Full text of Federal Reserve Bulletin : May 1961
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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 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. 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 1A ATERIALS • 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, p r o d , monthly; others, quarterly. Shipments include net imports. imports. Activity ter of this year, but a sharp expansion is bid ith steel-consumption t l t i iht Lt combined with 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 + 11 176 +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: 1 On securities 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 1955 1956 1957 1958 1959 I960 Funds Banks 222 243 277 322 373 421 174 195 215 246 273 288 $1,868.7 1,974.4 1,965.5 2,434.4 2,666.7 2,812.6 Total 1 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. 23 See Table 4, note 2. 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 de- 1960 1959 or deor de- 1960 1959 or de- 1960 1959 crease crease 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 Discre- Legal Discretionary tionary 421 187 Alabama (1943) Arizona (1941) Arkansas (1947) California (1947) Colorado (1947) 3 3 1 16 9 2 1 2 7 4 9 4 Connecticut (1943) Delaware (1935) Dist. of Columbia (1949)... Florida (1941) Georgia (1943) 11 3 6 10 9 11 3 2 8 7 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 State, with year of legalization of common trust funds Special Diversified 129 Legal 28 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 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 n.a. n.a. n.a. 5.8 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 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 n.a. n.a. 21.9 20.1 21.0 20.5 20.2 13.4 21.1 29.1 • 39.9 46.9 12.1 19.3 24.0 30.8 43.8 11.1 18.8 24.1 29.8 39.1 10.8 19.6 24.9 32.2 41.1 10.0 15.0 24.7 31.5 40.8 10.4 15.9 21.4 28.6 39.7 31.0 28.1 14.9 32.0 24.4 11.9 29.8 22.0 11.2 31.2 23.7 10.6 27.3 23.9 11.8 29.6 21.8 12.0 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. 24.3 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 Washing machine Refrigerator Television set Air conditioner Clothes dryer Radio and phonographic equipment Dishwasher Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr 5.9 3.7 4.3 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 30 164 739 2,189 2,269 1,330 1,290 1,280 1,271 767 805 777 592 625 967 615 271 569 602 443 434 1,531 1,247 1,016 920 571 745 466 439 459 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 11,473 353 264 290 390 365 394 292 493 614 739 796 832 908 929 983 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. ^For explanation, see BULLETIN *— for ^_t February < 1961, p._ 164. *—..__ loans _._ .the I*A L - T>acceptances, 2 Includes industrial and when held. n<-i For holdings of acceptances on Wednesday and end-of-month dates, see subsequent tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. 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- uBeginning c g u u u u g with w m i Nov. LIUV. ^.T, 24, 1960, L?\J\J, an all wuncn^y currency auu. and v^^ui coin held ntna by uy IUCMIUCI 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. and4 Less coin than are estimated. $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 rowRereings quired Excess 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 Required2 reserves 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 I* 2*4 2*4 2*4-3 3 -3*4 2 2 3*4 3*4 4 4 3*4-4 3*4-4 4 3*4 -3*4 3 2VA 3 1961 In effect Apr. 30 . . . 3 3*4 3*4 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. 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. MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS [Per cent per annum] 3 3 3*4—4 4 3 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)— Type of deposit Nov. 1, 1933Jan. 31, 1935 Feb. 1, 1935Dec. 31, 1935 Jan. 1, 1936Dec. 31, 1956 Effective Jan. 1, 1957 Savings deposits 3 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 16,476 18,867 18,305 562 3,470 3,645 3,611 34 47,712 6,754 1,713 39,246 39,601 23,887 44,273 1,449 1,619 41,206 37,785 29,770 96 30 2,091 4,642 1,448 915 945 943 2 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 Assets Gold certificate account Redemption fund for F. R. notes 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 1961 1960 April 26 April 19 April 12 April 5 March 29 April March April 16 059 1,030 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 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 31 9 3 4 (4) (4) 19,506 19,468 21,542 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 Wednesday2 dates, in table on p. 547. 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. *5 Less than $500,000. 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 392 424 413 14,283 14,259 16,297 Held by F.R. Banks and agents Mar. 31 1961 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 11 321 320 299 350 67 10 32 1 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, 2Philadelphia, 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 Banks hold- savings ings banks Time deposits 2 Total Total CurDemand rency outCom- Mutual Postal deside Savings posits 4 banks mercial savings 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 liaCash U. S. Other assets 2 bilities 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 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?' 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 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 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 13,660 1,820 890 287 500 253; 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 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 1,610 080 240 240 000 43 000 210 56,580 20 ,670 1,670 57,690 20 150 43 710 242 530 213. 520 ,180 1,690 100 246 580 400 45 60,390 20 290 216, ,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 61,310 21 270 45 430 220 ,760 ,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 16,065 40 384 207,,455 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 Number row- capital 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 4,160 122,200 1,880 24; 800 13,977 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,:„ , ,580 13,483 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 16,436 '",398 6,174 5,287 ,393 57,272 130 17 ,636 2,914 105, 990 14,465 _ 57,598 563 17,464 6,164 ,639 13,912 5.179 105,353 59,319 1,825 17,629 6,160 .664 3,721 13,181 770 60,101 1,827 17,651 6,151 .741 13,007 1.706 ,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 U . S . Other assets 2 bilities 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 20.628133.119 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 Number row- capita] acof ings counts 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 3,133 855 07,183 22,775 8,949 16,962 . . .". 811 ... ,046 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,"" 958 3 ,543 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 ,271 44 47 "',807 3,254 2 ,815 3,378 3,455 1,900 1, > 57,914 1,987 4,662 839 .... ',065 113 5,816 7,130 4,815 45,,295 4, 199 3,105 ! 54,299 4,644 6,143 11,117 32,396 13 . 1,599 710 20,013 17,028 3,211! 3,405 3,100 ,587 811 6,801 ... 22,185 ,_._ 19,877 2,603 46,813 4 ,612 1,812 li;«>4 28 ,785 13,677 677 2,610 2 l',~526 2,521 1,583 959 27,463 13,473 2,315 ,488 2,309 6,736 736 22,309 20,932 2,550 43 ),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 ._.' 66,3766,294 3,437 784 58,937 6,300 2,""" 747 54,913 3,593 2, 61,003 8,072 2,901 Other securities 21,046 988 3,159 16,899 3,651 3,333 40 4,773 49,290 21,259 9,214 1,450 614 66: 4,-505 ,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 ' '" 713 25,148 20i: 183,596 97,730 40,289 4,913 2,797 1,810 266 3 3,932 ,589 3,420165,669 6,159 7,362 13,240 38 ,908 16,266 767 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 2,184 ,566 2,' 2,360 728 541366 3,527 1,719 15,090 33 545 2 043 28,240 25,387 188,691 16,545 2,994 7,~" 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 broal marCervidTo kers To To ket Total Bills tifi- Notes Bonds uals and others banks others pacates dealper ers 116,284 r38,057 , 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 ~' 16,264 50,185 581 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 invest-l ments 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 . Other Govt. Other se- Govt. seobobcuriligaliga- curities ties tions 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 Apr 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 . . . 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 6 13 20 27 24,361 24,504 26,187 25,991 911 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 AUK Week ending— 1961 Apr 1 8 15 22 . . 29 1 Average 2 Average maturities in 3 Average 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 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 Rate on new issue 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 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 86.22 106.4 100.7 103.9 102.9 95.0 94.7 I960—Apr May June July Aue Sept 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 94.2 94 1 94.2 94.8 96.4 96.8 96.0 95 5 95.1 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 Nov Dec 1961—Jan Feb Mar Apr Week ending— 1961 Apr 1 8 15 22 29 Railroad Public utility 425 25 50 In- 500 r dustrial Volume of trad-4 ing (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) 300 193 108 18 85 34 45 10 46.24 49.36 27.05 37.22 93.2 92.5 90.4 94.4 91.0 95.8 95.1 57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 97.9 2,965 95.0 3,242 73.8 3,042 55.73 55.22 57.26 55.84 56.51 54.81 53.73 55.47 56.80 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 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 3an assumed 3 per cent, 20-year bond. Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent, 20-year bond. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 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 Total 1955 1956 1957 1958 1959 1960—Mar. Apr., May, June. July. Aug. Sept. Oct.. Nov. Dec.. 1961—Tan.. Feb.. Mar. Accepting banks Placed Placed directthrough ly dealers 1 (finance paper) 2 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 3,118 510 506 551 840 627 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 4,320 4,269 4,492 4,459 4,652 4,920 4,558 5,056 5,097 4,312 805 888 920 ,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 ,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 and United State 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 1953 1954 1955 1956 1957 1958 1959 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 1,995 722 1,298 1,846 2,038 2,273 2,376 2,681 3,200 1,410 1,346 1,215 1,239 1,285 1,370 1,513 34,438 37,300 39,545 41,543 44,057 47,108 49,666 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 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 and4 fixtures. 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: crease, or Net Equals: payts. or decash Less: Total ( - ) , crease Net Other borrowAdjust-4 payts. tothe (-),in inv. by noning or ments to the debt Govt. cash repayt. public public (direct agen. & debts Payments to the public, other than debt Less: Equals: Total Budget Plus: IntraNet rects. exTrust Govt. Budget] from pendifund transreceipts receipts 2 the tures * actions public 3 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.re-R. age way trust trust tirefund 7 fund ment acct. Refunds of receipts Income and profit taxes Total Budget receipts Individual Corporation Withheld Other 12,302 11,528 11,733 13,271 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 Excise taxes Employ- Other rement ceipts taxes 8 10,638 7,581 10,814 8,644 10,760 8,854 11,865 11,159 Liquor Mfrs.' Torebacco and tailers' 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 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 culand ices and reand governMilitary est welfare tural sources housing ment Military assist- Atomic 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 direct2 debt 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 11 18 25 Feb After 10 years 1 299 1,002 1,196 1,073 511 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 5-10 years 1-5 years 1 921 ,808 ,611 ,409 22 Mar Within 1 year 5 12 19 26 59 60 U. S. Govt. securities dealers and brokers i 497 50 980 394 104 582 508 493 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 34 508 434 468 491 17 17 17 29 754 557 625 601 697 325 446 388 88 59 51 105 22 27 40 42 i ^7 1 All other 36 17 46 Commercial banks ?7 ?? j Other dealers and brokers Federal agency securities 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. 1961 Jan. Feb. Mar. Apr. 7 14.... 21 28 . . . . 2,314 2.676 3 254 3,396 357 591 1 ,078 917 is'.!!! 25.... 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. *1 Tax anticipation series Direct public issues. NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Type of issue Period Total 1953 1954 1955 1956 1957'r 1958 r 1959 r 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 Govt.4 nue Authorloans 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 2the United States. 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 () 10 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, 146 534 096 489 186 187 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? 739 901 502 909 537 268 190 947 543 775 192 460 777 497 789 555 31? 604 343 679 376 695 7,04 ? 537 ?76 191 3 338 166 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 10.5 12.9 9.3 8.9 11.0 9.5 7.3 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_^ 3,517 1,096 2,421 2,080 710 1,370 1,437 386 1,051 1960—1 2 3 4 2,950 3,101 3,293 3,615 1,211 1,163 1,215 1,171 1,739 1,937 2,077 2,445 728 717 849 715 880 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 Other Notes and accts. payable Other U. S. Govt. 2 Other Federal income tax liabilities Total 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 6.3 6.5 7.5 8.4 7.4 7.2 8.2 8.4 3 4 Quarter Total In billions of dollars] Manufactur- Transing portaand tion mining Public utilities Total (season- ally adAll other 3 justed annual rate) 1959_4 9.0 3.8 .8 1.5 7.9 9.3 9.0 9.5 3.3 4.0 3.9 4.3 .7 .8 .7 .7 1.2 1.4 1.5 1.6 2.9 2.7 3.0 2.9 3.0 33.6 1960—1 2 3 4 1961 — H . . . . 24.... 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 All holders Farm 1- to 4-family houses Multifamily and commercial properties1 Total 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 "1 Preliminary. 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 3,292 3,395 1954 1955 1956 1957 1958 1959 1960^ 18,573 21,004 22,719 23 337 25,523 28 145 28,803 14,152 15,888 17,004 17 147 18,591 20 320 20,373 4,106 4,560 4,803 4 823 5,476 6 122 5,844 3,350 3,711 3,902 3 589 3,335 3 161 2 864 4 26,130 27,060 27 635 28,145 19,020 19,615 20 040 20,320 5,660 5,885 6 045 6,122 28,235 28,470 5 28,650 . . . . 28,803 20,300 20,340 20,375 20,373 6,045 5,980 5,905 5,844 1959_Mar June Sept Dec 1960—Mar.p? June v Sept Decp Mutual savings bank holdings 3 Residential Conventional Other nonfarm Total Total FHAinsured VAguaranteed 1,048 856 566 521 4,812 4,208 3,884 3,387 6 695 7,617 8,300 8 735 9,780 11 037 11 665 3,263 3,819 4,379 4,823 5,461 6 237 6,780 1.159 ,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 *1 Preliminary. Represents all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies, but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. 3 Figures for 1941 and 1945, except for the grand total, are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Farm 25,410 25,865 26,425 26,927 Conventional Other nonfarm Farm 900 797 28 24 5 149 5,645 6,155 6 551 7,073 7 622 8 170 1,740 1,831 1,984 2 102 2,275 2 451 2 633 56 58 59 57 53 55 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 »1 Preliminary. 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 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 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 Conventional Total Advances Repayments Advances outstanding (end of period) Total Short term* Long-2 term Members' demand and time deposits 1945 278 213 195 176 19 46 1954 1955 1956 1957 1958 1959 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 2part for business. Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods paper. 3 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. NOTE.—Monthly figures for the period December 1939 through 1946, and a general description of the series, are shown on pp. 336-54 of the BULLETIN for April 1953; monthly figures for 1947-57, in the BULLETIN for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. Revised monthly data for 1958 and 1959 (with notes describing the changes) are shown on pp. 1406-09 of the BULLETIN for December 1960. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions 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 . . 1954 1955 1956 1957 1958 19591 I960 1960—Mar Apr May June July Aug . Sept Oct. Nov Dec . . 1961—Jan Feb Mar Total instalment credit Automobile paper Other con- Repair and modernization loans Purchased Direct 1,079 1,726 745 237 447 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 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 1954 1955 1956 I957 1958 I9591 I960 1960 Mar . Apr May June July Aus Sept Oct Nov Dec 1961—Jan Feb Mar Automobile paper Other consumer goods paper Repair and modernization loans Total Personal loans 789 957 731 81 122 54 24 36 20 15 14 14 669 785 643 4,510 5,406 6,277 7,099 7,554 8,804 9,970 539 761 948 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 1960 Mar Apr.. May June July Aug Sept Oct . . . Nov Dec 1961—Jan. i Feb. i Mar 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 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 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 ... Dec 1961—Jan. i Feb.i Mar...... 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 4,003 3,878 3,901 3,988 3,858 4,037 3,871 3,938 3,955 4,063 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 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. Apr May June July. . Aug Sent . . Oct.. Nov Dec 1961 -202 1,805 1,176 1,066 -63 2,447 1,171 563 5,390 2,939 2,286 -126 5,795 3,429 Jan i Feb. i . ...... Mar............. 7 631 54 169 271 344 379 474 627 110 134 200 234 217 154 167 114 188 298 328 139 42 66 82 28 84 94 123 54 76 ... 235 482 564 -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 Total index .. ... Durable Nondurable Mining Utilities 159 164 168 167 166 166 157 162 164 166 161 154 155 156 157 755 165 155 125 268 753 169 160 r 128 287 757 179 158 126 755 175 161 128 755 174 161 128 755 172 162 129 755 160 153 124 750 160 165 130 752 165 164 129 755 168 167 129 759 757 162 156 160 149 128 '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 91 130 140 197 169 141 212 228 147 390 209 205 174 145 222 238 168 368 221 275 183 153 231 253 183 379 223 209 178 149 222 245 174 372 220 270 177 149 222 247 176 378 221 206 178 149 223 237 174 346 223 795 168 145 203 220 149 359 219 755 169 139 216 197 117 359 223 799 174 141 229 219 145 363 220 204 170 140 219 244 175 369 222 207 169 137 220 238 167 372 222 797 167 138 214 229 157 371 219 793 793 167 170 138 140 213 "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 '103 725 145 105 147 164 133 153 171 138 757 166 138 750 170 133 757 170 136 755 173 140 750 169 133 759 177 144 755 176 142 160 176 147 154 169 142 148 166 132 739 156 125 142 158 129 743 158 129 136 126 153 119 735 121 159 113 142 124 165 121 144 127 171 112 742 128 167 110 735 127 154 113 724 112 143 103 144 124 171 122 729 116 149 111 737 121 162 114 132 116 156 108 114 105 129 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 '168 747 120 175 270 265 289 285 293 281 269 279 288 303 304 285 280 294 313 162 155 188 157 169 162 195 160 170 161 200 166 169 162 197 164 169 162 198 163 171 164 197 162 163 155 193 151 168 163 191 157 171 165 194 158 174 170 192 159 167 161 162 164 164 162 152 154 157 156 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 .80 702 104 101 777 106 115 94 86 96 98 96 112 84 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 109 Nov. Dec. Feb. Mar. 110 109 no 108 107 106 105 103 102 102 102 112 112 112 111 110 111 109 107 107 116 108 112 101 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 116 105 97 118 112 112 111 no 103 no 104 no 106 119 118 93 119 114 115 115 119 114 114 113 114 114 116 82 113 112 111 114 114 7/5 113 114 109 109 no in no no no no 112 113 in 112 122 113 120 107 127 126 105 114 78 119 122 116 120 115 116 122 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 94 78 90 73 118 116 89 71 116 109 109 112 110 109 108 108 108 106 r 116 1 1 4 80 94 113 95 109 110 no 110 112 108 114 114 114 110 110 111 109 111 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 Total index Manufacturing total Durable M i n i n g . . . . . . . . . , , , , T. r , Tt - ,T Utilities Annual average 1960 1959 1960 Mar. Apr. May June July 1961 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar 100.00 105 108 Ill 110 109 109 103 107 108 110 106 101 102 103 104 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 13.15 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 28.98 15.31 8.92 6.39 10.76 5.04 5.50 1.66 1 25 102 103 99 108 98 100 94 112 106 106 102 112 102 115 89 119 111 112 108 117 108 125 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 4.57 2.92 1.65 111 110 113 109 110 107 104 104 104 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 2.96 1.48 1.48 112 115 109 116 120 113 114 116 113 114 119 109 115 119 111 775 121 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 7.32 115 115 109 125 101 120 112 120 115 131 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 Paper and printing Newspapers Chemical petroleum and rubber products Chemicals and products Petroleum products Rubber and plastics products ... ... Foods beverages and tobacco r 3.27 4.66 1.53 111 105 104 112 112 111 108 112 115 110 108 113 116 111 113 113 113 113 116 772 114 111 110 104 101 107 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 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 Total index Consumer goods . Equipment including defense Annual average 1960 1959 1960 Mar. Apr. May June July 1961 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 100.00 105 108 Ill 110 109 109 103 107 108 110 106 101 102 103 104 46.75 31.13 15.62 53.25 107 110 100 104 111 115 103 106 112 114 106 110 111 115 104 109 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 114 113 119 122 720 114 772 112 108 110 118 124 122 112 777 103 107 104 129 i n 121 114 116 104 95 r98 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 7.05 107 108 109 107 115 110 110 109 111 119 112 113 111 113 123 777 112 110 113 122 111 112 114 112 121 104 104 106 103 112 110 111 118 108 118 770 113 115 112 116 772 116 115 116 119 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 127 128 129 129 129 127 126 *>127 r 101 115 114 116 161 172 188 189 165 188 132 123 144 150 152 136 139 141 145 162 140 155 P162 288 287 167 168 284 288 290 293 295 291 290 291 171 171 170 169 168 168 166 164 160 162 164 165 164 162 161 162 159 158 196 194 197 196 198 195 195 195 193 191 290 291 293 162 162 162 P166 '155 155 156 188 188 188 P287 163 161 160 157 154 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 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 Wholesale commodity «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, P1 Preliminary. 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 Nov Dec 1961 Jan Feb Mar 1family 2family Multifamily Total FHA VA 332 300 1,069 1,068 1,202 1,310 1,094 993 1,142 .343 939 933 1,077 1,190 981 840 933 1,079 46 42 84 94 59 36 421 409 324 353 338 342 382 432 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 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 94 65 66 51 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. Public Total 897 976 780 700 827 946 I9593 I960 May June July Aug Sept Oct politan areas* Government-underwritten 2 795 804 1,127 1.104 ,220 ,329 ,118 ,042 ,209 ,379 Apr Private Non- Nonfarm 1952 1953 I954 1955 1956 1957 1958 I959 I960—Mar Metropolitan areas * ^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 78 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 Total Without seasonal adjustment 1961 1960 Apr. Feb. Apr. 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 1961—Jan Feb Mar 165 147 162 147 161 *>163 146 145 150 148 147 152 165 165 163 157 158 165 176 186 192 150 134 146 147 149 139 135 148 159 172 177 137 137 149 150 151 140 137 150 161 171 176 140 154 164 168 167 156 149 159 174 190 191 148 136 149 146 148 142 147 150 160 169 184 132 167 183 188 186 174 172 186 199 209 211 170 223 237 232 225 213 211 225 239 251 266 205 139 151 155 155 149 152 155 166 175 177 137 138 150 153 149 143 146 153 161 171 170 133 139 149 150 150 143 148 158 166 175 179 140 156 163 163 161 158 158 163 176 187 196 156 175 191 189 183 179 180 192 201 211 211 169 164 181 179 166 176 177 181 188 198 205 165 145 153 131 137 147 136 138 150 142 151 164 125 136 146 160 170 186 207 221 134 140 159 131 138 150 135 137 150 152 158 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 *1> Preliminary. Revised. Figures for sales are the average per trading day, while those for stocks are as of the end of the month or averages of monthly data. NOTE.—For description of series see BULLETIN for December 1957, pp. 1323-36. Back data may be obtained from the Division of Administrative Services. 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: 1952 1953 1954 1955 1956 1957 1958 1959 1960 . . Month: I960—Mar Apr May June Julv Aug Sept Oct Nov. Dec . . . . . ... 1961—Jan.. Feb Mar e 397 406 409 437 454 459 462 488 492 ,097 I 163 ,140 I 195 286 1,338 I 323 1,391 ,466 435 421 388 446 470 461 437 510 517 397 408 410 444 459 461 462 495 494 401 401 412 449 458 458 464 498 491 2.9 3.0 3.0 2.9 3.0 3.1 3.0 3.0 3.1 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 ,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 ,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 .0o oo 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 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec . . . Jan —M^ar . . . 1959 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 ApSolid House- House- parel fuels furhold and nish- operafuel oil ings tion Transportation Medical care Personal care Reading and recreation Other goods and services 1929 1933 1941 1945 73.3 55.3 62.9 76.9 65.6 41.6 52.2 68.9 1953 1954 1955 1956 1957 1958 1959 I960 114.4 114.8 114.5 116.2 120.2 123.5 124.6 126.5 112.8 112.6 110.9 111.7 115.4 120.3 118.3 119.7 117.7 119.1 120.0 121.7 125.6 127.7 129.2 131.5 124.1 128.5 130.3 132.7 135.2 137.7 139.7 141.8 106.6 107.9 110.7 111.8 113.0 117.0 119.9 124.8 123.9 123.5 125.2 130.7 137.4 134.9 136.6 135.6 107.9 106.1 104.1 103.0 104.6 103.9 103.9 104.2 115.3 117.4 119.1 122.9 127.5 131.4 134.3 137.4 104.8 104.3 103.7 105.5 106.9 107.0 107.9 109.4 129.7 128.0 126.4 128.7 136.0 140.5 146.3 146.2 121.3 125.2 128.0 132.6 138.0 144.4 150.8 156.2 112.8 113.4 115.3 120.0 124.4 128.6 131.2 133.3 108.0 107.0 106.6 108.1 112.2 116.7 118.6 121.5 118.2 120.1 120.2 122.0 125.5 127.2 129.7 132.2 I960—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 Proctile skins, power, essed modi- prodand products and lightfoods Total ucts ties ing and leather prodmaapparel ucts terials Ma- FurniToChem- Rub- Lum- Pulp Metals chin- ture Nonme- bacco and ery icals paper, ber tallic mfrs. Misber and other and and and and and cellametal mo- house- minallied and wood allied prodbottled neous hold erals— tive prod- prodprod- prod- ucts strucucts bevprod- duraucts 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 Lumber Millwork Plywood 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: 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 ssocial 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 Less: Capital consumption allowances Indirect business tax and nontax liability Business transfer payments Statistical discrepancy 1933 1941 9.0 19.1 34.4 37.4 38. 40.5 43.2 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 10.1 2 14.5 2.8 .0 .0 .9 1.0 5.8 .6 2.6 1.3 4.5 .5 Equals: Disposable personal income Less: Personal consumption expenditures 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 35.7 6.9 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 .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 47. 2.6 7. 3.3 20.8 40.0 42.6 42.4 46.0 50.0 49. 1.3 1.4 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. 83.1 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 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 1961 1960 7.1 .7 .9 Less: Corporate profits and inventory valuation adjustment Contributions for social insurance Excess of wage accruals over disbursements State and local 1959 7.2 — 1 Federal 1958 7.0 .6 .3 87.8 Less: Personal tax and nontax payments 1957 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 Equals: National income Equals: Personal income 1956 8.6 Plus: Subsidies less current surplus of government enterprises Plus: Government transfer payments Net interest paid by government Dividends Business transfer payments 1950 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 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- 36.2 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 8 . 2 Federal Government1 4 . 5 3.6 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 15.3 -1.1 29.2 .7 - 1 . 8 .3 6.9 - 4 . 0 2.8 •1 Less than $50 million. *> Preliminary. For govt. sectors, saving is excess of all nonfinancial receipts over all nonfinancial outlays; investment, changes in financial assets and liabilities only. Govt. current outlays include, and govt. (and national) investment excludes, govt. purchases of tangible assets. 2 Annual figures for farm sector are retained earnings of corporate farms; farm and nonfarm unincorporated businesses shown as having zero annual net saving. Quarterly figures for both sectors include seasonal net3 saving. See p. 838 of the BULLETIN for August 1959. Depreciation, accidental damage to fixed capital, and capital outlays charged to current account. Line H includes amounts for financial sectors not shown separately. See discussion on p. 836 of the BULLETIN for4 August 1959. For consumers, 1-to 4-family dwellings completed and purchases of additions and alterations. Investment of nonfarm business sectors includes work in process on 1-to 4-family dwellings and other private 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 4 Noncorp. nonfinan. business .. 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 1 1960 2 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. .48 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 cD 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 Net increase, by type Pension funds Federal Government State and local government Private noninsured pension plans. IV. B c E F Federal obligations 5 Short-term direct Other State and local obligations Corporate and foreign bonds Corporate stock L M Bank loans n e e Other loans N T V . . f • i 16.1 13.5 7.6 9.6 -1.0 .9 - 1 . 0 1.7 .5 3.9 1.7 2 4 -.1 5.4 2.5 2 8 .1 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 43 3 .9 3 5.4 4 g6 .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 9.3 3.8 5.6 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 9.3 1.0 1.4 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 30.7 -5.6 7.4 -13.0 36.7 1.1 5.5 -4.4 46.2 9.0 -1.2 10.2 3.2 5.7 6.8 4.2 3.8 3.6 -.6 5.9 .9 4.7 7.5 4.0 8.6 3.5 2.8 -.3 2.3 2.6 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 1.2 8.4 1.6 .2 1 6 -.2 -.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 G H I T O p Q R .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 uv 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); appropriate adjustments for member banks in and in addition includes 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 16,809 15,250 72,674 58,857 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 17,257 34,391 56,491 37,757 51,356 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 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 92,138 187,235 80,194 87,756 71,727 13,359 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 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 16,004,861 " " 46.185,173 86 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 + 1.3 16.1 20.4 3.9 13.9 18.9 4.3 19.9 23.3 3.14 2.85 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 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 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 11.2 9.6 15.6 2.31 2.29 .53 27.2 7.7 42.4 21 1 U6 Number of banks. . 52.5 23.1 47.5 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 20.2 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 8.6 15.9 11.0 21.5 2.45 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 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 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 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 securities1 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 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 7.2 21.0 2.47 14.8 8.9 20.9 2.73 13.4 8.1 34.4 2.26 16 24 24 19.9 5.9 48.5 24.6 1.1 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 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 Percentage of total assets: Total earnings Net current earnings before income taxes . . . Net profits 15 3 13 4 q 4 13 2 11 7 3 2 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 3. 9 4 38 1. 28 82 4 48 1 31 78 4 51 1. 37 74 q 1 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 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 47 3 06 07 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 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 11 .7 13 .5 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 10 .0 8 .6 8 .2 11 .1 9 .3 8 .1 7 .3 10 6 9 .4 8 .2 6 8 90 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 65.9 Net current earnings before income taxes... 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 16.0 12.8 9.1 3.4 4.39 1.41 .82 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 79 678 306 r 26i 1957 1960 1958 6,681 8,672 511 454 1,169 935 819 832 2,688 2,874 1,778 3,298 (3) (3) 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 1 619 209 219 191 674 251 217 206 680 216 187 278 733 185 166 382 739 184 158 397 1,233 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 0) C 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 2,374 250,057 26,273 42,730 276,430 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 ,366 5.622 " 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 (55) () 3,390 3,420 3,400 3,390 3,410 4 3,465 (55) 3,490 () 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 37,994 20,675 39,333 20,708 37,811 20,845 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] Estimated total 1 world End of month Int'l Monetary Fund 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 . . . July AUE Sept Oct Nov Dec Jan Feb Mar . . .. Iraq Ireland, Republic of 138 138 138 138 141 140 8 14 20 34 84 18 18 18 18 18 18 131 131 131 131 131 131 131 131 131 130 84 84 84 84 84 84 84 111 98 98 130 130 P Preliminary. For other notes see end of table. 174 174 20 20 30 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 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 King-3 dom 113 112 112 112 112 104 144 144 144 144 144 133 2.762 2,120 2,133 2,273 3 069 2,736 Thailand Venezuela Yugoslavia Bank for Int'l Settle-4 ments 227 216 186 180 180 180 403 403 603 719 719 652 14 16 17 13 17 16 76 121 59 24 -42 -134 153 244 268 254 126 40 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 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 Estimated world oroduction1 .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 Western Europe: 1956 -6 -85 -130 -226 -65 -60 -55 -5 -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 -85 -28 5 81 69 -5 0) 18 -5 0) 1 -327 -68 -327 -68 1 Total foreign countries... -1,164 International institutions2 -1,164 Grand total -7 — 56 -83 — 117 -34 -10 -25 — 110 -105 -33 — 160 —200 -81 — 165 -350 — 36 -83 -2 -28 -10 —25 -40 14 -10 _1 -26 200 -17 2 -6 3 -197 6 -10 2 -827 -1,718 14 -6 1 -114 -324 -550 -36 -96 -30 65 -16 20 1 -49 4 -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 Asia: Total -249 67 62 Other -30 -10 20 -350 -32 -38 68 -2,326 15 -1 -141 -173 -34 75 -132 Total 8 -261 -20 32 -215 -900 -178 -21 4 -83 -39 -266 115 -19 .... 31 -84 -329 1960 -200 56 80 -30 12 . 3 -8 100 1959 1958 25 Canada Latin America: Argentina . Mexico Venezuela Other 1957 3 -34 -68 -10 France Germany (Fed. Rep. of) Italy Total 1955 1954 1960 200 600 280 772 -2,294 12 Less than $500,000. 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 Domesgold gold gold: de- tic gold stock: crease, producincrease, import, or 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 *1 Preliminary. Includes gold in Exchange Stabilization Fund, which is not included in statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement, "Circulation Statement of United States Money." Gold stock (end of month) 1960—Mar Apr May June July Aug Sept Oct Nov Dec 1961 Jan . Feb Mar Apr EarTotal Net marked Domesgold gold gold: de- tic gold stock: import, 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. 34 Not yet available. 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 3,716 617 885 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 4,028 141 1 3 79 87 38 3,439 (2) 3 12 443 448 186 262 149 70 497 116 105 240 813 388 106 10 1 105 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 (2) 41 54 216 280 546 1,268 42 1,303 55 1,305 983 34,497 1,507 34,826 660 5,753 15 242 4,729 2,167 40,579 407 4,972 3,552 3,717 4 3 263 14 38 (2) 3 11 ( 207 299 525 (2) 158 1 3 79 84 454 460 179 242 108 65 495 127 97 244 795 400 1 (22) () 82 272 194 287 523 5,565 7 7 53 1 17 16 866 23,355 264 495 516 1,240 78 85 2,273 5,997 109 3,203 1,646 115 638 235 395 2,786 149 4,503 469 485 323} 51 3,909 1,478 40,062 7 7 53 1 18 16 855 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 1 (2) 82 4 2 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 and6 Asia. Excludes gold reserves of the U. S. S. R., other Eastern European countries, and China Mainland. NOTE.—Gold and short-term dollars include reported and estimated official gold reserves, and total dollar holdings as shown in "Short-term Liabilities to Foreigners Reported by Banks in the United States by Countries" (Tables 1 and la-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] End of month I960 Mar Apr May June July Aug Sept Oct Nov Dec 1961—Jan Feb.P Mar.p Total 1,452 1,517 1,544 43,158 Official Private 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 19,681 19,860 20 187 20,442 20 748 21,218 21,228 '21 441 20,912 '21,320 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 14,939 15,158 16 159 19,387 1956 Dec 1957—Dec 1958 Dec 1959 Dec International institutions 2 Germany, Fed. Rep. of Grand total 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- Argentina livia ica Brazil Chile Colombia Cuba Dominican Republic NetherPanEl Guate- Mex- lands ama, AnSal- mala Retilles ico vador puband 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 Finland France Germany, Fed. Rep. of.... Greece Italy Norway Portugal Spain Sweden Switzerland Turkey United Kingdom 213 134 54 45 579 211 99 48 44 531 198 81 14 14 223 3,502 49 3,477 34 190 21 794 275 765 248 134 98 80 47 44 Total Latin America: Argentina Bolivia Chile Colombia Cuba Dominican Republic . . . . . El Salvador Guatemala Mexico . .... Neth. Antilles and Suri- Peru Uruguay Venezuela Other Latin America Total r 272 2,884 13 467 132 2 34 6 2 48 404 1 164 18 2 23 15 28 25 32 2 2 21 156 74 2 30 5 2 41 19 15 4 3 4 2 2 1 2 H (3) 31 4 4 1 43 18 9 111 2 41 (3) 2 18 8 72 (3) (3) 23 18 (3) (3) (3) (3) 81 38 36 95 220 498 93 76 295 21 19 19 1,633 1,301 884 343 83 141 1 81 83 275 1 16 53 76 13 (3) 3 34 8 242 8 123 48 (3) 2 (3) 9 3 57 8,716 7,927 2,504 4,422 1,001 687 481 78 129 101 2,442 2,203 1,575 610 18 224 180 33 12 15 299 22 203 120 174 68 231 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) 70 36 19 108 65 49 378 294 16 25 19 179 215 15 25 18 179 89 120 2,324 1,269 1,005 193 8 2 (3) (3) 3 1 3 1 1 2 p\ e> (3) 32 14 4 14 2 66 38 24 193 67 2 1 2 2 24 2 5 3 9 (3) (3) (3) (3) 7 91 40 30 198 78 72 1,052 960 16 76 3 1 (3) 2 15 131 3 (3) (3) 12 (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. 12 12 1 14 36 114 229 612 9 293 Other Europe 2 6 33 16 (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 Total Total foreign countries. International institutions.... Grand total 5 4 26 1 76 (2) 24 13 2 5 4 (?) 17 2 18 6 3 33 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 1,060 191 127 123 69 31 19 36 154 32 12 16 36 114 35 9 3 3 10 35 4 3 1 1 3 24 3 1 1 3 22 8 2 25 13 2 5 4 i (2) (2) 2 (2) 2 () (2) (2) (2) 1 ( (2) 2} 342 310 210 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 Spain Sweden 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- Argentina livia 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 1961—Jan Feb.* Mar.? 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 ,257 65 63 68 3 4 4 151 148 161 4 4 4 4 4 189 212 57 55 4 4 206 225 63 73 4 4 4 229 228 240 74 77 81 ,^8 122 1,392 121 1,384 127 Peru 90 100 148 121 NetherPanlands ama, AnRetilles puband lic of Surinam 113 166 3 3 354 El Sal- Guate- Mexico vador mala 103 51 16 28 40 ,124 ,111 76 ,203 81 ,200 87 ,150 96 .244 108 ,254 112 Cuba Dominican Republic 145 72 95fi ,099 ,175 172 ... 4 Brazil Chile 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 I960 435 586 Mar Apr Sept Oct Nov Dec . 1961—Jan.p Feb.* Mar.* 16 24 170 146 16 53 6 6 6 9 179 324 9 14 91 110 43 50 11 13 6 5 2 1 17 13 18 8 12 69 56 4 3 3 2 1 2 21 12 29 21 10 11 1 11 23 19 11 12 31 35 13 15 420 456 9 10 13 10 154 148 54 55 18 19 488 10 35 36 11 10 12 145 56 21 17 16 497 586 21 7 9 16 3 11 10 33 886 10 7 38 15 628 14 15 972 7 12 11 12 921 956 6 8 23 14 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 27 29 Egyp- Union tian Aus- Congo, of Rep. ReOther tralia of the gion— South Africa U.A.R. 8 682 715 743 r P Preliminary. Revised. 1 See note 1 on preceding page. 4 6 Thai- Other Total land 67 24 22 22 746 845 June July 6 10 Phil- TaiIsrael Japan ippines wan 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) 12 (2) 3 6 6 2 17 2 1 6 5 4 (2) 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. (22) () 25 (22) () 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 Israel 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) (2) 803 460 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 2 5 8 7 19 Korea Rep of 2 8 8 20 42 13 10 1,654 3,586 3,116 i Represents mainly loans with an original maturity of more than 1 year. C2) 2 1 (2) (2) % 92 2 1 623 25 25 2 5 9 (2) (2) f2) 1 1 (2) 159 663 27 26 1 11 4 5 12 2 1 10 15 1 1 1 3 6 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. 55. Govt. bonds & notes Year or month Purchases Net purchases, or sales (—) Sales Total 1957 1958 1959 I960 I960—Mar Apr May July AUR Sept Oct Nov Dec 1961 Jan Feb.* Mar.P Foreign countries Net pur- Purchases, or chases sales ( - ) Sales 666 1,224 1,217 1,730 718 1,188 528 1,603 —52 36 689 127 117 -237 527 -98 1,617 1,759 2,593 2,418 1,423 1,798 2 158 2,167 194 -39 435 251 699 889 946 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. Purchases Foreign bonds 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 1957 1958 1959 I960 1961—Jan Feb.* Mar P Bonds 194 -39 435 251 143 -56 363 201 51 17 73 50 43 45 23 52 -4 -18 -8 7 -12 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 France 8 2 40 38 4 3 14 -3 5 5 1 c ocorN I960—Mar Apr May. June July Aua Sept Oct Nov Dec Belgium Stocks (3) Netherlands Switzerland United Kingdom 35 -8 31 1 101 19 254 171 77 -1 15 -48 20 5 2 3 2 1 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 n9 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 Germany, Fed. Rep. of ... Portugal Switzerland Turkey United Kingdom Yugoslavia Other Europe Total Canada Latin America: .... All other: Australia . Congo Rep. of the Egyptian Region—U.A.R. Union of South Africa Other Total International institutions. . . . Grand total 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 0) (I 20 42 2 14 29 1 90 112 109 89 9 8 5 5 6 252 382 376 320 302 262 264 265 357 373 31 54 54 58 58 101 101 89 111 138 10 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 1 ? 10 4 1 (l) 0) 6 7 1 0) (i) 5 C 7) 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 4 3 5 14 5 2 3 4 18 4 3 2 4 20 5 85 87 2 6 2 3 1 ^ 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 J 5 11 5 30 2 80 1 5 Israel Total 3 10 7 1 21 1 8 26 34 2 Asia: Hon2 Kong India Japan Korea Ret) of Philippines Taiwan Thailand Other Asia 3 1 18 2 1 20 1 7 14 15 1 ( Other Latin America 2 i 2 16 2 1 37 55 13 39 11 1960 1959 3 21 2 1 43 42 Dominican Republic El Salvador Guatemala Panama Rep. of. . . Peru 28 2 1958 3 2 12 1 10 17 14 16 3 3 5 Neth. Antilles and Surinam, 1 34 Bolivia Brazil Chile Colombia Cuba Total 1 1960 1958 Italy Netherlands Norwav 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 Errors and omissions p 1 2 227 580 275 50 -98 197 13 370 -192 200 -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 60-904 deposits money 3 days 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. 1957 1960 1959 1958 1948 3.51 2.5 16.4 5.0 3.0 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. 1960 1960 1956 1952 1960 Mar. Apr. Oct. Apr. 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. 1959 1954 1955 1959 1959 Sweden 6.5 2.0 4.0 4.6 5.0 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 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 • May June July Sept. Oct. Nov. Dec. Jan. Feb. Mar. 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; Aug. 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) Year or month Australia (pound) Austria (schilling) Belgium (franc) Canada (dollar) Ceylon (rupee) Finland (markka) France (franc) 7.183 5.556 2.835 5.556 2.506 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 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 In cents per unit of foreign currency] 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 was3 further devalued to 493.706 francs per U. S. dollar. 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. 78 Based on quotations through Feb. 10, 1961. Effective Feb. 14, 1961, South Africa adopted the decimal system. The new currency unit, the rand, replaces the pound and consists of 100 cents; it is equivalent to 10 shillings or one-half the former pound. BOARD OF GOVERNORS of the: Federal Reserve System WM. 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