00 Total index. Final products, total Consumer goods Equipment, including defense. Materials Annual average Consumer Goods A utomotive products Autos Auto parts and allied products. 3.55 2.03 1.32 103 96 113 117 117 117 125 127 121 103 94 116 83 60 117 98 84 120 129 134 121 120 123 114 110 108 112 98 86 117 96 83 116 94 81 115 108 102 119 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 5.20 116 115 114 119 102 119 113 116 117 115 111 117 96 118 117 118 117 118 116 126 92 117 120 117 107 105 95 107 63 112 112 109 120 111 97 96 98 121 120 127 115 118 112 110 117 122 123 112 119 118 109 107 114 122 125 120 114 114 108 111 99 116 121 114 101 107 98 107 77 116 110 97 106 103 98 106 80 108 104 109 116 110 112 120 94 111 108 120 775 112 112 122 86 112 111 119 116 114 115 127 84 114 114 118 r 18.18 8.11 2.32 2.73 1.44 3.45 1.19 2.26 1.57 .69 108 106 108 111 106 113 104 117 118 115 113 109 111 118 114 119 106 127 128 125 114 108 129 120 111 115 106 113 110 113 114 113 118 108 119 118 121 122 116 121 110 122 124 114 121 118 122 108 120 122 116 125 117 115 104 114 112 104 120 116 115 105 HI 107 95 117 116 123 108 112 104 98 118 116 134 112 112 103 104 118 115 132 113 777 103 108 117 115 125 105 775 104 117 122 114 121 100 114 118 107 1 112 118 122 125 116 '115 119 103 I 105 116 122 128 130 121 122 136 154 149 138 132 I 125 12.16 7.29 2.46 1.83 .58 100 97 104 98 115 105 102 118 101 91 107 104 119 105 91 104 102 117 101 79 103 102 119 92 75 104 102 121 96 78 103 99 122 99 85 101 99 120 95 78 102 99 120 96 95 102 98 119 94 101 702 97 119 93 113 102 96 118 98 119 705 98 118 99 123 705 99 120 98 110 705 100 123 99 108 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 115 777 114 118 114 119 122 ! 124 96 106 115 120 115 116 Equipment Business equipment Industrial equipment Commercial equipment Freight and passenger equipment. Farm equipment Defense equipment. 3.46 Materials Durable goods materials. Consumer durable Equipment Construction Metal materials n.e.c 27.81 3.67 8.10 9.05 6.99 100 101 103 107 89 102 109 101 107 92 104 109 98 114 93 96 96 97 109 77 97 91 97 112 81 100 108 97 112 82 99 109 97 111 83 95 105 98 103 77 90 98 97 96 71 90 93 97 93 75 90 88 97 93 79 91 88 97 96 81 96 92 98 103 707 102 99 108 95 105 104 101 115 97 Nondurable materials Business supplies Containers General business supplies. Nondurable materials n.e.c.. 25.44 8.87 2.91 5.96 7.05 707 108 109 107 115 110 110 109 111 119 111 112 114 112 121 104 104 106 103 112 110 111 118 108 118 110 113 115 112 116 112 116 115 116 119 110 111 102 115 119 106 104 94 109 112 108 106 102 107 116 709 108 107 108 119 777 110 112 110 120 112 114 116 r 775 r 7/5 114 121 111 126 9.52 6.29 2.70 2.19 .99 1.12 .51 .33 .18 100 96 113 113 110 118 113 103 97 120 121 115 127 120 101 94 99 90 104 95 103 95 103 97 102 98 103 98 103 99 104 100 104 99 103 121 117 128 124 112 136 131 119 143 129 118 142 123 116 130 118 114 124 118 113 125 119 112 127 117 109 125 119 114 126 119 112 128 124 118 131 7.75 23.38 110 110 116 114 121 115 104 112 99 121 110 119 123 120 117 114 108 108 101 112 104 114 104 113 112 114 113 114 Business fuel and power Mineral fuels Nonresidential utilities Electricity General industrial Commercial and other. Gas Industrial Commercial and other. r 113 123 112 114 r 112 r 125 103 '97 ! 95 Supplementary groups of consumer goods Automotive and home goods. Apparel and staples ' Revised. NOTE.—Published groupings include some series and subtotals not shown separately. Detailed description and historical data are available in Industrial Production--1959 Revision (for announcement of that publication, see the BULLETIN for June 1960, p. 632). Figures for individual 118 118 series and subtotals without seasonal adjustment are published in the monthly Business Indexes release, which is available on request from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. 974 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 = 100, unless otherwise indicated] Construction contracts i Industrial production Manufacturing3 Nonagricultural employEmment— ploytotal2 ment Major market groupings Major industry groupings Year or month Final products Total ManufacMinturing ing Utilities Total MateConrials sumer Equipgoods ment Residential All other Unadj Unadj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. 1948 1949 1950 1951. 1952 1953 103 98 113 123 127 138 103 97 113 123 127 139 106 94 105 115 114 117 101 108 123 140 152 166 102 99 112 121 130 138 101 101 115 114 116 124 105 94 102 142 170 182 104 96 114 124 125 137 98 116 185 170 183 178 105 111 142 172 183 201 1954 1955 1956 1957 1958 1959 1960 130 146 151 152 141 159 D 164 129 145 150 150 139 158 p t63 113 125 132 132 120 125 "128 178 199 218 233 244 268 ^287 132 144 150 152 145 162 "169 123 136 139 141 140 155 "162 161 172 188 189 165 188 *195 128 147 151 151 138 157 "160 232 280 • 99 100 113 132 117 1960—June July Aug Sept Oct , . . Nov Dec 166 166 165 162 161 159 156 165 165 161 161 160 157 154 128 128 129 127 128 129 129 288 290 293 295 291 290 291 171 170 169 168 168 166 164 165 164 162 161 162 159 158 196 198 195 195 195 193 191 161 161 159 157 156 153 150 1961—Jan Feb Mar Anr May June July 155 155 156 160 164 168 171 153 152 153 158 163 166 169 129 128 127 M28 128 129 130 290 291 291 296 304 304 308 162 162 162 166 '168 171 174 155 155 156 160 163 167 168 188 188 188 190 192 193 197 148 149 150 156 161 164 168 . r • Estimated. * Preliminary. Revised. Adj. = adjusted for seasonal variation. Unadj. = without seasonal adjustment. • See note 1. 1 Indexes beginning with 1956 are based on data for 48 States from F W. Dodge Corporation, 1957 = 100. Figures for earlier years are 3-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 Prices Payrolls DepartFreight ment store carsales load(retail Conings value) sumer Wholesale commodity Adj. Adj. Unadj. 102.8 93.8 99.6 106.4 106.3 111.8 105.1 97.2 111.7 129.8 136.6 151.4 104 88 97 101 95 96 104 99 107 112 114 118 102.8 101.8 102 8 111.0 113.5 114.4 104.4 99.2 103.1 114.8 111.6 110.1 204 248 •98 100 107 101 112 101.6 99.0 102.3 108.2 110.4 113.6 110.7 114.4 118.3 119.2 115.5 118.8 120.9 101.8 105.6 106.7 104.4 94.3 98.9 99.1 137.7 152.9 161.4 162.7 148.7 167.3 170.2 86 95 97 90 78 81 78 118 128 135 135 136 144 145 114.8 114.5 116.2 120.2 123.5 124.6 126.5 110.3 110.7 114.3 117.6 119.2 119.5 119.6 137 122 132 118 128 115 81 125 142 117 116 121 102 115 121.5 100.3 121.5 99.6 121.3 98.3 121.2 98.4 120.7 97.4 120.2 96.5 119.4 94.6 172.5 169.0 169.2 172.5 170.5 166.2 160.6 77 73 75 73 78 75 73 145 148 144 144 150 142 147 126.5 126.6 126.6 126.8 127.3 127.4 127.5 119.5 119.7 119.2 119.2 119.6 119.6 119.5 90 80 126 134 143 143 95 86 113 116 122 128 119.4 93.7 118.8 92.5 118.7 92.6 119.4 93.8 120.1 '95.6 96.5 121.0 P\2\ 5 P97.0 158.5 157.1 158.2 160,3 r 164.8 170.8 ^169.8 75 73 72 74 76 74 71 142 145 146 148 144 P149 e 151 127.4 127.5 127.5 127.5 127.4 127.6 ni9.9 M20.0 H19.9 M19.4 '118.7 118.2 118.6 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. 23 Employees only, excluding personnel in the armed forces. 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. 1960 Annual totails Type of ownership and type of construction Total construction . 1959 1960 Value of contracts, in millions of dollars] June July Aug. Sept. 1961 Oct. Nov. Dec. Jan. Feb. Mar. Apr. June . . . . 36,269 36, 318 3 ,472 3,597 3,295 3,119 3,319 2,886 2 ,718 2,485 2,235 3, 166 3 ,298 3 ,501 3,602 By type of ownership: Public Private 11,068 1?. 587 1 737 1,413 1,018 995 1.125 1,071 1 ?,18 838 732 1 090 1 ,170 25,201 73 731 ? ?36 2,184 2,277 2,124 2,194 1,815 1,500 1,647 1,504 ? 075 ? 178 By type of construction: Residential Nonresidential Public works and utilities 17,150 15 105 1 483 1,329 1,433 1,277 1,390 1,253 11 387 1?, ?40 1 ,110 1,152 1,177 1,124 1,165 916 7,732 8, 973 879 1,116 685 717 764 717 NOTE.—Monthly data exceed annual totals and are not comparable with monthly data for 1957 and earlier years because of the policy of ac- May 878 994 846 974 813 698 ? P 7 1,235 374 2 367 ,454 1 .55^ 870 1, 371 0^7 1 050 1,105 804 768 794 843 561 counting for negative adjustments in monthly data after original figures have been published. 975 CONSTRUCTION VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates. l Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Year or month Industrial Commercial Public utility Other nonresidential 7,500 8,495 '8,403 9.980 11,608 12,535 '11,058 2,320 2.229 2; 030 2,399 3,084 3,557 2,382 1,137 1,791 2,212 3.218 3,631 3,564 3,589 4,043 4,475 '4,161 4,363 4,893 5,414 '5,087 3,547 3,511 3,774 3,755 3,782 '4,212 '4,388 10,781 11,236 11,678 11,724 '12,748 '14,079 '15,457 ,387 ,290 ,003 ,287 ,360 ,287 ,402 2,679 3,015 3,680 3,861 '4,431 '4.954 '5,545 790 883 982 .085 ,275 ,344 ,387 5,925 6,048 6,013 5,491 5,682 6,494 7,123 3,930 4,180 5,008 5,323 4,338 4,703 16,211 15,953 ,488 ,386 5,870 5,464 ,467 ,487 7,386 7.616 3,976 4,033 4,134 4,262 4.378 4,519 5,252 5,410 5.418 5,361 5.452 5,458 4,672 4,703 4.704 4,733 4,753 4,721 16,263 16,363 16,283 16,352 16.455 17,011 .340 .444 .340 ,490 ,678 ,531 5,524 5,724 5.602 5 427 5.243 5,953 .462 .451 .452 .458 .454 .477 7.937 7.744 7,88^ 7.977 8.080 8,050 4,848 4.821 4,743 4,635 4.515 4.510 4,578 5.308 5.384 5.398 5,323 5,383 5.382 5,399 4,717 4.749 4,905 5,064 17,443 17,755 17,283 16.518 16.286 17,101 17,518 .284 ,942 ,764 ,651 ,507 ,344 .615 6.470 5,934 5,662 5,060 4,983 5,804 5,994 ,530 ,549 ,569 ,601 .606 ,594 .571 8.159 8.330 8,288 8.205 8,193 8.359 8.338 Business Nonfarm residential Total 23,889 25,783 27,556 32,440 33,067 r 33,766 r 33,493 12,842 13,777 15,379 18,705 17,677 17,019 18,047 Total Total 1952 1953 1954 1955 1956 1957 1958 34,670 37,019 '39,234 44,164 '45,815 '47,845 '48,950 19592*I960' 56,555 55,556 40,344 39,603 24.962 22,546 11,044 12,354 I960—July' Aug.' Sept.' Oct.' Nov.' Dec.' 55,750 55.837 55,599 55,552 56.079 56,650 39,487 39,474 39.316 39.200 39,624 39,639 22,748 22,448 22,102 21.834 22,016 21,91b 12,067 12,323 12,510 12.633 12,855 13,002 2,106 2,851 2,839 2,880 2,958 3,010 3.025 3.025 1951—Jan.'.. . Feb.'. . Mar.'. . Apr.'. . MayP. . 56.018 55,717 55.794 55.883 55.892 57,771 58,683 38,575 37,962 38.511 39,365 39,606 40,670 41,165 20.649 20,016 20,508 21.421 21,631 22.595 23,080 11,209 13.197 13.098 12,880 12,747 12.642 12.649 3.053 2,992 2,957 2,921 2.849 2.750 2,672 July? r Public p 1 Preliminary. ' Revised. Data for 1952-58 are joint estimates of ths Departments of Commerce and Labor, with a few minor revisions for 1952 and for 1956-58 addsd in 5,228 ,433 5,436 Military Highway Sewer and water All other 1961 by the Census Bureau in the annual series only. 2 Beginning with 1959, series includes Alaska and Hawaii. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. Seasonally adjusted annual rate (private only) 1952 1953 1954 1955 1956 1957 1958 1959 . I960—June July Aug Sept Oct ; Nov Dec 1961—Jan Feb Mar r r Apr May June V ,279 ,227 355 ,089 273 ,220 '996 ,127 169 ,296 ,166 ,295 ,374 family 2family 939 933 1,077 1,190 981 46 42 34 33 31 84 94 90 87 82 840 933 33 39 49 ,127 1,104 1,220 ,329 1,118 ,042 ,209 1,379 795 804 897 976 780 332 300 324 353 338 ,069 ,068 ,202 ,310 ,094 700 827 946 342 382 432 ,142 ,343 1,554 .296 1,077 '889 All '407 ,264 1,209 335 ,067 \ 237 r ,206 '987 '128 '118 '135 '103 '113 '95 '71 84 83 85 69 78 66 50 44 36 50 34 35 r '73 '81 '110 '115 ^131 ^137 51 56 79 80 89 94 . . . r Total Nonfarm . .. I9593 1960 r ,098 115 1,262 ,143 V ,272 V ,347 r 31 36 42 43 v n.a. Not available. Preliminary, ' Revised. 1 For new series, based on revised definition of metropolitan areas. 2 Data from Federal Housing Administration and Veterans' Administration represent units started, based on filed office reports of first compliance inspections. 3 New series, including both farm and nonfarm unless otherwise indicated. Not strictly comparable with nonfarm series developed by Public politan areas 1 to to Total Total Memorandum item: Government-underwritten 2 Private Non- ro to Year or month Metropolitanl areas In thousands of units] 993 1,079 ,517 .252 '123 '114 '130 '97 '110 '93 '64 1,234 '995 101 92 105 77 86 69 46 56 '44 4 4 4 3 4 3 3 '70 '76 '105 '111 H21 50 56 78 84 98 n.a. 3 4 4 4 4 n.a. Multifamily Total FHA 421 409 581 670 465 280 252 276 277 195 120 170 215 59 36 19 19 24 49 68 36 322 439 458 193 337 349 227 '214 37 '44 458 336 349 261 18 18 21 17 21 20 15 5 4 5 6 3 2 7 34 31 15 29 28 26 19 26 24 26 22 23 20 14 17 16 23 24 25 n.a. 3 5 5 4 H 19 18 27 26 '32 14 13 20 20 '24 ^22 VA 141 157 307 393 271 128 102 109 109 75 8 7 8 6 5 5 5 5 6 6 8 8 the Bureau of Labor Statistics, for which annual totals are given through 1959. Most of the revisions shown in this series are accounted for by changes in basic data—both public and private—for 1960. In addition, seasonal factors for total starts series have been revised back to January 1959 by the Census Bureau. 976 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total noninstitutional population Year or month 1954 1955 1956 1957 1958 1959 I960 I960—July Aug Sept Oct Nov Dec . 1961—Jan Feb Mar Apr May . June July ... Total labor force Employed l Total Total In nonagricultural industries In agriculture Unemployed Not in the labor force 116 220 117,388 118,734 120,445 121,950 123,366 125,368 67 818 68,896 70,387 70,746 71,284 71,946 73.126 64 468 65,848 67,530 67,946 68,647 69,394 70,612 60 890 62 944 64,708 65,011 63,966 65,581 66,681 54 395 56 225 58,135 58,789 58,122 59,745 60,958 6 495 6,718 6,572 6,222 5,844 5,836 5,723 3 578 2 904 2,822 2,936 4,681 3,813 3,931 48 401 48 492 48 348 49,699 50 666 51,420 52,242 125,288 125,499 125,717 125,936 126,222 126,482 75,215 74,551 73,672 73,592 73,746 73,079 72,706 72,070 71,155 71,069 71,213 70,549 68 689 68,282 67,767 67,490 67,182 66,009 61 805 61,828 61,179 61,244 61,516 61,059 6,885 6,454 6,588 6,247 5,666 4,950 4 017 3,788 3,388 3 579 4,031 4,540 50 074 50 948 52,045 52 344 52,476 53,403 126 725 126,918 127,115 127,337 127,558 127,768 127,986 72,361 72,894 73,540 73,216 74,059 76 790 76,153 69,837 70,360 71,011 70,696 71,546 74 286 73,639 64 452 64,655 65,516 65,734 66,778 68.706 68,499 59 818 59,947 60,539 60,734 61,234 62,035 62,046 4,634 4,708 4,977 5,000 5,544 6,671 6,453 5 385 5,705 5,495 4,962 4,768 5,580 5,140 54 364 54,024 53,574 54 121 53,499 50,977 51,833 1 2 Includes self-employed, unpaid family, and domestic service workers. Per cent of civilian labor force. Monthly data are seasonally adjusted. NOTE.—Inclusion of figures for Alaska and Hawaii beginning with January 1960 increased population by about 500,000 and total labor Unemployment rate (per cent) 2 5 6 4 4 4.2 4.3 6.8 5.5 5.6 5.5 5.8 5.7 6.3 6.2 6.8 6.6 6.8 6.9 6.8 6.9 6.8 6.9 force by about 300,000. Most of the increase was in nonagricultural industries. 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. Year or month 1954 1955 1956 1957 1958 1959 I960 In thousands of persons] Contract construction Transportation and public utilities Trade Finance Service 2,593 2 759 2 929 2,808 2,648 2 767 2,771 4,009 4 062 4 161 4,151 3,903 3 902 3,902 10,520 10 846 11,221 11,302 11,141 11,385 11,643 2,122 2 219 2 308 2,348 2,374 2 425 2,485 5,664 5 916 6 160 6,336 6,395 6 525 6,637 6 751 6 914 7*277 7,626 7 893 8 127 8 456 644 638 2,858 2 835 2,800 2 804 2 783 2,647 3,910 3 892 3,879 3 879 3 858 3,821 11,736 11 764 11,665 11,668 11 568 11,541 2,480 2 499 2,515 2 514 2 512 2,517 6,682 6 652 6,665 6 632 6 665 6,679 8,404 8 474 8^539 8 524 8 531 8 588 15,676 15,527 15,541 15,678 15,910 16,047 16,109 629 620 622 629 636 635 635 2,698 2,636 2,715 2,781 2,752 2,844 2,888 3,820 3,803 3,768 3,763 3,776 3,801 3,805 11,634 11,576 11,479 11,546 11 577 11,632 11,679 2,515 2 519 2,520 2,520 2 528 2,529 2,535 6,651 6 660 6,632 6,646 6 653 6,693 6,741 8,609 8 643 8j 662 8,680 8 709 8,757 8,768 52,923 53,062 53,496 53,391 53 133 53,310 16,250 16,386 16,505 16,313 16 129 15,836 655 672 663 656 647 641 3,098 3,130 3,069 3,006 2 847 2,552 3,939 3,921 3,907 3,889 3 868 3,843 11,591 11,592 11,665 11,742 11 842 12,405 2,530 2,536 2 515 2,501 2 499 2,504 6,715 6,685 6 698 6,698 6 665 8,145 8,140 8 474 8.586 8 636 8,917 51,437 51,090 51,397 51,843 52,407 53,116 52,937 15,580 15,473 15,497 15,536 15,726 15,975 15,948 629 620 622 623 630 638 632 2,385 2,264 2,414 2,617 2,799 3,035 3,131 3,763 3,759 3 749 3,756 3,773 3,816 3,833 11,464 11,279 11,337 11,389 11,446 11,559 11,535 2,490 2,494 2 507 2,520 2,528 2,554 2,586 6,518 8 608 8,674 8 705 8,723 8,752 8,746 8,497 Total i Manufacturing Mining 48,431 50,056 51,766 52,162 50,543 51,975 52,895 15,995 16,563 16,903 16,782 15,468 16,168 16,336 111 111 807 53,145 53,046 52,998 52.809 52 591 52,221 16,417 16 265 16,275 16,132 16 030 15,790 658 665 660 656 52,232 51,984 51,939 52,243 52,541 52,938 53,160 809 721 676 664 Federal. State, and local government SEASONALLY ADJUSTED 1960 1961 Julv Aug Sept Oct Nov Dec .. Jan Feb Mar Aor May June23 WITHOUT SEASONAL ADJUSTMENT 1960 July Aug Sept Oct Nov Dec 1961—Jan Feb Mar Apr May25 June July2* v Preliminary. * 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 6,612 6,527 6 566 6,679 6,753 6,793 6,775 month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Back data may be obtained from the Bureau of Labor Statistics. 977 EMPLOYMENT AND EARNINGS PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Industry group Without seasonal adjustment 1961 1960 1960 1961 July May June?3 July? July May 12,321 11,819 11,941 11,997 12,145 11,643 11,866 11,828 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 7,000 72 594 334 455 933 842 1,147 881 1,105 228 409 6,614 74 548 312 420 881 792 1,071 845 1,059 213 399 6,706 75 573 318 426 897 805 1,071 855 1,064 215 407 6,772 73 576 323 431 919 824 1,083 875 1.040 216 412 6,888 72 606 321 450 924 817 1,130 850 1,105 223 389 6,595 74 551 304 420 877 788 1,082 837 1,059 212 391 6,710 75 593 308 428 897 801 1,082 846 1,064 214 401 6,661 73 588 310 427 910 799 1,067 844 1,040 212 391 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 5,321 1,014 79 874 1,110 449 574 548 150 198 325 5,205 1,019 73 827 1,089 439 570 538 143 185 322 5,235 1,025 74 834 1,091 442 570 544 144 188 323 5,225 1,012 74 849 1,074 441 575 547 139 194 320 5,257 1,064 69 848 1,060 445 568 537 153 192 322 5,048 951 63 823 1,035 435 567 535 144 184 311 5,156 1,008 65 834 1,047 442 570 536 146 188 321 5,167 1,064 64 824 1,026 437 569 536 142 188 317 Total Durable goods nearest the 15th of the month. Back data may be obtained from the Bureau of Labor Statistics. * Preliminary. NOTE.—Data covering production and related workers only (full-and part-time) who worked during, or received pay for, the pay period ending HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. Average weekly earnings (dollars per week) In unit indicated] Average hours worked (per week) Average hourly earnings (dollars per hour) Industry group 1960 1961 July May June 33 1960 3 July* 1961 July May June 23 3 July* 1960 1961 July May ' Junep | Julyp 2.34 2.50 2.72 2.08 1.87 2.33 2.90 2.51 2.63 2.36 2.80 2.42 1.99 2.13 2.26 1.89 1.64 1.58 2.34 2.84 2.57 3.02 2.56 1.68 91.14 92.66 100.50 110.98 83.20 72.56 94.83 114.26 101.66 107.04 94.40 113.40 97.53 79.00 101.91 1110.43 85.03 75.01 96.41 117.09 103.16 107.57 95.75 113.81 98.90 80.00 101.40 111.66 85.01 75.76 96.59 119.07 103.07 106.52 95.44 113.65 98.01 79.20 39.6 40.2 40.8 40.0 38.8 40.7 39.4 40.5 40.7 40.0 40.5 40.3 39.7 40.0 97.76 105.20 Ordnance and accessories 81.35 Lumber and wood products 74.40 Furniture and fixtures 93.02 Stone, clay, and glass products 108.75 Primary metal industries 99.63 Fabricated metal products 105.11 Machinery except electrical 90.39 Electrical machinery 110.15 Transportation equipment 95.75 Instruments and related products Miscellaneous manufacturing industries... 76.44 39.8 39.9 40.0 39.3 40.0 40.8 38.7 40.5 40.9 39.3 40.2 40.4 39.4 40.1 Durable goods 40.6 40.6 40.3 39.9 41.2 40.1 41.1 40.9 40.4 40.5 40.7 40.2 40.4 40.9 40.1 40.3 41.1 40.5 40.9 40.5 40.1 40.3 40.5 40.0 2.29 2.45 2.63 2.07 1.86 2.28 2.81 2.46 2.57 2.30 2.74 2.37 1.94 82.37 Nondurable goods 89.60 Food and kindred products 68.43 Tobacco manufactures 64.31 Textile-mill products 56.42 Apparel and other finished textiles 97.33 Paper and allied products Printing, publishing and allied industries. . 106.20 106.08 Chemicals and allied products 121.18 Products of petroleum and coal 103.53 Rubber products 62.98 Leather and leather products 83.07 92.21 72.20 64.78 55.62 98.75 107.07 106.14 123.82 101.89 61.82 83.92 92.25 75.43 65.93 56.05 100.77 106.97 108.84 126.16 103.60 63.67 84.32 91.35 71.05 65.44 57.40 100.77 107.54 109.25 126.16 103.74 63.79 39.6 41.1 37.6 39.7 36.4 42.5 38.2 41.6 41.5 40.6 38.4 39.0 40.8 38.2 39.5 35.2 42.2 37.7 41.3 41.0 39.8 36.8 39.4 41.0 39.7 40.2 35.7 42.7 37.8 41.7 41.5 40.0 37.9 39.4 40.6 38.2 39.9 36.1 42.7 38.0 41.7 41.5 39.9 38.2 2.08 2.18 1.82 1.62 1.55 2.29 2.78 2.55 2.92 2.55 1.64 Total. v Preliminary. NOTE.—Data are for production and related workers. available from the Bureau of Labor Statistics. 94.24 94.00 Back data are 2.35 2.51 2.72 2.11 1.88 2.34 2.92 2.51 2.63 2.37 2.81 2.43 1.99 2.13 2.25 1.90 1.64 1.57 2.36 2.83 2.61 3.04 2.59 1.68 2.35 2.51 2.73 2.12 1.88 2.35 2.94 2.52 2.63 2.38 2.82 2.42 1.98 2.14 2.25 1.86 1.64 1.59 2.36 2.83 2.62 3.04 2.60 1.67 978 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 118 118 128 135 135 136 144 145 114 117 123 126 122 122 126 128 105 108 113 120 124 127 131 135 117 116 125 131 132 133 140 140 119 112 122 128 129 128 139 140 127 129 140 146 148 148 156 154 131 135 149 164 166 169 181 182 114 112 122 128 128 125 133 134 120 121 132 138 138 137 144 143 1960—June July Aug Sept Oct Nov Dec 145 '148 144 144 150 142 147 129 125 124 126 129 129 128 '137 135 137 136 140 131 135 144 142 136 139 145 136 136 '137 143 139 140 144 136 142 150 157 150 155 163 151 154 '184 194 178 185 189 179 187 134 141 134 132 140 129 137 1961—Jan Feb Mar Apr May June 142 145 146 148 144 P149 126 126 135 132 133 136 129 136 140 140 136 142 132 143 145 141 138 146 140 135 144 139 138 143 146 155 157 156 150 177 181 178 183 175 185 Minne- ECansas Dallas apolis City San Francisco 110 113 117 126 128 128 134 '137 123 129 140 144 142 146 155 155 132 136 149 158 159 159 172 169 122 122 132 141 140 143 157 156 '143 144 140 138 149 139 142 '138 '137 '133 '135 '139 '137 '139 154 159 151 154 164 157 159 170 175 169 166 172 163 171 153 159 155 155 160 152 159 130 128 127 135 132 137 145 134 142 142 138 ^143 '134 '143 '135 143 139 144 164 156 158 162 152 *>159 165 170 168 111 160 162 154 164 160 164 153 162 SALESi 1953 1954 1955 1956 1957 1958 1959 1960 SEASONALLY ADJUSTED "157 WITHOUT SEASONAL ADJUSTMENT 1960—June July Aug Sept Oct Nov Dec 137 122 132 145 153 171 262 123 95 106 131 132 155 249 '131 101 109 138 147 167 245 134 108 114 141 149 178 250 '129 116 128 140 145 167 254 140 130 137 156 170 183 285 165 165 170 172 187 206 329 129 113 123 136 143 158 238 '133 119 134 142 152 166 248 '134 '110 '133 '145 '153 '155 '239 146 140 154 159 164 181 274 156 156 165 159 176 190 293 '148 142 154 152 156 177 282 1961—Jan Feb Mar 108 109 132 134 140 95 91 116 120 131 129 103 105 128 125 132 136 97 102 134 131 135 136 105 104 130 126 133 134 105 110 142 139 149 P146 137 141 177 172 171 166 98 96 116 123 131 132 107 102 126 127 140 96 '105 '121 128 133 139 121 114 137 147 152 *>151 130 127 155 159 160 149 119 126 138 148 145 156 131 128 136 148 152 148 156 165 124 126 132 141 138 136 142 147 120 117 119 130 138 136 142 149 129 127 135 148 154 152 160 164 125 122 124 133 136 129 134 149 141 138 159 175 178 172 179 185 155 152 170 195 203 197 210 228 122 120 127 138 143 139 148 154 131 125 135 148 150 143 144 150 123 124 130 142 146 137 144 153 146 141 152 164 160 153 157 165 143 140 153 168 174 165 178 187 140 135 142 156 158 155 167 178 1960—June July Aug Sept Oct Nov Dec M64 167 169 168 167 169 165 148 149 153 152 152 151 147 149 151 154 153 151 152 149 '166 166 166 166 165 166 164 150 160 157 154 151 163 145 187 188 191 191 185 184 187 227 227 232 230 231 235 233 152 155 158 160 159 158 158 152 154 154 152 150 149 147 152 157 162 159 158 157 151 161 165 165 171 173 173 174 192 190 192 189 192 192 182 '179 180 182 178 179 178 180 1961—Jan Feb Mar Apr May June 162 161 161 162 164 "164 147 146 145 149 152 155 150 148 147 146 150 148 161 157 158 158 162 166 142 142 142 143 142 147 182 181 182 183 187 184 224 221 221 229 225 227 149 148 151 150 155 151 148 147 150 148 152 152 146 143 146 149 152 151 169 164 166 168 167 ?166 181 178 179 179 178 180 178 182 179 178 179 1960—June July Aug Sept Oct Nov Dec 157 158 166 176 186 192 150 139 135 148 159 172 177 137 140 137 150 161 171 176 140 '155 149 159 174 190 191 148 142 147 150 160 169 184 132 '176 173 188 202 211 213 172 213 211 225 239 251 266 205 149 152 155 166 175 177 137 143 146 153 161 171 170 133 143 148 158 166 175 179 140 '157 158 163 176 187 196 156 179 180 192 201 211 211 169 '174 177 181 188 198 205 165 1961—Jan Feb Mar Apr May June 145 153 164 169 165 "156 131 137 147 155 155 146 136 138 150 '152 151 139 142 151 162 169 165 155 125 136 146 150 146 140 162 170 186 190 '187 173 207 221 232 238 228 213 134 140 151 159 158 148 132 139 151 154 150 143 V5 152 158 169 174 168 ^163 160 172 183 186 177 167 158 168 178 181 178 May June 33133 STOCKS i 1953 1954 1955 1956 1957 1958 1959 1960 SEASONALLY ADJUSTED WITHOUT SEASONAL ADJUSTMENT P Preliminary. ' Revised. i 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. 137 150 153 152 142 NOTE.—For description of series see BULLETIN for December 1957, pp. 1323-36. Back data may be obtained from the Division of Administrative Services. 979 DEPARTMENT STORES, FOREIGN TRADE DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Ratios to sales4 Amounts (in millions of dollars) Period Outstand- Sales i (total for month) Stocksi (end 397 406 409 437 454 459 462 488 492 1,097 1,163 1,140 1,195 1,286 1,338 1,323 1,391 1,466 435 421 388 446 470 461 437 510 517 '455 373 452 471 520 584 932 n,390 1,371 1,463 1,564 1,670 1,735 1,339 '620 678 629 621 581 479 331 370 348 479 430 476 467 1,316 1,368 1,459 1,502 1,475 1,389 436 474 441 387 419 617 of month) ing orders 1 (end of month) Receipts 2 (total for month) New orders 3 (total for month) Stocks 397 408 410 444 459 461 462 495 494 401 401 412 449 458 458 464 498 491 2.9 3.0 3.0 2.9 3.0 3.1 3.0 3.0 3.1 364 363 544 572 626 649 536 '563 425 495 564 586 547 388 3.1 3.7 3.2 3.3 3.2 3.0 1.4 347 400 570 473 449 381 452 438 537 419 481 579 3.6 3.9 3.0 3.5 3.1 3.0 Stocks plus outstanding orders Receipts 4.1 4.1 4.0 4.0 4.1 4.1 4.1 4.1 4.3 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.0 1.4 1.8 1.4 1.3 1.1 0.8 0.4 4.4 5.5 4.6 4.6 4.3 3.8 1.8 0.8 1.0 1.2 1.2 1.2 l.l 0.6 1.2 1.4 0.9 0.9 0.9 1.3 4.7 5.3 4.0 4.4 4.0 4.3 0.9 1.1 1.2 Outstanding orders Annual average: 1952 1953 1954 1955 1956 1957 1958 1959 1960 Month: 1960—June July Aug Sept Oct Nov Dec 1961—Jan... . Feb.... Mar.. . Apr... May.. June?*. r v1 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 1960, 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. r 0.9 0.8 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 1 Merchandise exports excluding military-aid shipments 2 Merchandise imports 3 Period Jan Feb Mar Apr M^ay June July Aug Sept Oct . Nov Dec Jan -June 1959 1960 1,401 1,279 6SS 1,561 1,576 1,749 1,818 1,804 1,737 1,699 1,609 1,610 1,744 1 797 1,797 8,605 10,245 1,459 1,481 I 558 1,427 1,470 I 410 1,487 1,482 1 482 1 Exports of domestic and foreign merchandise. 2 Department of Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. 1961 1,647 1,672 1,934 1,706 1,744 1,699 1959 ,287 ,182 ,378 ,345 ,418 ,351 ,356 ,313 ,407 .399 1,380 1,580 10,402 7,961 1960 1961 1,484 1 .497 ,632 ,703 710 ,637 ,629 547 ,557 ,690 724 1,539 1,606 1,889 1,647 1 671 1,644 741 9,663 9,996 1959 ,154 ,119 ,295 ,221 I 264 1,370 1,250 I 188 ,395 1,202 1 283 1960 1961 1,143 J.289 1,378 ,261 I 262 1,307 1,150 I 229 1,160 .157 t 161 1,124 1,046 1,231 1,042 1 195 1,220 467 1,157 7,423 7,640 6,858 3 General imoorts including imports for immediate consumption plus entries into bonded warehouses. 980 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing All items Year or month Foods Total Gas and electricity Rent Solid fuels and fuel oil ApHouse- House- parel hold furoperanishtion ings Medical care Personal care Reading and recreation Other goods and services 73.3 55.3 62.9 76 9 65.6 41.6 5?.2 68 9 1953 1954 1955 1956 1957 1958 1959 I960 114.4 114.8 114.5 116.2 120.2 123.5 124.6 126.5 112.8 112.6 110.9 111.7 115.4 120.3 118.3 119.7 117.7 119.1 120.0 121.7 125.6 127.7 129.2 131.5 124.1 128.5 130.3 132.7 135.2 137.7 139.7 141.8 106.6 107.9 110.7 111.8 113.0 117.0 119.9 124.8 123.9 123.5 125.2 130.7 137.4 134.9 136.6 135.6 107.9 106.1 104.1 103.0 104.6 103.9 103.9 104.2 115.3 117.4 119.1 122.9 127 5 131.4 134.3 137.4 104.8 104.3 103.7 105.5 106.9 107.0 107.9 109.4 129.7 128.0 126 4 128.7 136.0 140.5 146.3 146.2 121.3 125.2 128.0 132.6 138.0 144.4 150.8 156.2 112.8 113.4 115.3 120.0 124 4 128.6 131.2 133.3 108.0 107.0 106.6 108.1 112.2 116.7 118.6 121.5 118.2 120.1 120.2 122.0 125.5 127.2 129.7 132.2 I960—June July Sent Oct Nov Dec 126.5 126.6 126.6 126.8 127.3 127.4 127.5 120.3 120.6 120.1 120.2 120.9 121.1 121.4 131.3 131.3 131.5 132.0 132.2 132.1 132.3 141.6 141.8 141.9 142.1 142.5 142.7 142.8 124.7 124.8 124.9 125.7 125.7 125.7 125.6 132.3 132.9 133.4 134.8 136.1 136.3 137.0 104.3 104.1 103.5 104.1 104.0 104.0 103.9 137.3 137.4 137.6 138.0 138.1 138.3 138.3 108.9 109.1 109.3 110.6 111.0 110.7 110.6 145.8 145.9 146.2 144.7 146 1 146.5 146.5 156.1 156.4 156.7 156.9 157.3 157.9 158.0 133.2 133.4 133.8 133.9 134.0 133.9 133.7 121.1 121.6 121.9 122 A 121.9 122.5 122.3 132.0 132.2 132.4 132 7 132.7 132.7 132.7 1961 Jan Feb Mar Apr May June 127.4 127.5 127.5 127.5 127.4 127.6 121.3 121.4 121.2 121.2 120.7 120.9 132.3 132.4 132.5 132.3 132.2 132.4 142.9 143.1 143.1 143.3 141 4 143.5 125.9 125.9 125.9 125.8 126.2 126.3 139.6 141.3 141.3 139.9 136.5 135.6 103.6 103.7 103.9 103.8 103.5 103.9 138.3 138.3 138.5 138.7 H8.7 138.9 109.4 109.6 109.8 109.5 109.6 109.6 146.2 146.2 145.7 145.8 146.6 147.7 158.5 159.4 159.6 159.9 160.4 160.9 133.7 133.8 133.6 133.8 133.8 133.9 122.2 122.7 123.4 124.1 123.9 123.5 132.6 132.6 132.6 132.6 133.1 133.1 1929 1933 1941 1945 . . . . .. 117.4 83 6 88 4 90 9 Transportation 60.3 45 9 55.6 76 3 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49 = 100] Other commodities Year or month 1953 1954 1955 1956 1957 1958 1959 I960 Tex- Hides, All tile com- Farm Processed prod- skins, modi- prodand foods ucts Total ucts leather ties and prodapparel ucts Fuel and related products, and power Chemicals and allied products Pulp Rub- Lumber paper, Metals ber and and and and wood allied metal prod- prodprodproducts ucts ucts ucts Machinery and motive products Furniture and other household durables Nonmetallic mineral products Tobacco prod- Misucts and cellabottled neous beverages 110.1 110.3 110.7 114.3 117.6 119.2 119.5 119.6 97.0 95.6 89.6 88.4 90.9 94.9 89.1 88.8 104.6 105.3 101.7 101.7 105.6 110.9 107.0 107.7 114.0 114.5 117.0 122.2 125.6 126.0 128.2 128.3 97.3 98.5 109.5 105.7 95.2 94.2 108.1 107.0 95.3 93.8 107.9 106.6 95.3 99.3 111.2 107.2 95.4 99.4 117.2 109.5 93.5 100.6 112.7 110.4 95.0 114.3 112.7 109.9 96.1 110.3 113.8 110.2 125.0 126.9 143.8 145.8 145.2 145.0 144.5 144.7 120.2 118.0 123.6 125.4 119.0 117.7 125.8 121.3 116.1 116.3 119.3 127.2 129.6 131.0 132.2 133.2 126.9 128.0 136.6 148.4 151.2 150.4 153.6 153.8 123.0 124.6 128.4 137.8 146.1 149.8 153.0 153.4 114.2 115.4 115.9 119.1 122.2 123.2 123.4 123.1 118.2 120.9 124.2 129.6 134.6 136.0 137.7 138.0 115.7 97 S 120.6 102 5 121.6 92.0 122.3 91.0 126.1 89.6 128.2 94.2 131.4 94.5 131.8 92.1 I960 June . . July Aug . Sept Oct Nov Dec 119.5 119.7 119.2 119.2 119.6 119.6 119.5 89.0 88.9 86.6 87.7 89.5 89.9 88.7 107.6 108.9 107.8 108.1 109.0 109.1 109.2 128.2 128.2 128.2 127.9 128.0 127.9 127.9 96.3 96.3 96.1 95.9 95.8 95.4 95.2 110.3 110.1 108.7 108.1 108.5 108.5 108.8 112.3 113.8 115.3 116.1 116.2 116.1 116.2 110.2 110.4 110.5 110.4 110.3 110.3 110.4 146.7 146.9 145.3 144.9 144.7 143.6 141.2 122.4 121.5 119.6 118.7 117.7 116.9 116.5 133.5 133.5 133.0 133.0 133.4 133.1 132.3 153.8 153.4 153.6 153.5 152.8 152.3 152.2 153.2 153.3 153.3 151.4 152.9 153.0 153.1 123.0 123.1 122.9 122.8 122.7 122.6 122.6 137.8 137.8 137.8 138.0 138.1 137.9 137.9 131.7 131.8 132.0 132.0 132.0 132.0 132.1 90.9 90.8 89.9 91.1 90.3 90.6 92.4 1961 Jan Feb M!ar Apr May June 119.9 120.0 119 9 119.4 118.7 118.2 89.7 90.0 89.9 88.5 86.8 85.1 109.9 110.5 109.6 108.7 107.5 106.7 128.1 128.1 128.2 128.0 127.6 127.4 94.8 94.7 94.4 94.1 94.0 93.7 108.3 108.0 109 5 109.9 110.7 110.3 117.2 117.7 117.5 115.2 113.6 114.3 109.7 110.0 110.1 110.2 109.9 109.3 139.7 139.6 139.9 140.1 140.2 139.6 115.7 114.7 115.4 118.0 117.6 117.8 132.2 132.2 131.5 131.0 126.1 126.5 152.2 152.3 152 4 152.7 153.0 153.1 153.5 153.4 153 4 153.1 153.1 153.2 122.3 122.2 122 2 122.5 122.4 122.4 138.5 138.4 138.6 138.6 138.5 138.5 132.1 132.1 132 1 132.0 132.1 132.1 95.6 95.2 96 8 97.7 99.5 95.9 NOTE.—Indexes for January through June 1961 have been calculated incorporating a revised weighting structure reflecting 1958 values. These indexes are directly comparable with the December 1960 indexes calculated with the old weights. 981 PRICES WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1961 1960 1960 Subgroup Subgroup June Apr. May 109.7 77.5 85.1 96.7 93.3 64.2 74.4 128.0 100.2 73.8 82.0 93.4 97.0 66.5 96.4 129.4 101.4 74.8 78.2 95.2 95.6 63.3 92.1 129.5 June Fresh and dried produce Grains Livestock and poultry Plant and animal fibers Fluid milk Eggs Hay and seeds Other farm products 103.4 Paperboard 74.2 Converted paper and paperboard 75.4 Building paper and board 96.2 94.7 Metals and Metal Products: 63.3 83.6 Iron and steel 129.0 Nonferrous metals Metal containers Hardware Plumbing equipment Heating equipment Fabricated structural metal products Fabricated nonstructural metal products Processed Foods: 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 121.2 98.1 116.0 106.9 114.3 145.2 103.9 123.6 94.3 119.6 114^9 139.1 102.4 123.6 91.8 119.2 109.0 115.8 139.1 102.6 94.8 102.1 79.6 121.6 100.8 85.1 89.9 100.1 75.8 129.5 100.4 93.6 89.9 100.9 75.4 131.5 100.3 92.8 Textile Products and Apparel: , Hides, Skins, and Leather Products: Hides and skins Leather Footwear Other leather products , 67.1 103.0 132.5 106.4 68.0 102.2 132.7 104.3 71.0 104.1 132.8 104.6 123.7 89.9 119.4 108.7 116.4 139.1 Machinery and Motive Products: 103.1 Agricultural machinery and equipment Construction machinery and equipment 89.5 Metal working machinery 101.1 75.1 General purpose machinery and 130.8 equipment 100.4 Miscellaneous machinery Special industry machinery and equip85.7 ment (Jan. 1961= 100) Electrical machinery and equipment Motor vehicles 68.1 Transportation equip., R. R. rolling 104.1 stock (Jan. 1961 = 100) 132.8 104.5 Coal Coke Gas fuels (Jan. 1958 = 100) Electric power (Jan. 1958 — 100). . . Crude petroleum and natural gasoline Petroleum products, refined 119.5 170.4 112.2 101.8 126.8 113.5 119.6 170.4 118.3 102.5 127.2 117.9 117.4 170.4 118.7 102.4 127.2 115.0 117.7 170.4 115.5 102.3 127.2 117.0 124.6 128.3 103.2 '94.3 47.9 110.2 108.8 106.4 123.2 132.4 103.5 92.6 62.1 112.3 112.3 105.6 122.8 132.4 102.2 92.4 61.4 112.3 112.3 105.8 122.2 132.4 101.3 92.4 53.8 112.3 112.3 105.8 and Bottled 135.9 130.9 145.1 129.1 129.7 145.3 128.9 120.9 144.6 128.9 121.2 144.9 169.9 138.9 153.9 174.5 131.3 120.0 134.9 170.8 132.4 156.6 175.2 130.9 115.2 132.8 170.2 134.4 156.6 176.3 131.3 115.4 132.4 170.3 134.9 156.6 176.3 132.2 115.4 132.3 146.0 150.1 150.0 149.9 145.9 148.6 148.6 148.8 175.3 179.7 178.6 181.8 178.5 181.7 178.2 181.5 166.4 150.2 166.3 151.4 166.4 151.4 166.5 151.3 100.3 100.4 100.5 152.5 140.3 152.2 140.3 152.3 140.7 100.0 100.0 100.0 124.9 156.7 130.6 101.7 91.4 157.4 126.3 155.9 128.6 100.0 90.7 157.8 126.4 155.9 128.6 99.9 89.8 157.8 126.4 155.9 128.5 99.9 90.0 157.8 130.2 142.1 131.3 161.7 133.2 106.6 134.6 132.4 142.6 131.3 162.1 134.6 114.2 133.7 132.4 142.6 131.3 161.5 134.6 112.9 133.7 132.0 142.6 131.3 161.6 134.6 112.9 133.7 134.8 106.5 155.7 120.6 171.1 n.a. n.a. n.a. 121.1 171.6 134.8 106.5 156.4 121.2 171.6 134.8 106.5 157.0 121.2 171.6 118.3 67.6 96.4 110.2 132.6 119.0 77.5 96.4 111.2 131.7 118.9 80.3 96.4 111.0 131.8 118.9 75.0 96.4 111.0 132.2 153.3 141.6 Bev- 138.2 138.4 142.5 140.8 138.4 141.6 137.4 138.4 141.6 123.1 136.9 95.5 116.5 134.8 99.1 117.0 133.4 97.2 117.0 Miscellaneous: 134.0 Toys, sporting goods, small arms. . . 97.3 Pulp, Paper, and Allied Products: n.a. Not available. r Revised. Flat glass Concrete ingredients Concrete products Structural clay products Gypsum products Prepared asphalt roofing Other nonmetallic minerals 169.6 137.0 145.6 Lumber and Wood Products: Woodpulp Wastepaper Paper Household furniture Commercial furniture Floor covering Household appliances Television, radios, p h o n o g r a p h s . . . . Other household durable goods Tobacco Products erages : Rubber and Products: Lumber Millwork Plywood June Nonmetallic Mineral Products: Chemicals and Allied Products: Crude rubber Tires and tubes Other rubber products I May Furniture and Other Household Durables: Fuel and Related Products, and Power: Industrial chemicals Prepared paint Paint materials Drugs and Pharmaceuticals Fats and oils, inedible Mixed fertilizers Fertilizer materials Other chemicals and products Apr. Pulp, Paper and Allied Products—Cont. Farm Products: Cotton products Wool products Synthetic textiles Silk products Apparel Other textile products June 121.2 82.3 145.9 114.4 62.1 145.4 114.4 62.1 145.4 114.4 65.0 145.9 Cigarettes Cigars Other tobacco products Alcoholic beverages Nonalcoholic beverages Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment.. Other miscellaneous 982 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Quarterly totals at seasonally adjusted annual rates Annual totals 1960 1929 1933 1941 1950 1956 1957 1958 1959 1960 442.8 444.5 482.8 504.4 506.4 1961 504.5 500.8 516.1 104.4 56.0 Personal consumption expenditures Durable goods. Nondurable goods Services 79.0 9.2 37.7 32.1 46.4 3.5 22.3 20.7 Gross private domestic investment New Construction Residential, nonfarm Other Producers' durable equipment Change in business inventories Nonfarm only 16.2 8.7 3.6 5.1 5.9 1.' 1.1 1.4 1 .5 1.0 1.6 -1.6 -1.4 18.1 6.6\ 3.5 3.1 6.9 4.5 4.0, 50.0 24.2 14.1 10.1 18.9 6.8 6.0 67.4 35.5 17.7 17.8 27.2 4.7 5.1 66.1 36.1 17.0 19.0 28.5 1.6 .8 56.6 35.5 18.0 17.4 23.1 -2.0 -2.9 72.4 40.2 22.3 17.9 25.9 6.3 6.2 72.4 40.7 21.1 19.6 27.5 4.2 4.0 74.6 40 21 19 28.6 5.4 5.1 70.5 40.4 21.0 19.4 27.7 2.4 2.0 65.6 40.7 20.5 20.2 26.7 -1.9 -2.2 Net exports of goods and services Exports Imports .8 7.0 6.3 .2 2.4 2.3 1.1 6.0 4.8 .6 13.1 12.5 2.9 23.1 20.2 4.9 26.2 21.3 1.2 22.7 21.5 -.7 23.1 23.8 3.0 26.7 23.6 2.3 26.7 24.4 3.0 26.8 23.8 5.1 27.6 22.4 Government purchases of goods and services. Federal National defense Other Less: Government sales State and local 8.5 1.3 8.0 2.0 1.3 2.0 24.8 16.9 r 13.8 .0 7.2 .0 6.0 39.0 19.3 14.3 5.2 .1 19.7 79.0 45.7 40.4 5.7 .3 33.2 86.5 49.7 44.4 5.7 .4 36.8 93.5 52.6 44.8 8.3 .5 40.8 97.1 100.1 53.5 52.9 46.2 45.5 7.8 8.0 .5 .6 47.2 43.6 99.6 101.9 52.9 54.0\ 45.5 45.4 7.9 9.1 .6 .6 46.8 48.0 101.6 55.0 45.7 7.9 .6 48.6 126.6 238.1; 318.1 400.9 408.6 401.3 428.4 440.8 Gross national product Addendum: Gross national product in constant (1954) dollars r 181.8 125.8 284.6 419.2 81.9 195.0 9.7 30.4 43.2 99.8 29.0 64.9 7.8 269.9 38.5 131.4 100.0 505.1 285.2 293.2 314.0 328.9 329.9 329.7 332.3 330.7 336.1 43.5 44.3 40.4 37.3 45.3 43.4 43.8 42.0 39.4 137.7 141.6 147.3 -•152.4 153.3 152.7 153.1 153.7 154.1 107.1 114.3 123.2 132.2 131.2 133.6 135.4 137.5 139.9 68.8 41.3 20.6 20.7 24.7 2.8 2.4 59 39 19 20 24 -4 -4 3.9 26.4 22.5 105.0 54.7 47.2 8.0 .5 50.3 107.3 56.6 48.8 8.3 .5 50.6 443.4 440.2 438.4 433.2 445.5 Revised. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Quarterly totals at seasonally adjusted annual rates Annual totals 1960 1929 1933 1941 1950 1956 1957 1958 1959 2 Compensation of employees Wages and salaries Private .. Military Supplements to wages and salaries Employer contributions for social insurance . Proprietors' income Business and professional Farm Rental income of persons Corporate profits adjustment and inventory Inventory valuation adjustment Net interest . 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.2 51.1 29.5 64.8 154.2 242.5 255.5 257.1 278.4 293.7 50.4 45.5 .3 4 6 29.0 23.9 .3 4.9 62.1 51.9 1.9 8.3 146.4 227.6 238.5 239.8 258.5 271.3 124.1 189.6 198.4 196.6 213.2 223.0 9.9 9.9 9.8 9.7 9.6 5.0 35.4 38.5 28.4 30.5 r 33.5 17.3 .7 . 419.0 1 416.5 412.2 294.6 296.0 294.0 272.4 273.2 224.6 224.2 9.8 9.9 38.0 39.1 2 292.6 300.2 277 3 270 1 277 3 221.6 219.7 226.0 10.0 10.1 39 7 41 2 .5 2.7 7.8 14.9 77.0 17.3 20.0 22.4 22.2 22.7 22.7 22.5 .4 2.0 .7 4.0 3.8 6.8 8.1 7.8 9.1 8.0 9.4 9.7 10.3 11.5 10.9 11.4 10.8 11.8 10.9 11.5 11.2 11.7 10.8 14.8 5.6 17.4 37.5 43.7 44.5 46.1 46.3 48.2 48.6 48.7 49.0 48.9 49.2 8.8 6.0 3.2 2.4 10.9 6.5 23.5 14.0 32.1 11.6 32.7 11.8 32.5 13.5 35.0 11.3 36.2 12.0 36.4 12.3 36.3 12.4 36.3 12.7 36.0 12.9 36.3 12.9 5.4 2.0 3.5 9.0 10.9 11.9 12.2 11.9 11.7 11.7 11.7 11.7 11.5 11.5 10.1 -2.0 14.5 35.7 42.0 41.7 37.2 46.4 45.1 45.9 44.1 42.9 40.0 77.0 7.6 9.4 4.5 4.9 40.6 17.9 22.8 9 2 13.6 44.7 21.2 23.5 12.1 11.3 43.2 20.9 22.3 12.6 9.7 37.4 18.6 18.8 12.4 6.4 46.8 23.1 23.7 13.4 10.3 45.0 22.3 22.7 14.1 8.6 46.3 23.0 23.3 14.0 9.3 43.2 21.4 27.7 14.1 7.6 42.6 21.1 21.4 14.3 7.2 39.6 19.6 20.0 14.2 5.8 22.9 valuation .5 -2.1 -2.5 -5.0 6.4 5.0 4.5 5.5 r Revised. NOTE.—For explanation of series ses U. S. Income and Output (a supple- 4 3 .1 .6 .2 9.6 .5 1 .4 - .4 8.3 5 8 2.1 2.4 - 2 . 4 Profits before tax Profits tax liability Profits after tax Dividends Undistributed profits 1961 1960 —2 7 -1.5 -.3 -.5 .0 -.4 .9 .3 .4 13 4 14.8 16.6 18.4 18.3 18.6 18.9 19.2 11.7 14.2 19.6 ment to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. 983 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Quarterly totals at seasonally adjusted annual rates Annual totals Item 1960 1929 1933 1941 1950 1956 1957 1958 1959 2 104.4 Gross national product Less: Capital consumption allowances Indirect business tax and nontax liability Business transfer payments Statistical discrepancy 3 4 1 2 56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 506.4 505.1 504.5 500.8 516.1 8.6 7.2 9.0 19.1 34.4 7.0 .6 7.1 .7 11.3 .5 23.7 .8 -.7 35.7 1.6 -2.4 .2 .9 .3 1961 1960 .9 .4 37.4 38.2 1.8 38.6 40.8 43.1 43.0 43.2 43.7 44.2 45.0 -.6 39.3 1.8 -1.5 42.7 1.8 -1.7 45.6 1.8 -2.6 45.9 1.8 -2.9 45.5 1.8 -4.0 45.9 1.8 -2.9 45.7 1 8 -2.6 46.4 1 8 1.0 1.1 .4 .5 .6 5 5 1 4 Plus: Subsidies less current surplus of government enterprises -.1 Equals: National income 87.8 Less: Corporate profits and inventory valuation adjustment Contributions for social insurance Excess of wage accruals over disbursements 10.1 .2 -2.0 .3 14.5 2.8 35.7 6.9 42.0 12.6 41.7 14.5 37.2 14.8 46.4 17.6 45.1 20.7 45.9 20.7 44.1 21.1 42.9 20.8 40.0 21.2 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .9 1.0 5.8 .6 1.5 1.2 2.1 .7 2.6 1.3 14.3 4.8 17.2 5.7 12.1 1.6 20.1 6.2 12.6 1.8 24.5 6.2 12.4 1.8 25.4 7.1 13.4 1.8 27.3 7.8 14.1 1.8 26.8 7.8 14.0 1 8 27.5 7.8 14.1 1 8 28.8 7.7 14.3 1 8 30.1 7.5 14.2 1 8 31.0 7.3 14.2 18 85.8 47.2 2.6 1.5 1.3 1.4 1.0 Plus: Government transfer payments Net interest paid by government Dividends Business transfer payments Equals: Personal income Less: Personal tax and nontax payments Federal State and local Less: Personal consumption expenditures.... Equals: Personal saving Addendum: Disposable personal income constant (1954) dollars r .5 4.5 .5 9.2 .8 "iV.i 96.3 228.5 332.9 351.4 360.3 383.3 402.2 403.1 405.1 405.4 404.7 413.2 20.8 40.0 42.6 42.3 46.0 50.4 50.5 50.8 50.5 50.3 51.4 3.3 2.0 18.2 35.2 37.3 36.6 39.6 43.2 43.3 43.5 43.1 -42.6 43.6 2.6 4.8 5.3 7.2 1.3 6.4 7.2 7.3 7.7 7.8 5.7 7.4 45.7 46.4 93.0 207.7 292.9 308.8 317.9 337.3 351.8 352.7 354.4 354.9 354.3 361.8 79.0 4.2 -.6 11.1 83.1 Equals: Disposable personal income .0 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.2 419.0 416.5 412.2 81.9 195.0 269.9 285.2 293.2 314.0 328.9 329.9 329.7 332.3 330.7 336.1 12.6 23.0 23.6 24.7 23.4 22.9 22.8 24.6 22.7 23.7 25.8 r 134.9 102.1 175.1 231.0 286.9 293.8 296.3 310.6 319.0 320.3 321.0 320.1 318.4 324.8 Revised. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1960 1959 Itemi 1961 1960 June July Aug. Sept Oct. Nov. Dec. Jan. Feb. | Mar. j Apr. May j June** Total personal income 383.3 402.2 404.4 404.7 405.2 405.5 406.4 406.0 404.0 403.6 403.1 407.3J 409.8! 413.2 416.7 Wage and salary disbursements Commodity-producing industries. Manufacturing only Distributive industries Service industries Government 258.5 271.3 273.2 273.6 273.2 273.0 272.9 271.5 269.6 269.6 259.51 271.1\ 274.6< 277.2 280.0 107.2 110.4 111.7 111.3 110.2 110.0 108.5 108.3 106.2 106.2 105.6 106.5} 109.1; 110.5 112.4 84.7 87.4 88.6 88.0 86.9 86.7 86.3 85.4 84.0 83.8 83.5 84.n 86.1\ 87.6 88.9 68.2 71.8 72.6 72.6 72.6 72.3 72.4 72.0 71.8 71.8 71.8 71.8! 72.3! 72.9 73.3 37.7 40.7 40.9 41.1 41.2 41.3 41.4 41.5 41.7 41.6 41.7 42.11 42.3| 42.5 42.8 45.3 48.0 48.6 49.1 49.4 49.6 49.7 49.8 50.0 50.4 50.71 51.0! 51.3 51.6 Other labor income.. . 10.3 Proprietors' income Business and professional. Farm 46.3 35.0 11.3 10.9 48.2 36.2 12.0 Rental income 11.9 11.7 Dividends 13.4 14.1 Personal interest income.. . . 23.6 26.2 27.2 29. Transfer payments Less: Personal contributions social insurance Nonagricultural inconip . Agricultural income for 7.9 9.3 10.8 10.9 49.0 48.7 36.3 12.3 11.7 14.0 26.2 28.7 11.7 36.4 12.7 10.9 11.1 11.2 11.3 48.7 36.3 12.4 48.9 36.4 12.5 49.2 36.4 12.8 48.9 36.0 12.8 16.1 10.6! 10.7 10.8i 11.0 49.0\ 36.0 13.0| 49.01 36.li 12.9J 49.1 36.3 12.9 49.4 36.4 13.0 11.5 11.7 11.7 11.7 11.6 11.41 11.5 11.5 14.4 14.4 14.1 11.6 14.2 11.5 14.3 14.2 14.21 14.2 14.2 14.2 26.3 26.4 26.6 26.6 26.7 26.7 26.8 26.8 26.8J 26. 27.0 27.1 28.8 29.3 29.8 30.2 30.7 31.0 31.1 31.1 33.7; 32.5! 33.0 33.1 9.3 9.3 9.4 9.3 9.3 9.2 9.6 9.4 9.6; 9.6| 9.7J 9.7 9.3 16.8 10.7 48.7 35.8 12.9 11.7 14.1 368.1 386.2 387.6 388.3 388.7 389.0 389.8 389.1 15.3 11.0 48.9 36.0 12.8 14.0 16.4 Preliminary, i Monthly data are seasonally adjusted totals at annual rates. 10.9 48.8 36.3 12.4 16.5 16.5 16.6 16.9 ! I i 390.41 392.9! 396.4: 399.6 16.9 16.9 16.9| 16.8| 1 7 1 386.8 386.2 16.8 NOTE.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR FIRST QUARTER, GO [In billions of dollars] Sector Consumer and nonprofit sector Government sectors2 Nonfinancial business sectors Financial sectors Commercial banking3 Noncorporate l Farm1 Savings Insurance5 Finance n.e.c.6 Rest-ofworld sector Dis- Natl. crep- saving ancy7 and AH sectors investment Transaction category A B C 18.6 11. 6.8 Gross saving2,9 Capital consumption^ Net saving ( A - B ) . . . D Gross investment ( E + J ) 2 17.7 E F G H I Private capital expenditures vate cap p (net of sales)13 Consumer durable goods. . . Nonfarm resident, constr.1-*. Plant and equipment Change in inventories15 13.6 8.9 4.0 .7 J Net financial invest. (K - L ) . . . 4.2 K L Net acquis. of finan. assets Net increase in liab. 17 5.9 M N Gold and Treas. currency 18 Dem. dep. and currency ^ . O P Q R .6 1.0 -.1 1.1 1.0 .1 -.5 2.4 .3 -3.3 1.3 -1.5 .1 .1 .7 -2.3 -1.5 .7 -5.1 2.2 2.4 1.0 S T Saving through life insur. 23 . Saving through pen. funds 24 . 1.0 1.7 U V Credit and equity mkt. instr., Federal obligations 25 State and local obligations. Corp. and foreign bonds.. Corporate stock 1 - to 4-family mortgages.. Other mortgages Consumer credit Security credit26 Bank loans n.e.c.2? Other loans 28 1.7 2 -!i h i Sector discrepancies (A —D) 31 . 2.2 .4 7 -5.; 2.1 -.5 -8.2 .3 2.9 2.9 -.1 2.0 -.5 1.4 -.7 -2.2 3.0 -1.5 -.3 .1 2.3 -2.9 -3.1 .9 1.1 -2.4 .2 29 2.5 1.2 -4.8 -3.2 2.7 .7 .1 .2 .5 -1.1 -2.5 .4 1.7 .2 2.2 .1 .5 .3 .5 .4 L6 .4 .7 -.3 -.3 .3 1.6 -8.2 -1.0 2.7 .7 2.0 -.6 - 8 -1.1 .5 -.1 -.5 5.6 3.5 2.0 .1 5.6 3.5 2.0 .1 1.0 1.7 1.0 1.7 .5 .5 -3.1 -3.1 1.6 1.6 .8 .8 1.2 1.2 2.3 2.3 1.2 1.2 -2.l| -2.1 -.4 -.4 -2.5 -2.5 1.6 1.6 1.4 .6 -.4 * M N * * O P Q R S T .5 * .1 U V W X Y -.1 .5 1.6 -1.3 -1.2 -1.2 .7 -1.0 2.1 D 23.8 8.9 4.0 10.1 .8 1.6 -.1 .5 -2.1 .3 .3 .2 -1.2 -1.7 p * 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 the 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 the BULLETIN for August 1959. 24.6 -.4 .9 Trade credit Proprietors' net invest, in noncorporate business 1 ... Misc. financial trans.3o -.7 4.0 10.1 -.4 4.4 2.3 2.0 .1 f g 28.5 21.4 7.2 23.8 6.1 .4 1.7 27.7 113.! 21.4 6.3 24.5 .3 Fixed-value redeem, claims.. Time deposits2^ Savings shares 21 U. S. savings bonds 22 z .7 6.5 -3.2 X Y -1.5 1.3 2.7 -1.6 w -.1 1.3 2.7 2.2 A -.3 .6 3.9 In Tables 3-4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes, 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. 985 and 987. 985 FLOW OF FUNDS/SAVING TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1959 1957 1956 A B C D E F G Net national saving 2 Consumer and nonprofit Farm and noncorp. business 32 .. . Corporate nonfinancial business. . Federal Government2 State and local government2 Financial sectors H Canital consurriDtion ^ I Consumer and nonprofit J Consumer durable goods K Owner-occupied homes L Plant and equip, (nonprofit).. . . M Farm business N Noncorp. nonfinan. business O Corporate nonfinancial business. . Q R S T U V W X Y Consumer and nonprofit Farm and noncorp. business Corporate nonfinancial business. . Federal Government2 State and local government2 Financial sectors Gross national investment2 Consumer durable goods Z a b c d e Other gross private domestic fixed investment Consumer and nonprofit 14 Nonfarm residen. constr. .. . Plant and equip, (nonprofit).. . Farm business 14 Noncorp. nonfinan. business . Corp. nonfinan. business [ 4 . . Financial sectors g \i i j Change in inventories15 Farm business Noncorp. nonfinan. business. . . Corp. nonfinan. business k 1 m n o p q r s t u v w x y z aa bb cc dd ee 1958 1959 1960 41.0 37.4 19.2 35.9 36.9 29.4* 28.6* 26.4* 30.2* 27.8 -.1 5.3 3.1 11.4 5.9 6.1 3.6 - 8 . 2 - 5 . 0 5.9 3.8 -3.0 -3.6 -4.9 -4.1 -5.0 3.5 4.2 2.8 3.5 2.9 67.4 36.9 33.0 3.3 .5 3.7 7.5 19.1 73.2 40.0 35.8 3.7 .6 3.9 8.1 21.0 75.6 41.6 37.0 4.0 .6 4.0 8.0 21.9 79.4 43.5 38.6 4.3 1 2 1960 3 10.8 9.3 8 1 7.8 .6 - 3 . 0 1.3 4.1 1.3 .7 - . 8 -1.6 .6 1.0 19.4 10.7 9.5 1.0 2 4.1 8.6 24.7 1.0 2.0 5.6 108.4 110.6 94.8 115.4 120.4 66.2 68.6 68.0 73.7 73.5 11.3 12.0 11.9 12.4 12.7 25.0 26.3 24.9 34.6 30.8 5.9 3.6 - 8 . 2 - 5 . 0 3.8 -3.0 -3.6 -4.9 -4.1 -5.0 3.0 3.0 3.7 3.7 4.5 30.2 18.8 3.6 6.8 .7 -.8 1.1 29.1 18.7 9^9 1.3 -1.6 .7 94.2 114.2 117.6 37.3 43.5 44.3 26.1 9.4 30.3 11.2 27.3 10.4 58.6 18.1 15.3 2.7 4.4 9.0 26.4 7 66.1 22.1 19.2 2.9 4.7 10.7 27.9 8 68.2 21.5 18.4 3.2 4 2 10.8 30.8 8 13.9 5.1 4.4 .6 1 1 2.1 5.4 2 17.3 4.9 4.2 .7 1 4 3.2 7.5 2 1.6 - 2 . 0 .9 .8 .2 - . 2 .6 - 2 . 6 6.3 .1 .9 5.3 4.2 .3 9 3.1 3.3 * 1 0 2.2 2.3 * .4 1.8 107.9 110.6 38.5 40.4 62.6 19.0 16.9 2.1 3.8 9.8 29.3 7 4.7 A 2 4.9 64.5 18.1 15.6 2.5 4.0 9.4 32.3 8 .6 .7 20.0 10.9 9.7 1.1 20.3 11.1 9.8 .2 2 2 1.0 2.1 5.8 1.1 2.1 5.8 1.1 2.1 6.0 29.1 27.1 19.4 16.9 7.0 1.6 9.0 9.0 -2.0 -5.0 -.8 -.8 -.1 2.0 \v 4 3 2 20.5 11.2 9.9 1.1 20.7 11.3 10.0 1 1 2 2 2.'l 6.0 1.0 2.2 6.2 21.0 11.5 10.2 1 2 21.3 11.7 10.3 1 2 1.0 2.2 6.2 1.0 2.2 6.3 2 2 A B C D E F G 21.4 H 11.8 I 10.4 J 1 2 K 2 L 1.0 M 2.2 N 6.3 O 32.6 31.8 31.0 24.9 28.5 19.3 17.0 20.0 17.3 18.6 5.2 3.1 1.9 3.3 2.5 8.3 6.2 7.5 5.3 8.8 4.7 4.0 1.3 - . 6 -4.3 - . 6 — 12 -1.6 -1.6 -1.1 * \l 1.8 1.1 2.0 P Q R S T U V 30.5 12.5 29.9 10.1 30.0 11.5 27.9 10.2 29.8 12.6 24.6 8.9 W X 17.6 5.9 5.7 .8 1 2 2.9 7.4 2 17.4 6.2 5.4 .8 1 0 2.4 7.6 2 15.1 5.3 4.6 .7 1 1 2.2 6.3 2 17.9 4.9 4.2 .7 1 2 3.3 8.4 2 17.7 5.6 4.7 .9 1 l 2.8 8.0 2 17.6 5.7 4.9 .8 9 2.5 8.2 2 14.1 4.7 4.0 .7 1 0 2.1 6.1 2 Y Z a b c d e f * .7 * — 5 4.6 * 1 3 3.2 .5 .1 1 .4 .2 - 1 . 1 .1 .1 * —6 .1 - . 6 •8 .1 3 .4 g h i j .1 1 — 1 8 8 4.2 2.4 - 1 . 6 1.3 2.2 3.6 8.5 5.9 4.4 6.5 7.4 3.6 6.4 7.7 3.9 5.2 2.0 5.1 4.1 - 2 . 7 - 1 . 4 - 1 . 6 2.2 - . 2 3 —4 1 _ 5 2 _ ? -'•2 -4.0 2.3 1.4 -1.9 1.6 * -3.3 — 1 7 —4 0 —2 4 — 1 1 1.8 4.4 -2.2 2.6 -2.3 1.1 6.1 1.8 1.0 3.6 2.6 2.9 k 1 m n o n * .1 4.2 2.1 -.4 .3 - 1 . 7 .8 - . 4 Net financial investment16 -.8 11.5 14.0 18.8 11.0 Consumer and nonprofit 4.4 1.8 2.6 5.7 7.9 Net acquis. offinan. assets. . . 26.8 26.0 30.9 31.6 21.9 7.6 7.5 6.1 5.0 12.0 12.1 20.6 16.2 15.3 Net increase in liabilities 3.1 - .7 - 4 . 9 - 2 . 5 Farm and noncorp. business.. . - 2 . 1 - 2 . 3 - 2 . 1 - 4 . 0 - 3 . 5 y * —3 —5 .4 Net acquis. offinan. assets. .. .8 1.1 j 3.1 3.3 2.5 Net increase in liabilities 2.2 .2 4.9 3.3 3.3 - 1 3 . 3 - 8 . 6 - 3 . 6 -3.4 — 7 6 — 3 2 Corp. nonfinan. business 1.6 4.5 11.3 13.7 4.4 Net acquis. offinan. assets. .. -.2 3.6 5.8 3.3 17.7 13.1 15.0 17.0 10.9 Net increase in liabilities 4.3 3.0 3.7 3.6 - 8 . 2 -5.0 5.9 1.3 - 2 . 0 Federal Government .7 3.8 3.2 1.6 4.2 1.6 Net acquis. offinan. assets. . . .2 3.7 6.3 2.6 - .4 -4.3 2.9 Net increase in liabilities - .1 -.5 11.2 4.7 State and local governments. . . — 2 2 - 3 . 1 -4.0 - 3 . 4 - 1 . 6 - 1 . 3 - 1 . 4 3.3 2.6 .6 Net acquis. offinan. assets. . . 2.6 3.0 .9 2.5 6.4 4.8 1.9 Net increase in liabilities 6.0 7.0 2.3 l'.8 7.7 3.0 2.7 .9 Financial sectors 5.8 4.5 2.6 1.6 4.5 30.0 34.3 8.9 Net acquis. offinan. assets. .. 22.7 24.1 .3 10.4 20.0 21.1 36.3 25.5 28.5 — 1 2 9.5 6.3 Net increase in liabilities 31.8 - . 2 -2.4 .2 - . 2 A -1.6 -1.0 Financial trans, discrep -3.8 * .5 .6 Discrepancy (P —W) 31 4.0 — 1.2 1.8 2.8 1.1 4:1 1 9.1 6.7 12.1 11.1 10.1 7.2 3.6 6.8 5.7 8 1 8 4 8 4 5 7 5 8 -.1 2.0 3.9 - 1 . 2 -1.5 .1 -.7 2.0 - 1 . 0 .2 1.4 2.9 3.2 2.6 4.0 4.7 -2.0 -5.0 1.3 - . 6 -4.3 - . 6 -1.2 -1.6 -1.6 -1.1 -.8 -.8 * 1.7 1.9 1.1 1.9 .6 83.5 45.7 40.4 4.6 4.2 8.3 23.2 19.8 10.8 9.6 1.1 4 1961 1.2 4.0 - . 6 -4.3 4.7 - .3 .7 -1.0 4.2 1.3 -4.3 3.3 — .4 -.5 .3 - 1 . 0 — 2.2 1.1 1.3 .4 -'.2 1.3 2.0 1.6 1.0 1.4 1.0 1.9 2.1 .1 1.6 - .5 14.4 12.5 10.0 10.4 -2.6 8.0 14.3 70.9 -4.7 10.9 1 -1.2 1.1 .3 -5.0 -.8 4.2 -3.5 2.7 1 9 3 1 3.9 q r s t 1.3 -7.5 -2.8 -1.5 •7 2.2 1.1 -.6 -7.7 -.7 u v w x y z aa bb cc dd 3.9 ee * Less than $50 million. v Preliminary. 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 ses below and second page following. Back data available in Flow-of-Funds Supplements. Notes to Tables 1, 2, and 3. 1 Net saving of, and consumer investment in, unincorporated business discussed on p. 838 of the BULLETIN for August 1959. See note 32, p. 987. 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. 78 For discussion, see p. 857 of the BULLETIN for August 1959. 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 the BULLETIN for August 1959. 9 For content of sector savins, see Tables 1 and 4 and pp. 833 and 849 of 1the BULLETIN for August 1959. o Rest-of-world surplus on current transactions with United States. 1x 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 not1 3shown separately. 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. 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. For other notes to Tables 1-3 see second page following. FLOW OF FUNDS/SAVING 986 TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3 [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1959 1956 1957 1958 1959 1960 1961 1960 I. Demand deposits and currency A B C D E F G H I J K Net increase in commercial bkg. system liability 19 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) 1.7 .7 1.7 -.2 .2 1 .7 .3 1.0 - 1 . 0 .1 .7 .1 5.8 6.5 .1 6.3 2.5 1.2 1.7 .3 .2 -1.4 -.7 1.1 1.6 .7 .8 1.0 .5 .1 .1 -.5 .1 1.0 .9 .1 .3 -.3 -.7 .2 .6 * -.9 -7.0 -5.5 -.5 -4.8 -1.1 -.2 -2.9 -.4 -.3 -.1 -1.5 2.1 1.9 1.0 .7 -.6 -.2 1.4 .1 * .2 .2 2.1 2.1 3.8 3.1 -1.2 .5 4.4 1.0 1.7 -.2 2 -.2 \'.S .2 .6 -.3 .6 .1 - . 1 1.5 2.5 -8.8 2.6 -7.5 2.8 A -.3 -6.6 -2.7 -1.0 -.1 -3.4 4 * -.4 '.5 -.4 -1.3 1.5[ 1.8! • :i| 1.9 4.9 - 8 . 2 4.0! - 7 . 2 -1.7J 2A -1.7 -5.4 -1.6 -.1 -3^2 .8 - . 5 .71! - . 1 .3 * .9; - 1 . 0 2.0t -.3 II. Fixed-value redeemable claims A B C D Net increase, by type.. . . Time deposits Savings shares U.S. savings bonds 2 2 . 9.0 3.7 5.4 -.1 10.1 6.8 5.2 -1.9 16.2 10.2 6.6 -.5 7 2.3 -.5 E F G H Net increase in liab., by sectoi 3 4 .. . Federal Government Commercial banking Savings institutions 9.0 -.3 2.1 7.3 10.1 -2.2 5.5 6.9 16.2 7.6 - . 7 -2.0 8.0 1.2 8.9 8.4 14.8 -.4 5.8 9.5 2.3 -.2 .6 1.9 3.0 -.6 .9 2.6 1.2 -.5 .7 -.6 -.1 1.4 I J K L Net increase in assets, by sector 3 4 . . Consumer and nonprofit Other domestic sectors 35 Rest of the world (time deposits). 9.0 9.0 10.1 9.8 .4 16.2 13.6 1.7 .9 14.8 12.8 1.7 .3 2.3 2.2 3.0 3.4 * -.4 .7 1.7 -.7 -.3 III. -.1 7.6 2.2 7.2 -1.8 7.6 9.3 -.9 -.9 14.8 7.0 8.1 -.3 2.3 1.1 1.4 3.0 1.2 1.6 -.1 2.3 -.6 1.6 -.6 -.2 2.4 1.6 2.0 _ 7 1.6 2 -'.2 3.9 1.7 2.4 1 3.9 2 2^6 1.6 2 1.9 1.6 1.6 .2 _ ? 3.9 3.4 .3 .2 3.9 2.6| 1.4 5.4! 2.5 2.81 .11 5.6 3.5 2.0 .1 3.9 5.6 -.1 2 2 V.8 3.3| 3.9 5:S 3.2l • 5| .3 _1 Saving through life insurance and pension funds 2!9 2.7 5.6 4.4 1.2 .7! .1 A B C Net increase, by type Life insurance Pension funds 9.5 3.8 5.8 9.2 2.8 6.3 10.4 3.4 7.0 11.7 3.7 8.0 11.3 3.6 7.7 2.9 .8 2.1 3.2 1.2 2.0 2.5 .7 1.8 3.1 .9 2.2 2.8 .8 2.0 3.1 .8 2.3 2.4 1.0 1.4 3.0 1.0 2.0; 2.6 1.0 1.7 D E F G H Net increase in liab., by sector *, u \ Federal Government State and local government Life insurance companies Private noninsured pension plans 9.5 1.0 1.4 4.7 2.3 9.2 .6 1.6 4.2 2.8 10.4 1.0 1.7 4.7 2.9 11.7 1.0 1.9 5.5 3.2 11.3 1.0 2.1 4.7 3.4 2.9 .2 .5 1.3 1.0 3.2 .4 .5 1.5 2.5 .3 .5 1.1 .5 3.1 .1 .5 1.6 .9 2.8 .1 .5 1.0 1.1 3.1 .7 .5 1.0 2.4 .1 3.o! .1! .5; 1.41 1.01 2.6 .1 .5 46.2 10.2 5.7 6.8 4.2 10.1 5.2 .3 1.7 1.3 2.0 61.2 11.3 5.5 5.8 4.9 4.5 4.4 13.2 6.0 6.4 .1 7.5 2.9 39.5 7.0 18.7 -2.2 2.0 -5.1 -4.6 4.7 2.9 4.6 - 2 . 7 1.4 3.6 1.3 1.0 5.6 1.0 1.3 3.5 1.2 3.8 10.9 2.8 1.7 4.5 1.2 2.5 3.9 -.6 .4 - . 2 3.2 3^8 -.7 5.9 1.2 .9 18.2 5.3 .7 4.6 1.7 1.1 .7 3.7 1.6 17.3 4.0 4.7 -.7 .4 1.5 2.5 -4.1 -7.4 3.3 1.0 12.0 -1.4 -2.1 .6 10.3 1.2 5.3 IV. g s T U V Funds raised, by 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 advanced, by sector 3 4 w Funds Consumer and nonprofit X Y z 1.2 Credit and equity market instruments A Net increase, by type Federal obligations 3 7 B Short-term direct C Other D State and local obligations.. . E Corporate and foreign bonds. F Corporate stock G 1- to 4-family mortgages H Other mortgages I Consumer credit J Security credit K Bank loans n.e.c L Other loans M N O P .5 1.2 .5 A B C D Farm and noncorp. business . . . . Corporate nonfinancial business. Federal Government State and local government Commercial banking s y s t e m . . . . Monetary authorities Commercial banks Securities Loans** Savings institutions Insurance sector Finance n.e.c Rest of the world 30.7 36.6 -5.6 1.1 7.4 5.5 -13.0 - 4 . 4 3.2 4.6 5.0 7.5 3.8 4.0 8.6 10. 3.5 3.8 2.8 3.b -.3 -.6 2.3 5.8 2.6 .9 9.0 -1.2 31.2 15.2 .9 1.8 13.2 -5.4 3.3 1.2 1.0 36.9 11.9 1.1 1.2 13.1 1.0 4.8 2.4 1.4 46.2 12.0 1.5 2.2 11.8 9.3 5.9 1.1 2.3 61.2 39.4 20.5 16.2 1.9 1.1 4.6 3.4 11.7 10.6 10.7 - 1 . 7 5.1 3.8 4.1 5.7 2.0 .9 30.7 7.5 .3 -3.7 1.1 2.3 4.8 .3 4.5 -3.5 8.0 7.4 8.1 1.6 1.3 36.6 7.7 .1 .6 2.4 2.7 4.3 46.2 4.3 39.5 2.4 .1 5! 1.3 3.8 7.2 8.4 2.5 .6 61.2 15.5 .1 4.7 3. 1.7 2.9 1.5 5.6 17.0 2.2 .3 14.9 5.3 10.4 -7.2 4.5 12.5 9.3 10.6 9.0 10.1 2.0 4.6 i 3.1 1.2 1.0 i!9 2.3 1.5 1.0 2.7 -.8 .6 - 1 . 6 .3 2.3 .7 1.2 .9 2.9 1.3 2.4 .5 2.1 1.5 18.7 6.1 1.1 2.6 3.8 1.7 1.5 1.5 .4 18.2 5.0 .3 1.5 3.0 5.2 1.8 17.2 2.5 12.0 6.3 2.0 5.2 — .2 .8 .5 \.2 .3 1.3 3.0 2.7 3.0 4.1 - 4 . 1 - 1 . 5 .5 1.0 .8 2.3 -.3 1.7 .3 .5 7.0 18.7 3.5 4.9 .2 -.3 -2.1 1.2 .3 1.7 2.3 .7 .6 1.0 .4 10.0 - 5 . 4 4.2 .7 - . 9 .6 9.3 - 4 . 5 3.6 2.4 -4.2 -1.7 6.9 - .3 5.3 9.4 3.2 2.7 2.6 10.3 2.5 5.1 .9 .9 .2 1.0 1.1 18.2 17.2 7.0 3.1 .7 TT 2^0 _ 2 1.4 1.0 1.2 3.3 .5 2.8 3.6 3.0 2.3 .8 1.3 -4.1 1.4 1.3 .9 3.0 1.2 .6 .6 - .6 .6 10.3 3.8 2 -A 2.5 1.4 1.5 .7 .4 Preliminary. For other notes see opposite page. .5 2 2i - 3 . 1 - .Hl .9 3.0 - 4 . 0 .5: 1.9| 1 .2 2.6 2.3 1 .11 1 ^ 1.8 - 2 T l"4i 1.5; -.4 -2.5 1.6 .5 14.6 1.7 5.1 .5 -.4 1.8, 2.3 2.3 2.5! - 2 . 9 1.6 •5| 2.0! - 1 . 1 .7| 12.0 10.3 14.6! 1.2 - 2 . 0 ! -.7 2 - 1- .. 18 •4 -\'.2 .4 1.3 .9 -.3 .4 -7. 5.1 5.1 7.5! -1.4 .5 1.2 .4! 3.4 - 6 . 4 4.5 3.9 7.2! - .4 -5.6 3.7 .3 3.8 -.8 3.7 1.7 2.3 2.2| 2.3 2.6 2.7} 2.8 2.4 2.0 1.8! .4 2.4 .7 .5 .3j .7 2.5 4.0 -.4 -.2 '"i A .3 * Less than $50 million. 14.6 N O P Q R S T U .5 W 1.7 X -.4 Y -1.5 Z .1 .8 -4.8 -.7 -4.0 -1.6 -2.4 2.7 1 2 -.6 .1 987 FLOW OF FUNDS/SAVING Notes to Tables / , 2, and 3 (cont.). 15 After inventory valuation adjustment. 16 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 the United States. 1i "Liabilities" cover equity as well as debt claims. !8 For description, see p. 852 of the 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 K-o, for sector allocation of demand deposit and currency liability on a net bank-record basis. For further discussion, see p. 852 of the BULLETIN for August 1959. 2 0 At commercial and mutual savings banks and Postal Savings System. 21 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. 23 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 I M F , and currency items in public debt; includes Federal agency debt and accrued interest on Treasury bills and on savings bonds (other than consumer-held). 2 6 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. 28 Mainly Federal Government loans (other than mortgages), CCCguaranteed loans, open market paper, finance company loans to business, and2 policy loans on life insurance. 9 Trade debt net of trade credit. 30 For coverage, see p. 856 of the BULLETIN for August 1959. See also notes for this category in individual sector statements in Table 4. 3 1 Saving and investment are equal in concept but may differ statistically because of discrepancies. See p. 857 of the BULLETIN for August 1959. 32 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 the 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 and Supplement N o . 2. 3^ For sector transactions in specific instruments, see Tables 1 and 4. 35 Mainly time deposits of State, and local governments, corpo raet businesses, and savings institutions. 36 Includes life insurance issued by fraternal orders not shown separately. All assets in these categories are treated as consumer holdings. 37 Marketable issues maturing within one year. 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. NOTE.—Back data available in Flow-of-Funds Supplements. TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1959 1956 1957 1958 1959 1960 2 1 1960 3 4 1 2 1961 3 4 (A) Consumer and nonprofit organization sector 314.2 331.3 339.2 Current receiots . 293.4 307.3 310.6 Income receipts 1 2 20.7 24.0 28.6 Transfer receipts 42.7 45.9 45.5 Income taxes and other deductions.. 36.8 39.1 38.5 Taxes less tax refunds3 5.9 6.8 7.0 Pension and OASI deductions*... Cur. receipts after deduct. (A—D).. 271.5 285.4 293.7 H Cur. expend, for goods and serv. 5 .. 211.3 222.9 232.8 2.9 3.0 I Net life insurance premiums *> 3.2 57.0 59.5 58.0 J Current surplus (G — H—I) 10.0 9.1 9.2 K Insurance and retirement credits 7 ... 36.9 40.0 41.6 L Capital consumption ' 29.4 28.6 26.4 M Net saving (J + K — L) 66.2 68.6 68.0 N Gross saving ( L + M ) A B C D E F G a b c d e f g h i j k m n o p q Saving through life insurance... Saving through pension funds.. 11 Cr. and equity mkt. instr. .... Federal obligations State and local obligations... Corporate and foreign bonds. Corporate stock Mortgages Net invest, in noncorp. bus Net increase in liabilities Consumer . Discrepancy (N — O) * Less than $50 million. 92.2 84.3 94.9 87.0 96.3 88.3 97.6 89.4 7.6 7.9 7.9 7.9 8.2 14.0 11.3 2.7 78.2 16.1 13.3 2.7 78.8 13.6 11 4 2.2 82.7 11.6 9 8 1.8 86.0 61.0 .7 16.5 2.7 11.2 64.2 .7 13.9 3.1 11.3 64.3 .8 17.6 2.4 11 5 70.7 1.0 14.4 2.9 11.7 12.4 10.1 2.3 74.7 13.8 11.5 2.3 76.4 58.0 .8 15.9 2.9 10.7 60.2 .8 15.5 3.2 10.8 12.7 10.8 1.9 78.5 60.8 .8 16.9 2.5 10.9 10.9 9.3 1.6 82.5 67.6 .9 13.9 3.0 11.1 94 5 85.6 9.0 13.5 10 7 2.9 81.0 A B C D E F G 8.1 7.8 8.4 5.8 8.1 5.7 8.4 18.8 19.4 16.9 5.7 18.7 19.3 17.0 20.0 17.3 64.1 H .8 I 16.1 J 2.5 K 118 L 6.8 M 18.6 N 17.9 14.7 19.3 19.6 17.7 15.5 16.3 4 2 4 6 10.1 11.5 .7 .7 2.2 2.4 -1.6 8.5 4.4 3.6 1.6 - 2 . 7 - 1 . 0 2.0 1.6 3.4 .3 1.0 .2 15.8 4 7 10.2 .9 18.3 4 9 12.6 .8 76.6 71.5 18.8 17.9 19.0 20.9 65.6 19.2 43.5 2.9 65.8 18.4 44.3 3.2 14.5 4.4 9.4 .6 16.3 5 1 10.4 .8 18.7 5 4 12.5 .8 18.8 30.9 2.5 13.6 7.8 11.0 31.6 1.0 9.3 4.0 4.4 21.9 7.5 .3 - 1 . 1 12.8 2.2 4.9 1.0 16.1 4.2 11.2 .7 1.8 7.9 -.6 3.4 1.6 2.6 7.6 1.0 1.7 1.0 3.6 7.4 1.9 3.2 1.8 O 13.6 P 4 0 Q 8.9 R .7 S 1.3 4.2 T 6.5 5.9 U 2.1 - 1 . 6 V 4.6 4.4 W 1.8 2.3 X 2.7 2.0 Y .1 .1 Z 5.3 5.2 8.1 1.4 2.2 1.2 2.3 1.6 -1.8 -.3 -.2 -.5 -.5 -.6 2 2.5 -.1 1.4 -1.9 c 7.1 -.1 3.8 5.8 2.8 6.3 3.4 7.0 3.7 8.0 3.6 7.7 .8 2.1 1.2 2.0 .7 1.8 .9 2.2 .8 2.0 .8 2.3 1.0 1.4 1.0 1.7 a b 7.5 1.0 1.6 1.2 2.1 1.6 2 2.4 3.3 4.9 3.5 4.3 15.5 3.9 4.0 -.7 7.7 1.2 - 2 . 0 1.7 10.2 - 1 . 5 2.9 1.9 - . 6 -1.8 1.7 .8 - 2 . 3 3.8 2.2 - 1 . 3 -.2 .4 2.3 .9 .5 .4 - . 3 .3 .7 1.0 .1 2.0 1.3 -.1 * 1.1 -.1 .7 - . 2 1.0 .5 .4 - . 2 1.3 .4 .2 .3 1.9 .4 - . 1 .4 .5 .2 1.7 1.0 .7 e 1.4 .3 2.2 .3 .5 .5 .5 .3 1.9 '.9 .6 2.2 '.3 .3 -6.0 -4.9 -1.5 -1.5 -1.5 - 1 . 5 -1.2 -1.2 -1.2 -1.2 -1.2 c d e f g h i 6.4 20.6 20.1 13.1 16.2 15.9 11.3 .6 * .6 .5 -6.2 -2.9 2.0 -.1 12.0 11.6 12.1 11.5 3.6 8.7 2.8 9.6 .3 * .3 .4 -.4 .5 .4 .4 -2.8 -3.9 15.3 14.9 11.0 Consumer credit • ... Security credit Other loans 12 Nonprofit organizations! 3 93.4 85.7 7.3 55.4 15.3 37.3 2.7 57.6 16.9 38.5 2.1 Net financial investment (U—j). Net acouis. of finan assets' Demand deposits and currency. Fixed-value redeem, c l a i m s . . . . Time deposits Savings shares U S savings bonds * ® 91.2 83.9 7.4 74.2 69.1 Capital expend, (net of sales)... T U V W X Y Z 90.3 82.8 7.5 58.5 15.6 40.4 2.5 11.5 14.0 26.8 26.0 1.0 - 1 . 0 9.8 9.0 3.8 6.5 Gross investment ( P + T ) P Consumer durable goods Plant and equip, (nonprofit) 87.1 79.7 72.5 O R S 361.9 381.0 332.1 349.0 29.8 31.9 49.8 55.2 41.7 45.8 8.1 9.4 312.1 325.7 246.7 260.1 3.3 3.3 62.1 62.4 11.5 11.2 43.5 45.7 30.2 27.8 73.6 73.5 P Preliminary. 6.4 3.1 6.1 5.0 3.9 3.0 3.2 -.6 4.9 3.3 1.7 -.1 .8 .3 .2 .1 .2 5.9 3.2 2.5 For other notes see end of table. 1.0 2.0 6.4 2.0 5.2 3.9 5.7 6.2 3.3 2.7 2.0 3.0 .8 5.1 2.5 2.4 3.7 2.8 .6 5.1 3.0 1.8 * .2 .1 .1 .2 .1 .2 2 '.1 .1 .1 2 .1 -.4 .2 * .7 .4 4.0 1.4 .1 * 2.2 1.7 j 1.4 k 3.0 1 -2.1 m .1 .3 n .2 o .2 .1 •4 p .7 - 2 . 2 .8 q 988 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals 1959 Category 1956 1957 1958 1959 1960 1 2 1960 4 3 1 2 1961 3 \v 4 (B) Farm business sector A B C D E Net income Proprietors' income withdrawals J 4 .. Net saving (A—B) 15 Capital consumption . Current surplus= gross saving (C-f E>) 8.6 F G H I Gross investment ( G + J ) Capital expenditures Construction and equipment 1 6 ... Change in inventories 3.7 8.5 3.7 3.7 3.4 3.8 -.4 3 J Net financial investment {K—L) -.2 K Net acquis of financial assets 1 ^ . -.5 L Net increase in liabilities .9 M Credit market instruments .8 N Mortgages . . 18 * O Bank loans n.e.c. .1 P Other loans 1 9 Q Trade debt R Proprietors' net investment.... - i ! 4 3.9 10.6 10.5 * 4.0 4.0 3.9 4.0 8.7 8.6 * 3.9 4.7 4.0 .8 5.4 4.4 .9 — 9 —1 4 j 3 .8 1.1 1.7 1 5 .6 .3 2 .7 .6 .2 .1 -.5 8.4 8.3 9.1 1.5 2.2 1.9 .2 1 l 1.3 2.7 .6 2.1 ", 1 .4 0 .6 .4 1.3 1.2 1 2 2.0 4.2 9.0 -.1 4 1 2.4 -.4 1 0 4.1 4.1 4.1 4.1 4.7 4.7 .1 4.4 4.2 .3 1.2 1 1* —6 — .4 2 19 — 4 — ? .1 1 1 — l .4 7 1.0 .7 .2 .1 .1 .1 - 1 . 8 1.4 1 4 * —1 0 — ] .9 1 l 8 .2 .3 .1 2 4 .5 2 .1 -1.1 .2 -.5 .2 -•5 / — 7 - .2 3 2 .1 * ^ -!5 1.5 1.7 2.6 2.4 _2 10 3.3 2 4 .8 1 0 2.0 .7 1 l 1.9 -.5 1 l 2.3 -.7 1 0 1.8 .6 .4 1.3 1.8 1.8 .6 .4 1.3 1.8 1.0 1.0 * s — 1 - . 9 — 2 .1 — .1 9 3 -!5 1.1 1.1 * 1.2 1.2 1.2 1.1 .1 1.0 .9 .1 —5 — 7 .4 5 —5 —7 .S 8 I — 1 - .2 2 .8 — 1 -.9 —4 .2 .1 2 .3 .3 2 .2 .2 .2 3 2.1 2.5 -.4 1 0 .6 A B C D E .6 1.1 1 0 .1 F G H I -.1 -.3 _ 2 —2 -.3 -.3 .5 5 2 .1 2 .2 -.3 J K L M N O P Q R 9.6 11.1 10.6 10.5 .6 - 1 . 0 2.2 2.2 2.7 1.2 11.7 10.5 1.2 2 2 3.4 11.0 10.4 .6 2.2 2.7 A B C D E 1.2 2.9 3.4 2.0 2.5 —6 2.7 2.4 2.1 3 F G H I -.6 -1.7 .2 - .2 * * .2 1.4 .4 * .3 -.4 9.5 6.7 2.6 .2 6.0 10.1 9.3 4.2 2.5 2.6 6.2 9.1 3.9 3.2 2.0 6.3 8.3 7.6 7.6 8.2 8.1 7.7 6.1 2 6 -1.0 6.3 5.3 A B C D E F 3.2 6.5 6.1 6.1 * .4 G H I J K L -5 * .1 -.5 ( Q N oncorp Drate nc nfinanc ial busiiless sec tor A B C D E Net income 20 Proprietors' income1 withdrawals 21 .. Net saving (A—B) 5 Capital consumption Current surplus= gross saving(C-f D) 37.8 37.8 38.6 38.6 38.3 38.3 40.7 40.7 42.1 42 1 7.5 8.1 8.1 8.6 8.3 7.5 "8.6 8.6 F G H T Gross investment (G-4-J) Capital expenditures 22 Plant and equipment 20 Chanee in inventories 7.5 10.0 8.1 9.6 9.8 9.4 -1.5 J Net financial investment (K—TV) -2.4 .6 .9 K Net acquis. of financial assets .8 .3 L Demand deposits and currency. .1 .3 M Consumer credit 2.4 3.0 N Net increase in liabilities 1.2 1.8 O Credit market instruments .9 P Mortgages .8 .6 _ 2 Q Bank loans 2n.e.c 3 .4 .5 R Other loans 1 4 S Trade debt 2 4 1.2 .8 T Proprietors' net investment.... 8.0 8.3 8.3 8.0 8.6 H.7 11.6 11.7 9.0 10.7 10.8 9 9 _ 2 — .7 -3.3 -3.7 .8 -.3 * .9 -.1 A -.1 .1 3.1.1 1.6 3.1 2 2 4.6 3.4 1.5 \.6 .9 2.4 .5 1.5 .2 —6 -.1 .7 1.0 8.4 8.0 10.9 10 0 10.2 10.2 .9 - 2 . 2 -1.8 2.1 2.1 2.0 -.1 2.9 .3 13.3 10.3 3.1 2 1 5.2 9.6 10.4 -.8 2.1 1.3 1.3 5.2 .3 3.5 1.9 2.9 2.2 2.4 2.9 1 3 c * 3.3 -2.3 -3.9 -2.6 -.2 .1 - .2 - .4 .2 - .4 i * -A -.1 'o — A .3 -A 3 3.0 3.2 2.1 1 0 - .2 -.1 * 9 2 3 5 2 6 1 5 -4.2 -3.8 -1.0 -.3 3.6 3.2 4 2.7 3.3 3.3 1 2.8 J K L A -.4 M .8 1.5 1.8 -3.0 2.4 -.7 N 4.0 -1.0 1.8 - 2 . 2 O .3 1.5 1.3 2.6 1.2 .1 * P . 1 A .6 .5 .7 .2 1.2 - 2 . 4 -.1 .8 -.5 .6 .9 Q 1.8 * * 2 * .5 .5 .3 .2 R 2 . 6 -1.9 A 2 5 S 2 5 2 4 1 9 -3 2 T - 1 . 0 -1.0 - 1 . 0 - 1 . 0 - 1 . 0 - 1 . 0 -1.0 - 1 . 0 (D) Corporate nonfinancial business sector 2 A B C D E F Profits o 2 Profits tax Davments Tnet) ^ Net dividend navments 26 Net saving (A—B—C) Capital consumption Current surplus = gross saving(D -f E) Ci Clrn<*i investment n~T-4-\f) H I Capital expenditures Fixed investment K r Other Change in inventories 20 36.0 21.1 31.3 18.8 5.9 9.5 5.3 19.1 25.0 21.0 26.3 21.9 24.9 20.8 34.2 29.3 28.9 24.3 32.9 32.3 31.6 .4 4.9 .7 .6 36.9 21.6 9 4 9.4 3.1 39.6 18.0 10.2 11.4 23.2 34.6 20.1 29.8 23.8 33.2 26.4 27.9 25.0 26.3 1.6 1 .4 5.3 -2.6 37.9 20.9 10 8 6.1 9.0 5.4 11.3 1.3 5.6 4.1 5.8 2 4 Other loans (finance oaDer) Trade credit Other financial assets 2 ® V W \{ Net increase in liabilities29 Credit and equity market instr.. Corporate bonds Z a Mortgages Bank loans n e e d e Discrepancy (F — G) Memo: Profits tax accruals 2 5 * Less than $50 million. 4 .1 .2 .3 6.8 9.9 26 3 33.9 30.8 29.5 4.4 7.6 5.4 10.9 9.4 7.5 1.3 3.1 5.4 * 2.2 3 .4 .5 .8 .3 8 0 1.0 4 2 2.0 -.8 .4 6 0 1.8 1 8 2.1 6 4 1.7 17.6 13.2 3.7 2.3 1.8 13.1 13.1 6.3 2.4 1.8 15.0 11.8 5.7 2.3 3.2 77.0 11.7 3.1 2.3 3.4 10.9 10.6 3.5 1.8 2.3 3.0 2.0 .6 .5 .4 5.3 .1 4.3 2.0 .5 j .5 .1 3.2 2.5 .4 5.2 1.6 1.4 A 4.2 2.0 4.8 4.9 4.6 19.5 18.8 16.1 20.4 19.2 v Preliminary. 2 4 24.7 30.8 -3.4 -8.6 -3.6 -3.2 -7.6 M Net financial investment (N-V) -13.3 11.3 13.7 -.2 4.4 3.3 N Net acquis. of financial assets 4.5 * - . 7 -2.9 1.7 A O Demand deposits and currency. 2 1.5 .3 3 . 7 .6 4.7 2 1 P Credit market instruments ^ * 7 6 3 4 —3 0 —4 4 S T U 4.8 2 2 .3 6.7 .8 1.8 1.6 5.8 1.4 1.2 7 .3 .1 3.0 9.5 4.0 2.4 3.2 5.8 9.8 3.9 3.0 2.9 6.0 9.0 7.4 7.5 7.4 6.7 9.0 6.2 7.5 8.8 7.0 8.7 7.6 5.5 9.5 6.3 6.3 8.7 8.4 6.9 8.1 8.0 .6 .1 j 3.6 -.2 1.4 1 3 .1 -.1 2.4 .3 7.4 .1 1.2 6.4 -.1 3.2 6.1 2.5 1.4 6.2 7.7 .7 A -1.7 4.4 1.8 1.9 7.4 .6 .1 -4.0 -2.4 -1.1 -2.2 1.8 1.1 -3.4 A .7 - . 2 -1.2 -1.8 8 2 —1 5 —1 6 j 1.3 1.1 .3 -3.3 M -2.3 N -3.2 O -1.5 P 3 —3 Q 1.2 — 1.9 R -.1 -.5 .6 S 2.9 - 1 . 2 1 2 T .8 .6 1.3 U 1.1 1.2 2 * 1.2 .3 7.5 2.7 .4 .4 .2 3.5 3.0 .9 .5 .8 2.9 2.5 .8 .6 .8 -.2 .4 .4 3.0 .6 .3 1.1 6.1 3.0 1.1 .6 .7 .1 .3 1.0 4.3 3.8 .9 .8 1.2 .9 * .4 1.1 -.1 .7 .4 .2 3.1 1.0 .7 -.9 A A .5 .4 2.4 4.7 -1.1 5.9 1.6 4.9 1.9 4.9 .8 5.0 1.2 5.1 For other notes see end of table. 3.7 .2 - .6 * 2.6 2.0 1.1 .4 2.6 2.3 1.4 .3 A -.2 A A 1.0 2.3 .4 .7 .3 .6 .2 -1.3 V W X Y Z a b c 1.8 4.6 .7 4.5 2.1 3.9 d e 989 FLOW OF FUNDS/SAVING TABLE 4. S E C T O R S T A T E M E N T S O F S O U R C E S A N D U S E S O F FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1956 1957 1958 1959 1960 1960 (E) Federal Government sector A B C D E F O H r j K L M N O P Q R S T U V w X Y z 69.1 3 4 . lj Tax receipts (net of refunds). . Individual income Corporate profits Other 3 * Social insurance programs 3 2 Premiums received Benefits paid Life insurance and retirement programs3 3 Premiums received Benefits paid 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 79.6 41.6 22.0 16.0 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 8.0 7.2 9.5 9.3 10.4 12.4 11.3 12.9 14.7 14.2 2.6 3.3 3.5 3.1 3.0 3.1 2.2 3.3 1 2.0 1.7 2.1 1.8 2.3 1.9 2.5 .4 .6 .5 .6 .5 .6 22.4| 21.5 10.5 7.1 3.9 I .5! .6 22.4 11.8 6.4 4.1 18.9 10.5 4.4 4.0 16.9 8.8 4.1 4.0 20.2 9.9 6.6 3.7 4.9 3.5 3.7 3.5! 2.8J 3.8 4.4 .5 .6 .4! • 6 3.7 ! .5 .6 G H Net grants and donations paid 3 4 . . Net interest paid 3 5 Other net purchases of goods and services3 6 Construction expenditures Other Current surplus (A, E, and G, less F and H through K) Credits imputed to consumers 3 7 . . . Gross and net saving (N —O) 11.4 5.7 13.4 5.5 14.5 6.4 14.0 7.1 3.3 1.5 3.3 1.5 3.9 1.6 4.0 1.7 3 i 1.8 3.4! 5.3 3.7 1.8 3.7 1.7 3.6 1.7 I J 47.6 2.7 44.8 50.2 3.0 47.2 53.6 3.4 50.2 53.3 3.7 49.6 53.5 3.7 49.8 12.5 .8 11.7 13.2 1.2 12.0 13.5 1.0 12.5 14.1 .8 13.3 12.0 13.0 .9 12.0 13.9 14.7 11.3 12.8 .8 11.9 K L M 6.9 1.0 5.9 4.2 -7.2 1.0 -8.2 -4.0 4.8 1.0 3.8 1.7 .4 1.3 -1.7 .3 -2.0 -4.9 .1 -5.0 4.1 .1 4.0 5.4 .7 4.7 -.4! 1.4 .1 3^6 Net finan. investment (R — X). Net acquis. offinan. assets Demand deposits and currency Credit market i n s t r u m e n t s . . . . Mortgages38 Other loans39 Other financial assets 4<> 5.9 1.6 -.2 1.1 .8 .3 .6 3.6 3.2 2 -8.2\ 1.6 A -5.0 6.3 .7 3.8 3.8 3.7 .9 2.3 1.2 1.0 .5 1.3 4.2 1.0 1.7 .6 1.0 1.6 -2.0 2.6 1.5 1.0 .6 .4 .2 -5.0 -.8 -1.2 .5 .4 * -.1 4.0 -.3 -.4 * 2.8 1.3 -.2 2.9 -.6 -.1 -.5 4.7 -.6 -.1 -.5 4.2 -.6 * -.6 -4.3 — .2 - A — .2 .3 5.3 .7 3.7 .8 — l -.3 .1 4.0 4.7 -1.1 .4 .1 .7 A -4.1 -7.4 3.5 .5 1.0 -4.6 4.4 .2 -.2 -.2 .4 2.0 4.7 -3.5 .8 ^ 1.3 .2 -.5 .2 10.0 -4.3 Net increase in liabilities -.3 Fixed-value redeemable claims.. Postal saving deposits Consumer-held svgs. bonds 1 Consumer saving through life 1.0 insurance and retir. f u n d s . . . . -5.1 Federal obligations 4 1 7.4 Short-term direct 4 2 Other direct and guaranteed.. -13.0 Nonguaranteed43 .6 -.3 Other l o a n s 4 4 Other liabilities 4 5 2^4 1.4 .6 T 1.7 -.4 9.7 11.2 — 2 "> - .1 - 2 . 0 -'.3 _ 2 - -1 .. 2 -1.9 -.5 .6 1.0 1.0 1.4 9.0 11.3 5.5 - 1 . 2 5.5 -6.2 10.7 3.6 2.1 - . 5 2.2 -.4 .4 -.6 1.5 .1 .3 i Memo: Assets of OASI fund. 1.7 .3 1.0 -5.0 c -1.7 -.4 _ 2 -'.3 1.0 2 2 3.0 - .5 - .2 -.7 .7 .3 - . 3 1. s I 1.0 12.8 -4.2 .1 -4.3 1.3 N O P -4.3 -1.0 -1.7 .6 .3 .3 1.3 -1.5 -1.7 .1 * .1 Q R S T U V 3.3 -2.8 .1 * .1 X Y Z a .1 2.2 -.8 2.9 .7 -.1 .5 .1 1.2 5.3 -3.4 -.7 .3 -.2 .1 -3.1 .9 -3.5 -.5 •2 * b c d e f g h 9.3: 8.9 9.2 9.2 A .6 .2 .4 .2 B C 10.7 3.6 -.6 7.7 -1.1 .5 -1.6 10.0 2.8 -.6 7.8 -.6 .5 -1.1 .3 1.3 - A A .3 -1.5 .7 -.5 .3 .8 .4 .1 .3 2.0 1.4 .2 1.2, 1.0 .5 - .2 .6 2.2 1.6 .3 1.3 S T U V .5 .2 .5 .5 .1 W X —1\ A Y .1! -.6 .3 1.0 .1 .2 W *l .7 -1.4 -2.1 -j (F) State and local government sector M N O P o R s T U V w Y Tax receipts4** Net insurance and grants receipts4? 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 4 8 ... Gross and net saving (H — I) 29.4 30.9 33.5 36.4 8.5 .4 .9 .5 1.8 .6 2 7 \l 2.1 .7 1.1 .2 28.8 11.1 -1.7 19.4 -1.6 1.4 -3.0 31.8 12.1 -1.8 21.5 -2.0 1.6 -3.6 35.4 13.3 -1.9 23.9 -3.3 1.7 -4.9 37.7 14.0 -2.2 25.9 \'.9 -4.1 40.6 13.9 -2.4 29.1 -2.9 2.1 -5.0 Net finan. investment (L— S).. Net acquis. offinan. assets Demand deposits and currency Time deposits Credit market instruments Federal obligations State and local obligations.. Other 4 * -2.2 2.6 .2 * 2.3 1.1 .5 .7 -3.1 3.3 .2 A 2.7 1.0 .5 1.1 -5.2 2.5 .2 .8 1.5 4 '.5 1.4 -4.0 3.0 .5 4 2^9 1.2 .4 1.4 -3.4 2.6 .2 1.4 1.0 -.7 .3 1.4 Net increase in liabilities State and local obligations.... Short-term Other Consumer saving through retirement funds Other liabilities so 4.8 3.2 1 6.4 4.6 .4 4.3 7.7 5.7 .4 5.2 7.0 4.9 .3 4.5 6.0 3.6 2 3!7 1.4 .2 1.6 .3 1.7 .4 1.9 .2 2.1 .3 -.5 .2 -.1 -1.6 27.3 Discrepancy (J - K). Less than $50 million. Preliminary. — "> 2 ".I 9.6 3.7 -.5 6.4 -1.1 .5 -1.6 -.8! -1.3 8.7 2.8 — .5 6.4 -1.6 A .3 A A A - A A .3 1.8 1.3 1.9 1.4 "".6 9.7 4.2 -.6 6.1 -.4 .5 8.7 9 • 4! 6.9! -.3! .5! 9.1 2.5 -.6 7.1 -.1 .5 .3\ .31 -.5 1.1 9.7| j -\.2 .9 .5 .1 .3 .7 .1 .3 2.3 1.7 I A\ 1.2 1.0 A .6 1.2 1.6\ 1.0 * 1.0 .5 .1 -.3 10.2 3.5| .4! 1.4\ .1 ~d 111 -1.2 -.1 For other notes see end of table. 10.6 4.2 -.6 6.9 -1.1 -d .3 -.3 -.8 .1 .3 | 990 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1956 1957 1958 1959 1960 1961 1960 (G) Commercial banking and monetary authorities sector A B C Net operating surplus Profits tax & net div. pvmts. 51 Current surplus = gross saving (A-B)52 3.0 1.8 3.5 2.1 D E Gross investment (E+F).. Capital expenditures.. 1.3 .3 1.1 .4 F G H I J K L M N O P Net financial invest. (G — W).. Net acquis. offinan. assets5*. . . . s u V w X Y z a b c d e f g h Credit market instruments Federal obligations Monetary authorities Commercial banks 4 2 Short-term d i r e c t . . . . Other direct and43guar... Nonguaranteed State and local obligations.. Corp. and foreign bonds. . . Mortgages Consumer credit Security loans Bank loans n.e.c Other loansS-* Net increase in liabilities Dem. dep. net & currency55. Due to U.S. Govt.5 6 Due to rest of5 world Due to others <5 Demand deposits, net55.. Currency Time deposits Due to consumers Due to others Other liabilities57 Discrepancy (C - D). 3.5 2.4 4.2 2.5 1.6 1.6! 1.3 .4 2.4 .4 2.4! .4 1.4 4.7! 3.0! 1.0 1 _0| .7 1.1 .5 l.li .6, 1.3 -.2 .7 4.7 1.4\ -1.1 2.1 2.2 5.5 5.2 •J-\ 2.0\ 1.2 2.0 .61 4.6 5.5 3'.5 8.4 -5.(5 3.2 -1.1 - 1 . 7 -.1 -.1 -.7 _ 2 3.5 5.6 10.0 - 5 . 4 4.2 -7.1 2.7 - 5 . 3 -1.3 3!5 - . ./2 .7 .3 -.9 .6\ — 4 -7.4 -l.9\ 1.9 -4.4 '.5 -.3 -3.1 3.8 - 6 . 0 \.O - .9 - 22.3 -3.9 -1.8 .5 1.8 -2.1 \ -A -.2 -.5| — 2 -.5 '.2 * .4 .6 2 * * .1 2 _ 2 .9 .6! 2^6i .4 r.3i 1.2 2.8 .3 — 4' 2.5 2 3.2 -'.2 7^4 -.1 _ 5 1.4 2.0 3.8 3.0 2.6 13.8\ 6.4 -6.2 2.1 3.8 21 .1 - 7 . 0 1.1 1.3 .9 - . 9 1.0 1.9 .7 .2 .1 .1 - . 1 5.6 .9 .1 .3 - . 7 4.2 5.2 - . 6 -5.1 .2 -.3 .4 .4 .5 .6 - .1 - .8 * 5.8 .6 8.0 .9 - A 1.2 3.7 .5 5.6 1.4 3.0 •! .9 .1 - . 5 - 1 . 0 2.4 - 1 . 8 _ 4 .2 .'5 .4 -.3 -. 1.2; .7 1.2 .7 1.2; .5; .7: .7 .9\ 1.0 5.4 14.7\ 5.1 .8 - 2 . 3 .3 4.3 17.0 4.8 -3.1 10.0i .2 2.2\ .2 -3.3 7.9\ 1.9 4.8 .9 -7.8 -2.2 6.9; .5 .11 _ 2 1.0 2.6 '.2 .1 -.11 -A .6 1.7 1.2 1.4 .4 -.1 -.8 1.3 j 2.3 5.8 -.2 -.1 4.1 1.7 1.2 .9 -.5 -.3 .7 .1 -7.8 * -7.8 -6.7 -1.4 -5.5 -4.6 -.6 -.3 * -A A 2 -\'.5 .3 -.7 -.4 -7.7 -6.4 -1.3 5 _ 5 -1 / ?! .6 4 .5 _ .6 .1 3 .8 .5 .3 •5 -.9 5.01 l.5| - l . 6 i .3; .41 -.6; 4.4'\ 2.5! 2.7j 4 1.51 .9! .6 .3; -.3' -.7 -.1 3.9\ i i.i! 1.2\ 9 i\ -.2j -.2J 6.7, -.9 7.5 4.0 .4: 3.6\ 4.1! -.71 .3! .4! -•lj 1.2 .4 C .3 .1 D E -5.7 -.4 -4.8 -3.2 -.7 -2.5 -.4 -2.0 -.1 .9 .3 | .5 1.0J -1.1 -2.5 1 .4 .4 F G H I J K L M N O P Q R S T U V -5.5 W -8.2 X -1.9 Y * Z 6*2! - 6.3 5.0 5./! 7.3 1.0\ 2.9 2.1i 1.7 1.31 1.2 .1 .1 - .1! 6.9! 4.9! -1.5; .6^ .1 (H) Nonbank financial sectors73 A B C D E Current surplus 5 8 8.6 6.8 Credits imputed to consumers 5 9 ... 1.8 Gross saving (A-B)52 2.0 Gross inrestment (E+F) Capital expend, (insur. sec *or) .3 F G Net financial invest. (G-Z) . .. Net acquis. offinan. assets By subsector: H Mutual savings banks I S & L assns. & cr. unions... J Life insurance companies... K Other insurance companies.. L Noninsured pension funds.. M Finance n.e.c By type: N Demand dep. and currency. 0 Cr. and equity mkt. instr.... P Federal obligations Q State and local oblig R. Corp. and foreign bonds.. % Corporate stock T 1- to 4-family mortgages. U Other mortgages V Consumer credit W Security credit X Other loans™ Y Other financial assets «i Z Net increase in liabilities a Dep. in mutual savings bks.... b Savings shares c Saving through life insurance.. d Saving through pension funds, e Cr. and equity mkt. instr. 6 2 ... f Corporate bonds g Corporate stock h Security credit 1 Bank loans n.e.c j Open market paper 6 3 k FHLB loans to S & L assns. 6 I Miscellaneous*4 m Ditcrep. & unident. assets (C—D). •Less than $50 million. 9.3 7.0 2.3 9.3 7.4 1.9 10.8 10.9 8.7 2.1 8.0 2.9 3.0 2.2 .8 2.7 2.3 .4 3.1 1.7 1.4 1.9 2.5 -.6 3.7 2.1 2.7 .4 3.9 .3 3.0 .4 4.2 .4 1.1 .7 .5 ./ 1.5 .7 -.1 .1 1.0 5.9 .4 6.9 1.4 - .2 5.8 3.2 1.7 1.5 1.8 2.3 -.5 1.3 .7 1.0 .1 1.4 .1 .5 .1 1.0 .1 D E 7.9 5.2 .9 7.5 J .3 6.9 5.5 .4 7.7 .9 4.5 F G 2 2A 1.2 4 g 2!4 .6 1.8 1.4 .4 6.9 -.3 .6 1.1 1.0 2.5 .6 1.0 .1 .5 2 5.6 -) "5 '.5 A 2.7 .6 .6 6.6 .2 2.4 .8 1.1 1.7 ") '.3 .5 .5 * %2 A 4.2 A 1.4 1.0 .8 .6 .4 .3 .5 — .5 1.7 2.4 3.5 2.6 3.8 18.7 21.6 25.4 25.9 2.0 5.6 5.2 .7 2.3 1.8 1.8 5.6 4.9 1.0 2.8 2.7 2.6 7.5 5.2 1.2 2.9 2.2 1.5 1.6 8.4 5.4 1.7 3.4 5.4 .7 1.7 1.1 .4 1.0 .9 A 2.8 1.4 .4 .8 1.0 A 2.1 1.2 .7 .5 1.0 A 2.1 1.5 .4 .9 1.9 A 1.6 1.2 .4 1.1 .5 .6 -.3 6.1 .5 .5 .9 .8 2.0 .5 %2 A .1 * * 6.7 .1 .4 .8 .6 2.6 -.3 6.2 .6 .5 .4 .5 2.8 .7 1.0 -.1 -.1 -.2 .6 6.3 -.3 2 -.4 5.5 ,'\ A .3 .5 2.1 4.9 .5 1.4 .8 1.5 .6 .2 .5 -.4 4.4 2 .7 1.0 1.2 .4 .4 _ ] !3 -.1 .3 .1 7.1 .1 2.3 9 .5 -.2 .1 6.5 .3 2.3 1.2 1.1 1.5 .1 .3 -.1 .5 .2 .4 * 2.3 3 !5 .6 .7 -.1 .3 _ j -.3 -.1 -.1 -.5 2 .3 .7 \1 A -1.1 18.2 20.3 -.3 .9 5.2 2.1 6.3 1.5 1.3 .9 1.1 4.8 2.3 8.0 5.2 1.9 3.2 4.9 .2 -!3 1.0 .2 .6 .1 25.3 .9 1.6 3.5 3.1 9.6 2.4 2.7 * 1.5 * 15.9 16.3 18.0 22.9 22.1 1.8 5.4 3.6 3.5 1.0 2.3 6.6 3.3 4.4 1.1 2 \A -.6 -.6 .2 -.2 .5 1.7 5.2 2.7 4.3 2.1 .7 1.2 .1 -.4 .5 * .3 1.2 7.2 3.6 5.2 5.6 1.0 1.8 * 1.4 .5 .8 .1 1.4 8.1 3.5 4.6 4.0 1.6 1.5 .5 -.3 .8 -.2 .5 -.2 -.4 .8 3.6 1.4 8.4 1.8 1.6 .1 .4 .2 \ \ » Preliminary. _ 2 \'A 2 2 .6 -1.1 -.1 * .3 -2.0 -.9 24.7 * 1.6 3.5 3.1 9.6 2.2 2.2 * 2.6 .6 -1.4 .6 .9 .1 .5 .1 \'.2 2.7 A 1 .9 B .8 C .3 17.6 8.8 1 i Y.9 1 .6 1 .5 1.1 2.2 .6 .6 -.1 .4 * \'.6 A — i \'.3 A 4.0 .3 1.6 .8 1.4 -.3 .5 .5 -1.2 -.6 1.1 -.6 .3 For other notes see end of table s !s *y -.8 * * * * .1 A 2.6 1.6 .4 1.0 1.7 .9 H 1 .9 I .9 J .4 K .8 L -.4 M .7 6.7 -.1 ,2 1 .6 1.2 2.4 .6 2 _ 2 .9 .3 -.1 4.4 .2 .6 .1 .5 2.1 .5 -.4 .3 .5 .2 N O P Q R S T U V W X Y 7.3 .5 2.8 1.0 1.4 1.9 .5 .4 .7 .3 _ 2 '.2 - .2 3.6 .7 2.0 .9 1.1 -1.2 .3 .4 -.8 -1.1 .5 -.5 * Z a b c d e f g h i j k 1 -.3 m -.9 991 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1960 1959 1956 1957 1958 1959 1961 1960 \v (I) Rest-of-world sector 6 5 | A B C D E 3.4 5.4 Net purch. of goods and serv. (B — C) Purch. of goods and services 6 6 ... 23.2 26.3 Sales of goods and services 19.8 20.9 Net unilateral receipts 66 1.9 1.9 Current surplus (D—A) -1.5 -3.5 F Net financial investment (G—N) -2.1 1.5 Net acquis. offinan. assets G -.3 Gold H .2 U.S. dem. dep. and currency... I -.1 Time deposits J .8 Federal obligations K 67 .5 Other credit market instr. .... L 68 .4 Misc. financial assets M N O P Q R S Net increase in liabilities. Securities Loans 6 ? Miscellaneous70 Discrepancy (E—F) 71 Memo: Unilateral transfers in kind 7 2 3.6 .4 .6 2.6 f 3.1 -4.2 -.1 .2 .4 -.1 4.1 .5 .9 2.8 .7 2.9 1.8 22.9 21.1 1.9 .1 o 3.5 2.3 * .9 * -.1 .3 3.8 1.2 1 1 1.5 .4 2.7 -.2 23.3 2? 5j 3.6 26.9 23.3 2.11 2.1 A 4 5*.9 6A 5.9 .6 .2 .5 6.6 6.1 1.8 7.2 5.4 .5 1.4 6.7 5.3 .6 Q A B C D E -.8 7.7 .9 .3 .1 .3 * -.4 -.? .6 .4 * * * .1 .1 F G H I J K L M 1.9 A .6 1.2 1.4 .2 .5 .7 N O P Q 5.4 -.2 5.8 b.O 2.3 -1.5 .6 \l 6.2 .5 .8 1.7 5.8 1.1 .1 - .8 4.1 .4 .9 .1 -.9 2.8 .1 .2 -.1 .7 .8 1.4 .2 1 -!3 1.2 .1 .2 * .6 .1 -.1 2.5 .3 .3 .8 1.0 .4 2.8 .7 .2 -.4 .9 .1 1.3 4.1 .7 .2 3.3 5.0 .7 1.4 3.0 .5 .3 -.1 .3 2.4 .1 .2 2.0 .6 .1 .1 .4 .6 A * .5 .9 .3 .1 .5 1.1 .2 .4 .6 1.1 .1 .3 .7 .5 2.3 -.6 2.2 .1 .6 .3 7 .5 .2 .5 * .6 -.1 .7 -.1 .4 -.5 .6 p * Less than $50 million. Preliminary. i 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 6transfer payments abroad. 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. 8 For details, see Table 2, lines J-L. 9 Breakdown by consumer and nonprofit not available. 1 ° Includes net accruals of interest. 11 Includes net free credit balances with brokers not shown separately. 12 Policy loans. 13 Consists of commercial mortgages, bank loans, loans from Government, and trade debt. 14 Estimated as equal to seasonally adjusted net income of unincorporated farms. Figures include small amounts of dividends and profits taxes paid by corporate farms. is6 See Table 2, note 32. 11 7 Includes farm residential construction. Mainly demand deposits and currency. 1 * Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for August 1959. 19 Government loans; excludes CCC loans. 2 o After inventory valuation adjustment. 21 Estimated as equal to seasonally adjusted business lit income. 22 Includes business residential construction. 2 3 Mainly REA and other loans from Federal Government and loans from finance companies. 2 4 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 7profits paid by foreign branches to U. S. parent corporations. 22 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 o Mainly commercial paper and loans from finance companies. 31 Mainly excise taxes and customs receipts; also includes estate and gift taxes and payment to Treasury on F. R. notes outstanding. 32 OASI, disability insurance, and unemployment programs. Line E includes Federal employment taxes and States deposits in unemployment compensation trust funds; line Ft 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. 34 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. 3 9 Mainly loans to business sectors, to foreign and State and local * 5.4 1.7 * i 3 !5 .2 .2 .5 6.2 5.8 .5 * - .1 .8 * -.4 -.2 * .4 .9 3 * -./ 1.0 A * .2 .7 7.2 .6 * .3 .1 .2 - !7 i -1.2 R S 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 cash and subscription to IMF). 41 See Table 1, note 25. 42 See Table 3, note 37. 43 Securities and note^ issued by FNMA- Federal land banks, home loans banks, intermediate credit banks, banks for cooperatives, and TVA. 44 CCC-guaranteed bank loans and CCC certificates of interest. 45 Treasury currency liabilities, trade debt, and misc. liabilities (special I M4F6 notes, misc. deposits, and private equity in Govt. enterprises). 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. 4 8 in connection with saving through govt. employee retirement funds. 49 Corporate bonds and mortgages. 5 o Trade debt and loans from Federal Government. 51 Includes payment to Treasury on F. R. notes outstanding. 52 Net 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 of interest. 5 5 Net of Federal Reserve float and cash items in process of collection as reported by commercial banks. 56 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 man float 57 Mainly stock issues and balances due to own foreign branches. 5 8 Includes premiums on life insurance and private pension plans, less benefit payments and policy dividends. 5 9 In connection with consumer saving through life insurance and pension funds. 6 o Mainly finance company loans to business and insurance policy loans. 6 1 Trade credit, time deposits, sayings shares, and miscellaneous assets. 62 Lines / , j , and most of / 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 at 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 S. 67 Corporate securities, security credit, and acceptances. 6 8 Direct investments, unidentified assets, I M F holdings of special U. 6S. notes, and miscellaneous deposits. 9 Security credit, bank loans n.e.c, and other loans (consisting of loans from U . S. Government and acceptances). 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. 72 Grants in the form of goods and services by U. S. Government and private individuals and institutions. 73 For detail by subsector, see Supplement 3. 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, 2, and 3, pp. 984, 985, 987, and "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. For discussion of saving and investment concepts, see p. 834 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. O TABLE 5. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1960 to [In billions of dollars] Sector Consumer and nonprofit sector Noncorporate 1 Farm 1 Transaction category D Gross investment (E+J) 2 E Private capital expenditures (net of sales) 13 F Consumer durable goods... G Nonfarm resident, constr. 1 ^ H Plant and equipment I Change in inventories^. . . . J Net financial invest. ( K - L ) . . 4 1 4.1 -.1 73.5 45.7 27.8 8.6 26.3 65.8 44.3 18.4 3.2 4.4 11.7 1.3 9.5 -3.1 -7.6 4.2 .3 K Net acquis. of finan. assets L Net increase in liab.17 M Gold and Treas. currency^. N Dem. dep. and currency 19 . . 21.9 -.2 O P Q R Fixed-value redeem, claims.. Time deposits2** Savings shares21 U. S. savings bonds 22 12.8 4.9 8.1 -.3 S T Saving through life insures . Saving through pen. funds2-*. 3.6 7.7 U V 2.4 Credit and equity mkt.2 instr.. Federal obligations ^ -1.5 State and local obligations. .9 Corp. and foreign bonds.. 1.1 Corporate stock .3 1 - to 4-family mortgages.. .2 Other mortgages 1.2 Consumer credit Security credit26 Bank loans 2n.e.c.2? Other loans s z Trade credit Proprietors' net invest, in1 noncorporate business .. Misc. financial trans. 30 . . . . i Sector discrepancies (A —D)31 -5.0 3.8 Savings institutions4 Insurance5 1.6 .3 1.4 -5.0 -3.4 Finance n.e.c.6 2.5 -.5 2.5 -.5 117.6 33.9 .4 .4 L3 29.5 3.1 A ".4 116.7 44.3 21.1 47.1 4.2 116.7 44.3 21.1 47.1 4.2 16 -3.4 2.0 .7 2.3 -.8 -.1 2.6 8.4 10.0 10.5 4.1 69.7 3.7 -.1 10.9 6.0 6.4 4.7 8.2 9.3 5 5.8 3.4 10.6 _ 2 L2 3.5 1 _ 2 2.5 1.5 1.0 .4 1.6 1.4 3.5 4.2 .1 -1.1 -2.1 -3.0 .1 29 2.3 3.5 4.6 2.1 -1.7 -2.2 1.0 3.8 n .3 1.1 1.0 3.6 10.0 2.7 .6 _ 2 9.4 -.4 .1 .6 1.3 .3 3.2 1.4 7 1.0 .7 -.2 10.3 -.5 1.6 3.3 2.3 1.7 1.1 5.1 1.0 .1 .1 1.5 -.3 4.6 K L 1.0 .1 -1.7 .1 M N 14 7.0 8.1 -.3 14.8 7.0 8.1 -.3 3.6 7.7 3.6 7.7 4.4 1.0 -1.3 Details may not add to totals because of rounding. For other notes see pp. 984, 985, and 987. See also announcement on p. 924 of this BULLETIN. -.6 S T 39.5 39.4 -2.2 -2.2 3.6 3.6 5.6 5. 3.5 3.5 10.9 10.9 4.5 4.5 3.9 3.9 .4 .4 .1 3.2 3.2 1.2 5.9 5. .1 -1.6 -.3 -.3 2.0 -3.8 L7 2.0 1.1 .3 3.0 .8 69.8 5.0 9.5 1.4 8.1 D 5.0 4.1 1.7 3 .1 .9 .1 -4. 1.4 1.4 -.4 -.2 16.2 120.4 83.5 36.9 116.6 -1.6 11.3 .1 3.9 -.1 .2 .8 118.9 83.5 35.4 -.7 -.1 Dis- Natl. crep- saving ancy 7 and investment All sectors 2.7 3.1 -.2 .3 Rest-ofworld sector 2.4 * Less than $50 million. 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 the BULLETIN for August 1959. Descriptions of sectors and of transactions categories are given in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Commercial banking3 S 3.8 3.3 16.2 U Financial sectors State and local Federal 30.8 24.7 6.1 8.6 8.6 4.1 -.4 X Y S 71.5 5.7 w Corporate U A Gross saving2,9 B Capital Consumption^ C Net saving (A —B) Government sectors2 Nonfinancial business sectors -4.9 3.6 .9 .3 .5 .1 4.4 -4. 4. 1.0 U V W X Y Z TABLE 6. STRUCTURE OF FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1960 [Amounts outstanding at end of year. Sector Transaction category 1 K Total of assets below6 6 L Total of liabilities below Consumer and nonprofit sector A L 935.0 Nonnnancial business sectors Noncorporate Farm L A L A L 190.6 18.0 5.7 62.5 O Fixed-value redeemable claims 214.2 P Q R Time deposits89 Savings shares U. S. savings bonds l 0 102.2 66.3 45.6 S T Savings in life insurance 11 Savings in pension funds i2 90.7 82.6 Federal obligations 1 3 State and local obligations 6 Corporate and foreign bonds Corporate stock 6 Z a 1- to 4-family mortgages Other mortgages Multifamily and commercial.... Farm b c d e Consumer credit4 Security credit 1 5 Bank loans n.e.c. 1 Other loans! 6 f Trade credit h. Miscellaneous finan. instruments 6 .... .1 2.7 .1 2 7 33.1 6 9 1.5 .3 1.5 3 '9615 20.1 4.9 43.7 L 251.9 226.5 5.0 16 5 16.5 13 i 13 1 56.0 5.4 2 6 6.8 5 0 2.0 14 1 8.0 2.0 2 5 3 5 4.9 .1 62 6 62.4 A 1,910.8 61 4 45.9 40.5 5.3 L K 1,414.2 L 2.7 M 2.7 4 7 147.5 152.0 N 1 9 223.3 223.3 O 8 4 6 73.4 .1 36.4 .8 67.1 1 9 110.6 67.1 45.6 110.6 P 67.1 Q 45.6 R 90.7 82.6 90.7 S 82.6 T 51.5 24.9 21.2 21.9 1,173.2 732.3 U 17.5 7.2 67 9 7 8 1.3 3 0 .7 3 1 5.0 2.8 1.4 3 7 3.5 84 3 49.5 19.0 1.3 1 3 11 7.8 L .9 103.5 110.1 2.2 168.4 .8 15.9 12.4 65 8 24.7 19.2 9 5 7 9 1.6 74.7 12 8 12.7 .1 26.1 17 6 14.6 3 0 20 1 5 1 62 4 5 0 3.5 .2 12.1 7 3 8 90.1 17 6 1 0 na 1 8 28^5 A 73.4 9.4 90 2 31.6 55.2 173.8 115.7 L A 152.0 7.1 4 1 . .1 3 1 4 2.5 5.6 23.1 L All sectors 4 6 194.8 1.4 34 0 34.0 A Rest-ofworld sector 11 8 " 74'. 9 n.a. 391.5 L Finance n.e.c. 5 46 5 2.1 9.3 A Insurance 4 22 7 22.7 34.1 147.4 34.3 195.5 35.2 69.3 228.5 20.2 .1 A Savings institutions 3 23 0 17 8 5 ? 6 *5 14.1 11.8 135.3 1 l 19.3 13.9 1.1 5 4 L 51.5 273 4 A= Assets, L= Liabilities. * Less than $50 million, n.a. Not available. 1 Lines identified alphabetically correspond to lines in Table 5; unlettered lines indicate detail not shown in Table 5. 2 Consolidated account for monetary authorities (Federal Reserve System, ESF, and Treasury currency accounts) and commercial banks. 3 Mutual savings banks, savings and loan associations, and credit unions. 4 Life and nonlife insurance companies and private pension plans. 5 Finance companies, open-end investment companies, security brokers and dealers, banks in U. S. territories and possessions, and U. S. agencies of foreign banks. 6 Changes in amounts outstanding for year-end dates do not agree with corresponding flows for some categories. See pp. 851-59 of the BULLETIN for August 1959. 7 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 f:om liability total mainly because of mail float (checks in transit from drawers to drawees). 8 At commercial and mutual savings banks and the Postal Savings System. -'1 Shares in savings and loan associations and credit unions. ° Consumer-held only; includes accrued interest. Savings bonds held by other sectors included in Federal obligations category. A L Commercial banking 2 45 6 24 4 27.5 1.1 A ... U Credit and equity market instruments. 485.0 207.3 V W X Y 13.0 5.6 State and local Federal 51.1 IM Gold and Treasury currency6 Gold Treasury currency N Demand deposits and currency7 Financial institutions sectors Government sectors Corporate A In billions of dollars] 2 2.0 5.8 31 10 0 .4 1.9 15.4 9.8 n.a. .6 9.5 5.4 n.a. 1.6 1 .1 * 1.1 1.9 141.8 64.7 51.6 13.1 141.8 Z 64.7 a 51.6 13.1 V W X Y 56.0 10.9 62.4 44.0 56.0 10.9 62.4 43.6 11.9 39.5 93.8 53.7 75.8 f 54.8 h . 5.4 6 1 .1 7.9 3.6 1.0 3.7 194.8 67.9 90.2 n.a. .1 3.0 13.4 16 6 4.5 1 9 .3 193.3 67.9 90.2 442.0 b c d e i! Estimated as equal to reserves against life insurance policies and supplementary contracts and policy dividend accumulations. 12 Private pension plans and railroad and govt. employee retirement funds. Estimated as equal to reserves of pension plans administered by life insurance companies and assets of other private plans and of 13 railroad and govt. employee retirement funds. 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 and on savings bonds (other than consumer-held). 14 Loans from banks for purchasing or carrying securities and customer debit and net free credit balances with security brokers. 15 Mainly commercial, industrial, and agricultural loans (other than open market paper and CCCguaranteed loans); includes loans to foreign banks, loans to individuals (other than consumer credit), andJ 6 other loans. Gross of valuation reserves. Excludes loans to commercial banks. Mainly Federal Government loans (other than mortgages), CCC-guaranteed loans, open market paper, finance company loans to business, and policy loans on life insurance. NOTE.—For further descriptions, see "Technical Notes," pp. 846-57 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. 994 FLOW OF FUNDS/SAVING TABLE 7. SUMMARY OF PRINCIPAL FINANCIAL ASSETS AND LIABILITIES [Amounts outstanding at end of year. 1947 Transaction category, or sector * I. 1948 1949 1950 In billions of dollars] 1952 1951 1953 1954 1955 1956 1957 1958 1959 1960 Currency and demand deposits A Total liab. of com. bkg. system 2 119.4 118.9 118.9 124.1 130.9 137.4 137.4 141.9 144.2 145.9 145.2 151.0 151.9 152.0 A B C D E F G H I J K 113.3 113.1 112.7 117.0 123.7 128.7 128.5 134.7 135.5 137.9 139.7 144.8 146.5 147.5 Total assets, by sector 4.9 5.2 5.0 3.7 5.1 Federal Government 7.0 5.4 5.7 5.1 4.9 5.2 5.3 6.0 6.9 105.1 103.4 102.6 107.2 114.3 117.2 118.9 124.7 126.1 127.8 128.1 134.8 135.8 135.9 Other domestic sectors 53.5 51.4 49.0 50.8 53.9 55.9 56.5 59.0 58.2 59.1 58.2 60.9 62.2 62.5 Consumer and nonprofit Farm and noncorporate bus.... 16.3 15.8 15.8 16.0 17.3 16.8 16.7 17.1 17.4 17.5 18.3 19.7 18.9 18.5 Corporate nonfinancial business. 23.4 23.6 24.7 26.2 27.9 28.7 28.9 30.9 32.0 32.1 32.1 33.8 33.8 33.1 7.4 7.6 8.1 6.9 8.5 9.0 9.7 10.0 10.4 10.6 10.8 11.0 11.6 11.8 State and local government.... 5.1 5.4 6.1 5.0 6.7 6.8 7.2 Financial sectors. . 7 6 8 2 8 5 8 8 9 5 9 4 10 0 4.8 4.5 4.8 4.7 4.3 4.5 4.2 4.3 4.3 Rest of the world 4.5 4.7 4.7 4.8 4.7 6.2 6.1 7.1 8.7 8.9 Discrepancy (A - B ) 7.1 8.6 8.7 b.2 7.3 5.4 4.5 5.8 7.2 B C D E F G H 1 J K II. Fixed-value redeemable claims 114.1 117.9 122.0 124.6 128.7 136.8 145.9 156.9 165.3 174.3 184.4 200.6 208.5 223.3 56.8 58.0 59.2 60.0 62.4 67.0 72.0 77.5 80.4 84 1 90 9 101 4 103 4 110 6 10.3 11.6 13.2 14.8 17.2 20.5 24.5 29.4 34.6 40.1 45.3 51.8 59.0 67.1 47.0 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 . . 114.1 117.9 122.0 124.6 128.7 136.8 145.9 156.9 165.3 174.3 184.4 200.6 208.5 223.3 50.5 51.7 53.0 52.8 52.0 51.9 51.8 52.2 52.2 51.9 49 6 48.9 46 9 46 5 35.5 36.1 36.6 36.9 38.6 41.7 45.1 48 9 50 3 52 3 57 8 65 8 67 6 73 4 . 28.0 30.0 32.5 34.9 38.1 43.2 48.9 55.7 62.8 70.1 77.0 85.9 94.0 103.5 A B C D Total by type Time deposits Savings shares U S savings bonds 3 E F G H Total liabilities bv sector4 Federal Government Commercial banking Savings institutions I J K L 114.1 117.9 122.0 124.6 128.7 136.8 145.9 156.9 165.3 174 3 184 4 200 6 208 5 223 3 Total assets bv sector4 111.9 115.4 119.2 121.5 125.2 132.8 140.9 150.6 159.3 168.3 178.1 191.7 201.4 214.2 Consumer and nonprofit 5 3.1 2.5 2.7 2.7 Other domestic sectors 1 2.2 7.2 * .4 .5 .7 1.3 1.8 1.7 1.6 1.6 2.5 1.6 Rest of the world (time deposits). 1.9 III. Savings in life insurance and pension fundsf A B C Total by type Life insurance Pension funds 63.7 49.8 13.9 69.0 52.6 16.4 74.8 55.3 19.5 81.3 58.0 23.4 88.0 60.7 27.3 95.7 103.5 111.4 120.2 129.8 139.1 149.8 160.8 173.4 63.9 67.1 70.2 73.4 77.2 80 0 83 4 87 1 90 7 31.8 36.4 41.2 46.8 52.7 59 1 66.4 73.7 82 6 A B C D E F G H Total liabilities by sector4 *> Federal Government State and local government Life insurance companies . . . . Private noninsured pension plans. 63.7 9.4 3.1 46.6 69.0 10.5 3.6 49.7 74.8 11.6 4.4 52.9 81.3 12.7 5.2 56.2 88.0 13.6 6.0 59.7 3.3 3.9 4.5 5.9 7.3 95.7 103.5 111.4 120.2 129.8 139 1 149 8 160 8 173 4 14.6 15.2 15.3 15.9 17.0 17.5 18.5 19.5 20 5 6.9 8.1 9.3 10.6 12.1 13.7 15.6 16.8 19.0 63.9 68.0 72.5 77.1 81.8 86 0 90.7 96 2 100 9 8.8 10.6 12.6 14.9 17.2 20.0 23.0 26.3 30.8 D E F G H 439.0 175.8 55.9 119.9 21.7 30.4 109.0 28.2 20.7 11.6 3.4 21.9 16.3 451.6 167.6 53.4 114.2 23.8 35.0 108.0 33.3 22.9 14.4 3.6 23.4 19.4 480.0 168.7 63.9 104.8 26.2 38.2 120.0 37.6 25.1 17.4 4.4 21.8 20.6 533.8 168.4 66.6 101.8 29.2 40.7 146.0 45.2 27.6 21.5 5.4 27.9 21.9 581.1 168.6 55.6 113.0 31.3 44.6 170.0 51.7 30.6 22.7 5.0 32.6 23.9 IV. . Q R S T U V 628.1 650.7 755.1 854.8 902.8 896.4 172.8 177.8 179.4 180.2 174.6 175 7 62.6 79.1 67.3 60.2 67.6 73.1 110.2 98.7 112.1 120.0 106.9 102.5 34.1 38.0 42.5 46.0 49.2 53.8 49.5 54.1 57.6 61.4 66.5 73.8 186.0 179.0 258.0 317.0 338.0 299.0 58.5 66.1 75.7 88.2 99.0 107.6 32.9 35.2 38.0 41.7 45.5 49.0 27.5 31.4 32.5 38.9 42.5 45.3 5.7 6.5 8.6 9.6 9.0 8.7 34.9 34.0 34.2 42.1 47.9 50.2 26.1 28.6 28.7 29.7 30.6 33.3 1057.2 184 8 71.9 113.0 59.5 80.2 418.0 117.7 54.2 45.5 10.4 51.5 35.3 1149.5 195 6 77.4 118.2 64.3 84.7 454.0 130.8 60.2 52.1 10.5 59.2 38.0 328.8 342.7 359.1 387.1 410.5 441.7 471.6 496.8 537.7 565.2 598.0 39.1 47.2 54.8 67.1 75.4 87.1 99.3 111.0 131.4 146.6 158.5 8.4 9.4 8.0 7.3 10.7 11.5 11.5 12 3 13 5 14 4 15 5 Noncorporate nonfinancial bus.. . 18.0 18.9 19.5 22.2 24.0 25.6 26.0 27.5 30.3 32.2 33.4 Corporate nonfinancial business.. 50.5 56.6 59.2 65.9 74.1 81.1 86.0 90.4 98.2 109.0 119.6 174.8 167.9 169.0 168.2 168.6 173.4 180.1 181.6 181.5 176.2 177.1 Federal Government 22.2 24.4 26.7 29.8 32.1 35.3 38.8 43.0 46.5 49.7 54.6 State and local government 8.1 10.3 10.6 12.3 14.3 15.5 20.6 20.4 21.3 5.1 6.7 Financial sectors . 11.7 12.9 13.4 14.3 14.9 15.4 15.5 15.5 15.7 16.6 18.0 Rest of the world .. 639.6 170.5 17 0 35.6 129.2 186.5 60.5 20.8 19.5 696.5 191.1 19 0 40.3 138.7 197.2 65.6 24.6 20.0 1057.2 453.7 4.7 31.5 28.2 31.3 212.8 26.5 186.3 86.4 99 9 90.4 147.3 41.1 16.3 1149.5 498.3 4.8 36.3 32.0 34.2 218.6 26.8 191.7 78.9 112.9 100.7 158.2 46.3 20.1 Total liabilities bv sector4 9 Consumer and nonprofit W Total assets by sector4 J ° X Consumer and nonprofit Y Farm and noncorp. business Z Corporate nonfinancial business.. a Federal Government .. b State and local government c Commercial banking system d Monetary authorities .... e Commercial banks g h i j k E F G H I J K L Credit and equity market instruments A. Total by type .. B Federal obligations 7 C Short-term direct D Other E State and local obligations F Corporate and foreign bonds G Corporate stock 8 H 1 - to 4-family mortgages I Other mortgages J Consumer credit K Security credit L Bank loans n.e.c M Other loans . ... N O A B C D Loonsii Savings institutions Insurance sector Finance n e e Rest of the world 451.6 152.7 2.6 18.8 15.3 11.3 137.8 23.5 114.3 71.5 42.8 32.0 66.3 8.9 10.4 439.0 153.1 2.2 17.3 13.8 10.3 138.5 22.6 115.9 77.9 . . . . 38.0 29.8 61.1 4.0 4.2 480.0 163.1 2.8 21.5 16.6 12.3 139.3 19.0 120.3 76.9 43.5 34.5 72.2 12.9 4.8 533.8 187.4 3.3 25.3 17.8 13.8 147.7 20.8 126.9 74.1 52.9 37.7 78.7 15.6 6.5 581.1 209.1 3.6 27.3 19.4 15.3 156.8 23.8 133.0 74.5 58.5 40.7 84.9 16.9 • Less than $50 million. t See p. 1000 note f. . 14 „ 1 Alphabetic designations of categories correspond to those in Table 3. 2 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 7.0 628.1 224.8 4.0 27.6 21.0 17.4 166.8 24.8 142.0 77.1 65.0 45.8 92.6 19.6 8.4 650.7 219.7 4.2 29.7 21.9 20.0 172.2 26.0 146.2 77.7 68 5 51.7 100.5 21.9 755.1 291.2 4.3 27.7 21.6 22.9 181.5 25.1 156.4 84.9 71.5 58.3 110.6 26.2 8.9 10.9 854.8 351.1 4.4 33.1 23.0 24.8 186.3 24.8 161.4 77,8 81 6 66.5 120.1 32.6 13.1 902.8 375.3 4.7 29.4 24.1 27.1 191.0 25.1 165.9 74.3 91.6 73.9 128.2 34.6 14.5 896.4 343.1 4.8 30.0 26.5 29.8 195.3 24.3 171.0 75.6 95.4 81.1 135.8 35.8 14.1 1173 2 A 193 3 B 72.3 C 121.0 D 67.9 E 90.2 F 442.0 G 141.8 H 64 7 T 56.0 J 10.9 K 62.4 L 44.0 M 732 3 207.3 20 1 43.7 147.4 195.5 69.3 27.0 21.9 N O P Q R S T U V 1173.2 W 485 0 X 4.9 Y 34.1 Z 34.3 a 35.2 b 228.5 c 27.5 d 201.0 e 81 2 f 119.8 g 110.1 h 168.4 i 51.5 j 21.2 k to drawees). Sec Table 8(G), lines d-1, for sector allocation of demand deposit and currency liability on a net bank-record basis. 3 Consumer-held only; includes accrued interest. Savings bonds held by other sectors included in Federal obligations category. For other notes see p. 1000. FLOW OF FUNDS/SAVING 995 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES [Amounts outstanding at end of year. Category* 1947 1948 1949 1950 In billions of dollars] 1952 1951 1953 1954 1955 1956 1957 1958 1959 1960 (A) Consumer and nonprofit organizations sector 382.2 388.5 406.1 441.1 476.2 509.1 520.6 612.2 688.7 732.6 718.5 856.1 922.6 935.0 U Total financial assets ^ Demand deposits and currency... 53.5 51.4 49.0 50.8 53.9 55.9 56.5 59.0 58.2 59.1 58.2 60.9 62.2 62.5 V 50.9 48.7 46.2 47.9 50.7 52.6 53.0 55.3 54.5 55.3 54.0 56.7 57.8 58.0 Consumers 2.6 2.7 2.8 4.4 4.5 2.9 3.5 3.8 4.2 Nonprofit organizations 3.3 3.7 3.7 3.2 4.2 W Fixed-value redeemable claims... 111.9 115.4 119.2 121.5 125.2 132.7 140.9 150.6 159.3 168.3 178.1 191.7 201.4 214.2 W 56.4 102.2 X 55.6 56.9 59.0 63.2 67.3 71.6 74 8 78.6 92.9 97.2 X Time deposits 85 1 54.7 9.7 10.9 12.4 13.9 16.0 19.0 22.6 27.0 31.8 36.6 41.4 47.2 53.8 61.4 Svgs. and loan assn. s h a r e s . . . . 1 1 .5 .6 4 4 5.0 1 4 2 0 3 4 3 9 Credit union shares.3 .... 1 7 .7 .8 2 9 2 4 47.0 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 Z Z U. S. savings bonds U V a z d e f » i k 1 m n o p Savings in life insurance Privatef Government Savings in pension funds Private Government 49.8 44.4 5.4 13.9 6.7 7.2 52.6 47.0 5.6 16.4 7.9 8.5 55.3 49.6 5.6 19.5 9.1 10.4 58.0 52.0 6.0 23.4 11.5 11.9 60.7 54.6 6.1 27.3 13.8 13.4 63.9 57.7 6 2 31.8 16.5 15.3 67.1 60.9 6.3 36.4 19.4 17.0 153.1 152.7 163.1 187.4 209.1 224.8 219.7 Credit and equity mkt. instr.f 18.9 17.5 17.2 16.7 15.9 15 7 15.9 Federal obligations.. .... 18.8 17.3 17.0 16.5 15.6 15.4 15.6 Direct and guaranteed p I .2 2 .3 .3 Nonguaranteed .3 12.0 13.0 u'.i 13.8 14.2 15.3 16.9 State and local obligations 6.7 6.4 5.7 5.4 5.2 5.2 5.0 Corporate and foreign bonds... 100.4 99.5 109.6 133.7 155.5 169.4 161.5 Corporate stock 4 6.7 7.2 7.5 7.5 8.1 8.6 7.8 1_ to 4-family mortgages 7.9 8.5 9.0 9.4 10.0 10.5 11.0 Other mortgages .9 .6 .6 .6 Security c r e d i t . . . . .8 .7 .7 39.8 48.0 55.6 68.0 76.3 88.3 100.5 Total liabilities Consumer debt (credit mkt. instr.). 38.5 46.5 54.0 66.0 74.3 86.0 98.3 22.9 28.0 32.1 39.0 46.0 52.6 60.2 I- to 4-family mortgages 11.6 14.4 17.4 21.5 22.7 27 5 31.4 Consumer credit.... 6 / // 6 14 7 15 3 19 4 23 0 Instalment 9.0 4 9 84 5.5 6,8 8 1 7 4 Noninstalnient 5.* 1.5 1.8 2.6 3.0 1.7 Security credit 2.5 2 4 2.5 2.3 27 3 0 3 3 3.4 3.7 Other loans 5 1.6 1.5 2.0 2.0 2.3 1.3 Nonprofit organ, debt 2.3 1 6 .8 1 l 1 l 1 l .8 Credit mkt. instruments , .3 .3 .4 .4 .4 .5 .5 Other mortgages 3 4 4 7 7 6 6 Bank loans n e e .7 .9 .9 .8 .8 1.2 1.1 Trade credit.... t See p. 1000 note f. 1 Lines identified alphabetically correspond to lines in Table 4 (A); unlettered lines indicate detail not shown in Table 4. 2 Excludes proprietors' net investment in noncorporate business for which no amount outstanding is available. 3 Consumer-held only; includes accrued interest, and armed forces leave bonds prior to 1954. Notes to Table 7 (cont.). * For sector assets and liabilities for each instrument, see Tables 6 and 8 and Supplement No. 2. 5 Mainly time deposits of State and local governments, corporate businesses, and savings institutions. 6 Includes life insurance issued by fraternal orders not shown separately. Assets in these categories shown as consumer holdings. 7 Beginning with 1951, direct marketable issues maturing within one year; prior to 1951, issues maturing or callable within one year. Includes savings notes prior to their retirement in 1956. 70.2 64.2 6.0 41.2 22.6 18.7 77.2 71.1 6 0 52.7 29.7 23.0 87.1 80.8 6.3 73.7 43.8 29.9 90.7 84.3 6.5 82.6 49.5 33.1 a 291.2 351.1 375.3 343.1 453.7 498.3 485.0 13.9 16 1 17 1 18 0 35 6 26 1 24.4 13.6 15.2 15.9 16.1 14.0 23.0 21.3 1 9 1.6 3.1 .3 1.2 3.1 c 17.7 19 4 21 0 ">i 1 24 3 2b.6 27.5 4.2 9.3 8.3 5.4 6.6 7.7 8.3 233.6 287.5 306.3 268.2 376.9 406.7 391.5 8.9 11 ^ 11.6 11.8 9.2 9.7 10.6 19.3 18.1 11.7 12.6 13.7 14.7 16.2 1.0 .9 .9 .9 1.0 1.1 1.2 c d 112.3 132.9 148.2 160.2 172.3 193.0 209.3 109.7 129.4 144.4 156.0 167.4 187.7 203.6 69.2 81.5 92.6 101.3 110.9 124.0 135.3 32.5 38 9 42 5 45 3 45 > S2.1 56.0 39 9 43.3 '3 0 29 0 31 9 34 2 34 I 8 9 12.8 10.6 12.3 9.9 II.1 11.5 5.4 4.4 4.1 4.8 5.5 4.8 S5 6.8 3.9 4.2 4.5 5.0 6.1 5.4 2.6 3 4 3.8 4^9 5.7 4.2 2 2 i s 35 3.7 1 3 1 0 2 0 ,7 .7 1.1 .6 8 9 1 0 1 7 2 6 1 7 4 1 4 1 5 *» 1 2.0 1 4 1 7 1.3 1 6 1 8 1 9 j k 1 m 73.4 67.6 5 9 46.8 26.1 20.7 80.0 73.8 6 ? 59.1 34 0 25.1 8 i.4 77.2 6 2 66.4 38.5 27.9 b e f g n o p * At estimated market price. Annual changes differ from flow figures shown in Table 4 (A), which reflect only net funds put into securities. 5 Predominantly loans on insurance policies. NOTE.—Definitions of sectors and transaction categories are given in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. 8 At market value. 9 No amounts included for I ° Includes corporate stock II corporate stock. at market value. 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. NOTE.—For descriptions of sectors and of transaction categories see "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. 996 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. Category 1 1947 1948 1949 1950 In billions of dollars] 1952 1951 1953 1954 1955 1956 1957 1958 1959 1960 (B) Farm business sector 2 K Total financial assets Demand deposits and currency... 7.1 7.0 6.8 6.7 6.4 6.3 L M N O P Q Total liabilities3 Credit market instruments Mortgages Bank loans n.e.c. 4 Other loansS Trade debt 8.5 7 3 5.1 1 6 .7 1.1 9.4 8.0 5.3 1.9 .8 1.4 1 1.2 Memo: CCC direct and guaranteed loans not included above 6.6 6.5 6.5 6.4 6.4 6.3 6.3 6.2 6.3 6.2 6.1 6.0 10.0 8.4 5.6 2.0 .8 1.6 6.4 6.3 11.2 9.4 6.1 2.5 .8 1.8 13.0 10.7 6.7 3.1 1.0 2.2 13.8 11.5 7.3 3.2 1.0 2.3 13.6 11.5 7.8 2 8 1.0 2.1 14.4 12.3 8.3 2 9 1.1 2.1 15.6 13.5 9.1 3 3 1.1 2.1 16.5 14 4 9.9 3 * 1.2 2.1 1.7 .8 .6 1.2 2.4 2.4 1.9 16 6.0 5.9 6.3 6.2 17.7 19.3 15 5 17 0 10.5 11.3 3 6 4 2 16 1 .4 2.3 2.2 1 2 2.5 5 9 5.7 5.6 5.8 21.4 22.6 ly o 20.1 12.3 13.1 5.0 4 8 1 .8 2.0 2.4 2.5 1.2 1.5 (C) Noncorporate nonfinancial business sector K L M Total financial assets Demand deposits and currency Consumer credit 11.5 11.7 12.3 13.1 9.3 2.2 9.1 2.6 9.5 2.8 9.7 3.3 N O Total liabilities3 Credit market instruments.... 1- to 4-family mortgages Multifamily and com. mtgs. Bank loans n.e.c Other Ioans6 Trade debt, net Trade debt 15.4 18.0 16.7 18.9 17.4 19.5 19.6 22.2 Q R S Trade receivables 4.4 5.6 6.1 1.9 -2.6 2.8 5.4 4.4 6.2 6.0 2.3 -2.2 3.6 5.8 4.5 6.7 5.6 2.6 -2.0 3.8 5.8 4.9 7.3 6.8 3.2 -2.5 4.5 7.0 14.4 10.8 14.4 10.4 14.6 10.4 15.2 10.9 15.7 11.2 16.3 11 5 17.2 12 4 18.2 13.5 17.9 13.1 4.8! 18.0 13.0 4.9 20.6 24.0 21.4 25.6 22.3 26.0 24.9 27.5 27.8 30.3 29.7 32.2 31.3 33.4 32.9 35.6 40.31 40.31 5.2 10.6 11.6 12.6 13.9 10.1 47.2 43.7 5.0 16.5 4.0 3.6 4.7 7.9 7.7 3.7 -3.4 4.8 8.4 8.4 4.0 -4.2 4.1 8.4 3.8 7.3 4.2 4.8 9.0 8.1 4.2 -3.7 5.2 8.9 4.3 5.0 9.7 8.2 4.5 -2.6 6.6 9.1 4.4 5.2 9.2 5.3 -2.5 7.2 9.7 4.7 5.0 9.8 5.7 4.8 5.0 9.6 6.2 4.7 5.2 6.4 -2.5 -2.1 -2.6 8.1 9.0 8.8 10.6 10.9 11.6 15.4 12.6 7.0 * 11.6 11.6 14.1 8.0 3.5 15.1 11.6 (D) Corporate nonfinancial business sector N O P Q R S T Total financial assets Demand deposits and currency. . . Credit market instruments Federal obligations State and local obligations Consumer credit Other loans Trade credit Time deposits 7 Miscellaneous V Total liabilities W Credit market instruments X Corporate bonds 1- to 4-family mortgages 9 Multifamily and com. mtgs a Bank loans n.e.c b c e Other loansio Trade debt Miscellaneous11 Memo: Profits tax liability12 81.7 23.4 17.3 14.1 86.1 23.6 18.8 14.7 31.4 33.9 879.7 50.5 27.2 87.2 56.6 31.3 11.0 11.1 11.7 26.6 27.8 11.3 12.1 .4 2.9 .1 .9 8.6 .8 9.8 1.5 2.6 .4 3.4 .3 .9 9.8 .8 1.6 2.8 92.3 108.2 116.8 122.8 125.8 131.3 149.3 154.7 160.2 172.5 187.2 190.6 24.7 26.2 27.9 28.7 28.9 30.9 32.0 32.1 32.1 33.8 33.8 33.1 21.5 25.3 27.3 27.6 29.7 27.7 33.1 29.4 30.0 31.5 36.3 34.1 16.7 19.6 20.7 19.9 21.5 19.1 23.5 19.2 19.2 19 > 23.2 20.2 2.1 1.9 1.7 1.5 1.0 1.2 1.3 .8 .7 .6 .5 .5 9.4 9.0 8.2 7.7 6.4 7.1 7.5 5.9 6.1 5.1 4.6 3.8 2.5 1.2 1.2 1.4 1.4 1.2 .9 .6 .5 2 i 1 1 16 34.3 43.8 47.3 50.6 49.8 53.7 63.8 69.8 71.6 78.1 86.0 90.2 1.5 i .:• 1 .(< 1.0 1.0 1.0 .9 .9 .9 .9 .9 \ \ 19.5 22.4 25.4 27.5 30.0 31.6 10.9 12.0 13.3 15.0 16.5 n'.9 88.6 101.8 113.5 123.7 128.5 135.2 152.2 167.6 178.3 191.2 206.1 215.5 59.2 65.9 74.1 81.1 86.0 90.4 98.2 109.0 119.6 129.2 138.7 147.4 74.9 34.1 35.7 38.9 43.4 46.7 50.1 52.8 56.4 62.6 68.4 7 1 . ' 1.4 1.6 1.6 1.4 1.4 1.2 1.4 1.5 1.2 1.3 1.1 .9 12.4 13.9 15.6 16.7 18.0 19.4 21.3 23.3 25.1 28.1 31.5 34.0 10.0 13.1 16.3 17.3 17.3 16.7 19.5 24.8 26.8 27.3 29. h 31.4 5.6 3R 3.7 2.8 2.8 2.4 2.2 2.0 1.7 4? "I 0 3 . 2 26.5 32.8 36.2 39.1 38.8 40.8 49.7 54.0 53.9 57.0 62.3 62.6 5.5 5.1 4.9 4.8 4.3 4.5 3.8 4.0 3.5 3.3 3.1 2.9 9.9 17.4 *1 Less than $50 million. Lines identified alphabetically correspond to lines in Table 4(B)-(D); unlettered lines indicate detail not shown in Table 4. 2 Includes equity in Federal land banks not shown separately. 3 Excludes proprietors' net investment for which amounts outstanding are4 not estimated. Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for August 1959. 5 Government loans; excludes CCC loans. 6 Mainly REA and other loans from Federal Government and loans from finance companies. 7 Foreign currency and deposits and direct investments abroad. 18.9 22.1 8 19.5 16.2 20.3 18.6 16.4 13.9 16.5 14.9 Includes $200 million of security credit not shown separately. 91 Construction loans. o Mainly loans from finance companies, commercial paper and Government loans. 1 ! Direct investments of foreign affiliates. 12 Federal, State, and local taxes on profits. NOTE.—Definitions of sectors and transaction categories are given in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. 997 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category 1 1947 1948 1949 1950 1952 1951 1953 1954 1955 1956 1957 1958 1959 1960 (E) Federal Government sector R S T V Total financial assets2 Demand deposits and currency... Available funds at F. R. Banks. 21.5 3.7 9 Currency and other deposits... Credit market instruments 1- to 4-family mortgages Other mortgages 3 Other loans To savings and loan assns To rest of world To others 1.0 1.9 13.8 .6 1 2 12.0 .4 8.3 3.2 I A Treasury currency assets4 Trade credit s. Miscellaneous *> X Y Z a 25.9 5.2 .8 •1 .1 3.7 3.8 2.6 1.8 16.6 1.2 1.2 14.2 .4 9.9 3.9 2 27.4 5.0 7 2.3 2.0 17.8 1.5 1.3 15.1 .8 10.1 4.2 2 .1 .4 3.9 30.1 5.1 3 2.7 2.1 19.4 2.1 1 3 16.0 .8 10.3 34.6 7.0 4 4.4 2.2 21.0 2.5 1 4 17.1 .9 10.6 5.6 33.7 5.4 3 3.4 1.7 21.9 2.8 1 7 17.4 .9 10.9 5.6 A * 2.3 3.9 * 2.2 3.9 5.0 1.3 3.9 34.0 5.7 6 3.5 1.7 21.6 2.8 1 8 17.0 .9 10.7 5.4 • 2.4 3.9 34.9 5.1 4 3.0 1.7 23.0 3.0 2.2 17.8 1.4 10.6 5.7 * 2.3 4.1 239.8 234.6 237.7 239.2 241.7 247.5 254.8 257.1 257.7 Total liabilities Fixed-value redeemable claims... 50.5 51.7 53.0 52.8 52.0 51.9 51.8 52.2 52.2 Postal savings deposits 3.3 2.7 2.0 3.5 2.8 2.2 3.4 2.5 3.0 Consumer-held svgs. bonds 7 8 . . 47.0 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 Consumer svgs. in life insurance.. Consumer svgs. in retirement fds.. c d e f 3.7 24.2 4.9 1.1 1.9 1.9 15.3 .7 1.2 13.5 .5 9.5 3.5 5.4 4.1 5.6 4.9 5.6 6.0 6.1 7.5 6.0 6.7 6.2 8.4 6.3 8.9 6.0 9.4 5.9 10.0 174.8 167.9 169.0 168.2 168.6 173.4 180.1 181.6 181.5 Credit market instruments 174.7 167.0 168.0 167.8 168.3 172.7 177.9 179.3 180.4 Federal obligationsl09 55.9 53.4 63.9 66.6 55.6 62.6 Short-term direct 79.1 67.3 60.2 Other direct and guaranteed.. 117.4 112.0 102.6 99.3 110.6 108.0 96.7 109.9 116.5 1.4 1.6 1.5 1.9 2.1 Nonguaranteed^ * 2.1 2.1 3.6 2.2 .1 .9 1.0 A .7 2.2 2.3 1.2 .3 2.4 Trade debt 1 3 2.8 2.6 2.3 2.7 1.1 4 2.4 Treasury currency liability * 2.4 2.4 2.4 2.4 2.5 2.5 2.5 2.4 2.1 Miscellaneous liabilities 2.6 1.8 2.0 2.4 3.2 2.4 2.6 3.1 Deposits of savings and loan .1 .1 .3 .2 associations at FHLB .3 .4 .8 .7 .6 1.2 1 5 Demand notes issued to I M F . . 1.0 1 3 1 3 1 6 1.3 1.5 1.3 5 5 8 7 7 9 8 8 Other is 1 0 Memo: Assets of OASI fund 9.4 10.7 11.8 13.7 15.5 17.4 18.7 20.6 21.7 36.5 4.9 4 2.9 1.6 24.1 3.5 25 18.1 1.2 10.7 6.2 39.7 5.2 5 3.1 1.6 26.5 4.7 2.8 19.0 1.3 11.0 6.8 41.2 5.3 4 3.5 1.5 28.2 4.7 31 20.4 1.3 11.6 7.5 47.5 6.0 5 4.2 1.3 32.0 6.3 3 7 22.1 2.1 11.7 8.3 51.1 6.9 5.25 1.2 34.3 7.1 4 1 23.1 2.0 12.2 8.9 A A 2^3 1.8 2A \.l 1.7 7.8 4.6 5.3 5.6 7.4 252.9 252.4 262.2 273.2 273.4 51.9 49.6 48.9 46.9 46.5 1.7 .8 1.0 1.4 1.2 50.1 48.2 47.7 45.9 45.6 6.5 6.0 6.2 6.2 6.3 10.9 11.3 12.3 13.2 14.1 176.2 177.1 186.5 197.2 195.5 175.3 176.7 185.7 197.0 194.8 67.6 73.1 71.9 77.4 72.3 103.5 97.3 108.0 111.6 114.6 8.0 4.2 6.3 7.9 5.8 2 .9 .7 .5 .8 3.1 2.8 2.8 2.9 2.6 2 6 2.6 2 6 2.7 2.5 5.0 4.1 2.9 2.8 2.8 .9 .7 .8 .6 .7 7 8 2.5 2 1 11 10 1 4 1 3 1 4 1 6 22.5 R S T V X Y Z a c d e f g 22.4 21.9 20.1 20.3 i L M N O P (F) State and local government sector L Total financial assets M Demand deposits and currency... N Time deposits O Credit market instruments P Federal obligations. Direct and guaranteed Nonguaran teed Q State and local obligations Corporate bonds . 1- to 4-family mortgages Multifamily and com. mtgs. . . . 18.1 6.9 .9 10.3 7.3 7.3 19.9 7.4 1.1 11.3 7.9 7.9 21.2 7.6 1.3 12.3 8.1 8.1 23.3 8.1 1.4 13.8 8.8 8.8 2.5 2.6 3.1 .7 .1 .1 .9 .1 .1 3.6 .5 * * S 26.2 22.2 21.7 .5 .9 29.0 24.4 23.8 .6 1.0 3.1 3.6 Total liabilities Credit market instruments State and local obligations Other loans (Federal Govt.) Trade debt W Consumer savings in retirement funds T 1.1 .2 .2 25.4 8.5 1.5 15.3 9.7 9.6 .1 3.8 1.3 .2 .2 28.1 9.0 1.6 17.4 11.3 11.2 .1 4.0 1.6 .3 .3 31.6 9.7 2.0 20 0 12.9 12.8 .1 4 4 2.0 .4 .4 35.3 10.0 2.4 22.9 14.6 14.5 .1 4.7 2.7 .5 .5 37.5 10.4 2.4 24.8 15.4 15.2 .2 5.1 3.2 .5 .5 40.1 10.6 2.4 27.1 16.5 16.2 .3 5 6 3.8 .6 .6 43.3 10.8 2.8 29.8 17.5 17.1 .4 6.1 4.6 .8 .8 45.9 11.0 3.6 31.3 17.1 16.8 .3 6.6 5.6 1.0 1.0 48.9 11.6 3.2 34.2 18.2 77.5 .4 7 0 6.7 1.2 1.2 51.5 11.8 4.6 35.2 17.5 17.1 .4 7.2 7.8 1.3 1.3 32.2 26.7 26.2 .5 1.1 36.1 29.8 29.2 .6 1.2 39.3 32.1 31.3 .8 1.2 43.5 35.3 34.1 1.1 1.3 48.3 38.8 38.0 .8 1.4 53.8 43.0 42.5 .5 1.6 58.8 46.5 46.0 .5 1.7 63.6 49.7 49.2 .6 1.8 70.1 54.6 53.8 .8 1.8 78.1 60.5 59.5 1.0 2.0 84.3 65.6 64.3 1.2 2.0 90.5 69.3 67.9 1.4 2.1 T 4.4 5.2 6.0 6.9 8.1 9.3 10.6 12.1 13.7 15.6 16.8 19.0 W *1 Less than $50 million. Lines that are identified alphabetically correspond to lines in Table 4(E) and (F); unlettered lines indicate detail not shown in Table 4. 2 Prior to 1950, includes small amounts of savings and loan shares not shown separately. 3 Mainly farm mortgages. 4 Silver bullion held at cost in account of Treasurer of the United States. 5 Prepayments and advances to corporations. <> Mainly Subscriptions to International Monetary Fund and International Bank for Reconstruction and Development; capital stock of Exchange Stabilization Fund; and holdings of foreign cash assets. 78 Prior to 1954, includes armed forces leave bonds. Includes accrued interest. 9 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 and on savings bonds (other than consumer-held). Q S 10 Beginning with 1951, direct marketable issues maturing within one year; prior to 1951, issues maturing or callable within one year. Includes savings notes prior to their retirement in 1956. 11 Securities and notes issued by FNMA, Federal land banks, home loan2 banks, intermediate credit banks, and banks for cooperatives. 1 CCC certificates of interest and liability for CCC-guaranteed loans. See1 discussion on p. 840 of the BULLETIN for August 1959. 3 Payable to corporations. 14 Seigniorage on silver, deposits with Federal Government for redemption of Federal Reserve Bank notes and national bank notes, and liability of Federal Government in connection with minor coin and U. S. notes not backed by gold reserves. 15 Private equity in Government enterprises, and miscellaneous trust and deposit liabilities. NOTE.—Definitions of sectors and transaction categories are in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. 998 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category i 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 (G) Commercial banking and monetary authorities sector A B C D E F G H I J K L M N 0 P Q R S T U V W X Y Z a b c d e f g h 1 j k 1 m n o p q r 166.0 166.8 168.5 175.3 184.4 194.8 199.1 208.3 213.0 218.1 223.5 238.6 243.4 251.9 Total financial assets Gold2 22.9 24.4 24.6 22.8 22.9 23.3 22.1 21.8 21.8 22.1 22.9 20.6 19.5 17.8 5.2 Treasury currency 3 4.9 4.9 5.0 5.1 5.2 Credit and equity market instr.... 138.5 137.8 139.3 147.7 156.8 166.8 172.2 181.5 186.3 191.0 195.3 212.8 218.6 228.5 Federal obligations * 93.0 87.3 87.2 84.5 86.9 89.5 90.7 95.3 88.2 85.2 84.6 95.0 87.4 90.1 Monetary authorities5 22.6 23.4 18.9 20.8 23.8 24.7 25.9 25.0 24.8 25.0 24.3 26.4 26.7 27.4 Short-term direct 19.9 12.4 12.0 16.0 13.4 14.8 17.0 19.4 20.7 22.1 21.4 21.0 18.7 15.2 5.5 Other direct 2.7 10.9 8.0 12.2 2.8 5.4 6.9 9.0 4.1 2.9 4.8 10.4 10.0 Commercial banks* 5 70.5 63.9 68.3 6-3.7 63.1 64.8 64.8 70.4 63.4 60.2 60.3 68.6 60.7 62.6 Short-term direct 9.0 13.8 15.7 16.6 13.6 17.0 19.2 19.4 26.5 22.2 15.8 19.2 28.2 17.6 Other direct and guar 50.1 43.3 40.5 39.8 45.7 44.1 35.2 51.4 52.6 44.8 42.5 49.7 45.3 44.0 1.6 Nonguaranteed 6 1 7 1 3 1.3 1 4 1.8 1.6 1 7 1.5 1 6 1 ? 1.3 21 22 State and local obligations Corp. and foreign bonds 1- to 4-family mortgages Other mortgages Consumer credit Security loans Bank loans n.e.c To nonfinancial business To nonbank finan. sectors.... To other sectors1 Other loans CCC-guaranteed loans* Open market paper Secured by9 hypothecated dep.. Miscellaneous 5.3 2.2 6.3 3 t 3.8 2.1 5.7 1.9 7.3 3.5 4.8 2.3 6.5 2.1 7.9 21.9 18 7 2.3 .9 .8 / .6 1 .2 23 4 19.6 2.7 1.1 1.6 .9 .5 .2 .2 10.2 5.8 2.6 3 7 8.1 2.2 9.4 4.2 7.4 2.9 9.2 2.2 10.2 4.4 7.5 2.6 21 8 17.6 27.9 22.4 32.6 27.2 34.9 28.9 34.0 28.2 3.1 1.1 1.7 4.1 14 4.0 4.6 1.2 .4 .5 .3 .2 1.3 .3 .6 4.6 1.4 1.8 .7 .7 1 0 .5 .2 .2 I 5 .4 2.1 11.1 4.6 9.4 3.2 .4 A 10.8 2.1 11.9 4.8 10.9 3.6 12 3.4 2.2 .8 .4 .1 Total liabilities 155.6 155.7 156.2 161.9 170.5 180.0 183.3 l Demand dep., net, and currency °. 119.4 118.9 118.9 124.1 130.9 137.4 137.4 Due to U. S. Government 1 1 ... 5.1 5.1 3.4 4.6 6.4 4.7 4.6 Monetary authorities 1.0 2.0 2.0 2.3 7.5 1.4 1.8 Commercial banks 4.1 3.1 1.3 2.3 4.9 3.4 2.8 4.2 Due to rest of the world12 4.8 4.5 4.8 4.5 4.3 4.7 Monetary authorities 1.3 1.9 1.4 1.7 1.4 1.4 1.7 Commercial banks 2.9 2.9 3.0 3.1 3.1 2.9 3.0 Due to others 11 111.6 109.5 109.0 114.8 121.9 126.4 128.0 Demand deposits, net10 85.6 84.0 84.2 90.0 96.2 99.6 100.6 Currency 25.9 25.5 24.8 24.8 25.7 26.8 27.4 Time deposits Due to U. S. Government Due to rest of the world Due to State and loc. govts Due to others 13 Other liabilities 14 35.5 .1 * .9 34.5 .6 36.1 36.6 .2 <1 .2 "* 1.1 1.3 34.9 35.0 .6 .7 36.9 .2 .4 1.4 34.9 .8 38.6 .3 .5 1.5 36.3 1.0 41.7 .3 .7 1.6 39.0 .9 12.6 1.9 12.9 1.3 13.9 1.4 16.5 1.3 17.0 1.2 16.1 6.4 14.6 16.2 6.9 15.8 17.4 78 15.9 19.1 8 9 18.8 4.7 4.9 34.2 42.1 32.0 47.9 38.0 50.2 40.1 59 2 47.3 6 6 2.3 .9 .9 .6 .2 3.8 2.1 5 1.1 .6 .4 51 5 41.6 5 2 4 8 4.5 27.8 4 6 1 7 3.7 2 3 1.0 .5 .2 5.0 7 1 2 8 2.4 1.2 .8 .5 .2 4.3 6 H ? 2 4.2 6 ? 2.6 8 1.2 6 .2 5.3 2.1 2 1.2 7 .2 17.6 M 1.0 N 19.2 O 9.5 P 20.1 Q 5.1 R 62.4 S 50.5 T 6.3 U 5.6 V 3.5 W .7 X 2.1 Y .7 Z .3 191.5 195.2 199.1 203.5 217.2 220.2 226.5 141.9 144.2 145.9 145.2 151.0 151.9 152.0 6.7 5.8 5.1 4.7 4.8 5.0 .7 .7 .9 1.0 1.1 1.1 5.9 5 .0 4.2 3.7 3.7 3.9 4.7 4.8 4.7 4.3 4.5 4.7 1.2 1.2 1.3 1.3 1.2 1.2 3.5 3.5 3.5 3.0 3.3 3.4 140.6 132.2 135.2 136.6 135.5 141.1 141.4 105.0 107.5 108.9 107.9 113.1 112.7 112.0 27.2 27.6 27.7 27.7 28.1 28.7 28.6 5.4 1.2 4.2 4.3 1.4 3.0 48.9 .3 1.3 2.0 .4 1.8 2.4 .8 1.7 14.9 5.9 13.2 45.1 41.6 12.7 13.2 5.2 10.9 A B C D E F G H I J K L 44.3 .7 50.3 .4 1.7 2.4 45.9 .8 52.3 57.8 65.8 67.6 .3 1.6 2.4 .3 1.6 2.8 .3 2.5 3.6 .3 1.6 3.2 48.0 .8 53.2 59.4 62.5 .7 73.4 .3 1.9 4.6 66.6 1.1 53.9 52.4 1.4 * 53.0 30.2 53.5 52.2 53.5 51.5 52.5 50.6 1.3 * 52.5 30.3 1.8 19.0 18.5 .1 3.2 .4 1.6 .5 52.6 30.9 18.2 .6 .5 (G.I) Monetary authorities subsector 15 s t u v Total financial assets Inch in consol. sector acct. 1 6 .... Excl. from consol. sector acct.: F. R. float F. R. loans to domestic banks. w x Total liabilities Incl. in consol. sector acct. 1 7 .... Excl. from consol. sector acct.: y Member bank reserves z Other dep. of domestic banks. aa Currency held by com. banks. bb Capital stock of F. R. Banks.. .5 * 50.1 29.6 53.0 52.4 .5 * 52.4 29.7 48.6 48.0 .5 * 47.7 28.9 17.9 .1 2.2 .2 20.5 .1 2.0 .2 16.6 .1 2.0 .2 50.6 50.0 49.6 48.1 1.4 .1 48.7 28.5 17.7 .1 2.2 .2 52.5 51.3 1.2 * 51.7 28.6 20.1 .1 2.7 .2 53.8 52.7 1.0 .1 53.0 30.0 20.0 .1 2.8 .3 53.7 52.8 52.5 51.7 .9 * 52.9 29.9 20.2 .1 2.5 .3 .8 * 51.7 30.0 18.9 2i5 .3 53.1 51.4 1.6 .1 52.2 30.2 19.0 .1 2.7 .3 53.8 52.1 1.7 * 52.9 30.2 19.1 .1 3.3 .3 (G.2) Commercial banks subsector! cc Total financial assets dd Incl. in consol. sector acct. * 8 . . . . Excl. from consol. sector acct. : ee Demand dep. and currency 19. ff Capital stock of F. R. Banks.. gg Total liabilities hh Incl. in consol. sector acct. 2 0 .... Excl. from consol. sector acct.: ii F. R. float21 jj Borrowings at F. R. Banks. . . * Less than $50 million. 136.3 115.9 20.1 .2 126.5 126.0 .5 * 137.0 139.2 147.1 114.4 120.4 127.1 22.5 18.5 19.7 .2 .2 .2 126.6 127.9 134.8 126.0 127.3 133.3 .5 1.4 .5 .1 * * 156.1 165.0 169.2 178.2 183.4 133.1 142.1 146.3 156.6 161.6 22.7 22.6 22.6 21.3 21.5 .3 .2 .3 .3 .3 143.1 151.1 154.4 162.4 166.7 141.9 150.0 153.4 161.6 165.0 1.2 .9 .8 1.6 1.0 * .1 * * 3i3 .3 3!o .4 51.7 w 30.8 x 17.1 y .1 z 3.3 aa .4 bb 5 188.4 193.9 208.6 213.4 221.8 166.0 171.2 186.5 192.0 201.3 22.1 22.4 21.7 21.0 20.1 .4 .3 .4 .4 .3 cc dd 170.6 174.8 188.2 191.3 197.6 gg 168.9 173.4 186.9 189.2 195.7 hh 1.7 1.4 1.3 1.8 1.6 * * * .5 For other notes see second page following. 999 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category 1 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 (H) Nonbank financial sectors—total A B C D 105.9 115.1 126.5 139.5 150.9 167.0 183.8 205.6 230.4 248.4 265.0 292.3 318.8 344.7 Total financial assets 8 .2 8.8 Demand deposits and currency... 7.6 5.0 5.1 5.4 6.1 6.7 6.8 7.2 8.5 9.5 9.4 10.0 99.8 108.8 119.6 132.0 142.5 158.0 174.2 195.1 219.1 236.7 252.7 278.7 305.3 330.0 Credit and equity mkt. instr Other 3.0 1.2 1.4 1.4 1.1 4.7 1.7 2.1 2.4 3.0 3.2 3.5 4.1 4.1 E F G H I Total liabilities Fixed-value redeemable claims. . . Insurance and pension reserves... Credit and equity mkt. instr Miscellaneous 85.8 28.0 51.2 5.0 1.6 93.2 100.8 110.3 118.9 131.7 145.6 160.4 179.6 194 4 209.5 226.1 246.3 267.9 43 2 48.9 55 7 30.0 32.5 34.9 38.1 62.8 70.1 77 0 XS 9 94 0 103.5 74.2 80.2 86.8 54.9 58.8 63.5 68.5 93.7 100.8 107.8 115.7 124.6 133.8 6.6 8.0 10.2 10.5 12.3 14.3 15.4 20.6 20.4 21.3 20.8 24.6 27.0 1.6 1.6 1.7 1.9 2.0 2.1 2.4 2.6 3 3.4 3.7 3.1 78.3 2.5 .7 .6 66.5 73.9 11.2 11.3 10.9 10.9 .3 .4 6 7 26 2.6 7 7 41.3 47.2 7.8 8.5 2.3 2.7 1.2 1.3 85.7 25 .7 81.1 11.7 10.9 .8 7 3.2 8 52.4 9.1 3.2 1.3 95.7 29 .9 90.4 12.0 11.2 .8 7 3.8 9 105 7 2 6 9 100.7 12.5 11.5 1.1 7 36 8 66.7 11.7 4.4 1.5 71.4 30.0 40.1 37.1 2.9 1.4 78.4 31.7 45.3 41.9 3.4 1.4 87.3 34.0 51.8 48.0 3.9 1.4 (H.I) Savings institutions sector A Total financial assets, B Demand deposits and currency.3 C Fixed-value redeemable claims . D Credit and equity mkt. instr. 4 .. E Federal obligations F Direct and guaranteed G Nonguaranteed H State and local obligations 5.. I Corporate bonds55 J Corporate stock K 1 - to 4-family mortgages L Other mortgages M Consumer credit N Miscellaneous6 31.5 1 ? O P Q R S T 28.6 17.8 10.3 Total liabilities Deposits at mutual svgs. banks. Savings shares Savings and loan assns Credit unions Credit market instr.7 .3 29.8 13.9 13.9 * 1 1 5 1 10.8 3.0 .4 .2 9.8 .5 .5 A B C D 33.9 36.6 1.4 .3 32.0 34.5 13.2 13.1 13.1 13.0 .1 * .1 .1 2.1 1.9 2 2 12.7 14.6 3.4 3.8 .5 .6 .2 .4 39.8 1.3 .3 1.4 .3 30.6 18.4 11.6 11.0 .6 .6 33.0 19.3 13.2 12.5 35.8 20.0 14.8 14.0 .7 .5 .8 .9 37.7 12.5 12.5 40.7 11.6 11.6 * 1 2.0 2 * 1 2.2 2 20.3 5.3 .9 .5 48.7 17 .4 45.8 11.5 11.3 .1 3 25 3 24.0 5.9 1.2 .7 39.0 20.9 17.2 16.1 1.1 .9 44.1 22.6 20.5 19.2 1.4 .9 17.5 4.5 .9 .4 43.2 1 7 .3 55 0 18 .5 51.7 11.4 11.2 .2 4 2.8 4 28.5 6.5 1.6 .9 62 3 2.2 .6 58.3 11.0 10.9 .1 6 2.9 6 50.0 24.4 24.5 22.8 1.7 1.0 56.7 26.4 29.4 27.3 34.2 7.1 1.8 1.2 2.0 1.0 1 70.7 2 3 64.4 28.2 34.6 32.2 2.4 1.6 3.7 2 58.9 10.4 3.6 1.6 115.7 2.8 .9 110.1 12.1 11.0 1.1 .1 3.8 .8 74.7 12.8 5.0 1.9 96.4 105.6 35.0 36.4 59.0 67.1 54.6 62.2 5.0 4.4 2.2 2.4 (H.2) Insurance sector2 A Total financial assetsf B Demand deposits and currency C Credit and equity mkt. instr D Federal obligations E Short-term direct F Other G State and local obligations.. H Corporate bonds I Corporate stock J 1- to 4-family mortgages K Other mortgages L Other loans 8 M Trade credit» 63.9 69.1 2.2 2.2 61.1 66.3 26.1 23.5 .8 /./ 75.3 2.3 82.0 72.2 22.7 78.7 21.4 25.3 22.4 21.2 19.6 1.3 1.8 2.3 2.7 18.6 23.3 26.2 28.8 4.2 3.5 5.5 2.0 .6 4.4 4.9 6.2 2.1 .7 5.3 6.1 7.2 2.3 .7 6.5 8.6 8.1 2.5 .7 N O P 51.2 44.4 6.7 54.9 47.0 7.9 58.8 49.6 63.5 52 0 11.5 Total liabilitiesf Savings in life insurance Savings in pension fundsf.... 1.5 9.1 2.6 1.8 88.6 96.4 104.6 114.7 124.4 2.9 3.1 3.1 3.2; 2.7 .8 2.8 .9 3.0 1.0 3.3 3.6 68.5 54.6 13.8 74.2 57 7 16.5 80.2 60.9i 19.4 86.8 64.21 22.6 2.8 132.7 140.5 152.3 163.4 173.8 3.1 3.2 3.4 3.4 3.5 3.8 1.3 4.3 1.5 4.5 1.6 5.0 1.8 5.8 1.9 92.6 100.5 110.6 120.11 128.2 135.8 147.3 158.2 168.4 16.8 19.1 15.9 16.2 16.4 15.9 19.1 18.5 18.2 1.5 1.5 1.9 1.5 M 1 o 1 4 / 6 / 6 1.6 17.9 17.5 17 ? 17.1 17 3 15 7 14 5 14 6 14 8 14.3 5.6 3.0 3.4 4.3 7.5 8.3 9.3 10.8 12.4 6.6, 32.5 36.8 40.8 44.2 46.8| 50.5 55.0 59.1 62.6 65.8 7.4 8.6 9.3 12.2 14 4 15.4 15 9 19 7 22.6 24.7 10.7 11.9 13.3 15.3 17.9 20.5 21.9 23 0 24.4 26.1 9.2 10.0 10.7 11.5 12.5 13.6 14.6 15.5 16.5 17.6 84.9 19.4 1.2 93.7 100.8 107.8 115.7 124.6 133.8 67.6 71.1 73.8 77.2 80.8 84.3 26.1 29.7 34.0 38.5 43.8 49.5 (H.3) Finance n.e.c. sector2 A B C D E F G H I J K Total financial assets Demand deposits and currency.. Credit and equity mkt. instr Federal obligations State and local obligations.... Corporate bonds Corporate stock Mortgages Consumer credit Security credit Other loans i o 10.5 L Total liabilities M Credit market instruments l l .... N Corporate bonds O Security credit P Bank loans n.e.c Q Other loans (open mkt. paper). R Miscellaneous 12 6.1 4.4 .5 1.5 2.2 .2 1.6 • Less than $50 million. 1.6 8.9 1.4 .3 .8 1.8 .3 2.4 .6 1.3 12.1 14.7 17.7 19.1 21.9 24.2 28.6 35.3 1.7 1.7 2.1 2.3 2.2 2.2 2.4 2.7 10.4 12.9 15.6 16.9 19.6 21.9 26.2 32.6 2.0 .3 .6 1.7 .3 3.2 .6 1.7 1.8 .3 1.0 2.4 .4 4.3 1.0 1.6 1.7 .4 1.0 2.7 .7 5.3 1.6 2.2 1.4 .4 1.2 3.4 .6 5.6 1.6 2.6 1.9 .3 4.0 .8 7.1 1.7 2.8 1.8 .5 1.0 4.1 .8 8.6 2.2 2.9 2.1 .4 1.4 6.3 1.0 9.1 3.1 2.9 1.6 .4 1.4 7.9 1.6 7.6 6.0 1.0 2.0 2.6 .4 1.6 9.1 7.5 1.4 2.5 3.1 .6 1.6 11.0 11.4 9.3 1.7 2.9 4.0 .7 1.7 9.6 2.0 2.6 3.9 1.1 1.9 13.3 11.3 15.4 13.3 16.9 14.5 21.6 19.0 2.3 3.1 4.6 1.4 2.0 3.7 3.4 4.5 1.6 2.1 4.0 4.4 4.6 1.5 2.4 5.3 4.7 7.2 1.7 2.6 f See p. 1000 note f. 1.1 11.9 3.6 4.2 37.4 38.8 2.9 3.0 34.6 35.8 1.8 2.1 .2 .3 1.4 1.5 8.6 8.1 1.5 1.2 13.0 13.8 3.7 3.5 4.4 5.3 22.2 19.1 6.4 4.2 6.6 1.9 3.1 For other notes see following page. 44.3 49.7 3.2 3.4 41.1 46.3 2.3 .3 1.6 2.1 12 3 14.5 1.7 1.7 13.1 15.1 4.5 5.3 4.5 6.2 23.3 20.0 23.1 19.4 25.4 22.2 7.1 4.3 6.2 2.3 3.4 7.3 4.8 5.0 2.2 3.7 8.3 4.9 6.3 2.7 3.1 1.8 55.2 3.7 51.5 3.1 .4 1.9 15.4 1.7 16.6 4.5 7.9 28.5 24.9 9.8 5.4 6.1 3.6 3.7 N O P 1000 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. Category * 1947 1948 1949 1950 1951 In billions of dollars] 1952 1953 1954 1955 1956 1957 1958 1959 1960 (I) Rest-of-the-world sector G H I K N Q 2 Total financial assets Gold3 U. S. dem. dep. and currency. Deposits of foreign banks . . Other deposits and currency Time deposits 24.9 24.3 11 3 10.2 4.5 4.8 1.8 2.2 ?6 2.6 * * 25.4 30.0 30.9 10.5 12.5 12.8 4.8 4.7 4.3 2.1 2.4 1.9 2.7 2.4 2.3 .2 .4 .5 32.7 12.6 4.5 2.0 2.5 .7 35.5 14.2 4.2 1.8 2.5 1.3 39.7 15.1 4.3 2.0 23 1.8 43.0 15.9 4.3 1.9 23 1.7 45.0 16.1 4.5 2.1 24 1.6 44.4 16.0 4.7 2.1 2.5 1.6 50.8 18.9 4.7 1.9 28 2.5 57.4 20.7 4.x 20 2.7 1.6 62.4 22.7 4.7 1.8 2.9 1.9 4.8 1.9 2.5 .4 5.2 6.5 3.1 2.9 .5 5.9 7.0 3.0 3.4 6 6.3 8.4 4.0 3.7 6 6.6 8.9 45 3.6 7 6.9 10.9 48 5.3 9 7.5 13.1 5.8 6.6 7 8.1 14.5 66 7.0 9 8.3 14.1 68 6.1 12 8.1 16.3 20.1 96 68 9.4 8.3 1 1 1.1 8.4 10.2 21.2 3 5.1 4.2 1.6 2.3 .3 5.1 24.0 11.7 2.7 6 8.4 12.3 26.4 12.9 2.7 6 9.5 13.5 28.0 13.4 2.7 .7 10.0 14.6 30.2 14.3 3.3 .7 10.2 15.9 32.0 14.9 3.7 8 10.4 17.1 34.2 15.4 3.8 8 10.8 18.8 35.7 15.5 3.7 7 11.0 20.3 37.3 15.5 3.5 10 10.9 21.8 39.3 15.7 3.3 14 10.9 23.6 48.7 18.0 4.1 2 1 11.7 30.7 52.6 19.5 4.5 2.6 12.3 33.1 57.3 20.0 4.9 2.9 12.2 37.3 61.4 21.9 5.4 3.0 13.4 39.5 3.4 8.9 3.4 10.1 3.4 11.2 3.4 12.5 3.4 13.7 3.4 15.5 3.4 16.9 3.4 18.4 3.4 20.2 43.6 16.6 3.7 18 11.2 27.0 3.4 23.5 3.4 27.3 3.4 29.7 4.8 32.5 4.9 34.6 Credit and equity mkt. instr... Federal obligations Corporate stock 4 Others Miscellaneous 6 4.0 Total liabilities7 Credit and equity mkt. instr. 8 . Bonds 4 Bank loans n.e.c Other loans 9 Miscellaneous U. S. subscription to I M F andlBRDiO Other** r ? 2.5 * Less than $50 million. 1 Lines identified alphabetically correspond to lines in Table 4(1); unlettered lines indicate detail not shown in Table 4. 2 Excludes amounts for unidentified assets (in miscellaneous category) for which estimates of amounts outstanding are not available. 3 Holdings of international institutions and foreign central banks and governments, excluding U.S.S.R. Reflects net foreign gold production (output plus net U.S.S.R. gold exports, less consumption and net increase in private holdings) as well as gold transactions with the U. S. 4 At estimated market value; annual changes thus differ from corresponding flows, which reflect only net funds put into securities. 5 Commercial paper, corporate bonds, and security credit. 6 Mainly direct investments in U. S., deposits with U. S. agencies of foreign banks, and notes of the International Monetary Fund. 10.0 9.5 1.6 11.9 N 7 Excludes amounts for corporate stock and unidentified liabilities~(in miscellaneous category) for which estimates of amounts outstanding are not available. 8 Includes security credit not shown separately. 9 Predominantly U. S. Government loans. 10 Includes subscriptions to IFC (1956) and IAB (1959). 11 U. S. direct investment abroad and holdings of foreign currency. NOTE.—"Liabilities" cover equity as well as debt claims. Definitions of sectors and transaction categories are given in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. Notes to Table 8 (G), (G.I), and (G.2) on second preceding page. 1 Alphabetic identification of lines does not correspond to that in Table 4(G). 2 Monetary gold stock and active gold held by Exchange Stabilization Fund. 3 Silver and claims on Federal Government sector representing backing (other than small gold reserve) for U. S. currency other than Federal Reserve notes. See note 14 to part E of this table. 4 Change in amount outstanding beginning 1958 differs from flows due to valuation adjustment. 5 Beginning with 1951, direct marketable issues maturing within one year; prior to 1951, issues maturing or callable within one year. 6 Securities and notes issued by FNMA, Federal land banks, home loan banks, intermediate credit banks, and banks for cooperatives. 7 Nonprofit organizations and rest of the world. 8 Includes CCC certificates of interest. 9 Balances with foreign banks, balances due from foreign branches, and Exchange Stabilization Fund deposits with U. S. Treasury. I o Net of Federal Reserve float and cash items in process of collection as reported by commercial banks. II Bank-record basis, net of bank float; differs from sector demand deposits and currency assets principally because of mail float. 12 Deposits of foreign banks and international organizations at Federal Reserve Banks, and U. S. currency held abroad. 13 Mainly consumers and corporate business sector. Includes a small amount of hypothecated deposits. i * Balances due to foreign branches, loans from Federal Government, and Exchange Stabilization Fund stock held by U. S. Treasury ($1.8 billion through 1946 and $0.2 billion thereafter). 15 Each subsector statement is consolidated. For example, gold certificates held by Federal Reserve (a Federal Reserve asset and a Treasury gold-account liability) are excluded from assets and liabilities in monetary authorities subsector, and interbank loans and interbank deposits of commercial banks are excluded from assets and liabilities in commercial banks subsector. Debt and equity relationships between the subsectors, shown under "Excluded from consolidated sector account" in the stub for each subsector, are eliminated in derivation of consolidated account for the commercial banking and monetary authorities sector. 16 Lines B, C, and F, small amounts of foreign and industrial loans in line S and of acceptances in line Y, and Exchange Stabilization Find deposits in line a. 17 Lines e, h, and /, and Exchange Stabilization Fund stock component of line r. 18 Lines / through a, except as indicated in note 16. 19 Vault cash and reserves and other balances at Federal Reserve Banks; differs from sum of lines y, z, and aa because of timing differences in recording reserve balances at Federal Reserve Banks and at member banks. 20 Lines/, /, k, and m; and r, except as indicated in note 17. 2 ! Netted against commercial bank demand deposits in deriving the commercial banking and monetary authorities sector. NOTE.—Definitions of sectors and transaction categories are in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. Notes to Table 8 (H), (H.I), (H.2), and (H.3) on preceding page. t Beginning in 1955, the pension fund subsector includes estimates for multiemployer and union administered plans, resulting in small discontinuities in the insurance sector assets and liabilities and in consumer assets. 1 Alphabetic identification of lines does not correspond to that in Table 4(H). 2 Detailed subsector accounts for this sector are shown in Supplement No. 3. 3 Time deposits held by mutual savings banks and savings and loan association shares held by credit unions. * Includes small amount of other loans held by mutual savings banks not shown separately. 5 Holdings of mutual savings banks only. 6 Savings and loan association equity in, and deposits at, Federal home loan banks. 7 Bank loans, and advances from Federal home loan banks to savings and loan associations. 8 Mainly policy loans; includes small amount of open market paper. 9 Receivables from agents. 1 ° Mainly finance company loans to business; also loans of banks in territories and possessions and acceptances. 1 * Lines N, P, and Q are liabilities of finance companies. Line O is liabilities of brokers and dealers. i 2 Deposits at banks in U. S. possessions and agencies of foreign banks. NOTE.—Definitions of sectors and transaction categories are in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. 1001 COMMERCIAL BANK DEPOSITS GROSS TIME DEPOSITS OF ALL COMMERCIAL BANKS [Averages of daily figures. la millions of dollars] Semi-monthly period 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 Jan. — 1 2 33,370 35,610 36,218 36,641 36,964 38,733 41,753 45,160 48,956 50,258 52,529 57,898 65,965 67,285 73,450 33,425 35,633 36,165 36,625 36,900 38,784 41,776 45,262 48,982 50,192 52,909 58,342 66,050 66,780 73,870 Feb. — 1 2 33,526 35,740 36,224 36,710 36,857 38,935 41,897 45,498 49,060 50,215 53,198 59,123 66,114 66,818 74,926 33,661 35,806 36,267 36,774 36,842 39,018 42,041 45,653 49,106 50,280 53,473 59,808 66,208 66,849 75,196 Mar. — 1 2 33,827 35,991 36,364 36,871 36,916 39,217 42,225 45,963 49,229 50,446 53,875 60,579 66,449 67,133 75,651 33,824 35,931 36,381 36,930 36,879 39,297 42,309 46,121 49,334 50,599 54,287 61,248 66,760 67,487 76,099 Apr. — 1 2 33,903 35,953 36,422 36,997 36,923 39,407 42,418 46,396 49,401 50,702 54,584 61,807 67,053 67,832 76,655 33,936 35,929 36,497 37,059 36,970 39,456 42,531 46,503 49,314 50,667 54,648 62,349 67,175 67,889 77,131 May — 1 2 34,014 35,898 36,554 37,114 36,971 39,544 42,694 46,755 49,377 50,720 54,889 62,879 67,388 68,145 77,848 34,052 35,909 36,579 37,117 36,981 39,688 42,798 46,972 49,474 50,816 55,225 63,267 67,592 68,259 78,313 June — 1 2 34,118 35,989 36,629 37,160 37,085 39,867 42,982 47,186 49,642 51,028 55,460 63,748 67,699 68,461 78,779 34,158 36,030 36,689 37,223 37,325 40,076 43,194 47,440 49,752 51,383 55,724 64,231 67,750 68,834 79,152 July — 1 2 34,228 36,115 36,739 37,228 37,528 40,187 43,380 47,722 49,859 51,570 55,955 64,795 67,902 69,302 ^79,728 34,410 36,097 36,703 37,057 37,601 40,286 43,490 48,035 49,837 51,602 56,088 64,937 67,781 69,695 ^80,134 Aug. — 1 2 34,464 36,073 36,689 36,959 37,710 40,393 43,600 48,242 49,936 51,683 56,287 65,238 67,729 69,979 34,692 36,045 36,667 36,889 37,803 40,476 43,694 48,343 50,024 51,846 56,408 65,353 67,905 70,667 Sept. — 1 2 34,773 36,056 36,675 36,831 37,894 40,600 43,847 48,439 50,126 52,017 56,616 65,572 67,894 71,019 34,990 36,083 36,625 36,799 38,015 40,737 43,951 48,445 50,150 52,045 56,769 65,426 67,827 71,298 Oct. — 1 2 35,046 36,120 36,654 36,822 38,165 40,957 44,229 48,647 50,277 52,175 57,031 65,480 61,11A 71,700 35,302 36,131 36,635 36,814 38,178 41,067 44,493 48,699 50,349 52,215 57,202 65,518 67,636 71,979 Nov. — 1 2 35,253 36,122 36,621 36,828 38,361 41,235 44,649 48,777 50,412 52,175 57,135 65,410 67,412 72,060 35,298 35,968 36,409 36,663 38,162 41,120 44,388 48,334 50,004 51,628 56,711 64,860 66,757 71,883 Dec. — 1 2 35,182 35,820 36,273 36,569 38,158 41,130 44,453 48,217 49,974 51,644 56,908 64,969 66,779 72,201 35,391 35,922 36,384 36,705 38,385 41,440 44,845 48,695 50,088 51,976 57,318 65,287 67,168 72,838 v Preliminary. U. S. GOVERNMENT DEMAND DEPOSITS OF ALL COMMERCIAL BANKS [Averages of daily figures. In millions of dollars] Semi-monthly period 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 —1 2 2,739 787 953 1,632 1,652 2,761 2,884 1,948 2,170 2,470 2,041 4,008 3,449 3,109 2,855 3,238 2,807 2,621 1,727 2,515 1,476 2,742 1,845 2,990 3,465 4,504 3,689 4,685 3,524 Feb. —1 2 3,183 3,396 1,472 1,845 2,473 3,068 3,454 3,933 2,836 3,830 2,954 3,752 4,188 5,085 3,310 4,179 3,634 3,743 2,295 3,225 1,624 2,320 2,065 2,959 4,284 4,349 3,820 4,467 3,986 5,739 Mar. —1 2 3,750 3,386 1,947 2,272 2,783 3,212 3,143 3,849 3,598 5,309 2,915 4,802 3,901 4,779 3,347 4,689 3,581 3,965 3,028 5,037 2,078 3,869 3,350 5,262 3,177 4,197 3,784 4,801 4,553 4,911 Apr. - 1 3,098 2,776 2,387 2,278 2,979 2,195 3,674 2,918 6,442 5,682 4,764 4,163 4,525 2,958 4,558 3,491 5,339 4,462 4,349 3,826 4,970 3,871 3,480 4,934 5,313 4,008 3,235 4,200 3,442 2,311 May —1 2,404 2,233 2,618 2,764 1,811 1,977 2,697 3,299 5,135 5,144 4,033 4,603 2,719 2,836 3,077 4,713 4,825 5,006 4,627 5,569 4,172 4,000 5,317 5,665 5,139 5,319 5,849 6,816 3,938 5,265 959 968 2,258 2,045 1,236 1,680 2,713 3,376 4,148 4,952 3,645 4,913 1,981 3,287 3,648 4,078 3,911 4,148 4,180 4,190 3,620 4,377 4,379 7,697 3,515 4,539 5,838 6,838 3,298 5,769 954 1,019 1,709 2,228 1,604 1,185 3,470 3,271 5,341 4,349 8,236 6,992 2,807 7,528 4,955 3,484 4,080 5,058 4,483 3,295 5,667 4,116 7,254 4,801 4,347 5,440 6,510 *>4,772 6,848 *>3,902 1,351 1,471 2,403 2,553 2,376 3,256 2,905 3,805 4,066 4,347 6,364 6,228 6,740 6,819 4,607 5,131 4,742 5,011 3,128 5,661 2,384 3,692 4,575 5,903 4,293 5,703 6,147 6,002 Sept. —1 1,467 1,698 2,219 2,630 2,788 3,583 3,466 3,376 2,968 4,267 4,539 5,770 5,575 5,660 4,037 3,948 4,114 3,615 4,441 4,421 2,864 4,112 4,231 3,847 4,706 5,592 4,377 6,348 Oct. —1 2 2,503 1,974 2,499 2,121 3,488 3,376 2,869 2,830 4,382 3,503 5,466 5,346 4,938 3,545 6,216 5,915 4,209 4,690 4,116 3,767 5,132 3,266 4,301 4,124 4,509 5,216 5,945 5,378 Nov. —1 2 1,709 1,588 2,308 2,550 3,385 3,680 2,872 3,163 2,943 3,190 4,378 6,018 4,128 5,726 5,730 6,697 3,993 4,553 3,197 5,106 2,701 3,298 2,954 4,925 4,887 4,545 5,800 5,790 Dec. —1 2 950 996 1,750 1,830 2,832 2,706 2,438 2,289 2,506 2,974 5,030 4,791 3,986 3,672 5,559 4,563 3,248 3,537 3,227 3,548 3,177 3,743 3,739 3,984 4,661 5,200 4,066 5,241 Jan. June —1 2 July —1 2 Aug. —1 2 v Preliminary. 1002 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercia and stock savings banks and nondeposit trust companies All banks Type of office and type of change Nonmember banks Member banks Total Total National Mutual savings State member 2 Total Insured Noninsured Insured 2 Noninsured 1,343 68 52 194 202 223 239 241 268 325 325 511 496 339 327 304 283 278 249 189 Banks (head office) Dec. Dec. Dec. Dec. Dec* Dec. Dec Dec. Dec. June 31, 1934 31 1941 31, 19473 31, 1951 31 1956 31, 1957 31 1958 31, 1959 31, 1960 30 1961 . . . . 16,063 14 825 14,714 14,618 14 167 14,090 14 020 13,991 13,986 13,978 15,484 14 277 14,181 14,089 13 640 13,568 13 501 13,474 13,472 13,464 6,442 6,619 6,923 6,840 6,462 6,393 6,312 6,233 6,174 6,141 5,462 5 117 5,005 4,939 4 651 4,620 4 578 4 542 4,530 4,524 1 502 1,918 1,901 1 811 1,773 1 734 1.691 1,644 1,617 9,042 7,661 7,261 7,252 7,181 7,178 7,192 7.244 7,300 7,324 7,699 6,810 6,478 6,602 6,737 6,753 6,793 6,878 6,948 6,991 3,133 3 699 4,332 5 383 7 955 8.609 9 286 10 099 10 969 11,370 3,007 3 564 4,161 5 153 7,589 8,204 8 861 9.652 10 483 10,863 2,224 2,580 3,051 3,837 5,886 6,378 6,924 7,492 8,133 8,483 1,243 1 565 1,870 2 370 3 809 4,178 4 534 4,973 5 509 5,728 981 1 015 1,181 1 467 2,077 2,200 2 390 2,519 2 624 2,755 783 984 1,110 1,316 1,703 1,826 1,937 2,160 2,350 2,380 47* 3 932 1,043 1,275 1,666 1,789 1,898 2,118 +63 +_63 + 12 +1 -65 -3 -1 -65 -3 -1 980 851 783 650 444 425 399 366 352 333 189 Branches and additional offices Dec Dec. Dec Dec. Dec. Dec Dec. Dec. Dec. June 31 1934 31 1941 31 19473 31, 1951 31, 1956 31 1957 31 1958 31, 1959 31 1960 30, 1961 . . . . 52 67 41 37 37 39 42 47 2,303 2,336 44 +51 +45 +6 -26 -1 -24 —1 -2 412 6 32 124 165 257 296 305 318 381 398 103 47 65 109 109 120 129 105 109 Changes, Jan.-June 30, 1961 Banks: New banks ^ Suspensions Consolidations and absorptions: Banks converted into branches Other Voluntary liquidations * Conversions: National into State State into national Federal Reserve membership: 7 Admissions of State banks .2 Withdrawals of State banks Federal Deposit insurance: 8 Admissions of State banks Net increase or decrease Number of banks June 30 1961 1 -19 -1 _ j +3 +3 +5 -8 13,978 -8 13,464 -33 6,141 -6 4,524 + 338 +65 -25 +255 + 52 -20 + 187 +34 — 14 + 68 — 12 2 + 12 + 15 -15 2 +3 -3 -3 2 +1 -2 -8 +7 +7 -27 1,617 +24 7,324 +20 +43 6,991 + 83 + 13 —5 + 83 + 13 —5 +2 +2 + 53 -10 -53 -10 -53 i — 20 -19 333 325 189 + 17 +4 +378 +218 + 130 +30 +3 + 33 —3 -3 + 17 +4 10,594 8,243 5,516 2,727 2,351 2,307 44 398 109 +5 +5 -3 +2 +2 +1 -1 269 Beginning with 1959, figures include all banks in Alaska and Hawaii. One national bank in Alaska with no branches and one in the Virgin Islands with one branch have been included in this series since 1954 and 1957, respectively. Other banks in territories and possessions are excluded. 2 State member bank and insured mutual savings bank figures both include, 1941 to 1959, inclusive, three member mutual savings banks not included in the total for commercial banks; and subsequent figures reflect the withdrawal of one from membership in 1960 and one in 1961. State member bank figures also include, since 1954, one noninsured trust company without deposits. 3 Series revised as of June 30, 1947. The revision resulted in a net addition of 115 banks and 9 branches. -2 +1 + 10 +53 + 348 +5 269 -20 -1 -8 Branches and additional offices except banking facilities:9 De novo branches + 359 Banks converted into branches +65 Discontinued... .. .. — 25 Interclass branch changes: National to State member National to nonmember . . . . . . . State member to national State member to nonmember Nonmember to national Nonmember to State member Noninsured to insured Net increase or decrease + 399 Number of branches and additional offices, June 30 1961. 11,101 Banking facilities:9 Established Discontinued Interclass changes: National to nonmember Nonmember to national Net increase or decrease Number of facilities June 30 1961 -39 -2 i 240 4 + 10 +4 +1 -1 +1 +1 212 +1 28 +1 +1 29 29 Separate figures not available. 5 Exclusive of new banks organized to succeed operating banks. Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7 Exclusive of conversions of State member banks into national banks that8 are shown separately under conversions. Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, and vice versa. 9 Banking facilities (other than branches) that are provided at military and other Government establishments through arrangements made by the Treasury Department. 6 1003 FEDERAL RESERVE PAR LIST NUMBER O F BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST* Federal Reserve district, State, or other area Total banks on which checks are drawn, and their branches and offices1 On p ar list Not on par list (nonmember) Nonmember Member Total Banks Branches and offices Banks Branches and offices Banks Branches and offices 13,383 13,375 10,585 10,967 11,711 11,723 10,268 10,652 6,169 6,138 8,147 8,500 401 574 630 921 924 1,375 2,475 1,473 1,307 1,780 1,149 366 773 1 964 713 993 1,294 573 1,177 372 141 125 159 2,683 401 574 630 921 785 827 2,475 1,189 709 1,776 1,072 364 773 1 964 '713 993 1,156 524 1,177 299 97 125 148 2,683 263 480 484 558 432 419 998 480 474 754 634 162 238 14 9 236 113 166 64 20 11 310 94 34 179 52 1,731 7 206 54 67 14 156 12 9 132 113 166 64 20 11 269 93 34 179 33 1,731 7 206 54 67 13 Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana M^aine 419 7 32 971 442 670 589 353 191 46 118 87 86 4 324 188 29 154 181 134 143 7 32 970 442 670 589 353 85 46 Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire 133 166 376 687 193 623 121 421 7 73 252 384 592 6 142 32 1 14 39 4 New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma 249 57 389 171 156 583 388 48 686 9 Total, including Puerto Rico and Virgin Islands: 2 Dec 31 1960 June 30 1961 Districts, June 30, 1961: Boston New York 2 Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco State or area, June 30, 1961: Alabama Alaska Arizona ... Arkansas California Colorado Connecticut Delaware District of Columbia Florida Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Washington West Virsinia Wisconsin Wyoming Puerto Rico 2 Virgin Islands 2 Branches and offices Banks 5,542 5,585 2,121 2,152 1,672 1,652 317 315 621 1 720 572 860 721 427 715 204 49 95 106 2,410 138 94 146 363 353 408 1,477 709 235 1,022 438 202 152 244 141 133 435 97 462 95 48 30 42 273 139 548 138 49 284 598 4 77 2 73 44 93 7 4 78 59 96 31 5 8 130 87 32 145 29 1,603 6 160 25 61 11 63 5 5 54 54 70 33 15 3 139 6 2 34 4 128 1 46 29 6 2 82 2 1 104 19 116 87 86 4 3^4 188 29 154 152 134 68 2 18 524 225 163 212 102 53 29 97 30 79 4 219 17 21 107 121 93 75 5 14 446 217 507 377 251 32 17 19 57 7 133 166 376 290 55 569 121 421 7 73 252 384 592 6 73 32 1 14 39 4 59 119 213 208 35 171 87 138 5 52 125 324 480 6 45 22 1 12 34 3 74 47 163 82 20 398 34 283 2 21 127 60 112 447 61 1 426 '523 29 658 24 20 I 830 91 249 57 389 100 58 583 382 48 686 9 447 61 1 426 '393 9 658 24 204 830 91 215 37 337 37 40 368 226 13 526 5 399 36 1 354 212 3 570 24 175 708 69 34 20 52 63 18 215 156 35 160 4 48 25 72 181 6 88 146 174 295 1,017 50 54 305 88 182 561 153 59 225 30 75 34 299 299 79 71 220 987 50 54 304 88 182 561 145 35 213 30 75 34 299 299 31 59 82 576 20 31 197 35 111 157 107 28 153 28 64 18 216 286 48 12 138 411 30 23 107 53 71 404 38 7 60 2 11 16 83 13 130 55 10 1 1 124 6 55 10 1 1 124 6 40 1 14 6 15 10 110 160 160 1 Comprises all commercial banking offices in the United States, Puerto Rico, and the Virgin Islands on which checks are drawn, including 269 banking facilities. Number of banks and branches differs from that in the preceding table because this table includes banks in Puerto Rico and the Virgin Islands, but excludes banks and trust companies on which no checks are drawn and one member mutual savings bank. 1 30 Banks 105 171 8 47 31 41 28 10 Branches and offices 11 41 1 276 2 i 106 29 397 138 54 69 71 98 130 20 2 5 1 6 29 122 22 67 103 75 30 8 24 12 1 2 Puerto Rico and the Virgin Islands assigned to the New York District for purposes of Regulation J, "Check Clearing and Collection." Member branches in Puerto Rico and all except one in the Virgin Islands are branchss of New York banks. 1004 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 End of quarter Asset or liability, and activity* 1960 1954 1955 1956 1957 1958 1 Loans, by purpose and agency: To aid agriculture, total Banks for cooperatives Federal intermediate credit b a n k s 2 . . Farmers Home Administration Rural Electrification Administration. Commodity Credit Corporation Other agencies 609 553 591 2,874 3,298 1,499 1,001 3,140 1,929 1,698 1,013 3,186 1,347 1,698 1,032 3,236 1,634 8,299 650 1,502 984 3,287 1,877 (3) 8,817 667 1,626 1,081 3,329 2,114 4,860 3,924 936 1 6,735 5,568 1,167 1 6,998 5,759 1,238 7,564 7,854 8,032 6,017 6,237 6,342 1,432 1,498 1,370 185 193 176 7,948 6,196 1,556 197 733 185 166 382 739 184 158 397 754 182 155 417 750 180 154 425 2,136 1,522 1,802 1,783 2,027 1,525 319 87 231 316 91 225 311 92 219 388 136 252 333 98 234 337 95 242 9,972 10,164 10,245 10,394 3,239 3,261 3,254 3,313 3,373 3,373 3,373 3,320 3,363 3,115 3,244 3,291 399 244 286 327 10,674 3,390 3,320 3,511 452 6,752 457 734 724 2,488 2,349 (3) 6,681 454 935 832 2,688 1,778 (3) 8,672 2,907 2,461 383 63 3,205 2,641 480 84 3,680 3,072 464 145 4,769 3,998 770 1 431 353 79 678 306 261 112 619 209 219 191 674 251 217 206 680 216 187 278 To financing institutions 870 1,419 1,233 1,270 1,298 To aid States, territories, etc., total. Public Housing Administration.. Other agencies 272 112 160 245 90 155 246 106 140 264 105 159 293 106 187 9,510 3,362 3,419 2,682 46 9,840 3,235 3,373 3,043 189 548 458 89 752 691 62 Foreign, total Export-Import Bank 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* Inventories, total Commodity Credit Corporation.. Defense Department General Services Administration. Other agencies 8,001 2,806 3,570 13624 1 166 127 39 7,988 8,223 2,702 2,701 3,519 3,470 1,767 1,995 57 256 209 47 344 283 62 511 1,169 819 -309 -228 -268 -367 -368 -413 19,348 20,238 20,657 22,395 25,493 27,865 3,739 1,018 256 458 1,825 181 3,420 249 3,804 896 274 471 1,937 226 3,420 298 4,198 995 288 567 2,049 300 3,420 283 4,670 1,092 332 649 2,178 419 4,795 323 1 782 722 60 7,797 8,191 985 765 219 748 178 151 418 968 1,003 855 823 148 145 737 175 139 424 1,052 902 150 -418 -560 -503 -517 -544 28,090 28,833 29,628 30,333 30,574 4,998 1,282 4,931 1,186 5,096 1,230 331 698 2,310 525 4,949 345 5,484 1,498 346 725 2,403 512 4,949 340 2,967 641 228 327 1,624 147 3,385 197 3,236 745 241 381 1,720 149 3,385 179 3,852 3,302 4,356 21,375 21,628 20,810 21,476 21,294 20,832 20,644 20,527 20,099 3,025 3,036 4,257 4,228 4,172 4,279 3,867 4,493 3,747 3,651 8,425 7,971 7,761 7,527 7,471 11,004 11,136 9,681 8,422 8,420 8,447 8,501 8,513 8,557 [6,517 7,282 7,919 8,370 609 \ 201 185 174 204 194 208 193 186 209 > 550 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 8,046 4,798 421 1,739 728 7,822 4,822 421 1,829 450 360 Bonds, notes, & debentures payable (not guar.), total... Banks for cooperatives Federal intermediate credit banks Federal home loan banks Federal National Mortgage Association 1,068 156 640 272 4,874 1,165 345 667 328 653 317 688 2,270 2,289 2,292 435 440 447 4,796 4,875 4,875 337 338 335 9,962 10,670 4,535 4,721 398 396 1,801 1,777 88 25 283 285 342 372 1,322 1,308 637 599 608 1,134 9,124 2,880 411 1,924 9 310 352 1,221 640 1,376 9,156 2,928 9,023 2,736 9,381 2,912 411 418 417 1,911 1,930 1,916 9 313 349 9 368 355 9 454 353 1,261 1,312 1,339 640 492 540 300 9,985 4,502 398 1,762 236 276 311 1,298 590 613 1,333 1,402 1,442 2,379 185 665 958 570 2,711 257 721 963 770 4,662 247 902 825 2,688 4,038 303 1,124 714 1,898 5,974 404 1,359 1,774 2,437 5,767 6,308 5,612 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 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. 213 156 57 8,754 3,040 3,470 2,195 49 3 8,178 6,715 375 689 681 2,348 2,621 1 To industry, total Treasury Department... Commerce Department. Other agencies 2 7,762 623 1,396 916 3,083 1,745 6,929 367 638 701 2,226 2,981 18 To aid home owners, total Federal National Mortgage Association. Veterans Administration , Other agencies , 1961 1959 396 342 362 1,440 1,293 2,638 1,628 1,255 3,082 1,669 1,167 2,413 9,411 2,917 417 1,903 9 462 351 1,283 559 1,511 9,514 2,942 417 1,961 9 479 348 1,287 558 1,514 5,707 438 1,460 1,266 2,542 5,271 456 1,554 824 2,436 NOTE.—Coverage has changed in some of the periods shown. Beginning with 1956, changes reflect the expended 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. Financial Statistics * International * Reported gold reserves of central banks and governments. . 1006 Gold production. 1007 Net gold purchases and gold stock of the United States. 1008 Estimated foreign gold reserves and dollar holdings. 1009 International capital transactions of the United States. 1010 United States balance of payments. 1019 Money rates in foreign countries. 1019 Foreign exchange rates. 1021 Index to statistical tables 1027 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. 1005 1006 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated total world1 End of month 1954 Dec 1955—Dec 1956 Dec 1957 Dec 1958—Dec 1959—Dec . . I960—June July Aug Sept Oct Int'l Monetary Fund United States Estimated rest of world Argentina 36,940 37,620 38,115 38,820 39,490 40,185 1,740 1,808 1,692 1,180 1,332 2,407 21,793 21,753 22,058 22,857 20,582 19,507 13,405 14,060 14,365 14,785 17,575 18,270 372 372 224 126 60 56 138 144 107 126 162 154 62 71 71 103 194 292 [,270 1,134 40,565 2,515 2,527 2 562 2,564 2 603 2 723 2,439 19,363 19,188 19 045 18,725 18 443 17 948 17,804 18,685 55 55 80 84 84 20,280 104 149 153 156 159 157 147 147 292 293 293 293 293 293 293 2 446 2 447 2,476 2 476 2,479 2,482 17 480 17 412 17,433 ^20,750 17 435 17,451 17,603 138 150 149 150 153 153 293 293 293 293 293 293 40,690 Nov 40,525 Dec 1961 Jan Feb Mar M0,660 Apr May June End of month Denmark Cuba 12 12 23 23 174 174 22 188 31 31 31 136 80 50 31 31 31 11 11 10 I960—June July Aug Sept 19 19 3 3 1 1 1 1 31 31 31 31 31 31 31 10 10 10 10 10 10 10 31 10 1 31 31 31 31 31 End of month Iran 1954—Dec 1955—Dec 1956—Dec 1957—Dec 1958—Dec 1959_Dec I960—June July Aug Sept Oct Nov Dec . . . 1961—Jan Feb Mar Apr May June El-Salvador Austria Finland Belgium Colombia Congo, Rep. of the 42 44 46 40 40 43 86 86 57 62 72 71 115 116 122 81 83 42 909 906 904 894 891 42 42 42 42 45 73 74 74 75 76 38 886 45 77 Brazil Canada 322 323 324 324 325 327 1,073 1,134 1,103 1,100 1,078 960 ,191 ,175 ,094 1,094 1 112 I 158 1,170 286 287 287 287 287 287 885 I 156 I 137 1,132 [,086 1,069 1,074 287 885 39 79 287 886 45 79 778 929 925 Q1S 287 287 288 44 46 46 47 Germany, France 2 Federal Greece Republic of Guatemala 288 188 174 174 31 35 35 35 35 38 708 942 924 581 750 1.290 626 920 1,494 2,542 2 639 2,637 13 17 26 20 20 20 20 20 20 20 174 174 174 174 174 174 174 30 30 30 30 30 30 30 38 38 38 38 41 41 41 [.551 1,560 I 568 1,627 I 622 [,626 1,641 2.772 2,818 2 879 2,888 2 915 2,943 2,971 20 174 20 20 20 20 20 174 174 174 174 174 30 30 30 26 25 41 41 41 41 41 45 1,641 1,644 [ 883 ,952 2,999 3,029 3 242 3,296 3 433 3,513 Italy Lebanon Mexico 45 884 891 899 906 29 28 28 31 31 30 22 22 20 Chile 994 2,020 NetherNew lands Zealand Norway 78 80 81 82 India 11 11 27 27 247 247 10 27 247 Indonesia 27 27 24 247 247 247 81 81 45 39 37 33 26 26 26 31 31 31 76 24 24 24 24 24 24 24 247 247 247 247 247 247 247 33 33 33 33 37 57 58 76 24 247 76 16 11 80 24 247 247 247 247 247 58 58 Pakistan Peru Philippines Portugal 138 138 138 138 141 140 14 20 34 84 18 18 18 18 18 18 346 352 338 452 1,086 1,749 63 74 77 91 91 102 62 142 167 180 143 142 796 865 844 744 1,050 1,132 33 33 33 33 33 34 45 45 50 45 43 30 38 48 49 49 49 50 35 35 35 28 19 28 9 16 22 6 10 9 429 428 448 461 493 548 131 84 18 30 52 30 30 52 52 28 28 27 131 131 130 111 98 98 34 34 35 35 35 35 35 28 18 1,231 1,246 1,246 1.346 ,376 ,376 1,451 52 84 84 142 122 122 121 140 139 137 30 84 131 131 1,997 1,998 2,088 2,186 2,186 2,198 2,203 102 131 30 30 30 52 52 52 42 42 42 16 16 12 13 14 14 15 549 550 550 550 550 550 552 130 130 130 130 130 98 98 98 2,204 2,217 2,128 2,128 119 119 119 119 119 119 135 135 136 1,451 1,451 1,451 1,458 1 458 1,464 35 35 35 35 30 30 30 30 30 30 52 52 53 53 53 53 47 47 47 47 47 47 16 18 19 20 20 21 553 553 539 510 496 v Preliminary. For other notes see end of table. 11 Ireland, Republic of Iraq 188 193 Egyptian Region— U.A.R. 136 1961—Jan Feb Mar Apr May June 158 Ecuador 186 136 Oct 84 Dominican Republic 1954 Dec 1955 Dec 1956—Dec 1957 Dec 1958—Dec 1959—Dec Nov Dec 19,400 Australia 8 18 18 18 18 18 18 18 18 18 18 18 102 102 102 102 102 119 3S 35 1007 GOLD RESERVES AND PRODUCTION REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] South Africa End of month Spain Sweden Switzerland Syrian Region— U.A.R. Turkey United Kingdom 3 113 112 112 112 112 104 144 144 144 144 144 133 2,762 2,120 2,133 2,273 3 069 2,736 Thailand Venezuela Yugoslavia Bank for Int'l Settlements 4 227 216 186 180 180 180 403 403 603 719 719 652 14 16 17 13 17 16 76 121 59 24 — 42 — 134 153 244 268 254 126 40 48 Uruguay 199 212 224 217 211 238 132 132 132 101 57 68 265 276 266 219 204 191 ,513 ,597 ,676 ,718 925 1,934 I960—June July Aug Sept Oct Nov Dec 240 233 219 204 187 176 178 78 78 88 98 108 158 178 171 171 171 171 171 171 170 1,774 ,896 I 960 980 2 020 2,059 2,185 104 104 104 104 104 104 104 133 133 133 133 133 134 134 2.892 2,996 3 072 3,108 3 139 3.167 3,231 180 180 180 180 180 180 180 512 512 512 462 428 398 398 7 7 7 6 6 5 4 — 103 -107 — 103 -79 — 54 — 36 -19 1961—Jan Feb Mar Apr May June 170 187 196 172 149 153 189 205 205 205 205 217 170 170 170 170 170 170 2 184 2,162 2,165 2,239 2,247 2,271 104 104 104 104 104 134 134 134 134 134 134 3 245 3,195 3,021 2 948 2,903 2,772 180 180 180 180 180 398 398 398 398 398 398 5 5 5 5 5 53 83 48 111 44 — 17 1954 Dec 1955 Dec 1956—Dec 1957 Dec 1958—Dec 1959—Dec . . . 17 19 19 24 24 1 Excludes U.S.S.R., other Eastern E u r o p e a n countries, a n d China Mainland. Represents reported gold holdings of central banks a n d governments a n d international institutions, unpublished holdings of various central banks a n d 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. T h e figures included for the Bank for International Settlements represent the Bank's gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of t h e gold deposited with the B.I.S. is included in the gold reserves of individual countries. GOLD EPUEF5 53 56 78 2 Represents holdings of Bank of France and French Exchange Stabilization F u n d . 3 Beginning with December 1958, represents Exchange Equalization Account gold a n d convertible currency reserves, as reported by British G o v e r n m e n t ; prior t o that time represents reserves of gold a n d U . S. a n d C a n a d i a n dollars. 4 Represents net gold assets of B.I.S., i.e., gold in bars a n d coins a n d other gold assets minus gold deposit liabilities. 5 E u r o p e a n Payments U n i o n through December 1958 and E u r o p e a n F u n d thereafter. PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated world production i Year or m o n t h 1954 1955 1956 1957 1958 1959 1960 I960—May June July Aug Sept Oct Nov Dec 1961—Jan Feb Mar Aor May Total South Africa Rhodesia Ghana 826.0 873.5 911.6 952.8 980.1 1,125.0 1,060.3 462.4 510.7 556.2 596.2 618.0 702.2 748.4 18.8 18.4 18.8 18.8 19.4 19.8 19.6 27.5 23.8 21.9 27.7 29.2 32.0 31.0 92.0 63.1 63.4 63.6 63.5 63.4 63 4 63.4 62.2 1.6 1.6 2.6 2.6 26 63.7 62 7 65 7 65.3 67.5 7 2.5 9 8 2.5 895.0 940.0 975.0 1,015.0 1,050.0 . . . . . . . North and South America Africa 3 91.6 3 92.5 3 92.7 3 93.1 3 92 6 3 92.0 1.6 1.7 7 6 6 7 2.6 26 25 2.5 25 25 1 Excludes U.S.S.R., other Eastern European countries, China Mainland, and N o r t h Korea. 2 Gold exports representing a b o u t 90 per cent of total production. 3 Excludes Congo. SOURCE.—Estimated world p r o d u c t i o n ; based on reports of the U . S. Other Congo, United Rep. of the States Canada Mexico 12.8 13.0 13.1 13.1 12.8 12.3 65.1 65.7 65.3 63.0 61.6 57.2 152.8 159.1 153.4 155.2 158.8 156.9 161.1 13.5 13.4 12.3 12.1 11.6 11.0 8.2 8.1 7.6 6.9 7.2 7.3 7.0 4.2 3.9 4.3 4.2 3.9 3.8 4.1 1.4 4.1 3.9 13.2 13.5 13.8 13.3 12.9 14.1 13.7 13.8 .8 .8 .5 .6 .3 .3 4.5 4.9 5.0 4.4 4.3 3.9 .7 .8 1.3 .7 .9 .5 .6 .6 .6 .6 .6 .4 .4 .3 .3 .4 .3 3.2 2.9 3.7 3.2 3.3 13.2 12.6 13.7 13.1 13.4 .6 .6 .3 4 .4 .4 .4 Nicaragua2 AusBrazil Colombia tralia 13.2 13.3 15.3 11.4 13.0 13.9 15.2 1.1 1.1 1 7 3 4 39 1 36.7 36.1 37.9 38.6 38.1 37 8 2.8 3.4 32 3.1 1 34 33 31 34 4 0 29 29 India 8 4 7.4 7.3 6 3 6.0 58 5 7 .5 4 5 r 5 5 0 Bureau of Mines. Production reported m o n t h l y : reports from individual countries except G h a n a , Republic of the Congo and Brazil, d a t a for which are from American Bureau of Metal Statistics. F o r the United States, annual figures are from the U . S. Bureau of the Mint and monthly figures are from American Bureau of Metal Statistics. 1008 U. S. GOLD NET GOLD PURCHASES BY T H E 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 1960 Area and country 1953 1955 1954 Western Europe: -6 -85 Germany (Fed. Rep. of) Italy Portugal -130 -65 -60 -55 Switzerland United Kinsdom Bank for Int'l Settlements Other -65 —480 -94 -37 -16 — 50 -20 -6 -1,016 Total 1956 -226 -378 -68 -10 -85 -28 -19 -132 62 -6 3 25 31 -8 100 4 18 -78 80 8 -84 -329 — 349 -261 -20 32 -215 —900 -178 -21 68 - 2 , 3 2 6 15 5 115 75 1960 1 2 3 -83 -39 -266 -1 -141 -173 -34 -1 -26 —25 -7 —56 -83 — 117 -34 -30 -10 -249 -10 -25 -110 — 105 -23 100 -33 -160 —200 — 81 -165 — 350 — 36 -83 — 58 -55 150 23 -35 1959 1958 67 20 -350 -32 -38 -114 -324 — 550 -36 -96 -827 -1,718 -2 1 -40 -49 -50 -20 4 -ir 1 -576 -1,053 -30 -20 —20 -244 -90 14 -200 56 6 2 -30 65 -16 -30 -1 -1 —6 -22 -12 14 -28 81 69 19 -100 -1 -1 -36 -62 -102 -10 -5 0) 18 -30 -4 -157 -28 -15 -97 0) -26 -15 -4 -67 -20 -6 -10 -5 0) 18 -34 -186 -113 -26 -19 -67 -20 -10 -1 1 14 0) -3 -5 -38 0) 0) -8 0) -29 0) Total foreign countries... - 1 , 1 6 4 -327 -68 80 172 - 2 , 2 9 4 -998 -1,969 -42 -84 -632 -1,212 -366 200 600 -327 -68 280 772 - 2 , 2 9 4 -42 -84 -632 ... 80 -30 12 3 -34 -5 Canada Latin America: Argentina Mexico 1957 1961 . Other Total Asia: Other Total All other International institutions 2 ... -1,164 Grand total iXess than $500,000. 2 Figures represent purchases of gold from, or sales to (—), the International Monetary Fund. 3-44 300 3-1,041 - 1 , 6 6 9 300 -912 -366 3 Includes payment of $344 million in June 1959 as increase in U. S. rold subscription to the International Monetary Fund. ANALYSIS OF CHANGES IN U. S. GOLD STOCK, AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U. S. MONETARY AUTHORITIES [In millions of dollars] Gold Gold Year Stock (end of year) Treasury Total i 1949 1950 1951 1952 1953 24 427 22 706 22.695 23 187 22 030 24 563 22,820 22,873 23 252 22,091 1954 1955 1956 1957 1958 21,713 21 690 . . . 21,949 22,781 20,534 21,793 21,753 22,058 22,857 20,582 1959 1960 19,456 17,767 Total stock: increase, or decrease (-) 165 -1,743 53 380 -1,162 -297 Net import, or export (-) 686 -371 -549 684 2 -2,275 16 97 106 104 260 19,507 2-1,076 17,804 -1,703 302 333 -41 306 799 Earmarked : decrease, or increase (-) -496 I960—July -1,352 Aug 618 Sept -305 Oct Nov -1,171 Dec -325 - 1 3 2 1961—Jan 319 Feb 600 Mar Apr -2,515 May -1,324 June -1,982 July p Preliminary. i Includes gold in Exchange Stabilization Fund, which is not included in 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." Month Stock (end of month) Total stock: increase, or decrease (-) Treasury Total i 19,144 19,005 18,685 18,402 17,910 17,767 19,188 19,045 18,725 18,443 17,948 17,804 -174 -144 -319 -282 -495 -144 17,441 17,480 17,373 17,412 17,388 17,433 17,390 17,435 17,403 17,451 17,550 17,603 ?17,527 ^17,590 -324 -68 21 2 16 152 P-13 Net import, or export Foreign Earmarked : currency holdings decrease, (end of or inmonth) crease (-) 49 12 5 125 19 3 -222 -151 -319 -397 -512 -145 -20 -47 -322 -137 -88 -131 -96 (3) 3 161 92 152 254 4-3 25 175 165 186 (3) 2 Includes payment of $344 million as increase in U. S. gold subscription to the International Monetary Fund. 3 Not available. 4 Gold held under earmark at the Federal Reserve Banks for foreign and international accounts amounted to $11,506 million on July 31, 1961. Gold under earmark is not included in the gold stock of the United States. 1009 GOLD RESERVES AND DOLLAR HOLDINGS ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1959 Area and country Western Europe: Austria Belgium Denmark Finland France Germany (Fed. Rep. of) Greece Italy Netherlands Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Other 3 623 272 168 109 945 624 212 119 617 125 686 154 404 903 164 490 592 Canada Total Asia: India Indonesia Iran Japan Philippines Thailand Other Total All other: Australia Egyptian Region—U.A.R... Union of South Africa Others 556 1,339 145 123 2,041 4,682 186 3,053 1,646 129 674 189 388 2,708 163 3,716 616 141 1 3 101 88 (2) 323 51 3,909 565 Grand total6 064 Memorandum item: Sterling area 4,729 3 79 84 38 U.S. Govt. U.S. Gold& bonds & notes* Gold& U.S. Govt. shortshort- Govt. bonds term term bonds & notes dollars Old New dollars & notes series series 536 1,316 85 87 2,160 6,447 139 3,080 1,779 111 636 327 397 2,863 152 4,467 '525 () 14 158 1 3 78 74 39 7 6 28 1 16 16 i 143 3 77 57 39 () 148 1 82 94 44 491 1,282 89 85 2,475 6,752 143 2,912 1,731 113 615 316 438 2,721 158 4,380 589 3 2 31 141 1 1 93 91 (2) 449 45 849 25,107 819 838 25,290 868 452 485 429 424 416 446 3,315 464 419 481 180 236 78 68 534 123 114 231 796 370 501 480 177 240 64 77 472 95 112 227 892 316 1 86 3,630 3,653 41 40 301 236 152 2,166 218 '290 989 295 159 173 2,307 214 318 986 2 (2) 45 92 4,452 57 35 233 195 227 600 3,307 3,439 105 3,823 106 3,717 351 183 176 1,644 190 '253 1,236 r 4,033 3,552 443 448 186 262 149 70 497 116 105 240 813 388 450 193 277 168 77 574 128 100 242 897 273 70 r 4,002 105 3,666 297 195 156 1,984 237 '276 1,026 115 263 216 280 '548 r 4,171 1,306 55 '1,307 58 '1,242 1,58: '35,810 1,59: '37,044 660 '5,754 2,16' 407 r 40,577 4,972 (2) 1 i 103 235 196 207 '600 29 '1,238 1,491 709 '5,835 755 '6,133 671 r 2,291 41,645 2,34' '43,177 2,16: 5,627 489 476 r P Preliminary. Revised. 1 Of the two sets of figures shown, the first continues the series based on a 1955 survey and reported securities transactions; the second is based on a survey as of Nov. 30, 1960, and reported securities transactions in December. Data are not available to reconcile the two series or to revise figures for earlier dates. 2 Less than $500,000. 3 Includes other Western European countries, unpublished gold reserves of certain Western European countries, gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, European Payments Union/European Fund, and the Bank for International Settlements; the figures for the gold reserves of the B.I.S. represent the Bank's net gold assets (see note 1 to table on reported gold reserves). 5,302 '4,352 259 196 235 '552 1,507 r34,823 4: 3,324 454 460 179 242 108 65 495 127 97 244 795 400 306 188 168 1,755 214 '264 1,107 272 207 299 528 264 194 287 525 270 1 158 516 1,240 78 85 2,273 5,995 109 3,181 1,646 115 638 235 395 2,786 149 4,503 469 Mar. 31, 1961* 885 24,413 955 499 141 1 3 79 87 (2) 368 38 490 1,340 111 99 2,310 5,243 138 3,049 1,643 131 637 227 432 2,713 152 4,124 506 Dec. 31, 1960 866 23,345 361 172 187 564 181 '245 245 Total foreign countries6 Sept. 30, 1960 855 22,354 393 478 228 288 214 61 584 129 110 242 929 253 Total International institutions June 30, 1960 Gold& U.S. Gold& U.S. Gold& U.S. Gold & short- Govt. short- Govt. short- Govt. shortterm bonds term bonds term bonds term dollars & notes dollars & notes dollars & notes dollars Total Latin America: Argentina Brazil Chile Colombia Cuba Guatemala Mexico Panama, Republic of Peru Uruguay Venezuela Other * Mar. 31, 1960 550 87 27 28 35 1,409 1,426 r 37,651 '6,394 884 900 r 44,045 2,293 2,326 5,558 512 536 4 () 1 28 () 38 5,488 4 Includes other Latin American republics and the Inter-American Development Bank. 5 Includes unspecified countries in Africa, Oceania, and Eastern Europe, and all Western European dependencies located outside Europe and Asia. 6 Excludes gold reserves of the U. S. S. R., other Eastern European countries, and China Mainland. 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 following section). U. S. Govt. bonds and notes are holdings with original maturities of more than 1 year. 1010 INTT CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] End of month Grand total International institutions 2 Official Private Germany, Fed. Rep. of 8,045 7,917 8,665 '9,154 5,442 5,724 5,950 7,076 1,835 1,557 1,755 1,987 [,012 1,275 873 990 4,019 4,310 5,081 5,496 6,865 7,142 7,708 8,473 1,516 1,623 2,019 2,198 2,346 2,575 2,403 2,408 2,415 1,946 2,205 '2,780 '17,123 '17,412 '17,748 '17,644 '17,734 '17,186 '17,371 '9,599 '9,759 '10,159 '10,094 '10,305 '10,077 '10,326 7,524 7,653 7,589 7,550 7,429 7,109 '7,045 2,471 2,701 2,866 3,107 3,290 3,364 3,476 1,599 ,736 ,800 1,828 1,793 ,641 1,667 4,862 4,565 4,515 4,243 4,188 3,954 3,902 8,932 9,003 9,180 9,178 9,271 8,959 9,045 2,530 2,683 2,699 2,658 2,711 2,507 2,439 2,434 2,496 2,541 2,433 2,365 2,336 2,422 '2,830 '2,860 '2,942 '3,003 '3,004 '3,022 '3,113 397 '16,974 3,817 '16,956 3,877 17,216 3,917 16,940 3,920 17,150 3,970 17,508 '10,145 '10,095 10,308 9,895 9,921 10,056 '6,829 '6,860 6,908 7,044 7,229 7,453 3,502 3,583 3,510 3,184 3,086 3,075 1,633 1,568 1,755 1,619 [,645 I 709 3,581 '3,536 3,612 3,765 3,979 4,364 8,716 8,688 8,877 8,568 8,711 9,147 2,442 2,422 2,431 2,437 2,622 2,656 2,324 2,294 2,372 2,343 2,294 2,217 '3,150 '3,204 3,188 3,198 3,171 3,132 342 348 Foreign countries Total Dec Dec Dec Dec 14,939 15,158 16,159 r 19,389 1,452 13,487 1,517 13,641 1,544 14,615 43,158 '16,231 I960 June July Aug Sept '20,443 '20,748 '21 217 '21,213 r 21 419 r 20,886 '21,326 r 3,320 '3,336 '3,469 '3,569 '3,685 r 3,700 '3,955 '20,916 '20,773 21,093 20 857 21,069 21,478 r 3,942 r 1956 1957 1958 1959 Oct Nov Dec 1961 Jan Feb Mar Apr May*3 June^1 United King- Other Europe Total Europe Latin Canada America All other Asia dom 346 355 279 373 369 386 374 384 362 352 348 393 352 357 Table la. Other Europe End of month 1956 1957 1958 1959 Dec Dec Dec Dec 1960 June July Sept Oct Nov Dec 1961 Jan Feb Mar Apr p May June** . ... Other Europe Austria Belgium Denmark Finland 4,019 4,310 5,081 5,496 296 349 411 331 117 130 115 138 65 112 169 137 53 64 69 71 626 354 532 655 177 154 126 186 4,862 4,565 4,515 4,243 4,188 3,954 3,902 198 197 203 223 229 231 243 149 172 166 146 140 141 80 72 53 47 53 53 54 61 64 49 47 48 45 46 759 650 726 646 658 583 519 112 3,581 '3,536 3,612 3,765 3,979 4,364 213 205 198 194 189 187 54 52 58 57 47 50 45 47 44 44 51 67 579 687 592 633 723 842 49 52 67 68 62 59 '146 '132 '139 150 187 220 237 France Greece Neth- Norerlands way Portugal Spain Sweden Switzerland Turkey All others 134 203 339 485 67 93 130 95 137 142 163 138 43 24 36 86 217 260 303 213 836 967 852 969 20 18 20 31 299 360 694 590 953 923 877 412 386 355 300 289 277 328 101 88 85 85 83 81 81 88 88 87 88 84 85 84 149 133 132 137 187 157 149 261 250 250 224 219 210 227 939 878 820 806 755 693 678 19 18 14 16 18 17 18 483 386 380 403 418 391 r 389 794 724 784 823 857 925 275 246 280 265 249 270 80 82 83 84 98 101 81 80 76 80 82 73 114 127 111 118 125 135 229 233 268 282 339 404 612 568 556 538 523 579 21 19 24 17 13 16 '303 '274 323 376 401 419 Italy 930 1,079 1,121 ,370 1,052 1,087 1.119 '995 97 75 78 54 67 63 Table lb. Latin America End of month 1956 Dec 1957 Dec 1958 Dec 1959 Dec 1960 1961 June July Axis, Sept Oct Nov Dec Jan Feb Mar Apr Mayp5 June* Latin BoAmer- Argentina livia ica Colombia Cuba Other Peru Uru- Vene- Latin guay zuela A m e r ica* 25 27 26 28 64 65 42 37 433 386 418 442 69 73 79 88 109 136 146 129 84 60 77 82 73 55 82 62 455 835 494 277 31 27 23 22 22 24 24 46 40 37 41 41 42 94 100 91 88 79 68 72 116 123 128 127 126 122 123 77 82 77 70 64 64 72 60 55 54 64 61 52 51 285 44 355 390 399 374 358 359 397 301 35 36 33 34 34 37 355 407 333 349 360 398 275 282 306 313 30^ 302 31 30 31 29 32 31 27 31 28 29 28 27 50 51 53 58 58 59 367 349 336 358 332 333 70 69 77 84 84 90 108 100 95 89 80 78 65 62 65 66 64 72 49 52 47 49 46 50 378 446 494 458 454 428 293 271 261 251 2">4 2,346 2,575 2,403 2,408 146 137 150 337 29 26 22 24 225 132 138 151 91 75 100 185 153 153 169 217 211 235 286 164 68 54 40 2,434 . .. 2 496 2,541 2,433 2,365 2,336 2 422 388 394 393 370 324 335 315 21 20 20 23 22 21 23 162 162 176 173 185 186 194 144 132 132 137 116 117 135 189 185 175 167 181 166 158 130 120 111 105 90 84 77 35 2 324 2,294 2,372 2,343 2,294 2,217 299 289 313 326 308 283 22 24 23 21 21 21 203 170 193 185 220 186 120 112 133 128 119 124 174 172 160 149 132 119 68 66 63 62 61 58 p Preliminary. ' Revised. For other notes see following page. Brazil Chile NethDoerPanminEl Guate- Mex- lands ama, ican AnSalReRemala tilles pubico pub- vador and lic of lic Surinam 37 111 124 133 148 259 1011 CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table l c . Asia and All Other Asia End of month Total All other Korea, IndoHong Re- Phil- TaiKong India nesia Iran Israel Japan pub- ipwan lic pines of 1956—Dec 1957—Dec 1958—Dec 1959—Dec 2,415 1,946 7 ?o« '2,780 66 151 108 139 55 43 47 52 56 87 99 272 82 77 114 1,017 586 935 J 9R5 61 70 62 60 117 145 148 175 176 172 86 99 94 I960—june July Aug Sent . . . . Oct. '2,830 '2,860 '2,942 '3,003 r 3,004 '3,022 '3,113 58 59 58 59 58 60 57 59 55 51 50 36 37 54 155 158 164 162 170 148 178 37 35 27 25 26 25 22 80 68 72 59 62 71 75 1,476 1,536 1,627 1,705 1,758 1,808 R87 139 143 144 148 153 150 152 198 216 219 224 217 212 203 r 3 150 '3,204 3,188 3 198 3 171 3,132 57 52 53 51 51 52 45 44 48 40 43 41 181 150 101 89 86 85 20 45 43 41 41 48 67 69 62 50 42 47 1,953 1,991 2,028 2,096 2.035 1,983 139 145 155 154 163 168 193 198 195 172 173 162 Nov Dec 1961—Jan Feb Mar Apr 5 May* June p 76 186 20 45 ConThaiAusland Other Total tralia the 148 157 Egyp- Union tian of Re- South Other gion— Africa U.A.R. 50 40 16 20 53 114 39 30 31 38 30 49 153 125 162 114 107 95 100 87 80 88 37 25 27 29 30 32 32 42 46 40 22 24 27 22 40 36 32 31 30 33 29 164 155 191 192 213 189 181 72 73 83 124 76 83 33 33 31 32 22 20 20 20 21 21 22 16 39 36 31 30 40 39 178 184 182 187 192 199 84 425 346 '141 417 371 494 355 279 373 85 79 110 90 87 89 89 86 84 84 '160 '164 '169 '172 '175 '183 '186 379 339 322 311 263 245 215 397 369 386 374 384 362 352 84 81 76 77 77 81 '195 '209 214 215 218 227 216 219 214 215 243 238 342 347 348 393 352 357 44 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1957 1958 1959 1960 Other Europe: Albania Bulgaria Cyprus Czechoslovakia8 Estonia Hungary Iceland Ireland, Republic of Latvia Lithuania Luxembourg Monaco Poland* Rumania* Soviet Zone of Germany U.S. S. R.« .1 .6 .1 .7 1.7 .7 2.9 9.0 .5 .5 16.4 5.4 3.2 .8 3.1 .7 .3 .3 .2 .6 1.7 .9 3.5 10.0 .6 .7 16.1 5.9 4.9 .9 1.4 2.2 .3 1.2 .3 .7 1.8 1.3 2.7 5.4 .6 .6 7.2 5.3 4.0 .9 1.5 2.6 .2 .5 .5 1.0 n.a. 1.0 5.1 2.7 .5 .6 12.6 4.1 6.1 1.1 1.3 12.1 Other Latin9America: Bahamas Bermuda Costa Rica Ecuador French West Indies and French Guiana. Haiti Honduras Nicaragua Paraguay West Indies Federation* 7.9 16.4 22.7 .8 11.2 12.6 12.7 5.1 15.8 6.8 24.5 17.4 .5 7.7 6.3 11.3 3.4 31.6 14.3 18.9 21.7 .5 10.5 12.8 12.5 6.7 32.6 4.7 .9 1.7 4.5 .9 2.2 11.0 .9 Other Asia: Aden Afghanistan Bahrein Islands 47.2 All other: 21.7 Algeria 19.8 Ethiopia and Eritrea 27.3 French Somaliland .4 Ghana 10.7 Liberia 15.0 Libya 11.9 Madeira Islands 4.6 Morocco 11.3 Mozambique New Caledonia New Zealand Somali Republic n.a. Sudan 9.8 Tunisia n.a. p n.a. Not available. Preliminary. ' Revised. 1 Does not include banking liabilities to foreigners maturing in more than one year; such liabilities amounted to $7 million on June 30, 1961. 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.). * Includes $1,031 million representing increase in U. S. dollar subscription to the International Monetary Fund paid in June 1959. 5 Includes Bank for International Settlements. «7 Beginning June 1960 includes Inter-American Development Bank. Except where noted, these data are based on reports by banks in Other Asia (Cont.): Burma. Cambodia Ceylon China Mainland* Iraq Jordan , Kuwait Laos , Lebanon Malaya, Fed. of , Pakistan , Portuguese India (Goa). Ryukyu Islands , Saudi Arabia Singapore Syrian Region—U.A.R.. Viet-Nam 1957 1958 1959 1960 6.7 20.0 34.2 36.3 19.6 1.6 5.9 33.1 28.2 1.6 12.8 2.5 32.7 94.8 7.1 3.5 58.5 5.9 4.3 24.9 19.7 44.1 34.4 36.0 35.8 18.0 63.1 2.8 2.5 10.3 9.4 20.9 21.0 37.9 38.0 1.2 1.4 5.6 23.5 2.5 2.3 15.2 14.8 60.2 111.6 2.5 3.5 4.7 5.0 48.8 68.3 .9 10.9 6.9 34.8 n.a. 1.8 9.6 5.0 36.2 6.3 10.6 1.4 n.a. 18.4 1.9 n.a. n.a. .9 35.1 3.1 .5 27.8 1.0 .7 13.0 6.4 1.0 43.5 2.9 1.4 6.9 .4 9.3 .9 n.a. n.a. 5.6 .9 64.3 2.2 n.a. n.a. 3.5 n.a. 2.8 23.0 10.7 .9 51.5 3.4 1.7 1.9 1.3 1.7 1.3 5.2 .3 .6 18.7 2.0 .4 20.3 17.6 .6 57.8 2.0 1.3 6.8 .8 1.6 8.4 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. 9 Prior to 1960 data for the Bahamas included with West Indies Federation. NOTE.—Statistics on international capital transactions of the United States are based on reports by U. S. banks, bankers, brokers, and dealers, by branches or agencies of foreign banks, by certain domestic institutions not classified as banks that maintain deposit or custody accounts for 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. 1012 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 End of month, or area and country To banks and official institutions To all other foreigners Payable in foreign currencies Total Total Deposits U.S. Treasury bills and 1 certificates Other 2 Total Deposits U.S. Treasury bills and certificates Other* Total amounts outstanding 14,939 12,860 12,847 1,328 243 278 306 295 1,620 1,538 1,524 ,519 1,485 1,437 1,401 2,250 2,250 2,253 2,238 2,262 2,182 '2,227 1,794 1,780 1,770 1,786 1,826 1,777 r [,846 167 165 182 148 233 118 144 127 113 1,299 1,271 1,244 1,267 1.287 1,317 2,122 1,772 1,776 1,792 1,806 1,836 1,842 128 113 102 103 129 133 222 216 213 121 112 111 220 111 133 891 [,132 1,075 6,341 '18,110 '18,414 '18,873 '18,857 '19,013 '18,577 '18,986 '7,189 '7,368 '7,634 '7,651 '7,642 '7,454 '7,568 '9,300 '9,509 '9,716 '9,687 '9,885 '9,686 '10,018 '18,672 '18,556 18,875 18,617 18,756 19,123 '7,322 '7,492 7,723 7,756 7,971 8,221 '10,051 '9,794 9,909 9,594 9,497 9,585 '16,913 I960—June July Aue Sept Oct Nov Dec '20,443 '20,748 '21,217 '21,213 '21,419 '20,886 '21,326 1961 Jan Feb Mar Apr May? Junep '20,916 '20,773 21,093 20,857 21,069 21,478 5,979 1.653 1,766 1,951 1,833 5,990 5,840 VK23 '9,254 16.159 '19,389 15,158 2,030 2,252 2,430 2,398 5,875 6,772 1956 Dec 1957—Dec 1958 Dec 1959—Dec 2,105 2,106 2,129 2,181 2,199 173 172 158 134 209 174 270 289 305 301 279 264 247 216 49 59 59 77 84 '85 91 223 157 (3) (3) Area and country detail, Apr. 30, 1961 Europe: Austria Finland Germany, Fed. Rep. o f . . . . Greece Italy Netherlands Portugal Spain • «• United JCinedom Other Europe Total Latin America: Bolivia Cuba ............ Dominican Republic Fl Salvador Guatemala Mexico Neth. Antilles and Suri- Peru TJriiBiiav • . Venezuela •• Other Latin America Total 184 194 187 57 44 633 192 148 50 43 582 129 12 19 273 5 38 5 272 8 14 1 18 37 2 38 7 2 50 2 34 6 2 44 3,184 68 3,159 52 254 34 2,492 18 413 24 16 20 16 797 227 163 112 454 104 26 35 21 30 84 49 46 2 35 33 1 80 40 37 3 40 38 (3) 118 282 538 99 272 430 98 59 244 19 10 104 18 9 73 17 15 15 2 2 1,619 10 1,288 10 956 9 273 60 324 90 119 (3) 115 285 1 366 12 823 265 205 44 1 9 141 4 1 (3) (3) (3) 3 2 1 1 3 2 3 1 1 4 (3) 3 2 1 (3) (3) (3) (3) (3) 7 24 133 1 50 102 45 11 (3) 1 (3) 30 5 8,568 7,777 2,733 4,029 1,015 705 492 69 144 86 2,437 2,203 1,575 620 8 218 188 23 8 16 326 21 185 128 149 62 261 6 58 87 81 3 163 6 55 81 74 3 77 20 65 15 126 41 69 59 64 15 117 41 68 57 (3) (3) (3) 8 (3) 1 2 (3) (3) (3) 3 6 7 (3) 19 21 18 21 58 358 39 216 23 207 6 10 9 19 142 18 138 84 44 22 6 16 39 17 89 66 14 24 12 23 2 1 1 75 42 29 29 10 8 10 7 49 458 251 21 255 167 19 254 110 40 16 29 203 82 2,343 1,293 1,071 136 86 1,046 p Preliminary. ' Revised. i Includes special nonnegotiable, non-interest-bearing U. S. notes (International Monetary Fund series and International Development Association series), which amounted to $2,554 million on June 30, 1961. (3) 179 12 (3) 1 3 ( ) (3) (3) (3) (3) 1 1 1 2 (3) 2 19 1 60 41 (3) 14 1 24 198 77 5 4 4 (3) 1 1 973 10 63 4 1 2 2 Represents principally bankers* acceptances and commercial paper. 3 Less than $500,000. 1013 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN T H E UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions Area and country To all other foreigners Payable in foreign currencies Total Total Deposits U.S. Treasury bills and certificates Other i Total Deposits U.S. Treasury bills and certificates Other' Area and country detai , Apr. 30, 1961—Cont. Asia: Hong Kong India Indonesia Iran Israel Taiwan Thailand Other Asia Total All other: Australia Congo Rep of the Egyptian Region—U.A.R.. Union of South Africa.... Other Xotal Total foreign countries. International institutions.... Grand total 51 40 25 30 22 26 4 4 26 9 26 9 89 41 50 86 36 45 70 36 25 12 4 4 16 2 6 5 6 5 2,096 2,075 1,062 945 68 154 172 77 215 215 152 152 71 213 181 152 142 69 21 138 (2) 3,198 3,066 124 32 21 30 187 (2) (2) (2) (2) 17 (2) 2 2 19 6 3 32 (2) (2) (2) 181 34 10 2 11 9 19 1 20 6 3 33 (2) 1 1,762 1,177 127 129 124 1 4 121 30 20 28 84 12 16 28 34 5 3 2 14 (2) 3 3 3 1 1 3 162 121 33 8 23 21 1 (2) ( ? 3 <i p> 393 361 261 75 25 30 28 1 2 2 16,940 14,700 7,402 6,037 1,261 2,129 1,806 103 220 111 2,129 1,806 103 220 111 3,917 3,917 354 3 3,557 6 20,857 18,617 7,756 9,594 1,267 1 Represents principally bankers' acceptances and commercial paper. 2 Less than $500,000. 3 Includes $2,607 million of special nonnegotiable, non-interest-bearing U. S. notes (International Monetary Fund series and International Development Association series). TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] End of month Total GerFrance many, Fed. Rep. of Dec Dec Dec Dec 1,946 2,199 2,542 2,623 18 114 1960 June July Aug Sept Oct Nov 2,764 3,062 3,117 3,160 3,361 3.325 '3,603 '3,600 3,672 3.947 4,121 4.088 4,046 1956 1957 1958 1959 Dec 1961 Jan Feb Mar Apr p May June^ .. .... Switzerland 42 104 98 124 216 211 315 54 30 38 121 234 28 62 32 42 230 575 272 27 33 29 32 28 63 68 77 84 78 30 35 33 42 35 181 36 41 45 54 55 234 239 256 237 222 227 212 226 245 240 617 628 665 694 658 32 82 34 60 245 264 717 336 341 356 397 376 409 35 37 78 81 38 36 61 61 197 170 237 224 646 609 417 377 246 676 467 57 44 44 42 44 157 140 77 108 36 29 United Other Total King- Europe Europe Canada dom 43 56 36 102 34 74 167 135 145 46 42 70 65 173 171 231 2^0 148 34 64 165 233 P1 Preliminary. ' Revised. Short-term claims reported in these statistics represent principally the following items payable on demand or with a contractural maturity of not more than 1 year; loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by Italy 568 654 696 534 699 695 687 157 154 243 272 499 478 437 Latin America 840 956 1,099 1,175 Asia 337 386 435 586 746 1,111 1,203 845 886 1,200 1,150 921 1 244 956 1,254 972 '1,356 '1,053 '1,340 '1,125 1 390 1 224 1 374 1 354 1,394 1,453 1 336 1 502 1,243 1,603 All other 43 50 69 56 60 61 62 68 70 65 '69 '73 73 76 76 75 76 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; excludes convertible currencies held by U. S. monetary authorities. 1014 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe End of month 1956—Dec 1957 Dec 1958_Dec 1959 Dec 216 211 315 234 1960 June July Aus Sept 230 227 212 226 245 240 1961—jari Feb Mar Apr 5 May* Denmark Finland 28 25 65 12 11 14 4 4 6 4 56 18 2 3 2 3 2 3 50 49 41 41 53 50 7 6 7 9 10 13 264 2 65 237 224 246 231 230 233 2 2 3 2 3 3 63 61 58 56 58 43 7 6 7 Netherlands Norway 6 7 21 29 56 23 23 22 2 2 2 Greece 4 Portugal Spain Sweden Turkey Yugoslavia 8 8 30 13 10 24 oo 76 72 (2) (2) All other 1 7 10 9 5 38 7 2 8 19 47 3 18 ooa Oct Nov Dec Belgium oo •. Austria Other Europe 7 8 9 9 4 5 6 5 5 7 34 36 30 29 32 30 7 8 9 11 16 17 5 7 7 10 8 7 22 22 18 23 25 26 6 33 17 4 8 28 49 11 14 12 13 15 16 15 9 62 55 59 61 58 53 12 12 11 9 7 8 13 2 2 2 3 3 3 19 14 12 12 11 11 9 9 9 10 11 11 14 5 7 6 7 7 7 34 32 47 42 44 45 11 10 10 10 10 11 3 2 3 2 3 3 6 6 7 7 8 11 26 25 26 24 25 25 41 32 35 24 15 24 9 9 12 16 15 16 14 16 16 19 21 22 Table 3b. Latin America Latin BoAmer- Argentina livia ica End of month 1956 Dec 1957 Dec 1958—Dec 1959 Dec I960 June July Aus Sept Oct Nov Dec 840 956 ,099 ,175 ,111 ,203 .... 1961—Jan Feb Mar Apr p May June^ 200 15 28 40 Brazil Chile 4 3 3 72 100 148 16 33 52 Netherlands PanEl Mex- An- ama, Sal- GuateReico tilles pubvador mala and lic of Surinam Colombia Cuba Dominican Republic 145 103 51 90 113 166 7 15 19 11 8 10 7 8 12 213 231 293 5 2 6 12 18 23 Other Vene- Latin zuela America Peru Uruguay 35 31 31 15 42 52 144 170 142 49 51 53 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 76 4 156 50 77 67 17 7 11 321 5 43 42 169 81 87 96 108 112 4 4 4 4 4 173 176 189 212 206 57 54 57 55 63 80 78 79 77 76 62 55 31 29 27 16 18 17 17 17 7 9 14 19 19 11 11 11 12 13 17 335 333 316 303 302 5 6 4 4 5 50 14 343 17 16 20 19 22 43 46 43 42 43 8 23 44 38 39 52 55 52 224 219 164 233 235 57 234 50 50 52 56 57 '66 13 14 '343 5 27 '51 231 r 313 306 323 322 327 5 5 5 7 6 48 28 26 29 38 26 48 48 50 55 61 48 44 40 43 46 311 274 281 215 121 r ,150 ,?44 ,254 ,356 121 4 225 73 r ,340 122 4 229 74 122 ,374 128 ,394 127 ,336 133 ,243 142 4 4 5 5 5 228 241 213 202 182 77 390 118 111 114 r 80 26 16 22 81 21 21 79 78 79 81 91 21 21 21 20 20 14 13 13 13 14 13 19 19 17 15 12 15 12 14 13 57 60 63 61 61 63 Table 3c. Asia and AH Other Asia End of month 1956—Dec 1957_Dec 1958 Dec 1959 Dec July Aus Sept Oct Nov Dec 1961 Jan Feb Mar Apr p May Phil- TaiIsrael Japan ippines wan Thai- Other Total land Egyp- Union tian Aus- Congo, of Rep. Other Re- South tralia of the gion— Africa U.A.R. Total Hong Kong India Iran 337 386 435 586 4 7 6 10 6 6 4 6 20 22 27 29 16 24 23 14 170 146 179 324 16 53 67 24 6 6 6 9 9 14 13 15 746 11 7 35 17 497 14 11 11 3 2 11 141 140 61 62 25 25 3 2 2 1 660 693 712 '1,053 9 11 11 9 23 25 24 19 6 8 7 7 15 15 16 24 149 147 143 121 68 70 66 '69 27 29 27 '28 5 3 2 3 12 10 9 8 8 9 16 15 586 628 921 956 972 36 38 15 14 23 9 7 10 10 60 10 10 22 26 143 845 886 2 2 2 3 11 10 10 11 '1,125 1,124 1,354 1,453 1,502 1,603 8 9 10 10 10 9 8 9 11 11 12 41 16 18 19 23 26 24 7 10 11 11 14 15 22 24 23 23 25 27 124 123 126 130 134 131 '73 73 76 76 75 76 28 28 26 27 25 25 3 4 4 4 3 3 3 3 7 8 10 10 12 12 13 13 13 15 P Preliminary. ' Revised, i See note 1 on preceding page. All other 36 35 34 33 14 15 17 24 34 43 48 52 47 47 '28 32 33 30 33 33 r 807 '879 956 1,074 1,162 1,201 1,277 91 110 111 155 2 Less than $500,000. 43 50 69 56 11 13 13 18 6 5 4 3 2 1 3 2 8 12 21 12 17 19 29 21 21 21 22 23 26 25 24 r 27 26 26 24 24 23 1015 INTX 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 dollars End of month, or area and country Longterm— totali Loans to Total Total Banks and official institutions Others Payable in foreign currencies Collections outstanding Other Total Deposits with foreigners Other Total amounts outstanding 1955—Dec... 1956—Dec... 1957—Dec, 1958—Dec, 1959—Dec, 1,174 1,362 1,545 1,549 1,946 2,199 2,542 2,623 1,385 1,796 2,052 2,344 2,406 489 582 627 840 848 236 330 303 428 460 353 440 423 421 516 307 444 699 656 582 164 150 147 198 217 144 131 132 181 203 20 19 15 16 15 1960—June. July.. Aug.. Sept.. Oct.. Nov.. Dec 1,599 1,666 1,636 1,626 1,628 1,659 1,698 2,764 3,062 3,117 3,160 3,361 3,325 '3,603 2,485 2,665 2,708 2,729 2,883 2.902 '3,123 726 731 715 719 830 771 814 387 387 385 386 404 438 482 579 561 554 578 591 602 605 793 986 1,054 1,045 1,058 1,091 '1,222 280 397 409 431 478 424 480 198 223 221 270 293 221 242 82 173 188 161 185 203 238 1961—Jan.. . Feb... Mar... Apr... May P. June?5. 1,654 1,598 1.616 1,639 1,634 1,847 '3,600 3,672 3.947 4,121 4.088 4,046 '3,130 3,246 3,451 3,591 3,581 3,596 '799 '861 844 907 871 810 460 455 494 527 523 506 620 622 679 716 710 711 '1,251 '1,307 1,434 1,440 1,478 1,569 471 426 496 531 506 450 194 207 249 245 235 249 277 219 247 286 271 201 671 839 Area and country detail, Apr. 30, 1961 Europe: Austria Belgium Denmark Finland France 7 31 5 3 17 2 56 11 11 44 2 55 10 11 41 40 9 23 19 155 135 7 46 42 10 116 7 44 35 9 Portugal Spain Sweden Switzerland Turkey 2 4 39 2 7 24 70 24 2 7 22 38 24 2 9 20 United Kingdom Yugoslavia Other Europe 13 2 6 173 16 19 30 16 19 14 7 3 384 699 487 156 97 128 105 213 132 81 62 499 235 10 190 10 26 263 67 197 108 127 5 213 118 79 21 34 4 32 16 26 19 16 16 () 18 1 15 28 11 2 48 5 213 118 79 21 13 17 12 323 12 17 12 318 1 1 2 62 3 5 7 35 4 6 3 133 29 50 40 281 61 29 50 40 279 61 1 4 6 136 4 16 7 3 43 12 6 20 4 81 30 6 20 20 15 1,394 1,371 402 222 325 423 23 20 Germany, Fed. Rep. of... Greece Italy Netherlands Norway Total Canada Latin America: Argentina Bolivia Brazil Chile Colombia Cuba 203 36 24 Dominican Republic El Salvador Guatemala Mexico Netherlands Antilles and Surinam () 10 195 Panama, Rep. of Peru Uruguay Venezuela Other Latin America 19 11 1 181 75 Total 39 6 31 15 7 84 52 4 Preliminary. ' Revised, i Represents mainly loans with an original maturity of more than 1 year. 30 2 7 14 6 18 3 2 12 6 8 17 1 (2) 4 24 5 17 12 2 30 19 (2) 7 1 1 6 2 2 6 7 4 15 () 13 2 5 2 Less than $500,000. 1 3 31 16 15 143 82. 62 82 1016 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Longterm— total 1 Area and country Payable in foreign currencies Loans to: Total Total Banks and official institutions Collections outstanding Others Other Deposits with foreigners Total Other Area and country detail, Apr. 30, 1961—Cont. Asia: Hong Kong India Indonesia Iran Israel (2) 17 41 14 9 Japan Korea Rep. of Philippines Taiwan .. Thailand Other Asia 19 15 1 6 2 10 11 (2) 52 30 1,162 3 23 11 23 127 Total 124 1,453 1,427 24 37 4 61 72 27 4 8 13 24 23 4 8 12 23 199 76 1,639 4,121 .. All other: Australia Congo, Rep. of the Egyptian Region—U.A.R.. Union of South Africa.... Other Total i g 30 1,138 3 23 11 23 127 3 6 () 40 3 2 (2) 4 10 10 (2 3> 177 (2) 21 2 10 102 334 C2) 1 2 826 ( ) 4 2 9 9 2 12 210 871 2 13 2 1 11 16 8 6 1 1 ( ) (2) (2) 2 (22) (2) () ( ) 132 2 1 1 3 19 2 2 (22) () ( 22 ) (2) 24 24 (2) 2 2 ( ) (2) () (2) (2) (2) 25 24 1 4 I 3 (2) (2) (22) () (2) (22) 1 1 3 70 6 6 43 15 6 2 4 3,591 907 527 716 1,440 531 245 286 ( International institutions Grand total 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than 1 year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. S. corporate securities2 U. S. Govt. bonds & notes Year or month Purchases Net purchases, or sales ( —) 1957.. 1958 1959 1960... 666 718 Sales -237 527 -98 1,617 1,759 2,593 r 2,419 1,423 1,798 2.158 2^167 194 -39 435 r 252 946 r 883 -5 -9 -50 -42 272 189 183 181 220 192 184 199 52 -4 -1 -18 84 53 36 73 Foreign countries -52 36 Net pur- Purchases, or chases sales ( - ) Purchases Sales Total Foreign bonds 117 699 889 1 224 1,217 1,730 1,188 528 1,603 198 48 61 44 170 58 187 93 148 345 195 196 262 98 -48 82 97 -48 -13 -21 179 187 208 187 180 220 -8 7 -12 244 36 31 1961—Jan Feb 73 '322 96 r -r 2 3 253 - 2r 3 250 219 30 54 270 Mar 63 253 329 17 42 46 43 276 27 I960 June July Aug Sent. Oct Nov Dec Apr p May June3* 91 155 41 r 689 127 29 -10 -126 -49 -23 82 -17 97 207 -7 -51 35 -41 371 348 343 74 -33 -33 302 69 86 P Preliminary. Revised. 1 Includes transactions of international institutions. r 308 299 2 40 45 Sales Foreign stocks Net pur- Purchases, or chases sales ( - ) 1,392 -693 1,915 - 1 , 0 2 6 1,458 - 5r 1 2 r l,445 562 142 83 r 72 r 90 268 44 78 r -58 -30 r -36 r -17 -24 -8 -46 98 r 74 91 -28 -48 44 59 97 122 60 87 44 -54 -64 -27 Sales 593 467 566 r 509 622 804 804 r 592 50 36 36 r 37 r r r r r '36 r 44 r 33 53 r r 3S 58 50 56 52 Includes small amounts of U. S. municipal securities. 70 46 49 45 42 56 52 52 Net purchases, or sales ( - ) -29 -336 - 2 r3 8 83 r -19 -10 — 13 -9 r -6 r -12 r -20 2 63 91 r -24 r 96 97 -33 -46 -41 72 -20 1017 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, ( - ) . In millions of dollars] Country Type of security Total 2 Year or month Stocks Belgium Bonds France Netherlands Switzerland United Kingdom Other Europe Total Europe Canada Latin America All other* 1957 1958 1959 I960 194 -39 435 252 143 -56 363 201 51 17 73 50 14 -3 5 5 8 2 40 38 35 -8 31 101 19 254 171 77 -1 15 -48 20 1 35 66 255 10 379 234 -99 -86 -30 -46 23 23 40 36 15 14 46 28 I960 June . . July 52 -4 -1 -18 —8 7 -12 46 -1 4 -18 -22 10 7 6 -3 -5 1 14 -3 -18 2 3 2 2 -1 2 3 2 2 1 (3) -1 —4 30 -1 13 -12 20 14 -2 11 4 -4 -7 -29 -20 -21 3 -1 1 7 8 8 5 50 4 16 -13 -7 3 -17 -4 -12 -22 -4 -6 3 2 3 1 2 5 4 3 2 -2 3 2 5 30 17 42 40 45 27 32 32 32 56 58 33 —1 — 14 10 -16 -13 -6 5 3 3 —2 1 5 17 18 21 29 19 7 2 5 9 2 11 7 2 5 22 25 30 32 50 34 -4 -13 6 -9 -19 -14 8 1 -2 9 9 4 5 6 Sept Oct Nov Dec 1961 Jan Feb Mar Apr Mayp June25.... 1 —4 —1 1 1 2 (3) 5 -1 (') 3 5 3 9 2 8 9 4 2 2 Inclmdes transactions of international institutions. 3 Less than $500,000. * Preliminary. l Includes small amounts of U. S. municipal securities. 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 sales, ( —). In millions of dollars] [In millions of dollars] Year or month 1957 1958 1959 1960 InterTotal national foreign couninstitutions tries Europe 1960—June... July.... Aug Sept Oct.. . . Nov Dec.... 5 -9 -10 -21 -16 7 2 -83 '-31 '-39 -5 '-13 '-27 '-68 -27 -6 '-35 c -10 -19 -21 1961—Jan Feb.... Mar.... Apr.... May*3. . -1 15 -3 3 1 -15 '-41 '-68 '-78 -102 -106 -32 -27 -30 -24 -9 -26 -18 Preliminary. i Less than $500,000. r Revised, Latin America Assets in custody Asia All other End of month Deposits U. S. Govt. securities 2 231 — 318 -72 -805 -50 -593 r 498 r 117 — 384 -558 -157 — 147 Canada -552 -543 -443 r -196 -53 r -S 5 12 r 8 r 10 r_l7 r c -6 r r -42 -55 -50 -23 r 15 5 11 -107 3 -15 r_ 9 -7 6 -14 -24 r__7 - 2 61 C) -20 -6 3 — 45 13 -45 -150 -97 -15 -36 -41 -4 -4 —1 -6 7 -6 -9 -6 -4 -11 -19 -22 9 -2 2 1 1 -24 1 3 4 -1 -2 0) -3 Miscellaneous 3 1959—Dec. 345 4,477 570 I960—July. Aug. Sept. Oct.. Nov. Dec. 215 204 223 251 252 217 5,272 5,423 5,479 5,634 5,430 5,726 671 701 713 718 752 756 1961—Jan.. Feb.. Mar. Apr. May June July. 238 207 271 230 210 220 226 5,793 5,879 5,935 5,634 5,637 5,723 5,660 714 694 690 672 687 6S8 667 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of p. 1008 for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. 1018 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE *.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of year or quarter. In millions of dollars] Liabilities to foreigners Area and country Claims on foreigners 1960 1959 Europe: Austria 1 1960 3 2 1959 4, 1 2 4» 3 1 28 2 1 42 3 21 2 1 43 2 16 2 1 37 2 18 2 1 20 18 1 1 29 4 10 9 3 25 4 9 4 2 28 5 11 5 1 33 6 9 8 2 36 8 12 12 1 38 Germany, Fed. Rep. of.... Greece Italy Netherlands Norway 55 1 13 39 11 56 1 14 39 9 48 1 13 44 7 46 1 15 56 7 41 1 16 48 5 31 2 33 21 4 25 3 26 15 4 27 2 26 16 6 26 3 29 14 6 33 2 36 17 6 Portugal 1 8 26 34 2 20 42 2 14 29 1 1 9 8 30 3 1 10 6 26 3 2 11 22 13 13 3 12 23 19 9 4 11 27 20 9 3 10 27 19 7 3 11 26 17 7 112 1 5 109 1 5 89 1 6 80 63 1 3 53 73 148 1 3 162 5 5 633 1 6 382 376 320 304 274 264 265 357 373 869 54 54 58 58 54 101 89 111 138 164 Cuba 12 1 18 4 3 5 5 3 15 5 3 9 9 2 17 5 3 4 7 2 15 5 3 3 7 1 15 3 4 2 25 3 54 10 7 27 14 4 55 9 9 26 12 3 65 9 11 20 19 2 69 9 11 18 20 3 76 12 11 8 Dominican Republic El Salvador 1 1 1 1 1 2 P) 3 30 1 2 2 4 30 2 2 2 4 31 1 3 2 4 36 2 Sweden Turkey United Kingdom Yugoslavia Other Europe Total Canada Latin America: Bolivia Brazil Chile Mexico Neth. Antilles and Surinam, Panama. Reo of Peru Venezuela Other Latin America Total Asia: Honiz Konz India Indonesia . . . Israel . . Total All other: Australia Congo Rep. of the Egyptian Region—U.A.R.. Union of South Africa Other Total International institutions. . . . Grand total . .... ft 2 3 4 18 4 3 2 4 20 5 2 3 3 19 4 6 4 4 20 4 2 4 1 21 5 11 8 2 35 16 5 6 3 32 18 12 8 5 31 19 4 13 4 29 19 7 8 4 34 20 87 86 80 86 79 235 220 234 239 248 2 8 3 4 2 3 3 3 3 2 4 4 4 1 3 4 4 5 3 3 6 3 6 5 2 5 2 7 11 2 7 2 8 11 2 7 1 8 10 1 11 1 7 9 2 12 1 8 11 15 23 19 18 28 41 1 8 2 3 15 39 7 2 4 18 35 1 9 3 4 17 52 1 7 3 4 17 5 6 7 5 5 5 2 3 5 2 3 5 3 3 6 36 1 10 2 3 13 1 6 4 51 55 68 92 100 99 98 119 12 1 1 1 5 14 1 2 1 5 16 1 3 6 10 15 1 5 8 11 16 1 6 8 11 19 1 5 8 10 21 3 6 6 13 53 1 4 5 53 5 6 7 5 6 6 8 1 1 6 5 18 19 22 21 23 38 41 41 44 49 P) P) P) P) C1) P) P) P) P) P) 593 588 531 524 730 715 843 893 1,450 P Preliminary. i Less than $500,000. NOTE.—Reported by exporters, importers, and industrial and com- 6 7 ft 7 Korea Rep of. Thailand Other Asia ft 3 1 4 27 1 P) P) 497 mercial concerns in the United States. Data exclude claims held through U. S. banks, and intercompany accounts between U. S. companies and their foreign affiliates. 1019 U. S. BALANCE OF PAYMENTS U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1959 1958 1960 1961 Item Exports of goods and services, total 1 .. Merchandise Services* 4,058 1,553 5,965 4,193 1,772 5,607 3,816 1,791 6,142 4,196 1,946 5,463 3,807 1,656 5,848 4,074 1,774 5,950 4,058 1,892 6,448 4,343 2,105 6,353 4,607 1,746 6,962 4,994 1,968 6,659 4,676 1,983 7,326 5,132 2,194 6,883 5,001 1,882 Imports of goods and services, total... Merchandise Services Military expenditures 4,941 3,139 970 832 5,278 3,166 1,200 912 5,388 3,124 1,425 839 5,446 3,522 1,095 829 5,401 3,594 1,027 780 5,964 3,879 1,296 789 6,228 3,847 1,595 786 5,944 3,974 1,216 754 5,769 3,830 1,172 767 6,074 3,857 1,461 756 6,057 3,550 1,709 798 5,427 3,485 1,215 727 5,322 3,406 1,157 759 Balance on goods and services 1 .... 5,611 670 687 219 696 62 -116 -278 504 584 888 602 1,899 1,561 Unilateral transfers (net) 3 Private remittances and pensions... Government nonmilitary g r a n t s . . . . -563 -178 -385 -598 -174 -424 -544 -174 -370 -633 -196 -437 -621 -184 -437 -581 -187 -394 -547 -214 -333 -675 -206 -469 -579 -198 -381 -631 -213 -418 -618 -207 -411 -661 -230 -431 -700 -210 -490 U.S. long- and short-term capital (net) 3 Private, total Direct investment Portfolio and short-term investment Government -887 -642 -155 -1,251 -1,025 -411 -784 -451 -156 -893 -726 -312 - 4 9 4 4-1,032 -738 -412 -442 -287 -607 -557 -224 -595 -838 -419 -875 -651 -303 -487 -245 -614 -226 -295 -333 -354 -167 -125 -82 -296 4_294 -163 -220 -419 243 -348 -224 -393 -386 -597 -151 -824 -348 -513 -420 4 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 -1,110 -1,075 -1,905 - 1 , 3 5 7 -724 -924 -1,557 -937 -424 -331 -327 -733 580 1,086 934 901 953 1,439 1,440 620 821 981 1,208 1,119 427 197 13 370 26 -15 1,075 477 -26 483 502 52 347 837 21 95 4990 52 4397 1,250 23 167 560 -1 72 760 11 50 858 29 94 548 23 637 253 -55 921 50 31 346 200 76 175 -71 100 290 146 49 -128 -117 -452 69 p 1 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 non-interest-bearing U.S. Government securities. Preliminary. Excluding military transfers under grants. 2 Including military transactions. OPEN MARKET RATES [Per cent per annum] Month France United Kingdom Canada Treasury Day-to- Bankers' accept- Treasury bills, day bills, 3 months i money 2 3 ances, months 3 months Germany Bankers' Day-to- Treasury Day-to- allowance bills, day day 60-904 on money days deposits money 3 Netherlands Day-today money 5 Treasury bills, 3 months Day-today money Switzerland Private discount rate 1958—Dec 1959—Dec 3.46 5.02 2.07 4.30 3.34 3.72 3.16 3.61 2.70 2.85 2.00 2.00 6.07 4.07 2.38 3.75 2.63 3.56 2.26 2.52 1.50 1.50 2.50 2.00 I960—June July Aug SeptOct Nov Dec 2.87 3.13 2.53 1.89 2.65 3.53 3.53 2.84 3.24 2.70 1.58 2.36 3.26 3.16 5.04 5.76 5.75 5.71 5.62 4.98 4.64 4.88 5.58 5.58 5.53 5.36 4.74 4.44 3.98 4.67 4.79 4.85 4.79 4.30 3.88 3.25 4.00 4.00 4.00 3.92 3.50 3.12 4.15 4.53 4.05 4.15 3.99 3.76 3.70 4.88 4.88 4.88 4.88 4.88 4.00 3.75 4.75 4.69 4.75 5.25 5.31 4.69 4.31 2.49 2.19 2.05 2.00 1.96 1.57 1.51 t .75 1.64 1.56 1.50 1.64 1.14 1.13 2.00 2.00 2.00 2.00 2.00 2.00 2.00 1961—Jan Feb Mar Apr May June 3.20 3.05 3.21 3.30 3.18 2.69 2.75 2.52 2.98 3.03 2.92 2.45 4.45 4.48 4.61 4.63 4.55 4.64 4.25 4.31 4.48 4.45 4.38 4.50 3.77 3.76 3.74 3.65 3.81 3.67 3.00 3.00 3.00 3.00 3.00 3.00 3.65 3.59 3.70 3.70 3.91 3.25 3.00 2.50 2.38 2.25 3.88 3.38 3.38 2.94 2.63 1.32 1.14 1.03 0.77 0.83 0.88 (3.75 ().75 ().75 (3.75 ().75 LOO 2.00 2.00 2.00 2.00 2.00 2.00 1 Based on average yield of weekly tenders during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. 4 Rate in effect at end of month. 5 Based on average of lowest and highest quotation during month. 1020 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 July 31, 1960 1960 Country Per cent Argentina^ .. . ...... Month effective 6.0 5.0 4.0 10.0 3.0 Dec. Mar. Dec. Apr. Feb. 1957 1960 1959 1958 1948 3.17 2.5 16.55 5.0 3.0 July Dec. July Aug. Apr. 1960 1959 1960 1959 1939 6.0 5.5 5.0 3.0 5.5 6.75 4.0 5.0 7.0 2.0 Jan. Jan. Nov. Nov. Jan. 1960 1960 1956 1952 1960 Mar. Apr. June Apr. Jan. 1959 1959 1960 1960 1953 11.0 4.0 3.0 4.0 5.5 Feb. May Apr. Aug. July 1960 1957 1946 1948 1960 6.0 3.5 7.3 4.5 3.5 Feb. June Dec. June Nov. 1955 1958 1959 1942 1959 Pakistan Peru 2 6.0 6.0 3.5 4.0 9.5 Oct. Apr. Feb. Jan. Nov. 1959 1954 1955 1959 1959 Philippine Republic 2 Portugal • . . . South Africa Spain Sweden 6.0 2.0 4.0 4.6 5.0 May Jan. Jan. Apr. Jan. 1960 1944 1959 1960 1960 Switzerland 2 0 7.0 6.0 6.0 4.5 Feb Feb. June June Nov. 1959 1945 1956 1960 1959 Brazil2 Ceylon 2 Chile 4 Colombia 2 2 Costa Rica Cuba 2 Denmark2 . . . . Ecuador Egypt El Salvador2 Finland France Germany .. Greece Honduras ^ • • Iceland India** 2 Indonesia . Jj-gjl Ireland Israel Italy Japan 2 Mexico Netherlands .. New Zealand... Nicaragua Turkey United Kingdom Venezuela2 ... .. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July 6.0 5.0 5.0 10.0 3.0 5.0 2.5 4.0 1.95 3.28 4.02 3.5 3.29 3.46 3.46 3.53 3.42 2.82 2.80 16.74 6.6 3.5 4.0 6 0 3.5 6.75 3.5 3.0 6.0 2.0 3.0 9.0 9.0 4.0 3.0 4.0 5.31 5.31 6.57 6.94 6.94 7.0 5.0 5.75 5.0 5 5 6.5 9 0 5 0 4.5 6.0 3.5 6.94 4.5 3.5 7.0 6.0 3.5 4.0 9.5 3.0 4.5 2.80 4.0 16.74 5.0 3.0 6.0 6.5 5.0 3.0 6.0 6.5 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 it is understood the central bank transacts the largest proportion of its credit operations. 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; Ceylon—4.0 per cent for advances against certain types of commercial and production paper; Colombia—3.5 per cent for agricultural and industrial development paper of up to 150 days, 3 per cent for economic development paper of up to 5 years, and 2 per cent for specific small business, cooperative and employee paper; Costa Rica—5 per cent for paper related to commercial transactions (rate shown is for agricultural and industrial paper); Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by national public securities; Ecuador—6 per cent for bank acceptances for commercial purposes; Rate as of July 31, 1961 1961 7.5 3.0 2.0 5.0 4.0 5.0 4 0 7.0 2.0 7.0 7.5 7.0 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—3.0 per cent for crop loan paper and export packing credit paper; and Venezuela—4 per cent 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 Beginning with Nov. 1, 1956, the discount rate has been set each week at .25 of 1 per cent above the latest average tender rate for Treasury bills; end-of-month rate shown. 4 Beginning with Apr. 1, 1959, new rediscounts have been 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. 5 Rate shown is for advances only. ^ Beginning with May 16, 1957, this rate applies to advances against commercial paper as well as against government securities and other eligible paper. FOREIGN EXCHANGE RATES 1021 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Year or month Australia (pound) Austria (schilling) Belgium (franc) Canada (dollar) Ceylon (rupee) Finland (markka) France (franc) 7.183 5.556 2.835 5.556 2.506 2.207 5.556 i 1.2730 1.2026 222.41 222.76 222.57 223.88 223.81 223.71 3.8580 3.8580 3.8539 3.8536 3.8619 3.8461 1.9905 2.0030 1.9906 2.0044 2.0012 2.0053 101.401 101.600 104.291 103.025 104.267 103.122 20.894 20.946 20.913 21.049 21.055 21.048 .4354 .4354 .3995 .3118 .3115 .3112 .2376 2 2374 .2038 3 20.389 1.2010 1.2022 1.2037 1.2042 1.2054 1.2061 223.78 223.92 224.12 224.03 224.18 223.69 3.8468 3.8573 3.8609 3.8509 3.8432 3.8409 2.0041 1.9955 2.0024 2.0061 2.0130 2.0131 102.192 103.101 102.818 102.181 102.367 101.781 21.048 21.061 21.072 21.063 21.065 21.044 .3111 .3111 .3111 .3111 .3112 .3112 20.404 20.404 20.404 20.375 20.402 20.387 1.2058 1.2061 1.2073 1.2075 1.2071 1.2096 1.2113 223.62 223.10 222.91 222.95 222.63 222 30 222.10 3.8391 3.8352 3.8314 3.8306 3.8308 3.8368 3.8554 2.0074 2.0026 2.0042 1.9985 1.9983 2.0018 2.0081 100.694 101.026 101.265 101.110 101.255 99.471 96.701 21.037 21.013 20.990 20.992 20.988 20.984 20.951 .3112 .3112 .3111 .3111 .3110 .3110 .3109 20.401 20.402 20.404 20.400 20.404 20.405 20.405 Italy (lira) Japan (yen) Malaysia (dollar) Mexico (peso) Netherlands (guilder) New Zealand (pound) 32.624 32.582 32 527 32.767 32.857 32.817 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 26 230 26.113 26 170 26.418 26.492 26.513 276 36 276 80 276 56 278 19 278.10 277.98 Official 1955 1956 1957 1958 1959 I960 I960 July Sept Oct.!.!...! Nov Dec 1961 Jan Feb Mar Apr May June July Free Germany (deutsche mark) India (rupee) Ireland (pound) 23 765 23.786 23 798 23.848 23.926 23.976 20.894 20.934 20.910 21.048 21.031 20.968 279 13 279.57 279 32 280.98 280.88 280.76 .1610 .1610 .2779 .2779 .2779 .2778 .2778 Sept Oct Nov Dec 23.979 23.978 23.978 23.968 23.974 23.973 20.966 20.978 20.990 20.983 21.000 20.982 280.84 281.02 281.27 281.16 281.35 280.74 .1611 .1611 .1611 .1611 .1610 .1610 .2783 .2787 .2787 .2787 .2778 .2781 32.839 32.846 32.851 32.838 32.858 32.833 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 26.511 26.512 26.518 26 518 26.492 26.517 278.06 278 24 278.49 278 37 278.57 277.96 1961 Jan Feb Mar Apr May June July 23.968 23.966 4 25.020 25.185 25.184 25.166 25.127 20.975 20.950 20.940 20.940 20.919 20.889 20.886 280.64 279.99 279.75 279.81 279.40 278.98 278.74 .1610 .1607 .1607 .1609 .1611 .1611 .1611 .2786 .2786 .2786 .2772 .2763 .2763 .2762 32.826 32.774 32.699 32.600 32.518 32.489 32.488 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 26.499 26.400 5 27.582 27.820 27.826 27.828 27.827 277 86 277.22 276.98 277 03 276.63 276 22 275.98 Norway (krone) Philippine Republic (peso) Portugal (escudo) (pound) Spain (peseta) Sweden (krona) Switzerland (franc) United Kingdom (pound) 14.008 14 008 14 008 14 008 14.028 14 018 49.677 49 676 49 693 49 695 49.721 649 770 3.4900 3 4900 3.4900 3 4900 3.4967 3.4937 278.09 278 52 278.28 279 93 279.83 279 71 2 3810 2.0579 1 6635 19.333 19 333 19.331 19 328 19.324 19 349 23.331 23 334 23.330 23 328 23.142 23 152 279.13 279 57 279 32 280 98 280 88 280 76 14 018 14.026 14.040 14.032 14 038 14 021 3.4936 3.4956 3.4979 3.4973 3 4992 3.4950 279.79 279.97 280.22 280.11 280 30 279.69 1.6640 1.6640 1.6640 .6640 6641 L.6642 19.366 19.392 19.379 19.365 19 355 19.334 23.183 23.198 23.219 23.211 23 216 23.225 280.84 281.02 281 27 281.16 281 35 280.74 14.004 13.985 13.985 13.9S9 13.964 13.952 13.947 3.4928 3.4861 3.4903 3.4920 3.4851 3.4815 3.4797 279.59 7 279.19 1.6635 I.6644 1.6644 1.6643 1.6644 I.6644 I.6644 19.339 19.342 19.353 19.354 19.378 19.365 19.357 23.220 23.144 23.144 23.122 23.101 23.144 23.169 280 64 279.99 279.75 279.81 279.40 278.98 278.74 Year or month 1955 1956 1957 1958 1959 I960 1960 . . . . July Year or month 1955 1956 1957 1958 1959 I960 . I960 July Aug Sect Oct Nov Dec 1961—Jan Feb Mar Apr May June July . . . . . 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 was further devalued to 493.706 francs per U. S. dollar. 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. * Effective Mar. 5,1961, the par value of the deutsche mark was changed South Africa (rand) 8 139.37 139.35 139.38 139.18 138.97 138.85 from 4.20 to 4.00 marks per U. S. dollar. 5 Effective Mar. 7, 1961, the par value of the guilder was changed from 3.80 to 3.62 guilders per U. S. dollar. 6 Based on quotations through Apr. 22, 1960. 78 Based on quotations through Feb. 10, 1961. Effective Feb. 14, 1961, South Africa adopted the decimal systen system. Thet new currency unit, the rand, replaces the pound and consists cof 100 cents; cent! it is equivalent to 10 shillings or one-half the former pound. BOARD OF GOVERNORS of the Federal Reserve System Chairman WM. M C C . MARTIN, JR., C. CANBY BALDERSTON, Vice Chairman CHAS. N. SHEPARDSON G. H. KING, JR. A. L. MILLS, JR. J. L. ROBERTSON W O O D U E F THOMAS, Adviser to the Board RALPH A. YOUNG, Adviser to the Board JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Assistant to the Board CLARKE L. FAUVER, Assistant to the Board DIVISION OF EXAMINATIONS OFFICE OF THE SECRETARY MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director K E N N E T H A. KENYON, Assistant Secretary ELIZABETH L. CARMICHAEL, Assistant Secretary ROBERT C. MASTERS, Associate C. C. HOSTRUP, Assistant LEGAL DIVISION G L E N N M. GOODMAN, Assistant HOWARD H. HACKLEY, General Counsel HENRY BENNER, Assistant DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel Director Director JAMES C. SMITH, Assistant Director Director Director BRENTON C. LEAVTTT, Assistant THOMAS J. O'CONNELL, Assistant General Director LLOYD M. SCHAEFFER, Chief Federal Reserve Examiner Counsel WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser ROBERT C. HOLLAND, Adviser ALBERT R. KOCH, Adviser ROLAND I. ROBINSON, Adviser EDWIN J. JOHNSON, Director H. FRANKLIN SPRECHER, JR., Assistant DANIEL H. BRILL, Associate Adviser LEWIS N . DEMBITZ, Associate Adviser KENNETH B. WILLIAMS, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES JOSEPH E. KELLEHER, DIVISION OF INTERNATIONAL FINANCE RALPH A. YOUNG, Director HARRY E. K E R N , Assistant Director Director J. HERBERT FURTH, Adviser A. B. HERSEY, Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Adviser SAMUEL I. KATZ, Associate Adviser J. J. CONNELL, Controller SAMPSON H. BASS, Assistant DIVISION OF BANK OPERATIONS Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director OFFICE OF DEFENSE PLANNING Director INNIS D. HARRIS, 1022 Coordinator FEDERAL RESERVE BANKS AND BRANCHES 1023 Federal Open Market Committee WM. M C C . MARTIN, J R . , Chairman Vice Chairman A L F R E D HAYES, CARL E. A L L E N G. H. KING, J R . C. CANBY BALDERSTON A. L. M I L L S , J R . ELIOT J. SWAN WATROUS H. IRONS J. L. ROBERTSON EDWARD A. WAYNE 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 ROBERT G. ROUSE, Manager, CHAS. N. SHEPARDSON P. E. COLDWELL, Associate Economist ROBERT S. EINZIG, Associate Economist GEORGE GARVY, Associate Economist GEORGE MITCHELL, Associate Economist G U Y E. NOYES, Associate Economist BENJAMIN U. RATCHFORD, Associate Economist System Open Market Account Federal Advisory Council J. LIVINGSTON, OSTROM ENDERS, BOSTON HOMER GEORGE A. MURPHY, NEW YORK NORFLEET TURNER, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA CHICAGO, GORDON MURRAY, MINNEAPOLIS, President Vice President REUBEN B. HAYS, CLEVELAND R. OTIS MCCLINTOCK, KANSAS CITY ROBERT B. HOBBS, RICHMOND I. F. BETTS, DALLAS JOHN C. PERSONS, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE BANK O F — CHAIRMAN AND FEDERAL RESERVE AGENT DEPUTY CHAIRMAN BOSTON NILS Y. WESSELL ERWIN D. CANHAM N E W YORK PHILIP D. REED JAMES D E C A M P WISE PHILADELPHIA HENDERSON SUPPLEE, JR. WALTER E. HOADLEY CLEVELAND ARTHUR B. V A N BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. EDWIN HYDE ATLANTA WALTER M. MITCHELL HENRY G. CHALKLEY, JR. CHICAGO ROBERT P. BRIGGS JAMES H. HILTON ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS ATHERTON BEAN JUDSON BEMIS KANSAS CITY RAYMOND W. HALL HOMER A. SCOTT DALLAS ROBERT O. ANDERSON LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN Y. FRANK FREEMAN 1024 FEDERAL RESERVE BULLETIN • AUGUST 1961 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 George H. Ellis E. O. Latham D. Harry Angney Ansgar R. Berge 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 G. Rouse Walter H. Rozell, Jr H. L. Sanford Todd G. Tiebout Philadelphia Karl R. Bopp Robert N. Hilkert Joseph R. Campbell Wallace M. Catanach Norman G. Dash David P. Eastburn Murdoch K. Goodwin James V. Vergari Richard G. Wilgus Cleveland W. D. Fulton Donald S. Thompson Roger R. Clouse E. A. Fink Clyde Harrell W. Braddock Hickman John E. Orin L. Merle Hostetler Paul C. Stetzelberger Martin Morrison Richmond Edward A. Wayne Aubrey N. Heflin N. L. Armistead J. G. Dickerson, Jr. Upton S. Martin John L. Nosker Joseph M. Nowlan Benjamin U. Ratchford James M. Slay Atlanta Malcolm Bryan Harold T. Patterson J. E. Denmark J. E. McCorvey L. B. Raisty Brown R. Rawlings Charles T. Taylor Chicago Carl E. Allen C. J. Scanlon Ernest T. Baughman A. M. Gustavson Hugh J. Helmer Paul C. Hodge 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 Kyle K. Fossum C. W. Groth M. B. Holmgren A. W. Johnson H. G. McConnell F. L. Parsons M. H. Strothman. Jr, Kansas City George H. Clay Henry O. Koppang John T. Boysen C. A. Cravens J. R. Euans F. H. Larson L. F. Mills E. U. Sherman Clarence W. Tow J. T. White Dallas Watrous H. Irons Harry A. Shuford James L. Cauthen P. E. ColdweU Thomas A. Hardin G. R. Murff James A. Parker Thomas W. Plant L. G. Pondrom W. M. Pritchett J. L. Barbonchielli R. S. Einzig E. H. Galvin A. B. Merritt John A. O'Kane San Francisco... Eliot J. Swan H. E. Hemmings Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Bank of New York Cleveland Richmond. Atlanta Chicago St. Louis Branch Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis Vice Presidents I. B. Smith R. G. Johnson F. O. Kiel J. W. Kossin D. F. Hagner E. F. MacDonald H. C. Frazer T. A. Lanford R. E. Moody, Jr. M. L. Shaw R. A. Swaney Fred Burton Donald L. Henry E. Francis DeVos Federal Reserve Bank of Branch Vice Presidents Minneapolis Kansas City Helena Denver Oklahoma City Omaha C. A. Van Nice Cecil Puckett H. W. Pritz P. A. Debus Dallas 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 A. L. Price E. R. Barglebaugfa 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 745-48 of the June 1961 Bulletin. {Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. April 1961. 238 pages. 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. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents per copy. (Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months.) FEDERAL RESERVE BULLETIN. July 1960. 229 pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85 cents each. INDUSTRIAL PRODUCTION—1959 REVISION. 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 STATISITICS AND THEIR FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical Supplement. Subscription price in the United States and the countries listed above is $6.00 per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents each. (Group rate of 50 cents each for 10 or more of same issue for single shipment.) USE (rev. ed.). May 1959. 144 pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85 cents each. 1896-1955. Part I, U. S. Summary. Part II, Summaries by States and other areas. April 1959. 1,229 pages. $4.00. ALL-BANK STATISTICS, 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. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHART BOOK. Issued annually in September Annual subscription to monthly chart book includes one issue of Supplement. In the United States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each, elsewhere 70 cents each. (Group rate in quantities of 10 or more for single shipment 50 cents each.) INDUSTRIAL PRODUCTION CHART BOOK. February 1961. 210 pages. $1.75 per copy; in quantities of 10 or more for single shipment, $1.50 each. FLOW OF FUNDS IN THE UNITED STATES, 1939-53 December 1955. 390 pages. $2.75. BANKING AND MONETARY STATISTICS. November 1943. 979 pages. $1.50. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS 1025 9 pages. 1026 FEDERAL RESERVE BULLETIN • AUGUST 1961 REPRINTS (From Federal Reserve Bulletin unless preceded by an asterisk) THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. REVISED SERIES FOR SEASONALLY MONEY SUPPLY. February 1960. ADJUSTED 4 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. Combined reprint. September 1960. 31 pages. U. S. BALANCE OF PAYMENTS, 1959-60. October 1960. 7 pages. A NEW MEASURE OF THE MONEY SUPPLY. October 1960. 22 pages. THE CAPITAL MARKETS IN 1960. December 1960. 7 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo- ber 1955. 40 pages. IMPLEMENTATION OF THE 1959 ACT ON RESERVE REQUIREMENTS. December 1960. 6 pages. SMALL BUSINESS FINANCING: CORPORATE MANU- SURVEYS 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. Member Bank Lending to Small Business, 1955-57. April 1958. 19 pages. Member Bank Term Lending to Business, 1955-57. April 1959. 16 pages. Security Pledged on Business Loans at Member Banks September 1959. 16 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- tober 1956. 24 pages. (Also, similar reprint from April 1953 BULLETIN.) SURVEY OF FINANCE COMPANIES, MID-1955. 1957. April 17 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. December 1957. 30 pages. OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages. I, ALL-BANK STATISTICS, April 1959. 94 pages. •PART 1896-1955. 1959 SURVEY OF CONSUMER FINANCES. March, July, and September 1959. 48 pages. (Similar Surveys available for some earlier years in the period 1955-58.) A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 pages. THE GOVERNMENT SECURITIES MARKET. 1959. August 22 pages. REVISED INDUSTRIAL PRODUCTION INDEX. cember 1959. 24 pages. De- FACTURERS. January 1961. 15 pages. CREDIT AND MONEY IN 1960. February 1961. 8 pages. GOLD AND DOLLAR TRANSFERS IN 1961. 1960. March 7 pages. FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. March 1961. 10 pages. STATISTICS ON THE GOVERNMENT MARKET. April 1961. 8 pages. SECURITIES OWNERSHIP OF DEMAND DEPOSITS. April 1961. 3 pages. SURVEY OF COMMON TRUST FUNDS, 19e>0. May 1961. 7 pages. (Similar Surveys available for each year of the 1955-59 period.) QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. May 1961. 7 pages. (Also, similar reprints from BULLETINS for December 1960 and March 1961.) CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER TIME DEPOSITS. May 1961. 2 pages. (Also, similar reprint from July 1960 BULLETIN.) BANKING AND MONETARY STATISTICS, 1960. Se- lected series of banking and monetary statistics for 1960 only. February and May 1961. 13 pages. BANK CREDIT AND MONEY IN RECOVERY. July 1961. 8 pages. INTEREST RATES IN LEADING COUNTRIES. August 1961. 8 pages. QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. August 1961. 6 pages. THE BALANCE SHEET OF AGRICULTURE, 1961. August 1961. 9 pages. Index to Statistical Tables Acceptances, bankers', 948, 950 Agricultural loans of commercial banks, 942, 944 Assets and liabilities {See also Foreign liabilities and claims): Banks and the monetary system, consolidated, 938 Corporate, current, 960 Domestic banks, by classes, 939, 942, 944, 950 Federal business-type activities, by fund or activity, 1004 Federal Reserve Banks, 934 Automobiles: Consumer instalment credit, 964, 965, 966 Production index, 968, 971 Bankers' balances, 943, 945 {See also Foreign liabilities and claims) Banking offices: Changes in number, 1002 On, and not on, Par List, number, 1003 Banks and the monetary system, consolidated statement, 938 Bonds {See also U. S. Govt. securities): New issues, 957, 958, 960 Prices and yields, 948, 949 Brokers and dealers in securities, bank loans to, 942, 944 Business expenditures on new plant and equipment, 960 Business indexes, 974 Business loans {See Commercial and industrial loans) Capital accounts: Banks, by classes, 939, 943, 946 Federal Reserve Banks, 934 Carloadings, 974 Central banks, foreign, 1006, 1020 Coins, circulation of, 936 Commercial banks: Assets and liabilities, 939, 942 Consumer loans held, by type, 965 Number, by classes, 939 Real estate mortgages held, by type, 961 Time and Govt. demand deposits, 1001 Commercial and industrial loans: Commercial banks, 942 Weekly reporting member banks, 944, 947 Commercial paper, 948, 950 Condition statements {See Assets and liabilities) Construction, 974, 975 Consumer credit: Instalment credit, 964, 965, 966, 967 Major parts, 964, 966 Noninstalment credit, by holder, 965 Consumer price indexes, 974, 980 Consumption expenditures, 982, 983 Corporate sales, profits, taxes, and dividends, 959, 960 Corporate security issues, 958, 960 Corporate security prices and yields, 948, 949 Cost of living {See Consumer price indexes) Currency in circulation, 928, 936, 937 Customer credit, stock market, 949 Debits to deposit accounts, 937 Demand deposits: Adjusted, banks and the monetary system, 938 Adjusted, commercial banks, by classes, 937, 943 Banks, by classes, 933, 939, 946 Turnover of, 937 Type of holder, at commercial banks, 943 U. S. Govt., at commercial banks, 1001 1027 Department stores: Merchandising data, 979 Sales and stocks, 974, 978 Deposits {See also specific types of deposits): Adjusted, and currency, 938 Banks, by classes, 933, 939, 943, 946, 950 Federal Reserve Banks, 934, 1017 Postal savings, 932, 938 Discount rates, 932, 1020 Discounts and advances by Federal Reserve Banks, 928, 933, 934 Dividends, corporate, 959, 960 Dollar assets, foreign, 1009, 1017 Earnings and hours, manufacturing industries, 974, 977 Employment, 974, 976, 977 Farm mortgage loans, 961, 962, 1004 Federal business-type activities, assets and liabilities, by fund or activity, 1004 Federal finance: Cash transactions, 952 Receipts and expenditures, 953 Treasurer's balance, 952 Federal home loan banks, loans, etc., 963, 1004 Federal Housing Administration, loans, etc., 961, 962, 963, 1004 Federal National Mortgage Association, loans, etc., 963, 1004 Federal Reserve Banks: Condition statement, 934 U. S. Govt. securities held by, 928, 933, 934, 954, 955 Federal Reserve credit, 928, 933, 934 Federal Reserve notes, 934, 936 Finance company paper, 948, 950 Financial institutions, loans to, 942, 944 Float, 928 Flow of funds: Financial assets and liabilities, 993 Saving and financial flows, 984 Foreign central banks, 1006, 1020 Foreign currencies, convertible, holdings by U. S. monetary authorities, 1008 Foreign deposits in U. S. banks, 928, 934, 938, 943, 946, 1017 Foreign exchange rates, 1021 Foreign liabilities and claims: Banks, 1010, 1012, 1015, 1017 Nonfinancial concerns, 1018 Foreign trade, 979 Gold: Earmarked, 1008 Net purchases by U. S., 1008 Production, 1007 Reserves of central banks and governments, 1006 Reserves of foreign countries and international institutions, 1009 Stock, 928, 938, 1008 Gold certificates, 934, 936 Govt. debt {See U. S. Govt. securities) Gross national product, 982, 983 Hours and earnings, manufacturing industries, 974, 977 Housing starts, 975 1028 FEDERAL RESERVE BULLETIN • AUGUST 1961 Industrial production index, 968, 974 Instalment loans, 964, 965, 966, 967 Insurance companies, 951, 954, 955, 962 Insured commercial banks, 941, 942, 1002 Interbank deposits, 933, 939, 943 Interest rates: Bond yields, 948 Business loans by banks, 947 Federal Reserve Bank discount rates, 932 Foreign countries, 1019, 1020 Open market, 948, 1019 Stock yields, 948 Time deposits, maximum rates, 932 International capital transactions of the U. S., 1010 International institutions, 1006, 1008, 1009 Inventories, 982 Investments (See also specific types of investments): Banks, by classes, 939, 942, 945, 950 Federal Reserve Banks, 933, 934 Govt. agencies, etc., 1004 Life insurance companies, 951 Savings and loan associations, 951 Labor force, 976 Loans (See also specific types of loans): Banks, by classes, 939, 942, 944, 950 Federal Reserve Banks, 928, 933, 934 Govt. agencies, etc., 1004 Insurance companies, 951, 962 Savings and loan associations, 951, 962 Loans insured or guaranteed, 961, 962, 963 Manufactures, production index, 968, 974 Margin requirements, 932 Member banks: Assets and liabilities, by classes, 939, 942 Banking offices, changes in number, 1002 Borrowings at Federal Reserve Banks, 930, 934, 946 Deposits, by classes, 933 Number, by classes, 940 Reserve requirements, by classes, 933 Reserves and related items, 928 Weekly reporting series, 944 Mining, production index, 968, 974 Money rates (See Interest rates) Money supply and related data, 937 Mortgages (See Real estate loans) Mutual savings banks, 938, 939, 941, 950, 954, 955, 961, 1002 National banks, 941, 1002 National income, 982, 983 National security expenditures, 953, 982 Nonmember banks, 934, 941, 942, 943, 1002 Par List, banking offices on, and not on, number, 1003 Payrolls, manufacturing, index, 974 Personal income, 983 Postal Savings System, 932, 938 Prices: Consumer, 974, 980 Security, 949 Wholesale commodity, 974, 980 Production, 968, 974 Profits, corporate, 959, 960 Real estate loans: Banks, by classes, 942, 944, 950, 961 Type of mortgage holder, 961, 962, 963 Type of property mortgaged, 961, 962, 963 Reserve requirements, member banks, 933 Reserves: Commercial banks, 943 Federal Reserve Banks, 934 Foreign central banks and governments, 1006 Foreign countries and international institutions, 1009 Member banks, 928, 930, 933, 943, 945 Residential mortgage loans, 961, 962, 963 Sales finance companies, consumer loans of, 964, 965, 967 Saving: Flow-of-funds series, 984 National income series, 983 Savings deposits (See Time deposits) Savings institutions, principal assets, 950, 951 Savings and loan associations, 951, 955, 962 Securities, international transactions, 1016, 1017 Security issues, 957, 958, 960 Silver coin and silver certificates, 936 State member banks, 941, 1002 State and municipal securities: New issues, 957, 958 Prices and yields, 948, 949 States and political subdivisions: Deposits of, 943, 946 Holdings of U. S. Govt. securities, 954 Ownership of obligations of, 942, 950, 951 Stock market credit, 949 Stocks: New issues, 958 Prices and yields, 948, 949 Tax receipts, Federal, 953 Time deposits, 932, 933, 938, 939, 943, 946, 1001 Treasurer's account balance, 952 Treasury cash, 928, 936, 938 Treasury currency, 928, 936, 938 Treasury deposits, 928, 934, 952 Unemployment, 976 U. S. balance of payments, 1019 U. S. Govt. balances: Commercial bank holdings, by classes, 943, 946 Consolidated monetary statement, 938 Demand deposits at commercial banks, 1001 Treasury deposits at Federal Reserve Banks, 928, 934, 952 U. S. Govt. securities: Bank holdings, 938, 939, 942, 945, 950, 954, 955 Dealer transactions, positions, and financing, 956 Federal Reserve Bank holdings, 928, 933, 934, 954, 955 Foreign and international holdings, 934, 1009 International transactions, 1016 New issues, gross proceeds, 958 Outstanding, by type of security, 954, 955, 957 Ownership of, 954, 955 Prices and yields, 948, 949 United States notes, outstanding and in circulation, 936 Utilities, production index, 968, 974 Vault cash, 928, 933, 943 Veterans Administration, loans, etc., 961, 962, 963, 1004 Weekly reporting member banks, 944 Yields (See Interest rates) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 'Pram hy t. H? (jafm, Cut (o THE FEDERAL RESERVE SYSTEM g) 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