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FEDERAL RESERVE

May 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
Upturn in Production

513

Member Bank Earnings, 1960

520

Survey of Common Trust Funds, 1960

525

Quarterly Survey of Consumer Buying Intentions

532

Classification System for Savings and Other Time Deposits

539

Current Events and Announcements

541

National Summary of Business Conditions

543

Financial and Business Statistics, U. S. (Contents on p. 545)

546

International Financial Statistics (Contents on p. 623)

624

Board of Governors and Staff

640

Open Market Committee and Staff; Federal Advisory Council

641

Federal Reserve Banks and Branches

641

Federal Reserve Board Publications

643

Index to Statistical Tables

645

Map of Federal Reserve System

Volume 47

Inside back cover

Number

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Upturn in Production
since February
industrial production has recovered one-half
or more of the 7 per cent decline that occurred after July 1960. By April the index
had risen to 105 per cent of the 1957 average, from the low of 102, and a further increase in May is indicated by weekly data
for some major industries. For autos and
steel, seasonally adjusted output rates have
risen about 30 per cent from mid-March
to early May.
Increases in prices of scrap metals, copper, and other sensitive industrial materials
have accompanied the expansion in business
demands. Average prices of these materials
turned up in late February. In relation to
the revival in industrial activity, the upturn
in sensitive prices occurred earlier than in
1958, as the chart shows. List prices of industrial products—consumer goods and
business equipment—have remained stable.
Since December, unemployment has re-

mained at a rate of just under 7 per cent of
the civilian labor force, compared with 5
per cent at the low in May 1960 and a high
of 7.5 per cent in the summer of 1958.
Following usual cyclical patterns, improvement in the labor market has been evident
in increased weekly hours and earnings in
manufacturing and decreased claims for unemployment benefits. After a slight decline
from the October peak, personal income
rose to new highs in March and April. In
recent months it has averaged 2.5 per cent
higher than a year earlier.

IN THE THREE MONTHS

BROAD SHIFTS IN OUTPUT AND DEMANDS

Changes in inventory demands have been a
major factor in the recent upturn in production, as they were in the earlier decline.
For a time after the 4-month steel strike in
late 1959, business demands for metals and
some metal products were very strong. With

INDUSTRIAL PRODUCTION AND PRICES
1957 • 100
PRODUCTION

1957 • 100
PRIC IS
-

120 -

-

-

FINAL
PRODUCTS

CONSUMER
(3OO0

J
100

s

I

\

TOTAL

>

v

-

-

-

Y/^

ATER ALS

in
J
\/

-

J

INC USTRIAL
PRODUCTS
100

/ • •

\
•

EOUlf MENT

V - ^ SENSITIVE '
INDUSTRIAL
1 ATERIALS
A

•

80

1957

1959

1961 1957

1959

NOTE.—Seasonally adjusted indexes for production.
for nonfood commodities. Latest figures shown, April.




1961 1957

1959

120

1961

1957

1959

80

1961

Price indexes based on Bureau of Labor Statistics wholesale price data

513

514

FEDERAL RESERVE BULLETIN • MAY 1961

final demands increasing only moderately, low that of final takings and inventory liquihowever, supplies of these and other indus- dation developed at a rapid rate.
Final demands were relatively well maintrial materials were forthcoming in sufficient
tained through the period of contraction in
volume not only to meet current requireoutput, and this facilitated the liquidation of
ments but also to build stocks rapidly. At
inventories and created the conditions conthe same time prices proved to be generally
ducive to recovery in output. There was
stable, and this tended to reduce incentives
to carry large inventories. As stocks in- little decline in consumer buying of goods
until early winter. At that time, partly becreased in early 1960, business demands for
materials fell off and output of materials be- cause of severe weather, purchases of automobiles and some other goods declined
gan to decline.
considerably. Since February consumer
Total production was maintained through
buying generally has expanded. Housing
July of last year as output of final products
starts declined further in the second half of
rose somewhat further and stocks of these
1960, but then recovered to the highest rate
products increased. With demands no longer
since last summer.
expanding after the spring, manufacturers
Federal Government expenditures have
and distributors acted to check or reverse
the growth in their stocks; in late summer increased since mid-1960, and State and
output of final products turned down. Sub- local government outlays have maintained
their almost uninterrupted rise. Exports
sequently, total output declined to a rate behave remained at the advanced level reached
last summer as economic activity abroad
CONSUMER INDEXES
has continued to expand. Business capital
1957-100
spending has declined moderately since last
- 120
D SPOSABLE INCOME
spring. Surveys indicate that increases in
such spending are planned for later this
RETAIL SALES
year, and new orders for equipment have
increased.
140
PRODUCT ION

CONSUMER GOODS
HOME G OODS
AND AP

|\

- 120

f,\
'\l

ptAs
\\

VJV

-

19S7

100

| AUTOMOTIVE
PRODUC S

1959

_
-

80

1961

NOTE.—Seasonally adjusted. Income and sales based on
Department of Commerce data. Latest figures shown, April.




Spending for consumer services and for
foods and other staples continued to increase
last year, but after early spring there was a
contraction in demands for autos, apparel,
and home goods. Total retail sales declined, both in absolute terms and in relation to disposable personal income. Severe
winter weather intensified the decline in
demands. In March and April total retail
sales were somewhat above the JanuaryFebruary level. In early May auto sales
rose appreciably further.

515

UPTURN IN PRODUCTION

At its high in 1960, industrial output of
consumer goods was 15 per cent above the
peak three years earlier and inventories
were accumulating. Production declined 5
per cent from mid-1960 to January of this
year, and subsequently turned up. At the
recent low, output was also about 15 per
cent above the early 1958 low. Over the
past three years the growth in output of consumer goods has been maintained at about
the earlier postwar rate.
Home goods and apparel. From mid-195 9
to mid-1960 production of apparel and of
appliances, furniture, and miscellaneous
home goods was nearly 20 per cent above
the 1957 average. At this rate output was
higher than sales. Reductions in output developed earlier for these goods than for
HOME GOODS

1957:100
130
120

MANUFACTURERS'
STOCKS

70
120

RETAIL SALES
2 ' l t t T A I L STOCKS

1957

1961

NOTE.—Seasonally adjusted.
Output and manufacturers'
stocks, monthly. Sales, 3-month moving average plotted in
third month. Retail stocks, end of quarter.
Manufacturers'
physical stocks based on trade association and Department of
Commerce data. Retail series based on data for department
stores. Latest figures shown, April except for stocks (March).




automotive products, as the chart on page
514 shows, and the curtailments were about
one-tenth compared with one-fourth for
automotive products. Output of apparel
and home goods turned up in February of
1961, when auto production was still declining, and by April it had recovered about
one-half of its earlier loss.
The upturn in output of apparel and
home goods was associated with a considerable reduction in stocks and some improvement in retail sales. By the beginning of
1961 manufacturers of appliances, television, and furniture had reduced their stocks
one-tenth from last summer's high. Stocks
of these goods at department stores were
also lower. Since January, sales have recovered somewhat. The recent increase in
housing starts, an important influence on demand for home goods, has improved sales
prospects.
Autos. Output of automotive products
was maintained at advanced rates through
the summer and early autumn of 1960. The
high rate of output in this period—nearly
20 per cent above the 1957 average—reflected in part an addition to the number of
compact makes available and a faster
changeover to new models than usual. Sales
were also high during the autumn, but more
than a fifth of the new cars sold in that
period were from the large carryover of
1960 models, which were available at reduced prices. With the strength and modelcomposition of demands for 1961 autos still
to be tested, dealers were accumulating
large stocks of the new models.
Auto production began to decline in
November, mainly because stocks had
reached record highs by that time, and then
was curtailed sharply as sales declined in
December and January. At the low in

516
March seasonally adjusted auto assemblies
were two-fifths below the October peak.
Sales began to recover in late February,
as weather became more favorable. In
March and April sales of domestic autos
were at a seasonally adjusted annual rate
of 5.2 million units, compared with an
average of 4.7 million in January-February.
The total for the year 1960 was 6.1 million.
By the end of April dealer stocks, seasonally adjusted, had declined one-third from
the high level last autumn and were onetenth less than last spring.
As a result of the lower level of stocks
and the increase in sales, auto output rose
about 30 per cent from March to early May.
Industry schedules indicate that output will
be held at or above sales in the period immediately ahead.
BUSINESS EQUIPMENT

Compared with the growth of 15 per cent in
production of consumer goods, activity in
the business equipment industries at its high
in mid-1960 only equaled its 1957 peak.
Output of business equipment turned down
last autumn and by March 1961 it had declined about 5 per cent. In April production of equipment increased.
The mildness of the curtailment in equipment output contrasts markedly with earlier postwar downturns. The recent decrease was about the same as the decline in
consumer goods, as the chart on page 513
shows. In 1957-58 the decline of 20 per
cent was several times as large as the decrease in consumer goods output.
Among the components of the equipment
total, there was no decline in the production
of office machinery, which includes electronic computers. Declines in both orders
and production of industrial machinery




FEDERAL RESERVE BULLETIN • MAY 1961

were relatively mild, and new orders have
risen this year. Cutbacks were substantial
for railroad cars and trucks. Output of farm
equipment declined through the summer of
1960, but has risen in recent months.
Expenditures and internal funds. The mildness of the capital goods decline has been
apparent in domestic capital expenditure figures. Surveys indicate that business spending for plant and equipment in the second
quarter of 1961 will be a little more than 5
per cent below the high a year ago. They
also indicate that spending will increase in
the second half and that for the year as a
whole planned spending will be about as
large as in 1960. This contrasts with an
actual decline in capital outlays of 17 per
cent from 1957 to 1958.
Within the plant and equipment total, the
decline began earlier and was larger for
equipment than for plant construction.
While equipment purchases and production
turned down last autumn, business construction put in place continued to increase to a
peak in January of this year. Since then,
it has declined only slightly.
Domestic business expenditures for equipment declined more than total sales of equipment because exports increased. The dollar
volume of machinery exports, after declining during most of 1957 and 1958, has been
rising since then, and in March was about
15 per cent above the 1957 level. Government purchases of military equipment also
have increased since the middle of last year.
Corporate internal funds available for
business investment and other uses have
been large relative to corporate capital
spending. Internal funds exceeded capital
spending in 1959 and 1960, as the accompanying chart shows, whereas from early
1956 to mid-195 8 capital spending exceeded
the volume of internal funds.

517

UPTURN IN PRODUCTION

Corporate internal funds have declined
slightly since mid-1959. After a sharp increase in the 1958-59 recovery, retained
earnings fell during the steel strike, recovered somewhat in early 1960, and then declined again. Depreciation allowances,
meanwhile, have continued to grow.
Output-capacity relationships. Among the
factors influencing investment decisions are
the pressures of output on capacity. These
have been less than in earlier postwar years.
In early 1960, when manufacturing produc-

CORPORATE INVESTMENT
Billions of dollars
40

30

INTERNAL FUNDS
CAPITAL
OUTLAYS

_ 20

INDUSTRIAL MATERIALS
10

1

J

l

i

i

i

'

CAPACITY UTILIZATION

MANUFACTURING OUTPUT/CAPACITY
1947

1949

1951

1953

1955

1957

1959

1961

NOTE.—Seasonally adjusted. Funds and outlays based on
Department of Commerce and Securities and Exchange Commission data adjusted to annual flow-of-funds data for nonfinancial corporations. Capacity estimates based on McGrawHill and Department of Commerce data.
Latest figures
shown, first quarter except for funds (fourth quarter I960).

tion was at a record high, the rate of utilization of manufacturing capacity appeared
to be about the same as in early 1957, but
it was lower than in earlier periods of high
production, as the chart shows. In the first
quarter of 1961, reflecting the mildness of
production curtailments, utilization of man-




ufacturing capacity was higher than in early
1958, but lower than in the 1953-54 recession.
Because of the severity of the recent rate
of inventory liquidation, capacity utilization
for major materials fell in late 1960 to a
point nearly as low as in early 1958. Since
December, however, output of major materials has been rising and this has narrowed
the margin between capacity and output.
For electric utilities, margins between
peak loads and capability widened considerably from a tight situation in the early postwar years to some excess in 1958 and then
widened slightly further from 1958 to 1960.
Scheduled additions to capacity were cut
back substantially from late 1957 to mid1959 but there was some recovery after that.
For the last few quarters, scheduled additions have fluctuated within a narrow range.

Output of industrial materials declined 4
per cent during the first half of 1960, when
total industrial production was maintained,
and then declined 8 per cent further to a low
early this year. Production of final products declined only about 5 per cent from the
highs of mid-1960 and, as a consequence,
liquidation of inventories of materials proceeded at a rapid rate. Steel output reached
its low in December 1960, and output of industrial materials as a group has been increasing since February.
The adjustment in production of industrial materials was concentrated in durable
materials. The decrease in these materials
was about one-fifth compared with onefourth in the 1957-58 recession. Output
of nondurable materials was maintained
through the early summer of 1960, and then
declined 4 per cent, only about one-third
as much as in 1957-58.

518
Durable materials. Pronounced shifts in
demands for and inventories of metals, particularly steel, have had a strong influence
on the fluctuations in output of materials
over the past two years. After the 1959
strike, output of steel ingots rose sharply,
as shown in the chart. Total shipments of
steel mill products, including imports, to domestic industries reached an advanced rate

FEDERAL RESERVE BULLETIN • MAY 1961

Activity in steel consuming industries declined only moderately from the first to the
second half of 1960. In the first quarter
of this year activity was reduced substantially because of the cutback in auto production and the further small decrease in
output of equipment. For the entire period,
however, the decrease in activity in steel consuming industries was much slower and
smaller than during the 1957-58 recession,
as the chart shows.
STEEL
Steel production and shipments declined
much more than activity in steel consuming
industries from early 1960 to early 1961.
Reflecting the shift from rapid accumulation of stocks to liquidation, shipments
declined by 45 per cent. This was a little
greater than in 1957-5 8. Inventory liquidation in the recent period was at a rate equaled
or exceeded only during steel strikes.
By the end of 1960 steel stocks had been
substantially reduced and were still declining. Steel output turned up in January, and
the rate of increase accelerated after midMarch as output of autos and other products
100
increased. By mid-May the seasonally adjusted rate of steel mill operations was 40
80
per cent above the December low. Ship1961
1959
I9SS
1957
ments of steel products changed little from
the fourth quarter of 1960 to the first quarNOTE.—Seasonally adjusted.
Ingot production,, monthly;
p r o d
others, quarterly. Shipments include net imports. Activity
imports.
ter of this year, but a sharp expansion is
bid
ith
t l t i
iht
Lt
combined with steel-consumption weights.
Latest figures
shown, April for ingots, first quarter for shipments and acoccurring in the current quarter.
tivity (dot indicates activity for April).
Liquidation of steel inventories was widespread among major metal-consuming inearly in the first quarter of 1960 that reflected both recovery in activity in steel con- dustries. The most severe liquidation was
in the business equipment industries. Desuming industries and the rebuilding of their
creases in steel shipments to these industries
inventories. The use of steel—as indicated
were about as large as during the 1957-58
approximately by activity in steel consumrecession despite the more moderate decline
ing industries—did not continue to expand
in their production activities in 1960-61.
after early 1960, however, and steel invenCutbacks in output of consumer durable
tories continued to increase rapidly. As a
goods substantially reduced steel consumpresult demands for steel declined and steel
tion in these industries. The cutbacks beshipments and output fell.




UPTURN IN PRODUCTION

gan in mid-1960, when appliance production was reduced, and accelerated from
October to January, when auto assemblies
were sharply curtailed. Shipments of steel to
these industries declined much more than
their use of steel, and by early 1961 inventories had been reduced substantially.
Output of appliances and other durable
home goods showed some improvement in
the first quarter of 1961, and shipments of
steel to these industries increased. By early
May auto production was one-third above
the curtailed first-quarter rate.
There was liquidation of inventories of
steel and also of other materials in the construction industries in 1960. Total output
of construction materials—including steel
products—in March was more than 10 per
cent below the advanced level of last July.
The total volume of construction activity
changed little from late 1959 to the spring
of this year.
Nondurable materials. The moderate adjustment in output of nondurable materials




519
in the second half of 1960 reflected mainly
a marked decline in textiles and a more
moderate reduction in industrial chemicals.
Apparel production declined almost as much
after July as it did in 1957-58. This, together with decreased demands for industrial
fabrics, led to a 15 per cent curtailment in
output of textile mill products. By April
textile output had risen 8 per cent from the
December low.
As a result of cutbacks in basic inorganic
chemicals and synthetic materials, production of industrial chemicals declined more
than 5 per cent from mid-1960 to early
1961. Production has risen since then
under the impetus of recovery in steel and
textiles and, more recently, in autos.
At the low early this year, total production of industrial materials was considerably
below the rate at which they were being consumed. Output of materials increased
4 per cent from February to April, but production and sales of final products also expanded and inventory liquidation continued.

Member Bank Earnings, i960
showed substantial gains
in net profits in 1960. Some of the gain
represented larger net earnings on current
operations, but most of it reflected a change
in the results of nonoperating transactions
in securities. In 1960 these transactions
showed a small net gain due principally to
profits from sales as well as smaller losses
and charge-offs, whereas in 1959 they had
shown a large net loss. Banks used almost
all of the increase in net profits in 1960 to
strengthen their capital position. Dividend
payments rose only slightly.
The gross operating earnings of member
banks for 1960 were $8,928 million, 11
per cent more than in 1959. Larger current expenses offset only a part of this
growth, and net current earnings before income taxes rose 12 per cent to $3,273 million.1
Profits before income taxes were $898
million, or 44 per cent, higher than in 1959.
Because of their larger profits, member
banks increased their provisions for Federal
and State income taxes by $466 million.
After provision for taxes, net profits rose
$432 million, a 34 per cent gain over 1959.
Dividend declarations increased by only
$45 million in 1960 to $735 million. The
remainder of net profits—$954 million—
was used to augment capital.
MEMBER BANKS

The ratio of net profits to average total
capital accounts rose from 7.9 per cent in
1959 to 10.0 per cent in 1960. This is the
highest ratio since 1945 and is well above
the 8.2 per cent average for the postwar
years. The ratio of average total capital
accounts to total assets rose from 8.0 per
cent in 1959 to 8.3 per cent in 1960. This,
too, was a new high for the postwar period.
On the other hand, the ratio of average total
capital accounts to so-called risk assets, that
is, total assets less Government securities
and cash assets, continued to decline in
1960.
A summary of factors contributing to the
increase in net profits of member banks in
the year 1960 appears in the accompanying table.
FACTORS IN HIGHER NET PROFITS
[In millions of dollars]
Item
Increase in net profits
Factors increasing net profits, total.

432
1,768

Increase in operating earnings.
On loans
Miscellaneous earnings
On other securities
On U. S. Govt. securities...

853
709
106
23
16

Nonoperating transactions
Decrease in net losses on securities *
Increase in profits on sale of securities
Smaller net increase in valuation reserves on loans.
Increase in miscellaneous recoveries
,

915
621
242
36
16

Factors decreasing net profits, total.
Increase in operating expense
Increase in provision for taxes on net income
Nonoperating transactions
Change from net decrease to net increase in valuation reserves on securities
Increase in net losses on loans*
Increase in miscellaneous losses

NOTE.—This article was prepared by Theodore A.
Veenstra, Jr., of the Board's Division of Bank Operations.
1
Net current earnings are gross current operating
earnings less gross current operating expenses before
adjustments for losses, profits on sales of securities,
recoveries, transfers to and from valuation reserves,
and taxes on net income.




Change
from 1959

1,336
515
466
355
204
141
10

1 Includes recoveries credited and losses charged either to undivided
profits or to valuation reserves.
NOTE.—Details may not add to totals because of rounding.

520

521

MEMBER BANK EARNINGS, 1960
EARNING ASSETS AND EARNINGS

securities more than offset a decline of $172
million in all other types.
It should be noted that although member
bank holdings of both U. S. Government
securities and other securities showed net
increases from December 1959 to December
I960, their average holdings of both types
declined for the year as a whole. Banks
generally reduced their security holdings
during the first half of 1960 and it was not
until October that their investments in
securities reached end-of-1959 levels. The
large expansion in security holdings that
occurred in the last quarter was not sufficient to maintain average holdings at 1959
levels.
Earnings on loans increased by $709 million, or by about 14 per cent, over the total
for 1959. This growth reflected both the
substantially larger average holdings and an

At the end of 1960 member banks held
$166 billion of earning assets, $7.7 billion
more than at the end of 1959. Loans outstanding rose by $5.2 billion during the
year, holdings of U. S. Government securities by $2.3 billion, and holdings of other
securities by $292 million. Most of the
increase in loans was in two categories—
commercial and industrial loans and other
loans to individuals—but all types showed
some increase.
Most of the expansion in holdings of U. S.
Government securities was in Treasury bills
and notes. Holdings of Treasury bonds,
particularly those in the 5- to 10-year maturity group, declined.
Among other
securities, an increase of $464 million in
holdings of State and local government

M E M B E R BANK EARNINGS, 1949-60
[Dollar amounts in millions]
Item

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1960

$2,986 $3,265 $3,669 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 $7,127 $8,075 $8,928
Earnings
859
832
929 1,011 1,066 1,118
On U. S. Government securities
1,101
1,168
1,266 1,399
1,414
865
169
211
On other securities
235
252
273
296
308
339
445
411
467
190
1,427
On loans
4,326 5,021
5,730
1,634 2,003 2,306 2,632 2,711 3,083 3,725 4,208
158
187
Service charges on deposits accounts..
198
219
252
274
310
354
422
389
172
464
373
436
Other earnings
452
523
572
477
634
702
788
734
403
853
1,889
926
261
96
605

2,020
1,000
271
109
640

2,232
1,125
306
115
686

2,501
1,244
365
118
775

2,782
1,371
425
125
860

2,999
1,463
494
140
902

3,265
1,571
543

Net current earnings before income taxes. 1,097

1,245

1,437

1,619

1,809

135

95

190

181

+44

+ 60
21

21
27
16

3
122

11
110

961
275
686
313

Expenses
Salaries and wages
Interest on time deposits.
Taxes other than income.
Other expenses

Net of profits and recoveries ( + ) , losses
and charge-offs, and changes in valuation reserves
Profits and recoveries ( + ) , losses and
charge-offs:
On securities*
On loans 1
Other
Net increase (or decrease,+) in valuation reserves:
On securities
On loans
Profits before income taxes.
Taxes on net income
Net profits
Cash dividends declared2.
Ratio of net profits to average total
capital accounts (per cent)
Number of banks at end of year.

45
9

1,002

3,680
1,735
650
157
1,138

4,222
1,877
927
172
1,246

4,617
1,981
1,123
185
1,327

5,140
2,118
1,280
211
1,531

5,655
2,289
1,434
239
1,693

1,828

2,077

2,398

2,549

2,510

2,935

3,273

251

+73

401

654

485

+96

904

344

65
26
22

129
43
40

+315
30
47

189
39
34

326
81
18

211
59
39

+535
47
49

792
37
31

+72
179
25

4
124

+ 13

+1
1

176

+32
261

+ 10

51

63
102

+37

81

187

189
153

+ 140
184

64
148

1,150
369

1,247
491

1,437
608

1,558
692

1,900
804

1,676
691

1,744
718

2,063
895

2,606
1,148

2,032
775

2,929
1,241

781
346

756
371

829
390

865
419

1,096
456

985
501

1,027
547

1,169
604

1,457
646

1,257
690

1,689
735

7.6

8.3

7.6

7.9

7.8

9.3

7.9

7.7

8.3

9.7

7.9

10.0

6,892

6,873

6,840

6,798

6,743

6,660

6,543

6,462

6,393

6,312

6,233

6,174

i Includes recoveries credited and losses charged either to undivided profits or to valuation reserves and excludes transfers to and




149

from valuation reserves.
2 Includes interest on capital notes and debentures.

522

FEDERAL RESERVE BULLETIN • MAY 1961

increase in the average rate of return, from
5.65 to 5.93 per cent.
Earnings on U. S. Government securities
increased slightly during 1960. Although
average holdings were $4.5 billion less than
in 1959, the average rate of return rose from
2.79 to 3.10 per cent.

EXPENSES

CHANGES IN MEMBER BANK LOANS AND
INVESTMENTS, 1960
[Dollar amounts in millions]

Item

Amount,
Dec. 31,
1960

Change from
Dec. 31, 1959
Amount

Percentage

$165,619

$7,740

4.9

Loans1
Commercial and industrial
Agricultural
For purchasing and carrying
securities
To financial institutions
Real estate
Other loans to individuals
All other

99,933
39,288
3,509

5,155
2,462
393

5.4
6.7
12.6

4,688
7,673
22,518
21,622
2,694

215
62
332
1,746
91

4.8
.8
1.5
8.8
3.5

U. S. Government securities
Treasury bills, notes, and
certificates
Bonds 2

49,106

2,293

4.9

23,770
25,335

5,743
-3,450

31.9
-12.0

Other securities
State and local government...
Other

16,579
14,141
2,439

292
464
-172

1.8
3.4
-6.6

Total loans and investments

1
Totals are net (after deduction of valuation reserves); individual
loan items are gross and do not add to totals.
2
Includes small amount of guaranteed obligations.

An increase of $23 million in earnings on
other securities in 1960 reflected a higher
average rate of return as average holdings for
the year declined slightly.
Earnings on loans increased as a proportion of total earnings in 1960 while those
on U. S. Government securities declined.
These trends began in 1947. Although all
other items of current operating earnings
rose in 1960, as in most other recent years,
they continued to represent about the same
proportion of total earnings as they have
since 1950. As a whole, operating earnings in 1960 represented a return of 4.4
per cent on average total assets. This compares with 4.1 per cent in 1959 and was the




highest for any postwar year. Although
interest rates generally declined during the
year, earning assets of banks in 1960 consisted largely of loans and investments acquired during previous periods and average
rates of return did not immediately reflect
the lower rates.

All categories of member bank expenses
continued to rise in 1960. Total expenses,
at $5,655 million, were $515 million, or 10
per cent, more than in 1959.
Interest paid on time deposits continued
to increase, both in total and as a percentage
of gross current operating earnings. Average holdings of these deposits rose $1.5 billion during 1960, and the average rate of interest paid rose from 2.36 per cent to 2.58
per cent. This was the largest annual increase in the average rate since 1957, when
the regulatory limits on maximum rates were
raised. The moderate increase in average
total time deposit liabilities in 1960 covers
a slight decline in the early months of the
year, which was more than offset later.
Since the end of 1956 time deposits at
member banks have risen $16.7 billion.
These deposits now represent 31 per cent
of total deposits compared with 25 per cent
in 1956. Interest payments on such deposits absorbed more than 16 per cent of
total earnings in 1960. compared with 11
per cent in 1956.
Salaries and wages accounted for $170
million of the increase in total expenses during 1960 as both the number and the average compensation of officers and employees
continued to expand. Nevertheless, salaries
and wages declined as a proportion of total
expenses, and this item represented a smaller
proportion of gross current earnings than at
any time in recent years.

523

MEMBER BANK EARNINGS, 1960
PROFITS, RECOVERIES, LOSSES, AND
TRANSFERS TO VALUATION RESERVES

and charge-offs on securities, although
down sharply from last year, were close to
the average for recent years.
Transactions in loans, always a "net
loss," reduced net profits by $326 million
in 1960 compared with $221 million in
1959; and losses and charge-offs on all
other assets reduced such profits by $25 million, about the same as in other recent years.
Member banks increased their valuation
reserves on loans by $148 million in 1960.
Such reserves have expanded in each year
since 1948, when banks first began to report the amounts of these reserves. In addition, they increased their valuation reserves
on securities by $64 million during 1960.
These reserves also rose in 1954 and 1958,

Nonoperating transactions reduced net profits by $344 million in 1960 compared with
a reduction of $904 million in 1959. Member banks have shown a net gain from these
transactions in only three postwar years—
1946, 1954, and 1958. In those years profits on sales of securities more than offset
other transactions on loans and securities,
which tend to reduce net profits.
In 1960 transactions in securities resulted
in an $8 million increase in net profits compared with a loss of $651 million in 1959.
Profits on sales of securities, at $284 million, were larger than in any other postwar
year except 1954 and 1958, while losses

M E M B E R BANK EARNINGS, BY CLASS O F BANK, 1960

AND

1959

[Dollar amounts in millions]
Central reserve city banks
Reserve
city banks

Total
New York
1960
Earnings
On U. S. Government securities.
On other securities
On loans
All other

1959

1960

Country
banks

Chicago

1959

1960

1959

$8,928 $8,075 $1,474 $1,306
1.414
1,399
187
182
467
445
70
68
5,730 5,021
941
812
1.316
1,210
276
244

$353
56
20
225
52

$308 $3,471 $3,205 $3,630 $3,256
All
60
508
695
649
18
154
156
223
202
182 2.329 2 059 2,235
1,968
47
511
482
437
477

1960

1959

1960

1959

Expenses
Salaries and wages
Interest on time deposits .
All other

5,655
2,289
1,434
1,932

5,140
2,118
1,280
1,742

774
345
131
298

699
315
123
261

181
75
39
67

158
71
31
56

2,180
891
559
730

2,0*0
833
534
672

2,519
978
705
836

2,243
899
592
752

Net current earnings before income taxes

3,273

2,935

700

607

172

150

1,291

1,165

1,111

1,013

22

58

128

341

131

309

51

329
13
15

+43

+3

+ 30
50
21

223
30
20

+ 10
13

39
48

+78

18
78

+ 33

62

Net of profits and recoveries ( + ) , losses and charge-offs,
and changes in valuation reserves
Profits and recoveries ( + ) , losses and charge-ofts:
On securities1
On loans 1
Other
Net increase (or decrease, + ) in valuation reserves:
On securities
On loans

344

904

63

196

+72

792
37
31

+3
68
+23

189

64
148

+ 140
184

8
12

+ 20

Profits before income taxes .
Taxes on net income

2,929
1,241

2,032
775

637
293

411
171

150
65

1.162
530

824
316

980
352

704
252

Net profits
Cash dividends declared2
Ratios (per cent):
Net current earnings before income taxes to
Average total capital accounts
Average total assets
Net profits t o Average total capital accounts
Average total assets

1,689
735

1,257
690

344
175

240
166

84
29

633
297

509
278

628
234

452
217

19.5
1.62

18.5
1.48

20.3
1.99

18.3
1.77

22.1
1.97

20.2
1.73

20.7
1.65

19.6
1.49

17.5
1.39

17.2
1.32

10.0
0.84

7.9
0.64

10.0
0.98

7.2

10.9
0.97

7.6
0.65

10.1
0.81

8.6
0.65

9.9
0.79

7.7
0.59

179
25

1 Includes recoveries credited and losses charged either to undivided
profits or to valuation reserves and excludes transfers to and from




+2
+ 12
42

0.70

+2
9

valuation reserves.
2 Includes interest on capital notes and debentures.

53
25

67

524
but they have generally been reduced in
other years.
INCOME TAXES

Reflecting the substantial increase in profits
before income taxes, member banks increased their provisions for taxes on net income in 1960. The total provided for such
taxes, $1,241 million, represented 42 per
cent of profits before income taxes compared
with 38 per cent in 1959.
CASH DIVIDENDS

Cash dividends declared in 1960 amounted
to $735 million, $45 million more than in




FEDERAL RESERVE BULLETIN • MAY 1961

1959. This amount represented 44 per cent
of net profits compared with 55 per cent in
the earlier year. The ratio of cash dividends
to average total capital accounts, 4.4 per
cent, was only slightly larger than in 1959.
Banks retained $954 million of their earnings in 1960, $387 million more than in
1959. Retained earnings accounted for 84
per cent of the increase in total capital accounts during the year.
Earnings and profits by reserve classification of member banks for 1959 and 1960
are shown in the table on the preceding page.
Detailed figures on earnings and related
items appear on pages 604-12.

Survey of Common Trust Funds, i960
THE CONTINUED LARGE GROWTH in

At the end of 1960 the aggregate market
value of assets held by common trust funds
was $2,813 million. These assets increased
$146 million, or 5 per cent, during the year.
These are some of the findings of the sixth
Annual Survey of Common Trust Funds
conducted by the Board of Governors of the
Federal Reserve System as part of a program
to provide information about principal uses
of savings. Table 1 shows summary statistics
from all the Surveys.

num-

ber of common trust funds in 1960 reflected
both the creation of new funds and the splitting of some existing funds as banks increased their use of split-funding and of
special funds to help meet the investment requirements of individual fiduciary accounts.
Most of the increase during the year in the
market value of assets held by common trust
funds represented net additions to principal.
Holdings of domestic corporate bonds increased more than all other investments.

GROWTH OF FUNDS
NOTE.—This article was prepared by Charles W.
Bryson of the Board's Division of Bank Operations.
For results of the fifth Annual Survey of Common
Trust Funds, see the BULLETIN for May 1960, pp.
478-84.
As defined by Section 584(a) of the Internal Revenue Code of 1954, a "common trust fund" is a fund
maintained by a bank or trust company "(1) exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its
capacity as a trustee, executor, administrator, or
guardian; and (2) in conformity with the rules and
regulations, prevailing from time to time, of the Board
of Governors of the Federal Reserve System pertaining to the collective investment of trust funds by national banks."

Expansion in common trust funds may be
measured both by changes in the number of
funds and by changes in the number and
average size of the participating fiduciary
accounts.
Number. Changes in the number of common trust funds in operation reflect not only
establishment of new funds but also mergers,
splits, and liquidations. During 1960, 48
new funds were established. Four existing
funds were each split into two separate

TABLE 1
SUMMARY OF COMMON TRUST FUND ACTIVITY 1955-60
[Dollar amounts in millions]
Market value of investments (end of year)

Number
(end of year)

Fixed-income assets
(including principal cash)

ir

Total
Funds

1955
1956
1957
1958
1959
I960

Banks

222
243
277
322
373
421

174
195
215
246
273
288

Total 1
$1,868.7
1,974.4
1,965.5
2,434.4
2,666.7
2,812.6

Bonds

$957.8
989.4
1,029.1
1,141.9
1,230.0
1,358.8

$712.0
735.1
780.8
868.0
961.4
1,075.8

i Includes real estate mortgages, savings accounts, and principal
cash.




Preferred
stocks
$214 1
209.2
204.6
221.2
211.5
214.6

Common
stocks

$910 9
985 1
936.3
1,292.5
1 436 6
1,453.7

Net
additions
to
principal
fund
(during
year)

Net
realized
capital
gains and
appreciation
(during
year)

$146 4
118 9
101.8
157.0
161 0
143.1

$126 6
— 13 2
-110.6
311.9
71 3
2.8

NOTE.—Details may not add to totals because of rounding.

525

526
funds. One fund was liquidated. And in
each of three banks two existing funds were
merged. Mergers, splits, and liquidations
were offsetting, however, so that the net increase in number of funds during the year
was the same as the number of new funds
created. At the end of 1960 there were 421
funds in operation in 44 of the 49 jurisdictions (48 States and the District of Columbia) that permit them.1
Growth in number of funds in 1960 continued at the rapid rate of recent years. This
sharp growth seems to indicate an increasing awareness of the adaptability of these
funds in handling the investments of relatively small fiduciary accounts at lower cost
and with greater diversification in holdings
than would be possible if individual accounts
were invested separately.
Growth in 1960 was sharpest among national banks, as it has been for several years.
The number of such banks operating common trust funds increased by 19 and the
number of funds they administer increased
by 43. At the end of 1960 national banks
were operating 59 per cent of the total number of funds.
Asset holdings of funds in national banks
continued to represent an increasing proportion of the assets of all common trust
funds. At the end of the year this group
held more than one-third of the total. Some
of the growth at national banks during 1960
reflected the conversion to, or merger with,
national banks of four State member banks
operating six common trust funds. At the
end of 1960 the total holdings of these six
funds amounted to $38 million. Despite the
rapid growth in both the number of funds
and their assets at national banks in recent
years, funds operated by State member banks
1
The State statutes of Alaska and Iowa are silent on
the subject of establishment of common trust funds.




FEDERAL RESERVE BULLETIN • MAY 1961

continue to hold the major part of the assets
of all common trust funds—54 per cent at
the end of 1960. Distribution by class of
bank at the end of 1960 is shown below.
TABLE 2
COMMON TRUST FUNDS AND THEIR INVESTMENT
HOLDINGS, BY CLASS OF BANK, I960 1

Number
of funds

Number
of
banks 3

Market
value of
holdings 4
(in millions
of dollars)

All banks—total
Diversified discretionary.
Diversified legal
Special

421
187
77
157

288
178
74
86

2,812.6
1,945.8
372.2
494.5

State member banks—total.
Diversified discretionary..
Diversified legal
Special

124
64
30
30

79
59
27
16

1,532.9
1,125.9

National banks—total
Diversified discretionary.
Diversified legal
Special

247
103
40
104

173
99
40
56

169.9
947.4
594.9
122.5
230.0

Insured nonmember banks—total
Diversified discretionary
Diversified legal
,
Special

32
12
7
13

25
12
7
9

71.6
32.7
12.6
26.3

Noninsured nonmember banks—
total
Diversified discretionary
Diversified legal
Special

18
8

260.6
192.3

io

68.3

Class of bank 2

237.1

1 See Table 3, note 1.
2 See Table 4, note 2.
3
Details do not add to totals because some banks operate two
or more funds.
4 See Table 3, note 2.

Fiduciary accounts. The number of trusts
and other fiduciary accounts invested in
common trust funds increased by 8 per cent
to 126,000 during I960, and the average
participation declined from about $23,000
to $22,300. These figures do not make allowances, however, for accounts that may
be invested in more than one fund. Furthermore, they do not indicate the total number
of individuals benefiting from participation
in common trust funds; many participating
trusts have more than a single beneficiary.
INVESTMENT ACTIVITY

Holdings of all classes of securities in common trust funds increased during 1960. The

527

SURVEY OF COMMON TRUST FUNDS, 1960

largest increase was in holdings of domestic
corporate bonds, particularly public utility
issues. Among U. S. Government securities,
increases in holdings of marketable issues,
largely the attractive medium-term Treasury
notes, were more than sufficient to offset the
continued decline in nonmarketable securities. Common stock holdings rose slightly
during the year, with a substantial increase
in public utility issues more than offsetting a

decline in manufacturing issues. Common
stocks continued to constitute more than half
of the total investments of common trust
funds at the end of 1960.
Gross investment transactions of these
funds, representing the total of acquisitions,
sales, and redemptions, totaled $781 million
in 1960, as shown in Table 3. This was
$149 million less than in the previous 12
months. Transactions activity—the ratio of

TABLE 3
INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 1960a
[Dollar amounts in millions]
Holdings, at end of 1959
Type of holding

2

Total holdings (including principal cash).
Bonds, notes, and certificates—total
U. S. Government—total...
Marketable, maturing—
Within 1 year
After 1 year
Nonmarketable
State and political subdivision.
Domestic corporate—total.
Manufacturing
Public utility
Railroad
Other

At
market
value

As
percentage
of total

$2,666.7

100.0

$460.6

961.4

36.1

301.5

210.0

7.9

21.5
158.2
30.3

0.8
5.9
1.1

41.8

1.6

624.2
143.2
337.5
62.4
81.0

23.4
5.4
12.7
2.3
3.0

85.4

3.2

211.5
100.8
95.5
3.6
5.2
6.4
0.2

7.9
3.8
3.6
0.1
0.2
0.2

1,436.6
891.9
303.9
25.8
138.0
66.5
10.5

53.9
33.4
11.4
1.0
5.2
2.5
0.3

Real estate loans.

38.4

1.4

Savings accounts.

0.4

Principal cash....

18.3

Other*.
Preferred stocks—total.
Manufacturing
Public utility
Railroad
Financial
Trade
Other
Common stocks—total.
Manufacturing
Public utility
Railroad
Financial
Trade
Other

1
The Survey includes all common trust funds operated by banks
and trust companies in the United States and administered under
subsection (c) of Section 17 of the Board's Regulation F. The
reporting date for each fund is the valuation date falling in the fourth
quarter of the calendar year. The reporting period of funds other
than new ones covers 12 months. Reporting dates in 1960 ranged
from October 10 through December 31. For funds that began
operating'during 1960, investments are included in end-of-year
tabulations of holdings and also in tabulations of purchases and
sales; the cash and U. S. Government nonmarketable securities
placed with the new funds by fiduciary accounts are included in
tabulations of net additions to principal.




Cost of
purchases
and other
acquisitions

Holdings, at end of 1960
At
market
value

As
percentage
of total

$320.3

$2,812.6

100.0

208.3

1,075.8

38.2

137.2

134.8

220.4

7.9

69.4
67.1

75.1
43.3
16.3

0.7
6.6
0.5

3.2

20.8
185.3
14.4
45.4

55.2
16.3
15.2
7.4
16.2

703.8
153.0
383.5
64.3
103.0

25.0
5.4
13.6
2.3
3.7

0.7
5.0
128.8
23.6
63.2
7.1
34.9
30.5
11.3
6.0
4.8
0.1
0.2
0.1
130.0
88.6
19.4
1.7
11.7
5.9
2.8
17.4
0.3

0.7

Proceeds
from sales
and
redemptions

1.6

15.1

106.3

3.8

12.7
4.8
7.0
0.3
0.3
0.4

214.6
103.4
96.2
3.3
5.4
6.2
0.2

7.6
3.7
3.4
0.1
0.2
0.2

89.1
56.1
16.8
1.3
8.7
4.2
2.0

1,453.7
858.0
354.7
18.3
142.8
69.7
10.3

51.7
30.5
12.6
0.7
5.1
2.5
0.4

10.1

45.9

1.6

0.1

0.6
21.9

0.8

2
Nonmarketable U. S. Government securities are valued at cost
and other holdings at market value. Purchases are shown at cost
and sales at proceeds realized. Conversions and exchanges of
securities are treated as sales of securities surrendered and purchases
of securities received. Stock rights held at beginning or end of
reporting period are included in appropriate investment category at
market value. Proceeds from sales of such rights are included in
proceeds from sales of securities during period.
3
Mainly quasi-governmental issues and foreign issues.
4
Less than .05 of 1 per cent.
5 Less than $50,000.
NOTE.—Details may not add to totals because of rounding.

528
gross transactions to the aggregate portfolio
—declined from about 35 per cent in 1959
to 28 per cent in 1960.
New participations in common trust funds
totaled $280 million and withdrawals $137
million in 1960. Of the net addition of
$143 million during the year, it is estimated
that 65 per cent was invested in bonds, 28
per cent in common stocks, 5 per cent in real
estate loans, and that the remainder was
added to principal (uninvested) cash.
CHANGES BY TYPE OF FUND 2

All types of common trust funds experienced
net increases in their total holdings in 1960,
as shown in Table 4, but most of the growth
occurred in diversified discretionary and special discretionary types. Growth in special
funds reflected mainly net additions to principal and to a lesser extent a transfer of
assets from diversified funds when the latter
were split into common stock and fixedincome types. The increase in holdings of
diversified funds reflected net additions to
principal. These more than offset the transfers between these funds and special ones,
noted earlier, and the depreciation in the
market value of their holdings of common
stocks.
Although the assets of both special and
diversified funds continued to increase during 1960, banks continued to place greater
reliance on special funds as an operating
medium. The number of these funds increased by 50 during the year, while the
number of diversified funds declined by two.
Since surveys of common trust funds were
started in 1955, growth in special funds has
far outweighed that in diversified funds. Over
this period the number of special funds has
increased by 139, or almost eight times,
2

For descriptions of the different types of funds, see
note 1 to Table 4.




FEDERAL RESERVE BULLETIN • MAY 1961

while the total number of diversified funds
has increased by ojily 84, or 19 per cent. In
each of the two types the expansion in assets
has been roughly proportionate to the
change in number.
USE OF SPECIAL FUNDS

Many banks rely entirely on special funds,
and they usually operate more than one. In
some instances, however, a bank may operate a special fund—either a common stock
fund or a fixed-income fund—in conjunction
with a diversified fund to give balance to a
participating trust. Of the 157 special funds
in operation at the end of 1960, 77 were
invested only in common stocks and the remaining 80 were invested only in fixedincome securities.
Some special funds have more particular
purposes than those indicated above. Several banks, for example, operate two common stock funds—each having a different
emphasis on investment characteristics of
the equity selections. Five banks operate
funds that are invested solely in tax-exempt
State and municipal bonds, while another
operates a fixed-income fund invested only
in preferred stocks. By operating two or
more special funds, at least one of which is
invested in common stocks and one in fixedincome securities, a trust institution can
adopt a split-funding arrangement for handling the investments of its small bona fide
fiduciary accounts.
Such a split-funding arrangement permits
participation in either or all funds in varying proportion, in accordance with the needs
of the individual fiduciary account. It also
gives the trust institution greater flexibility
in diversifying the investments of participating fiduciary accounts than is possible with
a single fund having a given ratio between
fixed-income investments and common

529

SURVEY OF COMMON TRUST FUNDS, 1960
TABLE 4

MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1959-60l
[In millions of dollars]
Diversified funds

Special funds

411 funds
Discretionary
Type of holdings

Legal

Discretionary

J

Legal

2

1960

Total holdings

1959

Stocks— total
Preferred
Common

Principal cash

46.5
21.9

InInInIncrease,
crease,
crease,
crease,
or deor de- 1960 1959 or de- 1960 1959 crease 1960 1959 or decrease
crease
crease
/ \
(__)
(-)
(-)

1959

50.4 372.2 361.9

961.4
210.0

114.4
10.4

680.6
141.1

620.0
137.3

41.8
624.2
85.4

3.6
79.6
20.9

13.1
458.3
68.1

12.9
414.8
55.0

60.6 186.7
3.8 47.5
0.2 6.0

1.668.3 1,648.2
214.6 211.5
1,453.7 1,436.6

Real estate loans and savings accounts

1960

145.9 1.945.8 1,895.4

2,812.6 2,666.7

Bonds, notes, and certificates total
1,075.8
U. S. Government
220.4
State and political subdivision
45.4
Domestic corporate
703.8
Other^
106.3

Increase,
or decrease
(-)

6.6
43.5 110.7 108.5
13.1 22.5 20.5

20.1 1,230.6 1,243.2 - 1 2 . 6 174.8 171.0
3.1 128.9 130.8 - 1 . 9 52.8 51.1
17.1 1.101.7 1,112.4 - 1 0 . 7 122.0 120.0

38.8

7.7

18.3

Factors affecting change
during year:
Net additions to principal
funds
Net appreciation in market value of investments.
Net realized capital gains.
Net transfers due to splits,
reclassifications, etc.. . .

180.9
45.3

3.6

24.0
10.6

19.4
12.8

4.6
-2.2

7.2
3.6

6.3
3.6

10 1 447fi178 ">!
5.8
2.2
-0.6
2.2
2.0

M 4 46 <)Ml 1

15.8

167.9 134.5
20.8 18.1

33.4 40.7 26.0
2.7 11.0 9.3

14.7
1.7

19.6 17.2
114.3 90.6
13.1 8.5

2.4 6.7 5.1
23.7 20.4 10.2
4.6 2.5 1.4

1.6
10.2
1.1

3.8 257.2 229.3
1.7 30.1 27.4
2.0 227.1 201.9

27.9
2.7
25.2

5.7
2.8
2.9

4.7
2^
2'.5

1.0
0.6
0.4

0.9 15.3 12.9

2.4

0.1

0.1

(4)

5.6

0.5

0.3

0.2

4

()

7.2

1.6

143 1

69 8

8.8

53 6

11.0

-3.6
6.4

-11 9
3.6

37
2.5

42
0.4

0.4
-0.2

-11.1

—4 7

11 2

1

See Table 3, note 1.
For classification purposes, a discretionary common trust fund
is one in which all of the investments of the fund—both as to individual securities and as to proportions of classes of investments—
are made at the sole discretion of the trustee. Legal common trust
funds differ from State to State depending on the plan and the State
statute under which they operate: In all States except New York
and New Jersey, a legal common trust fund is one in which the plan
limits investments to those authorized by State statute as legal for
funds held in individual fiduciary accounts. In New York and New

4.6

Jersey, funds designated by their plan as legal common trust funds
are specifically restricted by statute. A diversified common trust
fund is one invested in all classes of securities; whereas, a special
common trust fund is one that is restricted by plan or institutional
policy to one type or class of investment, that is, fixed-income investments or common stocks; these funds may be either discretionary
or 2legal.
See Table 3, note 2.
3 See Table 3, note 3.
4 Less than $50,000.

TABLE 5
SIZE DISTRIBUTION OF COMMON TRUST FUNDS, I960 1
[Dollar amounts in millions]

Size of fund 2
(total holdings,
in millions of dollars)

All
funds

Diversified
discretionary funds

Diversified
legal funds

Special
funds

Number

Total
holdings

Number

Total
holdings

Number

Total
holdings

Number

Total
holdings

AH funds

421

$2,812.6

187

$1,945.8

77

$372.2

157

$494.5

Under 1
1-2

146
53
90
59
50
14
9

58.1
79.7
288.7
416.8
776.7
530.0
662.6

36
23
45
34
30
11
8

18.4
34.1
145.4
248.7
466.6
425.3
607.1

25
11
19
9
11
2

12.9
16.6
59.5
57.1
163.7
62.4

85
19
26
16
9
1
1

26.8
29.0
83.7
111.0
146.4
42.2
55.4

2-5

5-10
. . .
10-25
25-50
50 and over
1

See note 1 to Tables 3 and 4.




~ See Table 3, note 2.

530

FEDERAL RESERVE BULLETIN • MAY 1961

stocks. The number of banks using the splitfunding arrangement increased from 39 in
1959 to 62 in I960, and the holdings in
these funds increased from $353 million to
$456 million.
GEOGRAPHIC DISTRIBUTION

During the six years covered by the Survey,
the number of common trust funds has increased in all geographic sectors. During
1960 the largest increases in number of new
funds were in Massachusetts, New Jersey,
Minnesota, and Ohio (6, 5, 4, and 4, respectively). Pennsylvania, New York, and
Massachusetts had the largest number of
funds at the end of the year (67, 48, and 25,
respectively), as shown in Table 6. On the
basis of dollar amounts held, these three
States ranked in the same order.
While 54 per cent of the assets and 40
per cent of the number of funds are in the

Boston, New York, and Philadelphia Districts, the rate of increase in assets continues
to be slower in these districts than elsewhere.
The distribution of funds by Federal Reserve
district at the end of 1960 is shown in
Table 7.
Many factors—such as State laws that
limit investment in certain classes of securities, State and local taxes on certain types of
securities, and local investment practices—
tend to affect the geographic distribution of
particular classes of assets. Investments in
common stock represent the largest proportion of all assets, but the proportion varies
widely from one area to another.
Investments in common stocks, for example, range from a low of 44 per cent in
the Cleveland and Atlanta Districts to a high
of 60 per cent in the St. Louis District. The
wider use of legal common trust funds in the
New York, Philadelphia, Cleveland, Rich-

TABLE 6
STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, I960 1
Number of funds

Number of funds
State, with year of
legalization of common
trust funds

44 States, incl. D. C

Total

State, with year of
legalization of common
trust funds

Special

Diversified

Discre- Legal Discretionary
tionary

421

187

Alabama (1943)
Arizona (1941)
Arkansas (1947)
California (1947)
Colorado (1947)

3
3
1
16
9

2
1

9
4

Connecticut (1943)
Delaware (1935)
Dist. of Columbia (1949)...
Florida (1941)
Georgia (1943)

11
3
6
10
9

11
3
2
8
7

Legal
28

2

7
4

Hawaii (1947)
Illinois (1943)
Indiana (1937)
Kentucky (1938)
Maine (1951)
Maryland (1945)
Massachusetts (1941)
Michigan (1941)
Minnesota (1937)
Mississippi (1950)
Missouri (1940) 2

4
8
8
4
5
8
25
11
12
2
11

1 See note 1 to Tables 3 and 4.




77

129

1

""2"

1

""l"
2

1

4

7
8

4
3
4
16
7
1
2
4

2
2
9
4
10
7

Diversified
Total

2

Discre- Legal Discretionary
tionary

Montana (1955)
Nebraska (1953)
New Hampshire (1953)....
New Jersey (1945)
New Mexico (1953)

2
1
2
22
3

1
1
1
1

New York (1937)
North Carolina (1939)
North Dakota (1955)
Ohio (1943)
Oklahoma (1949)

48
8
3
12
5

17
6
1
7
2

Oregon (1951)
Pennsylvania (1939)
Rhode Island (1956)
South Carolina (1955)
South Dakota (1941)

2
67
2
4
3

Tennessee (1953)
Texas (1947)
Utah (1951)
Vermont (1933)
Virginia (1944)

8
15
2
2
23

2
10
2
1
1
6
11
2
2
12

Washington (1943)
West Virginia (1943)
Wisconsin (1943)

4
3
11

3
2
2

2

Special
Legal

2

2
21
1

38

10
2
9
2
3
3
13

9

1

'""i"
6

3

2
2
4
11
1

By court decision; legislation was enacted in 1955.

6

3

531

SURVEY OF COMMON TRUST FUNDS, 1960

mond, and Chicago Districts accounts to
some extent for the smaller proportion of
common stock holdings in these Districts.
Legal funds are restricted as to the proportion of their assets that may be invested in
such stocks.
Common trust funds as a whole have
about one-tenth of their assets in preferred
stocks. For funds in the Philadelphia District the proportion is about one-fifth. Funds
in that District hold more than half of the
preferred stocks held by all common trust

funds. The more extensive investment in
preferred stocks in the Philadelphia District
reflects in large part the fact that in Pennsylvania there is a personal property tax on
senior corporate securities, but not on preferred stocks.
Real estate loans represent less than 2
per cent of all investments of common trust
funds. Local investment practices seem to
account for the fact that in the Kansas City
District these loans represent about oneseventh of the total portfolio.

TABLE 7
TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT,

I960 1

[Dollar amounts in millions]
Bonds, notes, and certificates

Number of funds

Federal
Reserve
district

Diversified
Total

Special

Discretionary

Legal

Discretionary

Legal

28

Total
holdings2

Total

U.S.
Government

State
and
political
subdivision

Corporate

Stocks

All
other

All districts. .

421

187

77

129

Boston
New Y o r k . . .
Philadelphia..
Cleveland....

43
64
61
32

31
21
12
10

1
22
30
10

11
15
10
10

334.9
563.5
623.6
265.3

135.9
251.3
179.4
114.9

25.5
27.9
69.8
31.5

0.2
10.5
31.2

95.9
199.3
74.3
42.4

14.5
24.0
24.8
9.8

Richmond. . .
Atlanta
Chicago
St. L o u i s . . . .

52
30
37
13

27
23
16
9

17
5
11
3

237.1
88.8
158.2
148.3

89.7
39.7
73.3
52.1

14.5
6.6
13.4
3.8

1.4
1.6
0.2
0.3

64.7
29.3
52.9
47.2

Minneapolis..
Kansas City..
Dallas
San Francisco

20
23
15
31

3
9
11
15

14
13
4
16

26.8
84.5
42.3
239.

8.5
27.0
16.
87.9

1.2
10.5
3.2
12.4

7.0
11.9
10.0
68.7

1 See note 1 to Tables 3 and 4.
2 See Table 3, note 2.




Total

Preferred

Corn-

Real Prinestate cipal
loans, cash
etc.

$2,812.6 $1,075.8 $220.4 $45.4 $703.8 $106.3 $1,668.3 $214.6 $1,453.7 $46.5 $21.9

0?

3 Less than $50,000.

194.3
8.3
304.7
18.6
441.1 117.1
146.2 30.1

186.1
286.1
324.0
116.1

9.0
2.3
6.8
0.9

128.7
46.4
84.1
90.9

9.1
7.1
6.3
2.0

0.2
4.5
2.8
6.7

16.2
44.5
25.3
146.0

0.5
2.9
3.0
9.8

119.6
39.3
77.8
88.9

1.0
1.7
(3)
2.3
17.7
1.
0.3
4.6

1.0
0.9
0.5
0.7

15.6
41.5
22.3
136.2

()
12.1
0.7
4.1

2.2
0.9
0.2
1.2

3.4
5.9
3.1
1.9

Quarterly Survey
of Consumer Buying Intentions
in April reported slightly
fewer plans to buy most types of durable
goods than a year earlier but more than in
April 1959, according to the most recent
Quarterly Survey of Consumer Buying Intentions.1 These findings were generally
similar to those of the January Survey,
which had shown improvement from October 1960.
Expressed plans to buy within 6 months
were fewer than in April 1960 for both
new automobiles and household durable
goods. The proportion of families planning to buy used automobiles, however,
was about the same as in April 1960. In
addition, there was little change in the
number of families that expected to buy
houses in the following 12 months.
As in other years, the proportions of
families reporting plans to buy automobiles
and household durable goods declined from
January to April. Buying plans for household items, however, declined less than in
either of the preceding two years and were
closer to year-earlier levels than in either
January or last October. The small increase from January to April in plans to
CONSUMERS

1

This article presents the findings of the April 1961
Quarterly Survey of Consumer Buying Intentions, conducted for the Board of Governors by the Bureau of
the Census. The Quarterly Survey is conducted under
the supervision of Mona E. Dingle of the Board's
staff and Selma F. Goldsmith of the Bureau of the
Census. The current article was prepared by Theodore G. Flechsig. Articles covering the previous Quarterly Surveys appeared in the Federal Reserve BULLETIN for September and December 1960 and March
1961, A description of the Survey also appeared in
the BULLETIN for September 1960, pp. 977-1003.




buy houses was the first since data on
houses were added to the Survey in January
1960, and was in marked contrast with the
decline in such plans a year earlier.
Consumer reports in April regarding the
level of income compared with a year
earlier were about the same as in January.
In the period from April 1960 to January
1961 the proportion reporting a decline in
income had increased substantially, and the
proportions reporting no change or an increase in income had declined correspondingly. Consumer expectations about future
income prospects in general were similar
to those expressed in January, although the
proportion expecting declines in income
during the next year was slightly smaller.
As in the other Surveys most families anticipated little or no change in income.
Automobiles. In mid-April 3.1 per cent
of the families interviewed reported plans to
buy new automobiles within 6 months, compared with 3.3 per cent in April 1960 and
2.7 per cent in April 1959. Plans expressed
were also slightly less definite than a year
earlier. The difference between the number
of plans reported in April 1960 and the
number for April 1961, however, is on the
margin of statistical significance. In January the proportion of families that had reported plans to buy new automobiles was
the same as a year earlier. As in other recent Surveys, 12-month plans for new automobiles—and for used automobiles also—
moved similarly to 6-month plans and
showed the same year-to-year relationships.

532

533

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS

Plans to buy used automobiles within 6
months were reported by 4.1 per cent of the
families interviewed in April, about the same
as in the corresponding period of the two
preceding years. Plans to buy used cars as
reported in 1960 and so far in 1961 have
changed less from the level of plans expressed in the corresponding Surveys in
1959 than other types of durable goods.
While I960 plans to buy used cars were
slightly below 1959 levels, the number of
planners undecided between new and used
cars was somewhat larger. This greater
indecision on the part of consumers in
choosing between new and used cars may
have been because of the availability of
new compact models. These planners are
more likely to purchase used cars, but their
choice is strongly subject to relative changes
in the supplies and prices of new and used
cars. As a result, their purchase rates from
one Survey to another are less predictable
than for other planners.
The number of families reporting dissatisfaction with the car currently owned was
about the same in April as a year earlier.
Families who reported having shopped for
cars in the weeks immediately preceding
the recent Survey, however, were less
numerous than a year earlier but more
numerous than in April 1959. A sizable
proportion of the families who had shopped
for a car or were dissatisfied with their current car also planned to buy within 6 months.
Purchase rates for nonplanners among these
families, however, are significantly higher
than for nonplanners who were satisfied with
their car and who had not shopped for a car.
Consumer purchases of new cars in the
first quarter of 1961 were about one-fifth less
than in the same period in 1960, according
to both Survey data and sales data from independent sources. By early January sales




of new cars had fallen from the advanced
autumn rate and were somewhat lower than
a year earlier. In the weeks immediately
following the Survey in mid-January, morePLANS TO BUY
WITHIN 6 MONTHS

Per cent

NEW AUTOMOBILES

_. 5
1959

/

\
4

1961

1960
1

JAN.

APR.

1

JULY

_

1

OCT.

3

^ 2
Per cent

JAN.

* Sum of plans per 100 families.
NOTE.—Plans to buy major household durable goods refer to
sum of plans to buy washing machines, refrigerators, and television sets.

over, unusually severe weather prevailed
over much of the nation, and this was an
important factor in reducing sales substantially further. As a result of improved
weather and other influences, the rate of new
car sales recovered more than seasonally in
March and April.
The number of consumers reporting purchases of used cars in the first 3 months of

534
this year was about the same as in the corresponding quarters of 1959 and 1960. This
is in general agreement with sales data from
other sources, which showed 3-month sales
of used cars only slightly lower than in 1959
and 1960. According to these sources sales
of used cars declined more than seasonally
in late January and in February but in
March recovered to the advanced level of
the preceding two years.
Household durable goods. In April 6-month
plans to buy the three major household items
covered by the Survey—washing machines,
refrigerators, and television sets—continued
below year-earlier levels for the third successive Survey. Plans to buy these major
appliances, however, were much closer to
the level of plans reported a year earlier than
they had been in either January or last October, as the chart shows. A decline in plans
to buy washing machines accounted for most
of the difference in April from a year earlier.
Data on plans to purchase and on actual
purchases of air conditioners, clothes dryers,
dishwashers, and radio and phonographic
equipment are presented for the first time in
the tables at the end of this article. Plans
to buy these four types of household durable
goods were also below the year-earlier level
in April, largely because of a decline in plans
to buy air conditioners. Demand for these
items is less likely to be for replacement purposes and is less likely to come from low income groups than demand for washing machines, refrigerators, and television sets.
Data on buying plans for these two groups
of durable goods, however, have generally
moved together.
Consumer purchases of the household
durable goods covered in the Survey were
down somewhat in the first quarter of 1961
from the first quarter of 1960, with only 8.8
purchases per 100 families reported this




FEDERAL RESERVE BULLETIN • MAY 1961

year compared with 9.4 a year earlier. Most
of the decline was in purchases of television
sets and washing machines. These items
are purchased most often by families in the
low and middle income groups, the groups
most affected by unemployment during the
recent business decline.
Houses. The proportion of families reporting plans to buy houses in the following
12 months was about the same in April as
a year earlier, 5.1 per cent compared with
5.3 per cent. From January to April, reported plans to buy new and existing houses
increased in the South and West but remained unchanged in the Northeast and
North Central regions. This was in marked
contrast with the declines in such plans in
all regions a year earlier. Six-month plans
to buy houses rose proportionately more
from January to April than 12-month plans,
in part reflecting seasonal influences.
According to the Survey, about the same
proportion of families purchased houses in
the first quarter of this year as in the first
quarter of 1960. House purchases are subject to considerable seasonal variation, as the
Quarterly Surveys for last year indicated.
According to those Surveys house purchases
ranged from a low of 0.8 of 1 per cent of
all families in the first quarter to 1.4 per
cent in each of the next two quarters. In
general, purchases of new and of existing
houses moved together, with consumers reporting about twice as many purchases of
existing houses as new houses. Data on
purchases of houses are subject to somewhat
larger sampling errors than other data from
the Survey because of special problems involved in estimating new house purchases.
Sampling variability. Data from Quarterly
Surveys are based on about 17,000 interviews and, as is true of all sample surveys,
may differ because of sampling variability

535

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS

from data that would be obtained if a complete census were taken. The reliability of
estimates of percentages obtained from the
Survey depends on the size of the estimated
percentage and the size of the total sample
—or portion of the sample—on which the
percentage is based.
Sampling errors are shown in the table
for selected percentages and sample sizes.
The sample sizes are expressed in terms of
the estimated number of households represented by the Survey (or portion of the
Survey) rather than in terms of the actual
number of households sampled. The chances
are 68 in 100, or about 2 in 3, that an estimate from the Survey would differ from a
SAMPLING ERRORS OF PROPORTIONS

Reported percentage
Number of households
2 or 98

10 or 90

25 or 75

50

5,000,000

0.8
0.6
0.4

1.8
1.3
0.8

2.6
1.8
1.2

3.0
2.1
1.4

10,000,000
20,000,000
50,000,000

0.3
0.2
0.1

0.6
0.4
0.3

0.8
0.6
0.4

1.0
0.7
0.4




SAMPLE SIZE FOR SPECIFIED GROUPS
Families or households 1
Group characteristic

Total

The chances are 68 in 100 that the value being estimated lies within
a range equal to the reported percentage plus or minus the number
of percentage points shown below.

1,000,000
2,000,000

complete census by less than the sample errors shown in the preceding table and 95 in
100 that the difference would be less than
twice the errors shown.
The approximate number of households
by income and age groups is shown in the
table below. The estimated size of each
subgroup may be used in the foregoing table
to obtain the approximate sampling error for
that subgroup in preceding Surveys as well
as in the April 1961 Survey.

Proportion
in April 1961
Survey

Approximate number applicable to
all Surveys

100.0

54,000,000

Income: 2
Under $3,000
$3,000-54,999
$5,000-$7,499
$7,500-59,999
$10,000 and over
Not ascertained

25.6
19.6
22.9
10.5
9.6
11.7

14,000,000
12,000,000
12,000,000
6,000,000
5,000,000
5,000,000

Age of head:
Under 35
35-54
55 and over

23.2
42.3
34.5

13,000,000
23,000,000
18,000,000

1
For the Quarterly Survey, data are collected only from the
principal family in the household. Therefore the number of families
is the same as the number of households.
2
Total money income (before taxes) of family in 12 months
immediately preceding interview.

536

FEDERAL RESERVE BULLETIN • MAY 1961
TABLE 1
PLANS TO BUY HOUSES AND DURABLE GOODS, 1959-61 *
1959

1960

1961

Buying plan
Jan.

Apr.

July

Oct.

Jan.

Apr.

July

Oct. j Jan.

Apr

16.6
7.6

Percentage of all families
New or used automobile: 2
Planning to buy within 12 months
Doesn't know about 12-month plan

17.1
6.9

15.8
6.4

VM
(5.5

21.2
5.6

18.7
7.8

17.1
7.5

16.8
7.1

1.6
7A

17.9
7.4

Planning to buy within 6 months
Timing of planned purchase :
First 3 months
Second 3 months
Doesn't know when in 6 months
Doesn't know about 6-month plan

8.5

7.6

8.4

10.3

9.5

8.8

8.1

9.1

9.0

8.4

2.1
3.9
2.5
3.4

2.4
3.1
2.1
3.0

2.6
3.3
2.5
3.1

3.1
4.4
2.8
2.8

2.6
4.5
2.5
3.6

3.1
3.3
2.4
3.0

2.7
3.1
2.4
2.8

3.0
3.7
2.4
2.8

2.5
4.1
2.4
2.7

2.9
3.1
2.3
2.9

Has shopped for automobile 3
Dissatisfied with automobile owned

5.1
8.9

4.8
8.1

5.2
8.1

6.5
9.1

4.5
9.8

5.5
8.7

4.9
8.0

6.3
9.6

4.5
10.0

5.1
8.9

6.7

6.6

7.0

9.6

7.4

7.0

6.9

7.9

7.4

3.1

2.7

3.2

4.7

3.5

3.3

3.1

3.7

3.5

3.1

1.2
1.1
0.8

0.9
0.9
0.8

1.2

o!9

1.8
1.6
1.2

1.3
1.0
1.1

1.5
0.9
0.8

1.2
1.0
0.8

1.5
1.2
0.9

1.4
1.1
1.0

1.1
1.1
0.9

0.9
1.4

0.7
1.4
0.6

0.9
1.4
0.8

1.4
2.1
1.1

0.9
1.7
0.8

1.2
1.3
0.7

0.9
1.4
0.7

1.3
1.4
0.9

1.0
1.6
0.9

0.9
1.4
0.8

New automobile:
Planning to buy within 12 months
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Used automobile:
Planning to buy within 12 months
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months

0.7
8.5

7.2

7.8

9.3

8.4

7.2

7.2

8.0

8.3

7.7

4.7
1.3
1.6
1.7
1.2
1.9
1.5

4.1

4.2

4.7

4.6

3.9

3.8

4.0

4.5

1.4
1.5
1.1

.4
.5
.2

1.6
1.4
1.6

1.6
1.5
1.5

1.3
1.2
1.3

1.4
1.2
1.2

L.2
1.3
1.4

1.5
1.4
1.6

4.1
.6
.3
.3

1.5
1.4
1.1

.5
.3
.3

1.4
2.0
1.2

1.3
2.0
1.2

1.4
.3

1.4
1.2
1.1

1.3
L.7
().9

1.3
2.0
1.2

.7
.3
.1

12.0
6.6

11.1
6.2

11.2
6.6

10.6
6.8

10.3
6.4

10.0
6.3

House:
Planning to buy within 24 months
Doesn't know about 24-month plan

5.8
n.a.

n.a.

n.a.

5.3

5.4

5.0

4.8

2.3
\ 1.8
1.7

2.2
1.6
1.5

2.2
1.6
1.5

2.0
1.5
1.5

1.9
1.5
1.4

2.4
1.8
1.6
2.4

Planning to buy within 12 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 6 months
Second 6 months
Doesn't know when in 12 months
Doesn't know about 12-month plan

2.5
1.3
1.4
2.4

2.4
1.7
1.3
2.4

1.9
1.9
L.I
2.5

1.9
1.5
1.4
2.1

5.1
2.1
1.5
1.4
2.3
1.4
1.3
2.2

Plans per 100 families
4

Household durable goods:
Planning to buy within 6 m o n t h s . . . .
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Doesn't know about 6-month plan. .
Major household durable goods: 5
Planning to buy within 6 months
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Doesn't know about 6-month plan. .

[24.3

21.9

20.1

21.0

20.5

20.2

n.a.

n.a.

n.a.

5.4
10.6
8.2
5.5

7.4
7.7
6.7
5.4

5.9
7.4
6.7
4.7

6.8
8.2
6.0
4.5

5.1
8.8
6.6
4.7

6.7
7.8
5.7
5.0

12.4

14.2

17.3

15.7

13.9

14.0

13.8

13.7

13.0

3.4
4.1
5.0
3.2

3.8
4.5
5.9
3.4

4.7
6.0
6.7
2.4

3.7
5.8
6.1
2.8

3.8
4.9
5.2
2.7

3.8
4.7
5.4
2.9

4.2
5.1
4.5
2.6

3.5
5.1
5.1
2.9

3.7
5.0
4.2
2.8

1

13.9
3.2
4.9
5.8
3.8

n.a. Not available.
1
As reported in interviews in January 1959 and in the first month
of succeeding quarters. Interviews are taken in the week that
includes the 19th of the month. Planning period begins on date of
interview.
2 Includes those undecided between new and used.
3 In the weeks immediately preceding interview.
4
Sum of plans to buy washing machines, refrigerators, television
sets, air conditioners, clothes dryers, radio and phonographic equipment, and dishwashers.




5 Sum of plans to buy first three items listed in note 4.
NOTE.—Planning data (Tables 1, 2, and 3) for 1959-60 have been
revised to make them comparable with 1961 data by distributing
nonresponse cases proportionately among groups for which responses
were obtained. In the earlier Surveys, nonresponse cases on buying
plans (2 per cent or less of all families) were classified in the "doesn't
know" group.

537

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
TABLE 2
PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1959-61
1959

1960

1961

Planning period, and income or age group
Jan.

Apr.

July

Oct.

Jan.

Apr.

July

Oct.

Jan.

Apr,

Planners as a percentage of all families in group
Planning to buy new automobile within 6 months:
All families
Income: 1
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
Planning to buy used automobile within 6 months:
All families
Income: *
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over

3.1

2.7

3.2

4.7

3.5

3.3

3.1

3.7

3.5

3.1

0.2
1.9
4.0
7.4
11.0

0.5
1.8
3.2
6.4
8.7

0.9
1.8
4.1
7.0
10.7

0.7
3.2
5.6
10.2
15.6

0.7
2.3
4.0
6.8
12.0

0.9
1.7
4.5
5.5
9.6

0.8
1.5
3.6
6.6
9.9

0.6
2.4
4.5
6.8
11.7

0.6
1.9
4.1
6.3
11.3

0.8
1.7
3.8
4.8
9.6

3.3
3.6
2.1

3.3
3.1

3.5
3.8
2.4

4.4
5.9
3.4

3.2
4.5
2.5

3.3
4.1
2.3

3.4
3.7
2.1

3.7
4.4
2.9

3.6
4.3
2.5

3.2
3.7
2.4

4.1

4.2

4.7

4.6

3.9

3.8

4.0

4.5

4.1

5.2
4.3

2.6
4.7
5.2
5.5
3.8

3.2
4.8
5.3
5.3
3.9

3.4
5.9
6.3
4.7
3.3

3.1
4.8
6.0
6.3
5.5

2.6
4.3
4.9
4.8
3.3

2.9
4.1
4.6
5.4
4.1

2.9
4.4
4.9
5.6
3.9

2.8
4.9
6.0
4.9
4.8

2.5
5.1
4.6
5.4
4.3

7.5
5.0
2.3

6.3
4.6
1.8

6.9
4.6
1.7

7.7
4.9
2.3

6.5
5.5
2.1

6.8
4.3
1.4

6.6
4.0
1.5

6.7
4.3
1.6

7.1
5.0
2.0

6.8
4.8
1.5

5.8

5.3

5.4

5.0

4.8

5.1

1.9
5.3
8.4
9.1
11.5

1.7
5.1
7.1
8.4
10.2

2.1
5.4
7.3
8.6
9.1

1.8
4.9
7.0
8.4
7.3

1.5
4.1
6.6
7.3
8.6

1.7
4.8
6.4
7.9
8.1

10.1
6.2
2.4

9.4
5.6
2.0

9.8
5.5
2.2

9.2
5.1
2.0

8.8
5.1
1.7

9.3
5.1
2.1

4.7
3.7
6.0

|

Planning to buy house within 12 months:
All families
Income: *
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over

n.a.

n.a.

Plans per 100 families in group
Planning to buy household durable goods within 6
months: 2
All families
Income:i
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
Planning to buy major household durable goods within
6 months: 3
All families
Income: *
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over

24.3

n.a.

21.0

20.5

20.2

11.1
18.8
24.1
29.8
39.1

10.8
19.6
24.9
32.2
41.1

10.0
15.0
24.7
31.5
40.8

10.4
15.9
21.4
28.6
39.7

32.0
24.4
11.9

29.8
22.0
11.2

31.2
23.7
10.6

27.3
23.9
11.8

29.6
21.8
12.0

13.9

12.4

14.2

17.3

15.7

13.9

14.0

13.8

13.7

13.0

10.9
14.6
15.2
18.3
21.9

8.6
13.0
14.0
16.4
18.0

10.6
14.5
16.6
17.9
22.0

12.9
18.7
19.6
20.9
26.3

11.6
14.8
17.7
23.3
23.9

9.9
13.3
14.5
17.0
21.4

9.8
14.0
16.3
18.0
22.4

9.2
14.4
15.9
19.0
21.4

8.5
11.6
16.2
18.5
23.1

8.7

18.8
14.8
9.3

16.4
13.3
8.1

17.4
16.1
9.7

21.5
18.9
12.3

18.7
17.8
10.9

19.8
15.0
8.6

19.5
15.3
8.7

19.7
15.3
8.2

17.5
15.5
8.9

18.3
13.7
8.6

n.a. Not available.
1 Total money income (before taxes) of family in 12 months
immediately preceding interview.
2
Sum of plans to buy washing machines, refrigerators, television
sets, air conditioners, clothes dryers, radio and phonographic equipment, and dishwashers.




n.a.

20.1

12.1
19.3
24.0
30.8
43.8

31.0
28.1
14.9

n.a.

21.9

13.4
21.1
29.1
• 39.9
46.9

3 Sum of plans to buy first three items listed in note 2.
NOTE.—See note to Table 1.

538

FEDERAL RESERVE BULLETIN • MAY 1961
TABLE 3
PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1959-61
[Percentage of all families]
1959

1960

1961

Type of durable good
Jan.

July

Oct.

Jan.

Apr.

July

Oct.

Jan.

Apr

5.9
3.7
4.3

Washing machine
Refrigerator
Television set
Air conditioner
Clothes dryer
Radio and phonographic equipment
Dishwasher

Apr.
5.1
3.5
3.9

6.1
4.1
4.0

7.0
4.7
5.7

6.5
4.5
4.6
3.2
2.2
2.3
0.9

6.0
3.8
4.1
3.4
1.8
1.9
0.8

5.9
4.0
4.0
1.4
2.0
1.9
0.8

5.5
3.4
4.9
1.3
2.3
2.7
0.8

5.5
3.7
4.4
2.0
1.9
2.1
0.8

5.3
3.6
4.1
2.6
1.8
2.1
0.8

n.a. Not available.
i Radios or phonographs (or their component parts) together
costing $100 or more.

NOTE.— See note to Table 1

TABLE 4
PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1959-61 :
[Percentage of all families]
1959
Item

1960

1961

Jan.Mar.

Apr.June

JulySept.

Oct.Dec.

Jan.Mar.

Apr.June

JulySept.

Oct.Dec.

Jan.Mar.

Automobile:
New
Used

2.4
5.2

2.8
5.7

2.6
5.2

2.4
4.7

2.7
5.0

3.2
5.7

28
5.2

28
4.9

21
5.1

House 2

na

na

na

15

08

14

14

12

10

Washing machine
Refrigerator
Television set

2.5
1.7
3.4

2.5
2.2
2.6

3.3
3.1
3.3

n.a.

n.a.

n.a.

3.2
2.3
4.8
0.2
1.4
2.5
0.4

2.4
1.6
3.3
0.3
0.6
1.0
0.3

2.7
2.4
2.9
1.1
0.5
0.9
0.3

2.8
2.7
3.4
1.0
0.7
1.0
0.3

2.9
1.9
4.8
0.2
1.1
2.9
0.4

2.2
17
2.8
0.2
07
0.9
0.2

Clothes dryer
Dishwasher
n.a. Not available.
1
As reported in month immediately following purchase period.
2 Estimates are subject to somewhat larger sampling errors than
other data because of special problems involved in estimating purchases of new houses.

3 Radios or phonographs (or their component parts) together
costing $100 or more.

TABLE 5
PAST AND EXPECTED CHANGES IN INCOME, 1959-61
[Percentage distribution of families]
1959

1960

1961

Direction of change
Jan.
Current income compared with a year earlier:
Higher
Same
Lower
Doesn't know
All families
Expected income compared with current: 1
Higher
Same
Lower
Doesn't know
All families

Apr.

Oct.

Jan.

Apr.

July

Oct.

Jan.

Apr.

23.3
55.6
20.2
1.0

22.9
59.7
16.7
0.7

23.9
59.4
16.1
0.6

24.1
57.3
17.9
0.7

25.0
57.1
17.0
0.9

22.2
61.3
15.5
1.0

21.5
61.9
15.7
0.9

23.2
58.7
17 0
1.1

22.6
57.9
18 7
0.8

20.7
59.9
18 5
0.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

24.8
57.1
7.0
11.1

21.6
61.1
6.1
11.2

23.6
60.2
6.4
9.8

25.1
58.7
6.3
10.0

24.4
59.6
5.7
10.2

24.2
60.2
5.6
10.0

24.6
59.6
5.9
9.8

24 5
59.2
5.8
10.5

24 6
57.2
6.0
12.2

23 9
59.4
5.4
11.4

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

1
Expected a year hence.
NOTE.—Data for 1959-60 have been revised to make them comparable with 1961 data by distributing nonresponse cases proportionately among groups for which responses were obtained. In the




July

earlier Surveys, nonresponse cases for the data included in this table
(between 2 and 3 per cent of all families) were classified in the "doesn't
know" group.
Details may not add to totals because of rounding.

Classification System for
Savings and Other Time Deposits
THE FEDERAL RESERVE SYSTEM has

pro-

posed a classification of savings and other
time deposits to guide commercial banks
adopting automated accounting systems or
considering other changes in their deposit
accounting procedures. This classification,
shown in the next column, complements the
one for demand deposits described in the
Federal Reserve BULLETIN for July 1960,
pages 735-38.

PROPOSED CLASSIFICATION OF SAVINGS AND
OTHER TIME DEPOSITS
I. Savings deposits1
A. Domestic nonprofit organizations
B. Other savings deposits
II. Deposits accumulated for payment of personal
loans
III. Christmas savings and similar accounts
IV. Negotiable time certificates of deposit
A. Issued to domestic holders
B. Issued to foreign holders1
V. Other time deposits of individuals, partnerships,
and corporations in the United States
A. Nonprofit organizations
B. Individuals and noncorporate nonfinancial
business
C. Corporate nonfinancial business
D. Financial business
1. Trust departments of banks
a. Own bank
b. Other commercial banks
2. Other financial business

PURPOSE

The new classification is designed to provide
not only the information about deposits that
appears now on reports to bank supervisory
or other Government agencies, but also some
other types of information that would be
useful for analytical purposes. It is intended to help banks that are considering
automation by indicating what types of information their bookkeeping systems should
be able to produce. It should be emphasized that the proposed classification does
not involve any request for additional data
from banks.
While automation of time deposits has a
relatively low priority at most banks, some
banks have already adopted automatic or
semiautomatic accounting systems for such
deposits, particularly savings deposits.
Many others, having such installations under
consideration or in the planning stages, have
requested Federal Reserve guidance as to
types of information about savings and time
deposits that new accounting systems should
be able to provide.




VI. Domestic government
A. U. S. Government
1. Postal Savings System
2. Other U. S. Government deposits
B. States and political subdivisions
VII. Banks in the United States
A. Commercial banks (excluding trust departments of commercial banks)
B. Mutual savings banks
VIII. Other time deposits of foreign holders1
A. Foreign governments and official institutions,
central banks, and international institutions
B. Banks in foreign countries (including balances
of foreign branches of other American banks)
C. Other foreign holders
1
All banks or banking offices having liabilities to foreigners on
their own account or for the account of others averaging $500,000 or
more over any 6-month period are required to report to the Treasury
on these liabilities by country. The Treasury Form B-l provides a
2-digit country code, which could be used to identify each of the
approximately 60 countries for which a separate figure must be submitted. Banks reporting on this form also need to provide a 3-way
breakdown of foreign-held sayings deposits (item I) and negotiable
time certificates issued tc foreigners (item IV-B) identical with that
shown for foreign holdings of other time deposits (item VIII).
NOTE.—Banks desiring to segregate nonnegotiable time certificates
of deposit from time deposits, open account, may wish to develop
additional codes within this classification structure or to use an
overpunch if a punch card tabulating system is used.
Banks desiring to incorporate a maturity classification, such as
that established in Regulation Q for determining interest rate ceilings,
may wish to develop additional codes within this classification
structure. A classification based on time to maturity might be of
special interest for internal management purposes.

539

540
In preparing the new classification, a System technical committee obtained the advice
of representative member banks and interested Government agencies. The Banking Committee of the Budget Bureau's Advisory Council on Federal Reports reviewed
an earlier version of the classification. The
final version reflects the many helpful suggestions obtained.
SUPPLEMENTAL CATEGORIES OF DEPOSITS

To meet important current or potential needs
for data, the proposed classification includes
the supplemental categories listed below.
These are in addition to the various categories of savings and time deposits used in
regular reports to (1) bank supervisory
authorities and (2) the Treasury, in reports
of liabilities to foreigners on Treasury Form
B-l.
1. Domestic nonprofit
organizations
(items I-A and V-A in list). A segregation
of both savings and time deposits of domestic nonprofit organizations appears needed
in view of the growing financial importance
of these organizations and the presumed
volatility of their deposits, particularly in response to changes in relative yields among
various outlets for short-term funds. In
general, nonprofit organizations are readily
identifiable from the account name, and
segregating their accounts should present no
appreciable difficulties for banks.
2. Christmas savings and similar accounts (item III). This category would
segregate an important segment of savings
that is of a purely temporary nature. Segregating these accounts would generally be
compatible with bank accounting practices,




FEDERAL RESERVE BULLETIN • MAY 1961

which usually involve a separate ledger for
these accounts.
3. Negotiable time certificates (item IV).
In late February 1961 a number of large
banks in New York City and in other parts
of the country began to compete for corporate funds by issuing negotiable time
certificates. Since then they have issued an
appreciable volume of these certificates.
In view of their negotiable form, and of the
possibility that an important secondary market for them may develop, the proposed
classification provides only two subclassifications. These are by type of holder to whom
the certificates are issued initially, that is,
foreign and domestic.
4. Financial and nonfinancial business
(items V-B through V-D). The subclassifications of other domestically held time deposits of individuals, partnerships, and corporations are designed to provide types of
information needed for the Board's quarterly series showing principal financial
flows in the United States. The proposed
categories would provide less detail than it
would be desirable to have. But categories
have been held to a minimum in view of the
difficulty of identifying and classifying certain types of accounts.
The classification system provides no
suggested code numbers, because each
bank will wish to incorporate codes compatible with its established system. A minimal 2-digit system from 01 to 20 would
encompass all the recommended categories.
Such a code structure could be expanded
over a wider numeric range, including more
digits, to provide for additional information
such as maturity breakdown, type of business, or location of holder.

Current Events and Announcements
RESIGNATION OF DIRECTOR

time to consider policy aspects of underlying and
developing economic tendencies.
The United States sent a delegation of unusual
strength to the April meeting in order to make
evident the importance that it attaches to increased international economic consultation and
cooperation and to help lay the foundations for
this consultation and cooperation under the Organization for Economic Cooperation and Development (OECD), which is scheduled to replace the
OEEC within a few months. While international
economic consultation and cooperation have constituted an important phase of the work of the
OEEC, they will receive even greater emphasis in
the functioning of the new organization in which
both the United States and Canada will be full
members. Both have already ratified the OECD
Convention.
As a result of the meeting, two working groups
were established to study and submit findings and
recommendations to the Economic Policy Committee, one on problems of economic growth, and
the other on the subject of monetary, fiscal, and
other policies for fostering international payments
equilibrium. All member countries will be represented on the first group; the membership of the
second is limited to nine countries, including the
United States and Canada. It was announced that
Mr. E. Van Lennep, Treasurer General of the
Netherlands, would chair the second group; other
members of this group will include economic
policy officials of the countries represented on it,
especially officials associated with financial policy.

Mr. Augustus C. Long, who had served as a Class
B director of the Federal Reserve Bank of New
York since May 10, 1957, resigned effective
April 6, 1961. Mr. Long is Chairman of the
Board of Texaco Inc., New York, New York.
ELECTION OF DIRECTOR

The Federal Reserve Bank of Minneapolis on
April 18 announced the election of Alexander
Warden as a Class B director of the Bank to
serve for the remainder of a term expiring December 31, 1962. Mr. Warden is Publisher of the
Great Falls Tribune-Leader, Great Falls, Montana.
As a director of the Minneapolis Bank he succeeds
Mr. J. E. Corette, President and General Manager
of The Montana Power Company, Butte, Montana,
who recently resigned.
PREPARATORY MEETING FOR ECONOMIC POLICY
COORDINATION IN OECD

The Economic Policy Committee of the Organization for European Economic Cooperation (OEEC)
met at the Chateau de la Muette in Paris, France,
on April 18-19. The meeting was attended by a
U. S. delegation headed by Walter W. Heller,
Chairman of the Council of Economic Advisers.
Other delegation officers included Robert V. Roosa,
Under Secretary of the Treasury for Monetary
Affairs; William McC. Martin, Jr., Chairman of
the Board of Governors of the Federal Reserve
System; Edwin M. Martin, Assistant Secretary of
State for Economic Affairs; and John W. Tuthill,
U. S. Ambassador to the OEEC.
The OEEC, an organization of European nations formed in 1948 to help administer U. S. aid
to Europe under the Marshall Plan, developed
into a focal point for European consultation and
cooperation in economic affairs. The United States
and Canada are associate members of the Organization. The Economic Policy Committee, composed of officials from the policy-making levels
of governments and central banks of member and
associate member countries, meets from time to




NEW TABLES

This issue of the BULLETIN includes three new
tables of statistics on the U.S. Government securities market. The tables, which appear on page
574, show volume of dealer transactions, dealer
positions, and financing of all U.S. Government
securities dealers.
In order to incorporate the new tables it has
been necessary to rearrange some of the materials
on business finance, security issues, and Federal
finance (pages 570-78). The table on "Selected

541

542

FEDERAL RESERVE BULLETIN • MAY 1961

Assets and Liabilities of Federal Business-Type
Activities," which appeared on page 452 of the
BULLETIN for April 1961, henceforth will appear
at the end of the section on domestic statistics and
will be published only when new quarterly figures
are available (see page 617 of this issue). The
table on "Principal Assets and Liabilities of Federal Business-Type Activities" will be discontinued.
In recent years this table has been published when
new quarterly figures became available.

TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR
QUARTERLY
Latest BULLETIN Reference

ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM

Annually
Bank holding companies:
List of, Dec. 31, 1959
Banking offices and deposits of group
banks, Dec. 31, 1959
Banking and monetary statistics, 1960..
Banks and branches, number of, by class
and State
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Operating ratios
Insured commercial banks
Stock Exchange firms, detailed debit and
credit balances

The following banks were admitted to Membership in the Federal Reserve System during the
period April 16, 1961 to May 15, 1961:

Semiannually
Banking offices:
Analysis of changes in number of....
On, and not on, Federal Reserve Par
List, number of

Feb. 1961

230

Feb. 1961

231

Arkansas
Siloam Springs

Quarterly
Cash receipts from and payments to the
public
May 1961
Flow of funds
Apr. 1961
Selected assets and liabilities of Federal
business-type activities
May 1961

622
478-85

Georgia
Waynesboro




Bratt-Wasson Bank
Bank of Waynesboro

Issue

Page

June 1960

697

July 1960
/Feb. 1961
\May 1961

813
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

617

National Summary of Business Conditions
Released for publication May 12

Industrial production, employment, and income
increased in April.
Prices of sensitive
materials rose further. Construction activity was
somewhat higher but retail sales declined following a marked rise in March. Bank credit and
the money supply expanded in April.

Steel mill operations rose about 15 per cent
and in early May showed a further marked gain.
Increases were general in April for other durable
goods materials and nondurable supplies.
CONSTRUCTION

INDUSTRIAL PRODUCTION

Industrial production increased in April to 105
per cent of the 1957 average, and was 2.5 per cent
above March and 4 per cent below mid-1960.
Increases were widespread for output of final
products and industrial materials.
The expansion in consumer goods reflected
further increases in furniture, television and radio
sets, and some other home goods. Auto assemblies
recovered 30 per cent from the reduced March
rate and current production schedules indicate a
further contra-seasonal rise in May. Output of
consumer staples also increased in April and apparel was maintained at about the improved
March level. Following a moderate decline in
activity in business equipment industries last autumn and winter, commercial and industrial machinery increased in April, and trucks and farm
equipment continued to expand.

New construction activity increased 2 per cent
in April and was at a seasonally adjusted annual
rate of $55.8 billion. Both public and private
construction rose. Private residential building
increased about 4 per cent, reflecting in part the
8 per cent rise in private housing starts in March.
EMPLOYMENT

Employment in nonfarm establishments turned
up in April, with most manufacturing industries
participating in the rise. Construction employment again rose substantially and there were moderate gains in other nonmanufacturing industries
except for transportation and public utilities. The
average factory workweek rose slightly further.
Hourly and weekly earnings increased somewhat
and were 2 per cent higher than a year ago. The
seasonally adjusted unemployment rate of 6.8 per
cent has been virtually unchanged since December.
DISTRIBUTION

INDUSTRIAL PRODUCTION
1957

=

Retail sales, which had risen appreciably in
March on the basis of revised figures, was off in
April. Sales at department stores increased for
the third consecutive month, while the volume at
most other outlets declined. New auto sales
changed little from the increased March rate,
which was about a tenth above the low earlier this
year. Dealer stocks of new autos declined contraseasonally further in April and were a tenth below
a year ago.
COMMODITY PRICES

Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for April.




Prices of sensitive industrial materials rose further from mid-April to mid-May. Copper and
brass mill products were raised, and rubber, tin
and some other commodities advanced further.

543

544

FEDERAL RESERVE BULLETIN • MAY 1961

After a rise of nearly 40 per cent from November
through March, steel scrap declined somewhat.
Prices of livestock and meats decreased about 5
per cent from February to early May as marketings increased appreciably.

serves were supplied through currency inflow and
absorbed through Federal Reserve sales of Government securities. Gold stock showed little further change. Required reserves increased somewhat.

BANK CREDIT AND RESERVES

SECURITY MARKETS

Total commercial bank credit increased about
$1.5 billion in April, with two-thirds of the rise
reflecting increased holdings of Government securities. Loans also increased as a sharp rise in
security loans and moderate increases in most
other types of loans were offset partly by reduced
business loans. The average money supply, seasonally adjusted, increased $500 million further
in April.
Member bank borrowings from the Federal
Reserve averaged about $50 million and excess
reserves $600 million over the four weeks ending
May 10. Between mid-April and mid-May, re-

Corporate security financing was in large volume in April and early May and yields on corporate bonds increased somewhat. State and
local government financing, however, was smaller
than earlier this year and yields on their bonds
declined. Yields on all maturities of U. S. Government securities also declined from mid-April
to mid-May. Medium- and long-term yields fell
to their lowest levels in more than two years;
Treasury bill rates dropped to about their lows of
late January.
Common stock prices in early May recovered
to about the mid-April peak.
INTEREST RATES

RETAIL TRADE
1947 - 4 9 = 100
DEPARTMENT STORES

RETAIL SALES

140

-

L. _
1957

1

J

J
1959

I

...
1961

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




—

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 May 5.




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

546
550
551
554
556
557
560
562
565

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

566
567
568
570
575
577
579
582

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.

586
592
592
594
596
597
598
600
602

Member bank earnings, 1960
Member bank operating ratios, 1960 .
Insured commercial bank earnings, 1960
Federal business-type activities.
Banking and monetary statistics.
Cash receipts from and payments to the public

604
613
616
617
618
622

Tables not published each month—list with latest BULLETIN reference
Index to statistical tables

542
645

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
«ng data are obtained largely from other sources.
Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's
duction indexes are compiled by the Board on publication, Banking and Monetary Statistics.

545

546

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

Period
or
date
Total

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

Total 2

Gold
stock

Treasury
currency
outstanding

Currency
in
circulation

Treasury
cash
holdings

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

Member bank
reserves3
Other
F. R.
accounts

Treas-

For-

Total

Otheri

With
F. R.
Banks

Currency
and
coin

Averages of
daily figures
1929—June....
1933—June....
1939—Dec

179
1,933
2,510

179
1,933
2,510

978
250

61 1,317
12 2,208
83 2,612

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

170 2,404
652 24,744
681 22,858
,117 21,606
,375 25,446
,262 27,299
,018 27,107
992 26,317
,389 26,853

22,759
20,047
22,712
22,879
22,483
23,276
22,028
21,711
21,689

3,239
4,322
4,556
4,629
4,701
4,806
4,885
4,982
5,008

10,985
28,452
28,937
27,806
29,139
30,494
30,968
30,749
31,265

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

267
367
96
14
43

706
716
564
938
911

,633 27,156
,443 26,186
,496 28,412
,009 27,937
,426 29,435

21,942
22,769
20,563
20,030
19,482

5,064
5,144
5,230
5,278
5,311

25,488
25,818
26,124
26,619
26,983
26,653
27,056
27,871
27,248

25,373
25,697
26,118
26,521
26,768
26,546
26,929
27,542
27,170

115
121
6
98
215
107
127
329
78

,036 27,181
623
,027 27,378
502
,159 27,737
425
,140 28,176
388
894 28,206
293
,168 28,088
233
,225 28,490
170
,156 29,241
160
94 1,665 29,060

26,942
26,829
26,831
26,676

26,862
26,630
26,826
26,663

80
199
5
13

58
146
80
63

25,212
25,270
25,444
25,323
25,239

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

•£:::::::

25,284
25,396
25,701
25,521

.?::::::::
18
25

1
8
15
22
29

4,024 2,018
4,030 2,295
17,518 2,956

210
4,400
5,455
272
7,609 2,402

30
81
616

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

31,775
31,932
32,371
31,813
32,775

772
768
691
632
396

463
385
470
495
524

19,386
19,356
19,343
19,245
19,052
18,870
18,571
18,058
17,954

5,344 31,713
5,349 31,726
5,353 31,926
5,357 32,174
5,364 32,091
5,374 32,151
5,382 32,183
5,391 32,474
5,396 33,019

419
415
414
406
403
400
406
405
408

17,567
17,402
17,380
17,389

5,401
5,404
5,408
5,414

32,265
31,841
31,839
31,913

58
35
131
33
5

794 1,054 27,095 19,421 5,328
595 1,174 27,075 19,412 5,333
726
994 27,197 19,409 5,335
587 1,245 27,189 19,409 5,337
608
898 26,778 19,408 5,340

25,264
25,285
25,417
25,444

20
111
284
77

898 26,950
735
910 27,073
734
561 1,200 27,500
524 1,153 27,228

19,406
19,394
19,386
19,373

25,660
25,868
25,761
25,745

25,557
25,616
25,627
25,718

103
252
134
27

958 27,199
552
924 27,371
549
555 1,133 27,480
403 1,161 27,338

25,968
26,134
26,176
26,011
26,129

25,941
26,118
26,176
26,011
26,129

27
16

20
27

£:::::::

26,553
26,613
26,556
26,599

26,491
26,517
26,416
26,522

62
96
140
77

440
341
429
351

28,063
28,115
28,437
28,063

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
822 28,246
293
976 28,469
416
193 1,014 28,245
788 27,882
273

376 2,314 2,314
350 2,211
2,211
248 11,473 11,473

30
164
739

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
111
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

554
534
496
492
490
516
488
462
522

185
194
221
213
202
216
226
243
250

890
307
937
316
994
381
910
375
948
377
962
390
891
405
973
396
495 1,029

18,104
18,239
18,294
18,518
18,501
18,570
18,733
19,004
19,283

261
17,843
277
17,962
293
18,001
310
18,208
390
18,111
17,697
873
17,843
890
17,737 1,267
16,688 2,595

411
422
426
408

482
521
459
422

239
189
240
207

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 1 6 , 4 7 4 | P 2 , 4 1 0

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

442
435
448
450
439

542
542
446
451
479

219
200
200
180
203

317 1,008 18,105 17,800
293 1,007 17,938 17,731
980 18,109 17,849
293
944 18,189 17,934
305
945 17,893 17,600
327

5,341
5,342
5,344
5,346

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

19,360
19,359
19,359
19,353

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

311
855
314
854
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

436
924 27,358 19,352
400
993 27,557 19,352
375 1,029 27,609 19,351
550 1,505 28,096 19,346
412 1,168 27,739 19,325

5,349
5,350
5,353
5,354
5,356

31,812
31,917
31,976
31,927
31,867

414
424
415
412
406

468
445
490
550
505

206
199
206
225
249

321 1,033
343 1,034
365 1,001
970
398
415
971

18,121
18,153
18,156
18,602
18,342

17,806
17,897
17,859
18,315
18,007

315
256
297
287
335

19,322
19,282
19,251
19,191

5,356
5,356
5,357
5,357

32,155
32,361
32,199
32,041

406
406
409
405

517
422
548
488

226
214
209
202

398
374
374
371

19,147
19,098
19,039
19,026
19,006

5,358
5,359
5,363
5,366
5,370

32,046
32,129
32,184
32,087
31,980

408
404
409
400
395

466
45:
555
485
48'

221
192
190
195
225

884 18,591
358
363
884 18,525
386
904 18,564
380 1,016 18,404
384 1,014 18,466

304

1960
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1961
Jan
Feb
Mar
Apr

1,431
1,121
1,071
1,140

28,484
28,145
28,030
27,925

Week ending:
1960
Mar.

Apr

2
9
16
23
30
20
27

May

June

July
Aug.

For notes see opposite page.




1,039
1,133
1,423
1,085

958
935
884
884

18,320 18,079
18,349 18,041
18,761 18,422
18,55' 18,219]
18,272
18,279
18,243
18,075
17,772

305
207
260
255
293

241
308
339
333
319
246
321
329
694

547

BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED I T E M S - Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
DisHeld counts
Tounder and Float 1 tal 2
Bought repur- advances
out- chase
Total
right agreement

Period
or
date

Gold
stock

Treasury
Curcurrency
in
rency
ciroutculastandtion
ing

Treasury
cash
hold
ings

D e p o s i t s , other
than member bank
reserves,
with F . R . B a n k s

Treasury

For- Other 1
eign

Member bank
reserves 3
Other
F. R.
accounts
Total

With
F. R.
Banks

Currency
and
coin

Averages of
daily figures
Week ending:
i960

21
28

26,784
26,649
26,541
26,539

26,640
26,524
26,495
26,456

5
12
19
26

27,028
27,268
27,036
26,760

26,836
192
27,136
132
27,036
26,681 " * 7 9

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.

27,421
27 381
27,034
27,074

27,421
27 381
27,010
26,946

27,375
. . . 27,124
26,967
26,821

Scot

Oct

7

144
125
46
83

367

861 27,941 18,999
262
301 1,052 28,035 18,975
577 28,189 18,828
86
?42 28,059 18,731
244

5,372
5,374
5,376
5,375

32,174
32,291
32,171
32,004

399
401

219
168
95
262
211

403
399

17,922
17 840
17,909
17,789

837
800
930
940

17,931
18 045
17 784
17,839
17,141 2

752
949
922

537

066
037
018

358
598
678
619

28,385
28,517
28,621
28,415

18,671
18,615
18,586
18.552

5,377
5,380
5,382
5,383

32,049
32,276
32,304
32,120

403
408
413
403

467
474
489
546

213
202
215
257

443
379
393
373

1,098 28,662
928 29,154
976 29,325
121 1,532 29,542
121 1,228 29,022

18,405
18,124
18,068
17,999
17,957

5,387
5,389
5,391
5,392
5,392

32,104
32,298
32,527
32,532
32,640

403

442
418
519
469
460

254
250

456

398
402
407
414

1,057
1,272
2,151
2,150

28,594
28,778
29,316
29,336

17,974
18 083
17,957
17,882

5,391
5,396
5,396
5,398

32,722
33,038
33,174
33,195

413
410
414
401

1,789
1,350
1,408
57 1,523

1,096
1,038
1,453
.354

936
932
864
862

18,759
18 640
18,839
18,729

906
938

224
258

395
408
388
387

865 18,873
18 797
18,733
,073 18,761
,071 19,678

473
522
592
522

253
237
246
260

474
680
443
391

18,916
18 932
19 460
1 ,019 19,447

16,558
16 334
16 782
16,828

2
2
2
2

441
413
528
507

245
239
248

473
381
389

954
941
940

19 944
19 226
19,292
942 19,467

17 202
16 605
16,662
16,875

2 742
2 621
2 630
2,592

227
196

393
383

424

510
523
526
496

185

401

951
018
,022
,093

16,417
16 641
16,420
16,587

2,546
2 307
2 424
2,458

437
433
428
418
426

531
415
418
506
497

199
233
267
238
218

400 ,093 19,014 16,458
398
087 18 671 16 433
389 1,057 18,827 16,437
365 ,035 18,955 16,578
370 ,032 18,793 16,342

2,556
2 238
2,390
2,377
2,451

404

429
398
424
374

250
172
194

388 1,028
310 1,014
309 '966
963
298

467
443
633

207

404

392
*>402

271

401

576
517
153
16

158
190

(4)
24
128

67
76
80
56

26,984
26,986
26,948
26,821

391
138
19

184
60
44

29,420
28,592
28,471
28,450

17,748
17,629
17,594
17,490

5,398
5,399
5,401
5,402

32,853
32,637
32,287
31,964

399
403
412

15
22

26,600
26,860
27,007
26,740

26,582
26,672
26,653
26,589

18
188

75 1,131 27,853
188 1,053 28,148
202
829 28,086
116 1,326 28,232

17,441
17,429
17,410
17,385

5,402
5,403
5,404
5,405

31,776
31,805
31,930
31,857

422
413

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
c

59
104
58
62
87

28,109
28,014
28,116
28,234
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

Aor

26,870
26,868
26,601
26,389

26,836
26,854
26,591
26,389

34

115

14
10

59

942 27,973
1,004 27,978
52 1,310 28,009
42 1,279 27,755

17,388
17,389
17,390
17,390

5,410
5,411
5,414
5,417

31,903
32,007
31,980
31,807

406

7
14
21
28

411 1,011 18,358 17,607
974 18,581 17,676
373
379
936 18,635 17,729
378
934 18,609 17,671

751
905

579

233
204
224
200

477
465
551

230

864
914

942

1961
Jan

4
11
18
25

Feb.

1

8

*
?
. .
12:..:....
19
26

354

151

1,294
1,068
1,003
1,260
1,004

417

417

411
414

245

172

212

392

392

18,963
18 948
18.844
19,045

18,702
18,782
19,026
P19.018
r

16,369
16,429
16,552
16,511

2 333
2,353
2,474
P2,507

End of month
1961
53 1,100 27,866 17,373 5,403 r31,769
938 27,787 17,388 5,410 31,891
67 1,066 27,950 ^17,390 *>5,419 *>31,831

26,667 26,667
26 688 26 688
26,772 26,772

Feb
Mar
Apr

115

424

230

280

.092 19,020 16,277 2 743
028 18 645 16 158 2 487
964 ^18,593 16,419 ^2,174

Wednesday
1961
Mar

1
8
15

22
29

Apr

5
12

19
26

26,667
26,920
27 014
26,759
26,688

26,667
26,897
27 013
26,759
26,688

27,127
26 809
26,436
26,228

27,124
26 754
26,436
26,228

23

3
55

56
981
212
804
59 1,079
79 1,048
114
755

27,750
27,983
28,197
27,931
27,602

17,373
17,373
17,384
17,389
17,389

5,405
5,406
5,408
5,409
5,409

31,740
31,863
31,906
31,810
31,818

442
433
422
429
437

406
446
461
517
489

211
177
475
268

424 1,087 18,892 16,217
393 1,080 18,759 16,371
360 I 036 18 994 16 330
362 1,036 19,010 16,359
365 1,031 18,713 15,992

121
913 28,206
948 27,919
117
60 1,170 27,710
968 27,277
38

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 19,188
962 19 118
345
315
968 19,133
964 ^18,653
308

r
K
Preliminary.
• Revised.
r\.cviat;vj..
l Figures beginning with 1960 reflect a minor change in concept of
float. ^ explanation, see .the T>
For
for
1961, p. I*A
*—..__ _._ L - BULLETIN *— February < For 164.
2 Includes industrial loans and acceptances, ^_t held. n<-i _holdings
when
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.




216

2 675
2,388
2 664
2 651
2,721

16,723 2,465
16 425 2 693
16,351 2,782
15,900 2>2,753

3 u c g u u u u g withi Nov. ^.T, 1960, an wuncn^y auu. v^^ui held by IUCMIUCI
- Beginning w m LIUV. 24, L?\J\J, all currency and coin ntna uy member
banks allowed as reserves; during the period Dec. 1, 1959-Nov. 23, 1960,
Monthly averages of currency
o n j y p a r t o f s u c n holdings were allowed.
and Less thanestimated.
4 coin are $500,000.

548

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

Required Excess
re- 3
reserves2 serves

BorrowFree
ings
re- 3
at
F. R. serves
Banks4

ReTotal
quired Excess
rere- 3
serves
reheldi serves2 serves

1929—June
1933—June
1939—Dec

2,314
5 2,160
11,473

2.275
i;797
6,462

39
363
5,011

974
184
3

-935
179
5,008

762
861
5,623

755
792
3,012

7
69
2,611

1941—Dec
1945—Dec
1947_Dec
1950—Dec
1951—Dec.
1952—Dec
1953—Dec
1954—Dec
1955—Dec

12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240

9,422
14,536
16,275
16,364
19,484
20,457
19,227
18,576
18,646

3,390
1,491
986
1,027
826
723
693
703
594

5
334
224
142
657
,593
441
246
839

3,385
1,157
762
885
169
-870
252
457
-245

5,142
4.118
4.404
4,142
5,275
5,357
4,762
4.508
4;432

4,153
4,070
4,299
4,616
5,231
5,328
4,748
4,497
4,397

989
48
105
125
44
30
14
12
35

1956—Dec
1957—Dec
1958—Dec
1959—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

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

I960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

18,104
18,239
18,294
18,518
18,501
18,570
18,733
19,004
19,283

17,696
17,770
17,828
18,010
17,961
17,931
18,095
18,248
18,514

408
469
466
508
540
639
638
756
769

602
502
425
388
293
225
149
142
87

-194
-33
41
120
247
414
489
614
682

3,765
3,853
3,852
3,864
3,780
3,773
3,788
3,770
3,687

3,784
3'819
3,853
3,780
3,755
3,765
3.718
3,658

19,315 18,570
18,964 18,310
18,809 18,263
^18,884 P18,262

745
654
546

49
137
70
56

696
517
476

3.693
3,632
3.623
^3,650

3,667
3,598
3,613
p
3588

17,867
17,869
18,281
18,392

17,430
17,401
17,917
17,911

437
468
364
481

704
671
561
524

-267
-203
-197
-43

3,743
3,655
3,876
3,861

3,725
3,646
3,863
3,851

18,873
18,797
18,733
18,761
19,678

18,309
18,191
18,121
18,154
18,481

564
606
612
607
1,197

189
136
168
99
113

375
470
444
508
1,084

3,815
3,738
3,699
3,707
3,875

3,807
3,715
3,688
3,709
3,717

23
11
-3
158

3,559
3,579
3,769
3,753

3,540
3,556
3,753
3,725

1961__jan
Feb
Mar
Apr
Week ending—
I960—Apr. 6 . . . .

20'.'.'.'.
27
Nov. 2
9. . .
16
23
30
Dec.

7
14
21
28

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

1961—Jan.

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

3,625
3,761

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

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
58f
452
52?

3,670
3,582
3,636
3,693
3,633

18,702 18,167
18,782 18,201
19,026 18,345
^19,018 ^18,286

535
581
681
*>732

107
52
44
37

428
529
637
P695

3,647
3,545
3,628
3,597

Feb.

Mar.

Apr.
19. ..
26...

For notes see opposite page.




Central reserve city banks—Chicago

BorrowFree
ings
re- 3
at
F. R. serves
Banks 4
174

BorTotal
rowRerequired Excess ings
reserves
at
reheldi serves 2 serves 3 F. R.
Banks

Free
reserves 3

63
n.a.
n.a.

-62
n.a.
n.a.

6
5
64
232
37
15
85|

n.a.
14
7
3
-61
-236
-36
-16
-83

12
8
7

97
85
39
66
104

-86
-77
-31
-63
-104

955
981
988
1,010
1,024
1,011
1,007
998
953

-1
7

99
56
58
49
41
8
6
12

-100
-49
-59
-39
-38
-5
-2
-4
-4

959
948
936

4
7
9

n.a.
n.a.
192
38
58
151
486
115
62
196

-167
69
n.a.

161
211
1,141

161
133
601

1
78
540

n.a.
-144
67
67
-107
-456
-101
-50
-162

1,143
939
1,024
1,199
',356
,406
,295
,210
,166

848
924
,011
,191
,353
,409
,295
,210
,164

295
14
13
8
3
-4

57
34
23
7
-10

147
139
103
22
99

-91
-105
-80
-15
-109

,149
,136
.077
;009
,038

,138
,127
,070
,006
,038

-19
45
33
11

12

\i

-31
45
16
-3
-27
-2
9
34
10

954
988
987
1,020
1,027
1,014
1,011
1,006
958

26
26
9
P60

963
954
946

18
-16

922
933
963
984

920
931
969
982

2
2
-5
2

117
137
95
95

-114
-135
-100
-93

1,020
1.006
1006
999
998
1,008

1,013
1,004
995
997
990

7
2
4
1
18

30

-4
-29
-9

-23
2
-9
-4
12

20
23
16
28

20
23
2
28

937
934
962
981

934
927
966
976

4
7
-3
5

4
7
-12
5

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

-4

3,597

9
31
20

19
13

957
956
939
967

960
951
937
954

-2
6
2
13

-10
-22
-79
-14

57
11
44
25
13

57
9
44
25
13

950
945
927
959
936

948
943
929
951
930

2
2
-1

-2
-11
-2
7
-16

35
-7
38
20

35
-13
38
20

935
929
936
925

914
927
930
924

18
22
52
29
26
34
10
^62

10

1

3,613
3,572
3,592

3,577

14
27
20
13
18
19

j

1

2

1

10
3
3
4

4
36
8

-29
1
P-4

P-4

19
2
6
2

549

BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued
[Averages of daily figures. In millions of dollars]
Reserve city banks
Period

Total
reserves
heldi

Required
reserves 2

Country banks

Excess
reserves 3

Borrowings at
F. R.
Banks 4

Free
reserves 3

Total
reserves
heldi

Required
reserves 2

Excess
reserves 3

Borrowings at
F. R.
Banks 4

Free
reserves3

12
120
1,188
1303
,303
418
271
232
184
120
85
91
60
96
86
57
39
41

409
58
n.a.
n.a.
96
123
50
354
639
184
117
398
299
314
254
574
490

-397
62
n.a.
n.a.
322
148
182
-170
-519
-99
-26
-338
-203
-228
-198
-536
-449

632
441
1,568
2,210
4,576
4,972
4,761
5,756
6,094
5,901
5,634
5,716
5,859
5,906
5,849
5,765
6,020

610
344
897
1,406
3,566
4,375
4,099
5,161
5,518
5,307
5,032
5,220
5,371
5,457
5,419
5,406
5,569

22
96
671
804
1,011
597
663
596
576
594
602
497
488
449
430
359
450

327
126
n.a.
n.a.
46
57
29
89
236
105
52
159
144
172
162
259
213

-305
-30
n.a.
n.a.
965
540
634
507
340
489
550
338
344
111
268
101
237

1929—June....
1933—June....
1939—Dec
194t_Dec
1945—Dec
1947_Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—June....
Dec

761
648
,140
,317
,394
,861
,689
,922
,323
>27
,924
,078
,042
,940
,744
,954

749
528
1,953
3,014
5,976
6,589
6,458
7,738
8,203
877
836
865
983
956
883
7,705
7,912

I960—Apr
May
June....
July
Aug
Sept
Oct
Nov
Dec

7,498
7,515
7,540
7,647
7,654
7,662
7,761
7,854
7,950

7,453
7,465
7,496
7,599
7,607
7,595
7,696
7,761
7,851

45
51
44
48
47
68
65
94
100

298
224
164
176
109
112
67
56
20

-253
-173
-120
-128
-62
-44
-2
38
80

5,887
5,882
5,915
5,987
6,041
6,120
6,173
6,374
6,689

5,504
5,517
5,525
5,548
5,550
5,569
5,626
5,771
6,053

383
366
390
439
491
551
546
602
636

193
222
186
149
116
85
63
56
40

190
144
204
290
375
466
483
546
596

1961—Jan
Feb.....
Mar

7,960
7,810
7,756

7,859
7,743
7,698
PI,722

101
67
58

14
57
23
21

87
10
35

6,699
6.568
6,485
"6,530

6,085
6,022
6,016
^6.025

614
546
469

31
36
38
33

583
510
431
"472

6.
20'.
27.

7,369
7,387
7,579
7,572

7,337
7,351
7,547
7,541

32
37
32
31

316
335
269
278

-284
-298
-236
-247

5,833
5,893
5,862
5,975

5,449
5,473
5,538
5,537

384
420
323
438

271
174
170
151

Nov. 2.
9.
16.
23.
30.

7,853
7,822
7,827
7,801
7,938

7,806
7,769
7,761
7,763
7,729

47
52
66
38
209

78
58
51
45
49

-31
-5
15
__7
161

6,184
6,231
6,208
6,253
6,857

5,683
5,702
5,677
5,684
6,045

501
528
532
569
811

81
51
64
42
57

113
245
152
287
420
478
468
527
754

Dec. 7.
14.
21.
28.

7,781
7,851
7,972
8,046

7,723
7,732
7,919
7,964

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

1961—Jan. 4.
11.
18.
25.

8,135
8,009
7,923
8,057

8,007
7,916
7,848
7,813

44
10
17
10

84
83
58
233

6,984
6,569
6,795
6,683

6,118
6,103
6,096
6,070

867
466
699
613

19
41
17
36

849
425
682
577

Feb. 1.
8.
15.
22.

7,798
7,813
7,764
7,858

7,762
7,769
7,700
7,745

128
93
75
244
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

Mar. 1.
8.
15.
22.
29.

7,787
7,771
7,717
7,829
7,710

7,756
7,735
7,650
7,773
7,644

31
36
67
56
65

17
31
21
18
20

6,607
6,372
6,547
6,473
6,513

6,018
5,994
6,021
6,057
5,998

589
378
525
416
516

29
50
28
34
37

560
328
497
382
479

Apr. ] 5.

7,732
7,777
7,854
7,782

7.663
7,690
7,774
7,742

69
87
80
40

34
23
14
18

14
5
47
38
45
35
64
66
22

6,388
6,530
6,608
^6,713

5,977
6,033
6,051
*>6,044

410
497
557

70
23
30
19

340
475
527
^650

Apr
Week ending—
I960—Apr.

19.
26.

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




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.

550

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
Apr. 30

In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.

Boston
Now York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

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

I

Previous
rate

Other secured advances
[Sec. 10(b)]

Rate on
Apr. 30

23,1960
12,1960
19,1960
12,1960
12,1960
16, 1960
19,1960
19,1960
15,1960
12, 1960
9,1960
2,1960

In effect
beginning—

Rate on
Apr. 30

Previous
rate

In effect
beginning—

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

Aug.
June
Aug.
Aug.
Aug.
Aug.
June
Aug.
Aug.
Aug.
Sept.
June

23,1960
10,
1960
19,
1960
12,
1960
12,
1960
16,
1960
10,
1960
19,
1960
15,
1960
12,1960
9, 1960
3, 1960

Previous
rate

T
5

4V4

5

4J/2
4*4
5
5

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

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

FEDERAL RESERVE BANK DISCOUNT RATES i

MARGIN REQUIREMENTS i

[Per cent per annum]

[Per cent of market value]

Date
effective

Range
(or level)—
all F. R.
Banks

1948
Jan. 1 2 . . .
19. . .
Aug. 13. . .

1

1950
Aug. 2 1 . . .
25...

1*4-1 VA

1953
Jan. 1 6 . . .
23...
1954
Feb. 5 . . .
15. . .
Apr. 14. . .
16...
May 2 1 . . .
1955
Apr. 14. . .
15...
May 2. . .
Aug. 4. . .
5. . .
12. . .
Sept. 9 . . .
13...
Nov. 18. . .
23...
1956
Apr. 1 3 . . .
20...
Aug. 24. . .
31...

-1*4
I1%I

WA

2

F. R.
Bank
of

N. Y.

WA
WA

IB
WA
WA
2
2

WA-2
WA

WA
WA

1*4-1%
1*6-1%

1%

1*4

1*4-134

1*4
Wi
1*2

13*4

\YA

WA
2 4-2*£
2 -2*4
2VAI

2*2

Range

Date
effective

2
2

2*4
2*4
2*4
2*2

1957
Aug. 9 . . .
23...
Nov. 1 5 . . .
Dec. 2 . . .
1958
Jan. 2 2 . . .
24...
Mar. 7 . . .
13. . .
21.. .
Apr. 1 8 . . .
May 9 . . .
Aug. 1 5 . . .
Sept. 1 2 . . .
23...
Oct. 2 4 . . .
Nov. 7 . . .
1959
Mar. 6 . . .
16...
May 2 9 . . .
June 1 2 . . .
Sept. 1 1 . . .
18...
1960
June 3 . . .
10...
14...
Aug. 1 2 . . .
Sept. 9 . . .

Prescribed in accordance with
Securities Exchange Act of 1934

-3*4
3i/2
3 -3*2

3
31/2
3
3

Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
..
Regulation U:
For loans by banks on stocks

2^4-3
2%-3
2 4 3
l " 3

3
23,4

all F . R.
Banks

3

21/4^-2*4

2*4
2*4
2*4
1%

134

2VA

3

1961
In effect
Apr. 30 . . .

90
90

70
70

70

90

70

1

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

I*

2*4

2*4

2*4-3
3

-3*4

2
2

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

3
3

3*4
3*4

3*4—4
4
3*4-4
3*4-4

4

Type of deposit

4
4

Nov. 1,
1933Jan. 31,
1935

Feb. 1,
1935Dec. 31,
1935

Jan. 1,
1936Dec. 31,
1956

Effective
Jan. 1,
1957

Savings deposits

3

3*4

-3*4
3

3*4
3*4

3
3

3

3

1 Under Sees. 13 and 13a (as described in table above). For data for
1941-47, See the BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York
on repurchase contracts against U. S. Govt. securities was the same as
its discount rate except in the following periods (rates in percentages):
1955—May 4-6, 1.65; Aug. 4, 1.85; 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. 3^1,
2.50.




70
70

WA

134-2
l 3 /4-2
2
2 -2*4

2%

2%-3
2%-3

Aug. 5, Oct. 16, Effective
19581958Oct. 15, July 27, July 28,
I960
1958
1960

F . R.
Bank
of
N. Y.

(or level)—

3

2*4

2*4

3

Postal savings deposits

3

21/2

2*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

2*4

f*

3

%

1

2*4

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.

551

RESERVE REQUIREMENTS
MEMBER BANK RESERVE REQUIREMENTS

DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS,
BY CLASSES

[Per cent of deposits]
Net demand deposits i
Effective date
of change

Central
reserve
city

banks

In effect Dec. 31, 1945..

20

1948—Feb. 27
June 11
Sept. 16, 24».
1949—May 1 5 * . .
June 30, July 1*.
Aug. 1 , 1 1 * . . .
Aug.
Aug.
Sept.
1951—Jan. 11, 1 6 * . . . .
Jan. 25, Feb. 1*
1953—July 1,9*
1954—June 1 6 , 2 4 * . . . .
July 29, Aug. 1*

22
24
26
24

if:**:

1958—Feb. 27, Mar. 1*
Mar. 20, Apr. 1*
Apr. 17
Apr. 24
1960—Sept. 1
Nov. 24
Dec. 1

§*
23
24
22
21
20
19%
19
18%
18
17%
16%

In effect May 1,1961...
Present legal requirements:
Minimum
Maximum

Reserve
city
banks

20

22
21
20

8*
!!*
19
20
19
18

Central
reserve
and
reserve
city
banks

Item
Country

banks

6
5

Central reserve
city banks
New
York

Reserve
city
banks

Chicago

Country

banks

Four weeks ending Mar. 22, 1961
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

14

16
15
14
13
12

All
member
banks

6

13
14
13

122,407
13,805
4,394
104,208
102,703
61,195

24,436
4,421

5,985
1,181

827

235

19,188
20,142
5,760

4,569
5,175
1,778

6,931
2,391

102
175

44,273
1,449
1,619
41,206
37,785
29,770

96
30

16,476
18,867
18,305
562

3,470
3,645
3,611

2,091

4,642
1,448

915
945
943
2

34

47,712
6,754
1,713
39,246
39,601
23,887

7,039
7,776
7,729

737

5,052
6,500
6,023
477

47

12

Four weeks ending Apr. 19, 1961
16%
12
16%

210
2 22

Country
banks

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

10
2 22

12

7
14

* First-of-month or midmonth dates record changes at country banks,
and other dates (usually Thurs.) record changes at central reserve oi
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

121,336
13,861
3,200
104,276
101,929
61,982

24,061
4,435

5,857
1,285

622

184

19,004
19,951
6,036

4,389
5,068
1,781

6,991
2,403

178
169

95
30

16,423
18,826
18,226

3,444
3,613
3,594

600

19

904
934
925
9

47,366
6,704
1,241
39,421
39,335
24,051

44,052
1,437
1,154
41,462
37,576
30,115

2,111

4,607
1,460

743
7,025
7,768
7,693

75

5,050
6,510
6,015
495

1
Balances with Reserve Banks are as of close of business; figures for all
other reported items (that is, excluding total reserves held and excess reserves) are as of opening of business.
2
Demand deposits subject to reserve requirements, i.e., gross demand
deposits minus cash items reported as in process of collection and demand
balances due from domestic banks.

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS i
[In millions of dollars]
End of month

Wednesday
1961

Item

1961
April

1960
April

Apr. 26

Apr. 19

Apr. 12

Apr. 5

Mar. 29

Discounts and advances—total
Within 15 days
16 days to 90 days.
91 days to 1 year

38
31
7

60
54
6

117
110
7

121

114
7

114
105
9

67
60
7

115
104
11

571
544
27

Acceptances—total
Within 15 days
16 days to 90 days

43
15
28

44
14
30

45
11
34

45
10
35

45
14
31

45
16
29

46
11
35

30
7
23

26,228
522
3,635
10,489
9,578
1,853
151

26,436
372
3,895
10,687
9,515
1,820
147

26,809
538
4,040
10,795
9,480
1,809

27,127
572
4,224
11,014
9,403
1,767
147

26,772
3,099
1,295
10,761
9,603
1,863
151

26,688
357
4,172

147

26,688
367
4,158
10,985
9,656
1,383
139

25,558
232
876
14,456
8,544
1,179
271

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

1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
-i Less than $500,000.




March

10,982
9,306
1,733
138

552

FEDERAL RESERVE BANKS
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
[In millions of dollars]
End of month

Wednesday
1961

Item

1961

1960

April 26

April 12

April 5

March 29

April

March

April

16 059
1,030

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

April 19

16 055
1,037

16 056
1,037

16,057
1,039

16,044
1,035

16,059
1,030

16,064
1,035

18,112
954

17,089

Total gold certificate reserves
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

17,092

17,093

17,096

17,079

17r089

17,099

19,066

447

439

431

445

459

453

472

420

33

53

110

114

106

62

107

571

5
43

7
44

7
45

7
45

8
45

5
45

8
46

30

1 974

2 047

2 284

2 623

2 327

2,483

2 327

1,557

5,001
16 418
2,835

5,187
16 421
2,781

5,277
16 422
2,771

5,398
16,383
2,720

5.398
16,301
2,662

5,661

16,436
2,852

5,398
16,301
2,662

8,507
13,010
2,484

26,228

26,436

26,754
55

27,124
3

26,688

26.772

26,688

25,558

Total U. S. Government securities

26,228

26,436

26,809

27,127

26,688

26,772

26,688

25,558

Total loans and securities

26,309

26,540

26,971

27,293

26,847

26,884

26 849

26,159

4,538
108
289

5,000
109
271

4,412
109
255

4,148
109
232

3,905
109
212

4.216
108
299

3.898
109
218

4,124
103
352

48,780

49,451

49,271

49,323

48,611

49,049

48,645

50,224

26,908

27,039

27,136

27,105

26,995

26,966

27,057

26,786

15 900
501
232

16 351
356
212

16 425
402
173

16,723
222
288

15.992
489
268

16,419
633
230

16 158
443
271

17,850
619
194

308

363

345

384

365

280

516

313

16,941

17,282

17,345

17,617

17,114

17,562

17,388

18,976

3,570
37

3,782
39

3,464
31

3,235
30

3,150
30

3,150
38

2,845
32

3,152
42

47,456

48,142

47,976

47,987

47,289

47,716

47,322

48,956

423
817
84

423
817
69

423
817
55

424
817
95

423
817
82

424
817
92

423
817
83

397
775
96

48,780

49,451

49,271

49,323

48,611

49,049

48,645

50,224

Total bought outright
Held under repurchase agreement

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
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities

. . . .

Capital Accounts
Capital paid in
Surplus
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
foreign correspondents
U. S. Government securities held in custody for
foreign account . .
.

1

153

154

159

171

174

151

173

167

6,177

6,253

6,237

6,003

5,912

5,634

5,935

4,818

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 ,622

28 ,687

28 ,722

28 ,640

28,691

28,594

28 ,673

28 ,270

8 ,975
15
21 ,210

8 ,975
12
21 ,210

8 ,975
22
21 ,210

8 ,975
17
21 ,210

9,075
31
21,110

8,975
31
21,210

9 ,075
36
21 ,110

10 ,585
146
19 ,245

30 ,200

30 ,197

30 ,207

30 ,202

30,216

30,216

30 ,221

29 ,976

NOTE.—For explanation of adjustments in preparing this consolidated statement, see the BULLETIN for February 1961, p. 164. Reserve




ratios, previously shown in this Table, appear on the opposite page.

553

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1961
[In millions of dollars]
Item

Total

Boston

Philadelphia

New
York

Cleveland

Richmond

Atlanta

Chicago

Minne- Kansas
apolis
City

St.
Louis

San
Francisco

Dallas

Assets
16,059
Gold certificate account
Redemption fund for F. R. n o t e s . . . . 1,030

704
60

4 374
239

903
63

1,301
89

964
84

827
58

2 630
183

631
45

346
26

688
48

661
31

2 030
104

17,089

764

4,613

966

1,390

1,048

885

2,813

676

372

736

692

2,134

449
453

30
31

127
98

24
19

37
40

24
25

73
32

36
71

11
26

12
10

14
14

22
23

39
64

3

4
2

0)

3

1
1

4

1

Total sold certificate reserves
F. R. notes of other Banks
Other cash

Discounts and advances:
62
Secured by U. S. Govt. securities. .
Other
5
Acceptances:
45
Bought outright
Held under repurchase agreement..
U. S. Govt. securities:
26,772
Bought outright
Held under repurchase agreement..
Total loans and securities
Cash items in process of collection...
Bank premises
Other assets

.

Other liabilities and accrued dividends
Total liabilities .

4

0)

11
1

0)

0)

0)

0)

2
1

3

24

45
6,621

1,547

2,270

1,694

1,472

4,575

1,077

626

1,167

1,088

3,210

26,884

1,428

6,672

1,550

2,272

1,696

1,476

4,587

1,081

629

1,191

1,089

3,213

5,267
108
299

405
4
16

1,031
9
74

330
4
17

416
8
25

395
6
19

399
12
18

847
23
49

224
7
12

145
5
8

267
5
13

259
14
12

549
11
36

2,678 12,624

2,910

4,188

3,213

2,895

8,426

2,037

1,181

2,240

2,111

6,046

1,575

1,803

2,467

2,107

1,560

5,124

1,183

587

1,133

813

2,701

874
36
12

569
52
g

413
24
5

787
41
9
1

943
49
13

2,599
73
27
39

Liabilities
27,415
Federal Reserve notes
,
Deposits:
16,419
Member bank reserves
633
U. S. Treasurer—general account..
230
280
Other
Total deposits

2

0)

1,425

50,549

Total assets...

0)

6,362

633
24
11

4,689
137
2
70
229

740
16
13
2

1,208
16
21
1

664
67
10
2

0)

2,300
98
31
4

C)

0)

17,562

669

5,125

771

1,246

743

922

2,433

629

442

838

1,006

2,738

4,201

368

760

257

351

298

338

672

180

121

211

216

429

38

2

10

2

2

3

2

6

1

1

2

2

5

2,614 12,257

2,833

4,066

3,151

2,822

8,235

1,993

1,151

2,184

2,037

5,873

117
229
21

24
48
5

39
75
8

20
37
5

23
44
6

60
116
15

14
27
3

10
19
1

18
35
3

24
47
3

55
100
18

2,678 12,624

2,910

4,188

3,213

2,895

8,426

2,037

1,181

2,240

2,111

6,046

49,216

Capital Accounts
Capital paid in
Surplus
,
Other capital accounts

424
817
92

Total liabilities and capital accounts.. 50,549

20
40
4

1

Ratio of gold certificate reserves to
deposit and F. R. note liabilities
combined (per cent):
Apr 30 1961
Mar 31 1961
Apr 30 1960

38.0
37.9
41.2

34.0
34.1
37.7

40.2
37.4
43.5

37.5
39.1
42.6

37.4
38.3
42.4

36.8
38.0
37.5

35.7
36.7
36.0

37.2
38.6
41.9

37.3
36.8
39.5

36.2
33.8
33.3

37.3
37.4
36.2

38.0
37.4
37.7

39.2
41.0
44.8

Contingent liability on acceptances
purchased for foreign correspondents
,

151

7

3 41

9

14

7

8

21

5

4

7

9

19

663

1 160

858

2,832

180

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

?8

1,633

6,688

1 8S8

8 ,975
31
21 ,210

475

2,000

670

475

1 ,700

1 ,560

1,200

3 ,800

510

300
24
900

1,000

1,880

380
4
935

275

5,100

650
3
1 ,325

870

1,275

625

2,100

30 ,216

1,750

7,100

1 ,978

2,750

2 ,230

1,675

5 ,500

1 ,319

690

1,224

900

3,100

1 Less than $500,000.
2 After deducting $160,000,000 participations of other Federal Reserve
Banks.




1

1 628

?

3
After deducting $110,000,000 participations of other Federal Reserve
Banks.

554

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

Total

Coin

$12

$2

$5

$10

$20

Total

$50

$100

$500

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

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

1960—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

31,633
31,600
31 879
32,065
32,039
32 027
32,022
32,144
32,632
32,869

22,539
22,529
22,809
22,970
22,946
22,912
22,900
22,996
23,410
23,521

2,294
2,311
2,324
2,338
2,345
2 364
2,375
2,390
2,417
2,427

1,410
1,417
1 440
1,440
1,428
1,426
1,444
1,457
1,487
1,533

82
82
83
84
84
85
85
84
86
88

2,105
2,104
2 138
2,141
2,124
2,113
2,133
2,147
2,191
2,246

6,494
6,474
6 561
6,604
6,567
6,525
6,542
6,557
6,683
6,691

10,154
10,141
10 263
10,363
10,398
10 399
10,320
10,362
10,545
10,536

9,094
9,070
9 070
9,095
9,094
9 115
9,122
9,148
9 222
9,348

2,715
2,712
2 718
2,737
2,739
2 738
2,728
2,731
2 762
2,815

5,787
5,769
5 767
5,774
5,776
5,800
5,818
5,844
5,888
5,954

255
254
252
252
250
250
249
248
248
249

330
327
324
323
320
319
319
317
317
316

3
3
3
3
3
3
3
3
3
3

5
5
5
5
5
5
5
5
5
10

1961 Jan. . .
Feb
Mar

31.776
31,769
31,891

22,580
22,612
22,742

2,391
2,392
2,406

1,439
1,431
1,434

86
86
86

2,120
2,114
2,124

6,409 10,135
6,438 10,150
6,496 10,198

9,196
9,158
9,148

2,752
2,736
2,733

5.875
5,855
5,851

247
246
245

314
312
312

3
3
3

5
5
5

End of year or
month

Coin and small denomination currency

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

Large denomination currency
$1,000 $5,000 $10,000

paper currency shown by denomination by amounts of unassorted currency (not shown separately).
2
Paper currency only; $1 silver coins reported under coin.

KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury. In millions of dollars]
Currency in circulation i

Held in the Treasury
Kind of currency

Gold
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890....
Subsidiary silver coin
M^inor coin
.
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Mar. 31, 1961
Feb. 28, 1961
Mar 31 1960

Total outstanding As security
Mar. 31
against
1961
gold and Treasury
cash
silver
certificates
17,388
17,129
28 673
5,410

17,129

2259

^2,377

84
48

488
2,252
2 377
1 588
586
347
95
55

125
2,-252

3

14,283

(4)
(4)

392
424
413

Feb. 28
1961

Mar. 31
1960

2,816
1,619
471

30
26,970
4,891

30
26,896
4,844

31
26,786
4,817

11

9
3

19,506
19,468
21,542

Mar. 31
1961

14,283
14,259
16,297

321

320

299

350
67
10
32
1

31

4

1
Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals for Wednesday dates, in table on p. 547.
2
Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3 To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
* Less than $500,000.
5
Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See NOTE for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
receipt); (3) as security for outstanding silver certificates—silver in bullion




For
F.R.
Banks
and
agents

Held by
F.R.
Banks
and
agents

2,027
1,512
573
310
94
55

1,995
1,501
571
307
94
55

2,055
1,455
540
310
102
56

4,906
5,211
4,815

31,891

31,769

31 633

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.

555

MONEY SUPPLY; BANK DEBTTS
MONEY SUPPLY AND RELATED DATA
[Averages of daily figures.

In billions of dollars]

Money supply
Seasonally
adjusted

Semimonthly
period

Memorand a:
Deposits at member
banks (without
season al adjustment)

Without
seasonal adjustment

Demand

Week
ending—

Demand

de-

Demand

Currency

de-

De-

posits !

mand

140.0
138.6

28.7
28.6

111.2
110.0

92.1
91.1

53.7
53.9

3.3
4.3

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

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

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

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

140.0
141.2
140.6
139.9
140.3
140.5

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

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

140.2
2 . . 141.0
Feb. 1 . . 141.3
2 . . 141.1
Mar. 1. . 141.1
2 . . 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

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

Apr. 1. . 141.8
2".
142.2

29.0
29.0

112.8
113.2

140.9
142.5

28.8
28.6

112.1
113.9

92.7
94.3

62.1
62.5

3.0
2.0

Total

Currency

posits *

1960—Mar. 1. . 140.8
2 . . 140.3

29.0
29.0

111.8
111.3

Apr. 1. . 140.3
2 . . 140.7
May 1. . 140.2
139.6
June 1 . . 139.4
2 . . 139.4

29.1
29.0
29.0
29.0
28.9
28.9

139.6
2 . . 139.7
Aug. 1. . 139.7
139.8
Sept. 1 ! '. 140.3
2 . . 140.5

July 1. .

Oct. 1 . .
2..
Nov. 1. .
2..
Dec. 1 . .
2..
1961—Jan. 1 . .

Preliminary.

r

Revised.

Total

Memoranda:
Deposits at
member banks
(without
seas. adj.)

Money supply
(without seasonal
adjustment)

Time

U.S.
Govt.

Total

1960
Mar. 2.
9.
16.
23.
30.

5.4 Apr. 6.
6.2
13.
5.3
6.2
20.
27.
5 . 9 May 4.
6.2
5.5
5.4
3.9
5.8

1961
Jan.
4.
11.
18.
25.

5.4
1.
4.8 Feb. 8.
5.2
15.
5.2
22.
3.6
4.7

Mar.

1.
8.
15.
22.
29.

5.1
5.
4.0 Apr. 12.
4.4
19.
26*>
May

3?

Currency

posits i

Time

U. S.
Govt.

139.6
139.7
140.5
139.0
138.1
138.1
139.8
141.6
140.9
139.7

28.5
28.8
28.8
28.7
28.5
28.9
29.0
28.8
28.5
28.6

111.1
110.8
111.8
110.3
109.6
109.3
110.9
112.8
112.4
111.1

53.5
53.6
53.8
53.7
54.0
54.1
54.2
54.1
54.2
54.3

4.0
3.5
2.9
4.6
4.2

144.2
143.8
144.0
143.4
143.0
142.2
141.6
139.7
139.5
139.7
140.7
M40.6
139.6
139.7
141.2
142.8
142.4
141.7

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

115.0
114.6
115.2
114.9
114.6
113.5
113.0
111.1
111.1
110.9
112.0
Mil.9
111.1
110.9
112.3
114.1
114.0
113.1

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

5.3
4.1
3.0
2.9

de-

3.7
2.0
3.3
3.7
5.0

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

i At all commercial banks.

BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts, except interbank and
U. S. Government accounts
(in millions of dollars)
Leading centers
Year or month

Unadj.

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
I960
I960—Apr
May
June
July
Aug

Sept
Oct
Nov
Dec

1961 Jan
Feb
Mar
Apr

Leading centers

337 other

All

reporting
centers

Unadj.
632,801
738,925
766,890
815,856
888,455
958,721
1,023,605
1,102,850

Unadj.

Adj.

385,831
390 066
431,651
462 859
489,311
487 432
545,258
577 606

Unadj.

New York
Adj.

740,436
758,375
845,007
921,928
979,002
993,600
1,110,304
1,158,298

Unadj.

6 others 1
Adj.

Unadj.

337 other
reporting
centers2
Adj.

18.9
19.2
20.4
21.8
23.0
22.9
24.5
25.7

25.6
25.8
27.3
28.8
30.4
30.0
32.5
34.8

36.7
42.3
42.7
45.8
49.5
53.6
56.4
60.0

Unadj.

226.007 86,042
232,844 92,176
250 852 91 604
223 539 89,444
241,771 99,947
240 772 103 832
233 131 91.870
235,100 98.791
256,905 88,381

86,174
88,551
99 809
86 063
92.435
97 162
89 905
91.020
101,551

48,414
48,453
48 583
46 807
50.127
48 974
48 084
49 017
47,871

46 862
47,895
50 415
45 254
49,474
47 909
47 567
47,577
52,313

96,777
98,006
97 951
94 791
99,036
96 224
95 418
98.306
94,687

92,971
96,398
100 629
92,222
99,862
95 700
95.659
96,503
103,041

56.4
61.1
61.3
58.9
65.5
68 5
60.0
63.5
57.8

56.3
58.9
65.7
58.8
59.8
65.9
59.2
61.3
64.4

35.3
35.5
35.7
34.2
36.7
35.8
34.9
35.8
34.3

35.5
35.2
36.5
34.0
34.7
35.5
34.7
34.9
36.5

26.1
26.3
26.4
25.5
26.6
26.0
25.5
26.2
25.1

25.4
26.2
26.9
25.7
26.0
26.2
25.7
26.2
26.6

88,186
98 269
92,269
93,224

94,473
89 831
100,455
91,151

51,046
50 199
49,484
51,281

52,382
44 861
53,354
48,529

'97,451
r
97 667
r
98,404
97,280

MOO,805
r
87 983
M01,588
91,237

57.0
63 7
61.1
61.3

59.2
36.5
35.8
61 4
35.4
63.6
61.1 *>36.8

36.3
33.5
38.1

25.7
25.7
26.1
^25.6

25.8
24.4
26.1

'247,659
675
255,397
230,917

r
r 222

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




reporting
centers 2

6 others i
Adj.

Annual rate of turnover
of demand deposits except interbank
and U. S. Government deposits

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.

556

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

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

Other

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

4,037
4,031
17,644
22,737
20,065
22,754
22,706
20,534
19,456

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,234
5,311

58,642 41,082
42,148 21,957
54,564 22,157
26,605
64,653
30,387
167,381
160,832 43,023
171,667 60,366
249,082 121,602
255,435 135,867

I960—Apr. 27.
M a y 25.,
June 15.
June 29.
July 27.
Aug. 31.
Sept. 28.
Oct. 26.
Nov. 30.
Dec. 31.

19,400
19,400
19,351
19,300
19,200
19,000
18,700
18,500
17,900
17,767

5,300
5,400
5,354
5,400
5,400
5,400
5,400
5,400
5,400
5,398

250,800
250,700
253,320
252,500
254,700
255,100
258,300
260,900
261,700
266,782

136,200
136,800
139,164
139,100
138,200
138,700
140,800
140,200
140,900
144,704

89,000
88,500
88,637
87,900
90,800
90,800
91,800
94,600
94,900
95,461

62,600
61,800
61,541
60,800
63,200
63,100
64,200
66,800
66,600
67,242

25,500
25,700
26,155
26,200
26,700
26,800
26,800
27,000
27,500
27,384

1,000
1,000
941
900
900
900
900
900
800
835

25,600
25,400
25,519
25,500
25,700
25,600
25,700
26,000
25,900
26,617

275,600
275,400
278,025
277,200
279,200
279,500
282,400
284,700
285,000
289,947

250,200
249,300
251,981
251,000
252,900
252,200
255,100
257,500
257,000
263,165

25,300
26,000
26,044
26,200
26,300
27,300
27,300
27,200
28,000
26,783

1961—Jan. 25.
Mar. If
Mar. 29*
Apr. 26^

17,500
17,400
17,400
17,400

5,400
5,400
5,400
5,400

263,500
264,700
263,800
265,200

141,000
142,500
142,600
143,300

95,900
95,300
93,700
94,300

68,300
67,800
66,200
67,300

26,700
26,700
26,700
26,200

800
800
800
800

26,500
26,900
27,500
27,600

286,400
287,500
286,600
288,000

259,200
259,500
258,900
260,700

27,200
27,900
27,700
27,300

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1958—Dec.
1959—Dec.

Details of Deposits and Currency
Deposits adjusted and currency

U. S. Govt. balances
Date

Foreign
bank
deposits,
net

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

I960—Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

27...
25...
15...
29...
27...
31...
28...
26...
30...
31...

2,800
2,800
2,744
2,900
2,800
3,000
2,900
3,100
3,100
3,184

1961—Jan. 2 5 . . .
Mar. If..
Mar. 29*..
Apr. 26^..

3,100
3,100
3,300
3,200

At
Treas- comury mercial
At
cash
F. R.
and
hold- savings Banks
ings
banks

Time deposits 2

Total
Total

CurDemand rency
outCom- Mutual Postal
deside
mercial savings Savings posits 4 banks
3
banks banks System

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
\, 134115,507
~
948 115,402

3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,740
29,422

400
400
421
400
400
400
400
400
400
377

4,700
7,200
6,65^
7,300
6,500
5,700
7,700
6,200
5,600
6,193

600
500
535
500
500
500
600
500
500
485

241,700
238,400
241,624
239,800
242,600
242,700
243,600
247,200
247,300
252,926

102,300
102,600
103,056
103,700
104,200
105,200
106,000
106,700
106,700
108,468

66,200
66,500
66,906
67,400
67,900
68,900
69,400
70,000
70,000
71,380

35,200
35,200
35,301
35,400
35,500
35,600
35,800
35,900
35,900
36,318

900111,500
900107,700
849 110,024
800107,800
800110,100
800108,900
800109,300
800112,200
800111,900
770115,102

400
400
400
400

3,600
6,100
4,400
2,300

500
400
500
500

251,600
249,500
250,200
254,300

109,000
110,700
111,900
112,800

71,700
73,300
74,200
75,000

36,500
36,600
37,000,
37,100,

800114,700
700110,600
700110,300
700,113,600

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.
••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
Total
demand
deposits
adjusted
and
currency

Demand
deposits
adjusted

Currency
outside
banks

110,500
114,600
138,800
140,200

84,400 26,100
90,000 24,600
110,700 28,100
112,000,28,200

27,900
28,100
28,544
28,300
28,400
28,500
28,300
28,300
28,700
29,356

139,400
137,500
138,000
138,600
138,600
138,500
139,900
138,800
139,200

111,200 28,200
109,300,28,200
(5)
(5)
109,900 28,100
110,300 28,300
110.300 28,300
110,300 28,200
111,500 28,400
110.600 28,200
111,000,28,200

28,000
28,200
28,000
27,900

140,700
139,400
140,400
141,500

112,300 28,400
110,900 28,500
112,100,28.300
113,30028,200

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.

557

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates.

Amounts in millions of dollars]

Deposits
Total
assets—
Total
Interbank2
Other
liaCash2 bilities
U. S. Other assets
and
Govt.
2
Demand
Loans obliga- secucapital Total
Deac- 3
tions rities
Time
mand
counts
U.S.
Govt. Other

Loans and investments

Class of bank
and date
Total

All banks:
1941—Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—Dec.
I960—Apr.
June
Aug.
Sept.
Oct.
Nov.
Dec.
1961—Jan.
Mar.
Mar.
Apr.

31
31 4
31
31
31
27
29
31
28
26
30
31
25
If
29*
26*

61,126
140,227
134,924
221,485
227,831
226,820
227,200
229,940
232,100
234,520
234,510
238,623
236,450
238,960
238.000
239,870

All member banks:
1941_Dec. 31
1945_Dec. 31
1947_Dec. 31
1958_Dec. 31
1959—Dec. 31
I960—Apr. 27
June 29
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1961—Jan. 25
Mar. It
Mar. 29^
Apr. 26"

43,521
107,183
97,846
154,865
157,879
156,570
156,593
158,587
160,282
162,042
161,997
165,619
163,240
166,016
164,875
166,398

AH mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1958—Dec. 31
1959—Dec. 31
I960—Apr. 27
June 29
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1961—Jan. 25
Mar. I t
Mar. 29*
Apr. 26^

10,379
16,208
18,641
36,320
37,561
38,010
38,300
38,700
38,830
38,940
39,020
39,114
39,430
39,660
40,010
40,150

p

10,982
1,999 27 344 90,908
25.
14,065
101,
,577 35 ,415 177,332
,793
240
81,199 10,723 38,388 175 091
,799 2,374
73,641 26,273 49,911 276 430 250;
,650 1,443
65 801 26,071 50 296 283 629 254
,520 1,470
62 570 25 590 43 300 275 760 243 260
,300 1,440
60 760 25 450 43 710 276,710 244^70
500 1,610
63.110
600 43 830 2801,000 245,830
670 1.670
64,190
730 44 500 282,'
710 249
180 1,690
66 790 26 010 45 850 286,550 252;
,600 1,740
66 560 25 860 46 880 287; 650 254;
,080 1.800
67,242 26 617 53 022 298, 126 266;
020 K800
320 26 540 44 610 287 400 255;
420 i;800
840 26 880 46 260 291 510 257;
470 42 890 287 500 253;
13,660 1,820
240 27
13,500 1,900
250 27 620 44; 200 290; 600 256

21,714
26,083
38,057
98,214
110,832
112,950
114,840
114,660
115,430
114,790
115,010
117,642
114,210
116,720
116,640
117,180

All commercial banks:
1941—Dec. 31
1945_Dec. 31
1947_Dec. 3H
1958—Dec. 31
1959—Dec. 31
1960—Apr. 27
June 29
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 31
1961—Jan. 25
Mar. If
Mar. 29?
Apr. 26?'

26,(
30,:
43,002
121,571
135,958
138,660
140,990
141,230
142,180
141,720
142,090
144,7'64
141,590
144,240
144,290
145,000

10,982
21,808
26,551 79,104
14,065
90,606
34,806 160,312
,792
240
69,221
006 37 502 155,377 144,103
,799 2.372
66,376 20;575 48 990 238 651 216,017
,649 1,441
58,937 20.501 49 467 244 686 219; 903
,520 1,470
55,830 20 030 42 610 236 480 208 080
,300 1,440
54,210 19 850 42 880 237 040 209; 010
,500 1,610
000 43 080 240 000 210 240
56,580 20
,670 1,670
57,690 20 150 43 710 242 530 213. 520
,180 1,690
400 45 100 246 290 216, 580
60,390 20
,600 1.740
60,180 20 300 46 110 247 290 218,230
,079 1,799
61,003 20 864 52 150 257 552 229,843
.020 1,800
61,880 20 930 43 810 246 590 218 ,530
,420 1.800
430 250 430 220 ,760
61,310 21 270 45
,660 1.820
59.670 21 680 42 040 246 020 216 .330
60.740 21 800 43 400 249; 040 219,390 13,500 1,900

18,021
22.775
32,628
84,061
94,779
96,387
97,898
97,523
98,196
97,469
97,708
99,933
96,773
99,558
99,473
99,913

19,539
78,338
57,914
54,299
46,813
44,289
42,980
45,198
46,073
48,379
48,224
49,106
49,806
49,438
48,030
49,020

5,961 23,123 68,121
6,070 29,845 138,304
7,304 32,845 132,060
16,504 43 188 202
16,287 43,509 205
15,894 37
198,618
15,715 37
199,243
15,866 38 ,033 201
16.013 38 ,686 203;
16,194 39 628 206,669
,455
16,065 40 384 207,
16.579 45 756 216,577
16,661 38,174 206,507
17,020 39,900 211,040
17,372 36,842 207,099
17,465 38,007 209,737

4,901
3,704 1,774
4,279 10,682 1,246
4,944 11,978 1,718
23,357 7,265
,698
25,126 6,864
,570
25,710 6,740
,560
26,150 6,550
,600
26,570 6,530
,600
26,750 6,500
,580
26,930 6,400
,610
27,080 6,380
,560
27.122 6,239
,752
27,380 6,440
,610
27,520 6,530
,610
27.650 6.570 5,790
27,820 6,510 5.820

793
609
886
921
829
690
830
750
790
750
770
872
800
830
850
800

11,804
17,020
19,714
37,779
38,943
39,280
39,670
40,000
40,180
40,260
40,360
40,574
40,810
41,080
41,480
41,560

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)




61,717
129,670
122,528
182,816
184,706
174,123
175,200
175,999
178,952
181,064
182,550
193,029
182,603
185,402
181,437
184,118
10,533
15,385
17,763
34,040
34,983
35,180
35,460
35,590
35,810
35,930
35,970
36,353
36,520
36,670
37,010
37,110

Bor- Total Numrow- capital ber
of
acings counts banks
Time

44.355
26,479
23 8,414 14,826
105,935
45.613
227 10,542 14,553
1,346 94,381 53,105
66 11,948 14,714
4,253 130,132 97,498
81 21,705 14,020
13,991
5,054 131,622 101,116
624 22
13,996
4.480 123,120 101,670 3,000 23;
14,000
103,100 2,170 23!
;060 119,570
13,998
5,440 120,600 104,680 2,920 24:
105,470 2,050 24!
230 14,000
7,390 121,130
13,989
5,970 124,450 106,220 2,480 24;
13,985
5,360 125,290 106.210 1,330 24;
13,986
5,949 133,408 107,959
167 24;
108,530
13,986
3,320 126,380
600 24.
13,978
5,830 125,120 110,260 1,860 24;
111,500 1,880 24; 800 13,977
4,160 122,200
2.010 126,690 112,400 1,750 24; 820 13,974
44,349
15,952
105,921
30,241
,367 35,360
1,343
104 63,493
4,250
593 66,169
5,050
;090 66,520
4,480
540 67,670
7,060
5,440 120 570 69,120
7,390 121,100 69,690
,420 70,320
5,970
260 70,270
5.360
,379 71,641
5,945
,350 72,040
3,320
,090 73,620
5,830
,170 74,520
4,160
,660 75,320
2.010

173 14,278
23
950 14,011
219
65 10,059 14,181
73 18,486 13,501
615 19,556 13,474
3,000 19,960 13,480
2,170 20,:
,280 13,485
2.920 20,:„ 13,483
,580 ,
2;050 20,660 13,485
2,480 20,!
" '-*
1,330 21,1
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.
1,200 13,460

10,385
,709 37 ,136 12,347
140
4 5,886 6,619
13,576
64 22 179 69 640 24,210
208 7,589 6,884
12,353
176 80 ,609 28,340
50
54 8,464 6,923
15,227 2,187 3,822 110,
,448 51,132
54 15,460 6,312
15,048
.338 4,504 110 ,989 52,827
581 16,264 6,233
12,047
.362 4,074 103 688 52,952 2,942 16,581 6,218
12,775
,298 6.360 100 790 53,977 2,069 16,822 6,212
,467 4,887 101,594 55,108 2,783 17,056 6,205
12,943
,525 6,827
13,105
,905 55,590 1,996 17,114 6,200
,552 5,385
13,601
,498 56,028 2,429 17,239 6,187
,594 4,781
15,014
,128 56,033 1,269 17,390 6,178
,639 5,287
16,436
'",398 6,174
,393 57,272
130 17
,636 2,914 105, 990 57,598
14,465
_
563 17,464 6,164
,639 5.179 105,353 59,319 1,825 17,629 6,160
13,912
.664 3,721
13,181
770 60,101 1,827 17,651 6,151
.741 1.706
13,007
,839 60,825 1,720 17,683 6,147
6
14

10,527
15,371
14 17,745
29 34,006
29 34,948
30 35,150

,430
30 35,560
,780
30 35,900
,940
,318
30 36,490
30 36,640
30 36,980
30 37,080

1,241
1,592
1,889
3,219
10 3,359
3,390
3,490

3,553

3,620

548
542
533
519
517
516
515
515
515
515
515
514
514
514
514
514

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.

558

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

Central reserve city
member banks:
New York City:
1941 Dec 31
1945 Dec 31
J947 Dec 31
1958 Dec 31
1959 Dec 31
1960 Apr 27
June 29
Aug 31
Sept 28
Oct. 26
Nov. 30
Dec 31
1961—Jan. 25
Mar 1 +
Mar. 29*>
Apr. 26 p
Chicago:
1941 Dec 31
1945 Dec 31
1947 Dec 31
1958 Dec 31
1959—Dec. 31
I960—Apr. 27
June 29
Aug. 31
Sept. 28
Oct 26 . .
Nov. 30
Dec. 31
1961 Jan 25
Mar. 11
Mar 29^
Apr 26*>
Reserve city member banks: 6
1941 Dec 31
1945 Dec 31
.
1947_Dec. 31
1958_Dec. 31
1959—Dec. 31
I960—Aor. 27
June 29
Aug. 31
Sept 28
Oct. 26
Nov 30
Dec. 31
1961—Jan. 25
Mar
tt
Mar. 29*>
Apr. 26*
Country member banks: 6
1941 Dec 31
1945—Dec 31
1947_Dec. 31
1958 Dec 31
1959 Dec 31
I960—Apr 27
June 29
Aug 31
Sent. 28
Oct 26 .
Nov 30
Dec. 31
1961 Jan 25

Mar It

Mar. 29*
Apr. 26^

Loans

Deposits
Total
assets—
Interbank 2
Total
Other
liaCash bilities
U. S. Other assets 2
and
Govt. secuDemand
capital Total 2
obligaDe
acTime
tions
mand
U.S.
counts %
Other
Govt.

12,896
26,143
20,393
25,966
25,291
25,355
25,320
25.438
26,270
25,927
26,402
27 726
26,821
27,690
27,370
27,725

4,072
7.334
7,179
16.165
18.121
17,991
18,060
17,236
17,714
17,082
17,742
18,465
17,387
18,141
18,278
18,447

7 265
17,574
11,972
7,486
5.002
5,249
5.273
6.031
6,277
6,625
6.619
6 980
7,062
6.975
6,358
6,588

1,559
1,235
1,242
2,315
2,168
2,115
1,987
2,171
2,279
2,220
2,041
2,282
2,372
2.574
2,734
2,690

6,637
6.439
7,261
9.298
9,174
7,772
7.773
7,829
8,165
8,541
8.380
10,301
7,561
8.640
7,837
8,037

19,862
32,887
27,982
36,398
35,750
34,569
34.600
34.928
36,068
36,136
36,512
39,767
36,048
38.000
37,093
37,668

17,932
30,121
25,216
31,679
30,647
28,184
28,654
27,945
29,347
29,071
29,922
33,761
29,979
31,031
30,324
30,722

4,202
4,640
4,453
4,786
4,765
3,909
4,339
4,057
4,056
4,137
4,737
5,289
4,661
4,419
4,316
3,891

2,760
5 931
5 088
6,830
6,885
6,531
6.598
6.661
6,740
6,847
6,729
7,050
6,875
7.094
7,049
6,847

954
1 333
1.801
3,637
4,206
4,156
4,342
4,317
4.361
4,328
4,260
4,485
4,195
4.534
4,403
4,401

1 430
4 213
2 890
2 562
1 985
1,745
1 6?O
727
,792
903
841
882
[ 989
886
939
682

376
385
397
631
694
630
636
617
587
616
628
683
691
674
707
764

1,566
1 489
1,739
2,158
2,003
1,783
1.854
1,927
1,980
1,954
2.040
2,046
1,814
1.894
1,635
1,730

4,363
7 459
6 866
9,071
8,967
8,410
8,546
8,698
8,833
8,923
8,892
9,219
8,809
9.118
8,826
8,718

4,057
7,046
6,402
8.214
8,062
7,281
7,474
7,647
7,766
7,725
7,800
8,197
7,733
7.950
7,436
7,643

15 347
40,108
36,040
60,558
61,621
59,649
59.563
60,683
60,790
61.805
61,625
62,953
61,879
63 470
62,559
63,418

7 105
8.514
13.449
34.003
38.686
38,990
39,421
39.497
39.430
39.354
39.273
40,002
38,763
40 282
39,928
39,916

6 467
29 552
20 196
20 645
17.292
15 305
14 846
15 920
16 029
17 040
16 941
17 396
17 568
17 521
16 947
17,805

1,776
2.042
2,396
5.910
5.643
5,354
5.296
5,266
5,331
5.411
5.409
5,554
5,548
5 667
5,684
5,697

8 518
11 286
13.066
17.701
18,211
15,412
15 786
15.353
15 801
15.998
\6 649
18,668
15,789
16 243
14,891
15,529

24 430
51 898
49.659
79,781
81,443
76,723
77 090
77,796
78 381
79,643
80.141
83,464
79.543
81 632
79,359
80,838

12.518
35.002
36,324
61.511
64.082
65,035
65 112
65.805
6S,482
67,463
67.241
67,890
67,665
67.762
67,897
68,408

5 890
5.596
10.199
30 257
33 76f>
35,250
36 075
36 471
36.691
36 705
36 433
36,981
36 428
36 601
36 864
37,149

4 377
26 999
22 857
23 606
22 535
21 990
21 241
21 520
21.975
22 811
2? 821
22 848
23 187
23 056
22 786
22,945

2 250
2.408
3,268
7 648
7,78)
7,795
7 796
7 812
7.816
7 947
7 987
8,060
8 050
8 105
8,247
8,314

6 402
10 632
10.778
14 031
14 122
12 595
12 564
12 924
12,740
13 135
13 315
14,740
13 010
13 123
12 479
12,711

19 466
46,059
47,553
76 767
79,567
78,916
79 007
80 210
80.609
81 967
81,910
84,126
82 107
82 290
81,821
82,513

* 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.




6
17
12
1,739
988
1,023
985
101
121
,179
,214
,216
,221
??0
?M
.281

866
6,940
267
968
1,027
1,124
1,415
1,005
1,995
1,234
955
1,217
589
992
818
204

12,051
17,287
19.040
20,704
20,419
18,696
18,379
18,148
18.401
18,782
18,948
21,833
19,257
19,960
19,203
20,415

1,035
1,312
1,217
1,357
1,231
1,087
1,151
1,236
1,191
1,231
1,359
1,380
1,254
1,221
1,188
1,162

34
23
37
48
55
61
61
61
61
63
64
79
82

127
1 552
72
249
272
235
407
275
552
301
261
327
141
285
232
57

2,419
3,462
4,201
5,136
5,070
4,520
4,442
4,629
4,497
4,662
4,629
4,899
4.743
4.665
4,256
4,625

22,313
49,085
46,467
72,647
73,675
67,699
68,028
68,484
69,317
70,421
71,126
75,067
70,958
72.418
70,197
71,556

4,356
6,418
5,627
7,506
7,450
5,803
6,062
6,342
6,509
6,774
7,433
7,989
7,020
6,836
6,316
6,554

104
30
22
377
303
278
241
285
317
286
293
326
326
329
311
341

491
8,221
405
1,429
1,698
1,577
2,591
1.984
2,500
2.062
1,867
1,960
1,085
2,130
1,474
617

17,415
43,418
44.443
70,277
72,323
70,959
71,044
71,923
72.522
73,847
73,702
76,004
73,933
74.003
73,480
74,197

792
?07
056
1,578
60?
748
,223
[,308
1,349
[,459
485
778
[,530
,436
361
1,400

30
17
17
36
24
24
24
26
26
26
26
37
26
26
37
37

225
5.465
432
1,175
1,508
1,138
1.947
1,623
1,780
1,788
1,698
1,783
1,099
1.772
1,197
828

Borrowings

Total Numcapital ber
of
accounts banks

Time

1 648
2 120
2,259
3 282
3 361
3,399
3,427
3 483
3 470
3.500
3.557
3 554
3! 569
3 584
3 575
3,592

36
37
37
18
16
16
16
15
15
15
15
15
15
15
15
15

3
40
241
161
117
125
219
93
35
88
138
362
54

288
377
426
733
762
755
769
783
781
804
813
822
821
826
827
831

13
12
14
14
14
11
11
11
11
10
10
10
10
10
10
10

12,557
24,655
28,990
42,259
42,668
39.333
37,966
38,284
38,257
39,410
39.654
42,267
39,883
39.488
38,474
40,077

4 806
9,760
2
1
11,423
21,075
14
21,555
238
20,708 1,192
21,168 1,064
21,589 1,093
21,734
803
21.889
822
21.879
434
73
22,525
22.644
237
23.635
577
23.622
694
879
23,967

1 967
2 566
2.844
5,760
6,106
6,147
6 257
6.306
6 332
6,366
6,406
6,423
6.422
6 573
6,589
6,588

351
359
353
274
265
225
223
218
218
218
217
217
214
213
206
205

10,109
24.235
28,378
42,349
42,832
41,139
40,003
40,533
40,750
41.644
41,897
43,395
42,107
41.240
40,837
41,722

6,258
12,494
14,560
25,137
26,356
27,410
27,847
28,433
28,617
28,930
28.596
29,011
29,171
29.529
30.048
3(3,210

4
11
23
37
71
453
371
490
203
187
207
23
139
219
294
194

1 982
2,525
2.934
5 685
6.035
6,280
6 369
6,484
6.531
6 569
6.614
6,599
6 652
6 646
6,660
6,672

6,219
6,476
6,519
6,006
5.938
5,966
5.962
5,961
5,956
5,944
5,936
5,932
5,925
5,922
5,920
5,917

807
1,236
195
1,445
30
3,482
3,448
232
3,432 1,056
3,536
473
3,634 1,083
3,774
865
3.739 1,201
4.068
535
4 206
99
4,251
891
4.440
4,750
477
4,931
593
476
719
913
1,438
468
402
,426
45?
465
1,470
490
530
,532
715
,681
.717

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.

559

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Amounts in millions of dollars]
Loans and investments

Class of bank
and date
Total

Loans

Deposits
Total
assets—
Total
Interbank 2
Other
liaCash 2 bilities
U . S . Other assets
Govt.
and
Demand
obliga- secucapital Total 2 Detions rities
acTime
mand
counts 3
U. S.
Govt. Other

All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1957_Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 15
Dec. 31

49,290
121,809
114,274
168,595
183,596
188,790
188.691
198,011

21,259
25,765
37,583
93,430
97,730
110,299
114.785
117,092

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

27,571
69,312
65,280
91,201
99,277
102,615
102,309
107,546

11,725
13,925
21,428
50,350
52,627
59,962
62,398
63,694

12,039
51,250
38,674
31,234
35.714
31,761
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
I960—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
1,933
2,125
4,707
5,568
5,396
5,174
5,439

Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—June 15
Dec. 31

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 2.668 8.708 7.702
1,063
448 19,256 18,119
1,448 4.083 20.691 19,340
3,264 5,383 32,066 29.266

1,457
2.211
2,009
.473
,568
,480
.446
,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

All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1957—Dec. 31
1QSR—Dec. 31
19S9—Dec. 31
I960—June 15
Dec. 31

7.233
16.849
18,454
27.741
30,327
32,419
32.498
33,910

3.696
3,310
5,432
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

Insured mutual savings banks:
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—June 15
Dec. 31

1.693
10.846
12,681
26.53*
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

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

Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—June 15
Dec. 31

Noninsured mutual savings
banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31*
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—June 15
Dec. 31

For other notes see preceding two pages.




21.046 6 ,984 25,788 76,820 69,411
88,912 7 ,131 34,292 157.544 147,775
67,941 8,750 36
36,926 152,733 141,851
57.580 17,585 48,127 220,865 199,876
65.669 20,198 48^89 236^724 214,485
58.348 20,143 49,158 242,828 218,474
54.366 19,540 46,825 240.728 212,442
60,468 20,451 51,836 255,669 228,401
3,806
4,137 20
5,178 22,
9,617 26,786 120,153
10.936 26
128.397
10,892 27
132.636
10,614 26.380 131.433
11,140 28,675 139,261
8,145
9,731
10,822
15,960
16,407
16,045
15.495
17,081

24,688
48,084
43,879
68,676
73,620
73,090
72.734
77,316

39,458
84,939
82,023
109,091
116.714
119,638
116.178
124,911
22,259
44,730
40,505
61,545
66.102
65,069
63.341
68,118

10,654
13,883
12,615
54
15,489 1,264
15.653 2,209
15,500 1,358
13,756 1,324
16,921 1,667

Time

41 .298 15.699
80.276 29.876
92 ,975 34.882
127 56,137
,214 63.168
.720 65.858

124.091 66.875
132,533 71,348

10 6,84413 ,426
215 8,671 13,297
61 9,73413 ,398
66 17,051 13,142
67 18,15413 ,101
602 19.20613 ,107
1,573 19.97813 ,140
149 20.62813
3.119

6,786
.088
9,229
14,013
8,375
35
795
8,958
517 2,166
9.035
767 2.292
8,947
514 2,742
7,937
472 3,594
9,829
611 3,265

23.262
45,473
53,541
66.546
69,808
71,015
67.270
71,660

3.739
4,411
3,978
15
6,124
729
6.192 1,420
6,102
825
5,429
833
6,608 1,028

381
1,306
1,530
1,763
2.151
2,022

27,068
39,001
40.640
39,974
38.296
40,733

9,062
14,386
16,320
16,406
16.631
17,727

53
,560
149
388
419
533
651
645

4,162
10.635
12.366
17,580
18.766
19,732
18.525
20,140

3,360
5,680
6,558
10 ,873
12 ,063
13,059
13.357
14,095

1,083
1,271
2,500
2,696
2,944
3.151
3,232

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

18 1,288
1,362
1,596
2,817
3,028
3,294
3.503
3.590

7 ,662
7 ,130
7 ,261
7 ,178
7 ,192
7 ,244
7 ,276
7 , 300

1,789
10,351
12 12,192
26 24,991
28 27 243
28 28,544
28 28.791
29 31,468

164

1,034
1,252
2,308
2,473
2,654
2,735
2,998

52
192
194
239
241
268
268
325

8,738
5,020
5,553
6.671
6.762
6,404
6,510
4,850

1,077
558
637
751
746
705
730
555

496
350
339
283
278
249
247
189

129
244

34,737
37.132
36.582
39,114

31.696
33.795
32.942
35,391

262
407
426
451
389
484

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

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

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

3,075 1,353
3,522
641
3,813
760
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

5.504
5.651
4.952
3,874 6,082

762
740
,325
.859
241
037
396
932

Bor- Total Numrow- capita] ber
acings counts of
banks

329
181

457
425

8.322
3,640
16.224
4,644
19.278
5.409
30.904
9,070
34 .812
9,643
36 ,421
340 10,302
36 .905 1,491 10,686
111 11,098
39 ,546

621 13,874 4,025
8,166 24,168 7,986

12

1
130
9
18
10
240
,012
20

2,246
2,945
3.055
5,483
5,817
5,962
6,143
6,299

5,117
5,017
5,005
4,620
4,578
4,542
4,542
4.530
1,502
1,867
1,918
1,773
1,734
1,691
1,675
1.644

959 6,810

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

560

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

Total 2
loans
and
2
invest- Total
ments

Class of
commercial
bank and
call date

Total: 3

All insured:
1941—Dec. 31..
1945_Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31*.
I960—June 15..
Dec. 31..

972 594
43,521 18,021 8,671
855
855 3,133
07,183 22,775 8,949
16,962 ,046 811
. -."
. .
...
97,846 32,628
37,444 3,052 2,730
54,865 84,061 : ,
57,879 94,779 36,826 3,116 2 ,885
57,657 98,344 38,204 3,297 2 ,469
65,619 99,933 39,288 3,509 3,124

New York City:*

31..
31..
31..
31..
31*.
15..
31..

12,896
26,143
20,393
25,966
25,291
25,774
27,726

4,072
7,334
7,179
6,165
8,121
350
8,465

2,807
3,044
5,361
10,928
10,549
10,499
10,876

31..
31..
31...
31...
31*.
15..
31...

2,760
5,931
5,088
6,830
6,885
6,707
7,050

954
1,333
1,801
3,637
4,206
4,386
4,485

732
760
1,418
2,628
2,527
2,716
2,690

15,347 7,105
40,108 8,514
16,040 3,449
60,558 34,003
61,621 38,686
59.750 39,534
62,953 40 ,002

3,456
3,661
7,088
15,808
1
15,252
15
15,778
16,223

300
205
225
669
765
805
887

5,890
5,596
0,199
10,257
13,766
36,074
36,981

1,676
1,484
3,096
8,080
8,498
9,212
9,499

Chicago:*

1941—Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—Dec.
I960—June
Dec.

Reserve city:
1941_Dec. 3 1 . .
1945_Dec. 3 1 . . .
1947_Dec. 3 1 . . .
1958_Dec. 3 1 . . .
1959—Dec. 31*.,
I960—June 15..,
Dec. 31...

,220
115
9,393 5,723
,829
719
25,255 20,698
,850
819 7,118 28,060 24,166
,739 2,365 7,063 28,353 25,523
,833
966 7,106 28,713 26,396

31... 12,518
31... 35,002
31... 36,324
31... 61,511
31*.. 64,082
15... 65,427
31... 67,890

Nonmember: 3
1947_Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1959—Dec. 31*..
I960—Tune 15...
Dec. 3 1 . . .

32
412
169
2,453 1,172
26
93
545 267
382
503
1,652
531 1,788
1,740 403
366 1,050 1,886
1,463
399
500 1,799
10 1,574
48
211
73
266
268
187
322

52
233
87
97
124
123
134

588
581
564

6,034 53 ,205 5,276 3,729
13,396 39 ,287 16,505 4,070
14,
,360 16,"" 3 ,543
958
15,224 33 ,887 16,789 3,127
19,013 30,998 17,570 3,294

18,454
30,327
32,419
32,498
33,910

5,432
4,165
6,068
6,972
7,719

272
238
921
833
795
940

7,265 311
1,623 5,331
729
7,574 477 3,433 3,325 10,339
606
1,972 1 ,002
640
558 9,772
638
7,486 643 1,106 1,602 4,135 1,869
5,002 639
227 1,277 2,859 1,833
5,384 681
369 1,546 2,788 1,722
6,980 1 ,422
578 1,708 3,272 1,964

830
629
604
446
335
319
317

40
26
210
148
211
197

1,430
4,213
2,890
2,562
1,985
1,664
1,882

193
204
185
140
133
93
76

522

123
80
111
641
936
870
868

287
564
1,502
1,739
1,821
1,930

22
36
46
161
183
183
196

51
149
357
435
396
421

95

256
133 1,467
132
235
232
361
108
78
46
42
132
37

153
749
248
522
467
480
663

,022
,864
,274
,446
,332
,096
,050

182
181
213
491
562
564
607

114 194
427 1,503
170 484
518 851
580 776
511 713
719 739

4
17
15
191
235
924
351

1,527
1,459
3,147
8,405
3,369 9,251
3,184 9,036
3,216 9,005

6,467
1,508
855
387 29,552
29
351 20,196
1,969
6,930 1.301 20,645
980 17,292
8,211
892 4,921
8,430
909 7,396
8,721

295
751 5,421
956 820
,034 6,982 5,653 15,883 1,126 916
373 2,358 1,901 15,563 1,342 1,053
,293 2,370 4,497 12,484 4,864 1,047
,484
645 4,109 11,054 4,830 813
464
365 4,006 0,086 4,623 672
,031
794 5,461 9,111 4,817 738

659
648
818
2,368
2,321
2,465
2,589

20
42
23
294
298
308
508

183
471
227
268
284
286
293

2
4
5
6
11
242
29

1,823
1,881
3,827
0,806
1,056 1,816
1,085 2,220
1,147 2,449

1, 528
4,377
707
359 26,999
224 22 ,857
1,979
8,239
779 3,606
9,491
643 :2,535
0,286
652 1,556
[0,550
647 :2,848

110
481 3,787 1,222 1,028
630 5,102 4.544 6,722 1,342 1,067
480 2,583 2,108 7,687 2,006 1,262
,475 2,306 4,495 4,330 6,181 1,467
,381
863 5,751 3,540 6,452 1,330
,329
807 5,928 3,493 6,565 1,232
,817
888 7,240 11,903 6,752 1,308

1,205 614
2,981 ,921
3,348 1,902
3,571, 2,066
3,838 2,167

20
102
133
134
161

156
230
263
251
269

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

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




7,789
7,399
2,420
2,210
2,920

19,539 971
39
3,494
3,007 15,561 3,090 2,871
3 653
598
,057 78,338 2,275 16,985 14,271 44
,271 "',807 3,254 2 ,815
47
3,378
3,455 1,900 1,
>
4,662
839 57,9141,987 5,816 4,815 45,
....
',065
113
,295 4, 199 3,105
7,130
! 54,299 4,644 6,143 11,117 32,396 13
1,599
710
20,013 17,028 3,211! .
3,405 3,100
2,603 46,813 4 ,612 1,812 li;«>4 28 ,785 13,677 2,610
,587
811 6,801 22,185 19,877
...
,_._
677 2
l',~526 2,521 1,583 959 27,463 13,473 2,315
,488 2,309 6,736 22,309 20,932 2,550 43
736
),106 6,402 2,296
1,564
947 6,726 22,518 21,622 2,694 49
072 25,335 14,141 2,439

Country:

1941_Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—Dec.
I960—Tune
Dec.

94' 69,221 2,193
._.'
3,437 66,3766,294
784 58,937 6,300
2,""" 54,913 3,593
747
2,
61,003 8,072
2,901

Other
securities

21,046 988
3,159 16,899 3,651 3,333
40
4,773
505
49,290 21,259 9,214 1,450 614 66:
4,,132 88,912 2,455 19,071 16,045 51
49
",342 3,873 3,258
4,677 2,361
121,809 25,765 9,461 1,314 3,164 3,606
114
914 67,941 2,124 7,552 5,918 52 ,347 5,129 3,621
9,266 5,654
114,274 37,583 18,012 1,610 8 2 31,190
' '"
165,669 6,159 7,362 13,240 38 ,908 16,266 3
713
25,148 20i:
183,596 97,730 40,289 4,913 2,797 1,810
266 3,932
,589 3,420
767 58,348 6,189 2,404 14,729 35 ,027 16,721 3,422
1,827
813 7,105 27,948 24,1
188,790'
'
,032
728 541366 3,527 2,184 15,090 33 ,566 16,545 2,994
1,719 2,360 7,~" 28,240 25,387 2,'
545 2
043
188,691
965 7, 090 28,602 26,263 2,883 60,468 7,994 2,884 18,868 30 ,722 17,300 3,150
198,011 117,092 42.957 5,628 3,247 1,811

Member, total:
1941 _ D e c . 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31*.
I960—June 15..
Dec. 31..

1941—Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—Dec.
I960—June
Dec.

Loans for
Loans
Comto
purchasing
merU. S. Government obligations
financial
or carrying
cial
Other
institutions
securities
in- Agriloans
Real
clud- culto
esOther
ing
in- loans
tate
open tur- To
diloans vidal bromarCerTo
kers To
To
ket
Total Bills tifi- Notes Bonds
uals
and others banks others
pacates
dealper
ers

116,284 r ,
38,057 18,167 1,660 830
185,16598,214 40,425 4,973 2,832
190,270 110,832 40; 174 5,018 3,018
190,13^ 115,307 41,775 5,363 2,602
199,509 117,642 43,125 5,676 3,284

1947_Dec. 31..
1958—Dec. 31..
1959—Dec. 31*.
I960—June 15..
Dec. 31..

Investments

2,266 1,061
5,256 3,671
317 5,888 4,289
327 6,053 4,591
379 6,205 4,774

109
226
181
197
207

1,318
2,088
2,134
1.395
1,904

206 1,973 1,219 7,920 1,078
,651 1,255 2,280 6,901 3,102
,689
608 3,254 6,584 3,283
,073
627 3,265 6.429 3,317
,670
624 3,941 5,668 3,431

625
971
934
814
857

System; these banks (two beginning June 1960) are included in member
banks but are not included in all insured or total banks. Comparability
of figures for classes of banks is affected somewhat by changes in Federal
Reserve membership, insurance status, and the reserve classifications of
cities and individual banks, and by mergers, etc.
For other notes see opposite page.

561

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

Reserves
Cash
with
in
Federal
vault
Reserve
Banks

DeBalances
mand
with
dedoposits
mestic
adbanks s justed6

Interbank
deposits
Domestic5

Foreign

Time deposits

CertiIndiStates
U. S. States
fied
viduals,
and
U.S.
and
partner- Inter- Govt. and
ships,
bank
and
Govt. political offipolitcers' and corsubdiPostal ical
visions checks, poraSav- subdietc.
tions
ings visions

IndiCapividuals, Bortal
acpartner- rowships, ings counts
and corporations

Total: 3
1947_Dec. 31...
1958—Dec. 31...
1959—Dec. 31...
I960—June 15...
Dec. 31...

17,796
18,427
17,931
17,917
16,720

2,216
3,249
3,012
3,252
3,346

10,216
12,609
12,237
10,999
13,681

87,123
115,518
115,420
110,025
115,120

11,362
14,142
13,944
12,484
15,453

1,430 1,343
1,657 4,250
1,705 5,050
1,436 6,414
1,627 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

34,383
65 10,059
59,590
73 18,486
62,718 615 19,556
63,290 2,590 20,331
66,836 163 20,986

AH insured:
1941—Dec.
1945_Dec.
1947_Dec.
1958—Dec.
1959_Dec.
I960—June
Dec.

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

8,570
11,075
9,736
12,353
11,969
10,737
13,409

37,845
74,722
85,751
114,645
114,563
109,249
114,292

9,823
12,566
11,236
14,025
13,825
12,356
15,339

673 1,762
1,248 23,740
1,379 1,325
1,629 4,241
1,675 5,037
1,400 6,396
1,582 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

15,146
10 6,844
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

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

33,754
64,184
73,528
96,218
95,21A
91,042
94,594

9,714
671
,709
12,333 1,243 22,179
10,978 1,375 1,176
13,614 ',613 3,822
13,389
,659 4,504
11,980 ,387 5,745
14,875
,561 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
27,542
8,464
54 15,460
48,004
~'
50,185 581 16,264
50,534 2,503 16,829
130
53,477 ' " 17,398

31...
31...
31...
31...
31...
15...
31...

5,105
4,015
4,639
4,454
3,908
4,054
3,398

93
111
151
161
151
144
199

141
78
70
92
138
87
147

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

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
988
18,573
992
17,754
19,051 1,216

31...
31...
31...
31...
31...
15...
31...

1,021
942
1,070
1,058
920
995
899

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

127
1,552
72
249
272
335
327

233
237
285
302
329
283
298

34
66
63
88
105
85

2,152
3,160
3,853
4,746
4,636
4,301
4,499

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
1,05:
1,043
801
953

11,127
22,281
26,003
38,054
38,321
36,156
37,986

31...
31...
31...
31...
31...
15...
31...

Member, total:
1941—Dec. 31...
1945—Dec. 31...
1947—Dec. 31...
1958_Dec. 31...
1959—Dec. 31...
1960—June 15...
Dec. 31...
New York City:*

1941_Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—Dec.
1960—June
Dec.

607
,105
,217
,267
,303
,060
,184

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 4,54:
38
160 9,563
45
332 11,045
124 1,471 19,480
95 1,229 20,231
80 1,375 19,484
1,787 20,652

14
238
870
73

1,967
2,566
2,844
5,760
6,106
6,181
6,423

31
5:
45
13
132
127
122

4
11
23
3
71
320
23

1,982
2,525
2,934
5,685
6,035
6,453
6,599

Chicago:*

1941—Dec.
1945_Dec.
1947_Dec.
1958—Dec.
1959—Dec.
I960—June
Dec.

Reserve city:
1941_Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1959—Dec. 3 1 . . .
I960—June 15...
Dec. 3 1 . . .

4,060
6,326
7,095
7,47"
7,53
7,48
7,354

425
494
562
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

4,302
6,307
5,497
7,217
7,162
6,354
7,688

Country:
1941_Dec.
1945_Dec.
1947_Dec.
1958—Dec.
1959—Dec.
1960—June
Dec.

2,210
4,527
4,993
5,444
5,573
5,388
5,070

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
40,91"

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

16'
428
545
669
65

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

Nonmember:3
1947_Dec.
1958—Dec.
1959—Dec.
1960—June
Dec.

31...
31...
31...
31...
31...
15...
31...
31.
31.
31.
15.
31.

54
110
131
289
288
272
301

2 Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net.
3 Breakdowns of loan, investment, and deposit classifications are not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.




104
30
22
377
303
245
326

190
185
103
141
160

146
219
337
1,250
1,077
1,290
l,56f

6,082
12,224
14,177
23,755
25,146
26,289
27,327

172
747
783
848
985

6,858
11,613
12,560
12,775
13,378

1,596
3,027
3,294
3,504
3,590

4
Central reserve city banks.
5
Beginning with June 30, 1942, excludes reciprocal bank balances,
which on Dec. 31, 1942, aggregated $513 million at all member banks and
$525 million at all insured commercial banks.
6
Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other notes see opposite page.

562

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 l

Wednesday

Loans
and
investadjusted 2

To brokers
and dealers

ComLoans
adjusted 2

cial
and
industrial

Agricultural

To financial institutions

To others

U. S.
U.S.
Govt. Other Govt. Other
seseobobcuri- liga- curiligaties tions ties
tions

Nonbank
institutions

Banks

Foreign

PerDo- sonal
mes- and
sales
tic
fi- Other
commer- nance
cial companies
etc.

Real
estate

All
other
loans

Valuation
reserves

TotalLeading Cities
1960
101, 986
10? 9 0 ?
105 011
104, 669

100
101,
101
103,

849
114
605
055

66 817 30 876
67 , 1 P 30 961
67 778 30 973
67 ,492 30, 927

I
8
15
22
29

111, 117
110 118
111 ,769
110, 191
110 7,17

109,
108
110,
109,
108,

641
741
777
119
671

68 955
68 176
69 ,110
68 ,979
68 784

31 773
1 1 , 998
1? 077
11 959

5
12
19
26

Apr

. . . 110 154
110, 181
110 917
111 771

109
109J
109
109

?81
?07
74?
714

68 775
68 ,8?5
68 976
68 947

11
31
31
31

^
13
20
27

898
897
892

901

1
1
1
370 1

442

737 1
394 1
599 1
450 1
345 1

480

119 1.165

418
476
436
455

116
115
116
110

1,157
1,167
174

654
681
674
682

1
1
1
1

479
550
766
781

112
108
110
109

1,198
1.216
1,235
1,244

677
690
702
699

1 073
1 ,181
1 175
559

3 415
3 284
3,266
3,267

1 575
1,560
1,589
1,601

213
292
603

335
375
500

1,120
1,112
1,114
135 1,116
133
131
138

1 137 4 131 1 645 P 550
1 588 4 172 1 637 P 564
1 4?8 4,284 1,620 P 577
766 1 ,614 4,256 1,635 12 581

14 6?0
14 668
14, 7?8
14, 818

1 461
1 460
1,455
1,455

642 1 476 3,658
1 395 3,367
1 ,547 3,658
1 774 3,464
1 544 3,358

16, ??3
16, 703
16, 131
16, 065
16, 088

1,540
1,540
1,543
1,545
1,547

16
16
16
16

131
153
08?
101

1 549
1,548
1,548
1,548

777
763
754

1961
Mar

Apr

31 303 1.098
,084
,092
,094
104

15?

1,620 1? 450
1,582 1? 4? 3
1,588 P 478
1,610 1? 471
1,639 1? 417

813
739
676
491

I 112
1,111
1,121
13?

403
517
581
610

17 176 10 594
17 ,?59 10, 565
17 ,411 10 488
17 777 10 467

10
10
10
10

133
179
320
232

744
771
86?
816

29
29
29
28

330
327
330
328

487
475
466
478

458
890
619
810

1,387
1 445
1,489
1,432

362
365
357
352

897
893
89?
895

? 618
? 615
? 599
7 648

415
415
409
409

401
210
338
180
176

864

339
334
337
343
348

410
421
437
438
428

614
503
775

1.329
,067
,265
1?1
,061

309
306
309
305
310

781
778
780
773
768

7 895

834
850
867

23
22
22
20
20

530

10 896
10 881

8
8
7
7
6

427
427
427
427
426

766
77?
757
758

7 909
7 915
915
7 973

431
428
428
428

11 ,653
11 ,671
11 685
11 ,686

1? 00?
1? 053
P P9
P ,170

1,046
1,045
1,046
1,046

11 ,669
11 ,645
11 ,648
771 2,343 1,305 11 ,648
769 2,297 1,329 11 ,649

13 ,178
13 ,1?4
13 ,758
13 ,700
13 ,701

1,113
1,113
1,116
1,118
1,121

11 ,643
11 673
11 ,689
11 ,702

13 ,???
13 ?18
13 ,167
13 ,178

1,118
1,122
1,120
1,120

P
P
1?
1?

409
445
446
460

New York
City
1960
Apr.

74 181
?4, 774
75, 468
75 408

6
13
20
27

71 771
l j 884
74 849
74 598

?

1961
1
8
15
22
29

?7 401
? 6 817
77 796
77 000
77 067

76 871 17 j457 10 575
? 6 115 16 ,938 10 511
77 18? 17 ,648 10 873
76 497
76 787

17 171
17 ,174

5
12
19
26

76
76
77
77

894
679
146
441

76
76
76
76

487
493
687

17
17
17
17

108
144
507
541

10
10
10
10

780
701
638
538

6
6
6
6

158
269
302
310

1 14?
1 ,161

21
21
20
20

356
358
363
366

426
438
437
435

407
186
459
84?

,121
,054
,039
.047

309
309
311
315

77
78
79
79

80S
178
565
761

77
77
78
78

176 49 661
410 49 853
756 50 ,795
457 50 ,715

70
70
70
70

787
396
485
460

888
887
882
891

80
113
283
138

591
604
638
6?6

104
102
109
107

790
785
784
788

290
288
288
288

679
698
809
804

2,744
2,727
2 795
2,824

1,283
1,272
1 263
1,283

Mar. 1
8
15
22
29

81
81
83
81
81

714
101
971
191
155

8? 768 51 498
87 ,478 51 '188
81 .040 51 ,68?
87 ,67? 51 .608
87 ,186 51 ,460

70
70
71
71
71

778
767
175
131
078

1,090
1,076
1,085
1,087
1,098

336
184
261
270
169

616
589
59?
586
588

96
94
93
96
90

826
818
820
824
826

232
233
244
236
254

946 2,329 1,311
873 2 300 1,276
933 2,393 1,279

Apr.

81 460
81 ,704
81 ,771
83 ,832

87 794 51 ,467 71 033
8? ,709 51 ,481 71 ,038
81 ,055 51 474 70 ,988
83 ,115 51 ,494 20 ,953

1,106
1,105
1,115
1,126

245
248
279
300

59?
6?1
674
618

91
87
90
89

842
858
872
878

251
252
265
264

666 2,294 1,266
995 2 230 1 251
716 2,227 1,278
717 2,220 1,286

Mar

Apr.

599

8?9

887
979

5??

879

7 873
865

7 885

Outside
New York City
1960
Apr

6
13
20
27
1961

5
12
19
26

l After deduction of valuation reserves.




2
Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loan items are shown gross.

563

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Cash assets, excluding cash items in process
of collection

Investments
U. S. Government obligations
Wednesday

Total

Bills

Certificates

Notes and bonds
maturing—

Other
securities

Total

Within
1 to After
1 year 5 years 5 years

Balances
with
domestic
banks

Balances
with
foreign
banks

Currency
and
coin

Reserves
with
F. R.
Banks

All
other
assets

Total
assets—
Total
liabilities
and
capital
accounts

TotalLeading Cities
1960
Apr

24,361
24,504
26,187
25,991

6
13
20
27

911
1,078
1 599
1,474

433
426
441
444

101

J 102
1,233
I 227
1,232

12,986
12,930
13 121
13,180

3,552
3,549
3 510
3,512

132 331
135,064
136 850
135 642

1,552 16,892 4,573
1,514 16,872 4,614
1,560 17,919 4,668
1,531 17,954 4,588

9,651
9,698
9 690
9,572

16,770
16,958
17 134
17,136

2,581
2,704
2,691
2,623

101

91
95

1961
Mar

1
8
15
22
29

30,265
30,029
30,236
29,451
29,155

3,653
3,463
3,666
2,981
2,753

1,081
1,182
1,199
1,179
1,146

3,953
4,004
4,047
4,064
4,054

17,746
17,622
17,566
17,490
17,415

3,832
3,758
3,758
3,737
3,787

10,421
10,588
10,656
10,689
10,734

16,306
16,235
16,490
16,718
16,088

2,956
2,683
3,015
2,938
2,816

123
136
147
147
125

1,236
1,263
1,262
1,313
1,358

11,991
12,153
12,066
12,320
11,789

3,972
4,013
4,000
4,044
4,206

144,348
141 323
145,316
142,155
141,135

Apr

5

29,682
29,397
29,965
29,975

3,325
3,028
3,555
3,560

1,137
1,219
1,246
1,284

4,165
4,222
4,305
4,388

16,250
16,097
16,013
15,966

4,805
4,831
4,846
4,777

10,824
10,980
10,801
10,792

16,993
16,592
16,710
16,064

3,207
2,890
3,073
2,875

137
113
123

I 240
1,369
1,354
372

12,409
12,191
12,170
11,694

4,120
4,122
4,129
4,198

142 641
143 586
143,614
143,230

4,346
4,428
5,223
5,193

319
384
740
710

91
89
93
104

196
209
239
227

2,858
2,864
3,266
3,274

882
882
885
878

2,201
2 197
2,193
2,128

4,187
3,879
4,272
4,400

62
61
74
58

49
35

149
166

37
42

153
162

3,927
3,617
4,008
4,138

1 467
1,464
1,453
1,430

33,126
33 763
34,837
34,621

29
26

142

New York City
1960
Apr

6
12
20
27
1961

Mar

1
8
15 .
22
29

6,840
6,696
6,810
6,418
6,220

1,293
1,135
1,254
909
723

396
487
489
481
463

725
728
735
712
726

3,640
3,564
3,554
3,545
3,536

786
782
778
771
772

2,576
2,681
2,724
2,708
2,743

3,713
3,721
3,596
3,986
3,726

82
54
61
57
93

66

69
86
81
66

183
188
184
183
197

3,382
3,410
3,265
3,665
3,370

1,657
1,734
1,722
1,787
1,875

37,652
36,484
37,767
36,714
36,731

Apr

5
12
19
26

6,406
6,288
6,476
6,453

915
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

82
93
79
82

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

20,015
20,076
20,964
20,798

592
694
859
764

342
337
348
340

1,356
1,305
1,321
1,304

14,034
14,008
14,653
14,680

3,691
3,732
3,783
3,710

7,450
7,501
7,497
7,444

12,583
13,079
12,862
12,736

2,519
2,643
2,617
2,565

52
56
58
59

9«H

,067
1,074
1,070

9,059
9,313
9,113
9,042

I 08*5
99,205
2,085 101,301
2,057 102,013
2,082 101,021

67
61
66

1,053
1,075
1,078
1,130
1,161

8,609
8,743
8,801
8,655
8,419

2,315
2,279
2,278
2,257
2,331

106,696
104,839
107,549
105,441
104,404

1,056
1,171
1,174
180

8,739
8,605
8,792
8,442

2,297
2,292
2,298
2,315

106,224
106,856
106,881
105,884

Outside
New York City
1960
Apr

6
13
20
27

Mar

1
8
15
22
29

23,425
23,333
23,426
23,033
22,935

2 360
2,328
2 412
2,072
2,030

685
695
710
698
683

3,228
3,276
3,312
3.352
3,328

14,106
14,058
14,012
13,945
13,879

3,046
2,976
2,980
2,966
3,015

7,845
7,907
7,932
7,981
7,991

12,593
12,514
12,894
12,732
12,362

2,874
2,629
2,954
2,881
2,723

Aor
p

5
12
19
26

23 276
23,109
23,489
23,522

2 410
2 248
2,590
2,585

674
711
722
734

3 429
3,473
3,531
3,588

12 964
12,779
12,713
12,669

3 799
3,898
3,933
3,946

8 051
8,119
8,092
8,099

12 980
12,636
13,021
12,474

3 125
2,797
2,994
2,793

1961




:::;•

57

59

60
63
61
59

564

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits

Borrowings

Demand
Demand

Interbank

Time

U.S.
Govt.

States CertiIndividuals,
and
fied
politpartnerand
ical
ships,
offisuband
cers'
divi- checks, corposions
rations
etc.

1,387
1,375
1,374
1,371

1,574
1,199
2,682
3,219

4,503
4,431
4,989
4,981

2,264
2,391
2,595
2,276

11,683
11,873
12,049
11,415
10,842

1.371
1,552
1,453
1,427
1,502

3,819
2,264
2,659
3,211
2,858

5,008
4,593
4,516
4,736
4,777

59,386
60,546
61,643
61,396

12,445
11,943
11,955
11,108

1,467
1,474
1,439
.426

2,748
1,219
919
1,068

14,806
15,161
. . 15,537
15,443

3,024
2,998
2,892
2,847

1,045
1,044
1,066
1,055

15,026
14,675
15,541
14,964
15,082

3,331
3,372
3,482
3,312
3,146

14,939
15,043
15,346
15,578

Other
liabilities

Capital
accounts

Interbank

U.S.
Govt.
and
postal
savings

62,053
64,971
64,874
63,770

,160
,243
,253
,333

136
135
135
135

1,572
1,581
1,616
1,640

28,740
28,705
28,651
28,679

556
315
269
405

>,036
>,402
I 267
>,300

3,940
4,011
4 149
4,100

11,463
11,471
11 454
11,499

3,118
2,694
3,020
2,494
2,605

64,118
62,620
66,329
63,476
62,730

1 ,603
,614
,616
1 ,623
,623

141
142
149
151
151

2,390
2,413
2,346
2,368
2,409

32,130
32,298
32 395
32,486
32,647

24
132
24
35
59

I 648
1,810
I 761
[ 592
1,590

5,132
5,151
4 850
4 986
5,131

12,163
12,167
12 149
12,155
12,211

4,707
4,645
5,170
5,170

2,561
2,724
2,676
3,041

63,292
65,666
65,655
64,880

,634
,669
,697
,700

152
151
153
149

2,473
2 515
2,576
2,654

32,768
32 895
32,866
33,005

60
90
19
11

1,125
I 435
I 282
1,640

4,984
4 925
4,998
5,147

12,225
12 235
12,209
12,231

438
315
924
1,116

257
261
348
345

1,247
1,325
1,510
1,268

16,593
17,221
17,323
17,213

896
952
949
,009

24
24
24
24

65
66
67
70

3,302
3,287
3,275 " " 9 0 *
3 307

960
993
1,048
061

1,892
1,893
1,936
1 924

3,383
3,384
3,385
3 382

1,079
1,213
1,128
1,121
1,160

996
579
646
924
821

290
274
287
276
315

2,056
1,778
1,797
1,428
1,606

17,559
16,815
18,110
17,201
17,229

1,203
1,202
1,212
[,212
1,210

27
27
27
27
27

240
243
218
215
220

3 942
4,012
4,154
4 183
4,270

892
835
703
700
476

2 482
2 589
2,456
2 568
2,706

3 555
3,545
3,547
3 547
3,545

3,570
3,212
3,405
3,167

1,116
1,130
1,095
1,092

707
265
156
202

260
266
333
280

1,498
1,627
1,509
2,031

16,868
17,415
17,571
17,699

[,224
1,246
1,268
1,268

28
28
28
33

224
225
231
236

4,289
4,307
4,359
4,433

45

452
794

614
593

2 620
2,604
2,599
2,749

3,561
3,566
3,565
3,563

43,991
44,977
45,748
45,259

7,923
7,836
7,650
7,087

342
331
308
316

1,136
884
1,758
2,103

4,246
4,170
4,641
4,636

1,017
1,066
1,085
1,008

45,460
47,750
47,551
46,557

264
291
304
324

112
111
111
111

1,507
1,515
1,549
1,570

25,438
25 418
25,376
25,372

556
315
179
405

1,076
1 409
1,219
1,239

2.048
21118
2,213
2,176

8,080
8,087
8,069
8,117

Mar. 1
8
15
22
29

44,265
44,295
45,267
44,742
44,406

8,352
8,501
8,567
8,103
7,696

292
339
325
306
342

2,823
1,685
2,013
2,287
2,037

4,718
4,319
4,229
4,460
4,462

1,062

,223
1,066
999

46,559
45,805
48,219
46,275
45,501

400
412
404
411
413

114
115
122
124
124

2,150
2,170
2,128
2,153
2,189

28,188
28,286
28 241
28,303
28,377

24
132
24
35
59

756
975
1 058
1,114

2,650
2,562
2 394
2,418
2,425

8,608
8,622
8 602
8,608
8,666

Apr.

44,447
45,503
46,297
45,818

8,875
8,731
8,550
7,941

351
344

2,041
954
763
866

4,447
4,379
4,837
4,890

,063
,097
1,167
1,010

46,424
48,251
48,084
47,181

410
423
429
432

124
123
125
116

2,249
2 290
2 345
2,418

28,479
28 588
28 507
28,572

60
45
19
11

673
641
668
1,047

2,364
2 321
2 399
2,398

8,664
8 669
8 644
8,668

Wednesday

adjusted1

Domestic

Foreign

58,797
60,138
61,285
60,702

10,947
10,834
10,542
9,934

1
8
15
22
29

59,291
58,970
60,808
59,706
59,488

5

States
IndiFrom
and
viduals, F. R.
polit- partner- Banks
ical
ships,
suband
divicorposions rations

From
others

TotalLeading Cities
1960
P

' 13
20
27
1961

Mar

Apr

19
26
New York City
1960
Apr

6
13
20
27
1961
8
15
22
29

Apr

5
19

26
Outside
New York City
1960
Apr.

6
20

27
1961

5
12
19
26

344
334

916

i Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.




892

565

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

Food, Textiles,
liquor, apparel,
and
and
tobacco leather

Period-

PetroMetals
leum,
and
coal,
metal chemical,
prodand
ucts 3
rubber

Other

Trade
(wholesale
and
retail)

Commodity
dealers

Public
utilities
(incl.
transportation)

Construction

Comm'l
and
All
ind'l
Net
other
change—
changes
types
all
classiof
weekly
fied
business
reporting
banks

698

-58

-148

248

26

151

738

480

11

-31

2,114

1,861

1960—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

-12
-36
-142

116
92
-41

126
148
-197

-36
12
76

42
122
10

-16
99
-44

42
-39
-131

-119
36
-135

-12
5
5

5
219
27

134
657
-573

98
711
-471

21
33
38
24

45
3
60
17

-18
-13
8
-13

5

-46
32

27
14

-59
10
12
21

16
8
35
-17

-37
-34
8
-57

-7
5
1
-11

-16
-7
14
14

-43
-45
236
-14

-83
-22
244
-41

-3
— 50
45
—9
-19

18
20
34
11

189
-29

24
10
52
21

9

-30

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

55
— 30
725
29
-68

— 34
-53
-21
-33

-2
3

-54
-42

-15

-36
-65

-31
-49
-25
-26

-78
-32
-14
-11

-13
9
3
6

-8
15
-8
28

-149
-123
-126
-174

— 146
-79
-111
-135

1959—July 8-Dec.

Feb
Mar
Apr

Week ending—
1961

Feb

1

8

15
22
Mar

—5

1
8

15
22
29
12

19
26

-11

i?

-3
—8
42
14
-33

27
12
48
10
26

55
19
5
-3

16
16
-7
-16

ipData 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

-10
-7
-27

70 2per cent of those of all commercial banks.
Figures for periods other than weekly are based on weekly changes.
3
Includes machinery and transportation equipment.

BANK RATES ON SHORT-TERM BUSINESS LOANS i
[Weighted averages. Per cent per annum]

Area
and
period

Size of loan
(thousands of dollars)

All
loans
10

10100

100200

200
and over

Annual averages,
19 large cities:
1952
1953
1954
1955

3 s
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

1956
1957
1958
1959
1960

4.2
4.6
4.3
5.0
s ?

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




Area
and
period

Size of loan
(thousands of dollars)

All
loans
10

10100

100200

200
and over

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

11 Southern and
Western cities :
I960—Mar
June
Sept
Dec
1961—Mar

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
5.3,

5.40
5.41
5.10
5.12
5.09

Quarterly (cont.): 2
New York Citv:
1960—Mar.'
June
Sept
Dec
1961—Mar

per cent): 1953—Apr. 27, 3*4; 1954—Mar. 17, 3; 1955—Aug. 4, 3V4;
Oct. 14, 31/2; 1956—Apr. 13, 3 % ; Aug. 21, 4; 1957—Aug. 6, 4V2; 1958—
Jan. 22, 4; Apr. 21, 3 % ; Sept. 11, 4; 1959—May 18, 4%; Sept. 1, 5; and
1960—Aug. 23, 41/2.

566

INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
U . S. Government securities (taxable) 4

Prime
commercial
paper,
4- to 6months *

Finance
company
paper
placed
directly,
3- to 6months*

Prime
bankers'
acceptances,
90 days 3

1958 average
1959 averaee
1960 average

2.46
3 97
3.85

2.12
3 82
3.54

I960 Apr
May
June
July
Sept
Oct
Nov
Dec

4.16
4.25
3.81
3.39
3.34
3.39
3.30
3.28
3.23

1961—Jan
Feb
Mar
Apr

Year, month, or week

6-month bills

3-month bills

9- to 12-month issues

Others

3- to 5year
issues6

3.41

2.09
4 11
3.55

2.90
4 33
3.99

3.55
3.58
2.74
2.71
2.59
2.83
2.73
2.66
2.50

3.83
4.01
3.10
3.03
2.82
2.86
2.92
2.87
2.64

3.99
4.19
3.35
3.13
2.89
2.99
3.01
2.99
2.79

4.23
4.42
4.06
3.71
3.50
3.50
3.61
3.68
3.51

2.496
2.601
2.591
2.493

2.47
2.60
2.54
2.47

2.63
2.75
2.76
2.74

2.70
2.84
2.86
2.83

3.53
3.54
3.43
3.39

Week ending—
1961 Apr 1
8
15
22

.

.

2.576
2.658
2.556
2.458
2.300

2.54
2.58
2.52
2.41
2.35

2.78
2.75
2 68
2.77
2.76

2.86
2.92
2 82
2.79
2.81

3 43
3.45
3 40
3.38
3.32

29

1 Average
2 Average
maturities in
3 Average

Market
yield

Rate
on new
issue

Market
yield

Bills
(market
yield)

2.04
3 49
3.51

1.839
3 405
2.928

1.78
3.37
2.87

3.832
3.247

3.79
3.20

3.74
3.88
3.24
2.98
2.94
3.13
3.11
2.91
2.97

3.88
3.78
3.28
3.13
3.04
3.00
3.00
3.00
2.92

3.244
3.392
2.641
2.396
2.286
2.489
2.426
2.384
2.272

3.23
3.29
2.46
2.30
2.30
2.48
2.30
2.37
2.25

3.548
3.684
2.909
2.826
2.574
2.803
2.845
2.650
2.530

2.98
3.03
3.03
2.91

AUK

Rate
on new
issue

2.78
2.65
2.76
2.58

2.86
2.78
2.94
2.84

2.302
2.408
2.420
2.327

2.24
2.42
2.39
2.29

2.97
3.00
2 98
2 88
2.78

2.63
2.66
2 64
2.53
2.50

2.88
2.88
2 88
2.84
2.78

2.392
2.470
2 360
2.292
2.186

2.38
2.36
2.31
2.25
2.23

of daily offering rates of dealers.
of daily rates, published by finance companies, for varying
the 90-179 day range.
of daily prevailing rates.

4
Except for new bill issues, yields are averages computed from daily
closing bid prices.
5
Consists of certificates of indebtedness and selected note and bond
issues.
6
Consists of selected note and bond issues.

BOND AND STOCK YIELDS i
[Per cent per annum]
Corporate bonds 3

Government bonds
State
and local 3

By selected
ratings

United
States
(longterm) 2

TotaH

Number of issues .

4-9

20

5

5

120

1958 average
1959 averasc
I960 average

3.43
4.07
4.01

3.36
3.74
3.69

2.92
3.35
3.26

3.95
4.24
4.22

4.16
4.65
4.73

1960 Apr
May
June
July
AUK

Sept
Oct
Nov
Dec

4.17
4.16
3.99
3.86
3.79
3.82
3.91
3.93
3.88

3.72
3.75
3.74
3.73
3.57
3.55
3.64
3.57
3.53

3.30
3.34
3.33
3.31
3.10
3.09
3.20
3.14
3.12

4.24
4.31
4.27
4.26
4.15
4.09
4.16
4.09
4.03

1961 Jan
Feb
Mar
Apr

3.89
3.81
3.78
3.80

3.56
3.54
3.60
3.61

3.15
3.14
3.23
3.27

3.81
3.82
3.81
3.81
3.78

3.65
3.64
3.62
3.58
3.58

3.30
3.30
3.30
3.24
3.24

Year, month, or week

.

Week ending—
1961 Aor 1
8
15
22
29

Dividend/
price ratio

By
groups

Earnings/
price ratio

TotaH
Aaa

Baa

Industrial

Railroad

Public
utility

30

30

40

40

3.79
4.38
4.41

4.73
5.05
5.19

3.98
4.51
4.59

4.39
4.75
4.92

4.76
4.80
4.78
4.74
4.61
4.58
4.63
4.64
4.66

4.45
4.46
4.45
4.41
4.28
4.25
4.30
4.31
4.35

5.20
5.28
5.26
5.22
5.08
5.01
5.11
5.08
5.10

4.61
4.65
4.64
4.61
4.49
4.46
4.50
4.51
4.55

4.97
4.98
4.94
4.90
4.82
4.78
4.84
4.85
4.87

4.06
4.06
4.11
4.01

4.65
4.59
4.54
4.56

4.32
4.27
4.22
4.25

5.10
5.07
5.02
5.01

4.52
4.46
4.40
4.45

4.11
4.06
4.03
3.98
3.98

4.53
4.53
4.54
4.56
4.58

4.22
4.23
4.24
4.26
4.28

5.02
5.01
5.00
5.00
5.01

4.39
4.41
4.44
4.47
4.50

Baa

Aaa

r
P Preliminary.
Revised.
1 Monthly and weekly yields are averages of daily figures for U. S.
Govt. and corporate bonds. Yields of State and local govt. bonds are
based on Thursday figures; dividend/price ratios for preferred and
common stocks, on Wednesday figures. Earnings/price ratios for common
stock are as of end of period.
2 Series is based on bonds maturing or callable in 10 years or more.
3 Moody's Investors Service. State and local govt. bonds include general obligations only.




Stocks 5

Preferred

Common

Common

40

14

500

500

4 10
4.70
4.69

3 97
3.23
3.46

6 02
5.92
^5.87

4.70
4.76
4.76
4.71
4.53
4.48
4.56
4.56
4.58

4 45
4.69
4.75
4.71
4 75
4.74
4 70
4.61
4.69
4 75
4.78
4.84

4.86
4.82
4.78
4.75

4.57
4 51
4.43
4.46

4.73
4 68
4 66
4.67

3.28
3 13
r
3 03
2.95

4.77
4.75
4.74
4.75
4.77

4.42
4.44
4.45
4.47
4.47

4.66
4.67
4.67
4.65
4.67

2.99
2.97
2.93
2.95
2.96

3.47
3 51
3.40
3.49
3.43
3.55
3 60
3.51
3.41

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.

567

SECURITY MARKETS
SECURITY PRICES i
Bond prices

Year, month,
or week

Common stock prices

Standard and Poor's index
(1941-43= 10)

CorU.S.
MupoGovt. nicipal
rate
(long- (high- (highterm) 2 grade) 3 grade) 3 Total

Number of issues

15

17

1958 average
1959 average
1960 average

94.02
85.49
86.22

106.4
100.7
103.9

84.24
84.39
86.50
88.12
88.93
88.57
87.50
87.23
87.84

102.3
102.2
103.1
103.9
106.7
106.7
105.9
107.7
108.0

87.70
88.74
89 07
88.80

108.1
109.7
108 9
108.1

95.6
96.3
97.0
96.4

88.70
88.55
88.73
88.78
89.15

108.2
108.1
108.1
108.1
108.1

97.0
96.6
96.6
96.2
96.0

Oct

1961—Jan
Feb

Mar
Apr
Week ending—
1961 Apr 1
8
15
22
29

Public
utility

425

500

25

50

300

193

108

18

85

34

45

10

59.46
58.84
61.06
59.25
59.96
57.96
56.90
58.89
60.22

30.59
30.18
30.81
30.19
30.19
28.76
27.77
28.93
29.03

45.53
45.75
47.35
48.02
48.65
48.64
47.34
47.83
49.78

113.5
113.2
117.0
114.5
115.6
112.1
109.1
112.6
115.2

111.0
110.7
114.6
111.2
112.2
107.6
104.9
108.5
110.3

118.3
118.7
123.4
119.0
119.8
114.1
109.4
113.0
114.5

104.3
103.3
106.6
104.0
105.1
101.7
100.8
104.5
106.4

96.5
95.8
97.1
95.7
96.1
91.5
88.0
91.7
92.6

127.1
126 4
129.8
131.0
132 6
134.2
130.5
132 0
138.5

125.3
125 8
132.1
131.0
131 8
127.2
122.8
129 3
132.4

73.4
70 9
70.3
68.6
71 6
70 1
71.8
74 1
78.2

2,865
3.277
3,479
2,694
2 841
2,898
2,592
3,100
3,684

59.72
62.17
64.12
65.83

63.20
65.71
67.83
69.64

31.43
32.17
32.93
32.35

52.73
55.64
57.06
59.09

120.9
125.4
129.8
133.0

115.3
119.2
123.9
125.8

118.6
121.4
127.8
128.5

112.1
117.3
120.3
123.3

100.3
102.6
104.2
103.4

148.7
156.0
159 2
168.9

134.8
139.8
146 7
150.4

85.1
89.0
89 2
93.5

4,243
4,884
5 365
5,089

64.68
65 66
66.42
66.06
65.20

r

97.9 2,965
95.0 3,242
73.8 3,042

55.73
55.22
57.26
55.84
56.51
54.81
53.73
55.47
56.80

94.2
94 1
94.2
94.8
96.4
96.8
96.0
95 5
95.1

Nov
Dec

Railroad

In-

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

102.9
95.0
94.7

I960—Apr
May
June
July
Aue
Sept

dustrial

Volume
of
trading 4
(in
Manufacturing
Trade,
thouTrans- Pubfisands
Total
porta- lic- nance, Minof
Du- Non- tion
utiland
ing shares)
Total rable duservity
ice
rable
Securities and Exchange Commission index
(1957-59= 100)

68.34
69.37
70.30
69.94
68.96

33.47
32.76
32.38
32.09
32.19

57.99
59.29
59.49
59.01
58.58

131.3
133.1
134.2
132.7
132.1

124.6
125.7
126.8
125.5
125.1

128.2
128.5
129.8
128.4
127.3

121.3
123.3
124.1
122.8
123.1

105.5
104.6
103.3
102.8
102.8

164.4
169 8
170.9
168.2
166.6

148.6
149 9
151.1
150.3
150.2

90.2
94 5
95.3
92.8
91.3

4,940
5.798
5,134
4,943
4,480

r

Revised.
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 3 assumed 3 per cent, 20-year bond.
an
Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent, 20-year bond.
4
Average daily volume of trading in stocks on the New York Stock
Exchange for a 5Vi-hour trading day.

STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit2

Customer credit

End of month *

Totalsecurities
other than
U. S. Govt.
obligations
(col. 34col. 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
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

,094
,252
,174

125
234
221

1,706
2,071
2,362

896
1,159
996

I960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

4,153
4,132
4,214
4,133
4,243
4,282
4,294
4,294
4,406

113
130
106
110
111
122
111
99
95

3,037
3,021
3,082
3,004
3,109
3,137
3,133
3,141
3,222

135
139
135
135
140
147
136
128
134

,116
,111
,132
,129
,134
,145
,161
,153
,184

185
208
162
187
173
177
161
139
142

2,155
2,115
2,110
2,042
2,063
2,143
2,139
2,129
2,133

940
970
,016
,018
,021
,059
,063
,062
,135

1961—Jan
Feb
Mar
Apr

4,416
4,524
'4,775
5,190

77
68
55
50

3,253
3.358
3,601
3,936

123
127
110
112

,163
,166
1,174
1,254

101
94
70
67

1,937
1,905
1,927
2,284

1,507
1,508

r

r

Revised.
* Data for cols. 4-7 are for last Wednesday of month.
Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
2




,269
,392

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 change
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.

568

OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances

Commercial and finance
company paper
Held by—
End of year
or month

Accepting banks

Placed
Placed
directthrough
ly
dealers 1 (finance
paper) 2

Total

Total
Total

Own Bills
bills bought

Based on—
Goods stored in or
shipped between
ImExports
ports Dollar
points in—
from
exOthers into
United United change
ForStates States
eign
United Foreign
corr.
States countries

F. R.
Banks
Own
acct.

2,020
2,166
2,666
'2,744
3,118
Apr.,
May,
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec..

1961—Tan..
Feb..
Mar.

1,510
1,660
2,115
3 1,904
2,491

642
967
,307
,194
,151

175
227
287
302
319

126
155
194
238
282

49
72
94
64
36

28
69
66
49
75

33
50
76
68
82

405
621
878
775
675

252
261
278
254
357

210
329
456
349
309

17
2
46
83
74

63
227
296
244
162

100
148
232
263
249

805
888
920
,021
,116
,266
,263
,365
,380
,252

3,515
3,381
3,572
3,438
3,536
3,654
3,295
3,691
3,717
3,060

,366
,336
,263
,382
,561
,656
,668
,753
,868
2,027

250
320
310
.311
404
424
392
501
628
662

178
247
237
229
299
316
284
356
454
490

72
73
74
82
104
108
108
145
175
173

33
30
29
30
29
33
42
39
48
74

153
167
161
182
180
204
204
196
227
230

929
819
763
859
948
996
1,031
1,017
965
1,060

364
373
352
375
400
407
409
405
401
403

413
461
474
501
545
594
632
633
647
669

201
128
87
94
166
179
123
139
146
122

144
109
65
91
76
83
107
157
229
308

244
266
286
321
373
393
398
419
445
524

4,949
4,907
4,885

1960—Mar.

510
506
551
840
627

4,320
4,269
4,492
4,459
4,652
4,920
4,558
5,056
5,097
4,312

1955
1956
1957
1958
1959

,404
,418
,418

3,545
3,489
3,467

2,029
2,049
2,231

725
730
842

514
554
641

210
176
202

46
46
46

197
179
173

1,061
1,093
1,169

400
388
408

677
702
821

118
104
110

299
291
269

535
563
623

1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with
investors.

3
Beginning with November 1958, series 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.
Oovt.

State
and
local
govt.

1." 86
1,2 57

1941
1945

4,787
4,202

89
62

3,592
10,650

1953
1954
1955
1956
1957
1958
19593
1960

12,792
14,845
17,279
19,559
20,971
23,038
24,769
26,702

165
188
211
248
253
320
358
416

9,191
8,755
8,464
7,982
7,583
7,270
6,871
6,243

428
608
646
675
685
729
721
672

25,044
25,194
25,323
25,484
25,653
25 812
26,018
26,214
26,382
26,553
26,702

372
412
386
446
396
435
449
435
417
425
416

6,851
6,883
6,735
6,655
6,562
6,514
6,544
6,512
6,356
6,288
6,243

26,863
27,003

412
427

6,349
6,449

I960

Feb . .
Mar
4pr
May
June
July
Aug
Sept
Oct
Nov .
Dec

1961 Jan
Feb

.

Corporate
and
other i

Other
assets

Total
issets—
Total
liabili- Deposits
ties
and
surplus
accts.

Other
liabilities

Surplus
accounts

Mortgage loan
commitments 2

Number Amount

829
606

689
185

11,772
16,962

10,503
15,332

38
48

1,231
1,582

n.a.
n.a.

n.a.
n.a.

3,311
3,548
3,366
3,549
4,344
4,971
4,845
5,076

982
1,026
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

706
709
722
699
695
691
686
687
681
676
672

4,824
4,876
4,857
4,870
4,927
4,965
4,957
4,989
4,985
5,019
5,076

735
776
690
732
840
771
765
787
779
788
874

569
570
575
578
569
572
564
592
585
590
589

39,101
39 420
39,288
39,464
39 642
39,760
39,983
40 216
40,185
40,339
40,571

34,959
35,279
35,184
35,242
35,463
35,484
35,589
35 867
35,923
35,962
36,343

742
722
713
799
720
795
878
806
740
810
678

3,400
3,419
3,391
3,423
3,459
3,481
3,516
3,543
3,522
3,567
3,550

55,775
55,028
57,916
54,364
52,638
53,276
56,013
58,782
60,396
60,420
58,350

1,029
1,008
1,059
1,042
1,028
1,031
1,090
1,164
1,205
1,242
1,200

667
667

5,079
5,064

825
846

610
621

40,804
41,076

36,513
36,649

728
821

3,563
3,606

63.470
65,254

1,241
1,334

n.a. Not available.
1 Includes securities of foreign governments and international organizations and obligations of Federal agencies not guaranteed by the U. S.
Government, as well as corporate securities.
2 Not a balance-sheet item. Data represent commitments outstanding
of banks in New York State as reported to the Savings Banks Association
of the State of New York.




Cash
assets

Amounts in millions of dollars]

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.

569

SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.

In millions of dollars]
Business securities

Government securities
Total
assets

Date

Total

United State and
local Foreign 2
States
(U.S.)

32,731
44,797

9,478
22,545

6,796
20,583

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

End of month: 4
1958—Dec
1959—Dec

107,580
113,650

1960—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1961—Jan
Feb

End of year: 3
1941
1945

Mortgages
Total

Bonds

Real
estate

Policy
loans

Other
assets

Stocks

687
1,240

10,174
11,059

9,573
10,060

601
999

6,442
6,636

1,878
857

2,919
1,962

1,840
1,738

9,829
9,070
8,576
7,555
7,029
7,183
6,868

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

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

11,242
11,599

7,182
6,858

2,691
3,221

1,369
1,520

46,420
48,840

43,044
45,157

3,376
3,683

37,092
39,237

3,387
3,678

4,186
4,620

5,253
5,676

114,666
114,965
115,394
115,908
116,377
117,005
117,581
117,947
118,544
119,066
119,717

11,755
11,638
11,583
11,554
11,468
11,654
11,650
11,750
11,729
11,788
11,729

6,975
6,808
6,723
6,661
6,559
6,632
6,592
6,586
6,524
6,547
6,444

3,222
3,257
3,278
3,304
3,317
3,421
3,464
3,546
3,579
3,605
3,622

1,558
1,573
1,582
1,589
1,592
1,601
1,595
1,618
1,626
1,636
1,663

49,170
49,298
49,450
49,725
49,880
50,051
50,261
50,299
50,610
50,811
51,010

45,435
45,576
45,708
45,940
46,092
46,223
46,380
46,414
46,669
46,831
46,956

3,735
3,722
3,742
3,785
3,788
3,828
3,881
3,885
3,941
3,980
4,054

39,769
40,011
40,236
40,439
40,631
40,694
40,920
41,099
41,313
41,521
41,798

3,698
3,712
3,721
3,766
3,786
3,809
3,822
3,828
3,834
3,851
3,804

4,709
4,774
4,838
4,897
4,957
5,029
5,085
5,138
5,182
5,225
5,267

5,565
5,532
5,566
5,527
5,658
5,768
5,842
5,833
5,876
5,870
6,109

120,467
120,951

1953
1954
1955
1956
1957
1958
1959

1,995
722
1,298
1,846
2,038
2,273
2,376
2,681
3,200

11,881
11,944

6,545
6,542

3,671
3,702

1,665
1,700

51,306
51,446

47,211
47,296

4,095
4,150

42,008
42,143

3,813
3,822

5,303
5,345

6,156
6,251

1
2

Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3 These represent annual statement asset values, with bonds carried on
an amortized basis and stocks at end-of-year market value.

4
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included in total, in "Other
assets."

SAVINGS AND LOAN ASSOCIATIONS *
[Federal Savings and Loan Insurance Corporation data.

In millions of dollars]

Assets
End of year
or month

Liabilities
Total
assets—2
Total
liabilities

Mortgage
loan
commitments 5

Mortgages

U.S.
Govt.
obligations

1941
1945

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.

1953
1954
1955
1956
1957
1958
1959
1960

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
A, All
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
,546
,347
,397
,444
,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
,475
,285
,360

I960—Feb..
Mar.
Aor.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

53,908
54,455
55,020
55,655
56,435
57,050
57,763
58,406
59,011
59,512
60,084

4,738
4,716
4,714
4,735
4,592
4,559
4,532
4,533
4,553
4,589
4,586

1,848
1,897
1,870
1,950
2,279
2,043
2,073
2,097
2,201
2,287
2,715

3,622
3,715
3,821
4,024
3,966
3,839
3,841
3,904
3,989
4,142
4,104

64,116
64,783
65,425
66,364
67,272
67,491
68,209
68,940
69,754
70,530
71,489

55,460
56,083
56,455
57,085
58,301
58,450
58,939
59,541
60,208
60,766
62,154

4,412
4,420
4,424
4,430
4,643
4,636
4,637
4,640
4,640
4,649
4,982

,811
,685
,722
,727
,938
,811
,833
,882
,868
,919
,191

1,181
1,225
1,271
1,325
1,372
1,367
1,353
1,313
1,280
1,209
1,183

1,252
1,370
1,553
1,797
1,018
1,227
1,447
1,564
1,758
1,987
979

,378
,482
,560
,642
,614
,647
,635
,559
,509
,451
,360

1961—Jan..
Feb.

60,455
60,882

4,679
4,871

2,620
2,679

3,997
4,068

71,751
72,500

62,745
63,298

4,980
4,984

,726
,646

1,114
1,127

1,186
1,445

,425
,556

Cash

Other 3

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 reoorts.
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 morteage nledged shares. Beginning with January
1958, no deduction is made for mortgage pledged shares. These have




Savings
capital

Reserves
and
undivided
profits

Borrowed
money 4

Loans in
process

Other

declined consistently in recent years and amounted to $42 million at the
end of 1957.
3 Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
4
Consists of FHLB advances and other borrowing.
5
Not a balance-sheet item.
NOTE.—Data for 1960 and 1961 are preliminary.

570

FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period

Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
Infrom
Less:
Equals:
or
Net
Equals: payts. crease,
or decash
Less:
Total
crease
(Net
Adjust- payts. tothe ) , (-),in inv. by Other borrownoning or
ments4 to the public
debt
Govt.
cash
public
(direct agen. & debts repayt.

Payments to the public,
other than debt

Less: Equals: Budget
Total
Plus:
IntraNet
rects.
exTrust
Govt.
Budget]
pendifund
trans- 2 from
receipts receipts
the 3 tures *
actions public

Plus:
Trust
fund
expenditures

& 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
79,777
77,565

17,856
20,244
22,242

4,622
4,466
5,114

89,014
95,560
94,694

Fiscal year—1957

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

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

Monthly:
I960—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

9,580
5,064
6,550
10,891
3,128
6,454
8,981
2,823
6,300
7,643

1,708
1,490
3,301
2,764
1,057
2,984
1,406
1,103
2,362
1,400

198
180
161
,187
213
195
235
269
254
453

11,084
6,369
9,685
12,465
3,970
9,236
10,146
3,651
8,403
8,586

6,423
6,032
6,073
6,521
6,172
6,803
6,793
6,829
6,773
6,847

1,868
2,067
1,780
2,288
1,790
1,775
1,798
1,703
1,771
1,815

1,192
280
-161
576
486
-348
843
653
-129
678

7,100
7,819
8,014
8,232
7,476
8,926
7,748
7,879
8,674
7,984

4,846
6,537
8,524

938
2,705
1,945

195
323
207

5,586
8,916
10,258

6,470
6,236
7,012

2,018
2,067
2,064

1,212
435
814

7,275
7,867
8,262

1958
J959
1960

1961—Jan
Feb

-717
-543
1,625

487
2,081
491

7,762
8,580
-2,670

2,339
2,099 -1,053
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

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

3,984
-1,450
1,671
4,232
-3,506
311
2,398
-4,228
-271
603

-3,632
1,949
898
-2,715
2,094
-338
-320
2,197
-62
-161

507
-498
1,220
1,022
-517
1,130
-368
-514
339
-254

-100
12
53
-114
84
-35
76
112
154
77

-4,039
2,435
-375
-3,624
2,525
-1,433
-29
2,600
-555
16

-1,689
1,049
1,996

-323
381
-3,231

-483
-65
402

42
34
-24

119
412
-3,609

-7,287
-8,006
3,593

7,533
10,112
-548

Effects of operations on Treasurer's account
Operating transactions
Period

Net
Budget
surplus,
or
deficit

Trust
fund
accumu- Reconlation,
ciliation
or
to Treas.
deficit
cash

Financing transactions
Net
market
issuance

(+)of

Govt.
agency
obligations 6

Cash balances:
inc., or dec. (—)

Increase,
Net
or
inv. ( - )
in Fed. decrease
Held
(-),in
sec. by
outside
gross Treasury
Govt.
direct
agency
public
& trust
debt
funds*

Account of Treasurer of United
States (end of period)
Deposits in:

Treasurer's Balance
account

F. R.
Banks
(available
funds)

Treasury
Tax and
Loan
Accts.

Other
net
assets

1,596
-2,819
-12,427
1,224

1,409
262
-1,511
-359

-518
670
-29
-149

1,085
567
71
1,023

-2,300
-197
1,112
-714

-2,224
5,816
8,363
1,625

5
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:
1960—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

3,157
-968
476
4,370
-3,044
-349
2,188
-4,006
-473
796

-160
-577
1,521
473
-734
1,209
-392
-600
590
-416

994
134
-332
-303
186
-533
559
241
-643
244

104
143
153
150
23
-694
24
21
88
46

-386
296
-1,097
-1,043
616
-1,083
245
659
-310
148

-3,757
1,961
579
-3,036
2,008
334
-249
2,063
-73
-197

75
-115
83
118
27
-12
-48
23
20
42

-122
1,105
1,217
494
-1,006
-1,104
2,423
-1,645
-841
580

5,189
6,294
7,511
8,005
6,998
5,894
8,317
6,672
5,831
6,411

549
619
462
504
477
481
489
437
512
485

3,738
4,490
6,180
6,458
5,676
4,628
6,987
5,447
4,517
5,165

902
1,185
869
1,043
845
785
841
788
802
761

-1,624

-1,080
638
-119

423
-57
580

27
8
-87

868
65
-423

-181
508
-3,072

15
1
-112

-1,582
1,463
-1,498

4,829
6,292
4,794

588
467
443

3.215
4,881
3,533

1,026
944
818

Fiscal year—1957
1958
1959
1960

1961—Jan
Feb
Mar

301

1,512

p
n.a. Not available.
Preliminary.
1 Beginning with the October 1960 F. R. Bulletin figures are revised
to exclude certain interfund transactions from both net budget receipts
and budget expenditures. Figures for calendar year 1958 are not yet
revised. For more details see Treasury Bulletin for Sept. 1960, pp.
II and 1.




2
Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement funds.
3
Small adjustments to arrive at this total are not shown separately.
For other notes, see opposite page.

571

FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted.

In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)

Budget receipts
Adjustments from total
Budget receipts
Period

Net
Budget
re-

Transfers to:
Old- High- R. R.
reage
way
tiretrust
trust ment
fund 7 fund acct.

Refunds
of
receipts

Income and
profit taxes
Total
Budget
receipts

Individual
Corporation

Withheld

Employ- Other
rement ceipts
taxes 8

Liquor

Mfrs.'
Tobacco and retailers'

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

Other

12,302
11,528
11,733
13,271

Excise
taxes

Fiscal year—1957,
1958,
1959,
1960

70,562 6,634
68,550 7,733
•7,915 8,004
7,763 10,211

1,479
2,116
2,171
2,642

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

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

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

Monthly:
1960—Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.

9,580
5,064
6,550
10,891
3,128
6,454
8,981
2,823
6,300
7,643

1,078
839
1,834
1,104
365
1,524
739
373
1,214
547

191
202
249
238
257
296
262
253
268
240

50
17
82
50
17
83
52
15
81
49

1,317 12,217
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

2,541
770
4,744
2,273
1,055
4,849
2,527
1,066
4,527
2,591

791
3,520
1,039
1,852
346
147
1,959
230
121
383

1961_Jan...
Feb..
Mar..

4,846
6,537
8,524

304
1,448
1,285

223
235
213

13
77
48

64 5,537
530 9,153
1,792 11,878

1,049
4,781
2,413

2,149
786
759

21,531
20,533
18,092
22,179

10,638 7,581
10,814 8,644
10,760 8,854
11,865 11,159
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

6,192
619
467
5,530
670
409
3,492
481
455
3,331

1,044
945
1,061
1,118
995
1,121
1,024
1,021
1,069
1,008

1,149
858
1,918
1,155
383
1,608
792
389
1,295
596

500
755
496
876
527
456
417
454
433
842

258
248
282
303
238
272
277
321
319
259

152
157
166
183
151
179
177
158
178
164

534
444
5,799

918
861
1,082

348
1,814
1,348

539
467
477

204
169
n.a.

128
116
n.a.

n.a.
1,386
1,448
1,276
n.a.
n.a.

Budget expenditures 9
Agriculture
Vetand
ComGenerans' Labor
NatIntl.
agrimerce
servural
eral
affairs Interand
and
ices and welfare culregovernMilitary Atomic and
est
Military assisttural sources housing ment
finance
benedefense
energy
refits
ance
sources

Major national security
Period

Total 1.3
Total i

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
2,541
2,623

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

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
715
894
644

1,272
1,290
1,333
1,342

2,574
650
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
1,056

1,983
1,950
832
1,870

841
833
862
951

6,142
6,423
6,032
6,073
6,521
6,172
6,803
6,793
6,829
6,773
6,847

3,684
3,976
3,669
3,669
3,987
3,471
3,976
3,910
3,728
3,884
4,217

3,371
3,570
3,306
3,331
3,502
3,096
3,638
3,600
3,432
3,537
3,867

103
171
136
110
238
146
105
79
77
114
123

210
223
222
224
244
219
230
226
217
228
222

169
140
163
196
358
133
166
161
164
301
143

788
792
777
777
807
815
758
746
756
740
772

420
457
421
422
428
404
461
416
422
436
438

362
340
412
390
436
342
375
388
376
378
366

322
289
304
229
263
369
420
412
727
476
594

119
120
104
131
193
125
197
213
182
193
146

161
148
37
149
142
379
326
380
330
236
219

127
156
158
108
186
165
159
182
140
140
165

6,470
6,235

3,693
3,778

3,398
3,468

91

201
217

221
202

780
727

444
431

431
406

446
130

142
129

215
334

163
134

Monthly:
I960—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1961—Jan
Feb

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.




7
8

Includes transfers to Federal disability insurance trust fund.
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
9 For more details see the Treasury Bulletin, Budget Receipts and
Expenditures, Table 6 and the 1962 Budget Document, Special Analysis C.
i o Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.

572

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
Marketable
End of
month

Total
gross
debt*

Total
gross
direct
debt 2

Nonmarketable
Bonds

Total

Total

Bills

Certificates

Notes
Bank
eligible*

Bank
restricted

Convertible
bonds

Totals

Savings
bonds

12 0
11.8
11 4
10.8
9.5
8 3
7.1

8.9
56.9
59 5
65.1
63.6
59 2
57.4
53.4
52.1
48.9

6.1
48.2
52.1
57.7
57.7
57.9
56.3
52.5
51.2
48.2
47 6
47.6
47.5

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

1960

Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

288 9
289.5
286.5
288.5
288.8
288.6
290.6
290 6
290.4

288 8
289.4
286.3
288.3
288.7
288 4
290.5
290 4
290.2

242 9
242.4
238 3
241.1
240.4
240 4
243.1
242 6
242.5

188 1
187.7
183.8
186.9
186.3
186.4
189.4
188 8
189.0

37 1
37.3
33.4
36.4
36.4
36.5
39.5
39.5
39.4

15 2
17.7
17.7
17.7
25.5
25.5
25.5
18 4
18.4

50 6
47.6
51.5
51.6
42.0
42.1
42.1
51 2
51.3

85 2
85.2
81.3
81.3
82.3
82.3
82.3
79 7
79.8

6 5
6.4
6 3
6.2
6.2
6 1
5 8
5 7
5.7

48 3
48.2
48.2
48.0
48.0
47.9
48.0
48 0
47.8

1961—Jan
Feb
Mar
Apr

290.2
290.7
287 7
288.2

290.0
290.5
287 5
288.0

242.8
243.5
240 1
241.6

189.3
189.9
186 5
188.1

39.7
39.9
36 5
38.2

18.4
11.5
11 5
11.5

51.3
58.7
57 8
57.5

79.8
79.8
80 7
80.9

5.6
5 6
5 5
5.4

47.9
47.9
48 0
48.0

1 Includes some debt not subject to statutory debt limitation (amounting
to $398 million on Apr. 30, 1961) and fully guaranteed securities, not
shown separately.
2
Includes non-interest-bearing debt, not shown separately.
3 Includes amounts held by Govt. agencies and trust funds, which
aggregated $10,873 million on Mar. 31, 1961.

52.2
49 6
13.4
5.7

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
42.8
43.9
44.9
44.2
45.2
45.0
44.3
44.6
44.3
43.8
43.7
44 0
43.0

47.4
47.3
47.3
47.4
47 4
47.2
47.2
47.3
47 4
47.4

4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, adjusted service bonds, and R.E.A. bonds, not shown separately.
< Less than $50 million.
*

OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]

Total
gross
debt
(including guaranteed
securities)

End of
month

Held by—
U. S. Govt.
agencies and
trust funds 1

Held by the public

Federal
Reserve
Banks

Total

Commercial
banks 2

Mutual
savings
banks

State
and

Individuals

panies

Other
corporations

govts.

Other
Savings
bonds securities

Insurance

Misc.
investors 3

Special
issues

Public
issues

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

.7
6.5
7.3
11 1
12.7
14.4
15.1
16.1
17.0
16.7
17.7

5.4
42.9
46.2
49 2
49.4
50.0
50 2
50.1
48.2
47.7
45.9

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

Sept
Oct
Nov
Dec

290.7
287.0
288.9
289.5
286.5
288.5
288.8
288.6
290.6
290.6
290.4

42.8
43.3
42.8
43 9
44.9
44.2
45 2
45.0
44.3
44.6
44.3

10.4
10.4
10.4
10.5
10.4
10.6
10.7
10.6
10.8
10 8
10.7

25.2
25.3
25.6
26.0
26.5
26.9
26.8
27.0
27.4
27.5
27.4

212.3
208.0
210.2
209.1
204.6
206.8
206.1
206.0
208.2
207.7
207.9

57.1
54.9
57.0
56.2
55.6
57.7
57.9
59.1
61.9
61.8
62.6

6.9
6.9
6.8
6.7
6.6
6.5
6.6
6.5
6.4
6.3
6.3

12.6
12.4
12.3
12.2
12.0
12.0
12.0
12.0
11.9
11.9
11.9

25.2
22.4
23.1
23 7
20.7
21.1
20.4
19.3
20.1
20.6
19.7

18.0
18.2
18.0
18 0
18.1
17.9
17.7
17.4
17.3
17.2
17.0

45.8
45.7
45.7
45.6
45.6
45.6
45.6
45.6
45.6
45.6
45.7

23 8
24.6
24.0
23 7
23 2
22.9
22 5
22 6
21.4
21 4
20.6

22 9
22.9
23.3
22 9
22 7
23.0
23 4
23 5
23.6
22 8
24.2

1961—Jan
Feb

290.2
290.7

43.8
43.7

10.7
10.8

26.6
26.7

209.1
209.6

63.3
62.4

6.3
6.4

11.9
11.8

20.1
21.2

17.1
17.3

45 8
45.8

20 6
20.7

24 0
23.9

1941_Dec
1945 Dec
1947_Dec
1952 Dec
1953—Dec
1954—Dec
1955 Dec
1956—Dec
1957 Dec
1958 Dec
1959—Dec
I960—Feb
Mar
Apr
May
July

... .

1 Includes the Postal Savings System.
2
Includes holdings bv 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.

573

FEDERAL FINANCE
OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES'
[On basis of Treasury Survey data.

Par value in millions of dollars]

Marketable and convertible securities, by type
Type of holder and date

Marketable securities, by maturity class

Total

Bills

Certificates

Notes

Market- Conable
vertible
bonds2 bonds

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—Jan. 3 1 . . .
Feb. 28. .

194,968
195,526

39,744
39,942

18,442
11,503

51,309
58,661

79,826
79,812

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

10,549
10.565

648
674

403
295

1,763
1,808

5,332
5,397

2,403
2,391

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

26,570
26.667

2,524
2,596

9,045
5.457

57,509
53,513
48,099
54,349

3,796
3,563
2,376
6,976

1961—Jan. 3 1 . .
Feb. 28.

54,917
54.266

Mutual savings banks:
1958—June 30
1959—June 30
1960—June 30
Dec. 31

Total

Within
1 year

1-5

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

5,647 189,320
5,608 189,919

74,128
78,568

72,321
68,492

18,684
18,683

24,187
24,176

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

8,146
8,174

1,500
1,906

2,420
2,035

1,620
1,616

2,607
2,618

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

12,466
16,056

2,535
2.558

26,570
26.667

14,447
15,863

10,673
9.344

1,179
1.189

271
271

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

7,486
6.488

2,674
1.718

17,038
18,573

27,629
27,398

90
89

54,827
54,176

15,293
15.926

31,652
30.391

5,574
5.606

2,309
2,252

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

1961—Jan. 3 1 . .
Feb. 28.

6,280
6.359

193
218

150
92

1,203
1,329

4,491
4.481

243
239

6,037
6,120

547
618

,571
.596

1,856
1,860

2,062
2,046

Insurance companies:
1958—June 30
1 9 5 9 _ j u n e 30
1960—June 30
Dec. 3 1 . . . .

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
1,928
1,595
1,393

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

1961—Jan. 3 1 . .
Feb. 28.

10,470
10.376

413
382

153
83

1,370
1,382

7,156
7.162

1,378
1,367

9,092
9,009

1,023
1,030

2,503
2,392

2,068
2.065

3,499
3,522

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

75
72

10,857
11.483

5,800
6.313

1,298
914

1,715
2,162

2,039
2,089

10,852
11,478

8,451
9,233

2,279
2.133

67
55

2,480
2,515

178
163

70
57

495
510

1,675
1,724

2,418
2,454

297
322

947
858

472
473

703
802

2,569
2.666

148
147

63
36

519
612

1,778
1,812

2,508
2.606

322
364

889
926

484
496

814
819

30.
30.
30.
31.

65,459
78,444
74,299
72,591

15,392
25,659
22,957
22,415

8,799
10,216
4,711
4,649

6,636
9,147
16,263
15,260

31,829
31,252
28,602
28,791

2,802
2,171
1,766
1,476

62,657
76,273
72,533
71,115

29,489
39,724
32,184
32,345

11,243
16,503
22,800
20,381

6,054
5,069
6,229
5,794

15,872
14,977
11,317
12,597

1961—Jan. 3 1 . .
Feb. 28.

72,755
73,146

22,530
23,125

4,655
2,909

15,236
16,739

28,866
28,917

1,468
1,458

71,288
71,688

32,545
33,627

20,335
19,676

5,849
5,794

12,559
12,592

All holders:
1958—June
1959—June
1960—June
Dec.

U. S. Govt. agencies and trust funds:
1958—June 30
1959—June 30
I960—June 30
Dec. 31
1961—Jan. 31
Feb. 28
Federal Reserve Banks:
1958—June 30
1959—June 30
I960—June 30
Dec. 31
1961- -Jan. 31 .
Feb. 28.
Commercial banks:
1958—June 3 0 . .
1959_j u n e 3 0 . .
I960—June 3 0 . .
Dec. 3 1 . .

Other investors:
Nonfinancial corporations:
1960—June 30
Dec. 31

3

1961—Jan. 3 1 . .
Feb. 28.
Savings and loan associations:
1960—June 30
Dec. 31
1961—Jan. 3 1 . .
Feb. 28.
All others: *
1958—June
1959_june
I960—June
Dec.

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 6,299 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 493
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.




62
61

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.

574

FEDERAL FINANCE
DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1
[Averages of daily figures. Par value, in millions of dollars]
U. S. Government securities
By type of customer

By maturity
Week ending—
Total

Jan

4

1961

511

75

721
327
259

65

.373
245
.693
,296

1,073
824
1,141
859

242
343
479
354

36
48

315
.643
486
.550
,511

951
1.129
1 067
1,090
1,193

282
400
'345
351
198

55
70

45

35
74
98

.977
.334
.556
509

1,591
999
1,290
1,156

237
219
188
204

99
80
52
115

1
8
15
1
8

15
22
29

Apr

After
10 years

1 299
1,002
1,196
1,073

22

Mar

5-10
years

1-5
years

1 921
,808
,611
,409

11
18
25

Feb

Within
1 year

U. S.
Govt.
securities
dealers
and
brokers

5
12
19
26

59
60

Other
dealers
and
brokers

Commercial
banks

Federal
agency
securities
All
other

36

497

50

980

394

104

?7

582
508
493

41
26
19

915
770
652

270
307
245

56
108
55

475
406
416
428

27
34
42
37

592
555
896
560

279
249
340
271

60
66
68
79

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

49
35
26
34

i

508
434
468
491

17
17
17
29

754
557
625
601

697
325
446
388

88
59
51
105

??

j

17
22
27

46

40

42
i

^7

1

r
Revised.
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 DEALERSi

[Averages of daily figures.2

Par value, in millions of dollars]

U.S. Government securities, by maturity
Week
ending-

All
maturities

Within
1 year

2,378
2,826
3,260
3,395

1,822
2,198
2,608
2,716

1-5
years

After
5 years

Federal
agency
securities

[Averages of daily figures.

In millions of dollars]

Commercial banks
Week
ending—

All
sources

New
York
City

Elsewhere

Corporations-

All
other

1960
Dec.

7
14
21
28....

466
521
518
528

90
107
134
151

95
131
148
138

1960
Dec.

Feb.

Mar.

Apr.

2,314
2.676
3 254
3,396

357
591
1 ,078
917

is'.!!!
25....

1961
Jan.

7
14....
21
28 . . . .

3.448
3,038
2,821
2,772

524
557
884

164
159
160

959

1.269
1.369
1; 132
1.212

308

808
519
486
473

912
911
829
842

.223
;255
.235
1273

505
353
271
184

1961

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

Jan.

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

Feb.

1
8
15. . . .
22....
29

1 ....
8. . . .
15....
22....

2,597
2,234
2,281
1,949
1,827

1,936
1,748
1,807
1,471
1,372

126
113
86
83
133

.079
.013
.125
.260

153
358
567
421

85
83
86
43
142

549
613
533
580

730
686
603
676

575
404
388
435
313

2,511
2,670
2,828
2,937

Mar.

5
12

629
558
547
669
482

.170
.091
998
806
903

328
196
175
151
184

1,979
2,259

232
247

135
137

143
119

2,707
2,280
2,238
2,083
1,791

580
435
516
457
221

1,612
1,875

1 ....
8
15. . . .
22
29....

Apr.

5....
12. . . .

1 ,844
2,028

349
513

477
463

868
886

151
167

'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.




4....

1
The figures are 7-day averages and include both bank and non
bank 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.

575

FEDERAL FINANCE; SECURITY ISSUES
I . S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, APRIL 30, 19611
[On basis of daily statements of U. S. Treasury.
Issue and coupon rate

] Amount

Issue and coupon rate

.501
Oct. 13, 1961
.500
Oct. 16, 1961
.601
Oct. 19, 1961
.603
Oct. 26, 1961
.501
Jan. 15, 1962
,593
Apr. 15, 1962
.601
,504 Certificates
,595
.601
May 15, 1961
.600
Aug. 1, 1961
,601
.501 Treasury notes
.501
May 15, 1961
.601
Aug. 1, 1961
500
Oct. 1, 1961
500
Feb. 15, 1962
500
Feb. 15, 1962
500
Feb. 15, 1962
500
Apr. 1, 1962
500
May 15, 1962
500
Aug. 15, 1962
500
Aug. 15, 1962
1.503
Oct. 1, 1962
500
Nov. 15, 1962
500
Feb. 15, 1963

Issue and coupon rate

Amount

Treasury bills2—Cont.

Treasury bills2
May 4,1961
May 11, 1961
May 18, 1961
May 25, 1961
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

In millions of dollars]

Treasury notes—Cont.
Apr. 1, 1963
iy 2
May 15, 1963
4
Oct. 1, 1963
11/2
Nov. 15, 1963
4%
Apr. 1, 1964
I1/2
May 15, 1964
4%
May 15, 1964
3%
Aug. 15, 1964
5
Oct. 1, 1964
li/ 2
3.674
Nov. 15, 1964
4%
7,829
Apr. 1, 1965
U/2
May 15, 1965
45/8
Oct. 1, 1965
iy 2
4,078
Apr. 1, 1966
I1/2
2,136
332 Treasury bonds
9,098
June 15, 1959-62... iy4
Dec. 15, 1959-62... iyA
647
Dec. 15, 1960-65 \ . 2 yA
1,435
551
Sept. 15, 1961
iyA
2 211
Nov. 15, 1961
21/2
158
June 15, 1962-67... 21/2
7,325
Aug. 15, 1963
21/2
590
Dec. 15, 1963-68... 21/2
1.143
Feb. 15, 1964
3
2.840
June 15, 1964-69... 2 Vi
500
1,502
400
400
1,502
2.000

4%
3»/8
3%
4
n/ 2
3V4
3y8
4
\y2
4
4
314
n/2
3V4
2%

Amount

553
1 ,743
506
3 ,011
457
4 ,933
3 .893
2 ,316
490
4 ,195
466
2 ,113
315
3
3 .971
2 .261
1 ,485
2 ,239
6 ,963
1 ,465
4 .317
1 .820
3 .854
2 ,639

Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1964-69.. .iy2
Feb. 15, 1965
2%
Mar. 15, 1965-70.. .2i/ 2
May 15, 1966
334
Aug. 15, 1966
3
Nov. 15, 1966
3y8
Mar. 15, 1966-71.. . 2 %
June 15, 1967-72... 21/2
Sept. 15, 1967-72... 21/2
Nov. 15, 1967
35/s
Dec. 15, 1967-72... 21/2
May 15, 1968
3%
Oct. 1,1969
4
Nov. 15, 1974
3%
May 15, 1975-85.. . 4 ^
June 15, 1978-83... 3V4
Feb. 15, 1980
4
Nov. 15, 1980
33^
May 15, 1985
3%
Feb. 15, 1990
3i/2
Feb. 15, 1995
3
Nov. 15, 1998
31/2
Panama Canal L o a n . . . . 3
Convertible bonds
Investment Series B
Apr. 1, 1975-80... 2 34

2,558
6,896
4,689
1,213
1,484
2,438
2,930
1,783
2,716
3,604
3,574
1,390
1,424
654
470
1.598
884
643
1,134
2.719
2,705
2,343
50
5,448

2
Sold on discount basis. For discounts on individual issues, see tables
3
on Money Market Rates, p. 566.
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]

All issues (new capital and refunding)

Type of issue
Period
Total

1953
1954
1955
1956
1957'
1958r
1959 rr
1960
1960

....

Feb r r
Mar. . .
Apr rr
May r.
June ...
July r r
Aus
Sept.'". .
Oct r r
Nov.r
Dec

1961—Jan
Feb

General
obligation

Issues for new capital

Type of issuer

Public FederReve- Housal
ing
nue Author- Govt.
loans 4
ity 3

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
5,447
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

619
571
724
549
992
492
611
683
353
506
496

364
469
457
297
547
342
356
502
271
351

103

">70

152
89
241
110
426
136
949
126
72
144
108

98

709
635

556
348

85
276

63
9

20
132
1
49

1Jse of proceeds 2

Special
district
and
State statu- Other 5
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
amount
delivered 0

Total

Water,
sewer,
Edu- Roads
and
and
cation bridges other
utilities

n.a.
n.a.
n.a.
n.a.
6,568
7,708
7 423
7,112

5,477
6,789
5 911
5 383
6,874
7,441
7 588
7,257

1,320
1,432
1,516
1,455
2,524
2,617
2,314
2,411

1,588
2,136
1 362

1,007

1,399
1,516
1,412
1,989
1,318

698

1,036
1,164
844

803

1,270

881

Residential
housing 7

506
456
570
258
113
251
402
425

272
95
247
50
345
130
308
137
75
70
99

347
320
427
432
409
335
227
381
272
334
348

634
639
552
732
547
934
501
623
589
432
448

611
568
719
545
991
492
606
683
348
501
491

175
220
305
142
304
161
165
200
176
181
162

77
79
136
17
58
68
232
177
8
81
44

105
59
115
121
183
124
111
100
73
101
119

103
(9)
23
135
8
1
5
50

21

(9)
156
50
68
238
28
76
165
6
102
49

4
3

225
62

86
216

398
357

504
712

708
634

375
217

36
93

108
184

63
9

1
13
5
10
20
14
6
7
9

r
n.a. Not available.
Revised.
1
Data prior to 1957 are from the Bond Buyer as classified by Federal
Reserve.
2
Classifications prior to 1957 as to use of proceeds and type of issuer
are based principally on issues of $500,000 or more; smaller issues not
classified. As a result some categories, particularly education, are understated relative to later data.
3 Includes only bonds sold pursuant to the Housing Act of 1949.
These are secured by contract requiring the Public Housing Administration to make annual contributions to the local authority.
4
Beginning with 1957, coverage is considerably broader than earlier.




2

Veter- Other
purans'
poses
aid

141
162
169
110
333
339
355
201
50

si
50

(9)
99
31
13

1,119
,333
1,414
1,464
1,352
1,657
1,683
1.894
151
160
141
131
387
137
94
106
92
138
68
93
118

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.

576

SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed use of net proceeds
all corporate issuers 6

Gross proceeds, all issuers2
Corporate

Noncorporate
Year or
month
Total

Federal
agency*

U. S.
Govt.3

State
and
municipal

Bonds
Others

Total

Pre- Comferred mon
Pristock stock
vately
placed

Publicly
offered

Total

28,824
29,765
26,772
22,405
30,571
34,443
31,074
27,576

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
609

8,898
9,516
10,240
10,939
12,884
11,558
9,748
10,159

7,083
7,488
7,420
8,002
9,957
9,653
7,190
8,122

3,856
4,003
4,119
4,225
6,118
6,332
3.557
4,817

I960—Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct.. .
Nov..
Dec...

2,127
2,077
4,579
1,951
2,493
1,626
3,177
1,822
1,799
1,985
1,981

435
391
2,860
368
350
353
1,371
338
345
326
348

150
150
148
354

622
568
717
556
978
475
607
682
343
496
490

181
74
43
78
49
28
13
40
38
6
47

740
894
811
595
1,115
770
987
761
913
1.009
915

554
675
584
404
859
648
816
612
783
876
786

253
361
347!
185
540
415
600
329
623
518
323

1961—Jan...
Feb...

1,712
5,369

455
4,069

706
611

6
4

544
685

414
538

178
273

1953
1954
1955
1956
1957
1958
1959
1960

199
160
149
181

New capital

Total

Retirement
of
New Other
Total money 7 pur- secuposes rities

260
535
709 1,875
864 1,227
721
364
663
214
915
549
814
135
750
282

489
816
635
636
411
571
531
393

1,326
1,213
2,185
2,301
2,516
1,334
2,027
1,644

302
314
237
219
319
234
216
283
160
357
463!

29
46
31
38
26
21
34
57
25
16
45

156
173
196
153
229
101
137
92
105
117
84

724
875
789
577
1,085
753
968
746
896
989
900

715
860
766
567
1,034
727
962
738
874
959
876

667
803
681
519
985
652
919
692
815
809
815

57
86
48
50
75
43
46
59
150
61

236
264

31
18

99
129

534
671

526
653

499
622

27
31

3,228
3,484
3,301
3.777
3,839
3,320
3,632
3.305

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
9,936 9,655 8,905

9
15
23
11
51

26
6
8
22
30
24
7
18

Proposed uses of net proceeds, major groups of corporate issuers

Year or
month

Manufacturing

Commercial and
miscellaneous

Transportation

j

Public utility

Communication

Real estate
and financial

RetireRetireRetireRetireRetireRetireNew
New
New
New
New
ment of
ment of
ment of
ment of
ment of
ment of
New
capitals secucapitaP
secu- capitals secu- capitals secu- capital 8 secucapital s securities
rities
rities
rities
rities
rities
1953
1954
1955
1956
1957
1958
1959
1960

2,128
2,044
2,397
3,336
4,104
3,265
1,941
2,052

90
190
533
243
49
195
70
73

502
831
769
682
579
867
812
798

40
93
51
51
29
13
28
37

553
501
544
694
802
778
942
659

I960—Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.

64
185
171
93
252
183
224
163
191
252
205

4
1
2
3
2
1
1
3
5
27
19

101
122
46
69
49
39
50
47
65
79
67

2
5
1
6
9
1
1
6
2
2

21
71
56
80
33
48
92
52
28
34
86

1961—Jan..
Feb..

115
95

2
5

25
77

1
3

81
41

1
Estimates of new issues maturing in more than one year sold for cash
in 2 United States.
the
Gross proceeds are derived by multiplying principal amounts or number3 of units by offering price.
Includes guaranteed issues.
4
Issues not guaranteed.
5 Represents foreign governments, International Bank for Reconstruc-




36
270
338
20
14
38
15
40

2.905
2,675
2,254
2,474
3,821
3,605
3,189
2,738
245
198
302
144
362
127
222
302
183
317
182

1
7

137
157

67
990
174
14
51
138
15
50
()
18
15

()
1
0

1,023

1,536
788
1,812
1,815
1,701
1,014
1,801
2,384

81
69
52
37
64
57
161
89
253
27
97

203
215
139
143
275
274
212
84
154
249
240

1

4
25

164
258

4
3

871
651
1,045
1,384
1,441
1,294
707

3
60
77
21
4
118

24
273
56
17
67
47
6
81

1
9
2
4
3
1
1
3

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.

577

BUSINESS FINANCE
SALES, PROFITS AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals

Annual totals

Industry

1959

1956

1957

1958

1959

1960

1960
2

1

3
:

2

3

4

Manufacturing
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Nondurable goods industries (79 corps.): 1
Sales
Profits before taxes
Profits after taxes
Durable goods industries (101 corps.): 2
Sales
.
Profits after taxes
Dividends
..
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits after taxes
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
...
Profits after taxes
Petroleum refining (16 corps.):
Sales

Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Machinery (25 corps.):
Sales

Automobiles and equipment (14 corps.):
Sales
Profits after taxes

105 134 115 874 1?0 ,74? 3? 45? ?6 87? 76 995 31 573 30
107 717 114
440
3 03?
418 13 349 10 466 14 013 13 363 4 643
4 00? 3 544
7 ,094 7 ,177 5 ,714 7 ,259 7 ,075 2 ,499 1 ,099 1,645 2, 063 1, 813
1 ,?47
1 099
09?
4 068 4 ,19? 4 ,078 4 ,361 4 ,48? 1 0?9 1 ,051
39 463 41 ,740 41 541 45 718 46 ,819
5 146
5 010
4 40? 5 606 5 ,574
943
3 ,159
,574
,944
3 ,131
j ,683
j ,776
1 ,785 1 ,916 1,968

,514

585

603

9 ,987 10 ,707 11 937 11 ,814
1 ,0?4 1 ,15? 1 ?75 1 ,3?3

,947
3??
153
78

986
340
16?
79

10 ,199 10 669 10 390 11 593 1? ,319
,999
,133
,8?3
1 ,804
1 ,538
j ,06?
1 ,107
8?9
94?
948
799
698
794
737
717

3 054

? 964

595
30?
177

550
78?
179

1? 454 13 463 1? 838 13 413 13 778
1 ,194
919
,444 1 ,3?5
1
j ,068
791
075
913
984
51?
573
511
516
481

3 778
300

9 394
955

,416

794

445

1 ,499
101

11 450 11 ,414 11 769 11 599 11 663 11 616 11 941
1 48? 1 391
1 356 1 407 1 ,
1 404 1
775
780
808
797
785
76?
814
445
448
564
48?
486
482
518

63 593 70 ,156 73 ,973 ?1 001 15 458
68 ?54 7?
049
8
8 339 6 065 8 407 7 ,839 3 161
319
4 151 4 733 3 140 4 178 3 916 1 697
385

103 30 14?
3 107
1, 701
1 191

2 710

j 675
870
683

19 974 19 ?60 16 487 18
1 306 1 815
7, 595
j 016
939
777
684
610
61?
673
619

3

943
345

9?8
3?6
154
100

303
14?
9?

338
159
88

804
495
769
764

3 057

3, 146

534
186

187

3 281
?59
715

3 458

3 477

?74

178

17,8

134

307
?38
130

292
226
130

7? 365 ?? ,468 19 ,776 70 ,978 ?0 ,898
379
3 331
? 187
? , 76?
977
777 1 540 1 ,154 1 127 1 178
873
831
80?
840
880

7 110
1 183

3 644
-88
-215

4 603

6 003

204

413
231
771

854
426
?06

13 ,908 15 115 14 685 16 47? 16 ,503
1 709 1 457 1 463
854
1 485
779
761
734
933
607
416
47?
461
48?
403

4 189

4 100

4 331

504
254
106

462
231
173

466
237
119

21 ,217 2.3 ,453 18 .469 20 ,593 24 ,175
3 100
701
987
473
1 33?
1 ,470
529
706
1 186 1 354
805
833
758
810
791

6 ,585
1 117
570
196

4 ,624

3 ,124

356
155
197

503
254
7,33

633
310
207
82

2.368

437
?43
186
127

411
165
99
91

685
713
392
301

7 845

3 17?

739

901
502

909
537
268
190

947
543
775
192

3

096
489

460
777

497
789

555
31?

604
343

679
376

695
7,04

?

537
?76
191

338
166
95

100

0?0
?50
?30

385
364

3,

635

PR

228
P3

5, 44?
611
3??,
?08

4 939

4 513

411

387
?05

4 000

4 171

4 015

4 316

389
197
171

395
70?
119

366
185
P0

335

7 022
1 076

6 516

4 ,50?

6 134

936
457
199

151
?07

521
199

208

177
1?3
815
400

Public Utility
Railroad:
Qneratinc revenue
Profits before taxes
Dividends
Electric Power:
Profits before taxes
Dividends
Telephone:
Profits before taxes
Dividends

10 ,551 10 491
,058
768
876
737
438
46?

9 ,565
843
60?
419

9 ,515
649
445
383

127
86
78

,069

,988
1 669
1 ,213

3 ,149
1 ,795
1 ,302

644
68?
385
302

?

,704
1 519
1 ,134

6 467
,56?
788
613

6 939
1 ,860
971
674

7 ,57?
,153
1 073
743

8 ,111
,3?6
1 155
806

891
551
77?
183

t

9 049
,46?
376
j ,022

9 670 10 195 11 10? 11 ,849

5 966
1 ,430
715
552

,579

1 413

1 Includes 17 companies in groups not shown separately.
2 Includes 27 companies in groups not shown separately.
NOTE.—Manufacturing corporations. Data are obtained primarily
from published company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric Power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the




9 ,876
848
578
403

?

422
306

967
558
?.77

196

169

'lO4
65
73

139
94

141

?

841
739
47?
321

?

867
757
418
3??

?

969
75?
45?
335

?

075
585
790
200

?

,04?
589
?94

?

077
594
?94
207

325
1

2 304

477

203

Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949
(manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public
utilities); and p. 908 of the BULLETIN for September 1944 (electric power).
For back data for manufacturing, see pp. 792-93 of the BULLETIN for
July 1959; back data for other series are available from the Division of
Research and Statistics.

578

BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]
Year or
quarter

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1

In billions

[Securities and Exchange Commission estimates.
All types

Profits In- Profits Cash Undisbefore come after divi- tributed
taxes taxes taxes dends profits
36.7
38.3
34.1
44.9
44.7
43.2
37.7
47.0
38.8
44.9
46.4
51.7
45.3
44.8
48.8
45.7
41.5

1952...,
1953....
1954...,
1955...,
1956....
1957...,
1958...
1959...
1958—3
4
1959—1
2
3
4
1960—1
2
3

19.5
20.2
17.2
21.8
21.2
20.9
18.6
23.2
19.1
22.1
22.9
25.5
22.3
22.1
23.8
22.3
20.3

17.2
18.1
16.8
23.0
23.5
22.3
19.1
23.8
19.6
22.7
23.5
26.2
22.9
22.7
25.0
23.4
21.3

9.0
9.2
9.8

11.2
12.1
12.6
12.4
13.4
12.6
12.0
13.0
13.2
13.6
13.8
13.9
13.9
14.0

NOTE.—Quarterly data are at seasonally
annual rates.

Year or
quarter

8.3
8.9
7.0
11.8
11.3
9.7
6.7
10.5

Bonds and notes

Stocks

New RetireNew RetireNew RetireNet
Net
issues ments change issues ments change issues ments

1953
1954
1955
1956
1957
1958. . .
1959
1960

7.0
10.8

In millions of dollars]

9,550
11,694
12,474
13,201
14,350
14,761
12,855
12,958

Net
change

2,429 7,121 6,651
5,629 6,065 7,832
5,599 6,875 7,571
5,038 8,162 7,934
3,609 10,741 9,638
5,296 9,465 9,673
4,858 7,998 7,125
4,760 8,198 8,044

1,896
4,033
3,383
3,203
2,584
3.817
3,049
3,010

4,755
3,799
4,188
4,731
7,053
5,856
4,076
5,034

2,898
3,862
4,903
5,267
4,712
5,088
5,730
4,914

533
1,596
2,216
1,836
1,024
1,479
1,809
1,751

2,366
2,265
2,687
3,432
3,688
3,609
3,922
3,164

1959_^

11.0
9.5
7.3

3,517

1,096

2,421 2,080

710

1,370

1,437

386

1,051

1960—1
2
3
4

10.5
12.9
9.3
8.9

2,950
3,101
3,293
3,615

1,211
1,163
1,215
1,171

1,739
1,937
2,077
2,445

728
717
849
715

880
1,090
1,206
1,859

1,341
1,293
1,238
1,042

482
446
366
456

859
847
872
586

1,608
1,808
2,055
2,573

1
Reflects cash transactions only. As contrasted with data shown on p. 576 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. 576.

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
Inventories

U. S.
Govt. 2

Notes and accts.
payable
U. S.
Govt. 2

Other

Other

Federal
income
tax
liabilities

Total

Other

Other

91.8
94.9
103.0
107.4
111.6
118.7

190.6
194.6
224.0
237.9
244.7
255.3

31.1
33.4
34.6
34.8
34.9
37.4

21.5
19.2
23.5
19.1
18.6
18.8

2.6
2.4
2.3
2.6
2.8
2.8

65.9
71.2
86.6
95.1
99.4
106.9

67.2
65.3
72.8
80.4
82.2
81.9

2.4
3.1
4.2
5.9
6.7
7.5

98.9
99.7
121.0
130.5
133.1
136.6

2.2
2.4
2.3
2.4
2.3
1.7

57.3
59.3
73.8
81.5
84.3
88.7

18.7
15.5
19.3
17.6
15.4
12.9

20.7
22.5
25.7
29.0
31.1
33.3

1959_3
4

125.9
127.5

272.3
278.7

116.5
119.0

86.7
88.2

1.7
1.7

94.9
99.0

14.3
15.3

281.3
283.0
285.8
287.4

2.9
2.9
2.9
3.1

120.3
122.8
125.8
126.5

91.9
92.1
92.6
91.3

8.9
8.8
9.9
10.0
10.1
9.8

146.4
151.2

129.7
130.2
131.6
132.5

21.9
22.6
22.4
20.7
19.3
19.7

2.7
2.9

1960 1
2

35.6
37.2
33.8
34.6
35.0
37.0

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

35.6
35.2
36.2
36.9
37.2
36.8

1953
1954
1955..
1956
1957 .
1958

. . .

3

4

1
Excludes banks, savings and loan associations, and insurance companies.

2
Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
[Department of Commerce and Securities and Exchange Commission estimates.
Transportation
Year

1953
1954
1955
1956
1957
1958
1959
1960
196H

Total

28.3
26.8
28.7
35.1
37.0
30.5
32.5
35.7
34.6

Manufacturing

Mining

11.9
11.0
11.4
15.0
16.0
11.4
12.1
14.5
14.1

.0
.0
.0
.2
.2
.9
1.0
1.0
1.0

Railroad

Other

1.3
.9
.9
1.2
1.4
.8
.9
1.0
.6

.6
.5
.6
.7
.8
.5
2.0
.9
1.9

Public Communi- Other 2
utilities
cations

4.6
4.2
4.3
4.9
6.2
6.1
5.7
5.7
6.2

1 Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service,finance,and construction.




1.7
1.7
2.0
2.7
3.0
2.6
2.7
3.1

10 .8

Quarter

Total

In billions of dollars]
Manufactur- Transing
portaand
tion
mining

Public
utilities

Total
(season-

ally adAll
other 3 justed
annual
rate)

1959_4

3

3.8

.8

1.5

3.3
4.0
3.9
4.3

.7
.8
.7
.7

1.2
1.4
1.5
1.6

2.9
2.7
3.0
2.9
3.0

33.6

7.9
9.3
9.0
9.5

1961 — H . . . .
24....

4

9.0

1960—1
2
3
4

6.3
6.5
7.5
8.4
7.4
7.2
8.2
8.4

7.7
8.7

3.2
3.8

.6
.7

1.2
1.5

2.7
2.7

34.4
33.8

Includes communications and other.
Anticipated by business.

35.2
36.3
35.9
35.5

579

REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
] ^onfarm

All properties

End of year
or quarter

Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others

All
holders

Farm

1- to 4-family houses

Total

All
holders

Multifamily and
commercial properties1

Financial
institutions

Financial
institutions

Other
holders

Total

Other
holders

All
holders

FinanOther
cial
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

12 9
12.2

8.1

4.8

6.4

7.4

4.7

6 4
4.8

1 5
1.3

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
U8.6

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

175.9
181.5
186.7
191.1

134.2
U8 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

8.0
8.2

4.7

8.4

1959

Mar.p
Sept v
Dec p

I960

Mar »
Sept.P
Decp

" Preliminary.
1
Derived figures, which include negligible amounts of farm loans held
by 2savings and loan associations.
Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home

4 9
3.4
5 0
5.4

6.0
6.5
7.1
7.8
8.4

8.3

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

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

Residential
Conventional

3,292
3,395

1959_Mar
June
Sept
Dec
1960—Mar.p?
June v
Sept
Decp

Mutual savings bank holdings 3

Other
nonfarm

Total
Total

FHAinsured

VAguaranteed

1,048
856

566
521

4,812
4,208

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
,297
1,336
1,367
1,471
1,588
1,650

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

1,505 4 23,638
1,570 24,110
1 585 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

,590
1,645
1,650
I 650

22,879
23,308
23,827
24,240

6,420
6,573
6,750
6,970

Conventional

3,884
3,387

* Preliminary.
1
Represents all banks in the United States and possessions.
2
Includes loans held by nondeposit trust companies, but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
estimates based in part on data from National Association of Mutual
Savings Banks.




Farm

25,410
25,865
26,425
26,927

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

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

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 suppl'ed by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.

580

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

VAguaranteed

Farm

Total

Other

Total

1941..
1945..

976

1954..
1955..
1956..
1957..
1958..
1959..
I960*.

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

1960—Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec...

544
483
476
490
420
536
472
507
503
616

483
443
438
456
392
504
446
477
465
561

122
110
101
108
90
133
118
117
124
114

28
17
23
21
22
19
18
16
13
12

1961—Jan...
Feb..
Mar..

569
447
549

524
395
490

167
117
105

12
12
20

FHAinsured

6,442
6,636

5,529
5,860

815
1,394

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

333
316
314
327
280
352
310
344
328
435

61
40
38
34
28
32
26
30
38
55

40,011
40,236
40,439
40,631
40,694
40,920
41,099
41,313
41,521
41,798

37,155
37,358
37,545
37,722
37,769
37,982
38,153
38,356
38,553
38,803

345
266
365

45
52
59

42,008
42,143
42,351

39,021
39,152
39,347

VAguaranteed

Farm
Other

4,714
4,466

913
776

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

8,559
8,623
8,677
8,727
8,729
8,801
8,867
8,930
9,004
9,043

7,135
7,117
7,098
7,080
7,057
7,028
7,006
6,978
6,951
6,929

21,461
21,618
21,770
21,915
21,983
22,153
22,280
22,448
22,598
22,831

2,856
2,878
2,894
2,909
2,925
2,938
2,946
2,957
2,968
2,995

9,134
9,210
9,275

6,899
6,866
6,839

22,988
23,076
23,233

2,987
2,991
3,004

» 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 vear-end adjustments are more complete.
SOURCE.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics.

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS

[In millions of dollars]

[In millions of dollars]

Loans outstanding (end of period)

Loans made
Year or
month

1941
1945
1954 . . .
1955
1956
1957
1958
1959
1960. . .

TotaP

New
construction

1,379
1,913

437
181

8,969
11,255
10-325
1(),160
V >,182
1!5,151
1^K304

3 076
3 984
699
484
4 050
5 201
4 ,678

1,144
,151
1,232
1,397
1,268
[,413
1,316
1,250
1,140
1,150

405
404

Home
purchase
581
1 358
3 846
155
6?0
591
17?
6 613
6 132

I

Total 2

FHAinsured

VAConvenguaranteed tional

4,578
5,376
26,108
31,408
35,729
40,007
45,627
53,194
60,084

,170
,404
1 ,486
1 ,643
,?06
,997
3 ,523

4,709
5,883
6,643
7,011
7,077
7,192
7,211

20, 229
24, 121
?7, 600
31, 353
36, 344
43, 005
49, 350

458 54,455
461 55,020
509 55,655
598 56,435
569 57,050
651 57,763
58,406
545 59,011
508 59,512
460 60,084

3 ,126
3 ,165

7,215
7,214
7,227
7,228
7,233
7,229
7,225
7,216
7,214
7,211

44, 114
44, 641

1960
Mar .
Apr
May
June
July... .
Aug
Sept
Oct.
Nov
Dec

435

471
408
430
40?
394
33?
367

3 ^255
,304
,357
^ ,398
3 ,447
3 ,487
3

45. ?17

45, 952
46, 513
47, 177
47, 783
48, 348
48, 811
49, 350

Jan
Feb
Mar.?

Year or
month

Season- Without
ally
seasonal
adadjustment2
justed i

Savings &
loan
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

1941...
1945

4,732
5,650

1,490
2,017

404
250

1,165
1,097

218
217

1954
1955
1956..
1957
1958...
1959
I960

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
[,557

2,430
2,441
2,400
2,446
2,427
2,493
2,488
2,464
2,451
2,426
2,407

2,149
2,406
2,366
2,500
2,690
2,528
2,784
2,598
2,525
2,378
2,338

859
983
983
1,051
1,167
1,048
1,201
1,097
1,053
978
961

103
119
108
114
119
116
123
111
106
97
95

342
377
382
402
415
378
406
381
372
363
361

104
104
106
120
138
145
158
145
146
143
132

2,373

2,075
1,997

830
838

83
78

337
321

110
95

1960
Feb
Mar
Apr .
May
June
July
Aug
Sept
Oct

Nov
Dec

1961
969
1,001
1,342

?85
?88
408

400 60,455
395 60,882
509 61,515

3 ,561

,610
3 ,647

7,191 49, 703
7,193 50 079
7,186 50 682




. .
1961

Jan
Feb

» Preliminary.
1
Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2 Beginning 1958 includes shares pledged against mortgage loans.
SOURCE.—Federal Home Loan Bank Board.

By type of lender
(without seasonal adjustment)

Total

1
Three-month moving average, seasonally adjusted by Federal Reserve.
2
Includes amounts for other lenders, not shown separately.
SOURCE.—Federal Home Loan Bank Board.

581

REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES

[In millions of dollars]

[In billions of dollars]
VA-guaranteed loans

FHA-insured loans
Home
mortgages
Year or month

Total

New
properties

Existing
properties

Projecttype
mort-1
gages

Property
improve- Total 3
ment2
loans

Home
mortgages
New
properties

End of
year or
quarter

Existing
properties

Governmentunderwritten

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

1960—Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.

463
433
456
539
509
615
613
573
558
558

193
172
155
170
162
189
192
196
181
167

168
163
167
195
200
228
233
237
223
223

35
22
45
71
59
97
119
46
78
92

67
76
88
103
88
100
68
94
77
76

173
153
155
175
160
181
169
162
150
142

137
123
124
143
126
139
132
125
113
109

36
29
31
32
34
41
37
36
37
33

1961—Jan..
Feb..
Mar.

564
448
480

186
148
143

224
193
204

89
57
72

65
50
60

130
108
125

101
81
93

28
27
32

1 Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
Includes a small amount of alteration and repair loans, not shown separately; only such
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
3

1945

Conventional

Total
FHA- VAinguarsured anteed

18.6

4.3

4.1

.2

14.3

1954
1955 .
1956
1957
1958
1959*
I960*

75.7
88.2
99.0
107.6
117 7
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
3o!4
30.0
29.7

43.6
49.3
55.1
60.4
67.6
77.0
85.4

1959—Mar. P . . . .
June*
Sept.*....
Dec.*

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

69.2
72.2
74.9
77.0

1960—Mar.*....
June*....
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

* Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
SOURCE.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i

FEDERAL HOME LOAN BANKS

[In millions of dollars]

[In millions of dollars]
Mortgage
transactions
(during
period)

FHAinsured

VAguaranteed

Purchases

Sales

Commitments
undisbursed

2,434
2,615
3,047
3,974
3,901
5,531
6,159

802
901
978
1,237
1,483
2,546
3,356

1,632
1,714
2,069
2,737
2,418
2,985
2,803

614
411
609
1,096
623
1,907
1,248

525
62
5
3
482
5
357

476
76
360
764
1,541
568
576

Mar
Apr
May
June
July
Auc
Sent
Oct
Nov
Dec

5,693
5,785
5,827
5,827
5,918
5 991
6,050
6,106
6,143
6,159

2,821
2,905
2,997
3,042
3,121
3 185
3,240
3,293
3,333
3,356

2,873
2,880
2,830
2,784
2,797
2 806
2,810
2,812
2,810
2,803

162
126
129
74
113
96
84
79
69
69

23
12
67
50
3

9
27

580
588
561
592
569
584
584
571
575
576

1961 Jan
Feb
Mar

6,154
6,110
6,017

3,357
3,336
3,298

2,797
2,775
2,719

56
54
48

33
75
116

564
539
540

Mortgage holdings
End of year
or month
Total

1954
1955
1956
1957
1958
1959
I960
1960

Repayments

Advances outstanding
(end of period)
Total

Short
term*

Longterm 2

Members'
demand
and time
deposits

1945

1

i Operations beginning with Nov. 1, 1954, are on the basis of FNMA's
new charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation. Data exclude conventional mortgage loans acquired by FNMA from the RFC
Mortgage Company, the Defense Homes Corporation, and the Public
Housing Administration.
SOURCE.—Federal National Mortgage Association.




Year or month

Advances

278

213

195

176

19

46

1954
1955
1956
1957
1958
1959
I960

734
1,251
745
1,116
1,364
2,067
1,943

818
702
934
1,079
1,331
1,231
2,097

867
1,417
1,228
1,265
1,298
2,134
1,981

612
991
798
731
685
1,192
1,089

255
426
430
534
613
942
892

802
698
683
653
819
589
938

I960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

155
112
290
173
168
160
133
125
344

117
96
94
269
146
121
134
119
104

1,558
1,574
,770
1,674
1,696
1,736
,735
,741
1,981

828
827
932
922
967
1,002
986
976
1,089

731
747
838
751
729
734
749
765
892

571
590
736
682
730
737
762
788
938

1961—Jan
Feb
Mar
Apr

90
100
135
205

500
176
154
106

1,571
1,496
1,477
1,576

888
822
781
807

683
674
696
769

959
978
1,026
1,056

1
2

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.

582

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
loans 2

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

1939
1941
1945

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458
455

1,620
1,929
816

298
376
182

1,088
1,322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
845

1954
1955
1956
1957
1958
19593
1960

32,464
38,882
42,511
45,286
45,544
52,119
56,049

23,568
28,958
31,897
34,183
34,057
39,852
43,281

9,809
13,472
14,459
15,409
14,237
16,549
17.866

6,751
7,634
8,580
8,782
8,923
10,476
11,215

1,616
1,689
1,895
2,089
2,327
2,784
3,008

5,392
6,163
6,963
7,903
8,570
10,043
11,192

8,896
9,924
10,614
11,103
11,487
12,267
12,768

2,408
3,002
3,253
3,364
3,627
4,144
4,311

4,485
4,795
4,995
5,146
5,060
5,104
5,187

2,003
2,127
2,366
2,593
2,800
3,019
3,270

1960-Mar.
Apr..
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.

51,298
52,353
52,991
53,662
53,809
54,092
54,265
54,344
54,626
56,049

40,020
40,651
41,125
41,752
42,050
42,378
42,517
42,591
42,703
43,281

16,826
17,170
17,431
17,755
17,893
18,020
18,021
17,992
17,967
17,866

10,192
10,281
10,339
10,462
10,452
10,477
10,543
10,625
10,715
11,215

2,783
2,814
2,865
2,905
2,934
2,975
3,001
3,013
3,020
3,008

10,219
10,386
10,490
10,630
10,771
10,906
10,952
10,961
11,001
11,192

11,278
11,702
11,866
11,910
11,759
11,714
11,748
11,753
11,923
12,768

4,191
4,226
4,313
4,294
4,265
4,276
4,317
4,272
4,301
4,311

3,927
4,245
4,342
4,423
4,311
4,277
4,283
4,370
4,463
5,187

3,160
3,231
3,211
3,193
3,183
3,161
3,148
3,111
3,159
3,270

1961—Jan..
Feb.,
Mar.

55,021
54,102
53,906

42,782
42,264
42,058

17,611
17,383
17,265

11,050
10,793
10,679

2,967
2,935
2.922

11,154
11,153
11,192

12,239
11,838
11,848

4,314
4,381
4,417

4,599
4,037
4,004

3,326
3,420
3,427

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 2
part 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
Total
instalment
credit

Total

1939
1941
1945

4,503
6,085
2,462

1954
1955
1956
1957
1958 4
1959
1960

Retail outlets

Commercial
banks

Sales
finance
companies

Credit
unions

Consumer
finance Other i
companies 1

3,065
4,480
1,776

1,079
1,726
745

1,197
1,797
300

132
198
102

657
759
629

23,568
28,958
31,897
34,183
34,057
39,852
43,281

19,450
24 450
27,154
29,515
29,074
34,176
37,502

8,796
10 601
11,777
12,843
12,780
15,227
16,398

6,144
8,443
9,100
9,573
8,740
10,145
11,134

1,342
1,678
2,014
2,429
2,668
3,280
3,906

2,257
2,656
3,056
3,333
3,384
3,774
4,212

Q11

Sept
Oct
Nov
Dec

40,020
40,651
41,125
41,752
42,050
42,378
42,517
42,591
42,703
43,281

34,764
35,431
35,902
36,481
36,857
37,199
37,318
37,330
37,368
37,502

15,440
15,711
15,911
16,145
16,239
16,362
16,416
16,408
16 402
16,398

10,357
10,604
10,744
10,945
11,062
11,142
11,154
11,147
11,141
11,134

3,381
3,471
3,537
3,626
3,679
3,754
3,795
3,833
3,870
3,906

1961—Jan
Feb
Mar

42,782
42,264
42,058

38,186
37,790
37,542

17,261
17,001
16,860

11,030
10,914
10,787

3,860
3,863
3,897

End of year
or month

I960

. .
Mar
Apr
May
June
July

. .
.

1
Consumer finance companies included with "other" financial institutions until September 1950.
2
Includes mail-order houses.




Household
Automobile
applidealers 3
ance
stores

Department
stores 2

Furniture
stores

1,438
1,605
686

354
320
131

439
496
240

183
206
17

123
188
28

339
395
270

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

QS4

,072
,207
,337
,502
,750
8S2

044
,187
,210
,128
,225
,189

377
365
377
361
292
310
292

463
487
502
478
506
481
513

,101
,269
,226
,175
,368
,384

3,821
3,872
3,902
3,957
4,049
4,099
4,111
4,097
4,107
4,212

1,765
1,773
1,808
] 80S
,828
1,842
1,842
,845
1,848
1,852

5,256
5,220
5,223
5,271
5,193
5,179
5,199
5,261
5 335
5,779

2,098
2,050
2,054
2,073
2,020
2,012
2,049
2,103
2,155
2,401

,144
,135
,125
,132
,124
,132
1,129
,130
140
1,189

294
290
290
291
290
290
291
290
288
292

487
496
503
512
516
520
519
518
517
513

1,233
,249
1,251
1,263
1,243
1,225
1,211
,220
235
1,384

4,179
4,151
4,131

1,856
( 861
1,867

4,596
4,474
4,516

1,342
1,348
1,442

I 151
1 121
1,092

286
279
274

504
497
491

1 313
I 229
1,217

Total

Other

3
Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
4
See note 3 to table above.

583

CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT

INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

End of year
or month

1939
1941
1945

Total
instalment
credit

Automobile
paper

Other
con-

Repair
and
modernization
loans

1960—Mar
Apr
May
June
July
Aug .
Sept
Oct.
Nov
Dec

. .

1961—Jan
Feb
Mar

237
447
66

178
338
143

166
309
114

135
161
110

363
471
312

8,796
10,601
11,777
12,843
12 780
15,227
16,398

. .

Direct

1,079
1,726
745

1954
1955
1956
1957
1958
19591
I960

Purchased

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

15,440
15 711
15 911
16,145
16,239
16 362
16,416
16,408
16 402
16,398

4,900
5 004
5 088
5,195
5,242
5 290
5,313
5,311
5 304
5,264

2,609
2 675
2,726
2,765
2,777
2 790
2,778
2,776
2 783
2,776

2,655
2 662
2,667
2,684
2,690
2 684
2,686
2,681
2 670
2,690

2,023
2,045
2,075
2,105
2,119
2,144
2,162
2,170
2,173
2,163

3,253
3,325
3,355
3,396
3,411
3,454
3,477
3,470
3,472
3,505

17,261
17,001
16,860

5,196
5,121
5,102

2,757
2,737
2,747

3,683
3,546
3,409

2,131
2,104
2,087

3,494
3,493
3,515

1
Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.

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

1960—Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

10,357
10,604
10,744
10,945
11,062
11,142
11,154
11,147
11,141
11,134

7,407
7,538
7,631
7,767
7,822
7,855
7,832
7; 796
7,757
7,695

1,988
2,096
2,132
2,175
2,225
2,260
2,292
2,319
2,347
2,374

39
42
45
49
52
57
60
63
63
64

923
928
936
954
963
970
970
969
974
1,001

1961—Jan..
Feb..
Mar.

11,030
10,914
10,787

7,555
7,429
7,314

2,412
2,420
2,402

64
64
66

999
1,001
1,005

NONINSTALMENT CREDIT
[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

End of year
or month

I939
1941
1945

Repair
and
modernization
loans

Total
Personal
loans

789
957
731

Mar .
Apr
May
June
July
Aus
Sept
Oct
Nov
Dec

1961—Jan
Feb
Mar

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

1954
1955
1956
I957
1958
I9591
I960
1960

Automobile
paper

Other
consumer
goods
paper

539
761
948
1,106
1,143
1,388
1,618

375
537
648
622
610
758
885

282
326
403
489
593
710
781

3,314
3,782
4,278
4,882
5,208
5,948
6,686

8,967
9,116
9,247
9,391
9,556
9,695
9,748
9,775
9,825
9,970

1,423
1,457
1,483
1,516
1,536
1,565
1,579
1,591
1,606
1,618

780
799
820
844
860
874
885
882
880
885

721
727
745
751
763
774
779
780
784
781

6,043
6,133
6,199
6,280
6,397
6,482
6,505
6,522
6,555
6,686

9,895
9,875
9,895

1,599
1,599
1,611

863
850
843

772
767
769

6,661
6,659
6,672

1 Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
NOTE.—Institutions represented are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.




Personal
loans

1 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

loans

goods
paper

Other
consumer
goods
paper

Total
instalment
credit

Per-

End of year
or month

1939
1941
1945

Singlepayment
loans

Charge accounts

nonment
credit

Com- Other
DefinanOther
merpartCredit
cial
retail
ment
cial
cards 2
insti1 outlets
banks tutions stores

Service
credit

2,719
3,087
3,203

625
693
674

162
152
72

236
275

1954
1955
1956
1957
1958
19593
1960

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 3,515
862 3*717
893 3,842
876 3^953
907 3,808
958 3,753
941 3,801

177
216
260
317
345
393
445

2,003
2'127
2,366
2', 593
2,800
3*019
3,270

1960—Mar
Apr
May....
June
July
Aug
Sept
Oct
Nov
Dec

11,278
11,702
11,866
11,910
11,759
11,714
11,748
11,753
11,923
12,768

3,556
3,627
3,631
3,682
3,663
3,656
3,715
3,692
3,711
3,737

635
599
682
612
602
620
602
580
590
574

622 2,917
656 3,206
646 3,305
633 3,382
584 3,295
584 3,236
625 3,199
661 3,266
709 3,326
941 3,801

388
383
391
408
432
457
459
443
428
445

3,160
3,231
3,211
3,193
3,183
3,161
3,148
3,111
3,159
3,270

1961—Jan
Feb
Mar

12,239 3,740
11,838 3,789
11,848 3,793

574
592
624

805 3,346
669 2,926
637 2,926

448
442
441

3,326
3,420
3,427

1,178
1,370

518
597
845

290 1,322

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.

584

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

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

4,238
4,509
4,375
4,615
4,156
4,365
4,010
4,012
4 067
4,641

1.591
,636
,558
,538
,417
1,422
,422
,460
,482
,325

1.629
1,692
1,658
1,733
1,473
1,570
1,372
1,407
[,364
1,248

1,178
1,266
1,170
1,248
1,168
1,112
1,162
1,165
1,159
1,200

1.089
,202
.183
1,267
,085
,165
,173
,207
,217
.654

177

182
190
186
176
180
164
160
160
147

167
179
203
198
183
202
177
172
163
138

i

Sept
Oct
Nov
Dec

4,259
4,499
4,255
4,313
4,214
4,072
4,125
4,108
4,134
4,007

115

1.353
1,436
1,331
,417
,415
1,428
,288
1,226
1,323
[,601

1961—Jan
Feb
Mar

3,869
3,803
4,002

3,473
3,241
3,995

,239
.190
i;288

1,130
1,051
1,330

1,185
1,131
1,212

1,012

140

117

888

141
159

114
150

1,305
1,341
1,343

1,214
L188
1^90

1960—Mar
Apr

May
June
July
AUK

1,125

in
,415
,337
341
,453
,358
,377
,323
333

Repayments
11,833
13,082
14,576

30,488
33,649
37,236
40,259
40,915
43,407
46,914

1954
1955
1956
1957
1958
19591
1960 .

9,145
9,751
10,756
11,545
11,497
12,307
13,487

15,595
15,488
15,698
16,522

I960 Mar
Apr
May
June
July
Aus . .
Sept
Oct
Nov
Dec

3,777
3,935
3,911
3,934
3,997
3 918
3,958
3,994
3,946
3,931

4,003
3,878
3,901
3,988
3,858
4,037
3,871
3,938
3,955
4,063

1,342
1,379
1,402
1,392
1,385
1,388
1,375
1,417
1,397
1,356

J 429

,348
,397
,409
,335
,443
1,371
,436
,389
,349

1.081
,111
,126
,135
,148
,123
,141
,147
,119
,156

1,151
1,113
1,125
1,144
1,095
1,140
1,107
1,125
1,127
1,154

1961—Jan
Feb
Mar

3,972
4,011
3,954

3,972
3,759
4,201

1,387
1 363
1,353

,385
.279
1,448

,154
,191
,163

1,177
1,145
1,239

8,255
9,501
10,542
11,653
12,307
13,651
15,071

1,255
1,315
1,362
1,466
1,623
1,751
1 834
151
150

156
148

153
155
155
156
149
160
158

152
158
154
161
151
160
156

153

150

,295
,230
,252
,309
251

,293
,270
,272
,266

159

158

,272

152
158

146
163

,280

305

1 Iffl
,269
1,227
,277
1,274
1,293
1,242
,217
1,283
,410
1,252
[,189
1,351

Net increase, or decrease (—), in credit outstanding 2
1954
1955
1956
1957
1958
19591
I960
I960

-26
3,663
987
950
-1,172
2,312
1 317

563

5,390
2,939
2,286
-126
5,795
3 429
Mar
Apr
May
June
July
Aus
Sept
Oct
Nov .
Dec

1961—Jan
Feb
Mar

249
257
156
146
32
34
47
43
85
-31

200
344
261
324
138
127
1
-29
-25
-101

97
155
44
113
20
-11
21
18
40

-103
-208

-499
-518
-206

-148
-173

-255
-228
-118

-65

1956; for

1955-59, in the BULLETIN for

December 1957, pp. 420-22, November 1959, p. 1418, and December
1960, pp. 1406-09.




-62
89
58
123

611
771
800
940
667

1,473
1 149

ii 4

739

235
631
474
627
298
328
139
74
112
578

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

1,553

482
564
344
379
217
154
167
114
188
76

48

6
73
206
194
238
457

-28
883
946
202
141

44

-10
25
66
82
90
500

26
32
37
31
21
24
15
0
2
-6

31
-60
49

-165
-257
-114

-11
1

-19

11
31
51
40
29
41
26

12
7
-12

110
120
107
89
144
107
84
53
61
69

86
167
104
140
141
135
46
9
40
191

-41
-32
-13

33
36
63

-38

—1
39

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.

585

CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total

Commercial banks

Sales finance
companies

Other financial
institutions

Retail outlets

Year or month
Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Extensions
1954
1955
19561
19571.
19581
19591.2
I960

31,051
39,039
40,175
42,545
40,789
49,045
50,343

11,267
14 109
14,463
15,355
14,860
17,976
17,854

4,259
4,499
4,255
4,313
4,214
4,072
4,125
4,108
4,134
4,007

. .

Nov

Dec
1961—Jan. i
Feb. i
Mar

4,238
4,509
4,375
4,615
4,156
4,365
4,010
4,012
4,067
4,641

1 su
,545
,521
1,534
,437
,442
,470
,473
,495
1,399

1 S1Q

1,632
1,616
1,658
1,458
1,560
1,430
1,419
,385
1,370

972
1,028
944
943
894
894
888
896
918
847

967
1,008
983
1,050
955
989
879
880
872
865

3.869
3,803
4,002

1960 Mar
Apr..
May
June
July
Aug
Sept
Oct .

3,473
3,241
3,995

,373
1,358
,404

1,321
1,189
1,433

800
786
807

737
656
806

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

7,260
10 200
9,600
10,200
8,907
11 007
11 110

J 1 1£

,175
,124
,128
,233
,129
,118
,072
078
,077
1,028
1,096

,167
,121
,185
,201
,192
,051
,011
093
,302
928
QA.0

1,126

684
751
666
708
650
607
649
667
643
684

616
702
655
722
542
624
650
702
717
1,104

668
600
695

487
454
630

Repayments
30,488
33,649
37,236
40,259
40,915
43,407
46,914

1954
1955
19561
19571
19581
..
19591, 2
1960
I960 Mar
Apr..
May
June
July.
Aug
Sept
Oct.
Nov

11,469
12,304
13,362
14,360
14,647
15.560
16 692

3,777
3,935
3,911
3,934
3,997
3,918
3,958
3,994
3,946
3,931

Dec

1961—Jan. i
Feb.i
Mar......

1.347
1,376
1,411
1,400
1,395
1,376
1,388
1,445
1,411
1,376

1,420
1,361
1,416
1,424
1,364
1,437
1,376
1,427
1,391
1,374

830
862
850
849
867
870
877
868

3,972
4,011
3,954

...

4,003
3,878
3,901
3,988
3,858
4,037
3,871
3,938
3,955
4,063
3,972
3.759
4,201

1,433
1,534
1.488

1.434
1,449
1,574

853

886
841
843
849
838
909
867
887
878
872

855
873
871

841
807
933

876

5,465
5,891
6,328
6,499
6 490
7,281
7 784

6,511
7,553
8,603
9,673
10 004
10,943
12 197

7,043
7,901
8,943
9,727
9 774
9,623
10 241

1,024
1 075
1,027
1,044
1 021
1 027
1,034

1,016
1 018
990
1,041
1 036
1,053
998
984
1 043
1,157

634
650
665
661
660
645
649
660

681
658
652
674
620
638
630
640

632

643

668

660

1.011
1,054
1 051

1,003
962
1,106

673
550
544

694
541
588

966
047
Q8S

Net increase or decrease (—) in credit outstanding 3
1954
1955 .
19561
19571
19581
19591.2.. .
1960
I960—Mar.

7

.
.

Jan i
Feb. i .
......
Mar.............

631

54
169

271

344
379

Oct..
Nov
Dec
1961

235

482
564

Apr

May
June
July. .
Aug
Sent

-202
1,805
1,176
1,066
-63
2,447
1,171

563

5,390
2,939
2,286
-126
5,795
3,429

474
627

110
134

200
234

217
154
167
114
188

298
328
139

42
66
82
28
84

94
123
54

76
...

-103
-208
48

74
112
578
-499
-518
-206

23
916
-176
-84

-8
-6
-4
863
-260
-141

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
657
473
— 833
1,405
989
142
246
94
94
27
24
11
28
42
-6

81
247
140
201
117
80
12
-7
-6

-55
-52
-64

-104
-116
-127

"7

472
896

76
390

871
822
455
1,250
1 166

235
-75
315
693
103
162
21

47
- 36
3
48

124
128

100
149

139
104

131
144

158
102
74
51
51

165
139
53
27
50

43

145

1
47
-10
-38
0
7
11
16

17
5

-75
-20

-981
15

-1,183
-122

45

20

151

42

-78
-14

20
62
74

444

the BULLETIN for October 1956; for 1955-59, in the BULLETINS 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.

586

INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49= 100
[Seasonally adjusted]

Grouping

Annual
average

1961

1960

1959 1960 Mar. Apr. May June July

Aug. Sept. Oct.

Nov. Dec. Jan.

165

159

Feb. Mar.

INDUSTRY GROUPINGS

159

164

166

165

167

166

166

158
165
155
125
268

163
169
160
'128
287

165
175
158
126
288

164
172
159
129
287

166
174
161
127
284

165
173
163
128
288

165 163 161
173 169 166
163 162 159
128 129 127
'289 '292 '293

160 157
164 159
160 158
12* 129
'289 '286

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

139
135
136
145
153

133
126
125
142
151

131
119
115
147
156

126
112
105
148
158

124
108
100
148
160

122
106
94
147
160

119
102
90
144
157

118
100
91
144
156

HI
94
85
138
151

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
147
227
243
173
371
220

206
175
145
225
239
169
368
218

211
178
147
228
249
176
383
222

207
178
148
226
237
176
347
224

209
180
152
226
237
166
372
226

206
176
146
223
237
167
367
227

204
173
143
222
237
168
368
220

201
167
142
208
240
170
371
220

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

143
159
125

139
158
118

138
153
122

143
159
126

142
160
122

144
164
120

145
165
122

139
162
113

137
157
114

Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures

147
164
133

153
171
138

152
166
139

154
174
138

157
177
140

158
177
143

158
177
143

155
173
141

Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products

136
126
153
119

136
121
159
113

136
123
158
111

137
122
161
111

140
126
162
116

141
128
162
116

140
126
163
115

Paper and printing
Paper and products
Printing and publishing.
Newspapers

154
170
143
135

160
172
152
141

157
171
147
136

158
173
148
139

160
174
152
142

160
172
152
143

Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
,
Petroleum products
Rubber and plastics products

215
240
298
158
199

224
255
320
161
200

220
251
317
154
201

225
256
318
161
201

227
258
322
161
205

Poods, beverages, and tobacco.
Foods and beverages
,
Food manufactures
Beverages
Tobacco products

128
128
131
117
127

132
132
134
120
130

130
130
133
117
129

130
131
133
117
133

Coal, oil, and gas
,
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids..
Oil and gas drilling

122
68
147
145
135
210
159

122
67
147
147
135
228
145

121
71
144
144
133
229
136

Metal, stone, and earth minerals..
Metal mining
Stone and earth minerals

146
107
188

163
133
194

270
265

162
155
188
157

Total index.
Manufacturing, total.,
Durable
Nondurable
Mining
Utilities

162

161

156

155

155

155

154 '153 152
156 154 153
156 155 '156
129 r 129 1 27
r
286 290

755
154
156
126
293

108
88
80
137
147

107 108
91
93
82
86
132 130
145 '141

109
94
86
131
141

797
167
140
211
226
151
373
221

193
166
137
213
218
142
369
216

190
166
136
215
208
130
366
216

189
165
'136
'214
205
'126
363
'210

759
165
135
215
206
126
366
210

135
157
111

132
155
105

129
148
106

129 r128
145 144
111 110

737
149
111

150
169
134

151
168
138

149
167
135

145
163
130

143 r144
159 158
130 1 3 2

144
159
131

138
124
161
116

133
118
155
109

133
116
156
113

131
113
156
112

127
109
152
108

124
110
144
109

727
113
147
108

130
116
152

161
173
153
142

161
172
153
141

161
173
153
140

161
172
154
142

160
168
155
141

159
168
152
139

159 '759
170 1 7 4
151 1 5 0
136 134

759
171
151
136

233
263
331
167
214

232
263
331
172
204

229
260
330
168
201

224
254
320
167
194

223
255
314
164
192

221
252
318
162
191

218 217 275
252 '250 '248
315 315 310
158 159 1 6 0
184 180 176

275
250

132
132
134
122
131

132
132
134
122
131

132
132
134
122
126

132
132
135
120
130

132
132
135
122
130

133
134
136
123
131

131
131
134
119
133

132 132
133 133
135 135
120 122
131 129

132
132
135
119

133
133
136

122
72
145
145
133
226
138

121
71
143
143
132
222
144

122
64
148
148
137
226
145

122
64
148
148
137
229
143

123 121
64
65
149 '147
149 147
138 136
230 226
144 144

122
66
148
147
136
234
147

124
63
151
150
139
231
152

122
67
148
147
135
238
148

122
64
148
147
134

'727
62
148
148
135

779
55
148
149
137

159
143
175

172
146
199

170
142
198

167
133
201

167
130
205

167
133
202

162
127
197

160
121
201

163
131
195

168
147
188

172 165
150 145
193 185

289
285

288
292

286
291

284
290

289
289

291
286

296
284

297
281

293
279

291
274

290
277

293

294

169
162
195
160

167
160
196
164

168
162
194
163

171
164
197
162

171
165
196
161

170
164
198
161

169
162
195
159

168
161
195
157

168
162
195
156

166
159
193
153

164 162
158 155
191 188
150 148

162
155
188
148

Durable Manufactures

Nondurable Manufactures

Mining

154*

* i36*
167
147
186

Utilities
Electric.
Gas
SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
'Revised.




162
156
188
149

587

INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 = 100
[Without seasonal adjustment]
Annual
average

1960

1961

Grouping
1959 1960 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.
INDUSTRY GROUPINGS

168

167

166

166

157

162

164

166

161

154

155

156

157

757
179
158
126

755
175
161
128

755
174
161
128

755
172
162
129

755
160
153
124

750
160
165
130

752
165
164
129

755
168
167
129

759 757
162 156
160 149
128 '128

757
154
153
128

154
155
156
r
128

755
157
157
126

125
114
107
142
150

128
115
110
145
155

144
143
143
144
153

735
132
129
142
150

737
121
116
145
154

727
114
106
146
157

773
93
87
143
154

775
98
89
148
158

720
99
90
151
159

720
102
93
148
159

773
95
85
141
155

705
86
78
137
152

705 709
93 r97
85
88
130 128
144 '140

772
99
91
130
140

205
174
145
222
238
168
368
221

275
183
153
231
253
183
379
223

209
178
149
222
245
174
372
220

270
177
149
222
247
176
378
221

206
178
149
223
237
174
346
223

795
168
145
203
220
149
359
219

755
169
139
216
197
117
359
223

799
174
141
229
219
145
363
220

204
170
140
219
244
175
369
222

207
169
137
220
238
167
372
222

797
167
138
214
229
157
371
219

793 793
167 170
138 140
213 "217
216 212
138 134
374 371
216 '212

794
170
140
217
213
132
374
213

143
159
125

139
158
118

733
149
115

142
158
124

146
164
125

752
168
133

142
162
117

148
168
125

145
163
124

144
164
122

732
155
104

720
144
92

775 '721
136 137
97 '103

725
145
105

153
171
138

757
166
138

750
170
133

757
170
136

755
173
140

750
169
133

759
177
144

755
176
142

160
176
147

154
169
142

148
166
132

739
156
125

142
158
129

743
158
129

136
126
153
119

735
121
159
113

142
124
165
121

144
127
171
112

742
128
167
110

735
127
154
113

724
112
143
103

144
124
171
122

729
116
149
111

737
121
162
114

132
116
156
108

114
105
129
99

725 737
112 116
146 '162
111 119

136
117
162

154
170
143
135

750
172
152
141

757
177
150
141

752
178
151
148

752
174
153
151

757
176
151
143

149
156
145
124

755
174
148
126

753
174
155
141

169
183
160
153

164
171
159
154

753 755 159
152 169 '175
154 147 '148
138 125 130

765
177
154
141

215
240
298
158
199

224
255
320
161
200

226
257
326
153
211

228
262
325
157
207

227
260
325
158
201

237
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

275 279 "220
247 '250 253
315 315 320
162 159 '162
176 189 186

220
257

725
128
131
117
127

732
132
134
120
130

722
122
124
114
129

725
125
125
124
127

729
129
128
134
135

735
134
133
144
143

733
134
135
131
116

142
142
144
132
139

146
147
152
123
135

745
145
150
125
140

733
134
139
108
133

725 124 '724
127 124 1 2 4
132 129 128
105 '100 106
106 129 134

725
125
127

122 722
68
67
147 147
145 '147
135 135
210 228
159 145

723
71
148
149
137
240
129

722
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

727 727
68
67
145 145
144 '144
133 134
217 217
149 147

723
72
146
145
133
226
148

124
66
150
149
137
238
149

124
65
151
151
137
250
150

725 725
63
63
153 '154
152 '154
138 '140

722
56
152
155
141

143

129

146
107
188

753
133
194

141
117
164

755
138
195

753
163
202

757
164
210

757
149
213

753
153
214

775
147
210

772
133
212

757
119
197

149
118
182

146 144
118 119
175 '168

747
120
175

270
265

Durable
Nondurable
Mining
Utilities

164

147
164
133

...

753
169
160
r
128
287

197
169
141
212
228
147
390
209

..

159
755
165
155
125
268

Total index

289
285

293

281

269

279

288

303

304

285

280

294

313

162
155
188
157

169
162
195
160

170
161
200
166

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

167 161 162 164 164
162 152 154 157 156

Durable Manufactures
Primary and fabricated metals
Primary metals

. •.

Structural metal parts
Machinery
Electrical machinery
Transportation equipment
Instruments and related products

Lumber and oroducts

.

...

....

Furniture and fixtures
Misc manufactures
Nondurable Manufactures
Textile mill products
Apparel products

Paoer and products
Printing and publishing

.

Chemical petroleum and tubbet products
Chemicals and products
Petroleum products
Rubber and plastics products
Foods beverages and tobacco
Food manufactures
Beverages

...

156

Mining
Coal oil and gas
Coal
Crude oil and natural gas
Crude oil
Oil and gas drilling
Metal stone and earth minerals

157

Utilities
Electric
Gas

304

SUMMARY MARKET GROUPINGS
Final products, total
Equipment including defense
Materials
r

Revised.




190
155

191
148

191 '191
149 150

191
151

588

INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957=100
[Seasonally adjusted]
1957
proportion

Grouping

Annual
average

1960

1959 1960 Mar. Apr. May June July

1961

Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.

00.00

105

109

109

110

108

107

106

105

102

102

86.49
49.66
36.83
8.55
4.96

705
102
110
95
115

110
108
112
96
124

109
106
113
98
123

110
106
116
r 97
124

108
104
115
98

707
102
113
96
r
126

705
101
113
97
i24

104
98
112
98
123

707
94
111
7-97
125

702
95
111
96
126

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

106
106
109
107
102

101
99
100
104
101

91
80
72
106
105

90
78
73
105
104

83
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

108
108
104
115
104
118
89
119

106
107
102
114
102
115
89
117

105
105
101
112
102
115
89
118

104
102
100
105
103
116
89
119

97
101
95
109
88
86
88
113

Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable Manufactures

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.57
2.92
1.65

707
109
103

102
103
101

Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures

2.96
1.48
1.48

114
118
109

109
111
107

Textile, apparel, and leather products
Textile mill products
Apparel products
Leather and products

7.32
2.78
3.44
1.10

772
106
122
97

707
102
116
96

104
119

Paper and printing
Paper and products
Printing and publishing
Newspapers

7.93
3.27
4.66
1.53

772
112
112
107

111
113
110
102

777
112
111
104

Nondurable Manufactures

Chemical, petroleum,

and rubber

Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products

products....

10.95
7.10
3.61
1.93
1.91

122
126
107
115

123
128
107
117

118
121
127
111
111

113
118
123
106
101

113
119

10.64
9.87
8.31
1.56
.77

709
108
108
106
116

770
109
109
111
115

770
110
109
110
114

770
110
110
108
116

77/
110
111

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

94
86
96
99
96
116
80

Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

7.50
.70
.80

702
104
101

94
86
96
98
96
112
84
777
106
115

95
78
99
101
99
115
85

70P
103
114

707
97
116

r

102
100
116
84

96
80
100
102
100
117
85

95
77
99
101
99
115
84

96
81
99
101
98
121
87

85

707
94
118

707
96
116

104
92
114

108
107
109

106
105
r
106

95
78
r99

93
67
99
102
99

Utilities
Electric
Gas
For notes see opposite page.




3.76
1.20

115
114

124
123

123
126

123

124

125
120

124
119

125

125

707
107
107

589

INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Seasonally adjusted]
1957
proportion

Grouping

Annual
average
1959

1960

1960
Mar. Apr. M a y June July Aug. Sept. Oct.

100.00

105

108

109

46.75

107

no

15 62
53.25

100
104

111
115
103
106

Automotive products
Autos
.
Auto parts and allied products

3 35
2 03
1 32

103
96
113

Home goods and apparel
Home goods
Appliances, TV and radios
Appliances
TV and home radios ..
Furniture and rugs
Misc home goods
Apparel incl knit goods and shoes

9.60
4.40
1.75
1.26
49
1.18
1 47
5.20

Total index
Final products, total
Consumer goods
Equipment including defense
Materials

1961
Nov. Dec.

Feb.

Mar.

110

109

no

108

107

106

105

103

102

102

102

112

109

112

112

111

110

111

109

107

107

116

108
112
101
99

no
100

110

107
111
99
99

113

115

117

117

115

114

104
108

102
108

104
107

103
106

104
106

103
105

103
104

103
103

102
101

117
117
117

114
113

117
116

121
122

121
123

114
108

115
114

117
119

121
123

116

119

119

118

122

118

113

118

112
109

116
115
114
119
102
119
113
116

117
115
111
117
96
118
117
118

116
114

119
117

121
121

121
120

119
117

117
114

113
112

112

115

120

118

113

108

114
107

116
114

120
118

121
109

119
97

105

no

114
116

121
116

123
120

122
122

118
121

116
87

112
82

118

120

122

121

121

18.18
8.11
2.32
2.73
1.44
3.45
t 19
2.26
1 57
.69

108
106
108

113
109

112

113

113

114

115

108

108

109

108
115

no

106
113
104
117
118
115

118
114
119
106
127
12X
125

12.16
7.29
2.46
1.83
.58

100
97
104
98
115

100
101
103
107
89

no

Jan.

115

113

99
98

98

Consumer Goods

Consumer staples
Processed foods
Beverages and tobacco
Drugs soap and t o i l e t r i e s . . . .
Newspapers, magazines, and books
Consumer fuel and lighting
Fuel oil and g a s o l i n e . . . .
Residential utilities
Electricity
Gas

119
105
127
127

118
112
120
108
126
126

112
120
113
118
105
125
124

105
102
118
101
91

105

104

102
115
101
89

106

104
115
102
93

102
109
101
107
92

107
117
106
105
107

105

no

116

112

112

111

no
103

no
104

no
106

105

114
78

119
118

93
119
114

115
115

119

114
114

113

114

114

114

114

7/5

113

114

109

109

122 120 119
116 115 116
122 1 2 2 121
109 108 106
129 1 2 9 1 3 0
129 131 132

111 111
122 118 118
115 116 116
1 2 0 119 119
105 105 104
128 126 127
130 130 130

90
73

116

89
71
116

109
109

112
110

109

108

108
108
106

r

116 1 1 4
80
94

113
95

109
110

no

110
112

108
114

114

114

110

110

111

116
82
113
112
111

no in no 112 113
no in no no

112
122
113
120
107
127
126

94
78

118

105
97
118

109
111
r

112
in
118 117
117 1 1 5
123
125
108 112
131
132
133 133

113

116
116
107

Equipment

Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment...
Farm equipment
Defense equipment

..

...

106

105

105

102

101

101

100
119
99
88

98
117
99
99

98
118
95
98

98
118

97
103
98
105
79

94
94
98
102
77

91
91
95
99
75

90
88
95
98
77

109

109

108

107
111
116

109
110
106
112
116

103
97
121
122
113
131

103 102
97
98
120 1 2 0
121 120
112 113
130 128

101
96
119
119

115
115

111
114

103
120
99
89

104
121
101
88

105
115
104

102
115
98
110
86

101

wo

86

106
101
109
84

111
111
108
113
123

112
113
(13
113
123

103
97
121
121
117
126

103
97
120
121
117
127

117
104 1 0 2
98
96
122 1 2 2
123 124
118 117
130 132

121
115

116
116

115
115

103
121
95
83

105

103

104
117
105
89

101
120
101
87

99
121
103
86

99
112
97
106
81

r91

103

100

96
117
93
104

3.46

Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n.e.c
Nondurable materials
Business supplies
Containers
General business supplies
Nondurable materials n e e
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas
Industrial
Commercial and other

27.81
3.67
8.10
9.05
6.99
25.44
8.87
291
5.96
7.05
9.52
6 29
2.70
2 19
.99
1.12
.51
.33
.18

107
108
109
107
115

110

100
96
113
113
110
118
113

103
r
97
120
121
115
127
120

110

116
114

no

109
111
119

110
109
109
109
120

no
104
109
102
110
109
108

no
98

103
96
121
120
118
124

120
103
97
!20
120
\\5
126

110
112
no
121
107
102
96
120
119
114
125

114
113

117
114

121
115

no

no
102
no

111
111
112
121

no

m

no

r
89
'83
95

78

90
84
95
98
79

108 107 H08
110 108 108
109 1 0 8 1 1 0
110 109 107
115 114 115

108
109
112
107
117

r97

101
95

128

101
r
96
119
120
112
128

102
113

101
113

101
114

Supplementary groups of consumer goods
Automotive and home goods
Apparel and staples

7 75
23.38

no

r
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. Detailed description and historical data are available
in Industrial Production—1959 Revision (for announcement of that publication, see the BULLETIN for June 1960, p. 632). Figures for industrial




114
114

108
113

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.

590

INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957= 100
[Without seasonal adjustment]
1957
proportion

Grouping

1960

1959 1960 Mar. Apr. May June July

1961

Aug. Sept. Oct. Nov. Dec.

Jan. Feb.

Mar

100.00
.

. . . .

T.

Utilities

109

109

103

107

108

110

106

101

102

103

104

86.49
49.66
36.83
8.55
4.96

105
102
110
95
115

108
104
114
97
123

111
110
113
95

no
108
114
97

110
107
115
97

770
106
116
98

705
99
109
94

705
98
117
98

705
102
117
98

770
103
119
98

705
100
114
97

700
96
106
97

707
95
109
97

102
96
111
'97

103
97
112
95

95
90
86
104
101

98
91
88
106
103

no
112
114
106
102

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

55
74
68
103
104

57
68
62
101
101

55
73
68
96
96

55
76
71
94
93

55
78
73
95
94

102
103
99
108
98
100
94
112

106
106
102
112
102
115
89
119

111
112
108
117
108
125
91
120

108
108
105
113
105
119
90
118

705
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

104
103
97
112
102
114
90
119

702
102
97
108
98
107
89
118

700 r 100
102 103
97 r99
108 r110
93
91
94
91
90
89
116 114

100
103
99
110
91
91
90
115

111
110
113

109
110
107

104
104
104

HI
110
112

113
113
114

118
117
120

770
113
106

775
116
114

775

in

113

772
114
110

705
108
94

94
100
83

92
95
88

95
95
'93

99
101
95

112
115
109

116
120
113

114
116
113

114
119
109

115
119
111

775
121
IIS

114
119
109

727
124
118

120
123
116

722
123
121

777
118
116

772
117
108

705
109
102

108
110
106

108
111
106

7.32

r , Tt - ,T

110

4.57
2.92
1.65

. . . , , , ,

Ill

28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1 25

.

108

2.96
1.48
1.48

Manufacturing total
Durable

105

13.15

Total index

M i n i n g

Annual
average

115

115
109
125
101

120
112

120
115
131
98

775
114
121
101

705
100

no
108

122
114
135
100

\n
92

722
111
134
108

770
104
117
99

775
108
127
102

772
104
123
96

97
94
102
88

107
100
115
99

116
105
128
106

115
105
127

Durable Manufactures
Primary and fabricated
Primary metals

metals

...

7.73
6.21
5.42
2.91

Structural metal parts
Machinery and related products
Electrical machinery
Miotor vehicles and parts

•

Instruments and related oroducts
Clay glass and lumber . •
Clay glass, and stone products

Misc manufactures
Nondurable Manufactures
Textile apparel and leather products
Textile mill products
Leather and products

2.78
3.44
1.10

.

in

120
106

7.93 108

r

3.27
4.66
1.53

Paper and printing
Newspapers
Chemical petroleum and rubber products
Chemicals and products
Petroleum products
Rubber and plastics products

...

...

111
105
104

112
112
111
108

112
115
110
108

113
116
111
113

113
113
113
116

772
114
111
110

104
101
107
95

777
113
109
97

114

in

114
108

775
119
117
117

115
111
117
118

707 709
99 '110
113 108
105
96

111
114
109
99

114
115
113
108

10.94
7.10
3.61
1.93
1.91

113
114
118
105
114

118
121
127
108
115

118
122
129
102
121

120
125
129
104
118

119
124
129
105
115

121
125
130
111
119

114
118
124
114
101

775
122
126
115
109

775
121
125
114
112

779
123
126
109
116

777
121
127
107
112

775 775 '775
118 119 120
125 125 r 127
108 '106 108
101 108 106

116
122

r
104
r

r

r

104

10.64
9.87
8.31
1.56
.77

107
106
106
106
112

109
109
109
109
114

102
101
101
103
113

104
104
102
113
112

707
107
104
122
119

772
108
130
125

770
111
109
119
102

775
118
117
120
122

727
122
124
112
118

727
120
122
113
123

111
111
113
98
117

104
105 103
107 105
96 r91
93 '113

7.05
1.30
5.75
4.98
4.33
.65
.77

Foods beverages and tobacco

96
82
99
99
98
106
93

95
82
98
100
98
116
85

97
87
99
102
99
122
76

95
85
97
100
98
115
77

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
88

94
82
97
99
97
110
86

96
88
98
99
97
115
87

97
80
100
102
100
121
88

97
79
101
103
100
127
88

92

84

76

1.50
.70
.80

94
77
108

105
96
112

90
85
95

106
100
112

777
118
116

720
119
121

775
108
123

777
111
123

774
107
121

770
97
122

707
86
114

96
86
105

94
85
101

92
86
'97

94
87
101

3.76
1.20

IIS
114

124
123

125

120

115

119

123

129

130

122

120

126

134

130

in

104
102
104
96
118

104
103
103

95 r98
76
76
103 '103
104 '106
r
101 '102

96
68
102
106
102

Mining
Coal oil and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Oil and gas drilling
Metal stone and earth minerals
Metal mining
Stone and earth minerals

• •.

Utilities
Electric
Gas
For notes see opposite page.




591

INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Without seasonal adjustment]
1957
proportion

Grouping

Annual
average

1960

1959 1960 Mar. Apr. May June July

1961

Aug. Sept. Oct. Nov. Dec.

Jan. Feb.

Mar.

100.00

108

Ill

110

109

109

103

107

108

110

106

101

102

103

104

107
110
100
104

111
115
103
106

112
114
106
110

111
115
104
109

HI
115
105
108

112
116
104
107

107
110
102
100

777
115
101
104

112
117
102
105

114
121
101
105

770
115
100
102

106
108
101
98

706 705
109 111
101 '101
99
98

108
111
101
100

3.35
2.03
1.32

103
96
113

117
117
117

124
129
116

123
126
118

124
126
120

125
127
121

103
94
116

83
60
117

98
84
120

129
134
121

720
123
114

770
108
112

98
86
117

96
83
116

95
81
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

122
120
127
139
96
116
116
123

121
118
120
131
93
120
115
124

119
117
117
126
95
117
118
122

117
118
116
126
92
117
120
117

107
105
95
107
63
112
112
109

120
111
97
96
98
121
120
127

115
118
112
110
117
122
123
112

779
118
109
107
114
122
125
120

114
114
108
111
99
116
121
114

707
107
98
107
77
116

706 776
103 '110
98 '112
r
106 120
80
94
108 111
104 '108
109 120

776
111
112
122
86
112
111
119

18.18
8.11
2.32
2.73
1.44
3.45
1.19
2.26
1.57
.69

108 113
106 109
108 i n
111 118
106 114
113 '119
104 106
117 127
118 128
115 125

109
100
107
117
112
123
103

110
102
112
118
112
118
103

HI
104
121
118
112
113
103

136

126

114

97 r
114 113 119 122 720 114
772 112
108 110 118 124 122 112 777 104 103
107 r
129 i n
121 114 116 104
95
98 104
120 114 122 121 125 120 117 118 118
111 113 116 118 117 116 116 116 '115
115 '118 '121 '122 '115 '115 '123 '134 132
106 108
no 108 104 105 108 '112 '113
116 122 128 130 121 122 136 154 149

12.16
7.29
2.46
1.83
.58

700
97
104
98
115

105
102
118
101
91

107
104
116
107
105

106
103
115
107
100

107
104
117
108
94

107
104
119
105
91

104
102
117
101
79

103
102
119
92
75

104
102
121
96
78

705
99
122
99
85

707
99
120
95
78

702
99
120
96
95

27.81
3.67
8.10
9.05
6.99

100
101
103
107
89

102
109
101
107
92

108
121
108
102
110

106
109
104
108
104

105
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

25.44
8.87
2.91
5.96
7.05

Consumer goods
.
Equipment including defense

105

46.75
31.13
15.62
53.25

Total index

107
108
109
107
115

110
110
109
111
119

112
113
111
113
123

777
112
110
113
122

111
112
114
112
121

104
104
106
103
112

110
111
118
108
118

770
113
115
112
116

772
116
115
116
119

9.52
6.29
2.70

100
96
113
113
110
118
113

103
r
97
120
121
115
127
120

112
111
109
112
123
105
99

102
97

100
94

101
94

99
90

104
95

103
95

118
118
119

116
115
118

116
115
118

121
117
128

124
112
136

131
119
143

110
110

116
114

122
112

120
113

120
113

121
115

104
112

99
121

Consumer Goods
Automotive products
Auto oarts and allied oroducts
Home soods and award
Home goods
Appliances TV and radios
TV and home radios
Misc home goods
.
Apparel incl knit goods and shoes
Consumer staples
Drugs soap and toiletries
Consumer fuel and lighting..
Fuel oil and gasoline
Residential utilities
Electricity
Gas

.

no

112
103
117
117
105

Equipment
Industrial eouioment

.

FYeieht and oassenser eauioment

702 102
98
97
119 119
94
93
101 '113

702
96
118
98
118

3.46
Materials
Durable goods materials
EciuiDment
NIetal materials n e e
Nondurable materials

Business fuel and oower

...

....

Nonresidential utilities

2.1Q

General industrial
Commercial and other
Gas
Industrial
Commercial and other

.

..

.99
1.12
.51
.33
.18

90
93
97
93
75

90
'88
97
93
79

97
87
97
96
81

770
111
102
115
119

706 '70S '709
104 r106 107
94 102 107
109 107 107
112 116 118

770
111
111
110
119

103
97

102
98

103
98

103 '103
r
99 '100

103
98

129
118
142

123
116
130

118
114
124

118
113
125

119
112
127

117
109
125

110
119

123
120

117
114

108
108

101
112

104
114

Supplementary groups of consumer goods
Automotive and home soods
Ar>Darel and staDles

7.75
23.38

r
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. Detailed description and historical data are available
in Industrial Production—1959 Revision (for announcement of that publication, see the BULLETIN for June 1960, p. 632). Figures for individual




104
113

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.

592

BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49 = 100, unless otherwise indicated]
Construction
contracts *

Industrial production

Major industry
groupings

Year or
month

Total
Manufac- Minturing
ing

Utilities

Adj.

Adj.

Adj.

Adj.

103
98

103
97
113
123
127
139

106
94
105
115
114
117

101
108
123
140
152
166
178
199
218
233
244
268

1948
1949
1950
1951
1952
1953

113
123
127
138

1954
1955
1956
1957
1958
1959
I960

130
146
151
152
141
159
^164

129
145
150
150
139
158

113
125
132
132
120
125

166
165
167
166
166
165
162
161
159
156

165
164
166
165
165

126
129
127
128
128
129

I960 Mar
Apr
May
June... .
July
Aug
Sept
Oct

Nov
Dec

1961 Jan

155
155
155

Feb

Mar .. .

Nonagricultural
emFinal products
ploy- EmResi- All
den- other
ploytotal 2 ment
Mate- tial
Con- Equip- rials
Total sumer ment
goods

Major market groupings

Adj.

Adj.

Adj.

102
99
112
121
130

101

138

124

105
94
102
142
170
182

114
124
125
137

Adj.

r

153
152
153

Apr

161
172
188
189
165
188

132

123

136
139
141

145
162

140
155
P162

288
287

167
168

284
288
290
293
295
291
290
291

127
128
129
129
129
127
126
*>127

101
115
114
116

144
150
152

171
171
170
169
168
168
166
164

160
162
164
165
164
162
161
162
159
158

196
194
197
196
198
195
195
195
193
191

290
291
293

162
162
162
P166

'155
155
156

188
188
188

P287

163
161
160
157
154

r

Manufacturing 3

104
96

128

147
151
151
138
157

164
163
162
161
161
159
157
156
153
150
148
148
149
H54

r
• Estimated.
» Preliminary.
Revised.
Adj.= adjusted for seasonal variation. Unadj. = without seasonal
adjustment.
• See note 1.
l Indexes beginning with 1956 are based on data for 48 States from
F. W. Dodge Corporation, 1957 = 100. Figures for earlier years are
3-month moving averages, based on value data for 37 States east of
the Rocky Mountains, 1947-49= 100; the data for 1956 on this basis

Prices

Freight
carloadPay- ings
rolls

Adj.

Adj. Unadj.

101.6
99.0
102.3
108.2
110.4
113.6

102.8 105.1
93.8 97.2
99.6 111.7

178

105
111
142
172
183
201

232
280

204
248

•99

•98

119
136
134
137
122

110
118
118
125
142
117
116
121
102
115

110.7
114.4
118.3
119.2
115.5
118.8
120.9
120.8
121.5
121.4
121.5
121.5
121.3
121.2
120.7
120.2
119.4
119.4
118.8
118.7

Unadj. Unadj.
98
116
185
170
183

100
113
132
117

132
118
128
115
81
90
80

126

100
107
101
112

95
86
113

Department
store
sales
(retail Convalue) sumer

Adj.

106.4 129.8
106.3 136.6
111.8 151.4

Wholesale
commodity

Unadj. Unadj.

Adj.

104

104

88
97
101
95
96

99
107
112
114
118

102.8
101.8
102 8
111.0
113.5
114.4

86
95
97
90
78
81
78

118
128
135
135
136
144
145

114.8
114.5
116.2
120.2
123.5
124 6
126 5

83
84
83
77
73
75
73

138
154
141
145
149
143
144
150
142
147

125 7
126.2
126.3
126.5
126 6
126.6
126.8
127 3
127.4
127.5

142
145

127 4
127.5
127.5

101.8 137.7
105.6 152.9
106.7 161.4
104.4 162.7
94.3 148.7
98.9 167.3
99.1 170.2
100.8 172.6
100.8 168.8
100.9 171.5
100.3 172.5
99.6 169.0
98.3 169.2
98.4 172.5
97 4 170 5
96.5 166.2
94.6 160.6
93.7 r 158.5
157.1
92!7 158.2
^93.3 *159.2

78
75

73
75
73
72
74

«150

104 4
99.2

103 1
114 8
111.6
110.1
110.3
110.7
114 3
117.6
119.2
119 5
^119 6
120 0
120.0
119.7
119.5
119 7
119.2
119.2
119 6
119.6
119.5

119 8
119.9
119.8

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.

Type of ownership and
type of construction

1960

Annual totals
1959

1960

Value of contracts, in millions of dollars]

Mar.

Apr.

May

June

July

Aug.

1961
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Total construction

36,269 36,318 3,046 3 ,360 3 ,337 3,472 3,597 3,295 3,119 3 ,319 2 ,886 2 ,718 2,485 2,235 3,166

By type of ownership:
Public
Private

1,237 1,413 1,018
11,068 12,587 1,075 1 ,067 1
312 2,236 2,184 2,277 2 124
25,201 23,731 1,971

By type of construction:
Nonresidential .
Public works and utilities

1 071
1 815

1
1
17,150 15,105 1,294 1 480 1 453 1,483 1,329 1,433
11,387 12,240 1,067 1 ,048 1 ,110 1,110 1,152 1,177 1 124 1
916
7,732 8,973
685
833
774
879 1,116
685
717
764
717

N OTE# —Monthly data exceed annual totals and are not comparable
with monthly data for 1957 and earlier years because of the policy of ac-




,194

1
732
838
1 500 1 647 1,504
878
99/1

846

974
813
698

870
804

1 371
1 027

561

768

counting for negative adjustments in monthly data after original figures
have been published.

593

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
,290
,003
,287
,360
,287
,402

2,679
3,015
3,680
3,861
4,395
4,892
5,500

790
883
982
1,085
1,275
1,344
1,387

5,925
6,048
6,013
5,491
5,682
6,494
7,123

19592
I960

56,206
55,148

39,949
38,925

24,469
22,022

11,088
12,245

2 106
2,861

3,930
4,072

5,052
5,312

4 392
4,658

16,257
16,223

,488
,355

5,916
5,797

1,467
1,487

7,386
7,584

54,419
54,166
55,260
55,189
55,390
55,298
55,325
54,736
55,430
56,135

39,263
38,722
38,916
39,103
39,035
38,660
38,697
38,331
38,581
38,598

22,392
21,930
22,180
22,362
22,308
21,783
21,716
21,228
21,428
21,490

12,120
12,084
12,036
12.074
12,102
12,262
12,362
12,478
12,516
12,609

2,772
2,772
2,760
2,788
2,868
2,934
3,041
3,084
3,036
2,982

4,116
4,056
3,960
3,881
3,870
3,922
4,036
4,133
4,198
4,307

5,232
5,256
5,316
5,405
5,364
5,406
5,285
5,261
5,282
5,320

4,751
4,708
4,700
4,667
4,625
4,615
4 619
4,625
4,637
4 499

15,156
15,444
16,344
16,086
16,355
16,638
16,628
16,405
16,849
17,537

,512
,236
,200
1,283
,265
,430
1,392
1,354
1,819
1,453

5,112
5,304
6,168
5,639
5,768
6,121
5,987
5,791
5,600
6,660

1,536
1,536
1,512
1,475
1,455
1,447
1 454
1,465
1,448
1,484

6,996
7,368
7,464
7,689
7,867
7,640
7,795
7,795
7,982
7 940

55,262
54,846
54,754
55,836

37,810
37,096
37,615
38,475

20,338
19,671
20,080
20,896

12,940
12,835
12,761
12,639

3,031
3,037
2,986
2,910

4 516
4,536
4,413
4,323

5,393
5,262
5,362
5,406

4 532
4,590
4,774
4,940

17 452
17,750
17,139
17,361

1,285
1,805
1 576
1,667

6 470
5,934
5,662
5,953

1 534
1,559
1,572
1,569

8 163
8,452
8,329
8,172

1960 Mar
Apr

May
June
July
Aug . .
Sept
Oct

Nov
Dec
1961—Jan
Feb.Pv
Mar
Apr p

2 Beginning 1959, series includes Alaska and Hawaii,

P Preliminary.
1
Data for 1952-58 are joint estimates of the Departments of Commerce
and Labor.

NEW HOUSING STARTS
[Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units]

Year or month

Seasonally
adjusted
annual rate
(private only)
Total

Total

Metropolitan
areas *

Private

Nonpolitan
areas*

Nonfarm

Government-underwritten 2
Public

Total

1family

2family

Multifamily

Total

FHA

VA

795
804

332
300

939
933
1,077
1,190
981
840
933
1,079

84
94

59
36

421
409

324
353
338
342
382
432

1,069
1,068
1,202
1,310
1,094
993
1,142
.343

46
42

897
976
780
700
827
946

34
33
31
33
39
49

90
87
82
120
170
215

19
19
24
49
68
36

583
670
465
322
439
458

276
277
195
193
337
349

307
393
271
128
102
109

,554
.279

1,077

All
401

1,517
1,238

1,234
987

56
43

227
208

37
42

458
336

349
261

109
75

93

67

90

73
102
101
100
90
101
76
84
71
47

4
4
4
4
4
3
3

27

1952
1953
I954
1955
1956
1957
1958
I959

1,127
1.104
,220
,329
,118
,042
,209
,379

I9593
I960
I960—Mar
Apr

May
June
July
Aug
Sept
Oct
Nov

Dec

1961 Jan
Feb
Mar

1,112
1,327
1,333
1,302
1,182
1,292
1,062
1,236
1,216

1,098
1,307
1,315
1,285
1,164
1,273
1,040
1,200
1,203

979

970

96
72

1,105
*1,187
*>1,283

1,078
Pi,136
24,253

125
130
127
115
130

102
110

879

27

83
91
84
80

42
39
44
35

124
127
122
111

85

44

125

34
36

96
108

68
74

30
21

73

51

21

70

*>80
^107

55
76

25
31

2>102

r
n.a. Not available.
* Preliminary.
Revised.
1 For new series, based on revised definition of metropolitan areas.
2 Data from Federal Housing Administration and Veterans' Administration represent units started, based on filed office reports of first
compliance inspections.




94
65

66
51

^76

51
57
n.a.

3

3
3
3

4
n.a.

14

3

18
22
18
18

2
3
5
4

20

5

17
20

6
3

20
15

2
7

280
252

141
157

22

5

33
32
34
31

25
25
26
24

35

26

7
7
8
7
8
7
6

26
19

20
14

5
5

29
28

22
23

17

3

19

14

5

15
n.a.

H
H

'18
27

13
20

5
6

3
New series, including both farm and nonfarm unless otherwise
indicated. Not strictly comparable with nonfarm series developed by
the Bureau of Labor Statistics, for which annual totals are given through
1959.

594

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

Employed1
Total
Total

In nonagricultural
industries

Not in the
In
agriculture

Unemployed

Unemployment
(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

I960—Apr
May
July
Aug
Sept
Oct
Nov
Dec

124,917
125,033
125,162
125,288
125,499
125,717
125,936
126,222
126,482

72,331
73,171
75,499
75,215
74,551
73,672
73,592
73,746
73,079

69,819
70,667
73,002
72,706
72,070
71,155
71,069
71,213
70,549

66,159
67,208
68,579
68 689
68,282
67,767
67,490
67,182
66,009

60,765
61 371
61,722
61 805
61 828
61,179
61,244
61 516
61,059

5,393
5,837
6,856
6 885
6,454
6,588
6,247
5 666
4,950

3,660
3 459
4 423
4 017
3 788
3 388
3,579
4 031
4 540

52,587
51 862
49 663
50 074
50 948
52 045
52,344
52 476
53 403

5.1
5.1
5.4
5 5
5.8
5.7
6.3
6.2
6.8

1961—Jan
Feb
Mar
Apr

126.725
126,918
127,115
127,337

72,361
72,894
73,540
73,216

69.837
70,360
71,011
70,696

64,452
64,655
65,516
65,734

59,818
59,947
60,539
60,734

4,634
4,708
4,977
5,000

5 385
5,705
5,495
4,962

54 364
54,024
53,574
54,121

6.6

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
anuary 1960 increased population by about 500,000 and total labor

6.8

6.9
6.8

force by about 300,000. Most of the increase in the labor force was
also reflected in employment 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.

In thousands of persons]

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

2 593
2,759
2,929
2,808
2 648
2 767
2,771

I960—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

53,128
53,105
53,140
53,145
53,046
52,998
52,809
52,591
52,221

16,527
16,540
16,498
16,417
16,265
16,275
16,132
16,030
15,790

684

1961

52,232
51,984
51,941
52,176

15,676
15,527
15,536
15,617

Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

52,844
52,957
53,309
52,923
53,062
53,496
53,391
53,133
53,310

16,380
16,348
16,422
16,250
16,386
16,505
16,313
16,129
15,836

677
677
681
655
672

Jan
Feb
Mar v

51,437
51,090
51,397
51,775

15,580
15,473
15,492
15,476

Year or month

1954
1955
1956
1957
1958
1959
I960

Contract
construction

Transportation and
public
utilities

Federal,
State, and
local
government

Trade

Finance

Service

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

2 752
2,783
2 790
2,858
2,835
2 800
2,804
2 783
2,647

3 924
3,927
3 926
3,910
3 892
3 879
3 879
3 858
3 821

11,652
11,675
11,712
11,736
11,764
11 665
11,668
11 568
11,541

2 463
2,469
2 471
2,480
2 499
2 515
2 514
2 512
2 517

6,611
6,618
6 645
6,682
6,652
6 665
6,632
6 665
6,679

8 515
8,409
8 420
8,404
8 474
8 539
8'524
8 531
8 588

2,698
2,636
2 730
2,810

3 820
3,803
3 765
3,753

11,634
11,576
11 479
11,521

2 515
2,519
2 519
2,524

6 651
6,660
6 628
6,639

8 609
8,643
8 662
8,683

656
647
641

2,590
2,830
2 977
3,098
3 130
3 069
3,006
2 847
2,552

3,917
3,924
3 942
3,939
3 921
3 907
3,889
3 868
3,843

11,620
11,543
11 637
11,591
11 592
11 665
11,742
11 842
12,405

2,463
2,469
2 496
2,530
2 536
2'515
2,501
2 499
2,504

6,644
6,717
6 745
6,715
6 685
6 698
6,698
6 665
6^612

8,553
8,449
8 409
8,145
8 140
8 474
8,586
8 636
8,917

629
620
622
623

2,385
2,264
2,427
2,644

3,763
3,759
3,746
3,746

11,464
11,279
11,337
11,364

2,490
2,494
2,506
2,524

6,518
6,527
6,562
6,672

8,608
8,674
8,705
8,726

SEASONALLY ADJUSTED

Jan
Feb v
Mar
Apr p

684
678
658
665
660
656
644
638
629

620
622
629

WITHOUT SEASONAL ADJUSTMENT

I960

1961

663

* Preliminary.
1
Excludes data for Alaska and Hawaii.
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the




month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Back
data may be obtained from the Bureau of Labor Statistics.

595

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In thousands of persons]
Seasonally adjusted
Industry group

1960

1961

1960
Apr.

Feb.

Apr.
Total

Without seasonal adjustment

Feb.

Mar.?

1961

Apr?

12,472

11,444

11,461

11,544

12,334

11,395

11,423

11,413

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.

7,126
74
584
329
448
1,020
837
1,159
860
1,187
229
399

6,348
73
519
297
402
825
748
1,061
827
1,012
211
373

6,339
75
514
299
404
826
741
1,061
823
1,013
209
374

6,385
74
523
305
410
835
757
1,068
825
994
209
385

7,123
74
569
327
448
1,020
837
1,176
860
1,187
230
395

6,359
73
496
303
396
829
755
1,077
835
1,012
211
373

6,363
75
499
302
402
830
748
1,077
831
1,013
211
376

6,382
74
510
303
410
835
757
1,084
825
994
210
381

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

5,346
1,051
80
861
1,104
453
571
546
156
204
320

5,096
1,031
75
798
1,027
434
571
522
144
180
314

5,122
1,043
76
800
1,035
435
572
526
144
181
310

5,159
1,037
70
812
1,053
439
575
535
144
184
310

5,211
960
69
861
1,082
448
568
551
154
201
317

5,036
925
72
806
1,063
432
568
525
142
181
322

5,060
933
68
808
1,071
433
572
534
143
181
318

5,031
945
63
812
1,032
435
572
540
143
181
307

nearest the 15th of the month. Back data may be obtained from the
Bureau of Labor Statistics.

* Preliminary.
NOTE.—Data covering production and related workers only (full-and
part-time) who worked during, or received pay for, the pay period ending

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics.
Average weekly earnings
(dollars per week)
Industry group

1960

1961

In unit indicated]
Average hours worked
(per week)
1960

Average hourly earnings
(dollars per hour)

1961

Apr.

Feb.

Mar.23

Apr.*3

Apr.

Feb.

90.71

91.34

1960

Mar.?

Apr.p

1961

Apr.

Feb.

Apr.**

89.60

90.25

97.57 98.46
109.62 109.21
77.21
78.39
72.35 73.12
92.63 93.50
108.68 110.21
97.81
98.95
105.06 105.59
93.53 93.93
109.69 110.64
97.53 97.77
78.61
78.80

39.1
39.5
40.6
38.8
38.9
40.1
38.0
39.6
40.1
39.8
39.6
40.3
39.5

39.2
39.7
40.3
39.0
39.1
40.3
38.4
39.9
40.3
39.8
39.8
40.4
39.6

2.28
2.44
2.61
2.01
1.85
2.26
2.85
2.42
2.55
2.27
2.71
2.33
1.94

2.33

97.07
109.48
76.23
71.98
91.54
107.73
96.82
104.92
93.77
109.25
96.64
78.80

38.9
39.3
40.7
38.5
38.7
39.8
37.8
39.2
40.2
39.9
39.3
40.1
39.6

2.32

97.36
106.49
80.20
73.82
91.08
112.29
96.56
104.04
88.98
107.59
93.43
76.05

39.3
39.9
40.8
39.9
39.9
40.3
39.4
39.9
40.8
39.2
39.7
40.1
39.2

2.32

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.

2.47
2.69
1.98
1.86
2.30
2.85
2.47
2.61
2.35
2.78
2.41
1.99

2.47
2.70
1.99
1.86
2.31
2.86
2.47
2.62
2.35
2.77
2.42
1.99

2.48
2.71
2.01
1.87
2.32
2.87
2.48
2.62
2.36
2.78
2.42
1.99

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

79.52 81.02 82.04 82.01
87.16 89.78 90.17 89.95
64.80 66.59 66.43 70.68
63.76 62.76 63.41 63.47
53.70 55.81
56.76 55.93
93.63 96.74 96.98 97.63
103.95 105.94 106.88 106.31
104.41 104.30 104.65 105.06
119.54 120.80 121.60 125.05
94.60 97.27 97.15 99.06
58.06 62.46 61.79 59.83

38.6
39.8
36.0
39.6
35.1
41.8
37.8
42.1
40.8
38.3
35.4

38.4
39.9
37.2
38.5
35.1
41.7
37.7
40.9
40.0
38.6
37.4

38.7
39.9
36.7
38.9
35.7
41.8
37.9
41.2
40.4
38.4
37.0

38.5
39.8
38.0
38.7
35.4
41.9
37.7
41.2
41.0
39.0
35.4

2.06
2.19
1.80
1.61
1.53
2.24
2.75
2.48
2.93
2.47
1.64

2.11
2.25
1.79
1.63
1.59
2.32
2.81
2.55
3.02
2.52
1.67

2.12
2.26
1.81
1.63
1.59
2.32
2.82
2.54
3.01
2.53
1.67

2.13
2.26
86
64
58
2. 33
2. 82
2.55
3.05
2.54
1.69

Total

P Preliminary.
NOTE.—Data are for production and related workers.
available from the Bureau of Labor Statistics.




Back data are

596

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
153

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

138
154
141
145
149
143
144
150
142
147

122
134
125
129
125
124
126
129
129
128

128
144
131
135
135
137
136
140
131
135

134
151
136
144
142
136
139
145
136
136

140
144
139
139
143
139
140
144
136
142

141
168
144
149
156
149
153
162
150
153

162
192
176
183
194
178
185
189
179
187

125
145
132
134
141
134
132
140
129
137

131
159
143
144
144
140
138
149
139
142

123
147
133
137
136
132
134
138
137
138

142
164
150
154
159
151
154
164
157
159

163
181
159
170
175
169
166
172
163
171

158
159
153
153
159
155
155
160
152
159

142
145

126
126
135

129
136
140

131
142
144

140
135
144

145
155
157

177
181
^178

130
128
127

145
134
142

133
142
133

164
156
158

165
169
168

154
164
160

116
150
138
137
122
132
145
153
171
261

95
133
124
123
95
106
131
132
155
249

108
137
127
130
101
109
138
147
167
245

113
153
134
134
108
114
141
149
178
250

113
144
135
131
116
128
140
145
167
254

115
165
143
139
129
135
154
169
182
283

149
194
173
165
165
170
172
187
206
329

108
139
130
129
113
123
136
143
158
238

110
150
144
134
119
134
142
152
166
248

105
139
127
133
109
132
144
152
238

119
154
150
146
140
154
159
164
181
274

142
172
159
156
156
16*
159
176
190
293

127
153
145
147
142
154
152
156
177
282

108
109

95
91
116

103
105
128

97
102
134

105
104
130

104
110
142

^177

137
141

98
96
116

107
102
126

96
104
120

121
114
137

130
127

119
126
138

131
128
136
148
152
148
156
164

124
126
132
141
138
136
142
147

120
117
119
130
138
136
142
149

129
127
135
148
154
152
160
164

125
122
124
133
136
129
134
149

141
138
159
175
178
172
179
183

155
152
170
195
203
197
210
228

122
120
127
138
143
139
148
154

131
125
135
148
150
143
144
150

123
124
130
142
146
137
144
153

146
141
152
164
160
153
157

143
140
153
168
174
165
178
187

140
135
142
156
158
155
167
178

160
162
159
161
165
167
169
168
167
169

143
144
141
146
148
149
153
152
152
151

146
147
144
149
149
151
154
153
151
152
149

160
159
157
164
168
166
166
166
165
166

142
145
139
144
150
160
157
154
151
163

179
179
181
187
185
187
189
188
184
182

225
225
224
223
227
227
232
230
231
235

147
151
146
152
152
155
158
160
159
158

145
148
147
151
152
154
154
152
150
149

145
146
146
150
152
157
162
159
158
157

162
160
157
160
161
165
165
171
173
173

180
182
181
185
192
190
192
189
192
192

178
182
176
167
180
180
182
178
179
178

164

145

185

233

158

147

151

174

182

180

161

142

181

224

149

147

146

169

178

157
159

142
142

181
182

221

181

148
159

145
148

143
146

164
^166

178
174

P179

Minne- Kansas Dallas
apolis
City

San
Francisco

SALES i
1953
1954
1955
1956
1957
1958
1959
I960

.

SEASONALLY ADJUSTED
I960

Mar
May
July
Sept
Oct
Nov
Dec

1961

Jan
Feb
Mar

WITHOUT SEASONAL ADJUSTMENT

I960—Mar
Apr
May
July
Sent
Oct
Nov
Dec
1961 Jan
Feb
Mar

154

STOCKS i
1953
1954
1955
1956
1957
1958
1959
I960
SEASONALLY ADJUSTED
I960

Feb
Mar
Apr
May
July
Sept

Oct
Nov
Dec

165

147

162

147

161
*>163

1961—Jan
Feb
Mar

146
145

150
148
147

152
165
165
163
157
158
165
176
186
192
150

134
146
147
149
139
135
148
159
172
177
137

137
149
150
151
140
137
150
161
171
176
140

154
164
168
167
156
149
159
174
190
191
148

136
149
146
148
142
147
150
160
169
184
132

167
183
188
186
174
172
186
199
209
211
170

223
237
232
225
213
211
225
239
251
266
205

139
151
155
155
149
152
155
166
175
177
137

138
150
153
149
143
146
153
161
171
170
133

139
149
150
150
143
148
158
166
175
179
140

156
163
163
161
158
158
163
176
187
196
156

175
191
189
183
179
180
192
201
211
211
169

164
181
179
166
176
177
181
188
198
205
165

145
153

131
137
147

136
138
150

142
151
164

125
136
146

160
170
186

207
221

134
140
159

131
138
150

135
137
150

152
158
H69

160
172
183

158
168

P22\

182

WITHOUT SEASONAL ADJUSTMENT

I960 Feb
Mar
Apr
July
AUE

Sent
Oct
Nov
Dec
1961 Jan
Feb
Mar

.

..

r
* Preliminary.
>
Revised.
1
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.

597

DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales 4

Amounts (in millions of dollars)

Sales i
(total
for
month)

Period

Stocksi
(end
of
month)

Outstanding
orders *
(end of
month)

Receipts 2
(total
for
month)

New
orders 3
(total
for
month)

Stocks

Outstanding
orders

Stocks
plus
outstanding
orders

Receipts

Annual average:
397
406
409
437
454
459
462
488
492

Month:
I960—Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov.
Dec

.

. . .

.

...

1961—Jan..
Feb
Mar e

435
421
388
446
470
461
437
510
517

397
408
410
444
459
461
462
495
494

401
401
412
449
458
458
464
498
491

2.9
3.0
3.0
2.9
3.0
3.1
3.0
3.0
3.1

1.0
1 1
1.1
1.1
1 0
1.1
1.1

4.1
4.1
4.0
4 0
4.1
4.1
4 1
4.1
4.3

'419
507
448
451
373
452
471
520
584
932

. .

,097
I 163
,140
I 195
286
1,338
I 323
1,391
,466
,471
,473
461
,381
,371
I 463
,564
670
,735
,339

456
417
420
616
678
629
621
581
479
331

'521
512
436
371
363
544
572
626
649
536

'462
473
439
567
425
495
564
586
547
388

3.5
2.9
3.3
3.1
3.7
3.2
3.3
3 2
3.0
1.4

1.1
0.8
0 9
1.4
1.8
1.4
1.3
1 1
0.8
0.4

4.6
3.7
4.2
4.4
5.5
4.6
4.6
4 3
3.8
1.8

1.2
.0
I 0
) 8

'370
348
478

1952
1953
1954
1955
1956
1957
1958
1959
1960

,316
.368
1,456

'436
474
438

'•347
400
566

M52
438
530

3.6
3.9
3.0

1.2
1.4
0.9

4.7
5.3
4.0

) Q
[ l

p
r
Preliminary.
Revised.
1
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1960,
sales by these stores accounted for about 45 per cent of estimated total
department store sales.
2
Derived from the reported figures on sales and stocks.

1.2

.0

o
.0
o
o

1.0
I 0
.0

t.o

2
1.2
L 2

LI

2

3
Derived from receipts and reported figures on outstanding orders.
4
The first three ratios are of stocks and /or orders at the end of the
month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see the
BULLETIN for October 1952, pp. 1098-1102.

MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census.

In millions of dollars]

Merchandise exports*

Merchandise exports excluding
military-aid shipments 2

Merchandise imports 3

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

.

.
.

Jan —M^ar

.

.
.

1960

1961

1959

1960

1961

1959

1960

1961

1.401
1,279
1,459
I 481
1,558
I 427
1,470
I 410
1,487
1,482
1,482
.685

1,561
1,576
1,749
1 818
1,804
1 737
1,699
1 609
1,610
1 744
1,797
1,797

1,647
1,672
1,934

1.287
,182
,378
345
,418
351
,356
313
,407
,399
,380
580

1,484
1,497
1,632
1 703
1,710
1 637
1,629
1 547
1,557
1,690
1,724
1,743

1,539
1,606
1,889

1,154
1,119
1.295
221
1,264
370
,250
I 188
1,395
202
1,283
467

1,143
1,289
1,378
1 961
,262
307
,150
229
,160
,157
,161
,157

1,124
1,046
1,231

4,139

4,886

5,253

,847

4,613

5,034

3,568

,810

3,401

1 Exports of domestic and foreign merchandise.
2
Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.




:

3
General imports including imports for immediate consumption plus
entries into bonded warehouses.

598

PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.

1947-^*9= 100]

Housing
All
items

Year or month

Foods
Total

Gas
and
electricity

Rent

Transportation

ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion

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—Mar .
Apr
May
June.
July
Sent
Oct
Nov
Dec

125.7
126.2
126.3
126.5
126.6
126.6
126.8
127.3
127.4
127.5

117.7
119.5
119.7
120.3
120.6
120.1
120.2
120.9
121.1
121.4

131.3
131.4
131.2
131.3
131.3
131.5
132.0
132.2
132.1
132.3

141.2
141.4
141.4
141.6
141.8
141.9
142.1
142.5
142.7
142.8

124.1
124.4
124.7
124.7
124.8
124.9
125.7
125.7
125.7
125.6

137.2
136.3
132.9
132.3
132.9
133.4
134.8
136.1
136.3
137.0

104.7
104.7
104.3
104.3
104.1
103.5
104.1
104.0
104.0
103.9

136.9
137.0
137.2
137.3
137.4
137.6
138.0
138.1
138.3
138.3

108.8
108.9
108.9
108.9
109.1
109.3
110.6
111.0
110.7
110.6

146.5
146.1
145.6
145.8
145.9
146.2
144.7
146.1
146.5
146.5

155.0
155.5
155.9
156.1
156.4
156.7
156.9
157.3
157.9
158.0

132.7
132.9
133.2
133.2
133.4
133.8
133.9
134.0
133.9
133.7

120.9
121.1
121.4
121.1
121.6
121.9
122.1
121.9
122.5
122.3

131.7
131.9
131.9
132.0
132.2
132.4
132.7
132.7
132.7
132.7

1961—Jan
Feb
Mar

127.4
127.5
127.5

121.3
121.4
121.2

132.3
132.4
132.5

142.9
143.1
143.1

125.9
125.9
125.9

139.6
141.3
141.3

103.6
103.7
103.9

138.3
138.3
138.5

109.4
109.6
109.8

146.2
146.2
145.7

158.5
159.4
159.6

133.7
133.8
133.6

122.2
122.7
123.4

132.6
132.6
132.6

AUK

117.4
83.6
88.4
90.9

60.3
45 9
55.6
76.3

NOTE.—Revised index, reflecting, beginning with January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-

vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49= 100.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.

1947-49 = 100]
Other commodities

Year or
month

All
Tex- Hides, Fuel
com- Farm Procpower,
tile
modi- prod- essed
prod- skins, and
ucts foods
and
ties
Total ucts leather lightand prod- ing
maapparel ucts terials

Ma- FurniToChem- Rub- Lum- Pulp Metals chin- ture Non- bacco
meand
ery
icals
ber paper, and
ber
Misand
and metal and other tallic mfrs. cellaand
and
mo- house- minallied and
wood allied
hold erals— bottled neous
prod- prod- prod- prod- prod- tive
ucts
ucts prod- dura- struc- bevucts
ucts
ucts
bles tural erages
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
95.6
89.6
88.4
90.9
94.9
89.1
88.8

104.6
105.3
101.7
101.7
105.6
110.9
107.0
107.7

114.0
114.5
117.0
122.2
125.6
126.0
128.2
128.3

97.3 98.5 109.5 105.7
95.2 94.2 108.1 107.0
95.3 93.8 107.9 106.6
95.3 99.3 111.2 107.2
95.4 99.4 117.2 109.5
93.5 100.6 112.7 110.4
95.0 114.3 112.7 109.9
96.1 110.3 113.8 110.2

125.0
126.9
143.8
145.8
145.2
145.0
144.5
144.7

120.2
118.0
123.6
125.4
119.0
117.7
125.8
121.3

116.1
116.3
119.3
127.2
129.6
131.0
132.2
133.2

126.9
128.0
136.6
148.4
151.2
150.4
153.6
153.8

123.0
124.6
128.4
137.8
146.1
149.8
153.0
153.4

114.2
115.4
115.9
119.1
122.2
123.2
123.4
123.1

118.2
120.9
124.2
129.6
134.6
136.0
137.7
138.0

115.7 97.8
120.6 102.5
121.6 92.0
122.3 91.0
126.1 89.6
128.2 94.2
131.4 94.5
131.8 92.1

1960—Mar..
Apr..
May.
June.
July..
Aug..,
Sept..
Oct...
Nov..
Dec..,

120.0
120.0
119.7
119.5
119.7
119.2
119.2
119.6
119.6
119.5

90.4
91.1
90.4
89.0
88.9
86.6
87.7
89.5
89.9
88.7

107.3
106.8
107.3
107.6
108.9
107.8
108.1
109.0
109.1
109.2

128.6
128.7
128.2
128.2
128.2
128.2
127.9
128.0
127.9
127.9

96.3
96.3
96.3
96.3
96.3
96.1
95.9
95.8
95.4
95.2

110.1
110.2
110.2
110.2
110.4
110.5
110.4
110.3
110.3
110.4

144.7
144.7
146.3
146.7
146.9
145.3
144.9
144.7
143.6
141.2

124.5
124.3
123.7
122.4
121.5
119.6
118.7
117.7
116.9
116.5

133.
133.
133.4
133.5
133.5
133.0
133.0
133.4
133.1
132.3

154.5
154.5
154.2
153.8
153.4
153.6
153.5
152.8
152.3
152.2

153.9
153.7
153.3
153.2
153.3
153.3
151.4
152.9
153.0
153.1

123.7
123.5
123.2
123.0
123.1
122.9
122.8
122.7
122.6
122.6

138.2
138.3
137.9
137.8
137.8
137.8
138.0
138.1
137.9
137.9

131.7
131.7
131.7
131.7
131.8
132.0
132.0
132.0
132.0
132.1

1961—Jan...
Feb...
Mar.*

119.8
119.9
119.8

89.7 109.8 128.0
90.3 110.5 128.0
90.1 109.6 128.0

p

Preliminary.




r

Revised.

111.8
112.1
111.2
110.3
110.1
108.7
108.1
108.5
108.5
108.8

112.3
112.2
110.8
112.3
113.8
115.3
116.1
116.2
116.1
116.2

94.0
95.4
91.1
90.9
90.8
89.9
91.1
90.3
90.6
92.4

95.0 108.3 117.3 '110.0 140.
115.7 132.6 152.3 153.2 122.4 138.6 132.1 95.4
94.8 108.2 117.8 '110.4 '140.2 114.9 132.8 152.5 153.1 122.2 138.4 132.1 '94.6
94.7 109.9 117.5 110.6 140.7 115.5 132.2 152.8 153.1 122.2 138.5 132.1 95.6

599

PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1960
Subgroup

1961

Mar.

Jan.

Feb.

Mar.?

104.4
78.2
86.2
96.0
97.9
75.8
76.7
127.9

106.7
75.3
84.8
90.8
101.1
75.2
77.6
128.0

103.9
75.9
85.8
91.3
r
99.6
82.0
78.6
129.5

120.8
97.8
117.7
105.8
113.7
145.2
101.7

123.5 123.6
98.3 100.2
121.2 119.7
112.3 112.6
116.2 115.8
139.7 139.7
101.1 101.3

95.6
102.8
79.4
116.6
100.7
80.5

90.7
90.1
100.0 r 99.8
77.4
77.5
130.8 129.3
100.7 100.6
99.6 101.4

110.1
Paperboard
76.2
Converted paper and paperboard
83.7
Building paper and board
93.0
98.8 Metals and Metal Products:
76.7
82.5
Iron and steel
129.3
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
123.6
Heating equipment
96.7
Fabricated structural metal products
120.4
Fabricated
nonstructural
metal
112.2
products
115.1
139.7 Machinery and Motive Products:
101.4
Agricultural machinery and equipment
Construction machinery and equip90.1
ment
99.3
Metal working machinery
77.0
General purpose machinery and
129.5
equipment
100.6
Miscellaneous machinery
100.5
Electrical machinery and equipment
Motor vehicles

72.0
102.8
134.2
107.3

62.7 r 62.3
97.9
97.5
132.7 132.8
103.9 103.7

124.0
170.4
115.6
101.8
115.0

123.5 123.5
170.4 170.4
121.1 1 2 2 . 3
102.3 102.2
122.4 123.1

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:
Hides and skins
Leather
Footwear
Other leather products

,
,

Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958 = 100)
Electric power (Jan. 1958 = 100)
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics..,
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
,
Other chemicals and products

124.2
128.3
102.8
94.2
50.6
110.1
108.8
106.5

123.1
131.5

105.0
94.2
50.1
111.9
112.2
105.8

123.3
132.1
1r0 5 . 0
94.7
54.3
Mil.9
M12.1
M05.9

Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products

71.2 Furniture and Other Household Dura100.1
bles:
132.8
Household furniture
104.0
Commercial furniture
Floor covering
Household appliances
122.8
Television, radios, phonographs
170.4
Other household durable goods
121.5
102.4 Nonmetallic Minerals—Structural:
122.8
Flat glass
Concrete ingredients
Concrete products
123.4
Structural clay products
132.1
Gypsum products
105.3
Prepared asphalt roofing
94.7
Other nonmetallic minerals
56.5
112.3 Tobacco Manufactures and Bottled
112.0
Beverages:
105.9
Cigarettes
Cigars
Other tobacco products
138.8
Alcoholic beverages
Nonalcoholic beverages
137.1
144.6
Miscellaneous:

161.1
137.0
144.6

135.5
137.2
144.5

125.9
137.7
95.9

114.3
135.6
92.5

113.4
134.7
91.8

114.1
134.5
92.9

121.2
89.3
144.8

114.5
67.8
145.7

114.5
75.5

114.5
62.7
145.7

r

136.3
137.1
144.6

Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper




Mar.

Jan.

Feb.

135.9
130.0
146.5

132.4
131.7
145.4

130.4
131.7
146.0

130.2
131.5
145.7

170.5
140.8
154.8
173.8
133.9
120.1
135.8

169.5
131.9
156.6
174.9
130.9
115.3
133.9

170.0
132.0
156.6
175.1
130.9
115.1
133.9

170.6
132.4
156.6
174.9
130.9
114.8
133.9

146.1

149.6

149.6

149.7

145.3

148.5 148.6

148.6

174.3
178.6
167.7

177.6 178.1
182.6 182.7
166.0 166.1

178.1
182.0
166.1

149.9

151.3 151.4

151.4

155.6
141.6

152.5 152.3
140.7 140.5

152.5
140.4

124.9
156.6
130.6
103.2
91.8
158.3

125.9
156.0
128.3
100.1
91.0
156.9

126.0
156.0
128.1
100.0
90.4
156.8

126.0
156.0
128.2
99.8
90.7
156.8

135.3
142.1
131.0
161.5
133.2
107.6
133.7

132.4
142.3
131.2
162.1
134.9
114.1
133.5

132.4
142.3
130.9
162.1
134.9
114.1
132.9

132.4
142.6
130.9
162.1
134.9
114.1
132.9

134.8
106.5
155.7
120.6
171.1

134.8
106.5
155.7
121.2
171.7

134.8
106.5
155.7
121.3
171.7

134.8
106.5
155.7
121.3
171.7

118.9 118.9
73.8
75.1
96.4
96.4
111.5 111.5
132.7 132.0

119.4
75.5
96.4
111.6
131.5

Pulpt Paper and Allied Products—Cont.:

Farm Products:

Preliminary.

1961

1960
Subgroup

r

Revised.

145.7

Toys, sporting goods, small arms
117.8
Manufactured animal feeds
73.2
Notions and accessories
97.5
Jewelry, watches, photo equipment... 110.6
Other miscellaneous
131.6

600

NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Quarterly totals
at seasonally adjusted annual rates

Annual totals

1929

104.4

Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services

79 0
9.2
37.7
32.1

Gross private domestic investment
New Construction
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only

1933

1941

1950

1956

1957

1958

1959

1960

1960

1961

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 81.9 195.0 269.9 285.2 293.5 313.8 327.8 323.3 329.0 328.3 330.8 328.8

3 5
22.3
20.7

9.7
43.2
29.0

30.4 38.5 40.4 37.3 43.4 43.6 44.2 44.5 42.7 43.2 39.2
99 8 131.4 137.7 142.0| 147.6 152.4 150.5 153.5 152.7 152.9 153.0
64.9 100.0 107.1 114.2 122.8 131.7 128.6 130.9 132.9 134.7 136.6

16.2
8.7
3.6
5.1
5.9
1.7

1.4
1.4
.5
1.0
1.6
1.6
-1.4

18.1
6.6
3.5
3.1
6.9
4.5
4.0

50.0
24.2
14.1
10.1
18.9
6.8
6.0

67.4
35.5
17.7
17.8
27.2
4.7
5.1

66.1
36.1
17.0
19.0
28.5
1.6

56.0
35.4
18.0
17.4
23.1
-2.5
-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

Net exports of goods and services
Exports
Imports

.8
7.0
6.3

.2
2.4
2.3

1.1
6.0
4.8

6
13 1
12.5

2.9
23.1
20.2

4.9
26.2
21.3

1.2
22.7
21.5

1.0
22.9
23.8

3.0
26.5
23.5

25.2
23.9

Government purchases of goods and services..
Federal
National defense
Other
Less: Government sales
State and local

8.5
1.3
1.3
.0
7.2

8 0
2.0
2.0
.0
6.0

24.8
16.9
13.8
3.2
.0
7.8

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
51.8
44.9
7.5
.5
45.7

Addendum: Gross national product in constant (1954) dollars

k

75.5
¥0.7

21.3
19.4
29.5
5.3
5.0
2.0
26.4
24.4

1.2

70.8 66.0 61.0
40.3
39.0
40.5
21.1 20.5 19.2
19.5 19.8 19.9
29.7 28.7 26.5
.6 - 3 . 0 - 4 . 5
-3 - 3 . 4 - 4 . 8
3.7
27.3
23.5

4.6
27.0
22.4

5.3
27.4
22.1

98.6 100.7 102.1 104.7
51.7
44.7
7.6
.6
46.9

52.7
45 A
8.2
.6
48.0

53.3
45.7
8.2
.6
48.8

54.7
47.2
8.1
.6
50.0

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

1929

1933

1941

1950

1956

1957

1958

1959

1960

1960
1

2

1961
3

4

National income

87.8

40.2 104.7 241.9 350.8 366.9 367.7 399.6 417.5 414.4 419.4 419 3 416.9

Compensation of employees

51.1

29.5

50.4
45.5
.3
4.6

29.0
23.9
.3
4.9
.5

Wages

and

salaries....

Private
Military
Government civilian.
Supplements to wages and salaries
Employer contributions for s
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

.7

64.8 154.2 242.5 255.5 257.0 277.8 294.4 290.2 295.0 297.2 295.2 293.3
62.1 146.4 227.6 238.5 239.7 258.2 2''2.5 268.7 273.1 274.9 273.2 271.5
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 10.0 10.1 10.3 10.4
1.9
9.9 10.1
5.0
9.7
9.6
9.8
8.3 17.3 28.4 30.5 33.5 35.4 38.1 36.7 37.6 38.8 39.3 39.9
7 8 14.9 17.0 17.4 19.6 21.9 21.5 21.9
2.7
22.3 22.0 21.8

5 6

2.0
.7
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

12.2

35.9
12.8

35.5
13.0

54

2.0

3.5

9.0

10.9

H.9

12.2

12.4

12.5

12.5

12.5

12 5

12.5

12.5

2.0

14.5

35.7

42.0

41.7

37.4

46.6

44.3

48.0

45.3

42.2

41.0

17.0
7.6
9.4
4.5
4.9

40.6
17.9
22.8
9.2
13.6

44.7
21.2
23.5
12.1
11.3

43.2
20.9
22.3
12.6
9.7

37 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

I
6

.1
.4

14.8

10
9.6
1.4
8.3
5.8
2.4

.2
.5
- .4
2.1
-2.4

4 0
3 8

6.8
8.1

7 8
9.1

9.5
10.1

10.9
11.0

10.8
10.7

10.9
10.9

11 I
11.2

10.9
11.1

10.9
11.0

14.0

.5

2.1

-2.5

-5.0

-2.7

-1.5

-.2

-.5

.0

-.8

-.4

.7

.4

.4

6 4

5.0

4.5

5.5

11.7

13.4

14.7

16.4

18.7!

17.8

18 5

19 I

19.4

19.6

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.




8.0
9.4

601

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

I960
1929

104.4

Gross national product

1933

1941

1950

1956

1957

1958

1959

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

19.1

34.4

37.4

38.

40.5

43.2

7.0
.6
.3

Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

7.1
.7
.9

11.3
.5
.4

23.7
.8
-.7

35.7
1.6
-2.4

38.2
1
-.6

39.4
1.
-1.7

42.6
1.
-1.

45.1
1.8
-3.9

.0

.1

.9

1.0

1.1

.6

.5

Plus: Subsidies less current surplus of government enterprises

— 1

Equals: National income

87.8

Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements

10.1
2

14.5
2.8

.0

.0

.9
1.0
5.8
.6

2.6
1.3
4.5
.5

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments

1961

1960

42.2

43.0

44.4 45.3J
l.8|
1.8
-3.9
- 1 .1
.5

43.6

44.1

44.5

45.1

45.4
1.8
-4.1

45.4
1.8

.5

.6

1.8
-5.8

.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

14.3
4.8
9.2

42.0
12.6

41.7
14.5

37.4
14.8

46.6
17.3

44.3
20.2

.0

35.7
6.9

.0

.0

.0

.0

17.2
5.7
12.1
1.6

20.1
6.2
12.6
1.8

24.5
6.2
12.4
I.

25.2
7.
13.4
1

27.2
8.0
14.0
1.8

45.31

20.2!

20.2
.0

26.7 j
8 .0
13
1

27.
8

14.
1.

28.
8.
14.

30.0
8.1
14.0
1.8

85.8

Equals: Disposable personal income
Less: Personal consumption expenditures

20.8

40.0

42.6

42.4

46.0

50.0

49.

1

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.

45

93.0 207.7 292.9 308.8 317.9 337.3 354.2 347.

354.1 357.5 358.1 357.2

79.0

State and local

3.3

83.1

Federal

7.

1.3
1.4

Less: Personal tax and nontax payments

47.

2.6

Equals: Personal income

46

81.9 195.0 269.9 285.2 293.5 313.8 327.8 323.

329.

328.

-.6

11.1

25.

29.

4.2

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.

12.6

134.9 102.1 175.1 231.

23.0

23.6

24.4

23.4

26.4

23.

404.
50.

408.
50.5|

,4| 43
.61 6

408.5 407.5
50.4

50.3

43. 6
6.8

43.3
7.1

330.8 328.8
27.2

28.3

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.

In billions of dollars]
1960

1959

Item*

1961

1960
Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec. i Jan.

Feb.

383.3 404.2 397.0 401.9 404.7 406.1 407.3 408.2 408.8 409.7 409.0 406 9 406.6 406.2| 409.6

Total personal income

258.
272.5 269.3 271.7 273.6 274.0 275.1 275.1 275.0 274.8 273.6 271.4 271.4 271.6 272.1
Wage and salary disbursements
111.4 111.6 112.1 113.3 112.9 112.8 111.5 111.2 110.9 109.5 107.3 107.2 106.5 107.3
Commodity-producing industries... 107
88.8
89.2
88.7
88.6
89.5
87.7
84
87.5
87.2 86.2
88.0
84.4
84.0
84.6
84.2
Manufacturing only
68
71.9 70.8 71.8 72.0 72.2 72.4 72.9 72.7 72.5 72.5 72.3 72.1 72.0 72.0
Distributive industries
37.5 41.0 40.0 40.5 40.7 41.1 41.3 41.6 41.9 42.0 42.0 42,0 42.1 42.2 42.3
Service industries
45.3 48.2 46.9 47.3 47.6 47.8 48.5 49.0 49.2 49.4 49.6 49.8 50.0 50.3 50.6
Government
Other labor i n c o m e . . . .

10.1

11.0

10.8

10.8

10.9

Proprietors' income :
Business and professional.
Farm

34.7
11.8

35.9
12.0

35.4
10.1

35.7
11.7

36.0
12.1

Rental income

12.4

12.5

12.5

12.5

12.5

Dividends

13.4

14.0

13.9

13.9

13.9

Personal interest income.

23.5

26.8

25.9

26.2

26.5

Transfer payments

27.0

29.0

28.3

28.6

28.4

7.8

9.3

9.2

9.2

Less: Personal contributions
social insurance
Nonagricultural income
Agricultural income
v

for

9.3

36.2
12.5
12.5
13.9
26.8

11.1

11.0

11.0

10.9

10.9

35.7
12.9

35.5
12.9

35.4
13.0

35.5
13.1
12.5

36.2
12.0

36.
12.2

36.1
12.2

36.1
12.6

35.9
12.9

12.5

12.5

12.5

12.5

12.5

12.5

12.5|

12.5

13.9

14.0

14.0

14.1

14.1

14.0

14.Ol

14.0

14.0

27.1

27.4

27.5

27.6

27.6

27.7|

27.7j

27.7

27.6

28.7

29.1

29.7

30.0

30.5

30.9-i

31 .oj 3 1 . 1

33.3

9.3

9.4

9.3

9.3

9.2

9.2!

28.5
9.3

11.3

9.4!

9.4

9.4

367.6 388.1 382.7 385.9 388.2 389.3 391.1 391.8 392.4 393.0 392.1 390.1 389.8 389.3 392.6
15.7

16.1

14.3

16.1

16.4

Preliminary.
i Monthly data are seasonally adjusted totals at annual rates.
NOTE.—For explanation of series see U. S. Income and Output (a supple-




11.2

16.8

16.2

16.4

16.4

16.7

16.9

16.8i

16.8

16.9

17.0

ment to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1960.

602

FLOW OF FUNDS/SAVING
SAVING AND INVESTMENT
[In billions of dollars]
Quarterly totals
Annual totals

Transaction category,
or sector

1958
1956

1957

1958

1959

1959

I960*

A
B
C
D
E
F
G

Net national saving*
Consumer and nonprofit
Farm and noncorp. business2
Corporate nonfinancial business..
Federal Governmentl
State and local government1
Financial sectors

H
I
J
K
L
M
N
0

Capital consumption3
Consumer and nonprofit
Consumer durable goods
Owner-occupied homes
Plant and equip, (nonprofit)...
Farm business
Noncorp, nonfinan. business
Corporate nonfinancial business..

P
Q
R
S
T
U
V

Gross national saving1
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
Federal Government1
3.6 - 8 . 2 - 4 . 5
5.9
3.9 - 7 . 6
State and local government1
-2.7 -3.2 -5.0 -4.4 -6.5 -1.6
3.
3.
3.7
Financial sectors
4.4
2.9
.5

W Gross national investment1
X
Consumer durable goods
Y

41.5 37.9 19.5 36.1 38.3
3.8
5.8
29.5 28.5 26.
30.6 31.1
2.4
*
5.9
5.4
3.5 11.4
4.2
5.3 - 8 . 2 - 4 . 5
5.9
3.9 - 7 . 6
3.6 - 5 . 0 - 4 . 4 - 6 . 5 - 1 . 6
-2.7
3.
4.4
2.9 - 3 . 2
3.1
.5
3.7
67.5 73.3 75.2 79.0 82.9 19.2
36.9 40.
41.6 43.4 45.0 10.6
33.0 35.8 37.0 38.5 39.7
9.4
3.4
3.7
4.0
4.6
4.3
1.0
.6
.5
.7
.6
.6
.1
3.9
4.3
3.7
4.0
4.
1.0
8.1
7.5
8.6
7.7
8.2
2.0
19.3 21.2 21.9 23.3 25.0
5.6

108.0 110.7
38.5 40.4

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
2.5
1.2
1.5
7.0
9.3
6.7
9.1
9.6
-4.5
.7
1.4 - 2 . 1
-.9
- . 6 -1.8 -1.2
-.1
.9
.6
1.6

32.7 31.6 31.0 25.8
19.6 17.2 20.9 18.4
5.2
2.2
3.0
2.5
6.2
7.4
8.3
8.4
4.0
4.7 - . 4 - 4 . 3
- . 5 -1.6 -2.1 -2.3
1.3
.9
.4
1.8

30.1
12.4

28.9
10.0

28.8
11.2

27.4
10.1

29.2
12.4

17.
4.7
3.8
.9
1.3
3.1
7.8
.2

17.6
5.4
4.3
1.1
1.2
3.0
7.
.2

17.5
5.8
4.8
1.1
.9
2.5
8.0
.2

4.7
-.4
.2
4.9

k
1
m
n
o
p
q
r
s
t

4.2
Net financial investment6
2.1
.3 - 1
.5
12.1 14.8 15.3 10.6
Consumer and nonprofit
5.1
Net acquis. offinan. assets... 27.4 26.8 27.3 31.3 21.3
15.2 12.0 12.1 20.7 16.2
Net increase in liabilities
Farm and noncorp. business... - 2 . 5 - 2 . 7 - 2 . 9 - 4 . 5 - 3 . 1
.8
.5
1.3
Net acquis. offinan. assets...
- .4 -.1
3.5
3.0
4.2
2.9
Net increase in liabilities
4.1
-13.4 - 8 . 7
- . 9 -1.6 -7.1
Corp. nonfinan. business
4.4
4.3
7.2 13.4
3.8
Net acquis. offinan. assets...
17.7 13.1
8.0 15.0 10.9
Net increase in liabilities

58.5
18.3
14.7
3.6
4.4
9.
25.9
.7

66.1
22.2
18.5
3.7
4.9
10.8
27.4

66.6
21.4
17.4
4.0
4.4
10.7
29.2

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
.8
1.0
.2
.6 - 3 . 5

5.9
.5
.6
4.8

3.6
.4
.5
2.7

-.1
.2

3.6
.2
1.1
2.4

2.1
.1
.2
1.7

-.2

.4
.1
-.6
.9

4.5
.1
1.2
3.2

.4
.1

g
h
i
j

1.4 - 2 . 1 - 4 . 5
2.6
4.3
-.8
4.7
2.9
3.7
I 2 -1.3
.9
1.2
'.7
2.3
.9
1.9
2.2 - . 5
.6
8.5 10.3
10.1
6.3 10.9
9.5
.1

4.0
-.3
-4.3
-.4
1.1
1.5
1.6
-3.0
-4.6
-1.2

4.7
4.2

-2.2

3.8

-4.3
-.9
3.4
.2
1.3
1.1
*
14.6 bb
14.5 cc
1.3 dd
-3.4

3.6
5.9
Federal Government
3.2
1.6
Net acquis. offinan. assets...
-.4
-4.3
Net increase in liabilities
State and local government.... - 2 . 2 - 3 . 2
3.3
2.6
Net acquis. offinan. assets...
6.5
4.8
Net increase in liabilities
3.0
2.7
Financial sectors
Net acquis. offinan. assets... 22.5 23.9
19.8 20.9
Net increase in liabilities
- . 5 -2.6
Financial trans, discrep
.5

-8.2
1.6
9.7
-5.2
2.5
7.7
4.5
36.2
31.7
-2.2

-4.5
6.3
10.8
-3.9
3.1
6.9
3.7
29.2
25.5
-1.6

1.0

1.5

- . 1 -1.2
.1
.1
-.5
*
!
'.4 - . 2 - . 8
-.5
-.4
-.8
.1
-.1
.6
3.3
4.2
1.8
2.8
2.0
2.4 - 1 . 8
3.6
.8
9.0
7.9
7.8
8.4
7.3
4.5
7.3
6.0
3.5
5.7
6.2
5.0
6.4
3.1
2.1
3.
5.1
5.2
2.2 - 1 . 9 - 3 .
-2.8
4.0 - 2 . 2 - 1 . 3 - 1 .
2.2
.8 - . 5
.3
.1 -.2
e
.2 -.2
.4
3.9
2.5 -3.7
-1.4
1.4
1.7
1.5
1.6 -1.8
.5 - 1 . 4 - 4 . 3 - 2 . 2
1.5 - 1 . 5
.8
.3
-.9
3.6
5.2
.2
5.6
4.1 -2.3
2.7
1.4
2.0
3.1
3.7
4.8
1.7
5.4
2.0
2.4
3.6
2.9
c

3.9 - 7 . 6
.7
3.9
.7
.2
8.3
-.5
*
- . 3 -1.6
-3.4
1.0
.2
2.6
1.3
1
5.9
.1
1.4
4.6
.2
33.8 15.4
29.2 15.3 -1.1
.7 - 1 . 8
.3
6.9 - 4 . 0
2.8

• Less than $50 million.
*> Preliminary.
1
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
for4 August 1959.
For consumers, 1-to 4-family dwellings completed and purchases of
additions and alterations. Investment of nonfarm business sectors
includes work in process on 1-to 4-family dwellings and other private
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




20.2
11.0
9.7
1.1
.2
1.0
2.1
6.0

27.1
10.4

Change in inventories5
Farm business
Noncorp. nonfinan. business...
Corp. nonfinan. business

.9

19.9
10.9
9.7
1.
.2
1.0
2.1
5.8

4^0
-.5
1.3

4.7
11.0 10.1
7.0
6.0 -9.6
.8
1.9
1.9
2 2.1
\.2 - . 4 - 4 . 3
4.7 - 2 . 1 - 2 . 3
.4
1.8
-1.6
.9
20.6 20.9 21.1
11.2 11.3 11.4
9.9 10.0 10.0
1.2
l.i
1.2
.2
.2
.2
1.1
1.1
1.1
2.1
2.2
2.2
6.2
6.4
6.3

30.1
11.2

g
h
1
j

Discrepancy ( P - W ) 7

19.7
10.8
9.6
1.1
.2
1.0
2.0
5.8

12.4
8.5
-.9

26.4
9.4

62.7
18.9
16.1
2.8
3.8
10.2
29.1
.7

ee

19.3
10.7
9.5
1.0
.2
1.0
2.0
5.6

7.7
6.1
3.9
3.3
-4.5
-.9

26.9
11.4

Other gross private domestic fixed
investment
Consumer and nonprofit
Nonfarm residen. constr.*....
Plant and equip, {nonprofit). .
Farm business
Noncorp. nonfinan. business 4 ..
Corp. nonfinan. business4
Financial sectors

u
v
w
x
y
z
aa
bb
cc
dd

9.9 10.1
8.4
8.2
8.4
7.9
- . 5 -1.8 -1.6
1.
3.3
3.8
.7
1.4 - 2 . 1
- . 6 -1.8 -1.2
.9
.6
1.6

93.6 113.7 114.3
37.3 43.4 43.6

Z
a
b
c
d
e
f

64.6
18.2
14.9
3.3
4.0
9.7
32.0

1960

-.3

1.2

-.4
.9
1.3
-.9
-2.2
.4 -.2
1.3
2.0
1.3
1.7
12.2 10.0
11.0
8.3
.3 - . 1
A

2.8

3.6

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.

603

FLOW OF FUNDS/SAVING
SUMMARY OF PRINCIPAL FINANCIAL FLOWS
[In billions of dollars]
Quarterly 1otals
Annual totals

Transaction category,
or sector

1959

1958
1956

1957

1958

1959

I960*

4

1960

2

1

3

2. 1
1. 9
10

3.8
2.1
8.8
2.5
3.1 - 7 . 5
2.0
2.6
1 5 —1 2 — 4
2 8
_ 3
.4
4.4 - 6 7
.8
1.6 - 2 . 8 - 1 . 0
-.1
-.1
2 -.2
-.2
1.8 - 3 . 4
.7
.2
.6
— .4
-.3
-.4
.6
.4
.1
-.1
1
— .4
i
.2
.7 - 1 . 3

4

1

2

3

4,

I. Demand deposits and currency
A
B

c
E
F
G
H
I
J
K

Net increase in commercial bkg.
system liability *
Net increase in assets, by sector
Federal Government
Other domestic sectors
Consumer and nonprofit
Farm and noncorporate b u s . . .
Corporate nonfinancial b u s . . . .
State and local government....
Financial sectors
Rest of the world
Discrepancy (A—B)

.1
.8
.8

5.8
6.5
.1

1.1
1.7
.7

6.4

.9

*

2.5
1.3
1.7
.2
.7
*

.9
-.7
.2
.5
*
.1

10.1
6.8
5.2
-1.9

16.1
10.1
6.5

9.0
-.3
2.1
7.3

10.1
-2.2

8.9
9.0

10.1
9.8

1.7
1.7
2

-.8
.7
.2

1.7

.3

1.0
-.9
.1
.6
.1
.2 '"".2
.2
.3
.2
.2
.1 - 1 . 4

8.0

-7.0

.2
-.3
-.5
.2
.5
-.1

2.3
.3
2.5
.6
.5
.3

-.9
-.2
-2.9
-.4

-.6

-.7

1.4

-1.7

7.6
2.2
7.2
-1.8

14.8
7.0
8.1
-.3

3.1
.9
2 3
-.2

2.3

16.2
7.6
-.7 -2.0

14.8
-5 .4
.8

3.1
-.2

-.7

6.6 - 5 . 3
*
6.3 - 4 . 9

7
-. 7

!• 5

-.3
?
2

1 .5
1 .8

4.9
3.9
1 8
5 5

1 .9
1
.1

2.0

.2
: .3

2.0
g
.7
.3
1.0

A
B
TJ

E
p
G
H
T
J
K

II. Fixed-value redeemable claims
8.9
3.6
5.4

c
D

Net increase, by type
Time deposits
Savings shares
U S savings bonds 2

E
F

Net increase in liab , by sector
Federal Government

A
B

i

..

G

Savings institutions

I
j

Y
L

III.
\
R

C

..

Net increase in assets, by sector
Consumer and nonprofit
Other domestic sectors 3
Rest of the world (time deposits).

G
H

c
E
F

Federal Government
State and local government

Federal obligations 5
Short-term direct
Other
State and local obligations

Corporate and foreign bonds

Bank loans n e e
Other loans

V

.

f
•

i

2.3
-.2

3.0
-.6

1.6
-.6

1.6
- . 2*

3.9
_ 2
1 5
2 6

3 .9
t
2
1 fl

5.4

E
p

9
2. 6

.8
- 6
- 1
1.4

2 1
3 3

G

.8
1.7

1.6
2.1

1.6
1.6

3.9
3 4
3

3 .9
3

5.4
4 g
6

.2

3

K

.1

L

.6
2.0

-.2
2.4

9.5

2 9

14.8
12.7
1.8
.3

3.1
3.5
-.4
*

2.3
2.2
*

3. 0
3.

.1

-. 4

3

2

3.1
.9

2.8
.8

3 1

2.1
3.1
.1
.5

2.0

2.3

2.8
.1

3.1
7
.5

-.7

9.0
2.8

10.3

11.6

11.5

3.7

3.5

2.8
1.0

2.9
.9

^
l. 2

? 5

3.4

6.1

6.9

7.9

8.1

1.8

2.0

2. 0

1.7

9.0
.6

10.3
1.0

11.6
1.0
1.8

11.5
1.0
1.8

2.8
.1

2.9
.2
.5

3. 2
4

2.5
.3
.5

5.6
3.2

5.0

1.3

1 6

1 2

1.0

8

.5

22.7

7.3

18 7

3.8
.8
1.6

-4.6
4.6
1.3
1.1

1.6
4.3

1.7
4.7

2.6

2.8

36.7
1.1
5.5
-4.4

46.2
9.0
-1.2
10.2

3.2

4.7
7.5
4.0
8.6
3.5
2.8
-.3
2.3
2.6

5.7
6.8
4.2

3.8
3.6
-.6
5.9
.9

.

31.2
15.1
.9

4.8
2.1

.

10.8

Other mortgages
Consumer credit
•

Funds raised bv sector
Consumer and nonprofit
Farm business
.
Noncorporate nonfinancial bus...
Corporate nonfinancial business
Federal Government
State and local government
Rest of the world

State and local covernment
Commercial banking system
Monetary authorities
Commercial banks
Secuvitics
Loons** .
Insurance sector
Finance n e e

5.0
3.8

...

W Funds advanced, by sector
Consumer and nonorofit
X
Farm and noncorp. business
Y
Corporate nonfinancial business..
Z
c

-1.0
.9 - 1 . 0

1.7

5.4
2.5
2 8
.1

-.2

1 9

.2
-.2

A
B
D

I

j

3.6

.4
1.5
.8

.8

1.6
.9

.5
1.1
1.1

18 1
5.3
.7
4 6
1.8
1.1

17.2
4.0
4.7

-4.1
-7.4

-.7
.4

3.3
1.0

1.5

7
3.7
1.5
1.7
-.3

1.1

6

3 0

Q

9

A
p

1.6
2.6

2.1

C

1.1
.8

1

1 5
.7

1.0

11.8

10 4
.2
5
—4 1
1
1 3

14 8
2.2
g
3 0

9

7

.8

1
5

3.0 D
1 E
5

F
H

Credit and equity market
instruments

L
M

T

7.6
9.6

30.7
-5.6
7.4
-13.0

Private noninsured pension plans.

Corporate stock

N

16.1
13.5

.5

3.9
1.7
2 4
-.1

9.3
1.0
1.4

Pension funds

G
H
I
T

O
p
Q
R

1.2
8.4

1.6
.2
1 6
-.2

9.3
3.8
5.6

Net increase, by type

IV.

B

.4
*

8.0
8.9

1.6
-.1
2 3
.-6

3.9
2.6

-.2

.8
*
- 1.2
.5

Saving through life insurance
and pension funds

D Net increase in liab., by sector4
F

-.1

5.5
6.9

c

3. 0
2
2. 3
-.5

2.0
13.0
-5.4

2.9
3.6

4.7

5.5

4.4

3.5

10.1

13.3

10.9

3 2

5.2
.3
1.7
1.3
2.0

5.8
6.3
.1
7.9
2.8

4.5
3.9
.4
3.4
5.6

1.6
1.9
1.1
2.7
1.0

36.9
11.8

46.2
12.0

61.4
20.6

39.2
16.1

22.7

1.1

1.5

2.0

1.2

2.3
11.8

3.3
1.2
1.0

1.0
4.9
2.4
1.4

9.3
5.9
1.2
2.3

30.7
7.7
.3
-3.8
1.1

36.7
8.1
.2
.4
2.4

46.2
4.7

2.6

4.8
.3

4.3
-.8

4.5

5.1
1.3
3.8
7.2
8.3
2.5
.6

-5.5
8.0
7.3
8.0
1.6
1.3

1.2
1.7

4.8
3.1
11.6 10.2
10.7 - 1 . 6
5.1
5.7
.8

4.0
4.2
1.9

61.5 39.2
15.3
2.2
.4
.2
5.5 - 2 . 2
2.5
3.8

*

1.2
2.9
1.2
-.7
-.2
-.4
.9

2. 0
4. 7

-?, 7
1. 4
1. 0
1. ?
3 8
1 7
2 6

6
1 3

7 8
.1

1.2
3.0
1.4
2.7
.6
1.9
.5

18 7
6
1 1

18 3

17.1

5.6

7.3
3.0
.7

5.0

6.4
-.2

2.8
3.1
7.9
.8

-.4
1.9
2

2 5
3. 8

1.6
2.9

1 7
1

5.2
1.8
1.2
.3

1.1
2.9

4.1
.5

18.3
4.3
-.1
1.5
1.0

17.2
3.2
.5
1.9
.5
.7
3.5

1.8
.6

22.7
1.4
.5
4.2
.9

1.3
.7

.2
7.3
4.5
-.3
1.0
.7

1

1.
4

18 7

3 4
l' 3
1 2
7

2.9

1.0

.5

.6

^

1,2

17.0
5.6
2.2
.3
5.3
14.9
10.4 -7.2
4.5
12.5
9.4
10.6

9.9
.7

8.0
1.4

-5.4
-.9
-4.5
-4.2

4 2
6

3.3
.5

3 6
7
5 3
3 2
2 6
9
1 0

2.8
-.8
3.6
3.0
2.1
.8
1.3

1.4

8.9
2.0
-.1

9.8
4.5
3.1

* Less than $50 million.
* Preliminary.
NOTE.—Data for excluded categories—trade credit, proprietors' net
investment, gold, Treasury currency, and misc.—and more detail on




7.6
3.8

5.8
4.9

1.1
13.1

2.3

61.5 39.2
11.3 - 2 . 2
5.5 - 5 . 1

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

-.3
2.7
2.5
.9
.2

2.3
*

3.4

-.4
3.8
1.6
2.6
2.0
.7

2.3

.9
2.3
1.0
-.8

-1 6

-1.4
—2 1
.6
7

1.2

.9
2.9
1.3
2.4
5

.4
2.1

2 1

2.3
2.1
.5

11.7

1.2
5.2
.8

.2
1.2
2.6
2.9
-4.1 -1.5
1.0
-.3
.3

2 0
1
6
^
7
10 4
3 7

*
2 4

1 7

1 4
1 6
7

.5

4

.8

5

1 9
2 6
1 1
1.8
9

14 8
5 1
_ 3
1.8
2 3
2.6
6

2 1
.7

11.8 10 .4 14.8
-.7
.0 - 2 . 3
A
.3
.5
1.2
-'.3 - 1 . 3 - 1
1.3
*6
.7
*
*
3
.9
.4
5.1
-8.0
5 .2
7.5
-1.4
1.2
.4
5
4 7
3.9
-6.6
7.2
-5.7
.3
4.0
9
-.8
3.7
3.2
2.3
2.4
2.0
*

2 .6
5
.3

E

p
G
H

T

jr

1 5 j
1 6 M

2.3
4.2

2.2
2.9
.2
.5

A
B
j-j

2.2
2.7
1.9
.4

N

O
p

s

T

u
v
w
X
Y
Z
a
h

c
d
e
f
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.

604

MEMBER BANK EARNINGS, 1960
EARNINGS OF ALL MEMBER BANKS, BY CLASSES
[Earnings in thousands, assets and liability items in millions of dollars]
Central reserve
city member banks

All member banks 1

New York
1956

1957

1958

1959

1960

Chicago

Reserve
city
member
banks

Country
member
banks

1960

Earnings
Interest and dividends on securities:
U. S. Govt
Other
Interest and discount on loans
Other charges on loans. .
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings

6,078,173 6,770,958 7,126,594 8,074,868 8,927,868 1,474,247

353,010 3,470,683 3,629,928

1,100,589 1,167,739 1,266,176 1,398,835 1,414,361
307,846
339,451
444,652
467,351
411,403
3,662,480 4,136,112 4,245,404 4,925,848 5,640,438
62,685
71,803
80,902
95,397
89,469
310,165
354,187
388,500
421,689
463,666
121,585
136,558
139,686
149,399
162.140
309,105
340,234
364,360
408,503
442.083
203,719
224,875
230,163
230,545
248,360

186,825
70,390
927,132
13,861
30.652
29,432
146,935
69,020

55.594
477,303
694,639
19.733
153.926
223,302
223.074 2,287,450 2,202,782
2.362
41,362
31,884
187.3321
2,208
243,474
59,772!
7,200
65,736
35.259
172,598
87.291
90,9401
7,580
80,820

Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed mony
Taxes other than income
Recurring depreciation
Other current expenses

3,679,898 4,222,375 4,616,925 5,139,614 5,654,675
553,292
731,508
592.380
680,090
632,081
1,181,906 1,284,885 1,349.170 1,438,261 1,557,204
29,161
36,884
30,856
34,586
32,485
649,679
927,199 1,123,415 1.279,719 1,434,259
43,793
84,220
47,875
75,898
23,183
157,227
238,522
211,003
172,171
185,234
102,854
167.791
153,411
117,071
134,749
961,985 1,049,938 1,136,608 1,266.646 1,404.287

774,050
80,239
264,776
1,700
131,341
28,486
21,986
16,065
229,457

181,441 2,180,125! 2,519,059
20.115
247,3961
383,758
54.729
643.477
594,222
323
5,866
28,995
559.094
39,180
704.644
8.644
35.391
11,699
6,727
107,618'
102,191
1.690
55.952
94,084
525,331
50,033
599,466

Net current earnings before income taxes..

2,398,275 2,548,583 2,509,669 2,935,254 3,273,193

700,197

171,569 1,290,558 1,110,869

Recoveries, transfers from reserves, and
profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes
Taxes on net income
Federal
State

225,807

169,938

777,390

296,179

503,710

107,710

28,776

197,992

169,232

12,578
39,745
27,526

8.190
19,345
57,162

8,157
54,261
611,514

25,448
106,235
41.693

10,336
51,287
283,991

57
6,777
48,794

1.514
11,344
13,665

5.211
20,021
110,294;

3,554
13.145
111,238

14,309
73,279
58,370

14,037
36,848
34.357

15,848
39.679
47,931

13,892
53,173
55,738

19,883
66.545
71,668

1,738
22.573
27,771

176
1,048
1.029

7,275
32,377
22,814

10.694
10,547
20,054

879,830

655,063

681,456 1,199,926

847,465

170,567

50,393

326,310

300,195

276,573
97,001

206.908
78,269

74.869
253,282

666,514
157,997

195.526
142,435

47,473
13,389

18,507
10,912

65.167|
79,511

64.379
38,623

21,851
407,544
76,862

15,675
280,887
73,324

15,109
240,813
97,383

15.382
273,068
86,965

22,813
389,856
96,835

426
104,100
5,179

306
17.328
3,340

5,210
133.021
43,401

16,871
135.407
44,915

1,744,253 2,063,459 2,605,603 2,031,507 2,929,438

637,340

149,952 1,162,240

979,906

!
i

717,688
677,206
40,482

774,622 1,240,662
728.418 1,165.534
46,204
75,128

293,206
265,191
28,015

1,026,565 1,168,944 1,457,194 1,256,885 1,688,776

894,515 1,148,409
848.679 1.081.498
45,836
66,911

65,466
65,466

529,596
498,873
30,723

352,394
336,004
16,390

344,134

84,486

632,644

627,512

546,931
1,592
545,339

603,767
1.485
602.282

646,178
1,566
644,612

689,721
1,461
688,260

734,830
1.173
733.657

174,573
12
174,561

28,902
20
28.882

297,200
2451
296.955

234,155
896
233,259

3,185
35,443

2,099
43.673

8,919
61,132

2,848
66,050

16,476
58,052

1.969
6,097

2
2.165

12,135|
23,496j

2.370
26,294

92,830
108,536

71,394
100,611

18,823
109,169

195,044
101,989

43,652
233,782

154
75,139

1,216
9,939

32.737!
75,995j

9,545
72,709

74,279
47,554
13,421
36,924
2,883

79,024
46,081
13,579
37,435
3,450

80,819
51,604
15,721
37,916
3,893

88,848
50,125
16,476
38,402
4,047

96,671
45,609
16.018
39,063
4,719

17,764
5,638
2,139
8,135
1,531

4,259
1,814
645
1,878
102

39,066
16,012
5.401
16,076
1,732

35,581
22,144
7,833
12,974
1,354

Total a s s e t s . . . .

175,061

179,568

189,953

197,898

202,080

35,207

8,699

78,287

79,886

Time deposits
Total deposits
Total capital accounts

41,200
157,561
13,270

44,596
160,753
14,108

51,054
170,058
15,086

54,142
176,303
15,898

55,598
177,862
16,820

4,652
28,921
3,442

1.492
7,583
775

21,648
69,424
6,238

27,807
71,935
6,366

61,325
363,639

63,410
378,317

65,694
381,086

68,702
399,285

71,698
418,339

5,124
58,097

1,148
12,582

22,070
166,530

43,356
181,130

6,462

6,393

6,312

6,233

6,174

15

10

217

5,932

Net profits
Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves 3—
On securities
On loans
Losses charged to reserves4—
On securities
On loans
Assets, deposits, and capital accounts:
Loans
U.S. Govt. securities
Other securities
Cash assets
Other assets

Number of officers
Number of employees
Number of banks
For notes see following two pages.




605

MEMBER BANK EARNINGS, 1960
EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Earnings in thousands, assets and liability items in millions of dollars]
Federal Reserve district
Item
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

San
Dallas Francisco

Earnings
Interest and dividends on
securities:
U. S. Govt
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits.. .
Other charges, fees, etc
Trust department
Other current earnings

430,072 2,223,431 467,905 707,744 401,064 504,912 1,282,212 289,192 242,367 379,291 458,798 1,540,880
59,368 299,267 71,499 134,454 69,429 87,192
17,178 123,181
26,741 42,292 18,209 25,835
263,258 1,404,369 301,567 430
",040 251,310 311,035
21,867
2,913
3,369 5,208
5.908
3,467
81,649
18,169 32,578 24,860 33,223
26,687
40,595
10,791
5,987 8,347
11,735
9,918
167,682 31,158 36,221
37,348
15,584 14,123
84,821
9,415 18,604
12,529
8,287 15,861

261,767 56,958 42,190 73,646 76.966 181.625
77,775
16,143
13,077 20,000 25.304
61,616
769,043 181,635 149,238 232,768 293 ,832 .052,343
10,221
3,026
1,642
2,536
2,319
26,993
54,682 12,477 15,138 23,354 22,067
118,782
21,649
28,561
4,726
7,862
5,427 6,542
61,342
43,594
8,493
6,762 10,134 9,642
25,733
27,366
7,118
5,564 11,643 21,419

Expenses
Salaries—officers
Salaries and wages—others. ..
Directors' fees, etc
Interest on time deposits
Interest on borrowed money..
Taxes other than income
Recurring depreciation... .
Other current expenses

263,384 1 ,306,913 310,747 451 ,666 259,073 336,015
38,115
143,165 38,221 52,616 39,430 47,558
83,580 398,986 82,427 115,686 71,679 89,303
5,923
2,128
4,043 3,118
2,674
2,700
39,929 298,354 81,370 135 ,751 57,640 71,498
31,110
2,694
3,404 3,277
2,246
4,008
39,923
11,000
15,226 29,459
11,093
16,625
34,023
10,973 13,543
8,828
9,403 13,158
77,110 355,429 75,083 98,216 64,908 91,165

827,735 180.
102,947 29!
215,059 44.
5,192
2.
240,185 38.
12,877
2;
33,129
8;
19,965
5;
198.381 49;

Net current earnings before income t a x e s . . . . . . . . . . . . . . 166,688
Recoveries, transfers from reserves, and profits. .
32,730
On securities:
494
Recoveries
Transfers from reserves....
867
Profits on securities
22,608
On loans:
555
Recoveries
Transfers from reserves....
560
7.646
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes

916,518 157,158 256,078 141,991 168,897

454,477 109,023

161,891 234,897 289 ,110 1,033,075
26,405 45,471 49,632
118,411
37,529 59,270 66,109 293,288
1,537
1,894
2,595 2,761
40,901 43,934 54,686 331.853
3,059
3,071
9.718
6,197
5,114
38,139
7,256 22,838
4,995
27,440
8,363 11,854
42,351
64,937 75.033 212,332
80,476 144,394 169,688

507,805

18,205 10,665

62,880

151,337

15,195 49,745

17,699

30,266

76,036

28,420

10,532

508
12,162
71,750

2,764
172
4 6,683
9,258 28,998

101
587
14,017

201
1,814
23,124

3,266
15,071
45,127

158
1,605
20,628

629
3.609
3,955

151
452
13,475

323
873
4,561

1,569
7,560
26,490

3,876
29,076
33,965

577
1,437
1,155

630
9,751
3,511

422
579
1,993

585
539
4,003

849
6,519
5,204

368
2,554
3,107

1,014
208
1,117

1,531
1.435
1.161

1,869
511
2,528

7,607
13.376
6.278

28,608 32,038

116,721

50,391

248,352

40,090 78,307

32,660

45,577

131,593

29,683

13,445

18.913
5,139

60,417
31,945

15,658 9,405
1,424 25,515

7,173
5,510

6,613
7,547

40,669
25,270

3,396
11,615

4,302
978

4,273
6,324

3.915
1,583

20,792
19.585

2,451
11,091
12,797

1,495
140,849
13,646

640 1,082
16,756 36,065
5,612 6,240

1,364
13,691
4,922

1,592
23,858
5,967

2,099
49.574
13,981

918
8,942
4,812

1,127
5,323
1,715

2,747 3.646
9,510 17.181
5,754 5,713

3,652
57,016
15,676

398,920 107,760

77,563 133,991 148,315

453,964

52,050 91,922
51,726 91,922
324

54,796
53,737
1,059

60,963
59,984
979

154,087
153,209
878

45,963
44,936
1,027

31,127
27,365
3,762

54,538 59,550
52.062 59.487
2.476
63

204,541
184,481
20,060

458,553

80,213 135,594

72,234

92,623

244,833

61,797

46,436

79,453 88,765

249,423

224,535
844
223,691

44,680 52,724
2
44,678 52^724

30,863
1
30,862

30,850
10
30,840

85,480
200
85,21

23,982
28
23,954

17,689
15
17,674

26,449 40,702

119,212
21
119,191

1,442
3,553

608
1,622

109
3,667

1,157
8,262

562
2,460

48
1,160

162
3,666

529
4,220

7,378
89,628

2,700 10,210
6,096 23,047

215
5,243

64
16,005

7,651
25,182

1,313
4,842

59
3,355

800
7,9

452
14,062

135
12,457
12,237
31,784

4,403
1,859
659
1.672
182

25,825
9,392
4,039
10,451
1,816

5,119
2,307
918
1,825
204

7,686
4,172
1,403
2,821
256

4,142
2,313
646
1,817
183

4,933
2,794
871
2,416
232

13,445
8,570
2,700
5,594
425

3,133
1,844
549
1,501
80

2,441
1,321
428
955
97

3,831
2,311
707
2,094
136

4,876
2,493
845
2,685
300

16,838
6,233
2,253
5,233
807

Total assets...

8,775

51,522

10,373 16,338

9,101

11,246

30,734

7,106

5,242

9,079 11,200

31,364

Time deposits
Total deposits
Total capital accounts

1,630
7,594
832

11,189
43,575
4,647

3,195 5,437
9,142 14,482
970 1,499

2,361
8,078
766

2,654
10,113
883

9,607
27,585
2,372

1,608
6,353
606

1,607
4,687
410

1,690
8,139
778

2,260
9,984
944

12,360
28,130
2,112

3,756
24,516

11,315
95,776

4,255 5,077
23,876 30,980

4,267
22,015

4,875
27,218

9,135
57,294

3,418
14,236

2,971
11,482

4,975 5,178
18,121 19,625

12,476
73,200

269

492

435

418

999

480

474

819,503 132,263 227,516 127,030 153,586

Taxes on net income
Federal
State

70,175
59,952
10,223

360,950
326,673
34,277

Net profits...

78,852

Cash dividends declared
On preferred stock 2
On common stock

37,664
52
37.612

9.192
4,194

2,523
10,712

9
2,079

573
6,550

Memoranda items:
Recoveries 3 credited to reserves —
On securities.
On loans
Losses charged to reserves4—
On securities
On loans
Assets, deposits, and capital
accounts:
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets

Number of officers
Number of employees
Number of banks

149,027

488

565

1
Includes figures for all banks that were members of the Federal Reserve
System at the end of the year (including those becoming members during
the year whose returns may cover operations for only part of the year);
and in addition includes appropriate adjustments for member banks in
inclu
operation during part of the year but not at the end of the year. Data
may not add to totals because of rounding.




26,449 40,702

757

2 Includes interest on capital notes and debentures.
Not included in recoveries shown above.
Not included in losses shown above.

3
4

For other notes see following page.

632

165

606

MEMBER BANK EARNINGS, 1960
EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Earnings in thousands, assets and liability items in millions of dollars]
Federal Reserve district
Item
Boston

New
York

149,049

92,057 192,774 422,705 187,443 205,892 325,629 136,598

77,252 176,010 219,324 1,285,959

17,755
3,586
91,255
1,646
3,919
6,458
19.466
4,964

9,872 20,915 73,443 29,446 29,947 61,393
5,146
7,803 25,847
7,091
8,069 20,020
62,782 128,424 256,677 116,769 133,555 203,240
1,335
1,633
3,465
1,519
2,279
3,228
5,394
7,186 16,787 11,782 10,132 15,598
1,814
2,893
4,747
5,516
4,877
4,543
7,776 13,856
1,926 20,187 30,643 10,764
8,308
3,788
3,733 11,096
4,556
4,700

20,236
6,036
91,433
789
4,824
2,242
7.086
3,952

8,737 27,864 31,859
2,893
7,737
9,182
51,890 115,422 147,260
1,074
955
1,899
3,046
7,009
4,415
2,002
1,354
2,188
5,469
8,484
7,645
2,141
7,185 14,876

145,836
50,516
888,743
21,540
97,240
21,138
39,296
21,641

Expenses
Salaries—officers
Salaries and wages—others.
Directors' fees, etc
Interest on time deposits. . .
Interest on borrowed money
Taxes other than income. . .
Recurring depreciation
Other current expenses

74,499
11.007
29,000
243
3,994
897
3,358
1,930
24,070

62,971 115,810 254,383 117,179 131,149 212,856
7,106 13,217 25,220 16,562 16,038 19,193
17,795 39,706 73,537 38,171 37,949 65,425
616
443
548
279
566
in 24,255 58,857
16,809 15,250 72,674
19,681
2,741
2,583
481
2,591
2,840
1,535
6,630 17,158
8,279 10,006
1,829
5,571
3,590
5,946
3,732
1,415
4,613
3,813 37,757 51,356
17,257 34,391 56,491
31,129

77,510
10.149
22,257
336
12,703
2,184
4,043
1,406
24,432

47,831 101,103 128,740
5,700 14,075 16,001
15,262 30,054 28,664
370
213
423
6.974 17,021 26,967
2,634
2,378
5,558
991
2,990 13,161
1,037
3,675
4,493
15,020 30,487 33,526

856,094
93,128
245,657
1,112
283,909
8,969
33,602
20,302
169,415

Net current earnings before income taxes

74,550

29,086

19,371

8,591

64
13,237

150
1,897
3,282

5,861

Earnings
Interest and dividends on
securities:
U. S. Govt
Other
Interest and discount on loan:
Other charges on loans..
Service charges on deposits.
Other charges, fees, etc
Trust department
Other current earnings

Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves...
Profits on securities
On loans:
Recoveries
Transfers from reserves...
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs. . .
Transfers to reserves
On loans:
Losses and charge-offs. . .
Transfers to reserves
All other
Profits before income t a x e s . . . .
Taxes on net income.
Federal
State

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

Kansas
City

Dallas

San
Francisco

70,264

74,743 112,773

59,088

29,421

74,907

90,584

429,856

4,094

37,841

10,552

17,331

18,085

21,579

1,652

9,392

2,687

46,817

2,382
585

124
5,957
21,161

9
367
8,655

57
1,742
13,969

693
1,759
10,121

19
1,412
15,501

98
517
433

78
227
7,811

260
1,406

1,521
5,819
14,133

24
2,447
791

74
939
114

74
8,674
1,851

60
246
1,215

41
263
1,259

18
3,578
1,916

27
2,177
2,443

254

350

78
750
448

45
37
859

6,371
13,266
5,707

24,444

14,530

21,590

56,791

18,402

19,529

33,071

17,319

3,515

11,532

7,393

98,194

11,188
1,323

856
4,605

11,380

4,307
21,693

3,283
4,288

1,670
5,343

8,162
9,725

597
9,793

1,300
350

1,784
5,036

1,439
878

19,201
16,477

2,065
1.965
7,903

2
8,034
1,033

50
26,667
4,074

573
7,821
2,437

397
9,911
2,208

440
10,645
4,099

93
5,271
1,565

106
1,454
305

229
3.155
1,328

6
3.995
i;O5

1,249
47,353
13,914

69,477

23,147

59,468 149,372

62,414

72,545

97,787

63,348

27,558

72,767

85,878

378,479

37,567
31,527

9,254
8,015
1,239

25,861
25,861

63,733
63,733

29,895
29,116
779

32,812
32,350
462

39,770
39,155
615

30,847
29,974

13,335
11,618
1,717

34,303
32,738
1,565

38,314
38,314

173,905
156,472
17,433

13,893

33,607

85,639

32,519

39,733

58,017

14,223

38,464

47,564

204,574

6,555

13,372

24,283

209

6,750
3,460

6,040

Memoranda items:
Recoveries credited to reserves 3—
On securities
On loans
Losses charged to reserves4—
On securities
On loans

Minneapolis

76,964 168,322

Net profits
Cash dividends declared.
On preferred stock 2 . . .
On common stock....

St.
Louis

873

31,910
16,825

32,501
8,877
154
8,723

22,126

34,167

15,691

13,657

22,126

34,167

15,691

13,657

24,817
90
24,727

13,306
13,306

6,555

13,372

24,283

103,524
1
103,523

i6,825

9,098
2,499

13
49:

748

1,224
1,434

297

1,25:

1,011
1,799

557
1,031

257

1,644

110
1,029

122
11,014

u:
1,81:

2,015
2,071

2,375
2,224

9,324
18,275

39
1,918

8
7,515

5,261
5,160

78:
2,22!

1,169

743
3,075

80
4,15:

11,968
26,395

1,627
523
137
671
76

1,029
350
198
340
3'

2,22'
630
258
964
92

4,737
2,208
836
1,830
153

1,955

2,221

257
97:
96

261
1,204
90

3,675
2,177
745
1,707
127

1,659
68'
201
841
39

898
296
95
429
35

2,046
943
273
1,204
80

2,656
1,129
263
1,443
187

14,335
5,076
1,879
4,471
720

Total assets.

3,034

1,953

4,170

9,764

4,281

4,775

8,43:

3,42:

1,753

4,545

5,678

26,481

Time deposits
Total deposits
Total capital accounts.

207
2.583
333

633
1,752
158

593
3,644

38-'

2,80:
8,580
933

797
3,794
334

889
4,261
380

2,606
7,576
610

518
3.015
300

265
1,512
150

649
4,034
396

1,143
4,990
497

10,547
23,682
1,764

908
7,765

593
4,941

1,03
10,341

1,798
17,802

1.465
11,144

1,375
11,011

1,34:
16,431

881
6,921

467
4,025

1,187
8,478

1,209
7,955

9,811
59,716

24

18

36

26

23

Assets, deposits, and capital
accounts:
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets

Number of officers
Number of employees.
Number of banks

* Not including central reserve city banks.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle,
and end of each year, plus the last-Wednesday-of-the-month figures for
the 10 intervening months. The number of officers, employees, and banks
are as of the end of the year. Cash assets are comprised of cash, balances




i,oo:

16

with other banks (including reserves balances), and cash items in process
of collection. Total capital accounts are comprised of the aggregate
book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
For other notes see preceding page.

607

MEMBER BANK EARNINGS, 1960
EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Earnings in thousands, assets and liability items in millions of dollars]
Federal Reserve district
Item
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

281,023 657,127 275,131 285,039 213,621 299,020 603,573 152,594 165,115 203,281 239,474
Earnings
Interest and dividends on
securities:
41,613 102,570 50,584 61,011 39,983 57,245 144,780 36,722 33,453 45,782 45,107
U. S. Govt
13,592 47,645 18,938 16,445 11,118 17,766 38,022 10,107 10,184 12,263 16,122
Other
Interest and discount on loans 172,003 414,455 173,143 173,363 134,541 177,480 342,729 90,202 97,348 117,346 146,572
1,267
5,580
Other charges on loans..
6,671
2,680
853
1,462
1,364
1,127
1,736
1,743
1,948
Service charges on deposits.. 22,768 45,603 10,983 15,791 13,078 23,091 36,876
7,653 12,092 16,345 17,652
Other charges, fees, etc
4,333
5,860
4,354
3,600
9,906
2,484
9,349
6,858
4,073
3,094
4,402
17,882 18,821 10,971
Trust department
1,293
1,997
5,578
6,347 12,227
1,407
1,650
4,820
7,565 12,013
Other current earnings
3,166
3,423
6,543
7,508
7,553 13,453
4,458
5,682
3,731

254,930

188,885 469,892 194,937 197,283 141,894 204,866 433,438 102,659 114,060 133,794 160,370
Expenses
27,108 55,820 25,004 27,396 22,868 31,520 63,639 19,388 20,705 31,396 33,631
Salaries—officers
Salaries and wages—others. . 54,580 116,415 42,721 42,149 33,508 51,354 94,905 22,031 22,267 29,216 37,445
1,885
1,983
Directors' fees, etc
1,324
2,172
2,391
3,944
3,600
2,502
1,957
2,152
4,303
35,935 150,204 66,120 63,077 37,959 47,243 142,148 25,455 33,927 26,913 27,719
Interest on time deposits
Interest on borrowed money.
1,797
821
425
639
2,143
536
1,393
375
693
711
1,417
Taxes other than income
7,642 16,108
4,123
8,596 12,301
5,522
8,346 16,396
4,677
4,266
9,677
6,898 16,543
Recurring depreciation
3,840
4,688
7,361
7,383
7,597
9,426 13,662
3,958
5,590
53,040 108,715 40,692 41,725 33,779 53,408 96,992 24,910 27,331 34,450 41,507
Other current expenses

176,981
25,283
47,631
782
47,944
749
4,537
7,138
42,917

Net current earnings before income taxes

92,138 187,235

87,756

71,727

35,036

11,101

11,904

7,147

12,935

494
803
9,371

301
3,488
19,674

382
4
8,673

48
726
7,837

92
220
5,362

144
72
9,155

346
560
1,785

2,114
4,056
5,403

503
498
1,041

556
1,077
1,660

362
333
778

25,947

63,255

18,500

21,516

7,725
3,816

12,088
13,951

4,278
1,424

5,098
3,822

386
9,126
4,894

Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other

80,194

13,359

Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other

1,067
28,715
7,434

640
10,006
2,152

1,032
9,398
2,166

35,789
11,100
163,600
5,453
21,542
7,423
4,298
5,725

49,935

51,055

69,487

79,104

77,949

29,175

6,841

8,880

8,813

7,978

16,063

1,059
1,968
21,341

139
193
5,127

531
3,092
3,522

73
225
5,664

243
613
3,155

48
1,741
12,357

544
276
2,744

655
1,893
2,259

341
377
664

760
208
767

1,453
685
713

1,824
474
1,669

1,236
110
571

14,258

26,048

48,129

12,364

9,930

17,076

24,645

18,527

3,890
1,222

4,943
2,204

14,000
4,633

2,799
1,822

3,002
628

2,489
1,288

2,476
705

1,591
3,108

791
5,870
2,485

1,195
13,947
3,759

1,353
21,601
6,542

825
3,671
3,247

1,021
3,869
1,410

2,518
6,355
4,426

3,640
13,186
4,638

2,403
9,663
1,762

94,154 170,135

Profits before income taxes

79,550 159,016

72,795

78,144

64,616

81,041 151,181

44,412

50,005

61,224

62,437

75,485

Taxes on net income
Federal
State

32,608
28,425
4,183

58,490
53,467
5,023

26,189
25,865
324

28,189
28,189

24,901
24,621
280

28,151
27,634
517

48,851
48,588
263

15,116
14,962
154

17,792
15,747
2,045

20,235
19,324
911

21,236
21,173
63

30,636
28,009
2,627

Net profits

46,942 100,526

46,606

49,955

39,715

52,890 102,330

29,296

32,213

40,989

41,201

44,849

Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves 3—
On securities
On loans
Losses charged to reserves4—
On securities
On loans

20,839
52
20,787

41,085
678
40,407

22,554
2
22,552

18,557

17,193
10
17,183

31,761
90
31,671

10,676
28
10,648

11,134
15
11,119

13,077

16,419

18,557

15,172
1
15,171

13,077

16,419

15,688
20
15,668

94
1,695

541
4,123

9
1,331

218
2,119

608
1,325

109
2,415

144
4,298

5
1,429

48
903

16:
2,02:

419
3,191

13
1,443

431
4,738

5,209
12,418

325
3,872

886
4,772

176
3,325

56
8,490

1,174
10,083

531
2,613

59
2,186

5'
4,913

37:
9,910

269
5,389

2,776
1,337
52:
1,001
106

7,03:
3,404
1,702
1,975
248

2,892
1,677
661
861
112

2,950
1,964
567
991
103

2,187
1,311
389
845

2,711
1,797
610
1,211
142

5,510
4,578
1,310
2,009
196

1,473
1,162
348
660
41

1,543
1,025
333
52'
63

1,785
1,368
435
891
56

2,220
1,364
58:
1,24:
11:

2,503
1,157
375
762
87

Total assets

5,741

14,36:

6,203

6,574

4,820

6,471

13,603

3,684

3,490

4,534

5,522

4,883

Time deposits
Total deposits
Total capital accounts

1,423
5,011
499

5,905
12,902
1,047

2,603
5,498
586

2,634
5,902
566

1,564
4,284
432

1,765
5,853
503

5,510
12,427
987

1,090
3,338
307

1,34:
3,175
260

1,041
4,104
38:

1,11
4,993
447

1,813
4,448
348

2,848
16,751

5,598
32,738

3,221
13,535

3,279
13,178

2,802
10,871

3,500
16,207

6,645
28,281

2,53'
7,31;

2,504
7,457

3,788
9,643

3,969
11,670

2,665
13,484

262

471

482

544

419

394

965

462

464

721

606

142

Assets, deposits, and capital
accounts:
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets

Number of officers
Number of employees
Number of banks

,
,

For notes see preceding two pages.




608

MEMBER BANK EARNINGS, 1960
EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item

Total i

2,0005,000

Less than
2,000

5,00010,000

10,00025,000

25,00050,000

50,000100,000

100,000500,000

500,000
or more

Earnings
.•;'••
Interest and dividends on securities:
U. S. Govt
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings

8,865,828

56,243

302,471

463,290

778,141

620,467

601,669 2,106,693 3,936,854

1,405,361
464,317
5,607,168
88,813
460,281
160,842
431,795
247,251

14.302
3,242
33,480
185
2.780
IAO9\
91
754

72,071
20,318
180,620
1,017
17,137
6,176
506
4,626

102,976
32,929
275.501
2,684
30.770
8.929
2.170
7,331

158,240
51,218
459,388
6.253
59,041
15,309
12,615
16,077

119,341
36,038
372,068
6,333
44,494
11,120
14,700
16,373

322,034
111,394
505,003
101,128
184,685
34,759
365,512 1,319,245 2,601,354
20,599
5,917
45,825
107,253!
161,301
37,505
31,850
76,527
9,522
135,307!
244.325
22,081
117,834
69,277!
14,979

Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money
Taxes other than income
Recurring depreciation
Other current expenses

5,611,678
724,669
1,545,212
36,521
1,426,623
83,855
236.996
166,711
1,391,091

39,071i
12,258
5,404
1,122
9.094
78
1,791
1,131
8,193

211,619
50.025
35,830
5,572
58,869
474
8,781
7,884
44,184

326,184
60,370
64,940
6.113
97,224
690
13,525
12,623
70,699

550,834
85,009
124,726
7,123
158,864
1,643
21,958
21,723
129,788

434,303
60.4931
106,234
3,648
122.275
2.198
17,558
16,593
105,304

410,244 1 360,8971 2,278,526
163,464!
238,924
54.126
394,119!
708,799
105.160
6.191!
3.955
2,797
304.326i
565.524
110.4471
17,919!
57,822
3,031!
61,498
94.435
17,4501
40,362
52,031
14.364
373,018
557,036
102,869

Net current earnings before income taxes

3,254,150

17,172

90,852

137,106

227,307

186,164

191,4251

500,083

1,652

8,641

14,653

32,770

32,813

30,179

351

503
783
8.861

1,640
3,366
21,494

509
3.562
23,845

342!
2 714
21.038

I,252|
Il,608|
90.027!

5,531
29,024
111,853

2,387;
9.9951
18,245

9,362
49.927
40,164

Recoveries, transfers from reserves, and
profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other

745,796 1,658,328
133,514

245,861

10,216
51,197
281,437

344|

19,699
66,537
70.997

945
102
173

2,605
446
1.124

1,754
1.051
1.701

1.559
1,393
3.318

696
1.167
3.034

391
2.456
3.238

841,292

3,470

20,920

33,393

60,749

50,981

54,8871

193.344
142,144

444
11

3.951
572

7.579

13.844
6,171

12,528
6,830

13.064
8.580

33.992!
59,035;

107.942
59,447

20,441
389,644
95,719

1.718
803
494!

5,002
7,910
3.485

3.270
15.021
6.025

2.621
28,397
9.716

905
23.897
6.821

673
24.766
7.804

1,521!
80.1051
21,771^

4.731
208.745
39.603

Profits before income taxes

2,912,941

15,354

78,573

118,366

199,328

167,996

166,717

Taxes on net income
Federal
State

1,233,781
1,159,205
74,576

3,795
3,632
163

20,720
19,751
969

33,971
32.594
1.377

66,730
64.178
2,552

61,816
59.864
1.952

66,696
64.313
2,383

306,154;
293.115!
13039;

673,899
621,758
52,141

Net profits

1,679,160

11,559

57,853

84,395

132,598

106,180

100,021

730,805
1.139
729.666

4,096

28,550
20
28.530

46,277
8?
46.195

36,952
157
36.795

40,127
71
40.056

376,732!
j
179,180
797
178,383

375,931

"4.096

19,692
12
19.680

'375^931

16,474
58.032

353

36
2.397

200
4,226

459
6,064

595
4.080

579
4,836

2.496J
10,5951

12,108
25,481

43.647
233,742

4
713

117
5,509

370
10.021

1 .037
17.255

1.019
12.705

2,392
12,614

10.717
36,900

27,991
138,025

Losses, charge-offs, and transfers to
reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other

Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves 3—
On securities
On loans
Losses charged to reserves4—
On securities
On loans
Assets, deposits, and capital accounts:
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets

1

140
3,975

196,424

420,468

682,886 1,483,721

809,822

99.725.729
48.967.995
16.539.028
45.659,764
5.189,751

530.843 2,944,185 4.530.516 7.653,554 6,320,179 6,275,791 23,606,459 47 .864,202
420,963 2.173,637 3.196.S91 5.182.698 4.058.031 3,856.632 11,547,694 18.531,449
695,681 1,191,833 1.858,636 1,282,240 1.302,327 3,627.391 6.479.229
101,691
270.646 1.353.733 1.960.586 3.208.089 2.540.470 2,707.180 11.454.505 22,164,555
91.785
279.246
11.699
162.051
998,828 3.071.988
312.657
261.497

Total assets

216.082.267

1.335,842 7.259,021 11.041.877 18.215.634 14.480.166 14,403,427 51.234,877 98.111,423

Time deposits
Total deposits
Total capital accounts

58,771,952
382.795 2.448.022 4.042.604 6.620,901 5.016,795 4,599,349 12.739,019 22,922.467
192,603,233 1.182,348 6.537.795 10.002.585 16,504.479 13.132.545 13.053.447 46.185,173 86
16,004,861
""
17,337,710
677.031
147,781
934.039 1,432,622 1.079.376 1,077,206 3,907.822 8.081,833

Number of officers
Number of employees
Number of banks

71,31b
416,563

2.367
2,393

7,481
12,933

7.624
21.229

9,314
38,999

5,841
31,816

4,986
31,471

14.062
109,083

19,641
168,639

6,123

847

1,939

1,421

1,085

378

188

213

52

1
Totals are for banks operating during the entire year, except two
trust companies having no deposits.
2
Includes interest on capital notes and debentures.
?
Not included in recoveries above.
4
Not included in losses above.




NOTE.—The figures for assets, deposits, capital accounts, number of
officers and employees, and number of banks are as of the end of the
year. See note on second preceding page regarding the composition of
cash assets and total capital accounts.

609

MEMBER BANK EARNINGS, 1960
EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Central reserve
city member
banks

All member banks

New
York
1956

1957

1958

1959

j
i

city
j member
banks

Country
member
banks

Chicago

1960
1960

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets :
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Govt. securities
Other securities
Earnings on loans
Service charges on deposit accounts.
Other current earnings

18.1
13.1
7.7
4.1
3.47
1.37
.59

18.1
14.6
8.3
4.3
3.77
1.42
.65

16.6
17.3
9.7
4.3
3.75
1.32
.77

1.85
12.8
7.9
4.3
4.08
1.48
.64

19.5
17.4
10.0
4.4
4.42
1.62
.84

20.3
18.5
10.0
5.1
4.19
1.99
.98

22.1
18.6
10.9
3.7
4.06
1.97
.97

20.7
19.3
10.1
4.8
4.43
1.65
.81

17.5
15.4
9.9
3.7
4.54
1.39
.79

18.1
5.1
61.3
5.1
10.4

17.3
5.0
62.1
5.2
10.4

17.8
5.8
60.7
5.4
10.3

17.3
5.5
62.2
5.2
9.8

15.8
5.2
64.2
5.2
9.6

12.7
4.8
63.8
2.1
16.6

15.7
5.6
63.9
.6
14.2

13.8
4.4
67.1
5.4
9.3

19.1
6.2
61.6
6.7
6.4

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

28.5
10.7
21.3

27.7
13.7
21.0

27.8
15.8
21.2

26.2
15.8
21.6

25.6
16.1
21.6

23.4
8.9

21.2
11.1
19.1

25.7
16.1
21.0

26.9
19.4

Total expenses...

60.5

62.4

64.8

63.6

63.3

51.4

62.8

69.4

Net current earnings before income taxes

39.5

37.6

35.2

36.4

48.6

37.2

30.6

10.8
11.8
16.9

7.1
13.2
17.3

6.1
18.6
23.9

3.7
15.3
18.2

3.6
9.7
17.3

Total earnings. .
Salaries and wages
Interest on time deposits.
Other current expenses...

Net losses including transfers (or recoveries
and profits + )
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities
Interest and dividends on other securities.
Net losses (or recoveries and profits + ) 1 . .
Return on loans:
Earnings on loans
Net losses (or recoveries + ) 1

20.2
52.5
47.5

+ 1.3
16.1
20.4

11.2
9.6
15.6

3.9
13.9
18.9

4.3
19.9
23.3

2.53
2.50
.35

2.45
2.62
+ .79

2.79
2.70
1.19

+ .04

3.31
3.29

3.06
3.06
.18

+ .14

+ .14

5.02
.11

5.32

5.35
.06

5.65
.04

5.30
.38

5.29
.19

5.96
.13

6.28

.07

27.2
7.7
42.4
21 1
U6

Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities and
cash assets
Total deposits

7.6

7.9

7.9

14.6
8.4

14.7

26.1
1.58

27.7
2.08

Number of banks. .

6,462

25.7
7.6
44.0
20.8
1.9

6,393

1
Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation
reserves; net recoveries and profits is the reverse. Transfers to and from
valuation reserves are excluded.
NOTE.—The ratios in this and the following three tables were computed
from the dollar aggregates shown in preceding tables. Many of these
ratios vary substantially from the average of individual bank ratios,
which are shown on pp. 613-15 of this BULLETIN, in which each bank's
figures—regardless of size or amount—are weighted equally and in general
have an equally important influence on the result. In the ratios based




3.14
2.85

2.31
2.29
.53

Distribution of assets:
Percentage of total assets:
U. S. Govt. securities...
Other securities
Loans
Cash assets
Other assets.

Time to total deposits
Interest on time deposits to time deposits

23.1

20.5
6.9
49.9
20.5
2.2

27.7
9.8
44.5
16.3
1.7

15.5
10.2

13.5
9.0

14.2
8.8

19.7
2.63

31.2
2.58

38.7
2.53
5,932

25.3
8.3
44.9
19.4
2.1

22.6
7.9
47.8
19.3
2.4

16.0
6.1
50.5
23.1
4.3

20.9
7.4
49.0
21.6
1.1

15.0
8.9

14.5
9.0

14.3
9.5

16.1
11.9

30.0
2.20

30.7
2.36

31.3
2.58

16.1
2.82

27.2
8.3
42.5
20.0
2.0

6,312

2.98
2.85

8.9

6,233

6,174

15

10

217

on aggregates presented here, the experience of those banks in each group
whose figures are largest have a much greater influence than that of the
many banks with smaller figures. (For example, the 110 largest member
banks have total earnings which, combined, are larger than those of all
the other member banks, numbering about 6,100.) Ratios based on
aggregates show combined results for the banking system as a whole,
and, broadly speaking, are the more significant for purposes of general
analyses of credit and monetary problems, while averages of individual
ratios are useful primarily to those interested in studying the financial
results of operations of individual banks.

610

MEMBER BANK EARNINGS, 1960
EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Govt. securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income
taxes
Net losses including transfers (or recoveries and profits+)
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities
Interest and dividends on other securities
Net losses (or recoveries and profits+) *.
Return on loans:
Earnings on loans
Net losses (or recoveries+) *
Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
Other securities
Loans
Cash assets
Other assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities
and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time deposits..
Number of banks
1

New
Boston York

20.0
17.9
9.5
4.5
4.90
1.90
.90

19.7
17.6
9.9
4.8
4.32
1.78
.89

Phila- Cleve- Richdelland mond
phia

16.2
13.6
8.3
4.6
4.51
1.52
.77

4.33
1.57

.83

18.5
16.6
9.4
4.0
4.41
1.56
.79

Chicago

St.
Louis

Minneapolis

Kansas
City

19.1
17.4
10.5
3.5

19.2
16.8
10.3
3.6

18.0
17.8
10.2
4.0

19.6
18.9
11.3
4.3

18.6
17.2

4.49
1.50
.82

4.17

1.48
.80

4.07
1.53
.87

4.62
1.54
.89

10.2

3.4

4.18
1.59

Dallas

18.0
15.7
9.4
4.3
4.10
1.52
.79

San
Fran-

24.0
21.5
11.8

5.6

4.91
1.62
.80

13.8
4.0
61.9
6.2
14.1

13.5
5.5
64.1
3.7
13.2

15.3
5.7
65.2
3.9
9.9

19.0
6.0
61.5
4.6
8.9

17.3
4.5
63.5
6.2
8.5

17.3
5.1
62.8
6.6
8.2

20.4
6.1
60.8
4.3
8.4

19.7
5.6
63.4
4.3
7.0

62.6
6.2
8.4

19.4
5.3
62.0
6.2
7.1

16.8
5.5
64.7
4.8
8.2

11.8
4.0
70.0
7.7
6.5

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

28.3
9.3
23.7
61.3

24.4
13.4
21.0

25.8
17.4
23.2

27.7
14.4

27.1
14.2
25.2

24.8
18.7
21.1

58.8

66.4

23.8
19.2
20.8
63.8

66.5

64.6

25.5
13.2
23.6
62.3

26.4
16.9
23.5
66.8

27.6
11.6
22.7
61.9

25.2
11.9
25.9
63.0

26.7
21.5
18.8
67.0

38.7

41.2

33.6

36.2

35.4

33.5

35.4

37.7

33.2

38.1

37.0

33.0

4.1
16.3
18.3

4.4
16.2
20.6

5.3
11.2
17.1

4.0
13.0
19.2

3.7
13.7
18.0

3.1
12.1
18.3

4.3
12.0
19.1

.4
15.9
21.4

1.2
12.8
19.2

2.7
14.4
21.0

4.7
13.0
19.3

13.3
16.2

3.19
2.61
+ .51

3.19
3.05
+ .05

3.10
2.91
.20

3.22
3.01
+ .20

+ .25

3.00
2.82

3.12
2.97
+ .46

+ .01 + .70

3.05
2.88

3.09
2.94

3.19
3.06
+ .02

3.19
2.83
+ .29

3.09
2.99
+ .03

2.91
2.73
.06

6.05
.10

5.52

5.96
.08

5.66
.26

6.15
.11

6.42
.27

5.80

5.85
.09

6.22
.09

6.14

6.09
.24

6.41
.09

21.2

7.5

50.2
19.1
2.0

.30

18.2
7.8
50.1
20.3
3.6

22.2
8.8
49.4
17.6
2.0

25.5
8.6
47.0
17.3

1.6

22.5
64.6

25.4
7.1
45.5
20.0
2.0

24.8
7.7
43.9
21.5
2.1

.14

27.9
8.8
43.7
18.2
1.4

25.9
7.7
44.1
21.1

1.2

17.4

5.4

25.2
8.2
46.6
18.2
1.8

.14

25.5
7.8
42.2
23.1
1.4

9.5

9.0

9.4

9.2

8.4

7.9

7.7

8.5

7.8

14.7
10.7
25.7
2.67

15.5
10.6

16.0
10.4
37.5
2.50

15.4
9.5
29.2
2.44

14.o

16.1
9.5
25.3
2.37

13.8
8.7

26.2
2.69

14.3
8.6
34.8
2.50

16.6
9.6
20.8
2.60

269

492

565

435

418

999

480

34.9
2.55
488

8.7

34.3
2.55
474

757

3.5

22.3
7.5
43.5
24.0
2.7

19.9
7.2
53.7
16.7
2.5

15.7
9.5

10.6
7.5
43.9
2.68

8.6

15.9
11.0
21.5
2.45

Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation




17.1
15.2
9.0
3.5

Atlanta

6.7

22.6
2.42
632

165

reserves; net recoveries and profits is the reverse. Transfers to and from
valuation reserves are excluded.

611

MEMBER BANK EARNINGS, 1960
EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes,
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes,
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Govt. securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income
taxes
Net losses including transfers (or recoveries and profits +)
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Govt. securities
Interest and dividends on other securities
Net losses (or recoveries and profits + ) 1
Return on loans:
Earnings on loans
Net losses (or recoveries +) *
Distribution of assets:
Percentage of total assets:
U. S. Govt. securities
,
Other securities
Loans
Cash assets
Other assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less U. S. Govt. securities
and cash assets
Total deposits
,
Time to total deposits
Interest on time deposits to time deposits..,
Number of banks

New
Boston York

22.4
20.9
9.6
5.1
4.91
2.46
1.05

Phila- Cleve- Richdelland mond
phia

18.4
14.7

20.0
15.5

5.6

5.8

4.71
1.49
.71

4.62

10.7
5.6
69.6
5.9
8.2

1.85
.81

4.33
1.72

Dallas

San
Francisco

19.7
19.1
10.5
3.6

18.5
16.0
9.5
4.1

19.7
21.1
10.8
4.4

19.6
18.4
9.5
4.4

18.9
18.4
9.7
3.4

18.2
17.3
9.6
4.9

24.4
21.5
11.6
5.9

4.31
1.57
.83

3.86

3.99

1.34

1.73

14.8
4.4
67.5
3.6
9.7
100.0

68.6
3.9
12.5
100.0

100.0

14.5
4.2
68.0
2.0
11.3
100.0

23.7
9.3
23.7

27.1
9.0
25.8

25.1
9.7
22.6

20.4
12.3
26.0

.69

.95

4.41
1.68
.81

3.87
1.65
.85

3.86
1.60
.84

4.86
1.62
.77

100.0
29.2
10.5
22.8

100.0
26.2
11.8
25.7

60.2

62.5

63.7

65.4

56.7

61.9

57.4

58.7

26.3
22.1
18.2
66.6

39.9

39.8

37.5

36.3

34.6

43.3

38.1

42.6

41.3

33.4

9.1
13.4
17.4

4.4
15.1
20.3

4.2
16.0
17.3

1.1
15.9
19.3

4.6
12.2
17.8

+ 3.1
22.6
23.8

2.4
17.3
18.4

1.2
19.5
21.9

2.1
17.5
21.7

4.0
13.5
15.9

3.32
3.02
1.21

3.33
3.09
+ .29

2.94
2.76
+ .42

3.00
3.09
+ .98

5.84
.06

5.49
.36

6.05
.11

6.16
.30

50.0

31.6

3.4
25.2
21.4

6.4
10.1
15.1

3.39
2.62
+ 1.67

+ .10

2.82
2.60

5.71
.07

6.23
.15

50.0

Kansas
City

23.4
17.2
19.6

68.4

27.0
18.3
23.1

Minneapolis

18.9
6.1
63.1
4.8
7.1
100.0
26.0
18.1
21.3

27.5
7.9
24.7
60.1

100.0

4.38
1.64
.76

St.
Louis

14.6
3.9
66.4
4.9
10.2

17.4
6.1
61.5
4.0
11.0
100.0

26.8
2.7
20.5

21.0
18.7
9.7
4.7

Chicago

15.7
3.8
63.1
6.3
11.1

10.9
4.0
67.5
3.7
13.9
100.0

11.9
2.4
62.4
2.6
20.7
100.0

17.3
4.5
53.6
22.1
2.5

17.9
10.1
52.7
17.4
1.9

15.1
6.2
53.4
23.1
2.2

11.0
18.1
12.9
8.0
1.93

12.5
9.0
36.
2.66

22.6
8.6
48.5
18.7
1.6

23.4
6.0
45.7
22.7
2.2

9.2

9.6

14.9
10.5

16.3
10.9
32.7
2.59

7.8
14.5

21

16.3
2.57

* Not including central reserve city banks.
i Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries




18.0
16.0
9.2
3.7

Atlanta

20.9
5.5
46.5
25.2
1.9

11.3

3.7

15.8
4.4
66.1
4.0
9.7

11.3
3.9
70.8
7.6
6.4
100.0

2.82
2.97
2.69
3.00
.05 + 1.66

2.95
3.05
.20

2.95
2.83
+ .44

+ .01

2.82
3.49

2.87
2.69
.22

5.56
.08

5.90
.09

5.69
.08

5.62
.12

6.35
.07

5.59
.10
25.8
8.8
43.6
20.3

1.5

8.0

21.0
2.47

13.4
8.1
34.4
2.26

16

24

24

16.9
5.4
51.2
24.5
2.0
8.6

8.7

15.8
10.0

14.6
9.9
17.5
2.63

16.5
9.8
16.1
2.62

16.0
10.0
22.9
2.36

44.5
2.69

10

36

26

23

7.2

14.8
8.9
20.9
2.73

19.9
5.9
48.5
24.6
1.1

17.2
2.45

18

20.7
6.0
45.0
26.5
1.8

19.9
4.6
46.8
25.4
3.3

19.2
7.1

54.1
16.9
2.7
6.7
10.4

7.4

and profits credited to net profits plus recoveries credited to valuation
reserves; net recoveries and profits is the reverse. Transfers to and from
valuation reserves are excluded.

MEMBER BANK EARNINGS, 1960

612

EARNINGS RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentage]
Federal Reserve district
hem

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U S Govt securities
Other securities
....
Earnings on loans
Service charges on deposit accounts
Other current earnings
.
Total earnings
Salaries and wages.
Interest on time deposits
Other current expenses
Total expenses
.
Net current earnings before income
taxes
.
Net losses including transfers (or recoveries and profits-)-)
.
Taxes on net income
Net profits.
Rates of return on securities and loans:
Return on securities:
Interest on U S Govt securities
Interest and dividends on other securities.
Net losses (or recoveries and profits+) *..
Return on loans:
Earnings on loans
Net losses (or recoveries-!-) 1
Distribution of assets:
Percentage of total assets:
U S Govt securities
Other securities
Loans
• ...
Cash assets. . . .
Other assets
Other ratios:
Total capital accounts to:
Total assets ...
Total assets less U. S. Govt. securities
and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time deposits...
Number of banks

New
Boston York

18.5
15.9
9.4
4.2
4.90
1.60
.82

17.9
15.2
9.6
3.9
4.58
1.30
.70

14.8
4.8
61.7
8.1
10.6

15.6
7.3
64.1
6.9
6.1

100.0
29.1
12.8
25.3

100.0

67.2

71.5

26.2
22.9
22.4

Phila- Cleve- Richdelland mond
phia

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

15.5
13.8
8.8
3.3

18.7
16.1
10.5
3.4

17.2
15.3
10 4
3.2

16.3
14.5
9.5
3.5

19.6
19.2
12 4
4.3

18.2
16.0
10.7
3.4

17.7
14.0
9.2
3.7

22.4
21.7
12.9
4.5

13.7
12.4
8.0
3.8
4.44
1.29
.75

4.43
1.49
.82

4.62
1.46
.82

4.44
1.25
.75

5.22
1.60
.92

24.1
6.6
59.7
5.0
4.6

20.3
62
59.8
7.3
6.4

22.5
6.0
58.4
8.1
5.0

18.8
6.7
61.7
7.4
5.4

14.0
4.4
66.3
8.5
6.8

100.0

100.0

100.0

100.0

100.0

24.6
24.1
22.2

27.7
15.8
25.0

27.1
16.7
23.5

100.0
26.0
20.6
22.5

100.0

26.4
17.8
22.2

100.0
26 3
23.5
22.0

100.0

24.4
22.1
22.7

29.8
13.2
22.8

29.7
11.6
25.7

28.6
18.8
22.0

70.9

69.2

66.4

68.5

71.8

67.3

69.1

67.0

69.4

33.0

30.6

4.1
9.9
20.2

6.9
8.9
17.2

1.0
12.0
17.6

100.0

30.8
3.4
9.9
17.5

33.6
3.3
11.7
18.6

31.5

28.2

4.4
9.4
17.7

3.11
2.60
+ .io

3.01
2.80
+ .06

3.02
2.87
+ .19

3.11
2.90
+ .08

3.05
2.86
+ .12

6.24
.11

5.99
.10

6.05
.09

5.94
.11

6.24
.11

1.7

4.34
1.43
.75

24.0
63
57 7
6.1
5.9

29.1
2.7
9.5
16.9

1.8

4.48
1.53
.90

19.2
5.9
60.3
7.7
6.9

28.5
4.3
8.9
15.3

23.7
11.8
49 0
13.8

4.73
1.46
.92

18.7
5.2
63.9
6.1
6.1

32.8
4.5
11.6
16.7

23.3
9.1
48.4
17.4

4.14
1.36
.80

21.4
5.8
61.4
5.5
5.9

18.4
6.9
63.5
4.0
7.2

27.0
10.7
46.6
13.9
1.8

29.9
8.6
44.9
15.1
1.5

27.2
8.1
45.4
17.5
1.8

65.8
34.2
30.9

3.1
8.1
17.0

32.7
3.6
9.9
19.2

3.19
2.91
+ .18

3 16
2.90
+ .13

3.16
2.90
+ .13

3 26
3.06
+ .08

3.35
2.82
+ .19

3.31
2.77
+ .05

3.09
2.96
+ .69

6.65
.25

6.32
.12

6.18
.11

6.40
.10

6.65
.22

6.65
.38

6.75
.20

27.8
9.4
41 9
18.7

33.7
96
40 5
14 8

31.5
9.5
40.0
17.9

2.2

1.4

1.1

.6
10.8
19.5

29.4
9.5
44 2
15.1
1.8

30.2
9.6
39.4
19.6
1.2

24.7
10.5
40.2
22.5
2.1

23.7
7.7
51.2
15.6
1.8

8.7

7.3

9.4

8.6

9.0

7.8

7.4

8.4

8.1

7.1

11.7
8.1
45.8
2.54

16.0
10.7
47.3
2.54

15.6
9.6
44.6
2.39

16.2
10.1
36.5
2.43

14.5
8.6
30.2
2.68

73
14.1
7.9
44.3
2.58

8.3

14.7
10.0
28.4
2.53

16.5
9.2
32.7
2.34

13.4
8.2
42.3
2.53

16.8
9.3
25.4
2.59

15.3
9.0
22.4
2.48

11.7
7.8
40.8
2.64

262

471

482

544

419

394

965

462

464

721

606

142

i Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries




4.34
1.33
.76

16.6
15.0
9.2
3.5

and profits credited to net profits plus recoveries credited to valuation
reserves. Transfers to and from valuation reserves are excluded.

613

MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1960
[Averages of individual ratios, expressed as percentages]
Size group—total deposits
(in thousands of dollars)
All
groups

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings :
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings

15.3
13.4
9.4
3.2
4.37
1.32
.81

1,000
and
under

10.3
9.0
6.7
2.7
4.44
1.26
.82

1,000- 2,000- 5,000- 10,000-25,000-50 ,000- Over Under i
25 | 25-50
2,000 5,000 10,000 25,000 50,000 100,000 100,000

12.6
11.1
8.4
2.9
4.35
1.33




4.38
1.57
.79

4.22
1.51
.93

4.451
1.30
.79'

13.3
11.6
8.4
2.9
4.41
1.11
.71

22.9
6.8
61.9
4.8
3.6

100.0

100.0

100.0

100.0

100.0

100.0

100.0

31.2
16.6
21.6

28.4
19.4
21.9

27.1
21.1
22.2

26.8
21.0
23.1

26.8
20.0
23.4

26.4
18.1
23.5

100.0
26.1
14.8
22.9

100.0

36.0
11.7
24.1

32.3
7.4
24.2

27.9
20.1
22.7

23.6
31.8
19.6

69.8

71.8

69.4

70.4

70.9

70.2

8.0 I 63.8

63.9

70.7 | 75.0

30.2

28.2

30.6
2.5

29.6
2.2
1.8
7.2
18.4

29.1

29.8

32.0

2.3
1.4
6.9
19.7

1.3
2.3
8.3
17.2

17.3

2.8
9.7

1.0
3.0
11.2
16.8

36.2
+ .2
3.4
14.7
18.3

36.1 ! 29.3
1.9
1.8
1.8
9.8
7.6
22.3
18.0

Net current earnings before income
taxes

For notes see second succeeding page.

! 16.4 I 15.7
! 14.4 | 13.6
! 9.9 I 9.5
i 3.5 | 3.2

6.5
59.6
6.4
4.7

Total expenses

Number of banks 4

4.41
1.40
.73

20.7
18.6
10.4
4.5

24.5
6.7
57.2
6.5
5.1

28.1
19.3
22.4

Time to total deposits 2
Interest on time deposits
Trust department earnings to total earnings 2

4.47
1.33
.76

18.9
16.3
9.8
3.9

15.5
4.8
64.7
5.0
10.0

Salaries and wages
Interest on time deposits
Other current expenses

Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits

4.44
1.30
.76

18.5
16.5
10.5
3.6

18.9
5.9
61.5
6.2
7.5

100.0

Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets

4.38
1.29
.80

17.0
14.8
10.0
3.3

20.2
6.2
59.9
7.0
6.7

100.0

Return on loans:
Earnings on loans
Net losses *

4.32
1.30
.84

15.7
13.5
9.7
3.2

21.3
6.8
59.2
7.5
5.2

26.9
5.8
58.6
4.9
3.8

Rates of return on securities and loans:
Return on securities:
Interest on U. S. Government securities.
Interest and dividends on other securities
Net losses (or recoveries and profits, -f) 1 •

9.0
3.1

23.1
7.4
59.2
6.4
3.9

24.0
4.6
62.6
4.7
4.1

Net losses (or recoveries and profits, + ) l •
Net increase in valuation reserves
Taxes on net income
Net profits

14.1
12.2

50
and
over

58.9
5.4
3.6
100.0

23.3
6.7
59.5
6.0
4.5

Total earnings...

i Ratio of time deposits to
I total deposits (per cent)

1.9
1.7
7.8
18.8

2.9
.4
6.4
18.5

6.6
20.7

25.1
7.0

30.3

3.28
3.06
+ .07

3.36
3.65
.01

3.40
3.41

3.39
3.11
+ .01

3.29
2.93
+ .05

3.14
2.89
+ .14

3.04
2.91
+ .23

3.05
2.75
+ .12

3.07
3.08|
^.351

3.38
3.12
-.11

6.46
.18

7.09
.27

6.68
.21

6.51
.18

6.47
.18

6.36
.16

6.26
.14

6.11
.11

5.94
.13!

6.601
.22

29.8
9.6
40.8
18.4
1.2

29.8
6.1
40.3
23.0

32.6
7.7
38.8
20.0
.9

30.8
9.7
39.7
18.5
1.1

29.6
10.8
40.6
17.6
1.3

29.0
10.3
41.6
17.4
1.5

9.0
18.5
10.1
36.9
2.48
2.9

12.7
28.9
14.8
23.4
2.39

10.9
24.6
12.5
32.3
2.45
1.2

9.5
20.1
10.7
36.9
2.46
1.5

8.5
16.8
9.5
40.1
2.48
1.7

7.9
15.1

6,108

177

735 1,96 5

1,392

40.1
2.49
2.6
1,046

25.0
1.4
1.6
5.9
16.1

3.251 3.21
3.041 3.03
+ .07J +.03
6.51 i

.181

6.20
.12
30.4
9.9
44.4

21.5
7.1
47.7
21.5
1.3

29.2
9.3
37.3
22.9
l.t

29.8
9.6
41.1
18.0
1.3

13.9
8.5

13.8
8.7

21.7
11.0

34.5
2.50
3.9

28.2
2.65
5.6

14.7
2.31
3.9

16.4
17.7
9.8
9.8
38.4 ! 60.0
2.54J 2.55
2.7 ! 2.0

28.5
9.3
43.0
17.3
1.5

26.5
9.4
44.5

13.9
8.2
38.4
2.52
3.2
365

187

17.8
1.4

14.0

1.1

7.6

241 I 1,728

2,899 ' 1,481

614

MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANKS, 1960
[Averages of individual ratios, expressed as percentages]
Banks with ratios of time
to total deposits of
under 25 per cent
All
groups

Item

Banks with ratios of time
to total deposits of
50 per cent and over

Banks with ratios of time
to total deposits of
25-50 per cent

Size group—total deposits (in thousands of dollars)

2,000 2,000- 5,000- Over 2,000 2,000- 5,000- Over 2,000 2,000- 5,000- Over
and
and
and
under 5,000 25,000 25,000 under 5,000 25,000 25,000 under 5,000 25,000 25,000
Summary ratios:

Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared

15 3
13 4
q 4

3 2

Percentage of total assets:
Total earnings
Net current earnings before income taxes . . .
Net profits

13 2
11 7

4 37
81

15. 6
13 6

17 9
15 3

10 0

10 5

3 4

3

3.3

4 30
1 47
98

4 14
1 50
96

4.25

8 R

20
18
10
4

0
8
5

1

4 19

62
85

1 50
89

11. 9
10 4
7. 8

2.6
4.44
1. 26
84

14. 2
17 7

16. 7
14 5

19. 2
16. 7

10 0

10 3

9

3 3

4 38
1. 28
82

4 48
1 31
78

4 51
1. 37
74

17. 9
15. 0

10. 3
9 1

12.2
10.8

14. 1
12. 3

6 8

8 0

8.9
3. 1

9 9
3 5

4 . 41

4. 37

4 67

1.11
.74

1. 12
71

3. 9

q 1

7
4 40
1. 05

69

1. 19
67

Sources and disposition of earnings:
Percentage of total earnings:

Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings

23 3
6 7

27 2
5 5

27. 0
7 8

23 6
7 3
56.1

4 5

3 8

3 8

4 9

59 5
6 0

58 0
5 5

55 1
6 3

0
7

25.9
5.7

4
0

59 7
4 7

5q 5
5 4

4 0

3.7

9

24 8
6 6

21 8
6 9
59
7 4

4 8

18. 9
6 0
61 1
6 6

7 4

25. 2
5 7

23. 8
6 5

3. 7

3 3

61 7
3. 7

69 7
4 7

22.3
7.4

19 7
6 8

61 7
5. 1
3. 5

61 4
6 6
5 5

100 0 100 0 100 0 100 0 100 0 100 0 100.0 100 0 100 0 100 0 100 0 100 0 100 0

Total earnings
Salaries and wages
Interest on time deposits
Other current expenses

98 1
19 3

4
5 5

33 1
6 5

Total expenses

22.4

23.6

69.8

65.5

Net current earnings before income taxes. . 30.2

34.5

Net losses (or recoveries and profits, + )
Net increase in valuation reserves
Taxes on net income
Net profits

8

17
4
69
5
10

1

1.9
1.7
7 8

18 8

3.0
.5
7.7

23 3

78 7
70 3

97 s
90 7

21.9

22 1

23 1

19.8
23.1

19.4

71.8

70 6
29 4

70 8

69.7

76.4

29 2

30.3

23.8

31 0
8 8
24 8

77
9 3
24 7

63.4

64 6

61 2

36.6

35 4

38 8

28.2

2 4
2 3
9 5
21.2

+10

2.5
.8
6.0

2 4
1 5
6 6

20 5

18 9

18 9

2.9
1.5
8.6
23 6

3 2
16 1

30 7
19 7

1 8
2 0
7 8

17 6

26 8

.8
2.8
10.2
16 5

19 4

77 9
32 1
19 7

74 4
29 9
20 6

74 9

74 7

74 q

23.6

25 1

25 3

25 1

2.0
.8
5.1
15 7

1 6
1 2
5 6

1 4
1 8
6 0

5
3 4
6 9

16 1

14 3

75 5
31. 5

93 4
37 1

16 7

Rates of return on securities and loans:
Return on securities:

Interest on U S Government securities. . . .
Interest and dividends on other securities
Net losses (or recoveries and profits + ) *

Return on loans:

Earnings on loans
Net losses1

3 .56
.01

6 46

6

.18

.28

3 05

3 41
01

3 11
02

3,21
2 93
10

3 17

2 93
45

3 37

13

2 90
15

3 32
04

3 09 2.91
01 + .06

3 01
09

6,68

3 47

3 06
07

6 56

5 94

6 75

6 56

6 50

6 91

6 96

6 74

6.16

6 74

21

22

.14

20

19

.18

13

13

12

12

09

3 51

3 33

3.13

2 86

+ .01

3 07

3 35

3 04

3 9q

3 78

Distribution of assets:

Percentage of total assets:
U. S. Government securities
Other securities
.
Loans
Cash assets . . .
Real estate assets

Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash
assets....
Total deposits

29 .8
q 6
40 8
18 4
1

9 .0
18
10 .1

31 .6
7 0

36 6
1
7

30 6
10 6
34 8
8
1 1

29 1
10 7
36 q
91 7
1 4

22 .8
6 q

44 5
73 8
4

32 3
7 7
39 7
19 3
q

30 9
q 4

40 1
18 3
1 9

29 .2
10 4

27.0
9.2

41 1
17 7
1 5

44 6
17 9
1 5

32 6
7 q
14.8

43 7
q

31 1

9 9
44 4
14 9
1 1

29 8
10 q

44 1
13 q
1 9

28 6
10 6
46 7
1? 8
3

13 .5

10 .0

8 .6

8 .2

11 .1

9 .3

8 .1

7 .3

10 6

9 .4

8 .2

6 8

90 7

11 .7

18 3
9 .6

15 7
9 .2

24 4
12.7

19 7
10 .4

15 8
9 .0

13 3
8.1

70 q
12 0

17 q
10 .5

14 q
9 .1

11 8
7.5

11 .2

Time to total deposits
36 .9 11 .4 12 .9 17 .8 17 .8 37.8 38 .3 38 .7 37.9 61 4 60 .8 59 .5 57.3
51 2.62
Interest on time deposits 2
9 48 9 9q 9 76 9 39 7 47 2.55
55 2.61
7 53
51 7 56
2 .4
1 .8
1 .1
1 .5
3 .2
1 .2
1 .0
1. 7
Trust department earnings to total earnings . .. 2 .9
2 .6
5 .2
2 .3
.5
Number of banks 4

For notes see following page.




6, 108

396

575

493

264

354

860

1,286

399

162

530

659

130

615

MEMBER BANK OPERATING RATIOS
OPERATING RATIOS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICTS, 1960
[Averages of individual ratios, expressed as percentages]
Federal Reserve district
Item

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts.
Other current earnings

All
districts

15.3
13.4
9.4
3.2
4.3'
1.3:
.81

Boston

New
York

14.9
13.3

14.2
11.7
8.2

3.5

3.1

4.69
1.38
.83

4.48

1.17
.68

Phila- Cleve- Richdelland mond
phia

Atlanta

Chicago

13.2
11.7
8.1
2.9

16.9
14.8
10.6

15.3
13.4
9.6
3.0

11.3
9.8
7.0
2.8
4.25
1.11
.69

4.22
1.20

.75

14.9
13.6
9.1
3.2
4.41
1.36
.82

3.1

4.55

4.18

1.36

1.22

.86

.77

MinSt.
neapLouis
olis

15.3
13.3
9.6
3.1
4.02
1.35
.85

17.5
16.6
11.4
3.8
4.66
1.38
.91

KanSan
sas
Dallas FranCity
cisco

16.8
14.5
10.4
3.5
4.44
1.51
.94

23.3
6.7
59.5
6.0
4.5

17.8
4.5
61.3
9.9
6.5

19.0
8.0
61.8
7.0
4.2

21.0
7.4
64.1
3.5
4.0

23.2
5.9
61.9
5.0
4.0

22.2
5.7
62.9
4.9
4.3

21.7
6.9
59.2
7.3
4.9

27.4
6.0
56.4
5.8
4.4

28.5
7.1
56.6
3.9
3.9

23.6
7.6
55.9
6.3
6.6

24.3
6.3
58.6
6.9
3.9

Total earnings.

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Salaries and wages
Interest on time deposits.
Other current expenses. .

28.1
19.3
22.4

30.2
13.9
26.5

26.1
26.9
21.0

23.6
28.8
21.4

24.8
24.2
22.5

25.6
22.0
21.6

28.3
17.9
23.7

28.1
21.1
21.5

28.2
15.4
22.7

27.4
21.8
21.1

32.0
12.0
21.9

Total expenses

69.8

70.6

74.0

73.8

71.5

69.2

69.9

70.7

66.3

70.3

30.2

29.4

26.0

26.2

28.5

30.8

30.1

29.3

33.7

29.7

34.1

1.9

.6

2.4
2.0
6.3
15.3

1.7

1.3

1.5
6.6
16.4

1.7
7.7
17.8

2.5
7.5
19.2

1.3
2.2
7.1
18.7

2.6
1.4
8.2
21.5

.5
.9
8.6
19.7

2.9
1.2
8.5
21.5

4.39
1.41
.82

65.9

Net current earnings before income taxes...

16.0
12.8
9.1
3.4

21.8
8.0
59.5
6.4
4.3

19.5
17.5
11.1
3.5
4.98
1.41

19.6
4.7
61.2
8.5
6.0

100.0 100.0
32.6
9.7

28.8
21.8
20.9

25.0
71.5
67.3
28.5
32.7
Net losses*
Net increase in valuation reserves.
Taxes on net income
Net profits
Rates of return on securities and loans:
Return on securities:
Interest on U. S. Government securities
Interest and dividends on other securities. . .
Net losses (or recoveries and profits, + ) 1
Return on loans:
Earnings on loans
Net losses1
Distribution of assets
Percentage of total assets:
U. S. Government securities..
Other securities
Loans
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash
assets
Total deposits
Time to total deposits
Interest on time deposits2
Trust department earnings to total earnings 2 ....
Number of banks4.

1.7
7.8
18.8

2.4
8.7
17.7

3.28
3.06

3.21
2.94

6.46
.18

6.33
.12

+ .07 + .19

29.8
9.6
40.8
18.4

1.2

25.3
7.7
45.9
19.3
1.6

3.15
2.94
.06
6.13
.14

26.2
12.0
45.5
14.7
1.3

1.7
9.3
18.9

4.3
1.5
7.6
19.3

1.1
1.9
9.2
16.3

3.04
3.15

3.14
3.06

3.26
3.06

3.39
3.09

3.10
2.93

3.34
3.15

3.44
3.20

3.47
3.03

3.55
3.17

3.26
3.07

6.05
.12

5.99
.12

6.57
.13

6.91
.22

6.16
.12

6.32
.16

6.43

6.79
.21

7.26
.42

6.87
.19

+ .01 + .06 + .11 + .21 + .07 + .07 + .10 + .05 + .04 + .19

28.5
10.2
45.3
14.6
1.3

30.2
8.3
43.9
16.2
1.3

28.9
8.3
42.7
18.5

1.4

28.0
10.3
39.2
20.5
1.7

34.5
8.7

38.6
17.1
1.0

33.3
9.3
36.4
19.9
1.0

31.1
10.6
40.8
16.1

29.9
9.4
39.0
20.7
.9

25.7
11.2
36.6
24.8
1.5

28.2
7.6
44.6
17.8

1.5

9.0

9.9

8.6

10.2

9.5

9.4

8.4

8.3

9.1

8.3

9.4

9.3

7.9

18.5
10.1

18.7
11.4

15.2
9.6

18.5
11.6

18.5
10.7

18.7
10.5

16.8
9.3

18.1
9.1

21.5
10.2

16.6
9.2

20.4
10.6

20.1
10.5

15.4

36.9
2.48
2.9

30.1

49.7
2.68
3.1

54.2
41.6
46.7
2.50
2.36
2.51
3.5
3.
2.8

22.9
2.47
2.0

17.8
43.0
2.65
2.69
1.
3.3

6,108

264

2.25
4.3

489

* Net losses is the excess of (a) actual losses charged against net profits
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net profits plus recoveries credited to valuation
reserves; net recoveries and profits is the reverse. Transfers to and from
reserves are excluded.
2
Banks with no time deposits, or no trust department earnings, as the
case may be, were excluded in computing this average.
3
No ratios are shown for groups of less than three banks.
4
The ratios for 66 member banks in operation at the end of 1960 were
excluded from the compilations because of unavailability of data covering
the complete year's operations, certain accounting adjustments, lack of
comparability, etc.
NOTE.—These ratios, being arithmetic averages of the operating ratios
of individual member banks, differ in many cases from corresponding
ratios computed from aggregate dollar amounts shown on pp. 609-12
of this BULLETIN. Such differences result from the fact that each bank's




.9

486

560

434

40.0
29.1
44.0
32.8
2.63
2.36
2.57
2.26
2.6
3.4
2.7
2.2
402

994

473

474

752

620

160

figures have an equal weight in calculation of the averages whereas the
figures of the many small and medium-sized banks have but little influence
on the aggregate dollar amounts. Averages of individual ratios are
useful primarily to those interested in studying the financial results of
operations of individual banks, while ratios based on aggregates show
combined results for the banking system as a whole and, broadly speaking,
are the more significant for purposes of general analyses of credit and
monetary problems.
Figures of earnings, expenses, etc., used in the calculations were taken
from the annual earnings and dividends reports for 1960. Balancesheet figures used in the compilations were obtained by averaging the
amounts shown in each bank's official condition reports submitted for
Dec. 31, 1959, June 15, and Oct. 3, 1960. Savings deposits are included
in the time deposit figures used in these tables. Banks with no time
deposits (170 in number) are included with the banks having ratios of
time to total deposits of less than 25 per cent.

616

BANK EARNINGS, 1960
EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1957-60
[Amounts in thousands of dollars]
Banks not members of
Federal Reserve System

All insured commercial banks
Item
1957
Earnings
Interest and dividends on securities:
U. S. Govt
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
Expenses
Salaries—officers. .
Salaries and wages- others.
Directors' fees, etc..
Interest on time deposits
Interest on borrowed money.
Taxes other than i n c o m e . . . .
Recurring depreciation
Other current expenses
Net current earnings before income taxes
Recoveries, transfers from reserves, and profits.
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves.
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes
Taxes on net income.
Federal
State
Net profits
Cash diridends declared.
On preferred stock 2. .
On common stock. . . .
Memoranda items:
Recoveries credited to reserves3
On securities
On loans
Losses charged to reserves4
On securities
On loans
Assets, deposits, and capital accounts:
Loans
U. S. Govt. securities
Other securities
Cash assets
Other assets

1958

1959

1960

1957

1958

1959

1960

8,050,416

8,500,949

9,669,352 10,723,545 1,280,472 1,375,467 1,595,680 1,796,553

1,442,379
412,497
4,879,676
83,815
440,892
186,815
354,520
249,828

1,544,023
501,978
5,046,782
94,674
486,507
191,408
379,395
256,183

1,732,174
546,253
5,856,688
111,991
531,916
205,935
426,016
258,381

1,790,341
578,783
6,698,655
108,655
589,954
218,566
460,251
278,340

274,952
73,124
744,120
12,017
86,705
50,265
14,329
24,965

278,143
90,656
802,024
13,780
98,007
51,729
15.094
26,035

5,119,182
773,769
1,493,778
45,396
1,141,715
49,538
205,903
146,262

5,612,723
827,142
1,573,330
48,271
1,380,575
24,161
221,571
168,371

6,264,207
892,657
1,684,159
51,866
1,580,250
78,350
252,763
191,424

6,932,820
966,643
1,831,323
56,292
1,785,086
87,385
285,801
212,493

897,653
181,498
208,973
14,546
215,034
1,663
33,751
29,202

996,746 1,125,626 1,278,924
235,234
212,689
195,174
274,188
245,985
224,244
19,412
17,288
15,793
351,346
301,185
257,762
3,165
978
2,45;
47,288
41,784
36,356
44,712
38,024
33,633
303,579
266,220
232,809

1,262,823

1,369,305

1,532,739

1,707,797

212,987

2,931,235

2,888,223

3,405,145

3,790,725

382,821

198,413
9,295
20,751
64,368

868,115

21,183
39,757
43,063

9,646
57,145
681,554
22,439
42,158
55.176

757,432
237.480
84.996

328,889
27,946
111,447
47,277

574,826

376,205
333,645
111,501
101,689
931,548 1,058.716
19;i94
16,605
126,288
110,227
56,438
56,550
18,223
17,574
27,844
29,988

378,718

470,054

517,629

90,738

32,712

71,119

1,105
1,406
7,207

1,489
2,884
70,046

2.498
5,212
5,585

2,590
4,281
45,334

7,149
2,909
8,707

6,595
2,479
7,248

6,660
4,434
8,324

5,802
3,666
9,446

28,480

20,551
57,607
64,062

12,927
55,568
329,322
25,684
70,211
81,114

783,213

1,361,515

978,422

102,380

101,767

161,615

130,971

93,657
268,159

745.081
168,003

219.767
156,232

30,579
6,727

18,793
14,877

78,590
10,006

24,254
13,797

25.636
321.870
87.452

25,053
282,227
114,117

25.459
318.965
104,006

35,760
451,667
114,996

9,962
40,983
14,131

9,946
41,414
16,737

10,078
45,897
17,043

12,947
61,811
18,162

2,372,217

2,973,128

2,372,519

3,387,129

308,921

367,692

341,151

457,777

998,397
947,998
50,401

1,271,459
1.198,890
72.570

884,458
832.797
51.661

1.384,397
1,300.940
83,457

103,886
99,323
4,565

123,059
117,401
5,659

109,842
104.385
5,457

143,737
135,408
8,329

1,373,821

1,701,667

1,488,061

2,002,732

205,036

244,631

231,309

314,040

678,101
2.234
675,867

725,866
2.366
723.500

776,386
2,219
774,167

831,546
2,024
829,522

74,354
749
73,605

79,708
800
78,908

86,686
758
85,928

96,736
851
95,885

2.646
50,824

10.410
69.073

5.585
73.790

18.294
68,232

547
7,151

1.491
7,941

2.737
7,740

1,818
10,180

74.529
117.937

19.741
127.515

207.061
122,315

47,716
264.405

3.135
17,326

918
18,346

12.017
20,326

4,064
30,623

91,493.989 95.666.835 103.872.351 114.275.450 12,361,621 13.293,808 14,795.537 16,601,341
57.238.574 62.355,819 61.878,548 57.773.429 10,422,551 10,852,502 11,443.907 11,300.088
16,725.206 19.237.561 20.284.525 20,092.632 3,056,686 3,538,456 3,812,538 3,877,146
45,474.31* 46.766.041 46.881.654 49,317.003 5,169,492 5,294.095 5,366,751 5,605,810
593,275
5.318,208
3,858.353 4.333.431 4,660.311
405,218
460,770
519,632

Total assets.

214,790.440 228,359.687 237.577.389 246.776,722 31,415,568 33,439,631 35,938,365 11

Time deposits
Total deposits
Total capital accounts.

54.969.887 62.382,540 66.829.234 69,647,547 10.523,431 11,737,021 12,765,115 13,696,612
193,993.484 206.196,015 213 .428,979 220 .099.028 28,640,531 30,436,830 32
",678, 186 34.369,352
16,554,663 17.723.575 18,738.160 19,965,172 2,468,571 2,661,655 2,859,940 3,137,209

Number of officers
Number of employees.
Number of banks

91.597
452,218

95,308
457,023

98.934
481,666

103,211
506,596

28,203
73,927

29,630
75,964

30,249
82,404

31.527
88,276

13,165

13,124

13,114

13,126

6,776

6,816

6,885

6,955

1
Excludes three mutual savings banks (two beginning January 1960)
and starting in 1955 a noninsured nondeposit trust company; these are
State member banks of the Federal Reserve System and are included in
member banks figures on preceding pages.
2
Includes interest on capital notes and debetures.
3
Not included in recoveries above.




4
Not included in losses above.
NOTE.—The figures of assets, deposits, and capital accounts are averages
of the amounts reported for call dates at the beginning, middle, and end
of each year. The number of officers, employees, and banks are as of the
end of each year.

FEDERAL BUSINESS-TYPE ACTIVITIES

617

SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.

In millions of dollars]

End of year

End of quarter

Asset or liability, and activityl

1959
1953

Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks 2..
Farmers Home Administration
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association.
Veterans Administration
Other agencies
To industry, total
Treasury Department...
Commerce Department.
Other agencies

1954

1955

1956

6,811
377
590
648
2,096
3,076
23

6,929
367
638
701
2,226
2,981
18

6,715
375
689
681
2,348
2,621
1

6,752
457
734
724
2,488
2,349

2,930
2,462
300
168

2,907
2,461
383
63

3,205
2,641
480
84

3,680
3,072
464
145

588
174

} 413

431
353
79

1957

1960

1958

7,762 8,178
623
609
1,396
1,499
916
1,001
3,083 3,140
1,745
1,929

0)

(3)

4,769
3,998
770
1

4,860
3,924
936
1

6,735
5,568
1,167

6,998
5,759
1,238

674
251
217
206

680
216
187
278

733
185
166
382

739
184
158
397

1,270

1,298

2,136

246
106
140

264
105
159

293
106
187

319
87
231

8,754
3,040
3,470
2,195
49

9,510
3,362
3,419
2,682
46

9,840
3,235
3,373
3,043
189

9,972
3,239
3,373
3,115
244

344
283
62

548
458
89

752
691
62

782
722
60

C

1

619
209
219
191
1,233

678
306
r 26i

6,681 8,672
511
454
1,169
935
819
832
2,688 2,874
1,778
3,298
(3)
(3)

0)

7,797
553
1,698
1,013
3,186
1,347
(3)

8,191
591
1,698
1,032
3,236
1,634
(3)

8,299
650
1,502
984
3,287
1,877
(3)

7,564
6,017
176

7,854
6,237
1,432
185

8,032
6,342
1,498
193

754
182
155
417

760
180
154
425

748
178
151
418

1,522

1,802

1,783

2,027

316
91
225

311
92
219

388
136
252

333
98
234

1,370

[ 112

To financing institutions

952

870

To aid States, territories, etc., total.
Public Housing Administration..
Other agencies

645
500
145

272
112
160

1,419
245
90
155

8,043
2,833
3,620
1,537
53

8,001
2,806
3,570
1,624

7,988
2,702
3,519
1,767

Foreign, total
Export-Import Bank
Treasury Department
International Cooperation Administration.
Other agencies
All other purposes, total
Housing and Home Finance Agency.
Other agencies
Less: Reserves for losses
Total loans receivable (net).
Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp
Federal Housing Administration
Federal Deposit Insurance Corporation
Other agencies
Investment in international institutions
Other securities*
Inventories, total
Commodity Credit Corporation..
Defense Department
General Services Administration.
Other agencies

119
29
90

57
166
127
39

256
209
47

213
156
57

-228
-203
-309
-367
-268
-368
-413
-418
19,883 19,348 20,238 20,657 22,395 25,493 27,865 28,090

4,198
995
288
567
2,049
300
3,420
283

4,670
1,092
332
649
2,178
419
4,795
323

2,602
387
217
319
1,526
152
3,385
219

2,967
641
228
327
1,624
147
3,385
197

3,236
745
241
381
1,720
149
3,385
179

2,515
2,087

3,852
3,302

4,356 21,375 21,628 20,810 21,476 21,294
3,025 3,036 4,493 4,257
3,747 3,651
11,004 11,136 9,681
8,422 8,425
'6,517 7,282 7,919 8,370 8,420
609
174
185
194
193
k 201

- 428

550

Land, structures, and equipment, total
Commerce Dept. (primarily maritime activities)...
Panama Canal Company
Tennessee Valley Authority
Housing and Home Finance Agency
Nat. Aeronautics and Space Administration
Bonneville Power Administration
General Services Administration
Post Office Department
Other agencies

8,062
4,834
363
1,475
1,040

8,046
4,798
421
1,739
728

Bonds, notes, & debentures payable (not guar.), total.
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association

1,182
150
619
414

350

7,822
4,822
421
1,829
450

3,739
1,018
256
458
1,825
181
3,420
249

360

300

9,985
4,502
398
1,762
236
276
311
1,298
590
613

1,068
156
640
272

2,379
185
665
958
570

2,711
257
721
963
770

c
Corrected.
1 Figures exclude interagency items. Prior to 1956, data for trust
revolving funds included such items.
2 Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
3 Less than $500,000.
• Includes investment of the Agricultural Marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this item as an interagency asset.




8,223
2,701
3,470
1,995

3,804
896
274
471
1,937
226
3,420
298

4,998
1,282
345
667
2,270
435
4,7 6
337

10,164 10,245 10,394
3,261 3,254 3,313
3,373 3,373 3,320
3,244 3,291 3,363
399
327
286
C

985
765
219

C

968
823
145

1,003
855
148

-503
-544
-560
28,833 29,628 30,333
4,874 4,931
1,165
1,186
328
317
653
688
2,289 2,292
440
447
4,875 4,875
338
335

5,096
1,230
331
698
2,310
525
4,949
345

20,832 20,644 20,527
4,228 4,172 4,279
7,971
7,761 7,527
8,513
8,447 8,501
208
186
209

9,962 10,670
4,535 4,721
398
396
1,801
1,777
88
25
283
285
342
372
1,308
1,322
599
637
608
1,134

9,124
2,880
411
1,924
9
310
352
1,221
640
1,376

9,156
2,928
411
1,911
9
313
349
1,261
640
1,333

9,023
2,736
418
1,930
9
368
355
1,312
492
1,402

9,381
2,912
417
1,916
9
454
353
1,339
540
1,442

9,411
2,917
417
1,903
9
462
351
1,283
559
1,511

4,662
247
902
825
2,688

5,974
404
1,359
1,774
2,437

5,767
396
1,440
1,293
2,638

6,308
342
1,628
1,255
3,082

5,612
362
1,669
1,167
2,413

5,707
438
1,460
1,266
2,542

4,038
303
1,124
714
1,898

NOTE.—Coverage has changed in some of the periods shown. Beginning with 1956, changes reflect the expanded coverage and the new
classification of activities by type of fund now reported in the Treasury
Bulletin. Classifications by supervisory authorities are those in existence
currently. Where current Treasury compilations do not provide a detailed breakdown of loans, these items have been classified by Federal
Reserve on basis of information about the type of lending activity involved.

618

ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates. In millions of dollars]
Assets

Liabilities
and Capital
Bank credit

Date

Gold

Treasury
currency
outstanding

Other
securities

Total
assets,
netTotal
liabilities
and
capital,
net

U. S. Govt. obligations
Loans,
net
Total

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

1929—June 29
1933—June 30..
1939—Dec. 30..
1941_Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1950—Dec. 30..
1955—Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—Dec. 3 1 . .
1959_june 24..
Dec. 3 1 . .

4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,690
21,949
22,781
20,534
19,800
19,456

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,008
5,066
5,146
5,234
5,300
5,311

58,642
42,148
54,564
64,653
167,381
160,832
171,667
217,437
223,742
229,470
249,082
248,500
255,435

41,082
21,957
22,157
26,605
30,387
43,023
60,366
100,031
110,120
115,157
121,602
126,900
135,867

5,741
10,328
23,105
29,049
128,417
107,086
96,560
96,736
93,161
91,370
101,207
95,200
93,497

5,499
8,199
19,417
25,511
101,288
81,199
72,894
70,052
66,523
65,792
73,641
68,200
65,801

216
1,998
2,484
2,254
24,262
22,559
20,778
24,785
24,915
24,238
26,347
25,900
26,648

26
131
1 ,204
1 ,284
2 ,867
3 ,328
2 ,888
1 ,899
1 ,723
1 ,340
1 ,219
1 ,200
1 ,048

11,819
9,863
9,302
8,999
8,577
10,723
14,741
20,670
20,461
22,943
26,273
26,300
26,071

64,698
48,465
75,171
90,637
191,785
188,148
199,009
244,135
250,757
257,397
274,850
273,600
280,202

55,776
42,029
68,359
82,811
180,806
175,348
184,384
224,943
230,510
236,372
252,022
249,400
256,020

8,922
6,436
6,812
7,826
10,979
12,800
14,624
19,193
20,246
21,023
22,829
24,200
24,186

I960—Jan. 2 7 . .
Feb. 2 4 . .
Mar. 30..
Apr. 2 7 . .
May 2 5 . .
June 15..
June 2 9 . .
July 2 7 . .
Aug. 3 1 . .
Sept. 2 8 . .
Oct. 2 6 . .
Nov. 30..
Dec. 3 1 . .

19,500
19,400
19,400
19,400
19,400
19,351
19,300
19,200
19,000
18,700
18,500
17,900
17,767

5,300
5,300
5,300
5,300
5,400
5,354
5,400
5,400
5,400
5,400
5,400
5,400
5,398

250,200
248,300
247,600
250,800
250,700
253,320
252,500
254,700
255,100
258,300
260,900
261,700
266,782

133,000
133,400
134,600
136,200
136,800
139,164
139,100
138,200
138,700
140,800
140,200
140,900
144,704

91,300
89,200
87,300
89,000
88,500
88,637
87,900
90,800
90,800
91,800
94,600
94,900
95,461

64,800
63,000
61,100
62,600
61,800
61,541
60,800
63,200
63,100
64,200
66,800
66,600
67,242

25,400
25,200
25,300
25,500
25,700
26,155
26,200
26,700
26,800
26,800
27,000
27,500
27,384

,000
,000
,000
,000
,000
941
900
900
900
900
900
800
835

25,800
25,700
25,700
25,600
25,400
25,519
25,500
25,700
25,600
25,700
26,000
25,900
26,617

274,900
273,000
272,400
275,600
275,400
278,025
277,200
279,200
279,500
282,400
284,700
285,000
289,947

250,500
248,000
247,300
250,200
249,300
251,981
251,000
252,900
252,200
255,100
257,500
257,000
263,165

24,400
25,000
25,100
25,300
26,000
26,044
26,200
26,300
27,300
27,300
27,200
28,000
26,783

Details of Deposits and Currency
U. S. Govt. balances
Foreign
bank
deposits,
net

Date

Treasury
cash
holdings

29
30..
30
31..
31..
31..
30..
31..
31..
31..
31..
24..
31..

365
50
1,217
1,498
2,141
1,682
2,518
3,167
3,306
3,270
3,870
3,600
3,203

204
264
2,409
2'215
2,287
1,336
1,293
767
775
761
683
400
391

1960—Jan. 27..
Feb. 24..
Mar. 30..
Apr. 27..
May 25..
June 15..
June 29..
July 27..
Aug. 31..
Sept. 28..
Oct. 26..
Nov. 30..
Dec. 31..

2,800
2,600
2,700
2,800
2,800
2,744
2,900
2,800
3,000
2,900
3,100
3,100
3,184

400
500
400
400
400
421
400
400
400
400
400
400
377

1929—June
1933—j un e
1939 Dec
1941 Dec
1945_Dec.
1947—Dec.
1950—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—June
Dec.
-* s

+j^

_i_^ww*

+J*J •

•

At
commercial
and
savings
b anks

Time deposits2
At
F. R.
Banks

Total
Total

Demand
deCom- Mutual Postal
mercial savings Savings posits4
banks banks3 System

Currency
outside
banks

Total
demand
deposits
adjusted
and
currency

Demand
deposits
adjusted

Currency
outside
banks

1 895
24'608
1,452
2,989
4,038
4,038
4,179
4,558
4,700
5,319

36
35
634
867
977
870
668
394
441
481
358
500
504

54,790
40 828
63,253
76 336
150 793
170,008
176,916
216,577
221,950
227,681
242,553
240,100
246,603

28,611
21,656
27,059
27*729
48 452
56,411
59,247
78,378
82,224
89,126
98,306
101,000
101,779

19,557
10 849
15,258
15884
30 135
35,249
36,314
48,359
50,577
56,139
63,166
65,400
65,884

8,905
9,621
10,523
10532
15 385
17,746
20,009
28,129
30,000
31,662
34,006
34,600
34,947

149
1 ,186
1 ,278
1 313
2 ,932
3 ,416
2 ,923
1 ,890
1 ,647
1 ,325
1 ,134
1 ,100
948

22, 540
14, 411
29 793
38, 992
75, 851
87, 121
92, 272
109, 914
111, 391
110, 254
115, 507
110, 700
115, 402

3,639
4,761
6 401
9,615
26,490
26,476
25,398
28,285
28,335
28,301
28,740
28,300
29,422

110,500
114,600
133,500
134,500
133,600
138,800
140,900
140,200

84,400
90,000
106,100
107,100
105,800
110,700
112,600
112,000

26,100
24,600
27,400
27,400
27,800
28,100
28,300
28,200

3,800
4,800
4,700
4,700
7,200
6,657
7,300
6,500
5,700
7,700
6,200
5,600
6,193

600
500
500
600
500
535
500
500
500
600
500
500
485

242,900
239,600
239,000
241,700
238,400
241,624
239,800
242,600
242,700
243,600
247,200
247,300
252,926

101,000
101,200
102,200
102,300
102,600
103,056
103,700
104,200
105,200
106,000
106,700
106,700
108,468

65,200
65,400
66,000
66,200
66,500
66,906
67,400
67,900
68,900
69,400
70,000
70,000
71,380

34,900
34,900
35,300
35,200
35,200
35,301
35,400
35,500
35,600
35,800
35,900
35,900
36,318

900
900
900
900
900
849
800
800
800
800
800
800
770

114, 000
110, 500
108, 800
111, 500
107, 700
110, 024
107, 800
110, 100
108, 900
109, 300
112, 200
111, 900
115, 102

27,900
28,000
28,100
27,900
28,100
28,544
28,300
28,400
28,500
28,300
28,300
28,700
29,356

140,000
139,100
139,500
139,400
137,500
(5)
138,000
138,600
138,600
138,500
139,900
138,800
139,200

111,700
110,800
111,100
111,200
109,300

28,300
28,300
28,400
28,200
28,200

109,900
110,300
110,300
110,300
111,500
110,600
111,000

28,100
28,300
28,300
28,200
28,400
28,200
28,200

381
852
846

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. Treasurers' 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.




Seasonally adjusted series5

Deposits adjusted and currency

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. deoosits 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.

619

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates.

Amounts in millions of dollars]

Deposits
Total
assets—
Total
Interbank 2
Other
liaCash
U.S.
Other assets bilities
Govt. secuand
Demand
obliga- rities
capital Total 2 Detions
acTime
mand
U.S.
counts 3
Govt. Other

Loans and investments

Class of bank
and date
Total

All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—June
Dec.

Loans

Borrowings

Total Numcapital ber
of
accounts banks

Time

30..
31..
31..
3H.
30..
31..
31..
31..
31..
24..
31..

50,884
61,126
140,227
134,924
148,021
190,780
197,063
203,849
221,485
223,200
227,831

22,165
26,615
30,362
43,002
60,386
100,057
110,079
115,115
121,571
128,690
135,958

81,199
72,8970,052
66,523
65,792
73,64
68,170
65,801

27.
24.
30.
27.
25.
15.
29.
27.
31.
28.
26.
30.
31.

225,530
224,410
223,770
226,820
226,710
228,436
227,200
229,370
229,940
232,100
234,520
234,510
238,623

134,860
135,710
137,010
138,660
139,550
141,376
140,990
140,520
141,230
142,180
141,720
142,090
144,764

64,840
63,000
61,060
62,570
61,810
61,541
60,760
63,200
63,110
64,190
66,790
66,560
67,242

40,668
50,746
124,019
116,284
126,675
160,881
165,123
170,068
185,165
185,920
190,270

17,238
21,714
26,083
38,057
52,249
82,601
90,302
93,899
98,214
104,450
110,832

9,874
32,513
16,316 7,114 22
44,349
21,808 7,225 26
10,982
105,921
90,606 7,331 34;806 160,312
14,065
69,221
,792
240 1,343 94,367
,502 155,377 144,103
62,027 12,399 40,289 168,932 155,265
,577
462 2,806 101,917
61,592 16,688 46,838 210,734 192,254
058 1,585 3,709 123,187
58,552 16 269 48 720 217,460 197,515 16 133
,460 3,733 125,282
58,239 17 930 48,428 222,696 201,326
636
,385 3,898 123,967
799 2,372 4,250 130,104
66,376 20,575 48,990 238,651 216,017
,870 2,030 4,420 121,570
60,860 20,610 41,930 232,380 206,630
,649 ',441 5,050 131,593
58,937 20,501 49,467 244,686 219,903

14,484
15,331
26
14,278
15,952
23
30,241
219 8,950 14,011
35,360
65 10,059 14,181
36,503
90 11,590 14,121
48,715
159 15,300 13,716
50,908
75 16,302 13,640
56,440
7 17,368 13.568
63,493
73 18,486 13,501
65,740 2,710 19,030 13,479
66,169
615 19,556 13,474

1960—Jan. 27.
Feb. 24.
Mar. 30.
Apr. 27.
May 25.
June 15.
June 29.
July 27.
Aug. 3 1 .
Sept. 28.
Oct. 26.
Nov. 30.
Dec. 3 1 .

187,780
186,540
185,680
188,810
188,580
190,137
188,900
190,890
191,240
193,270
195,580
95,490
99,509

109,550
110,250
111,390
112,950
113,630
115,307
114,840
114,170
114,660
115,430
114,790
115,010
117,642

57,980 20,250 42,470 235,280 208,650 12,920
,390 3,540 125,290
56,170 20,120 42,780 234,300 206,810 12,710
,290 4,480 122,690
12,680
54,160 20,130 41,780 232,590 204,350
,270 4,410 119,690
55,830 20; 030 42;
236,480 208,080 12,520 ,470 4,480 123,090
12,210
55,140 19 81041
,490 6,880 118,690
234,980 206,090
54,913 19,917 47,124 242,544 213,829 13,919
,446 6,414 124,884
13,300
54,210 19,850 42,880 237,040 209,010
,440 7,060 119,540
56,700 20,020 43,010 239,270 210,420 13,070
,480 6,230 121,430
13,500
56,580 20,000 43,080 240,000 210,240
,610 5,440 120,570
57,690 20,150 43,710 242,530 213,520 13,670
,670 7,390 121,100
60,390 20,400 45,100 246,290 216,580 14,180
,690 5,970 124,420
60,180 20,300 46,110 247,290 218,230 15,600 1,740 5,360 125,260
61,003 20,864 52,150 257,552 229,843 17,079 1,799 5,945 133,379

65,510
65,640
66,300
66,520
66,820
67,165
67,670
68,210
69,120
69,690
70,320
70,270
71,641

All member banks:
1939—Dec. 30.
1941_Dec. 3 1 .
1945_Dec. 3 1 .
1947_Dec. 3 1 .
1950—Dec. 30.
1955—Dec. 3 1 .
1956—Dec. 3 1 .
1957—Dec. 3 1 .
1958—Dec. 3 1 .
1959—June 24.
Dec. 3 1 .

33,941
43,521
[07,183
97,846
107,424
35,360
38,768
42,353
54,865
55,007
57,879

13,962
18,021
22,775
32,628
44,705
70,982
78,034
80,950
84,061
89,301
94,779

14,328 5,651
,78:
,340 9,257
19,539 5,961
,717 10,385
,123
78,338 6,070 29,845 138,304 129,670 13,576
57,914 7,304 32,845 132,060 122,528 12,353
52,365 10,355 35,524 144,660 133,089 13,106
50,697 13,680 41,416 179,414 163,757 14,512
47,575 13,159 42
!,906 184,874 167,906 15,567
47,079 14,324 42
,746 188,828 170,637 15,082
54,299 16,504 43
,188 202,017 182,816 15,227
49,164 6,542 37,
,171 196,182 174,073 12,357
46,813 6,287 43,509 205,726 184,706 5,048

743 27,489
154
140 1,709 37,136
64 22,179 69,640
50 1,176 80,609
341 2,523 87,783
1,353 3,327 105,400
1,289 3,292 106,850
1,246 3,472 105,547
2,187 3,822 110,448
1,889 3,943 102,992
1,338 4,504 110,989

11,699
3 5,522
12,347
4 5,886
24,210
208 7,589
28,340
54 8,464
29,336
79 9,695
39,165
137 12,783
40,909
48 13,655
45,290
57 14,554
51,132
54 15,460
52,892 2,619 15,875
52,827
581 16,264

6,362
6,619
6,884
6,923
6,873
6,543
6,462
6,393
6,312
6.279
6,233

55,509
54,405
53,762
56,570
56,317
57,657
56,593
58,313
58,587
60,282
62,042
61,997
65,619

93,567
94,111
95,086
96,387
96,880
98,344
97,898
97,183
97,523
98,196
97,469
97,708
99,933

45,875
44,314
42,686
44,289
43,742
43,526
42,980
45,238
45,198
46,073
48,379
48,224
49,106

1,288
1,187
1,165
1,362
1,388
1,305
1,298
1,336
1,467
1,525
1,552
1.594
1.639

52,218
52,281
52,798
52,952
53,187
53,536
53,977
54,366
55,108
55,590
56,028
56,033
57,272

2,275
2,759
3,216
2,942
3,088
2,503
2,069
2,505
2,783
1,996
2,429
1,269
130

6,224
6.223
6.219
6,218
6.213
6,217
6,212
6.204
6,205
6.200
6,187
6.178
6.174

I960—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

AH commercial banks:
1939—Dec. 3 0 . . .
1941_Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 H . .
1950—Dec. 30. . .
1955—Dec. 3 1 . . .
1956—Dec. 3 1 . . .
1957—Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1959—June 24. . .
Dec. 3 1 . . .

1960—Jan. 27.
Feb. 24.
Mar. 30. ,
Apr. 27. ,
May 25. ,
June 1 5 . ,
June 2 9 . ,
July 27. ,
Aug. 3 1 . .
Sept. 28. .
Oct. 26. .
Nov. 2 0 . .
Dec. 31. .

For notes see end of table.




9,874
9,302 23,,292
10,982
999 27,344
14,065
577 35,415 177,332
,
,793
240
38,388 175,091 161,865
10,723 41,086 191,317 175,296
,577
462
14,741 47,803 242,008 220,441
,059 1,587
20,670 49,641 250,770 227,546
,133 1,462
20,461 49,318 257,864 233,020
636 1,386
22,943 49,911
799 2,374
26,273 42,730 276,430 250,057 12/870 2,030
270,990 241,230
26,340 50,296
283,629 254,885 15,650 1,443
26,071
25,830 43,160 274,270 243,550 12,920 1,390
25,700 43,490 273,430 241,760 12,710 1,290
25,700 42,530 271,990 239,630 12,680 1,270
275,760 243,260 12,520 1,470
25; 590 43!
274,360 241,320 12,210 1,490
350 42;
25^19 47,888 282,142 249,163 13,920 1,448
25,450 43,710 276,710 244,470 13,300 1,440
25,650 43:770 279,050 245,900 13,070 1,480
25,600 43,830 280,000 245,830 13,500 1,610
25; 730 44; 500 282,710 249,330 13,670 1,670
26 010 45;
,850 286,550 252,510 14,180 1,690
25;860 46,880 287,650 254,200 15,600 1,740
26,617 53,022 298,126 266,196 17,080 1,800

6,067 37,332 97,279
5,980 37,689 96,501
5,990 36,770 95,092
5,894 37,562 98,618
5,695 36,522 97,304
5,788 41,875 204,167
5,715 37,977 199,243
5,892 37,981 201,057
5,866 8,033 201,632
6,013 8,686 203,891
6,194 39,628 206,669
6,065,40;
207,455
6,579 45.
116.577

174,440
172,827
[70,715
174,123
172,400
179,519
175,200
176,214
75,999
78,952
81,064
82,550
93,029

2,412
2,240
2,207
2,047
1,752
3,367
2,775
2,524
2,943
3,105
3,601
15,014
16,436

32,516
25,852
26 8,194 15,035
44,355
26,479
23 8,414 14,826
45,613
105,935
22' 10,542 14,553
1,346 94,381 53,105
66 11,948 14,714
2,809 101,936 56,513
90 13,837 14,650
3,712 123,238 76,844
163 18,112 14,243
3,736 125,308 80,908
78 19,249 14,167
3,903 123,993 88,102
80 20,428 14,090
4,253 130,132 97,498
81 21,705 14,020
4,420 121,600 100,310 2,710 22,360 13,997
5,054 131,622 101,116
624 22,915 13,991
3,540
4,480
4,410
4,480
6,880
6,417
7,060
6,230
5,440
7,390
5,970
5,360
5,949

125,320 100,380
122,720 100,560
119,720 101,550
123,120 101,670
118,720 102,020
124,912 102,467
119,570 103,100
121,460 103,660
120,600 104,680
121,130 105,470
124,450 106,220
125,290 106,210
133,408 107,959

3,077 105,445
3,967 103,152
3,904 100,641
4.074 103,688
6,232 99,841
5,745 105,566
6,360 100,790
5.622 " ,366
102
4,887 01,594
6,827 01,905
5.385 04,498
4,781 05,128
5.287 12,393

2,340 23,040 13,997
2,820 23,150 13,999
3,290 23,260 13,999
3,000 23,350 13,996
3,180 23,520 14,002
2,594 23,796 14,006
2,170 23,770 14,000
2,590 23,890 13.999
2,920 24,120 13,998
2,050 24,230 14,000
2,480 24,370 13,989
1,330 24,590 13,985
16" 24,53! 13,986

2,340 19,650 13,480
2,820 19,730 13,482
3,290 19,860 13,482
3,000 19,960 13,480
3,180 20,110 13,486
,331 13,491
2,590
2,170 20,280 13,485
2,590 20,380 13.484
13,483
2,920 20
13,485
2,050 20
13,474
2,480 20
13,470
1,330 21
13.472
163 20

16,327
16,387
16.495
16,581
16,697
16,829
16,822
'6,892
7,056
7,114
7,239
7,390
7,398

620

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

Loans and investments

Class of bank
and date
Total

All mutual savings banks
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*. ..
1950—Dec. 30
1955—Dec. 31
1956_Dec. 31
1957—Dec. 31
1958—Dec. 3 1 . . . .
1959_j U ne 24
Dec. 31

Loans

10,216
10,379
16,208
18,641
21,346
29,898
31,940
33.782
36,320
37,280
37,561

4,927
4,901
4.279
4,944
8,137
17,456
19,777
21.216
23,357
24.240
25,1261

3,101
3,704
10,682
11,978
10,868
8,460
7,971
7,552
7.265
7.3101
6,864

2,188
1,774
1,246
1,718
2,342
3,982
4,192
5,013'
5,698
5,730
5,570

818
793
609
886i
797
965
920
890
921
800
829

11,852
11,804
17,020
19,714
22,385
31.274
33,311
35.168
37;779
38,610
38,943

10,524
10,533
15,385
17,763
20,031
28,187
30,032
31.695
34.040
34.600
34.983

27
24
30
27....
25
15
29
27
31
28
26
30
31....

37,750
37.870
38,090
38,010
38,130
38,300
38,300
38.480
38,700
38.830
38,940
39,020
39,114

25.310J
25,460!
25,620
25,710
25,920
26,069
26,150
26,350
26,570
26,750
26,930
27,080
27,122

6,860
6,830
6.900
6,740
6,670
6,628
6,550
6,500
6,530
6,500
6,400
6,380
6,239

5,580
5,580
5,570
5.560
5^40
5,603
5,600
5,630
5,600
5,580
5,610
5.560
5,752,

690
710
750
690
670
764
830
760
750
790
750
770
872

38,990J
39,130
39.400
39.280
39,380
39.598
39,670
39,780
40.000
40.180
40,260
40,360
40.574

34,900
34,950
35,280
35,180
35,230
35,335
35,460
35,480
35,590
35,810
35,930
35,970
36,353

Central reserve city
member banks:
New York City:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1955—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Dec. 31 . . . .

9,339
12.896
26.143
20i393
20.612
23.583
23.809
23.828
25.966
25,488
25.291

3.296
4,072
7.334
7,179
9,729
14,640
15,987
16.102
16,165
16.681!
I8,12lj

,272
,559
,235
.242
,890
.148
.765
.846
.315|
2.381
2.168

6.703
6,637
6,439
7,261
7.922
8,948
8.629
8.984
9,298
7.204
9.174

16,413
19,862
32,887
27.982
28.954
33.228
33,381
33,975
36,398
33.869
35.750

14,507
17.932
30.121
25,216
25.646
29,378
29,149
29,371
31.679
28.415
30,647

4.231
74
7
4,202
866
6
4,640
17 6,940
4,453
267
12
4,370
451
268
4,515 1,085
756
5,022
747
965
4,869
737
912
4.786 1,739
968
4,008 1.480
775
4,765
1,027
988

9,459
12,051
17,287
19,040
18,836
20,719
19,940
19,959
20.704
18,570
20,419

24,713
24.460
24;342
25,355
25,090
25.774
25.320
25.698
25.438
26.270
25,927
26.402
27,726

17,614|
17.610!
17,862
17.991
17.827
18.350
18.060
17.610!
17.236!
17,714
17.082
17,742
18.465

4,772
7,265
17,574
11,972
8,993
6,796
6.057
5.880
7,486!
6,426
5,002!
i
4.981!
4.696
4.283
5.249j
5.300!
5,384
5.273
5.975
6.031
6.277
6.625,
6,619
6.980

2.118
2,154
2,197
2,115
1,963
2,040
1,987
2,113
2,171
2.279
2,220
2.041
2,282

7,374
7.664
7.776
7,772
7.371
8,890
7,773
7,639
7,829
8,165
8.541
8,380
10,301

33,440!
33.553
33.609
34.569
33,875
36,102
34.600
34.886
34,928
36,068
36,136
36,512
39.767

27.801
27,543
27,431
28.184
27.421
29,719
28.654
28.243
27.945
29.347
29.071
29.922
33,761

3,971
4.009
3.906
3,909
3,885
4,209
4,339
4,013
4,057
4.056
4,137
4,737
5,289

547
664
794
1,124
1,457
1,140
1.415
1,276
1,005
1,995
1,234
955
1,217

2,105
2,760
5,931
5.088
5.569
6.542

1,203
1.430
4,213
2,890
2.911
2.506
2.113
2,0321
2.5621
2.1371
1.985,

333
376
385
397
576
695
588
562
631
692
694

1.446
1,566
1.489
1,739
2,034
2.132
2.171
2.083
2,158
1.842
2,003

3.595
4.363
7,459
6.866
7,649
8.720
R.695
8.595
9,071
8.440
8.967

3,330
4,057
7.046
6,402
7,109
8,010
7,943
7.792
8,214
7,423
8,062

,035
,312
,217
,225
,286
,364
,333
,357
,123
,231

1.928
1,812
1.866
1.745
1.647
1.664
1.620
1.845
1.727
1,792
1.903
1.841
1,882

673
657
629
630
656
656
636
682
617
587
616
628
683

1,869
1.882
1.604
1,783
1,723
2.132
1.854
1.7^5
1,927
1.980
1,954
2.040
2,046

8,629
8.599
8.329
8.410
8.378
8.928
8.546
8.662
8 698
8.833
8.923
8.892
9,219

7,550
7.288
6.978
7.281
7.254
7.692
7,474
7,551
7.647
7,766
7,725
7,800
8,197

,061
.099
.219
,087
,053
,233
,151
1,163
1,236
1,191
1,231
1,359
1,380

1960—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

I960—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Chicago:
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.

27
24
30
27
25....
15 . . . .
29
27
31
28
26
30
31

1956—Dec.
1957—Dec.
1958_Dec.
1959__june
Dec.

31
31
31
24
31 . . . .

6,473
6,446
6,830
6.516
6,885

569
954
1,333
1.801
2.083
3,342
3.772
3,852
3,637
3.687
4.206

I960—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

27
24
30
27
25
15. . . .
29
27
31
28
26
30
31

6,673
6,634
6,630
6.531
6.562
6.707
6,598
6,811
6.661
6.740
6.847
6,729
7,050

4,072
4.165
4.135
4.156
4,259
4,386
4,342
4.284
4,317
4,361
4,328
4,260
4,485

30
31
31
31
30

1955—Dec. 31

For notes see end of table.




1,309
1,241
7 1,592
1 889
2,247
4 2,812
4 2,947
3 3,059
8 3,219
3,330
(5)
10 3,359

551
548
542
533
529
527
527
522
519
518
517

30 34,870
30 34,920
30 35,250
30 35,150
30 35,200
28 35,301
30 35,430
30 35,450
30 35,560
30 35,780
30 35.900
30 35,940
29 36,318

(5)
(5)

3,390
3,420
3,400
3,390
3,410
4 3,465
(5)
3,490
5
()
3,510
(5)
3,540
(5)
3,570
(5)
3,560
(5)
3,590
4 3,553

517
517
517
516
516
515
515
515
515
515
515
515
514

736
807
1,236
1.445
1,722
2,303
2.475
2,893
3.482
3.582
3.448

1 59?
1648
2,120
2.259
2,351
2,745
2,873
3.136
3 282
805 3.292
232 3,361

36
36
37
37
23
18
18
18
18
17
16

19,032
18,685
18,397
18,696
17,628
19,898
18,379
18,366
18,148
18,401
18.782
18,948
21,833

318
301
445
,432
410
,479
3,536
3,576
3,634
3,774
3.739
4.068
4.206

637 3,360
3,381
3,384
1,056 3,399
1,143 3.423
980 3.430
473 3.427
946 3,450
1,083 3.483
865 3,470
1,201 3,500
535 3,557
3 554

16
16
16
16
16
16
16
16
15
15
15
15
15

80
127
1,552
72
174
222
184
195
249
259
272

1,867
2,419
3,462
4,201
4,604
5,165
5.069
4.904
5.136
4.586
5,070

495
476
719
913
,103
,327
,319
,345
,438
,424
,468

250
288
377
426
490
628
660
689
733
740
762

14
13
12
14
13
13
14
14
14
14
14

166
213
233
235
381
335
407
342
275
552
301
261
327

4.849
4,536
4.103
4.520
4.371
4.669
4.442
4,552
4,629
4.497
4,662
4,629
4,899

,450
,417
,399
,402
,405
,412
,426
,444
.452
1,465
1,470
1,490
1,530

755
747
752
755
760
765
769
770
783
781
804
813
822

13
11

(5)

933
884
889
1,023
1.041
992
985
1,012
1,101
1.121
1,179
1.214
1,216

Time

10,521
10,527
15,371
14 17,745
19 20,009
20;<
51 28,129
25 30,001
26 31,662
31
29 34,006
30 34,570
29 34,948

3
6
14
3
3
4
3
4
3

()
(f)
5

Bor- Total Numrow- capital ber
of
ings counts banks

(5)
(5)
(5)

195
30
70
1
2
2

852
951

3
4
4
3

164
40
208
431
467
241
225
333
161
195
117
125
219
93
35

11
11
11
11
11
11
11
10
10
10

621

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates.

Amounts in millions of dollars]

Deposits
Total
assets—
Total
Interbank 2
Other
Cash
liaassets 2 bilities
U. S.
Govt. Other
and
Total2
Demand
Deobliga- secucapital
I
mand Time
tions
rities
ac- 3
U. S.
counts
Govt. Other

Loans and investments

Class of bank
and date
Total

Reserve City member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1955_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Dec. 31
1960—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Country member
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—June
Dec.
1960—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

Loans

Time

12,272
15,347
40,108
36,040
40,685
52,459
53,915
55,259
60,558
60,617
61,621

5,329
7,105
8,514
13,449
17,906
28,622
31,783
32,805
34,003
36,616
38,686

5,194
6,467
29,552
20,196
19,084
18,826
17,368
17,352
20,645
18,224
17,292

1,749
1,776
2,042
2,396
3,695
5,011
4,764
5,102
5,910
5,777
5,643

6,785
8,518
11,286
13,066
13,998
16,994
17,716
17,540
17,701
15,762
18,211

19,687
24,430
51,898
49,659
55,369
70,478
72,854
74,196
79,781
77,887
81,443

17,741
22,313
49,085
46,467
51,437
64,733
66,524
67,483
72,647
69,448
73,675

3,565
4,356
6,418
5,627
6,391
7,207
7,584
7,241
7,506
5,994
7,450

120
104
30
22
57
239
294
301
377
341
303

435
491
8,221
405
976
1,288
1,201
1,358
1,429
1,600
1,698

9.004 4,616
1,828
12^57 4,806
1,967
24,655 9,760
2,566
28,990 11,423
2,844
32,366 11,647
3,322
39,835 16,164
82 4,641
40,647 16,797
21 5,076
39,960 18,623
21 5,370
42,259 21,075
21
14 5,760
39,721 21,792 1,140 5,945
42,668 ~\555
21
238 6,106

346
351
359
353
336
292
289
278
274
273
265

27
24
30
27
25
15
29
27
31
28
26
30
31

60,334
58,848
58,445
59,649
59,491
59,750
59,563
60,427
60,683
60,790
61,805
61,625
62,953

38,282
38,116
38,392
38,990
39,126
39,534
39,421
39,290
39,497
39,430
39,354
39,273
40,002

16,490
15,340
14,690
15,305
15,046
14,921
14,846
15,825
15,920
16,029
17,040
16,943
17,396

5,562
5,392
5,363
5,354
5,319
5,295
5,296
5,312
5,266
5,331
5,411
5,409
5,554

15,624
15,600
15,044
15,412
15,105
17,378
15,786
15,743
15.353
15,8011
15,998i
16.649
18,668

77,625
76,065
75,183
76,723
76,253
78,780
77,090
77,938
77,796
78,381
79,643
80.141
83,464

69,116
67,435
66,202
67,699
67,149
69,887
68,028
68,796
68,484
69,317
70,421
71,126
75,067

6,029
5,877
5,831
5,803
5,623
6,625
6.062
6; 074
6,342
6,509
6,774
7.433
7,989

297
256
228
278
279
245
241
250
285
317
286
293
326

1,135
1,661
1,474
1,577
2,591
2,319
2,591
2,247
1,984
2,500
2,062
1,867
1.960

40,426 21,229
38,956 ",685
20
,675
37,994 20
,708
39,333 20
20,845
37,811
39,759 20,938
37,966 21,168
21
38,925 21,300
38,284 21,589
21
38,257 21,734
39,410 "',889
21
39,654 21,879
42,267 22,525

943
1,004
1,298
1,192
1.105
870
1,064
1,063
1,093
803
822
434
73

6,120
6,082
6,115
6,147
6.174
6,181
6,257
6,256
6,306
6.332
6,366
6,406
6,423

267
233
225
225
224
224
223
222
218
218
218
217
217

banks
30
31
31
31
30
31
31
31
31
24
31

10,224
12,518
35,002
36,324
40,558
52,775
54,571
56,820
61,511
62,386
64,082

4,768
5,890
5,596
10,199
14,988
24,379
26,491
28,191
30,257
32.317
33,766

3,159
4,377
26,999
22,857
21,377
22,570
22,037
21,815
23,606
22,377
22,535

2,297
2,250
2,408
3,268
4.193
5,826
6,042
6,814
7.648
7,692
7,781

4,848
6,402
10,632
10,778
11,571
13,342
14,390
14.139
14,031
12.363
14,122

15.666
19,466
46,059
47,553
52,689
66.988
69,945
72.062
76,767
75.986
79,5671

13,762
17,415
43,418
44,443
48,897
61,636
64,289
65,991
70.277
68,787
72,323

572
792
1,207
1,056
1,121
1,505
1.597
ll640|
1,578
1,232
1,602

154
225
5.465
432
922!
1,061
1,160
1,181
1,175
1,309
1,508

7,158
10,109
24,235
28,378
31,977
39,681

5,852
6,258
12,494
14,560
14,865
19,372

41.194 20,317
40,724 22.429
42,349 25,137
40,115 26,094
42,83226,356

3!
4!
11
23!
9l
52|
21
30
37
510
71

,789
,463
,345
035
174
,427
,112
,377
,805
,482
,463
,241
,890

33,599
34,220
34,697
35.250
35,668
36,074
36,075
35.999
36,473
36.691
36.705
36.433
36,981

22,476
22,466
21.847
21,990
21,749
21,556
21,241
21.593
21,520
21.975
22,811
22,821
22,848

7,714 12,465
7.777 12.543
7,801 12,346
7,795 12,595
7,757 12,323
7.797 13,475
7.796 12,564
7,785 12,854
7.812 12.924
7,816112,740
7,947(13,135
7,987113,315
8,060)14,740

77,585
78.284
77,971
78.916
78^798
80,357
79.007
79;571
80,210
80.609
81.967J
81,910
84,126

69,973
70,561
70,104
70,959
70,576
72,222
71,044
71,624
71,923
72,522
73,847
73,702
76,004

1,351
1,255
1,251
1,248
1,191
1,299
1,223
1,274
1.308
1,349
1 ,459
1,485
1,778

13826,221
975 26,878
147 27,279
139 27,410
031 27,527
240 27,706
003 27,847
523 28,046
533 28,433
750 28,617
644 28.930
897 28,596
395129,011

487
472!
500
453
615
320
371
301
490
203
187
207
23

27
24
30
27
25
15
29
27
31
28
26
30
31

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




Total NumBor- capital ber
of
rowbanks
ings

,229
34
,429
24
,403
24
24
,138
24
,803
26
,951
24
,947
24
,757
26 . .623
26 1 780
26 1 788:
261 1 6981
37| 1 (783
I

40
41
41
43

1,851
1.982
2.525
2,934
3,532

4.769J
5.046
5,359
5.6851
5.8981
6,035

5,966
6,219
6,476
6.519
6:501
6.220
6,141
6,083
6.006
5.975
5,938

6,092 5.928
6,177 5.963

6.244
6,280
6,340
6,453
6,369
6,416
6,484
6.531
6.569
6.614
6,599

5.967
5,966
5,962
5,966
5,962
5,955
961
956
944
936
5,932

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.
4 Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
from noninsured mutual savings to nonmember commercial banks.
5
Less than $5 million. Because estimated data are rounded to the
nearest $10 million no amount is shown except on call dates.
NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN
for July 1947, pp. 870-71.

622

FEDERAL FINANCE
CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[U. S. Treasury Department and Bureau of the Budget.
Seasonally adjusted

Calendar
quarter

Receipts

23.4
25.1
25.2
24.7

23.3
23.6
23.6
24.2

1961—1

22.5

24.9




Unadjusted

Excess of
Payments receipts, or
Receipts
payments (—)

1960—1
2
3
4

In billions of dollars.]

0.1
1.5
1.7
0.5
-) 2

Excess of
Payments receipts, or
payments (—)

25.8
28.5
23.4
20.6

21.9
24 A
24.2
24.5

3.8
4.5
-0.8
-3.9

24.8

23.4

1.4

Year

Receipts

Payments

Excess of
receipts, or
payments {—)

Calendar—1959....
I960....

87.6
98.3

95.6
94.7

-8.0
3.6

Fiscal—1958
1959
1960

81.9
81.7
95.1

83.4
94.8
94.3

-1.5
-13.1
0.8

Financial Statistics

* International *
Reported gold reserves of central banks and governments

624

Gold production

625

Net gold purchases and gold stock of the United States

626

Estimated foreign gold reserves and dollar holdings

627

International capital transactions of the United States

628

United States balance of payments

637

Money rates in foreign countries

637

Foreign exchange rates

639

Index to statistical tables

645

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.

623

624

GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Int'l
Monetary
Fund

Estimated
total 1
world

End of
month

United
States

Estimated
rest of
world

Argentina

Australia

Austria

Belgium

Brazil

Canada

Chile

Colombia

Congo,
Rep.
of the

86
86
57
62
72
71

115
116
122
81
83
42
38
38
38
38

1954—Dec
1955 Dec
1956 Dec
1957—Dec
1958 Dec
1959 Dec

36,940
37 620
38,115
38,820
39 490
40,185

1,740
1,808
1,692
1,180
1 332
2,407

21,793
21,753
22,058
22.857
20,582
19,507

13,405
14,060
14,365
14,785
17,575
18,270

372
372
224
126
60
56

138
144
107
126
162
154

62
71
71
103
194
292

778
929
925
915
1 270
1,134

322
323
324
324
325
327

1,073
1 134
1,103
1,100
1 078
960

42
44
46
40
40
43

I960

40,355

19,457
19 403
19,395
19,363
19 188
19,045
18,725
18 443
17,948
17,804

18,445

56
56
56
55
55
80
84
84
84
104

163
166
170
149

40,525

2,454
2 495
2 489
2.515
2 527
2 562
2,564
2 603
2 723
2,439

292
292
292
292
293
293
293
293
293
293

1.181
197
182
,191
I 175
[ 094
1,094
I 112
I 158
170

294
294
286
286
287
287
287
287
287
287

950
945
922
909
906
904
894
891
886
885

41
42
42
42
42
42
42
45
45
45

73
71
72
73
74
74
75
76
77
78

^40,665

2,446
2 447
2,476

17,480
17 412
17,433 ^20,755

293
293
293

,156
I 137

287
287

885
886
884

39
45
44

79
79

Cuba

Denmark

Dominican
Republic

Ecuador

Egyptian
Region—
U.A.R.

El Salvador

Germany,
Federal Greece
Republic
of

Guatemala

1961

Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec

...

40,565
40,690

Jan
Feb
Mar

End of
month

18,685
19,400
20,280

153
156
159
157
147
147

138

Finland

112

France 2

India

Indo
nesia

1954—Dec
1955 Dec
1956—Dec
1957—Dec
1958 Dec
1959—Dec

186
136
136
136
80
50

31
31
31
31
31
31

12
12
11
11
11
10

23
23
22
22
22
20

174
174
188
188
174
174

29
28
28
31
31
30

31
35
35
35
35
38

708
942
924
581
750
1,290

626
920
1,494
2,542
2,639
2,637

11
11
10
13
17
26

27
27
27
27
27
24

247
247
247
247
247
247

81
81
45
39
37
33

I960—Mar
Apr
May
June
July
Sept
Oct
Nov
Dec

19
19
19
19
19
3
3
1
1
1

31
31
31
31
31
31
31
31
31
31

10
10
10
10
10
10
10

20
20
20
20
20
20
20
20

174
174
174
174
174
174
174
174

30
30
30
30
30
30
30
30
30
30

38
38
38
38
38
38
38
41
41
41

1,322
1,399
1,513
1,551
1,560
1,568
1,627
1,622
1,626
1,641

2,670
2,704
2,741
2,772
2,818
2,879
2,888
2,915
2,943
2,971

26
26
26
26
26
26
31
31

24
24
24
24
24
24
24
24
24
24

247
247
247
247
247
247
247
247
247
247

33
33
33
33
33
33
33
37
57
57

Jan
Feb

1
1

31
31

30
30

41
41
41

1,641
1 644
1,883

2,999
3 029
3,242

AUK

1961

End of
month

Iran

1954 Dec
1955—Dec
1956 Dec
1957—Dec
1958 Dec
1959—Dec

.

AUE

Sept
Oct
Nov
Dec

Iraq

Ireland,
Republic of

. .
..

8
14
20
34
84

18
18
18
18
18
18

20
20

131
131
131
131
131
131
131
131
131
130

84
84
84
84
84
84
84
111
98
98

130
130

P Preliminary.
For other notes see end of table.

Italy

Lebanon

Mexico

NetherNew
lands Zealand

Norway

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

18
18
18
18
18
18
18
18
18
18

1,902
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
102
119

142
142
142
142
122
122
121
140
139
137

,164
,164
,164
,231
,246
,246
,346
.376
,376
,451

34
34
34
34
14
35
35
35
35
35

30
30
30
30
30
30
30
30
30
30

18

2,204

119

,451
1,451
1,451

35
35
35

30
30
30

00 00

Jan
Feb
Mar




174
174

30

138
138
138
138
141
140

. .

July

1961

10

20
20

31

Mar

I960—Mar
Apr
May

10

10
10

346
352
338
452

119
119

30

31
76

247
247
247

76

Pakistan

Peru

Philippines

Portugal

38
48
49
49
49
50

35
35
35
28
19
28

9
16
22
6
10
9

429
428
448
461
493
548

52

52
52
52
52
52
52
52
52
52

28
28
28
28
28
28
27
42
42
42

12
13
15
16
16
12
13
14
14
15

549
549
549
549
550
550
550
550
550
552

52
52
53

47
47
47

16
18

553
553

625

GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]

South
Africa

End of
month

Spain

Sweden

Syrian
Region—
U.A.R.

Switzerland

Turkey

United
Kingdom 3

113
112
112
112
112
104

144
144
144
144
144
133

Venezuela

Yugoslavia

Bank
for
Int'l
Settlements 4

227
216
186
180
180
180

2.762
2,120
2,133
2,273
3 069
2,736

Thailand

403
403
603
719
719
652

14
16
17
13
17
16

76
121
59
24
-42
-134

153
244
268
254
126
40
39

Uruguay

EPUEF5

1954—Dec
1955 Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec

199
212
224
217
211
238

132
132
132
101
57
68

265
276
266
219
204
191

1,513
1,597

1960—Mar
Apr
May
June
July
Aug
SeDt
Oct
Nov
Dec

256
258
255
240
233
219
204
187
176
178

78
78
78
78
78
88
98
108
158
178

171
171
171
171
171
171
171
171
170

1,777
1 767
1 767
1,774
1,896
1,960
1,980
2,020
2 059
2,185

104
104
104
104
104
104
104
104
104
104

133
133
133
133
133
133
133
133
134
134

2,780
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
180
180
180

652
512
512
512
512
512
462
428
398
398

10
9
7
7
7
7
6
6
5
4

17
(«)
-122
-103
-107
-103
-79
-54
-36
-19

170
187
196

189
205
205

170
170
170

2,184
2,162
2,165

104
104

134
134
134

3,245
3,195
3,021

180
180

398
398

5
5

S3

.

. .

1961 —Jan
Feb
Mar

171

17
19
19
24
24

1,676
1,718
1.925
1,934

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.

48
53
56

83
48

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.
and Canadian dollars.
4
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

Estimated
world
oroduction1

Africa
Total

North and South America

South
Africa

Rhodesia

Ghana

826.0
895 0
940.0
873.5
975.0
911.6
1 015 0
952.8
980.1
1,050.0
1,125.0 1,060.3

462.4
510.7
556.2
596.2
618.0
702.2
748.4

18.8
18.4
18.8
18.8
19.4
19.8
19.6

27 5
23 8
21 .9
27.7
29.2
r
32.0
31 0

88.5
89.1
90.2

1.6
6
7

Dec

60.0
59.6
61.8
63.1
63.4
63.6
63.5
63.4
63 4
63.4
62.2

Jan
Feb

63.7
62.7

1954
1955
1956
1957
1958
1959
1960
I960—Feb
Mar
Apr
May

June . .
July
Aug
Sept
Oct
Nov

1961

.6
6
.6
7
7
6

6
7

2.6

2 7
2 7
2.6
2.6
2.6
2.6
2.6

2 5
2 5
2.5

2.5

r
Revised.
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.
SOURCE.—Estimated world production; based on reports of the U. S.
Bureau of Mines.




Other

Congo, United
Rep.
of the States

Canada

Mexico

Nicaragua 2

Brazil

12.8
13.0
13.1
13.1
12.8
r
12.3

65.1
65.7
65.3
63.0
61.6
57.2

152.8
159.1
153.4
155.2
158.8
156.9
161.1

13.5
13.4
12.3
12.1
11.6
11.0

8.2
8.1
7.6
6.9
7.2
7.3
7 0

4 2
3 9
4.3
4 2
3.9
r
3 8
4 I

1.4
.9
.8
1.4

3.1
3.5
3.5

1.1

.6
.6
.7

4
.3
.4

.5
.6
.5
.6

.3
.3
.4
.4

4.3
3.9

13.0
13.6
12.8
13.2
13.5
13.8
13.3
12.9
14 1
13.7
13.8

.6
6
.6

.6

.3
3
.4
.3

3.2
2.9

13.2
12.6

.6

.3

4.1
3.9
4.5
4.9
5.0

4 4

1 .1
.9

.6

Colom- Ausbia
tralia

n 2

India

39 1
36.7
36.1
37 9
38.6
38 1

8 4
7 4
7.3
6 3
6.0
5 8

1 4

2 8

1.5

3.2

1 2
1.1
1.1
1.2
1.3
1 4
1 2

3 3
2.8
3 4
3.2
3.1
3 4
3 3

5
.5
4
.5
4
.4
.5
5
5

13.3

15.3
11 4
13.0
13 9
15 2

31
1.2

14

4

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.

626

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
1959

Area and country
1953

1955

1954

Western Europe:

1956

-6

-85

3
-34

-130

-226

-68
-10

-65
-60

-55

-65
-480
-94
-37

-16
-50
-20
-6

4

18

-1,016

-378

-78

80

Spain
Switzerland
United Kingdom
Bank for Int'l Settlements
Other

25

8

-85
-28

14

-28

81

69

-5

0)

18

-5

0)

1

-327

-68

-327

-68

-10

1

Total foreign countries... -1,164
International institutions2

-105

-33
— 160
—200

-81
— 165
-350
— 36
-83

20
1
-49

-11

-576 -1,053

-50
-20

-30

—20
-20

-30

65
-1

-1

-1

-6

-22

19

-100

64

-1

-1

-36

-62

-30
-4

-157
-28

-15
-97

-20

0)

-26

-15
-4

-67

18

-34

-186

-113

-20

-26

-19

-67

14

0)

-3

-5

-38

-4

0)
0)

-8

0)

-29

80

172 -2,294

-998 -1,969

-157

-42

-84

-632 -1,212

-42

-84

-632

200
-1,164

Grand total

— 110

-2

2

-10

-25

-40

6

-6

Total

-10

-17

14

-10

-83
— 117
-34

-197

-30
65
-16

-6

-7
— 56

4

5

Asia:
Other

—25

200

-827 -1,718

20
-350
-32
-38

67

62

3

-114
-324
-550
-36
-96

75

-132

Total

2

_1
-26

-249

115

-19

....

-30
-10

-261
-20
32
-215
-900
-178
-21

1

4

-1
-141
-173
-34

-200
56

80
-30
12

.

1960

-83
-39
-266

-84
-329

68 -2,326

15

Canada
Latin America:
Argentina .
Mexico
Venezuela
Other

31

-8
100

1959

1958

3

-5

France
Germany (Fed. Rep. of)
Italy

Total

1957

1960

600

280

772 -2,294

1 Less than $500,000.
2
Figures represent purchases of gold from, or sales to (—), the International Monetary Fund.

3-44

300

3-1,041 -1,669

100

300

-57

-912

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 O F T H E UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Treasury

Total i

1949
1950
1951
1952
1953

24,427
22,706
22,695
23,187
22,030

24,563
22,820
22,873
23,252
22,091

1954
1955
1956
1957
1958

21,713
21,690
21,949
22,781
20,534

21,793
21,753
22,058
22,857
20,582

1959
I960

EarTotal
Net
marked
gold
gold gold: de- Domesstock:
tic gold
increase, import, crease, producor
or inor detion
export
crease
crease
(-)

Month
Treas- Total i
ury

(-)

(-)

165

-1,743
53
380

-1,162
-297
-41
306
799

-2,275
19 456 19 507 2-1,076
17,767 17,804 -1,703

686
-371
-549
684
2
16
97
106
104
260
302
333

-496
-1,352
618
-305
-1,171
-325
-132
319
600

-2,515
- 1 324
-1,982

67
80
66
67
69
65
66
65
63
62
57
*58

* Preliminary.
1
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)

1960—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1961 Jan .
Feb
Mar
Apr

EarTotal
Net
marked
gold
gold
stock: import, gold: de- Domestic gold
crease, producincrease,
or
or inor deexport
tion
crease
crease

(-)

(-)

19,408
19,360
19,352
19,322
19,144
19,005
18,685
18,402
17,910
17,767

19,457
19,403
19,395
19,363
19,188
19,045
18,725
18,443
17,948
17,804

-174
-144
-319
-282
-495
-144

17 441
17 373
17,388
*17,390

17 480
17*412
17,433
*17,435

— 324
—68
21
»2

-14
-54
-8
-32

17
8
10
77
49
12
5
125
19
3
—20
—47
—137
(3)

-13
-71
-14

-102

-222
-151
-319
—397
-512
— 145
— 322
3
161
492

4
4
4
4
5
5
5
4
4
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 $11,909 million on Apr. 30, 1961.
Gold under earmark is not included in the gold stock of the United States.

627

GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 3 I, 1959

Dec. 3 , 1958

Area and country

Western Europe:
Austria
.
Belgium
Finland
Germanv (Fed Reo of)
Italy
Netherlands

Turkey
United3 Kingdom
Other
Total

Latin America:
Brazil
Chile
Cuba
Guatemala
Panama Reoublic of
Uruguay
Other

4

Total
Asia:
India
Indonesia

Other
Total
All other:
Pcvntian Recion—U A R
Union of South Africa
Other 5
Total
Total foreisn countries ^
International institutions

605
1,385
200
104
1,282
4,394
143
2,207
1,389
173
656
93
507
2,777
164
3,723
870
20,672

210
463
140
241
366
69
561
146
96
262
1,213
250
4,017
324
145
184
1,094
186
245
1,041
3,219
241
190
241
512
1,184
32,189
2,876

Grand total 6

35,065

Memorandum item:
Cterlintt area

4,837

7
6
6
1
12
13
10
120
(2)

3
10
76
194
29

623
1,272
168
115
1,945
4,624
212
3,118
1,617
125
686
154
404
2,903
164
3,490
593

489 22,213
341

3,158

(2)
2
11

393
478
228
288
214
61
584
129
110
242
929
253

106

(2)

j

(2)
(2)

86
4
2

2

( )

3
1
27
32

7
7
64
1
35
16

Sept. 30, 1960

556
1,339
145
125
2,041
4,682
186
3,061
1,646
129
674
189
388
2,708
163
3,716
617

7
7
53
1
18
16

866 23,355

885 24,437

849

429

424

3,324

3,307

105

3,823

361
172
187

1

1
(2)

3
1

1,244

2
3
1
46

351
183
176
1,644
190
248
1,236

3,949

53

4,028

264

141
1
3
79
87
38

3,439

(2)
3
12

443
448
186
262
149
70
497
116
105
240
813
388

106
10
1

158
1
3
79
84
38

(2)
3
11

3,717

105

3,666

40

3
1
53

306
188
168
1,755
214
258
1,107

2
1
70

297
195
156
1,984
237
270
1,026

70

3,996

115

4,165

(

4
3

(2)

41

54

216
280
546

1,268

42

1,303

55

1,305

983 34,497

1,507

34,826

660

5,753

1
(2)
82
4
2

263

207
299
525

(2)

14
15

5,565

242

4,729

2,167 40,579
407

4,972

3,552
454
460
179
242
108
65
495
127
97
244
795
400

1
(2)
2
()
82

272

194
287
523

495

7
7
53
1
17
16

485

323}
51

3,909

1,478 40,062

516
1,240
78
85
2,273
5,997
109
3,203
1,646
115
638
235
395
2,786
149
4,503
469

855 22,365

17
141
1
3
101
88

3
12

181
240

490
1,340
111
99
2,310
5,245
138
3,057
1,643
131
637
227
432
2,713
152
4,124
506

U.S. Govt.
U.S. Gold& bonds & notes 1
Govt. shortbonds
term
& notes dollars
Old
New
series series

452

a

444
450
193
277
168
77
574
128
100
242
897
273

1,564

7
6
64
1
37
16

Dec. 31, I960*

536
1 317
85
87
2 160
6,447
139
3 080
1,779
111
636
327
397
2,863
152
4,467
524
25 107

P Preliminary.
1 Of the two sets of figures shown, the first continues the series based
on a 1955 survey and reported securities transactions; the second is
based on a survey as of Nov. 30,1960, and reported securities transactions
in December. Data are not available to reconcile the two series or to
revise figures for earlier dates.
2 Less than $500,000.
3 Includes other Western European countries, unpublished gold
reserves of certain Western European countries, gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, European
Payments Union/European Fund, and the Bank for International Settlements; the figures for the gold reserves of the B.I.S. represent the Bank's
net gold assets (see note 1 to table on reported gold reserves).




June 30, 1960

Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold &
short- Govt. short- Govt short- Govt. short- Govt. shortbonds
term
bonds term
bonds
term
bonds term
term
dollars & notes dollars & notes dollars & notes dollars & notes dollars

3,097

Canada

Mar. 3 1, 1960

1,582 35,812
709

5,832

2,291 41,644
476

5,302

i

(2)

158
1
3
78
74
39

3
11

419
481
180
236
78
68
534
123
114
231
796
370

86
40

1
1
4
j

7
28
1
16
16

(2\

11

143
1
3
77
57

420
44

416

446

2

2
(2)

(2)

39
1
2
(2)
j

1

3,630

59

15

40

59

301
235
152
2,166
218
284
989

103

4,345

(2)

n\

2
2
(2)

235

H

3
2

3

S

87

92

?!

o\
>%
2

196
207
601

58

1,242

29

1,239

27
28

1,491 37,645

1,409

550

5,627

671

41
1
(2)

2

28

6,130

838

(2)

57

755

4
148
1
1
82
94

4&
39
819

196
235
552

2,347 43,192

3
(2)

3
9

259

1,592 37,062

3
2
31

35
35
1,426

6,393

884

900

2,162 44,038

2,293

2,326

512

536

489

5,558

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.

628

INTT CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]

Total

1,452
1,517
1,544
43,158

Official

Private

Germany,
Fed.
Rep.
of

13,487
13,641
14,615
16,229

8,045
7,917
8,665
9,152

5,442
5,724
5,950
7,076

1,835
1,557
1,755
1,987

1.012
1,275
873
990

4,019
4,310
5,081
5,501

6,865
7,142
7,708
8,479

1,516
1,623
2.019
2,198

2,346
2,575
2,403
2,406

2,415
1,946
2,205
2,774

346
355
279
373

3,300 16,382
3,234 16,626
3 359 16,828
3,317 17,125
3,334 17,414
3,466 17,752
3,566 r 17,662
3,682 17,759
3,697 17,216
3,954 '17,366

9,011
9,224
9,275
9,600
9,759
10,160
10,109
10,328
10,104
r
10.320

7,371
7,402
7,553
7,525
7,655
7,592
7,553
r
7,431
7,112
'7,046

2,012
2,199
2,220
2,473
2,704
2,868
3,109
3,292
3,367
r
3,476

,266
1,340
1,500
1,599
1,736
1,800
1,828
1,793
1,641
r 1,667

5,122
4,963
4,940
4,869
4,573
4,523
4.264
4,216
3,982
'3,902

8,399
8,502
8,660
8,942
9,013
9,190
9,202
r
9,301
8,990
'9,045

2.357
2,386
2,423
2,530
2,683
2,699
2,658
2,711
2,507
'2,439

2,383
2,478
2,526
2,432
2,494
2,540
2.432
2,366
2,340
'2,422

2,860
2,843
2,817
2,824
2,854
2,937
2,997
2,998
3,017
3,107

382
417
403
397
369
386

20,909
20,773
21,083

3,941
3,816
3,872

16,968
16,957
17,210

10,138
10,091
10,300

6,831
6,865
6,910

3,502
3,586
3,510

1,633
1.571
1,755

3,581
3,534
3,612

8,716
8,691
8,877

2,442
2,423
2,431

2,324
2,294
2,372

3,145
3,201
3,183

342
347
348

Grand
total

14,939
15,158
16 159
19,387

1956 Dec
1957—Dec
1958 Dec
1959 Dec
I960

International
institutions 2

19,681
19,860
20 187
20,442
20 748
21,218
21,228
'21 441
20,912
'21,320

End of month

Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1961—Jan
Feb.P
Mar.p

Foreign countries

United
Kingdom

Other
Europe

Total
Europe

Latin
Canada America

All
other

Asia

374
384
362
352

Table l a . Other Europe

End of month

1956—Dec
1957—Dec
1Q58 Dec
(959—Dec
I960

.

Mar
Apr
May
June
July
Aug

Sept
Oct

Nov
Dec
1961—Jan p
Feb
Mar.P

Netherlands

Norway

Portugal

Spain

Sweden

Switzerland

Turkey

All
others

134
203
339
485

67
93
130
95

137
142
163
138

43
24
36
86

217
260
303
213

836
967

20
18
20
31

299
360
694
590

99
96
97
101
88
85
85
83
81
81

125
113
104
88
88
87
88
84
85
84

111
108
120
149
133
132
137
187
149

217
265
267
261
250
250
224
219
210
227

931
930
928
939
878
820
806
755
693
678

30
23
24
19

'877

482
442
430
412
386
355
300
289
277
328

18
14
16
18
17
18

468
451
552
483
386
380
402
418
391
388

794
724
784

275
246
280

80
82
83

81
80
76

114
127
111

229
233
268

612
568
556

21
19
24

301
268
321

Other
Europe

Austria

Belgium

Denmark

Finland

4,019
4,310
5,081
5,501

296
349
411
331

117
130
115
138

65
112
169
137

53
64
69
77

626
354
532
655

177
154
126
186

5,122
4,963
4 940
4,869
4,573
4,523
4,264
4,216
3,982
'3,902

264
234
221
198
197
203
223
229
231
243

156
134
141
149
172
166
146
140
141
147

114
92
82
80
72
53
47
53
53
54

87
75
71
61
64
49
47
48
45
46

719
711
726
759
650
726
646
658
583
519

160
146
128
112
97
75
78
54
67
63

[,159
,142
,050
,060
,095
.127
1,017

3,581
3,534
3,612

213
205
198

134
141
152

54
52
58

45
50
44

579
687
592

49
52
67

Italy

France Greece

930

,079
,121
,369

981
952

1*7

852
969

Table lb. Latin America

End of month

Latin
BoAmer- Argen- livia
tina
ica

Brazil Chile

Colombia

Cuba

Dominican
Republic

NetherPanEl Guate- Mex- lands ama,
AnSal- mala
Retilles pubico
vador
and
Suri- lic of

Peru

Uruguay

Other
Vene- Latin
zuela America 6

nam

1956—Dec
1957—Dec
1958 Dec .
1959—Dec
I960

Mar
Apr
May . .
June
July
Au2

Sept
Oct
Nov

Dec

1961—Jan
Feb.**
Mar.?

2,346
2,575
2,403
2,406

146
137
150
337

29
26
22
24

225
132
138
151

91
75
100
185

153
169
217

2,383
2,478
2,526
2,432
2,494
2 540
2,432
2,366
2 340
'2,422

388
386
412
388
394
393
370
324

21
20
22

315

21
20
20
23
22
21
23

156
159
172
162
162
176
173
185
186
194

152
147
156
144
132
132
137
116
117
135

2,324
2,294
2,372

299
289
313

22
24
23

203
170
193

120
112
133

315

v
Preliminary.
' Revised.
For other notes see following page.




211

68
54
40
37

25
27
26
28

64
65
42
37

433
386
418
442

69
73
79
86

109
136
146
129

84
60
77
82

73
55
82
62

455

235
286
164

204
205
205
189
185
175
167
181
166
158

149
146
138
130
120
111
105
90
84
77

29
29
35
35
35
36
33
34
34
37

33
33
33
31
27
23
22
22
24
24

53
54
52
46
40
37
41
41
42
44

432
437
409
355
390
399
374
358
359
397

85
8^
86
93
98
90
87
79
72
'72

128
129
123
116
123
128
127
126
122
123

72
81
79
77
82
77
70
64
64
72

62
62
63
60
55
54
64
61
52
51

245
317
351
301
355
407
333
349
'398

191
285
275
282
306
313
301
302

174
172
160

68
67
63

31
30
31

27
31
28

50
51
53

367
349
336

70
69
77

108
100
95

65
62
65

49
52
47

378
446
494

293
270
261

153

835
494
277

^60

111
124
133
148
175
190

629

INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i— Continued
[Amounts outstanding, in millions of dollars]
Table lc.

Asia and All Other

Asia

All other
Ko-

End of month
Total

Hong
Kong India

Indonesia

Iran

Phil- TaiIsrael Japan pub- iplic pines
of

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

45
52
56
87

I960—Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.

2,860
2,843
2,817
2,824
2,854
2,937
2,997
2,998
3,017
3,107

65
61
58
58
59
58
59
58
60
57

104
68
67
59
55
51
50
36
37
54

150
152
138
155
158
164
162
170
148
178

87
93
91
80
68
72
59
62
71
75

3,145
3,201
3,183

57
52
53

45
44
48

181
150
101

67
72
62

Dec.
1961—Jan..

Feb.

ThaiAusland Other Total tralia

Congo,
K

the

nion
tian
of
Re- South Other
gion—
U.A.R. Africa

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

141
140
136
139
143
144
148
153
150
152

178
184
194
198
216
219
224
217
212
203

95
91
90
90
87
89
89
86
84
84

144
142
152
154
158
163
166
169
177
180

486
459
399
379
339
322
311
263
245
215

382
417
403
397
369
386
374
384
362
352

109
135
113
114
107
95
100
87
80

42
37
46
37
25
27
29
30
32
32

33
39
41
42
46
40
22
24
27
22

43
39
30
40
36
32
31
30
33
29

157
166
174
164
155
191
192
213
189
181

.953 139
,991 145
2,028 155

193
198
195

84
81
76

190
204
209

216
219
214

342
347
348

33
33
31

20
20
21

39
35
31

178
186
182

1.017 99
586 117
935 145
1,285 148
,365
,413
,445
,476
,536
,627
,705
,758
,808
,887

Table Id. Supplementary Areas and Countries7
End of year

End of year

Area or country
1957

1958

1959

1960

Other Europe:
Albania
Bulgaria
Cyprus
Czechoslovakia8
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland » 8
Rumania
Soviet Zone of Germany
U. S. S. R.8

.6
.1
.7
1.7
.7
2.9
9.0
.5
.5
16.4
5.4
3.2
.8
3.1
.7

.3
.3
.2
.6
1.7
.9
3.5
10.0
.6
.7
16.1
5.9
4.9
.9
1.4
2.2

.3
1.2
.3
.7
1.8
1.3
2.7
5.4
.6
.6
7.2
5.3
4.0
.9
1.5
2.6

.2
.5
.5
1.0
n.a.
1.0
5.1
2.7
.5
.6
12.6
4.1
6.1
1.1
1.3
12.1

Other Latin America:
Bahamas °
Bermuda
Costa Rica
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
Paraguay
West Indies Federation®

7.9
16.4
22.7
.8
11.2
12.6
12.7
5.1
15.8

6.8
24.5
17.4
.5
7.7
6.3
11.3
3.4
31.6

14.3
18.9
21.7
.5
10.5
12.8
12.5
6.7
32.6

.8
4.7
.9

1.7
4.5
.9

2.2
11.0
.9

Other Asia:
Aden
Afghanistan
Bahrein Islands.

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 AH other:
21.7
Algeria
19.8
Ethiopia and Eritrea.
27.3
French Somaliland...
.4
Ghana
10.7
Liberia
15.0
Libya
11.9
Madeira Islands
4.6
Morocco .
11.3
Mozambique....
New Caledonia..
New Zealand....
Somali Republic.
n.a.
Sudan
9.8
Tunisia
n.a.

p
n.a. Not available.
Preliminary.
1
Does not include banking liabilities to foreigners maturing in more
than one year; such liabilities amounted to $8 million on Mar. 31,
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

1958

1959

1960

6.7
20.0
34.2
36.3
19.6
1.6
5.9
33.1
28.2
1.6
12.8
2.5
32.7
94.8
7.1
3.5
58.5

5.9
4.3
24.9 19.7
44.1 34.4
36.0 35.8
18.0 63.1
2.8
2.5
10.3
9.4
20.9 21.0
37.9 38.0
1.2
1.4
5.6 23.5
2.5
2.3
15.2 14.8
60.2 111.6
2.5
3.5
4.7
5.0
48.8 68.3

.9
10.9
6.9
34.8
n.a.
1.8
9.6
5.0
36.2
6.3
10.6
1.4
n.a.
18.4
1.9
n.a.
n.a.

.9
35.1
3.1

.5
27.8
1.0
.7
13.0
6.4
1.0
43.5
2.9
1.4

.4
9.3
.9
n.a.
n.a.
5.6
.9
64.3
2.2
n.a.
n.a.
3.5
n.a.
2.8

23.0
10.7
.9
51.5
3.4
1.7
1.9
1.3
1.7
.8

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

the Second (New York) Federal Reserve District. They represent a
partial breakdown of the amounts shown in the "other" categories in
Tables la-lc.
8
Based on reports by banks in all Federal Reserve districts.
9 Prior to 1960 data for the Bahamas included with West Indies
Federation.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by U. S. banks, bankers, brokers, and dealers,
by branches or agencies of foreign banks, by certain domestic institutions
not classified as banks that maintain deposit or custody accounts for
foreigners, and by the U. S. Treasury. The term "foreigner" is used to
designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled abroad
and the foreign subsidiaries and offices of U. S. banks and commercial
firms.

630

INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Payable in dollars
To banks and official institutions

End of month, or area
and country

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
19,387

12,860
12,847
13,669
16,911

5,979
5,875
6,772
6,341

5,990
5,840
5,823
9,243

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

1960—Mar
Apr
May
June
July

19,681
19,860
20,187
20,442
20,748
21,218
21,228
r
21,441
20,912
r
21,320

17,369
17,554
17,843
18,109
18,414
18,874
18,872
19,035
18,603
r
18,980

6,272
6,696
6,920
7,186
7,365
7,631
7,648
7,639
7,451
7,567

9,357
9,225
9,340
9,303
9,512
9,719
9,705
9,911
9,715
r
10,012

1,740
1,632
1,583
1,620
1,538
1,524
1,519
1,485
1,437
1.401

2,243
2,234
2,268
2,250
2,250
2,253
2,238
••2,262
2,182
r
2,228

1,738
1.745
1,770
1,794
1,780
1,770
1,786
1,826
1,777
1.847

204
199
211
167
165
182
173
'172
158
148

301
290
287
289
305
301
279
264
247
233

70
73
75
84
86
91
118
144
127
113

20,909
20,773
21,083

18,666
18,559
18,865

7,321
7,491
7,717

10,045
9,799
9,903

1,299
1,269
1,244

2,122
2,109
2,107

1,772
1,776
1,792

128
113
102

222
220
213

121
105
111

(3)

(3)

.

..

Sept
Oct
Nov
Dec
1961 Jan
Feb v

. ...

891

Area aiid country detail, Jan. 31, 1961
Europe:
Austria
Belgium

213
134
54
45
579

Germany, Fed. Rep. of....
Greece
Italy
Norway

198
81
14
14
223

3,502
49

3,477
34

190
21

794
275

765
248

134
98

80

Finland
France

211
99
48
44
531

47

44

12
12
1
14
36

74

2,884
13
467
132

23
15
28
25
32

2
2
21
156

272

2
34
6
2
48

404
1
164
18
2

2
6
33
16

2
30
5
2
41

19
15

4
3

4

(3)
(3)
(3)

2

2

1
2

H

(3)

31

4
4
1

43
18
9
111
2

41

(3)

2

18
8
72

(3)

(3)

(3)

23
18

81

36

95
220
498

93
76
295

21

19

19

1,633

United Kingdom

38

114
229
612

Portugal
Spain
Sweden
Switzerland
Turkey

1,301

884

343

83

141
1

81

83

275
1
16

53

76

13

(3)

3

34

9
293

Other Europe

8
242

8

123
48

(3)

2

(3)

9

3
57

8,716

Chile
Colombia
Cuba
Dominican Republic . . . . .
El Salvador
Guatemala
Mexico
.
....
Neth. Antilles and Suri-

2,504

4,422

1,001

687

481

78

129

101

2,203

1,575

610

18

224

180

33

12

15

299
22
203
120
174
68

Latin America:
Argentina
Bolivia

7,927

2,442

Total

231
7
69
77
109
4

150
7
65
76
92
4

19

68
16
135
43
65
64

67
15
122
43
64
61

(3)
(3)

1
C3)
9

(3)

(3)

(3)

31
27

11
6
21
229

5

20
20
16
136

19
19

50
367

11
7
33
231

6

62

(3)
(3)

3

(3)

17
(3)

r

36

19

16
25
19
179
215

15
25
18
179
89

e>
(3)

1,269

1,005

14

4

14

66
38
24
193
67

2
1
2
2

24
2
5
3
9

(3)
(3)
(3)
(3)

7
72

193

32
91
40
30
198
78
1,052

960

16

76

3

(3)

1
(3)

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 $2,594 million on Mar. 31, 1961.




3

1
1
2

p\

12

120

2,324

Total

15
131

(3)
(3)

1
3

2

70

108
65
49
378
294

Peru
Uruguay
Venezuela
Other Latin America

8
2

3

(3)
(3)

2

(3)

1

Represents principally bankers' acceptances and commercial paper.
3 Less than $500,000.

631

INT'L CAPITAL TRANSACTIONS OF THE U. S.

TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANES IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Payable in dollars

Area and
country

To banks and official institutions

To all other foreigners

Payable
in foreign
currencies

Total
Deposits

Total

U.S.
Treasury
bills and
certificates

Other i

Total

Deposits

U. S.
Treasury
bills and
certificates

Other 1

Area and country detail, Jan. 31, 1961—Cont.
Asia:
Hone IConc
India
Indonesia
Iran
Israel

57
45
181
20
67

33
32
179
16
63

28
27
77
16
25

Japan..
Korea Reo of
PhiliDDincs
Taiwan
Thailand
Other Asia

1,953
139
193
84
190
215

1,935
137
175
78
187
181

Total

3,145
72
33
20
39
178

All other:
Australia
Congo Rep. of the
Egyptian Region—U.A.R..
Union of South Africa
Other

5
4
26

1
76

(?)

17
2
18
6
3
33

(2)

24
13
2
5
4
15
2
18
6
3
32

(2)

(?)

1

1

4

9

29

1,036
137
163
75
27
153

828

72

125
21

12
3
35
7

3,016

1,765

1,060

191

127

69
31
19
36
154

32
12
16
36
114

35
9
3

3
10

35

4

3
1
1
3
24

i

(2)
(2)

123
3
1
1
3
22

8

2

25
13
2
5
4

2

(2)

2

()

(2)

(2)

(2)

1

(

(2)

2}

342

Total
Total foreign countries.
International institutions....
Grand total

310

210

82

18

31

29

2

1

16,968

14,725

7,058

6,368

1,299

2,122

1,772

128

222

121

1,299

2,122

1,772

128

222

121

3,941

3,941

263

3 3,678

20,909

18,666

7,321

10,045

1 Represents principally bankers' acceptances and commercial paper.
2 Less than $500,000.

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 COUNTRIESi
[Amounts outstanding, in millions of dollars]

End of month

Germany,
Fed.
Rep. of

Italy

Switzerland

114
102
57

157
140
77
54

43
56
36
30

29
34
42
38

104
98
124
121

216
211
315
234

568
654
696
534

2,728
2,707
2,691
2,764
3,062
3,117
3,160
-3,361
-3,325
3,590

25
25
26
28
27
33
29
32
28
32

53
55
55
62
63
68
77
84
78
82

30
33
32
32
30
35
33
42
35
34

37
41
36
42
36
41
45
54
55
60

112
129
135
181
234
239
256
237
222
245

231
228
226
230
227
212
226
r
245
240
264

3,586
3,655
3,980

35
35
44

78
80
108

38
36
36

61
61

197
170
167

237
224
246

Total

France

1956—Dec...
1957—Dec...
1958—Dec...
1959—Dec...

1,946
2,199
2,542
2,623

1960—Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct...
Nov..,
Dec...
1961—Jan.. .
Feb.*.
Mar.*.

18

r
P Preliminary.
Revised.
i Short-term claims reported in these statistics represent principally
the following items payable on demand or with a contractual maturity
of not more than 1 year; loans made to and acceptances made for




United Other Total
King- Europe Europe Canada
dom

Latin
America

Asia

All
other

157
154
243
272

840
956
1,099
1,175

337
386
435
586

43
50
69
56

488
512
509
575
617
628
665
'694
658
717

246
254
258
272
336
341
356
397
376
409

682
1,257
715
1,172
743
1,124
746
1,111
845
1,203
886
1,200
921
1,150
1,244 '956
972
,254
,354 1,042

54
55
56
60
61
62
68
•70
r
65
68

646
606
701

417
374
467

,338 1,113
,392 1,210
,384 1,352

72
73
76

foreigners; drafts drawn against foreigners that are being collected by
banks and bankers on behalf of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and their
customers in the United States.

632

INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1—Continued
[Amounts outstanding, in millions of dollars]
Table 3a.
Other
Europe

End of month

Austria

Belgium

Denmark

Finland

Other Europe

Greece

Netherlands

Norway

Portugal

Sweden

Spain

Turkey

Yugoslavia

All
other

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

13
10
24
19

76
72
47

()

30

1

7
10
9
18

1960—Mar ..
Apr....
May...
June...
July...
Aug...,
Sept...
Oct....
Nov...
Dec...,

231
228
226
230
227
212
226
r
245
240
264

49
51
46
50
49
41
41
'53
50
65

12
9
7
7
6
7
9
10
13
13

9
7
8
9
9
9

30
26
36
34
36
30
29
32
30
33

8
6
7
7
8
9
11
16
17
17

6
6
5
5
7
7
10
8
7

18
19
23
22
22
18
23
25
26
28

69
67
60
62
55
59
61
58
53
49

9
11
12
12
12
11
9
7
8
11

14
15
13
14
12
13
15
16
15
19

1961—Jan... .
Feb.*..
Mar.p.

237
224
246

63
61
58

14
12
12

9
9
10

34
32
47

11
10
10

26
25
26

41
32
35

9
9
12

14
16
16

Table 3b. Latin America

Latin
BoAmer- Argen- livia
tina
ica

End of month

1956—Dec
1957 Dec
1958—Dec
1959—Dec
l%0— Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

840

15

4

Brazil Chile

7

11

7

5

15
19

8
10

8
12

231
293

12

35

2
6

31
31

68

115

29

15

10

291

4

18
23
18

36

51
50
50

71
75
77

95
92
77

23
20
19

5
5
6

50
57

77
80

67
62

17
16

7
7

282
297
325

5
3

156
173

12
13
13

18
17
22

36
40
41

78

55

43
43

176

54

17
17

33
52

60

3

117

59

65
63
68

3
4
4

151
148
161

4
4
4
4
4

189
212

57
55

4
4

206
225

63
73

1961—Jan
Feb.*
Mar.?

4
4
4

229
228
240

74
77
81

121

,^8

122

1,392 121
1,384 127

Peru

90

100
148

354

NetherPanlands ama,
AnRetilles puband lic of
Surinam

113
166

3
3

,257
...

El
Sal- Guate- Mexico
vador mala

103
51

16

28
40

172

Cuba

Dominican
Republic

145

72

95fi
,099
,175

,124
,111 76
,203 81
,200 87
,150 96
.244 108
,254 112

Colombia

11
11

321
335

144

49

170
142

51
53

47

247

57

51
52
49

334
242
157

54
52

50
50
50
50
52
56

42
52

42
38

333

6

316
303

4
4

16

46

20
19

43
42

39

13
14

302
343

5
8

52
55

22
23

43
44

52
57

235
234

57
64

13
14
15

342
312
327

5
5
5

27
28
26

48
48
48

50
48
44

231
311
271

56
60
63

9

11

17
17

14
19

11
12

76
80

27
26

17
16

19
22

80
79
78

21
25
21

14
13
13

21
19
19

18

5
5
5

15

Other
Vene- Latin
zue'a America

169
224
219
164
233

31
29

79
77

213

Uruguay

Table 3c. Asia and All Other
All other

A sia

End of month
Total

Hong
Kong

India

Iran

337
386

4
7

6
6

20
22

1956—Dec
1957—Dec
1958—Dec
1959—Dec

435
586

6
10

4
6

27
29

PhilIsrael Japan ippines Taiwan

16
24

170
146

16
53

6
6

6
9

179
324

Thai- Other Total
land

9
14

Egyp- Union
Aus- Congo, tian
of
Rep.
Retralia of the gion— South Other
Africa
U.A.R.

43
50

11
13

6
5

2
1

17

13
18

8
12

69
56

91
110

4
3

3
2
1
2

21
12

29
21

10
11

1

11

23
19

11
12

31
35

13
15

420
456

67
24
22
22

9
10

13
10

154
148

54
55

18
19

33

488

10

35
36

11
10

12

145

56

21

17
16

497
586

21

7
9

16

3

11
10

8

886

10

7

38

15

628

14
15

972

7

682
715

Mar
Apr

1961—Jan.p
Feb.*
Mar.*

12

746
845

June
July
Sept
Oct
Nov
Dec .

12
11

743

I960

921
956

13
15

111
155

660
'693

17

712

24

9

36
35
34
33

14
22
26
23
25

24

796

19

7

24

149
147
143
121

8
9
11

34
43
48

27
31
30

867
943
1,074

16
18
19

7
10
11

22
24
23

124
123
126

9
8

9
11

8

11

1,042

9

1,113
1,210
1,352

8
9
10

r

r
P Preliminary.
Revised.
1
See note 1 on preceding page.




6
8

23
14

10

6
8

11
15
14

15
15
16

3
3

143
141

60
61

23
25

3
3

2
2

140

62

25

2

1

68
70

27
29

5
3

2
2

66

27

2

2

68

27

3

72
73
76

28
28
26

3
4
4

2 Less than $500,000.

r

19

20

21
21

10

11
10

22

r

7.3
26

3

10

25

11

24

3
3
7

12
12
13

26
26
26

633

BVTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Short-term
Payable in dollars
End of month, or *rea
and country

Longlerm —
total *

Payable in foreign currencies

Loans to:
Total
Total

Banks and
official
institutions

Others

Collections
outstanding

Other

Deposits
with
foreigners

Total

Other

Total amounts outstanding
1955 - D e c . . .
1956 - D e c . . .
1957—Dec...
1958—Dec...
1959—Dec...

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

I960

War...
Apr...
May..
June..
Fuly..
Aug...
Sept...
Oct.. .
Nov...
Dec.. .

1,533
1,587
1,628
1,599
1,666
1,636
1,626
1,628
1,659
1,698

2,728
2,707
2.691
2,764
3.062
3,117
3,160
'3,361
'3,325
3,590

2,520
2,490
2,466
2,485
2,665
2,708
2,729
'2,883
2,902
3,110

806
774
768
726
731
715
719
'830
'771
814

397
408
392
387
387
385
386
404
'438
482

538
562
569
579
561
554
578
591
'602
605

779
746
737
793
986
1,054
1,045
'1.058
1.091
1,209

208
218
224
280
397
409
431
478
424
480

179
186
191

29
31

198
223
221
270
293
221
242

34
82
173
188
161
185
203
238

1961— Jan.. .
Feb.?.
Mar.p,

1,654
1,597
1,595

3,586
3,655
3,980

3,116
3,229
3,458

803
855
871

460
462
494

620
622
679

1,232
1,291
1,414

471
426
521

194
207
274

277
219
247

Area and country detail, Jan. 31, 1961
Europe:
Austria...
Belgium..
Denmark.
Finland. .
France...

1
10
2
2
12

3
34
7
4
19

2
63
14
9
35

1
62
13
9
33

29
4
21
14
146

78
5
38
34
11

66
5
36
28
10

3
6
26
61
41

2
6
24
37
41

197
9
15

31
9
15

354

646

428

154

65

119

68

417

225

20

173

9

115
(2)
218
41
26

122
4
229
74
80
21

103
4
229
74
80
21

11
(2)
88
12
5

14
(2)
15
23
12
2

28
3
34
14
26
19

(2)
91
25
38

Dominican Republic
El Salvador
Guatemala
Mexico
Netherlands Antilles and
Surinam

1
(2)
8
186

14
21
13
342

13
21
13
338

5
11
2
122

57

4
4
7
33

4
6
2
126

Panama, Rep of
Peru
Uruguay
Venezuela
Other Latin America

30
14
1
188
68

27
48
50
231
57

27
48
50
230
57

4
99
6

15
6
3
47
9

5
20
3
59
30

5
20
41
25
12

899

1,338

1,313

370

207

292

444

Germany, Fed. Rep. of..
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden....
Switzerland.
Turkey
United Kingdom.
Yugoslavia
Other Europe. . . .
Total. .
C mada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba

Total.

4
41

15
2
8

42

(2)
12
7
1
P)

3
6
37

1
6
21

8

(2)

3
6

6
2

(2)

12
(2)

17

2
1
6
5
4

P)

2
24

10

1
14

165

60

105

90

218

94

123

23

192

49

143

49

19

17
1
5

(2)
(2)

2

P Preliminary.
' Revised.
1
Represents mainly loans with an original maturity of more than 1
year.




22
4
13
11
2

22

5
11
7
10

2 Less than $500,000.

(2)
(2)

25

(2)
(2)
23

(2)
(2)

634

TNTL 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 foreign currencies

Payable in dollars
Longterm—
total i

Area and
country

Loans to:
Total
Total

Banks and
official
institutions

Collections
outstanding

Others

Other

Total

Deposits
with
foreigners

Other

Area and country detail, Jan. 31, 1961—Cont.
Asia:
Hong Kong
India
Indonesia

2

2
5

8
8

8
7

3
1

34
27

<?

1

842
2
16
7
22
121

125

1

8
2

34
27
867
2
16
7
22
122

13
2
9
97

1
4

2
18

132

1,113

1,086

255

9

22
40
4
62
73

28
3
3
12
27

24
3
3
11
24

1

3

201

72

64

5
(2)

Israel

803

460

19

Korea Rep of

16

Taiwan
Thailand
Other Asia
Total
All other:
Congo Rep. of the
Egyptian Region—U.A.R..
Union of South Africa....
Other
Total
International institutions....
Grand total

C2)

2

(2)

(2)

20
42
13
10

1,654

3,586

3,116

1

(2)

%
92
2
1

25

25

2
5
9

(2)

(2)

f2)
1

1

(2)

159

663

27

26

1

12
2
1
10
15

11

4

5

1
1
1

3

6

i Represents mainly loans with an original maturity of more than
1 year.

623

40

13

8

2

7

620

1,232

471

194

277

(2)

4
(

2}

3

2 Less than $500,000.

TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 1
[In millions of dollars]
U. S. corporate securities2

U. 5 Govt. bonds & notes
5.
Year or month

Purchases

Net purchases,
or sales (—)
Sales
Total

1957
1958
1959
I960

Foreign
countries

Purchases

Foreign bonds

Net pur- Purchases, or chases
sales ( - )

Sales

666
1,224
1,217
1,730

I960—Mar
Apr
May
July
AUR

Sept
Oct
Nov
Dec
1961 Jan
Feb.*
Mar.P

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
r
883

113
188
166
198
48
61
44
148
345
195

70
86
241
170
58
187
93
196
262
98

42
102
-75
29
-10
-126
-49
-48
82
97

9
44
-29
-5
—9
-50
—42
-48
-13
-21

199
191
205
272
189
183
181
179
187
208

156
145
183
220
192
184
199
187
180
220

43
45
23
52
-4
-1
-18
-8
7
-12

57
76
59
84
53
36
73
244
36
31

73
323
67

96
71
99

-23
252
-32

-23
81
-25

250
269
369

219
252
329

30
17
40

54
45
43

* Preliminary.
' Revised.
* Includes transactions of international institutions.




2

Foreign stocks

Net purchases, or
sales ( - )

Sales

Net pur- Purchases, or chases
sales ( - )

1,392
1,915
1,458
1,432

-693
-1,026
-512
-549

593
467
566
r
502

622
804
804
r
591

-29
-336
-238
'-88

175
109
87
142
83
r
61
89
268
44
78

r_ H8
-33
-28
-58
-30
'-25
-16
-24
-8
-46

42
41
58
50
35
35
36
35
43
31

44
59
46
70
46
48
f
45
'42
'56
52

-2
-19
12
-19
-11
-13
'-9
'-7
'-13
-21

89
74
91

-35
-28
-48

51
34
56

49
59
91

2
-25
-35

r

Sales

Includes small amounts of U. S. municipal securities.

635

INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY 1
[Net sales, ( - ) . In millions of dollars]
Type of security

Country

Total 2

Year or month

Belgium

Stocks

194
-39
435
251

29
34
6
46
-1
4
-18
-22
10
7

14
12
17
6
-3
-5
1
14
-3
-18

30
17
40

32
31
30

-1

1

-14
10

1
2

Netherlands

1
(3)

United
Kingdom

101
19
254
171

77
-1
15
-48

20

5
2
3
2
1

8
2
40
38
4
3

14
-3
5
5

Switzerland

35
-8
31
1

France

c ocorN

1961—Jan
Feb.*
Mar P

51
17
73
50

-18
-8
7
-12

I960—Mar
Apr
May.
June
July
Aua
Sept
Oct
Nov
Dec

143
-56
363
201

43
45
23
52
-4

1957
1958
1959
I960

Bonds

23
21
4
30
-1
13
-12
20
14
-2

6
8
-3
11
4
4
-7
-29
-20
-21

2
4
4
3

5
16
16

7

2

1
-4
-1
3

2
3
2

-4

-2
1

5
3
3

-3

2
5

Latin
America

Total
Europe

Canada

255
10
379
234

-99
-86
-30
-46

23
23
40
36

1
7
8
8
5

41
37
13
50
4
16
-13
-7
3
-17

-1
2
4
-4
-12
-22
-4
-6

1
2
3
3
2
3
1
2

7
2
5

22
24
28

-4
-14
6

Other
Europe

35
66

i

5

All
other 2
15
14
46
28
3
5
3
4
3
2
-2
3
2
5
5
6
8

8
1
-2

2

P Preliminary.
i Includes small amounts of U. S. municipal securities.

Includes transactions of international institutions.
3 Less than $500,000.

TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS

TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i

[Net sales, ( - ) . In millions of dollars]

[In millions of dollars]

Year or
month

1957
1958
1959
I960
1960—Mar....
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
1961—Jan...
Feb.*
Mar.*

Total
International foreign Europe Cancounada
institries
tutions

-384

231
-72
-50

'-116

7
-2
-39
5
-9
-10
-21
-16
7
2

-126
-50
22
-83
-33
-27
'-5

-3
-4
22
-27
-6
-34
-5

r_l4
'-28

'-10
'-19
-21

-18

_l
15
-3

-35
-68
-80

-27
-30
-24

-7
-44

-69

P Preliminary.
' Revised,
i Less than $500,000.




-552
-543
-443
r-202

-338
— 558 - 8 0 5
-593
-157
-147 '-491

-89
-24

0)

-53
-10
5
12

n
9

r

n

Latin
Amer- Asia
ica
15
5
11

'-96

-45
-45
-97
-41

All
other

-15
-36

-1
-6
7
-6
-9

-24
1
3

I
-26

-6
-4
-11

4
-1
-2

0)

Miscellaneous 3

13

-150

-4

-4

Deposits

U. S. Govt.
securities 2

-32
2
2
3
-15
3
-7
r
6
-14
-24

-2
-3
-4

Assets in custody
End of month

2
-22

1

-2
2
1

1

1959—Dec.

345

4,477

570

I960—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

194
215
254
215
204
223
251
252
217

4,818
4,841
4,977
5,272
5,423
5,479
5,634
5,430
5,726

639
643
672
671
701
713
718
752
756

1961—Jan..
Feb.
Mar.
Apr.

238
207
271
230

5,793
5,879
5,935
5,634

714
694
690
672

1
Excludes assets held for international institutions, and earmarked
gold. See note 4 at bottom of p. 626 for total gold under earmark at
Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes, and bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.

636

INTT 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
Area and country

Europe:
Austria
Belgium
Denmark
Finland
France

1959

3
29

1

28
2

...

Portugal

3

1
18
2
1
20

3
10
7
1
21

4
10
9
3
25

4
9
4
2
28

33

6
9
8
2
36

56
1
14
39
9

48
1
13
44
7

46
1
15
56
7

21
3
31
23
7

31
2
33
21
4

25
3
26
15
4

27
2
26
16
6

26
3
29
14
6

0)

3
10
25
5
25

2
U
22
13
13

3
12
23
19
9

4
11
27
20
9

3
10
27
19
7

62
1
4

0)

53

73

<?

148
1
3

162

4

42
55

1
8
26
34
2

0)

(I

20
42
2

14
29
1

90

112

109

89

J

9
8

5
11
5

Canada
Latin America:

5

6

382

376

320

302

262

264

265

357

373

54

54

58

58

101

101

89

111

138

10

Total

5

31

United Kingdom
Yugoslavia
Other Europe

30
2
80
1
5

252

Switzerland
Turkey

12
1
18
4
3
5

5
3
15
5
3
9

9
2
17
5
3
4

15
5
3
3

7
2

13
2
62
8
6
24

25
3

14
4
55
9
9
26

12
3
65
9
11
20

18
2
69
9
11
18

1
C1)

0)

0)
5

4
2
5
36

3
1
4

5
6

1

27

2
1
3
30
1

2
2
4
30
2

2
2
4
30
1

2
3

°1

Bolivia
Brazil
Chile
Colombia
Cuba

16
3
3
5

Dominican Republic
El Salvador
Guatemala

(

Neth. Antilles and Surinam,
Panama Rep. of. . .
Peru
Other Latin America
....

1

?

10
4

Total
All other:
Australia
.
Congo Rep. of the
Egyptian Region—U.A.R.
Union of South Africa
Other
Total
International institutions. . . .

0)

6
7

1

0)
(i)

5

C7
)
5

54
10
7
27

1

5

3
13

11
8

3
19
4

6
4
4
20
4

5
33
15

2
35
16

5
6
3
32
18

12
8
5
31
19

4
13
4
29
19

86

80

86

234

235

220

234

236

2
8
3
4
2

3
3
3
3
1

2
4
4
4

2
6
1
9

1

3
4
4
4
3

2
5
2
7
11

2
7
2
8
11

2
7
1
8
10

1
10
1
7
9

13

15

23

19

17

37

(1

(

( )

0)
8
2
3

36
1
10
2
3
13

41
1
8
2
3
15

39
1
7
2
4
18

35
1
8
3
4
17

2
3
4
18
4

3
2
4
20
5

85

87

2
6
2
3
1

Israel
Japan
Korea Ret) of
Philippines
Taiwan
Thailand
Other Asia

1
(l)

4
3
5
14
5

Asia:
Hon2 Kong
India

^
2
1
6

42

4

0)

^
1
6
4

4
5

5

9
2
4
19

53

53

51

53

95

92

100

99

97

6

8
1
1
6
5

12
1
1
1
5

8
2
2
7
10

16
1
3
6
10

15
5
8
11

16
1
6
8
11

19
1
5
8
10

22

21

28

38

41

41

44

1

19

5

0)

0)

4
5

7
5

29

18

(

7
2
3
5

7

6
6
19

0)

0)

0)

0)

C)

0)

0)

0)

0)

C1)

440

593

588

531

519

720

730

715

843

889

i Less than $500,000.
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data excludes claims held through




2

i

2
16
2
1
37

12
1
10
17
14

13
39
11

1960

1959

3
21
2
1
43

1
7
14
15
1

Italy
Netherlands
Norwav

1958

3

2

34

Germany, Fed. Rep. of

Grand total

1

1960
1958

Total

Claims on foreigners

U. S. banks, and intercompany accounts between U. S. companies and
their foreign affiliates.

637

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
773 '752

5,761
3,820
1,177

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

- 8 8 7 -1,251
-642 -1,025
-155
-411

-784
-451
-156

-893
-726
-111

-470 *-1,033
-391
-745
-267
-449

-620
-392
-229

-536
-773
-365

-768 -1,064 -1,044 -1,752
-546
-900 -1,393
-683
-269
-650
-325
-297

-264
-368

-487
-245

-614

-295
-333

-354
-167

-124
-79

-296
4-288

-163
-228

-408
237

-277
-222

Foreign capital and gold (net)
Increase in foreign short-term assets
and Government securities
Increase in other foreign assets....
Gold sales by United States

p
1
2

580

197
13
370

-192

Errors and omissions

227

275
50
-98

200

-226
1,086
26
-15
1,075
76

764

-386
-381

-575
-144

-743
-359

934

901

947

41,416

1,444

567

801

979

1,183

1,200

477
-26
483

502
52
347

780
72
95

4829
190
4397

1,119
158
167

367
128
72

566
185
50

733
152
94

556
-10
637

279
921

175

-71

160

365

32

226

-6

-144

-610

-145

3 Minus sign indicates net outflow.
4 Excluding additional U.S. subscription to IMF of $1,375 million,
of which $344 million was transferred in gold and $1,031 million in
non-interest-bearing U.S. Government securities.

Preliminary.
Excluding military transfers under grants.
Including military transactions.

OPEN MARKET RATES
[Per cent per annum]
Canada
Month

United Kingdom

Treasury Day-today 2
bills,
3 months 1 money

Bankers' Treasury
acceptbills,
ances,
3 months 3 months

Day-today
money

France

Germany

Bankers'
Treasury
allowance Day-tobills,
day
on
60-90
deposits money 3
days 4

Netherlands

Day-today
money5

Treasury
bills,
3 months

Day-today
money

Private
discount
rate

1.50
1.50

2.50
2.00

1.65
1.75
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
2.00

1.00
0.75
0.75

2.00
2.00
2.00

1958—Dec
1959—Dec

3.46
5.02

2.07
4.30

3.34
3.72

3.16
3.61

2.70
2.85

2.00
2.00

6.07
4.07

2.38
3.75

2.63
3.56

I960—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

3.87
3.40
2.87
2.87
3.13
2.53
1.89
2.65
3.53
3.53

3.83
3.33
2.77
2.84
3.24
2.70
1.58
2.36
3.26
3.16

4.74
4.80
4.76
5.04
5.76
5.75
5.71
5.62
4.98
4.64

4.59
4.65
4.58
4.88
5.58
5.58
5.53
5.36
4.74
4.44

3.91
3.67
3.87
3.98
4.67
4.79
4.85
4.79
4.30
3.88

3.00
3.00
3.00
3.25
4.00
4.00
4.00
3.92
3.50
3.12

4.17
4.22
4.25
4.15
4.53
4.05
4.15
3.99
3.76
3.70

4.00
4.00
4.00
4.88
4.88
4.88
4.88
4.88
4.00

3.75

4.06
3.94
3.88
4.75
4.69
4.75
5.25
5.31
4.69
4.31

2.26
2.52
2.33
2.25
2.30
2.49
2.19
2.05
2.00
1.96
1.57
1.51

1961—Jan
Feb
Mar

3.20
3.05
3.21

2.75
2.52
2.98

4.45
4.48

4.25
4.31
4.48

3.77
3.76
3.74

3.00
3.00
3.00

3.65
3.59
3.70

3.25
3.00
2.50

3.88
3.38
3.38

1.32
1.14
1.03

1
2
3

4.61

Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
Rate shown is on private securities.




4
5

Switzerland

Rate in effect at end of month.
Based on average of lowest and highest quotation during month.

638

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
Apr. 30, 1960
Per
cent

Month
effective

6.0
5.0
4.0
10.0
3.0

Dec.
Mar.
Dec.
Apr.
Feb.
Apr.
Dec.
Jan.
Aug.
Apr.

1960
1959
1960
1959
1939

6.0
5.5
5.0
3.0
5.5
6.75
4.0
4.0
7.0
2.0

Jan.
Jan.
Nov.
Nov.
Jan.

1959
1959
1959
1960
1953

11.0
4.0
3.0
4.0
4.75

Feb.
May
Apr.
Aug.
Jan.

1960
1957
1946
1948
1960

6.0
3.5
7.3
4.5
3.5

Feb.
June
Dec.
June
Nov.

1955
1958
1959
1942
1959

6.0
6.0
3.5
4.0
9.5

Oct.
Apr.
Feb.
Jan.
Nov.

Sweden

Feb.
Jan.
Jan.
Apr.
Jan.

1959
1944
1959
1960
1960

Switzerland
Thailand
Turkey
United Kingdom
Venezuela2

2.0
7.0
6.0
5.0
4 5

Feb.
Feb.
June
Jan.
Nov.

1959
1945
1956
1960
1959

Aug.

Sept.

Oct.

Nov.

Dec.

1959
1954
1955
1959
1959

6.5
2.0
4.0
4.6
5.0

July

Jan.

Feb.

Mar.

1960
1960
1956
1952
1960

Mar.
Apr.
Oct.
Apr.
Jan.

June

1957
1960
1959
1958
1948

3.51
2.5
16.4
5.0
3.0

May

Austria
Belgium
Brazil 2

••••••

•

. .

Canada 3
Ceylon*
Chile* 2
Colombia 2
Costa Rica

.

Cuba 2
Ecuador 2
El Salvador2 . . .
Finland
France
Greece
Honduras ^
Iceland
India 6
Indonesia 2 . • •. • •
Iran

Italy
Mexico
Netherlands
New Zealand
Norway
Peru 2
Philippine Republic 2
Portugal
South Africa

•

Apr.
6.0
5.0
5.0
10.0
3.0

5 0

3.26

3.32

3.17
i6 55

2.5
4.0

1.95

3.28

4.02

3.5

3.29

3.46

3.46

i6 74

3.53

3.53
4.0
16.74
5.0
3.0
6.0
5.5
5.0
3.0
5.5

3 5

5 0

4 0
6.0

6.75
3.5
3.5
6.0
2.0

3 5

9 0

5.5

9.0
4.0
3.0
4.0
5.31

5.31

6 94

6.0
3.5
6.57
4.5
3.5

6 57

7 0

6.0

5.0

5.75

6 0

5.5
6 5

7.0
6.0
3.5
4.0
9.5
5.0
2.0
4.5
4.6
5.0

4 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 (increased from 2.5 per cent on Jan. 20, 1960);
Colombia—3.5 per cent for agricultural and industrial development
paper of up to 150 days, 3 per cent for economic development paper
of up to 5 years, and 2 per cent for specific small business, cooperative
and employee paper;
Costa Rica—-5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by
national public securities;
Ecuador—6 per cent for bank acceptances for commercial purposes;




Rate
as of
Apr. 30,
1961

1961

1960

Country

5.0
4 5

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—^4.0 per cent for crop loan paper and 4.0 per cent for
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

639

FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)

In cents per unit of foreign currency]

Australia
(pound)

Austria
(schilling)

Belgium
(franc)

Canada
(dollar)

Ceylon
(rupee)

Finland
(markka)

France
(franc)

7.183
5.556
2.835
5.556
2.506
5.556
2.207
1 1.2730
1.2 026

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
320.389

1.2 004
1.2 005
1.1 989
.2 010
1.2 022
.2 037
1.2042
.2054
.2061

223.86
223.59
223.32
223.78
223.92
224.12
224.03
224.18
223.69

3.8407
3.8406
3.8426
3.8468
3.8573
3.8609
3.8509
3.8432
3.8409

2.0061
2.0055
2.0053
2.0041
1.9955
2.0024
2.0061
2.0130
2.0131

103.84
102.24
101.79
102.19
103.10
102.82
102.18
102.37
101.78

21.062
21.047
21.020
21.048
21.061
21.072
21.063
21.065
21.044

.3112
.3112
.3112
.3111
.3111
.3111
.3111
.3112
.3112

20.384
20.396
20.401
20.404
20.404
20.404
20.375
20.402
20.387

.2058
.2061
.2073
.2075

Year or month

223.62
223.10
222.91
222.95

3.8391
3.8352
3.8314
3.8306

2.0074
2.0026
2.0042
1.9985

100.69
101.03
101.26
101.11

21.037
21.013
20.990
20.992

.3112
.3112
.3111
.3111

20.401
20.402
20.404
20.400

Italy
(lira)

Japan
(yen)

Malay(dolfar)

Mexico
(peso)

Netherlands
(guilder)

New
Zealand
(pound)

32 624
32.582
32.527
32 767
32.857
32.817

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

26 230
26.113
26.170
26 418
26 492
26.513

276 36
276.80
276.56
278 19
278.10
277.98

Official
1955
1956
1957
1958
1959
I960

.

I960—Apr
May
June
July
Aug. .
Sept
Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr

Free

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

23 765
23.786
23.798
23 848
23.926
23.976

20.894
20.934
20.910
21.048
21.031
20.968

279 13
279.57
279.32
280 98
280.88
280.76

.1610
.1610

.2779
.2779
.2779
.2778
.2778

23.978
23.978
23.980
23.979
23.978
23.978
23.968
23.974
23.973

20.978
20.958
20.935
20.966
20.978
20.990
20.983
21.000
20.982

280.95
280.60
280.27
280.84
281.02
281.27
281.16
281.35
280.74

.1611
.1611
.1611
.1611
.1611
.1611
.1611
.1610
.1610

.2776
.2774
.2768
.2783
.2787
.2787
.2787
.2778
.2781

32.833
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
8.0056

26.516
26.519
26.519
26.511
26 512
26.518
26.518
26 492
26.517

278.17
277.82
277.49
278.06
278.24
278.49
278.37
278.57
277.96

23.968
23.966
425.020
25.185

20.975
20.950
20.940
20.940

280.64
279.99
279.75
279.81

.1610
.1607
.1607
.1609

.2786
.2786
.2786
.2772

32.826
32.774
32.699
32.600

8.0056
8.0056
8.0056
8.0056

26.499
26.400
527 582
27.820

277.86
277.22
276.98
277.03

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

(pound)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

1955
1956
1957
1958
1959
I960

14.008
14.008
14 008
14.008
14.028
14.018

49.677
49.676
49 693
49.695
49.721
649.770

3.4900
3.4900
3 4900
3.4900
3.4967
3.4937

278.09
278.52
^78 28
279.93
279.83
279.71

2.3810
2.0579
1.6635

19.333
19.333
19 331
19.328
19.324
19.349

23.331
23.334
23 330
23.328
23.142
23.152

279.13
279.57
279 32
280 98
280.88
280.76

I960 Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec

14.035
14.018
14.007
14.018
14.026
14.040
14 032
14.038
14.021

649.770

3.4957
3.4935
3.4905
3.4936
3.4956
3.4979
3.4973
3.4992
3.4950

279.90
279.55
279.22
279.79
279.97
280.22
280.11
280.30
279.69

1.6633
1.6636
1.6640
1.6640
1.6640
1.6640
1.6641
1.6642

19.359
19.339
19.365
19.366
19.392
19.379
19.365
19.355
19.334

23.048
23.124
23.175
23.183
23.198
23.219
23.211
23.216
23.225

280.95
280.60
280.27
280.84
281.02
281.27
281.16
281 35
280.74

3.4928
3.4861
3.4903
3.4920

279.59
7279.19

I.6635
1.6644
1.6644
1.6643

19.339
19.342
19.353
19.354

23.220
23.144
23.144
23.122

280.64
279.99
279.75
279.81

Year or month

1955
1956
1957
1958
1959
I960

.. .

I960—Apr
May
June
July
Sept
Oct
Nov.
Dec
1961—Jan
Feb
Mar
Apr

Year or month

1961—Jan
Feb
Mar
Apr

. . . .

14.004
13 985
13.985
13.989

* Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and free
rates.
2 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957,
was extended to all foreign exchange transactions on Oct. 28, 1957, and
on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc
was further devalued to 493.706 francs per U. S. dollar.
3
A new franc equal to 100 old francs was introduced on Jan. 1, 1960.
4
Effective Mar. 5,1961, the par value of the deutsche mark was changed




South Africa
(rand)

8139.37
139.35
139.38

from 4.20 to 4.00 marks per U. S. dollar.
5
Effective Mar. 7, 1961, the par value of the guilder was changed from
3.80 to 3.62 guilders per U. S. dollar.
6 Based on quotations through Apr. 22, 1960.
7 Based on quotations through Feb. 10, 1961.
8
Effective Feb. 14, 1961, South Africa adopted the decimal system.
The new currency unit, the rand, replaces the pound and consists of
100 cents; it is equivalent to 10 shillings or one-half the former pound.

BOARD OF GOVERNORS
of the: Federal Reserve System
WM.

I

Chairman

McC. MARTIN, JR.,

M. S. SZYMCZAK
A. L. MILLS, JR.

C. CANBY BALDERSTON, Vice Chairman

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

LEGAL DIVISION

ROBERT C. MASTERS, Associate

C. C. HOSTRUP, Assistant

G L E N N M. GOODMAN, Assistant

HOWARD H. HACKLEY, General Counsel

HENRY BENNER, Assistant

DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel

JAMES C. SMITH, Assistant

THOMAS J. O'CONNELL, Assistant General

Director

Director
Director

Director
Director

BRENTON C. LEAVITT, Assistant

Director

LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner

Counsel
WrLSON L. HOOFF, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
GUY E. NOYES, Director

DIVISION OF PERSONNEL ADMINISTRATION

FRANK R. GARFIELD, Adviser
ROBERT C. HOLLAND, Adviser
ALBERT R. KOCH, Adviser
ROLAND I. ROBINSON, Adviser

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant

DANIEL H . BRILL, Associate Adviser
LEWIS N . DEMBITZ, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser

DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, 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

M. B. DANIELS, Assistant




Director

OFFICE OF DEFENSE PLANNING

Director

JOHN N . KILEY, JR., Assistant

Director

Director

INNIS D. HARRIS, Coordinator

640

FEDERAL RESERVE BANKS AND BRANCHES

6£l

Federal Open Market Committee
W M . M C C . MARTIN, JR.,

Chairman

ALFRED HAYES,

Vice Chairman

CARL E. ALLEN

G. H. KING, JR.

ELIOT J. SWAN

C. CANBY BALDERSTON

A. L. MILLS, JR.

M. S. SZYMCZAK

WATROUS H. IRONS

J. L. ROBERTSON

EDWARD A. WAYNE

CHAS. N. SHEPARDSON
RALPH A. YOUNG, Secretary
P. E. COLDWELL, Associate Economist
MERRITT SHERMAN, Assistant Secretary
ROBERT S. EINZIG, Associate Economist
KENNETH A. KENYON, Assistant Secretary
GEORGE GARVY, Associate Economist
HOWARD H. HACKLEY, General Counsel
GEORGE MITCHELL, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
GUY E. NOYES, Associate Economist
WOODLIEF THOMAS, Economist
BENJAMIN U. RATCHFORD, Associate Economist
ROBERT G. ROUSE, Manager, System Open Market Account

Federal Advisory Council
J. LIVINGSTON, CHICAGO, President

OSTROM ENDERS, BOSTON

HOMER

GEORGE A. MURPHY, NEW YORK

NORFLEET TURNER, ST. LOUIS

HOWARD

C. PETERSEN, PHILADELPHIA

GORDON MURRAY, MINNEAPOLIS,

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 OF—

CHAIRMAN AND
FEDERAL RESERVE AGENT

DEPUTY CHAIRMAN

BOSTON

NILS Y. WESSELL

ERWIN D. CANHAM

NEW YORK

PHILIP D. REED

JAMES DECAMP WISE

PHILADELPHIA

HENDERSON SUPPLEE, JR.

WALTER E. HOADLEY

CLEVELAND

ARTHUR B. VAN 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




642

FEDERAL RESERVE BULLETIN • MAY 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

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

Kyle K. Fossum
C. W. Groth

M. B. Holmgren
A. W. Johnson
H. G. McConnell

F. L. Parsons
M. H. Strothman. Jr,

Philadelphia

,

Minneapolis , , , Frederick L. Deming
A. W. Mills
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
Helena
Kansas C i t y . . . . Denver
Oklahoma City
Omaha

C. A. Van Nice
Cecil Puckett
H. W. Pritz
P. A. Debus

Dallas

Howard Carrithers
J. L. Cook
Carl H. Moore

El Paso
Houston
San Antonio

San Francisco... Los Angeles
Portland
Salt Lake City
Seattle

W. F. Volberg
J. A. Randall
A. L. Price
E. R. Barglebaugh

Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 1431-34 of the December 1960 Bulletin. {Stamps and coupons not accepted.)
THE

FEDERAL RESERVE SYSTEM—PURPOSES AND

FUNCTIONS.

February 1961.

TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Part I. July

238 pages.

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.
FEDERAL RESERVE BULLETIN.

Monthly.

Sub-

scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia,
Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras,
Mexico, Nicaragua, Panama, Paraguay, Peru,
El Salvador, Uruguay, and Venezuela is $6.00
per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents per copy. (Group
subscriptions in the United States for 10 or
more copies to one address, 50 cents per copy
per month, or $5.00 for 12 months.)

INDUSTRIAL PRODUCTION—1959 REVISION.

THE

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.
DEBITS AND CLEARINGS STATISTICS AND THEIR

U S E (rev. ed.). May 1959. 144 pages. $1.00
per copy; in quantities of 10 or more for single
shipment, 85 cents each.

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.)

ALL-BANK STATISTICS, 1896-1955.

Part I, U. S.

Summary. Part II, Summaries by States and
other areas. April 1959. 1,229 pages. $4.00.
THE FEDERAL RESERVE ACT, as amended through

December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Reserve System. 385 pages. $1.00.

HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHART BOOK. Issued annually in September.

FLOW OF FUNDS IN THE UNITED STATES, 1939-53.

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.

July

1960.
229 pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85 cents
each.

December 1955. 390 pages.
1943.

979 pages.

November

$1.50.

RULES OF ORGANIZATION AND RULES OF PROCE-

DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE

February

1961.
210 pages. $1.75 per copy; in quantities of 10 or more for single shipment, $1.50
each.

$2.75.

BANKING AND MONETARY STATISTICS.

FEDERAL RESERVE SYSTEM.

ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.

9 pages.

CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV, published in 1957), giving the results of an
intensive study undertaken by the Board on request of the Council of Economic Advisers by
direction of the President. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—
Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00;
Pt. IV—Financing New Car Purchases, $.60. Requests and remittances for these six books should
be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C.




643

644

FEDERAL RESERVE BULLETIN • MAY 1961

REPRINTS
(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.

pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC

May 1953.

7 pages.

April 1953. 25 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-

vember 1953. 65 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-

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.
FINANCING OF LARGE CORPORATIONS, 1951-55.
June 1956. 9 pages.
REVISION OF CONSUMER CREDIT STATISTICS.

Oc-

tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
AGRICULTURAL LOAN SURVEY.

November

1956

and January, February, and March 1957 BULLETINS. 52 pages.
FINANCE

COMPANIES,

MID-1955.

April 1957. 17 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-

DEXES. December 1957. 30 pages.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.

I, ALL-BANK STATISTICS, 1896-1955. April
1959. 94 pages.
1959 SURVEY OF CONSUMER FINANCES. March,
July, and September 1959. 48 pages. (Similar Surveys available for some earlier years in
the period 1952-58.)

•PART




August

22 pages.
De-

cember 1959. 24 pages.
REVISED SERIES FOR SEASONALLY ADJUSTED
MONEY SUPPLY. February 1960. 4 pages.
INTEREST RATES IN LEADING COUNTRIES. June

6 pages.

THE BALANCE SHEET OF AGRICULTURE,

1960.

August 1960. 9 pages.
CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS

Combined reprint. September 1960. 31 pages.
U. S. BALANCE OF PAYMENTS, 1959-60. October 1960. 7 pages.
A NEW MEASURE OF THE MONEY SUPPLY. October 1960. 22 pages.

THE

CAPITAL MARKETS IN 1960.

ber 1955. 40 pages.
SURVEYS OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of

OF

1959.

1960.

* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.

SURVEY

pages.
THE GOVERNMENT SECURITIES MARKET.

REVISED INDUSTRIAL PRODUCTION INDEX.

INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16

STABILITY.

A QUARTERLY PRESENTATION OF FLOW OF FUNDS,
SAVING, AND INVESTMENT. August 1959. 49

December 1960.

7 pages. (Also, combined reprint. January and
February 1960.)
IMPLEMENTATION OF THE 1959 ACT ON RESERVE
REQUIREMENTS. December 1960. 6 pages.
SMALL BUSINESS FINANCING: CORPORATE MANU-

FACTURERS. January 1961. 15 pages.
CREDIT AND MONEY IN 1960.

February 1961.

8 pages.
GOLD AND DOLLAR TRANSFERS IN

1961.

1960. March

7 pages.

FEDERAL RESERVE OPERATIONS IN PERSPECTIVE.

March 1961. 10 pages.
STATISTICS ON THE GOVERNMENT
MARKET. April 1961. 8 pages.
OWNERSHIP OF DEMAND DEPOSITS.

SECURITIES

April 1961.

3 pages.
SURVEY OF COMMON TRUST FUNDS, 1960.

May

1961. 7 pages. (Also, similar reprints from
August 1956, June 1957, May 1958, May 1959,
and May 1960 BULLETINS.)
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. May 1961. 7 pages. (Also, sim-

ilar reprints from December 1960, and March
1961 BULLETINS.)
CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER
TIME DEPOSITS. May 1961. 2 pages.
BANKING AND MONETARY STATISTICS,
1960.

Selected series of banking and monetary
statistics for 1960 only. February and May
1961. 13 pages. (Also, similar reprints of
1959 data, February and May 1960 BULLETINS.)

Index to Statistical Tables
Department stores:
Merchandising data, 597
Sales and stocks, 592, 596
Deposits (See also specific types of deposits):
Adjusted, and currency, 556, 618
Banks, by classes, 551, 557, 561, 564, 568, 619
Federal Reserve Banks, 552, 635
Postal savings, 550, 556, 618
Discount rates, 550, 638
Discounts and advances by Federal Reserve
Banks, 546, 551, 552
Dividends, corporate, 577, 578
Dollar assets, foreign, 627, 635

Acceptances, bankers', 566, 568
Agricultural loans of commercial banks, 560, 562
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 556, 618
Corporate, current, 578
Domestic banks, by classes, 557, 560, 562,
568, 619
Federal business-type activities,
by fund or activity, 617
Federal Reserve Banks, 552
Automobiles:
Consumer instalment credit, 582, 583, 584
Production index, 586, 589

Earnings and expenses:
Insured commercial banks, 616
Member banks, 604
Earnings and hours, manufacturing
industries, 592, 595
Employment, 592, 594, 595

Bankers' balances, 561, 563
(See also Foreign liabilities and claims)
Banking and monetary statistics for 1960, 618
Banks and the monetary system, consolidated
statement, 556, 618
Bonds {See also U. S. Govt. securities):
New issues, 575, 576, 578
Prices and yields, 566, 567
Brokers and dealers in securities, bank
loans to, 560, 562
Business expenditures on new plant and
equipment, 578
Business indexes, 592
Business loans {See Commercial and industrial loans)

Farm mortgage loans, 579, 580, 617
Federal business-type activities, assets and liabilities,
by fund or activity, 617
Federal finance:
Cash transactions, 570
Receipts and expenditures, 571, 622
Treasurer's balance, 570
Federal home loan banks, loans, etc., 581, 617
Federal Housing Administration, loans,
etc., 579, 580, 581, 617
Federal National Mortgage Association,
loans, etc., 581, 617
Federal Reserve Banks:
Condition statement, 552
U. S. Govt. securities held by, 546, 551,
552, 572, 573
Federal Reserve credit, 546, 551, 552
Federal Reserve notes, 552, 554
Finance company paper, 566, 568
Financial institutions, loans to, 560, 562
Flow of funds, saving and financial flows, 602
Foreign central banks, 624, 638
Foreign deposits in U. S. banks, 546, 552, 556,
561, 564, 618, 635
Foreign exchange rates, 639
Foreign liabilities and claims:
Banks, 628, 630, 633, 635
Nonfinancial concerns, 636
Foreign trade, 597

Capital accounts:
Banks, by classes, 557, 561, 564, 619
Federal Reserve Banks, 552
Carloadings, 592
Central banks, foreign, 624, 638
Coins, circulation of, 554
Commercial banks:
Assets and liabilities, 557, 560, 619
Consumer loans held, by type, 583
Number, by classes, 557, 619
Real estate mortgages held, by type, 579
Commercial and industrial loans:
Commercial banks, 560
Weekly reporting member banks, 562, 565
Commercial paper, 566, 568
Condition statements (See Assets and liabilities)
Construction, 592, 593
Consumer credit:
Instalment credit, 582, 583, 584, 585
Major parts, 582, 584
Noninstalment credit, by holder, 583
Consumer price indexes, 592, 598
Consumption expenditures, 600, 601
Corporate sales, profits, taxes, and dividends, 577, 578
Corporate security issues, 576, 578
Corporate security prices and yields, 566, 567
Cost of living (See Consumer price indexes)
Currency in circulation, 547, 554, 555
Customer credit, stock market, 567
Debits to deposit accounts, 555
Demand deposits:
Adjusted, banks and the monetary
system, 556, 618
Adjusted, commercial banks, by
classes, 555, 561
Banks, by classes, 551, 557, 564, 619
Turnover of, 555
Type of holder, at commercial banks, 561




Gold:
Earmarked, 626
Net purchases by U. S., 626
Production, 625, 626
Reserves of central banks and governments, 624
Reserves of foreign countries and international
institutions, 627
Stock, 546, 556, 618, 626
Gold certificates, 552, 554
Govt. debt (See U. S. Govt. securities)
Gross national product, 600, 601
Hours and earnings, manufacturing
industries, 592, 595
Housing starts, 593
Industrial production index, 586, 592
Instalment loans, 582, 583, 584, 585
Insurance companies, 569, 572, 573, 580

645

646
Insured commercial banks, 559, 560, 616
Interbank deposits, 551, 557, 561, 564, 619
Interest rates:
Bond yields, 566
Business loans by banks, 565
Federal Reserve Bank discount rates, 550
Foreign countries, 637, 638
Open market, 566, 637
Stock yields, 566
Time deposits, maximum rates, 550
International capital transactions of the U. S., 628
International institutions, 624, 626, 627
Inventories, 600
Investments {See also specific types of investments):
Banks, by classes, 557, 560, 563, 568, 619
Federal Reserve Banks, 551, 552
Govt. agencies, etc., 617
Life insurance companies, 569
Savings and loan associations, 569
Labor force, 594
Loans {See also specific types of loans):
Banks, by classes, 557, 560, 562, 568, 619
Federal Reserve Banks, 546, 551, 552
Govt. agencies, etc., 617
Insurance companies, 569, 580
Sayings and loan associations, 569, 580
Loans insured or guaranteed, 579, 580, 581
Manufactures, production index, 586, 592
Margin requirements, 550
Member banks:
Assets and liabilities, by classes, 557, 560, 619
Borrowings at Federal Reserve Banks, 548,
552, 564
Deposits, by classes, 551
Earnings and expenses, 604
Number, by classes, 558, 619
Operating ratios, 613
Reserve requirements, by classes, 551
Reserves and related items, 546
Weekly reporting series, 562
Mining, production index, 586, 592
Money rates {See Interest rates)
Money supply and related data, 555
Mortgages {See Real estate loans)
Mutual savings banks, 556, 557, 559, 568, 572,
573, 579, 618, 620
National banks, 559, 604
National income, 600, 601
National security expenditures, 571, 600
Nonmember banks, 552, 559, 560, 561, 616
Operating ratios, member banks, 613
Payrolls, manufacturing, index, 592
Personal income, 601
Postal Savings System, 550, 556, 618
Prices:
Consumer, 592, 598
Security, 567
Wholesale commodity, 592, 598
Production, 586, 592
Profits, corporate, 577, 578
Real estate loans:
Banks, by classes, 560, 562, 568, 579
Type of mortgage holder, 579, 580, 581
Type of property mortgaged, 579, 580, 581
Reserve requirements, member banks, 551




FEDERAL RESERVE BULLETIN • MAY 1961
Reserves:
Commercial banks, 561
Federal Reserve Banks, 552
Foreign central banks and governments, 624
Foreign countries and international
institutions, 627
Member banks, 546, 548, 551, 561, 563
Residential mortgage loans, 579, 580, 581
Sales finance companies, consumer loans of, 582,
583, 585
Saving:
Flow-of-funds series, 602
National income series, 601
Savings deposits {See Time deposits)
Savings institutions, principal assets, 568, 569
Savings and loan associations, 569, 573, 580
Securities, international transactions, 634, 635
Security issues, 575, 576, 578
Silver coin and silver certificates, 554
State member banks, 559, 604
State and municipal securities:
New issues, 575, 576
Prices and yields, 566, 567
States and political subdivisions:
Deposits of, 561, 564
Holdings of U. S. Govt. securities, 572
Ownership of obligations of, 560, 568, 569
Stock market credit, 567
Stocks:
New issues, 576
Prices and yields, 566, 567
Tax receipts, Federal, 571
Time deposits, 550, 551, 556, 557, 561, 564,
618, 619
Treasurer's account balance, 570
Treasury cash, 546, 554, 556, 618
Treasury currency, 546, 554, 556, 618
Treasury deposits, 546, 552, 570
Unemployment, 594
U. S. balance of payments, 637
U. S. Govt. balances:
Commercial bank holdings, by classes, 561, 564
Consolidated monetary statement, 556, 618
Treasury deposits at Federal Reserve
Banks, 546, 552, 570
U. S. Govt. securities:
Bank holdings, 556, 557, 560, 563, 568, 572,
573, 618, 619
Dealer transactions, positions, and
financing, 574
Federal Reserve Bank holdings, 546, 551, 552,
572, 573
Foreign and international holdings, 552, 627
International transactions, 634
New issues, gross proceeds, 576
Outstanding, by type of security, 572, 573, 575
Ownership of, 572, 573
Prices and yields, 566, 567
United States notes, outstanding and in
circulation, 554
Utilities, production index, 586, 592
Vault cash, 546, 551, 561
Veterans Administration, loans, etc., 579, 580,
581, 617
Weekly reporting member banks, 562
Yields {See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

p THE FEDERAL RESERVE SYSTEM Q)

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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102