Full text of Federal Reserve Bulletin : August 1961
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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
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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
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THE FEDERAL RESERVE SYSTEM—PURPOSES AND
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TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Part I. July
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FLOW OF FUNDS IN THE UNITED STATES, 1939-53
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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
@FedFRASER