Full text of Federal Reserve Bulletin : November 1960
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FEDERAL RESERVE
BULLETIN
November i960
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
a n »\
E D I T O R I A L
C O M M I T T E E
Charles Molony
Woodlief Thomas
Ralph A. Young
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
j
Consumer Goods Developments
1217
Member Bank Earnings, First Half of 1960
1224
Law Department
1226
;|
Current Events and Announcements
1232
1
National Summary of Business Conditions
1233
Financial and Business Statistics, U. S. (Contents on p. 1235)
1236
International Financial Statistics (Contents on p. 1295)
1296
Board of Governors and Staff
1312
Open Market Committee and Staff; Federal Advisory Council
1313
j
Federal Reserve Banks and Branches
1313
j
Federal Reserve Board Publications
1315
|
Index to Statistical Tables
1317
Map of Federal Reserve System
\
Inside back cover
Volume 46 • Number n
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;i
Consumer Goods Developments
this year
has been maintained at a record level appreciably higher than last year and 115 per
cent of the 1957 average. Production of
business equipment also has been at a record though less advanced level, and total
output of final industrial products has averaged about 110 per cent of the 1957 level.
Reflecting mainly curtailment in output of
materials, the total index of industrial production was down to 107 in September and
October, as compared with 109-110 per cent
for the period February through July.
Retail sales and other final purchases, including exports, have been higher than a
year earlier, but not so much as over-all
production. As a result, manufacturers' and
distributors' inventories expanded substantially further until summer, with much of
the increase in stocks of autos and other
consumer goods. Since summer, total business inventories have shown little change
OUTPUT OF CONSUMER GOODS
while there has been a reduction in stocks
of steel and other basic materials.
After having been interrupted by the extended steel strike in the latter half of 1959,
iron and steel output rose sharply to 119 per
cent of the 1957 average in January; by
September output had declined to 72 per
cent of that average. Output of nonferrous
metals, lumber, bricks, and some other materials also had been curtailed, reflecting in
part the decline in residential building.
Activity in residential building in recent
months has been about 112 per cent of the
1957 average, down a fifth from last year's
sharply advanced level. Total nonresidential
construction activity has expanded steadily
from the strike-affected low a year ago and
currently is about as high—105 per cent—
in relation to its 1957 level as output of
business equipment.
Food harvests have been substantially
larger this year than last, but output of eggs
PRODUCTION
INDUSTRIAL OUTPUT
CONSTRUCTION
OTHER OUTPUT
1957-100 ratio seal*
140
1957^100, rolio icole
140
130 -
i
i
i
i-
HOME ;
BUILDING;
120
110
FINAL
iwA^
PRODUCTS A T f v"-(
N
-s*«» \ J ' •'
100
', 'MATERIALS
;
1956
|
1959
130
\
\
\
I
%
\
-
1
**'^
. /
120
FARM^^,^
*-
1
f
/*^
m
y^v v
,
1 EQUIPMENT , i
|
i
;
! * I
1960
1956
1958
i
1960
NOTE.—Seasonally adjusted series except annual farm output,
which is compiled from Department of Agriculture data. Con-
i
i
#'
*
110
100
. . ' SERVICES
NONRESIDENTIAL
CONSTRUCTION
90
1
\l
•
J
v
90
80
CONSUMER
t/\
GOODS V*J^
\
1
!
1956
I
i
1958
!
1960
i
;
1956
!
i
1958
!
SO
1960
struction series and quarterly series for services derived from
Department of Commerce data. Latest monthly figures, October.
1217
1218
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
and hogs is running below earlier advanced
levels. Consumer food prices have been
somewhat higher this year than last. On
the other hand, industrial capacity has been
large and prices of manufactured consumer
products have been under more downward
pressure this year than for many years.
sions reflected, in part, a decline in auto
sales in the third quarter.
In October, sales of new domestic and
imported autos recovered sharply to an
annual rate of 6.8 million units, and total
retail sales returned to the advanced MayJune level. Department store sales also rose,
to 111 per cent of the 1957 average.
DEMAND FOR CONSUMER GOODS
Retail sales have increased less this year
than incomes after taxes, as shown in the
chart. Aggregate consumer and related
demands for final products increased only
moderately after the beginning of the year.
In the third quarter, growth in personal
incomes slowed, and retail sales declined
somewhat from the peak reached in the second quarter.
Credit buying declined in the summer
and, with repayments continuing to rise, the
increase in consumer credit outstanding
slowed down. The decrease in credit extenINCOME, SALES, AND OUTPUT
RETAIL
SALES
HOME GOODS
, , , ,. ,_, 120
AND A P P A R E l / ^ " ™ / !V
A
"A iCONSUMER
. / ' l » STAPLES
-/
V I i
\
', f*
I
I1
V i;
S
|
SO
I
AUTOMOTIVE',.'
PRODUCTS $
I
1954
I
I
1956
I
I
1958
I
1960
NOTE.—Seasonally adjusted series. Retail sales and personal
income after taxes compiled from Department of Commerce
data. Latest figures, October.
OUTPUT OF CONSUMER GOODS
During the second quarter of 1960 output
of consumer goods rose 2 per cent above
the first quarter level. Output declined
slightly in the third quarter but was maintained in October at about the September
rate, according to preliminary figures. Production of consumer staples, including foods,
drugs, and fuels, continued its generally
steady expansion and in October was about
3 per cent higher than at the beginning of the
year. This group accounts for about 60 per
cent of total consumer goods. Output of
home goods and apparel, which accounts for
30 per cent, was down further in October,
following some recovery in the spring.
Automotive products account for 10 per
cent of total output of consumer goods and
are the most volatile component. Output of
these products hi October was about 9 per
cent above the summer low point, and this
year has been at a record 119 per cent of
the 1957 average. This has reflected a
further expansion in output of auto replacement parts and related products. Also, the
number of autos assembled this year has
been larger than in 1957 although below the
record for 1955.
Fluctuations in auto production have
often been large, but their influence on
general economic activity has varied from
one time to another in relation to other developments. For example, after the sharp
expansion in auto output in 1955, assemblies
CONSUMER GOODS DEVELOPMENTS
dropped a third and total automotive products a fourth by the spring of 1956, as shown
in the chart. A sharp drop also occurred in
residential construction in 1956, and, as
this year, it reduced demands for home
goods and materials. From the autumn of
1955 to the spring of 1956, total output of
consumer goods declined only about 1 per
cent, however, and the change in total industrial production was also quite limited.
During that period output of business equipment was continuing upward, in contrast
with its recent stability, and inventories of
materials were not being liquidated as at the
present time. These differences in business
investment reflect in part the present outlook
for more stable prices than in 1955-56 when
unused plant capacity margins were narrower and prices of industrial commodities
were generally rising.
AUTO MARKETS
Sharp expansion in sales and output of automotive products from the reduced rate of
1958 to levels above their 1955 highs by
1960 has been a conspicuous feature of
markets for consumer goods. Since the latter
part of 1959, the structure of the market for
autos has been undergoing major change, reflecting increased supply and acceptance of
compact makes of domestic origin and decreased demands for standard-size cars as
well as for imported and used autos. At the
same time, as the number of vehicles in use
has continued to grow, output of tires and
other replacement parts and related equipment has expanded further, to a level onefourth higher than in 1955, the record year
for automobile assemblies.
Output. Production of autos this year has
reflected rebuilding of dealers' stocks after
the steel strike and a marked shift toward
compact models and away from most other
1219
types. In January, assemblies approached a
seasonally adjusted annual rate of 8 million
units. Output has fluctuated since then, but
over the first ten months assemblies were at
a seasonally adjusted annual rate of 6.9 million. This rate has been exceeded only in
1955, when 7.9 million units were produced.
As 1960 has progressed, output of compact
cars in relation to total auto production has
increased substantially.
The rising proportion of output accounted
for by compact autos, along with related
changes in automotive design, has had significant, though differing, impacts on industries supplying materials. Automotive requirements for steel have declined, while
use of aluminum, plastics, and glass has increased. With supplies readily obtainable at
stable or declining prices, and with consumer
reaction to the new mix of models still uncertain, auto manufacturers have had little
incentive to build up stocks of materials.
Pressure on costs and profit rates has continued and has encouraged manufacturers
to keep their inventories of materials near
minimal levels.
Sales and stocks. In the first ten months of
1960, dealer sales of new domestic autos
were at a seasonally adjusted annual rate of
6.1 million units, 7 per cent above a year
earlier. Total auto sales, including sales of
imported makes, were at a 6.6 million rate.
This rate was second only to the 7.4 million domestic and imported units sold in
1955, when maturities on auto loans were
being greatly lengthened and average auto
prices for comparable makes were lower.
Early in 1960, deliveries of compact autos
were limited by small supplies. As supplies
increased, sales of the compact types rose
from 22 per cent of the total for domestic
autos in January to nearly 30 per cent in
recent months. The average share was about
1220
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
9 per cent in 1958 and 1959; during most
of that period only two makes were being
produced in this country. The gain for compacts this year has been accompanied by a
decline of more than 10 per cent in the
number of standard-size cars sold.
Sales of imported cars also have declined
this year, after a very rapid rise beginning in
1956. In the third quarter of 1960, sales of
imports were at a seasonally adjusted annual
rate of about 475,000, compared with a high
of nearly 650,000 in the fourth quarter last
year when domestic autos were in short
supply. Demand for some imported cars not
directly competitive with domestic compacts
has continued high. Exports of American
cars turned up early in 1960, but by the
second quarter were back to the reduced
level of 1959.
AUTOS
Millions of cars
1954
1956
195«
1960
NOTE.—Seasonally adjusted series, except used car prices,
based on data from Ward's Automotive Reports and R. L.
Polk & Company. Output (domestic only) and sales (domestic
and imported cars) at annual rates. Stocks end of quarter.
BLS data for consumer prices of used cars. Latest figures:
output and sales, October; stocks and prices, September.
Although autos have been selling at an
advanced rate this year, sales have been
below output and there has been a large
addition to dealer stocks of domestic autos.
In its initial phase, the increase reflected the
need to rebuild stocks which, as a result of
the steel strike, had been drawn down to a
seasonally adjusted level of 500,000 at the
end of November 1959. In addition, overall stocks requirements for dealers rose as
the number of makes expanded during the
period.
The expansion in new auto stocks was
most marked in the first quarter of 1960, but
the total continued to rise, and by midyear
reached a record of almost one million units.
There was a less than usual decline during
the model-changeover period in the third
quarter and seasonally adjusted stocks rose
further. Stocks of imported autos also expanded. With sales down, shipments from
abroad were being reduced by midyear to
bring supplies into closer balance with sales.
Prices. List prices of new autos have been
virtually unchanged for the second successive year. Until introduction of the 1960
models, list prices of autos had advanced at
a faster rate during the postwar period than
prices of most other consumer goods. Retailers, aided by special bonuses and other
factory arrangements for dealers and salesmen, granted discounts from list prices
earlier this year than in 1959. As a result, by March, effective prices of new,
low priced, standard makes had fallen below
year-earlier levels. List prices of some imported autos were also reduced and, in contrast with earlier years, discounts were common.
These price changes have been one of
several factors tending to reduce the average
amount consumers have paid for their cars.
1221
CONSUMER GOODS DEVELOPMENTS
Of particular significance has been the growing proportion of lighter, smaller, and generally less expensive types of vehicles purchased. In addition, demand for special
equipment has declined.
Prices of used cars have been affected by
competition from the new compacts. Unlike
sales of new cars, sales of used cars have not
advanced beyond the improved levels of
1959. Used car prices began to decline in
late 1959 after a long period of recovery
beginning in early 1956. By September of
this year, prices of two-year-old, standard,
low priced models were more than a tenth
below a year earlier and down to their 1957
relationship to new car prices. Since about
85 per cent of all new cars are bought with
trade-ins as partial payment, the reduction
in used car prices has been a factor tending
to increase the average amount needed by
consumers to purchase new cars.
Instalment credit. The growth in auto credit
outstanding has been more moderate than
last year, as extensions of credit have about
equalled those a year earlier while repayments have increased. The average amount
of note and the average monthly payment declined further through September as a result
of lower net outlays required for most types
of autos.
While the proportion of new car buyers
obtaining instalment loans with maturities
at or near 36 months continued to rise, there
was little evidence of any significant extension of maturities beyond this limit to reduce
monthly payments further. The proportion
of used car credit buyers securing contracts
with maturities of more than 24 months on
late model cars rose to new highs in the first
quarter of this year, but it declined appreciably thereafter and, in recent months,
was only slightly larger than a year earlier.
The ratio of new and used auto credit repayments to disposable income has changed
little since mid-195 8, at a level somewhat
under 5 per cent.
Developments this autumn.
A
slowing
down in auto sales in the third quarter of
1960 was associated with an earlier and
more rapid model changeover than usual. At
the end of September seasonally adjusted
stocks of 1960 and 1961 domestic models
held by dealers totaled 1.1 million units.
In October, the first month of the new
model year, sales of domestically produced
autos rose to a seasonally adjusted annual
rate of 6.4 million. This about matched the
second quarter rate as well as the rate in
October of last year when the prospect of
shortages from the steel strike was a special
inducement to buy. Inventories increased
somewhat less than seasonally in October
and their composition improved as the large
carryover of 1960 models was reduced.
At this early point in the new model year
the pattern of consumer buying in relation to
the broader selection of models available is
still being tested. While auto assembly
schedules for November have been adjusted
downward, trade expectations generally are
for a continued high volume of sales of
domestic cars, based on continued high
consumer incomes, wide interest in the new
models, and some further gains at the
expense of imported autos.
In addition, the potential replacement
demand has risen as the proportion of older
cars in use has increased. Also, the number
of households owning more than one car has
continued to grow. Current estimates are
that 7 million, or 14 per cent of all households, now have more than one car, compared with 5 million five years ago. Multiple ownership has been an important factor
1222
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
in demand for compact cars as well as used
cars.
HOME GOODS AND APPAREL
Output of home goods and apparel, like
production of autos, declined briefly after
January, then recovered somewhat in the
spring. During the third quarter, however,
output of home goods declined again and
was reduced further in October, according
to preliminary figures shown in the chart.
These goods include appliances, television
and radio sets, furniture, floor coverings, textile housefurnishings, and various related
products. Apparel production was maintained through July, but it declined in
August and September. In October, output
of both apparel and home goods was back
to the levels reached in the first quarter of
1959.
HOME GOODS AND APPAREL
1957-100
140
OUTPUT
HOME GOODS
-
V
APPAREL
1
1
1
100
I
-
i
-
120
HOME GOODS
SALES
.
^
1
1
1
100
STOCKS
1
80
1
120
APPAREL
S A L E S ^
-
1
1954
1
1
1956
100
-
STOCKS
I
80
1
\
1958
I
Z
80
1960
NOTE.—Seasonally adjusted series.
Sales are three-month
moving averages for large and major chain department stores
plotted on third month; stocks, end of quarter. Latest figures:
output and sales, October; stocks, end of September.
In dollar amount, retail sales of apparel
have expanded further this year, but sales of
home goods by the third quarter had fallen
about 5 per cent from the latter part of 1959.
This difference may have reflected in part
the large price concessions reported in various markets for appliances and other major
household goods. It also reflected some
further increases in retail prices of apparel,
according to the consumer price index.
Allowing for price-cutting in home goods
and related factors, it would appear that the
physical volume of retail sales of home goods
was also generally sustained. Nevertheless,
until recently, sales of both home goods and
apparel were apparently below the advanced
levels of output reached earlier, and stocks
were higher, as indicated by figures for department stores shown in the chart.
Output of home goods rose two-fifths
from early 1958 to late 1959 in response to
expansion in retail sales and to demands for
building up distributors' and manufacturers'
inventories from reduced levels. Toward
the end of 1959, output of appliances rose
sharply, following the steel strike. Since
then, except for a short-lived recovery in the
second quarter, the over-all level of output
has declined. In September, production of
furniture and floor coverings leveled out, but
output of appliances and television was curtailed further; during the first three weeks of
October a strike reduced the output of a
major producer.
Retail sales of home goods at department
store and other retail outlets reached a high
in the second half of 1959. Early this year
consumer plans to buy household goods as
well as other durable goods continued high.
As was the case for apparel and some other
goods, unusually bad weather cut into sales
at that time. And during the summer, mild
weather affected sales of such items as air
1223
CONSUMER GOODS DEVELOPMENTS
conditioners. During September and October retail sales of home goods showed some
recovery.
During this year sales of home goods to be
placed in new housing units have declined,
and this, too, has been a limiting factor on
output. New housing starts fell from a
seasonally adjusted annual rate of 1.6 million units in the spring of 1959 to about 1.2
million in the third quarter of this year. The
latter rate was around the average for the
postwar period as a whole. In some recent
years, new housing has accounted for as
much as a tenth of all refrigerators, ranges,
and water heaters sold and for considerably
larger proportions of waste disposals and
nonportable dishwashers.
Production of such major home goods as
appliances, television, and furniture advanced faster than retail sales and related
demands through most of 1959. During the
autumn, however, output of some appliances was reduced by steel strike influences, and manufacturers' stocks dropped
back to only a tenth above the low level
reached in 1958. In some lines, such as
television, stocks held by manufacturers
and their wholesale distributors account
for about half of total inventories of
these products in retail and wholesale channels. By February of this year manufacturers' stocks of major home goods had
reached the advanced levels prevailing in
1956 and 1957. Retailers' stocks also rose
further and by summer were higher in relation to sales than in 1957. By autumn, however, the expansion in total stocks of major
home goods had been checked.
APPLIANCES, TV, AND FURNITURE
NOTE.—Seasonally adjusted series. Stocks based on trade
association and Department of Commerce data for manufacturers and wholesalers.
Latest figures: output, October;
stocks, end of September.
A factor operating to raise stocks of
finished goods at all levels has been the
increased diversity of products offered. As
in the case of autos and most other consumer goods, competition among manufacturers and retail outlets for a larger share
of the household durable goods market has
been extreme. Operating to some extent to
offset these factors in recent years have been
mechanical and other improvements in the
control of inventories and the speeding of
deliveries from suppliers.
Price reductions have become increasingly
important this year, although often not fully
reflected in the price indexes. Also, selling
emphasis on the more expensive lines of
merchandise has diminished. These developments, and the recent decline in production,
have contributed to the improved relationship between output and sales this autumn.
Member Bank Earnings, FirstHalfofl 960
GROSS OPERATING EARNINGS of all
mem-
ber banks advanced to $4,388 million in the
first half of I960, which was $539 million or
14 per cent higher than in the first half of
1959. This growth was offset only in part by
NOTE.—This article was prepared by Theodore A.
Veenstra, Jr., of the Board's Division of Bank Operations.
a
Net current earnings are gross current operating
earnings less gross current operating expenses, before
adjustments for losses, profits on sales of securities,
recoveries, and transfers to and from valuation reserves, and before taxes on net income.
an increase in operating expenses, and net
current earnings before income taxes rose
19 per cent to $1,650 million.1 Losses from
nonoperating transactions were smaller in
the recent period than a year earlier. Although larger taxes on net income offset
some of this decline, net profits rose $223
million to $821 million.
On an annual basis the ratio of net profits
to average total capital accounts rose from
7.6 per cent in the first half of 1959 to 9.9
per cent in the first half of this year. Cash
MEMBER BANK EARNINGS
[Amounts in millions of dollars]
1956
1958
1957
1959
1960
First
half
Second
half
First
half
Second
half
First
half
Second
half
First
half
Second
half
First
half
Earnings
On U. S. Government securities
On other securities
On loans
Service charges on deposit accounts
Other earnings
2,930
553
151
1,773
151
301
3,148
547
156
1.952
159
333
3,262
571
160
2,023
172
335
3,509
596
179
2,185
182
366
3,515
633
200
2,130
191
361
3,612
633
212
2,197
197
373
3,850
702
217
2,346
207
377
4,225
697
228
2,675
214
411
4,388
695
230
2,823
228
412
Expenses
Salaries and wages
Interest on time deposits..
Taxes other than income.,
Other expenses
1,754
820
304
79
551
1,926
915
346
78
587
2,022
892
440
86
605
2,200
986
487
87
641
2,240
951
549
93
646
2,377
1,030
574
93
681
2,463
1,010
616
104
734
2,676
1,109
664
107
797
2,738
1,091
694
119
834
Net current earnings before income taxes
1,176
1,223
1,240
1,308
1,275
1,235
1,386
1,549
1,650
170
484
181
304
+245
149
379
525
168
74
33
252
48
11
60
18
20
151
40
19
+503
14
24
+31
34
26
395
9
15
397
28
16
73
43
+ 15
+ 17
191
2
81
+ 13
70
43
79
+46
130
3
42
1,006
462
738
255
1,059
491
1,004
404
146
74
1,520
692
1,085
456
1,008
411
1,024
364
1,482
661
821
Net of profits and recoveries ( + ) , losses and
charge-offs, and changes in valuation reserves
Profits and recoveries (-f), losses and
charge-offs:
On securities*
On loans *
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
Number of banks (end of period).
544
483
568
600
828
629
597
660
253
294
281
323
307
339
325
364
349
6,499
6.462
6,438
6,393
6,354
6,312
6,279
6,233
6,212
1
Includes recoveries credited and losses charged either to undivided profits or to valuation reserves and excludes transfers to and
106
from valuation reserves.
2
Includes interest on capital notes and debentures.
1224
MEMBER BANK EARNINGS, FIRST HALF OF 1960
dividends amounted to $349 million, $24
million more than the total in the first half
of 1959.
EARNINGS
Earnings on loans and on securities other
than U. S. Government securities were $477
million and $13 million larger, respectively,
than in the first half of 1959. Earnings on
U. S. Government securities, on the other
hand, were slightly lower.
Average rates of return on both loans and
investments increased from the first half of
1959 to the first half of this year. The average rate on loans rose from 5.48 to 5.91
per cent, on U. S. Government securities
from 2.69 to 3.13 per cent, and on other
securities from 2.62 to 2.88 per cent. Average holdings of loans in the first half of
1960 were $9.8 billion larger than in the
first half of 1959, but average holdings of
U. S. Government securities were $7.9 billion less.
EXPENSES
All items of member bank expenses rose in
the first half of 1960, and gross operating
expenses before taxes on net income totaled
$2,738 million, 11 per cent more than in
the first half of 1959. Salaries and wages
continued to be the major expense item, accounting for about 40 per cent of total expenses. Interest paid on time deposits accounted for 25 per cent of total expenses.
The average level of these deposits was only
slightly higher than a year earlier, but the
average rate of interest paid continued to
increase, to 2.56 per cent, as compared
to 2.28.
1225
PROFITS, RECOVERIES, LOSSES, AND
TRANSFERS TO VALUATION RESERVES
Nonoperating transactions reduced net profits in the first half of 1960 by $168 million.
Transactions in securities accounted for $76
million of the reduction, loans for $85 million, and all other assets for $8 million. The
total and the securities portion were both
much less than in the first half of 1959. In
that period transactions in securities accounted for $301 million of the reduction
in net profits, loans for $63 million, and
other assets for $15 million. In the first six
months of 1960, member banks increased
their valuation reserves on loans and securities by $45 million.
INCOME TAXES
Reflecting the rise in profits before income
taxes, member banks increased their provisions for taxes on net income by $251 million in the first half of 1960 as compared
with the first half of 1959. In the recent
period they set aside $661 million, or about
45 per cent of profits, as provision for income taxes.
CASH DIVIDENDS
Member banks distributed 43 per cent of
their net profits after taxes in dividends during the first half of 1960. This was a smaller
percentage than they had distributed a year
earlier. Dividends declared represented an
annual yield of 4.2 per cent on average total
capital accounts, unchanged from the first
half of 1959.
Details of earnings and expenses in the
first half of 1960 and for each half of 1959
are shown on page 1294 of this BULLETIN.
Law Department
Administrative interpretations, new regulations, and similar material
Absorption of Small Amounts of
Exchange Charges
Reserves of Member Banks
The Board of Governors amended the Supplement to Regulation D, pertaining to reserves required to be maintained with the Federal Reserve
Banks by member banks, so as to reduce the effective reserve requirements against net demand
deposits. The amendment also permits all member banks to count all of their currency and coin
in partial compliance with their reserve requirements. There is set forth below the text of the
amended Supplement:
SUPPLEMENT T O REGULATION
D
§ 204.5 SUPPLEMENT
Effective as to all member banks at the opening of
business on November 24, 1960, except as otherwise
indicated.
(a) Reserve percentages. Pursuant to the provisions of Section 19 of the Federal Reserve Act and
§ 204.2(a), but subject to paragraph (b) of this section, the Board of Governors of the Federal Reserve
System hereby prescribes the following reserve balances which each member bank of the Federal Reserve
System is required to maintain on deposit with the
Federal Reserve Bank of its district:
(1) If not in a reserve or central reserve city—
(i) 5 per cent of its time deposits, plus
(ii) 12 per cent of its net demand deposits.
(2) If in a reserve city (except as to any bank
located in such a city which is permitted by the
Board of Governors of the Federal Reserve System, pursuant to § 204.2(a) (2), to maintain the
reserves specified in subparagraph (1) of this
paragraph)—
(i) 5 per cent of its time deposits, plus
(ii) 16Vi per cent of its net demand deposits.
(3) If in a central reserve city (except as to
any bank located in such a city which is permitted by the Board of Governors of the Federal
Reserve System, pursuant to § 204.2(a) (2), to
maintain the reserves specified in subparagraph
(1) or (2) of this paragraph)—
(i) 5 per cent of its time deposits, plus
(ii) 17Vi per cent of its net demand deposits until the opening of business on
December 1, 1960, and 16Vi per cent
of its net demand deposits thereafter.
(b) Counting of currency and coin. The amount of
a member bank's currency and coin shall be counted
in partial compliance with the reserve requirements of
paragraph (a) of this section.
In an interpretation of August 4, 1960, published
at page 858 of the August 1960 Federal Reserve
BULLETIN, the Board expressed the opinion that
any absorption by member banks of exchange
charges would constitute the payment of interest
on demand deposits, including an arrangement
whereby a member bank maintained a balance
with another bank in return for which such other
bank directly or indirectly absorbed for it exchange charges made by drawee banks.
The Board has been asked to reconsider the
application of the interpretation in certain situations said to involve relatively small amounts of
exchange charges and those where the cost of
collection is said to exceed the amount of the
charges. The Board of Governors, the Comptroller of the Currency, and the Federal Deposit
Insurance Corporation have decided to undertake
a study to obtain additional information. In connection therewith, a survey will be made of a
number of institutions in each Federal Reserve
District on a spot-check basis.
Further consideration will be given the subject
in the light of the findings of the survey. In the
meantime, and as a tentative authorization, to be
applicable only during the pendency of the study
and the reaching of a final determination, member
banks are authorized to absorb exchange charges
in amounts aggregating not more than $2 for any
one depositor in any calendar month or any regularly established period of 30 days.
Member banks, both State and national, will be
expected to conform to the August 4, 1960, interpretation as herein modified.
Orders Under Section 3 of the Bank
Holding Company Act
The Board of Governors of the Federal Reserve
System, on September 27, November 4, and November 10, 1960, issued the following Orders and
Statements with respect to applications by three
1226
1227
LAW DEPARTMENT
holding companies for approval of the acquisition
of voting shares of certain banks:
BRENTON COMPANIES, INC.
In the Matter of the Applications of Brenton Companies, Inc. for prior approval of acquisition of
voting shares of Brenton State Bank, Dallas Center, Iowa; Jefferson State Bank, Jefferson, Iowa;
The First National Bank of Perry, Perry, Iowa;
Poweshiek County National Bank of Grinnell,
Grinnell, Iowa.
ORDER APPROVING APPLICATIONS UNDER
BANK HOLDING COMPANY ACT
The First National Bank of Perry, Perry,
Iowa
Poweshiek County National Bank of
Grinnell, Grinnell, Iowa
is hereby approved, provided that such acquisition
is completed within three months from the date
hereof.
Dated at Washington, D. C , this 27th day of
September 1960.
By order of the Board of Governors.
Voting for this action: Chairman Martin and Governors Balderston, Szymczak, Mills, Robertson, and
Shepardson. Absent and not voting: Governor King.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
There having come before the Board of Governors pursuant to Section 3(a) (2) of the Bank
Holding Company Act of 1956 (12 USC 1843)
and Section 4(a)(2) of the Board's Regulation
Y (12 CFR 222.4(a)(2)), applications on behalf of Brenton Companies, Inc., Des Moines,
Iowa, for the Board's prior approval of the acquisition of 25 per cent of the outstanding voting
shares of the following four banks:
Brenton State Bank, Dallas Center, Iowa
Jefferson State Bank, Jefferson, Iowa
The First National Bank of Perry, Perry,
Iowa
Poweshiek County National Bank of
Grinnell, Grinnell, Iowa
a Notice of Tentative Decision referring to a
Tentative Statement on said applications having
been published in the Federal Register on September 7, 1960 (25 Federal Register 8626); the
said Notice having provided interested persons
an opportunity, before issuance of the Board's
final order, to file objections or comments upon
the facts stated and the reasons indicated in the
Tentative Statement; and the time for filing such
objections and comments having expired and no
such objections or comments having been filed;
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that the said
applications be and hereby are granted, and the
acquisition by Brenton Companies, Inc. of 25 per
cent of the outstanding voting shares of the following four banks:
Brenton State Bank, Dallas Center, Iowa
Jefferson State Bank, Jefferson, Iowa
STATEMENT
Brenton Companies, Inc., Des Moines, Iowa
("Applicant"), a bank holding company, has applied, pursuant to Section 3 (a) (2) of the Bank
Holding Company Act of 1956 ("the Act"), for
the Board's prior approval of the acquisition of
25 per cent of the outstanding voting shares of
the following four banks:
Brenton State Bank, Dallas Center, Iowa
Jefferson State Bank, Jefferson, Iowa
The First National Bank of Perry, Perry,
Iowa
Poweshiek County National Bank of
Grinnell, Grinnell, Iowa
Views and recommendations of the Comptroller
of the Currency and Superintendent of Banking.
As required by Section 3(b) of the Act, the Board
forwarded notice of the applications concerning
the two national banks to the Comptroller of the
Currency and notice of the applications concerning the two State banks to the Superintendent of
Banking for the State of Iowa. The Comptroller
responded by recommending approval of each of
the national bank applications. The Superintendent of Banking responded by recommending
favorable action concerning each of the State
bank applications.
Statutory factors. Section 3(c) of the Act requires the Board in each instance to take into
consideration the following five factors: (1) the
financial history and condition of the holding
company and bank concerned; (2) their prospects; (3) the character of their management;
1228
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
(4) the convenience, needs, and welfare of the
communities and area concerned; and (5) whether
or not the effect of the acquisition would be to
expand the size or extent of the bank holding
company system involved beyond limits consistent
with adequate and sound banking, the public interest, and the preservation of competition in the
field of banking.
Discussion. The proposal to acquire the voting
control of 25 per cent of the voting shares of each
of the four banks here involved was prompted by
an interpretation of the Board in December 1959
(Federal Reserve BULLETIN, December 1959, p.
1475) to the effect that Brenton Companies was
in violation of Section 4(a)(2) of the Act in that
it was "furnishing services to or performing services for" the four banks named, such activity not
being permissible since the holding company
owned or controlled less than 25 per cent of the
voting shares of each bank receiving the services.
It appears that, while the Applicant itself now
owns or controls less than 25 per cent of the stock
of each of the four banks, a majority of the stock
of each of the banks has been owned since before
the passage of the Bank Holding Company Act by
the Applicant and individual stockholders who are
members of the Brenton family and who also own
a majority of the stock of the Applicant. It is
contemplated that the proposed acquisition by Applicant of additional stock of the banks will be
accomplished by means of a voting trust agreement to be executed by the Applicant and one
of the major individual stockholders. A Memorandum of Agreement as to each of the banks
provides that the Applicant shall continue to provide management services in the same manner and
upon the same terms as heretofore.
The financial history and condition, prospects,
and management of both Applicant and each of
the four banks are satisfactory.
Each of the four banks is located in a small
farming community with the business of the bank
originating in the rural area of the town of its
domicile and the surrounding agricultural area
within a radius varying from 5 to 20 miles. There
is a nonsubsidiary bank in the primary service
area of each of the four banks, except that of the
Brenton State Bank, Dallas Center, Iowa. In
addition, the primary service area of each of the
four banks is surrounded by a number of banks
which, while not having offices in that area, and
presently not serving the area to any material extent, are, however, so located geographically that
they are potential competitors.
Since the proposed acquisition would not seem
to result in any substantial change in the operation of the banks involved, it does not appear
that the proposed acquisition would have any
material effect on the convenience, needs, and
welfare of the communities and areas concerned.
Similarly, it does not appear that the acquisition
proposed would have any significant effect upon
banking competition or that they would expand
the size or extent of banking resources under
Applicant's control beyond limits consistent with
adequate and sound banking, the public interest,
and the preservation of competition in the field
of banking.
Conclusion. The above views were incorporated in the Tentative Statement issued in connection with the Notice of Tentative Decision published in the Federal Register on September 7.
1960 (25 Federal Register 8626), affording interested persons an opportunity to submit comments on, or objections to, the Board's proposed
action. No comments or objections were received.
Viewing the relevant facts in the light of the
general purposes of the Act and the factors enumerated in Section 3(c), it is the judgment of the
Board that the proposed acquisition would be consistent with the statutory objectives and the public
interest and that the applications should be approved.
MARINE MIDLAND CORPORATION
In the Matter of the Application of Marine Midland Corporation, Buffalo, New York for prior
approval of acquisition of voting shares of The
First National Bank of Poughkeepsie, Poughkeepsie, New York.
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT
There having come before the Board of Governors pursuant to Section 3 (a) (2) of the Bank
Holding Company Act of 1956 (12 USC 1843)
and Section 4(a)(2) of the Board's Regulation
Y (12 CFR 222.4(a)(2)), an application on behalf of Marine Midland Corporation, Buffalo,
New York, for the Board's prior approval of the
1229
LAW DEPARTMENT
acquisition of all the voting shares of The First
National Bank of Poughkeepsie, Poughkeepsie,
New York; a Notice of Receipt of Application
having been published in the Federal Register
on August 11, 1960 (25 Federal Register 7662);
the said Notice having provided interested persons an opportunity, before issuance of the Board's
final order, to file comments and views regarding
the proposed acquisition; and no such comments
or views having been filed;
IT IS HEREBY ORDERED, for the reasons set
forth in the Board's Statement of this date, that
the said application be and hereby is granted, and
the acquisition by Marine Midland Corporation
of all the voting shares of The First National Bank
of Poughkeepsie, Poughkeepsie, New York, is
hereby approved, provided that such acquisition
is completed within three months from the date
hereof.
Dated at Washington, D. C , this 4th day of
November, 1960
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Szymczak, Mills, Robertson, Shepardson, and King.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
The Marine Midland Corporation, Buffalo, New
York ("Marine"), a bank holding company, has
applied, pursuant to Section 3(a) (2) of the Bank
Holding Company Act of 1956 ("the Act"), for
the Board's prior approval of the acquisition of
all the voting shares of The First National Bank
of Poughkeepsie, Poughkeepsie, New York
("Bank").
Views and recommendations of the Comptroller
of the Currency. As required by Section 3(b) of
the Act, the Board forwarded notice of the application to the office of the Comptroller of the Currency. The Comptroller responded by recommending approval of the transaction.
Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the
following five factors: (1) the financial history
and condition of the holding company and bank
concerned; (2) their prospects; (3) the character
of their management; (4) the convenience, needs,
and welfare of the communities and area con-
cerned; and (5) whether or not the effect of the
acquisition would be to expand the size or extent
of the bank holding company system involved
beyond limits consistent with adequate and sound
banking, the public interest, and the preservation
of competition in the field of banking.
Discussion. Marine presently controls ten
banks, all in New York State, with 173 offices
and total deposits of about $2 billion. Bank is
located in Poughkeepsie, the county seat of
Dutchess County, about 72 miles north of New
York City on the east bank of the Hudson River.
With total deposits of about $49.7 million, Bank
is the largest commercial bank in the County.
The financial history and condition, prospects,
and management of both Marine and Bank are
satisfactory.
Considerations relating to the "convenience,
needs, and welfare of the communities and area
concerned" lend little support for, but would not
be inconsistent with, approval of the application. There is some suggestion that the acquisition of Bank by Marine would provide Bank's
community with additional banking services. However, there is no evidence that Bank is not now
providing adequate banking services.
An additional judgment required of the Board
by Section 3(c) of the Act is whether the effect
of the proposed acquisition would be to expand
the size or extent of Marine's holding company
system beyond limits consistent with adequate and
sound banking, the public interest, and the preservation of competition in the field of banking.
The proposed acquisition would not appear to
result in any significant lessening of existing competition between Bank and Marine's present subsidiaries, the nearest office of which is located
about 40 miles from Bank.
Bank's primary service area is regarded as a
semicircle with a radius of about 10 miles from
Bank's main office and with its western boundary
being the Hudson River. Bank is by far the
largest of four commercial banks in the primary
service area. However, a mutual savings bank
in Poughkeepsie, one of two such banks in the
area, is much larger than Bank and it appears
appropriate to consider competition afforded by
mutual savings banks as well as by commercial
banks. The following tabulation shows Marine's
percentages of offices and deposits (both total de-
1230
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
posits and deposits of individuals, partnerships
and corporations, "IPC" deposits) in various areas
before and after the proposed acquisition, both
as to commercial banks and all banks:
Per cent of
Banking
Offices
Deposits
Total
IPC
Prior After Prior After Prior After
to
to
to
acq. acq. acq. acq. acq. acq.
Primary service area:
Commercial banks
All banks
Dutchess County:
Commercial banks...
All banks
Third Banking District:
Commercial banks... 2.1
All banks
1.8
State of New York:
Commercial banks... 10.0
All banks
8.6
33.3
27.3
14.3
11.1
3.6
3.1
10.1
8.8
1.7
1.1
5.0
3.3
55.2
25.8
36.3
17.5
5.0
3.2
5.1
3.4
1.8
1.1
5.6
3.3
58.3
25.3
38.6
17.3
5.3
3.2
5.7
3.4
In the light of all relevant considerations, it is
the Board's judgment that the proposed acquisition would not expand the size or extent of Marine's holding company system beyond limits consistent with adequate and sound banking, the
public interest, and the preservation of competition in the field of banking.
Conclusion. Notice of Receipt of the Application was published in the Federal Register on
August 11, 1960 (25 Federal Register 7662) affording interested persons an opportunity to submit comments and views regarding the proposed
acquisition. No comments or views were received.
Viewing the relevant facts in the light of the
general purposes of the Act and the factors enumerated in Section 3(c), it is the judgment of the
Board that the proposed acquisition would be consistent with the statutory objectives and the public interest and that the application should be approved.
BAYSTATE CORPORATION
In the Matter of the Application of Bay state Corporation, Boston, Massachusetts for prior approval
of acquisition of voting shares of Manufacturers
National Bank of North Attleborough, North Attleboro, Massachusetts
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT
There having come before the Board of Governors pursuant to Section 3 (a) (2) of the Bank
Holding Company Act of 1956 (12 USC 1843)
and Section 4(a)(2) of the Board's Regulation Y
(12 CFR 222.4(a)(2)), an application on behalf
of Baystate Corporation, Boston, Massachusetts,
for the Board's prior approval of the acquisition
of up to 100 per cent of the voting shares of
Manufacturers National Bank of North Attleborough, North Attleboro, Massachusetts; a Notice
of Receipt of Application having been published
in the Federal Register on August 3, 1960 (25
Federal Register 7289), which provided interested persons an opportunity to file comments
and views regarding the proposed acquisition;
and the time for filing such comments and views
having expired and no such comments or views
having been filed;
IT IS HEREBY ORDERED, for the reasons set
forth in the Board's Statement of this date, that
the said application be and hereby is granted,
and the acquisition by Baystate Corporation of
up to 100 per cent of the voting shares of Manufacturers National Bank of North Attleborough,
North Attleboro, Massachusetts, is hereby approved, provided (1) that such acquisition is
completed within three months from the date
hereof, and (2) that no action be taken by Baystate Corporation, Boston, Massachusetts, the First
National Bank of Mansfield, Mansfield, Massachusetts, or Manufacturers National Bank of North
Attleborough, North Attleboro, Massachusetts,
that will result in the termination of the corporate
existence of either Manufacturers National Bank
of North Attleborough or the First National
Bank of Mansfield as a separate, functioning
banking institution within 60 days following the
date of this order.
Dated at Washington, D. C , this 10th day of
November, 1960.
By order of the Board of Governors.
Voting for this action: Governors Balderston, Szymczak, Mills, Robertson, and Shepardson. Absent and
not voting: Chairman Martin and Governor King.
(SIGNED) MERRITT SHERMAN,
[SEAL]
Secretary.
LAW DEPARTMENT
STATEMENT
Baystate Corporation, Boston, Massachusetts
("Baystate"), a bank holding company, has applied, pursuant to Section 3(a)(2) of the Bank
Holding Company Act of 1956 ("the Act"), for
the Board's prior approval of the acquisition of
up to 100 per cent of the voting shares of Manufacturers National Bank of North Attleborough,
North Attleboro, Massachusetts ("Bank").
Views and recommendations of the Comptroller
of the Currency. As required by Section 3(b)
of the Act, the Board forwarded notice of the
application to the office of the Comptroller of the
Currency. The Comptroller responded by recommending approval of the transaction.
Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the
following five factors: (1) the financial history
and condition of the holding company and bank
concerned; (2) their prospects; (3) the character
of their management; (4) the convenience, needs,
and welfare of the communities and area concerned; and (5) whether or not the effect of the
acquisition would be to expand the size or extent
of the bank holding company system involved
beyond limits consistent with adequate and sound
banking, the public interest, and the preservation
of competition in the field of banking.
Discussion. Baystate presently controls nine
banks in Massachusetts with 97 banking offices
and total deposits of $500 million.
Bank (total deposits $8,490,000) is located in
North Attleboro, Massachusetts, a town with a
population of about 13,000 in Bristol County in
the southern part of the State, some 12 miles
from Providence, Rhode Island, and 32 miles from
Boston. North Attleboro is a highly industrialized
community with emphasis on the manufacturing
of jewelry and related products. The area served
by the Bank is well diversified in manufacturing,
servicing, distributing, and other economic activities.
The financial history and condition, prospects,
and management of both Baystate and Bank are
satisfactory.
A consideration of the factor "convenience,
needs, and welfare of the communities and area
1231
concerned" lends little support for, but would not
be inconsistent with, approval of the application.
There is some suggestion that the acquisition by
Baystate would provide Bank's community with
expanded services in the field of consumer and
instalment credit. However, Bank apparently has
been serving the convenience and needs of its
community and area fairly adequately.
An additional judgment required of the Board
by Section 3(c) of the Act is whether the effect
of the proposed acquisition would be to expand
the size or extent of Baystate's holding company
system beyond limits consistent with adequate and
sound banking, the public interest, and the preservation of competition in the field of banking.
Bank's primary service area encompasses an
area surrounding North Attleboro within a radius
of approximately eight miles and includes portions
of the northwestern corner of Bristol County, the
southwestern corner of Norfolk County, and the
northeastern corner of Providence County, Rhode
Island.
In the designated primary service area there are
nine commercial banking offices and three mutual
savings bank offices. Three banks in the primary
service area are larger than Bank (two commercial
and one savings bank). Baystate presently has
one subsidiary in the primary service area, First
National Bank of Mansfield ("National"). A
relatively large subsidiary of Baystate, Norfolk
County Trust Company, Brookline, with 22 banking offices and $82,384,000 of deposits of individuals, partnerships and corporations (IPC deposits), is located in Norfolk County; however,
no offices of that bank are located in the designated
primary service area. It appears that only about
2.5 per cent of Bank's demand IPC deposits and
a negligible percentage of its time IPC deposits
originate in Mansfield, and that, similarly, only
a negligible amount of National's IPC deposits
originate in North Attleboro.
It is appropriate to consider competition afforded by mutual savings banks as well as by
commercial banks in connection with the fifth
factor. The following tabulation shows the percentages of bank offices and bank deposits controlled by Baystate in various areas both before
and after the proposed acquisition.
1232
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
Per cent of1
Banking
offices
Deposits
Total
IPC
Before After Before After Before After
Primary service
area:
Commercial
banks
All banks
11.1
8.3
22.2
16.7
8.8
5.2
25.2
15.0
8.7
4.9
25.2
14.1
Bristol County:
Commercial
banks
All banks
3.8
2.4
7.7
4.8
2.1
.8
5.9
2.3
2.0
.7
5.8
2.1
27.7
18.5
28.9
19.4
21.7
9.4
23.5
10.2
21.1
8.5
22.9
9.2
18.9
12.0
19.1
12.1
9.7
4.7
9.9
4.8
Bristol and Norfolk Counties:
Commercial
banks
All banks
State of
Massachusetts:
Commercial
banks
All banks
8
1
Percentages for the State of Massachusetts are as of the end
of 1959. Percentages for other relevant areas are as of June, 1960.
Percentages of deposits for primary service area and for Bristol and
Norfolk Counties are overstated because deposits of some offices are
not available from published sources, and therefore are not included
in the totals on which Baystate's percentages are computed.
2
Not readily available.
The Board finds that the proposed acquisition
would not give Baystate a dominant position in
the area involved and that there would not be any
significant amount of competition eliminated.
Another bank holding company group operating in Massachusetts controls 7.4 per cent of the
banking offices and 5.6 per cent of the total deposits in Massachusetts but has no banking offices
in the designated primary service area or in Bristol
County. It has one bank (with no branches) in
Norfolk County holding 1.2 per cent of the offices
and 1.4 per cent of the deposits of all banks in the
county. The two bank holding company groups
combined control 19.4 per cent of the offices and
10.3 per cent of the deposits of all banks in the
State.
In the light of all relevant considerations, it is
the Board's judgment that the proposed acquisition would not expand the size or extent of Baystate's holding company system beyond limits
consistent with adequate and sound banking, the
public interest, and the preservation of competition in the field of banking.
Conclusion. Notice of Receipt of the Application was published in the Federal Register on
August 3, 1960 (25 Federal Register 7289),
affording interested persons an opportunity to
submit views and comments regarding the proposed acquisition. No views or comments were
received.
Viewing the relevant facts in the light of the
general purposes of the Act and the factors enumerated in Section 3(c), it is the judgment of the
Board that the proposed acquisition would be
consistent with the statutory objectives and the
public interest and that the application should be
approved.
Current Events and Announcements
AMENDMENT TO REGULATION D
MONEY SUPPLY FIGURES
On October 26, 1960, the Board of Governors of
the Federal Reserve System amended its Regulation D, relating to bank reserves and reserve requirements. Details concerning the changes are
given in the "Law Department" section of this
A new table showing money supply and related
data is introduced on page 1245 of this BULLETIN.
Money supply figures are also available in a semimonthly release (J.3) from the Division of Administrative Services, Board of Governors of the
Federal Reserve System, Washington 25, D. C.
BULLETIN.
National Summary of Business Conditions
Released for publication November 16
Industrial production showed little change in
October and new construction activity declined
slightly while retail sales increased. Total employment declined and unemployment rose.
Commercial bank credit increased, and the
money supply rose slightly. In mid-November,
common stock prices were higher than a month
earlier.
INDUSTRIAL PRODUCTION
Industrial production in October was 107 per
cent of the 1957 average—the same as in September and 3 per cent below the average of
the first half of 1960. Output of consumer goods
and business equipment was maintained in October and the further decline that occurred in
production of materials was small.
Among consumer goods, reductions in output of television sets, radios, and appliances—
owing in part to strikes—were about offset by
a further rise in auto production. Current schedules indicate a decline in auto assemblies in
November. Output of apparel was maintained
in October at the reduced September level, and
production of consumer staples increased slightly.
Activity in business equipment lines remained
at a near record rate as moderate decreases in
industrial and commercial equipment were offINDUSTRIAL
1957 = 100
PRODUCTION
set by increases in freight and passenger equipment and farm machinery.
Iron and steel production was unchanged in
October at 72 per cent of the 1957 average.
Curtailments occurred in output of some other
metals and fabricated products, however, and
output of construction materials, textiles, and
chemicals declined further. In early November,
steel mill operations declined more than seasonally.
CONSTRUCTION
The total value of new construction put in
place declined slightly further in October. A
continued decline in private residential building outlays was not quite offset by additional
increases in expenditures for industrial and commercial building and an advance in highway construction activity.
EMPLOYMENT
Seasonally adjusted nonfarm employment declined somewhat in October. Decreases were
concentrated in manufacturing industries, and
were particularly sharp in the machinery industries owing in part to strikes. Employment continued to increase in State and local government,
but changed little in most manufacturing industries. Unemployment, which usually declines in
October, rose 200,000 to 3.6 million; the seasonally adjusted rate was 6.4 per cent, compared
with 5.7 per cent in September.
DISTRIBUTION
» /
DURABLE
\ /MANUFACTURES ! j"
V
—\
r
1956
1958
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for October.
Monthly fig-
Retail sales rose 2 per cent in October to about
the advanced May-June rate. The increase for
auto dealers was particularly marked following
introduction of the 1961 models but sales also
expanded at most other categories of stores. Sales
of new domestic autos, including a large number
of 1960 models at reduced prices, reached a seasonally adjusted annual rate of 6.4 million, about
the same as the second quarter average. Dealer
stocks of new autos increased somewhat less than
seasonally, but were at a record high for this
time of year.
1233
1234
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
COMMODITY PRICES
The wholesale commodity price index showed
little change in late October and early November, and remained close to the year-earlier level.
Prices of such basic industrial materials as steel
scrap, rubber, hides, and textiles declined further in the recent period. Average prices of
farm products and foods changed little, in contrast to the customary seasonal decline.
reserves were somewhat higher. During the
four weeks ending November 9, reserves were
supplied principally by an increase of $750 million in Federal Reserve holdings of U. S. Government securities. Reserves were absorbed
mainly by a gold outflow of $490 million. Required reserves increased substantially.
SECURITY MARKETS
Total commercial bank credit increased $2.5
billion further in October reflecting mainly additions to bank holdings of U. S. Government securities at the time of the Treasury's financing
operations. Total loans declined. The seasonally
adjusted money supply, on a daily average basis,
increased slightly further from September to October. Seasonally adjusted turnover of demand
deposits declined.
Member bank borrowings from the Federal
Reserve averaged about $160 million and excess reserves $630 million over the four weeks
ending November 9. Borrowings were about the
same as in the previous four weeks while excess
Yields on corporate and State and local government bonds declined slightly between midOctober and mid-November. The yield on 91day Treasury bills fell in late October to 2.07
per cent, a new low for the year, but then rose
in the first half of November to 2.52 per cent.
After declining slightly in late October, yields
on intermediate- and long-term Government securities increased again in the first half of November.
In early November the Treasury conducted an
exchange refunding of two issues maturing at
midmonth. Investors accepted $9,100 million of
3*/4 per cent 15-month notes and $1,213 million of 33A per cent 5Vi year bonds. About $531
million of the two maturing issues will be redeemed in cash.
RETAIL TRADE
INTEREST RATES
BANK CREDIT AND RESERVES
1947 - 49 = 100
DEPARTMENT
RETAIL SALES
STORES
LONG-TERM
GOVERNMENT SECURITIES
STOCKS
J
1956
»V«V
L_
1958
1960
1958
1960
Federal Reserve indexes, seasonally adjusted; retail sales
based on Department of Commerce data. Monthly figures;
latest for stocks is September, for other series, October.
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 November 11.
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items
Reserve Bank discount rates; margin requirements; reserve requirements.
Federal Reserve Banks
Currency in circulation, money supply; bank debits
..
All banks: consolidated statement of monetary system; deposits and currency.
All banks, by classes
..
Commercial banks, by classes. . . .
Weekly reporting member banks.
Business loans
1236
1240
1242
1244
1246
1247
1250
1252
1255
Interest rates . .
...
Security prices; stock market credit; open market paper.
Savings institutions
..
Business
finance
Security issues
Federal
finance
Federal business-type activities.
Real estate credit
Short- and intermediate-term consumer credit.
Industrial production.
1256
1257
1258
1260
1262
1263
1268
1269
1272
1276
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
Earnings of member banks, by classes, 1959 and first half of 1960
1282
1282
1284
1286
1287
1288
1290
1292
1294
Index to statistical tables
1317
Tables on the following pages include the prin- the basis of material collected by other agencies;
cipal statistics of current significance relating figures for gold stock, currency in circulation,
to financial and business developments in the Federal finance, and Federal credit agencies are
United States. The data relating to Federal obtained from Treasury statements; the remainReserve Banks, member banks of the Federal ing data are obtained largely from other sources.
Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's
duction indexes are compiled by the Board on publication, Banking and Monetary Statistics.
1235
1236
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
Bought
Total outright
DisGold
stock
Held counts
under and Float Total i
repur- adchase vances
agreement
Treas- Curury
cur- rency
in
rency
ciroutstand- culation
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
Treas- with F. R. Banks Other
ury
F. R.
cash
acholdcounts
ings Treas- ForWith AllowTotal* F. R. able
in
ury
eign Other
Banks cash
3
Areraget of
daily figures
61 1,317
12 2,208
83 2,612
170 2,404
652 24,744
681 22,858
1,117 21,606
1,375 25,446
1,262 27,299
1,018 27,107
992 26,317
1,389 26,853
1,633 27,156
1.443 26,186
1,496 28,412
1,009 27,937
4,024
4,030
17,518
22,759
20,047
22,712
22,879
22,483
23,276
22,028
21,711
21,689
21,942
22,769
20,563
20,030
2,018
2>5
2,956
3,239
4,322
4,556
4,629
4,701
4,806
4,885
4,982
5,008
5,064
5,144
5,230
5,278
4,400
5,455
7,609
10,985
28,452
28,937
27,806
29,139
30,494
30,968
30,749
31,265
31,775
31,932
32,371
31,813
210
272
2,402
2,189
2,269
1,330
1,290
1,280
1,271
767
805
777
772
768
691
632
30
81
616
592
625
967
615
271
569
602
443
434
463
385
470
495
30
164
739
1,531
1,247
1,016
920
571
745
466
439
459
372
345
262
277
1,088
1,115
1,094
1,426
28,687
28,563
28,741
29,435
19,514
19,498
19,581
19,482
5,278
5,293
5,303
5,311
32,019
31,974
32,207
32,775
394
391
413
396
543
512
485
524
,343 28,236
,098 27,276
,066 27,048
,082 27,227
,043 27,393
,173 27,751
,141 28,178
897 28,209
,171 28,091
,237 28,502
19,454
19,429
19,410
19,386
19,356
19,343
19,245
19,052
18,870
18,571
5,315
5,323
5,336
5,344
5,349
5,353
5,357
5,364
5,374
5,382
32,008
31,580
31,628
31,713
31,726
31,926
32,174
32,091
32,151
32,183
419
445
442
419
415
414
406
403
r
400
407
26,650
26,663
26,643
26,637
26.563
966
836 28,515 19,525
1,059
819 28,656 19,523
1,060 1,017 28,834 19,522
860 1,499 29,016 19,513
722 1,098 28,403 19,493
5,276
5,274
5,274
5,278
5,287
31,935
32,107
32,197
31,984
31,811
26,591
26,637
26,402
26,385
26,563
26,563
26,402
26,364
1,007 1,005 28,623 19,491 5,289
1,051
956 28,667 19,489 5,290
824 1,417 28,664 19,488 5,293
796 1,149 28,353 19,486 5,297
Nov. 4
11
18
25
26,686
26,763
26,702
26,682
26,544
26,574
26,593
26,652
142
189
109
30
19,585
19,585
19,583
19,582
Dec. 2
9
16
23
30
26,871
27,194
27,176
27,007
26,829
26,843
27,130
27,142
26,970
26,787
28
64
34
37
4!
6
13
20
27
26,642
26,395
25,622
25,450
26,607
26,339
25,620
25,450
Feb. 3
10
17
24
25,447
25,389
25,355
25,253
25,442
25,355
25,300
25,253
1929—June...
1933—June...
1939—Dec....
1941—Dec....
1945—Dec....
I947_Dec..
1950—Dec..
1951—Dec..
1952—Dec..
1953—Dec..
1954—Dec..
1955—Dec..
1956—Dec..
1957—Dec..
1958—Dec....
1959—.June...
23,708
21,905
20,345
23,409
24,400
25,639
24,917
24,602
24,765
23,982
26,312
25,963
179
1,933
2,510
2,219
23,708
21,905
20,336
23.310
23,876
25,218
24,888
24,318
24,498
23,615
26,216
25,949
381
268
142
9
657
99
524 1,633
448
421
407
29
840
284
706
267
716
367
564
96
938
14
26,674
26,517
26,732
27,036
26,628
26,479
26,628
26,993
46
38
104
43
904
909
886
911
25,934
25,322
25,310
25,488
25,818
26,124
26,619
26,983
26,653
27,056
25,914
25,289
25,261
25,373
25,697
26,118
26,521
26,768
26,546
26,929
20
33
49
115
121
6
98
215
107
127
909
818
637
623
502
425
388
293
233
170
26,691
26,754
26,737
26,637
26,563
179
1,933
2,510
2,219
978
250
8
353
264
290
390
365
394
247
186
337
359
376
350
248
292
493
614
739
796
832
908
929
983
998
1,063
1,174
1,219
2,314
2,211
11,473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19.535
19,420
18,899
18,451
2,314
2,211
11,473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,899
18,451
301
302
317
361
381
388
379
348
1,246
1,175
1,204
1,195
18,593
18,610
18,621
18,932
18,593
18,610
18,621
18,628
534
515
481
554
534
496
492
490
516
488
270
214
197
185
194
221
213
202
216
226
368
406
307
353
331
395
377
380
393
417
838
921
970
890
937
994
910
948
962
891
18,878
18,213
18,027
18,104
18,239
18,294
18,518
18,501
18,570
>18723
18,568
17,947
17,770
17,843
17.962
18,001
18,208
18,111
17,697
17,843
400
401
395
390
388
561
430
421
632
681
260
275
331
298
310
333
341
373
420
403
,260
,259
,260
,264
,196
18,566
18,640
18,653
18,819
18,394
18,566
18,640
18,653
18,819
18,394
31,933
32,096
32,026
31,873
387
387
391
396
533
474
518
530
300
326
294
297
420
464
344
335
,194
,197
,193
,136
18,636
18,501
18,679
18,568
18,636
18,501
18,679
18,568
5,299
5,301
5,303
5,304
31,924
32,105
32,235
32,269
404
414
414
415
471
458
478
515
293
313
304
315
397
396
362
369
,127
,128
,204
,297
18,711
18,724
18,647
18,563
18,711
18,724
18,647
18,563
1959
Sept
Oct
Nov
Dec...
304
1960
Jan
Feb
Mar
May!'.'.'.'.'.'.'.'.
June
July
Aug
Sept
Oct
310
266
257
261
277
293
310
390
873
Week ending:
1959
Sept. 2
9
16
23
30
Oct. 7
14
21
28
834
897 28,443
916
947 28,651
864 1,165 28,758
829 1,311 28,857
875
916
961
985
933
1,086
1,003
1,169
1,818
1,788
28,867
29,153
29,365
29,883
29,629
19,568
19,505
19,478
19,467
19,456
5,306
5,310
5,311
5,312
5,313
32,446
32,601
32,798
32,924
32,893
410
405
396
387
393
547
487
528
523
537
347
362
341
365
387
35
338
342
331
333
,241
,244
,181
,195
,195
18,451
18,797
18,872
19,274
18,997
18,396
18,529
18,567
18,937
18,660
55
268
305
337
337
1,018
915
918
776
1,586
1,269
1,513
1,103
29,318
28,633
28,098
27,370
19,456
19,455
19,455
19,454
5,313
5,315
5,316
5,315
32,524
32,282
31,910
31,650
407
410
424
424
582
519
494
519
348
308
231
217
553
33:
326
332
843
840
836
836
19,141
19,029
18,963
18,476
18,831
18,713
18,648
18,161
310
316
315
315
811 1,108 27,406 19,445 5,319
853
853 27,135 19,433 5,321
974 1,16 27,535 19,432 5,323
620 1,324 27,235 19,423 5,325
31,565
31,599
31,631
31,56f
436
443
451
445
510
417
591
529
239
203
224
206
333
834
344
834
522
896
439 1,008
18,537
18,268
18,250
18,061
18,25:
18,049
17,974
17,793
285
219
276
268
1960
Jan.
For notes see opposite page.
BANK RESERVES AND RELATED ITEMS
1237
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Bought
Total outright
Dis- j
Gold
Held counts
stock
under and j Float Total i
repur- ad- |
chase vances
agreement
Treas- Curury
cur- rency
in
rency
ciroutstand- culation
ing
Deposits, other
than member bank
Member bank
reserves,
reserves
Treas- with F. R. Banks Other
ury
F. R.
cash
acholdcounts
ings Treas- ForWith AllowTotaP F. R. able
in
ury eign Other
Banks cash)
Average* of
daily figures
Week ending:
1960
25,212
25,270
25,444
25,323
25,239
25,154
25,235
25,313
25,290
25,234
58
35
131
33
5
794 1,061 27,102 19,421 5,328 31,518
595 1,174 27,075 19,412 5,333 31,613
726
994 27,197 19,409 5,335 31,726
587 1,245 27,189 19,409 5,337 31,671
608
898 26,778 19,408 5,340 31,534
25,284
25,396
25,701
25,521
25,264
25,285
25,417
25,444
20
111
284
77
735
898 26,950
734
910 27,073
561 1,391 27,690
524 1,159 27,234
19,406
19,394
19,386
19,373
5,341
5,342
5,344
5,346
25,660
25,868
25,761
25,745
25,557
25,616
25,627
25,718
103
252
134
27
552
958 27,199
549
924 27,371
555 1,133 27,480
403 1,161 27,338
19,360
19,359
19,359
19,353
25,968
26,134
26,176
26,011
26,129
25,941
26,118
26,176
26,011
26,129
27
16
436
400
375
550
412
993
1,011
1,029
1,544
1,168
27,427
27,575
27,609
28,135
27,739
26,553 26,491
26,556 26,416
26,599 26,522
62
96
140
77
440
341
429
351
1,040
1,138
1,423
1,087
26,930
27,099
27,041
26,992
26,788
26,760
26,806
26,812
26,772
26,682
14
21
28
26,784
26,649
26,541
26,539
5
12
19
26
27,028
27,268
27,036
26,760
Mar. 2
9
16
23
30
Apr
-.S:::::::
20
27
18
25
June 1
8
15
22
29
July
542
542
446
451
479
219
200
200
180
203
323 1,008 18,105 17,800
293 1,007 17,941 17,731
293
980 18,108 17,849
305
944 18,189 17,934
327
945 17,894 17,600
305
210
259
255
294
31,654
31,826
31,828
31,581
423
417
420
417
509
465
660
553
163
200
188
186
356
349
448
275
942
917
864
857
17,868
17,870
18,280
18,392
17,650
17,634
18,012
18,083
218
236
268
309
5,347
5,348
5,349
5,350
31,606
31,723
31,774
31,684
414
419
413
415
567
504
608
547
184
184
195
202
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
19,352
19,352
19,351
19,346
19,325
5,349
5,350
5,353
5,354
5,356
31,812
31,917
31,976
31,927
31,867
414
424
415
412
406
468
445
490
550
505
206
199
206
225
249
390 1,033 18,121 17,806
361 1,034 18,152 17,897
365 1,001 18,157 17,859
437
970 18,602 18,315
415
971 18,342 18,007
315
255
298
287
335
28,063
28,120
28,437
28,065
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
399
380
374
373
18,320
18,349
18,762
18,552
18,079
18,041
18,422
18,219
241
308
340
333
170
293
229
220
106
315
890 28,165
293
822 28,246
416
976 28,469
193 1,014 28,245
788 27,882
273
19,147
19,098
19,039
19,026
19,006
5,358
5,359
5,363
5,366
5,370
32,046
32,129
32,184
32,087
31,980
408
404
409
400
395
466
452
555
485
487
221
192
190
195
225
884 18,591
371
363
884 18,525
386
904 18,564
380 1,016 18,404
384 1,014 18,466
18,272
18,279
18,243
18,075
17,772
319
246
321
329
694
26,640
26,524
26,495
26,456
144
125
46
83
262
861 27,941 18,999
301 1,064 28,048 18,975
86 1,527 28,189 18,828
244 1,242 28,059 18,731
5,372
5,374
5,376
5,375
32,174
32,291
32,171
32,004
399
401
403
399
477
465
551
579
233
204
224
200
412 1,011 18,358 17,607
386
974 18,581 17,676
936 18,635 17,729
379
934 18,609 17,671
378
751
905
906
938
26,836
27,136
27,036
26,681
192
132
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
430
393
375
17,922
17,840
17,909
17,789
837
800
930
"79
219
168
95
262
26,76: 26,640
27,024 26,808
27,402 27,025
122
216
377
405
707 27,907 19,005 5,368 32,027
181 1,155 28,402 18,685 5,378 32,022
193 1,096 28,729 *>18,402 *>5,388 *>32,130
388
396
*>403
481
489
437
204
223
251
432 1,013 18,430 17,735
456
936 18,779 17,942
865 ^18,900 17,956
477
695
837
P944
, ! : : : : : : : 26,613 26,517
20
27
Aug. 3
10
17
24
31
Sept. 7
Oct.
442
435
448
450
439
1,096
1,090
1,453
1,357
28,385
28,568
28,621
28,417
18,671
18,615
18,586
18,552
958
935
884
884
936 18,759
932 18,640
864 18,839
862 ^18,726
End of month
1960
Aug
Sept
Oct
Wednesday
1960
Sept. 7
14
28
26,723
26,577
26,382
26,780
26,640
26,577
26,382
26,673
107
177
836 27,768 18,990
137 1,227 27,972 18,939
90 1,253 27,757 18,758
987 28,417 18,697
617
5
12
19
26
27,050
27,270
26,775
26,952
26,900
27,248
26,775
26,657
150
22
295
137
143
87
950
21
Oct.
83
1,013
1,239
1,391
1,026
28,241
28,693
28,290
28,966
18,632
18,614
18,581
18,473
*1 Preliminary.
Includes industrial loans and acceptances, when held. For holdings
of such items on Wednesday and end-of-month dates, see subsequent
5,374
5,375
5,376
5,375
32,310
32,220
32,061
31,972
402
401
404
404
518
431
575
554
195
224
198
184
376 1,009 18,073 17,322
371
929 18,615 17,709
378
935 18,245 17,341
382
936 18,996 18,058
751
906
904
938
5,377
5,381
5,382
5,387
32,131
32,334
32,196
32,037
411
411
413
408
376
454
499
519
194
190
239
269
387
750
377
375
17,817
17,639
17,668
18,354
837
800
930
^937
934
909
862
864
18,654
18,439
18,598
^19,291
tables on Federal Reserve Banks. (Industrial loan program discontinued
Aug. 21, 1959.)
2 See note 3.
3 Beginning with December 1959, monthly averages are estimated.
1238
BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. In millions of dollars]
All member banks
Period
Total
reserves
heldi
ReExcess
quired
rere- 2 serves3
serves
Central reserve city banks—New York
BorFree
rowreings
serves 3
at
F. R.
Banks *
1929—June
1933—June
1939—Dec
1941—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
314
160
473
812
027
261
391
310
180
920
279
240
535
420
899
451
2,275
1,797
6,462
9,422
14,536
16,275
16,364
19,484
20,457
19,227
18,576
18,646
18,883
18,843
18,383
18,043
39
363
5,011
3,390
1,491
986
1,027
826
723
693
703
594
652
577
516
408
974
184
3
5
334
224
142
657
1,593
441
246
839
688
710
557
921
1959—Sept
Oct
Nov
Dec
18,593
18,610
18,621
6 18,932
18,183
18,164
18,176
18,450
410
446
445
482
I960—Jan
Feb
Mar
18,878 18,334
18,213 17,758
18,027 17,611
18,104 17,696
18,239 17,770
18,294 17,828
18,518 18,010
18,501 17,961
18,570 17,931
^18,723 »18,087
May!'.'.'.'.'.
June
July
Aug
Sept
Oct
-935
179
5,008
3,385
ReExcess
Total
quired
rerere- 2 serves3
serves
held* serves
BorrowFree
ings
reat
serves3
F. R.
Banks
762
861
5,623
5,142
4,118
4,404
4,742
5,275
5,357
4,762
4,508
4,432
4,448
4,336
4,033
3,933
755
792
3,012
4,153
4,070
4,299
4,616
5,231
5,328
4,748
4,497
4,397
4,392
4,303
4,010
3,926
7
69
2,611
989
48
105
125
44
30
14
12
35
57
34
23
7
n.a.
n.a.
192
38
58
151
486
115
62
196
147
139
103
22
903
905
878
906
-493
3,848
-459
3,867
-433
3,808
-424 «3,920
3,866
3,851
3,785
3,930
-18
15
23
-10
209
225
207
99
544
455
416
408
469
466
508
540
639
905
816
635
602
502
425
388
293
225
149
-361
-361
-219
-194
-33
41
120
247
414
3,907 3,884
3,753 3,744
3,766 3,755
3,765 3,784
3,853 3,808
3,852 3,819
3,864 3,853
3,780 3,780
3,773 3,755
P3,788 *3,765
23
9
10
-19
45
33
11
111
59
9
12
1,157
762
885
169
-870
252
457
-245
-36
-133
-41
-513
Central reserve city banks—Chicago
174
18
P22
-167
69
n.a.
n.a.
Total
Excess
Rerequired
reserves
re- 2 serves3
held* serves
161
211
,141
,143
939
,024
,199
,356
,406
,295
,210
,166
,149
,136
,077
,009
161
133
601
848
924
,011
,191
,353
,409
,295
,210
,164
,138
,127
,070
,006
-227
,025
-209
,020
-184
,029
- 1 0 9 «1,038
,022
,018
,026
,038
3
1,041
993
970
955
981
988
1,010
1,027
1,024
1,014 1,011
P9 ^1,011 *l007
4
3
6
-144
67
67
-107
-456
-101
-50
-162
-91
-105
-80
-15
-50
1
-31
45
16
-3
-27
-2
1,046
996
975
954
988
987
1,020
1
78
540
295
BorrowFree
ings
reat
serves3
F. R.
Banks'*
63
n.a.
n.a.
n.a.
64
232
37
15
85
97
85
39
66
-62
n.a.
n.a.
n.a.
14
7
3
-61
-236
-36
-16
-83
-86
-77
-31
-63
46
84
64
104
-82
-61
-104
94
129
157
99
56
58
49
41
8
6
-90
-126
-151
-100
-49
-59
-39
-38
-5
P-2
103
96
61
-100
-94
-62
-82
53
101
93
-49
-100
-94
-3
14
13
8
3
-4
1
-1
2
12
8
7
3
3
7
-1
10
6
5
Week ending:
1959—Oct.
-289
-271
-227
-115
1,029
1,005
1,014
1,026
1,026
1,004
1,015
1,020
-4
10
46
3
1,000
985
977
984
996
984
979
975
988
974
982
1,003
1,008
977
974
979
1,003
995
4
13
10
1
i,oo:
-1
4
16
7...
14. ..
21...
28...
18,636
18,501
18,679
18,568
18,153
18,012
18,173
18,266
483
489
506
30:
1,006
1,048
819
790
-523
-559
-313
-488
3,882
3,812
3,850
3,891
3,866
3,783
3,853
3,881
16
29
-4
10
4...
18,243
18,306
18,235
18,168
17,918
17,808
17,777
17,716
325
498
458
45:
55
549
555
402
-227
-51
-97
50
3,911
3,835
3,838
3,779
3,914
3,824
3,792
3,776
-4
10
46
3
18,121
18,152
18,157
18,602
18,342
17,684
17,690
17,729
18,042
17,856
43'
462
428
560
486
436
400
374
550
412
1
62
54
10
74
3,825
3,755
3,795
3,894
3,915
3,772
3,752
3,788
3,880
3,842
52
4
20...
27...
18,320
18,349
18,762
18,552
17,885
17,774
18,245
18,078
435
575
517
474
440
341
429
351
234
88
123
3,884
3,769
3,929
3,875
3,880
3,757
3,919
3,858
Aug. 3 . . .
10...
17...
24...
31...
18,591
18,525
18,564
18,404
18,466
18,103
18,018
17,983
17,938
17,827
488
507
581
466
639
315
293
416
193
273
173
214
165
273
366
3,879
3,811
3,794
3,761
3,73^
3,880
3,807
3,778
3,750
3,734
21.
28.
18,358
18,581
18,635
18,609
17,702
17,762
18,116
18,091
656
819
519
518
261
299
79
225
395
520
440
293
3,681
3,681
3,835
3,83.
3,651
3,660
3,835
3,836
5.
12.
1*9.
26.
18,759
18,64C
18,839
*18,726
18,148
17,951
17,963
18,20'
61
689
876
200
148
7240
411
541
802
3,910
3,697
3,830
3,795
3,877
3,701
3,706
3,798
1960—May
is*.;;
June
25...
1...
8...
15...
22...
29...
July
Oct.
if:::
For notes see opposite page.
13
73
305
300
223
125
8
-13
-47
-152
-19
1,001
989
1,034
43
1
77
29
-42
-4
-76
-21
1,021
1,021
1,029
1,029
1,034
1,023
1,023
1,031
1,023
1,018
100
109
30
-101
-102
-33
11
4
13
-22
-16
1,002
1,001
1,029
1,019
997
996
1,025
1,023
5
-14
4
-16
123
-61
1,033
1,00
1,015
1,004
1,021
1,002
998
1,009
6
-2
16
-26
73
997
1,035
1,020
58
-1
9
14
50
152
31
33
123
-1
i,or
11
BANK RESERVES AND RELATED ITEMS
1239
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued
[Averages of daily figures. In millions of dollars]
Country banks
Reserve city banks
Period
Total
reserves
held*
Required
reserves2
Excess
reserves3
Borrowings at
F. R.
Banks 4
Free
reserves 3
Total
reserves
heldi
Required
reserves2
Excess
reserves 3
Borrowings at
F.R.
Banks 4
Free
reserves3
1929—June
1933—June
1939—Dec
1941_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
761
648
3,140
4,317
6,394
6,861
6,689
7,922
8,323
7,962
7,927
7,924
8,078
8,042
7,940
7,744
749
528
1,953
3,014
5,976
6,589
6,458
7,738
8,203
7,877
7,836
7,865
7,983
7,956
7,883
7,705
12
120
1,188
1,303
418
271
232
184
120
85
91
60
96
86
57
39
409
58
n.a.
n.a.
96
123
50
354
639
184
117
398
299
314
254
574
-397
62
n.a.
n.a.
322
148
182
-170
-519
-99
-26
-338
-203
-228
-198
-536
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
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
22
96
671
804
1,011
597
663
596
576
594
602
497
488
449
430
359
327
126
n.a.
n.a.
46
57
29
89
236
105
52
159
144
172
162
259
-305
-30
n.a.
n.a.
965
540
634
507
340
489
550
338
344
277
268
101
1959_Sept
Oct
Nov
Dec
7,825
7,820
7,848
6 7,954
783
766
802
912
42
55
46
41
433
393
415
490
-391
-339
-369
-449
5,895
5,903
5,936
6 6,020
5,511
5,529
5,564
5,569
384
374
372
450
215
203
192
213
169
171
180
237
1960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
7,909
7,544
7,429
7,498
7,515
7,540
7,647
7,654
7,662
*>7,752
7,840
7,503
7,391
7,453
7,465
7,496
7,599
7,607
7,595
*7693
69
42
37
45
51
44
48
47
68
508
423
289
298
224
164
176
109
112
67
-439
-381
-252
-253
-173
-120
-128
-62
-44
6,014
5,920
5,857
5,887
5,882
5,915
5,987
6,041
6,120
^6,172
5,568
5,518
5,494
5,504
5,517
5,525
5,548
5,550
5,569
^5,622
449
402
363
383
366
390
439
491
551
P549
192
205
180
193
222
186
149
116
85
63
257
197
183
190
144
204
290
375
466
^486
7
14
21
28
7,796
7,782
7,786
7,844
7,748
7,715
7,755
7,820
48
68
31
24
417
418
370
364
-369
-350
-339
-340
5,929
5,902
6,029
5,807
5,513
5,510
5,550
5,545
416
392
479
262
181
234
165
214
235
158
314
48
4
25
7,527
7,514
7,541
7,479
7,501
7,468
7,478
7,447
26
46
63
32
277
263
248
190
-251
-217
-186
-158
5,805
5,972
879
925
5,507
5,532
5,528
5,517
298
440
350
408
222
185
214
200
76
255
136
208
1
8
15
22
29
7,531
7,470
7,481
7,645
7,612
7,442
7,443
7,440
7,606
7,506
89
27
41
38
106
142
198
129
197
155
-53
-171
-88
-158
-49
5,779
5,952
5,898
6,060
5,808
5,493
5,522
5,522
5,554
5,514
286
431
373
505
295
291
188
194
128
226
e
242
181
376
68
Week ending:
1959—Oct.
I960—May
is'.'/.'.'.'.'.'.'.'.'.'.'.
June
Iuly
,1:::::::::::::
20
27
7,536
7,594
7,738
7,695
7,502
7,507
7,701
7,649
34
88
37
45
228
127
198
171
-194
-40
-160
-125
5,897
5,989
6,058
5,964
5,500
5,522
5,592
5,559
397
466
467
403
168
176
120
151
229
291
347
251
3
10
17
24
31
7,683
7,679
7,659
7,657
7,584
7,641
7,629
7,623
7,607
7,550
42
50
36
49
34
102
73
178
66
133
-60
-23
-142
-17
-99
6,009
6,005
6,082
5,953
6,122
5,562
5,558
5,552
5,558
5,526
447
447
531
394
597
113
111
108
127
119
334
336
423
267
478
Sept. 7
14
21
28
7,602
7,608
7,711
7,677
7,527
7,541
7,659
7,644
75
67
52
33
118
139
26
145
-44
-72
27
-112
6,073
6,291
6,059
6,078
5,526
5,565
5,597
5,587
547
726
462
491
420
627
408
436
Oct.
7,727
7,711
7,827
7,768
7,666
7,642
7,654
7,738
61
69
173
30
83
97
18
110
-22
-29
155
6,089
6,231
6,166
P6,160
5,585
5,606
5,604
*>5,655
504
626
562
P505
126
99
54
55
97
50
55
51
Aug.
5
12
19
26
n.a. Not available.
P 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. Monthly averages for allowable cash are
estimated.
2
Based on deposits as of opening of business each day. Weekly
averages for country banks prior to Jan. 6, 1960, and monthly averages
for all classes of banks beginning with January 1960 are estimated.
3
Weekly averages for all member and for country banks prior to Jan.
408
576
507
M54
6, 1960, and 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.
6 Beginning with December 1959, total reserves held include allowable
cash (for definition see the BULLETIN for December 1959, p. 1482). See
also note 1.
1240
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a) i
Rate on
Oct. 31
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
In effect
beginning:
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Oct. 31
In effect
beginning:
Previous
rate
Aug. 23, 1960
June 10, 1960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16, 1960
June 10, 1960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9,1960
June 3,1960
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. 23,1960
Aug. 12,1960
Aug. 19,1960
Aug. 12,1960
Aug. 12,1960
Aug. 16,1960
Aug. 19,1960
Aug. 19,1960
Aug. 15,1960
Aug. 12,1960
Sept. 9, 1960
Sept. 2, 1960
In effect
beginning:
Rate on
Oct. 31
Previous
rate
* 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
1948
Jan. 12..
19..
Aug. . 3 . .
1950
1953
Jan. 16.
23.
1954
Feb. 5 .
15.
Apr. 14.
16.
May 21.
1955
A p , M.
May 2 .
Aug. 4 .
12!
Sep.^9.
Nov. 18.
23.
1956
Ap, ,3.
AU..24.
Range
or level)—
all F. R.
Banks
1
-WA
"8*
F. R.
Bank
of
N.Y.
Date
effective
1957
Aug. 2 9.
Range
or level)—
all F. R.
Banks
3
-3
Nov. 15.
Dec. 2.
1958
Jan. 22.
24.
Mar. 7.
13.
21.
Apr. 18.
May 9.
Aug. 15.
Sept. 12.
F. R.
Bank
of
N.Y.
f
2
1*41*
Regulation U:
70
70
90
90
70
70
70
90
70
MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS
[Per cent per annum]
Mar.
6...
16...
May 2 9 . . .
June 12...
Sept. 1 1 . . .
18...
Type of deposit
f
In effect
Oct. 3 1 . . .
1 Under Sees. 13 and 13a (as described in table above). For data for
1941-47, see the BULLETIN for January 1959, p. 76.
Nom—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; and 1957—Aug. 22, 3.50.
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
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.
Oct. 24!
Nov. 7.
1960
June 3 . . .
10...
14...
Aug. 12...
Sept. 9
Aug. 5, Oct. 16, Effec19581958tive
Oct. 15, July 27, July 28,
1958
1960
1960
Prescribed in accordance with
Securities Exchange Act of 1934
Nov. U
1933Jan. 31,
1935
Feb. 1,
1935Dec. 31,
1935
Jan. 1,
1936Dec. 31,
1956
Effective
Jan. 1,
1957
3
2V4
2%
3
Postal savings deposits
3
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
t
3
2%
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.
1241
RESERVE REQUIREMENTS
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS,
BY CLASSES
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
[Averages of daily figures. * In millions of dollars]
Net demand deposits *
Effective date
of change
Central
reserve
city
banks
Reserve
city
banks
In effect Dec. 31, 1945..
20
1948_Feb.
June
Sept.
1949_May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—July
1954__j une
July
27
11
16,24*....
1,5*, ,
30, July 1*.
1,11*....
16,18*....
25
1
11, 1 6 * . . . .
25, Feb. 1*.
1,9*
16,24*....
29, Aug. 1*
22
24
26
24
1958—Feb.
Mar.
Apr.
Apr.
I960—Sept.
27> Mar. 1*
20, Apr. 1*
17
24
1
8*
17H
18
17&
161/i
In effect Nov. 1, I960..
17&
16^
Present legal requirements :
Minimum
Maximum
23
24
22
21
20
210
222
20
22
21
20
8*
15*
19
20
19
18
Country
banks
14
16
15
14
13
12
13
14
13
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
6
6
Central reserve
city banks
All
member
banks
Item
New
York
Chicago
Reserve
city
banks
Country
banks
Four weeks ending Sept. 7, 1960
Gross demand :
Total
Interbank
U. S. Government.
Other
Net demand 2
Time
Demand balances due
from domestic banks.
Currency and coin:
Total
Allowable as reserves.
Balances with F. R.
Banks
Total reserve held
Required
Excess
7%
6
5
6
5
6
6
5
5
12
119,621
13,089
5,192
101,339
101,568
56,465
23 ,080
4 ,122
1 ,068
17 ,889
19 ,538
4 ,716
6 ,072
1 ,222
299
4 ,552
5 ,268
1 ,509
46,909
6,413
2,117
38,380
39,299
21,851
43,560
1,332
1,708
40,519
37,464
28,388
6.497
80
107
1,955
4,356
2,274
131
2
28
1
694
140
1,421
381
3 ,741
3 ,743
3 ,728
1 ,021
1 ,022
; ,017
7,485
7,625
7,577
524
17,924
18,448
17,862
586
15
5
5,677
6,058
5,540
518
48
Four weeks ending Oct. 5, 1960
10
222
11
7
14
5
Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand 2
Time
Demand balances due
from domestic banks.
Currency and coin:
Total
Allowable as reserves.
Balances with F. R.
Banks
Total reserves held
Required
Excess
5
3
6
3
6
• First-of-month or midmonth dates record changes at country banks,
and other dates (usually Thurs.) record changes at central reserve or
reserve
city banks.
1
Demand deposits subject to reserve requirements which, beginning
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.
4,607
5,373
1,523
47,902
6,876
1,983
39,043
39,555
22,021
44,341
1,406
1,567
41,368
37,751
28,617
87
110
2,124
4,697
897
135
9
28
2
722
334
1,449
551
17,749
18,646
18,029
3,806
3,815
3,802
1,019
1,021
1,016
7,347
7,681
7,628
53
24,362
4,247
1,327
18,787
20,339
4,854
7,018
2,334
122,838
13,775
5,257
103,806
103,017
57,015
617
13
6,233
1,247
380
4
5,578
6,129
5,583
546
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
fin thousands of dollars]
Wednesday
1960
Item
(Oct. 26
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Acceptances—total
Within 15 days
16 days to 90 days
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
Oct. 19
1960
Oct. 12
Oct. 5
Sept. 28
October
1959
September
October
950,012
923,475
26,477
86,604
61,304
25,182
143,198
121,054
22,016
617 ,409
592 ,983
23 ,284
1 ,142
192 ,861
166 ,498
26 ,304
59
181 ,331
153 ,476
27 ,716
139
877, 362
852, 145
128
136,817
112,844
22,834
1,139
38,110
11,363
26,747
37,111
7,491
29,620
39,874
12,027
27,847
40,948
15,496
25,452
33 ,109
6 ,312
26 ,797
38 ,565
10 ,117
28 ,448
41 ,807
13 ,716
28 ,091
2 7 , 799
7 , 973
19, 826
26 ,952,312 26 ,774,612 27 270,262 27 ,050,209 26 ,779 ,609
507 ,276
815,090
344,100
660,840
736,240
6 ,271,150 6 ,479,987 6 482,747 6 ,316,447 6 ,376 ,311
12 ,729,568 12 ,814,021 12 990,171 12 ,861,018 12 ,759 ,518
5 ,686,647 5 ,686,647 5 686,647 5 ,686,647 5 ,686 ,647
1 ,178,574 1 ,178,574 1 178,574 | ,178,574 1 ,178 ,574
271 ,283
271,283
271,283
271,283
271,283
27 ,401 ,775
5 ,734 ,590
1 ,568 ,100
12 ,933 ,581
5 ,715 ,647
1 ,178 ,574
271 ,283
27 023 ,909
471 ,740
6 583 ,647
12 832 ,018
5 ,686 ,647
1 ,178 ,574
271 ,283
26 ,631, 112
5 ,505, 640
1 ,735, 210
11 ,396, 193
6 ,523, 912
410, 385
1 ,059, 772
60
118
i Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
End of month
2 4 , 962
255
1242
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
End of month
1960
Item
Oct. 26
Oct. 19
Oct. 12
1960
Oct. 5
Sept. 28
October
1959
September
October
Assets
Gold certificate account
Redemption fund for F. R. notes.
17,195,642 17,305,644 17,339,643 17,366,641 17,426,643 17,125,641 17,416,642 18,341,644
980,991
980,407
980,991
977,129
948,161
980,381
977,129
972,723
Total gold certificate reserves
18,176,633 18,286,051 18,320,024 18,339,364 18,403,772 18,106,632 18,393,771 19,289,805
F. R. notes of other Banks
Other 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
456,131
404,277
415,256
388,716
357,117
378,326
430,932
394,825
487,132
404,237
424,190
406,116
489,216
412,400
460,840
394,080
928,012
22,000
38,110
64,604
22,000
37,111
123,198
20,000
37,110
2,764
116,817
20,000
35,109
5,839
593,409
24,000
33,109
170,861
22,000
38,565
162,331
19,000
34,803
7,004
869,662
7,700
25,884
1,915
2,655,650 2,773,550 3,246,700 2,898,947 2,672,047 2,970,913 2,807,247 2,535,650
14,006,
7,510
2,483
14,006,993 14,006,993 14,006,993 14,006,993 14,018,993 14,006,993 10. 506,993
010,298
7,510,298 7,510,298 7,510,298 ",510,298 7,515,298 7,510,298
483,771
2,483,771 2,483,771 2,483,771 ,483,771 2,519,771 2,483,771
26,656 712 26,774,612 27,247,762 26. 900,009 26, 673,109 27,024,975 26 808,309 26 536,712
94,400
295 600
106,500
376,800
215,600
22,500
150,200
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
26,952,312 26,774,612 27,270,262 27,050,209 26,779,609 27,401,775 27,023,909 26,631,112
Total loans and securities
27,940,434 26,898,327 27; 453,334 27,227,974 27,430,127 27,633,201 27,247,047 27,536,273
Due from foreign banks
Cash items in process of collection.
Bank premises
Other assets
5,610
106
346
Total assets.
15
15
15
,599,637 5 : 762,302 5,475,211
106,849
106,566
106,316
329,863
310,793
293,067
15
,619,753
106,453
272,630
15
15
,145,943 5,206,457
106,588
106,303
360,181
278,896
15
,864,812
98,397
298,134
53,041,126 53,024,714 52,688,477 52,267,704 52,724,119 52,182,866 52,134,105 52,942,356
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other
27,621,884 27,735,122 27,805,436 27,698,125 27,598,285 27,680,398 27,651,092 27,562,380
17,942,303 18 817,846
17,639,343 17,817,213 18,058,191 17,955,
487,562
554;
437;
489,071
454;
375
283,731
189;
183
222,673
194
250;
749;
334,882
381
456,182
387
476;
19,516,974 18,782,255 19,033,170 18,774,486 19,178,136 19,120,145 19,110,229 19,924,021
18,353,843 17,667,
519,199
499,
238.
268,824
376!
375,108
Total deposits.
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
Capital paid in.
Surplus
15
4,584,567 5,208.
44,502
42;
4,523,034 4,461,817 4,632,855 4,050.375 4,051,473 3,932,021
38,968
42,858
42,402
41,245
46,699
43,681
51,767,927 51,768,854 51,405,321 50,976,830 51,450,521 50,897,617 50,855,652 51,457,390
Capital Accounts
404,394
774,808
93,997
Other capital accounts.
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
U. S. Government securities held in custody for
foreign account
403,949
774,808
77,103
403,450
774,808
104,898
403,098
774,808
112,968
402,736
774,808
96,054
404,450
774,808
105,991
402,858
774,808
100,787
384,018
868,410
232,538
53,041,126 53,024,714 52,688,477 52,267,704 52,724,119 52,182,866 52,134,105 52,942,356
38.6
196,991
39.3
39.1
39.5
38.7
39.3
40.6
200,921
201,688
202,104
196,189
203,943
62,421
5,708,391 5,551,256 5,577,806 5,527,006
5,634,372 5,479,006 4,409,037
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.
28,852,976 28,898,844 28,802,903 28,753,319 28,791,823 28,838,688 28,743,681 28,556,692
10,300,000 10,300,000 10,300,000 10 ,300,000 10,300,000 10,300,000 10,300,000 10 ,510,000
35,559
39,995
182,789
44,659
9,944
7,854
14,825
65,670
000 19,670,000 19,565,000 19,160,000
19,670,000 19,590,000 19,565,000 19,565,000! 19,565,~~~
30,014,659 29,899,944 29,872,854 29,879,825 29,930,670 30,005,559 29,904,995 29,852,789
1243
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1960
[In thousands of dollars]
Item
Boston
New
York
Philadelphia
Richmond
Cleveland
Assets
Gold certificate account
Redemption fund for F. R.
notes
846,355
4,425,265
58,426
210,032
Total gold certificate reserves,
904,781 4,635,297 1,025,651 1,633,919 ,104,814
F. R. notes of other Banks..,
Other cash
60,298
29,655
90,576
74,672
966,792 1,546,113
58,859
40,037
19,294
,019,279
87,806
25,432
35,445
Chicago
Atlanta
85,535
20,231
23,530
St.
Louis
Due from foreign banks
Cash items in process of
collection
Bank premises
Other assets
Total assets.
1
1
1
San
Francisco
Dallas
668,384
391,582
691,831
180,861
43,151
26,296
44,674
943,829 3,154,939
711,535
417,878
736,505
25,680
64,383
13,711
19,000
20,839
10,401
15,398
14,110
16,697
16,404
39,135
67,501
1,900
506
23,324
902
6,060
1,351
5,930
2,706
60,010
56,156
31,721
1,457,650 7,168,559 1,572,725 2,347,703 1,716,986 1,514,350 4,659,054
i 4
Kansas
City
883,819 2,974,078
Discounts and advances:
Secured by U. S. Govt.
6,030
24,085
4,250
23,730
5,250
securities
30,305
8,150
30,900
6,270
1,298
2,068
1,190
Other
1,078
1,644
3,208
726
Acceptances:
38,565
Bought outright
Held under repurchase
agreement
U. S. Govt. securities:
1,452,322 6,740,894 1,547,342 2,321,905 1,710,546 1,481,806 4,625,541 1,092,268
Bought outright
Held under repurchase
376,800
agreement
Total loans and securities
Minneapolis
1,101,144
660,332 2,051,811
32,051
93,290
692,383 2,145,101
627,115 1,159,939 1,089,106 3,176,191
629,521 1,184,165 1,096,517 3,184,827
1
1
1
247,453 228,841 610,500
13,700
11,620
5,110
14,647
42,329
15,737
2,862,934 13,028,693 2,994,302 4,504,340 3,262,234 2,953,458 8,848,006 2,073,402 1,256,813 2,218,479 2,079,190 6,101,015
387,305
3,982
19,262
960,837
9,465
89,283
312,394
3,816
20,384
421,462
8,712
31,666
367,758
6,204
22,710
375,887
10,983
20,531
861,746
21,404
60,798
206,823
6,673
14,516
164,937
4,919
8,318
Liabilities
F. R. notes
1,580,663 6,423,384 ,782,503 2,507,039 2,135,540 1,567,509 5,220,597 1,196,083 589,236 1,126,657 814,184 2,737,003
Deposits:
Member bank reserves
792,557 4,944,043 809,972 1,377,406 743,504 937,298 2,798,899 652,640 435,695 840,183 1,005,204 2,618,154
U. S. Treasurer—general
35,001
31,465
29,191
69,410
23,591
56,849
32,539
28,527
36,184
30,527
34,631
29,187
account
9,512
84,775
28,536
21,808
10,440
12,064
32,016
Foreign
13,456
11,368 3407,691
13,688
7,656
5,336
1,427
54,188
2,924
5,209
889
1,256
Other
701
757
1,215
307
269
837,221 5,467,974 853,402 1,429,661 793,052 985,098 2,901,214 695,234 470,487 886,123 1,042,952 2,757,727
Total deposits
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities
379,162
761,475
281,170
444,936
271,186
329,966
537,259
137,182
166,331
149,397
147,933
444,378
2,125
14,182
2,389
4,251
2,422
2,259
7,108
1,690
1,367
1,780
1,682
5,444
2,799,171 12,667,015 2,919,464 4,385,887 3,202,200 2,884,832 8,666,178 2,030,189 1,227,421 2,163,957 2,006,751 5,944,552
Capital Accounts
Capital paid in
Surplus
Other capital accounts.
20,036
38,332
5,395
114,068
220,905
26,705
23,563
45,638
5,637
37,396
72,530
8,527
18,592
34,566
6,876
21,624
40,306
6,696
56,671
107,334
17,823
13,519
25,862
3,832
9,278
17,580
2,534
17,172
31,720
5,630
23,249
44,645
4,545
49,282
95,390
11,791
Total liabilities and capital
2,862,934 13,028,693 2,994,302 4,504,340 3,262,234 2,953,458 8,848,006 2,073,402 1,256,813 2,218,479 2,079,190 6,101,015
accounts
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities combined (per cent)
37.4
39.0
38.9
41.5
37.7
37.0
38.8
37.6
39.4
36.6
37.3
39.0
Contingent liability on acceptances purchased for
foreign correspondents
9,653
455,334
11,623
18,518
8,865
10,244
27,186
6,501
4,531
8,077
11,426
24,231
Federal Reserve Notes—Federal Reserve Agent's Accounts
F. R. notes outstanding
(issued to Bank)
1,676,588 6,703,549 1,838,126 2,644,076 2,213,136 1,631,315 5,338,891 1,246,276 666,613 1,154,629 858,920 2,866,569
Collateral held against notes
outstanding:
530,000 2,800,000 700,000 920,000 700,000 500,000 1,900,000 410,000 180,000 300,000 260,000 1,100,000
Gold certificate account
23,324
4,085
8,150
Eligible paper
U. S. Govt. securities
1,250,000 4,000,666 1,200,000 i ,830,666 i,'556,666 i ,'206,666 3,700,666 935,000 '5'lO,666 870,000 625'666 2,006,666
Total collateral
1,780,000 6,800,000 1,904,085 2,750,000 2,250,000 1,700,000 5,600,000 1,353,150
1 After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $165,880,000 participations of other Federal Reserve
Banks.
690,000
1,193,324
885,000 3,100,000
4 After deducting $140,855,000 participations of other Federal Reserve
Banks.
1244
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
Coin and small denomination currency
Total
in circulation i
Total
Coin
$12
$2
$5
1939
1941....
1945
1947
1950
1954
1955 .
1956
1957
1958
7,598
11,160
28,515
28,868
27,741
30,509
31 158
31,790
31,834
32,193
5,553
8,120
20,683
20,020
19,305
21,374
22,021
22,598
22,626
22,856
590
751
1,274
1,404
1,554
1,834
1,927
2,027
2,110
2,182
559
695
,039
,048
1,113
1^256
,312
1,369
1,398
1,494
36
44
73
65
64
71
75
80
83
1,019
1,355
2,313
2,110
2,049
2,098
2,151
2,196
2,188
2,186
1959—Sept..
Oct
31 848
31,905
32,489
32,591
22,672
22,752
23,277
23,264
2,259
2,269
2,294
2,304
1,464
1,474
1,488
1,511
82
83
84
85
31,569
31,552
31,633
31,600
31,879
32,065
32,039
32 027
32,022
22,409
22,440
22,539
22,529
22,809
22,970
22,946
22,912
22,900
2,268
2,275
2,294
2,311
2,324
2.338
2,345
2,364
2,375
1,419
1,409
1,410
1,417
1,440
1,440
[,428
[,426
82
83
82
82
83
84
84
85
444
85
End of year or
month
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
In millions of dollars]
78
Large denomination currency
Total
$50
$100
$500
$1,000
1,772 1,576
2,731 2,545
6,782 9,201
6,275 9,119
5,998 8,529
6,450 9,665
6,617 9,940
6,734 10,194
6,662 10,187
6,624 10,288
2,048
3,044
7,834
8,850
8,438
9,136
9,136
9,192
9,208
9,337
460
724
2,327
2,548
2,422
2,720
2,736
2,771
2,777
2,792
919
1,433
4,220
5,070
5,043
5,612
5,641
5,704
5,752
5,886
191
262
454
428
368
321
307
292
280
275
425
556
801
782
588
464
438
407
384
373
20
24
7
5
4
3
3
3
3
3
32
46
24
17
12
15
12
14
13
9
2,112
2,122
2,185
2,216
6,521
6,544
6,734
6,672
10,233
10,261
10,491
10,476
9,176
9,154
9,213
9,326
2,733
2,725
2,753
2,803
5,823
5,815
5,850
5,913
263
261
260
261
347
344
342
341
3
3
3
3
7
5
5
5
2,102
2,098
2,105
2,104
2,138
2,141
2,124
2,113
2,133
6,415
6,456
6,494
6,474
6,561
6,604
6,567
6,525
6,542
10,123
10,120
10,154
10,141
10,263
10,363
10,398
10,399
10,320
9,160
9,112
9,094
9,070
9,070
9,095
9,094
9,115
9,122
2,739
2,719
2,715
2,712
2,718
2 737
2,739
2,738
2,728
5,825
5,795
5,787
5,769
5,767
5,774
5,776
5,800
5,818
254
256
255
254
252
252
250
250
334
334
330
327
324
323
320
319
3
3
3
3
3
3
3
3
5
5
5
5
5
5
5
5
249
319
3
5
$10
1
Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and
$20
$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 1
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes.. . .
Treasury currency—total.
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Sept. 30, 1960.
Aug. 31, 1960.
Sept. 30, 1959.
Total outstanding As security
Sept. 30,
against
1960
gold and Treasury
cash
silver
certificates
18,685
18,424
28,744
5,378
18,424
488
2,252
12,391
,566
570
347
99
56
139
2,252
1 Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals for Wednesday dates, in table on p. 1237.
2 Includes $156,039,431 held as reserve against United States notes
and3 Treasury notes of 1890.
To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5 Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See NOTE for explanation of duplications.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
receipt); (3) as security for outstanding silver certificates—silver in bullion
2261
97
39
20,815
21,133
21,648
For
F. R.
Banks
and
agents
15,578
Held by
F. R.
Banks
and
agents
Sept. 30,
1960
Aug. 31,
1960
Sept. 30,
1959
2,816
1,582
412
30
27,065
4,927
30
27,095
4,902
26,952
4,866
314
312
292
310
60
7
25
2,081
1,500
562
2,068
1,495
558
316
98
55
2,128
25
396
388
377
15,578
15,893
16,387
4,810
4,729
4,738
317
98
55
32,022
31
1,441
526
315
108
57
32,027
31,848
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.
1245
MONEY SUPPLY; BANK DEBITS
MONEY SUPPLY AND RELATED DATA
[Averages of daily figures. In billions of dollars]
Money supply
Seasonally
adjusted
Semimonthly
period
Total
Without
seasonal adjustment
Cur- Demand
derency posits
1
1959_Oct. 1 . . 142.6
2..
142.2
Nov. 1. . 142.2
2..
142.1
Dec. 1. . 2141.5
2..
141.5
29.0
29.0
29.0
28.9
28.9
28.9
1960—Jan. 1 . . 141.3
2..
141.2
Feb. 1 . . 141.1
2..
141.0
Mar. 1. . 140.9
2. . 140.3
28.9
29.0
28.9
29.0
29.0
29.0
112.4
Apr. 1 . . 140.5
2..
140.6
May 1. . 140.2
2..
139.6
June 1 . . 139.5
2..
139.4
29.1
29.0
29.0
29.0
28.9
28.9
July I . . 139.6
2..
139.7
Aug. 1. . 139.7
2..
139.7
Sept. 1 . . 140.3
2..
140.5
Oct. 1 . . 140.0
141.2
Cur- Demand
derency posits
1
Total
Week
Demand
Time
U. S.
Govt.
142.2
142.4
143.3
113.2 143.4
2112.6 2144.4
112.6 145.4
29.1
28.9
29.2
29.2
29.5
29.5
113.0
113.5
114.1
114.1
2115.0
116.0
93.8
94.0
94.6
94.3
95.4
95.9
54.4
54.3
54.1
53.6
53.6
53.8
4.0
4.6
4.3
4.0
4.1
4.6
145.2
143.6
141.8
139.6
140.0
138.6
29.1
28.5
28.7
28.5
28.7
28.6
116.1
115.1
113.2
111.1
111.3
95.9
95.3
93.6
91.8
92.1
91.1
53.9
53.5
53.5
53.5
53.7
53.9
4.0
3.2
3.4
4.0
3.3
4.3
111.5
111.6
111.2
110.6
110.6
110.5
139.6
140.9
139.0
137.0
138.2
137.9
28.9
28.6
28.8
28.7
29.0
28.8
91.6
93.1
91.2
89.6
90.4
90.4
54.1
54.2
54.4
54.5
54.7
55.0
2.9
3.8
5.4
6.2
5.3
6.2
28.9
29.0
29.0
28.8
29.0
28.9
110.7
110.7
110.7
110.9
111.3
111.6
138.2
139.3
139.6
138.2
139.9
139.6
29.3
29.0
29.2
28.9
29.2
28.9
55.4
55.7
55.9
56.5
56.8
57.0
5.9
110.4
109.3
110.7
110.7
90.0
91.4
91.4
90.6
91.7
91.5
6.2
5.5
5.4
3.9
5.8
29.0
29.0
110.9
112.2
139.7
141.4
29.2
29.0
110.5
112.4
91.3
92.6
57.3
57.5
5.4
4.8
113.6
113.3
113.2
112.3
112.1
112.0
111.8
111.3
110.0
110.7
112.3
110.2
108.3
109.2
109.1
108.9
110.3
P Preliminary.
* At all commercial banks.
2 Change in series beginning with first half of December 1959 reflects
redefinition of gross demand deposits in line with the revision of Regula-
Memoranda:
Depo<>its at
membeir banks
(witllOUt
seas. adj.)
Money supply
(Without seasonal
adjustment)
Deposits at member
banks (without
seasonal adjustment)
Cur- Demand
derency posits
*
Total
Time
U. S.
Govt.
1960
1.
136.9
137.5
139.1
138.3
137.6
28.7
29.0
28.9
28.9
28.7
108.2
108.5
110.2
109.4
108.9
54.6
54.7
54.7
54.9
55.1
6.3
5.8
4.6
6.3
5.9
6.
137.5
138.4
139.1
139.1
29.3
29.3
29.1
28.9
108.2
109.1
110.0
55.4
55.4
55.5
55.6
6.5
5.1
6.9
5.9
139.7
139.9
138.9
138.0
138.3
29.0
29.3
29.1
29.0
28.8
110.6
109.8
109.0
109.5
55.9
55.8
56.1
56.5
56.6
5.8
5.4
5.5
5.8
4.9
139.0
140.6
141.1
138.5
29.3
29.2
29.0
28.8
109.7
111.4
112.1
109.7
56.7
56.9
56.9
57.0
4.5
3.2
4.3
6.7
5. 138.8
139.8
141.1
141.2
29.0
29.3
29.1
28.9
109.9
110.5
111.9
112.3
57.2
57.4
57.4
57.6
6.9
5.0
3.8
4.9
Nov. 2 P 141.8
28.9
112.9
57.6
5.5
June
July
8.
15.
22.
29.
13.
20.
27.
Aug. 3.
10.
17.
24.
31.
Sept. 7.
14.
21.
28.
Oct.
12.
19.
26.
110.2
110.8
tion D effective Dec. 1, 1959. This change reduced such deposits in
early December by an estimated $400 million.
BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts, except interbank anc
U. S. Government accounts
(In millions of dollars)
Year or month
All
reporting
centers
Unadj.
Leading centers
New York
Adj.
1,642,853
1,759,069
1,887,366
2,043,548 • • • • • • •
2,200,643
2,356,768
2,439,754
2,679,167
1952
1953
1954
1955
1956
1957
1958
1959
1959—Oct
230,245
217,139
261,121
Nov
Dec
I960 Jan
Feb
Mar
May
June
July
Aus
Sept
Oct
89,356
91,522
89,244
'230,115 84,646
221,980 90,786
88,721
'245,721
r
226,002 86 042
'•232,839
92,176
r
2S0,849 91 604
223,567 89,444
241,799 99,947
240,798 103 832
233,110 91,870
r
Unadj.
6 others
Adj.
1
Adj.
349,904
385,831
390,066
431,651
462,859
489,311
487,432
545,258
Unadj.
Leading centers
N e w York
Adj.
695,133
740,436
758,375
845,007
921,928
979,002
993,600
1,110,304
6 others
Unadj. Adj.
1
337 other
reporting
centers 2
Unadj. Adj.
34.4
24.1
36.7 *.::::: 25.6
25.8
42.3
27.3
42.7
28.8
45.8
49.5
30.4
30.0
53.6
32.5
56.4
Unadj.
18.4
18.9
19.2
20.4
21.8
23.0
22.9
24.5
45,486
46,257
46,278
46,083
43,810
51,763
92,216
95,067
93,696
94,642
91,055
104,382
60.1
60.1
60.1
59.2
58.0
67.0
88,529 46,218
85 058 49,752
96,593 46,730
86 174 48,414
88,551 48,453
99 809 48 583
86 063 46,807
92,435 50,127
97 162 48 974
89,905 48,084
46,305
45 626
50,410
46 862
47,895
50 415
45 254
49,474
47 909
47,567
r
94,349
r
'95,281
9l,296
'98,719
r
92,966
'96,393
'100,625
92,250
99,890
95 727
95,638
55.7
58.5
57.9
56.4
61.1
61.3
58.9
65.5
68.5
60.0
57.8 33.0 32.9 25.1 25.3
56.3 35.7 33.4 26.4 25.0
60.3 34.0 36.6 25.8 25.8
56.3 35.3 35.5 26.1 25.4
58.9 35.5 35.2 26.3 26.2
65.7 35.7 36.5 26.4 26.9
58.8 34.2 34.0 25.5 25.7
59.8 36.7 34.7 26.6 26.0
65.9 35.8 35.5 26.0 26.2
59.2 P34.9 *34.7 ^25.5 *>25.6
89,519
82,273
104,976
r
* Preliminary.
Revised.
Adj. = adjusted for seasonal variation. Unadj. = without seasonal
adjustment.
1
Boston, Philadelphia,
Chicago, Detroit, San Francisco and Los
2
Angeles.
Prior to April 1955, 338 centers.
337 other
reporting
centers 2
Unadj.
597,815
632,801
738,925
766,890
815,856
888,455
958,721
1,023,605
Annual rate of turnover
of demand deposits except interbank
and U. S. Government deposits
98,882
'95,625
'96 771
'98,001
'97 948
94,819
99,063
96 261
95,397
r
32.8
33.6
33.2
32.5
32.7
35.3
24.7
25.3
24.9
24.8
25.4
26.4
NOTE.—Series revised by Federal Reserve beginning with 1950; for
description and revised monthly figures, see the BULLETIN for Jan. 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.
1246
ALL BANKS
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Loans,
net
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
1929—June 29.
1933—June 30.
1939—Dec. 30.
1941_Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1950—Dec. 30.
1957—Dec. 31.
1958—Dec. 31.
1959_june 24.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,781
20,534
19,800
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,146
5,234
5,300
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
167,381 30,387
160,832 43,023
171,667 60,366
229,470 115,157
249,082 121,602
248,500 126,900
5,741
10,328
23,105
29,049
128,417
107,086
96,560
91,370
101,207
95,200
5,499
8,199
19,417
25,511
101,288
81,199
72,894
65,792
73,641
68,200
216
1,998
2,484
2,254
24,262
22,559
20,778
24,238
26,347
25,900
26
131
1,204
1,284
2,867
3,328
2,888
1,340
1,219
1,200
11,819
9,863
9,302
8,999
8,577
10,723
14,741
22,943
26,273
26,300
64,698
48,465
75,171
90,637
191,785
188,148
199,009
257,397
274,850
273,600
55,776
42,029
68,359
82,811
180,806
175,348
184,384
236,372
252,022
249,400
8,922
6,436
6,812
7,826
10,979
12,800
14,624
21,023
22,829
24,200
1959—Oct. 28.
Nov. 25.
Dec. 31.
19,500
19,600
19,456
5,300
5,300
5,311
251,800 131,500
251,400 132,300
255,435 135,867
94,000
93,100
93,497
66,600
65,400
65,801
26,400
26,700
26,648
1,100
1,100
1,048
26,200
25,900
26,071
276,600
276,300
280,202
251,700
251,100
256,020
24,900
25,200
24,186
1960—Jan. 27.
Feb. 24.
Mar. 30.
Apr. 27.
May 25.
June 15.
June 29.
July 27.
Aug. 3 1 .
Sept. 28^
Oct. 26*>,
19,500
19,400
19,400
19,400
19,400
19,351
19,300
19,200
19,000
18,700
18,500
5,300
5,300
5,300
5,300
5,400
5,354
5,400
5,400
5,400
5,400
5,400
250,200
248,300
247,600
250,800
250,700
253,320
252,500
254,700
255,100
258,300
261,000
91,300
89,200
87,300
89,000
88,500
88,637
87,900
90,800
90,800
91,800
94,700
64,800
63,000
61,100
62,600
61,800
61,541
60,800
63,200
63,100
64,200
66,900
25,400
25,200
25,300
25,500
25,700
26,155
26,200
26,700
26,800
26,800
27,000
1,000
1,000
1,000
1,000
1,000
941
900
900
900
900
900
25,800
25,700
25,700
25,600
25,400
25,519
25,500
25,700
25,600
25,700
26,000
274,900
273,000
272,400
275,600
275,400
278,025
277,200
279,200
279,500
282,400
284,800
250,500
248,000
247,300
250,200
249,300
251,981
251,000
252,900
252,200
255,100
257,500
24,400
25,000
25,100
25,300
26,000
26,044
26,200
26,300
27,300
27,300
27,300
133,000
133,400
134,600
136,200
136,800
139,164
139,100
138,200
138,700
140,800
140,200
Details of Deposits and Currency
Deposits adjusted and currency
U. S. Govt. balances
Date
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1957—Dec.
1958—Dec.
1959—June
29.,
30.,
30.,
31.,
31..
31.,
30.,
31..
31..
24..
Foreign
bank
deposits,
net
365
50
1,217
1,498
2,141
1,682
2,518
3,270
3,870
3,600
At
Treas- comury mercial
At
cash
F. R.
and Banks
hold- savings
ings
banks
204
381
264
852
2,409
846
2,215 1,895
2,287 24,608
1,336 1,452
1,293 2,989
761 4,179
683 4,558
400 4,700
36
35
634
867
977
870
668
481
358
500
Time deposits 2
Total
CurDemand rency
outCom- Mutual Postal
deside
Total mercial savings Savings posits* banks
banks
3
System
banks
54 ,790 28,611
21,656
40;,828
27,059
63;,253
,336
27,729
76!,793 48,452
150
170,008 56,411
59,247
176;
89,126
22T\
242,553 98,306
240,100 101,000
19,557
10,849
15,258
15,884
30,135
35,249
36,314
56,139
63,166
65,400
8,905
9,621
10,523
10,532
15,385
17,746
20,009
31,662
34,006
34,600
1959—Oct. 28..
Nov. 25..
Dec. 31..
3,100
3,000
3,203
400
400
391
5,500
4,700
5,319
500 242,200 101,100 65,500 34,600
400 242,600 100,300 64,800 34,600
'",779 65,884 34,947
504 246,603 101
I960—Jan. 27..
Feb. 24..
Mar. 30.
Apr. 27.
May 25.
June 15..
June 29.
July 27.
Aug. 31.
Sept. 28P.
Oct. 26^
2,800
2,600
2,700
2,800
2,800
2,744
2,900
2,800
3,000
2,900
3,100
400
500
400
400
400
421
400
400
400
400
400
3,800
4,800
4,700
4,700
7,200
6,657
7,300
6,500
5,700
7,700
6,200
600
500
500
600
500
535
500
500
500
600
500
242,900
239,600
239,000
241,700
238,400
241,624
239,800
242,600
242,700
243,600
247,200
101,000
101,200
102,200
102,300
102,600
103,056
103,700
104,200
105,200
106,000
106,700
* Preliminary.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
4
Demand deposits other than interbank and U. S. Govt., less cash
tems reported as in process of collection.
5 Seasonally adjusted series begin in 1946 and are available only for last
Wednesday of the month. For description of series and for back data
sec the BULLETIN for February 1960, pp. 133-36. Special adjustment
in seasonal factor for demand deposits adjusted for March 30, 1960,
Seasonally adjusted series 5
65,200
65,400
66,000
66,200
66,500
66,906
67,400
67,900
68,900
69,400
70,000
34,900
34,900
35,300
35,200
35,200
35,301
35,400
35,500
35,600
35,800
35,900
149
1,186
1,278
1,313
2,932
3,416
2,923
1,325
1,134
1,100
22,540
14,411
29,793
38,992
75,851
87,121
92,272
110,254
115,507
110,700
Total
demand
deposits
adjusted
and
currency
Demand
deposits
adjusted
Currency
outside
banks
3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,301
28,740
28,300
110,500 84,400 26 ,100
114,600 90,000 24 ,600
133,600 105,800 27 ,800
138,800 110,700 28 ,100
140,900 112,600 28 ,300
1,000 112,700 28,300
1,000 113,100 29,100
948 115,402 29,422
140,400 112,000 28 ,400
140,100 111,800 28 ,300
140,200 112,000 28 ,200
900
900
900
900
900
849
800
800
800
114,000
110,500
108,800
111,500
107,700
110,024
107,800
110,100
108,900
109,300
800 112,200
27,900
28,000
28,100
27,900
28,100
28,544
28,300
28,400
28,500
28,300
28,300
140,000
139,100
139,500
139,400
137,500
(5)
138,000
138,600
138,600
138,500
139,900
111,700 28 ,300
110,800 28 ,300
111,100 28 ,400
111,200 28 ,200
109,300 28 ,200
109,900 28%
110,300 28 ,300
110,300 28 ,300
110,300 28 ,200
111,500 28 ,400
shown on page 135, footnote 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.
1247
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and date
Total
All banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1957—Dec. 31
1958—Dec. 31
1959—June 24
Oct. 28
Dec. 31
i960—Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 28"
Oct. 26"
61,126
140,227
134,924
203,849
221,485
223,200
225,870
227.831
226,820
226,710
228,436
227,200
229,370
229,940
232,100
234,620
All commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 4
1957—Dec. 31
1958—Dec. 31
1959—june 24
Oct. 28
Dec. 31
i960—Apr. 27
May 25.
June 15
June 29
July 27
Aug. 31
Sept. 28?
Oct. 26v
AH member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Oct. 28
Dec. 31
1960—Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 28*\
Oct. 26^
AH mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 4
1957—Dec. 31
1958—Dec. 31
1959—June 24
Oct. 28
Dec. 31
I960—Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 28^
Oct. 26^
Loans
26,615
30,362
43,002
115,115
121,571
128,690
133,050
135.958
138,660
139,550
141,376
140,990
140,520
141,230
142,180
141,720
21,714
26,083
38,057
93,899
98,214
104,450
108,160
110,832
112,950
113,630
115,307
114,840
114,170
114,660
115.430
114,790
Total
assets—
Total
Cash
liaU. S.
assets2 bilities
Total 2
Govt. Other
and
capital
obliga- securities j
accounts 3
25,511
101,288
81,199
65,792
73,641
68; 170
66 580
65;801
62,570
61,810
61,541
60,760
63,200
63,110
64,190
66,890
18,021
22,775
32,628
80,950
84,061
89.301
92,328
94,779
96,387
96.880
98,344
97,898
97,183
97,523
98,196
97,469
19,539
78,338
57,914
47,079
54,299
49,164
47,571
46,813
44,289
43,742
43,526
42,980
45,238
45,198
46,073
48.379
10,379
16,208
18,641
33,782
36,320
37,280
37,490
37,561
38,010
38,130
38,300
38,300
38,480
38,700
! 38,830
j 38,940
4,901
4,279
4,944
21,216
23,357
24,240
24,890
25,126
25,710
25,920
26,069
26,150
26,350
26,570
26,750
26,930
3,704
10,682
11,978
7,552
7,265
7,310
6,960
6,864
6,740
6.670
6,628
6,550
6,500
6,530
6,500
6.400
Time
Time
U.S.
Govt.
Other
s;
5,961 23,123 68,121
6,070 29,845 138,304
7,304 32,845 132,060
14,324 42 746 188,828
16,504 43,188 202,017
16,542 37.171 196,182
16,429 38,314 198,793
16,287 43,509 205,726
15,894 37,562 198,618
15,695 36,522 197,304
15,788 41,875 204,167
15,715 37,977 199,243
15,892 37,981 201,057
15,866 38,033 201,632
16,013 38;686 203,891
16,194 39,628 206,669
1.774
i;246
1,718
5,013
5,698
5,730
5,640
5,570
5,560
5,540
5,603
5,600
5,630
5,600
5,580
5,610
i11,804
609
886
890
921
800
700
670
764
830
760
750
790
750
Preliminary.
1
All banks in the United States. Beginning with January 1959,
all banks in Alaska with total deposits of SI72 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)
Total NumBor- capital ber
of
banks
Demand
mand
17,020
19,714
35,168
37,779
38,610
38,720
38,943
39,280
39,380
39,598
39,670
39,780
40,000
40,180
40,260
10,982
14,065
240
,792
636 1,385
,799 2,372
870 2,030
150 1,710
649 1,441
520 1,470
210 1,490
919 1,446
300 1,440
070 1,480
500 1,610
670 1,670
180 1,690
.385
61,717
,576
129,670
,353
122,528
,082
170,637
,227
182,816
,357
174,073
,590
176,368
.048
184,706
174,123 12 047
,752
172,400
367
179,519
175,200 12 775
,524
176,214
,943
175,999
,105
178.952
,601
181,064
,533
,385
,763
695
;040
,600
650
983
180
,230
,335
,460
480
,810
,930
44,349
105,921
1,343 94,367
3,898 123.967
4,250 130 104
4,420 121 ,570
5,190 124 320
5,050 131 593
4,480 123 090
6,880 118 690
6,414 124 884
7,060 119 540
6,230 121. 430
5,440 120 570
7,390 121 100
5,970 124,420
4
!
: i
Y5)
(5)
15,952
30,241
35,360
56,440
63,493
65,740
65,830
66,169
66,520
66,820
67,165
67,670
68,210
69,120
69,690
70,320
231 7,173114.278
219| 8 .950114,011
65il0 .05914,181
77J17 36813,568
73118 48613,501
2,71019 030113,479
2,48019 500J13,478
61519 55613,474
3,00019 96013,480
3,18020 11013,486
2,59020 331|13,491
2,17020 280|l3,485
2,59020 380113,484
2,92020 58013,483
2,05020 66013,485
2,48020 810il3,474
140
,709
136 12,347
4
6,619
64 22 ,179
640 24,210
208
589 6,884
,176
464 6,923
50
609 28,340
54
,246
472
547 45,290
5714 554 6,393
,187
822 110,448 51,132
5415 460 6,312
943 102,992 52,892 2,61915 875i 6.279
628 104,901 52,685 2,38716 ,209i 6,248
,338 4,504 110,989 52,827
581 16,264 6,233
,362 4•,074 103,688 52.952
94216 ,581 6,218
,388 6 ,232 99,841 53,187
08816 ,697 6,213
,305 5 ,745 105,566 53,536
50316 "29 6,217
,298 6;360 100 790 53,977
06916 ,822 6,212
.336 5 ,622 102 366 54,366
50516 ,892! 6,204
;467 4 ,887 101,594 55,108
783 17 ,056; 6,205
,525 6,827 101,905 55,590
99617 .114! 6,200
.552
42917 >239| 6,187
104,498 56.028
6
14
(5)
(5)
p
Other
8,999 27,344 90,908 81,816
10,982
44,355
26,479
23 8,41414,826
14,065
45,613
577 35,415 177,332 165,612
105,935
227 10; 54214,553
240 1,346 94,381 53,105
10,723 38,388 175,091 161,865
,793
6611, 94814,714
943 49 318 257 864 233 020
,636 1,386 3,903
993 88,102
8020, 42814,090
273 49 911 276 430 250 ,057
799 2,374 4,253
132 97,498
81 2i:705 14,020
600 100,310 2,71022; 36013,997
26 340 42; 730 270 990 241 .230 12,870 2,030 4,420
150 1,710 5,190 124,350 100,450 2,480 22; 87013,995
26 240 44 030 275 160 244 850
624 22; 915 13,991
,650 1,443 5,054 131,62: 101,116
26.071 50 296 283 629 254 885
,520 1,470 4,480 123,120 101,670 3,00023. 35013,996
25, 590 43 300 275 760 243 260
210 1,490 6,880 118,720 102,020 3,18023; 52014,002
25,350 42 030 274 360 241 320
920 1,448 6,417 124,912 102,467 2,59423; 79614,006
25,519 47 888 282 142 249 163
710 276
300 1,440 7,060 119,570 103,100 2,17023; 77014,000
25,450 43J710
276J10 244; 470
770 279
070 1,480 6,230 121,460 103,660 2,590 23; 89013,999
25,650 43,770
279,050 245 900
;500 1,610 5.440 120,600 104,680 2,92024; 12013,998
25,600 43 ,830 280,000 245,830
,670 1,670 7,390 121,130 105,470 2,05024; 23014,000
25,730 44 ,500 282:,710 249,330
180 1,690 5.970 124,450 106,220 2,48024; 37013,989
26.010 45,750 286,550 252,510
21,808
26,551 79,104 71
90,606
34,806 160,312 150
69,221
006 37 502 155,377 144;103
58,239
930 48; 428 222,696 201,326
66,376
575 48; 990 238 651 216,017
60.860
610 41 930 232 380 206 630
59,620 20,600 43 330 236 440 210 200
58,937 20.501 49 467 244 686 219 903
55,830 20,030 42 610 236 480 208;080
55,140
810 41 360 234 980 206 090
54,913
917 47 124 242 544 213 829
54.210
;850 42 880 237 040 209 010
56,700 20.0
020 43 010 239 270 210 420
56,580 20,000 43 080 240 000 210; 240
57,690
150 43 710 242 530 213 520
60,490
,400 45 000 246 290 216 ,,580
43.521
107,183
97,846
142,353
154,865
155,007
156,328
157,879
156,570
156,317
157,657
156,593
158,313
158,587
160,282
162,042
Interbank 2
3|
10,527
15,371
14 17,745
26 31.662
29 34,006
30 34,570
30 34,620
29 34,948
30 35,150
30 35,200
28 35,301
30 35,430
30 35,450
30 35,560
30 35,780
30 35,900
7
.
3|
8!
1,592
1,889
3.059
3,219
3.330
i 3,370
0! 3,359
3.390
3,410j
3.465
3.490
3.5101
3,540
3,570!
3,560i
548
542
533
522
519
518
517
517
516
516
515
515
515
515
515
515
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
1248
AJLL 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
Central reserve city
member banks:
New York City:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Oct. 28
Dec. 31
1960—Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 28*>
Oct. 26*
Chicago:
1941—Dec.
1945—Dec.
1947—Dec.
1957—Dec.
1958—Dec.
1959__june
Oct.
Dec.
I960—Apr.
May
June
June
July
Aug.
Sept.
Oct.
31
31
31
31
31
24
28
31
27
25
15
29
27
31
28*
26*
Reserve city member banks:6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959__june 24
Oct. 28
Dec. 31
1960—Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 28*
Oct. 26*
Country member banks:6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Oct. 28
Dec. 31
I960—Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 28*
Oct. 26*
Total
12,896
26,143
20,393
23,828
25,966
25,488
25,061
25,291
25,355
25,090
25,774
25,320
25,698
25,438
26,270
25,927
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash
U.S. Other assets2 bilities
Govt. secuand
Demand
Loans obligacapital Total 2 Detions rities
acTime
mand
counts 3
U.S.
Govt. Other
Time
4,072 7,265 1,559 6,637 19,862 17,932 4,202
866 12,051
6
807
1,648
7,334 17,574 1,235 6,439 32,887 30,121 4,640
17 6,940 17,287 1,236
195 2,120
7,179 11,972 1,242 7,261 27,982 25,216 4,453
12
267 19,040 1,445
30 2,259
16,102 5,880 1,846 8,984 33,975 29,371 4,869
912
737 19,959 2,893
2 3,136
16,165 7,486 2.315 9,298 36,398 31,679 4,786 1,739
3,282
968 20,704 3,482
16,681 6,426 2,381 7,204 33,869 28,415 4,008 1,480
775 18,570 3,582
805 3,292
17,404 5,395 2,262 7,800 34,024 28,545 3,848 1,205 1,114 18,930 3,448
770 3,340
18,121 5,002 2,168 9,174 35,750 30,647 4,765
988 1,027 20,419 3,448
232 3,361
17,991 5,249 2,115 7,772 34,569 28,184 3,909 1,023 1,124 18,696 3,432 1,056 3,399
17,827 5,300 1,963 7,371 33,875 27,421 3,885 1,041 1,457 17,628 3,410 1,143 3,423
18,350 5,384 2,040 8,890 36,102 29,719 4,209
992 1,140 19,898 3,479
980 3,430
18,060 5,273 1,987 7,773 34,600 28,654 4,339
985 1,415 18,379 3,536
473 3,427
17,610 5,975 2,113 7,639 34,886 28,243 4,013 1,012 1,276 18,366 3,576
946 3,450
17,236 6,031 2,171 7,829 34,928 27,945 4.057 1,101 1,005 18,148 3,634 1,083 3,483
17,714 6,277 2,279 8,165 36,068 29,347 4,056 1,121 1,995 18,401 3,774
865 3,470
n;o82 6,625 2,220 8,541 36,136 29,071 4,137 1,179 1,234 18,782 3,739 1,201 3,500
2,760
5,931
5,088
6,446
6,830
6,516
6,701
6,885
6,531
6,562
6,707
6,598
6,811
6,661
6,740
6,847
954
1,333
1,801
3,852
3,637
3,687
3,944
4,206
4,156
4,259
4,386
4,342
4,284
4,317
4,361
4,328
1,430
4,213
2,890
2,032
2,562
2,137
2,092
1,985
1,745
1,647
1,664
1,620
1,845
1,727
1,792
1,903
376
385
397
562
631
692
665
694
630
656
656
636
682
617
587
616
,566
,489
,739
2,083
2,158
,842
,877
2,003
',783
,723
2,132
,854
,745
,927
,980
,954
4,363
7,459
6,866
8,595
9,071
8,440
8,662
8,967
8,410
8,378
8,928
8,546
8,662
8,698
8,833
8,923
4,057
7,046
6,402
7,792
8,214
7,423
7,556
8,062
7,281
7,254
7,692
7,474
7,551
7,647
7,766
7,725
1,035
1,312
1,217
1,333
1,357
1,123
1,126
1,231
1,087
1,053
1,233
1,151
1,163
1,236
1,191
1,231
15,347
40,108
36,040
55,259
60,558
60,617
60,879
61,621
59,649
59,491
59,750
59,563
60,427
60,683
60,790
61,805
7,105
8,514
13,449
32,805
34,003
36,616
37,757
38,686
38,990
39,126
39,534
39,421
39,290
39,497
39,430
39,354
6,467
29,552
20,196
17,352
20,645
18,224
17,416
17,292
15,305
15,046
14,921
14,846
15,825
15,920
16,029
17,040
1,776
2,042
2,396
5,102
5,910
5,777
5,706
5,643
5,354
5,319
5,295
5,296
5,312
5,266
5,331
5,411
8,518
11,286
13,066
17,540
17,701
15,762
15,930
18,211
15,412
15,105
17,378
15,786
15,743
15,353
15,801
15,998
24,430
51,898
49,659
74,196
79,781
77,887
78,391
81,443
76,723
76,253
78,780
77,090
77,938
77,796
78,381
79,643
22,313
49,085
46,467
67,483
72,647
69,448
69,942
73,675
67,699
67,149
69,887
68,028
68,796
68,484
69,317
70,421
4,356
6,418
5,627
7,241
7,506
5,994
6,295
7,450
5,803
5,623
6,625
6,062
6,074
6,342
6,509
6,774
518
002
324
820
511
386
687
082
,035
,174
,427
,112
,377
,805
,482
,463
5,890
5,596
10,199
28,191
30,257
32,317
33,223
33,766
35,250
35,668
36,074
36,075
35,999
36,473
36,691
36,705
4,377
26,999
22,857
21,815
23,606
22,377
22,668
22,535
21,990
21,749
21,556
21,241
21,593
21,520
21,975
22,811
2,250 6,402
2,408 10,632
3,268 10,778
6,814 14,139
7,648 14,031
7,692 12",363
7,796 12 ,707
7,781 14,122
7,795 12,595
7,757 12,323
7,797 13,475
12,564
7,796 12
7,785 12,854
7,812 12,924
7,816 12,740
7,947 13,135
19,466
46,059
47,553
72,062
76,767
75,986
77,716
79,567
78,916
78,798
80,357
79,007
79,571
80,210
80,609
81,967
17,415
43,418
44,443
65,991
70,277
68,787
70.325
72,323
70,959
70,576
72,222
71,044
71,624
71,923
72,522
73,84^
792
1,207
1,056
1,640
1,578
1,232
1,321
1,602
1,248
1,191
1,299
1,223
1,274
1,308
1,349
1,459
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.
Bor- Total Number
row- capital
of
acings counts
banks
5
127
1,552
72
195
249
259
228
272
235
381
335
407
342
275
552
301
104
30
22
301
377
341
299
303
278
279
245
241
250
285
317
286
2,419
3,462
4,201
4,904
5,136
4,586
4,749
5,070
4,520
4,371
4,669
4,442
4,552
4,629
4,497
4,662
36
37
37
18
18
17
16
16
16
16
16
16
16
15
15
15
4
3
164
235
40
241
225
333
161
195
117
125
219
288
377
426
689
733
740
751
762
755
760
765
769
770
783
781
804
13
12
14
14
14
14
14
14
11
11
11
11
11
11
11
11
12,557 4,806
24,655 9,760
1,423
990 11
28,990
39,960 18,623
259 21,075
21
42,259
39,721 21,792
40,073 21,529
42,668
668 21,555
21
39,333 20,708
37,811 20,845
3 9 ,759
" ~ "",938
20
37,966 21 ,168
38,925 21,300
38,284
284 21,589
21
38,257 21,734
21
39,410
"~ "',889
2
1
21
14
1,140
901
238
1,192
1,105
870
1,064
1,063
1,093
803
822
1,967
2,566
2,844
5,370
5,760
5,945
6,053
6,106
6,147
6,174
6,181
6,257
6,256
6,306
6,332
6,366
351
359
353
278
274
273
270
265
225
224
224
223
222
217
217
217
10,109 6,258
24,235 12,494
28,378 14,560
224 2 9
4 0 ,724
"- ~
42, 349 25,
,137
40,115
26
4 1 ,149
" " 26,094
"',281
42, 832 26
41, 139 27,356
,410
40,031 27,527
27
4 1 ,240
" " "",706
40,003 27,847
40, 523 28,046
40,533 28,433
40,750 28,617
41,644 28
4
11
23
30
37
510
481
71
453
615
320
371
301
490
203
187
1,982
2,525
2,934
5,359
5,685
5,898
6,065
6,035
6,280
6,340
6,453
6,369
6,416
6,484
6,531
6,569
6,219
6,476
6,519
6,083
6,006
5,975
5,948
5,938
5,966
5,962
5,966
5,962
5,955
5,962
5,957
5,944
476
719
913
1,345
1,438
1,424
1,427
1,468
1,402
1,405
1,412
1,426
1,444
1,452
1,465
1,470
491
8,221
405
1,358
1,429
1,600
1,746
1,698
1,577
2,591
2,319
2,591
2,247
1,984
2,500
2,062
225
5,465
432
1,181
1,175
1,309
1,540
,508
,138
,803
,951
,947
,757
,623
,780
,788
,930
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.
ALL BANKS
[249
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES*—Continued
(Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Loans
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash
U.S.
assets2 bilities
Other
Govt.
and
Demand
obliga- secucapital Total 2 Derities
tions
ac- 3
Time
mand
counts
U . S . Other
Govt.
Bor- Total Number
row- capital
acof
ings counts
banks
Time
All insured commercial basks:
49,290 21,259 21,046 6,984 25,788 76,820 69
1941—Dec. 31
1,762 41,298 15,699
10,654
121,809 25,765 88,912 7,131 34,292 157,544 147
1945—Dec. 31
23,740 80, 276 29,876
13,883
114,274 37,583 67,941
,750 36,926 152,733 141,851 12,615
1947—Dec. 31
54 1,325 92 975 34,882
168,595 93,430 57,580 17,585 48,127 220,865 199; 876 15,489 1,264 3,859 123 127 56,137
1957—Dec. 31
183,596 97,730 65,669 20 198 48.689 236,724 214 ,485 15,653 2,209 4,241 129 214 63,168
1958—Dec. 31
184,632 102,902 61,396 20 334 42;623 231,876 206 149 13,
1959—June 10
2,013 2,766 122 744 65,288
188,790 110,299 58,348 20 143 49,158 242,828 218,474 15
Dec. 31
1,358 5,037 130 720 65,858
188,691 114,785 54,366 19 540 46,825 240 728 212 442 13,756 1,324 6,396 124,091
1960—June 15
" ' 66,875
National member banks:
1941—Dec. 3 1 .
1945—Dec. 3 1 . ,
1947—Dec. 31,
1957—Dec. 31
1958—Dec. 31
1959_june 1 0 . .
Dec. 31
i960—June 15
27,571
69,312
65,280
91,201
99,277
. . 99,982
102,615
102,309
11,725
13,925
21,428
50,350
52,627
55,816
59,962
62,398
12,039
806 ,977
51,250
137 20 ,114
38,674
178 22i,024
31,234
617 26^86 120
35,714 10 ,936 26:,781
33152 11 ,014 23 ,835
33,152
"' — 10 ,892 27 ,464
31,761
29,298 10 ,614 26 ,380 131
State member banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 1 0 . .
Dec. 31
I960—June 15
15,950
, 37,871
32,566
, 51,152
55,588
55,307
55,264
55,348
6,295
8,850
11,200
30,600
31,435
32,616
34,817
35,946
7,500
27,089
19,240
15,846
18,585
17,072
15,052
14,228
2,155
1,933
2,125
4,707
5,568
5,619
5,396
5,174
8,145
9,731
10,822
15,960
16,407
14,021
16,045
15,495
5,776
14,639
16,444
26,268
28,759
29,371
30,939
31,052
3,241
2,992
4,958
12,493
13,682
14,484
15,534
16,450
1,509
10,584
10,039
10,512
11,381
11,183
11,546
10,848
1,025
1,063
1,448
3,264
3,696
3,704
3,859
3,755
1,457
2,211
2,009
1,473
1,568
1,518
1,480
1,446
455
318
474
468
484
504
534
522
761
1,693
1,280
660
707
639
589
547
411 nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*.
1957—Dec. 31
1958—Dec. 31
1959—June 10.
Dec. 31
I960—June 15
7,233
16,849
18,454
27,741
30,327
30,889
32,41932,498
3,696
3,310
5,432
12,961
14,165
14,988
16,068
16,972
Insured mutual savings banks:
1941—Dec. 3 1 . . . . . . . . .
1945—Dec. 31
1947__Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10.
Dec. 31
I960—June 15
1,693
10,846
12,683
26,535
28,980
30,150
30,580
31,133
8,687
5,361
5,957
7,246
7,341
7,071
6,981
7,167
Insured nonmember
commercial banks:
1941—Dec. 3 1 . . .
...
1945—Dec. 3 1 . . . . . . . . . .
1947_Dec. 3 1 .
1957—Dec. 31
1958—Dec. 31,
1959—June 10
Dec. 3 1 .
1960—June 15
Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1957—Dec. 31
1958—Dec. 3 1 . . . . . . . .
1959—June 10
Dec. 31
I960—June 15
Noninsured mutual savings
banks:
1941_Dec. 31
1945__Dec. 31
1947—Dec. 3 1 * . .
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31
June 15
433 39,458
220 84,939
182 82,023
153 109,091
397 116,714
255 112,659
636 119,638
433 116,178
6,786
9,229
8,375
35
8,958
517
9,035
767
7,818
705
8,947
514
7,937
472
,088
14,013
795
2,166
2,292
1,526
2,742
3,594
23,262 8,322
3,640 5,117
45,473 16,224
78 4,644 5,017
53,541 19,278
45 5,409 5,005
66,546 "30,904
38 9,070 4,620
43 9,643 4,578
69,808 34,812
66,433 36,177 1,42010,041 4,559
71,015 36,421
34010,302 4,542
67,270 36,905 1,491 10,686 4,542
24,688
48,084
43,879
68,676
73,620
71,010
73,090
72,734
22,259
44,730
40,505
61,545
66,102
62,152
65,069
63,341
3,739
4,411
3,978
15
6,124
729
6,192 1,420
5,127 1,285
825
6,102
833
5,429
621
8,166
381
1,306
1,530
880
1,763
2,151
13,874 4,025
2,246 1,502
24,168 7,986
130 2,945 1,867
27,068 9,062
9 3,055 1,918
39,001 14,386
18 5,483 1,773
40,640 16,320
10 5,817 1,734
38,237 16,622 1,266 5,879 1,721
39,974 16,406
240 5,962 1,69!
38,296 16,631 1,012 6,143 1,675
2,668
4,448
4,083
5,383
5,504
4,770
5,651
4,952
8,708
19,256
20,691
32,066
34,737
34,642
37,132
36,582
7,702
18,119
19,340
29,266
31,696
31,365
33,795
32,942
262
407
426
392
451|
389
53
1,560
149
388
419
361
533
651
4,162 3,360
10,635 5,680
12,366 6,558
17,580 10,873
18,766 12,063
18,074 12,516
19,732 13,059
18,525 13,357
241
200
255
345
377
375
358
377
763
514
576
301
301
271
309
299
2,283
2,768
2,643
1,831
1,927
1,850
1,858
1,815
1,872
2,452
2,251
1,449
1,532
1,444
1,429
1,386
177
147
146
143
150
163
2,270
12,277
11,318
11,172
12,088
11,821
12,134
11,395
1,266
1,262
1,703
3,608
4,074
4,079
4,216
4,131
3,431
4,962
4,659
5,684
5,805
5,041
5,961
5,251
10,992
22,024
23,334
33,897
36,664
36,491
38,990
38,397
9,573
20,571
21,591
30,715
33,227
32,810
35,224
34,328
439
554
572
536
601
553
642
3,081
3,560
17,194
19,180
20,106
20,942
21,721
629
7,160
8,165
5,404
5,215
5,324
5,016
4,743
421
606
958
3,937
4,585
4,721
4,622
4,669
151
429
675
719
752
630
686
624
1,958
11,424
13,499
27,671
30,189
31,228
31,743
32,2\\
1,789
10,363
12,207
25,022
27,277
28,041
28,577
28,824
4,259
1,198
1,384
4,022
4,177
4,043
4,184
4,348
3,075
3,522
3,813
2,148
2,050
2,025
1,848
1,885
1,353
641
760
1,076
1,113
1,003
949
934
642
180
211
171
169
150
143
141
9,846
5,596
6,215
7,497
7,589
7,298
7,200
7,387
8,744
5,022
5.556
6,672
6,763
6,461
6,405
6,511
For other notes s«e preceding two pages.
10 6,84413,,426
215 8,67113,,297
61 9,73413,,398
6617,051 13,142
6718,15413,101
76218,76213,086
60219,20613,107
57319,97813,140
129
244
329
181
185
121
163
122
83
122
457
425
190
138
185
144
103
141
1
1
2
2
2
2
1,291
1,905
1,392
840
890
830
873
792
253
365
478
303
325
342
311
290
5,504
3,613
14,101
6,045
167 13,758 7,036
427 18,420 11,176
428 19,655 12,387
368 18,903 12,858
545 20,605 13,370
669 19,318 13,648
12
2
3
3
2
3
2'
6
959 6,810
7 1,083 6,416
7 1,271 6,478
9 2,500 6,753
13 2,696 6,793
76 2,846 6,810
21 2,944 6,878
69 3,151 6,926
1,789
10,351
12 12,192
26 24,991
28 27,243
27 28,011
28
28 28,544
28 ""
28 791
8,738
5,020
5,553
6,671
6,762
6,460
6,404
6,510
18
11
12
21
20
84
34
87
329
279
325
317
332
338
350
353
852
714
783
425
399
383
366
350
1,288
1,362
1,596
2,817
3,028
3,183
3,294
3,503
7,662
7,130
7,261
7,178
7,192
7,193
7,244
7,276
164
1,034
1,252
2,308
2,473
2,608
2,654
2,735
52
192
194
239
241
251
268
268
1,077
558
637
751
746
707
705
730
496
350
339
283
278
267
249
247
NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN
for July 1947, pp. 870-71.
1250
COiMMERCIAL BAiNKS
LOANS AND INVESTMENTS OF COMMERCIAL RANKS, BY CLASSES'
[In millions of dollars]
Loans 2
Class of
commercial
bank and
call date
Total:*
Investments
Loans for
Loans
Compurchasing
to
meror carrying
financial
Total
Other
cial
institutions
loans
securities
loans
in- Agriand
Real
to
cludinvest- TotaP ing
culin- Other
loans
ments
To
tate
diopen tural broloans vidmarkers To
To
To
uals
ket
and others banks others
padealper
ers
1947—Dec. 31..
1958—Dec. 31..
1959_June 10*.
Dec. 31..
|%0—June 15..
116,284
185,165
186,151
190,270
190,137
38,057 18,167
,
98,214 40,425
103,406 41,613
110,832 40,174
115,307 41,775
All insured:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31...
1958—Dec. 31..
1959—June 10*.
Dec. 31..
I960—June 15..
49,290
121,809
114,274
183,596
184,632
188,790
188,691
21,259 9,214 1,450 614
25,765 9,461 1J314 3,164
37,583 18,012
,
'1,610
" ~ 823
—
97,730 40,289 4 ,913 2,797
102,902 41J45? 5,046 2,312
110,299 40,022 4,973 2,982
114,785 41,625 5,318(2,584
Member, total:
1941—Dec. 31...
1945_Dec. 31...
1947_Dec. 31..
1958—Dec. 31..
1959—June 10*.
Dec. 31...
I960—June 15..
43,521
107,183
97,846
154,865
155,289
157,879
157,657
18,021 8,671 972
22,775 8,949 855
32,628 16,962 1,046
84,061 37,444 3 ,052
88,431 38,469 3 ,132
94,779 36,826 3 ,116
98,344 38,204 3,297
3,494
39
594 598
3,455
47
3,133 3,378
7,130
113
811 1,065
2,730 1,599
20,013
710
2,260 1,669 1,821
21,180
, ..
2,885 1,587
811 6,801 22,185
2,469 1, "" 2,309 6,"736 22,309
New York City:*
1941—Dec. 31..
1945—Doc. 31..
I947_Dec. 31..
1958—Dec. 31...
1959—June 10*.
Dec. 31...
I960—June 15..
12,896
26,143
20,393
25,966
25,648
25,291
25,774
4,072
7,334
7,179
16,165
16,514
18,121
18,350
2,807
3,044
5,361
10,928
10,731
10,549
10,499
412
2,453
545
1,652
1,556
1,740
1,463
Chicago:*
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31...
1958—Dec. 31...
1959_June 10*.
Dec. 31...
I960—June 15..
2,760
5,931
5,088
6,830
6,581
6,885
6,707
954
1,333
1,801
3,637
3,643
4,206
4,386
732
760
1,418
2,628
2,678
2,527
2,716
48
211
73
266
146
268
187
Reserve city:
1941—Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—june
Dec.
1960—June
31... 15,347 7,105 3,456
31... 40,108 8,514 3,661
31... 36,040 13,449 7,088
31... 60,558 34,003 15,808
10*. 60,812 36,315 16,410
31... 61,621 38,686 15,252
15... 59,750 39,534 15,778
9,393
1,660 830 1,220
115
2 5 , "255
"
4,973 2,832 1,829
719
26, 669
5,098 2,333 1,903 1,852
5,018 3,018 1,850
819 7, 118 28^060
5,363 2,602 1,739 2,365 7,063 28,353
300
205
225
669
753
765
805
5,723
20,698
22,382
24,166
25,523
Obligations
of
States Other
and secupolit- rities
Cerical
tifi- Notes Bonds subdivisions
U, S. Government obligations
Total
Bills
947 69,221 2,193
" , 3 7 6 6,294
3,437 66
3,567 62 ,035 5,149
2,784 58,937 6,300
" ,913 3,593
2,747 54
7,789
7,399
4,722
2,420
2,210
4, 505
21,046 988
662
4,773
40
4,677 2,361 1,132 88,912 2,455 19,071
3,606
49
914 67,941 2,124 7,552
9,266 5,654
,190
114
420 65,669 6,159 7,362
362
,810
713
2 5 , '148
" 20,589
549 61,396 5,025 4,690
,884 1,847
26, 550 22,264
767 58,348 6,189 2,404
,827
813 7,105 27, 948 24,032
54,366 3,527 2,184
,719 2,360 7,043 28,240 25,387
169|
32
1,172
26
267
93
382
503
409
967
403
531 1,788
366 1,050 1,886
52
233
87
97
107
124
123
114
194
427 1,503
170 484
851
518
860
404
580 776
713
511
588
581
19,539 971
3, 653
1,900 1,057 78,338 2,275 16,985
~~~
57,914
1,987 5,816
4,662
17,028
54,299 4,644 6,143
18,397
3,854
276 50,225
3,688
19,877
46,813 4,612 1,812
20,932
550 43,526 2,521 1,583
522
123
80
111
641
746
936
870
287
564
1,502
1,625
1,739
1,821
22
36
46
161
181
183
183
51
149
357
386
435
396
1,527
4
1,459
17
3,147
15
8,405
191
8,986
715
235 3,369 9,251
924 3,184 9,036
272
238
921
852
833
795
95
6,034
,
13,396
14,037
14,856
15,224
3,159 116,899
16,045 i51,342
5,918 52;
52,347
13J240 38,908
13 ,928 37,754
35,027
14,729
729 35
15,090 33,566
5,276 3,729
16,505 4,070
16,984 3,725
16,958 3,543
16,789 3,127
3,651
3,873
5,129
16,
3,333
",258
3 ,621
,932
16,743 3,591
16,721 3,422
16,545 2,994
3,007 15,561 3,090 2,871
14,271 44,807 3,,254 2,815
4,815 45
",295 4,,199 3,105
11,117 32 ,396 13,,405 3,100
11,410 31 ,273 13,,820 2,813
11,604 28 ,785 13,677 2 ,610
11,959 27 ,463 13,473 2,315
7,265 311
1,623
17,574 477 3,433 3,325
11,972 1,002
640
558
7,486 643 1,106 1,602
6,745 1,165
350 1,717
5,002 639
227 1,277
5,384 681
369 1,546
1,430
4,213
2,890
2,562
2,235
1,985
1,664
53,205
39,287
38,127
35,360
33,887
153
749
248
522
439
467
480
5,331
10,339
9,772
4,135
3,513
2,859
2,788
729
606
638
1,869
1,978
1,833
1,722
830
629
604
446
411
335
319
,022
,864
,274
,446
,414
,332
,096
182
181
213
491
564
562
564
193
204
185
140
139
133
93
256
133
132
232
178
108
46
1,467
235
361
205
78
42
6,467 295
1,508
387 29,552 1,034
855
351 20,196 373
1,969
6,930 1,301 20,645 1,293
7,513 1,358 18,663 870
980 17,292 1,484
8,211
892 14,921 464
8,430
6,982
2,358
2,370
1,512
645
365
751 5,421
5,653 15,883
1,901 15,563
4,497 12
12,484
4,230 12,051
4,109 11,054
4,006 10
",086
956
820
1,126 916
1,"
342
" 1,053
4,864 1,047
4,885 949
4,830 813
4,623 672
4,377 110
359 26,999 630
224 22,857
22
480
779 23,606 2,475
864 22,581 1,642
643 22
22,535 2,381
652 21,556 1,329
5,102
2,583
2,306
1,622
863
807
481 3,787
4,544 16,722
2,108 17,687
4,495
495 14,330
5,023 14,295
5,751 13,540
5,928 13,493
1,222 1,028
1,"
342
' 1,067
2, 006 1 ,262
6,181 1,467
6,392 1,315
6,452 1,330
6,565 ',232
109
226
291
181
197
1,973
1,255
1,034
608
627
1,219
2,280
2,629
3,254
3,265
1,078
3,102
3,166
3,283
3,317
40
26
210
203
148
211
Country:
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—June
Dec.
I960—June
31... 12,518 5,890
31... 35,002 5,596
31... 36,324 10,199
31... 61,511 30,257
10*. 62,248 31,960
31.. 64,082 33,766
15... 65,427 36,074
Nonmember:3
1947__Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1959_june 10...
Dec. 3 1 . . .
I960—June 15...
18,454
30,327
30,889
32,419
32,498
5,432
14,165
14,988
16,068
16,972
1,676 659
1,484 648
3,096 818
8,080 2 ,368
,362
498 2 ,321
,465
212 2
20
42
23
294
154
298
308
183
471
227
268
293
284
286
1,205
2,981
3,144
3,348
3,571
20
102
73
133
134
156
230
234
263
614
1,921
1,967
1,902
2,066
2
4
5
6
102
11
242
1,056
1,085
• 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. territories and possessions except for member
banks. During 1941 three mutual savings banks became members of
the Federal Reserve System; these banks (two beginning June 1960) are
1,823
1,881
3,827
10,806
11,267
11,816
12,220
2,266
5,256
5,502
5,888
327 6,053
1,528
707
1,979
8,239
8,872
9,491
10,286
1,061
3,671
3,985
4,289
4,591
11,318
12,088
11,821
12,134
11,395
206
1,651
1,295
1,689
1,073
7,920
6,901
6,864
6,584
6,429
625
971
913
934
814
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.
1251
COMMERCIAL BANKS
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES»
(In millions of dollars]
Time deposits
Demand deposits
Class of
commercial
banks and
call date
ReBalDeserves
mand
with Cash ances
with
deFederal in
doposits
Revault mestic
adserve
banks 5 justed <
Banks
Interbank
deposits
DoFormestic 5 eign
IndiCertiIndi- Bor- CapiU.S. States viduals,
States
fied viduals,
tal
and partner- row- acand
and partner- Inter- Govt.
politings
U. S. political
and
ships,
offiships,
counts
Govt. subdi- cers' and cor- bank Postal ical and corSav- subdi- poravisions checks, poraings visions tions
tions
etc.
Total: 3
1947—Dec
1958—Dec
1959—June
Dec.
I960—June
31....
31....
10....
31....
15,...
17,796
18,427
18,084
17,931
17,917
2,216
3,249
3,118
3,012
3,252
10,216
12,609
10,371
12,237
10,999
87,123
115,518
112,353
115,420
110,025
11,362 1,430 1,343 6,799
14,142 1,657 4,250 10,928
11,934 1,547 2,774 10,485
13,944 ,705 5,050 11,459
12,484 ,436 6,414 10,753
2,581
4,043
3,407
3,910
3,701
84,987
115,132
109,681
116,225
110,429
240
2,372
2,135
1,441
1,446
111
327
322
285
259
866
3,576
3,747
3,166
3,616
65 10,059
34,383
59,590
73 18.486
61,562 2,770 19,100
62,718 615 19,556
63,290 2,590 20,331
All insured :
1941—Dec.
1945—Dec
1947—Dec.
1958—Dec.
1959—June
Dec.
1960—June
31....
31.,..
31....
31....
10....
31....
15..,.
12,396
15,810
17,796
18,427
18,084
17,931
17,917
1,358
1,829
2,145
3,227
3,096
2,990
3,232
8,570
11,075
9,736
12,353
10,140
11,969
10,737
37,845
74,722
85,751
114,645
111,537
114,563
109,249
9,823
673 1,762 3,677
12,566 1,248 23,740 5,098
11,236 ,379 1,325 6,692
14,025 ,629 4,241 10,841
11,821 ,517 2,766 10,390
13,825 ,675 5,037 11,372
12,356 ,400 6,396 10,648
1,077
2,585
2,559
4,001
3,376
3,866
3,655
36,544
72,593
83,723
114,372
108,979
115,482
109,788
158
70
54
2,209
2,013
1,358
f ,324
59
103
111
327
322
285
259
492
496
826
3,512
3,674
3,095
3,555
10 6,844
15,146
29,277 215 8,671
33,946
61 9,734
59,329
67 18,154
61,292 2,762 18,762
62,478 602 19,206
63,061 2,573 19,978
Member, total:
1941—Dec 3 1 . . . .
1945—Dec 3 1 . . . .
1947—Dec. 3 1 . . . .
1958—Dec 3 1 . . . .
1959—Juno 1 0 . . . .
Dec. 3 1 . . . .
1960—June 1 5 . . . .
12,396
15,811
17,797
18,428
18,086
17,932
17,918
1,087
1,438
1,672
2,441
2,351
2,222
2,427
6,246
7,117
6,270
7,977
6,375
7,532
6,913
33,754
64,184
73,528
96,218
93,722
95,274
91,042
9,714
12,333
10,978
13,614
11,446
13,389
11,980
4
11,878
23,712 208
27,542
54
48,004
54
49,565 2,686
50,185 581
50,534 2,503
New York City:*
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec 3 1 . . . .
1958—Dec 3 1 . . . .
1959—June 1 0 . . . .
Dec. 3 1 . . . .
1960—June 1 5 . . . .
5,105
4,015
4,639
4,454
4,090
3,908
4,054
93
111
151
161
148
151
144
141
78
70
92
66
138
87
10 761
15,065
16,653
16 170
16,010
15,494
15,332
Chicago:4
1941—Dec
1945—Dec
1947—Dec
1958—Dec
1959—June
Dec.
I960—June
1,021
942
1,070
1,058
998
920
995
43
36
30
36
29
33
28
298
200
175
185
105
142
109
31
31....
31....
31....
10....
31....
15....
Reserve city:
671
,243
,375
,613
,499
,659
,387
1,709
22,179
1,176
3,822
2,406
4,504
5,745
3,066
4,240
5,504
8,603
8,207
8,915
8,304
1,009
2,450
2,401
3,712
3,110
3,542
3,366
33,061
62,950
72,704
98,133
93,353
98,532
93,896
140
64
50
2,187
1,990
1,338
1,305
50
99
105
300
297
259
234
418
399
693
2,829
2,937
2,383
2,768
3,595
3,535
3,236
3,519
2,888
3,462
3,149
607
866
,105 6,940
,217
267
267
968
479
,148
,303 1,027
,060 1,140
319
237
290
329
295
310
294
450
1,338
1,105
1 540
l[259
1,536
1,849
11 282
6
17
15,712
17,646
12
18 835 1 739
17,657 1,564
18,573
988
17,754
992
10
12
36
27
24
24
29
20
14
100
140
65
95
778
1,206
1,418
3 345
3,423
3,359
3,360
1 648
195 2^120
30 2,259
3 282
809 3J3OO
232 3,361
980 3,430
2,215
3,153
3 737
4,271
3,947
4,171
3,678
1.027
1,292
I 196
1,314
1,119
1.187
1,193
8
127
20 1,552
21
72
43
249
41
120
43
272
40
335
233
237
285
302
235
329
283
34
66
63
88
77
105
85
2,152
3,160
3 853
4,746
4,345
4,636
4,301
34
31
23
43
2
7
8
8
4
9
7
12
12
8
476
719
902
1,423
1,387
1,449
1,401
288
377
426
733
743
762
765
3
272
40
333
5,886
7,589
8,464
15,460
15,919
16,264
16,829
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—June
Dec.
I960—Jun
31....
31....
31....
31....
io....
31....
15....
4,060
6,326
7,095
7,472
7,350
7,532
7,482
425
494
562
768
750
681
740
2,590
2,174
2,125
2,670
2,110
2,381
2,229
11,117
22,372
25,714
35,505
34,625
35,095
32,873
4,302
6,307
5,497
7,217
6,159
7,162
6,354
54
110
131
289
291
288
272
491
8,221
405
1,429
858
1,698
2,319
1,144
1,763
2,282
3,153
2,959
3,304
2,803
286
611
705
1,052
830
1,043
801
11,127
22,281
26,003
38,054
36,201
38,321
36,156
104
30
22
377
361
303
245
20
38
45
124
122
95
80
243
160
332
1,471
1,466
1,229
1,375
4,542
1,967
9,563
2 2,566
11,045
1 2,844
19,480
14 5 760
20,136 1,141 5,930
20,231 238 6,106
19,484 870 6,181
Country :
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—June
Dec.
1960—June
31....
31....
31....
31....
10....
31...,
15....
2,210
4,527
4,993
5,444
5,647
5,573
5,388
526
796
929
1,476
1,423
1,357
1,515
3,216
4,665
3,900
5,030
4,093
4,870
4,488
9,661
23,595
27,424
40,272
39,140
40,514
39,159
790
1,199
1,049
1,565
1,281
[,578
1,285
2
8
7
13
19
24
14
225
5,465
432
1,175
950
1,508
1,951
1,370
2,004
2,647
4,819
4,718
4,972
4,923
239
435
528
1,032
944
857
631
8,500
21,797
25,203
36,498
35,150
37,003
35,686
30
17
17
36
34
24
26
31
52
45
132
140
132
127
146
219
337
1,250
1,320
1,077
1,290
6,082
12,224
14,177
23,755
24,620
25,146
26,289
4
11
23
37
463
71
320
1,982
2,525
2,934
5,685
5,946
6,035
6,453
Nonmember:3
1947—Dec
1958 Dec
1959—June
Dec
I960—June
31....
31
10
31
15....
544
808
767
790
826
3,947
4,633
3,996
4,706
4.087
13,595
19 300
18,632
20,146
18,983
385
528
487
55
43
48
504
49
167
428
368
545
669
1,295
2 325
2,279
2,544
2,449
180
331
297
369
335
12,284
16 999
16,328
17,692
16,533
190
185
144
103
141
6
27
25
26
25
172
747
810
783
848
6,858
11,613
12024
12,560
12,775
12
20
84
34
87
1,596
3,027
3*183
3,294
3,504
555
46
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.
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.
* Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other notes see opposite page.
1252
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
[In millions of dollars]
Loans
For purchasing
or carrying securities
Wednesday
Total
loans
and
investments
Loans
and
investments
adjusted i
ComLoans mercial
adand
justed i industrial
To brokers
and dealers
Agricultural
Financial institutions
To others
U.S.
U.S.
Govt. Other
Govt. Other
seseobobcuriligaliga- curities
ties
tions
tions
Nonbank
institutions
Banks
Foreign
Personal
Doand
messales
tic
fi- Other
com- nance
mer- comcial panies
etc.
Real
estate
All Valuation
other
reloans serves
Total—
Lsading CltU*
1959
Oct.
7....
14
21
28
104,199
104,08r
104,65:
104,333
103,038
102,802
103,928
103,388
65,219
65,269
65,434
65,244
29,511
29,706
29,550
29,516
936
941
928
936
311
284
512
433
1,740
1,627
1,712
1,682
160
159
173
158
1,195
1,180
1,190
1,191
677 1,161
671 1,280
686
724
673
945
3,820
3,743
3,705
3,620
1,591 12,462 14,176 1,360
1,609 12,494 14,216 1,361
1,624 12,513 14,201 1,360
1,651 12,527 14,215 1,358
106,683
107,186
108,293
107,235
105,091
105,552
106,825
106,217
68,016
68,406
69,226
68,727
30,933
31,307
31,568
31,541
1,019
1,032
1,042
1,055
528
643
844
615
,499
,476
,499
,451
146
153
171
147
1,144
1,145
1,147
1,145
676
684
693
676
,592
,634
,468
,018
4,171
3,998
4,307
4,116
1,626 12,551 15,177 1,454
1,665 12,555 15,200 1,452
1,658 12,559 15,165 1,427
1,662 12,556 15,206 1,443
107,520
107,070
106,414
108,348
105,944
105,571
105,647
107,436
68,528
68,385
68,096
68,111
31,395
31,521
31,549
31,435
1,062
1,069
1,068
1,068
527
389
274
445
,517
,498
,491
,512
139
139
135
136
1,160
1,151
1,145
1,161
693
668
681
690
,576
,499
767
912
4,029
4,003
3,748
3,688
1,695 12,527 15,239
1,665 12,543 15,196
1,681 12,541 15,236
1,655 12,529 15,243
1,455
1,457
1,453
1,451
25,329
25,237
25,106
25,110
24,829
24,632
24,930
24,808
17,146
17,161
17,291
17,207
10,192
10,290
10,182
10,183
170
187
371
330
1,249
1,140
1,211
1,197
389
385
388
387
460
459
461
455
500
605
176
302
,316
,275
,268
,238
308
312
310
317
870
890
893
896
2,547
2,578
2,564
2,563
395
395
394
394
26,03:
26,114
26,657
26,358
25,545
25,619
26,247
25,995
17,245
17,203
17,709
17,470
10,299
10,459
10,575
10,585
276
279
392
332
949
920
936
923
341
343
340
342
431
428
426
422
487
495
410
363
,493
,330
,571
,429
296
297
297
298
83:
831
828
826
2,700
2,687
2,688
2,674
405
405
377
394
26,282
25,872
25,820
26,013
25,709
25,372
25,340
25,894
17,213
17,032
16,954
17,095
10,411
10,419
10,441
10,429
281
170
96
210
947
896
916
940
347
346
346
345
439
432
446
455
573
500
480
119
,331
,330
,214
,218
314
298
305
302
821
824
815
808
2,69:
2,687
2,743
2,755)
405
405
403
403
78,870
78,845
79,546
79,223
78,209
78,170
78,998
78,580
48,073
48,108
48,143
48,037
19,319
19,416
19,368
19.333
935
940
927
935
141
97
141
103
491
487
501
485
121
120
137
124
806
795
802
804
217
212
225
218
661
675
548
643
2,504
2,468
2,437
2,38f
1,283
1,297
1,314
1,334
11,592
11,604
11,620
11,631
11,629
11,638
11,637
11,652
965
966
966
964
80,651
81,072
81,636
80,877
79,546
79,933
80,578
80,222
50,771
51,203
51,517
51,257
20,634
20,848
20,993
20,956
,014
,027
,037
,050
252
364
452
283
550
556
563
528
118
124
143
119
803
802
807
803
245 1,105 2,678
256 1,139 2,668
267 1,058 2,736
254
655 2,68^
,330
,368
,361
,364
11,719
11,724
11,731
11,730
12,477
12,513
12,477
12,532
1,049
1,047
1,050
1,049
81,238
81,198
80,594
80,235
80,199
80,30'
81,542
51,315
51,353
51,142
51,016|
20,984
21,102
21,108
21,006
,055
,062
,061
,060
246
219
178
235
570
60:
575
57:
111
111
107
108
813
805
799
816
254 1,003 2,698
236
999 2,673
235
287 2,534
235
793 2,470
,381
,367
,376
,353
11,706
11,719
11,726
11,721
12,547
12,509
12,493
12,488
1,050
1,052
1,050
1,048
1960
Sep
M:::::::::::
21
28
Oct.
5
12
19
26
New York City
1959
Oct.
7
14
21
28
I960
21
28
Oct. 5
12
19
26
Outside
Nw York City
1959
Oct.
7
14
21
28
1960
21
28
Oct. 5
12
19
26
82,335
1
Exclusive of loans to domestic commercial banks and deduction of
valuation reserves; individual loan items are shown gross.
1253
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS EX LEADING CITIES—Continued
[In millions of dollars]
| Cash assets, excluding cash items in process
I
of collection
Investments
U. S. Government obligations
Wednesday
Total
Bills
Certificates
Notes and bonds
maturing:
Other
securities
Total
Balances
with
domestic
banks
16,988
17,322
17,675
17,582
2,651
3,011
2,791
2,661
Within
1 to After
1 year 5 years 5 years
Balances
with
foreign
banks
Currency
and
Reserves
with
F.R.
Banks
All
other
assets
Total
assets—
total
liabilities
and
capital
accounts
Total—
Leading Cities
1959
27,668
27,446
28,486
28,194
1,652'
1,478
2,309
2,096!
1,072
1,075
1,084
1,116
16,764
16,726
16,950
16,870
6,605
6,630
6,651
6,631
10,151
10,087
10,008
9,950
Sept. 7
14
21
28
27,408
27,491
27,992
27,816
2,591
2,669
3,056
2,825
1,341
726 17,972
1,341
729 17,974
1,358 1,125 17,642
1,364 1,181 17,614
4,778
4,778
4,811
4,832
9,667
9,655
9,607
9,674
17,013
17,333
17,217
17,744
Oct.
27,694
27,473
27,776
29.566
2,705
2,468
2,769
4,406
1,398
1,395
1,406
1.443
5,286
5,120
5,348
5,329
529
405
620
620
21
28
6,016
6,145
6,282
6,231
5...
12
19
26
Oct.
7
14
21
28
1,575
1,537
1,492
1,481
85
90
95
105
1,134
1,253
1,206
1,250
13,118
12,968
13,583
13,566
3,138
3,165
3,077
3,108
134,219
136,853
136,244
135,341
2,966
2,976
3,031
2,765
106
100
119
114
1,221
1,287
1,243
1,293
12,720
12,970
12,824
13,572
3,780
3,748
3,824
3,852
138,159
140,899
140,849
139,436
2,899
3,036
3,432
2,689
128
121
126
134
1,152
1,290
1,262
1,283
13,190
12,836
13,074
13,819
3,909
3,918
3,897
3,944
140,007
140,297
139,510
141,174
I960
5
12
19
26..
1,172
1,177
1,242
1 ,389
17,593
17,615
17,569
17,552
4,826
4,818
4,790
4,776
9,722
9,713
9,775
9,759
17,369
17,283
17,894
17,925
128
125
114
113
180
161
121
127
3,114
3,089
3,152
3,130
1,335
1,340
1,341
1,339
2,397
2,351
2,291
2,272
3,757
3,624
4,252
4,255
153
167
151
161
3,507
3,353
3,987
3,971
,229
,238
,147
,152
33,403
34,003
34,035
34,083
,105
,239
,363
,282
480
481
478
484
13
12
38
51
3,390 1,028
3,365 ',048
3,343 ,060
3,336 ,078
2,284
2,271
2,256
2,294
3,982
4,078
4,199
4,489
156
164
146
166
3,721
3,807
3,926
4,203
,623
,578
,616
,628
35,201
35,624
36,358
36,167
6,189
6,061
6,085
6,564
,216
,065
,078
,436
500
498
498
531
60
59
72
181
,075
,075
,075
,069
2,307
2,279
2,301
2,235
4,053
4,056
4,177
4,692
153
169
153
163
3,779
3,759
3,887
4,393
,672
,667
,650
,661
35,734
35,251
35,148
36,236
22,38:
22,326
23,138
22,865
,123
,073
,689
,476
944
950
970
1,003
1,395 13,650 5,270
1,376 13,637 5,290
1,371 13,798 5,310
1,354 13,740 5,292
7,754
7,736
7,717
7,678
13,231
13,698
13,423
13,327
2,594
2,955
2,729
2,596
981
1,086
1,055
1,089
9,611
9,615
9,596
9,595
1,909
1,927
1,930
1,956
100,816
102,850
102,209
101,258
Sept. 7
14
21
28
21,392
21,346
21,710
21,585
,486
,430
,693
,543
861
860
880
880
713
717
,087
,130
14,582
14,609
14,299
14,278
3,750
3,730
3,751
3,754
7,383
7,384
7,351
7,380
13,031
13,255
13,018
13,255
2,914
2,918
2,969
2,705
1,065
1,123
1,097
1,127
8,999
9,163
8,898
9,369
2,157
2,170
2,208
2,224
102,958
105,275
104,491
103,269
5
12
19
26
21,505
21,412
21,691
,489
,403
,691
2,970
897
908
912
,112
,118
,170
,208
14,255
14,251
14,207
14,205
3,751
3,743
3,715
3,707
7,415
7,434
7,474
7,524
13,316
13,2213,71'
13,233
2,845
2,976
3,365
2,627
999
1,121
1,109
1,120
9,411
9,077
9,187
9,426
2,237
2,251
2,247
2,283
104,273
105,046
104,362
104,938
/Ve-vv York City
1959
Oct.
7
14
21
28
1960
Oct.
3,338
3,364
3,362
3,347
Outside
New York City
1959
Oct.
7.
14
21
28.
1960
Oct.
23,oo:
1254
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits
Borrowings
Demand
Wednesday
Interbank
Demand
deposits
adjusted i Domes- Foreign
tic
Time
U.S.
Govt.
States CertiIndified viduals,
and
politand partnerical
offiships,
subcers'
and
divi- checks, corposions
etc.
rations
Interbank
U.S.
Govt.
and
Postal
savings
States
and
political
subdivisions
29,006
28,980
28,991
28,963
466
277
715
699
IndiFrom
viduals, F. R.
partner- Banks
ships,
and
corporations
Other
liabilities
Capital
accounts
1,752
1 897
1,196
1,344
3,200
3,274
3,178
3,190
11,211
11,189
11,181
11,212
From
others
TotalLeading Cities
1959
60,061
60 837
60,815
61,239
11,256
11 839
10,906
10.462
1,409
1 422
1,437
1,370
2,793
1,719
3,885
3,477
4,364
4 217
4,220
4,346
2,247
2,433
2,485
2,471
63,344
66 471
64,950
64,740
,547
520
,519
,498
149
148
144
1,475
1 467
1,436
1,425
Sept. 7
14
21
28
59,009
60,017
59,163
58,813
11,964
12,008
11,792
10,951
1,376
1,349
1,392
1,344
2,530
2,168
4,752
5,524
4,683
4,496
4,521
4,630
2,490
2,319
2,574
2,482
62,519
65,834
63,583
62,306
1,474
1,488
1,486
[,489
129
130
129
129
1,976
1.978
1,986
1,945
29,814
29,960
29,995
30,112
72
71
11
530
2,486
2,405
1,902
1,313
4,844
4,906
4,951
4,857
11,802
11,787
11,775
11,824
Oct.
58,130
58,553
59 705
60,332
12,188
12,435
13,040
11,246
1,322
1:, 378
I 493
1.470
4,652
3,190
2 119
4 077
4,622
4,191
4 324
4,534
2,471
2,236
2 165
2.575
62,246
64,152
64,521
64,180
1,510
1,517
I 523
.516
132
131
130
1,942
1,938
1 924
1,933
30,187
30,246
30,337
30,358
44
68
13
863
1,932
1,958
1 060
1,435
4,897
4,971
4,993
4,946
11,862
11,886
11 868
11 911
15 178
15,172
15,269
15,497
2,924
3,149
2,864
2,806
] ,109
1,114
1,126
1,041
791
454
1,248
1,104
302
1,063
1,189
1,320
1.386
16,901
17,564
17,150
17,290
1.204
,181
1,179
[ 170
26
26
25
24
125
122
117
120
3,363
3,328
3,320
3,302
65
1
140
120
803
799
539
651
1,409
1,433
1,358
1,363
3,318
3,320
3,320
3 319
u!::::::
21
28
14,847
15,310
14,947
14,838
3,293
3,068
3,146
3,008
1,055
1,027
1,065
1,041
683
531
1,684
2,006
111
251
264
313
16,611
17,610
16,977
16,644
1,095
1,106
,104
1,104
25
25
25
24
185
185
187
187
3,437
3,536
3,513
3,565
80
1,160
1,146
942
785
2,396
2,373
2,410
2,381
3,461
3,463
3,449
3,456
5
12
19
26
14,369
14,539
15 008
15 063
3,276
3,128
3 689
2.991
1,011
1,064
1 157
1,141
1,611
1,081
631
1,218
286
301
296
16,307
16,563
16,970
16.900
1,124
1,148
1,151
.162
25
25
25
187
190
182
357
1,523
1,303
1,592
1,573
1,503
1,331
1.243
\,616
25
180
3,548
3,526
3,556
3,539
360
963
976
416
841
2,416
2,438
2,352
2,361
3,477
3,480
3,480
3,485
44,883
. . . . 45,665
45,546
45,742
8,332
8,690
8,042
7,656
300
308
311
329
2,002
1,265
2,637
2.373
4,062
3,894
3,891
3,959
1,184
1,244
1,165
1,085
46,443
48,907
47,800
47,450
343
339
340
328
123
122
120
120
,350
,345
,319
,305
25,643
25,652
25,671
25,661
401
276
575
579
949
1,098
657
693
1,791
1,841
1,820
1,827
7,893
7,869
7,861
7,893
44 162
44,707
44 216
43,975
8,671
8,940
8,646
7,943
'•521
322
327
303
1,847
1,637
3,068
3,518
4,406
4,245
4,257
4,317
967
1,016
45,908
48,224
46 606
45,662
379
104
382
382
385
105
104
105
1,791
[,793
L 799
.758
26,377
26,424
26,482
26,547
72
71
11
450
1,326
1,259
960
528
2,448
2,533
2 541
2,476
8,341
8,324
8,326
8,368
43,761
44,014
44,697
. . . 45,269
8,912
9,307
9,351
8,255
311
314
336
329
3,041
2,109
1,488
2,859
4,336
3,890
4,028
4,177
1,755
1,748
1,742
1,753
26,639
26,720
26,781
26,819
44
68
13
503
969
982
644
594
2,481
2,533
2,641
2,585
8 385
8,406
8,388
8,426
Oct.
7
14
21
28
145
1960
5
12
19
26. .
130
New York City
1959
Oct
7
14
21
28
323
329
387
1960
Seot
Oct.
7
.
Outside
New York City
1959
Oct.
7
14
21
28
1960
Ser>t
Oct
7
14:::::::
21
28
5
12
19
26
982
909
968
905
922
899
45,939
47,589
47,551
47,280
i Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection,
386
369
372
354
107
106
105
105
1255
BUSINESS LOANS OF BANKS
CHANGES I N C O M M E R C I A L A N D INDUSTRIAL LOANS O F WEEKLY R E P O R T I N G M E M B E R BANKS, BY INDUSTRY 1
[Net decline, ( - ) . 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
Comm'i
and
All
indU
Net
other
change—
changes
types
all
classiof
weekly
fied
business
reporting
banks
Commodity
dealers
Public
utilities
(incl.
transportation)
Construction
284
151
-364
738
-141
480
106
11
145
-31
620
2,114
762
1,983
Trade
(wholesale
and
retail)
1959—Jan.-July 1
July 8-Dec
-519
698
218
-58
864
-148
-162
248
188
26
I960—Jan.-June
-558
273
1,062
-52
354
372
-677
-48
96
155
977
1,180
102
143
212
89
-26
— 160
-112
65
— 261
-11
15
26
24
42
—41
-32
82
125
83
46
175
-105
191
— 199
20
9
55
41
60
113
606
— 62
-11
571
— 106
30
-22
50
-6
50
24
14
33
18
10
-37
— 16
-42
-27
—4
6
22
-17
-18
17
15
22
-18
— 12
9
-7
— 10
-42
17
25
6
14
15
24
-17
-35
-35
-60
42
7
7
12
4
-9
44
8
-29
-8
41
145
—44
61
-175
126
123
— 35
45
-217
73
15
50
56
23
22
-2
-30
-17
-20
50
70
-36
-5
20
12
-11
39
6
-4
5
46
24
7
-2
13
18
17
-11
78
102
22
-9
11
10
-3
-43
49
38
-3
-47
354
306
-6
-37
374
265
-27
65
28
109
11
-30
-17
-75
-38
-91
-38
-58
-74
19
4
3
3
7
-29
-22
43
61
20
2
21
58
47
50
-123
-45
1
-32
— 10
5
13
-8
14
-4
27
24
-110
74
59
-85
-146
126
28
-114
I960—-Aug
Sept
Oct
Week ending:
I960—Aug. 3
17
24
31
Sept. 7
14 . .
21
28
Oct.
. . .
5
12
19
26
1 D a t a for a sample of about 200 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial
and industrial loans of all weekly reporting member banks and about
70 2per cent of those of all commercial banks.
Figures for periods other than weekly are based on weekly changes.
3 Includes machinery and transportation equipment
NOTE.—Beginning with the week ended July 8, 1959, changes in commercial and industrial loans exclude loans to sales finance companies
and certain other nonbank financial concerns (for description of revisions,
see the BULLETIN for August 1959, p. 885). Figures for earlier periods in the
last two columns have been adjusted only to exclude loans to sales finance
companies. Thus, these data are not strictly comparable with current
figures.
BANK RATES O N SHORT-TERM BUSINESS LOANS *
[Weighted averages.
Area
and
period
All
loans
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
Annual averages,
19 large cities:
Per cent per annum]
Area
and
period
Quarterly (cont.):*
New York City:
1959—Sept
Sept.3
Dec.3
1960—Mar
June
Sept
All
loans
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
5.15
5.14
5.19
5.18
5.19
4.74
5.79
5.79
5.82
5.81
5.81
5.73
5.60
5.61
5.61
5.63
5.64
5.45
5.36
5.36
5.41
5.41
5.42
5.00
5.07
5.06
5.12
5.10
5.10
4.62
1951
1952
1953
1954
3.1
3.5
3.7
3.6
4.7
4.9
5.0
5.0
4.0
4.2
4.4
4.3
3.4
3.7
3.9
3.9
2.9
3.3
3.5
3.4
1955
1956
1957
1958
1959
3.7
4.2
4.6
4.3
5.0
5.0
5.2
5.5
5.5
5.8
4.4
4.8
5.1
5.0
5.5
4.0
4.4
4.8
4.6
5.2
3.5
4.0
4.5
4.1
4.9
7 Northern and Eastern
cities:
1959—Sept
Sept.3
Dec.3
1960—Mar
June
Sept
5.27
5.28
5.39
5.34
5.34
4.96
5.88
5.89
5.95
5.95
5.94
5.90
5.69
5.70
5.77
5.73
5.72
5.54
5.42
5.42
5.50
5.47
5.52
5.21
5.17
5.17
5.30
5.24
5.24
4.81
5.27
5.27
5.36
5.34
5.35
4.97
5.91
5.92
5.99
6.01
6.00
5.94
5.65
5.66
5.74
5.75
5.76
5.58
5.43
5.44
5.54
5.50
5.53
5.21
5.15
5.15
5.24
5.21
5.22
4.78
11 Southern and
Western cities:
1959—Sept
Sept.3
Dec.3
1960—Mar
June
Sept
5.44
5.46
5.56
5.57
5.58
5.32
5.97
5.99
6.08
6.12
6.10
6.04
5.65
5.68
5.81
5.83
5.84
5.68
5.50
5.51
5.64
5.57
5.61
5.34
5.29
5.30
5.38
5.40
5.41
5.10
Quarterly:*
19 large cities:
1959—Sept
Sept.3
Dec.3
I960—Mar
June
Sept
- For description see the BULLETIN for March 1949, pp. 228-37.
2 Based on new loans and renewals for first 15 days of month.
3 Coverage of Survey revised in accordance with changes in the loan
schedule of the call report of condition to exclude loans to nonbank
financial institutions.
NOTE.—Bank prime rate was 2 V4 per cent Jan.l-Jan.7,1951. Changes
thereafter occurred on the following dates (new levels shown, in per cent):
1951—Jan. 8, 2\k; Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 3*/; 1954—
Mar. 17, 3; 1955—Aug. 4, 3V4; Oct. 14,3Vi; 1956—Apr. 1 3 , 3 ^ ; Aug. 21,
4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 3&; Sept. 11, 4; 1959—
May 18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4%.
1256
INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
U. S. Government Securities (taxable)4
Prime
commercial
paper,
4-toemonths i
Finance
company
paper
placed
directly,
3- to 6months2
Prime
bankers'
acceptances,
90 days 3
1957 average..
1958 average..
1959 average..
3.81
2.46
3.97
3.55
2.12
3.82
1959—Oct
Nov....
Dec....
4.73
4.67
4.88
I960—Jan....
Feb....
Mar....
Apr....
May...
June...
July...
Aug
Year, month, or week
Sept....
Oct.. . .
W e e k ending:
I960—Oct. 1
8
15
22
29
3-month bills
6-month bills
Rate
on new
issue
Market
yield
Rate
on new
issue
Market
yield
3.45
2.04
3.49
3.267
1.839
3.405
3.23
1.78
3.37
3.832
3.79
4.70
4.38
4.82
4.25
4.25
4.47
4.117
4.209
4.572
4.05
4.15
4.49
4.646
4.585
4.915
4.53
4.54
4.85
4.91
4.66
4.49
4.16
4.25
3.81
3.39
3.34
3.39
3.30
5.02
4.50
4.16
3.74
3.88
3.24
2.98
2.94
3.13
3.11
4.78
4.44
3.96
3.88
3.78
3.28
3.13
3.04
3.00
3.00
4.436
3.954
3.439
3.244
3.392
2.641
2.396
2.286
2.489
2.426
4.35
3.96
3.31
3.23
3.29
2.46
2.30
2.30
2.48
2.30
4.840
4.321
3.693
3.548
3.684
2.909
2.826
2.574
2.803
2.845
3.45
3.38
3.38
3.30
3.18
3.19
3.19
3.19
3.15
2.98
3.00
3.00
3.00
3.00
3.00
2.286
2.473
2.698
2.406
2.129
2.35
2.40
2.54
2.23
2.11
2.729
2.925
3.079
2.806
2.569
1 Average of daily offering rates of dealers.
Average of daily rates, published by finance companies, for varying
maturities in the 90-179 day range.
3 Average of daily prevailing rates.
2
9- to 12-month issues
Bills
(market
yield)
3- to 5year
issues*
Others
3.53
2.09
4.11
3.62
2.90
4.33
4.69
4.54
4.99
4.65
4.70
4.98
4.69
4.74
4.95
4.74
4.30
3.61
3.55
3.58
2.74
2.71
2.59
2.83
2.73
4.95
4.45
3.68
3.83
4.01
3.10
3.03
2.82
2.86
2.92
4.93
4.58
3.93
3.99
4.19
3.35
3.13
2.89
2.99
3.01
4.87
4.66
4.24
4.23
4.42
4.06
3.71
3.50
3.50
3.61
2.82
2.88
2.88
2.71
2.53
2.87
2.92
2.95
2.99
2.85
2.99
3.05
3.07
3.02
2.93
3.50
3.60
3.65
3.62
3.57
4
Except for new bill issues, yields are averages computed from daily
closing bid prices.
5 Consists of certificates of indebtedness and selected note and bond
issues.
« Consists of selected note and bond issues.
BOND AND STOCK YIELDS i
[Per cent per annum]
Corporate bonds3
Government bonds
Year, month, or week
United
States
(longterm)2
State
and local3
By selected
ratings
Stocks 5
Dividend/
price ratio
By
groups
TotaH
Total4
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Corn-
Common
Aaa
Baa
120
30
30
40
40
40
14
500
500
3.10
2.92
3.35
4.20
3.95
4.24
4.21
4.16
4.65
3.89
3.79
4.38
4.71
4.73
5.05
4.12
3.98
4.51
4.32
4.39
4.75
4.18
4.10
4.70
4.63
4.45
4.69
4.35
3.97
3.23
8.43
5.23
Number of issues
4-7
20
1957 average
1958 average
1959 average
3.47
3.43
4.07
3.56
3.36
3.74
1959— Oct
Nov
Dec
4.11
4.12
4.27
3.57
3.44
3.43
4.38
4.30
4.37
4.87
4.85
4.87
4.57
4.56
4.58
5.28
5.26
5.28
4.70
4.69
4.70
4.96
4.99
5.05
4.95
4.86
4.86
4.81
4.81
4.85
3.26
3.24
3.18
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
4.37
4.22
4.03
4.17
4.16
3.99
3.86
3.79
3.82
3.91
3.77
3.72
3,75
3.74
3.73
3.57
3.55
3.64
3.49
3.40
3.34
3.30
3.34
3.33
3.31
3.10
3.09
3.20
4.43
4.35
4.29
4.24
4.31
4.27
4.26
4.15
4.09
4.16
4.91
4.88
4.81
4.76
4.80
4.78
4.74
4.61
4.58
4.63
4.61
4.56
4.49
4.45
4.46
4.45
4.41
4.28
4.25
4.30
5.34
5.34
5.25
5.20
5.28
5.26
5.22
5.08
5.01
5.11
4.74
4.71
4.64
4.61
4.65
4.64
4.61
4.49
4.46
4.50
5.08
5.05
4.99
4.97
4.98
4.94
4.90
4.82
4.78
4.84
4.92
4.89
4.79
4.70
4.76
4.76
4.71
4.53
4.48
4.56
4.87
4.82
4.76
4.71
4.75
4.74
4.70
4.61
4.69
4.75
3.27
3.40
3.43
3.40
3.43
3.37
3.47
3.43
3.55
3.60
Week ending:
I960—Oct. 1 . .
8. .
15. .
22. .
29. .
3.81
3.88
3.92
3.93
3.90
3.61
3.64
3.65
3.65
3.61
3.18
3.21
3.21
3.21
3.17
4.13
4.15
4.17
4.17
4.13
4.59
4.61
4.63
4.64
4.65
4.27
4.28
4.29
4.31
4.30
5.05
5.09
5.12
5.12
5.13
4.48
4.49
4.50
4.50
4.50
4.78
4.81
4.84
4.86
4.86
4.52
4.53
4.56
4.57
4.57
4.78
4.74
4.73
4.75
4.76
3.69
3.62
3.57
3.56
3.65
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. E,arnings/price ratios for common
stocks
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.
Earnings/
price ratio
5.47
6.14
5.80
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 in a sample of noncallable issues—12 industrial and 2
public utility. For common stocks, the ratios beginning with July 1957
are based on the 500 stocks in the price index; prior to mid-1957 on the
90 stocks formerly included in the daily price index.
1257
SECURITY MARKETS
SECURITY PRICES i
Bond prices
Common stock prices
Year, month,
or week
CorU.S.
MupoGovt. nicipal rate
(long- (high- (high-3
term) 2 grade) 2 grade) Total
Number of issues.
15
500
Volume
of
trad-4
ing
(in
Trade,
thouManufacturing
sands
Trans- Pubfiporta- lic- nance, Minof
ing shares)
Du- Non- tion
and
utilservTotal rable duity
ice
rable
Securities and Exchange Commission index
(1957-59= 100)
Standard and Poor's index
(1941_43 = 10)
Industrial
Railroad
Public
utility
Total
425
25
50
300
193
108
85
18
34
45
10
44.38 47.63 28.11 32.19 89.8 90.7 88.5 92.8 93.2 86.3 82.2 107.2 2,222
46.24 49.36 27.05 37.22 93.2 92.5 90.4 94.4 91.0 95.8 95.1 97.9 2,965
57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3 95.0 3,242
1957 average.
1958 average.
1959 average.
93.24
94.02
85.49
105.8
106.4
100.7
101.3
102.9
95.0
1959—Oct..
Nov..
Dec.
84.95
84.82
83.00
100.2
100.9
99.3
92.8
92.9
92.4
57.00 61.04 34.32 44.11 116.3 116.5 122.7 110. 112.0 115.8 124.0
57.23 61.46 32.80 43.71 116.5 117.2 122.8 112.2 106.6 114.4 125.2
59.06 63.56 33.57 44.31 120.5 122.1 128.8 115.9 107.6 115.1 127.0
1960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
81.81
83.60
85.32
84.24
84.39
86.50
88.12
88.93
88.57
87.50
98.3
100.4
101.9
102.3
102.2
103.1
103.9
106.7
106.7
105.9
92.0
92.8
93.9
94.2
94.1
94.2
94.8
96.4
96.8
96.0
58.03
55.78
55.02
55.73
55.22
57.26
55.84
56.51
54.81
53.73
62.27
59.60
58.71
59.46
58.84
61.06
59.25
59.96
57.96
56.90
33.
32.54
31.01
30.59
30.18
30.81
30.19
30.19
28.76
27.77
44.50
44.38
44.60
45.53
45.75
47.35
48.02
48.65
48.64
47.34
117.6
114.1
112.1
113.5
113.2
117.0
114.5
115.6
112.1
109.1
117.5
112.8
109.9
111.0
110.7
114.6
111.2
112.2
107.6
104.9
124.3
119.1
115.8
118.3
118.7
123.4
119.0
119.8
114.1
109.4
Week ending:
I960—Oct. 1.
8.
15.
22.
29.
88.74
87.84
87.29
87.15
87.58
106.0
105.4
105.4
105.7
106.9
96.6
96.2
96.1
95.8
95.8
52.92
53.50
54.39
54.08
53.02
55.99
56.63
57.61
57.28
56.14
27.54
27.68
27.
27.
27.63
46.94
47.27
47.89
47.65
46.68
108.7
109.6
111.3
107.7
107.8
104.7
105.5
107.0
103.6
103.6
110.3 99.5
110.3 101.0
111.8 102.5
107.7 99.8
107.7 100.0
1
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.
111.2 106.4 120.0 125.6
107.0 103.0 122.3 121.9
104.5 97.4 124.0 122.2
104.3 96.5 127.1 125.3
103.3 95.8 126.4 125.8
106.6 97.1 129.8 132.1
104.0 95.7 131.0 131.0
105.1 96.1 132.6 131.8
101.7 91.5 134.2 127.2
100.
88.0 130.5 122.
88.3
89.3
87.4
87.1
129.4
130.7
134.0
128.5
128.9
121.
122.7
124.5
122.1
122.1
84.1 2,788
82.1 3,398
85.8 3,284
83.3
78.5
75.7
73.4
70.9
70.3
68.6
71.6
70.1
71.8
3,197
3,027
2,857
2,865
3,277
3,479
2,694
2,841
2,898
2,592
69.7
72.8
73.0
70.7
70.9
3,571
2,442
2,195
2,586
3,173
2
Prices derived from average market yields in preceding table on basis
of an assumed 3 per cent, 20-year bond.
3 Prices derived from average yields, as computed by Standard and
Poor's
Corporation, on basis of a 4 per cent, 20-year bond.
4
Average daily volume of trading in stocks on the New York Stock
Exchange for a 5Vi-hour trading day.
STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit2
Customer credit
End of month l
Total—
securities
other than
U. S. Govt.
obligations
(col. 3 +
col. 5)
Net debit balances with
Bank loans to others (than
New York Stock2 Exchange brokers and dealers) for pur- 3
firms
chasing and carrying securities
Secured by
U. S. Govt.
obligations
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
1956—Dec
1957_Dec
1958—Dec
3,984
3,576
4,537
33
68
146
2,823
2,482
3,285
41
60
63
1,161
,094
,252
46
125
234
2,132
1,706
2,071
896
1,159
1959—Oct
Nov
Dec
4,401
4,460
4,454
168
165
150
3,210
3,273
3,280
158
158
164
,191
,187
,174
227
236
221
2,178
2,256
2,362
967
974
996
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
4,365
4,274
4,158
4,153
4,132
4,214
4,133
4,243
4.282
4,294
134
138
117
113
130
106
110
111
122
111
3,198
3,129
3,028
3,037
3,021
3,082
3,004
3,109
3,137
3,133
154
146
136
135
139
135
135
140
147
136
,167
,145
,130
,116
,111
,132
,129
,134
,145
,161
190
202
161
185
208
162
187
173
177
161
2,233
2,194
2,059
2,155
2,115
2,110
2,042
2,063
2,143
2,139
1,001
981
988
940
970
1,016
1,018
1,021
1,059
1,063
1
2
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.
3
Figures are for weekly reporting member banks. Prior to July 1959,
loans for purchasing or carrying U. S. Government securities were reported separately only by New York and Chicago banks. Accordingly,
for that period col. 5 includes any loans for purchasing or carrying such
securities at other reporting banks. Composition of series also changed
beginning with July 1959; revised data for the new reporting series (but
not for the breakdown of loans by purpose) are available back through
July 1958 and have been incorporated.
1258
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
Based orI :
Held by:
End of year
or month
Accepting banks
Placed
through
dealers i
Total
Placed
directly
(finance
paper) 2
Total
i oiai
F. R .
Banks
Total
Own
bills
Bills
bought
Own
Foreign
corr.
Imports
Others into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shippecI between
points in:
United
States
Foreign
countries
1,924
2,020
2,166
2,666
3 2,744
733
510
506
551
840
1,191
1,510
1,660
2,115
3 1,904
873
642
967
,307
1,194
289
175
227
287
302
203
126
155
194
238
86
49
72
94
64
28
69
66
49
19
33
50
76
68
565
405
621
878
775
285
252
261
278
254
182
210
329
456
349
17
17
2
46
83
300
63
227
296
244
89
100
148
232
263
1959—Sept.
Oct..
Nov.
Dec.
3,334
3,784
3,664
3,118
763
755
784
627
2,571
3,029
2,880
2,491
954
945
1,029
1,151
205
182
232
319
158
145
187
282
47
36
44
36
20
28
34
75
67
62
71
82
662
673
693
675
316
304
355
357
301
290
283
309
45
36
46
74
46
81
119
162
246
234
226
249
I960—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
3,889
4,085
4,320
4,269
4,492
4,459
4,652
4,920
4,558
664
718
805
888
920
,021
,116
,266
,263
3,225
3,367
3,515
3,381
3,572
3,438
3,536
3,654
3,295
1,229
1,240
1,366
[,336
1,263
[,382
1,561
[,656
1,668
230
218
250
320
310
311
404
424
392
193
170
178
247
237
229
299
316
284
36
48
72
73
74
82
104
108
108
42
35
33
30
29
30
29
33
42
124
119
153
167
161
182
180
204
204
833
868
929
819
763
859
948
996
1,031
341
350
364
373
352
375
400
407
409
337
336
413
461
474
501
545
594
632
149
193
201
128
87
94
166
179
123
158
131
144
109
65
91
76
83
107
245
229
244
266
286
321
373
393
398
1954
1955
1956
1957
1958
1 As reported by dealers; includes finance company paper as well as
other
commercial paper sold in the open market.
2
As reported byfinancecompanies that place their paper directly with
investors.
3 Beginning with November 1958, series revised to include 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. Amounts in millions of dollars]
Loans
End of year
or month
1941
1945
1952
1953
1954
1955
1956
1957
1958
19593
1959_Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar....
Apr.. . .
May. . .
June...
July....
Aug....
Sept
Mortgage
Securities
Other
U.S.
Govt.
4,787
4,202
62
3,592
10,650
11,231
12,792
14,845
17,279
19,559
20,971
23,038
24,769
144
165
188
211
248
253
320
358
24,374
24,511
24,635
24,769
24,928
25,044
25,194
25,323
25,484
25,653
25,812
26,018
26,214
State
and
local
govt.
Corporate
and
other 1
Other
assets
Other
liabilities
Surplus
accounts
Mortgage loan
commitments2
Number Amount
829
606
689
185
11,772
16,962
10,503
15,332
38
48
1,231
1,582
n.a.
n.a.
9,443
9,191
8,755
8,464
,982
,583
,270
6,871
1,786
1,257
336
2,925
428
3,311
608
3,548
646
3,366
3,549
675
4,344
685
4,971
729
4,845
721
917
982
1,026
966
920
889
921
829
304
330
380
414
448
490
535
552
25,300
27,199
29,350
31,346
33,381
35,215
37,784
38,945
22,610
24,388
26,351
28,182
30,026
31,683
34,031
34,977
163
203
261
310
369
427
526
606
2,527
2,608
2,738
2,854
2,986
3,105
3,227
3,362
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
89,912
65,248
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
,664
,170
356
327
366
358
7,244
6,963
6,878
6,871
758
738
730
721
4,929
4,874
4,846
4,845
725
698
718
829
561
553
556
552
38,947
38,664
38,729
38,945
34,847
34,660
34,633
34,977
730
665
724
606
3,370
3,339
3,372
3,362
77,316
73,699
76,612
65,248
,439
,294
,245
,170
333
372
412
386
446.
396
435
449
435
6,862
6,851
6,883
6,735
6,655
6,562
6,514
6,544
6,512
715
706
709
722
699
695
691
686
687
4,833
4,824
4,876
4,857
4,870
4,927
4,965
r
4,957
4,989
698
735
776
690
732
840
771
'765
787
565
569
570
575
578
569
572
'564
592
38,934
39,101
39,420
39,288
39,464
39,642
39,760
39,983
40,216
34,909
34,959
35,279
35,184
35,242
35,463
35,484
35,589
35,867
660
742
722
713
799
720
795
878
806
3,365
3,400
3,419
3,391
3,423
3,459
3,481
3,516
3,543
62,285
55,775
55,028
57,916
54,364
52,638
53,276
56,013
58,782
,099
,029
,008
,059
,042
,028
,031
,090
,164
r
Revised.
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
Total
assets—
Total
liabiliDeposits
ties
and
surplus
accts.
n.a.
n.a.
3
Data reflect consolidation of a large mutual savings bank with a commercial bank.
NOTE.—These data differ somewhat from those shown elsewhere in
the BULLETIN; the latter are for call dates and are based on reports filed
with Federal and State bank supervisory agencies. Loans are shown
net of valuation reserves.
SAVINGS INSTITUTIONS
1259
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Total
assets
Business securities
Mortgages
and
United State
local Foreign 2
States
(U.S.)
Total
Bonds
Stocks
6,796
20,583
78,533
84,486
90,432
96,011
101,309
107,580
113,650
9,478
22,545
12,537
12,262
11,829
11,067
10,690
11,234
11,581
End of month: 4
1957—Dec...
1958—Dec...
101,309
107,580
1959—Aug...
Sept...
Oct.. .
Nov...
Dec...
I960—Jan...
Feb...
Mar...
Apr...
May..
June..
July. . ,
Aug...
Total
End of year: 3
1941
1945
Policy
loans
Other
assets
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
10,691
11,242
7,028
7,182
2,377
2,691
,286
,369
43,750
46,420
40,737
43,044
3,013
3,376
35,271
37,092
3,120
3,387
3,872
4,186
111,646
111,846
112,405
112,904
113,626
11,938
11,772
11,770
11,668
11,536
7,354
7,169
7,147
7,016
6,848
3,115
3,130
3,138
3,154
3,177
,469
,473
,485
,498
1,511
48,096
48,224
48,444
48,662
48,908
44,539
44,658
44,853
45,032
45,206
3,557
3,566
3,591
3,630
3,702
38,282
38,493
38,744
38,984
39,299
3,603
3,624
3,631
3,673
3,670
4,423
4,464
4,511
4,555
4,605
4,605
5,253
5,304
5,269
5,305
5,362
5,608
114,202
114,666
114,965
115,394
115,908
116,377
117,005
117,581
11,731
11,755
11,638
11,583
11,554
11,468
11,654
11,650
7,011
6,975
6,808
6,723
6,661
6,559
6,632
6,592
3,197
3,222
3,257
3,278
3,304
3,317
3,421
3,464
1,523
1,558
1,573
1,582
1,589
1,592
1,601
1,595
49,047
49,170
49,298
49,450
49,725
49,880
50,051
50,261
45,330
45,435
45,576
45,708
45,940
46,942
46,223
46,380
3,717
3,735
3,722
3,742
3,785
3,788
3,828
3,881
39,573
39,769
40,011
40,236
40,439
40,631
40,694
40,920
3,688
3,698
3,712
3,721
3,766
3,786
3,809
3,822
4,651
4,709
4,774
4,838
4,897
4,957
5,029
5,085
5,512
5,565
5,532
5,566
5,527
5,658
5,768
5,842
32,731
44,797
1953
1954
1955
1956
1957
1958
1959
Real
estate
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 i
[Federal Savings and Loan Insurance Corporation data.
In millions of dollars]
Assets
End of year
or month
Liabilities
Mortgages 2
U.S.
Govt.
obligations
1941 .
1945.
4,578
5,376
107
2,420
344
450
775
356
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
18,396
21,962
26,108
31,408
35,729
40,007
45,627
53,093
1,787
1,920
2,013
2,338
2,782
3,173
3,819
4,474
1,289
1,479
1,971
2,063
2,119
2,146
2,585
2,201
1959_ Aug..
Sept..
Oct...
Nov..
Dec.
50,858
51,528
52,149
52,608
53,093
4,534
4,527
4,534
4,500
4,474
1960—Jan...
Feb...
Mar..
Apr..
May.
June.
July..
Aug..
53,413
53,811
54,356
54,922
55,556
56,335
56,975
57,687
4,675
4,742
4,715
4,716
4,731
4,583
4,549
4,522
Cash
Other 3
Total
assets—2
Total
liabilities
Borrowed
money 4
4,682
7,365
475
644
1,108
1,297
1,469
1,789
2,199
2,770
3,108
3,707
6,049
8,747
22,660
26,733
31,633
37,656
42,875
48,138
55,139
63,475
19,195
22,846
27,252
32,142
37,148
41,912
47,976
54,556
1,658
1,901
2,187
2,557
2,950
3,363
3,845
4,392
256
336
944
1,027
950
1,546
1,347
1,379
1,444
2,388
1,873
1,820
1,752
1,817
2,201
3,484
3,549
3,637
3,777
3,707
60,749
61,424
62,072
62,702
63,475
52,045
52,489
52,888
53,371
54,556
4,111
4,116
4,121
4,133
4,392
1,824
1,972
2,108
2,165
2,388
1,887
1,854
1,903
1,873
1,954
2,283
2,047
2,078
3,594
3,656
3,756
3,860
4,069
4,017
3,866
3,868
63,569
64,063
64,730
65,371
66,310
67,218
67,437
68,155
55,024
55,433
56,056
56,428
57,058
58,274
58,423
58,912
4,400
4,410
4,419
4,424
4,431
4,646
4,640
4,640
1,935
1,810
1,683
1,721
1,724
1,935
1,809
1,830
n.a.
Not available.
1
Figures are for all savings and loan associations in the United States.
Data beginning with 1951 are based on monthly reports of insured
associations and annual reports of noninsured associations. Data prior
to 21951 are based entirely on annual reports.
Prior to 1958 mortgages are net of mortgage pledged shares. Asset
items will not add to total assets which include gross mortgages with
no deductions for mortgage pledged shares. Beginning with January
1958, no deduction is made for mortgage pledged shares. These have
Savings
capital
Reserves
and
undivided
profits
Loans in
process
Other
Mortgage
loan
commitments 5
636
402
n.a.
n.a.
863
959
1,244
1,411
1,430
1,484
,161
,282
,585
,539
,476
,374
,282
713
857
n.a.
n.a.
n.a.
833
843
862
1,475
1,285
1,184
1,308
1,479
1,659
857
1,862
1,779
1,626
1,470
1,285
1,026
1,238
1,353
1,533
1,778
998
1,205
1,429
1,316
1,378
1,482
1,560
1,642
1,614
1,647
1,637
,184
,172
,219
,265
,319
1,365
1,360
1,344
declined consistently in recent years and amounted to $42 million at the
end3 of 1957.
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and4 fixtures.
Consists of FHLB advances and other borrowing.
5 Not a balance-sheet item.
NOTE.—Data for 1959 and 1960 are preliminary.
1260
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
[Department of Commerce estimates. In billions
of dollars]
[Securities and Exchange Commission estimates. In millions of dollars]
Year or
quarter
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
34.4
38.8
44.9
46.4
51.7
45.3
44.8
48.8
45.7
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1958—2
3
4
1959—1
2
3
4
1960—1
2
19.5
20.2
17.2
21.8
21.2
20.9
18.6
23.2
17.0
19.1
22.1
22.9
25.5
22.3
22.1
23.8
22.3
17.2
18.1
16.8
23.0
23.5
22.3
19.1
23.8
9.0
9.2
9.8
11.2
12.1
12.6
12.4
13.4
8.3
8.9
7.0
11.8
11.3
9.7
6.7
10.5
17.4
19.6
22.7
23.5
26.2
22.9
22.7
12.6
12.6
12.0
4.8
7.0
10.8
13.0
13.2
13.6
13.8
10.5
12.9
9.3
8.9
25.0
23.4
13.9
13.9
11.0
9.5
Year or
quarter
1952 .
1953
1954
1955
1956
1957..
1958
1959
Stocks
Bonds and notes
New Retire- Net
New RetireNet
New Retire- Net
issues ments change issues ments change issues ments change
.
10,679
9,550
11,694
12,474
13,201
14,350
14,761
12,751
2,751 7,927 7,344
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
4,607 8,144 7,150
2,403
1,896
4,033
3,383
3,203
2,584
3,817
2,891
4,940
4,755
3,799
4,188
4,731
7,053
5,856
4,259
3,335
2,898
3,862
4,903
5,267
4,712
5,088
5,601
348
533
1,596
2,216
1,836
1,024
1,479
1,716
2,987
2,366
2,265
2,687
3,432
3,688
3,609
3,886
1959—2
3,410
3
2,788
4. . . . . . 3,499
1,266
1,126
1,051
2,144 1,818
1,663 1,647
2,448 2,093
834
681
687
983 1,593
967 1,141
1,406 1,405
432
445
363
1,161
696
1,042
1960—1
2
1,211
1,163
1,739
1,937
1,608
1,808
728
717
880 1,341
1,090 1,293
482
446
859
847
2,950
3,101
i Reflects cash transactions only. As contrasted with data shown on p. 1262 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. 1262.
NOTE.—Quarterly data are at seasonally adjusted
annual rates.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates. In billions of dollars]
Current assets
End of year
or quarter
Net
working
capital
Total
U. S.
Govt.
securities
Cash
Current liabilities
Notes and accts.
receivable
Notes and accts.
payable
Inventories
U.S.
Govt. 2
Other
Other
U.S.
Govt 2
Other
Federal
income
tax
liabilities
Total
Other
1952
1953. .
1954
1955
1956
1957
1958 .
90.1
91.8
94.9
103.0
107.4
111.6
119.7
186.2
190.6
194.6
224.0
237.9
244.7
246.4
30.8
31.1
33.4
34.6
34.8
34.9
37.3
19.9
21.5
19.2
23.5
19.1
18.6
19.6
2.8
2.6
2.4
2.3
2.6
2.8
2.8
64.6
65.9
71.2
86.6
95.1
99.4
102.1
65.8
67.2
65.3
72.8
80.4
82.2
77.5
2.4
2.4
3.1
4.2
5.9
6.7
7.0
96.1
98.9
99.7
121.0
130.5
133.1
126.7
2.3
2.2
2.4
2.3
2.4
2.3
1.7
57.0
57.3
59.3
73.8
81.5
84.3
81.0
18.1
18.7
15.5
19.3
17.6
15.4
13.0
18.7
20.7
22.5
25.7
29.0
31.1
31.0
1959 2
3. .
4
125.3
126.9
128.8
257.6
262.1
268.3
35.8
35.5
37.2
21.5
22.9
23.5
2.7
2.7
2.9
107.7
110.6
112.7
81.7
82.1
83.6
8.3
8.4
8.3
132.4
135.2
139.5
1.7
1.7
1.7
84.3
85.8
89.4
13.5
14.4
15.4
32.9
33.3
32.9
I960 1
2
130.7
131.2
270.2
271.5
33.8
34.5
23.4
21.7
2.9
2.9
113.6
115.6
87.2
87.4
9.4
9.5
139.6
140.3
1.8
1.8
89.8
91.0
14.0
13.0
34.0
34.6
1
Excludes banks 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 EQUIPMENTi
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Year
1952
1953
1954
1955
1956
1957
1958
1959
1960^
Total
26.5
28.3
26.8
28.7
35.1
37.0
30.5
32.5
36.4
Manufacturing
11.6
11.9
11.0
11.4
15.0
16.0
11.4
12.1
14.6
Transportation
Mining
t.O
.0
0
1.0
.2
L2
.9
1.0
1.1
Railroad
Other
1.4
1.3
.9
.9
1.2
1.4
.8
.9
1.1
.5
.6
.5
.6
1.7
1.8
1.5
2.0
2.1
Public Comutili- muni- Other 2
ties
cations
3.9
4.6
4.2
4.3
4.9
6.2
6.1
5.7
5.9
* Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.
1.5
1.7
1.7
2.0
2.7
3.0
2.6
2.7
11 .7
5.6
6.3
6.5
7.5
8.4
7.4
7.2
8.2
Quarter
Total
Manufactur- Transing
portaand
tion
mining
1959—1
2
3
4
6.9
8.3
8.3
9.0
2.7
3.3
3.3
3.8
.6
.8
.8
.8
1.2
: .5
.5
.5
2.5
2.8
2.7
2.9
30.6
32.5
33.4
33.6
1960
7.9
9.3
9.3
9.9
3.3
4.0
3.9
4.4
.7
.8
.8
.8
.2
.4
.6
.7
2.7
3.0
3 0
3.0
35.2
36.3
36.9
36.9
1
2.....
3*....
4*....
3 Includes communications and other.
Anticipated by business.
4
Total
(seasonPublic
All
ally
adutili- other 3 justed
ties
annual
rate)
1261
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals
Annual totals
1958
Industry
1955
1956
1957
1958
1959
1960
1959
4
1
2
3
4
1
2
Manufacturing
Total (180 corps.):
Sales
Profits before taxes
Dividends
Nondurable goods industries (79 corps.): i
Sales
Profits before taxes
Profits after taxes
Durable goods industries (101 corps.):2
Sales
Profits before taxes
Profits after taxes
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (16 corps.):
Sales
.
...
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (25 corps.):
Sales
Profits before taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
. .
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends.
Electric Power:
Operating revenue
Profits before taxes
Profits after taxes
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
104,402 107,717 114,229 105,134 115,874 28,716 29,555 32,452 26,872 26,995 31,573 31,010
14,803 13,418 13,349 10,466 14,013 3,508 3,899 4,643 2,440 3,032 4,002 3,559
7,564 7,094 7,177 5,714 7,259 2,003 2,016 2,499 1,099 1,645 2,063 1,809
3,847 4,068 4,192 4,078 4,361 1,042 1,033 1,029 1,051 1,247
1,092 1,099
36,858 39,463 41,740 41,541 45,718 11,007 11,085 11,450 11,414 11,769 11,599 11,701
5,013 5,146 5,010 4,402 5,606 1,297
1,376
1,482 1,391 1,356
1,407
1,424
2,814 2,943 2,944 2,574 3,131
785
769
808
780
775
785
791
1,588
1,683 1,776 1,785 1,916
463
459
445
448
564
482
486
67,544 68,254 72,525 63,593 70,156 17,709 18,470 21,001 15,458 15,226 19,974 19,310
9,790 8,272 8,339 6,065 8,407 2,211 2,523 3,161 1,049 1,675 2,595 2,135
4,750 4,151 4,233 3,140 4,128 1,218 1,247
1,692
319
870 1,277
1,018
2,259 2,385 2,416 2,294 2,445
578
575
585
603
683
610
612
8,632
868
414
260
9,987 10,707 11,937
1,024 1,152 1,275
497
555
604
289
312
343
2,763
306
148
88
2,786
287
136
85
2,947
322
153
78
2,986
340
162
79
3,218
326
154
100
2,821
303
142
92
2,974
341
160
88
9,584 10,199 10,669 10,390 11,593
1,866 1,804 1,823 1,538 2,133
955
942
948
829 1,107
690
698
737
717
799
2,770
474
270
185
2,770
493
254
180
3,054
595
302
177
2,964
550
282
179
2,804
495
269
264
3,057
537
276
191
3,146
534
281
186
11,515 12,454 13,463 12,838 13,413
1,344 1,444 1,325
919 1,194
979 1,068
1,075
791
913
438
481
512
516
523
3,422
276
243
129
3,447
360
263
133
3,228
300
220
128
3,281
259
215
128
3,458
274
215
134
3,427
307
238
130
3,273
292
220
130
20,744 22,365 22,468 19,226 20,978
3,267 3,331 2,977 2,182 2,329
1,652 1,727 1,540 1,154 1,127
730
880
873
802
831
5,222
756
404
203
5,621
821
416
201
7,110
1,183
695
204
3,644
-88
-215
204
4,603
413
231
221
6,003
854
426
206
5,442
615
322
208
12,480 13,908 15,115 14,685 16,472
1,253 1,209
1,457 1,463 1,854
637
607
729
734
933
368
403
416
422
461
3,833
425
208
104
3,853
422
212
113
4,189
504
254
106
4,100
462
231
123
4,331
466
237
119
4,000
389
197
121
4,171
395
202
119
24,624 21,217 23,453 18,469 20,593
4,011 2,473 2,701 1,332 2,987
1,841
1,186 1,354
706 1,470
872
791
805
758
810
5,677
718
447
183
6,259
1,012
491
184
6,585
1,117
570
196
4,624
356
155
197
3,124
503
254
233
7,022
1,076
521
199
6,520
940
460
199
10,106 10,551 10,491
1,341 1,268 1.058
927
737
876
448
438
462
9,826
848
578
403
2,555
365
271
160
2,388
167
99
116
2,633
310
207
82
2,368
127
86
78
2,437
243
186
127
2,411
165
99
91
2,477
212
139
94
9,394
955
460
277
8,360
2.304
1,244
942
9,049
2,462
1,326
1,022
9,670 10,195 11,102
2,579 2,704 2,988
1,669
1,413 1,519
1,134
1,213
1,069
2,617
671
391
291
2,928
853
469
303
2,644
682
385
302
2,685
713
392
301
2,845
739
422
306
3,131
853
502
325
2,808
695
422
321
5,425
1,282
638
496
5,966
1,430
715
552
6,467
1,562
788
613
7,572
2,153
1,073
743
1,807
510
251
173
1,825
522
258
178
1,891
551
272
183
1,909
537
268
190
1,947
543
275
192
1,967
558
277
196
2,025
585
290
200
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 utilies (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
9,565
843
602
419
6,939
1,860
921
674
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.
1262
SECURITY ISSUES
NEW SECURITY ISSUES 1
[Securities and Exchange Commission estimates. In millions of dollars]
Proposed use of net proceeds,
all corporate issuers6
Gross proceeds, all issuers2
Noncorporate
Year or
month
Total
U.S.
Govt.3
Federal
agen-
Corporate
Bonds
State
and
municipal
Others
12,577
13,957
12,532
9,628
5,517
9,601
12,063
12,322
459
106
458
746
169
572
2,321
707
4,401
5,558
6,969
5,977
5,446
6,958
7,449
7,681
1959—Aug
Sept
Oct
Nov. . . .
Dec
1,710
1,748
4,121
1,722
1,942
309
300
2,574
332
380
98
150
523
520
587
458
476
I960—Jan
Feb
Mar
Apr .
May
June
July
Aug
1,958
2,127
2,077
4,579
1,951
2,493
1,624
3,212
420
435
391
2,860
368
350
353
1,371
182
150
150
148
354
696
622
568
717
556
978
475
577
86
199
Pre- Common
Pri- ferred
Pubstock
stock
vately
licly
offered placed
Total
Total
27,209
28,824
29,765
26,772
22,405
30,571
34,443
31,074
1952
1953
1954
1955
1956
1957
1958
1959
Naw capital
237 9 534
306 8] 898
289 9,516
182
334 10*939
557 12,884
1,052 11,558
616 9,748
7 .601
7 ,083
7 ,488
7 ,4?0
8 ,00?
9 ,957
9 ,653
7 ,190
3,( S45
3, 356
W3
4, 119
4, ??5
6, 118
6, 33?
3,.557
3,957
3,228
3,484
3,301
3,777
3,839
3,320
3,632
564
489
816
635
636
411
571
531
1,369
1,326
1,213
2,185
2,301
2,516
1,334
2,027
5
43
39
41
75
774
735
922
891
642
590
644
657
747
114
220
331
3%
228
370
313
261
470
13
24
47
61
45
11
181
74
43
78
49
649
740
894
811
595
1,115
795
1,051
5?4
554
675
584
404
859
668
888
3?3
?53
361
201
302
314
237
219
319
253
288
26
29
46
31
38
26
24
30
13
?77
347
(85
540
415
500
Total
New 7 Other
purTotal money
poses
9,380
8,755
Retirement
of
securities
664
537
260
535
709 1,875
864 1,227
721
364
214
663
915
549
814
135
10,049
10 749
12,661
11.372
9,527
8 .716
8 ,495
7 ,490
8 .8?1
in ,384
17 .447
10 ,873
9 ,392
8 180
7, 960
6j 780
7. 957
9 663
1 t j 784
9 . 907
8, 578
119
121
230
173
134
758
720
898
871
907
740
703
879
864
900
699
656
801
803
844
41
48
78
61
56
18
16
19
7
7
100
156
173
196
153
229
103
134
635
724
875
789
577
1,085
778
1,032
577
715
860
766
567
1 ,034
747
,024
550
667
803
681
27
48
57
86
48
50
81
44
58
9
15
9.365
519
985
667
980
23
11
51
31
8
Proposed uses of net proceeds, major groups of corporate issuers
M an ufacturing
Year or
month
New
capital8
Commercial and
miscellaneous
Retirement of
New
secu- capital 8
rities
Transportation
Retirement of
New
secu- capital 8
rities
3,713
2,128
2,044
2,397
3,336
4,104
3,265
1,941
261
90
190
533
243
49
195
70
512
502
831
769
682
579
867
812
24
40
93
51
51
29
13
28
758
553
501
544
694
802
778
942
1959 Aug
Sept
Oct .
Nov
Dec
127
206
86
114
164
15
4
14
44
35
83
5C
61
2
10
4
2
1
98
138
104
17
60
I960 Jan
Feb
Mar
Apr
May
June
July
Aug
68
64
185
171
5
4
1
2
64
101
122
46
65
49
41
4*
1
2
5
1
6
1
10
1
57
21
71
56
80
33
35
97
1952
1953
1954
1955
1956
1957
1958
1959
93
252
197
228
3
3
2
3
2
1 Estimates of new issues maturing in more than one year sold for cash
in the United States.
2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
J Includes guaranteed issues.
• Issues not guaranteed.
* Represents foreign governments, International Bank for Reconstruc-
Public utility
Retirement of
New
secu- caipital8
rities
225
36
270
338
20
14
38
15
j
1
(9)
1
1
7 ,539
7 ,905
,675
,254
,474
1 ,821
1 ,605
1 ,189
191
109
341
241
346
(9)
155
245
198
302
8
144
362
123
(9)
1
(9)
221
Communication
Retirement of
New
secu- capital 8
rities
88
67
990
174
14
51
138
15
1
5
(9)
2
3
15
747
871
651
1,045
1,384
1,441
1,294
707
Real estate
and financial
Retirement of New 8
secu- capital
rities
6
3
60
77
21
4
118
(9)
448
1,536
788
1 812
1,815
1,701
1,014
1,801
36
56
126
262
72
245
161
140
180
198
36
81
69
52
196
203
215
139
143
275
290
274
37
64
61
157
1
Retirement of
securities
60
24
273
56
17
67
47
6
(9)
(9)
2
51
L
2
1
9
3
4
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.
1263
SECURITY ISSUES; FEDERAL FINANCE
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 issuer2
Type of issue
Period
Total
1952
1953
1954
1955
1956
1957
1958
1959
Public FederRev©- Housal
ing
Govt.4
nue Authorloans
ity 3
4,410
5,558
6,969
5,976
5,446
•7,150
7,832
7,880
2,633
3,495
3,380
3,770
3,577
4,795
5,446
4,766
1,463
1 558
3,205
1 730
1,626
1,964
1,778
2,397
305
496
374
474
199
66
187
515
515
594
517
455
392
398
357
371
380
117
112
128
73
59
C)
741
631
578
734
555
1,031
'572
601
449
364
467
448
293
547
'338
347
245
152
84
248
111
421
'134
243
1959—Aug.. •
Sept..
Oct...
Nov..
Dec...
I960
General
obligation
Jan...
Feb...
Mar..
Apr .
May..
June..
July..
Aug
Issues for new capital
333
102
103
20
133
1
1Use of proceeds 2
Special
district
and
State statu- Others
tory
authority
718
9
9
767
9 2,047
2 1,408
800
44
324 1,508
420 2,016
384 1,609
Total
amount
delivered 6
Total
Water
Roads sewer
and
and
bridges other
utilities
Education
1,279
1,368
2,094
2,387
2,701
3,459
3,472
3,664
4,362
4,448
4,177
n.a.
n.a.
n.a.
n.a.
n.a.
6,568
7,708
7,415
4,096
5,477
6,789
5 911
5,383
7,099
7,746
7,773
969
1,320
1,432
1,516
1,455
2,551
2,644
2,238
538
401
502
603
431
514
468
593
513
453
151
168
168
153
252
480
736
632
623
639
575
729
545
729
551
544 1,030
'932 '571
495
599
219
181
217
312
140
297
'148
163
1,305
2,091
1,463
1,097
983
6
5
7
73
15
177
133
30
106
125
80
93
125
59
75
258
290
439
351
255
47
12
27
18
17
63
99
11
176
7
154
57
65
232
18
73
157
272
89
247
52
342
'128
307
409
352
335
430
437
457
'426
221
n.a. Not available.
' Revised.
1 Data prior to 1957 arc 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 a contract requiring the Public Housing Administration
to make annual contributions to the local authority.
4
Beginning with 1957, coverage is considerably broader than earlier.
Residential
housing 7
Veter- Other
ans'
puraid
poses
881
834
1,399
1,524
1,403
1,961
424
506
456
570
258
299
530
701
100 1.024
141 ,119
162
169
414
110 ,464
333 . W
339 ,657
683
355
59
43
28
37
16
86
82
135
106
57
4
1
102
126
4
120
32
94
141
160
91
126
31
77
79
136
15
58
68
231
107
105
56
113
120
184
'123
106
39
108
18
27
144
54
95
7
50
290
151
155
141
131
386
'137
92
938
1,588
2,136
1,362
698
1,041
1,172
642
803
1,270
50
51
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 occur*
after date of sale. Other data in table are based on date of sale.
7 Includes urban redevelopment loans.
* Beginning in 1957 this figure differs from that shown on the opposite
page, which is based on Bond Buyer data. The principal difference is in
the treatment of Federal Government loans.
9 Less than $500,000.
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, OCTOBER 31, 1960»
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills 2
Nov 3, 1960.
Nov 10, 1960.
Nov 17, 1960.
Nov 25, 1960.
Dec. 1, 1960.
Dec. 8, 1960.
Dec. 15,1960.
Dec. 22, 1960.
Dec. 29, 1960.
Jan. 5, 1961.
Jan. 12, 1961.
Jan. 15, 1961.
Jan. 19, 1961.
Jan. 26, 1961.
Feb. 2,1961.
Feb. 9, 1961.
Feb. 16, 1961.
Feb. 23,1961.
Mar 2,1961.
Mar 9, 1961
Mar 16, 1961.
Mar 22, 1961*
Mar 23, 1961.
Mar 30, 1961.
Apr. 6, 1961.
Apr. 13, 1961
•1 Tax anticipation scriev
Direct public issues.
Amount
Issue and coupon rate
Treasury bills—Cont.
Apr. 15, 1961
,400
Apr. 20, 1961
,505
Apr. 27, 1961
,600
June 22, 1961
,600
July 15, 1961
,501
Oct. 16, 1961
,609
,600
,602 Certificates
Nov. 15, 1960
,502
Feb. 15, 1961
,500
May 15, 1961
,500
Aug. 1,1961
L,504
,401
,401 Treasury notes
Apr. 1,1961
400
May 15, 1961
500
500
Aug. 1,1961
Oct. 1,1961
501
Feb. 15, 1962
506
Feb. 15, 1962
501
Apr. 1,1962
500
May
15, 1962
3,512
500
Aug. 15, 1962
500
Oct. 1.1962
500
Nov. 15, 1962
500
Feb. 15, 1963
.
Amount
2.001
401
400
3,504
1,501
1,502
4*/4
4%
4%
3%
\Vi
3%
4
\Vi
3%
4
\Vi
4
4
\yi
3%
2%
7,037
6,938
3,674
7,829
Issue and coupon rate
Treasury notes—Cont.
Apr. 1, 1963
\^h
May 15, 1963
4
Oct. 1,1963
1W
Nov. 15, 1963
4%
Apr. 1, 1964 . , , .1%
May 15, 1964
4*4
May 15,1964
3%
Aug. 15, 1964
5
Oct. 1, 1964
\Vi
Nov. 15, 1964
4%
Apr. 1,1965
IV*
May 15, 1965
4%
Oct. 1,1965
iy 2
144 Treasury bonds
4,078
2,136
332
647
1,435
551
2,211
158
590
1,143
3,971
June
Dec.
Nov.
Dec.
Sept.
Nov.
June
Aug.
Dec.
Feb.
June
15, 1959-62... 2%
15, 1959-62... 2%
15, 1960
2V6
15, 1960-653.. 2%
15.1961
2*4
15,1961
2Vi
15, 1962-67...2%
15, 1963
2Vi
15. 1963-68... 2V4
15,1964
3
15, 1964-69... 2V6
Amount
533
1,743
506
3,011
457
4,933
3,893
2,316
490
4,195
466
2,113
51
5,263
3,451
3,806
1,485
2.239
6,963
1,465
6,755
1,822
3,854
2,524
Issue and coupon rate
Treasury bonds—Coat.
Dec. 15, 1964-69... 2W
Feb. 15, 1965
2%
Mar. 15, 1965-70.. . 2 %
Aug. 15, 1966
3
Mar. 15, 1966-71.. .2%
June 15, 1967-72... 2%
Sept. 15, 1967-72...2V*
Dec. 15, 1967-72... 2 %
May 15,1968
3%
Oct. 1,1969
4
Nov. 15, 1974
3%
May 15, 1975-85.. AV4
June 15, 1978-83... 3V4
Feb. 15, 1980
A
Nov. 15, 1980
31/2
May 15, 1985
3fc
Feb. 15, 1990
3%
Feb. 15, 1995
3
Nov. 15, 1998
314
Panama Canal L o a n . . . .3
Convertible bonds
Investment Series B
Apr. 1, 1975-80.... 2*A
Amount
2,680
6.896
4,689
1,484
2,936
1,797
2,716
3,614
1,390
1 276
654
470
1.600
884
643
1,134
2,719
2,718
2,343
50
5,779
2 Sold on discount basis. For discounts3 on individual issues, see tables
on Money Market Rates, p. 1256.
Partially tax-exempt
1264
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury.
In billions of dollars]
Public issues3
Total
gross
debti
End of
month
Total
gross
direct
debt 2
Marketable
Nonmarketable
Bonds
Total
Total
Bills
Certificates
Notes
Bank
eligible 4
Bank
restricted
Convertible
bonds
1941 Dec
1945 Dec
1947_Dec
1952 Dec
1953_Dec
1954 Dec
1955 Dec
1956 Dec
1957 Dec
1958 Dec
64.3
278.7
257.0
267.4
275.2
278.8
280 8
276 7
275.0
283.0
57.9
278.1
256.9
267.4
275.2
278.8
280.8
276 6
274.9
282.9
50.5
255.7
225.3
226.1
231.7
233.2
233 9
228 6
227.1
236.0
41.6
198.8
165.8
148.6
154.6
157.8
163.3
160 4
164.2
175.6
2.0
17.0
15.1
21.7
19.5
19.5
22.3
25 2
26.9
29.7
21.2
16.7
26.4
28.5
15.7
19 0
34.6
36.4
6.0
23.0
11.4
30.3
31.4
28.0
43.3
35 3
20.7
26.1
33.6
68.4
68.4
58.9
63.9
76.1
81.9
80 9
82.1
83.4
1959
291 4
290.7
290.9
291.3
290.6
290.8
244 9
244.2
244.2
187.4
187.0
188.3
39.1
39.1
39.6
20.3
19.7
19.7
43.1
43.3
44.2
84.8
84.8
84.8
7.3
291.2
290.7
287 0
288.9
289 5
286 5
288.5
288.8
288 6
290.6
291.1
290.6
286.8
288.8
289 4
286,3
288,3
288,7
288 4
290,5
245.5
244.8
240.5
242.9
242 4
238.3
241.1
240.4
240 4
243.1
189.9
189.4
185.4
188.1
187.7
183.8
186.9
186.3
186.4
189.4
41.2
41.2
37.2
37.1
37.3
33.4
36.4
36.4
36.5
39.5
19.7
15.2
15.2
15.2
17.7
17.7
17.7
25.5
25.5
25.5
44.2
48.2
48.3
50.6
47.6
51.5
51.6
42.0
42.1
42.1
84.8
84.8
84.8
85.2
85.2
81.3
81.3
82.3
82.3
82.3
7.0
6.9
6.6
Oct .
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
38.2
1 Includes some debt not subject to statutory debt limitation (amounting
to $402 million on Oct. 31, 1960) and fully guaranteed securities, not
shown separately.
23 Includes non-interest-bearing debt, not shown separately.
Includes amounts held by Govt. agencies and trust funds, which
aggregated $10,569 million on Sept. 30, 1960.
52.2
49.6
21.0
13.4
5.7
Tax
and
savings
notes
Special
issues
Totals
Savings
bonds
8.9
56.9
59.5
65.1
65.1
63.6
59.2
57 4
53.4
52.1
6.1
48.2
52.1
57.9
57.7
57.7
57.9
56 3
52.5
51.2
50.2
50.0
48.9
49.4
49.3
48.2
43.6
43.6
43.5
48.6
48.5
48.4
48.3
48.2
48.2
48.0
48.0
47.9
48.0
47.9
47.8
47.8
47.6
47.6
47.5
47.4
47.3
47.3
47.4
42.6
42.8
43.3
42.8
43.9
44.9
44.2
45.2
45.0
44.3
ii.5
12.0
11.8
11.4
10 8
9.5
8.3
7.2
7.1
6.5
6.4
6.3
6.2
6.2
6.1
5.8
2.5
8.2
5.4
5.8
6.0
4.5
(6)
7.0
20.0
29.0
39.2
41.2
42.6
43.9
45 6
45.8
44.8
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 UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
End of
month
Total
gross
debt
(including guaranteed
securities)
U. S. Govt.
agencies and
trust funds i
Special
issues
Public
issues
7.0
2.6
7.0
5.4
6.7
7.1
10.0
10.2
10.2
26.7
26.6
26.6
26.9
26.6
209.2
207.6
211.2
210.0
210.6
10.6
10.4
10.4
10.4
10.5
10.4
10.6
10.7
25.5
25.2
25.3
25.6
26.0
26.5
26.9
26.8
212.6
212.3
208.0
210.2
209.1
204.6
206.8
206.1
9.9
1959
Aug
Sept
Oct
Nov
Dec
290.5
288.4
291 4
290.7
290.9
44.7
44.4
43.6
43.6
43.5
I960—Jan
Feb
Mar
291.2
290 7
287.0
288 9
289 5
286.5
288 5
288.8
42.6
42.8
43.3
42.8
43.9
44.9
44.2
45.2
July
Aug
Commercial
banks 2
21.4
90.8
68.7
63.4
63.7
69.2
62.0
59.5
59.5
67.5
61.5
20.0
29.0
39.2
41.2
42 6
43.9
45.6
45.8
44.8
44.8
May
Total
52.5
227.4
200.1
196.9
201.0
204.2
204.3
197.8
195.5
202.3
204.2
64.3
278 7
257.0
267.4
275.2
278 8
280.8
276.7
275.0
283.0
284.8
Apr
Federal
Reserve
Banks
24.3
22.6
24.7
25.9
24.9
24.8
24.9
24.2
26.3
26.0
1941 Dec
1945 Dec
1947 Dec
1952 Dec
1953 Dec
1954 Dec
1955 Dec
1956—Dec
1957 Dec
1958 Dec
1959 June
June........
Held by the public
Held by
7.0
7.8
8.4
9.4
9.6
9.9
9.8
2.3
l Includes the Postal Savings System.
1
Includes holdings by banks in territories and insular possessions,
which amounted to about $85 million on Dec. 31, 1959.
Mutual
savings
banks
3.7
10.7
12.0
Insurance
panies
Other
corporations
8.2
4.0
24.0
23.9
16.0
15.9
15.3
7.3
12.7
12.5
22.2
14.1
19.9
21.5
19.2
23.5
19.1
18.6
19.6
21.5
61.1
60.3
60.8
59.5
60.3
7.3
7.3
7.0
6.9
6.9
12.7
12.6
12.6
12.5
12.3
24.4
22.9
24.1
24.2
23.5
59.1
57.1
54.9
57.0
56.2
55.6
57.7
57.9
6.9
6.9
12.5
12.4
12.2
12.1
12.0
11.8
11.9
11.8
25.4
26.2
23.4
24.1
24.7
21.7
22.0
21.2
9.5
9.2
8.8
8.5
8.0
7.6
7.3
6.9
6.8
6.7
6.6
6.5
6.6
14.6
13.2
12.5
State
and
Individuals
govts.
Savings
Other
bonds securities
.7
6.5
7.3
11.1
12.7
14.4
15.1
16.1
17.0
16.7
16.7
17.2
17.3
17.4
17.4
17.5
17.6
17.7
17.8
17.7
17.6
17.7
17.5
17.3
5.4
8.2
42.9
46.2
49.2
49.4
50.0
50.2
50.1
48.2
47.7
47.0
21.2
19.4
16.0
46.7
46.5
46.3
46.2
45.9
45.8
45.8
45.7
45.7
45.6
45.6
45.6
45.6
15.4
13.5
14.8
15.6
15.5
14.4
18.1
19.1
19.8
21 2
Misc.
investors 3
.9
9.1
8.4
11.7
13.2
13 9
15.6
16.1
16.5
16 5
19.4
21.4
22.4
20 6
21.0
21 7
21.9
21.8
23.3
23.8
24.7
24 1
23.8
23.5
23.3
23.1
22.0
22 4
22.4
22 8
22 4
22.0
22 3
22.6
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.
1265
FEDERAL FINANCE
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data.
Par value in millions of dollars]
Marketable and convertible securities, by type
Type of holder and date
Marketable securities, by maturity class
Total
Bills
Certificates
Notes
Marketable
bonds 2
Convertible
bonds
Total
Within
1 year
30
30
30
31
165,985
175,573
185,709
195,346
23,420
22,406
32.017
39,643
20,473
32,920
33,843
19,669
30,973
20,416
27,314
44,152
80,839
90,932
84,853
84,804
10,280
8,898
7,681
7,077
155,705
166,675
178,027
188,269
71,033
67,782
72,958
78,456
39.184 14,732
41,071 22,961
56,819 I 18,538
30,756
34,860
29,713
24,579
1960—June 30
July 31
Aug. 31
190,151
193,121
192,456
33,415
36,427
36,436
17,650
17,650
25,479
51,483
51,550
42,032
81,297
81,288
82,347
6,306
6,206
6,162
183,845
186,915
186,294
68,982 72,844 21,731
71,993 I 72,911 21,730
72,407 I 70,819 | 22,799
20,288
20,280
20,269
8,554
9,477
9,681
9,982
130
173
86
260
416
599
537
363
1,282
1,169
1,389
1,700
3,664
4,703
4,988
5,071
3,063
2,833
2,680
2,587
5,491
6,644
7,001
7,394
1,138
899
930
1,037
10,246
10,446
10,528
371
574
636
459
463
539
1,810
1,805
1,704
5,136
5,143
5,187
2,470
2,461
2,461
7,776
7,984
8,066
23,035
25,438
26,044
26,648
287
2,703
2,032
2,626
11,367
19,946
18,650
10,508
8,579
2,802
2,789
2.484
2,498
I960—June 30
July 31
Aug. 31
26,523
26,885
26,762
2,513
2,879
2,753
8,508
8,512
14,014
2,491
2,484
2,484
Commercial banks:
1 9 5 7 _ j u n e 30
1958—June 30
1959__j u n e 30
Dec. 31
48,734
57,509
53,513
51,945
2,853
3,796
3,563
5,011
2,913
3,331
3,883
2,094
8,984
11,532
12,417
13,172
33,839
38,720
33,531
31,565
I960—June 30
July 31
Aug. 31
48,099
50,119
50,240
2,376
4,554
4,344
1,832
1,804
2,453
15,598
15,704
15,091
7,397
7,110
7,079
6,773
163
89
175
191
114
132
209
158
6,489
6,443
6,475
209
218
246
10,936
10,580
10,947
10,933
All holders:
1957_june
1958—June
1959—June
Dec.
U. S. Govt. agencies and trust funds:
1957—June 30
1958—June 30
1959—June 30
Dec. 31
I
5-10
years
Over 10
years
1,210
1,565
1.679
1,909
295
913
1,448
1,882
2,848
3,267
2,944
2,567
1,070
1,267
1.544
2,683
2,687
2,453
2,062
2,066
2,103
1,961
1,964
1,965
23,035
25,438
26,044
26,648
20,246
23,010
20,687
18,654
681
1 ,014
3.887
6.524
750
57
410
677
1,358
1,358
1,060
793
26,523
26,885
26.762
19,38^
19,748
19.625
5,689
5.687
5.687
1,179
1,179
1,179
271
271
271
144
130
120
104
48,590
57,379
53,394
51,841
12,268
13,431
10,045
11,198
23,500
24,494
31,304
28,778
8,600
14,259
8,233
9.235
222
195
812
629
28,199
27,963
28,259
95
94
93
48,004
50,025
50,147
6,546
8,666
8.941
33,342
33,256
32,641
5,966
5,967
6.322
2,151
2,136
2,243
367
465
684
5,655
5,493
5,228
4,892
1,098
931
783
644
6,299
6,179
6,296
6,129
576
303
480
486
1,082
1.106
1.360
1.401
601
675
1.700
2.254
4,040
4,094
2.756
1,987
166
170
210
1,199
1,197
1,119
4,607
4,561
4,612
309
297
287
6,181
6,145
6.188
461
4F5
515
1,720 | 2,662
2,655
1,703
2.724
1.656
336
302
1,292
326
254
503
416
136
112
347
231
648
614
798
1,074
7,277
7,398
7,371
7,454
2,549
2,202
,928
,758
8,387
8,378
9,019
9,175
955
651
1,092
1,023
1.775
1,650
2,085
2,279
1,022
1,004
1 ,678
2,422
4,634
5,074
4,164
3,450
10,521
10,549
10,513
232
260
263
165
167
176
1,225
1,254
1,196
7,304
7,309
7,338
,595
,558
,541
8,926
8,991
8,973
595
639
617
2,794
2,799
2.757
3,063
3,055
3,098
2,475
2,497
2,501
11,494
11,918
11,690
4,579
4,802
4,983
1,740
1,730
2,038
1,882
1,997
1,206
3,284
3,384
3,458
11,485
11,913
11,685
8.442
8,605
8,344
2.871
3,141
3.138
98
94
128
75
73
75
2,480
2,476
2,475
178
163
156
495
514
490
1,675
1,665
1,692
2,418
2,414
2.412
297
284
278
947
957
923
472
473
513
703
700
698
30
30
30
31
67,329
65,459
78,444
89,066
19.661
15,392
25,659
31,140
5,527
8,799
10,216
6,315
11,113
6,636
9,147
16,302
27,602
31,829
31,252
33,325
3,426
2,802
2,171
1,985
63,904
62,657
76,273
87,082
35,850
29,489
39,724
46,057
10,936
11,243
16,503
20,717
3,464
6,054
5,069
7,154
13,654
15,872
14,977
13,153
I960—June 30
July 31
Aug. 31
74,299
74,285
73,775
22,957
22,976
23,057
4,711
4,732
5,972
16,263
16,068
13,715
28,602
28,779
29,316
1,766
1,728
1,714
72,533
72,557
72,061
32,184
32,299
32,543
22,800
22,681
21,563
6,229
6,242
6,731
11,317
11,335
11,224
1960—June 30
July 31
Aug. 31
Federal Reserve Banks:
1957__jUne 30
1958—June 30
1959—June 30
Dec. 31
Mutual savings banks:
1957—June 30
1958—June 30
1959_june 30
Dec. 31
1960—June 30
July 31
Aug. 31
Insurance companies :
1957__june 30
1958—June 30
1959—June 30
Dec. 31
1960—June 30
July 31
Aug. 31
Other investors:
Nonfinancial corporations 3
I960—June 30
July 31
Aug. 31
Savings and loan associations3
I960—June 30
July 31
Aug. 31
All others 4
1957—June
1958—June
1959—June
Dec.
c
1-5
years
Corrected
* 2 ^ 879
11,016
13,011
13,010
7,510
Holdings of "all others," a residual throughout, include holdings of
all those not reporting in the Treasury Survey, including investor groups
not listed separately.
A JLV./XVLX11 jc.,O
corporations and savings and loan associations.
KJ \
11 V / l l i l l 1 1 4 - 1 1 V 1 U 1
\sKJ k. |~/ W L C* IJ.\_/11O
Ct-liV*
J d
VJ
ions included in this category until February 1960
1266
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
Less:
Plus:
IntraNet
Govt.
Budget 1 Trust
fund
transreceipts receipts
actions2
Equals:
Total
Budget
rects.
exfrom
pendithe
tures i
public 3
Excess
of rects.
from
or
Plus:
Equals: payts.
Trust
Less:
Total
to
(-),
fund
Adjust- payts.
the
exments
4
to
the
public
pendipublic
tures
Cal. year—1957
1958
1959
72,284
68,694
72,738
15,368
16,797
18,830
3,079
3,710
3,966
84,521
81,728
87,552
71,692
75,782
79,777
14,794
17,856
20,244
3,155
4,622
4,466
83,328
89,014
95,560
Fiscal year—1957
1958
1959 ,
I960*....
70,562
68,550
67,915
77,677
14,369
16,329
17,084
21,7.95
2,777
2,927
3,295
4,435
82,105
81,892
81,660
94,984
68,966
71,369
80,342
76,609
12,961
16,069
18,597
22,075
Semiannually:
1958—July-Dec
1959—Jan.-June
July-Dec
1960—Jan.-JuneP...
28,752
39,163
33,575
44,102
7,635
9,449
9,381
12,414
1,477
1,819
2,147
2,289
34,892
46,768
40,784
54,200
39,756
40,586
39,191
37,418
8,463
3,018
5,889
7,339
1,236
1,009
2,004
1,474
207
343
308
646
9,488
3,678
7,579
8,163
4,867
7,237
9,580
5,064
6,550
10,804
3,128
6,454
8,981
828
2,329
1,708
1,490
3,301
2,757
1,057
2,984
1,406
229
331
198
180
161
1,188
213
195
224
5,462
9,230
11,084
6,369
9,685
12,371
3,970
9,236
10,157
Period
Monthly:
1959—Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June p
July
Aug
Sept.?'
Net Federal cash borrowing or
repayt. (—) of borrowing
Payments to the public,
other than debt
Increase,
or decrease
Less:
Net
inv. by
Govt.
(direct agen. &
& agen.) tr. funds
(
d2b« ta
Other
noncash
debts
Equals:
Net
cash
borrowing or
repayt.
64
487
2,081
-1,168
7,762
8,580
1,921
4,026
4,136
4,401
80,006
83,412
94,804
94,283
467 1,573
1,191
7,533 - 7 1 7
-7,287
-8,006 10,112 -543
2,099 -1,053 2,339
-1,520
6,216
657
-13,144
9,656 -1,181
952
701 3,371
-292
-200
2,160
597
-3,100
5,760
8,678
1,822
8,921
9,676
10,568
11,507
1,135
3,001
1,465
2,937
47,539 -12,649
6,873 -1,494
-495
47,265
2,783
313
48,295 -7,511
7,329 -856
8,212 - 3 , 9 5 8 1,808
45,988
653
1,507
574
23
7,713
965
7,615
-5,793
6,334
6,863
6,590
6,601
1,735
1,886
1,496
1,748
360
856
-142
554
7,709
7,894
8,228
7,795
1,779 - 1 , 8 6 6
-4,216
3,077
-649
-423
368
259
-399
-683
242
-84
-9
105
97
111
-1,457
3,656
-763
233
6,157
6,142
6,423
6,032
6,073
6,590
6,172
6,803
6,793
1,974
1,613
1,868
2,067
1,780
2,205
1,790
1,775
1,798
1,363
-319
1,192
280
-161
582
486
-349
831
6,768
8,074
7,100
7,819
8,014
8,214
7,476
8,926
7,760
229
-1,306
-686
1,156
3,984 - 3 , 6 3 2
1,949
-1,450
898
1,671
4,157 -2,714
2,094
-3,506
-338
311
-320
2,398
-472
32
507
-498
1,220
1,022
-517
1,130
-368
147
26
-100
12
53
-114
84
-35
77
554
-744
-4,039
2,435
-375
-3,622
2,525
-1,433
-29
Effects of operations on Treasurer's account
Operating transactions
Financing transactions
Trust
fund
accumulation,
or
deficit
(-)
Reconciliation
to Treas.
cash
Net
market
issuance
(+)of
Govt
agency
obligations 6
Net
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds 6
-12,427
1,068
1,409
262
-1,511
-280
-518
670
-29
-146
1,085
567
71
1,023
-2,300
-197
1,112
-713
-2,224
5,816
8,363
1,625
Semiannually:
-11,004
1958—July-Dec
-1,423
1959—Jan.-June
-5,617
July-Dec
6,685
I960—Jan.-June*....
-1,286
-225
-1,187
907
-232
203
-437
291
-121
192
366
657
1,144
-32
911
-1,624
2,129
-3,846
-701
738
-499
-877
507
-274
323
541
-537
-158
155
3
56
102
-1,290
1,095
3,157
-968
476
4,214
-3,044
-349
2,188
-1,146
716
-160
-577
1,521
552
-734
1,209
-392
634
-838
994
134
-332
-301
186
-533
559
3
105
104
143
153
150
23
-694
24
Period
Net
Budget
surplus,
or
deficit
(-)
Fiscal year—1957
1958
1959
19602*
Monthly:
1959—Sept
Oct
Nov
Dec
1960—Jan
Feb
Mar
Apr
May
June*
July
Aug
Sept
1,596
-2,819
Increase,
or
decrease
Held
(-).in
outside
gross
Treasury
direct
public
debt
Account of Treasurer of United
States (end of period)
Deposits in:
Treasurer's
account
Balance
F. R.
Banks
(available
funds)
Treasury
Tax and
Loan
Accts.
Other
net
assets
5
140
-23
-78
-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
6,579
1,784
6,092
-4,467
-131
108
-105
27
-4,788
389
233
2,421
4,961
5,350
5,583
8,005
358
535
504
504
3,468
3,744
4,216
6,458
1,135
1,071
863
1,043
317
667
-67
-12
-2,100
2,957
-664
209
-73
86
1
-10
399
-641
-1,408
615
7,017
6,376
4,968
5,583
704
488
582
504
5,353
4,990
3,559
4,216
960
898
827
863
764
-160
-386
296
-1,097
-1,042
616
-1,083
245
287
-501
-3,757
1,961
579
-3,036
2,008
334
-249
-26
-33
75
-115
83
44
27
-12
-48
-722
450
-122
1,105
1,217
494
-1,006
-1,104
2,423
4,862
5,311
5,189
6,294
7,511
8,005
6,998
5,894
8,317
567
453
549
619
462
504
477
481
489
3,246
3,843
3,738
4,490
6,180
6,458
5,676
4.628
6.987
1,049
1,015
902
1,185
869
1,043
845
785
841
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 years 1957 and 1958 are
not yet revised. For more details see Treasury Bulletin for Sept. 1960,
pp. II and 1.
Cash balances:
inc., or dec. (—)
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.
1267
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
Transfers to:
Budget
re- 1
ceipts >3 Old- High- R. R.
reage
way
trust
trust tirefund 7 fund ment
acct.
Refunds
of
receipts
Income and
profit taxes
Total
Budget
receipts
Individual
Withheld
Other
12,302
11,528
11,733
13,271
Corporation
Fiscal year—1957...
1958...
1959...
1960*
70,562 6,634
68,550 7,733
67,915 8,004
71,617 10,211
1,479
2,116
2,171
2,642
616
575
525
609
3,917
4,433
4,933
5,045
83,675
83,974
83,904
96,874
26,728
27,041
29,001
31,677
Semiannually:
1958—July-Dec
1959—Jan.-June
July-Dec
1960—Jan.-June*
28,752
39,163
33,575
44,102
3,383
4,621
3,815
6,396
1,112
1,059
1,281
1,361
265
260
307
302
634
4,299
718
4,327
34,296
49,608
40,035
56,839
13,769 2,827
6,174
15,232 8,906 11,918
15,652 3,041
8,323
16,025 10,230 13,856
8,463
3,018
5,889
7,339
652
259
882
476
201
198
219
233
52
16
82
51
161
129
72
7
9,552
3,626
7,152
8,350
2,264
1,211
4,345
2,371
1,837
257
99
362
4,867
7,237
9,580
5,064
6,550
10,804
3,128
6,454
8,981
298
1,243
1,078
839
1,834
1,104
365
1,524
739
218
264
191
202
249
238
257
296
262
16
84
50
17
82
52
17
83
52
-16
5,425
432 9,289
1,317 12,217
1,336 7,468
1,005 9,725
252 12,716
167 3,976
203 8,590
161 10,211
860
4,835
2,541
770
4,744
2,275
1,055
4,849
2,527
2,144
884
791
3,520
1,039
1,852
346
147
1,959
Monthly:
1959—Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June*
July
Aug
Sept
I
21,531
20,533
18,092
22,179
Employment
taxess
Other
receipts
Liquor
Mfrs.
Torebacco and
tailers'
10,638 7,581
10,814 8,644
10,760 8,854
11,861 11,161
4,895
5,414
5,464
6,725
2,973
2,946
3,002
3,194
1,674
1,734
1,807
1,932
4,098
4,316
4,315
5,114
1,963
2,352
2,408
2,706
Excise
taxes
5,364
5,396
5,948
5,913
3,653
5,201
4,127
7,034
2,509
2,956
2,944
3,781
1,600
1,402
1,703
1,491
931
876
984
948
3,311
491
405
3,180
1,007
977
936
1,031
704
278
965
527
430
413
402
879
300
319
296
258
169
179
162
152
564
483
6,192
619
467
5,530
670
409
3,492
794
954
1,044
945
1,061
1,114
995
1,121
1,024
341
1,611
1,149
858
1,918
1,157
383
1,608
792
722
522
500
755
496
788
527
456
417
186
214
258
248
282
303
238
272
n.a.
138
151
152
157
166
183
151
179
n.a.
n.a.
1,137
1,320
1,386
n.a.
n.a.
n.a.
Budget expenditures0
Major national security
Period
AgriVetculture
GenIntl.
erans' 1 aW
and
NatComeral
affairs Inter- serv- Lauor agriural
merce
Totali-3
and
Military
and
ices
and
and
culregovernest
Atomic finance
Total io Military
bene- welfare tural sources housing ment
defense assistenergy
ance
refits
sources
_j
Fiscal year—1957..
1958..
1959..
I960*.
68,966
71,369
80,342
76,609
43,270
44,142
46,426
45,611
38,439
39,062
41,233
41,200
2,352
2,187
2,340
1,607
1,990
2,268
2,541
2,624
1,973
2,231
3,780
1,736
7,308
7,689
7,671
9,268
4,793
5,026
5,174
5,056
3,022
3,447
4,421
4,338
4,525
4,389
6,529
5,066
1,297
1,544
1,669
1,713
1,455
2,109
3,421
2,822
1,790
1,359
1,606
1,692
Semiannually:
1958—July-Dec..
1959—Jan.-June.
July-Dec..
I960—Jan.-June*
39,756
40,586
39,191
37,418
23,246
23,180
23,119
22,492
20,619
20,614
20,975
20,225
1,145
1,195
715
892
1,269
1,272
1,290
1,334
1,206
2,574
650
1,086
3,686
3,985
4,494
4,774
2,580
2,594
2,493
2,563
2,158
2,263
2,086
2,252
3,922
2,607
2,961
2,105
896
773
941
772
1,438
1,983
1,950
872
765
841
833
859
6,280
6,334
6,863
6,590
6,601
3,710
3,783
3,980
3,643
4,231
3,375
3,412
3,622
3,275
3,856
90
122
135
148
125
208
205
204
212
237
144
136
-85
173
123
734
725
740
747
813
400
428
405
424
430
352
364
405
317
318
346
403
675
495
150
176
173
165
134
346
178
446
467
125
114
143
166
130
149
6,157
6,142
6,423
6,032
6,073
6,590
6,172
6,803
3,523
3,684
3,976
3,669
3,669
3,971
3,471
3,976
3,160
3,371
3,570
3,306
3,331
3,487
3,096
3,638
136
103
171
210
210
223
222
157
169
140
831
788
792
777
419
420
393
362
340
412
390
355
342
375
470
322
289
304
105
119
120
104
131
193
125
197
195
161
148
37
127
127
156
158
108
183
165
159
Monthly:
1959—Aug
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May p
June ....
July
Aug
136
110
236
146
105
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.
s 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.
224
245
219
230
163
196
261
133
166
777
809
815
758
457
421
422
424
404
461
536
229
491
369
420
149
182
379
326
7 Includes transfers to Federal disability insurance trust fund.
s Represents the sum of taxes for old-age insurance, railroad retirement,
and unemployment insurance.
9
The 1961 Budget Document shows certain revisions in fiscal year data.
For more details, see the 1961 Budget Document and the Treasury Bulletin,1 Budget Receipts and Expenditures, Table 4.
° Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.
1268
FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.
In millions of dollars]
End of year
Asset or liability, and activity1
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
6,811
377
590
To aid home owners, total
Federal National Mortgage Association
Veterans Administration
,
Other agencies
To industry, total
Treasury Department
Commerce Department
Other agencies
1954
6,929
367
638
4
8,490
526
1,547
963
2 973
2,480
7,636
576
1,562
972
3 029
1,498
7,762
623
1,396
3 083
1,745
•
8,178
609
1,499
1,001
3,140
1,929
648
701
2,096
3,076
23
2,226
2,981
18
2 348
2,621
1
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
4,769
3,998
770
1
4,860
3,924
936
1
5,35?
4,362
989
1
5,873
4,815
1,056
6,352
5,238
1,113
1
6,735
5,568
1 167
1
6,998
5,759
1,238
588
431
353
619
209
219
191
674
251
217
206
680
216
187
278
695
212
182
301
717
201
174
342
726
197
170
358
733
185
166
382
739
174
678
306
261
112
397
681
/
\
724
935
2 919
3,944
916
(3)
1
184
158
1,419
1,233
1,270
1,298
1,087
/ 539
1,797
2,136
1,522
140
264
105
159
293
106
187
291
91
200
293
89
204
308
91
217
319
87
160
246
106
145
245
90
155
231
316
91
225
8,043
2,833
3,620
1,537
53
8,001
2,806
3,570
1,624
1
7,988
2,702
3,519
1,767
8,223
2,701
3,470
1,995
57
8,754
3,040
3,470
2,195
49
9,510
3,362
3,419
2,682
46
9,712
3,439
3,419
2,782
73
9,904
3,504
3,425
2,874
101
10,084
3,513
3,425
2,998
147
9,840
3,235
3,373
3,043
189
9,972
3,239
3,373
3,115
244
119
166
127
213
156
57
344
283
62
548
458
89
562
497
66
627
686
623
63
691
39
256
209
47
752
29
90
62
782
722
60
-413
-203
-228
-368
—268 -309
-451
-367
-353
— 654
19,883 19,348 20,238 20,657 22,395 25,493 26,977 26,788 27,138 27,865
-418
28,090
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*
2,602
2,967
3,236
387
641
745
217
319
1,526
228
327
1,624
152
147
149
3,385
3,385
219
197
2,515
2,087
3,852
3,302
428
550
8,046
4,798
421
1,739
728
360
1,182
150
619
414
1,068
156
640
272
r
241
381
1,720
3,385
8.062
Land structures and equipment total
Commerce Dept. (primarily maritime activities). . . 4.834
363
Panama Canal Company
.
. . .
1,475
Tennessee Vallev Authority
1,040
Housing and Home Finance Aeency
.
Nat. Aeronautics and Space Administration
Bonneville Power Administration
General Services Administration
.,
Post Office Department
350
Other agencies
179
3,739
1 018
256
458
1,825
181
3,420
249
3,804
4,198
896
995
274
471
1,937
7,822
4,822
421
1,829
450
9,985
4,502
398
1,762
236
276
288
567
2,049
4,533
1 202
296
586
2,139
563
64
4,442 4,478
1,064
310
590
2,154
226
300
310
324
3,420
3,420
3,420
4,795
298
283
282
331
4,356 21,375 21,628
3,747 3,651 3 025
11,004 11,136
J6.517 7,282
609 \ 201
185
1,046
320
622
2,162
329
4,795
335
20,R10 20,504 20,821 21,879
3,036 2 906 3 614 4,527
9,681 9.421 8,751 8,823
7,919 7,9*7 8,278 8.347
174
191
178
183
9,962 10.670 10.75^
4,535 4,721 4,736
396
402
398
1,801 1,777 1,80?
25
20
88
285
289
283
8,869
2.856
409
1,878
9
304
8,938
2,899
408
1,907
9
305
4,670
1,092
332
649
2,178
419
4,795
4,998
1,282
345
667
2,270
435
4,796
4^493
8,422
8,370
194
21,294
4,257
8,425
8,420
193
9,124
2,880
411
1,924
9
310
9,156
2,928
411
1,911
9
313
323
337
342
372
373
357
352
349
300
1,298
590
613
1,308
599
608
1,32?
637
1,134
1,237
637
1,257
1,241
640
1,175
1,234
640
1,181
1,221
640
1,376
1,261
640
1,333
2,379
185
665
958
570
2,711
257
721
963
770
4,662
247
902
825
2,688
4.03K
303
1,124
714
1,898
'310
1,256
699
1,947
4,882
314
1,488
992
2,087
5 582
360
1,532
1,402
2,287
5,974
404
1,359
1,774
2,437
5,767
396
1,440
1,293
2,638
311
1
Figures exclude interaeency items. Prior to 1956, data for trust
revolving
funds included such items.
2
Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
3 Less than $500,000.
4
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.
9,630
518
1,313
3
272
112
All other purposes, total
Housing and Home Finance Agency
Other agencies
.
8,672
511
1,169
819
2,874
3,298
2
870
Foreign, total
Export-Import Bank
Treasury Department 4
International Cooperation Administration
Other agencies .
Federal home loan banks
. .
Federal National Mortgage Association
1958
645
500
To aid States, territories, etc., total
Public Housing Administration
Other agencies
Bonds, notes, & debentures payable (not guar.), total.
Banks for cooperatives
...
6,752
457
734
1957
952
To financing institutions
Inventories, total
Commodity Credit Corporation
Defense Department
General Services Administration
Other agencies
6,715
375
689
1960
1959
1956
6,681
454
935
832
2 688
1,778
1 413
Less: Reserves for losses
Total loans receivable (net)
1955
End of quarter
354
5
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.
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
1269
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
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
All
holders
Farm
1- to 4-family houses
Multifamily and
commercial properties i
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
Financial
Other
insti- holders*
tutions
1941
1945
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
6.4
4.8
1.5
1.3
4.9
3.4
1951
1952
1953
1954
1955
1956
1957
1958
1959P
82.3
91.4
101.3
113.7
129.9
144.5
156.6
171.9
191.1
59.5
66.9
75.1
85.7
99.3
111.2
119.7
131.5
145.4
3.4
4.0
4.4
4.6
5.2
6.0
7.5
7.8
10.0
19.4
20.6
21.8
23.4
25.4
27.3
29.4
32.7
35.6
75.6
84.2
93.6
105.4
120.9
134.6
146.1
160.7
178.8
51.7
58.5
66.1
75.7
88 2
99.0
107.6
117.7
130.8
41.1
46.8
53.6
62.5
73.8
83.4
89.9
98.5
109.1
10.7
11.7
12.5
13.2
14.4
15.9
17.2
18.5
19.9
21.8
23.9
25.8
28.8
31.8
8.0
8 4
9.0
9.8
10.8
11.7
12.7
14.2
16.1
6.7
7.3
7.8
8.3
9.1
9.9
10.5
11.3
12.3
2.6
2.8
3.0
3.3
3.6
3.9
4.0
4.2
4.5
4.1
4 4
4.8
5.0
5 4
6.0
6.5
7.1
7.8
21.7
23.9
25.7
27.5
29.7
32.6
35.6
38.5
43.0
47.9
1959
Mar P .
June*'
Sept p
Dec. p
175.9
181.5
186 7
191.1
134.2
138.3
142.2
145.4
8.4
9.0
9.5
10.0
33.4
34.2
34.9
35.6
164.4
169.5
174.5
178.8
120.5
124.3
128.0
130.8
100.6
103.8
106.8
109.1
19.9
20.5
21.2
21.7
43.9
45.2
46.6
47.9
29.3
30.1
31.0
31.8
14.6
15.1
15 6
16.1
11.5
11.9
12.2
12.3
4.3
4.4
4 4
4.5
7.3
7.5
7 7
7.8
1960
Mar P
June p
Sept p
194.4
198.5
202.8
147.9
151.2
154.6
10.3
10.6
11.0
36.2
36.7
37.3
181.9
185.7
189.8
133.2
136.1
139.1
111.1
113.6
116.2
22.1
22.5
22.9
48.7
49.7
50.7
32.3
33.0
33.7
16.3
16.7
17.0
12.5
12.8
13.0
4.5
4.6
4.7
8.0
8.2
8.3
p Preliminary.
1 Derived figures, which include negligible amount of farm loans held
by savings and loan associations.
2
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
15.6
17.7
19.2
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.
Sources.—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
Residential
End of year
or quarter
Total
Total
4 906
4,772
1941
1945
1951
1952
1953
1954
1955
1956
1957
1958
1959
1959 Mar
June
Sept
Dec
(960
Mar.33
June?1
Sept."
...
FHAinsured
VAguaranteed
Residential
Conventional
3 292
3,395
Other
nonfarm
Farm
Total
Total
1 048
856
566
521
4 812
4,208
3 884
3,387
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
Farm
900
797
28
24
14,732 11,270
15,867 12,188
16,850 12,925
18,573 14 152
21,004 15,888
22,719 17,004
23,337 17,147
25,523 18,591
28,145 20,320
3,421
3,675
3,912
4,106
4,560
4,803
4,823
5,476
6,122
2,921
3,012
3,061
3,350
3,711
3,902
3,589
3,335
3,161
4,929
5,501
5,951
6,695
7,617
8,300
8,735
9,780
11,037
2,458
2,621
2,843
3,263
3,819
4,379
4,823
5,461
6,237
1,004
1,058
1,082
1,159
,297
1,336
I 367
,471
1,588
9,916
11,379
12,943
15,007
17,457
19,746
21 169
23,263
24,992
8,595
9,883
11,334
13 211
15.568
17 703
19 010
20,935
22,486
2,567
3,168
3,489
3 800
4,150
4,409
4 669
5,501
6 275
1,726
2,237
3,053
4 262
5,773
7 139
7 790
8'361
8 589
4,303
4,477
4,792
5 149
5,645
6 155
6 551
7,073
7 622
1,274
1,444
1,556
1 740
1,831
1 984
2 102
2,275
2 451
47
53
53
56
58
59
57
53
55
426,130 19,020
27,060 19 615
27,635 20,040
28,145 20,320
5,660
5,885
6,045
6,122
3,305
3,230
3,175
3,161
10,055
10,500
10,820
11,037
5,605
5,875
6,010
6,237
(,505
1,570
585
588
4 23,638
24,110
24,600
24,992
21,257
21 676
22,126
22,486
5,684
5 915
6,095
6,275
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
28,235 20,300
28,470 20,340
528,740 20,430
6,045
5,980
5,960
3,120
3,030
2,980
11,135
11,330
11.490
6,345
6,485
6,655
(,590 25,410 22,879
1,645 25,865 23,308
,655 26,425 23,827
6,420
6,573
6,750
8,731
8,885
9,060
7,728
7,850
8,017
2, All
2,504
2,545
54
53
53
P Preliminary.
1
Represents all banks in the United States and possessions.
2
Includes loans held by nondeposit trust companies, but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve
estimates based in part on data from National Association of Mutual
Savings Banks.
Mutual savings bank holdings 3
4
On Jan. 1, 1959, holdings of commercial banks increased by $143
million, and those of mutual savings banks declined by that amount,
as a result of the absorption of a mutual savings bank by a commercial
bank.
5
Data reflect a $40 million reclassification by one bank from commercial and industrial to real estate loans, reported August 24, 1960.
Source.—All-bank series prepared by Federal Deposit Insurance
Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
1270
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Nonfarm
Year or month
Total
Total
1941
1945
..
FHAinsured
Nonfarm
VAguaranteed
Farm
3,978
4,345
5,2144
6,623
6,715
5,230
5,277
*5,970
4,823
4,839
»5,472
842
653
1,301
PI,580
517
539
488
506
134
146
507
477
123
667
619
582
4-45
530
405
544
483
4S3
476
490
420
536
472
1959 Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
3,606
3,925
4,931
6,108
6,201
864
817
672
971
429
455
Total
2,313
372
420
413
515
*201
2,653
2,881
3,298
3,707
3,339
3,343
*3,691
P498
21
22
333
338
29
33
24
330
30
153
36
430
48
139
117
86
28
305
260
52
40
122
28
333
61
443
438
456
392
504
110
101
108
90
133
17
23
21
22
19
316
314
327
280
352
40
38
34
28
32
446
118
18
310
26
1,378
1,839
1,652
831
195
Total
Other
<>76
1952
1953
1954
1955
1956
1957
1958
1959
I960
Loans outstanding (end of period)
514
407
438
FHAinsured
VAguaranteed
6,442
6 636
5,529
5 860
815
1 394
21,251
23,322
25,976
29,445
32,989
35,236
37,062
39,197
19,546
21,436
23,928
27,172
30,508
32,652
34,395
36,370
5,681
6,012
6,116
6,395
6,627
6,751
7,443
8,523
3,347
3,560
4 643
6,074
7,304
38,493
38,744
38,984
39,299
35,698
35,936
36,169
36,475
8,082
8,176
8,257
8,318
39,573
39,769
40,011
40,236
40,439
40,631
40,694
40,920
41,099
36,753
36,933
37,155
37,358
37,545
37,722
37,769
37,982
38,153
8,559
8,623
8,677
8,727
8,729
8,801
8,867
8,411
8,484
Farm
Other
4,714
4 466
913
776
1,705
1,886
2 048
2,273
7,086
10 518
11,864
13 169
14,703
16,577
18 180
19,519
20,761
7,153
7 132
7,116
7,115
20,463
20 628
20 796
21,042
2,795
2 808
2,815
2,824
7,162
7 150
7,135
7,117
7,098
7,080
7,057
7,028
7,006
21,180
21 299
21,461
21,618
21 770
21,915
21,983
22 153
22,280
2,820
2 836
2,856
2,878
2 894
2,909
2,925
2,938
2,946'
7,721
7,433
2,481
2 584
2,667
2,827
» Preliminary.
NOTE.—Certain mortgage loans secured by land on which oil drilling
or extracting operations are in process are classified with farm through
June 1959 and with "other" nonfarm thereafter. These loans totaled
$38 million on July 31, 1959.
For loans acquired, the monthly figures may not add to annual totals,
and for loans outstanding, the end-of-December figures may differ from
end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[Tn millions of dollars]
[In millions of dollars]
Loans outstanding (end of period)
Loans made
Year or
month
Total i
New
construction
Home
purchase
Total 2
FHAinsured
VAConguarvenanteed tional 2
1941
1945
1 379
1 913
437
181
1 358
4 578
5,376
1953
1954
1955
1956
1957
1958
1959
7,767
8,969
11,432
10,545
10,402
12 346
15,463
2,475
3,076
4 041
3,771
3,562
4 096
5,296
3,488
3,846
5,241
A,121
4,708
5 251
6,766
21,962
26,108
31,408
35,729
40,007
45,627
53,093
1,048
1,170
1,404
1,486
1,643
2,206
2,989
3,979
4,709
5,883
6,643
7,011
7,077
7,187
16,935
20,229
24,121
27,600
31,353
36,344
42,917
1,374
1,329
1,086
1,094
450
465
373
377
645
590
486
465
51,528
52,149
52,608
53,093
2,818
2,883
2,939
2,989
7,138
7,159
7,172
7,187
41,572
42,107
42,497
42,917
344
411
411
443
479
416
437
426
385
413
468
471
520
612
582
666
608
53,413
53,811
54,356
54,922
55,556
56,335
56,975
57,687
58,342
3,035
3,078
3,120
3,159
3,204
3,249
3,299
3,351
3,386
7,192
7,197
7,209
7,209
7,222
7,224
7,233
7,228
7,215
43,186
43,536
44,027
44,554
45,130
45,862
46,443
47,108
47,741
581
Year or
month
1960
Jan
Feb
Mar
Apr
May
June
July
Aug 3
Sept.*
884
992
165
,173
1*425
1,294
1,441
,367
P Preliminary.
1 Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2 Beginning 1958 includes shares pledged against mortgage loans.
Source.—Federal Home Loan Bank Board.
Season- Without
ally
seasonal
adjust-2
adment
justed 1
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
19,747
22,974
28,484
27,088
24,244
27,388
32,235
7,365
8,312
10,452
9,532
9,217
10,516
13,094
1,480
1,768
1,932
1,799
1,472
1,460
1,523
3,680
4,239
5,617
5,458
4,264
5,204
5,832
1,327
1,501
1,858
1,824
1,429
1,640
1,780
2,769
2,650
2,639
2,589
2,485
2,871
2,834
2,799
2,442
2,487
1,203
1,184
1,152
953
963
137
136
146
137
138
505
481
463
409
410
167
173
168
152
152
2,487
2,430
2,441
2,400
2,446
2,427
2,493
2,079
2,149
2,406
2,366
2,500
2,690
2,528
2,784
777
859
983
983
1,051
1,167
1,048
1,201
107
103
119
108
114
119
116
123
343
342
377
382
402
415
378
406
115
104
104
106
120
138
145
158
1941
1945
1953
1954 .
1955
1956
1957
1958 . .
1959
1959
Sept
Oct
Nov
Dec
By type of lender
(without seasonal adjustment)
Total
1959
Aug
Sept
Oct
Nov
Dec
1960
Jan
Feb
Mar
May
June
July
Aug . .
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.
1271
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
[In billions of dollars]
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
Projtype
mortgages1
VA-guaranteed loans
Property
imTotal 3
provement2
loans
Home
mortgages
New
properties
Governmentunderwritten
End of
year or
quarter
Existing
properties
Conventional
Total
Total
1945
665
257
217
20
171
192
1951
1952
1953
1954
1955
1956
1957
1958
1959
3,220
3,113
3,882
3,066
3,807
3,461
3 715
6,349
7,694
1,216
969
1,259
1,035
1,269
1,133
582
322
232
76
708
848
1,334
891
646
130
595
929
628
692
869
868
997
3,614
2,719
3,064
4,257
7,156
5,868
3 761
1,865
2,787
2,667
1,823
2,044
2,686
4,582
3,910
2 890
1,311
2,051
942
890
1,014
1,566
2 564
1,948
1,666
2,563
713
974
1,030
907
1,816
1,505
1 371
2,885
3,507
656
649
583
540
226
237
223
233
284
286
225
218
52
35
50
11
94
90
85
78
221
238
220
241
157
167
158
177
63
70
61
64
514
464
463
433
456
539
509
221
198
193
172
155
170
162
196
170
168
163
167
195
200
19
28
35
22
45
71
59
78
68
67
76
88
103
oo
195
170
173
153
155
175
160
148
133
137
123
124
143
126
47
36
36
29
31
32
34
615
613
189
192
228
233
97
119
100
68
181
169
139
132
41
37
1959
I960
Sept
Oct
Nov
Dec
.. .
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
. . . .
. .
880
259
863
549
730
1
Monthly figures do not reflect mortgage amendments included in annual totals.
2 These loans are not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type
are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
4
FHA-
VA-
in-
guar-
sured anteed
1
9
9
47 *>
50 1
53 ft
41
97 n ?
10 8 14
12.0 16 1
12 8 19
14 3 74 6
15.5 78 4
16 5 30 7
19.7 30 4
tfl
33
38
43
49
55
23 8
30 0
77 0
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.p.... 133.2
June*>.... 136.1
Sept.?
139.1
54 .5
55 . 0
55 .8
24.6
25.2
26.0
29.9
78 .7
81 .1
83 .3
1945
. .
1951
1952
1953
1954
1955
1956
1957 .
1958
1959?
. .
1959—Mar.?....
June*>....
Sept.P
Dec.p
18 6
51 7
58 5
66.1
75 7
88 2
99.0
107 6
117.7
130 8
9
4
1
?5
^8
y>
38
43
FEDERAL HOME LOAN BANKS
[Tn millions of dollars]
[In millions of dollars]
End of year
or month
Total
1,850
2,242
2,462
2,434
2 615
3,047
3,974
3,901
5,531
1951.
1952
1953
1954
1955
1956
1957
1958
1959
1959
3*"t
Oct
Nov
Dec
5,216
. . 5,335
I960 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
FHAinsured
VAguaranteed
204
320
621
802
1,646
1,922
1,841
1,632
1 714
2,069
2,737
2,418
2,985
901
978
1,237
1,483
2,546
Mortgage
transactions
(during
period]
Purchases
Sales
Commitments
undisbursed
677
538
542
614
111
56
221
5?5
239
323
638
476
411
609
1 096
623
1,907
(P
5
3
76
360
764
482
5
1,541
568
672
611
573
5,441
2,928
2,953
2,970
2,985
155
143
127
5,531
2,288
2,383
2,471
2,546
5,508
5,577
5 693
5,785
5,827
. . . . 5 827
5,918
5,991
6,050
2,621
2,713
2,821
2,905
2,997
3,042
3,121
2,806
2,810
2 887
2,864
2 873
2,880
2,830
2 784
2,797
3,185
3,240
110
138
162
126
129
74
113
115
49
?3
1?
67
50
3
600
601
580
588
561
592
569
96
84
1
584
584
568
115
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.
Ad- RepayYear or month vances
ments
Advances outstanding
(end of period)
Total
60 A
67-6
Shortterm i
Longterm 2
Members*
demand
and time
deposits
1945
278
213
195
176
19
46
1952
1953
1954
1955
1956
1957
1958
1959
586
728
734
864
952
867
565
634
612
991
798
731
685
420
558
802
698
683
653
819
589
835
854
524
506
589
745
528
640
818
702
934
1,116
1,364
2,067
1,079
1 331
1,231
1,417
1,228
1,265
1,298
2 134
1,192
299
317
255
426
430
534
613
942
1959_Oct
Nov
Dec
199
129
281
78
82
109
1,916
1,963
U34
1,080
1,109
1,192
942
I960
136
58
88
155
112
290
173
168
160
133
531
169
196
117
96
94
269
146
121
134
I 740
1,628
1,520
1,558
1,574
1,770
[,674
1,696
1,736
[,735
1 042
697
963
858
828
827
932
922
967
665
662
731
747
838
751
729
734
749
1,251
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
ft
1
0
6
3
» Preliminary.
NOTE.—For total debt outstanding, figures for^first
three quarters of year are Federal Reserve estimates
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
Mortgage holdings
29 .8
29 .8
14 ,1
1,002
986
499
488
534
571
590
736
682
730
737
762
1 Secured or unsecured loans maturing in one year or less.
2
Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.
1272
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
Total
Automobile
paper i
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
1953
1954
1955
1956
1957
1958
19593
31,393
32,464
38,882
42,511
45,286
45,586
52,046
23,005
23,568
28,958
31,897
34,183
34,080
39.482
9,835
9,809
13,472
14,459
15,409
14,237
16.590
1959—Sept
Oct
Nov
Dec
49,350
49,872
50,379
52,046
37,962
38,421
38,723
39,482
I960—Jan
Feb.
Mar
Apr
May.
51,356
51,021
51,162
52,169
52,831
53,497
53,653
53,928
54,128
39,358
39,408
39,648
40,265
40,740
41,362
41,687
41,995
42,136
End of year or month
Total
1939
1941....
1945
July.
Aug
Sept
. .
Other
consumer
goods
paper i
Noninstalment credit
Repair
and modernization
loans2
Singlepayment
loans
Charge
accounts
Service
credit
Personal
loans
Total
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
6,779
6,751
7,634
8,580
8,782
8,923
10,243
1,610
1,616
1,689
1,895
2,089
2,350
2,704
4,781
5,392
6,163
6,963
7,903
8,570
9,945
8,388
8 896
9,924
10,614
11,103
11,506
12,564
2,187
2,408
3,002
3,253
3,364
3,646
4.176
4,274
4,485
4,795
4,995
5 146
5,060
5,351
1,927
2,003
2,127
2,366
2,593
2,800
3.037
16,470
16,659
16,669
16,590
9,390
9,534
9,687
10,243
2,613
2,653
2,683
2,704
9,489
9,575
9,684
9,945
11,388
11,451
11,656
12,564
4,084
4,050
4,117
4,176
4,390
4,525
4,614
5,351
2,914
2,876
2,925
3,037
16,568
16,677
16,876
17,218
17,481
17,807
17,946
18,078
18,086
10,129
9,997
9,940
10,022
10,080
10,194
10,202
10,202
10,255
2,691
2,695
2,706
2,736
2,786
2,824
2,852
2,891
2,916
9,970
10,039
10,126
10 289
10,393
10 537
10,687
10,824
10,879
11,998
11,613
11,514
11,904
12,091
12 135
11,966
11,933
11,992
4,092
4,151
4,222
4 247
4,345
4 321
4,290
4,299
4,376
4,816
4,305
4,118
4 451
4,547
4 628
4,506
4,473
4,480
3,090
3,157
3,174
3,206
3,199
3 186
3,170
3,161
3,136
1 Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in part for business.
2 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 1947-58, 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.
A detailed description of the methods used to derive the estimates may
be obtained from the Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institution
Total
instalment
credit
End of year
or month
1939
1941
1945
Total
Commercial
banks
Sales
finance
companies
Credit
unions
Retail outlets
Consumer
finance
companies i
4 503
6 085
2,462
3 065
4 480
1,776
1 079
1,726
745
1 197
1,797
300
132
198
102
23 005
23,568
28 958
31,897
34,183
34,080
39,482
18 963
19,450
24 450
27,154
29,515
29,097
33,838
8,998
8,796
10,601
11,777
12,843
12,780
14,922
5,927
6,144
8,443
9,100
9,573
8,740
10.145
1,124
1,342
1,678
2,014
2,429
2,668
3,232
2,137
2,257
2,656
3,056
3,333
3,384
3.764
1959—Sept
Oct
Nov
Dec
37,962
38,421
38,723
39 482
32,954
33,318
33,519
33,838
14,664
14,817
14,853
14,922
9,949
10,071
10,117
10,145
3,093
3,143
3,183
3,232
I960—Jan..
Feb
Mar
Apr
May
June
July
Aug
Sept
. . . . 39 358
39,408
39,648
40 265
40,740
41,362
41,687
41,995
42,136
34,003
34,246
34,432
35,O8f>
35,554
36,127
36,506
36,849
36,977
15,066
15,134
15,139
15,402
15,597
15,834
15,927
16,051
16,115
10,168
10,276
10,357
10,604
10,744
10,945
11,062
11,142
11,154
3,225
3,259
3,331
3,418
3,484
3,570
3,622
3,696
3,736
1953
1954
1955
1956
1957
1958
1959*
.
. . .
1 Consumer finance companies included with "other" financial institutions until September 1950.
* Includes mail-order houses.
Other l
Total
Department
stores2
Furniture
stores
Household
appliance
stores
Automobile
dealers 3
Other
657
759
629
1 438
1 605
686
354
320
131
439
496
240
183
206
17
123
188
28
111
911
,072
,207
,337
,525
.775
4,042
4,118
4,508
4,743
4,668
4,983
5,644
1.064
1,242
1,511
1,408
1,393
1,882
1,298
1,004
984
1,044
1,187
[,210
1,128
1.167
377
377
365
377
361
292
295
527
463
487
502
478
506
588
J .070
1,052
I 101
1,269
1,226
I 175
I 296
3,542
3,570
3,622
3,764
,706
,717
,744
,775
5,008
5,103
5,204
5,644
1,907
[.967
2; 045
2,298
1,078
1,089
1,107
,167
288
286
290
295
586
593
592
588
1,149
1,168
,170
296
3,777
3,795
3,811
3,858
3,888
3,938
4,035
4,085
4,097
,767
,782
,794
,803
,841
,840
,860
,875
,875
5,355
5,162
5,216
5,180
5,186
5,235
5,181
5,146
5,159
2,109
2,002
2,103
2,055
2,059
2,078
2,044
2,017
2,051
1,132
,111
1,089
1,080
1,071
1,078
1,071
1,078
1,075
289
285
281
277
276
587
590
595
606
615
277
276
111
278
626
632
636
636
I 238
I 174
1,148
I 162
1,165
1,176
1,158
1,138
I 119
339
395
270
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.
1273
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]
Automobile
paper
Repair
and
modernization
loans
Personal
loans
Purchased
Direct
Other
consumer
goods
paper
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1953
1954
1955
1956
1957
1958
19591
8,998
8,796
10,601
11,777
12.843
12.780
14,922
2.215
2; 269
3,243
3,651
4,130
4,014
4,798
1,867
1,668
2,062
2,075
2,225
2,170
2,511
2,078
1,880
2,042
2,464
2,557
2.269
2,553
1,317
1,303
1,338
1,469
1,580
[,715
1,941
1,521
1,676
1,916
2,118
2,351
2,612
3,119
1959—Sept
Oct
Nov
Dec
14,664
14,817
14,853
14,922
4,746
4,816
4,825
4,798
2,500
2,517
2,519
2,511
2,494
2,512
2,513
2,553
1,882
1,912
1,928
1,941
3,042
3,060
3,068
3,119
1960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
15,066
15,134
15,139
15,402
15,597
15,834
15,927
16.051
16,115
4,793
4,822
4,876
4,977
5,060
5,170
5,216
5,271
5,300
2,522
2,549
2,597
2,664
2,714
2,754
2,766
2,777
2,767
2,689
2,684
2,562
2,567
2,571
2,588
2,594
2,588
2,591
1,932
1,928
1,927
1,948
1,976
2,004
2,018
2,040
2,057
3,130
3,151
3,177
3,246
3,276
3,318
3,333
3,375
3,400
Total
instalment
credit
End of year
or month
1939
1941
1945
Other
consumer
goods
paper
Repair
and
modernization
loans
164
115
167
24
148
201
58
56
66
54
5,927
6,144
8,443
9,100
9,573
8,740
10,145
4,688
4,870
6,919
7,283
7,470
6,404
7,328
816
841
,034
,227
,413
,567
,883
46
31
25
23
20
19
35
377
402
465
567
670
750
899
1959_Sept
Oct
Nov
Dec
9,949
10.071
10,117
10,145
7,328
7,406
7,388
7,328
,761
,788
,830
30
33
34
35
830
844
865
899
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
10,168
10,276
10,357
10,604
10,744
10,945
11,062
11,142
11,154
7,305
7,342
7,407
7,538
7,631
7,767
7.822
7.855
7,832
,922
,982
,988
2,096
2,132
2,175
2.225
2,260
2 292
36
37
39
42
45
49
52
57
905
915
923
928
936
954
963
970
970
Total
instalment
credit
Automobile
paper
1939
1941
1945
1,197
1,797
300
1,363
1953
1954
1955
1956
1957
1958
19591
End of year
or month
1
1
Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
878
Personal
loans
Includes data for Hawaii, beginning with August 1959.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
NONINSTALMENT CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
instalment
credit
End of year
or month
1939
1941
1945
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
953
1954
1955
1956
1957 .
1958
19591
4,038
4,510
5 406
6,277
7,099
7.577
8,771
538
539
761
948
I 106
1,143
1,365
370
375
537
648
622
610
751
247
282
326
403
489
616
728
2,883
3,314
3 782
4,278
4 882
5,208
5,927
1959—Sept
Oct
Nov
Dec
8.341
8,430
8,549
8,771
1,310
,327
1,345
1,365
713
724
732
751
701
708
721
728
5.617
5,671
5,751
5,927
I960—Jan
Feb .
Mar
Apr
Mav
J une
July
Aug
Sept
8,769
8 836
8,936
9 079
9 213
9,348
9,517
9,656
9,708
,361
I 374
,401
433
461
,490
.510
.539
,551
750
759
769
785
806
822
834
844
849
723
730
740
746
765
771
782
794
799
5,935
5,973
6,026
6 115
6,181
6,265
6,391
6,479
6,509
.
. .
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.
Singlepayment
loans
Total
End of year
or month
instalment
credit
Charge accounts
Service
credit
Commercial
banks
Other
financial
institutions
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1.178
1953
1954
1955
1956
1957
1958
19593
8,388
8,896
9,924
10,614
11,103
11,506
12,564
1,899
2,096
2,635
2,843
2,937
3,156
3,542
288
312
367
410
427
490
634
772
793
862
893
876
907
960
3.352
3,515
3,717
3,842
3,953
3,808
3,985
150
177
216
260
317
345
406
1,927
2,003
2,127
2,366
2,593
2,800
3,037
1959—Sept
Oct
Nov
Dec
11,388
11,451
11,656
12,564
3,455
3,466
3,472
3,542
629
584
645
634
606
647
717
960
3,383
3,491
3,506
3,985
401
387
391
406
2,914
2,876
2,925
3,037
1960—Jan
Feb
Mar
Apr
May. . . .
June... .
July
Aug
Sept
11,998
11,613
11,514
11,904
12,091
12,135
11,966
11.933
11,992
3,499
3,496
3,503
3,569
3,573
3,623
3,605
3,594
3,637
593
655
719
678
772
698
685
705
739
825
686
622
657
647
634
585
585
626
3,577
3,204
3,070
3,380
3,483
3,565
3,475
3,415
3,377
414
415
426
414
417
429
446
473
477
3,090
3,157
3,174
3,206
3,199
3.186
1939
1941
1945
C
DeOther
partCredit
retail
ment
cards 2
outlets
storesi
518
597
845
1' 322
3J70
3,161
3,136
c
Corrected.
1 Includes mail-order houses.
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.
2
1274
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
Other consumer
goods paper
Automobile paper
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Repair and
modernization loans
Adjusted
Unadjusted
Personal loans
Adjusted
Unadjusted
Extensions
31,558
31,051
39,039
40,175
42,545
40,818
48,476
1953
1954
1955
1956
1957
1958
19591
12,981
11,807
16,745
15,563
16,545
14,316
18.001
1,344
1,261
1,388
[,568
1,660
:1,890
1,087
9,227
9,117
10,634
11,702
11,747
11,638
13,512
8,006
8,866
10,272
11,342
12,593
12,974
14,876
Sept
Oct
Nov
Dec
4,172
4,219
4,083
4,046
4,061
4,185
3,928
4,686
1.521
1,622
1,466
1,377
1.515
1,564
1,313
1,293
1.138
1,124
1,133
1,146
i \r\
1,198
I 172
1,616
175
174
171
173
101
190
175
166
J 11R
1,299
1 313
1,350
1,233
I 268
1,611
1960 Jan
Feb.
Mar
Apr
May
June
July
4,217
4,115
4,119
4,437
4,209
4,202
4,227
4,029
4,082
3,534
3,723
4,201
4,457
4,335
4,561
4,141
4,301
3,965
1,535
1,560
1,555
1,652
1,543
1,501
1,418
1,411
1,389
1,278
1,427
,633
,697
,664
,738
,477
,576
,383
1,208
1,094
1,118
1,240
1,164
1,191
1,163
1,073
1,141
976
934
I 062
1,168
1,153
I 226
1,072
1 111
1,126
165
175
172
178
186
176
172
176
156
124
146
163
173
198
191
177
196
171
I 309
1,286
1 274
1,367
1,316
1 334
1,474
1,156
1,216
1,343
1,419
1,320
1,406
1,415
1959
Sept
1 36Q
1,396
418
1,285
Repayments
1953
1954
1955
1956
1957
1958
19591
1959
10 879
11,833
13,082
14,576
15,595
15,488
15,715
27,956
30,488
33,649
37,236
40,259
40,921
43.239
Sept
Oct
Nov
Dec
I960—Jan
Fcb
Mar
Apr
May.
June
July
Aug
Sept
..
1 tlQ
8 622
9,145
9,751
10,756
11,545
11,497
12,225
7 336
8,255
9,501
10,542
11,653
12,307
13,561
[,255
1,315
1,362
1,466
1,629
73R
3,660
3,697
3,700
3,776
3,609
3,726
3,626
3,927
1.315
1,341
1,311
1,361
1.333
,375
,303
,372
1.045
[,048
1,069
1,066
1 022
1,054
1,019
1,060
147
147
142
144
147
150
145
145
1.1 «tt
1,161
1,178
1,205
1.107
1,147
1,159
1,350
3,824
3,707
3.711
3,904
3,886
3,860
3,978
3,861
3,890
3,658
3,673
3,961
3,840
3,860
3,939
3,816
3,993
3,824
[,386
1,338
1,345
1,397
1,411
1,384
1,390
1,377
1.360
,300
,318
,434
,355
,401
,412
.338
1^444
1,375
1,089
[,046
1,042
,084
1,099
1,094
1,115
,085
[.101
1,090
1,066
1,119
1,086
141
143
144
147
150
153
155
152
146
137
1,208
I 180
1,180
1,276
1,226
1,229
[,318
[,247
.28.3
1,131
I 147
1,256
1,256
1,216
1,262
1,265
,281
.2.30
OQ5
1,112
1,064
1,111
1,073
142
152
143
148
153
149
157
146
Change in outstanding credit 2
+3,602
+563
+5 390
+2,939
+2,286
-103
+5,402
1953
1954
1955
1956 . .
1957
1958
19591
+2,102
-26
+ 3 663
+987
+950
-1,172
+2,353
+605
-28
+883
+946
+202
+ 141
+ 1,320
1959—Sept
Oct
Nov
Dec
+512
+522
+383
+270
+452
+459
+302
+759
+206
+281
+ 155
+ 16
+ 182
+ 189
+ 10
-79
+93
I960 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
+393
+408
+408
+533
+323
+342
+249
+ 168
+ 192
-124
+50
+240
+617
+475
+622
+ 325
+308
+ 141
+ 149
+222
+210
+255
+ 132
+ 117
+28
+34
+29
-22
+ 109
+ 199
+342
+263
+326
+ 139
+ 132
+ 119
+48
+76
+ 156
+8
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 these two months or for the year 1959 because
the differences do not reflect the effect of the introduction of outstanding
balances for these two States.
2 Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of
the BULLETIN for October
1956; for
1955-58, in the BULLETINS for
+76
+64
+80
+65
+97
+48
-12
+40
+ 101
+ 144
+ 153
+556
+28
+27
+29
+29
-114
-132
-57
+82
+58
+ 114
+24
+32
+28
+31
+36
+23
+ 17
+24
+ 10
+8
0
+53
+670
+611
+771
+800
+940
+667
+ 1,375
+225
+6
+73
+206
+ 194
+261
+354
+44
+40
+30
+21
-13
+4
+11
+30
+50
+38
+28
+39
+25
185
138
135
145
+ 125
+86
+ 109
+261
+ 101
+ 106
+94
+91
+90
+ 105
+ 156
+ 122
+ 113
+25
+69
+87
+ 163
+ 104
+ 144
+ 150
+ 137
+55
+
+
+
+
December 1957, pp. 1420-22, and November 1959, p. 1418.
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.
1275
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 monthlyfiguresfor seasonal variation and differences in trading days]
Total
Other financial
institutions
Sales finance
companies
Commercial banks
Retail outlets
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Adjusted
Unadjusted
Extensions
31,558
31,051
39,039
40,175
42,545
40,818
48,476
1953
1954
1955
1956 i
1957 i
1958 i
1959 1,2
12,099
11,267
14,109
14,463
15,355
14,860
17,522
1959 Sept
Oct
Nov
Dec
4,172
4,219
4,083
4,046
4,061
4,185
3,928
4,686
1.510
,521
,440
,424
1,473
1,482
1,322
1,425
941
992
900
860
950
973
843
886
I960
4,217
4,115
4,119
4,437
4,209
4,202
4,227
4.029
4,082
3,534
3,723
4,201
4,457
4,335
4 561
4,141
4,301
3,965
,519
,495
,441
,512
,489
,460
,447
.439
1,447
1,346
1,393
1,511
1,600
1,584
1,627
1,430
1,530
1,407
985
973
951
1,039
949
917
905
870
870
802
860
967
1,008
983
1,050
955
989
Jan i1
Feb.
Mar.!
Apr.!
May
July
Sept
879
5,524
5,541
6,281
6,638
6,495
6,563
7,912
6,375
6,983
8,449
9,474
10,495
10,488
12,035
7,560
7,260
10,200
9 600
10,200
8,907
11,007
1 069
,053
,068
,096
996
1,014
1,052
1,314
652
653
675
666
642
716
711
1,061
,063
,058
,068
.144
f,114
1,114
1,240
1,137
1,122
912
1,112
,155
1,120
1,171
,200
1,185
1,045
650
589
659
742
657
711
635
583
643
474
474
611
694
648
713
556
597
634
996
Repayments
1953
1954
1955
1956
1957
1958
1959
i
i
i
1,2
1959
10,625
11,469
12,304
13,362
14,360
14,647
15,406
27,956
30,488
33,649
37,236
40,259
40,921
43,239
Sent
Oct
Nov
Dec
I960—Jan. 1
Feb l
Mar.i
Apr i
May
June
July
Aug
Sept
5,683
6,511
7,553
8,603
9,673
10,010
10,917
6,344
7,043
7,901
8,943
9,727
9,774
9,623
5,304
5,465
5,891
6,328
6,499
6,490
7,293
3,660
3,697
3,700
3,776
3,609
3,726
3,626
3,927
1 %\1
1,326
1,312
1,331
1,306
1,329
1,286
1 356
804
816
794
832
807
851
797
858
930
935
943
970
892
925
933
1,092
614
620
651
643
604
621
610
621
3,824
3,707
3,711
3,904
3 886
3,860
3,978
3,861
3,890
3,658
3,673
3,961
3,840
3 860
3,939
3,816
3,993
3,824
1,389
1,340
1,321
1 349
1 379
1*359
1,386
1,343
1,352
1,323
1,325
1,394
1,337
1 389
1,390
1,337
1,406
1,343
844
808
821
779
792
886
841
843
849
838
909
867
970
953
956
1,035
914
929
1,012
1,012
621
606
613
642
655
651
638
631
634
642
627
669
650
642
664
610
632
621
878
862
841
876
859
866
990
986
1,009
1,078
1,028
1,038
1,036
1,031
1,046
993
Change in outstanding credit3
+ 3,602
+563
+5,390
+2,939
+2,286
— 103
+5,402
1953
1954
1955
1956 i
1957 i
1958 i
1959 1,2
+ 1,474
-202
+ 1,805
+ 1,176
+ 1,066
— 63
+2,142
+692
+472
+896
+871
+822
+478
+ 1,194
+ 1,216
+217
+2,299
+657
+473
— 833
+ 1,405
+220
+76
+390
jr
+315
+661
Sept
Oct .
Nov
Dec
+512
+522
+383
+270
+452
+459
+302
+759
+ 198
+ 195
+ 128
+93
+ 167
+ 153
+36
+69
+ 137
+ 176
+ 106
+28
+ 143
+ 122
+46
+28
+
+
+
+
139
118
125
126
+ 104
+89
+ 119
+222
+38
+33
+24
+23
+38
+95
+ 101
+440
1960 Jan.*
Feb i
Mar.i
Apr i
May
June
July
+393
+408
+408
+533
+323
+342
+249
+ 168
4 192
-124
+50
+240
+617
+ 475
+622
+ 325
+ 308
-f 141
+251
+ 155
+ 144
+68
+ 163
+ 110
+ 101
+61
+96
+95
+5
+263
+ 195
+237
+93
+ 124
+64
+ 141
+205
+ 130
+241
+87
+76
+29
+ 11
+4
+23
+ 108
+81
+247
+ 140
+201
+ 117
+ 80
+ 12
+93
+ 105
+ 112
+ 109
+ 124
+ 105
+ 162
+ 109
+ 84
-2
+67
+ 100
+ 143
+ 134
+ 135
+ 169
+ 139
+ 52
-92
-57
+ 158
+20
+2
+60
-3
-48
+9
-289
-193
+54
-36
+6
+49
-54
-35
+ 13
1959
Aug
Sept
. .
+8
1 Data on extensions and repayments have been adjusted to avoid
duplications 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 these two months or for the year 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
the BULLETIN for October
1956; for
1955-58, in the BULLETINS for
December 1957, pp. 1421-22, and November 1959, p. 1419.
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.
1276
INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 =100
[Seasonally adjusted)
Grouping
Annual
average
1959
1960
1958 1959 Sept. Oct. Nov. Dec. Jan. Feb.
Mar. Apr. May June July Aug. Sept.
INDUSTRY GROUPINGS
141
159
157
155
156
165
168
166
166
165
167
166
166
165
162
139
141
141
120
244
158
165
155
126
268
156
158
159
119
272
154
155
157
120
272
154
156
157
126
274
164
174
158
130
278
168
180
159
128
280
166
178
157
126
282
165
175
158
125
288
164
172
159
129
288
166
174
161
128
285
165
171
163
128
289
165
172
163
128
290
163
169
162
M29
'29 3
161
166
160
126
294
Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
110
99
94
125
138
125
113
107
142
150
92
58
38
144
149
87
56
38
135
138
113
101
95
130
136
145
145
148
143
149
148
147
149
148
156
143
140
142
148
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
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
166
140
117
175
197
112
376
175
197
169
141
212
229
148
390
209
204
ill
148
224
230
151
386
218
202
175
147
221
229
152
378
220
196
171
145
213
184
92
378
220
200
177
147
227
217
137
375
223
212
180
148
232
251
186
365
220
211 209
177 178
147 147
227 227
250 243
184 173
366 371
218 ! 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
r
168
'367
'227
205
173
143
222
239
171
368
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
124
137
110
143
159
125
144
162
124
143
161
123
142
159
123
144
160
127
143
158
127
143
159
126
138
153
122
143
159
126
142
160
122
144
164
120
145 r139 136
165 162 156
122 ^113 112
Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures
126
137
116
147
164
133
149
165
136
150
166
136
150
168
135
152
172
136
153
173
136
152
171
136
152
166
139
154
174
138
157
111
140
158
ill
143
755
177
143
r
150
169
133
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
117
109
129
109
136
126
153
119
137
127
154
117
136
123
156
117
137
124
159
116
139
124
160
118
138
124
157
119
135
124
155
110
136
123
158
111
137
122
161
111
140
126
162
116
141
128
162
116
140
126
163
115
r
139
125
161
116
133
120
155
Paper and printing
Paper and products
Printing and publishing.
Newspapers
142
155
133
126
154
170
143
135
158
175
148
138
157
175
146
137
155
167
147
137
158
173
148
140
159
176
148
139
158
173
148
137
157
171
147
136
158
173
148
139
160
174
152
142
160
172
152
143
161
173
153
142
161
Chemical, petroleum, and rubber products.
Chemicals and products
,
Industrial chemicals
Petroleum products
Rubber and plastics products
188
210
247
148
166
215
240
298
158
200
223
250
315
159
209
218
245
307
159
201
217
245
309
158
198
219
249
313
153
203
222
250
314
157
206
219
248
311
153
204
220
251
317
154
201
225
256
318
161
201
227
258
322
161
205
233
263
331
167
214
232
263
331
172
204
153
141
230
261
333
r
l68
201
161
173
153
140
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
123
123
125
112
121
128
128
131
117
127
130
130
131
125
126
128
128
129
119
130
129
129
132
116
127
129
130
133
114
131
131
131
134
120
130
129
130
132
117
123
130
130
133
117
129
130
131
133
117
133
132
132
134
122
131
132
132
134
122
131
132
132
134
122
126
131
132
134
120
130
Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids..
Oil and gas drilling....
117
68
140
138
129
196
152
122
68
147
145
135
211
159
120
61
146
144
134
212
162
121
63
147
145
135
215
160
124
71
149
146
136
215
164
126
78
149
146
135
219
164
124
75
147
145
135
121
69
145
144
134
120
71
143
143
133
122
72
145
145
133
121
71
144
143
132
122 122 "123 120
64
64
63
65
148 '149 '149 146
147 148 '149 146
137 137 •138 134
159
146
136
138
144
145
143
144
144
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
142
114
171
147
109
187
118
53
189
120
57
188
142
94
192
152
111
196
153
119
188
157
131
183
159
143
175
172
146
199
770
142
198
167
133
201
167
r
130
205
167
133
202
162
128
198
244
244
270
265
278
259
275
263
275
272
279
283
279
280
288
286
284
289
291
296
145
140
165
138
162
155
188
157
165
158
194
149
' 165
157
194
i 146
162
154
192
152
166
159
194
165
170
164
195
167
167
160
194
166
167
160
196
164
168
162
194
163
171
164
197
162
171
165
196
Total index,
Manufacturing, total.,
Durable
Nondurable
Mining
Utilities
Durable Manufactures;
155
173
141
Nondurable Manufactures
mi
226
257
i<38'
132
132
134
Mining
Utilities
Electric.
Gas
SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
r
Revised.
170 r 169 i 168
164 162 j 161
198 196 | 195
161 161 ! 159 ; 157
r
INDUSTRIAL PRODUCTION
1277
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 = 100
[Without seasonal adjustment]
Grouping
Annual
average
1959
1960
1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr
May June July
Aug. Sept.
INDUSTRY GROUPINGS
Total index. .
141
159
159
160
157
162
168
169
168
167
166
166
157
162
164
139
141
141
120
244
755
165
155
125
268
158
157
163
120
159
159
164
122
156
158
159
126
161
\1A
151
129
167
181
156
128
168
181
158
126
167
179
158
125
166
175
161
128
166
174
161
128
165
172
162
129
755
160
153
124
160
160
165
755
165
164
128
Primary and fabricated metals
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
110
99
94
125
138
125
114
107
142
150
56
38
151
150
57
40
139
141
102
96
133
140
142
141
145
143
154
149
150
152
146
156
147
148
148
146
154
144
143
143
144
153
136
132
129
142
150
131
121
116
145
154
127
114
106
146
157
113 '775
93
87
143 148
154 M58
720
99
90
151
159
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
166
140
117
175
197
112
376
175
197
169
141
212
228
147
390
209
198
178
145
233
210
125
382
218
205
179
145
234
231
155
376
221
189
173
143
222
192
103
376
222
204
178
148
226
230
154
377
225
216
181
150
229
262
199
373
220
217
182
152
232
261
196
374
220
275
183
153
231
253
183
379
223
209
178
149
222
245
174
372
220
210
177
149
222
247
176
378
221
206 795 755
178 '168 '169
149 145 139
223 203 r216
237 220 r 197
174 149 l ll7
346 359 |'359
223 219 i'•223
799
174
141
229
220
146
363
223
Clay, glass, and lumber
Clay, glass, and stone products
Lumber and products
124
137
110
143
159
125
755
169
136
752
168
135
742
160
122
755
155
111
757
149
111
755
151
119
755
149
115
742
158
124
745
164
125
752 '142 r148
168 162 168
133 117 '125
744
163
122
Furniture and miscellaneous.
126
137
116
747
164
133
757
171
144
755
174
145
755
171
142
754
175
137
749
170
131
757
170
134
757
166
138
150
170
133
757
170
136
755
173
140
750
169
133
759
177
144
755
176
142
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
777
109
129
109
136
126
153
119
136
127
152
119
142
131
162
118
755
127
159
113
725
117
140
108
740
127
160
121
745
127
170
122
742
124
165
121
744
127
171
112
742
128
167
110
755
127
154
113
724 744
112 125
143 '•171
103 122
750
118
149
Paper and printing
Paper and products....
Printing and publishing.
Newspapers
142
155
133
126
154
170
143
135
160
176
150
139
755
186
152
148
759
170
152
149
752
156
149
138
755
172
144
128
755
177
146
133
757
177
150
141
752
178
151
148
752
174
153
151
757
176
151
143
749
156
145
124
755
174
156
Chemical, petroleum, and rubber products
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
188
210
247
148
166
275
240
298
158
199
224
251
312
163
212
222
249
310
158
211
275
246
310
156
203
275
244
313
157
194
223
250
314
157
216
224
252
322
155
215
226
257
326
153
211
262
325
157
207
227
260
325
158
201
231
262
326
167
207
275
248
312
171
177
Manufacturing, total
Durable
Nondurable
Mining
Utilities
Durable Manufactures
F u r n i t u r e and fixtures
Misc. m a n u f a c t u r e s . . . . . . . .
Nondurable Manufactures
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
123
123
125
112
121
725
128
131
117
127
742
143
147
126
131
759
138
143
120
139
757
131
137
106
127
725
124
130
101
106
725
123
128
98
130
727
121
125
102
124
122
124
Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids. .
Oil and gas drilling....
777
68
140
138
129
196
152
722
68
147
145
135
210
159
779
64
144
141
132
203
166
727
68
145
143
133
209
161
724
74
147
145
134
221
162
725
76
152
150
138
230
166
725
74
152
150
139
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
142
114
171
146
107
188
729
62
201
128
63
198
755
86
193
757
89
189
244
244
270
265
284
267
265
145
140
165
138
162
155
188
157
168
161
193
151
170
165
192
150
162
154
189
154
129
125
125
124
127
729
129
128
134
135
135
134
133
144
143
725
70
150
151
139
725
71
146
148
137
722
70
145
147
135
779
69
142
142
131
129
131
141
757
94
757
108
167
747
117
164
755
138
195
283
297
290
293
162
153
194
163
169
162
197
167
170
162
198
168
170
161
200
166
755
r174
148
126
226
257
320
r
173
191
228
257
172
r
133
134 142
135 "144
131 132
116 139
146
151
779
66
144
143
133
775 r727
51
68
143 -•145
142 144
r
132 133
779
67
144
143
132
149
147
755
163
202
757
164
210
181 755
r
i49
213 "214
779
148
211
281
269
279
288
169
162
197
164
169
162
198
163
171
164
197
162
163 168
155 163
193 191
151 157
Mining
163
147
Utilities
Electric..
Gas
303
SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
' Revised.
171
165
194
158
1278
INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957=100
[Seasonally adjusted]
Grouping
Total index
Manufacturing, total
Durable
Nondurable
Mining
Utilities
1957
proportion
Annual
average
1959
1958 1959 Sept. Oct.
1960
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May June July
Aug. Sept.
00.00
93
105
103
102
103
109
111
110
109
109
110
109
110
108
107
86.49
49.66
36.83
8.55
4.96
92
87
100
91
105
105
102
110
95
115
104
97
113
91
117
102
96
111
91
117
102
96
111
96
118
109
107
112
98
120
112
111
113
98
120
110
109
112
96
121
110
108
112
95
124
109
106
113
98
124
110
107
115
97
122
110
105
116
97
124
110
106
116
r
98
125
109
104
115
'98
r
126
107
102
114
96
126
110 113
114 115
119 119
105 109
100 104
109
110
114
108
104
106
106
109
107
102
101
99
100
104
101
100 96
94
88
92
84
108 108
104 106
95
85
80
109
107
93
83
76
108
107
91
80
72
106
105
Durable Manufactures
Primary and fabricated metals
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
13.15
7.73
6.21
5.42
2.91
95
90
86
104
101
70
45
30
106
99
67
44
31
99
92
86
79
76
95
91
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
105
108
104
113
98
103
93
117
104
107
103
112
98
104
91
118
96
104
102
108
79
63
91
119
103
108
103
115
93
94
90
120
110
104
118
108
127
88
118
108
103
115
107
126
88
117
108
108
104
115
104
118
89
119
106
107
102
114
102
115
89
117
109
109
104
115
106
120
92
120
107
109
105
114
102
120
84
121
108 106
110 107
107 r 103
114 l 13
102 r102
113 115
90
121
106
106
101
112
102
117
89
119
r
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.57
2.92
1.65
97
95
100
111
110
113
112
112
113
111
111
111
111
110
112
113
111
115
112
110
115
112
110
115
108
106
110
112
110
114
111
111
110
112
114
109
113
114
109
112
'102
106
108
102
Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures
2.96
1.48
1.48
96
96
95
112
115
109
113
115
111
114
116
111
114
118
111
116
120
111
116
121
112
115
119
111
115
116
114
117
122
113
119
124
115
120
123
117
120
124
117
118
121
114
118
109
Textile, apparel, and leather products
Textile mill products
Apparel products
Leather and products
7.32
2.78
3.44
1.10
99
98
101
97
115
113
120
106
116 115
114 111
121 122
105 104
116
111
125
104
117
111
126
105
116
112
124
106
114
111
122
98
115
111
124
99
116
110
127
99
118
113
127
104
119
115
127
104
119
113
128
103
118
112
'127
103
113
108
122
Paper and printing
Paper and products
Printing and publishing
Newspapers
7.93
3.27
4.66
1.53
99
101
98
96
108
111
105
104
HI
114
108
106
110
114
107
105
109
109
108
104
111
113
109
107
111
115
109
106
110
113
109
105
110
111
108
104
110
113
109
106
113
111
108
112
112
112
109
112
112
112
108
112
112
113
108
113
112
113
107
Chemical, petroleum, and rubber products
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
10.95
7.10
3.61
1.93
1.91
99
100
98
99
95
113 117
114 119
118 125
105 106
114 120
115
117
122
106
115
114
117
123
105
113
115
118
124
102
116
116
119
125
104
118
115
118
124
102
117
116
119
126
103
115
118
122
126
107
115
123
128
107
122
125
132
111
122
122
125
131
115
117
121
124
132
119
122
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
10.64
9.87
8.31
1.56
.77
102
102
102
102
106
107 108
106 108
106 107
106 113
112 til
106
106
105
108
114
107
107
107
105
111
108
107
108
104
115
109
109
109
109
114
107
107
107
106
108
108
108
108
106
113
109
108
108
106
116
110
109
109
111
115
110
109
109
110
115
110
110
109
111
111
109
109
109
109
114
no
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
92
83
94
94
93
100
89
96
82
99
99
98
106
93
94
74
98
99
97
107
95
95
16
99
99
98
109
94
97
87
100
100
99
109
96
99
94
100
100
98
111
96
97
91
99
100
98
95
78
99
101
99
96
78
100
102
100
r
96
'80
100
102
100
94
11
98
100
97
85
84
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.50
.70
.80
91
83
98
94
11
108
76
39
109
77
42
108
91
68
110
113
3.76
1.20
104
105
115
114
119
118
113
118
117
119
122
Nondurable Manufactures
109
109
Mining
95
87
97
100
97
93
85
80
84
85
84
98
87
108
101
95
106
102
104
101
111
106
115
109
103
114
107
97
116
707
r94
119
120
123
122
121
123
124
107 104
93
96
118 -•116 114
Utilities
Electric
Gas
For notes see opposite page.
126
1279
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957-100
[Seasonally adjusted]
1957
proportion
Grouping
100.00
46.75
Total index
Annual
average
1958 1959
1959
1960
Sept. Oct. Nov. Dec. Jan.
Feb.
Mar. Apr. May June July
Aug. Sept.
93
105
103
102
103
109
Ill
110
109
109
110
109
110
108
107
107
110
100
104
109
112
103
99
109
112
103
97
106
109
109
113
110
113
104
108
HI
115
102
108
112
117
104
107
777
115
777
114
102
109
110
113
102
109
772
116
101
100
112
116
103
110
112
31.13
15.62
53.25
95
99
87
91
Automotive products
Autos
Auto parts and allied products
3.35
2.03
1.32
83
71
100
103
96
113
98
89
114
105
98
117
73
48
111
99
87
117
127
134
117
122
125
117
114
113
116
117
116
119
121
122
119
121
123
Home
9.60
4 40
1.75
1.26
49
1.18
1.47
5.20
98
96
94
99
83
98
97
100
116
115
114
119
102
119
113
116
119
121
125
130
111
121
118
117
119
121
124
129
113
120
118
118
120
121
122
Y2A
133
138
98
120
114
119
143
108
122
116
120
121
123
130
139
106
122
117
118
116
117
117
121
105
118
116
116
116
114
112
114
107
114
116
118
119
117
115
116
114
121
116
120
121
121
\?6
18.18
8.11
2.32
2 73
1.44
3.45
1 19
2.26
1.57
102
102
103
102
99
105
98
108
108
108
106
108
111
106
113
104
117
118
110
107
112
115
110
113
101
120
123
109
104
110
114
108
114
100
121
123
110
107
107
114
109
116
105
122
123
110
107
107
114
109
116
103
123
122
112
109
111
115
110
117
104
123
122
110
107
106
114
109
117
105
124
122
112
108
108
115
110
120
105
128
127
85
82
88
89
100
100
97
104
98
115
103
101
109
97
129
104
101
111
97
112
102
102
112
93
106
104
104
113
96
105
106
104
114
106
109
105
104
113
103
97
86
77
86
95
100
101
103
107
91
105
101
105
88
95
103
102
93
76
107
107
102
106
101
107
110
121
107
109
25.44
8.87
97
707
Nondurable materials n.e c
117
107
106
107
117
108
109
107
110
117
111
98
101
97
98
107
108
109
107
115
107
2.91
5.96
7.05
113
111
119
Business fuel and power
Mineral fuels
Nonresidential utilities . . .
Electricity
General industrial
Atomic energy
Commercial and other
Gas
. .
9.52
6 29
2.70
2.19
.99
.08
1.12
51
94
100
104
92
96
Equipment, including defense
117
103
106
104
106
103 '103
105 104
774
108
122
775
114
118
779
119
118
121
120
118
775
112
120
118
123
120
122
121
109
122
122
121
779 '777
117 '114
113 '108
119 '116
87
97
118 119
121 118
121 '119
113
108
110
118
112
121
108
128
126
775
109
112
120
113
118
105
125
124
114
110
112
122
113
120
107
127
126
775 114
110 '109
111 111
122 120
116 115
122 123
109 108
129 130
129 131
114
109
105
104
115
102
93
104
102
115
101
89
106
104
117
105
89
705
103
120
99
89
106
104
121
101
88
705
103
121
'95
'83
705
101
120
101
109
120
107
108
107
117
106
105
105
110
104
105
115
104
110
702
115
707 700
110 '106
99
111
110
111
111
111
119
110
110
110
110
111
109
120
109
109
109
120
109
108
110
120
103
103
103
Consumer Goods
goods
and
apparel
. . . .
Home goods
Appliances, TV, and radios
Appliances . . .
TV and home radios
Furniture and rugs
Misc home goods
Apparel incl. knit goods and shoes
Consumer staples
Processed foods
Beverages and tobacco
Drugs soap, and toiletries
Newspapers, magazines, and books
Consumer fuel and lighting
Residential utilities .
Electricity
.
.
.
120
118
107
112
93
119
114
113
119
117
106
1/V7
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment
Farm equipment
12.16
7.29
2.46
1.83
.58
87
3.46
Materials
Durable goods materials
Consumer durable
Construction
Nondurable materials
Business supplies
Containers
27.81
3 67
8.10
9.05
6.99
102
102
98
97
105
102
90
102
110
110
110
98
94
98
95
101
112
109
110
102
110
111
772
98
111
108
113
123
'777
113 '111
113 '111
113 112
123 '122
110
108
111
119
102
103
103 '104
10?
99
96
122
113
117
117
114
95
121
102
96
118
118
116
95
121
97
117
117
114
97
121
118
120
120
118
95
124
120
120
115
96
126
120
119
114
96
125
121 '120
121 121
117 117
95
96
126 127
100
112
114
112
125
113
119
112
114
113
117
114
121
115
121
115
113
113
110
97
118
113
113
114
106
97
122
109
114
114
106
97
110
110
111
112
114
111
98
96
98
106
110
110
107
112
121
97
114
116
109
97
123
109
101
109
96
109
'98
95
116 115
116 '115
115
114
97
122
123
118
96
130
.33
.18
Supplementary groups of consumer goods
Automotive and home goods
Apparel and staples
7.75
23.38
' 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
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.
1280
INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957 = 100
[Without seasonal adjustment]
Grouping
Total index.
Manufacturing, total
Durable
Nondurable
Mining
Utilities
1957
proportion
Annual
average
1959
1960
1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Aug. Sept
100.00
93
105
105
105
104
107
111
111
111
110
109
109
103
107
108
86.49
49.66
36.83
8.55
4.96
92
87
100
91
105
105
102
110
95
115
105
97
116
91
106
98
117
92
104
97
113
96
107
107
107
98
111
111
111
97
112
112
112
96
111
110
113
95
110
108
114
97
110
107
115
97
110
106
116
98
103
107
98
117
98
108
102
117
97
90
r99
109
94
Durable Manufactures
Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products.
Structural metal parts
13.15
7.73
6.21
5.42
2.91
95
90
86
104
101
71
44
30
110
100
68
45
32
102
94
87
80
77
97
93
109
111
116
105
103
113
118
122
107
104
112
116
118
107
103
110
112
114
106
102
104
104
103
104
100
100
95
93
106
103
97
89
85
107
105
86
13
69
105
103
72
109
105
91
78
72
110
106
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
102
109
102
118
90
85
92
117
106
109
102
119
99
106
91
119
98
105
100
113
82
70
91
119
106
109
104
115
98
105
91
121
112
110
106
116
112
136
90
119
112
111
107
117
112
134
90
118
HI
112
108
117
108
125
91
120
108
108
105
113
105
119
90
118
108
108
105
112
106
120
91
119
107
108
105
113
101
119
83
120
101
102
102
103
94
102
87
118
97
103
98
109
'84
80
'86
'120
103
106
99
116
94
100
88
120
HI
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.57
2.92
1.65
97
95
100
HI
110
113
119
117
123
119
116
122
111
111
111
105
108
100
102
103
101
106
105
108
104
104
104
111
110
112
113
113
114
118
117
120
110
113
106
116
••114
112
113
111
Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures
2.96
1.48
1.48
96
96
95
112
115
109
119
120
118
120
122
119
118
119
116
117
112
113
119
107
115
119
110
114
116
113
114
119
109
115
119
111
118
121
115
114
119
109
121
124
118
120
123
116
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
7.32
2.78
3.44
1.10
99
98
101
97
115
113
120
106
115
114
119
106
120
117
127
105
117
114
125
101
106
105
110
96
118
114
126
107
123
114
134
109
120
112
130
108
122
114
135
100
120
115
131
98
115
114
121
101
105
100
113
92
122
110
106
117
Paper and printing
Paper and products
Printing and publishing.
Newspapers
7.93
3.27
4.66
1.53
99
101
98
96
108
111
105
104
112
115
110
107
115
121
111
113
111
111
112
108
112
106
98
110
115
107
102
112
115
110
108
113
116
111
113
113
113
113
116
112
114
111
110
104
101
107
95
mi
114
106
102
110
106
Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
10.94
7.10
3.61
1.93
1.91
99
100
98
99
95
113
114
118
105
114
118
119
124
109
121
117
119
123
105
121
115
117
123
104
116
116
124
104
111
117
119
125
104
124
118
120
128
103
123
118
122
129
102
121
120
125
129
104
118
119
124
129
105
115
121
125
130
111
119
118
124
114
101
122
127
'115
109
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
10.64
9.87
8.31
1.56
.77
102
102
102
102
106
107
106
106
106
112
118
119
119
115
115
115
115
116
109
122
109
109
111
96
111
102
103
105
91
93
102
101
104
89
114
101
100
101
93
109
102
101
101
103
113
104
104
102
113
112
107
107
104
122
119
112
111
108
130
125
110
111
109
'119
102
118
118
117
120
122
121
121
123
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
92
83
94
94
93
100
89
96
82
99
99
98
106
93
93
78
97
97
96
103
97
95
83
97
98
96
106
94
97
90
99
99
97
112
95
100
92
102
102
100
117
97
100
89
102
103
101
98
85
101
103
101
96
87
98
102
99
95
85
97
101
98
r94
93
81
96
98
96
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
1.50
.70
.80
91
83
94
11
108
83
45
116
82
46
114
62
111
88
64
109
3.76
1.20
104
105
115
114
121
114
113
121
m
Nondurable Manufactures
\n
134
108
113
109
97
114
113
114
108
120
122
" i is"
Mining
'83
'97
r99
'97
77
83
86
106
100
112
117
118
116
120
119
121
120
115
119
86
116
108
123
r
'•111
r
123
Utilities
Electric.
Gas....
For notes see opposite page.
127
124
125
123
129
115
107
122
1281
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Without seasonal adjustment]
Grouping
Total index.
Final products, total
Consumer goods
Equipment, including defense.
Materials
1957
proportion
Annual
average
1959
1960
1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Aug. Sept
100.00
105
105
105
104
107
111
111
111
110
109
109
103
107
108
46.75
31.13
15.62
53.25
107
110
100
104
110
114
102
100
112
117
101
99
106
109
100
102
106
108
103
108
111
115
104
110
112
115
104
111
112
114
106
110
111
115
104
109
111
115
105
108
112
116
104
107
107
110
102
100
111
115
101
104
112
117
102
105
84
126
Consumer Goods
Automotive products
Autos
Auto parts and allied products...
3.35
2.03
1.32
83
71
100
103
96
113
80
53
121
111
105
120
76
55
107
103
98
111
136
149
116
133
143
118
124
129
116
123
126
118
124
126
120
125
127
121
103
94
116
83
60
117
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
98
96
94
99
83
98
97
100
116
115
114
119
102
119
113
116
122
127
130
127
139
123
126
117
125
129
131
121
157
126
129
122
119
120
119
116
125
123
121
118
112
117
114
118
102
125
113
107
118
115
116
120
106
120
110
120
123
121
127
136
106
121
114
125
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
707
105
'95
107
63
112
112
109
720
7/5
118
112
98
121
120
127
117
122
122
112
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
18.18
8.11
2.32
2.73
1.44
3.45
1.19
2.26
1.57
.69
102
102
103
102
99
105
98
108
108
107
108
106
108
111
106
113
104
117
118
115
117
120
115
118
113
114
103
114
115
113
117
110
109
99
110
111
101
116
109
112
104
108
105
92
113
109
120
107
109
103
97
115
109
127
108
108
101
98
114
109
124
105
109
100
107
117
112
123
103
110
102
112
118
112
119
103
111
104
121
118
112
113
103
114
108
129
120
111
115
106
113
110
113
114
113
119
108
•119
121
113
115
129
141
136
136
126
114
116
122
128
89
100
100
97
104
98
115
103
102
110
92
112
103
102
112
93
111
101
100
113
89
94
105
105
115
93
101
107
104
115
104
112
106
103
115
106
107
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
r
92
'75
104
102
121
96
78
100
101
103
107
91
101
101
110
90
101
102
107
94
85
102
102
107
115
108
103
110
128
109
103
110
128
109
103
108
121
108
102
106
109
104
108
105
110
103
111
104
109
98
114
96
96
97
109
97
91
97
112
700
107
118
121
122
116
122
110
121
123
121 '
120
io9
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment.
12.16
7.29
2.46
1.83
.58
3.46
Materials
Durable goods materials.
Consumer durable
Equipment
Construction
Metal materials n.e.c
27.81
3.67
8.10
9.05
6.99
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
25.44
8.87
2.91
5.96
7.05
97
98
101
97
98
107
108
109
107
115
109
113
118
111
117
109
113
114
112
120
109
110
103
113
120
108
106
97
110
116
111
108
105
109
121
111
109
108
109
123
112
111
109
112
123
112
113
111
113
123
111
112
110
113
122
HI
112
114
112
121
104
104
106
103
112
111
111
118
108
119
110
114
115
113
117
9.52
6.29
2.70
2.19
.99
.08
1.12
.51
94
92
102
102
98
97
105
102
100
96
113
113
110
97
118
113
99
93
98
95
101
97
105
100
105
100
104
99
104
98
102
97
101
94
101
94
99
90
104
102
94
121
110
97
133
115
109
97
122
112
108
97
116
115
114
97
118
117
115
96
120
115
113
95
117
118
118
95
119
116
115
96
118
116
115
96
118
121
117
95
128
124
112
96
136
131
119
96
90
102
110
110
107
117
121
116
101
112
108
124
112
126
112
122
112
120
113
120
113
121
115
104
112
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Atomic energy
Commercial and other.
Gas
Industrial
Commercial and other.
143
.33
• 18
Supplementary groups of consumer goods
Automotive and home goods.
Apparel and staples
7.75
23.38
r
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. Detailed description and historical data are available
in Industrial Production—1959 Revision (for announcement of that publication, see the BULLETIN for June 1960, p. 632). Figures for individual
r99
121
119
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.
1282
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49 =100, unless otherwise indicated]
Industrial production
Manufacturing3
Construction
contracts 1
Nonagricul-
Major market groupings
Major industry
groupings
Year or
month
Final products
Total
ManufacMinturing
ing
Utilities
Total
MateConrials
sumer Equipgoods ment
Residential
Adj.
Adj.
Adj.
Adj.
Adj.
Adj.
Adj.
Adj.
1947
1948
1949
1950
1951
1952
99
103
98
113
123
127
99
103
97
113
123
127
101
106
94
105
115
114
91
101
108
123
140
152
99
102
99
112
121
130
98
101
101
115
114
116
100
105
94
102
142
170
100
104
96
114
124
125
86
98
116
185
170
183
1953
1954
1955
1956
1957
1958
1959
138
130
146
151
152
141
159
139
129
145
150
150
139
158
117
113
125
166
178
199
138
132
144
124
123
136
182
161
172
137
128
147
132
132
218
233
150
152
139
141
188
189
120
126
244
268
145
162
140
156
165
188
1959 Sept .
Oct
Nov
Dec
157
155
156
165
156
154
154
164
119
120
I960 Jan
Feb
Mar .
Apr
May
June
July
Aug
Sept
Oct
168
166
166
165
167
166
166
165
162
^162
168
166
165
164
166
165
165
163
161
neo
Prices
ployEmment— ploytotal* ment
All
other
DepartFreight ment
carstore
sales
load(retail Conings
value) sumer
Payrolls
Wholesale
commodity
Adj. Unadj.
Adj.
Adj.
83
105
111
142
172
183
9 9 . 4 103.4 97.7
101.6 102.8 105.1
99.0 93.8 97.2
102.3 99.6 111.7
108.2 106.4 129.8
110.4 106.3 136.6
108
104
88
97
101
95
98
104
99
107
112
114
95 5
102.8
101.8
102 8
111.0
113.5
96.4
104.4
99.2
103.1
114.8
111.6
178
232
280
201
204
248
151
151
•99
100
•98
100
138
157
113
132
107
101
113.6
110.7
114.4
118.3
119.2
115.5
118.8
149
146
135
139
152
101
100
102
Unadj. Unadj.
272
272
165
165
158
157
194
194
126
274
162
154
192
130
279
166
159
194
165
91
77
129
126
125
129
128
128
128
129
126
*>126
280
282
288
288
285
289
'290
293
294
?294
170
167
167
168
171
171
170
169
168
*>168
164
160
160
162
164
165
164
162
161
P162
195
194
196
194
197
196
r
198
196
195
^195
167
166
164
163
162
161
161
159
157
*>156
85
91
119
136
134
137
122
132
118
79
79
110
118
118
125
142
117
116
e
r
Estimated.
* Preliminary.
Revised.
Adj. = adjusted for seasonal variation. Unadj. = without seasonal
adjustment.
•See note 1.
* Indexes beginning with 1956 are based on data for 48 States from
F. W. Dodge Corporation, 1957=100. Figures for earlier years are
three-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
Adj.
80
Unadj. Unadj.
111.8
101.8
105.6
106.7
104.4
94.3
98.9
151.4
137 7
152.9
161.4
162 7
148.7
167.3
96
86
95
97
90
78
81
118
118
128
135
135
136
144
114.4
114 8
114.5
116.2
120 2
123.5
124.6
110.1
110.3
110.7
114.3
117.6
119.2
119.5
119.2 98.3
118.9 97.3
119.4 98.4
120.4 100.4
169.1
165.9
166.8
175.4
72
74
81
91
144
147
146
146
125.2
125.5
125.6
125.5
119.7
119.1
118.9
118.9
175.5
173.9
172.6
168.8
171.5
172.5
169.0
r
169.2
172.0
2*171.2
90
86
83
84
83
77
73
75
73
78
146
142
138
154
141
145
149
143
P144
«150
125.4
125.6
125.7
126 2
126.3
126.5
126.6
126.6
126.8
119.3
119.3
120.0
120.0
119.7
119.5
119.7
119.2
119.2
119.7
120.9
121.1
120.8
121.5
121.4
121.5
121.5
'121.3
121.1
P120.8
101.4
101.4
100.8
100.8
100.9
100.3
99.6
r
98.3
98.5
*97.7
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 Stales, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
1958
1959
1960
1959
Annua 1 totals
Type of ownership and
type of construction
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Total construction
35,090 36,269 3.058 3,135 2,373 2,224 2,193 2,240 3,046 3,360 3,337 3,472 3,597 3,295 3,119
By type of ownership:
Public
Private
914
701
702 1,075 1,067 1,025 1,237 1,413 1 018
840
711
727
13,427 11,068
21,663 25,201 2,218 2,220 1,672 1,513 1,466 1,537 1,971 2,293 2,312 2,236 2,184 2,277
By type of construction:
Residential
Nonresidential
Public works and utilities
14,696 17,150 1,466 1,515 1,092
801
10,948 11,387 1,006 1,003
616
480
9,446 7,732
586
NOTE.—Beginning in 1958, monthly data exceed annual total and are
not comparable with monthly data for earlier years because of a change
993
790
441
927
801
465
988 1,294 1,480 1,453 1,483 1,329 1,433 1,277
698 1,067 1,048 1,110 1 110 1 152 1 177 1 124
554
833
774
879 1,116
685
685
717
in policy of accounting for negative adjustments in monthly data after
original figures have been published.
1283
CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
[Bureau of the Census estimates. 1 Monthly data at seasonally adjusted annual rates. In millions of dollars]
Private
Total
Year or month
Total
Nonfarm
residential
Public
Indus- Comtrial mercial
Public
utility
Other
nonresidential
3,729
4,043
4,475
4,289
4,363
4,893
5,414
5,105
3,574
3,547
3,511
3,774
3,755
3,782
4,224
4,368
9,253
10,781
11,236
11,678
11,724
12,712
14,017
15,412
887
,387
,290
,003
,287
,360
,287
,402
2,353
2,679
3,015
3,680
3,861
4,395
4,892
5,500
775
790
883
982
,085
,275
,344
,387
5,238
5,925
6,048
6,013
5,491
5,682
6,494
7,123
Business
Total
Total
Military
Highway
Sewer
and
water
All
other
1951
1952
1953
1954
1955
1956
1957
1958
32,700
34,670
37,019
39,362
44,164
45,779
47,795
48,903
23,447
23,889
25,783
27,684
32,440
33,067
33,778
33,491
12,529 7,344
12,842 7,500
13,777 8,495
15,379 8,531
18,705 9,980
17,677 11,608
17,019 12,535
18,047 11,076
2,117
2,320
2,229
2,030
2,399
3,084
3,557
2,382
1,498
1,137
1,791
2,212
3,218
3,631
3,564
3,589
19592
56,105
39,848
24,469 11,088
2,106
3,930
5,052
4,291 16,257
,488
5,916
,467
7,386
1959 *•—Oct..
Nov..
Dec..
54,723
54,266
55,367
39,804
39,622
40,058
24,507 10,956
24,016 11,184
23,901 11,652
2,208
2,316
2,448
3,876
3,888
4,020
4,872
4,980
5,184
4,341 14,919
4,422 14,644
4,505 15,309
,212
,327
,433
5,580
5,328
5,520
,452
,476
,524
6,675
6,513
6,832
I960—Jan...
Feb..
Mar..
Apr..
May.
June.
July..7
Aug.*
Sept.?
Oct. P.
54,696
54,900
54,444
54,212
55,337
55,293
55,515
55,451
55,237
54,982
39,864
39,720
39,288
38,768
38,993
39,207
39,160
38,813
38,812
38,284
23,244
22,536
22,392
21,930
22,180
22,362
22,308
21,783
21,717
20,918
2,556
2,748
2,772
2,772
2,760
2,788
2,868
2,934
3,041
3,084
4,140
4,356
4,116
4,056
3,960
3,881
3,870
3,922
4,036
4,133
5,232
5,292
5,232
5,256
5,316
5,405
5,364
5,406
5,204
5,373
4,692
4,788
4,776
4,754
4,777
4,771
4,750
4,768
4,814
4,776
,272
996
,512
,236
,200
,283
,265
,430
,278
,264
5,004
5,448
5,112
5,304
6,168
5,639
5,768
6,121
5,898
6,218
,536
,536
,536
,536
,512
,475
,455
,447
,454
,475
7,020
7,200
6,996
7,368
7,464
7,689
7,867
7,640
7,795
7,741
11,928
12,396
12,120
12,084
12,036
12,074
12,101
12,262
12,281
12,590
2
P1 Preliminary.
Data for 1951-58 are joint estimates of the Departments of Commerce
and Labor.
14,832
15,180
15,156
15,444
16,344
16,086
16,355
16,638
16,425
16,698
Series beginning 1959 includes Alaska and Hawaii for the first time.
NEW HOUSING STARTS
[Bureau of the Census, Federal Housing Administration, and Veterans Administration.
Year or month
Seasonally
adjusted
annual rate
(Private only)
Total
Total
1 091
1,127
1,104
1,220
1,329
1,118
1,042
1,209
1 379
19593
Government-underwritten 2
Private
Metropolitan
areas1
Nonpolitan
areas *
1family
2family
338
342
382
432
1,020
1,069
1,068
1,202
1,310
1 094
'993
1,142
1 343
892
939
933
1,077
1,190
981
840
933
1,079
40
46
42
34
33
31
33
39
49
88
84
94
90
87
82
120
170
215
Ml
777
795
804
315
332
300
897
976
324
353
780
700
827
946
Public
Total
Nonfarm
1951
1952
1953
1954
1955
1956
1957
1958
1959
In thousands of units]
Multifamily
Total
FHA
VA
71
59
36
19
19
24
49
68
36
412
421
409
583
670
465
322
439
458
264
280
252
276
111
195
193
337
349
149
141
157
307
393
271
128
102
109
1,554
1 077
1 517
1,234
56
227
37
458
349
109
1959 Seot
Oct
Nov
Dec
1,509
1,378
1,356
1,451
1,468
1,354
1,328
,401
140
123
107
96
94
89
74
67
46
35
32
29
136
120
105
96
113
97
85
77
4
5
4
4
19
19
15
15
4
3
2
1
42
37
31
26
32
28
23
20
10
9
8
6
I960 Jan
Feb
Mar
Apr
May
1,366
1,367
1,112
,327
,333
,302
,182
. . . .
,295
P 077
1,291
1,347
1,098
1,307
,315
,285
,164
,276
054
88
90
93
125
r
130
65
66
67
83
91
24
25
27
87
88
90
124
r
127
69
71
73
102
r
101
100
90
103
n.a.
3
3
3
4
4
4
4
4
n.a.
15
14
14
18
22
18
18
19
n.a.
1
2
3
2
3
5
4
20
22
27
33
32
34
31
35
29
16
18
22
25
25
26
24
26
22
4
5
5
7
7
8
7
8
7
July
Aug
Sept
V
V
127
115
r
39
84
44
80
86
69
35
44
35
122
111
*>125
P98
r
n.a.
Not available.
»Preliminary.
Revised.
3 New series, including both farm and nonfarm unless otherwise
1
For new series, based on revised definition of metropolitan areas.
indicated. Not strictly comparable with nonfarm series developed by
2 Data from Federal Housing Administration and Veterans' Adthe Bureau of Labor Statistics, for which annual totals are given through
ministration represent units started, based on field office reports of first 1959.
compliance inspections.
1284
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of Labor Statistics estimates, without seasonal adjustment.
In thousands of persons unless otherwise indicated]
Civilian labor force
Total noninstitutional
population
Year or month
Total
labor
force
EmployedJ
Total
Total
In nonagricultural
industries
In
agriculture
Unemployed
Not in the
labor force
Unemployment
rate
(per cent) *
1953
1954
1955
1956
1957
1958
1959
115,095
116,220
117,388
118,734
120,445
121,950
123,366
67,362
67,818
68,896
70,387
70,746
71,284
71,946
63,815
64,468
65,848
67,530
67,946
68,647
69,394
61,945
60,890
62,944
64,708
65,011
63,966
65,581
55,390
54,395
56 225
58,135
58 789
58,122
59,745
6,555
6,495
6,718
6,572
6,222
5,844
5,83$
1 870
3 578
2 904
2*822
2 936
4681
3 813
47 732
48,401
48 492
48,348
49 699
50 666
51,420
29
5.6
4 4
4.2
4 3
6.8
5.5
1959 Oct
Nov
Dec
123,785
123,908
124,034
72,629
71,839
71,808
70,103
69,310
69,276
66,831
65,640
65,699
60,707
60,040
60,888
6,124
5,601
4,811
3 272
3 670
3 577
51,155
52 068
52,225
6.0
5 9
5.5
124,606
124,716
124,839
124,917
125,033
125,162
125,288
125,499
125,717
125,936
70,689
70,970
70,993
72,331
73,171
75,499
75,215
74,551
73,672
73,592
68,168
68,449
68,473
69,819
70,667
73,002
72,706
72,070
71,155
71,069
64,020
64,520
64,267
66,159
67,208
68,579
68,689
68,282
67,767
67,490
59,409
59,901
59,702
60,765
61 371
61,722
61,805
61,828
61,179
61,244
4,611
4,619
4,565
5,393
5 837
6,856
6,885
6,454
6,588
6,247
4,149
3,931
4,206
3 660
3 459
4*423
4,017
3 788
3,388
3,579
53,917
53,746
53,845
52,587
51 862
49 663
50,074
50 948
52,045
52,344
5.2
4.8
5.4
5.0
4 9
5.5
5.4
5 9
5.7
6.4
I960—Jan 3
Feb
Mar
Apr
May
...
July
Sept
Oct
1
2
Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force. Monthly data are seasonally
adjusted.
3 Beginning with January 1960, data include Alaska and Hawaii.
Figures for population increased by about 500,000 and total labor force
by nearly 300,000, most of which was in nonagricultural employment.
NOTE.—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
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State and
local
government
49,681
43,431
50,056
51,766
52,162
50,543
51,975
17,238
15,995
16,563
16,903
16,782
15,468
16,168
852
777
777
807
809
721
676
2,622
2,593
2,759
2,929
2,808
2,648
2,767
4,221
4,009
4,062
4,161
4,151
3,903
3,902
10,527
10,520
10,846
11,221
11,302
11,141
11,385
2,038
2,122
2,219
2,308
2,348
2,374
2,425
5,538
5,664
5,916
6,160
6,336
6,395
6,525
6,645
6,751
6,914
7,277
7,626
7,893
8,127
1959—Oct
Nov
Dec
52,002
52,253
52,674
16,022
16,174
16,436
621
657
665
2,762
2,792
2,800
3,900
3,902
3,917
11,478
11,452
11,486
2,453
2,450
2,450
6,549
6,593
6,613
8,217
8,233
8,307
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
SeptJ'
52,880
52,972
52,823
53,128
53,105
53.140
53,145
53,046
52,952
52,854
16,562
16,567
16,509
16,527
16,540
16,498
16,417
16,265
16,266
16,150
658
669
666
684
684
678
658
665
660
657
2,775
2,781
2,601
2,752
2,783
790
858
835
799
2,810
3,941
3,933
3,920
3,924
3,927
3,926
3,910
3,892
3,879
3,878
11,594
11,627
11,595
11,652
11,675
11.712
11,736
11,764
11,654
11,659
2.454
2,464
2,456
2,463
2,469
2.471
2,480
2,499
2,516
2,514
6,606
6,616
6,577
6,611
6,618
6,645
6,682
6,652
6,669
6,638
8,290
8.315
8,499
8,515
8,409
8,420
8,404
8,474
8,509
8,548
1959_Oct
Nov
Dec
52,569
52,793
53,756
16,197
16,280
16,484
621
660
668
2,961
2,856
2,699
3,910
3,912
3,940
11,551
11,723
12,345
2,441
2,438
2,438
6,614
6,593
6,547
8,274
8,331
8,635
1960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.*
Oct.*7
52,078
52.060
52,172
52,844
52,957
53,309
52,923
53,062
53,446
53,435
16,470
16,520
16,478
16,380
16,348
16,422
16,250
16,386
16,491
16,330
658
669
666
677
677
681
655
672
663
657
2,453
2,389
2,312
2,590
2,830
2,977
3,098
3,130
3,068
3,012
3,882
3,887
3,900
3,917
3,924
3,942
3,939
3,921
3,907
3,888
11,424
11,329
11,325
11,620
11,543
11,637
11,591
11,592
11,654
11,733
2,429
2,439
2,444
2,463
2,469
2,496
2,530
2,536
2,516
2,501
6,474
6,484
6,511
6,644
6,717
6,745
6,715
6,685
6,702
6,704
8,288
8,343
8,536
8,553
8,449
8,409
8,145
8,140
8,445
8,610
Year or month
1953
1954
1955
1956
1957
1958
1959
SEASONALLY ADJUSTED
Oct.P
WITHOUT SEASONAL ADJUSTMENT
p
Preliminary.
Excludes data for Alaska and Hawaii.
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the
1
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.
1285
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics.
In thousands of persons]
Seasonally adjusted
Industry group
1959
Without seasonal adjustment
1960
1959
3
1960
Oct.
Aug.
Sept.*
Oct.**
Oct.
Aug.
Sept.**
12,030
12,158
12,178
12,082
12,201
12,265
12,395
12,254
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries....
6,746
73
594
323
451
602
808
1,170
884
1,208
231
402
6,875
72
584
332
448
915
827
1,141
879
1,036
229
412
6,936
74
574
326
442
907
833
1,133
876
1,136
228
407
6,871
72
566
322
437
899
830
1,111
852
1,158
225
399
6,786
73
612
329
458
602
812
1,147
893
1.208
232
420
6,833
72
607
327
452
910
819
1,112
861
1,036
226
410
6,947
74
594
328
449
907
833
1,105
876
1.136
228
All
6,909
72
583
328
444
899
834
1.089
861
1,158
226
417
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
5,284
994
78
885
1,084
450
564
535
151
210
333
5,283
1,009
73
868
1,085
449
579
546
151
198
325
5,242
1,001
80
854
1,075
445
580
537
150
198
322
5,211
1.006
75
841
1.065
446
576
537
149
196
320
5,415
1,080
93
885
1,100
454
570
540
151
212
331
5,432
1.142
81
859
1,107
451
573
538
154
196
331
5,448
1.163
97
850
1,096
452
580
540
151
199
322
5,345
1,095
90
841
1.081
450
582
542
149
198
318
Total
** Preliminary.
NOTE.—Data covering production and related workers only (full- and
part-time) who worked during, or received pay for, the pay period ending
nearest the 15th of the month.
Bureau of Labor Statistics,
Back data may be obtained from the
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics.
Average weekly earnings
(dollars per week)
Industry group
1959
1960
Aug.
Oct.
Total.
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries...
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
Average hourly earnings
(dollars per hour)
Average hours worked
(per week)
1959
1960
Sept.*7
Oct."
Oct.
Aug.
1960
1959
Oct.
Aug.
Sept.*
89.06
90.35
90.85
91.48
40.3
39.8
39.5
39.6
2.21
2.27
2.30
2.31
96.52
106.55
82.42
76.49
91.88
105.74
96.76
103.82
91 .39
109.62
94.53
77.33
97.20
105.60
81.97
75.89
93.89
106.68
100.45
103.68
91.77
108.90
95.99
77.60
98.15
108.14
82.76
75.74
92.52
106.78
101.18
103.97
93.03
113.24
94.56
77.62
98.89
108.54
82.76
75.36
93.89
105.94
100.69
104.23
93.03
116.62
95.75
78.79
40.9
41.3
40.8
41.8
41.2
39.9
41.0
41.2
40.8
40.6
41.1
40.7
40.0
40.0
39.6
40.8
41 .0
38.1
41 .0
40.5
39.9
39.6
40.5
40.0
39.9
40.5
39.6
40.5
40.4
38.0
40.8
40.3
40.1
40.3
39.9
39.6
40.2
40.5
39.6
40.3
41.0
37.7
40.6
40.4
40.1
41.5
40.4
40.2
2.36
2.58
2.02
1.83
2.23
2.65
2.36
2.52
2.24
2.70
2.30
1.90
2.43
2.64
2.07
1.86
2.46
2.67
2.09
1.87
2.80
2.45
2.56
2.30
2.75
2.37
1.94
2.81
2.48
2.58
2.32
2.81
2.37
1 .96
2.46
2.68
2.09
1.87
2.29
2.81
2.48
2.58
2.32
2.81
2.37
1.96
81.77 81.51 81.30
88.58 88.80 88.54
64.81 62.96 62.43
64.31 62.05 63.4!
57.62 55.77 55.77
97.75 97.94 97.29
106.09 107.42 107.52
104.90 104.90 104.49
117.62 121.01 118.32
100.15 98.67 101.49
62.48 58.88 59.07
39.5
40.8
40.2
40.5
36.2
42.9
38.4
41.6
40.8
40.8
36.2
39.5
41 .2
37.9
39.7
36.
42.5
38
41.3
40.7
39.9
38.1
39.0
41.3
40.1
38.3
35.3
42.4
38.5
41.3
41.3
39.0
35.9
38.9
40.8
38.3
38.9
35.3
42.3
38.4
41.3
40.8
39.8
35.8
2.02
2.10
1.59
1.59
1 .52
2.23
2.73
2.43
2.88
2.48
1.61
2.07
2.15
1.71
1.62
1.57
2.30
2.77
2.54
2.89
2.51
1.64
2.09
2.15
1.57
1.62
1.58
2.31
2.79
2.54
2.93
2.53
1.64
2.09
2.17
1.63
1.63
1.58
2.30
2.80
2.53
2.90
2.55
1.65
* Preliminary.
NOTE.—Data are for production and related workers.
available from the Bureau of Labor Statistics.
In unit indicated]
Back data are
1286
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-^49 average = 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas Dallas
City
apolis
San
Francisco
SALES i
114
110
104
113
115
122
127
109
116
109
121
129
120
118
118
128
135
135
136
144
114
117
123
126
122
122
126
105
108
113
120
124
127
131
117
116
125
131
132
133
139
119
112
122
128
129
128
136
127
129
140
146
148
148
156
131
135
149
164
166
169
181
114
112
122
128
128
125
133
120
121
132
138
138
137
144
110
113
126
128
128
134
123
129
140
144
142
146
155
132
136
149
158
159
159
172
122
122
132
141
140
143
156
144
147
146
146
127
129
129
129
131
134
134
135
'139
140
140
140
'139
138
138
141
154
158
156
156
186
188
189
185
134
139
135
134
140
148
149
143
136
137
131
133
151
162
156
155
167
173
179
170
'158
158
155
158
146
142
138
154
141
145
149
143
131
130
122
134
125
129
125
124
126
135
133
126
144
131
135
135
137
136
146
143
134
151
136
144
142
136
139
139
136
139
144
139
139
143
139
140
156
149
140
168
144
149
156
149
180
175
162
192
176
183
194
178
134
127
125
145
132
134
141
134
132
150
134
131
159
143
144
144
140
137
135
123
147
133
137
136
132
134
156
150
154
159
151
154
171
163
164
181
159
170
175
169
166
156
158
157
159
153
153
159
155
155
1959—Sept
Oct
Nov
Dec
145
150
176
260
132
131
154
251
132
141
170
245
'141
144
183
257
'139
139
170
252
155
165
190
289
173
186
138
142
164
233
144
151
177
250
146
150
148
230
'156
162
179
266
160
177
208
291
154
154
181
281
I960—Jan
Feb
111
106
115
150
138
137
122
132
99
93
95
133
124
123
95
106
131
108
102
107
137
127
130
101
109
138
108
102
113
153
134
134
108
114
141
105
105
113
144
135
131
116
128
140
112
105
114
165
143
139
129
135
101
95
108
139
130
129
113
123
136
111
102
110
150
144
134
119
134
P142
98
99
105
139
127
133
109
132
143
115
105
119
154
150
146
140
154
159
135
122
143
172
159
156
156
165
159
121
121
126
153
145
147
142
154
151
121
131
128
136
148
152
148
156
117
124
126
132
141
138
136
142
115
120
117
119
130
138
136
142
120
129
127
135
148
154
152
159
115
125
122
124
133
136
129
134
127
141
138
159
175
178
172
179
155
152
170
195
203
197
210
112
122
120
127
138
143
139
148
120
131
125
135
148
150
143
144
113
123
124
130
142
146
137
'144
130
146
141
152
164
160
153
157
129
143
140
153
168
174
165
178
131
140
135
142
156
158
155
167
160
158
160
161
147
145
145
145
'146
143
144
144
'163
159
160
166
139
139
142
138
183
179
179
180
222
225
223
227
157
151
152
154
145
143
142
146
'147
'148
149
146
159
161
161
162
'181
185
188
183
'166
163
171
174
1952
1953
1954
1955
1956
1957
1958
1959
117
SEASONALLY ADJUSTED
1959
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
July
Aug
Sept
144
142
164
WITHOUT SEASONAL ADJUSTMENT
Mar
Apr
May
J une
July
Aug
Sept
. .
325
139
137
149
194
173
165
165
170
ni2
STOCKS*
1952
1953
1954
1955
1956
1957
1958
1959
in
143
SEASONALLY ADJUSTED
1959—Sept
Oct
Nov
Dec
2960—Jan
Feb
Mar
Apr
May
June...
July
Aug
Sept
....
..
161
144
146
164
142
178
227
150
149
147
162
186
178
160
143
146
160
142
179
225
147
145
145
162
180
179
162
159
161
165
167
169
v 168
144
141
146
148
149
153
152
147
144
149
149
151
154
153
159
157
164
168
166
166
166
145
139
144
150
160
157
154
177
181
187
185
187
189
225
224
223
227
227
232
2*230
151
146
152
152
155
158
160
148
147
151
152.
154
154
152
146
146
150
152
157
162
159
160
157
160
161
165
165
P171
182
181
185
192
190
192
183
176
167
180
180
182
Pill
168
177
182
145
154
164
170
135
'153
162
167
134
'171
183
185
149
145
156
160
126
193
205
207
165
230
245
252
197
163
167
171
134
154
163
162
132
'153
163
'169
136
164
174
182
146
192
203
207
170
176
182
196
160
144
152
165
165
163
157
158
165
128
134
146
147
149
139
135
'148
159
132
136
149
150
151
140
137
150
161
144
154
164
168
167
156
149
159
174
125
136
149
146
148
142
147
150
160
158
167
181
188
186
174
172
186
^199
207
223
237
232
225
213
211
225
135
139
151
155
155
149
152
155
166
133
138
150
153
149
143
146
153
161
135
139
149
150
150
143
148
158
165
146
156
164
163
161
158
158
163
163
175
191
189
183
179
180
192
158
165
182
179
166
176
177
181
WITHOUT SEASONAL ADJUSTMENT
1959—Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
July
Aug.
Sept
r
»1 Preliminary.
Revised.
Figures for sales are the average per trading day, while those for stocks
aro as of the end of the month or averages of monthly data.
P\16
For description of the series see the BULLETIN for December 1957,
pp. 1323-36. Back data may be obtained from the Division of Administrative Services.
1287
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Amounts (in millions of dollars)
Period
Sales i
(total
for
month)
Stocks i
(end
of
month)
Outstanding
orders i
(end o f
month)
Receipts 2
(total
for
month)
Ratios t o sales 4
New
orders 3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
Annual average:
1951
1952
1953
1954
1955
1956
1957
1958
1959
391
397
406
409
437
454
459
462
485
1.202
1,097
1,163
1,140
1,195
1,286
1,338
1,323
1,385
'474
531
578
940
r 1,489
384
362
418
507
448
451
373
452
471
1,299
1,362
1,468
,473
.461
L381
1,371
1,463
1,561
1.3
401
412
449
458
458
464
496
3.2
2.9
3.0
3.0
2.9
3.0
3.1
3.0
3.0
LI
L0
LI
LI
1 1
1.0
LI
4.4
4.1
4.1
4.0
4.0
4.1
4.1
4.1
4.1
511
626
639
611
•"575
603
556
462
3.1
3.0
2.8
1.4
1.3
LI
().9
().4
4.5
4.1
3.7
1.8
459
514
456
417
373
425
524
512
420
436
460
480
466
473
616
678
629
617
371
363
544
569
3.4
3.8
3.5
2.9
3.3
3.1
3.7
3.2
3.3
1.2
1.4
.1
(
() 9
1.4
[.8
1.4
I 3
4.6
5.2
4.6
3.7
4.2
4.4
5.5
4.6
4.6
460
435
390
397
379
401
421
388
446
470
461
437
510
408
410
444
459
461
462
492
j.n
1 0
1.0
1.0o
1.0
1 0
1.0
1.1
Month:
1959
Sept
Oct
Nov.
Dec
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept v
r
» Preliminary.
Revised.
* These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1959,
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.
1,578
1,639
1,310
r
630
604
521
372
r
439
567
425
495
557
.2
[ *
) 7
.0
.3
0
0
]
.0
2
.2
3 Derived from receipts and reported figures on outstanding orders.
* The first three ratios are of stocks and/or orders at the end of th«
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.
Period
Jan
Feb
Mar.
Apr
Mav
July
A.ug
Sept.
Oct.
Nov
Dec
Jan -Sept
r
1
Merchandise exports i
Merchandise exports excluding
military-aid shipments2
Merchandise imports 3
1958
1959
1960
1958
1959
1960
1958
1959
1960
1.505
1,346
1,555
1,530
1,638
1,408
1,418
1,401
1,363
1,607
I 599
1,524
1.400
1,280
1,456
1,479
1,551
1,423
1,468
1,397
1,479
1,482
I 479
.675
1.562
1,576
1,751
1,823
1,810
1,738
1,699
r 1,613
1,397
1.246
1,440
1,408
1,507
1,309
1,289
1,287
1,242
1,426
[ 410
.389
1 .286
1,183
1,375
1,343
1,411
1,347
1,353
1,300
1,399
1,398
I 376
1,569
1.484
1,497
1,634
1,708
[,716
1,638
1,629
1,550
1,096
956
1,071
1,057
1,061
1,031
1,049
950
1,073
1,150
1 086
1,254
1 154
1,118
1,295
1,221
1,264
1,369
1,248
1,189
1,392
[,202
I 282
1,478
J.1 ^7
1.3,164
12,933
15,182
12,125
14,412
9,344
1 1,250
11,173
Revised.
Exports of domestic and foreign merchandise.
2 Department of Defense shipments of grant-aid military equipment
In millions of dollars]
610
1 1,997
556
[,288
1,375
,257
,260
,313
,155
,228
tfiO
and supplies under Mutual Security Program.
3 General imports including imports for immediate consumption plus
entries into bonded warehouses.
1288
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49= 100]
Housing
All
items
Year or month
Foods
Total
Rent
Gas
and
electricity
ApSolid House- House- parel
furfuels
hold
and
nish- operafuel oil ings
tion
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
gooda
and
services
1929
1933
1941
1945
73.3
55.3
62.9
76.9
65.6
41.6
52.2
68.9
1952
1953
1954
1955
1956
1957
1958
1959
113.5
114.4
114.8
114.5
116.2
120.2
123.5
124.6
114.6
112.8
112.6
110.9
111.7
115.4
120.3
118.3
114.6
117.7
119.1
120.0
121.7
125.6
127.7
129.2
117.9
124.1
128.5
130.3
132.7
135.2
137.7
139.7
104.5
106.6
107.9
110.7
111.8
113.0
117.0
119.9
118.7
123.9
123.5
125.2
130.7
137.4
134.9
136.6
108.5
107.9
106.1
104.1
103 0
104.6
103.9
103.9
111.8
115.3
117.4
119.1
122 9
127.5
131.4
134.3
105.8
104.8
104.3
103.7
105.5
106.9
107.0
107.9
126.2
129.7
128.0
126.4
128.7
136.0
140.5
146.3
117.2
121.3
125.2
128.0
132 6
138.0
144.4
150.8
111.8
112.8
113.4
115.3
120 0
124.4
128.6
131.2
107.0
108.0
107.0
106.6
108.1
112.2
116.7
118.6
115.4
118.2
120.1
120.2
122 0
125.5
127.2
129.7
1959_Sept
Oct.
Nov
Dec
125.2
125.5
125.6
125.5
118.7
118.4
117.9
117.8
129.7
130.1
130.4
130.4
140.0
140.4
140.5
140.8
121.6
121.7
121.7
122.7
135.0
135.5
135.9
137.3
104.0
104.1
104.4
104.2
135.2
135.3
135.4
135.5
109.0
109.4
109.4
109.2
146.4
148.5
149.0
148.7
152.2
152.5
153.0
153.2
132.1
132.5
132.7
132.9
119.6
119.7
120.0
120.4
131.5
131.6
131.6
131.7
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
125.4
125.6
125.7
126.2
126.3
126.5
126.6
126.6
126.8
117.6
117.4
117.7
119.5
119.7
120.3
120.6
120.1
120.2
130.7
131.2
131.3
131.4
131.2
131.3
131.3
131.5
132.0
140.9
141.0
141.2
141.4
141.4
141.6
141.8
141.9
142.1
123.2
124 0
124.1
124.4
124.7
124 7
124.8
124.9
125.7
139.0
139.0
137.2
136.3
132.9
132.3
132.9
133.4
134.8
104.0
104.3
104.7
104.7
104.3
104 3
104.1
103.5
104.1
135.9
136 3
136.9
137.0
137.2
137 3
137.4
137.6
138.0
107.9
108.4
108.8
108.9
108.9
108.9
109.1
109.3
110.6
147.6
147.5
146.5
146.1
145.6
145.8
145.9
146.2
144.7
153.5
154.7
155.0
155.5
155.9
156 1
156.4
156.7
156.9
132.7
132.6
132.7
132.9
133.2
133 2
133.4
133.8
133.9
120.3
120.6
120.9
121.1
121.4
121 1
121.6
121.9
122.1
131.8
131.8
131.7
131.9
131.9
132 0
132.2
132.4
132.7
.
117.4
83.6
88.4
90.9
60.3
45.9
55.6
76.3
NOTB.—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
1952
1953
1954
1955
1956
1957
1958
1959
Fuel,
power,
and
lighting
materials
Chemicals
and
allied
products
99.8 97.2
97.3 98.5
95.2 94.2
95.3 93.8
95.3 99.3
95.4 99 A
93.5 100.6
95.0 114.3
106.6
109.5
108.1
107.9
111.2
117.2
112.7
112.7
104.5
105.7
107.0
106.6
107.2
109.5
110.4
109.9
All
Tex- Hides,
tile skins,
com- Farm Processed
prodmodi- prodand
ucts foods Total ucts
ties
and leather
ap- prodparel ucts
111.6 107.0 108.8 113.2
110.1 97.0 104.6 114.0
110.3 95.6 105.3 114.5
110.7 89.6 101.7 117.0
114.3 88.4 101.7 122.2
117.6 90.9 105.6 125.6
119.2 94.9 110.9 126.0
119.5 89.1 107.0 128.2
Furni- Nonture
meand
other tallic
house- minhold erals—
dura- strucbles tural
Pulp
Rub- Lumber paper, Metals
ber
and
and
and metal
and
allied prodprod- wood
prod- ucts
ucts products ucts
Machinery
and
motive
products
134.0
125.0
126.9
143.8
145.8
145.2
145.0
144.8
123.0
126.9
128.0
136.6
148.4
151.2
150.4
153.6
121.5
123.0
124.6
128.4
137.8
146.1
149.8
153.0
112 0
114.2
115.4
115.9
119.1
122.2
123.2
123.4
113.6
118.2
120.9
124.2
129.6
134.6
136.0
137.7
110.6
115.7
120.6
121.6
122.3
126.1
128.2
131.4
108.3
97.8
102.5
92.0
91.0
89.6
94.2
94.5
120.3
120.2
118.0
123 6
125.4
119.0
117.7
125.8
116.5
116.1
116.3
119.3
127.2
129.6
131.0
132.2
Tobacco
mfrs. Misand cellabottled neous
beverages
1959
Sept
Oct.,
Nov
Dec
119.7
119.1
118.9
118.9
88.9
86.5
85.4
85.9
107.8
106.4
104.9
104.7
128.4
128.4
128.5
128.6
95.9
95.9
96.3
96.7
119.1
116.2
111.7
112.3
111.9
111.4
111.2
111.7
109.9 142.0 127.2 132.4 153.8
110.0 142.3 126.2 132.5 154.5
110.0 144.9 124.3 132.3 155.8
110.0 142.5 124.8 132.4 155.2
153.9
153 7
153.6
153.7
123.4
123.3
123.3
123.2
137.5
137.5
137.7
137.8
131.8
131.7
131.7
131.7
88.6
91.8
93.7
94.2
119.3
119.3
120.0
120.0
119.7
119.5
119.7
119.2
119.2
86.5
87.0
90.4
91.1
90.4
89.0
88.9
r
86.6
87.5
105.6
105.7
107.3
106.8
107.3
1107.6
108.9
107.8
108.1
128.8
128.7
128.6
128.7
128.2
128.2
128.2
128.2
128.0
96.6
96.5
96.3
96.3
96.3
96.3
96.3
96.1
95.9
112.7
112.0
111.8
112.1
111.2
110.3
110.1
108.7
108.1
111.9
112.0
112.3
112.2
110.8
112.3
113.8
115.3
116.0
109.9
110.0
110.1
110.2
110.2
110.2
110.4
110.5
110.5
153.8
153 9
153.9
154 0
153.5
153.4
153.2
153.2
151.9
123.4
123 5
123.7
123 5
123.2
123.0
123 1
122.9
122.9
138.4
138.2
138.2
138 3
137.9
137.8
137 8
r
137.8
138.0
131.7
131 7
131.7
131 7
131.7
131.7
131 8
132.0
132.0
95.3
93 4
94.0
95 4
91.1
90.9
90.8
89.9
91.1
1960
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
r
Revised.
143.5
145.1
145.2
145.1
146.7
147.2
146.9
145.3
144.8
125.1
124.9
124.5
124.3
123.7
122.4
121.5
r
119.6
119.2
133.7
133.2
133.1
133 1
133.4
133.5
133.5
r
133.O
133.1
155.5
155 3
154.5
154 5
154 2
153.8
153 4
153.6
153.5
1289
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1959
1959
1960
Subgroup
Sept.
July
Aug.
103.1
76.2
82.1
95.6
96.0
85.4
73.0
133.4
112.9
75.5
84.1
96.4
95.5
65.4
73.5
127.7
98.7
74.3
80.7
92.2
'97.0
76.4
73.7
125.6
119.5
99.7
116.2
106.9
116.4
145.2
96.9
122.5
99.5
117.3
107.5
117.2
143.5
103.3
122.0
96.8
118.0
106.8
116.9
140.9
101.7
Pulp, Paper, and Allied Products
(Cont.):
104.7
Paperboard
74.9
Converted paper and paperboard
79.0
Building paper and board
92.1
99.5
85.5 Metals and Metal Products:
72.3
Iron and steel
126.4
Nonferrous metals
Metal containers
Hardware
122.2
Plumbing equipment
96.0
Heating equipment
120.5
Fabricated structural metal products
107.9
Fabricated
nonstructural
metal
117.9
products
140.9
101.4 Machinery and Motive Products:
92.6
104.7
82.1
113.2
100.6
77.3
94.7
101.8
79.6
123.3
101.0
81.9
94.3
101.5
78.9
126.8
101.0
84.6
93.4
101.2
78.6
128.4
101.1
85.7
102.4
117.1
132.3
113.9
68.0
102.2
132.5
105.6
63.6
98.9
Farm Products:
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
Sept.
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
132.5
iO4.7
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum and products
123.0
170.4
112.8
100.8
115.1
120.3
170.4
114.4
102.0
117.9
121.3
170.4
116.6
102.1
120.0
123.8
128.3
102.1
93.7
55.0
109.4
105.2
106.8
124.7
128.4
103.8
95.1
47.8
110.3
110.6
106.4
124.6
128.4
105.0
95.4
48.9
r
112.1
108.4
106.7
124.6
128.4
104.6
95.2
47.7
112.7
108.4
106.7
157.9
134.3
142.2
161.2
141.3
145.6
152.1
141.3
i45.9
148.3
141.3
146.3
129.3
138.7
96.6
121.6
137.2
95.5
119.2
-136.7
94.7
118.4
136.1
95.9
121.2
118.0
143.8
121.2
82.3
145.9
121.2
77.4
"145.2
121.2
77.4
145.4
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
r
Revised.
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Manufactures
Beverages:
and
Sept.
July
Aug.
Sept
135.9
127.3
147.6
135.9
131.0
144.2
135.9
130.5
145.5
135.9
130.6
145.7
172.4
136.1
152.9
173.0
131.0
121.4
134.2
169.5
138.6
153.6
174.5
131.3
118.7
134.6
169.9
138.7
153.6
r
174.5
131.5
118.8
134.7
169.7
138.4
153.6
174.5
131.5
119.3
134.4
146.1
146.0
146.2
146.2
r
143.5
146.0
'146.1
146.2
172.4
176.6
175.5
180.2
"176.7
180.2
176.7
180.2
166.8
149.5
166.6
150.1
166.4
150.2
166.9
150.2
155.8
143.2
153.3
141.6
153.1
141.6
153.0
124.1
155.5
128.9
104.3
92.7
156.6
125.0
157.1
130.6
101.7
91.4
157.6
125.0
157.1
130.6
101.1
'91.1
157.6
125.0
157.1
130.6
101.1
91.1
157.6
135.3
140.4
130.2
160.5
133.1
110.8
132.5
130.2
142.1
131.3
161.8
133.2
106.6
134.6
130.2
142.2
131.1
162.0
133.2
106.6
134.6
132.4
142.2
131.0
162.1
133.2
106.6
134.5
134.8
106.6
153.7
120.9
171.1
134.8
106.5
155.7
120.6
171.4
134.8
106.5
155.7
121.1
171.4
134.8
106.5
155.7
121.1
171.4
117.7
64.5
96.3
108.3
132.0
118.6
67.3
97.3
110.7
132.5
118.5
65.6
97.3
110.9
132.3
118.6
67.7
96.4
111.1
132.5
137.2
Bottled
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous :
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
,
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
62.3
97.5 Furniture and Other Household Dura132.5
bles:
103.8
Household furniture
Commercial furniture
Floor covering
Household appliances
122.4
Television, radios, phonographs....
170.4
Other household durable goods
120.0
102.1
120.7 Nonmetallic Minerals—Structural:
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
1960
Subgroup
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous
1290
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates.
In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1933
1941
1950
1955
1956
1957
1958
1959
3
104.4
79.0
9.2
37.7
32.1
Nondurable goods
Services
Other
Chance in business inventories.
I960
1959
1929
••
....
Government purchases of goods and services...
Federal
National defense
Other
State and local
Addendum: Gross national product in constant (1954) dollars
8.5
1.3
.0
7.2
2
1
3
56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 481.4 486.4 501.3 505.0 503.5
46.4
3.5
22.3
20.7
16.2
1.4
8.7
1,4
3.6
5.1
l'.O
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
.8
7.0
6.3
4
81.9 195.0 256.9 269.9 285.2 293.5 313.8 316.0 319.6 323.3 329.0 328.3
9.7 30.4 39.6 38.5 40.4 37.3 43.4 44.0 43.5 44.2 44.5 42.7
43.2 99.8 124.8 131.4 137.7 142.0 147.6 148.0 149.6 150.5 153.5 152.7
29.0 64.9 92.5 100.0 107.1 114.2 122.8 124.1 126.6 128.6 130.9 132.9
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
63.8
34.9
18.7
16.2
23.1
5.8
5.5
67.4
35.5
17.7
17.8
27.2
4.7
5.1
66.1 56.0
36.1 35.4
17.0 18.0
19.0 17.4
28.5 23.1
1.6 - 2 . 5
.8 - 3 . 6
72.0
40.3
22.3
18.0
25.8
5.9
5.4
67.5
41.1
22.6
18.5
26.5
-.1
-.5
70.8
39.4
21.3
18.1
26.8
4.7
4.3
79.3
40.8
21.4
19.3
27.1
11.4
11.0
75.5
40.7
21.3
19.4
29.5
5.3
5.0
70.8
40.5
21.1
19.5
29.7
.6
.3
6.0
4.8
13.1
12.5
19.4
18.3
23.1
20.2
26.2
21.3
22.7
21.5
22.9
23.8
24.0
24.2
23.5
23.9
25.2
23.9
2.0
26.4
24.4
3.7
27.3
23.5
8.0 24.8
2.0
16.9
2.0 I\ 13.8
3.2
.0
.0
6.0
7.8
39.0
19.3
14.3
5.2
.1
19.7
75.6
45.3
39.1
6.6
.4
30.3
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
98.1
53.6
46.1
8.0
5
44.5
96.4
52.5
45.5
7.5
5
43.9
97.5
51.8
44.9
7.5
.5
45.7
98.6 100.7
52.7
51.7
44.7 45.1
8.2
7.6
6
6
46.9 48.0
2.4
2.3
181.8 126.6 238.1 318.1 392.7 400.9 408.6 401.0 428.0 426.3 429.1 440.5 442.2 438.0
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars)
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1959
1929
1933
1941
1950
1955
1956
1957
1958
1960
1959
National income
87.8
40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 399.4 402.8 414.4 419.4
Compensation of employees
51.1
29.5
64.8 154.2 223.9 242.5 255.5 257.0 277.8 279.5 281.6 290.2 295.0 297.2
Wages and salaries
Private
Military
Government civilian
50.4
45.5
.3
4.6
29.0
23.9
.3
4.9
.7
.5
62.1 146.4 210.9 227.6 238.5 239.7 258.
259.7 261.5 268.7 273.1 274.9
51.9 124.1 174.9 189.6 198.4 196.4 212.9 214.2 215.6 222.1 225.5 226.0
9.9
10.0 10.1
5.0
9.8
9.6
1.9
9.7
9.8
9.8
9.9
9.9
17.3 26.2 28.4 30.5 33.5 35.4 35.7 36.1 36.7 37.6 38.8
8.3
2.7
7.8
13.0
14.9
17.0
19.6
21.9
22.3
17.4
21.5
19.8 20.1
.1
.6
A
2.0
.7
4.0
3.8
5.8
7.1
6.8
8.
7.8
9.1
8.0
9.4
9.5
10.1
9.5
10.3
9.6
10.5
10.8
10.7
10.9
10.9
11.1
11.2
14.8
5.6
17.4
37.5
42.1
43.7
44.5
46.4
46.5
46.1
46.3
46.0
48.1
48.3
8.8
6.0
3.2
2.4
10.9
6.5
23.5
14.0
30.4
11.8
32.1
11.6
32.7
11.8
32.3
14.0
34.7
11.8
35.0
11.1
35.1
11.2
35.4
10.6
36.0
12.1
36.1
12.2
5.4
2.0
3.5
9.0
10.7
10.9
11.9
12.2
12.4
12.4
12.5
12.5
12.5
12.5
10.1 - 2 . 0
14.5
35.7
43.1
42.0
41.7
37.4
46.6
44.9
45.5
48.0
45.3
77.0
7.6
9.4
4.5
4.9
40.6
17.9
22.8
9.2
13.6
44.9
21.8
23.0
11.2
11.8
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
45.3
22.3
22.9
13.6
9.3
44.8
22.1
22.7
13.8
8.9
48.8
23.8
25.0
13.9
11.0
45.7
22.3
23.4
13.9
9.5
-2.5
-5.0
-1.7
-2.7
-1.5
-.2
-.5
-.4
.7
-.8
-.4
4.5
5.5
10.4
11.7
13.4
14.7
16.4
16.5
16.9
17.8
18.5
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
9.6
1.4
8.3
5.8
2.4
.2
.5
— .4
2.1
-2.4
.5 - 2 . 1
6.4
5.0
NOTB.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1960.
14.0
19.1
1291
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters
Annual totals
Item
1929
1933
1941
1950
1955
1956
1957
1958
3
104.4
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of gov-
4
2
1
3
56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 481.4 486.4 501.3 505.0 503.5
8.6
7.2
9.0
19.1
32.0
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
-.7
32.9 35.7
1.6
1.5
1.0 - 2 . 4
.0
.1
.2
-.1
1960
1959
1959
Equals: National income
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
10.1 - 2 . 0
.3
34.4
.0
.9
43.0
43.6
38.2 39.4 42.6 43.0 43.5 44.4 45.3
1.8
1.8
1.8
1.8
i 8
1 8
1.8
- . 6 -1.7 -1.8 -3.0 -2.6 -1.1 -3.9
45.1
1 8
37.4
1.0
38.1
1.1
40.5
.6
40.7
.5
41.4
.5
42.2
.5
.6
.5
40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 399.4 402.8 414.4 419.4
14.5
2.8
35.7
6.9
43.1
11.0
42.0
12.6
41.7
14.5
37.4
14.8
46.6
17.3
44.9
17.4
45.5
17.5
48.0
19.9
45.3
20.2 "lOA
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.9
1.0
5.8
.6
1.5
1.2
2.1
.7
2.6
1.3
4.5
.5
14.3
4.8
9.2
.8
16.0
5.4
11.2
1.5
17.2
5.7
12.1
1.6
20.1
6.2
12.6
1.8
24.5
6.2
12.4
1.8
25.2
7.1
13.4
1.8
25.0
7.3
13.6
1.8
26.0
7.6
13.8
1.8
26.1
7.8
13.9
1.8
26.7
8.0
13.9
1.8
27.3
8.2
14.0
1.8
85.8
47.2
2.6
7.5
3.3
20.8
35.7
40.0
42.6
42.4
46.0
46.3
46.5
49.2
50.0
50.5
1.3
1.4
.5
1.0
2.0
1.3
18.2
2.6
31.5
4.2
35.2
4.8
37.3
5.3
36.7
5.7
39.8
6.2
40.0
6.2
40.2
6.3
42.6
6.6
43.4
6.6
43.8
6.7
Eouals* DisDosable oersonal income
83.1
45.7
Less: Personal consumption expenditures....
79.0
46.4
81.9 195.0 256.9 269.9 285.2 293.5 313.8 316.0 319.6 323.3 329.0 328.3
4.2
-.6
11.1
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Less: Personal tax and nontax payments
Federal
State and local
Addendum: Disposable personal income in
constant (1954) dollars
96.3 228.5 310.2 332.9 351.4 360.3 383.3 384.8 389.0 396.2 404.2 408.0
93.0 207.7 274.4 292.9 308 8 317.9 337.3 338.5 342.4 347.0 354.1 357.5
12.6
17.5
23.0
23.6
24.4
23.4
22.5
22.8
23.7
25.2
29.2
134.9 102.1 175.1 231.0 273.4 286.9 293.8 296.2 311.1 311.4 313.6 316.3 321.1 323.2
PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
1959
Itemi
1958
1959
Sept.
Oct.
1960
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.p
Total personal income.
360.3 383.3 384.3 384.3 388.7 393.9 395.7 395.7 397.0 401.9 404.7 406.1 407.3 408.2 408.4
Wage and salary disbursements
Commodity-producing industries..
Manufacturing only
Distributive industries
Service industries
Government
239.7 258.2 259.0 258.6 260.8 265.0 268.2 268.6 269.3 271.7 273.6 274.0 275.1 275.1 274.7
97.9 107.2 106.1 105.6 107.0 110.4 112.6 111.9 111.6 112.1 113.3 112.9 112.8 111.5 111.0
76.7 84.7 84.3 83.5 84.5 87.6 89.4 89.0 88.8 88.6 89.5 89.2 88.7 87.7 87.2
63.8 68.2 69.1 68.8 69.1 69.4 69.9 70.3 70.8 71.8 72.0 72.2 72.4 72.9 72.7
34.7 37.5 38.1 38.5 38.8 39.1 39.4 39.8 40.0 40.5 40.7 41.1 41.3 41.6 41.8
43.2 45.3 45.6 45.7 46.0 46.1 46.3 46.5 46.9 47.3 47.6 47.8 48.5 49.0 49.2
9.4
10.1
10.3
10.4
10.5
10.5
10.6
10.7
10.8
10.8
10.9
11.0
11.1
11.2
11.2
Proprietors* income:
Business and professional.
Farm
32.3
14.0
34.7
11.8
34.9
10.4
35.0
10.1
35.1
11.2
35.2
12.3
35.5
11.3
35.5
10.4
35.4
10.1
35.7
11.7
36.0
12.1
36.2
12.5
36.2
12.0
36.1
12.2
36.1
12.2
Rental income
12.2
12.4
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
Dividends
12.4
13.4
13.8
13.8
13.8
13.6
13.9
13.9
13.9
13.9
13.9
13.9
13.9
14.0
14.0
Personal interest income.
20.8
23.5
24.0
24.2
24.5
24.8
25.2
25.5
25.9
26.2
26.5
26.8
27.1
27.4
27.5
26.4
27.0
27.2
27.4
28.2
27.9
27.7
27.7
28.3
28.6
28.4
28.5
28.7
29.1
29.5
6.8
7.8
7.9
7.9
7.9
8.0
9.2
9.1
9.2
9.2
9.3
9.3
9.3
9.4
9.3
Other labor income
Transfer payments
Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income
for
342.6 367.6 370.1 370.3 373.5 377.4 380.2 381.2 382.7 385.9 388.2 389.3 391.1 391.8 392.0
17.8
15.7
14.2
14.0
15.2
» Preliminary.
* Monthly data are seasonally adjusted totals at annual rates.
NOTE.—For explanation of series see U. S. Income and Output (a supple-
16.5
15.5
14.5
14.3
16.1
16.4
16.8
16.2
16.4
16.4
ment to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1960.
1292
FLOW OF FUNDS/SAVING
SAVING AND INVESTMENT
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1958
1955
A
B
C
D
E
F
G
Net national saving *
Consumer and nonprofit
Farm and noncorp. business2. . .
Corporate nonfinancial business.
Federal Government *
State and local governments * . . .
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
W
X
Y
12.4
.5
-3.2
41.5
29.5
5.9
5.9
-2.7
1957
37.9
28.5
-5.0
3.3
2.9
3.7
3.1
67.5
36.9
33.0
73.3
40.1
35.8
75.2
41.6
37.0
3.1
.5
3.7
7.0
3.4
.5
3.7
7.5
3.7
.6
3.9
8.1
4.0
.6
4.0
7.7
17.6
19.3
21.2
21.9
Gross national saving *
Consumer and nonprofit
Farm and noncorp. business
Corporate nonfinancial business.
Federal Government i
State and local governments i . . .
Financial sectors
101.9 108.9
60.5
66.4
11.3
10.7
25.2
30.1
111.2
Gross national investment i
Consumer durable goods
62.7
18.9
16.1
2.7 2.8
4.2
3.8
10.1
10.2
f24.0 29.1
.7
58.5
18.3
14.7
Other gross private domestic fixed
investment
Consumer and nonprofit
Nonfarm residen. constr.4...
Plant and equip, {nonprofit)..
Farm business
Noncorp. nonfinan. business4,
Corp. nonfinan. business4. . . .
Financial sectors
g
h
1
j
Change in inventories5
Farm business
Noncorp. nonfinan. business..
Corp. nonfinan. business
k
1
m
n
o
p
q
r
s
t
Net financial investment 6
Consumer and nonprofit
Net acquis. offinan. assets. .
Net increase in liabilities
Farm and noncorp. business..
Net acquis. offinan. assets. .
Net increase in liabilities
Corp. nonfinan. business
Net acquis. offinan. assets. .
Net increase in liabilities
u
v
w
x
y
z
aa
bb
cc
dd
Federal Government
Net acquis. offinan. assets. .
Net increase in liabilities....
State and local governments..
Net acquis. offinan. assets. .
Net increase in liabilities
Financial sectors
Net acquis. offinan. assets..
Net increase in liabilities
Financial trans, discrep
Discrepancy (P—W)7
3.8
3.4
4.8
-.9
-1.0
1.3
-1.2
.4
5.7
8.5
-.3
3.3
-5.4
-1.7
1.5
5.8
2.4
4.2
-7.6
-1.6
.5
9.9
8.2
-.5
1.1
.7
-.6
.9
10.1
7.9
-1.8
3.8
1.4
-1.
.6
8.4
8.4
-1.6
3.3
-2.1
-1.2
1.6
7.7
6.1
3.9
3.3
-4.5
-.9
-.1
12.4
8.7
-1.3
79.0
43.4
38.5
4.3
.6
4.1
8.2
23.3
18.7
10.3
9.2
19.2
10.6
9.4
1.0
.1
1.0
2.0
5.6
19.3
10.7
9.5
1.0
.2
1.0
2.0
5.6
19.7
10.8
9.6
1.1
.2
1.0
2.0
5.8
19.9
10.9
9.7
1.1
.2
1.0
2.1
5.8
20.2
11.0
9.7
1.1
.2
1.0
2.1
6.0
20.3
11.1
9.8
1.1
.2
1.0
1.9
5.4
18.8
10.5
9.3
1.0
.1
1.0
1.9
5.5
22.1
15.2
2.0
4.4
1.3
-1.2
.4
24.6
18.9
2.6
8.7
-5.4
-1.7
1.5
22.9
16.4
5.3
9.8
-7.6
-1.6
.5
29.2
18.9
2.5
6.7
.7
-.6
.9
29.7
18.7
1.2
9.6
1.4
-1.8
.6
28.3
19.4
1.5
9.1
-2.1
-1.2
1.6
27.9
17.1
7.0
9.3
-4.5
-.9
-.1
32.7
19.8
1.9
6.
4.0
-.3
1.2
31.1
17.2
2.5
7.6
4.5
-1.4
36.1
30.6
19.5
26.1
3.5 11.4
5.3
3.6 -8.2 - 4 . 5
-3.2
1960
1958
62.3
33.9
30.4
Z
a
b
c
d
e
f
ee
39.5
26.6
1956
1959
-4.4
3.1
1.0
.1
4.0
-.3
1.2
2A
6.1
10.5
6.0
-.7
1.3
4.5
-1.4
20.6
11.2
9.9
1.2
.2
1.1
2.1
6.2
5.9
3.6
-3.2
-2.7
-3.2
3.3
2.9
3.7
94.6 115.2
67.7 74.0
12.3
11.7
34.8
25.4
-8.2 - 4 . 5
-5.0 - 4 . 4
3.1
3.1
103.6 108.0 110.7
39.6
38.5 40.4
93.6 113.7
37.3 43.4
21.8
9.0
23.2
8.7
26.9
11.4
26.4
9.4
30.1
11.2
27.1
10.4
30.1
12.4
28.9
10.0
29.1
11.2
66.
22.2
18.5
3.7
4.9
10.8
27.4
14.7
4.0
3.1
.9
1.3
2.5
6.7
.2
15.1
4.6
3.6
1.0
1.2
2.5
6.5
.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
17.3
6.2
5.3
1.0
1.0
2.5
7.4
.2
14.3
5.4
4.5
.9
1.0
2.1
5.6
.2
17.4
4.8
3.8
.9
1.2
3.3
7.9
.2
5.9
.5
.6
4.8
-2.0
.3
-.2
-2.1
-.4
.2
.1
-.8
-.1
.2
-.5
.1
3.6
.2
1.1
2.4
2.1
.1
.2
1.7
-.2
.1
-.1
-.1
.4
.1
-.6
.9
4.5
.1
1.2
3.2
.2
.2
10.6
15.3
14.8
3.7
25.1 27.4 26.8 27.3 31.3
3.6
15.2 12.0 12.1 20.7
20.4
-4.4 -2.5 -2.7 -2.9 - 4 . 5 - 1 . 8
.5
.5
.5
.8 1.3 — .4
2.3
4.9 3.0 3.5 4.2 4.1
-.1
-2.2 -13.4 -8.7
-.9 - 1 . 6
1.2
16.8
4.3 4.4 7.2 13.4
1.3
19.0 17.7 13.1
8.0 15.0
-.2
6.1
8.6
2.4
-1.5
.3
1.7
2.2
6.9
4.8
3.3
9.0
5.7
2.2
.8
-1.4
1.5
5.2
3.7
-.5
4.2
7.3
3.1
-1.9
c
1.4
-1.5
.2
1.7
-.4
1.8
7.9
6.2
-3.8
.1
3.9
.8
5.6
4.8
-.8
2.8
7.8
5.0
-2.8
2
2.5
2.0
8.4
6.4
4.0
3.6
3.1
-3.7
-1.4
4.1
5.4
3.7
5.5
2.1
-2.5
-.4
2.0
-4.5
-2.6
1.9
1.3
3.9
2.6
-.9
1.3
2.1
1.3
16.1
14.9
.2
-5.4
-4.4
1.0
-2.7
n
1.9
2.5
1.9
,7
- 1 .3
-7.6
.7
8.3
-.3
1.0
1.3
A
15.4
15.3
.7
.7
.2
-.5
-1.6
.2
1.8
1.4
.2
-1.1
-1.8
1.4
4.3
2.9
-1.2
.7
1.9
.6
10.1
9.5
A
-2.1
2.6
4.7
-1.3
.9
2.3
2.2
8.5
6.3
-4.5
-.8
3.7
.3
1.2
.9
-.5
10.3
10.9
.2
1.4
.5
58.2
19.3
16.6
5.8
.3
.6
4.9
*
4.7
2.2
4.8
3.5
64.6
18.2
14.9
3.3
4.0
9.7
32.0
.8
25.9
.7
1.6 -2.5
.8
1.0
.2
•
.6 -3.5
2.1
12.1
4.2
-2.2
2.6
4.8
2.7
.3 - 1 .
3.6 -8.2 - 4 . 5
3.2 1.6 6.3
-.4
9.7 10.8
-3.2
3.3
6.5
3.0
27.0
23.4
22.5
19.8
.5
-.5
23.9
20.9
-2.6
.9
.5
-1.8
3.6
4.4
9.1
4.7
-.4
.2
4.9
.5
5.9
1.0 1.6
.5 -4.3
-2.6
68.6
12.0
26.5
-3.9
3.1
6.9
3.7
36.2 29.2
31.7 25.5
-2.2 - 1 . 6
-5.2
2.5
7.7
4.5
1.0
1.5
-4.0
2.8
-.3
1.2
-2.2
4.0
-.3
-4.3
-1.4
./
7.5
1.7
-2.9
-4.6
-1.1
3.9
Y
Z
:i I
.4
.2
-1.1
3.6
4.7
-2.0
.3
2.2
-2.4
.7
3.1
4.5
4.0
-.4
-.6
.8
1.4
1.2
12.3
11.1
A
bb
cc
dd
2.0 ee
* Less than $50 million.
v Preliminary.
f Includes $0.3 billion of existing facilities purchased from Federal
Government.
1
For govt. sectors, saving is excess of all nonfinancial receipts over all
nonfinancial outlays; investment, changes in financial assets and liabilities
only. Govt. current outlays include, and govt. (and national) investment
excludes, govt. purchases of tangible assets.
2
Annual figures for farm sector are retained earnings of corporate
farms; farm and nonfarm unincorporated businesses shown as having
zero annual net saving. Quarterly figures for both sectors include seasonal
net saving. See p. 838 of the BULLETIN for August 1959.
3
Depreciation, accidental damage to fixed capital, and caoital outlays
charged to current account. Line H includes amounts for financial
sectors not shown separately. See discussion on p. 836 of the BULLETIN
for August 1959.
4
For consumers, 1- to 4-family dwellings completed and purchases of
additions and alterations. Investment of nonfarm business sectors
includes work in process on 1- to 4-family dwellings and other private
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 October 1960.
Notes to table on opposite page.
1
Demand deposit liabilities of banking system are net of F. R. float
and cash items in process of collection as reported by commercial banks.
Sum of sector holdings (partly on holder-record basis) differs from liability
total mainly because of mail float (checks in transit from drawers to
drawees). For further discussion, see p. 853 of the BULLETIN for August
1959.
2
Consumer-held only; includes net interest accruals. Savings bonds
held by other sectors included in Federal obligations category.
3 Mainly time deposits of State and local governments, corporate
businesses, and savings institutions.
4
Assets in these categories are treated as consumer holdings.
5
Marketable issues maturing within one year and, prior to 1956,
savings notes.
6
Excludes loans to domestic commercial banks. Gross of valuation
1293
FLOW OF FUNDS/SAVING
SUMMARY OF PRINCIPAL FINANCIAL FLOWS
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1955
I.
A
B
co
E
F
G
H
T
T
K
1959
1958
1956
1957
1958
195S>
2
3
4
1
1960
4
1
2
3
2.1
1.9
1.0
1.0
-.7
— .2
1.5
.1
2.1
3.8 - 8 8
2.5
2.0
3.1 - 7 7
2.3
4
1.5 - 1 . 2
2.8
.4
4.4 - 6 9 - . 6
.8
1.6 - 2 1 - 1 . 7
-.2
-.2
.6
US - 3 4
.2
9
.6
*
-.3
4
.6
.54c
.1 - . 1
4
i
.2
1
.2
.7
2-
Demand deposits and currency
Net increase in commercial bkg.
system liability l
Net increase in assets, by sector
Federal Government
Consumer and nonprofit
Farm and noncorporate b u s . . .
Corporate nonfinancial b u s . . . .
State and local government....
Rest of the world
Discrepancy (A—B)
1 1
7
7
8
,4
4
7 -2
6 -5 0
9
7
2 .3
.7
.3
.3
1 .3
1 .0
.7
.6
4
1
7 —9
8.0
6.6
*
6.3
2.3
.3
2.5
.6
.5
.3
1.4
-4.9
-.9
— .2
-2.9
-.4
-.3
-.1
-1.7
.5
7
1 f
1 .5
3.1
.9
2.3
— .2
3.1
-.2
.5
2.9
2.3
1.1
1.4
— .2
2.3
-.2
.6
2.0
3.0
-.6
.9
2.6
5 0
7
1
*
2 .5
0
4
- .1
3.1
3.5
-.4
*
2.3
2.2
*
.1
3.0
3.5
-.2
-.4
.8
1.7
-.7
8
1 5
2 6
10
1 7
2.8
1.0
1.8
2.9
.9
2.0
3.2
1.2
2.0
2.5
.8
1.7
2 3
4
4
1 1
4
2 6
3
4
1
6
2.8
.1
.4
1.5
.8
2.9
.2
.5
1.3
1.0
3.2
.4
.5
1.6
.8
2.5
.3
.5
1.2
.5
7.3 18.7
*
2.0
-4.6
4.7
4.6 - 2 . 7
1.3
1.4
1.1
1 0
1.2
1.2
2.9
3.8
1.2
1 7
-.7
2.6
-.2
-.1
-.4
3.6
.9
1.3
6
5
3
1
2.3
.8
— .6
1.5
-.8
.3
1.0
.4
.6
*
1.4
-.8
1.7
.7
1.7
— .2
1.7
.3
1.0
-.9
.1
.6
.1
.2
'.2
.2
.3
.2
.2
.1 - 1 . 4
8.4
2.9
5.3
.3
8.4
*
1.3
7.1
8.9 10.1
6.8
3.6
5.4
5.2
— .1 — 1.9
9.0 10.1
- . 3 -2.2
2.1
7.3
16 1
10 1
6 5
7 6
7
7
— 1.X
7 6
16
*7
0
1
8 0
8 4
8 9
5 0
3 3
1 8
.1
5 0
?
2 8
2 4
2 5
16
10
8.4
8.7
-.1
-.1
8.9
9.0
-.1
10.1
9.8
.4
*
7 6
16 1
9. 6
13
1 7 -1 0
9 -1 0
8.4
3.2
5.1
9.3
3.8
5.6
9.0
2.8
6.1
10
3 4
6 Q
11 6
3 7
7. 9
8.4
.6
1.2
4 6
2.0
9.3
1.0
1.4
4 8
2.1
9.0
.6
1.6
4 3
2.6
10.3
1,0
17
4 7
2 8
11. 6
10
1. R
5.
3. 2
6
1
6 4
2 .5
1 .3
1 .7
.2
7
9
9
- 7
2
5
*
1
—6
—7
-7.0
-5.3
__ e
.2
.2
A
B
c
D
E
F
G
H
T
T
K
II. Fixed-value redeemable claims
A
R
c
D
E
F
G
H
I
T
K
L
Time deposits
U.S. savings bonds*
Net
increase
in liab., by sector
Federal
Government
Savings institutions
Net increase in assets, by sector
Consumer and nonprofit
Rest of the world (time deposits).
III.
A
R
c
D
F
F
G
H
1.6
-.1
2.3
— .6
1.6
-.6
-.2
2.4
1.6
1.6
2.1
-.2
-.3
1 6
1 6
3.9
2
1.5
2.6
2
3.9
3.3
.4
.2
I
T
K
L
3.1
.9
2.1
9
7
2 1
3.2
.9
2.3
c
3.1
.1
.5
1.6
.9
2 9
1
3.2
.7
.5
1.2
.8
D
F,
F
G
H
18.3
5.3
.7
4.6
1.8
1.1
.7
3.7
1.5
1.7
-.3
2.8
11.6
17.2
4.0 - 4 1 - 1 . 4
4.7 - 7 4 - 2 . 1
3 4
.6
-.7
.4
10
.8
1 1
1.2
1 5
9
.9
1.2
2. 3
2.7
3.0
1. 1
1.8
1.4
9
2.3
2.7
.6 - 1 . 6
.5
3
2.0
1.9
.5
2. 1
1.0
A
B
18.7
6.2
1.1
2.5
3.8
1.7
1.5
1.5
.4
18.3
5.0
.3
1.6
2.9
5.2
1.8
1.2
.3
17.1
2
11.6
4.7
6.4
2 1
.9
-.2
2
1.3
1.1
2. 7
3.0
2.9
4.1 -A. 1 - 1 . 5
.8
.5
1.0
T
1.8
2.3
3
*
.7
7.3 18.7
22.7
1.4
4 5
3 4
.5
-.3
.3
4.2
1.0
1.2
.9
.7
1.7
.5
.6
.5
8.0 - 5 . 4
4.2
1.4
-.9
.6
6.6 - 4 . 5
3.6
1.7 -4.2
— 1.7
4.9
-.3
5.3
2.4
2.7
3.2
2.5
2.5
2.6
2.1
.9
.9
.3
.2
1.0
18.3
4.3
-.1
1.5
1.0
1.2
3.3
.5
2.8
-.8
3.6
3.0
2.1
.8
1.3
17.2
3.2
.5
1.9
.5
.7
3.5
.1
3.4
-.4
3.8
1.6
2.6
2.0
.7
1.2
— .5
.8
-.6
1.4
1 5
2
1 6
3
*
1 8
-
3.9
1.7
2.4
Saving through life insurance
and pension funds
Net increase, by type
Pension funds
Net increase in liab., by sector4
Federal Government
State and local government.
Life insurance companies
Private noninsured pension plans.
IV.
U
.8
A
R
C
D
E
F
G
H
3.0
1.2
2.3
1
1 1
A
B
Credit and equity market
instruments
A Net increase, by type . .
.
R
Federal obligations
Short-term
direct
5
c
Other
rF> State
and local obligations
F
Corporate and foreign bonds
G
Corporate stock
H
1- to 4-family mortgages ..
T
Other mortgages
T
Consumer credit
Security credit
T
Bank loans n.e.c
M
Other loans
44.0 30.7 36.7 46
9 0
.8 - 5 . 6
1.1
7 4
5.5 — 1
-7.1
10 «7
7.9 - 1 3 . 0 - 4 . 4
5 7
3 5
3 2
4 7
6 s
5 0
7 5
4 0
4
3.0
3.8
4.0
12.6 10.8
8.6 10 \
3 8
3 6
3 5
5
3
6.4
3.6
2.8
1 7
1 0 —6
1 3
5.9
2.3
8.0
.9
2.6
2.0
1.1
7
13 4
61.
5
I
11.
-4 3
1
5.
6 8
5. 8
4. 9
1 6
1
4 7
14
1
14
4. 4
3
2 4
13. 3
1
1
5
6
6. 3
1
1 8 -1
6
7. 9
2. 8
2
N
O
P
Q
R
Funds raised, by sector
Consumer and nonprofit...
Farm business
Noncorporate nonfinancial b u s . . .
Corporate nonfinancial business..
Federal Government
sT
State and local government
TT
Financial sectors
V
Rest of the world
44.1 31.2
20.3 15.1
1.2
.9
2.0
2.9
10.1
13.0
-.1 -5.4
3.3
3.5
1.2
5 9
.3
1.0
36.9
11.8
1.1
1.1
13.1
1.0
4.9
2.4
1.4
46.2
12 0
61. 4
20. 6
2. 0
4.8
11.6
10.7
5. 1
5. 7
8
W Funds advanced by sector
Consumer and nonorofit
X
Y
Farm and noncorp. business
Z
Corporate nonfinancial business..
Federal Government
h
State and local government . ..
c
Commercial banking system
Monetary authorities
Commercial banks
f
Securities
Loons^
h
Savings institutions
Insurance sector
j
Finance n.e c
Rest of the world
k
44 0 30 7
7 7
8 0
.2
.3
5.0 - 3 . 8
11
1 5
2.3
1 9
4.8
4.8
— 3
3
5.0
4.5
— 7 0 —3 5
12 1
8.0
8.1
7.3
8 1
8 0
5.3
1.6
1.0
1.3
36 7
81
.2
.4
2 4
2.6
4.3
—8
5.1
1 3
3.8
7.2
8 3
2.5
.6
46
4 7
2
11
9
5
1
3
8
3
9
3
12
1 7
f 4
17. 0
14 9
10 4
4 1
9 4
8 Q
0
—. 1
1. 7
14
6
1>
1
3
3
9
0
3
\
4
3
7 0
2.4
.2
*
3
1 1
4
7
5
7.0
61. s 13 4
1 ^
15
1
2
.4
1 3
5.5 -2. 5
3
5
3.8
*
2. 9
5. 6 10. 8 —. 6
1 8
4
3
9 0
5. 3
j
6. 5
(7
— 7.
j
2.
12. ^
10 6
2.9
4
9
1. 7
3
1. 6 - 1 9
4.
8
3. 1
6
* Less than $50 million.
^ Preliminary.
NOTE.—Data for excluded categories—trade credit, proprietors' net
investment, gold, Treasury currency, and misc.—and more detail on
4
3 6
9
5
2. 6
0
22.7
7.6
3.8
3.8
.8
1.6
1.1
3.2
1.6
1.9
1.1
2.7
1.0
22.7
5.6
*
2.8
3.1
7.9
.8
1.8
.6
7.3
3.0
.7
-.4
1.9
-.2
1.3
.7
.2
2.3 11.6
4. 3 - . 5
4
.3
2 -1.3
*
1.0
9
.4
5.0
-7.9
1.2
-1.4
-6. 5
3.8
-5 6
.3
3.6
8
2.3
3
2 9
2.4
2.0
2
*
5
r,
D
F
F
G
H
T
T
K
T,
M
N
O
P
Q
R
S
T
U
V
w
X
Y
Z
a
b
c
d
e
f
h
j
i
k
sector transactions appear in other flow of funds/saving tables in the
BULLETIN for October 1960.
For other notes see opposite page.
1294
MEMBER BANK EARNINGS
ALL MEMBER BANKS, BY CLASSES, 1959 AND FIRST HALF OF 1960
[Amounts in thousands of dollars]
Classes of member banks, first half 1960
All member
1959
First
half
Second
half
1960
first
half
Central reserve city
New
York
Chicago
Reserve
city
Country
Earnings
Interest on U. S. Government securities..
Interest and dividends on other securities.
Interest and discount on loans
Other charges on loans
Service charges on deposit accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings
3,849,556 4,225,312 4,388,096
702,211
696,624
694,742
216,620
228,032
230,002
2,299,091 2,626,757 2,778,478
46,901
48,496
44,604
207,394
214,295
228,487
75,792
73,607
78,286
218,445
190,058
212,012
116,871
113,674
121,485
721,065
84,072
34,208
461,499
6,381
13,868
13,782
75,313
31,942
172,478 1,704,235 1,790,318
353,343
229,995
27,332
111,209
74,853
9,732
109,494 1,130,542 1,076,943
16,082
20,945
1,196
120,920
92,576
1,123
28,789
31,972
3,743
81,451
38,949
16,299
45,084
40,900
3,559
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees.
Interest on time deposits
Interest on borrowed money
Taxes other than one net income
Recurring depreciation
Other current expenses
2,463,127 2,676,487 2,738,248
321,298
358,792
347,342
743,842
688,509
749,752
15,889
18,697
16,953
615,780
663,939
693,902
27,421
48,477
52,610
104,026
106,977
118,913
69,226
84,185
76,184
620,978
645,668
688,502
370,838
38,762
127,294
837
58,033
15,826
10,832
7,715
Net current earnings before income taxes. ..
1,386,429 1,548,825 1,649,848
90,400 1,065,942 1,211,068
179,048
119,755
9,781
280,554
309,377
26,613
13,012
2,944
160
344,945
271,990
18,934
22,600
8,096
6,088
53,544
50,577
3,960
27,179
40,517
773
294,319
258,553
24,091
579,250
638,293
82,078
44,383
53,272
7,404
1,854
1,765
1,286
5,857
1,999
8,243
18,051
3,972
20,557
5,322
2,734
56
3,965
10,763
3
9,334
9,210
88
111,539
350,227
Recoveries, profits, etc
On securities:
Recoveries
Transfers from valuation reserves....
Profits on securities sold or redeemed.
On loans:
Recoveries
Transfers from valuation reserves....
All other
140,173
156,006
130,133
14,311
63,624
17,744
11,137
42,611
23,949
4,923
17,004
52,508
8,675
13,956
21,863
5,217
39,217
33,875
8,747
17,948
29,003
Losses, charge-offs, etc
On securities:
Losses and charge-offs
Transfers to valuation reserves
On loans:
Losses and charge-offs
Transfers to valuation reserves
All other
518,696
681,230
297,912
18
905
9,928
635
3,217
10,371
41,267
24,113
122,246
110,286
322,566
73,699
343,948
84,298
100,711
49,375
20,043
5,599
15,828
3,253
30,843
29,873
33,997
10,650
6,970
78,613
36,848
8,412
194,455
50,117
9,181
102,077
36,568
12,699
2,925
48
4,358
626
2,901
42,046
16,583
6,231
42,974
16,434
1,007,906 1,023,601 1,482,069
Profits before income taxes. .
334,034
65,369
569,319
513,347
364,044
338,672
25,372
661,308
623,608
37,700
162,918
148,949
13,969
30,753
30,753
264,644
249,150
15,494
202,993
194,756
8,237
597,328
659,557
820,761
171,116
34,616
304,675
310,354
325,252
769
324,483
364,469
692
363,777
349,061
586
348,475
83,925
12
83,913
17,238
17,238
143,018
127
142,891
104,880
447
104,433
1,595
29,628
1,253
36,422
1,664
32,953
1,683
2,009
878
15,411
778
13,850
105,774
40,335
67,789
395,788
6,279
89,270
61,654
68,702
399,285
6,233
31,520
75,199
70,606
416,992
6,212
23
10,881
4,786
55,163
16
829
940
1,12:
12,61:
11
24,848
35,783
21,612
166,703
223
5,820
27,595
43,086
182,514
5,962
20.7
10.1
4.9
21.7
9.1
4.6
20.8
9.9
4.7
18.6
10.0
3.4
Taxes on net income.
Federal
State
410,578
389,746
20,832
Net profits
Cash dividends declared.
On preferred stock * . .
On common stock
Memoranda items:
Recoveries credited to reserves (not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not included in losses above):
On securities
On loans
Number of officers at end of period
Number of employees at end of period
Number of banks at end of period
Ratios:
Percentage of total capital accounts: 2
Net current earnings before income taxes
Net profits
Cash dividends declaredl
Percentage of total assets: 2
Total earnings
Net current earnings before income taxes
Net profits
Percentage of earnings to related assets: 2
Earnings on loans
Interest on U. S. Government securities
Interest and dividends on other securities
Percentage of total capital accounts to:
Total assets
Total assets less U. S. Govt. securities and cash assets
Total deposits
Time deposits of total deposits
Interest on time deposits (per cent) 2
17.7
7.6
4.2
19.2
8.2
4.5
20.0
9.9
4.2
3.92
1.41
0.61
4.24
1.56
0.66
4.42
1.66
0.83
4.22
2.05
1.00
4.03
1.92
0.81
4.4:
1.65
0.79
4.56
1.47
0.79
5.48
2.69
2.62
5.81
2.91
2.78
5.91
3.13
2.88
5.2
3.38
3.26
5.28
3.04
2.98
5.95
2.95
2.76
6.29
3.21
2.86
8.0
14.8
8.9
30.8
2.28
14.3
9.1
30.7
2.44
8.3
14.2
9.4
31.0
2.56
9.9
15.9
12.0
15.5
2.65
8.9
15.3
10.2
19.6
2.60
8.0
13.4
9.0
31.0
2.56
7.9
14.2
8.8
38.3
2.55
1
Includes interest on capital notes and debentures. 2 Annual basis.
NOTE.—Includes figures for all banks that were members of the Federal
Reserve System at the end of the report period (including those whose
returns may cover operations for only part of the period); in addition,
includes appropriate adjustments for member banks in operation during
25,074
part of the period but not at the end. The figures for assets, deposits,
and capital accounts used in computing ratios are averages of the amounts
reported for the call dates at the beginning and end of each period plus
last-Wednesday-of-the-month figures for intervening months.
Financial Statistics
* International *
International capital transactions of the United States
1296
Net gold purchases and gold stock of the United States
1304
Estimated foreign gold reserves and dollar holdings
1305
Reported gold reserves of central banks and governments
1306
Gold production
1307
International Bank and Monetary Fund
1308
United States balance of payments
1309
Money rates in foreign countries
1309
Foreign exchange rates
1311
Index to statistical tables
1317
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.
1295
1296
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LLABDJITES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES»
[Amounts outstanding, in millions of dollars]
End of month
Grand
total
Interna- Foreign countries
tional
institutions 2 Total Officials
Germany,
Fed.
Rep.
of
Italy
United
Kingdom
Other
Europe
Total
Latin
Europe Canada America
Asia
All
other
1955 Dec
1956—Dec
1957 Dec
1958—Dec
13,601
14,939
15,158
16,159
1,881
1,452
1,517
1,544
11,720
13,487
13,641
14,615
6,953
8,045
7,917
8,665
1.454
1,835
1,557
1,755
785
930
1,079
1,121
550
1,012
1,275
873
3,357
3,089
3,231
3,960
6,147
6,865
7,142
7,708
1,032
1.516
1,623
2,019
2,000
2 346
2,575
2,403
2,181
2,415
1,946
2,205
360
346
355
279
1959 Sept
Oct
Nov
Dec
19,197
19,016
19,303
19,388
42,991
3,049
3,160
3,158
16,206
15,967
16,144
16,229
9,226
9,096
9,082
9,145
1,436
1,544
1,706
1,987
1,578
1,543
1,523
1,369
1,056
874
955
990
4,611
4,454
4,300
4,132
8,681
8,413
8,484
8,479
2,245
2,256
2,330
2,199
2,364
2,300
2,302
2,406
2,560
2,627
2,658
2,774
355
369
369
373
19,390
19,485
19,674
19,853
20,179
20,434
20,748
. . . 21,220
21,216
3,138
3,285
3,300
3 233
3,358
3,315
3,334
3,464
3,565
16,253
16,200
16,375
16,619
16,821
17,119
17,414
17,755
17,651
8,896
8,871
8,999
9,198
9,247
9,572
9,728
10,138
10,068
,899
1.908
2,012
2,199
2,220
2,473
2,704
2,868
3,109
1,358
1,245
1,159
1,142
1,050
1,060
1,095
[,127
1,017
1,008
1,157
1,258
1,332
1,492
1,591
1,728
1,792
1,809
4,056
4,039
3,963
3,821
3,890
3,809
3,478
3,396
3,247
8,322
8,349
8,391
8,494
8,652
8,934
9,005
9,182
9,183
2,321
2,273
2,358
2,387
2,424
2 532
2,691
2,707
2,666
2,393
2 378
2,383
2 478
2,526
2 432
2,494
2,543
2,432
2,829
2,806
2,860
2 843
2,817
2 824
2,854
2,937
2,997
388
394
382
417
403
397
369
386
374
1960 Jan
Feb
Mar
Apr
May
June
July
Aug p^
Sept
Table la. Other Europe
Neth- Norerlands way
Portugal Spain
Sweden
Switzerland
Turkey
82
67
93
130
132
137
142
163
104
43
24
36
153
217
260
303
757
836
967
852
9
20
18
20
13
17
11
9
209
282
349
685
435
426
429
485
103
101
97
95
151
142
138
138
67
71
79
86
330
241
243
213
905
889
902
969
32
28
34
31
557
582
578
584
496
496
482
442
430
412
386
355
300
95
94
99
96
97
101
88
85
85
128
130
125
113
104
88
88
87
88
93
99
111
108
120
149
133
132
137
151
196
217
265
267
261
250
250
224
977
950
931
930
928
939
878
820
806
30
31
30
23
24
19
18
14
16
6
6
5
6
10
10
12
9
7
9
8
10
8
Other
Europe
Austria
Belgium
Denmark
Finland
1955 Dec
1956—Dec
1957 Dec
1958 Dec
3,357
3,089
3,231
3,960
261
296
349
411
108
117
130
115
60
65
112
169
49
53
64
69
1,081
626
354
532
176
177
154
126
164
134
203
339
1959 Sept
Oct
Nov
Dec
4,611
4,454
4,300
4,132
4,056
4,039
3,963
3,821
3,890
3,809
3,478
3,396
3,247
394
386
364
331
308
300
264
234
221
198
197
203
223
129
125
132
138
113
113
122
137
1,157
1,095
903
655
161
172
192
186
152
137
156
134
141
149
172
166
146
120
112
114
92
82
80
72
53
47
71
79
81
77
83
90
87
75
71
61
64
49
47
664
675
719
711
726
759
650
726
646
188
197
160
146
128
112
97
75
78
End of month
.
I960 Jan
Feb
Mar
Apr
May
J u ly
Sept
v
France Greece
YugoAll
slavia others
561
523
456
442
545
474
378
370
394
Table lb. Latin America
End of month
Latin
BoAmer- Argentina livia
ica
CoBrazil Chile lom- Cuba
bia
Dominican
Republic
Netherlands PanEl
Mex- An- ama,
Sal- GuateRetilles pubico
vador mala
and lic of
Surinam
Peru
Other
Uni- Vene- Latin
zuela America*
1955—Dec...
1956—Dec...
1957—Dec...
1958—Dec...
2,000
2,346
2,575
2,403
138
146
137
150
26
29
26
22
143
225
132
138
95
91
75
100
131
153
153
169
253
211
235
286
65
68
54
40
24
25
27
26
45
64
65
42
414
433
386
418
47
69
73
79
86
109
136
146
92
84
60
77
65
73
55
82
265
455
835
494
112
111
124
133
1959—Sept..,
Oct.. .
Nov..,
Dec...
2,364
2,300
2,302
2,406
268
291
310
337
20
23
22
24
169
150
141
151
171
141
139
185
197
203
215
217
202
191
168
164
37
39
41
37
25
22
27
28
35
35
36
37
400
396
420
442
85
83
85
86
157
151
144
129
88
96
88
82
71
70
68
62
278
254
251
277
161
154
148
148
I960—Jan...
Feb...
Mar..
Apr...
May..
June.
July.2 .
Aug. *,3
Sept.*
2,393
2,378
2,383
2,478
2,526
2,432
2,494
2,543
2,432
360
380
388
386
412
388
394
393
370
25
23
21
20
22
21
20
20
23
152
164
156
159
172
162
162
176
173
170
159
152
147
156
144
132
132
137
222
232
204
205
205
189
185
175
167
163
151
149
146
138
130
120
111
105
36
35
29
29
35
35
35
36
33
31
35
33
33
33
31
27
23
22
44
52
53
54
52
46
40
37
41
425
421
432
437
409
355
390
399
374
86
83
85
82
86
93
98
90
131
125
128
129
123
116
123
133
127
83
70
72
81
79
77
82
77
70
62
68
62
62
63
60
55
54
64
250
209
245
317
351
301
355
407
333
154
172
175
190
191
285
275
280
305
* Preliminary.
For other notes see following page.
1297
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
End of month
Total
Korea, Phil- TaiHong
IndoReKong India nesia Iran Israel Japan pubipwan
lic pines
of
1955—Dec
1956—Dec
1957 Dec
1958—Dec
2,181
2,415
1,946
2,205
55
66
1959—Sept
2,560
2,627
2,658
2,774
2,829
2,806
2,860
2,843
2,817
2,824
2 854
2,937
2,997
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June
July
Aug.**
Sept.**
All other
174
186
37
20
53
45
82
77
151
108
55
43
52
56
1,017 99
586 117
935 145
58
59
61
60
119
122
115
114
108
116
126
139
27
21
24
47
78
80
81
87
61
61
65
61
58
58
59
58
59
113
90
104
68
67
59
55
51
50
146
153
150
152
138
155
158
164
162
46
43
45
39
47
37
35
27
25
93
87
87
93
91
80
68
72
59
70
62
73
76
Table Id.
893
Con- Egyp- Union
ThaiAusgo,
tian
of
land Other Total tralia Rep.
Re- South Other
of gion— Africa
the U.A.R.
252
272
39
61
138
148
380
425
75
84
42
44
157
133
72
50
119
86
99
360
346
53
175
176
417
371
355
279
85
79
39
30
40
16
53
38
30
114
153
125
1,141 150
1,169 152
1,215 148
1,285 148
180
176
179
172
87
91
92
94
127
129
133
136
484
511
483
494
355
369
369
373
109
112
114
110
29
29
26
31
16
17
18
20
43
48
51
49
159
163
161
162
1,319
1,318
1,365
1,413
1,445
(,476
1,536
1,627
174
177
178
184
194
198
216
219
224
94
95
95
91
90
90
87
89
89
142
142
144
142
152
154
158
163
166
493
494
486
459
399
379
339
322
311
388
394
382
417
403
397
369
386
374
107
112
109
135
113
114
107
95
100
33
34
42
37
46
37
25
27
29
25
38
33
39
41
42
46
40
22
62
57
43
39
30
40
36
32
31
162
152
157
166
174
164
155
191
192
88
149
145
141
140
136
139
143
144
148
Supplementary Areas and Countries7
End of year
Area or country
Other Europe:
Albania
British dependencies
Bulgaria
Czechoslovakia8
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland* 8
Rumania
Trieste
U. S. S. R.8
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
Paraguay
Other Asia:
Afghanistan
Bahrein Islands
British dependencies
End of year
Area or country
1956
1957
1958
.3
.4
.2
.5
1.2
1.9
.8
3.1
9.1
.6
.4
13.2
4.3
3.3
.9
.8
.1
.3
.6
.7
3.1
1.7
.7
2.9
9.0
.5
.5
16.4
5.4
3.2
.8
1.2
.7
.3
.4
.3
.6
1.4
1.7
.9
3.5
10.0
.6
16il
5.9
4.9
.9
.5
2.2
24.1
14.6
18.0
1.0
8.9
10.2
11.8
4.0
24.0
16.4
22.7
.8
11.2
12.6
12.7
5.1
40.9
24.5
17.4
.5
7.7
5.3
1.7
7.4
4.7
.9
8.0
4.5
.9
4.3
1.4
6.3
11.3
3.4
1959
1.2
.7
1.5
n.a.
1.3
2.7
5.4
.6
.6
8.2
5.3
4.0
.9
n.a.
2.6
Allother:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya
Morocco:
Morocco (excl. Tangier)
Tangier
New Zealand
Portuguese dependencies
Somalia
Spanish dependencies
n.a.
Sudan
.9
Tunisia
5.7
46.9
18.9
21.7
.5
10.5
12.8
12.5
6.7
n.a. Not available.
*> Preliminary.
1 Does not include banking liabilities to foreigners maturing in more
than one year; such liabilities amounted to $4 million on September 30,
1960.
2
Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
3 Represents liabilities to foreign central banks and foreign central
governments and their agencies (including official purchasing missions,
trade and shipping missions, diplomatic and consular establishments, etc.).
* Includes $1,031 million representing increase in United States dollar
subscription to the International Monetary Fund paid in June 1959.
56 Includes Bank for International Settlements.
Beginning June 1960 includes Inter-American Development Bank.
Other Asia (Cont.):
Burma
Cambodia
Ceylon
China Mainland8.
Iraq.
Jordan
Kuwait
Laos
Lebanon
Malaya, Fed. of
Pakistan
,
Portuguese dependencies.
Ryukyu Islands
Saudi Arabia.
Syrian Region—U.A.R.. .
Viet-Nam
1956
1957
7.0
17.2
41.2
35.5
16.9
2.0
5.3
37.3
22.3
1.4
20.2
2.7
30.6
97.4
17.1
50.1
6.7
20.0
34.2
36.3
19.6
1.6
5.9
33.1
28.2
1.6
12.8
3.1
32.7
94.8
3.5
58.5
3.8
24.2
10.5
23.7
3.7
13.6
22.4
2.2
2.8
.9
.3
.4
.5
2.3
35.1
10.7
23.0
10.7
32.2
19.2
1.9
4.4
1.3
.7
1.7
.8
1958
1959
5.9
24.9
n.a.
19.7
n.a.
35.8
n.a.
2.5
9.4
n.a.
38.0
1.4
23.5
2.4
14.8
111.6
5.0
68.3
44.1
36.0
18.0
2.8
10.3
20.9
37.9
1.2
5.6
3.1
15.2
60.2
4.7
48.8
1.8
27.8
6.5
13.0
6.4
25.4
18.1
6.9
4.0
1.3
.4
5.2
.3
2.4
18.7
5.8
20.3
17.6
41.9
16.0
6.8
2.9
n.a.
.2
n.a.
8.4
7 Except where noted, these data are based on reports by banks in
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.
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.
1298
INFL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM UTILITIES 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
certificates i
Other2
Total
Deposits
U.S.
Treasury
bills and
certificates
Other2
Total amounts outstanding
13,601
14,939
15,158
16,159
11,777
12,860
12,847
13,669
5,451
5,979
5,875
6,772
5,670
5,990
5,840
5,823
656
891
,132
[,075
1,783
2,030
2,252
2,430
,543
,653
,766
,951
184
243
278
306
56
134
209
174
40
49
59
59
1959 Sect
Oct
Nov
Dec.
19,197
19,016
19,303
19,388
16,549
16,450
16,805
16,912
6 560
6,132
6,331
6,341
8 768
9,046
9,181
9,243
[ 220
1,271
1,292
1,328
2 578
2,498
2,433
2,398
963
,913
1,857
1,833
331
310
290
295
283
276
286
270
71
68
65
77
1960 Jan
Feb
Mar
Apr
May
19,390
19,485
19,674
19,853
20,179
20,434
20,748
21,220
21,216
16,982
17,154
17,369
17,555
17,843
18,106
18,416
18,878
18,876
6,149
6,065
6,272
6,690
6,918
7,183
7,365
7,627
7,646
9,258
9,430
9,357
9,227
9,342
9,304
9,513
9,728
9,713
1,573
1,660
1,740
1,632
1,583
[,620
1.538
2,354
2,275
2,243
2,234
2,268
2,251
2,255
2,257
2,230
1,765
1,749
1,738
I 745
1,770
1,795
1,786
1,772
1,783
295
225
204
199
211
167
165
180
173
293
301
301
290
287
289
305
305
274
56
56
62
65
68
76
77
83
110
(3)
(3)
(3)
30
(3)
3
5
2
6
5
5
1
2
4
1955
1956
1957
1958
Dec
Dec .
Dec
Dec
July
Aug P
Sept.P
1^516
Area and country detail, July 31, 1960
Europe:
Austria
Finland
Germany, Fed. Rep. of....
Italy
197
172
72
64
650
195
102
64
62
592
158
77
27
11
268
2,704
97
1,095
2,676
82
1,061
177
16
138
386
356
111
88
Portusal
Switzerland
Turkey
•
United Kingdom
Yusoslavia
Other Europe
Total
Canada
Latin America:
Arsentina
.......
Dominican Reoublic
El Salvador
Guatemala
•
Neth. Antilles and Surinam
Panama Rep of. .
Peru
Urusuav
Venezuela
Other Latin America
Total
46
43
287
2,191
66
773
189
3
1
70
8
2
56
1
39
7
2
48
308
27
16
19
16
150
56
33
28
26
19
3
5
36
34
39
17
9
77
(3)
2
(3)
25
45
300
1
15
150
1
10
61
89
51
1
4
(3)
1,196
809
517
105
187
60
37
260
199
38
23
12
103
41
56
72
3
(33)
(3)
()
(3)
8
(3)
1
6
23
17
16
22
17
16
8
42
114
48
298
18
16
16
1,728
8
378
1,377
7
362
954
7
62
357
65
151
149
9,005
8,136
2,570
4,369
2,691
2,419
1,860
522
394
20
321
5
123
5
172
26
73
15
71
15
(3)
8
2
20
3
115
42
56
79
47
90
128
42
39
88
108
36
(3)
3
2
(3)
17
9
146
47
115
241
727
142
107
k
(3)
41
88
1
51
322
2
2
(3)
35
27
40
12
8
7
6
390
256
255
(3)
10
2
133
132
(3)
(3)
1
98
47
23
11
13
51
25
6
21
123
82
3
101
43
67
40
34
158
73
26
151
66
4
1
2
1
2
29
2
6
5
6
1,029
919
21
90
23
40
20
40
55
355
275
20
197
201
19
195
84
109
1
2
9
2,494
1,464
1,062
301
101
(3)
(•3-v
(3)
4
2
12
10
23
* Preliminary.
i Includes International Monetary Fund's holdings of nonnegotiable,
non-interest-bearing demand notes of the United States which amounted
to $2,314 million on September 30, 1960.
19
19
2
8
37
133
250
878
162
132
185
120
Brazil
Chile
Colombia .
Cuba
52
18
6
35
(3)
(3)
(3)
1
(3)
(3)
1
2 Represents principally bankers' acceptances and commercial paper.
3 Less than $500,000.
1299
EVTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Payable in dollars
To banks and official institutions
Area and
country
To all other foreigners
Payable
in foreign
currencies
Total
Total
Deposits
U.S.
Treasury
bills and
certificates
Other*
Total
Deposits
U.S.
Treasury
bills and
certificates
Other 1
Area and country detail, July 31, 1960—Continued
Asia:
Hone Kon.2
India
Indonesia
Iran
Israel
8
12
27
12
25
12
12
2
4
2
4
26
15
4
4
791
109
147
642
33
40
87
78
18
152
2,726
107
25
46
36
155
104
24
45
32
132
369
Total foreign countries.
International institutions....
•
Japan
Korea Rep of
Philippines
Taiwan
Thailand
Other Asia
.
Total
All other:
Australia
Congo Rep of the
Egyptian Region—U.A.R..
Union of South Africa
Other
Total
Grand total
59
55
158
35
68
32
41
156
31
63
24
21
73
30
22
9
71
1,536
143
216
87
158
339
1,521
141
197
81
155
307
2,854
(2)
(2)
e>
15
2
19
14
2
19
131
120
10
3
6
35
7
3
32
6
3
30
1,465
1,072
190
125
122
36
19
16
32
122
64
3
5
3
1
1
3
23
3
1
1
3
20
(2)
28
336
225
99
12
32
17,414
15,082
7,182
6,364
1,536
3,334
3,334
182
3,149
2
20,748
18,416
7,365
9,513
1,538
1
2
()
(2)
1
(2)
2
3
.
£)
29
(2)
3
1
2,255
1,786
165
305
77
2,255
1,786
165
305
77
3
7
1
CO
(2)
(2)"
1
Represents principally bankers' acceptances and commercial paper.
2 Less than $500,000.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES»
[Amounts outstanding, in millions of dollars]
End of month
Total
GerFrance many,
Fed.
Rep. of
Italy
Switzerland
United Other Total
King- Europe Europe Canada
dom
Latin
America
Asia
All
other
Dec
Dec
Dec
Dec
1,549
1,946
2,199
2,542
12
18
114
102
88
157
140
77
30
43
56
36
26
29
34
42
109
104
98
124
158
216
211
315
423
568
654
696
144
157
154
243
706
840
956
1,099
233
337
386
435
43
43
50
69
1959 Sept
Oct
Nov
2,382
2,387
2,473
2,623
81
65
60
57
46
38
44
41
48
54
51
51
33
29
28
30
39
36
37
38
132
131
155
121
239
230
225
234
566
532
554
534
272
311
282
272
978
988
1,055
1,175
511
503
528
586
54
52
54
56
111
124
255
234
112
41
36
129
135
488
246
42
36
41
45
181
234
239
240
J 241
1,248
,257
,172
1,124
1,111
1,204
1,202
1,151
624
626
37
229
229
231
228
226
526
519
53
39
38
30
33
32
32
30
35
33
51
39
25
55
53
54
55
56
60
61
62
68
1955
1956
1957
1958
Dec
1960 Jan
Feb
Mar
Apr
May .
June
July
Aug
Sept v
.
2,700
2,680
2,728
2,707
2,690
2,764
3,062
3,121
3,133
25
26
55
55
28
27
33
29
62
63
68
77
P Preliminary.
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 one year: loans made to and acceptances made for
230
227
215
229
512
509
575
617
631
652
254
258
272
336
341
356
682
715
743
746
844
885
906
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.
1300
ENTTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table 3a. Other Europe
Other AusEurope tria
End of month
1955
1956
1957
1958
Dec
Dec
Dec
Dec
. .
158
216
211
315
Dec
239
230
225
234
1960 Jan
Feb
229
229
1959 Sept
Oct
Nov
Apr
May
June
July p
Aug v
Sept
Norway
Portugal
11
21
29
56
9
23
23
22
2
2
2
2
5
8
8
30
7
8
8
8
4
4
6
7
7
7
7
5
22
23
25
38
2
1
2
2
8
9
9
9
8
8
9
7
8
3
3
3
4
4
4
5
6
5
33
26
30
26
36
34
36
30
29
10
9
9
7
8
7
8
6
7
7
8
9
11
2
2
2
2
2
2
2
2
3
Denmark
Finland
2
7
6
7
6
5
5
4
16
28
25
65
13
12
11
14
3
4
4
50
50
51
56
10
11
14
18
4
3
3
2
2
2
3
2
3
56
53
49
51
46
50
49
44
44
18
15
231
228
Mar
Netherlands
Belgium
226
230
227
215
229
Greece
6
12
9
7
7
6
7
9
Sweden
Turkey
78
88
76
72
(2)
7
7
10
9
11
9
8
8
7
13
10
24
19
15
16
19
75
72
62
47
3
23
3
17
17
17
18
7
6
6
6
5
5
7
7
10
17
17
18
19
23
22
22
18
23
50
66
16
69
67
7
8
9
11
14
15
60
62
55
12
12
12
13
14
12
Spain
Yugoslavia
2
H
59
61
11
9
All
other
16
12
15
Table 3b. Latin America
Latin
BoAmer- Argentina livia
ica
End of month
1955
1956
1957
1958
Dec
Dec
Dec
Dec
1959
Sept
Oct
Nov
Dec
....
1960 Jan
Feb
Mar
Apr
May
June
July p
Aug p
Sept
....
Brazil Chile
Colombia
Cuba
Dominican
Republic
Netherlands PanEl
Mex- An- ama,
ReSal- Guatetilles pubico
vador mala
and lic of
Surinam
706
840
956
1 099
7
15
28
40
4
4
3
3
69
72
100
148
14
16
33
52
143
145
103
51
92
90
113
166
5
7
15
19
8
11
8
10
5
7
8
12
154
213
231
293
3
5
2
6
978
988
1,055
1,175
48
51
63
60
3
3
3
3
42
46
47
59
30
29
31
29
267
265
275
291
3
3
4
4
103
288
257
282
297
77
77
80
78
79
6
7
7
9
14
12
13
12
13
5
5
3
77
67
62
55
31
29
27
23
20
9
14
16
15
10
5
5
5
10
13
10
10
3
3
3
4
4
4
4
4
4
55
60
61
68
71
70
71
75
101
101
111
115
60
125
112
113
117
138
150
151
148
13
11
11
11
11
325
321
335
333
316
1,241
1,248
1,257
1,172
1,124
1,111
1,204
1,202
1,151
61
65
63
68
76
81
87
96
161
156
173
176
189
58
57
51
50
50
50
57
54
57
96
95
92
Table 3c.
19
17
16
18
17
3
5
5
5
6
4
Total Hong
Kong India
Iran
29
35
31
31
18
15
42
52
105
144
170
142
34
49
51
53
32
34
34
36
40
39
45
47
142
146
174
247
18
19
18
17
35
38
36
40
47
46
51
52
314
346
334
242
49
49
52
57
52
55
54
52
22
17
17
16
20
41
43
43
46
43
49
42
38
39
52
157
169
224
219
164
50
50
51
51
54
Asia and All Other
All other
Phil- TaiIsrael Japan ippines
wan
Dec
Dec
Dec
Dec
233
337
386
435
3
4
7
6
5
6
6
4
18
20
22
27
10
16
24
23
103
170
146
179
19
16
53
1959 Sent
Oct
Nov
Dec
511
503
528
586
9
9
10
10
6
7
6
6
30
29
29
29
13
12
262
262
275
324
1960 Jan
Feb
Mar
Apr
May
June
624
626
11
12
12
11
12
11
10
10
9
6
6
6
8
8
7
9
7
9
30
30
31
35
33
35
36
36
36
14
17
13
15
16
17
16
15
14
17
11
20
24
24
18
22
22
21
14
22
26
23
1955
1956
1957
1958
July
Aug.pp
Sept
682
715
743
746
844
885
906
P Preliminary.
i See note 1 on preceding page.
9
14
Other
Uru- Vene- Latin
guay zuela America
17
12
18
23
22
23
17
18
Asia
End of month
Peru
362
372
420
456
488
497
585
627
645
67
Egyption Union
Thai- Other Total Aus- Congo,
of
ReRep.
land
tralia of the gion— South Other
U.A.R. Africa
6
6
6
6
8
9
14
13
60
91
110
111
43
43
50
69
11
11
13
13
5
6
5
4
1
2
8
8
8
9
12
12
14
15
155
154
157
155
54
52
54
56
18
19
18
18
3
3
3
3
2
2
2
2
9
9
9
10
10
11
14
12
13
10
12
11
15
14
15
154
151
154
148
145
143
141
141
149
55
53
54
55
56
60
61
62
68
18
16
18
19
21
23
25
25
27
3
3
3
3
3
3
3
2
5
2
2
1
2
1
2
2
1
2
10
10
6
2 Less than $500,000.
3
g
8
12
21
17
17
19
29
12
10
11
12
10
11
10
11
11
11
12
10
11
20
19
20
21
22
21
23
19
20
21
21
22
23
1301
INT>L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Short-term
Payable in dollars
End of month, or area
and country
Longterm—
total 1
Loans to:
Total
Total
Banks and
official
institutions
Others
Payable in foreign currencies
Collections
outstanding
Other
Total
Deposits
with
foreigners
Other
Total amounts outstanding
1955 Dec
1956—Dec
1957 Dec
1958—Dec
1,174
1,362
1,549
1,946
2,199
2,542
1,385
1,796
2,052
2,344
489
582
627
840
303
428
423
421
1959 Sept
Oct
Nov
Dec
1,516
1,525
1,506
1,544
2,382
2,387
2,473
2,623
2,203
2,180
2,280
2,406
753
738
815
848
424
441
456
460
453
458
475
516
573
543
533
582
179
207
194
217
163
192
182
203
16
15
12
15
1960 Jan
Feb
Mar
Apr
1,526
1,516
1,532
1,586
1,627
1,598
1,665
1,632
1,624
2,700
2,680
2,728
2,707
2,691
2,764
3,062
3,121
3,133
2,491
2,487
2,520
2,490
2,466
2,485
2,665
2,712
2,719
873
845
806
774
768
726
425
411
397
408
392
387
517
526
538
562
569
579
676
705
779
746
737
793
731
717
387
386
195
175
179
186
191
198
14
19
29
31
34
82
722
386
565
986
1,054
1,045
209
194
208
218
224
280
June
July
Augv
Sept.**
671
839
236
330
353
440
562
555
307
444
699
656
164
150
147
198
144
131
132
181
20
19
15
16
397
409
223
221
173
188
415
270
145
(2)
(2)
(2)
(2)
Area and country detail, July 31, 1960
Europe:
Austria
Belgium
Denmark
Finland
Germany, Fed. Rep. of....
Greece
Italy
Netherlands
Norway
Portugal
2
20
Latin America:
Bolivia
Colombia
Cuba
Dominican Republic
El Salvador
Guatemala
Netherlands Antilles and
Surinam
Panama ReD of
Peru
Venezuela
Other Latin America
Total
20
27
25
2
3
10
10
2
2
19
5
63
5
53
5
17
7
1
18
4
12
9
16
12
7
5
133
8
2
7
11
(2)
3
2
1
1
2
31
13
30
36
29
32
9
1
7
(2)
3
1
1
2
2
2
7
2
6
22
36
21
29
2
10
55
55
52
234
12
12
48
12
12
25
5
2
(2)
16
3
4
330
617
401
167
48
70
336
205
20
160
3
5
29
i
7
9
(2)
3
(2)
3
6
4
6
92
69
215
8
(2)
117
121
94
7
17
132
57
74
25
6
^5
19
4
26
52
7
7
28
13
16
10
4
23
15
27
23
84
18
37
7
2
16
7
11
16
7
11
203
335
332
2
5
5
17
17
214
62
43
38
223
51
945
1,204
1,174
(2\
94
56
4
43
38
224
51
1
65
3
4
7
8
3
2
32
103
2
2
(2)
2
()
(2)
n\
?
f2)
(2)
3
(2)
<*>
9
4
5
2
27
10
18
2
48
30
4
19
26
128
8
(2)
(2)
\
271
170
261
472
31
2 Less than $500,000.
25
n\
1
9
20
3
(
( )
(2)
(2)
186
172
56
80
62
9
2
2
4
4
4
81
4
31
(2)
(2)
(2)
4
173
57
80
62
5
1
4
(2)
1
7
100
(2)
133
4
j
1
7
8
5
212
42
27
37
p Preliminary.
1
Represents mainly loans with an original maturity of more than one
year
(2)
6
9
Turkey
Total
2
6
3
48
6
9
33
2
United Kingdom
Yugoslavia
Other Europe
1
39
3
49
3
4
(2)
1
28
(2)
(2)
2
1302
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Short-term
Payable in dollars
Longterm—
total i
Area and
country
Payable in foreign currencies
Loans to:
Total
Total
Banks and
official
institutions
Others
Collections
outstanding
Other
Deposits
with
foreigners
Total
Other
Area and country detail, July 31, 1960—Continued
Asia:
Hong Kong.
India
Indonesia....
Iran
Israel
2
21
43
14
1
10
9
1
36
16
10
9
1
36
16
3
2
Japan
Korea, Rep. of.,
Philippines
Taiwan
,
Thailand
Other Asia
18
585
2
22
10
15
138
570
2
22
10
15
138
104
(2)
19
5
8
117
72
1
2
Total.
115
844
829
269
139
24
40
3
58
80
25
3
2
12
20
22
3
2
11
20
11
2
1
10
14
206
61
57
38
12
1,665
3,062
2,665
562
986
All other:
Australia
Congo, Rep. of the
Egyptian Region—U.A.R..
Union of South Africa
Other
Total
3
5
1
33
2
393
15
15
*( 2 )'
18
416
15
1
()
1
International institutions.
Grand total
731
387
i Represents mainly loans with an original maturity of more than
one year.
397
223
173
2 Less than $500,000.
TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i
[In millions of dollars]
U. S. corporate securities 2
U. 5. Govt. bonds & notes
Year or month
1956
1957
1958
1959
Purchases
Net purchases,
or sales (—)
Sales
Total
Foreign
countries
Purchases
Sales
Foreign bonds
Net pur- Purchases.or chases
sales ( - )
Sales
Foreign stocks
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases,or
sales ( - )
883
666
1,224
1,214
1,018
718
1,188
528
-135
-52
36
686
-205
117
-237
524
1,907
1,617
1,759
2,593
1,615
1,423
1,798
2,158
291
194
-39
435
607
699
889
946
992
1,392
1,915
1,458
-385
-693
-1,026
-512
749
593
467
566
875
622
804
804
-126
-29
-336
-238
1959 Sept
Oct
Nov
Dec
106
163
166
92
40
77
99
55
66
86
68
37
36
61
51
24
177
191
234
254
134
151
175
200
44
40
59
54
157
52
53
95
208
75
93
145
-52
-23
-40
-49
44
58
41
53
44
35
51
63
23
-10
-10
1960 Jan
Feb
Mar
104
119
113
183
166
198
48
61
44
53
88
70
86
241
170
58
184
93
50
32
42
97
-75
29
-10
-123
-49
49
17
9
39
-29
-5
-9
-48
-42
229
194
199
191
205
272
189
183
181
152
149
156
145
183
220
192
187
199
77
46
43
45
23
52
-3
-4
-18
57
77
57
76
59
84
53
37
73
59
238
174
109
87
142
83
48
88
-161
-117
-33
-28
-58
-30
-11
-15
56
41
42
41
58
50
35
35
36
45
36
44
59
46
70
46
48
44
May
July
Aug*p
Sept
» Preliminary.
i Includes transactions of international institutions.
2
Includes small amounts of U. S. municipal securities.
3 Less than $500,000.
11
5
-2
— 19
12
-19
-11
— 13
-8
1303
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY 1
[Net sales, ( - ) . In millions of dollars]
Type of security
Total
Year or month
Stocks
1956
1957
1958
1959
1959 SeDt
Oct
Nov
Dec
.
I960—Jan
Feb
Mar
Apr
May
June
July
Aug.Pp
Sept.
Country
2
Bonds
Belgium
France
Netherlands
Switzerland
United
Kingdom
Other
Europe
Total
Europe
Canada
Latin
America
All
other2
291
194
-39
435
256
143
-56
363
35
51
17
73
23
14
-3
5
23
8
2
40
—7
35
-8
31
147
101
19
254
87
77
-1
15
7
20
1
35
280
255
10
379
-53
-99
-86
-30
38
23
23
40
27
15
14
46
44
40
59
54
26
30
48
58
18
10
11
-4
1
2
1
11
6
5
5
8
5
35
26
23
20
-4
-1
11
13
2
4
5
4
40
34
58
46
-5
-4
-2
-6
6
5
3
5
3
4
1
9
77
46
43
45
23
52
-3
-4
-18
72
34
29
34
6
46
-1
4
-18
5
11
14
12
17
6
2
-8
3^
9
7
4
3
3
3
2
2
-1
3
-6
5
2
3
2
28
34
23
21
4
30
-1
10
-12
13
-6
6
8
-3
11
4
-5
-7
17
7
2
4
4
3
-1
1
7
71
37
41
37
13
50
4
13
-13
-2
2
-1
2
4
—A
-12
-22
-4
7
7
1
2
3
3
2
3
I
2
1
3
5
3
4
3
2
-2
3)
31
1
2
4
1
2
Includes transactions of international institutions.
3 Less than $500,000.
» Preliminary.
i Includes small amounts of U. S. municipal securities.
TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS
TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS»
[Net sales, ( - ) . In millions of dollars]
[In millions of dollars]
Year or
month
Total
International foreign Europe Cancounada
institries
tutions
Latin
Amer- Asia
ica
All
other
-33
-384
-558
-157
-478
-338
-805
-593
8
231
-72
—50
-447
-552
-543
—443
17
15
5
11
-40
-45
-45
-97
-16
13
-150
-15
1959—Sept...
Oct...
Nov...
Dec...
-34
-7
-6
42
24
-13
-16
-42
-21
-29
-39
1
3
4
5
3
1
-6
-11
-21
0)
-17
7
-44
-59
I960—Jan....
Feb...
Mar...
Apr...
May...
June..
July. p .
Aug. .
Sept. p .
29
-101
7
-2
-39
5
-9
-10
-21
-20
-56
-126
-50
22
-83
-33
-15
-3
-17
9
-3
-4
22
-28
-6
-22
-3
2
0)
-43 - 2 0
-89 - 3 2
2
-24
2
3
1956
1957
1958 ..
1959
* Preliminary.
i Less than $500,000.
-8
-10
5
12
-15
3
n
-6
-3
-4
-2
-3
-4
-4
-1
-6
C1)
0)
1
1
2
-22
-2
2
1
1
Assets in custody
End of month
Deposits
U. S. Govt.
securities2
Miscellaneous 3
1958—Dec.. .
272
3,695
480
1959—Oct....
Nov...
Dec.. .
284
332
345
4,409
4,396
4,477
547
556
570
I960—Jan....
Feb.. .
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
249
191
184
194
215
254
215
204
223
251
4,444
4,707
4,728
4,818
4,841
4,977
5,272
5,423
5,479
5,634
593
466
615
639
643
672
671
701
713
718
1 Excludes assets held for international institutions, and earmarked
gold. See note 4 at bottom of next page for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes, and bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign an
international bonds.
1304
U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 perfinetroy ounce.
Negativefiguresindicate net sales by the United States]
Quarterly totals
Annual totals
1959
Area and country
1952
Continental Western Europe:
Austria
Belgium
Switzerland
Bank for Int'l Settlements . .
Other
Total
Sterling Area:
Other
Total
1955
1956
-6
-85
-4
Germany (Fed. Rep. of)
Italy
Netherlands
1954
1953
3
-34
-10
-130
-226
-68
-10
-100
-5
-65
-60
-55
-5
(l)
-17
23
-65
-94
-37
-16
-20
-6
4
18
-114
-536
-328
-79
440
11
-480
-1
-50
-1
P)
451
-481
-51
(l)
25
Latin America:
Argentina
Mexico
Venezuela
Other
88
-85
-28
-10
58
-20
Total
-19
80
-30
12
-132
62
-7
-6
-10
Total
-7
-6
-10
All other
Total foreign countries...
-2
—43
—66
— 200
-3
-20
68 - 1 , 4 2 8
-477
-118
-124
-197
-40
100
-900
-350
-200
-150
-900
-350
— 200
— 150
— 10
100
15
5
20
75
67
6
2
-30
65
-4
-20
14
0)
-2
14
-28
81
69
31
-20
-12
-5
-30
-157
18
—45
— 62
P)
3
-15
-1
-15
-5
(1)
18
-50
-62
— 15
80
0)
-68
-1,164
-327
-68
— 25
-H
115
-327
— 10
-15
-200
56
-10
-25
-25
-5
8
14
Apr.June
-26
20
-32
-38
g
394 - 1 , 1 6 4
394
Jan.Mar.
-10
International institutions 2
Grand total
-39
-39
-83
-39
-266
Oct.Dec.
-30
-10
31
Asia:
Other
-84
-329
JulySept.
-261
-20
32
-215
-178
-23
7
Canada
3
Apr.June
1959
1958
1957
1960
1
-49
65
-1
j
P)
64
(l)
-27
-172
P)
P)
P)
P)
0)
-8
172 -2,287
-969
-389
-348
-148
-41
-57
P)
200
600
-7
3-73 3-344
189
91
-1
-26
280
772 - 2 , 2 9 4
3-1,041 3-732
-159
-57
-42
-84
1 Less than $500,000.
2 Figures represent purchase of gold from, or sale to (—) International
Monetary Fund.
3 Includes payment of $344 million in June 1959 as increase in United
States gold subscription to the International Monetary Fund.
ANALYSIS O F CHANGES IN GOLD STOCK O F THE UNITED STATES
[In millions of dollars]
Gold stock
(end of year)
Year
Total
gold
stock:
increase,
or decrease
(-)
Treasury
Total i
1948
1949
1950
1951
1952
24,244
24,427
22,706
22,695
23 187
24,399
24,563
22,820
22,873
23 252
1953
1954
1955
1956
1957
22,030
21,713
21,690
21,949
22,781
22,091
21,793
21,753
22,058
22,857
-1,162
-297
1958
1959
20,534 20,582
19,456 19,507
1,530
EarNet
marked Domesgold
de- tic gold
import, gold:
crease, producor
or intion
export
crease
(-)
(-)
1,680
165
686
-1.743
-371
-549
53
380
-159
-496
-1,352
618
71
67
80
66
67
684
-305
-41
306
799
2
16
97
106
104
-1,171
-325
-132
319
600
69
65
66
65
63
-2,275
2-1,076
260
302
-2,515
-1,324
62
57
P Preliminary.
* Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
Reserve Bank Credit, and Related Items" or in the Treasury statement,
"Circulation Statement of United States Money."
Gold stock
(end of month)
Month
Treas- Total i
ury
1959_Oct
Nov
Dec
19,585 19,647
19,566 19,617
19,456 19,507
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
19,444
19,421
19,408
19,360
19,352
19,322
19,144
19,005
18,685
19,494
19,471
19,457
19,403
19,395
19,363
19,188
19,045
18,725
P18,402 »18,443
Total
EarNet
gold
marked Domesgold gold:
stock: import,
de- tic gold
increase,
crease, producor
or de- export
or intion
crease
crease
(-)
(-)
(-)
68
-30
-110
-13
-23
-14
— 54
-8
-32
— 174
-144
-319
P-284
24
48
9
2
4
17
g
10
77
49
12
5
(3)
52
-71
-112
— 12
-21
-13
— 71
— 14
-102
— 222
-151
-319
4-397
4
3
4
3
3
4
4
4
4
5
5
(3)
3
( )
2 Includes payment of $344 million as increase in United States gold
subscription to the International Monetary Fund.
3 Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $11,186 million on Oct. 31, 1960.
Gold under earmark is not included in the gold stock of the United States.
1305
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31 , 1958
Area and country
Finland
France fand dependencies')
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands Antilles and
Portugal (and dependencies)
Soain fand deoendecies}
Sweden
Turkey
Other2
Total
Sterling Area:
United Kingdom
United Kinsdom dependencies. . •
Australia
•
Union of South Africa
Other
Total
Canada
Sept. 30, 1959
Dec. 31 , 1959
Mar. 3 I, 1960
June 30 , I960*
Gold& U.S.
Gold & U.S.
Gold& U.S.
Gold& U.S.
Gold& U.S.
Gold& U.S.
shortshort- Govt.
Govt.
shortshortGovt.
shortGovt.
Govt.
short- Govt.
term
term
bonds
bonds
term
term
bonds
term
bonds
bonds
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
Continental Western Europe:
Belgium-Luxembourg
June 30, 1959
605
1,409
200
104
1,295
4,394
143
2,207
7
6
6
1
12
13
1,497
173
707
94
507
2,111
164
1,210
15
120
646
1,412
141
109
1,893
4,171
179
2,720
7
7
44
32
16
0)
22
133
3
1,627
156
712
92
555
2,787
165
1,111
17,486
274
18,476
3,723
109
241
324
241
251
194
4
685
1,407
144
109
2,091
4,057
187
3,054
7
7
54
1
32
16
(i)
7
6
64
37
16
0)
(i)
30
141
1
3
79
87
15
17
1,760
129
722
190
388
2,708
163
1,080
18,998
456
19,398
510
19,302
264
4
1
76
3,708
121
272
351
299
214
368
5
57
3,490
116
264
361
287
211
323
(l)
1
55
3,956
106
252
366
268
199
5,022
261
5,147
326
4,729
404
3,195
342
3,284
450
3,159
452
0)
13
325
495
212
266
277
59
565
157
107
251
997
268
104
3,979
3
396
201
4
1
43
3,909
105
226
346
237
199
4,889
242
3,097
341
0)
(l)
8
556
1,354
145
125
2,053
4,682
186
3,061
29
141
1
3
101
88
26
136
1
3
68
90
10
76
7
7
64
1
35
16
1 732
125
733
154
404
2 903
164
1,079
1,711
133
725
125
521
2 805
176
1,068
0)
623
1,287
168
115
1,957
4,624
212
3,118
0)
31
82
?6
C1)
(l)
(i)
490
1,355
111
99
2,322
5,245
138
3 057
7
7
53
18
16
0)
(l)
1 765
131
685
227
432
2 713
152
1,071
30
158
1
3
79
84
19,993
461
403
10
1
89
4,116
114
263
306
280
215
4,965
473
5,294
538
3,308
485
3,441
429
(i)
All
0)
(l)
4
40
l
89
Latin America:
210
463
140
241
366
69
561
146
96
262
1,213
250
Brazil
Chile
Colombia
Cuba
Mexico
Panama Reoublic of
Peru
Venezuela
Total
Asia:
Indonesia
Iran
PhiliDoines
Thailand
Other
Total
All other:
Egyptian Region—U.A R
Other
Total
Total foreign countries 3
International institutions
Grand total ^
-
11
263
480
170
278
317
67
566
147
96
269
1,219
302
4,017
106
4,174
145
184
1,094
186
245
778
(i)
3
1
7
118
179
1,380
178
246
931
7
149
167
1,420
187
239
1,013
2,632
12
3,032
14
190
252
8
190
269
0)
1
86
2
0)
(i)
4
2
(*)
10
13
393
478
228
288
214
61
584
129
110
242
931
253
12
444
450
193
277
168
77
574
128
100
242
899
273
12
443
448
186
262
149
70
497
116
105
240
815
388
105
3,911
105
3,825
106
3,719
105
1
1
161
1
211
188
168
1,755
214
258
912
(l)
1
183
176
1,644
190
248
1,029
1
5
1
12
172
187
1,564
181
240
1,027
1
3,175
21
3,371
23
3,470
28
3,495
37
190
252
(!)
11
194
243
(!)
10
207
246
0)
216
259
0)
82
(l)
4
0)
0)1
C)
82
(i)
3
1
(l)
0)
(l)
82
3
10
0)
(1)
82
1
4
1
3
II
32
442
8
459
10
442
11
437
10
453
10
475
14
32,563
983
34,358
1,127
35,025
1,369
35,005
1,504
35,323
1,579
36,417
1,584
5,753
709
5,830
755
41,076 2,288
42,247
2,339
2,876
495
4,665
523
5,043
605
5,566
660
35,439
1,478
39,023
1,650
40,068
1,974
40,571
2,164
P Preliminary.
1 Less than $500,000.
2 Includes Yugoslavia, Bank for International Settlements (including
European Payments Union account through December 1958 and European Fund account thereafter), gold to be distributed by the Tripartite
Commission for Restitution of Monetary Gold, and unpublished gold
reserves of certain Western European countries.
3 Excludes gold reserves of the U. S. S. R., other Eastern European
countries, and China Mainland.
0)
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 preceding section). U. S. Goyt.
bonds and notes represent estimated holdings with original maturities
of more than one year; these estimates are based on a survey of selected
U. S. banks and on monthly reports of security transactions.
1306
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
101
115
116
122
81
83
42
38
38
38
38
38
1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
36,425
37,075
37,730
38,235
38,960
39,865
1,702
1 740
1,808
1 692
1,180
1,332
22,091
21,793
21,753
22,058
22,857
20,582
12,630
13,540
14,170
14,485
14,925
17,950
372
372
372
224
126
60
117
138
144
107
126
162
52
62
71
71
103
194
776
778
929
925
915
1,270
321
322
323
324
324
325
986
1,073
1,134
1,103
1,100
1,078
42
42
44
46
40
40
1959 Sept
Oct
Nov
Dec
40,450
2,052
2,210
2,389
2,407
19,579
19,647
19 617
19,507
18,820
57
57
57
56
143
146
150
154
291
291
291
292
1 954
1,187
1,156
1,134
326
326
327
327
1,039
967
960
960
41
42
41
43
86
86
86
57
62
72
69
70
70
71
2 416
2 421
2 454
2,495
2 489
2,515
2/527
2 '562
2,564
19 494
19 471
19 457
19,403
19 395
19,363
19,188
19 045
18,725
56
56
56
56
56
55
55
157
160
163
166
170
149
292
292
292
292
292
292
293
293
293
I 143
1,175
I 183
1,197
1,182
1,191
1,175
1 094
1,094
326
326
294
294
286
286
287
287
952
952
950
945
922
909
906
904
894
42
41
41
42
42
42
42
42
71
72
73
71
72
73
74
74
Denmark
Dominican
Republic
Ecuador
Egyptian
Region—
U.A.R.
El Salvador
Germany,
France 2 Federal Greece
Republic
of
Guatemala
40,690
I960 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
End of
month
Cuba
18,775
Finland
328
626
920
1,494
2,542
2,639
11
11
11
10
13
17
27
27
27
27
27
27
247
247
247
247
247
247
145
81
81
45
39
37
921
2,621
2,626
2,626
2,637
26
26
26
26
24
24
24
24
247
247
247
247
41
33
33
33
2,638
2,652
2,670
2,704
2,741
2,772
2,818
2,879
2,889
26
26
26
26
26
26
26
26
24
24
24
24
24
247
247
247
247
247
247
247
247
247
33
33
33
33
33
33
33
33
33
Philippines
Portugal
186
186
136
136
136
80
31
31
31
31
31
31
12
12
12
11
11
11
23
23
23
22
22
22
174
174
174
188
188
174
29
29
28
28
31
31
26
31
35
35
35
35
708
942
924
581
750
1959—Sept
Oct
Nov
Dec
75
75
60
50
31
31
31
31
12
12
12
10
20
20
20
20
174
174
174
174
30
30
30
30
38
38
38
38
1,055
1,122
1,290
I960 Jan .
Feb
Mar
50
21
19
19
19
19
19
3
31
31
31
31
31
31
31
M
31
10
10
10
10
10
10
10
10
10
20
20
20
20
20
20
20
20
20
174
174
174
174
174
174
174
174
174
30
30
30
30
30
30
30
30
30
38
38
38
38
38
38
38
End of
month
Iran
1953—Dec
1954 Dec
1955—Dec
1956 Dec
1957—Dec
1958 Dec
1959
Sept
Oct
Nov
Dec
I960—Jan
Feb .
Mar
Apr
May
July
Aug
Sept
. .
Ireland,
Republic of
Italy
Lebanon
Mexico
1,285
1,298
1,322
1,399
1,513
551
l,'560
1,568
1,627
New
Netherlands Zealand
Norway
Pakistan
Peru
137
138
138
138
138
141
8
14
20
34
18
18
18
18
18
18
346
346
352
338
452
1,086
35
63
74
77
91
91
158
62
142
167
180
143
737
796
865
844
744
1,050
33
33
33
33
33
33
52
45
45
50
45
43
38
38
48
49
49
49
36
35
35
35
28
19
9
9
16
22
6
10
361
429
428
448
461
493
140
140
140
140
84
84
84
84
18
18
18
18
1.476
1,583
,635
,749
102
102
102
102
165
165
143
142
J 162
,126
,132
,132
34
34
34
34
30
30
30
30
50
50
50
50
19
19
29
28
7
8
8
9
525
530
546
548
140
131
131
131
131
131
131
131
131
84
84
84
84
84
84
84
18
18
18
18
18
18
18
18
18
1,816
1,870
1,902
1,902
1,983
1.997
102
102
102
102
102
102
102
102
102
142
142
142
142
142
142
1,132
1,141
1,164
1,164
1,164
1,231
34
34
34
34
34
34
34
'35
35
30
30
30
30
30
30
30
30
30
52
52
52
52
52
52
52
52
52
28
28
28
28
28
28
28
28
27
10
11
12
13
15
16
16
12
548
548
549
549
549
549
550
550
550
r
Revised.
For notes see following page.
Iraq
38
38
Indonesia
617
1953—Dec
1954 Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
May!!!!!!!!
June
..
July
Aus
Sept
India
48
42
42
42
1A6
1 .246
1,346
1307
GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]
End of
month
South
Africa
Syrian
Region—
U.A.R.
Sweden Switzerland
Spain
Thailand
Turkey
United
King-3
dom
Uruguay
Venezuela
Yugoslavia
Bank
for
Int'l
Settlements
European
Payments
Union
153
153
244
268
254
126
1953—Dec
1954 Dec
1955—Dec.
1956—Dec
1957 Dec
1958—Dec
176
199
212
224
217
211
130
132
132
132
101
57
218
265
276
266
219
204
1,459
1,513
1,597
1,676
1,718
1,925
14
17
19
19
24
24
113
113
112
112
112
112
143
144
144
144
144
144
2,518
2,762
2,120
2,133
2,273
3,069
227
227
216
186
180
180
373
403
403
603
719
719
13
14
16
17
13
17
193
196
217
179
165
339
1959—Sept
Oct
Nov
Dec
225
231
230
238
57
57
57
68
191
191
191
191
1,900
1,868
1 816
1,934
19
19
19
112
104
104
104
144
133
133
133
3,284
3 024
2 974
2,736
180
180
180
180
719
719
654
654
10
10
10
16
427
367
383
381
I960—Jan
Feb
Mar
Apr
May
June
July
Aus
Sept
248
244
256
258
255
240
233
219
204
78
78
78
78
78
78
78
88
191
171
171
171
171
171
171
171
171
1,826
1,807
1 777
1,767
1,767
1,774
1,896
1 960
1,980
104
104
104
104
104
104
104
133
133
133
133
133
133
133
133
133
2,685
2,722
2 780
2 831
2,859
2,892
2,996
3 072
3,108
180
180
180
180
180
180
180
180
654
654
654
514
514
514
514
514
464
10
10
10
9
7
7
7
7
445
513
510
494
473
491
504
508
502
i 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.
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 United
States and Canadian dollars.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or
month
1953
1954
1955
1956
1957
1958
1959
... .
Estimated
world
production
(excl.
U.S.S.R.)
Total
1
2
South
Africa
864.5
780.5
830.4
910.0
877.7
955.5
914.8
994.0
1,036.0
956.3
984.0
1 071 0
1,148.0 1,062.6
417.9
462.4
510.7
556.2
596.2
618.0
702.2
89.0
89.7
91.6
90.0
88.5
60.7
60.9
61.3
60.3
59.3
89.3
60.8
60.0
59.6
61.8
63 1
63.4
63.6
63.5
1959—Aug
Seot
Oct
Nov
Dec. . . .
I960 Jan
Feb
Mar
Apr . .
May
June....
July
Aug
North and South America
Africa
2
Rho- Ghana Congo,
Rep. United
desia
of the States
Canada
13.0
12.8
13.0
13.1
13.1
12.8
12.0
1.4
69.0
65.1
65.7
65.3
63.0
61.6
57.2
4.2
.8
1.3
1.4
.9
3.7
3.4
3.1
3.5
3.5
142.4
152.8
159.1
153.4
155.2
158.8
156.9
12.2
12.7
13.9
13.6
13.2
13.2
13.0
13.6
12.8
13.2
13.5
13.8
13.3
17.5
18.8
18.4
18.8
18.8
19.4
19.8
1.4
2.0
1.7
1.7
1.6
1.6
1.6
1.6
1.7
16
1.6
1.6
25.4
27.5
23.8
21.9
27.7
29.2
31.8
2.7
2.8
2.8
2.7
2.7
2.6
2.6
2.7
2.7
2 6
2.6
.7
1.1
.9
.8
14
2.6
2.6
Gold exports, representing about 90 per cent of total production.
Excluding Chile.
Sources.—World production: estimates of the U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
3.8
3.5
3.4
4.1
3.9
4.5
4.9
Mex- Nica-1 Brazil
ico ragua
Other
AusChile Colombia
tralia
16.9
13.5
13.4
12.3
12.1
11.6
11.0
.6
9.1
8.2
8.1
7.6
6.9
7.2
4.0
4.2
3.9
4.3
4.2
3.9
4.6
4.4
4.3
3.3
3.6
3.9
.8
.7
.5
.6
.6
.6
.5
.6
.6
.3
.4
.4
.2
.2
.2
.1
.8
1.1
1.0
7.3
.6
.7
.5
.6
.5
.6
3.9
.3
.4
.4
.4
.3
.4
3
2.7
.2
1«> 3
India
37.7
39.1
36.7
36.1
37.9
38.6
38.1
7.8
8.4
7.4
7.3
6.3
6.0
5.8
3.0
3.3
3.3
3.4
.5
5
.5
.5
.5
5
2.8
2.8
3.2
| 1
2 8
5
.5
.5
4
r\ ?
r\> 3i
v 4
n
rI:<J.90
?
?
?
1.2
1.4
0
3.6
3.3
3.4
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.
1308
INTERNATIONAL INSTITUTIONS
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
[End-of-month figures.
INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
i n millions of dollars]
1959
1959
1960
Item
Item
Sept.
Dec.
Mar. June
Dollar deposits and U. S. securities. 1,033 1,023 1,109 1,110 1,186
630
666
632
Other currencies
and securities 1 . . .
648
571
2
3,548 3,531 3,642 3,664 3,678
Effective loans
104
138
133
130
131
Other assets3
1,963 1,99C 2,067 2,073 2,086
960
893
952
904
913
31
28
30
27
37
440
462
506
485
532
1,920 1,985 2,005 2,026 1,997
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Capital
3
Gold
Investments 9
Currencies: i
United States
,
Other
,
Gold and currency in separate
accounts:i °
Gold
Currency
Unpaid member subscriptions.
Other assets
Member subscriptions
Member subscriptions
in separate
account1 °
Reserves and liabilities
Loans by country, Sept. 30, 1960
Area and member country
Principal
Disbursed
Repaid
Total
Quota
Sold
to
others*
Country
1,643
ICO
213
60
102
Italy
Netherlands
Turkey
Sterlins area, total
India
Pakistan
Union of S. Africa
Other
Latin America total
Brazil
Chile
El Salvador
Nicaragua
Other
Asia (excluding Sterling area),
total
Israel
Japan
Lebanon
Malaya
Philippines
Other
Africa (excluding Sterling
area), total
Ethiopia
Sudan
United Arab Republic
Total
Oct,
Jan.
Apr.
July
1,371 2,210 2,416 2,495 2,527
200
500
500
500
500
998 2,028 2,141 2,250 2,314
5,839 8,283 8,349 8,455 8,516
551
1,542
854
8
9,228
680
i i 105
632
633
640
1159 H 6 0 ii 59
13,644 13,999 14,277 14,429
2,093
42
162
106 11 115
120
Outstanding
4
Continental Western Europe,
total
Austria.
Belgium and Luxembourg...
July
Sept.
1960
1 ,365
73
171
48
82
288
2
27
6
19
1,077
71
144
41
64
316
5
53
4
16
418
298
236
95
61
61
329
230
236
75
60
61
31
11
168
3
9
11
298
219
68
72
51
49
64
84
68
22
1,671
318
1 ,347
24
662
241
15
512
102
197
56
1,150
262
152
36
197
2a*
25
197
181
21
59
11
2
137
169
20
29
54
1,069
267
760
200
159
37
602
163
35
186
35
76
25
167
22
43
4
23
8
11
71
68
61
45
10
14
21
144
14
33
753
194
28
469
103
337
27
36
19
107
6
135
24
55
106
179
45
318
55
114
27
1
46
21
10
38
3
14
466
81
45
76
24
1
30
2
16
(6)
1
1
(6)
2
51
31
3
57
31
412
73
41
13
268
9
4
17
62
6
11
257
9
4
17
52
25
71
17
26
2
69
9
1
10
6
15
26
1
1
1
57
28
28
6
75 272
4,012
3,309
8 534
703
Total
Cumulative net drawings
on the Fund
Paid
in
gold
1959
1960
Sept.
Sept.
Aug.
Argentina
Bolivia
Brazil
Burma
Chile
280
23
280
15
75
70
6
70
1
109
9
92
12
42
187
10
140
8
36
Colombia
Cuba
Dominican Rep...
France
Haiti
100
50
15
788
11
25
13
4
15
25
174
3
381
5
2
25
9
126
5
25
9
126
4
Honduras
Iceland
India
Indonesia
Iran
11
11
600
165
70
3
3
78
29
18
200
46
2
4
7
128
37
35
4
7
128
37
35
Pakistan
Paraguay
Philippines
Spain
Sudan
Turkey
150
9
75
150
15
86
16
2
19
23
2
22
13
4
13
4
12
United Arab Republic: Egypt..
Syria...
United Kingdom.
United States
Yugoslavia
90
15
1,950
4,125
66
15
17
27
2
399
333
1,031 12-1,706
9
23
12
50
6
36
194
10
140
8
36
50
6
36
28
25
10
10
73
129
2-1,381 12-1,328
23
23
1 Currencies include demand obligations held in lieu of deposits.
2
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold to others, and exchange adjustment.
3 Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
67 Less than $500,000.
Includes $347 million in loans not yet effective.
« Includes $516 million not guaranteed by the Bank.
>1 U . S . Treasury bills purchased with proceeds from sale of gold.
0 Paid by members pending increases in quotas becoming effective.
11 Includes subscriptions due from members on increases in quotas
consented to but not yet effective.
12 Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.
1309
U. S. BALANCE OF PAYMENTS
UNITED STATES BALANCE OF PAYMENTS
[Department of Commerce estimates.
Quarterly totals in millions of dollars]
1959
1958
1957
1960
Item
2
Exports of goods and services, total 1 .
1
4
3
2
3
2
4
3
1
4
7,010
5,158
1,852
6,326
4,462
1,864
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
6,867
5 002
1,865
Imports of goods and services, total...
Merchandise
Services
5,318
3,344
1,124
850
5,361
3,265
1,381
715
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
764
5,993
3 854
1,401
738
Balance on goods and services^
1,692
965
1,502
670
687
219
696
-10
-170
-322
406
548
874
-662
-174
-488
-499
-164
-335
-581
-180
-401
-563
-178
-385
-598
-174
-424
-544
-174
-370
-633
-196
-437
-627
-190
-437
-578
-185
-393
-534 -663
-201 -203
-333 -460
-575
-195
-380
-593
-193
-400
U.S. long- and short-term capital (net) 3 - 1 , 5 6 3
Private, t o t a l . . . .
-1,364
-993
Direct investment
Portfolio and short-term investment
-371
-199
-544
-410
-339
-956
-588
-324
-887 - 1 , 2 5 1
-642 -1,025
-155 —411
-784
-451
-156
-893
-726
-372
- 4 7 0 4-1,033
-745
-391
-449
-267
-620 - 5 3 6
-392 -773
-229 -365
-768 - 1 , 0 9 1
-546
-626
-269
-269
-71
-134
—264
-368
-487
-245
-614
-226
-295
-333
-354
-167
-124
-79
-296
4-288
-163
-228
-408
237
-277
-222
316
-269
227
580
1,086
934
901
947
41,416
1,444
567
801
950
514
127
-325
-260
18
-27
275
50
-98
197
13
370
26
-15
1,075
477
-26
483
502
52
347
780
72
95
4 829
190
4 397
1,119
158
167
367
128
72
566
185
50
705
151
94
217
347
-192
200
76
175
-71
160
365
32
226
-6
-140
Services2
..
3
Unilateral transfers (net)
Private remittances and pensions...
Government nonmilitary grants.,,.
Increase in foreign short-term assets
and Government securities
Increase in other foreign assets....
Gold sales by United States
-357
-465
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
noninterest bearing U.S. Government securities.
»1 Preliminary.
Excluding military transfers under grants.
2
Including military transactions.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-tobills,
day
3 months* money2
Bankers' Treasury
acceptbills,
ances,
3 months 3 months
Day-today
money
France
Bankers'
allowance Day-today 3
on
deposits money
Germany
Treasury
bills
60-904
days
Day-today
money5
Netherlands
Switzerland
Treasury Day-today
bills,
3 months money
Private
discount
rate
1957—Dec
1958—Dec
3.65
3.46
3.60
2.07
6.67
3.34
6.43
3.16
5.67
2.70
5.00
2.00
5.72
6.07
3.75
2.38
3.25
2.63
4.64
2.26
$.33
] .50
2.50
2.50
1959—Sept
Oct
Nov
Dec
5.68
5.05
4.87
5.02
5.01
4.28
4.16
4.30
3.59
3.58
3.55
3.72
3.48
3.43
3.39
3.61
2.78
2.82
2.77
2.85
2.00
2.00
2.00
2.00
4.05
3.87
4.02
4.07
2.75
3.63
3.63
3.75
2.75
2.38
3.94
3.56
1.66
2.03
2.01
2.52
1 .31
.50
: .50
.50
2.00
2.00
2.00
2.00
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
4.81
4.69
3.87
3.40
2.87
2.87
3.13
2.53
1.89
3.60
4.14
3.83
3.33
2.77
2.84
3.24
2.70
1.58
4.14
4.69
4.74
4.80
4.76
5.04
5.76
5.75
5.71
4.07
4.55
4.59
4.65
4.58
4.88
5.58
5.58
5.53
3.07
3.78
3.91
3.67
3.87
3.98
4.67
4.79
4.85
2.35
3.00
3.00
3.00
3.00
3.25
4.00
4.00
4.00
3.91
4.11
4.17
4.22
4.25
4.15
4.53
4.05
3.75
3.88
4.00
4.00
4.00
4.88
4.88
4.88
4.88
3.69
3.94
4.06
3.94
3.88
4.75
4.69
4.75
5.25
2.53
2.48
2.33
2.25
2.30
2.49
2.19
2.05
2.00
L.50
.54
.65
1.75
1.54
(.75
1.64
1.56
1.50
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1 Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
Rate shown is on private securities.
2
3
4
Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.
1310
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
Oct. 31, 1959
Country
1959
Per
cent
Argentina2
Austria
Belgium
Brazil2
Month
effective
6.0
4.5
3.25
10.0
3.0
Dec.
Apr.
Jan.
Apr.
Feb.
1957
1959
1959
1958
1948
5.27
2.5
16.25
5.0
3.0
Oct.
June
July
Aug.
Apr.
1959
1954
1959
1959
1939
5.5
5.0
5.0
3.0
4.0
Dec.
Sept.
Nov.
Nov.
Apr.
1957
1959
1956
1952
1957
6.75
4.0
4.0
10.0
2.0
Mar.
Apr.
Oct.
May
Jan.
1959
1959
1959
1956
1953
7.0
4.0
3.0
4.0
4.25
Apr.
May
Apr.
Aug.
Nov.
1952
1957
1946
1948
1958
6.0
3.5
6.94
4.5
2.75
Feb.
June
Feb.
June
Jan.
1955
1958
1959
1942
1959
6.0
6.0
3.5
4.0
6.0
Oct.
Apr.
Feb.
Jan.
Nov.
1959
1954
1955
1959
1947
Philippine Republic 2
Portugal
South Africa
Spain ^
.
. . .
Sweden
6.5
2.0
4.0
5.0
4.5
Feb.
Jan.
Jan.
Aug.
May
1959
1944
1959
1959
1958
Switzerland
2.0
7.0
6.0
4.0
2.0
Feb.
Feb.
June
Nov.
May
1959
1945
1956
1958
1947
.
Canada23
Ceylon
Chile*
Colombia 2 2
Costa Rica
Cuba 2
Ecuador 2
Egypt
El Salvador2 .
Finland 6
France
Greece
Iceland
India 8 2
Indonesia
Ireland
Israel
Italy 2
Japan
. . .
.
. .
Netherlands
.
New Zealand
Nicaragua
.
Pakistan
Peru 2
Turkey
United Kingdom
Venezuela 2
. . .
Nov.
Dec.
Jan.
5.37
•2.5
Mar.
Apr.
May
June
July
5.0
4.85
4.86
3.26
Aug.
Sept.
Oct.
6.0
5.0
5.0
10.0
3.0
5.0
3.51
3.26
3.32
16.4
3.17
16.55
2.50
24.0
1.95
3.28
6.0
5.5
3.5
5.0
11.0
4.75
6.75
3.5
5.0
10.0
2.0
11.0
4.0
3.0
4.0
5.5
5 5
3.5
6.0
3.5
6.94
4.5
3.5
9.5
6.0
6.0
3.5
4.0
9.5
7.3
6 94
6.0
5.0
#
3.28
4.0
16.55
5.0
3.0
6.0
5.5
5.0
3.0
5.5
5 5
4!5"
5.0
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 the largest proportion of central bank
credit operations is understood to be transacted. 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—2.5 per cent for advances against certain types of commercial
and production paper;
Colombia—3.5 per cent for agricultural and industrial development
paper of up to 150 days, 3 per cent for economic development paper
of up to 5 years, and 2 per cent for specific small business, cooperative
and employee paper;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by
national public securities;
Ecuador—6 per cent for bank acceptances for commercial purposes;
El Salvador—4.5 per cent for agricultural and industrial paper and 3.5
per cent for special cases;
Feb.
4.0
5.11
Rate
as of
Oct. 31
1960
1960
5.75
2.0
4.5
4.6
5.0
5.75
4.5
4 6
6.0
5.5
6.5
2.0
7.0
6.0
5.5
6.5
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the Central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper;
Philippine Republic-^4.5 per cent for crop loan paper and 5 per cent for
export packing credit paper; and
Venezuela—6 per cent for rediscounts of certain agricultural paper and
for advances against government bonds or gold and 7 per cent on advances
against securities of Venezuelan companies.
3
Since Nov. 1, 1956, the discount rate has been set each week at
VA of one per cent above the latest average tender rate for Treasury bills;
end-of-month
rate shown.
4
The discount rate was advanced from 2.5 to 3 per cent on Dec. 16,
and lowered again to 2.5 per cent on Dec. 24, 1959.
5 Since April 1, 1959, new rediscounts are granted at the average rate
charged by banks in the previous half year. Old rediscounts remain subject
to old rates provided their amount is reduced by one-eighth each month
beginning May 1, 1959, but the rates are raised by 1.5 per cent for each
month in which the reduction does not occur.
* Rates shown previously were for nonbank customers.
f Rate shown is for advances only.
8 Since May 16, 1957, this rate applies to advances against commercial
paper as well as against government securities and other eligible paper.
FOREIGN EXCHANGE RATES
1311
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Official
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
223.80
222.41
222.76
222.57
223.88
223.81
3.8580
3.8580
3.8580
3.8539
3.8536
3.8619
1.9975
1.9905
2.0030
1.9906
2.0044
2.0012
102.72
101.40
101.60
104.29
103.03
104.27
21.017
20.894
20.946
20.913
21.049
21.055
.4354
.4354
.4354
.3995
.3118
.3115
Finland
(markka)
Free
7.198
7.183
2.835
5.556
2.506
5.556
2.207
5.556
U.2730
1954.
1955.
1956.
1957.
1958.
1959.
In cents per unit of foreign currency]
1959—Oct...
Nov..
Dec..
.2213
.2084
.2003
223.61
223.32
222.98
3.8526
3.8526
3.8523
1.9993
1.9990
1.9996
105.51
105.22
105.12
21.048
21.031
20.995
.3113
.3113
.3113
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
.2035
.2032
.2030
.2004
.2005
.1989
.2010
.2022
.2037
.2042
223.09
223.37
223.57
223.86
223.59
223.32
223.78
223.92
224.12
224.03
3.8449
3.8419
3.8418
8407
8406
8426
8468
3.8573
3.8609
3.8509
2.0037
2.0048
2.0051
2.0061
2.0055
2.0053
2.0041
1.9955
2.0024
2.0061
104.91
105.07
105.15
103.84
102.24
101.79
102.19
103.10
102.82
102.18
21.014
21.031
21.044
21.062
21.047
21.020
21.048
21.061
21.072
21.063
.3113
.3113
.3113
.3112
.3112
.3112
.3111
.3111
.3111
.3111
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
32.641
32.624
32.582
32.527
32.767
32.857
9.0515
8.0056
8.0056
8.0056
8.0056
8.0056
26.381
26.230
26.113
26.170
26.418
26.492
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
.2376
2.2374
.2038
23.838
23.765
23.786
23.798
23.848
23.926
21.020
20.894
20.934
20.910
21.048
21.031
280.87
279.13
279.57
279.32
280.98
280.88
3.1610
.2779
.2779
.2779
.2778
.2037
.2038
.2038
23.931
23.971
23.974
21.010
20.954
20.928
280.63
280.27
279.84
.1610
.1611
.1610
.2776
.2776
.2776
32.794
32.798
32.766
8.0056
8.0056
8.0056
26.493
26.471
26.506
4 20.366
20.369
20.376
20.384
20.396
20.401
20.404
20.404
20.404
20.375
23.975
23.977
23.978
23.978
23.978
23.980
23.979
23.978
23.978
23.968
20.935
20.951
20.963
20.978
20.958
20.935
20.966
20.978
20.990
20.983
279.98
280.33
280.59
280.95
280.60
280.27
280.84
281.02
281.27
281.16
.1610
.1610
.1610
.1611
.1611
.1611
.1611
.1611
.1611
.1611
.2775
.2773
.2773
.2776
.2774
.2768
.2783
.2787
.2787
.2787
32.776
32.771
32.767
32.833
32.810
32.785
32.839
32.846
32.851
32.838
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.502
26.512
26.511
26.516
26.519
26.519
26.511
26.512
26.518
26.518
New
Zealand
(pound)
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
South
Africa
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1954
1955
1956
1957
1958.,
1959
278.09
276.36
276.80
276.56
278.19
278.10
14.008
14.008
14.008
14.008
14.008
14.028
49.677
49.677
49.676
49.693
49.695
49.721
3.4900
3.4900
3.4900
3.4900
3.4900
3.4967
279.82
278.09
278.52
278.28
279.93
279.83
2.3810
5 2.0579
19.333
19.333
19,333
19.331
19.328
19.324
23.322
23.331
23.334
23.330
23.328
23.142
280.87
279.13
279.57
279.32
280.98
280.88
1959_Oct..
Nov.
Dec..
277.85
277.49
277.07
14.023
14.008
13.994
49.770
49.770
49.770
3.4958
3.4915
3.4861
279.58
279.22
278.80
.6607
.6607
.6607
19.325
19.308
19.303
23.048
23.040
23.127
280.63
280.27
279.84
I960—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
277.20
277.55
277.81
278.17
277.82
277.49
278.06
278.24
278.49
278.37
13.985
13.990
14.006
14.035
14.018
14.007
14.018
14.026
14.040
14.032
49.770
49.770
49.770
«49.770
3.4844
3.4898
3.4923
3.4957
3.4935
3.4905
3.4936
3.4956
3.4979
3.4973
278.93
279.28
279.54
279.90
279.55
279.22
279.79
279.97
280.22
280.11
.6607
.6625
.6637
.6637
.6633
.6636
.6640
.6640
.6640
.6640
19.302
19.311
19.314
19.359
19.339
19.365
19.366
19.392
19.379
19.365
23.112
23.054
23.058
23.048
23.124
23.175
23.183
23.198
23.219
23.211
279.98
280.33
280.59
280.95
280.60
280.27
280.84
281.02
281.27
281.16
Year or month
1954.
1955.
1956.
1957.
1958.
1959.
1959—Oct..
Nov.,
Dec..
1960—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Year or month
France
(franc)
1 Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and free
rates.
2 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957,
was extended to all foreign exchange transactions on Oct. 28, 1957, and
on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc
was further devalued to 493.706 francs per U. S. dollar.
3 Based on quotations beginning with Mar. 2, 1959.
4
A new franc equal to 100 old francs was introduced on Jan. 1, 1960.
5 Effective July 20, 1959, the par value for the Spanish peseta was set
at 60 pesetas per U. S. dollar.
« Based on quotations through Apr. 22, 1960.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR., Chairman
M. S. SZYMCZAK
C. CANBY BALDERSTON, Vice Chairman
J. L. ROBERTSON
A. L. MILLS, JR.
CHAS. N. SHEPARDSON
G. H. KING, JR.
WOODUEF 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
ROBERT C. MASTERS, Associate
ELIZABETH L. CARMICHAEL, Assistant Secretary
C. C. HOSTRUP, Assistant
LEGAL DIVISION
Director
Director
FRED A. NELSON, Assistant
Director
HOWARD H. HACKLEY, General Counsel
GLENN M. GOODMAN, Assistant
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
HENRY BENNER, Assistant
THOMAS J. O'CONNELL, Assistant
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
JAMES C. SMITH, Assistant
General
Counsel
WILSON L. HOOFF, Assistant General Counsel
Director
Director
Director
DIVISION OF RESEARCH AND STATISTICS
G U Y E. NOYES, Director
DIVISION OF PERSONNEL ADMINISTRATION
FRANK R. GARFIELD, Adviser
EDWIN J. JOHNSON, Director
ALBERT R. KOCH, Adviser
H. FRANKLIN SPRECHER, JR., Assistant
ROLAND I. ROBINSON, Adviser
DANIEL H. BRILL, Associate Adviser
LEWIS N. DEMBITZ, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
Director
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
DIVISION OF INTERNATIONAL FINANCE
HARRY E. KERN, Assistant
Director
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate
A. B. HERSEY, Associate
Adviser
Adviser
ROBERT L. SAMMONS, Associate
OFFICE OF THE CONTROLLER
Adviser
J. J. CONNELL, Controller
DIVISION OF BANK OPERATIONS
SAMPSON H. BASS, Assistant
Controller
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant
M. B. DANIELS, Assistant
JOHN N. KILEY, JR., Assistant
Director
Director
OFFICE OF DEFENSE PLANNING
Director
INNIS D. HARRIS,
1312
Coordinator
FEDERAL RESERVE BANKS A N D BRANCHES
1313
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
C. CANBY BALDERSTON
KARL R. BOPP
MALCOLM BRYAN
W.
G.
H.
A.
ALFRED HAYES,
D. FULTON
H. KING, JR.
G. LEEDY
L. MILLS, JR.
Vice Chairman
J. L. ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
RALPH A. YOUNG, Secretary
DAVID P. EASTBURN, Associate
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
L.
WOODLIEF THOMAS, Economist
ROBERT V. ROOSA, Associate
Economist
MERLE HOSTETLER, Associate
^
w
G u Y E
-
M
NoYES
A
> Associate
Economist
Economist
Economist
HARRY BRANDT, Associate Economist
CLARENCE W. TOW, Associate
ROBERT G. ROUSE, Manager, System Open Market Account
Economist
Economist
Federal Advisory Council
OSTROM ENDERS, BOSTON
HOMER
JOHN J. MCCLOY, NEW YORK
NORFLEET TURNER, ST. LOUIS
CASIMIR A . SIENKIEWICZ, PHILADELPHIA,
G o R D Q N
Vice President
„
„
J. LIVINGSTON, CHICAGO, President
_
MINNEAPOLIS
M u
^
^m _
R. O T I S M C C L I N T O C K , KANSAS CITY
TT
R E U B E N B. H A Y S , CLEVELAND
'
L
JOHN S. A L F R I E N D , RICHMOND
JOHN C. PERSONS, ATLANTA
F
- B E T T S , DALLAS
CHARLES F. FRANKLAND, SAN FRANCISCO
HERBERT V. PROCHNOW, Secretary
WILLIAM J. KORSVIK, Assistant
Secretary
Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE
BANK O F —
CHAIRMAN AND
FEDERAL RESERVE AGENT
DEPUTY CHAIRMAN
BOSTON
ROBERT C. SPRAGUE
NILS Y. WESSELL
N E W YORK
PHILIP D. REED
FORREST F. HILL
PHILADELPHIA
HENDERSON SUPPLEE, JR.
WALTER E. HOADLEY
CLEVELAND
ARTHUR B. V A N BUSKIRK
JOSEPH H. THOMPSON
RICHMOND
ALONZO G. DECKER, JR.
EDWIN HYDE
ATLANTA
WALTER M. MITCHELL
HENRY G. CHALKLEY, JR.
CHICAGO
BERT R. PRALL
ROBERT P. BRIGGS
ST. LOUIS
PIERRE B. MCBRIDE
J. H. LONGWELL
MINNEAPOLIS
O. B. JESNESS
ATHERTON BEAN
KANSAS CITY
RAYMOND W. HALL
JOE W. SEACREST
DALLAS
ROBERT J. SMITH
LAMAR FLEMING, JR.
SAN FRANCISCO
F. B. WHITMAN
Y. FRANK FREEMAN
1314
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
Presidents and Vice Presidents
Federal
Reserve
Bank of
Vice Presidents
President
First Vice President
(Vice Presidents in charge of branches are
listed in lower section of this page)
Boston.
J. A. Erickson
E. O. Latham
D. Harry Angney
Ansgar R. Berge
George H. Ellis
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 V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.
H. L. Sanford
Todd G. Tiebout
Philadelphia...
Karl R. Bopp
Robert N. Hilkert
Murdoch K. Goodwin
Joseph R. Campbell
Wallace M. Catanach Philip M. Poorman
David P. Eastburn
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
Hugh Leach
Edward A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
Joseph M. Nowlan
Benjamin U. Ratchford
James M. Slay
Atlanta
Malcolm Bryan
Harold T. Patterson
J, E. Denmark
J. E. McCorvey
L. B. Raisty
Earle L. Rauber
Brown R. Rawlings
Chicago
Carl E. Allen
C. J. Scanlon
Ernest T. Baughman
A. M. Gustavson
Hugh J. Helmer
Paul C. Hodge
Robert C. Holland
L. H. Jones
C. T. Laibly
George W. Mitchell
H. J. Newman
Harry S. Schultz
St. Louis
Delos C. Johns
Darryl R. Francis
Marvin L. Bennett
Homer Jones
George E. Kroner
Dale M. Lewis
Howard H. Weigel
Joseph C. Wotawa
Minneapolis...
Frederick L. Deming
A. W. Mills
Kyle K. Fossum
C W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
M. H. Strothman, Jr.
Kansas City...
H. G. Leedy
Henry O. Koppang
John T. Boysen
George H. Clay
C. A. Cravens
L. F. Mills
E. U. Sherman
Clarence W. Tow
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
San Francisco.
H. N. Mangels
Eliot J. Swan
J. L. Barbonchielli
R. S. Einzig
E. H. Galvin
H. E. Hemmings
R. H. Morrill
John A. O'Kane
James V. Vergari
Richard G. Wilgus
Vice Presidents in Charge of Branches of Federal Reserve Banks
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Branch
Vice Presidents
Federal Reserve
Bank of
Branch
Vice Presidents
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
E. F. MacDonald
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
Minneapolis
Kansas City
Helena
Denver
Oklahoma City
Omaha
C. A. Van Nice
Cecil Puckett
H. W. Pritz
P. A. Debus
Dallas
El Paso
Houston
San Antonio
Howard Carrithers
J. L. Cook
Carl H. Moore
Detroit
Little Rock
Louisville
Memphis
R. A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
W. F. Volberg
J. A. Randall
E. R. Barglebaugh
A. B. Merritt
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 720-23 of the June 1960 Bulletin. (Stamps and coupons not accepted).
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
159 pages. Part III. February 1960. 112
pages. Individual books $1.00 each; set of 3
FUNCTIONS. April 1954. 208 pages.
books $2.50.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
INDUSTRIAL PRODUCTION—1959 REVISION. July
FEDERAL RESERVE BULLETIN. Monthly. Sub1960. 229 pages. $1.00 per copy; in quantiscription price in the United States and its posties of 10 or more for single shipment, 85 cents
sessions, Bolivia, Canada, Chile, Colombia,
each.
Costa Rica, Cuba, Dominican Republic, EcuaTHE FEDERAL FUNDS MARKET—A Study by a
dor, Guatemala, Haiti, Republic of Honduras,
Federal Reserve System Committee. May
Mexico, Nicaragua, Panama, Paraguay, Peru,
1959. I l l pages. $1.00 per copy; in quantiEl Salvador, Uruguay, and Venezuela is $6.00
ties of 10 or more for single shipment, 85
per annum or 60 cents per copy; elsewhere
cents each.
$7.00 per annum or 70 cents per copy. Group
DEBITS AND CLEARINGS STATISTICS AND THEIR
subscriptions in the United States for 10 or
USE (rev. ed.). May 1959. 144 pages. $1.00
more copies to one address, 50 cents per copy
per copy; in quantities of 10 or more for single
per month, or $5.00 for 12 months.
shipment, 85 cents each.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
ALL-BANK STATISTICS, 1896-1955. Part I, U. S.
AND BUSINESS STATISTICS. Monthly. Annual
Summary. Part II, Summaries by States and
subscription includes one issue of Historical
other areas. April 1959. 1,229 pages. $4.00.
Supplement. Subscription price in the United
THE FEDERAL RESERVE ACT, as amended through
States and the countries listed above is $6.00
December 31, 1956, with an Appendix conper annum: 60 cents per copy, or 50 cents each
taining provisions of certain other statutes affor 10 or more of same issue for single shipfecting the Reserve System. 385 pages. $1.00.
ment; elsewhere $7.00 per annum or 70 cents
FLOW
OF FUNDS IN THE UNITED STATES, 1939-53.
each.
December 1955. 390 pages. $2.75.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHART BOOK.
Issued annually in September.
Annual subscription to monthly chart book includes one issue of Supplement. In the United
States and countries listed above under Federal
Reserve Bulletin, single copies 60 cents each or
in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents each.
TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Part I. July
1959.
108 pages.
BANKING AND MONETARY STATISTICS.
November
1943. 979 pages. $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 FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.
Part II. February 1960.
9 pages.
CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV, published in 1957), giving the results of an in-
tensive 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.
1315
1316
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
REPRINTS
(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16
pages.
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
A QUARTERLY PRESENTATION OF FLOW OF FUNDS,
SAVING, AND INVESTMENT. August 1959. 49
pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY.
May 1953.
7 pages.
1959.
* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.
August
THE GOVERNMENT SECURITIES MARKET.
22 pages.
REVISED INDUSTRIAL PRODUCTION INDEX.
CAPITAL MARKETS AND MONEY AND BANK CREDIT
April 1953. 25 pages.
IN 1959. Combined reprint. January and February 1960. 14 pages.
DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-
vember 1953. 65 pages.
MONETARY
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
ber 1955. 40 pages.
SURVEYS OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. Member Bank Lending
to Small Business, 1955-57. April 1958. 19
pages. Member Bank Term Lending to Business, 1955-57, April 1959. 16 pages. Security
Pledged on Business Loans at Member Banks.
September 1959. 16 pages.
FINANCING OF LARGE CORPORATIONS,
POLICY
AND ECONOMIC
GROWTH.
February 1960. 7 pages.
REVISED SERIES FOR SEASONALLY
MONEY SUPPLY. February 1960.
GOLD AND DOLLAR TRANSFERS IN
1960.
ADJUSTED
4 pages.
1959. March
6 pages.
BANKING AND MONETARY STATISTICS, 1959.
and May 1959 BULLETINS.)
SURVEY OF COMMON TRUST FUNDS, 1959.
1959 BULLETINS.)
INTEREST RATES IN LEADING COUNTRIES.
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
November
1956
and January, February, and March 1957 BULLETINS. 52 pages.
SURVEY
OF
FINANCE
COMPANIES,
MID-1955.
April 1957. 17 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-
1960.
JUNE
6 pages.
RECENT MONEY AND CREDIT
DEVELOPMENTS.
July 1960. 8 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.
THE
DEXES. December 1957. 30 pages.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.
May
1960. 7 pages. (Also, similar reprints from
August 1956, June 1957, May 1958, and May
1951-55.
REVISION OF CONSUMER CREDIT STATISTICS.
Se-
lected series of banking and monetary statistics
for 1959 only. February and May 1960. 13
pages. (Similar reprint of 1958 data, February
June 1956. 9 pages.
AGRICULTURAL LOAN SURVEY.
De-
cember 1959. 24 pages.
A
N E W MEASURE OF THE MONEY SUPPLY.
ber 1960. 22 pages.
Octo-
Index to Statistical Tables
Acceptances, bankers', 1256, 1258
Agricultural loans of commercial banks, 1250, 1252
Agriculture, Govt. agency loans, 1268
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 1246
Corporate, current, 1260
Domestic banks, by classes, 1247, 1250,
1252, 1258
Federal business-type activities, by fund or activity, 1268
Federal Reserve Banks, 1242
Automobiles:
Consumer instalment credit, 1272, 1273, 1274
Production index, 1276, 1279
Bankers' balances, 1251, 1253
(See also Foreign liabilities and claims reported by
banks)
Banks and the monetary system, consolidated statement, 1246
Bonds (See also U. S. Govt. securities):
New issues, 1260, 1262, 1263
Prices and yields, 1256, 1257
Brokers and dealers in securities, bank
loans to, 1250, 1252
Business expenditures on new plant and equipment, 1260
Business indexes, 1282
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1247, 1251, 1254
Federal Reserve Banks, 1242
Carloadings, 1282
Central banks, foreign, 1306, 1310
Coins, circulation of, 1244
Commercial banks:
Assets and liabilities, 1247, 1250
Consumer loans held, by type, 1273
Number, by classes, 1247
Real estate mortgages held, by type, 1269
Commercial and industrial loans:
Commercial banks, 1250
Weekly reporting member banks, 1252, 1255
Commercial paper, 1256, 1258
Commodity Credit Corporation, loans, etc., 1268
Condition statements (See Assets and liabilities)
Construction, 1282, 1283
Consumer credit:
Instalment credit, 1272, 1273, 1274, 1275
Major parts, 1272, 1274
Noninstalment credit, by holder, 1273
Consumer price indexes, 1282, 1288
Consumption expenditures, 1290, 1291
Corporate sales, profits, taxes, and dividends, 1260, 1261
Corporate security issues, 1260, 1262
Corporate security prices and yields, 1256, 1257
Cost of living (See Consumer price indexes)
Currency in circulation, 1237, 1244, 1245
Customer credit, stock market, 1257
Debits to deposit accounts, 1245
Demand deposits:
Adjusted, banks and the monetary system, 1246
Adjusted, commercial banks, 1245, 1251
Banks, by classes, 1247, 1254
Turnover of, 1245
Type of holder, at commercial banks, 1251
Department stores:
Merchandising data, 1287
Sales and stocks, 1282, 1286
Deposits (See also specific types of deposits):
Adjusted, and currency, 1246
Banks, by classes, 1241, 1247, 1251, 1254, 1258
Federal Reserve Banks, 1242, 1303
Postal savings, 1240, 1246
Discount rates, 1240, 1310
Discounts and advances by Federal Reserve
Banks, 1236, 1241, 1242
Dividends, corporate, 1260, 1261
Dollar assets, foreign, 1303, 1305
Dwelling units started, 1283
Earnings and expenses, member banks, 1294
Earnings and hours, manufacturing industries, 1282, 1285
Employment, 1282, 1284, 1285
Export-Import Bank, loans, etc., 1268
Farm mortgage loans, 1268, 1269, 1270
Federal business-type activities, assets and liabilities,
by fund or activity, 1268
Federal Deposit Insurance Corporation,
assets, etc., 1268
Federal finance:
Cash transactions, 1266
Receipts and expenditures, 1267
Treasurer's balance, 1266
Federal home loan banks, loans, etc., 1268, 1271
Federal Housing Administration, loans, etc., 1268,
1269, 1270, 1271
Federal National Mortgage Association,
loans, etc., 1268, 1271
Federal Reserve Banks:
Condition statement, 1242
U. S. Govt. securities held by, 1236, 1241,
1242, 1264, 1265
Federal Reserve credit, 1236, 1241, 1242
Federal Reserve notes, 1242, 1244
Finance company paper, 1256, 1258
Financial institutions, loans to, 1252
Flow of funds, saving and financial flows, 1292
Foreign central banks, 1306, 1310
Foreign deposits in U. S. banks, 1236, 1242,
1246, 1251, 1254
Foreign exchange rates, 1311
Foreign liabilities and claims reported by
banks, 1296, 1298, 1301, 1303
Foreign trade, 1287
Gold:
Earmarked, 1304
Net purchases by U. S., 1304
Production, 1304, 1307
Reserves of central banks and governments, 1306
Reserves of foreign countries and international
institutions, 1305
Stock, 1236, 1246, 1304
Gold certificates, 1242, 1244
Govt. debt (See U. S. Govt. securities)
Gross national product, 1290, 1291
Home owners, Govt. agency loans, 1268
Hours and earnings, manufacturing industries, 1282, 1285
Industrial production index, 1276, 1282
Instalment loans, 1272, 1273, 1274, 1275
1317
1318
FEDERAL RESERVE BULLETIN • NOVEMBER 1960
Insurance companies, 1259, 1264, 1265, 1270
Insured commercial banks, 1249, 1250
Interbank deposits, 1240, 1247, 1251, 1254
Interest rates:
Bond yields, 1256
Business loans by banks, 1255
Federal Reserve Bank discount rates, 1240
Foreign countries, 1309, 1310
Open market, 1256, 1309
Stock yields, 1256
Time deposits, maximum rates, 1240
International capital transactions of the U. S., 1296
International financial institutions, 1304,
1305, 1306, 1308
Inventories, 1290
Investments {See also specific types of investments):
Banks, by classes, 1247, 1250, 1253, 1258
Federal Reserve Banks, 1241, 1242
Govt. agencies, etc., 1268
Life insurance companies, 1259
Savings and loan associations, 1259
Labor force, 1284
Loans {See also specific t}'pes of loans):
Banks, by classes, 1247, 1250, 1252, 1258
Federal Reserve Banks, 1236, 1241, 1242
Govt. agencies, etc., 1268
Insurance companies, 1259, 1270
Savings and loan associations, 1259, 1270
Loans insured or guaranteed, 1269, 1270, 1271
Manufacturers, production index, 1276, 1282
Margin requirements, 1240
Member banks:
Assets and liabilities, by classes, 1247, 1250
Borrowings at Federal Reserve Banks, 1236,
1242, 1254
Deposits, by classes, 1241
Earnings and expenses, 1294
Number, by classes, 1248
Reserve requirements, by classes, 1241
Reserves and related items, 1236
Weekly reporting series, 1252
Mining, production index, 1276, 1282
Money rates {See Interest rates)
Money supply and related data, 1245
Mortgages {See Real estate loans)
Mutual savings banks, 1246, 1247, 1249, 1258,
1264, 1265, 1269
National banks, 1249
National income, 1290, 1291
National security expenditures, 1267, 1290
Nonmember banks, 1242, 1249, 1250, 1251
Payrolls, manufacturing, index, 1282
Personal income, 1291
Postal Savings System, 1240, 1246
Prices:
Consumer, 1282, 1288
Security, 1257
Wholesale commodity, 1282, 1288
Production, 1276, 1282
Profits, corporate, 1260, 1261
Real estate loans:
Banks, by classes, 1250, 1252, 1258, 1269
Type of mortgage holder, 1269, 1270, 1271
Type of property mortgaged, 1269, 1270, 1271
Reserve requirements, member banks, 1241
Reserves:
Commercial banks, 1251
Federal Reserve Banks, 1242
Foreign central banks and governments, 1306
Foreign countries and international institutions, 1305
Member banks, 1236, 1242, 1251, 1253
Residential mortgage loans, 1269, 1270, 1271
Sales finance companies, consumer loans of, 1272,
1273, 1275
Saving:
Flow-of-funds series, 1292
National income series, 1291
Savings deposits {See Time deposits)
Savings institutions, principal assets, 1258, 1259
Savings and loan associations, 1259, 1270
Securities, international transactions, 1302, 1303
Security issues, 1260, 1262, 1263
Silver coin and silver certificates, 1244
State member banks, 1249
State and municipal securities:
New issues, 1262, 1263
Prices and yields, 1256, 1257
States and political subdivisions:
Deposits of, 1251, 1254
Holdings of U. S. Govt. securities, 1264
Ownership of obligations of, 1250, 1258, 1259
Stock market credit, 1257
Stocks:
New issues, 1262
Prices and yields, 1256, 1257
Tax receipts, Federal, 1267
Time deposits, 1240, 1241, 1246, 1247, 1251, 1254
Treasurer's account balance, 1266
Treasury cash, 1236, 1244, 1246
Treasury currency, 1236, 1244, 1246
Treasury deposits, 1236, 1242, 1266
Unemployment, 1284
U. S. balance of payments, 1309
U. S. Govt. balances:
Commercial bank holdings, by classes,
1251, 1254
Consolidated monetary statement, 1246
Treasury deposits at Federal Reserve
Banks, 1236, 1242, 1266
U. S. Govt. securities:
Bank holdings, 1246, 1247, 1250, 1253,
1258, 1264, 1265
Federal Reserve Bank holdings, 1236, 1241,
1242, 1264, 1265
Foreign and international holdings, 1242, 1305
International transactions, 1302, 1303
New issues, gross proceeds, 1262
Outstanding, by type of security, 1263,
1264, 1265
Ownership of, 1264, 1265
Prices and yields, 1256, 1257
United States notes, outstanding and in circulation, 1244
Utilities, production index, 1276, 1282
Vault cash, 1236, 1251
Veterans Administration, loans, etc., 1268, 1269,
1270, 1271
Weekly reporting member banks, 1252
Yields {See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
(o THE FEDERAL RESERVE SYSTEM o)
1
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER