Full text of Federal Reserve Bulletin : December 1961
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FEDERAL RESERVE
B U LLETIN
December
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
Construction and Housing
1383
Revision of Consumer Credit Statistics
1390
Revised Indexes of Freight Carloadings
1401
Law Department
1404
Current Events and Announcements
1411
National Summary of Business Conditions
1415
Plans for Publishing Indexes on a 1957-59 Comparison Base
1417
Financial and Business Statistics, U. S. (Contents on p. 1419)
1420
International Financial Statistics (Contents on p. 1479)
1480
Board of Governors and Staff
1496
Open Market Committee and Staff; Federal Advisory Council
1497
Federal Reserve Banks and Branches
1497
Federal Reserve Board Publications
1499
Index to Statistical Tables
1503
Map of Federal Reserve System
Inside back cover
Volume 47 * Number 12
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CONSTRUCTION ACTIVITY has increased
to a record high this autumn. Over the
year it has averaged moderately above a
year earlier and about the same as in 1959.
While residential construction dominated
the advance from the low of last spring, the
rise in housing starts this year was less
marked than in other postwar recoveries.
At the same time, since 1959 there has been
a shift in the composition of demand toward
apartments and lower priced houses.
Cost of construction rose slightly, and
land costs continued upward. Rents continued to edge higher, even though vacancies, especially for apartments, also increased. Unlike the experience in earlier
postwar recoveries, however, prices of new
as well as used houses apparently remained
steady.
While personal income has moved upward and the desire for improved housing,
particularly on the part of moderate income
groups, is still strong, many of the earlier,
special pressures for housing have moderated further. However, in the mortgage
market, savings at lending institutions have
been unusually high and capital funds have
generally been ample and on terms more
favorable to borrowers than those in 1959
or 1960.
RECENT HOUSING LEGISLATION
Permitted terms on Federally underwritten
mortgages were relaxed further on June 30,
when the Housing Act of 1961 became law.
Like other recent housing legislation, the
CONSTRUCTION ACTIVITY
Annual rolg)
Billions ol dollors
100
-
no
PUBLIC , v
70
100
V'
1959
PRIVATE-
'60
90
61
30
PUBLIC
o-*»•'•.«<•<•-*••
10
NOTE.—All data at seasonally adjusted annual rates. Census
Bureau data beginning with 19S9 reflect new series on housing
starts and on farm construction. Data prior to 1959, Bureau
of Labor Statistics. Indexes on 19S9 base compiled by Federal
Reserve. Data for recent months are preliminary; latest month
shown, November.
Act also emphasized supplementary programs to broaden the availability of housing
for those of moderate means, including the
elderly. It also made special provision to
stimulate major home improvements and to
facilitate trade-ins of existing houses.
Of particular significance was the extra,
and in some cases new, emphasis on programs for urban renewal, mass transit, and
public facilities, as well as for the preservation of open spaces. These programs look
toward improving the environment for fur-
1383
1384
FEDERAL RESERVE BULLETIN • DECEMBER 1961
ther residential development, as well as
ameliorating conditions created partly by the
nature of earlier expansions. They are
necessarily long-term in character. Moreover, they require extensive and direct participation by representatives of large metropolitan areas as well as those of smaller
cities and outlying suburbs, unlike earlier
housing programs, which involved mainly
builders, lenders, and the Federal housing
agencies.
The potential stimulus from the new legislation has yet to be tested. This is partly
because of the inevitable lags associated
with changes in the regular programs and
the considerable local planning required for
the other programs. Also, uncertainties
caused by the calling up of some reserve
units and by problems about fall-out shelters
have been disturbing factors.
earlier. While activity on industrial construction tended downward until the autumn,
outlays for commercial facilities turned up
by midsummer, and through the year public
utility construction remained near the peak
reached in late 1960.
Among other private nonresidential outlays, those for private schools, hospitals,
churches, and recreational facilities were
DIFFERING MOVEMENTS IN CONSTRUCTION
WVATI
MHIC
f\
•USINfSS /' '.
'•
- 110
/
OTHIR
/— too
sP
\tlSIOINTIAl J
- 90
NONRESIDENTIAL CONSTRUCTION
Both private nonresidential and public construction had advanced sharply through
most of 1960, when private residential activity was declining. Public construction
actually peaked in February 1961, when
private residential construction reached its
low. Private nonresidential construction
edged higher through June. Through November of this year, both private nonresidential and public construction have averaged about 6 per cent above a year earlier.
Together, these two groups have accounted
for about 61 per cent of total construction
compared with 59 per cent last year and
56 per cent in 1959.
In late autumn, private business construction was only moderately below the high
at the beginning of 1961, and during the
first 11 months it averaged 4 per cent above
the already sharply advanced level of a year
1
19(9
1
19*0
i
1961
19S9
i
1960
1961
NOTE.—Census Bureau seasonally adjusted data converted
to indexes on 19S9 base by Federal Reserve. Private residential excludes farm. Figures for recent months are preliminary;
latest month shown, November.
maintained at a high level throughout the
year. Farm construction declined after mid1961 from an unusually high rate, but also
continued above a year earlier.
Recovery in public construction activity
during 1960 reflected a sharp although irregular upturn in highway expenditures and
a steady advance in outlays for most other
types of building. Although these outlays
have fluctuated below the peak reached in
February, their combined total has remained
high.
Expenditures for military facilities this
1385
CONSTRUCTION AND HOUSING
autumn were still sharply below the rate
earlier in 1961. However, outlays by Federal, State, and local governments for highways, schools, hospitals, sewers, and other
public facilities were at advanced or record
rates. Outlays for public housing, although
still below earlier highs, also continued to
rise.
New private housing units (farm and nonfarm) started through November were at
an average annual rate, seasonally adjusted,
of 1.3 million, or just above the declining
rate over the same period a year ago. While
this series has tended to move erratically,
the annual rate since September has held at
HOUSING STARTS
Old series
1957
1958
New series
1959
1959
1960
19611
In thousands
Total
Total private
Private nonfarm
1,042
993
1,209
1,142
1,379
1,554
1,296
1,343
1,517
1,495
1.252 1.300
K230 1 ] 300
1,400
As percentage of private nonfarm
Multifamily units
12
15
16
15
17
22
Conventional
FHA-insured
VA-guaranteed
70
17
13
65
26
9
67
25
8
70
22
7
73
21
6
75
19
6
n.a.
Not available.
1
Partly estimated by Federal Reserve.
NOTE.—Based on data from Census Bureau (new series) and
Bureau of Labor Statistics (old series) except for units started with
FHA or VA inspection, which are from the Federal Housing Administration and the Veterans Administration respectively.
1.4 million. This was more than a fourth
above the low for the three months around
the turn of the year, but an eighth below the
pre-recession high in mid-1959.
Apartments. Expansion in multifamily
housing has been largely responsible for
the improved rate of total starts this year.
[In millions]
Age and status
1959
1961
1965
Age
Alt ages
Under 5
5-14
15-24
25-44
45-64
65 and over.
171
19
33
23
47
35
15
177
20
35
24
47
36
16
184
21
37
25
47
37
17
199
23
41
31
47
39
18
Household status
of head
THE HOUSING MARKET
Tvpe of
start
POPULATION AGE AND HOUSEHOLD STATUS
Total householdsl
Individuals with households.
Families with households.. .
Married couples
Others
Families without households
Married couples
Others
Total families2
49.5
6.3
43.2
37.7
5.5
2.0
1.2
45.2
51.3
7.4
43.9
38.4
5.5
1.9
1.1
.8
45.8
53. 3
8. 0
45. 3
39. 6
5. 7
1. 7
1. 0
7
47. 0
1
Total households include households headed by individuals and
by 2families.
Total families include families with and without own households.
NOTE.—Based on Census Bureau data, including projection by age
for 1965. Age data are for July 1 of each year and include armed
forces abroad. Household figures are for March of each year.
Data for families differ from those reported by Census Bureau in
that they include subfamilies. Data for 1961 reflect changed definition of households and inclusion of Alaska and Hawaii. Figures
will not always add to totals because of rounding.
Over the first 10 months, such starts were
at a postwar high more than a third above
a year earlier and over a fifth above the
corresponding period in 1959. Reflecting
this advance, more than a fifth of total private starts this year have been in multifamily structures.
A number of factors have contributed to
the greater importance of apartments in the
residential total. Along with the increasing
scarcity and cost of land, the shifting agestructure of the population has been of considerable significance. Of the age-groups
shown in the table, only the 25-44 year
group has not been expanding, and this
group accounts for most buyers of single
family houses. Moreover, no increase in
the population of this age-group is in prospect over the next several years.
The number of young people of or near
college age has begun to rise sharply, and,
for an increasing number of families, the
1386
FEDERAL RESERVE BULLETIN • DECEMBER 1961
actual or anticipated costs for further education are competing more and more with the
desire to maintain or improve present residential conditions. A rising rate of marriages and of new household formation is
also indicated in the period ahead, but the
immediate increase in demand from the
younger groups—as from the elderly—is
expected to be for apartments and other
rental dwellings rather than for homeownership.
There has also been some re-evaluation
of the transportation and other difficulties
involved in home-ownership in suburban
areas, especially as more, and more attractive, apartments have become available in
urban areas. The increased emphasis of
recent legislation on broad metropolitan
problems and on the need for adequate
urban housing within the reach of low and
moderate income groups has also begun to
be a factor in the expansion in multifamily
housing.
Vacancies. Through early 1961 the number of both families and individuals without
separate living quarters of their own was
still declining. Among married couples in
early 1961, only 1 million or 2 per cent were
sharing the households of others, compared
with about 3 per cent in early 1957 and 9
per cent in April of 1947.
Reflecting the increased supply of housing
in relation to demand, vacancy rates reached
postwar highs in mid-1961. In recent years
most of the rise has been in apartments;
about 8 per cent of available apartments on
the average have been empty and for rent
this year compared with 6.5 per cent in 1959
and about 5 per cent in 1957. The proportion of houses available for sale for
owner-occupancy has also risen further in
1961, and the time needed to complete sales
of such houses has lengthened.
Rental vacancies have continued to be
more pronounced outside than within metropolitan areas, but the difference has narrowed appreciably since the second quarter
of 1959. Vacancies in public housing projects assisted by the Public Housing Administration have remained quite low.
Additions and improvements. Expenditures
for major additions and alterations were at
a new high this autumn; for the past two
years, they have averaged 23 per cent of the
value of new private residential construction
put in place. Needs for general maintenance and repairs have also increased as the
stock of housing has risen.
The possibilities for supplementing construction activity further through major expenditures on additions and alterations have
been enhanced under Sections 203 (k) and
220(h) of the 1961 Housing Act. This
legislation, which now also applies to fallout and blast shelters, allows for FHA insurance of major improvement loans up to
$10,000 per family unit, secured by junior
liens or other collateral, at 6 per cent interest and with maturities up to 20 years.
The FHA Title I improvement loans, which
are still available, allow a $3,500 maximum
and terms up to 5 years at an effective interest rate of 9.7 per cent.
THE MORTGAGE MARKET
Funds for most types of home mortgages
have been ample this year. Mortgage lending has expanded appreciably as residential
construction has picked up. While interest
rates have changed little since late May,
other terms have been relaxed further.
Mortgage terms. The 1961 Housing Act
permits maximum maturities of 35 years on
FHA-insured loans where the previous limit
of 30 years generally applied; in hardship
cases, maturities continue at 40 years. And
1387
CONSTRUCTION AND HOUSING
it lowered minimum downpayments to 3 per
cent, including closing costs, for homes
valued up to $15,000.
In August the Federal Home Loan Bank
Board relaxed downpayment and maturity
terms for conventional mortgages at savings and loan associations and increased the
amount of an association's assets that may
be invested in maximum loans. Regulations
now permit lower downpayments and maturities as long as 30 years for single family
homes, up to a maximum loan of $26,500;
these compare with a former limit of 25
years and a loan maximum of $22,000.
In October the Board liberalized the terms
available to real estate dealers and brokers
for carrying houses taken in trade.
Interest rates on conventional mortgages
apparently have changed little through most
of the year. On FHA-insured mortgages,
the allowable interest rate was reduced in
two steps from 5% per cent, which had prevailed since the autumn of 1959, to 5V4
per cent—the VA rate—by late May. As
home mortgage and other demands for capital funds began to expand this year, increasingly higher discounts were required to
attract buyers of FHA-insured mortgages in
the secondary market. Nevertheless, secondary market yields on those mortgages
continued to decline until July.
Since July, yields on 25-year, 5VA per cent
FHA mortgages have edged up to a level
of 5.72 per cent, and there has been conjecture concerning the possibility of an upward
revision in the allowable interest rate. During this period FHA mortgage yields were
the lowest since mid-1959. At the same
time, supplies of long-term obligations most
directly competitive with mortgages declined, and yields on new corporate bonds
(adjusted to an Aaa basis) actually declined
until November. In November bond yields
INTEREST RATES AND YIELDS
/
MAXIMUM
INTEREST RATES:
YIELDS:
-
—iC
FHA LOANS
iK
—At
/
i
*
1
\
\
I
1
1
1
/
6
/
i
vA
Jt
i
Aaa CORPORATE BONDS
•A/
j
1
i
1957
1
|
19S»
3
1
1961
NOTE.—Yields: Corporate bonds, weighted average of offering yields on new public issues computed by First National
City Bank of New York; FHA, derived by Federal Reserve
from a weighted average of opinions of FHA field offices on
bid prices in their market areas. Dashed lines indicate periods
of adjustment to changes in the contractual interest rate.
Maximum interest rates: those permitted on mortgage loans
insured by Federal Housing Administration (Section 203) or
guaranteed by Veterans Administration. Latest data shown,
November.
rose, and the spread between mortgage and
bond yields narrowed somewhat to 140 basis
points, approximately the average spread
that prevailed early last spring.
Offerings of Government-underwritten
mortgages for purchase by the Federal National Mortgage Association rose sharply after spring as lender resistance to the reduced
rate for FHA-insured loans increased and
sales of houses expanded. By November purchases by FNMA had risen to a monthly
total of around $110 million, well above the
declining level a year earlier but appreciably
below previous peaks. Sales by FNMA,
which had approached their mid-195 8 high
early in the year, subsided after spring.
Apart from changes in interest rates and
other terms, a significant development in
the market for home mortgages this year
has been a further rise in delinquency and
foreclosure rates. The rise has been most
1388
FEDERAL RESERVE BULLETIN • DECEMBER 1961
pronounced for Government-underwritten
mortgages, but foreclosures on conventional
loans have also been higher. By midyear,
the rate of foreclosures on all mortgages was
about 3.80 per thousand mortgages outstanding, compared with an average of 2.60
per thousand a year earlier and somewhat
less in 1959. Both the high rates of unemployment which have prevailed and the increasingly relaxed terms in recent years have
influenced this development. Easing in markets for existing houses also has been a
factor, because mortgagors in difficulty are
less able to sell rather than accept default.
Home mortgage volume. Mortgage lending this autumn was at a seasonally adjusted rate well above a year earlier but
still slightly below the mid-1959 peak. For
the first time in a postwar recovery, lending
on conventional mortgages led the other
types, and in August it reached a new high.
So far this year it has accounted for a record
postwar share of private nonfarm starts—
75 per cent, as shown in the first table on
page 1385. VA-guaranteed loans have
maintained their share, but the FHA-insured
proportion has declined further.
Total mortgage debt outstanding has continued to rise. By early autumn it amounted
to $220 billion, or $17 billion more than a
year earlier. Debt on 1- to 4-family properties accounted for $150 billion of the total
mortgage debt outstanding and for $11 billion of the year-to-year rise.
The increase in debt on 1- to 4-family
properties in the third quarter of this year
amounted to $3.5 billion, on a seasonally
adjusted basis. This was a rate exceeded
only in the second quarter of 1959 when
the general level of new housing activity was
appreciably higher. Federally underwritten
mortgage debt on 1- to 4-family housing
increased by $1.3 billion in the first half of
the year and by $900 million in the third
quarter to a total of $58.7 billion on September 30. As since late 1957, practically
all of the increase was in FHA-insured
mortgages.
Mortgage lenders. All four major types
of financial institutions continued to increase
their holdings of mortgages on small residential properties this year. For savings and
loan associations, which experienced another
HOLDERS OF HOME MORTGAGES
Billions of dollars
170
so
SAVINGS AND
LOAN ASSOCIATIONS .
MUTUAL SAVINGS BANKS
1
1955
1
1
1957
1
1
1959
NOTE.—Federal Reserve estimates based on data from Federal and private agencies. Latest data shown, end of third
quarter.
record inflow of share capital, the gain continued particularly sharp. By the end of
the third quarter these associations had increased their holdings of debt on 1- to 4family properties to 41 per cent of the total
outstanding, compared with 39 per cent a
year earlier and 38 per cent in 1959. Relative shares held by commercial banks and
insurance companies declined somewhat.
CONSTRUCTION AND HOUSING
Holdings of mutual savings banks rose to
nearly the same level as holdings of commercial banks.
Except at the mutual savings banks,
holdings of VA-guaranteed mortgages by the
major institutional lenders declined until
midyear as the repayments on VA-guaranteed mortgages more than covered the volume of new loans made; in the third quarter,
both commercial banks and mutual savings
banks increased these holdings, while the
1389
other institutions reduced them further.
FHA mortgages have risen steadily this year
at all institutions but commercial banks. By
the second quarter, commercial banks were
also expanding their holdings again and they
continued to provide short-term financing to
other mortgage holders. To broaden the
availability of this type of service, the recent
housing legislation permits FNMA to make
short-term loans on the security of Government-underwritten mortgages.
Revision of Consumer Credit Statistics
THE
FEDERAL RESERVE SERIES on
con-
SELECTED TYPES OF INSTALMENT CREDIT
Ilions of
sumer credit have been revised from July
1955 to date. The largest revisions are due
to the incorporation of benchmark figures
from the survey of finance companies conducted as of June 30, I960. 1 The coverage of the statistics has not been altered,
and estimating techniques are substantially
the same as those described in earlier BUL2
LETIN articles.
Adjustments were made for finance companies back to the previous benchmark figures in mid-1955. Beginning with January
1960, differences from unrevised figures also
reflect incorporation of benchmark data for
commercial and mutual savings banks for
December 31, 1960, and June 30, 1961,
and for certain other financial institutions
and retail outlets for December 31, 1960.
EFFECTS OF THE REVISION
1955
The revised total for all types of short- and
intermediate-term consumer credit at the
end of 1960 is $55.8 billion, compared
with an unrevised total of $56 billion. While
the difference in the total is insignificant, differences in some of the major types of credit
and in some holder categories are relatively
large.
The reduction in total consumer credit
on December 31, 1960, is the net effect of
a downward revision of $693 million in
1
"Survey of Finance Companies, Mid-1960," BULLETIN for October 1961, pp. 1140-60.
'"Revision of Consumer Credit Statistics," April
1953 issue, pp. 336-45, and "Extensions and Repayments of Consumer Instalment Credit," January 1954
issue, pp. 9-17.
1957
1959
1961
instalment credit and an upward revision of
$401 million in noninstalment credit. Each
major type of noninstalment credit was revised upward. Among the major types of
instalment credit, substantial downward adjustments in personal loans and automobile
credit were only partly offset by upward
adjustments in other consumer goods paper
and repair and modernization loans.
Finance company survey. The new benchmark data provided by the finance company
survey indicated that outstanding instalment
credit held by finance companies was considerably smaller than had been estimated.
By December 31, 1960, the estimate for
these holders exceeded the benchmark fig-
1390
1391
REVISION OF CONSUMER CREDIT STATISTICS
ure by $835 million, 5 per cent. To incorporate benchmark data, personal loans,
held mainly by personal finance companies, were revised downward by $783
million. Automobile credit, held principally by sales finance companies, was revised downward by $398 million. These
overestimates were partly offset by underestimates in other consumer goods paper
and repair and modernization loans. These
were revised upward by $267 and $79
million.
Other benchmark data.
Revisions of the
commercial bank data were based on condition statements for December 31, 1960, and
June 30, 1961. Incorporation of these
data for December 31, 1960, resulted in an
upward revision in total instalment credit
at commercial banks of $274 million, which
was distributed among all major types of
credit. Commercial bank holdings of singlepayment loans were revised upward by $147
million.
Instalment credit holdings of Federal- and
State-chartered credit unions were revised
upward by $17 million on the basis of December 31, 1960, figures compiled by the
Bureau of Federal Credit Unions. Revisions
in the data for other financial institutions
were also relatively small.
Revised figures for retail outlets were
based on data collected and compiled by the
Bureau of the Census. As a result of incorporation of Census data, retail holdings of
instalment credit as of December 31, 1960,
are $ 164 million smaller than figures previously published by the Federal Reserve. The
largest changes consist of reductions in estimated holdings at automobile dealers and
furniture stores.
New estimates were made for extensions
and repayments for those series for which
outstanding instalment credit was revised.
CONSUMER CREDIT, DECEMBER 31,
1960
[In millions of dollars]
Type of credit
or holder
All types
Instalment, total
Increase
T T»-»
unRevised
or
series revised.
series decrease
(-)
55,757
56,049
-292
42,588
43,281
-693
17,866
-422
11,215
310
3,008
11,192
131
-712
16,398
274
11,134
94
4,212
-542
5,758
5,779
-354
-164
13,169
12,768
401
4,507
5,329
3,333
4,311
5,187
3,270
196
142
63
By type:
Automobile paper.. 17,444
Other consumer
goods paper
11,525
Repair and modernization loans
3,139
Personal loans
10,480
By holder:
Commercial banks.. 16,672
Sales finance
companies
11,228
Consumer finance
companies
3,670
Other financial
institutions
5,404
Retail outlets
5,615
Noninstalment, total
Single-payment loans.
Charge accounts
Service credit
NOTE.—Details may not add to totals because of rounding.
These revisions were in the same direction
and in about the same proportion as revisions in outstanding credit.
METHODS OF ESTIMATION
The estimating procedures used to adjust
outstanding credit to benchmark figures were
similar for all series.
For financial holders, ratios of amounts
outstanding on benchmark dates to unrevised amounts outstanding were computed
at initial and terminal months. The ratios
were interpolated on a straight-line basis
for intervening months, and revised outstandings derived by multiplying the interpolated ratio for each month by the
unrevised amount outstanding.
Revised repayments were then computed
1392
FEDERAL RESERVE BULLETIN • DECEMBER 1961
for instalment credit by multiplying collection ratios available from reported monthly
sample data by revised outstandings for
the preceding month. Extensions were
obtained by adding outstandings and repayments for the current month and subtracting
outstandings for the preceding month.
Estimates for retail outlets were made in
a similar manner, except that where receivables were based on sales figures, interpolation between initial and terminal months was
based on ratios between sales and receivables. A more detailed description of estimating procedures used to derive consumer
credit statistics is available on request.3
Estimates for months following the latest
benchmark figures are based on changes in
the major types of credit as indicated by
monthly reports for a sample of the major
holder groups.
SEASONAL ADJUSTMENTS
Seasonal adjustment factors were recomputed for the revised data on extensions and
3
"Detailed Description of Sources and Methods
Used in Revision of Short- and Intermediate-Term
Consumer Credit Statistics," April 1953. Requests
for copies should be sent to the Division of Administrative Services, Board of Governors of the Federal
Reserve System, Washington 25, D.C.
repayments. The revised factors were developed by the computer program used by
the Federal Reserve System. The basic data
for extensions and repayments were adjusted
for variations in trading days before computation of seasonal adjustment factors. In
general, the revised factors tend to be somewhat more sensitive to year-to-year developments and yield smoother seasonally adjusted series than factors used heretofore.
In addition to the regular seasonal adjustments, extensions and repayments of
automobile credit for some lenders were adjusted to allow for the influence of changing dates of introduction of new models of
cars. The adjustments are based on the
average relationship of introduction dates to
monthly changes in extensions and repayments. The procedure for making these
adjustments is similar to that used in making special adjustments for department store
sales data to allow for changes in the date of
Easter.4 The adjustments are still experimental, and subject to further study and
modification.
4
"Revision of Monthly Department Store Indexes,"
BULLETIN for December 1957, pp. 1323-52.
1393
REVISION OF CONSUMER CREDIT STATISTICS
ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Adjusted for seasonal variation and differences in trading days. In millions of dollars]
Month
Ex-
Re-
Other consumer
goods paper
Automobile paper
Total
Ex-
Repair and
modernization loans
tensions
pay- change l
ments
tensions
ReExNet
pay- change1 tenments
sions
1955_jan....
Feb....
Mar....
Apr....
May...
June...
July...
Aug
Sept....
Oct....
Nov....
Dec
2,995
3,065
3,192
3,229
3,265
3,253
3,236
3,384
3,404
3,296
3,282
3 277
2,636
2,642
2,665
2,722
2,781
2,783
2,817
2,858
2,890
2,968
2,947
2,910
359
423
527
507
484
470
419
526
514
328
335
367
1,225
1,298
1,384
1,358
1,409
1,410
1,415
1,499
1,506
1,414
1,364
1,368
1,000
1,007
1,028
1,046
1,081
,082
,096
,120
,139
,168
,170
,145
225
291
356
312
328
328
319
379
367
246
194
223
859
832
873
898
886
878
888
912
907
882
918
920
775
773
774
791
806
807
823
833
832
855
844
840
84
59
99
107
80
71
65
79
75
27
74
80
91
100
107
111
118
118
111
126
127
129
127
128
110
104
110
107
113
108
108
109
109
114
1956—Jan....
Feb....
Mar....
Apr....
May...
June...
July...
Aug....
Sept....
Oct.. ..
Nov....
Dec...
3,275
3,304
3,258
3,335
3,275
3,213
3,260
3,361
3,264
3,358
3,473
3,412
2,965
2,963
2,954
3,078
3,055
3,060
3,127
3,092
3,162
3,157
3,188
3,214
310
341
304
257
220
153
133
269
102
201
285
198
1,347
1,364
1,319
1,297
1,267
1,223
1,231
1,256
1,228
1,279
1,318
1,306
,180
,187
,160
,225
,210
,185
,216
,196
,215
,255
,239
1,242
167
111
159
72
57
38
15
60
13
24
79
64
928
925
897
994
956
950
976
1,016
970
1,010
1,067
1,032
854
838
844
882
869
889
918
898
945
918
950
962
74
87
53
112
87
61
58
118
25
92
117
70
1957—Jan....
Feb....
Mar....
Apr....
May...
June...
July. . .
Aug
Sept....
Oct.. . .
Nov....
Dec...
3,435
3,459
3,398
3,412
3,509
3,509
3,560
3,521
3,504
3,486
3,511
3,556
3,257
3,249
3,256
3,239
3,273
3,314
3,343
3,325
3,363
3,339
3,363
3,448
178
210
142
173
236
195
217
196
141
147
148
108
,392
1,375
,356
1,342
1,334
1,343
1,364
1,327
1,371
1,391
1,370
,355
,290
1,279
1,270
1,269
1,272
1,276
1,295
1,273
1,296
1,301
1,286
1,340
102
941
970
941
938
1,016
1,016
1,020
1,033
994
936
976
1,020
951
944
951
917
932
966
971
996
991
968
987
996
-10
3,386
3,189
3,207
3,207
3,208
3,261
3,287
3,334
3,281
3,418
3,531
Dec... 3,667
1959—Jan.2... 3,705
F e b . . . . 3,829
Mar.... 3,836
Apr
3,889
May... 4,003
June... 3,999
J u l y . . . 4,085
Aug.2.. 4,035
Sept.... 4,164
Oct.... 4,151
Nov.... 4,058
3,379
3,368
3,376
3,325
3,296
3,356
3,304
3,366
3,330
3,380
3,391
3,340
7
-88
-95
-17
-32
-49
38
140
327
1,295
1,158
1,073
1,133
1,099
1,115
1,145
1,152
1,100
1,178
1,249
1,403
1,325
1,297
1,287
1,301
1,261
1,267
1,261
1,273
1,241
1,272
1,252
1,250
-94
-3
153
912
906
1,007
912
985
976
978
987
978
1,020
1,050
1,030
3,378
3,457
3,428
3,451
3,548
3,505
3,550
3,553
3,597
3,637
3,640
3,685
350
372
408
438
455
494
535
611
567
514
418
331
1,372
1,422
1,431
1,467
1,491
1,495
1,518
1,496
1,535
1,553
1,411
1,329
1,225
1,268
1,260
1,263
1,285
1,271
1,304
1,288
1,298
1,312
1,310
1,327
158
154
171
204
206
224
214
265
237
241
101
2
I960—Jan....
Feb....
Mar....
Apr....
May...
June...
July...
Aug....
Sept....
Oct....
Nov....
Dec...
3,749
3,686
3,733
3,820
3,822
3,822
3,873
3,822
3,863
3,862
3,856
3,866
363
469
407
530
305
299
268
226
226
172
162
118
1,461
1,523
1,527
1,582
1,488
1,457
1,390
1,404
1,417
1,399
1,408
1,351
1,337
1,321
1,337
1,344
1,368
1,355
1,343
1,353
1,355
1,365
1,358
1,348
124
202
190
238
120
102
47
51
1958—Jan
Feb....
Mar....
Apr....
May...
June...
July...
Aug....
Sept....
Oct
Nov....
Dec... 4,016
4,112
4,155
4,140
4,350
4,127
4,121
4,141
4,048
4,089
4,034
4,018
3,984
For notes see p. 1400.
Net
-179
-169
-118
96
86
73
62
67
69
54
75
90
84
15
-30
-139
-214
-168
-162
-152
-116
-121
-141
62
34
50
3
ExReNet
pay- change1 tenments
sions
Re-
Personal loans
Ex-
Net
pay- change1 tenments
sions
Re-
Net
pay- change l
ments
114
109
-19
-4
-3
4
5
10
3
17
18
15
13
19
820
835
828
862
852
847
822
847
864
871
873
861
751
758
753
778
781
786
790
796
810
831
819
816
69
77
75
84
71
61
32
51
54
40
54
45
122
130
129
136
140
131
130
135
133
138
135
124
118
112
109
116
113
112
119
116
111
117
110
112
4
18
20
20
27
19
11
19
22
21
25
12
878
885
913
908
912
909
923
954
933
931
953
950
813
826
841
855
863
874
874
882
891
867
889
898
65
59
72
53
49
35
49
72
42
64
64
52
26
-10
21
84
50
49
37
3
-32
-11
24
136
139
135
135
148
139
144
151
141
141
135
134
118
121
115
118
126
123
130
123
129
124
120
133
18
18
20
17
22
16
14
28
12
17
15
1
966
975
966
997
1,011
1,011
1,032
1,010
898
905
920
935
943
949
947
933
947
946
970
979
68
70
46
62
68
62
85
77
51
72
60
68
960
986
985
927
957
963
956
960
961
972
984
951
-48
-80
22
-15
28
13
22
27
17
48
66
79
150
138
144
148
154
159
154
161
168
167
168
160
130
130
136
136
128
141
136
132
139
141
139
137
20
8
8
12
26
18
18
29
29
26
29
23
1,029
987
983
1,014
970
,011
[,010
,034
,035
,053
,064
1,074
964
955
968
961
950
985
951
1,016
1,002
65
32
15
53
20
26
59
33
46
58
48
72
[,084
1,129
,120
,146
,153
,165
,192
1,161
,181
1,175
1,211
1,252
994
1,013
1,002
,013
[,027
,009
1,029
1,033
,066
,065
1,064
1,081
95
116
118
133
126
156
163
145
115
110
147
171
152
163
181
182
197
190
193
197
194
187
194
190
141
134
143
147
150
146
146
155
147
153
159
147
12
29
38
35
47
44
47
47
47
34
35
43
1,097
1,115
,104
,094
,162
,149
,182
,181
,254
,236
,242
1,245
1,018
1,042
1,023
1,028
1,086
1,079
1,071
1,077
1,086
1,107
1,107
1,130
85
73
81
66
76
70
111
154
168
129
135
115
1,235
1,208
1,188
1,276
1,188
1,227
1,199
1,171
1,203
1,204
1,174
1,207
[,122
1,085
1,101
1,128
1,140
1,141
1,141
1,132
1,143
1,151
T.138
1,153
113
123
87
148
48
86
58
39
60
53
36
54
170
190
189
189
203
194
187
196
181
175
174
166
149
150
155
153
154
160
160
161
155
163
162
162
21
40
34
36
49
34
27
35
26
12
12
4
1,246
1,234
1,236
1.303
U248
,243
,365
,277
1,288
1,256
1,262
,260
1,141
1,130
1,140
1,195
1,160
1,166
1,229
1,176
1,210
1,183
1,198
1,203
105
104
96
108
88
77
136
101
78
73
64
998
1,018
1,030
1,047
1,001
989
995
57
1394
FEDERAL RESERVE BULLETIN • DECEMBER 1961
ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Adjusted for seasonal variation and differences in trading days. In millions of dollars]
Commercial banks
Total
Month
Ex-
tensions
Re-
Net
Ex-
pay- change1 tenments
sions
2,995
3,065
3,192
3,229
3,265
3,253
3,236
3,384
3,404
3,296
3,282
Dec... 3,277
1956—Jan.... 3,275
Feb.... 3,304
Mar.... 3,258
Apr.... 3,335
May... 3,275
June... 3,213
J u l y . . . 3,260
Aug.... 3,361
Sept.... 3,264
Oct.... 3,358
Nov.... 3,473
Dec.... 3,412
2,636
2,642
2,665
2,722
2,781
2,783
2,817
2,858
2,890
2,968
2,947
2,910
359
423
527
507
484
470
419
526
514
328
335
367
1,074
1,116
1,129
1,152
1,184
1,192
i;i77
1,230
1,247
1,212
1,219
1,177
2,965
2,963
2,954
3,078
3,055
3,060
3,127
3,092
3,162
3,157
3,188
3,214
310
341
304
257
220
153
133
269
102
201
285
198
1957—Jan....
Feb....
Mar....
Apr
May...
June...
July...
Aug
Sept....
Oct....
Nov....
Dec...
3,435
3,459
3,398
3,412
3,509
3,509
3,560
3,521
3,504
3,486
3,511
3,556
3,257
3,249
3,256
3,239
3,273
3,314
3,343
3,325
3,363
3,339
3,363
3,448
1958—Jan
Feb....
Mar....
Apr....
May...
June...
July...
Aug....
Sept....
Oct....
Nov....
Dec...
3,386
3,189
3,207
3,207
3,208
3,261
3,287
3,334
3,281
3,418
3,531
3,667
3,379
3,368
3,376
3,325
3,296
3,356
3,304
3,366
3,330
3,380
3,391
3,340
3,705
3,829
3,836
3,889
4,003
3,999
4,085
4,035
4,164
4,151
4,058
Dec... 4,016
4,112
I960—Jan
Feb.... 4,155
Mar.... 4,140
Apr.... 4,350
May... 4,127
June... 4,121
J u l y . . . 4,141
4,048
Aug
Sept.... 4,089
Oct.... 4,034
Nov.... 4,018
Dec... 3,984
1955—Jan
Feb....
Mar....
Apr....
May...
June...
July...
Aug....
Sept....
Oct....
Nov....
1959—Jan.2...
Feb....
Mar....
Apr
May...
June...
July. 2. .
Aug. ..
Sept....
Oct....
Nov....
For notes see p. 1400.
Sales
finance companies
ExReNet
pay- change1 tenments
sions
Re-
1,002
1,030
1,015
1,043
1,044
1,051
1,079
1,066
1,044
754
801
852
835
867
849
862
918
916
846
801
828
606
606
613
618
652
654
650
685
692
713
715
695
1,167
1,189
1,154
1,248
1,171
1,193
1,210
1,194
1,182
1,259
1,238
1,258
1,068
1,073
1,038
1,108
1,094
1,096
1,144
1,124
1,161
1,155
1,127
1,174
99
116
116
140
77
172
66
70
21
104
111
84
804
821
813
777
784
760
742
776
760
797
903
802
178
210
142
173
236
195
217
196
141
147
148
108
1,290
1,276
1,224
1,251
1,258
1,281
1,307
1,297
1,301
1,331
1,268
1,271
1,184
1,170
1,152
1,161
1,178
1,200
1,202
1,217
1,232
1,212
1,210
1,242
31
106
72
174
80
81
150
80
69
136
58
29
7
1,228
1,237
1,224
1,215
1,206
1,240
1,201
1,239
1,204
1,227
1,234
1,192
-22
-88
-95
-17
-32
-49
38
140
327
1,246
1,176
1,149
1,221
1,173
1,217
1,247
1,265
1,220
1,273
1,328
1,345
3,378
3,457
3,428
3,451
3,548
3,505
3,550
3,553
3,597
3,637
3,640
3,685
350
372
408
438
455
494
535
611
567
514
418
331
1,419
1,430
1,442
1,480
1,507
1,503
1,533
1,540
1,556
1,562
1,521
1,483
3,749
3,686
3,733
3,820
3,822
3,822
3,873
3,822
3,863
3.862
3,856
3,866
363
469
407
530
305
299
268
226
226
172
162
118
1,538
1,567
1,536
1,573
1,535
1,536
1,485
1,488
1,518
1,506
1,511
1,479
-179
-169
-118
Net
Ex-
pay- change1 tenments
sions
108
137
144
150
154
177
134
186
196
133
153
133
966
979
985
Other
financial institutions
148
195
239
217
215
195
ReNet
pay- changel
ments
Retail outlets
Extensions
Re-
Net
pay- change^
ments
224
133
86
133
641
658
679
693
695
704
670
707
718
732
728
734
596
586
602
619
617
624
627
634
642
664
653
661
45
72
77
74
78
80
43
73
76
68
75
73
526
490
532
549
519
508
527
529
523
506
534
538
468
All
465
483
482
490
497
495
505
512
513
510
58
19
67
66
37
18
30
34
18
-6
21
28
721
724
721
742
758
725
750
739
729
767
773
763
83
97
92
35
26
35
-8
37
31
30
130
39
717
734
761
743
762
753
759
797
771
769
809
773
666
664
683
693
691
698
711
720
719
705
731
732
51
70
78
50
71
55
48
77
52
64
78
41
587
560
530
567
558
507
549
594
551
533
523
579
510
502
512
535
512
541
522
509
553
530
557
545
77
58
18
32
46
873
818
845
826
820
843
889
818
839
838
834
850
804
793
799
781
792
814
814
800
808
813
805
838
69
25
46
45
28
29
75
18
31
25
29
12
784
802
808
822
844
825
849
842
820
836
845
840
741
740
760
760
781
763
781
774
772
779
800
798
43
62
48
62
63
62
68
68
48
57
45
42
488
563
521
513
587
560
515
564
544
481
564
595
528
546
545
537
522
537
546
534
551
535
548
570
822
823
820
834
813
807
818
815
801
792
796
770
-31
6
-78
-85
46
94
153
791
772
742
749
709
708
763
730
652
725
747
824
54
813
765
771
791
769
785
788
813
816
836
840
854
790
763
784
770
759
781
767
787
780
796
788
798
23
2
-13
21
10
4
21
26
36
40
52
56
536
476
545
446
557
551
489
526
593
584
616
644
539
545
548
506
518
528
518
525
545
565
573
580
1,210
1,250
1,243
1,266
1,295
1,276
1,308
1,328
1,329
1,346
1,356
1,353
223
156
199
214
212
227
225
253
227
216
165
130
834
861
888
908
929
924
951
918
980
971
882
879
111
796
787
782
809
790
800
111
804
812
807
825
57
65
101
126
120
134
151
162
176
159
75
54
824
858
863
849
914
913
916
915
969
962
971
975
808
804
803
806
848
842
838
834
847
863
852
877
21
54
60
43
66
71
78
142
122
99
119
98
628
680
643
652
653
659
685
662
659
656
684
679
583
607
595
597
596
597
604
614
617
616
625
630
49
97
48
55
57
62
81
54
42
40
59
49
1,403
,352
1,373
1,375
1,413
1,407
1,411
1,398
1,416
1,433
L422
1,431
256
215
51
198
122
129
74
90
102
73
89
48
936
987
965
993
946
928
911
918
927
907
907
888
832
822
831
862
845
842
853
854
873
868
879
874
104
205
214
131
101
86
16
64
54
39
28
964
975
991
885
883
888
928
902
912
961
931
939
919
934
942
79
92
103
114
109
78
141
96
72
62
55
42
674
626
648
742
635
667
643
615
633
640
611
633
629
629
641
655
662
661
648
639
635
642
621
619
-76
-43
39
87
-27
6
-23
-24
-2
-2
-10
14
-118
-93
46
-33
-23
46
26
-185
212
233
-104
-99
-55
-85
-172
-67
-49
14
1,042
1,011
990
1,102
1,027
1,011
981
989
984
-109
27
85
2
3
-34
34
35
17
-24
-108
65
23
-76
30
n
-71
16
25
37
-69
15
-100
39
23
-29
1
272
19
43
64
1395
REVISION OF CONSUMER CREDIT STATISTICS
ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Without adjustment for seasonal variation and differences in trading days. In millions of dollars]
Total
Month
Extensions
Automobile paper
ReExNet
pay- change1 tensions
ments
2,506
2,580
3,308
3,263
3,346
3,605
3,260
3,554
3,339
3,186
3,245
Dec... 3,752
1956—Jan
2,872
F e b . . . . 2,911
Mar.... 3,291
Apr.... 3,321
M a y . . . 3,458
June... 3,439
J u l y . . . 3,324
Aug.... 3,521
Sept.... 3,006
O c t . . . . 3,422
Nov.... 3,424
Dec... 3,781
2,562
2,488
2,866
2,718
2,733
2,840
2,732
2,921
2,847
2,940
2,961
3,017
-56
92
442
545
613
765
528
633
492
246
284
735
2,993
2,879
3,101
3,012
3,118
3,056
3,088
3,159
2,921
3,289
3,178
3,212
-121
1957_j a n .... 3,074
-255
-102
1955—Jan
Feb....
Mar....
Apr....
May...
June...
July...
Aug
Sept....
Oct....
Nov....
32
190
309
340
383
236
362
85
133
246
569
999
Other consumer
goods paper
ReExNet
pay- change * tensions
ments
947
934
52
167
382
386
458
540
437
477
353
786
766
840
812
801
808
795
834
813
843
828
1,285
826
1.097
,032
,054
,116
,060
,171
,143
,175
,190
,157
1,185
1,227
1,367
1,334
1,398
1,380
i;326
1,381
1,144
1,278
1,214
1,186
,175
,140
,205
,193
,237
,189
1,207
1,237
1,143
1,333
1,248
1,202
10
87
162
141
161
191
119
144
1
-55
-34
1,238
1,193
1,357
1,440
1,484
1,463
1,529
1,432
1,330
1,373
1,212
1,271
1,298
1,184
1,273
1,290
1,305
[,233
1,347
1,286
1,282
1,361
1,263
1,327
-60
9
84
150
179
230
182
146
48
12
-51
-56
1,043
1,003
1,027
1,026
1,334
1,205
1,315
1,300
1,266
1,267
1,291
1,237
1,276
1,331
1,175
1,286
-167
-197
-228
793
714
910
878
-16
777
764
851
927
982
979
932
1,018
907
1,089
1,124
1,369
892
851
904
868
898
881
894
910
868
947
925
921
Feb....
Mar....
Apr....
May...
June...
July...
Aug
Sept....
Oct....
Nov....
Dec
2,936
3,312
3,547
3,718
3,615
3,798
3,641
3,341
3,497
3,376
4,019
3,329
3,038
3,293
3,304
3,349
3,191
3,450
3,341
3,244
3,421
3,305
3,513
1958—Jan
Feb....
Mar....
Apr....
May...
June...
July...
Aug....
Sept....
Oct....
Nov....
Dec
1959—Jan. 2...
Feb
Mar....
Apr....
May...
June.
July..
Aug.2
Sept..
Oct..
Nov..
3,049
2,706
3,120
3,292
3,330
3,431
3,437
3,334
3,244
3,444
3,295
4,276
3,432
3,145
3,448
3,348
3,313
3,332
3,369
3,253
3,334
3,468
3,221
3,549
-383
-439
-328
-56
17
99
68
81
-90
-24
74
727
1,167
1,008
1,087
1,204
1,194
1,249
1,272
1,189
1,097
1,167
1,085
1,352
3,300
3,234
3,764
3,999
4,016
4,373
4,253
4,113
4,053
4,145
3,920
4,646
3,382
3,231
3,553
3,481
3,433
3,606
3,625
3,488
3,538
3,672
3,575
3,852
-59
3
211
518
583
767
628
754
515
473
345
794
1,227
1,237
1,461
1,560
1,543
1,736
1,678
1,562
1,481
1,523
1,283
1,252
1,212
1,180
1,315
1,259
1,239
1,318
1,338
1,274
1,306
1,350
1,280
1,341
26
57
146
301
304
418
340
345
175
173
3
-89
940
884
1,030
1,015
,106
,148
,197
,144
,164
,181
,248
1,247
1,707
1,039
1,036
1,008
1,033
1,028
1,004
1,039
1,078
1,043
1,090
3,511
3,669
4,139
4,392
4,269
4,494
4,075
4,304
3,975
3,941
3,998
4,547
3,624
3,631
3,915
3,795
3,802
3,882
3,731
3,927
3,779
3,855
3,867
3,952
-113
1,242
1,387
1,591
1,654
1,616
1,685
1,434
1,534
1,336
1,365
1,344
1,220
1,275
1,291
1,403
1,322
1,369
1,378
1,306
1,414
1,339
1,405
1,354
1,319
-33
96
188
332
247
307
128
120
-3
-40
-10
-99
1,042
1,107
,207
,193
,281
,118
,201
,207
,229
1,236
1,676
[,124
1,101
,165
,134
,128
,148
1,082
,136
[,118
.140
i;i44
1,152
Dec.
I960—Jan
Feb....
Mar....
Apr
May...
June...
July...
Aug....
Sept....
Oct.. ..
Nov....
Dec...
For notes see p. 1400.
19
243
369
424
348
300
97
76
71
506
38
224
597
467
612
344
377
196
86
131
595
-96
-72
-18
-19
-48
-179
-164
-90
66
831
768
861
910
945
995
1,029
1,369
1,001
967
958
966
974
1,084
1,061
1,438
976
Net
pay- change l
ments
703
661
831
854
870
913
836
913
890
911
975
1,101
1,479
:1,418
1,512
1,656
1,497
1,648
1,496
1,339
1,266
1,297
164
76
140
Re-
Repair and
modernization loans
1,016
918
978
939
964
924
986
1,000
940
982
963
961
1,003
947
1,011
945
977
948
954
925
945
994
949
966
973
-83
Extensions
67
Re-
Personal loans
Net
pay- change l
ments
Extensions
737
742
899
883
840
907
811
853
814
797
871
Re-
76
99
108
124
129
116
140
139
139
133
123
109
98
118
103
110
109
103
112
110
114
119
110
-42
-22
-19
5
14
20
13
28
29
25
13
1,047
94
104
120
132
152
140
139
150
140
156
140
116
120
109
113
112
113
109
118
118
106
122
114
111
-26
-5
7
20
39
31
21
32
34
34
816
816
953
928
926
940
927
972
815
899
946
106
110
123
134
161
145
158
165
153
157
139
127
120
114
116
119
127
117
132
123
128
128
123
133
-14
131
125
136
136
128
142
141
129
142
145
132
138
c
-67
24
19
4
41
29
90
112
472
126
111
130
148
166
168
167
172
183
183
164
153
-14
-6
12
38
26
26
43
41
38
32
15
-85
-89
-24
70
140
164
116
177
142
170
204
617
124
131
166
182
205
206
210
212
207
204
194
179
140
129
145
148
145
151
151
154
148
155
155
147
-15
2
21
34
60
55
59
63
59
49
39
32
982
949
1,122
1,151
1,120
1,234
1,221
1,175
1,184
1,170
1,196
1,508
,054
,038
,041
,104
,108
,056
1,045
1,089
1,097
1,274
-82
135
159
177
191
218
213
193
219
192
185
176
154
144
148
159
151
153
163
157
166
156
165
163
158
-9
11
18
40
65
50
36
53
36
20
13
-4
1,092
1,147
1,264
1,340
1,242
1,315
1,330
1,350
1,240
1,162
1,242
1,497
1,081
1,091
1,188
[,188
1,152
1,193
1,186
1,211
1,166
1,145
,206
i;323
-105
-9
42
69
105
41
79
77
68
147
459
-115
-87
-53
59
84
98
38
108
39
142
199
448
-185
-150
-117
-29
79
79
41
26
5
13
66
408
-210
-233
-101
-125
-58
73
65
133
36
65
89
89
92
524
14
26
5
A
7
15
34
28
26
42
25
29
16
-6
1,110
899
865
971
720
690
811
771
768
807
774
804
781
808
824
924
806
779
879
839
870
877
869
894
804
887
891
978
1,063
1,030
1,004
1,084
1,018
913
972
996
895
822
926
956
953
917
985
932
894
950
956
1,252
1,092
963
873
993
985
964
868
986
967
942
975
983
962
971
998
965
1,333
1,159
1,009
1,000
1,062
969
1,047
1,040
1,007
990
1,010
Net
pay- change 1
ments
17
52
88
112
72
100
37
49
33
-11
47
123
10
37
74
89
56
63
58
78
11
12
55
132
4
43
45
107
77
87
99
86
19
22
40
160
-1
5
7
95
27
72
57
45
19
12
20
174
15
33
68
113
79
130
113
169
139
81
99
234
11
56
76
152
90
122
144
139
74
17
36
174
1396
FEDERAL RESERVE BULLETIN • DECEMBER 1961
ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Without adjustment for seasonal variation and differences in trading days. In millions of dollars]
Total
Month
Re-
Ex-
Net
Ex-
tensions
pay- change1 tenments
sions
1955—Jan
Feb..,.
Mar....
Apr
May.. .
June...
July. . .
Aug....
Sept....
Oct.. ..
Now....
Dec
2,506
2,580
3,308
3,263
3,346
3,605
3,260
3,554
3,339
3,186
3,245
3,752
2,562
2,488
2,866
2,718
2,733
2,840
2,732
2,921
2,847
2,940
2,961
3,017
-56
92
442
545
613
765
528
633
492
246
284
735
1956-—Jan
Feb....
Mar....
Apr....
May...
June...
July. . .,
Aua....
Sept....
Oct.. ..
Nov
Dec... .
2,872
2,911
3,291
3,321
3,458
3,439
3,324
3,521
3,006
3,422
3.424
3,781
2,993
2,879
3,101
3,012
3,118
3,056
3,088
3,159
2,921
3,289
3,178
3,212
-121
1957—Jan
Feb... .
Mar....
Apr....
May...
June. . .
July.. .
Aug....
Sept....
Oct
Nov....
Dec....
3,074
2,936
3,312
3,547
3,718
3,615
3,798
3,641
3,341
3,497
3.376
4;019
3,329
3,038
3,293
3,304
3,349
3,191
3,450
3,341
3,244
3,421
3,305
3,513
-255
-102
1958—Jan.. . .
Feb....
Mar....
Apr... .
May...
June.. .
July. . .
Aug....
Sept....
Oct.. ..
Nov....
Dec....
3,049
2,706
3,120
3,292
3.330
3,431
3,437
3.334
3,244
3,444
3.295
4^276
3,432
3,145
3,448
3,348
3,313
3,332
3,369
3,253
3,334
3,468
3,221
3,549
-383
-439
-328
1959—Jan.*...
Feb....
Mar....
Apr....
May...
June...
July. 2 . .
Aug. ..
Sept....
Oct.. ..
Nov....
Dec.. . .
3.300
3,234
3,764
3,999
4,016
4,373
4,253
4,113
4,053
4.145
3; 920
4.646
1960—Jan
Feb.. . .
Mar....
Apr.. ..
May. ..
June...
July. . .
Aug
Sept....
Oct....
Nov
Dec...
3,511
3,669
4,139
4,392
4,269
4,494
4,075
4,304
3,975
3,941
3,998
4,547
For notes see p. 1400.
Sales
finance companies
Commercial banks
ReNet
pay- change l
ments
973
975
940
921
1,224
1,204
1,237
1,337
1,187
1,291
1,222
1,146
1,142
1,171
,050
1,013
1,013
,036
1,025
,075
1,045
1,062
1,065
1,059
33
54
174
191
224
301
162
216
177
84
77
112
1,096
1,083
1,197
1,298
1,271
1,297
1,242
1,247
1,087
1,267
1,165
1,213
1,082
1,039
1,074
,095
1,117
,097
1,148
1,164
,074
,197
,124
,151
1,216
1,119
1,228
1,361
1,373
1,345
1,398
1,334
1,254
1,317
1,163
1,247
Ex-
tensions
Re-
Net
l
payments change
Other
financial institutions
Ex-
tensions
Retail outlets
Re-
Net l
payments change
g
921
824
787
834
556
562
663
605
627
675
617
716
697
728
736
715
36
94
206
236
279
322
310
308
224
96
51
119
559
585
720
705
692
750
666
714
683
682
730
890
568
537
642
614
609
640
614
636
617
646
659
751
14
44
123
203
154
275
94
83
13
70
41
62
699
713
816
763
836
840
811
863
714
814
878
777
709
691
754
718
773
719
732
764
683
831
776
753
-10
22
62
45
63
121
79
99
31
-17
102
24
646
679
785
747
777
781
766
818
683
753
806
904
657
627
711
680
697
702
706
725
653
719
735
801
-11
52
74
67
80
79
60
,206
1,090
,149
,196
1,208
1,158
1,256
1,231
1,201
1,238
1,185
1,242
-65
29
79
249
165
187
187
103
53
96
-22
5
780
684
813
848
877
895
-24
-45
9
55
69
121
175
83
30
-16
-24
7
709
715
807
859
866
827
897
857
753
802
825
734
675
764
775
790
744
808
111
731
780
791
892
-25
40
892
821
852
770
857
804
729
804
793
808
774
840
809
791
868
794
850
,248
1,160
,242
,225
,219
,238
[,245
,203
,221
,255
1,151
1,240
-94
713
643
724
757
739
777
853
754
659
738
684
843
822
755
840
838
809
794
832
790
816
845
752
814
-109
-56
17
99
68
81
-90
-24
74
727
1,194
1,030
1,154
1,308
1,252
1,302
1,345
1,261
1,221
1,267
1,166
1,360
787
695
798
771
756
781
785
757
765
796
756
921
-47
-16
-24
42
19
35
31
47
12
9
38
137
3,382
3,231
3,553
3,481
3,433
3,606
3,625
3,488
3,538
3,672
3,575
3,852
-59
3
211
518
583
767
628
754
515
473
345
794
1,345
1,249
1,456
1,590
1,549
1,658
1,650
1,571
1,519
1,529
1,385
1,475
1,208
1,175
1,287
1,278
1,253
1,318
1,358
1,314
1,321
1,352
1,317
1,379
151
50
169
312
296
340
292
298
198
177
68
96
745
715
879
925
931
758
727
825
789
773
810
817
770
803
851
796
857
-13
-12
54
136
158
254
240
216
164
125
49
36
794
734
823
807
821
866
857
815
813
847
850
992
-53
25
47
65
72
3,624
3,631
3,915
3,795
3,802
3,882
3,731
3,927
3,779
3,855
3,867
3,952
-113
1,392
1,444
1,566
1,662
1,648
1,693
1,494
1,599
1,470
1,450
1,437
1,416
1,350
1,355
1,424
1,368
1,424
1,433
1,375
1,453
1,393
1,446
1,411
1,396
163
89
30
294
224
260
119
146
778
789
886
853
836
848
818
894
867
893
885
885
26
111
165
142
145
202
144
121
51
7
I
1
-17
1,009
1,048
1,014
1,058
1,086
1,085
958
921
988
841
850
923
921
897
937
929
953
901
888
940
1.178
1,044
32
190
309
340
383
236
362
85
133
246
569
19
243
369
424
348
300
97
76
71
506
38
224
597
467
612
344
377
196
86
131
595
-187
-106
123
33
64
100
58
-201
12
15
120
77
4
26
20
592
656
869
841
906
997
927
1,024
1,015
1,064
1,057
965
967
976
845
893
804
860
971
995
981
1,050
944
1,015
918
900
886
886
-54
-116
-81
-70
-17
21
-36
-180
-107
-68
29
1,003
740
679
774
813
775
816
816
804
111
805
794
1,058
736
759
870
872
893
978
950
920
907
918
954
1,181
824
902
48
78
91
83
110
52
78
66
36
71
139
93
30
34
71
103
43
84
76
83
89
86
22
22
34
111
112
93
166
94
71
104
189
52
86
127
117
121
157
132
57
33
48
134
Ex-
tensions
Re-
Net l
payments change
382
364
495
513
511
521
480
525
513
534
586
857
498
468
511
486
484
489
476
494
488
504
501
492
-116
-104
431
436
493
513
574
521
505
593
522
588
575
887
545
522
562
519
531
538
502
506
511
542
543
507
-114
369
418
464
479
602
548
488
558
513
526
618
912
585
544
576
540
543
515
546
530
521
535
535
529
-141
-126
-112
-145
402
354
468
414
564
536
423
515
587
634
651
575
535
568
514
529
519
507
503
532
572
562
574
-133
-181
622
595
618
607
586
612
593
589
601
622
612
624
-144
655
637
682
653
645
664
609
627
618
628
631
627
-285
-214
1,015
474
511
559
612
643
673
596
657
660
722
736
1,097
491
463
593
687
626
693
551
605
629
670
687
1,067
-16
27
27
32
4
31
25
30
85
365
-86
-69
-6
43
-92
3
87
11
46
32
380
59
33
-103
28
0
-26
83
383
-82
-140
35
17
-84
12
279
62
89
441
-60
-59
s
57
61
3
74
59
100
124
473
-57
34
-19
29
-76
-22
1!
42
56
440
1397
REVISION OF CONSUMER CREDIT STATISTICS
SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, BY MA.IOR PARTS
[Estimated amounts outstanding; in millions of dollars]
Instalment credit
End of month
Total
Total
Automobile
paper i
Other
consumer
goods
paper1
Noninstalment credit
Repair
and
modernization2
loans
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1955—January...
February..
March
April
May
June
July
August. . .
September.
October...
November.
December.
31,938
31,755
32,094
32,911
33,695
34,593
34,967
35,675
36,283
36,669
37,229
38,807
23,512
23,604
24,046
24,591
25,204
25,969
26,497
27,130
27,617
27,866
28,151
28,883
9,861
10,028
10,410
10,796
11,254
11,794
12,230
12,706
13,058
13,224
13,299
13,437
6,668
6,563
6,554
6,596
6,665
6,770
6,811
6,891
6,967
7,034
7,182
7,641
,574
,552
,533
,538
,552
,572
,585
,613
,640
,666
,681
,693
5,409
5,461
5,549
5,661
5,733
5,833
5,871
5,920
5,952
5,942
5,989
6,112
8,426
8,151
8,048
8,320
8,491
8,624
8,470
8,545
8,666
8,803
9,078
9,924
2,365
2,431
2,494
2,516
2,621
2,726
2,663
2,729
2,783
2,810
2,940
3,002
3,986
3,565
3,435
3,664
3,759
3,796
3,719
3,744
3,831
3,961
4,079
4,795
2,075
2,155
2,119
2,140
2,111
2,102
2,088
2,072
2,052
2,032
2,059
2,127
1956—January...
February..
March....
April
May
June
July
August. . .
September.
October...
November.
December.
1957—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
38,143
37,792
38,060
38,515
39,160
39,631
39,654
40,061
40,308
40,423
40,937
42,262
28,760
28,795
28,984
29,293
29,633
30,014
30,252
30,615
30,699
30,832
31,076
31,648
13,448
13,536
13,697
13,839
14,000
14,189
14,309
14,453
14,454
14,400
14,365
14,348
7,525
7,439
7,386
7,445
7,529
7,626
7,666
7,775
7,815
7,956
8,157
8,606
,665
,660
,667
,685
1,724
1,756
1,775
1,807
1,840
1,874
1,898
1,905
6,122
6,160
6,234
6,324
6,380
6,443
6,502
6,580
6,590
6,602
6,656
6,789
9,383
8,997
9,076
9,222
9,527
9,617
9,402
9,446
9,609
9,591
9,861
10,614
2,923
2,933
3,049
3,087
3,251
3,240
3,158
3,183
3,239
3,169
3,258
3,253
4,231
3,787
3,731
3,796
3,966
4,011
3,958
3,993
4,091
4,180
4,327
4,995
2,229
2,277
2,296
2,339
2,310
2,300
2,286
2,270
2,279
2,242
2,276
2,366
41,444
40,996
40,929
41,443
42,096
42,564
42,761
43,145
43,254
43,291
43,517
44,848
31,392
31,293
31,314
31,554
31,922
32,343
32,691
32,995
33,091
33,171
33,237
33,745
14,288
14,298
14,382
14,531
14,709
14,937
15,119
15,266
15,315
15,326
15,274
15,218
8,421
8,271
8,156
8,128
8,206
8,284
8,325
8,352
8,356
8,371
8,434
8,844
1,889
1,886
1,892
1,906
1,940
1,968
1,994
2,037
2,061
2,091
2,107
2,101
6,794
6,838
6,884
6,989
7,067
7,154
7,253
7,340
7,359
7,383
7,422
7,582
10,052
9,703
9,615
9,889
10,174
10,221
10,070
10,150
10,163
10,120
10,280
11,103
3,205
3,242
3,291
3,304
3,437
3,416
3,328
3,348
3,365
3,292
3,315
3,364
4,444
3,980
3,827
4,040
4,211
4,272
4,229
4,292
4,296
4,363
4,458
5,146
2,403
2,481
2,497
2,545
2,526
2,533
2,513
2,510
2,502
2,465
2,507
2,593
1958—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1959—January 3..
February..
March
April
May
June
July 3
August ...
September.
October...
November.
December.
43,954
43,025
42,500
42,639
42,936
43,071
42,975
43,148
43,115
43,145
43,402
44,984
33,366
32,928
32,597
32,543
32,562
32,661
32,727
32,816
32,720
32,696
32,772
33,497
15,052
14,856
14,626
14,530
14,459
14,440
14,421
14,375
14,195
14,031
13,940
14,007
8,635
8,403
8,301
8,236
8,260
8,280
8,284
8,327
8,355
8,444
8,557
9,028
2,097
2,082
2,076
2,087
2,126
2,152
2,177
2,221
2,260
2,299
2,332
2,346
7,582
7,587
7,594
7,690
7,717
7,789
7,845
7,893
7,910
7,922
7,943
8,116
10,588
10,097
9,903
10,096
10,374
10,410
10,248
10,332
10,395
10,449
10,630
11,487
4,597
4,024
3,827
3,999
4,204
4,202
4,114
4,136
4,190
4,299
4,370
5,060
2,629
2,701
2,707
2,733
2,718
2,709
2,692
2,698
2,686
2,653
2,696
2,800
44,528
44,210
44,371
45,100
45,979
46,849
47,356
48,151
48,708
49,206
49,746
51,331
33,442
33,446
33,657
34,175
34,760
35,527
36,153
36,907
37,424
37,896
38,243
39,034
14,033
14,091
14,237
14,538
14,842
15,260
15,600
15,945
16,122
16,295
16,298
16,209
8,943
8,854
8,830
8,900
9,041
9,204
9,319
9,496
9,638
9,808
10,013
10,630
2,333
2,335
2,357
2,391
2,451
2,506
2,565
2,629
2,688
2,737
2,778
2,809
8,133
8,166
8,233
8,346
8,426
8,557
8,669
8,837
8,976
9,056
9,154
9,386
11,086
10,764
10,714
10,925
11,219
11,322
11,203
11,244
11,284
11,310
11,503
123297
3,362
3,372
3,369
3,364
3,452
3,499
3,442
3,498
3,519
3,497
3,564
3,627
3,581
3,675
3,729
3,789
3,897
3,962
3,927
3,999
4,046
4,012
4,075
4,129
4,648
4,149
4,040
4,145
4,341
4,386
4,320
4,281
4,288
4,378
4,459
5,104
2,857
2,940
2,945
2,991
2,981
2,974
2,956
2,964
2,950
2,920
2,969
3,064
I960—January...
February..
March
April
May
June
July
August...
September.
October...
November.
December.
50,728
50,494
50,634
51,672
52,332
53,026
53,231
53,594
53,852
53,979
54,298
55,757
38,921
38,962
39,189
39,783
40,246
40,859
41,201
41,580
41,774
41,859
41,996
42,588
16,176
16,273
16,462
16,794
17,039
17,348
17,476
17,598
17,595
17,553
17,544
17,444
10,547
10,423
10,365
10,437
10,501
10,634
10,668
10,731
10,820
10,909
11,003
11,525
2,800
2,812
2,831
2,871
2,935
2,984
3,020
3,074
3,109
3,129
3,144
3,139
9,398
9,454
9,531
9,681
9,771
9,893
10,037
10,177
10,250
10,268
10,305
10,480
11,807
11,532
11,445
11,889
12,086
12,167
12,030
12,014
12,078
12,120
12,302
13,169
4,059
4,146
4,225
4,280
4,386
4,384
4,373
4,401
4,460
4,432
4,478
4,507
4,625
4,180
4,016
4,328
4,435
4,529
4,413
4,390
4,411
4,504
4,605
5,329
3,123
3,206
3,204
3,281
3,265
3,254
3,244
3,223
3,207
3,184
3,219
3,333
For notes see p. 1400.
1398
FEDERAL RESERVE BULLETIN • DECEMBER 1961
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding; in millions of dollars]
1-inancial i nstitution
Total
instalment
credit
Commercial
banks
Sales
finance
companies
8,829
8,883
9,057
9,248
9,472
9,773
9,935
10,151
10,328
10,412
10,489
10,601
6,180
6,274
6,480
6,716
6,995
7,317
7,627
7,935
8,158
8,256
8,306
8,424
1956—Jan
28 760
Feb
28,795
Mar . . 28 984
Apr
29,293
May
. 29 633
June
30,014
July
30,252
Aug . .. 30 615
Sept
30,699
Oct
30,832
Nov. . .. 31,076
Dec
31,648
19,510
19,706
20,164
20,682
21,268
22,001
22,524
23,126
23,590
23,808
24,008
24,375
24,367
24,487
24,744
25,060
25 357
25,829
26,065
26,340
26,415
26,500
26,714
26,905
10,615
10,659
10,782
10,985
11,139
11,414
11,508
11,591
11,604
11,674
11,715
11,777
1957—Jan
31,392
Feb . . . 31 293
Mar
31,314
Apr
31 554
May
31,922
June
32 343
July
32,691
Aug
32,995
Sept
33,091
Oct
33,171
Nov
33,237
Dec
33,745
26,789
26,816
26,949
27,334
27,644
28 031
28,483
28,758
28,864
28,968
28,952
29,078
1958—Jan
Feb
Mar.
Apr
33,366
32 928
32,597
32,543
32 562
32,661
32,727
32,816
32,720
32,696
32 772
33,497
End of month
Total
Credit
unions
Retail outlets
Consumer
finance
companies
Other
Total
Furniture
stores
,209
,179
,195
,211
,224
,235
,231
,244
,270
.283
1,332
1,511
954
935
924
917
925
932
938
956
373
366
356
353
351
352
353
355
456
454
461
468
478
491
499
508
961
973
995
1,044
352
349
510
504
2,254
2,265
2,291
2,332
2,352
2,398
2,423
2,449
2,464
2,482
2,523
2,623
[,006
1,004
1,015
1,023
[,020
1,039
1,049
4,002
3,898
3,882
3,909
3,936
3,968
3,972
4,003
4,028
4,058
4,143
4,508
8,413
8,435
8,496
8,542
8,604
8,724
8,804
8,904
8,936
8,918
9,021
9,045
,331
,351
,388
,423
,462
,507
,535
1,576
,617
,638
,651
1,678
,666
1,692
1,722
1,756
1,792
,832
1,860
1,908
1,933
1,962
.986
2,014
2,632
2,657
2,687
2,715
2,740
2,774
2,811
2,843
2,839
2,847
2,863
2,940
1,041
1,044
1,057
1,062
1,082
1,085
1,082
1,094
1,103
1,099
,129
1,129
4,394
4,308
4,239
4,233
4,276
4,184
4,187
4,274
4,285
4,331
4,363
4,743
1,471
1,435
1,377
1,380
1,389
1,248
1,241
1,287
1,270
1,270
1,231
1,408
11,712
11,741
11,820
12,069
12,234
12,421
12,608
12,711
12,764
12,860
12,838
12,843
9,020
8,977
8,988
9,041
9,110
9,229
9,405
9,489
9,518
9,504
9,478
9,487
2,009
2,034
2,069
2,116
2,155
2,212
2,265
2,321
2,352
2,387
2,402
2,429
2,926
2,929
2,927
2,962
2,972
2,996
3,040
3,057
3,049
3,040
3,049
3,124
1,122
1,135
1,145
1,146
1,173
1,173
1,165
1,180
1,181
1,177
,185
1,195
4,602
4,476
4,364
4,219
4,278
4,311
4,208
4,236
4,228
4,202
4,285
4,668
28,830
28,574
28,326
28,411
28,396
28,476
28,627
28,702
28,328
28,245
28,231
28,514
12,749
12,562
12,456
12,579
12,612
12,676
12,776
12,834
12,633
12,645
12,660
12,780
9,378
9,326
9,208
9,127
9,058
9,040
9,059
9,027
8,844
8,737
8,671
8,699
2,401
2,403
2,410
2,452
2,477
2,509
2,544
2,578
2,591
2,615
2,630
2,668
3,106
3,086
3,061
3,059
3,039
3,037
3,038
3,033
3,012
2,999
2,999
3,085
1,196
1,197
1,191
,194
,210
1,214
1,210
1,230
,248
,249
,271
1,282
1959—Jan. 3
33,442
Feb
33,446
Mar. .. . 33,657
Apr
34 175
34,760
May
June
35,527
J u l y . . . . 36,153
Aug. 3 . . . . 36,907
37 424
Sept.
Oct
37,896
Nov
38 243
Dec
39,034
28,603
28,666
28,937
29,449
29.980
30,685
31,306
31,986
32,444
32,817
33,040
33,359
12,931
12,981
13,150
13,462
13,758
14,098
14,390
14,688
14,886
15,063
15,131
15,227
8,687
8,674
8,728
8,864
9,023
9,278
9,518
9,734
9,898
10,022
10,073
10,108
2,651
2,678
2,723
2,781
2,833
2,917
2,972
3,069
3,130
3,183
3,230
3,280
3,074
3,064
3,057
3,056
3,054
3,073
3,100
3,140
3,157
3,175
3.215
3,337
I960—Jan..
Feb
Mar
Apr
May
June.....
July
Aug
Sept
Oct
Nov
Dec
33,530
33,786
34,068
34,629
35,111
35,693
36,112
36,514
36,696
36,740
36,819
36,974
15,389
15,478
15,507
15,801
16,024
16,282
16,401
16,546
16,623
16,627
16,653
16,672
10,133
10,246
10,412
10,553
10,698
10,900
11,043
11,165
11,215
11,223
11,227
11,228
3,274
3,310
3,385
3,476
3,546
3,636
3,691
3,767
3,810
3,850
3,885
3,923
3,341
3,350
3,354
3,388
3,405
3,445
3,525
3,569
3,580
3,568
3,578
3,670
1955—Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sent
Oct
Nov
Dec
23,512
23,604
24,046
24,591
25,204
25,969
26,497
27,130
27 617
27,866
28,151
. . . 28 883
May
June
July
Aug
Sept
Oct
Nov
Dec
38,921
38,962
39,189
39,783
40,246
40,859
41,201
41,580
41,774
41 859
41,996
42,588
For notes seep. 1400.
916
933
948
963
987
Household
Autoapplimobile
dealers 5
ance
stores
Department
stores 4
Other
1,010
964
946
960
958
958
951
940
935
949
352
365
494
487
970
1 101
1.028
1,025
1,021
1,024
1,033
1,047
1,055
1,075
[,085
1,106
1,136
1,187
356
349
343
486
487
490
j nsi
1,387
1,351
1,304
1,176
1,229
1,249
1,144
1,161
1,167
1,134
1,199
1,393
1,144
1,125
1,106
1,095
1,102
1,107
1,107
1,123
1,122
1,131
,148
1,210
4,535
4,354
4,272
4,132
4,167
4,184
4,100
4,112
4,391
4,453
4,542
4,983
1,381
1,326
1.343
,241
,278
,310
1,241
1,251
1,543
,586
1,644
1,882
[,163
1,125
1,082
,064
1,058
[,052
1,045
1,054
1,047
,056
1,070
[,128
1,260
1,269
1,279
1,286
1,312
1,319
1,326
1,355
1,373
1,374
1,391
1,407
4,839
4,779
4,720
4,725
4,782
4,843
4,846
4,920
4,979
5,079
5,203
5,676
1,805
1,807
1,781
1,781
1,807
1,839
1,826
[,863
1,903
[.962
2,040
2,292
1,393
1,402
1,410
1,411
1,438
1,430
1,452
1,467
1,468
1,472
1,476
1,481
5,391
5,177
5,120
5,154
5,135
5,164
5,088
5,066
5,077
5,119
5,175
5,615
2,124
2,016
2,033
2,067
2,067
2,087
2,037
2,028
2,063
2,116
2,168
2,414
339
342
346
352
359
364
365
371
493
497
502
506
510
510
507
504
012
008
997
015
041
,033
043
,056
,083
121
502
,269
363
495
,213
360
354
350
350
353
491
488
488
489
493
149
112
110
108
109
377
354
352
354
355
495
496
494
489
354
484
361
478
,108
,104
,091
,09^
.100
1,226
349
340
479
479
331
320
314
307
All
419
482
487
295
291
290
496
495
498
506
1,163
1 084
1,039
1,028
1,035
1,028
1,020
1,013
1.010
,025
1,040
1,175
1,100
1,088
1,059
1,061
1,067
1,079
1,087
1,108
1,118
1,135
1.158
1^225
290
286
286
500
494
490
[,144
1,104
1,104
286
288
492
494
298
303
503
494
481
,126
1,134
1,137
1,143
[ 153
1,181
I 208
,368
1.182
1,154
1,124
1,108
1,092
1,093
1,079
1,080
1,070
1,065
1,068
1,107
307
306
305
304
307
311
313
317
322
324
325
333
470
462
457
455
449
442
430
418
402
386
375
359
[ 308
1,239
1,201
1,220
1,220
1,231
1,229
1,223
1,220
70S
1,239
1,402
301
297
292
290
291
298
299
310
493
497
501
505
508
506
105
1399
REVISION OF CONSUMER CREDIT STATISTICS
INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding; in millions of dollars]
End of month
1955 Jan . . .
Feb
Mar
Apr
Mav
June
July
Aug. . .
Sept........
Oct
Nov
Dec
1956—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1957—j an
Feb
Mar
Apr
May.
June
July
Aug
Sept
Oct .
Nov
Dec
.
1958—Jan
Feb.
Mar
Apr
May
June .
July
Aug..
Sept
Oct. .
Nov. .
Dec
1959 Jan.
Feb
Mar
Apr.
May
June
July
^
Sept
Oct.. .
Nov
Dec
AUK
I960 Jan
Feb
Mar
Apr
May
June
July.. .
Aug
Sept
Oct
Nov
Dec
Total
instalment
credit
Other
consumer
goods
paper
6,180
6,274
6,480
6,716
6,995
7,317
7,627
7,935
8,158
8,256
8,306
8,424
4,902
4,991
5 193
5,418
5 680
5,976
6,251
6,521
6,718
6 793
6,820
6,882
847
849
855
872
897
926
958
981
998
,012
,048
8,413
8,435
8,496
8,542
8,604
8,724
8,804
8,904
8,936
8,918
9,021
9,045
6,876
6,891
6,939
6,974
7.030
7,122
7,180
7 253
7,267
7 229
7,195
7,166
,040
,043
,045
,047
,046
,067
,080
,095
,108
,122
,248
; 277
9,020
8,977
8,988
9,041
9,110
9,229
9,405
9,489
9,518
9,504
9,478
9,487
7,100
7 062
7,056
7,071
7 124
844
1-304
1,315
1,343
[,352
,367
[,447
,465
1,474
1,478
1,479
1,509
9,378
9,326
9,208
9,127
9,058
9,040
9,059
9,027
8,844
8,737
8,671
8,699
7'300
7,358
7,375
7 350
7,316
7,271
7,160
7,032
6,872
6,757
6,674
6,625
6,571
6,503
6,372
6,246
6,162
6,165
8,687
8,674
8,728
8,864
9,023
9,278
9,518
9,734
9,898
10,022
10,073
10,108
6,146
6,144
6,171
6,275
6,400
6,590
6 755
6,918
6,995
7 063
7,040
6,976
1,719
1,702
1,721
1,747
1,776
1,826
1,883
1,919
1,965
1.999
2,051
2,114
10,133
10,246
10,412
10,553
10,698
10,900
11,043
11,165
11,215
11,223
11,227
11,228
6,947
6,977
7,032
7,150
7,231
7,353
7,404
7,435
7,415
7,380
7,343
7,284
2,162
2,234
2,335
2,348
2,397
2,452
2,527
2,591
2,633
2,668
2,704
2,739
For notes, see p. 1400.
Automobile
paper
1,503
1,571
1,604
,632
1,641
1,657
1,726
1,752
1,688
,701
1,718
1,717
Repair
and
modernization
loans
•*>
28
26
25
24
23
23
25
25
26
26
28
28
28
29
29
30
30
30
30
3?
32
31
32
32
32
33
33
34
34
34
36
33
31
Persona!
loans
405
408
412
418
419
421
427
434
439
448
466
469
473
484
492
499
505
514
526
531
535
547
570
574
579
585
595
601
610
624
632
635
640
650
676
32
32
32
33
34
34
34
35
36
36
36
683
691
700
705
709
724
728
737
36
786
37
791
41
41
42
44
48
52
61
66
68
72
74
78
82
89
98
106
114
125
131
136
138
139
749
754
755
781
795
801
805
818
832
845
877
894
914
946
950
957
963
966
972
989
998
l s 014
1,036
1,039
1,042
1,066
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding; in millions of dollars]
Other
consumer
goods
paper
Repair
Total
instalment
credit
Automobile
paper
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sepi
Oct
Nov
Dec
4,501
4,549
4,627
4,718
4,801
4,911
4,962
5,040
5,104
5,140
5,213
5,350
541
558
583
604
627
651
672
696
716
732
746
763
372
375
382
399
410
436
447
464
478
490
506
530
276
276
276
277
284
289
291
300
308
315
323
327
3,312
3,340
3,386
3,438
3,480
3,535
1956—Jan.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5,339
5,393
5,466
5,533
5,614
5,691
5,753
5,845
5,875
5,908
5,978
6,083
766
784
802
823
846
870
887
908
920
932
944
954
532
542 !
552
557
570
581
590
604
608
616
620
624
320
322
329
333
347
355
359
370
380
390
401
404
3.720
3,745
3,784
3,820
3,851
3,886
3,917
3,964
3,966
3,971
4,012
4J01
1957—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
6,057
6,098
6,141
6,224
6,300
6,381
6,470
6,558
6,582
6,604
6,636
6,748
951
961
973
993
1,013
1,039
,061
,082
,091
,104
,109
,114
612
609
603
606
608
609
608
609
603
598
588
588
402
408
416
421
436
443
450
465
473
479
488
490
4,093
4,121
4,150
4,205
4,243
4,291
4,351
4,403
4,414
4,424
4,451
4,555
1958—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
6,703
6,686
6,662
6,705
6,726
6,760
6,792
6,841
6,851
6,863
6,900
7,035
,098
,093
,089
,100
,108
,115
,124
,135
,137
,139
,141
,152
574
563
552
550
547
546
547
550
551
553
555
565
496
497
500
504
521
529
535
551
566
575
588
595
4,536
4,533
4,520
4,551
4,549
4,571
4,586
4,607
4,598
4,594
4,615
4,723
1959—Jan. 3 . . . .
Feb
Mar
Apr
May
June
July
Aug. 3
Sept
Oct
Nov
Dec
6,985
7,011
7,059
7,123
7,199
7,309
7,398
7,564
7,660
7,732
7,836
8,024
,145
,154
,172
,194
,217
,251
,274
,315
,342
,360
,379
,400
559
564
571
583
595
611
621
637
643
651
661
681
584
589
596
602
619
631
641
661
674
680
693
698
4,697
4,705
4,720
4,745
4,766
4,815
4,863
4,952
5,002
5,041
5,103
5,244
1960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,008
8,062
8,149
8,275
8,389
8,511
8,668
8,803
8,858
8,890
8,939
9,074
,399
,413
,441
,478
,506
,544
,566
,600
,613
,630
,649
,665
677
685
694
705
721
741
751
762
774
769
767
771
695
704
717
726
747
755
766
780
788
792
799
800
5,237
5,260
5,298
5,367
5,415
5,472
5,586
5,661
5,683
5,699
5,726
5,837
End of month
and
modernization
loans
Personal
loans
3*581
3.601
3,603
3,638
3,730
1400
FEDERAL RESERVE BULLETIN • DECEMBER 1961
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
N ON INSTALMENT CREDIT
[Estimated amounts outstanding; in millions of dollars]
[Estimated amounts outstanding; in millions of dollars]
End of month
I960—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
Total
instalment
credit
15,389
15,478
15,507
15,801
16,024
16,282
16,401
16,546
16,623
16,627
16,653
16,672
Automobile
paper
Purchased Direct
4,822
4,854
4,913
5,021
5,110
5,221
5,273
5,325
5,353
5,355
5,353
5,316
2,538
2,568
2,619
2,689
2,744
2,787
2,803
2,820
2,812
2,802
2,824
2,820
Other Repair
and
conmodsumer ernizagoods
tion
paper Moans
Personal
loans
2,787
2,789
2,673
2,685
2,697
2,719
2,732
2,730
2,738
2,739
2,732
2,759
3,211
3,237
3,270
3,348
3,384
3,432
3,453
3,502
3,531
3,530
3,537
3,577
2,031
2,030
2,032
2,056
2,090
2,123
2,140
2,169
2,190
2,201
2,207
2,200
Notes to tables on credit outstanding on this and preceding 3 pages:
1 Represents all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods, whether
held by retail outlets or financial institutions. Includes credit on
purchases by individuals of automobiles or other consumer goods
that
may be used in part for business.
2
Holdings of financial institutions. Holdings of retail outlets
are3 included in other consumer goods paper.
Includes data for Alaska and Hawaii beginning with January
and4 August 1959, respectively.
Includes mail-order houses.
5
Automobile paper only. Other instalment credit held by automobile dealers is included with "other" retail outlets.
Singlepayment
loans
End of
month
Charge accounts
Total
nonServinstalice
Other
ment Com- finan- De- Other
credit
credit merpart- retail Credit
rial
ciai
cial
ment out- cards «
banks insti- stores 4 lets
tutions
1959—Jan. 3 . . .
Feb
Mar.. . .
Apr
May
June
J u l y .3. . .
Aug. . .
Sept.. . .
Oct
Nov.. . .
Dec
11,086
10,764
10,714
10,925
11,219
11,322
11,203
11,244
11,284
11,310
11,503
12,297
3,139
3,189
3,218
3,306
3,356
3,440
3,434
3,461
3,489
3,500
3,514
3,582
442
486
511
483
541
522
493
538
557
512
561
547
757
637
608
601
609
599
558
561
605
646
716
958
3,533
3,163
3,083
3,193
3,387
3,434
3,380
3,325
3,287
3,358
3,363
3,753
358
349
349
351
345
353
382
395
396
374
380
393
2,857
2,940
2,945
2,991
2,981
2,974
2,956
2,964
2,950
2,920
2,969
3,064
I960—Jan
Feb
Mar....
Apr
May....
June
July....
Aug.. . .
Sept
Oct
Nov.. . .
Dec
11,807
11,532
11,445
11,889
12,086
12,167
12,030
12,014
12,078
12,120
12,302
13,169
3,543
3,572
3,591
3,675
3,690
3,754
3,747
3,752
3,824
3,813
3,844
3,884
516
574
634
605
696
630
626
649
636
619
634
623
824
685
622
656
646
633
584
584
625
661
709
941
3,408
3,110
3,006
3,289
3,398
3,488
3,397
3,349
3,328
3,406
3,463
3,952
393
385
388
383
391
408
432
457
458
437
433
436
3,123
3,206
3,204
3,281
3,265
3,254
3,244
3,223
3,207
3,184
3,219
3,333
6
Service station and miscellaneous credit-card accounts and homeheating-oil accounts.
NOTE.—Financial institutions other than commercial banks and
sales finance companies (p. 1399) are consumer finance companies,
credit unions, industrial loan companies, mutual savings banks,
savings and loan associations, and other lending institutions holding
consumer instalment loans.
A detailed description of the methods used to derive all of the
estimates shown on pp. 1393-1400 may be obtained from Division of
Administrative Services, Board of Governors of the Federal Reserve
System, Washington 25, D. C.
Notes to tables on extensions and repayments on pp. 1393-96.
1 Net increase or decrease (—) in credit outstanding. Obtained by
subtracting credit repaid from credit extended, except as indicated
in notes below.
2 Extensions and repayments include 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.
NOTE.—Data on extensions and repayments have been adjusted,
where necessary, to avoid duplication resulting from large transfers
of paper. As a result, the differences between extensions and repayments for some types of holders do not equal the changes in out-
standing credit. Such transfers do not affect total instalment credit
outstanding.
For a further discussion of the composition and characteristics of
the data and a description of the methods used to derive the estimates
see the BULLETIN for January 1954, pp. 9-17. Estimates of extensions
and repayments 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.
Monthly figures for 1940-54 are shown on pp. 1043-54 of the
BULLETIN for October 1956.
Revised Indexes of Freight Carloadings
FOR MANY YEARS the Federal Reserve
Board has published indexes of freight carloadings because rail shipments are sensitive
to business changes, and because comprehensive weekly data are available promptly.
Short-run changes in rail freight reflect
in large part fluctuations in demand for and
supply of industrial materials—an area of
the economy in which inventory and price
changes are particularly evident. Notwithstanding the increased importance of trucking, shipments by rail continue to represent
a large proportion of all freight moved.
The indexes of freight carloadings have
recently been revised back to January 1919
and are now being published in the table
on the following two pages. The indexes are
based on data for number of carloadings
for eight general freight classifications published by the Association of American Railroads. The following table shows the relative importance of these classifications in
the total index of freight carloadings.
Revisions in the carloadings indexes reflect mainly new seasonal adjustments. These
adjustments have improved the data considerably for use in analysis of cyclical developments. The revised indexes also reflect new
weights, improved methods of compiling
the monthly series from weekly data, some
NOTE.—Mrs. Rose Cassedy of the Business Conditions Section of the Board's Division of Research
and Statistics was responsible for the revision of the
indexes, including the data processing required for
construction of monthly indexes from weekly data
and for development of detailed seasonal adjustments.
For earlier articles relating to indexes of carloadings,
see Federal Reserve BULLETINS for June 1937 and
June 1941.
CLASSES OF FREIGHT CARLOADINGS
[Percentage distribution; 1957-59= 100]
Per cent
Class of freight
All classes
100.0
Manufactures
Miscellaneous
Forest products
Merchandise, Lc.l
Coke
...
74.0
63.1
7.6
2.6
0.7
Coal and other
Coal . . .
.
Grain and products
Ore
Livestock
.
26.0
14.4
7.6
3.2
0.8
NOTE.—Proportions derived from data on 1957 revenues per carload as reported by the Interstate Commerce Commission in Freight
Commodity Statistics of Class I Railroads. Revenue data for 1957
are used as weights for the period beginning with January 1953.
Weight years for earlier periods: 1947 weights for 1942-52; 1935-39
weights for 1931—41; and 1928 weights for 1919-30.
The miscellaneous group consists largely of metals and parts, equipment, construction materials (mostly manufactures but some minerals), petroleum and chemical products, and processed foods. It also
includes some unprocessed agricultural products.
changes in groupings, and the use of the
newly adopted 1957-59 base for Federal index numbers.
The accompanying table shows revised
seasonally adjusted monthly indexes for
total carloadings and for the two major
divisions—that is, for manufactures and
for coal and other loadings—for the period
since 1919. Current data are published in
the Board's monthly Business Indexes release.
Monthly indexes of carloadings, with
and without adjustment for seasonal variation, for the eight classes of freight for
historical periods are available on request
from the Division of Administrative Services, Board of Governors of the Federal
Reserve System, Washington 25, D. C.
1401
1402
FEDERAL RESERVE BULLETIN • DECEMBER 1961
FREIGHT CARLOAD1NGS
[Seasonally adjusted; 1957-59= 100}
Jan.
Year
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Annual
average
Total
1919
1920
113.8
137.4
109.7
132.2
108.3
136.5
113.7
121.1
111.6
130.1
111.9
130.3
123.1
133.5
126.0
134.8
130.9
130.7
124.2
130.9
120.9
133.3
126.8
129.6
121 6
131.4
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
121 3
120.4
144.1
145.4
152.6
154.2
159.0
149.1
157.6
147.8
117.5
128.5
142.4
150.2
149.9
152.1
158.1
152.4
158.4
146.6
112.6
133.0
146.4
146.4
147.5
154.1
160.7
153.2
154.1
142.4
118.9
116.5
152.5
141.5
150.8
156.9
155.1
150.7
156.8
143.3
120 3
121.4
150.1
138.4
149.2
159.4
155.8
152.6
156.7
139.9
118.5
126.9
150.0
138.2
151.6
157.9
152.9
150.4
159.2
139.2
117.6
122.3
149.5
138.9
153.3
159.1
150.4
150.7
158.0
135.6
119 6
123.1
148.9
142.5
157.1
156.7
154.3
152.2
158.0
134.3
121 5
130.9
144.6
147.4
152.0
158.0
152.4
154.5
156.6
130.6
128 5
132.0
144.3
148.8
150.4
159 9
150.5
155.0
153.3
128.6
118 7
140.9
144.7
147.7
153.5
160 2
146 5
155.8
149 1
125.5
116 4
142 6
143.4
148 8
156 3
158 0
145 1
157.6
149 3
123.2
119 2
128 9
146 5
144 6
151.9
157 2
153 3
152.8
155 7
136.3
1931..
1932
1933
1934
1935
1936
1937
1938
1939
1940
123.1
96 8
81.5
92.9
93.5
100.1
114.1
94.7
96 3
107.3
119.1
93.4
80.9
96.1
96.1
103.1
116.5
91.3
96 4
103.6
120.3
92.1
76.1
98.5
96.4
96.9
119.3
88.9
97.1
101.4
119.5
89.7
81.5
94.9
92.8
104.6
120.0
87.3
90.3
101.8
118.2
83.3
85.4
96.8
91.6
104.5
117.8
88.2
92.3
104.2
115.6
78.1
94.3
95.7
95.9
106.4
113.8
87.7
97.6
107.3
114.9
77.8
99.5
94.1
88.3
110.4
112.5
89.8
98.5
106.4
110.6
80.4
95.9
94.3
93.0
108.7
111.2
91.0
99.0
107.3
106.2
85.5
91.9
92.4
93.9
108.8
109.7
91.7
107.1
107.7
105.1
89.0
90.3
88.3
97.7
109.8
104.7
94.8
109.1
106.6
103.4
86 1
90.8
88.2
97.4
115.1
98.9
95.6
108 9
110.9
99.8
84 4
91.0
91.0
99.3
115.3
93.1
96.5
107 0
114.3
100 4
106 7
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
115.5
131 7
122.9
132.4
126.7
119.0
135 0
130.6
120.2
103.1
119.3
129 7
127.3
129.8
127.7
117.1
135.5
129.7
117.2
100.1
124.6
129.7
126.0
126.8
130.1
125.3
134.8
119.7
111.3
113.2
109.7
131.4
126.0
128.6
133.2
107.8
132.9
126.8
119.2
116.2
127.3
125.8
126.9
127.9
130.6
103.4
132.1
130.6
116.4
115.0
129.5
125.2
120.1
130.3
131.0
128.7
131.7
132.2
108.2
120.0
128.4
126.0
128.6
129.9
128.0
131.0
132.4
132.1
107.5
120.9
128.2
126.2
128.1
131.0
120.6
132.0
132.4
129.5
106.4
123.7
124.1
127.0
128.6
130.3
120.3
131.6
131.1
128.7
100.0
122.1
123.7
126 8
127.8
129.9
116.6
132.6
131.2
126.7
86.8
122.3
127.1
123 6
127.4
130.3
122.0
128.2
131.4
124.0
103.6
121.8
127.8
122 9
132 3
129.3
120 5
133.5
130 9
121.0
104.9
126.2
123.9
127 3
126 8
129.7
125 6
124.4
132 6
127.6
108.2
117.1
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
124.8
121.0
119.2
107.1
109.4
119.2
113.5
95.5
98.8
107.0
120.3
122.8
117.6
106.1
110.0
119.8
116.1
91.9
101.7
103.2
124.6
119.4
119.2
102.8
111.6
119.5
115.9
90.8
103.4
99.9
124.7
115.6
120.2
102.7
113.4
121.6
110.4
87.9
105.5
102.7
123.3
112.7
119.5
104.8
118.2
118.4
109.6
88.8
107.8
96.0
121.5
102.3
119.6
103.7
115.8
117.1
109.1
93.4
103.7
96.8
120.4
101.7
120.0
103.5
116.9
102.5
109.9
92.6
98.3
94.3
120.1
114.8
119.2
102.1
115.5
111.5
110.1
94.5
86.4
89.8
120.0
120.3
116.2
103.1
116.6
116.5
104.2
95.9
89.8
88.5
119.8
115.2
113.2
104.6
116.9
115.2
102.7
97.9
84.6
92.4
120.2
119.1
109.8
106.6
118.4
115.7
99.8
99.0
96.7
89.4
119.1
117.4
106.2
109.2
118.6
118.1
99.2
97.4
107 5
87.2
121.5
115.0
116.6
104.6
115.3
115.9
108 2
93.8
97 9
95.3
1961
86.6
88.1
88.0
89.9
91.5
91.5
91.1
91.8
90.1
94.4
95.3
112.8
86 3
88 4
93.7
94 6
107.2
110 9
91.4
Manufactures
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933 .
1934
1935
1936
1937
1938
1939
1940
....
....
...
i34.6
127.4
129.8
111.5
122.6
121.2
124.8
119.4
127.6
121.8
124.2
118.6
124.7
124.0
121.2
123.6
120.4
123.8
115.3
118.8
143.9
145.5
153.0
160.1
160.2
154.8
161.9
151.7
114.7
120.7
141.3
149.7
154.8
157.8
157.9
157.3
160.6
154.4
112.1
124.1
143.6
148.0
154.7
156.7
158.8
156.7
163.3
150.6
113.4
128.6
146.1
145.3
154.8
157.2
158.6
155.4
163.2
148.6
112.6
131.5
146.8
141.0
152.1
162.1
158.7
157.2
162.0
144.2
112.1
136.6
146.6
139.8
155.9
158.8
157.3
156.7
164.5
142.9
112.2
134.6
145.2
142.0
156.5
158.9
157.2
158.0
164.2
139.4
116.0
131.3
145.3
145.1
156.9
157.8
157.9
158.5
164.6
137.9
118.5
128.6
144.9
147.0
158.1
159.1
156.9
158.9
162.8
136.1
124.8
129.0
145.5
149.7
155.6
160.8
155.8
159.7
160.8
133.3
117.8
136.2
146.5
149.6
159.3
159 7
154.9
160.9
155.8
129.4
118.8
139.4
145.9
150.0
162.7
158 2
151.5
165.1
153.5
126.9
115.8
130.1
145.1
146.0
156.2
159 0
157.2
158.2
161.6
141.2
126.6
100.9
82.5
93.3
94.3
101.0
118.6
96.1
98.8
106.4
124.9
96.1
79.8
95.8
99.7
99.4
121.5
94.6
98.0
105.2
124.2
92.2
76.9
96.6
96.6
101.8
121.8
93.8
99.9
103.5
123.2
89.5
81.4
95.4
95.3
106.0
122.3
90.5
101.1
104.3
121.9
86.6
85.8
95.7
91.6
107.0
123.0
91.2
100.0
106.3
119.8
82.3
93.1
95.0
92.7
110.4
118.8
90.5
101.3
110.1
118.2
79.8
97.8
91.8
94.2
112.4
118.2
92.3
101.3
108.5
114.5
81.6
93.9
91.1
96.0
111.8
116.0
94.1
101.6
109.2
109.5
85.7
91.8
90.0
97.3
113.0
113.1
94.4
108.1
110.8
107.3
88.7
92.0
89.3
100.9
113.2
106.6
96.8
110.0
113.8
107.1
85.8
91.6
89.3
101.4
117.6
100.7
97.3
111.7
114.8
104.1
82.5
93.5
90.9
103.1
119.9
92.7
97 3
110.8
118.6
116.7
87.4
88 5
92.8
96.9
109 6
114.4
94 1
103.7
109.4
1403
REVISED INDEXES OF FREIGHT CARLOADINGS
FREIGHT CARLOADINGS—Continued
[Seasonally adjusted; 1957-59= 100]
Year
Jan.
Feb.
Mar.
Apr,
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Annual
average
Manufactures—Continued
1941
1942
1943
1944
194*5
1946
1947
1948
1949
1950
121.0
135.9
121.7
129.1
128.8
115.1
131.8
130.7
121.2
108.0
123.9
135.0
125.1
127.1
129.4
110.6
132.9
130.1
117.5
110.5
126.2
134.2
123.3
126.2
130.8
122.4
132.3
129.6
116.3
111.9
128.8
131.5
124.8
126.7
131.2
126.9
133.0
127.7
114.5
116.3
131.3
125.6
126.2
125.6
130.4
112.2
131.3
129.6
113.3
116.6
132.2
125.4
124.1
128.4
129.7
127.5
132.7
127.7
109.6
121.9
132.7
128.1
125.3
128.9
126.6
129.2
132.4
128.5
108.1
123.4
132.0
127.9
125.7
131.4
118.3
131.9
131.3
127.2
109.0
125.4
129.3
128.7
126.6
130.9
116.8
131.5
129.6
128.7
108.7
123.3
128.8
128.3
125.9
129.9
116.5
131.6
130.4
126.8
97.1
123.6
132.4
123.3
128.7
130.4
117.7
133.2
131.3
124.6
104.6
125.1
133.5
121.8
128.9
131.8
116.3
133.9
132.0
122.5
107.9
128.5
129.4
128.9
125.5
128.8
124.4
125.5
131.7
127.8
110.4
119.6
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
126.8
121.6
122.9
109.1
111.6
120.2
114.2
94.1
98.6
107.6
121.4
122.8
122.0
109.3
112.0
120.3
115.2
90.5
101.8
104.6
127.8
120.3
123.2
106.4
115.5
119.4
113.2
89.0
105.2
99.7
127.0
118.0
122 7
106.8
116.0
120.4
108.3
88.7
107.3
101.5
127.2
115.8
121.5
107.8
120.5
118.5
107.7
89.7
108.7
96.0
125 1
104.6
120 9
105.4
117.6
118.2
108.2
92.2
106.1
96.9
122.7
103.7
121.8
105.3
118.0
104.1
107.8
91.8
100.9
93.8
120 9
119.0
121 0
104.1
117.6
111.9
109.2
93.3
89.5
88.9
121.1
121.3
118 2
105.6
118.4
116.8
103.1
95.4
90.4
88.1
120 9
121.7
115 5
107.1
119.2
115.0
101.9
97.1
88.9
91.9
120.9
121.4
113 4
109.0
119.4
114.8
99.3
98 7
94.9
89.7
119 6
121.2
109 6
111.7
119.5
116.7
97.2
96.6
106.6
87.7
123.4
117.7
119 4
107.3
117.2
116.4
107.1
93.1
99.7
95.4
1961
86.7
87.1
89.0
91.3
91.7
91.4
91.9
91.4
90.1
94.5
95.0
Coal and other
1919
1920
141.6
141.5
150.2
141.4
146.0
149.3
151.4
139.5
149.3
150.0
143.6
134.7
143.3
111.4
159.5
132 4
148.9
147.1
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
132.5
122.1
142.3
142.5
149.0
137.6
153.4
132.9
144.4
136.3
121.9
144.6
142.5
148.5
135.7
135.9
155.6
137.9
150.8
126.2
111.7
151.9
150.8
139.9
128.2
145.2
162.3
142.3
129.8
120.4
129.3
86.4
164.7
130.1
138.9
153.4
144.2
137.2
138.9
128.4
135.7
95.7
155.2
129.9
139.7
150.3
146.2
139.3
141.6
127.6
131.2
101.9
155.3
131.9
139.1
152.8
139.9
132.8
143.7
128.2
127.8
91.3
157.0
129.7
143.3
156.3
131.8
130.9
140.6
124.4
126.0
101.6
154.8
134.0
155.0
151.1
143.0
135.0
139.7
123.5
126.2
133.9
141.5
145.5
135.0
152.5
139.3
141.6
139.2
115.7
134.9
136.9
138.8
144.1
135.4
155.2
135.7
140.7
133.2
115.7
118.6
149.5
138.0
140.6
137.2
158.2
124.2
140.9
130.9
114.1
108.0
147.8
134.9
143.4
138.5
154.6
127.6
137.3
136.7
112.3
125.2
123.8
147.4
138.7
139.3
150.3
141.6
137.4
139.3
122.6
1931 .
1932
1933 .
1934
1935 .
1936
1937 .
1938
1939
1940
114.1
86.9
78.2
90.8
90.4
97.1
102.7
90.8
89.7
107.7
105.1
86.4
82.7
95.9
87.5
109.7
103.9
83.0
92.1
98.8
110.3
91.1
73.6
101.2
94.9
84.9
112.0
77.4
89.6
96.0
109.8
89.1
80.8
92.8
86.3
100.2
113.3
79.6
66.1
95.1
108.4
75.7
83.5
97.9
90.3
97.5
104.8
80.9
74.8
98.3
105.2
68.1
95.9
96.2
101.8
96.3
101.3
80.3
88.6
99.9
105.9
72.9
101.9
98.1
74.8
104.8
98.4
83.2
91.5
100.4
100.7
77.0
99.5
100.1
85.1
100.3
99.4
83.4
92.1
101.9
97.5
83.9
91.1
96.5
85.8
98.4
101.1
84.4
103.7
99.5
99.1
88.7
85.6
85.6
89.9
101.0
99.1
89.1
106.0
89.5
94.3
86.3
88.2
85.1
87.5
108.2
93.6
90.4
101.3
100.8
89.5
87.8
84.8
90.5
89 7
103.9
92.7
93.7
97.1
103.2
102.8
82.9
87.0
94.4
88.7
100.6
101.8
84.6
92.0
99.6
1941
1942
1943
1944
1945
1946
1947 .
1948
1949
1950
102.2
120.5
125.5
141.1
121.2
129.0
143.7
130.6
117.1
89.5
107.8
115.5
133.5
137.4
122.8
134.4
142.3
128.8
116.3
72.2
119.5
117.6
132.9
128.4
128.6
133.2
141.5
93.5
97.4
116.6
66.6
131.5
129.1
133.9
138.7
56.7
132.7
124.3
131.7
115.5
117.2
126.4
128.4
133.8
131.5
80.0
134.4
133.6
124.8
110.1
122.0
124.4
108.9
135.3
134.7
131.6
129.7
144.5
104.1
114.4
117.8
120.6
137.7
132.9
131.6
135.8
132.4
142.2
105.7
114.3
118.4
121.8
134.0
130.2
126.4
132.4
135.4
136.0
99.3
119.0
111.3
122 5
133.9
128.4
129 3
131.7
135.5
128.9
77.0
118.5
111.0
123.0
132.7
130.3
116.6
135.5
133 6
126.3
59.5
118.7
113 9
124 2
124.2
130.1
133 5
114.7
132.4
121.8
101.0
113.0
113 6
125.3
141.3
122.9
131 2
132.4
127 9
117.1
96 6
120.4
110 3
122 8
130.1
132 1
128 6
121.4
134.8
127.1
102.0
110.3
119.4
119.4
108.8
101.3
103.0
116.3
111.6
99.4
99.3
105.2
117.1
122.3
105.0
97.2
104.3
118.2
118.7
96.0
101.6
99.2
115.7
116.2
108.0
92.8
100.3
119.8
123.6
95.9
98.5
100.4
118.6
108.9
113.0
90.9
106.2
124.9
116.5
85.8
100.2
106.2
112.6
104.3
113.7
96.2
111.6
118.2
115.0
86.0
105.4
95.8
112.4
95.9
115.8
98.7
110.6
114.1
111.6
96.7
97.2
96.4
113.7
95 6
114.8
98.3
113.8
97.9
115.7
94.9
91.0
95.7
117.6
103.4
114.1
96.3
109.6
110.2
112.4
97.8
77.8
92.4
116.4
117 4
110.5
96.1
111.4
115.8
107.5
97.2
87.8
89.6
116.6
97 3
106.5
97.6
110.5
115.7
104.8
100.0
72.6
94.0
117.8
112 4
99.5
99.8
115.6
118.3
101.2
99.9
101.7
88.6
117 2
106 7
96.5
101.9
116.0
122.3
104.8
99.7
110.1
85.8
116.0
107 5
108.8
97.1
110.1
114.4
111.6
95.6
92.8
94.9
86.3
91.0
84.9
86.0
90.8
92.0
88.7
92.6
90.2
94.0
96.2
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
. . .
.
1961
. ..
Law Department
Administrative interpretations, new regulations, and similar material
Maximum Rates of Interest Payable on Time
and Savings Deposits
The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance
Corporation have increased the maximum permissible rates of interest payable by member
banks of the Federal Reserve System and insured
nonmember banks, on savings deposits and certain time deposits, effective January 1, 1962. The
maximum rates of interest payable by member
banks are contained in the Supplement to the
Board's Regulation Q, the revised text of which
is as follows:
SUPPLEMENT TO REGULATION Q
SECTION
217.6
Pursuant to the provisions of Section 19 of the
Federal Reserve Act and § 217.3, the Board of
Governors of the Federal Reserve System hereby
prescribes the following maximum rates x of interest payable by member banks of the Federal Reserve System on time and savings deposits:
(a) Maximum rate of 4 per cent.—No member
bank shall pay interest accruing at a rate in excess
of 4 per cent per annum, compounded quarterly,2
regardless of the basis upon which such interest
may be computed:
(1) On that portion of any savings deposit
that has remained on deposit for not less than
] 2 months,
(2) On any time deposit having a maturity date 12 months or more after the date of
deposit or payable upon written notice of 12
months or more,
(3) On that portion of any Postal Savings
1
The maximum rates of interest payable by member banks of the Federal Reserve System on time and
savings deposits as prescribed herein are not applicable to any deposit which is payable only at an office
of a member bank located outside of the States of
the2 United States and the District of Columbia.
This limitation is not to be interpreted as preventing the compounding of interest at other than
quarterly intervals, provided that the aggregate
amount of such interest so compounded does not
exceed the aggregate amount of interest at the rate
above prescribed when compounded quarterly.
deposit which constitutes a time deposit that
has remained on deposit for not less than 12
months.
(b) Maximum rate of 3^i per cent.—No member bank shall pay interest accruing at a rate in
excess of 3Vi per cent per annum, compounded
quarterly,2 regardless of the basis upon which such
interest may be computed:
(1) On any savings deposit, except as
otherwise provided in paragraph ( a ) ( l ) of
this section,
(2) On any time deposit having a maturity
date less than 12 months and not less than
6 months after the date of deposit or payable
upon written notice of less than 12 months
and not less than 6 months,
(3) On any Postal Savings deposit which
constitutes a time deposit, except as otherwise provided in paragraph (a)(3) of this
section.
(c) Maximum rate of 2 ^ per cent.—No member bank shall pay interest accruing at a rate in
excess of 2V2 per cent per annum, compounded
quarterly,2 regardless of the basis upon which such
interest may be computed:
(1) On any time deposit (except Postal
Savings deposits which constitute time deposits) having a maturity date less than six
months and not less than 90 days after the
date of deposit or payable upon written notice
of less than six months and not less than 90
days.
(d) Maximum rate of 1 per cent.—No member
bank shall pay interest accruing at a rate in excess of 1 per cent per annum, compounded quarterly,2 regardless of the basis upon which such
interest may be computed:
(1) On any time deposit (except Postal
Savings deposits which constitute time deposits) having a maturity date less than 90 days
after the date of deposit or payable upon
written notice of less than 90 days.
1404
Explanatory Statement Regarding
Maximum Interest Rates on Deposits
A number of inquiries have been received by
1405
LAW DEPARTMENT
the Board regarding the interpretation of the
Board's action, announced on December 1, 1961,
increasing the maximum permissible rates of interest that may be paid by member banks on
time and savings deposits effective January 1,
1962. The following comments are intended to
provide guidance in answering such inquiries.
Although the maximum rate on savings deposits
will depend upon the length of time that the deposit has remained with the bank, the maximum
rate on time deposits (certificates and time open
accounts) will continue as heretofore to be dependent upon the stated maturity of the certificate
or the prescribed period of notice of withdrawal
and not upon the length of time the deposit has
remained in the bank. For example, the maximum
permissible rate on a 6-months certificate of deposit would be ZV2 per cent even though, because
of renewals, the deposit remains in the bank 12
months or more.
Time certificates issued prior to January 1,
1962, may be amended, if desired, to bear interest up to the applicable increased maximum rates
for the period subsequent to that date. Thus, a
certificate dated July 1, 1961, maturing July 1,
1962, may be amended to bear interest up to 4
per cent for the period subsequent to January 1,
1962.
Any savings deposit that has remained on deposit continuously for 12 months or more prior
to January 1, 1962, may bear interest at any
rate up to 4 per cent for the period following
that date but not for any period prior thereto.
After any savings deposit, whether made before
or after January 1, 1962, has remained continuously on deposit for 12 months, interest may be
paid at any rate up to 4 per cent for the period
subsequent to January 1, 1962. Where interest
is paid at a rate of 3Vi per cent or less for a
period subsequent to January 1, 1962, when the
deposit has been in the bank for less than 12
months, but where the deposit continues in the
bank for 12 months, the bank may then pay such
additional interest for the period subsequent to
January 1, 1962, as will not cause the rate for
such period to exceed 4 per cent. For example,
if $1,000 is deposited March 1, 1962, and the
bank thereafter credits 3V^ per cent interest, and
if that amount remains on deposit until March 1,
1963, the bank may then credit an additional Vi
of 1 per cent on that amount from March 1, 1962,
so that interest for the 12 months would be at
the rate of 4 per cent.
In determining the maximum permissible rate
on savings deposits, the portion of any such deposit that has "remained on deposit for not less
than 12 months" is the minimum balance in the
account at any time during such period.
It should be emphasized that the above interpretations relate to the maximum permissible rates
of interest and do not preclude member banks
from paying less than such maximum interest by
reason of lower rates or computation procedures.
Notwithstanding the Board's action, it should
be borne in mind that State member banks, as
well as national banks under Section 24 of the
Federal Reserve Act, may not pay interest on
time or savings deposits at any rate in excess of
that authorized by or pursuant to State law for
State banks or trust companies.
Order Under Bank Merger Act
The Board of Governors of the Federal Reserve
System has issued the following Order and Statements with respect to an application for approval
of the merger of certain banks:
UNITED CALIFORNIA BANK
In the Matter of the Application of United California Bank for prior consent to merge with The
First National Bank of La Verne.
ORDER DENYING APPLICATION FOR APPROVAL
OF MERGER
There has been filed with the Board of Governors, pursuant to Section 18(c) of the Federal
Deposit Insurance Act (12 U.S.C. 1828(c)), an
application for the Board's prior consent to the
merger of The First National Bank of La Verne,
La Verne, California, into and with United California Bank, Los Angeles, California, under the
charter and title of the latter. Upon consideration
of all relevant materials in the light of the factors
set forth in said Section 18(c), including reports
by the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, and the Department of Justice on the competitive factors involved
in the proposed merger,
IT IS HEREBY ORDERED, for the reasons set forth
in a Statement of the Board of this date, that the
said application be and hereby is denied.
Dated at Washington, D. C , this 16th day of
1406
FEDERAL RESERVE BULLETIN • DECEMBER 1961
November, 1961.
By order of the Board of Governors.
Voting for this action: Governors Mills, Robertson,
King, and Mitchell. Voting against this action: Chairman Martin and Governor Shepardson. Absent and
not voting: Governor Balderston.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
United California Bank, Los Angeles, California ("United"), has applied, pursuant to Section
18(c) of the Federal Deposit Insurance Act, for
the Board's prior approval of the merger of The
First National Bank of La Verne, La Verne, California ("First National"), into and with United,
under the title and charter of United. The proposal contemplates that the present office of First
National would be operated as a branch of the
resulting bank.
Under the law, the Board is required to consider (1) the financial history and condition of
each of the banks involved, (2) the adequacy of
their capital structures, (3) their future earnings
prospects, (4) the general character of their management, (5) the convenience and needs of the
community to be served, (6) whether the resulting
bank's corporate powers would be consistent with
the purposes of the Federal Deposit Insurance
Act, and (7) the effect of the transaction on competition (including any tendency toward monopoly). The Board may not approve the transaction
unless, after considering all these factors, it finds
the transaction to be in the public interest.
For convenience, the first four factors and the
sixth factor may be considered together as "banking factors." The fifth and seventh factors require
separate consideration.
Banking factors. The financial history and condition of both banks are satisfactory. The capital
structure, the future earnings prospects, and the
management of United are good, and the same
would be true of the resulting bank. First National's capital structure is reasonably adequate;
its earnings record has been good; and, in view
of the rapid growth of the community, its future
prospects are satisfactory. Its management is competent; and, while it has been asserted that the
bank has a problem of management succession,
it has not been shown to the Board's satisfaction
that qualified management cannot be obtained
from the bank's present personnel or from outside
sources. There is no evidence that the corporate
powers of the resulting bank would in any way
be inconsistent with the Federal Deposit Insurance
Act.
Needs and convenience of community. First
National, with total deposits of about $6.5 million, is the only bank in the town of La Verne
(population about 6,500), which is situated at the
eastern edge of the Los Angeles metropolitan area,
about 35 miles from downtown Los Angeles. The
bank's primary service area—the area from which
it derives 15 per cent or more of its deposits of
individuals, partnerships, and corporations ("IPC
deposits")—consists of the communities of La
Verne, San Dimas, and Claremont and the northern portion of Pomona, together with portions of
unincorporated Los Angeles County north of La
Verne and Claremont. The population of the primary service area is about 27,000.
It appears that First National's primary service
area is experiencing rapid residential growth and
that the population of the area is likely to increase
substantially in the next two decades. However,
there is no evidence that the banking needs of the
area are not now being adequately met, or will
not be met in the future, by banks operating in
the area; nor is it clear that First National, as a
unit bank, will not be able to grow and expand
its facilities in a degree commensurate with the
growth of the community. The relatively small
"loan limit" of the bank ($40,000) should not be
a serious obstacle, since it appears that the anticipated growth of the community is largely residential and therefore should not result in numerous demands for large loans. Such demands as
may arise for credit in excess of the bank's lending limit can be met by other banking offices in
the area or through participations with banks that
are correspondents of First National.
Competition. The offices of United nearest to
First National's office in La Verne are located at
Pomona, four miles south, at Covina, six miles
west, and at Ontario, nine miles east. The primary
service areas of these offices do not overlap the
primary service area of First National. However,
about 4 per cent of First National's total deposits
are derived from United's total service area; and
to this small extent the merger would eliminate
some existing banking competition.
Within First National's primary service area
LAW DEPARTMENT
there are three offices of Bank of America
N.T.&S.A., and two offices of Security First National Bank of Los Angeles. In terms of deposits,
First National is the smallest bank in the area,
with 25 per cent of total area deposits, as compared with 45 per cent for Bank of America and
about 30 per cent for Security First. In terms of
loans, however, First National ranks first in the
area, with about 41.5 per cent of total loans, as
compared with about 39 per cent for Bank of
America and 20 per cent for Security First National.
Although the primary service areas of First
National and of United's offices do not overlap,
they are contiguous; and it may reasonably be
expected that potentially, if not presently, banks
in the combined La Verne-Pomona area will compete with each other to some extent. Within that
area, there are now 15 offices of six banks (excluding a seasonal office). In addition to First National's office in La Verne and United's three offices
in Pomona, Bank of America has six offices in the
area, Security First has three, and First Western
Bank and Citizens National Bank each has one.
Within this area, Bank of America has about 40
per cent of total deposits, United about 35 per
cent, and Security First about 14 per cent. Consummation of the proposed merger would increase
United's percentage to 42.5 per cent. As to total
loans within the area, United and Bank of America presently have about 35 per cent each; the
merger would increase United's percentage to 43
per cent.
First National is the only remaining unit bank
in the combined La Verne-Pomona area. Its elimination as a consequence of the proposed merger
would, in effect, deprive residents of that area of
the opportunity to choose between dealing with a
local unit bank and dealing with a branch of a
large banking organization.
The proposed merger would not significantly
increase United's percentage of total deposits of
all commercial banks in the State of California
(at present 8 per cent) or in the Los Angeles
metropolitan area. However, it would, in the
Board's judgment, have an adverse potential
effect upon banking competition, particularly in
the La Verne-Pomona area and in the Los Angeles metropolitan area. Within the former area,
Bank of America, Security First, and United together hold nearly 90 per cent of total deposits;
1407
within the latter area they hold about 78 per cent
of total deposits. Consummation of the merger
here proposed could only strengthen the present
concentration of banking resources under the control of these three banks, give further impetus to
the merger trend in these areas, and thereby tend
to discourage the formation of new unit banks.
Summary and conclusions. On the basis of the
foregoing, the Board concludes that, while the
proposed merger would presumably be a means
of solving First National's problem of management succession and would provide a broader
range of banking services than those now provided
by First National, it is nevertheless not clear that
First National, as a unit bank, cannot solve its
problem of management succession and expand
its services in a manner commensurate with the
growth of its community or that the community
presently lacks adequate banking facilities. The
Board further concludes that, by eliminating the
only remaining unit bank in the La Verne-Pomona
area, the proposed transaction would have an adverse effect upon potential banking competition
in that area as well as in the larger Los Angeles
metropolitan area. These adverse competitive
effects, in the Board's judgment, outweigh any
benefits that might be expected to result from the
merger. For these reasons, the Board is unable to
find that the proposed merger would be in the
public interest.
DISSENTING STATEMENT OF CHAIRMAN MARTIN
AND GOVERNOR SHEPARDSON
We recognize that United California Bank and
two other large branch banking organizations already control a large proportion of the banking
resources in the Los Angeles metropolitan area
and that their continued expansion, if unchecked,
might gradually lessen the number of local unit
banks in that area. However, we do not regard
this possibility as itself a sufficient ground for disapproving the present merger which, in our opinion, would intensify rather than lessen competition in the La Verne-Pomona area and at the same
time provide a growing community with expanded
banking services. We would approve the application.
Orders Under Section 3 of the
Bank Holding Company Act
The Board of Governors of the Federal Reserve
System has issued the following Order and State-
1408
FEDERAL RESERVE BULLETIN • DECEMBER 1961
ment with respect to an application by a bank
holding company for approval of the acquisition
of voting shares of a bank, and the following
Order extending the time for completion of the
acquisition of voting shares of a bank by a bank
holding company:
THE MARINE CORPORATION
In the matter of the application of The Marine
Corporation, Milwaukee, Wisconsin for prior approval of the acquisition of bank shares under
Section 3(a)(2) of the Bank Holding Company
Act of 1956.
ORDER APPROVING APPLICATION
UNDER BANK HOLDING COMPANY ACT
There has come before the Board of Governors,
pursuant to Section 3 (a) (2) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842) and Section 222.4(a)(2) of the Board's Regulation Y
(12 CFR 222.4(a)(2)), an application by The
Marine Corporation, Milwaukee, Wisconsin, a
registered bank holding company, for the Board's
prior approval of Applicant's acquisition of 80
per cent or more of the voting shares of The National Manufacturers Bank of Neenah, Neenah,
Wisconsin; a notice of receipt of the application
was published in the Federal Register on June 10,
1961 (26 F.R. 5245), which notice provided for
the filing of comments and views regarding the proposed acquisition; the United States Department
of Justice has filed with the Board a Statement
of the United States in Opposition to the application, to which Applicant filed a Reply; and no
other comments or views having been filed:
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is granted, and the acquisition by The Marine Corporation of 80 per
cent or more of the voting shares of The National
Manufacturers Bank of Neenah is hereby approved, provided that the acquisition shall be consummated not less than seven calendar days, nor
more than three months, after the date of this
Order.
Dated at Washington, D. C. this 22nd day of
November, 1961.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Mills, Robertson, Shepardson, King, and Mitchell. Absent and not voting: Governor Balderston.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
The Marine Corporation, Milwaukee, Wisconsin, a bank holding company, has 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 80
per cent or more of the voting shares of The National Manufacturers Bank of Neenah, Neenah,
Wisconsin.
Views and recommendations of the Comptroller
of the Currency. As required by Section 3(b) of
the Act, the Board notified the Comptroller of
the Currency of the receipt of the application and
requested his views thereon. The Comptroller recommended approval.
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 company and the
bank concerned; (2) their prospects; (3) the
character of their management; (4) the convenience, needs and welfare of the communities and
area concerned; and (5) whether 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 Marine Corporation ("Marine") presently has six subsidiary banks, five of
which are in or near Milwaukee and the sixth in
Green Bay, Wisconsin. In addition, the Board's
approval has been given to Marine's acquisition
of two additional banks in Milwaukee County. At
December 31, 1960, Marine's six banks held $197
million in deposits of individuals, partnerships,
and corporations ("IPC deposits"). Its Milwaukee County banks held $175 million of this total,
and of the latter banks, Marine's largest subsidiary, Marine National Exchange Bank, Milwaukee,
held $144 million.
The National Manufacturers Bank of Neenah
("Bank") is located at the northern end of Winnebago County, 95 miles northwest of Milwaukee.
While primarily an industrial community, Neenah
has also experienced in recent years a substantial
residential growth. Marine has delineated Bank's
LAW DEPARTMENT
primary service area (the area from which about
75 per cent of its total deposits originate) as consisting of the contiguous cities of Neenah and
Menasha, and extending about two miles south
of the city of Neenah. Its population is estimated
at 35,000. According to the 1960 census, the population of Neenah was about 18,000 and that of
Menasha about 14,600. The aggregate population
of the two cities has increased about 8,000 in the
past 10 years. There is evidence of continuing
residential and industrial growth in the area.
The financial history and condition, prospects
and management of Marine and Bank are satisfactory and will not be affected materially by the
proposed acquisition.
In relation to the present and anticipated industrial and residential growth of the two-cities area,
Marine has enumerated several banking service
additions and improvements that would be offered
by Bank as a Marine subsidiary, all of which, according to Marine, will better serve the area's
convenience, needs, and welfare. Certain of the
services that would be offered by Marine in its
operation of Bank would yield increased conveniences for some of Bank's customers. However,
the record before the Board reflects that Bank has
been able to serve adequately the needs of the
area involved during the period of its growth and
could continue to do so even if it did not become
affiliated with Marine. Therefore, while the foregoing considerations are not inconsistent with approval of this application, they offer little support
for approval thereof.
The remaining question is whether the acquisition would expand the size or extent of the Marine
holding company system beyond limits consistent
with adequate and sound banking, the public
interest, and the preservation of banking competition. In the Board's judgment, the considerations
relative to this factor are not adverse to approval
of the application.
Marine, the smallest of the three bank holding
companies operating in Milwaukee County, owns
six banks operating eight offices in three counties.
Seven of the eight offices serve principally the
Milwaukee Metropolitan Area. The eighth is located at Green Bay, Wisconsin, about 110 miles
north of Milwaukee and 35 miles northeast of
Neenah. At December 31, 1960, Marine's eight
offices constituted 9 per cent of the 85 commercial banking offices located in the three counties
1409
in which Marine operates. The $197 million of
IPC deposits in these eight offices constituted 12
per cent of the total held by all commercial banks
in the three counties. If the two additional banks
in Milwaukee County, as to which Marine's acquisition has been approved by the Board, are included in Marine's totals, its control of the three
counties' commercial banking offices and their
IPC deposits would be increased, respectively, to
12 per cent and 14 per cent. If Bank and its IPC
deposits are added to the latter totals, the Marine
holding company system would control 11 of the
100 commercial banking offices and $250 million
of the $1.8 billion of IPC deposits (14 per cent),
of all commercial banks in the four counties in
which Marine would then have banks. At December 31, 1960, Marine's eight offices and aggregate
total deposits of $255 million constituted 1.1 per
cent of the State's 717 commercial banking offices
and 5.5 per cent of its $4,638 million of total commercial bank deposits. These percentages would
be increased, respectively, by .3 per cent and .8
per cent if the two most recently approved acquisitions are included, and by an additional .1 per
cent and .4 per cent, respectively, if Bank and its
deposits are included.
None of Marine's present subsidiary banks, nor
the two banks in Milwaukee County to be acquired, serves Bank's primary service area to any
significant extent. The locations of these subsidiaries range in distance from a minimum of 35
miles (Green Bay) to over 100 miles (Milwaukee
area) from Bank's location. As to competition
from Marine's Green Bay bank, in view of the
distance between the Neenah-Menasha area and
Green Bay, and considering the fact that within
easy access from a major highway that connects
Neenah and Green Bay there are five commercial
banks with deposits, in April 1961, of $52 million,
$24 million, $10 million, $5 million and $4 million, it is apparent that Marine's bank at Green
Bay does not compete with Bank to any significant degree.
There are four banks located in Bank's primary
service area, two in Neenah (including Bank) and
two in Menasha. In April 1961, Bank held 41 per
cent of the IPC deposits of Neenah's two banks
and 30 per cent of those in the four banks in
Neenah and Menasha. On the same date, its three
competitors in Neenah and Menasha—First National Bank, Neenah, Bank of Menasha, and First
1410
FEDERAL RESERVE BULLETIN • DECEMBER 1961
National Bank, Menasha, held 44 per cent, 11 per
cent, and 15 per cent, respectively, of the aggregate IPC deposits of the four banks. While, as
indicated, Bank's primary service area encompasses only the cities of Neenah and Menasha and
an area south of Neenah, its total trade area extends beyond to the point where it encounters
some competition from the three commercial
banks located in Appleton, five miles to the north,
and the three commercial banks located in Oshkosh, approximately 12 miles to the south. Thus,
while it is apparent that the residents of Neenah
and Menasha rely principally upon the four banks
in those cities for their banking services, and that
those four banks principally compete for the
banking business of those two cities, the Neenah
and Menasha residents and businesses have numerous alternative banking facilities reasonably
available.
It is the Board's judgment that the resulting
increase in the size or extent of Marine's system
from its acquisition of Bank would not be inconsistent with adequate and sound banking, the public interest or the preservation of banking competition. Further, while Marine's acquisition of Bank
will result in the elimination of an independent
bank, in view of the size and number of remaining independent banks, it does not appear that
the acquisition proposed would significantly reduce
the existing level of banking competition, nor in
other respects be inconsistent with the interests
of the public.
In a Statement of the United States in Opposition, filed with the Board by the United States
Department of Justice, the view is expressed that
the proposed acquisition "would only serve to
further unbalance the competitive situation among
the already limited number of independent competitive units in the pertinent trade area . . . [and]
would also encourage further consolidation among
them, or absorption of them by other outside
banking interests." On the basis of conclusions
reached in reviewing this record, the Board does
not concur in the Department's view. Neither in
Bank's primary service area, nor in its larger trade
area, does it appear that the number of independent competitive units is limited to a degree
incompatible with the needs of those areas.
Neenah and Menasha are served by a bank for
each 8,150 persons, a ratio that compares favorably with other cities in Wisconsin having a popu-
lation comparable to the combined population of
Neenah and Menasha. There does not appear to
exist, in the pertinent trade area, a degree of competitive imbalance that is inconsistent with the
public interest.
Viewing the relevant facts in the light of the
general purposes of the Act and the factors enumerated in Section 3(c), it is the judgment of the
Board that the proposed acquisition would be
consistent with the statutory objectives and the
public interest and that the application should be
approved.
THE FIRST VIRGINIA CORPORATION
In the Matter of the Application of The First Virginia Corporation for prior approval of acquisition of voting shares of Richmond Bank and Trust
Company, Richmond, Virginia.
ORDER EXTENDING TIME FOR ACQUISITION OF
VOTING SHARES OF RICHMOND BANK
AND TRUST COMPANY
WHEREAS, there has come before the Board of
Governors, pursuant to Section 3(a)(2) of the
Bank Holding Company Act of 1956 (12 U.S.C.
1842) and Section 4(a)(2) of Federal Reserve
Regulation Y (12 CFR 222.4(a)(2)), an application by The First Virginia Corporation, Arlington,
Virginia, for approval of the acquisition of 80 per
cent or more of the voting shares of Richmond
Bank and Trust Company; and said application
has been granted by Order of the Board dated
September 5, 1961 and published in the Federal
Register (26 Fed. Reg. 8499), which Order included a proviso that such acquisition be completed within three months from the date thereof;
and WHEREAS, The First Virginia Corporation
has applied to the Board for a ninety-day extension of the period prescribed by said proviso, and
it appears to the Board that such an extension
would not be inconsistent with the public interest;
IT IS HEREBY ORDERED, that the time within
which said acquisition shall be completed is extended to March 5, 1962.
Dated at Washington, D. C. this 4th day of
December, 1961.
By order of the Board of Governors.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
ELECTION OF CLASS A AND CLASS B DIRECTORS
The Federal Reserve Banks have announced the results of the annual elections by their member
banks of Class A and Class B directors as shown below. The directors have been elected to serve for
three years beginning January 1, 1962.
Boston
Class A
Class B
New York
Class A
Class B
Philadelphia
Class A
Class B
Cleveland
Class A
Class B
Richmond
Class A
M. LOCKWOOD, President, The Howard
National Bank and Trust Company, Burlington,
Vermont. (Re-elected)
WILLIAM
EUGENE B. WHITTEMORE, President and Treasurer,
The Morley Company, Portsmouth, New Hampshire.
(Re-elected)
GEORGE CHAMPION, Chairman of the Board, The
Chase Manhattan Bank, New York City. Mr.
Champion succeeds Henry C. Alexander, Chairman
of the Board, Morgan Guaranty Trust Company of
New York, New York City.
B. EARL PUCKETT, Chairman of the Board, Allied
Stores Corporation, New York City. (Re-elected)
EUGENE T. GRAMLEY, President, Milton Bank and
Safe Deposit Company, Milton, Pennsylvania. Mr.
Gramley succeeds O. Albert Johnson, President, The
First National Bank of Eldred, Pennsylvania.
FRANK R. PALMER, Chairman of the Board, The
Carpenter Steel Company, Reading, Pennsylvania.
(Re-elected)
C. N. SUTTON, President, The Richland Trust Company, Mansfield, Ohio. Mr. Sutton succeeds Ray
H. Adkins, President, The National Bank of Dover,
Ohio.
DAVID A. MEEKER, President, The Hobart Manufacturing Company, Troy, Ohio. Mr. Meeker succeeds Charles Z. Hardwick, Executive Vice President, The Ohio Oil Company, Findlay, Ohio.
J. MCKENNY WILLIS, Jr., President, The Easton
National Bank of Maryland, Easton, Maryland. Mr.
Willis succeeds A. Scott Offutt, Chairman of the
Board and President, The First National Bank of
Washington, D. C.
1411
1412
Richmond
Class B
Atlanta
Class A
Class B
Chicago
Class A
Class B
St. Louis
Class A
Class B
Minneapolis
Class A
Class B
Kansas City
Class A
Class B
Dallas
Class A
Class B
FEDERAL RESERVE BULLETIN • DECEMBER 1961
ROBERT R. COKER, President, Coker's Pedigreed
Seed Company, Hartsville, South Carolina. Mr.
Coker succeeds L. Vinton Hershey, President,
Hagerstown Shoe Company, Hagerstown, Maryland.
D. C. WADSWORTH, Sr., President, The American
National Bank, Gadsden, Alabama. Mr. Wadsworth
succeeds William C. Carter, Chairman of the Board
and President, Gulf National Bank, Gulfport, Mississippi.
JAMES H. CROW, Jr., Vice President, The Chemstrand Corporation, Decatur, Alabama. Mr. Crow
succeeds Donald Comer, Chairman of the Board,
Avondale Mills, Birmingham, Alabama.
JOHN H. CROCKER, Chairman of the Board, The
Citizens National Bank of Decatur, Illinois. (Reelected)
WILLIAM E. RUTZ, Director, Giddings and Lewis
Machine Tool Company, Fond du Lac, Wisconsin.
Mr. Rutz succeeds William J. Grede, President, J. I.
Case Co., Racine, Wisconsin.
Executive Vice President, First
National Bank of Steeleville, Illinois. (Re-elected)
ARTHUR WERRE, JR.,
RAYMOND REBSAMEN, Chairman of the Board, Rebsamen & East, Inc., Little Rock, Arkansas. Mr. Rebsamen succeeds S. J. Beauchamp, Jr., President,
Terminal Warehouse Co., Little Rock, Arkansas.
ROLLIN O. BISHOP, President, The American National Bank of Saint Paul, Minnesota. Mr. Bishop
succeeds John A. Moorhead, President, Northwestern National Bank of Minneapolis, Minnesota.
T. G. HARRISON, Chairman of the Board, Super Valu
Stores, Inc., Hopkins, Minnesota (Re-elected)
W. S. KENNEDY, President and Chairman of the
Board, The First National Bank of Junction City,
Kansas. (Re-elected)
A. OLSON, President, Kansas City Power &
Light Company, Kansas City, Missouri. (Re-elected)
ROBERT
J. EDD MCLAUGHLIN, President, Security State Bank
& Trust Company, Rails, Texas. (Re-elected)
H. B. ZACHRY, President and Chairman of the Board,
H. B. Zachry Co., San Antonio, Texas. (Re-elected)
1413
CURRENT EVENTS AND ANNOUNCEMENTS
San Francisco
Class A
Class B
APPOINTMENT OF DIRECTOR
On December 18, 1961, the Board of Governors
announced the appointment of William King Self,
of Marks, Mississippi, as a director of the Memphis Branch of the Federal Reserve Bank of St.
Louis for the unexpired portion of a term ending
December 31, 1962. Mr. Self is President, Riverside Industries, Marks, Mississippi. As a director of the Memphis Branch he succeeds Dr. Clay
Lyle, former Dean and Director Emeritus, Division of Agriculture, Mississippi State University,
State College, Mississippi, who resigned.
RESIGNATION OF DIRECTOR
Mr. John T. Ryan, Jr., who had served as a
director of the Pittsburgh Branch of the Federal
Reserve Bank of Cleveland since September 19,
1958, resigned effective December 31, 1961. Mr.
Ryan is President, Mine Safety Appliances Company, Pittsburgh, Pennsylvania.
MAXIMUM RATES ON SAVINGS AND TIME DEPOSITS
On December 1, 1961, the Board of Governors
of the Federal Reserve System authorized an increase in the maximum permissible rates of interest payable by member banks on savings deposits
and on time deposits and certificates, effective
January 1, 1962.
After that date, member banks will be permitted
to pay up to 3Vi per cent on all savings deposits,
and on time deposits and certificates of at least
six months' term, and up to 4 per cent on like
deposits left in the banks for one year or more.
The present maximum rate is 3 per cent.
The 6,100 member banks of the Federal Reserve System have approximately 50 million savings and time deposit accounts, amounting at
present to some $67 billion. More than threefourths of the total amount is in savings accounts
owned by individuals. The time deposits and
CHARLES F. FRANKLIN, President, The Pacific National Bank of Seattle, Washington. Mr. Franklin
succeeds John A. Schoonover, Director, The Idaho
First National Bank, Boise, Idaho.
S. JOHNSON, Chairman of the Board, American Forest Products Corporation, San Francisco,
California. (Re-elected)
WALTER
certificates are owned by business concerns and
other private or public institutions as well as by
individuals.
For some time, a number of commercial banks
have contended that the 3 per cent maximum rate
has restricted them in their efforts to compete for
savings and time deposits. One effect of the
action will be to increase freedom of competition
and to enable each member bank to determine
the rates of interest which it will pay in the light
of the economic conditions prevailing in its area,
the type of competition it must meet, and its
ability to pay.
Another effect of immediate significance will
be to enable member banks so desiring to compete more vigorously to retain foreign deposits
that might otherwise move abroad in search of
higher returns and thereby intensify an outflow of
capital or gold to other countries. Thus, today's
action is in line with previous steps taken to moderate pressures on this country's international balance of payments.
A further, longer range effect should be to give
member banks all the scope that may be needed
for a considerable period ahead to provide an
added incentive for the savings that will be required in financing the future economic growth
that will be essential to expanding job opportunities for a growing population.
How many banks may increase their rates after
next January 1, or when and to what levels they
may do so, is conjectural. Experience suggests
that any moves toward higher rates are likely to
be gradual. Almost five years have passed since
the maximum permissible rate was increased from
2Vi per cent to the present 3 per cent. Many
banks, however, still pay less than 3 per cent.
Responsibility for setting maximum permissible
rates on member bank payments of interest on
savings and time deposits was vested in the Board
of Governors by Congress in 1933. The maxi-
1414
FEDERAL RESERVE BULLETIN • DECEMBER 1961
mum permissible rate was set originally in that
year at 3 per cent, reduced in 1935 to IVi per
cent, and kept at that level until restored to 3
per cent on January 1, 1957.
The changes announced on December 1, 1961,
were effected by a revision of the supplement to
the Board's Regulation Q. The revised supplement appears on page 1404 of this BULLETIN.
The action was taken a month in advance of the
effective date because many banks, by tradition,
use January 1 as the date from which interest on
savings deposits is computed.
The Board action on December 1, 1961, did
not change the maximum permissible rates for
time deposits and certificates of less than six
months duration. For these, the maximum will
continue to be 2Vi per cent for time deposits and
certificates of 90 days to six months, and 1 per
cent for time deposits and certificates of less than
90 days.
The Federal Reserve action was taken after
consultation with the Federal Deposit Insurance
Corporation, which regulates the rate of interest
paid by insured banks which are not members
of the Federal Reserve System.
FLOW-OF-FUNDS SUPPLEMENTARY TABLES
Flow-of-Funds/Saving Supplement 5 will be available for distribution in January. This supplement
supersedes all previous supplements. It includes
(1) annual flow data for 1946-60; (2) quarterly
flows for 1952-60; (3) amounts outstanding at
end of year for 1945-60; (4) new tables for commercial banks and monetary authorities, the two
subsectors of the commercial banking system not
previously shown; and repeats the estimates published in the August 1961 BULLETIN to provide in
a single source consistent figures through 1960.
The tables are grouped into three sections: (1)
summary flow-of-funds tables in the format, order,
and numbering with which they are published in
the BULLETIN, (2) statements for financial sectors
and subsectors not shown separately in BULLETIN
tables, and (3) transaction accounts for the finan-
cial categories used in the flow-of-funds/saving
accounts. For many of these categories, the transaction accounts give detail on subcategories and
components. The transaction accounts have not
appeared in the BULLETIN.
Copies of Supplement 5 will be available on
request. Requests should be addressed to the
Flow of Funds/Saving Section, Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington 25, D. C.
In requesting copies, please indicate if you would
like to have your name added to the mailing list
for flow-of-funds supplementary materials. As
soon as the supplement is ready it will be sent out
to those now on the mailing list.
INDEXES ON 1957-59 BASE
Early in 1962 the Federal Reserve will begin to
convert its indexes to a 1957-59 comparison base.
The schedule for conversion is given on page
1417 of this BULLETIN.
TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR
QUARTERLY
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
Issue
Page
June 1961
723
June 1961
{jj£y \g*\
722
618-21
Apr. 1961
486-87
Feb. 1961
228-29
May
Nov.
May
May
1961
1960
1961
1961
604-12
1294
613-15
616
Sept. 1961
1106
Semiannually
Banking offices:
Analysis of changes in number of.... Aug. 1961
On, and not on, Federal Reserve Par
List, number of
Aug. 1961
1002
Quarterly
Cash receipts from and payments to the
public
Nov. 1961
Flowoffunds
Oct. 1961
Selected assets and liabilities of Federal
business-type activities
Aug. 1961
1358
1242-49
1003
1004
National Summary of Business Conditions
Released for publication December 15
Expansion in business activity continued in
November. Industrial production, construction
activity, and nonfarm employment increased and
retail sales rose sharply further. The unemployment rate declined, showing the first significant
reduction this year. Bank credit increased somewhat further.
INDUSTRIAL PRODUCTION
Industrial production increased further in November to 114 per cent of the 1957 average—
one point above the previous high in August and
October. The November gains were primarily in
output of final products, both consumer goods and
equipment.
Auto assemblies rose 15 per cent in November
from an October level still limited by work stoppages. Current production schedules indicate a
further gain in December. Output of home goods
and apparel also rose in November, to previous
peak rates, and consumer staples advanced to a
new high. Output of business equipment, with
gains widespread, was at a record.
Production of materials increased slightly further in November. Output of iron and steel
decreased a little less than seasonally through
most of the month. In late November and early
INDUSTRIAL PRODUCTION
19 57 = 100
December steel mill operations showed a substantial contra-seasonal increase.
CONSTRUCTION
The value of new construction, which had
changed little in October, increased 1 per cent
in November to a seasonally adjusted annual rate
of $59.5 billion, a new high. The November rise
reflected mainly a 3 per cent further advance in
private residential building. So far in the fourth
quarter, total construction activity has been 6 per
cent above a year ago, compared with a year-toyear increase of 2 per cent in the first nine months
of this year.
EMPLOYMENT
Seasonally adjusted employment in nonfarm
establishments rose somewhat further in November to 54.5 million. A moderate increase in
manufacturing employment was accounted for
almost entirely by a gain in the automobile
industry. Average hours of work in manufacturing rose further with advances reported by most
industries. Employment declined in nonmanufacturing industries as continuing gains—to new
highs—in services and State and local government
were more than offset by decreases in construction
and trade. Unemployment did not show the sharp
rise that usually occurs in November and the
seasonally adjusted unemployment rate declined
to 6.1 per cent, after holding at nearly 7 per
cent during the preceding eleven months.
DISTRIBUTION
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for November.
Monthly fig-
Retail sales, after increasing 3 per cent in
October, rose 3 per cent further in November to a
new high. Sales of durable goods stores advanced
7 per cent as deliveries of new domestic autos
rose to a seasonally adjusted annual rate of 7.0
million from 6.2 million in October. Gains were
widespread among stores selling nondurable goods,
with the total up 2 per cent from the advanced
October level.
1415
1416
FEDERAL RESERVE BULLETIN • DECEMBER 1961
COMMODITY PRICES
The wholesale commodity price index remained
stable in late November and early December.
Prices of steel scrap turned up, after having
declined sharply in October, and prices of lead
and zinc were raised. Prices of most industrial
commodities, however, were unchanged.
BANK CREDIT AND RESERVES
Total commercial bank credit increased somewhat further in November. While holdings of
U. S. Government securities declined, loans and
holdings of State, local, and other securities rose.
The seasonally adjusted average money supply
continued to increase. Time deposits declined less
than usual for November.
Total reserves and required reserves of member
banks increased less in November than in October.
RETAIL TRADE
Reserves were supplied principally through Federal Reserve purchases of U. S. Government
securities and absorbed through currency drains
and gold outflows. Excess reserves rose and
member bank borrowings from the Federal Reserve also increased somewhat.
SECURITY MARKETS
Yields on Government securities rose from midNovember to mid-December, as they usually do
at this time of year. In mid-December the 3month bill rate was around 2.60 per cent and the
long-term bond average was around 4.06 per
cent, compared with 2.53 and 4.00 respectively
in mid-November. Yields on corporate and on
State and local government bonds also rose.
Common stock prices increased moderately
from mid-November to mid-December, reaching
new highs. The volume of trading expanded.
PRICES
1947 - 49 = 100
1947-49*100
DEPARTMENT STORES
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest for stocks is October, for other series, November.
Bureau of Labor Statistics Indexes. Monthly figures; latest
shown: October for consumer prices, and November for wholesale prices.
1417
INDEXES ON 1957-59 BASE
PLANS FOR PUBLISHING INDEXES ON A 1957-59 COMPARISON BASE
Early in 1962 the Federal Reserve will begin
to convert its indexes to the new standard base,
1957-59, recommended by the Bureau of the
Budget. The change will facilitate comparison
of Federal Reserve indexes with those of other
Government agencies, which will also be adopting the 1957-59 base period. The following
schedule will apply to conversion of the Federal
Reserve indexes.
EARLY CHANGES
A revised index of freight carloadings on the new
base is included in this issue of the BULLETIN
(see pages 1401-03), and figures for this index
will appear in the Board's Business Indexes release beginning with January 1962. The freight
carloadings index is based on data compiled by
the Association of American Railroads, which
are combined with revenue weights and adjusted
for seasonal variation by the Federal Reserve.
Indexes for employment and payrolls and for
construction contracts will be published on the
new base in the BULLETIN and in the Business
Indexes release as soon as figures for January
1962 become available. These indexes are derived, respectively, from series on employment
and payrolls compiled by the Bureau of Labor
Statistics and data on construction contracts reported by the F. W. Dodge Corporation.1
LATER CHANGES
Shifting the industrial production indexes from
the 1957 to the 1957-59 comparison base will
require several months. The present plan is to
publish these indexes on the new base by the
early autumn of 1962, and when this is done, to
1
Historical data for these series on the new base will be
available upon request.
discontinue regular publication of indexes on the
1957 and the 1947-49 base periods.
As a result of the shift in the comparison base
there will be small changes in the level of the
total industrial production index, but larger
changes in the levels of most of its major components, as the table shows. The level of each
series will change by the ratio of its 1957-59
average to its 1957 average. Percentage changes
from any one month (or year) to another for a
given series will not be affected by the shift in
base period.
EFFECT OF BASE PERIOD CHANGE ON
INDUSTRIAL PRODUCTION
Series
Total
Percentage
Indexes, October 1961
change in level,
1957-59
from 1957
1957-59= 100 1957= 100
.7
113.9
113.1
Manufacturing
Durable
Nondurable
Mining
Utilities
.8
4.1
-3.3
4.6
-6.1
114.0
112.2
116.2
103.8
129.1
113.1
107.8
120.2
99.2
137.5
Final products
Consumer goods
Equipment
Materials
- .5
-2.9
4.6
1.8
115.2
115.9
113.7
112.7
115.8
119.4
108.7
110.7
The Board's monthly series on department
store sales and stocks are derived from indexes
compiled by the 12 Federal Reserve Banks.
These Reserve Bank indexes are being adjusted
to the 1958 Census of Business benchmark, and
seasonal adjustments are being reviewed. Revised monthly and weekly sales indexes will be
published on a 1957-59 base when these revisions are completed in the spring of 1962.
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.
1420
1424
1425
1428
1430
1431
1434
1436
1439
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.
1440
1441
1442
1444
1449
1451
1453
1456
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.
.
Tables not published each month—list with latest Bulletin reference.
1460
1466
1466
1468
1470
1471
1472
1474
1476
1414
Index to statistical tables
1503
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.
1419
1420
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
Held
Bought under
repurTotal out- chase
right agreement
Discounts
and Float i
advances
Total 2
Gold
stock
Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
with
F.
R.
Banks
TreasOther
ury
F. R.
cash
acholdcounts
ings Treas- ForWith CurF. R. rency
Total
ury
eign Other i
and
Banks coin
Averages of
daily figures
978
250
8
4,024 2,018
4 030 2 295
83 2,612 17,518 2,956
61 1,317
12 2 208
1929 June
1933 June
1939—Dec
1 933
2,510
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
24 765
1956 Dec
23,982
1957_Dec
1958 Dec . . . . 26 312
27,036
1959 Dec
26,124
I960—June
24,498
23,615
26,216
26,993
26,118
267
367
96
43
6
706
716
564
911
425
27,871 27,542
27,248 27,170
329
78
26,862
26,630
26,826
26,663
26,722
26,927
27,014
27,327
27,558
27,997
28,532
80
199
5
13
25
8
10
88
5
47
84
58
146
80
63
101
66
52
68
38
17,567
17,402
17,380
17,389
17,397
17,475
17,540
17,575
17,446
M7,328
17,180
5,401
5,404
5,408
5.414
5,425
5,432
5,450
5,547
5,556
5,569
5,585
26,836
27,136
27,036
26,681
192
132
26
. . . . 27 028
27,268
27,036
26,760
I 096 28,385 18,671
168 1,038 28,517 18,615
95 [,453 28,621 18,586
262 1,354 28,415 18,552
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
928 29,154
158
190 . 976 29,325
121 1,532 29,542
121 1,228 29,022
7
14
21
28
27 421
27,381
27 034
27,074
27,421
27,381
27 010
26,946
(4)
4
11
18
25
27,375
27 124
26,967
26,821
26,984
26.986
26,948
26,821
1
8
15
22
26 600
26,860
27,007
. . . . 26 740
Mar. 1
8
26.706
26,793
27 008
26,864
26,724
179
179
210
4,400
272
5 455
7,609 2,402
5
170 2,404 22,759 3,239 10,985
381
652 24 744 20 047 4,322 28 452
268
681 22,858 22,712 4,556 28,937
142 1 ,117 21,606 22,879 4,629 27,806
657 ,375 25,446 22,483 4,701 29,139
1,633 1 ,?6? 27,299 23,276 4,806 30,494
018 27,107 22,028 4,885 30,968
448
992 26,317 21,711 4,982 30,749
407
840 1 ,389 26,853 21,689 5,008 31,265
2,189
2 269
1,330
1,290
1,280
1,271
767
805
30
164
739
592
1 531
1 247
1 016
625
967
615
271
569
602
443
2 314
2 211
11,473
12 812
16 027
17 261
17,391
20 310
83? 21 180
908 19,920
Q->9 19 279
983 19,240
12 812
16 027
17'261
17,391
20 310
21 180
19,920
19 279
19,240
998 19 535
19,420
18 899
18 628
994 18,001
19 535
19,420
18 899
304 18 932
293 18,294
OQ?
920
571
745
466
439
353
264
290
390
365
493
614
739
796
459
394
463
372
247
768
691
396
385
470
524
414
186
337
348
496
345
262
361
160 1 156 29,241 18,058 5.391 32,474
94 ,665 29,060 17,954 5,396 33,019
405
462
243
396
408
522
250
495
28,484
28,145
28,030
27,925
1,119 28,007
,?65 28,304
388 28,498
1,145 28,661
445 29,080
67 ,358 29,504
107 ,377 30,142
32,265
31,841
31,839
31,913
32 011
32.246
32.586
32,569
32,719
»32,864
33,256
411
422
426
408
420
411
400
420
411
482
521
459
422
463
515
474
489
473
239
189
240
207
205
205
235
241
285
399
392
383
316
293
250
279
294
313
254
258
941
1 ,054
1 ,05?
987
1 017
1 038
967
1 068
1 071
16,715
16 532
16,419
16 474
16 420
16 547
16.547
16 701
16,811
305 1 ,014 17,082
1
,068
17,183
244
5,377
5,380
5,382
5,383
32 049
32,276
32,304
32,120
403
467
213
443
936
18,405
18,124
18,068
17,999
17,957
5,387
5,389
5,391
5,392
5,392
32 104
32 298
32,527
32 532
32,640
403
442
254
456
398
418
250
21,942
22,769
20,563
19,482
19,343
5,064
5,144
5.230
5,311
5,353
31,775
31,932
32 371
32,775
31,926
434
376 2 314
350 2211
248 11,473
772
633 27,156
,443 26,186
496 28,412
,426 29,435
,159 27,737
777
30
81
616
221
381
063
1 174
1 '195
1960
Nov
Dec
973 17,737 1 267 19,004
16 688 2 595 19 283
1 0^9
1961
26,942
26,829
26,831
26,676
• . . . 26,747
26,935
27,024
27,415
27,563
28,044
28,616
Jan
Feb
Mar
Apr
May
June
July
Aus
Sept.
Oct
Nov
431
171
071
140
415
414
469
483
2,600
2 432
2,390
2 410
2 436
2 495
2,516
2 522
2 561
2,578
P2 649
19,315
18,964
18,809
18 884
18 856
19 042
19,063
19 223
19,372
19,660
^19,832
Week ending—
1960
Oct
5
12
19
t^ov
Dec
79
219
408
413
403
402
407
414
474
489
546
519
469
460
202
215
257
230
224
258
67
76
80
56
1,057
1,272
2,151
2,150
28,594
28,778
29,316
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
473
522
592
253
237
246
401
522
260
391
138
19
184
60
44
57
1,789
1,350
1,408
1,523
29,420
28,592
28,471
28,450
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
441
413
412
528
245
239
248
245
26 582
26,672
26,653
26 589
18
188
354
151
31 776
31,805
31.930
31 857
422
510
413
417
424
523
526
496
26.621
26,775
27 003
26,864
26,724
85
18
75 1,131 27,853 17,441 5 402
188 1,053 28,148 17,429 5,403
202
829 28,086 17,410 5,404
116 1,326 28,232 17,385 5,405
59 1,294 28,109 17,373 5,405
104 1 068 28,014 17,373 5,405
58 1,003 28.116 17,374 5 407
62 1,260 28,234 17,385 5,409
87 l,004|27,863 17,389 5,408
31,768
31,794
31 901
31,887
31,775
437
433
531
415
428
418
426
418
506
497
24
128
379
393
373
17 922
932 17^840
864 17 909
862 17,789
837 18 759
800 18,640
930 18 839
940 18,729
86S 17 931
942
395
864 18 045
752
408
914 17^784
949
388 1 073 17 839
922
387 1 ,071 17,141 2,537
18 873
18 797
18,733
18 761
19,678
474 1 066 16 558
680 ,037 16,334
443 1 018 16 782
391
019 16 828
2 358
2,598
2 678
2 619
18 916
18,932
19 460
19 447
473
381
1961
Jan
Feb
15
22
29
For notes see opposite page.
417
507
389
392
954
941
940
942
17,202
16 605
16 662
16,875
2,742
2 621
2 630
2,592
19,944
19 226
19 292
19,467
951
018
,022
093
227
196
185
172
401
392
16 417
16 641
16.420
16 587
2 546
2 307
2.424
2 458
18 963
18 948
18,844
19 045
199
233
267
238
218
400 1,093 16,458
087 16 433
398
389 I 057 16 437
365
16 578
370 1,032 16,342
2,556
2 238
2 390
2 377
2,451
19,014
18 671
18 827
18 955
18,793
393
383
1421
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
Period
or
date
DisHeld counts
and Float 1
Bought under
adout- repurTotal
vances
right chase
agreement
Total 2
Gold
stock
Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing
Deposits, other
than member bank
reserves,
Treas- with F. R. Banks
ury
cash
holdings Treas- ForOther
ury eign
Member bank
reserves 3
Other
F. R.
accounts With
F. R.
Banks
Currency
and
coin
Total
Averages of
daily figures
Week ending—
1961
19.
26.
26,870
26,868
26,601
26,389
26,836
26,854
26,591
26,389
115
94: 27,973 17,388
59 1,004 27,978
27
17,389
52 1,310 28,009 17,390
42 1,279
, — 27,755 17,390
5,410
5,411
5,414
5,417
31,903
32,007
31,980
31,807
404
406
411
414
429
398
424
374
250
212
172
194
388 1,028 16,369 2,333
310 1,014 16,429 2,353
309
966 16,552 2,47
298
963 16,511 2,507
18,702
18,782
19,026
19,018
May
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
17,390
17,390
17,395
17,403
17,402
5,420
5,422
5,424
5,426
5,428
31,84:
31,968
32.081
32,001
32,058
408
420
424
420
416
572
396
550
483
374
221
204
206
201
211
298
96: 16,373
304
961 16,47
304
984 16,451
280 1,075 16,440
275 1,073 16,329
2,435
2,280
2,458
2,47
2,543
18,808
18,754
18,909
18,917
18,872
June
7.
14.
21.
28.
27,061
26,946
26,848
26,820
27,041
26,946
26,845
26,817
66 1,066 27,868
70
27,914
179 i,oo: 28,180
71 ,237 28,070
97 ,308 27,904
965
66 ,010 28,175
75 ,118 28,177
44 ,556 28,486
84 ,379 28,319
17,410
17,449
17,487
17,533
5,429
5,433
5,433
5,434
32,198
32,299
32,247
32,201
425
410
410
404
473
480
481
624
198
203
193
221
239
24:
233
259
2,394
2,462
2,476
2,567
18,804
18,844
19,296
19,120
27.283
27,266
26,737
26,731
27,274
27,266
26,737
26,720
49
48
56
50
202 28,568
28,641
748 28,575
476 28,289
17,550
17,550
17,547
17,525
5,435
5,433
5,437
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 16,689 2,397
255
996 16,570 2.533
274
946 16,491 2,58'
274
944 16,412 2,595
19,086
19,103
19,075
19,007
27,319
27,614
27,471
27,197
27,276
27,229
27,484
27,275
27,191
21,216
75
123
62
39
37
,081 28,508
,006 28,777
,109 28,676
,410 28,681
,101 28,447
17,527
17,548
17,601
17,602
17,579
5,527
5,543
5,545
5,548
5,552
32,450
32,564
32,664
32,594
32,474
444
423
422
423
416
456
467
498
488
498
238
234
257
243
230
306
304
275
292
298
969
,024
,039
,108
,109
16,699
16,852
16,667
16,682
16,554
2,587
2,356
2,530
2,520
2,606
19,286
19,208
19,197
19,202
19,160
Apr. ] 5 .
19
26
:
Aug. 2
9
16
23
30
Oct.
20.
27.
27,840 21M
27,803 17,803
27,330 27,320
27,200 27,197
4.
11.
18.
25.
27,834
28,195
28,250
27,819
15.
28,052
28,495
28,466
28,588
28,874
Nov.
22.
29.
90
130
196
6
1,071
1,043
1,021
1,023
16,410
16,382
16,820
16,553
57
28
45
29
999 28,931
,186 29,052
,843 29,251
,723 28,986
17,451
17,451
17,451
17,451
5,553
5,553
5,554
5,560
32,664
32,836
32,775
32,612
406
414
413
414
469
469
566
436
270
275
282
296
303
319
313
320
,111
,088
,048
,049
16,712
16,655
16,861
16,871
2,402
2,543
2,61"
2,648
19,114
19,198
19,473
19,519
27,823
28,143
28,130
27,791
10
3
11
52
120
28
36
31
147
57
,332 29,237
,257 29,517
,305 29,737
,630 29,544
17,380
17,350
17,336
17,302 5,572
32,678
32,886
33,010
32,849
408
417
422
414
422
450
479
486
300
261
248
249
281
363
300
268
,054
,052
998
991
17,036
17,005
17,184
17,162
2,569
2,421
2,620
2,663
19,605
19,426
19,804
19,825
28,039
28,466
28,380
28,461
28,760
13
29
86
127
114
76
93
125
92
103
,238 29,404
,130 29,760
,186 29,817
,743 30,465
,492 30,510
17,302
17,291
17,276
17,190
16,975
5,577
5,580
5,584
5,586
5,587
32,803
32,968
33.223
33,351
33,504
410
423
402
414
415
491
475
476
506
456
241
273
247
309
210
303
990 17,045 2,706
258
992 17,241 2,430
253
992 17,084 2,657
251 1,144 17,265 *>2,630
213 1,143 17,132 '2,807
19,751
19,671
19,741
19,895
19,939
[,351 29,213 17,376 5,563 32,658
178 29,543 17,300 5,578 32,837
364 30,656 -16,975 '5,592 '33,524
400
407
348
502
489
312
249
198
273 1,057 17,105 2,338 19,443
550
988 16,888 2,835 19,723
249 1,144 17,200 '3,012 ^20,212
68
95
44
248
1,187
1,102
1,649
1,179
29,221
29,507
29,712
29,421
17,351
17,351
17,303
17,303
5,564
5,566
5,570
5,573
32,739
33,045
32,939
32,776
419
419
431
415
481
549
458
384
241
238
287
242
293 1,051 16,912 2,640 19,552
322 1,049 16,802 2,782 19,584
994 17,210 2,874 20,084
267
276
994 17,209 2,951 20,160
284
488
617
377
51
1,099
707
1,292
1,|432
1,227
29,734
29,843
30,411
30,732
30,094
17,303
17,276
17,276
16,976
16,976
5,579
5.581
5,585
5,587
5,588
32,833
33,160
33,258
33,522
33,499
428
424
410
412
428
605
465
635
443
504
269
274
273
212
221
989 17,216 2,800
276
269
992 17,117 2,656
285 1,146 17,265 2,915
214 1,142 17,350 '2,938
204 1,145 16,657 •3,141
End of month
Sept..
Oct..
Nov..
1961
27,799 27,788
28,268 28,268
29,210 29,210
Wednesday
1961
Oct.
4
11
18
25
Nov. 1
8
15
22
29
7,932
:8,276
7,983
27,957
27,932
28,150
27,983
27,905
126
,313
,609
.460
,883
,775
28,268
28,524
28,350
28,698
28,775
45
85
110
185
52
r
P1 Preliminary.
Revised.
Beginning with 1960 reflect a minor change in concept of float.
For2 explanation, see BULLETIN for February 1961, 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.
20,016
19,773
20,180
'20,288
'19,798
3 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 were allowed. Monthly averages of currency
and coin are estimated.
4 Less than $500,000.
1422
BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. In millions of dollars]
Central reserve city banks—New York
All member banks
Total
reserves
held*
Period
BorrowReFree
ings
quired Excess
rere- 3
at
re- 2 serves 3
serves
F. R.
serves
Banks *
ReTotal
quired Excess
rere- 3
serves
reheldi serves 2 serves
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
3
-935
179
5,008
762
861
5,623
755
792
3,012
7
69
2,611
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
16,275
16,364
19,484
20,457
19,227
18,576
18,646
3,390
1,491
986
1,027
826
723
693
703
594
5
334
224
142
657
1,593
441
246
839
3,385
1,157
762
885
169
-870
252
457
-245
5,142
4,118
4,404
4,742
5,275
5,357
4,762
4,508
4,432
4,153
4,070
4,299
4,616
5,231
5,328
4,748
4,497
4,397
989
48
105
125
44
30
14
12
35
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
652
577
516
482
466
688
710
557
906
425
-36
-133
-41
-424
41
4,448
4,336
4,033
3,920
3,852
4,392
4,303
4,010
3,930
3,819
I960—Nov
Dec
196l__jan
Feb
Mar
Apr
May
June
July
Aug........
Sept
Oct
Nov
19,004 18,248
19,283 18,514
756
769
142
87
614
682
3,770
3,687
19,315
18,964
18,809
18,884
18,856
19,042
19,063
19,223
19,372
19,660
"19,832
,570
,310
,263
,266
,307
,430
,482
,619
,783
,153
,218
745
654
546
618
549
612
581
604
589
507
"614
49
137
70
56
96
63
51
67
37
65
105
Week ending—
I960—Nov. 2
9
16
23 . . . .
30
18,873
18,797
18,733
18,761
19,678
18,309
18,191
18,121
18,154
18,481
564
606
612
607
1,197
189
136
168
99
113
375
470
444
508
1,084
3,815
3,738
3,699
3,707
3,875
1961—June 7
14....
21
28....
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
19
26....
19,086
19,103
19,075
19,007
18,539
18,446
18,386
18,357
547
657
689
650
48
47
55
50
Aug. 2
9
16
23....
30
19,286
19,208
19,197
19,202
19,160
18,809
18,651
18,593
18,605
18,566
477
557
604
597
594
19,114
19,198
19,473
19,519
18,573
18,609
18,906
18,862
19,605
19,426
19,804
19,825
19,121
18,933
'19,230
19,277
July
Sept
ii::::
-,!::::
20
27....
Oct.
4
11
18
25
Nov. 1
8
15
22....
29
19,751 19,208
19,671 19,198
19,741 19,153
"19,895 "19,297
"19,939 ^19,220
F o r notes see opposite page.
Central reserve city banks—Chicago
Borrow- I Free
ings
re- 3
at
F. R. serves
Banks-*]
174
ReTotal
required Excess
re- 3
serves
reheldi serves2 serves
BorrowFree
ings
re- 3
at
serves
F. R. 4
Banks
n.a.
-167
69
n.a.
161
211
1,141
161
133
601
1
78
540
63
n.a.
n.a.
-62
n.a.
n.a.
n.a.
192
38
58
151
486
115
62
196
n.a.
-144
67
67
-107
-456
-101
-50
-162
1,143
939
,024
,199
,356
,406
,295
,210
,166
848
924
1,011
1,191
1,353
1,409
1,295
1,210
1,164
295
14
13
8
3
-4
1
-1
2
n.a.
6
5
64
232
37
15
85
n.a.
14
7
3
-61
-237
-36
-16
-83
57
34
23
-10
33
147
139
103
99
17
-91
-105
-80
-109
16
,149
,136
1,077
1,038
987
1,138
1,127
1,070
1,038
988
12
-1
97
85
39
104
58
-86
-77
-31
-104
-59
3,718
3,658
52
29
18
19
34
10
1,006
958
998
953
8
4
12
8
-4
-4
696 3,693
3,667
517 3,632 3,598
476 3,623
3,613
562 3,649
3,588
453 3,576 3,581
549 3,698
3,658
530 3,648
3,639
537 3,645
3,629
552 3,686
3,681
442 3,733
3,716
"509 "3,697 "3,660j
26
34
10
62
-5
40
9
16
6
16
26
26
9
60
-22
40
7
7
2
12
"14!
963
954
946
923
953
970
958
970
966
983
"985
959
948
936
927
945
964
955
967
963
985
"982
4
7
9
-4
8
6
3
3
3
-1
4
36
3,807
3,715
3,688
3,709
3,717
23
11
-3
158
-4
-29
-9
157
1,020
1,006
999
998
1,008
1,013
1,004
995
997
2
4
990
18
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
5
6
-2
16
2
5
-2
16
499
610
634
600
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
4
6
-2
5
75
123
62
37
37
402
434
542
560
557
3,739
3,683
3,597
3,613
3,607
3,747
3,660
3,609
3,610
3,594
-8
23
-12
2
13
996
971
969
965
965
992
971
967
960
962
4
2
-20
2
-18
2
11
541
589
567
657
57
27
44
27
484
562
523
630
3,673
3,627
3,744
3,713
3,622
3,625
3,738
3,686
51
2
6
26
12
3
51
2
-6
23
957
947
979
962
958
952
972
960
-1
-5
7
2
-5
3
1
r
484
493
574
548
34
29
145
56
450
464
M29
492
3,794
3,654
3,716
3,772
3,768
3,649
3,706
3,768
26
6
11
4
24
6
11
7
-3
985
968
980
1,001
982
968
983
998
3
1
-3
4
3
-5
-81
-13
543
473
588
"598
"719
74
91
122
90
101
469
382
466
"508
"618
3,737
3,680
3,644
3,692
3,727
3,720
3,662
3.626
3; 678
3,655
17
18
18
14
72
-25
3
64
993
968
994
987
991
987
972
988
978
-3
5
-4
6
9
11
12
21
6
1
16
18
43
942
995
969
-29
1
—4
5
5
-24
-13
30,
6!
5j
9
-23
1
-10
-4
12
-5
2
5
2
|
16;
-12
-11
-17
-10
BANK RESERVES AND RELATED ITEMS
1423
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued
[Averages of daily figures. In millions of dollars]
Country banks
Reserve city banks
Period
Total
reserves
heldi
Required
reserves 2
Excess
reserves3
Borrowings at
F. R.
Banks4
Free
reserves3
Total
reserves
heldi
Required
reserves 2
Excess
reserves3
Borrowings at
F. R.
Banks 4
Free
reserves3
19291—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
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
1960-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
I960—Nov
Dec
7,854
7,950
7,761
7,851
94
100
56
20
38
80
6,374
6,689
5,771
6,053
602
636
56
40
546
596
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
7,960
7,810
7,756
7,783
7,780
7,823
7,863
7,940
7,993
8,147
101
67
58
60
54
83
64
57
63
26
P57
14
57
23
21
36
17
8
13
13
18
44
87
10
35
39
18
66
56
44
50
6,699
6,568
6,485
6,529
6,547
6,551
6,595
6,668
6,727
6,797
^6,909
6,085
6,022
6,016
6,029
6,055
6,068
6,090
6,141
6,209
6,330
"6,393
614
546
469
500
491
483
505
527
518
466
P8,241
7,859
7,743
7,698
7,723
7,726
7,740
7,798
7,883
7,930
8,122
*>8,184
31
36
38
33
40
45
38
43
19
20
22
583
510
431
467
451
438
467
484
499
446
»494
2
9
16
23
30
7,853
7,822
7,827
7,802
7,939
7,806
7,769
7,761
7,763
7,729
47
52
66
40
210
78
58
51
45
49
-31
-5
15
-6
162
6,184
6,231
6,208
6,253
6,857
5,683
5,702
5,677
5,684
6,045
501
528
532
569
811
81
51
64
42
57
420
478
468
527
754
7
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
19
26
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
6,742
6,531
6,059
6,091
6,094
6,069
468
528
648
462
35
39
33
45
432
489
615
418
Aug.
2
9
16
23
30
7,967
7,927
7,919
7,963
7,919
7,931
7,885
7,873
7,890
7,868
35
42
46
73
51
20
31
13
2
4
15
10
33
71
47
6,585
6,627
6,712
6,661
6,671
6,140
6,135
6,144
6,144
6,142
445
491
568
517
528
38
66
38
35
30
407
425
531
480
499
Sept.
6
13
20
27
7,953
7,896
8,001
8,012
7,855
7,854
7,972
7,971
98
42
30
42
13
12
15
12
85
30
15
29
6,531
6,727
6,749
6,832
6,137
6,178
6,225
6,244
393
549
524
587
44
15
13
11
349
534
511
576
4
11
18
25
8,127
8,068
8,216
8,188
8,066
8,023
'8,191
8,161
61
45
'25
27
10
12
32
20
50
33
1
6,699
6,736
6,892
6,864
6,304
6,294
6,350
6,350
395
441
541
514
23
11
24
12
372
430
517
502
1
8
15
22
29
8,202
8,196
8,203
8,258
8,290
8,153
8,172
8,168
8,222
8,177
49
24
35
36
112
20
39
41
49
47
29
-15
-6
-13
65
6,824
6,803
6,927
P6,951
*>6,937
6,345
6,377
6,388
^6,409
^6,409
29
18
25
14
29
449
409
513
^528
P497
Week ending—
I960—Nov.
{961—-June
14
21
28
July
Oct.
Nov.
5
12
r
n.a. Not available.
P Preliminary.
Revised.
* 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, I960, only part of such holdings has been allowed.
Monthly averages of currency and coin are estimated.
r
n
479 |
427
539
"542
^526
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 indues, $51
million in balances of unlicensed banks.
1424
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
In effect
beginning—
Rate on
Nov. 30
Boston
New York. . .
Philadelphia..
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Previous
rate
Aug. 23,1960
Aug. 12,1960
Aug. 19,1960
Aug. 12,1960
Aug. 12,1960
Aug. 16,1960
Aug. 19,1960
Aug. 19,1960
Aug. 15,1960
Aug. 12,1960
Sept. 9, 1960
Sept. 2, 1960
Other secured advances
[Sec. 10(b)]
Rate on
Nov. 30
In effect
beginning—
1948
Jan. 12.
19.
Aug. 13.
1
-WA
WA
1950
Aug. 21.
1953
Jan. 16.
23.
1954
Feb. 5.
15.
Apr. 14.
16.
May 21.
1955
Ap, U .
May 2.
Aug. 4 .
12!
Sept.^.
WA
WA-2
WA-2
WA
lft-n
"ft*
WLWL-W
WI-W
WI-
i*3B
2
2$A
Nov. 18.
23.
1956
21/4-3
2*4-3
2%3
2%-3
Date
effective
1957
Au,29.:.
Nov. 1 5 . . .
Dec. 2 . . .
Range
or level)—
' all F. R.
Banks
F. R.
Bank
of
N. Y.
Aug. 5, Oct. 16, Effec19581958tive
Oct. 15, July 27. July 28,
1958
1960
1960
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
3
-3ft
3%
3 -3%
70
70
90
90
70
70
70
90
70
NOTE.—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.
MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS
[Per cent per annum]
1959
Mar. 6 . . .
16...
May 2 9 . . .
June 1 2 . . .
Sept. 1 1 . . .
18...
3
k
Type of deposit
Nov. 1,
1933Jan. 31,
1935
Feb. 1,
1935Dec. 31.
1935
Jan. 1,
1936Dec. 31,
1956
Jan. 1,
1957Dec. 31,
19611
4
3-1
1961
In effect
Nov. 3 0 . . .
1 Under Sees. 13 and 13a (as described in table above). For data for
1941-47, see BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York
on repurchase contracts against U. S. Govt. securities was the same as
its discount rate except in the following periods (rates in percentages):
1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10,
2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4. 2.50;
June 29, 2.75; July 20, 31, Aug.1-3, 2.50; Sept. 28-29, 2.75; Oct. 5,
2.50, Oct. 23, and Nov. 3, 2.75.
Aug. 23, 1960
June 10, 1960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16, 1960
June 10, 1960
Aug. 19, I960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
June 3,1960
[Per cent of market value]
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 . . .
1960
June 3 . . .
10...
14...
Aug. 1 2 . . .
Sept. 9 . . .
Previous
rate
MARGIN REQUIREMENTS
[Per cent per annum]
F. R.
Bank
of
N. Y.
In effect
beginning-
Rate on
Nov. 30
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
Range
(or level)—
all F. R.
Banks
Previous
rate
Aug. 23, 1960
Aug. 12, 1960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16, 1960
Aug. 19, 1960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
Sept. 2,1960
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
Date
effective
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Savings deposits
3
2%
2%
3
Postal savings deposits
3
2%
2*4
3
Other time deposits payable:
In 6 months or more
In 90 days to 6 months...
In less than 90 days
3
3
3
2Vi
f
1 For maximum rates beginning with 1962, see p. 1413.
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.
1425
RESERVE REQUIREMENTS
MEMBER BANK RESERVE REQUIREMENTS
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS,
BY CLASSES
[Per cent of deposits]
Net demand deposits1
Effective date
of change
Central Reserve
reserve
city
city
banks
banks
In effect Dec. 31, 1945..
20
1948_Feb.
June
Sept.
1949_May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—July
1954_june
July
27
11
16,24*....
1,5*
30, July 1*.
1,11*....
16, 1 8 * . . . .
25
1
11, 1 6 * . . . .
25, Feb. 1*.
1,9*
16,24*....
29t Aug. 1 *
22
24
26
24
1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.
Nov.
Dec.
27, Mar. 1*
20, Apr. 1 *
17
24
1
24
1
In effect D e c . 1, 1 9 6 1 . .
20
22
21
20
23%
23
23
24
22
21
20
Country
banks
[Averages of dailyfigures,* In millions of dollars]
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
16
15
14
13
12
13
14
13
18
12
Central reserve
city banks
New
York
Reserve
city
banks
Chicago
Country
banks
Four weeks ending Oct. 4, 1961
Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand 2
Time
Demand balances due
from domestic banks.
Currency and coin
Balances with F. R.
Banks
Total reserves held
Required
Excess
14
19
20
19
All
member
banks
Item
49,060
7,089
1,951
40,020
40,457
25,804
45,979
1,516
1,721
42,742
38,924
31,341
88
30
2,060
5,004
1,578
938
968
966
2
7,197
8,009
7,966
125,885
14,311
4,904
106,669
104,919
66,286
24,699
4,422
6,146
1,284
943
289
19,334
20,269
7,200
4,573
5,269
1,941
7,268
2,594
116
173
16,855
19,449
18,874
3,546
3,719
3,704
575
15
812
5,174
6,752
6,238
514
43
Four weeks ending Nov. 1, 1961
15*
16%
17%
16%
12
16%
16%
Present legal requirements :
Minimum
, 2 10
Maximum
2 22
10
2 22
12
7
14
* First-of-month or midmonth dates record changes at country banks,
and other dates (usually Thurs.) record changes at central reserve or
reserve city banks.
1 Demand deposits subject to reserve requirements which, beginning
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.
Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand 2
Time
Demand balances due
from domestic banks.
Currency and coin
Balances with F. R.
Banks
Total reserves held
Required
Excess
127,888
14,687
5,523
107,678
106,713
66,766
24,784
4,466
1,078
19,241
20,279
7,289
49,954
7,314
2,190
40,449
41,414
25,971
46,839
1,595
1,915
43,329
39,644
31,553
4,659
5,377
1,953
7,328
2,603
109
186
89
31
2,008
5,122
1,576
17,099
19,702
19,162
3,534
3,720
3,710
953
984
984
7,359
8,168
8,132
540
10
6,311
1,313
340
809
36
5,253
6,829
6,335
494
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 *
[In millions of dollars]
Wednesday
Item
End of month
1961
1961
1960
Nov. 29
Nov. 22
Nov. 15
Nov. 8
Nov. 1
Discounts and advances—total.
Within 15 days
16 days to 90 days
91 days to 1 year
51
46
5
377
371
6
617
610
7
488
469
19
284
278
6
39
34
5
59
53
6
101
94
7
Acceptances—total. .
Within 15 d a y s . . . .
16 days to 90 days.
41
8
33
40
10
30
42
13
29
39
8
31
38
11
27
43
8
35
38
10
28
48
8
40
28,775
283
6,662
10,393
8,976
2,213
248
28,883
28,460
28,609
416
1,407
12,228
12,034
2,286
238
28,313
29,210
197
6,746
10,686
9,091
2,223
267
28,268
405
1,332
11,990
12,016
2,287
238
27,488
220
5,384
9,741
10,694
1,178
271
U. S. Government securities—total.
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
515
510
6,417
10,514
8,976
2,213
1,283
15,352
8,865
2,212
248
238
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.
608
1,174
11,990
12,016
2,287
238
November
October
November
1426
FEDERAL RESERVE BANKS
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
[In millions of dollars]
Wednesday
End of month
1961
Item
1961
1960
Nov. 29
Nov. 22
Nov. 15
Nov. 8
Nov. 1
November
October
November
Gold certificate account
Redemption fund for F. R. notes
15,584
1,126
15,595
1,118
15,902
1,115
15,889
1,108
15,926
1,102
15,584
1,126
15,926
1,102
16,594
1,016
Total gold certificate reserves
16,710
16,713
17,017
16,997
17,028
16,710
17,028
17,610
347
358
368
376
399
356
404
355
49
375
615
486
282
37
57
95
2
39
3
2
39
2
38
2
43
2
38
6
48
Assets
Cash
Discounts and advances:
For member banks
For nonmember banks etc
..
Acceptances Bought outright
Held under repurchase agreement. . . .
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
2
4l
2
40
3,499
3,422
3,199
3,362
3,242
3,742
3,242
3 170
1,692
19,892
3,692
1,692
19,892
3,692
1,689
19,818
3,644
1,689
19,829
3,644
1,654
19,769
3,603
1,692
19,945
3,831
1,654
19,769
3,603
9,173
12,537
2,606
28,775
28,698
185
28,350
110
28,524
85
28,268
45
29,210
28,268
27,486
2
Total U. S. Government securities
28,775
28,883
28,460
28,609
28,313
29,210
28,268
27,488
Total loans and securities
28,867
29,300
29,119
29,136
28,635
29,292
28,365
27,637
4,797
110
5,196
111
5,804
111
4,357
110
4,884
110
4,690
110
4,462
110
4,449
107
179
165
144
346
332
186
329
157
51,010
51,843
52,563
51,322
51,388
51,344
50,698
50,315
28,420
28,442
28,192
28,099
27,806
28,442
27,798
27,704
16,657
504
221
204
17,350
443
212
214
17,265
635
273
285
17,117
465
274
269
17,216
605
269
276
17,200
489
198
249
16 888
502
249
555
16,770
512
252
390
17,586
18,219
18,458
18,125
18,366
18,136
18,194
17,924
3,570
75
3,764
77
4,512
73
3,650
73
3,785
72
3,326
79
3,279
69
3,354
47
49,651
50,502
51,235
49,947
50,029
49,983
49,340
49,029
433
433
433
433
433
434
433
407
817
109
817
91
817
78
817
125
817
109
817
110
817
108
775
104
51,010
51,843
52,563
51,322
51,388
51,344
50,698
50,315
Total bought outright
Held under repurchase agreement
•
Cash items in process of collection
Bank premises
Other assets
Total assets
Liabilities
Federal Reserve notes
Deposits:
U j§ Treasurer—general account
Other
Total deoosits
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
Capital Accounts
Surplus
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
foreign correspondents
U. S. Government securities held in custody for
111
112
113
114
116
110
117
227
5,844
5,800
6,004
5,968
5,996
5,793
5,988
5,430
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
Total collateral.
30,049
29,897
29,831
29,563
29,461
30,041
29,463
29,320
8,545
17
22,475
8,545
88
22,355
8,525
58
22,285
8,535
50
21,860
8,535
23
21,835
8,545
27
22,475
8,535
23
21,835
9,830
25
20,420
31,037
30,988
30,868
30,445
30,393
31,047
30,393
30,275
NOTE.—For explanation of adjustments in preparing this consolidated statement, see the BULLETIN for February 1961, p. 164. For reserve
ratios see opposite page.
1427
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1961
fin millions of dollars]
Item
Total
Philadelphia
New
York
Boston
Cleveland
Richmond
Atlanta
Minneapolis
St.
Louis
Chicago
Kansas
City
San
Francisco
Dallas
Assets
Gold certificate account
.
Redemption fund for F. R. notes
15 584
1,126
786
65
3 823
864
72
1 285
1 079
95
88
776
72
2 519
193
634
46
352
26
761
45
635
35
2 070
281
Total gold certificate reserves
16,710
851
4,104
936
1,380
1,167
848
2,712
680
378
806
670
2,178
372
24
97
26
14
26
55
21
13
71
18
26
19
32
62
10
11
26
16
40
22
12
20
16
356
(0
0)
2
1
0)
0)
0)
6
0)
2
0)
0)
1
(l)
0)
(0
0)
(0
F R notes of other Banks
Other cash
.
Discounts and advances:
37
Secured by U. S. Govt. securities ..
Other
2
Acceptances:
Bought outright
43
Held under repurchase agreement
LJ. S. Govt. securities:
29,210
Bought outright
Held under repurchase agreement..
Total loans and securities
Cash items in process of collection...
Bank premises
Other assets
Total assets
Deferred availability cash i t e m s . . . . . .
Other liabilities and accrued dividends.
Total liabilities
Capital Accounts
Capital paid in
Surplus
. .
Other capital accounts
23
49
43
1,555
7,224
1,687
2,477
1,849
1,606
4,991
1,179
626
1,273
1,186
3,557
29,292
1,555
7,270
1,689
2,478
1,849
1,612
4,992
1,181
627
1,296
1,186
3,557
5,907
110
186
420
1,201
353
471
426
413
1,010
254
185
296
251
625
4
9
9
46
4
11
8
16
6
11
13
11
24
32
7
7
5
4
6
9
13
8
11
22
2,885 12,798
3,037
4,395
3,504
2,984
8,855
2,161
1,225
2,437
2,170
6,482
1,688
6 5 582
1,870
2,594
2,329
1,671
5,301
1,244
574
1,179
860
2,922
737
27
9
756
43
11
1 ,247
24
18
715
60
9
853
35
10
2,515
57
27
612
49
7
446
26
4
926
41
8
981
??
2,768
59
23
52,933
Liabilities
Federal Reserve notes
28,814
Deposits:
Member bank reserves
17,200
489
U. S. Treasurer—general account..
Foreign
198
Other
249
Total deposits
2
108
1
4,644
40
2 61
199
1
3
2
1
38
18,136
774
4,944
811
1,290
787
900
2,600
668
477
976
1,021
2,888
4,543
79
353
4
881
20
273
4
376
9
321
4
335
4
746
14
2,958
4,269
3,441
2,910
8,661
2,379
210
2
2,094
487
9
2,819 12,427
141
2
1,194
221
51,572
199
3
2,114
6,306
434
817
110
21
118
229
40
24
5
2,885 12,798
25
48
6
40
75
11
20
37
6
24
44
6
61
116
17
15
27
5
19
18
35
5
25
47
4
57
100
19
3,037
4,395
3,504
2,984
8,855
2,161
1,225
2,437
2,170
6,482
35.6
38.2
39.8
34.9
33.6
37.7
35.5
36.6
38 5
37.5
38.9
37.5
33.0
34.2
35 2
34.3
35.3
39.4
35.6
37.0
36 2
36.0
30.1
32.6
37.4
35.7
39.3
35.6
36.1
36.2
37.5
38.6
39.7
6
10
5
6
16
4
3
5
6
14
5,420
1,300
653
1,209
918
3 ,045
Total liabilities and capital accounts.. 52,933
Ratio of gold certificate reserves to
deposit and F. R. note liabilities
combined (per cent):
Nov 30 1961
Oct 31 1961 .
Nov. 30, 1960
35.6
36 7
38.3
34.6
36.5
32 7
Contingent liability on acceptances
purchased for foreign correspondents
110
5
3 30
1
0)
1
10
1
Federal Reserve Notes—Federal Reserve Agent's Accounts
F. R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding :
Eligible paper
Total collateral
30 ,041
1 ,746
6,932
1 ,940
2 ,396
1 ,736
495
1,500
870
775
475
1,700
325
275
1 000
1,325
5,600
1 ,500
1 ,950
1 ,655
1 ,300
3,900
400
2
960
160
22 ,475
510
23
900
675
2 ,200
31 ,047
1 ,820
7,100
2 ,072
2 ,820
2 ,430
1 ,775
5,600
1,362
670
1,248
950
3 ,200
8 ,545
27
570
2
i Less than $500,000.
2 After deducting $137,000,000 participations of other Federal Reserve
Banks.
2 ,746
3 After deducting $80,000,000 participations of other Federal Reserve
Banks.
1428
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[Condensed from Circulation Statement of United States Money, issued by Treasury Department.
End of year or
month
Total
in circulation 1
Coin and small denomination currency
In millions of dollars]
Large denomination currency
Total
Coin
$12
$2
$5
$10
$20
Total
$50
$100
$500
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
559
695
1 ,039
1,048
1,113
1 ,312
,369
,398
,494
,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 J92
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
I960—Oct
Nov
Dec
32,144
32,632
32,869
22,996
23,410
23,521
2,390
2,417
2,427
,457
,487
,533
84
86
88
2,147
2,191
2,246
6 557 10,362
6,683 10,545
6,691 10,536
9,148
9,222
9,348
2,731
2,762
2,815
5 844
5,888
5,954
248
248
249
317
317
316
3
3
3
5
5
10
1961—Jan
Feb
Mar
Apr
M^ay
June
July
31.776
31,769
31,891
31,830
• . 32,197
32,405
32,477
. . . . 32,609
32,658
32,836
22,580
22,612
22,742
22,702
23,042
23,229
23,299
23,390
23,415
23,552
2,391
2,392
2,406
2,417
2,445
2,462
2,475
2,491
2,506
2,532
,439
,431
,434
1,433
1,465
1,462
1,460
1,463
1,475
1,494
86
86
86
86
87
88
88
89
88
89
2 120
2,114
2,124
2,119
2,156
2 162
2,151
2,154
2,163
2,180
6 409
6,438
6,496
6 476
6,584
6 638
6,622
6,647
6,656
6,671
9,196
9,158
9,148
9,128
9,154
9 176
9,177
9,219
9,243
9,283
2 752
2,736
2,733
2,726
2,741
2 757
2,761
2,768
2,766
2,773
5 87S
5 855
5,851
5 839
5,852
5 861
5,862
5,898
5,926
5,959
247
246
245
245
244
243
242
242
241
241
314
312
312
310
309
306
304
302
301
301
3
3
3
3
3
3
3
3
3
3
5
5
5
6
6
5
5
5
5
5
1939
1941
1945
1947
1950
1955
1956
1957
1958
1959
AUK
Sept
Oct
i Outside Treasury and Federal Reserve Banks. Before 1955 the
totals shown as in circulation were less than totals of coin and paper
10 135
10,150
10,198
10 171
10,305
10 418
10,505
10,547
10,527
10,586
$1,000 $5,000 $10,000
urrency 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
[Condensed from Circulation Statement of United States Money, issued by Treasury Department.
Held in the Treasury
Total outstanding As security
Treasury
against
Oct. 31,
gold and
cash
1961
silver
certificates
Kind of currency
Gold
Gold certificates
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates
Minor coin
United States notes
In process of retirement4
Total
Oct 31 1961
Sept. 30 1961
Oct 31 1960
. . . .
Currency in circulation *
Held by
F.R.
Banks
and
agents
Oct. 31,
1961
Sept. 30,
1961
Oct. 31,
1960
2,816
1,665
405
27,703
5,133
27,548
5,110
30
27,172
4,941
17,300
(17,028)
29,463
5,577
(17,028)
2 272
(2,361)
95
39
487
2,252
(2 361)
l',638
612
347
240
108
2,252
28
12
339
337
315
5
2
4
1
314
43
7
28
1
2,046
1,590
603
315
239
2,049
1,572
598
314
241
3 2,082
1,509
566
317
5 152
4 886
4,792
4,805
32 836
6 52 340
6 52,133
6 52,628
(19 389)
(19,471)
(20,523)
1 Outside Treasury and Federal Reserve Banks. Includes any paper
currency outside the United States and currency and coin held by banks.
Estimated totals for Wednesday dates, are shown in table on p. 1421.
2 Includes $156,039,431 as reserve against $346,681,016 United States
notes, under Act of May 31, 1878 and subsequent enactments.
3 Includes $1,141,678 Treasury notes of 1890; see also note 4.
4
Redeemable from the general fund of the Treasury when presented.
(Federal Reserve Banks and national banks no longer have liability for
their currency included herein, as payment therefor has been made to the
Treasury as required by law.)
For
F. R.
Banks
and
agents
In millions of dollars]
407
400
389
14,212
14 212
14,283
15,291
32,658
32,144
5 Represents only Federal Reserve Bank notes and national bank notes;
see also note 4.
6 These totals do not include all items shown, as some items represent
the security for other items; gold certificates are secured by gold, and
silver certificates by standard slver dollars and monetized silver bullion.
Duplications are shown in parentheses. For explanation of currency
reserves and security features, see Circulation Statement of United States
Money issued by the Treasury Department, or BULLETIN for August
1961, p. 936, or earlier issues.
1429
MONEY SUPPLY; BANK DEBITS
MONEY SUPPLY AND RELATED DATA
[Averages of daily figures. In billions of dollars]
Money supply
Seasonally
adjusted
Period
Related
deposits
(not
seasonally
adjusted) *
Not seasonally
adjusted
Demand
deTotal
posits i
Demand
deTime
posits !
Total
Currency
1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
1960—Dec
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
I960—Nov
Dec
140.2
140.4
29.0
29.0
111.2
111.4
141.4
143.8
29.2
29.5
112.2
114.3
72.0
72.5
1961—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
140.6
141.2
141.5
142.0
142.0
142.1
142.0
141.8
143.0
143.7
144.1
28.9
28.9
29.0
29.0
29.0
28.9
29.0
29.0
29.2
29.3
29.4
111.7
112.3
112.6
113.0
113.0
113.2
113.0
112.8
113.8
114.4
114.6
143.7
140.9
140.1
141.7
140.0
140.7
141.1
141.1
142.4
143.6
145.3
28.8
28.6
28.6
28.7
28.7
28.9
29.2
29.2
29.3
29.4
29.7
114.9
112.3
111.4
113.0
111.3
111.8
111.9
111.9
113.1
114.2
115.6
73.7
75.1
75.9
76.9
78.1
79.0
79.9
80.7
81.3
82.0
82.0
1961—Sept. 1 . . . . 142.7
143.3
Oct. 1.'.'.'.' 143.1
2 . . . . 144.2
Nov. 1 . . . . 144.5
2*... 143.7
29.2
29.2
29.4
29.3
29.4
29.5
113.6
114.1
113.8
114.9
115.1
114.2
142.3
142.4
142.8
144.4
145.6
145.0
29.4
29.2
29.5
29.3
29.6
29.8
112.9
113.2
113.3
115.1
116.0
115.2
81.2
81.5
81.9
82.1
82.2
81.9
NOV.P
Currency
Semi-monthly
p
Related
deposits
(not
seasonally1
adjusted)
Money supply
(not seasonally
adjusted)
Week
ending—
U.S.
Govt.
3.8
1960
5.0
3.4 Oct. 5
3.4
12
3.5
19
3.9
26
4.9
4.7 Nov. 2
9
5.8
16
23
4.7
30
4.1 Dec. 7
14
4.8
4.7
2.9
1961
4.6
4.5 Sept. 6
4.3
5.5
20
5.2
27
6.5
5.8 Oct. 4
11
18
25
4.5
5.9 Nov. 1
8
6.9
15
6.1
22
5.3
29
6.3
, ,
Total
Currency
Demand
deposits i
Time
U.S.
Govt
138.9
139.8
141.1
141.3
29.0
29.3
29.1
28.9
109.9
110.5
111.9
112.3
71.6
71.7
71.9
72.0
7.5
5.6
4.3
5.4
141.8
141.5
141.9
140.9
141.4
142.2
143.9
28.9
29.3
29.3
29.3
29.2
29.5
29.5
112.9
112.2
112.6
111.6
112.2
112.7
114.4
72.0
72.3
71.8
71.9
71.9
72.1
72.2
6.2
6.0
5.4
6.1
5.6
5.0
3.2
141.2
142.8
143.8
141.6
29.4
29.4
29.3
29.1
111.8
113.4
114.6
112.5
81.0
81.2
81.3
81.5
5.4
3.6
4.4
5.9
141.7
142.7
144.0
144.3
29.2
29.6
29.5
29.3
112.5
113.1
114.4
114.9
81.8
81.9
82.0
82.0
8.2
6.2
6.9
6.2
145.0
145.2
146.1
144.8
145.0
29.2
29.7
29.6
29.8
29.7
115.8
115.5
116.5
115.0
115.3
82.2
82.2
82.1
81.8
81.9
5.6
5.8
4.8
6.5
6.1
1947, see BULLETIN for October 1960, pp. 1102-1123. For back data on
time deposits and U.S. Government demand deposits see BULLETIN for
August 1961, p. 1001.
Preliminary.
At all commercial banks.
NOTE.—For description of series and for figures beginning with January
1
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
All
reporting
centers
Unadj.
1953
1954
1955
1956
1957
1958
1959
1960
Leading centers
New York
Adj.
1,759,069
1,887,366
2 043 548
2,200,643
2,356,768
2.439,754
2,679,167
2,838,754
I960 Nov
Dec .
1961 Jan
Feb
Mar
Apr . .
May
June
July
Sept
Oct
Nov
. . .
. . .
. . .
.
Unadj.
6 others i
Adj.
Unadj.
632 801
738,925
766 890
815'856
888,455
958,721
1 023 605
1,102,850
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 others1
Unadj. Adj.
337 c)ther
repo
cent ers2
Unadj. Adj.
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
35.8
34.3
Unadj.
18.9
19.2
20 4
21.8
23.0
22.9
24.5
25.7
235,100
256,905
98,791
88,381
91,020
101,551
49,017
47,871
47,577
52,313
98,306
94,687
96,503
103,041
63.5
57.8
61.3
64.4
34.9
36.5
26.2
25.1
26.2
26.6
257,714
222,722
265,442
240,966
268,804
271,830
247,667
255,540
246,582
r
274,717
272,541
97,520
98 269
101,454
103,451
113 337
103,829
104 542
109,053
109,783
113,524
119,172
104,473
89 831
110,455
101,151
111,463
113,228
100 591
100,856
100,293
113,732
112,466
51,046
50 199
49.484
51,281
53 180
52,292
50 736
52,154
51,331
r
53,589
54,537
52,382
44 861
53,354
48,529
53 782
54,277
49 085
51,445
48,991
r
54,279
54,197
97,504
97 719
98,447
97,332
102,847
101,549
100 720
102,385
100,208
r
103,970
105,297
100,860
88 030
101,633
91,286
103.560
104,325
97 991
103,239
97,298
'106,706
105,878
63.0
63.7
67.1
68.0
74.6
70.6
70.6
73.4
74.2
76.1
77.7
65.5 36.5 36.3
61.4 35.8 33.5
69.9 35.4 38.1
67.8 36.9 37.1
72.0 38.0 37.8
75.6 37.7 38.6
70.4 36.7 36.5
66.9 38.1 36.1
71.4 37.3 36.9
75.0 37.9 37.7
75.0 P39.0 P37.9
25.7
25.7
26.1
25.6
26.9
26.6
26.2
26.7
26.3
26.9
25.8
24.4
26.1
24.9
26.8
27.1
26.4
26.1
26.5
27.0
p
r
Preliminary.
Revised.
Adj. = adjusted for seasonal variation. Unadj. = without seasonal
adjustment.
1
Boston, Philadelphia,
Chicago, Detroit, San Francisco and Los
2
Angeles.
Prior to April 1955, 338 centers.
337 other
reporting
centers2
NOTE. — For description of series and for revised monthly figures
beginning with 1950, see 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 BULLETIN for
May 1959, p. 554.
1430
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM*
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
net—
Total
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, I
net I
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.
I960—June 29.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
20,534
19,456
19,300
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,234
5,311
5,400
58,642 41,082
42,148 21,957
54,564 22,157
26,605
64,653
30,387
167,381
160,832 43,023
171,667 60,366
249,082 121,602
255,435 135,867
252,500 139,100
5,741
10,328
23,105
29,049
128,417
107,086
96,560
101,207
93,497
87,900
5,499
8,199
19,417
25,511
101,288
81,199
72,894
73,641
65,801
60,800
216
1,998
2,484
2,254
24,262
22,559
20,778
26,347
26,648
26,200
26
131
1,204
1,284
2,867
3,328
2,888
1,219
1,048
900
11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,273
26,071
25,500
64,698
48,465
75,171
90,637
191,785
188,148
199,009
274,850
280,202
277,200
55,776
42,029
68,359
82,811
180,806
175,348
184,384
252,022
256,020
251,000
8,922
6,436
6,812
7,826
10,979
12,800
14,624
22,829
24,186
26,200
I960—Nov. 30.
Dec. 31.
17,900
17,767
5,400
5,398
261,700 140,900
266,782 144,704
94,900
95,461
66,600
67,242
27,500
27,384
800
835
25,900
26,617
285,000
289,947
257,000
263,165
28,000
26,783
1961—Jan. 25.
Mar. If
Mar. 29.
Apr. 26.
May 31.
June 30.
July 26.
Aug. 30.
Sept. 27*
Oct. 25*
Nov. 29*>
17,500
17,400
17,400
17,400
17,400
17,550
17,500
17,500
17,500
17,300
17,000
5,400
5,400
5,400
5,400
5,400
5,437
5,400
5,600
5,600
5,600
5,600
263,500
264,700
263,800
265,000
267,400
269,828
272,200
272,100
276,800
278,300
280,000
95,900
95,300
93,700
94,100
95,500
96,121
98,700
98,500
100,100
101,500
101,900
68,300
67,800
66,200
67,100
67,800
68,104
71,000
70,500
72,300
72,800
72,400
26,700
26,700
26,700
26,200
26,900
27,253
26,900
27,300
27,100
28,000
28,800
800
800
800
800
800
764
800
800
700
700
800
26,500
26,900
27,500
27,600
27,700
27,923
28,100
28,400
29,100
29,000
29,100
286,400
287,500
286,600
287,800
290,200
292,816
295,100
295,100
299,800
301,200
302,600
259,200
259,500
258,900
260,600
261,700
265,604
267,200
266,400
271,000
272,400
273,000
27,200
27,900
27,700
27,200
28,600
27,212
27,900
28,700
28,800
28,800
29,600
141,000
142,500
142,600
143,300
144,300
145,784
145,300
145,200
147,500
147,800
149,000
Details of Deposits and Currency
Date
At
Treas- comAt
ury mercial
F. R.
cash
and Banks
hold- savings
ings
banks
29..
30.,
30..
31..
31..
31..
30..
31..
31..
29..
365
50
1,217
1,498
2,141
1,682
2,518
3,870
3,203
2,900
I960—Nov. 30..
Dec. 31..
3,100
3,184
400
377
5,600,
6,193
1961—Jan.
Mar.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
3,100
3,100
3,300
3,200
1,100
1,250
1,300
1,300
1,400
1,300
1,200
400
400
400
400
400
379
400
400
400
400
400
3,600
6,100
4,400
2,300
5,100
6,638
5,800
5,600
8,400
6,000
5,700
1929—June
1933—June
1939—Dec.
1941_Dec.
1945_Dec.
1947—Dec.
1950—Dec.
1958—Dec.
1959—Dec.
I960—June
25..
It
29..
26.,
31.,
30.,
26.
30.,
27*
25*
29^
204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1,336
1,452
1,293
2,989
683 4,558
391
5,319
400 7,300
Time deposits3
Total
i
Demand
Com- Mutual Postal
de- 5
Total mercial savings Savings posits
banks banks 4 System
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
DeCurrency
mand
outdeside
posits
ad- ibanks
justed
3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,740
29,422
28,300
110,500 84,400 26 ,100
114,600 90,000 24 ,600
138,800 110,700 28 ,100
140,200 112,000 28 ,200
138,000 109,900 28 ,100
500 247,300 106,700 70,000 35,900
485 252,926 108,468 71,380 36,318
800 111,900 28,700
770 115,102 29,356
138,800 110,600 28,200
139,200 111,000 28,200
500
400
500
500
400
408
500
500
500
400
500
800 114,700
700 110,600
700 110,300
700 113,600
700 110,600
702 110,288
700 113,000
700 111,500
700 112,400
700 115,700
700 116,200
140,700
139,400
140,400
141,500
140,800
140,900
141,500
141,300
141,800
143,800
143.400
36
35
634
867
977
870
668
358
504
500
54,
40,
63,
76,
150,
170,
176,
242,
246,
239,
251,600
249^00
250,200
254,200
254;
256
259
258
260
264
265
28.611
21,656
27,059
27,729
48,452
56,411
59,247
98,306
101,779
103,700
109,000
110,700
111,900
112,700
115,700
117.280
117,700
118,600
119,500
120,100
119.800
P Preliminary.
* Revised Preliminary.
f This date used instead of last Wednesday of February. Seasonal
adjustment factors used, however, were for last Wednesday of February.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury
currency account, and Exchange Stabilization Fund).
2
Beginning with May 1961 the reclassification of deposits of foreign
central banks reduced this item by $1,900 million ($1,500 million to time
deposits adjusted and $400 million to demand deposits adjusted).
3 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
* Before June 30, 1947, includes a small amount of demand deposits.
Beginning with June 1961 includes amounts now reported by insured
mutual savings banks as demand deposits; formerly, before passage of
the recent amendment of the F.D.I. Act, reported as time deposits or
other liabilities.
Seasonally adjusted series6
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net 2
19,557
10,849
15,258
15,884
30,135
35,249
36,314
63,166
65,884
67,400
71,700
73,300
74,200
75,000
77,900
79,092
79,500
80,200
80,900
81,400
81,200
8,905
9,621
10,523
10,532
15,385
17,746
20,009
34,006
34,947
35,400
36,500
36,600
37,000
36,900
37,000
37,486
37,500
37,600
37,900
37,900
38,000
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
1,134 115,507
948 115,402
800 107,800
28,000
28,200
28,000
27,900
28,400
29,361
28,400
28,500
28,500
28,700
29,100
112,300
110,900
112, 100
113,300
112,300
112,700
113,200
113,000
113,400
115,000
114,800
8,400
28
3,500
28
283,300
283,200
283,500
283,200
288,300
8,300
28
288,400
288,800
283.600
5
Demand deposits other than interbank and U. S. Govt., less cash
items
reported as in process of collection.
6
Seasonally adjusted series begin in 1946 and are available only for last
Wednesday of the month. For description of series and for back data
see BULLETIN for February 1960, pp. 133-36.
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in 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.
ALL BANKS
1431
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
liaCash2 bilities
U.S.
Other
assets
and
Govt. secuDemand
Loans obligacapital Total 2 Deac- 3
tions rities
Time
Time?
mand
counts
U.S. Other
Bor- Total Number
row- capital
of
acings counts
banks
26,615
30,362
43,002
121,571
135,958
140,990
142,090
144,764
144,950
145,850
146,164
146,450
147,030
149,580
149,370
150,740
816
25,511 8,999 27,344 90.908
612
101,288 8 ,577 35,415 177,332
81,199 10,723 38,388 175,091 161,865
73,641 26, 273 49;911 276; 430 250
65,801 26; 071
296 283 629 254
60,760 25 450 43 710 276 710 244;
66,560 25 860 46; 880 287 650 254;
67,242 26 617 53,i022 298 126 266;
67,100 27 580 44,,200 290 370 256;
67,800 27 670 44,920 292 830 258
68,104 27 923 46 ,457 295 567 262;
71,040 28 110 44,150 296 460 262
70,490 28 360 43 ,170 295 760 260
72,290 29 120 44,740 302 880 267;
72,820 28 960 46,,140 304 230 269;
72,420 29 100 46,970 306;000 270,120
44,355
26,479
105,935
45,613
,381 53,105
1,346
,132 97,498
4,253
,622 101,116
5,054
,570 103,100
7,060
5,360 125 ,290 106,210
,408 107,959
5,949
,690 112,250
2,010
,260 115,270
4,790
,219 116,865
6,368
5,550 125 ,410 117,320
5,340 123 ,250 118,170
8,180!125 ,470 119,060
5,680 128 ,700 119,640
5,460 129 ,790 119,480
23 8,414 14,826
227 10,542 14,553
66 11,948 14,714
81 21,705 14,020
13,991
624 22
14.000
2,170 23
13,985
1,330 24
13,986
167 24
13,974
1,750 24
1,740 25 140 13,975
452 25 405 13,977
1,230 25 350 13,973
13,968
1,880 25
13,965
2,150 25
13,951
1,830 25
13,947
1,830 26
All commercial banks:
1941_Dec. 31
1945_Dec. 31
1947—Dec. 314
1958—Dec. 31
1959—Dec. 31
I960—June 29
Nov. 30
Dec. 31
1961—Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27*
Oct. 25»
Nov. 29P
21,714
26,083
38,057
98,214
110,832
114,840
115,010
117,642
117,180
117,850
117,953
118,070
118,450
120,800
120,470
121,670
26,551 79,104
21,808
,283
10,982
34,806 160,312
90,606
,227
14,065
240
69,221 ,006 37 ,502 155,377 144,103 12,792
66; 376 20,575 48 990 238 651 216,017 15,799 2,372
58,937 20,501 49 467 244 686 219 903 15,649 1,441
54,210 19 850 42 880 237 040 209 010 13.300 1,440
60,180 20 300 46 110 247 290 218 230 15 600 1,740
079 1,799
61,003 20 864 52 150 257 552 229 ,843
500 1,900
60,740 21 800 43 400 249 040 219,390
500
430
61,450 21 860 44; 090 251 240 221 180
633
461
61,824 22 071 45 ,595 253 749 224 997
620
460
64,740 22 260 43 ,320 254,480 224; 790
460
64,160 22 510 42 370 253 580 222,870 13 340
890
470
66,000 23 230 43,920 2601,460 229
530
480
66,630 23 190 45,320 261 ,910 231
920
470
66,210 23; 370 46,130 263;510 232;070
44,349
105,921
1,343 94,367
4,250 130,104
5,050 131,593
7.060 119,540
5,360 125,260
5,945 133,379
2,010 126,660
4,790 124,230
6,362 125,161
5,550 125,350
5,340 123,190
8,180 125,410
5,680 128,640
5,460 129,730
23 ,173 14,278
219 .950 14,011
65 ;059 14,181
73 18,486 13,501
615 19,556 13,474
2,170 20 280 13,485
1,330 21 000 13,470
163 20 986 13,472
1,750 21 200 13,460
1,740 21 490 13,461
13,463
443 2i;745
"'
1,230 21 680 13,459
1,880 21 870 13,454
2,150 22 220 13,451
1,830 22 060 13,437
1,830 22 290 13,433
All member banks:
1941—Dec. 31
1945—Dec. 31
1947__Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 29
Nov. 30
Dec. 31
1961—Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27'
Oct. 25*
Nov. 29P
18,021
22,775
32,628
84,061
94,779
97,898
97,708
99,933
99,913
100,140
99,992
100,098
100,379
102,355
102,107
103,129
,709 37,136 12,347
19,539 5,961 23,123 68,121 61,717 10,385
4 5,886 6,619
140
138,304 129,670 13,576
78,338 6,070 29;
64 22 ,179 69,640 24,210
208 7,589 6,884
57,914 7,304 32.
132,060 122,528 12,353
54 8,464 6,923
50 ,176 80,609 28.340
,822 110,448 51,132
54,299 16,504 43;188 202,017 182,816 15,227 2,187
54 15,460 6,312
46,813 16,287 43;509 205; 726 184,706 15,048 ',338 ,504 110,989 52,827
581 16,264 6,233
42,980 15,715 37,977 199,243 175,200 12,775 ,298 ,360 100,790 53,977 2,069 16,822 6.212
48,224 16,065 40 384 207 455 182,550 15,014 ,594 ,781 105,128 56,033 1,269 17,390 6,178
49,106 16,579 45 ,756 216;577 193,029 16,436 ,639 ,287 112,393 57,272
130 17,398 6,174
,706 106,839 60,825 1,720 17,683 6,147
49,020 17,465 38 ,007209; 737 184,118 13,007 ,741
104,693
,198
63,543
49,817 17,493 38
268
13,025
1,639 17,865 6,147
735 213,719
211 580 185,727
50,361 17,696 40,084
276 ,731 105,568 64,574
189,226 13,077
382 18,027 6,141
52,907 17,8 37,991 214,376 188,916 13,070
275 ,027 105,579 64,965 1,178 17,981 6,138
52,358 18,113 36 940 213;235 186,816 12,787
270 ,738 103,427 65,594 1,822 18,141 6,137
53,863 18,719 38 582 219,287 192,305 13,325
282 ,293 105,312 66,093 2,128 18,386 6,132
54,290 18,687 39 721 220,414 193,863 13,913
293 ,020 108,063 66,574 1,808 18,293 6,122
53,874 18,824 40,394 221,715 194,666 14,294
288 ,793 108,894 66,397 1,795 18,478 6,116
Loans and investments
Class of bank
and date
Total
Govt.
All banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31*
1958—Dec. 31
1959—Dec. 31
1960—June 29
Nov. 30
Dec. 31
1961—Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27*
Oct. 25*
Nov. 29?
AH mutual savings banks:
1941_Dec. 31
1945_Dec. 31
1947—Dec. 3H
1958—Dec. 31
1959—Dec. 31
1960—June 29
Nov. 30
Dec. 31
1961—Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27*
Oct. 25*
Nov. 29*
61,126
140,227
134,924
221,485
227,831
227,200
234,510
238,623
239,630
241,320
242,192
245,600
245,880
250,990
251,150
252,260
10,379
16,208
18,641
36,320
37,561
38,300
39,020
39,114
39,910
40,160
40,344
40,530
40,760
40,960
40,860
41,010
4,901 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
27,080 6,380 5,560
27,122 6,239 5,752
27,770 6,360 5,780
28,000 6,350 5,810
28,211 6,281 5,852
28,380 6,300 5,850
28,580 6,330 5,850
28,780 6,290 5,890
28,900 6,190 5,770
29,070 6,210 5,730
793
609
886
921
829
830
770
872
800
830
862
830
800
820
820
840
11,804
17,020
19,714
37,779
38,943
39,670
40,360
40,574
41,330
41,590
41,818
41,980
42,180
42,420
42,320
42,490
r
P Preliminary.
* Revised preliminary.
Revised.
1 All banks in the United States (including all banks in Alaska and
Hawaii, beginning with January and August 1959, respectively).
All banks comprise all commercial banks and all mutual savings banks.
All commercial banks comprise (1) all nonmember commercial and
(2) all member commercial banks. Member banks include (1) a national
bank in the Virgin Islands that became a member on May 31, 1957, (2)
a noninsured nondeposit trust company, and (3) one mutual savings
bank (two prior to July 1961 and three prior to I960) that became members
in 1941 (these banks are excluded from all commercial banks).
Stock savings banks and nondeposit trust companies are included with
10,533
15,385
17,763
34,040
34,983
35,460
35,970
36,353
36,960
37,070
37,551
37,570
37,690
37,970
37,980
38,050
10,982
14,065
12,793
240
15,799 2,374
15 650 1,443
13 300 1,440
600 1,740
080 1,800
,500 1,900
,500
430
,633
462
,620
460
,340
460
,890
470
,530
480
,920
470
14
6
14
(5)
8
15,952
30,241
35,360
63,493
66,169
67,670
70,270
71,641
75,320
78,230
79,380
79,810
80,540
81,150
81,720
81,490
10,527
15,371
17,745
34,006
34,948
35,430
35,940
36,318
36,930
37,040
37,487
37,510
37,630
37,910
37,920
37,990
1,241
1,592
1,889
3,219
10 3,359
3,490
3,590
3,553
3,600
3,650
3,660
3,670
3,700
3,730
3,700
3,740
548
542
533
519
517
515
515
514
514
514
514
514
514
514
514
514
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
Reciprocal balances excluded beginning with 1942. Reclassification
of deposits of foreign central banks in May 1961 reduced interbank
deposits by a total of $1,900 million ($1,500 million time to other time
and3 $400 million demand to other demand).
Includes other assets and liabilities not shown separately.
For other notes see following two pages.
1432
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Centra! reserve city
member banks:
New York City:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—June 29
Nov. 30
Dec. 31
1961—Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27 r
Oct. 25?
Nov. 29P
Chicago:
1941—Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—Dec.
1960—June
Nov.
Dec.
1961—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
31
31
31
31
31
29
30
31
26
31
30
26
30r
21
25?
29*>
Reserve city member banks:6
1941_Dec. 31
1945_Dec. 31
1947—Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—June 29
Nov. 30
Dec. 31
1961—Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27'
Oct. 25?
Nov. 29?
Country member banks: 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 29
Nov. 30
Dec. 31
1961—Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27 r
Oct. 25"
Nov. 29P
12,896
26,143
20,393
25,966
25,291
25,320
26,402
27,726
27,725
27,756
28,220
28,732
28,505
29,453
28,746
29,066
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash 2 bilities
U.S. Other assets
Govt.
and
Demand
Loans obliga- secucapital Total 2 Detions rities
ac- 3
Time
mand
counts
U.S. Other
Govt.
Time
4,072 7,265 1,559 6,637 19,862 17,932 4,202
866 12,051
807
6
1,648
7,334 17,574 1,235 6,439 32,887 30,121 4,640
195 2,120
17 6,940 17,287 1,236
7,179 11,972 1,242 7,261 27,982 25,216 4,453
12
267 19,040 1,445
30 2,259
16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739
968 20,704 3,482
3,282
18,121 5,002 2,168 9,174 35,750 30,647 4,765
232 3,361
988 1,027 20,419 3,448
18,060 5,273 1,987 7,773 34,600 28.654 4,339
985 1,415 18,379 3,536
473 3,427
17,742 6,619 2,041 8,380 36,512 29,922 4,737 1,214
955 18,948 4,068
535 3,557
18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206
3,554
18,447 6,588 2,690 8,037 37,668 30,722 3,891 1,281
204 20,415 4,931
593 3,592
18,179 7,116 2,461 8,144 37,811 31,012 4,150
754 19,568 6,379
390 3,630
161
18,054 7,642 2,524 8,616 38,741 32,225 4,211
121 3,634
167 1,380 19,832 6,635
18,100 8,090 2,542 7,820 38,619 31,717 4,027
392 3,626
169 1,203 19,532 6,786
17,643 8,186 2,676 7,350 37,795 30,352 3,735
902 3,656
166
888 18,639 6,924
18,183 8,402 2,868 8,066 39,540 31,890 3,905
173 1,485 19,317 7,009 1,106 3,670
18,022 7,942 2,782 8,168 38,857 31,455 3,903
860 3,692
967 19,323 7,084
178
18,398 7,908 2,760 8,044 39,058 31,847 4,042
602 3,702
831 19,693 7,105
176
2,760
5,931
5,088
6,830
6,885
6,598
6,729
7,050
6,847
7,051
7,020
7,211
7,165
7,278
7,562
7,329
954
1,333
1,801
3,637
4,206
4,342
4,260
4,485
4,401
4,291
4,249
4,151
4,191
4,212
4,359
4,341
1,430
4,213
2,890
2,562
1,985
1,620
1,841
1,882
1,682
1,994
2,058
2,301
2,227
2,229
2,364
2,111
15,347
40,108
36,040
60,558
61,621
59,563
61,625
62,953
63.418
63,706
63.670
65,089
65,112
66,473
66,833
67,038
7,105
8,514
13,449
34,003
38,686
39,421
39,273
40,002
39,916
40,015
39,747
39,910
40,401
41,021
40,961
41,259
12,518
35,002
36,324
61,511
64,082
65,112
67,241
67,890
68,408
68,937
69,139
69,861
70,068
71,732
71.943
72,394
5,890
5,596
10,199
30,257
33,766
36,075
36,433
36,981
37,149
37,655
37,942
37,937
38,144
38,938
38,765
39,131
1,566
1,489
1,739
2,158
2,003
1,854
2,040
2,046
1,730
1,897
1,899
1,954
1,769
1,864
1,841
2,019
4,363
7,459
6.866
9,071
8,967
8,546
8,892
9,219
8,718
9,091
9,068
9,307
9,073
9,296
9,561
9,502
4,057
7,046
6,402
8,214
8,062
7,474
7,800
8,197
7,643
7,978
8,037
8,227
7,901
8,153
8,250
8,284
1,035
1,312
1,217
1,357
1,231
1,151
1,359
1.380
1,162
1,186
1,125
1,205
1,190
1,211
1,255
1,271
6,467
29,552
20.196
20,645
17,292
14,846
16,943
17,396
17,805
17,876
18,053
19,171
18,650
19,291
19,642
19,509
1,776 8,518
2,042 11,286
2,396 13,066
5,910 17,701
5,643 18,211
15,786
5,296 15
5,409 16,649
5,554 18,668
5,697 15,529
5,815 15,920
5,870 16 ,529
6,008 15,733
6,061 15,109
6,161 16,041
6,230 16,469
' ,779
6,270 16
24,430
51,898
49,659
79,781
81,443
77,090
80,141
83,464
80,838
81,549
82,141
82,777
82,161
84,480
85,283
85,805
22,313
49,085
46,467
72,647
73,675
68,028
71,126
75,067
71,556
72,113
73,557
73,695
72,926
74,956
75,960
75,950
4,356
6,418
5,627
7,506
7,450
6,062
7,433
7,989
6,554
6,343
6,335
6,443
6,456
6,786
7,183
7,404
104
30
22
377
303
241
293
326
341
60
62
59
57
64
64
60
4,377
26,999
22,857
23,606
22,535
21,241
22,821
22,848
22,945
22.831
22,608
23,345
23,295
23,941
24,342
24,346
2,250 6,402
2,408 10,632
3,268 10,778
7,648 14,031
7,781 14,122
7,796 12 ,564
7,987 13,315
14,740
8,060 14
8,314 12,711
8,451 12,774
8,588 13,039
8,579 12.484
8,629 12,712
8,853 12,610
8,836 13,243
8,917 13,552
19,466
46,059
47,553
76,767
79,567
79,007
81,910
84,126
82,513
83,129
83,769
83,673
84.206
85,971
86,713
87,350
17,415
43,418
44,443
70,277
72,323
71,044
73,702
76,004
74.197
74,624
75,407
75,277
75,637
77,306
78,198
78,585
792
1,207
1,056
1,578
1,602
1,223
1,485
1,778
1,400
1,346
1,406
1,395
1,406
1,424
1,572
1,577
30
17
17
36
24
24
26
37
37
37
37
37
37
36
37
37
376
385
397
631
694
636
628
683
764
766
714
759
747
838
839
877
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 total loans 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.
Bor- Total Number
row- capital
acof
ings counts
banks
2,419
3,462
4,201
5,136
5,070
4,442
4,629
4,899
4,625
4,704
4,602
4,700
4,494
4,527
4,728
4,790
36
37
37
18
16
16
15
15
15
15
15
15
15
14
14
14
288
377
426
733
762
769
813
822
831
841
848
841
852
856
855
866
13
12
14
14
14
11
10
10
10
10
10
10
10
9
9
9
491
8,221
405
1,429
1,698
2,591
1,867
1,960
617
1,608
2,241
1,999
1,925
2,909
1,930
1,875
12,557 4,806
1,967
24,655 9,760
2 2,566
28"""
,423
1 2,844
42,259 21 ,075
14 5,760
42,668 21,555
238 6,106
37,966 21 ,168 1,064 6,257
39,654 21,879
434 6,406
42, 267 22,525
73 6,423
40 077 23,967
879 6,588
39;290 24,812
885 6,640
131 6,684
39,721 25,199
535 6,685
39,866 ",328
25
552 6,744
38,890 25.598
844 6,775
39,409 25,789
616 6,794
40,778 26,005
"-,917
6,867
905
40,'"'
694 25
351
359
353
274
265
223
217
217
205
205
205
204
205
205
206
206
225
5,465
432
1,175
1,508
1,947
1,698
1,783
828
1,617
1,730
1,440
1,644
2,423
1,819
1,836
10,109 6,258
24,235 12,494
28,378 14,560
42,,349 -",137
25
42,,832 26.356
40,003 27,847
41,897 28
"-,596
43.395 29,011
41,722 30 ,210
41,131 30,493
41,413 30,820
41,481 30,924
41,404 31,146
42,059 31,364
43,234 -',536
31
43,717 31,418
1,982
2,525
2.934
5,685
6,035
6,369
6,614
6,599
6,672
6,754
6,861
6,829
6,889
7,085
6,952
7,043
6,219
6,476
6.519
6,006
5,938
5.962
5,936
5,932
5,917
5,917
5,911
5,909
5,907
5,904
5,893
5,887
127
1,552
72
249
272
407
261
327
57
219
380
385
281
476
304
251
476
719
913
1,438
1,468
1,426
1,490
1,530
1,717
1,859
1,920
1,927
1,926
1,931
1,949
1,957
3
40
161
93
35
54
73
10
56
131
94
254
137
4
11
23
37
71
371
207
23
194
291
121
195
237
84
78
151
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.
7 See note 4, page 1430.
For other notes see preceding and opposite pages.
ALL BANKS
1433
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—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. Other assets2
and
Govt.
Demand
capital Total 2 Deobliga- secutions rities
ac- 3
Time
mand
counts
U. S.
Govt. Other
All insured commercial banks:
49,290 21,259 21,046 6,984 25,788
69,411
1941—Dec. 31
121,809 25,765 88,912 7,131 34,292
147,775
1945—Dec. 31
114,274 37,583 67,941 ,750 36 926 152
141,851
1947—Dec. 31
168,595 93,430 57.580 17 ,585 48. 127 220
199,876
1957—Dec. 31
183,596 97,730 65,669 20 ,198 48 689 236 724 214,485
1958—Dec. 31
,143
49
188,790
110,299
828
218,474
58,348 20
158 242
1959—Dec. 31
198,011 117,092 60,468 201,451 51 836 255 669 228,401
1960—Dec. 31
200,353 117,400 61,297 21;655 45; 329 251 910 223,603
1961—June 30
National member banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
11,725
13,925
21,428
50,350
52,627
59,962
63,694
63,440
12,039
51,250
38,674
31,234
State member banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—Dec. 31
1961—June 30
15,950
37,871
32,566
51,152
55,588
55,264
58,073
59,207
6,295
8,850
11,200
30,600
31,435
34,817
36,240
36,553
7,500
27,089
19,240
15,846
18,585
15,052
16,394
16,839
2,155
1,933
2,125
4,707
5,568
5,396
5,439
5,815
8,145
9,731
10,822
15,960
16,407
16 ,045
17,081
14,809
24,688
48,084
43,879
68,676
73,620
73,090
77,316
76,420
22,259
44,730
40,505
61,545
66,102
65,069
68,118
66,741
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—Jane 30
5,776
14,639
16,444
26,268
28,759
30,939
32,411
32,318
3,241
2,992
4,958
12,493
13,682
15,534
17,169
17,416
1,509
10,584
10,039
10,512
11,381
11,546
11,368
10,941
1,025
1,063
1,448
3,264
3,696
3,859
3,874
3,961
2,668
4,448
4,083
5,383
5,504
5,651
6,082
5,247
8,708
19,256
20,691
32,066
34,737
37,132
39,114
38,206
7,702
18,119
19,340
29,266
31,696
33,795
35,391
34,391
262
407
426
451
484
398
1,457
2,211
2,009
1,473
1,568
1,480
1,498
1,495
455
318
474
468
484
534
550
553
761
1,693
1,280
660
707
589
535
526
241
200
255
345
377
358
413
416
763
514
576
301
301
309
314
266
2,283
2,768
2,643
1,831
1,927
1,858
1,883
1,839
1,872
2,452
2,251
1,449
1,532
1,429
1,443
1,394
177
147
146
150
159
158
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 *
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
7,233
16,849
18,454
27,741
30,327
32,419
33,910
33,813
3,696
3,310
5,432
12,961
14,165
16,068
17,719
17,968
2,270
12,277
11,318
11,172
12,088
12,134
11,904
11,467
1,266
1,262
1,703
3,608
4,074
4,216
4,287
4,377
3,431
4,962
4,659
5,684
5,805
5,961
6,396
5,513
10,992
22,024
23,334
33,897
36,664
38,990
40,997
40,045
9,573
20,571
21,591
30,715
33,227
35,224
36,834
35,785
439
554
572
601
643
556
Insured mutual savings banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
1,693
10,846
12,683
26,535
28,980
30,580
33,794
34,764
642
3,081
3,560
17,194
19,180
20.942
23,852
24,775
629
7,160
8,165
5,404
5,215
5,016
4,787
4,741
421
606
958
3,937
4,585
4,622
5,155
5,248
151
429
675
719
752
686
766
756
1,958
11,424
13,499
27,671
30,189
31,743
35,092
36,074
1,789
10,363
12,207
25,022
27,277
28,577
31,502
32,530
8,687
5,361
5,957
7,246
7,341
6,981
5,320
5,580
4,259
1,198
1,384
4,022
4,177
4,184
3,270
3,436
3,075 1,353
3,522
641
3,813
760
2,148 1,076
2,050 1,113
1,848
949
1,453
597
1,540
604
642
180
211
171
169
143
107
106
9,846
5,596
6,215
7,497
7,589
7,200
5,481
5,744
8,744
5,022
5,556
6,672
6,763
6,405
4,850
5,020
Noninsured nonmember
commerical banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
For other notes see preceding two pages.
43,433 39,458
90,220 84,939
88,182 82,023
120,153 109,091
128,397 116,714
132,636 119,638
124,911
139,261
,
33,522 11,881 25,274 137,299 122,485
Time
10,654
1,762 41,298 15,699
13,883
23,740 80,276 ",876
29
12,615
54 1,325 92,975 34 ,882
15,489 1,264 3,859 123,127 56,137
15,653 2,209 4,241 129,214 63,168
15,500 1,358 5,037 130,720 65,858
16,921 1,667 5,932 132,533 71,348
13,475
305 6,352 124,403 79,068
27,571
69,312
65,280
91,201
99,277
102,615
107,546
108,843
806 14,977
20,114
178 22,024
,617 26;,786
35;714 10,936 26i,781
31,761 10,892 27,464
32,712 11,140 28,,675
Bor- Total Number
row- capital
of
acings counts
banks
10 6,84413,,426
215 8,671 13,297
61 9,73413;
13,398
66 17,051 13,142
67 18,15413;
13,101
602 19,20613,107
149 20,62813,119
433 21,37713,129
6,786
9,229
8,375
35
8,958
517
9,035
767
8,947
514
9,829
611
7,749
99
1,088
14,013
795
2,166
2,292
2,742
3,265
3,541
23,262 8,322
45,473 16,224
53,541 19,278
66,546 30 ,904
69,808 34 ,812
71,015 36,421
71,660 ",546
39
67,601 43,494
4
78
45
38
43
340
111
355
3,640
4,644
5,409
9,070
9,643
10,302
11,098
11,439
5,117
5,017
5,005
4,620
4,578
4,542
4,530
4,524
3,739
4,411
3,978
15
6,124
729
6,192 1,420
6,102
825
6,608 1,028
5,328
177
621
8,166
381
1,306
1,530
1,763
2,022
2,190
13,874 4,025
24,168 7,986
27,068 9,062
39,001 14,386
40,640 16,320
39,974 16,406
40,733 17,727
37,967 21,080
1
130
9
18
10
240
20
27
2,246
2,945
3,055
5,483
5,817
5,962
6,299
6,588
1,502
1,867
1,918
1,773
1,734
1,691
1,644
1,617
53
1,560
149
388
419
533
645
621
4,162 3,360
10,635 5,680
12,366 6,558
17,580 10,873
18,766 12,063
19,732 13,059
..
20,140 14,095
18,835 14,509
6
7
7
9
13
21
19
51
959
1,083
1,271
2,500
2,696
2,944
3,232
3,351
6,810
6,416
6,478
6,753
6,793
6,878
6,948
6,990
13
4
4
11
6
12
14
10
329
279
325
317
332
350
358
368
852
714
783
425
399
366
352
333
5,504
3,613
14 101
6,045
167 13,758 7,036
427 18,420 11,176
428 19,655 12,387
545 20,605 13,370
657 20,986 14,388
631 19,593 14,820
1,288
1,362
1,596
2,817
3,028
3,294
3,590
3,719
7,662
7,130
7,261
7,178
7,192
7,244
7,300
7,323
1,789
10,351
12,192
26 -',991
24;
28 27,
,243
,544
28 28,
29 31,468
31
257 32,267
164
1,034
1,252
2,308
2,473
2,654
2,998
3,090
52
192
194
239
241
268
325
325
8,738
5,020
5,553
6,671
6,762
6,404
4,850
5,019
1,077
558
637
751
746
705
555
570
496
350
339
283
278
249
189
189
129
244
329
181
185
121
163
83
132
156
457
425
190
138
185
103
160
185
1,291
1,905
1,392
840
890
873
846
758
12
253
365
478
303
325
311
293
311
NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN
for July 1947, pp. 870-71.
1434
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES'
[In millions of dollars]
Loans 2
Class of
commercial
bank and
call date
ComLoans for
Loans
merpurchasing
to
Total
cial
or carrying
Other
financial
loans 2
insecurities
institutions
and
Real loans
clud- Agrito
culesinvest2
ing
in- Other
tur- To
tate
loans
ments Total open
dial
broloans
marvidkers
To
To
To
ket
uals
and others banks others
padealper
ers
Total: 3
1947—Dec.
1958_Dec.
1959—Dec.
I960—Dec.
1961—June
31...
31...
31*.
31...
30...
8
1,850
190,270 110,832 40i 174 5 O l g
199,509 117,642 43,125 5 ,676 3,284
284 1,833
201,848:117,953 42,759 6,044 2,933 1,994
All insured:
1941—Dec.
1945_Dec.
1947_Dec.
1958—Dec.
1959—Dec.
1960—Dec.
1961—June
31...
31...
31...
31...
31*.
31...
30..
49,290
121,809
114,274
183,
188,790
198,011
200,353
211,259 9,214 1,450 614 662
255,765 9,461 1,314 3,164 3,606
,
823 1,190
37,'583 188,012 1,610
. .730
. . . 40,289 4,913 2,797 1,810
110,299 40 022 4,973 2,982 1,827
117;092 42;957 5,628 3,247 ,811
""
117,400 42,569 6,005 2,909 1,970
Member, total:
1941—Dec. 31...
1945_Dec. 31...
1947—Dec. 31...
1958—Dec. 31...
1959—Dec. 31*..
1960—Dec. 31...
1961—June 30..
Sept. 27..
43,521
107,183
97,846
154,865
157,879
165,619
168,049
174,936
671 972
18,021
22
949 855
",775
__,628
962 ,046
32;628
84,061
444 3;052
84 " "
94 ,779 36,:826 3,116
99 ,933 39,288 "
77)77*.
99;992
" " 38,
JO,872
102,355 39,062 3,630
116,284 38,057 18,167
1,660 830 1,220
_
185,165 98,214 40,425 4,973
2,832 1,829
.
New York City:5
1941—Dec. 31... 12,896 4,072 2,807
1945._Dec. 31... 26,143 7,334 3,044
1947_Dec. 31... 20,393 7,179 5,361
1958—Dec. 31... 25,966 16,165 10,928
1959—Dec. 31*.. 25,291 18,121 10,549
I960—Dec. 31.. 27,726 18,465 10,876
1961—June 30.. 28,220 18,054 10,578
Sept. 27.. 29,453 18,183 10,528
Chicago:s
1941_Dec. 31...
1945—Dec. 31...
1947—Dec. 31..
1958—Dec. 31...
1959—Dec. 31*.
I960—Dec. 31..
1961—June 30..
Sept. 27...
2,760
5,931
5,088
6,830
6,885
7,050
7,020
7,278
8
412
2,453
545
1,652
1,740
91
10 1,574
3 1,629
7 1,617
169
,172
267
382
403
399
429
451
48
211
73
266
268
322
205
185
52
233
87
97
124
134
131
129
732
760
1,418
2,628
2,527
2,690
2,555
2,527
Reserve city:
1941_Dec. 31..
1945_Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31*.
I960—Dec. 31..
1961—June 30..
Sept. 27..
15,347 7,105
40,108 8,514
",449
36,040 13
,003
60,558
61,621 38,686
",002
62,953 40
63,670 39 ,747
66,473 41 ,021
3,456
3,661
7,088
15,808
15,252
16,223
15,862
16,190
Country:
1941_Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31*.
I960—Dec. 31..
1961—June 30..
Sept. 27..
12,518
35,002
36,324
61,511
64,082
67,890
69,139
71,732
5,890
5,596
10,199
30,257
33,766
36',981
37 ,942
38,938
1,676
1,484
3,096
659
648
818
,368
8, 498 2,321
9, 499 2,589
9,8777 2,737
9 ,816
" " 2-,671
20
42
23
294
298
508
337
459
183
471
227
268
284
293
400
412
Nonmember:3
1947—Dec.
1958—Dec.
1959—Dec.
I960—Dec.
1961—June
18,454
30,327
32,419
33,910
33,813
5,432
14,165
16,068
17,719
17,968
1,205
614
2,981 ,921
3 ,348
" " 1,902
3,838 2 ,167
3,886 2,323
20
102
133
161
153
156
230
263
269
285
300
205
225
669
765
887
963
933
9,393 5,723
115
719
25,255 20;
1
!0,698
819 7, 118 28;060 24,166
906 7, 106 28,713 26,396
993 6,001 29,265 27,283
4,773
40
4,.505
4,677 2,361 1
49
114
9,266 5,654
. ,
713
25,148 20,.
>0,589
813 7,105 27;948 24,032
965 7,090 28,602 26,263
993 5,981 29,159 27,147
32
26
93
503
531
500
476
533
114 194
4
427 ,503
17
170 484
15
518 851
191
580 776
235
719 739
351
610 749
344
682 704 1,140
1,788
1,799
1,448
1,563
123
80
111
641
936
868
841
868
588
564
459
494
22
36
46
161
183
196
202
211
3,369
3,216
2,751
2,893
1,527
1,459
3,147
8,405
9,251
9,005
9,256
9,406
Total Bills
21,046 988
132 88,912 2,455
914 67,941 2,124
420 65,669 6,159
767 58,348 6,189
883 60,468 7,994
085 61,297 7,299
19,539 971
78,338 2,275
57,914 1,987
54,299 4,644
46,813 4,612
49; 106 6,402
6
509,361 5,962
533,863 9,693
7,265
7,789
7,399
2,420
2,920
3,330
6,034 53 ,205
13,396 39 ,287
14,856 35 ,360
19,013 30,998
20^28 30
",587
19,071
7,552
7,362
2,404
2,884
295
3~"
3,159 116,899
51,342
16,045 51,
5,918!52,347
38,908
13,240 38;!
14,729 :35,027
18,868:30,722
20; 366 30,337
276 3,729
505 4 ,070
958 3,543
570 31,294
728 3,344
3,651
3,873
5,129
16,266
16,721
17,300
18,454
3,333
",258
3 ,621
,932
3,422
%150
3;201
3,007 15,561
1
3,,090 2 ,871
16,985' 14,271 '",807 3,,254 2 ,815
5,816 4,815 45;,295 4,199 3 ,105
6,143 11,117:32,396 13,405 3,100
1,812 11,604 28,785
28;'
13,677 2,610
2
2.296
296 15,0
15;072 25,335 14,141 2,439
2,951 16,4
476 24,972 15,220 -,475
1,933 18,3324 23,913 16,115 2 ,604
311
729
1,623 5,331
477 3,433 3,325 10,339
606
1,002
640
558 9,772
638
643 1,106 1,602 4,135 1,869
639
227 1,277 2,859 1,833
1 ,422
578 1,708 3,272 1,964
1,512
887 1,882 3,362 2,196
2,596
505 2,254 3,048 2,576
830
629
604
446
335
317
328
292
182
181
213
491
562
607
630
696
193
204
185
140
133
76
84
142
6,467 295
751 5,421
956
1,508
855
387 29,552 1,034 6,982 5,653 15,883 1,126
820
916
522
272 17,574
287
238 11,972
564
921 7,486
1,502
833 5,002
1,739
940 6,980
1,930
2,074 1,025 7,642
2,009 1,063 8,402
95
51
149
357
435
421
538
493
40
26
210
148
197
188
240
1,430
4,213
2,890
2,562
1,985
1,882
2,057
2,229
256
133 1,467
132
235
232
361
108
78
132
37
438
153
708
102
153
749
248
522
467
663
595
566
,022
,864
,274
,446
,332
,050
871
854
1,969
351 20,196 373 2,358 1,901 15,563
6,930 1,301 20,645 1,293 2,370 4,497 12,484
8,211
980 17,292 1,484
645 4,109 11,054
8,721
2
909 17,396 2,031
794 5,461 9,111
8,954 1,028 18,053 1,784 1,175 6,292 8,803
8,934
909 19,291 2,916
803 7,115 8,458
1,823
1,528
2
1,881
707
4
3,827 1,979
5
10,806 8,239
6
11 1,056 11,816 9,491
29 1,147 12,449 10,550
986 12,788 10,855
59
626 1,060 13,029 10,941
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 and one beginning
September 1961) 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
Obligations
of
States Other
and secupolit- rities
Cerical
tifi- Notes Bonds subcates
divisions
U. S. Government obligations
947 69,221 2,193
3, 437 66,376 6,294
2, 784 58,937 6,300
2,901 61,003 8,072
61,824 7,379
3,102 61
3,494
39
3,653
594 598
3,455 1,900 ' ,057
47
3,133 3,378
7,130 4,662
839
113
811 ,065
710
20,013 17,028 3,211
2,730 ,599
,603
811 6,801 22,185 19,877 2,603
2,885 ,587
947
7
;518 21,622 2,694
" ,564
,709
970 5,<644 23,086 22,421 2,900
2,943 ,696 2,354 6, 010 23,514 22,377 2,887
954
1,333
1,801
3,637
4,206
4,485
4,249
4,212
31..
31..
31*.
31..
30..
Investments
2,266 1,061
5,256 3,671
317 5,888 4,289
379 6,205 4,774
357 6,187 4.862
i r ~ ,053
4,864 1 ,047
4,830 813
4,817 738
5,174 696
5,432 728
4,377 110
481 3,787 1,222
359 26
",999 630 5,102 4,544 16,722 1,342
224 22 ,857 480 2,583 2,108 17,687 2,006
779 23,606 2,475 2,306 4,495 14,330 6,181
643 22,535 2,381
863 5,751 13,540 6,452
647 22,848 2,817
888 7,240 11,903 6,752
659 22,608 2,228
737 7,706 11,937 7,220
676 23,941 3,474
524 8,390 11,554 7,410
,028
,067
,262
,467
,330
,308
,368
,442
109 11,318 206 1,973 1,219 7,920 1,078
226 12,088 1,651 1,255 2,280 6,901 3,102
12,134 1,689
608 3,254 6,584 3,283
11,904 ,670
624 3,941 5,668 3,431
202 11,467 1,417
380 4,052 5,618 3,508
625
971
934
857
869
status, and the reserve classifications 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.
COMMERCIAL BANKS
1435
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES'
[In millions of dollars]
Demand deposits
Class of
commercial
bank and
call date
.ReBalDeserves Cash ances mand
with
with
dein
Federal vault
doposits
mestic
Read- 7
banks* justed
serve
Banks
Interbank
deposits
ForDomestic6 eign8
Time deposits
CertiIndiIndi- Bor- CapiU.S. States viduals,
States
fied
viduals,
tal
Govt. and partnerrow- acand
and
partnerU.S. political offiInterand
politings
ships,
ships,
counts
Govt. subdi- cers' and cor- bank postal ical
sav- subdi- and corvisions checks, poraings visions poraetc.
tions
tions
Total: 3
1947—Dec.
1958—Dec.
1959—Dec.
1960—Dec.
1961—June
31....
31....
3!....
31....
30....
17,796
18,427
17,931
16,720
16,488
2,216
3,249
3,012
3,346
2,903
10,216
12,609
12,237
13,681
11,184
87,123
115,518
115,420
115,120
112,030
11,362
14,142
13,944
15,453
12,568
1,430
1,657
1,705
1,627
1,064
1,343
4,250
5,050
5,945
6,362
6,799
10,928
11,459
11,674
11,849
2,581
4,043
3,910
4,602
3,759
240
84,987
115,132 2,372
116,225 1,441
117,103 1,799
109,553
461
111
327
285
262
288
866
3,576
3,166
4,544
5,266
34,383
59,590
62.718
66.836
73,826
65
73
615
163
443
10,059
18,486
19,556
20,986
21,745
AH insured:
1941_Dec.
1945_Dec.
1947—Dec.
1958—Dec.
1959—Dec.
1960—Dec.
1961—June
31....
31....
31....
31....
31....
31....
30....
12,396
15,810
17,796
18,427
17,931
16,720
16,488
1,358
1,829
2,145
3,227
2,990
3,326
2.885
8,570
11,075
9,736
12,353
11,969
13,409
10,959
37,845
74,722
85,751
114,645
114,563
114,292
111,187
9,823
12,566
11,236
14,025
13,825
15,339
12,443
673
1,248
1,379
1,629
1,675
1,582
1,031
1,762
23,740
1,325
4,241
5,037
5,932
6,352
3,677
5,098
6,692
10,841
11,372
11,582
11,754
1,077
2,585
2,559
4,001
3,866
4,564
3,725
36,544
158
72,593
70
83,723
54
114,372 2,209
115,482 1,358
116,388 1,667
108,924
305
59
103
111
327
285
262
288
492
496
826
15,146
29,277
33,946
59,329
62,478
66,605
73,572
10
215
61
67
602
149
433
6,844
8,671
9,734
18,154
19,206
20,628
21,377
Member, total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1958—Dec. 3 1 . . . .
1959_Dec. 3 1 . . . .
I960—Dec. 3 1 . . . .
1961—June 3 0 . . . .
Sept. 2 7 . . . .
12,396
15,811
17,797
18,428
17,932
16,720
16,488
16,038
1,087
1,438
1,672
2,441
2,222
2,518
2,142
2,932
6,246
7,117
6,270
7,977
7,532
8,582
6.897
6,761
33,754
64,184
73,528
96,218
95,274
94,594
92,750
94,158
9,714
12,333
10,978
13,614
13,389
14,875
12.061
12,357
1,243
1,375
1,613
1.659
1.561
1,016
968
1,709
22,179
1,176
3,822
4,504
5,287
5,731
7,293
3,066
4,240
5,504
8,603
8,915
9,016
9,241
8,479
1,009
2,450
2,401
3,712
3,542
4,244
3,441
2,935
33,061
140
62,950
64
72,704
50
98,133 2,187
98,532 1,338
99,134 1,639
92,886
276
93,898
282
50
99
105
300
259
237
263
254
2,829
2,383
3,559
4.203
4,214
4
11,878
23,712 208
54
27,542
54
48,004
50,185 581
53.477 130
60*108 382
61.625 2,128
5,886
7,589
8,464
15,460
16,264
17.398
18.027
18^386
\>w York City:*
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1958—Dec. 3 1 . . . .
1959—Dec. 3 1 . . . .
I960—Dec. 3 1 . . . .
1961— June 3 0 . . . .
Sept. 2 7 . . . .
^ 105
4.015
4,639
4,454
3,908
3.398
3.563
3,603
93
111
151
161
151
199
130
203
141
78
70
92
138
147
98
78
10 761
15.065
16,653
16,170
15,494
15,352
16,119
16,198
3.595
3,535
3,236
3,519
3,462
4,105
3.462
3,198
607
866
319
237
290
329
310
305
365
309
450
1.338
1,105
1,540
1,536
2,476
1,825
1,556
11.282
6
15,712
17
17,646
12
18,835 1,739
18,573
988
19.051 1.216
17.642
167
17,452
173
10
12
36
24
27
44
37
29
20
14
100
65
203
245
245
1,206 195
30
1,418
3,345
3,359 232
3.976
6.346 121
6.728 1.106
1 021
920
899
994
927
43
36
30
36
33
33
28
32
298
200
175
185
142
171
111
74
2,215
3,153
3 737
4",271
4.171
3.968
3,881
3,746
1.027
1 292
I 196
1,314
1,187
1,327
1.093
1.174
8
20
21
43
43
53
33
37
233
237
285
302
329
298
364
330
34
66
63
88
105
102
113
79
2,152
3.160
3 853
4,746
4,636
4,499
4,125
4,118
34
23
61
10
9
2
7
8
2
2
3
9
7
12
7
8
8
Reserve city:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
j958—Dec. 3 1 . . . .
1959—Dec. 3 1 . . . .
I960—Dec. 3 1 . . . .
1961 —June 30
Sept. 27
4,060
6,326
7,095
7,472
7,532
7,354
7.104
6.987
425
494
562
768
681
753
654
92!
2,590
2,174
2,125
2,670
2,381
2,610
2.071
2,059
11 .117
22,372
25,714
35,505
35,095
34,357
33,432
33,745
4,302
6,307
5,497
7,217
7,162
7,688
6,115
6?577
54
110
131
289
288
301
220
209
1,144
1.763
2.282
3,153
3,304
3,329
3,286
2,832
286
611
705
11,127
22,281
26,003
38,054
38,321
37,986
35,590
35,833
104
30
22
377
303
326
62
64
20
38
45
124
95
85
101
102
243
160
332
Country:
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—Dec.
I960—Dec.
1961 —June
Sept
31....
31....
31....
31....
31....
31....
30....
27....
2,210
4,527
4,993
5.444
5,573
5,070
4.828
4.521
526
796
929
9,661
23,595
27,424
40,272
40,514
40,917
39.318
40,470
790
1,476
1,357
1,534
1.329
1,777
3,216
4,665
3,900
5,030
4,870
5,655
4.618
4,551
1,199
1,049
1,565
1,578
1,755
1.392
1,409
2
8
7
13
24
23
14
15
8,500
21,797
25,203
36,498
37,003
37.598
35,530
36,495
30
17
17
36
24
37
37
36
31
52
45
132
132
122
116
112
Vonmember:3
1947_Dec.
1958—Dec
1959—Dec.
1960—Dec.
1961—June
31....
31
31
31
30
544
808
790
828
761
3,947
4 633
4 706
5,099
4,288
13.595
19,300
20 146
20 525
19,280
12,284
16,999
17,692
17,970
16,666
190
528
555
578
507
185
103
160
185
6
27
Chicago:5
1941—Dec.
1945 Dec.
1947—t>ec'
1958_Dec.
1959—Dec.
I960—Dec.
1961— June
Sept.
31
31....
^i
31....
31....
31....
30....
27....
942
1 070
KO58
385
671
1,105 6,940
267
1,217
968
1,267
1,303 1,027
1,184 1,217
749 1,380
707 1,485
127
1 552
72
249
272
327
380
476
491
8,221
405
1,429
1,698
1,960
2,241
2,909
225
5,465
432
1,175
1,508
1,783
1,730
2,423
55
43
46
65
49
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 1960, p. 12.
56 Central reserve city banks.
Beginning with 1942, excludes reciprocal bank balances,
'Through 1960, demand deposits other than interbank and U.S.
Government, less cash items reported as in process of collection; beginning
167
428
545
657
631
1,370
2,004
2,647
4,819
4,972
5,083
5.226
5,008
1,295
2,325
2,544
2,658
2,609
1,052
1,043
953
845
744
239
435
528
1,032
857
713
657
556
180
331
369
357
318
3,512
3,095
4.481
5,209
418
399
693
778
1,648
2,120
2,259
3,282
3,361
3,554
3,634
3,670
1,423
1,449
1.521
1.910
1,920
"*3
40
35
10
94
288
377
426
733
762
822
848
856
4,542
9,563
11,045
19,480
20,231
20,652
22.901
23,535
2
1
14
238
73
131
844
1,967
2,566
2,844
5,760
6,106
6.423
6,684
6,775
6,082
12,224
14,177
23,755
25,146
27.327
28,952
29,442
4
11
23
37
71
23
121
84
1,982
2,525
2,934
5,685
6,035
6.599
6.861
7,085
172
6,858
747 11 613
26
783 12'560
25
985 13 378
25 1,063 13,732
12
20
1,471
1,229
1,787
2,197
2,152
146
219
337
1,250
1,077
1,562
1,752
1,810
476
719
902
1,596
3,027
34 3,294
33 3,590
61 3,720
with 1961, demand deposits other than domestic commercial interbank
and U.S. Government, less cash items reported as in process of collection.
8 Beginning with June 1961, reclassification of deposits of foreign
central banks reduced foreign interbank demand deposits by about $400
million and interbank time deposits by about $1,500 million. These
amounts are now included in demand and time deposits of individuals,
partnerships, and corporations.
For other notes see opposite page.
1436
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
[In millions of dollars]
Loans
For purchasing
or carrying securities
Wednesday
Total
loans
and
investments i
Loans
and
investments
adjusted 2
Loans
adusted 2
Commercial
and
industrial
To brokers
and dealers
To financial institutions>
To others
Nonbank
institutions
Banks
Agriculutral
U. S.
U. S.
Govt. Other
Govt. Other
seseobobcuriligaliga- curities
ties
tions
tions
Foreign
Personal
Doand
messales
tic
fiOther
com- nance
mer- comcial panies
etc.
Real
estate
All
other
loans
Valuation
reserves
TotalLeading Cities
1961
Sect.
6
p
13:::
20
27 3
519 114, ?70 69, 66?
116, 648 115, 106 70, 306
117,
115, 9?0 71 0?5
118, 706 117, 103 70, 989
Oct
4
11
18
25
117, 677 116, 175
118, 561 116, 984
119 473 117, 777
118,
117, 035
70, 7?6 31, 786 1,179
849 1,180
70 989
7 1 , 466 3?, 0?0 1,189
7 1 , 093 3 1 , 877 1,205
1
8
15
22
29
118, 898
118,
119, 516
118, 707
118, 628
7 1 , 843
71 6^7
44?
7 1 , 749
Nov
31 548
3 1 , 7?8
31 937
1,116
1,134
1,145
31, 805 1,166
264
477
755
1 853
1 ,978
1 ,985
739 1 ,898
474 1 .853
711
1,013
750
1 98?
1 ,93?
1 ,993
103
107
118
1,355
1,373
1,370
109 1,320
572
559
552
1,249 3,274
818 13, 058
1,542 3,286 \\ 85? 13 101
1,331 3,495 1, 868 13,
509 1,603 3,460 25 027 13, 136
16, ?73
16
16 ?45
104 1,317
99 1,305
96 1,301
103 1,304
522 1,502
535 1,577
530 1,696
530 1,207
16 396 1 577
16 359 1,574
16 379 1 569
16 413 1 567
1,310
1,317
1,318
1,330
102 1,319
525
540
552
565
,055
1 ,966
,080
,016
833
520 .,063
98
97
100
103
21
426
296
20
27
432
429
434
280
263
28, 879 17 734 10 484
132 1 ,160
1 ?,50
1 ,?35
485 1 ,149
28 ?33 17 471 10 511
254
,115
,226
,171
,146
20
117, 467
116, 899
118, 170
117, ?63
117, 327
085
010
145
033
1,210
1,206
1,216
1,220
71, 678 32 118 1,226
3?,
3?
3?,
3?
1,072
986
1,341
<•
3,389 J 143 13 140
13, 196
3,219 ^
180 13
3 174
191 13, ?47
3,047
1,431 3 132
1,321 3,108
1,346 3 106 ?
1,444 3,023
586 1,301 3,073 2
1,572
1 571
1,571
16, 391 1,571
13 ?45 16 456 1 571
13, ?69 16 475 1,572
13 31? 16 5 ? 7 1 569
13, 338 16 541 1,561
302 13, 347 16, 584 1,562
?45
314
308
New York City
1961
Sept. 6
20
27 3
Oct. 4
Nov
28 169
27, 65? 17 035 10 351
?8 768
28 811
?8 ?98
28, 638
29 174
?8 531
11
18
25
28 741
29 469
28 453
1
8
15
22
29
28
28
29
28
28
876
469
334
7?4
756
28 435
28 760
28
17 365
17 751
17 679
17 969
17 609
10 409
10 50?
276
436
10 517
10 603
10 546
420
673
431
655
617
688
661
675
,149
,?43
10
10
705
657
991
510
190
86 61
86 80
87
88 7 7 4
5? ,6?7
,197
5? 94
21 ,319
53 ,?74 21 ,435
53 ? 5 5 21
1,112
1,130
1,141
1,158
132
20
319
254
28
28
29
28
28
496
303
306
189
18
17
18
17
17
09?
981
469
803
645
10
10
10
10
10
27
309
769
227
517 J.054
,094
,197
295 1,173
31?
347
778
784
2 951
2 968
389
787
012
441
235
298
,151
,070
41?
785
999
794
801
808
2 995
0?6
3 0?3
441
417
418
418
1,024
1,020
1,018
915
960
4?9
438
435
438
440
809
818
8?6
8?6
8?7
3 0?9
3
0?0
3 0?6
3 056
435
435
435
432
432
319
33
1 131
1,130
1,130
1 130
470
173
954
3
20
20
25
415
413
414
237
231
231
306
709
243
20
20
21
21
21
420
428
417
420
226
239
236
253
261
380
166
205
418
567
693
7?8
750
749
82
87
91
82
929
941
941
886
276
279
289
282
732 2 220
1,072 2,192
1,158 2,298
1,308 2 287
1 509
1 ,540
1,5?
1 638
1?
1?
1?
1?
220
29
738
756
896
890
761
1? 4?n
847
1 ,73
1 71
1 ,76?
1 ,773
13 ,39
13 36
319
287 1,204 2,238
298 1,271 2 149
299
987 2,133
299
964 2,052
12 ,35
1? 40
340
84
79
76
78
13 35
13 ,39
367
854
78
890
1 ,797 1? 43
329
350
817
837
77
79
889
90
32
330
86
847
82
8
910
89
299 1,05
301 1 155
316 1,14
31? 1,026
734
325
155
041
995
441
441
441
441
437
437
Outside
New York City
1961
Sept
6
87 350
87 ,880
20
27 3
no
4
11
18
89 ,146
89 ,8?0
90 ,004
89 ,789
87 ,94
88 ,54
88 ,82
53 ,255 21 ,275 1,170
,33? 1,17
53 ,310
53 ,497 21 ,417 1,180
53 ,484 21 ,331 1,196
Nov. 1
8
90 ,0?
88 ,97
53
89 75
90 ,18
88 ,59
89 ,04
22
89 ,98
89 ,87
88 ,95
89 ,13
Oct
25
15
29
,440
89 53?
89 .01
,430
53 ,666 ?1 ,393
53 ,97
,457
53 ,94 21 ,372
54 ,03 21 ,44
1,20
1,197
1,207
1,210
1,216
1 After deduction of valuation reserves.
2
Exclusive of loans to domsstic commercial banks and after deduction
of valuation reserves; individual loan items are shown gross.
3 Several loan categories have been revised incident to new classifications
888
890
2,108
2 088
2 088
2,108
2,113
1 807
1 ,879
?89
3?
34?
349
12 ,439
13
13
13
13
?7
37
13
1? 45
1? 48
13 *45
13 50
1 ,870 12 ,51
1 ,86 12 ,52
13 ,51
13 ,52
1,136
1 133
1,132
1,130
1,136
1 137
1 134
1,129
1,130
of commercial loans by industry effective Sept. 27, 1961. For banks in
all leading cities, the change reduced commercial and industrial loans by
a net of $135 million. Prior figures are not being revised.
NOTE.—Figures reflect new coverage; for description of changes in the
series, see BULLETIN for June 1961, p. 654.
1437
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
Notes and bonds
maturing—
Total
Bills
Certificates
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
Tot al
asset s—
Tot al
liabi litie s
an i
capi tal
accoijnts
Total—
Leading Cities
1961
4,410
4,420
4,370
4,474
4,420
4,411
4,427
4,426
148, 166
151, 134
151, 402
151 540
154 004
111
1? 5^4
4,457
4,540
4,443
4,367
4,436
3 579
3 806
811
3 584
1,924
1.961
,905
1,984
37
38
38
39
419
700
186
199
183
3 9?0
1,937
19?
?05
3 337
4 006
1,947
1,913
38
39
39
38
97?
?74
568
50?
190
3 771
197
,564
,373
,687
1,876
1,940
1,938
1,896
.916
39
40 ^346
38 ,947
38 ,665
Sent
6
13..::::::::
20
27
33, 321
33, 171
33, 181
34, 414
5, 556
5, 457
5, 469
6, 717
1,516
1 ,508
1,550
1 ,548
6,244
6,229
6,284
6,310
15, 887
15, 847
15, 792
15, 776
4,118
4,130
4,086
4,063
1 1 , 287
11, 679
1 1 , 714
11, 700
16, 973
17,
17, 452
16, 777
3,001
2,955
2,875
2,824
132
141
142
153
1 ,377
1 ,475
1 ,449
1 ,490
12, 463
17, 640
12, 986
?60
Oct
4
11
18
25
3 3 , 643
34, ?40
34, 608
34,
6, 109
5 , 607
6, 059
5 , 879
1 ,530
1 ,514
1 ,516
1 ,507
6.325
6,333
6,319
6,299
15, 638
16, 755
16, 719
16, 668
4,041
4,031
3,995
3,974
11, 806
11, 755
11 703
11 615
17, 749
973
17, 415
17, 461
2,932
2,833
2,937
2,761
152
150
138
150
1 ,336
1 ,444
1 ,460
1 ,483
1?
1?
1?
13
34, 087
5, 77?
1 ,48?
1 ,456
1 ,484
1 ,485
475
6,247
6,315
5,093
5,081
5,078
16, 631
16, 526
3,955
3,973
3,632
18, 306 3,504
18, 31? 3 498
11 537
11 482
11 547
17 493
166
1 399
1? 978
162
175
1 435
1 ,651
12 802
1? 810
17 490
17 516
161
160
1,438
1,458
11 647
11 717
2,950
2,744
3,047
2,782
3,166
494
486
495
498
1,270
1,262
1,292
1,299
3 ?69
3 ?67
197
3 17?
778
773
740
738
? 678
891
2 884
? 865
54
?54
2 ?79
2 573
62
71
72
78
7 8?3
2 ?05
996
2 083
995
499
500
504
506
1,340
1,320
1,337
1,341
3 068
317
3 ?65
3 ?67
741
742
732
714
7
?
?
7
68
75
67
56
70
7 710
1 939
488
3
696
? 694
72
65
845
1
1 '871
487
510
524
490
1,334
1,430
1,013
1,021
1,038
677
711
707
685
677
680
2 ,627
? ,661
2 ,693
? ,754
7?0
4 028
3 813
71
90
70
179
63
60
68
74
Nov. 1
33, 770
34 181
8
15
22
29
33 867
33
500
5 3 75?
5 491
5 569
18,
17, 145
17, 475
8?9
546
880
067
n
151 753
835
154 439
151, 630
152 693
156 543
153 505
152 656
New York City
1961
939
04?
003
?80
Sent. 6
13:.:.:.:...
20
27
7
8
8
8
Oct.
7 853
7 875
4
11
18
25
. .
Nov. 1
8
7 ,695
7 999
7 ,810
7 790
15
22
29
2
2 106
685
909
881
870
778
3 879
4 147
4 148
70
79
61
4 756
4 003
78
86
78
3 9??
3 663
4 349
4 048
3 916
184
,640
918
990
935
181
39 504
Outside
New York City
1961
20
27
25 ,382
25 ,129
25 ,178
26 ,134
3 ,428
,203
3 ,190
4 ,144
,022
,022
,055
,050
4,974
4,967
4,992
5,011
12 ,618
12 ,580
P ,595
12 ,604
3,340
3,357
3,346
3,325
8 ,609
8 ,738
8 ,830
8 ,835
13 ,094
13 ,064
13 ,304
12 ,805
2,947
2,88'
2,796
2,763
70
70
70
75
1,193
1,275
,763
1,291
8 ,884
8 ,834
9 ,175
8 ,676
2,486
2,459
2,465
2,490
110 ,747
112 ,144
11? ,467
112 ,359
4
11
18.
25
25 ,790
26 ,36
26 ,687
26 ,504
3 ,904
3 ,611
3 ,976
3 ,884
,031
,014
1,012
,001
4,985
5,013
4,982
4,958
12 ,570
13 ,438
13 ,454
13 ,401
3,300
3,289
3,263
3,260
8 ,897
8 ,874
8 ,833
8 ,837
12 ,993
12 ,970
13 ,752
13 ,11?
2,854
2,747
2,859
2,693
77
83
82
80
1,153
,?34
1,268
,778
9 ,543
8 ,909
8 ,906
9 ,061
2,483
2,493
2,480
2,513
112 ,781
113 ,561
114 ,871
113 ,178
1
8
15
22
29
26 ,377
26 ,075
26 ,18?
26 ,057
26 ,142
3 ,833
3 ,655
3 ,646
3 ,580
3 ,698
994 4,913
969 4,885
974 4,080
961 4,060
985 4,040
13 ,378
,300
14 ,535
14 ,629
14 ,601
3,259
3,266
2,947
2,827
2.818
8 ,84
8 ,85
8 ,886
8 ,954
8 ,96
13 ,445
13
2,878
2,673
2 957
2,712
2,987
101
98
1,209
1,770
1.761
1,23?
1,420
9 ,257
9J
9 437
9 ,424
9 ,195
2,581
2,600
2 505
2,471
2,520
114 ,500
113 405
Sept. 6
13
Oct
Nov
.
.
n
NOTE.—Figures reflect new coverage; for description of changes in the
series see BULLETIN for June 1961, p. 654.
13 755
13 ,462
13 ,703
100
94
101
116 197
114 ,558
113 ,991
1438
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits
Borrowings
Demand
Wednesday
Total
unadjusted1
Time
DeIndi- States
mand
viduals, and
departner- polit- For- U . S .
posits
ical
adTotal 3 ships,
justed*
and
sub- eign* Gov't.
corpo- divirations sions
Other time
Domestic
com- Totals
mercial
banks
Savings
Indi- States
viduals, and
partner- politForships,
ical
and
sub- eign*
corpo- divirations
Other Capital
From From liabilacF. R. others ities counts
Banks
Total—
Leading Cities:
1961
t:::
20...
27...
128,475 61,791
130,896 63 ,341
131,304 62,720
131,361 62,166
87,722
89,957
90,394
90,354
63,895
67,108
65,689
64,480
4,673
4,480
4,494
4,693
,583
,573
,635
,643
2,787 11,880 40,753 29,079
1,974 11,787 40,939 29,110
3,626 11,719 40,910 29,156
5,533 11,022 41,007 29,244
6,458
6,589
6,519
6,512
2,783
2,809
2,788
2,777
2,127
2,126
2,140
2,154
31
11
179
72
1,503
2,025
1,761
2,003
5,488
5,529
5,510
5,422
12,669
12,673
12,648
12,682
4...
11...
18...
25...
132,067 61,542
132,999 62,189
134,387 63,410
131,705 63,920
90,894
91,741
93,170
90,463
64,305
65,924
67,325
66,365
4,739
4,374
4,407
4,505
,624
,586
,721
,634
5,023
4,669
4,366
3,628
11,922 41,173 29,400
11,993 41,258 29,466
12,270 41,217 29,516
11,414 41,242 29,565
6,498
6,512
6,499
6,485
2,775
2,757
2,709
2,703
2,180
2,205
2,174
2,180
24
75
19
226
1,744
1,780
1,934
1,544
5,185
5,232
5,373
5,419
12,733
12,749
12,726
12,736
Nov. 1 . . .
8...
15...
22...
29...
133,867 63,423
132,117 62,388
135,765 62,777
132,617 62,644
132,404 63,906
92,658
90,858
94,714
91,449
91,216
66,407
65,364
67,454
65,932
66,183
5,027
4,620
4,743
4,793
4,894
1,606
1,586
1,626
1,598
1,647
4,071
3,429
4,152
4,124
3,414
12,008 41,209 29,621
12,253 41,259 29,708
12,676 41,051 29,724
11,740 41,168 29,790
11,820 41,188 29,771
6,406
6,373
6,163
6,127
6,190
2,693
2,694
2,658
2,727
2,721
2,175
2,169
2,181
2,203
2,194
241
462
581
362
14
1,727
1,824
1,774
2,085
1,690
5,350
5,445
5,583
5,618
5,695
12,819
12,845
12,840
12,823
12,853
Oct.
New York
City
1961
Sept.
6...,
13...
20...
27...,
30, 194 16,212
31,214 16,818
31,458 16,565
31,608 16,160
23,319
24,226
24,520
24,653
16,595
17,761
17,181
16,914
709
246 1,159
240 ',150
474
274 ,229
909
299 ,240 1,482
2,951
2,820
2,975
2,910
6,875
6,988
6,938
6,955
2,711
2,716
2,730
2,746
2,149
2,264
2,186
2,170
247
250
248
238
,636
,630
,642
,657
713
1,221
984
1,087
2,876
2,913
2,792
2,836
3,631
3,634
3,619
3,625
Oct.
4...
11...
18...
25...
31,634
31,758
32,389
31,154
15,955
15,838
16,758
16,512
24,589
24,675
25,361
24,126
16,733
17,016
17,795
17,059
275
277
327
310
,209
,197
,308
,208
3,058
2,971
2,956
2,871
7,045
7,083
7,028
7,028
2,761
2,770
2,769
2,787
2,207
2,219
2,211
2,198
255
252
242
238
,680
,698
,663
,665
951
1,091
720
813
45
2,725
2,765
2,801
2,827
3,649
3,655
3,658
3,663
Nov.
1
8...,
!5
22...
29 !!', \
32,093
31,613
32,461
31,139
31,511
16,297
15,529
15,858
15,812
16,468
25,083
24,624
25,480
24,124
24,467
17,253
16,767
17,180
16,753
17,218
394
255
270
270
266
,197 ,137 2,945 7,010
,181
,000 3,132 6,989
,243 1,101 3,167 6,981
,209 1,052 2,961 7,015
,245
832 2,987 7,044
2,787
2,805
2,814
2,819
2,826
2,185
2,155
2,131
2,148
2,197
236
231
228
228
214
,658
,654
,662
,679
,671
98,281 45,579
9 9 682
, " 46,523
99,846 46,155
99,753 46,006
64,403
65,731
65,874
65,701
47,300
49,347
48,508
47,566
4,427
4,240
4,220
4,394
424
423
406
403
2,078
1,500
2,717
4,051
8,929 33,878 26,368
8,967 33,951 26,394
8,744 33,972 26,426
8,112 34,052 26,498
4,309
4,325
4,333
4,342
2,536
2,559
2,540
2,539
491
496
498
497
100,433 45 ,587
101,241 46,351
101,998 46
46,652
100,551 47,408
66,305
67,066
67,809
66,337
47,572
48,908
49,530
49,306
4,464
4,097
4,080
4,195
415
389
413
426
3,695
3,415
3,208
2,672
8,864
9,022
9,314
8,543
34 ,128 26,639
34,214 26,778
4,291
4,293
4,288
4,287
2,520
2,505
2,467
2,465
101,774 47 ,126
100,504 46,859
103,304 46,919
101,478 46 ,832
100,893 47 ,438
67,575
66,234
69,234
67,325
66,749
49,154
48,597
50,274
49,179
48,965
4,633
4,365
4,473
4,523
4,628
409
405
383
389
402
2,934
2,429
3,051
3,072
2,582
9,063
9,121
9,509
8,779
8,833
34,199 26,834
34,270126,903
34,070.26,910
34,153 26,971
34,144 26,945
4,221
4,218
4,032
3,979
3,993
2,457
2,463
2,430
2,499
2,507
,328
,254
,158
956
879 2.739 3,680
113
126 1,068 2,795 3,686
285 1,127 2,785 3,688
55 1,246 2,830 3,677
603 2,879 3,672
Outside
New York City
1961
Sept.,6......
20
27......
Oct.
4
11
18......
25
Nov. 1
8
15
22
29
1 Total demand and total time deposits.
2 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.
34,175 26,696
34,189
26
,
26,747
'
•
'
"
2,612
2,616
2,718
2,586
9,038
9,039
9,029
9,057
500
507
511
515
11
793 2,460
70
689 2,467
19 1,214 2,572
181
731 2,592
9,084
9,094
9,068
9,073
517
515
519
524
523
128
336
296
307
2,611
2,650
2,798
2,788
2,816
9,139
9,159
9,152
9,146
9,181
26
3
97
47
14
790
804
777
916
848
756
647
839
1,087
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.
5
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.
1439
BUSINESS LOANS OF BANKS
C H A N G E S I N C O M M E R C I A L A N D I N D U S T R I A L L O A N S O F W E E K L Y R E P O R T I N G M E M B E R B A N K S , BY I N D U S T R Y »
[Net increase, or decrease ( —), during p e r i o d . 2
Week ending—
Month
1961
1961
Business of b o r r o w e r 3
Nov.
29
In millions of dollars]
Nov.
22
Nov.
15
Classification basis
Nov.
8
Nov.
1
Nov.
Oct.
Quarter
1961
Sept.
1960
JulySept.
JulySept.
New
Durable goods manufacturing:
Pf imary metals
Machinery
T r a n s p o r t a t i o n equipment
Other fabricated metal p r o d u c t s . . .
Other durable goods
N o n d u r a b l e goods manufacturing:
F o o d liquor, a n d tobacco
Textiles, apparel, a n d leather
Petroleum refining
Chemicals a n d rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
. . .
.
T r a d e • C o m m o d i t y dealers
Other wholesale
Retail
Transportation, communication, and
other public utilities
Construction
All other types of business, mainly
services
1
-6
-31
-11
-5
3
29
1
-1
2
-2
1
-4
5
-28
44
-21
6
5
-2
3
-36
-10
5
-22
73
-14
-22
3
3
-16
c
2
-6
«
60
-19
-13
17
43
35
-12
24
15
8
53
-6
33
3
14
— 13
-7
21
9
34
Net change in classified loans
Commercial a n d industrial change—
all weekly reporting b a n k s 4
Oct.Dec.
1961
1960
Jan.June
Jan.June
Old
5
-5
-3
-4
4
9
Half year
7
-19
-12
-8
-39
7
-77
-16
-31
-51
-4
1
164
-95
-23
3
-25
142
-167
36
-28
-28
7
32
12
39
55
131
12
116
170
106
36
77
-51
-4
18
6
10
4
24
11
-39
25
3
24
-301
-355
-310
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
158
-29
156
43
-152
n.a.
141
88
-75
n.a.
438
-303
134
n.a.
-498
177
81
n.a.
-558
273
-52
n.a.
-5
102
124
73
120
4
-102
387
-30
249
-325
-175
354
-677
372
49
43
66
34
-4
1
-330
53
-48
96
}
«
n.a.
3
-36
1 9>
193
17
1,062
-100
24
2
33
45
102
27
-2
131
101
209
406
155
100
-65
239
-69
177
382
236
461
190
196
419
-463
977
87
-112
146
-75
208
254
72
329
36
-107
412
-387
1,186
n.a. Not available.
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.
2 Figures for periods other than weekly are based on weekly changes.
3 Because of reclassifications as of Sept. 27, 1961, many categories are
not strictly comparable with prior data; for example, new "Mining"
includes a part of old "Other manufacturing and mining," with which
it is compared; a part of "Metals and metal products;" and coal, crude
petroleum, and natural gas from old "Petroleum, coal, chemicals, and
rubber." "Other durable" and "Other nondurable" were in old "Other
manufacturing and mining."
* Revised to reflect new coverage; see BULLETIN for June 1961, p. 654.
5 Includes decrease of $135 million resulting from corrections o f
misclassincations disclosed incident to the revisions as of Sept. 27, 1961 .
BANK RATES ON SHORT-TERM BUSINESS LOANS»
[Weighted averages.
Size of loan
(thousands of dollars)
Area
and
period
All
loans
110
10100
100200
200
and over
Annual averages,
19 large cities:
1952
1953
1954
1955
1956
1957
1958
1959
1960
. ..
3.5
3.7
3.6
3.7
4.9
5.0
5.0
5.0
4.2
4.4
4.3
4.4
3.7
3.9
3.9
4.0
3.3
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
4.97
4.99
4.97
4.97
4.99
5.94
5.90
5.89
5.89
5.87
5.58
5.56
5.53
5.53
5.52
5.21
5.21
5.20
5.18
5.19
4.78
4.82
4.80
4.80
4.82
Quarterly: 2
19 large cities:
1960—Sept
Dec
1961—Mar
June
Sept
1 For description see BULLETIN for March 1949, pp. 228-37.
2 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
Per cent per annum]
Area
and
period
Size of loan
(thousands of dollars)
All
loans
110
10100
100200
200
and over
4.74
4.77
4.75
4.75
4.75
5.73
5.73
5.67
5.63
5.65
5.45
5.42
5.40
5.39
5.36
5.00
4.99
5.03
5.06
5.06
4.62
4.66
4.64
4.63
4.64
7 Northern and
Eastern cities:
1960—Sept
Dec
1961—Mar
June
Sept
4.96
4.97
4.96
4.95
5.05
5.90
5.86
5.85
5.84
5.86
5.54
5.52
5.49
5.45
5.53
5.21
5.19
5.20
5.15
5.18
4.81
4.83
4.82
4.82
4.93
11 Southern and
Western cities:
I960—Sept
Dec
1961—Mar
June
Sept
5.32
5.33
5.29
5.31
5.26
6.04
6.00
5.99
6.02
5.97
5.68
5.65
5.62
5.65
5.62
5.34
5.36
5.31
5.29
5.28
5.10
5.12
5.09
5.10
5.04
Quarterly—cont.:2
New York City:
1960—Sept
Dec
1961—Mar
June
Sept
per cent): 1953—Apr. 27, 3 # ; 1954—Mar. 17, 3; 1955—Aug. 4, 3*4;
Oct. 14, 3 % ; 1956—Apr. 13, 3 % ; Aug. 21, 4; 1957—Aug. 6, 4 % ; 1958—
Jan. 22, 4; Apr. 21, 3 % ; Sept. 11, 4; 1959—May 18, 4 % ; Sept. 1, 5; and
I960—Aug. 23, 4V4.
1440
INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
Year, month, or week
Prime
commercial
paper
4-to 6months1
Finance
company
paper
placed
directly,
3- to 6months2
2.46
3.97
3.85
2.12
3.82
3.54
3.28
3.23
2.98
3.03
3.03
2.91
2.76
2.91
2.72
2.92
3.05
3.00
2.98
2.98
1960 average
I960—Nov
Dec
1961 Jan
Feb
Mar
Apr
May
July
Sept
Oct
Nov
Week ending—
1961 Nov 4
11
18
25
Dec. 2
2 88
2 98
3.00
3.10
U. S. Government Securities (taxable)4
Prime
bankers'
acceptances,
90 days3
3-month bills
6-month bills
9- to 12-month issues
Rate
on new
issue
Market
yield
Rate
on new
issue
Market
yield
Bills
(market
yield)
2.91
2.97
2.78
2.65
2.76
2.58
2.50
2.66
2.50
2.64
2.68
2.79
2.74
2.04
3.49
3.51
3.00
2.92
2.86
2.78
2.94
2.84
2.68
2.75
2.75
2.81
2.84
2.75
2.75
1.839
3.405
2.928
2.384
2.272
2.302
2.408
2.420
2.327
2.288
2.359
2.268
2.402
2.304
2.350
2.458
1.78
3.37
2.87
2.37
2.25
2.24
2.42
2.39
2.29
2.29
2.33
2.24
2.39
2.28
2.30
2.48
3.832
3.247
2.650
2.530
2.496
2.601
2.591
2.493
2.436
2.546
2.457
2.670
2.689
2.702
2.686
3.79
3.20
2.66
2.50
2.47
2.60
2.54
2.47
2.44
2.54
2.45
2.66
2.68
2.66
2.70
3.41
2.87
2.64
2.63
2.75
2.76
2.74
2.72
2.80
2.79
2.91
2.88
2.90
2.90
2.70
2.69
2.73
2.78
2.81
2.75
2.75
2.75
2.75
2.75
2.280
2.349
2.516
2.537
2.606
2.28
2.40
2.53
2.54
2.56
2.613
2.554
2.721
2.734
2.806
2.58
2.61
2.74
2.73
2.78
2.87
2 93
2.91
2.91
2 oo
Others
3- to 5year
issues6
2.09
4.11
3.55
2.99
2.79
2.70
2.84
2.86
2.83
2.82
3.02
2.87
3.03
3.03
2.97
2.95
2.90
4.33
3.99
3.68
3.51
3.53
3.54
3.43
3.39
3.28
3.70
3.69
3.80
3.77
3.64
3.68
2.91
2.89
2 96
2.99
2.98
3.61
3.63
3.70
3.69
3.73
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.
« Consists of selected note and bond issues.
1 Average of daily offering rates of dealers.
2 Average of daily rates, published by finance companies, for varying
maturities in the 90-179 day range.
3 Average of daily prevailing rates.
BOND AND STOCK YIELDS l
[Per cent per annum]
Corporate bonds3
Government bonds
State
United
and local3
States
Gongterm) 2 Total4 Aaa
Baa
Year, month, or week
1958 average
1959 average
1960 average
I960 Nov
Dec
1961 Jan
Feb
Mar
Apr
May
July
Aug
Sept
Oct
Nov
Week ending—
1961 Nov 4
11
18
25
Dec. 2
.
. . .
By selected
ratings
Total
Baa
Industrial
Railroad
Public Preutility ferred
Common
Earnings/
price ratio
Common
4-9
20
5
5
120
30
30
40
40
40
14
500
500
3.43
4.07
4.01
3 93
3.88
3 89
3.81
3.78
3 80
3.73
3.88
3.90
4.00
4 02
3.98
3.98
3.36
3.74
3.69
3.57
3.53
3.56
3.54
3.60
3.61
3.57
3.63
3.63
3.62
3.64
3.59
3.57
2.92
3.35
3.26
3.14
3.12
3.15
3.14
3.23
3.27
3.25
3.35
3.35
3.33
3.33
3.28
3.27
3.95
4.24
4.22
4.09
4.03
4.06
4.06
4.11
4.01
3.95
3.97
3.94
3.96
4.02
3.98
3.96
4.16
4.65
4.73
4.64
4.66
4.65
4.59
4.54
4.56
4.58
4.63
4.70
4.73
4.74
4.73
4.70
3.79
4.38
4.41
4.31
4.35
4.32
4.27
4.22
4.25
4.27
4.33
4.41
4.45
4.45
4.42
4.39
4.73
5.05
5.19
5.08
5.10
5.10
5.07
5.02
5.01
5.01
5.03
5.09
5.11
5.12
5.13
5.11
3.98
4.51
4.59
4 51
4.55
4.52
4.46
4.40
4.45
4.48
4.54
4.59
4.60
4.61
4.60
4.58
4.39
4.75
4.92
4 85
4.87
4 86
4.82
4.78
4.75
4.77
4.83
4.89
4.92
4.94
4.92
4.89
4.10
4.70
4.69
4 56
4.58
4 57
4.51
4.43
4 46
4.49
4.52
4.60
4.67
4 67
4.66
4.63
4.45
4.69
4.75
4 78
4.84
4 73
4.68
4.66
4 67
4.63
4.66
4 69
4 69
4 69
4 62
4.59
3.97
3.23
3.46
3 51
3.41
3 28
3.13
3.03
2 95
2.92
2.99
2.99
2 91
2 93
2.91
2.83
6.02
5.92
5.91
3 95
3.96
4.00
3 98
4.01
3.53
3.53
3.56
3.59
3.61
3.24
3.24
3.26
3.29
3.31
3.93
3.93
3.95
3.96
4.01
4.71
4.70
4.70
4.69
4.69
4.40
4.39
4.39
4.39
4.38
5.12
5.11
5.11
5.10
5.10
4 59
4.58
4.57
4.57
4.57
4 91
4.90
4.89
4 88
4.88
4 64
4 63
4.63
4 62
4.62
4 60
4 59
4.58
4 58
4.58
2 83
2 81
2.83
2 82
2.84
* Preliminary.
F-i 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.
Dividend/
price ratio
By
groups
4
Aaa
Stocks*
5.33
4.18
»4.67
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.
1441
SECURITY MARKETS
SECURITY PRICES i
Bond prices
Common stock prices
Year, month,
or week
CorU.S.
MupoGovt. nicipal rate
(long- (high- (highterm) 2 grade)3 grade)
3 Total
Number of issues.
Industrial
Railroad
425
25
Volume
of
trad-4
ing
(in
Trade,
thoufisands
nance, Minof
and
ing
shares)
service
Securities and Exchange Commission index
(1957-59= 100)
Standard and Poor's index
(1941-43= 10)
Manufacturing
Public
utility
Total
50
300
Total
Durable
193
108
Trans- PublicNon- portautiltion
duity
rable
15
17
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—Nov..
Dec..,
87.23
87.84
107.7
108.0
95.5
95.1
55.47 58.89 28.93 47.83 112.6 108.5 113.0 104.5
56.80 60.22 29.03 49.78 115.2 110.3 114.5 106.4
1961—Jan...
Feb...
Mar..
Apr..,
May.,
June.,
July..
Aug..
Sept..
Oct...
Nov..
87.70
88.74
89.07
88.80
89.74
87.83
87.57
86.27
86.09
86.61
86.52
108.1
109.7
108.9
108.1
109.0
106.8
106.7
106.5
106.6
107.7
108.1
95.6
96.3
97.0
96.4
96.0
95.0
94.5
93.9
93.9
94.6
94.7
59.72
62.17
64.12
65.83
66.50
65.62
65.38
67.79
67.26
68.00
71.08
63.20
65.71
67.83
69.64
70.34
69.48
69.09
71.69
70.89
71.42
74.72
31.43
32.17
32.93
32.35
33.08
32.41
31.78
32.76
33.02
34.53
34.30
52.73
55.64
57.06
59.09
59.59
58.43
59.36
61.19
62.19
64.15
67.19
120.9
125.4
129.8
133.0
134.9
132.8
132.7
137.4
136.2
138.0
144.0
115.3
119.2
123.9
125.8
127.6
126.0
125.2
130.1
128.9
129.1
133.7
118.6
121.4
127.8
128.5
130.6
128.0
126.5
131.3
131.7
132.2
135.7
112.1
117.3
120.3
123.3
124.9
124.2
123.9
129.0
126.4
126.4
131.9
100.3
102.6
104.2
103.4
107.5
105.1
103.3
107.0
106.8
110.1
109.9
148.7
156.0
159.2
168.9
170.0
164.0
166.7
170.6
168.9
173.9
186.0
134.8
139.8
146.7
150.4
153.
156.0
158.5
164.2
166.4
76.6
187.7
85.1
89.0
89.2
93.5
96.9
97.0
93.1
92.8
87.3
90.3
95.1
4,243
4,884
5,365
5,089
4,617
3,324
3,045
3,545
3,193
3,318
4,390
86.98
86.85
86.37
86.57
86.22
108.5
108.8
108.4
107.7
107.1
94.7
94.9
94.9
94.2
95.0
68.87
70.68
71.56
71.74
71.68
72.33
74.28
75.21
75.46
75.46
34.22
34.40
34.59
34.25
33.90
65.29
66.92
67.76
67.77
67.30
140.7
144.0
145.3
145.9
145.8
130.8
134.2
134.7
135.0
135.4
132.7
137.1
136.3
136.6
137.6
129.2
131.5
133.3
133.6
133.3
109.6
109.9
110.9
109.2
109.5
181.2
185.0
187.3
190.3
188.9
181.1 92.7
185.4 95.1
193.0 94.2
191.4 98.3
188.6 101.5
3,600
4,821
4,380
4,399
4,457
Week ending—
1961—Nov. 4..
11..
18..
25..
Dec. 2..
500
85
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
91.7 132.0 129.3
92.6 138.5 132.4
74.1 3,100
78.2 3,684
2
Prices derived from average market yields in preceding table on basis
of 3an assumed 3 per cent, 20-year bond.
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.
1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's conrmon 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 Corrmission series on common stock prices are based on weekly closing prices.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit2
Customer credit
End of month i
i otai—
securities
other
than
U S Govt
obligations
(col. 3 +
col. 5)
Net debit balances with
Bank loans to others (than
New York Stock2 Exchange brokers and dealers) for pur- 3
firms
chasing and carrying securities
Secured by
U. S. Govt.
obligations
Money borrowed
Secured by
other
securities
U. S. Govt.
obligations
Other
securities
On
U. S. Govt.
obligations
On
other
securities
Customers'
net
fr*u>
iree
credit
balances
68
146
150
2,482
3,285
3,280
60
63
164
1,094
1,252
1,181
125
234
221
1,706
2,071
2,362
896
1,159
996
I960—Nov.
Dec.
3,576
4,537
4,461
4,303
4,415
99
95
3,141
3,222
128
134
1,162
1,193
139
142
2,129
2,133
1,062
1,135
1961—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
4,424
4,532
4,787
5,190
5,386
5,367
5,355
5,349
4 5,311
5,333
5,460
77
68
55
50
40
51
50
49
46
44
39
3,253
3,358
3,601
3,936
4,060
4,024
3,991
3,972
3,991
4.029
4,141
123
127
110
112
108
104
106
102
109
103
102
1,171
1,174
1,186
1,254
1,326
1,343
1,364
1,377
4
l,320
1,304
1,319
101
94
70
67
58
67
69
56
64
56
51
1,937
1,905
1,927
2,284
2,529
2,748
2,728
2,679
2,666
2,654
2,752
1,269
1,392
1,507
1,508
1,453
1,280
1,207
1,208
1,227
1,214
1,219
1957—Dec..
1958—Dec.
1959—Dec..
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 except member firms of national securities exchanges.
2
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.
4
Reclassification of loans reduced these items by $66 million. See
note 3, p. 1436.
1442
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and 1inance
company paper
End of year
or month
Accepting banks
Placed
through
dealers i
Total
Placed
directly
(finance
paper) 2
2,666
32,744
3,168
510
506
551
840
677
1,510
1,660
2,115
31,904
2,491
1,307
1,194
1,151
I960—Oct
Nov
Dec
5,184
5,222
4,418
1.493
1,505
1,358
3,691
3,717
3,060
1961—Jan
5 010
4,968
4,992
5,001
4,848
4 851
4,904
4 862
4,789
5,035
1,465
1,479
,525
1,532
1,478
,460
1,534
,617
,730
818
3,545
3,489
3,467
3,469
3,370
3,391
3,370
3,245
3,059
3,217
Feb
Mar
Apr
May
June..
July .
Aug
Sept
Oct .
F. R.
Banks
To- Own Bills Own
tal bills bought acct.
2 020
2,166
1955
1956
1957
1958
1959
1Based on
Held b y -
Goods stored in or
ExImshipped between
Dollar
ports
ports
points in —
Others into
exfrom
ForUnited United change
eign
United Foreign
States States
corr.
States countries
126
155
194
238
282
49
72
94
64
36
28
69
66
49
75
33
50
76
68
82
405
287
302
319
621
878
775
675
252
261
278
254
357
210
329
456
349
309
46
83
74
63
227
296
244
162
232
263
249
1,753
1,868
2,027
501
628
662
356
454
490
145
175
173
39
48
74
196
227
230
1,017
965
1,060
405
401
403
633
647
669
139
146
122
157
229
308
419
445
524
2,029
2,049
725
730
842
858
514
554
641
661
210
176
202
197
163
216
188
217
207
206
46
46
46
45
197
179
173
151
166
156
144
137
123
117
1,061
1,093
1,169
1,200
1,192
1,166
1,210
1,259
1,318
1,301
400
388
408
397
677
702
821
863
118
104
110
93
299
291
269
268
535
563
623
633
864
896
74
70
235
207
651
703
926
964
964
949
45
49
59
91
186
192
191
225
729
765
757
769
642
967
175
227
2,231
2,254
2,203 808
2,271 913
2,301 915
2.400 970
2,422 946
2,491 1,035
645
697
727
753
740
829
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
2 As reported by finance companies that place their paper directlv with
investors.
37
36
32
34
35
38
379
395
415
429
452
457
17
2
100
148
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; placed 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.
1941.
1945
4,787
4,202
89
62
3,592
10,650
1953.
1954
1955.
1956
1957
1958
19593
(960
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
I960—Sept
Oct
Nov
26,214
26,382
435
Dec
1961
Jan
Feb
Mar
Apr
May
June
July
Au2
Sept
..
26,553
26,702
26,863
27,003
27 207
27,383
27,570
. . . 27,771
27,972
28 179
28,335
417
425
416
412
427
453
401
449
417
385
431
455
State
and
local
govt.
Corporate
and
other i
1 / 86
1,257
Other
assets
689
185
11,772
16,962
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
40,216
40,185
40,339
3,311
3,548
3,366
3,549
4,344
4,971
4,845
5,076
6,512
687
6,356
681
676
672
4,989
4,985
5,019
5,076
787
779
788
874
592
585
590
589
6,349
6,449
6,566
6,350
6,337
6,296
6,314
6,320
6,305
667
667
666
664
665
5,079
5,064
5,110
5,099
5,126
5,158
5,160
5,137
5,118
825
846
855
804
834
861
610
621
624
625
607
6,288
6,243
687
685
686
687
Total
assets—
Total
liabili- Deposits
ties
and
surplus
accts.
829
606
428
608
646
675
685
729
721
672
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.
Cash
assets
1,026
835
821
867
616
620
629
654
Amounts in millions of dollars]
40,571
40,804
41,076
41,480
41,326
41,588
41,806
41,970
42,202
42,422
10,503
15,332
24,388
26,351
28,182
30,026
31,683
34,031
34,977
36,343
35,867
35,923
35,962
36,343
36,513
36,649
37,000
36,946
37,060
37,427
37,450
37,549
37,859
Other
liabilities
Surplus
accounts
Mortgage loan2
commitments
Number Amount
38
48
1,231
1,582
526
606
678
2,608
2,738
2,854
2,986
3,105
3,227
3,362
3,550
806
3,543
203
261
310
369
427
740
810
678
728
821
850
781
883
720
852
935
823
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
89,912
65,248
58,350
58,782
3,522
3,567
60,396
60,420
3,550
3,563
3,606
3,630
3,599
58,350
63,470
65,254
68,646
66,582
3,645
3,659
3,668
3,718
3,739
67,236
66,467
66,544
64,910
65,662
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,664
1,170
1,200
1,164
1,205
1,242
1,200
1,241
1,334
1,428
1,488
1,556
1,674
1,792
1,536
1,526
3 Data reflect consolidation of a large mutual savings bank with a commercial bank.
NOTE.—These data differ somewhat from those shown elsewhere in
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.
SAVINGS INSTITUTIONS
1443
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Total
assets
Date
Total
End of year: 3
1941
1945
United State and
local Foreign:
States
(U.S.)
Mortgages
Total
Bonds
Real
estate
Policy
loans
Other
assets
Stocks
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
9,070
8,576
7,555
7,029
7,183
6,868
6,427
1,995
722
1,846
2,038
2,273
2,376
2,681
3,200
3,588
1,346
1,215
1,239
1,285
1,370
1,513
1,664
37,300
39,545
41,543
44,057
47,108
49,666
51,857
34,032
35,9t2
38,040
40,666
42,999
45,105
46,876
3,268
3,633
3,503
3,391
4,109
4,561
4,981
25,976
29,445
32,989
35,236
37,062
39,197
41,771
2,298
2,581
2,817
3,119
3,364
3,651
3,765
3,127
3,290
3,519
3,869
4,188
4,618
5,231
3,523
3,743
4,076
4,338
4,624
4,937
5,273
11,242
11,599
7,182
6,858
2,691
3,221
1,369
1,520
46,420
48,840
43,044
45,157
3,376
3,683
37,092
39,237
3,387
3,678
4,186
4,620
5,253
5,676
117,947
118,544
119,066
119,717
11,750
11,729
11,788
11,729
6,586
6,524
6,547
6,444
3,546
3,579
3,605
3,622
1,618
1,626
1,636
1,663
50,299
50,610
50,811
51,010
46,414
46,669
46,831
46,956
3,885
3,941
3,980
4,054
41,099
41,313
41,521
41,798
3,828
3,834
3,851
3,804
5,138
5,182
5,225
5,267
5,833
5,876
5,870
6,109
120,467
120,951
121,469
121,921
122,462
122,861
123,381
123,902
124,411
11,881
11,944
11,987
11,982
12,063
11,927
11,972
12,021
12,057
6,545
6,542
6,535
6,488
6,551
6,401
6,440
6,440
6,390
3,671
3,702
3,735
3,769
3,774
3,779
3,786
3,822
r
3,851
1,665
1,700
1,717
1,725
1,738
1,747
1,746
1,759
r
l,816
51,306
51,446
51,612
51,812
52,008
52,277
52,622
52,839
53,003
47,211
47,296
47,377
47,563
47,672
47,937
48,244
48,424
48,533
4,095
4,150
4,235
4,249
4,336
4,340
4,378
4,415
4,470
42,008
42,143
42,351
42,553
42,723
42,905
43,052
43,216
43,381
3,813
3,822
3,823
3,827
3,837
3,856
3,870
3,901
3,917
5,303
5,345
5,409
5,461
5,508
5,553
5,541
5,580
5,618
6,156
6,251
6,287
6,286
6,323
6,343
6,324
6,345
6,435
32,731
44,797
9,478
22,545
6,796
20,583
84,486
90,432
96,011
101,309
107,580
113,650
119,576
12,262
11,829
11,067
10,690
11,234
11,581
11,679
End of month: 4
1958—Dec...
1959—Dec...
107,580
113,650
I960—Sept...
Oct.. .
Nov...
Dec...
1961—Jan...
Feb...
Mar...
Apr...
May..
June..
July. .
Aug...
Sept...
1954
1955.
1956
1957
1958
1959
1960
Business securities
T
1
2
Revised.
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.
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Assets
End of year
or month
Mortgages
U.S.
Govt.
obligations
Liabilities
Cash
Other 2
Total
assets3—
Total
liabilities
Savings
capital
Reserves
and
undivided
profits
Borrowed
money 4
Loans in
process
Other
Mortgage
loan
commitments 5
1941
1945
1953
1954
1955
1956
1957
1958
1959
1960
4,578
5,376
107
2,420
344
450
775
356
6,049
8,747
4,682
7,365
475
644
256
336
636
402
n.a.
n.a.
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
1,901
2,187
2,557
2,950
3,363
3,845
4,393
4,982
1,027
950
1,546
1,347
1,379
1,444
2,387
2,191
959
1,244
1,411
1,430
1,484
,161
,293
,183
713
874
979
n.a.
n.a.
833
843
862
,475
,285
,360
1960— Sept.
Oct..
Nov.
Dec,
58,406
59,011
59,512
60,084
4,533
4,553
4,589
4,586
2,097
2,201
2,287
2,715
3,904
3,989
4.142
4,104
68,940
69,754
70,530
71,489
59,541
60,208
60,766
62,154
4,640
4,640
4,649
4,982
1,882
1,868
1,919
2,191
,313
,280
,209
,183
,564
,758
,987
979
,559
,509
,451
,360
1961—Jan..
Feb..
Mar.
Apr.,
May.
June.
July.
Aug.
Sept.
60,455
60,882
61,571
62,265
63,080
64,073
64,811
65,717
66,519
4,679
4,871
4,978
4,960
4,960
4,991
4,983
5,051
5,046
2,620
2,679
2,682
2,706
2,855
2,987
2,760
2,674
2,721
3,997
4,068
4,191
4,304
4,520
4,460
4,308
4,387
4,470
71,751
72,500
73,422
74,235
75,415
76,511
76,862
77,829
78,756
62,745
63,298
64,003
64,420
65,220
66,582
66,693
67,189
67,851
4,980
4,984
4,991
5,002
5,005
5,287
5,281
5,284
5,288
1,726
1,646
1,620
1,708
1,749
2,023
2,022
2,154
2,284
,114
,127
1,226
1,322
1,413
1,535
1,551
1,594
1,587
,186
,445
,582
,783
2,028
',084
,315
,608
,746
,425
,556
,787
,951
2,115
2,120
2,144
2,186
2,108
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 1953 are based entirely on annual reports.
2
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
3 Prior to 1958 mortgages are net of mortgage pledged shares. Asset
items will not add to total assets, which include gross mortgages with
no deductions for mortgage pledged shares. Beginning with January
1958, no deduction is made for mortgage pledged shares. These have
declined consistently in recent years and amounted to $42 million at the
end4 of 1957.
Consists of FHLB advances and other borrowing.
5 Not a balance-sheet item.
NOTE.—Data for 1960 and 1961 are preliminary.
1444
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
Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
from,
InLess—
Equals—
or
crease,
Equals: payts.
Net
or deTotal
Less:
cash
to
(
)
,
crease
Net
Adjust- payts.
Other
borrowthe
(-),in inv. by
ments 3 to the
noning or
public
debt
Govt.
public
cash
repayt
(direct agen. & debt*
& agen.) tr. funds
Payments t o t h e public,
other t h a n debt
Plus:
Trust
fund
expenditures
Equals:
Less:
Total
Budget
Plus:
Intrarects.
Trust
exGovt.
from
fund
penditransthe
receipts actions i
tures
public 2
Cal. year 1958
1959
I960
68,262
72,738
79,518
16,797
18,830
22,732
3,278
3,966
3,906
81,728
87,552
98,287
7 5 , 349
7 9 , 778
7 7 , «?65
17,856
20,244
22,242
4,19C
4,46(
5,114
89,014 -7,287
95,560 -8,006
94,694
3,593
Fiscal year—1958
1959 . . .
I960
1961*....
68,550 16,319
67,915 16,950
77,763 5 20,534
77,578 23,792
2,917
3,161
3,167
4,170
81,892
81,660
95,078
97,144
16,059
7 1 , 369
18,462
8 0 , 342
76,
5 20,891
23,182
8 1 , 503
4,oie
4,oo:
3,12S
5,39^
83,412 -1,520
94,804 -13,144
94,301
777
99,291 -2,147
Semiannually:
1959—July-Dec
I960—Jan.-June....
July-Dec
1961—Jan.-June*...
33,575
9,381
44,188 12,420
35,329 510,219
42,249 13,573
2,147
2,287
1,526
2,644
40,784
54,294
43,993
53,151
3 9 , 191
10,568
11,590
3 7 , 348
4 0 , 217 5 10,561
286
12,621
41,
1,46!
2,931
2,08<
3,30!
48,295 -7,511
7,329
46,006
8,288 - 3 , 9 5 8
48,688 -4,695
3,410
50,603
2,548 - 1 , 3 0 7
Monthly:
I960—Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
May
June*
July
Aug
Sept
Oct
2,823
6,300
7,643
1,081
2,344
1,399
247
236
452
3,651
8,403
8,586
6, 8?9
6 , 773
6 , 847
1,681
1,754
1,815
63
-14*
67i
4,846
6,537
8,524
5,125
6,467
10,749
2,982
6,367
8,945
3,141
858
2,684
1,939
1,539
3,577
2,975
1,002
3,297
1,478
980
116
303
203
364
305
1,353
189
298
180
239
5,586
8,916
10,256
6,295
9,731
12,367
3,793
9,357
10,236
3,872
6, 470
6, ?36
7, 01?
6, 450
1,938
2,046
2,059
2,225
2,033
2,320
1,873
2,052
2,204
1,994
1,13.
41!
81(
38.
-26(
82:
29
-86<(
70
40
7 , 169
7 , 948
6, 3??
7 631
6 771
7, 796
-717
-543
1,625
657
6,216
9,656 - 1 , 1 8 1
953
3 371
2,103
871
7,762
487
2,081
8,580
491 —2,670
-200
2,160
597
536
5,760
8,678
1,821
697
-856
1,809
-184
1,055
574
7,615
23 - 5 , 7 9 4
3,124
468
68 - 2 , 4 2 7
2,197
-62
-161
-514
339
—254
— 1,689
-323
1,049
381
1,996 —3 231
513
-1,997
269
2,280
2,921
-927
-4,109
3,498
-1,195
1,412
1,970
448
1,934
-5,512
-483
-65
403
—916
1,559
556
-863
1,291
-545
-905
112
2,600
154
-555
16
77
42
119
412
34
—24 —3,609
1,412
16
A
725
— 1,486
4,167
195
-442
563
54
939
64
2,775
7,879 -4,228
8,674
-271
7,984
603
7,275
7,867
8,260
8,292
9,462
9,446
7,902
10,552
8,266
9,385
7,533
10,112
-548
Effects of operations on Treasurer's account
Operating transactions
Financing transactions
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
tax and
loan
accts.
5,816
8,363
1,625
2,640
140
-23
-4
-83
4,159
-4,399
2,654
-1,311
9,749
5,350
8,005
6,694
410
535
504
408
8,218
3,744
6,458
5,453
1,121
1,071
1,043
833
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
659
-310
148
2,063
-73
-197
23
20
42
-1,645
-841
580
6,672
5,831
6,411
437
512
485
5,447
4,517
5,165
788
802
761
868
65
-423
842
— 1,409
-655
780
-1,397
662
828
-181
508
-3,072
516
2,158
-1,175
3,433
1,310
35
1,911
15
1
-112
181
-126
-94
163
-52
-20
30
-1,582
1,463
— 1,498
-761
1,128
1,532
-101
-572
2,936
-2,759
4,829
6,292
4,794
4,034
5,162
6,694
6,593
6,020
8,956
6,197
588
467
443
633
372
408
415
543
348
502
3,215
4 881
3,533
2,315
3,994
5,453
5,287
4,745
7,754
4,834
1,026
944
818
1,086
796
833
891
732
853
861
accumulation,
or
deficit
(-)
Net
market
issuance
(+)of
Govt.
agency
obligations 6
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds*
-2,819
-12,427
1,224
-3,925
262
-1,511
-359
610
670
-29
-149
449
567
71
1,023
-733
-197
1,112
-714
-436
Semiannually:
1959—July-Dec
1960—Jan.-June
July-Dec
1961—Jan.-June*
-5,617
6,841
-4,888
963
-1,187
828
-341
951
-437
288
19
430
366
657
—493
-240
Monthly:
I960—Oct
Nov
Dec
—4,006
-473
796
-600
590
-416
241
-643
244
21
-1,624
301
1,512
-1,325
-702
2,801
-3,340
-1,265
2,174
-4,655
-1,080
638
-119
-686
1,544
655
-871
1,244
-726
-1,015
423
-57
580
205
—503
-216
34
-549
663
170
27
8
—87
Net
Budget
surplus,
or
deficit
(-)
Fiscal year
1958 . . .
1959
I960
1961*
1961—Jan
Feb
Mar
Apr
May
June*
July
Aug
Sept
Oct
Trust
88
46
-132
-86
29
24
32
108
33
Net
n.a.
Not available.
* Preliminary.
1
Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Account of Treasurer of United
States (end of period)
Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt
Reconciliation
to Treas.
cash
Period
Cash balances:
inc., or dec. (—)
Deposits in—
Other
net
assets
Budget expenditures, and payroll deductions for Federal employee* retirement, health and life insurance funds.
2 Small adjustments to arrive at this total are not shown separately.
For other notes, see opposite page.
1445
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
receipts2
Transfers to—
Old- High- R.R.
reage
way tiretrust
trust ment
fund 7 fund
acct.
Fiscal year—1958..
1959..
I960..
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
Scmiannually:
1959—July-Dec..
1960—Jan.-June.
July-Dec..
1961—Jan.-June*
33,575
44,188
35,329
42,249
3,815
6,396
4,762
6,824
2,823
6,300
7,643
4,846
6,537
8,524
5,125
6,467
10,749
2,982
6,367
8,945
3,141
Monthly:
I960—Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
May
June*....
July
Aug
Sept
Oct
Refunds
of
receipts
Total
Budget
receipts
Individual
Corporation
Withheld
Other
11,528
11,733
13,271
13,175
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
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 12,927
373
1,214
547
253
268
240
15
81
48
173
29
61
3,641
7,900
8,751
1,066
4,527
2,591
230
121
383
304
1,448
1,285
720
1,941
1,127
291
1,736
829
239
223
235
213
201
237
238
253
273
267
258
13
77
48
14
77
44
14
84
55
1
64 5,537
530 9,153
1,792 11,878
1,296 7,359
1,036 9,767
242 12,642
178 3,779
203 8,713
185 10,285
162 3,811
1,049
4,781
2,413
916
4,743
2,450
1,235
4,654
2,662
1,399
2,149
786
759
3,403
956
1,937
245
161
2,017
215
20,533
18,092
22,179
21,765
Employment
taxes8
Other
receipts
Liquor
Mfrs.'
To
and rebacco tailers'
10,814 8,644
10,760 8,854
11,865 11,159
12,069 12,502
5,414
5,464
6,813
6,925
2,946
3,002
3,194
3,213
1,734
1,807
1,932
1,991
4,316
4,315
5,114
5,294
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
1,528
984
948
1,008
983
2,408
2.706
2,724
2,570
481
455
3,331
1,021
1,069
1,008
389
1,295
596
454
433
842
321
319
259
158
178
164
1,275
534
444
5,799
493
411
5,246
520
382
3,251
408
918
861
1,082
831
1,072
1,067
975
1,197
983
1,102
348
1,814
1,348
736
2,020
1,173
306
1,821
884
241
539
467
477
980
565
769
498
498
488
446
204
169
313
231
285
327
238
292
284
n.a.
128
116
213
160
176
190
137
196
169
n.a.
1,403
1,167
1,379
n.a.
Budget expenditures9
Agriculture
VetGenIntl.
erans' T oknf
Comand
Nateral
merce
ural
serv- j_,aoor agriaffairs InterTotal 2
and
culgovernand
reMilitary
and
ices
and
est
Total io Military assist- Atomic finance
welfare tural sources housing ment
benedefense
energy
reance
fits
sources
Major national security
Period
Fiscal year—1958..
1959..
1960..
1961*.
71,369
80,342
76,539
81,503
44,142
46,426
45,627
47,402
39,062
41,233
41,215
43,218
2,187
2,340
1,609
1,446
2,268
2,541
2,623
2,716
2,231
3,780
1,833
2,592
7,689
7,671
9,266
9,055
5,026
5,174
5,060
5,262
3,447
4,421
4,419
4,949
4,389
6,529
4,838
5,039
1,544
1,669
1,713
2,008
2,109
3,421
2,782
3,939
1,359
1,606
1,695
1,931
Semiannually:
1959—July-Dec..
I960—Jan.-June.
July-Dec..
1961—Jan.-June*
39,191
37,348
40,217
41,286
23,119
22,508
23,186
24,216
20,975
20,240
21,170
22,048
715
894
644
802
1,290
1,333
1,342
1,374
650
1,183
1,068
1,524
4,494
4,772
4,587
4,468
2,493
2,567
2,577
2,685
2,086
2,333
2,225
2,724
2,961
1,877
2,998
2,041
941
772
1,056
952
1,950
832
1,870
2,069
833
862
951
980
6,829
6,773
6,847
3,728
3,884
4,217
3,432
3,537
3,867
77
114
123
217
228
222
164
301
143
756
740
772
422
436
438
376
378
366
727
476
594
182
193
146
330
236
219
140
140
165
6,470
6,236
7,012
6,450
7,169
7,948
6,322
7,631
6,771
7,796
3,693
3,778
4,279
3,754
4,144
4,568
3,453
4,046
3,852
4,065
3,398
3,468
3,935
3,392
3,804
4,051
3,179
3,763
3,582
3,776
91
88
99
135
88
301
27
51
62
62
201
217
236
230
246
244
232
227
204
226
221
202
199
217
182
213
223
255
293
362
780
727
738
730
723
770
773
739
740
718
444
431
480
443
441
446
422
471
418
438
431
406
399
224
486
692
398
535
402
468
446
130
223
332
587
757
486
711
419
915
142
129
134
206
146
195
153
236
218
218
215
334
359
399
312
392
318
440
313
420
163
134
194
144
156
189
157
252
119
200
Monthly:
1960—Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
May
June*....
July
Aug
Sept
Oct.*
3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6)4 net operating transactions of Govt. sponsored enterprises.
Primarily adjustments 2, 3, and 4, described in note 3.
5 Adjusted for reclassification of certain repayment of advances from
the6 general fund.
Excludes net transactions of Govt. sponsored enterprises, which are
ncluded in the corresponding columns above.
78 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.
Fiscal and semiannual totals adjusted; monthly totals are not. Jan.-June
totals derived by subtracting July-Dec, totals from fiscal year totals.
* ° Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.
1446
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of U. S. Treasury.
In billions of dollars]
Public issues 3
Total
gross
debt*
End of
month
Total
gross
direct
debt*
Marketable
Nonmarketable
Bonds
Total
Total
Bills
Certificates of
indebtedness
Notes
Bank
eligible*
Bank
restricted
Convertible
bonds
Totals
Savings
bonds
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
Tax
and
savings
notes
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
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—Nov
Dec
290.6
290.4
290.4
290 2
242.6
242 5
188.8
189 0
39.5
39 4
18.4
18 4
51.2
51 3
79.7
5.7
5.7
48.0
47.8
47.4
47.2
44.6
44 3
1961
290.2
290.7
287.7
288.2
290.4
289 2
292.6
294 0
294.0
296.0
297.3
290 0
290.5
287.5
288 0
290.1
289 0
292.4
293 7
293.7
295.7
297.0
242 8
243.5
240.1
241 6
242.3
240 6
244.8
245 1
245.8
248.8
249.4
189 3
189.9
186.5
188 1
188.9
187 1
191.3
191 1
191.9
195.2
195.6
39 7
39.9
36.5
38 2
38.4
36 7
40.8
40 9
41.9
42.6
43.4
18 4
11.5
11.5
11 5
13.3
13 3
13.3
5 5
5.5
5.5
5.5
51 3
58.7
57.8
57 5
56.2
56 3
56.3
65 0
65.2
67.8
71.5
79.8
79.8
80.7
80 9
80.9
80 8
80.8
79 7
79.3
79.3
75.2
5.6
5.6
5.5
47.9
47.9
48.0
48.0
48.1
48 1
48.2
48 7
48.8
48.9
49.1
47.2
47.3
47.4
47.4
47.5
47 5
47.6
47 6
47.7
47.7
47.8
43 8
43.7
44.0
43 0
44.5
45 0
44.2
45 6
45.0
43.9
44.2
Jan
Feb
Mar
Apr
May
June
July
. .
Sept
Oct
Nov
2.0
1 Includes some debt not subject to statutory debt limitation (amounting
to $440 million on Nov. 30, 1961), and fully guaranteed securities, not
shown
separately.
2
Includes non-interest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated SI 1,119 million on Oct. 31, 1961.
52.2
49 6
13.4
5.7
79.8
5.4
5.4
5 4
5.3
5 2
5.1
4.7
4.7
2.5
8.2
5 4
6.0
4.5
(6)
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, certificate of indebtedness—Foreign
series,
and REA bonds, not shown separately.
6
Less than $50 million.
OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Held by the public
Held by—
Total
gross
debt
(including guaranteed
securities)
End of
month
1941—Dec .
1945_Dec
1947—Dec
1952 Dec .
1953—Dec
1954 Dec
1955__Dec
1956—Dec
1957 Dec
1958—Dec
1959 Dec
...
U. S. Govt.
agencies andl
trust funds
Special
issues
Public
issues
Federal
Reserve
Banks
Total
Commercial
banks2
64.3
278 7
257.0
267 4
275.2
278.8
280.8
276.7
275 0
283.0
290.9
7.0
2.6
2.3
20 0
29.0
39 2
41.2
42.6
43.9
45.6
45.8
44.8
43.5
7 0
10.2
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
21.4
90 8
68.7
63 4
63.7
69.2
62.0
59.5
59.5
67.5
60.3
1960 Oct
Nov
Dec
290 6
290.6
290.4
44.3
44.6
44.3
10 8
10.8
10.7
27 4
27.5
27.4
208 2
207.7
207.9
61 4
61.2
62.1
1961
290.2
290.7
287.7
288.2
290.4
289.2
292 6
294.0
294.0
296.0
43.8
43.7
44.0
43.0
44.5
45.0
44.2
45.6
45.0
43.9
10.7
10.8
10.9
11.0
11.0
11.0
11.0
10.9
10.9
11.1
26.6
26 7
26.7
26.8
26.9
27.3
27.4
27.7
27.8
28.3
209.1
209 6
206.1
207.5
208 0
205.9
210 0
209.8
210.3
212.9
62.7
61 9
59.7
61.7
62.1
62.5
65 5
65.1
66.6
67.3
. .
Jan
Feb . . .
Mar
Apr
May
Julv .
Aug.
Sept
Oct
.
5.4
6.7
7.1
7.0
7.8
8.4
9.4
9.6
1 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.
Mutual
savings
banks
Insurance
panies
Other
corporations
State
and
local
govts.
.7
6.5
7.3
3.7
8.2
4.0
10.7
12.0
24.0
23.9
16.0
15.9
15.3
14.6
13.2
12.5
12.7
12.5
22.2
14.1
19.9
21.5
19.2
23.5
19.1
18.6
18.8
22.6
11.9
11.9
11.9
11.9
11.8
11.7
11.6
11.6
11.4
11.5
11.5
11.5
11.6
9.5
9.2
p o
8.5
8.0
7.6
7.3
6.9
6 4
6.3
6.3
6.3
6.4
6.6
6.3
6.3
6.3
6.3
6.3
6.3
6.2
Individuals
Savings
Other
bonds securities
Misc.
investors 3
5.4
8.2
11.1
12.7
14.4
15.1
16.1
17.0
16.7
17.7
42.9
46.2
49.2
49.4
50.0
50.2
50.1
48.2
47.7
45.9
21.2
19.4
16.0
15.4
13.5
14.8
15.6
15.4
15.1
22.6
11.7
13.2
13.9
15.6
16.1
16.6
16.6
22.1
20.1
20.6
19.7
17.3
17.2
17.0
45.6
45.6
45.7
21 9
21.9
21.2
23 6
22.8
24.2
20.1
21.2
19.5
20.5
21.2
19.4
19.8
20.2
19.0
19.9
17.1
17.3
17.4
17.2
17.1
17.3
17.3
17.2
17.1
17.3
45.8
45.8
45.9
45.9
46.0
46.1
46.1
46.2
46.3
46.4
21.1
21.2
21.3
20.3
20.0
19.7
19.8
20.0
19.8
19.8
24.0
23.9
24.1
23.9
23.5
23.2
23.7
23.2
23.7
24.4
.9
9.1
8.4
3 Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.
1447
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- Conable
vertible
bonds2 bonds
All holders:
1958—June 30
1959—June 30
I960—June 30
175,573
185,709
190,151
22,406
32,017
33,415
32,920
33,843
17,650
20,416
27,314
51,483
90,932
84,853
81,297
1961—June 30
Aug. 31
Sept. 30
192,513
196,374
197,010
36,723
40,928
41,939
13,338
5,509
5,509
56,257
65,048
65,188
80,830
79,653
79,289
9,477
9,681
10,246
173
86
371
599
537
459
1,169
1,389
1,810
4,703
4,988
5,136
10,848
10,699
10,696
801
640
631
222
144
144
1,246
1,341
1,352
6,235
6,253
6,258
25,438
26,044
26,523
2,703
2,032
2,513
19,946
18,650
8,508
2,879
13,011
1961—June 30
Aug 31
Sept. 30
27,253
27,697
27,799
2,840
2,659
2,970
6,511
1,683
1,632
Commercial banks:
1958—June 30
1959—June 30
I960—June 30
57,509
53,513
48,099
3,796
3,563
2,376
1961—June 30
Aug. 31
Sept. 30
55,116
57,383
58,593
Within
1 year
1-5
5-10
years
Over
10 years
8,898 166,675
7,681 178,027
6,306 183,845
67,782
72,958
68,982
41,071
56,819
72,844
22,961
18,538
21,731
34,860
29,713
20,288
5,365 187,148
5,235 191,138
5,085 191,925
79,635
79,189
79,849
59,885
65,092
65,232
26,435
25,693
21,934
21,193
21,164
24,910
2,833
2,680
2,470
6,644
7,001
7,776
899
930
1,070
1.565
1,679
2,683
913
1,448
2,062
3,267
2,944
1,961
2,345
2,321
2,311
8,503
8,378
8,386
1,671
1,314
1,311
1,693
1,917
1,920
2,576
2,545
1,598
2,564
2,603
3,557
2,789
2,484
2,491
25,438
26,044
26,523
23,010
20,687
19,385
1,014
3,887
5,689
57
410
1,179
1,358
1,060
271
14,634
19,827
19,670
3,268
3,528
3,526
27,253
27,697
27,799
14,677
13,311
13,387
10,268
11,914
11,908
2,141
2,252
2,274
166
220
229
3,331
3,883
1,832
11,532
12,417
15,598
38,720
33,531
28,199
130
120
95
57,379
53,394
48,004
13,431
10,045
6,546
24,494
31,304
33,342
14,259
8,233
5,966
5,195
3,812
2,151
6,379
8,814
10,133
3,123
2,003
2,030
18,373
20,246
20,408
27,158
26,238
25,942
84
83
81
55,033
57,300
58,512
20,153
21,307
22,572
25,577
27,428
27,447
7,386
6,685
6,541
1,918
1,881
1,95!
7,110
7,079
6,489
89
175
209
132
209
166
465
684
1,199
5,493
5,228
4,607
931
783
309
6,179
6,296
6,181
303
480
463
1,106
1,360
1,720
675
1,700
2,662
4,094
2,756
1,336
1961—June 30
Aug. 31
Sept. 30
6,215
6,219
6,205
227
279
292
102
62
63
1,343
1,407
1.422
4,324
4,263
4,230
218
207
198
5,996
6,010
6,007
724
789
799
1,414
1,428
1,445
2,289
2,265
1,875
1,569
1,528
1,888
Insurance companies:
1958—June 30
1 9 5 9 _ j u n e 30
I960—June 30
10,580
10,947
10,521
254
503
232
112
347
165
614
798
1,225
7,398
7,371
7,304
2,202
',928
,595
8,378
9,019
8,926
651
1,092
595
1,650
2,085
2,794
1,004
1,678
3,063
5,074
4,164
2,475
1961—June 30
Aug. 31
Sept. 30
10,034
10,132
10,107
242
396
403
101
64
65
1,345
1.414
U480
7,064
7,017
6,961
,282
,241
,198
8,752
8,891
8,909
1,107
1,180
1,187
1,873
1,982
2,027
3,113
3,085
1,899
2,659
2,644
3,796
U. S. Govt. agencies and trust funds:
1958—June 30
1 9 5 9 _ j u n e 30
I960—June 30
1961—June 30
Aug. 31
Sept. 30
Federal Reserve Banks:
1958—June 30
1959—June 30
1960—Jime 30
Mutual savings banks:
1958—June 30
1 9 5 9 _ j u n e 30
I960—June 30
Other investors:
Nonfinancial corporations: 3
I960—June 30
1961—June 30
Aug. 31
Sept. 30
Savings and loan associations:3
I960—June 30
Total
11,494
4,579
1,740
1,882
3,284
11,485
8,442
2,871
98
10,048
10,390
9,202
4,885
5,732
4,539
754
253
245
2,227
2,475
2,493
2,177
1,925
1,919
10,043
10,385
9,197
8,368
8,552
7,325
1,521
1,715
1,745
114
84
94
40
33
34
2,480
178
495
1,675
2,418
297
947
472
703
1961—June 30
Aug. 31
Sept. 30
2,703
2,728
2,716
112
102
102
613
616
618
1,881
1,923
1,910
2,642
2,669
2,657
370
410
396
782
801
808
747
715
676
744
743
776
All others:4
1958—June 30
1959—June 30
1960—June 30
65,459
78,444
74,299
15,392
25,659
22,957
8,799
10,216
4,711
6,636
9,147
16,263
31,829
31,252
28,602
2,802
2,171
1,766
62,657
76,273
72,533
29,489
39,724
32,184
11,243
16,503
22,800
6,054
5,069
6,229
15,872
14,977
11,317
1961—June 30
Aug. 31
Sept. 30
70,297
71,126
71,692
21,238
22,307
22,869
2,488
1,272
1,302
16,477
17,721
17,745
28,724
28,507
28,543
1,371
1,319
1,234
68,926
69,807
70,459
32,566
32,326
32,872
16,757
17,908
17,932
8,069
8,062
6,977
11,534
11,512
12,678
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 6,261 commercial banks, 512 mutual savings banks,
and 825 insurance companies, which together accounted for more than
90 per cent of all holdings of banks and insurance companies, and 488
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.
Holdings of "all others," a residual throughout, include holdings of
all those not reporting in the Treasury Survey, including investor groups
not listed separately.
2 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.
1448
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
1-5
years
5-10
years
U. S.
Govt.
securities
dealers
and
brokers
After
10 years
Federal
agency
securities
Other
dealers
and
brokers
Commercial
banks
All
other
1961
Aug. 2
9
16 . .
23
30
1,653
1,396
1,271
1 379
1,342
1,370
1,067
1,046
1,213
1,178
226
262
150
114
116
42
48
53
34
32
15
20
22
19
16
508
426
399
439
398
60
39
29
14
30
680
564
438
500
508
405
367
406
426
406
57
71
27
56
77
Sept. 6
13...
20
27
1,244
' 1 , 425
1 397
1,588
1,098
1,123
1 147
1,300
120
183
154
124
13
69
55
44
13
50
42
30
307
417
389
410
23
24
25
27
504
555
621
706
411
429
362
446
53
152
110
r
63
Oct.
1,751
' 1 , 783
1 973
1,388
1,417
'1,394
1 687
1,166
288
349
241
174
23
20
27
31
23
20
18
16
571
561
613
480
36
47
61
21
704
'793
764
546
441
'413
536
341
83
47
75
58
1,534
2,414
1,624
1,361
1,301
1,826
1,155
1,075
180
453
378
222
35
68
48
25
18
61
42
40
522
644
498
434
27
53
33
26
616
1,080
635
531
370
636
459
370
68
118
55
94
.
4
11
18
25
Nov. 1
8 ...
15
22»...
.
v
1
r
Preliminary.
Revised.
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,
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.
DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i
FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS i
[Averages of daily figures.2 Par value, in millions of dollars]
[Averages of daily figures. In millions of dollars]
U. S. Government securities, by maturity
Week
ending—
1-5
years
After
5 years
Federal
agency
securities
All
maturities
Within
1 year
5....
12
19
26....
2,247
2,323
2,844
2,733
2,066
2,163
2,620
2,017
205
179
212
593
-24
-20
12
123
166
125
109
109
2....
9
16
23....
30
2.739
2,645
2,875
2,513
2,067
2,317
2,446
2,703
2,353
1,921
338
168
184
153
151
85
32
-14
6
-5
127
124
108
95
82
2O'.'.'.[
27
2,082
'2,418
2,685
2,699
1,925
'2,251
2,497
2,545
162
'161
161
130
-6
'7
27
25
4
11....
18
25....
2,397
2,959
3,701
3,453
'2,307
2,664
3,511
3,320
90
297
212
158
3,406
3,253
158
Commercial banks
Week
ending—
1961
July
Aug.
Sept. 6
Oct.
Nov. 1
All
sources
New
York
City
Elsewhere
Corporations 2
All
other
1961
July
5....
12
19
26
2,260
2,196
2,489
2,779
598
502
677
716
339
387
484
532
1,154
1,162
1,187
1,341
169
145
140
189
Aug.
2,885
2,666
2,985
2,696
1,985
869
727
807
716
333
469
467
480
531
267
1,270
,164
,275
,235
1,238
276
307
423
214
147
78
81
114
135
2....
9
16....
23
30....
Sept.
6....
'310
'561
'980
'815
127
148
184
193
128
104
98
91
372
425
714
731
1,178
1,120
'845
882
5
-2
-22
-26
20
27....
'1,986
'2,254
'2,722
'2,621
Oct.
'2,327
2,524
3,280
3,514
'671
691
1,032
1,115
596
606
796
841
813
893
1,000
1,133
247
335
453
425
-6
113
4
11
18
25....
3,490
1,043
798
1,240
409
Nov. 1
r
Revised.
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.
r
1
Revised.
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.
1449
FEDERAL FINANCE; SECURITY ISSUES
U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, NOVEMBER 30, 19611
[On basis of daily statements of U. S. Treasury.
Issue and coupon rate
Amount
Treasury bills
Dec. 7,1961.
Dec. 14, 1961.
Dec. 21 1961.
Dec. 28j 1961.
Jan. 4,1962.
Jan. 11, 1962.
Jan. 15, 1962.
Jan. 18, 1962.
Jan. 25, 1962.
Feb. 1, 1962.
Feb. 8, 1962.
Feb. 15, 1962.
Feb. 23, 1962.
Mar. 1, 1962.
Mar. 8, 1962.
Mar. 15, 1962.
Mar. 22, 1962.
Mar. 23, 1962*
Mar. 29, 1962.
Apr. 5, 1962.
Apr. 12, 1962.
Apr. 15, 1962.
Apr. 19, 1962.
Apr. 26, 1962.
May 3, 1962.
May 10, 1962.
1,709
1,701
1,701
1,700
1,700
1,701
Issue and coupon rate
600
601
600
2,511
2,004
2,003
1,502
1,700 Certificates
1,701
1,700
May 15, 1962
3
5,509
1,805
1,700 Treasury notes
1,701
Feb. 15, 1962
1,700
Feb. 15, 1962
595
Feb. 15, 1962
601
Apr. 1,1962
600
May 15, 1962
3,503
Aug. 15, 1962
600
Aug. 15, 1962
600
Oct. 1,1962
600
Nov. 15, 1962
2,000
Nov. 15, 1962
600
Feb. 15, 1963
600
Feb. 15, 1963
600
Apr. 1,1963
500
May 15, 1963
Issue and coupon rate
Amount
Treasury bills—Cont.
May 17, 1962
May 24, 1962
May 31, 1962
June 22, 1962*
July 15, 1962
Oct. 15, 1962
3V4
3%
4
\y2
4
4
314
n/2
3Y4
314
2YS
3V4
11/2
4
In millions of dollars]
Treasury notes—Cont.
May 15, 1963
Oct. 1,1963
Nov. 15, 1963
Apr. 1,1964
May 15, 1964
May 15, 1964
Aug. 15, 1964
Aug. 15, 1964
Oct. 1,1964
Nov. 15, 1964
Apr. 1,1965
May 15, 1965
Oct. 1,1965
Apr. 1,1966
Oct. 1,1966
Amount
3*4
11/2
47 8
11/2
4%
3%
5
334
U/2
4%
11/2
4%
n/2
iy2
iy 2
9,098
647
1,435
551
2,211
158 Treasury bonds
7,325
June 15, 1959-62...214
590
Dec. 15, 1959-62...214
1,143
Dec. 15, 1960-65 2.. 2%
6,082
June 15, 1962-67... 2Vi
2,839
Aug. 15, 1963
21/2
3,643
Dec. 15, 1963-68... 21/2
533
Feb. 15, 1964
3
1,743
June 15, 1964-69. ..2 Vi
*1 Tax anticipation series.
Direct public issues.
5,047
506
3,011
457
4,933
3,893
2,316
5,019
490
4,195
466
2,113
315
675
53
Issue and coupon rate
Amount
Treasury bonds—Cont.
Dec. 15, 1964-69. ..2V2
Feb. 15, 1965
2%
Mar. 15, 1965-70.. . 2 %
May 15, 1966
3%
Aug. 15, 1966
3
Nov. 15, 1966
3%
Mar. 15, 1966-71... 2]'
June 15, 1967-72... 2\
Sept. 15, 1967-72... 2V
Nov. 15, 1967
3-r
Dec. 15, 1967-72... 2 ^
May 15, 1968
3%
Oct. 1,1969
4
Nov. 15, 1974
3%
May 15, 1975-85.. AVA
June 15, 1978-83... 3 VA
Feb. 15, 1980
4
Nov. 15, 1980
31/2
May 15, 1985
3%
Feb. 15, 1990
31/2
Feb. 15, 1995
3
Nov. 15, 1998
31/2
2,555
6,896
2,427
3,598
1,484
2,438
1,419
1,761
2,716
3.604
3;532
2,140
1,423
1,171
470
1,596
884
1,919
1,132
4,017
2,684
3,529
3,964
2,271
1,485
1,463
4,317
1,818 Convertible bonds
3,854
Investment Series B
2,637
Apr. 1, 1975-80...234
4,662
2 Partially tax-exempt.
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
All issues (new capital and refunding)
Period
Total
1953
1954
1955
1956
1957
1958
1959
I960
I960—Aug
Sept
Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
May....
June7r . . .
July "...
Aug
General
obligation
Public FederReve- Housal
ing
nue AuthorGovt.3
2
loans
ity
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
1,558
3,205
1,730
1,626
1,967
1,777
2,409
2,097
611
683
353
506
496
356
502
271
351
270
249
126
72
144
108
709
662
763
724
628
1,087
473
583
556
367
610
543
401
678
310
416
85
283
137
124
214
395
96
97
496
374
474
199
66
187
333
403
49
98
63
9
51
52
60
Special
district
and
State statu- Others
tory
authority
Total
amount
delivered 6
Total
Education
Water,
Roads sewer
and
and
bridges other
utilities
Residential
housing 7
Veter- Other
ans'
puraid
poses
9
9
2
44
99
115
176
125
767
2,047
1,408
800
1,489
1,993
1,686
1,110
2,091
1,463
1,097
983
1,272
1,371
2,120
1,985
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
698
1,036
1,164
844
1,007
803
1,270
881
1,399
1,516
1,412
1,989
1,318
506
456
570
258
113
251
402
425
141
162
169
110
333
339
355
201
6
7
9
11
21
76
165
6
102
49
308
137
75
70
99
227
381
272
334
348
501
623
589
432
448
606
683
348
501
491
165
200
176
181
162
232
177
8
81
44
111
100
73
101
119
5
50
50
(9)
99
4
4
16
6
12
15
14
10
225
62
252
271
18
194
114
134
86
223
75
113
205
314
109
145
399
377
436
340
405
580
249
303
504
708
661
712
703
759
720
745
670
626
706 1,085
1,015
470
581
507
375
229
225
209
278
225
157
274
36
95
48
67
33
257
69
54
109
195
169
67
160
322
86
81
63
9
(9)
55
6
10
52
61
r
n.a.
Not available.
Revised.
1
Data before 1957 are from the Bond Buyer as classified by Federal
Reserve.
2
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.
3 Beginning with 1957, coverage is considerably broader than earlier.
4
Classifications before 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.
Use of proceeds 4
Type of issue4
Type of issue
31
13
100
170
1,119
1,333
1,414
1,464
1,352
1,657
1,683
1,894
94
106
92
138
68
93
121
216
151
149
271
106
112
5
Consists of municipalities, counties, townships, school districts and,
before
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.
1450
SECURITY ISSUES
NEW SECURITY ISSUES i
[Securities and Exchange Commission estimates.
In millions of dollars]
Proposed use of net proceeds,
all corporate issuers6
Gross proceeds, all issuers2
Corporate
Noncorporate
Year or
month
Total
State
and
municipal
Federal
U.S.
Govt. 3 agency 4
New capital
Bonds
Others
Total
Publicly
offered
Total
Pre- Comferred mon
Pristock
stock
vately
placed
Total
Retirement
of
securities
New Other
purmoney' poses
Total
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
1960—Sept..
Oct...
Nov..
Dec...
1,808
1,814
1,986
1,947
338
345
326
348
160
149
181
682
343
496
490
41
38
6
34
747
928
1,009
895
619
778
875
764
329
621
518
323
289
157
357
441
37
45
16
45
91
105
118
86
726
890
956
852
671
830
805
749
55
60
152
103
5
20
32
27
1961 -Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
1,774
5,455
2,161
3,393
4,432
3,494
1,901
'2,064
1,913
455
4,069
434
348
2,244
369
342
392
338
252
100
149
278
706
660
756
710
625
1,035
463
603
699
12
601
31
695
23
696
4 2,231
72 1,342
33 1,779
'20 '1,075
'5
'813
5
678
472
529
542
1,061
1,021
1,495
'817
'637
460
178
273
211
713
666
924
424
225
123
294
255
331
348
355
572
'392
'411
336
30
99
590
580
37
130
682
667
29
125
562
679
60 1,111 2,203 2,118
92
228 1,314 1,259
40
244 1,744 1,318
20 '239 '1,049 '1,028
'45 '131
'762
'793
17
201
658
647
552
612
484
2,055
1,090
1,127
'846
'662
612
28
56
77
63
169
191
'182
'100
36
118
85
55
426
'22
'31
1953
1954
1955
1956
1957
1958
1959
1960
250
193
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
731
910
988
879
535
260
709 1,875
864 1,227
721
364
663
214
915
549
814
135
895
271
10
14
11
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
I
RetireRetireRetireRetireRetireNew
ment of
New
New
ment of
New
ment of
New
New
ment of
ment of
capitals
secu- capital 8
secu- capital 8
secu- capital 8
secu- capital8
capital 8
rities
rities
rities
rities
rities
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
1960—Sept.
Oct..
Nov.
Dec.
161
185
249
191
4
4
27
22
45
66
79
61
1
6
3
1
51
36
45
78
1961—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
169
99
248
574
447
446
'428
'255
252
1
5
32
16
22
128
'12
'25
33
91
47
78
110
120
'98
'83
76
1
2
5
1
2
23
2
1
1
81
55
72
33
67
115
11
'69
28
1953
1954
1955
1956
1957
1958
1959
1960
'1 Revised.
Estimates of new issues maturing in more than one year sold for cash
in the United States.
2 Gross proceeds are derived by multiplying principal amounts or number3 of units by offering price.
Includes guaranteed issues.
4
Issues not guaranteed.
5
Represents foreign governments, International Bank for Reconstruc-
36
270
338
20
14
38
15
39
10
1
2,905
2,675
2,254
2,474
3,821
3,605
3,189
2,754
67
990
174
14
51
138
15
51
871
651
1,045
1,384
1,441
1,294
707
1,036
303
203
314
180
94
254
27
100
137
160
84
254
439
389
'269
'215
21
41
19
994
85
16
M6
'13
75
21
17
13
'2
3
60
77
21
4
118
1,536
788
1,812
1,815
1,701
1,014
1,801
2,401
Retirement of
securities
24
273
56
17
67
47
6
71
72
147
242
242
70
45
12
251
138
223
92
186
111
231
'206
127
105
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.
1451
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Quarterly totals
Industry
1960
1956
1957
1958
1959
1961
1960
2
4
3
2
1
3
Manufacturing
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes. . .
Dividends
Nondurable goods industries (79 corps.) :i
Sales
Profits before taxes •
Profits after taxes
Dividends
Durable goods industries (101 corps.): 2
Sales
Profits before taxes.
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
107,717 114,229 105,134 118,273 120,742 31,573 30,924 28,103 30,142 28,651 '31,233 29,548
13,418 13,349 10 466 14,094 13,363 4 002 3,544 2 710 3 107 2 693 r 3 478 "> 988
7,094 7,177 5,714 7,443 7,077 2,063 1.813
1,499
1,703 1,436 '1,838 1*621
4,068 4,192 4 078 4,342 4,492 1 092 1,099
1 101 1 201 1 103 r l 111
i no
39,463 41,704 41 541 45,465 46,819 11 599 11,663 11 616 11 941 11 831 r12 133 12 ?10
5,146 5,010 4,402 5,652 5,526 1,407
1,421
1,404
1,294
!, 324 '1,385
1,414
2,943 2,944 2 574 3,212 3,161
797
785
814
765
757
787
rmi
1,912
1,978
1,683 1,776 1,785
482
482
486
528
486
479
486
68,254 72,525 63 593 72,808 73,923 19,974 19,260 16 487 18 201 16 820 r19 100 17 338
8 272 8,339 6 065 8,442 7,837 2 595 2 123 1 306 1 813 1 368 rr 2 094 1 574
4,151 4,233 3 140 4,231 3,915 1 277 1,016
684
'938
l 066
679
'834
2,385 2,416 2,294 2,430 2,515
612
619
610
674
613
625
631
9,987 10 707 11,303 11,814
1,024 1 152 1,274
1,323
604
629
497
555
289
344
376
312
2,821
303
142
92
2,928
2 943
3 122
338
159
345
162
88
338
166
100
95
10 199 10,669 10 390 11,979 12,319
1 804 1,823 1 538 2,187 1,999
948
1,062
942
829 1,131
737
799
794
698
717
3 057
'537
276
191
3 146
3 096
3 020
2 979
534
281
489
256
440
250
186
187
230
438
229
12 454 13,463 12 838 13,372 13,728
1,261
1 444 1,325
919 1,187
969
1,075
986
1,068
791
518
521
512
481
516
3 427
307
238
130
3 282
292
226
130
3 385
3 635
22 365 22,468 19 226 21,035 20,898
3,331 2,977 2,182 2,331 2,263
1,178
1 727 1,540
1 154 1,222
831
840
873
880
802
6 003
854
426
206
5,442
611
322
208
13 908 15,115 14 685 16.922 16,503
1,457
1,482
1,209
1 463 1,890
4 000
389
197
121
7,022
1 076
9,394
955
460
277
3 021 '1,154
r
319
360
'170
150
'96
95
193
3 488
364
299
292
128
4 939
230
133
272
129
4 513
4 396
411
224
208
387
205
309
166
219
207
4,171
4 015
4,316
4 137
395
202
119
366
185
120
332
175
123
362
178
121
6,516
4,502
6,134
936
457
273
151
199
199
816
400
207
9,514
649
445
383
2,411
165
99
91
2,477
212
139
94
9 049
2,462
1 326
1,022
9,670 10 195 11,129 11,861
2,579 2,704 2,983 3,169
1,795
1,413
1 519 1,655
1,069
1,219
1,302
1,134
3,166
901
502
325
5,966
1 430
715
552
6,467
1,562
788
613
1,967
558
277
196
607
403
729
416
734
422
934
448
760
482
21,217 23,453 18 469 22,731 24,175
2 473 2,701 1 332 2,985 3,100
1,479
1,529
1,354
1,186
706
805
807
833
791
758
521
r
r
354
359
171
97
3 250
'514
r
267
189
1 210
3 398
'270
214
134
3 43^
'318
236
131
5 235
'5S2
5 189
'560
r
295
208
r
3 226
510
269
185
302
208
4 367
4 298
398
400
200
124
'202
125
4,604
228
5,293 '6,309
478
'840
223
'417
207
205
2,322
104
65
73
2,304
169
141
126
2,129 2,290
26
137
— 13
74
91
86
2,354
185
121
67
2 837
739
422
321
2 865
757
418
322
2 993
772
452
335
3 323 '3,013
767
918
447
523
344
343
1 040
802
447
335
2,025
585
290
200
2,042
589
294
203
2,077
594
294
207
2,139
614
307
2,4
2,156
620
310
218
319
172
207
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
10,551 10,491
1,058
1,268
737
876
438
462
9,565
843
602
419
6,939
1 860
921
674
' Revised.
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.
1
2
9,825
845
578
406
7,572
2,153
1,073
743
8,111
2,326
1,155
806
r
2,090
587
290
210
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series (but not for figures), see BULLETIN for June 1949, pp. 662-66
(manufacturing); BULLETIN for March 1942, pp. 215-17 (public utilities);
and BULLETIN for September 1944, p. 908 (electric power). For back
data for manufacturing, see BULLETIN for July 1959, pp. 792-93; back
data for other series are available from the Division of Research and
Statistics.
1452
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates
of dollars]
Securities and Exchange Commission estimates.
Profits
before
taxes
Income
taxes
1953
1954
1955
1956
1957
1958
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—2
3
4 . ...
51.5
44.8
44.9
25.4
22.1
22.1
26.1
22.7
22.7
13.3
13.7
13.8
12.8
9.0
8.9
1960—1
2
3
4
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
10.2
9.3
7.6
7.2
1961—1
2
39.6
45.2
19.6
22.4
20.0
22.8
14.2
14.2
5.8
8.6
Year or
quarter
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES*
In billions
Profits Cash Undisafter
divi- tributed
taxes dends profits
All types
Year or
quarter
In millions of dollars]
Bonds and notes
Stocks
New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change
1953
1954
1955
1956
1957
1958
1959
I960
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
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
1960—2
3. . .
4
3,101
3,293
3,615
1,163
1,215
1,171
1,937 1,808
2,077 2,055
2,445 2,573
717
849
715
1,090 1,293
1,206 1,238
1,859 1,042
446
366
456
847
872
586
1961—1
3,247
5,566
1,417
1,808
1,830 1,488
3,758 3,273
770
1,255
718 1,759
2,018 2,293
647
553
1,112
1,740
* Reflects cash transactions only. As contrasted with data shown on p. 1450 new issues
exclude foreign and include offerings of open-end investment companies, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new stock
issues and cash proceeds connected with conversions of bonds into stocks. Retirement!
include the same type of issues, and also securities retired with internal funds or with
proceeds of issues for that purpose shown on p. 1450.
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
Total
U.S.
Govt.
securities
Cash
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
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
Total
Other
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
7
1.7
57.3
59.3
73.8
81.5
84.3
88.7
99.0
2
3
4
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
1.8
1.8
1.8
99.6
101.3
101.9
102.6
13.9
12.9
13.4
13.8
36.2
36.9
37.2
36.8
1961—1
2
134.3
137.9
286.6
291.4
34.8
36.1
19.5
19.4
3.2
3.1
125.5
129.2
92.9
92.3
10.7
11.3
152.3
153.5
L.8
100.9
102.4
12.1
11.7
37.5
37.7
1953
1954
1955
1956
1957
1958
1959
19gLi
* Excludes banks, savings and loan associations, and insurance companies.
2.3
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 EQUIPMENT*
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Transportation
Year
1953
1954
1955
1956
1957
1958
1959
I960
196H'
r
Total
28.3
26.8
28.7
35.1
37.0
30.5
32.5
35.7
34.5
Manufacturing
Min-
11.9
11.0
11.4
15.0
16.0
11.4
12.1
14.5
13.7
1.0
1.0
0
.2
?
.9
1.0
.0
.0
ing
Railroad
1.3
.9
.9
1.2
1.4
.8
.9
1.0
.7
Other
1.6
1.5
6
1.7
1.8
1.5
?, 0
1.9
1.8
Public Communi- Other2
utilities
cations
4.6
4.2
4.3
4.9
6.2
6.1
5.7
5.7
5.6
Revised.
* Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.
1.7
1.7
2.0
2.7
3.0
2.6
2.7
3.1
11
6.3
6.5
7.5
8.4
7.4
7.2
8.2
8.4
Manufacturing
Trans- Public
and
porta- utilition
minties
ing
Quarter
Total
1960—3.... .
4....
9.0
9 5
3.9
4 3
.7
,7
1.5
1961—1....
2
3....
44>\.
1962—H...
.
.
.
.
7.6
8.6
8.7
9.7
3.2
3.7
3.6
4.2
.6
.7
.6
.7
l.l
1.4
.
8.1
3.4
.6
3 Includes communications and other.
Anticipated by business.
4
1.6
L.5
1.6
1.1
Total
(seasonAll
ally adother 3 justed
annual
rate)
2.9
3.0
35.9
35.5
2.7
2.9
2.9
3.2
33.9
33.5
34.7
35.9
3.0
36.5
1453
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
1941
1945
1954
1955
1956
1957
1958
1959
1960
1960—Mar..
June..
Sept..
Dec...
1961—Mar."
June1'.
Sept.P
Nonfarm
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
All
holders
1- to 4-family houses
Multifamily and
commercial properties1
Financial
institutions
Other
holders
Financial
institutions
Other
holders
11.2
12.2
4.8
4.7
6.4
4.8
1.5
1.3
4.9
3.4
29.7
32.6
35.6
38.5
43.0
47.9
51.9
8.1
7.4
19.9
21.8
23.9
25.8
28.8
31.8
34.5
9.8
10.8
11.7
12.7
14.2
16.1
17.4
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
48.8
49.8
50.9
51.9
32.4
33.1
33.8
34.5
16.3
16.7
17.0
17.4
12.5
12.8
13.0
13.1
4.5
4.6
4.6
4.7
8.0
8.2
8.3
8.4
52.8
54.0
55.9
35.1
35.9
37.4
17.7
18.1
18.5
13.3
13.7
14.0
4.7
4.8
4.9
8.6
8.9
9.1
All
holders
Total
85.7
99.3
111.2
119.7
131.5
145.5
157.6
4.7
2.4
4.6
5.2
6.0
7.5
7.8
10.0
11.2
12.2
12.1
23.4
25.4
27.3
29.4
32.7
35.6
38.0
31.2
30.8
105.4
120.9
134.6
146.1
160.7
178.9
193.7
18.4
18.6
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
118.4
194.5
198.7
203.0
206.8
148.0
151.3
154.6
157.6
10.3
10.6
11.0
11.2
36.3
36.8
37.5
38.0
182.1
185.9
190.1
193.7
133.3
136.1
139.2
141.8
111.1
113.6
116.1
118.4
7.2
6.4
13.2
14.4
15.6
17.7
19.2
21.7
23.4
22.2
22.5
23.1
23.4
209.9
214.8
220.1
160.1
164.4
168.7
11.3
11.2
11.4
38.6
39.3
40.0
196.6
201.1
206.1
143.8
147.1
150.2
120.3
123.7
126.3
23.5
23.5
23.9
37.6
35.5
20.7
21.0
113.7
129.9
144.5
156.6
171.9
191.2
206.8
» Preliminary.
* Derived figures, which include negligible amounts of farm loans held
by2 savings and loan associations.
Derived figures, which include debt held by Federal land banks and
Farmers
Home Administration.
3
Revised data for earlier quarters, and for the end of 1959 will be
shown in the BULLETIN for January 1962.
NOTE.—Figures forfirstthree 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.
Farm
Total
12.9
12.2
All
holders
Financial
Other
insti- holders*
tutions
Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home
Administration, and Federal land banks, and in earlier years RFC,
HOLC, and Federal Farm Mortgage Corporation. Other 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 holdings2
Mutual savings bank holdings3
Residential
End of year
or quarter
Total
Total
FHAinsured
VAguaranteed
1941
1945
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
20,321
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
1960—Mar
June
Sept
Dec
28,228
28,463
^28,693
28,806
20,292
20,334
20,399
20,362
6,053
5,978
5,906
5,851
1961—Mar
June.
Sept
28,763
29,442
30,240
20,168
20,597
21,170
5,740
5,818
5,980
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
,297
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
24,306
3,800
4,150
4,409
4,669
5,501
6,276
7,074
4,262
5,773
7,139
7,790
8,361
8,589
8,986
3,124
3,032
2,919
2,859
11,113
11,324
11,574
11,652
6,345
6,484
6,651
6,796
j5Q1
25,404
25,849
26,430
26,935
22,871
23,293
23,835
24,306
6,415
6,571
6,832
7,074
2,774
2,727
2,800
11,654
12,052
12,390
6,918
7,131
7,320
27,446
28,015
28,568
24,786
25,319
25,854
7,342
7,634
7,856
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
Farm
.™>
,367
J471
.588
,648
,646
j643
1,648
1,677
1,714
j750
Conventional
Other
nonfarm
Farm
900
797
28
24
5,149
5,645
6,155
6,551
7,073
7,622
8,246
1,740
1,831
1,984
2,102
2,275
2,451
2,575
56
58
59
57
53
55
54
8,729
8,879
8,941
8,986
7,727
7,843
8,062
8,246
2,479
2,503
2,542
2,575
54
53
53
54
9,079
9,192
9,313
8,365
8,493
8,685
2,608
2,645
2,662
52
51
52
estimates based in part on data from National Association of Mutual
Savings
Banks.
4
Data reflect a $40 million ^classification 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.
1454
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
Other
Total
976
1954
1955
1956
1957...
1958
1959
1960
.
815
1,394
4,714
4,466
913
776
1,378
1 839
1,652
831
195
201
288
2,881
3 298
3,707
3 339
3,343
3 722
3,930
413
515
514
407
438
498
464
25,976
29,445
32,989
35 236
37,062
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
7,433
7 086
6,901
13,169
14 703
16,577
18 180
19,519
20 994
22,856
2,048
2,273
2,481
2,584
2,667
2,844
2,982
507
503
616
477
465
561
117
124
114
16
13
12
344
328
435
30
38
55
41,313
41,521
41,798
38 356
38,553
38,803
8 930
9,004
9,043
6 978
6,951
6,929
22,448
22,598
22,831
2,957
2,968
2,995
569
447
549
513
511
537
465
557
511
524
395
490
463
461
489
433
517
472
541
167
117
105
107
105
99
94
116
106
12
12
20
13
12
13
16
18
15
45
52
59
50
50
48
32
40
39
112
24
345
266
365
343
344
377
323
383
351
405
42 008
42,143
42,351
42,553
42,723
42,905
43,052
43,216
43,381
43,580
39 021
39,152
39,347
39,525
39,670
39,827
39,959
40,105
40,252
40,435
9 134
9,210
9,275
9,326
9,364
9,403
9,452
9,501
9,541
9,574
6 899
6,866
6,839
6,810
6,770
6,736
6,698
6,660
6,624
6,592
22 988
23,076
23,233
23,389
23,536
23,688
23,809
23,944
24,087
24,269
2,987
2,991
3,004
3,028
3,053
3,078
3,093
3,111
3,129
3,145
1961—Jan
Feb
Mar
Apr
.
5,529
5,860
Farm
Other
672
971
842
653
1,301
1,549
1,401
Dec
.
6,442
6,636
VAguaranteed
4,931
6 108
6,201
4 823
4,839
5 472
5,619
Nov
.
FHAinsured
5,344
6,623
6,715
5,230
5,277
5,970
6,083
I960—Oct
May
June
July
Aug
Sept
Oct
Total
.
. .
580
39
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 o
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 outstanding (end of period)
Loans made
Year or
month
Total i
New
construction
Home
purchase
Total 2
FHAinsured
ConVAvenguaranteed t i o n a l
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1954
1955
1956
1957
1958
1959
1960
8,969
11,255
10,325
10,160
12,182
15,151
14,304
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
1,250
1,140
1,150
394
332
367
545 59,011
508 59,512
460 60,084
3,447
3,487
3,523
7,216 48,348
7,214 48,811
7,211 49,350
QfiQ
285
288
426
417
460
532
422
498
436
465
400
395
515
504
603
712
659
785
695
694
3,561
3,610
3,658
3,702
3,770
3,835
3,888
3,954
4,013
4,057
7,191
7,193
7,183
7,195
7,204
7,186
7,183
7,156
7,144
7,137
20,229
24,121
27,600
31,353
36,344
43,005
49,350
Total
Year or
month
By type of lender
(without seasonal adjustment)
Season- Without
ally
seasonal
adadjustjusted 1
ment*
Savings &
loan
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941.
1945.
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
1954.
1955.
1956.
1957.
1958.
1959.
1960.
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
,768
,932
,799
,472
,460
,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
2,464
2,451
2,426
2,407
2,598
2,525
2,378
2,338
1,097
1,053
978
961
111
106
97
95
381
372
363
361
145
146
143
132
2,373
2,387
2,398
2,476
2,561
2,581
2,652
2,652
2,075
1,997
2,444
2,358
2,700
2,856
2,653
3,004
2,777
830
838
,060
1,038
1,199
1,292
1,166
1,346
1,248
83
78
94
89
100
104
95
111
101
337
321
394
386
444
460
425
483
441
110
95
106
114
138
153
168
179
174
1960
Oct
Nov
Dec
1961
Jan
Feb
Mar
Apr.. .
May
June
July
Aug
Sept23
Oct.
p
1
,001
,356
,309
,511
,721
,482
,763
,594
,623
60,455
60,882
61,571
62,265
63,080
64,073
64,811
65,717
66,519
67,305
49,703
50,079
50,730
51,368
52,106
53,052
53,740
54,607
55,362
56,111
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.
1960
Sept..
Oct..
Nov..
Dec.
1961
Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
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.
1455
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
VA-guaranteed loans
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
Projecttype
mortgages i
Property
improvement2
loans
Home
mortgages
Total 3
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Conventional
Total
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—Oct..
Nov.
Dec,
573
558
558
196
181
167
237
223
223
46
78
92
94
77
76
162
150
142
125
113
109
36
37
33
1961—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
564
448
480
458
501
563
543
647
569
599
186
148
143
124
130
132
134
164
147
148
224
193
204
193
219
254
252
299
276
285
89
57
72
75
84
90
80
96
73
83
65
50
60
65
68
87
76
88
74
83
130
108
125
109
123
137
144
182
168
201
101
81
93
78
83
89
90
113
98
114
28
27
32
31
41
48
54
68
70
86
1
2
3
Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
Includes a small amount of alteration and repair loans, not shown separately; only such
oans 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.
1945
FHA- VAinguarsured anteed
18.6
4.3
4.1
.2
14.3
1954
1955
1956 . .
1957
1958..
1959
1960
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
1960—Mar
June
Sept
133.3
136.1
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
78.8
81.1
83.4
85.4
1961— M a r . p . . . .
J u n e p .1 . . .
Sept.* .. .
143.8 57.1
147.1 57.8
150.2 58.7
27.4
28.0
28.8
29.7
29.8
29.9
86.7
89.3
91.4
Dec
v
Preliminary.
1
Revised figures for earlier quarters and for the
end of 1959 for the total and for conventional will be
shown in the BULLETIN for January 1962.
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
1960
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—Oct
Nov
Dec
6,106
6,143
6,159
3,293
3,333
3,356
2,812
2,810
2,803
79
69
69
1
9
27
571
575
576
1961
6,154
6,110
6,017
5,858
5,772
5,763
5,765
5,804
5,841
5,916
3,357
3,336
3,298
3,211
3,188
3,191
3,204
3,245
3,281
3,345
2,797
2,775
2,719
2,646
2,584
2,572
2,561
2,559
2,561
2,571
56
54
48
38
42
38
35
71
76
108
33
75
116
172
101
18
6
3
10
2
564
539
540
532
523
544
579
593
626
653
Mortgage holdings
End of year
or month
Jan
Feb
Mar
Apr
May
June.........
July
Aug
Sept
Oct
* 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
Advances
Repayments
Advances outstanding
(end of period)
Total
Short
term 1
Longterm 2
Members'
demand
and time
deposits
1945
278
213
195
176
19
46
1954
1955
1956
1957
1958 .
1959
I960
734
867
612
991
798
731
685
255
426
430
534
613
942
892
802
698
683
653
819
589
938
765
892
788
938
683
674
696
769
772
894
809
854
892
963
959
978
745
818
702
934
1,116
. . . 1,364
2,067
1,943
1,079
1,331
1 231
2,097
1,417
1,228
1,265
1,298
2,134
1,981
1 192
1,089
I960—Nov
Dec
125
344
119
104
1,741
1,981
1,089
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
90
100
135
205
197
367
271
245
244
257
263
500
176
154
106
149
122
270
115
120
179
178
1,571
1,496
1,477
1,576
1,624
1,869
1,871
2,001
2,124
2,202
2,287
1
2
1 251
976
888
822
781
807
852
975
1,062
1,147
1,233
1,239
1,269
1,018
1,026
1,056
,089
,154
,048
,019
,022
,008
,029
Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
SOURCE.—Federal Home Loan Bank Board.
1456
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding; in millions of dollars]
Instalment credit
End of year or month
Total
Total
Automobile
paper l
Other
consumer
goods
paper i
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
I
Charge
accounts
Service
credit
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
1,088
1,322
1,009
2,719
3,087
3,203
787
376
182
845
746
1,414
1,645
1,612
597
845
32,464
38,807
42 262
44,848
44,984
51,331
55,757
23,568
28,883
31,648
33,745
33,497
39,034
42,588
9,809
13,437
14,348
15,218
14,007
16,209
17,444
6 751
7,641
8 606
8,844
9,028
10,630
11,525
1,616
1,693
1,905
2,101
2,346
2,809
3,139
5,392
6,112
6,789
7,582
8,116
9,386
10,480
8,896
9,924
10,614
11,103
11,487
12,297
13,169
2,408
3,002
3,253
3,364
3,627
4,129
4,507
4,485
4,795
4,995
5,146
5,060
5,104
5,329
2,003
2,127
2,366
2,593
2,800
3,064
3,333
Oct r
Nov.rr
Dec
53,979
54,298
55,757
41,859
41 996
42,588
17,553
17,544
17,444
10,909
11 003
11,525
3,129
3 144
3,139
10,268
10,305
10,480
12,120
12,302
13,169
4,432
4,478
4,507
4,504
4,605
5,329
3,184
3,219
3,333
1961—Jan.rr
Feb. r
Mar.
Apr rr
May
June rr .
July r
54,726
53,843
53,641
53,756
54,196
54,602
54,505
54,739
54,757
54,902
42,122
41,662
41,465
41,423
41,584
41,888
41,909
42,090
42,039
42,181
17,220
17,017
16,922
16,877
16,933
17,061
17,063
17,061
16,902
16,913
11,365
11,136
11 007
10,915
10,929
10,966
10,934
10,966
11,006
11,085
3,100
3,075
3,066
3,073
3,100
3,122
3,133
3,165
3,180
3,183
10,437
10,434
10,470
10,558
10,622
10,739
10,779
10,898
10,951
11,000
12,604
12,181
12,176
12,333
12,612
12,714
12,596
12,649
12,718
12,721
4,503
4,573
4,611
4,589
4,717
4,743
4,708
4,769
4,832
4,778
4,721
4,132
4,096
4,203
4,380
4,474
4,397
4,409
4.423
4,517
3,380
3,476
3,469
3,541
3,515
3,497
3,491
3,471
3,463
3,426
1939
1941
1945
1954
1955rr
1956 r
1957 r
1958
19593>1960 r
I960
..
....
AUK.
Sept r r
Oct
r
1
Revised. See "Note."
Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in part for business.
? Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
518
3 Includes data for Alaska and Hawaii beginning with January and
August 1959, respectively.
NOTE.—Data have been revised beginning with July 1955 for finance
companies, beginning with 1959 for noninstalment credit, and beginning
with 1960 for all other components. For all revisions see pp. 1390-1400
of this BULLETIN. For other figures see the following BULLETINS: April
1953 (includes a general description of the series); October 1956; November
1958 and 1959; and December 1957 and 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]
Retail outlets
Financial institutions>
End of year
or month
Total
instalment
credit
Total
4,503
6,085
2,462
Commercial
banks
Sales
finance
companies
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
23,568
28,883
31,648
33,745
33,497
39,034
42,588
19,450
24,375
26,905
29,078
28,514
33,359
36,974
8,796
10,601
11,777
12,843
12,780
15,227
16,672
6,144
8,424
9,045
9,487
8,699
10,108
11,228
1,342
1,678
2,014
2,429
2,668
3,280
3,923
1960—Oct.r r
Nov .
Dec T
41,859
41,996
42,588
36,740
36,819
36,974
16,627
16,653
16,672
11,223
11,227
11,228
1961 Jan. rr
Feb. r
Mar r
Apr. r
May
June r
July*Aug rr
Sept.r
Oct
42,122
41,662
41,465
41,423
41,584
41,888
41,909
42,090
42,039
42,181
37,708
37,329
37,092
37,003
37,056
37,249
37,226
37,320
37,188
37,191
17,539
17,285
17,148
17,072
17,079
17,113
17,066
17,065
16,909
16,877
11,165
11,053
10,931
10,883
10,859
10,915
10,903
10,886
10,882
10,866
1939
1941
1945
1954
1955 r
1956 rr
1957 r
1958
19594r
1960r
r
1
. . . .
. .
Credit
unions
Other i
Total
Department
stores 2
Furniture
stores
439
1,438
1,605
686
354
759
629
2,257
2,623
2,940
3,124
3,085
3,337
3,670
911
1.049
,129
,195
,282
,407
,481
4,118
4,508
4,743
4,668
4,983
5,676
5,615
1 242
1,511
1,408
1,393
2|292
2,414
984
1,044
1,187
1,210
1,128
1,225
1,107
3,850
3,885
3,923
3,568
3,578
3,670
,472
1,476
1,481
5,119
5,175
5,615
2,116
2,168
2,414
3,879
3,886
3,920
3,964
4,019
4,107
4,144
4,207
4,233
4,269
3,645
3,621
3,603
3,606
3,607
3,622
3,633
3,659
3,650
3,671
1,480
1,484
1,490
1,478
1,492
1,492
1,480
4,414
4,334
4,373
4,420
4,527
4,639
4,682
4,769
4 850
4,990
1,327
1.367
1,452
1,545
1,650
1,748
1,811
1,896
1.979
2,097
657
198
102
Revised. See pp. 1390-1400 of this BULLETIN.
Consumer finance companies included with "other" financial institutions
until September 1950.
2
Includes mail-order houses.
Consumer
finance
companies 1
1*514
1,508
320
131
88?
496
240
Household
appliance
stores
Automobile
dealers 3
183
123
206
17
377
365
377
361
292
310
333
463
487
502
478
506
481
359
1,065
1,068
1,107
324
386
1,071
1,043
1,016
1,002
997
1,001
993
1,001
1 009
1,014
188
28
Other
339
395
270
1,052
1 101
1,269
1 226
) \Ts
1,368
I 402
375
359
I 228
1,239
1,402
325
317
312
306
307
310
312
314
315
360
361
361
361
360
359
359
359
360
315
359
1,331
246
1,232
1,206
1,213
1,221
1,207
1,199
1 187
1,205
325
333
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.
1457
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
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1954
1955
1956
1957
1958
19591
I960'
8,796
10,601
11,777
12,843
12,780
15,227
16,672
2,269
3,243
3,651
4,130
4,014
4,827
5,316
1,668
2,062
2,075
2,225
2,170
2,525
2,820
1,880
2,042
2,464
2,557
2,269
2,640
2,759
1,303
1,338
1,469
1,580
1,715
2,039
2,200
1,676
1,916
2,118
2,351
2,612
3,196
3,577
I960—Oct.'
Nov.'
Dec.'
16,627
16,653
16,672
5,355
5,353
5,316
2,802
2,824
2,820
2,739
2,732
2,759
2,201
2,207
2,200
3,530
3,537
3,577
1961—Jan.'
Feb.'
Mar.'
Apr.'
May'
June1"
July
Aug.'r
Sept.
Oct. r
17,539
17,285
17,148
17,072
17,079
17,113
17,066
17,065
16,909
16,877
5,255
5,187
5,174
5,170
5,216
5,275
5,295
5,312
5,284
5,308
2,805
2,788
2,802
2,810
2,836
2,861
2,861
2,860
2,822
2,825
3,742
3,596
3,449
3,309
3,202
3,095
3,013
2,936
2,826
2,769
2,171
2,148
2,134
2,141
2,155
2,170
2,176
2,190
2,197
2,198
3,566
3,566
3,589
3,642
3,670
3,712
3,721
3,767
3,781
3,777
r
1
Revised. See pp. 1390-1400 of this BULLETIN.
Includes data for Alaska and Hawaii beginning with January and
August 1959, respectively.
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1954
1955'
1956'
1957'
1958'
19591'
I960'
6,144
8,424
9,045
9,487
8,699
10,108
11,228
4,870
6,882
7,166
7,271
6,165
6,976
7,284
841
1,048
1,277
1,509
1,717
2,114
2,739
31
28
32
31
36
72
139
402
466
570
676
781
946
,066
I960—Oct.'.
Nov.'
Dec'
11,223
11,227
11,228
7,380
7,343
7,284
2,668
2,704
2,739
136
138
139
,039
,042
,066
1961—Jan.'.
Feb.',
Mar.'
Apr.'
May'
June'
July'.
Aug.'
Sept.'
Oct.'.
11,165
11,053
10,931
10,883
10,859
10,915
10,903
10,S86
10,882
10,866
7,152
7,033
6,924
6,858
6,819
6,829
6,799
6,756
6,650
6,621
2,814
2,821
2,806
2,813
2,824
2,848
2,854
2,865
2,937
2,929
139
140
143
146
146
149
155
149
153
157
,060
,059
,058
,066
,070
,089
,095
,116
,142
,159
1939
1941
1945
Automobile
paper
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1954
1955'
1956'
1957'
1958'
19591'
I960'
4,510
5,350
6,083
6,748
7,035
8,024
9,074
539
763
954
1,114
1,152
1,400
1,665
375
530
624
588
565
681
771
282
327
404
490
595
698
800
3,314
3,730
4,101
4,555
4,723
5,244
5,837
I960—Oct.'.
Nov.'
Dec'
8,890
8,939
9,074
1,630
1,649
1,665
769
767
771
792
799
800
5,699
5,726
5,837
1961—Jan.'.
Feb.'
Mar.'
Apr.'
May'
June'
Julyr.
Aug.'
Sept.'
Oct.'.
9,004
8,991
9,013
9,048
9,118
9,221
9,257
9,369
9,397
9,448
1,648
1,648
1,661
1,677
1,702
1,737
1,748
1,774
1,786
1,800
755
746
740
734
736
743
744
755
753
756
790
787
789
786
799
803
802
826
830
828
5,811
5,809
5,823
5,850
5,882
5,938
5,963
6,015
6,028
6,064
End of year
or month
1939
1941
1945
Repair
and
modernization
loans
Personal
loans
r
Revised. See pp. 1390-1400 of this BULLETIN.
i 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
' Revised. See pp. 1390-1400 of this BULLETIN.
1
Includes data for Hawaii beginning with August 1959.
NONINSTALMENT CREDIT
[Estimated amounts outstanding; in millions of dollars]
[Estimated amounts outstanding; in millions of dollars]
Other
consumer
goods
paper
Repair
and
modernization
loans
Automobile
paper
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Total
instalment
credit
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
End of year
or month
Total
noninstalment
credit
Singlepayment
loans
Charge accounts
Service
Other
credit
Com- finanDeOther Credit
partmerretail
cial
ment outlets cards2
cial
insti- stores
i
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
12,297
13,169
2,096
2,635
2,843
2,937
3 156
3,582
3,884
312
367
410
427
471
547
623
793
862
893
876
907
958
941
3,515
3,717
3,842
3,953
3 808
3,753
3,952
111
216
260
317
345
393
436
2,003
2,127
2,366
2,593
2,800
3,064
3,333
I960—Oct.'. . . 12,120 3,813
N o v . ' . . . 12,302 3,844
D e c ' . . . 13,169 3,884
619
634
623
661
709
941
3,406
3,463
3,952
437
433
436
3,184
3,219
3,333
1961—Jan.'....
Feb.'. ..
Mar.'...
Apr.'...
May'...
June'...
July'....
Aug.'...
Sept.'...
Oct.'....
621
646
686
619
689
653
605
669
703
653
810
669
637
631
634
624
574
589
623
656
3,473
3,030
3,034
3,149
3,329
3,411
3,360
3,327
3,312
3,382
438
433
425
423
417
439
463
493
488
479
3,380
3,476
3,469
3,541
3,515
3,497
3,491
3,471
3,463
3,426
1939
1941
1945
1954
1955
1956
1957
1958
19593'
I960'
r
1
12,604
12,181
12,176
12,333
12,612
12,714
12,596
12,649
12,718
12,721
3,882
3,927
3,925
3,970
4,028
4,090
4,103
4,100
4,129
4,125
518
597
845
Revised. See pp. 1390-1400 of this BULLETIN.
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.
1458
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Automobile paper
Other consumer
goods paper
Repair and
modernization loans
Personal loans
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1954 r
1955
1956r
1957 r
1958' r
19591
.
I960'
I960 Oct rr
Nov
Dec. r
1961— Jan. rr
Feb. r
Mar
Apr. rr
May
June7"
J U lyrr
Aug. r
Sept.r
Oct.
11,807
16,706
15,421
16,321
14,069
17,544
17,408
31,051
38,944
39,775
41,871
39,962
47 818
49,313
...
. ..
4,034
4,018
3,984
3,941
3,998
4,547
3,866
3,812
3,894
3,800
3,907
3,962
3,909
4,038
3,942
4,209
3,426
3,183
3,907
3,721
4,203
4,347
3,905
4,234
3,789
4,244
,408
,351
,286
,216
,255
.225
1,270
1,296
1,300
1,302
1,271
1,405
9,117
10,642
11,721
11,807
11,747
13 982
14,470
1,365
1,344
1,220
1,174
1,207
,236
,676
1,130
1,049
1,323
1,243
1,449
1,515
1,365
1,395
1,168
1,452
1,179
I 165
1,188
1,162
1,173
1,175
[,184
1,212
1,199
1,254
,031
J 99Q
,111
,073
,221
,236
,113
,229
,200
,300
1,261
1,393
1,582
1,674
1,871
2 222
2,212
8,866
10,203
11,051
12,069
12,275
14,070
15,223
175
174
166
185
176
154
1,262
1,260
1,162
1,242
1,497
155
157
172
167
181
177
167
186
175
173
127
127
161
166
200
196
175
206
184
186
1,246
I 274
1,279
1,246
1,283
1,314
1,258
1,338
1,297
1,377
1,138
1,119
1,312
1,239
1,333
1,400
1,252
1,404
1,237
1,306
Repayments
1954 r
1955 r
1956
1957'
1958r r
19591
I960'
9 145
9 752
10,756
11,569
11 563
12,402
13,574
11 833
13,077
14,510
15,451
15,281
15,411
16,172
30 488
33 629
37,009
39,775
40,211
42,435
45,759
I960—Oct r r
Nov
Dec. r
3,862
3,856
3,866
3 855
3,867
3,952
1,365
1,358
1,348
J.405
1961—Jan.rr
Feb r
Mar.
Apr rr
May
Junerr
Julv r
Aug. r
Sept r
Oct.
3,875
3,889
3,907
3,907
3 895
3 962
3,937
3,994
3,956
4,028
3,895
3,643
4,104
3,764
4 043
4 042
3,885
4,053
3,839
4,102
1 356
1,353
1,348
1,356
1 336
1 354
1,364
1,362
1,350
1,372
I 354
1,252
I 418
1,290
-I 394
1,354
1,319
I 387
1,362
1,396
1,327
1,441
1 255
1,316
1,370
1,477
1,626
1,765
1,883
8,255
9,484
10,373
11,278
11,741
12,857
14,130
1 1S1
1,138
1,153
1,140
1,144
1,152
163
165
163
158
1,183
1,198
1,203
1,145
1,206
1,323
1,163
1,151
1,176
1,189
1,166
1,188
1,183
1,197
1,190
1,210
1,193
1,116
1.242
,164
1,207
1,199
1,145
1,198
167
160
164
165
169
167
152
169
159
173
174
165
174
169
183
1,189
1,225
1,219
1,197
1,224
1,249
1,225
1,265
1,246
1,268
1,181
1,123
1,275
1,151
1,269
1,282
1,213
1,285
1,184
1,257
.159
l|221
162
162
171
165
170
170
178
Net increase or decrease (—) in credit outstanding 2
1954 r
1955 r
1956 r
1957
1958 r
1959 lr
1960r .
I960—Oct. rf
Nov
Dec. r
1961— Jan. rr
Feb. r
Mar.
Apr. rr
May .
Junerr
July r
Aug r
Sept.r
Oct.
r
563
5 315
2,766
2,096
— 249
5 535
3,554
— 26
3 629
911
870
— 1 212
2 201
1,236
172
162
118
86
131
595
34
50
3
-9
-77
-13
-107
12
0
-28
44
-14
181
-469
-460
-197
-43
160
305
20
181
-50
142
-70
-137
-93
-131
-66
-58
-64
-60
-79
33
-40
-10
-99
-224
-203
-95
-47
55
128
3
-1
-159
11
Revised. See pp. 1390-1400 of this BULLETIN.
1 Extensions and repayments include 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 credit repaid from credit extended, except
as indicated in note 1.
NOTE.—A discussion of the composition and characteristics of the
data and a description of the methods used to derive the estimates are
6
77
212
197
245
463
329
-28
890
965
238
184
1 602
896
611
719
678
791
534
1 269
13O93
53
36
54
89
92
524
12
12
4
20
13
-4
73
64
57
17
36
174
16
-12
-40
-3
8
-27
7
-162
-228
-131
-91
14
-13
1
15
9
44
37
-32
31
41
79
-25
-8
7
27
22
10
32
15
3
57
49
60
49
59
65
33
73
51
109
-43
4
37
88
64
118
39
119
53
49
14
12
2
12
6
2
16
5
-5
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.
Monthly figures for 1940-54 are shown on pp. 1043-48 of the BULLETIN
for October 1956; for 1955-60, on pp. 1393-96 of this BULLETIN.
1459
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Commercial banks
Sales finance
companies
Other financial
institutions
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1954
1955'
1956'
1957'
1958'
19591'
I960'
31,051
38,944
39,775
41,871
39,962
47,818
49,313
11,267
14,109
14,463
15,355
14,860
17,976
18,269
5,541
6,281
6,638
6,495
6,563
7,940
7,762
6,983
8,376
9,148
9,915
9,654
10,940
12,073
7,260
10,178
9,526
10,106
8,886
10,962
11,211
I960—Oct.'.
Nov.-.
Dec.'.
4,034
4,018
3,984
3,941
3,998
4,547
,506
,511
,479
1,450
,437
,416
907
907
900
886
886
981
989
984
921
988
1,178
640
611
633
670
687
1,067
1961— Jan.'.
Feb.'.
Mar.'.
Apr.'.
3,866
3,812
3,894
3,800
3,907
3,962
3,909
4,038
3,942
4,209
3,426
3,183
3,907
3,721
4,203
4,347
3,905
4,234
3,789
4,244
,434
,393
,432
,406
,431
,443
,442
,476
,438
,533
,350
,217
,466
,435
,608
,604
,482
,559
,371
,536
835
818
823
830
829
863
827
853
828
913
752
672
829
801
891
977
863
927
809
951
948
972
1,000
953
1,017
1,038
984
1,049
1,023
1,078
842
853
1,023
930
1,060
1,117
989
1,100
958
1,034
649
629
639
611
630
618
656
660
653
685
482
441
589
555
644
649
571
648
651
723
May.
June'.
July.
Aug.7r .
Sept. ".
Oct.'.
Repayments
1954..
1955'.
1956'.
1957'.
1958'.
19591'
I960'.
30,488
33,629
37,009
39,775
40,211
42,435
45,759
11,469
12,304
13,362
14,360
14,647
15,560
16,832
5,465
5.891
6,328
6,499
6,490
7,281
7,676
6,511
7,536
8,415
7,043
7,898
8,904
9,664
9,708
9,574
10,229
9,250
9,365
10,020
11,022
Nov.'
Dec'
3,862
3,856
3,866
3,855
3,867
3,952
,433
,422
,431
,446
,411
,396
868
879
874
893
885
885
919
934
942
940
1,044
642
621
619
628
631
627
1961—Jan.'.
Feb.'
Mar.'
Apr.'
May'
June'
July'.
Aug.'
Sept.'
Oct.',
3,875
3,889
3,907
3,907
3,895
3,962
3,937
3,994
3,956
4,028
3,895
3,643
4,104
3,764
4,043
4,042
3,885
4,053
3,839
4,102
,446
,540
,544
,564
,521
,535
,529
,535
,521
,523
,460
,472
,601
,511
,600
,569
,529
,560
,486
,569
874
868
885
883
887
909
890
906
883
918
855
783
951
849
915
920
874
933
862
967
922
943
959
931
961
985
963
988
982
997
912
867
1,002
896
991
1,016
954
999
930
983
633
538
519
529
526
533
555
565
570
590
668
521
550
508
537
537
528
561
561
583
I960—Oct.'.
Net increase or decrease ( —) in credit outstanding2
563
5,315
:,766
2,096
-249
5,535
3,554
1954.
1955'
1956'
1957'
1958'
1959i
I960'
I960—Oct.'.
Nov.'.
Dec.'.
172
162
118
86
131
595
1961—Jan.'.
Feb.'.
Mar.'.
Apr.'.
May'.
June'.
July'.
Aug.'.
Sept.'.
Oct.'.
-9
-77
-13
-469
-460
-197
-43
160
305
20
181
-50
142
-107
12
0
-28
44
-14
181
-202
1,805
1,176
1,066
-63
2,447
1,446
73
89
48
4
26
20
39
28
14
7
1
1
62
55
42
33
48
134
-2
-10
14
42
56
440
964
866
-255
-135
-76
8
35
-47
1
-50
-62
-53
-58
-46
-63
-64
-6
-5
-63
-111
26
29
41
22
56
53
21
72
41
81
-70
-14
-1,000
91
120
82
104
85
101
95
75
95
-1,202
-80
39
47
107
112
43
87
82
140
-147
-112
-158
-90
-92
-87
-59
-124
10
-1
-156
-33
' Revised. See pp. 1390-1400 of this BULLETIN.
1 Extensions and repayments include 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 2the introduction of outstanding balances for these two States.
Obtained by subtracting credit repaid from credit extended, except as
indicated in note 1.
NOTE.—Data on extensions and repayments have been adjusted, where
necessary, to avoid duplication resulting from large transfers of paper.
As a result, the differences between extensions and repayments for some
types of holders do not equal the changes in outstanding credit. Such
76
390
235
-75
315
693
-61
472
840
733
665
289
986
1,051
217
2,280
622
442
-788
1,409
1,120
-122
-48
-24
57
-11
-17
-4
-16
21
34
69
101
35
112
28
51
transfers do not affect total instalment credit outstanding.
For a further discussion of the composition and characteristics of
the data and the description of the methods used to derive the estimates
see the BULLETIN for January 1954, pp. 9-17. Estimates of extensions
and repayments 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.
Monthly figures for 1940-54 are shown on pp. 1049-54 of the BULLETIN
for October 1956; for 1955-60, on pp. 1393-96 of this BULLETIN.
1460
INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 = 100
[Seasonally adjusted]
Annual
average
Grouping
1961
1960
1959 1960 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Aug. Sept. Oct.
INDUSTRY GROUPINGS
159
164
161
159
156
155
155
156
160
164
168
170 1 7 2
169
171
755
165
155
125
268
163
169
160
128
287
759
164
159
128
289
757
159
158
129
287
154
156
156
129
287
753
154
155
128
290
752
153
156
127
292
753
154
157
127
291
755
161
160
128
296
753
167
162
128
304
755
171
165
128
307
759
175
167
129
307
770 r'757
175 171
169 '167
130 r 128
314 '316
770
174
169
131
318
Primary and fabricated metals
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
725
114
107
142
150
727
115
110
145
155
775
100
91
144
156
777
94
85
138
151
705
88
80
137
147
707
91
82
132
145
705
93
86
131
141
709
94
87
131
141
777
105
98
135
144
725
115
108
143
152
732
121
114
148
160
197
169
141
212
229
147
390
209
205
174
145
222
238
168
368
221
200
167
142
207
238
168
371
220
7P7
167
140
212
226
150
373
221
793
166
137
214
218
142
369
216
790
166
136
215
208
130
366
216
759
165
136
214
205
127
363
210
759
165
135
213
206
126
367
210
795
169
140
216
220
144
366
210
201
171
141
221
231
157
373
215
270
181
147
237
239
167
376
222
735 733
125 126
115 116
151 144
164 '157
270 203
178 mi
145 145
232 '229
240 '221
169 '139
375 '385
227 '225
733
122
114
149
161
M^achinery and related products..
729
118
111
146
158
206
176
144
229
235
165
366
220
270
178
145
233
239
162
390
225
143
159
125
147
164
133
139
158
118
136
157
111
732
155
105
729
148
106
729
145
111
725
144
110
737
149
110
735
151
117
138
155
118
144
162
122
145
165
123
144
165
120
142
162
119
739
161
114
153
171
138
757
168
138
149
167
135
745
163
130
143
159
130
144
158
132
145
161
131
148
165
134
752
167
139
755
173
142
755
172
142
757 755
176 '176
142 142
759
176
145
136
126
153
119
136
121
158
113
133
116
156
113
737
113
156
112
727
109
152
108
124
110
144
109
727
113
147
108
730
116
152
108
732
118
153
112
134
122
153
112
737
125
156
116
140
127
162
113
142 140
129 '131
165 159
116 112
144
132
165
154
170
144
135
160
172
151
140
757
172
154
142
750
168
155
141
759
168
152
139
759
170
151
136
759
174
150
134
759
173
150
136
752
180
150
137
753
179
151
137
164
182
153
138
164
179
154
139
759 755
189 '187
155 155
140 140
757
186
155
140
Chemical petroleum and rubber products
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
275
240
298
158
199
224
255
319
162
200
223
254
313
164
192
227
252
318
163
191
275
251
315
158
184
277
250
315
159
180
275
249
312
160
178
275
252
321
158
168
225
259
328
162
192
232
266
339
167
199
237
272
347
166
211
243 243 r239
277 '277 276
356 '358 360
174 172 '164
215 215 210
242
277
Foods beverases and tobacco
725
128
131
117
127
737
132
135
119
130
133
134
136
121
131
732
132
134
120
133
733
133
135
123
131
732
133
135
122
129
732
133
135
119
133
134
134
137
121
132
134
134
137
122
139
735
135
139
117
132
735
137
139
123
132
737 737 '737
138 *-138 '137
140 r 140 '140
129 127 126
125 135 133
735
139
142
722
68
*. • 147
145
135
210
159
722
68
147
147
135
228
145
722
66
148
147
136
234
147
124
63
151
150
139
231
152
722
67
148
147
135
238
148
727
64
148
146
134
231
154
727
63
147
146
135
226
144
720
56
149
150
139
231
136
723
63
151
151
139
238
145
723
66
149
149
138
233
143
723
64
150
151
139
234
142
723
64
150
151
139
725
69
151
151
139
146
107
188
164
134
195
160
121
201
753
131
195
755
147
188
772
150
193
755
146
185
757
146
186
759
127
192
757
119
197
757
123
201
270
265
289
284
293
278
291
275
290
278
293
285
294
288
292
291
297
296
307
299
309
301
309
317
162
155
188
157
168
161
195
160
168
161
195
156
166
159
193
153
164
158
191
150
162
155
188
148
162
155
188
149
162
156
188
150
166
160
190
156
168
163
192
161
171
166
194
164
174
169
197
166
174 172
169 '164
198 201
168 '165
Total index
.
. .
Durable
Nondurable
Mining
Utilities
Durable Manufactures
Nonelectrical machinery
Electrical machinery
transportation equipment
.
Aircraft and other eouipment
Instruments and related products
Ordnance and accessories
.
Clay, glass, and lumber
Clay glass and stone products
Lumber and products
Furniture and miscellaneous
Furniture and fixtures.
Misc. manufactures
Nondurable Manufactures
Textile apparel and leather products
Textile mill products
Apparel products
Leather and products
Paper and printing
Paper and products
Printing and publishing
.
.
F o o d s and beverages
F o o d manufactures
Beverages
Xobacco p r o d u c t s
. . .
170
Mining
Coal, oil. and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and cas liauids
Oil and gas drilling
l^fetal stone and earth minerals
Metal mining
Stone and earth minerals
725
67
152
152
141
'722
68
'148
'148
'137
143
141
141
147
753
124
204
750 '752
124 '130
198 196
164
131
199
Utilities
Electric
Gas
319
SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
. .
Equipment including defense
Materials
r
Revised.
.
175
168
204
167
1461
INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 = 100
[Without seasonal adjustment]
Grouping
Annual
average
1960
1961
1959 1960 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June% July
Aug. Sept. Oct
INDUSTRY GROUPINGS
159
164
166
160
154
155
156
158
162
164
168
160
169
r
176
158
165
155
125
268
163
169
160
128
287
165
168
167
129
159
162
160
128
151
156
149
128
151
154
153
128
154
155
157
127
155
157
158
126
160
163
162
127
163
167
162
128
167
172
166
129
158
163
158
125
167
165
173
130
r
169
ill
171
175
178
176
133
Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products....
Structural metal parts
125
114
107
142
150
127
115
110
145
155
120
102
93
148
159
113
95
85
141
155
106
86
78
137
152
108
93
85
130
144
109
97
88
128
140
112
99
91
130
141
119
109
101
135
143
127
117
110
140
150
130
120
113
146
157
120
105
99
143
154
130
115
108
153
161
133
122
116
150
159
135
123
117
154
164
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
229
147
390
209
205
174
145
222
238
168
368
221
204
170
140
219
244
175
369
222
201
169
137
220
238
167
372
222
197
167
138
214
229
157
371
219
193
167
138
213
216
138
374
216
193
170
140
217
212
134
371
212
194
169
140
216
213
132
375
213
199
ill
144
216
225
149
371
212
201
172
143
217
231
159
368
215
205
176
145
226
236
167
365
219
195
167
140
211
219
146
362
216
190
170
138
224
196
114
366
223
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
143
159
125
139
158
118
144
164
122
132
155
104
120
144
92
118
136
97
121
137
103
126
145
104
134
151
115
141
158
121
150
166
132
143
164
119
152
171
131
Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures
147
164
133
153
171
138
160
176
147
154
169
142
148
166
132
139
156
125
142
158
129
143
159
129
144
160
129
146
161
134
153
168
140
150
168
134
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
136
126
153
119
136
121
158
113
137
121
162
114
132
117
156
108
114
105
129
126
ill
146
111
137
ill
162
119
137
ill
162
118
138
123
161
114
136
126
156
106
135
125
154
113
124
111
145
102
Paper and printing
Paper and products
Printing and publishing.
Newspapers
154
170
144
135
160
172
151
140
169
183
160
153
164
171
159
154
153
152
154
138
156
169
147
125
159
175
148
130
163
178
153
141
166
185
154
146
164
180
153
146
166
187
152
139
153
162
147
122
Chemical, petroleum, and rubber products.
Chemicals and products
,
Industrial chemicals
Petroleum products
,
Rubber and plastic products
215
240
298
158
199
224
255
319
162
200
227
257
316
163
202
222
253
320
160
195
215
247
315
162
176
219
250
315
159
189
221
253
322
162
188
221
259
330
157
176
230
268
335
157
197
232
269
342
164
194
238
275
345
166
205
226 r'241 r239
260 115 274
335 '352 352
173 177 '168
181 207 213
244
278
Foods, beverages, and tobacco
Foods and beverages
Foor manufactures
Beverages
Tobacco products
128
128
131
117
127
131
132
135
119
130
145
145
150
123
140
134
134
139
110
133
126
128
132
111
106
124
124
129
100
129
125
124
128
106
134
126
125
127
116
131
129
129
129
130
133
132
131
132
129
136
139
139
138
145
144
137
139
139
138
115
148 r151
148 ••152
151 '157
137 127
145 138
150
151
156
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
68
147
147
135
228
145
123
72
146
145
133
226
148
124
66
150
149
137
238
149
124
65
151
151
137
250
150
125
63
153
152
138
251
157
125
64
152
153
140
246
143
123
57
153
156
143
242
129
123
61
151
153
141
238
137
122
64
148
148
137
225
140
120
61
147
147
136
220
143
117
54
145
144
133
123
70
147
147
136
147
146
144
148
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
146
107
188
164
134
195
172
133
212
157
119
197
149
118
182
146
118
175
144
120
168
147
120
175
153
119
188
169
137
201
180
151
210
176
143
212
176 r179
143 '150
210 '209
177
144
210
270
265
289
284
285
280
294
313
304
298
291
291
298
306
325
162
155
188
157
168
161
195
160
174
170
192
159
167
161
190
155
161
152
191
148
162
154
191
149
164
157
191
150
164
156
191
152
167
160
193
157
167
160
193
161
172
166
196
165
165
158
192
156
172 176
167 '170
194 '199
166 167
Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
171
Durable manufactures
r
201
'178
142
'238
-215
'133
r
38O
226
213
182
143
246
245
170
388
226
150
167
131
148
168
125
161 r165
180 '182
145
169
184
156
Nondurable manufactures
r
mi
148
136
170
148
112
166 H69
192 '189
150 '157
126 140
175
198
161
152
149
130
176
120
133
i69*
Mining
r
122
72
'145
'145
'134
125
75
149
148
137
Utilities
Electric.
Gas....
327
SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
r
Revised.
181
177
202
171
1462
INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957 =100
[Seasonally adjusted]
Grouping
Total index
Manufacturing total
Mining .
Utilities
1957
proportion
Annual
average
1960
1961
1959 1960 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.
100.00
105
108
106
105
103
102
102
103
106
108
110
112
113 Ill
113
86.49
49.66
36.83
8.55
4.96
105
102
110
95
115
108
104
113
97
123
106
101
113
97
124
104
98
112
98
123
702
96
111
98
123
707
95
111
98
125
707
94
111
96
125
702
95
112
96
125
705
99
114
97
127
108
103
116
97
130
777
105
111
98
131
772
107
119
98
132
773 777
108 105
120 119
99 r97
135 136
773
107
120
99
137
13.15
7.73
6.21
5.42
2.91
95
90
86
104
101
90
78
73
105
104
85
74
68
101
101
82
69
64
101
98
82
71
66
97
97
82
73
69
96
94
83
14
69
96
94
89
82
79
99
96
96
90
86
105
102
99
92
89
107
106
700
95
91
108
107
704 '707
98
99
92
93
111 105
110 105
707
96
91
109
107
28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25
102
103
99
108
98
100
94
112
91
90
88
106
104
106
106
102
112
102
115
89
119
103
102
100
105
102
115
89
119
702
102
98
107
97
103
90
119
100
101
96
108
93
97
89
116
98
101
96
109
89
89
88
116
97
101
96
108
88
86
88
113
97
101
95
108
88
86
89
113
707
103
98
109
94
99
88
113
104
104
99
112
99
108
90
116
706
107
101
116
101
113
88
119
108
110
103
120
102
114
91
119
108 105
109 108
102 102
118 116
103
95
116
95
90
93
122 121
108
109
102
118
102
111
94
121
4.57
2.92
1.65
111
110
113
709
110
107
705
109
100
703
107
95
700
103
96
700
101
100
700
100
99
702
103
100
705
105
106
707
107
107
772
112
111
773
114
111
772 777
114 112
109 107
709
111
103
2.96
1.48
1.48
112
115
109
116
120
113
115
117
113
113
117
110
no
114
107
709
111
107
709
111
108
770
112
107
772
115
110
775
117
114
779
121
117
779
121
117
720 720
123 123
116 117
727
123
119
7.32
2.78
3.44
1.10
775
113
120
106
775
109
124
100
112 777
104 102
122 123
99
101
108 705
98
98
119 113
96
97
707
102
116
96
770
104
120
96
772
106
120
100
773
110
120
100
776
112
123
104
778
114
127
101
720
116
130
103
778
117
125
100
722
118
130
7.93
3.27
4.66
1.53
108
111
105
104
112
112
111
107
113
112
108
112
110
114
108
109
112
106
111
111
104
777
113
110
102
777
113
110
104
773
117
110
105
774
117
111
105
775
118
113
106
775
117
114
107
778 r777
123 122
114 114
107 107
777
121
114
107
10.95
7.10
3.61
1.93
1.91
773
114
118
105
114
775
121
127
108
114
777
121
124
109
110
776
120
126
108
109
775
120
125
106
105
114
119
125
106
103
773
118
124
106
102
773
120
127
106
96
118
123
130
108
110
722
127
135
111
114
725
129
138
111
121
727 '727 726
132 132 131
141 142 143
116 115 110
123 123 120
727
132
10.64
9.87
8.31
1.56
.77
107
106
106
106
112
709
109
109
108
114
111
111
111
110
115
770
109
109
109
117
770
110
110
112
115
770
110
110
111
113
770
110
110
108
116
777
111
111
109
116
772
111
111
111
122
772
112
113
107
116
773
113
113
112
116
114 774 r774
114 114 114
114 114 114
117 115 114
110 119 117
775
115
116
7.05
1.30
5.75
4.98
4.33
.65
.77
96
82
99
99
98
106
93
96
83
98
100
98
116
85
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
120
90
94
11
98
100
98
115
85
94
68
100
103
101
117
80
97
11
101
104
101
96
81
100
103
100
97
11
101
104
101
96
11
101
103
101
98 r96
82
81
102 r99
105 101
103 r99
98
84
101
103
101
85
84
83
84
83
86
1.50
.70
.80
94
11
108
705
97
112
703
88
116
704
95
113
708
107
109
770
109
111
706
106
106
707
106
107
702
92
110
707
86
114
703
89
116
705
90
118
703 '704
90 r94
114 113
705
95
115
3.76
1.20
115
114
123
123
125
120
124
118
124
120
125
123
125
125
127
131
132
132
135
124 125
Durable Manufactures
Primary and fabricated metals
Fabricated metal products
Nonelectrical machinery
Transportation equipment
Motor vehicles and parts
Clav class and lumber
Lumber and products
Furniture and miscellaneous
Nondurable Manufactures
Textile apparel and leather products
Apparel products
Paper and products
. • ..
Chemical, petroleum, and rubber products
Industrial chemicals
Rubber and elastics Droducts
Foods and beverases
Beverages
.
in
113
Mining
Coal
Oil and &as extraction
Nfetal stone and earth minerals
82
Utilities
Gas
For notes see opposite page.
136
1463
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957=100
[Seasonally adjusted]
1957
proportion
Grouping
Annual
average
1960
1959 1960 Oct.
1961
Nov. Dec.
Jan.
Feb.
Mar. Apr. May June July
Aug. Sept. Oct.
100.00
105
108
106
105
103
102
102
103
106
108
110
112
113 ' I l l
113
46.75
. . . . 31.13
15.62
53.25
107
110
100
104
777
114
103
106
770
114
103
103
709
113
102
101
705
112
101
99
707
110
100
98
707
110
100
98
707
111
99
99
709
114
100
103
777
115
102
106
773
118
102
109
114
120
104
110
775 773
120 116
105 106
111 109
775
119
108
111
3.35
2.03
1.32
703
96
113
777
117
117
720
123
116
773
109
118
705
97
119
94
78
118
90
73
115
55
71
115
703
92
120
705
101
118
773
109
120
775
110
125
777
110
126
96
82
118
770
102
123
9.60
4.40
1.75
1.26
.49
1.18
1.47
5.20
775
115
114
119
102
119
113
116
775
115
112
118
96
118
117
117
772
110
103
112
82
115
115
114
772
110
104
114
78
114
114
114
777
110
106
116
82
113
112
111
705
108
106
116
80
109
111
108
709
109
109
114
94
109
110
110
772
110
108
113
95
110
112
114
775
114
111
115
100
116
115
116
775
117
116
118
110
117
118
115
720
122
123
122
126
122
122
118
723
124
127
126
128
119
123
122
722 720
120 121
116 119
121 126
102 100
122 126
124 '120
124 118
727
121
119
128
98
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
773
109
110
118
113
119
106
126
127
124
114
110
112
122
115
120
105
127
130
773
109
111
118
116
119
105
126
130
773
109
113
118
116
119
104
127
130
774
110
112
118
117
123
108
131
133
114
110
111
117
115
125
112
131
133
114
111
111
116
114
121
107
129
129
775
111
114
119
114
123
105
132
132
777
113
110
123
116
125
105
135
136
775
114
113
124
117
124
105
134
135
779
114
115
126
119
127
112
135
136
779
114
116
126
117
129
111
139
140
12.16
7.29
2.46
1.83
.58
100
97
104
98
115
705
102
118
101
92
705
99
121
103
86
703
100
119
99
88
702
98
117
99
99
707
98
118
95
98
707
98
118
91
103
700
96
117
93
104
702
97
118
94
107
703
99
120
95
104
104
99
123
95
106
705
101
125
96
98
705
102
127
98
78
Metal materials n e e
27.81
3.67
8.10
9.05
6.99
100
101
103
107
89
702
109
101
107
92
97
103
98
105
79
94
94
98
102
77
97
91
95
99
75
90
88
95
98
77
59
83
95
97
78
90
85
95
99
79
96
93
98
104
86
707
107
99
107
92
104
109
101
110
93
104
109
104
111
94
705 104
115
99
105 102
112 110
96
97
705
105
107
108
95
Nondurable materials
Business supplies
Containers
General business supplies
Nondurable materials n e e . . .
25.44
8.87
2.91
5.96
7.05
107
108
109
107
115
770
110
109
111
119
709
110
107
111
116
709
110
106
112
116
705
110
109
110
115
707
108
108
109
114
705
108
110
108
116
709
108
112
107
118
777
111
114
110
121
772
110
110
110
124
114
113
115
112
128
775 777 r115
114 116 113
116 121 118
114 113
130 132 129
775
113
116
112
131
9.52
6 29
2.70
2.19
99
1.12
51
33
.18
100
96
113
113
110
118
113
103
97
121
120
115
127
121
103
97
121
122
113
131
103
98
120
121
112
130
102
97
120
120
113
128
101
96
119
119
111
128
101
96
120
120
112
128
102
96
122
122
114
131
104
98
123
124
111
136
105
98
126
127
117
138
106
98
129
130
120
141
106
98
129
129
120
139
108 107
100 r97
131 132
132 133
122 122
143 146
108
99
7.75
23.38
110
110
116
114
115
114
111
113
108
113
102
113
101
113
100
114
109
115
113
116
118
118
120
119
118 110
120 118
116
120
Total index
Consumer goods
.
Equipment, including defense
Materials
.
Comsumer Goods
Automotive products
Auto parts and allied products
Home goods and apparel
Home goods
Appliances, TV, and radios
TV and home radios
Furniture and rugs
Misc home goods
.
. .
Apparel incl. knit goods and shoes
. .
Consumer staples
Processed foods
Beverages and tobacco
Drugs soap and toiletries
Newspapers magazines, and books
Consumer fuel and lighting
Fuel oil and gasoline
.
Electricity
Gas
r
121
121
118
114
115
124
119
127
104
139
141
720
115
707
101
128
105
705
102
128
107
88
127
119
110
Equipment
Industrial equipment
. . . .
Commercial equipment
Freight and passenger equipment
Farm equipment
r97
3.46
Materials
Durable goods materials
Consumer durable
Equipment
Business fuel and power
Mineral fuels . . .
Nonresidential utilities
Electricity
General industrial
. . .
.
..
Gas
Industrial
Commercial and other
Supplementary groups of consumer goods
r
Revised.
NOTE.—Published groupings include
shown separately. Detailed description
in Industrial Production—7959 Revision
lication, see BULLETIN for June 1960,
some series and subtotals not
and historical data are available
(for announcement of that pubp. 632). Figures for industrial
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.
1464
INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957= 100
[Without seasonal adjustment]
Grouping
1957
prooortion
00.00
Total index
Manufacturing, total
Durable
Nondurable
Mining
Utilities
86.49
49.66
36.83
8.55
4.96
Annual
average
1960
1961
1959 1960 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Aug. Sept. Oct.
105 108 109 106 101 102 103 104 107 108 111 106 Ill 113 116
105 108 110 106 101 101 102 103 107 108 111 105 111 113 116
102 104 103 100 96
95
96
97 100 103 106 100 102 106 110
110 113 119 114 106 109 111 112 115 115 118 112 123 r121 125
95
97
98
97
97
97
97
96
97
97
98
95
99 r99
115
123
Durable Manufactures
Primary and fabricated metals
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
13.15
7.73
6.21
5.42
2.91
95
90
86
104
101
97
90
88
106
104
92
80
75
109
106
86
74
68
103
104
81
68
62
101
101
83
73
68
96
96
83
76
71
94
93
85
78
73
96
94
91
86
81
99
96
97
92
88
103
101
100 92
94
82
91
80
107 105
105 103
Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment
Instruments and related products
Ordnance and accessories
28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25
102
103
99
108
98
100
94
112
106
106
102
112
102
115
89
119
105
104
98
111
104
120
89
119
104
103
97
112
102
114
90
119
102
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
92
95
88
95
95
93
98
101
94
104 110 117 112 118 117 115
105 110 115 114 118 116 116
104 110 120 108 119 118 114
99
91
87
112
108
102 103
96
97
93
93
110 113
106 110
101 98 r104
102 104 109
98
97 100
107 113 121
94
84
92
100
78
91
87
92
88
116 120 121
110
111
101
125
105
116
93
122
Clay, glass, and lumber
Clay, glass, and stone products
Lumber and products
4.57
2.92
1.65
111 109 112 103 94
110 110 114 108 100
113 107 110 94
83
Furniture and miscellaneous
Furniture and fixtures
Misc. manufactures
2.96
1.48
1.48
112 116 122 117 112 106 108 108 109 111 116 114 122 126 128
115 120 123 118 117 109 110 111 112 112 118 118 126 128 129
109 113 121 116 108 102 106 106 106 110 115 110 119 124 127
Textile, apparel, and leather products
Textile mill products
Apparel products
Leather and products
7.32
2.78
3.44
1.10
115
113
120
106
115
109
124
100
116 112 97
109 105
94
127 123 102
102 96
88
Paper and printing
Paper and products
Printing and publishing
Newspapers
7.93
3.27
4.66
1.53
108
111
105
104
112
112
111
107
118
119
117
117
115 107 109 111 114
111
99 110 114 116
117 113 108 109 113
118 105
96
99 108
Chemical, petroleum, and rubber products
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
10.94
7.10
3.61
1.93
1.91
118
121
127
108
114
119
123
126
109
116
117
120
127
107
112
113
118
125
108
101
115
119
125
106
108
116
121
128
108
108
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
10.64
9.87
8.31
1.56
113
114
118
105
114
107
106
106
106
112
109
109
109
108
114
120
120
122
111
123
111
111
113
99
117
105
106
107
101
93
104
103
105
91
113
96
82
99
99
98
106
93
96
83
98
100
98
116
85
96
88
98
99
97
115
87
97
80
100
102
100
121
88
97
79
101
103
100
127
88
.70
.80
94
77
108
105 no 101 96
97
97
86
86
112 122 114 105
3.76
1.20
115
114
123
123
Nondurable Manufactures
.77
107
100
115
99
116
105
128
106
116
105
128
105
116 115 114 105 126
110 113 112 100 117
126 123 121 114 139
94 100
101
90 107
113 125
114 122
116 134
100
116
121
113
112
114
117
113
112
116 107 116 r118
122 105 125 123
112 108 110 115
106
94
96 107
116
123
131
105
101
121
127
133
105
113
122
128
136
109
111
125
131
137
111
117
119
124
133
115
104
126
131
140
118
118
104
103
104
96
118
104
104
103
105
115
107
107
105
117
117
110
109
107
117
120
116
115
112
132
126
114
115
113
125
101
123
123
123
124
128
98
76
103
104
101
127
92
98
78
102
105
102
125
84
96
69
103
107
104
123
76
96
75
101
105
102
121
81
95
78
99
102
100
114
82
94
75
99
101
99
112
84
91
66
97
99
97
96
85
99
101
99
86
86
84
87
94
85
101
92
87
97
94
87
101
98
86
108
108 116 113 113 r115
99 110 103 103 109
116 121 122 121 120
113
104
121
134
130
127
124
124
123
129
118
116
126 128
130 132
140
112 in
122
'125
126
128
115
121
125
125
127
Mining
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
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
7.50
.65
.77
r
95
87
'97
r
99
r
98
Utilities
Electric
Gas
For notes see opposite page.
122
120
126
127
131
139
140
98
91
100
102
100
1465
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957=100
[Without seasonal adjustment]
1957
proportion
Grouping
Total index
. . .
1960
1961
1959 1960 Oct. Nov. Dec.
Jan.
Feb.
Mar. Apr. May June July
Aug. Sept. Oct.
105
108
109
106
101
102
103
104
107
108
111
106
Ill
113
116
46.75 107
31.13 110
15.62 100
53.25 104
HI
114
103
106
114
120
102
105
770
114
100
102
705
108
101
98
705
109
101
98
705
111
101
99
707
111
101
101
770
113
102
104
770
114
102
107
773
118
103
109
709
112
102
103
775
119
102
110
775
121
105
110
779
126
106
113
100.00
Final products\ total
Consumer goods
Equipment including defense
Materials
Annual
average
Consumer Goods
Automotive products
Autos
Auto parts and allied products
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
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
3.35
2.03
1.32
9.60
103
96
113
777
117
117
129
134
121
720
123
114
770
108
112
98
86
117
96
83
116
94
81
115
705
102
119
772
107
119
775
116
123
99
87
119
73
39
125
96
77
126
720
115
128
4.40
1.75
1.26
.49
1.18
1.47
5.20
775
115
114
119
102
119
113
116
775
115
112
118
96
118
117
117
779
118
109
107
114
122
125
120
114
114
108
111
99
116
121
114
707
107
98
107
77
116
110
97
705
103
98
106
80
108
104
109
775
110
112
120
94
111
108
120
775
112
112
122
86
112
111
119
775
114
115
127
84
114
114
118
774
114
114
122
96
111
116
115
777
119
119
124
106
117
120
116
705
108
98
104
83
113
114
109
725
116
103
100
111
123
126
130
720
127
'125
126
125
'129
'129
'113
729
130
128
125
136
131
132
127
18.18
8.11
2 32
2.73
1.44
3.45
1.19
2.26
1.57
.69
705
106
108
111
106
113
104
117
118
115
773
109
110
118
113
119
106
126
127
124
720
122
115
125
117
115
104
775
112
105
120
116
115
105
777
107
98
117
116
123
108
772
104
98
118
116
134
112
772
103
104
118
115
132
113
777
103
108
117
115
125
105
773
104
117
122
114
121
100
114
107
118
122
115
119
103
775
112
130
125
116
119
104
777
113
117
118
116
124
112
725 725
123 '128
125 117
127 '125
118 121
128 127
113 '106
725
127
121
122
136
154
149
138
132
125
124
128
137
139
12.16
7.29
2.46
1.83
.58
100
97
104
98
115
705
102
118
101
92
705
99
122
99
85
707
99
120
95
78
702
702
702
702
703
703
705
703
705
705
707
99
120
96
95
98
119
94
101
97
119
93
113
96
118
98
119
98
118
99
123
99
120
98
110
100
122
100
108
100
121
95
87
101
126
94
71
102
128
'99
87
102
129
102
86
129
121
108
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment
Farm equipment
3.46
Defense equipment
Materials
Durable goods materials
Consumer durable
Equipment
Construction
.
Metal materials n.e.c
27.81
3 67
8.10
9.05
6.99
700
101
103
107
89
102
109
101
107
92
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
97
88
97
96
81
96
92
98
103
88
707
102
99
108
95
705
104
101
115
97
99
94
99
110
§6
703 704
96
98
101 '102
115 114
98
93
705
112
106
114
100
Nondurable materials
Business supplies
Containers
General business supplies
Nondurable materials n e e
25.44
8.87
2.91
5.96
7.05
107
108
109
107
115
770
110
109
111
119
772
116
115
116
119
770
111
102
115
119
705
104
94
109
112
705
106
102
107
116
709
108
107
108
119
777
110
112
110
120
772
114
116
113
123
773
112
114
112
126
114
114
121
111
126
705
105
110
103
118
777 777
116 '117
130 '125
109 '113
129 128
779
119
124
117
134
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas
Industrial
Commercial and other
9.52
6.29
2.70
2.19
.99
1.12
.51
100
96
113
113
110
118
113
103
97
121
120
115
127
121
103
103
103
103
103
103
103
103
104
102
108 '107
108
97
98
98
98
'99
99
98
97
96
92
97
'97
123
118
118
119
117
119
119
124
130
133
114
124
113
125
112
127
109
125
112
128
118
131
119
142
116
150
140
116
130
114
126
140
123
158
123
158
110
116
123
117
104
113
119
104
126
114
112
114
114
114
117
115
97
126
114
120
104
113
112
114
108
108
101
110
'123
126
99
.33
.18
Supplementary groups of consumer goods
Automotive and home goods
7 75
23.38
r
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 BULLETIN for June 1960, p. 632). Figures for individual
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.
1466
BUSINESS ACTIVITY
SELECTED BUSINESS ESDEXES
[1947-49= 100, unless otherwise indicated]
Construction
contracts *
Industrial production
Major market groupings
Major industry
groupings
Year or
month
Final products
Total
ManufacMinturing
ing
Utilities
Total
Consumer Equipgoods ment
Materials
Residential
Nonagricultural
employEmAll
ment— ployother total 2 ment
Prices
DepartFreight ment
carstore
load-4
sales
ings
(retail Convalue) sumer
Payrolls
Wholesale
commodity
Adj.
Adj. Unadj.
Adj.
105
111
142
172
183
201
101.6
99.1
102.4
108.3
110.5
113.7
102.8
93.8
99.7
106.4
106.3
111.9
105.0
97.2
111.7
130.1
137.0
151.7
127.6
108.2
117.1
121.5
115.0
116.6
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
232
280
*99
100
113
132
117
204
248
•98
100
107
101
112
111.0
114.7
118.6
119.7
116.4
120.8
123.0
102.0
105.8
106.9
105.0
95.5
100.3
100.0
138.4
153.6
162.4
164.3
151.5
170.3
172.8
104.6
115.3
115.9
108.2
93.8
97.9
95.3
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
156
153
150
128
115
81
121
102
115
122.6
122.2
121.6
97.7 172.9
96.6 168.4
95.2 162.9
92.4
89.4
87.2
148
144
146
127.3
127.4
127.5
119.6
119.6
119.5
148
149
150
156
161
164
166
168
165
167
P168
90
80
126
134
143
143
138
146
127
138
95
86
113
116
122
128
127
123
102
112
121.3 94.1 160.3 86.6
121.1 93.6 158.8 88.1
121.2 94.0 160.3 88.0
121.5 94.8 162.6 89.9
122.0 96.0 166.9 91.5
122.6 96.7 172.4 91.5
123.0 96.8 171.3 91.1
123.0 96.8 174.4 91.8
'122.9 '96.3 '175.9 90.1
123.2 96.6 179.1 94.4
»123.3 »97.1 P181.7 ^95.3
142
145
146
148
144
149
151
150
150
*151
e
153
127.4
127.5
127.5
127.5
127.4
127.6
128.1
128.0
128.3
128.4
119.9
120.0
119.9
119.4
118.7
118.2
118.6
118.9
118.8
118.7
118.8
Adj.
Adj.
Adj.
Adj.
Adj.
Adj.
Adj.
Adj.
1948
1949
1950
1951
1952
1953
103
98
113
123
127
138
103
98
114
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
1954
1955
1956.
1957
1958
1959
I960
130
146
151
152
141
159
164
129
145
150
150
139
158
163
113
125
132
132
120
125
128
178
199
218
233
244
268
287
132
144
150
152
145
162
168
123
136
139
141
140
155
161
161
172
188
189
165
188
195
128
147
151
151
138
157
160
I960—Oct.
Nov
Dec
161
159
156
159
157
154
128
129
129
289
287
287
168
166
164
161
159
158
195
193
191
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
155
155
156
160
164
168
170
'172
169
171
153
152
153
158
163
166
169
170
'167
170
172
129
128
127
128
128
129
129
130
'128
131
131
290
291
291
296
303
306
307
314
'316
318
319
162
162
162
166
168
171
174
174
172
175
^178
155
155
156
160
163
166
169
169
164
168
P171
188
188
188
190
192
194
197
198
201
204
*207
*>173
Manufacturing 3
e
Estimated.
P Preliminary.
' Revised.
Adj.=adjusted for seasonal variation. Unadj .=»without seasonal
adjustment.
• See note 1.
i Indexes beginning with 1956 are based on data for 48 States from
F. W. Dodge Corporation, 1957=100. Figures for earlier years are
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
were: residential, 271; all other, 266. A description of the old index,
Unadj. Unadj.
Adj.
Unadj. Unadj.
including seasonal adjustments, may be obtained from the Division of
Research
and Statistics.
2
Employees only, excluding personnel in the armed forces.
3
Production workers only.
4 Index 1957-59= 100.
NOTE.—Indexes for employment (including Alaska and Hawaii), are
compiled by the Federal Reserve from Bureau of Labor Statistics data.
Payrolls and prices are compiled by the Bureau of Labor Statistics.
CONSTRUCTION CONTRACTS
[Figures for the 48 States, as reported by the F. W. Dodge Corporation; value of contracts, in millions of dollars]
Annual totals
Type of ownership and
type of construction
1959
1960
1960
Oct.
Nov.
1961
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Total construction.•
36,269 36,318 3,319 2,886 2,718 2,485 2,235 3,166 3,298 3,501 3,602 3,529 3,543 3,004 3,291
By type of ownership:
Public
Private
11,068 12,587 1,125 1,071
25,201 23,731 2,194 1,815
By type of construction:
Nonresidential
Public works and utilities
17,150 15,105 1,390 1,253
11,387 12,240 1,165
916
7,732 8,973
764
717
1,218
838
732 1,090 1,170 1,127 1,235 1,265 1,158
954 1,021
1,500 1,647 1,504 2,075 2,128 2,374 2,367 2,263 2,384 2 ; 050 2,270
878
994
846
NOTE.—Monthly data exceed annual totals and are not comparable
with monthly data for 1957 and earlier years because of the policy of ac-
974
813
698
870 1,371 1,454 1,553 1,558 1,502 1,589 1.381
804 1,027 1,050 1,105 1,221 1,154 1,087
987
561
794
823
866
637
768
843
873
counting for negative adjustments in monthly data after original figures
have been published.
1467
CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
[Bureau of the Census estimates. 1 Monthly data at seasonally adjusted annual rates. In millions of dollars]
Private
Year or month
Total
Total
Public
Industrial
Commercial
Public
utility
Other
nonresidential
Business
Nonfarm
residential
Total
Total
Military
Highway
Sewer
and
water
All
other
1952
1953
1954
1955
1956
1957
1958
34,670
37,019
39,234
44,164
45,815
47,845
48,950
23,889
25,783
27,556
32,440
33,067
33,766
33,493
12,842
13,777
15,379
18,705
17,677
17,019
18,047
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
1,387
1,290
1,003
1,287
1,360
1,287
1,402
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
19592
1960
56,555
55,556
40,344
39,603
24,962
22,546
11,044
12,354
2,106
2,851
3,930
4,180
5,008
5,323
4,338
4,703
16,211
15,953
1,488
1,386
5,870
5,464
,467
,487
7,386
7,616
I960—Nov
Dec
56,079
56,650
39,624
39,639
22,016
21,91b
12,855
13,002
3,025
3,025
4,378
4,519
5,452
5,458
4,753
4,721
16,455
17,011
1,678
1,531
5,243
5,953
,454
,477
8,080
8,050
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
OcU>
Nov."
56,018
55,717
55,794
55,504
55,518
57,206
57,039
57,983
58,910
58,879
59,473
38,575
37,962
38.511
38;986
39,232
40,328
41,176
41,281
41,709
41,759
42,350
20,649
20,016
20,508
21,042
21,257
22,271
23,118
23,306
23,782
23,991
24,713
13,209
13,197
13,098
12,880
12,747
12,642
12,707
12,704
12,750
12,698
12,539
3,053
2,992
2,957
2,921
2,849
2,750
2,672
2,588
2,610
2,608
2,554
4,848
4,821
4.743
4,636
4,515
4,510
4,578
4,646
4,718
4,681
4,608
5,308
5,384
5,398
5,323
5,383
5,382
5,457
5,470
5,422
5,409
5,377
4,717
4,749
4,905
5,064
5,228
5,415
5,351
5,271
5,177
5,070
5,098
17,443
17,755
17,283
16,518
16,286
16,878
15,863
16,702
17,201
17,120
17,123
1,284
1,942
1,764
1,651
1,507
1,382
1,140
1,153
1,404
812
1,022
6,470
5,934
5,662
5,060
4,983
5,527
5,128
5,762
5,960
6,340
5,990
,530
,549
.569
,601
,606
,594
,582
,560
,575
,589
1,598
8,159
8,330
8,288
8,206
8,190
8,375
8,013
8,227
8,262
8,379
8,513
P Preliminary.
i Data for 1952-58 are joint estimates of the Departments of Commerce
and Labor.
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)
Year or month
Total
1952
1953
1954
1955
1956
1957.
1958
1959
19593
I960
Dec
1,273
1,220
996
J 237
1,206
987
1961—Jan
1.127
,098
I 115
,262
1,143
,268
,351
318
,301
V
362
"1,409
169
Feb
V
P
,296
,166
,291
,381
,343
,326
380
,442
1family
2family
939
933
1,077
1,190
46
42
34
33
981
31
Multifamily
1,077
889
477
407
1,517
1,252
1,234
995
56
44
227
214
113
78
66
50
35
28
21
110
93
64
86
69
46
4
3
3
21
20
15
51
21
81
110
115
131
56
79
80
90
25
31
36
41
70
76
105
111
93
88
88
92
46
41
42
36
85
42
95
71
73
138
129
130
,128
338
127
132
125
127
^122
840
933
1,079
50
56
78
84
96
100
96
95
91
n.a.
59
36
19
19
421
409
583
670
280
252
276
277
141
157
307
393
24
465
49
68
36
1,554
780
FHA
33
39
49
342
382
432
332
300
324
353
Total
84
94
90
87
82
120
170
215
700
827
946
795
804
897
976
n.a. Not available.
» Preliminary.
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.
Public
Total
1,069
1,068
1,202
1,310
1,094
993
1,142
1,343
[,127
[,104
,220
,329
,118
[,042
[,209
1,379
I960—Oct
Nov
politan
areas *
Memorandum item:
Government-underwritten 2
Private
Non-
Nonfarm
. .
Mar
Apr
May
June
July
Aug
Sept
Oct
Total
Metropolitan1
areas
In thousands of units]
3
4
4
4
4
4
4
3
4
n.a.
322
439
458
195
193
337
349
271
37
44
458
336
349
261
109
75
3
2
7
28
26
19
23
20
14
6
5
5
17
3
19
5
5
4
4
14
16
23
24
26
18
27
13
20
20
24
29
25
29
27
n.a.
VA
6
3
3
n
26
32
30
29
34
28
22
21
26
21
*23
128
102
109
5
5
6
6
8
g
7
8
7
9
3 New series, including both farm and nonfarm unless otherwise
indicated. Not strictly comparable with nonfarm series developed by
the Bureau of Labor Statistics, for which annual totals are given through
1959.
1468
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—Nov
Dec
1961—Jan
Feb . .
Mar
Apr
May.
June
July
Aug
Sept
Oct
Nov
,
Total
labor
force
Employed i
Total
Total
In nonagricultural
industries
In
agriculture
Unemployed
Not in the
labor force
Unemployment
rate
(per cent)
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
5.6
4.4
4.2
4.3
6.8
5.5
5.6
126 222
126,482
73,746
73,079
71,213
70,549
67,182
66,009
61,516
61,059
5,666
4,950
4 031
4,540
52,476
53,403
6.2
6.8
126,725
126,918
127,115
127,337
127 558
127,768
127,986
128 183
128,372
128 571
128,756
72,361
72,894
73,540
73,216
74 059
76,790
76,153
75,610
73,670
74 345
74,096
69,837
70,360
71,011
70,696
71 546
74,286
73,639
73,081
71,123
71,759
71,339
64,452
64,655
65,516
65,734
66 778
68,706
68,499
68,539
67,038
67 824
67,349
59,818
59,947
60,539
60,734
61 234
62,035
62,046
62,215
61,372
61,860
62,149
4,634
4,708
4,977
5,000
5,544
6,671
6,433
6,325
5,666
5,964
5,199
5,385
5,705
5,495
4,962
4 768
5,580
5,140
4,542
4,085
3 934
3,990
54,364
54,024
53,574
54,121
53 499
50,977
51,833
52,573
54,701
54,226
54,659
6.6
6.8
6.9
6.8
6.9
6.8
6.9
6.9
6.8
6.8
6.1
1
Includes self-employed, unpaid family, and domestic service workers.
2 Per cent of civilian labor force. Monthly data seasonally adjusted.
NOTE.—Inclusion of figures for Alaska and Hawaii beginning with
1960 increased population by about 500,000 and total labor force by
about 300,000. Most of the increase was in nonagricultural industries.
Information releating 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 1
[Bureau of Labor Statistics.
Year or month
1954
1955
1956
1957
1958
1959
I960
In thousands of persons]
Total
Manufacturing
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
49,022
50,675
52,408
52,904
51,423
53,380
54,347
16,314
16,882
17,243
17,174
15,945
16,667
16,762
791
792
822
828
751
731
709
2,612
2,802
2,999
2,923
2,778
2,955
2,882
4,084
4 141
4,244
4,241
3,976
4,010
4,017
10,235
10 535
10,858
10,886
10,750
11,125
11,412
2,234
2,335
2,429
2,477
2,519
2,597
2,684
6,002
6 274
6,536
6,749
6,811
7,105
7,361
6,751
6,914
7,277
7,626
7,893
8,190
8,520
53,995
53,707
16,351
16,174
693
679
2,832
2,757
3,976
3,950
11,371
11,334
2,719
2,723
7,431
7,447
8,622
8,643
53,581
53,485
53,561
53,663
53,894
54,182
54,335
54,333
54,304
54,420
54,478
16,021
15,962
16,023
16,119
16,275
16,373
16,392
16,381
16,323
16,369
16,450
672
667
668
666
670
669
672
665
666
660
663
2,773
2,765
2,792
2,766
2,742
2,795
2,776
2,770
2,754
2,753
2,710
3,931
3,922
3,919
3,901
3,903
3,914
3,942
3,939
3 939
3,929
3,927
11,347
11,296
11,252
11,320
11,355
11,392
11,437
11,410
11 363
11,382
11,347
2,727
2,731
2,732
2,732
2,739
2,747
2,748
2,757
2 756
2,763
2,766
7,439
7,460
7,463
7,425
7,436
7,471
7,533
7,546
7 567
7,587
7,597
8,671
8,682
8,712
8,734
8,774
8,821
8,835
8,865
8 936
8,977
9,018
54,595
54,706
52,864
52,523
52,785
53,171
53,708
54,429
54,227
54,538
54,978
55,101
55,077
16,538
16,213
15,933
15,838
15,866
15,904
16,076
16,320
16,268
16,531
16,646
16,616
16,636
695
682
666
656
654
657
668
678
672
677
676
667
665
2,942
2,630
2,457
2,342
2,454
2,619
2,775
2,971
3,023
3,075
3,021
2,976
2,816
3,992
3,966
3,888
3,87i
3,872
3,870
3,891
3,945
3,977
3,971
3,971
3,953
3,943
11,608
12,146
11,233
11,040
11,101
11,162
11,238
11,354
11,327
11,342
11,378
11,467
11,583
2,705
2,709
2,702
2,706
2,710
2,724
2,734
2,766
2,795
2,801
2,770
2,757
2,752
7,416
7,380
7,313
7,333
7,359
7,448
7,510
7,598
7,631
7,606
7 612
7,625
7,582
8,699
8,980
8 672
8,737
8,769
8,787
8,816
8,797
8,534
8,535
8 904
9,040
9,100
SEASONALLY ADJUSTED
I960
Nov
Dec
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept p
Oct
Novp
....
WITHOUT SEASONAL ADJUSTMENT
I960
Nov
Dec
1961 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept p
Oct
Nov.27
.
.
p
Preliminary.
* Data include figures for Alaska and Hawaii.
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of
the month. Proprietors, self-employed persons, domestic servants,
unpaid family workers, and members of the armed forces are excluded.
Back data may be obtained from the Bureau of Labor Statistics.
1469
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES *
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group
1960
Total
Without seasonal adjustment
1961
Nov.
Sept.
1960
1961
Nov.*
Nov.
Sept.
Oct.?
Nov.*
12,133
12,104
12,136
12,195
12,324
12,407
12,382
12,385
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
6,680
91
542
308
464
891
832
991
951
1,081
224
305
6,673
97
539
306
460
950
833
965
957
1,037
224
305
6,681
99
535
306
461
947
830
973
989
1,008
223
310
6,752
97
546
308
461
946
833
972
983
1,074
223
309
6,797
92
545
315
470
900
850
978
979
1,121
228
321
6,753
97
565
314
477
955
839
960
982
1,013
226
326
6,775
98
554
315
470
954
847
957
1,003
1,018
226
334
6,869
98
550
314
467
955
850
958
1,013
1,114
226
325
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
,
5,453
1,205
83
796
1,071
469
597
503
135
275
319
5,431
1,184
85
794
1,063
469
595
507
131
287
316
5,455
1,197
80
796
1,071
471
595
509
132
286
318
5,443
1,199
74
798
1,062
469
594
510
130
286
321
5,527
1,225
89
804
1,090
474
604
502
135
283
321
5,654
1,335
107
804
1,082
476
599
509
133
292
319
5,607
1,287
97
806
1,085
477
603
510
132
295
317
5,516
1,219
79
806
1,081
474
601
509
130
294
324
v1 Preliminary.
Data include figures for Alaska and Hawaii.
E.—Data covering production and related workers only (full- and
part-time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month. Back data may be obtained from the
Bureau of Labor Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES i
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Industry group
1960
Nov.
Average hours worked
(per week)
1961
1960
Sept.
Average hourly earnings
(dollars per hour)
1961
1960
1961
Nov.
Sept.
Oct.?
Nov.*7
Nov.
Sept.
Oct.*
Nov.*
89.21
92.73
94.54
95.82
39.3
39.8
40.4
40.6
2.27
2.33
2.34
2.3d
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries...
96.23
110.30
71.05
74.26
93.38
103.60
97.60
103.17
91.94
111.91
95.00
75.05
100.00
114.11
81.00
79.52
97.47
118.19
99.45
107.83
93.53
106.22
97.99
76.02
102.66
115.92
81.00
79.71
98.12
119.29
102.75
108.50
96.29
116.88
97.99
76.59
104.65
116.33
77.61
80.12
97.88
119.99
103.41
108.50
96.93
125.57
98.64
77.18
39.6
40.7
38.2
39.5
40.6
37.4
40.0
4Q.3
39.8
40.4
40.6
39.5
40.0
40.9
40.1
41.2
41.3
40.2
40.1
41.0
39.8
37.8
41.0
39.8
40.9
41.4
40.5
41.3
41.4
40.3
41.1
41.1
40.8
41.3
41.0
40.1
41.2
41.4
39.0
41.3
41.3
40.4
41.2
41.1
40.9
43.3
41.1
40.2
2.43
2.71
1.86
1.88
2.30
2.77
2.44
2.56
2.31
2.77
2.34
1.90
2.50
2.79
2.02
1.93
2.36
2.94
2.48
2.63
2.35
2.81
2.39
1.91
2.51
2.80
2.00
1.93
2.37
2.96
2.50
2.64
2.36
2.83
2.39
1.91
2.54
2.81
1.99
1.94
2.37
2.97
2.51
2.64
2.37
2.90
2.40
1.92
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
80.52
86.71
64.30
62.63
56.35
95.72
103.57
103.98
119.02
92.43
60.06
83.74
89.44
67.39
66.09
56.93
102.15
106.37
107.53
126.88
98.74
61.88
84.56
89.62
68.85
67.08
59.79
102.15
105.71
108.32
125.33
97.61
62.59
85.17
90.45
70.49
68.48
59.26
102.82
106.37
108.32
126.96
99.14
64.50
38.9
40.9
37.6
38.9
35.0
41.8
38.5
41.1
40.9
39.5
36.4
39.5
41.6
41.6
40.3
34.5
43.1
38.4
41.2
41.6
40.8
36.4
39.7
41.3
40.5
40.9
35.8
43.1
38.3
41.5
41.5
40.5
36.6
39.8
41.3
38.1
41.5
35.7
43.2
38.4
41.5
41.9
40.8
37.5
2.07
2.12
1.71
1.61
1.61
2.29
2.69
2.53
2.91
2.34
1.65
2.12
2.15
1.62
1.64
1.65
2.37
2.77
2.61
3.05
2.42
1.70
2.13
2.17
1.70
1.64
1.67
2.37
2.76
2.61
3.02
2.41
1.71
2.14
2.19
1.85
1.65
1.66
2.38
2.77
2.61
3.03
2.43
1.72
Total.
P Preliminary.
1
Data include figures for Alaska and Hawaii.
NOTE.—Data are for production and related workers.
available from the Bureau of Labor Statistics.
Back data are
1470
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures; 1947-49 average^ 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
118
118
128
135
135
136
144
114
117
123
126
122
122
126
105
108
113
120
124
127
131
117
116
125
131
132
133
140
119
112
122
128
129
128
139
127
129
140
146
148
148
156
131
135
149
164
166
169
181
114
112
122
128
128
125
133
120
121
132
138
138
137
144
110
113
117
126
128
128
134
123
129
140
144
142
146
155
132
136
149
158
159
159
172
122
122
132
141
140
143
157
145
128
135
140
140
154
182
134
143
137
155
169
156
Oct
Nov
Dec
148
144
129
129
'142
131
145
136
144
136
163
151
189
179
140
129
149
139
139
137
'165
157
'161
152
128
135
136
142
154
172
163
146
187
137
142
139
159
171
159
Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct
142
145
146
126
126
135
129
136
140
132
143
145
140
135
144
146
155
157
177
181
178
130
128
127
145
134
142
134
143
135
164
156
158
165
170
168
154
164
160
148
144
149
151
132
133
136
134
140
136
142
142
141
138
146
145
139
138
142
145
156
150
156
161
183
175
185
194
135
132
137
143
143
139
144
137
162
152
159
165
132
142
145
156
179
137
133
177
160
162
178
164
153
162
167
143
142
138
143
147
157
136
144
140
149
'141
142
157
7=162
192
v 188
136
138
157
163
184
130
143
175
174
170
164
176
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALES1
1953
1954
1955
1956
1957
1958
1959
I960
SEASONALLY ADJUSTED
I960
1961
150
150
141
141
139
134
WITHOUT SEASONAL ADJUSTMENT
I960
1961
153
132
145
170
187
143
152
153
155
249
'149
167
245
149
171
262
178
250
167
254
183
285
206
329
158
238
166
248
155
239
'165
181
274
190
293
'157
177
282
108
109
132
134
95
91
116
120
103
105
128
125
97
102
134
131
105
104
130
126
105
110
142
139
137
141
177
172
98
96
116
123
107
102
126
127
96
105
121
128
121
114
137
147
130
127
155
159
119
126
138
148
140
141
126
131
129
102
132
136
106
135
136
110
133
133
122
149
146
134
171
166
165
131
132
114
140
133
122
133
139
109
152
151
145
160
149
158
145
156
149
136
150
112
135
146
114
138
151
119
142
153
132
141
143
142
158
"169
172
178
^186
126
140
141
135
145
133
149
149
160
168
181
168
177
156
166
160
131
128
136
148
152
148
156
165
124
120
129
125
122
152
170
140
138
136
142
147
124
130
142
146
137
144
155
146
141
152
164
160
153
157
165
143
127
135
148
154
152
160
164
131
125
135
148
150
143
144
150
123
117
119
130
138
136
142
149
122
124
141
155
126
132
141
Oct
167
152
151
Nov
169
166
151
147
152
149
'164
166
164
Jan
Feb
Mar
Apr
May
162
161
147
146
150
148
161
157
161
162
145
149
147
146
158
158
164
164
152
155
150
148
July
Aug
Sept
Oct
166
169
155
157
170
Oct
Nov
Dec
....
. . .
Jan
Feb
Mar
Apr
May
July
A.UR
Sept
Oct
...
•
.
STOCKS i
1953
1954
1955
1956
1957
1958
1959
I960
„
138
159
140
175
178
172
179
185
195
203
197
210
228
120
127
138
143
139
148
154
151
185
231
159
150
161
173
163
145
184
187
235
233
158
158
149
147
160
154
173
174
'193
192
182
'180
178
180
142
142
182
181
224
221
149
148
148
147
148
152
169
164
181
178
182
183
221
229
178
182
142
143
151
150
150
148
148
149
166
168
179
179
179
178
162
165
142
147
187
184
225
227
155
151
152
152
152
151
167
166
179
178
149
150
165
165
151
151
187
189
227
178
180
239
159
160
151
154
161
157
171
172
182
190
151
152
'167
168
151
152
189
239
242
166
160
154
154
155
156
173
^175
187
176
182
180
2*170
160
161
187
192
150
172
177
137
171
176
140
r
188
191
148
169
184
132
211
213
172
251
266
205
175
177
137
171
170
133
178
182
143
187
196
156
'212
211
169
'199
205
165
145
153
164
169
165
156
157
165
178
^190
131
137
147
155
155
146
141
152
168
136
138
150
152
151
139
134
147
158
142
151
162
169
165
154
148
158
'176
125
136
146
150
146
140
139
145
157
162
170
186
190
187
173
173
186
200
207
221
232
238
228
213
211
231
248
132
139
151
154
150
143
143
152
163
182
171
193
171
134
140
151
159
158
148
156
156
173
136
146
151
153
152
142
152
154
162
263
176
175
173
152
158
169
174
168
163
164
170
178
160
172
183
186
177
167
173
190
199
2*210
158
168
178
181
178
173
173
180
190
^203
133
136
129
134
149
153
168
174
165
178
187
135
142
156
158
155
167
178
SEASONALLY ADJUSTED
I960
Dec
1961
WITHOUT SEASONAL ADJUSTMENT
I960—Oct
Nov
Dec
1961
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
....
.
v1 Preliminary.
'Revised.
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.
NOTE.—For description of series see BULLETIN for December 1957.
pp. 1323-36. Back data may be obtained from the Division of Administrative Services.
1471
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales 4
Amounts (In millions of dollars)
Sales i
(total
for
month)
Period
Stocks i
(end
of
month)
Outstanding
orders l
(end of
month)
Receipts 2
(total
for
month)
New
orders 3
(total
for
month)
Stocks
Outstanding
orders
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
4.3
3.8
1.8
1.2
1.1
.6
Annual average:
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
Month:
I960—Oct..
Nov.,
Dec.
1961—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct.*3.
p
1
397
406
409
437
454
459
462
488
492
,097
,163
,140
,195
,286
,338
,323
,391
,466
435
421
388
446
470
461
437
510
517
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
'525
584
932
,679
,735
,339
'583
479
331
'631
649
536
591
547
388
3 .2
3 .0
1 .4
370
348
479
431
476
467
389
'466
475
529
,316
,368
,459
,502
,475
,389
,376
,470
,576
,707
436
474
441
387
419
619
689
'650
654
645
347
400
570
474
449
381
376
560
581
660
452
438
537
420
481
581
446
'521
585
651
3.6
3.9
3.0
3.5
3.1
3.0
3.5
'3.2
3.3
3.2
r
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.
1.2
1.1
1.0
I.
1.
1.
1.0
i.
i.
1.2
1.4
.9
.9
.9
1.3
1.8
1.4
1.4
1.2
4.7
5.3
4.0
4.4
4.0
4.3
5.3
4.5
4.7
4.4
1.1
1.2
1.1
.9
.8
1.0
1.2
1.2
1.2
3
4
Derived from receipts and reported figures on outstanding orders.
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
BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census.
In millions of dollars]
Merchandise exports excluding
military-aid shipments 2
Merchandise exports l
Merchandise imports 3
Period
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan.-Oct
r
1959
1960
1961
1959
1960
1961
1959
1960
1961
,401
,279
,459
,481
,558
,427
,470
,410
,487
,482
,482
,685
1,561
1,576
1,749
1,818
1,804
1,737
1,699
1,609
1,610
1,744
1,797
1,797
1,647
1,672
1,934
1,706
1,744
1,699
1,637
1,670
1,631
1,890
1,287
1,182
1,378
1,345
1,418
1,351
1,356
1,313
1,407
1,399
1,380
1,580
1,484
1,497
1,632
1,703
1,710
1,637
1,629
1,547
1,557
1,690
1,724
1,743
1,539
1,606
1,889
1,647
1,671
1,644
1,558
r
K598
r
l,557
1,817
,154
,119
,295
,221
,264
,370
,250
,188
.395
,202
,283
,467
1,143
1,289
1,378
1.261
f,262
1,307
1,150
1,229
1,160
1,157
1,161
1,157
,124
,046
,231
,042
,195
,220
,268
,234
,176
,340
14,454
16,907
17,230
13,436
16,086
16,526
I 12,458
12,336
,876
Revised.
1 Exports of domestic and foreign merchandise.
Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.
2
3
General imports including imports for immediate consumption plus
entries into bonded warehouses.
1472
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
Rent
ApGas
Solid House- House- parel
fuels
hold
and
furand
elecnish- operation
tricity fuel oil ings
117.4
83.6
88.4
90.9
60.3
45.9
55.6
76.3
Transportation
Medical
care
Personal
care
Read- Other
ing
goods
and
and
recrea- servtion
ices
1929
1933
1941
1945
73.3
55.3
62.9
76.9
65.6
41.6
52.2
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 Oct
Nov
Dec
127.3
127.4
127.5
120.9
121.1
111 A
132.2
132.1
132.3
142.5
142.7
142.8
125.7
125.7
125.6
136.1
136.3
137.0
104.0
104.0
103.9
138.1
138.3
138.3
111.0
110.7
110.6
146.1
146.5
146.5
157.3
157.9
158.0
134.0
133.9
133.7
121.9
122.5
122.3
132.7
132.7
132.7
1961 Jan
Feb
Mar
Apr
May
June
July
Au2
Sept
Oct
127.4
127.5
127.5
127.5
127.4
127.6
128.1
128.0
128.3
128.4
121.3
121.4
121.2
121.2
120.7
120.9
122.0
121.2
121.1
120.9
132.3
132.4
132.5
132.3
132.2
132.4
132.4
132.3
132.6
132.7
142.9
143.1
143.1
143.3
143.4
143.5
143.6
143.6
143.9
144.1
125.9
125.9
125.9
125.8
126.2
126.3
125.6
125.6
125.7
125.7
139.6
141.3
141.3
139.9
136.5
135.6
135.9
136.9
137.2
138.4
103.6
103.7
103.9
103.8
103.5
103.9
103.6
103.2
103.8
103.6
138.3
138.3
138.5
138 7
138.7
138.9
139.1
138.8
138.9
139.2
109.4
109.6
109.8
109.5
109.6
109.6
109.9
109.9
111.1
111.4
146.2
146.2
145.7
145.8
146.6
147.7
148.3
149.3
149.4
150.3
158.5
159.4
159.6
159.9
160.4
160.9
161.2
161.4
161.7
162.3
133.7
133 8
133.6
133 8
133.8
133.9
134.3
134.2
134.3
134.0
122.2
122.7
123.4
124 1
123.9
123.5
124.1
124.4
125.0
125.4
132.6
132 6
132.6
132 6
133.1
133.1
133.6
133.6
133.8
133.8
.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index; 1947-49= 100]
Other commodities
Year or
month
Tex- Hides, Fuel
All
tile
and
com- Farm Processed
prod- skins,
modi- prodand related
foods
ucts
prodties
Total ucts leather
and prod- ucts,
apand
parel ucts power
114.0
114.5
117.0
122.2
125.6
126.0
128.2
128.3
1953
1954
1955
1956
1957
1958
1959
I960
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
1960—Oct
Nov
Dec
119.6
119.6
119.5
89.5 109.0 128.0
89.9 109.1 127.9
88.7 109.2 127.9
1961—Jan
Feb
Mar
Apr
May .
June
July
Aug
Sept
Oct
119.9
120.0
119.9
119.4
118.7
118.2
118.6
118.9
118.8
118.7
89.7
90.0
89.9
88.5
86.8
85.1
87.1
88.6
87.2
87.1
' Revised.
104.6
105.3
101.7
101.7
105.6
110.9
107.0
107.7
109.9
110.5
109.6
108.7
107.5
106.7
107.5
108.1
108.1
108.3
128.1
128.1
128.2
128.0
127.6
127.4
127.4
127.4
127.5
127.3
Chemicals
and
allied
products
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
Pulp
Rub- Lumber paper, Metals
ber
and
and
and metal
and wood allied
prod- prodprodproducts
ucts
ucts ucts
Machinery
and
motive
products
Furniture
and
other
household
durables
Nonmetallic
mineral
products
125.0
126.9
143.8
145.8
145.2
145.0
144.5
144.7
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
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
Tobacco
prod- Misucts cellaand neous
bottled
beverages
115.7 97.8
120 6 102.5
121.6 92.0
122.3 91.0
126 1 89 6
128.2 94.2
131.4 94.5
131.8 92.1
95.8 108.5 116.2 110.1 144.7 117.7 133.4 152.8 152.9 122.7 138.1 132.0
95.4 108.5 116.1 110.1 143.6 116.9 133.1 152.3 153.0 122.6 137.9 132.0
95.2 108.8 116.2 110.2 141.2 116.5 132.3 152.2 153.1 122.6 137.9 132.1
90.3
90.6
92.4
94.8
94.7
94.4
94.1
94.0
93.7
93.9
94.2
94.4
94.7
95.6
95.2
96.8
97.7
99.5
95 9
95.6
95.6
95 6
93.5
108.3
108.0
109.5
109.9
110.7
110.1
111.1
113.1
113.5
114.0
117.2
117.7
117.5
115.2
113.6
114.3
114.6
114.4
113.7
113.0
109.7
110.0
110.1
110.2
109.9
109.3
108.9
108.4
r
108.1
108.0
139.7
139.6
139.9
140.1
140.2
139.6
139.0
139.4
139.6
139.4
115.7
114.7
115.4
118.0
117.6
117.8
117.2
115.9
r
115 7
114.7
132.2
132.2
131.5
131.0
126.1
126.5
126.4
126.3
r
129 5
130.4
152.2
152.3
152.4
152.7
153.0
153.1
153.2
153.6
r
153.7
153.1
153.5
153.4
153.4
153.1
153.1
153.2
153.0
152.7
152 7
152.8
122.3
122.2
122.2
122.5
122.4
122 4
122.3
122.1
122 2
122.2
138.5
138.4
138.6
138.6
138.5
138 3
138.4
138.5
138 5
138.9
132.1
132.1
132.1
132.0
132.1
132 1
132.6
132.8
133 4
133.4
1473
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index; 1947^9= 100]
1960
Subgroup
1961
Oct.
Aug.
Sept.
109.2
73.5
80.7
90.8
101.5
98.9
72.2
130.4
97.3
78.1
80.3
98.4
98.4
80.7
82.9
129.3
r
94.9
78.0
77.6
98.7
r
99.6
76.6
80.0
131.2
123.1
97.8
121.3
108.8
117.1
140.9
100.5
123.9
94.8
121.0
107.4
113.0
138.6
102.1
124.3
94.3
121.9
"107.3
112.8
138.6
102.3
92.8
101.1
78.5
128.5
101.1
91.3
91.0
90.4
101.7 102.1
75.1
75.1
136.2 136.2
100.6 100.7
90.5
91.0
1960
Oct.
Aug.
Sept.
Oct.
94.7
Paperboard
77.9
Converted paper and paperboard...
76.9
Building paper and board
99.4
100.1 Metals and Metal Products:
79.5
79.9
Iron and steel
,
130.1
Nonferrous metals
Metal containers
,
Hardware
Plumbing equipment
125.1
Heating equipment
93.6
Fabricated structural metal products
123.6
Fabricated
nonstructural
metal
108.1
products
112.6
136.0 Machinery and Motive Products:
101.4
Agricultural machinery and equipment
Construction machinery and equip91.6
ment.
101.8
Metal working machinery
75.1
General purpose machinery and
133.3
equipment
100.8
Miscellaneous machinery
94.7
Special industry machinery and equipment (Jan. 1961= 100)
Electrical machinery and equipment
82.2
Motor vehicles
109.3
Transportation equip., R. R. rolling
134.4
stock (Jan. 1961= 100)
105.4
Furniture and Other Household Durables:
135.9
131.1
145.7
122.8 122.4
121.2 127.3
144.8 144.8
122.4
127.3
144.8
168.9
137.1
153.6
174.6
130.8
119.3
134.0
170.5
136.2
156.6
176.4
133.5
115.6
132.3
170.8
136.3
156.6
176.
133.
115.
131.
170.4
134.9
156.6
176.7
133.8
114.8
131.6
146.2
150.4
150.8
150.4
125.6
157.1
130.5
100.9
90.5
156.8
Pulp, Paper and Allied Products—Cont.:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers.
Fluid milk
Eggs
Hay and seeds
Other farm 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
Textile Products and Apparel:
Cotton products.
Wool products
Synthetic textiles.
Silk products.
Apparel
Other textile products
Hides, Skins, and Leather Products:
64.1
98.1
132.5
104.0
82.9
106.3
133.5
105.1
82.5
107.6
133.9
105.4
122.5
170.4
120.9
102.1
126.8
119.5
119.2
170.4
116.6
102.4
127.2
116.8
120.1
170.4
116.9
102.4
127.2
115.1
120.8
170.4
119.4
102.5
127.4
113.3
,
,
,
123.6
128.4
104.5
93.1
47.8
112.9
111.2
107.3
120.8
132.4
101.1
91.3
51.1
113.6
110.0
105.3
t20.6
132.4
99.9
r
90.7
r
48.7
114.4
110.2
105.3
120.3
132.2
100.0
90.8
47.0
113.6
111.9
105.3
,
,
146.5
141.3
146.8
137.9
138.3
141.1
139.1
138.3
141.0
137.8
138.3
141.0
116.3
135.3
97.1
115.8
130.7
95.3
115.3
132.4
'93.7
121.2
77.4
145.7
114.4
76.6
145.9
114.4
76.6
145.3
114.4 Miscellaneous:
132.4
91.0
Toys, sporting goods, small arms
Manufactured animal feeds
,
Notions and accessories
,
Jewelry, watches, photo equipment..
114.4
Other miscellaneous
100.2
145.4
Hides and skins
Leather
Footwear
Other leather products
Fuel and Related Products, and Power
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Crude petroleum and natural gasoline,
Petroleum products, refined
Lumber and Wood Products:
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
rR«vfaod.
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Products and Bottled
erages:
Rubber and Products:
Lumber
Millwork.......
Plywood.
Household furniture
Commercial furniture
Floor covering
Household appliances
Television, radios, phonographs
Other household durable goods
146.7
148.9
148.7
149.0
176.7
181.2
178.5
181.7
178.5
182.1
178.5
182.9
166.5
150.4
-166.1
152.0
100.5
166.3
152.0
165.7
152.0
100.6
100.6
152.6
140.3
150.5
140.5
150.4
140.3
150.7
140.4
100.3
100.3
100.3
126.4
155.9
129.3
99.8
88.7
157.2
126.7
156.7
'129.4
99.8
88.3
157.2
126.9
156.7
129.1
99.9
88.3
157.3
132.4
142.1
131.0
162.2
133.2
106.6
135.0
130.3
142.4
131.3
161.7
137.3
114.2
133.7
130.3
142.4
131.4
161.9
137.3
114.2
133.2
130.3
142.5
131.5
161.9
137.3
120.4
133.2
134.8
106.5
155.7
121.1
171.4
134.8
106.5
157.8
121.1
176.3
134.8
106.5
157.8
121.2
180.5
134.8
106.5
157.8
121.1
180.5
118.6
66.2
96.4
110.9
132.6
119.7
74.3
r
96.2
111.7
133.1
119.6
74.2
'96.2
111.9
132.8
119.9
71.0
96.2
112.2
133.0
r
Nonmetallic Mineral Products:
Chemicals and Allied Products:
Crude rubber
Tires and tubes
Other rubber products
1961
Oct.
Farm Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Subgroup
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
,
,
,
Bev,
,
,
,
1474
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Quarterly totals
at seasonally adjusted annua1 rates
Annual totals
Item
1960
1929
1933
1941
1950
1956
1957
1958
1959
4
3
104.4
79.0
9.2
37.7
32.1
Personal consumotion exDenditures
Durable goods
Services
Other
Producers* durable couioincnt
Change in business inventories
.8
7.0
6.3
Government purchases of goods and services..
National defense •
Other
Less * Government sales
State and local
} 1.3
.
...
•.
Addendum: Gross national product in constant (1954) dollars
c
8.5
1.3
.0
7.2
1
2
3
56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 505.1 504.5 500.8 516.1 525.8
46.4
3.5
22.3
20.7
81.9 195.0 269.9 285.2 293.2 314.0 328.9 329.7 332.3 330.7 336.1 341.0
9.7 30.4 38.5 40.4 37.3 43.5 44.3 43.4 43.8 39 4 42 0 42 3
43.2 99.8 131.4 137.7 141.6 147.3 152.4 152.7 153.1 153.7 154.1 156.2
29.0 64.9 100.0 107.1 114.3 123.2 132.2 133.6 135.4 137.5 139.9 142.4
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 56.6
36.1 35.5
17.0 18.0
19.0 17.4
28.5 23.1
1.6 - 2 . 0
.8 - 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
70.5 65.6 59.8
40.4 40 7 39 6
21.0 20.5 19.3
19.4 20.2 20.4
27.7 26.7 24.2
2.4 - 1 . 9 - 4 . 0
2.0 - 2 . 2 - 4 . 3
68.8
41 3
20.6
20.7
24.7
2.8
2.4
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
3.0
26.8
23.8
3.9
26.4
22.5
8.0 24.8
16.9
2.0
2.0 /i 13.8
3.2
.0
.0
7.8
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
97.1 100.1 101.9 101.6 105.0 107.3 109.0
53.5 52.9 54.0 53.0
54.7 56.6 57.4
46.2 45.5 45.4 45.7 47.2 48.8 49.0
7.8
8.0
9.1
7.9
8.0
8.3
8 9
6
6
5
5
6
.6
.5
43.6 47.2 48.0 48.6 50.3 50.6 51.6
16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
Gross private domestic investment
New Construction.
1961
1960
2^4
2.3
5.1
27.6
22.4
5.3
27.6
22.3
73.2
42.7
22.1
20.6
26.0
4.5
4.1
2.6
C27.0
24.3
181.8 126.6 238.1 318.1 400.9 408.6 401.3 428.4 440.8 440.2 438.4 433.2 445.5 451.8
Corrected.
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Quarterly totals
at seasonally adjusted annua 1 rates
Annual totals
Item
1960
1929
1933
1941
1950
1956
1957
1958
1959
3
National income
"Wnses and salaries
Military
Supplements to wages and salaries
Employer contributions for social inOther labor income •
Pro Drietors' income
Business and professional •
Rental income of Dersons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Undistributed profits
Inventory valuation adjustment
Net interest
4
2
1
3
87.8
40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.0 416.5 412.2 426.0
51.1
29.5
64.8 154.2 242.5 255.5 257.1 278.4 293.7 296.0 294.0 292.6 300.2 306.2
50.4
45.5
.3
4.6
29.0
23.9
.3
4.9
62.1 146.4 227.6 238.5 239.8 258.5 271.3 273.2 271.3 270.1 277.3 282.7
51.9 124.1 189.6 198.4 196.6 213.2 223.0 224.2 221.6 219.7 226.0 230.7
1.9
5.0
9.7
9.6
9.8
9.9
9.9
9.9 10.0 10.1 10 1 10.2
8.3 17.3 28.4 30.5 33.5 35.4 38.5 39.1 39.7 40.3 41.2 41.9
.7
.5
2.7
7.8
14.9
17.0
17.3
20.0
22.4
22.7
22.7
22.5
22.9
23.4
.1
.6
.1
.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
11.8
10.9
11.5
11.2
11.7
10.8
12.0
10.8
12.2
11.2
14.8
5.6
17.4
37.5
43.7
44.5
46.1
46.3
48.2
48.7
49.0
48.9
49.2
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
36.3
12.4
36.3
12.7
36.0
12.9
36 3
12.9
36 6
12 8
5.4
2.0
3.5
9.0
10.9
11.9
12.2
11.9
11.7
11.7
11.7
11.5
11.5
11.5
10.1
-2.0
14.5
35.7
42.0
41.7
37.2
46.4
45.1
44.1
42.9
40.0
45.5
9.6
1.4
8.3
5.8
2.4
.2
.5
-.4
2.1
-2.4
17.0
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
43.2
21.4
21.7
14.1
7.6
42.6
21.1
21.4
14.3
7.2
39.6
19.6
20.0
14.2
5.8
45.2
22.4
22.8
14.2
8.6
.5 - 2 . 1
-2.5
-5.0
-2.7
-1.5
-.3
-.5
.0
.9
.3
.4
.3
4.5
5.5
11.7
13.4
14.8
16.6
18.4
18.6
18.9
19.2
19.6
6.4
5.0
NOTB.—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.
1961
1960
i4 3
26.2
1475
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
1929
104.4
Gross national product
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
1933
7.2
9.0
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
.0
.1
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance....
Excess of wage accruals over disbursements
10.1 - 2 . 0
.3
.2
Less: Personal tax and nontax payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures...
1956
1957
1958
1959
1961
34.4
37.4
38.6
40.8
43.
43.2
43.7
44.2
45.0
45.5
23.7 35.7
1.6
.8
-•7 -2.4
38.2
1.8
-.6
39.3
1.8
-1.5
42.7
1.8
45.6
1.8
-2.6
45.5
1.8
-4.0
45.9
1.8
-2.9
45.7
1.8
-2.6
46.4
1.8
-1.7
47.5
1.8
.5
.5
.5
.5
1.4
19.1
.2
.9
1.0
-1.7
.4
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
44.1
21.1
42.9
20.8
40.0
21.2
45.5
21.7
22.0
.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
4.5
.5
14.3
4.8
9.2
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
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
1.8
31.6
7.2
14.3
1.8
85.8
47.2
2.6
7.5
3.3
20.8
40.0
42.6
42.3
46.0
50.4
50.8
50.5
50.3
51.4
52.5
1.3
1.4
.5
1.0
2.0
1.3
18.2
2.6
35.2
4.8
37.3
5.3
36.6
39.6
6.4
43.2
7.2
43.5
7.3
43.1
7.4
42.6
7.7
43.6
7.8
44.5
8.0
83.1
45.7
93.0 207.7 292.9 308.8
79.0
46.4
81.9 195.0 269.9 285.2
4.2
-.6
11.1
96.3 228.5 332.9 351.4 360.3 383.3 402.2 405.1 405.4 404.7 413.2 420.3
12.6
23.0
23.6
5.7
317.9
293.2
337.3 351.8 354.4 354.9 354.3 361.8 367.8
314.0 328.9 329.7 332.3 330.7 336.1
23.4
24.7
Equals: Personal saving
Addendum: Disposable personal income in
constant (1954) dollars
1960
1960
40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.0 416.5 412.2 426.0
Equals: National income
Equals: Personal income.
1950
56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 505.1 504.5 500.8 516.1 525.8
8.6
Plus: Subsidies less current surplus of government enterprises
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
1941
22.9
24.6
22.7
23.7
25.8
341.0
26.8
134.9 102.1 175.1 231.0 286.9 293.8 296.3 310.6 319.0 321.0 320.1 318.4 324.8 329.0
PERSONAL INCOME
[Department of Commerce estimates.
In billions of dollars]
1960
1959
Item*
1961
1960
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
383.3 402.2 406.4 406.0 404.0 403.6 403.1 407.3 409.8 413.2 417.3 421.2 419.4 421.1 425.0
258.5 271.3 272.9 271.5 269.6 269.6 269.5 271.1 274.6 277.2 250.7 282.3 282.8 284.0 286.8
Wage and salary disbursements
Commodity-producing industries... 107.2 110.4 108.5 108.3 106.2 106.2 105.6 106.5 109.1 110.5 112.7 113.2 112.9 112.9 114.5
83.8
84.0
87.4
84.7
83.5
85.4
86.3
84.1
86.1
87.6
Manufacturing only
55.9 89.3
89.0
88.8
90.0
68.2 71.8 72.4 72.0 71.8 71.8 71.8 71.8 72.3 72.9 73.5 74.0 74.2 14.1
Distributive industries
75.1
37.7 40.7 41.4 41.5 41.7 41.6 41.7 42.1 42.3 42.5 42.9 43.3 43.6 44.0 44.2
Service industries
45.3 48.4 49.6 49.7 49.8 50.0 50.4 50.7 51.0 51.3 51.6 51.8 52.1 52.4 53.0
Government
Total personal income.
Other labor income.
10.3
10.9
11.1
11.2
11.3
11.0
10.7
10.6
10.7
10.8
11.0
11.1
11.2
11.2
11.4
Proprietors' income
.....
Business and professional.
Farm
46.3
35.0
11.3
48.2
36.2
12.0
48.9
36.4
12.5
49.2\
36.4
12.8
48.9
36.0
12.8
48.9
36.0
12.8
48.7
35.8
12.9
49.0
36.0
13.0
49.0
36.1
12.9
49.1
36.3
12.9
49.4
36.4
13.0
49.5
36.6
12.9
49.4
36.6
12.8
49.5
36.8
12.7
50.0
37.0
13.0
Rental income
11.9
11.7
11.7
11.7
11.6
11.6
11.5
11.4
11.5
11.5
11.5
11.5
11.5
11.5
11.5
Dividends
13.4
14.
14.4
14.4
14.1
14.2
14.2
14.2
14.2
14.2
14.3
14.3
14.3
14.4
14.5
Personal interest income.
23.6
26.2
26.6
26.7
26.7
26.8
26.8
26.8
26.8
27.0
27.1
27.2
27.4
27.5
27.7
Transfer payments
27.2
29.1
30.2
30.7
31.0
31.1
31.1
33.7
32.5
33.0
33.0
35.2
32.5
32.7
33.0
7.9
9.3
9.3
9.3
9.2
9.6
9.4
9.6
9.6
9.7
9.8
9.8
9.8
9.8
10.0
Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income
for
368.1 386.2 389.8 389.1 387.2 386.8 386.2 390.4 392.9 396.4 400.2 404.0 402.4 404.1 407.5
15.3
16.1
16.6
16.9
Preliminary,
i Monthly data are seasonally adjusted totals at annual rates.
16.8
16.8
16.9
16.9
16.9
16.8
17.1
17.2
17.0
17.0
17.5
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.
1476
FLOW OF FUNDS/SAVING
SAVING AND INVESTMENT
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1956
B
C
D
E
F
G
Consumer and nonprofit
Farm and noncorp. business2
Corporate nonfinancial business..
Federal Government 1
State and local governments1 ....
Financial sectors
. . .
. .
H
I
J
K
L
M
N
O
Capital consumption 3
Consumer and nonprofit
Consumer durable goods
Owner-occupied homes
Plant and equip, (nonprofit)....
Farm business
.
Noncorp. nonfinan. business
Corporate nonfinancial business..
P
Q
R
S
T
U
V
Z
a
b
c
d
e
f
g
h
i
j
k
1
m
n
0
p
q
r
s
t
u
V
w
x
y
z
aa
bb
cc
dd
1958
1959
1960
2
41.0 37.4 19.2 35.9 36.9
28.6 26.4 30.2 27.8
29.4
-.1
*
*
*
*
6.1
5.3
5.9
11.4
3.1
3.8
3.6
5.9
-8.2 -5.0 -5.0
-3.0 - 3 . 6 - 4 . 9 -4.1
4.2
3.5
2.9
3.5
2.8
67.4 73.2 75.6 79.4 83.5
36.9 40.0 41.6 43.5 45.7
33.0 35.8 37.0 38.6 40.4
4.0
3.3
3.7
4.3
4.6
1960
4
3
1
6.7
9.3
7.8
-3.0
4.1
1.3
-1.6
.6
9.1
8.4
-1.5
3.2
-2.0
-.8
1.9
5.8
3.9
2.9
-5.0
-.8
-.1
19.8
10.8
9.6
1.1
20.0
10.9
9.7
1.1
20.3
11.1
9.8
1.1
2
4
3
12.1 11.1
8.1
5.7
-1.2
-.1
.2
1.4
4.0
4.7
- . 6 -1.2
1.7
.6
20.5
11.2
9.9
1.1
1961
20.7
11.3
10.0
1.2
10.1
8.4
-.7
2.6
-.6
-1.6
1.9
1
3.6
5.9
6.9
5.7
5.5
7.1
2.0
- . 6 -1.5
2.0 - 1 . 0
2.0
-4.3
.2
1.1
- 1 . 6 - 1 . 2 -1.0
*
.7
1.5
21.0
11.5
10.2
1.2
21.3
11.7
10.3
1.2
21.4
11.8
10.4
1.2
1.0
2.2
6.3
A
B
C
D
E
F
G
1.0
2.2
6.3
21.7
11.9
10.5
1.2
2
1.0
2.2
6.5
H
I
J
K
L
M
N
O
24.9 28.3
17.3 18.9
2.6
5.2
5.3
8.3
1.1
-4.3
- 1 . 6 -1.2
1.6
27.6
17.4
1.8
8.5
.2
-1.0
.8
P
Q
R
S
T
U
V
.5
.6
.6
.6
.7
4.0
8.0
21.9
4.2
8.3
23.2
4.1
8.6
24.7
.2
.2
.2
.2
2
3.9
8.1
21.0
.2
3.7
7.5
19.1
1.0
2.1
5.8
1.1
2.1
5.8
1.1
2.1
6.0
1.1
2.1
6.0
1.0
2.2
6.2
1.0
2.2
6.2
108.4 110.6 94.8 115.4 120.4
Gross national saving *
66.2 68.6 68.0 73.7 73.5
Consumer and nonprofit
11.3 12.0 11.9 12.4 12.7
Farm and noncorp. business
Corporate nonfinancial business.. 25.0 26.3 24.9 34.6 30.8
5.9
3.6 - 8 . 2 - 5 . 0
3.8
Federal Government *
State and local governments * . . . . - 3 . 0 - 3 . 6 - 4 . 9 - 4 . 1 - 5 . 0
3.0
3.0
3.7
3.7
4.5
Financial sectors . .
. . .
29.1
18.7
.1
9.9
1.3
-1.6
.7
29.1
19.4
1.6
9.0
-2.0
-.8
2.0
27.1
16.9
7.0
9.0
-5.0
-.8
-.1
32.6 31.8
19.3 17.0
1.9
3.1
6.2
7.5
4.0
4.7
- . 6 -1.2
1.8
.7
31.0
20.0
2.5
8.8
-.6
-1.6
2.0
94.2 114.2 117.6
37.3 43.5 44.3
30.3
11.2
27.3
10.4
30.5
12.5
29.9
10.1
30.0
11.5
27.9
10.2
29.8
12.6
24.6
8.9
28.6
10.6
W
X
66.1
22.1
19.2
2.9
17.3
4.9
4.2
.7
1 4
3.2
7.5
17.6
5.9
5.7
.8
17.4
6.2
5.4
.8
15.1
5.3
4.6
.7
17.9
4.9
4.2
.7
17.7
5.6
4.7
.9
17.6
5.7
4.9
.8
14.1
4.7
4.0
.7
1 0
2.1
6.1
?
17.4
4.7
3.9
.9
1.3
3.2
8.0
.2
Y
Z
a
b
c
d
e
f
*
.2 - 1 . 1
1.6 - 2 . 0
4.2
2.3
.8
.5
6.3
.7
4.6
.1
.8
.3
.1
.1
.9
.1
.1
*
*
*
* -.6
.2
.9
1.3
.3
.1
.9
2
.4
-.5
*
.1
.6 - 2 ^ 6
3.1
3.2
-.6
.4
.4
5.3
1.2
1.8
.1
.2
6
*
1
1
3
8
8
8
—4 —8
2 1
4 2
—1 7
Net financial investment
3
—1
11.5 14.0 18.8 11.0
3.6
2.4 - 1 . 6
5.7
1.8
2.2
2.3
2.6
1.3
4.0
Consumer and nonprofit
8.5
3.6
7.4
4.4
7.0
7.6
5.1
7.9
Net acquis. offinan. assets. . . 26.8 26.0 30.9 31.6 21.9
6.5
6.4
15.3 12.0 12.1 20.6
5.2
3.9
2.0
16.2
4.6
5.0
1.2
Net increase in liabilities
5.1
6.1
4.1 - 2 . 7 - 1 . 4 - 1 . 6
- . 9 -2.8
Farm and noncorp. business... - 2 . 1 - 2 . 3 - 2 . 1 - 4 . 0 - 3 . 5 - 4 . 9 - 2 . 5
2.2
.1
-.5
.8
.2
- .2
Net acquis. of finan assets. . .
.5 — .4
.4
.2
— .7 -.2
1.1
* -.5
3.0
2.2 -4.0
2.3
.5
2.5
1.6
1.4 -1.9
5.5
3.3
4.9
3.3
3.1
Net increase in liabilities
* -3.2
A
- . 1 - 1 . 7 - 4 . 0 -2.4 - 1 . 1
-13.3 -8.6 - 3 . 6 - 3 . 4 -7.6
1.6
Corp. nonfinan. business
5.0
3.6
4.4
1.1
1.8
2.6 -2.2
3.3
4.4 -2.2
11.3 13.7
5.8
Net acquis. of finan. assets. ..
4.5
5.0
1.8
2.6
1.0
6.1
3.6
2.9
4.3
3.7
17.7 13.1 15.0 17.0 10.9
Net increase in liabilities
i
j
k
1
m
n
0
p
q
r
s
t
W Gross national investment1
X
Consumer durable goods
Y
1957
1959
107.9 110.6
38.5 40.4
Other gross private domestic fixed
Consumer and nonprofit 4
Nonfarm residen. constr. .. . .
Plant and equip, {nonprofit)...
Farm business
4
Noncorp. nonfinan. business
..
Corp. nonfinan. business4
Financial sectors
Change in inventories 5
Farm business
Noncorp. nonfinan. business...
Corp. nonfinan. business
Federal Government
Net acquis. offinan. assets.
Net increase in liabilities
State and local governments.
Net acquis. offinan. assets.
Net increase in liabilities
Financial sectors
..
Net acquis. offinan. assets.
Net increase in liabilities
Financial trans, discrep
ee Discrepancy (P—W) 7
..
..
..
..
62.6
19.0
16.9
2.1
64.5
18.1
15.6
2.5
58.6
18.1
15.3
2.7
3.8
4.0
4.4
4.7
4.2
9.8
29.3
.7
9.4
32.3
.8
9.0
26.4
.7
10.7
27.9
.8
10.8
30.8
.8
68.2
21.5
18.4
3.2
1.2
1.0
2.9
7.4
.2
2.4
7.6
.2
1.1
1.2
2.2
6.3
.2
3.3
8.4
.2
1.1
2.8
8.0
.2
2
9
2.5
8.2
2
2
4.7
—4
'.2
4.9
:? I
5.9
3.6 - 8 . 2
1.6
1.6
3.2
-4.3
9.7
- .4
-2.2 -3.1 -5.2
2.5
2.6
3.3
4.8
7.7
6.4
2.7
4.5
3.0
22.7 24.1 36.3
20.0 21.1 31.8
2 -2.4 -3.8
.5
.6
-5.0
6.3
11.2
-4.0
3.0
7.0
4.5
30.0
25.5
-1.0
3.8
3.7
-.1
-3.4
2.6
6.0
5.8
34.3
28.5
A
1.1
2.8
- . 6 -4.3
4.0
4.7
1.1
1.3 - 2 . 0 - 5 . 0
j
-7.5
-.8
4.2
.7 -1.0
2.6
4.2
4.2 -4.3
3.3 -2.7
-.4
1.3
4.7
2.9
.3
.3 - 1 . 2
-1.3 -1.4
5 -1.0 - 2 . 2
.9
1.3
1.3
.4
- .2
.9
.6
1.1
2.1
1.0
1.0
1.4
2.0
2.3
1.9
1.6
1.5
5
A
1.6
1.9
.9
2.6
2.1
1
14.4
12.5 10.0
8.9
10.4
10.4 -2.6
14.3 -1.6
10.9
8.0
9.5
6.3
10.9 -4.7
1.1
.3
-.1
.2 - . 2
.5 - 1 . 2
-.5
-1.2
3.1
2.7
1.9
1.8 - 3 . 5
3.9
3.7
.2 u
2.2
v
2.1
w
-.2
x
7.5
y
1.6
z
• aa
14.8 bb
14.8 cc
.7 dd
-1.0
cc
*1 Less than $50 million.
» Preliminary.
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.
2 Annual figures for farm sector are retained earnings of corporate
farms; farm and nonfarm unincorporated businesses shown as having
zero annual net saving. Quarterly figures for both sectors include seasonal
net3 saving. See p. 838 of the BULLETIN for August 1959.
Depreciation, accidental damage to fixed capital, and capital outlays
charged to current account. Line H includes amounts for financial
sectors not shown separately. See discussion on p. 836 of the BULLETIN
for4 August 1959.
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.
5
After inventory valuation adjustment.
6
Financial component of national investment equals net lending to
rest of world; financial flows among domestic sectors cancel out 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
the7 United States.
Saving and investment are equal in concept but may differ statistically
because of discrepancies. See p. 857 of the BULLETIN for August 1959.
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 latest detailed flow of funds/saving tables, see
the BULLETIN for October 1961.
Notes to table on opposite page.
1 Demand deposit liabilities of banking system are net of F. R. float
and cash items in process of collection as reported by commercial banks.
Sum of sector holdings (partly on holder-record basis) differs from liability
total mainly because of mail float (checks in transit from drawers to
drawees). For further discussion, see p. 853 of the BULLETIN for August
1959.
2 Consumer-held only; includes net interest accruals. Savings bonds
held by other sectors included in Federal obligations category.
3 Mainly time deposits of State and local governments, corporate
businesses,
and savings institutions.
4
Assets in these categories are treated as consumer holdings.
s Marketable issues maturing within one year and, prior to 1956,
savings
notes.
6
Excludes loans to domestic commercial banks. Gross of valuation
reserves.
1477
FLOW OF FUNDS/SAVING
SUMMARY OF PRINCIPAL FINANCIAL FLOWS
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1960
1959
1956
1957
1958
1959
1960
2
3
2
1
4
1961
4
3
1
2,
I. Demand deposits and currency
A
B
C
D
E
F
G
H
I
J
K
Net increase in commercial bkg.
system liability 1
Net increase in assets, by sector
Federal Government
Other domestic sectors
Consumer and nonprofit
Farm and noncorporate bus....
Corporate nonfinancial bus
State and local government
Financial sectors
Rest of the world
Discrepancy ( A - B )
II.
Net increase, by type
Time deposits
.
Savings shares
U S savings bonds~
E
F
G
H
Net increase in liab., by sector
Federal Government
. . . .
Commercial banking
Savings institutions
.3
-.3
-.6
-.2
1.4
2.5
1.2
1.7
.2
.7
1.0
-.8
*
.5
.1
.1
-.5
-.9
*
.2
.2
10.1
6.8
5.2
-1.9
16.2
7.6
2.2
10.2
6.6
7.2
- . 5 -1.8
14.8
7.0
8.1
-.3
1.2
2.3
-.5
.7
*
1.2
-.5
-.1
2.3
-.6
9.0 10.1
-2.2
2.12 5.5
6.9
7.3
16.2
7.6
- . 7 -2.0
8.0
1.2
8.4
8.9
14.8
4
5.8
9.5
3.0
-.6
.9
2.6
.7
-.6
-.1
1.4
16.2
13.6
1.7
.9
7.6
9.3
-.9
-.9
14.8
12.8
1.7
.3
3.0
3.4
- . 4*
1.7
.3
1.0 - 1 . 0
.1
.7
.1
.2
.2
.2
.3
.2
.2
.1 - 1 . 4
9.0
3.7
5.4
-.1
I
Net increase in assets, by sector
J
Consumer and nonprofit
K.
Other domestic sectors3
L
Rest of the world (time deposits)..
IH.
6.3
-.7
.8
.1
n
\l
.6
.7
2.1
2.1
1.5
3.8 - 8 . 8
2.5
3.1
2.6
- 1 2 - 7 . 5A
2 8
.5
4.4 - 6 . 6
-.3
1.0
1.7 - 2 . 7 - 1 . 0
j
-.2
2
2
'.7
US - 3 ^
'.2
* -.4
.6
-.3
.5
.6 - . 4
*
.1
-.4
-.1
1
.
3
•
.8
4.9 - 8 . 2
1.5
4.0 - 7 . 2
1.8
.2 — 1.7 — 1 7
5.5 - 5 . 4
1.5
2.1 - 1 . 6
1.9
-.1
-.1
2.0 - 3 . 2
.8 - . 5
-'.2
.7 - . 1
-.2
*
*
.3
.9
-1.0
-.3
4.0
3.5
2 0
1.6
-.2
A
B
C
D
E
.8
.6
.4
-.1
.5
G
H
I
J
K
.
F
Net increase by type
Life insurance
Pension funds
D
E
F
G
H
Net increase in liab., by sector4
Federal Government
State and local government
Life insurance companies
Private noninsured pension plans..
IV.
3.0
1.6
2.5
2.8
.1
3.5
2.0
.3
5.7
6 7
3.9
2.7
.1
A
B
C
D
3.9
-.1
2.2
1.8
5.4
*
2.1
3.3
5.7
2
2.9
2.6
6.7
1
3.5
3.1
E
F
G
H
3.9
3.4
.3
3.9
3.2
.5
5.4
4.6
.7
5.7
4.5
1.2
.2
.3
.1
*
6.7
5.7
.9
.1
I
J
K
L
2.8
.8
2.0
3.1
.8
2.3
2.4
1.0
1.4
3.0
1.0
2.0
2.8
1.0
1.8
3.5
.9
2.6
A
B
C
3.1
7
.5
1 0
2.4
.1
.5
1 2
3.0
.1
2.8
1
.6
.8
.5
1.0
3.5
8
.6
1 1
.9
D
E
F
G
H
1.6
3.9
3.9
.2
1.6
2
1.7
2.4
-.1
2.6
1.4
*
1.6
-.6
-.2
2.4
1.6
2
3.9
2
1.5
2.6
.7
1.7
-.7
-.3
1.6
2.0
-.2
1.6
1.6
.2
2
3.2
1.2
2.0
2.5
.7
1.8
3.1
.9
2.2
1.9
9.0
9.0
- . 1*
10.1
9.8
.4
9.5
9.2
2.8
6.3
10.4
3.4
7.0
11.7
3.7
8.0
11.3
9.2
.6
10.4
1.0
1.7
11.7
1.0
1.9
5 5
3.2
11.3
1.0
2.1
2.5
.3
.5
1.1
3.1
.1
.5
4 7
3.2
.4
.5
1 5
1 6
2.8
.1
.5
1 0
3.4
.8
.5
.9
1.1
39.5 18.7
2.0
11.3 - 2 . 2
5.5 - 5 . 1
4.7
5.8
2 9 -2.7
1.4
4.9
3.6
1.0
4.5
5.6
1.3
4.4
3 5
3.8
13.2 10.9
6.0
4.5
1.7
6.4
2.5
3 9
18.2
5.3
.7
4.6
1.7
1.1
.7
3.7
1.6
5.4
Saving through life insurance
and pension funds
A
B
C
.
3.8
5.8
9.5
1.0
1.4
4.7
2.3
1.6
4.2
2.8
4.7
2.9
3.6
7.7
.5
1 4
1 *>
.9
Credit and equity market
instruments
30.7 36.6 46.2
9.0
-5.6
1.1
7.4
5.5 - 1 . 2
10.2
-13.0 -4.4
5.7
3.2
4.6
6.8
7.5
5.0
4.2
4.0
3.8
8.6 10.1
10.8
3.8
5.2
3.5
A Net increase by type
.
B
Federal obligations
C
Short-term direct 5
D
Other
E
State and local obligations
F
Corporate and foreign bonds
G
Corporate stock
H
1- to 4-family mortgages
I
Other mortgages
J
Consumer credit... .
. .
K.
Security credit
L
Bank loans n e e . . .
M
Other loans
2.8
-.3
2.3
.3
1.7
1.3
.9
2.6
2.0
Funds raised, by sector
Consumer and nonprofit
Farm business
Noncorporate nonfinancial bus...
Corporate nonfinancial business. .
Federal Government
State and local government
Financial sectors
Rest of the world
31.2
15.2
9
1.8
13.2
-5.4
3.3
1 2
36.9
11.9
1.1
1.2
13.1
1.0
4.8
2 4
46.2
12.0
1.5
2.2
11.8
9.3
5.9
1.1
1.0
1.4
W Funds advanced bv sector
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
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
-.8
5.1
1.3
3.8
7.2
8.4
2.5
.6
c
f*
g
h
i
j
k
2.1
1.9
1.0
1.1
1.6
.7
-.8
.7
.2
Fixed-value redeemable claims
A
B
C
D
N
O
P
Q
R
S
T
U
V
.1
1.0
.9
5.8
6.5
.1
1.7
1.7
-.2
Commercial banks
.
Securities
Loans6
Savings institutions . .
Insurance sector
Finance n e e
Rest of the world
.
3.6
-.6
5.8
.
2.3
61.2
1.7
-.3
2.5
.4
3.2
2.9
5.9
1.2
.2
61.2 39.4
20.5 16.2
1 l
1.9
4.6
3.4
11.7 10.6
10.7 - 1 . 7
5.1
3.8
4 1
5 7
.9
2.0
18.7
6.1
2.6
3.8
1.7
1.5
1 5
.4
46.2 61.2 39.5 18.7
4.3 15.5
3.5
2.4
-.1
.1
.2
.1
1.5
4.7 - 2 . 1
1.2
1.7
3.8
1.7
2.3
1.5
2.9
.4
1.0
17.0
5.6 10.0
4.2
2.2
.3
.6
.7
14.9
3.6
5.3
9.3
10.4 -7.2
-1.7
2.4
4.5
12.5
5.3
6.9
9.3 10.6
3.2
9.4
9.0 10.1 10.3
2.6
2.0
4.6
5.1
.9
-.1
3.1
1.0
1.1
* Less than $50 million.
J» Preliminary.
NOTE.—Data for excluded categories—trade credit, proprietors* net
investment, gold, Treasury currency, and misc.—and more detail on
-.1
3.8
.1
7.5
2.5 12.0 10.3
17.3
4.0 - 4 . 1 - 1 . 4
1.2
5.3
4.7 - 7 . 4 - 2 . 1
-.7
3.3
.6 —4.1
1.4
1.0
.4
.7
1.3
1.2
1.5
1.2
.9
.9
1.2
1.0
2.3
3.0
2.9
2.9
1.0
1.2
1.5
1.3
6
- 8
2.7
2.4
.6
.6 - 1 . 6
.5
1.8
.3
2.3
2.5
2.1
-.6
1.5
.6
18.2
5.0
3
1.5
3.0
5.2
1.8
1.2
.3
17.2
12.0
6.3
2.0
5.2
g
_ 2
5
1.2
1.3
.3
3.0
3.0
2.7
4.1 - 4 . 1 - 1 . 5
.5
.8
1.0
2 3 -.3
1.7
.1
.3
.5
10.3
3.8
2i
.
2^5
1.4
1.5
7
.4
18.2
17.2
3.3
.3
1.9
.5
.8
3.5
.1
3.4
-.4
3.8
1.7
2.6
2.0
.7
2.5 12.0
4.0
-.7
-.4
.2
- . 2 -1.2
*
1.3
.4
.9
5.1
-7.8
1.2
-1.4
-6.4
3.9
-5.6
.3
-.8
3.7
2.3
2.3
2.8
2.4
.4
2.2
.5
*
10.3
3.9
i!o
1.2
3.3
.5
2.8
-.8
3.6
3.0
2.3
.8
1.3
.6
1.2
'A
-.3
5.1
.5
4.5
3.7
.9
2.6
2.4
.7
.3
.2 14.3 A
14.6
8 B
2.2 - 3 . 3
.9
-.8
4.8 C
3.0 - 4 . 2 —4 0 D
1.4
.5
1.0
E
.8
1.9
2.2
F
1 2
18
G
.7
2.0
2.6
3.3 H
1.1
1.1
17
I
1 8 —2 1
9
J
-.4
.9
1.3 K
1.4 - 2 . 2
1 2 L
1.5
1.7
.2 M
2
14.6
5.1
—4
1.8 - 1 . 5
2.1
2.3
2.5 - 3 . 1
1.5
.5
2 0 —1 1
.7
.7
14.6
-2.0
.4
1.1
.6
*
7.5
.4
7.2
4.0
3.2
2.2
2.7
1.8
.3
.2
.6
-.4
-1.5
2
lil
-4.8
-.7
-4.0
— 1.6
-2.4
2.7
2.8
-.6
.1
14 3
4.6
9
1.5
4.0
.5
1.1
1 6
1
N
O
P
Q
R
S
T
U
V
14.3 W
-.8
X
.2 Y
.5
Z
.1
a
.4
b
6.8
c
.5
d
6.2
e
3 6
f
2.6
g
3.0
h
2.5
i
1.8
j
-.2
k
sector transactions appear in other flow of funds/saving tables in the
BULLETIN for August 1961.
For other notes see opposite page.
Financial Statistics
* International *
Reported gold reserves of central banks and governments
1480
Gold production.
1481
Net gold purchases and gold stock of the United States.
1482
Estimated foreign gold reserves and dollar holdings
1483
International capital transactions of the United States.
1484
United States balance of payments
1493
Money rates in foreign countries
1493
Foreign exchange rates
1495
Index to statistical tables
1503
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.
1479
1480
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1954—Dec
1955—Dec
1956—Dec
1957_Dec
1958 Dec
1959—Dec.. .
Estimated
total
world i
Int'l
Monetary
Fund
36,940
United
States
Estimated
rest of
world
Argentina
Australia
Austria
Belgium
Brazil
Canada
Chile
Colombia
Congo,
Rep.
of the
115
116
122
81
83
42
38,110
38,820
39,490
40,190
1,740
1,808
1,692
1,180
1,332
2,407
21,793 r 13,405
21,753 14 055
22,058 »-14,360
22,857 14,785
20,582 17,575
19,507 18,275
372
372
224
126
60
56
138
144
107
126
162
154
62
71
71
103
194
292
778
929
925
915
1,270
1,134
322
323
324
324
325
327
1,073
1 134
1,103
1,100
1,078
960
42
44
46
40
40
43
86
86
57
62
72
71
Dec
40,525
2,603
2,723
2,439
18,443
17,948
17,804
84
84
104
157
147
147
293
293
293
1,112
1,158
1,170
287
287
287
891
886
885
45
45
45
76
77
78
1961—Jan
Feb
Mar
40,660
2 446
2,447
2,476
2 476
2,479
2 482
2,508
2,042
2,046
2,055
17 480
17,412
17,433 20,750
17 435
17,451
17,603 20,830
17,590
17,530
17,457 *>21,640
17,331
138
158
188
193
192
192
192
192
150
149
150
153
153
155
153
293
293
293
293
293
293
293
293
298
302
1 156
1,137
1,132
1 086
1,069
1,074
1,083
1,151
1,165
1,203
287
287
287
288
288
288
288
288
288
885
886
884
891
899
906
912
920
927
932
39
45
44
46
46
47
48
48
48
48
79
79
80
81
82
83
84
84
85
Denmark
Dominican
Republic
Germany,
France 2 Federal Greece
Republic
of
Guatemala
11
27
I960—Oct . . .
Nov
r
37,615
r
Apr
May
July
Aug
Sent
Oct
End of
month
40,915
HI, 140
Cuba
1954—Dec . . . .
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
20,280
ns3
152
155
Ecuador
El Salvador
Finland
31
31
31
31
31
31
12
12
11
11
11
10
23
136
136
136
80
50
23
22
22
22
20
29
28
28
31
31
30
31
35
35
35
35
38
708
942
924
581
750
J 290
920
1,494
2 542
2,639
2,637
11
10
13
17
26
I960—Oct...
Nov
Dec .
1
1
1
31
31
31
10
10
10
20
20
20
30
30
30
41
41
41
1,622
1,626
1,641
2,915
2,943
2,971
1961—Jan .
Feb
Mar .
Apr
1
1
10
20
20
20
20
20
20
20
20
20
30
30
30
26
25
22
17
17
17
41
41
41
41
41
45
45
45
45
[,641
1,644
1,883
1,952
June
July
Aug
Sept
31
31
31
31
31
31
31
31
31
Oct
31
19
17
45
2,999
3,029
3,242
3,296
3,433
3,513
3,525
3,644
3 644
3,648
186
May
End of
month
1954—Dec
1955—Dec
1956—Dec .
1957—Dec
1958—Dec
1959—Dec
8
14
20
34
84
111
1960—Oct
Nov .
Dec
98
98
1961—Jan
Feb
Mar
Apr
98
98
98
84
84
84
84
84
May
June
July
Aue
Sept
Oct
v
Preliminary.
Ireland,
Republic of
Iraq
r
Revised.
For other notes see end of table.
18
18
18
18
18
1
Italy
346
352
338
452
Lebanon
Mexico
18
18
18
2,186
2 198
2,203
102
102
18
18
18
18
18
18
18
18
18
18
2,204
2,217
2,128
2,128
2,128
2,134
2,157
2,225
119
119
119
119
119
119
119
119
119
119
Norway
247
247
247
247
247
31
31
76
24
24
24
247
247
247
76
76
16
11
80
77
77
77
77
24
24
24
24
24
24
24
247
247
247
247
247
247
247
247
247
81
138
45
39
37
33
37
57
58
131
131
130
81
58
58
57
57
57
57
Peru
35
35
35
28
19
138
138
138
141
140
130
130
130
130
130
130
130
130
130
130
247
Pakistan
Iran
Philippines
Portugal
South
Africa
9
16
22
6
199
212
224
217
1,050
1,132
45
45
50
45
43
30
38
48
49
49
49
50
28
10
9
429
428
448
461
493
548
140
139
137
1.376
,376
,451
35
35
35
30
30
30
52
52
52
42
42
42
14
14
15
550
550
552
187
176
178
135
135
136
137
1,451
,451
1,451
1,458
1,458
1,464
1,541
1,581
I 581
I 581
35
35
35
35
30
30
30
30
30
47
47
47
47
47
47
47
47
47
47
16
18
19
20
20
21
21
22
22
553
553
539
510
35
52
52
53
53
53
53
53
53
53
53
170
187
196
172
149
153
159
179
205
218
62
142
167
180
143
142
1,086
1,749
NetherNew
lands Zealand
247
27
27
27
27
24
Indonesia
33
33
33
33
33
34
63
74
77
91
91
102
18
0Q4
2'020
2,037
2,124
2 124
2,125
626
India
136
117
118
796
865
844
744
35
35
1
1
1
30
30
30
30
30
25
496
473
452
448
437
211
238
1481
GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]
End of
month
Spain
Sweden
Switzerland
Thailand
Syria
Turkey
U.A.R.
(Egypt)
United
King-3
dom
Uruguay
Venezuela
1954_Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
132
132
132
101
57
68
265
276
266
219
204
191
1,513
1,597
1,676
1,718
1,925
1,934
113
112
112
112
112
104
144
144
144
144
144
133
174
174
188
188
174
174
2,762
2,120
2,133
2,273
3,069
2,736
227
216
186
180
180
180
403
403
603
719
719
652
I960—Oct
Nov
Dec
108
158
178
171
171
170
2,020
2,059
2,185
104
104
104
133
134
134
174
174
174
3,139
3,167
3,231
180
180
180
428
398
398
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
189
205
205
205
205
217
244
272
277
291
170
170
170
170
170
170
170
180
180
180
2,184
2,162
2,165
2,239
2,247
2,271
2,322
2,428
2,472
2,525
104
104
104
104
104
104
104
104
134
134
134
134
134
134
134
139
139
139
174
174
174
174
174
174
174
174
174
174
3,245
3,195
3,021
2,948
2,903
2,772
2,453
3,486
3,553
3,531
180
180
180
180
180
180
180
180
180
180
398
398
398
398
398
398
398
398
398
398
1
Excludes U.S.S.R., other Eastern European countries, and China
Mainland.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown for United Kingdom, and estimated official holdings of countries from which no reports are received.
The 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 the
gold deposited with the B.I.S. is included in the gold reserves of individual
countries.
Bank
for
Int'l
Settle-4
ments
Yugoslavia
6 |
5 1
4 1
5 ;
5 i
5 I
EPUEF5
76
121
59
24
-42
-134
153
244
268
254
126
40
-54
-36
-19
56
53
83
48
111
44
-17
-19
91
164
164
78
65
50
2
Represents holdings of Bank of France and French Exchange Stabilization
Fund.
3
Beginning with December 1958, represents Exchange Equalization
Account gold and convertible currency reserves, as reported by British
Government; prior to that time represents reserves of gold and U. S.
and4 Canadian dollars.
Represents net gold assets of B.I.S., i.e., gold in bars and coins and
other gold assets minus gold deposit liabilities.
5 European Payments Union through December 1958 and European
Fund thereafter.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or month
1954
1955
1956
1957
1958
1959
1960
I960—Sept
Oct
Nov
Dec
1961 Jan
Feb
Mar
Apr
May
June
July
Aue
Sept
.
..
Estimated
world
production i
Total 2
South
Africa
Rhodesia
Ghana
895.0
826.0
940 0
873 5
975.0
911.6
1,015.0
952.8
1,050.0
980.1
1,125.0 1,060.3
1,170.0 1,099.4
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
93.1
92 6
92.0
90.7
63.4
63 4
63.4
62.2
J 7
90.9
88.4
63.7
62.7
65.7
65.3
67.5
67.3
67.7
68 8
68.5
Mexico
Nicaragua3
65.1
65.7
65.3
63.0
61.6
57.2
58.8
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
10.5
7.6
6.9
7.2
7.3
7.0
5.0
4 4
3.9
12.9
14 1
13 7
13.8
1.3
7
.9
.6
.6
6
1.7
2.6
2 5
2 5
2.5
1.7
1.5
1.9
2.5
2.5
2.5
3.2
2.9
3.7
3.2
3.3
3.8
3.8
3.8
4.5
13.2
12.6
13.7
13.1
13.4
12 8
12.6
12.5
12.1
.9
.8
.6
.6
[.7
8
7
1 Excludes U.S.S.R., other Eastern European countries, China Mainland,
and North Korea.
2
Beginning 1960 excludes Republic of the Congo.
3
Gold exports representing about 90 per cent of total production.
SOURCE.—Estimated world production; based on reports of the U. S»
Congo, United
Rep.
of the States
Canada
6
Other
North and South America
Africa
12.8
13 0
13.1
13.1
12 8
12.3
4.3
\l
.7
.6
8.2
8.1
.6
.6
Australia
India
13.2
13.3
15.3
11.4
13.0
13.9
15.2
39.1
36.7
36.1
37.9
38.6
38.1
38.0
7.3
6.3
6.0
5.8
5.7
.3
3
4
.3
1.4
10
3.4
33
.5
5
.2
3.1
3.4
.5
.3
.4
.4
.4
.4
.4
.4
2
1.4
.0
1.2
0
2.9
2.9
2.9
3.4
2.9
2.9
3.1
3.4
Brazil Colombia
4.2
3.9
4.3
4.2
3.9
3.8
4.1
1
1.0
.0
1
8.4
7.4
.5
.5
.5
.5
.4
.4
Bureau of Mines. Production reported monthly: reports from individual
countries except Ghana, Republic of the Congo and Brazil, data for
which are from American Bureau of Metal Statistics. For the United
States, annual figures are from the U. S. Bureau of the Mint and monthly
figures are from American Bureau of Metal Statistics.
1482
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States]
Quarterly totals
Annual totals
Area and country
1960
1953
Western Europe:
Austria
Belgium
France
...
Germany (Fed. Rep. of)
1955
1956
1957
1958
-6
-85
Netherlands.
Portugal
Spain . . . .
Switzerland
United Kingdom
Bank for Int'l Settlements
Other
-130
-226
-68
-10
-65
-60
-55
-5
3
-34
25
-65
-16
-261
-20
32
-215
-900
-178
-21
-8
100
-480
-94
-37
-50
-20
-6
4
18
-1,016
-378
-78
80
...
Latin America:
Argentina
Mexico
Venezuela
Other
-85
-28
Total
Asia:
Japan
Other
Total
All other 2
80
5
115
75
20
-350
-32
-38
67
6
2
14
-28
81
69
19
-5
0)
18
— 30
-4
— 157
-28
-5
0)
18
-34
1
14
0)
2
-327
-68
80
-327
-68
62
-6
-10
-6
-10
International 3
172 - 2 , 2 9 4
200
600
280
772 - 2 , 2 9 4
1 Less than $500,000.
2
Includes countries in Africa, Oceania, and Eastern Europe, and all
Western European dependencies located outside Europe and Asia.
-141
-173
-34
3
1
4
—7
-56
-249
-110
-105
-33
-160
-200
-81
— 165
-350
-36
-83
-50
-20
-11
-576 -1,053
3
2
-63
-83
-117
-34
-114
-324
-550
-36
-96
- 8 2 7 -1,718
14
-19
-132
-1,164
15
-30
-10
-30
65
-16
-10
Grand total
68 - 2 , 3 2 6
-83
-39
-266
-200
56
-30
12
Total foreign countries.... - 1 , 1 6 4
8
1960
1959
-84
-329
3
31
Total
Canada
1954
1961
-23
-25
-58
— 55
-150
-23
-35
-20
225
-244
-58
-45
-55
-3
0)
202
-246
-30
-20
-20
-30
-6
-22
-12
5
-9
-100
-36
-62
-102
5
-9
— 15
-90
-97
— 15
-4
-67
-20
-27
24
-186
-113
-19
-67
-20
-27
-34
-5
-38
- 9 9 8 -1,969
4-44
-29
0)
-632 -1,212
-366
179
-288
-366
179
-138
0)
300
4-1,041 -1,669
0)
300
-632
-912
150
3
Figures represent purchases of gold from, or sales to (—), the International
Monetary Fund.
4
Includes payment of $344 million in June 1959 as increase in U. S.
gold 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
ear
Stock
(end of year)
Total
stock:
increase,
or decrease
Gold
Net
import,
or
export
Earmarked :
decrease,
or increase
Treasury
TotaP
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
-164
-1,743
53
-379
--1,161
686
-371
-549
684
2
'-495
--1,353
618
-305
-1,171
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
--40
-305
799
-2,275
16
97
106
104
260
-325
-132
-318
600
-2,515
1959
I960
19 456
17,767
19 507
17,804
-2 — 1 075
-1,703
302
333
-—1 323
-1,982
p
1
Month
Total
stock:
increase,
or decrease
Net
import,
or
export
Treasury
Total i
1960—Nov
Dec
17,910
17 767
17,948
17,804
-495
— 144
19
3
1961— Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
17 441
17,373
17,388
17,390
17,403
17,550
17,527
17,451
17,376
17 300
17 480
17,412
17,433
17,435
17,451
17,603
17,590
17,530
17,457
17 131
-324
-68
21
2
16
152
-13
-60
-73
— 126
-20
-47
-137
-88
-131
-96
2
-33
-58
— 66
r
Preliminary.
Revised.
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."
Stock
(end of month)
P16,975
Earmarked:
decrease,
or increase
Foreign
currency
holdings
(end of
month)
-512
-145
-322
3
161
92
152
254
-3
-23
4
— 43
25
175
165
186
105
106
62
112
4-272
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 $11,840 million on Nov. 30, 1961
Gold under earmark is not included in the gold stock of the United States.
1483
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
ORGANIZATIONS
[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*
Total
Canada
Gold& U.S. Gold& U.S.
short- Govt. short- Govt.
term
bonds
bonds
term
dollars & notes dollars & notes
623
1,272
168
109
1,945
4,624
212
3,119
1,617
125
686
154
404
2,903
164
3,490
597
22,212
3,158
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Guatemala
Mexico
Panama, Republic of.
Peru
Uruguay
Venezuela
Other4
Total
Asia:
India
Indonesia
Iran
Japan
Philippines
Thailand
Other
Total
All other:
Australia
South Africa
U.A.R. (Egypt)
Others
Total
Total foreign countries
International
Grand total*
Memorandum item:
Sterling area
Sept. 30, 1960
141
3
101
88
51
34,505
5,565
40,070
4,730
39
U.S. Govt.
Gold& bonds & notes* Gold& U.S. Gold& U.S. Gold& U.S.
short- Govt. short- Govt. short- Govt.
shortterm
term
bonds term
bonds
bonds term
dollars Old
New dollars & notes dollars & notes dollars & notes
series series
536
1,312
85
87
2,160
6,447
139
3,080
1,779
111
636
327
397
2,863
152
4,467
529
7
6
28
1
16
16
(2)
8
143
1
3
77
57
39
148
1
1
82
94
(2)
420
44
491
1,279
89
85
2,474
6,752
143
2,912
1,731
113
615
316
438
2,721
158
4,379
592
3
2
31
(2)
5
3
a
141
1
1
93
91
(2)
449
45
480
1,307
81
112
2,862
6,588
136
3,059
1,735
131
546
352
574
2,850
15C
4,109
609
3
132
1
1
51
87
(2)
435
47
524
1,478
79
134
3,014
6,400
120
3,376
1,804
135
523
405
566
3,177
158
43820
797
3
1
30
2
i
128
1
71
86
(2)
482
47
838 25,288
868 25,681
801 27,510
863
452
424
416
446
464
463
3,575
465
445
551
178
222
46
70
531
79
123
229
846
289
()
3,609
89
105
53
3,552
419
481
180
236
78
68
534
123
114
231
796
370
3,666
3,630
59
297
195
156
1,984
237
276
1,026
301
236
152
2,166
218
290
989
40
4,352
87
4,171
103
1,242
1,507 37,044
660
6,133
2,167 43,177
407
5,627
15
28
1,491 37,651
1,409
6,394
884
2,162 44,045
2,293
5,558
512
671
489
3,654
41
295
158
173
2,306
214
318
986
92
4,450
35
1,256
1,426 37,961
900
6,353
2,326 44,314
536
5,488
3,565
475
474
171
202
59
83
450
78
118
230
826
303
3,469
69
288
142
178
2,262
184
331
1,010
57
233
227
195
601
1,238
29
3,313
501
480
177
240
64
77
472
95
112
227
892
317
235
207
196
600
259
235
196
552
42
3,324
454
460
179
242
108
65
495
127
97
244
795
400
P Preliminary.
i 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 Fund, and the Bank for International Settlement; 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).
Sept. 30, 196 1P
819
264
287
194
526
1,271
158
1
3
78
74
June 30, 1961
849 25,107
361
172
187
1,564
181
245
1,245
3,955
7
7
53
1
17
16
(2)
Mar. 31, 1961
855 24,413
393
478
228
288
214
61
584
129
110
242
929
253
3,909
516
1,240
78
85
2,273
5,995
109
3,181
1,646
115
638
235
395
2,786
149
4,503
469
Dec. 31, 1960
4,395
57
238
192
190
624
38
1,244
1,468 38,354
1,064
6,452
2,532 44,806
531
5,179
77
333
120
167
1,953
174
344
1,099
45
4,190
~57
238
251
189
586
37
1
1
1
1
()
38
1,264
38
1,427 40,148
1,512
1,011
5,480
1,127
2,438 45,628
2,639
5,964
566
518
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
and6 Asia.
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-lc of the following section). U. S. Govt.
bonds and notes are holdings with original maturities of more than 1
year.
1484
INTL CAPITAL TRANSACTIONS OF THE U, S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Foreign countries
Grand
total
International 2
1956—Dec
1957—Dec
1958—Dec
1959—Dec
14,939
15,158
16,159
19,389
1,452
1,517
1,544
43,158
I960—Oct
Nov
Dec
21,419
20,886
21,326
1961—Jan
Feb
Mar.
Apr
May
June
July
Aug p. . .
Sept.p
Oct
20,916
20,769
21,090
20,858
21,070
21,492
21,756
21 620
21,943
22,231
End of month
. .
Europe
Official
Private
Germany,
Fed.
Rep. of
United
Kingdom
Other
Total
13,487
13,641
14,615
16,231
8,045
7,917
8,665
9,154
5,442
5,724
5,950
7,076
1,835
1,557
1,755
1,987
1,012
1,275
873
990
4,019
4,310
5,081
5,496
3,685
3,700
3,955
17,734
17,186
17,371
10,305
10,077
10,326
7,429
7,109
7,045
3,290
3,364
3,476
1,793
1,641
1,667
3,942
3,817
3,877
3,917
3,920
3,970
3,983
3,404
3,434
3,715
16,974
16,952
17,213
16,940
17,150
17,522
17,773
18,216
18,509
18,516
10,145
10,095
10,309
9,896
9,929
10,067
10,096
10,537
10,929
10,699
6,829
6,857
6,904
7,044
7,221
7,455
7,677
7,679
7,580
7,817
3,502
3,583
3,510
3,184
3,086
3,075
2,970
2,791
2,756
2,544
1,633
1,567
1,754
1,619
1,642
1,709
1,691
2,431
2,620
2,673
Total
Canada
Latin
America
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
346
355
279
373
4,188
3,954
3,902
9,271
8,959
9,045
2,711
2,507
2,439
2,365
2.336
2,422
3,004
3,022
3,113
384
362
352
3,581
3,536
3,612
3,765
3,978
4,364
4,640
4,637
4,853
4,899
8,716
8,687
8,876
8,568
8,706
9,148
9,301
9 859
10,229
10,115
2,442
2,421
2,429
2,437
2,620
2 659
2,712
2 701
2,648
2,906
2,324
2,294
2,372
2,344
2,294
2,216
2,307
2,277
2,357
2,308
3,150
3,203
3,187
3,198
3,177
3,133
3,091
3,031
2,900
2,807
342
347
348
393
352
367
362
349
375
382
Asia
All
other
Table la. Other Europe
Italy
Neth- Norerlands way
Portugal Spain
Sweden
Switzerland
Turkey
Others
177
154
126
186
930
1,079
1,121
1,370
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
658
583
519
54
67
63
953
923
877
289
277
328
83
81
81
84
85
84
187
157
149
219
210
227
755
693
678
18
17
18
418
391
393
579
687
591
633
723
842
1,012
871
890
888
49
52
67
68
62
59
59
55
43
43
794
724
784
823
858
925
1,008
1,098
1,151
1,191
275
246
280
265
250
271
252
200
223
227
80
82
83
84
98
101
101
105
105
110
81
80
76
80
82
73
80
84
86
88
114
127
111
118
125
135
134
133
128
133
229
233
268
282
339
404
423
387
386
391
612
568
556
538
522
579
552
661
705
689
21
19
24
17
13
16
13
17
19
21
303
278
326
380
399
422
389
390
441
428
Total
Austria
Belgium
Denmark
Finland
1956—Doc
1957—Dec
1958—Dec
1959—Dec
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
I960—Oct
Nov
Dec
4,188
3 954
3,902
229
231
243
140
141
142
53
53
54
48
45
46
1961—Jan
Feb
Mar
Apr
May
3,581
3,536
3,612
3,765
3,978
4,364
4,640
4,637
4,853
4,899
213
205
198
194
189
187
195
212
226
229
132
136
147
183
220
233
310
300
313
312
54
52
58
57
47
50
36
38
48
56
45
47
44
44
51
67
77
87
89
92
End of month
July
Sept.p
Oct.*
France Greece
Table lb. Latin America
End of month
BoTotal Argentina livia
Brazil Chile
Colombia
Cuba
NetherDominEl Guate- Mex- lands
Anican Saltilles
Remala
ico
and
pub- vador
Surilic
nam
Panama,
Republic of
Peru
Uru- Vene- Other 6
guay zuela
1956—Dec
1957—Dec
1958 Dec
1959—Dec
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
37
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
111
124
133
148
I960—Oct
Nov
Dec
2,365
2,336
2,422
324
335
315
22
21
23
185
186
194
116
117
135
181
166
158
90
84
77
34
34
37
22
24
24
41
42
44
358
359
397
79
68
72
126
122
123
64
64
72
61
52
51
349
360
398
313
303
302
1961 Jan
Feb
Mar
2 324
2,294
2,372
2,344
2,294
2,216
2,307
2,277
2,357
2,308
299
289
313
326
308
283
278
275
253
246
22
24
23
21
21
21
23
24
23
23
203
170
193
185
220
186
231
218
263
254
120
112
133
128
119
124
116
125
130
96
174
172
160
149
132
119
150
134
137
137
68
66
63
62
61
58
53
49
45
46
31
30
31
29
32
31
32
30
29
27
27
31
28
29
28
27
31
27
26
28
50
51
53
58
58
59
55
49
46
43
367
349
336
358
332
333
339
430
413
403
70
69
77
84
83
90
87
84
87
88
108
100
95
89
80
78
77
78
79
84
65
62
65
66
64
71
83
86
76
73
49
52
47
49
46
50
50
52
49
50
378
446
494
458
454
428
439
367
448
406
293
271
260
252
255
259
264
250
254
303
May!'.'.'.'.'/.'..
July
Aug v
Sept
Oct.*
» Preliminary.
For other notes see following page.
1485
INTL 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 lc. Asia and All Other
All other
Asia
End of month
Total
Korea,
Hong India Indo- Iran Israel Japan Re- PhilTaiipwan
pub- pines
Kong
nesia
lic
of
ConSouth U.A.R. Other
Thai- Other Total Aus- ,1°'
tralia Rep.
land
of Africa (Egypt)
the
1956—Dec
1957—Dec
1958—Dec
1959—Dec
2,415
1,946
2 205
2,780
66
70
62
60
76
82
77
114
186
151
108
139
20
55
43
47
45
52
56
87
1,017 99
586 117
935 145
1,285 148
272
175
176
172
61
86
99
94
148
157
133
141
425
417
371
494
346
355
279
373
84
85
79
110
44
39
30
31
53
38
30
49
50
40
16
20
114
IV*
125
16?
I960 Oct. .
Nov
Dec
3,004
3 022
3,113
58
60
57
36
37
54
170
148
178
26
25
22
62
71
75
1,758 153
1,808 150
1,887 152
217
212
203
86
84
84
175
183
186
263
245
215
384
362
352
87
80
88
30
32
32
30
33
29
24
27
22
213
189
181
1961—Jan
Feb
Mar
Apr
May
3,150
3,203
3,187
3,198
3 177
3 133
3,091
3.031
2,900
2,807
57
52
53
51
51
52
52
53
55
59
45
44
48
40
43
41
37
78
86
88
181
150
101
89
86
85
74
78
77
92
20
45
43
41
41
48
32
39
37
34
67
69
62
50
42
47
51
64
62
65
1,953
1,990
2,027
2,096
2 036
1,983
1,913
1,766
1,649
1,535
193
198
195
172
173
163
182
174
152
134
84
81
76
77
77
81
80
89
90
92
195
209
214
215
223
227
231
237
240
240
216
219
214
215
243
238
258
268
259
273
342
347
348
393
352
367
362
349
375
382
72
73
83
124
76
83
81
79
86
90
33
33
31
32
22
30
29
27
43
39
39
36
31
30
40
39
40
40
46
46
20
20
21
21
22
16
16
21
15
15
178
184
182
187
192
199
196
181
185
192
.
July
Sept p
Oct.*
139
145
155
154
163
168
178
186
194
195
Table Id. Supplementary Areas and Countries7
End of year
End of year
Area or country
Area or country
1957
Other Europe:
.1
Albania
Bulgaria
,
.6
Cyprus
.1
Czechoslovakia 8
.7
Estonia
1.7
Hungary
,7
Iceland
2.9
Ireland, Republic of
9.0
Latvia
.5
Lithuania
.5
Luxembourg
16.4
Monaco
5.4
Polands
3.2
Rumania*
.8
Soviet Zone of Germany
3.1
U.S.S.R.8
.7
Yugoslavia*
10.6
Other Latin America:
Bahamas?
Bermuda
7.9
Costa Rica
16.4
Ecuador
22.7
French West Indies and French Guiana..
.8
Haiti
11.2
Honduras
12.6
Nicaragua
12.7
Paraguay
5.1
The West Indies federation 9.
15.8
Other Asia:
Aden
Afghanistan
Bahrein Islands
.8
4.7
.9
1958 1959
1960
.3
.3
.2
.6
1.7
,9
3.5
10.0
.6
.7
16.1
5.9
4.9
.9
1.4
2.2
9.5
.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
6.2
.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
10.0
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
47.2
21.7
19.8
27.3
.4
10.7
15.0
11.9
4.6
11.3
1.7
2.2
11.0
.9
n.a.
9.8
n.a.
4.5
.9
n.a. Not available.
* Preliminary.
1 Does not include banking liabilities to foreigners maturing in more
than one year; such liabilities amounted to $4 million on Oct. 31, 1961.
2 Represents principally the International Bank for Reconstruction and
Development, International Monetary Fund, International Finance
Corporation, and the International Development Association.
3 Represents liabilities to foreign central banks and foreign central
governments and their agencies (including official purchasing missions,
trade
and shipping missions, diplomatic and consular establishments, etc.).
4
Includes $1,031 million representing increase in U. S. dollar subscription
to the International Monetary Fund paid in June 1959.
5
Includes Bank for International Settlements.
* Beginning June 1960 includes Inter-American Development Bank.
7 Except where noted, these data are based on reports by banks in
he Second (New York) Federal Reserve District. They represent a
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
,
Syria
Viet-Nam
All other:
Algeria
Ethiopia and Eritrea
French Somaliland
Ghana
Liberia
Libya
Madeira Islands
Morocco
Mozambique
New Caledonia
New Zealand
Somali Republic
Sudan
Tunisia
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
24.9
44.1
36.0
18.0
2.8
20.9
37.9
1.2
5.6
2.5
15.2
60.2
2.5
4.7
48.8
4.3
19.7
34.4
35.8
63.1
2.5
9.4
21.0
38.0
1.4
23.5
2.3
14.8
111.6
3.5
5.0
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
23.0
10.7
13".O
.6
18.7
2.0
.4
20.3
17.6
.6
57.8
2.0
1.3
6.8
.8
1.6
8.4
9i3
.9
n.a.
n.a.
5.6
.9
64.3
2.2
n.a.
n.a.
3.5
n.a.
.9
51.5
3.4
1.7
1.9
1.3
1.7
.8
10.3
6.4
1.0
43.5
2.9
1.4
6.9
1.3
5.2
.3
2.8
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 The West Indies
federation.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by U. S. banks (including the Federal Reserve
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.
1486
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
Total
To banks and official institutions
Total
Deposits
U.S.
Treasury
bills and 1
certificates
Payable
in foreign
currencies
To all other foreigners
Other*
Total
Deposits
U.S.
Treasury
bills and
certificates
Other*
Total amounts outstanding
1956—Dec...
1957—Dec...
1958—Dec...
1959—Dec...
14,939
15,158
16,159
19.389
12,860
12,847
13,669
16,913
5,979
5,875
6,772
6,341
5,990
5,840
5,823
9,245
891
1,132
1,075
1,328
2,030
2,252
2,430
2,398
1,653
1,766
1,951
1,833
243
278
306
295
134
209
174
270
49
59
59
77
I960—.Oct..
Nov...
Dec...
21,419
20,886
21,326
19,013
18,577
18,986
7,642
7,454
7,568
9,885
9,686
10,018
1,485
1,437
11,401
2,262
2,182
2,227
1,826
1,777
1,846
172
158
148
264
247
233
144
127
113
1961—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept.*
Oct.*.
20,916
20,769
21,090
20,858
21,070
21,492
21,756
21,620
21,943
22,231
18,672
18,553
18,872
18,617
18,759
19.136
19,419
19,310
19,609
19,779
7,322
7,488
7,719
7,756
7,971
8.234
8,492
8,631
8,680
8,900
10,051
9,794
9,909
9,594
9,503
9.585
9,620
9,343
9,542
9,485
1,299
1,271
1,244
1,267
1,285
1.317
1,307
1,336
1,386
1,394
2,122
2,105
2,106
2,129
2,177
2.199
2,191
2,201
2,226
2,292
1,772
1,776
1,792
1,806
1,836
1.842
1,865
1,863
1,888
1,917
128
113
102
103
129
133
109
109
119
149
222
216
213
220
212
223
217
229
219
226
121
112
111
111
133
157
145
109
107
160
Area and country detail, Aug. 31, 1961
Europe:
Austria
Belgium
Denmark
Finland
France
212
300
38
87
871
210
259
31
86
819
206
236
13
47
251
16
26
529
5
10
1
13
38
1
40
8
1
52
1
33
7
1
46
2,791
55
1,098
200
105
2,752
39
1,071
170
69
337
32
143
110
54
2,015
7
747
50
11
399
(3)
181
10
4
38
16
27
29
36
32
16
22
23
35
84
133
387
661
17
43
113
377
560
15
41
112
92
355
15
244
62
2
1
42
143
2,431
8
382
2,113
7
337
1,061
7
95
"85'
85
(3)
157
40
20
10
95
2
273
1
11
39
20
10
67
2
106
1
10
9,859
9,070
3,207
4,772
1,091
700
470
67
89
2,701
2,438
1,824
605
251
207
30
12
275
24
125
134
49
205
7
87
77
66
2
145
7
83
77
64
2
51
218
70
16
131
47
68
47
68
16
124
46
67
45
Dominican Republic
El Salvador
Guatemala
Mexico
Neth. Antilles and Surinam
30
27
49
430
11
8
32
262
11
6
20
246
19
19
168
19
18
17
164
84
52
36
13
32
22
Panama, Rep. of
Peru
Uruguay
Venezuela
Other
78
86
52
367
250
13
44
22
160
153
12
44
21
159
116
1
23
65
43
29
206
96
60
40
24
202
88
2,277
1,201
1,049
92
60
1,074
1,021
Germany, Fed. Rep. of...
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Total
14
967
» Preliminary.
i Includes nonnegotiable, non-interest-bearing special U. S. notes
held by international organizations, which amounted to $2,143 million
on Oct. 31, 1961.
2
4
10
17
6
8
(3)
8
22
50
....
11
117
.....
45
*34'
42
2 Represents principally bankers' acceptances and commercial paper
3 Less than $500,000.
1487
BNTTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Payable in dollars
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 i
Area and country detai] , Aug. 31, 1961—Cont.
Asia:
Hong Kong
Indonesia
Israel
Japan .
Korea, Rep. of
Taiwan .
Thailand
Other
. . .
Total
All other:
Australia
Congo Rep of the .
South Africa
U A R (Eevt>0
Other
Total
Total foreign countries.
International
Grand total
53
78
78
39
64
26
70
76
33
58
22
24
67
33
39
1,766
186
174
89
237
268
1,743
184
151
83
234
232
3,031
5
3
1
18
27
6
2
6
6
1,126
181
125
81
66
152
537
162
58
81
3
20
3
6
22
22
2
22
6
3
34
18
2
22
6
3
33
2,892
1,916
816
160
136
129
79
27
40
21
181
76
26
35
20
148
37
22
35
14
138
36
2
3
2
3
5
6
3
2
3
1
31
3
2
2
1
29
349
306
245
46
14
40
18,216
15,906
8,242
6,330
1,334
43
9
7
3,404
3,404
390
3 3,012
2
21,620
19,310
8,631
3 9,343
1,336
1 Represents principally bankers' acceptances and commercial paper.
2 Less than $500,000.
26
5
2
6
6
1
8
(2)
(2>
(2>
4
(2)
2
(2)
()
i
1
1
6
3
1
2
1
c)
(2)
2
37
i
3
3
2,201
1,863
109
229
109
2,201
1,863
109
229
109
i
3 Includes $2,129 million of nonnegotiable, non-interest-bearing special
U. S. notes held by international organizations.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i
[Amounts outstanding, in millions of dollars]
Total
End of month
GerFrance many,
Fed.
Rep. of
Italy
Switzerland
United Other Total
King- Europe Europe Canada
dom
Latin
America
Asia
All
other
1956—Dec
1957—Dec
1958—Dec
1959 Dec
1,946
2,199
2,542
2,623
18
114
102
57
157
140
77
54
43
56
36
30
29
34
42
38
104
98
124
121
216
211
315
234
654
696
534
157
154
243
272
1,099
1,175
337
386
435
586
43
50
69
56
I960 Oct
Nov
Dec
'3,374
'3,338
r
3,614
32
28
32
84
78
82
42
35
34
54
55
60
237
222
245
245
240
264
694
658
717
'410
'389
'421
1,244
1,254
1,356
956
'971
1,052
70
65
69
1961 Jan
Feb
Mar
Apr
May
June
July
Aug p
Sept.7
Oct.*
'3,609
'3,691
'3,967
'4,150
r
4,124
'4,123
'4,189
4,122
4,165
4,354
35
'39
'46
'46
'44
'48
'50
42
34
37
78
81
108
135
145
148
141
136
146
140
38
36
36
46
42
33
35
37
34
34
61
61
74
70
65
64
64
60
67
72
197
170
167
173
171
165
187
134
183
169
237
224
246
227
228
233
209
178
646
'611
'678
'697
'695
'691
'688
586
651
636
'429
'398
'489
'532
'520
'514
'492
517
496
616
1,340
1,390
1,374
1,394
1,336
1,243
1,245
1,295
[,351
1,418
1,121
1,220
1,349
i,450
1,497
1,598
1,674
1,626
1,578
1,594
73
73
76
76
75
76
90
98
88
90
.
r
Preliminary.
Revised.
i Short-term claims reported in these statistics represent principally
the5 following items
.... payable on demand or with a contractual maturity
of not more than 1 year: loans made to and acceptances made for
foreigners; drafts drawn against foreigners where collection is being made
187
184
568
840
9S6
by banks and bankers on behalf of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and their
customers in the United States. Excludes convertible currencies held by
U. S. monetary authorities.
1488
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
Total
End of month
Austria
Belgium
Denmark
Finland
Greece
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
Other
1956—Dec
1957 Dec
1958—Dec
1959—Dec
216
211
315
234
7
6
7
4
28
25
65
56
12
11
14
18
4
4
6
8
4
6
7
5
21
29
56
38
23
23
22
7
2
2
2
2
8
8
30
8
13
10
24
19
88
76
72
47
(2)
3
7
10
9
18
I960—Oct
Nov
Dec
245
240
264
2
3
2
53
50
65
10
13
13
9
9
9
5
7
6
32
30
33
16
17
17
3
3
4
8
7
8
25
26
28
58
53
49
7
8
11
16
15
19
1961—Jan
Feb
Mar
Apr
May
237
224
246
227
228
233
209
178
187
184
2
2
3
2
3
3
3
3
3
3
63
61
58
56
58
43
43
13
10
11
14
12
12
11
11
9
9
11
10
12
9
9
10
11
11
14
14
14
16
19
5
7
6
7
7
7
8
6
7
6
34
32
47
38
42
45
47
43
45
41
11
10
10
10
10
11
11
11
13
17
3
2
3
2
3
3
2
2
2
3
6
6
7
7
8
11
8
7
7
6
26
25
26
24
25
25
17
16
15
15
41
32
35
24
15
24
13
22
31
23
9
9
12
16
16
16
15
14
8
8
14
16
16
19
21
22
19
17
19
18
July
Septv p
Oct
Table 3b. Latin America
End of month
BoTotal Argenlivia
tina
Cuba
Peru
Uruguay
Vene- Other
zuela
4
3
3
3
72
100
148
117
16
33
52
59
145
103
51
68
90
113
166
115
7
15
19
29
11
8
10
15
7
8
12
10
213
231
293
291
5
2
6
4
12
18
23
18
35
31
31
36
15
42
52
47
144
170
142
247
49
51
53
57
,?44 108
,754 112
121
4
4
4
212
206
225
55
63
73
77
76
80
29
27
26
17
17
16
19
19
22
12
13
14
303
302
343
4
5
8
19
22
23
42
43
44
55
52
57
233
235
234
56
57
66
4
4
4
5
5
5
5
8
5
5
229
228
241
213
202
182
160
147
180
235
74
77
88
118
111
114
120
119
117
116
81
79
78
79
81
91
91
91
90
87
21
21
21
21
20
20
20
20
19
19
14
13
13
13
14
13
12
13
12
12
21
19
19
17
15
12
14
17
15
14
13
14
15
12
14
13
14
17
16
17
343
313
306
323
321
327
336
375
384
383
5
5
5
5
7
6
8
8
6
8
27
28
26
29
38
26
25
28
30
30
48
48
48
50
55
61
63
67
68
71
51
48
44
40
43
46
38
39
39
45
231
311
274
281
215
121
119
121
137
130
57
60
63
61
63
63
71
68
72
74
,099
,\T>
I960—Oct
Nov.
Dec
(V56
Sept *
Oct.*
Colombia
Netherlands PanEl
Mex- An- ama,
Sal- GuateRetilles pubico
vador mala
and lic of
Surinam
15
28
40
60
840
1956—Dec
1957 Dec
1958—Dec
1959—Dec
19^1 Jan
Feb
Mar
Apr
May
June
July.
Brazil Chile
Dominican
Republic
956
,140
,390
1,374
,394
,336
1,243
1,245
1,295
1,351
1,418
122
122
128
127
133
143
148
158
162
171
Table 3c. Asia and All Other
Asia
End of month
Total
Hong India
Kong
Iran
Israel
1956—Dec
1957—Dec
1958 Dec
1959—Dec
337
386
435
586
4
7
6
10
6
6
4
6
20
22
27
29
16
24
23
14
I960—Oct
Nov
Dec
956
'971
1,052
8
8
9
11
11
9
35
34
33
15
17
24
1961 Jan
Feb
Mar
Apr
May
June
July
1,121
1,220
1,349
1,450
1,497
1,598
1,674
1,626
1,578
1,594
8
9
10
10
10
9
9
10
10
9
8
9
11
11
12
41
40
10
8
8
34
43
48
52
47
47
36
36
35
33
28
32
33
30
33
33
34
31
31
34
Sept p
Oct.*
r
» Preliminary.
Revised,
i See note 1 on preceding page.
All other
Japan
Phil- Taiippines wan
Thai- Other Total
land
Aus- Congo,
South U.A.R. Other
Rep. Africa
tralia of
(Egypt)
the
170
146
179
324
16
53
67
24
6
6
6
9
9
14
13
15
91
110
111
155
43
50
69
56
11
13
13
18
6
5
4
3
8
12
21
12
2
1
3
2
17
19
29
21
693
711
806
25
24
19
8
7
7
15
16
24
147
143
121
70
65
69
29
27
28
3
2
3
10
10
11
2
2
3
26
25
24
875
952
1,069
1,159
1,196
1,272
1,341
1,335
1,288
1,281
16
18
19
23
26
24
42
37
38
58
7
10
11
11
14
15
13
12
10
11
22
24
23
23
25
27
30
29
32
28
124
123
126
130
134
131
129
128
126
131
73
73
76
76
75
76
90
98
88
90
28
28
26
27
25
25
26
32
27
28
3
4
4
4
3
3
3
12
12
13
13
13
15
24
24
19
16
3
3
7
27
26
26
24
24
23
23
25
26
31
r
2 Less than $500,000.
3
4
8
10
10
13
13
13
12
INT'L CAPITAL TRANSACTIONS OF THE U. S.
1489
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Payable in foreign currencies
End of month, or area
and country
Total amounts outstandin
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
1960—Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.*33
Oct.*
671
839
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
3,609
'3,691
r
3,967
•"4,150
>-4,124
r
4,123
'4,189
4,122
4,165
4,354
3,138
3,265
3,471
3,619
3,616
3,672
3,777
3,712
3,719
3,806
,
1,654
1,598
1,616
1,639
1,635
1,847
1,902
1,830
1,855
1,868
r
,259
,326
,453
,473
,517
,645
1,691
1,700
1,671
1,736
Area and country detail, Aug. 31, 1961
Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of
Greece
Italy
Netherlands
Norway
United Kingdom
Yugoslavia
Other
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
El Salvador
Guatemala
Mexico
Netherlands Antilles and
Surinam
Panama, Rep. of,
Peru
Uruguay
Venezuela
Other
Total
p
r
Preliminary.
Revised.
1
Represents mainly loans with an original maturity of more than 1
year.
2 Less than $500,000.
1490
INFL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Short-term
Payable in dollars
Longterm—
total i
Area and
country
Payable in foreign currencies
Loans to:
Total
Total
Banks and
official
institutions
Collections
outstanding
Others
Other
Total
Deposits
with
foreigners
Other
Area and country detail, Aug. 31, 1961—Cont.
18
50
13
10
Japan
Korea, Rep. of.
All other:
Australia
Congo, Rep. of the
South Africa
U.A.R. (Egypt)
Other....
Total
Grand total
S
(2)
35
31
4
2
3
3
2
C2)
4
176
1
5
2
131
1,312
4
37
12
29
123
34
2
11
99
1,626
1,599
332
21
38
64
4
43
32
3
24
13
25
30
3
24
13
24
6
171
98
95
1,830
4,122
3,712
9
Total.
10
8
31
1,335
4
37
12
29
124
19
Taiwan
Thailand
Other....
10
10
i
(>>
(2)
(2)
1
(2)
23
23
(2)
(2)
(2)
1
1
3
1
2
3
152
3
1
1
3
18
981
1
2
9
15
3
1
1
(2)
13
219
1,035
27
25
2
2
10
3
1
15
7
15
i>
4
6
12
2
9
1
17
39
34
3
I
2
756
537
719
1,700
410
232
178
1
(2
1
Represents mainly loans with an original maturity of more than
1 year.
2
(2)
333
Asia:
Hong Kong
India
Indonesia
Iran
Israel
(2)
2 Less than $500,000.
TABLE 5. PURCHASES AND SALES BY FOREIGNERS O F LONG-TERM SECURITIES, BY TYPES i
[In millions of dollars]
U. S. corporate securities 2
U. S. Govt. bonds & notes
Year or month
Purchases
Net purchases,
or sales (—)
Sales
Total
Foreign
countries
Purchases
Sales
Foreign bonds
Net pur- Purchases, or chases
sales ( - )
Foreign stocks
Sales
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases,or
sales ( - )
666
1,224
1,217
1,730
718
1,188
528
1,603
-52
36
689
127
117
-237
527
-98
1,617
1,759
2,593
2,419
1,423
1,798
2,158
2,167
194
-39
435
252
699
889
946
883
1,392
1,915
1,458
1,445
-693
-1,026
-512
-562
593
467
566
509
622
804
804
592
—29
-336
-238
-83
i960—Oct
Nov
Dec
148
345
195
196
262
98
-48
82
97
-48
-13
-21
179
187
208
187
180
220
-8
7
-12
244
36
31
268
44
78
-24
-8
-46
36
44
33
-6
-12
-20
1961—Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept.*
Oct p . .
73
322
63
91
155
41
170
340
22
120
96
69
86
101
206
74
128
177
26
56
-23
253
-23
-10
-50
— 33
42
163
-4
65
-23
82
-17
32
-40
-33
42
48
-5
64
250
270
371
348
344
303
194
246
216
244
219
253
329
308
299
276
212
254
216
230
30
17
42
40
45
27
-18
-8
54
46
43
44
59
60
50
37
223
52
98
74
91
97
124
87
117
36
228
77
-44
-28
-48
-54
-65
-27
-67
1
-5
-26
53
38
58
50
57
53
35
40
41
53
42
56
52
52
63
91
96
96
72
55
64
58
74
1957
1958
1959
I960
.
. .
9 Preliminary.
1
Includes transactions of international organizations.
14
2 Includes small amounts of U. S. municipal securities.
2
-24
-33
—46
-39
-19
-20
-24
-17
-22
1491
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]
Type of security
Year or month
Country or area
Total2
Stocks
Bonds
Belgium
France
1957.
1958.
1959.
1960.
194
-39
435
252
143
-56
363
r
202
51
17
73
50
14
-3
5
5
2
40
38
1960—Oct.
Nov..
Dec..
-8
7
-12
-22
10
7
14
-3
-18
-4
-1
3
2
3
2
1961—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept.*.
Oct.*.,
30
17
42
40
45
27
-18
-8
32
32
32
56
58
33
-5
2
15
28
-1
-14
1
1
5
3
3
14
10
-16
-13
-1
-1
-6
-13
-10
-15
-15
r
P Preliminary.
Revised.
i Includes small amounts of U. S. municipal securities.
Netherlands
Switzerland
United
King,
dom
Other
Europe
Total
Europe
Canada
Latin
Amer-
All
other 2
101
19
254
171
77
-1
20
1
15
-48
35
66
255
10
379
234
-99
-86
-30
-45
23
23
40
36
15
14
46
28
-4
20
14
2
-29
-20
-21
8
5
-7
3
-17
-6
-2
2
5
3
2
5
-2
1
-3
3
5
3
-2
6
2
1
5
17
18
21
29
19
-6
-7
2
24
7
2
5
9
22
25
30
32
50
34
-12
-4
-13
6
-9
-19
-14
-13
-14
-17
-7
8
1
-2
9
9
4
2
2
4
1
5
6
8
9
4
2
35
-8
31
1
11
-1
4
2
-10
7
5
-1
10
2
1
11
19
3
1
1
2
Includes transactions of international organizations.
3 Less than $500,000.
TABLE 7. NET PURCHASES BY FOREIGNERS O F 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 million of dollars]
Total
Inter- foreign
national coun- Europe
tries
Year or
month
1957
1958
1959
1960
Canada
Latin
Amer- Asia
ica
15
—552
5
-543
11
-443
— 196 - 1 0 7
Assets in custody
All
other
. .
—384
-558
-157
— 147
-338
-805
-593
—498
231
-72
-50
-117
1960—Oct
Nov....
Dec...
-16
7
2
-13
-27
-68
-10
-19
-21
8
10
-17
6
-14
-24
7
-6
-9
-24
1
3
1961—Jan....
Feb....
Mar....
Apr....
May...
June...
July....
Aug....
Sept. P. .
Oct.*...
-1
15
-3
3
1
-15
3
6
4
-5
-41
-68
-78
-102
-104
-31
-89
-29
-26
-42
-27
-30
-24
-9
-26
-17
12
-10
-5
-13
-5
-6
-42
-55
-50
-23
-66
-17
6
-6
-7
-26
-6
-4
-11
-19
-22
9
-5
-3
-7
-25
4
-1
-2
P Preliminary.
i Less than $500,000.
-S
-6
3
1
1
2
1
-45
13
-45 -150
-97
— 15
—41 — 36
i?
-3
-30
1
-22
1
End of month
Deposits
U. S. Govt.
securities 2
Miscellaneous 3
1959—Dec
345
4,477
570
I960—Nov
Dec
252
217
5,430
5,726
752
756
1961—Jan
Feb
Mar
Apr
May
June
July
238
207
271
230
210
220
226
270
312
249
198
5,793
5,879
5,935
5,634
5,637
5 723
5,660
5,903
6,036
5,988
5,793
714
694
690
672
687
688
667
660
662
652
634
Sept
Oct
1
Excludes assets held for international organizations, and earmarked
gold. See note 4 at bottom of p. 1482 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.
1492
INTT CAPITAL TRANSACTIONS OF THE U. S.
TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
[End of quarter.
In millions of dollars]
Liabilities to foreigners
Claims on foreigners
Revised series1
Revised series1
1960
Area and country
3
2
Europe:
4
1
29
41
1
16
48
5
41
1
16
48
5
48
1
20
62
6
28
2
26
16
6
26
3
29
14
6
34
2
34
17
6
39
2
38
18
6
38
2
41
17
7
1
9
8
30
3
1
10
6
26
3
1
10
6
27
3
1
9
5
25
3
4
11
27
20
9
3
10
27
19
7
11
26
17
7
11
26
18
7
89
1
6
80
1
5
63
1
3
67
1
4
80
1
2
148
1
3
163
1
5
640
1
4
643
1
5
257
2
5
320
304
274
279
330
357
374
873
891
506
58
58
53
57
37
125
174
177
205
334
9
2
17
5
3
4
7
2
15
5
3
3
7
1
16
3
4
2
7
1
17
7
1
19
12
20
4
2
5
2
19
2
69
9
11
18
76
11
11
8
20
3
78
12
12
8
25
3
60
14
13
6
i i i
2
2
4
30
4
3
2
4
36
2
3
2
7
2
2
4
31
1
39
2
3
2
4
45
2
Sweden
Switzerland
Turkey
14
29
1
United Kingdom
Bolivia
Brazil
Chile
Cuba
Dominican Republic
El Salvador
....
Mexico
Neth. Antilles and Surinam.
Panama Rep of
Peru
Venezuela...............
Other
Total
Asia:
India
Israel
\v
5
11
12
2
45
46
1
15
56
7
Latin America:
4
8
12
12
2
39
48
1
13
44
7
Total
4
3
2
7
12
12
2
38
Germany, Fed. Rep. of....
Greece
Italy
Netherlands
Canada
V
1961
6
10
8
2
36
1
18
1
1
29
Other
4
1960
5
11
6
1
33
2
18
2
1
20
Finland
France
1961
2
29
2
1
33
2
16
2
1
37
Belgium
1960
1960
2
18
65
9
11
20
4
7
26
23
5
5
2
3
3
19
4
6
4
4
20
4
2
4
1
21
4
2
4
1
22
4
3
5
2
22
8
12
8
5
32
19
4
13
4
30
19
7
8
4
34
20
7
9
4
34
20
9
9
6
37
22
80
86
81
84
89
235
239
248
257
259
2
4
4
4
1
3
4
4
5
3
3
6
3
6
5
3
7
3
7
5
3
6
11
6
4
2
7
1
8
10
1
11
1
7
9
2
12
1
8
11
2
15
1
8
11
3
10
4
9
7
19
18
27
30
58
35
1
9
3
4
17
51
1
7
3
3
17
60
1
9
3
4
20
57
1
8
4
3
17
Taiwan
Thailand
Other
7
2
3
5
2
3
5
3
3
6
3
3
8
2
3
8
39
1
7
2
4
18
Total
51
55
68
75
109
99
98
119
136
124
8
1
6
1
5
12
1
1
1
5
14
1
1
2
5
14
2
1
2
7
15
1
2
2
10
16
1
8
6
11
19
1
8
5
10
21
3
6
6
13
22
3
7
7
15
19
2
9
7
13
30
41
44
49
52
51
1,467
1,541
1,274
All other:
Congo Rep. of the
South Africa
U.A.R. (Egypt)
Other
Total
International
Grand total
(2)
22
21
23
25
(2)
(2)
(2)
(2)
531
525
498
520
91 Preliminary'
Includes data for a number of firms reporting for the first time on
Dec. 31, 1960.
2 Less than $500,000.
1
(2)
595
858
931
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U. S. banks, and intercompany accounts between U. S. companies and
their foreign affiliates.
1493
U. S. BALANCE OF PAYMENTS
U. S. BALANCE OF PAYMENTS
[Department of Commerce estimates. Quarterly totals in millions of dollars]
1958
1959
1960
1961
Item
Exports of goods and services, total 1 ..
Merchandise
,
Services2
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
6,898
5,009
1,889
7,025
4,910
2,115
Imports of goods and services, total..
Merchandise
Services
Military expenditures
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
3,407
1,156
759
5,634
3,469
1,417
748
602
1,899
1,576
1,391
-631
-213
-418
-618
-207
-411
-661
-230
-431
Balance on goods and services1
687
219
696
62
-116
-278
504
584
Unilateral transfers (net)3
Private remittances and pensions..
Government nonmilitary grants..
-598
-544
-174
-424
-174
-370
-633
-196
-437
-621
-184
-437
-581
-187
-394
-547
-214
-333
-675
-206
-469
-579
-198
-381
-700
-210
-490
-681
-221
-460
U.S. long- and short-term capital (net)
Private, total
Direct investment
Portfolio and short-term investment
Government
-1,251
-1,025
-411
-784
-451
-156
-893
-726
-372
-494
-412
-287
-1,032
-755
-442
-607
-387
-224
-595
-838
-419
- 8 7 5 -1,110 -1,075 -1,905 -1,400
-651
-724
-924 -7,557 -980
-303 -331 -327
-464
-733
-589
-934
-431
-614
-226
-295
-333
-354
-167
-125
-82
-296
4-294
-163
-220
-419
243
-348
-224
-393
-386
-597
-151
-824
-348
-516
-420
-503
345
Foreign capital and gold (net)
Increase in foreign short-term assets and Government securities
Increase in other foreign assets..
Gold sales by United States
1,086
934
901
953
41,439
1,440
620
821
981
1,208
1,119
533
161
26
-15
1,075
477
-26
483
502
52
347
785
73
95
4 847
195
4397
1,109
164
167
425
123
72
584
187
50
737
150
94
548
23
637
261
-63
921
76
175
-71
100
290
146
49
-128
-117
-452
Errors and omissions.
63
327
124
164
5346 5-330
-9
-282
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.
5 Net of change in convertible currencies held by Exchange Stabilization Fund.
P1 Preliminary.
Excluding military transfers under grants.
2 Including military transactions.
3 Minus sign indicates net outflow.
OPEN MARKET RATES
[Per cent per annum]
Canada
Month
France
United Kingdom
Treasury Day-tobills,
day
3 months 1 money 2
Bankers' Treasury
acceptbills,
ances,
3 months 3 months
Day-today
money
Bankers'
allowance Day-today 3
on
deposits money
Germany
Treasury
bills,
60-904
days
Day-today
money 5
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
I960—Sept
Oct
Nov
Dec
1.89
2.65
3.53
3.53
1.58
2.36
3.26
3.16
5.71
5.62
4.98
4.64
5.53
5.36
4.74
4.44
4.85
4.79
4.30
3.88
4.00
3.92
3.50
3.12
4.15
3.99
3.76
3.70
4.88
4.88
4.00
3.75
5.25
5.31
4.69
4.31
1961—Jan
Feb
Mar.
Apr
May
June
July
3.20
3.05
3.21
3.30
3.18
2.69
2.61
2.48
2.42
2.53
2.75
2.52
2.98
3.03
2.92
2.45
2.55
2.29
2.17
2.20
4.45
4.48
4.61
4.63
4.55
4.64
4.72
6.91
6.84
6.31
4.25
4.31
4.48
4.45
4.38
4.50
5.10
6.71
<6.60
5.94
3.77
3.76
3.74
3.65
3.81
3.67
3.98
5.64
5.71
5.42
3.00
3.00
3.00
3.00
3.00
3.00
3.38
5.00
5.00
4.56
3.65
3.59
3.70
3.70
3.91
3.76
3.65
3.52
3.57
3.25
3.00
2.50
2.38
2.25
2.25
2.25
2.25
2.25
2.00
3.88
3.38
3.38
2.94
2.63
2.56
2.63
2.44
2.94
2.44
Sept
Oct
c
r
Corrected.
Revised.
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
5
Netherlands
Treasury
bills,
3 months
•
Switzerland
Day-today
money
Private
discount
rate
1.26
1.52
1.50
1.50
2.50
2.00
2.00
1.96
1.57
1.51
1.50
1.64
1.14
1.13
2.00
2.00
2.00
2.00
1.32
1.14
1.03
.77
.83
.88
.88
.84
1.00
1.68
1.00
.75
.75
.75
.75
.75
.75
.75
.95
1.50
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
Rate in effect at end of month.
Based on average of lowest and highest quotation during month.
1494
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1
[Per cent per annum]
Changes during the last 12 months
Rate as of
Nov. 30, 1960
Country
1960
Per
cent
Belgium
Brazil2
•
Canada 3
Ceylon
.
Chile*
Colombia ^
Cuba 2
Denmark
El Salvador2
Finland
Honduras'
Iceland
Indonesia 2
Ireland
Italy
Mexico
Peru 2
Portucal
South Africa
Sweden
•
United Kingdom
Venezuela2
••••••
Month
effective
6.0
5.0
5.0
10.0
3.0
Dec.
Mar.
Aug.
Apr.
Feb.
1957
1960
1960
1958
1948
4.02
4.0
16.55
5.0
3.0
Nov.
Aug.
July
Aug.
Apr.
1960
1960
1960
1959
1939
6.0
5.5
5.0
3.0
5.5
6.75
3.5
4.0
6.0
2.0
Jan.
Jan.
Nov.
Nov.
Jan.
1960
1960
1956
1952
1960
Mar.
Oct.
Nov.
Nov.
Jan.
1959
1960
1960
1960
1953
11.0
4.0
3.0
4.0
5.31
Feb.
May
Apr.
Aug.
Nov.
1960
1957
1946
1948
1960
6.0
3.5
6.94
4.5
3.5
Feb.
June
Aug.
June
Nov.
1955
1958
1960
1942
1959
6.0
6.0
3.5
4.0
9.5
Oct.
Apr.
Feb.
Jan.
Nov.
1959
1954
1955
1959
1959
5.0
2.0
4.5
4.6
5.0
Nov.
Jan.
Aug.
Apr.
Jan.
1960
1944
1960
I960
1960
2.0
7.0
9 0
5.5
6.5
Feb.
Feb.
Nov.
Oct.
Oct.
1959
1945
1960
1960
1960
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
6.0
5.0
4.75
10.0
3.0
4 75
3.5
3.29
3.46
3.46
3.53
3.42
2.82
16.74
2.80
2.51
2.84
2.75
2.75
15.88
6 0
3.5
6.75
3.5
3.0
6.0
2.0
3.0
9.0
4.62
4.38
4.75
4.62
4.78
6.57
6.94
6.88
6.75
5.94
9.0
4.0
3.0
4.0
5.94
6.0
3.5
7.3
4.5
3.5
7.3
7.0
7.0
6.0
3.5
4.0
9.5
3.0
5.0
5.0
4.5
2.75
4.0
15.88
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;
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
Nov. 30,
1961
1961
7.5
3.0
2.0
5.0
4.0
5.0
4.0
7 0
6.5
6.0
2.0
7.0
7.5
6.0
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
1495
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
7.183
5 556
2 835
5.556
2.506
5.556
2.207
l 1.2730
L.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
I960—Nov
Dec
L.2054
1.2061
224.18
223.69
3.8432
3.8409
2.0130
2.0131
102.367
101.781
21.065
21.044
.3112
.3112
20.402
20.387
1961—Jan
Feb
Mar
Apr
May
1.2058
1.2061
1.2073
1.2075
[.2071
1.2096
1.2113
1.2104
1.2061
1.2056
1.2057
223.62
223 10
222.91
222 95
222.63
222.30
222.10
223.34
224.08
224.33
224.30
3.8391
3.8352
3.8314
3.8306
3.8308
3.8368
3.8554
3.8592
3.8634
3.8660
3.8648
2.0074
2.0026
2.0042
1.9985
1.9983
2.0018
2.0081
2.0080
2.0084
2.0085
2.0085
100.694
101.026
101.265
101.110
101.255
99.471
96.701
96.933
97.003
97.039
96.532
21.037
21 013
20.990
20 992
20.988
20.984
20.951
21.012
21.076
21.094
21.089
.3112
.3112
.3111
.3111
.3110
.3110
.3109
.3109
.3109
.3108
.3108
20.401
20.402
20.404
20 400
20.404
20.405
20.405
20.352
20.331
20.337
20.364
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
Year or month
Official
1955
1956
1957
1958
1959
I960
t,
.
July
Sept
Oct
Nov
.
..
Free
Finland
(markka)
France
(franc)
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
1955
1956
1957
1958
1959
I960
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
I960 Nov
Dec
23.974
23.973
21.000
20.982
281.35
280.74
.1610
.1610
.2778
.2781
32.858
32.833
8.0056
8.0056
26 492
26.517
278 57
277.96
1961—Jan
Feb
Mar
Apr
May
June
July
Aue
Sept
Oct
Nov
23.968
23.966
4 25.020
25.185
25.184
25.166
25.127
25.046
25.019
25.016
24.987
20.975
20.950
20.940
20.940
20.919
20.889
20.886
20.998
21.067
21.089
21.076
280.64
279.99
279.75
279.81
279.40
278.98
278.74
280.29
281.22
281.54
281.49
.1610
.1607
.1607
.1609
.1611
.1611
.1611
.1611
.1611
.1611
.1611
.2786
.2786
.2786
.2772
.2763
.2763
.2762
.2762
.2762
.2762
.2762
32.826
32.774
32.699
32.600
32.518
32.489
32.488
32.604
32.716
32.752
32.742
8.0056
8.0056
8.0056
8.0056
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
27.771
27.676
27 731
27.766
277.86
211.22
276.98
277.03
276.63
276.22
275 98
277.52
278.44
278 75
278.71
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
6 49 770
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
14.038
14 021
3.4992
3.4950
280.30
279.69
1.6642
19.355
19.334
23.216
23.225
281.35
280.74
14.004
13.985
13.985
13.989
13.964
13 952
13.947
14.004
14 041
14 051
14 048
3.4928
3.4861
3.4903
3.4920
3.4851
3.4815
3.4797
3.4875
3.4941
3 5013
3.4990
279.59
7 279.19
I 6635
1.6644
1.6644
1.6643
[.6644
[ 6644
1.6644
[.6644
1.6644
[ 6644
[ 6644
19 339
19.342
19.353
19.354
19.378
19 365
19.357
19.366
19.329
19 351
19.347
23 220
23.144
23.144
23.122
23.101
23 144
23.169
23.163
23.167
23 133
23.133
280 64
279.99
279.75
279.81
279.40
278 98
278.74
280.29
281.22
281 54
281.49
Year or month
Year or month
1955
1956
1957
1958
1959
1960
1960 Nov
Dec
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
...
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.
4
Effective Mar. 5,1961, the par value of the deutsche mark was changed
South Africa
(rand)
1 fifidt
8 139.37
139.35
139.38
139.18
138.97
138.85
139.62
140.09
140 24
140.22
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.
7 Based on quotations through Feb. 10, 1961.
8 Effective Feb. 14, 1961, South Africa adopted the decimal system.
The new currency unit, the rand, replaces the pound and consists of
100 cents; it is equivalent to 10 shillings or one-half the former pound.
BOARD OF GOVERNORS
of the Federal Reserve System
WM. MCC. MARTIN, JR.,
Chairman
A. L. MILLS, JR.
C. CANBY
Vice Chairman
BALDERSTON,
CHAS. N. SHEPARDSON
G. H. KING, JR.
GEORGE W. MITCHELL
J. L. ROBERTSON
WOODLIEF THOMAS, Adviser to the Board
RALPH A. YOUNG, Adviser to the Board
JEROME W. SHAY, Legislative Counsel
CHARLES MOLONY, Assistant to the Board
CLARKE L. FAUVER, Assistant to the Board
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
MERRITT SHERMAN, Secretary
FREDERIC SOLOMON,
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
Director
ROBERT C. MASTERS, Associate
C. C. HOSTRUP, Assistant
LEGAL DIVISION
Director
Director
GLENN M. GOODMAN, Assistant
Director
HOWARD H. HACKLEY, General Counsel
HENRY BENNER, Assistant
Director
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JAMES C. SMITH, Assistant
Director
THOMAS J. O'CONNELL, Assistant
BRENTON C. LEAVITT, Assistant
General
Director
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
Counsel
WILSON L. HOOFF, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
G U Y E. NOYES, Director
DIVISION OF PERSONNEL ADMINISTRATION
FRANK R. GARFIELD,
Adviser
ROBERT C. HOLLAND,
Adviser
ALBERT R. KOCH,
EDWIN J. JOHNSON,
Adviser
DANIEL H. BRILL, Associate Adviser
LEWIS N. DEMBITZ, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
JOSEPH E. KELLEHER,
Director
HARRY E. KERN, Assistant
Director
Director
J. HERBERT FURTH, Adviser
A. B. HERSEY,
Adviser
ROBERT L. SAMMONS,
OFFICE OF THE CONTROLLER
Adviser
SAMUEL I. KATZ, Associate
Adviser
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL,
M. B. DANIELS, Assistant
Director
Director
JOHN N. KILEY, JR., Assistant
Controller
Director
GERALD M. CONKLING, Assistant
Director
DIVISION OF ADMINISTRATIVE SERVICES
DIVISION OF INTERNATIONAL FINANCE
RALPH A. YOUNG,
Director
H. FRANKLIN SPRECHER, JR., Assistant
OFFICE OF DEFENSE PLANNING
Director
INNIS D. HARRIS,
1496
Coordinator
FEDERAL RESERVE BANKS AND BRANCHES
1497
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
Vice Chairman
ALFRED HAYES,
CARL E. ALLEN
G. H. KING, JR.
C. CANBY BALDERSTON
A. L. MILLS, JR.
CHAS. N. SHEPARDSON
ELIOT J. SWAN
WATROUS H. IRONS
GEORGE W.
EDWARD A. WAYNE
MITCHELL
J. L. ROBERTSON
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,
ERNEST T. BAUGHMAN, Associate Economist
P. E. COLD WELL, Associate
Economist
ROBERT S. EINZIG, Associate Economist
GEORGE GARVY, 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 DECAMP 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, JE.
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
1498
FEDERAL RESERVE BULLETIN • DECEMBER 1961
Presidents and Vice Presidents
Federal
Reserve
Bank of
Vice Presidents
President
First Vice President
(Vice Presidents in charge of branches are
listed in lower section of this page)
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 Norman G. Dash
James V. Vergari
Wallace M. Catanach David P. Eastburn
Richard G. Wilgus
Murdoch K. Goodwin
Cleveland
W. D. Fulton
Donald S. Thompson
Roger R. Clouse
E. A. Fink
Clyde Harrell
W. Braddock Hickman John E. Orin
Paul C. Stetzelberger
L. Merle Hostetler
Martin Morrison
Richmond
Edward A. Wayne
Aubrey N. Heflin
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
Richard A. Moffatt
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. McConneU
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. Coldwell
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
Vice Presidents
Buffalo
Cincinnati
I. B. Smith
R. G. Johnson
F. O. Kiel
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
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.... Helena
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
C. A. Van Nice
Cecil Puckett
H. W. Pritz
P. A. Debus
Dallas
Howard Carrithers
J. L. Cook
Carl H. Moore
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
W. F. Volberg
J. A. Randall
A. L. Price
E. R. Barglebaugh
Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. (Stamps and coupons not accepted.)
1959. 108 pages. Part II. February 1960
159 pages. Part III. February 1960. 112
pages. Individual books $1.00 each; set of 3
books $2.50.
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1961. 238 pages.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
FEDERAL RESERVE BULLETIN. Monthly. Sub-
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July
1960. 229 pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85 cents
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INDUSTRIAL PRODUCTION—1959 REVISION.
Study by a
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THE FEDERAL FUNDS MARKET—A
DEBITS AND CLEARINGS STATISITICS AND THEIR
USE (rev. ed.). May 1959. 144 pages. $1.00
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shipment, 85 cents each.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
Chart Book. Subscription price in the United
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per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents each. (Group
rate of 50 cents each for 10 or more of same
issue for single shipment.)
HISTORICAL CHART BOOK.
THE FEDERAL RESERVE ACT, as amended through
October 1, 1961, with an Appendix containing
provisions of certain other statutes affecting
the Reserve System. 386 pages. $1.25.
Issued annually in
September. Annual subscription to monthly
chart book includes one issue of the Historical.
In the United States and countries listed above
under Federal Reserve Bulletin, single copies
60 cents each, elsewhere 70 cents each. (Group
rate in quantities of 10 or more for single
shipment 50 cents each.)
INDUSTRIAL PRODUCTION CHART BOOK. February
1961. 210 pages. $1.75 per copy; in quantities of 10 or more for single shipment, $1.50
each.
TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Part I. July
1896-1955. Part I, U. S.
Summary. Part II, Summaries by States and
other areas. April 1959. 1,229 pages. $4.00.
ALL-BANK STATISTICS,
FLOW OF FUNDS IN THE UNITED STATES, 1939-53
December 1955. 390 pages. $2.75.
BANKING AND MONETARY STATISTICS.
November
1943. 979 pages. $1.50.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
RULES OF ORGANIZATION AND PROCEDURE—
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. December 1961. 34 pages.
of the Board, as of
January 1, 1961. $2.50 each.
PUBLISHED INTERPRETATIONS
1499
1500
FEDERAL RESERVE BULLETIN • DECEMBER 1961
PERIODIC RELEASES
DEPARTMENT STORE CREDIT
DEPARTMENT STORE MERCHANDISING DATA
WEEKLY
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS
BY INDUSTRY
(Also annual list.
Both available at Federal Reserve Banks only.)
FEDERAL RESERVE PAR LIST
CHANGES IN STATE BANK MEMBERSHIP
INTERDISTRICT SETTLEMENT FUND
CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN CENTRAL RESERVE CITIES
INDEX NUMBERS OF WHOLESALE PRICES.
CONDITION OF WEEKLY REPORTING
BANKS IN LEADING CITIES
MEMBER
MONTHLY DEPARTMENT STORE SALES
MONTHLY DEPARTMENT STORE
STOCKS, BY DEPARTMENTS
SALES
AND
FACTORS AFFECTING BANK RESERVES AND CONDITION STATEMENT OF F. R. BANKS
MONTHLY DEPARTMENT STORE STOCKS
WEEKLY DEPARTMENT STORE SALES
MONTHLY FOREIGN EXCHANGE RATES
WEEKLY DEPARTMENT STORE SALES—SELECTED
CITIES AND AREAS
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN MARKET MONEY RATES AND BOND PRICES
WEEKLY FOREIGN EXCHANGE RATES
WEEKLY U. S. GOVERNMENT SECURITY YIELDS
AND PRICES
IRREGULAR-SEMIMONTHLY
APPLICATION TO MERGE BANKS OR TO FORM OR
EXPAND A BANK HOLDING COMPANY RECEIVED
BY OR ACTED ON BY THE BOARD
DEMAND DEPOSITS, CURRENCY,
ITEMS
RETAIL FURNITURE REPORT
SALES FINANCE COMPANIES
STATE MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL RE-
SERVE BANKS (Also annual list)
U. S. GOVERNMENT SECURITY YIELDS AND PRICES
AND RELATED
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
RESEARCH LIBRARY—RECENT ACQUISITIONS
MONTHLY
ASSETS AND LIABILITIES OF ALL BANKS IN THE
UNITED STATES (Including Consolidated State-
ment for Banks and the Monetary System)
ASSETS AND LIABILITIES OF ALL MEMBER BANKS,
BY DISTRICTS
BANK DEBITS
BUSINESS INDEXES
CREDIT (Short- and IntermediateTerm and Consumer Instalment Credit Extended and Repaid)
CONSUMER
CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES
SEMIANNUAL-QUARTERLY
ALL BANKS IN THE UNITED STATES AND OTHER
AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY
STATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
SUMMARY REPORT—ASSETS AND LIABILITIES OF
MEMBER BANKS
MEMBER BANK INCOME
MEMBER BANK LOANS
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
ANNUAL
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
DEPARTMENT STORE TRADE
CONSUMER INSTALMENT CREDIT AT COMMERCIAL
BANKS
BIENNIAL
CONSUMER LOANS MADE UNDER EFFECTIVE STATE
SMALL LOAN LAWS
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES
AND STANDARD METROPOLITAN AREAS
1501
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
UNITED STATES BANKS AND FOREIGN TRADE F I NANCING. April 1955. 11 pages.
(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES.
November
1938.
20 pages.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
STATES. May 1955. 13 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
ber 1955. 40 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL
RESERVE POLICY. April 1940. 11 pages.
ADJUSTMENT FOR SEASONAL VARIATION.
Descrip-
tion of method used by Board in adjusting
economic data for seasonal variation. June
1941. 11 pages.
*THE TREASURY-CENTRAL BANK RELATIONSHIP
IN FOREIGN COUNTRIES—PROCEDURES AND
TECHNIQUES. November 1950. April 1951.
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.
19 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
UNITED STATES BANKING ORGANIZATION ABROAD.
December 1956. 16 pages.
pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953.
7 pages.
FEDERAL RESERVE BANK RESPONSIBILITIES.
May
1953. 5 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-
DEXES. December 1957. 30 pages.
SEASONAL FACTORS AFFECTING BANK RESERVES.
February 1958. 12 pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.
THE PRIVATE DEMAND FOR GOLD, 1931-53.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.
tember 1954.
Sep-
10 pages.
USE OF MONETARY INSTRUMENTS SINCE MID-
1952.
December 1954.
8 pages.
DIRECTLY PLACED FINANCE
December 1954. 8 pages.
COMPANY
PAPER.
I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. April 1959. 94 pages.
*PART
1502
FEDERAL RESERVE BULLETIN • DECEMBER 1961
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
SURVEY OF COMMON TRUST FUNDS, 1960.
1961.
7 pages.
May
(Also, similar reprint from
May 1960 BULLETIN.)
CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER
TIME DEPOSITS. May 1961. 2 pages. (Also,
similar reprint from July 1960 BULLETIN.)
pages.
BANKING AND MONETARY STATISTICS, 1960.
THE GOVERNMENT SECURITIES MARKET.
August
1959. 22 pages.
REVISED INDUSTRIAL PRODUCTION INDEX.
De-
cember 1959. 24 pages.
POLICY
AND ECONOMIC
INTEREST RATES IN LEADING COUNTRIES.
1961.
REVISED SERIES FOR SEASONALLY
MONEY SUPPLY. February 1960.
Combined reprint. September 1960. 31 pages.
NEW MEASURE OF THE MONEY SUPPLY.
SMALL BUSINESS FINANCING: CORPORATE MANU-
FACTURERS. January 1961. 15 pages.
February 1961.
8 pages.
1960. March
7 pages.
FEDERAL RESERVE OPERATIONS IN PERSPECTIVE.
March 1961.
SECURITIES
OWNERSHIP OF DEMAND DEPOSITS.
April 1961.
CAPITAL MARKETS IN 1961. September 1961. 7
pages.
IN
1961. October
SURVEY OF FINANCE COMPANIES, MID-1960.
Oc-
tober 1961. 21 pages. (Also, similar reprint
from April 1957 BULLETIN.)
LIQUIDITY AND PUBLIC POLICY.
October 1961.
17 pages.
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. November 1961. 7 pages. (Also,
similar reprints from BULLETINS for December
1960 and March, May, and August 1961.)
10 pages.
STATISTICS ON THE GOVERNMENT
MARKET. April 1961. 8 pages.
3 pages.
1961.
August 1961. 9 pages.
U. S. BALANCE OF PAYMENTS
1961. 7 pages.
IMPLEMENTATION OF THE 1959 ACT ON RESERVE
REQUIREMENTS. December 1960. 6 pages.
1961.
THE BALANCE SHEET OF AGRICULTURE,
Octo-
ber 1960. 22 pages.
GOLD AND DOLLAR TRANSFERS IN
August
8 pages.
ADJUSTED
4 pages.
CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.
CREDIT AND MONEY IN 1960.
8 pages.
GROWTH.
February 1960. 7 pages.
A
June
BANK CREDIT AND MONEY IN RECOVERY.
1961.
MONETARY
Se-
lected series of banking and monetary statistics
for 1960 only. February and May 1961. 13
pages.
REVISION
OF CONSUMER
December 1961.
CREDIT
STATISTICS.
11 pages.
REVISED INDEXES OF FREIGHT CARLOADINGS. De-
cember 1961. 3 pages.
Index to Volume 47
GUIDE TO PAGE NUMBERS
Month of issue
January
February
March
April
Pages
1-128
129-264
265-390
391-512
Month of issue
Pages
513-646
647-750
751-890
891-1028
May
June
July . .
August
Month of issue
September
October
November
December
Pages
1029-1132
1133-1274
1275-1382
1383-1516
Pages
Pages
Acceptances, bankers':
Open market rates
60, 190, 328, 440, 566,
684, 810, 948, 1068, 1206, 1320, 1440
Volume outstanding. . 62, 192, 330, 442, 568,
686, 812, 950, 1070, 1208, 1322, 1442
Agricultural loans:
Commercial banks, by classes. . . .54, 184, 322,
434, 560, 678, 804, 942, 1062, 1200,
1314, 1434
Weekly reporting member banks
56, 186,
324, 436, 562, 680, 806, 944, 1064, 1202,
1316, 1436
Agriculture, balance sheet of, 1961
908
Allen, Carl E., reappointed President of Federal
Reserve Bank of Chicago
301
Anderson, Robert O., designated Chairman and
Federal Reserve Agent at Dallas.
. . .27, 31
Annual Report, Board of Governors, 1960.
.303
Articles:
Balance sheet of agriculture, 1961
908
Bank credit and money in recovery.
751
Capital markets in 1961. . .
..
1029
Classification system for savings and
other time deposits . .
.539
Construction and housing
...
1383
Consumer buying intentions, quarterly
survey
282, 532, 899, 1282
Consumer credit, downturn in
..
391
Consumer credit statistics, revision of
1390
Credit and money in 1960.
129
Economic activity in 1960 .
.. 1
Expansion in economic activity
1275
Federal Reserve operations in perspective,
statement of Chairman Martin on
272
Finance charges, statement of Chairman
Martin on proposed legislation
905
Freight carloadings, revised indexes
1401
Gold and dollar transfers in 1960
265
Government receipts and payments, seasonally adjusted . .
137
Government securities market, statistics on 397
Indexes, plans for publishing on a 1957-59
comparison base .
1417
Interest rates in leading countries
891
Labor market in mid-1961.
647
Liquidity and public policy.
1161
Member bank earnings. .
.520
Ownership of demand deposits.
.405
Production, upturn in
.513
Small business financing:
Corporate manufacturers
. 8
Survey of common trust funds, 1960 . .
.525
Survey of finance companies, mid-1960. .1140
U. S. balance of payments in 1961 .
1133
Weekly reporting banks, revisions for.
.654
Assets and liabilities (See also Foreign liabilities
and claims):
Agriculture, balance sheet of, 1961
908
Banks, by classes. . .51, 181, 319, 431, 557, 675,
801, 939, 1059, 1197, 1311, 1431
Commercial banks, by classes... 54, 184, 322,
434, 560, 678, 804, 942, 1062,
1200, 1314, 1434
Consolidated monetary statement
50, 180,
318, 430, 556, 674, 800, 938, 1058,
1196, 1310, 1430
Corporate, current .. 64, 194, 332, 444, 578,
696, 822, 960, 1080, 1218, 1332, 1452
Federal business-type activities, by fund or
activity.
72, 202, 240, 340, 452, 617, 1004
Federal Reserve Banks
46, 176, 314, 426,
552, 670, 796, 934, 1054, 1192,
1306, 1426
Mutual savings banks. . 62, 192, 330, 442, 568,
686, 812, 950, 1070, 1208, 1322, 1442
Weekly reporting member banks
56, 186,
324, 436, 562, 680, 806, 944, 1064,
1202, 1316, 1436
Revisions for series
654, 848
Atlantic National Bank of Jacksonville and Atlantic Trust Company, Order under Bank
Holding Company Act
917
Aull, George H., reappointed director at Charlotte Branch
.28
Automobiles:
Consumer buying intentions 282, 532, 899, 1282
Consumer instalment credit . . . 76-78, 206-08,
344-46, 456-58, 582-84, 700-02, 826-28,
964-66, 1084-86, 1222-24, 1336-38, 1456-58
Production index . 8 3 , 213, 351, 463, 589, 707,
833, 971, 1091, 1229, 1343, 1463
Axilrod, Stephen H., article on liquidity and
public policy.
1161
Bach, George Leland, appointed director at Pittsburgh Branch
28, 30
Baker, D. S., reappointed director at Portland
Branch
.34
Balance sheet of agriculture, 1961
908
BancOhio Corporation, Order under Bank Holding Company Act
412
Bank credit and money in recovery, article on
751
Bank debits (See Debits to deposit accounts)
Bank Holding Company Act of 1956:
Banking offices and deposits of group banks,
Dec. 31, 1960
722
List of companies registered pursuant to
Section 5, Dec. 31, 1960. . . .
723
Orders issued under:
Atlantic National Bank of Jacksonville
and Atlantic Trust Company.
.917
1503
1504
FEDERAL RESERVE BULLETIN • DECEMBER 1961
Pages
Pages
Bank Holding Company Act of 1956—Continued
Orders issued under—Continued
BancOhio Corporation
412
Bank Stock Corporation of Milwaukee. 159
Central Wisconsin Bankshares, Inc.. . . 760
First Colorado Bankshares, Inc..
.1293
First Security Corporation
1038
First Virginia Corporation. .288, 1036, 1410
Firstamerica Corporation
157
Marine Corporation.
. .763, 1179, 1408
Montana Shares, Incorporated . . .767, 1294
Northwest Bancorporation. 408, 919, 1289
Otto Bremer Company.
23, 1039
St. Joseph Agency, Inc.
290
Bank mergers:
Order issued by Board:
United California Bank-First National
Bank of La Verne.
1405
Bank reserves (See Reserves)
Bank Stock Corporation of Milwaukee, Order
under Bank Holding Company Act
159
Bankers' balances (See also Foreign liabilities
and claims):
Commercial banks, by classes. . 5 5 , 185, 323,
435, 561, 679, 805, 943, 1063, 1201,
1315,1435
Weekly reporting member banks
57, 187, 325,
437, 563, 681, 807, 945, 1065, 1203,
Board of Governors—Continued
Publications (See Publications)
Regulations (See Regulations)
Staff:
Furth, J. Herbert, appointed Adviser,
Division of International Finance. . 35
Hersey, A. B., appointed Adviser, Division of International Finance...
.35
Holland, Robert C , appointed Adviser,
Division of Research and Statistics. . 164
Katz, Samuel I., appointed Associate
Adviser, Division of International
Finance
35
Leavitt, Brenton C , appointed Assistant Director, Division of Examinations
.302
Marget, Arthur W., resignation as
Director, Division of International
Finance
303
Nelson, Fred A., retirement as Assistant Director, Division of Examinations
.302
Robinson, Roland L, resignation as
Adviser, Division of Research and
Statistics
1043
Sammons, Robert L., appointed Adviser, Division of International Finance
35
Young, Ralph A., appointed Director,
Division of International Finance.
416
Bonds (See also U. S. Govt. securities):
Corporate, outstanding, net change in . 64, 194,
332, 444, 578, 696, 822, 960, 1080,
1218, 1332, 1452
Federal Farm Mortgage Corporation bonds,
references in Federal Reserve Act eliminated
.1289
New issues
66, 196, 334, 446, 576, 694, 820,
1317, 1437
Banking and monetary statistics for 1960
232, 618,
924
Banking offices:
Changes in number.
230, 1002
On, and not on, Par List, number. .. 231, 1003
Banks and branches, number, by class and State 486
Banks and the monetary system, consolidated
statement. .50, 180, 318, 430, 556, 674, 800, 938,
1058, 1196, 1310, 1430
Barbey, Graham John, appointed director at
Portland Branch
29, 32
Barby, Otto C , appointed director at Oklahoma
City Branch
29, 31
Barrett, Ray A., appointed director at Louisville
Branch
33
Bean, Atherton, designated Chairman and Federal Reserve Agent at Minneapolis
27, 30
Beasley, Robert S., reappointed director at Los
Angeles Branch. .
34
Bellamy, J. W., Jr., reappointed director at Little
Rock Branch
33
Bemis, Judson, appointed Class C director and
Deputy Chairman at Minneapolis
416
Bishop, Rollin O., elected Class A director at
Minneapolis . . . .
1412
Blanks, Frederick P., reappointed director at
Little Rock Branch
...
.28
Bloedorn, J. H., reappointed director at Denver
Branch
.34
Board of Governors:
Annual Report, 1960.
303
Members:
Martin, Wm. McC, Jr.:
Federal Reserve operations in perspective, statement on
272
Finance charges, statement on bill
S. 1740
905
Mitchell, George W., appointment
1043
Szymczak, M. S., resignation.
. 659
Members and officers, list.
1496
Prices
958, 1078, 1216, 1330, 1450
61, 191, 329, 441, 567, 685, 811, 949,
1069, 1207, 1321, 1441
State and municipal securities. . . 67, 197, 335,
447, 575, 693, 819, 957, 1077, 1215,
1329,1449
Yields
60, 190, 328, 440, 566, 684, 810, 948,
1068, 1206, 1320, 1440
Bopp, Karl R., reappointed President of Federal
Reserve Bank of Philadelphia.
301
Branch banks, domestic:
Number, by class and State. .
487
Branch banks, Federal Reserve System:
Directors (See Directors, Federal Reserve
branch banks)
Managing officers
1498
Bremer, Otto, Company, Orders under Bank
Holding Company Act
23, 1039
Briggs, Robert P., designated Chairman and
Federal Reserve Agent at Chicago
27, 30
Brinton, J. E., appointed director at Salt Lake
City Branch.
34
Britt, Roy A., reappointed director at Los Angeles Branch . .
34
Brokers and dealers in securities, bank loans to:
Commercial banks, by classes. . . .54, 184, 322,
434, 560, 678, 804, 942, 1062, 1200,
1314, 1434
Weekly reporting member banks
56, 186,
324, 436, 562, 680, 806, 944, 1064, 1202,
1316,1436
1505
INDEX TO VOLUME 47
Pages
Brown, Aubrey J., reappointed Class C director
at Cleveland
28
Brown, John E., reappointed director at Memphis Branch
33
Bryan, Malcolm, reappointed President of Federal Reserve Bank of Atlanta
301
Bryson, Charles W., article on survey of common
trust funds
525
Bunting, Lyman J., reappointed director at Seattle
Branch
29
Burghart, R. A., appointed director at Denver
Branch
29, 31
Business conditions, national summary. .37, 167, 304,
417, 543, 661, 786, 925, 1045, 1183,
1297, 1415
Business expenditures on new plant and equipment
.64, 194, 332, 444, 578, 696, 822, 960,
1080, 1218, 1332, 1452
Business indexes
86, 216, 354, 466, 592, 710, 836,
974, 1094, 1232, 1346, 1466
Business loans (See Commercial and industrial
loans)
Canham, Erwin D., appointed Deputy Chairman
at Boston
. . . . 27, 29
Capital accounts:
Banks, by classes
51, 181, 319, 431, 557, 675,
801, 939, 1059, 1197, 1311, 1431
Commercial banks, by classes. . . .55, 185, 323,
435, 561, 679, 805, 943, 1063, 1201,
1315,1435
Federal Reserve Banks
46, 176, 314, 426, 552,
670, 796, 934, 1054, 1192, 1306, 1426
Weekly reporting member banks
58, 188, 326,
438, 564, 682, 808, 946, 1066, 1204,
1318, 1438
Capital markets in 1961, article on
1029
Carloadings
86, 216, 354, 466, 592, 710, 836,
974, 1094, 1232, 1346, 1466
Revised indexes
1401
Carson, Cale W., reappointed director at Denver
Branch
34
Case, Everett Needham, appointed Class C director at New York
28, 29
Cassedy, Rose, article on revised indexes of
freight carloadings . . . .
.1401
Central banks, foreign:
Discount rates . 120, 256, 382, 504, 638, 740,
882, 1020, 1124, 1266, 1374, 1494
Gold reserves. . .106, 242, 368, 490, 624, 726,
868, 1006, 1110, 1252, 1360, 1480
Central Wisconsin Bankshares, Inc., Order under
Bank Holding Company Act
760
Chairmen of Federal Reserve Banks
27, 1497
Chalkley, Henry G., Jr., reappointed Class C director and Deputy Chairman at Atlanta
.27, 28
Champion, George, elected Class A director at
New York . .
.1411
Chart books:
Historical Chart Book
. 1044
Industrial Production Chart Book
165
Childress, Floyd, reappointed director at El Paso
Branch
34
Classification system for savings and other time
deposits
539
Clay, George H., appointed President of Federal
Reserve Bank of Kansas City
301
Coin, circulation of . . 48, 178, 316, 428, 554, 672,
798, 936, 1056, 1194, 1308, 1428
Pages
Coker, Robert R., elected Class B director at
Richmond
.1412
Commercial banks:
Assets and liabilities.. .51-55, 181-85, 319-23,
431-35, 557-61, 675-79, 801-05, 939-43,
1059-63, 1197-201, 1311-15, 1431-35
Banking offices, changes in number. .230, 1002
Branches, number, by State
487
Consumer loans held, by type. . . .77, 207, 345,
457, 583, 701, 827, 965, 1085, 1223,
1337, 1457
Deposits.
.924, 937, 1001, 1057, 1195,
1309, 1429
Number, by class
51, 181, 319, 431, 557,
675, 801, 939, 1059, 1197, 1311, 1431
Number, by class and State . .
486
Real estate mortgages held, by type. . . .73, 203,
341, 453, 579, 697, 823, 961, 1081,
1219, 1333, 1453
U. S. Govt. security holdings. . . 68, 198, 336,
448, 572, 690, 816, 954, 1074, 1212,
1326, 1446
Commercial and industrial loans:
Commercial banks
54, 184, 322, 434, 560,
678, 804, 942, 1062, 1200, 1314, 1434
Weekly reporting member banks:
Revisions for
656
Sample
59, 189, 327, 439, 565, 683,
809, 947, 1067, 1205, 1319, 1439
Total, leading cities
56, 186, 324, 436,
562, 680, 806, 944, 1064, 1202,
1316, 1436
Commercial paper:
Rates
60, 190, 328, 440, 566, 684, 810, 948,
1068, 1206, 1320, 1440
Volume outstanding
62, 192, 330, 442, 568,
686, 812, 950, 1070, 1208, 1322, 1442
Common trust funds, survey of.
525
Condition statements (See also Assets and
liabilities):
Federal Reserve Banks:
All Banks
46, 176, 314, 426, 552, 670,
796, 934, 1054, 1192, 1306, 1426
Each Bank. . . .47, 177, 315, 427, 553, 671,
797, 935, 1055, 1193, 1307, 1427
Publication on consolidated basis.
164
Construction:
Article on construction and housing.
. 1383
Contracts awarded . . . 86, 216, 354, 466, 592,
710, 836, 974, 1094, 1232, 1346, 1466
New housing starts . 87, 217, 355, 467, 593,
711, 837, 975, 1095, 1233, 1347, 1467
Value of new activity . 8 7 , 217, 355, 467, 593,
711, 837, 975, 1095, 1233, 1347, 1467
Consumer buying intentions:
Quarterly survey.
.282, 532, 899, 1282
Consumer credit:
Downturn in, article on.
.391
Instalment credit:
Extensions and repayments. . . .78, 208, 346,
458, 584, 702, 828, 966, 1086, 1224,
1338, 1458
Outstanding, by holder
76, 206, 344,
456, 582, 700, 826, 964, 1084, 1222,
1336, 1456
76, 206, 344, 456, 582, 700, 826,
Major parts.
964, 1084, 1222, 1336, 1456
1506
FEDERAL RESERVE BULLETIN • DECEMBER 1961
Pages
Consumer credit—Continued
Noninstalment credit, by holder.... 77, 207, 345,
457, 583, 701, 827, 965, 1085, 1223,
1337, 1457
Revision of statistics.
1390
Consumer goods:
Production index. . . .83, 213, 351, 463, 589, 707,
833, 971, 1091, 1229, 1343, 1463
Consumer price indexes
92, 222, 360, 472, 598,
716, 842, 980, 1100, 1238, 1352, 1472
Consumption expenditures . . . 94, 224, 362, 474, 600,
718, 844, 982, 1102, 1240, 1354, 1474
Corette, J. E., resignation as Class B director at
Minneapolis
416
Corporate manufacturers, small business financing. . 8
Corporate sales, profits, taxes, and dividends . 64-65
194-95, 332-33, 444-45, 577-78, 695-96,
821-22, 959-60, 1079-80, 1217-18,
1331-32, 1451-52
Corporate securities:
New issues. .66, 196, 334, 446, 576, 694, 820,
958, 1078, 1216, 1330, 1450
Outstanding, net change in
64, 194, 332, 444,
578, 696, 822, 960, 1080, 1218, 1332, 1452
Prices. . . .61, 191, 329, 441, 567, 685, 811, 949,
Pages
Demand deposits:
Adjusted, banks and the monetary system. . 50,
180, 318, 430, 556, 674, 800, 938, 1058,
1196, 1310, 1430
Adjusted, commercial banks, by classes. .55, 185,
323, 435, 561, 679, 805, 943, 1063,
1201, 1315, 1435
Banks, by classes
51, 181, 319, 431, 557, 675,
801, 939, 1059, 1197, 1311, 1431
Member banks, by classes. . . .45, 175, 313, 425,
551, 669, 795, 933, 1053, 1191,
1305, 1425
Money supply and related data. . . .49, 179, 317,
429, 555, 673, 799, 937, 1057, 1195,
1309, 1429
Ownership of, article on
405
Turnover of. .49, 179, 317, 429, 555, 673, 799,
937, 1057, 1195, 1309, 1429
Type of holder, at commercial banks. . . 55, 185,
323, 435, 561, 679, 805, 943, 1063,
1201, 1315, 1435
Weekly reporting member banks. . .58, 188, 326,
438, 564, 682, 808, 946, 1066, 1204,
1318,1438
Deming, Frederick L., reappointed President of
Federal Reserve Bank of Minneapolis.
.301
1069, 1207, 1321, 1441
Purchases by foreigners . . 117, 253, 379, 501, Department store statistics:
Committee report on
35
635, 737, 879, 1017, 1121, 1263,
Merchandising data. .. .91, 221, 359, 471, 597,
1371, 1491
715, 841, 979, 1099, 1237, 1351, 1471
Yields. . . .60, 190, 328, 440, 566, 684, 810, 948,
Sales and stocks . .90, 220, 358, 470, 596, 714,
1068, 1206, 1320, 1440
840, 978, 1098, 1236, 1350, 1470
Cost of living (See Consumer price indexes)
Deposits (See also specific types of deposits):
Credit and money in 1960, article on . .
.129
Adjusted, and currency. . 50, 180, 318, 430, 556,
Crocker, John H., reelected Class A director at
674, 800, 938, 1058, 1196, 1310, 1430
Chicago
1412
Banks, by classes. . . .51, 181, 319, 431, 557, 675,
Crow, James H., Jr., elected Class B director
801, 939, 1059, 1197, 1311, 1431
at Atlanta
1412
Classification system for savings and other
Cummings, Harry B., appointed director at
time deposits .
.539
Baltimore Branch
. . . 28, 30
Commercial banks:
Currency (See also specific types of currency):
By classes
55, 185, 323, 435, 561, 679,
Consolidated monetary statement
50, 180,
805, 943, 1063, 1201, 1315, 1435
318, 430, 556, 674, 800, 938, 1058, 1196,
Money supply and related data. 924, 937,
1310, 1430
1001, 1057, 1195, 1309, 1429
Money supply and related data. . 49, 179, 317,
Federal Reserve Banks:
429, 555, 673, 799, 937, 1057, 1195,
Condition statement. . . .46, 176, 314, 426,
1309, 1429
552, 670, 796, 934, 1054, 1192,
Old Series Currency Adjustment Act
917
1306, 1426
Outstanding and in circulation. . . . 4 8 , 178, 316,
Held for foreign correspondents. . .117, 253,
428, 554, 672, 798, 936, 1056, 1194,
379, 501, 635, 737, 879, 1017, 1121, 1263,
1308, 1428
1371, 1491
Customer credit, stock market:
Maximum permissible rates, time and savMonthly data. . .61, 191, 329, 441, 567, 685,
ings deposits:
811, 949, 1069, 1207, 1321, 1441
Increase in
1404, 1413
Stock Exchange firms, detailed debit and
Table of. .44, 174, 312, 424, 550, 668, 794,
credit balances, June 1954-61.
. . .1106
932, 1052, 1190, 1304, 1424
Davidson, Philip, reappointed director at LouisMember banks, by classes
45, 175, 313, 425,
ville Branch
....
.28
551, 669, 795, 933, 1053, 1191, 1305, 1425
Mutual savings banks . .62, 192, 330, 442, 568,
Davis, John F., reappointed director at Omaha
686, 812, 950, 1070, 1208, 1322, 1442
Branch
..
...
.34
Postal savings (See Postal Savings System)
Davis, Morgan J., appointed Class C director at
Turnover of (See Demand deposits)
Dallas
.28, 31
Weekly reporting member banks
58, 188,
Debits to deposit accounts
49, 179, 317, 429, 555,
326, 438, 564, 682, 808, 946, 1066, 1204,
673, 799, 937, 1057, 1195, 1309, 1429
1318, 1438
Decker, Alonzo G., Jr., redesignated Chairman
Revisions for. . .
.654, 852, 858, 864
and Federal Reserve Agent at Richmond.
.27
Withheld taxes as, for reserve purposes. . .1036
De Koning, Paul, resignation as director at PortDirectors, Federal Reserve Banks:
land Branch
35
Chairmen and Federal Reserve Agents. . 27, 1497
1507
INDEX TO VOLUME 47
Pages
Pages
Directors, Federal Reserve Banks—Continued
Class A and Class B, election of. . 541, 1043, 1411
Class C, appointment of
28, 416
Deputy Chairmen.
27, 416, 1497
List of .
143
Resignations . . .
416, 541
Directors, Federal Reserve branch banks:
Appointment of.
.28, 32, 35, 164, 302, 1413
List of . .
143
Resignations.
.35, 164, 302, 1296, 1413
Discount rates:
Federal Reserve Banks
44, 174, 312, 424,
550, 668, 794, 932, 1052, 1190, 1304, 1424
Foreign central banks... 120, 256, 382, 504,
638, 740, 882, 1020, 1124, 1266,
1374, 1494
Discounts and advances by Federal Reserve Banks:
Condition statement data.. 46, 176, 314, 426,
552, 670, 796, 934, 1054, 1192,
1306, 1426
Maturity distribution. . . .45, 175, 313, 425, 551,
669, 795, 933, 1053, 1191, 1305, 1425
Weekly and monthly data
40, 170, 308, 420,
546, 664, 790, 928, 1048, 1186, 1300, 1420
Dividends:
Corporate. .65, 195, 333, 445, 577, 695, 821,
959, 1079, 1217, 1331, 1451
Federal Reserve Banks. . .
.35, 228
Insured commercial banks
616
Member banks
521, 523, 524, 604
State member banks, interpretations with
respect to payment of.
.657, 1178
Dollar assets, foreign:
Foreign countries and international institutions.
109, 245, 371, 493, 627, 729, 871,
1009, 1113, 1255, 1363, 1483
Gold and dollar transfers in 1960, article on 265
Held at Federal Reserve Banks .
.117, 253,
379, 501, 635, 737, 879, 1017, 1121, 1263,
1371, 1491
Drumm, Streuby Lloyd, appointed director at
Pittsburgh Branch
.32
Earnings and expenses:
Federal Reserve Banks. . .
35, 228
Insured commercial banks.
616
Member banks
520, 604
Earnings and hours, manufacturing industries. . . 89,
219, 357, 469, 595, 713, 839, 977, 1097,
1235, 1349, 1469
Economic activity:
Expansion in, article on.
1275
In 1960, article on
.1
Edmunds, J. Ollie, appointed director at Jacksonville Branch
35
Elkins, J. A., Jr., appointed director at Houston
Branch
35
Ellis, George H., appointed President of Federal
Reserve Bank of Boston.
.301
Employment:
Labor force. .88, 218, 356, 468, 594, 712, 838,
976, 1096, 1234, 1348, 1468
Labor market in mid-1961, article on.
647
Manufacturing production worker . . . 89, 219,
357, 469, 595, 713, 839, 977, 1097, 1235,
1349, 1469
Nonagricultural . . 88, 218, 356, 468, 594, 712,
838, 976, 1096, 1234, 1348, 1468
Erickson, Joseph A., retirement as President of
Federal Reserve Bank of Boston.
.302
Exports (See Foreign trade)
Farm housing loans, amendment to Section 24 of
Federal Reserve Act.
.759
Farm mortgage loans:
Balance sheet of agriculture
911
Bank holdings
73, 203, 341, 453, 579, 697,
823, 961, 1081, 1219, 1333, 1453
Govt. agency loans.
72, 202, 240, 340, 452,
617, 1004
Life insurance company holdings
74, 204,
342, 454, 580, 698, 824, 962, 1082, 1220,
1334, 1454
Federal Advisory Council.
1497
Federal business-type activities, assets and liabilities, by fund or activity. . 72, 202, 240, 340, 452,
617, 1004
Federal Farm Mortgage Corporation bonds, references in Federal Reserve Act eliminated.
1289
Federal finance:
Cash transactions
70, 200, 338, 450, 570,
688, 814, 952, 1072, 1210, 1324, 1444
Receipts and expenditures. . .71, 201, 339, 451,
571, 689, 815, 953, 1073, 1211, 1325, 1445
Treasurer's balance. . .70, 200, 338, 450, 570,
688, 814, 952, 1072, 1210, 1324, 1444
Federal home loan banks:
Assets and liabilities. .72, 202, 240, 340, 452,
617, 1004
Lending activity
75, 205, 343, 455, 581, 699,
825, 963, 1083, 1221, 1335, 1455
Federal Housing Administration:
Assets and liabilities.
72, 202, 204, 340, 452,
617, 1004
Loans insured by
73-75, 203-05, 341-43,
453-55, 579-81, 697-99, 823-25, 961-63,
1081-83, 1219-21, 1333-35, 1453-55
Federal National Mortgage Association:
Assets and liabilities.
. 72, 202, 204, 340, 452,
617, 1004
Lending activity
75, 205, 343, 455, 581, 699,
825, 963, 1083, 1221, 1335, 1455
Federal Open Market Committee:
Action authorizing transactions in longerterm Government securities.
.165
Members and staff.
.1497
Federal Reserve Act:
Revised edition
1296
Section 9, payment of dividends, interpretations with respect to
657, 1178
Sections 13 and 14(b), Federal Farm Mortgage Corporation bonds, references eliminated
1289
Section 16, amended by Old Series Currency
Adjustment Act
. ...
.
.917
Section 24, amendments with respect to national bank real estate loans.
. . . .759
Federal Reserve Agents.
..
.27, 1497
Federal Reserve Banks:
Branches (See Branch banks, Federal Reserve System)
Chairmen and Deputy Chairmen. .27, 416, 1497
Condition statement . .46, 176, 314, 426, 552,
670, 796, 934, 1054, 1192, 1306, 1426
Publication on consolidated basis
. 164
Directors (See Directors, Federal Reserve
Banks)
Discount rates . 4 4 , 174, 312, 424, 550, 668,
794, 932, 1052, 1190, 1304, 1424
Earnings and expenses
. . . 35, 228
1508
FEDERAL RESERVE BULLETIN • DECEMBER 1961
Pages
Pages
Federal Reserve Banks—Continued
Officers
1498
Presidents and First Vice Presidents:
Appointments
...
.301
List
1498
Retirements
. 302
U. S. Govt. security holdings:
Condition statement data. . . .46, 176, 314,
426, 552, 670, 796, 934, 1054, 1192,
1306, 1426
Maturity distribution. . . .45, 175, 313, 425,
551, 669, 795, 933, 1053, 1191,
1305, 1425
Ownership data. . .68, 198, 336, 448, 572,
690, 816, 954, 1074, 1212, 1326, 1446
Weekly and monthly data. . . .40, 170, 308,
420, 546, 664, 790, 928, 1048, 1186,
1300, 1420
Federal Reserve Bulletin:
Tables, changes in
164, 541, 654, 924
Federal Reserve Chart Book.
1044
Federal Reserve credit:
Condition statement data. . .46, 176, 314, 426,
552, 670, 796, 934, 1054, 1192, 1306, 1426
Maturity distribution
45, 175, 313, 425, 551,
669, 795, 933, 1053, 1191, 1305, 1425
Weekly and monthly data
40, 170, 308, 420,
546, 664, 790, 928, 1048, 1186, 1300, 1420
Federal Reserve notes:
Federal Reserve Agents' accounts. . . .46, 176,
314r 426, 552, 670, 796, 934, 1054, 1192.
1306, 1426
Interest paid to Treasury .
35, 228
Old Series Currency Adjustment Act, provisions relating to
917
Outstanding and in circulation. . . .48, 178, 316,
428, 554, 672, 798, 936, 1056, 1194,
1308, 1428
Federal Reserve operations in perspective, statement of Chairman Martin on
272
Federal Reserve System:
Admissions of State banks to membership 36,
165, 542, 660, 924, 1044, 1296
Book on purposes and functions, revised
edition
166
Finance charges, statement of Chairman Martin
on bill S. 1740
.905
Finance companies, survey of, mid-1960
1140
Finance company paper:
Rates. .60, 190, 328, 440, 566, 684, 810, 948,
1068, 1206, 1320, 1440
Volume outstanding. . .62, 192, 330, 442, 568,
686, 812, 950, 1070, 1208, 1322, 1442
Financial institutions, loans to:
Commercial banks, by classes. . . .54, 184, 322,
434, 560, 678, 804, 942, 1062, 1200,
1314, 1434
Weekly reporting member banks
56, 186,
324, 436, 562, 680, 806, 944, 1064, 1202,
1316, 1436
First Colorado Bankshares, Inc., Order under
Bank Holding Company Act
1293
First Security Corporation, Order under Bank
Holding Company Act
1038
First Vice Presidents of Federal Reserve Banks:
Appointments
.301
List
1498
First Virginia Corporation, Orders under Bank
Holding Company Act.
.288, 1036, 1410
Firstamerica Corporation, Order under Bank
Holding Company Act
157
Flechsig, Theodore G., articles on survey of consumer buying intentions
532, 1282
Fleming, Lamar, Jr., reappointed Deputy Chairman at Dallas
27
Float
.40, 170, 308, 420, 546, 664, 790, 928,
1048, 1186, 1300, 1420
Flohr, E. M., appointed director at Portland
Branch . .
34
Flow of funds:
Financial assets and liabilities.
485, 993
Revised data
924
Saving and financial flows . . .96, 226, 364, 476,
602, 720, 846, 984, 1104, 1242, 1356, 1476
Supplementary tables
.303, 1414
Foreign central banks:
Discount rates
120, 256, 382, 504, 638, 740,
882, 1020, 1124, 1266, 1374, 1494
Gold reserves
106, 242, 368, 490, 624, 726,
868, 1006, 1110, 1252, 1360, 1480
Foreign currencies, convertible, holdings by U. S.
monetary authorities. .870, 1008, 1112, 1254,
1362,1482
Foreign deposits in U. S. banks:
Banks and the monetary system. . . .50, 180, 318,
430, 556, 674, 800, 938, 1058, 1196,
1310, 1430
Commercial banks, by classes
55, 185, 323,
435, 561, 679, 805, 943, 1063, 1201,
1315, 1435
Federal Reserve Banks:
Condition statement... 46, 176, 314, 426,
552, 670, 796, 934, 1054, 1192,
1306, 1426
Held for foreign correspondents 117, 253,
379, 501, 635, 737, 879, 1017, 1121,
1263, 1371, 1491
Weekly and monthly data
40, 170, 308,
420, 546, 664, 790, 928, 1048, 1186.
1300, 1420
Weekly reporting member banks
58, 188,
326, 438, 564, 682, 808, 946, 1066, 1204,
1318, 1438
Foreign exchange rates
121, 257, 383, 505, 639,
741, 883, 1021, 1125, 1267, 1375, 1495
Foreign liabilities and claims:
Banks.
.110, 246, 372, 494, 628, 730, 872,
1010, 1114, 1256, 1364, 1484
Nonflnancial concerns .
118, 254, 380, 502,
636, 738, 880, 1018, 1122, 1264,
1372, 1492
Foreign trade:
Merchandise exports and imports
91, 221.
359, 471, 597, 715, 841, 979, 1099,
1237, 1351, 1471
U. S. balance of payments in 1961, article
on
1133
Fox, John M., resignation as director at Jacksonville Branch
164
Francis, Darryl R., reappointed First Vice President of Federal Reserve Bank of St. Louis
.301
Frankland, Charles F., elected Class A director
at San Francisco
1413
Fredericks, John D., appointed Class C director
at San Francisco
28, 31
Freeman, Y. Frank, reappointed Deputy Chairman at San Francisco
.
27
Freight carloadings {See Carloadings)
1509
INDEX TO VOLUME 47
Pages
Pages
Fuller, Denton A., resignation as director at
Buffalo Branch
164
Fulton, W. D., reappointed President of Federal
Reserve Bank of Cleveland
301
Furth, J. Herbert, appointed Adviser, Division of
International Finance
.35
Harrison, T. G., reelected Class B director at
Minneapolis
1412
Hastings, M. F., appointed director at Seattle
Branch
35
Hayes, Alfred, reappointed President of Federal
Reserve Bank of New York
301
Heflin, Aubrey, appointed First Vice President of
Federal Reserve Bank of Richmond. . . .
301
Heimberger, Charles J., appointed director at
Pittsburgh Branch . . . .
32
Hemmings, H. E., appointed First Vice President
of Federal Reserve Bank of San Francisco.301, 302
Hersey, A. B., appointed Adviser, Division of
International Finance
35
Hilkert, Robert N., reappointed First Vice President of Federal Reserve Bank of Philadelphia. .301
Hilton, James H., appointed Deputy Chairman
at Chicago
27, 30
Hoadley, Walter E., reappointed Class C director
and Deputy Chairman at Philadelphia
27, 28
Holland, Robert C , appointed Adviser, Division
of Research and Statistics
164
Holt, Reed E., reappointed director at Salt Lake
City Branch
34
Home improvement loans, amendment to Section
24 of Federal Reserve Act
759
Hours and earnings, manufacturing industries.... 89,
219, 357, 469, 595, 713, 839, 977, 1097,
1235, 1349, 1469
Housing:
Construction and housing, article on. . . 1383
New housing starts
.87, 217, 355, 467, 593,
711, 837, 975, 1095, 1233, 1347, 1467
Housing Act of 1961
759, 1383
Hyde, Edwin, reappointed Deputy Chairman at
Richmond
27
Gerstacker, Carl A., appointed director at Detroit
Branch
28, 30
Gillaugh, H. W., appointed director at Cincinnati
Branch
32
Godchaux, Frank A., Ill, reappointed director at
New Orleans Branch.
.28
Gold:
Article on gold and dollar transfers in 1960. .265
Earmarked. . 108, 244, 370, 492, 626, 728, 870,
1008, 1112, 1254, 1362, 1482
Net purchases by U. S
108, 244, 370, 492,
626, 728, 870, 1008, 1112, 1254,
1362,1482
Outstanding, U. S. money
48, 178, 316, 428,
554,672,798,936, 1056, 1194,
1308, 1428
Production. ...107, 243, 369, 491, 625, 727,
869, 1007, 1111, 1253, 1361, 1481
Reserves of central banks and governments. . 106,
242, 368, 490, 624, 726, 868, 1006, 1110,
1252, 1360, 1480
Reserves of foreign countries and international institutions. . . 109, 245, 371, 493, 627,
729, 871, 1009, 1113, 1255, 1363, 1483
Stock:
Changes i n . . . 108, 244, 370, 492, 626,
728, 870, 1008, 1112, 1254, 1362, 1482
Consolidated monetary statement.. 50, 180,
318, 430, 556, 674, 800, 938, 1058, 1196,
1310, 1430
Weekly and monthly data
40, 170, 308,
420, 546, 664, 790, 928, 1048, 1186,
1300, 1420
Gold certificates:
Collateral against Federal Reserve notes. . . .46,
176, 314, 426, 552, 670, 796, 934, 1054,
1192, 1306, 1426
Outstanding and in circulation. . .48, 178, 316,
428, 554, 672, 798, 936, 1056, 1194,
1308, 1428
Govt. debt {See U. S. Govt. securities)
Govt. receipts and payments, seasonally adjusted
137, 622, 1107, 1358
Govt. securities market, statistics on
{See U. S. Govt. securities)
Gramley, Eugene T., elected Class A director at
Philadelphia
1411
Gray, John E., appointed director at Houston
Branch
34
Grier, William H., reappointed Class C director
at Richmond
28
Gross national product
94, 224, 362, 474, 600,
718, 844, 982, 1102, 1240, 1354, 1474
Hagelstein, G. C , appointed director at San
Antonio Branch .
29, 31
Halgren, S. Alfred, appointed director at Los
Angeles Branch
29, 32
Hall, Raymond W., redesignated Chairman and
Federal Reserve Agent at Kansas City.
.27
Hardin, Clifford Morris, appointed director at
Omaha Branch
29, 31
Imports {See Foreign trade)
Indexes, plans for converting to a 1957-59
base
1414, 1417
Industrial Production Chart Book
165
Industrial production i n d e x . . . 80, 210, 348, 460,
586, 704, 830, 968, 1088, 1226,
1340, 1460
Instalment loans. .. .76-79, 206-09, 344-47, 456-59,
582-85, 700-03, 826-29, 964-67, 1084-87,
1222-25, 1336-39, 1456-59
Insurance companies:
Mortgage activity. .. .74, 204, 342, 454, 580,
698, 824, 962, 1082, 1220, 1334, 1454
Principal assets
63, 193, 331, 443, 569, 687,
813, 951, 1071, 1209, 1323, 1443
U. S. Govt. security holdings.... 68, 198, 336,
448, 572, 690, 816, 954, 1074, 1212,
1326, 1446
Insured commercial banks:
Assets and liabilities.. .53-55, 183-85, 321-23,
433-35, 559-61, 677-79, 803-05, 941-43,
1061-63, 1199-201, 1313-15, 1433-35
Banking offices, changes in number
.230, 1002
Branches, number by State.
487
Earnings and expenses
616
Number. .53, 183, 321, 433, 559, 677, 803, 941,
1061, 1199, 1313, 1433
Number, by State.
486
Interbank deposits:
Banks, by classes. . .51, 181, 319, 431, 557, 675,
801, 939, 1059, 1197, 1311, 1431
1510
FEDERAL RESERVE BULLETIN • DECEMBER 1961
Pages
Interbank deposits—Continued
Commercial banks, by classes. . . 55, 185, 323,
435, 561, 679, 805, 943, 1063, 1201,
1315, 1435
Member banks, by classes
45, 175, 313, 425
551, 669, 795, 933, 1053, 1191,
1305, 1425
Weekly reporting member banks. . 58, 188, 326,
438, 564
Interest on deposits:
Savings deposits not evidenced by pass book .288
Time and savings deposits, maximum permissible rates:
Increase in
1404, 1413
Table of. . . .44, 174, 312, 424, 550, 668,
794, 932, 1052, 1190, 1304, 1424
Interest rates:
Article on interest rates in leading
countries
891
Bond yields
60, 190, 328, 440, 566, 684, 810,
948, 1068, 1206, 1320, 1440
Business loans by banks. . . 59, 189, 327, 439,
565, 683, 809, 947, 1067, 1205, 1319, 1439
Discount rates, Federal Reserve Banks. .. .44,
174, 312, 424, 550, 668, 794, 932,
1052, 1190, 1304, 1424
Foreign countries:
Discount rates
120, 256, 382, 504, 638,
740, 882, 1020, 1124, 1266, 1374, 1494
Open market rates
119, 255, 381, 503,
637, 739, 881, 1019, 1123, 1265, 1373, 1493
Open market rates, domestic . 6 0 , 190, 328,
440, 566, 684, 810, 948, 1068, 1206, 1320, 1440
Stock yields. .60, 190, 328, 440, 566, 684, 810,
948, 1068, 1206, 1320, 1440
Time and savings deposits, maximum permissible rates :
Increase in
1404, 1413
Table of. . 4 4 , 174, 312, 424, 550, 668,
794, 932, 1052, 1190, 1304, 1424
Interlocking directorates :
Securities companies, with member banks:
Corporation selling own stock. .
.408
Real estate investment company.
156
International capital transactions of the U. S
110,
246, 372, 494, 628, 730, 872, 1010,
1114, 1256, 1364, 1484
International institutions:
Gold purchases. . . 108, 244, 370, 492, 626, 728,
870, 1008, 1112, 1254, 1362, 1482
Gold reserves. . . .106, 242, 368, 490, 624, 726,
868, 1006, 1110, 1252, 1360, 1480
Gold reserves and dollar holdings . . . 109, 245,
371, 493, 627, 729, 871, 1009, 1113,
1255, 1363, 1483
Interpretations:
Interlocking directorates (See Interlocking
directorates)
Payment of dividends by State member
banks
657, 1178
Published interpretations of the Board,
compilation of
416
Regulations, Board of Governors (See Regulations, Board of Governors)
Withheld taxes as deposits for reserve
purposes
. . . . 1036
Inventories. .94, 224, 362, 474, 600, 718, 844, 982,
1102, 1240, 1354, 1474
Pages
Investments (See also specific types of
investments):
Banks, by classes. . . . 5 1 , 181, 319, 431, 557, 675,
801,939, 1059, 1197, 1311, 1431
Commercial banks, by classes . 5 4 , 184, 322,
434, 560, 678, 804, 942, 1062,
1200, 1314, 1434
Federal Reserve Banks
46, 176, 314, 426,
552, 670, 796, 934, 1054, 1192, 1306, 1426
Govt. agencies, etc..
.72, 202, 240, 340, 452,
617, 1004
Life insurance companies. . . .63, 193, 331, 443,
569, 687, 813, 951, 1071, 1209, 1323, 1443
Mutual savings banks
62, 192, 330, 442, 568,
686, 812, 950, 1070, 1208, 1322, 1442
Savings and loan associations. . . 63, 193, 331,
443, 569, 687, 813, 951, 1071, 1209, 1323, 1443
Weekly reporting member banks. . 5 7 , 187, 325,
437, 563, 681, 807, 945, 1065, 1203, 1317, 1437
Irons, Watrous, reappointed President of Federal
Reserve Banks of Dallas.
. 301
James, Donald D., reappointed director at San
Antonio Branch
34
Johns, Delos C , reappointed President of Federal
Reserve Bank of St. Louis
301
Johnson, Walter S., reelected Class B director at
San Francisco
1413
Johnston, D. W., appointed director at
Nashville Branch
.33
Johnston, Logan T., appointed director at
Cincinnati Branch
. 32
Katz, Samuel I., appointed Associate Adviser,
Division of International Finance. .
35
Kelsay, R. L., reappointed director at
Oklahoma City Branch
.34
Kennedy, W. S., reelected Class A director
at Kansas City. .
1412
Koppang, Henry O., reappointed First Vice
President of Federal Reserve Bank of Kansas
City
301
Krauth, W. N., reappointed director at Nashville
Branch
.28
Labor force. .88, 218, 356, 468, 594, 712, 838, 976,
1096, 1234, 1348, 1468
Labor market in mid-1961, article on
647
LaGrone, R. M., Jr., appointed director at Little
Rock Branch
33
LaMont, Thomas E., reappointed director at Buffalo Branch
28
Langsam, Walter C , appointed director at Cincinnati Branch.
28, 29
Latham, E. O., reappointed First Vice President
of Federal Reserve Bank of Boston
301
Leach, Hugh, retirement as President of Federal
Reserve Bank of Richmond
302
Leavitt, Brenton C , appointed Assistant Director,
Division of Examinations
302
Leedy, H. G., retirement as President of Federal
Reserve Bank of Kansas City.
.302
Legislation:
Federal Farm Mortgage Corporation bonds 1289
Finance charges, statement of Chairman
Martin on S. 1740.
905
Housing Act of 1961
.759, 1383
National bank real estate loans
. 759
Old Series Currency Adjustment Act. .
.917
LeMaster, Edward B., appointed director at
Memphis Branch.
164
1511
INDEX TO VOLUME 47
Pages
Pages
Margin requirements—Continued
Table of
. . . .44, 174, 312, 424, 550, 668,
794, 932, 1052, 1190, 1304, 1424
Transfer of accounts, amendment to Regulation T
759
Transfer of loans between borrowers, amendment to Regulation U
759
Marine Corporation, Orders under Bank Holding
Company Act
.763, 1179, 1408
Martin, Wm. McC, Jr.:
Federal Reserve operations in perspective,
statement on
272
Finance charges, statement on bill S. 1740. .905
Mathews, William R., reappointed director at El
Paso Branch .
29
Mayberry,
William
A.,
reappointed
director
at
551, 669, 795, 933, 1053, 1191, 1305, 1425
Detroit Branch
33
Member bank borrowings . . 42, 172, 310,
422, 548, 666, 792, 930, 1050, McBride, Pierre B., redesignated Chairman and
1188, 1302, 1422
Federal Reserve Agent at St. Louis
27
Weekly and monthly data. . . 40, 170, 308,
McEachern, W. W., appointed director at Char420, 546, 664, 790, 928, 1048,
lotte Branch
32
1186, 1300, 1420 McLaughlin, J. Edd, reelected Class A director
Govt. agencies, etc..
72, 202, 240, 340, 452,
at Dallas
1412
617,1004
Meeker, David A., elected Class B director at
Life insurance companies:
Cleveland .
.1411
Assets. .63, 193, 331, 443, 569, 687, 813,
Member banks:
951, 1071, 1209, 1323, 1443
Assets and liabilities, by classes. . 55, 185, 323,
Mortgage activity
74, 204, 342, 454, 580,
435, 561, 679, 805, 943, 1063, 1201,
698, 824, 962, 1082, 1220, 1334, 1454
1315, 1435
Mutual savings banks
62, 192, 330, 442, 568,
Banking offices, changes in number. . .230, 1002
686, 812, 950, 1070, 1208, 1322, 1442
Borrowings at Federal Reserve Banks. . 42, 172,
National bank real estate loans, amendments
310, 422, 548, 666, 792, 930, 1050, 1188,
to Section 24 of Federal Reserve Act. .759
1302, 1422
Savings and loan associations:
Branches, number, by State
487
Assets. .63, 193, 331, 443, 569, 687, 813,
Deposits, by classes . 45, 175, 313, 425, 551,
951, 1071, 1209, 1323, 1443
669, 795, 933, 1053, 1191, 1305, 1425
Mortgage activity. . . .74, 204, 342, 454, 580,
Earnings and expenses
. . . . 520, 604
698, 824, 962, 1082, 1220, 1334, 1454
Interlocking directorates with securities comWeekly reporting member banks . . 56, 186, 324,
panies {See Securities companies)
436, 562, 680, 806, 944, 1064, 1202, 1316, 1436
Number, by class . . . 52, 182, 320, 432, 558,
Revisions for
655, 848, 854, 860
676, 802, 940, 1060, 1198, 1312, 1432
Loans insured or guaranteed:
Number, by class and State.
. 486
FHA-insured {See Federal Housing
Operating ratios
. . . .613
Administration)
Reserve requirements {See Reserve requireVA-guaranteed {See Veterans Administration)
ments)
Lockwood, William M., reelected Class A direcReserves {See Reserves)
tor at Boston
1411
Weekly reporting series
56, 186, 324, 436,
Long, Augustus C , resignation as Class B direc562, 680, 806, 944, 1064, 1202, 1316, 1436
tor at New York
541
Revisions for
654, 848
Longwell, J. H., reappointed Deputy Chairman
Membership in Federal Reserve System:
at St. Louis
27
Admissions of State banks. .36, 165, 542, 660,
Lyle, Clay, resignation as director at Memphis
924, 1044, 1296
Branch
1296
Mills, A. W., reappointed First Vice President
of Federal Reserve Bank of Minneapolis
301
Mangels, H. N., retirement as President of FedMining, production index
.80, 210, 348, 460, 586,
eral Reserve Bank of San Francisco.
.302
704, 830, 968, 1088, 1226, 1340, 1460
Manufactures, production index. . . .80, 210, 348, 460,
Mitchell, George W., appointment as member of
586, 704, 830, 968, 1088, 1226, 1340, 1460
Board of Governors
. 1043
Marget, Arthur W., resignation as Director of
Mitchell, Walter M., redesignated Chairman and
Federal Reserve Agent at Atlanta . . .
.27
Division of International Finance.
303
Money and bank credit in recovery, article on. .751
Margin requirements:
Money and credit in 1960, article on.
.129
Arbitrage transactions, amendments to ReguMoney rates {See Interest rates)
lations T and U
759
Money supply and related data . 4 9 , 179, 317, 429,
Loan secured indirectly by stock, applica555, 673, 799, 937, 1057, 1195, 1309, 1429
bility of Regulation U
657
Monroe, Roy G., reappointed director at Helena
Simultaneous long and short positions in
Branch
33
same account, interpretation of RegulaMontana Shares, Incorporated, Orders under
tion T
.156
Bank Holding Company Act.
.767, 1294
Levine, Max, appointed director at Houston
Branch.
29, 31
Life insurance companies {See Insurance
companies)
Liquidity and public policy, article on. . .
1161
Loans {See also specific types of loans):
Bank credit and money in recovery, article
on
751
Banks, by classes. .51, 181, 319, 431, 557, 675,
801,939, 1059, 1197, 1311,1431
Commercial banks, by classes. . . 54, 184, 322,
434, 560, 678, 804, 942, 1062, 1200, 1314, 1434
Federal Reserve Banks:
Condition statement. .. .46, 176, 314, 426,
552, 670, 796, 934, 1054, 1192, 1306 1426
Maturity distribution. . . 45, 175, 313, 425,
1512
FEDERAL RESERVE BULLETIN • DECEMBER 1961
Pages
Pages
Moore, Franklin H., appointed director at Detroit
Branch
.33
Mortgages (See Real estate loans)
Mutual savings banks:
Assets and liabilities
51, 181, 319, 431, 557,
675, 801, 939, 1059, 1197, 1311, 1431
Banking offices, changes in number. .230, 1002
Branches, number, by State
487
Consolidated monetary statement .50, 180, 318,
430, 556, 674, 800, 938, 1058, 1196, 1310, 1430
Monthly table
62, 192, 330, 442, 568, 686,
812, 950, 1070, 1208, 1322, 1442
Number.
. . . 51, 181, 319, 431, 557, 675,
Open market rates (See Interest rates)
Operating ratios, member banks
613
Organization for Economic Cooperation and Development, preparatory meeting for economic
policy coordination
541
Otto Bremer Company, Orders under Bank Holding Company Act
23, 1039
Ownership of demand deposits, article on.
.405
Palmer, Frank R., reelected Class B director at
Philadelphia
1411
Par List, banking offices on, and not on,
number
231, 1003
Parker, Charles D., resignation as director at
Charlotte Branch
302
Parks, Chas. H., appointed director at Seattle
Branch
35
Patterson, Harold T., reappointed First Vice
President of Federal Reserve Bank of Atlanta. .301
Patty, Giles W., appointed director of New Orleans Branch
33
Pawley, Francis R., article on survey of finance
companies
1140
Payrolls, manufacturing index . . .86, 216, 354, 466,
592, 710, 836, 974, 1094, 1232, 1346, 1466
Personal income. .95, 225, 363, 475, 601, 719, 845,
983, 1103, 1241, 1355, 1475
Plummer, Frank A., reappointed director at Birmingham Branch
33
Postal Savings System:
Consolidated monetary statement 50, 180, 318,
430, 556, 674, 800, 938, 1058, 1196,
1310, 1430
Deposits, maximum permissible rates:
Increase in
1404, 1413
Table of
44, 174, 312, 424, 550, 668,
794, 932, 1052, 1190, 1304, 1424
Presidents of Federal Reserve Banks:
Appointments
301
List
..
1498
Retirements
302
Prices:
Consumer
.92, 222, 360, 472, 598, 716, 842.
801,939, 1059, 1197,1311, 1431
Number, by State
486
Real estate loans held by. . . .73, 203, 341, 453,
579, 697, 823, 961, 1081, 1219, 1333, 1453
U. S. Govt. security holdings 68, 198, 336, 448,
572, 690, 816, 954, 1074, 1212, 1326, 1446
Myrick, G. Harold, appointed director at Charlotte Branch
.302
National banks:
Assets and liabilities. . . .53, 183, 321, 433, 559,
677, 803, 941, 1061, 1199, 1313, 1433
Banking offices, changes in number. .230, 1002
Branches, number, by State
487
Number. . . .53, 183, 321, 433, 559, 677, 803,
941, 1061, 1199, 1313, 1433
Number, by State
486
Real estate loans, amendments to Section
24 of Federal Reserve Act
759
National income
94, 224, 362, 474, 600, 718, 844,
982, 1102, 1240, 1354, 1474
National security expenditures:
National product series 94, 224, 362, 474, 600,
718, 844, 982, 1102, 1240, 1354, 1474
Treasury statement basis. .71, 201, 339, 451, 571,
689, 815, 953, 1073, 1211, 1325, 1445
National summary of business conditions . 3 7 , 167,
304, 417, 543, 661, 786, 925, 1045, 1183,
1297, 1415
Nelson, Fred A., retirement as Assistant Director,
Division of Examinations
302
Newburn, Harry K., appointed director at Helena
Branch
29, 30
Nickerson, Albert L., elected Class B director at
New York
. 1043
Nonmember banks:
Assets and liabilities
53-55, 183-85, 321-23,
433-35, 559-61, 677-79, 803-05, 941-43,
1061-63, 1199-201, 1313-15, 1433-35
Banking offices, changes in number .230, 1002
Branches, number, by State
.487
Discounts and advances by Federal Reserve
Banks.
.46, 176, 314, 426, 552, 670, 796,
Number.
934, 1054, 1192, 1306, 1426
.53, 183, 321, 433, 559, 677, 803,
941, 1061, 1199, 1313, 1433
Number, by State
486
Northwest Bancorporation, Orders under Bank
Holding Company Act.
.408, 919, 1289
Old Series Currency Adjustment Act
917
Olson, Robert A., reelected Class B director at
Kansas City .
1412
Olsson, Harald E., reappointed director at Helena
Branch
33
Open Market Committee (See Federal Open
Market Committee)
Security
980, 1100, 1238, 1352, 1472
61, 191, 329, 441, 567, 685, 811,
949, 1069, 1207, 1321, 1441
Wholesale commodity . .92, 222, 360, 472, 598,
716, 842, 980, 1100, 1238, 1352, 1472
Priddy, C. L., reappointed director at Oklahoma
City Branch
34
Production:
Industrial
80, 210, 348, 460, 586, 704, 830,
968, 1088, 1226, 1340, 1460
Industrial Production Chart Book
165
Upturn in, article on.
513
Profits:
Corporate.
.65, 195, 333, 445, 577, 695, 821,
959, 1079, 1217, 1331, 1451
Insured commercial banks.
616
Member banks
520, 523, 604
Publications, Board of Governors:
Annual Report, 1960
303
Federal Reserve Act, revised edition.
1296
Federal Reserve System—Purposes and
Functions, revised edition
166
Flow-of-funds supplementary tables. 303, 1414
Historical Chart Book
1044
Industrial Production Chart Book.
165
List of
1499
1513
INDEX TO VOLUME 47
Pages
Pages
Publications, Board of Governors—Continued
Published interpretations of the Board, compilation of
416
Puckett, B. Earl, reelected Class B director at
New York
. .1411
Reserves—Continued
Member banks:
Accounts with Federal Reserve
Banks. .46, 176, 314, 426, 552, 670. 796,
Quarterly survey of consumer buying
intentions.
.282, 532, 899, 1282
Real estate loans:
Bank holdings
73, 203, 341, 453, 579, 697,
823, 961, 1081, 1219, 1333, 1453
Commercial banks, by classes. . . 54, 184, 322,
434, 560, 678, 804, 942, 1062, 1200,
1314, 1434
Life insurance companies.... 74, 204, 342, 454,
580, 698, 824, 962, 1082, 1220, 1334, 1454
Mutual savings banks
62, 192, 330, 442, 568,
686, 812, 950, 1070, 1208, 1322, 1442
National bank loans, amendments to Section
24 of Federal Reserve Act
759
Savings and loan associations. . 74, 204, 342, 454,
580, 698, 824, 962, 1082, 1220, 1334, 1454
Type of mortgage holder
73-75, 203-05,
341-43, 453-55, 579-81, 697-99, 823-25,
961-63, 1081-83, 1219-21, 1333-35, 1453-55
Type of property mortgaged
73-75, 203-05,
341-43, 453-55, 579-81, 697-99, 823-25,
961-63, 1081-83, 1219-21, 1333-35, 1453-55
Weekly reporting member banks. . . .56, 186, 324,
436, 562, 680, 806, 944, 1064, 1202,
1316, 1436
Rebsamen, Raymond, elected Class B director at
St. Louis .
. 1412
Reed, Philip D., redesignated Chairman and
Federal Reserve Agent at New York.
27
Regulations, Board of Governors:
Q, Payment of Interest on Deposits:
Maximum permissible rates on time and
savings deposits, increase i n . 1404, 1413
Savings deposits not evidenced by pass
book
288
T, Credit by Brokers, Dealers, and Members
of National Securities Exchanges:
Arbitrage, amendment with respect to. .759
Simultaneous long and short positions
in same account. .
156
Transfer of accounts, amendment with
respect to
759
U, Loans by Banks for the Purpose of Purchasing or Carrying Registered Stocks:
Arbitrage, amendment with respect to. .759
Loan secured indirectly by stock.
.657
Transfer of loans between borrowers,
amendment with respect to.
759
Reserve requirements, member banks . .45, 175, 313,
425, 551, 669, 795, 933, 1053, 1191, 1305, 1425
Reserves:
Bank reserves and monetary policy
131
Commercial banks
55, 185, 323, 435, 561,
679, 805, 943, 1063, 1201, 1315, 1435
Federal Reserve Banks . .46, 176, 314, 426, 552,
670, 796, 934, 1054, 1192, 1306, 1426
Foreign central banks and governments . . . 106,
242, 368, 490, 624, 726, 868, 1006, 1110,
1252, 1360, 1480
Foreign countries and international
institutions. . 109, 245, 371, 493, 627, 729, 871,
1009, 1113, 1255, 1363, 1483
934, 1054, 1192, 1306, 1426
By class of bank
42, 172, 310, 422, 548,
666, 792, 930, 1050, 1188, 1302, 1422
Commercial bank statement . .55, 185, 323,
435, 561, 679, 805, 943, 1063, 1201,
1315, 1435
Reserve requirements. . . .45, 175, 313, 425,
551, 669, 795, 933, 1053, 1191, 1305, 1425
Reserves and related items. . . .40, 170, 308
420, 546, 664, 790, 928, 1048, 1186,
1300, 1420
Weekly reporting banks 57, 187, 325, 437,
563,681,807,945, 1065,1203,
1317, 1437
Withheld taxes as deposits for reserve
purposes
1036
Residential mortgage loans
73-75, 203-05, 341-43,
453-55, 579-81, 697-99, 823-25, 961-63,
1081-83, 1219-21, 1333-35, 1453-55
Retail trade and department store statistics,
committee report on
35
Reter, Raymond R., reappointed director at Portland Branch
29
Robinson, Roland I., resignation as Adviser,
Division of Research and Statistics. .
1043
Rogers, Dick, appointed director at El Paso
Branch . . .
...
34
Rowland, Thomas B., reappointed director at
Salt Lake City Branch
29
Russell, John G., reappointed director at Louisville Branch
33
Russell, Simpson, reappointed director at Memphis Branch
33
Rutz, William E., elected Class B director at
Chicago
1412
Ryan, John T., Jr., resignation as director at
Pittsburgh Branch
1413
St. Joseph Agency, Inc., Order under Bank
Holding Company Act
290
Sales finance companies, consumer loans of. . 77, 207,
345, 457, 583, 701, 827, 965, 1085, 1223,
1337, 1457
Sammons, Robert L., appointed Adviser, Division of International Finance.
35
Saving:
Flow-of-funds series
96, 226, 364, 476, 602.
720, 846, 984, 1104, 1242, 1356, 1476
National income series .95, 225, 363, 475, 601,
719, 845, 983, 1103, 1241, 1355, 1475
Savings deposits (See also Time deposits):
Classification system for . .
539
Maximum permissible rates:
Increase in
1404. 1413
Table of
44, 174, 312, 424, 550, 668,
794, 932, 1052, 1190, 1304, 1424
Pass book, savings deposits not evidenced by 288
Savings institutions, principal assets . . 62-63, 192-93,
330-31, 442-43, 568-69, 686-87, 812-13,
950-51, 1070-71, 1208-09, 1322-23, 1442-43
Savings and loan associations:
Mortgage activity . 74, 204, 342, 454, 580, 698,
824, 962, 1082, 1220, 1334, 1454
Principal assets
63, 193, 331, 443, 569, 687,
813, 951, 1071, 1209, 1323. 1443
1514
FEDERAL RESERVE BULLETIN • DECEMBER 1961
Savings and loan associations—Continued
U. S. Govt. security holdings 69, 199, 337, 449,
573, 691, 817, 955, 1075, 1213, 1327, 1447
Scanlon, C. J., reappointed First Vice President of
Federal Reserve Bank of Chicago
301
Scott, Homer A., appointed Class C director and
Deputy Chairman at Kansas City.
.27, 28, 30
Securities:
International transactions. .. 116, 252, 378, 500,
634, 736, 878, 1016, 1120, 1262, 1370, 1490
Securities companies:
Interlocking directorates with member banks:
Corporation selling own stock
.408
Real estate investment company.
.156
Security issues:
Corporate, outstanding, net change in 64, 194,
332, 444, 578, 696, 822, 960, 1080,
1218, 1332, 1452
New issues.
66, 196, 334, 446, 576, 694, 820,
958, 1078, 1216, 1330, 1450
State and local governments . . . 67, 197, 335,
447, 575, 693, 819, 957, 1077, 1215,
1329, 1449
Self, William King, appointed director of Memphis Branch
1413
Sheffield, Selden, reappointed director at Birmingham Branch.
28
Sheldon, John William, appointed Class C director at Chicago. .
..
28, 30
Sherman, Anson F., appointed director at Buffalo
Branch . .
..
164
Shuford, Harry A., reappointed First Vice President of Federal Reserve Bank of Dallas
301
Shumate, J. N., reappointed director at Baltimore
Branch
...
32
Silver coin and silver certificates, outstanding and
in circulation. .48, 178, 316, 428, 554, 672, 798,
936, 1056, 1194, 1308, 1428
Small business financing:
Corporate manufacturers. .
.
.8
Smith, Forrest M., appointed director at San Antonio Branch
34
Smith, Francis A., appointed director at Buffalo
Branch . . .
32
Smith, Godfrey, appointed director at Jacksonville
Branch
....
..
...
.33
Smith, Tynan, article on survey of consumer buying intentions
899
Snyder, Edward P., article on ownership of demand deposits
405
Staff of Board of Governors (See Board of Governors)
State member banks:
Admissions to membership in Federal Reserve System.
.35, 165, 542, 660, 924,
1044, 1296
Assets and liabilities . .53, 183, 321, 433, 559,
677, 803, 941, 1061, 1199, 1313, 1433
Bank mergers (See Bank mergers)
Banking offices, changes in number
.230, 1002
Branches, number, by State. . .
487
Dividends, interpretations with respect to
payment of
657, 1178
Number
53, 183, 321, 433, 559, 677, 803,
941, 1061, 1199, 1313, 1433
Number, by State
. 486
State and municipal securities:
New issues. .67, 197, 335, 447, 575, 693, 819,
957, 1077, 1215, 1329, 1449
State and municipal securities—Continued
Prices.
.61, 191, 329, 441, 567, 685, 811,
949, 1069, 1207, 1321, 1441
Yields. .60, 190, 328, 440, 566, 684, 810, 948,
1068, 1206, 1320, 1440
States and political subdivisions:
Deposits:
Commercial banks, by classes . . . .55, 185,
323, 435, 561, 679, 805, 943, 1063,
1201, 1315, 1435
Weekly reporting member banks. . 58, 188,
326, 438, 564, 682, 808, 946, 1066,
1204, 1318, 1438
Holdings of U. S. Govt. securities . . . 68, 198,
336, 448, 572, 690, 816, 954, 1074,
1212, 1326, 1446
Ownership of obligations of:
Commercial bank holdings. . . .54, 184, 322,
434, 560, 678, 804, 942, 1062,
1200, 1314, 1434
Life insurance company holdings
63, 193,
331, 443, 569, 687, 813, 951, 1071,
1209, 1323, 1443
Mutual savings bank holdings 62, 192, 330,
442, 568, 686, 812, 950, 1070,
1208, 1322, 1442
Statistics on Government securities market (See
U. S. Govt. securities)
Stock market credit:
Monthly table . 61, 191, 329, 441, 567, 685,
811, 949, 1069, 1207, 1321, 1441
Stock Exchange firms, detailed debit and
credit balances, June 1954-61.
1106
Stocks:
Corporate, outstanding, net change in. . .64, 194,
332, 444, 578, 696, 822, 960, 1080,
1218, 1332, 1452
New issues. .66, 196, 334, 446, 576, 694, 820,
958, 1078, 1216, 1330, 1450
Prices. .
.61, 191, 329, 441, 567, 685, 811,
Yields.
949, 1069, 1207, 1321, 1441
.60, 190, 328, 440, 566, 684, 810,
948, 1068, 1206, 1320, 1440
Supplee, Henderson, Jr., redesignated Chairman
and Federal Reserve Agent at Philadelphia
.27
Surveys:
Business financing experience.
..8
Common trust funds
525
Consumer buying intentions. .282, 532, 899, 1282
Corporate manufacturers .
..8
Demand deposit ownership . .
. 405
Finance companies, mid-1960.
1140
Sutton, C. N., elected Class A director at Cleveland
1411
Swan, Eliot J., appointed President of Federal
Reserve Bank of San Francisco.
.301
System Open Market Account:
Authority for transactions in longer-term
Government securities
165
Szymczak, M. S., resignation as member of Board
of Governers . . .
.659
Tables, Federal Reserve Bulletin:
Changes in
164,541,654,924
Tax receipts, Federal. . .71, 201, 339, 451, 571, 689,
815, 953, 1073, 1211, 1325, 1445
Taxes, withheld, as deposits for reserve
purposes
..
.1036
1515
INDEX TO VOLUME 47
Pages
Pages
Thompson, Donald S., reappointed First Vice
President of Federal Reserve Bank of
Cleveland
301
Thompson, Joseph H., reappointed Deputy Chairman at Cleveland
27
Time deposits:
Adjusted, banks and the monetary system. . . 50,
180, 318, 430, 556, 674, 800, 938,
1058, 1196, 1310, 1430
Banks, by classes. .51, 181, 319, 431, 557, 675,
801, 939, 1059, 1197, 1311, 1431
Classification system for.
539
Commercial banks:
By classes . . .55, 185, 323, 435, 561, 679,
805, 943, 1063, 1201, 1315, 1435
Money supply and related d a t a . . . . 924, 937
1001, 1057, 1195, 1309, 1429
Maximum permissible rates:
Increase in
1404, 1413
Table of . . . .44, 174, 312, 424, 550, 668,
794, 932, 1052, 1190, 1304, 1424
Member banks, by classes 45, 175, 313, 425,
551, 669, 795, 933, 1053, 1191,
1305, 1425
Savings deposits not evidenced by pass
book
288
Weekly reporting member banks. .58, 188, 326,
438, 564, 682, 808, 946, 1066, 1204,
1318, 1438
Treasurer's account balance
70, 200, 338, 450,
570, 688, 814, 952, 1072, 1210, 1324, 1444
Treasury cash:
Consolidated monetary statement .50, 180, 318,
430, 556, 674, 800, 938, 1058, 1196,
1310, 1430
Weekly and monthly data. . .40, 170, 308, 420,
546, 664, 790, 928, 1048, 1186,
1300, 1420
Treasury currency:
Consolidated monetary statement .50, 180, 318,
430, 556, 674, 800, 938, 1058, 1196,
1310, 1430
Outstanding and in circulation. . . .48, 178, 316,
428, 554, 672, 798, 936, 1056, 1194,
1308, 1428
Weekly and monthly data
40, 170, 308, 420,
546, 664, 790, 928, 1048, 1186,
1300, 1420
Treasury deposits at Federal Reserve Banks:
Condition statement data. . . 46, 176, 314, 426,
552, 670, 796, 934, 1054, 1192,
1306, 1426
Treasury statement basis
70, 200, 338, 450,
570, 688, 814, 952, 1072, 1210,
1324, 1444
Weekly and monthly data. .. .40, 170, 308, 420,
546, 664, 790, 928, 1048, 1186,
1300, 1420
Treiber, William F., reappointed First Vice President of Federal Reserve Bank of New York .301
Trust funds, common, survey of.
.525
U. S. balance of payments—Continued
Table.
.119, 255, 381, 503, 637, 739, 881,
1019, 1123, 1265, 1373, 1493
U. S. Govt. balances:
Commercial bank holdings:
By class of bank
.55, 185, 323, 435, 561,
679, 805, 943, 1063, 1201, 1315, 1435
Money supply and related data. . . .924, 937,
1001, 1057, 1195, 1309, 1429
Consolidated monetary statement
50, 180,
318, 430, 556, 674, 800, 938, 1058,
1196, 1310, 1430
Treasury deposits at Federal Reserve Banks:
Condition statement data. . 4 6 , 176, 314,
426, 552, 670, 796, 934, 1054, 1192,
1306, 1426
Treasury statement basis
70, 200, 338,
450, 570, 688, 814, 952, 1072, 1210,
1324, 1444
Weekly and monthly data
40, 170, 308,
420, 546, 664, 790, 928, 1048, 1186,
1300, 1420
Weekly reporting member banks. . .58, 188, 326,
438, 564, 682, 808, 946, 1066, 1204,
1318, 1438
U. S. Govt. securities:
Bank holdings:
By class of bank. . . .51, 181, 319, 431, 557,
675, 801, 939, 1059, 1197, 1311, 1431
Commercial banks. .54, 184, 322, 434, 560,
678, 804, 942, 1062, 1200, 1314, 1434
Consolidated monetary statement. 50, 180,
318, 430, 556, 674, 800, 938, 1058,
1196, 1310, 1430
Mutual savings banks. . 6 2 , 192, 330, 442,
568, 686, 812, 950, 1070, 1208, 1322, 1442
Ownership data
68, 198, 336, 448, 572,
690, 816, 954, 1074, 1212, 1326, 1446
Weekly reporting member banks. . .57, 187,
325, 437, 563, 681, 807, 945, 1065,
1203, 1317, 1437
Dealer transactions, positions, and
financings.
.397, 541, 574, 692, 818, 956,
1076, 1214, 1328, 1448
Federal Reserve Bank holdings:
Condition statement
46, 176, 314, 426,
552, 670, 796, 934, 1054, 1192,
1306, 1426
Maturity distribution. . . .45, 175, 313, 425,
551, 669, 795, 933, 1053, 1191,
1305, 1425
Ownership data. . . .68, 198, 336, 448, 572,
690, 816, 954, 1074, 1212, 1326, 1446
Weekly and monthly data
40, 170, 308,
420, 546, 664, 790, 928, 1048, 1186,
1300, 1420
Foreign and international holdings. . . . 109, 245,
371, 493, 627, 729, 871, 1009, 1113,
1255, 1363, 1483
International transactions. . . . 116, 252, 378, 500,
634, 736, 878, 1016, 1120, 1262,
1370, 1490
New issues, gross proceeds. . . 66, 196, 334, 446,
576, 694, 820, 958, 1078, 1216, 1330, 1450
Open Market Committee action authorizing
transactions in longer-term securities
165
Outstanding, by type of security. . . 67, 197, 335,
447, 575, 693, 819, 957, 1077,
1215, 1329, 1449
Unemployment.
. 88, 218, 356, 468, 594, 712, 838,
976, 1096, 1234, 1348, 1468
United California Bank, Order denying bank
merger application
...
. 1405
U. S. balance of payments:
Article on
1133
Gold and dollar transfers in 1960, article on . 265
1516
FEDERAL RESERVE BULLETIN • DECEMBER 1961
Pages
U. S. Govt. securities—Continued
Ownership of
68, 198, 336, 448, 572, 690,
816, 954, 1074, 1212, 1326, 1446
Prices
61, 191, 329, 441, 567, 685, 811, 949,
1069, 1207, 1321, 1441
Statistics on market for:
Article on .
397
New tables
.541, 574, 692, 818, 956,
1076, 1214, 1328, 1448
Yields
60, 190, 328, 440, 566, 684, 810,
948, 1068, 1206, 1320, 1440
United States notes, outstanding and in circulation
48, 178, 316, 428, 554, 672, 798, 936,
1056, 1194, 1308, 1428
Utilities, production index. . .80, 210, 348, 460, 586,
704, 830, 968, 1088, 1226, 1340, 1460
Van Buskirk, Arthur B., redesignated Chairman
and Federal Reserve Agent at Cleveland
27
Vaughn, Harry T., appointed director of Jacksonville Branch
164
Vault cash:
Commercial banks
55, 184, 322, 434, 560,
678, 804, 942, 1062, 1200, 1314, 1434
Member banks:
By classes. . . .45, 175, 313, 425, 551, 669,
795, 933, 1053, 1191, 1305, 1425
Weekly and monthly data. . . .40, 170, 308,
420, 546, 664, 790, 928, 1048, 1186,
1300, 1420
Veenstra, Theodore A., Jr., article on member
bank earnings
. 520
Veterans Administration:
Assets and liabilities
72, 202, 240, 340, 452,
617, 1004
Pages
Veterans Administration—Continued
Loans guaranteed by. .. .73-75, 203-05, 341-43,
453-55, 579-81, 697-99, 823-25, 961-63,
1081-83, 1219-21, 1333-35, 1453-55
Wadsworth, D. C , Sr., elected Class A director
at Atlanta
1412
Warden, Alexander, elected Class B director at
Minneapolis
541
Wayne, Edward A., appointed President of Federal Reserve Bank of Richmond
301
Webster, William, appointed Class C director at
Boston
28, 29
Weekly reporting member banks . .56, 186, 324, 436,
562, 680, 806, 944, 1064, 1202,
1316, 1436
Revisions for series
654, 848
Werre, Arthur, Jr., reelected Class A director at
St. Louis
1412
Wessell, Nils Y., designated Chairman and Federal Reserve Agent at Boston
27, 29
Whitman, F. B., redesignated Chairman and Federal Reserve Agent at San Francisco
27
Whittemore, Eugene B., reelected Class B director at Boston
1411
Willis, J. McKenny, Jr., elected Class A director
at Richmond
1411
Wise, James DeCamp, appointed Deputy Chairman at New York
27, 29
Wooten, Jesse D., reappointed Class C director
at St. Louis.
.28
Yields (See Interest rates)
Young. Ralph A., appointed Director of Division
of International Finance
416
Zachry, H. B., reelected Class B director at
Dallas
1412
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