Full text of Federal Reserve Bulletin : June 1961
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FEDERAL RESERVE
June 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
The Labor Market in Mid-1961
647
Revisions for Weekly Reporting Banks
654
Law Department
657
Current Events and Announcements
659
National Summary of Business Conditions
661
Financial and Business Statistics, U. S. (Contents on p. 663)
664
International Financial Statistics (Contents on p. 725)
726
Board of Governors and Staff
742
Open Market Committee and Staff; Federal Advisory Council
743
Federal Reserve Banks and Branches
743
Federal Reserve Board Publications
745
Index to Statistical Tables
749
Map of Federal Reserve System
Volume 47
Inside back cover
Number 6
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The Labor Market in Mid-1961
DEMANDS FOR LABOR have strengthened
this spring along with the rapid recovery in
economic activity. Nonfarm employment
has increased considerably from its March
low. In manufacturing, the average workweek has been lengthening since the turn
of the year. Aggregate wage and salary payments turned upward in March and rose to
a new high in May. The unemployment
rate has changed little this year, but improvement in this rate typically lags recovery in output and employment.
The cyclical decline in nonfarm employment in 1960-61, like that in total output,
was smaller than in any preceding postwar
recession. Layoffs and reductions in the
workweek were concentrated among production and maintenance workers in industrial activities. In addition to the reductions arising from cyclical forces, there has
been a persistent weakness in employment
in these occupations in recent years. In
contrast, demands for workers in professional, managerial, service, and clerical
occupations have been generally strong even
during recession periods. Employment in
these occupational groups advanced to record levels this spring.
Unemployment, seasonally adjusted, increased from about 5 per cent of the civilian
labor force in May 1960 to just under 7
per cent in December and has since remained near that level. During 1957 and
1958 the rate rose from about 4 per cent
to a postwar high of 7.5 per cent. It reached
this high in July 1958, while economic activity reached its low in April.
647
UNEMPLOYMENT RATE
NOTE.—Bureau of Labor Statistics data, seasonally adjusted. Unemployment rate is the percentage of the civilian
labor force unemployed. Latest figure shown, May 1961.
Numerous factors, in addition to die vigor
and duration of cyclical recovery and expansion in economic activity, will affect the
course of unemployment. These include
the extent of productivity gains, the size and
composition of increases in the labor force,
changes in hours of work, and the ability
of the economy to absorb into productive
activity displaced workers who have been
unemployed for a relatively long time.
The layoffs in industrial activities have
brought into the labor market considerable
numbers of unskilled and semiskilled workers in many urban areas. Many of these
workers do not have the skills, education,
and training required in new and expanding
activities. Moreover, many of those attached to industries of declining employment opportunities or located in areas of
648
FEDERAL RESERVE BULLETIN • JUNE 1961
limited alternative prospects are middleaged workers with families. Their geographic mobility is often impeded by strong
attachments in their communities.
The labor force has shown a sizable further expansion over the past year, and this
has contributed to the higher levels of unemployment. Growth in the labor force has
stemmed largely from the steadily increasing
number of women in the labor force. In
recent years the work force also has begun
to reflect the high birth rates of the 1940's.
The number and relative importance of
young workers and of women in the labor
force are expected to continue to increase
in the years immediately ahead.
RECENT EXPANSION IN EMPLOYMENT
Employment gains this spring have reflected
increased consumer purchases of autos, expanded construction activity, larger government outlays, and the ending of inventory
liquidation. By May the number employed
in nonfarm establishments had risen to 52.7
million, seasonally adjusted, 500,000 more
than at the low in March, but still 700,000
less than at its cyclical high in July 1960.
Hours of work in factories, which gen-
erally lead changes in output and employment, have been increasing since the beginning of the year. The average workweek
in May was slightly under 40 hours, after
allowance for seasonal influences. Employment turned up in manufacturing in March,
and most industries have been hiring more
people in recent months. The largest increases have been in steel, autos, and other
durable goods activities in which the preceding declines had been centered. Employment in nondurable goods lines, which declined little during the recession, has shown
moderate but widespread gains since winter.
From February to May total manufacturing employment increased by nearly 350,000. This was one-third of its preceding
cyclical decline and compares with a recovery of about three-fourths in manufacturing output. As is typical of the early
stages of recovery, part of the initial increase
in output has reflected a lengthening of the
workweek and rapid gains in productivity.
In a few industries—chemicals, printing,
and ordnance—employment in May surpassed the level of a year earlier.
Construction employment, which had
been adversely affected by a severe winter,
responded rapidly to improved activity early
this spring. In the mining and railroad in-
OUTPUT AND EMPLOYMENT
OUTPUT
1957 = 100
<
90
UNIMPLOYMINT RATM
IMPLOYMINT
1957=100
h
100
1 1 1 ,
1957
1959
1961
1955
1957
NOTE.—Seasonally adjusted data. Physical volume of gross
national product, from Department of Commerce; second
quarter 1961 estimated by Federal Reserve. Monthly data on
1959
-
A
A
]
V'
MANUFACTURING
1955
M ^NUF ACTU ING
NONFARM
INDU STRIA L
PROD JCTIO N
/
Per cent
110
90
K _
t
f
w
TOTi
M.
_/VN
1961
employment and unemployment from Bureau of Labor Statistics.
Manufacturing unemployment seasonally adjusted by Federal
Reserve. Latest monthly figures shown, May 1961.
649
THE LABOR MARKET IN MID-1961
dustries the pick-up in employment has been
slow, and employment possibilities continue
to be limited.
In the nonindustrial sector, requirements
for labor continue strong, paced by expansion in services, finance, and State and local
governments. Employment in most of these
activities was at or near record levels in
May.
In the nine months July 1960-March
1961, total nonfarm employment declined
1.2 million, or 2.3 per cent, whereas in the
similar period in 1957-58 it had declined
4.6 per cent. Manufacturing employment,
which accounted for most of the decline in
both recessions, also declined about onehalf as much as in the earlier period, as may
be seen on the chart.
Men are the predominant part of the
work force in industries hardest hit by recession, and there were fewer men at work
in May than a year earlier. Among women,
in contrast, nonfarm employment was higher
than a year earlier. Employment continued
to rise during the recession in almost every
occupational group in which women hold a
high proportion of jobs.
UNEMPLOYMENT
The unemployment rate, at 6.9 per cent in
May, seasonally adjusted, changed little during the first five months of this year, after
reaching a cyclical high at the end of 1960.
In May, 4.8 million persons were unemployed, 150,000 fewer than in May 1958 but
1.3 million more than in May 1960.
Unemployment experience differs among
occupational groups, even in periods of high
activity. These differences tend to be accentuated during cyclical declines. In May
blue collar workers accounted for two-fifths
of total employment but for three-fifths of
unemployment. Professional, managerial,
sales, and clerical workers accounted for
nearly one-half of the employed work force
but for only one-fifth of the unemployed.
Although total unemployment, seasonally
adjusted, has been stable this year, the number unemployed for long periods has continued to increase, as it usually does in the
early stages of recovery. Seasonally adjusted data for May indicate that 1.6 million
persons, or one-third of the total, had been
looking for work for 15 weeks or longer.
COMPOSITION OF THE LABOR FORCE
1955=100
MALES,
2 0 YEAR! AND OVER
FEMALES,
2 0 YtARS AND OVER
1
|
j
no
LABOR FORCE
1
_-«
-""-C—T-
ino
—-'
EMPLOYMEN T
1
|
90
90
UNEMPLOYMENT RATI
16
12
1956
1958
1960
1956
1958
1960
1956
NOTE.—Bureau of Labor Statistics data, seasonally adjusted. Latest figures shown, first quarter 1961.
195S
1960
650
This was 1 million more than a year earlier
and was also more than in the same month
of 1958. In May of this year about onehalf of the unemployed had been out of
work 10 weeks or less.
A high proportion of the long-term unemployed are middle-aged or older workers
previously engaged in manual occupations.
The incidence of long duration unemployment is high among nonwhite workers.
The average duration of unemployment
among youths and women has been relatively short, even though their over-all unemployment rate has recently been high.
In May, unemployment rates for women
were about as high as in May 1958, while
rates for men were lower. In the recent
downturn, unemployment rates for men increased about as much as those for women,
as may be seen from the chart. In 1957-58
the rates rose more sharply for men. The
difference in experience is attributable
mainly to the more moderate decline in industrial activities in the recent recession.
Despite the increase in employment since
March, the supply of labor is still high relative to demand in most urban areas. In
May more than three-fifths of the 150 major
labor market areas in the country were classified as having a substantial labor surplus,
that is, with unemployment equal to 6 per
cent or more of the labor force.
Unemployment rates are highest in mining areas and in centers producing hard
goods, especially steel and autos. The rate
is 9 per cent or higher in 30 areas, including such major ones as South Bend, Detroit,
Scranton, Wheeling, Pittsburgh, and Buffalo.
In contrast, the rate is below 6 per cent in
54 areas, including New York, Boston,
Atlanta, Denver, and Washington, D. C.
The Area Redevelopment Act enacted in
May provides $300 million of Federal loans,
FEDERAL RESERVE BULLETIN • JUNE 1961
for use over the next four years, to urban
communities with severe and protracted unemployment problems and to rural areas
with high proportions of low-income families. It also provides direct grants of $150
million for public works and other purposes, including the retraining of unemployed workers.
LABOR INCOME
Total wage and salary disbursements have
been rising since February. In May, at an
annual rate of $277 billion, they were
slightly above the earlier high reached last
summer. Since then, moderate but widespread increases in wage and salary rates
have added more to aggregate labor income
than was lost by reductions in employment
and hours. The cyclical decline in disbursements, from peak to trough, amounted
to $4 billion, or 1.5 per cent. This was the
smallest decline of any postwar recession,
and it was confined mainly to the commodity producing industries.
Unemployment compensation and other
transfer payments are sharply higher than
last summer. In May such payments were
at an annual rate $3.8 billion larger than in
July 1960. The increase in such payments
reflects in part a temporary program that
began in April. This program, which will
expire in mid-1962, extends payments up to
a maximum of 13 additional weeks for unemployed workers who exhausted benefits
after June 30, 1960. Early in June about
750,000 unemployed workers were receiving benefits under the temporary program
and 2.4 million under regular programs.
Hourly and weekly earnings. Wage rates
advanced more slowly and selectively over
the past year than they had earlier. This
slackening reflected the combined influence
651
THE LABOR MARKET IN MID-1961
of the recession and of a tendency in recent
years toward smaller wage increases in both
manufacturing and nonmanufacturing activities, as may be seen on the chart. The
slower rate of increase in wages has been
most marked in mining and railroads. In
construction hourly earnings have continued
to rise almost as rapidly as before.
After allowance for a slower rate of advance in consumer prices, the purchasing
power of hourly wages in manufacturing
increased on the average about as much per
annum from the spring of 1958 to the spring
of 1961 as over the preceding four years.
Since the recession low in 1958, average
wage and salary rates in manufacturing have
increased about in line with gains in output
per manhour. Labor costs per unit of output, including continued increases in costs
of fringe benefits, are not much different
from those in early 1958. This has been
one element in the relative stability of industrial prices in recent years. In contrast,
both prices and labor costs had increased
significantly during the four years of the
preceding cycle.
Average weekly earnings in manufacturing tended to drift down during most of
1960 as increases in wage rates were not
sufficient to offset shorter workweeks, curtailment of overtime and other premium
payments, and a concentration of layoffs in
the higher paying durable goods industries.
In recent months the workweek and employment have increased and hourly earnings
have also risen, with resultant increases in
weekly earnings. In May such earnings, at
$92.66, were 1 per cent higher than a year
earlier, and average hourly earnings, at
$2.34, were 2 per cent higher.
Over the past year hours have been maintained in most nonmanufacturing sectors.
Earnings have risen in virtually all such ac-
tivities except bituminous coal mining.
Hourly earnings in May averaged from 3 to
5 per cent higher than a year earlier for
trade, communications, construction, and
utilities.
About 2.5 million workers are expected
to receive higher wages in September under
the recent amendments to the Fair Labor
Standards Act. The minimum wage for
EARNINGS IN TWO BUSINESS CYCLES
SIUCTIO
INDUSTIIIl
AVIIAOI
HOUIIT M i l
AMU l f « l
IOIA1
MANUFACTURING
$2.33
ANNUAL (ATI Or INCMASf
I 1 APKIl ' 5 4 IO A M U '5B
• •
AFIIL ' ! • TO AMU '61
l^^^^^^^__l
CONSTIUCTION
IEIAII TIAOE
1.15 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ _ _ l
OAS * ELECTIIC
UTILITIES
2.74
MINING
2.71 L
L
^
1
^
J
L
NOTE.—Average hourly earnings data from Bureau of Labor
Statistics. February data for railroads.
workers already covered will rise from
$1.00 to $1.15 an hour. Coverage was extended to 3.6 million additional workers,
mostly in large retail stores. For these workers the minimum wage is set initially at
$1.00 an hour. Minimum wages will rise
to $1.25 in September 1963 for previously
covered workers and in September 1965 for
those covered by recent legislation.
Collective bargaining. Under contracts
negotiated before 1961, about 3 million
workers in steel, aircraft, metal fabricating,
trucking, and construction have received, or
652
will receive later this year, hourly wage increases of widely varying amounts. Contract negotiations are under way or are
scheduled for later in 1961 in such major
industries as automobiles, machinery, apparel, and communications.
Recent labor-management negotiations
have emphasized problems of job security.
This emphasis reflects not only the recession
but also the longer run tendency toward reductions in the number of jobs for production and maintenance workers. Committees
have been established in the steel and railroad industries to study the problems involved in adjusting work rules and also the
general problem of workers displaced by
technological advance. A number of major
contracts have included provisions for severance pay, for retraining, and for moving
workers to other company plants.
Another important tendency has been to
eliminate or modify cost-of-living escalator
clauses. The number of workers covered
by escalator clauses declined from a high of
4.4 million in 1959 to about 2.8 million at
the beginning of 1961. Escalator payments
have been sharply limited in the steel, aluminum, and metal container manufacturing
industries. In the railroad industry and in
contracts with major electrical equipment
companies, they have been eliminated.
LABOR FORCE TRENDS AND PROSPECTS
From 1955 to 1960 the average annual
increase in the labor force was 800,000, but
growth is expected to be more rapid over
the next five years. The labor force increased by 900,000 in 1960, and it is expected to rise by about 1.2 million this year
and by 1.3 million in 1963.
The age-sex composition of the labor
force is likely to undergo further significant
FEDERAL RESERVE BULLETIN • JUNE 1961
change over the next five years. Increases
are anticipated in the proportions of women
and younger persons in the total labor force.
On the other hand, changes in the size of the
male group 25 years of age and over will be
small: some increase will occur in the 45-64
year age span as the chart shows, but the
25-44 age group will change little.
The occupational composition of the labor force has undergone a dramatic shift
in recent years. The number of jobs available to unskilled and semiskilled manual
workers has declined, but opportunities have
expanded steadily in white collar occupations. Expansion has been spectacular in
research and development and has been substantial in trade, education, health, and business and financial services. These trends
are likely to continue.
Women. During the past five years the
labor force has increased by 4 million.
Women aged 25 and over accounted for
about 2 million and younger women for
about 1 million of the total growth. These
two groups now represent one-third of the
total labor force. Women also accounted
for a large part of the increase in total employment from 1955 to 1960.
On the demand side, employment opportunities have expanded rapidly in occupations for which women are well suited and
in part-time work. In addition, there has
been a growing acceptance of women in a
wide range of professional and technical occupations.
On the supply side, the increasing proportion of women in the labor force is
largely attributable to rising average educational attainment of women, increased social
acceptance of wives as secondary wage earners, and the increasing number of women
whose children have reached school age.
Mechanization of many household chores
653
THE LABOR MARKET IN MID-1961
has also given many women more time to
spend outside the home. Desires for higher
standards of living have induced many
women to seek employment, and their earnings have become increasingly important as
a supplement to family income.
About 2 million women 25 years of age
and over are expected to come into the labor
force in the next five years, about the same
number as from 1955 to 1960. This will
represent a smaller proportion of the projected increase in the total labor force, however, largely because of the increasing importance of younger workers.
Younger workers. After a small decline
in the first half of the 1950's, the number of
workers (male and female) under 25 years
of age has been expanding. In 1960 there
were 1.2 million more workers in this age
group than in 1955. Youths with appropriate skills and education, especially those
with college training, have had little difficulty finding full-time employment. Many
others, however, are inexperienced and lack
seniority or adequate skills. Many younger
job seekers are in school and want only parttime or seasonal employment. Typically,
unemployment rates are higher for young
persons than for any other age group in the
labor force.
During the next five years 3.3 million
younger workers will probably be added to
the labor force, about one-half of the anticipated increase in the total. About the
middle of this decade large numbers of
young persons will reach post-high-school
age and a high proportion of them will enter
the labor force. In mid-1960 there were
2.6 million persons in the 18 year old group
in the population. By 1964 there will be
an estimated 2.8 million, and in 1965, 3.8
million. About 70 per cent of the males
LABOR FORCE GROWTH
ons
of
perso
NOTE.—Bureau of Labor Statistics data and Bureau of
Census Projection I, as revised December 1958. Figures exclude Alaska and Hawaii.
and 50 per cent of the females of this age
can be expected to be in the work force.
By age 25, almost all males are in the labor
force. As they enter gainful employment
in increasing proportions, and as they establish households, their demands for consumer
goods expand, especially for housing, automobiles, and other durable goods.
Revisions for Weekly Reporting Banks
BEGINNING with the data for April 26,
1961, the weekly series of statistics reported
by member banks inf leading cities reflects
revisions in the classification of deposits and
an increase in the coverage of the series.
Changes in the deposits classification
were made largely to measure amounts due
to foreign entities and the amounts of savings accounts. The changes in coverage,
which increased total assets by approximately $1.7 billion, were to eliminate adjustments that had been made in the series
since July 1, 1959. These adjustments were
made to prevent distortions that would otherwise have resulted from mergers of nonreporting banks with reporting banks. The
increased coverage is being carried back to
July 1, 1959, the date of the previous
revision in the series, and data for the period
July 1, 1959-April 26, 1961, will be published in a forthcoming BULLETIN. Figures
for the revised classification of deposits will
not be available for dates before April 26,
1961.
DEPOSITS
The form for reporting deposits was revised
to provide the following new items: (1) demand deposits due to mutual savings banks,
(2) savings deposits in the time deposit
category, and (3) for both demand and
time deposits, several items classified as foreign, chiefly amounts due to foreign governments and official institutions, central
banks, and international institutions. Items
in group 3, together with deposits of foreign banks, make up the new "foreign" cate-
gory that is available for both demand and
time deposits. Postal savings deposits, previously reported separately, were combined
with U. S. Government time deposits.
Demand and time deposits due to mutual
savings banks had previously been reported
with other "interbank" accounts, and deposits in the new "foreign" category had
previously been reported largely as "foreign
interbank."
Reporting member banks were asked to
classify their deposits on both the old and
new bases as of April 26, 1961. The table
shows how deposit items were affected by
the new classifications.
The new concept of demand deposits adjusted includes all demand deposits except
those of the U. S. Government and domestic
commercial banks, less cash items in process
of collection. This differs from the previous
concept because of the inclusion of demand
deposits due to mutual savings banks ($524
million) and deposits due to foreign entities
($1,491 million). Of the latter, $1,437
million had previously been classified as
foreign interbank deposits and $54 million
as domestic interbank deposits. As a result
of changes in classification as of April 26,
1961, demand deposits adjusted (new concept) increased from $62,049 million to
$64,064 million.
COVERAGE
A net increase in coverage resulted from
eliminating adjustments previously made at
the time of bank mergers to prevent distortions. The series now embraces 106 cities
654
655
REVISIONS FOR WEEKLY REPORTING BANKS
DEPOSIT RECONCILIATION, APRIL 26,
[New coverage of weekly reporting member banks.
New classification
1961
In millions of dollars]
Old classification
Item
Amount
Individuals,
partnerships,
and
corporations
U.S.
Government
1,076
States
and
political
subdivisions
Certified
and
officers'
checks
Inter Dank
Domestic
Demand
deposits
adjusted l
Foreign
Demand
Total
87,446
65,527
11,132
1,437
fndividuals, partnerships, and corporations*.
Foreign—Total
Governments, international institutions,
etc.* 2
Banks* 2
U. S Government
States and political subdivisions*
Certified and officers' checks* 2
Domestic interbank:
Commercial
Mutual savings* 2
65,418
1,600
65,418
109
54
1,437
566
1 034
1 076
5,229
3,045
109
54
403
1,034
Demand deposits adjusted?1
64 064
. ..
5,229
3,045
62,049
1,076
5,229
3,045
10,554
524
10 554
524
Time
Total
Individuals, partnerships, and corporations—Total
Savings
....
Other
Foreign—Total
..
Governments, international institutions,
etc 22
Banks
U. S. Government (incl. postal savings) 2 .. . .
States and political subdivisions
Domestic interbank:
Commercial2
]Vtutual savings2
33,596
38,175
27,836
5,463
1,864
1,754
110
154
2,723
154
1, 702
2,723
1 33,299
'
1 567
297
297
1 457
110
154
2,723
128
7
128
7
* Included in new concept of demand deposits adjusted.
1
Old concept—demand deposits other than interbank (deposits
due to mutual savings and foreign banks as well as those due to
domestic commercial banks) and U. S. Government, less cash items
reported as in process of collection.
2
Will be included in totals, but will not be shown separately in the
tables published regularly.
3 New concept—total of items marked with an asterisk, less cash
items in process of collection.
(including only the head-office cities of
branch systems) and 356 banks. This represents a reduction of one in the number of
cities and 12 in number of banks since July
1, 1959. One reporting bank had moved its
head office to a reporting city, and this
caused a reduction in the number of headoffice cities. The reduction in the number
of banks resulted from mergers and absorptions and from the withdrawal of one bank
from Federal Reserve membership.
Mergers of two large banks accounted
for about $1 billion of the $1.7 billion increase in coverage. Numerous other mergers
of nonreporting banks with reporting banks
accounted for the remainder.
LOAN CLASSIFICATION
Minor revisions in the loan classifications of
foreign banks, "other nonbank financial
institutions," and "all other" loans resulted
from more precise definitions of loans to
international institutions and foreign entities. These ^classifications resulted in decreases of $163 million in loans to foreign
banks and $28 million in loans to "other"
nonbank financial institutions, and an increase of $191 million in "all other" loans
as of April 26, 1961.
656
RELATED CHANGES IN OTHER REPORTS
The enlarged coverage has caused a minor
addition to the totals shown in the Board's
weekly release, "Changes in Commercial
and Industrial Loans by Industry" (H. 12).
In the back data from July 1, 1959, through
April 26, 1961, this addition has been included in the residual item of "unclassified
borrowers."
The change in classification of deposits
for weekly reporting member banks is consistent with the changes in the deposit schedules of the call report of condition, which
was first used as of April 12, 1961.
The Board's press statement (G. 7) showing statistics on condition of all banks in the
FEDERAL RESERVE BULLETIN • JUNE 1961
United States and the monetary system,
which is issued twice each month, and the
related tables in the BULLETIN, "Consolidated Condition Statement for Banks
and the Monetary System" and "Principal
Assets and Liabilities and Number of All
Banks, by Classes," will also be affected by
the changes in deposit classifications. However, these revisions will not be made until
early 1962, when year-ago data will be
available on a comparable basis, and when
other revisions will be made in that series.
The Board's monthly release of "Bank
Debits" (G. 6) will reflect the revised deposits classifications beginning with the data
for June 1961.
Law Department
Administrative interpretations, new regulations, and similar material
Payment of Dividends—Effect of Net Losses
Section 5199(b) of the Revised Statutes (12
U.S.C. 60), as amended in 1959, provides that
"The approval of the Comptroller of the
Currency shall be required if the total of all
dividends declared by [a national bank] in
any calendar year shall exceed the total of its
net profits of that year combined with its
retained net profits of the preceding two
years. . . ."
Under the sixth paragraph of Section 9 of the
Federal Reserve Act (12 U.S.C. 324), member
State banks are required "to conform to the provisions of Section 5199(b) . . . with respect to
the payment of dividends," except that the approval of the Board of Governors is required in
lieu of the approval of the Comptroller.
The question has arisen whether it is necessary,
in determining whether a bank's dividends in a
particular year "exceed the total of its net profits
of that year combined with its retained net profits
of the preceding two years," to take into consideration the amount of a net loss in the current
year or in one or both of the preceding two years.
The purpose of the 1959 amendment of Section
5199(b) was to prevent a bank from paying a
dividend (except with supervisory approval) unless it has on hand, from operations during the
three latest years, sufficient net profits to cover the
proposed dividend. If a net loss for one or more
of those three years was disregarded in making
the calculation called for by Section 5199(b), a
member State bank could pay dividends, without
the approval of the Board of Governors, even
though the aggregate results of the three latest
years' operations was a net deficit. This was precisely the sort of situation in which Congress intended to prevent the payment of a dividend unless
the supervisory authority was satisfied that special
circumstances justified the proposed dividend.
Accordingly, it is the position of the Board that,
in making the calculation required by Section
5199(b), it is necessary to take into consideration
the actual results of operations during the current
year and the two preceding years, whether the
figures for those years are plus or minus figures.
For example, if a bank had
(a) retained net profits of $30,000 from
1959;
(b) a net loss of $40,000 in 1960 (and dividends of $10,000 were paid in that year,
with the Board's approval); and
(c) net profits of $20,000 in 1961,
it could not pay any dividend in 1961 without the
Board's approval, since the calculation required
by Section 5199(b) would result in a zero figure
($30,000 minus $50,000 plus $20,000). It will be
noted that, for the purposes of Section 5199, any
dividends paid in a loss year must be included in
the "net loss" for that year, just as dividends paid
in a profitable year must be deducted from "net
profits" in calculating "retained net profits."
Loan which is Secured Indirectly by Stock
A question has been presented to the Board as
to whether a loan by a bank to a mutual investment fund is "secured . . . indirectly by any
stock" within the meaning of Section 221.1 of
Regulation U, so that the loan should be treated
as subject to the regulation.
Briefly, the facts are as follows. Fund X, an
open-end investment company, entered into a loan
agreement with Bank Y, which was (and still is)
custodian of the securities which comprise the
portfolio of Fund X. The agreement includes the
following terms, which are material to the question
before the Board:
(1) Fund X agrees to have an "asset coverage" as defined in the agreements) of
400 per cent of all its borrowings, including the proposed borrowing, at the
time when it takes down any part of the
loan.
(2) Fund X agrees to maintain an "asset
coverage of at least 300 per cent of its
borrowings at all times.
(3) Fund X agrees not to amend its custody
agreement with Bank Y, or to substitute
657
658
another custodian without Bank Y's
consent.
(4) Fund X agrees not to mortgage, pledge,
or otherwise encumber any of its assets
elsewhere than with Bank Y.
In 1958 Federal Reserve BULLETIN, at page
1279, the Board stated that because of "the general
nature and operations of such a company," any
"loan by a bank to an open-end investment company that customarily purchases stocks registered
on a national securities exchange . . . should be
presumed to be subject to Regulation U as a loan
for the purpose of purchasing or carrying registered stocks" ("purchase loan"). The Board's
interpretation went on to say that "This would not
be altered by the fact that the open-end company
had used, or proposed to use, its own funds or
proceeds of the loan to redeem some of its own
shares. . . ."
Accordingly, the loan by Bank Y to Fund X
was and is a "purpose loan." However, a loan by
a bank is not subject to Regulation U unless (1)
it is a purpose loan and (2) it is "secured directly
or indirectly by any stock." In the present case,
the loan is not "secured directly" by stock in the
ordinary sense, since the portfolio of Fund X is
not pledged to secure the credit from Bank Y.
But the word "indirectly" must signify some form
of security arrangement other than the "direct"
security which arises from the ordinary "transaction that gives recourse against a particular chattel
or land or against a third party on an obligation"
described in the American Law Institute's Restatement of the Law of Security, page 1. Otherwise
the word "indirectly" would be superfluous, and
a regulation, like a statute, must be construed if
possible to give meaning to every word.
The Board has indicated its view that any arrangement under which stock is more readily available as security to the lending bank than to other
creditors of the borrower may amount to indirect
security within the meaning of Regulation U. In
an interpretation published at 1959 Federal Reserve BULLETIN 256 it stated
"The Board has long held, in the . . .
'purpose' area, that the original purpose of a
loan should not be determined upon a narrow
analysis of the technical circumstances under
which a loan is made. . . .
"Where security is involved, standards of
interpretation should be equally searching."
FEDERAL RESERVE BULLETIN • JUNE 1961
In its pamphlet issued for the benefit and guidance
of banks and bank examiners, entitled "Questions
and Answers Illustrating Application of Regulation U," the Board said
"In determining whether a loan is 'indirectly' secured, it should be borne in mind
that the reason the Board has thus far refrained . . . from regulating loans not secured by stock has been to simplify operations
under the regulation. This objective of simplifying operations does not apply to loans in
which arrangements are made to retain the
substance of stock collateral while sacrificing
only the form."
A wide variety of arrangements as to collateral
can be made between bank and borrower which
will serve, to some extent, to protect the interest
of the bank in seeing that the loan is repaid,
without giving the bank a conventional direct
"security" interest in the collateral. Among such
arrangements which have come to the Board's attention are the following:
(1) The borrower may deposit stock in the
custody of the bank.
An arrangement of this kind may not, it is true,
place the bank in the position of a secured creditor in case of bankruptcy, or even of conflicting
claims, but it is likely effectively to strengthen the
bank's position. Section 221.3 (f) of Regulation
U, which provides that
"A loan need not be treated as collateralled
by securities which are held by the bank only
in the capacity of custodian, depositary or
trustee, or under similar circumstances, if the
bank in good faith has not relied upon such
securities as collateral in the making or maintenance of the particular loan."
does not exempt a deposit of this kind from the
impact of the regulation unless it is clear that the
bank "has not relied" upon the securities deposited with it.
(2) A borrower may not deposit his stock
with the bank, but agree not to pledge
or encumber his assets elsewhere while
the loan is outstanding.
Such an agreement may be difficult to police, yet
it serves to some extent to protect the interest of
the bank if only because the future credit standing
and business reputation of the borrower will depend upon his keeping his word. If the assets
659
CURRENT EVENTS AND ANNOUNCEMENTS
covered by such an agreement include stock, then,
as under (1) and (3), the stock is "indirect security" for the loan within the meaning of Regulation U.
(3) The borrower may deposit stock with a
third party who agrees to hold the stock
until the loan has been paid off.
Here, even though the parties may purport to
provide that the stock is not "security" for the
loan (for example, by agreeing that the stock may
not be sold and the proceeds applied to the debt
if the borrower fails to pay), the mere fact that
the stock is out of the borrower's control for the
duration of the loan serves to some extent to
protect the bank.
The three instances described above are merely
illustrative. Other methods, or combinations of
methods, may serve a similar purpose. The conclusion that any given arrangement constitutes
"indirect security" may, but need not, be reinforced by facts such as that the stock in question
was purchased with proceeds of the loan, that the
lending bank suggests or insists upon the arrangement, or that the loan would probably be subject
to criticism by supervisory authorities were it not
for the protective arrangement.
Accordingly, the Board concludes that the loan
by Bank Y to Fund X is indirectly secured by the
portfolio of the fund and must be treated by the
bank as a regulated loan.
Current Events and Announcements
RESIGNATION OF MR. SZYMCZAK AS A MEMBER
OF THE BOARD OF GOVERNORS
Mr. M. S. Szymczak, who had been a member of
the Board of Governors since June 14, 1933,
resigned effective June 1, 1961. Prior to his appointment as a member of the Board of Governors,
Mr. Szymczak had been engaged in the educational field as well as in commercial banking. He
was Comptroller of the City of Chicago at the time
of his appointment to the Board.
Mr. Szymczak's letter of resignation and the
President's letter of acceptance follow:
April 21, 1961.
The President,
The White House.
Dear Mr. President:
My purpose in writing you at this time is to
apprise you of my intention to resign my position
as a Member of the Board of Governors of the
Federal Reserve System. As you may be aware,
it has been my pleasure to serve in this capacity
for nearly 28 years, following my appointment by
President Franklin D. Roosevelt. Two years after
my appointment, with the enactment of the Banking Act of 1935, existing appointments to the
Board were terminated effective January 31, 1936.
Thereafter, terms of Members were for 14 years,
such terms so arranged as to provide for the expiration thereof at two year intervals. I was
appointed for a term of 12 years commencing
February 1, 1936, and reappointed for 14 years
from February 1, 1948. My present term expires
on January 31, 1962.
Throughout my years of service I have held the
conviction that the experience gained and judgment developed in this period of time should be
utilized by me, both while a Member of the Board
and thereafter, in contributing what I am able to
the fields of Government service and education,
and to other related fields of endeavor. As a member of the Board I have striven to contribute to
the formulation of sound Federal Reserve System
policy that would be, in turn, reflected in the
nation's financial and economic development. It
660
FEDERAL RESERVE BULLETIN • JUNE 1961
is now time, I feel, for me to direct my efforts, in
major fashion, to contributions in the fields of
education and related matters.
Accordingly, and in pursuit of this latter objective, I tender to you my resignation as a
Member of the Board of Governors of the Federal Reserve System to be effective by June 1,
1961, or such earlier date as may be convenient
to you. Chairman Martin is presently in Europe.
On his return about the middle of May, it is my
hope that he and I may have the opportunity to
call upon you.
Subsequent to my leaving office I intend to
undertake preparation of a book in the field of
comparative monetary policy, publication of which
I hope will serve as a useful vehicle for the transmission of my experience and knowledge gained
in this field. Simultaneously I intend to undertake
the conduct of courses in the same and related
fields in the Graduate School of Georgetown
University and also to serve as a financial consultant.
In leaving the Board of Governors I am deeply
appreciative of the opportunity that has been
afforded me to serve the Government and the
public, and I trust my plans for the future will
enable me to continue in that service. Should you
determine, at any time in the future, that I may be
of service to you, it will be my privilege and
pleasure to respond.
Respectfully,
M. S. Szymczak.
May 27, 1961.
Dear Mr. Szymczak:
I have your letter submitting your resignation as
a Member of the Board of Governors of the
Federal Reserve System, after nearly 28 years
of service in that post.
In accordance with your wishes, I hereby accept
your resignation, effective as of June 1, 1961.
In doing so, I want to express appreciation for
the service you have rendered to the government
and the public over these many years, and to extend best wishes for the future.
Sincerely,
John F. Kennedy.
Honorable M. S. Szymczak
Member of the Board
Board of Governors
Federal Reserve System
Washington, D. C.
ADMISSION OF STATE BANKS TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM
The following banks were admitted to Membership in the Federal Reserve System during the
period May 16, 1961 to June 15, 1961:
New Jersey
Plainfield.
State Bank of Plainfield
Iowa
Emmetsburg.
Iowa Trust & Savings Bank
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
Ooeratinc ratios
.. •
Insured commercial banks
Stock Exchange firms, detailed debit and
Semiannually
Banking offices:
Analysis of changes in number of....
On, and not on, Federal Reserve Par
List number of
...
Issue
Page
June 1961
723
June 1961
{May 1961
722
232-39
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. 1960
1069
Feb. 1961
230
Feb. 1961
231
May 1961
Apr. 1961
Flow of funds
Selected assets and liabilities of Federal
business-type activities
May 1961
622
478-85
Quarterly
Cash receipts from and payments to the
617
National Summary of Business Conditions
Released for publication June 15
Industrial production recovered sharply further
in May, and construction activity also increased.
Employment and income continued to rise and
retail sales advanced. Commercial bank credit
rose further. In late May and early June, capital
market financing was in large volume and bond
yields increased.
advance, reflecting gains in industrial and commercial machinery and in farm equipment.
Iron and steel output rose more than 10 per
cent in May, and a further increase is indicated
this month as steel ingot production declined less
than seasonally in early June. In May there were
also increases in construction materials, textiles,
chemicals, and paper products.
INDUSTRIAL PRODUCTION
Industrial production increased 3 per cent
further in May to 108 per cent of the 1957 average, compared with 102 in the first quarter and
110 in mid-1960. Since February, production of
materials has risen 8 per cent and final products
4 per cent. Output of final products, both consumer goods and equipment, is close to previous
highs.
Gains were widespread in May. Among consumer goods, production of television and radio
sets, furniture, and some other home goods continued to increase. Auto assemblies rose again
and production schedules for June indicate a
moderate further increase. Over-all output of
consumer staples and apparel also rose in May.
Production of business equipment continued to
INDUSTRIAL
1957 = 100
PRODUCTION
FINAL
PRODUCTS
NONDURABLE
MANUFACTURES>
\
\
frt^
N, "
New construction activity increased 2 per cent
in May and was at a seasonally adjusted annual
rate of $56.5 billion. Public activity rose about
4 per cent, reflecting principally a substantial increase in highway construction; private work increased slightly further.
EMPLOYMENT
Seasonally adjusted employment in nonfarm
establishments rose further in May and was 500,000 above the low reached in March, although
700,000 or more than 1 per cent below the prerecession high of July 1960. In May, gains occurred in most manufacturing industries and were
especially large in the steel, fabricated metals, and
auto industries. Employment reached new highs
in finance and State and local government.
Mainly because of a continuing increase in the
average factory workweek, weekly earnings rose
further and were slightly higher than a year earlier. The seasonally adjusted unemployment rate
remained just under 7 per cent, the level prevailing since December.
DISTRIBUTION
CONSUMER
GOODS
!
DURABLE
/MANUFACTURES
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for May.
S
CONSTRUCTION
Monthly fig-
661
Retail sales rose 1 per cent in May, following
a decrease of a like amount in April, and were
2 per cent below the year-earlier rate. Increased
sales of autos accounted for most of the rise in
May. Sales at department stores edged off, after
a sustained rise, but were higher than a year
earlier.
662
FEDERAL RESERVE BULLETIN • JUNE 1961
COMMODITY PRICES
The wholesale commodity price index continued
to change little from early May to early June.
Prices of steel scrap and some other sensitive materials advanced while prices of some steel mill
products were reduced. Wholesale prices of meats
declined somewhat further as supplies remained
relatively large.
weeks ending June 7. Between early May and
early June reserves were absorbed principally
through currency outflow and were supplied
through Federal Reserve purchases of U. S. Government securities. Required reserves declined
somewhat.
SECURITY MARKETS
Total commercial bank credit rose about $1.5
billion further in May, reflecting increases both in
holdings of U. S. Government securities and in
loans. The average money supply, seasonally adjusted, declined slightly while time deposits continued to show substantial growth and U. S. Government deposits rose sharply. Seasonally adjusted turnover of demand deposits increased.
Member bank borrowings from Federal Reserve Banks averaged about $100 million and
excess reserves about $585 million over the four
New security financing by corporations and
State and local governments was in large volume
in May and early June. On June 8, the Treasury
raised $1.8 billion in cash by auctioning additional
amounts of 18 outstanding issues of bills.
Bond yields generally increased between midMay and mid-June. Yields on all maturities of
Treasury securities rose sharply in the second
half of May and the first week of June and then
declined somewhat. The rise was sharpest in
yields on issues maturing in 3-5 years, which in
early June reached new highs for this year. Common stock prices, after reaching a record high in
mid-May, declined on balance to mid-June, and
the volume of trading decreased substantially.
RETAIL TRADE
INTEREST RATES
BANK CREDIT AND RESERVES
1947 - 49 = 100
Per
cent
DEPARTMENT STORES
LONG-TERM
GOVERNMENT SECURITIES .
V ' " STOCKS
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest for stocks is April, for other series, May.
Discount rate, range or level for all F. R. Banks. Weekly
average market yields for U. S. Government bonds maturing
in 10 years or more and for 90-day Treasury bills. Latest
figures shown are for week ending June 9.
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 . .
664
668
669
672
674
675
678
680
683
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
684
685
686
688
693
695
697
700
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. .
704
710
710
712
714
715
716
718
720
Bank holding companies, December 31, 1960. . .
....
Tables not published each month—list with latest BULLETIN reference
Index to statistical tables. .
722
660
749
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, Backfiguresfor 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.
663
664
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Period
or
date
U. S. Govt. securities
DisHeld counts
Bought under and Float1
out- repur- adTotal
right chase vances
agreement
Total*
Gold
stock
TreasCurury
cur- rency
in
rency
ciroutculastandtion
ing
Deposits, other
Member bank
than member bank
reserves,
reserves3
Treas- with F. R. Banks
ury
Other
cash
F.R.
acholdcounts
ings
With CurTreas- For- Other i
F.R. rency
Total
ury
eign
Banks and
Averages of
daily figures
1929—June....
1933—June....
1939—Dec
179
1,933
2,510
179
1,933
2,510
978
250
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
5
381
268
142
657
1,633
448
407
840
1956—Dec.
1957—Dec.
1958—Dec.
1959—June.
Dec.
24,765
23,982
26,312
25,963
27,036
24,498
23,615
26,216
25,949
26,993
25,818
26,124
26,619
26,983
26,653
27,056
27,871
27,248
1,317 4,024 2,018
2,208 4,030 2,295
2,612 17,518 2,956
170 2,404
652 24
•4,744
681 22,858
1,117 21,606
1,375 25,446
1,262 27,299
27
1,018 27,107
992 26,317
1,389 26,853
3,239
4,322
4,556
4,629
4,701
4,806
4,885
4,982
5,008
4,400
210
5,455
272
7,609 2,402
30
81
616
30
164
739
376 2,314 2,314
350 2,211 2,211
248 11,473 11,473
353
264
290
390
365
394
292
493
614
739
796
832
908
929
983
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
372
345
262
277
361
247
186
337
359
348
998
1,063
1,174
1,219
1,195
19,535
19,420
18,899
18,451
18,932
19,535
19,420
18,899
18,451
18,628
534
496
492
490
516
488
462
522
194
221
213
202
216
226
243
250
316
937
381
994
375
910
377
948
390
962
405
891
396
973
495 1,029
18,239
18,294
18,518
18,501
18,570
18,733
19,004
19,283
17,962
277
18,001
293
18,208
310
18,111
390
17,697
873
17,843
890
17,737 1,267
16,688 2,595
411
422
426
408
420
482
521
459
422
463
239
189
240
207
205
941 19,315 16,715 2,600
399
392 1,054 18,964 16,532 2,432
383 1,052 18,809 16,419 2,390
316
987 18,884 16,474 2,410
293 1,017 18,846 16,420 '2,426
31,654
31,826
31,828
31,581
423
417
420
417
509
465
660
553
163
200
188
186
356
349
258
269
942
917
864
857
17,867
17,869
18,281
18,392
17,650
17,634
18,012
18,083
217
235
269
309
5,347
5,348
5,349
5,350
31,606
31,723
31,774
31,684
414
419
413
415
567
504
608
547
184
184
195
202
855
311
854
314
349
887
290 1,034
18,243
18,306
18,235
18,168
17,968
18,081
17,961
17,868
275
225
274
300
19,352
19,352
19,351
19,346
19,325
5,349
5,350
5,353
5,354
5,356
31,812
31,917
31,976
31,927
31,867
414
424
415
412
406
468
445
490
550
505
206
199
206
225
249
321 1,033 18,121 17,806
343 1,034 18,153 17,897
365 1,001 18,156 17,859
398
970 18,60r 18,315
415
971 18,34: 18,007
315
256
297
287
335
5,356
5,356
5,357
5,357
10,985
28,452
28,937
27,806
29,139
30,494
30,968
30,749
31,265
2,189
2,269
1,330
1,290
1,280
1,271
767
805
777
592
625
967
615
271
569
602
443
434
1,531
1,247
1,016
920
571
745
466
439
459
267
367
96
14
43
706 1,633 27,156 21,942 5,064 31,775
716 1,443 26,186 22,769 5,144 31,932
564
496 28,412 20,563 5,230 32,371
938 ,009 27,937 20,030 5,278 31,813
911 1,426 29,435 19,482 5,311 32,775
772
768
691
632
396
463
385
470
495
524
25,697
26,118
26,521
26,768
26,546
26,929
27,542
27,170
121
6
98
215
107
127
329
78
502
425
388
293
233
170
160
94
1,027 27,378
1,159 27;
"7,737
140 28,176
894 28,206
1,168 28,088
'
8,490
156 29,241
665 29,060
19,356
19,343
19,245
19,052
18,870
18,571
18,058
17,954
5,349
5,353
5,357
5,364
5,374
5,382
5,391
5,396
31,726
31,926
32,174
32,091
32,151
32,183
32,474
33,019
415
414
406
403
400
406
405
408
26,942
26,829
26,831
26,676
26,747
26,862
26,630
26,826
26,663
26,722
80
199
5
13
25
58
146
80
63
101
1,431 28,484
1,121 28,145
1,071 28,030
1,140 27
27,925
1 s 119 28,007
17,567
17,402
17,380
17,389
17,397
5,401
5,404
5,408
5,414
5,425
32,265
31,841
31,839
31,913
32,010
25,284
25,396
25,701
25,521
25,264
25,285
25,417
25,444
20
111
284
77
735
734
561
524
898 26,950
910 27,073
200 27,500
153 27,228
19,406
19,394
19,386
19,373
5,341
5,342
5,344
5,346
25,660 25,557
M:::::::: 25,868
25,616
25,761 25,627
103
252
134
27
958 27,199
552
924 27,371
549
555 1,133 27,480
403 1,161 27,338
19,360
19,359
19,359
19,353
924 27,358
"~ 27,557
27,609
505 28,096
168 27,739
22,759
20,047
22,712
22,879
22,483
23,276
22,028
21,711
21,689
304
1960
May
June
July
Aug
Sept
Oct
Nov
Dec
1961
Jan
Feb
Mar
Apr
May
Week ending—
1960
Apr
- , 20? : : : : : : : :
27
Ma
18
25
June
1
8
25,968
26,134
26,176
26,011
26,129
25,941
26,118
26,176
26,011
26,129
27
16
6
26,553 26,491
26,613 26,517
20!'.'.'.'.'.'.'. 26,556 26,416
26,599 26,522
27
62
96
140
77
039 28,063
440
341 1,133 28,115
429 1,423 28,437
351 1,085 28,063
19,322
19,282
19,251
19,191
32,155
32,361
32,199
32,041
406
406
409
405
517
42!
548
488
226
214
209
202
398
374
374
371
18,320
18,349
18,761
18,552
18,079
18,041
18,422
18,219
241
308
339
333
19,14' 5,358 32,046
19,098 5,359 32,129
19,039 5,363 32,184
32,087
19,026
31,980
19,006
408
404
409
400
395
466
45
555
485
487
358
884 18,591
363
884 18,525
386
904 18,564
380 1,016 18,404
384 1,014 18,466
18,272
18,279
18,243
18,075
17,772
319
246
321
329
694
5,372
5,374
5,376
5,375
39'
401
403
399
477
465
551
579
221
19:
190
195
225
233
204
224
200
411 1,011 18,358 17,607
974 18,581 17,676
373
936 18,635 17,729
379
93. 18,609 17,671
378
751
905
906
938
15
22
29
July
25,745 25,718
436
400
375
550
412
Aug. 3
10
17
24
31
26,930
27,099
27,041
26,992
26,788
26,760
26,806
26,812
26,772
26,682
170
293
229
220
106
877 28,151
315
293
822 28,246
416
28,469
193 1,014 28,245
273
""; 27,88"
788
Sept. 7
14
21
28
26,784
26,649
26,541
26,539
26,640
26,524
26,495
26,456
144
125
46
262
861 27,941 18,999
301 1,05: 28,035 18,975
86 1,527 28,189 18,828
244 1,24: 28,059 18,731
For notes see opposite page.
32,174
32,291
32,171
32,004
958
935
884
884
665
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS-Continued
[In millions of dollars]
Reserve Bank credit outstanding
Treasury
currency
outstanding
U. S. Govt. securities
Period
or
date
Total
DisHeld counts
under and Float i
Bought repur- adoutchase vances
right
agreement
Total 2
Gold
stock
Currency
in
circulation
Trea sury
cash
hold
ings
Deposits, other
than member bank
reserves,
with F. R. Banks
Member bank
reserves3
Other
F. R.
accounts
Treas-
For- Other i
eign
Total
With
F.R.
Banks
Currency
and
coin
Averages of
daily figures
Week ending—
1960
Oct.
5
12
19
26
27,028
27,268
27,036
26,760
26,836
27,136
27,036
26,681
192
132
Nov.
2
9
16
23
30
27,313
28,015
28,105
27,831
27,623
26,946
27,439
27,588
27,678
27,607
Dec.
7
14
21
28
27,421
27,381
27,034
27,074
27,421
27,381
27,010
26,946
24
128
79
219 1,096 28 ,385 18,671 5,377 32,049
168 1,038 28,517 18,615 5,380 32,276
95 1,453 28,621 18,586 5,382 32,304
262
354 28,415 18.552 5,383 32,120
403
408
413
403
467
474
489
546
213
202
215
257
443
379
393
373
936
932
864
862
18,759
18,640
18,839
18,729
17,922
17,840
17,909
17,789
367
576
517
153
16
211 1,098 28,662 18,405 5,387 32,104
158
928 29,154 18,124 5,389 32,298
976 29,325 18,068 5,391 32,527
190
532 29,542 17,999 5,392 32,532
121
228 29,022 17,957 5,392 32,640
12.1
403
398
402
407
414
442
418
519
469
460
254
250
230
224
258
456
395
408
388
387
865
864
914
,073
,071
18,873
18,797
18,733
18,761
19,678
17,931
942
18,045
752
17,784
949
17,839
922
17,141 2,537
67
76
80
56
1,057
1,272
2,151
2,150
837
800
930
940
28 ,594
28,778
29,316
29
~336
17,974
18,083
17.957
17^82
5,391
5,396
5,396
5,398
32,722
33,038
33,174
33,195
413
410
414
401
473
522
592
522
253
237
246
260
474
680
443
391
,066
,037
,018
,019
18,916
18,932
19,460
19,447
16,558
16,334
16,782
16,828
2,358
2,598
2,678
2,619
1961
Jan.
4
11
18
25
27,375
27,124
26,967
26,821
26,984
26,986
26,948
26,821
391
138
19
184
60
44
57
,789 29,420
,350 28,592
,408 28,471
,523 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
412
417
441
413
528
507
245
239
248
245
473
381
389
392
954
941
940
942
19,944
19,226
19,292
19,467
17,202
16,605
16,662
16,875
2,742
2,621
2,630
2,592
Feb.
1
8
15
22
26,600
26,860
27,007
26,740
26,582
26,672
26,653
26,589
18
188
354
151
75
188
202
116
,131 27,853
,053 28,148
829 28,086
,326 28,232
17,441
17,429
17,410
17,385 5,405
31,776
31,805
31,930
31,857
422
413
417
424
510
523
526
496
227
196
185
172
393
951
383 1,018
401 \022
392
,093
18,963
18,948
18,844
19,045
16,417
16,641
16,420
16,587
2,546
2,307
2,424
2,458
Mar.
1
8
15
22
29
26,706
26,793
27,008
26,864
26,724
26,621
26,775
27,003
26,864
26,724
85
18
5
59
104
58
62
87
,294 28,109
,068 28,014
,003 28,116
,260 28,234
,004 27,863
17,373
17,373
17,374
17,385
17,389
5,405
5,405
5,407
5,409
5,408
31,768
31,794
31,901
31,887
31,775
437
433
428
418
426
531
415
418
506
497
199
233
267
238
218
400
398
389
365
370
,093
,087
,057
,035
,032
19,014
18,671
18,827
18,955
18,793
16,458
16,433
16,437
16,578
16,342
2,556
2,238
2,390
2,377
2,451
-,2
19
26
26,870
26,868
26,601
26,389
26,836
26,854
26,591
26,389
115
59
52
42
942 27,973
,004 27,978
8,009
310 28009
279 27,755
7755
17,388
17,389
17,390
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
310
309
298
,028
,014
966
963
18,702
18,782
19,026
19,018
16,369
16,429
16,552
16,511
2,333
2,353
2,474
2,507
26,692
26,801
26,725
26,653
26,802
26,692
26,792
26,683
26,598
26,799
66
70
179
71
97
066 27,868
,003 27,914
237 28,180
,308 28,070
965 27,904
17,390
17,390
17,395
17,403
17,402
5,420
5,422
5,424
5,426
5,428
31,842
31,968
32,081
32,001
32,055
408
420
424
420
418
572
396
550
483
374
221
204
206
201
211
962 18,{
298
304
961 18,754
304
984 18,909
280 1,075 ^18,918
275 1,073 "18,825
115
938 27,787 17,388 5,410 31,891
67 1,066 27,950 17,390 5,419 31,830
111
771 27,806 ^17,403 ^5,428 '32,174
39:
399
^426
443
633
372
271
230
210
401 1,028 18,645 16,158 2,487
964 18,585 16,419 2,166
280
277 1,071 ^18,760 16,107 ^2,653
Apr
May
3
10
17
24
31
16,373 2,435
16,474 2,280
16,451 2,458
16,440 ^2,478
16,329 ^2,496
End of month
1961
Mar
Apr
May
Wednesday
26,688 26,688
26,772 26,772
26,887 26,886
1961
A p r
-,!:::::::
19
26
May
3
10
17
24
31
27,127
26,809
26,436
26,228
27,124
26,754
26,436
26,228
26,781
26,916
26,667
26,747
26,887
26,781
26,901
26,490
26,706
26,886
15
177
41
1
121
913 28,206
117
948 27,919
60 1,170 27,710
38
968 27,277
17,389
17,390
17,391
17,390
5,410
5,412
5,415
5,418
31,953
31,995
31,897
31,765
410
420
416
415
222
402
356
501
288
173
212
232
384 1,025
962
345
968
315
964
308
76
222
782
211
111
17,390
17,395
17,403
17,403
5,421
5,423
5,425
5,427
^5,428
31,877
32,034
32,041
31,951
^32,174
422
437
434
428
452
446
496
484
372
206
220
206
200
210
957 18,981
315
962 19,120
315
282 1,076 19,650
282 1,073 P 1 9 , 1 2 9
277 1,071 ^18,760
968 27,865
934 28,111
.211 28,697
978 27,973
771 27,806
P!7,403
P Preliminary.
J Figures beginning with 1960 reflect a minor change in concept of
float. For explanation, see the BULLETIN for February 1961, p. 164.
2
Includes industrial loans and acceptances, when held. For holdings
of acceptances on Wednesday and end-of-month dates, see subsequent
tables on Federal Reserve Banks. (Industrial loan program discontinued
Aug. 21, 1959.) See also note 1.
19,188
19,118
19,133
18,654
16,723
16,425
16,351
15,900
2,465
2,693
2,782
2,754
16,447 2,534
16,516 2,604
16,990 2,660
16,386 ^2,743
16,107 *>2,653
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.
« Less than $500,000.
666
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
heldi
Period
BorBorrowReReTotal
Free
Free
Excess rowings
ings
quired Excess
quired
rererere- 3
reat
at
rereserves
serves2 serves 3 F. R. serves 3 heldi serves2 serves 3 F. R. serves
Banks 4
Banks 4
Central reserve city banks—Chicago
Total
Rerequired Excess
re- 3
serves
reheldi serves2 serves
BorrowFree
ings
reat
serves 3
F. R. 4
Banks
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
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.
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
n.a.
192
38
58
151
486
115
62
196
n.a.
-144
67
67
-107
-456
-101
-50
-162
1,143
939
1,024
1,199
1,356
1,406
1,295
1,210
1,166
848
924
,011
,191
,353
,409
,295
,210
,164
295
14
13
8
3
-4
1
n.a.
6
5
64
232
37
15
85
n.a.
14
7
3
-61
-236
-36
-16
-83
1956—Dec
1957—Dec
1958—Dec
1959—June....
Dec
19,535
19,420
18,899
18,451
18,932
18,883
18,843
18,383
18,043
18,450
652
577
516
408
482
688
710
557
921
906
-36
-133
-41
-513
-424
4,448
4,336
4,033
3,933
3,920
4,392
4,303
4,010
3,926
3,930
57
34
23
7
-10
147
139
103
22
99
-91
-105
-80
-15
-109
1,149
1,136
1,077
1,009
1,038
,138
,127
,070
,006
,038
12
97
85
39
66
104
-86
-77
-31
-63
-104
I960—May
June....
July
Aug
Sept
Oct
Nov
Dec
18,239
18,294
18,518
18,501
18,570
18,733
19,004
19,283
17,770
17,828
18,010
17,961
17,931
18,095
18,248
18,514
469
466
508
540
639
638
756
769
502
425
388
293
225
149
142
87
-33
41
120
247
414
489
614
682
3,853
3,852
3,864
3,780
3,773
3,788
3,770
3,687
3,808
3,819
3,853
3,780
3,755
3,765
3,718
3,658
45
33
11
45
16
-3
-27
-2
9
34
10
988
987
1,020
1,027
1,014
1,011
1,006
958
981
988
,010
,024
,011
,007
998
953
7
-1
10
3
3
4
56
58
49
41
8
6
12
-49
-59
-39
-38
-5
-2
-4
-4
1961—Jan
Feb
Mar
Apr
May....
19,315
18,964
18,809
18,884
»18,846
18,570
18,310
18,263
18,266
*>18,306
745
654
546
618
49
137
70
56
96
696
517
476
562
3,693
3,632
3,623
3,649
3,576
3,667
3,598
3,613
3,588
3,581
26
34
10
62
-5
26
26
9
60
-22
963
954
946
923
953
959
948
936
927
945
4
7
9
-4
18,243
18,306
18,235
18,168
17,919
17,808
17,778
17,715
324
498
457
453
552
549
555
402
-228
-51
-98
51
3,911
3,835
3,838
3,779
3,914
3,824
3,792
3,776
-4
10
46
3
-4
10
46
3
1,000
985
977
984
996
984
979
975
4
2
-1
9
18,916
18,932
19,460
19,447
18,216
18,222
18,706
18,753
700
710
754
694
60
70
74
49
640
640
680
645
3,559
3,579
3,769
3,753
3,540
3,556
3,753
3,725
20
23
16
28
20
23
2
28
937
934
962
981
934
927
966
976
4
7
-3
5
4.
11.
18.
25.
19,944
19,226
19,292
19,467
18,930
18,654
18,500
18,463
1,014
572
792
1,004
176
51
35
47
838
521
757
957
3,840
3,676
3,625
3,761
3,821
3,670
3,611
3,629
19
6
15
132
-52
6
15
132
985
972
948
967
985
965
945
951
3
16
-42
8
2
15
1.
8.
15.
22.
18,963
18,948
18,844
19,045
18,415
18,380
18,202
18,320
548
568
642
725
66
179
193
107
482
389
449
618
3,658
3,637
3,578
3,616
3,659
3,628
3,548
3,597
-1
9
31
20
-4
-1
19
13
957
956
939
967
960
951
937
954
-2
6
2
13
-10
-22
-79
-14
Mar. 1.
8.
15.
22.
29.
19,014
18,671
18,827
18,955
18,793
18,335
18,244
18,192
18,451
18,193
679
427
635
504
600
50
94
49
52
78
629
333
586
452
522
3,670
3,582
3,636
3,693
3,633
3,613
3,572
3,592
3,669
3,620
57
11
44
25
13
57
9
44
25
13
950
945
927
959
936
948
943
929
951
930
2
2
-2
-11
-2
7
-16
Ap,
18,702
18,782
19,026
19,018
18,167
18,201
18,345
18,287
535
581
681
731
107
52
44
37
428
529
637
694
3,647
3,545
3,628
3,597
3,613
3,552
3,589
3,577
35
-7
38
20
35
-13
38
20
935
929
936
925
914
927
930
924
22
3
6
2
19
2
6
2
18,808 18,341
18,754 18,276
18,909 18,307
*>18,918 >18,351
*>18,825 *>18,251
467
478
602
P567
61
64
173
66
92
406
414
429
*>501
P482
3,698
3,561
3,585
3,603
3,601
3,645
3,570
3,578
3,583
3,556
53
-9
8
20
46
53
-27
-43
12
46
949
933
944
953
954
940
935
939
950
952
9
-2
5
3
2
9
-3
-6
Week ending—
1960—May 4 .
18!
25.
Dec. 7.
14.
21.
28.
1961—Jan.
Feb.
i | ;
19.
26.
May
3.
10.
17.
24.
31.
For notes see opposite page.
18
22
52
29
174
-29
1
-4
5
53
101
93
12
-49
-100
-94
-3
4
7
-12
5
42
2
BANK RESERVES AND RELATED ITEMS
667
RESERVES AND BORROWINGS O F MEMBER BANKS, BY CLASSES—Continued
[Averages of daily figures. In millions of dollars]
Country banks
Reserve city banks
Period
Total
reserves
held!
Required
reserves 2
Excess
reserves 3
n.a.
n.a.
n.a.
n.a.
96
123
50
354
639
184
117
398
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
96
86
57
39
41
299
314
254
574
490
-203
-228
-198
-536
-449
5,859
5,906
5,849
5,765
6,020
51
44
48
47
68
65
94
100
224
164
176
109
112
67
56
20
-173
-120
-128
-62
-44
-2
38
80
7,859
7,743
7,698
7,723
*>7,723
101
67
58
60
^56
14
57
23
21
36
7,527
7,514
7,541
7,479
7,501
7,468
7,478
7,447
26
46
63
32
7,781
7,851
7,972
8,046
7,723
7,732
7 919
7,964
8,135
8,009
7,923
8,057
12
120
1,188
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
1956—Dec
1957 Dec
1958—Dec
1959 June
8,078
8,042
7,940
7,744
7,954
7,983
7,956
7,883
7,705
7,912
1960—May
7,515
7,540
7,647
7,654
7,662
7,761
7,854
7,950
7,465
7,496
7,599
7,607
7,595
7,696
7,761
7,851
7,960
7,810
7,756
7,783
Sept
Oct
Nov
Dec
1961—j ari
Feb.«
Mar
Apr
May
Required
reserves 2
610
344
897
749
528
1,953
July
Total
reserves
held*
632
441
1,568
761
648
3,140
June
Free
reserves 3
62
1929 June
1933_june
1939 Dec
Dec
Borrowings at
F. R.
Banks 4
Excess
reserves 3
22
Borrowings at
F. R.
Banks*
Free
reserves 3
327
126
804
1,011
n.a.
n.a.
46
-305
-30
597
663
596
576
594
602
497
57
29
89
236
105
52
159
540
634
507
340
489
550
338
5,371
5,457
5,419
5,406
5,569
488
449
430
359
450
144
344
172
162
259
213
277
268
101
237
5,882
5,915
5,987
6,041
6,120
6,173
6,374
6,689
5,517
5,525
5,548
5,550
5,569
5,626
5,771
6,053
366
390
439
491
551
546
602
636
222
186
149
116
85
63
56
40
144
204
290
375
466
483
546
596
87
10
35
39
6,699
6.568
6,485
6,529
^6,538
6,085
6,022
6,016
6,029
^6,057
614
546
469
500
31
36
38
33
40
583
510
431
467
P441
277
263
248
190
-251
-217
-186
-158
5,805
5 972
5,879
5,925
5,507
5,532
5,529
5,517
298
440
350
408
222
185
214
200
75
255
136
209
58
119
52
83
21
19
14
9
37
100
38
73
6 638
6,569
6 757
6,666
6,020
6,008
6 068
6,089
619
560
689
578
39
51
37
40
580
509
652
538
8,007
7 916
7,848
7,813
128
93
75
244
44
10
17
10
84
83
58
233
6,984
6 569
6,795
6,683
6,118
6 103
6,096
6,070
867
466
699
613
19
41
17
36
849
425
682
577
7,798
7,813
7,764
7,858
7 762
7,769
7,700
7,745
36
44
64
112
19
81
74
47
17
-37
-10
66
6 550
6,541
6,562
6,604
6 035
6,032
6,017
6,024
515
509
545
580
36
60
26
27
479
449
519
553
7,787
7,771
7,717
7 829
7,710
7,756
7,735
7,650
7 773
7,644
31
36
67
56
65
17
31
21
18
20
14
5
47
38
45
6,607
6,372
6,547
6 473
6,513
6,018
5,994
6,021
6 057
5,998
589
378
525
416
516
29
50
28
34
37
560
328
497
382
479
7,732
7,777
7,854
7,782
7,663
7,690
7,774
7,742
69
87
80
40
34
23
14
18
35
64
66
22
6,388
6,530
6,608
6,714
5,977
6,033
6,051
6,044
410
497
557
670
70
23
30
19
340
475
527
650
7,803
7,760
7,773
7,775
*7,775
7,732
7,724
7,733
7 740
^7,683
71
36
40
35
19
23
74
34
21
51
12
-33
1
6,358
6,500
6,607
^6 586
^6,495
6,024
6,047
6,058
*>6 079
^6,060
333
453
550
41
22
38
22
71
290
431
512
^486
409
58
— 397
96
671
n.a.
n.a.
965
Week ending—
1960
May
4
18
25
1961
Dec.
7
14
21
28
Jan
4
11
18
25
Feb.
1
8
15
22
Mar
1
8
15
22
29
Apr
5
12
19
26
May
3
10
17
24
31
...
...
...
...
.
...
. .
p
n.a. Not available.
Preliminary.
1
Based on figures at close of business through November 1959; thereafter on closing figures for balances with Reserve Banks and opening
figures for allowable cash. Beginning with Nov. 24, 1960, all currency
and coin held by member banks allowed as reserves; during the period
Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has been allowed.
Monthly averages of currency and coin are estimated.
2
Based on deposits as of opening of business each day. Monthly
H35
averages for all classes of banks beginning with January 1960 are estimated.
3
Monthly averages for all classes of banks beginning with January
1960 are estimated.
4
Based on closing figures.
5
This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
668
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Federal Reserve Bank
Rate on
May 31
Boston
Now Y o r k . . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
In effect
beginning—
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
May 31
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
In effect
beginning—
Rate on
May 31
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
In effect
beginning—
Previous
rate
Aug. 23,1960
June 10,1960
Aug. 19,1960
Aug. 12,1960
Aug. 12,1960
Aug. 16,1960
June 10,1960
Aug. 19,1960
Aug. 15,1960
Aug. 12,1960
Sept. 9,1960
June 3,1960
4
4
4%
* Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES i
MARGIN REQUIREMENTS i
[Per cent per annum]
[Per cent of market value]
Date
effective
Range
(or level)—
all F. R.
Banks
WA
WA
%1
WA
1953
Jan. 16.
23.
1954
Feb. 5.
15.
Apr. 14.
16.
May 21.
1955
May 2.
Aug. 4.
12.'
:
Nov. 18.
23.
1956
Apr. 13.
Aug. 24.
Date
effective
Range
(or level)—
all F. R.
Banks
F. R.
Bank
of
N.Y.
1957
1948
Jan. 12.
19.
A Ug . . 3 .
1950
Aug.21.
F. R.
Bank
of
N.Y.
WA
WA
3
Nov. 15.
Dec. 2.
1958
Jan. 22.
24.
Mar. 7.
13.
21.
Apr. 18.
May 9.
Aug. 15.
Sept. 12.
Oct. 24.
Nov. 7.
1959
Mar. 6.
16.
May 29.
June 12.
Sept. 11.
18.
1960
June 3 .
10.
14.
Aug. 12.
Sept. 9.
3T 3V
3 3 -3V
2*4-3
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
Regulation U:
For loans by banks on stocks
70
70
90
90
70
70
70
90
70
1
WA-2VA
Regulations T and U limit the amount of credit that fnay 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.
2
MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS
2*4-3
VAVA
-2
[Per cent per annum]
3
If
Type of deposit
3V4-4
4
3V4-4
2
3
V
-3
1961
In effect
May 3 1 .
i Under Sees. 13 and 13a (as described in table above). For data for
1941-47, see the BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York
on repurchase contracts against U. S. Govt. securities was the same as
its discount rate except in the following periods (rates in percentages):
1955—May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10,
2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31Nov. 17, Dec 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; and Apr. 3-4,
2.50.
Aug. 5, Oct. 16, Effective
19581958Oct. 15, July 27, July 28,
1960
1958
1960
Prescribed in accordance with
Securities Exchange Act of 1934
Nov. 1,
1933Jan. 31,
1935
Feb. 1,
1935Dec. 31,
1935
Jan. 1,
1936Dec. 31,
1956
Effective
Jan. 1,
1957
Savings deposits
3
2V4
2%
3
Postal savings deposits
3
2Vt
2%
3
Other time deposits payable:
In 6 months or more
In 90 days to 6 months.. .
In less than 90 days
3
3
3
2VL
1
k
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.
669
RESERVE REQUIREMENTS
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS,
BY CLASSES
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits
Effective date
of change
Central
reserve
city
banks
In effect Dec. 31, 1945..
20
1948_Feb.
June
Sept.
1949_May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—Julv
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*
29, 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
!S*
it*
In effect June 1, 1961...
Present legal requirements :
Minimum
Maximum
ft*
221/2
22
23
24
22
21
20
Reserve
city
banks
20
2 10
2 22
Country
banks
14
22
21
20
191/2
19
I8I/2
18
19
20
19
16
15
14
13
12
18
12
13
14
13
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
6
6
71/2
7*4
6
5
6
5
6
6
5
5
Central reserve
city banks
New
York
Country
banks
Reserve
city
banks
Chicago
121,336
13,861
3,200
104,276
101,929
61,982
24,061
4,435
5,857
1,285
19,004
19,951
6,036
4,389
5,068
1,781
6,991
2,403
178
169
16,423
18,826
18,226
600
3,444
3,613
3,594
622
47,366
6,704
1,241
39,421
39,335
24,051
44,052
95
30
2,111
4,607
1,460
904
934
925
9
7,025
7,768
7,693
184
19
1,437
1,154
41,462
37,576
30,115
743
5,050
6,510
6,015
495
75
Four weeks ending May 17, 1961
12
10
2 22
In millions of dollars]
Four weeks ending Apr. 19, 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
I6I/2
I6I/2
All
member
banks
Item
171/2
17
171/2
16i/2
I61/2
[Averages of daily figures.1
1
12
7
14
5
5
3
6
3
6
* First-of-month or midmonth dates record changes at country banks,
and other dates (usually Thurs.) record changes at central reserve or
reserve
city banks.
1
Demand deposits subject to reserve requirements which, beginning
with Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13,
1943-June
30, 1947).
2
Prior to July 28, 1959, the minimum and maximum legal requirements
against net demand deposits of central reserve city banks were 13 and
26 per cent, respectively, and the maximum for reserve city banks was
20 per cent.
Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand2
Time
Demand balances due
from domestic banks.
Currency and coin
Balances with F. R.
Banks
Total reserves held
Required
Excess
122,107
13,602
2,962
105,542
102,143
62,939
24,305
4,422
5,911
1,181
19,326
19,856
6,321
4,571
5,106
1,837
6,831
2,420
120
168
16,452
18,872
18,303
3,442
3,610
3,592
569
557
47,645
6,582
1,168
39,895
39,452
24,462
44,246
1,416
1,080
41,750
37,728
30,318
104
30
2,032
4,575
1,472
908
938
934
4
7,029
7,780
7,733
158
18
751
47
5,073
6,545
6,043
502
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 1
[In millions of dollars]
Wednesday
Acceptances—total
Within 15 days
16 days to 90 days
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
1960
May 31
May 24
May 17
May 10
May 3
Ill
108
3
211
208
3
782
774
222
216
6
76
70
6
111
108
3
67
60
7
342
330
12
37
10
27
37
13
24
37
13
24
39
12
27
40
14
26
37
10
27
45
16
29
29
7
22
26,887
393
6,314
7,442
10,471
2,116
151
26,747
378
6,237
7,480
10,435
2,066
151
26,667
539
6,137
7,447
10,393
2,000
151
26,916
3,200
6,140
5,758
9,700
1,967
151
26,781
3,292
6,092
5,757
9,619
1,870
151
26,887
393
6,314
7,442
10,471
2,116
151
26,772
3,099
1,295
10,761
9,603
1,863
151
26,035
230
6,734
11,934
5,687
1,179
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.
1961
1961
Item
Discounts and advances—total.. .
Within 15 days
16 days to 90 days
91 days to 1 year
End of month
May
Apr.
May
271
670
FEDERAL RESERVE BANKS
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
[In millions of dollars]
Wednesday
End of month
1961
Item
1961
1960
May 31
May 24
May 17
May 10
May 3
May
Apr.
May
Gold certificate account
Redemption fund for F. R. notes
16,061
1,034
16,061
1,034
16,063
1,026
16,054
1,028
16,054
1,032
16 061
1,034
16 059
1,030
18 116
943
Total gold certificate reserves
17,095
17,095
17,089
17,082
17,086
17,095
17,089
19,059
374
398
399
409
434
374
453
357
107
4
37
206
5
37
772
10
37
217
5
39
71
5
40
107
4
37
62
5
45
342
2,651
2,558
2,405
2,495
2,469
2,651
2,483
2,019
6,517
14,548
3,170
6,517
14,525
3,106
6,561
14,489
3,035
4,9i7
16,506
2,983
6,517
14 548
3,170
5,001
16 436
2,852
8,507
13 010
2,484
26,886
1
26,706
41
26,490
177
26,901
15
26,781
26,886
1
26,772
26,020
15
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
Total bought outright .
...
Held under repurchase agreement
5,66i
16,452
2,859
29
Total U. S. Government securities
26,887
26,747
26,667
26,916
26,781
26,887
26,772
26,035
Total loans and securities
27,035
26,995
27,486
27,177
26,897
27,035
26,884
26,406
3,666
108
204
4,270
108
187
5,127
108
168
4,308
108
326
4,477
108
310
3,666
108
204
4,216
108
299
3,527
104
186
48,482
49,053
50,377
49,410
49,312
48,482
49,049
49,639
27,238
Cash items in process of collection
Other assets
Total assets
Liabilities
Federal Reserve notes
. ...
Deposits:
Member bank reserves
\j j§ Treasurer general account
Foreign
Other
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
27,041
27,135
27,143
27,008
27,238
26,966
27,004
16,107
372
210
277
16,386
484
200
282
16,990
496
206
282
16,516
446
220
315
16,447
452
206
315
16,107
372
210
277
16,419
633
230
280
17,619
462
215
346
16,966
17,352
17,974
17,497
17,420
16,966
17,562
18,642
2,895
47
3,292
49
3,916
46
3,374
43
3,509
38
2,895
47
3,150
38
2,671
46
47,146
47,734
49,071
48,057
47,975
47,146
47,716
48,363
423
817
96
423
817
79
423
817
66
423
817
113
423
817
97
423
817
96
'423
817
'93
398
775
103
48,482
49,053
50,377
49,410
49,312
48,482
49,049
49,639
. . . .
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
foreign account
166
163
144
143
148
166
151
161
5,637
5,617
5,662
5,660
5,634
5,637
5,634
4,841
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued to Bank). .
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U. S. Government securities
,
Total collateral.
28,809
28,622
28,656
28,603
28,581
28,809
28,595
28,285
8,975
11
21,210
8,975
40
21,210
8,975
91
21,210
8,975
8,975
11
21,210
8,975
21,210
8,975
25
21,210
21,210
10,565
72
19,145
30,196
30,225
30,276
30,216
30,210
30,196
30,216
29,782
NOTE.—For explanation of adjustments in preparing this consolidated statement, see the BULLETIN for February 1961, p. 164. For reserve
31
ratios see opposite page,
31
671
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1961
[In millions of dollars]
Item
Assets
Gold certificate account
Redemption fund for F. R. n o t e s . . .
Total gold certificate reserves
F. R. notes of other Banks.
Other cash
Discounts and advances:
Secured by U. S. Govt. securities.
Other
Acceptances:
Bought outright
Held under repurchase agreement.
U. S. Govt. securities:
Bought outright
Held under repurchase agreement.
Total loans and securities
Cash items in process of collection..
Bank premises
Other assets
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
Total deposits.
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlan-
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Fran-
16,061
1,034
768
59
4,090
246
943
64
1,361
89
995
737
63
2,803
181
673
44
330
26
712
48
549
31
2,100
103
17,095
827
4,336
1,007
1,450
1,075
800
2,984
717
356
760
580
2,203
106
76
15
15
21
34
17
19
326
374
107
4
24
61
20
52
9
7
0)
37
26,886
1,431
6,649
1
1,553
2,280
1,702
1,478
4,594
1,082
629
1,172
1,092
3,224
27,035
1,445
6,705
1,557
2,283
1,734
1,485
4,612
1,083
634
1,178
1,093
3,226
4,669
108
204
349
4
11
940
9
50
321
4
11
385
8
18
334
6
13
347
12
12
738
23
34
187
7
126
5
4
226
5
10
212
14
504
11
25
49,811
2,671 12,222
2,930
4,199
3,198
2,750
8,476
2,033
1,142
2,203
1,946
6,041
27,564
1,589
6,385
1,816
2,477
2,122
1,564
5,125
1,185
588
1,143
820
2,750
16,107
372
210
277
635
23
11
4,386
18
2 48
233
716
24
13
2
1,226
26
21
0)
677
34
10
2
820
31
12
2,437
64
32
1
583
54
8
385
19
5
783
22
10
0)
1
1
869
24
13
C1)
2,590
33
27
36
723
864
2,534
645
410
816
906
2,686
618
156
113
187
143
426
2
1
1
2
6
1,988
1,112
2,147
1,871
5,868
0)
16,966
669
4,685
755
1,273
3,898
346
772
279
322
289
247
47
3
13
3
4
2
2
48,475
2,607 11,855
2,853
4,076
3,136
2,677
423
817
96
229
21
Total liabilities and capital accounts., 49,811
2,671 12,222
2,930
4,199
3,198
2,750
8,476
2,033
1,142
2,203
1,946
6,041
39.2
40.2
45.7
39.2
37.5
41.3
38.7
37.4
43.1
37.8
36.8
36.1
32.9
35.7
36.2
39.0
37.2
41.0
39.2
37.3
39.0
35.7
36.2
35.0
38.8
37.3
35.6
33.6
38.0
34.6
40.5
39.2
43.9
3 46
10
15
10
20
1 ,174
861
2 ,853
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities.
Capital Accounts
Capital paid in
Surplus
Other capital accounts.
Ratio of gold certificate reserves to
deposit and F. R. note liabilities
combined (per cent):
May 31, 1961
Apr. 30, 1961
May 31, 1960
38.4
38.0
41.4
Contingent liability on acceptances
purchased for foreign correspondents
166
60
116
15
117
36.6
34.0
38.7
8,285
55
100
18
23
Federal Reserve Notes—Federal Reserve Agent's Accounts
F. R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding :
Gold certificate account
Eligible paper
U. S. Govt. securities
28, 809
1 ,631
6 ,834
1,874
2 ,618
1,622
5,249
1 ,229
663
8, 975
475
2 ,000
670
475
1,700
380
1
180
300
275
1 ,000
1 ,275
5 ,100
650
4
1 ,325
870
21, 210
1 ,880
1 ,560
1 ,200
3,800
935
510
900
625
2 ,100
30, 196
1 ,750
7 ,100
1 ,979
2 ,750
2 ,230
1 ,675
5,500
1 ,316
690
1 ,206
900
3 ,100
It
1 Less than $500,000.
2 After deducting $162,000,000 participations of other Federal Reserve
Banks.
2 ,201
3 After deducting $120,000,000 participations of other Federal Reserve
Banks.
672
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by U. S. Treasury.
Total
in circulation i
Total
Coin
$12
1939
1941
1945
1947
1950
1955
1956
1957
1958
1959
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
1,369
1,398
1,494
1,511
36
44
73
65
64
75
78
80
83
85
1960—Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
31,600
31,879
32,065
32,039
32,027
32,022
32,144
32,632
32,869
22,529
22,809
22,970
22,946
22,912
22,900
22,996
23,410
23,521
2,311
2,324
2,338
2,345
2,364
2,375
2,390
2,417
2,427
1,417
1,440
1,440
1,428
1,426
1,444
1,457
1,487
1,533
83
84
84
85
85
84
86
1961
31,776
31,769
31,891
31,830
22.580
22,612
22,742
22,702
2,391
2,392
2,406
1,439
1,431
1,434
1,433
86
86
86
86
End of year or
month
Jan..
Feb..
Mar.
Apr.
In millions of dollars]
Coin and small denomination currency
2,417
$2
Large denomination currency
$5
$10
$20
Total
$50
$100
$500
1,019
1,355
2,313
2,110
2,049
2,151
2,196
2,188
2,186
2,216
1,772
2,731
6,782
6,275
5,998
6,617
6,734
6,662
6,624
6,672
1,576
2,545
9,201
9,119
8,529
9,940
10,194
10,187
10,288
10,476
2,048
3,044
7,834
8,850
8,438
9,136
9,192
9,208
9,337
9,326
460
724
2,327
2,548
2,422
2,736
2,771
2,777
2,792
2,803
919
1,433
4,220
5,070
5,043
5,641
5,704
5,752
5,886
5,913
191
261
454
428
368
307
292
280
275
261
425
556
801
782
588
438
407
384
373
341
20
24
7
5
4
3
3
3
3
3
32
46
24
17
12
12
14
13
9
5
2,133
2,147
2,191
2,246
6,474
6,561
6,604
6,567
6,525
6,542
6,557
6,683
6,691
10,141
10,263
10,363
10,398
10,399
10,320
10,362
10,545
10,536
9,070
9,070
9,095
9,094
9,115
9,122
9,148
9,222
9,348
2,712
2,718
2,737
2,739
2,738
2,728
2,731
2,762
2,815
5,769
5,767
5,774
5,776
5,800
5,818
5,844
5,888
5,954
254
252
252
250
250
249
248
248
249
327
324
323
320
319
319
317
317
316
3
3
3
3
3
3
3
3
3
5
5
5
5
5
5
5
5
10
2,120
2,114
2,124
2,119
6,409
6,438
6,496
6,476
10,135
10,150
10,198
10,171
9,196
9,158
9,148
9,128
2,752
2,736
2,733
2,726
5.875
5,855
5,851
5,839
247
246
245
245
314
312
312
310
3
3
3
3
5
5
5
6
1
Outsside Treasury and Federal Reserve Banks. Prior to 1955 the
totals shlown as in circulation were less than totals of coin and paper
$1,000 $5,000 $10,000
currency shown by denomination by amounts of unassorted currency
(not
shown separately).
2
Paper currency only; $1 silver coins reported under coin.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by U. S. Treasury.
In millions of dollars]
Held in the Treasury
Kind of currency
Gold
Gold certificates
.
...
Federal Reserve notes
Treasury currency total
Standard silver dollars
.
..
...
Silver bullion
Silver certificates and Treasury notes of 1890... .
Subsidiary ciWer coin
IVIinor coin
United States notes
.
...
Federal Reserve Bank notes
National Bank notes
....
Total
Apr. 30 1961
Mar 31 1961
Apr. 30, 1960
1
Total outstanding As security
Apr. 30,
against
Treasury
gold and
1961
cash
silver
certificates
17,390
17,119
28,594
5,419
488
2,252
32,378
1,596
588
347
94
55
17,119
2 271
32,378
85
43
126
2,252
14,273
19,497
19,506
21,497
Apr. 30,
1961
Mar. 31,
1961
Apr. 30,
1960
2,816
1,631
453
30
26,878
4,923
30
26,970
4,891
30
26,695
4,874
27
12
323
321
300
8
2
5
334
70
10
28
2,044
1,518
576
314
93
54
2,027
1,512
.573
310
94
55
2,094
1,467
543
312
102
56
(
(4)
Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals for Wednesday2 dates, in table on p. 665.
Includes $156,039,431 held as reserve against United States notes
and3 Treasury notes of 1890.
To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5 Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See NOTE for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
receipt); (3) as security for outstanding silver certificates—silver in bullion
For
F. R.
Banks
and
agents
Currency in circulation *
Held by
F. R.
Banks
and
agents
399
392
406
14,273
14,283
16,251
?
4,900
4,906
4,719
31,830
31,891
31,600
and standard silver dollars of a monetary value equal to the face amount
of such silver certificates; and (4) as security for gold certificates—gold
bullion of a value at the legal standard equal to the face amount of
such gold certificates. Federal Reserve notes are obligations of the
United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal
Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of
the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of
at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasury of the United States as a
redemption fund, are counted as reserve. Gold certificates, as herein
used, includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank
notes are in process of retirement.
673
MONEY SUPPLY; BANK DEBITS
MONEY SUPPLY AND RELATED DATA
[Averages of daily figures. In billions of dollars]
Money supply
Seasonally
adjusted
Semimonthly
period
Without
seasonal adjustment
Total
Currency
de-
De-
posits i
mand
111.3
111.6
111.2
110.6
110.5
110.5
139.4
140.9
139.0
137.0
138.2
137.9
28.9
28.6
28.8
28.7
28.9
28.8
110.5
112.3
110.2
108.3
109.2
109.0
28.9
29.0
29.0
28.8
29.0
28.9
110.6
110.7
110.7
111.0
111.3
111.6
138.1
139.3
139.6
138.2
139.8
139.6
29.2
29.0
29.2
28.9
29.2
28.9
29.0
29.0
29.0
29.0
28.9
29.0
111.0
112.2
111.6
110.9
111.4
111.5
139.8
141.4
141.7
141.2
143.2
144.4
140.2
141.0
141.3
141.1
141.1
142.0
28.9
29.0
28.9
28.9
29.0
29.0
111.3
112.0
112.4
112.1
112.1
113.0
Apr. 1. . 141.8
2 . . 142.2
May 1. . 142.0
2 . . 141.9
29.0
29.0
29.0
28.9
112.8
113.2
113.0
113.0
Total
Currency
140.3
140.7
140.2
139.6
139.4
139.4
29.1
29.0
29.0
29.0
28.9
28.9
July 1 . . 139.6
139.7
Aug. 1. . 139.7
2 . . 139.8
Sept. 1 . . 140.3
2 . . 140.5
Oct. 1 . . 140.0
2 . . 141.2
Nov. 1. . 140.6
2 . . 139.9
Dec. 1. . 140.3
2 . . 140.5
I960—Apr. 1 . .
2. .
May 1 . .
2..
June 1 . .
2..
1961—Jan. 1. .
2..
Feb. 1. .
2..
Mar. 1. .
2..
Revised
1
de-
posits
1
Week
ending—
Time
U. S.
Govt.
91.4
93.1
91.2
89.7
90.4
90.4
54.1
54.2
54.4
54.5
54.7
55.0
2.9
3.8
5.4
108.9
110.3
110.4
109.3
110.7
110.7
90.0
91.4
91.4
90.6
91.6
91.5
55.4
55.7
55.9
56.5
56.8
57.0
29.2
29.0
29.2
29.3
29.5
29.6
110.6
112.4
112.4
111.9
113.7
114.8
91.3
92.6
92.5
92.0
93.8
94.7
57.3
57.5
57.6
57.5
57.8
58.3
5.4
4.8
5.2
5.2
3.6
4.7
144.0
143.4
142.0
139.6
140.1
140.0
29.1
28.5
28.6
28.5
28.7
28.6
114.9
114.8
113.3
111.1
111.5
111.4
94.6
94.8
93.5
91.7
92.2
92.3
58.9
59.2
60.2
60.6
61.2
61.6
4.1
3.1
3.5
5.1
4.0
4.4
140.9
142.4
140.8
139.3
28.8
28.6
28.8
28.6
112.1
113.9
92.7
94.3
92.5
91.4
62.1
62.5
63.2
63.6
3.0
2.0
3.5
4.7
nn.o
110.6
Total
1960
Apr. i3 6.
138.1
139.8
141.6
140'. 9
6.2 May 4. 139.7
11 139 0
65.3
.2
is! 138!o
25. 136.7
5.9 June 1. 136.9
6.2
5.5
1961
5 . 4 Jan. 4. 144.2
20
27!
11.
18.
25.
3.9
5.8
Feb.
1.
8.
15.
22.
Mar. 1.
8.
15.
22.
29.
Apr. 5.
12.
19.
26.
May 3.
10.
17.
24.
31.
Memoranda:
Deposits at
member banks
(without
seas. adj.)
Money supply
(without seasonal
adjustment)
Demand
Demand
r
Memoranda:
Deposits at member
banks (without
seasonal adjustment)
143.8
144.0
143.4
143.0
142.2
141.6
139.7
139.5
139.7
140.7
140.6
139.6
139.7
141.2
142.8
142.4
141.6
140.8
'140.3
139.0
139.2
Demand
deposits 1
Time
U.S.
Govt.
28.9
29.0
28.8
28! 5
28.6
28 9
28^8
28.7
28.7
109.3
110.9
X12! 8
112 4
54.1
54.2
54 1
111 11
110 2
109^2
108.1
108.2
54!3
54 5
54^5
54.6
54.6
3.7
2.0
33
37
5^0
5 3
5'.8
6.3
6.3
29.2
29.2
28.8
28.5
28.4
28.7
28.7
28.6
28.4
28.8
28.7
28.7
28.5
28.8
28.8
28.7
28.5
28.6
28.9
28.8
28.7
28.6
115.0
114.6
115.2
114.9
114.6
113.5
113.0
111.1
111.1
110.9
112.0
111.9
111.1
110.9
112.3
114.1
114.0
113.1
112.0
111.5
110.3
110.6
58.8
58.8
59.0
59.2
59.4
60.2
60.4
60.5
60.8
61.2
61.4
61.4
61.6
61.9
62.1
62.3
62.4
62.8
63.2
63.3
63.6
63.7
Currency
542
5.3
4.1
3.0
2.9
3.4
3.8
3.3
5.2
5.1
4.7
3.2
4.7
4.1
4.0
2.8
1.8
1.6
2.9
3.5
3.9
5.1
4.4
At all commercial banks.
BANK DEBITS AND DEPOSIT TURNOVER
Annual rate of turnover
of demand deposits except interbank
and U. S. Government deposits
Debits to demand deposit accounts, except interbank and
U. S. Government accounts
(in millions of dollars)
Year or month
Leading centers
Unadj.
I960 May
June
July
Aue
Sept
Oct
Nov
Dec
1961—Tan
Feb
Mar
Apr .
May
232,844
250,852
223,539
241 771
240,772
233,131
235,100
256,905
'257,828
'222,820
'265,564
'241,082
268,932
6 others1
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
1953
1954
1955
1956
1957
1958
1959
1960
Unadj.
Adj.
632,801
738,925
766.890
815,856
888 455
958 721
1,023 605
1,102,850
92,176
91 604
89,444
99 947
103,832
91,870
98,791
88 381
'97 520
98,269
'101,454
'103,451
113,337
Unadj.
Adj.
385,831
390,066
431,651
462,859
489 311
487 432
545 258
577,606
Unadj.
^eading centers
New York
48,453
48,583
46,807
50 127
48,974
48,084
49,017
47,871
47,895
50,415
45,254
49 474
47,909
47,567
47,577
52,313
98,006
97,951
94,791
99 036
96,224
95,418
98,306
94 687
'104,473
89,831
'110,455
'101 151
111,463
51,046
50,199
49,484
51 281
53,180
52,382
44,861
53,354
48 529
53,782
'97 613
'97,828
'98,566
'97 456
102,974
96,398
100,629
92,222
99 862
95,700
95,659
96,503
103,041
6 others1
337 other
reporting
centers 2
Adj. Unadj. Adj. Unadj. Adj. Unadj.
740,436
758,375
845,007
921,928
979 002
993 600
1 110 304
1,158,298
88,551
99,809
86,063
92 435
97,162
89,905
91,020
101,551
r
v 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
All
reporting
centers
36.7
42.3
42.7
45.8
49.5
53 6
56.4
60.0
61.1
61.3
58.9
65.5
68.5
60.0
63.5
57.8
58.9
65.7
58.8
59.8
65.9
59.2
61.3
64.4
25.6
25.8
27.3
28.8
30 4
30 0
32.5
34.8
35.5
35.7
34.2
36.7
35.8
34.9
35.8
34.3
35.2
36.5
34.0
34.7
35.5
34.7
34.9
36.5
18.9
19.2
20.4
21.8
23 0
22 9
24.5
25.7
26.3
26.4
25.5
26.6
26.0
25.5
26.2
25.1
26.2
26.9
25.7
26.0
26.2
25.7
26.2
26.6
'100 973 '63 0 '65 5 36.5 36 3 25 7 '25 9
'88,128 63.7 61.4 35.8 33.5 25.7 24.4
'101,755 '67.1 '69.9 35.4 38.1 '26.2 26.1
'91 402 '68 0 '67 8 36.9 37 1 25 7 25 0
103,688 74.6 72.0 ?38.O ?37.8 P26.9 *>26.8
NOTE.—For description of series and for revised monthly figures
beginning with 1950, see the BULLETIN for January 1960, pp. 8-11. Seasonally adjusted figures for earlier years, prepared by Federal Reserve Bank
of New York, together with unadjusted data were published in the
BULLETIN for May
1959, p.
554.
674
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates.
In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
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
5,741
10,328
23,105
29,049
128,417
107,086
96,560
101,207
93,497
5,499
8,199
19,417
25,511
101,288
81,199
72,894
73,641
65,801
216
1,998
2,484
2,254
24,262
22,559
20,778
26,347
26,648
26
131
1,204
1,284
2,867
3,328
2,888
1,219
1,048
11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,273
26,071
64,698
48,465
75,171
90,637
191,785
188,148
199,009
274,850
280,202
55,776
42,029
68,359
82,811
180,806
175,348
184,384
252,022
256,020
8,922
6,436
6,812
7,826
10,979
12,800
14,624
22,829
24,186
Loans,
net
Total
20,065
22,754
22,706
20,534
19,456
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,234
5,311
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
30,387
167,381
160,832 43,023
171,667 60,366
249,082 121,602
255,435 135,867
1960—May 25.
June 15.
June 29.,
July 27.,
Aug. 31.
Sept. 28.
Oct. 26.
Nov. 30.
Dec. 31.
19,400
19,351
19,300
19,200
19,000
18,700
18,500
17,900
17,767
5,400
5,354
5,400
5,400
5,400
5,400
5,400
5,400
5,398
250,700
253,320
252,500
254,700
255,100
258,300
260,900
261,700
266,782
136,800
139,164
139,100
138,200
138,700
140,800
140,200
140,900
144,704
88,500
88,637
87,900
90,800
90,800
91,800
94,600
94,900
95,461
61,800
61,541
60,800
63,200
63,100
64,200
66,800
66,600
67,242
25,700
26,155
26,200
26,700
26,800
26,800
27,000
27,500
27,384
1,000
941
900
900
900
900
900
800
835
25,400
25,519
25,500
25,700
25,600
25,700
26,000
25,900
26,617
275,400
278,025
277,200
279,200
279,500
282,400
284,700
285,000
289,947
249,300
251,981
251,000
252,900
252,200
255,100
257,500
257,000
263,165
26,000
26,044
26,200
26,300
27,300
27,300
27,200
28,000
26,783
1961—Jan.
Mar.
Mar.
Apr.
May
17,500
17,400
17,400
17,400
17,400
5,400
5,400
5,400
5,400
5,400
263,500
264,700
263,800
265,000
267,100
141,000
142,500
142,600
143,300
144,000
95,900
95,300
93,700
94,100
95,400
68,300
67,800
66,200
67,100
67,700
26,700
26,700
26,700
26,200
26,900
800
800
800
800
800
26,500
26,900
27,500
27,600
27,700
286,400
287,500
286,600
287,800
289,900
259,200
259,500
258,900
260,600
261,600
27,200
27,900
27,700
27,200
28,400
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.
25.
If
29*
26*
31P
4,037
4,031
17,644
22,mi
Details of Deposits and Currency
Date
1929—June
1933__June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1958—Dec.
1959—Dec.
29..
30..
30..
31..
31..
31..
30..
31..
31..
365
50
1,217
1,498
2,141
1,682
2,518
3,870
3,203
1960—May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
25..
15..
29..
27..
31..
28..
26..
30..
31..
2,800
2,744
2,900
2,800
3,000
2,900
3,100
3,100
3,184
1961—Jan.
Mar.
Mar.
Apr.
May
25..
If
29*
26*
3IP.
3,100
3,100
3,300
3,200
1,100
At
Treas- comAt
ury mercial
F. R.
cash
and Banks
hold- savings
ings
banks
Time deposits 2
Total
Total
Demand
Com- Mutual Postal
demercial savings
Savings posits 4
banks banks 3 System
Currency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
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
36
35
634
867
977
870
668
358
504
54,790
40,828
63,253
76,336
150,793
170,008
176,916
242,553
246,603
28,611
21,656
27,059
27,729
48,452
56,411
59,247
98,306
101,779
19,557
10,849
15,258
15,884
30,135
35,249
36,314
63,166
65,884
8,905
9,621
10,523
10,532
15,385
17,746
20,009
34,006
34,947
149 22,540
1,186 14,411
1,278 29,793
1,313 38,992
2,932 75,851
3,416 87,121
2,923 92,272
15,507
1,134115
948115,402
3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,740
29,422
400
421
400
400
400
400
400
400
377
7,200
6,657
7,300
6,500
5,700
7,700
6,200
5,600
6,193
500
535
500
500
500
600
500
500
485
238,400
241,624
239,800
242,600
242,700
243,600
247,200
247,300
252,926
102,600
103,056
103,700
104,200
105,200
106,000
106,700
106,700
108,468
66,500
66,906
67,400
67,900
68,900
69,400
70,000
70,000
71,380
35,200
35,301
35,400
35,500
35,600
35,800
35,900
35,900
36,318
900107,700
849110,024
800107,800
800110,100
800108,900
800109,300
800112,200
800111,900
770115,102
28,100
28,544
28,300
28,400
28,500
28,300
28,300
28,700
29,356
137,500 109,300 28,200
400
400
400
400
400
3,600
6,100
4,400
2,300
5,100
500
400
500
500
400
251,600
249,500
250,200
254,200
254,600
109,000
110,700
111,900
112,700
115,600
71,700
73,300
74,200
75,000
77,800
36,500
36,600
37,000
36,900
37,000
800114,700
700110,600
700110,300
700113,600
700110,600
28,000
28,200
28,000
27,900
28,400
140,700
139,400
140,400
141,500
140,800
P Preliminary.
* Revised preliminary figures.
t This date used instead of last Wednesday of February. Seasonal
adjustment factors used, however, were for last Wednesday of February.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund.)
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
4 Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1946 and are available only for last
Wednesday of the month. For description of series and for back data
see the BULLETIN for February 1960, pp. 133-36. Special adjustment
Seasonally adjusted series 5
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
deposits,
net
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
138,600
138,600
138,500
139,900
138,800
139,200
()
()
109,900 28 ,100
110,30028 ,300
110,30028 ,300
110,300 28 ,200
111,500 28 ,400
110,60028 ,200
111,000 28 ,200
112,300 28,400
-,500
110,900 28
112,10028 ,300
113,30028 ,200
112,300 28 ,500
in seasonal factor for demand deposits adjusted for Mar. 30, 1960,
shown on p. 135, note 3, of that BULLETIN, has been revised from —0.9
to —0.5. The new factor is 97.9.
NOTE.—For description of statement and back figures, see the BULLETIN
for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
675
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
All banks:
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—Dec.
I960—May
June
Sept.
Oct.
Nov.
Dec.
1961—Jan.
Mar.
Mar.
Apr.
May
Loans
Total
assets—
Total
liaCash
U.S.
Other assets2 bilities
and
Govt. secuTotal 2
capital
obliga- rities
actions
counts-
Interbank 2
Other
Borrowings
Demand
Demand
Time
Total Numcapital ber
of
accounts banks
Time
U. S.
Govt.
Other
31..
31..
314.
31..
31..
25 . .
29..
28. .
26. .
30. .
31..
25..
11.
29*.
26*.
31*.
61,126
40,227
134,924
221,485
227,831
226,710
227,200
232,100
234,520
234,510
238,623
236,450
238,960
"38,000
239,630
240,970
26,615
30,362
43,002
21,571
35,958
39,550
40,990
42,180
141,720
142,090
'44,764
141,590
144,240
144,290
44,950
145,570
25,511
01,288
81,199
73,641
65,801
61,810
60,760
64,190
27,344 90,908 81,816
10,982
8:
35,415 177,332 165,612
14,065
175,091 161,865 12,793
240
io;723:38,388
,
26,273 49,911 276,430 250,057 15,799 2,374
26,071 50,296 283,629 254,885 15 650 1,443
12 210 1,490
,360 241
350 42!
,710 244;
13,300 1,440
450 43!
25,730 44,500 282,710 249,330 13 670 1,670
180 1,690
26,010 45,850 286,550 252,510
600 1,740
66,560 25,860 46,880 287,650 254,200
67,242 26,617 53,022 298,126 266,196 17 080 1,800
020 1,800
68,320 26. 540 44 610 287 ,400 255,050
420 1,800
67,840 26 880 46!260 291 510 257,430
660 1,820
66,240 27 470 42.890 287,500 253,340
,500 1,900
67,100 27^580
256,350
580 44;
44; 200 290;
,500
67,720 27,680 44,930 292,
258,150
430
44,355
414 4,826
26,479
23
105,935
542 4,553
45.613
227
,948 4,714
1,346 94,381 53,105
66
4,253 130,132 97,498
81 21,705 4,020
5,054 131,622 101,116
624 22,915 13,991
6,880 118,720 102,020 3,180 23,520 "4,002
7,060 119,570 103,100 2,170
"
'23,770 4,000
7,390 121 130 105,470 2,050 24,230 14,000
5,970 124 450 106,220 2,480 24,370 3,989
5,360 125,290 106.210 1,330 24,590 13,985
5,949 133,408 107,959
167 24,539 13,986
3,320 126! 380 108,530
600 24;680 13,986
5,830 125 120 110,260 1,860 24; 790 13,978
4,160 122 200 111,500 1,880 24; 800 13,977
2,010 126 690 112,250 ',750 24!800 13,974
4,790 124,260 115,170 1,690 25,040 13,975
All commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3 1 4
1958—Dec. 31
1959—Dec. 31
I960—May 25
June 29
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1961—Jan. 25
Mar. I t
Mar. 2 9 P
Apr. 26*>
May 31*
746
,019
,284
,165
,270
,580
900
270
580
490
509
,020
,300
,990
720
,950
21,714
26,083
38,057
98,214
110,832
113,630
114,840
115,430
114,790
115,010
117,642
114,210
116,720
116,640
117,180
117,600
10,982
21,808 7,225 26,551 79,104 71.
14,065
90,606 7,331 34,806 160,312 150
12,792
155,377
240
144,103
69,221 9,006 37,502
66,376 20 575 48,990 238,651 216,017 15,799 2,372
649
%441
58,937 20;501 49,467 244,686 219,903
210
,490
55,140 19 810 41 360 234,980 206,090
300
,440
54,210 19; 850 42 880 237,040 209,010
670
,670
57,690 20 150 43 710 242,530 213,520
,690
246,290
216,580 14,180
60,390 20 400 45 100
,740
60,180 20;300 4 6 J 1 0 247,290 218,230 15,600
,799
257,55:
229,843 17,079
61,003 20,864 52,150
,800
61,880 20,930 43,810 246,590 218,530 15,020
,800
250,430
220,760 14,420
61,310 21,270 45,430
,820
59,670 21,680 42,040 246,020 216,330 13,660
,900
249,040
219,390 13,500
60,740 21,800 43,400
430
61,450 21,900 44,090 251,030 221,090 13,500
44,349
15,952
105,921
30,241
367
35,360
1,3431
104 63,493
4,250
5,050 131,593 66,169
118,690 66,820
6,
67,670
7,060 119
7,390 121
69,690
5,970 124,420 70,320
5,360 125,260 70,270
5,945 133,379 71,641
3,320 126,350 72,040
5,830 125,090 73,620
4,160 122,170 74,520
2,010 126,660 75,320
4,790 124,230 78,140
18,021
22,775
32,628
84,061
94,779
96,880
97,898
98,196
97,469
97,708
99,933
96,773
99,558
99,473
99,913
100,140
19,539 5,961 23,123 68,121 61,717 10,385
78,338 6,070 29,845 138,304 129,670 13,576
57,914 7,304 32
132,060 122,528 12,353
54,299 16,504 43
202,017 182,816 15,227
46,813 16,287 43 509 205,726 184,706 15,048
43,742 15,695 36,522 197,304 172,400 11,752
42,980 15,715 37,977 199,243 175,200 12,775
46,073 16,013 38,686 203,891 178,95: 13,105
48,379 16,194 39,628 206,669 181,064 13,601
48,224 16.065 40,384 207,455 182,550 15,014
49,106 16;579 45,756 216,577 193,029 16,436
49,806 16,661 38,174 206,507 182,603 14,465
49,438 17,020 39,900 211,040 185,40: 13,912
48,030 17,372 36,842 207,099 181,437 13,181
49,020 17,465
007 209,737 184,118 13,007
735 211,580 185,727 13,025
49,817 17,493
All member banks:
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1958_Dec. 31
1959—Dec. 31
I960—May 25
June 29
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1961—Jan. 25
Mar. I t
Mar. 29^
Apr. 26P
May 31*
All mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1958—Dec. 31
1959—Dec. 31
I960—May 25
June 29
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1961—Jan. 25
Mar. I t
Mar. 29*
Apr. 26*
May 31*
10,379
16,208
18,641
36,320
37,561
38,130
38,300
38,830
38,940
39,020
39,11
39,430
39,660
40,010
39,910
40,020
4,901
3,704 1,77
4,279 10,682 1,246
4,944 11,978 1,718
23,357 7,265 5,698
25,126 6,864 5,570
25,920 6,670 5,540
26,150 6,550 5,600
580
26,750 6,500
26,930 6,400 5,610
27,080 6,380 5,560
27,122 6,239 5,752
27,380 6,440
27,520 6,530
27,650 6,570
27,770 6,360
27,970 6,270 5,780
793
609
886
921
829
670
830
790
750
770
872
800
830
850
800
840
* Preliminary.
* Revised preliminary figures.
t This date used instead of last Wednesday of February.
1 All banks in the United States. Beginning with January 1959,
all banks in Alaska with total deposits of $172 million were included
in the series (a national member bank has been included since April
1954); beginning with August 1959, all banks in Hawaii with total deposits
of $365 million were included in the series (a national member bank
with total deposits of $220 million has been included in the series since
April 1959).
All banks comprise all commercial banks and all mutual savings banks.
All commercial banks comprise (1) all nonmember commerical and
(2) all member commercial banks. Member banks include (1) a national
bank in the Virgin Islands that became a member on May 31, 1957, (2)
a noninsured nondeposit trust company, and (3) two (three prior to I960)
11,804
17,020
19,714
37,779
38,943
39,380
39,670
40,180
40,260
40,360
40,57
40,810
41,080
41,480
41,330
41,490
10,533
15,385
17,763
34,040
34,983
35,230
35,460
35,810
35,930
35,970
36,353
36,520
36,670
37,010
36,960
37,060
140
64
50
2,187
1,338
1,388
1,298
1,525
1,552
1,594
1,639
1,636
1,639
1,664
1,741
268
23 7,173 14,278
14
219 8,950 14,011
65 10,059 14,181
73 18,486 13,501
615 19,556 13,474
3,180 20,110 13,486
2,170 20,280 13,485
2,050 20,660 13,485
2,480 20,810 13,474
1,330 21,000 13,470
163 20,986 13,472
600 21,100 13,472
1,860 21,170 13,464
1,880 21,170 13,463
1,750 21,200 13,460
1,690 21,420 13,461
,709 37 ,136 12,347
22 ,179 69 ,640 24,210
208
,176 80; 609 28; 340
54
822 110,448 51,132
54
504 110,989 52,827
581
232 99,841 53,187 3,088
6,360 100,790 53,977 2,069
6.
101,905 55,590 1,996
5
104,498 56,028 2,429
105,128 56,033 1,269
;
5,287 112,393 57,272
130
2,914 105,990 57,598
563
5,179 105,353 59,319 1,825
3,721 102,770 60,101 1,827
1,706 106,839 60,825 1,720
4,198 104,693 63,543 1,639
6
14
8
10,527
15,371
17,745
34,006
34,948
35,200
35,430
35,780
35,900
35,940
36,318
36,490
36,640
36,980
36,930
37,030
5,886
7,589
8,464
15,460
16,264
16,697
16,822
17,114
17,239
17,390
17,398
17,464
17,629
17,651
17,683
17,865
6,619
6,884
6,923
6,312
6,233
6,213
6,212
6,200
6,187
6,178
6,174
6,164
6,160
6,151
6,147
6,147
1,241
548
542
533
519
517
516
515
515
515
515
514
514
514
514
514
514
3.'219
3,359
3,410
3,490
3,570
3,560
3,590
3,553
3,580
3,620
3,630
3,600
3,620
mutual savings banks that became members in 1941 (these banks are
excluded from all commercial banks).
Stock savings banks and nondeposit trust companies are included with
commercial banks. Number of banks includes a few noninsured banks,
for which asset and liability data are not available. Comparability of
figures for classes of banks is affected somewhat by changes in Federal
Reserve membership, insurance status, and the reserve classifications of
cities and individual banks, and by mergers, etc.
2
Beginning with June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3
Includes other assets and liabilities not shown separately.
For other notes see following two pages.
676
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash
;
bilities
U.S. Other assets
Govt. secuand
Demand
Loans obligacapital Total 2 Detions rities
ac- q
Time
mand
counts
U. S.
Govt. Other
Central reserve city
member banks:
New York City:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—May 25
June 29
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1961—Jan. 25
Mar. If
Mar. 29*
Apr. 26*
May 31*
12,896
26,143
20,393
25,966
25,291
25,090
25,320
26,270
25,927
26,402
27,726
26,821
27,690
27,370
27,725
27,756
Chicago:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—May 25
June 29
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1961—Jan. 25
Mar. If
Mar. 29*
Apr. 26?
May 31*
2,760
5,931
5,088
6,830
6,885
6,562
6,598
6,740
6,847
6,729
7,050
6,875
7,094
7,049
6,847
7,051
954
1,333
1,801
3,637
4,206
4,259
4,342
4,361
4,328
4,260
4,485
4,195
4,534
4,403
4,401
4,291
1,430
4,213
2,890
2,562
1,985
1,647
1,620
1,792
1,903
1,841
1,882
1,989
1.886
1,939
1,682
1,994
15,347
40,108
36,040
60,558
61,621
59,491
59,563
60,790
61,805
61,625
62,953
61,879
63,470
62,559
63,418
63,706
7,105
8,514
13,449
34,003
38,686
39,126
39,421
39,430
39,354
39,273
40,002
38,763
40,282
39,928
39,916
40,015
12,518
35,002
36,324
61,511
64,082
65,174
65,112
66,482
67,463
67,241
67,890
67,665
67,762
67,897
68,408
68,937
5,890
5,596
10,199
30,257
33,76b
35,668
36,075
36,691
36,705
36,433
36,981
36,428
36,601
36,864
37,149
37,655
Reserve city member banks:6
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—May 25
June 29
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1961—Jan. 25
Mar. I t
Mar. 29*
Apr. 26*
May 31?
Country member
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—Dec.
I960—May
June
banks: 6
31
31
31
31
31
25
29
Sept. 28
Oct.
Nov.
Dec.
1961—Jan.
Mar.
Mar.
Apr.
May
26
30
31
25
It
29*
26*
31*
4,072 7,265 1,559 6,637 19,862 17,932 4,202
7,334 17,574 1,235 6,439 32,887 30,121 4,640
7,179 11,972 1,242 7,261 27,982 25,216 4,453
16,165 7,486 2,315 9,298 36,398 31,679 4,786
18,121 5,002 2,168 9,174 35,750 30,647 4,765
17,827 5,300 1,963 7,371 33,875 27,421 3,885
18,060 5,273 1,987 7,773 34,600 28,654 4,339
17,714 6,277 2,279 8,165 36,068 29,347 4,056
17,082 6,625 2,220 8,541 36,136 29,071 4,137
17,742 6,619 2,041 8,380 36,512 29,922 4,737
18,465 6,980 2,282 10,301 39,767 33,761 5,289
17,387 7,062 2,372 7,561 36,048 29,979 4,661
18,141 6,975 2,574 8,640 38,000 31,031 4,419
18,278 6,358 2,734 7,837 37,093 30,324 4,316
18,447 6,588 2,690 8,037 37,668 30,722 3,891
18,179 7,116 2,461 8,144 37,811 31,012 4,150
1,894
1,635
1,730
1,897
4,363
7,459
6,866
9,071
8,967
8,378
8,546
8,833
8,923
8,892
9,219
8,809
9,118
8,826
8,718
9,091
254
474
7; 766
7,725
7,800
8,197
7,733
7,950
7,436
7,643
7,978
1,035
1,312
1,217
1,357
1,231
1,053
1,151
1,191
1,231
1,359
1,380
1,254
1,221
1,188
1,162
1,186
6,467
29,552
20,196
20,645
17,292
15,046
14,846
16,029
17,040
16,943
17,396
17,568
17,521
16,947
17,805
17,876
1,776 8,518
2,042 11,286
2,396 13,066
5,910 17,701
5,643 18,211
5,319 15,105
5,296 15,786
5,331 15,801
5,411 15,998
5,409 16,649
5,554 18,668
5 548 15,789
5 667 16,243
5 684 14,891
14
697 15,529
5^815 15,920
24,430
51,898
49,659
79,781
81,443
76,253
77,090
78,381
79,643
80,141
83,464
79,543
81,632
79,359
80,838
81,549
22.313
49,085
46,467
72,647
73,675
67,149
68,028
69,317
70,421
71,126
75,067
70,958
72,418
70,197
71,556
72,113
4,356
6,418
5,627
7,506
7.450
5,623
6,062
6,509
6,774
7,433
7,989
7,020
6,836
6,316
6,554
6,343
4,377
26,999
22,857
23,606
22,535
21,749
21,241
21,975
22,811
22,821
22,848
23,187
23,056
22,786
22,945
22,831
2,250
2,408
3,268
7,648
7,781
7,757
7,796
7,816
7,947
7,987
8,060
8,050
8,105
8,247
8,314
8,451
19,466
46,059
47,553
76,767
79,567
78,798
79,007
80,609
81,967
81,910
84,126
82,107
82,290
81,821
82,513
83,129
17,415
43,418
44,443
70,277
72,323
70,576
71,044
72,522
73,847
73,702
76,004
73,933
74,003
73,480
74,197
74,624
792
1,207
1,056
1,578
1,602
1,191
1,223
1,349
1,459
1,485
1,778
1,530
1,436
1,361
1,400
1,346
376
385
397
631
694
656
636
587
616
628
683
691
674
707
764
766
,566
,489
,739
2,158
2,003
,723
,854
,980
,954
2,040
2,046
1,814
6,402
10,632
10,778
14,031
14,122
12,323
12,564
12,740
13,135
13,315
14,740
13,010
13,123
12,479
12,711
12,774
•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.
4,057
7,046
6,402
8,214
8,062
6
17
12
1,739
988
1,041
985
1,121
1,179
1,214
1,216
1,221
1,220
1,237
1,281
161
104
30
22
377
303
279
241
317
286
293
326
326
329
311
341
60
Bor- Total Number
row- capital
acof
ings counts
banks
Time
807
1,648
1,236
195 2,120
1,445
30 2,259
3,482
3,282
3,448
232 3,361
3,410 1,143 3,423
3,536
473 3,427
3,774
865 3,470
3,739 1,201 3,500
4.068
535 3,557
4,206
3,554
4,251
99 3,569
4,440
891 3,584
4,750
477 3,575
4,931
593 3,592
6,379
390 3,630
36
37
37
18
16
16
16
15
15
15
15
15
15
15
15
15
476
719
913
1,438
1,468
1,405
1,426
1,465
1,470
1,490
1,530
1,532
1,715
1,681
1,717
1,859
3
40
225
161
125
219
93
35
88
138
362
54
73
288
377
426
733
762
760
769
781
804
813
822
821
826
827
831
841
13
12
14
14
14
11
11
11
10
10
10
10
10
10
10
10
491 12,557 4,806
8,221 24,655 9,760
405 28,990 11,423
21
1,429 42,259 -',075
1,698 42, 668 21,555
2,591 37,811 20,845
2,591 37,966
966 21,168
21
2,500 38,257 21,734
2,062 39,410 "',889
21
1,867 39,654 21,879
1,960 42,267 22,525
1,085 39,883
883 22,644
22
2,130 39,488 23,635
1,474 3 8 , 474
- • •',622
23
617 40,077 23,967
1,608 39,290 24,812
2
1
14
238
1,105
1,064
803
822
434
73
237
577
694
879
885
1,967
2,566
2,844
5,760
6,106
6,174
6,257
6,332
6,366
6,406
6,423
6,422
6,573
6,589
6,588
6,640
351
359
353
274
265
224
223
218
218
217
217
214
213
206
205
205
4
11
23
37
71
615
371
203
187
207
23
139
219
294
194
291
1,982
2,525
2,934
5,685
6,035
6,340
6,369
6,531
6,569
6,614
6,599
6,652
6,646
6,660
6,672
6,754
6,219
6,476
6,519
6,006
5,938
5,962
5,962
5,956
5,944
5,936
5,932
5,925
5,922
5,920
5,917
5,917
866
6,940
267
968
1,027
1,457
1,415
1,995
1,234
955
1,217
589
992
818
204
754
12,051
17,287
19,040
20,704
20,419
17,628
18,379
18,401
18,782
18,948
21,833
19,257
19,960
19,203
20,415
19,568
127
1,552
72
249
272
381
407
552
301
261
327
141
285
232
57
219
2,419
3,462
4,201
5,136
5,070
4,371
4,442
4,497
4,662
4,629
4,899
4,743
4,665
4,256
4,625
4,704
225
5,465
432
1,175
1,508
1,803
1,947
1,780
1,788
1,698
1,783
1,099
1,772
1,197
828
1,617
10,109 6,258
24,235 12,494
28,378 14,560
42, 349 ",137
25
42, 832 26,356
40,031 27,527
40,"-003 ",847
27
40,750 28,617
41,644 28,930
41,897 28,596
43,395 29,011
-,171
4 2 ,107
— 29
41,240 29.529
40,837 30,048
41,722 30,210
41,131 30,493
5 Less than $5 million. Because preliminary data are rounded to the
nearest
$10 million, no amount is shown except on call dates.
6
Beginning with February 1960 reserve city banks with total loans and
investments of $950 million and total deposits of $1,070 million were
reclassified as country banks.
For other notes see preceding and opposite pages.
677
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1—Continued
[Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank 2
Other
Cash 2 liaU. S. Other assets
bilities
Govt.
and
Demand
obliga- secucapital Total 2 Detions rities
ac- 3
Time
mand
U.S.
counts
Govt. Other
Loans and investments
Class of bank
and date
Total
Loans
All insured commercial banks:
1941—Dec. 31
49,290 21,259 21,046 6,984 25,788 76,820 69
1945—Dec. 31
21,809 25,765 88,912 7,131 34,292 157^44 147,
750 36 926 152,733 141,851
1947—Dec. 31
114,274 37,583 67,941
168,595 93,430 57,580 17 585 48 127 2201,865 199,876
1957—Dec. 31
183,596 97,730 65.669 20 198 48 689 236!,724 214!
1958—Dec. 31
188,790 110,299 58,348 20 143 49 158 242,,828 218;
1959—Dec. 31
188,691 114,785 54,366 19;540 46 825 240,728 212^42
1960—June 15
198,011 117,092 60,468 20,451 51,836 255,669 228,401
Dec. 31
National member banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1957—Dec. 31
1958—Dec. 31
1959_Dec. 31
1960—June 15
Dec. 31
6,786
1,088
9,229
14,013
8,375
35
795
8,958
517 2,166
9.035
767 2.292
8,947
514 2,742
472 3,594
7,937
611 3,265
9,829
23,262 8,322
45,473 16,224
53,541 19,278
66,546 30
30,904
69,808 34.812
71,015 36,421
67,270 36",905
71,660 39 ,546
3,739
4,411
3,978
15
6,124
729
6.192 1,420
6,102
825
5,429
833
6,608 1,028
621
8,166
381
1,306
1,530
1,763
2,151
2,022
13,874 4,025
24,168 7,986
27,068 9,062
39,001 14,386
40.640 16
16,320
39,974 16,406
38,296 16 ,631
40,733 17,727
53
1,560
149
388
419
533
651
645
4,162 3,360
10,635 5,680
12,366 6,558
17,580 10
0,873
18,766 12,063
19,732 13,059
18,525 13.357
20,140 14,095
11,725
13,925
21,428
50,350
52,627
59,962
62,398
63,694
12,039
51,250
38,674
31,234
35.714
31,761
29,298
32,712
State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 15
Dec. 31
15,950
37,871
32,566
51,152
55,588
55,264
55,348
58,073
6,295
8,850
11,200
30,600
31,435
34,817
35,946
36,240
7,500
27,089
19,240
15,846
18,585
15,052
14,228
16,394
2,155 8,145
1,933 9,731
2,125 10,822
4,707 15,960
5,568 16,407
16,045
5,396 16
5,174 15,495
5,439 17,081
24,688
48,084
43,879
68,676
73,620
73,090
72,734
77,316
22,259
44,730
40,505
61,545
66.102
65,069
63,341
68,118
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 15
Dec. 31
5,776
14,639
16,444
26,268
28,759
30,939
31,052
32,411
3,241
2,992
4,958
12,493
13,682
15,534
16,450
17,169
1,509
10,584
10,039
10,512
11,381
11,546
10,848
11,368
1,025
1,063
1,448
3,264
3,696
3,859
3,755
3,874
2,668
4,448
4,083
5,383
5,504
5,651
4,952
6,082
8,708
19,256
20,691
32,066
34,737
37,132
36,582
39,114
7,702
18,119
19,340
29,266
31,696
33,795
32,942
35,391
262
407
426
451
389
484
1,457
2,211
2,009
1,473
1,568
1,480
1,446
1,498
455
318
474
468
484
534
522
550
761
1,693
1,280
660
707
589
547
535
241
200
255
345
377
358
377
413
763
514
576
301
301
309
299
314
2,283
2,768
2,643
1,831
1.927
1,858
1,815
1,883
1,872
2,452
2,251
1,449
1,532
1,429
1,386
1,443
177
147
146
150
163
159
AH nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 314
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 15
Dec. 31
7,233
16,849
18,454
27,741
30,327
32,419
32,498
33,910
3,696
3,310
5,432
12,961
14,165
16,068
16,972
17,719
2,270
12,277
11,318
11,172
12,088
12,134
11,395
11,904
1,266
1,262
1,703
3,608
4,074
4,216
4,131
4,287
3,431
4,962
4,659
5,684
5,805
5,961
5,251
6,396
10,992
22,024
23,334
33,897
36,664
38,990
38,397
40,997
9,573
20,571
21,591
30,715
33,227
35,224
34,328
36,834
439
554
572
601
553
643
Insured mutual savings banks:
l941_T)ec. 31
1945_Dec. 31
1947_Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 15
Dec. 31
1,693
10,846
12,683
26,535
28,980
30,580
31.133
33,794
642
3,081
3,560
17,194
19.180
20,942
21,721
23,852
629
7,160
8,165
5,404
5,215
5,016
4,743
4,787
421
606
958
3,937
4,585
4,622
4,669
5,155
151
429
675
719
752
686
624
766
1,958
11,424
13,499
27,671
30,189
31,743
32.211
35,092
1,789
10,363
12,207
25,022
27,277
28,577
28,824
31,502
8.687
5,361
5,957
7,246
7,341
6,981
7,167
5,320
4,259
1,198
1,384
4,022
4,177
4,184
4,348
3,270
3,075 1,353
641
3,522
760
3,813
2,148 1,076
2,050 1,113
1,848
949
1,885
934
1,453
597
642
180
211
171
169
143
141
107
9,846
5,596
6,215
7,497
7,589
7,200
7,387
5,481
8,744
5,022
5,556
6,672
6,763
6,405
6,511
4,850
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 3H
1957_Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 15
Dec. 31
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 314
1957_Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 15
Dec. 31
For other notes see preceding two pages.
Time
10,654
,762 41,298 15,699
13,883
23,740 80,276 29
29,876
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
13,756 1,324 6,396 124,091
124
66,875
16,921 1,667 5,932 132,533 71,348
27,571
69,312
65,280
91,201
99,277
102,615
102,309
107,546
3,806 14 977
433 39,458
4,137 20 114
220 84,939
5,178 22 024 __. 182 82,023
9,617 26 786 120; 153 109,091
10.936 26 ,781
,397 116.714
,464
10,892 27,
636 119,638
10,614 26,380 131 433 116,178
11,140 28,675 139 ,261 124,911
Bor- Total Number
row- capital
of
acings counts
banks
129
244
329
181
10 6,84413 ,426
215 8,67113 ,297
61 9,73413 ,398
66 17,051 13,142
67 18,15413 ,101
602 19,20613 ,107
2,573 19,97813 ,140
149 20,62813 ,119
3,640
4,644
5,409
9,070
9,643
340 10,302
1,491 10,686
111 11,098
1
130
9
18
10
240
,012
20
5,117
5,017
5,005
4,620
4,578
4,542
4,542
4,530
2,246
2,945
3,055
5,483
5,817
5,962
6,143
6,299
1,502
1,867
1,918
1,773
1,734
1,691
1,675
1,644
959
1,083
1,271
2,500
2,696
2,944
3.151
3,232
6.810
6.416
6.478
6,753
6,793
6.878
6.926
6,948
185
121
163
83
122
132
1,291
1,905
1,392
840
890
873
792
846
253
365
478
303
325
311
290
293
329
279
325
317
332
350
353
358
852
714
783
425
399
366
350
352
190
138
185
103
141
160
5,504
14,101
167 13,758
427 18,420
428 19,655
545 20,605
669 19,318
657 20,986
3,613
6,045
7,036
11,176
12,387
13,370
13,648
14,388
1,288
1,362
1,596
2,817
3,028
3,294
3.503
3,590
7,662
7,130
7,261
7,178
7,192
7,244
7,276
7,300
1,789
10,351
12,192
24,991
27,243
28,544
28,791
31,468
164
1,034
1,252
2,308
2,473
2,654
2.735
2,998
52
192
194
239
241
268
268
325
8,738
5,020
5,553
6,671
6.762
6,404
6,510
4,850
1,077
558
637
751
746
705
730
555
496
350
339
283
278
249
247
189
457
425
12
2
3
3
3
2
4
12
26
28
28
28
29
NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN
for July 1947, pp. 870-71.
678
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans2
Loans for
Loans
Compurchasing
to
merU. S. Government obligations
or
carrying
financial
Total
cial
Other
institutions
securities
loans 2
in- Agriand Totaiz cludReal loans
to
culinvestOther
ing
in- loans
To
ments
tate
open turdial
broloans
marCervidkers To
To
To
ket
Total Bills tifi- Notes Bonds
uals
and others banks others
pacates
dealper
ers
Class of
commercial
bank and
call date
Total: 3
1947—Dec. 3 1 . .
1958—Dec. 3 1 . .
1959—Dec. 314.
1960—June 15..
Dec. 3 1 . .
116,284 38,057 18,167
185,165 98,214 40,425
190,270 110,832 40,174
190,137 115,307 41,775
199,509 117,642 43,125
All insured:
1941__Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31 4.
I960—June 15..
Dec. 31..
49,290 21,259 9,214 1,450
121,809 25,765 9,461 1,314
114,274 37,583 18,012 1,610
183,596 97,730 40,289 41913
188,790 110,299 40,022 4,973
188,691 114.785 41,625 5,318
198,011 117,092 42,957 5,628
Member, total:
1941_Dec. 31.. 43,521 18,021
1945—Dec. 31.. 107,183 22,775
1947—Dec. 31.. 97,846 32,628
1958—Dec. 31... 154,865 84,061
1959—Dec. 314. 157,879 94,779
I960—June 15.. 157,657 98,344
Dec. 31.. 165,619 99,933
1,660
4,973
5,018
5,363
5,676
1941_Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1958—Dec. 31..
1959—Dec. 314.
I960—June 15..
Dec. 31..
Chicago:*
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
t959_Dec. 314.,
I960—June 15..
Dec. 31..
31..
31..
31..
31..
314.
15..
31..
12,896
26,143
20,393
25,966
25,291
25,774
27,726
2,760
5,931
5,088
6,830
6,885
6,707
7,050
830
2,832
3,018
2,602
3,284
,220
115
9,393 5,723
,829
25,—
719
•0,698
255 20
,850
819 7,118 28,060 24,166
,739 2,365 7,063 28i353 25,523
,833
966 7,106 28,713 26,396
732
760
1,418
2,628
2,527
2,716
2,690
15,347 7,105
40,108 8,514
36,040 13,449
60,558 34,003
61,621 38,686
59,750 39,534
62,953 40,002
3,456
3,661
7,088
15,808
15,252
15
15,778
16,223
48
211
73
266
268
187
322
300
205
225
669
765
805
887
52
233
87
97
124
123
134
Nonmember:3
1947_Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1959—Dec. 314..
I960—June 15...
Dec. 3 1 . . .
20
102
133
134
161
156
230
263
251
269
614
,921
1,902
2,066
2,167
287
564
1,502
1,739
1,821
1,930
22
36
46
161
183
183
196
51
149
357
435
396
421
272
238
921
833
795
940
95
40
26
210
148
211
197
7,265 311
1,623 5,331
17,574 477 3,433 3,325 10,339
11,972 1,002
558 9,772
640
7,486 643 1,106 1,602 4,135
5,002 639
227 1,277 2,859
5,384 681
369 1,546 2,788
6,980 1,422
578 1,708 3,272
729
606
638
1,869
1,833
1,722
1,964
830
629
604
446
335
319
317
,022
153
749
,864
248 2,274
522 ',446
467
,332
480
,096
663 1,050
182
181
213
491
562
564
607
193
204
185
140
1,430
4,213
2,890
2,562
1,985
1,664
1,882
256
133 1,467
132
235
232
361
108
78
46
42
132
37
133
93
76
1,528
2
1,823
4,377 110
481 3,787 1,222 ,028
707
4
359 26 ,999 630 5,102 4,544 16,722 1,342 ,067
1,881
224 22,857
22
5
3,827 1,979
480 2,583 2,108 17,687 2,006 ,262
779 23,606 2,475 2,306 4,495 14,330 6,181 ,467
6
10,806 8,239
643 22,535
22
11 1,056 11,816 9,491
2,381
863 5,751 13,540 6,452 1 ,330
652 21,556 1,329
242 1,085 12,220 10",286
807 5,928 13,493 6,565 ' ,232
647 22,848 2,817
29 1,147 12,449 10,550
7,240 11,903 6,752 ,308
183
471
227
268
284
286
293
1,205
2,981
3,348
3,571
3,838
588
581
564
522
123
80
111
641
936
870
868
4
1,527
6,467 295
751 5,421
508
956 820
17
1,459
387 29,552 1,034 6,982 5,653 15,883 1,126 916
5
15
3,147 1,969
351 20,196 373 2,358 1,901 15,563 1,342 1,053
191
8,405 6,930 1,301 20,645 1,293 2,370 4,497 12,484 4,864 1,047
235 3,369 9,251 8,211
980 17,292 1,484
645 4,109 11,054 4,830 813
924 3,184 9,036 8,430
892 14,921 464
365 4,006 10,086 4,623 672
909 17,396 2,031
351 3,216 9,005 8,721
794 5,461 9,111 4,817 738
20
42
23
294
298
308
508
8V
2,266 1,061
5,256 3,671
317 5,888 4,289
327 6,053 4,591
379 6,205 4,774
1 All commercial banks in the United States. These figures exclude
During
A^uiiug
1941
three
mutual
savings
becamewith
members
the Federal
Reserve
System;
these
banks
(twobanks
beginning
June of
1960)
are included
in
member banks but are not included in all insured or total banks. Comparability of figures for classes of banks is affected somewhat by changes
in Federal Reserve membership, insurance status, and the reserve classidata lor
for banks
in U.
S. possessions
possessions cx^opi
except for
member banks.
data
oanKS m
\J. o.
iur uiciuocr
uaiiKS.
6,034 533,205 5, ,276 3 ,729
13,396 39,
,
4;,070
?,287 16,505
14,856 35,360 16,958 3 ,543
15,
3,887
789 3,127
19,013 30
3,998
570 3 ,294
114 194
427 1,503
170 484
518 851
580 776
511 713
719 739
Country:
1941_Dec. 3 1 . . 12,518 5,890 1,676 659
1945—Dec. 3 1 . . 35,002 5,596 1,484 648
1947_Dec. 3 1 . . . 36,324 10,199 3,096 818
1958—Dec. 3 1 . . . 61,511 30,257 8,080 2 ,368
1959—Dec. 31 4. 64,082 33,766 8,,498 2 ,321
I960—June 15... 65,427 36,074 9,,212 2 ,465
Dec. 31... 67,890 36,981 9,,499 2 ,589
5,432
14,165
16,068
16,972
17,719
7,789
7,399
2,420
2,210
2,920
4,773
21,046 988
614 662 40
4, 505
3,159 16 ,899 3,651 3,333
3,164 3,606
4,677 2,361 1,132 88,912 2,455 19,071 16,045 51 ,342 3,873 ~,258
49
823 1,190
9,266 5,654
,
114
914 67,941 2,124 7,552 5,918 52 ,347 5,129 3 ,621
713
25,148 20,
10,589 3,420 65,669 6,159 7,362
362 13,240 38,908 16,
2,797 1,810
,932
767 58,348 6,189 2,404
813 7, 105 27,'948 24,032 2,-2,982
729 35,027 16,721
,3,422
2,360 7,043 28,240 25,387 2,728 54,366 3,527 2,184
2,584
090 33,566 16,545 2,994
3,247
965 7, 090 28,602 26,263 2,883 60,468 7,994 2,884 18,868 30,722 17,300 3,150
32
412 169
2,453 1,172
26
93
545 267
1,652 382
503
1,740 403
531 1,788
366 1,050 1,886
1,463
399
1,574
500 1,799
4,072 2,807
7,334 3,044
7,179 5,361
16,165 10,928
18,121 10,549
",499
18,350 10
18,465 10,876
954
1,333
1,801
3,637
4,206
4,386
4,485
18,454
30,327
32,419
32,498
33,910
947 69,221 2,193
66,376 6,294
58,937 6,300
54,913 3,593
61,003 8,072
3,437
2, 784
2, 747
2,901
Obligations
of
States Other
and secupolit- rities
ical
subdivisions
972 594 598
39
3,494
19,539 971
8,671
3,007 15,561 3,090 2,871
3,653
8,949 855 3,133 3,378
47
3,455 1,900 1, 057 78,338 2,275 16,985 14,271 44
" , 8 0 7 3, 254 2 ,815
16,962 1,046
113
7,130 4,662
839 57,914 1,987 5,816 4,815 45,,295 4, 199 3,105
811 1,065
20,013 17,028 3,211 54,299 4,644 6,143 11,117
37,444 3J052 2,730 1,599
710
,
32,396 13
3,405 3,100
36,826 3,116 2,885 1,587
- 46,813 4,612 1,812 11,604 28 ,785 13,677 2,610
811 6,801 22,185 19,877 2 , 603
309 20,932 2, 550 43,526 2,521 1,583
",204 3,297 2,469 1,488 2,309 6,~"
959 27,463 13,473 2,315
38,
947 6,726 22 518 21,622 2, 694 49,106 6,402 2,296
072 25,335 14,141 2,439
39,288 3,509 3,124 1,564
New York City:*
Reserve city:
1941_Dec.
1945_Dec.
1947_Dec.
1958—Dec.
1959_Dec.
I960—June
Dec.
Investments
109 11,318 206 1,973 1,219 7,920
226 12,088 1,651 1,255 2,280 6,901
181 12,134 1,689
608 3,254 6,584
197 11,395 1,073
627 3,265 6,429
624 3,941 5,668
207 11,904 1,670
1,078
3,102
3,283
3,317
3,431
625
971
934
814
857
fications of cities and individual banks, and by mergers, etc.
2
June JU,
30, i^to,
1948, iiguics
figures IUI
for various
loan items
are
- Beginning
Dcguuuus with
wiui JUUG
vaiiuus iua.n
items arc
shown
gross
(i.e.,
of valuation
reserves);
they doTotal
not
add to the
total
andbefore
are notdeduction
entirely comparable
with
prior figures.
loans continue to be shown net.
For other notes see opposite page.
679
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES *
[In millions of dollars]
Demand deposits
Class of
commercial
bank and
call date
ReBalDeserves
mand
Interbank
Cash ances
with
dewith
deposits
Federal in
posits
dovault mestic
Readserve
banks6 justed 7 Do- 6 ForBanks
mestic eign
Total: 3
1947_Dec. 31..
1958—Dec. 31..
1959—Dec. 31..
I960—June 15..
Dec. 31..
17,796 2,216 10,216
18,427 3,249 12,609
17,931 3,012 12,237
17,917 3,252 10,999
16,720 3,346 13,681
All insured:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31..
I960—June 15..
Dec. 31..
12,396
15,810
17,796
18,427
17,931
17,917
16,720
1,358
1,829
2,145
3,227
2,990
3,232
3,326
Member, total:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31..
1960—June 15..
Dec. 31..
12,396
15,811
17,797
18,428
17,932
17,918
16,720
1,087
1,438
1,672
2,441
2,222
2,427
2,518
6,246
7,117
6,270
7,977
7,532
6,913
8,582
New York City:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1958—Dec. 31.,
1959—Dec. 31.,
I960—June 15.,
Dec. 31.,
5,105
4,015
4,639
4,454
3,908
4,054
3,398
93
111
151
161
151
144
199
Chicago: $
1941—Dec.
1945_Dec.
1947—Dec.
1958—Dec.
1959—Dec.
I960—June
Dec.
31.
31.
31.
31.
31.
15.
31.
1,021
942
1,070
1,058
920
995
89"
Reserve city:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1958—Dec. 31.
1959—Dec. 31.
I960—June 15.
Dec. 31.
4,060
6,326
7,095
7,47'
7,53:
7,48:
7,354
Country:
1941—Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—Dec.
I960—June
Dec.
31.
31.
31.
31.
31.
15.
31.
2,210
4,527
4,993
5,444
5,573
5,388
5,070
Nonmember:3
1947_Dec.
1958—Dec.
1959—Dec.
I960—June
Dec.
31.
31.
31.
15.
31.
CertiIndiIndi- Bor- CapiU. S. States viduals,
States
fied
viduals,
tal
Govt. and partnerrow- acand
and
partnerU.S. political offiInter- and polit- ships, ings
ships,
counts
Govt. subdi- cers' and cor- bank postal ical and corsav- subdi- poravisions checks, poraings
tions
etc.
tions
1,343
4,250
5,050
6,414
5,945
6,799
10,928
11,459
10,753
11,674
2,581
4,043
3,910
3,701
4,602
84,987
115,132
116,225
110,429
117,103
240
2,372
1,441
1,446
1,799
111
327
285
259
262
866
3,576
3,166
3,616
4,544
65 10,059
34,383
59,590
73 18,486
62,718 615 19,556
63,290
290 2,590 20,331
66,836
163 20,986
673
,248
,379
,629
,675
,400
,582
,762
23,740
1,325
4,241
5,037
6,396
5,932
3,677
5,098
6,692
10,841
11,372
10,648
11,582
1,077
2,585
2,559
4,001
3,866
3,655
4,564
36,544
72,593
83,723
114,372
115,482
109,788
116,388
158
70
54
2,209
1,358
1,324
1,667
59
103
111
327
285
259
262
492
496
826
3,512
3,095
3,555
4,481
10 6,844
15,146
29,277 215 8,671
33,946
61 9,734
59,329
67 18,154
62,478 602 19,206
63,061 2,573 19,978
66,605
149 20,628
9,714
12,333
10,978
13,614
13,389
11,980
14,875
671
1,243
1,375
1,613
1,659
1,387
1,561
1,709
22
2,179
1,176
3,822
4,504
5,745
5,287
3,066
4,240
5,504
8,603
8,915
8,304
9,016
1,009
2,450
2,401
3,712
3,542
3,366
4,244
33,061
62,950
72,704
98,133
98,532
93,896
99,134
140
64
50
2,187
1,338
1,305
1,639
50
99
105
300
259
234
237
418
399
693
2,829
2,383
2,768
3,559
11,878
5,886
23,712
7,589
54 8,464
27,542
54 15,460
48,004
50,185 581 16,264
50,534 2,503 16,829
130
53,477
* ~ 17,398
10,761
15,065
16,653
16,170
15,494
15,332
15,352
3,595
3,535
3,236
3,519
3,462
3,149
4,105
607
1,105
1,217
1,267
1,303
1,060
1,184
866
6,940
267
968
1,027
1,140
1,217
319
237
290
329
310
294
305
450
1,338
1,105
1,540
1,536
1,849
2,476
6
11,282
17
15,712
12
17,646
18,835 1,739
18,573
988
17,754
992
19,051 1,216
298
200
175
185
142
109
171
2,215
3,153
3,737
4,271
4,171
3,678
3,968
1,027
1,292
1,196
1,314
1,187
1,193
1,327
12'
1,552
233
237
285
302
329
283
298
34
66
63
88
105
85
102
2,152
3,160
3,853
4,746
4,636
4,301
4,499
425
494
56:
768
681
740
753
2,590
2,174
2,125
2,670
2,381
2,229
2,610
11,117
22,372
25,714
35,505
35,095
32,873
34,357
4,30:
6,307
5,497
7,217
7,162
6,354
7,688
491
8,221
405
1,429
1,698
2,319
1,960
1,144
1,763
2,282
3,153
3,304
2,803
3,329
286
611
705
1,052
1,043
801
953
11,127
22,281
26,003
38,054
38,321
36,156
37,986
526
796
929
1,476
1,357
1,515
1,534
3,216
4,665
3,900
5,030
4,870
4,488
5,655
9,661
23,595
27,424
40,272
40,514
39,159
40,917
790
1,199
1,049
1,565
1,578
1,285
1,755
225
5,465
432
1,175
1,508
1,951
1,783
1,370
2,004
2,647
4,819
4,972
4,923
5,083
239
435
528
1,032
857
631
713
8,500
21,797
25,203
36,498
37,003
35,686
37,598
544
808
790
826
828
3,947
4,633
4,706
4,087
5,099
13,595
19,300
20,146
18,983
20,525
385
528
555
504
578
167
428
545
669
657
1,295
2,325
2,544
2,449
2,658
180
331
369
335
357
12,284
16,999
17,692
16,533
17,970
87,123
115,518
115,420
110,025
115,120
11,362
14,142
13,944
12,484
15,453
8,570 37,845
11,075 74,722
9,736 85,751
12,353 114,645
11,969 114,563
10,737 109,249
13,409 114,292
9,823
12,566
11,236
14,025
13,825
12,356
15,339
33,754
64,184
73,528
96,218
95,274
91,042
94,594
141
78
70
92
138
87
147
1,430
1,657
1,705
1,436
1,627
r
249
272
335
32'
54
110
131
289
288
272
301
3 Breakdowns of loan, investment, and deposit classifications are not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
4 For a discussion of revision in loan schedule, see the BULLETIN for
January I960, p. 12.
5 Central reserve city banks.
Time deposits
104
30
22
37'
303
245
326
29
20
14
100
65
95
203
778
1,206
1,418
3,345
3,359
3,360
3,976
1,648
195 2,120
30 2,259
3,282
232 3,361
980 3,430
3,554
476
719
902
1,423
1,449
1,401
1,521
3
40
333
35
288
377
426
733
762
765
822
20
243
38
160
45
332
124 1,471
95 1,229
80 1,375
1,787
4,542
9,563
11,045
19,480
20,231
19,484
20,652
2
1
14
238
870
73
1,967
2,566
2,844
5,760
6,106
6,181
6,423
31
146
5:
219
45
33'
13: 1,250
1,077
12' 1,290
122 1,562
6,082
12,224
14,177
23,755
25,146
26,289
27,327
4
11
23
37
71
320
23
1,982
2,525
2,934
5,685
6,035
6,453
6,599
17:
74'
783
848
985
6,858
11,613
12,560
12,775
13,378
n:
190
185
103
141
160
1,596
3,027
3,294
3,504
3,590
6
Beginning with June 30, 1942, excludes reciprocal bank balances,
which on Dec. 31, 1942, aggregated $513 million at all member banks and
$525 million at all insured commercial banks.
7 Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other notes see opposite page.
680
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
[In millions of dollars]
Loans
For purchasing
or carrying securities
Total
loans
and
investments i
Wednesday
Loans
and
investadjusted 2
To brokers
and dealers
ComLoans
adjusted 2
cial
and
industrial
To financial institutions
To others
Nonbank
institutions
Banks
Real
estate
other
loans
Valuation
reserves
All
Agricultural
U. S.
U. S.
Govt. Other
Govt. Other
seseobobcuriligaliga- curities
ties
tions
tions
Foreign
PerDo- sonal
and
messales
tic
ficomOther
mer- nance
cial companies
etc.
TotalLeading Cities
1960
'\Jjjy
4
11
18
25
Apr
5
105,915
105,320
105,635
105,766
104,356
104,006
104,235
104,044
68 550
68,454
68,597
68,400
31,217
31,254
31,425
31,368
932
942
950
111,694
111,727
112,259
112,618
110,617
110,546
111,084
111,059
69 622
69,681
69,830
69,801
32 056
31,982
31,870
31,735
1 137
1,135
1,146
1,156
932
377 1,457
318 1,451
238 1,437
175 1,416
140
1 123
146 1,118
162 1,120
144 1,121
773
1,559 4,467 1,610
791 1,314 4,376 1,614
776 1,400 4,347 1,624
772 1,722 4,252 1,635
12,874
12,877
12,883
12,877
15,044
15,041
15,108
15,154
1,464
1,464
1,465
1,464
402
517
579
609
115
111
113
112
675
691
703
700
12 722
12,756
12,759
12,772
16 348
16,376
16,304
16,322
1 555
1,552
1,552
1,552
1961
19
26
1,485
1,556
1,772
1,788
1 209
1,229
1,246
1,254
1 077
1,181
1,175
1,559
3 439
3,305
3,287
3,289
1 589
1,575
1,603
1,616
Apr 26
112,618 111,059 69,801 31,735 1,156
609 1,788
111 1,254
537 1,559
3,289 1,588
May
112,872
112,698
113 820
113,308
113,444
111,606
111,272
112,822
111,927
112,147
614 1,886
594 1,952
891 1 923
549 1,922
542 1,897
112 1,271
109 1,268
108 1 285
126 1 310
108 1,326
578 1,266
576 1,426
558
998
561 1,381
585 1,297
3,375
3,292
3,287
3,287
3,382
1,585
1,603
1,618
1,639
1,675
25,364
24,908
25 149
25,158
724 1,544
1,476
1,418
1,352
70,153
70,109
70 432
69 901
69,913
31,905
31,803
31 883
31,586
31,460
1,184
1,185
1,185
1,197
1,141
24,640
24,411
24,365
24,269
17
17
17
17
363
248
228
062
10,387
10,387
10 456
10,433
9
288
854
28
8
8
8
326
220
147
108
874
862
848
28
42
31
327
328
328
502
501
475
497
784
889
26,487
26,493
26,687
26,599
17 308
17,344
17 502
17 453
10,780
10,701
10,638
10,538
6
6
6
6
158
269
302
310
887
929
. .
26 894
26,679
27 146
27,441
1 142
1,163
21
21
20
20
356
358
363
366
426
438
437
435
407
186
459
842
1,121
1,054
1,039
1,047
309
309
311
315
Apr 26
27,441
26,599 17,453 10,538
6
310
1,163
May
....
27 428
27,236
27 394
27,292
27 478
26,670
26,659
27,267
26,827
26,962
17 609
17,585
17 870
17,512
17 507
10 631
10,560
10,588
10,425
10 415
5
5
5
313
356
614
80,551
80 412
80,486
80,608
79,716
79,595
79,870
79,775
51,187
51 206
51 369
51,338
20,830
20 867
20,969
20,935
923
924
934
942
89
98
91
67
19
26
84,800
85 048
85,113
85,177
84,130
84,053
84,397
84,460
52,314
52 337
52 328
52,348
21,276
21 281
21,232
21,197
1,131
1,129
1,140
1,150
Apr 26
85,177
84,460 52,348 21,197 1,150
May
85,444
85,462
86 426
86 016
85,966
84,936
84,613
85 555
85,100
85,185
1,179
1,180
1 180
1,192
1,136
3
10
17
24
31
12,772 16,513 1,552
12,770
12,803
12,825
12,842
12,855
16,428
16,481
16,427
16,439
16,504
1,555
1,557
1 558
1,557
1,562
346
893
339
343
344
894
892
886
2,614
2,603
2,641
2,659
410
410
410
766
772
757
758
2,909
2,915
2,915
2,923
431
428
428
428
New York City
1960
Mavy
4
if::
18
25
484
410
1961
Apr
5
12
19
26
3
10
17
24
31
5
5
1,047
287
758
3,114
428
286
300
301
759
770
775
302
309
771
111
3,044
3,040
3,051
3,057
3,061
432
432
432
291
301
1,114
1,039
1,048
465 1,056
516 1,129
797
791
792
793
289
289
275
297
835
817
616
833
2,923
2,900
2,929
2,900
1,264
1,275
1,281
1,291
11,981
11,983
11,991
11,991
12,430
12,438
12,467
12,495
1,054
1,054
1,055
1,054
94
90
93
853
871
883
249
253
266
670 2,318
995 2,251
716 2,248
625
92
888
265
1,280
1,266
1,292
717 2,242 1,301
11,956
11,984
12,002
12,014
13,439
13,461
13,389
13,399
1,124
1,124
1,124
1,124
625
92
888
265
717 2,242 1,301
12,014 13,399 1,124
301
238
277
692
695
697
92
91
90
897
890
901
277
282
266
181
254
660
659
109
91
920
924
270
284
508 2,261
849 2,253
871 2,239
916 2,231
781 2,253
12,011
12,033
12,050
12,071
12,078
20
366
272
842
20
18
18
374
378
384
301
294
292
758
577
127
17
17
390
402
603
577
575
568
112
118
120
113
244
248
277
598
627
630
299
299
1 194
1,257
1 226
368 1,262
288 1 238
432
435
Outside
New York City
1960
May
4
11
18
25
1961
Apr.
5
12
3
10
17
24
31
1
2
52,544
52,524
52 562
52 389
52,406
21,274
21,243
21 295
21 161
21,045
After deduction of valuation reserves.
Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loan items are shown gross.
NOTE.—All figures revised to reflect new coverage. In addition,
figures through the first Apr. 26, 1961 date for loans to foreign banks
1,299
1,303
1,317
1,337
1,366
13,384
13,441
13,376
13,382
13,443
1,123
1,125
1,126
1,125
1,127
and to other nonbank institutions and for all other loans for New York
City and for total leading cities are not comparable with those for the
second Apr. 26 date because of a reclassification of loans in New York
City. For explanations see p. 654 of this BULLETIN.
681
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Cash assets, excluding cash items in process
of collection
Investments
U. S. Government obligations
Wednesday
Total
Bills
Certificates
Notes and bonds
maturing—
Other
securities
Total
Within
1 to After
1 year 5 years 5 years
Balances
with
domestic
banks
Balances
with
foreign
banks
Currency
and
coin
Reserves
with
F. R.
Banks
All
other
assets
Total
assets—
Total
liabilities
and
capital
acco unts
Total—
Leading Cities
1960
26,140
1,365
1,241
1,296
1,343
30,045
29,761
30,327
30,340
3,344
3,048
3,575
3,580
1,159
1,242
1,268
1,307
30,340
3,580
1,307 4,413
16,141 4,899
10,918
16,243
2,933
122
1,398
11,790
4,284 144,897
30,590
30,290
31,438
31,188
31,397
3,728
3,379
3,447
3,259
3,461
1,410 4,472 16,103 4,877
1,485 4,512 16,071 4,843
2,203 4,973 16,168 4,647
2,257 4,996 16,089 4,587
2,292 5,108 16,033 4,503
10,863
10,873
10,952
10,838
10,837
16,856
16,663
17,192
16,565
16,637
3,095
2,765
2,961
2,639
2,958
156
133
117
129
113
1,278
1,347
1,354
1,393
1,395
12,327
12,418
12,760
12,404
12,171
4,319
4,288
4,125
4,192
4,339
145,782
145,102
147,927
144,680
146,569
5,280
5,219
5,190
5,236
668
623
535
565
119
116
36:
346
342
333
34
62
3,276
3,274
3,390
3,398
875
873
869
865
1,997
1,944
1,947
1,971
4,502
4,425
4,126
4,160
149
162
146
158
4,250
4,147
3,869
3,894
1,473
1,425
1,444
1,396
34,879
34,186
34,140
33,936
5
12
19
26
6,406
6,288
6,476
6,453
91
780
965
975
463
508
524
550
736
749
774
800
3,286 1,006
3,318
933
3,300
913
3,297
831
2,773
2,861
2,709
2,693
4,013
3,956
3,689
3,590
77
79
52
64
184
198
180
192
3,670
3,586
3,378
3,252
1,823
1,830
1,831
1,883
36,417
36,730
36,733
37,346
Apr. 26
6,453
975
550
800
3,297
831
2,693
3,590
64
192
3,252
1,8
37,346
May
6,495
6,599
6,911
6,855
6,99-
915
939
1,034
935
1,005
636
826
704
843
755 1,084
803 1,099
831 1,135
,286
,276
,245
,220
3,236
832
837
793
798
787
2,566
2,475
2,486
2,460
2,461
3,723
3,!
4,254
3,921
3,652
71
70
53
65
49
175
190
176
187
184
3,387
3,551
3,929
3,599
3,352
1,856
1,837
1,765
1,828
1,889
37,024
37,225
37,890
36,886
37,469
20,993
20,851
20,970
20,904
697
618
761
778
353 1,312
356 1,292
524
926
518
914
14,815
14,837
15,018
14,955
3,816
3,748
3,741
3,739
7,536
7,538
7,531
7,533
12,960
13,064
13,017
12,857
2,609
2,652
2,729
2,585
981
1,076
1,068
1,092
9,335
9,300
9,187
9,145
2,190
2,194
2,127
2,147
103,029
103,052
103,260
102,220
23,639
23,473
23,851
23,887
2,429
2,268
2,610
2,605
696
734
744
75
3,454
3,498
3,555
3,613
13,138
12,953
12,886
12,844
3,922
4,020
4,056
4,068
8,177
8,243
8,218
8,225
13,142
12,796
13,181
12,653
3,184
2,856
3,054
2,851
1,080
1,195
1,198
1,206
8,837
8,701
8,888
8,538
2,402 107,894
2,398 108,524
2,405 108,548
2,401 107,551
23,887
2,605
757 3,613
12,844 4,068
8,225
12,653
2,851
1,206
8,538
2,401
107,551
24,095
23,691
24,527
24,333
24,403
2,813
2,440
2,413
2,324
2,456
3,646 12,817 4,045
3,669 12,795 4,006
8,297
8,398
8,466
8,378
8,376
13,133
12,779
12,938
12,644
3,005
2,692
2,865
2,569
2.891
1,103
1,157
1,178
1,206
1,211
8,940
8,867
8,831
8,805
8,819
2,463
2,451
2,360
2,364
2,450
108,758
107,877
110,037
107,794
109,100
May
4
26,273
26,070
\s'.\'.'.'.'.'.'.'.'.26,160
25
4,691
4,621
4,610
4,604
9,533
9,482
9,478
9,504
17,462
17,489
17,143
17,017
2,670
2,711
2,796
2,650
4,190 16,424 4,928
4,247 16,271 4,953
4,329 16,186 4,969
4,413 16,141 4,899
10,950
11,104
10,927
10,918
17,155
16,752
16,870
16,243
3,266
2,949
3,133
2,933
472 1,654
472 1,625
960
864
976
18,091
18,111
18,408
18,353
1,130
1,238
1,214
1,250
13,585
13,447
13,056
13,039
3,663
3,619
3,571
3,543
137,908
137,238
137,400
136,156
118
123
93
122
1,264
1,393
1378
12,507
12,287
12,266
11,790
4,225
4,228
4,236
4,284
144,311
145,254
145,281
144,897
1961
Apr.
5
12
19
26
Apr. 26
May
3
10
17
24
31
New York City
May
1960
4.
11.
18.
25.
1961
Apr.
3.
10.
17.
24.
31.
Outside
New York City
1960
May
4....
11....
18....
25....
1961
Apr
-
19
26
Apr. 26
May
3.
10.
17.
24.
31.
77781
1,448
1,454
1,461
12,923 3,854
3^897 12,869 3,789
3,973 12,797 3,716
NOTE.—All figures revised to reflect new coverage.
see p. 654 of this BULLETIN.
For explanation
12, " -
682
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits
Borrowings
Time
Demand
Wednesday
Total
unadjusted i
Demand
IndiStates
deviduals,
and
posits
partner- politTotal 3 ships,
adical
iusted2
and
subcorpodivirations sions
Other time
Foreign4
Domestic
U.S.
com- Totals
Gov't. mercial
banks
IndiStates
viduals,
and
partner- politships,
ical
and
subcorpodivirations sions
Savings
From
F. R.
Banks
Other
liabilFrom ities
•thers
Capital
Foreign4
Total—
Leading Cities:
1960
May
4
11
18
25
119,366
619
118,619
118,982
117,389
59,561
59,330
58,672
58,907
86,880
86,113
86,433
84,793
62,772
63,034
62,592
61,783
5,244
4,941
4,985
4,967
1,331
1,365
1,373
1,353
4,634
4,107
4,955
4,966
10,486
10,501
10,382
9,737
32,486
32,506
32,549
32,596
29,260
29,286
29,301
29,342
1,747
1,743
1,738
1,759
n.a.
n.a.
n.a.
n.a.
125,645
126,301
126,505
125,621
60 ,016
61,180
62,277
62,049
87,950
88,403
88,543
87,446
63,911
66,285
66,274
65,527
4,766
4,703
5,228
5,229
1,474
1,482
1,447
1,437
2,755
1,227
926
1,076
12,468
11,967
11,977
11,13."
37,695
37,898
37,962
38,175
33,324
33,451
33,422
33,596
2,578
2,620
2,681
2,723
n.a.
n.a.
n.a.
n.a.
5,463
2,723
1,864
5,682
5,773
5,788
5,854
5,936
2,775
2,797
2,803
2,839
2,837
1,868
1,890
1,894
1,920
1,913
389
613
113
158
2,299
2,104
2,273
2,635
4,158
4,201
4,343
4,268
1,696
1,701
1,689
1,706
1,159
1,468
1,315
1,674
5,059
4,997
5,071
5,198
2,388
2,398
2,371
2,393
1,674 5,198
2,393
1961
Apr
- ,1::::::
19
26
Apr. 26
125,621 64,064 87,446
65,418 5,229
1,600
1,076 10,554 38,175 27,836
May
126,767 62,550
125,608 62,246
128,205 61,313
107 61,876
125,—
127, 247 62 120
88,229
86,840
89,331
86,041
88,056
63,869
63,490
63,926
62,651
64,168
5,572
5,186
5,138
5,223
5,490
1,512
1,612
1,625
1,562
1,564
2 854 11,090
2; 244 10,897
3,994 11,234
3,446 10,104
2,982 10,805
28,487
27,756
27,97'4
27,479
14,874
14,540
14,660
14,510
24,091
23,373
23,580
23,078
16,656
16,432
16,587
16,317
345
283
30'
31:
1,001 1,691
1,042 1,345
1,047 1,478
981 1,461
2,
3,018
2,974
2,904
4,396
4,383
4,394
4,401
3,291
3,285
3,262
3,278
29,784
29,721
29,955
30,474
14,93"
15,043
15,346
15,608
24,019
23,915
24,069
24,501
16,868
17,415
17,571
17,729
260
266
333
280
1,116
1,130
1,095
l,09f
707
265
156
20:
3,570
3,212
3,405
3,16^
5,765
5,806
5,886
5,973
4,289
4,307
4,359
4,435
30,474 17,064 24,501
2,803 5,973 2,526
2,540
2,555
2,564
2,573
2,582
3
10
17
24
31
38,538
38,768
38,874
39,066
39,191
7,919
18,011
:8,O83
18,148
28,205
1,277
1,626
1,277
1,607
1,426
5,261 2,452
5,214 2,462
5,268 2,462
5,329 12,461
5,341 '2,509
n.a
n.a
n.a.
n.a
1,083
1,129
822
1,152
1,900
1,888
1,939
1,899
3,409
3,413
3,405
3,406
224
225
231
237
n.a,
n.a.
n.a,
n.a
45:
794
614
593
2,620
2,604
2,599
2,716
3,561
3,566
3,565
3,563
1,658
237
1,434
593 2,716
3,563
1,756
1,803
1,797
1,822
1,876
239 1,444
239 1,455
240 1,451
253 1,471
246 1,465
32'
644
73:
71:
396
2,751
2,708
2,685
2,756
2,766
3,589
3,592
3,594
3,584
3,600
389 1,216 2,258
613
975 2,313
11
1,451 2,404
158 1,483 2,369
8,287
8,288
8,284
8,300
8,827
8,832
8,806
8,830
25
192
715
176
46
New York City
1960
May
4...
18!!!
25...
1961
Apr. i | . . .
19...
26...
Apr. 2 6 . . .
May
3...
10...
17...
24...
31...
17,667
280
1,206
20:
30,357
30,154
30,649
29,776
30,707
16,553
16,121
16,019
16,167
16,055
24,258
23,979
24,469
23,530
24,412
16,903
16,693
16,796
16,635
17,197
469 1,146
265 1,242
28: 1,257
268 1,205
274 1,204
785
61
1,020
841
756
2,903 6,099
2,978 6,175
2,953 6,180
2,677 6,246
3,151 6,295
90,879
90,863
91,008
89,910
44 ,687
44,790
44,012
44,397
62,789
62,740
62,853
61,715
46,116
46,602
46,005
45,466
4,899
4,658
4,678
4,655
330
323
326
37:
2,943
2,762
3,477
3,505
7,50
7,48:
7,40i
6,83!
28,090
28,123
28,155
28,195
25,969
26,001
26,039
26,064
1,675
1,672
1,667
1,687
n.a
n.a
n.a.
n.a
95,861
96,580
96,550
95,147
45,07
46,137
46,931
46,441
63,931
64,488
64,474
62,945
47,043
48,870
48,703
47,798
4,506
4,437
4,895
4,949
358 2,048 8,89i 31,930
35:
962 8,75: 32,092
35:
770 8,57: 32,076
345
874 7,96: 32,202
29,035
29,144
29,063
29,161
2,354
2,395
2,450
2,486
n.a.
n.a.
n.a,
n.a,
95,147 47,000 62,945
47,751
4,949
394
96,410 45,997
95,454 46
",125
97,556 45 ,294
95,331 45,709
96,540 46,065
46,966
46,797
47,130
46,016
46,971
5,103
4,921
4,856
4,955
5,216
366
370
368
357
360
127
230
58
Outside
New York City
1960
May
4
18!!!!!
25
1961
Apr.
5
12
19
26
Apr. 26
May
3
10
17
24
31
63,971
62,861
64,862
62,511
63,644
707
674
701
1,081
2,439
2,393
2,472
2,482
874 7,75
32,202 25,310
3,8
2,486
430
11
1,081
2,482 8,830
8,18'
7,91(
8,28
7,42'
7,65-
32,439 25,379
32,593 25,456
32,694 25,519
32,820 25,575
32,896 25,623
3,926
3,970
3,991
4,032
4,060
2,536
2,558
2,563
2,586
2,591
42435
443
44!
448
25
65
485
118
46
950
982
545
895
1,030
2,510 8,863
2,506 8,870
2,583 8,868
2,573 8,877
2,575 8,909
2,069
1,632
2,974
2,605
2,226
n.a. Not available.
1
Total demand and total time deposits.
2 Through first Apr. 26, 1961 figure, based on demand deposits other
than interbank and U. S. Government, less cash items reported as in process
of collection; beginning with the second Apr. 26, 1961 figure, based on
demand deposits other than domestic commercial interbank and U. S.
Government, less cash items reported as in process of collection.
3
Includes certified and officers' checks and deposits of mutual savings
banks, not shown separately.
4
Comprises deposits of foreign governments and official institutions,
60
45
1
11
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 sayings banks, not shown separately.
NOTE.—All figures revised to reflect new coverage. Figures through
the first Apr. 26, 1961 date in the second, fourth, sixth, eighth, and
tenth-eleventh columns are not comparable with those for the second
Apr. 26 date because of a reclassification of deposits. For explanations,
see p. 654 of this BULLETIN.
683
BUSINESS LOANS OF BANKS
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net increase, or decrease (—). In millions of dollars]
Manufacturing and mining
Period 2
Food, Textiles,
liquor, apparel,
and
and
tobacco leather
PetroMetals
leum,
and
coal,
metal chemical,
prod-3
and
ucts
rubber
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Public
utilities
(incl.
transportation)
Construction
Comm'l
and
All
ind'l
Net
change—
other
changes
all
types
classiweekly
of
fied
reportbusiness
ing
banks4
698
-58
-148
248
26
151
738
480
11
-31
2,114
1,861
I960—Jan.-June
July-Dec
-558
579
273
-215
1,062
-665
-52
58
354
-29
372
-28
-677
507
-48
61
96
35
155
310
977
615
1,178
299
1961—Mar
Apr
May
-36
-142
-73
92
-41
9
148
-197
-65
12
76
-54
122
10
19
99
-44
46
-39
-131
-104
36
-135
-106
5
5
62
219
27
-18
657
-573
-284
726
-468
-275
-3
-50
45
—9
-19
18
20
34
11
9
5
12
189
— 29
-30
—3
—8
42
14
-33
27
12
48
10
26
24
10
52
21
-7
8
7
-19
— 15
-20
-72
-24
119
7
6
-13
-5
20
-12
14
48
14
112
33
12
39
-13
641
32
-42
54
-30
725
26
-49
-10
-7
-27
-31
-49
-25
-26
-78
-32
-14
-11
-13
9
3
6
-8
15
-8
28
-149
-123
-126
-174
-147
-74
-112
-135
29
26
11
— 17
3
-4
-41
-16
-20
-23
13
-24
-18
-51
-26
7
16
16
8
15
-4
16
-1
-12
-19
122
-87
21
-254
-86
170
-102
80
-297
-126
1959_jul y 8-Dec
Week ending—
1961
Mar
1
8
15
22
29
Aor
p
5
i2:::::
19
26
:::
M!ay 3
10
17
24
31
-34
-53
-21
-33
2
3
-15
-27
-54
-42
-36
-65
55
19
5
—3
16
16
-7
-16
13
-63
47
-68
-2
18
9
20
-27
-11
28
-20
-22
— 30
-22
5
1
-22
— 32
-6
16
1 D a t a 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 2per cent of those of all commercial banks.
Figures for periods other than weekly are based on weekly changes.
n
6
—7
10
3
4
Includes machinery and transportation equipment.
Figures for 1961 have been revised to reflect new coverage; see page
654 of this BULLETIN. Prior figures will be revised in a forthcoming issue
of the BULLETIN.
BANK RATES O N SHORT-TERM BUSINESS L O A N S 1
[Weighted averages.
Area
and
period
All
loans
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
Annual averages,
19 large cities:
1952
1953
I954
1955
1956
1957
1958
1959
I960
.
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
5.34
5.35
4.97
4.99
4.97
6.01
6.00
5.94
5.90
5.89
5.75
5.76
5.58
5.56
5.53
5.50
5.53
5.21
5.21
5.20
5.21
5.22
4.78
4.82
4.80
Quarterly: 2
19 large cities:
1960—Mar
June
Sept
Dec
1961—Mar
1 For description see the BULLETIN for March 1949, pp. 228-37.
2
Based on new loans and renewals for first 15 days of month.
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
Quarterly (cont.): 2
New York City:
I960—Mar
June
Sept
Dec
1961—Mar
5.18
5.19
4.74
4.77
4.75
5.81
5.81
5.73
5.73
5.67
5.63
5.64
5.45
5.42
5.40
5.41
5.42
5.00
4.99
5.03
5.10
5.10
4.62
4.66
4.64
7 Northern and
Eastern cities:
I960—Mar
June
Sept
Dec
1961—Mar
5.34
5.34
4.96
4.97
4.96
5.95
5.94
5.90
5.86
5.85
5.73
5.72
5.54
5.52
5.49
5.47
5.52
5.21
5.19
5.20
5.24
5.24
4.81
4.83
4.82
5.57
5.58
5.32
5.33
5.29
6.12
6.10
6.04
6.00
5.99
5.83
5.84
5.68
5.65
5.62
5.57
5.61
5.34
5.36
5.31
5.40
5.41
5.10
5.12
5.09
11 Southern and
Western cities:
1960—Mar
Sept
Dec
1961—Mar
per cent): 1953—Apr. 27, 3V4; 1954—Mar. 17, 3; 1955—Aug. 4, 314;
Oct. 14, 3Vi; 1956—Apr. 13, 3 % ; Aug. 21, 4; 1957—Aug. 6, 4Vi; 1958—
Jan. 22, 4; Apr. 21, 31/2; Sept. 11, 4; 1959—May 18, 4Vi; Sept. 1, 5; and
1960—Aug. 23, 41/2.
684
INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
U. S. Government securities (taxable)4
Prime
commercial
paper,
4- to 6months 1
Finance
company
paper
placed
directly,
3- to 6months2
Prime
bankers'
acceptances,
90 days 3
1958 average...
1959 average...
1960 average...
2.46
3.97
3.85
2.12
3.82
3.54
1960—May....
June....
July
Aug
Sept
Oct
Nov
Dec
4.25
3.81
3.39
3.34
3.39
3.30
3.28
3.23
1961—Tan
Feb
Mar
Apr
May....
2.98
3.03
3.03
2.91
2.76
Year, month, or week
Week ending—
1961_May 6.
2.75
2.75
2.75
2.75
2.88
13.
20.
June
27.
3.
6-month bills
3-month bills
Rate
on new
issue
Market
yield
2.04
3.49
3.51
1.839
3.405
2.928
1.78
3.37
2.87
3.88
3.24
2.98
2.94
3.13
3.11
2.91
2.97
3.78
3.28
3.13
3.04
3.00
3.00
3.00
2.92
3.392
2.641
2.396
2.286
2.489
2.426
2.384
2.272
2.78
2.65
2.76
2.58
2.50
2.86
2.78
2.94
2.84
2.68
2.58
2.75
2.63
2.63
2.68
2.75
Rate
on new
issue
9- to 12-month issues
3- to 5year
issues «
Market
yield
Bills
(market
yield)
3.832
3.247
3.79
3.20
3.41
2.09
4.11
3.55
2.90
4.33
3.99
3.29
2.46
2.30
2.30
2.48
2.30
2.37
2.25
3.684
2.909
2.826
2.574
803
845
650
530
3.58
2.74
2.71
2.59
2.83
2.73
2.66
2.50
4.01
3.10
3.03
2.82
2.86
2.92
2.87
2.64
4.19
3.35
3.13
2.89
2.99
3.01
2.99
2.79
4.42
4.06
3.71
3.50
3.50
3.61
3.68
3.51
2.302
2.408
2.420
2.327
2.288
2.24
2.42
2.39
2.29
2.29
2.496
2.601
2.591
2.493
2.436
2.47
2.60
2.54
2.47
2.44
2.63
2.75
2.76
2.74
2.72
2.70
2.84
2.86
2.83
2.82
3.53
3.54
3.43
3.39
3.28
2.300
2.232
2.264
2.354
2.438
2.22
2.23
2.29
2.39
2.38
2.417
2.423
2.435
2.470
2.593
2.38
2.40
2.43
2.53
2.60
2.69
2.66
2.70
2.80
2.82
2.76
2.75
2.82
2.91
2.98
3.23
3.15
3.24
3.43
3.56
1 Average of daily offering rates of dealers.
Average of daily rates, published by finance companies, for varying
maturities
in the 90-179 day range.
3
Average of daily prevailing rates.
2
Others
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.
BOND AND STOCK YIELDS i
[Per cent per annum]
Corporate bonds 3
Government bonds
State
United
and local 3
States
(longterm) 2 Total 4
Baa
Aaa
Year, month, or week
Number of issues
1958 average
1959 average
1960 average
I960—May
June
July
. .
. . .
....
Aug
Sent
Oct
Nov
Dec
1961 Jan
Feb
Mar
Apr
M!ay
Week ending—
1961—May 6
13
20
27
June 3
...
Baa
Dividend/
price ratio
Industrial
Railroad
Public
utility
Preferred
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
3.36
3.74
3.69
2.92
3.35
3.26
3.95
4.24
4.22
4.16
4.65
4.73
3.79
4.38
4.41
4.73
5.05
5.19
3.98
4.51
4.59
4.39
4.75
4.92
4.10
4.70
4.69
4.45
4.69
4.75
3.97
3.23
3.46
6.02
5.92
P5.87
4.16
3.99
3.86
3.79
3.82
3.91
3.93
3.88
3.75
3.74
3.73
3.57
3.55
3.64
3.57
3.53
3.34
3.33
3.31
3.10
3.09
3.20
3.14
3.12
4.31
4.27
4.26
4.15
4.09
4.16
4.09
4.03
4.80
4.78
4.74
4.61
4.58
4.63
4.64
4.66
4.46
4.45
4.41
4.28
4.25
4.30
4.31
4.35
5.28
5.26
5.22
5.08
5.01
5.11
5.08
5.10
4.65
4.64
4.61
4.49
4.46
4.50
4.51
4.55
4.98
4.94
4.90
4.82
4.78
4.84
4.85
4.87
4.76
4.76
4.71
4.53
4.48
4.56
4.56
4.58
4 75
4.74
4 70
4.61
4.69
4 75
4.78
4.84
3 51
3.40
3 49
3.43
3.55
3 60
3.51
3.41
3.89
3.81
3.78
3.80
3.73
3.56
3 54
3.60
3.61
3.57
3.15
3 14
3.23
3.27
3.25
4.06
4.06
4.11
4.01
3.95
4.65
4 59
4.54
4.56
4.58
4.32
4.27
4.22
4.25
4.27
5.10
5.07
5.02
5.01
5.01
4.52
4.46
4.40
4.45
4.48
4.86
4.82
4.78
4.75
4.77
4.57
4 51
4.43
4.46
4.49
4.73
4 68
4 66
4.67
4.63
3.28
3 13
3.03
2.95
2.92
3.72
3.70
3.71
3.78
3.79
3.56
3.56
3.56
3.58
3.58
3.24
3.24
3.24
3.27
3.28
3.95
3.95
3.95
3.95
3.95
4.59
4.58
4.58
4.58
4.60
4.29
4.27
4.25
4.27
4.29
5.02
5.01
5.01
5.01
5.02
4.49
4.47
4.47
4.48
4.50
4.78
4.76
4.77
4.77
4.80
4.49
4.49
4.49
4.50
4.50
4.67
4.64
4.61
4.63
4.62
2.93
2.92
2.89
2.93
2.92
*1 Preliminary.
Monthly and weekly yields are averages of daily figures for U. S.
Govt. and corporate bonds. Yields of State and local govt. bonds are
based on Thursday figures; dividend/price ratios for preferred and
common stocks, on Wednesday figures. Earnings/price ratios for common
stock are as of end of period.
23 Series is based on bonds maturing or callable in 10 years or more.
Moody's Investors Service. State and local govt. bonds include general obligations only.
By
groups
By selected
ratings
Total 4
Aaa
Stocks 5
5.83
5.70
P5.44
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.
685
SECURITY MARKETS
SECURITY PRICES 1
Bond prices
Year, month,
or week
Common stock prices
Standard and Poor's index
(1941-43= 10)
CorpoU.S.
MuGovt. nicipal rate
Gong- (high- (highterm) 2 grade) 3 grade) 3 Total
Number of issues.
15
17
Industrial
500
Railroad
25
425
Volume
of
trading *
(in
thouTrade,
sands
finance, Minof
and
ing shares)
service
Securities and Exchange Commission index
(1957-59= 100)
Manufacturing
Public
utility
Total
50
300
Total
Durable
Nondurable
193
108
85
Trans- Pubporta- liction
utility
18
34
45
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
10
97.9 2,965
95.0 3,242
73.8 3,042
1958 average.
1959 average.
1960 average.
94.02
85.49
86.22
106.4
100.7
103.9
102.9
95.0
94.7
1960—May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
84.39
86.50
88.12
88.93
88.57
87.50
87.23
87.84
102.2
103.1
103.9
106.7
106.7
105.9
107.7
108.0
94.1
94.2
94.8
96.4
96.8
96.0
95.5
95.1
55.22
57.26
55.84
56.51
54.81
53.73
55.47
56.80
58.84
61.06
59.25
59.96
57.96
56.90
58.89
60.22
30.18
30.81
30.19
30.19
28.76
27.77
28.93
29.03
45.75
47.35
48.02
48.65
48.64
47.34
47.83
49.78
113.2
117.0
114.5
115.6
112.1
109.1
112.6
115.2
110.7
114.6
111.2
112.2
107.6
104.9
108.5
110.3
118.7
123.4
119.0
119.8
114.1
109.4
113.0
114.5
103.3
106.6
104.0
105.1
101.7
100.8
104.5
106.4
95.8
97.1
95.7
96.1
91.5
88.0
91.7
92.6
126.4
129.8
131.0
132.6
134.2
130.5
132.0
138.5
125.8
132.1
131.0
131.8
127.2
122.8
129.3
132.4
70.9
70.3
68.6
71.6
70.1
71.8
74.1
78.2
3,277
3,479
2,694
2,841
2,898
2,592
3,100
3,684
1961—Jan...
Feb..,
Mar..
Apr..
May.
87.70
88.74
89.07
88.80
89.74
108.1
109.7
108.9
108.1
109.0
95.6
96.3
97.0
96.4
96.0
59.72
62.17
64.12
65.83
66.50
63.20
65.71
67.83
69.64
70.34
31.43
32.17
32.93
32.35
33.08
52.73
55.64
57.06
59.09
59.59
120.9
125.4
129.8
133.0
134.9
115.3
119.2
123.9
125.8
127.6
118.6
121.4
127.8
128.5
130.6
112.1
117.3
120.3
123.3
124.9
100.3
102.6
104.2
103.4
107.5
148.7
156.0
159.2
168.9
170.0
134.8
139.8
146.7
150.4
153.1
85.1
89.0
89.2
93.5
96.6
4,243
4,884
5,365
5,089
4,617
89.85
90.17
90.01
89.17
88.96
109.0
109.6
109.6
108.7
108.4
96.0
96.2
96.2
95.9
95.7
65.99
66.43
67.11
66.45
66.62
69.84
70.29
70.97
70.23
70.53
32.65
32.81
33.52
33.36
33.03
58.97
59.45
60.20
59.80
59.30
134.5
134.5
136.3
134.2
134.9
127.5
127.0
128.8
127.3
128.0
130.5
129.8
132.1
130.2
130.9
124.8
124.4
125.8
124.5
125.4
105.8
107.0
109.4
107.7
106.9
168.7
171.5
173.0
166.8
167.1
152.3
151.5
153.3
155.4
156.0
93.8
95.4
99.3
99.2
99.5
4,613
5,205
4,855
3,847
3,932
Week ending—
1961—May 6..
13..
20..
27..
June 3..
i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; (2) municipal and corporate bond prices are based on
Wednesday closing prices; and (3) the Securities and Exchange Commission series on common stock prices are based on weekly closing prices.
2
Prices derived from average market yields in preceding table on basis
of 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 5l/i-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit2
Customer credit
End of month *
Totalsecurities
other than
U. S. Govt.
obligations
(col. 3 +
col. 5)
Net debit balances with
Bank loans to others (than
New York Stock Exchange brokers and dealers) for pur- 3
firms 2
chasing and carrying securities
Secured by
U. S. Govt.
obligations
Secured by
other
securities
U. S. Govt.
obligations
Other
securities
Money borrowed
On
U. S. Govt.
obligations
On
other
securities
Customers'
net
free
credit
balances
1957—Dec..
1958—Dec.
1959—Dec.
3,576
4,537
4,454
68
146
150
2,482
3,285
3,280
60
63
164
1,094
1,252
1,174
125
234
221
1,706
2,071
2,362
896
1,159
996
I960—May.
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
4,132
4,214
4,133
4,243
4,282
4,294
4,294
4,406
130
106
110
111
122
111
99
95
3,021
3,082
3,004
3,109
3,137
3,133
3,141
3,222
139
135
135
140
147
136
128
134
,111
,132
,129
,134
,145
,161
,153
,184
208
162
187
173
177
161
139
142
2,115
2,110
2,042
2,063
2,143
2,139
2,129
2,133
970
1,016
1,018
1,021
1,059
1,063
1,062
1,135
1961—Jan..
Feb.,
Mar.
Apr.
May
4,416
4,524
4,775
5,190
77
68
55
50
40
3,253
3,358
3,601
3,936
4,056
123
127
110
112
108
,163
,166
,174
,254
1,326
101
94
70
67
58
1,937
1,905
1,927
2,284
2,529
1,269
1,392
1,507
1,508
1,453
1
2
5,382
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 excert member firms of national securities exchanges.
3
Figures are for weekly reporting member banks. Prior to July 1959,
loans for purchasing or carrying U. S. Government securities were 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.
686
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and finance
company paper
End of year
or month
Placed
directthrough
ly
dealers 1 (finance
paper) 2
Total
1955
1956
1957
1958
1959
1960
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1961—Jan
Feb
Mar .
Apr
Held by—
Total
2,020
2,166
2,666
3 2,744
3,118
506
551
840
627
1,510
1,660
2,115
31,904
2,491
[,307
1,194
[,151
4,269
4,492
4,459
4,652
4,920
4,558
5,056
5,097
4,312
888
920
1,021
1,116
1,266
1,263
1,365
1,380
1,252
3,381
3,572
3,438
3,536
3,654
3,295
3,691
3,717
3,060
4,949
4,907
4,885
4,884
1,404
1,418
1,418
1,415
3,545
3,489
3 467
3,469
510
Accepting banks
Total
Own Bills
bills bought
Based on—
F. R.
Banks
Goods stored in or
shipped between
ports Dollar
Others ports
points in:—
into
from
exOwn ForUnited United change
States States
United Foreign
acct. eign
corr.
States countries
Im-
Ex-
175
126
49
28
33
252
227
287
302
319
155
194
238
282
72
94
64
36
50
76
68
82
621
878
775
675
210
69
66
49
75
261
278
254
357
329
456
349
309
17
2
46
83
74
227
296
244
162
148
232
263
249
[,336
1,263
1,382
1,561
1.656
i;668
1,753
1,868
2,027
320
310
311
404
424
392
501
247
237
229
299
316
284
356
73
74
82
104
108
108
145
30
29
30
29
33
42
39
167
161
182
180
204
204
196
819
763
859
948
996
1,031
1,017
373
352
375
400
407
409
405
461
474
501
545
594
632
633
128
87
94
166
179
123
139
109
65
91
76
83
107
157
266
286
321
373
393
398
419
628
454
175
48
227
965
401
647
146
229
662
173
74
230
1,060
403
669
122
445
490
308
524
2,029
2,049
2 231
2,254
725
730
842
514
554
641
210
176
202
46
46
46
197
179
173
400
388
408
677
702
821
118
104
110
299
291
269
535
563
623
858
661
197
45
151
1,061
1,093
1 169
1,200
397
863
93
268
633
642
967
1
As reported by dealers; includes finance company paper as well as
other
commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with
investors.
405
63
100
3
Beginning with November 1958, series includes all paper with maturity
of 270 days and over. Figures on old basis for December were (in
millions of dollars): Total 2,731; place directly, 1891.
MUTUAL SAVINGS BANKS
[Data from National Association of Mutual Savings Banks unless otherwise noted.
Loans
End of year
or month
Mortgage
Securities
Other
U.S.
Govt.
State
and
local
govt.
Corporate
and
other 1
1,-/ 86
1,257
n.a.
n.a.
982
966
920
889
921
829
874
330
380
414
448
490
535
552
589
27,199
29 350
31,346
33,381
35,215
37,784
38 945
40,571
24,388
26,351
28,182
30,026
31,683
34,031
34,977
36,343
203
261
310
369
427
526
606
678
2,608
2,738
2,854
2,986
3,105
3,227
3,362
3,550
n.a.
n.a.
n.a.
n.a.
n.a.
89,912
65,248
58,350
n.a.
n.a.
n.a.
n.a.
n.a.
1,664
1,170
1,200
776
570
575
578
35,279
35,184
35,242
35,463
35,484
35,589
35,867
35,923
35,962
36,343
722
690
732
672
4,876
4,857
4 870
4,927
4,965
4 957
4,989
4,985
5 019
5,076
678
3,419
3,391
3,423
3,459
3,481
3,516
3,543
3,522
3,567
3,550
55,028
57,916
54,364
52,638
53,276
56,013
58,782
60,396
60,420
58,350
1,008
1,059
L042
1,028
,031
[,090
1,164
1,205
[,242
1,200
667
667
666
5 079
5,064
5,110
36,513
36,649
37,000
728
821
850
3,563
3,606
3,630
63,470
65,254
68,646
[,241
1,334
1,428
165
188
211
248
253
320
358
416
9,191
8 755
8,464
7 982
7,583
7,270
6 871
6,243
428
608
646
675
685
729
721
672
3,311
3 548
3,366
3 549
4,344
4,971
4 845
5,076
I960—Mar
Apr
412
416
6 883
6,735
6 655
6 562
6,514
6 544
6,512
6,356
6 288
6 243
709
Dec
25,194
25,323
25 484
25 653
25,812
26 018
26,214
26,382
26 553
26,702
1961—Jan
Feb
Mar
26 863
27,003
27,207
412
427
453
6 349
6,449
6,566
Oct
Nov
417
425
722
699
695
691
686
687
681
676
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.
n.a.
1,231
1,582
12,792
14 845
17,279
19 559
20,971
23 038
24 769
26,702
Sept
Number Amount
38
48
1953
1954
1955
1956
1957
1958
19593
I960
396
435
449
435
Mortgage loan2
commitments
10,503
15,332
3,592
10,650
Aug
Surplus
accounts
11,772
16,962
89
62
May
Other
liabilities
689
185
4,787
4 202
June
July
Other
assets
Total
assets—
Total
liabili- Deposits
ties
and
surplus
accts.
829
606
1941
1945
386
446
Cash
assets
Amounts in millions of dollars]
1 026
779
788
585
590
874
589
39,420
39,288
39 464
39,642
39,760
39 983
40,216
40,185
40 339
40,571
825
846
855
610
621
624
40,804
41,076
41,480
840
771
765
787
569
572
564
592
713
799
720
795
878
806
740
810
n.a.
3 Data reflect consolidation of a large mutual savings bank with a commercial bank.
NOTE.—These data differ somewhat from those shown elsewhere in
the BULLETIN; the latter are for call dates and are based on reports filed
with Federal and State bank supervisory agencies. Loans are shown
net of valuation reserves.
SAVINGS INSTITUTIONS
687
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Total
assets
Date
TT
•+ A
Business securities
Mortgages
Real
estate
Policy
loans
Other
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
31,865
34,032
35,912
38,040
40,666
42,999
45,105
2,573
3,268
3,633
3,503
3,391
4,109
4,561
23,322
25,976
29,445
32,989
35,236
37,062
39,197
2,020
2,298
2,581
2,817
3,119
3,364
3,651
2,914
3,127
3,290
3,519
3,869
4,188
4,618
3,302
3,523
3,743
4,076
4,338
4,624
4,937
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
1,573
1,582
,589
,592
1,601
1,595
1,618
1,626
1,636
1,663
49,298
49,450
49,725
49,880
50,051
50,261
50,299
50,610
50,811
51,010
45,576
45,708
45,940
46,092
46,223
46,380
46,414
46,669
46,831
46,956
3,722
3,742
3,785
3,788
3,828
3,881
3,885
3,941
3,980
4,054
40,011
40,236
40,439
40,631
40,694
40,920
41,099
41,313
41,521
41,798
3,712
3,721
3,766
3,786
3,809
3,822
3,828
3,834
3,851
3,804
4,774
4,838
4,897
4,957
5,029
5,085
5,138
5,182
5,225
5,267
5,532
5,566
5,527
5,658
5,768
5,842
5,833
5,876
5,870
6,109
1,665
1,700
1,717
51,306
51,446
51,612
47,211
47,296
47,377
4,095
4,150
4,235
42,008
42,143
42,351
3,813
3,822
3,823
5,303
5,345
5,409
6,156
6,251
6,287
State and
local Foreign 2
(U.S.)
Total
united
States
32,731
44,797
9,478
22,545
6,796
20,583
1,995
687
722
78,533
84,486
90,432
96,011
101,309
107,580
113,650
12,537
12,262
11,829
11,067
10,690
11,234
11,581
9,829
9,070
8,576
7,555
7,029
7,183
6,868
107,580
113,650
11,242
11,599
I960—Mar...
Apr
May..,
June..
July. . .
Aug...
Sept...
Oct.. .
Nov...
Dec...
114,965
115,394
115,908
116,377
117,005
117,581
117,947
118,544
119,066
119,717
1961—Jan.. .
Feb...
Mar...
120,467
120,951
121,469
End of year: 3
1941
1945
1953
1954
1955
1956
1957
1958
1959
End of month: 4
1958—Dec...,
1959—Dec...,
Total
Bonds
Stocks
1,240
10,174
11,059
9,573
10,060
1,298
1,846
2,038
2,273
2,376
2,681
3,200
1,410
1,346
1,215
1,239
1,285
1,370
1,513
34,438
37,300
39,545
41,543
44,057
47,108
49,666
7,182
6,858
2,691
3,221
1,369
1,520
11,638
11,583
11,554
11,468
11,654
11,650
11,750
11,729
11,788
11,729
6,808
6,723
6,661
6,559
6,632
6,592
6,586
6,524
6,547
6,444
3,257
3,278
3,304
3,317
3,421
3,464
3,546
3,579
3,605
3,622
11,881
11,944
11,987
6,545
6,542
6,535
3,671
3,702
3,735
1 Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3
These represent annual statement asset values, with bonds carried on
an amortized basis and stocks at end-of-year market value.
2
4
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included, in total, in "Other
assets."
SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Assets
End of year
or month
Mortgages
U.S.
Govt.
obligations
Liabilities
Cash
Other 3
Total
assets 2—
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
1,397
1,444
2,387
2,191
959
1,244
1,411
1,430
1,484
1,161
1,293
1,183
713
874
979
n.a.
n.a.
833
843
862
1,475
1,285
1,360
1960—Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec,
54,455
55,020
55,655
56,435
57,050
57,763
58,406
59,011
59,512
60,084
4,716
4,714
4,735
4,592
4,559
4,532
4,533
4,553
4,589
4,586
1,897
1,870
1,950
2,279
2,043
2,073
2,097
2,201
2,287
2,715
3,715
3,821
4,024
3,966
3,839
3,841
3,904
3,989
4,142
4,104
64,783
65,425
66,364
67,272
67,491
68,209
68,940
69,754
70,530
71,489
56,083
56,455
57,085
58,301
58,450
58,939
59,541
60,208
60,766
62,154
4,420
4,424
4,430
4,643
4,636
4,637
4,640
4,640
4,649
4,982
1,685
1,722
1,727
1,938
1,811
1,833
1,882
1,868
1,919
2,191
1,225
1,271
1,325
1,372
1,367
1,353
1,313
1,280
1,209
1,183
,370
,553
,797
,018
,227
,447
,564
,758
,987
979
,482
,560
,642
,614
,647
,635
,559
,509
,451
,360
1961—Jan..
Feb..
Mar.
60,455
60,882
61,571
4,679
4,871
4,978
2,620
2,679
2,682
3,997
4,068
4,191
71,751
72,500
73,422
62,745
63,298
64,003
4,980
4,984
4,991
1,726
1,646
1,620
1,114
1,127
1,226
,186
,445
,582
,425
,556
1,787
n.a. Not available.
1 Figures are for all savings and loan associations in the United States.
Data beginning with 1953 are based on monthly reports of insured
associations and annual reports of noninsured associations. Data prior
to 21953 are based entirely on annual reports.
Prior to 1958 mortgages are net of mortgage pledged shares. Asset
items will not add to total assets, which include gross mortgages with
no deductions for mortgage pledged shares. Beginning with January
1958, no deduction is made for mortgage pledged shares. These have
declined consistently in recent years and amounted to $42 million at the
end3 of 1957.
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and4 fixtures.
Consists of FHLB advances and other borrowing.
5 Not a balance-sheet item.
NOTE.—Data for 1960 and 1961 are preliminary.
688
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
Plus:
Net
Trust
Budget
fund
eceipts * receipts
Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
Infrom,
Less—
Equals—
crease,
or
Net
Equals: payts.
or
deLess:
Total to (-), crease
cash
Net
Other
Adjust-4 payts.
borrow(-),in inv. by
the
nonments
to the
ing or
debt
Govt.
cash
public public (direct
repayt.
agen. & debts
()
Payments to the public,
other than debt
Equals:
Less:
Total
Intrarects.
Govt.
trans- 2 from
the 3
ictions public
Plus:
Trust
fund
expenditures
Budget
expendi-1
tures
& agen.) tr. funds
Cal. year—1958...
1959...
1960...
68,694
72,738
79,517
16,797
18,830
22,732
3,710
3,966
3,906
81,728
87,552
98,287
75,782
19,111
77,565
17,856
20,244
22,242
4,622
4,466
5,114
89,014
95,560
94,694
-7,287
8,006
3,593
-717
-543
1,625
487
2,081
491
7,762
8,580
-2,670
Fiscal year—1957.
1958.
1959.
1960.
70,562
68,550
67,915
77,763
14,369
16,329
17,084
21,801
2,777
2,927
3,295
4,434
82,105
81,892
81,660
95,078
68,966
71,369
80,342
76,539
12,961
16,069
18,597
22,158
1,921
4,026
4,136
4,396
80,006
83,412
94,804
94,301
2,099 - 1 , 0 5 3 2,339
657
6,216
-1,520
9,656 -1,181
-13,144
953
3,371
111
-292
-200
2,160
597
-3,100
5,760
8,678
1,821
Semiannually:
1959—Jan.-June
July-Dec.
1960—Jan.-June
July-Dec.
39,163
33,575
44,188
35,329
9,449
9,381
12,420
10,312
1,819
2,147
2,287
1,619
46,768
40,784
54,294
43,993
40,586
39,191
37,348
40,217
9,676
10,568
11,590
10,652
3,001
1,465
2,931
2,183
47,265
48,295
46,006
48,688
-495
-7,511
8,288
-4,695
2,783
7,329
-3,958
3,410
313
-856
1,809
-184
1,507
574
23
468
965
7,615
-5,794
3,124
Monthly:
I960—Apr
May
June....
July
Aug
Sept
Oct
Nov
Dec
5,064
6,550
10,891
3,128
6,454
8,981
2,823
6,300
7,643
1,490
3,301
2,764
1,057
2,984
1,406
1,103
2,362
1,400
180
161
,187
213
195
235
269
254
453
6,369
9,685
12,465
3,970
9,236
10,146
3,651
8,403
8,586
6,032
6,073
6,521
6,172
6,803
6,793
6,829
6,773
6,847
2,067
1,780
2,288
1,790
1,775
1,798
1,703
1,771
1,815
280
-161
576
486
-348
843
653
-129
678
7,819
8,014
8,232
7,476
8,926
7,748
7,879
8,674
7,984
-1,450
1,671
4,232
-3,506
311
2,398
-4,228
-271
603
1,949
898
-2,715
2,094
-338
-320
2,197
-6:
-161
-498
1,220
1,022
-517
1,130
-368
-514
339
-254
12
53
-114
84
-35
76
112
154
77
2,435
-375
-3,624
2,525
-1,433
-29
2,600
-555
16
1961—Jan
Feb
Mar
Apr.?. . .
4,846
6,537
8,524
5,125
938
2,705
1,945
1,799
195
323
209
574
5,586
8,916
10,256
6,345
6,470
6,236
7,012
6,450
2,018
2,067
2,064
2,486
1,212
435
816
594
7,275
7,867
8,260
8,342
-1,689
1,049
1,996
-1,99^
-323
381
-3,231
512
-483
-65
403
-915
42
34
-24
16
119
412
-3,609
1,412
7,533
10,112
-548
Effects of operations on Treasurer's account
Operating transactions
Financing transactions
Increase,
Net
or
inv. ( - )
in Fed. decrease
Held
sec. by (-), in outside
gross Treasury
Govt.
direct
agency
public
& trust
debt
funds6
Account of Treasurer of United
States (end of period)
Net
Budget
surplus,
or
deficit
Trust
fund
accumulation,
or
deficit
1958
1959
1960
1,596
-2,819
-12,427
1,224
-1,511
-359
262
-518
670
-29
-149
1,085
567
71
1,023
-2,300
-197
1,112
-714
-2,224
5,816
8,363
1,625
140
-23
-4
-956
4,159
-4,399
2,654
5,590
9,749
5,350
8,005
498
410
535
504
4,082
8,218
3,744
6,458
1,010
1,121
1,071
1,043
Semiannually:
1959—Jan.-June
July-Dec
1960—Jan.-June
July-Dec
-1,423
-5,617
6,841
-4,888
-225
-1,187
828
-343
203
-437
288
54
192
366
657
-492
-32
911
-1,625
275
1,784
6,092
-4,467
3,886
108
-105
101
52
389
233
2,421
-1,593
5,350
5,583
8,005
6,411
535
504
504
485
3,744
4,216
6,458
5,165
1,071
863
1.043
761
Monthly:
I960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
-968
476
4,370
-3,044
-349
2,188
-4,006
-473
796
-577
1,521
473
-734
1,209
-392
-600
590
-416
134
-332
-303
186
-533
559
241
-643
244
143
153
150
23
-694
24
21
88
46
296
-1,097
-1,043
616
-1,083
245
659
-310
148
1,961
579
-3,036
2,008
334
-249
2,063
-73
-197
- 115
83
118
27
-12
-48
23
20
42
1,105
1,217
494
-1,006
-1,104
2,423
-1,645
-841
580
6,294
7,511
8,005
6,998
5,894
8,317
6,672
5,831
6,411
619
462
504
477
481
489
437
512
485
4,490
6,180
6,458
5,676
4,628
6,987
5,447
4,517
5,165
1,185
869
1.043
845
785
841
788
802
761
1961—Jan
Feb
Mar
Apr
-1,624
301
1,512
-1,325
-1,080
638
-119
-686
423
-57
580
205
27
8
-87
-132
868
65
-423
842
-181
508
-3,072
516
15
1
-112
181
-1,582
1,463
-1,498
-761
4,829
6,292
4,794
4,034
588
467
443
633
3,215
4,881
3,533
2,315
1,026
944
818
1,086
Period
Fiscal year—1957
1,409
Reconciliation
to Treas.
cash
Net
market
issuance
Cash balances:
inc., or dec. (—)
(+)of
Govt.
agency
obliga-6
tions
p
n.a.
Not available.
Preliminary.
1
Budget receipts and budget expenditures for fiscal years 1957 and
1958 (but not for calendar year 1958) exclude certain interfund transactions. For more details see Treasury Bulletin for September 1960, pp.
II and 1.
2fConsists primarily of interest payments by Treasury to trust accounts
5
Deposits in—
Treasurer's Balance
account
F. R. Treasury
Banks
(avail- Tax and
able
Loan
funds) Accts.
Other
net
assets
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement
funds.
3
Small adjustments to arrive at this total are not shown separately.
For other notes, see opposite page.
689
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
re-
Transfers to—
Old- High- R.re-R.
age
way
trust
trust tirefund 7 fund ment
acct.
Fiscal>ear—1957
1958
1959
1960
70,562 6,634 ,479
68,550 7,733 2,116
67,915 8,004 2,171
77,763 10,211 2,642
Semiannually:
1959—Jan.-June
July-Dec
1960—Jan.-June
July-Dec
39,163
33,575
44,188
35,329
4,621
3,815
6,396
4,762
Monthly:
1960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5,064
6,550
10,891
3,128
6,454
8,981
2,823
6,300
7,643
1961—Jan
Feb
Mar
Apr
4,846
6,537
8,524
5,125
Refunds
of
receipts
Total
Budget
receipts
Individual
Corporation
Withheld
Other
12,302
11,528
11,733
13,271
Employ- Other
rement ceipts
taxes 8
Liquor
Mfrs.'
Torebacco and
tailers'
10,638 7,581
10,814 8,644
10,760 8,854
11,865 11,159
4,895
5,414
5,464
6,813
2,973
2,946
3,002
3,194
1,674
1,734
1,807
1,932
4,098
4,316
4,315
5,114
2,352
2,408
2,706
3,315
Excise
taxes
616
575
525
607
3,917
4,433
4,933
5,045
83,675
83,974
83,904
96,962
26,728
27,041
29,001
31,675
1,059
1,281
1,361
1,576
260
307
300
297
4,299
718
4,327
794
49,608
40,035
56,927
43,069
15,232 8,906 11,918
15,652 3,041 8,323
16,023 10,230 13,856
16,615 3,186 8,838
5,396
5,948
5,917
6,238
5,201
4,127
7,032
5,063
2,956
2,944
3,869
3,129
1,402
1,703
1,491
1,685
876
984
948
1,008
839
1,834
1,104
365
1,524
739
373
1,214
547
202
249
238
257
296
262
253
268
240
17
82
50
17
83
52
15
81
49
1,336 7,468
1,005 9,725
252 12,804
167 3,976
203 8,590
161 10,211
173 3,641
29 7,900
61 8,751
770
4,744
2,273
1,055
4,849
2,527
1,066
4,527
2,591
3,520
1,039
1,852
346
147
1,959
230
121
383
619
467
5,530
670
409
3,492
481
455
3,331
945
1,061
1,118
995
1,121
1,024
1,021
1,069
1,008
858
1,918
1,155
383
1,608
792
389
1,295
596
755
496
876
527
456
417
454
433
842
248
282
303
238
272
277
321
319
259
157
166
183
151
179
177
158
178
164
304
1,448
1,285
720
223
235
213
201
13
77
48
14
64 5,537
530 9,153
1,792 11,878
1,296 7,359
1,049
4,781
2,413
916
2,149
786
759
3,403
534
444
5,799
493
918
861
1,082
831
348
1,814
1,348
736
539
467
477
980
204
169
313
n.a.
128
116
213
n.a.
21,531
20,533
18,092
22,179
1,386
1,448
1,276
1,264
n.a.
Budget expenditures9
M ajor national security
Period
Total 1
Intl.
affairs
Military
and
Atomic finance
Total i o Military
energy
defense assistance
1,973
2,231
3,780
1,833
7,308
7,689
7,671
9,266
4,793
5,026
5,174
5,060
3,022
3,447
4,421
4,419
4,525
4,389
6,529
4,838
1,297
1,544
1,669
1,713
1,455
2,109
3,421
2,782
1,790
1,359
1,606
1,695
1,272
1,290
1,333
1,342
2,574
1,183
1,068
3,985
4,494
4,772
4,587
2,594
2,493
2,567
2,577
2,263
2,086
2,333
2,225
2,607
2,961
1,877
2,998
773
941
772
1,983
1,950
1,056
1,870
841
833
862
951
114
123
223
222
224
244
219
230
226
217
228
222
140
163
196
358
133
166
161
164
301
143
792
111
111
807
815
758
746
756
740
772
457
421
422
428
404
461
416
422
436
438
340
412
390
436
342
375
388
376
378
366
289
304
229
263
369
420
412
727
476
594
120
104
131
193
125
197
213
182
193
146
148
37
149
142
379
326
380
330
236
219
156
158
108
186
165
159
182
140
140
165
91
88
99
201
217
236
221
202
199
780
111
738
444
431
480
431
406
399
446
130
223
142
129
134
215
334
359
163
134
194
Fiscal year—1957.
1958.
1959.
1960.
68,966
71,369
80,342
76,539
43,270
44,142
46,426
45,627
38,439
39,062
41,233
41,215
2,352
2,187
2,340
1,609
1,990
2,268
Semiannually:
1959—Jan.-June
July-Dec.
1960—Jan.-June
July-Dec.
40,586
39,191
37,348
40,217
23,180
23,119
22,508
23,186
20,614
20,975
20,240
21,170
1,195
Monthly:
1960—Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
6,423
6,032
6,073
6,521
6,172
6,803
6,793
6,829
6,773
6,847
3,976
3,669
3,669
3,987
3,471
3,976
3,910
3,728
3,884
4,217
3,570
3,306
3,331
3,502
3,096
3,638
3,600
3,432
3,537
3,867
171
136
110
238
146
105
79
77
6,470
6,235
7,013
3,693
3,778
4,279
3,398
3,468
3,935
1961—Jan
Feb
Mar
2,541
2,623
715
894
644
4
Consists primarily of (1) intra-Governmental transactions as described in note 2, (2) net accruals over payments of interest on savings
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6) net operating transactions of Govt. sponsored enterprises.
5 Primarily adjustments 2, 3, and 4, described in note 4.
6 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
AgriVetculture
Genand
erans' Labor
NatComeral
_ _ jt
Interservagriural
merce
ices and ana
governest
culreand
bene- welfare tural sources housing ment
fits
resources
650
832
78 Includes transfers to Federal disability insurance trust fund.
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
» For more details see the Treasury Bulletin, Budget Receipts and
Expenditures,
Table 6, and the 1962 Budget Document, Special Analysis C.
10
Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.
690
FEDERAL FINANCE
U. S. GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of U. S. Treasury. In billions of dollars]
Public issues 3
End of
month
Total
gross
debt*
Total
gross
direct
debt2
Nonmarketsible
Marketable
Convertible
bonds
Bonds
Total
Total
Bills
Certificates
Notes
Bank
eligible*
1941 Dec
1945—Dec.
1947—Dec
1953 Dec
1954—Dec
1955 Dec
1956—Dec
1957—Dec
1958 Dec
1959—Dec
64 3
278.7
257.0
275.2
278.8
280 8
276.7
275.0
283.0
290.9
57.9
278.1
256.9
275.2
278.8
280 8
276.6
274.9
282.9
290.8
50 5
255.7
225.3
231.7
233.2
233 9
228.6
227.1
236.0
244.2
41 6
198.8
165.8
154.6
157.8
163 3
160.4
164.2
175.6
188.3
2 0
17.0
15.1
19.5
19.5
22 3
25.2
26.9
29.7
39.6
38.2
21.2
26.4
28.5
15.7
19.0
34.6
36.4
19.7
6 0
23.0
11.4
31.4
28.0
43 3
35.3
20.7
26.1
44.2
33 6
68.4
68.4
63.9
76.1
81 9
80.9
82.1
83.4
84.8
I960—May
June
JUly
Sept
Oct
Nov
Dec
289.5
286 5
288.5
288.8
288.6
290.6
290.6
290.4
289.4
286 3
288.3
288.7
288.4
290.5
290.4
290.2
242.4
238 3
241.1
240.4
240.4
243.1
242.6
242.5
187.7
183 8
186.9
186.3
186.4
189.4
188.8
189.0
37.3
33 4
36.4
36.4
36.5
39.5
39.5
39.4
17.7
17 7
17.7
25.5
25.5
25.5
18.4
18.4
47.6
51 5
51.6
42.0
42.1
42.1
51.2
51.3
1961—Jan
Feb
Mar
Apr
May
290.2
290.7
287.7
288.2
290.4
290.0
290.5
287.5
288.0
290.1
242.8
243.5
240.1
241.6
242.3
189.3
189.9
186.5
188 1
188.9
39.7
39.9
36.5
38.2
38.4
18.4
11.5
11.5
11.5
13.3
51.3
58.7
57.8
57.5
56.2
1 Includes some debt not subject to statutory debt limitation (amounting
to $396 million on May 31, 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 $10,953 million on'Apr. 30, 1961.
Bank
restricted
SavTotal 5 ings
bonds
Tax
and
savings
notes
2.5
8.2
5.4
6.0
4.5
(«)
Special
issues
7 0
20.0
29.0
41.2
42.6
43.9
45.6
45.8
44.8
43.5
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
85.2
81 3
81.3
82.3
82.3
82.3
79.7
79.8
6.4
6 3
6.2
6.2
6.1
5.8
5.7
5.7
48.2
48 2
48.0
48.0
47 9
48.0
48.0
47.8
47.6
47 5
47.4
47.3
47.3
47.4
47.4
47.2
43.9
44 9
44.2
45.2
45.0
44.3
44.6
44.3
79.8
79.8
80.7
80.9
80.9
5.6
5.6
5.5
5.4
5.4
47 9
47.9
48.0
48 0
48.1
47.2
47.3
47.4
47.4
47.5
43.8
43.7
44.0
43.0
44.5
52.2
49.6
13.4
5.7
* Includes Treasury bonds and minor amounts of Panama Canal and
postal
savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, adjusted service bonds, and REA bonds, not shown separately.
6
Less than $50 million.
OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
End of
month
Total
gross
debt
(including guaranteed
securities)
Held by the public
Held by—
U. S. Govt.
agencies and
trust funds *
Special
issues
Public
issues
Federal
Reserve
Banks
Total
Mutual
Commercial savings
banks 2 banks
Insurance
companies
Other
corporations
State
and
local
govts.
Individuals
Savings
Other
bonds securities
Misc.
investors 3
1941—Dec
1945—Dec
1947_Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
64.3
278.7
257.0
267.4
275.2
278.8
280.8
276.7
275.0
283.0
290.9
7.0
20.0
29.0
39.2
41.2
42.6
43.9
45.6
45.8
44.8
43.5
2.6
7.0
5.4
6.7
7.1
7.0
7.8
8.4
9.4
9.6
10.2
2.3
24.3
22.6
24.7
25.9
24.9
24.8
24.9
24.2
26.3
26.6
52.5
227.4
200.1
196.9
201.0
204.2
204.3
197.8
195.5
202.3
210.6
21.4
90.8
68.7
63.4
63.7
69.2
62.0
59.5
59.5
67.5
60.3
3.7
10.7
12.0
9.5
9.2
8.8
8.5
8.0
7.6
7.3
6.9
8.2
24.0
23.9
16.0
15.9
15.3
14.6
13.2
12.5
12.7
12.5
4.0
22.2
14.1
19.9
21.5
19.2
23.5
19.1
18.6
18.8
22.6
6.5
7.3
11.1
12.7
14.4
15.1
16.1
17.0
16.7
17.7
5.4
42.9
46.2
49.2
49.4
50.0
50.2
50.1
48.2
47.7
45.9
8.2
21.2
19.4
16.0
15.4
13.5
14.8
15.6
15.4
15.1
22.6
.9
9.1
8.4
11.7
13.2
13.9
15.6
16.1
16.6
16.6
22.1
1960—Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec
287.0
288.9
289.5
286.5
288.5
288.8
288.6
290.6
290.6
290.4
43.3
42.8
43.9
44.9
44.2
45.2
45.0
44.3
44.6
44.3
10.4
10.4
10.5
10.4
10.6
10.7
10.6
10.8
10.8
10.7
25.3
25.6
26.0
26.5
26.9
26.8
27.0
27.4
27.5
27.4
208.0
210.2
209.1
204.6
206.8
206.1
206.0
208.2
207.7
207.9
54.9
57.0
56.2
55.6
57.7
57.9
59.1
61.9
61.8
62.6
6.9
6.8
6.7
6.6
6.5
6.6
6.5
6.4
6.3
6.3
12.4
12.3
12.2
12.0
12.0
12.0
12.0
11.9
11.9
11.9
22.4
23.1
23.7
20.7
21.1
20.4
19.3
20.1
20.6
19.7
18.2
18.0
18.0
18.1
17.9
17.7
17.4
17.3
17.2
17.0
45.7
45.7
45.6
45.6
45.6
45.6
45.6
45.6
45.6
45.7
24.6
24.0
23.7
23.2
22.9
22.5
22.6
21.4
21.4
20.6
22.9
23.3
22.9
22.7
23.0
23.4
23.5
23.6
22.8
24.2
1961—Jan
Feb
Mar
290.2
290.7
287.7
43.8
43.7
44.0
10.7
10.8
10.9
26.6
26.7
26.7
209.1
209.6
206.1
63.3
62.4
60.2
6.3
6.4
6.6
11.9
11.8
11.7
20.1
21.2
19.2
17.1
17.3
17.4
45.8
45.8
45.9
20.6
20.7
21.0
24.0
23.9
24.1
i Includes the Postal Savings System.
* Includes holdings by banks in territories and insular possessions,
which amounted to about $100 million on Dec. 31, 1960.
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.
691
FEDERAL FINANCE
OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data.
Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Market- Convertible
able
bonds 2 bonds
30
30
30
31
175,573
185,709
190,151
194,695
22,406
32,017
33,415
39,446
32,920
33,843
17,650
18,442
20,416
27,314
51,483
51,284
90,932
84,853
81,297
79,843
8,898
7,681
6,306
5,680
1961—Feb. 28
Mar. 31
195,526
192,058
39,942
36,511
11,503
11,503
58,661
57,833
79,812
80,673
9,477
9,681
10,246
10,528
173
86
371
591
599
537
459
461
1,169
1,389
1,810
1,771
4,703
4,988
5,136
5,294
2,833
2,680
2,470
2,411
10,565
10,676
674
732
295
312
1,808
1,605
5,397
5,658
2,391
2,369
25,438
26,044
26,523
27,384
2,703
2,032
2,513
3,217
19,946
18,650
8,508
9,082
2,879
13,011
12,519
1961—Feb. 28
Mar. 31
26,667
26,688
2,596
2,327
5,457
5,398
Commercial banks:
1958—June 30
1959—June 30
1960—June 30
Dec. 31
57,509
53,513
48,099
54,349
3,796
3,563
2,376
6,976
1961—Feb. 28
Mar. 31
54,266
52,261
All holders:
1958—June
1959—June
I960—June
Dec.
Total
Within
1 year
1-5
years
5-10
years
Over
10 years
166,675
178,027
183,845
189,015
67,782
72.958
68,982
73,830
41,071
56,819
72,844
72,298
22,961
18,538
21,731
18,684
34,860
29,713
20,288
24,204
5,608 189,919
5,538 186,520
78,568
75,137
68,492
62,493
18,683
27,658
24,176
21,232
6,644
7,001
7,776
8,117
899
930
1,070
1,482
1,565
1,679
2.683
2,432
913
1,448
2,062
1,602
3,267
2,944
1,961
2,601
8,174
8,307
1,906
1,923
2,035
1,789
1,616
2,484
2,618
2,111
2,789
2,484
2,491
2,566
25,438
26,044
26,523
27,384
23,010
20,687
19,385
15,223
1,014
3,887
5,689
10,711
57
410
1,179
1,179
1,358
1,060
271
271
16,056
16,301
2,558
2,662
26,667
26,688
15,863
15,511
9,344
9,306
1,189
1,733
271
139
3,331
3,883
1,832
2,573
11,532
12,417
15,598
16,947
38,720
33,531
28,199
27,763
130
120
95
89
57,379
53,394
48,004
54,260
13,431
10,045
6,546
14,697
24,494
31,304
33,342
31,596
14,259
8,233
5,966
5,654
5,195
3,812
2,151
2,313
6,488
4,750
1,718
1,806
18,573
17,946
27,398
27,67%
89
86
54,176
52,175
15,926
14,276
30,391
28,239
5,606
7,650
2,252
2,009
7,110
7,079
6,489
6,188
89
175
209
144
132
209
166
143
465
684
1,199
1,190
5,493
5,228
4,607
4,466
931
783
309
245
6,179
6,296
6,181
5,944
303
480
463
480
,106
,360
,720
,544
675
1,700
2,662
1,849
4,094
2,756
1,336
2,071
6,359
6,517
218
347
92
1,329
1,328
4,481
4,514
239
231
6,120
6,286
618
748
,596
,516
1,860
2,269
2,046
1,753
10,580
10,947
10,521
10,394
254
503
232
341
112
347
165
145
614
798
1,225
1,375
7,398
7,371
7,304
7,139
2,202
,928
,595
,393
8,378
9,019
8,926
9,001
651
1,092
595
940
1,650
2,085
2,794
2,508
1,004
1,678
3,063
2,075
5,074
4,164
2,475
3,477
10,376
10,264
382
315
83
84
1,382
1,363
7,162
7,166
,367
,335
9,009
8,929
1,030
978
2,392
2,195
2,065
3,077
3,522
2,680
11,494
10,746
4,579
5,599
1,740
1,331
1,882
1,712
3,284
2,099
11,485
10,741
8,442
8,340
2,871
2,269
98
58
75
72
11,483
9,958
6,313
4,907
914
919
2,162
2,093
2,089
2,033
11,478
9,953
9,233
7,853
2,133
1,945
57
112
55
42
2,480
2,515
178
163
70
57
495
510
1,675
1,724
62
61
2,418
2,454
297
322
947
858
472
473
703
802
28
31
2,666
2,713
147
149
36
35
612
590
1,812
1,878
60
60
2,606
2,653
364
365
926
851
496
676
819
761
30
30
30
31
28
31
65,459
78,444
74,299
72,591
15,392
25,659
22,957
22,415
8,799
10,216
4,711
4,649
6,636
9,147
16,263
15,260
31,829
31,252
28,602
28,791
2,802
2,171
1,766
1,476
62,657
76,273
72,533
71,115
29,489
39,724
32,184
32,345
11,243
16,503
22,800
20,381
6,054
5,069
6,229
5,794
15,872
14,977
11,317
12,597
73,146
72,982
23,125
22,985
2,909
2,851
16,739
16,607
28,917
29,088
1,458
1,452
71,688
71,530
33,627
33,485
19,676
16,652
5,794
9,657
12,592
11,737
U. S. Govt. agencies and trust funds:
1958—June 30
1959—June 30
I960—June 30
Dec. 31
1961—Feb. 28
Mar. 31
Federal Reserve Banks:
1958—June 30
1959_j U ne 30
1960—June 30
Dec. 31
Mutual savings banks:
1958—June 30
1 9 5 9 _ j u n e 30
I960—June 30
Dec. 31
1961—Feb. 28
Mar. 31
Insurance companies:
1958—June 30
1959—June 30
I960—June 3 0 . . . .
Dec. 31
1961—Feb. 28
Mar. 31
Other investors:
Nonfinancial corporations:
I960—June 30
Dec. 31
3
1961—Feb. 28
Mar. 31
Savings and loan associations:
1960—June 30
Dec. 31
1961—Feb.
Mar.
All others: 4
1958—June
1959_june
I960—June
Dec.
1961—Feb.
Mar.
3
i Direct public issues.
Data complete for U. S. Govt. agencies and trust funds and Federal
Reserve Banks, but for other groups are based on Survey data. Latest
data shown are for 6,289 commercial banks, 512 mutual savings banks,
and 829 insurance companies, which together accounted for more than
90 per cent of all holdings of banks and insurance companies, and 492
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.
692
FEDERAL FINANCE
DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1
[Averages of daily figures. Par value, in millions of dollars]
U. S. Government seuricties
By type of customer
By maturity
Week ending—
Total
Within
1 year
1-5
years
5-10
years
U. S.
Goyt.
securities
dealers
and
brokers
After
10 years
Federal
agency
securities
Other
dealers
and
brokers
Commercial
banks
All
other
1961
Feb.
1
8
15
22
1,373
1,245
1,693
1,296
1,073
824
1,141
859
242
343
479
354
36
48
46
40
22
31
27
42
475
406
416
428
27
34
42
37
592
555
896
560
279
249
340
271
60
66
68
79
Mar. 1
8
1,315
1,643
1,486
1,550
1,511
951
1,129
1,067
1,090
1,193
282
400
345
351
198
55
70
35
74
98
27
45
38
36
20
396
607
511
513
455
43
35
25
29
18
570
660
587
677
635
306
341
363
332
403
53
83
56
110
84
1,977
1,334
,556
,509
1,591
999
1,290
1,156
237
219
188
204
99
80
52
115
49
35
26
34
508
434
468
491
17
17
17
29
754
557
625
601
697
325
446
388
88
59
51
105
,572
,620
,569
1,231
1,105
1,105
1,007
984
242
365
350
264
216
80
112
76
94
83
18
39
38
45
31
562
473
462
447
430
22
33
24
17
13
640
686
693
570
522
348
428
390
392
347
64
85
81
82
74
15
22
29
Apr
- 19.1:::::::::::::
26
May
3
10
17
24
31
1,427
1,314
i 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-
All
maturities
Within
1 year
1-5
years
After
5 years
Federal
agency
securities
Commercial banks
Week
ending—
All
sources
1961
Jan.
4....
11....
18
25....
3,444
2,998
3,178
2,762
2,703
2,264
2,537
2,200
553
578
539
481
188
156
102
81
110
66
56
70
1....
8
15
22....
2,654
2,710
3,011
2,861
2,134
2,147
2,252
2,126
442
475
666
648
78
88
93
87
89
100
104
124
Mar. 1
8....
15....
22....
29....
2,597
2,234
2,281
1,949
1,827
1,936
1,748
1,807
1,471
1,372
575
404
388
435
313
85
83
86
43
142
126
113
86
83
133
5
12....
19
26
'1,980
'2,264
2,888
2,528
'1,613
'1,880
2,547
2,204
232
247
213
214
135
137
128
109
143
119
105
115
3
10....
2,344
2,927
1,970
2,204
244
581
131
142
132
139
Feb.
Apr.
May
'1 Revised.
The figures include all securities sold by dealers under repurchase
contracts regardless of the maturity date of the contract unless the contract
is matched by a reverse repurchase (resale) agreement or delayed delivery
sale with the same maturity and involving the same amount of securities.
Included in the repurchase contracts are some that more nearly represent
investments by the holders of the securities rather than dealer trading
positions.
2
Averages are based on number of trading days in the week.
NOTE.—Details may not add to totals because of rounding.
New
York
City
Elsewhere
Corporations 2
Another
1961
Jan.
4
11
18....
25
3,448
3,038
2,821
2,772
808
519
486
473
912
911
829
842
1,223
1,255
1,235
L,273
505
353
271
184
Feb.
1
8
15....
22
2,511
2,670
2,828
2,937
549
613
533
580
730
686
603
676
1,079
1,013
1,125
1,260
153
358
567
421
Mar. 1
8....
15
22....
29....
2,707
'2,284
'2,263
'2,108
'1,816
580
435
516
457
221
629
558
547
669
482
1,170
'1,095
'1,023
'831
'928
328
196
175
151
184
Apr.
5
12....
19
26....
'1,897
'2,108
2,615
2,423
349
513
589
425
477
463
663
552
'921
*966
1,201
1,278
151
167
162
168
May
3
10....
2,277
2,147
440
433
619
495
1,072
1,049
147
170
' Revised.
1 The figures are 7-day averages and include both bank and nonbank dealers. See also note 1 of the opposite table on this page.
2 All business corporations except commercial banks and insurance
companies.
NOTE.—Details may not add to totals because of rounding.
693
FEDERAL FINANCE; SECURITY ISSUES
U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 31, 19611
[On basis of daily statements of U. S. Treasury. In millions of dollars]
Issue and coupon rate
Amount
Treasury bills2
June 1,1961..
June 8,1961..
June 15, 1961..
June 22, 1961*
June 23,1961.,
June 29, 1961.,
July 6,1961..
July 13,1961.,
July 15, 1961.,
July 20,1961.,
July 27, 1961.,
Aug. 3, 1961.,
Aug. 10,1961.,
Aug. 17, 1961.,
Aug. 24, 1961.,
Aug. 31,1961.,
Sept. 7, 1961.,
Sept. 14, 1961.,
Sept. 21, 1961.,
Sept. 22, 1961*
Sept. 28, 1961.,
Oct. 5, 1961.,
Oct. 13, 1961.,
Oct. 16,1961..
Oct. 19, 1961.,
Oct. 26, 1961..
Issue and coupon rate
Amount
Treasury bills 2—Cont.
1,501
Nov. 2,1961
1,593
Nov. 9,1961
1,601
Nov. 16, 1961
3,504
Nov. 24, 1961
1,595
Jan. 15, 1962
1,601
Apr. 15, 1962
1,600
1,601 Certificates
1,501
1,501
Aug. 1,1961
3VS
1,601
May 15, 1962
3
1,601
1,601 Treasury notes
Aug. 1,1961
4
1,600
Oct. 1,1961
iy 2
1,600
Feb. 15, 1962
3V4
500
500
Feb. 15, 1962
35/s
500
Feb. 15, 1962
4
500
Apr. 1,1962
Wz
1,503
May 15, 1962
4
Aug. 15, 1962
4
500
500
Aug. 15, 1962
314
500
Oct. 1,1962
11/2
Nov. 15, 1962
3V4
1,502
400
Feb. 15, 1963
2%
400
Apr. 1,1963
Wi
Issue and coupon rate
Amount
Treasury notes—Cont.
May 15, 1963
4
May 15,1963
3%
Oct. 1,1963
11/2
Nov. 15, 1963
47/s
Apr. 1,1964
UA
May 15, 1964
4%
May 15, 1964
3%
Aug. 15, 1964
5
Oct. 1, 1964
11/2
7,829
Nov. 15, 1964
4%
5,509
Apr. 1,1965
lVi
May 15,1965
4%
Oct. 1,1965
1%
2,136
Apr. 1,1966
Wi
457
4,933
3,893
2,316
490
4,195
466
2,113
315
56
332
9,098 Treasury bonds
June 15, 1959-62... 2%
647
Dec. 15, 1959-62... iy4
1,435
Dec. 15, 1960-653.. 2%
551
2,211
Sept. 15, 1961
234
158
Nov. 15, 1961
21/2
7,325
June 15, 1962-67... 214
590
Aug. 15, 1963
21/2
1,143
Dec. 15, 1963-68... 21/2
2,839
Feb. 15,1964
3
June 15, 1964-69... 21/2
533
3,962
2,270
1,485
2,239
6,963
1,464
4,317
1,820
3,854
2,639
500
500
501
500
1,502
2,000
1,743
2,754
506
3,011
Issue and coupon rate
Amount
Treasury bonds—Cont.
Dec. 15, 1964-69... 2 ^
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... 21/2
Nov. 15, 1967
3%
Dec. 15, 1967-72... 2%
May 15, 1968
3%
Oct. 1,1969
4
Nov. 15,1974
3%
May 15, 1975-85.. AV4
June 15, 1978-83... 3*4
Feb. 15, 1980
4
Nov. 15, 1980
3%
May 15, 1985
3V4
Feb. 15, 1990
31/2
Feb. 15, 1995
3
Nov. 15, 1998
3V2
Panama Canal L o a n . . . . 3
Convertible bonds
Investment Series B
Apr. 1, 1975-80... 2%
2,558
6,896
4,689
1,213
1,484
2,438
2,929
1,781
2,716
3,604
3,567
1,390
1,424
654
470
1,598
884
643
1,133
2,719
2,704
2,343
50
5,384
2
Sold on discount basis. For discounts on individual issues, see tables
on Money Market Rates, p. 684.
3 Partially tax-exempt.
• Tax anticipation series.
1 Direct public issues.
NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1
[Investment Bankers Association data.
Par amounts of long-term issues in millions of dollars]
Issues for new capital
All issues (new capital and refunding)
Type of issuer 2
Type of issue
Period
Total
1953
1954
1955
1956
1957
1958
1959
1960
. .
. .
I960—Mar
Apr
May....
June
July...
Aug
General
obligation
5,558
6,969
5,976
5,446
86,925
7,526
7,695
7,302
3,495
3,380
3,770
3,577
4,792
Public FederReve- Housal
ing
nue AuthorGovt.4
loans
ity 3
4,778
4,677
1,558
3,205
1,730
1,626
1,967
1,777
2,409
2,097
496
374
474
199
66
187
333
403
571
724
549
992
492
469
457
297
547
342
89
241
110
426
136
20
132
611
356
249
5,447
Sept
Oct
Nov.. ..
Dec
683
353
506
496
502
271
351
270
1961—Jan r
Feb. ...
Mar.. . .
709
662
744
556
367
599
1
126
72
144
108
49
85
283
129
63
9
98
Special
district
and
State statu- Others
tory
authority
9
767
9 2,047
2 1,408
44
800
99 1,489
115 1,993
176 1,686
125 1,110
2,091 2,701
1 463 3 459
1,097 3,472
983 3,664
1,272 4 163
1,371 4,162
2,120 3,889
1 985 4 206
Total
n.a. 5,477
n.a.
n.a.
n.a.
6 568
7 708
7,423
7 112
Water,
sewer,
Edu- Roads
and
and
other
cation bridges
utilities
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
803
1 270
881
1,399
1,516
1,412
844
1,989
1 007 1 318
698
1,036
1,164
13
5
10
20
14
156
50
68
238
28
95
247
50
345
130
639
552
732
547
934
568
719
545
991
492
220
305
142
304
161
79
136
17
58
68
59
115
121
183
124
6
320
427
432
409
335
76
308
227
501
606
165
232
111
7
9
11
21
4
4
16
165
6
102
49
225
62
252
137
75
70
99
86
223
68
r
n.a. N o t available.
Revised.
1 D a t a prior t o 1957 a r e from t h e Bond Buyer a s classified b y F e d e r a l
Reserve.
2
Classifications prior t o 1957 as t o u s e o f proceeds a n d type o f issuer
are based principally o n issues of $500,000 o r m o r e ; smaller issues n o t
classified. A s a result s o m e categories, particularly education, are u n d e r -
stated relative to later data.
3 Includes only bonds sold pursuant to the Housing Act of 1949.
These are secured by contract requiring the Public Housing Administration to make annual contributions to the local authority.
4 Beginning with 1957, coverage is considerably broader than earlier.
Use of proceeds 2
Total
amount
delivered 6
381
272
334
348
623
589
432
448
398
377
424
504
712
682
683
348
501
491
708
661
740
200
176
181
162
375
229
218
177
8
81
44
36
95
47
100
73
101
119
108
195
162
Residential
housing 7
Veter- Other
purans'
poses
aid
506
456
570
258
113
251
402
425
141
162
169
110
333
339
355
201
1.119
I 333
<3
50
160
141
131
387
137
414
,464
35->
6S7
,683
894
135
8
51
5
50
50
106
92
138
68
31
13
100
93
121
213
94
(9)
99
63
9
5 Consists of municipalities, counties, townships, school districts and,
prior
to 1957, small unclassified issues.
6
Excludes Federal Government loans. These data are based on date
of delivery of bonds to purchaser (and of payment to issuer), which occurs
after
date of sale. Other data in table are based on date of sale.
7
Includes urban redevelopment loans.
8 Beginning in 1957 this figure differs from that shown on the following
page, which is based on Bond Buyer data. The principal difference is in
the treatment of Federal Government loans.
9 Less than $500,000.
694
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed use of net proceeds
all corporate issuers6
Gross proceeds, all issuers2
Noncorporate
Year or
month
Total
U. S.
Govt.3
Federal
agency4
State
and
municipal
Corporate
New capital
Bonds
Others
Total
Pre- Comferred mon
Privately stock stock
placed
Publicly
offered
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
May.
June '.
July.
Aug.',
Sept.'
Oct.'.
Nov.'
Dec.'.
2,073
4,573
1,939
2,502
1,637
3,187
1,808
1,814
1,986
1,947
391
2,860
368
350
353
1,371
338
345
326
348
150
148
354
160
149
181
568
717
556
978
475
607
682
343
496
490
75
43
53
49
32
14
41
38
6
34
889
805
608
1,124
777
996
747
928
1,009
895
668
580
406
859
651
821
619
778
875
764
357
348
186
540
415
592
329
621
518
323
311
232
220
319
236
229
289
157
357
441
44
32
44
34
21
34
37
45
16
45
177
194
158
231
106
141
91
105
118
86
1961—Jan. '.
Feb.'.
Mar..
1,774
5,455
2,161
455
4,069
434
252
706
660
756
12
31
23
601
695
696
472
529
542
178
273
211
294
255
331
30
37
29
99
130
125
1953
1954
1955
1956
1957
1958
1959
I960'
1960—Mar.'
Apr.'.
199
Retirement
of
New Other
pur- secumoney' poses
rities
Total
Total
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
260
535
709 1,875
864 1,227
721
364
663
214
915
549
814
135
895
271
1,044
736
966
726
890
956
852
762
675
514
992
657
895
671
830
805
749
98
86
63
52
79
71
55
60
152
103
9
22
13
48
24
10
5
20
32
27
580
667
562
552
612
484
28
56
77
118
869
783
590
860
761
577
1,092
760
976
731
910
988
879
590
682
679
10
14
Proposed uses of net proceeds, major groups of corporate issuers
Year or
month
Manufacturing
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew
ment of
New
ment of
New
New 8 ment of
ment of
New 8 ment of
New
ment of
capitals secucapital 8 secusecucapitals secucapital
secucapital
capital * securities
rities
rities
rities
rities
rities
1953
1954
1955
1956
1957
1958
1959
I960'
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
I960—Mar.'
Apr.'.
May'.
June'.
July'.
Aug.'.
Sept.'
Oct.'.
Nov.'
Dec.'.
172
171
92
249
182
220
161
185
249
191
(9)
6
4
4
27
22
129
47
68
49
38
51
45
66
79
61
1961—Jan.'.
Feb.'.
Mar..,
169
99
248
1
5
32
33
91
47
2
6
40
93
51
51
29
13
28
30
553
501
544
694
802
778
942
672
36
270
338
20
14
38
15
39
2,905
2,675
2,254
2,474
3,821
3,605
3,189
2,754
2
1
6
1
9
74
53
78
38
50
92
51
36
45
78
1
198
303
144
362
126
222
303
203
314
180
'1 Revised.
Estimates of new issues maturing in more than one year sold for cash
in 2the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Includes guaranteed issues.
4 Issues not guaranteed.
5 Represents foreign governments, International Bank for Reconstruc-
81
55
72
35
()
10
137
160
84
67
990
174
14
51
138
15
51
()
18
3
14
()
10
2
1
871
651
1,045
1,384
1,441
1,294
707
1,036
3
60
77
21
4
118
1,536
788
1,812
1,815
1,701
1,014
1,801
2,401
68
52
36
61
57
165
94
254
27
100
219
136
157
286
282
215
72
147
242
242
21
41
19
138
223
92
70
24
273
56
17
67
47
6
71
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.
695
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Quarterly totals
1959
Industry
1956
1957
1958
1959
1960
1961
1960
%
1
3
4
1
Manufacturing
Total (180 corps.):
Sales
Profits after taxes
Dividends
Nondurable goods industries (79 corps.): 1
Sales
Profits after taxes
Dividends
.
Durable goods industries (101 corps.): 2
Sales
Profits after taxes
Selected industries:
Foods and kindred products (25 corps.):
Sales
Dividends
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Petroleum refining (16 corps.):
Sales
Primary metals and products (35 corps.):
Sales
Profits before taxes
.
Profits after taxes
Dividends
Machinery (25 corps.):
Sales
Automobiles and equipment (14 corps.):
Profits after taxes
107 717 114 229 105, 134 '118.273
13 418 13 349 10 466 ' 1 4 094
7 094
7 177 5, 714 ' 7 443
4 068 4 19? 4, 078 ' 4 34?
39 463
146
7 943
683
74? '27 233 ' 2 8
13 363 r? 506 ' 3
' 7 077 '1 175
' 4 49? '1 036 '1
704 4 1 , 541 '45 465 46 819 '11 406
5 010
411
4 402 '5 657 ' 5 5?6
2 944
2, 574 ' 3 212 ' 3 161
'791
785 '1 91?
1 776
448
999
059
678
749
31 573
4 00?
063
1 ,09?
30, 974
3, 544
813
1 099
572
'1 388
11 599
1 ,407
785
48?
11 663
1
797
486
n
19 ,974
19 760
1 ,?77
610
1 016
61?
16 487
1 306
684
619
978
338
159
88
943
345
16?
100
3 146
534
3, 096
489
?56
187
0?0
440
385
364
635
564
68 754 7? S?5 63 593 '7? 808 73 <m '15 8?7 '17 4?8
6 065 ' 8 44? ' 7 ,837 '1 095 '1 ,670
8 77?
8 339
4 151
4 233 3 140 '4 231
,915
'333
385
7 794 ' ? 430 r 2 515
,416
'588
'6R4
11 R14
1 3? 3
6?9
376
n 898
'346
'163
1?
' 3 013
9 ,394
955
460
277
9 ,987
1 ,074
497
289
10 199
1 ,804
94?
698
10 669
1 ,823
948
737
10 390 '11 979
1 538 '2 ,187
799
794
1? ,454
1 ,444
1 068
481
13 ,463
1 ,3?5
1 075
512
1? 838 '13 37?
919
187
791
'969
516
'518
13 7?R
'1
7? ,365 22 468 19 226 '71 035
2 ,977
2 182 '2 ,331
3 ,331
1 540
1 154 '1
7?7
880
802
831
873
?0 89R
13 908 15 115
1 ,?09
1 457
729
607
403
416
16 503
r
1
10 707
1 15?
555
312
303
'1 ?74
604
'344
879 '1 131
717
14 685
1 463
734
42?
9??
'1
'934
'448
8?9
'307
'148
'80
1 ,999
1 06?
n
'7R6
179
3
,595
100
303
14?
9?
038
3 057
'?80
537
776
191
764
' 3 459
'30?
^
1?8
134
4?7
307
?38
130
' 3 649
' 4 591
6 003
'263
'220
'9R6
r-76
'2 ,263
1 178
'?47
-?08
'705
840
r
4 468
M95
?4 175
3 ,100
1 5?9
833
' 4 6?5
356
155
9 565
rq S ? 5
rq 514
365
843
602
'845
57R
'406
649
445
127
86
10 195 '11
Ml ,861
7 704 O 9R3 ' 3 1 6 9
519 '1 655
1 795
1 134 '1
1 ,30?
n 69 3
'714
'195
292
226
130
5 44?
611
3??
499
j ' 101
616
j 404
* 814
30 14?
107
'1 703
'1
988
2 666
1 479
1 113
11 941
'1 794
765
1?, 17?
1 3?5
75?
486
IS ?01
'1 813
16 R16
1 341
677
674
6?7
48?
3
33R
166
95
708
?08
4 171
395
4 316
197
171
202
119
4 015
366
185
7 07?
1 076
521
199
6 516
936
457
199
4 50?
773
151
?07
6 134
'"2.435
'242
'185
'130
411
477
212
139
91
94
3??
104
65
73
? 304
165
99
R5?
837
739
4??
n 865
757
418
3??
'77?
'IP
'3 166
901
50?
375
1 ,947
1 ,967
2 ,025
?75
192
777
196
2 ,042
5R9
?94
203
2 ,077
594
794
207
754
?33
4R3
364
?68
4 137
337
178
706
'500
193
^
4 396
309
166
?08
4 000
389
'•5
994
440
4 513
387
?05
221
'472
'236
'PI
95
'230
'133
128
4 939
411
3 0?6
318
150
?30
4 413
r
'760
48?
71 717 73 453 18 469 ' 7 ? ,731
7 473
2 ,701
1 332 ' 7 985
1 , 354
706
479
1 ,186
805
791
75?
'807
854
476
186
3
103
? J 710
'175
5 ?93
478
400
213
Public Utility
Railroad:
Profits before taxes
Electric Power:
Profits before taxes
Telephone:
Ooeratine revenue
Profits after taxes
e
Estimated
1
Includes 17
2
10 551
,268
876
46?
10 491
1 ,058
737
438
9 049
46?
j ,376
j 07?
9 670
579
j ,413
1 069
5 ,966
1 430
715
552
6 ,467
56?
788
613
419
6 939
1 860
7 ,572
921
674
1 073
743
c
Corrected.
' Revised.
companies in groups not shown separately.
Includes 27 companies in groups not shown separately.
NOTE.—Manufacturing corporations. Data are obtained primarily
from published company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric Power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the
153
3R3
8?
2 3?6
1 155
806
r7q
no?
1 ,909
537
768
190
'740
r
417
543
558
585
?90
200
169
141
n
993
45?
335
?
-13
«R6
3 ?67
91R
5?3
343
2 ,090
5R7
?90
210
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 Fec'eral income taxes and dividends. For detailed description of
series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949
(manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public
utilities); and p. 908 of the BULLETIN for September 1944 (electric power).
For back data for manufacturing, see pp. 792-93 of the BULLETIN for
July 1959; back data for other series are available from the Division of
Research and Statistics.
696
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
In billions
[Securities and Exchange Commission estimates.
All types
Year or
quarter
Profits
before
taxes
Income
taxes
Profits
after
taxes
36.7
38.3
19.5
20.2
17.2
21.8
21.2
20.9
18.6
23.2
17.2
18.1
16.8
23.0
23.5
22.3
19.1
23.8
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
44.9
44.7
43.2
37.7
47.0
1958—4
44.9
22.1
1959—1
2
3
4
46.4
51.7
45.3
44.8
22.9
25.5
22.3
22.1
1960—1
2
3
4
48.8
45.7
41.5
40.7
23.8
22.3
20.3
19.8
34.1
Cash
Undisdivi- tributed
dends profits
9.0
9.2
9.8
11.2
12.1
12.6
12.4
13.4
8.3
8.9
7.0
11.8
11.3
9.7
6.7
10.5
22.7
12.0
10.8
23.5
26.2
22.9
22.7
13.0
13.2
13.6
13.8
10.5
12.9
9.3
25.0
23.4
21.3
20.8
13.9
13.9
14.0
14.1
11.0
9.5
7.3
6.8
Year or
quarter
are at seasonally
Bonds and notes
Stocks
New RetireNew RetireNet
New RetireNet
issues ments change issues ments change issues ments
1953
1954
1955...
1956
1957 . .
1958
1959
1960 . .
1959—4
NOTE.—Quarterly data
annual rates.
In millions of dollars]
1960—1
2
3
4
Net
change
6,651
7,832
7,571
7,934
9,638
9,673
7,125
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
1,096
2,421 2,080
710
1,370
1,437
386
1,051
1,211
1,163
1,215
1,171
1,739 1,608
1,937 1,808
2,077 2,055
2,445 2,573
728
717
849
715
880 1,341
1,090 1,293
1,206 1,238
1,859 1,042
482
446
366
456
859
847
872
586
9,550
11,694
12,474
13,201
14,350
14,761
12,855
12,958
2,429
5,629
5,599
5,038
3,609
5,296
4,858
4,760
3,517
2,950
3,101
3,293
3,615
7,121
6,065
6,875
8,162
10,741
9,465
7,998
8,198
1
Reflects cash transactions only. As contrasted with data shown on p. 694 new issues
exclude foreign and include offerings of open-end investment companies, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new stock
issues and cash proceeds connected with conversions of bonds into stocks. Retirements
include the same types of issues, and also securities retired with internal funds or with
proceeds of issues for that purpose shown on p. 694.
adjusted
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
Notes and accts.
payable
Inventories
U.S.
Govt. 2
Other
Other
U.S.
Govt. 2
Other
Federal
income
tax
liabilities
Total
Other
1955
1956
1957
1958
1959—4
91.8
94.9
103.0
107.4
111.6
118.7
127.5
190.6
194.6
224.0
237.9
244.7
255.3
278.7
31.1
33.4
34.6
34.8
34.9
37.4
37.2
21.5
19.2
23.5
19.1
18.6
18.8
22.6
2.6
2.4
2.3
2.6
2.8
2.8
2.9
65.9
71.2
86.6
95.1
99.4
106.9
119.0
67.2
65.3
72.8
80.4
82.2
81.9
88.2
2.4
3.1
4.2
5.9
6.7
7.5
8.8
98.9
99.7
121.0
130.5
133.1
136.6
151.2
2.2
2.4
2.3
2.4
2.3
1.7
1.7
57.3
59.3
73.8
81.5
84.3
88.7
99.0
18.7
15.5
19.3
17.6
15.4
12.9
15.3
20.7
22.5
25.7
29.0
31.1
33.3
35.2
1960—1
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
1.8
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
134.3
286.6
34.8
19.5
3.2
125.5
92.9
10.7
152.3
1.8
100.9
12.1
37.5
1953
1954
1
Excludes banks, savings and loan associations, and insurance compa-
2
Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates.
Year
1953
1954
1955
1956
1957
1958
1959
1960
196Hr
r
Total
28.3
26.8
28.7
35.1
37.0
30.5
32.5
35.7
34.5
11.9
11.0
11.4
15.0
16.0
11.4
12.1
14.5
14.0
Public
utilities
Mining
1.0
1.0
1.0
1.2
L.2
.9
1.0
1.0
L.O
Railroad
Other
1.3
.9
.9
1.2
1.4
.8
.9
1.0
.7
1.6
1.5
1.6
1.7
1.8
1.5
2.0
1.9
1.8
4.6
4.2
4.3
4.9
6.2
6.1
5.7
5.7
5.9
Revised.
1 Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
2
Communi- Other 2
cations
6.3
6.5
7.5
8.4
7.4
7.2
8.2
8.4
1.7
1.7
2.0
2.7
3.0
2.6
2.7
3.1
11
All
other 3
Total
(seasonally adjusted
annual
rate)
Total
1960—1
2
3
4
7.9
9.3
9.0
9.5
3.3
4.0
3.9
4.3
.7
.8
.7
.7
1.2
1.4
1.5
1.6
2.7
3.0
2.9
3.0
35.2
36.3
35.9
35.5
1961—1
24'-...
34....
7.6
8.7
8.7
3.2
3.8
3.7
.6
.7
.6
1.1
1.5
1.7
2.7
2.8
2.7
33.9
33.9
34.6
Quarter
Transportation
3 Includes communications and other.
Anticipated by business.
4
Public
utilities
Manufacturing
and
mining
Transportation
Manufacturing
In billions of dollars]
697
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
Nonfarm
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
All
holders
Farm
1- to 4-family houses
Multifamily and
commercial properties1
Total
Financial
institutions
Other
holders
Total
Financial
institutions
All
holders
Other
holders
All
holders
Financial
Other
insti- holders 2
tutions
1941
1945
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
6.4
4.8
1.5
1.3
4.9
3.4
1954
1955
1956
1957
1958
1959*'
I960"
113.7
129.9
144.5
156.6
171.9
191.1
206.5
85.7
99.3
111.2
119.7
131.5
145.4
157.6
4.6
5.2
6.0
7.5
7.8
10.0
11.2
23.4
25.4
27.3
29.4
32.7
35.6
37.7
105.4
120.9
134.6
146.1
160.7
178.8
193.4
75.7
88.2
99.0
107.6
117.7
130.8
141.8
62.5
73.8
83.4
89.9
98.5
109.1
118.6
13.2
14.4
15.6
17.7
19.2
21.7
23.2
29 7
32.6
35.6
38.5
43.0
47.9
51.6
19.9
21.8
23.9
25.8
28.8
31.8
34.4
9.8
10.8
11.7
12.7
14.2
16.1
17.3
8 3
9.1
9.9
10.5
11 3
12.3
13.1
3 3
3.6
3.9
4.0
4 2
4.5
4.7
5 0
5.4
6.0
6.5
7.1
7.8
8.4
175.9
181.5
186.7
191.1
134.2
138.3
142.2
145.4
8.4
9.0
9.5
10.0
33.4
34.2
34.9
35.6
164.4
169.5
174.5
178.8
120.5
124.3
128.0
130.8
100.6
103.8
106.8
109.1
19.9
20.5
21.2
21.7
43.9
45.2
46.6
47.9
29.3
30.1
31.0
31.8
14.6
15.1
15.6
16.1
11.5
11 9
12.2
12.3
4.3
4 4
4.4
4.5
7.3
7.5
7.7
7.8
194.4
198.5
202.8
206.5
147.9
151.2
154.6
157.6
10.3
10.6
11.0
11.2
36.2
36.7
37.3
37.7
181.9
185.7
189.8
193.4
133.2
136.1
139.1
141.8
111.1
113.6
116.2
118.6
22.1
22.5
22.9
23.2
48.7
49.7
50.7
51.6
32.3
33.0
33.7
34.4
16.3
16.7
17.0
17.3
12.5
12.8
13.0
13.1
4.5
4.6
4.7
4.7
8.0
8.2
8.3
8.4
1959 Mar »
Sept.*
Dec p
I960—Mar.*
Sept p
Dec P
v Preliminary.
1 Derived figures, which include negligible amounts of farm loans held
by2savings and loan associations.
Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home
Administration, and Federal land banks, and in earlier years 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 holdings 2
End of year
or quarter
Residential
Total
Total
FHAinsured
VAguaranteed
1941
1945
4,906
4,772
3,292
3,395
1954
1955
1956
1957
1958
1959
1960^
18,573
21,004
22,719
23,337
25,523
28,145
28,803
14,152
15,888
17,004
17,147
18,591
20,320
20,373
4,106
4,560
4,803
4,823
5,476
6,122
5,844
3,350
3,711
3,902
3,589
3,335
3 161
2,864
4 26,130
27,060
27,635
28,145
19,020
19,615
20,040
20,320
5,660
5,885
6,045
6,122
28,235
28,470
5 28,650
. . . 28,803
20,300
20,340
20,375
20,373
6,045
5,980
5,905
5,844
1959—Mar
June
Sept
Dec
I960—Mar p
June**p
Sept
Decv
Mutual savings bank holdings 3
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
11,665
3,263
3,819
4,379
4,823
5,461
6,237
6,780
1 ,159
1 7.97
,336
,367
,471
1,588
,650
15,007
17,457
19,746
21,169
23,263
24,992
26,927
13,211
15,568
17,703
19,010
20,935
22 486
24,240
3,800
4,150
4 409
4,669
5,501
6 275
6,970
4 262
5,773
7,139
7,790
8,361
8 589
9,100
3 305
3,230
3,175
3,161
10,055
10,500
10,820
11,037
5,605
5,875
6,010
6,237
,505 4 23,638
1,570 24,110
,585 24,600
:1,588 24,992
21 257
21 676
22,126
22,486
5 684
5 915
6,095
6,275
3,120
3,030
2,915
2,864
11,135
11,330
11,555
11,665
6,345
6,485
6,625
6,780
1,590
1,645
1,650
,650
22,879
23,308
23,827
24,240
6,420
6,573
6,750
6,970
*1 Preliminary.
Represents all banks in the United States and possessions.
2 Includes loans held by nondeposit trust companies, but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
estimates based in part on data from National Association of Mutual
Savings Banks.
Farm
25,410
25,865
26,425
26,927
Conventional
Other
nonfarm
Farm
900
797
28
24
5 149
5,645
6 155
6,551
7 073
7 622
8 170
1 740
1,831
1 984
2,102
2,275
2 451
2,633
56
58
59
57
53
55
54
8 435
8 510
8,580
8,589
7 138
7 251
7,451
7,622
2 328
2 380
2,420
2,451
53
54
54
55
8,731
8,885
9,060
9,100
7,728
7,850
8,017
8,170
2,477
2,504
2,545
2,633
54
53
53
54
4 On Jan. 1, 1959, holdings of commercial banks increased by $143
million, and those of mutual savings banks declined by that amount,
as a result of the absorption of a mutual savings bank by a commercial
bank.
5 Data reflect a $40 million reclassification by one bank from commercial and industrial to real estate loans, reported August 24, 1960.
SOURCE.—All-bank series prepared by Federal Deposit Insurance
Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
698
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
FHAinsured
Total
1941
1945
VAguaranteed
Farm
Total
Other
Total
976
FHAinsured
6,442
6,636
5,529
5,860
815
1,394
VAguarantced
Farm
Other
4 714
4,466
913
776
5,344
6,623
6,715
5,230
5,277
5,975
6,074
4,931
6,108
6,201
4,823
4,839
5,479
5,600
672
971
842
653
1,301
1,535
1,393
1,378
1,839
1,652
831
195
199
303
2,881
3,298
3,707
3,339
3,343
3,745
3,904
413
515
514
407
438
496
474
25,976
29,445
32,989
35,236
37,062
39,197
41,798
23,928
27,172
30,508
32,652
34,395
36,370
38,803
6,116
6,395
6,627
6,751
7,443
8,273
9,043
4 643
6 074
7,304
7 721
7,433
7,086
6,929
13 169
14 703
16,577
18 180
19,519
21,011
22,831
2 048
2 273
2,481
2 584
2,667
2,827
2,995
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
483
476
490
420
536
472
507
503
616
443
438
456
392
504
446
477
465
561
110
101
108
90
133
118
117
124
114
17
23
21
22
19
18
16
13
12
316
314
327
280
352
310
344
328
435
40
38
34
28
32
26
30
38
55
40,236
40,439
40,631
40,694
40,920
41,099
41,313
41,521
41,798
37 358
37,545
37,722
37,769
37,982
38,153
38,356
38,553
38,803
8 623
8,677
8,727
8,729
8,801
8,867
8 930
9,004
9,043
7 117
7 098
7,080
7,057
7 028
7,006
6 978
6 951
6,929
21 618
21*770
21,915
21,983
22 153
22,280
22 448
22 598
22,831
2 878
2 894
2,909
2,925
2 938
2,946
2 957
2 968
2,995
1961—Jan
Feb
Mar
Apr
569
447
549
513
524
395
490
463
167
117
105
107
12
12
20
13
345
266
365
343
45
52
59
50
42,008
42,143
42,351
42,553
39,021
39,152
39,347
39,525
9,134
9,210
9,275
9,326
6 899
6,866
6,839
6,810
22 988
23,076
23,233
23,389
2,987
2,991
3,004
3,028
1954
1955
1956
1957
1958
1959
I960*
960
v Preliminary.
NOTE.—^Certain mortgage loans secured by land on which oil drilling
or extracting operations are in process are classified with farm through
June 1959 and with "other" nonfarm thereafter. These loans totaled
$38 million on July 31, 1959.
For loans acquired, the monthly figures may not add to annual totals,
and for loans outstanding, the end-of-December figures may differ from
end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
SOURCE.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics.
MORTGAGE ACTTVITY 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
1941
1945
1954
1955
1956
1957
1958 . . .
1959
I960
Totali
New
construction
Home
purchase
Total 2
FHAinsured
VAConvenguaranteed tional 2
1,379
1 913
437
181
581
1 358
4,578
5 376
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
20,229
24,121
27,600
31,353
36,344
43,005
49,350
,151
,?3?
1,397
1,268
I 413
[,316
1,250
,140
.150
404
435
471
408
430
402
394
332
367
461
509
598
569
651
591
545
508
460
55,020
55,655
56,435
57,050
57,763
58,406
59,011
59,512
60,084
3,165
3,211
3,255
3,304
3,357
3,398
3,447
3,487
3,523
7,214
7,227
7,228
7,233
7,229
7,225
7,216
7,214
7,211
44,641
45,217
45,952
46,513
47,177
47,783
48,348
48,811
49,350
969
1,001
1,356
1,304
285
288
426
414
400
395
515
504
60,455
60,882
61,571
62,258
3,561
3,610
3,658
3,697
7,191
7,193
7,183
7,178
49,703
50,079
50,730
51,383
Year or
month
1961
Feb .
Mar
...
Apr.? 5
*1 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.
Season- Without
ally
seasonal
adjustadjusted i ment 2
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
22,974
28,484
27,088
24,244
27,388
32,235
29,341
8,312
10,452
9,532
9,217
10,516
13,094
12,158
1,768
1,932
1,799
1,472
1,460
1,523
1,318
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
2,441
2,400
2,446
2,427
2,493
2,488
2,464
2,451
2,426
2,407
2,406
2,366
2,500
2,690
2,528
2,784
2,598
2,525
2,378
2,338
983
983
1,051
1,167
1,048
1,201
1,097
1,053
978
961
119
108
114
119
116
123
111
106
97
95
377
382
402
415
378
406
381
372
363
361
104
106
120
138
145
158
145
146
143
132
2,373
2,387
2,075
1,997
2,444
830
838
1,060
83
78
94
337
321
394
110
95
106
1941
1945
1954
1955
1956
1957
1958
1959 .
I960
1960
May.......
June..
July
Aug
Sent
Oct
Nov
Dec .
By type of lender
(without seasonal adjustment)
Total
1960
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1961
Jan
Feb
Mar
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.
699
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^
Property
improve- Total 3
ment2
loans
Home
mortgages
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Total
1945
665
257
217
20
171
192
1954
1955
1956
1957
1958
1959
1960
3,066
3,807
3,461
3,715
6,349
7,694
6,293
1,035
1,269
1,133
880
1,666
2,563
2,197
907
1,816
1,505
1,371
2,885
3,507
2,403
232
76
130
595
929
628
711
891
646
692
869
868
997
982
4,257
7,156
5,868
3,761
1,865
2,787
1,985
2,686
4,582
3,910
2,890
1,311
2,051
1,554
1,566
2,564
1,948
863
549
730
428
I960—Apr.,
May,
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
433
456
539
509
615
613
573
558
558
172
155
170
162
189
192
196
181
167
163
167
195
200
228
233
237
223
223
22
45
71
59
97
119
46
78
92
76
88
103
88
100
68
94
77
76
153
155
175
160
181
169
162
150
142
123
124
143
126
139
132
125
113
109
29
31
32
34
41
37
36
37
33
1961—Jan..
Feb.
Mar.
Apr.
564
448
480
458
186
148
143
224
193
204
193
89
57
72
75
65
50
60
65
130
108
125
109
101
81
93
78
28
27
32
31
124
1 Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans In amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans amounts by type
are derived from data on number and average amount of loans closed.
SOURCE.—Federal Housing Administration and Veterans Administration.
2
FHA- VAinguarsured anteed
18.6
4 .3
4.1
.2
1954
1955
1956
1957
1958
1959?
I960?
75.7
88.2
99.0
107.6
117 7
130.8
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
49
55
60
67
77
85
1
4
6
0
4
1959—Mar.P. . . .
June* 7 ....
Sept.J'....
Dec.P
120.5
124.3
128.0
130.8
51 .3
52 .1
53 .1
53 .8
20.9
21.8
22.9
23.8
30.4
30.3
30.2
30.0
69
72
74
77
2
2
9
0
1960—Mar.*....
Junep....
Sept.*....
Dec.?
133.2
136.1
139.1
141.8
54 .5
55 .0
55 .8
56.4
24.6
25.2
26.0
26.7
29.9
29.8
29.8
29.7
78 7
81 .1
83 .3
85.4
. .
.
FEDERAL HOME LOAN BANKS
[In millions of dollars]
End of year
or month
Commitments
undisbursed
Total
FHAinsured
VAguaranteed
Purchases
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
1960-—Apr
May
5,785
5,827
5,827
5,918
5,991
6,050
6,106
6,143
6,159
2,905
2,997
3,042
3,121
3,185
3,240
3,293
3,333
3,356
2,880
2,830
2,784
2,797
2,806
2,810
2,812
2,810
2,803
126
129
74
113
96
84
79
69
69
1?
67
50
3
1
9
27
588
561
592
569
584
584
571
575
576
6,154
6,110
6,017
5,858
3,357
3,336
3,298
3,211
2,797
2,775
2,719
2,646
56
54
48
38
33
7^
116
172
564
539
540
532
July.
Aue
Sept
Oct
Nov
Dec
1961—Tan
Feb
Mar
Apr
S«lies
5?5
6?
5
3
482
5
357
476
76
360
764
1,541
568
576
1
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*
Long-2
term
Members'
demand
and time
deposits
1945
278
213
195
176
19
46
1954
1955
1956
1957
1958
1959
1960
734
1,251
745
1 116
1,364
2*067
1,943
818
702
934
1,079
1,331
1,231
2,097
867
1,417
1,228
1,265
1 298
2,134
1,981
612
991
798
731
685
1,192
1,089
255
426
430
534
613
942
892
802
698
683
653
819
589
938
1960—May
June
July
Aug
Sept
Oct
Nov
Dec
112
290
173
168
160
133
125
344
96
94
269
146
121
134
119
104
1,574
1,770
1,674
1,696
1,736
1,735
1,741
1,981
827
932
922
967
1,002
986
976
1,089
747
838
751
729
734
749
765
892
590
736
682
730
737
762
788
938
1961—Jan
Feb
Mar
Apr
May
90
100
135
205
197
500
176
154
106
149
1 571
1,496
1,477
1,576
1,624
888
822
781
807
852
683
674
696
769
772
959
978
1,026
1,056
1,089
1
2
6
» Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
SOURCE.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.
[In millions of dollars]
Mortgage
transactions
(during
period}
14 3
1945
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
Mortgage holdings
Conventional
Total
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.
700
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 i
Other
consumer
goods
paper i
Noninstalment credit
Repair
and modernization
loans2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1954
1955
1956
1957
1958
19593
I960
32,464
38,882
42,511
45,286
45,544
52,119
56,049
23,568
28,958
31,897
34,183
34,057
39,852
43,281
9,809
13,472
14,459
15,409
14,237
16,549
17.866
6,751
7,634
8,580
8,782
8,923
10.476
11,215
1,616
1,689
1,895
2,089
2,327
2,784
3,008
5,392
6,163
6,963
7,903
8,570
10,043
11,192
8,896
9,924
10,614
11,103
11,487
12,267
12,768
2,408
3,002
3,253
3,364
3,627
4,144
4,311
4,485
4,795
4,995
5,146
5,060
5,104
5,187
2 003
2,127
2,366
2,593
2,800
3,019
3,270
I960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
52,353
52,991
53,662
53,809
54,092
54,265
54,344
54,626
56,049
40,651
41,125
41,752
42,050
42,378
42,517
42,591
42,703
43,281
17,170
17,431
17,755
17,893
18,020
18,021
17,992
17,967
17,866
10,281
10,339
10,462
10,452
10,477
10,543
10,625
10,715
11,215
2,814
2,865
2,905
2,934
2,975
3,001
3,013
3,020
3,008
10,386
10,490
10,630
10,771
10,906
10,952
10,961
11,001
11,192
11,702
11,866
11,910
11,759
11,714
11,748
11,753
11,923
12,768
4,226
4,313
4,294
4,265
4,276
4,317
4,272
4,301
4,311
4,245
4,342
4,423
4,311
4,277
4,283
4,370
4,463
5,187
3,231
3,211
3,193
3,183
3,161
3,148
3,111
3,159
3,270
1961
55,021
54,102
53,906
53,972
42,782
42,264
42,058
41,988
17,611
17,383
17,265
17,200
11,050
10,793
10 679
10,585
2,967
2,935
2,922
2,922
11,154
11,153
11 192
11,281
12,239
11,838
11,848
11,984
4,314
4,381
4,417
4,402
4,599
4,037
4,004
4,096
3,326
3,420
3,427
3,486
Jan.....
Feb
Mar
Apr
1 Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in 2part for business.
Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
3 Includes data for Alaska and Hawaii beginning with January and
August 1959, respectively.
NOTE.—Monthly figures for the period December 1939 through 1946,
and a general description of the series, are shown on pp. 336-54 of the
BULLETIN for April 1953; monthly figures for 1947-57, in the BULLETIN
for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957,
pp. 1420-22; November 1958. p. 1344; and November 1959, pp. 1416-17.
Revised monthly data for 1958 and 1959 (with notes describing the
changes) are shown on pp. 1406-09 of the BULLETIN for December 1960.
A detailed description of the methods used to derive the estimates may be
obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
End of year
or month
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
1939
1941
1945
4 503
6,085
2 462
3 065
4,480
1 776
1 079
1,726
745
1,197
1,797
300
132
198
102
1954
1955
1956
1957
1958
1959*
I960
23,568
28,958
31,897
34,183
34,057
39,852
43,281
19,450
24,450
27,154
29,515
29,074
34,176
37,502
8,796
10,601
11,777
12,843
12,780
15,227
16,398
6,144
8,443
9,100
9,573
8,740
10,145
11,134
1,342
1,678
2,014
2,429
2,668
3,280
3,906
I960—Apr
May
Sept
Oct
Nov
Dec
40,651
41,125
41,752
42,050
42,378
42,517
42,591
42,703
43,281
35,431
35,902
36,481
36,857
37,199
37,318
37,330
37,368
37,502
15,711
15,911
16,145
16,239
16,362
16,416
16,408
16,402
16,398
10,604
10,744
10,945
11,062
11,142
11,154
11,147
11,141
11,134
1961 Jan
Feb
Mar
Apr
42,782
42,264
42,058
41,988
38,186
37,790
37,542
37,434
17,261
17,001
16,860
16,776
11,030
10,914
10,787
10,733
julv
Consumer
finance
companies 1
Other i
Total
Department
stores 2
Furniture
stores
Household
appliance
stores
Automobile
dealers?
Other
657
759
629
1 438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
2,257
2,656
3,056
3,333
3,384
3,774
4,212
911
1,072
,207
1,337
,502
,750
,852
4,118
4,508
4,743
4,668
4,983
5,676
5,779
1,242
1,511
1,408
1,393
1,882
2,292
2,401
984
1,044
1,187
1,210
1,128
1,225
1,189
377
365
377
361
292
310
292
463
487
502
478
506
481
513
1.052
1,101
1,269
1,226
1,175
1,368
,384
3,471
3,537
3,626
3,679
3,754
3,795
3,833
3,870
3,906
3,872
3,902
3,957
4,049
4,099
4,111
4,097
4,107
4,212
,773
,808
,808
,828
1,842
1,842
1,845
,848
1,852
5,220
5,223
5,271
5,193
5,179
5,199
5,261
5,335
5,779
2,050
2,054
2,073
2,020
2,012
2,049
2,103
2,155
2,401
1,135
1,125
1,132
1,124
1,132
1 129
1,130
1,140
1,189
290
290
291
290
290
291
290
288
292
496
503
512
516
520
519
518
517
513
1,249
1,251
?61
1,243
1,225
1,211
1,220
1,235
1,384
3,860
3,863
3,897
3,937
4,179
4,151
4,131
4,133
1,856
[,861
1,867
1,855
4,596
4,474
4,516
4,554
1,342
1,348
1,442
1,527
1,151
1,121
1,092
1,077
286
279
274
269
504
497
491
488
1,313
1,229
1,217
1,193
1 Consumer finance companies included with "other" financial institutions until September 1950.
2 Includes mail-order houses.
Retail outlets
3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
* See note 3 to table above.
701
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]
Total
instalment
credit
End of year
or month
Automobile
paper
Purchased Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
1939
1941
1945
1,079
1,726
745
237
178
166
135
447
66
338
143
309
114
161
110
471
312
1954
1955
1956
1957
1958
19591
1960
8,796
10,601
11 777
12,843
12 780
15,227
16,398
2,269
3,243
3 651
4,130
4 014
4,827
5,264
1,668
2,062
2,075
2,225
2 170
2,525
2,776
1,880
2,042
2,464
2,557
2,269
2,640
2,690
1,303
1,338
1,469
1,580
1,715
2,039
2,163
1,676
1,916
2,118
2,351
2,612
3,196
3,505
15,711
15 911
16,145
16,239
16 362
16,416
16,408
16 402
16,398
5,004
5 088
5,195
5,242
5,290
5,313
5,311
5,304
5,264
2,675
2 726
2,765
2,777
2 790
2,778
2,776
2,783
2,776
2,662
2,667
2,684
2,690
2,684
2,686
2,681
2,670
2,690
2,045
2,075
2,105
2,119
2,144
2,162
2,170
2,173
2,163
3,325
3,355
3,396
3,411
3,454
3,477
3,470
3,472
3,505
17,261
17 001
16,860
16,776
5,196
5,121
5,102
5,090
2,757
2,737
2,747
2,752
3,683
3,546
3,409
3,278
2,131
2,104
2,087
2,090
3,494
3,493
3,515
3,566
I960—Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec
1961—Jan
Feb .
Mar
Apr
363
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1954
1955
1956
1957
1958
19591
1960
6,144
8,443
9,100
9,573
8,740
10,145
11,134
4,870
6,919
7,283
7,470
6,404
7,328
7,695
841
1,034
1,227
1,413
1,567
1,883
2,374
31
25
23
20
19
35
64
402
465
567
670
750
899
1,001
I960—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
10,604
10,744
10,945
11,062
11,142
11,154
11,147
11,141
11,134
7,538
7,631
767
822
855
832
796
7,757
7,695
2,096
2,132
2,175
2,225
2,260
2,292
2,319
2,347
2,374
42
45
49
52
57
60
63
63
64
928
936
954
963
970
970
969
974
1,001
1961—Jan..
Feb..
Mar.
Apr.,
11,030
10,914
10,787
10,733
7,555
7,429
7,314
7,245
2,412
2,420
2,402
2,405
64
64
66
67
999
1,001
1,005
1,016
NONINSTALMENT CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
1939
1941
1945
1954
1955
1956
1957
1958
19591
I960
I960—Apr
May
July
Aug
Sept
Oct
Nov
Dec
1961
Jan
Feb
Mar
Apr
.
Other
consumer
goods
paper
Repair
and
modernization
loans
Total
Automobile
paper
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
4,510
5,406
6,277
7,099
7,554
8,804
9,970
539
761
948
282
,106
1,143
,388
1,618
375
537
648
622
610
758
326
403
489
593
710
885
781
3,314
3,782
4,278
4,882
5,208
5,948
6,686
9,116
9,247
9,391
9,556
9,695
9,748
. . 9,775
9,825
9,970
,457
1,483
1,516
1,536
1,565
1,579
1,591
1,606
1,618
799
820
727
745
844
860
751
763
9,895
9,875
9,895
9,925
1,599
1,599
1,611
1,625
874
885
882
880
774
779
780
784
885
781
863
850
843
772
767
769
836
765
Personal
loans
6,133
6,199
6,280
6,397
6,482
6,505
6,522
6,555
6,686
6,661
6,659
6,672
6,699
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
Includes data for Hawaii, beginning with August 1959.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Total
instalment
credit
Repair
and
modern
ization
loans
Automobile
paper
End of year
or month
1
1 Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
Other
consumer
goods
paper
Total
instalment
credit
Personal
loans
End of year
or month
^nonment
credit
Singlepayment
loans
Charge accounts
Service
credit
Com- Other
Demer- finan- part- Other
Credit
retail
cial
2
cial
ment outlets cards
insti- stores
banks tutions
i
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1\ 370
1,322
1954
1955
1956
1957
1958
19593
I960
8,896
9,924
10,614
11,103
11,487
12,267
12,768
2,096
2,635
2,843
2,937
3,156
3,582
3,737
312
367
410
427
471
562
574
793
862
893
876
907
958
941
3,515
3,717
3,842
3,953
3,808
3,753
3,801
177
216
260
317
345
393
445
2,003
2,127
2,366
2,593
2^800
3,019
3^270
I960—Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
11,702
11,866
11,910
11,759
11,714
11,748
11,753
11,923
12,768
3,627
3,631
3,682
3,663
3,656
3,715
3,692
3,711
3,737
599
682
612
602
620
602
580
590
574
656
646
633
584
584
625
661
709
941
3,206
3,305
3,382
3,295
3,236
3,199
3,266
3,326
3,801
383
391
408
432
457
459
443
428
445
3,231
3,211
3,193
3,183
3,161
3,148
3,111
3,159
3,270
1961—Jan
Feb
Mar
Apr
12,239
11,838
11,848
11,984
3,740
3,789
3,793
3,842
574
592
624
805
669
637
631
3,346
2,926
2,926
3,035
448
442
441
430
3,326
3,420
3,427
3,486
560
518
597
845
1
Includes mail-order houses.
2 Service station and miscellaneous credit-card accounts and homeheating-oil accounts.
3 Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
702
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
31,051
39,039
40,175
42,545
40,789
49,045
50,343
1954
1955
1956
1957
1958
19591
1960
11,807
16,745
15,563
16,545
14,316
17,941
17,839
Sect
Oct
Nov
Dec
4,499
4,255
4,313
4,214
4,072
4,125
4,108
4,134
4,007
4,509
4,375
4,615
4,156
4,365
4,010
4,012
4,067
4,641
1,636
1,558
1,538
1,417
1,422
1,422
1,460
1,482
1,325
1 692
1,658
1,733
1,473
1,570
1,372
1,407
1,364
1,248
1961—Jan
Feb
Mar
Apr
3,869
3,803
4,002
3,883
3,473
3,241
3,995
3,765
1,239
1,190
1,288
1,243
1,130
1,051
1,330
1,247
I960
Apr
May
June
July
•
••
...
9,117
10,634
11,702
11,747
11,638
13,837
14,226
8,866
10,272
11,342
12,593
12,974
15,066
16,220
1,261
1,388
1,568
1,660
1,861
2,201
2,058
1 266
,170
,248
,168
,112
,162
,165
,159
,200
1,202
1,183
1,267
1,085
1,165
1,173
1,207
1,217
1,654
182
190
186
176
180
164
160
160
147
179
203
198
183
202
177
172
163
138
1,415
1 337
1,341
1,453
1,358
1,377
1 323
1,333
1,335
1,331
1,417
1,415
1,428
1,288
1,226
1,323
1,601
,185
,131
,212
,145
1,012
888
1,125
1,053
140
141
159
157
117
114
150
151
1,305
1,341
1,343
1,338
[,214
1,188
1,390
1,314
Repayments
11,833
13,082
14,576
15,595
15,488
15,698
16,522
30,488
33,649
37,236
40,259
40,915
43,407
46,914
1954
1955
1956
1957
1958
19591
1960
I960—Apr
Mav
July
Sept
Oct
Nov
Dec
...
1961—Jan
Feb
Mar
Apr
9,145
9,751
10,756
11,545
11,497
12,307
13,487
1,255
1,315
1,362
1,466
1,623
1,751
,834
8,255
9,501
10,542
11,653
12,307
13,651
15,071
3,935
3,911
3,934
3,997
3,918
3,958
3,994
3,946
3,931
3,878
3,901
3,988
3,858
4,037
3,871
3,938
3,955
4 063
1.379
1,402
1,392
,385
,388
1,375
1,417
1,397
356
1.348
1,397
1,409
1,335
1,443
1,371
1,436
1,389
1 349
1,111
1,126
1,135
1,148
1,123
1,141
1,147
1,119
1,156
1.113
1,125
1,144
[,095
1,140
,107
,125
,127
I 154
150
153
155
155
156
149
160
158
153
148
152
158
154
161
151
160
156
150
1,295
1,230
1,252
1,309
1,251
1,293
1,270
1,272
1,266
1,269
1,227
1,277
1,274
1,293
1,242
1,217
1,283
1,410
3,972
4,011
3,954
4,022
3,972
3,759
4,201
3,835
,387
1,363
1,353
,388
1,385
1,279
1,448
1,312
1,154
1,191
1,163
1,186
1,177
1,145
1,239
1,147
159
152
158
156
158
146
163
151
1,272
1,305
1,280
1,292
1,252
1,189
1,351
1,225
Net increase, or decrease (—), in credit outstanding 2
6
73
206
194
238
457
224
-28
883
946
202
141
1,553
739
-26
3 663
987
950
1,172
2,312
1,317
563
5 390
2 939
2,286
126
5,795
3,429
1954
1955
1956
1957
1958
19591
I960
611
771
800
940
667
1,473
1,149
Sept
Oct
Nov
Dec
564
344
379
217
154
167
114
188
76
631
474
627
298
328
139
74
112
578
257
156
146
32
34
47
43
85
-31
344
261
324
138
127
1
-29
-25
-101
155
44
113
20
-11
21
18
40
44
89
58
123
-10
25
66
82
90
500
32
37
31
21
24
15
0
2
-6
31
51
40
29
41
26
12
7
-12
120
107
89
144
107
84
53
61
69
167
104
140
141
135
46
9
40
191
1961—Jan
Feb
Mar
Apr
-103
-208
48
-139
-499
-518
-206
-70
-148
-173
-65
-145
-255
-228
-118
-65
31
-60
49
-41
-165
-257
-114
-94
-19
-11
1
-41
-32
-13
0
33
36
63
46
-38
I960—Apr
May
July
1 Extensions and repayments include current data for Alaska and
Hawaii beginning with January and August 1959, respectively. The
differences between extensions and repayments do not equal the changes
in outstanding credit for 1959 because the differences do not reflect the
effect of the introduction of outstanding balances for these two States.
2 Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of
the BULLETIN for October
1956; for
1955-59, in the BULLETIN for
December 1957, pp. 420-22, November 1959, p. 1418, and December
1960, pp. 1406-09.
39
89
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other
transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
703
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Commercial banks
Total
Sales finance
companies
Other financial
institutions
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
11,267
14,109
14,463
15,355
14,860
17,976
17,854
31,051
39,039
40,175
42,545
40,789
49,045
50,343
1954
1955
19561
19571
19581
I9591, 2
I960
1960 Apr
M^ay
July
Aug
Sept
Oct
Nov
Dec
1961 Jan i
Feb 1
Mar
Apr
7,260
10 200
9,600
10,200
8,907
11,007
11,110
4,499
4,255
4,313
4,214
4,072
4,125
4,108
4,134
4,007
4,509
4,375
4,615
4,156
4,365
4,010
4,012
4,067
4,641
1,545
1,521
1,534
1.437
1,442
,470
,473
[,495
[,399
1.632
,616
,658
,458
,560
,430
,419
,385
,370
1,028
847
865
3,869
3,803
4,002
3,883
3,473
3,241
3,995
3,765
,373
1,358
1,404
1,371
,321
,189
,433
,400
800
737
786
807
810
656
806
763
944
943
894
894
888
896
918
1,008
983
1,050
955
989
879
880
872
5,541
6,281
6,638
6,495
6,563
7,940
8,016
6,983
8,449
9,474
10,495
10,459
12,122
13,363
1.175
1,124
1,128
1,233
1,129
1,118
1,072
1,078
1,077
1,167
1,121
1,185
1,201
1,192
1,051
1,011
1,093
1,302
751
666
708
650
607
649
667
643
702
655
722
542
624
650
702
717
684
1,104
1,028
1,059
1,096
1,063
928
668
487
942
600
695
639
454
630
579
1,126
1,023
Repayments
I960
Aor
May
June
July
Sept
Oct
Nov
Dec
1961 Jan i
Feb l
Mar
Apr
11 469
12,304
13,362
14,360
14,647
15,560
16,692
30 488
33 649
37,236
40,259
40,915
43,407
46,914
1954
1955
19561
19571
19581
19591, 2
1960
. . . .
7 043
7 901
8,943
9,727
9,774
9,623
10,241
6 511
7 553
8,603
9,673
10,004
10,943
12,197
3,935
3,911
3,934
3,997
3,918
3,958
3,994
3,946
3,931
3,878
3,901
3,988
3,858
4,037
3,871
3,938
3,955
4,063
1.376
1,411
1,400
1,395
1,376
1,388
1,445
1,411
1,376
1.361
1,416
1,424
,364
1,437
1,376
,427
1,391
1,374
862
850
849
867
870
877
868
876
853
841
1,047
843
849
838
909
867
887
878
872
985
990
1,024
1,075
1,027
1,044
1,021
1,027
1,034
1,041
1,036
1,053
3,972
4,011
3,954
4,022
3,972
3,759
4,201
3,835
1,433
1,534
1,488
1,551
[,434
1,449
1,574
1,484
855
873
871
866
841
807
933
817
1,011
1,054
1,051
1,052
1,003
1,018
998
984
1,043
1,157
962
1,106
993
5 465
5 891
6,328
6,499
6,490
7,281
7,784
658
650
665
661
660
645
649
660
632
668
652
674
620
638
630
640
643
660
673
550
544
553
694
541
588
541
Net increase or decrease ( —) in credi ; outstanding 3
I960
Apr
May
July
Au2
Sept
Oct
Nov
Dec
1961 Jan.i
Feb 1
Mar
Apr
-202
1,805
1,176
1,066
563
1954
1955
19561
19571
19581
19591, 2
I960
5 390
2,939
2,286
-126
5,795
3,429
564
344
379
217
154
167
114
631
474
627
298
328
139
188
76
112
578
-103
-208
-499
-518
-206
-70
48
-139
74
-833
1,405
-63
271
200
234
94
123
246
94
94
27
24
54
11
28
42
916
863
-176
-84
-260
-141
-180
-84
-6
-55
-52
-64
-56
247
140
201
117
80
12
-7
-6
-7
-104
-116
-127
-54
76
390
235
— 75
315
693
103
1,250
1,166
989
169
110
134
42
66
82
28
84
23
-8
-6
-4
472
896
871
822
455
657
473
2,447
1,171
1 Data on extensions and repayments have been adjusted to avoid
duplication resulting from large transfers of other consumer goods paper.
As a result, the differences between extensions and repayments for some
types of holders do not equal the changes in outstanding credit.
2 Extensions and repayments include current data for Alaska and
Hawaii beginning with January and August 1959, respectively. The
differences between extensions and repayments do not equal the changes
in outstanding credit for 1959 because the differences do not reflect the
effect
of the introduction of outstanding balances for these two States.
3
Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in notes 1 and 2.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of
217
2 299
128
139
104
158
102
74
51
51
43
149
131
144
165
139
53
17
5
-75
-20
20
30
45
11
27
50
145
21
1
47
-10
-38
0
7
11
16
-981
15
151
86
-36
3
48
-78
-14
20
62
74
444
-1,183
-122
42
38
the BULLETIN for October 1956; for 1955-59, in the BULLETIN for
December 1957, pp. 1421-22, November 1959, p. 1419, and December
1960, pp. 1406-09.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.
704
INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49-100
[Seasonally adjusted]
Annual
average
1960
1961
Grouping
1959 1960 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
INDUSTRY
GROUPINGS
159
164
165
167
166
166
165
162
161
159
156
155
155
155
160
158
165
155
125
268
163
169
164
172
166
174
165
173
755
173
755
169
757
166
750
164
757
159
154
156
755
154
752
153
755
161
160
128
287
159
129
287
161
127
284
163
128
288
163
128
289
162
129
292
159
127
293
160
128
289
158
129
286
156
129
286
155 156
129 '128
290 291
755
154
r
157
'127
'291
159
128
294
725
114
107
142
150
725
115
133
126
757
119
725
112
124
108
722
106
779
102
775
100
777
94
707
91
705
93
709
94
775
104
125
142
115
147
105
148
100
148
705
88
110
145
94
147
90
144
91
144
85
138
80
137
82
132
86
98
135
155
151
156
158
160
160
157
156
151
147
145
131
141
'87
131
797
169
141
212
228
147
390
209
205
174
206
175
277
178
207
178
209
180
206
176
204
173
207
167
797
167
795
166
790
166
759
165
143
159
125
147
164
133
Textile awarel and leather vroducts.
Textile mill products
Anoarel Droducts
Leather and products ..
. .
....
PoDer and vrintinz
Total index
..
Manufacturing total
Durable
Mining
Utilities
Durable Manufactures
Primary and fabricated metals
Iron and steel
Structural metal parts
Xfachinerv and related vroducts
Machinery
.
Electrical machinery
Aircraft and other equipment
Instruments and related products
Clay glass and stone products
Lumber and products
Furniture and miscellaneous
Furniture and fixtures
Misc manufactures....
r
141
145
759
165
795
169
145
145
147
148
152
146
143
142
140
137
136
136
135
140
222
238
168
225
239
169
228
249
176
226
237
176
226
237
166
223
237
167
222
237
168
208
240
170
211
226
151
213
218
142
215
208
130
214
205
r
127
216
219
144
368
221
368
218
383
222
347
224
372
226
367
227
368
220
371
220
373
221
369
216
366
216
363
210
'213
206
126
r
367
759
143 142 144 145 759
757
755
132 729
729
158
118
159
126
160
122
164
120
165
122
162
113
157
114
157
111
155
105
148
106
145
111
153
171
138
154
174
138
157
177
140
755
177
143
755
177
143
755
173
141
750
169
134
757
168
138
149
167
135
145
163
130
136
126
153
119
136
121
159
113
137
122
161
111
140
126
162
116
141
128
162
116
140
126
163
115
755
124
161
116
755
118
155
109
755
116
156
113
757
113
156
112
154
170
143
135
160
172
755
173
160
174
160
ill
757
173
757
172
757
173
757
172
152
141
148
139
152
142
152
143
153
142
153
141
153
140
154
142
215
240
298
158
199
224
255
320
161
200
225
256
318
161
201
227
258
322
161
205
233
263
331
167
214
232
263
331
172
204
229
260
330
168
201
224
254
320
167
194
725
128
131
132
132
134
130
131
133
752
132
134
752
132
134
752
132
134
752
132
135
117
120
117
122
122
122
127
130
133
131
131
126
722
68
722
67
722
72
727
71
722
64
722
64
147
147
145
143
148
148
145
135
210
159
147
135
228
145
145
133
226
138
143
132
222
144
148
137
226
145
146
107
188
163
133
194
772
146
199
770
142
198
270
265
289
285
286
291
162
155
188
169
162
195
168
162
194
210
366
211
725
757
755
144
110
149
111
152
117
143
159
130
144
158
132
144
159
131
148
165
134
727
109
152
108
124
110
144
109
727
113
147
108
750
'117
152
108
752
118
750
168
759
168
759
170
759
174
759
752
178
155
141
152
139
151
136
150
134
223
255
314
164
192
227
252
318
162
191
275
252
315
158
184
277
250
315
159
180
r
752
132
135
755
134
136
757
131
134
752
133
135
133
135
••133
120
122
123
119
120
130
130
131
133
131
725
65
/27
64
722
66
124
63
149
147
148
151
148
137
229
143
149
138
230
144
147
136
226
144
147
136
234
147
757
133
201
757
130
205
757
133
202
752
127
197
284
290
289
289
291
286
296
284
171
164
197
171
165
196
170
164
198
169
162
195
Nondurable Manufactures
Chemicals and products
Industrial chemicals
.
.
Rubber and Dlastics Droducts
Foods beverages and tobacco
Foods and beverages
Food manufactures
..
Tobacco products
216
r249
'312
160
r
178
752
752
r
173
r
150
136
153
151
137
'275
'252
321
'158
168
223
258
135
H34
'134
'137
755
134
137
122
119
121
129
133
132
722
67
722
64
727
r
63
148
148
148
150
139
231
152
147
135
238
148
147
134
148
135
154
144
136
145
750
121
201
755
131
195
755
147
188
772
150
193
755
r
146
185
757
r
146
186
759
128
297
281
293
279
291
274
290
277
293
294
292
168
161
195
168
162
195
166
159
193
164
158
191
162
155
188
162
155
188
'149
162
156
188
166
160
190
150
155
161
Mining
Cool oil and sets *••••
Coal
«••
Oil and gas extraction .
Crude oil
Gas and gas liquids
Oil and &as drillins
...
...
...
Stone and earth minerals
'727
r
56
150
'152
'139
r
725
63
150
150
137
190
Utilities
Gas
.
S U M M A R Y M A R K E T GROUPINGS
Equipment, including defense
Materials
''Revised.
157 160 163 162 161 161 159 157 156 153 150 148
705
INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 = 100
[Without seasonal adjustment]
Annual
average
1961
1960
Grouping
1959 1960 Apr. May June
July
Aug. Sept. Oct.
Nov. Dec,
Jan.
Feb.
Mar. Apr.
INDUSTRY GROUPINGS
159
164
167
166
166
157
162
164
166
161
154
155
156 158
161
158
165
155
125
268
163
169
160
128
287
166
175
161
128
166
174
161
128
165
172
162
129
155
160
153
124
160
160
165
130
162
165
164
129
165
168
167
129
159
162
160
128
151
156
149
128
151 154 155
154 155 157
153 157 158
128 128 nn
750
163
161
127
Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
125
114
107
142
150
128
115
110
145
155
136
132
129
142
150
131
121
116
145
154
127
114
106
146
157
113
93
87
143
154
118
98
89
148
158
720
99
90
151
159
120
102
93
148
159
113
95
85
141
155
106
86
78
137
152
705
93
85
130
144
70P 112
97
99
88
91
128 130
140 141
779
109
101
135
144
Machinery and related products. ..
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment. .
Instruments and related products.
Ordnance and accessories
197
169
141
212
228
147
390
209
205
174
145
222
238
168
368
221
209
178
149
222
245
174
372
220
210
111
149
222
247
176
378
221
206
178
149
223
237
174
346
223
195
168
145
203
220
149
359
219
755
169
139
216
197
117
359
223
199
174
141
229
219
145
363
220
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
193 194
170 169
140 140
217 '216
212 213
134 132
371 ••375
212 213
799
172
144
216
225
149
371
213
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
143
159
125
139
158
118
142
158
124
146
164
125
752
168
133
142
162
117
148
168
125
145
163
124
144
164
122
752
155
104
720
144
92
775
136
97
727
137
103
127
145
105
134
151
115
Furniture and miscellaneous
Furniture and fixtures
Misc. manufactures
147
164
133
153
171
138
750
170
133
757
170
136
755
173
140
750
169
133
759
177
144
755
176
142
750
176
147
154
169
142
148
166
132
759
156
125
142 143
158 159
129 129
144
160
129
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
136
126
153
119
136
121
159
113
144
127
111
112
142
128
167
110
755
127
154
113
724
112
143
103
144
124
171
122
729
116
149
111
757
121
162
114
752
116
156
108
114
105
129
99
725 757 r137
112 117 118
146 162 162
111 119 118
755
123
161
Paper and printing
Paper and products
Printing and publishing.
Newspapers
154
170
143
135
750
172
152
141
162
178
151
148
752
174
153
151
757
176
151
143
149
156
145
124
755
174
148
126
755
174
155
141
759
183
160
153
164
171
159
154
755
152
154
138
755
169
147
125
759 755
175 178
148 153
130 141
755
183
155
146
Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastic products
215
240
298
158
199
224
255
320
161
200
228
262
325
157
207
227
260
325
158
201
257
262
326
167
207
275
248
312
171
177
225
255
317
173
191
226
255
316
171
196
227
258
317
163
202
222
253
320
160
195
275
247
315
162
176
279 '227 r221
250 253 '259
315 "322 330
159 162 1 5 7
189 188 176
225
267
Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable Manufactures
r
Nondurable Manufactures
r
157*
128
128
131
117
127
132
132
134
120
130
125
125
125
124
127
729
129
128
134
135
755
134
133
144
143
133
134
135
131
116
142
142
144
132
139
146
147
152
123
135
145
145
150
125
140
134
139
108
133
126
127
132
105
106
124 '725
124 124
129 128
100 106
129 134
126
125
127
116
131
725
128
129
Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids. .
Oil and gas d r i l l i n g . . . .
122
68
147
145
135
210
159
122
67
147
147
135
228
145
122
70
145
146
135
226
131
779
69
142
142
131
214
141
720
66
144
143
133
212
146
775
51
143
142
132
210
147
727
68
145
144
133
217
149
727
67
145
144
134
217
147
725
72
146
145
133
226
148
124
66
150
149
137
238
149
124
65
151
151
137
250
150
r
725 H26
124
63 r64 r51
153 154 '154
152 154 157
138 140 '143
725
61
150
152
139
157
143
129
137
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
146
107
188
163
133
194
755
138
195
755
163
202
757
164
210
757
149
213
755
153
214
775
147
210
772
133
212
757
119
197
149
118
182
146 144
118 '120
175 168
147
120
175
755
121
187
270
265
289
285
281
269
279
288
303
304
285
280
294
313
304
298
162
155
188
157
169
162
195
160
169
162
197
164
169
162
198
163
171
164
197
162
163
155
193
151
168
163
191
157
171
165
194
158
174
170
192
159
167
162
190
155
161
152
191
148
162
154
191
149
164 164
157 156
191 191
150 152
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
Mining
Utilities
Electric.
Gas
SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
r
Revised.
166
160
193
157
706
INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957=100
[Seasonally adjusted]
Grouping
1957
proportion
Annual
average
1960
1961
June
July
110
109
110
108
107
106
105
103
102
102
102
105
110
106
116
97
124
108
104
115
98
125
707
102
113
96
126
106
101
113
97
124
104
98
112
98
123
102
96
111
98
123
101
95
111
98
124
101
94
111
97
125
702
95
112
r 9?
125
705
99
113
97
126
55
74
69
96
94
89
82
79
99
97
1959 1960 Apr. May
Aug. Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar.! Apr.
100.00
86.49
49.66
36.83
8.55
4.96
105
108
105
102
110
95
115
108
104
114
97
123
109
106
113
98
123
110
107
115
97
122
110
105
116
97
124
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
98
91
88
106
103
101
99
100
104
101
100
94
92
108
104
96
88
84
108
106
95
85
80
109
107
93
83
76
108
107
91
80
72
106
105
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
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
106
107
102
114
102
115
89
117
109
109
104
115
106
120
92
120
107
109
105
114
102
120
84
121
108
110
107
114
102
113
90
121
106
107
103
113
101
114
88
122
105
105
101
112
102
115
89
118
104
102
100
105
103
116
89
119
102
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
r
108
88
86
r
89
113
101
103
98
109
94
98
88
113
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.57
2.92
1.65
777
110
113
70P
110
107
772
110
114
777
111
110
772
114
109
775
114
111
70P
112
102
707
109
103
705
109
100
705
107
95
700
103
96
700
101
100
700
100
99
702
103
101
705
105
106
Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures
2.96
1.48
1.48
772
115
109
775
120
113
777
122
113
779
124
115
720
123
720
124
117
775
121
115
114
118
109
775
117
117
113
775
117
110
770
114
107
70P
111
107
70P
111
108
70P
111
107
772
115
110
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
7.32
2.78
3.44
1.10
775
113
120
106
115
109
125
101
775
110
127
99
775
113
127
104
77P
115
127
104
77P
113
128
103
777
111
127
103
772
106
122
97
772
104
122
101
777
101
123
99
705
98
119
96
705
98
113
97
707
102
116
96
770
105
119
96
772
106
120
Paper and printing
Paper and products
Printing and publishing.
Newspapers
7.93
3.27
4.66
1.53
705
111
105
104
772
112
111
108
770
113
109
106
772
113
111
108
772
112
112
109
772
112
112
108
772
112
113
108
772
112
112
107
775
112
113
108
772
110
114
108
777
109
112
106
777
111
111
104
777
113
110
102
777
113
110
104
775
116
111
105
Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
10.95
7.10
3.61
1.93
1.91
113
114
118
105
114
775
121
127
108
115
775
122
126
107
115
77P
123
128
107
117
722
722
125
131
115
117
720
124
131
112
115
775
121
127
111
111
777
125
132
111
122
121
125
109
110
775
120
126
108
109
775
120
125
105
105
114
119
125
106
103
775
118
124
106
102
775
120
127
106
96
777
123
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
10.64
9.87
8.31
1.56
.77
707
106
106
106
112
70P
109
109
109
114
70P
108
108
106
116
770
109
109
111
115
770
109
109
110
115
770
110
109
111
111
770
109
109
109
114
770
110
109
110
114
777
111
111
112
115
70P
109
109
108
117
770
110
110
109
115
770
110
110
111
113
770
110
110
108
116
777
111
111
109
116
777
111
111
Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction. .
Crude oil
Gas and gas liquids
Oil and gas drilling
7.05
1.30
5.75
4.98
4.33
.65
.77
96
82
99
99
98
106
93
95
82
98
100
98
116
85
95
87
97
99
97
115
81
94
86
96
98
96
112
84
95
78
99
101
99
115
85
95
78
99
102
100
116
84
96
80
100
102
100
117
85
95
11
99
101
99
115
84
P5
81
99
101
99
118
86
97
11
101
103
101
117
89
96
81
99
101
98
121
87
95
78
99
101
98
95
HI
99
101
98
T
96
11
100
103
100
90
85
80
85
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
i.50
.70
.80
94
11
108
705
96
112
777
106
115
70P
103
114
707
97
116
707
94
118
707
96
116
104
92
114
705
88
116
104
95
113
705
107
109
770
109
111
705
106
106
707
106
107
702
93
110
3.76
1.20
115
114
124
123
122
125
121
125
123
124
124
123
126
122
127
121
125
120
124
118
124
119
125
125
125
Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
109
Durable Manufactures
r
Nondurable Manufactures
r
ioi'
Mining
95
'68
101
104
101
Utilities
Electric.
Gas....
For notes see opposite page.
707
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Seasonally adjusted]
1957
pro-
Grouping
tion
Annual
average
1960
1961
1959 I960 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.
100.00
105
108
109
no
109
no
108
107
106
105
103
102
46.75
. . . 31.13
15.62
53.25
107
111
115
103
106
111
115
102
108
112
117
104
107
112
117
103
106
112
116
104
106
HI
115
103
105
110
114
103
104
111
115
103
103
109
113
102
101
108
112
101
99
707
3.35
2.03
1.32
103
96
113
117
117
117
117
116
119
121
122
119
121
123
118
114
108
122
115
114
118
117
119
113
121
123
118
112
109
116
9.60
4.40
1.75
1.26
.49
1.18
1.47
5.20
116
115
114
119
102
119
113
116
117
115
111
117
96
118
117
118
119
117
115
116
114
121
116
120
121
121
120
120
118
123
120
122
121
120
118
121
109
122
122
121
119
117
113
119
97
118
121
121
117
114
108
116
87
119
118
119
113
112
105
110
93
119
114
113
112
Home goods
Appliances TV and radios
Appliances
....
TV and home radios
Furniture and rugs
Misc home goods
Apparel incl knit goods and shoes
18.18
8.11
2.32
2.73
1.44
3.45
1.19
2.26
1.57
.69
108
106
108
111
106
113
104
117
118
115
113
109
111
118
114
119
106
127
128
125
113
108
113
109
112
120
113
118
105
125
124
114
115
114
114
Processed foods
Beverages and tobacco
Drugs soap and toiletries
Newspapers magazines and books
Consumer fuel and lighting
Fuel oil and gasoline
.. .
Residential utilities
Electricity
Gas
115
112
122
113
120
107
127
126
111
122
116
122
109
129
129
in
12.16
7.29
2.46
1.83
.58
100
97
104
98
115
105
102
118
101
91
104
102
115
101
89
106
104
117
105
89
105
103
120
99
89
102
115
98
Total index
Final products total
Consumer goods
Equipment including defense
Materials
no
100
104
Feb. Mar. Apr.
102
102
105
707
110
no M00
100
98
98
707
111
99
99
709
113
100
103
105
97
118
94
90 r88
78
71
73
118 '115 '115
703
92
120
112
110
104
114
78
114
114
114
111
108
108
106
116
80
109
111
108
709
109
109
114
94
109
110
775
114
111
114
100
116
115
115
Consumer Goods
Automotive products
Autos
Auto parts and allied products
Home
goods
and apparel
....
....
no
118
112
120
108
126
126
no
103
112
82
115
115
114
no
106
116
82
113
112
111
772
no
108
113
95
no
120
115
122
108
129
131
114
109
111
118
116
119
104
127
130
114
113
122
115
120
105
128
130
113
109
111
118
116
119
105
126
130
114
112
119
116
121
106
130
132
112
118
117
123
108
131
133
111
117
115
125
112
132
133
112
113
114
111
111
116
M14
122
107
130
129
106
104
121
101
88
705
103
121
95
83
105
101
120
101
87
105
99
121
103
86
103
100
119
99
88
102
98
117
99
99
707
98
118
95
98
707
98
118
91
103
700
96
117
93
104
702
97
119
94
107
101
no
102
no
86
100
106
101
109
84
99
112
97
106
81
97
103
98
105
79
94
94
98
102
77
91
91
95
99
75
90
88
95
98
77
89
83
95
97
78
90
85
95
r
99
79
95
93
98
103
86
112
113
113
113
123
111
111
111
112
121
109
109
no
no
109
108
111
117
107
in
108
110
109
97
102
120
120
113
128
107 705 r109
108 108 '108
108 r 110 11?
109 108 107
114 ni6 118
101 r102 r102
96
96 r96
119 119 121
119 120 122
111 112 114
128 128 131
110
107
112
121
HI
111
108
113
123
108
113
102
113
109
115
no
no
no
no
no
no
no
no
115
111
119
116
105
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment . . . .
Farm equipment
Defense equipment
...
3.46
Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n e e
27.81
3.67
8.10
9.05
6.99
100
101
103
107
89
102
109
101
107
92
105
110
104
109
102
105
115
104
107
108
109
107
115
110
110
109
108
110
Business supplies
Containe rs
General business supplies
Nondurable materials n e e
25.44
8.87
2.91
5.96
7.05
9.52
6.29
2.70
2.19
.99
1.12
.51
.33
.18
100
96
113
113
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas
Industrial
Commercial and other
no
109
in
no
no
86
98 no
no
119
120
no
118
113
103
97
120
121
115
127
120
97
103
120
120
115
126
102
96
120
119
114
125
103
97
121
121
117
126
103
97
120
121
117
127
104
98
122
123
118
130
102
96
122
124
117
132
103
97
121
122
113
131
no
no
116
114
117
114
121
115
121
115
116
116
115
115
114
114
115
115
116
no
106
112
116
103
98
120
121
112
130
no
115
r
no
113
108
121
103
97
Supplementary groups of consumer goods
Automotive and home soods
Apparel and staples
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—7959 Revision (for announcement of that publication, see the BULLETIN for June 1960, p. 632). Figures for industrial
in
114
101 '100
113 114
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.
708
INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957= 100
[Without seasonal adjustment]
Grouping
Total index.
1957
proportion
Annual
average
1961
1959 1960 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
100.00
105
108
86.49
49.66
36.83
8.55
4.96
705
102
110
95
115
108
104
114
97
123
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
98
91
88
106
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
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
,
1960
109
109
103
107
108
110
106
101
102
103
104
106
108
102
117
98
110
103
119
98
106
100
114
97
100
96
106
97
101
95
109
97
102
96
111
97
103
97
112
705
100
114
96
83
76
71
94
93
85
78
73
r
96
94
P7
86
81
99
96
700 700
103
103
99
99
110 109
91
91
91
91
90
89
114 1 1 4
703
105
101
109
96
102
89
115
110
107
115
97
110
106
116
98
103
99
109
94
106
98
117
98
104
104
103
104
100
100
95
93
106
103
97
89
85
107
105
86
73
69
105
103
90
77
72
109
105
91
78
72
110
106
92
80
75
109
106
74
68
103
104
81
68
62
101
101
83
73
68
96
96
108
108
105
113
105
119
90
118
108
108
105
112
106
120
91
119
707
108
105
113
101
119
83
120
707
102
102
103
94
102
87
118
97
103
98
109
84
80
86
120
705
106
99
116
94
99
88
119
705
104
98
111
104
120
89
119
704
103
97
112
102
114
90
119
702
102
97
108
98
107
89
118
700
102
97
108
93
94
90
116
Durable Manufactures
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.57
2.92
1.65
70P
110
107
775
113
114
775
117
120
770
113
106
775
116
114
775
113
113
772
114
110
705
108
94
94
100
83
92
95
95
95
93
99
101
95
104
105
104
Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures
2.96
1.48
1.48
775
120
113
775
119
111
775
121
115
114
119
109
727
124
118
720
123
116
722
123
121
777
118
116
772
117
108
705
109
102
705
110
106
705
111
106
70P
112
106
Nondurable Manufactures
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
7.32
2.78
3.44
1.10
775
113
120
106
775
109
125
101
722
114
135
100
720
115
131
98
775
114
121
101
705
100
113
92
722
111
134
108
770
104
117
99
775
108
127
102
772
104
123
96
97
94
102
88
707
100
115
99
775 r775
105 1 0 6
128 127
106 105
775
110
126
Paper and printing
Paper and products
Printing and publishing.
Newspapers
7.93
3.27
4.66
1.53
705
111
105
104
772
112
111
108
113
116
111
113
773
113
113
116
772
114
111
110
104
101
107
95
777
113
109
97
114
113
114
108
775
119
117
117
775
111
117
118
707
99
113
105
70P
110
108
96
777 114
114 1 1 6
109 113
108
99
775
119
113
112
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
773
114
118
105
114
118
121
127
108
115
720
125
129
104
118
77P
124
129
105
115
727
125
130
111
119
114
118
124
114
101
775
122
126
115
109
775
121
125
114
112
77P
123
126
109
116
777
121
127
107
112
775
118
125
108
101
775 775 775
119 121 123
125 1 2 8
131
106 108 105
108 108
101
720
127
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
10.64
9.87
8.31
1.56
.77
707
106
106
106
112
70P
109
109
109
114
104
104
102
113
112
707
107
104
122
119
772
111
108
130
125
770
111
109
119
102
775
118
117
120
122
727
122
124
112
118
727
120
122
113
123
777
111
113
98
117
104
105
107
96
93
104 104 104
103 103 1 0 4
105 104 103
91
105
96
113 118 115
707
106
105
P5
76
103
104
101
r97
P5
r
78
69
103 103
106 1 0 7
102 1 0 4
96
75
101
104
101
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
.65
.77
95
82
98
100
98
116
85
93
84
95
97
96
109
83
94
80
97
98
97
108
86
90
63
96
97
96
107
86
94
83
97
99
97
110
94
82
97
99
97
110
86
96
88
98
99
97
115
87
P7
80
100
102
100
121
97
79
101
103
100
127
92
"84*
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
7.50
.70
.80
705
96
112
777
118
116
720
119
121
116
108
123
777
111
123
114
107
121
770
97
122
707
86
114
96
86
105
94
85
101
92
'87
97
87
101
115
119
123
129
130
122
120
126
134
130
127
r
"si"
Utilities
Electric.
Gas....
For notes see opposite page.
3.76
1.20
115
114
124
123
120
P5
88
108
709
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Without seasonal adjustment]
1957
proportion
Grouping
100.00
Total index
46.75
31.13
15.62
53.25
Final products, total
Consumer goods
Annual
average
1960
1961
1959 1960 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
104 106
108
110
109
109
103
107
108
110
106
101
102
103
107 777
110 115
100 103
104 106
777
115
104
109
777
115
105
108
772
116
104
107
707
110
102
100
777
115
101
104
772
117
102
105
114
121
101
105
770
115
100
102
705
108
101
98
705
109
101
98
108
111
101
99
707
111
101
101
70P
113
102
104
105
r
Consumer Goods
Automotive products
...
Autos
Auto parts and allied products
3.35
2.03
1.32
703
96
113
777
117
117
723
126
118
724
126
120
725
127
121
703
94
116
83
60
117
98
84
120
72P
134
121
720
123
114
770
108
112
98
86
117
96 r94
83
81
116 115
108
102
119
Home goods and apparel
H o m e goods
..
Appliances X V and radios
9.60
4.40
1.75
1.26
.49
1.18
1.47
5.20
116
115
114
119
102
119
113
116
777
115
111
117
96
118
117
118
727
118
120
131
93
120
115
124
77P
117
117
126
95
117
118
122
777
118
116
126
92
117
120
117
707
105
95
107
63
112
112
109
720
111
97
96
98
121
120
127
775
118
112
110
117
122
123
112
77P
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
775 775
110 1 1 2
112 112
120 122
86
94
111 112
108 111
120 119
775
114
115
127
84
114
113
118
75.75
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
111
118
114
119
106
127
128
125
770
102
112
118
112
118
103
777
104
121
118
112
113
103
114
108
129
120
111
115
106
773
110
113
114
113
118
108
77P
118
121
122
116
121
110
722
124
114
121
118
122
108
720
122
116
125
117
115
104
114
112
104
120
116
115
105
777
107
95
117
116
123
108
772
104
98
118
116
134
112
772 r777
103 103
104 108
118 117
115 115
132 125
113 105
772
104
126
114
116
122
128
130
121
122
136
154
149
12.16
7.29
2.46
1.83
.58
700
97
104
98
115
705
102
118
101
91
705
103
115
107
100
707
104
117
108
94
707
104
119
105
91
104
102
117
101
79
703
102
119
92
75
104
102
121
96
78
703
99
122
99
85
707
99
120
95
78
702
99
120
96
95
702
98
119
94
101
702 702
97
96
119 118
93
98
113 119
703
98
118
99
123
27.81
3.67
8.10
9.05
6.99
700
101
103
107
89
702
109
101
107
92
705
109
104
108
104
705
110
103
111
98
104
109
98
114
93
96
96
97
109
77
97
91
97
112
81
700
108
97
112
82
99
109
97
111
83
95
105
98
103
77
90
98
97
96
71
90
93
97
93
75
P7
88
97
96
81
96
92
98
102
87
25.44
8.87
2.91
5.96
7.05
107
108
109
107
115
770
110
109
111
119
772
777
112
110
113
122
777
104
770
770
772
770
111
113
123
114
112
121
106
103
112
118
108
118
9.52
6.29
2.70
2.19
.99
1.12
.51
.33
.18
100
96
113
113
110
118
113
103
97
120
121
115
127
120
102
97
100
94
101
94
99
90
116
115
118
116
115
118
121
117
128
7.75
23.38
110
110
116
114
120
113
120
113
121
115
Furniture and rugs
.
Apparel incl knit goods and shoes
Consumer stavles
Drugs soap and toiletries
Consumer fuel and lishtins
Fuel oil and gasoline .
Residential utilities
Electricity
Gas
123
116
100
138
Equipment
Business eauivment
Commercial eauioment
Freisht and oassenser eauiument
...
3.46
Materials
Durable goods materials
Equipment
Metal materials n e.c
Nondurable materials
General business supplies
Nondurable materials n e e
M^ineral fuels
.
Nonresidential utilities
General industrial
Commercial and other
Gas
.
..
.
in
90
88
97
93
79
r
115
112
116
115
116
119
102
115
119
705
104
94
109
112
108 109
106 108 110
102 107 112
107 108 110
116 119 120
112
113
115
112
123
104
95
103
95
103
97
102
98
103
98
103 1 0 4 1 0 4
99 100 r 9 9
103
98
124
112
136
131
119
143
129
118
142
123
116
130
118
114
124
118
113
125
119
112
127
117
109
125
119
114
126
104
112
99
121
110
119
123
120
117
114
108
108
101
112
104
114
104
113
11?. 104 111
113 116 111
Supplementary groups of consumer goods
Automotive and home goods
' Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. Detailed description and historical data are available
in Industrial Production—7P5P Revision (for announcement of that publication, see the BULLETIN for June 1960, p. 632). Figures for individual
112
114
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.
710
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49 = 100, unless otherwise indicated]
Construction
contracts*
Industrial production
Major industry
groupings
Year or
month
ManuMinfacturing
ing
Adj.
Adj.
Adj.
Final products
Utilities
Adj.
Adj.
Adj.
Adj.
Adj.
Prices
Nonagricul-
Major market groupings
ResidenMate- tial
Con- Equip- rials
Total sumer ment
goods
Total
Manufacturing 3
employ-
All
other
Unadj. Unadj.
total 2
Employment
Payrolls
Adj.
Adj.
Unadj.
DepartFreight ment
store
carsales
load(retail Conings
value) sumer
Adj.
Adj.
Wholesale
commodity
Unadj. Unadj.
1948
1949
1950
1951
1952
1953
103
98
113
123
127
138
103
97
113
123
127
139
106
94
105
115
114
117
101
108
123
140
152
166
102
99
112
121
130
138
101
101
115
114
116
124
105
94
102
142
170
182
104
96
114
124
125
137
98
116
185
170
183
178
105
111
142
172
183
201
101.6
99.0
102.3
108.2
110.4
113.6
102.8
93.8
99.6
106.4
106.3
111.8
105.1
97.2
111.7
129.8
136.6
151.4
104
88
97
101
95
96
104
99
107
112
114
118
102.8
101.8
102.8
111.0
113.5
114.4
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
"169
123
136
139
141
140
155
"162
161
172
188
189
165
188
"195
128
147
151
151
138
157
"160
232
280
•99
100
113
132
117
204
248
*98
100
107
101
112
110.7
114.4
118.3
119.2
115.5
118.8
120.9
101.8
105.6
106.7
104.4
94.3
98.9
99.1
137.7
152.9
161.4
162.7
148.7
167.3
170.2
86
95
97
90
78
81
78
118
128
135
135
136
144
145
114.8 110.3
114.5 110.7
116.2 114.3
120.2 117.6
123.5 119.2
124.6 119.5
126.5 "119.6
164
166
165
165
163
161
160
157
154
153
152
153
158
163
129
127
128
128
129
127
128
129
129
287
284
288
290
293
295
291
290
291
168
171
171
170
169
168
168
166
164
162
164
165
164
162
161
162
159
158
194
197
196
198
195
195
195
193
191
163
162
161
161
159
157
156
153
150
136
134
137
122
132
118
128
115
81
118
118
125
142
117
116
121
102
115
121.5 100.8 168.8
121.4 100.9 171.5
121.5 100.3 172.5
121.5 99.6 169.0
121.3 98.3 169.2
121.2 98.4 172.5
120.7 97.4 170.5
120.2 96.5 166.2
119.4 94.6 160.6
84
83
77
73
75
73
78
75
73
154
141
145
149
r
144
144
150
142
147
126.2
126.3
126.5
126.6
126.6
126.8
127.3
127.4
127.5
120.0
119.7
119.5
119.7
119.2
119.2
119.6
119.6
119.5
129
'128
127
128
128
290
291
'291
294
297
162
162
162
166
168
155
155
156
160
163
188
188
188
190
193
148
149
150
155
161
90
80
126
134
95
86
113
116
75
73
72
H4
76
142
145
146
"148
e
145
127.4
127.5
127.5
127.5
119.8
119.9
119.8
119.3
119.0
I960
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
165
167
166
166
165
162
161
159
156
1961
Jan
Feb . . .
Mar
Apr
May .
155
155
155
160
164
r
•Estimated.
* Preliminary.
Revised.
Adj.= adjusted for seasonal variation. Unadj.= without seasonal
adjustment.
* See note 1.
1 Indexes beginning with 1956 are based on data for 48 States from
F. W. Dodge Corporation, 1957 ==100. Figures for earlier years are
3-month moving averages, based on value data for 37 States east of
the Rocky Mountains, 1947-49= 100; the data for 1956 on this basis
119.4 93.7
118.8 r 92.5
118.7 92.6
119.4 93.8
^119.9 ^95.4
158.5
157.1
158.2
160.4
^164.4
104.4
99.2
103.1
114.8
111.6
110.1
were: residential, 271; all other, 266. A description of the old index,
including seasonal adjustments, may be obtained from the Division of
Research and Statistics.
2 Employees only, excluding personnel in the armed forces.
3 Production workers only.
NOTE.—Indexes for employment (excluding Alaska and Hawaii),
payrolls, and prices are compiled by the Bureau of Labor Statistics.
CONSTRUCTION CONTRACTS
[Figures for the 48 States, as reported by the F. W. Dodge Corporation.
1960
Annual totals
Type of ownership and
type of construction
1959
1960
Value of contracts, in millions of dollars]
Apr.
May
June
July
Aug.
1961
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Total construction
36,269 36,318 3,360 3,337 3,472 3,597 3,295 3,119 3,319 2,886 2,718 2,485 2,235 3,166 3,298
By type of ownership:
Public
Private
995 1,125 1,071
11,068 12,587 1,067 1,025 1,237 1,413 1,018
25,201 23,731 2,293 2,312 2,236 2,184 2,277 2,124 2,194 1,815
By type of construction:
! • Residential
$ Public works and utilities
17,150 15,105 1,480 1,453 1,483 1,329 1,433 1,277
11,387 12,240 1,048 1,110 1,110 1,152 1,177 1,124
7,732 8,973
774
879 1,116
685
833
717
NOTE.—Monthly data exceed annual totals and are not comparable
with monthly data for 1957 and earlier years because of the policy of ac-
1,390
1,165
764
1,253
916
717
1,218
1,500
878
994
846
838
732 1 .090 1,170
1 647 1,504 2 075 2 128
974
813
698
870
804
561
1 371
1,027
768
counting for negative adjustments in monthly data after original figures
have been published.
711
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
Nonfarm
residential
Public
Business
Total
Industrial
Commercial
Public
utility
Other
nonresidential
Total
Military
Highway
Sewer
and
water
All
other
1952
1953
1954
1955
1956
1957
1958
34,670
37,019
39,362
44,164
45,779
47,795
48,903
23,889
25,783
27,684
32,440
33,067
33,778
33,491
12,842
13,777
15,379
18,705
17,677
17,019
18,047
7,500
8,495
8,531
9,980
11,608
12,535
11,076
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
4,289
4,363
4,893
5,414
5,105
3,547
3,511
3,774
3,755
3,782
4,224
4,368
10,781
11,236
11,678
11,724
12,712
14,017
15,412
1,387
1,290
1,003
1,287
1,360
1,287
1,402
2,679
3,015
3,680
3,861
4,395
4,892
5,500
790
883
982
1,085
1,275
',344
,387
5,925
6,048
6,013
5,491
5,682
6,494
7,123
19592
1960
I960—Apr.. .
May..
June..
July..,
Aug..,
Sept..
Oct...
Nov..
Dec.. .
56,206
55,148
39,949
38,925
24,469
22,022
11,088
12,245
3,930
4,072
5,052
5,312
1,488
1,355
5,916
5,797
,467
,487
7,386
7,584
38,722
38,916
39,103
39,035
38,660
38,697
38,331
38,581
38,598
21,930
22,180
22,362
22,308
21,783
21,716
21,228
21,428
21,490
12,084
12,036
12,074
12,102
12,262
12,362
12,478
12,516
12,609
4,056
3,960
3,881
3,870
3,922
4,036
4,133
4,198
4,307
5,256
5,316
5,405
5,364
5,406
5,285
5,261
5,282
5,320
4,392
4,658
4,708
4,700
4,667
4,625
4,615
4,619
4,625
4,637
4,499
16,257
16,223
54,166
55,260
55,189
55,390
55,298
55,325
54,736
55,430
56,135
2,106
2,861
2,772
2,760
2,788
2,868
2,934
3,041
3,084
3,036
2,982
15,444
16,344
16,086
16,355
16,638
16,628
16,405
16,849
17,537
1,236
,200
,283
,265
,430
,392
,354
,819
,453
5,304
6,168
5,639
5,768
6,121
5,987
5,791
5,600
6,660
,536
,512
,475
,455
,447
,454
,465
1,448
1,484
7,368
7,464
7,689
7,867
7,640
7,795
7,795
7,982
7,940
1961—Jan...
Feb. .
Mar.p
Apr.?.
May*.
55,262
54,846
55,177
55,323
56,461
37,810
37,096
37,801
38,838
39,264
20,338
19,671
20,287
21,265
21,728
12,940
12,835
12,761
12,639
12,542
3,031
3,037
2,986
2,910
2,824
4,516
4,536
4,413
4,323
4,242
5,393
5,262
5,362
5,406
5,476
4,532
4,590
4,753
4,934
4,994
17,452
17,750
17,376
16,485
17,197
,285
,805
,841
,535
,256
6,470
5,934
5,662
5,059
5,989
1,534
1,559
1,572
1,605
1,617
8,163
8,452
8,301
8,286
8,335
2
P1 Preliminary.
Data for 1952-58 are joint estimates of the Departments of Commerce
and Labor.
Beginning with 1959, series includes Alaska and Hawaii.
NEW HOUSING STARTS
[Bureau of the Census, Federal Housing Administration, and Veterans Administration.
Year or month
Seasonally
adjusted
annual rate
(private only)
Total
Total
Metropolitan
areasi
Private
Nonpolitan
areas!
Nonfarm
In thousands of units]
Government-underwritten *
Public
Total
1family
2family
939
933
1,077
1,190
981
840
933
1,079
46
42
34
33
31
33
39
49
84
94
90
87
82
120
170
215
Multifamily
Total
FHA
59
36
19
19
24
49
68
36
421
409
583
670
465
322
439
458
280
252
276
277
195
193
337
349
141
157
307
393
271
12*
102
109
VA
1952
1953
1954
1955
1956
1957
1958
1959
1.127
1,104
[,220
1,329
1.118
1,042
1,209
1,379
795
804
897
976
780
700
827
946
432
1.069
1,068
[,202
1,310
1,094
993
1,142
1,343
19593
I960
1,554
.279
1,077
879
477
401
1,517
.238
1,234
987
56
43
227
208
37
42
458
336
349
261
109
75
I960 Apr
May
July
AUK
Sept
Oct
Nov
Dec
1961—Jan
Feb
M^ar
Apr
1,327
1,333
1,302
1,182
1,292
1,062
1,236
1 216
979
1.307
1,315
1,285
[,164
1,273
1,040
1,200
I 203
970
125
130
127
115
130
102
110
96
72
83
91
84
80
85
68
74
66
51
42
44
35
44
34
36
30
21
124
127
122
111
125
96
108
94
65
102
101
100
90
101
76
84
71
47
4
4
4
4
4
3
3
3
3
18
22
18
18
20
17
20
20
15
2
3
5
4
5
6
3
2
7
33
32
34
31
35
29
28
26
19
25
25
26
24
26
22
23
20
14
7
7
1,105
1,184
1,078
[,133
I 285
V 1,203
73
81
51
56
78
82
21
25
32
37
70
76
*>105
2>115
51
57
80
n.a.
3
4
4
n.a.
17
16
22
n.a.
3
5
J>110
P119
*>5
H
19
18
27
26
14
13
20
20
5
5
6
6
P1,317
. .
332
300
324
353
338
342
382
*1,233
V
39
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.
s7
8
7
6
5
5
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
712
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of Labor Statistics estimates, without seasonal adjustment.
In thousands of persons unless otherwise indicated]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed 1
Total
Total
In nonagricultural
industries
In
agriculture
Unemployed
Not in the
labor force
Unemployment
rate
(per cent) 2
1954
1955
1956
1957
1958
1959
I960
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
1960—May
June
July
Aug
Sept
Oct
Nov
Dec
125,033
125,162
125,288
125,499
125,717
125,936
126,222
126,482
73,171
75,499
75,215
74,551
73,672
73,592
73,746
73,079
70,667
73,002
72,706
72,070
71,155
71,069
71,213
70,549
67,208
68,579
68,689
68,282
67,767
67,490
67,182
66,009
61,371
61,722
61,805
61,828
61,179
61,244
61,516
61,059
5,837
6,856
6,885
6,454
6,588
6,247
5,666
4,950
3,459
4,423
4 017
3,788
3,388
3 579
4,031
4,540
51.862
49,663
50 074
50 948
52,045
52 344
52,476
53,403
5.1
5.4
5.5
5.8
5.7
6.3
6.2
6.8
1961
126,725
126,918
127,115
127,337
127,558
72 361
72,894
73,540
73,216
74,059
69,837
70,360
71,011
70,696
71,546
64 452
64,655
65,516
65,734
66,778
59 818
59,947
60,539
60,734
61,234
4 634
4,708
4,977
5,000
5,544
5 385
5,705
5,495
4,962
4,768
54 364
54,024
53,574
54,121
53,499
6.6
6.8
6.9
6.8
6.9
Jan
Feb
Mar
Apr
May
1
2
Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force. Monthly data are seasonally
adjusted.
NOTE.—Inclusion of figures for Alaska and Hawaii beginning with
January 1960 increased population by about 500,000 and total labor
force by about 300,000. Most of the increase was in nonagricultural
industries.
Information relating to persons 14 years of age and over is obtained
through interviews of households on a sample basis. Monthly data
relate to the calendar week that contains the 12th day; annual data are
averages of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics.
Year or month
1954
1955
1956
1957
1958
1959
I960
In thousands of persons]
Transportation and
public
utilities
Trade
Finance
Service
2,593
2,759
2 929
2 808
2,648
2 767
2,771
4,009
4 062
4 161
4 151
3,903
3 902
3,902
10,520
10,846
11 221
11 302
11,141
11 385
11,643
2,122
2 219
2 308
2 348
2,374
2 425
2 485
5,664
5 916
6 160
6 336
6 395
6 525
6,637
6,751
6 914
7 277
7 626
7 893
8 127
8 456
684
678
658
665
660
656
644
638
2,783
2,790
2,858
2 835
2,800
2 804
2,783
2,647
3,927
3,926
3,910
3 892
3,879
3 879
3,858
3,821
11,675
11,712
11,736
11,764
11,665
11 668
11,568
11,541
2,469
2,471
2,480
2 499
2,515
2 514
2,512
2,517
6,618
6,645
6,682
6 652
6,665
6 632
6.665
6,679
8,409
8,420
8,404
8 474
8,539
8 524
8,531
8,588
15,676
15,527
15,541
15,672
15,867
629
620
622
629
638
2,698
2,636
2,715
2,777
2,709
3,820
3 803
3,768
3,762
3,775
11,634
11,576
11,479
11,537
11,556
2,515
2 519
2,520
2,518
2,528
6,651
6 660
6,632
6,646
6,651
8,609
8 643
8; 662
8,685
8,709
52,957
53,309
52,923
53,062
53,496
53,391
53,133
53,310
16,348
16 422
16,250
16,386
16,505
16,313
16,129
15,836
677
681
672
663
656
647
641
2,830
2,977
3,098
3,130
3,069
3,006
2,847
2,552
3,924
3 942
3 939
3,921
3,907
3,889
3,868
3,843
11,543
11 637
11,591
11,592
11,665
11,742
11,842
12,405
2,469
2 496
2 530
2,536
2,515
2,501
2,499
2,504
6,717
6 745
6 715
6,685
6,698
6,698
6,665
6,612
8,449
8 409
8'145
8,140
8,474
8,586
8,636
8,917
51,437
51,090
51,397
51,825
52,298
15,580
15,473
15,497
15,529
15,683
629
620
622
623
632
2,385
2,264
2,414
2,613
2,755
3,763
3,759
3,749
3,755
3,772
11,464
11,279
11,337
11,380
11,425
2,490
2,494
2,507
2,518
2,528
6,518
6,527
6,566
6,679
6,751
8,608
8,674
8,705
8,728
8,752
Total i
Manufacturing
Mining
48,431
50,056
51,766
52,162
50.543
51,975
52,895
15,995
16,563
16 903
16 782
15,468
16 168
16,336
111
111
807
809
721
676
664
53,105
53,140
53,145
53,046
52,998
52,809
52,591
52,221
16,540
16,498
16,417
16 265
16,275
16 132
16,030
15,790
52,232
51,984
51,939
52,226
52,433
Contract
construction
Federal,
State, and
local
government
SEASONALLY ADJUSTED
I960
1961
May
June
July
Aus
Sept
Oct
Nov
Dec
.
. .
Jan
Feb
Mar
Apr P
May? 7
WITHOUT SEASONAL ADJUSTMENT
I960
May
June
July
Aug
SeDt
Oct
Nov.
Dec
1961
Jan
Feb
Mar
Apr p
MayP
.
655
P Preliminary.
i Excludes data for Alaska and Hawaii.
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Back
data may be obtained from the Bureau of Labor Statistics.
713
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
May
Mar.
1960
1961
May
Mar.
Apr.?
May
12,476
11,455
11,605
11,795
12,292
11,418
11,470
11,616
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
7,106
73
590
332
452
998
841
1,148
864
1,174
229
405
6,339
73
513
300
404
829
743
1,060
822
1,013
209
373
6,432
73
531
307
412
846
762
1,065
828
1,015
210
383
6,580
73
539
312
422
870
789
1,070
842
1,057
213
393
7,084
73
593
324
452
993
837
1,159
855
1,174
228
397
6,363
73
498
303
402
833
750
1,076
830
1,013
211
375
6,429
73
518
305
412
846
762
1,081
828
1,015
211
379
6,560
73
542
304
422
866
785
1,081
834
1,057
212
385
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
5,370
1,035
79
867
1,136
454
570
550
154
199
326
5,116
1,041
76
799
1,038
434
571
524
143
180
310
5,173
1,036
74
815
1,062
438
572
535
144
184
313
5,215
1,027
73
827
1,084
439
572
542
144
185
322
5,208
967
68
863
1,079
449
567
547
155
198
315
5,055
932
68
807
1,074
432
571
532
142
180
318
5,041
944
64
815
1,041
434
569
540
143
181
310
5,056
958
63
823
1,030
435
569
539
145
184
311
* Preliminary.
NOTE.—Data covering production and related workers only (full-and
part-time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month.
Bureau of Labor Statistics.
Back data may be obtained from the
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Average hours worked
(per week)
Average hourly earnings
(dollars per hour)
Industry group
1960
1961
1960
May
1961
1960
1961
May p
May
Mar.
Apr.?
91.37
90.71
97.96
109.89
77.80
72.74
92.86
108.97
97.81
105.32
93.30
109.69
97.53
78.61
91.57
92.66
39.1
39.5
40.7
38.9
38.9
40.2
38.1
39.6
40.2
39.7
39.6
40.3
39.5
39.3
39.9
40.9
39.5
39.0
40.2
38.8
40.1
40.6
39.9
40.0
40.3
39.6
39.6
40.1
40.9
39.8
38.7
40.8
39.2
40.4
40.7
39.9
40.5
40.4
39.8
2.29
2.44
2.61
2.03
1.85
2.27
2.82
2.45
2.57
2.29
2.73
2.34
1.94
2.33
2.34
100.25
110.84
82.39
71.98
95.06
113.29
101.00
107.04
94.16
113.40
97.77
79.60
39.9
40.4
41.3
40.1
40.1
40.9
38.9
40.8
41.3
39.9
40.9
40.5
39.9
2.32
99.35
110.43
80.58
72.54
93.26
111.74
99.85
106.78
94.16
111.60
97.93
78.80
2.48
2.70
2.00
1.87
2.31
2.86
2.47
2.62
2.35
2.77
2.42
1.99
2.49
2.70
2.04
1.86
2.32
2.88
2.49
2.63
2.36
2.79
2.43
1.99
2.50
2.71
2.07
1.86
2.33
2.89
2.50
2.63
2.36
2.80
2.42
2.00
81.35 82.04 82.43
Nondurable goods
88.91 90.17
89.95
Food and kindred products
68.58 66.43 72.58
Tobacco manufactures
65.36 63.24 63.96
Textile-mill products
55.90 57.12
56.09
Apparel and other finished textiles
96.05 96.98 98.33
Paper and allied products
Printing, publishing and allied industries. . 106.37 106.88 106.31
103.58 104.90 105.32
Chemicals and allied products
118.03 122.31 123.93
Products of petroleum and coal
100.04 97.66 100.47
Rubber products
59.90 61.79
59.62
Leather and leather products
82.86
91.94
72.01
b4.78
55.26
98.09
106.69
106.55
123.22
102.40
61.49
39.3
40.6
38.1
40.1
36.3
42.5
38.4
41.6
40.7
39.7
36.3
38.7
39.9
36.7
38.8
35.7
41.8
37.9
41.3
40.5
38.6
37.0
38.7
39.8
38.4
39.0
35.5
42.2
37.7
41.3
40.9
39.4
35.7
38.9
40.5
38.1
39.5
35.2
42.1
37.7
41.3
40.8
40.0
36.6
2.07
2.19
1.80
1.63
1.54
2.26
2.77
2.49
2.90
2.52
1.65
2.12
2.26
1.81
1.63
1.60
2.32
2.82
2.54
3.02
2.53
1.67
2.13
2.26
1.89
1.64
1.58
2.33
2.82
2.55
3.03
2.55
1.67
2.13
2.27
1.89
1.64
1.57
2.33
2.83
2.58
3.02
2.56
1.68
Total
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...
98.58
107.79
81.40
74.19
92.84
109.70
99.96
106.14
91.37
111.66
94.77
77.41
* Preliminary.
NOTE.—Data are for production and related workers. Back data are
available from the Bureau of Labor Statistics.
May
Mar.
Mar.
714
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average= 100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
118
118
128
135
135
136
144
145
114
117
123
126
122
122
126
128
105
108
113
120
124
127
131
135
117
116
125
131
132
133
140
140
119
112
122
128
129
128
139
140
127
129
140
146
148
148
156
154
131
135
149
164
166
169
181
182
114
112
122
128
128
125
133
134
120
121
132
138
138
137
144
143
110
113
117
126
128
128
134
136
123
129
140
144
142
146
155
155
132
136
149
158
159
159
172
169
122
122
132
141
140
143
157
156
154
141
145
149
134
125
129
125
146
131
135
135
151
136
144
142
148
139
139
143
170
146
150
157
192
176
183
194
145
132
134
141
159
143
144
144
147
133
137
136
164
150
154
159
181
159
170
175
160
153
153
159
144
144
124
126
137
136
136
139
139
140
150
155
178
185
134
132
140
138
151
154
169
166
155
155
129
129
128
140
131
135
132
134
150
142
147
145
136
136
144
136
142
163
151
154
189
179
187
140
129
137
149
139
142
138
137
138
164
157
159
172
163
171
160
152
159
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
133
142
133
164
156
158
165
170
168
154
164
160
»148
132
140
141
139
^156
183
135
142
142
177
164
139
Minne- Kansas Dallas
apolis
City
San
Francisco
SALES i
1953
1954
1955
1956
1957
1958
1959
I960
SEASONALLY ADJUSTED
1960
Apr
May
July
Sept
Oct
Nov
Dec
1961
Jan
Feb
Mar
Apr
WITHOUT SEASONAL ADJUSTMENT
150
133
153
148
167
194
139
150
139
154
124
123
95
106
131
132
155
127
130
101
109
138
147
167
134
134
108
114
141
149
178
135
131
116
128
140
145
167
145
140
130
137
156
170
183
173
165
165
170
172
187
206
130
129
113
123
136
143
158
144
134
119
134
142
152
166
127
133
109
132
144
152
154
155
150
146
140
154
159
164
181
172
139
137
122
132
145
153
171
159
156
156
165
159
176
190
145
147
142
154
152
156
177
262
249
245
250
254
'285
329
238
248
238
274
293
282
108
95
103
97
105
105
137
98
107
96
121
130
119
109
91
105
102
104
110
141
96
102
104
114
127
126
132
^135
116
120
128
125
134
131
130
127
142
177
172
116
123
126
127
120
127
137
P147
155
159
138
148
131
124
120
129
125
141
155
122
131
123
146
126
132
141
138
136
142
147
117
119
130
138
136
142
149
143
140
128
136
148
152
148
156
165
127
135
148
154
152
160
164
122
124
133
136
129
134
149
138
159
175
178
172
179
185
152
170
195
203
197
210
228
120
127
138
143
139
148
154
125
135
148
150
143
144
150
124
130
142
146
137
144
153
141
152
164
160
153
157
165
140
153
168
174
165
178
187
135
142
156
158
155
167
178
158
161
165
167
169
168
167
141
146
148
149
153
152
152
145
149
149
151
154
153
151
157
164
168
166
166
166
165
139
144
150
160
157
154
151
183
189
187
188
191
191
185
224
223
227
227
232
230
231
146
152
152
155
158
160
159
147
151
152
154
154
152
150
146
150
152
157
162
159
158
182
185
192
190
192
189
192
174
167
180
180
182
178
179
169
165
151
147
152
149
166
164
U3
157
160
161
165
165
171
173
145
184
187
235
233
158
158
149
147
157
151
173
174
192
182
178
180
162
161
161
147
146
145
149
150
148
147
146
161
157
158
157
142
142
142
143
182
181
182
183
224
221
221
149
148
151
150
148
147
150
148
146
143
146
148
169
164
166
181
178
179
179
178
182
179
P178
I960—Apr
May
165
163
157
147
149
139
150
151
140
168
167
156
146
148
142
232
225
213
155
155
149
153
149
143
150
150
143
177
166
176
July
135
148
159
172
177
137
150
161
171
176
149
159
174
190
191
147
150
160
169
184
173
188
r
152
155
166
175
177
146
153
161
171
170
148
158
166
175
179
158
163
176
187
196
180
192
201
211
211
177
181
188
198
205
150
137
140
148
132
202
r
211
r
213
172
211
225
239
251
266
164
161
158
189
183
179
158
166
176
186
192
189
188
175
205
137
133
140
156
169
165
145
153
164
131
137
147
155
136
138
150
151
142
151
162
168
125
136
146
150
162
170
186
190
207
221
232
134
140
151
159
132
139
151
154
135
137
150
151
152
158
169
^174
160
172
183
186
158
168
178
1960
Apr
May
June
July
«.
Oct
Nov
Dec
1961
r
Jan
Feb
Mar
Apr
STOCKSi
1953
1954
1955
1956
1957
1958
1959
I960
SEASONALLY ADJUSTED
I960
Apr
May
July
Sept
Oct
Nov
Dec
1961
Jan
Feb
Mar
Apr
WITHOUT SEASONAL ADJUSTMENT
Sept
Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
r
»Preliminary.
Revised.
i Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.
NOTE.—For description of series see BULLETIN for December 1957,
pp. 1323-36. Back data may be obtained from the Division of Administrative Services.
715
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales 4
Amounts (in millions of dollars)
Period
Sales i
(total
for
month)
Stocks i
(end
of
month)
397
406
409
437
454
459
462
488
492
1,097
1,163
1,140
1,195
1,286
1,338
1,323
1,391
1,466
OutRestandceipts 2
ing
(total
orders *
for
(end of
month) month)
New
orders 3
(total
for
month)
Stocks
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
477
439
567
425
495
564
586
547
388
452
438
537
416
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1952
1953
1954
1955
1956
1957
1958
1959
I960
. . . .
Month:
1960 Apr
May
June
July
Aug
Sept
Oct .
Nov
Dec
1961
...
r
. . .
.
Jan
Feb
Mar p. . .
Apr
508
448
451
373
452
471
520
584
932
T480
1,461
1,381
1,371
1,463
1,564
1,670
1,735
1,339
'416
420
616
678
629
621
581
479
331
370
348
479
430
1,316
1,368
1,459
I 500
436
474
441
386
p
1
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.
397
408
410
444
459
461
462
495
494
435
421
388
446
470
461
437
510
517
r
r
517
436
371
363
544
572
626
649
536
347
400
570
471
1.2
L.I
L.O
l.l
l.l
I 1
.0
1.1
1.1
4.1
4 1
4.0
4 0
4.1
4 1
4.1
4.1
4.3
2.9
3.3
3.1
3.7
3.2
3.3
3.2
3.0
1.4
0.8
0.9
1.4
1.8
1.4
1.3
1.1
0.8
0.4
3.7
4.2
4.4
5.5
4 6
4.6
4.3
3 8
1.8
I 0
1.0
) 8
L.O
L2
L.2
L.2
1
0.6
3.6
3.9
3.0
3.5
1.2
1.4
0.9
0.9
4.7
5.3
4 0
4.4
0.9
1.1
1 2
1.1
.0
o
0
o
0
o
o
.1
.0
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 the
BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census. In millions of dollars]
Merchandise exports excluding
military-aid shipments 2
Merchandise exports 1
Merchandise imports 3
Period
Jan
Feb
Mar
Apr
May
June
July
Au2
Sent
Oct
Nov
Dec
Jan -Apr
.
..
...
1959
1960
1961
1959
1960
1961
1959
1960
1961
1.401
1,279
1,459
1,481
t ,558
1,427
1,470
1,410
1,487
1,482
,482
1,685
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
1.287
L 182
1,378
1,345
1,418
1,351
1,356
L 313
1,407
1,539
1,606
1,889
1,647
1.154
1,119
1,295
1,221
1,264
1,370
1,250
1,188
1,395
1,283
1,467
1.141
I 289
1,378
1,261
I 262
1,307
1,150
L 229
.160
\\~\~51
1,161
1,157
1,124
1 046
1,231
1 042
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
5,620
6,704
6,959
5,192
6,316
6,681
4,789
5,071
4,443
1
Exports of domestic and foreign merchandise.
2
Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.
199
3
102
General imports including imports for immediate consumption plus
entries into bonded warehouses.
716
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
Rent
ApGas
Solid House- House- parel
and
fuels
furhold
elecand
nish- operatricity fuel oil ings
tion
117.4
83.6
88.4
90 9
60 3
45.9
55 6
76 3
Foods
Total
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
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—Apr
May
June
July
Sect
Oct
Nov
Dec
126.2
126.3
126.5
126.6
126.6
126.8
127.3
127.4
127.5
119.5
119.7
120.3
120.6
120.1
120.2
120.9
121.1
121.4
131.4
131.2
131.3
131.3
131.5
132.0
132.2
132.1
132.3
141.4
141.4
141.6
141.8
141.9
142.1
142.5
142.7
142.8
124.4
124.7
124.7
124.8
124.9
125.7
125.7
125.7
125.6
136.3
132.9
132.3
132.9
133 4
134.8
136.1
136.3
137.0
104.7
104.3
104.3
104.1
103.5
104.1
104.0
104.0
103.9
137.0
137.2
137.3
137.4
137 6
138.0
138.1
138.3
138.3
108.9
108.9
108.9
109.1
109.3
110.6
111.0
110.7
110.6
146.1
145.6
145.8
145.9
146.2
144.7
146.1
146.5
146.5
155.5
155.9
156.1
156.4
156.7
156.9
157.3
157.9
158.0
132.9
133.2
133.2
133.4
133.8
133.9
134.0
133.9
133.7
121.1
121.4
121.1
121.6
121.9
122.1
121.9
122.5
122.3
131.9
131.9
132.0
132.2
132.4
132.7
132.7
132.7
132.7
1961—Jan
Feb
Mar
Apr
127.4
127.5
127.5
127.5
121.3
121.4
121.2
121.2
132.3
132.4
132.5
132.3
142.9
143.1
143.1
143.3
125.9
125.9
125.9
125.8
139.6
141.3
141.3
139.9
103.6
103.7
103.9
103.8
138.3
138.3
138.5
138.7
109.4
109.6
109.8
109.5
146.2
146.2
145.7
145.8
158.5
159.4
159.6
159.9
133.7
133.8
133.6
133.8
122.2
122.7
123.4
124.1
132.6
132.6
132.6
132.6
NOTE.—Series beginning with January 1953 reflects the inclusion of
new series (i.e. home purchases and used automobiles) and revised
weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49 = 100]
Other commodities
Year or
month
Tex- Hides, Fuel
All
tile
power,
com- Farm Processed
prod- skins,
and
modi- prodand lightucts foods Total ucts
ties
and leather
ing
ap- prod- maparel ucts terials
Chem- Rub- Lum- Pulp Metals
ber paper, and
icals
ber
and
and
and
and
wood allied metal
allied prodprod- prod- prodprod- ucts
ucts
ucts
ucts
ucts
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 0 104.6 114.0
95. 6 105.3 114.5
89 6 101.7 117.0
88. 4 101.7 122.2
90. 9 105.6 125.6
94 9 110.9 126.0
89. 1 107.0 128.2
88. 8 107.7 128.3
97.3 98.5 109.5 105.7
95.2 94.2 108.1 107.0
95.3 93.8 107.9 106.6
95.3 99.3 111.2 107.2
95.4 99.4 117.2 109.5
93.5 100.6 112.7 110.4
95.0 114.3 112.7 109.9
96.1 110.3 113.8 110.2
1960- —Apr
May
July
Aug
Seot
Oct
Nov
FW
120.0
119.7
119.5
119.7
119.2
119.2
119.6
119.6
119.5
91. 1 106.8 128.7
90. 4 107.3 128.2
89 0 107.6 128.2
88 9 108.9 128.2
86. 6 107.8 128.2
87 7 108.1 127.9
89
109.0 128.0
89. 9 109.1 127.9
88 7 109.2 127.9
96.3
96.3
96.3
96.3
96.1
95.9
95.8
95.4
95.2
112.1
111.2
110.3
110.1
108.7
108.1
108.5
108.5
108.8
112.2
110.8
112.3
113.8
115.3
116.1
116.2
116.1
116.2
110.2
110.2
110.2
110.4
110.5
110.4
110.3
110.3
110.4
144.7
146.3
146 7
146 9
145.
144. 9
144. 7
143. 6
141.
Tan
Feb
Mar
Apr
119.8
119.9
119.8
119.4
89. 7 109.8 128.0
90
110.5 C128.0
90. 1 109.6 128.1
88. 1 109.0 128.0
95.0
94.8
94.7
94.4
108.3
108.2
r
109.8
110.3
117.3
117.8
117 5
115.7
110.0
110.4
110.6
110.8
140.
140.
1961
c
Corrected.
Preliminary
r
Revised.
175 0 1?0 7
126. 9 118. 0
143 R
6
145. 8 125. 4
145.
119. 0
145. 0 117. 7
144.
125. 8
144.7 121. 3
1
140 7
140 7
116.1
116.3
119.3
127.2
129.6
131.0
132.2
133.2
Machinery
and
motive
products
Furni- Nonture
meand
other tallic
minhouse- erals—
hold
dura- strucbles tural
1?3 0 114 7 118.2
124. 6 115. 4 120.9
9 124.2
17R 4
137. 8 119. 1 129.6
151.
146. 1 122. 9 134.6
150 4 149. 8 123.
136.0
153. 6 153.0 123. 4 137.7
138.0
153.8 153. 4 123.1
176 9
178 0
6
148. 4
Tobacco
mfrs. Misand cellabottled neous
beverages
115 7
97. R
6 10? S
171 6 9 2 . 0
17? 3 91 0
126. 1 89. 6
178 ? 94, 7
131. 4 94 5
131. 8
92. 1
138.3
137.9
137.8
137.8
137.8
138.0
138.1
137.9
137.9
131. 7
131. 7
ni 7
131. 8
132.0
132. 0
n? 0
132 0
132 1
95. 4
91 1
122. 4 138.6
153.
115 7 132.6 152
114 9 132.8 15? S 1S3 1 17? ? 138.4
8
152 8 r 153. 0 122
118 0 131.9 153 0 152. 8 122 5 138.7
n? 1
95 4
94 6
r
95. 7
96 1
124
123
122
1?1
119
118
117
116
116
3 133.1 154.5 153. 7
7 133.4 154.2 153. 3
4 133.5 153 8 153.
4 153 3
133.5
6 133.0 153. 6 153. 3
7 133.0 153.
151. 4
9
7 133.4 152 8
9 133.1 152.3 153. 0
153. 1
132.3 152
123.5
123.2
0
123 1
122.
122 8
17? 7
122. 6
Q
122 6
m
132
132
1
1
90
90.
89
91
90
90
9
8
9
1
6
4
717
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1960
Subgroup
1961
1960
Apr
Feb.
Mar.
Apr.
111.5
79.4
85.7
96.3
95.5
80.2
76.3
128.6
103.9
75.9
85.8
91.3
99.6
82.0
78.6
129.5
110.1
76.2
83.7
93.0
'98.6
76.7
82.5
129.3
120.9
96.7
115.6
105.8
114.1
145.2
102.8
123.6
100.2
119.7
112.6
115.8
139.7
101.3
123.6
96.7
120.4
112.2
115.1
139.7
101.4
95.0
102.7
79.4
118.0
100.7
82.5
90.1
99.8
77.5
129.3
100.6
101.4
90.1
99.3
77.0
129.5
100.6
100.5
101.7
Paperboard
73.5
Converted paper and paperboard....
82.9
Building paper and board
93.5
96.8 Metals and Metal Products:
67.2
89.1
Iron and steel
129.4
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
123.6
Heating equipment
95.3
Fabricated structural metal products
119.4
Fabricated
nonstructural
metal
111.7
products
115.4
139.7 Machinery and Motive Products:
100.9
Agricultural machinery and equipment
Construction machinery and equip89.8
ment
100.0
Metal working machinery
77.0
General purpose machinery and
equipment
129.5
100.5
Miscellaneous machinery
93.8
Electrical machinery and equipment
Motor vehicles
73.5
104.7
133.5
107.3
62.3
71.2
97.5 100.1
132.8 r 132.7
103.7 104.1
119.0
170.4
115.6
101.8
115.4
123.5
170.4
122.3
102.2
123.1
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:
,
,
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958 = 100)
Electric power (Jan. 1958 = 100)
Petroleum and products
122.8
170.4
121.7
102.4
122.8
Chemicals and Allied Products:
Industrial chemicals
,
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics..,
Fats and oils, inedible
,
Mixed fertilizers
,
Fertilizer materials
,
Other chemicals and products
,
124.5
128.3
102.9
94.5
51.7
110.2
108.8
106.4
123.3
132.1
105.0
94.7
54.3
111.9
112.1
105.9
123.4
132.1
105.3
94.7
r
57.1
112.3
112.0
'106.0
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
,
160.9
137.0
144.5
136.3
137.1
144.6
,
,
125.7
136.8
96.1
113.4
134.7
91.8
,
,
,
121.2
88.4
145.1
114.5
75.5
145.7
138.8
137.1
144.6
Lumber and Wood Products:
Lumber
Millwork
Plywood
T
Revised.
Apr.
Feb.
Mar.
Apr.
135.9
130.0
145.1
130.4
131.7
146.0
130.2
131.4
145.7
129.7
131.2
145.3
170.5
140.5
154.8
174.0
132.1
120.1
135.3
170.0
132.0
156.6
175.1
130.9
115.1
133.9
170.6
132.4
156.6
175.0
130.9
114.8
134.0
170.9
132.7
156.6
175.3
130.9
115.4
133.9
146.1
149.6
149.7
149.7
145.6
148.6
148.6
148.7
174.7
178.5
178.1 178.1
182.7 182.7
166.2
166.1
151.4 151.4
178.2
181.6
166.2
151.4
154.9 152.0 152.1
141.6 140.5 140.2
151.6
140.3
124.9
156.7
130.8
103.1
91.7
157.3
126.0
156.0
128.1
100.0
90.4
156.8
126.0
156.0
128.2
99.8
90.7
156.8
126.1
156.0
128.2
99.8
90.6
158.3
135.3
142.1
131.3
161.5
133.2
106.6
134.4
132.4
142.3
130.9
162.1
134.9
114.1
132.9
132.4
142.6
131.1
162.1
134.9
114.1
133.6
132.4
142.6
131.3
162.1
134.9
114.1
133.7
134.8
106.5
155.7
120.6
171.1
134.8
106.5
155.7
121.3
171.7
134.8
106.5
155.7
121.3
171.7
134.8
106.5
155.7
121.2
171.7
r
Toys, sporting goods, small arms
118.3
Manufactured animal feeds
75.6
Notions and accessories
97.2
Jewelry, watches, photo equipment... 110.5
132.1
Other miscellaneous
118.9
73.8
96.4
111.5
r
132.7
119.4
75.5
96.4
111.6
P
132.2
119.6
76.4
96.4
111.5
131.5
70.8 Furniture and Other Household Dura102.1
bles:
132.8
104.4
Household furniture
Commercial furniture
Floor covering
Household appliances
119.0
Television, radios, phonographs
170.4
Other household durable goods
117.8
102.5 Nonmetallic Minerals—Structural:
120.6
Flat glass
Concrete ingredients
Concrete products
123.4
Structural clay products
132.1
Gypsum products
104.9
Prepared asphalt roofing
94.7
Other nonmetallic minerals
61.4
112.2 Tobacco Manufactures and Bottled
112.0
Beverages:
106.0
Cigarettes
Cigars
Other tobacco products
138.9
Alcoholic beverages
138.3
Nonalcoholic beverages
143.5
Miscellaneous:
114.6
134.5
92.9
116.6
134.5
98.6
114.5
62.7
145.7
114.4
62.7
145.7
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
1961
Pulp, Paper and Allied Products—Cont.:
Farm Products:
Hides and skins
Leather
Footwear
Other leather products
Subgroup
167.9
150.1
718
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
1929
1933
1941
1950
1956
1957
1958
1959
1
104.4
79.0
9.2
37.7
32.1
Nondurable goods
Services
Other
Producers* durable equipment
Nonfarm only
Net exports of goods and services
Imports
Government purchases of goods and services..
Federal
National defense
Other
Less: Government sales
State and local
Addendum: Gross national product in constant (1954) dollars
4
3
2
1
56.0 125.8 284.6 419.2 442.8 444.2 482.1 503.2 501.3 505.0 503.5 503.5 499.8
46.4
3.5
22.3
20.7
1.4
16.2
1.4
8.7
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
Gross Drivate domestic investment
1961
1960
1960
81.9 195.0 269.9 285.2 293.5 313.8 327.8 323.3 329.0 328.3 330.8 328.8
9.7 30.4 38.5 40.4 37.3 43.4 43.6 44 2 44 5 42.7 43.2 39.2
43.2 99.8 131.4 137.7 142.0 147.6 152.4 150 5 153.5 152.7 152.9 153.0
29.0 64.9 100.0 107.1 114.2 122.8 131.7 128.6 130.9 132.9 134.7 136.6
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 56.0
35.4
36.1
17.0 18.0
19.0 17.4
28.5 23.1
1.6 - 2 . 5
.8 - 3 . 6
72.0
40.3
22.3
18.0
25.8
5.9
5.4
72.8
40.4
21.1
19.3
28.8
3.6
3.2
79.3
40.8
21.4
19 3
27.1
11.4
11.0
75.5
40.7
21.3
19 4
29 5
5.3
5.0
70.8
40.5
21.1
19.5
29.7
.6
.3
66.0
40.3
20.5
19.8
28.7
-3.0
-3.4
61.0
39.0
19.2
19.9
26.5
-4.5
-4.8
26.4
24.4
27.3
23.5
27.0
22.4
5.3
27.4
22.1
.8
7.0
6.3
2.4
2.3
6.0
4.8
13.1
12.5
23.1
20.2
26.2
21.3
22.7
21.5
22.9
23.8
26.5
23.5
25.2
23.9
8.5
1.3
8.0
2.0
>'S
24.8
16.9
/ 13.8
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
53.3
46.0
7.8
.5
43.9
99.7
52.4
45.1
7.9
.6
47.3
97.5 98.6 100.7 102.1 104.7
51.8 . 51.7 52.7
55.5 54.7
44.9 44.7 45.1 45.7 47.2
7.6
8.2
8.1
8.2
7.5
6
.6
.6
.6
45.7 46.9 48.0 48.8 50.0
7.2
{ 3.a
7.8
181.8 126.6 238.1 318.1 400.9 408.6 401.0 428.0 439.2 440.5 442.2 438.0 437.0 432.4
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates.
In billions of dollars]
Quarterly totals
at seasonally adjusted annual rates
Annual totals
Item
1929
1933
1941
1950
1956
1957
1958
1959
1960
1960
1961
National income
87.8
Compensation of employees
51.1
29.5
64.8 154.2 242.5 255.5 257.0 277.8 294.4 290.2 295.0 297.2 295.2 293.3
Wages and salaries
Private
Military
Government civilian
50.4
45.5
.3
4.6
29.0
23.9
.3
4.9
.7
.5
62.1 146.4 227.6 238.5 239.7 258.2 272.5 268.7 275.7 274.9 273.2 277.5
51.9 124.1 189.6 198.4 196.4 212.9 224.3 222. 225.5 226.0 223.6 221.2
9.9
1.9
9.7
10.1
5.0
9.6
9.8
9.9
10.3 10.4
10.0 10.1
36.7 37.6 38.8 39.3 39.9
8.3
17.3 28.4 30.5 33.5 35.4 38.1
2.7
7.8 14.9 17.0 17.4 19.6 21.9 21.5 21.9 22.3 22.0 21.8
.1
.6
.1
.4
2.0
.7
4.0
3.8
6.8
8.1
7.8
9.1
8.0
9.4
9.5
10.1
10.9
11.0
10.8
10.7
10.9
10.9
11.1
11.2
10.9
11.1
10.9
11.0
14.8
5.6
17.4
37.5
43.7
44.5
46.4
46.5
47.8
46.0
48.1
48.3
48.8
48.5
8.8
6.0
3.2
2.4
10.9
6.5
23.5
14.0
32.1
11.6
32.7
11.8
32.3
14.0
34.7
11.8
35.9
12.0
35.4
10.6
36.0
12.1
36.1
12.2
35.9
12.8
35.5
13.0
5.4
2.0
3.5
9.0
10.9
11.9
12.2
12.4
12.5
12.5
12.5
12.5
12.5
12.5
10.1
-2.0
14.5
35.7
42.0
41.7
37.4
46.6
44.3
48.0
45.3
42.2
41.0
9.6
1.4
5.5
5.8
2.4
.2
.5
-.4
2.1
-2.4
77.0
7.6
9.4
4.5
4.9
40.6
17.9
22.8
9.2
13.6
44.7
21.2
23.5
12.1
11.3
43.2
20.9
22.3
12.6
9.7
37.7
18.6
19.1
12.4
6.7
47.0
23.2
23.8
13.4
10.5
44.3
21.6
22.8
14.0
8.7
48.8
23.8
25.0
13.9
11.0
45.7
22.3
23.4
13.9
9.5
41.5
20.3
21.3
14.0
7.3
40.7
19.8
20.8
14.1
6.8
.5 - 2 . 1
-2.5
-5.0
-2.7
-1.5
-.2
-.5
.0
-.8
-.4
.7
.4
.4
5.0
4.5
5.5
11.7
13.4
14.7
16.4
18.7
17.8
18.5
19.1
19.4
19.6
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors* income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
6.4
40.2 104.7 241.9 350.8 366.9 367.7 399.6 417.5 414.4 419.4 419.3 416.9
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 1960.
14.0
719
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates.
In billions of dollars]
Quarterly totals
at seasonally adjusted annual rates
Annual totals
Item
1960
1929
104.4
Gross national product.
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
1933
1950
1956
1957
1958
1959
1961
1960
56.0 125.8 284.6 419.2 442.8 444.2 482.1 503.2 501.3 505.0 503.5 503.5 499.8
8.6
7.2
9.0
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
Plus: Subsidies less current surplus of government enterprises
-.1
Equals: National income
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
-2.0
10.
.3
.2
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
1941
34.4
37.4
38.1
40.5
23.7 35.7
.8
1.6
- . 7 -2.4
38.2
1.8
-.6
39.4
1.8
-1.7
42.6
1.8
-1.8
1.0
1.1
.6
19.1
.0
.2
43.2
43.0
43.6
44.1
44.5
45.1 44.4 45.3
1.8
1.8
1.8
-3.9 -1.1 -3.9
45.1
1.8
-5.8
45.4
45.4
1.8
.5
42.2
.5
.6
.5
-4
.5
.6
40.2 104.7 241.9 350.8 366.9 367.7 399.6 417.5 414.4 419.4 419.3 416.9
14.5
2.8
35.7
6.9
42.0
12.6
41.7
14.5
37.4
14.8
46.6
17.3
44.3
20.2
48.0
19.9
45.3
20.2
42.2
20.4
41.0
20.1
20.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.9
1.0
5.8
.6
1.5
1.2
2.1
.7
2.6
1.3
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
25.2
7.1
13.4
1.8
27.2
8.0
14.0
1.8
26.1
7.8
13.9
1.8
26.7
8.0
13.9
1.8
27.3
8.2
14.0
1.8
28.7
8.2
14.1
1.8
30.0
8.1
14.0
1.8
85.8
47.2
Less: Personal tax and nontax payments
2.6
1.5
3.3
20.8
40.0
42.6
42.4
46.0
50.0
49.2
50.0
50.5
50.4
50.3
Federal
State and local.
Equals: Disposable personal income
1.3
1.4
.5
1.0
2.0
1.3
18.2
2.6
35.2
4.8
37.3
5.3
36.7
5.7
39.8
6.2
43.3
6.7
42.6
6.6
43.4
6.6
43.8
6.7
43.6
6.8
43.3
7.1
83.1
45.7
93.0 207.7 292.9 308.8 317.9 337.3 354.2 347.0 354.1 357.5 358.1 357.2
Less: Personal consumption expenditures....
79.0
46.4
81.9 195.0 269.9 285.2 293.5 313.8 327.8 323.3 329.0 328.3 330.8 328.8
4.2
-.6
11.1
Equals: Personal income
Equals: Personal saving
Addendum: Disposable personal income in
constant (1954) dollars
96.3 228.5 332.9 351.4 360.3 383.3 404.2 396.2 404.2 408.0 408.5 407.5
12.6
23.0
23.6
24.4
23.4
26.4
23.7
25.2
29.2
27.2
28.3
134.9 102.1 175.1 231.0 286.9 293.8 296.2 311.1 320.8 316.3 321.1 323.2 322.0 320.1
PERSONAL INCOME
[Department of Commerce estimates.
Item*
1959
In billions of dollars]
1960
1960
Apr.
May
June
July
Aug.
1961
Sept.
Oct.
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
Total personal income.
383.3 404.2 401.9 404.7 406.1 407.3 408.2 408.8 409.7 409.0 406.9 406.6 406.2 409.8 410.3
Wage and salary disbursements
Commodity-producing industries..
Manufacturing only
Distributive industries
Service industries
Government
258.2 272,
107.2 111,
84.7
88.
68.2 71.
37.5 41.
45.3 48.
271.7 273.6 274.0 275.1 275.1 275.0 274.8 273.6 271.4 271.4 271.0 272.1 274.3
112.1 113.3 112.9 112.8 111.5 111.2 110.9 109.5 107.3 107.2 106.5 107.3 109.0
88.6 89.5 89.2 88.7
87.7 87.5 87.2 86.2 84.6
84.4 85.7
84.4
84.0
71.8 72.0 72.2 72.4 72.9 72.7 72.5 72.5 72.3 72.1 72.0 71.9 12.1
40.5 40.7 41.1 41.3 41.6 41.9 42.0 42.0 42.0 42.1 42.2 42.3 42.4
47.3 47.6 47.8 48.5 49.0 49.2 49.4 49.6 49.8 50.0 50.3 50.6 50.8
Other labor income
10.
11.0
10.8
10.9
11.0
11.1
11.2
11.2
11.3
11.1
11.0
11.0
10.9
10.9
10.9
Proprietors' income:
Business and professional.
Farm
34.7
11.8
35.9
12.0
35.7
11.7
36.0
12.1
36.2
12.5
36.2
12.0
36.1
12.2
36.
36.1
12.6
35.9
12.9
35.7
12.9
35.5
12.9
35.4
13.0
35.5
13.0
35.5
12.8
12.5
12.5
12.5
12.5
12.5
12.5
12.5
14.1
14.1
14.0
14.0
14.0
14.0
14.0
27.6
27.6
27.7
27.7
27.7
27.6
27.6
30.0
30.5
30.9
31.0
31.1
33.6
32.2
9.3
9.2
9.2
9.4
9.4
9.4
9.5
Rental income
12.4
12.5
12.5
12.5
12.5
12.5
12.5
Dividends
13.4
14.0
13.9
13.9
13.9
13.9
14.0
Personal interest income
23.5
26.8
26.2
26.5
26.8
27.1
27.4
Transfer payments
27.0
29.0
28.6
28.4
28.5
28.7
29.1
9.3
9.4
Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income
for
,
7.8
9.3
9.2
9.3
9.3
12.5
14.0
27.5
29.7
9.3
367.6 388.1 385.9 388.2 389.3 391.1 391.8 392.4 393.0 392.1 390.1 389.8 389.3 392.9 393.6
15.7
16.1
16.1
16.4
16.8
»1 Preliminary.
Monthly data are seasonally adjusted totals at annual rates.
NOTE.—For explanation of series see U. S. Income and Output (a supple-
12.2
16.2
16.4
16.4
16.7
16.9
16.8
16.8
16.9
16.9
16.7
ment to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1960.
720
FLOW OF FUNDS/SAVING
SAVING AND INVESTMENT
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1958
1956
1957
1958
1959
3.8
36.1 38.3
5.8
30.6 31.1
2.4
*
*
4.2
5.4
11.4
-7.6
3.9
-4.5
-1.6
-4.4 -6.5
.5
4.4
3.1
79.0 82.9 19.2
43.4 45.0 10.6
38.5 39.7
9.4
4.6
4.3
1.0
.7
.6
.1
4.3
4.1
1.0
8.6
8.2
2.0
23.3 25.0
5.6
Net national saving1
Consumer and nonprofit
Farm and noncorp. business 2 ....
Corporate nonfinancial business..
Federal Government1
State and local government *
Financial sectors
41.5
29.5
5.9
5.9
-2.7
2.9
5.3
3.6
-3.2
3.7
19.5
26.1
3.5
-8.2
-5.0
3.1
H
I
J
K
L
M
N
0
Capita] consumption^
Consumer and nonprofit
Consumer durable goods
Owner-occupied homes
Plant and equip, (nonprofit)...
Farm business
Noncorp, nonfinan. business
Corporate nonfinancial business..
67.5
36.9
33.0
3.4
.5
3.7
7.5
19.3
73.3
40.1
35.8
3.7
.6
3.9
8.1
21.2
75.2
41.6
37.0
4.0
.6
4.0
7.7
21.9
P
Q
R
S
T
U
V
Gross national saving*
108.9 111.2 94.6 115.2 121.2 22.9
Consumer and nonprofit
66.4 68.6 67.7 74.0 76.1 16.4
Farm and noncorp. business
11.3 12.0 11.7 12.3 12.9
5.3
Corporate nonfinancial
business..
25.2 26.5 25.4 34.8 30.4
9.8
3.6 - 8 . 2 - 4 . 5
3.9 - 7 . 6
5.9
Federal Government1
1
State and local government
-2.7 -3.2 -5.0 -4.4 -6.5 -1.6
3.
3.1
3.7
4.4
2.9
Financial sectors
.5
W Gross national investment J
X
Consumer durable goods
Y
108.0 110.7
38.5 40.4
19.7
10.8
9.6
1.1
.2
1.0
2.0
5.8
20.2
11.0
9.7
1.1
.2
1.0
2.1
6.0
20.3
11.1
9.8
1.1
.2
1.1
2.1
6.1
29.2 29.7 28.3 27.9
18.9 18.7 19.4 17.1
1.2
1.5
7.0
2.5
9.3
9.6
9.1
6.7
1.4 - 2 . 1 - 4 . 5
.7
-.9
- . 6 -1.8 -1.2
-.1
.6
1.6
.9
32.7
19.6
2.2
6.2
4.0
-.5
1.3
19.3
10.7
9.5
1.0
.2
1.0
2.0
5.6
19.9
10.9
9.7
1.1
.2
1.0
2.1
5.8
12.4 11.0 10.1
4.7
8.5
6.0
7.0
9.6
-.9
-.2
1.9
o
.1
1.2
1.9
2!l - 4 . 3
4.0
4.7
- . 5 -1.6 -2A
-2.3
1.3
.9
1.8
.4
26.4
9.4
30.1
11.2
27.1
10.4
30.1
12.4
28.9
10.0
58.5
18.3
14.7
3.6
4.4
9.1
25.9
.7
15.7
5.3
4.3
1.0
1.0
2.4
7.0
.2
13.9
5.2
4.3
.9
1.1
2.1
5.3
.2
17.3
4.9
4.1
.9
1.4
3.3
7.4
.2
17.7
5.9
4.9
1.0
1.3
3.0
7.3
.2
17.3
6.2
5.3
1.0
1.0
2.5
7.4
.2
14.4
5.4
4.5
.9
1.0
2.1
5.7
.2
1.6 - 2 . 5
3.6
2.1
-.2
5.9
.4
-.1
3.6
.8
1.0
.4
.1
.1
.5
.2
.2
.2
.5
.2
.6
-.5
-.1
-'.6
1.1
*
.6 - 3 . 5
2.7
.1
4.8
1.7 - . 1
.9
2.4
4.2
2.1
.3 - 1 . 8
-.4
Net financial investment6
.5
-.8
-.5
1.8
12.1 14.8 15.3 10.6
5.1
2.8
Consumer and nonprofit
3.3
2.0
4.2
7.9
7.8
9.0
8.4
7.3
Net acquis. offinan. assets... 27.4 26.8 27.3 31.3 21.3
6.2
5.0
20.7
5.7
6.4
3.1
15.2 12.0 12.1
16.2
Net increase in liabilities
2.2 - 1 . 9 - 3 . 8 - 2 . 8
4.0
Farm and noncorp. business... - 2 . 5 - 2 . 7 - 2 . 9 - 4 . 5 - 3 . 1
.8
.5
.1
1.3
.4
.
/
.
5
.5
.8
Net acquis. offinan. assets...
2
3.9
4.2
4.1
2.9 -1.4
1.4
3.0
3.5
Net increase in liabilities
2.5 -3.7
7
.
1
1.5
.8
1
.
4
-.9
1
.
6
1
.
5
-13.4 - 8 . 7
Corp. nonfinan. business
.5
5.2
5.6
4.1
7.2 13.4
5.5
.2
4.3
4.4
Net acquis. offinan. assets...
3.6
3.7
4.8
5.4
15.0
8.0
10.9
1.7
17.7 13.1
Net increase in liabilities
3.1
1.4 - 2 . 1 - 4 . 5
3.6 - 8 . 2 - 4 . 5
3.9 - 7 . 6
.7
5.9
Federal Government
2.6
1.6
4.3
-.5
.7
3.2
6.3
3.9
.2
1.6
Net acquis. offinan. assets...
4.7
9.7
5.5
2.9
3.7
-.4
10.8
-.5
-4.3
Net increase in liabilities
*
- . 3 -1.6 -1.2 -1.3
.3
State and local government.... - 2 . 2 - 3 . 2 - 5 . 2 - 3 . 9 - 3 . 4
1.0
.9
1.2
.7
2.5
3.3
3.1
.2
2.6
Net acquis. offinan. assets...
2.6
1.3
2.3
1.9
.9
7.7
6.5
6.9
1.8
4.8
Net increase in liabilities
5.9
2.2
.6
4.5
3.0
3.7
1.4
2.7
Financial sectors
4.6
5.5 10.3
.2 10.1
Net acquis. offinan. assets... 22.5 23.9 36.2 29.2 33.8 15.4
6.3
9.5
10.9
31.7
15.3
20.9
25.5
-1.1
19.8
Net increase in liabilities
29.2
.1
.1 - 1 . 8
- . 5 -2.6 -2.2 -1.6
Financial trans, discrep....
.3
4.5
.1
1.2
3.2
62.7
18.9
16.1
2.8
3.8
10.2
29.1
.7
g
h
1
j
Change in inventories5
Farm business
Noncorp. nonfinan. business...
Corp. nonfinan. business
4.7
-.4
.2
4.9
ee
7.7
6.1
3.9
3.3
-4.5
-.9
-.1
26.9
11.4
Other gross private domestic fixed
investment
Consumer and nonprofit
Nonfarm residen. constr. 4 . . . .
Plant and equip, {nonprofit)..
Farm business
Noncorp. nonfinan. business*..
Corp. nonfinan. business*
Financial sectors
u
v
w
x
y
z
aa
bb
cc
dd
10.1
8.4
7.9
8.4
-1.8 -1.6
3.3
3.8
l.'l
1.4 - 2 . 1
.7
1
.2
- . 6 -1.8
.6
1.6
.9
9.9
8.2
93.6 113.7 114.3
37.3 43.4 43.6
Z
a
b
c
d
e
f
k
1
m
n
o
p
q
r
s
t
1960
I960*
A
B
C
D
E
F
G
37.9
28.5
1959
Discrepancy ( P - W ) 7
.9
64.6
18.2
14.9
3.3
4.0
9.7
32.0
.8
.5
1.0
66.1
22.2
18.5
3.7
4.9
10.8
27.4
1.5
•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
net saving. See p. 838 of the BULLETIN for August 1959.
3 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
for August 1959.
4 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
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
66.6
21.4
17.4
4.0
4.4
10.7
29.2
.8
6.9
-4.0
2.8
-.3
1.2
-2.2
20.6
11.2
9.9
1.1
20.9
11.3
10.0
1.2
.2
1.1
2.2
6.3
21.1
11.4
10.0
1.2
.2
1.1
2.2
6.4
17.6
5.4
4.3
1.1
1.2
3.0
7.8
.2
17.5
5.8
4.8
1.1
.9
2.5
8.0
.2
-.1
.1
*
2
-1.2
.1
—5
-*8
-.1
3.6
7.3
3.8
-1.8
-.2
1.6
-.9
2.0
2.9
.6
.8
6.0
5.1
2.2
.4
1.8
.3
2.7
2.4
4.7
- A
4.2
.9
1.3
-.4
-2.2
-.9
.4 -.2
2.0
1.3
1.7
1.3
12.2 10.0
8.3
11.0
.3 - . 1
-4.3
-.9
3.4
i!i
2.1
6.2
31.6 31.0 25.8
17.2 20.9 18.4
5.2
3.0 2.5
8.3
7.4 8.4
4.7 - . 4 - 4 . 3
-1.6 - 2 . 1 - 2 . 3
.4
.9
1.8
28.8 27.4 29.2
11.2 10.1 12.4
17.1
4.7
5.5
.9
1.3
3.1
7.8
.2
.4
.1
-.1
.4
.1
-1.8
3.5
5.2
2.4
4.5
2.1
-2.2 -1.3
-.5
.2
1.7
1.5
-4.3 -2.2
- .5
1.4
2.0
3.6
4.0
-.5
-4.3
-.4
1.1
1.5
1.6
-3.0
-4.6
-1.2
3.8
2.8
3.6
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
g
h
i
j
l'.3
1.1
•
14.6
14.5
1.3
bb
cc
dd
-3.4
ee
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
the United States.
7 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 April 1961.
held by other sectors included in Federal obligations category.
3 Mainly time deposits of State and local governments, corporate
businesses, and savings institutions.
4 Assets in these categories are treated as consumer holdings.
5 Marketable issues maturing within one year and, prior to 1956
savings
notes.
6
Excludes loans to domestic commercial banks. Gross of valuation
reserves.
721
FLOW OF FUNDS/SAVING
SUMMARY OF PRINCIPAL FINANCIAL FLOWS
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1956
I.
A
R
c
r>
F
F
G
H
I
J
1958
1957
1958
1959
I960*
4
1959
1
1960
1
2
3
2
3
4
2 1
2 .1
2 0
3.8 - 8 . 8
2.5
3 1 —7 5
2 6
-.4
2.8
4A
3
-6.7
1.6 - 2 . 8 - 1 . 0
-.1
— .1
.7
1.8 - 3 . 4
.6
-.4
.4
.6 - . 4
.1
-.1
-.4
.7 - 1 3 _ i
Demand deposits and currency
Net increase in commercial
bkg.
system liability1
Net increase in assets, by sector . . .
Other domestic sectors
Consumer and nonprofit
Farm and noncorporate b u s . . .
Corporate nonfinancial b u s . . . .
State and local government....
Financial sectors
Rest of the world
Discrepancy (A—B)
1.7
1 7
1.7
1.0
.1
.1
.2
-.8
2
3
-.9
.6
5.8
6 5
1
.1
.8
.8
*
1 .1
1
6.4
2.5
1.3
1.7
q
9
.7
*
*
1
.2
.2
7
.1
.3
.2
8.9
3.6
10.1
5.4
-.1
5.2
9.0
-.3
2.1
7.3
10.1
-2.2
5.5
6.9
8.9
9.0
*
-.1
10.1
9.8
.4
*
8.0 - 7 . 0
6 6 —5 3
* __ c
6.3 - 4 ^ 9
.2
-.3
-.5
.2
2.3
.3
2.5
.6
-2.9
.5
-.1
.5
.3
-.3
-.1
9
10
1
*4
8
-.9
1
-.4
1
*
2
2
— .3
1.5
1 8
15
1.9
— .1
4 .9
3 o
- 1 .8
5
2 0
1
1
2
-.2
-.2
*
_ 3
1
o8
7
3
o
A
C
p
F
G
I
J
K
II. Fixed-value redeemable claims
A
R
Net increase, by type
Savings shares
c
D
E
F
G
H
I
J
K
L
Net increase in liab., by sector
Commercial banking
Savings institutions
....
Net increase in assets, by sector
Consumer and nonprofit
Other domestic sectors ^ . .
Rest of the world (time deposits).
III.
6.8
1
16.1
10.1
6.5
7 6
0
8
*
-.1
1.6
.2
.2
- .5
2.3
.-6
1.6
-.2
2.6
5 4
2
2 3
5
3.9
1.7
3 9
1.4
2.4
-.1
1.4
*
2 .8
1
C
D
3.1
-.2
.5
2.3
-.2
.6
2.0
3 0
6
9
2 6
.8
6
.1
1 .4
1.6
-.6
-.2
2.4
1.6
-.2
*
1.9
3.9
-.2
1.5
2.6
3.9
— .1
2.2
1.8
5 4
*
2 1
3 .3
E
F
G
H
14.8
12.7
1.8
.3
3.1
3.5
-.4
2.3
2.2
*
.1
3 0
3 5
2
4
.8
.7
.7
.3
1.6
2.1
— .2
-.3
1.6
1.6
.2
-.2
3.9
3.4
.3
.2
3.9
3.2
.5
.3
5 .4
4 .6
8
1
I
J
K
L
2 .5
8
17
3.1
.9
2.1
2.8
.8
3.1
.8
2.6
.9
3 0
A
1.6
0
2 .5
3.1
.1
2.8
.1
3.1
7
2.6
1
3 0
.5
5
1.1
1.3
1 5
G
.8
.7
1 0
H
11.8
-1.4
-2.1
10.4
1.2
14 8
2 0
A
.6
.7
1.2
.9
2.9
1.3
2.4
.5
2.1
1.2
—4.1
3
D
17.1
2.3
11.7
5.2
6.4
2.1
.8
-.2
.5
1.1
.2
1.2
2.9
2.6
2.9
4.1 - 4 . 1 - 1 . 5
10.4
3.7
.2
2.4
1.4
14.8
7.0
3.1
.9
7
- 1 !8
8.1
-.3
2.3
-.2
7 .6
-2 0
1.2
8.4
14.8
-.4
5.8
9.5
16.1
7.6
13.5
9.6
1.7 - 1 . 0
.9 - 1 . 0
Q
16.2
-.7
8.0
8.9
2.3
1.1
1
Saving through life insurance
and pension funds
A
R
Net increase by type
Life insurance
Pension funds
9.3
3.8
9.0
2.8
10.3
3.4
11 .6
3 7
11.5
3.5
8.1
2.8
1.0
2.9
.9
3. 2
1
1.8
2.0
7 0
D
Net increase in liab., by sector4
Federal Government
State and local government .
Life insurance companies . . .
Private noninsured pension plans.
9.3
1.0
9.0
.6
10.3
1.0
11 .6
10
1 8
11.5
1.0
2.8
.1
.4
1.5
2.9
.2
3 2
4
r
F
o
H
A
R
r
E
F
n
H
5.6
T
M
N
O
p
Q
R
sT
LT
V
w
X
Y
z
h
c
f
•
•
k
6.9
1.7
4.7
2.8
30.7 36.7
Net increase by type
-5.6
1.1
Federal obligations 5
7.4
5.5
Short-term direct
-13.0 - 4 . 4
Other
..
...
3.2
4.7
State and local obligations
7.5
5.0
Corporate and foreign b o n d s . . . .
4.0
3.8
Corporate stock
8.6
10.8
| _ to 4-family mortgages
....
46.2
9.0
-1.2
10.2
7 9
1.8
5.0
3.6
5
5
.5
1.3
1.0
1 6
8
.5
22.7
7.6
7.3
18. 7
18 . 3
-4.6
4.5
3.9
.4
3.4
5.6
3.8
3.8
.8
1.6
1.1
3.2
1.6
1.9
1.1
2.7
1.0
4.6
1.3
1.1
1.2
2.9
1.2
-.7
-.2
-.4
.9
4 7
7
1. 4
1. 0
1.
3 8
1. 7
2. 6
1
3.6
1. 3
7
4 6
1 8
1 1
.7
3 7
1 .5
1 7
3
2 .8
39.2
6 16.1
0
1.2
3.1
8
6 10.2
7 -1.6
22.7
5.6
*
2.8
3.1
7.9
7.3
18. 7
3.0
.7
-.4
6.
1. 1
2. 5
3. 8
1 7
,
18 . 3
5 .0
4.0
4.2
1.9
.8
1.8
.6
1.3
.7
.2
1.
1. S
4
61.5 39.2
2.2
15 3
4
.2
5 5 -2.2
8
2.5
3
22.7
1.4
.5
4.2
.9
7.3
4.5
-.3
1.0
.7
1.0
.5
.6
9.9
.7
8.0
1.4
-5.4
-.9
-4.5
-4.2
5 6
3 .2
.8
1
.5
1.6
.9
2.0
.5
1.1
1.1
2.3
q
1
s
c
D
F
Credit and equity market
instruments
5.7
6.8
4.2
10.1
3.8
3.6
-.6
5.9
.9
3.5
2.8
-.3
2.3
2.6
5.2
.3
1.7
1.3
2.0
Funds raised, by sector
Consumer and nonprofit
Farm business
Noncorporate nonfinancial bus...
Corporate nonfinancial business..
Federal Government
State and local covernment
Financial sectors
Rest of the world
31.2
15.1
.9
2.0
13.0
-5.4
36.9
11.8
1.1
1.1
13.1
1.0
46.2
12.0
1.5
2.3
11.8
9.3
3.3
1.2
1.0
4.9
2.4
1.4
5.9
1.2
2.3
Funds advanced by sector
Consumer and nonprofit
Farm and noncorp. business
Corporate nonfinancial business..
Federal Government
30.7
7.7
.3
-3.8
1.1
36.7
8.1
.2
.4
2.4
46.2
4.7
T
T
1.4
4.8
2.1
6.1
1.6
4.3
2.6
IV.
1.6
Consumer credit
Security credit
Bank loans n e e
•
...
Commercial banking system
Monetary authorities
Commercial banks
Securities
Loans ^
Savings institutions
Finance n e e
Rest of the world
2.3
2.6
4.8
.3
4.3
-.8
4.5
-5.5
8.0
7.3
8.0
1.6
1.3
5.1
1.3
3.8
7.2
8.3
2.5
.6
•
1.2
1.7
1.4
17.0
2.2
14.9
10.4 4.5
9.4
8.9
2.0
-.1
61 .5
11
39.2
-2.2
-5.1
8
9
7
4
2.9
3.6
5.5
3.5
5
5
4
4
4
n5
8
6 3
1
7
2 8
61 4
20
2
4
11
10
5 1
5 7
8
2 9
5 6
3
5 3
7 2
12 5
10 6
9.8
4 5
3
* Less than $50 million.
* Preliminary.
NOTE.—Data for excluded categories—trade credit, proprietors' net
investment, gold, Treasury currency, and misc.—and more detail on
10.9
9.2
2.3
6.9
9.4
10.5
4.5
1.2
6.6
1.7
4.9
2.4
2.5
2.1
.3
-'.2
-.3
2.7
2.5
.9
.2
0
.3
1 .6
2 .9
5 2
1 8
17.2
2.3
4.0 - 4 . 1
4.7 - 7 . 4
-.7
.4
1.5
1.2
3.0
1.4
2.7
.6
1.9
.5
3.3
1.0
1.1
.9
2.3
1.0
-.8
-1.6
.4
2.1
.5
1.0
1
2.3
3
18. 7
3. 4
3
I! 2
i. 7
18 3
4 .3
1
1 5
0
17.2
3.2
.5
1.9
.5
5
4. 2
1.2
3 3
.7
3.5
6
5
3. 6
j 7
5. 3
3. 2
2. 6
9
1. 0
.3
2
—
3
3
2
8
8
6
0
1
8
3
1
3.4
-.4
3.8
1.6
2.6
2.0
.7
.8
1.7
.5
5.3
1.4
1.3
.9
3.0
1.2
.6
.6
-.5
.7
1.6
.7
.4
11.8 10.4
4.2
-.7
1.0
-.4
.3
- . 3 - 1 . 3 -\.9
*
1.3
.6
2.3
.9
.4
-.3
-8.0
-1.4
-6.6
-5.7
5.1
1.2
5.2
.5
3.9
.3
3.7
2.3
2.4
2.0
*
4.7
3.8
.9
2.6
2.5
.5
.3
-.8
2.2
2.9
.2
.5
8
o5
1 q
7
2
1 1
1 8
q
c
E
F
o
T
T
1 6
IT
T
M
14 8
N
5 1
O
p
j
1 8
2 3
6
s
2 1
T
TT
7
V
14 8
W
X
Y
Z
a
-2.3
.5
1.2
.7
*
7. 5
4
b
c
7
4.
e
2
2 7
1 9
4
g
h
i
j
k
sector transactions appear in other flow of funds/saving tables in the
BULLETIN for April 1961.
For other notes see opposite page.
722
BANK HOLDING COMPANIES
BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 19601
[Holding companies registered pursuant to Bank Holding Company Act of 1956]
Details for 31 States
Number of banking offices in
holding company groups
State, or item
Deposits of banks in
holding company groups
Banks and branches
Number of
companies2
Banks
Arizona
California
Colorado
Florida
Georgia
2
5
3
13
21
68
187
Idaho
Illinois
Indiana
Iowa
Kentucky
2
6
3
17
2
38
Maine
Massachusetts
Minnesota
Missouri
Montana
Total
As a percentage of
all commercial banking
offices
70
192
3
13
69
38.25
10.97
1.55
4.21
13.29
40
6
5
29
25
35.09
Branches
48
2
12
23
.62
.67
3.39
5.01
In
millions
of dollars
468
2,402
87
397
1,035
As a percentage of
all commercial bank
deposits
36.74
9.87
4.33
8.13
35.21
251
203
40
269
256
38.58
1.16
35
5.30
21.16
61.06
4.04
52.00
.84
8.57
11.14
4
23
118
7
32
8
136
6
1
12
159
124
8
32
6.78
29.39
17.84
1.23
26.45
Nebraska
Nevada
New Hampshire
New Mexico
New York
5
2
7
5
22
2
23
11
185
7
25
7
16
207
1.60
59.52
9.09
14.95
11.69
2,588
9.73
73.42
12.33
12.81
5.74
North Dakota
Ohio
Oregon
South Dakota
Tennessee
34
24
1
11
9
5
35
84
26
9
39
59
85
37
18
21.20
4.84
34.55
15.88
3.55
303
672
880
247
109
39.93
5.95
43.72
32.89
3.30
51
4
52
21
12
54
8
59
39
1.18
45.00
1.40
15.86
5.44
462
520
61
365
3.75
51.77
1 .86
13.31
32.81
4
7.27
Texas
Utah
Virginia
Washington
Wisconsin
3
2
1
3
5
12
3
4
7
18
Wyoming
2
4
247
426
Total—31 States
i 1,037
1,162
2,557
249
431
163
324
51
91
1,522
74
17.61
i 18,274
i1,463
Summary totals and comparisons
31 States
United States—
all
commercial
banks
Holding company groups as a
percentage of all commercial banks in:
Holding
company groups
All
commercial banks
Number of banking offices, total
Banks
Branches
U,463
1426
i 1,037
15,998
9,466
6,532
23,686
13,471
10,215
19.14
16.18
Deposits (in millions of dollars)
118,274
172,002
229,824
U0.62
17.95
i The data include: (1) banks of which the bank holding companies
owned or controlled 25 per cent or more of the outstanding stock, and
(2) nine domestic commercial banks that are themselves bank holding
companies. (A list showing the names and total deposits of the banks
is available upon request.) The nine banks have 61 branches and deposits
aggregating $1,879,787,000. Exclusion of these 70 banking offices and
their deposits from the data in the table would reduce the percentage
ratios shown in the table as follows: Holding company groups to all
commercial banks in 31 States—number of banking offices, from 9.14
to 8.71; deposits from 10.62 to 9.53; holding company groups to all
commercial banks in United States—number of banking offices, from
6.18 to 5.88; deposits from 7.95 to 7.13.
31 States
United States
2
Data for individual States represent bank holding companies having
subsidiary banks in the respective States rather than registered bank
holding companies whose principal offices are located in such States.
Total does not equal sum of State figures because it has been corrected
for duplications; that is, holding companies that have subsidiary banks
in more than one State are included in the total only once.
The 47 bank holding companies included in the total represent only
42 separate bank groups because in five cases the bank group is controlled
by a bank holding company that is in turn controlled by another bank
holding company. These groups are located in the following States:
Florida, one; Georgia, two; Indiana, one; and Massachusetts, one.
BANK HOLDING COMPANIES
723
BANK HOLDING COMPANIES, DECEMBER 31, 1960
[Registered pursuant to Section 5, Bank Holding Company Act of 1956]
Location of
principal office
Holding company
California
Los Angeles
Western Bancorporation
Florida
Jacksonville
Jacksonville
Jacksonville
The Atlantic National Bank of Jacksonville
Atlantic Trust Company
Barnett National Securities Corporation
Georgia
Atlanta
Atlanta
Savannah
Savannah
Trust Company of Georgia
Trust Company of Georgia Associates
Citizens and Southern Holding Company
The Citizens and Southern National Bank
Indiana
South Bend
South Bend
St. Joseph Agency, Inc.
St. Joseph Bank and Trust Company
Iowa
Des Moines
Kentucky
Louisville
Maine
Bangor
Holding company
New York
Buffalo
New York
New York
New York
New York
Warsaw
Marine Midland Corporation
Amalgamated Clothing Workers of America
Empire Shares Corporation
Illinois Shares Corporation
Southeastern Shares Corporation
Financial Institutions, Inc.
Ohio
Columbus
Springfield
BancOhio Corporation
The Springfield Savings Society of Clark Count}
Tennessee
Chattanooga
Knoxville
Hamilton National Associates, Inc.
Tennessee Shares Corporation
Brenton Companies, Inc.
Texas
Dallas
Fort Worth
Houston
Texas Bank & Trust Company of Dallas
The Fort Worth National Bank
C. B. Investment Corporation
Trustees, First National Bank of Louisville
Utah
Salt Lake City
First Security Corporation
Eastern Trust and Banking Company
Virginia
Arlington
The First Virginia Corporation
Washington
Port Angeles
Spokane
Union Bond & Mortgage Company
Old National Corporation
Wisconsin
Milwaukee
Milwaukee
Milwaukee
Bank Stock Corporation of Milwaukee
The Marine Corporation
First Wisconsin Bankshares Corporation
Canada
Montreal
Toronto
Bank of Montreal
The Canadian Bank of Commerce
Japan
Tokyo
The Bank of Tokyo, Ltd.
Massachusetts
Boston
Boston
Boston
Baystate Corporation
The National Shawmut Bank of Boston
Shawmut Association
Minnesota
Minneapolis
Minneapolis
Minneapolis
St. Paul
Bank Shares Incorporated
First Bank Stock Corporation
Northwest Bancorporation
Otto Bremer Company
Missouri
St. Joseph
St. Louis
The First National Bank of St. Joseph
General Bancshares Corporation
Montana
Havre
Montana Shares, Incorporated
New Hampshire
Nashua
New Hampshire Bankshares, Inc.
Location of
principal office
Financial Statistics
* International *
Reported gold reserves of central banks and governments
726
Gold production
727
Net gold purchases and gold stock of the United States
728
Estimated foreign gold reserves and dollar holdings
729
International capital transactions of the United States
730
United States balance of payments
739
Money rates in foreign countries
739
Foreign exchange rates.
741
Index to statistical tables
749
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.
725
726
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
total
world1
End of
month
1954 Dec
1955—Dec
1956—Dec
1957 Dec
1958—Dec
1959 Dec
1960
Aor
May
June
July
Aug
Sent
Oct
Nov
Dec
. ...
Int'l
Monetary
Fund
United
States
Estimated
rest of
world
Argentina
1,740
1,808
1,692
1 180
1,332
2,407
21,793
21,753
22,058
22,857
20,582
19,507
13,405
14,060
14,365
14 785
17,575
18,270
372
372
224
126
60
56
138
144
107
126
162
154
2 495
2,489
2,515
2 527
2 562
2.564
2 603
2 723
2,439
19 403
19,395
19,363
19 188
19,045
18,725
18 443
17,948
17,804
18,685
56
56
55
166
170
149
153
156
159
157
147
147
M0,665
2 446
2,447
2,476
2,476
17 480
17,412
17,433 ^20,755
17,435
Cuba
Denmark
36,940
37,620
38,115
38,820
39,490
40,185
. ...
40,565
....
40,690
. ..
40,525
1961 Jan
Feb
Mar
Apr
End of
month
Dominican
Republic
19,400
20,280
Ecuador
55
80
84
84
84
104
Australia
138
158
Austria
El Salvador
Congo,
Rep.
of the
42
44
46
40
40
43
86
86
57
62
72
71
115
116
122
81
83
42
945
922
909
906
904
894
891
886
885
42
42
42
42
42
42
45
45
45
71
72
73
38
38
38
885
886
884
891
39
45
44
46
79
Germany,
France 2 Federal Greece
Republic
of
Guatemala
11
11
10
13
17
26
27
27
27
27
27
24
247
247
247
247
247
81
81
45
39
37
33
247
247
247
247
247
247
247
247
33
33
33
33
33
33
37
57
r
58
247
247
Brazil
Canada
1,073
1,134
1,103
1 100
1,078
960
62
71
778
929
925
322
323
292
,270
,134
327
292
292
292
197
,182
,191
I 175
71
103
194
293
293
293
293
293
293
29"*
293
293
293
Egyptian
Region—
U.A.R.
Colombia
Belgium
Finland
915
324
324
325
294
286
286
,158
,170
287
287
287
287
287
287
156
287
094
,094
112
1,137
,132
,086
287
287
Chile
23
23
22
22
22
20
174
174
188
188
174
174
29
28
28
31
31
30
31
35
35
35
31
12
12
11
11
11
10
35
38
708
942
924
581
750
1,290
July
Aug
Sept
Oct
Nov
Dec
19
19
19
19
3
3
1
1
1
31
31
31
31
31
31
31
31
31
10
10
10
10
10
10
10
10
10
20
20
20
20
20
20
20
20
20
174
174
174
174
30
30
30
30
30
30
30
30
30
38
38
38
38
38
38
41
41
41
1,399
1,513
1,551
1,560
1,568
1,627
1,622
1,626
1,641
2,704
2,741
2,772
2,818
2,879
2,888
2,915
2,943
2,971
26
26
26
26
26
31
31
31
76
24
24
24
24
24
24
24
24
24
1961 Jan
Feb
1
1
31
31
31
31
10
20
20
20
20
30
30
30
41
41
1,641
1,644
1,883
1,952
2 999
3,029
3,242
3,296
76
76
24
1954_Dec
1955 Dec
1956—Dec
1957—Dec
1958 Dec
1959—Dec
186
136
136
136
80
50
31
31
31
31
31
1960 Apr
May
Mar
Apr
End of
month
Iran
Iraq
1954 Dec
1955—Dec
1956 Dec
1957—Dec
1958—Dec
1959—Dec
138
138
138
138
141
140
1960_Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
131
131
131
131
131
131
131
131
130
84
84
84
84
84
84
111
98
1961—Jan
Feb
Mar
Apr
130
98
P Preliminary.
no
130
r
Revised.
For other notes see end of table.
8
14
20
34
84
98
Ireland,
Republic of
Italy
174
174
174
174
174
174
174
174
174
Lebanon
Mexico
41
41
NetherNew
lands Zealand
626
920
1,494
2,542
2,639
2,637
Norway
Pakistan
74
74
75
76
77
78
79
79
India
247
247
Indonesia
247
247
Peru
Philippines
Portugal
18
18
18
18
18
18
346
352
338
452
1,086
1,749
63
74
77
91
91
102
62
142
167
180
143
142
796
865
844
744
,050
,132
33
33
33
33
33
34
45
45
50
45
43
30
38
48
49
49
49
50
35
35
35
28
19
28
9
16
22
6
10
9
429
428
448
461
493
548
18
18
18
18
18
18
18
18
18
1,902
1,983
1,997
1.998
2^088
2,186
2,186
2,198
2,203
102
102
102
102
102
102
102
102
119
142
142
142
122
122
121
140
139
,164
,164
,231
,246
,246
1,346
,376
1,376
1,451
34
34
34
34
35
35
35
35
35
30
30
30
30
30
30
30
30
30
52
52
52
52
52
52
52
52
52
28
28
28
28
28
27
42
42
42
13
15
16
16
12
13
14
14
15
549
549
549
550
550
550
550
550
552
18
18
18
18
2,204
2 217
119
119
119
119
135
1,451
I 451
1,451
,458
35
35
35
35
30
30
30
30
52
52
53
53
47
47
47
47
16
18
19
20
553
553
539
137
727
GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]
South
Africa
End of
month
1954—Dec
1955—Dec
1956 Dec
1957—Dec
1958—Dec
1959 Dec
I960
Apr
May
June
July
Aug
Sent
Oct
•
•
Nov
Dec
1961 Jan .
Feb
...
Mar
Apr
Spain
Syrian
Region—
U.A.R.
Sweden Switzerland
199
212
224
217
211
238
132
132
132
101
57
68
265
276
266
219
204
191
258
78
171
255
17
19
19
24
24
1,513
1,597
1,676
1,718
1,925
1,934
Yugoslavia
Bank
for
Int'l
Settle-4
ments
403
403
603
719
719
652
14
16
17
13
17
16
76
121
59
24
-42
-134
512
9
512
7
United
Kingdom 3
113
112
112
112
112
104
144
144
144
144
144
133
2,762
2,120
2,133
2,273
3,069
2,736
227
216
186
180
180
180
2 831
2,859
2,892
2,996
3,072
3,108
3,139
3 167
3,231
180
180
180
180
180
180
180
512
512
512
462
428
398
398
7
7
7
6
6
5
4
180
180
398
398
5
5
180
398
5
133
78
171
104
133
78
78
88
98
108
158
178
171
171
171
171
171
171
170
1 767
1 767
1,774
1,896
1,960
1,980
2,020
2 059
2,185
104
240
233
219
204
187
176
178
104
104
104
104
104
104
104
133
133
133
133
133
134
134
170
187
196
172
189
205
205
205
170
170
170
170
2,184
2,162
2,165
2.239
104
104
134
134
134
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.
Venezuela
Turkey
Thailand
Uruguay
180
180
3,245
3,195
3,021
2 948
EPUEF5
153
244
268
254
126
40
* 22
-103
-107
-103
-79
-54
48
53
— 36
-19
56
53
83
48
111
78
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.
6 Less than $500,000.
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
Estimated
world
production^
895.0
940.0
975.0
1,015.0
1,050.0
1,125 0 1
I960—Mar
Apr
May
June
July
AUE
Sept
Oct
Nov
Dec
1961_jan
Feb
Mar
. . . .
Africa
Total
South
Africa
Rhodesia
Ghana
826.0
873.5
911.6
952.8
980.1
060 3
462.4
510.7
556.2
596.2
618.0
702.2
748 4
18.8
18.4
18.8
18.8
19.4
19.8
19 fi
27.5
23.8
21.9
27.7
29.2
32 0
31 0
89.1
90.2
92.0
3 91.6
3 92.5
3 92.7
3 93.1
59.6
61.8
63.1
63.4
63.6
63.5
63.4
63.4
63.4
62.2
1.6
1.7
1.6
1.6
1.6
1.7
7
1.6
6
7
2.7
2.7
2.6
2.6
2.6
2.6
2.6
2.5
2 5
2 5
63.7
62.7
65.7
7
5
2 5
2 5
2.5
1 Excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea.
2 Gold exports representing about 90 per cent of total production.
3 Excludes Congo.
SOURCE.—Estimated world production; based on reports of the U. S.
Other
North and South America
Congo, United
Rep.
of the States
Canada
Mexico
12.8
13.0
13.1
13.1
12.8
12 3
65.1
65.7
65.3
63.0
61.6
57.2
152.8
159.1
153.4
155.2
158.8
156.9
161.1
13.5
13.4
12.3
12.1
11.6
11.0
.9
.8
1.4
3.5
3.5
4.1
3.9
4.5
4.9
5.0
4.4
4.3
1.1
.9
.8
.8
.7
.8
1.3
3.9
13.6
12.8
13.2
13.5
13.8
13.3
12.9
14.1
13.7
13.8
3.2
2.9
3.7
13.2
12.6
13.7
Nicaragua 2
Brazil
8.2
8.1
4.2
3.9
7.6
4.3
6.9
7.2
7.3
7 0
4.2
3.9
3 8
4 1
Colom- Ausbia
tralia
India
39.1
36.7
36.1
37.9
38.6
38 1
37 8
3.2
3.3
2.8
3.4
3.2
3.1
3.4
3.3
31
34
8.4
7.4
7.3
6.3
6.0
58
13.2
13.3
15.3
11.4
13.0
13.9
15 1
.6
.7
.5
.6
.5
.6
.6
.6
.6
.3
.4
.3
.3
.4
.4
.3
.3
.4
1.5
1.2
l.l
.1
.2
.3
4
.6
.3
?
.6
.6
.3
.4
14
1.2
1
.5
.4
.5
.4
.4
.5
.5
.5
0
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.
728
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
1960
Area and country
1953
1954
Western Europe:
-130
-68
-10
-226
-55
-65
-480
-94
-37
-16
-50
-20
-6
4
is
-1,016
-378
-78
80
-85
-28
-5
-19
-132
62
-6
-10
-6
-10
-10
-1
1
Total foreign countries... -1,164
-327
-68
Total
Asia:
Japan
Other
Total
All other
-1,164
-84
-329
-261
-20
32
-215
—900
-178
-21
68 - 2 , 3 2 6
15
5
115
75
2
3
4
j
-141
-173
-1
-26
—25
-7
—56
— 83
— 117
-30
-10
-249
-10
—25
— 110
— 105
20
-350
-32
-38
— 114
-324
— 550
-36
-96
-33
— 160
—200
-81
-165
— 350
-36
-83
-34
-2
1
-40
-49
-n
-6
-22
-12
-36
-62
-102
-4
-67
-20
-19
-67
-20
-29
C1)
-632 -1,212
-366
18
-30
-4
-157
-28
-15
-97
0)
-26
0)
18
-34
-186
-113
-26
14
0)
-3
-5
-38
0)
0)
-8
0)
-42
-84
-5
20
172 -2,294
-998 - 1 , 9 6 9
200
600
3-44
280
772 -2,294
80
1 Less than $500,000.
2
Figures represent purchases of gold from, or sales to (—), the International Monetary Fund.
-90
— 15
300
300
3-1,041 - 1 , 6 6 9
-244
-1
-1
-1
0)
150
-23
-35
-1
-30
-100
-5
-58
— 55
-20
20
19
81
-23
100
-30
— 50
2
-28
-34
-576 -1,053
69
6
14
1
-83
-39
-266
-827 - 1 , 7 1 8
67
1
30
65
-16
14
-68
-327
8
-200
56
International institutions 2
Grand total
31
-8
100
80
-30
12
Other
3
1960
1959
1958
25
Canada
Latin America:
Argentina
1957
3
-34
-65
-60
United Kingdom
Bank for Int'l Settlements....
Other
Total
1956
-6
-85
Germany (Fed. Rep. of)
1955
1961
-42
-84
-632
-912
-366
3
Includes payment of $344 million in June 1959 as increase in U. S.
gold subscription to the International Monetary Fund.
ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
EarTotal
Net
marked Domesgold
gold gold:
de- tic gold
stock: import,
crease, producincrease,
or
or inor de- export
tion
Treas- Total 1 crease
crease
ury
(-)
(-)
Gold stock
(end of year)
1 car
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
165
-1,743
53
380
-1,162
686
-371
-549
684
2
-496
-1,352
618
-305
-1,171
67
80
66
67
69
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
-297
-41
306
799
-2,275
16
97
106
104
260
-325
-132
319
600
-2,515
65
66
65
63
62
1959
1960
19,456 19,507 2-1,076
17,767 17,804 -1,703
302
333
-1,324
-1,982
*>58
57
»1 Preliminary.
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."
Gold stock
(end of month)
Month
1960—May
June
July
Aug
Sept
Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
May
Total
EarNet
gold
marked Domesgold gold:
stock: import,
de- tic gold
increase,
crease, producor
or inexport
Treas- Total 1 or detion
crease
crease
ury
(-)
(-)
19,352
19,322
19,144
19,005
18,685
18,402
17,910
17,767
19,395
19,363
19,188
19,045
18,725
18,443
17,948
17,804
17,441 17,480
17 373 17 412
17,388 17,433
17,390 17,435
^17,403 ^17,451
-8
-32
-174
-144
-319
-282
-495
-144
10
77
49
12
5
125
19
3
-14
-102
-222
-151
-319
-397
-512
-145
4
4
5
5
5
4
4
4
-324
—68
21
2
H6
-20
—47
-137
-322
3
161
92
4 152
3
3
4
3
(3)
(3)
(3)
2 Includes payment of $344 million as increase in U. S. gold subscription
to the International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $11,757 million on May 31, 1961.
Gold under earmark is not included in the gold stock of the United States.
729
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31, 1959
Area and country
Western Europe:
Austria
Belgium
Denmark
Finland
France
Germany (Fed. Rep. o f ) . . . .
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other 3
Total
623
1,272
168
109
1,945
4,624
212
'3,119
1,617
125
686
154
404
2,903
164
3,490
'592
8
855
3,158
452
393
478
228
288
214
61
584
129
110
242
929
253
Total
Asia:
India
Indonesia
Iran
Japan
Philippines
Thailand
Other
Total
22,354
444
450
193
277
168
77
574
128
100
242
897
273
(2)
443
448
186
262
149
70
497
116
105
240
813
388
106
3,823
361
172
187
1,564
181
240
1,244
«
351
183
176
1,644
190
248
1,236
306
188
168
1,755
214
258
1,107
4,028
3,996
272
207
299
'528
263
216
280
34,493
1,507 '34,818
r
5,565
r
40,058
4,729
'24,413
849
25,107
819
3,552
424
3,324
416
429
3,439
42 '1,306
412
39
885
3,717
1,58:
r
35,8O5
3,666
115
4,165
P1 Preliminary.
' Revised.
Of the two sets of figures shown, the first continues the series based
on a 1955 survey and reported securities transactions; the second is
based on a survey as of Nov. 30, 1960, and reported securities transactions
in December. Data are not available to reconcile the two series or to
revise figures for earlier dates.
2 Less than $500,000.
3 Includes other Western European countries, unpublished gold
reserves of certain Western European countries, gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, European
Payments Union/European Fund, and the Bank for International Settlements; the figures for the gold reserves of the B.I.S. represent the Bank's
net gold assets (see note 1 to table on reported gold reserves).
5,302
86
3,630
59
1,239
28
1,491 37,645
1,409
550
5,627
25,290
446
15
301
235
152
2,166
218
284
989
28
755 '6,129
44
671
87
3,315
3,662
295
159
173
2,307
214
313
986
()
45
4,447
57
230
195
227
601
6,393
884
2,162 44,038
2,293
5,558
512
489
491
1,284
89
85
2,475
6,752
143
2,901
1,731
113
615
316
438
2,721
158
4,380
598
496
480
177
239
64
77
471
95
112
227
892
332
29
2,347 r43,168
4
148
1
82
94
419
481
180
236
78
68
534
123
114
231
796
370
58 '1,243
1,592 r37,039
8
(2)
235
196
207
601
709 '5,831
476
143
1
3
77
57
259
196
235
-553
2,291 '41,636
4,972
1
()
13
4,345
5,753
407
3
2
31
103
2,167 r40,571
660
158
1
3
78
74
297
195
156
1,984
237
270
1,026
'549
55 '1,308
()
14
454
460
179
242
108
65
495
127
97
244
795
400
105
Mar. 31, 1961^
U.S. Govt.
U.S.
Gold& bonds & notes i Gold& U.S.
Govt. shortshort- Govt.
.bonds
term
term
bonds
& notes dollars
Old
New dollars & notes
series series
(2)
381
39
r
866 23,345
485
Dec. 31, 1960
536
1,317
85
87
2,160
6,447
139
3,080
1,779
111
636
327
397
2,863
152
4,467
524
99
2,310
'5,243
138
() '3,049
18 1,643
141
131
637
1
227
3
432
79
87 2,713
152
(2)
368 4,124
506
38
3,307
'1,270
International institutions
Sept. 30, 1960
516
1,240
78
85
2,273
'5,995
109
'3,181
1,646
158
115
1
638
3
235
79
395
84
2,786
(2)
149
403
4,503
38
469
105
264
194
287
'525
Total
r
490
1,340
111
3,909
3,949
All other:
Australia
Egyptian Region—U.A.R.. .
Union of South Africa
Other 5
Memorandum item:
Sterling area
556
1,339
145
'123
2.041
4,682
186
'3,053
1,646
129
141
674
1
3
189
101
388
2,708
163
3,716
51
'616
'22,207
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Guatemala
Mexico
Panama, Republic of
Peru
Uruguay
Venezuela
Other 4
Grand totals
June 30, 1960
Gold& U.S.
Gold &j U.S.
Gold& U.S.
Gold &
short- Govt. short- Govt. short- Govt. shortterm
bonds
term
bonds term
bonds term
dollars & notes dollars & notes dollars & notes dollars
Canada
Total foreign countries 6
Mar. 31, 1960
35
1,253
38
1,426 37,967
1,459
900
6,349
1,063
2,326 44,316
2,522
536
5,487
521
4 Includes other Latin American republics and the Inter-American
Development
Bank.
5
Includes unspecified countries in Africa, Oceania, and Eastern
Europe, and all Western European dependencies located outside Europe
and Asia.
6 Excludes gold reserves of the U. S. S. R., other Eastern European
countries, and China Mainland.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in "Short-term
Liabilities to Foreigners Reported by Banks in the United States by
Countries" (Tables 1 and la-Id of the following section). U. S. Govt.
bonds and notes are holdings with original maturities of more than 1
year.
730
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
End of month
Grand
total
International
institutions 2
Total
1 452 13,487
13,641
1,517
1,544 14,615
4
3,158 16,225
1956 Dec
1957 Dec
1958—Dec
1959 Dec
14,939
15,158
16,159
19,383
I960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
19,854
'20,177
'20,434
'20 740
'21,209
'21,204
'21,411
'20,877
21,320
3,234
3,359
3,317
3 334
3,466
3,566
3,682
3,697
3,954
1961—Jan
Feb p
Mar
Apr.*5
20,909
20 766
21,083
20,849
3,941
3,816
3,872
3,911
Official
Private
Germany,
Fed.
Rep.
of
8,045
7,917
8,665
r
9,149
5,442
5,724
5,950
7,076
1,835
1,557
1,755
1,987
1.012
1,275
7,402
7,589
'7.550
'7,429
'7,109
7,046
2,199
'2,217
'2,471
r
2,701
r
2,866
'3,107
'3,290
'3,364
3,476
,340
1,500
1,599
736
1,800
,828
1,793
,641
.667
6,831
6,862
6,910
7,049
3,502
3,583
3,510
3,184
1,633
1,568
1,755
1,619
Foreign countries
16.620
'9,218
'9,269
16,818
r
17,118
9,594
r
17,406
9,753
17,742 10,153
17,639 10,089
17,728 10,300
17,181 10,072
17,366 10,320
16,968
16,950
17,210
16.937
10,138
10,088
10,300
9,888
r
7,549
r
7,524
r
7,653
r
United
Kingdom
Other
Europe
Total
Europe
4,019
4,310
5,081
'5,496
'4,955
'4,931
'4,862
'4,565
'4,515
'4,243
'4,188
'3,954
3,902
3,581
3,537
3,612
3,768
6,865
7,142
7,708
'8,473
'8,494
'8,648
'8,932
'9,003
'9,180
'9,178
'9,271
'8,959
9,045
8,716
8,688
8,877
8,571
873
990
Latin
Canada America
Asia
2,346
2,575
2,403
'2 408
'2,481
'2,528
'2,434
'2 496
'2,541
2,433
'2,365
'2,336
2,422
2,324
2 294
2,372
2,341
1 516
1,623
2,019
2 198
2,386
2,423
2,530
2 683
2,699
2,658
2,711
2,507
2,439
2,442
2 422
2,431
2,438
All
other
2 415
1 946
2,205
2 774
346
355
279
373
2,843
2,817
2,824
2 854
2 937
2 997
2,998
3 017
3,107
All
403
397
369
386
374
384
362
352
3,145
3 198
3 183
3,194
342
348
348
393
Table la. Other Europe
Neth- Norerlands way
Portugal Spain
Sweden
Switzerland
Turkey
All
others
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
146
128
112
97
75
78
54
67
63
1,134
'1,042
1,052
1,087
1,119
'995
'953
'923
877
442
430
412
386
355
300
289
277
328
96
97
101
88
85
85
83
81
81
113
104
88
88
87
88
84
85
84
108
120
149
133
132
137
187
157
149
265
267
261
250
250
224
219
210
227
930
928
939
878
820
806
755
693
678
23
24
19
18
14
16
18
17
18
r
452
r
49
52
67
68
794
724
784
823
275
246
280
265
80
82
83
84
81
80
76
80
114
127
111
118
229
233
268
282
612
568
556
539
21
19
24
17
301
272
321
376
Other
Europe
Austria
Belgium
Denmark
Finland
1956 Dec
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
177
154
126
186
I960
'4,955
'4,931
'4 862
'4,565
'4.515
'4,243
'4,188
'3,954
3,902
234
221
198
197
203
223
229
231
243
134
141
149
172
166
146
140
141
147
92
82
80
72
53
47
53
53
54
75
71
61
64
49
47
48
45
46
711
726
759
650
726
646
658
583
519
3,581
3 537
3,612
3,768
213
205
198
194
134
141
152
187
54
52
58
57
45
47
44
44
579
687
592
634
End of month
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1961—Jan
Feb v
Mar
Apr.p
. . .
France Greece
Italy
550
483
386
380
'403
418
391
388
Table lb. Latin America
End of month
Latin
BoAmer- Argentina
livia
ica
1956—Dec
1957—Dec
1958 Dec
1959 Dec .
2,346
2,575
2,40"?
'2,408
I960—Apr
May
June
JUly
Aug
Sept
Oct
Nov
Dec
'2,481
'2,528
'2 434
'2,496
'2,541
'2,433
'2,365
r
2,336
2,422
386
412
2,324
2,294
2,372
2,341
1961—Jan
Feb
Mar P
Apr.p
.
146
137
150
337
225
91
Colombia
153
26
22
132
138
75
100
153
169
24
151
185
217
20
22
159
172
147
156
205
205
144
132
189
185
181
166
158
21
20
162
162
324
335
315
22
21
23
185
186
194
116
117
135
299
289
22
24
203
170
120
112
174
172
23
21
193
185
133
128
160
149
388
394
393
370
313
326
r
P Preliminary.
Revised.
For other notes see following page.
29
Brazil Chile
20
23
176
173
132
137
175
167
Cuba
DominEl
ican
MexSal- GuateRe- vador
mala
ico
public
211
235
286
164
68
54
40
37
25
27
26
28
64
65
42
37
433
386
418
442
146
138
130
120
111
105
90
84
77
29
35
35
35
36
33
34
34
37
33
33
31
27
23
22
22
24
24
54
52
46
40
37
41
41
42
44
437
409
355
390
399
374
358
359
397
68
66
63
62
31
30
31
29
27
31
28
29
50
51
53
58
367
349
336
358
NetherPanlands ama,
AnRetilles puband lic of
Surinam
69
73
79
'88
'84
'88
'94
100
'91
'88
79
'68
72
70
69
77
84
Peru
Other
Uru- Vene- Latin
guay zuela America «
109
136
146
129
84
60
77
82
73
55
82
62
455
835
494
277
111
124
133
148
129
123
116
123
128
127
126
122
123
81
79
77
82
77
70
64
64
72
62
63
60
55
54
64
61
52
51
317
351
301
355
407
333
349
360
398
190
191
285
275
282
306
313
303
302
108
100
95
89
65
62
65
66
49
52
47
49
378
446
494
458
293
271
261
249
731
INT'L 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
Asia
End of month
Total
Hong
Kong India
Indonesia
All other
Korea,
Re- Phil- Taiwan
Iran Israel Japan public pines
of
Con- Egyp- Union
tian
ThaiAus- go,
of
Re- South
land Other Total tralia R o? gion—
Other
Africa
the U.A.R.
1956 Dec
1957—Dec
1958—Dec
1959—Dec
2,415
1,946
2,205
2,774
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
J 285 148
272
175
176
172
61
86
99
94
148
157
133
136
425
417
371
494
346
355
279
373
84
85
79
110
44
39
30
31
50
40
16
20
53
38
30
49
114
153
125
162
I960
2,843
2,817
2,824
2,854
2,937
2,997
2,998
3,017
3,107
61
58
58
59
58
59
58
60
57
68
67
59
55
51
50
36
37
54
152
138
155
158
164
162
170
148
178
39
47
37
35
27
25
26
25
22
93
91
80
68
72
59
62
71
75
1,413
1,445
1,476
1,536
1,627
1,705
1,758
1,808
1,887
140
136
139
143
144
148
153
150
152
184
194
198
216
219
224
217
212
203
91
90
90
87
89
89
86
84
84
142
152
154
158
163
166
169
177
180
459
399
379
339
322
311
263
245
215
417
403
397
369
386
374
384
362
352
135
113
114
107
95
100
87
80
88
37
46
37
25
27
29
30
32
32
39
41
42
46
40
22
24
27
22
39
30
40
36
32
31
30
33
29
166
174
164
155
191
192
213
189
181
3,145
3,198
3,183
3,194
57
45
1,953
1.991
2; 028
2,097
193
84
190
72
33
178
81
204
347
73
33
195
172
76
77
209
210
83
124
31
32
20
20
21
21
39
198
155
154
216
219
214
215
342
145
48
40
20
45
43
41
139
44
181
150
101
89
67
52
53
51
36
184
Apr
May
July
Aug
Sept
Oct
Nov
Dec
1961—Jan
Feb p
Mar . .
Apr p
69
62
50
348
393
31
30
182
187
Table Id. Supplementary Areas and Countries7
End of year
End of year
Area or country
Other Europe:
Albania
Bulgaria
Cyprus
Czechoslovakia8
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland*
Rumania*
Soviet Zone of Germany
U. S. S. R.«
Other Latin9 America:
Bahamas
Bermuda
Costa Rica
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
Paraguay
West Indies Federation®
Other Asia:
Aden
Afghanistan
Bahrein Islands
1957
1958
1959
1960
.1
.8
3.1
.7
.3
.3
.2
.6
1.7
.9
3.5
10.0
.6
16!l
5.9
4.9
.9
1.4
2.2
.3
1.2
.3
.7
1.8
1.3
2.7
5.4
.6
.6
7.2
5.3
4.0
.9
1.5
2.6
.2
.5
.5
1.0
n.a.
1.0
5.1
2.7
.5
.6
12.6
4.1
6.1
1.1
1.3
12.1
7.9
16.4
22.7
.8
11.2
12.6
12.7
5.1
15.8
6.8
24.5
17.4
.5
7.7
6.3
11.3
3.4
31.6
14.3
18.9
21.7
.5
10.5
12.8
12.5
6.7
32.6
.8
4.7
1.7
4.5
.9
2.2
11.0
.9
.6
.1
.7
1.7
.7
2.9
9.0
.5
.5
16.4
5.4
3.2
.9
Other Asia (Cont.):
Burma
Cambodia
Ceylon
China Mainland 8
Iraq
Jordan
Kuwait
Laos
Lebanon
Malaya, Fed. of
Pakistan
Portuguese India (Goa)..
Ryukyu Islands
Saudi Arabia
Singapore
Syrian Region—U.A.R..
Viet-Nam
47.2 All other:
21.7
Algeria
19.8
Ethiopia and Eritrea.
27.3
French Somaliland...
.4
Ghana
10.7
Liberia
15.0
Libya
11.9
Madeira Islands
4.6
Morocco
11.3
Mozambique
New Caledonia
New Zealand
n.a.
Somali Republic
9.8
Sudan
n.a.
Tunisia
n.a.
Not available.
P Preliminary.
1
Does not include banking liabilities to foreigners maturing in more
than one year; such liabilities amounted to $8 million on Apr. 30,
1961.
2
Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
3 Represents liabilities to foreign central banks and foreign central
governments and their agencies (including official purchasing missions,
trade
and shipping missions, diplomatic and consular establishments, etc.).
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.
6
Beginning June 1960 includes Inter-American Development Bank.
7 Except where noted, these data are based on reports by banks in
Area or country
1957
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
.9
35.1
3.1
23.0
10.7
.9
51.5
3.4
1.7
1.9
1.3
1.7
1958
5.9
24.9
1959
1960
4.3
19.7
.9
10.9
10.3
20.9
37.9
1.2
5.6
2.5
15.2
60.2
2.5
4.7
48.8
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
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.
.5
27.8
1.0
.7
13.0
6.4
1.0
43.5
2.9
1.4
6.9
1.3
5.2
.3
.6
18.7
2.0
.4
20.3
17.6
.6
57.8
2.0
1.3
6.8
.8
1.6
8.4
.4
9.3
.9
n.a.
n.a.
5.6
.9
64.3
2.2
n.a.
n.a.
3.5
n.a.
2.8
44.1
36.0
18.0
2.8
the Second (New York) Federal Reserve District. They represent a
partial breakdown of the amounts shown in the "other" categories in
Tables l a - l c .
8 Based on reports by banks in all Federal Reserve districts.
9 Prior to 1960 data for the Bahamas included with West Indies
Federation.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by U. S. banks, bankers, brokers, and dealers,
by branches or agencies of foreign banks, by certain domestic institutions
not classified as banks that maintain deposit or custody accounts for
foreigners, and by the U. S. Treasury. The term "foreigner" is used to
designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled abroad
and the foreign subsidiaries and offices of U. S. banks and commercial
firms.
732
INTL CAPITAL TRANSACTIONS OF THE U, S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Payable in dollars
End of month, or area
and country
To banks and official institutions
To all other foreigners
Payable
in foreign
currencies
Total
Total
Deposits
U.S.
Treasury
bills and 1
certificates
Other2
Total
Deposits
U.S.
Treasury
bills and
certificates
Other 2
Total amounts outstanding
1956 Dec
1957 Dec
1958 Dec
1959—Dec
14,939
15,158
16,159
19,383
12,860
12,847
13,669
16,908
5,979
5,875
6,772
6,341
5,990
5,840
5,823
'9,239
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—Apr
May
June
July
'19,854
'20,177
'20,434
'20,740
'21,209
'21,204
'21,411
'20,877
21,320
17,548
17,833
'18,101
18,406
18,865
18,849
19,004
'18,568
18,980
6,696
6,920
7,186
7,365
7,631
7,648
7,639
7,451
7,567
'9,220
'9,331
'9,295
'9,503
'9,710
'9,681
'9,880
'9,680
10,012
1,632
,583
1,620
1,538
,524
1,519
1,485
1,437
1.401
2,234
1,745
1,770
1,794
1,780
,770
1,786
1,826
1,777
1,847
199
2,268
2,250
2,250
2,253
2,238
2,262
2,182
2,228
211
167
165
182
173
172
158
290
287
289
305
301
279
148
264
247
233
73
75
84
86
91
118
144
127
113
20,909
20,766
21,083
20,849
18,666
18,550
18,865
18,609
7,321
7,491
7,717
7,756
10,045
9,788
9,903
9,588
1,299
1,271
1,244
1,264
2,122
2,105
2,107
2,129
1,772
1,776
1,792
1.806
128
113
102
103
222
216
213
220
121
112
111
111
(3)
(3)
Sept
Oct
Nov
Dec
1961 Jan
Feb p
Mar
Aprv
. . . .
891
Area and country detail, Feb. 28, 1961
Europe:
Finland
Germany, Fed. Rep. of....
Greece
Italy
Norway
Portugal
Spain
Switzerland
Turkey
United Kingdom
Other Europe
Total
Latin America:
Brazil
Chile
Colombia
Cuba
Dominican Republic
pi Salvador
Guatemala
Mexico
Neth. Antilles and SuriPanama ReD of
Peru
Uruguay
Venezuela
Other Latin America
Total
205
141
52
47
687
204
108
45
45
636
196
87
14
16
236
1
6
30
16
362
7
15
1
13
39
2
33
7
1
49
2
29
6
1
41
3,583
52
3,558
38
2,928
13
417
24
14
724
246
697
221
214
25
178
17
82
51
371
101
6
148
104
42
3
19
14
1
3
28
22
23
18
1
1
1
(3)
3
31
29
3
3
2
3
41
40
19
9
107
18
8
74
2
2
39
109
224
458
108
68
256
19
17
17
1,568
7
1,247
6
954
6
238
55
271
1
265
212
75
65
72
16
46
1
15
156
3
2
(3)
(3)
(3)
6
(3)
27
(3)
133
1
46
92
50
14
(3)
1
3
8,688
7,915
2,602
4,321
992
676
473
66
136
97
2,422
2,183
1,565
606
13
230
186
34
10
9
289
24
170
112
172
66
223
8
38
68
107
4
140
8
34
68
90
4
64
19
66
16
132
44
65
63
65
16
121
43
64
60
30
31
9
9
51
349
35
208
9
8
21
205
20
22
20
22
(3)
3
( )
(3)
4
(3)
17
P)
(3)
5
9
2
16
141
15
136
1
(3)
>•>
9
(3)
(3)
(3)
1
3
(3)
(3)
(3)
(3)
2
3
69
39
21
6
12
28
14
3
10
16
22
23
252
194
14
22
22
252
91
(3)
1
8
63
38
24
188
71
(3)
(3)
(3)
95
84
40
30
194
76
2
1
21
2
5
4
4
2,294
1,255
1,009
170
75
1,037
960
11
65
(3)
1
(3)
(3)
(3)
100
62
52
446
271
r
P Preliminary.
Revised.
i Includes special nonnegotiable, non-interest-bearing U. S. notes
(International Monetary Fund series and International Development
Association series), which amounted to $2,607 million on Apr. 30, 1961.
4
80
i42
(3)
3
127
233
568
36
4
(3)
1
(3)
(3)
1
3
2 Represents principally bankers' acceptances and commercial paper.
3 Less than $500,000.
733
INT'L 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
Total
Deposits
U. S.
Treasury
bills and
certificates
To all other foreigners
Other 1
Total
Deposits
Payable
in foreign
currencies
U. S.
Treasury
bills and
certificates
Other 1
e>
1
Area and country detai , Feb. 28, 1961—Cont.
Asia:
Hong Kong
India
Indonesia
Iran
Israel
52
44
150
45
28
32
148
40
24
28
75
40
52
5
4
21
24
12
2
5
23
12
2
5
69
65
32
8
25
4
4
1 991
145
198
81
204
219
1,036
143
171
72
23
159
870
68
16
151
19
8
3
27
7
2
18
6
3
33
14
2
17
6
3
33
3,198
1,974
143
180
75
200
185
3,072
1,804
1,100
168
126
122
73
33
20
36
184
70
32
19
33
154
34
12
17
33
113
35
7
1
2
13
1
34
7
3
1
1
3
29
3
1
1
3
27
347
308
209
77
23
37
35
Total foreign countries.
16,950
14,733
7,188
6,274
1,271
2,105
1,776
International institutions....
3,816
3,816
303
33,514
20,766
18,550
7,491
9,788
1,776
Japan
Korea Rep of
Philippines
Taiwan
Thailand
Other Asia
.
...
Total...
All other:
Australia
Congo Rep of the
Egyptian Region—U.A.R..
Union of South Africa....
Other
Total
Grand total
1
Represents principally bankers' acceptances and commercial paper.
2 Less than $500,000.
2
«
2
()
(2)
(2)
1
C2)
1
(2)
(2)
3
1
1
$
2
2
113
216
111
113
216
112
C2)
1,271
2,105
3
Includes $2,556 million of special nonnegotiable, non-interest-bearing
U. S. notes (International Monetary Fund series and International
Development Association series).
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i
[Amounts outstanding, in millions of dollars]
Ger-
End of month
Total
France many,
Fed.
Italy
Rep. of
1956—Dec
1957—Dec.
1958—Dec
1959—Dec
I960
..
Apr
May
June
July
Aug
Sept
Oct .
Nov
Dec.
1961—j an
Feb
Mar P
Apr. p
v
1
.
1,946
2,199
2,542
2,623
18
114
102
57
157
140
77
54
30
33
32
29
34
42
United Other Total
King- Europe Europe
dom
104
98
124
216
211
315
121
234
41
36
129
135
38
568
654
696
Canada
157
154
243
Latin
America
840
956
099
534
272
1,175
228
226
512
509
254
258
1,172
1,124
I 111
1,203
I 200
,150
2,707
2,691
2 764
3,062
3 117
3,160
3,361
3 325
3,590
25
26
55
55
28
27
33
29
32
28
32
62
63
68
77
84
78
82
32
30
35
33
42
35
34
42
36
41
45
54
55
60
181
234
239
256
237
222
245
230
227
212
226
245
240
264
575
617
628
665
694
658
717
272
336
341
356
397
376
409
3,586
3 672
3,955
35
37
44
44
78
81
108
134
38
36
36
61
61
74
70
197
170
167
170
237
224
246
232
646
609
676
417
377
467
496
I 394
4,114
Preliminary.
Short-term claims reported in these statistics represent principally
the following items payable on demand or with a contractural maturity
of not more than 1 year; loans made to and acceptances made for
foreigners; drafts drawn against foreigners that are being collected by
43
56
36
Switzerland
46
695
Asia
337
386
435
586
All
other
43
50
69
56
715
743
55
56
746
845
886
921
956
972
354
1 042
60
61
62
68
70
65
68
,338
I 390
1 113
1 224
1 352
1,453
72
73
76
76
244
I 254
384
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.
734
EVTL 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
Other
Europe
End of month
Austria
Belgium
Denmark
Finland
Greece
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
()
All
other
7
10
9
18
1956—Dec..
1957—Dec..
1958—Dec..
1959—Dec..
216
211
315
234
28
25
65
56
12
11
14
18
21
29
56
38
23
23
22
7
8
8
30
13
10
24
19
88
76
72
47
I960—Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec..
228
226
230
227
212
226
245
240
264
51
46
50
49
41
41
53
50
65
9
7
7
6
7
9
10
13
13
9
7
8
9
9
9
26
36
34
36
30
29
32
30
33
6
7
7
8
9
11
16
17
17
6
5
5
7
7
10
19
23
22
22
18
23
25
26
28
67
60
62
55
59
61
58
53
49
11
12
12
12
11
9
7
8
11
15
13
14
12
13
15
16
15
19
1961—Jan..
Feb..
237
224
246
232
63
61
58
56
14
12
12
11
9
9
10
11
34
32
47
42
11
10
10
10
26
25
26
24
41
32
35
24
9
9
12
16
14
16
16
19
1
Table 3b. Latin America
End of month
1956—Dec
1957 Dec
1958—Dec
1959—Dec
I960—Apr
May
July
Aue
Sept
Oct
Nov
Dec
1961—Jan
Feb v
Mar
Apr p
Brazil Chile
Colombia
Cuba
4
3
3
3
72
100
148
117
145
103
51
68
113
166
115
7
15
19
29
4
148
161
75
77
92
77
20
19
Latin
BoAmer- Argentina livia
ica
840
QS6
1,099
[,175
15
28
40
60
1,172 63
I 124 68
,111 76
,?03 81
1,200 87
1,150 96
1.244 108
1,254 112
(,354 121
4
4
4
1,338
4
4
390
122
122
1,384 127
394 127
Dominican
Republic
4
4
4
4
4
4
5
156
173
176
189
16
33
52
59
50
50
50
57
90
78
212
206
225
54
57
55
63
73
67
62
55
79
77
76
80
31
29
27
26
229
228
74
77
80
79
21
21
240
213
81
118
77
80
21
21
78
79
NetherPanEl Guate- Mex- lands
ama,
AnSal- mala
Retilles
ico
vador
and pubSuri- lic of
nam
10
15
7
8
12
10
5
13
11
8
6
7
13
11
17
16
18
17
14
17
17
19
19
16
22
11
11
11
12
13
14
14
13
21
19
13
14
13
13
7
9
19
17
15
12
213
231
293
291
297
325
321
335
333
316
Peru
5
12
6
4
18
23
18
35
31
31
36
15
42
52
47
3
17
40
52
5
5
22
17
17
16
41
43
43
20
19
343
5
6
4
4
5
8
22
23
43
44
342
313
5
5
27
28
48
48
303
302
327
323
Other
Uru- Vene- Latin
guay zuela America
5
5
26
29
46
43
42
48
50
49
42
38
39
52
55
52
144
49
170
142
247
51
53
57
242
157
169
52
50
224
219
164
233
57
235
234
50
48
231
311
44
40
271
281
50
50
50
52
56
57
64
56
60
63
61
Table 3c. Asia and All Other
All other
As ia
End of month
1956—Dec
1957—Dec.
1958—Dec
1959—Dec
Total Hong
Kong India
337
386
435
586
715
I960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1,042
1961_Jan
Feb
Mar.p3
1,113
1,124
1,352
1,453
Apr.*
743
746
845
886
921
956
972
P Preliminary.
1
See note 1 on preceding page.
4
7
6
10
11
12
11
10
10
6
6
Iran
20
22
4
6
27
29
8
8
7
9
7
35
9
8
8
9
9
11
8
33
35
36
38
Phil- TaiIsrael Japan ippines
wan
16
24
23
14
170
146
179
324
15
16
17
16
15
456
14
15
660
693
712
488
497
586
628
16
53
67
24
22
21
14
22
26
23
6
6
6
9
9
14
13
15
91
110
111
155
43
10
10
11
10
10
6
148
145
143
141
140
55
56
60
61
62
8
7
7
10
12
11
15
14
15
15
16
24
149
147
143
68
70
22
9
36
35
34
33
24
796
25
24
19
8
9
10
34
16
9
11
867
7
43
48
27
18
19
10
11
10
11
52
23
11
11
17
32
30
30
956
1 074
1,162
Thai- Other Total
land
24
23
23
50
69
56
121
66
68
124
72
123
126
130
2 Less than $500,000.
Egyp- Union
tian
Aus- Congo,
of
Rep.
Re- South
Other
tralia of the gion—
U.A.R. Africa
11
13
13
18
19
21
23
25
25
27
29
27
27
4
3
2
1
3
2
8
12
21
12
17
19
29
21
3
3
3
3
2
5
3
2
3
2
1
2
2
1
2
2
2
3
11
11
11
12
10
11
10
10
11
19
20
21
21
22
3
3
3
7
12
6
5
73
76
28
28
26
4
4
76
27
4
8
23
26
25
24
26
12
13
26
26
13
24
735
INTL CAPITAL TRANSACTIONS OF THE U.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Short-term
Payable in dollars
End of month, or area
and country
Longterm—
total i
Loans to:
Total
Total
Banks and
official
institutions
Others
Payable in foreign currencies
Collections
outstanding
Other
Total
Deposits
with
foreigners
Other
Total amounts outstanding
1955
1956
1957
1958
1959
Dec
Dec
Dec
Dec
Dec
....
I960 - A p r
vi ay
June
July
Aug
Sept
Oct
Nov
Dec
1961 Jan
Feb
Apr.*9
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
489
582
627
840
848
236
330
303
428
460
353
440
423
421
516
307
444
699
656
582
164
150
147
198
217
144
131
132
181
203
20
19
15
16
15
[,587
1,628
1,599
[,666
1,636
1,626
1,628
1,659
1,698
2,707
2,691
2,764
3.062
3,117
3,160
3,361
3,325
3,590
2,490
2,466
2,485
2,665
2,708
2,729
2,883
2,902
3,110
774
768
726
408
392
562
569
746
737
218
224
186
191
31
34
591
602
605
280
397
409
431
198
223
221
270
82
173
188
404
438
482
579
561
554
578
793
986
830
771
814
387
387
385
386
1,654
1,598
1,595
1,639
3,586
3,672
3,955
4,114
3,116
3,246
3,458
3,590
803
866
460
455
871
912
494
527
620
622
731
715
719
679
716
1,054
1,045
1,058
1.091
1,209
1,232
1,303
1,414
1,435
478
424
480
293
221
242
161
185
203
238
471
426
194
207
277
219
496
524
249
241
247
283
Area and country detail, Feb. 28, 1961
Europe:
Belgium
Germany, Fed. Rep. of....
Greece
Italy
Norway
Portugal
...........
Total
Latin America:
Bolivia
Brazil
Chile
. .......
Mexico
Netherlands Antilles and
Peru
Uruguay
Other Latin America
Total
-
2
2
3
19
9
37
9
35
( )
23
3
15
81
7
36
72
7
34
23
1
8
I
5
9
6
7
1
(2)
2
1
7
11
( )
2
n\
2
21
4
15
18
9
8
1
5
2
10
3
6
6
2
1
6
(2)
(2)
8
4
2
1
1
27
13
1
14
13
2
14
32
26
6
10
9
1
2
4
2
6
2
5
2
42
25
23
6
6
5
5
4
23
9
3
15
71
77
14
13
3
2
(2)
5
1
3
147
8
9
28
4
5
17
15
2
61
32
170
9
35
32
3
4
1
(2)
(2)
341
609
408
140
65
116
87
201
106
95
64
377
206
14
163
8
21
170
57
113
114
122
4
228
77
79
103
4
228
76
79
9
15
32
4
33
14
24
(2)
97
13
5
21
21
13
19
13
19
5
11
14
313
14
308
3
97
3
5
5
26
28
1
(2)
8
178
11
1
184
77
48
48
311
60
48
48
310
60
870
1,390
1,365
2
2
1
(2)
13
23
11
2
19
48
(2)
85
26
39
18
18
(2)
(2)
(21
(2)
C2)
(2)
P)
(2)
2
57
4
4
4
4
7
33
3
121
3
2
5
5
4
20
3
62
29
6
20
37
24
17
(2)
6
3
50
9
425
212
294
434
2 Less than $500,000.
1
(2)
(2)
(2)
17
1
2
5
173
P1 Preliminary.
Represents mainly loans with an original maturity of more than 1
year.
( )
1
9
2
140
1
Dominican Republic
El Salvador
(2)
4
59
12
203
38
24
Cuba
(2)
41
2
61
12
Turkey
United Kincdom
Yugoslavia
Other Europe
2
8
33
6
4
i
(2)
1
/2\
(2)
(2)
\
25
23
2
(2)
736
INTL 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:
Collections
outstanding
Total
Total
Banks and
official
institutions
Others
Other
Total
Deposits
with
foreigners
Other
Area and country detail, Feb. 28, 1961—Cont.
Asia:
Hong Kong
9
8
43
32
43
32
3
1
937
2
18
10
24
120
139
3
3
956
2
18
10
24
120
11
97
127
1,224
1,203
281
21
37
4
60
73
28
4
3
12
25
23
4
3
11
22
2
1
2
196
73
64
1,598
3,672
3,246
19
Korea Rep. of
16
Taiwan
Thailand
Other Asia
Total
All other:
Australia
Congo Rep of the
Egyptian Region—U.A.R..
Union of South Africa
Other
Total
2
9
9
20
39
14
9
Indonesia
Iran
Israel
3
2
1
1
3
6
n\
33
3
8
1
25
700
19
19
2
7
10
1
(2)
(2)
1
4
96
2
1
1
2
18
(2)
(2)
10
165
747
20
19
1
10
5
1
4
13
2
10
14
2
1
2
3
6
5
39
14
9
%
2
866
455
622
1,303
426
207
82
(2)
4
(2)
3
7
International institutions....
Grand total .
1
Represents mainly loans with an original maturity of more than
1 year.
219
2 Less than $500,000
TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES *
[In millions of dollars]
U. S. corporate securities 2
U. S. Govt. bonds & notes
Year or month
Purchases
Net purchases,
or sales (—)
Sales
Total
1957
1958
1959
I960
I960 Apr
May
June
July
Sept
Oct
Nov
Dec
1961 Jan
Feb p
Mar
Apr.*
Foreign
countries
Sales
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
2,418
1,423
1,798
2,158
2,167
194
-39
435
251
699
889
946
883
1,392
1,915
1,458
1,432
-693
-1,026
-512
-549
593
467
566
502
622
804
804
591
-29
-336
-238
-88
188
166
198
48
61
44
148
345
195
86
241
170
58
187
93
196
262
98
102
-75
29
-10
-126
-49
-48
82
97
44
—29
-5
-9
-50
-42
-48
-13
-21
191
205
272
189
183
181
179
187
208
145
183
220
192
184
199
187
180
220
45
23
52
-4
-1
-18
g
7
-12
76
59
84
53
36
73
244
36
31
109
87
142
83
61
89
268
44
78
-33
—28
—58
-30
-25
-16
-24
-8
-46
41
58
50
35
35
36
35
43
31
59
46
70
46
48
45
42
56
52
-19
12
-19
-11
-13
-9
—7
-13
-21
73
323
67
91
96
71
99
98
-23
252
-32
-7
-23
81
-25
35
250
270
369
348
219
253
329
308
30
17
40
39
54
46
43
43
89
74
91
96
-35
-28
-48
-53
51
37
56
48
49
63
91
94
2
-26
-35
-46
Preliminary,
i Includes transactions of international institutions.
Purchases
Foreign bonds
2 Includes small amounts of U. S. municipal securities.
737
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 sal es, (-). In millions of dollars]
Type of security
Year or month
Stocks
1957
1958
1959
I960
.
...
Oct
Nov
Dec
1961—Jan
Feb . . .
Mar.*
Belgium
143
-56
51
17
14
-3
435
251
363
201
73
50
5
5
45
23
52
-4
-1
-18
-8
7
-12
34
6
46
-1
4
-18
-22
10
7
12
17
6
-3
-5
1
14
-3
-18
30
17
40
32
32
30
-1
-14
10
39
55
-16
194
-39
Apr
M^ay
June
July
AU2
Sept
Bonds
France
8
2
2
A
-1
3
11
2i
Netherlands
Switzerland
35
-8
31
40
38
101
19
254
171
2
3
2
1
CO CO CO
I960
Country
TotaP
United
Kingdom
Other
Europe
Total
Europe
Canada
-99
-86
Latin
America
77
-1
20
1
15
-48
8
-3
11
4
-4
-7
-29
-20
-21
255
10
35
66
379
234
4
4
3
-1
1
7
8
8
5
37
13
50
4
16
-13
-7
3
-17
2
4
—4
-12
-22
-4
-6
-2
2
3
3
2
3
1
2
5
7
2
5
22
25
28
-4
-13
6
g
8
1
_2
2
2
-1
2
3
2
-4
-3
21
4
30
-1
13
-12
20
14
-2
5
3
3
-2
3
5
17
16
7
2
5
3
21
9
-1
32
-30
-46
All
other 2
15
14
23
23
46
28
5
3
4
3
2
2
3
2
5
40
36
5
6
8
8
9
2
Includes transactions of international institutions.
3 Less than $500,000.
P Preliminary.
1
Includes small amounts of U. S. municipal securities.
TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS
TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i
[Net sales, ( - ) . In millions of dollars]
[In millions of dollars]
Year or
month
1957
1958
1959
1960
InterTotal
national foreign Europe
couninstitutions
tries
-384
-558
-157
— 147
-338
-805
-593
-491
-116
231
-72
-50
Canada
-552
-543
-443
-202
15
5
11
-96
-45
-45
-97
-41
2
2
3
-15
3
-7
-2
-3
I960—Apr....
May...
June...
July....
Aug....
Sept....
Oct....
Nov....
Dec....
-2
-39
5
-9
-10
-21
-16
7
2
-50
22
-83
-33
-27
-5
-14
-28
-69
-4
22
-27
-6
-34
-5
-10
-19
-21
-24
1961—Jan
Feb.. . .
Mar. *..
Apr.?..
-1
-35
-69
-80
-27
-30
-24
-9
-7
-8
-44
-54
15
-3
3
P Preliminary.
i Less than $500,000.
-102
Latin
Amer- Asia
-8
-10
5
12
7
9
-18
6
-14
-24
1
-26
0)
-20
4
-4
—1
-6
7
-6
-9
-6
-4
-11
-19
All
other
Assets in custody
End of month
Deposits
U. S. Govt.
securities 2
Miscellaneous 3
13
-150
-15
-36
-22
1
-2
2
1
1
-24
1
3
4
-1
-2
0)
1959—Dec
345
4,477
570
1960—May
June
July
Aug
Sept
Oct
Nov
Dec
215
254
215
204
223
251
252
217
4,841
4,977
5,272
5,423
5,479
5,634
5,430
5,726
643
672
671
701
713
718
752
756
1961—Jan
Feb
Mar
Apr
May
238
207
271
230
210
5,793
5,879
5,935
5,634
5,637
714
694
690
672
687
1 Excludes assets held for international institutions, and earmarked
gold. See note 4 at bottom of p. 728 for total gold under earmark at
Federal Reserve Banks for foreign and international accounts.
23 U. S. Treasury bills, certificates of indebtedness, notes, and bonds.
Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
738
BVT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
[End of year or quarter.
In millions of dollars]
Liabilities to foreigners
1960
Area and country
Germany, Fed. Rep. of
Greece
Italy
.
Netherlands
Norway
a
....
United Kingdom
Yugoslavia
Other Europe
Total....
Canada
...
Latin America:
Bolivia
Brazil
Chile
Cuba
Total
Asia:
Hong Kong
India
Indonesia
Iran
Israel
Total
.
. .
All other:
Australia
Congo Rep of the
Egyptian Region—U.A.R..
Union of South Africa
Other
Total
International institutions....
Grand total
3
21
2
1
2
16
2
1
18
2
1
3
10
7
1
42
43
37
20
21
25
28
33
12
1
10
55
13
56
1
14
46
1
15
21
3
31
25
3
26
27
2
26
39
39
23
21
15
11
16
14
9
56
7
31
2
33
17
48
1
13
44
7
7
4
4
6
1
1
2
3
4
8
26
34
0)
3
7
14
15
0)
1
2
2
1
90
112
1
5
109
1
5
89
1
6
252
382
376
320
31
54
54
58
10
12
1
18
4
3
5
5
3
15
3
9
9
2
17
5
3
4
1
1
1
1
7
20
42
0)
C1)
10
6
5
7
6
5
4
0)
2
3
2
3
5
14
5
3
4
18
4
2
20
5
3
3
19
85
87
86
2
6
2
8
2
3
1
3
4
2
13
15
23
4
11
22
13
4
9
4
2
5
11
5
1
6
9
8
2
36
26
3
29
14
6
3
11
27
20
10
25
5
3
25
13
9
9
7
80
1
5
62
1
4
53
73
0)
148
1
3
162
1
5
'304
262
264
265
357
373
58
101
101
89
111
138
7
2
15
5
3
3
13
2
62
8
6
24
25
3
54
10
7
27
14
4
55
9
9
26
12
3
65
9
11
20
1
4
3
2
2
1
4
1
3
2
0)
2
5
2
4
2
4
30
30
29
5
4
10
9
3
9
8
30
9
14
r
C1)
7
36
27
5
1
1
3
11
6
12
23
19
10
27
19
r
r
19
2
69
9
11
18
31
2
12
4
4
4
20
4
13
5
33
15
8
2
35
16
5
6
3
32
18
8
5
31
19
80
86
234
235
220
234
2
4
3
4
2
6
2
7
2
7
4
4
1
4
r
5
3
2
5
3
3
1
9
4
2
7
11
2
8
11
8
10
19
18
37
36
1
41
1
39
1
35
10
2
8
2
7
2
9
3
4
17
4
2
1
6
1
6
4
1
4
5
2
3
5
42
53
53
51
8
2
r
3
5
2
4
19
55
12
19
5
6
8
0)
0)
0)
4
5
7
5
6
6
1
1
6
5
1
1
1
5
21
29
18
19
22
0)
0)
0)
0)
440
593
588
531
r
Revised.
i Less than $500,000.
NOTE.—Reported by exporters, importers, and industrial and com-
n
3
1
28
2
1
0)
Korea Rep. of
Philippines
.•
Taiwan
Thailand
.. .
Other Asia
2
i
coco
Panama Rep. of. . .
Peru
Urusuav
Venezuela
Other Latin America
1959
3
29
1
1
34
16
3
3
5
Dominican Republic
El Salvador
Guatemala
Mexico
Neth. Antilles and Surinam,
1958
3
2
1
Europe:
Austria
Belgium
Denmark
Finland
France
1960
1959
1958
Portu al
Spain
Sweden
Switzerland
Turkey
Claims on foreigners
r
524
3
13
3
15
4
18
95
92
100
99
8
16
2
2
7
10
15
1
3
6
10
1
5
8
11
16
4
13
4
29
19
r
239
r
l1
1
7
9
r
r
98
19
1
6
8
11
1
5
8
10
28
38
41
41
44
0)
0)
0)
0)
0)
720
730
715
843
r
893
mercial concerns in the United States. Data excludes claims held through
U. S. banks, and intercompany accounts between U. S. companies and
their foreign affiliates.
739
U. S. BALANCE OF PAYMENTS
U. S. BALANCE OF PAYMENTS
[Department of Commerce estimates.
1957
Quarterly totals in millions of dollars]
1958
1959
1960
Item
Exports of goods and services, total 1 ..
Merchandise
Services2
6,654
4,662
1,992
5,611
4,058
1,553
5,965
4,193
1,772
5,607
3,816
1,791
6,142
4,196
1,946
5,421
3,802
1,619
5,797
4,060
1,737
5,878 6,368
4,035 4,328
1,843 2,040
6,309
4,604
1,705
6,903
5,000
1,903
6,662
4,675
1,987
7,272
5,132
2,140
Imports of goods and services, total...
Merchandise
Services
Military expenditures
5,152
3,385
1,047
720
4,941
3,139
970
832
5,278
3,166
1,200
912
5,388
3,124
1,425
839
5,446
3,522
1.095
829
5,431
3,597
1,059
775
5,967
3,884
1.293
790
6,200 5,962
3,848 3,986
1,579 1,224
752
773
5,761
3,820
1,177
764
6,049
3,858
1.455
736
6,052
3,554
1,694
804
5,441
3,485
1,226
730
Balance on goods and services1
1,502
670
687
219
696
-10
-170
-322
406
548
854
610
1,831
Unilateral transfers (net) 3
Private remittances and pensions...
Government nonmilitary grants
-581
-180
-401
-563
-178
-385
-598
-174
-424
-544
-174
-370
-633
-196
-437
-627
-190
-437
-578
-185
-393
-534
-201
-333
-663
-203
-460
-575
-195
-380
-624
-213
-411
-605
-200
-405
-669
-214
-455
U.S. long- and short-term capital (net) 3
Private, total
Direct investment
Portfolio and short-term investment
Government
-956
-588
-324
-887
-64.
-155
-1,251
-1,025
-411
-784
-451
-156
-893
-725
-372
-470 '-1,033
-391
-745
-267
-449
-620
-39.
-229
-536
-773
-365
-768
-546
-269
-264
-368
-487
-614
-226
-295
-333
-354
-167
-124
-79
-296
4-288
-163
-228
-408
237
-277
-222
-386
-381
-575
-144
-743
-359
Foreign capital and gold (net)
Increase in foreign short-term assets
and Government securities
Increase in other foreign a s s e t s . . . .
Gold sales by United States
22'
1,086
934
901
94'
41,416
1,444
567
801
979
1,183
1,200
26
-15
1,075
477
-26
483
502
52
347
780
7!
95
4829
190
4397
1.119
158
167
367
128
7:
566
185
50
733
152
94
556
-10
637
279
76
175
-71
160
365
32
226
—6
-145
-19:
Errors and omissions.
p
1
2
275
50
-98
-245
580
197
13
370
200
-1,064 -1,044 -1,752
-683
-900 -1,393
-297
-325
-650
921
-610
3
Preliminary.
Excluding military transfers under grants.
Including military transactions.
Minus sign indicates net outflow.
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.
4
OPEN MARKET RATES
[Per cent per annum]
France
United Kingdom
Canada
Month
Treasury Day-today
bills,
3 months i money 2
Bankers'
Treasury
acceptbills,
ances,
3 months
3 months
Day-today
money
Bankers' Day-toallowance
day
on
money 3
deposits
Germany
Treasury
bills,
60-90
days 4
Day-today
money 5
Netherlands
Treasury
bills,
3 months
Day-today
money
Switzerland
Private
discount
rate
1958—Dec
1959—Dec
3.46
5.02
2.07
4.30
3.34
3.72
3.16
3.61
2.70
2.85
2.00
2.00
6.07
4.07
2.38
3.75
2.63
3.56
2.26
2.52
.50
1.50
2.50
2.00
I960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.40
2.87
2.87
3.13
2.53
1.89
2.65
3.53
3.53
3.33
2.77
2.84
3.24
2.70
1.58
2.36
3.26
3.16
4.80
4.76
5.04
5.76
5.75
5.71
5.62
4.98
4.64
4.65
4.58
4.88
5.58
5.58
5.53
5.36
4.74
4.44
3.67
3.87
3.98
4.67
4.79
4.85
4.79
4.30
3.88
3.00
3.00
3.25
4.00
4.00
4.00
3.92
3.50
3.12
4.22
4.25
4.15
4.53
4.05
4.15
3.99
3.76
3.70
4.00
4.00
4.88
4.88
4.88
4.88
4.88
4.00
3.75
3.94
3.88
4.75
4.69
4.75
5.25
5.31
4.69
4.31
2.25
2.30
2.49
2.19
2.05
2.00
1.96
1.57
1.51
.75
1.54
1.75
1.64
1.56
1.50
1.64
1.14
1.13
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1961—Jan
Feb
Mar
Apr
3.20
3.05
3.21
3.30
2.75
2.52
2.98
3.03
4.45
4.48
4.61
4.63
4.25
4.31
4.48
4.45
3.77
3.76
3.74
3.65
3.00
3.00
3.00
3.00
3.65
3.59
3.70
3.70
3.25
3.00
2.50
2.38
3.88
3.38
3.38
2.94
1.32
1.14
1.03
0.77
1.00
3.75
3.75
3.75
2.00
2.00
2.00
2.00
1 Based on average yield of weekly tenders during month.
2 Based on weekly averages of daily closing rates.
3
Rate shown is on private securities.
"Rate in effect at end of month.
-Based on average of lowest and highest quotation during month.
740
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
May 31, 1960
Per
cent
Month
effective
Argentina 2
Austria
Belgium
.
Brazil*
Burma
6.0
5.0
4.0
10.0
3.0
Dec.
Mar.
Dec.
Apr.
Feb.
1957
1960
1959
1958
1948
Canada 3
Ceylon *
Chile*
Colombia ^
Costa Rica 2
3.26
2.5
16.4
5.0
3.0
May
Dec.
Jan.
Aug.
Apr.
1960
1959
1960
1959
1939
Cuba 2
. . .
Denmark
Ecuador 2
Egypt
. ...
El Salvador 2
6.0
5.5
5.0
3.0
5.5
Jan.
Jan.
Nov.
Nov.
Jan.
1960
1960
1956
1952
1960
Finland
"Germany
.. .
Greece
Honduras 5
6.75
4.0
4.0
7.0
2.0
Mar.
Apr.
Oct.
Apr.
Jan.
1959
1959
1959
1960
1953
Iceland
India*
. . . .
Indonesia 2
Iran
Ireland . . . . . .
11.0
4.0
3.0
4.0
4.75
Feb.
May
Apr.
Aug.
Jan.
1960
1957
1946
1948
1960
Israel
Italy 2
Japan
....
Mexico
Netherlands
6.0
3.5
7.3
4.5
3.5
Feb.
June
Dec.
June
Nov.
1955
1958
1959
1942
1959
New Zealand
Nicaragua
6.0
6.0
3.5
4.0
9 5
Oct.
Apr.
Feb.
Jan.
Nov.
1959
1954
1955
1959
1959
South Africa
Spain
Sweden
6.0
2.0
4.0
4.6
5.0
May
Jan.
Jan.
Apr.
Jan.
1960
1944
1959
1960
1960
Turkey
United Kingdom
Venezuela2
2.0
7 0
6.0
5.0
4.5
Feb.
Feb.
June
Jan.
Nov.
1959
1945
1956
1960
1959
.. .
Pakistan
Peru 2
Philippine Republic 2
June
July
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
6.0
5.0
5.0
10.0
3.0
5 0
3.32
3.17
i6.55
2.5
4 0
1.95
3.28
4.02
3.5
3.29
3.46
3.46
3.53
3.42
i6.74
6.5
3.5
5.0
3.5
4.0
6.0
3.0
9.0
7.0
5.0
5.75
6.0
5 0
5.5
6.5
5.0
4.5
6.75
3.5
3.0
6.0
2.0
7.0
6.0
3.5
4.0
9.5
3.0
4 5
6.0
6.5
5.0
3.0
5.5
6.0
3.5
6.57
4.5
3.5
6.57
6 94
3.42
4.0
16.74
5.0
3.0
9.0
4.0
3.0
4.0
5.31
5.31
5 5
1 Rates shown represent mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. In certain cases other
rates
for these countries are given in note 2.
2
Discounts or advances at other rates include:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Ceylon—4.0 per cent for advances against certain types of commercial
and production paper;
Colombia—3.5 per cent for agricultural and industrial development
paper of up to 150 days, 3 per cent for economic development paper
of up to 5 years, and 2 per cent for specific small business, cooperative
and employee paper;
Costa Rica—5 per cent for paper related to commercial transactions
<rate shown is for agricultural and industrial paper);
Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by
national public securities;
Ecuador—6 per cent for bank acceptances for commercial purposes;
Sept.
Rate
as of
May 31,
1961
1961
1960
Country
3.0
2.0
5 0
4.6
5.0
2.0
7.0
6.0
5.0
4.5
El Salvador—4.5 per cent for agricultural and industrial paper and 3.5
per cent for special cases;
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 5 1.5 per cent for each month in which the reduction does not occur.
Rate shown is for advances only.
6 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
741
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
7.183
5.556
2.835
5.556
2.506
1 207
5 556
l L.2730
I.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
101.40
101.60
104.29
103.03
104.27
103.12
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
L.2005
L 1989
L.2010
1.2022
I 2037
1.2042
1.2054
1.2061
223.59
223 32
223.78
223.92
224 12
224.03
224.18
223.69
3.8406
3.8426
3.8468
3.8573
3.8609
3.8509
3.8432
3.8409
2.0055
2.0053
2.0041
1.9955
2.0024
2.0061
2.0130
2.0131
102.24
101.79
102.19
103.10
102.82
102.18
102.37
101.78
21.047
21.020
21.048
21.061
21 072
21.063
21.065
21.044
.3112
3112
.3111
.3111
3111
.3111
.3112
.3112
20.396
20 401
20 404
20.404
20 404
20 375
20.402
20.387
L.2058
1.2061
1.2073
I.2075
1.2071
223.62
223.10
222.91
222.95
222.63
3.8391
3.8352
3.8314
3.8306
3.8308
2.0074
2.0026
2.0042
1.9985
1.9983
100.69
101.03
101.26
101.11
101.26
21.037
21.013
20.990
20.992
20.988
.3112
.3112
.3111
3111
.3110
20.401
20 402
20.404
20 400
20.404
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
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
26
26
26
26
26
Year or month
Free
Official
1955
1956
1957
1958
1959
I960
1960 -May
June
July
Aug
Sept
Oct
.
Nov
Dec
1961 Jan
Feb
Mar
May
Year or month
Ireland
(pound)
23 765
23 786
23 798
23 848
23.926
23.976
20.894
20.934
20 910
21.048
21.031
20.968
279 13
279.57
279 32
280 98
280.88
280.76
.1610
.1610
.2779
2779
.2779
.2778
.2778
23.978
23 980
23.979
23.978
23.978
23.968
23.974
23.973
20.958
20.935
20.966
20.978
20.990
20.983
21.000
20.982
280.60
280 27
280.84
281.02
281.27
281.16
281.35
280.74
.1611
.1611
.1611
.1611
.1611
.1611
.1610
.1610
.211A
.2768
.2783
.2787
.2787
.2787
.2778
.2781
32.810
32 785
32.839
32.846
32.851
32.838
32.858
32.833
8.0056
8 0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.519
26 519
26 511
26 512
26.518
26 518
26 492
26.517
277 82
277 49
278 06
278 24
278.49
278 37
278 57
277.96
23.968
23.966
25.020
25.185
25.184
20.975
20.950
20.940
20.940
20.919
280.64
279.99
279.75
279.81
279.40
.1610
.1607
.1607
.1609
.1611
.2786
.2786
.2786
.2772
.2763
32.826
32 774
32.699
32.600
32.518
8.0056
8.0056
8.0056
8.0056
8.0056
26.499
26 400
5 27 582
27.820
27.826
277.86
277 22
276 98
277.03
276.63
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
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
19
19
19
19
19
23
23
23
23
23
23
279
279
279
280
280
280
....
.. .
. .
4
. .
Year or month
South Africa
1955
1956
1957
1958
1959
I960
14
14
14
14
14
14
1960 May
June
July
Aug
Sept
Oct
Nov
Dec
14.018
14 007
14.018
14.026
14.040
14.032
14 038
14 021
3.4935
3 4905
3.4936
3.4956
3.4979
3.4973
3.4992
3.4950
279.55
279 22
279.79
279.97
280.22
280.11
280.30
279.69
1961 Jan
Feb
14 004
13 985
13 985
13 989
13.964
3.4928
3.4861
3 4903
3 4920
3.4851
279.59
7 279.19
Mar
Apr
May
008
008
008
008
028
018
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
France
(franc)
India
(rupee)
....
1961 Jan
Feb
Mar
Apr
May
Finland
(markka)
Germany
(deutsche
mark)
1955
1956
1957
1958
1959
I960
1960 May
June
July
Aug .
Sept
Oct
Nov
Dec
In cents per unit of foreign currency]
(rand)
1.6633
8139.37
139 35
139 38
139.18
333
333
331
328
324
349
Netherlands
(guilder)
230
113
170
418
492
513
331
334
330
328
142
152
New
Zealand
(pound)
276
276
276
278
278
277
36
80
56
19
10
98
13
57
32
98
88
76
.6640
.6640
.6640
.6640
.6641
1.6642
19.339
19 365
19.366
19.392
19.379
19.365
19.355
19.334
23.124
23 175
23.183
23.198
23.219
23.211
23.216
23.225
280.60
280 27
280.84
281.02
281.27
281.16
281.35
280.74
1.6635
[ 6644
1 6644
6643
1.6644
19.339
19 342
19 353
19 354
19.378
23.220
23 144
23 144
23 122
23.101
280.64
279 99
279 75
279 81
279.40
from 4.20 to 4.00 marks per U. S. dollar.
s Effective Mar. 7, 1961, the par value of the guilder was changed from
3.80 to 3.62 guilders per U. S. dollar.
<5 Based on quotations through Apr. 22, 1960.
78 Based on quotations through Feb. 10, 1961.
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. M C C . MARTIN, JR., Chairman
C. CANBY BALDERSTON, Vice Chairman
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
G. H. KING, JR.
WOODLIEF THOMAS, Adviser to the Board
RALPH A. YOUNG, Adviser to the Board
JEROME W. SHAY, Legislative Counsel
CHARLES MOLONY, Assistant to the Board
CLARKE L. FAUVER, Assistant to the Board
DIVISION OF EXAMINATIONS
OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
FREDERIC SOLOMON, Director
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ROBERT C. MASTERS, Associate
Director
C. C. HOSTRUP, Assistant Director
LEGAL DIVISION
GLENN M. GOODMAN, Assistant
HOWARD H. HACKLEY, General Counsel
HENRY BENNER, Assistant
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
JAMES C. SMITH, Assistant
Director
Director
Director
BRENTON C. LEAVITT, Assistant
THOMAS J. O'CONNELL, Assistant General
Director
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
Counsel
WILSON L. HOOFF, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
G U Y E. NOYES, Director
DIVISION OF PERSONNEL ADMINISTRATION
FRANK R. GARFIELD, Adviser
ROBERT C. HOLLAND, Adviser
ALBERT R. KOCH, Adviser
ROLAND I. ROBINSON, Adviser
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant
DANIEL H. BRILL, Associate Adviser
LEWIS N. DEMBITZ, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
DIVISION OF INTERNATIONAL FINANCE
RALPH A. YOUNG,
HARRY E. KERN, Assistant
Director
Director
J. HERBERT FURTH, Adviser
A. B. HERSEY, Adviser
OFFICE OF THE CONTROLLER
ROBERT L. SAMMONS, Adviser
SAMUEL I. KATZ, Associate
Adviser
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant
DIVISION OF BANK OPERATIONS
Controller
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant
Director
M. B. DANIELS, Assistant Director
JOHN N. KILEY, JR., Assistant
Director
OFFICE OF DEFENSE PLANNING
Director
INNIS D. HARRIS,
742
Coordinator
FEDERAL RESERVE BANKS AND BRANCHES
743
Federal Open Market Committee
WM.
M C C . MARTIN, JR.,
Chairman
Vice Chairman
A L F R E D HAYES,
CARL E. A L L E N
G. H. KING, JR.
C. CANBY BALDERSTON
A. L. MILLS, JR.
ELIOT J. SWAN
WATROUS H. IRONS
J. L. ROBERTSON
EDWARD A. WAYNE
RALPH A. YOUNG, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
WOODLIEF THOMAS, Economist
ROBERT G. ROUSE, Manager,
CHAS. N. SHEPARDSON
P. E. COLDWELL, Associate
Economist
ROBERT S. EINZIG, Associate Economist
GEORGE GARVY, Associate Economist
GEORGE MITCHELL, Associate Economist
G U Y E. NOYES, Associate Economist
BENJAMIN U. RATCHFORD, Associate Economist
System Open Market Account
Federal Advisory Council
J. LIVINGSTON,
OSTROM ENDERS, BOSTON
HOMER
GEORGE A. MURPHY, NEW YORK
NORFLEET TURNER, ST. LOUIS
HOWARD
C.
PETERSEN, PHILADELPHIA
CHICAGO,
GORDON MURRAY, MINNEAPOLIS,
President
Vice President
REUBEN B. HAYS, CLEVELAND
R. OTIS MCCLINTOCK, KANSAS CITY
ROBERT B. HOBBS, RICHMOND
I. F. BETTS, DALLAS
JOHN C. PERSONS, ATLANTA
CHARLES F. FRANKLAND, SAN FRANCISCO
HERBERT
V. PROCHNOW, Secretary
WILLIAM
J.
KORSVIK,
Assistant Secretary
Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE
BANK O F —
CHAIRMAN AND
FEDERAL RESERVE AGENT
DEPUTY CHAIRMAN
BOSTON
NILS Y. WESSELL
ERWIN D. CANHAM
N E W YORK
PHILIP D. REED
JAMES D E C A M P WISE
PHILADELPHIA
HENDERSON SUPPLEE, JR.
WALTER E. HOADLEY
CLEVELAND
ARTHUR B. V A N BUSKIRK
JOSEPH H. THOMPSON
RICHMOND
ALONZO G. DECKER, JR.
EDWIN HYDE
ATLANTA
WALTER M. MITCHELL
HENRY G. CHALKLEY, JR.
CHICAGO
ROBERT P. BRIGGS
JAMES H. HILTON
ST. LOUIS
PIERRE B. MCBRIDE
J. H. LONGWELL
MINNEAPOLIS
ATHERTON BEAN
JUDSON BEMIS
KANSAS CITY
RAYMOND W. HALL
HOMER A. SCOTT
DALLAS
ROBERT O. ANDERSON
LAMAR FLEMING, JR.
SAN FRANCISCO
F. B. WHITMAN
Y. FRANK FREEMAN
744
FEDERAL RESERVE BULLETIN • JUNE 1961
Presidents and Vice Presidents
Federal
Reserve
Bank of
Vice Presidents
(Vice Presidents in charge of branches are
listed in lower section of this page)
President
First Vice President
Boston
George H. Ellis
E. O. Latham
D. Harry Angney
Ansgar R. Berge
Benjamin F. Groot
Dana D. Sawyer
O. A. Schlaikjer
Charles E. Turner
New York
Alfred Hayes
William F. Treiber
Harold A. Bilby
Charles A. Coombs
Howard D. Crosse
Marcus A. Harris
Herbert H. Kimball
Robert G. Rouse
Walter H. Rozell, Jr
H. L. Sanford
Todd G. Tiebout
Philadelphia
Karl R. Bopp
Robert N. Hilkert
Joseph R. Campbell
Wallace M. Catanach
David P. Eastburn
Murdoch K. Goodwin
Philip M. Poorman
James V. Vergari
Richard G. Wilgus
Cleveland
W. D. Fulton
Donald S. Thompson
Roger R. Clouse
E. A. Fink
Clyde Harrell
W. Braddock Hickman Martin Morrison
L. Merle Hostetler
Paul C. Stetzelberger
Richmond
Edward A. Wayne
Aubrey N. Heflin
N. L. Armistead
J. G. Dickerson, Jr.
Upton S. Martin
John L. Nosker
Joseph M. Nowlan
Benjamin U. Ratchford
James M. Slay
Atlanta
Malcolm Bryan
Harold T. Patterson
J. E. Denmark
J. E. McCorvey
L. B. Raisty
Brown R. Rawlings
Charles T. Taylor
Chicago
Carl E. Allen
C. J. Scanlon
Ernest T. Baughman
A. M. Gustavson
Hugh J. Helmer
Paul C. Hodge
L. H. Jones
C. T. Laibly
George W. Mitchell
H. J. Newman
Harry S. Schultz
St. Louis
Delos C. Johns
Darryl R. Francis
Marvin L. Bennett
Homer Jones
George E. Kroner
Dale M. Lewis
Howard H. Weigel
Joseph C. Wotawa
Minneapolis
Frederick L. Deming
A. W. Mills
Kyle K. Fossum
C. W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
F. L. Parsons
M. H. Strothman. Jr,
Kansas City
George H. Clay
Henry O. Koppang
John T. Boysen
C. A. Cravens
J. R. Euans
F. H. Larson
L. F. Mills
E. U. Sherman
Clarence W. Tow
J. T. White
Dallas
Watrous H. Irons
Harry A. Shuford
James L. Cauthen
P. E. 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
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Vice Presidents
I. B. Smith
R. G. Johnson
F. O. Kiel
J. W. Kossin
D. F. Hagner
E. F. MacDonald
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Kansas City
Helena
Denver
Oklahoma City
Omaha
C. A. Van Nice
Cecil Puckett
H. W. Pritz
P. A. Debus
Dallas
El Paso
Houston
San Antonio
Howard Carrithers
J. L. Cook
Carl H. Moore
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
W. F. Volberg
J. A. Randall
A. L. Price
E. R. 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.)
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. April 1961. 238 pages.
TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Part I. July
1959. 108 pages. Part II. February 1960
159 pages. Part III. February 1960. 112
pages. Individual books $1.00 each; set of 3
books $2.50.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
Monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia,
Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras,
Mexico, Nicaragua, Panama, Paraguay, Peru,
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per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents per copy. (Group
subscriptions in the United States for 10 or
more copies to one address, 50 cents per copy
per month, or $5.00 for 12 months.)
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
Supplement. Subscription price in the United
States and the countries listed above is $6.00
per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents each. (Group
rate of 50 cents each for 10 or more of same
issue for single shipment.)
July
1960. 229 pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85 cents
each.
INDUSTRIAL PRODUCTION—1959 REVISION.
FEDERAL FUNDS MARKET—A Study by a
Federal Reserve System Committee. May
1959. I l l pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85
cents each.
THE
DEBITS AND CLEARINGS STATISITICS AND THEIR
USE (rev. ed.). May 1959. 144 pages. $1.00
per copy; in quantities of 10 or more for single
shipment, 85 cents each.
1896-1955. Part I, U. S.
Summary. Part II, Summaries by States and
other areas. April 1959. 1,229 pages. $4.00.
ALL-BANK STATISTICS,
THE FEDERAL RESERVE ACT, as amended through
December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Reserve System. 385 pages. $1.00.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHART BOOK.
Issued annually in September
Annual subscription to monthly chart book includes one issue of Supplement. In the United
States and countries listed above under Federal
Reserve Bulletin, single copies 60 cents each,
elsewhere 70 cents each. (Group rate in quantities of 10 or more for single shipment 50 cents
each.)
INDUSTRIAL PRODUCTION CHART BOOK.
February
1961. 210 pages. $1.75 per copy; in quantities of 10 or more for single shipment, $1.50
each.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53
December 1955. 390 pages. $2.75.
BANKING AND MONETARY STATISTICS.
1943.
November
979 pages. $1.50.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS
9 pages.
745
746
FEDERAL RESERVE BULLETIN • JUNE 1961
PERIODIC RELEASES
DEPARTMENT STORE CREDIT
WEEKLY
DEPARTMENT STORE MERCHANDISING DATA
(Also annual list.
Both available at Federal Reserve Banks only.)
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS
BY INDUSTRY
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
WEEKLY AVERAGES OF MEMBER BANK RESERVES,
RESERVE BANK CREDIT, AND RELATED ITEMS
AND STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
MONTHLY DEPARTMENT STORE SALES
MONTHLY DEPARTMENT STORE
STOCKS, BY DEPARTMENTS
SALES
AND
MONTHLY DEPARTMENT STORE STOCKS
MONTHLY FOREIGN EXCHANGE RATES
WEEKLY DEPARTMENT STORE SALES
WEEKLY DEPARTMENT STORE SALES—SELECTED
CITIES AND AREAS
WEEKLY FOREIGN EXCHANGE RATES
WEEKLY U. S. GOVERNMENT SECURITY YIELDS
AND PRICES
SEMIMONTHLY
DEMAND DEPOSITS, CURRENCY,
ITEMS
AND RELATED
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
SELECTED LIST OF ADDITIONS TO THE RESEARCH
LIBRARY
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
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN MARKET MONEY RATES AND BOND PRICES
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
SEMIANNUAL-QUARTERLY
ALL BANKS IN THE UNITED STATES AND OTHER
AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY
STATES
BANK RATES ON SHORT-TERM BUSINESS LOANS
MEMBER BANK CALL REPORT
MEMBER BANK EARNINGS
MEMBER BANK LOANS
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
BUSINESS INDEXES
CREDIT (Short- and IntermediateTerm and Consumer Instalment Credit Extended and Repaid)
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
CONSUMER
CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES
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
747
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.
19 pages.
SURVEYS OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. Member Bank Lending
to Small Business, 1955-57. April 1958. 19
pages. Member Bank Term Lending to Business, 1955-57. April 1959. 16 pages. Security
Pledged on Business Loans at Member Banks
September 1959. 16 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
THE MONETARY SYSTEM OF THE UNITED STATES.
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
February 1953. 16 pages.
UNITED STATES BANKING ORGANIZATION ABROAD.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
pages.
December 1956.
16 pages.
SURVEY OF FINANCE COMPANIES, MID-1955.
April
1957. 17 pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953.
REVISION OF MONTHLY DEPARTMENT STORE IN-
7 pages.
DEXES. December 1957. 30 pages.
FEDERAL RESERVE BANK RESPONSIBILITIES.
May
1953. 5 pages.
February 1958. 12 pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT. January 1954. 14 pages.
THE PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
tember 1954. 10 pages.
USE OF MONETARY INSTRUMENTS SINCE MID-
1952.
DIRECTLY
December 1954. 8 pages.
PLACED FINANCE
December 1954. 8 pages.
SEASONAL FACTORS AFFECTING BANK RESERVES.
COMPANY
PAPER.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.
I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. April"! 959. 94 pages.
*PART
748
FEDERAL RESERVE BULLETIN • JUNE 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.)
CAPITAL MARKETS IN 1960.
December 1960.
7 pages.
IMPLEMENTATION OF THE 1959 ACT ON RESERVE
REQUIREMENTS. December 1960. 6 pages.
MONEY AND CREDIT IN ECONOMIC EXPANSION.
July 1959. 7 pages.
SMALL BUSINESS FINANCING: CORPORATE MANU-
FACTURERS. January 1961. 15 pages.
A QUARTERLY PRESENTATION OF FLOW OF FUNDS,
SAVING, AND INVESTMENT. August 1959. 49
pages.
August
1959. 22 pages.
De-
cember 1959. 24 pages.
MONETARY
POLICY
1960. March
AND ECONOMIC
REVISED SERIES FOR SEASONALLY
MONEY SUPPLY. February 1960.
STATISTICS ON THE GOVERNMENT
MARKET. April 1961. 8 pages.
SECURITIES
ADJUSTED
OWNERSHIP OF DEMAND DEPOSITS.
April 1961.
4 pages.
THE BALANCE SHEET OF AGRICULTURE,
SURVEY OF COMMON TRUST FUNDS, 19&0.
1960.
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. May 1961. 7 pages. (Also, similar reprints from BULLETINS for December
August 1960. 9 pages.
CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.
Combined reprint. September 1960. 31 pages.
PAYMENTS,
1959-60. Oc-
NEW MEASURE OF THE MONEY SUPPLY.
ber 1960. 22 pages.
3 pages.
June
6 pages.
U. S. BALANCE OF
tober 1960. 7 pages.
10 pages.
GROWTH.
INTEREST RATES IN LEADING COUNTRIES.
THE
FEDERAL RESERVE OPERATIONS IN PERSPECTIVE.
March 1961.
February 1960. 7 pages.
GOLD AND DOLLAR TRANSFERS IN
1961. 7 pages.
REVISED INDUSTRIAL PRODUCTION INDEX.
A
February 1961.
8 pages.
THE GOVERNMENT SECURITIES MARKET.
1960.
CREDIT AND MONEY IN 1960.
1960 and March 1961.)
CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER
TIME DEPOSITS. May 1961. 2 pages. (Also,
similar reprint from July 1960 BULLETN.)
BANKING AND MONETARY STATISTICS, 1960.
Octo-
May
1961. 7 pages. (Similar Surveys available
for each year of the 1955-59 period.)
Se-
lected series of banking and monetary statistics
for 1960 only. February and May 1961. 13
pages.
Index to Statistical Tables
Deposits (See also specific types of deposits):
Adjusted, and currency, 674
Banks, by classes, 669, 675, 679, 682, 686
Federal Reserve Banks, 670, 737
Postal savings, 668, 674
Discount rates, 668, 740
Discounts and advances by Federal Reserve
Banks, 664, 669, 670
Dividends, corporate, 695, 696
Dollar assets, foreign, 729, 737
Acceptances, bankers', 684, 686
Agricultural loans of commercial banks, 678, 680
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 674
Corporate, current, 696
Domestic banks, by classes, 675, 678, 680, 686
Federal Reserve Banks, 670
Automobiles:
Consumer instalment credit, 700, 701, 702
Production index, 704, 707
Earnings and hours, manufacturing industries, 710, 713
Employment, 710, 712, 713
Bank holding companies:
Banking offices and deposits of group banks,
Dec. 31, 1960, 722
List of, Dec. 31, 1960, 723
Bankers' balances, 679, 681
(See also Foreign liabilities and claims)
Banks and the monetary system, consolidated statement, 674
Bonds (See also U. S. Govt. securities):
New issues, 693, 694, 696
Prices and yields, 684, 685
Brokers and dealers in securities, bank
loans to, 678, 680
Business expenditures on new plant and equipment, 696
Business indexes, 710
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 675, 679, 682
Federal Reserve Banks, 670
Carloadings, 710
Central banks, foreign, 726, 740
Coins, circulation of, 672
Commercial banks:
Assets and liabilities, 675, 678
Consumer loans held, by type, 701
Number, by classes, 675
Real estate mortgages held, by type, 697
Commercial and industrial loans:
Commercial banks, 678
Weekly reporting member banks, 680, 683
Commercial paper, 684, 686
Condition statements (See Assets and liabilities)
Construction, 710, 711
Consumer credit:
Instalment credit, 700, 701, 702, 703
Major parts, 700, 702
Noninstalment credit, by holder, 701
Consumer price indexes, 710, 716
Consumption expenditures, 718, 719
Corporate sales, profits, taxes, and dividends, 695, 696
Corporate security issues, 694, 696
Corporate security prices and yields, 684, 685
Cost of living (See Consumer price indexes)
Currency in circulation, 665, 672, 673
Customer credit, stock market, 685
Farm mortgage loans, 697, 698
Federal finance:
Cash transactions, 688
Receipts and expenditures, 689
Treasurer's balance, 688
Federal home loan banks, loans, etc., 699
Federal Housing Administration, loans, etc., 697,
698, 699
Federal National Mortgage Association,
loans, etc., 699
Federal Reserve Banks:
Condition statement, 670
U. S. Govt. securities held by, 664, 669, 670,
690, 691
Federal Reserve credit, 664, 669, 670
Federal Reserve notes, 670, 672
Finance company paper, 684, 686
Financial institutions, loans to, 678, 680
Float, 664
Flow of funds, saving and financial flows, 720
Foreign central banks, 726, 740
Foreign deposits in U. S. banks, 664, 670, 674, 679,
682, 737
Foreign exchange rates, 741
Foreign liabilities and claims:
Banks, 730, 732, 735, 737
Nonfinancial concerns, 738
Foreign trade, 715
Debits to deposit accounts, 673
Demand deposits:
Adjusted, banks and the monetary system, 674
Adjusted, commercial banks, by classes, 673, 679
Banks, by classes, 669, 675, 682
Turnover of, 673
Type of holder, at commercial banks, 679
Department stores:
Merchandising data, 715
Sales and stocks, 710, 714
749
Gold:
Earmarked, 728
Net purchases by U. S., 728
Production, 727, 728
Reserves of central banks and governments, 726
Reserves of foreign countries and international
institutions, 729
Stock, 664, 674, 728
Gold certificates, 670, 672
Govt. debt (See U. S. Govt. securities)
Gross national product, 718, 719
Hours and earnings, manufacturing industries, 710, 713
Housing starts, 711
Industrial production index, 704, 710
Instalment loans, 700, 701, 702, 703
Insurance companies, 687, 690, 691, 698
Insured commercial banks, 677, 678
Interbank deposits, 669, 675, 679, 682
Interest rates:
Bond yields, 684
Business loans by banks, 683
Federal Reserve Bank discount rates, 668
Foreign countries, 739, 740
Open market, 684, 739
Stock yields, 684
Time deposits, maximum rates, 668
750
International capital transactions of the U. S., 730
International institutions, 726, 728, 729
Inventories, 718
Investments (See also specific types of investments):
Banks, by classes, 675, 678, 681, 686
Federal Reserve Banks, 669, 670
Life insurance companies, 687
Savings and loan associations, 687
Labor force, 712
Loans (See also specific types of loans):
Banks, by classes, 675, 678, 680, 686
Federal Reserve Banks, 664, 669, 670
Insurance companies, 687, 698
Savings and loan associations, 687, 698
Loans insured or guaranteed, 697, 698, 699
Manufactures, production index, 704, 710
Margin requirements, 668
Member banks:
Assets and liabilities, by classes, 675, 678
Borrowings at Federal Reserve Banks, 666,
670, 682
Deposits, by classes, 669
Number, by classes, 676
Reserve requirements, by classes, 669
Reserves and related items, 664
Weekly reporting series, 680
Mining, production index, 704, 710
Money rates (See Interest rates)
Money supply and related data, 673
Mortgages (See Real estate loans)
Mutual savings banks, 674, 675, 677, 686, 690,
691, 697
National banks, 677
National income, 718, 719
National security expenditures, 689, 718
Nonmember banks, 670, 677, 678, 679
Payrolls, manufacturing, index, 710
Personal income, 719
Postal Savings System, 668, 674
Prices:
Consumer, 710, 716
Security, 685
Wholesale commodity, 710, 716
Production, 704, 710
Profits, corporate, 695, 696
Real estate loans:
Banks, by classes, 678, 680, 686, 697
Type of mortgage holder, 697, 698, 699
Type of property mortgaged, 697, 698, 699
Reserve requirements, member banks, 669
Reserves:
Commercial banks, 679
Federal Reserve Banks, 670
Foreign central banks and governments, 726
Foreign countries and international institutions, 729
Member banks, 664, 666, 669, 679, 681
FEDERAL RESERVE BULLETIN • JUNE 1961
Residential mortgage loans, 697, 698, 699
Sales finance companies, consumer loans of, 700,
701, 703
Saving:
Flow-of-funds series, 720
National income series, 719
Savings deposits (See Time deposits)
Savings institutions, principal assets, 686, 687
Savings and loan associations, 687, 691, 698
Securities, international transactions, 736, 737
Security issues, 693, 694, 696
Silver coin and silver certificates, 672
State member banks, 677
State and municipal securities:
New issues, 693, 694
Prices and yields, 684, 685
States and political subdivisions:
Deposits of, 679, 682
Holdings of U. S. Govt. securities, 690
Ownership of obligations of, 678, 686, 687
Stock market credit, 685
Stocks:
New issues, 694
Prices and yields, 684, 685
Tax receipts, Federal, 689
Time deposits, 668, 669, 674, 675, 679, 682
Treasurer's account balance, 688
Treasury cash, 664, 672, 674
Treasury currency, 664, 672, 674
Treasury deposits, 664, 670, 688
Unemployment, 712
U. S. balance of payments, 739
U. S. Govt. balances:
Commercial bank holdings, by classes, 679, 682
Consolidated monetary statement, 674
Treasury deposits at Federal Reserve
Banks, 664, 670, 688
U. S. Govt. securities:
Bank holdings, 674, 675, 678, 681, 686, 690, 691
Dealer transactions, positions, and financing, 692
Federal Reserve Bank holdings, 664, 669, 670,
690, 691
Foreign and international holdings, 670, 729
International transactions, 736
New issues, gross proceeds, 694
Outstanding, by type of security, 690, 691, 693
Ownership of, 690, 691
Prices and yields, 684, 685
United States notes, outstanding and in circulation, 672
Utilities, production index, 704, 710
Vault cash, 664, 669, 679
Veterans Administration, loans, etc., 697, 698, 699
Weekly reporting member banks, 680
Yields (See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
Minneapolis^!
(c THE FEDERAL RESERVE SYSTEM Q)
Legend
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER