Full text of Federal Reserve Bulletin : November 1961
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FEDERAL RESERVE
BU
r
November 1961
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
C O M M I T T E E
Charles Molony
Ralph A. Young
Woodlief Thomas
Guy E. Noyes
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
Contents
I.
I-1
i' •
I'i
;
Expansion in Economic Activity
1275
:;
Quarterly Survey of Consumer Buying Intentions
1282
j!
Law Department
1289
1
Current Events and Announcements
1296
j
National Summary of Business Conditions
1297
1
Financial and Business Statistics, U. S. (Contents on p. 1299)
1300
j
International Financial Statistics (Contents on p. 1359)
1360
Board of Governors and Staff
1376
Open Market Committee and Staff; Federal Advisory Council
1377
Federal Reserve Banks and Branches
1377
Federal Reserve Board Publications
1379
Index to Statistical Tables
1381
Map of Federal Reserve System
Inside back cover
Volume 47 * Number n
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j
Expansion in Economic Activity
ECONOMIC ACTIVITY has increased sharply
from its recession low last winter. Gross national product reached a new high in the
third quarter, and after allowance for price
changes, the total output of goods and services was about 2 per cent above the level in
the spring of 1960, the peak period of the
preceding cyclical expansion. A further gain
is occurring in the current quarter.
Activity increased rapidly until midyear
and then expanded at a slower pace. The
slackening of the rise in employment, industrial production, income, and retail sales reflected in part model changeovers and work
stoppages in the auto industry and abnormal
weather conditions. By late October, output and sales of automobiles had recovered,
and their high levels were reinforcing the
expansion in other sectors of the economy.
The 1960-61 recession was moderate
and short. Consumer incomes were maintained throughout the recession despite curtailments in employment and industrial
production, and decreases in consumer demands were confined mainly to housing
and durable goods. The decline in business investment in new plant and equipment was moderate. Government purchases
of goods and services began to advance
early in 1961. Net exports rose sharply
during the contraction phase of the cycle,
as imports declined while exports expanded
in response to high levels of activity abroad.
Altogether, final purchases of goods and
services increased throughout 1960 and
then showed only a slight dip in early 1961.
In contrast, the inventory adjustment was
large. It began some months before the
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation, except for GNP in 1960 prices,
which are estimates of Council of Economic Advisers. Other
investment includes producers' durable equipment and total
private construction. Latest figures shown, third quarter.
1275
1276
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
upper turning point, as manufacturers curtailed sharply their accumulation of steel
stocks. During the recession, stocks of
durable goods were reduced by manufacturers and distributors, while stocks of nondurable goods increased somewhat.
CYCLICAL RECOVERY
General recovery was under way in March.
As incomes began to rise sharply, consumer
demands for new houses and durable goods
turned up promptly. Housing starts, however, rose less rapidly than in 1958. Business soon responded to improvement in
consumer and government demands by ending inventory liquidation and resuming inventory accumulation. Business outlays for
new plant and equipment also began to rise
earlier than usual in a cyclical recovery, but
so far the amount of increase has been
moderate.
The bulk of the increase in the dollar
value of gross national product achieved
thus far represents an increase in physical
volume. Prices of some industrial materials
that typically show large cyclical fluctuations
have increased moderately, but prices of industrial commodities as a whole have declined slightly this year. Wholesale prices
of farm products and foods are also somewhat lower, and the wholesale price index
for all commodities has declined 1 per cent
since last winter. Consumer prices have
risen, but the rise has been smaller thus far
than in either 1959 or 1960.
Relative stability in broad measures of
prices despite the higher level of output
reflects both continued high unemployment
and the existence of a considerable amount
of unutilized industrial capacity. Output
per manhour has increased rapidly, as is
usual in a recovery period, and this too
has helped to restrain upward price pres-
sures. Although up considerably from its
cyclical low last February, nonfarm employment in October was just about back
to its preceding cyclical peak. Meanwhile,
the civilian labor force has continued its
steady growth, and the seasonally adjusted
unemployment rate, at 6.8 per cent in October, has shown little change this year.
Stability of industrial prices has helped
to maintain exports. But as economic activity here has advanced, imports have
increased, and the U. S. trade surplus has
narrowed appreciably in recent months.
PERSONAL INCOME
Personal income remained almost stable during the recent recession, as it had in other
postwar recessions. Wages and salaries
declined in the industrial sector but continued to rise slowly in service industries
and government. Other income payments
PERSONAL INCOME
Annual rales.
Billions of dollori
- 420
IOTAI
1
'_
^f
;
-
WAGES AND SALARIES'.
OTHER
INDUSTRIES
_
OTHER
INCOME
,
/
j^V
~
^ • " ^ COMMODITY-PRODUCING
INDUSTRIES
~
1
60
NOTE.—Department of Commerce monthly figures, adjusted
for seasonal variation. Other industries include distributive,
service, and government. Other income includes all personal
income except wages and salaries. Latest figures shown, October estimates of Federal Reserve.
1277
EXPANSION IN ECONOMIC ACTIVITY
increased moderately, mainly because of
larger payments for unemployment compensation and increased Social Security
benefits. Corporations maintained their
dividend payments despite sharply reduced
profits.
Personal income began to rise in March
when industrial output and employment began to increase. In March, and again in
July, advance payments of National Service Life Insurance dividends gave large temporary boosts to personal income in the form
of transfer payments. In April a temporary
Federal program was initiated, as in 1958,
to extend payment of unemployment compensation to unemployed workers exhausting
their rights under regular programs. And,
effective in late summer, Social Security retirement benefits were liberalized.
Employment and wages and salaries rose
in most industries through June. Between
June and September, however, industrial
payrolls leveled off. During this period,
industrial activity was limited as a result
of model changeovers and work stoppages
in the auto industry, and, in September,
also by a hurricane. Industrial activity
began to increase again in October, and
personal income rose to a new high, about
5 per cent above the recession low.
has been rising and that used to buy goods
has been declining. After adjustment for
price changes, the difference is less pronounced, as prices of services have continued to rise appreciably while average
prices of goods have increased little—particularly since 1958.
Durable goods. Fluctuations in the demand for durable goods account for most
of the cyclical fluctuation in total consumption expenditures. In the recent recession,
CONSUMER EXPENDITURES
1957 = 100
140
SERVICES
,.«•-*
ALL G O O D S
80
120
NONDURABLE
GOODS
•O
1957
1959
CONSUMPTION
Consumer buying of goods rose more slowly
than income in both the second and third
quarters. Because of this lag, total consumption expenditures did not quite keep
pace with income, and the rate of consumer
saving continued to rise. The increase appeared primarily as a rapid build-up in consumer holdings of liquid assets.
In recent years, total consumption has
increased about in line with income, but
the proportion of income used for services
NOTE.—Indexes based on Department of Commerce quarterly estimates, adjusted for seasonal variation. Latest figures
shown, third quarter.
consumer outlays for such goods declined
about as much as they did in the more severe
1957-58 recession. However, they turned
up much more promptly in this recovery.
Sales of new domestic autos increased
from a seasonally adjusted annual rate of
4.9 million units in the first quarter of 1961
to 5.6 million in the second. Dealer stocks
were low at midyear, and, with output lim-
1278
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
ited by an unusually early model changeover
and work stoppages, sales declined during
the third quarter to an average annual rate
of 5.2 million. The work stoppages continued into early October, but following their
settlement, output expanded sharply. In
the month of October, sales rose to an annual
rate of 6.2 million, about equal to the 1960
high. In early November, sales increased
further.
The demand for used cars was strong
throughout the year, and supplies were limited during the summer and early fall. Prices
of used cars have increased 20 per cent from
their cyclical low in January and are now
about back to their high before the recession. New model cars were introduced this
year at about the same list prices as those
on 1961 models.
Sales of major home goods also turned
up in early spring and have continued to
rise since then. The steady rise reflected
in part the larger volume of residential construction.
Nondurable goods. After the first quarter
of this year, outlays by consumers for nondurable goods resumed the moderate upward trend that has prevailed throughout
most of the postwar period. Such staple
items as foods, beverages, tobacco products,
drugs, and toilet articles bulk large in this
broad aggregate. Demand for these staples
tends to rise as the population grows.
Fluctuations in semidurable items, notably
clothing and shoes, are generally responsible
for whatever cyclical fluctuation appears in
total consumer outlays for nondurable goods.
Consumer outlays for clothing and shoes
rose considerably during the 1958-60 expansion, were curtailed in the recession, and
have increased again in recent months.
Services. Since 1954, consumers have
been increasing their expenditures for serv-
ices by 7.3 per cent per year, on the average,
while increasing their spending for goods by
about 4 per cent. Total consumption expenditures and disposable personal income
meanwhile have risen by about 5 per cent
per year.
Throughout the postwar period, expenditures for services have risen steadily, even
increasing during recessions when personal
income leveled off. During the recent recession, the dollar amount of increase in outlays for services offset the decline in expenditures for durable goods, and as a result total
consumption expenditures remained stable.
The consumer stock of durable goods has
increased greatly, and outlays for the financing, insurance, and maintenance of
these goods are an important part of the
service total. Expenditures of this sort for
housing, including the imputed rent of
owner-occupied dwellings, now account for
nearly one-third of total consumer service
outlays.
In recent years, however, rent and other
service expenditures for housing have been
growing at a slower rate than certain other
service expenditures, notably those for personal business, education, and medical and
personal care. Private outlays for education
have accelerated since 1957, in part because
of the rapid increase in the number of youths
of college age and the generally heightened
interest in education. The longer life span
and medical progress have contributed
to the rapid growth in outlays for medical
care.
BUSINESS INVESTMENT
Business inventory and equipment demands
picked up unusually promptly in this recovery period, and rising business outlays
have made an important contribution to the
increase in gross national product.
EXPANSION IN ECONOMIC ACTIVITY
Inventories. Changes in business inventory buying have been unusually large over
the past two years. The rate of accumulation in early 1960 was very high, and the
decline in the rate of accumulation during
the first half of 1960 was unusually rapid.
Although inventory liquidation was moderate, the shift from accumulation at an annual rate of $11 billion in early 1960 to
liquidation at a $4 billion rate in the first
quarter of 1961 represented a contractive
influence of $15 billion. However, because
most other major components rose, total
gross national product declined only $1
billion.
Demands for inventory picked up in
early spring, and the shift from net decumulation in the first quarter of 1961 to net
accumulation in the third quarter contributed $8.5 billion to the $25 billion rise in
the annual rate of gross national product.
This was a much larger contribution from
inventory buying than usual for the early
stages of a recovery and reflects in part the
mildness of the preceding downturn in activity and the relatively low level of inventories in a number of industries when the
recession began.
The decline in book value of business
inventories from June 1960 to March 1961
was concentrated in materials and goods
in process held by durable goods manufacturers and in consumer durable goods held
by distributors. During the recovery period through September, retail stocks of
durable goods remained near their March
levels. Meantime, inventories held by durable goods manufacturers stabilized and
then increased. In the third quarter the
increase in inventories held by durable
goods manufacturers accounted for nearly
all of the total increase in manufacturers'
stocks.
1279
Manufacturers' sales have about kept
pace with inventories in recent months, and
the inventory-sales ratio has been fairly
stable for manufacturers of durable goods
as well as for those manufacturing nondurable goods. According to the most recent Commerce Department survey, manufacturers expect the book value of their
inventories to increase in the fourth quarter
NOTE.—Department of Commerce monthly figures, adjusted
for seasonal variation. Figures for inventories are book values.
Latest figures shown, September.
by the same amount as they increased in
the third quarter. Stocks held by durable
goods producers are expected to account
for two-thirds of the rise.
Plant and equipment Outlays for new
nonfarm plant and equipment in the fourth
quarter are now expected to be up 7 per
cent from the second quarter, almost to the
mid-1960 high, according to the latest Commerce-SEC survey. The cyclical swing in
1280
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
total outlays since mid-1960 reflects primarily fluctuations in purchases of equipment; construction outlays increased moderately during the recession and recovery
period.
Most major industry groups have shared
in the current increase in plant and equipment outlays, although at different rates. In
1959 and 1960, outlays for fixed capital by
industries manufacturing durable goods remained moderately below the highest levels
PLANT AND EQUIPMENT OUTLAYS
>tet, biH'Ons of doMors
1 40
TOTAL NONFARM
25
10
MANUFACTURING:
OUBABLi GOOOS
COMMERCIAL
AND MISCELLANEOUS
OTHER
NONMANUFACTURINC
NOTE.—Department of Commerce and Securities and Exchange Commission quarterly estimates, adjusted for seasonal
variation. Other nonmanuiacturing includes mining, transportation, and public utilities. Third and fourth quarter figures are anticipated spending.
reached in the 1955-57 investment boom.
Thus far this year outlays by durable goods
producers have shown only a slight tendency
to expand. In most of these industries rates
of capacity utilization remain low.
Railroads reduced their outlays one-third
from mid-1960 to mid-1961, and at the
time of the late summer Commerce-SEC
survey they were planning further cuts. De-
spite these cuts, total outlays by the mining,
transportation, and utility industries are now
increasing, but planned fourth-quarter outlays are below the high levels reached in
1957.
By early 1960, outlays for fixed investment by industries manufacturing nondurable goods had not recovered to 1957 levels
mainly because of much smaller outlays by
the petroleum industry. After showing little
decline during the recent recession, outlays
by these industries are now increasing at a
substantial rate. For all nondurable goods
industries except petroleum, total outlays
planned for the fourth quarter are nearly 10
per cent above the highest level reached in
the 1955-57 expansion.
Business concerns in the commercial and
miscellaneous sector brought their outlays
to record levels in 1960, and after a moderate decline in the first half of 1961, their
plans call for outlays to increase in the fourth
quarter to a level that will exceed the previous record by 4 per cent. This sector,
which includes the communications, trade,
service, finance, and construction industries, now accounts for about one-third of
all fixed-capital investment by nonfarm
business. The upward trend in expenditures has been associated with the large
volume of construction of office buildings,
shopping centers, and other commercial
and service facilities.
According to the recent McGraw-Hill
survey of business plans for fixed investment
for the year 1962, outlays for plant and
equipment will be 4 per cent higher than
the 1961 total. The indicated 1962 level
is about the same as the rate expected to
be reached in the current quarter. It may
be noted, however, that anticipation surveys taken in the autumn of 1954 and 1958
understated substantially the amount of in-
EXPANSION IN ECONOMIC ACTIVITY
crease that actually developed in 1955 and
1959.
Current rates of capacity utilization are
above those at the recession low but considerably below those at the preceding
cyclical peaks. Although unutilized capacity is large, outlays for further expansion
are likely to increase. Expansion will be
needed to meet production needs for new
products already on the market and to permit the development and marketing of other
new products.
Incentives will remain
strong to modernize equipment in order to
meet domestic and foreign competition.
Large and increasing expenditures for research and development are providing both
new product opportunities and new ways
of cutting costs. The larger volume of internal funds available to businesses from
growing depreciation allowances and retained earnings are favorable to business
plans for increased outlays for new plant
and equipment.
GOVERNMENT
Total government purchases of goods and
services in the third quarter this year were
7 per cent above the fourth quarter 1960
1281
level. State and local government outlays
continued the steady rise that has prevailed
throughout the postwar period, and with the
heightening of international tensions, the
Federal Government stepped up its defense
expenditures this year after several years
of little change.
Nearly half of the increase in government
purchases of goods and services over the
first three quarters of this year reflected
larger Federal defense expenditures. The
Federal budget estimates prepared this fall
suggest a large further increase by mid1962.
State and local government outlays have
increased faster in recent years than those
of any other major demand sector to meet
the needs of a rapidly growing population
for schools, highways, and other public
facilities and services.
As a result of their sustained expansion,
State and local government outlays now account for about 10 per cent of gross national
product, compared with 7.5 per cent in
1955. Purchases of goods and services by
the Federal Government account for about
11 per cent of the total, about the same
as the 1955-60 average.
Quarterly Survey
of Consumer Buying Intentions
RECENT SURVEY DATA show little change
in consumer plans to buy houses and most
types of household durable goods since the
April and July Surveys. Reported plans to
buy new and used automobiles increased
from April to October, somewhat more
than in the same months of 1960. These
findings are from the twelfth Quarterly Survey of Consumer Buying Intentions, conducted in the third week of October.1
In October, as in July, consumers reported about the same number of plans to
buy automobiles as they had a year earlier,
when purchases were at a much higher annual rate than in the first 9 months of this
year. The proportion reporting plans to buy
houses was about the same as in October
1960, but the proportion planning to buy
household durable goods has continued below year-earlier levels.
Consumer reports of changes in income
over the preceding 12 months were about
the same as in October 1960 but more favorable than in earlier Surveys this year. The
proportion of respondents reporting lower
incomes has declined moderately since
April, and the proportion reporting higher
incomes has risen correspondingly. Conlr
This article presents the findings of the October
1961 Quarterly Survey of Consumer Buying Intentions, conducted for the Board of Governors by the
Bureau of the Census. The Quarterly Survey is conducted under the supervision of Mona E. Dingle of
the Board's staff and Selma F. Goldsmith of the Bureau of the Census. The current article was prepared
by Theodore G. Flechsig. Articles covering the previous Quarterly Surveys appeared in earlier issues of
the BULLETIN. A description of the Survey appeared
in the BULLETIN for September 1960, pp. 977-1003.
sumer expectations regarding future income
prospects were similar to those reported in
the preceding Surveys. About three-fifths
of the respondents continued to expect little
or no change in incomes, and fewer than 6
per cent expected lower incomes.
Automobiles. The numbers of consumers
expressing plans to buy new and used automobiles within the next 6 or 12 months were
about the same in October as a year earlier.
There was an increase, however, in the number that said they did not know about their
plans. Experience has shown that this group
of nonplanners is much more likely to buy
cars than other nonplanners.
Reported plans to buy new cars were the
same in October as a year earlier, and plans
to buy used cars were somewhat higher. The
proportion of respondents that expressed
plans to buy but were undecided between
new and used automobiles, however, was
somewhat smaller. In the accompanying
chart and in the following discussion, the
data for plans to buy new and used cars
include a proportionate share of these planners.2
The proportion of families in October
reporting 6-month plans to buy new cars,
at 4.2 per cent, was about the same as a year
2
The number of planners undecided between new
and used cars—although a relatively small proportion of the total—has fluctuated sharply on a yearto-year basis. When these planners are included in
buying plans data for new and for used cars on a
pro rata basis, the relationship of plans data to actual
purchases is closer than when the plans data are
restricted to those specifying plans to buy either new
or used cars.
1282
1283
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
earlier. Plans to buy new cars have increased since April after having been somewhat below year-earlier levels in the first
two Surveys this year.
Plans to purchase used automobiles within the following 6 months were reported by
4,9 per cent of the families interviewed in
October, compared with 4.7 per cent reported a year earlier. There has been little
change from year-earlier levels in plans to
buy used cars since the January Survey.
As in April and July, the proportion of
families that reported having shopped for a
car in the weeks immediately preceding the
Survey was smaller in October than in the
same period a year earlier. In contrast with
earlier Surveys this year, fewer respondents
in October than a year ago expressed dissatisfaction with the car they owned.
The number of new car purchases reported by consumers for the third quarter
of 1961 was one-fifth smaller than the number reported for the third quarter of 1960.
In the first half of 1961 consumers had also
reported substantially fewer purchases of
new cars than in corresponding period of
1960. Sales data from trade and other
sources indicate a similar decline in new
car transactions. According to the Survey,
5.4 per cent of the families interviewed reported purchases of used cars in the third
quarter. This was about the same proportion as in the third quarters of 1959 and
1960. Used car sales reported by franchised
dealers were somewhat smaller than in the
corresponding periods of 1959 and 1960.
Household durable goods. As shown in
the chart, 6-month plans in October to buy
the three major household appliances covered by the Survey—washing machines, refrigerators and television sets—remained
below year-earlier levels. While reported
plans were nearer to year-earlier levels in
April than in January, there has been little
PLANS TO BUY
WITHIN 6 MONTHS
-
4
-
6
-
4
Number*
MAJOR HOUSEHOLD DURABLE GOODS
18
12
WITHIN 12 MONTHS
HOUSES
JAN.
APR.
JULY
OCT.
JAN.
*Sum of plans per 100 families.
NOTE.—Plans to buy new automobiles and used automobiles
include pro rata shares of planners undecided between new
and used. Plans to buy major household durable goods refer
to sum of plans to buy washing machines, refrigerators, and
television sets.
change since April. In both July and October, however, the proportions of families
planning to buy within 3 months were
slightly larger than in the corresponding
Surveys in 1960. In earlier Surveys this
year plans to buy washing machines and refrigerators accounted for the decline from
year-earlier levels. Plans to purchase these
two items increased from July to October
to about the October 1960 level, but intentions to buy television sets rose less sharply
than usual and for the first time this year
were lower than a year earlier.
Buying plans reported in the 1961 Surveys for the four growth items—air con-
1284
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
ditioners, clothes dryers, dishwashers, and
radio and phonographic equipment—in
general have also been well below plans reported in the corresponding 1960 Surveys.
The decline from year-earlier levels has reflected, for the most part, declines in plans
to buy air conditioners and clothes dryers.
According to the October Survey, consumers reported 12 purchases of household
durable goods per 100 families in the third
quarter of 1961, the same as in the third
quarter of 1960. In the first quarter of
1961, purchases per 100 families had been
about 7 per cent smaller than a year earlier.
These data on the number of purchases are
consistent with the trend in expenditures for
household equipment shown in the gross
national product estimates, which indicate a
similar decline and recovery in consumer
spending.
Houses. In contrast to the decline in plans
in 1960, plans to buy houses increased from
January to April 1961 and have changed
little since then. In October the number of
families reporting plans to buy new and existing houses within the following 12 months
was about the same as a year earlier, after
having been below year-earlier levels in the
three preceding Surveys, but in the recent
Survey the proportion indicating that their
plans were definite was somewhat larger
than a year ago.
In the year ending in October 1961,
4.7 per cent of the consumers interviewed
reported purchases of new and existing
houses, compared with 5.1 per cent the year
before. The number of house purchases
reported in the third quarter of 1961, however, was the same as in the third quarter
of 1960.
Sampling variability. Data from Quarterly
Surveys are based on about 17,000 interviews and, as is true of all sample surveys,
may differ because of sampling variability
from data that would be obtained if a complete census were taken. The reliability of
estimates of percentages obtained from the
Survey depends on the size of the estimated
percentage and the size of the total sample—
or portion of the sample—on which the
percentage is based.
SAMPLING ERRORS OF PROPORTIONS
The chances are 68 in 100 that the value being estimated lies within
a range equal to the reported percentage plus or minus the number
of percentage points shown below.
Reported percentage
Number of
households
2 or 98
5 or 95
10 or 90
25 or 75
50
1,000,000...
2,000,000...
5,000,000...
0.8
0.6
0.4
1.3
0.9
0.6
1.8
1.3
0.8
2.6
1.8
1.2
3.0
2.1
1.4
10,000,000...
20,000,000...
50,000,000...
0.3
0.2
0.1
0.4
0.3
0.2
0.6
0.4
0.3
0.8
0.6
0.4
1.0
0.7
0.4
Sampling errors are shown in the table
for selected percentages and sample sizes.
The sample sizes are expressed in terms of
the estimated number of households represented by the Survey (or portion of the
Survey) rather than in terms of the actual
number of households sampled. The
chances are 68 in 100, or about 2 in 3.
SAMPLE SIZE FOR SPECIFIED
GROUPS
Families or households *
Group characteristic
Total
Proportion
in Oct. 1961
Survey
Approximate number applicable to
all Surveys
100.0
54,000,000
Income .-2
Under $3,000
$3,000-$4,999
$5,000-57,499
$7,500-$9,999
$10,000 and over
Not ascertained
28.5
21.5
23.6
10.8
9.8
5.7
15,000,000
12,000,000
12,000,000
6,000,000
5,000,000
4,000,000
Age of head:
Under 35
35-54
55 and over
23.8
41.7
34.5
13,000,000
23,000,000
18,000,000
1 For the Quarterly Survey, data are collected only from the
principal family in the household. Therefore the number of families
is the same as the number of households.
2
Total money income (before taxes) of family in 12 months
immediately preceding interview.
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
that an estimate from the Survey would
differ from a complete census by less than
the sample errors shown in the table and
95 in 100 that the difference would be less
than twice the errors shown.
The second table shows the approximate
1285
number of households by income and age
groups. The estimated size of each subgroup may be used in the first table to
obtain the approximate sampling error for
that subgroup in preceding Surveys as well
as in the October 1961 Survey.
1286
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
TABLE 1
PLANS TO BUY HOUSES AND DURABLE GOODS, 1959-61*
1959
Buying plan
July
1960
Oct.
Jan.
Apr.
1961
July
Oct.
Jan.
Apr.
July
Oct
Percentage of all families
2
New or used automobile:
Planning to buy within 12 months....
Doesn't know about 12-month plan..
21.2
5.6
10.3
2.8
6.5
9.1
18.7
7.8
9.5
3.6
4.5
9.8
17.1
7.5
3.2
9.6
4.7
1.2
1.1
0.9
8.8
3.0
16.8
7.1
8.1
2.8
5.5
8.7
4.9
8.0
9.1
2.8
6.3
9.6
7.4
7.0
7.6
1.1
0.9
3.4
1.4
1.1
1.0
1.6
1.2
0.9
0.9
1.4
0.8
1.4
2.1
1.1
0.9
1.7
0.8
1.5
0.9
0.8
1.2
1.3
0.7
3.5
1.4
1.1
1.0
3.1
1.8
1.6
1.2
7.9
3.7
1.5
1.2
0.9
6.8
3.3
6.9
3.1
1.2
1.0
0.8
7.4
3.5
1.3
1.0
1.1
0.9
1.4
0.7
1.3
1.4
0.9
1.0
1.6
0.9
0.9
1.4
0.8
1.1
1.5
0.8
1.4
1.5
0.8
7.8
9.3
8.4
7.2
7.2
8.0
8.3
7.7
7.9
8.2
4.7
1.6
1.4
1.6
3.9
3.8
4.0
4.5
4.1
4.2
4.4
1.4
1.5
1.2
.3
.2
.3
1.4
1.2
1.2
.2
.3
.4
.4
.3
.1
1.4
1.2
1.1
.3
.7
0.9
.6
.3
.3
.7
.3
.1
.4
.5
.5
1.4
2.0
1.2
1.5
1.4
1.6
1.3
2.0
1.2
1.5
1.2
1.5
1.5
1.3
1.3
4.6
1.6
1.5
1.5
1.3
2.0
1.2
1.6
1.6
1.0
.4
.7
.3
House (new or existing):
Planning to buy within 24 months....
Doesn't know about 24-month plan..
12.0
6.6
11.1
6.2
11.2
6.6
10.3
6.4
5.8
2.3
1.8
1.7
2.4
1.8
1.6
2.4
5.3
2.2
1.6
1.5
2.5
1.3
1.4
2.4
5.4
2.2
1.6
1.5
2.4
1.7
1.3
2.4
1.9
1.5
1.4
1.9
1.5
1.4
2.1
10.0
6.3
5.1
2.1
1.5
1.4
2.3
1.4
1.3
2.2
10.0
6.1
5.0
2.0
.6
.4
.9
.7
.4
2.2
10.6
6.4
Planning to buy within 12 m o n t h s . . . .
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 6 months
Second 6 months
Doesn't know when in 12 months
Doesn't know about 12-month plan. .
10.6
6.8
5.0
2.0
.5
.5
.9
.9
2.5
17.1
6.5
8.4
3.1
Planning to buy within 6 months
Doesn't know about 6-month plan. . .
Has shopped for automobile 3
Dissatisfied with automobile owned...
5.2
8.1
New automobile:
Planning to buy within 12 months....
7.0
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months.
Used automobile:
Planning to buy within 12 months....
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months.
4.2
18.6
7.1
17.9
7.4
16.6
7.6
17.4
7.3
18.5
8.0
9.0
2.7
4.5
10.0
8.4
2.9
8.4
2.9
5.1
8.9
4.6
9.1
9.1
3.1
5.0
9.2
4.8
8.1
3.7
2.2
1.6
1.3
2.0
1.8
1.3
2.3
Plans per 100 families
Household durable goods: 4
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months..
Doesn't know about 6-month p l a n . . . .
Major household durable goods:5
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months..
Doesn't know about 6-month p l a n . . . .
14.2
8.8
8.5
4.7
6.0
6.7
2.4
n.a. Not available.
1 As reported in interviews in the first month of each calendar
quarter. Interviews are taken in the week that includes the 19th of
the2 month. Planning period begins on date of interview.
Includes those undecided between new and used.
15.7
17.3
> 7.4
6.8
3.8
4.5
5.9
3.4
21.9
7.7
5.8
8.5
5.4
10.6
8.2
5.5
n.a.
f24.3
7.5
6.0
10.7
/
4 7
'
3.7
5.8
6.1
2.8
21.0
7.4
5.5
8.1
20.5
6.3
5.4
8.8
20.2
6.5
5.6
8.1
7.4
7.7
6.7
5.4
20.1
6.5
5.0
8.6
5.9
7.4
6.7
4.7
6.8
8.2
6.0
4.5
5.1
8.8
6.6
4.7
6.7
7.8
5.7
5.0
18.4
6.2
4.8
7.3
5.8
7.4
5.2
4.6
13.9
4.7
3.1
6.2
3.8
4.9
5.2
2.7
14.0
4.4
3.0
6.7
3.8
4.7
5.4
2.9
13.8
4.7
3.1
5.9
4.2
5.1
4.5
2.6
13.7
4.1
3.0
6.6
3.5
5.1
5.1
2.9
13.0
4.1
3.1
5.8
3.7
5.0
4.2
2.8
12.8
4.1
3.1
5.6
3.9
4.7
4.2
2.9
7.0
5.0
7.6
6.9
7.1
5.6
4.6
13.1
4.5
2.8
5.9
4.5
4.3
4.3
2.9
3 In the weeks immediately preceding interview.
4 Sum of plans to buy washing machines, refrigerators, television
sets, air conditioners, clothes dryers, radio and phonographic equipment, and dishwashers.
5 Sum of plans to buy first three items listed in note 4.
1287
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
TABLE 2
PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1959-61
1959
1960
1961
Planning period, and income or age group
July
Oct.
Jan.
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
Planners as a percentage of all families in group
Planning to buy new automobile
within 6 months:
All families
Income: 1
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-59,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
Planning to buy used automobile
within 6 months:
All families
Income: *
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
3.2
4.7
3.5
3.3
3.1
3.7
3.5
3.1
3.4
3.7
0.9
1.8
4.1
7.0
10.7
0.7
3.2
5.6
10.2
15.6
0.7
2.3
4.0
6.8
12.0
0.9
1.7
4.5
5.5
9.6
0.8
1.5
3.6
6.6
9.9
0.6
2.4
4.5
6.8
11.7
0.6
1.9
4.1
6.3
11.3
0.8
1.7
3.8
4.8
9.6
0.7
2.2
3.8
6.0
11.0
0.7
2.3
3.4
6.7
13.4
3.5
3.8
2.4
4.4
5.9
3.4
3.2
4.5
2.5
3.3
4.1
2.3
3.4
3.7
2.1
3.7
4.4
2.9
3.6
4.3
2.5
3.2
3.7
2.4
3.3
4.3
2.3
3.4
4.6
2.7
4.2
4.7
4.6
3.9
3.8
4.0
4.5
4.1
4.2
4.4
3.2
4.8
5.3
5.3
3.9
3.4
5.9
6.3
4.7
3.3
3.1
4.8
6.0
6.3
5.5
2.6
4.3
4.9
4.8
3.3
2.9
4.1
4.6
5.4
4.1
2.9
4.4
4.9
5.6
3.9
2.8
4.9
6.0
4.9
4.8
2.5
5.1
4.6
5.4
4.3
2.7
4.5
5.3
5.2
4.7
3.0
4.7
5.7
5.5
4.1
6.9
4.6
1.7
7.7
4.9
2.3
6.5
5.5
2.1
6.8
4.3
1.4
6.6
4.0
1.5
6.7
4.3
1.6
7.1
5.0
2.0
6.8
4.8
1.5
7.1
4.7
1.6
7.0
4.8
2.1
5.8
5.3
5.4
5.0
4.8
5.1
1.9
5.3
8.4
1.7
5.1
7.1
8.4
10.2
2.1
5.4
7.3
8.6
9.1
1.8
4.9
7.0
8.4
7.3
1.5
4.1
6.6
7.3
8.6
1.7
4.8
6.4
7.9
8.1
5.0
2.2
4.8
6.7
7.9
7.7
5.1
2.4
4.6
6.1
7.8
9.5
9.4
5.6
2.0
9.8
5.5
2.2
9.2
5.1
2.0
8.8
5.1
1.7
2.1
9.9
4.7
2.1
9.5
5.3
2.0
Planning to buy house within 12 months:
All families
Income: l
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
n.a.
1L5
10.1
6.2
2.4
9.3
5.1
Plans per 100 families in group
Planning to buy household durable goods
within 6 months:2
All families
Income: 1
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
Planning to buy major household durable
goods within 6 months: 3
All families
Income: *•
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 35
35-54
55 and over
24.3
13.4
n.a.
31.0
28.1
14.9
20.1
21.0
11.1
10.8
18.8
24.1
29.8
39.1
29.8
22.0
11.2
19.6
24.9
32.2
41.1
31.2
23.7
10.6
14.2
10.6
14.5
16.6
17.9
22.0
17.3
12.9
18.7
19.6
20.9
26.3
11.6
14.8
17.7
23.3
23.9
13.9
9.9
13.3
14.5
17.0
21.4
14.0
9.8
14.0
16.3
18.0
22.4
13.8
9.2
14.4
15.9
19.0
21.4
17.4
16.1
9.7
21.5
18.9
12.3
18.7
17.8
10.9
19.8
15.0
8.6
19.5
15.3
8.7
19.7
15.3
8.2
n.a. Not available.
1
Total money income (before taxes) of family in 12 months
immediately preceding interview.
21.1
29.1
^ 39.9
46.9
21.9
12.1
19.3
24.0
30.8
43.8
32.0
24.4
11.9
15.7
20.5
10.0
15.0
24.7
31.5
40.8
27.3
23.9
11.8
20.2
10.4
15.9
21 A
13.7
8.5
11.6
16.2
18.5
23.1
17.5
15.5
8.9
18.4
19.6
28.6
39.7
10.7
14.8
20.5
28.4
34.0
10.9
16.5
21.1
30.2
37.5
29.6
21.8
12.0
26.9
20.2
10.4
28.1
21.3
11.8
13.0
12.8
13.1
8.7
11.5
13.7
15.2
21.5
9.5
11.4
13.6
18.7
19.2
9.5
12.4
13.9
17.7
20.2
18.3
13.7
8.6
17.8
14.0
7.9
18.3
14.0
8.6
2
Sum of plans to buy washing machines, refrigerators, television
sets, air conditioners, clothes dryers, radio and phonographic equipment, and dishwashers.
3
Sum of plans to buy first three items listed in note 2.
1288
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
TABLE 3
PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1959-61
[Percentage of all families]
1959
1960
1961
Type of durable good
July
Jan.
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
6.1
4.1
4.0
Washing machine
Refrigerator
Television set
Air conditioner
Clothes dryer
Radio and phonographic equipment 1
Dishwasher
Oct.
7.0
4.7
5.7
6.5
4.5
4.6
3.2
2.2
2.3
0.9
6.0
3.8
4.1
3.4
1.8
1.9
0.8
5.9
4.0
4.0
1.4
2.0
1.9
0.8
5.5
3.4
4.9
1.3
2.3
2.7
0.8
5.5
3.7
4.4
2.0
1.9
2.1
0.8
5.3
3.6
4.1
2.6
1.8
2.1
0.8
5.1
3.4
4.2
1.1
1.7
2.1
0.7
5.4
3.3
4.5
1.2
1.9
2.5
0.8
1
Radios or phonographs (or their component parts) together
costing $100 or more.
n.a. Not available.
TABLE 4
PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1959-61 1
[Percentage of all families]
1959
Item
1960
1961
Apr.June
JulySept.
Oct.Dec.
Jan.Mar.
Apr.June
JulySept.
Oct.Dec.
Jan.Mar.
Apr,
June
JulySept.
Automobile:
New
Used
2.8
5.7
2.6
5.2
2.4
4.7
2.7
5.0
3.2
5.7
2.8
5.2
2.8
4.9
2.1
5.1
2.2
5.9
2.2
5.4
House (new or existing) 2
n.a.
n.a.
1.5
0.8
1.4
1.4
1.2
1.0
1.1
1.4
Television set
2.5
2.2
2.6
3.3
3.1
3.3
n.a.
n.a.
3.2
2.3
4.8
0.2
1.4
2.5
0.4
2.4
1.6
3.3
0.3
0.6
1.0
0.3
2.7
2.4
2.9
1.1
0 5
0.9
0.3
2.8
2.7
3.4
1.0
07
1.0
0.3
2.9
1.9
4.8
0.2
1 1
2.9
0.4
2.2
1.7
2.8
0.2
07
0.9
0.2
2.5
2.2
2.7
0 8
04
1.0
0.3
2.8
2.8
3.3
1.0
06
1.0
0.3
.
..
Clothes dryer
Radio and t>hono&raDhic eouioment^
other data because of special problems involved in estimating purchases of new houses.
3 Radios or phonographs (or their component parts) together
costing $100 or more.
n.a. Not available.
1 As reported in month immediately following purchase period.
2 Estimates are subject to somewhat larger sampling errors than
TABLE 5
PAST AND EXPECTED CHANGES IN INCOME, 1959-61
[Percentage distribution of families]
1960
1959
1961
Direction of change
July
Oct.
Jan.
Apr.
July
Oct.
Jan.
Apr.
July
Oct.
23.9
59.4
16.1
0.6
24.1
57.3
17.9
0.7
25.0
57.1
17.0
0.9
22.2
61.3
15.5
1.0
21.5
61.9
15.7
0.9
23.2
58.7
17.0
1.1
22.6
57.9
18.7
0.8
20.7
59.9
18.5
0.8
20.6
61.0
17.6
0.9
22.6
59.9
16.6
0.9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Doesn't know
23.6
60.2
6.4
9.8
25.1
58.7
6.3
10.0
24.4
59.6
5.7
10.2
24.2
60.2
5.6
10.0
24.6
59.6
5.9
9.8
24 5
59.2
5.8
10.5
24 6
57.2
60
12.2
23 9
59.4
5.4
11.4
24 7
58.5
5.8
11.0
23 7
59.3
5.7
11.3
All families
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Current income compared with a year earlier:
Higher
Same
Lower
Doesn't know
All families
Expected income compared with current: 1
Higher
Same . . . .
1
Expected a year hence.
NOTE.—Details may not add to totals because of rounding.
Law Department
Administrative interpretations, new regulations, and similar material
Federal Farm Mortgage Corporation Bonds
The Act of Congress, approved October 4, 1961
(Public Law 87-353), which abolished the Federal
Farm Mortgage Corporation, amended Sections 13
and 14(b) of the Federal Reserve Act so as to
eliminate reference to bonds of the Federal Farm
Mortgage Corporation. The text of the provisions
amending the Federal Reserve Act read as follows:
Sec. 3. * * *
(c) The first sentence of the eighth paragraph of
Section 13 of the Federal Reserve Act, as amended
(12 U.S.C. 347), is amended by striking out "or by the
deposit or pledge of Federal Farm Mortgage Corporation bonds issued under the Federal Farm Mortgage
Corporation Act,".
(d) The first sentence of Section 14(b) of the Federal Reserve Act, as amended (12 U.S.C. 355), is
amended by striking out "bonds of the Federal Farm
Mortgage Corporation having maturities from date of
purchase of not exceeding six months,".
Orders Under Section 3
of Bank Holding Company Act
The Board of Governors of the Federal Reserve
System has issued the following Orders and Statements with respect to applications by bank holding
companies for approval of the acquisition of voting shares of banks.
NORTHWEST BANCORPORATION
In the Matter of the Application of Northwest
Bancorporation for prior approval of acquisition
of Roseville Northwestern National Bank, Roseville, Minnesota.
ORDER DENYING APPLICATION UNDER
BANK HOLDING COMPANY ACT
WHEREAS, there has come before the Board of
Governors, pursuant to Section 3(a) (2) of the
Bank Holding Company Act of 1956 (12 USC
1842) and Section 222.4(a)(2) of Federal Reserve Regulation Y (12 CFR 222.4(a) ( 2 ) ) , an
application by Northwest Bancorporation, Minneapolis, Minnesota, for the Board's prior approval
of the acquisition by the corporation of 950 of
1,000 voting shares of Roseville Northwestern National Bank, a proposed new bank; and a Notice
of Application and Order for Hearing, together
with related Orders, have been published on August 31, 1960 (25 Federal Register 8339);
WHEREAS, a public hearing has been held pursuant to Section 222.7(a) of Regulation Y (12 CFR
222.7(a)), and the Hearing Officer has filed a
Report, Rulings on Requests to Find and Findings
of Fact, Conclusions, and Recommendation that
the application be approved, all such steps having
been taken in accordance with the Board's Rules
of Practice for Formal Hearings (12 CFR 263);
and
WHEREAS, the Board on August 8, 1961, issued
an Order denying said application (26 Federal
Register 7554; 1961 Federal Reserve BULLETIN
919), and on August 23, 1961, issued an Order
(26 Federal Register 8090) granting a petition by
Northwest Bancorporation for reconsideration of
the Order of August 8 and granting petitioner's
request for oral argument, which was held at the
Offices of the Board, Washington, D.C., on September 1, 1961:
IT IS ORDERED, upon reconsideration and for the
reasons set forth in the Board's Statement of this
date, that the application of Northwest Bancorporation to acquire voting shares of the proposed
Roseville Northwestern National Bank be and
hereby is denied, and it is further ORDERED that
the Board's Order of August 8, set aside by the
Order of August 23 until final determination of
the matter on reconsideration, be and hereby is
revoked.
Dated at Washington, D.C., this 19th day of
October, 1961.
By order of the Board of Governors.
Voting for this action: Chairman Martin and Governors Balderston, Mills, and Robertson. Voting
against this action: Governors Shepardson and King.
Governor Mitchell took no part in consideration of
this matter.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
1289
1290
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
STATEMENT UPON RECONSIDERATION
This matter is now before the Board pursuant
to the Board's Order of August 23, 1961, which
granted a petition by Northwest Bancorporation,
Minneapolis, Minnesota ("Northwest"), for reconsideration of the Board's Order of August 8,
1961, denying Northwest's application under Section 3 (a) of the Bank Holding Company Act of
1956 ("the Act") for prior approval of the acquisition by Northwest of 950 of 1,000 voting shares
of Roseville Northwestern National Bank ("Roseville Northwestern"), a proposed new bank to be
established in Roseville, Minnesota.
Background. Northwest filed its application to
organize Roseville Northwestern with the Comptroller of the Currency on April 20, 1960. Preliminary approval of that application was granted
by the Comptroller on June 13, 1960. Northwest's application to the Board under the Act was
filed June 29, 1960. As required by the Act, the
Board requested the Comptroller's views with respect to the acquisition of the shares of Roseville
Northwestern by Northwest and the Comptroller
recommended approval.
Pursuant to public notice of receipt of the application, opposition to approval of the application was filed on behalf of six existing banks that
opposed the establishment of any bank in Roseville, and on behalf of a group of individuals that
had applied to the Minnesota Department of Commerce for authority to establish a bank, to be
called the "Roseville State Bank," at the same
site as that proposed for Roseville Northwestern.
Opposition was also expressed by a representative
of the Independent Bankers' Association, Sauk
Centre, Minnesota.
The Board, in its discretion under Section 222.7
of Federal Reserve Regulation Y (12 CFR 222.7),
ordered a public hearing which was held at the
Federal Reserve Bank of Minneapolis before a
Hearing Officer from October 17 to October 26,
1960. Those mentioned above as opposing approval were represented at the hearing and testimony was given on their behalf, except that three
of the existing banks withdrew their opposition
prior to the hearing. The United States Department of Justice was not represented at the hearing but prior thereto filed a Statement in Opposition, which was introduced at the hearing and
made a part of the record. The Hearing Officer,
in his Report of February 21, 1961, recommended
that the application be approved.
On March 6, 1961, after the Hearing Officer
had made and filed his report, the Minnesota Department of Commerce issued an order approving
the organization of Roseville State Bank, "provided that the application of the Roseville Northwestern National Bank pending before the Federal
Reserve Board shall be denied, or on appeal therefrom also denied."
Pursuant to Northwest's request in its petition
for reconsideration of the Board's Order of August 8, 1961, denying the application, the Board
granted Northwest an opportunity for oral argument before the Board in a public proceeding held
September 1, 1961, at the offices of the Board in
Washington, D.C. Representatives of those who
appeared in opposition at the hearing in Minneapolis also presented oral views on September 1.
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 the effect of the proposed 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 Northwest Bancorporation
holding company system, at August 31, 1960, included 104 banking offices in 6 north-central States
and Montana, holding deposits of about $1.8 billion. The Hearing Officer concluded without
reservation that the financial history and condition of Northwest are satisfactory and the Board
concurs in that finding. The prospects for continued successful operation of Northwest by competent management are good. Likewise, the record indicates that Roseville Northwestern would
be adequately capitalized, would have sound management, and would have good prospects for success. These considerations under the first three
statutory factors are favorable, however, only in
the sense that nothing inimical to approval is disclosed; they do not constitute affirmative grounds
for approval.
The initial consideration of this matter, result-
LAW DEPARTMENT
ing in the August 8 Order of denial turned primarily on a weighing of the benefits that would be
expected to result to the Roseville area from establishment of Roseville Northwestern against certain
adverse considerations with respect to the effect of
the proposed acquisition on the competitive situation. The Board's present decision upon reconsideration likewise turns principally on considerations under the fourth and fifth statutory factors,
enumerated above.
The Hearing Officer concluded, and the Board
finds, that the convenience, needs, and welfare of
the projected service area of Roseville Northwestern, which is substantially the Village of Roseville,
would be served by the establishment of the bank
at its proposed site. The Village, incorporated in
1948, lies immediately to the north and east, respectively, of the corporate limits of St. Paul and
Minneapolis. Between 1950 and 1960, Roseville's
population increased from about 6,400 to about
24,000. In addition to substantial residential areas,
Roseville has a number of businesses and some
industry, with more anticipated. Roseville Northwestern's proposed site is in one of several shopping centers in Roseville—one for which substantial expansion plans have been formulated. No
bank is presently located within the corporate limits of Roseville. As the Hearing Officer found,
residents and businesses in Roseville have for some
time shown interest in the establishment of a bank
in the Village, as have businesses considering location there.
The Hearing Officer also found that "banking
services presently afforded residents and businessmen of Roseville by the banks operating in
neighboring communities are somewhat convenient.
." Falcon Heights State Bank is only a
mile south of the proposed site, and it is apparent
that the absence of a bank within Roseville has
not prevented substantial growth of the Village.
Nevertheless, Roseville has a large settled area already, and substantial additional growth is expected, particularly in the northern sections of the
Village. It therefore appears that the convenience
and needs of Roseville would be served by a bank
at the proposed site within the Village, even
though Roseville is not without banking service.
Other than noting the opposition of the Roseville State Bank's proponents to approval of the
application, and the fact that for "two years or
more, various groups have been hoping to estab-
1291
lish
. . a bank" (in Roseville), the Hearing
Officer did not mention the Roseville State Bank
proposal, or the effect it had on his recommendation, in the Findings or Conclusions of his Report.
Conclusion number 4 states: "The proposed bank
and acquisition of stock would serve the convenience, needs and welfare of the community and
area to be served and not be contrary to the public interest." This does not express a conclusion
that the community and area may not also be
served if this application is denied. In spite of a
suggestion to the contrary in the Hearing Officer's
Report, the record warrants a reasonable degree of
assurance that Roseville State Bank would adequately serve the community and area. It further appears reasonably certain that the State bank
will be established if Roseville Northwestern is
not. Consequently, the satisfaction of the needs
and convenience of the community is not dependent on approval of this application, and the considerations under the fourth statutory factor do
not, therefore, afford a strong basis for such
approval.
Because the record contains full information
only with respect to Northwest's application, we
cannot appraise the merits of the State bank proposal with the same certainty as we can those of
the other, and we are satisfied of Northwest's capacity to operate a sound and effective bank in
Roseville. This consideration advantageous to
Northwest is, however, outweighed by adverse aspects of its proposal under the fifth statutory
factor.
Unquestionably, the establishment of a new
bank in Roseville would add an alternative source
of banking service for residents and businesses in
the area and thereby increase competition for their
banking business. It does not appear that such
increase would seriously affect Falcon Heights
State Bank, the nearest to the proposed site, or
other banks now drawing business from the area.
On the other hand, a portion of Roseville's banking business is now held by subsidiaries of Northwest, including its downtown banks in Minneapolis and St. Paul. While such amount is not large,
it is apparent that competition among Twin Cities
banks would be increased somewhat more if the
new bank were an independent bank, rather than
a Northwest subsidiary.
More significant is the situation with respect to
concentration of banking resources in the Twin
1292
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
Cities area, which we, with the Hearing Officer,
view as the pertinent area for this purpose. On the
basis of the record, we cannot agree with Northwest's contention that Ramsey County (which includes St. Paul and Roseville) should be regarded
as a financial market distinct from Hennepin
County where Minneapolis is situated. Nor can
we disregard Hennepin County on the ground that
Roseville is in Ramsey County, since the downtown areas of St. Paul and Minneapolis are about
equally accessible from Roseville.
Northwest banks in Hennepin and Ramsey
Counties held, at June 15, 1960, 35 per cent of
the "IPC" deposits (deposits of individuals, partnerships, and corporations) in commercial banks
in the two-county area. Banks of First Bank
Stock Corporation, the other large Twin Citiesbased holding company, held about 45 per cent of
such deposits in the area, while the third largest
banking organization, in terms of aggregate resources under centralized control, held less than
5 per cent of such deposits. Thus, the distribution
of banking resources among alternative sources of
banking service in the area reflects a wide disparity
between the two largest organizations and their
nearest competitors. As noted in an earlier statement in this case, while the banks of each of the
two large systems actively compete with those of
the other, and even among themselves to some
extent, such concentration represents an excessive
imbalance of competitive strength and opportunity
among banks in the area.
It appears that the Northwest system has not
increased its relative size in recent years in terms
of deposits of commercial banks in the two-county
area. Nevertheless, in the period 1945 to 1960
the system shared proportionately in the general
growth while increasing the number of its offices
only 14 per cent as against almost 50 per cent for
nonholding-company banks as a group.
It is also true, as noted in a previous statement,
that the establishment of Roseville Northwestern
would not necessarily increase the relative size of
the Northwest system to the same extent as would
the acquisition of an existing bank. However, the
tendency of the establishment of a Northwest
bank in the fast-growing Roseville area would be
expansive, while the establishment of a new independent bank there would tend to reduce concentration, and would add to the number of
separately-owned alternative sources of banking
service. That the Roseville State Bank apparently
stands ready for establishment as an alternative
to Roseville Northwestern is therefore a significant
consideration adverse to approval of this application. The Hearing Officer did not so conclude,
but at the date of his Report the Roseville State
Bank plan was still dependent on State approval,
and the subsequent receipt of that approval, conditioned only upon denial of this application, materially alters the situation.
This opinion should not be construed as indicating a general preference for any independent
bank over a holding company bank. In this case,
however, the independent bank alternative is such
that the convenience of the community does not
weigh sufficiently on the side of approval of this
application to offset the anticompetitive tendency
of the proposed acquisition.
Upon reconsideration of the record in this case,
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 not be consistent with the statutory objectives and the public interest and that
the application should be denied.
DISSENTING STATEMENT OF
GOVERNORS SHEPARDSON AND KING
Having further considered this matter in the
light of the oral argument before the Board on
September 1, 1961, we find no basis for departing
from the views expressed in our Statement of
August 8, 1961.
In our opinion, the majority relies excessively
on the State bank proposal, which should
clearly by subordinated to Northwest's plan in
the Board's consideration because the latter application was filed first and is the only one fully
before the Board. Moreover, differences between
the competitive effects of the two proposals do
not appear to us, on the record as a whole, as
significant as the majority opinion would indicate.
Any expansive effects of the proposed acquisition
would be minimal, and the record does not demonstrate that the present size of the Northwest system has adversely affected competition among
banks in the Twin Cities area.
In short, the adverse considerations noted by the
majority are insufficient, in our view, to block the
provision of needed banking services by a new
1293
LAW DEPARTMENT
local bank under the sponsorship of an organization of established capacity and competence. We would therefore approve this application.
FIRST COLORADO BANKSHARES, INC.
In the matter of the application of First Colorado
Bankshares, Inc., Englewood, Colorado. For prior
approval of action to become a bank holding company under Section 3(a)(l) of the Bank Holding
Company Act of 1956.
ORDER APPROVING APPLICATION
UNDER BANK HOLDING COMPANY ACT
There having come before the Board of Governors, pursuant to Section 3(a)(l) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1842)
and Section 4 ( a ) ( l ) of the Board's Regulation Y
(12 CFR 222.4 ( a ) ( l ) ) , an application by First
Colorado Bankshares, Inc., a Colorado corporation with its principal office in Englewood, Colorado, for the Board's prior approval of action
whereby Applicant would become a bank holding
company through the acquisition of 50 per cent
or more of the outstanding voting shares of The
First National Bank of Englewood, Englewood,
Colorado; University Hills Bank, Denver, Colorado; and Lakeside National Bank, Lakeside Center, Colorado; a notice of receipt of application
having been published in the Federal Register on
June 29, 1961 (26 F.R. 5851), which notice provided for the filing of comments and views regarding the proposed acquisition; and the time provided by the notice for filing comments and views
having expired and no 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 First Colorado Bankshares,
Inc., of 50 per cent or more of the outstanding
voting shares of The First National Bank of Englewood, University Hills Bank, and Lakeside
National Bank is hereby approved, provided that
such acquisitions are completed within three
months from the date hereof.
Dated at Washington, D. C , this 27th day of
October, 1961.
By order of the Board of Governors.
Voting for this action: Governors Balderston, Mills,
Robertson, Shepardson, King, and Mitchell. Absent
and not voting: Chairman Martin.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
First Colorado Bankshares, Inc., Englewood,
Colorado, ("Applicant") has applied, pursuant to
Section 3(a)(l) of the Bank Holding Company
Act of 1956 ("the Act"), for the Board's prior
approval of action that would result in Applicant
becoming a bank holding company—namely, acquisition of over 50 per cent of the voting shares
of The First National Bank of Englewood, Englewood, Colorado ("First"); University Hills Bank,
Denver, Colorado ("University Hills"); and Lakeside National Bank, Lakeside Center, Colorado
("Lakeside").
Views and recommendations of supervisory authorities. As required by Section 3(b) of the Act,
the Board notified the Comptroller of the Currency and the Commissioner of Banks for the
State of Colorado of the receipt of the application
and requested their views. The Comptroller of
the Currency recommended approval and the
Commissioner interposed no objection to approval
of the application.
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 banks
concerned; (2) their prospects; (3) the character
of their management; (4) the convenience, needs
and welfare of the communities and area concerned; and (5) whether the effect of the acquisitions 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 three banks are located in
suburban areas in or around Denver. First is
located in the town of Englewood south of the
downtown section of Denver; University Hills is
located in the University Hills Shopping Center
in the southeast part of Denver; and Lakeside is
located northwest of the Denver business district
in Lakeside Center. Lakeside is about 15 road
miles from First and 16 miles from University
1294
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
Hills. First and University Hills are about 3!/2
road miles apart. As of December 31, 1960, the
three banks held total deposits of $40.6 million.
The financial history, condition, prospects, and
management of the three banks are satisfactory,
as are the proposed financial structure, proposed
management, and prospects of the Applicant.
The primary service areas of the three banks
do not overlap; thus, it appears that the locations
of the banks are not conducive to active competition between them. Moreover, stockholders common to these banks together hold a majority of the
stock of each, so that the likelihood of competition
between them is further reduced.
It appears that harmonious working relationships have resulted from the common ownership
of the three banks. The assurance of continuation of these relationships could result in some
benefit to the communities concerned through additional services that each bank could render because of their affiliation through the holding company relationship.
It appears that the affiliation of these banks
through the holding company arrangement would
have little effect on their competitive positions.
The total resources controlled by the proposed
holding company would not represent an undue
concentration, nor, because of the existing relationships, would the formation of the holding
company materially alter the situation with respect
to concentration. Applicant's proposed bank holding company system would be relatively small in
terms of the over-all banking business in the Denver area and also in the State of Colorado. As of
April 12, 1961, the aggregate deposits of the proposed subsidiary banks represented only 2.1 per
cent of the deposits of all insured commercial
banks in the State of Colorado, and only 3.5 per
cent of the total deposits of all insured commercial banks in Denver and those outside Denver
with which Applicant's proposed subsidiaries
could be expected to compete to some extent.
Viewing the relevant facts in the light of the
purposes of the Act and the factors enumerated
in Section 3(c), it is the judgment of the Board
that the proposed formation of a holding company
system comprising First National Bank of Englewood, University Hills Bank, and Lakeside National Bank would not be inconsistent with the
statutory objectives and the public interest and
that, accordingly, the application should be approved.
MONTANA SHARES, INCORPORATED
In the matter of the application of Montana
Shares, Incorporated, Great Falls, Montana, for
prior approval of the acquisition of bank shares
under Section 3(a)(2) of the Bank Holding Company Act of 1956.
ORDER APPROVING APPLICATION
UNDER BANK HOLDING COMPANY ACT
There has come before the Board of Governors, pursuant to Section 3(a) (2) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1842)
and Section 222.4(a)(2) of the Board's Regulation Y (12 CFR 222.4(a)(2)), an application
by Montana Shares, Incorporated, Great Falls,
Montana, a registered bank holding company, for
the Board's prior approval of Applicant's acquisition of an additional 4 per cent of the voting
shares of the First State Bank of Chinook, Chinook, Montana; notice of receipt of the application was published in the Federal Register on
August 19, 1961 (26 F.R. 7788), which notice
provided for the filing of comments and views
regarding the proposed acquisition; and the time
provided by the notice for filing comments and
views having expired and no 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 Montana Shares, Incorporated, of
30 shares of the outstanding voting shares of the
First State Bank of Chinook is hereby approved,
provided (1) that the acquisition shall not be consummated within seven calendar days following
the date of this Order and (2) that such acquisition shall be consummated within three months
from the date of this Order.
Dated at Washington, D. C, this 15th day of
November, 1961.
By order of the Board of Governors.
Voting for this action: Governors Mills, Robertson,
Shepardson, King, and Mitchell. Absent and not
voting: Chairman Martin and Governor Balderston.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
LAW DEPARTMENT
STATEMENT
Montana Shares, Incorporated, Great Falls,
Montana ("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 Applicant's acquisition of an additional 4 per cent of
the voting shares of First State Bank of Chinook,
Chinook, Montana ("Bank").
Views and recommendations of Superintendent
of Banks. As required by Section 3(b) of the
Act, the Board notified the Superintendent of
Banks of the State of Montana of the receipt of
the application and requested his views thereon.
The Superintendent of Banks recommended approval of the application.
Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the
following five factors: (1) the financial history
and condition of the holding company and the
bank concerned; (2) their prospects; (3) the
character of their management; (4) the convenience, needs and welfare of the community and
area concerned; and (5) whether the effect of
the acquisition would be to expand the size or
extent of the bank holding company system involved beyond limits consistent with adequate
and sound banking, the public interest, and the
preservation of competition in the field of banking.
Discussion. Applicant now owns, and has
owned since prior to the enactment of the Act,
slightly in excess of 46 per cent of the 750 outstanding shares of Bank. During the same period, Applicant has held voting control of Bank
through ownership of more than 50 per cent of
the shares of Bank's stock voted in the annual
election of Bank's directors. Approval of this
application would increase Applicant's owner-
1295
ship of Bank's outstanding voting shares to
slightly more than 50 per cent.
The financial history and condition, prospects,
and management of Applicant and Bank are satisfactory. The proposed acquisition will not
materially affect these factors.
Bank is located in the town of Chinook, Blaine
County. The County, with a population of 8,100
in 1960, is served by three banks located within
its boundaries. In addition to Bank, The Farmers National Bank is located in Chinook. Security State Bank is located 21 miles east at Harlem.
Neither of the latter two banks is a holding company subsidiary. While the three banks mentioned are the principal competitors for the
banking business originating in and around Chinook, some competition is also offered by two
banks located 22 miles west of Chinook at Havre,
Montana, one a subsidiary of Applicant, the other
a subsidiary of First Bank Stock Corporation, also
a bank holding company.
Inasmuch as no significant change will occur
either in the nature or scope of Bank's operations
as a result of the proposed acquisition, it follows
that there will be no material effect on the convenience, needs, and welfare of the community
and area concerned.
Similarly, in view of Applicant's present effective control of Bank, it does not appear that the
acquisition of an additional 30 shares of Bank's
stock will have any measurable impact on banking competition, or that it will produce any significant expansion in the size or extent of Applicant's holding company system.
It is the judgment of the Board that the proposed acquisition would be consistent with the
general purposes of the Act and the factors enumerated in Section 3(c) and, accordingly, that
the application should be approved.
Current Events and Announcements
RESIGNATION OF DIRECTOR
ADMISSION OF STATE BANKS TO MEMBERSHIP
IN THE FEDERAL RESERVE SYSTEM
Dr. Clay Lyle, who had served as a director of the
Memphis Branch of the Federal Reserve Bank of
St. Louis since January 1, 1960, resigned effective
November 1, 1961. Dr. Lyle was formerly Dean
and Director Emeritus, Division of Agriculture,
Mississippi State University, State College, Mississippi.
The following bank was admitted to Membership in the Federal Reserve System during the
period October 16, 1961 to November 15, 1961:
Michigan
Birmingham.
. Birmingham-Bloomfield Bank
TABLES P U B L I S H E D ANNUALLY, SEMIANNUALLY, OR
QUARTERLY
Latest BULLETIN Reference
REVISED EDITION OF FEDERAL RESERVE ACT
The Board of Governors of the Federal Reserve
System has recently published a revised edition of
the Federal Reserve Act, as amended through October 1, 1961, with an appendix containing provisions of certain other statutes affecting the Federal
Reserve System. The new edition, which has been
prepared in the Board's Legal Division, brings up
to date and supersedes the one which was published in 1957.
A complimentary copy is being sent to each
member bank of the Federal Reserve System. Additional copies may be obtained by member banks
at a cost of $1.25 each. Copies also are available
for sale to the public at the same price from the
Board's Division of Administrative Services or any
of the Federal Reserve Banks.
Annually
Bank holding companies:
List of, Dec. 31, 1960
Banking offices and deposits of group
banks, Dec. 31, 1960
Banking and monetary statistics, 1960..
Banks and branches, number of, by class
and State
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Operating ratios
Insured commercial banks
Stock Exchange firms, detailed debit and
credit balances
Issue
Page
June 1961
723
June 1961
/Feb. 1961
\May 1961
722
232-39
618-21
Apr. 1961
486-87
Feb. 1961
228-29
May
Nov.
May
May
1961
1960
1961
1961
604-12
1294
613-15
616
Sept. 1961
1106
Semiannually
Banking offices:
Analysis of changes in number of.... Aug. 1961
On, and not on, Federal Reserve Par
List, number of
Aug. 1961
1002
Quarterly
Cash receipts from and payments to the
public
Nov. 1961
Flow of funds
Oct. 1961
Selected assets and liabilities of Federal
business-type activities
Aug. 1961
1358
1242-49
1296
1003
1004
National Summary of Business Conditions
Released for publication November 16
Industrial production and retail sales rose in
October. The value of construction activity remained close to the record September rate. Although employment increased, the labor force also
increased and the unemployment rate was unchanged. The money supply rose further.
INDUSTRIAL PRODUCTION
Industrial production recovered in October to
the August level of 113 per cent of the 1957 average from 112 in September. Auto assemblies increased about one-fourth in October; during the
first two weeks of the month there continued to be
work stoppages at some major auto assembly
plants and supplying industries, but the effect of
work stoppages was smaller than in September.
Output of both business and defense equipment
rose further in October to a level about 5 per cent
above the previous record high reached in mid1960.
Output of business equipment was up
about one-tenth from the moderately curtailed
level of last spring. Iron and steel output has
shown little further rise since midyear as operations have been limited partly by the developments in auto production. Output of most other
materials rose in October from the temporarily
reduced levels in September.
INDUSTRIAL PRODUCTION
1957 = 100
CONSTRUCTION
The value of new construction activity in October, at a seasonally adjusted annual rate of
$58.5 billion, was little changed from the record
high reached in September and 5 per cent above a
year ago. While private construction edged off in
October, public construction increased somewhat.
DISTRIBUTION
Retail sales, which had changed little through
the summer months, rose 2Vi per cent in October. A sharp increase in sales of new autos was
primarily responsible for the improvement although sales at apparel and department stores also
advanced. Dealer sales of new domestic autos
rose to an annual rate of 6VA- million units from
the curtailed September rate of about AVi million.
COMMODITY PRICES
The wholesale commodity price index showed
little change in late October and early November.
Prices of steel scrap, lead, and some other sensitive materials declined but prices of most other
industrial materials and products were stable.
Prices of livestock and meats declined somewhat,
reflecting mainly a seasonal expansion in supplies.
^
BANK CREDIT AND RESERVES
\
j
\
_1
I
/
DURABLE
MANUFACTURES
L
1
I
1
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for October.
Monthly fig-
Total commercial bank credit increased slightly
further in October following a sharp rise in September. The recent increases have been associated in large part with Treasury financing operations. Bank holdings of securities other than U. S.
Government issues and loans were about unchanged in October. The average money supply,
seasonally adjusted, increased further following a
substantial rise in September. Time deposits also
continued to expand.
Total reserves and required reserves of member
banks increased substantially in October. Reserves
were supplied largely through Federal Reserve
1297
1298
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
purchases of U. S. Government securities. They
were absorbed in the main by currency and gold
outflows and some reduction in float. Member
bank excess reserves declined somewhat and borrowings from the Federal Reserve Banks were up
a little.
SECURITY MARKETS
Yields on corporate and State and local government bonds declined somewhat between mid-October and mid-November. Yields on all maturities of Treasury issues edged lower in the second
half of October but rose in the first half of November. Common stock prices advanced to new
record levels.
The Treasury's November refunding was accomplished by offering holders of the maturing
2V£ per cent bonds the right to convert into three
different issues, including a new 15-month note
and outstanding 4V^-year and 13-year bonds. Attrition of about $500 million was more than covered by the auction of $800 million of short-term
bills.
INTEREST RATES
RETAIL TRADE
1947 - 49 = 100
DEPARTMENT STORES
|
\ / " STOCKS
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 October 6.
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
1300
1304
1305
1308
1310
1311
1314
1316
1319
Interest rates
Security prices; stock market credit; open market paper.
Savings institutions.
Federal
finance
Security issues.
Business finance .
Real estate credit.
Short- and intermediate-term consumer credit
1320
1321
1322
1324
1329
1331
1333
1336
Industrial production
Selected indexes on business activity
Construction
.
Employment and earnings
Department stores
Foreign trade
Wholesale and consumer prices.
National product and income series
Flow of funds, saving, and investment.
Cash receipts from and payments to the public.
Tables not published each month—list with latest Bulletin reference
1340
1346
1346
1348
1350
1351
1352
1354
1356
1358
1296
Index to statistical tables
1381
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.
1299
1300
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Total
DisHeld counts
Bought under and Float i
out- repur- adright chase vances
agreement
Total*
Gold
stock
TreasCurury
rency
curin
rency
ciroutstand- culation
ing
Deposits, other
than member bank
Member bank
reserves,
reserves 3
Treas- with F . R. Banks
ury
Other
cash
F. R.
holdacings
counts With CurF. R. rency Total
Treas- For- Other i
ury
eign
Banks and
coin
Arerages of
daily figures
1941 Dec
1945—Dec
1947 Dec
1950 Dec
1951 Dec
1952 Dec
1953—Dec
1954 Dec
1955—Dec
179
. . . 1, 933
2, 510
7, 719
23, 708
2 1 , 905
0, 345
23, 409
?4. 400
25, 639
?4. 917
24, 602
179
1, 933
2, 510
7, 719
23, 708
2 1 , 905
70, 336
23, 310
73, 876
25, 218
74, 888
24, 318
1956-Dec
1957 Dec
1958—Dec
1959 Dec
I960 June
24, 765
?V 98?
26, 312
?7, 036
26, 124
1929—June
1933 June
1939—Dec
61 1, 317 4, 024 2, 018
12 2, 208 4, 030 2, 295
83 2, 612 17, 518 2, 956
978
250
8
4 , 400
210
5, 455
272
7, 609 2,402
in
30
81
616
376 2, 314
350 2, 211
248 11, 473
164
739
2, 314
2, 211
11, 473
292
493
614
739
796
832
908
929
983
9
99
524
421
29
284
5
381
268
142
657
1,633
448
407
840
170
652
681
117
}' 375
76?
018
99?
389
»
7, 404
24, 744
22, 858
?11 606
25, 446
77, 799
27, 107
76 317
26, 853
?? 759
20, 047
22, 712
?7, 879
22, 483
73, 776
22, 028
71, 711
2 1 , 689
3, ?39
4, 322
4, 556
4, 6?9
4, 701
4, 806
4, 885
4 98?
5, 008
10, 985
28, 452
28, 937
77. 806
29, 139
30, 494
30, 968
30 749
31, 265
2 189
2,269
1,330
1,290
1,280
1 271
767
805
777
592
625
967
615
271
569
602
443
434
1 531
1,247
1 01 £
920
571
745
466
439
459
264
?90
390
365
394
1? 81?
16, 027
17, 261
17 391
20, 310
?1 180
19, 920
19 ?79
19, 240
1? 81?
16. 027
17, 261
17, 391
20, 310
71, 180
19, 920
19 779
19, 240
24, 498
73, 615
26, 216
76 993
26, 118
267
367
96
43
6
706
716
564
911
425
633
443
496
4?6
159
27. 156
?6 186
28. 412
?9 435
27, 737
2 1 , 942
7?, 769
20, 563
19 48?
19, 343
5, 064
5, 144
5, 230
5. 311
5, 353
31, 775
31 93?
32, 371
1? 775
3 1 , 926
772
768
691
396
414
463
385
470
524
496
372
345
262
161
221
998 19, 535
247
186 1 063 19 470
337 1,174 18, 899
348 1 195 18 6?8
381 '994 18, 001
19, 535
19, 470
18, 899
304 18 93?
293 18, 294
77, 056 76, 979
7,7, 871 77, 54?
27 248 27, 170
127
329
78
??5 78, 490 18. 571 5. 38? 3? 183
170
160 1 156 79, 741 18 058 5, 391 3? 474
665 79 060 17 954 5 396 33 019
94
406
405
408
488
462
522
226
243
250
405
396
495
890 18 733
891 17 843
973 17 737 1,267 19 004
1,029 16 688 2,595 19 783
7,6 94?
?6 879
76 831
?6 676
76 747
76, 935
7.7 074
7,6 86?
76 630
7,6, 876
76, 663
76, 77?
76, 977
77, 014
77 377
77 558
77 997
80
199
58
146
80 1
63 1
101
66
52 1
68
38
67
839
913
011
746
586
569
n? 719
3? 863
411
422
426
408
420
411
400
420
r
411
415
482
521
459
422
463
515
474
489
473
469
239
189
240
207
205
205
235
241
285
254
399
39?
383
316
793
?50
?79
794
313
305
1,054
,05?
987
1,017
,038
967
1,068
,071
1.014
14
76 640
76 574
76 495
. . . 26 539 26 456
144
125
46
83
861 77 941
262
301
05? ?8 035
86 1 577 78 189
244 1 242 28 059
18 W9 5 37? 3? 174
18 975 5 374 3? 791
18 8?8 5 376 3? 171
18 731 5 375 32 004
399
401
403
399
477
465
551
579
233
204
224
200
411 1,011
21
28
5
12
19
26
77 078 ?6 836
. . 77 768 77 136
77 036 77 036
?6 760 ?6 681
192
132
219
168
95
262
1 096 ?8 385
1 038 ?8 517
1 4S3 ?8 6^1
1,354 ?8 415
18 671 5 377 3? 049
18 615 5 380 3? ?76
3? ,304
IK 586
18 55? 5 383 3? 1?0
403
408
413
403
467
474
489
546
213
202
215
257
443
66?
154
375
54?
07?
18 405
18 1?4
18 068
17 999
17 957
5 387
5 389
5 391
39?
5 39?
37
3?
3?
3?
37,
403
398
402
407
414
442
418
519
469
460
254
250
230
224
258
4S6
395
408
388
387
865
864
914
1,073
1,071
78 594
?8 ,778
79 316
79 336
17 974
18 ,083
17 ,957
17 88?
5 391
5 .396
5 396
398
3? 77?
33 ,038
33 , 174
33 , 195
413
410
414
401
473
522
592
522
253
237
246
260
474
680
443
391
1,066 16 , S 5 8 2,358 18 ,916
1.037 16 ,334 2,598 18 ,93?
1,018 16 ,78? 2,678 19 ,460
1,019 16 ,8?8 2,619 19 ,447
17 ,748 5 ,398 3? ,853
17 .679 5 .399 3? ,637
17 ,594 ,40 3? ,787
17 ,490 5 ,402 31 ,964
399
403
412
417
441
413
528
507
245
239
248
245
473
381
389
31 ,776
31 80
31 ,930
31 ,857
422
413
417
424
510
523
526
496
227
196
185
172
J
353
1960
Oct
Nov
Dec
1961
Jan
Feb
Mar
Apr
May
July
Aug
Sept.
Oct
27 415
77 563
28 044
13
25
8
10
88
e,
47
431
1?1
071
140
119
?65
388
145
445
3S8
78 484
?8 145
78 030
77 975
78, 007
78, 304
7.8 , 498
78 661
?9 080
7.9 504
17 567
17 40?
17 380
17 389
17 397
17 475
17, 540
17 575
17 446
17 329
5 401
5 404
5 408
5 414
5 47*5
5. 4^7
5, 450
547
5 556
5 569
3?
31
31
31
3?
3?
3?
32
765
841
941
16 715 2,600 19 3H
16 53? 2 432 18 964
16 419 2,390 18 809
16 474 2,410 18 884
16 4?0 2,436 18 856
16 547 2,495 19 04?
16 547 2,516 19 063
16 701 2,522 19 ??3
16 811 2,561 19 37?
17 08? P 2 , 5 7 2 P19 654
Week ending—
1960
Sept
Oct
7
?6 784
76 649
?6 541
76
?7
77
77
77
79
367
576
517
153
16
211 1
158
190
121 1
121 1
Nov. 2
9
16
23
30
7.7
78
78
77
77
Dec. 7
14
21
28
77 ,421
77 .381
7,7 034
27 ,074
27 421
77 381
77 010
26 ,946
. . . 77 .375
77 .174
76 ,967
26 ,82
?6 ,984
76 ,986
76 ,948
26 ,821
391
138
184
60
44
57
76 ,600 76 ,58?
76 ,860 76 ,67?
77 ,007 26 ,653
26 ,740 26 ,589
18
188
354
15
75 1 .131 77 .853
18 1 ,053 ?8 ,148
202
87,9 78 ,08fi
11 1,326 28 ,232
313
015
105
831
673
946
439
588
678
607
(4
24
128
098
978
976
S3?
778
67 1 ,057
76 1 ,77?
80 7 ,151
56 ,150
?8
?9
?9
?9
79
104
798
577
53?
640
373
379
378
393
373
974
936
17 607
17 676
17 7?9
934 17 ,671
751 18 358
905 18 581
906 18 635
938 18 ,609
936 17 ,9??
932 17 ,840
864 17 909
862 17 ,789
837
800
930
940
942
17 ,931
18 ,045 C752
949
17 784
922
17 ,839
17 ,141 2,537
18 ,7S9
18 1640
18 839
18 ,779
18 ,873
18 ,797
18 ,733
18 ,761
19 ,678
C
1961
Jan
4
11
18
25
Feb.
1
8
15
22
For notes see opposite page.
1 ,789 ?9 ,4?0
1 .350 78 .59?
1 ,408 ?8 J471
1 ,523 28 ,450
.40?
17 ,44
17 ,479 5 ,40
17 ,410 5 ,404
17 ,38 5 ,40
954
941
940
942
17 p(T>
16 ,605
16
16 ,875
2,742 19 944
2,621 19 ,7^6
2 630 19 0Q2
2,592 19 ,467
951
1,018
1,022
392 1,093
16 ,417
16 ,641
16 ,4?n
16 ,587
2,546
2,307
2,424
2,45
39?
393
383
401
18 ,963
18 ,948
18 ,844
19 ,045
1301
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date
Total
DisHeld counts
under
and Float i
Bought repur- adchase vances
outagreeright
ment
Total 2
Gold
stock
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
hold
ings
D e p o s i t s , other
than member bank
reserves,
with F . R . B a n k s
Member bank
reserves 3
Other
F. R.
accounts
Treas- Forury
eign Other i
With
F. R.
Banks
Total
•MBMaaa
Averages of
daily figures
Week ending—
1961
26,706
26,793
27,008
26,864
26,724
26,621
26,775
27,003
26,864
26,724
59 1,294 28,109 17,373 5,405
104 ',068 28.014 17,373 5,405
58
,003 28,116 17,374 5,407
62
,260 28,234 17,385 5,409
87
,004 27,863 17,389 5,408
19
26
26,870
26,868
26,60!
26,389
26,836
26,854
26,591
26,389
115
59
52
42
942
,004
,310
,279
May
3
10
17
24
31
26,692
26,801
26,725
26,653
26,802
26,692
26,792
26,683
26,598
26,799
66
70
179
71
97
,066 27,868
,003 27,914
,237 28,180
,308 28,070
965 27,904
June
7
14
21
28
27,061
26,946
26,848
26,820
27,041
26,946
26,845
26,817
19
26
,1::::::::
27,283
27,266
26,737
26,731
27,274
27,266
26,737
26,720
2
9
16
23
30
27,319
27,614
27,471
27,197
21,216
27,229
27,484
27,275
27,191
27,276
^.S:::::::
27,840
27,803
27,330
27,200
27,840
27,803
27,320
27,197
Oct.
27,834
28,195
28,250
27,819
27,823
28,143
28,130
27,791
Mar.
1
8
15
22
29
^•il::::::::
my
Aug.
20
27
4
11
18
25
1,093
1,087
1,057
1,035
1,032
31,768
31,794
31,901
31,887
31,775
437
433
428
418
426
531
415
418
506
497
199
233
267
238
218
400
398
389
365
370
16,458
16,433
16,437
16,578
16,342
2,556
2,238
2,390
2,377
2,451
19,014
18,671
18,827
18,955
18,793
27,973 17,388 5,410
27,978 17,389 5,411
28,009 17,390 5,414
27,755 17,390 5,417
31,903
32,007
31,980
31,807
404
406
411
414
429
398
424
374
250
212
172
194
388 1,028 16,369
310 1,014 16,429
309
966 16,552
298
963 16,511
2,333
2,353
2,474
2,507
18,702
18,782
19,026
19,018
5,420
5,422
5,424
5,426
5,428
31,842
31,968
32,081
32,001
32,058
408
420
424
420
416
572
396
550
483
374
221
204
206
201
211
298
304
304
280
275
962
961
984
,075
,073
16,373
16,474
16,451
16,440
16,329
2,435
2,280
2,458
2,477
2,543
18,808
18,754
18,909
18,917
18,872
66
75
44
84
,010 28,175 17,410 5,429
,118 28,177 17,449 5,433
,556 28,486 17,487 5,433
,379 28,319 17,533 5,434
32,198
32,299
32,247
32,201
425
410
410
404
473
480
481
624
198
203
193
221
239
242
233
259
,071
,043
,021
,023
16,410
16,382
16,820
16,553
2,394
2,462
2,476
C
2,567
18,804
18,844
19,296
19,120
49
48
56
50
,202
,291
,748
,476
17,390
17,390
17,395
17,403
17,402
28,568
28,641
28,575
28,289
17,550
17,550
17,547
17,525
5,435
5,433
5,437
5,440
32,484
32,797
32,634
32,476
388
385
392
399
434
390
605
498
233
231
218
251
317 1,007
255
996
274
946
274
944
16,689 2,397 19,086
16,570 C2,533 19,103
16,491 2,584 19,075
16,412 2,595 19,007
75
123
62
39
37
,081 28,508
,006 28,777
,109 28,676
,410 28,681
,101 28,447
17,527
17,548
17,601
17,602
17,579
5,527
5,543
5,545
5,548
5,552
32,450
32,564
32,664
32,594
32,474
444
423
422
423
416
456
467
498
488
498
238
234
257
243
230
306
304
275
292
298
969
,024
,039
,108
,109
16,699
16,852
16,667
16,682
16,554
2,587
2,356
2,530
2,520
2,606
19,286
19,208
19,197
19,202
19,160
10
3
57
28
45
29
999 28,931
,186 29,052
,843 29,251
,723 28,986
17,451
17,451
17,451
17,451
5,553
5,553
5,554
5,560
32,664
32,836
32,775
32,612
406
414
413
414
469
469
566
436
270
275
282
296
303
319
313
320
,111
,088
,048
,049
16,712
16,655
16,861
16,871
2,402
2,543
2,612
2,648
19,114
19,198
19,473
19,519
11
52
120
28
36
31
147
57
,332 29,237
,257 29,517
,305 29,737
,630 29,544
17,380
17,350
17,336
17,302
5,563
5,565
5,568
5,572
32,678
32,886
33,010
32,849
408
417
422
414
422
450
479
486
300
261
248
249
281
363
300
268
,054
,052
998
991
17,036 2,569 19,605
17,005 2,421 19,426
17,184 2,620 19,804
17,162 ^2,664 ^19,826
1,057 28 ,835 17,451 5,551 32,609
1,351 29,213 17,376 5,561 32,6^8
1,178 29
"",543 *17,3O1 *>5,578 *>32,823
394
400
*>422
543
348
502
270
312
249
291 1,111 16,620 2,795 19,415
273 1,057 17,105 2,338 19,443
550
988 16,888 ^2,806 p19,694
90
130
196
6
End of month
1961
27,697 27,697
27,799 27,788
28,268 28,268
Aug..
Sept..
Oct..
Wednesday
1961
S e p t
Oct.
-.!:::::::
20
27
4
11
18
25
e
27,902
27,806
27,478
27,081
27,902
27,806
27,408
27,081
27,932
28,276
27,983
27,957
27,932
28,150
27,983
27,905
70
126
"52
68
32
203
84
,080 29,084
,310 29,181
,730 29,444
,300 28,498
17,452
17,452
17,452
17,452
5,553
5,553
5,555
5,562
32,828
32,816
32,675
32,602
418
418
420
41b
557
460
559
485
274
289
269
353
324
321
321
298
68
95
44
248
,187 29,221
,102 29,507
,649 29,712
,179 29,421
17,351
17,351
17,303
17,303
5,564
5,566
5,570
5,573]
32,739
33,045
32,939
32,776
419
419
431
415
481
549
458
384
241
238
287
242
293 1,051
322 1,049
267
994
276
994
r
* Preliminary.
Revised.
* iroiuumary.
• ivcviscu.
Figurs b e g i g
i h 1960 fl t
g
i Figures explanation, see BULLETIN for a minor changep. 164.
beginning with 1960 reflect February 1961, in concept of
float. For
1
Includes industrial loans and acceptances, when held. For holdings
of acceptances on Wednesday and end-of-month dates, see subsequent
tables on Federal Reserve Banks. (Industrial loan program discontinued
Aug. 21, 1959.) See also note 1.
Corrected.
~ \^orrcwicu.
1,108
1,049
1,054
1,048
16,580
16,833
17,153
16,310
2,599
2,839
2,880
2,930
19,179
19,672
20,033
19,240
16,912 2,640
16,802 2,782
17,210 2,874
,
17,209 *2,950
19,552
19,584
.
20,084
*>20
'",159
3 Beginning with Nov. 24. 1960, all currencv and coin held by member
k l l d
1, 1959N ov. 23, 1960
23 1960,
; d i g th p i d D
banks allowed as holdings were allowed. Monthly 1959-Nov. currency
only part of such reserves; during the period Dec. 1,averages of 23, 1960,
and coin are estimated.
* Less than $500,000.
oc^iiuiuig wuu i ^ r , -*-r- *^w, an vuncm»v *uu m m nciu uy mcmoer
1302
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
Required Excess
re- 3
reserves2 serves
Central reserve city banks—New York
Borrowings
at
F. R.
Banks 4
Free
reserves 3
Total
reserves
held*
Required Excess
re- 3
reserves 2 serves
n.a.
1
78
540
63
na
na
—62
na
n.a
989
48
105
125
44
30
14
12
35
n.a.
192
38
58
151
486
115
62
196
n.a.
-144
67
67
-107
-456
-101
-50
-162
1,143
848
924
1,011
1,191
1,353
1,409
1,295
L210
1,164
295
14
13
8
3
-4
1
-1
2
Q
a.
6
5
64
232
37
15
85
n.a.
14
7
3
—61
-237
-36
-16
-83
4,392
4,303
4,010
3,930
3,819
57
34
23
-10
33
147
139
103
99
17
-91
— 105
-80
-109
16
:
1,149
1,138
1,127
1,070
12
8
7
-86
—77
-31
-104
-59
3,765
3,718
3,658
22
52
29
13
18
19
9
34
10
3,667
3,598
3,613
3,588
3,581
3,658
3,639
3,629
3,681
"3,716
26
34
10
62
-5
40
9
16
6
*16
26
26
9
60
-22
40
7
7
2
974
184
3
-935
179
5,008
762
861
5,623
755
792
3,012
7
69
2,611
1941 Dec
1945—Dec
1947 Dec
1950—Dec
1951 Dec
1952—Dec
1953 Dec
1954 Dec
1955 Dec
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
9,422
14,536
16,275
16,364
19,484
20,457
19,227
18,576
18,646
3,390
1,491
986
1,027
826
723
693
703
594
5
334
224
142
657
1,593
441
246
839
3,385
1,157
762
885
169
-870
252
457
-245
5,142
4,118
4,404
4,742
5,275
5,357
4,762
4,508
4,432
4,153
4,070
4,299
4,616
5,231
5,328
4,748
4,497
4,397
1956
1957
1958
1959
I960
19,535
19,420
18,899
18,932
18,294
18,883
18,843
18,383
18,450
17,828
652
577
516
482
466
688
710
-36
-133
-41
-424
41
4,448
4,336
4,033
3,920
3,852
18,733 18,095
19,004 18,248
19,283 18,514
638
756
769
489
614
682
3,788
3,770
3,687
. .
I960 Oct
Nov
Dec
19,315 18,570
18,964 18,310
18,809 18,263
18,884 18,266
18,856 18,307
19,042 18,430
19 063 18 482
. . . . 19,223 18,619
19,372 18,783
*19,654 *>19,149
1961 Jan
Feb
Mar
Apr
May
June
July
AUK
Sept
Oct
Week ending—
I960—Oct. 5
12
19....
26
745
654
546
618
549
612
581
604
589
557
906
425
149
142
87
49
137
70
56
96
63
51
67
37
P5O5
65
696 3,693
517 3,632
476 3,623
562 3,649
453 3,576
549 3,698
530 3 648
537 3,645
552 3,686
P440 *3,733
BorrowFree
ings
reat
serves3
F. R.
Banks «
161
133
601
39
363
5,011
Dec
Dec
Dec
Dec
June
Total
Rerequired Excess
re- 3
serves
reheld* serves2 serves
161
211
1,141
2,275
1,797
6,462
. ...
BorrowFree
ings
re- 3
at
F. R. serves
Banks*
-167
69
n.a.
2,314
5 2,160
11,473
1929—June
1933 June
1939 Dec
Central reserve city banks—Chicago
174
8
1
2
17
2
9
4
4
939
1,024
1,199
1,356
1,406
1,295
1,210
1,166
988
-1
97
85
39
104
58
1,011
1,006
958
1,007
998
953
4
8
4
6
12
8
963
959
948
936
927
945
4
7
9
-4
8
6
3
3
3
4
36
8
1
2
p_24
1,136
1,077
.038
987
954
946
923
03R
-2
-4
A
-29
—4
5
5
^983
"985
v—1
3
1
3
2
1
23
19
—4
123
-61
1,033
1,001
1,015
1,004
1,021
1,002
998
,009
13
-2
17
-5
6
1
1
21
6
-2
16
-26
53
-27
-43
12
46
949
933
944
953
954
940
935
939
950
952
9
-2
5
3
2
1
1
10
2
9
-3
-6
P12
953
970
958
970
966
964
955
967
963
18,759
18,640
18,839
18,729
18,148
17,951
17,963
18,200
611
689
876
529
200
148
74
240
411
541
802
289
3,910
3,697
3,830
3,795
3,877
3,701
3,706
3,798
33
-4
123
-3
3
10....
17
24....
31
18,808
18,754
18,909
18,917
18,872
18,341
18,276
18,307
18,352
18,257
467
478
602
565
615
61
64
173
66
92
406
414
429
499
523
3,698
3,561
3,585
3,603
3,601
3,645
3,570
3,578
3,583
3,556
53
-9
8
20
46
June 7 . . . .
14
21
28....
18,804
18,844
19 296
19,120
18,233
18,215
18 750
18,493
571
629
546
627
62
71
42
81
509
558
504
546
3,597 3,573
3,638 3,582
3 785 3 767
3,725 3,687
24
55
18
37
24
55
18
37
955
948
993
984
950
942
995
969
5
6
—2
2
1
2
5
—2
16
Julv
y
5.. .
12!:.!
19
26
19,086
19,103
19,075
19,007
18,539
18,446
18,386
18,357
547
657
689
650
48
47
55
50
499
610
634
600
3,744
3,651
3,579
3,648
3,734
3,625
3,575
3,585
10
25
4
62
10
25
960
944
946
948
5
6
1
62
965
950
945
957
4
6
-2
5
Aug. 2
9
16....
23....
30....
19,286
19,208
19,197
19,202
19,160
18,809
18,651
18,593
18,605
18,566
477
557
604
597
594
75
123
62
37
37
402
434
542
560
557
3,739
3,683
3,597
3,613
3,607
3,747
3,660
3,609
3,610
3,594
-8
23
-12
2
13
-20
2
-18
2
11
996
971
969
965
965
992
971
967
960
962
4
Sept. 6
13
20....
27
19,114
19 198
19,473
19,519
18,573
18 609
18,906
18,862
541
589
567
657
57
27
44
27
484
562
523
630
3,673
3,627
3,744
3,713
3,622
3,625
3,738
3,686
51
2
6
26
12
957
947
979
962
958
952
972
960
Oct.
19,605 19,121
19,426 18,933
19,804 19,229
484
493
575
*>549
34
29
145
56
450
464
430
*493
3,794
3,654
3,716
3,772
3,768
3,649
3,706
3,768
26
6
11
1
51
2
-6
23
24
6
ii
-3
985
968
980
,001
982
968
983
998
-1
-5
7
2
3
1
-3
4
1961—May
4
11
18
25
P19,826 P19,277
For notes see opposite page.
A
14
58
18
51
8
11
12
21
6
2
3
7
n
16
9
2
5
2
2
4
4
5
5
2
-5
-3
5
2
4
1
-1
-5
3
1
6
78
17
3
-5
-81
-13
BANK RESERVES AND RELATED ITEMS
1303
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued
[Averages of daily figures. In millions of dollars]
Country banks
Reserve city banks
Period
Borrowings at
F. R.
Banks 4
Total
reserves
held*
Borrowings at
F. R.
Banks4
Total
reserves
held*
Required
reserves2
1929 June
1933—June
1939 Dec
761
648
3,140
749
528
1,953
12
120
1,188
409
58
n.a.
-397
62
n.a.
632
441
1,568
610
344
897
22
96
671
327
126
n.a.
-305
— 30
n.a.
1941 Dec
1945—Dec
1947—Dec
1950 Dec . . .
1951—Dec
1952 Dec
1953—Dec
1954 Dec
1955 Dec
4,317
6,394
6,861
6,689
7,922
8,323
7,962
7,927
7,924
3,014
5,976
6,589
6,458
7,738
8,203
7,877
7,836
7,865
1,303
418
271
232
184
120
85
91
60
n.a.
96
123
50
354
639
184
117
398
n.a.
322
148
182
-170
-519
-99
-26
-338
2,210
4,576
4,972
4,761
5,756
6,094
5,901
5,634
5,716
1,406
3,566
4,375
4,099
5,161
5,518
5,307
5,032
5,220
804
1,011
597
663
596
576
594
602
497
n.a.
46
n.a.
965
540
634
507
1956 Dec
1957_Dec
1958 Dec
1959—Dec
I960 June
8,078
8,042
7,940
7,954
7,540
7 983
7,956
7,883
7,912
7,496
96
86
57
41
44
299
314
254
490
164
5,859
5,906
5,849
6,020
5,915
5,371
5,457
5,419
5,569
5,525
488
449
430
450
390
162
213
186
268
237
204
I960—Oct..
Nov
Dec
7,761
7,854
7,950
7,696
7,761
7,851
65
94
100
67
56
20
-203
-228
-198
-449
-120
2
38
80
6,173
6,374
6,689
5,626
5,771
6,053
546
602
636
63
483
40
596
1961—Jan
Feb
Mar..
Apr
May
June
July
7,960
7,810
7,756
7,783
7,780
7,823
7,863
7,940
7,993
"8.145
7,859
7,743
7,698
7,723
7,726
7,740
7,798
7,883
7,930
?8,120
101
67
58
60
54
83
64
57
63
87
10
35
39
18
66
56
44
50
6,085
6,022
6,016
6,029
6,055
6,068
6,090
6,141
6,209
^6,328
31
583
P7
6,699
6,568
6,485
6,529
6,547
6,551
6,595
6,668
6,727
*>6,793
614
546
469
500
491
483
505
527
518
P25
14
57
23
21
36
17
8
13
13
18
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
-80
6,089
6,231
6,166
6,162
24
31.
7,803
7,760
7,773
7,775
7,783
7,732
7,724
7,733
7,740
7,697
71
36
40
35
86
19
23
74
34
21
51
12
-33
1
65
June 7
14.
21
28.
7,711
7,755
7,907
7,881
7,659
7,649
7,873
7,769
53
106
33
112
20
21
17
13
7,850
7,883
7,809
7,871
7,787
7,785
7,770
7,755
63
97
39
116
7,967
7,927
7,919
7,963
7,919
7,931
7,885
7,873
7,890
7,868
27
7,953
7,896
8,001
8,012
4...
11...
18..
25..
8,127
8,068
8,216
8,188
.
. .
.. .
AUE
Sept . .
Oct
Excess
reserves3
Free
reserves3
Required
reserves2
Excess
reserves3
57
29
89
236
105
52
159
144
172
56
36
38
33
40
Free
reserves '
340
489
550
338
344
277
546
510
431
467
451
*>465
45
38
43
19
20
438
467
484
499
M45
5,585
5,606
5,604
5,655
504
626
562
506
97
50
55
51
408
576
507
455
6,358
6,500
6,607
6,585
6,534
6,024
6,047
6,058
6,079
6,052
333
453
550
506
482
41
22
38
22
71
290
431
512
484
411
32
85
16
99
6,541
6,503
6,610
6,530
6,051
6,042
6,114
6,068
490
461
40
49
450
411
462
68
394
12
51
35
432
30
115
6,059
6,091
6,094
6,069
468
9
1
6,527
6,619
6,742
6,531
648
462
33
45
615
418
35
42
46
73
51
20
31
13
2
4
15
10
33
71
47
6,585
6,627
6,712
6,661
6,671
6,140
6,135
6,144
6,144
6,142
445
491
568
517
528
38
66
38
35
30
407
425
531
480
499
7,855
7,854
7,972
7,971
98
42
30
42
13
12
15
12
85
30
15
29
6,531
6,727
6,749
6,832
6,137
6,178
6,225
6,244
393
549
524
587
44
15
13
11
349
534
511
576
8,066
8,023
8,190
8,161
61
45
26
27
10
12
32
20
50
33
-6
7
6,699
6,736
6,892
P6,862
6,304
6,294
6,350
*>6,350
395
441
541
*>512
23
11
24
12
372
430
517
P500
Week ending—
I960—Oct.
1961
5..
12.. . .
19....
26.
May 3
10
....
17
July
5..
12i. ..
19
26
Aug
2
9
16 .
23
30.
Sept 6
13
20....
Oct.
.
V
8
n.a. Not available.
» Preliminary.
1 Based on figures at close of business through November 1959; thereafter on closing figures for balances with Reserve Banks and opening
figures for allowable cash. Beginning with Nov. 24, 1960, all currency
and coin held by member banks allowed as reserves; during the period
Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has been allowed.
Monthly averages of currency and coin are estimated.
2
Based on deposits as of opening of business each day. Monthly
90
496
528
25
39
471
489
averages for all classes of banks beginning with January 1960 are estimated.
3
Monthly averages for all classes of banks beginning with January
1960 are estimated.
4
Based on closing figures.
5 This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
1304
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a) i
Federal Reserve Bank
Rate on
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—
Aug. 23,1960
Aug. 12, 1960
Aug. 19, 1960
Aug. 12, I960
Aug. 12, 1960
Aug. 16, 1960
Aug. 19, 1960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
In effect
beginning—
Aug. 23,1960
Aug. 12,1960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16, 1960
Aug. 19, 1960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
Sept. 2,1960
Rate on
Oct. 31
Previous
rate
Sept. 2,1960
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
Previous
rate
&
5
f
1
Rates shown also apply to advances secured by obligations of Federal
intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member
banks: 90 days for discounts and advances under Sections 13 and 13a of
the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6
months and 9 months, respectively, and advances secured by obligations
of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under
Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES i
[Per cent per annum]
MARGIN REQUIREMENTS 1
Date
effective
Ranse
(or level)—
all F. R.
Banks
1948
Jan. 12.
19.
Aug. 13.
1
-WA
WA
WA-WI
1950
Aug. 2 1 .
1*4
1*4-2
1954
Feb. 5.
15.
Apr. 14.
16.
May 2 1 .
1*4-2
1*4
i%m
May 2.
Aug. 4.
5.
12.
Aug. 24.
18
Date
effective
1957
Aug. 9 . . .
23...
Nov. 1 5 . . .
Dec. 2 . . .
1958
Jan. 2 2 . . .
24...
Mar. 7 . . .
13...
21...
Apr. 1 8 . . .
May 9 . . .
Aug. 1 5 . . .
Sept. 1 2 . . .
Range
(or level)—
all F. R.
Banks
3
214-214
2V
F. R.
Bank
of
N. Y.
3~
2*4-3
2*4-3
214-3
214-2*4
90
90
70
70
70
90
70
1 Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specifisd
percentage of its market value at ths time of extension: margin requirements are the difference between the market value (100%) and the maximum loan value.
2 -21/
2i/4
3^3%
4
MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS
[Per cent per annum]
S
f
3
Type of deposit
Nov. 1,
1933Jan. 31,
1935
Feb. 1,
1935Dec. 31,
1935
Jan. 1,
1936Dec. 31,
1956
Effective
Jan. 1
1957
^
1961
In effect
Oct. 3 1 . . .
Savings deposits
3
21/2
21/4
3
Postal savings deposits
3V4-4
1 Under Sees. 13 and 13a (as described in table above). For data for
1941-47, See the BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York
on repurchase contracts against U. S. Govt. securities was the same as
its discount rate except in the following periods (rates in percentages):
1955—May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10,
2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4. 2.50;
June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5,
2.50; and Oct. 23, 2.75.
70
70
1*4-2
Oct. 24!!!
Nov. 7 . . .
1960
June 3 . . .
10...
14...
Aug. 1 2 . . .
Sept. 9 . . .
Aug. 5, Oct. 16, Effec1958tive
1958Oct. 15, July 27, July 28,
1960
1958
I960
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
-31,2
1959
Mar. 6 . . .
16...
May 2 9 . . .
June 12...
Sept. 1 1 . . .
18...
1955
A p , M.
1956
Apr. , 3 .
WA
1*4
1*4
1953
Jan. 16.
23.
Nov. 18.
23.
F. R.
Bank
of
N. Y.
[Per cent of market value]
3
2%
2iy4
3
Other time deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
3
3
3
2V4
%
f1A
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.
1305
RESERVE REQUIREMENTS
MEMBER BANK RESERVE REQUIREMENTS
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS,
BY CLASSES
[Per cent of deposits]
Net demand deposits1
Effective date
of change
Central Reserve
reserve
city
city
banks
banks
Country
banks
[Averages of daily figures. * In millions of dollars]
Time deposits
Central
reserve
and
reserve
city
banks
All
member
banks
Item
Country
banks
Central reserve
city banks
New
York
Reserve
city
banks
Chicago
Country
banks
Four weeks ending Sept. 6, 1961
In effect Dec. 31, 1945..
20
1948_Feb. 27
June 11
Sept. 1 6 , 2 4 * . . . .
1949—May 1,5*
June 30, July 1*.
Aug. 1 , 1 1 * . . . .
Aug. 1 6 , 1 8 * . . . .
Aug. 25
Sept. 1
1951—Jan. 1 1 , 1 6 * . . . .
Jan. 25,Feb. 1*.
1953—July 1, 9*
1954—June 16,24*
July 29, Aug. 1*
22
24
26
24
23
24
22
21
20
19
20
19
18
1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.
Nov.
Dec.
8*
1!*
Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand 2
Time
Demand balances due
from domestic banks.
Currency and coin
Balances with F. R.
Banks
Total reserves held
Required
Excess
17K
Present legal requirements :
Minimum
Maximum
22
21
20
g*
8*
i*
27, Mar. fr*
20, Apr. 1*
17
24
1
24
1
In effect Nov. 1, 1961..
20
16
15
14
13
12
13
14
13
6
6
?*
6
6
5
5
6
6
5
5
16%
10
2 22
23,585
4,281
6,033
1,229
18,323
19,734
7,054
4,513
5,242
1,936
6,811
2,515
97
164
16,b53
19,168
18,584
3,458
3,622
3,609
982
584
47,817
6,695
1,923
39,198
39,950
25,598
44,747
1,447
1,679
41,621
38,206
31,144
98
31
1,931
782
4,686
1,539
933
964
962
2
7,157
7,939
7,872
5,105
6,644
6,142
502
291
13
67
Four weeks ending Oct. 4, 1961
12
16%
122,182
13,652
4,876
103,655
103,132
65,732
12
16%
im
2 10
2 22
14
12
7
14
5
5
3
6
3
6
* First-of-month or midmonth dates record changes at country banks,
and other dates (usually Thurs.) record changes at central reserve or
reserve city banks.
1
Demand deposits subject to reserve requirements which, beginning
with Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
2 Prior to July 28, 1959, the minimum and maximum legal requirements
against net demand deposits of central reserve city banks were 13 and
26 per cent, respectively, and the maximum for reserve city banks was
20 per cent.
Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand 2
Time
Demand balances due
from domestic banks.
Currency and coin
Balances with F. R.
Banks
Total reserves held
Required
Excess
49,060
7,089
1,951
40,020
40,457
25,804
45,979
1,516
1,721
42,742
38,924
31,341
88
30
2,060
5,004
1,578
938
968
966
2
7,197
8,009
7,966
125,885
14,311
4,904
106,669
104,919
66,286
24,699
4,422
6,146
1,284
19,334
20,269
7,200
4,573
5,269
1,941
7,268
2,594
116
173
16,855
19,449
18,874
3,546
3,719
3,704
575
943
289
15
812
43
5,174
6,752
6,238
514
1 Balances with Reserve Banks are as of close of business; figures for all
other reported items (that is, excluding total reserves held and excess reserves) are as of opening of business.
2
Demand deposits subject to reserve requirements, i.e., gross demand
deposits minus cash items reported as in process of collection and demand
balances due from domestic banks.
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS i
[In millions of dollars]
Wednesday
Item
End of month
1961
1961
1960
Oct. 25
Discounts and advances—total.
Within 15 days
16 days to 90 days
91 days to 1 year
Acceptances—total. .
Within 15 d a y s . . . .
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. 18
Oct. 11
Oct. 4
Sept. 27
October
248
243
5
44
39
5
95
93
2
68
65
3
84
81
3
59
53
6
28
24
4
193
167
26
37
10
27
36
8
28
34
9
25
34
10
24
33
9
24
38
10
28
35
10
25
39
10
29
27,957
542
912
11,991
11,990
2,284
238
27,983
561
935
12,005
11,968
2,280
234
28,276
645
988
12,161
11,968
2,280
234
27,932
436
27,081
227
1,113
11,399
11,864
2,254
224
28,268
405
1,332
11,990
12,016
2,287
238
27,799
227
1,245
11,916
11,908
2,274
229
27,402
5,735
1,568
12,934
5,716
1,178
271
1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
2 Less than $500,000.
1,027
12,046
11,917
2,276
230
September
October
1306
FEDERAL RESERVE BANKS
CONSOLIDATED STATEMENT O F CONDITION OF ALL FEDERAL RESERVE BANKS
[In millions of dollars]
Wednesday
Item
End of month
1961
1961
1960
Oct. 25
Oct. 18
Oct. 11
Oct. 4
Sept. 27
October
September
October
15,936
1,092
15,960
1,062
16,008
1,062
16,009
1,065
16,109
1,065
15,926
1,102
16,034
1,065
17,126
981
17,028
17,022
17,070
17,074
17,174
17,028
17,099
18,107
404
378
380
400
415
404
423
406
246
2
37
42
2
36
93
2
34
66
2
34
82
2
33
57
2
38
26
2
35
171
22
38
2,913
3,034
3,190
3,071
2,360
3,242
2,959
2,971
1,649
19,747
3,596
1,639
19,727
3,583
1,639
19,738
3,583
1,632
19,678
3,551
i,62i
19,639
3,461
1,654
19,769
3,603
1,632
19,670
3,527
14,019
7,515
2,520
27,905
52
27,983
28,150
126
27,932
27,081
28,268
27,788
11
27,025
377
Assets
Gold certificate account
Redemption fund for F. R. notes
Total gold certificate r e s e r v e s . . .
Cash
Discounts and advances:
For member banks
For nonmember banks etc
.
Acceptances—Bought outright
Held under repurchase agreement
U. S. Government securities:
Bought outright:
Bills
Certificates Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreement
Total U. S. Government securities...
27,957
27,983
28,276
27,932
27,081
28,268
27,799
27,402
Total loans and securities
28,242
28,063
28,405
28,034
27,198
28,365
27,862
27,633
4,676
110
310
5,618
293
no
4,589
110
304
4,674
110
283
4,759
110
244
4,462
110
329
4,317
110
272
3,873
107
360
50,770
51,484
50,858
50,575
49,900
50,698
50,083
50,486
27,748
27,896
27,997
27,717
27,593
27,798
27,640
27,256
17,209
384
242
276
17,210
458
287
267
16,802
549
238
322
16,912
481
241
293
36,310
485
353
298
16,888
502
249
555
17,105
348
312
273
17,956
437
251
477
18,111
18,222
17,911
17,927
17.446
18,194
18,038
19,121
3.497
70
3,969
69
3,487
91
3,487
86
3,459
60
3,279
69
2,966
91
2,777
46
49.426
50.156
49,486
49,217
48,558
49,340
48,735
49,200
433
817
94
433
817
78
433
817
122
432
817
109
432
817
93
433
817
108
432
817
99
405
775
106
50,770
51,484
50,858
50,575
49,900
50,698
50,083
50,486
Cash items in process of collection
Bank premises
Other assets
Total assets
Liabilities
Federal Reserve n o t e s . . . . . .
Deposits:
Member bank reserves
\j JS Treasurer—general account
Foreign
Other
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
.
.
.
.
Capital Accounts
Surplus
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
foreign correspondents
U. S. Government securities held in custody for
119
121
122
123
125
117
6,149
6,120
6,196
6,129
6,051
5,988
123
!
196
6,036
5,634
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued to Bank)
Collateral held against notes outst*in ding:
Gold certificate account
Eligible paper
U. S. Government securities. . .
Total collateral
29 ,444
29,473
29 ,418
29 ,190
29 ,205
29, 463
29 ,194
28,839
8 ,565
15
->[ ,835
9,065
7
21,510
9 ,065
4
21 ,510
9 ,065
21 ,480
9 ,065
11
21 ,480
8, 535
23
2 1 , 835
9 ,065
10
21 ,480
10,300
36
19,670
30 ,415
30.582
30 ,579
30 ,552
30 ,556
30, 393
30 .555
30,006
NOTE.—For explanation of adjustments in preparing this consolidated statement, see the BULLETIN for February 1961, p. 164. For reserve
ratios sec opposite page.
1307
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1961
[In millions of dollars]
Item
Philadelphia
New
York
Boston
Total
Cleveland
Atlanta
Richmond
Chicago
St.
MinneLouis apolis
Kansas
City
San
Francisco
Dallas
Assets
15,926
1,102
827
65
4,197
1,092
92
189
648
47
279
26
674
46
624
35
2,074
91
796
62
2,598
274
795
66
1,322
Redemption fund for F. R. n o t e s . . . .
Total gold certificate reserves
17,028
892
4,471
861
1,413
1,184
858
2,787
695
305
720
659
2,183
431
42
129
38
19
22
53
30
11
20
16
36
27
96
19
32
21
29
67
17
11
15
404
13
16
S6
57
2
5
C1)
7
1
1
0)
6
(l)
3
5
0)
2
C1)
16
0)
4
1
6
0)
2
C1) " • " ( V )
F R notes of other Banks
Other cash
Discounts and advances:
Secured by U. S. Govt. securities ..
Other
Acceptances:
Bousht outright
Held under repurchase agreement.
U. S. Govt. securities:
38
38
28,268
1,505
6,991
1,633
2,397
1,789
1,554
4,830
1,138
661
1,232
1,148
3,390
28,365
1,510
7,037
1,634
2,403
1,792
1,559
4,835
1,144
663
1,248
1,150
3,390
5,420
110
383
4
1,083
9
345
4
434
8
369
6
391
13
963
24
243
7
279
6
222
13
540
11
329
17
80
18
29
21
19
55
13
168
5
8
15
14
40
2,875 12,905
2,919
4,338
3,415
2,922
8,761
2,130
1,180
2,296
2,090
6,256
1,639
1,819
2,539
2,291
1,621
5,221
1,221
574
1,168
851
2,874
716
684
830
608
409
793
924
45
10
37
13
2,659
57
28
Held under repurchase agreement..
Total loans and securities
Cash items in process of collection...
Bank premises
Other assets
Total assets
52,087
Liabilities
28,229
Federal Reserve notes
Deposits:
16,888
Member bank reserves
502
U. S. Treasurer—general account..
249
Foreign
555
Other
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
Capital Accounts
Capital paid in
..
Surplus
Other capital accounts
o
109
6,411
17
13
1,268
35
21
58
11
41
12
2,576
57
33
1
498
1
1
3
5
1
0)
1
1
1
42
18,194
808
5,296
747
1,325
756
888
2,667
657
440
849
975
2,786
4,237
69
359
3
810
17
2,809 12,534
271
4
343
6
301
4
335
4
667
12
134
1
218
4
2,841
4,213
3,352
2,848
8,567
202
3
2,083
1,149
2,239
185
3
2,014
412
8
6,080
118
229
24
25
48
40
75
10
20
37
6
24
44
6
61
116
17
2,875 12,905
2,919
4,338
3,415
2,922
33.6
36.4
38.9
36.6
37.8
41.5
38.9
38.6
37.7
760
36
11
50,729
433
817
108
21
40
4,661
53
2 84
Total liabilities and capital accounts.
52,087
Ratio of gold certificate reserves to
deposit and F. R. note liabilities
combined (per cent):
Oct 31 1961
Sept. 30, 1961
Oct 31 1960
36.7
37.1
38 7
36.5
36.8
37.4
38.2
36.0
39.0
Contingent liability on acceptances
purchased for foreign correspondents
117
6
3 31
41
8
25
5
18
35
4
25
47
4
56
100
20
1,180
2,296
2,090
6,256
34.2
34.4
37.0
35.3
37.6
38.8
37.0
37.0
37.6
30 1
33.1
39.4
35 7
37.9
36.6
36 1
37.4
37.3
38 6
39.0
39.0
6
11
10
19
2
8,761
15
27
«
2,130
17
4
3
5
7
15
S^ 4 6
1,272
655
1,202
909
995
Federal Reserve Notes—Federal Reserve Agent's Accounts
F. R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding :
Gold certificate account
Eligible paper
U. S. Govt. securities
Total collateral
1 ,876
1,713
6 ,757
8,535
23
21,835
495
1 ,500
600
1
870
755
475
,700
1 ,000
1 ,325
1 ,880
1,635
1 ,300
3 ,800
325
16
275
5 ,400
380
6
160
1,275
935
510
900
675
2 ,200
30,393
1,770
6 ,900
1 ,926
2 ,750
2,390
1,775
5 ,500
1,321
670
1,241
950
3 ,200
1 Less than $500,000.
2 After deducting $165,000,000 participations of other Federal Reserve
Banks.
,686
,689
29,463
2,363
3 After deducting $86,000,000 participations of other Federal Reserve
Banks.
1308
CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[Condensed from Circulation Statement of United States Money, issued by Treasury Department.
End of year or
month
Coin and small denomination currency
Total
in circulation 1
Total
Coin
$12
7,598
11,160
28 515
28,868
27 741
31,158
31 790
31,834
. . 32 193
32,591
5,553
8,120
20,683
20,020
19,305
22,021
22,598
22,626
22,856
23,264
590
751
1,274
1,404
1,554
1,927
2,027
2,110
2,182
2,304
1,039
1,048
1,113
1,312
1,369
1,398
,494
1,511
1960—Sept
Oct
Nov
Dec
32,022
32,144
32 632
32,869
22,900
22,996
23,410
23,521
2,375
2,390
2,417
2,427
,444
1,457
1,487
1,533
1961 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
31.776
31 769
31,891
31,830
32 197
32,405
32 477
32,609
32,658
22,580
22,612
22,742
22,702
23,042
23,229
23 299
23,390
23,415
2,391
2,392
2,406
2,417
2,445
2,462
2,475
2,491
2,506
1,439
1,431
1,434
[,433
1,465
1,462
I 460
[,463
1,475
1939
1941
1945
1947
1950
1955
1956
1957
1958 .
1959
.
559
695
$2
36
44
73
65
64
75
78
80
83
85
85
84
86
88
86
86
86
86
87
88
88
89
88
In millions of dollars]
Large denomination currency
$5
$10
$20
Total
$50
1,019
1,355
2,313
2,110
2,049
2,151
2,196
2.188
2,186
2.216
1,772
2,731
6,782
6,275
5.998
6,617
6,734
6,662
6 624
6,672
1,576
2,545
9,201
9,119
8 529
9,940
10 194
10,187
10 288
10,476
2,048
3,044
7 834
8,850
8 438
9,136
9 192
9,208
9 337
9,326
724
2 327
2,548
2 422
2,736
2 771
2,777
2 792
2,803
1,433
4 220
5,070
5 043
5,641
5 704
5,752
5 886
5,913
307
292
280
275
261
438
407
384
373
341
2,133
2,147
2 191
2.246
6,542
6,557
6 683
6,691
10,320
10,362
10 545
10,536
9,122
9,148
9 222
9,348
2 728
2,731
2 762
2,815
5 818
5,844
5 888
5,954
249
319
248
248
317
317
249
316
2,120
2 114
2,124
2,119
2,156
2,162
2 151
2,154
2,163
6,409
6 438
6,496
6,476
6,584
6,638
6 622
6,647
6,656
10,135
10 150
10,198
10,171
10,305
10,418
10 505
10,547
10,527
9,196
9 158
9,148
9,128
9,154
9,176
9 177
9,219
9,243
2,752
2 736
2,733
2,726
2 741
2,757
2 761
2 768
2,766
5,875
5 855
5,851
5,S39
5 852
5,861
5 862
5 898
5,926
247
246
314
312
245
312
245
244
310
309
243
242
242
241
306
304
302
301
l Outside Treasury and Federal Reserve Banks. Prior to 1955 the
otals shown as in circulation were less than totals of coin and paper
$100
460
$500
191
919
$1,000
$5,000 $10,000
425
261
454
428
368
20
32
556
801
782
588
24
7
5
4
3
3
3
3
3
46
24
17
12
3
3
3
3
5
12
14
13
9
5
5
5
10
3
3
3
3
3
3
3
3
3
5
5
5
6
6
5
5
5
5
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
[Condensed from Circulation Statement of United States Money, issued by Treasury Department.
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
.
Standard silver dollars .
Silver bullion
Silver certificates
Subsidiary silver coin
Minor coin
United States notes
In process of retirement4
Total
Sept 30 1961
Aug 31 1961
Sept. 30 1960
Total outstanding As security
Sept. 30,
Treasury
against
1961
cash
gold and
silver
certificates
17,376
(17,099)
29,194
5,563
(17,099)
487
2 252
(2,372)
1 626
120
2 252
(2,372)
(19,471)
(19,556)
(20,815)
2,8i6
1,555
421
18
Currency in circul ationi
Sept. 30,
1961
Aug. 31,
1961
Sept. 30,
1960
27,548
5,110
27 517
5,092
27 065
4,927
30
13
400
394
396
335
48
8
2,049
1,572
598
2,045
1,563
593
3 2,081
1,500
562
29
(7)
14,283
14,371
15,578
337
323
4
1
1
Outside Treasury and Federal Reserve Banks. Includes any paper
currency outside the United States and currency and coin held by banks.
Estimated totals for Wednesday dates, are shown in table on p. 1301.
2 Includes $156,039,431 as reserve against $346,681,016 United States
notes, under Act of May 31, 1878 and subsequent enactments.
3 Includes $1,141,684 Treasury notes of 1890; see also note 4.
4
Redeemable from the general fund of the Treasury when presented.
(Federal Reserve Banks and national banks no longer have liability for
their currency included herein, as payment therefor has been made to the
Treasury as required by law.)
14,283
92
30
6
2
607
347
243
6 52,133
6 52,141
6 52,806
2 277
For
F. R.
Banks
and
agents
Held by
F. R.
Banks
and
agents
In millions of dollars]
314
241
315
242
5 153
4,792
4,767
4,810
32,658
32,609
314
317
32,022
s Represents only Federal Reserve Bank notes and national bank notes;
see also note 4.
6 These totals do not include all items shown, as some items represent
the security for other items; gold certificates are secured by gold, and
silver certificates by standard slver dollars and monetized silver bullion.
Duplications are shown in parentheses. For explanation of currency
reserves and security features, see Circulation Statement of United States
Money issued by the Treasury Department, or BULLETIN for August
1961, p. 936, or earlier issues.
7 Less than $500,000.
1309
MONEY SUPPLY; BANK DEBITS
MONEY SUPPLY AND RELATED DATA
[Averages of daily figures. In billions of dollars]
Money supply
Not seasonally
adjusted
Seasonally
adjusted
Period
Related
deposits
(not
seasonally
adjusted)1
Week
ending—
Demand
deTotal
posits 1
Currency
Demand
deposits !
Time
100.4
104.4
106.8
108.3
107.2
112.2
112.6
111.4
131.4
135.0
137.9
139.7
138.8
144.3
144.9
143.8
28.2
27.9
28.3
28.7
28.9
29.2
29.5
29.5
103.3
107.1
109.6
111.0
109.9
115.1
115.5
114.3
44.7
48.5
50.0
51.8
57.1
65.1
67.0
72.5
29.0
29.0
29.0
111.6
111.2
111.4
140.6
141.4
143.8
29.1
29.2
29.5
111.5
112.2
114.3
71.8
72.0
72.5
140.6
141.2
141.5
142.0
142.0
142.1
142.0
141.8
143.0
143.7
28.9
28.9
29.0
29.0
29.0
28.9
29.0
29.0
29.2
29.3
111.7
112.3
112.6
113.0
113.0
113.2
113.0
112.8
113.8
114.4
143.7
140.9
140.1
141.7
140.0
140.7
141.1
141.1
142.4
143.6
28.8
28.6
28.6
28.7
28.7
28.9
29.2
29.2
29.3
29.4
114.9
112.3
111.4
113.0
111.3
111.8
111.9
111.9
113.1
114.2
73.7
75.1
75.9
76.9
78.1
79.0
79.9
80.7
81.3
82.0
3.8
1960
5.0
3.4 Sept. 7
3.4
14
3.5
21
3.9
28
4.9 Oct. 5
4.7
12
19
26
5.7
5.8 Nov. 2
9
4.7
16.
4.1
4.8
1961
4.7
2.9 Aug. 2
4.6
9
4.5
16
.,
4.3
23
5.5
30 , ,
5.2 S e p
6.5
1 . . . . 141.9
2 . . . . 141.8
Sept. 1 . . . . '142.7
143.3
Oct. 1.'.'.'.' 143.1
2*>... 144.2
29.0
29.0
29.2
29.2
29.4
29.3
112.8
112.8
113.6
114.1
113.8
114.9
141.9
140.3
142.3
142.4
142.8
144.4
29.3
29.1
29.4
29.2
29.5
29.3
112.6
111.2
112.9
113.2
113.3
115.1
80.5
80.8
81.2
81.5
81.9
82.1
20
27
5.1 Oct. 4
11
5.8
18
4.5
25?
5.9
6.9 Nov. IP
6.1
Total
Currency
1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
1960—Dec
128.1
131.8
134.6
136.5
135.5
140.8
141.5
140.4
27.7
27.4
27.8
28.2
28.3
28.6
28.9
29.0
I960—Oct
Nov.
Dec
140.6
140.2
140.4
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.*>
Semi-monthly
1961—Aug.
r
» Preliminary.
Revised.
1
At all commercial banks.
NOTE.—For description of series and for figures beginning with January
Related
deposits
(not
seasonally
adjusted) *
Money supply
(not seasonally
adjusted)
Demand
deTime
posits l
Total
U.S.
Govt.
M
Currency
139.0
140.5
141.1
138.5
138.9
139.8
141.1
141.3
141.8
141.5
141.9
29.3
29.2
29.0
28.8
29.0
29.3
29.1
28.9
28.9
29.3
29.3
109.7
111.4
112.1
109.7
109.9
110.5
111.9
112.3
112.9
112.2
112.6
70.9
71.1
71.2
71.3
71.6
71.7
71.9
72.0
72.0
72.3
71.8
5.1
3.6
4.9
7.3
7.5
5.6
4.3
5.4
6.2
6.0
5.4
142.0
141.9
141.8
139.9
140.4
141.2
142.8
143.8
141.6
141.7
142.7
144.0
144.3
144.9
29.0
29.4
29.3
29.2
29.0
29.4
29.4
29.3
29.1
29.2
29.6
29.5
29.3
29.2
113.0
112.6
112.5
110.7
111.4
111.8
113.4
114.6
112.5
112.5
113.1
114.4
114.9
115.7
80.3
80.5
80.7
80.7
80.8
81.0
8t.2
81.3
81.5
81.8
81.9
82.0
82.0
82.2
6.0
5.1
4.8
6.1
5.6
5.4
3.6
4.4
5.9
8.2
6.2
6.9
6.2
5.6
U.S.
Govt.
1947, see BULLETIN for October 1960, pp. 1102-1123. For back data on
time deposits and U.S. Government demand deposits see BULLETIN for
August 1961, p. 1001.
BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts, except interbank ancI
U. S. Government accounts
(in millions of dollars)
All
reporting
centers
Year or month
Unadj.
Leading centers
New York
Adj.
1,759,069
1,887,366
2,043,548
2,200,643
2,356,768
2,439,754
2,679,167
2,838,754
1953
1954
1955
1956
1957
1958
1959
I960
I960 Oct
Nov
Dec
.. .
1961—Jan
Feb
Mar
Apr
May
July
Aug
Sept
Oct
. .
.
. .
Unadj.
Unadj.
632,801
738,925
766,890
815,856
888,455
958 721
1,023,605
1,102,850
Adj.
Unadj.
Leading centers
New York
Adj.
740,436
758,375
845,007
921,928
979,002
993,600
1,110,304
1,158,298
385,831
390,066
431,651
462,859
489,311
487 432
545,258
577,606
6 others
Unadj. Adj.
36.7
42.3
42.7
45.8
49.5
53.6
56.4
60.0
1
337 other
reporting
centers2
Unadj. Adj.
25.6
25.8
27.3
28.8
30.4
30 0
32.5
34.8
233,131
235,100
256,905
91,870
98,791
88,381
89,905
91,020
101,551
48,084
49,017
47,871
47,567
47,577
52,313
95,418
98,306
94,687
95,659
96,503
103,041
60.0
63.5
57.8
59.2
61.3
64.4
34.9
35.8
34.3
257,714
222,722
265,442
240,966
268,804
271,830
247,667
r
255,540
'246,582
275,115
97,520
98 269
101,454
103,451
113,337
103,829
104 542
109,053
109,783
113,524
104,473
89 831
110,455
101,151
111,463
113,228
100,591
100,856
100,293
113,732
51,046
50,199
49,484
51,281
53,180
52,292
50,736
52,154
51,331
53,983
52,382
97,504
44 861
97 719
53,354
98,447
97,332
48,529
53,782 102,847
54,277 101,549
49 085 100,720
51,445 '102,385
48,991 '100,208
54,678 103,969
100,860
88 030
101,633
91,286
103,560
104,325
97,991
'103,239
'97,298
106,705
63.0
63.7
67.1
68.0
74.6
70.6
70.6
73.4
74.2
76.1
65.5
61.4
69.9
67.8
72.0
75.6
70.4
66.9
71.4
75.0
36.5
35.8
35.4
36.9
38.0
37.7
36.7
38.1
37.3
r
» Preliminary.
Revised.
Adj.= adjusted for seasonal variation. Unadj. = without seasonal
adjustment.
i Boston, Philadelphia, Chicago, Detroit, San Francisco and Los
Angeles.
* Prior to April 1955, 338 centers.
337 other
reporting
centers2
6 others *
Adj.
Annual rate of turnover
of demand deposits except interbank
and U. S. Government deposits
34.7
34.9
36.5
Unadj.
18.9
19 2
20.4
21.8
23 0
22 9
24.5
25.7
25.5
26.2
25.1
25.7
26.2
26.6
36.3 25.7 25.8
33.5 25.7 24 4
38.1 26.1 26.1
37.1 25.6 24.9
37.8 26.9 26.8
38.6 26.6 27.1
36.5 26.2 26 4
36.1 26.7 26.1
36.9 26.3 26.5
P37.9 P26.9 P27.0
NOTE.—For description of series and for revised monthly figures
beginning with 1950, see BULLETIN for January 1960, pp. 8-11. Seasonally
adjusted figures for earlier years, prepared by Federal Reserve Bank of
New York, together with unadjusted data were published in BULLETIN for
May 1959, p. 554.
1310
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
1929—June
1933—June
1939—Dec.
1941—Dec.
1945_Dec.
1947_Dec.
1950—Dec.
1958—Dec.
1959—Dec.
1960—June
Treasury
currency
outstanding
U. S. Government obligations
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
216
1,998
2,484
2,254
24,262
22,559
20,778
26,347
26,648
26,200
26
131
1,204
1,284
2,867
3,328
2,888
1,219
1,048
900
11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,273
26,071
25,500
64,698
48,465
75,171
90,637
191,785
188,148
199,009
274,850
280,202
277,200
55,776
42,029
68,359
82,811
180,806
175,348
184,384
252,022
256,020
251,000
8,922
6,436
6,812
7,826
10,979
12,800
14,624
22,829
24,186
26,200
Loans,
net
29
30
30
31
31
31
30
31
31
29
4,037
4,031
17,644
22,737
20,065
22,754
22,706
20,534
19,456
19.300
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,234
5,311
5,400
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
167,381 30,387
160,832 43,023
171,667 60,366
249,082 121,602
255,435 135,867
252,500 139,100
5,741
10,328
23,105
29,049
128,417
107,086
96,560
101,207
93,497
87,900
5,499
8,199
19,417
25,511
101,288
81,199
72,894
73,641
65,801
60,800
I960—Oct. 26
Nov. 30
Dec. 31
18,500
17,900
17,767
5,400
5,400
5,398
260,900 140,200
261,700 140,900
266,782 144,704
94,600
94,900
95,461
66,800
66,600
67,242
27,000
27,500 !
27,384
900
800
835
26,000
25,900
26,617
284,700
285,000
289,947
257,500
257,000
263,165
27,200
28,000
26,783
1961—Jan. 25
500
,400
400
400
400
550
500
500
500
300
5,400
5,400
5,400
5,400
400
437
400
600
600
5,600
263,500
264,700
263,800
265,000
267,400
269,828
272,200
272,100
276,800
278,400
95,900
95,300
93,700
94,100
95,500
96,121
98,700
98,500
100,200
101,500
68,300
67,800
66,200
67,100
67,800
68,104
71,000
70,500
72,400
72,800
26,700
26,700
26,700
26,200
26,900
27,253
26,900
27,300
27,100
28,000
800
800
800
800
800
764
800
800
700
700
26,500
26,900
27,500
27,600
27,700
27,923
28,100
28,400
29,100
29.000
286,400
287,500
286,600
287,800
290,200
292,816
295,100
295,100
299,800
301,200
259,200
259,500
258,900
260,600
261,700
265,604
267,200
266,400
271,000
272,500
27,200
27,900
27,700
27,200
28,600
27,212
27,900
28,700
28,800
28,800
Mar. If
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
29
26
31
30
26
30
27*
25?
141,000
142,500
142,600
143,300
144,300
145,784
145,300
145,200
147,500
147,800
Details of Deposits and Currency
Date
1929—June
1933_june
1939—Dec.
1941—Dec.
1945_Dec.
l947_Dec.
1950—Dec.
1958—Dec.
1959—Dec.
I960—June
U. S. Govt. balances
For- I
eign |
At
bank I Treas- comAt
deury
posits,
cash mercial F. R.
and
net 2
hold- savings Banks
ings
banks
29
30
30
31
31
31
30
31
31
29
365
50
1,217
1,498
2,141
1,682
2,518
3,870
3,203
2,900
I960—Oct. 26
Nov. 30
Dec. 31
3,100
3,100
3.184
400
400
377
6,200
5,600
6,193
1961—Jan. 25
3,100
3.100
3; 300
3,200
1,100
1,250
1,300
1,300
1,400
1,300
400
400
400
400
400
379
400
400
400
400
3,600
6,100
4,400
2,300
5,100
6,638
5,800
5,600
8,000
6,000!
Mar. If
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
29
26
31
30
26
30
27*>
25*
p
204
381
264
852
2,409
846
,215 1,895
:,287 24,608
,336 1,452
,293 2,989
683 4,558
391 5,319
400 7,300
Deposits adjusted and currency
Time deposits3
Total
CurDerency
mand
outdeCom- Mutual Postal
side
Total mercial savings Savings posits 5 banks
banks banks4 System
Demand
deposits
adjusted
Currency
outside
banks
110,500 84,400 26,100
114,600 90,000 24,600
138,800 110,700 28,100
140,200 112,000j28,200
138,000 109,900.28,100
500 247,200 106,700 70,000 35,900
500 247,300 106,700 70,000 35,900
485 252,926 108,468 71,380 36,318
800 112,200 28,300
800 111,900 28,700
770 115,102 29,356
139,900 111,500 28,400
138,800 110,600 28,200
139,200 111,000 28,200
500
400
500
500
400
408
500
500
500
400
800
700
700
700
700
702
700
700
700
700
140,700
139,400
140,400
141,500
140,800
140,900
141,500
141,300
142,200
143,800
54,
40.
63;
76 i
150;
170;
176
242,553
246,603
239,800
251
249
250
254
254
256
259
258
260
264
28,611
21,656
27,059
27,729
48,452
56,411
59,247
98,306
101,779
103,700
109,000
110,700
111,900
112,700
115,700
117,080
117,700
118,600
119,500
120,100
19,557
10,849
15,258
15,884
30,135
35,249
36,314
63,166
65,884
67,400
71,700
73,300
74,200
75,000
77,900
79,092
79,500
80,200
80,900
81,400
8,905
9,621
10,523
10,532
15,385
17,746
20,009
34,006
34,947
35,400
36,500
36,600
37,000
36,900
37,000
37,286
37,500
37,600
37,900
38,000
149
1,186
1,278
1,313
2,932
3,416
2,923
1,134
948
800
Total
demand
deposits
adjusted
and
currency
3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,740
29,422
28,300
36
35
634
867
977
870
668
358
504
500
Preliminary.
t This date used instead of last Wednesday of February. Seasonal
adjustment factors used, however, were for last Wednesday of February.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2
Beginning with May 1961 the reclassification of deposits of foreign
central banks reduced this item by $1,900 million ($1,500 million to time
deposits adjusted and $400 million to demand deposits adjusted).
3
Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
4 Before June 30, 1947, includes a small amount of demand deposits.
Beginning with June 1961 includes amounts now reported by insured
mutual savings banks as demand deposits; formerly, before passage of
the recent amendment of the F.D.I. Act, reported as time deposits or
other liabilities.
Seasonally adjusted series *
22,540
14,411
29,793
38,992
75,851
87,121
92,272
115,507
115,402
107,800
114,700
110,600
110,300
113,600
110,600
110,488
113,000
111,500
112,800
115,700
28,000
28,200
28,000
27,900
28,400
29,361
28,400
28,500
28,500
28,700
112,300 28
8,400
110,900 28
8,500
112, 100 28
8,300
113,300 28
8,200
112,300 28
8,500
112,700 28
8,200
113,200 28
8,300
113,000 28
8,300
113,800 28
8,400
115,000 28
8,800
5
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
6
Seasonally adjusted series begin in 1946 and are available only for last
Wednesday of the month. For description of series and for back data
see BULLETIN for February 1960, pp. 133-36.
NOTE.—For description of statement and back figures, see BULLETIN
for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in BULLETIN article; stock of Federal Reserve
Banks held by member banks is included in other securities and in capital
and miscellaneous accounts, net, and balances of the Postal Savings
System and the Exchange Stabilization Fund with the U. S. Treasury
are netted against capital and miscellaneous accounts, net, instead of
against U. S. Govt. deposits and Treasury cash. Total deposits and
currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.
ALL BANKS
1311
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank2
Other
liaCash
U.S. Other assets2 bilities
Govt.
and
Demand
obliga- secucapital Total 2 Detions rities
ac- 3
Time
Time7
mand
counts
U. S. Other
Govt.
Loans and investments
Class of bank
and date
Total
All banks:
l941_Dec.
1945_Dec.
1947—Dec.
1958—Dec.
1959—Dec.
I960—June
Oct.
Dec.
1961—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
31
31
3H
31
31
29
26
31
29
26
31
30
26
30
27P
25?
Loans
61,126
140,227
134,924
221,485
227,831
227,200
234,520
238,623
238,000
239,630
241,320
242,192
245,600
245,880
251,030
251,220
26,615
30,362
43,002
121,571
135,958
140,990
141,720
144,764
144,290
144,950
145,850
146,164
146,450
147,030
149,570
149,380
44,355
,999 27
10,982
90,908 81,816
25,511
26,479
,577 35
105,935
177,332 165,612
14,065
101,288
45,613
.723 38
381 53,105
240 1,346 94,3
81,199
175,091 161,865 12,793
273 49!
73,641
276,430 250;057 15,799 2,374 4,253 130, 132 97,498
650 ',443 5,054 131 ,622 101,116
65,801 26,071 50: 296 283 629 254;885
,760 25 450 43 710
,790 26 010 45 850
,242 26;617 53 022
240 27,470 42 890
100 27,580 44 200
800 27,670 44 920
104 27,923 46 457
,040 28.110 44 150
,490 28;360 43 170
380 29 080 44 840
72,840 29,000 46 150
276 710 244;470
286 550 252;510
298 126 266; 196
287 500 253;340
290 370 256;350
292 830 258;250
295 567 262;547
296 460 262; 360
295 760 260;560
302 760 267; 190
304,310 269,120
Ail commercial banks:
1941—Dec. 31
1945_Dec. 31
1947_Dec. 314
1958—Dec. 31
1959—Dec. 31
I960—June 29
Oct. 26
Dec. 31
1961—Mar. 29
Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27P
Oct. 25*>
746 21,714
019 26,083
284 38,057
165 98,214
",
270 1108 3 2
900 114 ,840
580 114,790
509 117,642
' ',640
990 116
720 117 ,180
160 117,850
848 117,953
",
070 118 0 7 0
120 118,450
070 120,790
-,
290 1204 7 0
21,808 7,225 26,551 79,104 71,283
90,606 7, 331 34,806 160,312 150,227
69,221 9,006 37,502 155,377 144,103
575 48 ,990 238 651 216,017
66,376 20,
58,937 20,
501 49 ,467 244 686 219 903
54,210 19 850 42 ,880 237.040209; 010
60,390 20 400 45 ,100 246;290 216; 580
61,003 20 864 52,150 257.552 229; 843
59,670 21 680 42 ,040 246;020 216; 330
60,740 21 800 43 ,400 249;
61,450 21 860 44 ,090 251;040219;
61,824 22 071 45,595 253 240 221;
64,740 22 260 43 320 254 749 224;
64,160 22 510 42 ,370 253 480 224;
66,090 23 190 44 ,020 260 580 222;
66,630 23 190 45 ,320 261 340 229;
Alt member banks:
1941_Dec. 31
1945_Dec. 31
1947—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 29
Oct. 26
Dec. 31
1961—Mar. 29
Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27?
Oct. 25?
18,021
22,775
32,628
84,061
94,779
97,898
97,469
99,933
99,473
99,913
450 100,140
99,992
100,098
850 100,379
102,373
102,107
19,539
78,338
57,914
54,299
46,813
42,980
48,379
49,106
48,030
49,020
49,817
50,361
52,907
52,358
53,959
54,290
All mutual savings banks:
l941_Dec. 31
1945—Dec. 31
1947_Dec. 314
1958—Dec. 31
1959—Dec. 31
I960—June 29
Oct. 26
Dec. 31
196l_Mar. 29
Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27?
Oct. 25P
p
10,379
16,208
18,641
36,320
37,561
38,300
38,940
39,114
40,010
39,910
40,160
40,344
40,530
40,760
40,960
40,930
,440
,690
,800
,820
,900
430
462
460
460
480
480
10,982
14,065
7^060 119,570 103,100
-~- 450 106,220
,408 107,959
4; 160 122,200 111,500
126,690 112,250
2,010'-'
4,790 124,260 115,270
"-",419 116,666
6,368 125
5,550 125 ,410 117,320
5,340 123 250 118,170
7,750 125,870 119,120
5,680 128 700 119,730
44,349
105,921
15,952
30,241
12,792
240 1,343 94,367 35,360
15,799 2,372 4,250 130,104 63,493
15,
,441 5,050 131,593 66,169
13
14
17
13,660
910 231;
,440
,690
,799
,820
,900
430
461
460
460
480
480
7,060 119,540
5,970 124,420
5,945 133,379
4,160 122,170
2,010 126,660
4,790 124,230
6,362 125,161
5,550 125,350
5,340 123,190
7,750 125,810
5,680 128,640
67,670
70,320
71,641
74,520
75,320
78,230
79,380
79,810
80,540
81,210
81,720
23 8,414 14,826
227 10,542 14,553
66 11,948 14,714
81 21,705 14,020
13,991
624 22;
14,000
2,170 23,
13,989
2,480 24;
13,986
167 24;
13,977
1,880 24;
1,750 24; 800 13,974
1,740 25; 140 13,975
452 25;405 13,977
1,230 25; 350 13,973
1,880 25 570 13,968
2,150 25 720 13,965
1,830 25 ,760 13,951
23
173 14,278
950 14,011
219
65 10^59 14,181
73 18,486 13,501
615 19,556 13,474
2,170 20 280 13,485
2,480 20 810 13,474
13,472
163 20
13,463
1,880 21
13,460
1,750 21
1,740 21 490 13,461
443 21 745 13,463
1,230 21 680 13,459
1,880 21 870 13,454
2,150 21 990 13,451
1,830 22 ,060 13,437
5,961 23,123 68,121 61,717 10,385
4 5,886 6,619
140 ,709 37,136 12,347
64 22 .179 69,640 24,210
138,304 129,670 13,576
6,070 29
208 7,589 6,884
176 80,609 2-8,340
50
132,060 122,528 12,353
7,304 32
54 8,464 6,923
5,460 6,312
16,504 43; 188 202 017 182,816 15,227 2,187 3,822 110,448 51,132
54 15
16,287 43; 509 205 726 184,706 15,048 ,338 4,504 110,989 52,827
581 16,264 6,233
199,243 175,200 12,775 ,298 6,360 100,790 53,977 2,069 16,822 6,212
15,715 37;
104,498 56,028 2,429 17,239 6,187
206,669 181,064 13,601 ,552
16,194 39,
112,393 57,272
16,579 45; 756 216. 577 193,029 16,436 ,639
130 17,398 6,174
102,770 60,101 1,827 17,651 6,151
17,372 36; 842 207; 099 181,437 13,181 ,664
706 106,839 60,825 1,720 17,683 6,147
,741
17,465 38; 007 209; 737 184,118 13,007
17
268
198 104,693 63,543 1,639 17,865 6,147
17,493 38. 735 211. 580 185,727 13,025
276
382 18,027 6,141
731 105,568 64,574
17,696 40, 084 213J19 189,226 13,077
275
027 105,579 64,965 1,178 17,981 6,138
17,888 37, 991 214,376 188,916 13,070
270
738 103,427 65,594 1,822 18,141 6,137
18,113 36. 940 213;235 186,816 12,787
293
975 105,669 66,160 2,126 18,228 6,132
18,714 38; 665 219;304 192,492 13,395
293
020 108,063 66,574 1,808 18,293 6,122
721 220;414 193,863 13,913
18,687 39;
4,901 3,704 1,774
4,279 10,682 1,246
4,944 11,978 1,718
23,357 7,265 5,698
25,126 6,864 5,570
26,150 6,550 5,600
26,930 6,400 5,610
27,122 6,239 5,752
27,650 6,570 5,790
27,770 6,360
28,000 6,350
28,211 6,281
28,380 6,300
28,580 6,330
28,780 6,290
28,910 6,210 5,810
793
609
886
921
829
830
750
872
850
800
830
862
830
800
820
830
11,804
17,020
19,714
37,779
38,943
39,670
40,260
40,574
41,480
41,330
41,590
41,818
41,980
42,180
42,420
42,400
Preliminary.
1
All banks in the United States (including all banks in Alaska and
Hawaii, beginning with January and August 1959, respectively).
All banks comprise all commercial banks and all mutual savings banks.
All commercial banks comprise (1) all nonmember commercial and
(2) all member commercial banks. Member banks include (1) a national
bank in the Virgin Islands that became a member on May 31, 1957, (2)
a noninsured nondeposit trust company, and (3) one mutual savings
bank (two prior to July 1961 and three prior to I960) that became members
in 1941 (these banks are excluded from all commercial banks).
Stock savings banks and nondeposit trust companies are included with
13,300
14,180
17,080
13,660
13,500
500
633
13 620
13 340
970
14 i53O
Bor- Total Numrow- capital ber
of
acings counts banks
10,533
15,385
17,763
34,040
34,983
35,460
35,930
36,353
37,010
36,960
37,070
37,551
37,570
37,690
37,970
38,070
6
14
3
3
4
(5)
(5)
(5)
! 10,5271
15,371
17,745
34,006
34,948
35,430
35,900
36,318
36,980
36,930
37,040
37,484
37,"'"
37,630
37,910
38,010
1,241
1,592
1,889
3,219
10 3,359
3,490
3,560
3,553
3,630
3,600
3,650
3,660
3,670
3,700
3,730
3.700
548
542
533
519
517
515
515
514
514
514
514
514
514
514
514
514
commercial banks. Number of banks includes a few noninsured banks,
for which asset and liability data are not available. Comparability of
figures for classes of banks is affected somewhat by changes in Federal
Reserve membership, insurance status, and the reserve classifications of
cities and individual banks, and by mergers, etc.
2
Reciprocal balances excluded beginning with 1942. Reclassification
of deposits of foreign central banks in May 1961 reduced interbank
deposits by a total of $1,900 million ($1,500 million time to other time
and $400 million demand to other demand).
3
Includes other assets and liabilities not shown separately.
For other notes see following two pages.
1312
ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash
U. S. Other assets 2 bilities
Govt.
and
Demand
Loans obliga- secucapital Total 2 Detions rities
ac- 3
Time
mand
counts
U. S.
Govt. Other
Loans and investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—June 29
Oct. 26
Dec. 31
196l_Mar. 29
Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27?
Oct. 25?
Chicago:
1941_Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—Dec.
I960—June
Oct.
Dec.
1961—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
12,896
26,143
20,393
25,966
25,291
25,320
25,927
27,726
27,370
27,725
27,756
28,220
28,732
28,505
29,462
28,746
4,072 7,265 1,559 6,637 19,862 17,932 4,202
7,334 17,574 1,235 6,439 32,887 30,121 4,640
7,179 11,972 1,242 7,261 27,982 25,216 4,453
16,165 7,486 2,315 9,298 36,398 31,679 4,786
18,121 5,002 2,168 9,174 35,750 30,647 4,765
18,060 5,273 1,987 7,773 34,600 28.654 4,339
17,082 6,625 2,220 8,541 36,136 29;071 4,137
18,465 6,980 2,282 10,301 39,767 33,761 5,289
18,278 6,358 2,734 7,837 37,093 30,324 4,316
18,447 6,588 2,690 8,037 37,668 30,722 3,891
18,179 7,116 2,461 8,144 37,811 31,012 4; 150
18,054 7,642 2,524 8,616 38,741 32,225 4,211
18,100 8,090 2,542 7,820 38,619 31,717 4,027
17,643 8,186 2,676 7,350 37,795 30,352 3,735
18,189 8,403 2,870 8,065 39,536 31,917 3,930
18,022 7,942 2,782 8,168 38,857 31,455 3,903
2,760
5,931
5,088
6,830
6,885
6,598
6,847
7,050
7,049
6,847
7,051
7,020
7,211
7,165
7,282
7,562
954
1,333
1,801
3,637
4,206
4,342
4,328
4,485
4,403
4,401
4,291
4,249
4,151
4,191
4,214
4,359
1,430
4,213
2,890
2,562
1,985
1,620
1,903
1,882
1,939
1,682
1,994
2,058
2,301
2,227
2,238
2,364
376
385
397
631
694
636
616
683
707
764
766
714
759
747
830
839
1,566
1,489
1,739
2,158
2,003
1,854
1,954
2,046
1,635
1,730
1,897
1,899
1,954
1,769
1,865
1,841
4,363
7,459
6,866
9,071
8,967
8,546
8,923
9,219
8,826
8,718
9,091
9,068
9,307
9,073
9,300
9,561
4,057
7,046
6,402
8,214
8,062
7; 474
7,725
8,197
7,436
7,643
7,978
8,037
8,227
7,901
8,159
8,250
1,035
1,312
1,217
1,357
1,231
1,151
1,231
1,380
1,188
1,162
1,186
1,125
1,205
1,190
1,208
1,255
Reserve city member banks: 6
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—June 29
Oct. 26
Dec. 31
1961—Mar. 29
Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27^
Oct. 25*>
15,347
40,108
36,040
60,558
61,621
59,563
61,805
62,953
62,559
63,418
63,706
63,670
65,089
65,112
66,715
66,833
7,105
8,514
13,449
34,003
38,686
39,421
39,354
40,002
39,928
39,916
40,015
39,747
39,910
40,401
41,093
40,961
6,467
29,552
20,196
20,645
17,292
14,846
17,040
17,396
16,947
17,805
17,876
18,053
19,171
18,650
19,384
19,642
1,776
2,042
2,396
5,910
5,643
5,296
5,411
5,554
5,684
5,697
5,815
5,870
6,008
6,061
6,238
6,230
8,518
11,286
13,066
17,701
17
18,211
15,786
15,998
18,668
14,891
15,529
15,920
16,529
15,733
15,109
16,065
16,469
24,430
51,898
49,659
79,781
81,443
77,090
79,643
83,464
79,359
80,838
81,549
82,141
82,777
82,161
84,748
85,283
22,313
49,085
46,467
72,647
73,675
68,028
70,421
75,067
70,197
71,556
72,113
73,557
73,695
72,926
75,207
75,960
4,356
6,418
5,627
7,506
7,450
6,062
6,774
7,989
6,316
6,554
6,343
6,335
6,443
6,456
6,806
7,183
Country member banks: 6
1941__Dec. 31
1945—Dec. 31
1947_Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—June 29
Oct. 26
Dec. 31
1961_Mar. 29
Apr. 26
May 31
June 30
July 26
Aug. 30
Sept. 27?
Oct. 2 5 P
12,518
35,002
36,324
61,511
64,08"
65,11:
67,463
67,890
67,897
68,408
68,937
69,139
69,861
70,068
71,587
71,943
5,890
5,596
10,199
30,257
33,766
36,075
36,705
36,981
36,864
37,149
37,655
37,942
37,937
38,144
38,877
38,765
4,377
26,999
22,857
23,606
22,535
21,241
22,811
22,848
22,786
22,945
22,831
22,608
23,345
23,295
23,934
24,342
2,250
2,408
3,268
7,648
7,781
7,796
7,947
8,060
8,247
8,314
8,451
8,588
8,579
8,629
8,776
8,836
6,402
10,632
10,778
14,031
14,122
12,564
13,135
14,740
12,479
12,711
12,774
13,039
12.484
12,712
12,670
13,243
19,466
46,059
47,553
76,767
79,567
79,007
81,967
84,126
81,821
82,513
83,129
83,769
83,673
84.206
85,720
86,713
17.415
43,418
44,443
70,277
72,323
71,044
73,847
76,004
73,480
74,197
74,624
75,407
75,277
75,637
77,209
78,198
792
1,207
1,056
1,578
1,602
1,223
1,459
1,778
1,361
1,400
1,346
1,406
1,395
1,406
1,451
1,572
31
31
31
31
31
29
26
31
29
26
31
10
26
30
27*>
25*
4
Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million were added, and
8 banks with total loans and investments of $34 million were transferred
from noninsured mutual savings to nonmember commercial banks.
104
30
22
377
303
241
286
326
311
341
60
62
59
57
65
64
Time
1,648
807
195 2,120
1,236
1,445
30 2,259
3,282
3,482
3,448
232 3,361
3,536
473 3,427
3,739 1,201 3,500
3,554
4,206
4,750
477 3,575
4,931
593 3,592
6,379
390 3,630
6,635
121 3,634
6,786
392 3,626
6,924
902 3,656
7,007 ,106 3,654
7,084
860 3,692
36
37
37
18
16
16
15
15
15
15
15
15
15
15
14
14
476
719
913
1,438
1,468
1,426
1,470
1,530
1,681
1,717
1,859
1,920
1,927
1,926
1,931
1,949
288
377
426
733
762
769
804
822
827
831
841
848
841
852
855
855
13
12
14
14
14
11
10
10
10
10
10
10
10
10
9
9
491
8,221
405
1,429
1,698
2,591
2,062
1,960
1,474
617
1,608
2,241
1,999
1,925
2,896
1,930
12,557 4,806
1,967
24,655 9,760
2 2,566
28,990 11,423
1 2,844
42 " " 21,075
14 5,760
42;668 21,555
238 6,106
966 21
3 7 , " " -',168 1,064 6,257
39,410 21 ,889
822 6,366
42,267 22,525
73 6,423
38,474 23,622
23
694 6,589
23,967
879 6,588
40,077
885 6,640
39,290 24,812
290 24
131 6,684
39,721 25,199
535 6,685
866 25
3 9 , ~ " ",328
552 6,744
38,890 25,598
845 6,786
39,566 25,874
616 6,794
40,778 26,005
351
359
353
274
265
223
218
217
206
205
205
205
204
205
205
207
225
5,465
432
,175
,508
,947
,788
,783
,197
828
,617
,730
,440
,644
2,120
1,819
10,109 6,258
24,235 12,494
28,378 14,560
4 2 ,349 "",137
- " 25
42, 832 26,356
40,003 27,847
41,644 28,930
43,395 29,011
30
40, 837 " , 0 4 8
41,722 30,210
41,131 30,493
413 30,820
41,413 30
41,481 30,924
41,404 ~ ' 1 4 6
"" 31
42,253 31; 348
43,234 31,536
866
6,940
267
968
1,027
1,415
1,234
1,217
818
204
754
1,380
1,203
888
1,484
967
12,051
17,287
19,040
20,704
20,419
18,379
18,782
21,833
19,203
20,415
19,568
19,832
19,532
18,639
19,315
19,323
127
1,552
72
249
272
407
301
327
232
57
219
380
385
281
475
304
6
17
12
1,739
988
985
1,179
1,216
1,237
1,281
161
167
169
166
181
178
Bor- Total Numrow- capital ber
acof
ings counts banks
2,419
3,462
4,201
5,136
5,070
4,442
4,662
4,899
4,256
4,625
4,704
4,602
4,700
4,494
4,535
4,728
3
40
161
219
35
362
54
73
10
56
131
96
254
4
11
23
37
71
371
187
23
294
194
291
121
195
237
79
78
1,982
2,525
2,934
5,685
6,035
6,369
6,569
6,599
6,660
6,672
6,754
6,861
6,829
6,889
6,933
6,952
6,219
6,476
6,519
6,006
5,938
5,962
5,944
5,932
5,920
5,917
5,917
5,911
5,909
5,907
5,904
5,892
5
Less than $5 million. Because preliminary data are rounded to the
nearest $10 million, no amount is shown except on call dates.
6 Beginning with February 1960 reserve city banks with total loans and
investments of $950 million and total deposits of $1,070 million were
reclassified as country banks.
7 See note 4, page 1310.
For other notes see preceding and opposite pages.
ALL BANKS
1313
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—- Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Loans
Deposits
Total
assets—
Total
Interbank2
Other
liaCash
U. S. Other assets2 bilities
and
Govt.
Demand
capital Total2 Deobliga- secuac- 3
tions rities
Time
mand
counts
U.S.
Govt. Other
All insured commercial banks:
69,411
49,290 21,259 21,046 6,984 25,788
1941—Dec. 31
1,762
10,654
147,775
121,809 25,765 88,912 7,131 34,292
1945—Dec. 31
23,740
13,883
141,851 12,615
114,274 37,583 67,941
1947—Dec. 31
750 36 926
54 1,325
199,876 15,489 1,264 3,859
168,595 93,430 57,580
1957—Dec. 31
585 48 127 220
183,596 97,730 65,669 20 198 48 689 236 724 214,485 15,653 2,209 4,241
1958—Dec. 31
188,790 110
10,299 58,348 20 143 49 158 242 828 218,474 15,500 1,358 5,037
1959—Dec. 31
198,011 117,092 60,468 20^51 51 836 255 669 228,401 16,921 1,667 5,932
1960—Dec. 31
200,353 117,400 61,297 21,655 45^29 251 910 223,603 13,475
1961—June 30
305 6,352
National member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
27,571
69,312
65,280
91,201
99,211
102,615
107,546
108,843
11,725
13,925
21,428
50,350
52,627
59,962
63,694
63,440
806 14.
12,039
51,250
137 20;
38,674
178 22;
31,234
120,153
617 26!
35,714
128,397
936 26!
31,761
132,636
892 27;
32,712 11,140 28,675 139,261
33,522 11,881 25,274 137,299
39,458
84,939
82,023
109,091
116,714
119,638
124,911
122,485
State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
15,950
37,871
32,566
51,152
55,588
55,264
58,073
59,207
6,295
8,850
11,200
30,600
31,435
34,817
36,240
36,553
7,500
27,089
19,240
15,846
18,585
15,052
16,394
16,839
2,155
1,933
2,125
4,707
5,568
5,396
5,439
5,815
8,145
9,731
10,822
15,960
16,407
16,045
17,081
14,809
24,688
48,084
43,879
68,676
73,620
73,090
77,316
76,420
22,259
44,730
40,505
61,545
66,102
65,069
68,118
66,741
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—Jane 30
5,776
14,639
16,444
26,268
28,759
30,939
32,411
32,318
3,241
2,992
4,958
12,493
13,682
15,534
17,169
17,416
1,509
10,584
10,039
10,512
11,381
11,546
11,368
10,941
1,025
1,063
1,448
3,264
3,696
3,859
3,874
3,961
2,668
4,448
4,083
5,383
5,504
5,651
6,082
5,247
8,708
19,256
20,691
32,066
34,737
37,132
39,114
38,206
7,70:
18,119
19,340
29,266
31,696
33,795
35,391
34,391
262
407
426
451
484
398
1,457
2,211
2,009
1,473
1,568
1,480
1,498
1,495
455
318
474
468
484
534
550
553
761
1,693
1,280
660
707
589
535
526
241
200
255
345
377
358
413
416
763
514
576
301
301
309
314
266
2,283
2,768
2,643
1,831
1,927
1,858
1,883
1,839
1,87:
2,452
2,251
1,449
1,532
1,429
1,443
1,394
177
147
146
150
159
158
All nonmember commercial
banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 314
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
I960—Dec. 31
1961—June 30
7,233
16,849
18,454
27,741
30,327
32,419
33,910
33,813
3,696
3,310
5,432
12,961
14,165
16,068
17,719
17,968
2,270
12,277
11,318
11,172
12,088
12,134
11,904
11,467
1,266
1,262
1,703
3,608
4,074
4,216
4,287
4,377
3,431
4,962
4,659
5,684
5,805
5,961
6,396
5,513
10,992
22,024
23,334
33,897
36,664
38,990
40,997
40,045
9,573
20,571
21,591
30,715
33,227
35,224
36,834
35,785
439
554
572
601
643
556
Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
1,693
10,846
12,683
26,535
28,980
30,580
33,794
34,764
642
3,081
3,560
17,194
19,180
20.942
23,852
24,775
629
7,160
8,165
5,404
5,215
5,016
4,787
4,741
421
606
958
3,937
4,585
4,622
5,155
5,248
151
429
675
719
75:
686
766
756
1,958
11,424
13,499
27,671
30,189
31,743
35,092
36,074
1,789
10,363
12,207
25,022
27,277
28,577
31,502
32,530
8,687
5,361
5,95
7,246
7,341
6,981
5,320
5,580
4,259
1,198
1,384
4,022
4,177
4,184
3,270
3,436
3,075 1,353
641
3,522
3,813
760
2,148 1,076
2,050 1,113
1,848
949
1,453
59'
1,540
604
64:
180
211
171
169
143
107
106
9,846
5,596
6,215
7,497
7,589
7,200
5,481
5,744
8,744
5,022
5,556
6,672
6,763
6,405
4,850
5,020
Noninsured nonmember
commerical banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—June 30
For other notes sec preceding two pages.
Bor- Total Numrow- capital ber
acof
ings counts banks
Time
41,298 15,699
',276 29,876
29
92,975 34,882
123,127 56
"",137
129,214 63,168
130,720 65,858
132,533 71 ,348
124^03 79 ,068
10 6,84413,426
215 ,671 13,297
73413,398
61 9*,'
66 17 ,05113,142
67 18 15413,101
602 19 20613,107
149 20 62813,119
433 21 37713,129
6,786
1,088
9,229
14,013
8,375
795
35
8,958
517 2,166
9,035
767 2,292
8,947
514 2,742
9,829
611 3,265
7,749
99 3,541
23,262 8,322
45,473 16,224
53,541 _.
19,278
66,546 30
",904
69,808 34 ,812
71,015 36,421
71,660 39
39,546
67,601 43,494
78
45
38
43
340
111
355
3,640
4,644
5,409
9,070
9,643
10,302
11,098
11,439
5,117
5,017
5,005
4,620
4,578
4,542
4,530
4,524
3,739
4,411
3,978
15
6,124
729
6,192 1,420
6,102
825
6,608 1,028
5,328
177
621
8,166
381
1,306
1,530
1,763
2,022
2,190
13,874 4,025
24,168 7,986
27,068 9,062
39,001 14,386
40,640 16,320
39,974 16,406
40,733 17,727
37,967 "',080
21
130
9
18
10
240
20
27
2,246
2,945
3,055
5,483
5,817
5,962
6,299
6,588
1,502
1,867
1,918
1,773
1,734
1,691
1,644
1,617
53
1,560
149
388
419
533
645
621
4,162 3,360
10,635 5,680
12,366 6,558
17,580 10
",873
18,766 12 ,063
19,732 13,059
20,140 14
14,095
18,835 14,509
959
1,083
1,271
2,500
2,696
2,944
3,232
3,351
6,810
6,416
6,478
6,753
6,793
6,878
6,948
6,990
329
279
325
317
33
350
358
368
852
714
783
425
399
366
352
333
129
244
329
181
185
121
163
83
13:
156
457
425
1,291
1,905
1,392
840
890
873
846
758
253
365
478
303
325
311
293
311
5,504
3,613
6,045
13,758 7,036
18,420 11,176
19,655 12,387
20,605 13,370
20,986 14,388
19,593 14,820
14 101
190
138
185
103
160
185
167
427
428
545
657
631
12
18
11
12
21
20
34
33
61
1,288
1,362
1,596
2,817
3,028
7,662
7,130
7,261
7,178
7,192
3|294 7,244
3,590 7,300
3,719 7,323
1,789
10,351
12,192
26 24,991
24
28 27,243
28 "",544
28
29 31,468
257 32,267
164
1,034
1,252
2,308
2,473
2,654
2,998
3,090
52
192
194
239
241
268
325
325
8,738
5,020
5,553
6,671
6,762
6,404
4,850
5,019
1,077
558
637
751
746
705
555
570
496
350
339
283
278
249
189
189
NOTE.—For revisions in series prior to June 30. 1947, see BULLETIN
for July 1947, pp. 870-71.
1314
COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Loans 2
Class of
commercial
bank and
call date
Total
loans 2
and
invest- Total 2
ments
ComLoans for
Loans
merpurchasing
to
cial
or carrying
financial
Other
in- Agri- securities
institutions
Real loans
clud- culto
esing
in- Other
tate
loans
To
open tur- brodiloans
al
marvidkers To
To
To
ket
uals
and others banks others
padealper
ers
Total: 3
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31*.
1960—Dec. 31..
1961—Apr. 12..
June 30..
116,284
185,165
190,270
199,509
199,120
201,848
, .
38,057 18,167
98,214 40,425
110,832 40
117,642 43; 125
117,050 42,590
117,953 42,759
All insured:
1941—Dec. 31..
1945_Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31*.
I960—Dec. 31..
1961—Apr. 12..
June 30..
49,290
121,809
114,274
183,596
188,790
198,011
197,596
200,353
21,259 ,214 450 614
25,765 ,461 314
3143,164
37,583 18 ,012 . 610 823
""
97,730 40 289 4,913 2,797
110,299 40 ;022 4,973 2,982
117,092 42 ,957 5,628 3,247
116,486 42 419 5 —' ~ —
117,400 42 569 6,005 2;909
Member, total:
1941_Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1958—Dec. 31..
1959—Dec. 3M.
I960—Dec. 31..
1961—Apr. 12..
June 30..
43,521 18,021
107,183 22,775
97,846 32
32,628
154,865 84,061
157,879 94,779
165,619 99,933
165,481 99,504
168,049 99,992
New York City:*
1941—Dec. 31..
1945_Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—Dec. 31*.
I960—Dec. 31..
1961—Apr. 12..
June 30..
Investments
830
2,832
3,018
5 676 3,284
6 020 2,460
6 044 2,933
4
,220
115
9,393 5,723
,829
719
25,255 20,698
,850
819 7, 118 28;060 24,166
,833
906 7, 106 28,713 26,396
,850 1,970 5,760 28,770 26,820
,994
993 6,001 29,265 27,283
662
3,606
,190
,810
,827
,811
,829
,970
8,671 972 594 598
8,949 855 3,133 3,378
16,962 1.046 811 1,065
37,444 3,052 2,730 1,599
36 8 2 6 3,116 2,885 1,587
",
' """
,509 3,124 1,564
38;821 3^09 2308 1,582
2,308
38,872 3,721 2,780 1,709
12,896
0721 2,807
26,143
334 3,044
20,393
1791 5,361j
25i966 16; 165 10,928
25,291 18,121 10,549;
27,726 18,465 10,8761
26,902 17,678 10,707
28,220 18,O54jlO.578l
412
169
2,453 1,172
545 267
382
1,652
1,740 403
10 1,574 399
372
1,179
1,629 429
40
49
114
713
813
965
,972
993
947 69,221 2,193
3,437 66,376 6,294
2,784 58,937 6,300
2,901 61,003 8,072
210
3," ~ 60,130 6,870
3,102 61,824 7,379
4,773
21
4, 505
4,677 2,361 1,132 88
9,266 5,654
914 67
25,148 20;
>0,589 3,420 65
7,105 27,948 24,032 2,767 58
7,090 28,602 26,263 2,883 60
5,744 28,658 26,680 3,186 59
5,981 29,159 27,147 3,085 61
1,788
1.799
1.348
1,448
123
80
111
641
936
868
856
841
Reserve city:
1941—Dec.
1945_Dec.
1947_Dec.
1958—Dec.
1959—Dec.
1960—Dec.
1961—Apr.
June
31..
31..
31..
31..
31*.
31..
12..
30..
31..
31..
31..
31..
31*.
31..
12..
30..
2,760
5,931
5,088
6,830
6,885
7,050
6,871
7,020
954
1,333
1,801
3,637
4,206
4,485
4.532
4,249
732
760
15,347
,105) 3.456
40,108
,514j 3,661
36,040 13,449 7,088
60,558 34,003 15,808
61,621 38,686 15,252
62,953 40,002 16,223
63,203 40,027 15,910
63,670 39,747 15,862
52
233
87
97
124
134
131
131
588
564
479
459
22
36
46
161
183
196
193
202
3,369
3,216
2,650
2,751
1,527
1,459
3,147
8,405
9,251
9,005
9,106
9,256
10
33
67
184
91
114 194
427 1,503
170 484
518 851
580 776
719 739
553 712
610 749
4
17
15
191
235
351
930
344
48
211
73
266
268
322
218
205
1,418
2,628
2,527
2,690
2,627
2.555
300
205
225
669
765
887
946
963
Ccrtifi-
7,789
034 53,205 5,276 3,729
396 39;287 16,505 4,070
7,399
2,420
856 35
5,360 16,958 3,543
013 30
0,998 17,""" 3
570 ",294
2,920
1,190 18,710 3 ,230
2,120 ,950 31
3,330 20,528 30,587 18
",728 3,344
3,159 16.899
19,071 16,045 51 342
7,552 5,918 52 347
7,362 13,240 38 908
2.404 14,729 35 027
2,884 18,868 30 722
2,084 19,799 30 911
3,295 20,366 30 337
20
046
912 2
941
669 6
348 6!
468 7
589 6;
873 3,258
129 3,621
16,266 3,932
16,721 3,422
17,300 3,150
18,438 3,083
18,454 3,201
3,007
16,985 14,271
5,816 4,815 45
6,143 11,117 32
1,812 11,604 28
2,296 15
15,072 25
1,681 15,933 25
2,951 16,476 24
,090 2,871
,254 2,815
,199 3,105
13,405
_.,... 3,100
13,677 2,610
14,141 2,439
,284 2,361
,220 2,475
7,265 311
522
272 17,574 477 3,433
287
640
238 11,972 1,002
564
643 1,106
1,502
921 7,486
1,739
227
833 5,002 639
1,930
578
940 6,980 ,422
1,950 1,190 6,419
804
515
2,074 1,025 7,642 ,512
887
Chicago: 5
1941_Dec.
t945_Dec.
1947—Dec.
1958—Dec.
1959—Dec.
I960—Dec.
1961—Apr.
June
Total Bills
3,494
19 539 971
39
3, 653
47
3,455 1,900 1,057 78! 338 2 ,275
839 57; 914 ,987
113
7,130 4,662
710
20,013 17,028 3,211 54 299 4 ,644
811 6,801 22,185 19,877 2,603 46 8134 ,612
947 6,726 22,518 21,622 2,694 49 106 6 ,402
,929 ",427 22,716 22,107 3,003 48 332 5 ,216
970
,644 23,086 22,421 2,900 50 361 ,962
32
26
93
503
531
500
508
476
95
51
149
357
435
421
586
538
40
26
210
148
197
206
188
Obligations
of
States Other
and secupolit- rities
ical
Notes Bonds subdivisions
U. S. Government obligations
1,430
4,213
2,890
2,562
1,985
1,882
1,569
2.057
256
133 1,467
235
132
361
232
108
78
132
37
154
20
438
153
.508
6,467 295
387 29,552 ,034
855
351 20,196 373
1,969
6,930 1,301 20,645 ,293
8,211
980 17,292 ,484
8,721
909 17,396 2,031
9,030
959 17,462 ,747
8,954 1,028 18,053 1,784
6,982
2,358
2,370
645
794
566
1,175
651 3,333
5,331
10,339
9,772
4,135
2,859
3,272
3,424
3,362
729
606
638
1,869
1,833
1,964
2,497
2,196
830
629
604
446
335
317
308
328
,022
153
,864
749
248 2,274
,446
522
,332
467
,050
663
857
537
871
595
182
181
213
491
562
607
693
630
193
204
185
140
133
76
77
84
956
820
1,623
3,325
558
1,602
1,277
1,708
1,676
1,882
751 5,421
5,653 15,883
1,901 15,563
4,497 12,484
4,109 11,054
5,461 9,111
6,086 9,064
6,292 8.803
1,126 916
1,342 1,053
4,864 1,047
4,830 813
4,817
738
5,052 661
5,174
696
Country:
1941_Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—Dec.
1960—Dec.
1961—Apr.
June
Nonmember:3
1947_Dec.
1958—Dec.
1959—Dec.
I960—Dec.
1961—June
31..
31..
31..
31..
31*.
31..
12..
30..
31..
31..
31*.
31...
30..
5,890
5,596
10,199
30,257
33,766
36,981
37,267
37,942
1,676 659
1,484 648
3,096 818
8,080 2 ,368
,321
8;
9,499 2 ,589
9,577 2 ,714
9,877 2,737
20
42
23
294
298
508
359
337
183
471
227
268
284
293
367
400
18,454 5,432
30,327 14,165
32,419 16,068
33,910 17 ,719
33,813 17,968
1,205 614
2,981 1,921
3,348 1,902
',167
3,838 2
3,,886 2 ,323
20
102
133
161
153
156
230
263
269
285
12,518
35,002
36,324
61,511
64,082
67,890
68,505
69,139
1,528
1,823
2
1,881
4
707
3,827 1,979
5
10,806 8,239
6
11 1,056 11,816 9,491
29 " ' "~ 12,44910,550
950 12,561 10,540
307
986 12,788 10,855
59
1 All commsroial batiks in the United States. These figures exclude
data for banks in U. S. possessions except for member banks. During
1941 thres mutual savings banks became members of the Federal Reserve
System; these banks (two beginning with June 1960) are included in
member banks but are not included in all insured or total banks. Comparability of figures for classes of banks is affected somewhat by changes
in Federal Reserve membership, insurance status, and the reserve classi-
2,266
5,256
317 5,888
379 6,205
357 6,187
1,061
3,671
4,289
4,774
4.862
4 ,377
481 3,787 1,222 1,028
359 26 ,999
5,102 4,544 16,722 1,342 1,067
224 22 ,857
2,583 2,108 17,687 2,006 1,262
779 23;606 2,475 2,306 4,495 14,330 6,181 1,467
863 5,751 13,540 6,452 1,330
643 22 ,535 2,381
11,903 6,752 1,308
888 7,240 11
647 22,848 2,817
580 7,635 12,156 7,042 1,315
648 22,882 2,511
737 7,706 11,937 7,220 1,368
659 22.608 2.228
tO9
226
181
207
202
11,318 206 1,973 1,219 7,920
12,088 1,651 l,255j 2,280 6,901
12,134 1,689
608 3,254 6,584
11,904 1
1,670
624 3,941 5,668
11,467 1,417
380 4,052 5,618
625
1,078
3,102 971
3,283 934
3,431
857
3,508! 869
fications of cities and individual banks, and by mergers, etc.
2
Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); thsy do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net.
For other notes see opposite page.
COMMERCIAL BANKS
1315
RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES »
[In millions of dollars]
Time deposits
Demand deposits
j\.e-
Class of
commercial
bank and
call date
serves
Cash
with
Federal
Revault
serve
Banks
BalDeances mand
with
dedoposits
mestic6
ad- 7
banks justed
Interbank
deposits
ForDomestic 6 eign8
IndiCertiIndiU.S. States viduals, Bor- CapiStates
fied
viduals,
tal
and
and
partner- Inter- and' polit- partner- ings
acU.S. political offiships, bank postal ical
ships,
counts
Govt. subdi- cers' and corsav- subdi- and corvisions checks, poraings visions poraetc.
tions
tions
1,343
4,250
5,050
5,945
2,310
6,362
Total:*
1947—Dec.
1958—Dec.
1959_Dec.
1960—Dec.
196i_Apr.
June
31....
31....
31....
31....
12....
30
17,796
18,427
17,931
16,720
16,190
16,488
2,216
3,249
3,012
3,346
3,560
2,903
10,216
12,609
12,237
13,681
11,590
11,184
87,123
115,518
115,420
115,120
115,470
112,030
11,362
14,142
13,944
15,453
13,290
12,568
6,799
10,928
11,459
11,674
11,020
11,849
2,581
4,043
3,910
4,602
3,480
3.759
240
84,987
115,132 2,372
116.225 1,441
117.103 1,799
410
113,210
461
109,553
111
866 34,383
65 10,059
327 3,576 59,590
73 18,486
285 3,166 62,718 615 19,556
262 4,544 66,836
163 20,986
280 5,040 71,250 1,650 21,530
288 5.266 73.826
443 21,745
AH insured:
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—Dec.
1960—Dec.
1961—Apr.
June
31....
31....
31....
31....
31....
31....
12....
30....
12,396
15,810
17,796
18,427
17,931
16,720
16,188
16,488
1,358
1,829
2,145
3,227
2,990
3,326
3,539
2,885
8,570
11,075
9,736
12,353
11,969
13,409
11,346
10,959
37,845
74,722
85,751
114,645
114,563
114,292
114,520
111,187
673 1,762
9,823
3,677
12,566 1,248 23,740 5,098
11,236 ,379 1,325 6,692
14,025 ,629 4,241 10,841
13,825 ,675 5,037 11,372
15,339 ,582 5,932 11,582
956 2,302 10,933
13,182
12,443 ,031 6,352 11,754
1,077
2,585
2,559
4,001
3,866
4,564
3,443
3.725
158
36.544
70
72.593
54
83,723
114,372 2,209
115,482 1,358
116,388 1,667
280
112,516
305
108,924
59
103
111
327
285
262
276
288
Member, total:
1941—Dec. 3 1 . . . .
1945__Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1958—Dec. 3 1 . . . .
1959—Dec. 3 1 . . . .
1960—Dec. 3 1 . . . .
1961—Dec. 1 2 . . . .
June 30
12,396
15,811
17,797
18,428
17,932
16,720
16,188
16,488
1,087
1,438
1,672
2.441
2.222
2.518
2,708
2.142
6,246
7,117
6,270
7,977
7,532
8,582
7,095
6.897
33,754
64,184
73,528
96,218
95,274
94.594
95,377
92,750
671
9,714
12,333 ,243
10,978 ,375
13,614 ,613
13,389 ,659
14,875 ,561
941
12,767
12,061 1,016
New York City:5
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947__Dec. 31
1958—Dec. 3 1 . . . .
1959—Dec. 3 1 . . . .
I960—Dec. 3 1 . . . .
1961-Apr. 1 2 . . . .
June 30
5,105
4.015
4,639
4,454
3,908
3,398
3,612
3,563
93
111
151
161
151
199
202
130
141
78
70
92
138
147
118
98
10,761
15,065
16,653
16,170
15,494
15,352
16,606
16,119
3,595
3.535
3,236
3,519
3,462
4,105
3,192
3,462
1.021
920
899
895
994
43
36
30
36
33
33
31
28
298
200
175
185
142
171
88
111
2,215
3,153
3,737
4,271
4,171
3,968
3,871
3,881
,027
.292
1,196
1,314
1,187
1,327
[,216
1,093
8
20
21
43
43
53
37
33
Reserve city:
1941—Dec. 3 1 . . . .
1945_Dec. 31
1947__Dec. 3 1 . . . .
1958—Dec. 31
1959—Dec. 3 1 . . . .
I960—Dec. 3 1 . . . .
1961— Apr. 12
June 30
4,060
6,326
7,095
7,472
7,532
7.354
6,986
7,104
425
494
562
768
681
753
851
654
2,590
2,174
2,125
2,670
2,381
2,610
2,074
2,071
11,117
22,372
25,714
35,505
35,095
34,357
34,393
33,432
4,302
6,307
5,497
7,217
7,162
7,688
6,884
6,115
54
110
131
289
288
301
207
220
Country:
1941—Dec.
1945__Dec.
1947—Dec.
1958-Dec.
1959—Dec.
I960—Dec.
1961_Apr.
June
2,210
4,527
4,993
5,444
5.573
5,070
4,695
4,828
526
796
929
9,661
23,595
27.424
40,272
40,514
40.917
40.507
39,318
790
1,476
1,357
1,534
1,624
1.329
3,216
4,665
3,900
5,030
4,870
5,655
4,815
4,618
,199
,049
,565
,578
,755
.475
.392
2
8
7
13
24
23
20
14
544
808
790
828
761
3 947
4,633
4 706
5 099
4.288
13,595
19^300
20,146
20'525
19^280
385
528
555
578
507
55
43
46
65
49
Chicago:5
194t_Dec.
1945—Dec.
1947_r> ec .
1958—Dec.
1959—Dec.
1960—Dec.
1961—Apr.
June
31....
31....
31
31....
31....
31....
12....
30
31....
31
31....
31....
31....
31....
12....
30....
942
1.070
1,058
[,430
1,657
1,705
1,627
1,000
,064
1,709
22,179
1,176
3,822
4,504
5,287
1,909
5,731
3,066
4,240
5,504
8,603
8,915
9,016
8,442
9,241
1,009
2,450
2,401
3,712
3.542
4,244
3,175
3,441
140
33,061
64
62.950
50
72,704
98,133 2,187
98,532 1,338
99,134 1.639
253
95.880
276
92,886
SO
99
105
300
259
237
250
263
866
319
237
290
329
310
305
278
365
450
1,338
1,105
1,540
1,536
2,476
1,644
1.825
6
11,282
17
15,712
12
17,646
18,835 1,739
988
18,573
19,051 1.216
145
17,937
167
17,642
12
36
24
27
33
44
233
237
285
302
329
298
211
364
34
66
63
88
105
102
85
113
2,152
3,160
3.853
4,746 " " 34
23
4,636
61
4,499
8
4.382
10
4,125
1,144
1,763
2,282
3,153
3,304
3,329
3,111
3,286
2%
611
705
607
1,105 6,940
267
1,217
968
1,267
1.303 1.027
1,184 1,217
678
749
266
1,380
127
1,552
72
249
272
327
87
380
491
8,221
405
1,429
1,698
1,960
679
2,241
1,730
1,370
2,004
2,647
4,819
4,972
5,083
4,842
5,226
167
428
545
657
631
1,295
2,325
2,544
2 658
2,609
225
5,465
432
1,175
1,508
1,783
877
io
2
7
8
2
2
2
11,127
22,281
26,003
38,054
38,321
37,986
36,768
35.590
104
30
22
377
303
326
61
62
20
38
45
124
95
85
98
101
857
713
607
657
8.500
21,797
25,203
36,498
37,003
37,598
36,793
35,530
30
17
17
36
24
37
39
37
31
52
45
132
132
122
117
116
180
331
369
357
318
12,284
16,999
17.692
17,970
16,666
190
185
103
160
185
6
27
26
25
25
1,052
1,043
953
839
845
239
435
528
1,032
492
496
826
3,512
3,095
4,481
4,946
5 209
418
399
693
2,829
2,383
3,559
4.008
4,203
29
20
14
100
65
203
226
245
•
9
7
12
7
8
8
10 6.844
15,146
29,277 215 8.671
61 9.734
33,946
67 18,154
59,329
62,478 602 19,206
66,605 149 20,628
70,904 1,639 21,154
73.572 433 21,377
4 5,886
11,878
23,712 208 7,589
54 8,464
27,542
54 15,460
48,004
50,185 581 16,264
53,477 130 17,398
57,750 1,610 17,857
60,108 382 18,027
778
1 ,206 195
30
1.418
3.345
3,359 "232
3,976
5,649 "842
6,346 121
476
719
902
1,423 " ' " 3
40
1,449
35
1.521
42
1.794
10
1.910
1,648
2,120
2,259
3.282
3,361
3,554
3,597
3,634
288
377
426
733
762
822
830
848
4,542
9,563
11,045
19,480
20,231
20,652
22,016
22,901
2
1
14
238
73
642
131
1,967
2.566
2,844
5,760
6,106
6.423
6,592
6,684
6,082
12,224
14,177
23,755
25,146
27,327
28,291
28.952
4
11
23
37
71
23
84
121
1.982
2.525
2.934
5,685
6,035
6,599
6,838
6,861
6 858
11,613
12 560
13 378
1,063 13,732
12
20
34
33
61
1,596
3,027
3,294
3,590
3,720
243
160
332
1,471
1,229
1,787
2,038
2,197
146
219
337
1,250
1,077
1,562
1,736
1,752
3
Nonmeraber:
1947—Dec.
1958—Dec.
1959 Dec
I960—Dec.
1961—June
31
31
31
M
30
3 Breakdowns of loan, investment, and deposit classifications are not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.
4
For a discussion of revision in loan schedule, see the BULLETIN for
January 1960, p. 12.
5 Central reserve city banks.
* Beginning with 1942, excludes reciprocal bank balances.
* Through 1960, demand deposits other than interbank and U.S.
Government, less cash items reported as in process of collection; beginning
172
747
783
985
with 1961. demand deposits other than domestic commercial interbank
and U.S. Government, less cash items reported as in process of collection.
8 Beginning with June 1961, reclassification of deposits of foreign
central banks reduced foreign interbank demand deposits by about $400
million and interbank time deposits by about $1,500 million. These
amounts are now included in demand and time deposits of individuals,
partnerships, and corporations.
For other notes see opposite page.
1316
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
[In millions of dollars]
Loan j
For purchasing
or carrying securities
Wednesday
Total
loans
and
investments1
Loans
and
invest-
To brokers
and dealers
Com-
Loans
adadjustcd2 justed2
cial
and
industrial
To financial institutions
To others
Nonbank
institutions
Banks
All
Agricultural
U. S.
U. S.
Govt. Other Govt. Other
seseobobcuri- liga- curiligaties tions ties
tions
Foreign
PerDo- sonal
mesand
tic
sales
comfiOther
mer- nance
cial companies
etc.
Real
estate
other
loans
Valuation
reserves
Total—
Leading Cities
1961
31,499 1.091
31,359 1,095
31,592 ,101
31,498 1,116
31,476 ,11?
1.371
1,367
,170
1,378
1,377
Aug. 2
9
16
23
30
116,510
115,233
116,194
115,649
115,779
114,923
114,041
114,555
114,224
114,301
70,072
69,623
70,040
69,704
69,551
Sept. 6
p
13:
20
273
115,519
116,648
117,251
118,706
114,270
115,106
115,920
117,103
69,662
70,306
71,025
'70,989
31,548
31,728
31,937
'31,805
Oct
117,677
118,561
119,473
118,242
116,175
116,984
117,777
117,035
70,726
70,989
71,466
71,093
31,786
31,849
32,020
31,877
Aug. 2
g
9,:.:
16
23
30
28,691
27,896
28,403
28,210
28,226
28,017
27,610
27,884
27,618
27,682
17,623
17,256
17,334
17,048
16,939
10,447
10,292
10,358
10,303
10,284
3
470
3
3
4
4
1.274
1,231
1,179
1,147
1,151
20
420
306
281
196
147
20
20
20
20
421
424
426
426
Sent
28,169
28,768
28,811
29,174
27,652
28,298
28,638
28,879
17,035
17,365
17,751
17,734
10,351
10,409
10,502
10,484
4
4
4
8
132
276
436
485
1,160
1,250
1,235
1,149
21
20
27
27
426
432
429
434
28,531
28,741
29,469
28,453
28,233
28,435
28,760
28,210
17,471
17,679
17,969
17,609
10,511
10,517
10,603
10,546
9
254
420
673
1,115
1,226
1,171
.146
20
9
9
20
20
Aug. 2
9! ::: :; . : :
16
23
30
87,819
87,337
87,791
87,439
87,553
86,906
86,431
86,671
86,606
86,619
52,449
52,367
52,706
52,656
52,612
21,052
21,067
21,234
21,195
21,192
1.088
1,092
1,098
1,112
1,108
150
128
248
230
132
Sent
87,350 86,618
87,880 86,808
88,440 87,282
89,532 '88,224
52,627
52,941
53,274
'53,255
21,197
21,319
21,435
'21,321
1,112
1,130
1,141
1,158
53,255
53,310
53,497
53,484
21,275
21,332
21,417
21,331
1,170
1,171
1,180
1,196
4
11
18
25
1,116
1,134
1,145
1,166
1,745 12,956 16,346 1 ,568
1,763 12,973 16,304 1 ,568
1,781 13,002 16,278 1,571
1,786 13,038 16,224 1 ,568
1,790 13,055 16,253 1 ,569
1,587
1,192
1,639
551 1 425
565 1,478
3,321
3,266
3,379
3 304
3,254
1,355
[,373
[,370
109 l,320
1,249
1 542
1,331
'509 1,603
3,274
3 286
3,495
'3,460
1,818
1 852
1,868
2,027
13,058
13,101
13,126
13,136
16,273
16,282
16,245
16,391
1 ,577
1 ,571
1 ,571
1 ,571
104 1,317
99 1,305
96 I 101
103 1,304
522 1 502
535 1,577
530 1,696
530 1 207
3 389
3,219
3,174
3 047
2 143
2,128
2,180
2,191
13 140
13,196
13,221
13,247
16 396
16,359
16,379
16,413
1 ,577
1 ,574
1 ,569
1 ,567
296
674
764
310
311
306
301
771
767
775
774
2,990
2,976
2,977
2,942
2,952
419
286
519
592
544
1.071
1,072
1,147
1,084
1,030
307
293
307
285
289
296
280
263
227
517 1,054
470 1,094
173 1,197
295 .173
309
312
347
389
769
778
784
787
2,954
2,951
2,968
3,012
441
441
441
441
421
235
298
785
417
418
794
801
25
414
231
243
418
808
2,999
2,995
3,026
3 023
441
237
231
1,151
306 1,070
709 1,041
412
415
413
729
86
951
286
717
714
90
86
946
946
700
706
84
82
132
201
319
254
693
728
750
749
220
291
340
319
738
756
761
847
1,948
1,893
1,847
1,857
106
110
106
104
102
1,853
1,978
1,985
739 1,898
103
107
118
620
434
529
426
279
264
477
755
1,179
474
1,180
711
1,189 1,013
[. 205
750
1,853
1,982
1,932
1,993
582
572
580
572
559
552
New York City
1961
6
lS:::.:::::.::
20
273
Oct
4
11
18
25
9
431
995
439
440
440
419
441
417
417
Outside
New York City
1961
6
IS:::::::::::.
20
273
Oct.
4
11
18
25
89,146
89,820
90,004
89,789
87,942
88,549
89,017
88,825
r
Revised.
1 After deduction of valuation reserves.
2 Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loan items are shown gross.
3 Several loan categories have been revised incident to new classifications
13,356 1 .179
13,328 1,129
13,301 1 ,111
13 282 ,178
,110
13,301
952
951
913 2,250 1,438
279
906 2,194 1,453
273 1,120 2,232 1,470
266
833 2,220 1 480
934 2,224 1,489
276
12,192
12,202
12,235
12,263
12,281
82
87
91
82
929
941
941
886
732 2,220 1,509
276
279 1,072 2 192 1 540
289 1,158 2,298 1,521
'282 1,308 '2,287 1,638
12,289
12 323
12,342
12,349
13,319
13,331
13,277
13,379
1,131
,110
1,130
1,130
84
79
76
78
896
890
888
890
12,355
12,402
12,420
12,439
13,397
13,364
13,353
13,390
1,136
[,133
[,132
1,130
287 1,204 2,238
298 1,271 2,149
299
987 2,133
299
964 2,052
1,731
1,711
1,762
1,773
of commercial loans by industry effective Sept. 27, 1961. For banks in
all leading cities, the change reduced commercial and industrial loans by
a net of $135 million. Prior figures are not being revised.
NOTE.—Figures reflect new coverage; for description of changes in the
series, see BULLETIN for June 1961, p. 654.
1317
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Cash assets, excluding cash items in process
of collection
Investments
U. S. Government obligations
Wednesday
Notes and bonds
maturing—
Total
Bills
Certificates
Other
securities
Total
Within
1 to After
1 year 5 years 5 years
Balances
with
domestic
banks
Balances
with
foreign
banks
Currency
and
coin
Reserves
with
F. R.
Banks
All
other
assets
Tota
assets—
Total
liabilities
and
capital
accounts
Total—
Leading Cities
1961
Aug. 2
9
16
23
30
33,790
33,327
33,328
33,322
33,464
5,856
5,386
5,461
5,394
5,632
1,556
1,540
1,520
1,522
1,521
5,498
5,345
6,212
6,312
6,267
16,385
16,565
15,944
15,944
15,918
4,495
4,491
4,191
4,150
4,126
11,061
11,091
11,187
11,198
11,286
16,807
16,887
16,827
16,446
16,330
2,802
2,644
2,853
2,785
2,607
124
121
125
118
130
[,342
1,360
1,347
1,403
1,462
12,539
12,762
12,502
12,140
12,131
4,342
4.375
4,290
4,260
4,364
149,418
147,253
149 734
146,964
146 843
Sept. 6
13!.
20
27
33,321
33,171
33,181
34,414
5,556
5,457
5,469
6,717
1,516
1,508
1,550
1,548
6,244
6,229
6,284
6,310
15,887
15,847
15,792
15,776
4,118
4,130
4,086
4,063
11,287
11,629
11,714
11,700
16,973
17,211
17,452
16,727
3,001
2,955
2,875
2,824
132
141
142
153
,377
1,475
1,449
[,490
12,463
12,640
12,986
12,260
4,410
4,420
4,370
4,474
148,166
151,134
151,402
151,540
Oct
33,643
34 240
34,608
34,327
6,109
5,607
6,059
5,879
1,530
1 514
1,516
1,507
6,325 15,638 4,041
6,333 16,755 4 031
6,319 16,719 3,995
6,299 16,668 3,974
11,806
11,755
11,703
11,615
17,249
16,973
17,415
17,461
2,932
2,833
2,937
2,761
152
150
138
150
,336
L444
1,483
12,829
12,546
12,880
13,067
4,420
4,411
4,427
4,426
151,753
152 835
154,439
151,630
7,858
7,814
7,967
7,972
8,069
1,852
1,814
1,993
1,981
2,197
521
513
510
510
493
1.203
1,147
1,398
1,440
1,327
3,457
3,514
3,264
3,249
3,270
825
826
802
792
782
2,536
2,540
2 583
2,598
2,674
3,750
3,926
3,725
3,620
3,742
70
77
58
61
61
54
46
54
50
62
182
180
177
173
187
3,444
3.623
3,436
3.336
3,432
1.859
1,904
1,859
1,866
1,914
38,311
37.547
37 896
37,286
37,448
I?::::::::::
7,939
8,042
8 003
8,280
2 128
2,254
2 279
2,573
494
486
495
498
1,270
1,262
I 292
1,299
3,269
3,267
3,197
3,172
778
773
740
738
2,678
2,891
2 884
2,865
3,879
4,147
4,148
3,922
54
70
79
61
62
71
72
78
184
200
186
199
3,579
3,806
3,811
3,584
1,924
1,961
1,905
1,984
37,419
38,990
38 935
39,181
4
11.. .
18
25
7,853
7 875
7,921
7,823
2,205
1 996
2,083
1,995
499
500
504
506
1,340
I 320
1.337
i;341
3,068
3,317
3,265
3,267
741
742
732
714
2,909
2 881
2,870
2,778
4,256
4,003
3,663
4,349
78
86
78
68
75
67
56
70
183
210
192
205
3,920
3,640
3,337
4,006
1,937
1,918
1,947
38 972
39 274
39,568
38,502
Aug. 2
9::.:::::::
16 .
23
30
25.932
25,513
25,361
25,350
25.395
4,004
3,572
3,468
3,413
3.435
1,035
1,027
1,010
1,012
1,028
4,295
4,198
4,814
4,872
4,940
12.928
13.051
12,680
12,695
12,648
3 670
3,665
3,389
3,358
3,344
8 525
8,551
8,604
8,600
8,612
13 057
12,961
13,102
12,826
12,588
2 732
2,567
2,795
2,724
2,546
70
75
71
68
68
1,160
1,180
1,170
1,230
1,275
9,095
9,139
9.066
8,804
8,699
2,483
2.471
2.431
2,394
2,450
111,107
109,706
111,838
109,678
109,395
Sent
6 .
13::::::::::
20
27
25,382
25,129
25,178
26,134
3,428
3,203
3,190
4,144
1,022
1,022
1,055
1,050
4,974
4,967
4,992
5,011
12,618
12,580
12,595
12,604
3,340
3,357
3,346
3,325
8,609
8,738
8,830
8,835
13,094
13,064
13,304
12,805
2,947
2,885
2,796
2,763
70
70
70
75
1,193
1,275
1,263
1,291
8,884
8,834
9,175
8,676
2,486
2,459
2,465
2,490
110,747
112,144
112,467
112,359
Oct.
4
11. .
18
25
25,790
26,365
26,687
26,504
3,904
3,611
3,976
3,884
1,031
1,014
1,012
1,001
4,985
5,013
4,982
4,958
12,570
13,438
13,454
13,401
3,300
3,289
3,263
3,260
8,897
8,874
8,833
8,837
12,993
12,970
13,752
13,112
2,854
2,7'47
2,859
2,693
77
83
82
80
1,153
1,234
1,268
1,278
8,909
8,906
9,543
9,061
2,483
2,493
2,480
2,513
112,781
113,561
114,871
113,128
4 .
11
18
25
460
New York City
1961
Aug. 2
9
16
23
30
Sent. 6
20 . . .
27
Oct.
.
QH
Outside
New York City
1961
NOTE.—Figures reflect new coverage; for description of changes in the
series, see BULLETIN for June 1961, p. 654.
1318
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits
Borrowings
Demand
Wednesday
Total
unadjusted i
Time
Demand
Indi- States
deviduals, and
posits
partner- polit- For- U.S.
ad- TotaP ships,
ical eign ^
Gov't.
justed?
and
subcorpo- divirations sions
Other time
Domestic
com- Total*
mercial
banks
Savings
Indi- States
viduals, and
partner- polit- Forships,
ical
sub- eign •
and
corpo- divirations sions
Other Capita]
From From liabil- acF. R. others ities counts
Banks
Toted—
Leading Cities:
1961
Aug. 2 . . .
9...
16...
23...
30...
129,731 62,381
",
127,484 619 9 8
129,587 61 ,017
127,367 61 ,434
127,039 61 ,855
89,427
87,046
89,113
86,846
86,379
64,044
63,157
64,013
62,748
62,935
5,107
4,776
4,712
4,702
4,847
,682
,593
,689
,667
,598
28,'
3,079 11,211 40,438 __,955
...
.
,
4,116 11,557 40,474 28,985
116
3,748
29,015
586 40)660 29,030
3,568
6,389
6,394
6,336
6,351
6,415
2,783
2,799
2,811
2,811
2,817
1,962
1,975
2,022
2,027
2,083
122 1,714 5,241 12,610
399 1,439 5,305 12,626
88 1,947 5,488 12,624
1,561 5,409 12,622
26 1,674 5,449 12,655
Sep,^...
20...
27...
128, 475 61,791
130, 896 63,341
131, 304 62,720
131,361 62,166
87,722
89,957
90,394
90,354
63,895
67,108
65,689
64,480
4,673
4,480
4,494
4,693
,583
,573
,635
,643
2,787
1,974
3,626
5,533
29,079
29,110
29,156
29,244
6,458
6,589
6,519
6,512
2,783
2,809
2,788
2,777
2,127
2,126
2,140
2,154
31
11
179
72
1,503
2,025
1,761
2,003
5,488 12,669
5,529 12,673
5,510 12,648
5,422 12,682
4...
11...
18...
25...
132,067 61 ,542
132,<
,189
134,387 63 410
131,705 63 920
90,894
91,741
93,170
90,463
64,305
65,924
67,325
66,365
4,739
4,374
4,407
4,505
1,624
1,586
1,721
1,634
5,023
4,669
4,366
3,628
11 ,922 41 ,173 29,400
11)993 41 ,258 29,466
12,270 41 ,217 29,516
11,41441 ,242 29,565
6,498
6,512
6,499
6,485
2,775
2,757
2,709
2,703
2,180
2,205
2,174
2,180
24
75
19
226
1,744
1,780
1,934
1,544
5,185 12,733
5,232 12,749
5,373 12,726
5,419 12,736
31,234 16,197
30,276 15,949
276
30,525 15,795
._.
30, 132 15,845
~~
30,
,967
24,506
23,537
23,735
23,319
23,190
16,660
16,336
16,408
16,229
16,422
265
234
260
239
324
,261 1,238 3,060 6,728 2,673
,181
937 2,830 6,739 2,685
,263 1,088 2,943 6,790 2,694
,229
962 2,922 6,813 2,697
,138
887 2,770 6,857 2,709
2,140
2,121
2,111
2,121
2,141
248
253
260
262
250
,533
,541
,584
,592
,617
76
123
638
719
906
671
891
2,734
2,792
2,826
2,845
2,865
3,629
3,637
3,639
3,638
3,627
30,194 16,212
31,214 16,818
31,458 16,565
31,608 16,160
23,319
24,226
24,520
24,653
16,595
17,761
17,181
16,914
246
240
274
299
,159
709
,150
474
,229
909
,240 1,482
2,711
2,716
2,730
2,746
2,149
2,264
2,186
2,170
247
250
248
238
,636
,630
,642
,657
713
1,221
984
1,087
2,876
2,913
2,792
2,836
3,631
3,634
3,619
3,625
31,634
31,758
32,389
31,154
15
,955
15,838
16,758
16,512
24,589
24,675
25,361
24,126
16,733
17,016
17,795
17,059
275
277
327
310
,209 1,328 3,058 7,045 2,761
,197 1,254 2,971 7,083 2,770
,308 1,158 2,956 7,028 2,769
,208
956 2,871 7,028 2,787
2,207
2,219
2,211
2,198
255
252
242
238
,680
,698
,663
,665
951
1,091
720
813
45
2,725
2,765
2,801
2,827
3,649
3,655
3,658
3,663
Aug. 2 . . . .
9...,
16...,
23...,
30...,
98,497 46,184
97,208 46,049
99,062 45;
,222
97,235 45!
,589
96,'
,992 45
64,921
63,509
65,378
63,527
63,189
47,384
46,821
47,605
46,519
46,513
4,842
4,542
4,452
4,463
4,523
421
412
426
438
460
2,848
2,142
3,028
2,786
2,681
33,576 26
,189
33,699 26
,270
33)684 26 ,291
33,708 26,318
33
~803 26,321
4,249
4,273
4,225
4,230
4,274
2,535
2,546
2,551
2,549
2,567
429
434
438
435
466
Sept. 6
13...
20...
27....
98,281 45,579
",523
99,682 46
99,846 46,155
,006
99,753 46
64,403
65,731
65,874
65,701
47,300
49,347
48,508
47,566
4,427
4,240
4,220
4,394
424
423
406
403
2,078 8,
,929 33,878 26,368
1,500 8,967 33,951 26,394
2,717 8,744 33)972 26
7
)97 26,426
4,051
112 34,052 26,498
4,309
4,325
4,333
4,342
2,536
2,559
2,540
2,539
491
496
498
497
100,433 45,587
101,241 46
,351
,652
101,998 46
100,551 47,408
66,305
67,066
67,809
66,337
47,572
48,908
49,530
49,306
4,464
4,097
4,080
4,195
415
389
413
426
3,695
3,415
3,208
2,672|
4,291
4,293
4,288
4,287
2,520
2,505
2,467
2,465
500
507
511
515
Oct.
,862
4,086 11,201 40,304 28,
880 40,753
787 40,939
719 40,910
022 41,007
New York City
1961
Aug. 2
9
16
23
30
*"• it::::::
Oct.
20
27
4
11
18
25
2,951
2,820
2,975
2,910
6,875
6,988
6,938
6,955
Outside
New York City
1961
Oct.
4...
11...
18....
25....
* Total demand and total time deposits.
2 Beginning with Apr. 26, 1961, based on demand deposits other than
domestic commercial interbank and U. S. Government, less cash items
reported as in process of collection.
3 Includes certified and officers' checks and deposits of mutual savings
banks, not shown separately.
8,141
8,381
8,614
8,133
7,816
8,864 34 ,128 26,639
9,022 34,175 26,696
9,314 34)189 26
26,747
8,543 34)214 26,778
46 1,076 2,507 8,981
276
720 2,513 8,989
88 1,041 2,662 8,985
5
890 2,564 8,984
783 2,584 9,028
2,612
2,616
2,718
2,586
9,038
9,039
9,029
9,057
11
793 2,460
689 2,467
70
19 1,214! 2,572
731! 2,592
181
9,084
9,094
9,068
9,073
26
3
97
47
790
804
777
916
* Comprises deposits of foreign governments and official institutions,
central banks, international institutions, banks in foreign countries, and
foreign branches of U. S. banks other than reporting bank.
5 Includes U. S. Government, postal savings, domestic commercial
interbank, and mutual savings banks, not shown separately.
NOTE.—Figures reflect new coverage; for description of changes in the
series, see BULLETIN for June 1961, p. 654.
1319
BUSINESS LOANS OF BANKS
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY'
[Net increase, or decrease (—), during period. 2
In millions of dollars]
Week ending—
1961
1961
Business ot borrower 3
Oct.
25
Classification basis
— 37
-27
-21
-18
9
-9
8
-15
9
-10
19
-6
-7
-11
-21
-16
68
-21
-28
36
-24
-4
-9
A
-11
4
-5
-15
-1
-10
46
-77
33
6
-11
33
-24
14
-21
-4
-9
42
-13
14
155
17
7
20
5
16
27
19
18
31
16
25
9
-2
-6
-37
-3
4
3
13
19
49
3
10
50
-9
-45
154
105
93
-143
171
63
5
2
1960
1961
JulySept.
JulySept.
New
Sept.
-
142
36
- 2 9 -167
36
-28
-28
-24
170
106
36
77
Aug.
1961
Oct.Dec.
1960
Jan.June
Jan.June
Old
7
-77
-16
-31
-51
-1
-116
Net change in classified loans
-5
-45
17
-5
-9
Oct.
Old
New
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum and
natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation, communication, and other
public utilities
Construction
All other types of business, mainly services..
Commercial
and industrial
weekly reporting b a n k s 4
Sept.
27
Oc,
4
Oct.
18
Half year
Quarter
Month
-83
-301
158
106
-29
76
42 - 1 4 3
n.a.
n.a.
3
17
-36
87
61
156
43
-152
n.a.
24
102
124
-355 -310
-100
1,062
n.a.
n.a.
141
438 - 4 9 8 - 5 5 8
273
177
88 - 3 0 3
134
81 - 5 2
-75
n.a.
n.a.
n.a.
n.a.
73
120
249
-325
-175
-102
387
-30
354
-677
372
24
11
27
193
17
-2
-94
9
118
49
43
131
66
34
101
- 4 -330
53
1
406
209
-48
96
155
-6
236
461
155
190
196
419
-463
977
- 1 9 5-132 5-132
72
329
156
36
-107
412
-387
1,186
52
-10
-44
change—all
n.a. Not available.
i Data for sample of about 200 banks reporting changes in their larger
loans; these banks hold about 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per
cent of those of all commercial banks.
2 Figures for periods other than weekly are based on weekly changes.
3
Because of reclassifications as of Sept. 27, 1961, many categories are
not strictly comparable with prior data; for example, new "Mining"
includes a part of old "Other manufacturing and mining," with which
it is compared; a part of "Metals and metal products;" and coal, crude
petroleum, and natural gas from old "Petroleum, coal, chemicals, and
rubber." "Other durable" and "Other nondurable" were in old "Other
manufacturing and mining."
4
Revised to reflect new coverage; see BULLETIN for June 1961, p. 654.
5
Includes decrease of $135 million resulting from corrections of
misclassifications disclosed incident to the revisions as*of Sept. -27, 1961 .
BANK RATES ON SHORT-TERM BUSINESS LOANS i
[Weighted averages. Per cent per annum]
Area
and
period
Size of loan
(thousands of dollars)
All
loans
10
10100
100200
200
and over
Annual averages,
19 large cities:
1952
1953
1954
1955
3.5
3.7
3.6
3.7
4.9
5.0
5.0
5.0
4.2
4.4
4.3
4.4
3.7
3.9
3.9
4.0
3.3
3.5
3.4
3.5
1956
1957
1958
1959
1960
4.2
4.6
4.3
5.0
5.2
5.2
5.5
5.5
5.8
6.0
4.8
5.1
5.0
5.5
5.7
4.4
4.8
4.6
5.2
5.4
4.0
4.5
4.1
4.9
5.0
4.97
4.99
4.97
4.97
4.99
5.94
5.90
5.89
5.89
5.87
5.58
5.56
5.53
5.53
5.52
5.21
5.21
5.20
5.18
5.19
4.78
4.82
4.80
4.80
4.82
Quarterly: 2
19 large cities:
I960—Sept
Dec
1961_Mar
June
Sept
1 For description see BULLETIN for March 1949, pp. 228-37.
2 Based on new loans and renewals for first 15 days of month.
NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953.
Changes thereafter occurred on the following dates (new levels shown, in
Area
and
period
All
loans
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
Quarterly—cont.: 2
New York City:
I960—Sept
Dec
1961_Mar
June
Sept
4.74
4.77
4.75
4.75
4.75
5.73
5.73
5.67
5.63
5.65
5.45
5.42
5.40
5.39
5.36
5.00
4.99
5.03
5.06
5.06
4.62
4.66
4.64
4.63
4.64
7 Northern and
Eastern cities:
1960—Sept
Dec
1961—Mar
June
Sept
4.96
4.97
4.96
4.95
5.05
5.90
5.86
5.85
5.84
5.86
5.54
5.52
5.49
5.45
5.53
5.21
5.19
5.20
5.15
5.18
4.81
4.83
4.82
4.82
4.93
11 Southern and
Western cities:
1960—Sept
Dec
1961—Mar
June
Sept
5.32
5.33
5.29
5.31
5.26
6.04
6.00
5.99
6.02
5.97
5.68
5.65
5.62
5.65
5.62
5.34
5.36
5.31
5.29
5.28
5.10
5.12
5.09
5.10
5.04
per cent): 1953—Apr. 27, 3*4; 1954—Mar. 17, 3; 1955—Aug. 4, 3V4;
Oct. 14, 3 ^ ; 1956—Apr. 13, 3 # ; Aug. 21, 4; 1957—Aug. 6, 4Vi; 1958—
Jan. 22, 4; Apr. 21, 3Vi; Sept. 11, 4; 1959—May 18, 4Vi; Sept. t, 5; and
I960—Aug. 23, 4i/2.
1320
INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
Ur. S. Government Securities (taxable) 4
Prime
commercial
paper,
4-toemonths i
Finance
company
paper
placed
directly,
3- to 6months2
Prime
bankers'
acceptances,
90 days3
1960 average
2.46
3.97
3.85
2.12
3.82
3.54
I960—Oct
Nov
Dec
3.30
3.28
3.23
1961—Jan
Feb
Mar
Apr
May
Year, month, or week
3-month bills
6-month bills
9- to 12-month issues
Others
3- to 5year
issues6
3.41
2.09
4.11
3.55
2.90
4.33
3.99
2.73
2.66
2.50
2.92
2 87
2.64
3.01
2.99
2.79
3.61
3.68
3.51
2.496
2.601
2.591
2.493
2.436
2.546
2.457
2.670
2.689
2.702
2.47
2.60
2.54
2.47
2.44
2.54
2.45
2.66
2.68
2.66
2.63
2.75
2.76
2.74
2.72
2.80
2.79
2.91
2.88
2.90
2.70
2 84
2.86
2.83
2.82
3.02
2.87
3.03
3.03
2.97
3.53
3.54
3.43
3.39
3.28
3.70
3.69
3.80
3.77
3.64
2.697
2.683
2.684
2.734
2.708
2.69
2.64
2.67
2.68
2.67
2.87
2.83
2.84
2.97
2.94
2.98
2.91
2.96
3.02
2.97
3.70
3.65
3.67
3.66
3.62
Rate
on new
issue
Market
yield
Rate
on new
issue
Market
yield
Bills
(market
yield)
2.04
3.49
3.51
1.839
3.405
2.928
1.78
3.37
2.87
3.832
3.247
3.79
3.20
3.11
2.91
2.97
3.00
3.00
2.92
2.426
2.384
2.272
2.30
2.37
2.25
2.845
2.650
2.530
Sept
Oct
2.98
3.03
3.03
2.91
2.76
2.91
2.72
2.92
3.05
3.00
2.78
2.65
2.76
2.58
2.50
2.66
2.50
2.64
2.68
2.79
2.86
2.78
2.94
2.84
2.68
2.75
2.75
2.81
2.84
2.75
2.302
2.408
2.420
2.327
2.288
2.359
2.268
2.402
2.304
2.350
2.24
2.42
2.39
2.29
2.29
2.33
2.24
2.39
2.28
2.30
Week ending—
1961 Sent 30 .
Oct 7
14
21
28
3.00
3.00
3.00
3.00
3.00
2.66
2.81
2.81
2.81
2.76
2.75
2.75
2.75
2.75
2.75
2.233
2.302
2.389
2.382
2.325
2.25
2.28
2.34
2.29
2.29
1958 average
July
i 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.
« 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 1
[Per cent per annum]
Year, month, or week
Stocks 5
Corporate bonds 3
<
Government bonds
State
United
and local j
States
(longterm) 2 Total* Aaa
Baa
By selected
ratings
Dividend/
price ratio
By
groups
Earnings/
price ratio
TotaH
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Common
4-9
20
5
5
120
30
30
40
40
40
14
500
500
1958 average
1959 average
1960 average
3.43
4.07
4.01
3.36
3.74
3.69
2.92
3.35
3.26
3.95
4.24
4.22
4.16
4.65
4.73
3.79
4.38
4.41
4.73
5.05
5.19
3.98
4.51
4.59
4.39
4.75
4.92
4.10
4.70
4.69
4.45
4.69
4.75
3.97
3.23
3.46
6.02
5.92
5.91
I960—-Oct
Nov
Dec
3 91
3.93
3.88
3.64
3.57
3.53
3 20
3.14
3.12
4 16
4.09
4.03
4 63
4.64
4.66
4 30
4.31
4.35
5 11
5.08
5.10
4 50
4.51
4.55
4 84
4.85
4.87
4 56
4.56
4.58
4 75
4.78
4.84
3 60
3.51
3.41
5.33
1961 Jan
Feb
Mar
Apr
May
3.89
3.81
3.78
3.80
3.73
3.88
3.90
4.00
4.02
3.98
3.56
3.54
3.60
3.61
3.57
3.63
3.63
3.62
3.64
3.59
3.15
3.14
3.23
3.27
3.25
3.35
3.35
3.33
3.33
3.28
4.06
4.06
4.11
4.01
3.95
3.97
3.94
3.96
4.02
3.98
4.65
4.59
4.54
4.56
4.58
4.63
4.70
4.73
4.74
4.73
4.32
4.27
4.22
4.25
4.27
4.33
4.41
4.45
4.45
4.42
5.10
5.07
5.02
5.01
5.01
5.03
5.09
5.11
5.12
5.13
4.52
4.46
4.40
4.45
4.48
4.54
4.59
4.60
4.61
4.60
4.86
4.82
4.78
4.75
4.77
4.83
4.89
4.92
4.94
4.92
4.57
4.51
4.43
4.46
4.49
4.52
4.60
4.67
4.67
4.66
4.73
4.68
4.66
4.67
4.63
4.66
4.69
4.69
4.69
4.62
3.28
3.13
3.03
2.95
2.92
2 99
2.99
2.91
2.93
2.91
3.98
3.98
4 00
3.98
3.96
3.61
3.61
3.60
3.59
3.56
3.31
3.30
3.30
3.27
3.25
4.00
4.00
4.00
4.00
3.94
4.74
4.74
4 72
4.72
4.72
4.45
4.43
4.42
4.42
4.42
5.12
5.13
5 13
5.13
5.13
4.60
4.60
4 60
4.59
4.60
4.95
4.94
4 92
4.92
4.91
4.67
4.66
4 65
4.66
4.65
4.65
4.63
4 63
4 61
4.60
2.97
2.94
2 90
2 90
2.90
July
Aug
Sept
Oct
Week ending—
1961 Sept 30
Oct. 7
14
21
28
p
Preliminary.
* Monthly and weekly yields are averages of daily figures for U. S.
Govt. and corporate bonds. Yields of State and local govt. bonds are
based on Thursday figures; dividends/price ratios for preferred and
common stocks, on Wednesday figures. Earnings/price ratios for common
stock are as of end of period.
2 Series is based on bonds maturing or callable in 10 years or more.
3 Moody*s Investors Service. State and local govt. bonds include general obligations only.
4.18
H 67
• Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
5 Standard and Poor's Corporation. Preferred stock ratio is based
on 8 median yields for a sample of noncallable issues—12 industrial and
2 public utility. For common stocks, the ratios are based on the 500
stocks in the price index. Quarterly earnings are seasonally adjusted
at annual rates.
1321
SECURITY MARKETS
SECURITY PRICES i
Common stock prices
Bond prices
Year, month,
or week
U. S.
Govt.
(longterm^
CorMuponicipal
rate
(high- 3 (highgrade) grade) 3
Total
Number of issues.
15
94.02
85.49
86.22
106.4
100.7
103.9
102.9
95.0
94.7
I960—Oct..
Nov..
Dec..
87.50
87.23
87.84
105.9
107.7
108.0
1961—Jan...
Feb..,
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
87.70
88.74
89.07
88.80
89.74
87.83
87.57
86.27
86.09
86.61
Week ending—
1961—Sept. 30
Oct. 7
14
21
28
86.60
86.60
86.26
86.55
86.82
500
17
1958 average.
1959 average.
1960 average.
Volume
of
trading-*
(in
Manufacturing
Trade,
thoufiTrans- Pub- nance, Min- sands
porta- licof
and
ing
utilDu- Non- tion
shares)
servity
Total rable duice
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
108
193
85
18
34
45
10
46.24 49.36 27.05 37.22 93.2 92.5 90.4 94.4 91.0 95.8 95.1
57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3
55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4
97.9 2,965
95.0 3,242
73.8 3,042
96.0
95.5
95.1
53.73 56.90 27.77 47.34 109.1 104.9 109.4 100.8
55.47 58.89 28.93 47.83 112.6 108.5 113.0 104.5
56.80 60.22 29.03 49.78 115.2 110.3 114.5 106.4
71.8 2,592
74.1 3,100
78.2 3,684
108.1
109.7
108.9
108.1
109.0
106.8
106.7
106.5
106.6
107.7
95.6
96.3
97.0
96.4
96.0
95.0
94.5
93.9
93.9
94.6
59.72
62.17
64.12
65.83
66.50
65.62
65.38
67.79
67.26
68.00
63.20
65.71
67.83
69.64
70.34
69.48
69.09
71.69
70.89
71.42
31.43
32.17
32.93
32.35
33.08
32.41
31.78
32.76
33.02
34.53
52.73
55.64
57.06
59.09
59.59
58.43
59.36
61.19
62.19
64.15
120.9
125.4
129.8
133.0
134.9
132.8
132.7
137.4
136.2
138.0
115.3
119.2
123.9
125.8
127.6
126.0
125.2
130.1
128.9
129.1
118.6
121.4
127.8
128.5
130.6
128.0
126.5
131.3
131.7
132.2
112.
117.3
120.3
123.3
124.9
124.2
123.9
129.0
126.4
126.4
100.3
102.6
104.2
103.4
107.5
105.1
103.3
107.0
106.8
110.1
148.7
156.0
159.2
168.9
170.0
164.0
166.7
170.6
168.9
173.9
134.8 85.1 4,243
139.8 89.0 4,884
146.7 89.2 5,365
150.4 93.5 5,089
153.1 <96.9 4,617
156.0 97.0 3,324
158.5 93.1 3,045
164.2 92.8 3,545
166.4 87.3 3,193
76.6 90.3 3,318
107.4
107.4
107.4
107.7
108.4
94.2
94.4
94.6
94.5
94.9
66.27
67.28
68.08
68.17
68.23
69.75
70.71
71.51
71.60
71.64
32.87
34.11
34.98
34.78
34.39
61.77
63.24
64.11
64.25
64.66
134.9
137.4
137.5
138.5
138.4
127.0
129.2
128.8
129.4
129.
130.7
132.7
132.3
132.1
131.5
123.7
126.0
125.5
127.0
127.0
106.5
110.9
111.0
110.1
108.5
169.5
171.8
173.3
174.5
175.9
166.6
171.4
174.8
180.5
179.8
c
Corrected.
* 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.
88.0 130.5 122.8
91.7 132.0 129.3
92.6 138.5 132.4
85.7
87.0
89.0
92.3
92.7
3,311
3,248
3,235
3,364
3,398
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.
* 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'
Net debit balances with
Bank loans to others (than
TotalNew York Stock Exchange brokers and dealers) for purMoney borrowed
securities
firms2
chasing and carrying securities 2
other than
U. S. Govt.
obligations
On
Secured by
Secured by
On
(col. 3 +
Other
U. S. Govt.
U. S. Govt.
other
other
U. S. Govt.
col. 5)
obligations
securities
obligations
securities
securities
obligations
Customers'
net
free
credit
balances
1957—Dec.
1958—Dec.
1959—Dec.
3,576
4,537
4,461
68
146
150
2,482
3,285
3,280
60
63
164
,094
,252
,181
125
234
221
1,706
2,071
2,362
896
1,159
996
I960—Oct..
Nov.
Dec.
4,303
4,303
4,415
111
99
95
136
128
134
,170
,162
,193
161
139
142
2,139
2,129
2,133
,063
,062
,135
1961—Jan..
Feb..
Mar.
Apr..
May,
June.
July.
Aug.
Sept.
Oct..
4,424
4,532
4,787
5,190
5,386
5,367
5,355
5,349
* 5,311
5,333
77
68
55
50
40
51
50
49
46
44
3,133
3,141
3,222
3,253
3,358
3,601
3,936
4,060
4,024
3,991
3,972
3,991
4,029
123
127
110
112
108
104
106
102
M09
103
,171
,174
,186
,254
,326
,343
,364
,377
,320
,304
101
94
70
67
58
67
69
56
64
56
1,937
1,905
1,927
2,284
2,529
2,748
2,728
2,679
2,666
2,654
,269
,392
,507
,508
,453
,280
,207
,208
,227
,214
1 Data for cols. 4-7 are for last Wednesday of month.
Ledger balances of member firms of the New York Stock Exchange
carrying margin accounts, as reported to the Exchange. Customers' debit
and free credit balances exclude balances maintained with the reporting
firm by other member firms of national securities exchanges and balances
of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i.e., all accounts of one customer are
consolidated. Money borrowed includes borrowings from banks and
from other lenders except member firms of national securities exchanges.
2
3
Figures are for weekly reporting member banks. Prior to July 1959,
loans for purchasing or carrying U. S. Government securities were reported separately only by New York and Chicago banks. Accordingly,
for that period col. 5 includes any loans for purchasing or carrying such
securities at other reporting banks. Composition of series also changed
beginning with July 1959; revised data for the new reporting series (but
not for the breakdown of loans by purpose) are available back through
July 1958 and have been incorporated.
4
Reclassification of loans reduced these items by $66 million. See
note 3, p. 1316.
1322
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances
Commercial and 1inance
company paper
End of year
or month
Accepting banks
Placed
through
dealers i
Total
Based on—
Held b y -
Placed
directly
(finance
paper) 2
Total
Own Bills
bills bought
F. R.
Banks
Own
acct.
Goods stored in or
shipped between
ImExports
ports Dollar
points in—
into
from
exUnited United change
United Foreign
States States
States countries
Foreign
corr.
2 020
2,166
2,666
32,744
3,168
510
506
551
840
677
1,510
1,660
2,115
31,904
2,491
642
967
1,307
1,194
1,151
175
227
287
302
319
126
155
194
238
282
49
72
94
64
36
28
69
66
49
75
33
50
76
68
82
405
621
878
775
675
252
261
278
254
357
210
329
456
349
309
17
2
46
83
74
63
227
296
244
162
100
148
232
263
249
I960—Sept
Oct
Nov
Dec
4,656
5,184
5,222
4,418
1.361
1,493
1,505
1,358
3,295
3,691
3,717
3,060
1,668
1,753
1,868
2,027
392
501
628
662
284
356
454
490
108
145
175
173
42
39
48
74
204
196
227
230
1,031
1,017
965
1,060
409
405
401
403
632
633
647
669
123
139
146
122
107
157
229
308
398
419
445
524
1961
5,010
4 968
4,992
5 001
4,848
4,851
4,904
4,862
4,789
1,465
I 479
[,525
I 532
1,478
1,460
[,534
[,617
1,730
3,545
3,489
3,467
3,469
3,370
3,391
3,370
3,245
3,059
2,029
2,049
2,231
2,254
2,203
2,271
2,301
2.400
2,422
725
730
842
858
808
913
915
970
946
514
554
641
661
645
697
727
753
740
210
176
202
197
163
216
188
217
207
46
46
46
45
37
36
32
34
35
197
179
173
151
166
156
144
137
123
1,061
1,093
1,169
1,200
1,192
1,166
1,210
1,259
1,318
400
388
408
397
379
395
415
429
452
677
702
821
863
864
896
926
964
964
118
104
110
93
74
70
45
49
59
299
291
269
268
235
207
186
192
191
535
563
623
633
651
703
729
765
757
1955
1956
1957.
1958
1959
Jan
Feb
Mar
Apr
May
June
July
. .
AUK
Sept
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with
investors.
3 Beginning with November 1958, series includes all paper with maturity
of 270 days and over. Figures on old basis for December were (in
millions of dollars): Total 2,731; placed directly, 1891.
MUTUAL SAVINGS BANKS
[Data from National Association of Mutual Savings Banks unless otherwise noted.
Securities
Loans
End of year
or month
Mortgage
Other
U.S.
Govt.
State
and
local
govt.
Other
assets
Other
liabilities
Surplus
accounts
Mortgage oan
commitments2
Number Amount
n.a.
n.a.
689
185
11,772
16,962
10,503
15,332
38
48
1,231
1,582
n.a.
n.a.
3,311
3,548
3,366
3,549
4,344
4,971
4,845
5,076
982
1,026
966
920
889
921
829
874
330
380
414
448
490
535
552
589
27,199
29,350
31,346
33,381
35,215
37,784
38,945
40,571
24,388
26,351
28,182
30,026
31,683
34,031
34,977
36,343
203
261
310
369
427
526
606
678
2,608
2,738
2,854
2,986
3,105
3,227
3,362
3,550
n.a.
n.a.
n.a.
n.a.
n.a.
89,912
65,248
58,350
n.a.
n.a.
n.a.
n.a.
n.a.
1,664
1,170
1,200
686
687
681
676
672
4,957
4,989
4,985
5,019
5,076
765
787
779
788
874
564
592
585
590
589
39,983
40,216
40,185
40,339
40,571
35,589
35,867
35,923
35,962
36,343
878
806
740
810
678
3,516
3,543
3,522
3,567
3,550
56,013
58,782
60,396
60,420
58,350
1,090
1,164
1,205
1,242
1,200
667
667
666
664
665
687
685
686
5,079
5,064
5,110
5,099
5,126
5,158
5,160
5,137
825
846
855
804
834
861
835
821
610
621
624
625
607
616
620
629
40,804
41,076
41,480
41,326
41,588
41,806
41,970
42,202
36,513
36,649
37,000
36,946
37,060
37,427
37,450
37,549
728
821
850
781
883
720
852
935
3,563
3,606
3,630
3,599
3,645
3,659
3,668
3,718
63,470
65,254
68,646
66,582
67,236
66,467
66,544
64,910
1.241
,334
,428
,488
1,556
1,674
,792
1,536
89
62
3,592
10,650
1953
1954
1955..
1956
1957
1958
19593
I960
12,792
14,845
17,279
19,559
20,971
23,038
24,769
26,702
165
188
211
248
253
320
358
416
9,191
8,755
8,464
7,982
7,583
7,270
6,871
6,243
428
608
646
675
685
729
721
672
I960—Aug
Seot
Oct
Dec
26,018
26,214
26,382
26,553
26,702
449
435
417
425
416
6,544
6,512
6,356
6,288
6,243
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
26,863
27,003
27,207
27,383
27,570
27 771
27,972
28,179
412
427
453
401
449
417
385
431
6,349
6,449
6,566
6,350
6,337
6,296
6,314
6,320
1," 86
1,257
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
liabili- Deposits
ties
and
surplus
accts.
829
606
4,787
4,202
1941
1945
Corporate
and
other i
Amounts in millions of dollars]
3 Data reflect consolidation of a large mutual savings bank with a commercial bank.
NOTE.—These data differ somewhat from those shown elsewhere in
the BULLETIN; the latter are for call dates and are based on reports filed
with Federal and State bank supervisory agencies. Loans are shown
net of valuation reserves.
1323
SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data.
In millions of dollars]
Government securities
Total
assets
Date
Business securities
Mortgages
United State and
States
local Foreign 2
(U.S.)
Total
Bonds
6,796
20,583
84,486
90,432
96,011
101,309
107,580
113,650
119,576
9,478
22,545
12,262
11,829
11,067
10,690
11,234
11,581
11,679
End of month:4
1958—Dec
1959—Dec
107,580
113,650
I960—Aug
Sept
Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Total
End of year: 3
1941
1945
32,731
44,797
Real
estate
Policy
loans
Other
assets
Stocks
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
9,070
8,576
7,555
7.029
7,183
6,868
6,427
1,346
1,215
1,239
1,285
1,370
1,513
1,664
37,300
39,545
41,543
44,057
47,108
49,666
51,857
34,032
35,912
38.040
40;666
42,999
45,105
46,876
3,268
3,633
3,503
3,391
4,109
4,561
4,981
25,976
29,445
32,989
35,236
37,062
39,197
41,771
2,298
2,581
2,817
3,119
3,364
3,651
3,765
3,127
3,290
3,519
3,869
4,188
4,618
5,231
3,523
3,743
4,076
4,338
4,624
4,937
5,273
11,242
11,599
7,182
6,858
2,691
3,221
1,369
1,520
46,420
48,840
43,044
45,157
3,376
3,683
37,092
39,237
3,387
3,678
4,186
4,620
5,253
5,676
117,581
117,947
118,544
119,066
119,717
11,650
11,750
11,729
11,788
11,729
6,592
6,586
6,524
6,547
6,444
3,464
3,546
3,579
3,605
3,622
1,595
1,618
1,626
1,636
1,663
50,261
50,299
50,610
50,811
51,010
46,380
46,414
46,669
46,831
46,956
3,881
3,885
3,941
3,980
4,054
40,920
41,099
41,313
41,521
41,798
3,822
3,828
3,834
3,851
3,804
5,085
5,138
5,182
5,225
5,267
5,842
5,833
5,876
5,870
6,109
120,467
120,951
121,469
121,921
122,462
122,861
123,381
123,902
1954
1955
1956
1957
1958
1959
1960
1,995
722
1,846
2,038
2,273
2,376
2,681
3,200
3,588
11,881
11,944
11,987
11,982
12,063
11,927
11,972
12,021
6,545
6,542
6,535
6,488
6,551
6,401
6,440
6,440
3,671
3,702
3,735
3,769
3,774
3,779
3,786
3,822
1,665
1,700
1,717
1,725
1,738
1,747
1,746
1,759
51,306
51,446
51,612
51,812
52,008
52,277
52,622
52,839
47,211
47,296
47,377
47,563
47,672
47,937
48,244
48,424
4,095
4,150
4,235
4,249
4,336
4,340
4,378
4,415
42,008
42,143
42,351
42,553
42,723
42,905
43,052
43,216
3,813
3,822
3,823
3,827
3,837
3,856
3,870
3,901
5,303
5,345
5,409
5,461
5,508
5,553
5,541
5,580
6,156
6,251
6,287
6,286
6,323
6,343
6,324
6,345
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
Mortgages
U.S.
Govt.
obligations
Liabilities
Cash
Other 3
Total
assets2—
Total
liabilities
Savings
capital
Reserves
and
undivided
profits
Borrowed
money 4
Loans in
process
Other
Mortgage
loan
commitments 5
1941
1945
1953
1954
1955
1956
1957
1958
1959
1960
4,578
5,376
107
2,420
344
450
775
356
6,049
8,747
4,682
7,365
475
644
256
336
636
402
n.a.
n.a.
21,962
26,108
31,408
35,729
40,007
45,627
53,194
60,084
1,920
2,013
2,338
2,782
3,173
3,819
4,477
4,586
1,479
1,971
2,063
2,119
2,146
2,585
2,183
2,715
1,297
1,469
1,789
2,199
2,770
3,108
3,676
4,104
26,733
31,633
37,656
42,875
48,138
55,139
63,530
71,489
22,846
27,252
32,142
37,148
41,912
47,976
54,583
62,154
1,901
2,187
2,557
2,950
3,363
3,845
4,393
4,982
1,027
950
1,546
1,347
1,379
1,444
2,387
2,191
959
1,244
1,411
1,430
1,484
,161
,293
,183
713
874
979
n.a.
n.a.
833
843
862
1,475
1,285
1,360
I960—Aug.
Sept.
Oct..
Nov.
Dec,
57,763
58,406
59,011
59,512
60,084
4,532
4,533
4,553
4,589
4,586
2,073
2,097
2,201
2,287
2,715
3,841
3,904
3,989
4,142
4,104
68,209
68,940
69,754
70,530
71,489
58,939
59,541
60,208
60,766
62,154
4,637
4,640
4,640
4,649
4,982
1,833
1,882
1,868
1,919
2,191
,353
,313
,280
,209
,183
,447
,564
,758
,987
979
,635
,559
,509
,451
,360
1961—Jan..
Feb..
Mar.
Apr..
May.
June,
July.
Aug.
60,455
60,882
61,571
62,265
63,080
64,073
64,811
65,717
4,679
4,871
4,978
4,960
4,960
4,991
4,983
5,051
2,620
2,679
2,682
2,706
2,855
2,987
2,760
2,674
3,997
4,068
4,191
4,304
4,520
4,460
4,308
4,387
71,751
72,500
73,422
74,235
75,415
76,511
76,862
77,829
62,745
63,298
64,003
64,420
65,220
66,582
66,693
67,189
4,980
4,984
4,991
5,002
5,005
5,287
5,281
5,284
1,726
1,646
1,620
1,708
1,749
2,023
2,022
2,154
,114
,127
,226
,322
,413
,535
,551
,594
,186
,445
,582
,783
,028
,084
,315
,608
,425
,556
,787
,951
2,115
2,120
2,144
2,186
0
Corrected.
n.a. Not available.
Figures are for all savings and loan associations in the United States.
Data beginning with 1953 are based on monthly reports of insured
associations and annual reports of noninsured associations. Data prior
to 1953 are based entirely on annual reports.
2
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
1
1958, no deduction is made for mortgage pledged shares. These have
declined consistently in recent years and amounted to $42 million at the
end of 1957.
3
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
4
Consists of FHLB advances and other borrowing.
5
Not a balance-sheet item.
NOTE.—Data for 1960 and 1961 are preliminary.
1324
FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period
Net
Budget
receipts
Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
InLess—
from,
Equals—
crease,
or
Net
Equals: payts.
or decash
Total
to ( - ) , crease t Net
Other borrowpayts.
( - ) , in inv. by
the
noning or
to the
Govt.
public
debt
cash
public
(direct agen. & debt 4 repayt.
()
& agen.) tr. funds
Payments to the public,
other than debt
Equals:
Less:
Plus:
Total
Intrarects.
Trust
Govt.
from
fund
transthe
receipts actions *
public 2
Plus:
Trust
fund
expenditures
Budget
expenditures
Less:
Adjustments 3
Cal. year—1958
1959
1960
68,262
72,738
79,518
16,797
18,830
22,732
3,278
3,966
3,906
81,728
87,552
98,287
75,349
79,778
77,565
17,856
20,244
22,242
4,190
4,466
5,114
89,014 -7,287
95,560 -8,006
94,694
3,593
7,533
10,112
-548
-717
-543
1,625
487
2,081
491
7,762
8,580
-2,670
Fiscal year—1958...
1959...
1960...
1 1
68,550 16,319
67,915 16,950
77,763 5 20,534
77,578 23,792
2,917
3,161
3,167
4,170
81,892
81,660
95,078
97,144
71,369 16,059
80,342 18,462
76,539 5 20,891
81,503 23,182
4,016
4,002
3,129
5,394
83,412 -1,520
94,804 -13,144
111
94,301
99,291 -2,147
6,216
9,656
3,371
2.103
657
-1,181
953
871
-200
2,160
597
536
5,760
8,678
1,821
697
Semiannually:
1959—July-Dec...
I960—Jan.-June..
July-Dec...
1961—Jan.-June?.
33,575
9,381
44,188 12,420
35,329 5 10,219
42,249 13,573
2,147
2,287
1,526
2,644
40,784
54,294
43,993
53,151
39,191 10,568
37,348 11,590
40,217 5 10,561
41,286 12,621
1,465
2,931
2,089
3,305
48,295 -7,511
7,329!
46,006
8.288 - 3 , 9 5 8
3,410
48,688 -4,695
50,603
2,548 - 1 , 3 0 7
-856
1,809
-184
1,055
574
23
468
68
7,615
-5,794
3,124
-2,427
-147
-320
2,197i
-621
-161
-368
-514
339
-254
76
112
154
77
-29
2,600
-555
16
-323
381
-3,231
513
269
2,280
-927
2,921
3,498
-4,109
1,412!
-1,195
449!
1,970
-483
-65
403
-916
1,559
556
-863
1,291
-544
42
34
-24
16
-4
3
195
-442
54
119
412
-3,609
1,412
725
-1,486
4,167
563
939
Monthly:
I960—Sept
Oct
Nov
Dec
8,981
2,823
6,300
7,643
209
247
236
452
10,146
3,651
8,403
8,586
6,793
6,829
6,773
6,847
1,772
1,681
1,754
1,815
4,846
6,537
8,524
5,125
6,467
10,749
2,982
6,367
8,945
1961—Jan
Feb
Mar
Apr
May
June p
July
Aug
S
1,380
1,081
2,344
1,399
858
116
303
203
364
305
5,586
8,916
10,256
6,295
9,731
12,367
3,793
9,357
10,218
6,470
6,236
7,012
6,450
7,169
7,948
6,322
7,631
6,771
1,938
2,046
2,059
2,225
2,033
2,320
1,873
2,052
2,204
2,684
1,939
1,539
3,577
2,975
1,002
3,297
1,478
1,353
189
298
199
816
631
678
1,133
415
810
383
-260
822
293
-869
727
7,748
2,398
7,879 -4,228
8,674
-271
603
7,984
7,275
7,867
8,260
8,292
9,462
9,446
7,902
10,552
8,248
-1,689
1,049
1,996
-1,997
Effects of operations on Treasurer's account
Financing transactions
Operating transactions
Balance
670
-29
-149
449
567
71
1,023
-733
-197
1,112
-714
-436
5,816
8,363
1.625
2,640
140
-23
-4
-83
4,159
-4,399
2,654
-1,311
-1,187
828
-341
951
-437
288
19
430
366
657
-493
-240
911
-1,625
275
-711
6,092
-4,467
3,886
-1,246
-105
101
52
-135
2,188
-4,006
-All,
796
-392
-600
590
-416
559
-643
244
24
21
88
46
245
659
148
-249
2,063
-73
-197
-1,624
301
1,512
-1,325
-702
2,801
-3,340
-1,265
2,174
-1,080
868
65
-423
842
-1,409
-655
780
-1,397
662
-181
508
-3,072
516
2,158
-1,175
3,433
1,310
35
-112
181
-126
-94
163
-52
-20
Reconciliation
to Treas.
cash
Fiscal year—1958 . . .
1959...
1960.. .
1961P..
-2,819
-12,427
1,224
-3,925
262
-1,511
-359
610
Semiannually:
1959_july_Dec....
1960—Jan.-June...
July-Dec....
1961—Jan.-JuneP..
-5,617
6,841
-4,888
963
Monthly:
1960—Sept
Oct
Nov
Dec
,
638
-119
-686
1,544
655
-871
1,244
-726
241
423
-57
580
205
-503
-216
34
-549
663
(+) of
27
8
-87
-132
-86
29
24
32
108
-310
p
n.a. Not available.
Preliminary.
* Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Treasurer's
account
Deposits in—
Govt.
agency
obligations 6
Trust
fund
accumulation,
or
deficit
Account of Treasurer of United
States (end of period)
Increase,
or
decrease
Held
( - ) , in
outside
gross
Treasury
direct
public
debt
Net
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds 6
Net
Budget
surplus,
or
deficit
1961—Jan
Feb
Mar
Apr
May
June?
July
Aug
Sept
Net
market
issuance
Cash balances:
inc., or dec. ( —)
Other
net
assets
F. R.
Banks
(available
funds)
Treasury
tax and
loan
accts.
9,749
5,350
8,005
6,694
410
535
504
408
8,218
3,744
6,458
5,453
1,121
1,071
1,043
833
233
2,421
-1,594
283
5,583
8,005
6,411
6,694
504
504
485
408
4,216
6,458
5,165
5,453
863
1,043
761
833
-48
23
20
42
2,423
-1,645
-841
580
8,317
6,672
5,831
6,411
489
437
512
485
6,987
5,447
4,517
5,165
841
788
802
761
15
-1,582
1,463
-1,498
-761
1,128
1,532
-101
-572
2,936
4,829
6,292
4,794
4,034
5,162
6,694
6,593
6,020
8,956
588
467
443
633
372
408
415
543
348
3,215
4,881
3,533
2,315
3,994
5,453
5,287
4,745
7,754
1,026
944
818
1,086
796
833
891
732
853
Budget expenditures, and payroll deductions for Federal employees retirement, health and life insurance funds.
2
Small adjustments to arrive at this total are not shown separately.
For other notes, see opposite page.
1325
FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin unless otherwise n®ted. In millions of dollars]
Selected excise taxes
(Int. Rev. Serv. repts.)
Budget receipts
Income and
profit taxes
Adjustments from total
Budget receipts
Period
Net
Budget
receipts 2
Transfers to
Oldage
trust
fund?
High- R. R.
reway
tiretrust ment
fund acct.
Employment
taxes 8
Other
receipts
Liquor
Mfrs.'
To
bacco and retailers'
10,814 8,644
10,760 8,854
11,865 11,159
12,069 12,502
5,414
5,464
6,813
6,925
2,946
3,002
3,194
3,213
1,734
1,807
1,932
1,991
4,316
4,315
5,114
5,294
Individual
Excise
taxes
Corporation
Withheld
Other
11,528
11,733
13,271
13,175
4,433
4,933
5,045
5,752
83,974
83,904
96,962
99,405
27,041
29,001
31,675
32,969
1,281
1,361
1,576
1,347
307
300
297
274
718
4,327
793
4,959
40,035
56,927
43,070
56,335
15,652 3,041 8,323
16,023 10,230 13,856
16,616 3,185 8,838
16,353 9,990 12,927
5,948
5,917
6,238
5,831
4,127
7,032
5,063
7,439
2,944
3,869
3,130
3,795
1,703
1,491
1,685
1,528
984
948
1,008
983
2,408
2,706
2,724
2,570
739
373
1,214
547
262
253
268
240
52
15
81
48
161 10,211
173 3,641
29 7,900
61 8,751
2,527
1,066
4,527
2,591
1,959
230
121
383
3,492
481
455
3,331
1,024
1,021
1,069
1,008
792
389
1,295
596
417
454
433
842
277
321
319
259
177
158
178
164
n.a.
1,275
304
1,448
1,285
720
1,941
1,127
291
1,736
829
223
235
213
201
237
238
253
273
267
13
77
48
14
77
44
14
84
55
64 5,537
530 9,153
1,792 11,878
1,296 7,359
1,036 9,767
242 12,642
178 3,779
203 8,713
185 10,285
1,049
4,781
2,413
2,149
786
759
3,403
956
1,937
245
161
2,017
534
444
5,799
493
411
5,246
520
382
3,251
918
861
1,082
831
1,072
1,067
975
1,197
983
348
1,814
1,348
736
2,020
1,173
306
1,821
539
467
477
980
565
769
498
498
488
204
169
313
231
285
327
238
293
n.a.
128
116
213
160
176
190
137
197
n.a.
68,550 7,733 2,116
67,915 8,004 2,171
77,763 10,211 2,642
77,578 11,586 2,923
Semiannually:
1959—July-Dec
1960—Jan.-June
July-Dec
1961—Jan.-JuneP
33,575
44,188
35,329
42,249
3,815
6,396
4,762
6,824
8,981
2,823
6,300
7,643
4,846
6,537
8,524
5,125
6,467
10,749
2,982
6,367
8,945
1961—Jan
Feb
Mar
Apr
May
June*
July
Aug
Sept.P
Total
Budget
receipts
575
525
607
571
Fiscal year—1958....
1959....
I960....
Monthly:
1960—Sept
Oct
Nov
Dec
Refunds
of
receipts
916
4,743
2,450
1,235
4,654
2,662
20,533
18,092
22,179
21,765
1,403
1,167
Budget expenditures9
Major national security
Agriculture
Vetand
Generans' Labor
NatComagrieral
servural
merce
Interand
regovernand
est ices and welfare culbenetural sources housing ment
fits
resources
Total i
Intl.
affairs
Military Atomic and
Military assistdefense
energy finance
1961P.
71,369
80,342
76,539
81,503
44,142
46,426
45,627
47,402
39,062
41,233
41,215
43,218
2,187
2,340
1,609
1,446
2,268
2,541
2,623
2,716
2,231
3,780
1,833
2,592
7,689
7,671
9,266
9,055
5,026
5,174
5,060
5,262
3,447
4,421
4,419
4,949
4,389
6,529
4,838
5,039
1,544
1,669
1,713
2,008
2,109
3,421
2,782
3,939
1,359
1,606
1,695
1,931
Semiannually:
t959_j u l y _Dec..
1960—Jan.-June.
July-Dec..
1961—Jan.-June?
39,191
37,348
40,217
41,286
23,119
22,508
23,186
24,216
20,975
20,240
21,170
22,048
715
894
644
802
1,290
1,333
1,342
1,374
650
1,183
1,068
1,524
4,494
4,772
4,587
4,468
2,493
2,567
2,577
2,685
2,086
2,333
2,225
2,724
2,961
1,877
2,998
2,041
941
772
1,056
952
1,950
832
1,870
2,069
833
862
951
980
6,793
6,829
6,773
6,847
3,910
3,728
3,884
4,217
3,600
3,432
3,537
3,867
79
77
114
123
226
217
228
222
161
164
301
143
746
756
740
772
416
422
436
438
388
376
378
366
412
727
476
594
213
182
193
146
380
330
236
219
182
140
140
165
6,470
6,236
7,012
6,450
7,169
7,948
6,322
7,631
6,771
3,693
3,778
4,279
3,754
4,144
4,568
3,453
4,046
3,855
3,398
3,468
3,935
3,392
3,804
4,051
3,179
3,763
3,585
91
88
99
135
88
301
27
51
62
201
217
236
230
246
244
232
227
204
221
202
199
217
182
213
223
255
292
780
727
738
730
723
770
773
739
740
444
431
480
443
441
446
422
471
418
431
406
399
224
486
692
398
535
402
446
130
223
332
587
757
486
711
419
142
129
134
206
146
195
153
236
218
215
334
359
399
312
392
318
440
313
163
134
194
144
156
189
157
252
119
Period
Total 2
Fiscal year—1958..
1959..
1960..
Monthly:
I960—Sept
Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
May
June?....
July
Aug
Sept.P
3 Consists primarily of (1) intra-Governmental transactions as described in note 1, (2) net accruals over payments of interest on savings
bonds and Treasury bills, (3) Budget expenditures involving issuance of
Federal securities, (4) cash transactions between International Monetary
Fund and the Treasury, (5) reconciliation items to Treasury cash, and
(6)4 net operating transactions of Govt. sponsored enterprises.
Primarily adjustments 2, 3, and 4, described in note 3.
5 Adjusted for reclassification of certain repayment of advances from
the6 general fund.
Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.
7
8
Includes transfers to Federal disability insurance trust fund.
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
9 For more details see the Treasury Bulletin, Budget Receipts and
Expenditures, Table 6, and the 1962 Budget Document, Special Analysis C.
Fiscal and semiannual totals adjusted; monthly totals are not. Jan.-June
totals derived by subtracting July-Dec, totals from fiscal year totals.
1
° Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.
1326
FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of U. S. Treasury.
In billions of dollars]
Public issues 3
Total
gross
debti
End of
month
Nonmarketable
Marketable
Total
gross
direct
Bonds
Total
Total
Bills
Certificates of
indebtedness
Notes
Bank
eligible 4
1941 Dec
1945_Dec
1947_Dec
1953 Dec
1954—Dec
1955 Dec
1956—Dec
1957_Dec
1958—Dec
1959—Dec
64 3
278.7
257.0
275.2
278.8
280.8
276.7
275.0
283.0
290.9
57 9
278.1
256.9
275.2
278.8
280.8
276.6
274.9
282.9
290.8
50 5
255.7
225.3
231.7
233.2
233.9
228.6
227.1
236.0
244.2
41 6
198.8
165.8
154.6
157.8
163.3
160.4
164.2
175.6
188.3
2 0
17.0
15.1
19.5
19.5
22.3
25.2
26.9
29.7
39.6
38.2
21.2
26.4
28.5
15.7
19.0
34.6
36.4
19.7
6 0
23.0
11.4
31.4
28.0
43.3
35.3
20.7
26.1
44.2
33 6
68.4
68.4
63.9
76.1
81.9
80.9
82.1
83.4
84.8
I960—Oct
Nov
Dec . . .
290.6
290.6
290.4
290.5
290.4
290.2
243.1
242.6
242.5
189.4
188.8
189.0
39.5
39.5
39.4
25.5
18.4
18.4
42.1
51.2
51.3
82.3
79.7
79.8
1961_Jan
Feb
Mar .
Apr
May
June
July
Aug . .
Sept
Oct .
290.2
290.7
287.7
288.2
290.4
289.2
292.6
294.0
294.0
296.0
290.0
290.5
287.5
288.0
290.1
289.0
292.4
293.7
293.7
295.7
242.8
243.5
240.1
241.6
242.3
240.6
244.8
245.1
245.8
248.8
189.3
189.9
186.5
188.1
188.9
187.1
191.3
191.1
191.9
195.2
39.7
39.9
36.5
38.2
38.4
36.7
40.8
40.9
41.9
42.6
18.4
11.5
11.5
11.5
13.3
13.3
13.3
5.5
5.5
5.5
51.3
58.7
57.8
57.5
56.2
56.3
56.3
65.0
65.2
67.8
Bank
restricted
79.8
79.8
80.7
80.9
80.9
80.8
80.8
79.7
79.3
79.3
.
c
Corrected.
1 Includes some debt not subject to statutory debt limitation (amounting
to $440 million on Oct. 31, 1961), and fully guaranteed securities, not
shown separately.
2 Includes non-interest-bearing debt, not shown separately.
3
Includes amounts held by Govt. agencies and trust funds, which
aggregated $10,902 million on Sept. 30, 1961.
52.2
49.6
13.4
5.7
Convertible
bonds
Totals
12.0
11.8
11.4
10.8
9.5
8.3
7.1
5.8
5.7
5.7
5.6
5.6
5.5
5.4
5.4
5.4
5.3
5.2
5.1
4.7
Savings
bonds
Tax
and
savings
notes
Special
issues
89
56.9
59.5
65.1
63.6
59.2
57.4
53.4
52.1
48.9
6 1
48.2
52.1
57.7
57.7
57.9
56.3
52.5
51.2
48.2
48.0
48.0
47.8
47.4
47.4
47.2
44.3
44.6
44.3
47.9
47.9
48.0
48.0
48.1
48.1
48.2
47.2
47.3
47.4
47.4
47.5
47.5
47.6
47,6
47.7
47.7
43.8
43.7
44.0
43.0
44.5
45.0
44.2
45.6
45.0
43.9
488
48.9
2 5
8.2
5.4
6.0
4.5
7 0
20.0
29.0
41.2
42.6
43.9
45.6
45.8
44.8
43.5
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, certificate of indebtedness—Foreign
series, and REA bonds, not shown separately.
6
Less than $50 million.
OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
End of
month
1941—Dec
1945—Dec
1947 Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
I960—Aug
Sept
Oct
Nov
Dec
.
.
.
1961—Jan
Feb
Mar
Apr....
May
June
July
Aug
r
1
Total
gross
debt
(including guaranteed
securities)
Held b y U. S. Govt.
agencies and
trust funds l
Special
issues
Public
issues
7.0
2.6
7.0
64.3
278 7
257.0
267.4
275.2
278.8
280.8
276.7
275 0
283.0
290.9
20 0
29.0
39.2
41.2
42.6
43.9
45.6
45.8
44.8
43.5
288.8
288.6
290.6
290.6
290.4
45.2
45.0
44.3
44.6
44.3
290.2
290.7
287.7
288 2
290.4
289.2
292.6
294.0
43.8
43.7
44.0
43 0
44.5
45.0
44.2
45.6
Held by the public
Federal
Reserve
Banks
Total
Commercial
banks 2
10.2
24.3
22.6
24.7
25.9
24.9
24.8
24.9
24.2
26.3
26.6
52.5
227 4
200.1
196.9
201.0
204.2
204.3
197.8
195.5
202.3
210.6
21.4
90 8
68.7
63.4
63.7
69.2
62.0
59.5
59.5
67.5
60.3
10.7
10.6
10.8
10.8
10.7
26.8
27.0
27.4
27.5
27.4
206.1
206.0
208.2
207 7
207.9
57.5
58.6
61.4
61.2
62.1
6.6
6.5
6.4
6.3
10.7
10.8
10.9
11 0
11.0
11.0
11.0
10.9
26.6
26.7
26.7
26.8
26.9
27.3
27.4
27.7
209.1
209.6
206.1
207 5
208.0
205.9
210.0
209.8
62.7
61.9
59.7
61.7
62.1
62.5
65.5
65.1
6.3
5.4
6.7
7.1
7.0
7.8
8.4
9.4
9.6
2.3
Revised.
Includes the Postal Savings System.
2 Includes holdings by banks in territories and insular possessions,
which amounted to about $100 million on Dec. 31, 1960.
Mutual
savings
banks
3.7
10.7
12.0
9.5
9.2
8.8
8.5
8.0
7.6
7.3
6.9
6.3
6.4
6.6
6.3
6.3
6.3
6.3
6.3
3
Insurance
panies
Other
corporations
State
and
local
govts.
Individuals
Savings
bonds
Other
securities
Misc.
investors 3
8.2
4.0
5.4
8.2
24.0
23.9
16.0
15.9
15.3
14.6
13.2
12.5
12.7
12.5
22.2
14.1
19.9
21.5
19.2
23.5
19.1
18.6
18.8
22.6
7.3
11.1
12.7
14.4
15.1
16.1
17.0
16.7
17.7
42.9
46.2
49.2
49.4
50.0
50.2
50.1
48 2
47.7
45.9
21.2
19.4
16.0
15.4
13.5
14.8
15.6
15.4
15.1
22.6
8.4
11.7
13.2
13.9
15.6
16.1
16.6
16.6
22.1
12.0
12.0
11.9
11.9
11.9
20.4
19.3
20.1
20.6
19.7
17.7
17.4
17.3
17.2
17.0
45.6
45.6
45.6
45 6
45.7
22.9
23.1
21.9
21.9
21.2
23.4
23.5
23.6
22.8
24.2
11.9
11.8
11.7
11.6
11.6
11.4
11.5
11.5
20.1
21.2
19.5
r
20 5
'21.2
'19.4
19.8
20.2
17.1
17.3
17.4
17.2
17.1
17.3
17.3
17.2
45.8
45.8
45.9
45.9
46.0
46.1
46.1
46.1
21.1
21.2
21.3
r
20 3
'20.0
'19.7
19.8
20.1
24.0
23.9
24.1
23 9
23.5
23.2
23.7
23.2
.7
6.5
.9
9.1
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.
1327
FEDERAL FINANCE
OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
[On basis of Treasury Survey data.
Par value in millions of dollars]
Marketable securities, by maturity class
Marketable and convertible securities, by type
Type of holder and date
Total
Bills
Certificates
Notes
Market- Conable
vertible
bonds 2 bonds
All holders :
1958—June 30
1 9 5 9 _ j u n e 30
1960—June 30
175,573
185,709
190,151
22,406
32,017
33,415
32,920
33,843
17,650
20,416
27,314
51,483
90,932
84,853
81,297
1961—June 30
July 31
Aug. 31
192,513
196,602
196,374
36,723
40,828
40,928
13,338
13,338
5,509
56,257
56,294
65,048
80,830
80,814
79,653
9,477
9,681
10,246
173
86
371
599
537
459
,169
,389
,810
4,703
4,988
5,136
10,848
10,820
10,699
801
772
640
222
217
144
,246
,239
,341
6,235
6,247
6,253
25,438
26,044
26,523
2,703
2,032
2,513
19,946
18,650
8,508
2,879
13,011
1961—June 30
July 31
Aug 31
27,253
27,422
27,697
2,840
2,443
2,659
6,511
6,522
1,683
Commercial banks:
1958—June 30
1959—June 30
1960—June 30
57,509
53,513
48,099
3,796
3,563
2,376
1961—June 30
July 31
Aug. 31
55,116
57,711
57,383
Within
1 year
1-5
years
5-10
Over
10 years
7,681 178,027
6,306 183,845
67,782
72,958
68,982
41,071
56,819
72,844
22,961
18,538
21,731
34,860
29,713
20,288
5,365 187,148
5,327 191,275
5,235 191,138
79,635
83,739
79,189
59,885
59,923
65,092
26,435
26,433
25,693
21,193
21,181
21,164
2,833
2,680
2,470
6,644
7,001
7,776
899
930
1,070
1,565
1,679
2,683
913
1,448
2,062
3,267
2,944
1,961
2,345
2,345
2,321
8,503
8,475
8,378
1,671
1,626
1,314
1,693
1,692
1,917
2,576
2,578
2,545
2,564
2,579
2,603
2,789
2,484
2,491
25,438
26,044
26,523
23,010
20,687
19,385
1,014
3,887
5,689
57
410
1,179
1,358
1,060
271
14.634
14,968
19,827
3,268
3,488
3,528
27,253
27,422
27,697
14,677
14,422
13,311
10,268
10,574
11,914
2,141
2,217
2,252
166
208
220
3,331
3,883
1,832
11,532
12,417
15,598
38,720
33,531
28,199
130
120
95
57,379
53,394
48,004
13,431
10,045
6,546
24,494
31,304
33,342
14,259
8,233
5,966
5,195
3,812
2,151
6,379
9,153
8,814
3,123
3,327
2,003
18,373
18,185
20,246
27,158
26,963
26,238
84
83
83
55,033
57,6^8
57,300
20,153
23,004
21,307
25,577
25,359
27,428
7,386
7,368
6,685
1,918
1,897
1,881
7,110
7,079
6,489
89
175
209
132
209
166
465
684
1,199
5,493
5,228
4,607
931
783
309
6,179
6,296
6,181
303
480
463
1,106
1,360
1,720
675
1,700
2,662
4,094
2,756
1,336
6,215
6,214
6,219
227
269
279
102
109
62
1,343
1,344
1,407
4,324
4,278
4,263
218
215
207
5,996
5,999
6,010
724
778
789
1,414
1,401
1,428
2,289
2,278
2,265
1.569
1,542
1,528
Insurance companies:
1958—June 30
1 9 5 9 _ j u n e 30
1960—June 30
10,580
10,947
10,521
254
503
232
112
347
165
614
798
1,225
7,398
7,371
7,304
2,202
1,928
1,595
8,378
9,019
8,926
651
1,092
595
1,650
2,085
2,794
1,004
1,678
3,063
5,074
4,164
2,475
1961—June 30
July 31
Aug. 31
10,034
10,118
10,132
242
345
396
101
100
64
*1,345
1,356
1,414
7,064
7,048
7,017
1,282
1,268
1,241
8,752
8,850
8,891
1,107
1,194
1,180
1,873
1,886
1,982
3.113
3,107
3,085
2,659
2,663
2,644
11,494
4,579
1,740
1,882
3,284
11,485
8,442
2,871
98
75
10,048
10,148
10,390
4,885
5,509
5,732
754
434
253
2.227
2,171
2,475
2,177
2,028
1,925
10,043
10,143
10,385
8,368
8,437
8,552
1,521
1,558
1,715
114
108
84
40
40
33
U. S. Govt. agencies and trust funds:
1958—June 30
1959—June 30
1960—June 30
1961—June 30
July 31
Aug. 31
Federal Reserve Banks:
1958—June 30
1 9 5 9 _ j u n e 30
1960—June 30
Mutual savings banks:
1958—June 30
1959—June 30
1960—June 30
1961—June 30
July 31
Aug. 31
Other investors :
Nonfinancial corporations: 3
1960—June 30
1961—June 30
July 31
Aug. 31
Savings and loan associations:3
1960—June 30
Total
166,675
2,480
178
70
495
1,675
2,418
297
947
472
703
1961—June 30
July 31
Aug. 31
2,703
2,690
2,728
112
105
102
37
43
29
613
579
616
1,881
1,904
1,923
2,642
2,631
2,669
370
363
410
782
766
801
747
758
715
744
743
743
All others:4
1958—June 30
1959—June 30
I960—June 30
65,459
78,444
74,299
15,392
25,659
22,957
8,799
10.216
4,711
6,636
9,147
16,263
31,829
31.252
28,602
2.802
2.171
1,766
62,657
76,273
72,533
29,489
39,724
32,184
11,243
16,503
22,800
6,054
5,069
6,229
15,872
14,977
11,317
1961—June 30
July 31
Aug. 31
70,297
71,480
71,126
21,238
22,231
22,307
2,488
2,587
1,272
16,477
16,452
17,721
28,724
28,858
28.507
1,371
1,352
1,319
68,926
70.128
69.807
32.566
33.916
32.326
16,757
16,687
17,908
8,069
8,018
8,062
11,534
11,508
11,512
c
Corrected.
1 Direct public issues.
Data complete for U. S. Govt. agencies and trust funds and Federal
Reserve Banks, but for other groups are based on Survey data. Latest
data shown are for 6,266 commercial banks, 512 mutual savings banks,
and 826 insurance companies, which together accounted for more than
90 per cent of all holdings of banks and insurance companies, and 488
nonfinancial corporations and 489 savings and loan associations, which
together accounted for about half of the total holdings of all nonfinancial
corporations and savings and loan associations.
Holdings of "all others," a residual throughout, include holdings of
all those not reporting in the Treasury Survey, including investor groups
not listed separately.
2
Includes minor amounts of Panama Canal and postal savings bonds.
3 Holdings first reoorted separately in the Treasury Survey for February 1960. Monthly figures for February-May 1960 shown in the
Treasury Bulletin for September 1960, pp. 55-56. See also note 4.
4
Holdings of nonfinancial corporations and savings and loan associations included in this category until February 1960.
1328
FEDERAL FINANCE
DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1
[Averages of daily figures. Par value, in millions of dollars]
U. S. Government securities
By maturity
By type of customer
Week endingTotal
Within
1 year
1-5
years
5-10
years
Federal
agency
securities
After
10 years
U.S.
Govt.
securities
dealers
and
brokers
Other
dealers
and
brokers
Commercial
banks
All
other
1961
19
26
1,412
1,573
2,280
1,819
,209
,417
,821
,321
156
108
384
414
26
34
65
64
21
13
10
20
379
535
759
492
16
12
50
33
506
608
855
771
513
418
616
523
70
69
76
63
Aug. 2
9
16
23
30
1,653
1,396
1,271
1,379
1,342
,370
,067
,046
,213
,178
226
262
150
114
116
42
48
53
34
32
15
20
22
19
16
508
426
399
439
398
60
39
29
14
30
680
564
438
500
508
405
367
406
426
406
57
71
27
56
77
Sept. 6
20!'.'.'.'.'.'.'.'.
27
1,244
1,424
1,397
1,588
,098
,123
,147
,300
120
183
154
214
13
69
55
44
13
50
42
30
307
417
389
410
23
24
25
27
504
555
621
706
411
429
362
446
53
152
110
62
4
11
18
25*
1.751
1,798
1,973
1,377
,417
,409
1,687
1,157
288
349
241
172
23
20
27
31
23
20
18
17
571
561
613
480
36
47
61
21
704
795
764
546
441
396
536
341
83
47
75
58
July
Oct.
iS::::::::::
P Preliminary.
* The transactions data combine market purchases and sales of U. S.
Government securities dealers reporting to the Federal Reserve Bank of
New York. They do not include allotments of and exchanges for new
U. S. Government securities, redemptions of called or matured securities,
DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i
[Averages of daily figures.2 Par value, in millions of dollars]
U. S. Government securities, by maturity
Week
ending—
1-5
years
After
5 years
or purchases or sales of securities under repurchase agreements, reverse
repurchase (resale), or similar contracts. The averages are based on the
number of trading days in the week.
NOTE.—Details may not add to totals because of rounding.
FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS»
[Averages of daily figures. In millions of dollars]
Federal
agency
securities
Commercial banks
Week
ending—
All
sources
Corporations 2
All
other
All
maturities
Within
1 year
7....
14
21....
28....
1,943
2,086
2,579
2,462
1,613
1,757
2,316
2,226
354
346
280
257
-23
-17
-19
-21
146
145
134
130
June
.i::::
2,066
2,163
2,620
2,017
205
179
212
593
-24
-20
12
123
166
125
109
109
2,214
1,985
2,612
2,432
475
509
830
595
328
245
556
409
1,209
1,054
1,037
1,217
202
178
188
210
19
26....
2,247
2,323
2,844
2,733
7....
14....
21....
28....
July
Aug. 2
9
16
23....
30....
2,739
2,645
2,875
2,513
2,067
2,317
2,446
2,703
2,353
1,921
338
168
184
153
151
85
32
-14
6
-5
127
124
108
95
82
5....
12
19....
26....
2,260
2,196
2,489
2,779
598
502
677
716
339
387
484
532
.154
1,162
1,187
1,341
169
145
140
189
Aug.
Sept. 6
13
20
27....
2,082
2,423
2,685
2,699
1,925
2,253
2,497
2,545
162
162
161
130
-6
10
27
25
78
81
114
135
2....
9
16
23....
30....
2,885
2,666
2,985
2,696
1,985
869
727
807
716
333
469
467
480
531
267
1,270
1,164
1,275
1,235
1,238
276
307
423
214
147
Oct.
2,397
2,303
90
5
128
20....
27
1,988
2,266
2,730
2,642
312
573
991
836
372
425
714
731
1,178
1,120
841
882
127
148
184
193
2,363
707
596
813
247
New
York
City
Elsewhere
1961
June
July
4
1
The figures include all securities sold by dealers under repurchase
contracts regardless of the maturity date of the contract unless the contract
is matched by a reverse repurchase (resale) agreement or delayed delivery
sale with the same maturity and involving the same amount of securities.
Included in the repurchase contracts are some that more nearly represent
investments by the holders of the securities rather than dealer trading
positions.
2 Averages are based on number of trading days in the week.
NOTE.—Details may not add to totals because of rounding.
1961
Oct.
4
* The figures are 7-day averages and include both bank and nonbank dealers. See also note 1 of the opposite table on this page.
2
All business corporations except commercial banks and insurance
companies.
NOTE.—Details may not add to totals because of rounding.
1329
FEDERAL FINANCE; SECURITY ISSUES
U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, OCTOBER 31, 19611
[On basis of daily statements of U. S. Treasury,
Issue and coupon rate
Amount
Issue and coupon rate
Amount
Treasury bills—Cont.
Treasury bills
Nov. 2,1961..
Nov. 9, 1961..
Nov. 16, 1961..
Nov. 24, 1961..
Nov. 30, 1961..
Dec. 7,1961.,
Dec. 14, 1961..
Dec. 21,1961..
Dec. 28, 1961..
Jan. 4,1962.,
Jan. 11, 1962..
Jan. 15,1962.,
Jan. 18, 1962..
Jan. 25,1962.,
Feb. 1,1962..
Feb. 8,1962.,
Feb. 15,1962.,
Feb. 23, 1962.,
Mar. 1,1962.,
Mar. 8,1962.,
Mar. 15,1962.,
Mar. 22, 1962.
Mar. 23, 1962*
Mar. 29, 1962.
Apr. 5, 1962.,
Apr. 12, 1962.
1,702
Apr. 15, 1962
Apr. 19, 1962
1,701
Apr. 26, 1962
1,702
June 22, 1962*
1,701
July 15, 1962
1,701
1,609
Oct. 15, 1962
1,601
1,601
1,600 Certificates
1,600
May 15, 1962
1,601
1,502
1,600 Treasury notes
Feb. 15, 1962
1,601
Feb. 15, 1962
600
Feb. 15, 1962
600
Apr. 1,1962
600
May 15, 1962.
600
Aug. 15, 1962
600
Aug. 15, 1962
595
Oct. 1,1962
601
Nov. 15, 1962
600
Nov. 15, 1962
3,503
Feb. 15, 1963
600
Apr. 1,1963
600
May 15, 1963
600
Issue and coupon rate
Amount
Treasury n
<
totes—Cont.
Oct. 1 .1963
lVi
Nov. 15 , 1963
4%
Apr. 1 , 1964
1%
May 15 , 1964
4%
May 15 , 1964
354
Aug. 15 , 1964
5
Aug. 15 1964
33/4
Oct.
, 1964
IVi
Nov. 15;, 1964
4%
5,509
Apr. i;, 1965
IVi
May 15, 1965
:,
4%
Oct. 1 , 1965
1%
9,098
Apr. 1 , 1966
n/>.
647
Oct. 1 , 1966
11/2
1,435
551
2,211 Treasury bonds
158
Nov. 15, 1961
2Vi
7,325
June 15, 1959-62.,. 2 y4
590
Dec. 15, 1959-62... 2V4
1,143
Dec. 15, 1960-65 2.. 2%
6,082
June 15, 1962-67... 2%
2,839
Aug. 15, 1963
2Vi
533
Dec. 15, 1963-68... 2 Vi
1,743
Feb. 15, 1964
3
5,047
June 15, 1964-69... 2Vi
2,000
600
600
2,511
2,004
2,003
3
3V4
3%
4
\Vi
4
4
3*4
1%
354
3V4
2%
1%
4
3%
May 15, 1963
In millions of dollars]
• Tax anticipation series.
1 Direct public issues.
506
3,011
457
4,933
3,893
2,316
5,019
490
4,195
466
2,113
315
675
17
6,963
Issue and coupon rate
Amount
Treasury bonds—Cont.
Dec. 15, 1964-69... 2%
Feb. 15, 1965
2%
Mar. 15, 1965-70.. ,2Vi
May 15, 1966
3%
Aug. 15, 1966
3
Nov. 15, 1966
3%
Mar. 15, 1966-71.. . 2 %
June 15, 1967-72...2%
Sept. 15, 1967-72... 2Vi
Nov. 15, 1967
3H
Dec, 15, 1967-72... 2Vi
May 15, 1968
3%
Oct. 1,1969
4
Nov. 15, 1974
3%
May 15, 1975-85.. AVA
June 15, 1978-83... 3VA
Feb. 15, 1980
4
Nov. 15, 1980
3H
May 15, 1985
3*4
Feb. 15, 1990
3%
Feb. 15, 1995
3
Nov. 15, 1998
3Vi
2,556
6,896
2,432
1,213
1,484
2,438
1,422
1,763
2,716
3,604
3,537
2,137
1,423
654
470
1,596
884
1,916
1,132
4,016
2,686
3,528
3,964
2,271
1.485
1,464
4,317
1,818 Convertible bonds
3,854
Investment Series B
2,637
Apr. 1,1975-80...2%
4,705
2 Partially tax-exempt.
NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1
[Investment Bankers Association data.
Par amounts of long-term issues in millions of dollars)
All issues (new capital and refunding)
Total
1953
1954
1955
1956
1957
1958
1959
1960
1960—July....
Aug..
Sept..
Oct...
Nov..
Dec...
1961—Jan...
Feb...
Mar..
April.
May..
June..
July..
General
obligation
Public FederReve- Housal
ing
nue Author- Govt.4
ity 3 loans
5,558
6,969
5,976
5,446
8 6,925
7,526
7,695
7,302
3,495
3,380
3,770
3,577
4,792
5,447
4,778
4,677
1,558
3,205
1,730
1,626
1,967
1,777
2,409
2,097
492
611
683
353
506
496
342
356
502
271
351
270
709
662
763
724
628
1,015
447
556
367
610
543
401
611
291
Special
district
and
State statu- Others
tory
authority
Total
amount
delivered 6 Total
Water,
sewer,
and
Edu- Roads
and
cation bridges other
utilities
Residential
housing 7
496
374
474
199
66
187
333
403
9
9
2
44
99
115
176
125
767
2.047
1,408
800
1,489
1,993
1,686
1,110
2 091
1,463
1,097
983
1,272
1,371
2,120
1,985
2 701
3,459
3,472
3,664
4,163
4,162
3 889
4,206
n.a.
n.a.
n.a.
n.a.
6,568
7,708
7,423
7,112
5 477
6,789
5,911
5 383
6,874
7 441
7 588
7,257
1,320
1,432
1,516
1,455
2,524
2,617
2,314
2,411
1 588
2,136
1,362
698
1,036
1,164
844
1,007
803
1,270
881
1,399
1,516
1 412
1 989
1,318
506
456
570
258
136
249
1
126
72
144
108
49
14
6
7
9
11
21
28
76
165
6
102
49
130
308
137
75
70
99
335
227
381
272
334
348
934
501
623
589
432
448
492
606
68
232
177
8
81
44
124
111
1
5
50
491
161
165
200
176
181
162
85
283
137
124
214
389
89
63
9
4
4
16
6
12
15
14
225
62
252
271
18
193
103
86
223
75
113
205
260
103
399
377
436
340
405
562
240
504
708
661
712
703
759
720
745
626
670
693 1,013
444
1,015
375
229
225
209
278
212
141
36
95
48
67
33
256
68
109
195
169
67
IfO
98
5i
52
n.a. Not available.
1
Data prior to 1957 are from the Bond Buyer as classified by Federal
Reserve.
2 Classifications prior to 1957 as to use of proceeds and type of issuer
are based principally on issues of $500,000 or more; smaller issues not
classified. As a result some categories, particularly education, are understated relative to later data.
3 Includes only bonds sold pursuant to the Housing Act of 1949.
These are secured by contract requiring the Public Housing Administration to make annual contributions to the local authority.
4
Beginning with 1957, coverage is considerably broader than earlier.
\Use of proceeds 2
Type of issuer 2
Type of issue
Period
Issues for new capital
683
348
501
100
73
101
119
267
80
113
251
402
425
Veter- Other
purans'
poses
aid
141 1 11*
162
rn
169
414
110 1 464
333
339 I 657
683
355
894
201
50
(9)
99
63
9
6
10
52
31
13
100
170
137
94
106
92
138
68
93
121
216
151
149
268
102
5
Consists of municipalities, counties, townships, school districts and,
prior to 1957, small unclassified issues.
6 Excludes Federal Government loans. These data are based on date
of delivery of bonds to purchaser (and of payment to issuer), which occurs
after date of sale. Other data in table are based on date of sale.
7
Includes urban redevelopment loans.
8
Beginning in 1957 this figure differs from that shown on the following
page, which is based on Bond Buyer data. The principal difference is in
the treatment of Federal Government loans.
9 Less than $500,000.
1330
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
Federal
U.S.
Govt. 3 agen4
State
and
municipal
Corporate
New capital
Bonds
Others
Total
Pre- Common
Pri- ferred stock
stock
vately
placed
Publicly
offered
Total
Total
Total
Retirement
of
New Other
purmoney' poses securities
28,824
29,765
26,772
22,405
30,571
34,443
31,074
27,541
13,957
12,532
9,628
5,517
9,601
12,063
12,322
7,906
106
458
746
169
572
2,321
707
1,672
5,558
6,969
5,977
5,446
6,958
7,449
7,681
7,230
306
289
182
334
557
1,052
616
579
9,516
10,240
10,939
12,884
11,558
9,748
10,154
7,083
7,488
7,420
8,002
9,957
9,653
7,190
8,081
3,856
4,003
4,119
4,225
6,118
6,332
3,557
4,806
3,228
3,484
3,301
3,777
3,839
3,320
3,632
3,275
489
816
635
636
411
571
531
409
1,326
1,213
2,185
2,301
2,516
1,334
2,027
1,664
I960—Aug..
Sept..
Oct...
Nov..
Dec...
3,187
1,808
1,814
1,986
1,947
1,371
338
345
326
348
199
607
682
343
496
490
14
41
38
6
34
996
747
928
1,009
895
821
619
778
875
764
592
329
621
518
323
229
289
157
357
441
34
37
45
16
45
141
91
105
118
86
976
731
910
988
879
966
726
890
956
852
895
671
830
805
749
71
55
60
152
103
10
5
20
32
27
1961—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
1,774
5,455
2,161
3,393
4,432
3,494
1,824
2,046
455
4,069
434
348
2,244
369
342
392
706
660
756
710
625
1,035
463
603
12
31
23
4
72
33
12
2
601
695
696
472
529
542
1,061
1,021
1,495
748
627
178
273
211
713
666
924
424
225
294
255
331
348
355
572
324
402
30
99
37
130
29
125
60 1,111
92
228
40
244
20
238
42
129
590
682
679
2,203
1,314
1,744
980
111
580
667
562
2,118
1,259
1,318
957
739
552
612
484
2,055
1,090
1,127
795
633
28
56
77
63
169
191
162
106
10
14
118
85
55
426
23
39
1953
1954
1955
1956
1957
1958
1959
1960
160
149
181
252
100
149
278
250
2,231
1,342
1,779
1,006
798
8,755 8,495 7,960
9,365 7,490 6,780
7,957
10,049 8,821
10,749 10,384 9,663
12,661 12,447 11,784
11,372 10,823 9,907
9,527 9,392 8,578
9,924 9,653 8,758
535
260
709 1,875
864 1,227
721
364
663
214
915
549
814
135
895
271
Proposed uses of net proceeds, major groups of corporate issuers
Year or
month
Manufacturing
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew
New 8 ment of
New 8 ment of
ment of
New
ment of
New
ment of
New
ment of
secu- capitals
secu- capital8
secu- capital 8
capital
secu- capital
secu- capital 8
securities
rities
rities
rities
rities
rities
2,128
2,044
2,397
3,336
4,104
3,265
1,941
1,997
90
190
533
243
49
195
70
79
502
831
769
682
579
867
812
794
40
93
51
51
29
13
28
30
553
501
544
694
802
778
942
672
1960—Aug.
Sept.
Oct..
Nov.
Dec.
220
161
185
249
191
6
4
4
27
22
51
45
66
79
61
oj
6
3
1
92
51
36
45
78
1961—Jan..
Feb..
Mar.
Apr..
May,
June,
July.
Aug.
169
99
248
574
447
446
411
260
1
5
32
16
22
128
14
31
33
91
47
78
110
120
84
78
1
2
5
1
2
23
2
1
81
55
72
33
67
115
11
20
1953
1954
1955
1956
1957
1958
1959
1960
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.
3 Includes guaranteed issues.
4
Issues not guaranteed.
5 Represents foreign governments, International Bank for Reconstruc-
10
8
2,905
2,675
2,254
2,474
3,821
3,605
3,189
2,754
67
990
174
14
51
138
15
51
871
651
1,045
1,384
1,441
1,294
707
1,036
222
303
203
314
180
36
270
338
20
14
38
15
39
()
10
2
1
165
94
254
27
100
21
17
1
3
3
4
21
41
19
994
85
16
4
10
137
160
84
254
439
389
263
245
3
60
77
21
4
118
1,536
788
1,812
1,815
1,701
1,014
1,801
2,401
24
273
56
17
67
47
6
71
215
72
147
242
242
70
45
12
251
138
223
92
186
111
231
184
127
tion and Development, and domestic eleemosynary and other nonprofit
organizations.
6
Estimated net proceeds are equal to estimated gross proceeds less cost
of notation, i.e., compensation to underwriters, agents, etc., and expenses.
7 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.
1331
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual totals
Quarterly totals
19591
Industry
1956
1957
1958
1959
1960
1961
1960
4
1
2
3
4
1
2
Manufacturing
Total (180 corps.):
Sales
Profits after taxes
Dividends
Nondurable goods industries (79 corps.): 1
Sales
Durable goods industries (101 corps.): 2
Sales
Profits before taxes
107,717 114,229 105,134 118,273 120,742 28,999 31,573 30,924 28,103 30,142 28,651 30,353
13,418 13,349 10 466 14,094 13,363 3,059 4,002 3,544 2,710 3,107 2 693 3 472
7,094 7,177 5,714 7,443 7,077 1,678 2,063 1,813
1,499
1,703 1,436
1,831
4,068 4,192 4,078 4,342 4,492 1,249
1,092
1,099
1,101
1,201 1,103 1,117
39,463 41,704 41,541 45,465 46,819 11,572 11,599 11,663 11,616 11,941 11,831 12,146
5,146 5,010 4 402 5,652 5,526 1,388
1 407 1,421
1,404
1 294 1 324 1 390
810
2,943 2,944 2,574 3,212 3,161
797
785
814
765
757
771
1,978
564
482
486
1 683 1,776
482
1 785 1,912
528
486
492
68,254 72,525 63,593 72,808 73,923 17,428 19,974 19,260 16,487 18,201 16,820 19,207
8 272 8,339 6 065 8,442 7,837 1,670 2 595 2,123 1,306
1 813 1 368 2 083
868 1,277
1,016
4,151 4,233 3,140 4,231 3,915
684
938
679 1,060
684
612
2,385 2,416 2,294 2,430 2,515
610
619
674
618
625
Dividends
Selected industries:
Foods and kindred products (25 corps.):
9,394
Sales
955
Profits before taxes
Profits after taxes
460
277
Dividends
.
. .
Chemicals and allied products (21 corps.):
10,199
Sales
Profits before taxes
.
. . 1,804
942
Profits after taxes
698
Petroleum refining (16 corps.):
12 454
Sales
1,444
1 068
Profits after taxes
481
Primary metals and products (35 corps.):
22 365
Sales
Profits before taxes
3,331
Profits after taxes
1 727
880
Machinery (25 corps.):
13 908
Sales
1 209
Profits before taxes
.
..
.
'607
Dividends
403
Automobiles and equipment (14 corps.):
21,217
Sales
2 473
Profits before taxes
1,186
791
Dividends
.
9,987 10 707 11,303 11,814
1,274
1,323
1,024
1,152
604
629
497
555
289
344
376
312
2,829
307
148
100
2,821
303
142
92
2,928
338
159
88
2,943
345
162
100
3 122
338
166
95
3 021
319
150
95
3 172
357
169
103
10,669 10 390 11,979 12,319
1,823
1,538 2,187 1,999
1,062
948
829 1,131
799
794
737
717
3,038
524
280
264
3,057
537
276
191
3,146
534
281
186
3,096
489
256
187
3 020
440
250
230
2 979
438
229
193
3 244
513
267
189
13,463 12 838 13,372 13,728
1,325
1,261
919 1,187
1,075
969
986
791
512
518
521
516
3,459
302
247
134
3 427
307
238
130
3,282
292
226
130
3,385
364
292
128
3 635
299
230
133
3 488
354
272
129
3 399
274
214
134
22,468 19 226 21,035 20,898
2,977 2,182 2,331 2,263
1,540
1,178
1 154 1,222
873
831
840
802
4,591
411
233
221
6,003
854
426
206
5,442
611
322
208
4,939
411
224
208
4 513
387
205
219
4 396
309
166
207
5,189
547
288
208
15,115 14 685 16,922 16,503
1 457 1 463 1,890
1,482
729
934
760
'734
416
448
482
422
4,413
472
236
121
4,000
389
197
121
4,171
395
202
119
4,015
366
185
120
4,316
332
175
123
4,137
362
178
121
4,485
398
200
125
23,453 18,469 22,731 24,175
2,701 1 332 2,985 3,100
1,354
1,529
706 1,479
805
807
833
758
5,262
500
254
233
7,022
1,076
521
199
6,516
936
457
199
4,502
273
151
207
6,134
816
400
228
5,293
478
223
205
6,297
842
419
207
9,514
649
445
383
2,435
242
185
130
2,411
165
99
91
2,477
212
139
94
2,322
104
65
73
2,304
169
141
126
2,129
26
-13
86
2,290
137
74
91
9,049
2,462
1 326
1,022
9,670 10,195 11,129 11,861
2,579 2,704 2,983 3,169
1,795
1,413
1,655
1,519
1,219
1,302
1,069
1,134
2,852
740
417
312
3,166
901
502
325
2,837
739
422
321
2,865
757
418
322
2,993
772
452
335
3,267
918
523
343
2,981
767
447
344
5 966
1,430
715
552
6,467
1,562
788
613
1,947
543
275
192
1,967
558
277
196
2,025
585
290
200
2,042
589
294
203
2,077
594
294
207
2,090
587
290
210
2 139
614
307
214
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric Power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Profits before taxes
Dividends
1
. ...
.
.
.
. .
...
10,551 10,491
1,058
1,268
737
876
438
462
9,565
843
602
419
6 939
1,860
921
674
Includes 17 companies in groups not shown separately.
2 Includes 27 companies in groups not shown separately.
NOTE.—Manufacturing corporations. Data are obtained primarily
from published company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric Power. Figures are for Class A and B electric utilities (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
9,825
845
578
406
7,572
2,153
1,073
743
8,111
2,326
1,155
806
Telephone. Revenues and profits are for telephone operations of the
Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series (but not for figures), see 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.
1332
BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
[Department of Commerce estimates. In billions
of dollars]
Securities and Exchange Commission estimates. In millions of dollars]
Profits
before
taxes
Income
taxes
1953
1954... .
1955
1956 .
1957
1958
1959... .
I960
38.3
34.1
44.9
44.7
43.2
37.4
46.8
45.0
20.2
17.2
21.8
21.2
20.9
18.6
23.1
22.3
18.1
16.8
23.0
23.5
22.3
18.8
23.7
22.7
9.2
9.8
11.2
12.1
12.6
12.4
13.4
14.1
8.9
7.0
11.8
11.3
9.7
6.4
10.3
8.6
1959—2
3
4
51.5
44.8
44.9
25.4
22.1
22.1
26.1
22.7
22.7
13.3
13.7
13.8
12.8
9.0
8.9
1960—1
2 . .
3
4
48.1
46.3
43.2
42.6
23.9
23.0
21.4
21.1
24.2
23.3
21.7
21.4
14.0
14.0
14.1
14.3
10.2
9.3
7.6
7.2
1961—1
2 ...
39.6
45.2
19.6
22.4
20.0
22.8
14.2
14.2
5.8
8.6
Year or
quarter
Profits Cash Undisafter
divi- tributed
taxes dends profits
All types
Year or
quarter
Stocks
Bonds and notes
New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change
1953.
1954
1955
1956
1957.
1958
1959.
I960
9,550
11,694
12,474
13,201
14,350
14,761
12,855
12,958
2,429 7,121 6,651
5,629 6,065 7,832
5,599 6,875 7,571
5,038 8,162 7,934
3,609 10,741 9,638
5,296 9,465 9,673
4,858 7,998 7,125
4,760 8,198 8,044
4,755
3,799
4 188
4,731
7,053
5,856
4,076
5,034
1,896
4,033
3,383
3,203
2,584
3,817
3,049
3,010
2,898
3,862
4,903
5,267
4,712
5,088
5,730
4,914
533
1,596
2,216
1,836
1,024
1,479
1,809
1,751
2,366
2,265
2,687
3,432
3,688
3,609
3,922
3,164
1960—2
3
4.
3,101
3,293
. . . 3,615
1,163
1,215
1,171
1,937 1,808
2,077 2,055
2,445 2,573
717
849
715
1,090 1,293
1,206 1,238
1,859 1,042
446
366
456
847
872
586
1961—1
2
3,247
5,566
1,417
1,808
1,830 1,488
3,758 3,273
770
1,255
718 1,759
2,018 2,293
647
553
1,112
1,740
1
Reflects cash transactions only. As contrasted with data shown on p. 1330 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 type of issues, and also securities retired with internal funds or with
proceeds of issues for that purpose shown on p. 1330.
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
Cash
Total
U.S.
Govt.
securities
Current liabilities
Notes and accts.
receivable
U.S.
Govt.2
Notes and accts.
payable
U. S.
Govt.2
Inventories
Other
Other
Federal
income
tax
liabilities
Total
Other
Other
1953
1954
1955
1956
1957
1958
1959
91.8
94.9
103.0
107.4
111.6
118.7
127.5
190.6
194.6
224.0
237.9
244.7
255.3
278.7
31.1
33.4
34.6
34.8
34.9
37.4
37.2
21.5
19.2
23.5
19.1
18.6
18.8
22.6
2.6
2.4
2.3
2.6
2.8
2.8
2.9
65.9
71.2
86.6
95.1
99.4
106.9
119.0
67.2
65.3
72.8
80.4
82.2
81.9
88.2
2.4
3.1
4.2
5.9
6.7
7.5
8.8
98.9
99.7
121.0
130.5
133.1
136.6
151.2
2.2
2.4
2.3
2.4
2-3
L.7
7
57.3
59.3
73.8
81.5
84.3
88.7
99.0
18.7
15.5
19.3
17.6
15.4
12.9
15.3
20.7
22.5
25.7
29.0
31.1
33.3
35.2
I960—1
2
3
4
129.7
130.2
131.6
132.5
281.3
283.0
285.8
287.4
33.8
34.6
35.0
37.0
22.4
20.7
19.3
19.7
2.9
2,9
2.9
3.1
120.3
122.8
125.8
126.5
91.9
92.1
92.6
91.3
9.9
10.0
10.1
9.8
151.6
152.9
154.2
154.9
8
.8
1.8
1.8
99.6
101.3
101.9
102.6
13.9
12.9
13.4
13.8
36.2
36.9
37.2
36.8
1961—1
2
134.3
137.9
286.6
291.4
34.8
36.0
19.5
19.4
3.2
3.1
125.5
129.2
92.9
92.3
10.7
11.3
152.3
153.5
8
1.7
100.9
102.4
12.1
11.7
37.5
37.7
i Excludes banks, savings and loan associations, and insurance companies.
2
Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
[Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]
Transportation
Year
1953
1954
1955
1956
1957
1958
1959
I960
1961*
Total
28.3
26 8
28.7
35.1
37.0
30.5
32.5
35.7
34.6
Manufacturing
Min-
11.9
11.0
11.4
15.0
16.0
11.4
12.1
14.5
13.8
1.0
1.0
1.0
1.2
1.2
.9
1.0
1.0
1.0
ing
Railroad
Other
1.3
.9
.9
1.2
1.4
.8
.9
1.0
.6
1.6
1.5
1.6
1.7
1.8
1.5
2.0
1.9
1.9
Public Com2
utilimuni- Other
cations
ties
4.6
4.2
4.3
4.9
6.2
6.1
5.7
5.7
5.8
i Corporate and noncorporate business, excluding agriculture.
* Includes trade, service, finance, and construction.
1.7
1.7
2.0
2.7
3.0
2.6
2.7
3.1
l: .5
Quarter
Total
Manufacturing
Transand
portamintion
ing
Public
utilities
All
other 3
Total
(seasonally adjusted
annual
rate)
1960—1
2
3
4
7.9
9.3
9.0
9.5
3.3
4.0
3.9
4.3
.7
.8
.7
.7
1.2
1.4
1.5
6
2.7
3.0
2.9
3.0
35.2
36.3
35.9
35.5
1961—1
2
34....
44....
6.3
6.5
7.5
8.4
7.4
7.2
8.2
8.4
7.6
8.6
8.8
9.6
3.2
3.7
3.7
4.2
.6
.7
.7
.6
1
4
1.6
L.7
2.7
2.9
2.9
3.1
33.9
33.5
34.8
35.9
3 Includes communications and other.
Anticipated by business.
4
1333
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties
End of year
or quarter
Other
holders
Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others
All
holders
Total
Financial
institutions
Other
holders
Financial
institutions
All
holders
Total
Other
holders
All
holders
Financial
Other
insti- holders2
tutions
18.4
18.6
11.2
12.2
7.2
6.4
12.9
8.1
4.8
6.4
1.5
1.3
4.9
3.4
4.6
5.2
6.0
7.5
7.8
10.0
11.2
105.4
120.9
134.6
146.1
160.7
178.9
193.7
75.7
88.2
99.0
107.6
117.7
131.0
141.8
62.5
73.8
83.4
89.9
98.5
109.3
118.4
13.2
14.4
15.6
17.7
19.2
21.7
23.4
29.7
32.6
35.6
38.5
43.0
47.9
51.9
19.9
21.8
23.9
25.8
28.8
31.8
34.5
9.8
10.8
11.7
12.7
14.2
16.1
17.4
8.3
9.1
9.9
10.5
11.3
12.3
13.1
3.3
3.6
3.9
4.0
4.2
4.5
4.7
5.0
5.4
6.0
6.5
7.1
7.8
8.4
145.5
10.0
35.6
178.9
131.0
109.3
21.7
47.9
31.8
16.1
12.3
4.5
7.8
148.0
151.3
154.6
157.6
10.3
10.6
11.0
11.2
36.3
36.8
37.5
38.0
182.1
185.9
190.1
193.7
133.3
136.1
139.2
141.8
111.1
113.6
116.1
118.4
22.2
22.5
23.1
23.4
48.8
49.8
50.9
51.9
32.4
33.1
33.8
34.5
16.3
16.7
17.0
17.4
12.5
12.8
13.0
13.1
4.5
4.6
4.6
4.7
8.0
8.2
8.3
8.4
160.1
164.4
11.3
11.2
38.6
39.3
196.6
201.1
143.8
147.1
120.3
123.7
23.5
23.5
52.8
54.0
35.1
35.9
17.7
18.1
13.3
13.7
4.7
4.8
8.6
8.9
20.7
21.0
4.7
2.4
1954
1955
1956
1957
1958
1959
I960
113.7
129.9
144.5
156.6
171.9
191.2
206.8
85.7
99.3
111.2
119.7
131.5
145.5
157.6
1959—Dec
191.2
1960—Mar
June
Sent
Dec
194.5
198.7
203.0
206.8
209.9
214.8
Mar P
June p . . .
Multifamily and
commercial properties*
31.2
30.8
37.6
35.5
1961
1- to 4-family houses
12.2
12.1
23.4
25.4
27.3
29.4
32.7
35.6
38.0
1941
1945
. .
Farm
Nonfarm
P Preliminary.
1
Derived figures, which include negligible amounts 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
Administration, and Federal land banks, and in earlier years RFC,
HOLC, and Federal Farm Mortgage Corporation. Other Federal
agencies (amounts small or separate data not readily available currently)
are included with individuals and others.
SOURCE.—Federal Deposit Insurance Corporation, Federal Home
Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Federal
Housing Administration, Public Housing Administration, Veterans
Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commercial bank holdings2
Mutual savings bank holdings3
Residential
End of year
or quarter
Total
Total
FHAinsured
VAguaranteed
Residential
Conventional
Other
nonfarm
VAguaranteed
4 812
4,208
6,695
7,617
8,300
8,735
9,780
11,037
11,652
3,263
3,819
4,379
4,823
5,461
6,237
6,796
1.159
1,297
,336
1,367
1,471
1,588
[,648
15,007
17,457
19,746
21,169
23,263
24,992
26,935
13,211
15,568
17,703
19,010
20,935
22,486
24,306
3,800
4,150
4,409
4,669
5,501
6,276
7,074
4,262
5,773
7,139
7,790
8,361
8,589
8,986
3,161
11,037
6,237
1,588
24,992
22,486
6,276
3,124
3,032
2,919
2,859
11,113
11,324
11,574
11,652
6,345
6,484
6,651
6,796
,S91
1,646
,643
1,648
25,404
25,849
26,430
26,935
22,871
23,293
23,835
24,306
6,415
6,571
6,832
7,074
2,774
2,727
11,654
12,052
6,918
7,131
,677
1,714
27,446
28,015
24,786
25,319
7,342
7,634
Conventional
3 884
3,387
3 292
3,395
1954
1955
1956
1957
1958
1959
1960
18,573
21,004
22,719
23,337
25,523
28,145
28,806
14,152
15,888
17,004
17,147
18,591
20,321
20,362
4,106
4,560
4,803
4,823
5,476
6,122
5,851
3,350
3,711
3,902
3,589
3,335
3,161
2,859
1959—Dec
28,145
20,321
6,122
1960—Mar
June
Sent
Dec
28,228
28,463
428.693
28,806
20,292
20,334
20,399
20,362
6,053
5,978
5,906
5,851
28,763
29,442
20,168
20,597
5,740
5,818
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
Total
FHAinsured
566
521
4 906
4,772
..
Total
1 048
856
1941
1945
1961—Mar
June
Farm
Other
nonfarm
Farm
900
797
28
24
5,149
5^5
6,155
6,551
7,073
7,622
8,246
1,740
1,831
1,984
2,102
2,275
2,451
2,575
56
58
59
57
53
55
54
8,589
7,622
2,451
55
8,729
8,879
8,941
8,986
7,727
7,843
8,062
8,246
2,479
2,503
2,542
2,575
54
53
53
54
9,079
9,192
8,365
8,493
2,608
2,645
52
51
estimates based in part on data from National Association of Mutual
Savings Banks.
* 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.
1334
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
FHAinsured
Total
VAguaranteed
Farm
Other
1941
1945
1954
1955
1956
1957
1958
1959
I960
5,344
6,623
6,715
5,230
5,277
5,970
6,083
4,931
6,108
6,201
4,823
4,839
5,472
5,619
672
971
842
653
1.301
1,549
1,401
1,378
1,839
1,652
831
195
201
288
2,881
3,298
3,707
3,339
3,343
3,722
3,930
I960—Sept
Oct
Nov
Dec
472
507
503
616
446
477
465
561
118
117
124
114
18
16
13
12
1961 Jan . .
Feb
Mar
Apr
May
569
447
549
513
511
537
465
557
511
524
395
490
463
461
489
433
517
472
167
117
105
107
105
99
94
116
106
12
12
20
13
12
13
16
18
15
Total
976
July
Aug
Sept
.
Total
FHAinsured
6,442
6,636
5,529
5 860
815
1 394
413
515
514
407
438
498
464
25,976
29,445
32,989
35,236
37,062
39,197
41,771
23,928
27,172
30,508
32,652
34,395
36,353
38,789
6,116
6,395
6,627
6,751
7,443
8,273
9,032
310
344
328
435
26
30
38
55
41,099
41,313
41,521
41,798
38,153
38,356
38 553
38,803
345
266
365
343
344
377
323
383
351
45
52
59
50
50
48
32
40
39
42,008
42,143
42,351
42,553
42,723
42,905
43,052
43,216
43,381
39,021
39,152
39,347
39,525
39,670
39,827
39,959
40,105
40,252
VAguaranteed
Farm
Other
4,714
4 466
913
776
4 643
6,074
7 304
7 721
7 433
7,086
6,901
13,169
14,703
16 577
18,180
19.519
20,994
22,856
2,048
2.273
2 481
2.584
2.667
2,844
2,982
8,867
8,930
9,004
9,043
7 006
6,978
6 951
6,929
22,280
22,448
22 598
22,831
2 946
2 957
2,968
2,995
9,134
9,210
9,275
9,326
9,364
9,403
9 452
9,501
9,541
6,899
6,866
6,839
6 810
6,770
6,736
6 698
6,660
6,624
22,988
23,076
23,233
23 389
23,536
23,688
23 809
23,944
24,087
2,987
2,991
3,004
3,028
3,053
3,078
3 093
3,111
3,129
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 oj
Life Insurance Statistics.
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[In millions of dollars]
[In millions of dollars]
Loans made
Year or
month
Total i
New
construction
Loans outstanding (end of period)
VAConvenguaranteed tional 2
Total 2
581
4,578
5,376
846
26,108
31,408
35,729
40,007
45,627
53,194
60,084
1 170
1 ,404
1 ,486
1 643
,?06
2 997
3 ,523
591
545
508
58,406
59,011
59,512
460 60,084
3 ,447
3 487
7
47,783
7 216 48,348
7 214 48,811
7
49,350
400 60,455
395 60,882
515 61,571
504 62,265
603 63,080
71? 64,073
659 64,811
785 65,717
707 66,518
.561
3 ,610
,658
3 ,70?
3 ,770
3 ,835
3 ,888
3 ,954
3 ,998
7 ,191 49,703
7 ,193 50,079
7 J 8 3 50 730
7 195 51,368
7 ,?04 52,106
7 ,186 53,052
7
53,740
7 ,156 54,607
7 ,142 55,378
1941
1945
t
379
1 913
437
181
1954
1955
1956
1957
1958
1959
I960
? ,969
3,076
3,984
3,699
3,484
4 050
,155
4 670
4 591
5 ,17?
4,678
6
6 ,132
11 ,255
If >,325
If L160
182
r . ,151
i«
1,304
u
FHAinsured
Home
purchase
1 358
4 709
,883
6 643
7 ,011
7 ,077
7 ,19?
7 ,211
20,229
24,121
27,600
31,353
36,344
43,005
49,350
Year or
month
Season- Without
ally
seasonal
adadjustjusted1 ment2
Savings &
loan
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941.
1945.
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
1954.
1955.
1956.
1957.
1958.
1959.
1960.
22,974
28,484
27,088
24,244
27,388
32,235
29,341
8,312
10,452
9,532
9,217
10,516
13,094
12,158
,768
,932
,799
,472
,460
,523
,318
4,239
5,617
5,458
4,264
5,204
5,832
4,520
1,501
1,858
1,824
1,429
1,640
1,780
1,557
2,488
2,464
2,451
2,426
2,407
2,784
2,598
2,525
2,378
2,338
1,201
1,097
1,053
978
961
123
111
106
97
95
406
381
372
363
361
158
145
146
143
132
2,373
2,387
2,398
2,476
2,561
2,581
2,652
2,075
1,997
2,444
2,358
2,700
2,856
2,653
3,004
830
838
1,060
1,038
1,199
1,292
1,166
1,346
83
78
94
89
100
104
95
111
337
321
394
386
444
460
425
483
110
95
106
114
138
153
168
179
1960
1 ,316
i ,?50
i ,140
i ,150
Sept
Oct
Nov
Dec .
402
394
367
1961
Jan
Feb
Mar
ADr
.. ..
969
,001
356
. . .
May
June
July
Aug p
Sept
.309
1,511
L *482
1,763
1,609
285
288
426
417
460
422
498
430
» Preliminary.
1 Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2 Beginning with 1958 includes shares pledged against mortgage loans.
SOURCE.—Federal Home Loan Bank Board.
By type of lender
(without seasonal adjustment)
Total
1960
Aug..
Sept..
Oct..
Nov..
Dec..
1961
Jan
Feb
Mar
Apr
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.
1335
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In millions of dollars]
[In billions of dollars]
FHA-insured loans
Home
mortgages
Year or month
Total
New
properties
Existing
properties
VA-guaranteed loans
Projtype
mortgages i
Property
improvement2
loans
Home
mortgages
Total 3
New
properties
End of
year or
quarter
Existing
properties
Governmentunderwritten
Conventional
Total
Total
1945
665
257
217
20
171
192
1954
1955
1956
1957
1958
1959
I960
3,066
3,807
3,461
3,715
6,349
7,694
6,293
1,035
1,269
1,133
232
76
891
646
130
595
929
628
711
692
869
868
997
982
4,257
7,156
5,868
3,761
1,865
2,787
1,985
2,686
4,582
3,910
2,890
1,311
2,051
1,554
1,566
2,564
1,948
1,666
2 563
2,197
907
1,816
1,505
1,371
2,885
3 507
2,403
Dec
613
573
558
558
192
196
181
167
233
237
223
223
119
46
78
92
68
94
77
76
169
162
150
142
132
125
113
109
37
36
37
33
Jan
Feb
186
224
89
65
130
101
28
448
148
193
57
50
108
81
27
143
124
130
132
134
164
204
193
219
254
252
299
72
75
84
90
80
96
60
65
68
87
76
125
109
123
137
144
182
93
78
83
89
90
113
32
31
41
AUH
480
458
501
563
543
647
Sept
569
147
276
73
74
168
98
FHA- VAinguarsured anteed
70
I960—Sept
Oct
Nov
1961
Mar
Apr
May
June
July
564
880
863
549
730
428
48
54
68
1
2
3
Monthly figures do not reflect mortgage amendments included in annual totals.
These loans are not ordinarily secured by mortgages.
Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed
loans, gross amount of loans closed. Figures do not take account of principal repayments
on previously insured or guaranteed loans. For VA-guaranteed loans amounts by type
are derived from data on number and average amount of loans closed.
SOURCE.—Federal Housing Administration and Veterans Administration.
1945
18.6
4.3
4.1
.2
14.3
1954
1955
1956
1957.. .
1958
1959 .
1960
75.7
88.2
99.0
107.6
117.7
131.0
141.8
32.1
38.9
43.9
47.2
50.1
53.8
56.4
12.8
14.3
15.5
16.5
19.7
23.8
26.7
19.3
24.6
28.4
30.7
30.4
30.0
29.7
43.6
49.3
55.1
60.4
67.6
77.2
85.4
1959—Sept
Dec
128.1 53.1
131.0 53.8
22.9
23.8
30.2
30.0
75.0
77.2
1960—Mar
June
Sept
Dec
133.3
136.1
139.2
141.8
54.5
55.0
55.8
56.4
24.6
25.2
26.0
26.7
29.9
29.8
29.8
29.7
78.8
81.1
83.4
85.4
5
1961— Mar.*3 9
June ....
143.8 57.1
147.1 57.8
26.4
28.0
29.7
29.8
86.7
89.3
p
Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
SOURCE.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i
FEDERAL HOME LOAN BANKS
[In millions of dollars]
[In millions of dollars]
Mortgage holdings
]End
of year
or month
Total
I960
Kmt
Oct
Nov
Dec
1961—Tan
Feb
Mar
Apr
May
June
July
AUK .
Sept
1
Commitments
undisbursed
FHAinsured
VAguaranteed
802
901
978
1,096
84
1
584
79
69
69
1
9
27
571
575
576
56
33
564
54
48
38
42
38
35
71
76
75
116
177
101
18
6
3
10
539
540
532
523
544
579
593
626
2,434
2,615
3,047
3,974
3,901
5,531
6,159
1954
1955
1956
1957.
1958
1959.
1960
Mortgage
transactions
(during
period)
1,237
1,483
2,546
3,356
1,632
1,714
2,069
2,737
2,418
2,985
2,803
6 050
6,106
. . 6,143
6,159
3 240
3,293
3,333
3,356
2,810
2,812
2,810
2,803
6,154
6,110
6,017
5,858
. . . 5,772
5,763
5 765
. . . 5,804
5,841
3,357
3,336
3,298
3,211
3,188
3,191
3 204
3,245
3,281
2,797
2,775
2,719
2,646
2,584
2,572
2,561
2,559
2,561
Purchases
614
411
609
623
1,907
1,248
Sales
Repayments
Advances outstanding
(end of period)
Total
Short
term 1
Longterm 2
Members'
demand
and time
deposits
1945
525
62
5
3
482
5
357
476
76
360
764
1,541
568
576
Operations beginning with Nov. 1, 1954, are on the basis of FNMA's
new charter, under which it maintains three separate programs: secondary
market, special assistance, and management and liquidation. Data exclude conventional mortgage loans acquired by FNMA from the RFC
Mortgage Company, the Defense Homes Corporation, and the Public
Housing Administration.
SOURCE.—Federal National Mortgage Association.
Year or month
Advances
278
213
195
176
19
46
1954
1955
1956
1^57.
1958
1959
1960
734
1 251
745
1,116
1,364
2,067
1,943
818
702
934
1 079
1,331
1,231
2,097
867
I 417
1,228
1,265
1,298
2,134
1,981
612
991
798
731
685
1,192
1,089
255
426
430
534
613
942
892
802
698
683
653
819
589
938
I960—Oct
Nov
Dec
133
125
344
134
119
104
,735
,741
1,981
1,089
749
765
892
762
788
938
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
90
100
135
205
197
367
271
245
C
244
257
500
176
154
106
149
122
270
115
120
179
1,571
1,496
,477
,576
1,624
,869
,871
2,001
2,124
: Z,202
683
674
696
769
772
894
809
854
892
963
1,026
1,056
1,089
1,154
1,048
1,019
1,022
1,008
c
1
.
. .
986
976
888
822
781
807
852
975
1,062
1,147
1,233
1,239
959
978
Corrected.
Secured or unsecured loans maturing in one year or less.
2 Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
SOURCE.—Federal Home Loan Bank Board.
1336
CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit
End of year or month
Total
Total
7,222
9,172
5,665
4,503
6,085
2,462
1954
1955
1956
1957
1958
19593
1960
32,464
38,882
42,511
45,286
45,544
52,119
56,049
23,568
28,958
31,897
34,183
34,057
39,852
43,281
1960—Sept.
Oct..
Nov.
Dec.
54,265
54,344
54,626
56,049
1961—Jan..
Feb.,
Mar.
Apr.,
May,
June
July.
Aug.
Sept.
55,021
54,102
53,906
53,972
54,390
54,786
54,687
54,889
54,869
1939
1941
1945
Other
consumer
goods
paper i
Automobile
paper i
1,497 .
2,458
Noninstalment credit
Repair
and modernization
loans2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
9,809
13,472
14,459
15,409
14,237
16,549
17,866
6,751
7,634
8,580
8,782
8,923
10,476
11,215
1,616
1,689
1,895
2,089
2,327
2,784
3,008
5,392
6,163
6,963
7,903
8,570
10,043
11,192
8,896
9,924
10,614
11,103
11,487
12,267
12,768
2,408
3,002
3,253
3,364
3,627
4,144
4,311
4,485
4,795
4,995
5,146
5,060
5,104
5,187
2,003
2,127
2,366
2,593
2,800
3,019
3,270
42,517
42,591
42,703
43,281
18,021
17,992
17,967
17,866
10,543
10,625
10,715
11,215
3,001
3,013
3,020
3,008
10,952
10,961
11,001
11,192
11,748
11,753
11,923
12,768
4,317
4,272
4,301
4,311
4,283
4,370
4,463
5,187
3,148
3,111
3,159
3,270
42,782
42,264
42,058
41,988
42,127
42.441
42,457
42,636
42,554
17,611
17,383
17,265
17,200
17,242
17,358
17,358
17,350
17.179
11,050
10,793
10,679
10,585
10,602
10,666
10,636
10,682
10,706
2,967
2,935
2,922
2,922
2,943
2,958
2,964
2,995
3,008
11,154
11,153
11,192
11,281
11,340
11,459
11,499
11,609
11,661
12,239
11,838
11,848
11,984
12,263
12,345
12,230
12,253
12,315
4,314
4,381
4,417
4,402
4,524
4,547
4,523
4,556
4,614
4,599
4,037
4,004
4,096
4,274
4,349
4,272
4,288
4,303
3,326
3,420
3,427
3,486
3,465
3,449
3,435
3,409
3,398
455
1,620
1,929
1
Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in 2
part for business.
Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
3 Includes data for Alaska and Hawaii beginning with January and
August 1959, respectively.
NOTE.—Monthly figures for the period December 1939 through 1946,
and a general description of the series, are shown on pp. 336-54 of the
BULLETIN for April 1953; monthly figures for 1947-57, in the BULLETIN
for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957,
pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17.
Revised monthly data for 1958 and 1959 (with notes describing the
changes) are shown on pp. 1406-09 of the BULLETIN for December 1960.
A detailed description of the methods used to derive the estimates may^be
obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
1939
1941
1945
4,503
6,085
2,462
1954
1955
1956
1957
1958
19594
I960
End of year
or month
Retail outlets
Consumer
finance
companies i
Department
stores 2
Furniture
stores
Household
appliance
stores
1 438
1,605
686
354
320
439
496
183
206
123
188
339
395
131
240
17
28
270
911
,072
,207
,337
,502
,750
,852
4,118
4,508
4,743
4,668
4,983
5 676
5 779
1.242
,511
[,408
1,393
.882
2'292
984
,044
,187
,210
,128
377
463
365
377
2,401
1,189
361
292
310
292
487
502
478
506
481
513
1.052
101
,269
226
,175
368
384
1,842
1,845
1,848
1,852
5,199
5,261
5,335
5,779
2,049
2,103
2,155
2,401
1,129
1,130
1,140
1,189
291
290
288
292
519
518
517
513
,211
,220
,235
[,384
1,856
1,861
I 867
I 855
1.866
1,866
1,856
1.881
1,893
4,596
4,474
4 516
4 554
4.665
4,778
4,819
4,906
4,992
1.342
1,348
1 442
I 527
1,634
1,732
1 794
1,880
1 974
1,151
1,121
I 092
I 077
1,071
1.076
1 067
1 076
1,084
286
504
279
274
269
270
497
1 313
1,229
I 217
I 193
1,202
1,208
I 194
1,187
I 175
Commercial
banks
Sales
finance
companies
Credit
unions
3,065
4,480
1,776
1,079
1,726
745
1.197
1,797
300
132
198
657
759
102
629
23,568
28,958
31,897
34,183
34,057
39,852
43,281
19,450
24,450
27,154
29,515
29,074
34,176
37,502
8,796
10,601
11,777
12,843
12,780
15,227
16,398
6,144
8,443
9,100
9,573
8,740
10,145
11,134
1,342
1,678
2,014
2,429
2,668
3,280
3,906
2,257
2,656
3,056
3,333
3,384
3 774
4,212
I960—Sept
Oct
Nov
Dec
42,517
42,591
42,703
43,281
37,318
37,330
37,368
37,502
16,416
16,408
16,402
16,398
11,154
11,147
11,141
11,134
3,795
3,833
3,870
3,906
4,111
4,097
4,107
1961—Jan
Feb
Mar
Apr
May
June
July
42,782
42,264
42,058
41,988
42,127
42,441
42,457
42,636
42,554
38,186
37,790
37,542
37,434
37,462
37,663
37,638
37,730
37,562
17,261
17,001
16,860
16,776
16,776
16,804
16,757
16.755
16,604
11,030
10,914
10,787
10,733
10,696
10,768
10,750
10,730
10,690
3,860
3,863
3,897
3,937
3,991
4,074
4,110
4,171
4,194
Aus
Sept
1 Consumer finance companies included with "other" financial institutions until September 1950.
2 Includes mail-order houses.
4,212
4,179
4,151
4 131
4 133
4,133
4,151
4 165
4,193
4,181
Other i
Total
225
272
274
275
277
Automobile
dealers 3
491
488
488
490
490
488
482
Other
3
Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
4
See note 3 to table above.
1337
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
745
1954
1955
1956
1957
1958
19591
1960
1960—Sept.. . .
Oct
Nov
Dec
1961—Jan
Feb
Mar.. . .
Apr
May
June....
July....
Aug
Sept.. . .
Direct
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
8,796
10,601
11,777
12,843
12,780
15,227
16,398
1939
1941
1945
Purchased
Other
consumer
goods
paper
1,079
1,726
End of year
or month
2,269
3,243
3,651
4,130
4,014
4,827
5,264
1,668
2,062
2,075
2,225
2,170
2,525
2,776
1,880
2,042
2,464
2,557
2,269
2,640
2,690
1,303
1,338
1,469
1,580
1,715
2,039
2,163
1,676
1,916
2,118
2,351
2,612
3,196
3,505
16,416
16,408
16,402
16,398
5,313
5,311
5,304
5,264
2,778
2,776
2,783
2,776
2,686
2,681
2,670
2,690
t
2,162
2,170
2,173
-2,163
3,477
3,470
3,472
3,505
17,261
17,001
16,860
16,776
16,776
16,804
16,757
16,755
16,604
5,196
5,121
5,102
5,090
5,127
5,178
5,198
5,214
5,186
2,757
2,737
2,747
2,752
2,774
2,796
2,796
2,795
2,759
3,683
3,546
3,409
3,278
3,181
3,085
3,004
2,927
2,820
2,131
2,104
2,087
2,090
2,100
2,111
2,116
2,131
2,137
3,494
3,493
3,515
3,566
3,594
3,634
3,643
3,688
3,702
Total
instalment
credit
A
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1954
1955
1956
1957
1958
19591
1960
6,144
8,443
9,100
9,573
8,740
10,145
11,134
4,870
6,919
7,283
7,470
6,404
7,328
7,695
841
1,034
1,227
1,413
1,567
1,883
2,374
31
25
23
20
19
55
64
402
465
567
670
750
899
1960—Sept.
Oct..
Nov.
Dec.
11,154
11,147
11,141
11,134
7,832
7,796
7,757
7,695
2,292
2,319
2,347
2,374
60
63
63
64
1,001
11,030
10,914
10,787
10,733
10,696
10,768
10,750
10,730
10,690
7,555
7,429
7,314
7,245
7,204
7,214
7,182
7,137
7,025
2,412
2,420
2,402
2,405
2,405
2,447
2,453
2,476
2,518
64
64
66
67
67
69
71
62
65
1,001
1,005
[,016
,020
1,038
1,044
1,055
1,082
End of year
or month
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Total
instalment
credit
Automobile
paper
Personal
loans
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1954
1955
1956
1957
1958
19591
1960
4,510
5,406
6,277
7,099
7,554
8,804
9,970
539
761
948
,106
,143
,388
,618
375
537
648
622
610
758
885
282
326
403
489
593
710
781
3,314
3,782
4,278
4,882
5,208
5,948
6,686
I960—Sept.
Oct..
Nov.
Dec.
9,748
9,775
9,825
9,970
,579
,591
,606
,618
885
882
880
885
779
780
784
781
6,505
6,522
6,555
6,686
1961—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
9,895
9,875
9,895
9,925
9,990
10,091
10,131
10,245
10,268
,599
,599
,611
,625
,649
,680
,692
,716
1,727
863
850
843
836
839
846
850
861
858
772
767
769
765
776
778
777
802
806
6,661
6,659
6,672
6,699
6,726
6,787
6,812
6,866
6,877
1939
1941
1945
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.
1,001
970
969
974
999
NONINSTALMENT CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Personal
loans
i 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
Repair
and
modernization
loans
Repair
and
modernization
loans
Automobile
paper
1961—Jan..
1
Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
Other
consumer
goods
paper
Other
consumer
goods
paper
Total
instalment
credit
Personal
loans
End of year
or month
Total
noninstalment
credit
Singlepayment
loans
Commercial
banks
Other
financial
institutions
Charge accounts
DeOther
partretail Credit2
ment
cards
1 outlets
stores
Service
credit
2,719
3 087
3,203
625
693
674
162
152
72
236
275
290
1,178
1 370
1,322
1954
1955
1956
1957
1958
19593. .
I960
8,896
9,924
10,614
11,103
11,487
12,267
12,768
2 096
2,635
2,843
2 937
3,156
3,582
3,737
312
367
410
427
471
562
574
793
862
893
876
907
958
941
3,515
3,717
3,842
3,953
3'808
3 753
3,801
177
216
260
317
345
393
445
2,003
2^127
2 366
2,593
2^800
3 019
3,270
1960—Sept
Oct
Nov
Dec
11,748
11,753
11,923
12,768
3,715
3,692
3,711
3,737
602
580
590
574
625
661
709
941
3,199
3,266
3,326
3,801
459
443
428
445
3,148
3,111
3,159
3,270
1961— Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
12,239 3,740
11,838 3,789
11,848 3,793
11,984 3,842
12,263 3,904
12,345 3,970
12,230 3,982
12,253 3,958
12,315 3,986
574
592
624
560
620
577
541
598
628
805
669
637
631
634
624
574
589
623
3,346
2,926
2,926
3,035
3,210
3,286
3,240
3,211
3,195
448
442
441
430
430
439
458
488
485
3,326
3,420
3,427
3,486
3,465
3,449
3,435
3,409
3,398
1939
1941
1945
1
518
597
845
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
1338
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]
Automobile paper
Total
Other consumer
goods paper
Repair and
modernization loans
Personal loans
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Extensions
1954..
1955..
1956..
1957..
1958..
19591.
I960..
11,807
16,745
15,563
16,545
14,316
17,941
17,839
31,051
39,039
40,175
42,545
40,789
49,045
50,343
9,117
10,634
11,702
11,747
11,638
13,837
14,226
8,866
10,272
11,342
12,593
12,974
15,066
16,220
,261
,388
,568
,660
,861
2,201
2,058
1960—Sept..
Oct.. ,
Nov..
Dec.
4,125
4,108
4,134
4,007
4,010
4,012
4,067
4,641
,422
,460
,482
,325
1,372
1,407
1,364
1,248
,162
,165
,159
,200
1,173
1,207
1,217
1,654
164
160
160
147
177
172
163
138
1,377
1,323
1,333
1,335
,288
,226
,323
,601
1961—Jan.. .
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
3,869
3,803
4,002
3,883
4,001
4,116
3,961
4,081
4,010
3,473
3,241
3,995
3,765
4,280
4,402
3,976
4,319
3,860
,239
,190
,288
,243
,315
,347
,301
,297
1,239
1,130
1,051
1,330
1,247
1,461
1,525
1,383
1,412
1,178
,185
,131
,212
,145
,158
,190
,172
,166
,198
1,012
888
1,125
1,053
1,219
1,214
1,095
1,216
1,209
140
141
159
157
168
167
154
188
163
117
114
150
151
185
178
164
206
173
1,305
1,341
1,343
1,338
1,360
1,412
1,334
1,430
1,410
,214
,188
,390
,314
,415
,485
,334
,485
,300
Repayments
1954
1955
1956
1957
1958
19591
1960
30,488
33,649
37,236
40,259
40,915
43,407
46,914
9,145
9,751
10,756
11,545
11,497
12,307
13,487
11,833
13,082
14,576
15,595
15,488
15,698
16,522
1,255
' 315
,362
,466
,623
,751
,834
8,255
9,501
10,542
11,653
12,307
13,651
15,071
I960—Sept..
Oct.. .
Nov..
Dec.
3,958
3,994
3,946
3,931
3,871
3,938
3,955
4,063
1,375
1,417
1,397
1,356
,371
.436
,389
,349
,141
,147
,119
,156
,107
,125
,127
,154
149
160
158
153
151
160
156
150
1,293
1,270
1,272
1,266
,242
,217
,283
,410
1961—Jan...
Feb..
3,972
4,011
3,954
4,022
3,974
4,016
4,035
4,055
4,085
3,972
3,759
4,201
3,835
4,141
4,088
3,960
4,140
3,942
1,387
1,363
1,353
1,388
1,365
1,386
1,403
1.384
1,374
,385
,279
,448
,312
,419
,409
,383
,420
,349
,154
,191
,163
,186
,148
,137
,159
,152
,230
,177
,145
,239
,147
,202
,150
,125
,170
,185
159
152
158
156
160
160
157
171
161
158
146
163
151
164
163
158
175
160
1,272
1,305
1,280
1,292
1,301
1,333
1,316
1,348
1,320
,252
,189
,351
,225
,356
,366
,294
,375
,248
Mar..
Apr..
May.
June.
July. .
Aug..
Sept..
Net increase or decrease ( —) in credit outstanding 2
I960—Sept..
Oct..
Nov..
Dec.
1961—Jan.. .
Feb..,
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
-26
3,663
987
950
-1,172
2,312
1,317
563
5,390
2,939
2,286
-126
5,795
3,429
1954..
1955..
1956..
1957..
1958..
19591.
I960..
139
74
112
578
47
43
85
-31
1
-29
-25
-101
21
18
40
44
66
82
90
500
15
0
2
-6
26
12
7
-12
84
53
61
69
46
9
40
191
-103
-208
48
-139
27
100
-74
26
-75
-499
-518
-206
-70
139
314
16
179
-82
-148
-173
-65
-145
-50
-39
-102
-87
-135
-255
-228
-118
-65
42
116
0
-8
-171
31
-60
49
-41
10
53
13
14
-32
-165
-257
-114
-94
17
64
-30
46
24
-19
-11
1
1
8
7
3
17
2
-41
-32
-13
0
21
15
6
31
13
33
36
63
46
59
79
18
82
90
-38
1956; for
1955-59, in the BULLETIN for
December 1957, pp. 1420-22, November 1959, p. 1418, and December
1960, pp. 1406-09.
611
111
800
940
667
1,473
1,149
167
114
188
76
1
Extensions and repayments include current data for Alaska and
Hawaii beginning with January and August 1959, respectively. The
differences between extensions and repayments do not equal the changes
in outstanding credit for 1959 because the differences do not reflect the
effect of the introduction of outstanding balances for these two States.
2
Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of
the BULLETIN for October
6
73
206
194
238
457
224
883
946
202
141
1,553
739
39
89
59
119
40
110
52
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.
1339
CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total
Commercial banks
Year or month
Adjusted
Unadjusted
Adjusted
Unadjusted
Sales finance
companies
Adjusted
Other financial
institutions
Unadjusted
Adjusted
Unadjusted
Retail outlets
Adjusted
Unadjusted
Extensions
31,051
39,039
40,175
42,545
40,789
49,045
50,343
1954
1955
19561
19571
19581
19591, 2
1960
11,267
14,109
14,463
15,355
14,860
17,976
17,854
7,260
10,200
9,600
10,200
8,907
11,007
11,110
5,541
6,281
6,638
6,495
6,563
7,940
8,016
6,983
8,449
9,474
10,495
10,459
12,122
13,363
I960 Sept
Oct
Nov
Dec
4,125
4,108
4,134
4,007
4,010
4,012
4,067
4,641
1.470
,473
,495
1,399
1.430
1,419
1,385
[,370
888
896
918
847
879
880
872
865
1,118
1,072
1,078
1,077
1,051
1,011
1 093
1,302
649
667
643
684
65Q
702
717
1,104
1961
3,869
3,803
4,002
3,883
4,001
4,116
3,961
4,081
4,010
3,473
3,241
3,995
3,765
4,280
4,402
3,976
4,319
3,860
1,373
[,358
[,404
1,371
1,420
1,444
1,397
1,437
L403
1,321
1,189
1,433
1,400
1,573
[.567
U455
1,532
1,346
800
786
807
810
802
858
772
836
816
737
656
806
763
868
949
844
906
799
1,028
1,059
1,096
1,063
1,124
1,165
1,098
1,172
1,139
928
942
1 126
1,023
1,165
1 221
1,096
1 222
1,056
668
600
695
639
655
649
694
636
652
487
454
630
579
674
665
581
659
659
Jan i
Feb. i
Mar
Apr
May
Julv
Aus
Sept
Repayments
1954
1955
19561
19571
19581
19591, 2
1960
I960—Sept
Oct
Nov
Dec
1961
30,488
33,649
37,236
40,259
40,915
43,407
46,914
11,469
12,304
13,362
14,360
14,647
15,560
16,692
7,043
7 901
8,943
9,727
9,774
9,623
10,241
6 511
7 553
8,603
9,673
10,004
10,943
12,197
5,465
5 891
6,328
6,499
6,490
7,281
7,784
May
June
July
Aug
Sept
3,871
3,938
3,955
4,063
1,388
1,445
1,411
1,376
1,376
1,427
1,391
1,374
877
868
876
853
867
887
878
872
1.044
1,021
1,027
1,034
998
984
1,043
1,157
649
660
632
668
630
640
643
660
3,972
4,011
3,954
4,022
3,974
4,016
4,035
4,055
4,085
. .
Jan i
Feb. i
Mar
Apr
3,958
3,994
3,946
3,931
3,972
3,759
4,201
3,835
4,141
4,088
3,960
4,140
3,942
1,433
1,534
1,488
1,551
1,500
1,508
1,509
1,488
1,538
1,434
1,449
1,574
1,484
1,573
1,539
1,502
1,534
1,497
855
873
871
866
873
872
872
898
864
841
807
933
817
905
877
862
926
839
1,011
1,054
I 051
1,052
[,052
1,098
1,082
I 094
.095
1 003
962
1 106
993
1,100
1,120
1,056
1,108
1,033
673
550
544
553
549
538
572
575
588
694
541
588
541
563
552
540
572
573
Net increase or decrease ( —) in credit outstanding 3
1954
1955
19561
I9571
19581
I9591 2
I960
I960—Sept
Oct
Nov
Dec
1961
Jan 1
Feb. 1
Mar
May
June
July
Sept
563
5,390
2,939
2 286
-126
5,795
3,429
. .
-202
1,805
1,176
1 066
-63
2,447
1 171
472
896
871
822
4^5
1 250
1 166
76
390
235
— 75
315
693
103
167
114
188
76
139
74
112
578
82
28
84
23
54
-8
-6
-4
11
28
42
-6
12
-7
-6
-7
74
51
51
43
53
27
50
145
0
7
11
16
20
62
74
444
-103
-208
48
-139
27
100
-74
26
-75
-499
-518
-206
-70
139
314
16
179
-82
916
-176
-84
-180
-80
-64
-112
-51
-135
863
-260
-141
-84
0
28
-47
-2
-151
-55
-52
-64
-56
-71
-14
-100
-62
-48
-104
-116
-127
54
-37
72
-18
-20
-40
17
5
45
11
72
67
16
78
44
-75
-20
20
30
65
101
40
114
23
-981
15
151
86
106
111
122
61
64
-1,183
-122
1 D a t a o n extensions and r e p a y m e n t s h a v e been adjusted t o avoid
duplication resulting from large transfers of other c o n s u m e r goods p a p e r .
As a result, the differences between extension a n d repayments for s o m e
types of holders d o n o t equal the changes in o u t s t a n d i n g credit.
2 Extensions a n d r e p a y m e n t s include c u r r e n t d a t a for A l a s k a a n d
H a w a i i beginning with J a n u a r y a n d A u g u s t 1959, respectively. T h e
differences between extensions a n d repayments d o n o t equal the changes
in outstanding credit for 1959 because the differences d o n o t 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 a n d 2.
N O T E . — M o n t h l y figures for 1940-54 are s h o w n o n p p . 1049-54 of
217
2,299
657
473
-833
1,405
989
42
38
111
113
41
87
86
t h e BULLETIN for O c t o b e r 1956; for 1955-59, in the BULLETIN f o r
D e c e m b e r 1957, p p . 1421-22, N o v e m b e r 1959, p . 1419, a n d D e c e m b e r
1960, p p . 1406-09.
A discussion of the composition a n d characteristics of the d a t a a n d
a description of t h e m e t h o d s used t o derive t h e estimates are shown
in the BULLETIN for J a n u a r y 1954, p p . 9 - 1 7 . Estimates of instalment
credit extended a n d repaid are based on information from accounting
records of retail outlets a n d financial institutions a n d often include charges
incurred u n d e r t h e instalment contract. Renewals and refinancing o f
l o a n s , repurchases and resales of instalment paper, a n d certain other t r a n s actions m a y increase the a m o u n t of b o t h credit extended a n d c r e d i t
repaid without a d d i n g t o the a m o u n t of credit o u t s t a n d i n g .
1340
INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49- 100
[Seasonally adjusted]
Annual
average
1960
1961
Grouping
1959 1960 Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.
INDUSTRY GROUPINGS
156
Total index
159
164
162
161
159
156
Durable
Nondurable
Mining
Utilities
755
165
155
125
268
163
169
160
128
287
160
166
159
127
293
159
164
159
128
289
157
159
158
129
287
154
156
156
129
287
125
114
107
142
150
127
115
110
145
155
119
102
90
144
157
118
100
91
144
156
111
94
85
138
151
108
88
80
137
147
707
91
82
132
145
108
93
86
131
141
109
94
87
131
141
777
105
98
135
144
126
115
108
143
152
72P
118
111
146
158
752
121
114
148
160
197
169
141
212
228
147
390
209
205
174
145
222
238
168
368
221
204
173
143
221
236
167
368
220
200
167
142
207
238
168
371
220
197
167
140
212
226
150
373
221
193
166
137
214
218
142
369
216
190
166
136
215
208
130
366
216
189
165
136
214
205
127
363
210
189
165
135
213
206
126
367
210
195
169
140
216
220
144
366
210
201
171
141
221
231
157
373
215
206
176
144
229
235
165
366
220
270
181
147
237
239
167
376
222
143 139 137 136 132 129 129 725
159 158 157 157 155 148 145 144
125 118 114 111 105 106 111 110
757
149
110
135 755
151 155
117 118
155
155
153 752
154 153
155 156
r
128 r127
290 r292
160
755 755
154 161
157 160
127 128
291 296
164
171
169
76*5 755 759 770
167 171 175 175
162 165 167 169
128 129 130
128 r
r
304 307 r307 r314
168
172
168
129
318
168
170
Durable Manufactures
Structural metal parts
Electrical machinery
Aircraft and other equipment
755
125
115
151
164
755
126
116
144
158
210
178
145
232
240
169
375
227
203
178
145
233
222
140
386
226
142
162
77P
r
147
164
133
153
171
138
150
169
134
151
168
138
149
167
135
145
163
130
143
159
130
144
158
132
145
161
131
148
165
134
752
167
139
136
121
158
113
133
118
155
109
133
116
156
113
131
113
156
112
127
109
152
108
124
110
144
109
727
113
147
108
750
116
152
108
752
118
153
112
75*
122
153
112
757 740 r142
125 127 129
156 162 '165
116 113 116
140
130
159
154
170
143
135
160
172
151
140
161
173
153
140
161
172
154
142
160
168
155
141
159
168
152
139
159
170
151
136
159
174
150
134
759
173
150
136
162
180
150
137
755
179
151
137
164 '164 '759 \
182 179 1 8 9
153 154 155
138 139 140
168
189
155
140
215
240
298
158
199
224
255
319
162
200
224
254
320
167
194
773
254
313
164
192
221
252
318
163
191
218
251
315
158
184
277
250
315
159
180
276"
249
312
160
178
275
252
321
158
168
225
259
328
162
192
232
266
339
167
199
237 243 243
272 r
'277 '278
347 356 360
166 174 172
211 215 215
240
2761
128
128
131
117
127
131
H2
135
119
130
132
132
135
120
130
133
134
136
121
131
132
132
H4
120
133
133
133
135
123
131
132
133
135
122
129
752
133
135
119
133
134
134
137
121
132
134
134
137
122
139
755
135
139
117
132
755
137
139
123
132
757 '757
138 137
140 139
129 127
125 135
755
138
139
122
68
147
145
135
210
159
122
68
147
147
135
228
145
121
64
147
147
136
226
144
122
66
148
147
136
234
147
124
63
151
150
139
231
152
122 r121 727 r120
56
64
63
67
148 148 r 147 149
150
147 146 146
135 134 135 139
238 231 226 231
148 154 144 136
725
63
151
151
139
238
145
725 '725
66
64
149 150
149 151
138 139
233 234
143 142
725 725
67
64
150 152
151 152
139 141
124
68
150
151
139
146
107
188
164
134
195
162
127
197
160
121
201
163
131
195
168
147
188
772
150
193
165
146
185
167
146
186
75P
127
192
757
119
197
757 '755 '750
123 124 124
201 204 198
270
265
Misc. manufactures
144 145 144
162 165 r 165
122 123 120
755 755 157
173 172 116
142 142 142
136
«. 126
153
119
Clay glass and stone products
289
284
297
281
278
201
275
290
278
293
285
294
288
292
291
297
296
307
299
309
301
162
155
188
157
168
161
195
160
168
160
195
168
161
195
166
159
193
153
164
158
191
150
162
155
188
158
177
142
Nondurable Manufactures
Textile mill products
Leather and products
Paper and printing •
•
. . .... .
Newspapers
Industrial chemicals
Rubber and plastics products
Foods and beverages
Tobacco products
166
Mining
Coal
Oil and gas extraction
G a s and gas liquids
Oil and gas drilling
. ..
143
i41
141
161
128
196
Utilities
Electric
Gas
309
317
SUMMARY MARKET GROUPINGS
Final products, total
Equipment, including defense
Materials
' Revised.
157 156
162 166 16S 171 174
155 156 160 163 166 169
188 188 190 192 194 197
14S 149 150 156 161 164 166!
162
174
169
198
168
172
165
201
166
1341
INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 - 1 0 0
(Without seasonal adjustment]
Annual
average
Grouping
1960
1961
1959 1960 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May j June July Aug. Sept
INDUSTRY GROUPINGS
159
164
164
166
160
154
155
158
162
164
168
160
172
158
165
155
125
268
163
169
160
128
287
162
165
164
129
165
168
167
129
159
162
160
128
151
156
149
128
151 154 155
154 155 157
153 157 158
128 '127 '126
160
163
162
127
163
167
162
128
167
172
166
129
158
163
158
125
170
172
171
131
Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
125
114
107
142
150
727
115
110
145
155
120
99
90
151
159
120
102
93
148
159
113
95
85
141
155
106
86
78
137
152
108
93
85
130
144
109
97
88
128
140
112
99
91
130
141
119
109
101
135
143
127
117
110
140
150
130
120
113
146
157
120
105
99
143
154
130
115
108
153
161
133
122
116
150
159
Machinery and related products...
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment..
Instruments and related products.
Ordnance and accessories
197
169
141
212
228
147
390
209
205
174
145
222
238
168
368
221
199
174
141
229
219
145
363
220
204
170
140
219
244
175
369
222
201
169
137
220
238
167
372
222
197
167
138
214
229
157
371
219
193
167
138
213
216
138
374
216
193
170
140
217
212
134
371
212
194
169
140
216
213
132
375
213
199
172
144
216
225
149
371
212
201
172
143
217
231
159
368
215
205
176
145
226
236
167
365
219
195
167
140
211
219
146
362
216
190
170
138
224
196
114
366
223
202
179
142
241
216
134
381
226
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
139
158
118
145
163
124
144
164
122
132
155
104
120
144
92
118
136
97
121
137
103
126
145
104
134
151
115
141
158
121
150
166
132
143
164
119
152
171
131
150
167
131
Furniture and miscellaneous.,
Furniture and fixtures
Misc. manufactures
153
171
138
158
176
142
160
176
147
154
169
142
148
166
132
139
156
125
142
158
129
143
159
129
144
160
129
146
161
134
153
168
140
150
168
134
161
180
145
166
183
150
124
111
145
102
Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
156
Durable Manufactures
Nondurable Manufactures
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products
136
126
153
119
129
116
149
111
137
121
162
114
132
117
156
108
114
105
129
99
126
112
146
111
137
117
162
119
137
117
162
118
138
123
161
114
136
126
156
106
135
125
154
113
Paper and printing.
Paper and products
i
Printinig and publishing.,
Newspapers
154
170
143
135
163
174
155
141
169
183
160
153
164
171
159
154
153
152
154
138
156
169
147
125
159
175
148
130
163
178
153
141
166
185
154
146
164
180
153
146
166 153
187 162
152 '147
139 122
Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastic products
215
240
298
158
199
225
255
316
171
196
227
257
316
163
202
222
253
320
160
195
215
247
315
162
176
219
250
315
159
189
221
253
322
162
188
221
259
330
157
176
230
268
335
157
197
232
269
342
164
194
238
275
345
166
205
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
128
128
131
117
127
146
147
152
121
135
145
145
150
123
140
134
134
139
110
133
126
128
132
111
106
124
124
129
100
129
125
124
12S
106
134
126
125
127
116
131
129
129
129
130
133
132
131
132
129
136
,
r
J48
130
176
120
133
126
148
166
192
150
126
170
190
158
140
226
260
•335
173
181
240
'274
350
177
207
240
274
139
139
138
145
144
137
139
139
138
115
148
148
151
137
145
153
156
117 123
70
54
145 147
144 1 4 7
133 136
124
72
148
148
137
r
no'
Mining
Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids..
Oil and gas drilling....
122
68
147
145
135
210
159
122
68
147
147
135
228
145
121
67
145
144
134
217
147
123
72
146
145
133
226
148
124
66
150
149
137
238
149
124
65
151
151
137
250
150
125
63
153
152
138
251
157
125
64
152
153
!40
246
143
'123 123 122
57
64
61
153 151 148
156 153 "148
143 141 137
242 238 225
129 137 140
'120
61
147
147
136
220
143
146
144
Metal, stone, and earth minerals.,
Metal mining
Stone and earth minerals
146
107
188
164
134
195
178
147
210
172
133
212
157
119
197
149
118
182
146
118
175
144
120
168
147
120
175
153
119
188
180 776* 775
151 143 143
210 212 210
178
148
208
270
265
289
284
304
285
280
294
313
304
298
291 291
298
306
162
155
188
157
161
195
160
170
165
194
158
174
170
192
15*
167
161
190
155
161
152
191
148
162
154
191
149
164
156
191
152
167
160
193
157
167
160
193
161
172
166
196
165
165 172
158 167
192 194
156 '166
169
137
201
147
Utilities
Electric.
Gas
325
SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
r
Revised.
176
171
200
167
1342
INDUSTRIAL
PRODUCTION
INDUSTRY GROUPINGS
1957 =100
[Seasonally adjusted]
1957
proportion
Grouping
Annual
average
1961
1959 1960 Sept. Oct.
Nov. Dec. Jan. Feb. Mar. Apr. May June
July Aug. Sept.
100.00
108
107
106
105
103
102
102
103
106
108
110
112
113
112
105
102
108
104
104
98
112
98
123
702
96
111
98
123
707
95
111
98
125
707
94
111
96
125
702
95
112
96
125
705
103
116
777
105
772
107
775
108
777
106
113
97
123
106
101
113
705
99
110
107
102
113
96
126
127
130
117
98
119
98
120
'99
119
98
13.15
7.73
6.21
5.42
2.91
Mining
Utilities
105
86.49
49.66
36.83
8.55
4.96
Total index
Manufacturing total
Durable
95
90
91
90
88
106
104
91
80
72
106
105
90
78
73
105
104
85
74
82
69
64
101
82
71
82
73
69
96
94
55
74
69
96
94
89
82
96
90
99
92
700 '704
98
95
702
99
66
97
97
79
99
96
86
105
102
89
107
106
91
108
107
92
111
110
93
105
105
705
105
101
112
101
114
89
118
705
102
100
105
102
115
89
119
702
102
98
107
97
98
101
97
101
97
101
96
108
88
95
108
88
707
103
98
109
94
104
104
99
112
99
86
89
113
99
88
113
108
90
705
107
101
116
101
705
110
103
120
102
705
109
102
118
103
116
113
88
119
114 '116
90
91
119 122
705
108
102
118
95
119
97
89
116
96
109
89
95
115
97
124
114
97
97
131 '132 '135
137
Durable Manufactures
Primary
ond fabricated
metals
Iron and steel
Structural metal parts
Machinery
86
104
101
68
101
101
98
28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25
M^otor vehicles and parts
Aircraft and other equipment
Clay glass and lumber
Clay glass and stone products
Furniture and fixtures
Misc manufactures
100
94
112
111
110
113
709
110
107
707
109
103
705
109
100
705
107
95
100
103
96
700
101
100
700
100
99
702
103
100
705
105
106
707
107
107
772
112
111
775 112
114 114
111 '109
777
112
108
112
116
120
113
114
775
117
113
775
770
709
772
775
114
779
119
120
720
111
110
107
107
709
111
108
770
117
112
115
117
121
111
123
124
117
117
116
116
7.32
......
106
106
102
112
102
115
89
119
2.96
1.48
1.48
Electrical machinery
102
103
99
108
98
4.57
2.92
1.65
and related products
115
115
109
124
1G0
772
777
108
705
102
123
98
119
98
113
97
772
104
122
101
99
96
97
707
102
116
96
772
112
111
107
772
112
112
107
775
112
113
108
772
110
109
111
112
777
113
777
113
114
111
108
106
104
102
778
121
127
108
114
775
777
77<5
775
114
775
118
124
106
115
109
118
110
103
90
700
101
96
108
93
89
88
116
86
88
113
95
93
121
110
114
770
772
775
775
106
120
110
120
100
100
775 '720
'114 116
127 '130
104 101 103
775
104
120
112
123
117
125
775
117
114
117
775
118
775 '775
117 '123
775
123
110
111
113
114
114
114
107
Nondurable Manufactures
Textile apparel and leather products
Textile mill products
2.78
3.44
1.10
Leather and oroducts
Paper and printing
7.93
.
3.27
4.66
1.53
Printing and publishing
Newspapers
Chemical petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
.
10.95
7.10
3.61
1.93
1.91
113
120
106
108
111
105
104
113
114
118
105
114
10.64
9.87
8.31
1.56
.77
Tobacco products
107
7.05
1.30
5.75
4.98
4.33
.65
.77
Foods and beverages
Food manufactures
96
106
106
106
112
709
109
109
108
114
106
122
121
127
111
111
121
124
109
110
120
126
108
109
120
125
106
105
119
125
106
103
110
102
96
110
104
105
105
775
775
120
127
106
123
130
108
96
110
106 '107
107
107
722
725
127
128
725
127
135
111
129
138
111
132
141
116
132
143
115
132
114
121
770
770
772
110
110
112
770
777
109
109
109
772
775
115
115
110
110
108
111
111
109
111
111
111
112
113
107
114
117
110
110
111
113
113
112
114
114
117
95
96
97
96
95
94
11
81
11
81
78
11
770
109
109
108
114
777
111
111
110
770
113
116
122
116
94
97
96
97
68
11
81
11
116
116
123
iii
ll4
'114
'113
775
114
113
123
110
r
115
119
Mining
Coal oil and gas
Coal
Crude oil and natural sas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
•
Metal stone and earth minerals
Stone and earth minerals
..
99
99
98
106
93
96
83
98
100
98
116
85
99
101
99
115
84
99
101
99
118
86
101
103
101
117
89
1.50
.70
.80
94
11
108
705
97
112
104
92
114
705
88
116
3.76
1.20
115
123
114
123
127
121
125
120
82
99
101
98
120
90
104
95
113
99
101
98
121
87
108
107
109
124
118
124
120
96
95
11
81
83
84
82
705
89
116
705
90
118
705
'90 w 93
114 113
132
135
100
103
101
117
80
101
104
101
85
84
770
109
111
98
100
98
115
85
705
106
106
707
106
107
702
92
110
707
86
114
125
123
125
124
125
127
131
132
100
103
100
r
101
104
101
101
103
101
83
Utilities
Electric
Gas
For notes seo opposite page.
97
82
101 '102
103 '105
101 '103
1343
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957=100
[Seasonally adjusted]
1957
proportion
Grouping
Annual
average
1960
1961
1959 1960 Sept. Oct. Nov. Dec. Jan.
Feb. Mar. Apr. May June July
Aug. Sept
100.00
105
108
107
106
105
103
102
102
103
106
108
110
112
113
112
46.75
31.13
15.62
53.25
707
110
100
104
777
114
103
106
7/0
114
103
104
770
114
103
103
709
113
102
101
705
112
101
99
707
110
707
110
100
98
707
111
99
709
114
100
103
77/
115
102
106
773
118
102
109
7/4
120
104
110
775
120
105
111
773
117
106
109
Automotive products
Autos
Auto parts and allied products.
3.35
2.03
1.32
103
96
113
777
117
117
776
119
112
720
123
116
773
109
118
706
97
119
94
78
118
90
73
115
703
92
120
108
101
118
773
109
120
775
110
125
r
71
115
117
110
126
96
82
118
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
116
115
114
119
102
119
113
116
776
115
112
118
96
118
117
117
773
112
105
110
93
119
114
113
772
110
103
112
82
115
115
114
772
110
104
114
78
114
114
114
777
110
106
116
82
113
112
111
705
108
106
116
80
109
111
108
709
109
109
114
94
109
110
110
112
110
108
113
95
110
112
114
775
114
111
115
100
116
115
116
776
117
116
118
110
117
118
115
720
122
123
122
126
122
122
118
723
124
127
126
128
119
123
122
'•722
120
116
121
102
122
124
124
720
121
119
127
100
126
119
119
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
108
106
108
111
106
113
104
117
118
115
773
109
110
118
113
119
106
126
127
124
114
110
110
119
116
121
106
129
132
774
110
112
122
115
120
105
127
130
773
109
111
118
116
119
105
126
130
773
109
113
118
116
119
104
127
130
114
110
112
118
117
123
108
131
133
114
110
111
117
115
125
112
131
133
114
111
111
116
114
121
107
129
129
775
111
114
119
114
123
105
132
132
777
113
110
123
116
125
105
135
136
775
114
113
124
117
124
105
134
135
779 r119
114 1 1 4
115 116
126 126
119 117
127 129
112 111
135 139
136 140
779
114
12.16
100
97
104
98
115
705
102
118
101
92
705
101
120
101
87
705
99
121
103
86
703
100
119
99
702
98
117
99
99
707
98
118
95
707
98
118
91
103
700
96
117
93
104
702
97
118
94
107
703
99
120
95
104
104
99
123
95
106
705
101
125
96
98
706
102
127
98
78
707
101
128
105
98
Total index.
Final products, total
Consumer goods
Equipment, including defense.
Materials
Comsumer Goods
119
iO4*
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
7.29
2.46
1.83
.58
Defense equipment.
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
700
101
103
107
89
702
109
101
107
92
99
112
97
106
81
97
103
98
105
79
94
94
98
102
77
97
91
95
99
75
90
88
95
98
77
59
83
95
97
78
90
85
95
99
79
96
93
98
104
86
707
107
99
107
92
104
109
101
110
93
104
109
104
111
94
706
115
105
112
104
99
101
109
97
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
25.44
8.87
2.91
5.96
7.05
707
108
109
107
115
770
110
109
111
119
709
110
109
111
117
709
110
107
111
116
709
110
106
112
116
705
110
109
110
115
707
108
108
109
114
705
108
110
108
116
709
108
112
107
118
777
111
114
110
121
772
110
110
110
124
114
113
115
112
128
775
114
116
114
130
777
116
121
113
131
776
114
118
112
129
9.52
6.29
2.70
2.19
.99
1.12
.51
.33
100
96
113
113
110
118
113
103
97
121
120
115
127
121
103
96
123
124
117
132
103
97
121
122
113
131
103
98
120
121
112
130
102
97
120
120
113
128
101
96
119
119
111
128
101
96
120
120
112
128
102
96
122
122
114
131
104
98
123
124
111
136
105
98
126
127
117
138
106
98
129
130
120
141
106
98
129
129
120
139
noo
108
99
110
110
116
114
114
114
115
114
111
113
108
113
102
113
101
113
100
114
109
115
113
116
118
118
120
119
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other.
Gas
Industrial
Commercial and other.
131
132
122
143
.18
Supplementary groups of consumer goods
Automotive and home goods.
Apparel and staples
7.75
23.38
r
Revised.
NOTE.—Published groupings include
shown separately. Detailed description
in Industrial Production—7959 Revision
lication, see BULLETIN, for June 1960,
seme series and subtotals not
and historical data are available
(for announcement of that pubp. 632). Figures for industrial
118
120
110
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.
1344
INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957= 100
[Without seasonal adjustment]
1957
proportion
Grouping
Annual
average
1960
1961
1959 1960 Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.
100.00
105
108
108
109
106
101
102
103
104
107
108
111
106
Ill
113
86.49
49.66
36.83
8.55
4.96
105
102
108
102
116
no
103
119
98
101
96
106
97
101
95
109
97
102
96
111
97
103
97
112
96
107
100
115
97
111
106
105
100
111
10?
113
106
98
106
100
114
97
108
103
95
115
108
104
113
97
123
115
r9?
118
98
112
95
123
99
122
100
13,15
7.73
6.21
5.42
2.91
95
90
86
104
101
97
90
88
106
104
91
78
72
110
106
92
80
75
109
106
86
74
68
103
104
81
68
62
101
101
83
73
68
96
96
83
76
71
94
93
85
78
73
96
94
91
86
81
99
96
97
92
88
103
101
100
94
91
107
105
92
82
80
105
103
99
91
87
112
108
102
96
93
110
106
28,98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25
102
103
99
108
98
100
94
112
106
106
102
112
102
115
89
119
103
106
99
116
94
99
88
119
105
104
98
111
104
120
89
119
104
103
97
112
102
114
90
119
102
102
97
108
98
107
89
118
100
102
97
108
93
94
90
116
100
103
99
110
91
91
89
114
100
103
99
109
91
91
90
114
103
105
101
109
96
102
89
114
104
105
106
107
102
115
101
114
88
118
101
102
98
104
105
109
98
97
107 Ml 3
94
84
100
78
87
88
116 120
122
92
91
92
122
Clay glass and lumber
Clay glass and stone products
4.57
2.92
1.65
111
110
113
109
110
107
113
113
113
112
114
110
103
108
94
94
100
S3
92
95
88
95
95
93
98
101
94
104
105
104
no
110
110
117
115
120
112 118
114 118
108 M19
117
116
119
Furniture and miscellaneous
Furniture and fixtures
Misc manufactures
2.96
1.48
1.48
112
115
109
116
120
113
120
123
116
122
121
121
117
118
116
112
117
108
106
109
102
108
110
106
108
111
106
109
112
106
111
112
110
116
118
115
114
118
110
122
126
119
126
128
123
7.32
2.78
3.44
1.10
115
113
120
106
115
109
124
100
110
104
117
99
116
109
112
105
116
105
128
106
116
105
128
105
116
110
126
101
115
113
123
94
105
100
126
111
113
113
96
107
100
115
99
114
112
102
97
94
102
88
121
114
139
100
107
116
90
7.93
3.27
4.66
1.53
108
111
105
104
112
114
113
115
108
118
107
99
113
105
109
110
108
96
111
114
109
99
114
116
113
108
116
121
113
112
114
117
113
112
116
107
118
119
117
117
10.94
7.10
3.61
1.93
1.91
113
114
118
105
114
118
121
119
123
117
120
113
118
127
107
125
108
115
119
125
106
108
116
121
116
123
131
105
101
121
127
114
118
121
125
114
112
122
128
136
109
111
10.64
9.87
8.31
1.56
.77
107
106
109
109
104
103
105
91
113
104
103
104
96
118
104
104
107
107
105
117
117
110
109
7.05
1.30
5.75
4.98
4.33
.65
.77
1.50
.70
.80
95
78
102
105
102
125
84
3.76
1.20
Total index
Manufacturing total
Durable
.
.
.
..
Mining . .
Utilities
110
Durable Manufactures
Primary and fabricated metals
Primary metals
Fabricated metal products
Structural metal parts
Machinery and related products
Machinery
Electrical machinery
Motor vehicles and parts
Aircraft and other equipment
Instruments and related products
.
.
101
110
99
109
89
116
100
Nondurable Manufactures
Textile apparel and leather products
Apparel products
Paper and printing
Paper and products
Printing and publishing
Chemical petroleum and rubber products
Petroleum products
Rubber and Dlastics oroducts
Foods beverages and tobacco
Food manufactures
••
112
111
127
108
114
127
126
109
116
123
111
117
112
101
128
108
108
121
m
120
120
106
106
124
110
122
111
111
111
105
106
109
108
113
99
107
101
112
114
iu
123
117
93
96
82
99
99
98
106
93
96
98
100
96
88
98
99
97
115
87
100
102
100
121
88
101
103
116
85
94
82
97
99
97
110
86
127
88
98
76
103
104
tot
127
92
94
77
108
705
97
112
114
107
121
no
97
122
101
86
114
96
86
105
94
85
101
92
87
97
115
114
123
123
no
122
120
126
134
130
103
105
115
133
105
113
107
117
120
107
116
105
M25
110
119
124
116
106
108
'94
125
131
119 126
124 M31
126
130
137
111
133
115
139
118
104
118
113
116
115
114
115
123
123
126
126
112
132
113
125
123
124
127
101
128
122
112
117
126
r
96
107
Mining
Coal oil, and gas
Coal
Crude oil and natural gas
Gas and gas liquids
Oil and gas drilling
Metal mining.
Stone and earth minerals
83
98
97
80
97
79
100
96
103
107
104
95
96
75
101
105
102
69
78
91
96
66
85
97
87
97 '99
99 M01
r
99
101
97
99
86
86
84
116
110
121
113 r113
103 M03
122 121
114
107
127
131
94
75
99
101
121
81
99
102
100
114
82
94
87
101
98
86
108
108
99
116
127
124
124
123
76
99
112
84
100
120
Utilities
Electric
Gas
For notes see opposite page.
1
139
1
1345
INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957 = 100
[Without seasonal adjustment]
1957
proportion
Grouping
100 00
Total index
Final products
Equipment
1960
1959 1960 Sept. Oct.
105
108
108
112
117
109
1961
Nov. Dec. Jan.
Feb.
Mar. Apr. M a y June July
A u g . Sept.
Ill
113
113
119
102
110
116
121
106
101
102
103
104
107
108
111
106
109
108
111
107
111
110
113
110
114
113
118
109
112
106
111
114
114
120
110
114
100
104
103
106
102
105
102
105
100
102
101
98
101
98
101
99
101
101
102
104
102
107
103
109
102
103
103
96
113
117
111
117
98
84
120
129
134
121
120
123
114
110
108
112
98
86
117
96
83
116
94
81
115
108
102
119
112
107
119
118
116
123
99
87
119
73
39
125
96
11
126
9.60
4 40
1.75
1 26
116
115
116
115
115
118
119
118
114
114
101
107
706
103
116
110
116
112
116
114
114
114
117
119
108
108
123
116
120
127
114
119
102
112
118
96
112
110
117
109
107
114
108
111
99
98
107
77
98
106
80
112
120
94
112
122
86
115
127
84
114
122
96
126
126
125
119
113
116
118
117
117
122
123
112
122
125
120
116
121
114
116
110
97
108
104
109
112
111
119
98
104
83
103
100
111
111
108
120
119
124
106
114
114
118
111
116
115
117
120
116
113
114
109
123
126
130
128
128
114
18.18
8 11
2 32
2 73
1.44
3.45
1.19
2.26
1.57
.69
108
106
113
109
121
124
120
122
113
112
111
107
112
104
112
103
111
103
113
104
114
107
118
112
110
118
113
113
121
118
115
125
98
117
116
98
118
116
104
118
108
117
115
117
122
114
118
122
115
130
125
116
125
127
118
126
127
126
121
113
104
117
118
115
119
106
126
127
124
121
108
105
120
116
115
104
115
105
123
108
134
112
132
113
125
105
121
100
119
103
119
104
117
113
117
118
116
124
112
125
123
108
111
106
128
r
113
107
130
i 21
122
136
154
149
138
132
125
124
128
137
12.16
7 29
2.46
1.83
.58
100
105
97
104
102
118
104
102
121
103
99
122
101
99
120
102
99
120
102
98
119
102
97
119
102
96
118
103
98
118
103
99
120
105
100
122
96
78
99
85
95
78
96
95
94
101
98
119
106
102
128
101
92
93
113
103
101
126
98
115
99
123
98
110
100
108
103
100
121
95
87
94
71
100
87
27.81
3.67
8.10
9.05
6.99
Materials
107
110
1.18
1.47
5.20
. . . .
46 75
31.13
15.62
53 25
.49
.
including defense
106
108
3.35
2.03
1.32
total
C o n s u m e r goods
Annual
average
100
102
100
99
95
90
90
90
91
96
101
105
108
97
112
82
109
97
111
83
105
98
103
77
98
97
96
71
88
97
93
79
88
97
96
81
92
98
103
88
102
99
108
95
104
101
115
97
99
94
99
110
86
104
109
101
107
92
93
97
93
75
103
101
103
107
89
98
101
115
93
96
101
114
98
25 44
8.87
2 91
5.96
7.05
107
110
110
112
110
106
108
109
111
112
113
114
116
117
108
109
110
109
113
116
116
115
111
102
104
94
106
102
108
107
110
112
114
116
112
114
114
121
116
118
126
107
116
108
119
110
120
113
123
112
126
111
126
r
105
110
Consumer Goods
Automotive products
Autos
Auto parts and allied products
Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
.
TV and home radios
Furniture and rugs
Misc. home goods
.. .
Apparel, incl. knit goods and shoes
.
...
. . .
Consumer staples
Processed foods
Beverages and tobacco
Drugs soap and toiletries
Newspapers, magazines, and books
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
r
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment
Farm equipment
Defense equipment
...
3.46
Materials
Durable goods materials
Consumer durable
Equipment
. . . .
Construction
Metal materials n e e
Nondurable materials
.. .
Business supplies
Containers
General business supplies
Nondurable materials n e e
.
. . .
107
115
111
119
9.52
6.29
2.70
2.19
.99
1.12
.51
33
Business fuel and power
M^ineral fuels
Nonresidential utilities
Electricity
.
General industrial
Commercial and other
Gas
Industrial
Commercial and other
100
96
113
113
110
118
103
97
121
120
115
127
113
110
110
116
114
116
119
115
119
109
112
r
130
109
129
r
103
95
103
97
103
98
103
98
103
98
103
103
99
103
98
103
97
104
96
102
92
129
118
142
123
116
130
118
114
124
118
113
125
119
112
127
117
109
125
119
114
126
119
112
128
124
118
131
130
119
142
133
116
150
140
123
158
110
119
123
120
117
114
108
108
101
112
104
114
104
113
112
114
113
114
119
117
104
115
97
126
114
128
109
98
121
7.75
23.38
112
116
108
'105
110
'103
••118
108
97
.18
Supplementary groups of consumer goods
Automotive and home goods
Apparel and staples .
. .
.
r
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. Detailed description and historical data are available
in Industrial Production—1959 Revision (for announcement of that publication, see BULLETIN for June 1960, p. 632). Figures for individual
114
124
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.
1346
BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49= 100, unless otherwise indicated]
Construction
contracts i
Industrial production
Manufacturing 4
Nonagricul-
Major market groupings
Major industry
groupings
Year or
month
Final p r o d u c t s
Manufac- Minturing
ing
Utilities
ResidenMate- tial
Con- Equip- rials
Total sumer ment
goods
Adj.
Adj.
Adj.
Total
Adj.
Adj.
Adj.
Adj.
105
94
102
142
104
96
114
124
98
116
185
170
170
125
183
183
182
137
178
201
Unadj. Unadj.
1948
1949
1950
1951
1952
1953
103
98
113
123
103
98
114
123
106
94
105
115
101
108
123
140
102
99
112
121
127
127
114
152
130
138
139
117
166
138
101
101
115
114
116
124
1954
1955
1956
1957
1958
1959
I960
130
146
151
152
129
145
150
150
113
125
132
132
178
199
218
233
132
144
150
152
123
136
139
141
161
172
188
189
128
147
151
151
232
280
*99
100
141
159
139
158
120
125
244
268
145
162
140
155
138
113
132
107
101
163
128
287
168
161
165
188
164
117
162
161
159
156
160
159
157
154
127
128
129
129
293
289
287
287
168
168
166
164
155
155
156
160
164
168
170
171
169
*172
153
152
153
158
163
166
169
170
168
*170
129
128
127
128
128
129
129
'130
129
P131
290
291
291
296
303
306
'307
'314
318
162
162
162
166
168
171
174
174
172
*176
Adj.
204
248
•98
100
I960
Sept
Oct
Nov .
Dec
1961 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
..
*>321
118
100
108
112
104
99
107
112
106
114
102.0
105.8
106.9
105.0
95.5
100.3
100.0
138.4
153.6
162.4
164.3
151.5
170.3
172.8
97
107
107
100
118
128
135
135
87
90
136
144
112
111.0
114.7
118.6
119.7
116.4
120.8
123.0
88
145
122.9
122.6
122.2
121.6
98.7
97 7
96.6
95.2
175.0
172 9
168.4
162.9
82
85
83
80
'145
'148
'144
'146
121.3 94.1 160.3
121.1 93 6 158 8
121.2 94.0 160.3
121.5 94.8 162.6
122.0 96.0 166.9
122.6 96.7 172.4
123.0 96.8 171.3
123.0 96.8 174.4
123.2 96.4 175.7
P123.5 *>96.4 *>178.6
80
81
81
83
84
83
85
84
83
87
142
145
146
148
144
149
151
150
150
«151
195
195
193
191
157
156
153
150
118
128
115
81
116
121
102
115
155
155
156
160
163
166
169
169
165
*168
188
188
188
190
192
194
197
198
201
148
149
150
156
161
164
166
168
166
^168
90
80
126
134
143
143
138
146
127
95
86
113
116
122
128
127
123
102
Annual totals
1959
1960
Oct.
Nov.
118
104.4
99.2
103.1
114.8
111.6
110.1
110.3
110.7
114.3
117.6
119.2
119.5
119.6
119.2
119.6
119.6
119.5
127.4 119.9
127 5 120.0
127.5 119.9
127.5 119.4
127.4 118.7
127.6 118.2
128.1 118.6
128.0 '118.9
128.3 118.8
CONTRACTS
Value of contracts, in millions of dollars]
1960
Sept.
108
102.8
101 8
102.8
111 0
113.5
114.4
114.8
114.5
116.2
120.2
123.5
124 6
126.5
126.8
127.3
127.4
127.5
Wholesale
commodity
including seasonal adjustments, may be obtained from the Division of
Research and Statistics.
2 Employees only, excluding personnel in the armed forces.
3 Revised data.
4
Production workers only.
s Revised index 1957 = 100.
NOTE.—Indexes for employmsnt (including Alaska and Hawaii),
payrolls, and prices are compiled by the Bureau of Labor Statistics.
[Figures for the 48 States, as reported by the F. W. Dodge Corporation.
Type of ownership and
type of construction
Adj.
105.0
97.2
111.7
110.1
137.0
151.7
160
161
159
158
CONSTRUCTION
Unadj. Unadj.
Adj.
102.8
93.8
99.7
106.4
106.3
111.9
157
160
e
Estimated.
* Preliminary.
>
' Revised.
Adj.—adjusted for seasonal variation. Unadj.=without seasonal
adjustment.
* See note 1.
l Indexes beginning with 1956 are based on data for 48 States from
F. W. Dodge Corporation, 1957—100. Figures for earlier years are
3-month moving averages, based on value data for 37 States east of
the Rocky Mountains, 1947-49^-100; the data for 1956 on this basis
were: residential ,271; all other, 266. A description of the old index,
Consumer
Unadj.
Adj.
Freight ment
carstore
loadsales
Pay- ings 5 (retail
rolls 3
value)
101.6
99.1
102.4
108.3
110.5
113.7
105
111
142
172
195
*>206
Depart-
employEmAll
ment— ployother total 2, 3 ment 3
Adj.
Prices
1961
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
36,269 36,318 3,119 3,319 2,886 2,718 2,485 2,235 3,166 3,298 3,501 3,602 3,529 3,543 3,004
By type of ownership:
Public
Private
995 1,125 1,071
11,068 12,587
25,201 23,731 2,124 2,194 1,815
1,218
1,500
By type of construction:
Residential
Nonresidential
Public works and utilities
17,150 15,105 1,277 1,390 1,253
11,387 12,240 1,124 1,165
916
764
7,732 8,973
717
717
878
994
846
NOTE.—Monthly data exceed annual totals and are not comparable
with monthly data for 1957 and earlier years because of the policy of ac-
838
732 1,090 1,170 1,127 1,235 1,265 1,158
1,647 1,504 2,075 2,128 2,374 2,367 2,263 2,384
974
813
698
870 1,371 1,454 1,553 1,558 1,502 1,589 1,381
804 1,027 1,050 1,105 1,221 1,154 1,087
987
768
823
561
794
843
873
866
637
counting for negative adjustments in monthly data after original figures
have been published.
1347
CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
[Bureau of the Census estimates. * Monthly data at seasonally adjusted annual rates. In millions of dollars]
Private
Year or month
Total
Total
Public
Industrial
Commercial
Public
utility
Other
nonresidential
1,137
1,791
2,212
3,218
3,631
3,564
3,589
4,043
4,475
4,161
4,363
4,893
5,414
5,087
3,547
3,511
3,774
3,755
3,782
4,212
4,388
10,781
11,236
11,678
11,724
12,748
14,079
15,457
,387
,290
,003
,287
,360
,287
,402
2,679
3,015
3,680
3,861
4,431
4,954
5,545
790
883
982
1,085
1,275
1,344
1,387
5,925
6,048
6,013
5,491
5,682
6,494
7,123
3,930
4,180
4,262
4,378
4,519
4,848
4,821
4,743
4,636
4,515
4,510
4,578
4,646
4,718
4,681
5,008
5,323
5,361
5,452
5,458
4,338
4,703
16,211
15,953
,488
,386
5,870
5,464
1,467
1,487
7,386
7,616
4,733
4,753
4,721
16,352
16,455
17,011
,490
,678
,531
5,427
5,243
5,953
1,458
1,454
1,477
7,977
8,080
8,050
5,308
5,384
5,398
5,323
5,383
5,382
5,457
5,470
5,464
5,402
4,717
4,749
4,905
5,064
5,228
5,415
5,351
5,271
5,152
4,983
17,443
17,755
17,283
16,518
16,286
16,878
15,863
16,702
17,022
17,162
,284
,942
,764
,651
,507
,382
1,140
1,153
1,159
1,145
6,470
5,934
5,662
5,060
4,983
5,527
5,128
5,762
5,960
5,988
,530
,549
,569
,601
,606
,594
,582
,560
,575
,617
8,159
8,330
8,288
8,206
8,190
8,375
8,013
8,227
8,328
8,412
Business
Nonfarm
residential
Total
1952
1953
1954
1955
1956
1957
1958
34,670
37,019
39,234
44,164
45,815
47,845
48,950
23.889
25,783
27,556
32,440
33,067
33,766
33,493
12,842
13,777
15,379
18,705
17,677
17,019
18,047
7,500
8,495
8.403
9,980
11,608
12,535
11,058
19592
1960
56,555
55,556
40,344
39,603
24,962
22,546
11,044
12,354
2,320
2,229
2,030
2,399
3,084
3.557
2,382
2,106
2,851
I960—Oct...
Nov..
Dec...
55,552
56.079
56,650
39,200
39,624
39,639
21,834
22,016
21,916
12,633
12,855
13,002
3,010
3,025
3,025
1961—Jan...
Feb...
Mar..
Apr..
May.
June.,
July..
Aug..
Sept.p
Oct.10.
56.018
55,717
55,794
'55,504
'55,518
r
57,206
r
57,039
57,983
58,625
58,457
38,575
37,962
38.511
'38;986
'39,232
'40,328
'41,176
41,281
41,603
41,295
20,649
20,016
20,508
'21,042
'21,257
'22,271
'23,118
23,306
23,659
23,621
13,209
13,197
13,098
12,880
12,747
12,642
12,707
12,704
12,792
12,691
3,053
2,992
2,957
2,921
2,849
2,750
2,672
2,588
2,610
2,608
p
Preliminary.
' Revised.
i Data for 1952-58 are joint estimates of the Departments of Commerce
and Labor.
Total
Military
Highway
Sewer
and
water
All
other
2 Beginning with 1959, series includes Alaska and Hawaii.
NEW HOUSING STARTS
[Bureau of the Census, Federal Housing Administration, and Veterans Administration.
Year or month
Seasonally
adjusted
annual rate
(private only)
Total
Total
Metropolitan
areasi
Nonmetropolitan
areas 1
Nonfarm
In thousands of units]
Memorandum item:
Government-underwritten 2
Private
Public
Total
family
family
Multifamily
1-
Total
FHA
VA
1952..
1953..
1954..
1955..
1956..
1957..
1958..
1959..
1,127
1,104
1,220
1,329
1,118
,042
,209
,379
795
804
897
976
780
700
827
946
332
300
324
353
338
342
382
432
1,069
1,068
1,202
1,310
1,094
993
1,142
1,343
939
933
1,077
1,190
981
840
933
1,079
46
42
34
33
31
33
39
49
84
94
90
87
82
120
170
215
59
36
19
19
24
49
68
36
All
409
583
670
465
322
439
458
280
252
276
277
195
193
337
349
141
157
307
393
271
128
102
109
19593.
I960..
,554
,296
1,077
889
477
407
1,517
1,252
97
110
93
64
1,234
995
227
214
37
44
458
336
349
261
77
86
69
46
56
44
3
4
3
3
17
21
20
15
6
3
2
7
29
28
26
19
22
23
20
14
109
75
7
6
5
5
70
76
105
111
127
132
125
50
56
78
84
96
100
96
96
n.a.
3
4
4
4
4
4
4
3
n.a.
17
16
23
24
26
29
25
28
n.a.
3
5
5
4
4
6
3
19
18
27
26
32
30
29
34
14
13
20
20
24
22
21
26
21
1960—Sept..
Oct..
Nov..
Dec..
,089
,273
,220
996
,067
,237
,206
987
103
113
95
71
69
78
66
50
34
35
28
21
1961—Jan
Feb....
Mar....
Apr....
May...
June...
July....
Aug
Sept
,127
,169
,296
,166
,291
,381
,343
,321
,360
,098
,115
,262
73
81
110
115
131
138
129
*130
*125
51
56
79
80
90
93
88
87
21
25
31
36
41
46
41
42
35
,143
,268
,351
,318
?1,296
^1,343
n.a. Not available.
* Preliminary.
1
For new series, based on revised definition of metropolitan areas.
2 Data from Federal Housing Administration and Veterans' Administration represent units started, based on filed office reports of first
compliance inspections.
n
5
5
6
6
3 New series, including both farm and nonfarm unless otherwise
indicated. Not strictly comparable with nonfarm series developed by
the Bureau of Labor Statistics, for which annual totals are given through
1959.
1348
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
Employed *
Total
Total
In n onagricultural
industries
In
agriculture
Not in the
labor force
Unemployed
1954
1955
1956
1957
1958
1959
I960
116,220
117,388
118,734
120,445
121,950
123,366
125,368
67,818
68,896
70,387
70,746
71,284
71,946
73,126
64,468
65,848
67 530
67,946
68,647
69,394
70,612
60,890
62,944
64,708
65,011
63,966
65,581
66,681
54,395
56,225
58,135
58,789
58,122
59,745
60,958
6,495
6,718
6 572
6,222
5,844
5,836
5,723
3,578
2,904
2,822
2,936
4,681
3,813
3,931
48,401
48,492
48,348
49,699
50,666
51,420
52,242
1960—-Oct
Nov
Dec
125,936
126,222
126,482
73,592
73,746
73,079
71,069
71,213
70,549
67,490
67,182
66,009
61,244
61,516
61,059
6,247
5,666
4,950
3,579
4,031
4,540
52,344
52,476
53,403
1961—Jan...
Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
126,725
126,918
127,115
127,337
127,558
127,768
127,986
128,183
128,372
128,571
72,361
72,894
73,540
73,216
74,059
76,790
76,153
75,610
73,670
74,345
69,837
70,360
71,011
70,696
71,546
74,286
73,639
73 081
71,123
71,759
64,452
64,655
65,516
65,734
66,778
68,706
68,499
68,539
67,038
67,824
59,818
59,947
60,539
60,734
61,234
62,035
62,046
62,215
61,372
61,860
4,634
4,708
4,977
5,000
5,385
5,705
5,495
4,962
4,768
5,580
5,140
4,542
4,085
3,934
54,364
54,024
53,574
54,121
53,499
50,977
51,833
52 573
54,701
54,226
1
Includes self-employed, unpaid family, and domestic service workers.
2
Per cent of civilian labor force. Monthly data seasonally adjusted.
NOTE.—Inclusion of figures for Alaska and Hawaii beginning with
1960 increased population by about 500,000 and total labor force by
about 300,000. Most of the increase was in nonagricultural industries.
5,544
6,671
6,453
6,325
5,666
5,964
Unemployment
rate
(per cent)
5.6
4.4
4.2
4.3
6.8
5.5
5.6
6.3
6.2
6.8
6.6
6.8
6.9
6.8
6.9
6.8
6.9
6.9
6.8
6.8
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]
Finance
Service
Federal,
State, and
local
government
10 235
10,535
10,858
10,886
10,750
11,125
11,412
2 234
2,335
2,429
2,477
2,519
2,597
2,684
6,002
6,274
6,536
6,749
6,811
7,105
7,361
6,751
6,914
7,277
7,626
7,893
8,190
8,520
3,991
3,976
3,950
11,423
11,371
11,334
2,707
2,719
2,723
7,415
7,431
7,447
8,590
8,622
8,643
2,773
2,765
2,792
2,766
2,742
2,795
2,776
2,770
2,777
2,788
3,931
3 922
3,919
3 901
3s903
3 914
3 942
3,939
3 953
3 958
11,347
11 296
11,252
11 320
11,355
11 392
11 437
11,410
11 414
11,471
2,727
2 731
2,732
2 732
2,739
2 747
2 748
2,757
2 762
2,770
7,439
7 460
7,463
7 425
7,436
7 471
7,533
7,546
7 582
7,604
8,671
8,682
8,712
8,734
8,774
8 821
8,835
8,865
8,920
8,970
3,110
2,942
2,630
4 015
3,992
3,966
11 509
11,608
12,146
2 702
2,705
2,709
7 452
7,416
7,380
8,649
8,699
8,980
2,457
2,342
2,454
2,619
2,775
2,971
3,023
3,075
3,046
3,014
3,888
3,87i
3,872
3,870
3,891
3,945
3,977
3,971
3,985
3,982
11,233
11,040
11,101
11,162
11,238
11,354
11,327
11,342
11,429
11,557
2,702
2,706
2,710
2,724
2,734
2,766
2,795
2,801
2,776
7,313
7,333
7,359
7,448
7,510
7,598
7,631
7,606
7,627
7,642
8,672
8,737
8,769
8,787
8,816
8,797
8,534
8,535
8,888
9,033
Contract
construction
Transportation and
public
utilities
Trade
709
2,612
2,802
2,999
2,923
2,778
2,955
2,882
4 084
4,141
4,244
4,241
3,976
4,010
4 017
16,489
16,351
16,174
698
693
679
2,877
2,832
2,757
53,581
53 485
53,561
53,663
53,894
54 182
54,335
54,333
54,417
54,576
16,021
15,962
16,023
16,119
16,275
16,373
16,392
16,381
16,342
16,352
672
54,882
54,595
54,706
16,739
16,538
16,213
706
52,864
52,523
52,785
53 171
53,708
54,429
54,227
54,538
S5,092
55,260
15,933
15,838
15,866
15,904
16,076
16,320
16,268
16,531
16,664
16,598
666
656
654
657
Total
.
16,314
16,882
17,243
17,174
15,945
16,667
16,762
54,190
53,995
53,707
1954. . . .
1955
1956
1957. . . .
1958
1959
1960 . .
Manufacturing
49 022
50,675
52,408
52,904
51,423
53,380
54,347
Year or month
Mining
791
792
822
828
751
731
SEASONALLY ADJUSTED
I960
Oct
Nov.. .
.
Dec
1961—Jan..
Feb
Mar
Apr
May
June
July
Aug
Sept P
Oct. p
...
667
668
666
670
669
672
665
667
663
WITHOUT SEASONAL ADJUSTMENT
I960—Oct..
Nov
Dec
1961—Jan
Feb
.
Mar
Apr..
May
June.
July
Aug.
Sept.*>
Oct p
.
.
. . .
J
» Preliminary.
Data include figures for Alaska and Hawaii.
NOTE.—Revised data include all full- and part-time employees who
worked during, or received pay for, the pay period ending nearest the 15th
695
682
668
678
672
677
677
670
2,764
of the month. Proprietors, self-employed persons, domestic servants,
unpaid family workers, and members of the armed forces are excluded.
Back data may be obtained from the Bureau of Labor Statistics. 'j££ {
1349
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES 1
[Bureau of Labor Statistics.
In thousands of persons]
Seasonally adjusted
Industry group
1960
1961
Oct.
Total
Without seasonal adjustment
1960
1961
Oct.
Aug.
Aug.
Sept.P
Oct.p
12,278
12,156
12,112
12,108
12,530
12,274
12,418
12,352
Durable goads
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.
6,784
90
551
312
476
916
851
996
942
1,113
226
311
6,699
95
538
309
464
944
838
967
972
1,039
225
308
6,680
97
541
308
460
952
830
967
957
1,040
224
304
6,675
99
537
306
464
955
823
978
984
1,000
222
307
6,880
89
571
321
485
922
868
980
955
1,124
229
336
6,641
94
568
311
477
940
831
950
968
961
223
317
6,760
97
567
316
477
957
836
962
982
1,016
226
325
6,769
98
556
315
473
962
839
962
998
1,010
225
331
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
5,494
1,217
86
803
1,080
All
595
505
137
279
321
5,457
1,182
80
795
1,081
472
596
510
134
287
320
5,432
1,177
85
794
1,066
469
597
508
131
289
316
5,433
1,174
76
795
1,072
472
596
509
133
290
316
5,650
1,308
104
813
1,094
478
603
506
137
288
320
5,633
1,318
89
802
1,100
475
594
509
135
284
327
5,658
1,328
107
804
1,085
477
601
510
133
294
319
5,583
1,262
92
805
1,086
478
604
510
133
299
315
p
Preliminary.
Data include figures for Alaska and Hawaii.
NOTE.—Revised data covering production and related workers only
(full-and part-time) who worked during, or received pay for, the pay
period ending nearest the 15th of the month. Back data may be obtained
form the Bureau of Labor Statistics.
1
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES i
[Bureau of Labor Statistics.
Average weekly earnings
(dollars per week)
In unit indicated]
Average hours worked
(per week)
Average hourly earning!
(dollars per hour)
Industry group
1960
Oct.
Total
1961
Aug.
1960
Sept.p
Oct.
1961
1960
1961
Aug.
Sept."
Oct.
Aug.
Sept.?
Oct.?
90.12
92.86
92.50
94.71
39.7
40.2
39.7
40.3
2.27
2.31
2.33
2.35
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...
97.69
109.62
75.65
76.17
94.94
105.36
99.47
104.19
92.29
114.95
95.00
75.22
100.44
112.87
79.19
78.12
98.18
116.11
102.34
106.75
94.94
112.96
97.75
74.47
99.35
114.52
79.99
79.13
97.88
118.37
98.55
107.57
93.77
104.53
97.99
76.40
102.41
116.05
80.60
79.32
98.12
119.39
103.16
109.03
96.05
115.46
98.7t
76.99
40.2
40.6
39.4
40.3
41.1
37.9
40.6
40.7
40.3
41.2
40.6
39.8
40.5
40.6
40.2
40.9
41.6
39.9
41.1
40.9
40.4
40.2
40.9
39.4
39.9
40.9
39.6
41.0
41.3
40.4
39.9
40.9
39.9
37.2
41.0
40.0
40.8
41.3
40.1
41.1
41.4
40.2
41.1
41.3
40.7
40.8
41.3
40.1
2.43
2.70
1.92
1.89
2.31
2.78
2.45
2.56
2.29
2.79
2.34
1.89
2.48
2.78
1.97
1.91
2.36
2.91
2.49
2.61
2.35
2.81
2.39
1.89
2.49
2.80
2.02
1.93
2.37
2.93
2.47
2.63
2.35
2.81
2.39
1.91
2.51
2.81
2.01
1.93
2.37
2.97
2.51
2.64
2.36
2.83
2.39
1.92
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries..
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
80.55
86.73
64.15
62.47
57.19
96.44
103.83
103.73
118.53
93.77
59.07
83.58
88.60
68.17
66.02
59.86
101.05
105.33
107.49
122.59
97.85
62.79
84.14
89.64
66.72
66.26
56.93
101.67
106.92
107.79
126.88
99.46
62.05
84.74
89.82
68.51
67.98
60.33
101.20
106.09
108.73
126.16
97.12
62.22
39.1
41.3
40.6
38.8
35.3
42.3
38.6
41.0
41.3
39.9
35.8
39.8
41.4
40.1
40.5
36.5
43.0
38.3
41.5
41.0
40.6
37.6
39.5
41.5
41.7
40.4
34.5
42.9
38.6
41.3
41.6
41.1
36.5
39.6
41.2
39.6
41.2
35.7
42.7
38.3
41.5
41.5
40.3
36.6
2.96
2.10
1.58
1.61
1.62
2.28
2.69
2.53
2.87
2.35
1.65
2.10
2.14
1.70
1.63
1.64
2.35
2.75
2.59
2.99
2.41
1.67
2.13
2.16
1.60
1.64
1.65
2.37
2.77
2.61
3.05
2.42
1.70
2.14
2.18
1.73
1.65
1.69
2.37
2.77
2.62
3.04
2.41
1.70
p
1
Preliminary.
Data include figures for Alaska and Hawaii.
NOTE.—Revised data are for production and related workers,
data are available from the Bureau of Labor Statistics.
Back
1350
DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures.
1947-49 average=»100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
118
118
128
135
135
136
144
145
114
117
123
126
122
122
126
128
105
108
113
120
124
127
131
135
117
116
125
131
132
133
140
140
119
112
122
128
129
128
139
140
127
129
140
146
148
148
156
154
131
135
149
164
166
169
181
182
114
112
122
128
128
125
133
134
120
121
132
138
138
137
144
143
Sept
Oct
Nov
Dec
'145
'148
'144
'146
126
129
'137
140
139
145
185
189
132
140
129
131
136
136
151
179
129
128
135
136
142
154
187
Jan
Feb
Mar
Apr
May
June
July
142
126
129
132
140
146
145
146
148
144
149
151
150
126
135
132
133
136
134
132
136
140
140
136
142
142
143
145
141
138
146
145
142
135
155
157
156
150
156
161
156
Minne- Kansas
Dallas
apolis
City
San
Francisco
110
113
117
126
128
128
134
137
123
129
140
144
142
146
155
155
132
136
149
158
159
159
172
169
122
122
132
141
140
143
157
156
138
149
135
139
154
164
'173
172
'156
160
139
137
157
163
152
137
142
139
159
171
159
177
130
145
134
164
165
154
181
178
183
175
185
194
179
128
127
135
132
137
143
137
134
142
142
138
143
147
141
143
135
143
139
144
137
133
156
158
162
152
159
165
157
170
168
164
160
164
153
162
167
157
SALES i
1953
1954
1955
1956
1957
1958
1959
I960
SEASONALLY ADJUSTED
I960
1961
130
Sept
'143
136
131
132
155
249
'139
147
167
245
'139
144
144
139
138
142
'156
163
177
160
162
178
140
'145
'145
144
*156
192
136
141
139
^163
'184
175
141
149
178
250
'139
145
167
254
'157
170
183
285
172
187
206
329
136
143
158
238
142
152
166
248
145
153
155
239
159
164
181
274
'166
176
190
293
152
156
177
282
170
WITHOUT SEASONAL ADJUSTMENT
I960
145
153
171
262
Sept
Oct
Nov
Dec
1961 Jan
Feb
95
103
97
105
105
137
98
107
96
121
130
119
109
91
105
102
104
110
141
96
102
105
114
127
126
132
134
116
120
128
125
134
131
130
126
142
139
177
172
137
147
155
159
138
148
131
129
102
112
132
136
106
114
135
136
110
119
126
127
121
128
140
141
126
136
133
133
122
132
149
146
134
142
116
123
171
166
165
172
131
132
114
126
140
133
122
135
133
139
109
133
152
151
145
160
160
149
158
145
156
149
156
135
138
142
141
P157
178
140
145
149
131
128
124
126
120
117
129
127
125
122
141
138
155
152
122
120
131
125
123
146
11
4
140
140
135
132
141
138
136
142
147
119
130
138
136
142
149
135
148
154
152
160
164
124
159
124
136
148
152
148
156
165
133
175
178
172
179
185
170
195
203
197
210
228
127
138
143
139
148
154
135
148
150
143
144
150
130
142
146
137
144
155
152
164
160
153
157
165
153
168
174
165
178
187
142
156
158
155
167
178
Sept
Oct
Nov
Dec
'168
167
152
152
'152
151
230
231
160
159
152
150
163
161
171
173
'190
192
'179
179
169
166
151
147
152
149
166
164
163
145
184
187
235
233
158
158
149
147
160
154
173
174
192
182
178
180
1961—Jan
Feb
Mar
Apr
May
162
161
161
162
147
146
145
149
150
148
147
146
161
157
158
158
142
142
142
143
182
181
182
183
224
221
221
229
149
148
151
150
148
147
150
148
148
152
148
149
169
164
166
168
181
178
179
179
178
182
179
178
164
164
166
169
152
155
155
157
160
150
148
149
150
151
162
165
165
'165
170
142
147
151
151
151
187
184
187
189
225
227
227
239
155
151
159
160
166
152
152
151
154
154
152
151
161
157
167
166
171
172
178
180
182
190
179
178
176
182
'176
187
192
150
159
172
177
137
'160
171
176
140
'173
190
191
148
160
169
184
132
'200
211
213
172
239
166
175
177
137
161
171
170
133
169
176
201
251
266
205
178
182
143
187
196
156
211
211
169
'189
198
205
165
145
108
Mar
Apr
May
July
Sept
....
....
...
'181
168
166
STOCKSi
1953
1954
1955
1956
1957
1958
1959
I960
136
129
134
149
143
SEASONALLY ADJUSTED
I960
July
Sept
'165
165
154
151
'189
185
WITHOUT SEASONAL ADJUSTMENT
I960—Sept
Oct
Nov
Dec
1961—Jan
Feb
131
136
142
125
162
207
134
132
136
152
160
158
153
137
138
151
136
170
221
140
139
146
158
172
168
Mar
Apr
May
164
169
165
156
147
155
155
146
150
152
151
139
162
169
165
154
146
150
146
140
186
190
187
173
232
238
228
213
151
159
158
148
151
154
150
143
151
153
152
142
169
174
168
163
183
186
177
167
178
181
178
173
July
Aug
Sept
157
165
141
134
139
156
143
152
147
158
173
186
211
152
168
156
173
152
163
154
P159
164
170
173
190
180
148
'158
179
r
P Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.
145
157
231
^249
173
NOTE.—For description of series see BULLETIN for December 1957,
pp. 1323-36. Back data may be obtained from the Division of Administrative Services.
1351
DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Amounts (in millions of dollars)
OutRestandceipts 2
ing
(total
orders *
fr»r
I or
(end of
month) month)
Ratios to sales4
Stocks
plus
outstanding
orders
Receipts
L.2
.1
.0
.1
.1
.1
LO
.1
l.l
4.1
4.1
4.0
4.0
4.1
4.1
4.1
4.1
4.3
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.1
1.0
3.3
3.2
3.0
1.4
1.3
.1
).8
).4
4.6
4.3
3.8
1.8
1.2
1.2
1.1
0.6
3.6
3.9
3.0
3.5
3.1
3.0
3.5
3.1
3.3
New
orders 3
(total
for
month)
1.2
1.4
0.9
0.9
0.9
1.3
1.8
1.4
1.4
4.7
5.3
4.0
4.4
4.0
4,3
5.3
4.5
4.7
0.9
1.1
1.2
1.1
0.9
0.8
1.0
1.2
1.2
Sales i
(total
for
month)
Stocks i
(end
of
month)
397
406
409
437
454
459
462
488
492
1,097
1,163
1,140
1,195
1,286
1,338
1,323
1,391
1,466
435
421
388
446
470
461
437
510
517
397
408
410
444
459
461
462
495
494
401
401
412
449
458
458
464
498
491
2.9
3.0
3.0
2.9
3.0
3.1
3.0
3.0
3.1
Month:
1960—Sept..
Oct..
Nov..
Dec...
'473
520
584
932
'1,573
1,670
1,735
1,339
'623
581
479
331
'570
626
649
536
'562
586
547
388
1961—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept.?
370
348
479
431
476
467
389
467
475
1,316
1,368
1,459
1,502
1,475
1,389
1,376
1,469
1,573
436
474
441
387
419
619
689
649
654
347
400
570
474
449
381
376
560
579
452
438
537
420
481
581
446
520
584
Period
Stocks
Outstanding
orders
Annual average:
1952
1953
1954
1955
1956
1957
1958
1959
1960
p
Preliminary.
1
r
Revised.
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1960,
sales by these stores accounted for about 45 per cent of estimated total
department store sales.
2 Derived from the reported figures on sales and stocks.
3 Derived from receipts and reported figures on outstanding orders.
4
The first three ratios are of stocks and/or orders at the end of the
month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see the
BULLETIN for October 1952, pp. 1098-1102.
MERCHANDISE EXPORTS AND IMPORTS
[Bureau of the Census. In millions of dollars]
Merchandise exports *
Period
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
1959
Jan
Fob
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan -Sept
1960
1961
1959
1960
1961
1959
1960
1961
1.401
1,279
1,459
1,481
1,558
1,427
1,470
1,410
1,487
1,482
1,647
1,672
1,934
1,706
1,744
1,699
1,637
1,653
1,616
1,287
1,182
1,378
1.345
1,418
1,351
1,356
1,313
1,407
1,399
1.484
,497
1,632
1,703
1,710
1,637
1,629
1,547
1,557
1,690
1,724
1.539
1,606
1,889
L,647
1,671
1,644
1,558
1,581
1,580
1.743
1.154
,119
,295
,221
1,264
1,370
1,250
1,188
[,395
1,202
1,283
.467
1.143
,289
,378
,261
1,262
1,307
1,150
1,229
1,160
.157
1,161
1,157
1.124
1,046
1,231
1,042
1,195
1,220
1,268
1,234
1,685
1,561
1,576
1,749
1,818
1,804
1,737
1,699
1,609
1,610
1,744
1,797
1,797
12,972
15,163
15,308
12,037
14,396
14,677
11,256
11,179
10,536
482
1 Exports of domestic and foreign merchandise.
2
Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.
•*8n
3
General imports including imports for immediate consumption plus
entries into bonded warehouses.
1352
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
1929
1933
1941
1945
Solid
fuels
and
fuel oil
House- Housefurhold
nishoperaings
tion
Personal
care
Reading
and
recreation
Other
goods
and
services
1961_Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
112.8
112.6
110.9
111.7
115.4
120.3
118.3
119.7
117.7
119.1
120.0
121.7
125.6
127.7
129.2
131.5
124.1
128.5
130.3
132.7
135.2
137.7
139.7
141.8
106.6
107 9
110.7
111.8
113.0
117.0
119.9
124.8
123.9
123 5
125.2
130.7
137.4
134.9
136.6
135.6
107.9
106 1
104.1
103.0
104.6
103.9
103.9
104.2
115.3
117 4
119.1
122.9
127.5
131.4
134.3
137.4
104.8
104 3
103.7
105.5
106.9
107.0
107.9
109.4
129.7
128.0
126.4
128.7
136.0
140.5
146.3
146.2
121.3
125.2
128.0
132.6
138.0
144.4
150.8
156.2
112.8
113.4
115.3
120.0
124.4
128.6
131.2
133.3
108.0
107.0
106.6
108.1
112.2
116.7
118.6
121.5
118.2
120.1
120.2
122.0
125.5
127.2
129.7
132.2
126.8
127.3
127.4
127.5
120.2
120.9
121.1
121.4
132.0
132.2
132.1
132.3
142.1
142.5
142.7
142.8
125.7
125 7
125.7
125.6
134.8
136.1
136.3
137.0
104.1
104 0
104.0
103.9
138.0
138 1
138.3
138.3
110.6
111 0
110.7
110.6
144.7
146.1
146.5
146.5
156.9
157 3
157.9
158.0
133.9
134 0
133.9
133.7
122.1
121 9
122.5
122.3
132.7
132.7
132.7
132.7
127.4
127.5
127.5
127.5
127.4
127.6
128.1
128.0
128.3
. .
65.6
41.6
52.2
68.9
114.4
114.8
114.5
116.2
120.2
123.5
124.6
126.5
Sept
Oct
Nov
Dec
117 4
83 6
88.4
90 9
Medical
care
73.3
55.3
62.9
76 9
.
1953
1954
1955
1956
1957
1958
1959
1960
I960
Gas
and
electricity
Rent
Transportation
Appare!
121 3
121.4
121.2
121.2
120.7
120.9
122.0
121.2
121.1
132.3
132.4
132.5
132.3
132.2
132.4
132.4
132.3
132.6
142 9
143.1
143.1
143.3
143.4
143.5
143.6
143.6
143.9
125 9
125.9
125.9
125.8
126.2
126.3
125.6
125.6
125.7
139 6
141.3
141.3
139.9
136.5
135 6
135.9
136 9
137.2
103 6
103.7
103.9
103.8
103.5
103 9
103.6
103 2
103.8
138 3
138.3
138.5
138.7
138.7
138.9
139.1
138 8
138.9
109 4
109.6
109.8
109.5
109.6
109.6
109.9
109.9
111.1
146 2
146.2
145.7
145.8
146.6
147.7
148.3
149.3
149.4
158 5
159.4
159.6
159.9
160.4
160 9
161.2
161 4
161.7
133 7
133.8
133.6
133.8
133.8
133.9
134.3
134.2
134.3
122.2
122.7
123.4
124.1
123.9
123.5
124.1
124.4
125.0
132.6
132.6
132.6
132.6
133.1
133.1
133.6
133.6
133.8
60 3
45 9
55.6
76 3
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.
1947-49= 100]
Other commodities
Year or
month
All
Farm
commodi- products
ties
Processed
foods
Total
TexFuel
tile Hides, and Chem- Rubprod- skins, related icals
ber
and prod- and
ucts
and
and leather ucts, allied prodprod- and prodapucts
ucts power ucts
parel
ToMa- Furni- Nonbacco
Lum- Pulp Metals chin- ture
meand
prod- Misery
ber
paper, and
tallic
other
ucts cellaand
and
and
and
wood allied metal mo- house- mineral bottled
hold
prod- prod- prod- tive
ucts prod- dura- prod- bevucts
ucts
ucts erages
bles
ucts
1953
1954
1955
1956
1957
1958
1959
1960
110.
110.3
110.7
114.3
117.6
119.2
119.5
119.6
97.0 104.6
95.6 105.3
89.6 101.7
88.4 101.7
90.9 105.6
94.9 110.9
89.1 107.0
88.8 107.7
114.0
114.5
117.0
122.2
125.6
126.0
128.2
128.3
97.3 98.5 109.5 105.7
95.2 94.2 108.1 107.0
95.3 93.8 107.9 106.6
95.3 99.3 111.2 107.2
95.4 99.4 117.2 109.5
93.5 r100.6 112.7 110.4
95.0 114.3 112.7 109.9
96.1 110.3 113.8 110.2
125.0
126.9
143.8
145.8
145.2
145.0
144.5
144.7
120.2
118.0
123.6
125.4
119.0
117.7
125.8
121.3
116.1
116.3
119.3
127.2
129.6
131.0
132.2
133.2
126.9
128.0
136.6
148.4
151.2
150.4
153.6
153.8
123.0
124.6
128.4
137.8
146.1
149.8
153.0
153.4
114.2
115.4
115.9
119.1
122.2
123.2
123.4
123.1
I960—Sept.
Oct..
Nov.
Dec.
119.2
119.6
119.6
119.5
87.7 108.1
89.5 109.0
89.9 109.1
88.7 109.2
127.9
128.0
127.9
127.9
95.9
95.8
95.4
95.2
108.1
108.5
108.5
108.8
116.
116.2
116.
116.2
110.4
110.1
110.1
110.2
144.9
144.7
143.6
141
118.7
117.7
116.9
116.5
133.0
133.4
133.1
132.3
153.5
152.8
152.3
152.2
151.4
152.9
153.0
153.1
122.8 138.0 132.0
122.7 138.1 132.0
122.6 137.9 132.0
122.6 137.9 132.1
1961—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
119.9
120.0
119.9
119.4
118.7
118.2
118.6
118.9
118.8
128.
128.
128.2
128.0
127.6
94.8
94.7
94.4
94.1
94.0
93.7
93.9
94.2
94.4
108.3
108.0
109.5
109.9
110.7
110.1
111.1
113.1
113.5
117.2
117.7
117.5
115.2
113.6
114.3
114.6!
114.4
113.7
109.7
110.0
110.1
110.2
109.9
109.3
108.9
M08.4
108.2
139
139.6
139.9
140.1
140.2
139.6
139.0
139.4
139.6
115.7
114.7
115.4
118.0
117.6
117.8
117.2
115.9
115.5
132.2
132.2
131.5
131.0
126.1
126.5
126.4
126.3
128.6
152.2
152.3
152.4
152.7
153.0
153.1
153.2
153.6
153.8
153.5
153.4
153.4
153.1
153.1
153.2
153.0
152.7
152.7
^Revised.
89.7
90.0
89.9
88.5
86.8
85.1
87.1
»"88.6
87.2
109.9
110.5
109.6
108.7
107.5
106.7
107.5
r
108.1
108.1
127.4
127.4
127.4
127.5
122.3
122.2
122.2
122.5
122.4
122.4
122.3
r
122.1
122.2
118.2
120.9
124.2
129.6
134.6
136.0
137.7
138.0
138
138
138.6
138.6
138.5
138.3
138.4
138.5
138.5
115.7 97.8
120.6 102.5
121.6 92.0
122.3 91.0
89.6
126.
128.2 94.2
131.4 94.5
131.8 92.1
132.1
132.1
132.1
132.0
132.1
132.1
132.6
132.8
133.4
91.1
90.3
90.6
92.4
95.6
95.2
96.8
97.7
99.5
95.9
95.6
95.6
95.6
1353
PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49= 100]
1960
1961
1960
Subgroup
Sept.
July
Aug.
Sept.
104.7
74.9
79.0
92.1
99.8
85.5
72.3
129.5
104.3
77.8
75.5
96.7
98.1
'97.3
78.1
80.3
98.4
'98.4
80.7
82.9
129.3
95.0
78.0
77.6
98.7
99.8
76.6
80.0
131.2
122.4
96.0
120.5
107.7
117.9
140.9
101.4
123.9 123.9
92.5
94.8
120.4 r121.0
109.0 107.4
114.8 113.0
139.1 138.6
102.5 102.1
124.3
94.3
121.9
107.2
112.8
138.6
102.3
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
,
,
,
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
75.5
83.7
129.3
Textile Products and Apparel:
93.4
101.2
78.6
128.4
101.1
85.7
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
89.7
101.2
75.1
131.2
100.4
90.7
90.4
101.7
75.1
136.2
100.6
91.0
91.0
101.8
75.1
136.2
100.7
90.5
Hides, Skins, and Leather Products:
62.3
97.5
132.5
103.9
Hides and skins
Leather
Footwear
Other leather products
76.2
82.9
102.6 106.3
132.9 133.5
104.3 105.1
82.5
107.6
133.9
105.4
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Crude petroleum and natural gasoline
Petroleum products, refined
122.4
170.4
121.3
102.1
126.8
119.2
118.7
170.4
115.6
102.5
127.2
117.4
119.2
170.4
116.6
102.4
127.2
116.8
120.1
170.4
116.9
102.4
127.2
115.1
124.5
128.4
104.6
93.7
47.7
112.9
108.3
106.7
121.1
132.4
101.0
92.5
52.2
113.0
111.7
105.8
120.8
132.4
101.1
'91.3
51.1
113.6
110.0
105.3
120.6
132.4
99.9
91.2
49.3
114.4
110.2
105.3
Chemicals and Allied Products:
,
,
,
,
147.7
141.3
146.6
136.2
138.3
140.9
137.9
138.3
141.1
138.9
138.3
141.0
117.9
135.5
96.4
116.8
132.0
97.2
115.8
130.7
r
95.3
115.5
130.7
93.9
121.2
77.4
145.4
114.4
76.6
145.9
114.4
76.6
145.9
114.4
76.6
145.3
Pulp, Paper, and Allied Products:
* Revised.
Paperboard
Converted paper and paperboard...
Building paper and board
Sept.
135.9
130.6
145.3
123.0
121.2
144.9
122.8
121.2
144.8
122.8
125.5
144.8
169.7
138.4
153.6
174.5
131.5
119.3
134.2
170.1
135.8
156.6
176.3
132.8
115.5
132.3
170.5
136.2
156.6
176.4
133.5
115.6
132.3
170.8
136.3
156.6
176.5
133.5
115.2
132.2
146.2
149.2
150.4
150.8
146.2
148.8
148.9
148.7
Metals and Metal Products:
Iron and steel
,
Nonferrous metals
,
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Fabricated
nonstructural
metal
products
Machinery and Motive Products:
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Special industry machinery and equipment (Jan. 1961= 100)
Electrical machinery and equipment
Motor vehicles
Transportation equip., R. R. rolling
stock (Jan 1961 = 100)
176.7
181.0
178.3
181.7
178.5
181.7
178.5
182.1
166.9
150.2
166.5
151.8
166.3
152.0
166.4
152.0
100.5
100.5
100.7
151.8
140.5
150.5
140.5
150.4
140.3
100.0
100.3
100.3
125.0
157.1
130.5
100.9
91.1
157.6
126.4
155.9
129.7
99.8
90.0
156.9
126.4
155.9
129.7
99.8
'88.7
157.2
126.6
156.7
129.7
99.8
88.3
157.2
132.4
142.2
131.0
162.1
133.2
106.6
134.5
Household furniture
Commercial furniture
Floor covering
Household appliances
Television, radios, phonographs.
Other household durable goods..
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing....
Other nonmetallic minerals.
Tobacco Products
erages :
Lumber and Wood Products:
Woodpulp
Wastepaper
Paper
Aug.
130.3
142.6
131.3
161.6
134.6
114.2
133.7
130.3
142.4
131.3
161.7
137.3
114.2
133.7
130.3
142.4
131.4
161.9
137.3
114.2
133.5
134.8
106.5
155.7
121.1
171.4
134.8
106.5
157.8
121.1
174.8
134.8
106.5
157.8
121.1
176.3
134.8
106.5
157.8
121.2
180.5
118.6
67.7
96.4
110.9
132.5
119.0
74.6
96.4
111.0
131.8
119.7
74.3
96.4
•111.7
132.6
119.6
74.2
96.4
111.9
132.3
152.7
135.4
Nonmetallic Mineral Products:
Rubber and Products :
Lumber
Millwork
Plywood
July
Furniture and Other Household Durables:
Fuel and Related Products, and Power
Crude rubber
Tires and tubes
Other rubber products
Sept.
Pulp, Paper and Allied Products—Cont.:
Processed Foods:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
1961
Subgroup
and Bottled
Bev-
Cigarettes
Cigars
Other tobacco products.
Alcoholic beverages
Nonalcoholic beverages.
Miscellaneous:
Toys, sporting goods, small arms. .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment.
Other miscellaneous
1354
NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Quarterly totals
at seasonally adjusted annual rates
Annual totals
Item
1960
1929
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
New Construction
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
Net exports of goods and services
Exports
Imports
104.4
79.0
9.2
37.7
32.1
1933
1941
1950
1956
1957
1958
1959
444.5
293.2
37.3
141.6
114.3
482.8
314.0
43.5
147.3
123.2
504.4
328.9
44.3
152.4
132.2
66.1 56.6
36.1 35.5
17.0 18.0
19.0 17.4
28.5 23.1
1.6 - 2 . 0
-2.9
4.9
1.2
26.2 22.7
21.3 21.5
72.4
40.2
22.3
17.9
25.9
6.3
6.2
72.4
40.7
21.1
19.6
27.5
4.2
4.0
56.0 125.8 284.6 419.2 442.8
46.4 81.9 195.0 269.9 285.2
3.5
9.7 30.4 38.5 40.4
22.3 43.2 99.8 131.4 137.7
20.7 29.0 64.9 100.0 107.1
16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
50.0
24.2
14.1
10.1
18.9
6.8
6.0
67.4
35.5
17.7
17.8
27.2
4.7
5.1
1961
1960
505.1
329.7
43.4
152.7
133.6
504.5
332.3
43.8
153.1
135.4
500.8
330.7
39.4
153.7
137.5
516.1
336.1
42.0
154.
139.9
68.8
41.3
20.6
20.7
24.7
2.8
2.4
525.8
341.0
42.3
156.2
142.4
73.2
70.5 65.6 59.8
42.7
40.4 40.7 39.6
22 A
21.0 20.5 19.3
20.6
19.4 20.2 20.4
26.0
27.7 26.7 24.2
4.5
2.4 - 1 . 9 - 4 . 0
4.1
2.0 - 2 . 2 - 4 . 3
2.6
5.3
3.9
3.0
5.1
26.8 27.6 27.6 26.4 27.0
23.8 22.4 22.3 22.5 24.5
101.9 101.6 105.0 107.3 109.0
54.0 53.0 54.7 56.6 57.4
45.4 45.7 47.2 48.8 49.0
8.9
7.9
8.0
8.3
9.1
.6
.6
.5
.5
.6
48.0 48.6 50.3 50.6 51.6
.6
.8
.2
1.1
2.9
-.7
3.0
2.4
23.1 26.7
7.0
6.0 13.1 23.
2.3
23.8 23.6
6.3
4.8 12.5 20.2
Government purchases of goods and services.
8.0 24.8 39.0 79.0 86.5 93.5 97.1 100.1
8.5
Federal
1.3
2.0 16.9 19.3 45.7 49.7 52.6 53.5 52.9
National defense
\ 1.3 2.0 r 13.8 14.3 40.4 44.4 44.8 46.2 45.5
Other
5.2
5.7
5.7
8.3
7.8
8.0
.0
.0
Less: Government sales
.1
.3
.5
.5
.6
6.0
7.8 19.7 33.2 36i8 40.8 43.6 47.2
State and local
7.2
Addendum: Gross national product in constant (1954) dollars
181.8 126.6 238.1 318.1 400.9 408.6 401.3 428.4 440.8 440.2 438.4 433.2 445.5 451.8
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Quarterly totals
at seasonally adjusted annual rates
Annual totals
Item
1960
1929
1933
1941
1950
1956
1957
40.2 104.7 241.9 350.8 366.9
29.5 64.8 154.2 242.5 255.5
29.0 62.1 146.4 227.6 238.5
23.9 51.9 124.1 189.6 198.4
1.9
9.6
9.7
5.0
4.9
8.3 17.3 28.4 30.5
.5
2.7
7.8 14.9 17.0
2.0
.1
7.8
6.8
4.0
.4
.7
3.8
9.1
8.1
1959
367.4
257.1
239.8
196.6
9.8
33.5
17.3
8.0
9.4
399.6 417.1 419.0 416.5
278.4 293.7 296.0 294.0
258.5 271.3 273.2 271.3
213.2 223.0 224.2 221.6
9.9
9.9
9.9 10.0
35.4 38.5 39.1 39.7
20.0 22.4 22.7 22.7
9.7 11.5 11.8 11.5
10.3 10.9 10.9 11.2
46.3 48.2 48.7 49.0
35.0 36.2 36.3 36.3
11.3 12.0 12.4 12.7
11.9 11.7 11.7 11.7
National income
Compensation of employees
Wages and salaries
Private
Military
,
Government civilian
,
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
87.8
51.1
50.4
45.5
.3
4.6
Proprietors* income
14.8
8.8
6.0
5.6
17.4
10.9
6.5
37.5
23.5
14.0
43.7
3.2
2.4
32.1
11.6
44.5
32.7
11.8
46.1
32.5
13.5
5.4
2.0
3.5
9.0
10.9
11.9
12.2
10.1 - 2 . 0 14.5
.2 17.0
9.6
.5
7.6
1.4
8.3 — .4 9.4
4.5
5.8
2.1
4.9
2.4 - 2 . 4
35.7
40.6
17.9
22.5
9.
13.6
42.0
41.7
43.2
20.9
22.3
12.6
9.7
37.2
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
.7
.1
.6
-2.1 -2.5 -5.0
Inventory valuation adjustment
Net interest
6.4
5.0
4.5
5.5
NOTB.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1961.
44.
21.
23.5
12.1
11.3
-2.7
11.7
-1.5
13.
1961
1958
1960
44.1
43.2
21.4
21.7
14.1
7.6
412.2
292.6
270.1
219.7
10.1
40.3
22.5
11.7
10.8
426.0
300.2 306.2
277.3 282.7
226.0 230.7
10.2
10.1 41.9
41.2
22.9 23.4
12.0 12.2
10.8 11.2
48.9
36.0
12.9
49.2
36.3
12.9
49.2
36.6
12.8
11.5
11.5
11.5
40.0
45.5
45.2
22.4
22.8
14.2
8.6
46.4
46.8
23.1
23.7
13.4
10.3
45.1
45.0
22.3
22.7
14.1
8.6
— .3
14.8 16.6
.0
.9
.3
.4
.3
18.4
18.6
18.9
19.2
19.6
37.4
18.6
18.8
12.
6.4
42.9
42.6
21.1
21.4
14.3
7.2
39.6
19.6
20.0
14.2
5.8
14.3
26.2
1355
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates.
In billions of dollars]
Quarterly totals
at seasonally adjusted annual rates
Annual totals
Item
1929
Gross national product
104.4
1933
1941
1950
1956
1957
1958
1959
1960
1960
1961
56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 505.1 504.5 500.8 516.1 525.8
8.6
7.2
9.0
19.1
34.4
37.4
38.6
40.8
43.1
43.2
43.7
44.2
45.0
45.5
7.0
.6
.3
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
7.1
.7
.9
11.3
.5
.4
23.7
.8
-.7
35.7
1.6
-2.4
38.2
1.8
-.6
39.3
1.8
-1.5
42.7
1.8
-1.7
45.6
45.9
1.8
-2.9
45.7
46.4
1.8
47.5
1.8
-2.6
45.5
1.8
-4.0
-2.6
.0
.1
.2
.9
1.0
1.1
.4
.5
.5
.5
.5
1.8
1.8
-1.7
Plus: Subsidies less current surplus of government enterprises
-.1
Equals: National income
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance....
Excess of wage accruals over disbursements
10.
.2
-2.0
.3
14.5
2.8
35.7
6.9
42.0
12.6
41.7
14.5
37.2
14.8
46.4
17.6
45.1
20.7
44.1
21.1
42.9
20.8
40.0
21.2
45.5
21.7
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.9
1.0
5.8
.6
1.5
1.2
2.6
1.3
4.5
.5
14.3
4.8
9.2
17.2
5.7
12.1
1.6
20.1
6.2
12.6
1.8
24.5
6.2
12.4
1.8
25.4
7.1
13.4
1.8
27.3
7.8
14.1
1.8
27.5
7.8
14.1
28.8
7.7
14.3
1.8
30.1
7.5
14.2
1.8
31.0
7.3
14.2
1.8
31.6
7.2
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
85.8
Equals: Personal income
2.6
Less: Personal tax and nontax payments
2.1
.7
47.2
20.8
40.0
42.6
42.3
46.0
50.4
50.8
50.5
50.3
51.4
52.5
2.0
1.3
18.2
2.6
35.2
4.8
37.3
5.3
36.6
39.6
6.4
43.2
7.2
43.5
7.3
43.
7.4
42.6
7.7
43.6
7.8
44.5
8.0
93.0 207.7 292.9 308.8
46.4
81.9 195.0 269.9 285.2
4.2
Equals: Personal saving
Addendum: Disposable personal income in
constant (1954) dollars
45.7
79.0
Less: Personal consumption expenditures. . .
14.3
1.8
3.3
7.5
.5
1.0
83.1
State and local
Equals: Disposable personal income
22.0
96.3 228.5 332.9 351.4 360.3 383.3 402.2 405.1 405.4 404.7 413.2 420.3
1.3
1.4
Federal
1.4
40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.0 416.5 412.2 426.0
-.6
11.1
12.6
23.0
23.6
5.7
317.9
293.2
337.3 351.8 354.4 354.9 354.3 361.8 367.8
314.0 328.9 329.7 332.3 330.7 336.1
23.4
22.9
24.6
22.7
23.7
24.7
25.8
341 .0
26.8
134.9 102.1 175.1 231.0 286.9 293.8 296.3 310.6 319.0 321.0 320.1 318.4 324.8 329.0
PERSONAL INCOME
[Department of Commerce estimates. In billions of dollars]
1960
Item*
1959
Sept.
Total personal income.
1961
1960
Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May
June
July
Aug. Sept.
383.3 402.2 405.5 406.4 406.0 404.0 403.6 403.1 407.3 409.8 413.2 417.3 421.2 419.4 420.2
258.5 271.3 273.0 272.9 271.5 269.6 269.6 269.5 271.1 274.6 277.2 280.7 282.3 282.8 283.2
Wage and salary disbursements
Commodity-producing industries... 107.2 110.4 110.0 108.5 108.3 106.2 106.2 105.6 106.5 109.1 110.5 112.7 113.2 112.9 112.4
84.0
87.4
84.7
83.8
85.4
86.1
83.5
55.7 86.3
87.6
84.1
Manufacturing only
89.3
88.6
88.9
89.0
68.2 71.8 72.3 72.4 72.0 71.8 71.8 71.8 71.8 72.3 72.9 73.5 74.0 74.2 74.6
Distributive industries
37.7 40.7 41.3 41.4 41.5 41.7 41.6 41.7 42.1 42.3 42.5 42.9 43.3 43.6 43.8
Service industries
45.3 48.4 49.4 49.6 49.7 49.8 50.0 50.4 50.7 51.0 51.3 51.6 51.8 52.1 52.4
Government
Other labor income
10.3
10.9
10.9
11.]
11.2
11.3
11.0
10.7
10.6
10.7
10.8
11.0
11.1
11.2
11.2
Proprietors' income
Business and professional.
Farm
46.3
35.0
11.3
48.2
36.2
12.0
48.7
36.3
12.4
48.9
36.4
12.5
49.2
36.4
12.8
48.9
36.0
12.8
48.9
36.0
12.8
48.7
35.8
12.9
49.0
36.0
13.0
49.0
36.1
12.9
49.1
36.3
12.9
49.4
36.4
13.0
49.5
36.6
12.9
49.4
36.6
12.8
49.4
36.7
12.7
Rental income
11.9
11.7
11.7
11.7
11.7
11.6
11.6
11.5
11.
11.5
11.5
11.5
11.5
11.5
11.5
Dividends
13.4
14.
14.3
14.4
14.4
14.1
14.2
14.2
14.2
14.2
14.2
14.3
14.3
14.3
14.4
Personal interest income.
23.6
26.2
26.6
26.6
26.7
26.7
26.8
26.8
26.8
26.8
27.0
27.
27.2
27.4
27.5
Transfer payments
27.2
29.
29.8
30.2
30.7
31.0
31.1
31.1
33.7
32.5
33.0
33.0
35.2
32.5
32.7
9.4
9.3
9.3
9.2
9.6
9.4
9.6
9.6
9.7
9.8
9.8
9.8
9-9
Less: Personal contributions for
social insurance
Nonagricultural income.
Agricultural income
7.9
9.3
368.1 386.2 389.0 389.8 389.1 387.2 386.8 386.2 390.4 392.9 396.4 400.2 404.0 402.4 403.2
15.3
16.1
16.5
16.6
Preliminary,
i Monthly data are seasonally adjusted totals at annual rates.
16.9
16.8
16.8
16.9
16.9
16.9
16.8
17.1
17.2
17.0
17.0
NOTE.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1961.
1356
FLOW OF FUNDS/SAVING
SAVING AND INVESTMENT
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1959
1956
1957
1958
2
1960
3
1
4
1960
36.9
27.8
-.1
6 1
3.8
-5.0
4.2
9.3
7.8
-3.0
4.1
1.3
-1.6
.6
9.1
8.4
-1.5
3.2
-2.0
o
\.9
6.7
5.8
3.9
2.9
-5.0
-.8
12.1
8.1
-1.2
.2
4.0
-.6
1.7
83.5
45.7
40.4
4 6
.7
4.1
8.6
24.7
19.8
10.8
9.6
1 1
.2
1.0
2.1
5.8
20.0
10.9
9.7
1 l
.2
1.1
2.1
5.8
20.3
11.1
9.8
1 l
.2
1.1
2.1
6.0
20.5
11.2
9.9
1 l
.2
1.1
2.1
6.0
115.4 120.4
73.7
73.5
12 4
12 7
34.6
30.8
-5.0
3.8
-4.1 -5.0
29.1
18.7
.1
9.9
1.3
-1.6
Net national saving *
Consumer and nonprofit
Farm and noncorp. business 2 . . . .
Corporate nonfinancial business .
Federal Government *
State and local governments 1 .. . .
Financial sectors
41.0
29.4
*
5 9
5.9
-3.0
2.9
37.4
28.6
*
5.3
3.6
-3.6
3.5
3.1
-8.2
-4.9
2.8
35.9
30.2
*
11 4
-5.0
-4.1
3.5
H
I
J
K
L
M
N
O
Capital consumption 3
Consumer and nonprofit
Consumer durable goods
Owner-occupied homes
Plant and equip, (nonprofit)....
Farm business
Noncorp. nonfinan. business
Corporate nonfinancial business. .
67.4
36.9
33.0
3 3
.5
3.7
7.5
19.1
73.2
40.0
35.8
3 7
.6
3.9
8.1
21.0
75.6
41.6
37.0
4 0
.6
4.0
8.0
21.9
79.4
43.5
38.6
4 3
.6
4.2
8.3
23.2
P
Q
R
S
T
U
Gross national saving *
Consumer and nonprofit
Farm and noncorp business
Corporate nonfinancial business. .
Federal Government 1
State and local governments *
108.4
66.2
11.3
25.0
5.9
-3.0
3.0
110.6
68.6
12 0
26.3
3.6
-3.6
94.8
68.0
11 9
24.9
-8.2
-4.9
W
X
Gross national investmentl
Consumer durable goods
107.9
38.5
110.6
40.4
94.2
37.3
114.2
43.5
117.6
44.3
30.3
11.2
27.3
10.4
30.5
12.5
64.5
18.1
75.6
2.5
4 0
9.4
32.3
8
58.6
18.1
75.5
2.7
4 4
9.0
26.4
7
66.1
22.1
79.2
2.9
A7
10 7
27.9
8
68.2
21.5
18.4
3.2
A2
10 8
30.8
8
17.3
4.9
4.2
.7
1 4
3.2
7.5
17.6
5.9
5.7
.8
1 ?
2 9
7.4
i
1 6 —? 0
.8
.9
2
2
.6
6 3
.1
.9
5.3
4 2
3
.9
3.1
2 3
*
.4
1.8
*
g
—1 7
11.0
5.7
31.6
21.9
20.6
16.2
-4.0 -3.5
-.7
3.3
3.3
-3.4 -7.6
73.7
3.3
77 0
10 9
— 4
1.8
7.9
6.1
-4.9
-5.0
6.3
11.2
-4.0
3.0
7.0
4.5
30.0
25.5
-1.0
3.8
3.7
— .1
-3.4
2.6
6.0
5.8
34.3
28.5
.1
1 l
2.8
Y
Z
a
b
c
d
e
f
Other gross private domestic fixed
investment
Consumer and nonprofit
Nonfarm residen. constr.4. . . .
Plant and equip, (nonprofit)...
Farm business
Noncorp nonfinan. business 4 . .
Corp. nonfinan. business 4
Financial sectors
62.6
19.0
16.9
2.1
3 8
9 8
29.3
7
g
h
i
j
Change in inventories 5
Farm business
Noncorp. nonfinan. business. . .
Corp. nonfinan. business
4 7
— 4
.2
4.9
k
1
m
n
o
p
q
r
s
t
Net financial investment 6
2 1
Consumer and nonprofit
11.5
Net acquis. of finan. assets. . .
26.8
Net increase in liabilities
15.3
Farm and noncorp. business... - 2 . 1
Net acquis. of finan. assets. . .
.4
Net increase in liabilities
2.5
Corp. nonfinan. business
-13.3
Net acquis. of finan. assets. ..
4.4
Net increase in liabilities ..
17 7
u
v
w
x
y
z
aa
bb
cc
dd
ee
Federal Government
Net acquis. of finan. assets.
Net increase in liabilities
State and local governments.
Net acquis. of finan. assets.
Net increase in liabilities
Financial sectors
Net acquis. of finan. assets.
Net increase in liabilities
Financial trans, discrep
Discrepancy (P —W)7
..
..
..
..
5.9
1.6
-4.3
-2.2
2.6
4.8
2.7
22.7
20.0
4 2
14.0
26.0
12.0
-2.3
.8
3.1
-8.6
4.5
13 1
19.2
26.4
3
18.8
30.9
12.1
-2.1
1.1
3.3
-3.6
77.3
75 0
3.6 - 8 . 2
3.2
1.6
-.4
9.7
—3 1 -5.2
3.3
2.5
6.4
7.7
3.0
4.5
24.1
36.3
21.1
31.8
-2.4 -3.8
*
2
1959
A.
B
C
D
E
F
G
6
1961
3
11.1
5.7
i
10.1
8.4
4
1 A
4.7
-.6
-1.2
-1.6
.6
1.9
21.0
11.5
10.2
1 2
2
2,
1
3.6
5.7
2.0
2 0
-4.3
-1.6
*
6.9
5.9
7.1
5.5
- . 6 -1.5
—1 0
2 0
1.1
.2
-1.2
-1.0
1.5
.7
A
B
C
D
E
F
G
1.2
6.2
21.3
11.7
10.3
1 2
.2
1.0
2.2
6.3
21.4
11.8
10.4
1 2
.2
1.0
2.2
6.3
21.7
11.9
10.5
1 2
.2
1.0
2.2
6.5
H
I
J
K
L
M
N
O
31.8
32.6
19.3
17.0
1 9
3.1
6.2
7.5
4.7
4.0
- . 6 -1.2
.7
1.8
31.0
20.0
2.5
8.8
-.6
-1.6
2.0
24.9
17.3
5 2
8.3
-4.3
-1.6
*
28.3
18.9
2 6
5.3
1.1
-1.2
1.6
27.6
17.4
1 8
8.5
.2
-1.0
.8
P
Q
R
S
T
U
V
29.9
10.1
30.0
11.5
27.9
10.2
29.8
12.6
24.6
8.9
28.6
10.6
W
X
17.4
6.2
5.4
.8
1 0
2 4
7.6
2
15.1
5.3
4.6
.7
1 l
2 2
6.3
2
17.9
4.9
4.2
.7
1 2
3.3
8.4
2
17.7
5.6
4.7
.9
1 l
2.8
8.0
.2
17.6
5.7
4.9
.8
9
2.5
8.2
2
14.1
4.7
4.0
.7
1 0
2.1
6.1
2
17.4
4.7
3.9
.9
1 3
3.2
8.0
2
Y
Z
a
b
c
d
e
f
7
4 6
*
1.3
3.2
.5
.1
.1
.4
.2
.1
*
.1
— 1.1
.1
-.6
-.6
8
.1
.3
.4
.3
.1
*
.2
g
h
i
j
— 8
2.6
7.6
5.0
-2.5
-.3
2.2
-.1
3.6
3 7
*
2.2
8.5
6.4
4.1
.7
-4.0
-1.7
4.4
6 1
1
2.4
4.4
2.0
-2.7
-.5
2.3
-4.0
-2.2
1.8
-1.6
3.6
5.2
-1.4
.2
1.6
-2.4
7.7
3.6
7.4
3.9
-1.6
- .2
1.4
-1.1
1.8
2.9
8
1.3
6.5
5.1
2.2
.3
-7.9
*
2.6
2.6
8
4 .0
5.7
7.2
o
- .4
.5
-3.2
-2.2
1.0
3
2.3
7.0
4.6
-2.8
.2
3.0
.1
5.0
5.0
k
1
m
n
o
p
q
r
s
t
1.3
4.2
2.9
j 2
.6
1.9
.9
10.4
9.5
-2.0
2.6
4.7
-1.4
.9
2.3
2.6
8.9
6.3
-.2
-5.0
-.8
4.2
.3
1.3
1.0
_ ^
10.4
10.9
-.6
.7
7.3
-2.2
_ 2
2.0
1.9
10.0
8.0
-4.3
-1.0
3.3
.3
7.3
1.0
.1
14.4
14.3
1.1
1.1
-7.5
-2.7
-1.2
.9
2.7
1.5
-.7
-1.6
-.5
.2
2.2
2.7
-.2
7.5
1.6
*
14.8
14.8
.7
u
v
w
x
y
z
aa
bb
cc
dd
-1.2
1.8
-3.5
3.1
3.9
3.7
-1.0
ee
4.9
1.6
5.8
4 3
29.1
27.1
19.4
16.9
1 6
7 0
9.0
9.0
-2.0
-5.0
-.8
-.8
-.1
*
.1
4.0
o
20.7
11.3
10.0
1 2
.2
1.0
2.2
6.2
A.I
4.2
-4.3
-.5
1.1
1.6
2.1
-2.6
-4.7
-1.2
-l'.O
.4
1.4
1.6
72.5
70.9
.3
2.7
1.9
* Less than $50 million.
P Preliminary.
1
For govt. sectors, saving is excess of all nonfinancial receipts over all
nonfinancial outlays; investment, changes in financial assets and liabilities
only. Govt. current outlays include, and govt. (and national) investment
excludes, govt. purchases of tangible assets.
2
Annual figures for farm sector are retained earnings of corporate
farms; farm and nonfarm unincorporated businesses shown as having
zero annual net saving. Quarterly figures for both sectors include seasonal
net saving. See p. 838 of the BULLETIN for August 1959.
3 Depreciation, accidental damage to fixed capital, and capital outlays
charged to current account. Line H includes amounts for financial
sectors not shown separately. See discussion on p. 836 of the BULLETIN
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 August 1961.
Notes to table on opposite page.
1
Demand deposit liabilities of banking system are net of F. R. float
and cash items in process of collection as reported by commercial banks.
Sum of sector holdings (partly on holder-record basis) differs from liability
total mainly because of mail float (checks in transit from drawers to
drawees). For further discussion, see p. 853 of the BULLETIN for August
1959.
2
Consumer-held only; includes net interest accruals. Savings bonds
held by other sectors included in Federal obligations category.
3 Mainly time deposits of State and local governments, corporate
businesses, and savings institutions.
4
Assets in these categories are treated as consumer holdings.
5 Marketable issues maturing within one year and, prior to 1956,
savings notes.
6
Excludes loans to domestic commercial banks. Gross of valuation
reserves.
1357
FLOW OF FUNDS/SAVING
SUMMARY OF PRINCIPAL FINANCIAL FLOWS
[In billions of dollars]
Quarterly totals
Annual totals
Transaction category,
or sector
1959
1956
I.
A
B
C
D
E
F
G
H
T
J
K
1957
1958
1959
1960
3
2 1
1.9
1.0
.7
-.6
2
1.4
1
2 1
2.1
1.5
.5
1.0
2
-.2
2
-.3
.1
4 '
1
3 8
3.1
-1.2
4:4
1.7
-.2
1.8
6
.6
-.1
.8
-8.8
-7.5
-.4
-6.6
-2.7
— 1
-3.4
1.6
2
1961
3
4
1
2,
Demand deposits and currency
Net
increase in commercial bkg.
system liability *
Net increase in assets, by sector
Federal Government
Other domestic sectors
Consumer and nonprofit
Farm and noncorporate b u s . . . .
Corporate nonfinancial bus
State and local government....
Financial sectors
Rest of the world.
Discrepancy (A —B)
II.
2
I960
'
1.7
1.7
-.2
1.7
1.0
.1
1
2
.2
.2
.1
-.8
.7
!3
-1.0
.7
5.8
6.5
.1
6.3
2.5
1 2
1.7
2
.7
.2
.3
.2
-1.4
10.1
6.8
5 2
-1.9
16.2
10.2
6 6
-.5
5
-.7
9.0
3.7
5 4
.1
1.0
.9
.1
.3
— .3
-.7
.2
.6
1.1
1.6
.7
.8
1.0
— 8
-.4
-.4
-1.3
2.5
2.6
2.8
-.3
-1.0
— 1
.7
— 4
.5
-.1
.1
— 2
2
*
-.3
4.9
4.0
-1.7
5.5
2.1
— 1
2.0
8
.7
.3
.9
1.5
1.8
\'.5
1.9
4.0
3.5
2.0
1.6
-.2
-8.2
-7.2
-1.7
-5.4
-1.6
-3.2
_ 5
*
g
2
'.2
7.6
2.2
7 2
-1.8
14.8
7.0
8 1
-.3
3.0
1.2
2 3
-.5
.7
*
1 2
-.5
2 3
-.6
1.6
.2
1 6
-.2
3.9
1.7
2 4
-.1
3.9
2.6
1 4
*
5.4
2.5
2 8
.1
5.7
3.5
2 0
.3
-1.0
A
B
C
D
E
F
.8 G
6 H
.4 I
-.1 J
.5 K
Fixed-value redeemable claims
6.7
3.9
27
.1
6.7
.1
3.5
3.1
A
B
C
D
E
F
G
H
A
B
C
D
Net increase, by type
Time deposits
Savings shares
U S savings bonds 2
E
F
G
H
Net increase in liab.. by sector
Federal Government
Commercial banking
Savings institutions
9.0
-.3
2.1
7.3
10.1
-2.2
5.5
6.9
16.2
-.7
8.0
8.9
7.6
-2.0
1.2
8 4
14.8
-.4
5.8
9.5
3.0
-.6
.9
2 6
.7
-.6
-.1
1.4
1.6
-.6
_ 2
2.4
1.6
_ 2
*
1 9
3.9
-.2
1.5
2 6
3.9
-.1
2.2
1 8
5.4
*
2.1
3 3
5.7
.2
2.9
2 6
I
J
K
L
Net increase in assets, by sector
Consumer and nonprofit
Other domestic sectors 3
Rest of the world (time deposits). .
9.0
9.0
*
-.1
10.1
9.8
4
*
16.2
13.6
1 7
.9
7.6
9.3
3.0
3.4
*
9
14.8
12.8
1.7
.3
.7
1.7
_ 7
-.3
1.6
2.0
— 2
_ 3
1.6
1.6
2
_ 2
3.9
3.4
3
.2
3.9
3.2
5
.3
5.4
4.6
7
.1
5.7
4.5
1 2
6.7 I
5.7 J
9 K
.1 L
9.5
3 8
5.8
9.2
2 8
6.3
10.4
3 4
7.0
11.7
3 7
8.0
11.3
3 6
7.7
3.2
1 .2
2.0
2.5
.7
1.8
3.1
9
2.2
2.8
.8
2.0
3.1
.8
2.3
2.4
1.0
1.4
3.0
1.0
2.0
2.8
9.5
1 0
1.4
4.7
2 3
9.2
6
1.6
4.2
2 8
10.4
1 0
1.7
4.7
2 9
11.7
1 0
1.9
5.5
3 2
11.3
1 0
2.1
4.7
3 4
3.2
4
.5
1.5
8
2.5
3
.5
1.1
5
3.1
1
.5
1.6
9
2.8
1
.5
1 .0
1 1
3.1
7
.5
1.0
8
2.4
1
.5
1.2
5
3.0
1
.5
1.4
1 0
2.8
3.5
.9
2.6
3.5
8
.6
1.1
9
36.6
30.7
—5 6
1.1
7.4
5.5
-13 0 -4.4
3.2
4.6
5.0
7.5
4.0
8.6
10.8
3.5
3.8
2.8
3.6
-.6
-.3
2.3
5.8
9
2 6
46.2
9.0
- 1 .2
10.2
5.7
6.8
4.2
10.1
5.2
.3
1.7
1 .3
2 0
61.2
11 3
5.5
5.8
4.9
4.5
4.4
13.2
6.0
6.4
.1
7 5
2 9
III.
Net increase, by type
Life insurance
.
Pension funds
D
E
F
G
H
Net increase in liab., by sector4
Federal Government
State and local government
Life insurance companies
Private noninsured pension plans
A
B
C
D
E
F
G
H
I
J
K
L
M
A
Saving through life insurance
and pension funds
A
B
C
IV.
Q
. . .
1.0
1.8
t
.6
1.2
9
A
B
C
D
E
F
G
H
Credit and equity market
instruments
Net increase, by type
Federal obligations
Short-term direct 5
Other
State and local obligations
Corporate and foreign bonds
Corporate stock
1 - to 4-family mortgages
Other mortgages
Consumer credit
Security credit
Bank loans n.e.c
Other loans
N
O
P
Q
R
S
T
U
V
Funds raised by sector
Consumer and nonprofit
Farm business
Noncorporate nonfinancial bus.. .
Corporate nonfinancial business. .
Federal Government
State and local government
Financial sectors
Rest of the world
31 2
15.2
9
1.8
13.2
-5.4
3 3
1.2
1 0
36 9
11.9
1 l
1.2
13.1
1 .0
4 8
2.4
1 4
46 2
12.0
1 5
2.2
11.8
9.3
5 9
1.1
2 3
W
X
Y
Z
a
b
c
d
e
f
g
h
i
j
k
Funds advanced, bv sector
Consumer and nonprofit
Farm and noncorp. business
Corporate nonfinancial business. .
Federal Government
State and local government
Commercial banking system
Monetary authorities
Commercial banks
Securities
Loans 6
Savings institutions
Insurance sector
Finance n e e
Rest of the world
30.7
7.5
.3
-3.7
1.1
2.3
4.8
.3
4 5
-3 5
8.0
7.4
8.1
1.6
1.3
36.6
7.7
.1
.6
2.4
2.7
4.3
-.8
5 1
/ 3
3.8
7.2
8.4
2.5
.6
46.2
— 1
\.5
1.7
1.5
17.0
2.2
14 9
10.4
4.5
9.3
9.0
2.0
39.5
18.7
—2 2
2 0
-5 1
4.7
2.9 - 2 . 7
3 6
1.4
1.0
5.6
1 .3
3.5
3.8
10.9
1 .7
4 5
2.5
3.9
-.1
.4
3 8
3 2
5 9
1 2
18.2
5 3
.7
4.6
1.7
1.1
.7
3.7
1.6
1.7
-.3
2.5
2
2.5
17.3
10.3
12.0
4 0 —4 1 — 1 4
1 2
4.7 - 7 . 4 - 2 . 1
5.3
-.7
3.3
.6 - 4 . 1
.4
.7
1 .4
1.0
1.2
1.2
1.5
1.3
.9
1.0
1 .2
.9
2.9
2.3
2.9
3.0
1.3
1.0
1 .5
1.2
-.8
2.7
2.4
.6
.5
.6 - 1 . 6
.6
.3
2.1
— .6
1.8
6
.6
2 3
1 5
14.6
2 2
-.8
3.0
.5
1.9
.7
2.6
1 .1
1.8
.9
1 4
1 5
.2
—3 3
.9
-4.2
1 4
.8
1 .2
2.0
1.1
-2.1
— .4
-2 2
1 7
18 7
6.1
1 i
2.6
3.8
1.7
1 5
1.5
4
18 2
5.0
3
1.5
3.0
5.2
1 8
1.2
3
17 2
2 5
12 0
6.3
5.2
2.0
8
_ 2
5
1.2
.3
1 .3
2.7
3.0
3.0
4.1 - 4 . 1 - 1 . 5
5
8
1 0
-.3
2.3
1.7
3
1
5
10 3
3.8
2
-.1
2.5
1.4
1 5
.7
4
14 6
5.1
— 4
1.8
2.3
2.5
5
2.0
7
2
1.1
.6
-1.5
2.1
—3 1
1 5
- 1 .1
7
18.7
3.5
.2
1.2
1.7
.4
4.2
.6
3.6
-1.7
5.3
3.2
2.6
.9
1.0
18.2
3.9
-.1
1.4
1.0
1.2
3.3
.5
2.8
- .8
3.6
3.0
2.3
.8
1.3
17.2
3.3
.3
.9
.5
.8
3.5
.1
3.4
-.4
3.8
1.7
2.6
2.0
.7
10.3
1.2
-.1
-1.8
.4
-.3
5.1
.5
4.5
3.7
.9
2.6
2.4
.7
.3
14.6
-2.0
.4
1.1
.6
*
7.5
.4
7.2
4.0
3.2
2.2
2.7
1.8
.3
.2
.6
-.4
- 1 .5
.2
1.1
-4.8
-.7
-4.0
-1.6
-2.4
1.1
2.8
-.6
.1
61 2
39 4
20.5
16.2
1 i
1 9
3.4
4.6
11.7
10.6
10.7 - 1 7
5 1
3 8
4.1
5.7
0
9
0
61.2
15.5
.1
4.7
3 8
2.9
5.6
.3
5 3
—7 2
12.5
10.6
10.1
4.6
3.1
v
* Less than $50 million.
Preliminary.
NOTE.—Data for excluded categories—trade credit, proprietors' net
investment, gold, Treasury currency, and misc.—and more detail on
39.5
2.4
.1
2 i
2 3
1.0
10.0
.7
9.3
2 4
6.9
9.4
10.3
5.1
1.1
2.5
4.0
-.4
— 2
*
.9
-7.8
-1.4
-6.4
-5.6
-.8
2.3
2.8
.4
.5
12.0
-.7
.2
-1.2
1.3
.4
5.1
1.2
3.9
.3
3.7
2.3
2.4
2.2
14.3 A
8 B
4.8 C
-4.0 D
1.0 E
2.2 F
1.8 G
3.3 H
1.7 T
.9 J
1.3 K
12 L
2 M
14 3 N
4.6 O
.9 P
1.5 Q
4.0 R
5 S
1 1 T
1.6 U
1 V
14.3 W
-.8 X
.2 Y
.5 Z
.1 a
.4 b
6.8 c
.5 d
6.2 e
3.6 f
2.6 g
3.0 h
2.5 i
1.8
j
-.2 k
sector transactions aooear in other flow of funds/saving tables in the
BULLETIN for August 1961.
For other notes see opposite page.
1358
FEDERAL FINANCE
CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[U. S. Treasury department and Bureau of the Budget. In billions of dollars.]
Unadjusted
Seasonally adjusted
Calendar
quarter
Receipts
Excess of
Payments receipts, or
payments (—)
Receipts
Excess of
Payments receipts, or
payments (—)
I960—£....
3*...
4*...
25.0
25.1
24.8
23.6
23.6
24.2
1.5
1.5
0.6
28.5
23.4
20.6
24.1
24.2
24.5
4.5
-0.8
-3.9
1961—1*...
22.5
24.9
25.2
24.9
26.6
26.1
—2.3
-1.7
-0.9
24.8
28.4
23,4
23.4
27.2
1.4
1.2
-3.3
2P.,.
3*>...
Preliminary
26.7
Year
Receipts
Payments
Excess of
receipts, or
payments (—)
Calendar—1959....
196O*>...
87.6
98.3
95.6
94.7
-8.0
3.6
Fiscal—1958
1959.
1960
1961*
81.9
81.7
95.1
97.1
83.4
94.8
94.3
99.3
-1.5
-13.1
0.8
-2.1
Financial Statistics
* International *
Reported gold reserves oi central banks and governments
1360
Gold production.
1361
Net gold purchases and gold stock of the United States
1362
Estimated foreign goJd reserves and dollar holdings
1363
International capital transactions of the United States
1364
United States balance of payments
1373
Money rates in foreign countries
1373
Foreign exchange rates
1375
Index to statistical tables
1381
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.
1359
1360
GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
total
world i
End of
month
. . .
1960—Sept
Oct
Nov
Dec
.
1961 Jan
Feb
...
May
June
July
Aug
Sept
372
224
126
60
56
21,793
21,753
22,058
22 857
20,582
19,507
13,405
14,060
14,365
14,785
17,575
18,275
2,564
2,603
2,723
2,439
18,725
18,443
17,948
17,804
19,400
2 446
2 447
2,476
2 476
2,479
2,482
2 508
2,042
2,046
17 480
17,412
17,433 20,750
17 435
17,451
17,603 *>20,830
17 590
17,530
17,457
Denmark
Dominican
Republic
40,525
^40,915
.
End of
month
Cuba
20,280
372
Australia
138
1,094
1,112
1,158
1,170
287
287
287
287
894
891
886
885
42
45
45
45
75
76
77
78
1 156
1,137
1,132
1,086
1,069
1,074
1 083
1,151
1,165
287
885
886
884
891
899
906
912
920
927
39
45
44
46
46
47
48
48
48
79
79
80
81
82
83
84
Germany,
France 2 Federal Greece
Republic
of
Guatemala
138
150
293
158
149
293
293
293
293
293
293
293
298
Ecuador
Egyptian
Region—
U.A.R.
El-Salvador
174
174
188
188
174
174
29
28
28
31
31
30
31
35
35
35
35
38
Finland
10
23
23
22
22
22
20
31
31
31
31
10
10
10
10
20
20
20
20
174
174
174
174
30
30
30
30
38
41
41
41
10
Tl
20
20
20
20
20
20
20
20
174
174
174
174
174
174
174
174
30
30
30
26
25
22
17
17
31
41
41
41
41
41
45
45
45
20
174
17
45
Apr
May
June
July
Aus
Sept
End of
month
Iran
Ireland,
Republic of
Iraq
Italy
Lebanon
Mexico
115
116
122
81
83
42
86
86
57
62
72
71
12
12
11
11
1961—Jan
Feb
Mar
Congo,
Rep.
of the
42
44
46
40
40
43
31
31
31
31
31
31
. . . .
Colombia
1 073
1,134
1,103
1,100
1,078
960
186
136
136
136
80
50
I960—Sept
322
Chile
323
324
324
325
327
31
31
31
31
31
31
31
. .
Canada
929
925
915
1,270
1,134
159
157
147
147
152
Brazil
778
84
84
84
104
150
153
153
155
153
Belgium
62
71
71
103
194
292
293
293
293
293
188
193
192
192
192
144
107
126
162
154
Austria
3
1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959 Dec
287
287
288
288
288
288
288
India
Indonesia
1 ?Q0
626
920
1,494
2,542
2 639
2,637
11
11
10
13
17
26
27
27
27
27
27
24
247
247
247
247
247
247
81
81
45
39
37
33
,627
1,622
,626
,641
2,888
2,915
2,943
2,971
31
31
31
76
24
24
24
24
247
247
247
247
33
37
57
58
,641
1,644
,883
,952
994
2,020
2,037
2 124
2,124
2,999
3,029
3,242
3,296
3 433
3,513
3,525
76
76
76
77
80
77
77
77
24
24
24
24
24
24
247
247
247
247
247
247
247
247
247
58
58
57
57
57
Philippines
Portugal
708
942
924
581
750
NetherNew
lands Zealand
1 644
3.644
Norway
Pakistan
Peru
18
18
18
18
18
18
346
352
338
452
1,086
1,749
63
74
77
91
91
102
62
142
167
180
143
142
796
865
844
744
,050
,132
33
33
33
33
33
34
45
45
50
45
43
30
38
48
49
49
49
50
35
35
35
28
19
28
9
16
22
6
10
9
429
428
448
461
493
548
98
18
18
18
102
102
102
121
140
139
,346
,376
376
35
35
35
130
98
18
2,186
2,186
2,198
2,203
119
137
451
35
30
30
30
30
52
52
52
52
27
42
42
42
13
14
14
15
550
550
550
552
130
98
18
2,204
2,217
2.128
2,128
2,128
2,134
2,157
119
135
119
119
135
136
,451
,451
451
35
119
137
458
35
30
30
30
30
30
30
30
30
30
52
52
53
53
53
53
53
53
53
47
47
47
47
47
47
47
47
47
16
18
19
20
20
21
21
22
22
553
553
539
510
496
473
452
448
1954 Dec
1955—Dec
1956 Dec
1957—Dec
1958 Dec
1959—Dec
138
138
138
138
141
140
14
20
34
84
I960—Sept
Oct
Nov
Dec
131
131
131
1961—Jan
8
84
130
130
98
98
18
18
130
Feb
Mar
Apr
84
18
130
130
May
130
...
. . .
P Preliminary.
For other notes sec end of table.
Argentina
1 740
1,808
1,692
1 180
1,332
2,407
40,660
Apr
June
July
Aua .
Sept .
Estimated
rest of
world
36,940
37,620
38,115
38,820
39,490
40,190
. ...
Mar
Nov
Dec
United
States
40,690
1954—Dec
1955 Dec
1956 Dec
1957—Dec
1958 Dec
1959 Dec
Oct
Int'l
Monetary
Fund
84
84
84
18
18
18
18
18
119
119
119
119
119
136
117
35
35
,458
,464
35
35
541
35
,581
581
1
1
1361
GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]
Erd of
month
South
Africa
Spain
199
Sweden
Syrian
Region—
U.A.R.
Switzerland
Thailand
Turkey
United
Kingdom 3
Uruguay
Bank
for
Int'l
Settlements 4
Yugoslavia
Venezuela
EPUEF3
1954-Dec
1955—Dec
1956-Dec
1957—Dec
1958—Dec
1959—Dec
212
224
217
211
238
132
132
132
101
57
68
265
276
266
219
204
191
1,513
1,597
1,676
1,718
1,925
1,934
113
112
112
112
112
104
144
144
144
144
144
133
2,762
2,120
2,133
2,273
3,069
2,736
227
216
186
180
180
180
403
403
603
719
719
652
76
121
59
24
-42
-134
153
244
268
254
126
40
I960—Sept
Oct
Nov
Dec
204
187
176
178
98
108
158
178
171
171
171
170
1,980
2,020
2,059
2,185
104
104
104
104
133
133
134
134
108
139
167
231
180
180
180
180
462
428
398
398
-79
-54
-36
-19
53
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
170
187
196
172
149
153
159
179
205
189
205
205
205
205
217
244
272
277
170
170
170
170
170
170
170
180
180
104
104
104
104
104
104
104
134
134
134
134
134
134
134
139
139
3,245
3,195
3,021
2,948
2,903
2,772
2,453
3,486
3,553
180
180
180
180
180
180
398
398
398
398
398
398
398
398
398
53
83
48
111
44
-17
-19
91
164
2,165
2,239
2,247
2,271
2,322
2,428
2,472
1
Excludes U.S.S.R., other Eastern European countries, and China
Mainland.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown for United Kingdom, and estimated official holdings of countries from which no reports are received.
The figures included for the Bank for International Settlements represent the Bank's gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves since most of the
gold deposited with the B.I.S. is included in the gold reserves of individual
countries.
56
78
65
2
Represents holdings of Bank of France and French Exchange Stabilization Fund.
3
Beginning with December 1958, represents Exchange Equalization
Account gold and convertible currency reserves, as reported by British
Government; prior to that time represents reserves of gold and U. S.
and Canadian dollars.
;
4
Represents net gold assets of B.I.S., i.e., gold in bars and coins and
other gold assets minus gold deposit liabilities.
5
European Payments Union through December 1958 and European
Fund thereafter.
GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or month
Estimated
world
production^
Africa
North and South America
Total 2
Congo, United
Rep.
of the States
Canada
Mexico
Nicaragua 3
65.1
65.7
65.3
63.0
61.6
57.2
58 8
152.8
159.1
153.4
155.2
158.8
156.9
161 1
13.5
13.4
12.3
12.1
11.6
11.0
10 5
8.2
8.1
7.6
6^9
7J2
7.3
2.6
2.6
2.5
2 5
2 5
4.9
5.0
4.4
13.3
12.9
14.1
13 7
13 8
= .8
1.3,
' .7
i 9
6
6
6
4
3
2.5
2.5
3.2
2.9
13.2
12.6
13.7
. 13.1
13.4
3 8
12.8
3.8
12.6
3 8
12.5
.3
4
3.7
3.2
3.3
.9
.8
1 1
.6
.6
2.5
South
Africa
Rhodesia
Ghana
895.0
826.0
940.0
873.5
975.0
911.6
1.015.0
952.8
1,050.0
980.1
1,125.0 1,060.3
1 099 4
462.4
510.7
556.2
596.2
618.0
702.2
748 4
18.8
18.4
18.8
18.8
19.4
19.8
19 6
27.5
23.8
21.9
27.7
29.2
32.0
31 0
63.5
63.4
63.4
63.4
62 2
.7
.7
6
Nov
Dec
92.7
93.1
92.6
92 0
90 7
Jan
Feb
90.9
88.4
63.7
62.7
65.7
65.3
67.5
.7
1954
1955
1956
1957
1958
1959
I960
I960
1961
Aug
Sept
Oct
Mar
Aor
June
July
. . . .
67.3
'61.7
6
7
9
8
7
8
7
•68 8
1
Excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea.
2 Beginning 1960 excludes Republic of the Congo.
3 Gold exports representing about 90 per cent of total production.
SOURCE.—Estimated world production; based on reports of the U. S.
Other
12.8
13.0
13.1
13.1
12.8
12.3
4.3
3 9
.7
7 0
•6
Brazil
4.2
3 9
4 3
4.2
3 9
3.8
4 1
.4
.3
3
4
.4
.4
4
Colom- Australia
bia
13 2
13 3
15 3
114
13 0
13.9
!<; ">
'A
1 ->
\
1 2
.4
0
1 2
0
0
"
>
0
39
36
36
37
38
38
38
1
7
1
9
6
1
0
3.1
3 3
3 1
3 4
2.9
2 9
2 9
3 4
2 9
2 9
India
8
7
7
6
6
5
5
4
4
3
3
0
8
7
.5
.5
5
5
.5
5
5
4
4
Bureau of Mines. Production reported monthly: reports from individual
countries except Ghana, Republic of the Congo and Brazil, data for
which are from American Bureau of Metal Statistics. For the United
States, annual figures are from the U. S. Bureau of the Mint and monthly
figures are from American Bureau of Metal Statistics.
1362
U. S. GOLD
N E T G O L D P U R C H A S E S BY T H E U N I T E D STATES, BY
[In millions of dollars at $35 per fine troy ounce.
COUNTRIES
Negative figures indicate net sales by the United States]
Quarterly totals
Annual totals
1960
Area and country
1953
Western E u r o p e :
(956
-68
-130
-to
-226
-65
-60
-55
-16
-8
-480
-94
-37
-50
-20
-6
iOO
4
18
. -1,016
-378
-78
SO
United Kingdom
Bank for Int'l S e t t l e m e n t s . . . .
Other
...
25
31
8
-84
-329
349
-261
-20
32
-215
-900
-178
-21
68 - 2 , 3 2 6
15
Latin America:
1959
1958
3
"*3
-34
-65
Total
1957
-6
-85
Belgium
France
Germany (Fed. R e p . of)
Italy
Netherlands.
Portugal.
1955
1954
75
-83
-39
-266
-30
-10
20
-350
-32
-38
-I
-141
173
-34
*_249
— 114
-324
-550
-36
-96
-827 - i . 7 1 8
2
3
4
-7
56
-83
117
-34
-25
-110
-105
-33
-160
-200
-81
-165
-350
-36
-83
-58
-55
-150
—23
-35
-20
225
-576 -1,053
-244
202
1
-49
-ii
-85
-28
80
-19
— 30
12
14
—200
56
6
2
Total
-132
62
14
-28
81
69
19
^6
-10
'(i)
is
-30
-4
-157
-28
-6
-io
(*)
18
-34
-186
-11.1
-26
14
0)
-3
-5
-38
80
172 -2,294
-998 -lv969
-a
-m
200
600
3-44
280
111 - 2 , 2 9 4 3-1,041 - i v 6 6 9
-m
-632
Asia:
lotal
All other
.....
....
...
-10
Total foreign countries... - 1 , 1 6 4
-327
-68
-1,164
-327
--68
1 Less than $500,000.
2 Figures represent purchases of gold from, or
national Monetary Fund.
2
-15
Mexico
Venezuela
Other
-S
1
-23
100
-3
5
115
i960
1961
, - )t the Inter-
67
-50
30
20
65
- 1 6 "••"-30
-too
-15
- 9 7 """-26
-30
-20
-20
-1
-6
-22
-12
5
-i
-36
-62
-102
'5
-15
-4
-19
-67
-20
-27
-67
-20
-27
0)
-29
0)
-632 -1,212
-366
179
-366
179
-90
-t
300
300
-912
3 Includes payment of $344 million in June 1959 as increase in U. S.
gold subscription to the International Monetary Fund.
ANALYSIS OF CHANGES IN V. S. GOLD &TOCK, AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U. S. MONETARY AUTHORITIES
fin millions of dollars]
Geld
Year
Stock
(end of year)
Treasury
Total i
1949
1950
1951
1952
24,427
. . . >. . 22,706
22 695
23,187
22 030
24,563
22,820
22,873
23,252
22 091
1954
1955
1956
1957
1958
21,713
. . . . . . . 21,690
21.949
22,781
20,534
21.793
21,753
22,058
22,857
20,582
1959
1960
, 19,456
17,767
Total
stock:
increase,
or decrease
(-)
Gold
Net
import,
(.r
export
(-)
165
686
-:m
-549
684
2
-297
-41
306
799
- 2,275
16
97
106
104
260
19,507 2-1,076
17,804 - 1 , 7 0 3
302
3T'<
Stock
(end of month)
Treasury
-496 I960—Oct
- i , 352
Nov
618
Dec
-305
1961—Jan
-L i 171
Feb
-.525
Mar
-132
Apr
519
May
600
June
--^.'515
July
Aug
-it324
Sept
Oct
-1,982
* Preliminary.
i Includes gold in Exchange Stabilization Fund, which is uot included
in statistics on gold stock (Treasury gold) used in the Federal Reserve
statement "Member Bank Reserves, Reserve Bank Credit, and Related
Items" or in the Treasury statement, "Circulation Statement of United
States Money.**
Month
(-)
-1,743
53
380
1,162
Barmarked:
decrease,
or increase
Total *
18,402
17,910
17,767
18,443
17,948
17,804
17,441 17v480
17,373 t7,412
17,388 17,433
17,390 17,435
17,403 17,451
17,550 17,603
17,527 17,590
17,451 17,530
17,376 17,457
^17,301 *»17.331
Total
stock:
increase,
or decrease
Net
import,
or
export
Earmarked:
decrease,
or increase
<-)
-282
-495
-144
-324
-68
21
2
125
19
3
Foreign
currency
holdings
(end of
month)
-397
-512
-145
-322
(->
16
152
-13
-60
-73
*»-126
-20
-47
-137
-88
-131
-96
2
-33
-58
3
()
161 **"25
92
175
152
165
254
186
-3
105
-23
106
4
62
4-43
0)
2 Includes payment of $344 million as increase in U. S. gold subscription to the International Monetary Fund.
3 Not available.
* Gold held under earmark at the Federal Reserve Banks for foreign
Federa
and international accounts amounted to $11,568 million on Oct. 31,1961
Gold under earmark is not included in the gold stock of the United States.
1363
GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars)
Dec. 31, 1959
Area and country
June 30, 1960
Sept. 30, 1960
Gold & U.S.
Gold & U.S.
Gold& U.S
short- Govt. short- Govt. short- Govt,
term
bonds
term
term
bonds
bonds
dollars & notes dollars & notes dollars & notes
Mar. 31, 1961
Dec. 31, 1960
U.S. Govt.
Gold & bonds & notes l
short
term
dollars Old
New
June 30, 1961"
Gold& U.S.
Gold& U.S.
short- Govt. short- Govt.
term
bonds term
bonds
dollars & notes dollars & notes
I
Western Europe:
Austria
Belgium
Denmark
Finland
France
Germany (Fed. Rep. of)
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Others
623
,,272'
168
109
,945
,624
212
,119
,617
125
686
154
404
,903
164
.490
597
22,212
Total.
3,158;
Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Guatemala
Mexico
Panama, Republic of..
Peru
Uruguay
Venezuela
Other*
3931
478
228
288
214|
61
584,
129!
110!
242 j
929)
253!
Total.
3,909
Asia:
India
Indonesia..
Iran
Japan
Philippines.
Thailand...
Other
141
1
3
101
88
(2)
323
51
Total
International institutions
34,505j
5,5651
Grand total<>
40,070
Memorandum item:
Sterling area
4,730
r
38
885 24,413
3,439
429
(2)
443
448
186
1
(2)
s(2)
70
497
116
105
240
813
388
105
3,717
105
115
42
1,307
660
5,835
2,167 41,645
407
5,302
3,666
85
87
2.16C
6,447
139
i,080
1,775
11!
636
527
397
2,86?
152
4,467
'529
143
3
77
57
()
412
39
819
446 '3,313
419
481
180
236
78
68
534
123
((4
231
796
170
86
3,630
4,171
4,^2
59
671
6,394
884
2,162 44,045
2,293
5,627
489
5,558
435
47
801
3,565
463
475
474
171|
202
59
83!
450
78
118
230
826'
303
41
1
57
3,469,
3
92 '4,450
4,395
57
233
195
227
'601
87
37,651
550
51
87
()
288
142
178
2,262
184
331
1,010
190
192
624
2J3
196
207
600
1 ,238
132
295
158
173
'2,306
214
318
986
41
29
6,133
'3,654
31
2
4
3
25,681
464
501
480
177
240
64
77
472
95
112
227
892
'317
1,491
755
480
1,307
81
112
2.862
6,588
136
3.059
1,735
141
131
546
1
352
93
574
91 2,850
(2)
150
449 4,1C9
45
609
838 '25,288
416
301
236
152
2,166
218
290
989
2,347 43,177
420
44
849 25f107
1,242
58
4
148
1
1
82
94
491
'1,279
89
85
'2,474
6,752
143
2,912
1,731
113
615
316
438
2,721
158
'4,379
'592
42.4
1,592 37,044
p Preliminary.
Revised.
1 Of the two sets of figures shown, the first continues the series based
on a 1955 survey and reported securities transactions; the second is
based on a survey as of Nov. 30, 1960, and reported securities transactions
in December. Data are not available to reconcile the two series or to
revise figures for earlier dates.
2 Less than $500,000.
3 Includes other Western European countries, unpublished gold
reserves of certain Western European countries, gold to be distributed
by the Tripartite Commission for Restitution of Monetary Gold, European Fund, and the Bank for International Settlement; the figures
for the gold reserves of the B.I.S. represent the Bank's net gold assets
(see note 1 to table on reported gold reserves).
14
158
1
3
78
74
(2)
381
39
259
196
235
552
263
216
280
548
1.507 35,810
8
536
n ,H2
297
195
156
1,984
237
276
1,026
306
188
168
1,755
214
264
1,107
4,002
3,552
7
7
53
1
17
16
454
460
179
242
108
65
495
127
97
244
795
400
262
149
3
3
1
(2)
3
12
2641
194!
2871
526
1,271]
Total foreign countries 6 .
&
855 23,345
53
All other:
Australia
Egyptian Region—U.A.R.
Union of South Africa. . .
Others
(
17
158
1
3
79
84
516
1,240
78
85
2,273
5,995
109
3,181
1,646
115
638
235
395
2,786
149
4,503
469
452
172 i
187:
1,56'!
1811
245 i
1,2451
Total.
490
1,340
111
99
2,310
5,243
138
3,049
1,643
131
637
227
432
2,713
152
4,124
506
28
1,409
512
35
r
l,256
1,426 r37,961
900
6,353
2,326 r 44,314
536
5,488
38
()
1,244
37
1,468 38,354
1,427
1,064
6,452
1,011
2,532 44,806
2,438
531
5,1791
51?
* Includes other Latin American republics and the Inter-American*
Development Bank.
5 Includes unspecified countries in Africa, Oceania, and Eastern
Europe, and all Western European dependencies located outside Europe
and Asia.
6 Excludes gold reserves of the U. S. S. R., other Eastern European
countries, and China Mainland.
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in "Short-term
Liabilities to Foreigners Reported by Banks in the United States by
Countries" (Tables 1 and la-lc of the following section). U. S. Govt.
bonds and notes are holdings with original maturities of more than 1
year.
1364
INTT CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
End of month
Grand
total
1956—Dec
1957 Dec
L958—Dec
1959—Dec
14,939
15,158
16,159
19,389
I960 Sept
Oct
21,213
21 419
20,886
21,326
Nov
Dec
1961—Jan
Feb
Mar.
Apr
. .
May
June
July
Aug v
Sept.^
. .
20,916
'20,769
'21,090
r
205858
21,070
21,492
21,756
21,628
21,943
International
institutions 2
Total
1,452
1,517
1,544
43,158
3,569
3 685
3,700
3,955
Official
Private
Germany,
Fed.
Rep.
of
13,487
13,641
14,615
16,231
8,045
7,917
8,665
9,154
5,442
5,724
5 950
7,076
1 835
1,557
1 755
1,987
1 012
1,275
873
990
4 019
4,310
5 081
5,496
6 865
7,142
7 708
8,473
1 516
1,623
2 019
2,198
2 346
2,575
2 403
2,408
2 415
1,946
2 205
2,780
346
355
279
373
17,644
17,734
17,186
17,371
10,094
10,305
10,077
10,326
7,550
7 429
7,109
7,045
3,107
3 290
3,364
3,476
,828
793
,641
,667
4,243
4 188
3,954
3,902
9,178
9 271
8,959
9,045
2,658
2 711
2,507
2,439
2,433
2 365
2,336
2,422
3,003
3 004
3,022
3,113
374
384
362
352
,633
,567
,619
3,581
8,716
3,536 '8 687
3,612
'8,876
3 765 8 568
3,978
8,706
4 364
9 148
4,640
9,301
9 863
4 637
4,853 10,229
2,442
2 421
'2,429
2 437
2,620
2 659
2,712
2 708
2,648
2,324
2 294
2,372
'2 344
2,294
2 216
2,307
2 274
2,357
3,150
'3 203
'3,187
3 198
3,177
3 133
3,091
3 031
2,900
342
347
348
393
352
367
362
349
375
Foreign countries
3,942 16,974 10,145
3,817 '•16,952 10,095
3,877 '•17,213 '10,309
3,917 16,940 r9,896
9,929
3,920 17,150
3,970 17,522 10,067
3,983 17,773 10,096
3,404 18,224 10.537
3,434 18,509 10,929
United
King-
3,502
3,583
3,510
3,184
3,086
3,075
2,970
2,791
2,756
6,829
'6,857
'6,904
7,044
7,221
7,455
7,677
7,687
7,580
Other
Europe
Total
Europe
Latin
Canada America
Asia
dom
' ,754
647
\\%9
1,691
2 434
2,620
r
All
other
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
All
other 3
177
154
126
186
930
1,079
1,121
1,370
134
203
339
485
67
93
130
95
137
142
163
43
24
36
86
217
260
303
213
836
967
852
969
20
18
20
31
299
360
694
590
646
658
583
519
78
54
67
63
995
953
923
877
300
289
277
328
85
83
81
81
137
187
157
149
224
219
85
84
210
227
806
755
693
678
16
18
17
18
403
418
391
'393
579
687
'591
633
723
842
1,012
871
890
49
52
67
68
62
59
59
55
43
794
724
784
823
858
925
1,008
1,098
1,151
275
246
280
265
250
271
252
200
223
80
82
83
84
98
101
101
105
105
81
80
76
80
82
73
80
84
86
114
127
111
118
125
135
134
133
128
229
233
268
282
339
404
423
387
386
612
568
556
538
522
579
552
661
705
21
19
24
17
13
16
13
17
19
303
'278
'326
'380
399
422
389
390
441
Other
Europe
Austria
Belgium
Denmark
Finland
1956—Dec
1957 Dec
1958—Dec
1959—Dec
4,019
4,310
S 081
5,496
296
349
411
331
117
130
115
138
65
112
169
137
53
64
69
71
626
354
532
655
I960
Sept
Oct
Nov
Dec
4,243
4,188
3,954
3,902
223
229
231
243
146
140
141
r
142
47
53
53
54
47
48
45
46
Jan
Feb
Mar
Apr
May
June
July
Aug p
Sept v
3,581
3,536
3,612
3,765
3,978
4,364
4,640
4,637
4,853
213
205
198
194
189
187
195
212
226
132
'136
'147
'183
220
233
310
300
313
54
52
58
57
47
50
36
38
48
45
47
44
44
51
61
11
87
89
End of month
1961
. ..
. •
France Greece
U>
00
Italy
»OO
•&.00
Table l a . Other Europe
Table l b . Latin America
End of month
Latin
BoAmer- Argen- livia
tina
ica
Brazil Chile
Colombia
Cuba
Dominican
Republic
NetherPanlands ama,
El
AnSal- Guate- Mex- tilles
Reico
vador mala
puband lic of
Surinam
1956 Dec
1957 Dec
1958—Dec
1959 Dec
2,346
2,575
2,403
2,408
146
137
150
337
29
26
22
24
225
132
138
151
91
75
100
185
153
153
169
217
211
235
286
164
68
54
40
37
25
27
26
I960—Sept
Oct
Nov
Dec
2,433
2,365
2,336
2,422
370
324
335
315
23
22
21
23
173
185
186
194
137
116
117
135
167
181
166
158
105
90
84
77
33
34
34
37
22
1961
2,324
2,294
299
289
313
326
308
283
278
275
253
22
24
23
21
21
21
23
24
23
203
170
193
185
220
186
231
218
263
120
112
133
128
119
124
116
125
130
174
172
160
149
132
119
150
134
137
68
66
63
62
61
58
53
49
45
31
30
31
29
32
31
32
30
29
27
31
Jan
Feb
Mar
Apr
May
June •
July
Aug.P
Sept.P
. .
M72
'2,344
> 294
2,216
2,307
2,274
2,357
f Preliminary.
' Revised.
For other notes see following page.
28
22
24
24
28
29
28
27
31
27
26
Peru
Uruguay
Other
Vene- Latin
zuela America «
64
65
42
37
433
386
418
442
69
73
79
88
109
136
146
129
84
60
77
82
73
55
82
62
455
835
494
277
111
124
133
148
41
41
42
44
374
358
359
397
88
79
127
126
122
70
64
64
64
68
72
123
72
61
52
51
333
349
360
398
306
313
?03
302
50
51
53
58
58
367
349
336
358
332
333
339
430
413
70
69
77
84
83
90
87
81
87
108
100
95
89
80
78
77
78
65
49
62
65
66
64
47
49
59
55
49
46
79
71
83
86
76
52
46
50
50
52
49
378
446
494
458
454
428
439
367
448
293
271
r
260
r
252
255
259
264
250
254
1365
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table lc. Asia and All Other
Asia
End of month
Total
Hong India
Kong
Indo- Iran
nesia
All other
Korea, PhilReTaiIsrael Japan pub- ipwan
lic pines
of
Con- Egyp- Union
go,
tian
Thai- Other Total Aus- Rep.
of
Re- South Other
land
tralia of
gion— Africa
the U.A.R.
1956—Dec
1957—Dec
1958—Dec
1959_Dec
2 415
1,946
2,205
2,780
66
76
186
20
45
61
425
346
84
44
52
56
87
175
176
172
86
99
94
157
133
141
417
371
494
355
279
373
50
85
79
110
39
30
31
40
16
20
53
114
151
108
139
55
43
47
148
82
77
114
1,017 99
586 117
935 145
1,285 148
272
70
62
60
38
30
49
153
125
162
I960—Sept
Oct .
Nov
3,003
3 004
3,022
3,113
59
58
60
57
50
36
37
54
162
170
148
178
25
26
25
22
59
62
71
75
1,705
1,758
1,808
1,887
148
153
150
152
224
217
212
203
89
86
84
84
172
175
183
186
311
263
245
215
374
384
362
352
100
87
80
88
29
30
32
32
22
24
27
22
31
30
33
29
192
213
189
181
3,150
3 203
57
52
53
51
45
44
48
40
181
150
101
89
20
45
43
41
67
69
62
50
1,953 139
145
2,027 155
2 096 154
2,036 163
1,983 168
1,913 178
1,766 186
1,649 194
193
198
195
172
84
81
76
77
195
209
214
215
216
219
214
215
342
347
348
393
72
73
83
124
20
20
21
21
39
36
31
30
178
184
182
187
243
352
76
33
33
31
32
163
182
174
152
81
80
89
90
227
231
237
240
238
258
268
259
367
362
349
375
83
81
79
86
30
29
27
43
16
16
21
15
Dec
1961—Jan
Feb
r
Mar
T-3,187
Apr
3 198
3,177
3,133
3 091
3,031
2,900
May
June
July 75
Aug. p
Sept
51
43
86
41
42
52
52
53
55
41
37
78
86
85
74
78
77
48
32
39
37
r
l,990
r
47
51
64
62
173
77
223
22
22
40
19?
39
40
40
46
199
196
181
185
Table Id. Supplementary Areas and Countries7
End of year
End of year
Area or country
Area or country
1957
Other Europe:
Albania
Bulgaria
Cyprus
Czechoslovakia 8
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland 8 8
Rumania
Soviet Zone of Germany
U. S. S. R.8
Yugoslavia 8
Other Latin America:
Bahamas?
Bermuda
Costa Rica
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
Paraguay
West Indies Federation?
Other Asia:
Aden
Afghanistan
Bahrein Islands
1958
.1
1959
.3
1.2
.3
.7
.6
.1
.7
10.6
3.5
10.0
.6
.7
16.1
5.9
4.9
.9
1.4
2.2
9.5
1.8
1
2.7
5.4
.6
.6
7.2
5.3
4.0
.9
1.5
2.6
6.2
7.9
16.4
22.7
.8
11.2
12.6
12.7
5.1
15.8
6.8
24.5
17.4
.5
7.7
6.3
11.3
3.4
31.6
14.3
18.9
21.7
.5
10.5
12.8
12.5
6.7
32.6
4.7
.9
1.7
4.5
.9
2.2
11.0
.9
1.7
2.9
9.0
.5
.5
16.4
5.4
3.2
.8
3.1
.7
Other Asia (Cont.):
Burma.
Cambodia
Ceylon
China Mainland 8
Iraq
Jon'
ordan
Kuwait.
Laos. . .
Lebanon.
Malaya, Fed. of
Pakistan
Portuguese India (Goa).
Ryukyu Islands
Saudi Arabia
Singapore
1.3
Syrian Region—U.A.R..
12.1
Viet-Nam
10.0
.5
.5
1.0
n.a.
1.0
5.1
2.7
.5
.6
12.6
4.1
6.1
1.1
47.2 All other:
Algeria
21.7
Ethiopia and Eritrea.
19.8
French Somaliland...
27.3
Ghana
.4
Liberia
10.7
Libya
15.0
Madeira Islands
11.9
Morocco
4.6
Mozambique
11.3
New Caledonia
New Zealand
Somali Republic
n.a.
Sudan
9.8
Tunisia
n.a.
r
n.a. Not available.
P Preliminary.
Revised.
1
Does not include banking liabilities to foreigners maturing in more
than one year; such liabilities amounted to $3 million on Sept. 30, 1961,
2
Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
3 Represents liabilities to foreign central banks and foreign central
governments and their agencies (including official purchasing missions,
trade and shipping missions, diplomatic and consular establishments, etc.).
4
Includes $1,031 million representing increase in U. S. dollar subscription to the International Monetary Fund paid in June 1959.
5 Includes Bank for International Settlements.
6
Beginning June 1960 includes Inter-American Development Bank.
7 Except where noted, these data are based on reports by banks in
the Second (New York) Federal Reserve District. They represent a
1957
1960
1958
1959
1960
6.7
20.0
34.2
36.3
19.6
1.6
5.9
33.1
28.2
1.6
12.8
2.5
32.7
94.8
5.9
24.9
44.1
36.0
18.0
2.8
10.3
20.9
37.9
4.3
19.7
34.4
35.8
63.1
2.5
9.4
21.0
38.0
1.4
23.5
2.3
14.8
111.6
3.5
5.0
68.3
.9
10.9
6.9
34.8
n.a.
1.8
9.6
5.0
36.2
6.3
10.6
1.4
n.a.
18.4
1.9
n.a.
n.a.
.6
18.7
2.0
.4
20.3
17.6
.6
57.8
2.0
1.3
6.8
.8
1.6
8.4
.4
9.3
.9
n.a.
n.a.
5.6
.9
64.3
2.2
n.a.
n.a.
3.5
n.a.
2.8
7.1
3.5
58.5
.9
35.1
3.1
23.0
10.7
.9
51.5
3.4
1.7
1.9
1.3
1.7
1.2
5.6
2.5
15.2
60.2
2.5
4.7
48.8
.5
27.8
1.0
.7
13.0
6.4
1.0
43.5
2.9
1.4
6.9
1.3
5.2
.3
partial breakdown of the amounts shown in the "other" categories in
Tables la-lc.
8
Based on reports by banks in all Federal Reserve districts.
9 Prior to 1960 data for the Bahamas included with West Indies
Federation.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by U. S. banks, bankers, brokers, and dealers,
by branches or agencies of foreign banks, by certain domestic institutions
not classified as banks that maintain deposit or custody accounts for
foreigners, and by the U. S. Treasury. The term "foreigner" is used to
designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled abroad
and the foreign subsidiaries and offices of U. S. banks and commercial
firms.
1366
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Payable in dollars
End of month, or area
and country
Total
To all other foreigners
To banks and official institutions
Total
Deposits
U.S.
Treasury
bills and
certificates^
Other 2
Total
Deposits
U.S.
Treasury
bills and
certificates
Payable
in foreign
currencies
Other 2
Total amounts outstanding
1956
1957
1958
1959
Dec
Dec
Dec
Dec
14,939
15,158
16,159
19.389
12,860
12,847
13,669
16,913
5,979
5,875
6,772
6,341
5,990
5,840
5,823
9,245
891
1,132
1,075
1,328
2,030
2,252
2,430
2,398
1,766
1,951
1,833
243
278
306
295
134
209
174
270
49
59
59
77
1960 Sent
Oct
Nov
21,213
21,419
20,886
21,326
18,857
19,013
18,577
18,986
7,651
7,642
7,454
7,568
9,687
9,885
9,686
10,018
1 S19
,485
,437
,401
2,238
2,262
2,182
2,227
1,786
1,826
1,777
1,846
173
172
158
148
279
264
247
233
118
144
127
113
1961 Jan
Feb
Mar
Apr
20,916
'20,769
'21,090
'20,858
21,070
21,492
21,756
21,628
21,943
18,672
'18,553
'18,872
18,617
18,759
19.136
19,419
19,309
19,609
7,322
'7,488
'7,719
7,756
7,971
8 234
8,492
8,632
8,680
10,051
9,794
9,909
9 594
9,503
9 585
9,620
9 343
9,542
,299
,271
,244
,267
,285
,317
,307
,334
,386
2,122
2,105
2,106
2,129
2,177
2.199
2,191
2.206
2,226
1,772
1,776
1,792
1,806
1,836
1,842
1,865
1 871
1,888
128
113
102
103
129
133
109
109
222
216
213
220
212
223
217
226
119
219
121
112
111
111
133
157
145
113
107
(3)
6
1
Dec
May
July
Augp
Area and country detail, July 31, 1961
Europe:
189
217
20
42
267
2,970
59
1,008
252
101
2,938
43
981
224
66
332
36
173
120
46
80
134
423
552
13
39
111
412
450
11
37
110
96
274
11
1,691
7
382
1,337
7
329
1,042
6
93
221
• ...
99
... .
9,301
8,479
3,112
4,295
2,712
2,458
1,816
635
278
23
231
116
150
53
209
7
99
71
83
3
145
7
96
71
79
3
55
9
68
16
67
16
1
(3)
3
(3)
4
132
45
67
125
44
66
7
1
1
2
(3)
(3)
(3)
(3)
(3)
32
31
55
339
13
12
37
175
13
11
24
174
5
87
49
32
4
77
83
50
439
264
12
40
21
223
169
11
40
20
223
123
2,307
1,224
1,071
Germany, Fed. Rep. of
Italy
Switzerland
Turkey
Total
Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
Fl Salvador
CTiia.teixi3.lci
Mexico
.
.........
Neth. Antilles and Surinam
Panama Reo of
Peru
Uruguay
Venezuela
.
Other Latin America
Total
42
7
15
662
38
13
275
42
8
2
47
7
2
41
180
11
7
30
16
26
29
36
24
16
22
22
35
2
2,191
7
628
93
r
P Preliminary.
Revised.
i Includes special nonnegotiable, non-interest-bearing U. S. notes
(International Monetary Fund series and International Development
Association series), which amounted to $2,112 million on Sept. 30, 19 1.
1
32
194
270
28
75
964
France
United Kingdom
Yugoslavia
Other Europe
5
11
195
310
36
77
1,012
Belgium
18
35
415
3
( )
(3)
(3)
(3)
j
3
1
5
2
3
2
5
(3)
(3)
7
(3)
(3)
(3)
1
41
1
41
39
23
10
23
10
134
74
1
95
2
284
1
70
2
124
1
137
12
11
(3)
105
1
41
1,072
700
481
71
148
122
7
240
198
26
16
15
(3)
(3)
5
3
()
6
20
70
55
51
49
8
1
19
19
19
19
18
164
18
160
3
I
13
36
19
16
i
1
65
42
59
41
28
215
94
24
210
88
1
2
4
(i)
(3)
(3)
29
1
( )
17
5
I
3
3
2
94
59
1,080
1,024
11
45
3
i
e
>
3
2 Represents principally bankers' acceptances and commercial paper.
3 Less than $500,000.
1367
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Payable in dollars
To banks and official institutions
Area and
country
To all other foreigners
Payable
in foreign
currencies
Total
Total
Deposits
U.S.
Treasury
bills and
certificates
Other i
Total
Deposits
U.S.
Treasury
bills and
certificates
Other i
Area and country detail, July 31, 1961—Cont.
Asia:
Hong Kong .
India
Indonesia
Iran
Israel
26
7
2
5
5
25
7
2
5
5
(2)
19
15
1
20
6
3
39
(2)
20
6
3
40
(2)
1
1
147
135
128
1
6
3
3
2
3
4
2
7
1
3
29
3
1
1
3
27
*l
40
17
37
34
1
2
1
3
8,108
6,027
1,301
2,191
1,865
109
217
145
384
33,593
6
8,492
9,620
2,191
1,865
109
217
145
52
37
74
32
51
....
•
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
. .
Total foreign countries.
International institutions....
Grand total
26
28
72
27
47
22
24
67
27
26
2
19
1,913
178
182
80
231
258
1,893
177
162
75
229
218
1,074
177
138
72
40
176
746
73
(2)
(2)
5
183
23
19
3
6
19
3,091
.•
2,953
1,842
964
81
29
16
40
196
78
28
14
35
167
39
22
12
35
158
36
2
362
324
267
17,773
15,436
3,983
3,983
21,756
19,419
4
4
5
1 Represents principally bankers' acceptances and commercial paper.
2 Less than $500,000.
(2)
2
1,307
1
1
(2)
1
4
2
2
()
(2)
()
PJ
(2
i
3
Includes $2,599 million of special nonnegotiable, non-interest-bearing
U. S. notes (International Monetary Fund series and International
Development Association series).
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i
[Amounts outstanding, in millions of dollars]
End of month
Total
GerFrance many,
Fed.
Rep. of
Italy
Switzerland
United Other Total
King- Europe Europe Canada
dom
Latin
America
Asia
All
other
1,946
2,199
2,542
2,623
18
114
102
57
157
140
77
54
43
56
36
3d
29
34
42
38
104
98
124
121
216
211
315
234
568
654
696
534
157
154
243
272
840
956
099
,175
337
386
435
586
43
50
69
56
1960 Sept
Oct
Nov
Dec
3,160
3,361
3,325
r
3,602
29
32
28
32
77
84
78
82
33
42
35
34
45
54
55
60
256
237
222
245
226
245
240
264
665
694
658
717
356
397
376
409
,150
244
,254
,356
921
956
972
r
l,052
68
70
65
69
1961 Jan
Feb
Mar
Apr
May
'3,597
r
3,668
r
3,942
r
4,114
r
4,080
4,042
4,106
4,078
4,124
35
37
44
44
42
44
46
40
34
78
81
108
135
145
148
141
136
146
38
36
36
46
42
33
35
37
34
61
61
74
70
65
64
64
58
67
197
170
167
173
171
165
187
138
183
237
224
246
r
227
228
233
209
178
187
646
609
676
r
695
693
687
684
587
651
417
377
467
499
478
437
414
460
456
,340 r\A7A
I 390
220
[,374 r ,349
1,394 I 450
I 336 I 497
1,243 I 598
1,245 I 674
1,295 1,637
1,351 I 578
73
73
76
76
75
76
90
98
88
1956
1957
1958
1959
Dec
Dec
Dec .
Dec
July
Aug.*
Sept p
r
p Preliminary.
Revised.
i Short-term claims reported in these statistics represent principally
the following items payable on demand or with a contractual maturity
of not more than 1 year: loans made to and acceptances made for
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; excludes convertible currencies held by
U. S. monetary authorities.
1368
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table 3a.
Other
Europe
Norway
Portugal
21
29
56
23
23
22
7
2
2
2
2
11
16
3
3
17
3
7
26
6
29
32
30
33
17
4
8
5
7
34
32
11
10
3
2
6
6
6
7
7
7
8
47
'38
42
45
47
10
10
10
11
11
3
2
3
3
2
7
7
8
11
8
2
2
7
Denmark
Finland
7
6
7
28
25
65
12
11
14
4
4
6
4
6
7
234
4
56
18
8
5
38
226
245
3
2
9
10
8
9
5
5
240
. .
Belgium
3
13
9
7
13
264
Dec
1961 Jan
Feb
Mar
Apr
May
June .
Julv
Aug ^
Sept p
r
2
41
53
50
65
237
224
Sect
Oct
Nov
2
2
63
61
14
12
246
3
2
3
3
3
58
56
58
43
43
12
11
11
9
9
Greece
227
228
233
209
3
3
178
187
13
10
10
u
11
14
14
11
10
14
16
43
45
6
7
11
13
Sweden
Turkey
13
10
24
88
76
72
8
19
47
1
3
10
8
23
25
9
7
8
11
15
16
28
61
58
53
49
26
25
41
32
9
9
14
16
12
16
16
16
15
16
19
21
22
19
Spain
ooooc
I960
Netherlands
Austria
216
211
315
End of month
1956 Dec
1957 Dec
1958 Dec
1959—Dec
Other Europe
26
24
25
25
17
35
24
15
24
13
22
31
16
15
7
Yugoslavia
14
8
All
other
7
10
9
18
15
19
17
19
Table 3b. Latin America
End of month
1956
1957
1958
1959
Dec
Dec
Dec
Dec
Latin
BoAmer- Argen- livia
tina
ica
Brazil Chile
7
11
7
15
19
8
10
59
68
115
29
15
8
12
10
189
212
206
225
57
55
63
73
79
77
76
80
31
29
27
26
17
17
17
16
14
19
19
22
11
229
228
74
77
81
79
21
21
14
13
21
19
13
100
148
60
3
117
I960 Sept
Oct
Nov
Dec
1,150 96
1,244 108
1,254 112
1,356 121
4
4
4
4
1961 Jan
Feb
1,340
1,390
1,374
1,394
1,336
1,243
1,245
1,295
1,351
4
4
Mar
Apr
May
July p
Aug.
Sept.2*
122
122
4
5
5
128
127
133
5
5
8
5
143
148
158
162
241
213
202
182
160
147
180
16
33
52
88
118
111
114
120
119
117
145
90
78
79
21
21
81
91
91
91
90
20
20
20
20
19
13
13
14
13
12
13
12
Peru
Other
Uru- Vene- Latin
guay zuela America
nam
113
166
72
3
3
15
Cuba
NetherPanlands ama,
El
AnSal- Guate- Mex- tilles
Reico
vador mala
puband lic of
Suri-
103
51
4
28
40
840
956
1,099
1,175
Colombia
Dominican
Republic
19
17
15
12
14
17
15
12
13
14
14
15
12
14
13
14
17
16
213
5
12
18
23
18
35
291
2
6
4
316
303
302
343
4
4
5
8
343
313
5
5
306
r 323
321
5
5
231
293
327
336
375
384
7
6
8
8
6
15
144
49
36
42
52
47
247
57
20
19
22
23
43
42
43
44
52
55
52
57
164
233
235
234
66
27
28
48
48
51
48
231
311
57
60
43
46
38
39
39
215
121
119
121
137
63
63
71
68
72
26
29
38
26
25
28
30
31
31
48
50
55
61
63
67
68
44
40
170
142
274
281
51
53
52
56
57
63
61
Table 3c. Asia and All Other
Asia
End of month
Total
Israel
PhilJapan ippines Taiwan
Thai- Other Total
land
Egyp- Union
Aus- Congo, tian
of
Rep.
Retralia of the gion— South Other
Africa
U.A.R.
4
7
6
10
6
6
4
6
20
22
27
29
16
24
23
14
170
146
179
324
16
53
67
24
6
6
6
9
9
14
13
15
91
110
111
155
43
50
69
56
11
13
13
18
6
5
4
3
2
1
3
2
8
12
21
12
17
19
29
21
921
956
972
9
8
8
9
9
11
11
9
36
35
34
33
14
15
17
24
660
693
712
r
23
25
24
19
6
8
7
7
15
15
16
24
149
147
143
121
68
70
65
69
27
29
27
28
5
3
2
3
2
2
2
3
11
10
10
11
23
26
25
24
'1.121
,220
1,349
r 1,450
1,497
1,598
1,674
1,637
1,578
....
8
9
10
10
10
9
8
9
11
11
12
41
28
32
33
30
33
33
7
10
11
11
14
15
22
24
23
23
25
27
124
123
126
130
134
131
73
73
76
76
75
76
28
28
26
27
25
25
3
4
4
4
3
3
40
10
8
90
98
3
3
12
12
13
13
13
15
27
26
26
24
24
23
31
38
10
26
32
3
3
7
8
10
10
35
'875
'952
,069
,159
,196
,272
,341
,346
,288
16
18
19
23
26
24
9
10
34
43
48
52
47
47
r
1961 Jan
Feb
Mar
Apr
May
June
July p
Aug
Sept.**
r
l,052
P Preliminary.
Revised.
* Sec note 1 on preceding page.
Iran
337
386
435
586
1956 Dec
1957—Dec
1958 Dec
1959 Dec
I960 Sept
Oct
Nov .
Dec
Hong India
Kong
All other
10
36
36
34
31
806
r
42
37
13
12
30
29
32
129
126
126
2 Less than $500,000.
88
27
3
13
13
24
24
13
19
23
25
26
1369
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
Payable in foreign currencies
Loans to:
Total
Total
Banks and
official
institutions
Others
Collections
outstanding
Other
Deposits
with
foreigners
Total
Other
Total amounts outstanding
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—Dec..
1,174
1,362
1,545
1,549
1,946
2,199
2,542
2,623
1,385
1,796
2,052
2,344
2,406
489
582
627
840
848
236
330
303
428
460
353
440
423
421
516
307
444
699
656
582
164
150
147
198
217
144
131
132
181
203
20
19
15
16
15
1960—Sept..
Oct.. ,
Nov..
Dec.
1,626
1,628
1,659
1,698
3,160
3,361
3,325
'3,602
2,729
2,883
2,902
3,123
719
830
771
814
386
404
438
482
578
591
602
605
1,045
1,058
1,091
r
,221
431
478
424
480
270
293
221
242
161
185
203
238
1961—Jan....
Feb...,
Mar...
Apr...,
May..,
June..,
July. . .
Aug.*.
Sept.*.
1,654
1,598
1,616
1,639
1,635
1,847
1,902
1,830
1 855
'3,597
'3,668
'3,942
'4,114
'4,080
4,042
4,106
4,078
4,124
'3,126
'3,242
'3,446
'3,584
'3,573
3,590
3,695
3,665
3,679
799
861
844
907
'870
810
843
756
777
460
455
494
'523
'520
506
525
537
573
620
622
679
716
710
711
718
719
699
r 1,247
r 1,303
r ,429
r 1,438
471
426
496
531
'507
451
412
413
446
194
207
249
245
235
249
229
236
266
277
219
247
286
'272
202
183
177
180
671
839
1,473
1,564
1,608
1,653
L63O
Area and country detail, July 31, 1961
Europe:
Austria...
Belgium..
Denmark.
Finland. .
France...
Germany, Fed. Rep. of..
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden....
Switzerland.
Turkey
(2)
4
1
2
<>
2
9
2
2
11
(2)
(2)
(2)
1
6
12
17
(2)
4
(2)
4
31
1
7
7
1
45
2
5
21
1
22
4
16
11
27
(2)
4
3
6
17
15
2
7
16
36
13
2
9
7
1
(2)
16
2
187
15
19
55
15
18
32
6
4
11
27
5
3
15
3
43
9
14
46
2
42
9
14
43
50
7
23
35
150
141
8
35
47
11
124
8
33
42
10
4
50
2
8
17
64
13
United Kingdom.
Yugoslavia
Other Europe
29
1
5
5
1
5
1
5
4
28
10
2
1
4
12
4
5
133
(2)
100
.....
(?)
2
*(2)"
1
1
(2)
18
32
407
684
491
147
114
118
112
193
140
53
Canada.
265
414
245
11
184
11
40
169
46
123
Latin America:
Argentina. . .
Bolivia
Brazil
Chile
Colombia. . .
Cuba
94
(2)
248
34
27
1
148
5
160
120
91
20
135
5
160
120
91
20
61
13
13
12
14
14
336
Total.
Dominican Republic
El Salvador
Guatemala
Mexico
Netherlands Antilles and
Surinam
Panama, Rep. of
Peru
Uruguay
Venezuela
Other Latin America
Total.
10
196
21
12
184
72
904
23
(2)
25
(2)
29
32
49
5
24
12
12
14
14
331
5
1
2
99
1
I
1
62
4
5
6
35
25
63
38
119
71
25
63
38
118
71
3
2
4
19
4
13
9
4
13
15
6
21
4
76
30
26(
1,245
1,225
278
209
324
413
r
P Preliminary.
Revised.
i Represents mainly loans with an original maturity of more than 1
year.
39
4
34
15
27
18
* Less than $500,000.
(2)
(2)
(2)
48
4
136
(2)
3
32
(2)
(2)
(2)
20
17
22
1370
INTT CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Short-term
Payable in foreign currencies
Payable in dollars
Longterm—
total i
Area and
country
Loans to:
Total
Total
Banks and
official
institutions
Collections
outstanding
Others
Other
Deposits
with
foreigners
Total
Other
Area and country detail, July 31, 1961—Cont.
Asia:
Hong Kong
India
Indonesia
9
40
(2)
36
34
9
39
(2)
36
34
4
32
4
3
<3
1,317
3
42
13
30
126
194
(2)
39
2
13
99
3
14
1
5
2
1,341
3
42
13
30
126
1
(2)
(2)
156
3
1
1
3
22
125
1,674
1,648
390
11
21
40
4
63
72
26
3
13
24
23
23
3
13
24
22
3
2
5
5
2
2
201
90
86
17
1,902
4,106
3,695
843
19
43
13
9
Israel
20
Japan
Korea Rep of
Philippines
Thailand
Other Asia
. .
Total
Allother:
Australia
Congo, Rep. of the
Egyptian Region—U.A.R..
Union of South Africa
Other
Total
2
(2)
3
6
()
32
3
1
1
(2)
1
25
963
(2)
2
(2)
(2)
1
(2)
24
(2)
24
2
2
2
10
14
2
( )
( )
1
(2)
(2)
229
1,019
26
25
1
7
3
4
11
2
1
9
15
8
10
1
(2)
(2)
(22)
C)
(2)
6
37
26
4
1
3
525
718
1,608
412
229
183
1
2
International institutions. .
Grand total
1
Represents mainly loans with an original maturity of more than
1 year.
2 Less than $500,000.
TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES *
[In millions of dollars]
U. S. corporate securities2
U. S. Govt. bonds & notes
Year or month
Purchases
Net purchases,
or sales (—)
Sales
Total
Foreign
countries
666
1,224
1,217
1,730
718
1,188
528
1,603
-52
36
689
1960—Sept
Oct
Nov
Dec
44
148
345
195
93
196
262
98
-49
-48
82
97
-13
1961—Jan
Feb
Mar
Apr
May
June
July
Aug.P
Sept p
73
322
63
91
155
96
69
86
'•101
r
206
74
128
177
26
-23
253
-23
'r - 1 0
82
-17
'32
r
1957
1958
1959
I960
41
170
340
22
r
127
-50
-33
42
163
-4
Preliminary.
Revised.
* Includes transactions of international institutions.
117
-237
527
-98
-42
-48
-21
-23
-40
-33
42
49
5
Purchases
1,617
1,759
2,593
2,419
181
Sales
Foreign stocks
Foreign bonds
Net pur- Purchases, or chases
sales ( - )
Sales
Net pur- Purchases, or chases
sales ( - )
Sales
Net purchases,or
sales ( - )
1,423
1,798
2,158
2,167
194
-39
435
252
699
889
946
883
1,392
1,915
1,458
1,445
-693
-1,026
-512
-562
593
467
566
509
622
804
804
179
187
208
199
187
180
220
-18
-8
7
-12
73
244
36
31
90
268
44
78
-17
-24
-8
-46
37
36
44
33
45
42
56
52
—6
-12
-20
250
270
371
348
344
303
194
246
216
219
253
329
308
299
276
212
254
216
30
42
40
45
27
-18
—8
54
46
43
44
59
60
50
37
223
98
74
91
97
r
124
87
117
30
228
-44
-28
-48
-54
r
53
38
58
50
57
52
63
91
96
96
72
55
59
58
2
— 24
-33
-46
-39
-19
-20
— 19
-17
2
17
-65
-27
-67
7
-5
53
35
40
41
Includes small amounts of U. S. municipal securities.
592
-29
-336
-238
-83
-9
1371
INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY 1
[Net sales, ( - ) .
In millions of dollars]
Type of security
Year or month
Country
Total*
Belgium
Stocks
Bonds
51
17
73
50
14
-3
5
5
1
14
-3
-1
1957.
1958.
1959.
1960.
194
-39
435
252
143
-56
363
201
I960—Sept..
Oct..,
Nov..
Dec.
-18
-8
7
-12
-18
-22
10
7
1961—Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept.*
30
17
42
40
45
27
-18
32
32
32
56
58
33
-5
2
15
1
I
1
3
-1
-14
10
-16
-13
-6
-13
-10
-15
77
-1
15
-48
I]
-1
-1
-2
101
19
254
171
-12
20
14
-2
-7
-29
-20
-21
-2
1
-3
3
5
3
-2
6
2
5
17
18
21
29
19
-6
7
2
7
2
5
9
1
11
-1
4
2
3
5
3
2
-1
United
King,
dom
-1
-1
2
3
2
Switzerland
35
-8
31
2
40
38
A
-18
Netherlands
France
Other
Europe
Total
Europe
Canada
Latin
America
All
other 2
35
66
7
2
5
j
10
2
-14
255
10
379
234
-99
-86
-30
-46
23
23
40
36
15
14
46
28
-13
-7
3
-17
20
-4
-6
-2
1
2
5
-2
3
2
5
22
25
30
32
50
34
-12
1
11
-4
-13
6
0)
Q
-19
-14
-13
-14
-17
5
6
8
9
4
2
5
3
1
1
-2
9
9
4
2
2
4
2
Preliminary.
Includes small amounts of U. S. municipal securities.
Includes transactions of international institutions.
3 Less than $500,000.
TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS
TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS»
[Net sales, ( - ) . In millions of dollars]
[In million of dollars]
Year or
month
InterTotal
national foreign
couninstitutions
tries
-384
-558
-157
-147
-338
-805
-593
-498
I960—Sept....
Oct
Nov....
Dec... .
-21
-16
7
2
-13
-27
-68
1961—Jan
Feb.. ..
Mar....
Apr....
May...
June...
July....
Aug. p ..
Sept. P..
-1
15
-3
3
1
-15
3
6
4
Europe
1957
1958
1959
I960
p
Preliminary.
i Less than $500,000.
231
-72
-50
-117
r
15
-552
5
-543
—443
11
- 1 9 6 -107
-45
-45
-97
-41
12
8
10
-17
-7
6
-14
-24
-6
7
-6
-27
-30
-24
-9
-41
-68
-78
-31
-89
-17
-26
Latin
Amer- Asia
ica
-5
-10
-19
-21
-5
-102
-104
Canada
-5
-6
-42
-55
-50
-23
-66
-5
-7
-26
0)
-6
-4
-11
-19
-22
9
-5
-3
-7
'-26
Revised.
-17
12
-10
-5
6
-20
-6
3
1
1
2
g
All
other
Assets in custody
End of month
Deposits
U. S. Govt.
securities2
Miscellaneous 3
13
-150
-15
-36
-24
1
3
4
-1
- 21
C)
j
-3
-30
1
-22
1959—Dec
345
4,477
570
I960—Oct
Nov
Dec
251
252
217
5,634
5,430
5,726
718
752
756
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
238
207
271
230
210
220
226
270
312
249
5,793
5,879
5,935
5,634
5,637
5,723
5,660
5,903
6,036
5,988
714
694
690
672
687
688
667
660
662
652
1
Excludes assets held for international institutions, and earmarked
gold. See note 4 at bottom of p. 1362 for total gold under earmark at
Federal Reserve Banks for foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes, and bonds.
3
Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.
1372
INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
[End of quarter.
In millions of dollars]
Liabilities to foreigners
Claims on foreigners
Revisec series 2
Area and country
1960
2
16
2
2
18
2
I960
1961
4
4
3
2
Europe:
Austria.
Belgium
Denmark
Finland
Revised series 2
1960
\P
1
18
2
18
1
1
1
1
1960
2
2
29
2
1
3
4
4
1961
1P
5
11
6
6
10
7
12
8
12
8
2
12
2
12
2
5
11
12
37
20
29
29
33
33
36
38
39
45
Germany, Fed. Rep. of
Greece
Italy
Netherlands
Norway
48
1
13
44
7
46
15
56
7
41
1
16
48
5
41
1
16
48
5
48
1
20
62
6
28
2
26
16
6
26
3
29
14
6
34
2
34
17
6
39
2
38
18
6
38
2
41
17
7
Portugal
Spain
Sweden
Switzerland
Turkey
14
29
1
9
8
30
3
1
10
6
26
3
1
10
6
27
3
1
9
5
25
3
4
11
27
20
9
3
10
27
19
7
3
11
26
17
7
3
11
26
18
7
4
7
26
23
5
643
1
5
257
2
5
Total
89
1
6
80
5
63
1
3
67
1
4
80
1
2
148
1
3
163
1
5
640
1
4
320
304
274
279
330
357
374
873
891
506
58
United Kingdom
Other Europe
58
53
57
37
125
174
177
205
334
9
2
17
5
3
4
7
2
15
5
3
3
7
1
16
3
4
2
7
17
3
4
2
7
1
19
4
5
2
12
3
65
9
11
20
19
2
69
9
11
18
20
3
76
11
11
8
20
3
78
12
12
8
25
3
60
14
13
6
0)
0)
1
()
J
2
2
4
31
1
3
2
4
36
2
3
2
4
39
2
3
2
4
45
2
Latin America:
Bolivia
Brazil
Chile
Cuba
Dominican Republic
El Salvador
Guatemala
Mexico
Neth. Antilles and Surinam.
1
(j)
0)
0)
1
(|)
5
5
7
7
4
2
2
4
30
2
2
3
6
4
2
4
2
4
1
3
5
12
8
4
13
7
8
7
9
9
9
3
19
4
4
20
4
1
21
4
1
22
4
2
22
8
5
32
19
4
30
19
4
34
20
4
34
20
6
37
22
Total
80
86
81
84
89
235
239
248
257
259
Asia:
Hong Kong
India
Indonesia
2
4
3
4
3
6
3
7
3
6
2
7
1
11
4
5
2
15
3
10
3
6
3
7
11
6
1
8
2
12
4
4
3
5
5
4
10
9
18
27
30
58
39
35
0)
0)
3
2
Panama Reo of
Peru
Uruguay
Venezuela
Other Latin America
Israel
1
19
Korea Rep of
Philippines
Taiwan
Thailand
Other Asia
Total
All other:
Congo Rep of the . . .
Egyptian Region—U.A.R..
Union of South A f r i c a . . . .
Other
Total
International institutions....
Grand total
0)
2
5
3
1
9
3
8
11
1
8
11
4
9
51
60
57
7
3
9
3
7
1
8
3
5
2
3
5
3
6
3
8
3
8
18
4
17
3
17
4
20
4
3
17
51
55
68
75
109
99
98
119
136
124
8
1
1
6
5
12
14
1
2
1
5
14
2
2
1
7
15
1
2
2
10
16
19
1
5
8
10
21
3
6
6
13
22
3
7
7
15
19
2
7
9
13
22
21
23
25
30
41
44
49
52
51
0)
0)
0)
0)
0)
0)
0)
0)
0)
531
525
498
520
595
858
931
1,467
1,541
1
5
J Preliminary.
>
1 Less than $500,000.
2
Includes data for a number of firms reporting for the first time on
Dec. 31, 1960.
7
2
4
1
7
6
8
11
1,274
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U. S. banks, and intercompany accounts between U. S. companies and
their foreign affiliates.
1373
U. S. BALANCE OF PAYMENTS
U. S. BALANCE OF PAYMENTS
[Department of Commerce estimates.
1958
Quarterly totals in millions of dollars]
1959
1960
1961
Item
Exports of goods and services, total *.
Merchandise
Services 2
5,965
4,193
1,772
5,607
3,816
1,791
6,142
4,196
1,946
5,463
3,807
1,656
5,848
4,074
1,774
5,950
4,058
1,892
6,448
4,343
2,105
6,353
4,607
1,746
6,962
4,994
1,968
6,659
4,676
1,983
7,326
5,132
2,194
6,898
5,009
1,889
7,025
4,910
2,115
Imports of goods and services, total..
Merchandise
Services
Military expenditures
5,278
3,166
1,200
912
5,388
3,124
1,425
839
5,446
3,522
1,095
829
5,401
3,594
1,027
780
5,964
3,879
1,296
789
6,228
3,847
1,595
786
5,944
3,974
1,216
754
5,769
3,830
1,172
767
6,074
3,857
1,461
756
6,057
3,550
1,709
798
5,427
3,485
1,215
727
5,322
3,407
1,156
759
5,634
3,469
1,417
748
Balance on goods and services1
687
219
696
62
-116
-278
504
584
888
602
1,899
1,576
1,391
Unilateral transfers (net) 3
Private remittances and pensions..
Government nonmilitary grants..
-598
-174
-424
-544
-174
-370
-633
-196
-437
-621
-184
-437
-581
-187
-394
-547
-214
-333
-675
-206
-469
-579
-198
-381
-631
-213
-418
-618
-207
-411
-661
-230
-431
-700
-210
-490|
-681
-221
-460
U.S. long- and short-term capital (net)
Private, total
Direct investment
Portfolio and short-term investment
Government
1,251
-1,025
-411
-784
-451
-156
-893
-726
-372
-494
-412
-287
-1,032
-738
-442
-607
-387
-224
-595
-838
-419
-875 -1,110
-651
-724
-303
-331
-1,075 -1,905
-924 -1,557
-733
-327
-1,400
— 9X0
-464
-589
-934
-431
-614
-295
-333
-354
-167
-125
-82
-296
4-294
-163
-220
-419
243
-348
-224
934
901
953
n,439
1,440
620
821
477
-26
483
502
52
347
'785
r
73
95
195
4397
'1,109
164
167
100
290
Foreign capital and gold (net)
Increase in foreign short-term assets and Government securities
Increase in other foreign assets. .
Gold sales by United States
Errors and omissions
-226
1,086
26
-15
1,075
76
175
-393
-386
-597
-151
-348
-516
-420
-503
345
981
1,208
1,119
533
161
r
737
r
'261
r
-63
921
r
150
94
548
23
637
-128
-117
-452
r
425
123
72
187
50
146
49
63!
r327
124J
164
53461 s-330
-9|
-282
I
r
P Preliminary.
Revised.
1
Excluding military transfers under grants.
2
Including military transactions.
3
Minus sign indicates net outflow.
4 Excluding additional U.S. subscription to IMF of $1,375 million,
of which $344 million was transferred in gold and $1,031 million in
non-interest-bearing U.S. Government securities.
5 Net of change in convertible currencies held by Exchange Stabilization Fund.
OPEN MARKET RATES
[Per cent per annum]
France
United Kingdom
Canada
Month
Bankers' Treasury
acceptbills,
ances,
3 months
3 months
Day-today
money
Treasury
bills,
3 months
6.07
4.07
2.38
3.75
2.63
3.56
2.26
2.52
.50
.50
2.50
2.00
4.00
4.00
3.92
3.50
3.12
4.05
4.15
3.99
3.76
3.70
4.88
4.88
4.88
4.00
3.75
4.75
5.25
5.31
4.69
4.31
2.05
2.00
1.96
1.57
1.51
.56
.50
.64
.14
.13
2.00
2.00
2.00
2.00
2.00
3.00
3.00
3.00
3.00
3.00
3.00
3.38
5.00
5.00
3.65
3.59
3.70
3.70
3.91
3.76
3.65
3.52
3.25
3.00
2.50
2.38
2.25
2.25
2.25
2.25
2.25
3.88
3.38
3.38
2.94
2.63
2.56
2.63
2.44
2.94
1.32
1.14
1.03
.77
.83
.88
. 88
.84
1.01
.00
.75
.75
.75
.75
.75
.75
.75
.95
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1958—Dec
1959—Dec
3.46
5.02
2.07
4.30
3.34
3.72
3.16
3.61
2.70
2.85
2.00
2.00
I960—Aug
Sept
Oct
Nov
Dec
2.53
1.89
2.65
3.53
3.53
2.70
1.58
2.36
3.26
3.16
5.75
5.71
5.62
4.98
4.64
5.58
5.53
5.36
4.74
4.44
4.79
4.85
4.79
4.30
3.88
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
3.20
3.05
3.21
3.30
3.18
2.69
2.61
2.48
2.42
2.75
2.52
2.98
3.03
2.92
2.45
2.55
2.29
2.17
4.45
4.48
4.61
4.63
4.55
4.64
4.72
6.91
6.84
4.25
4.31
4.48
4.45
4.38
4.50
5.10
6.71
5.94
3.77
3.76
3.74
3.65
3.81
3.67
3.98
5.64
5.71
Switzerland
Day-today
money5
Day-today
money2
1 Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
Netherlands
Treasury
bills,
60-90
days 4
Bankers' Day-toallowance
day
on
money3
deposits
Treasury
bills,
3 months1
2
Germany
4
Day-today
money
Private
discount
rate
Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.
1374
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, 1960
Per
cent
Austria
Belcium
Brazil2
Burma
•
. ..
•
El Salvador2
Finland
France
Germany
•
....
Honduras^ .. ••
6.0
5.0
5.0
10.0
3.0
Dec.
Mar.
Aug.
Apr.
Feb.
3.28
4.0
16.55
5.0
3.0
Oct.
Aug.
July
Aug.
Apr.
1960
1960
1960
1959
1939
Jan.
Jan.
Nov.
Nov.
Jan.
Mar.
Oct.
June
Apr.
Jan.
1959
1960
1960
1960
1953
Feb.
May
Apr.
Aug.
July
1960
1957
1946
1948
1960
Feb.
June
Aug.
June
Nov.
1955
1958
1960
1942
1959
6.0
6.0
3.5
4.0
9.5
Oct.
Apr.
Feb.
Jan.
Nov.
1959
1954
1955
1959
1959
5.75
2.0
4.5
4.6
5.0
Sept.
Jan.
Aug.
Apr.
Jan.
1960
1944
1960
1960
1960
2.0
7.0
6 0
5.5
6.5
Feb.
Feb.
June
Oct.
Oct.
1959
1945
1956- 9 0
1960
1960
11.0
4.0
3.0
. . . . . . . . . . . . . . 4.0
5.5
Iceland
India <
*
Indonesia2
Iran
••
•••
Israel
Xtaly 2
Japan
Netherlands
New Zealand
•• • ••
Philippine Republic2
Portugal • •
«•
South Africa
Spain
. • .•
Sweden . . . . . . . . . . . . . . . . .
United Kingdom
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
6.0
5.0
4.75
10.0
3.0
4.75
4.02
3.5
3.29
3.46
3.46
3.53
3.42
2.82
16.74
2.80
2.51
2.84
2.75
15 88
6.0
4.6
3.5
6.0
6.75
3.5
3.0
6.0
2.0
3.0
9.0
5.31
4.62
4.38
4.75
4.62
4.78
6.57
6.94
6.88
9.0
4.0
3.0
4.0
6.75
6.75
6.0
3.5
7.3
4.5
3.5
7.3
7.0
5.0
7.0
6.0
3.5
4.0
9.5
3.0
5.0
5.0
4.5
2.75
4.0
15.88
5.0
3.0
6.0
6.5
5.0
3.0
6.0
6.5
1 Rates shown represent mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. In certain cases other
rates for these countries are given in note 2.
2
Discounts or advances at other rates include:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—3.5 per cent for agricultural and industrial development
paper of up to 150 days, 3 per cent for economic development paper
of up to 5 years, and 2 per cent for specific small business, cooperative
and employee paper;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by
national public securities;
Ecuador—6 per cent for bank acceptances for commercial purposes;
Feb.
1960
1960
1956
1952
1960
6.75
3.5
5.0
7.0
2.0
Jan.
1957
1960
1960
1958
1948
6.0
3.5
6.94
4.5
3.5
.
Norway
Pakistan
Peru2
Nov.' Dec.
6.0
5.5
5.0
3.0
5.5
....
..........
Ceylon
Chile4
Colombia 2
Costa Rica*
Cuba2
Denmark
Ecuador2
Month
effective
Rate
as of
Oct. 31,
1961
1961
1960
Country
7 5
3.0
2.0
5.0
4.0
5.0
4.0
7.0
6.5
2.0
7.0
7.5
6.5
4.5
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
***
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the Central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper;
Philippine Republic—3.0 per cent for crop loan paper and export packing credit paper; and
Venezuela—4 per cent for rediscounts of certain agricultural paper and
for advances against government bonds or gold and 5 per cent on advances against securities of Venezuelan companies.
3 Beginning with Nov. 1, 1956, the discount rate has been set each
week at .25 of 1 per cent above the latest average tender rate for Treasury
bills; end-of-month rate shown.
* Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning May 1, 1959, but the rates are raised
by 51.5 per cent for each month in which the reduction does not occur.
Rate shown is for advances only.
* Beginning with May 16, 1957, this rate applies to advances against
commercial paper as well as against government securities and other
eligible paper.
FOREIGN EXCHANGE RATES
1375
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
In cents per unit of foreign currency]
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Finland
(markka)
France
(franc)
7.183
5.556
2.835
5.556
2.506
2.207
5.556
i 1.2730
1.2026
222.41
222.76
222.SI
223.88
223.81
223.71
3.8580
3.8580
3.8539
3.8536
3.8619
3.8461
1.9905
2.0030
1.9906
2.0044
2.0012
2.0053
101.401
101.600
104.291
103.025
104.267
103.122
20.894
20.946
20.913
21.049
21.055
21.048
.4354
.4354
.3995
.3118
.3115
.3112
.2376
2 2374
.2038
3 20 389
I960—Oct
Nov
Dec
1.2042
1.2054
1.2061
224.03
224.18
223.69
3.8509
3.8432
3.8409
2.0061
2.0130
2.0131
102.181
102.367
101.781
21.063
21.065
21.044
.3111
.3112
.3112
20 375
20.402
20.387
1961
1 2058
1.2061
.2073
I.2075
.2071
1.2096
1.2113
.2104
I.2061
.2056
223 62
223.10
222.91
222.95
222.63
222.30
222.10
223.34
224.08
224.33
3.8391
3.8352
3.8314
3.8306
3.8308
3.8368
3.8554
3.8592
3.8634
3.8660
2.0074
2.0026
2.0042
1.9985
1.9983
2.0018
2.0081
2.0080
2.0084
2.0085
100.694
101.026
101.265
101.110
101.255
99.471
96.701
96.933
97.003
97.039
21.037
21.013
20.990
20.992
20.988
20.984
20.951
21.012
21.076
21.094
3112
.3112
.3111
.3111
.3110
3110
.3109
.3109
.3109
.3108
20 401
20 402
20.404
20 400
20.404
20 405
20.405
20.352
20 331
20.337
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
32.624
32.582
32.527
32.767
32.857
32.817
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.230
26 113
26.170
26 418
26.492
26.513
276.36
276 80
276.56
278 19
278 10
277.98
Year or month
Official
1955. .
1956
1957
1958
1959
I960
.
Jan
Feb
Mar
Apr
May
June
July
.
.
Aug
Sept
Oct
.
I960—Oct
Nov
Dec
1961—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Year or month
1955
1956
1957
1958
1959
1960
.
.
I960—Oct
Nov
Dec
1961 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
.
.
20.894
20.934
20.910
21.048
21.031
20.968
279.13
279.57
279.32
280.98
280.88
280.76
.1610
.1610
.2779
.2779
.2779
.2778
.2778
20.983
21.000
20.982
281.16
281.35
280.74
.1611
.1610
.1610
.2787
.2778
.2781
32.838
32.858
32.833
8.0056
8.0056
8.0056
26.518
26.492
26.517
278.37
278 57
277.96
20.975
20.950
20.940
20.940
20.919
20.889
20.886
20.998
21.067
21.089
280.64
279.99
279.75
279.81
279.40
278.98
278.74
280.29
281.22
281.54
.1610
.1607
.1607
.1609
.1611
.1611
.1611
.1611
.1611
.1611
.2786
.2786
.2786
.2772
.2763
.2763
.2762
.2762
.2762
.2762
32.826
32.774
32.699
32.600
32.518
32.489
32.488
32.604
32.716
32.752
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.499
26 400
5 27.582
27.820
27 826
27.828
27 827
27.771
27 676
27.731
277.86
277 22
276.98
277.03
276.63
276.22
275 98
277.52
278 44
278.75
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
(pound)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
14.008
14.008
14.008
14.008
14.028
14.018
49.677
49.676
49.693
49.695
49.721
6 49.770
3.4900
3.4900
3.4900
3.4900
3.4967
3.4937
278.09
278.52
278.28
279.93
279.83
279.71
2.3810
2.0579
1.6635
19.333
19.333
19.331
19.328
19.324
19.349
23.331
23.334
23 330
23.328
23.142
23.152
279.13
279 57
279 32
280 98
280 88
280.76
14.032
14 038
14.021
.
Ireland
(pound)
23.968
23.966
4 25.020
25.185
. .. 25.184
25.166
25.127
25.046
. .. 25.019
25.016
.
India
(rupee)
23.968
23.974
23.973
.
Germany
(deutsche
mark)
23.765
23.786
23.798
23 848
23.926
23.976
Year or month
1955
1956
1957
1958
1959
I960.
Free
3.4973
3.4992
3.4950
280.11
280.30
279.69
1.6640
1.6641
1.6642
19.365
19.355
19.334
23 211
23 216
23.225
281 16
281 35
280.74
14 004
13 985
13.985
13 989
13.964
13.952
13.947
14.004
14.041
14.051
3.4928
3.4861
3.4903
3.4920
3.4851
3.4815
3.4797
3.4875
3.4941
3.5013
279.59
7 279.19
1.6644
L.6644
I 6643
1.6644
L.6644
1.6644
1.6644
1.6644
I.6644
19.339
19.342
19.353
19 354
19.378
19.365
19.357
19.366
19.329
19.351
23 220
23.144
23.144
23 122
23.101
23.144
23.169
23.163
23.167
23.133
280 64
279.99
279 75
279 81
279.40
278.98
278.74
280.29
281.22
281.54
1 Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and free
rates.
2 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957,
was extended to all foreign exchange transactions on Oct. 28, 1957, and
on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc
was further devalued to 493.706 francs per U. S. dollar.
3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960.
* Effective Mar. 5,1961, the par value of the deutsche mark was changed
South Africa
(rand)
8 139.37
139.35
139.38
139.18
138.97
138.85
139.62
140.09
140.24
from 4.20 to 4.00 marks per U. S. dollar.
5 Effective Mar. 7, 1961, the par value of the guilder was changed from
3.80 to 3.62 guilders per U. S. dollar.
6
Based on quotations through Apr. 22, 1960.
7 Based on quotations through Feb. 10, 1961.
s Effective Feb. 14, 1961, South Africa adopted the decimal system.
, Aft"
The new currency unit, the rand, replaces the pound and consists of
100 cents; it is equivalent to 10 shillings or one-half the former pound.
BOARD OF GOVERNORS
of the Federal Reserve System
W M , M C C . MARTIN, JR.,
Chairman
A. L. MILLS, JR.
C. CANBY
BALDERSTON,
CHAS. N. SHEPARDSON
G. H. KING, JR.
GEORGE W. MITCHELL
J. L. ROBERTSON
WOODLIEF THOMAS,
JEROME
Vice Chairman
Adviser to the Board
RALPH
W. SHAY, Legislative Counsel
CLARKE
A. YOUNG, Adviser to the Board
CHARLES MOLONY,
Assistant to the Board
L. FAUVER, Assistant to the Board
OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
DIVISION OF EXAMINATIONS
FREDERIC SOLOMON, Director
C. MASTERS, Associate Director
C. C. HOSTRUP, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
ROBERT
LEGAL DIVISION
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
WILSON L. HOOFF, Assistant General Counsel
JAMES C. SMITH, Assistant Director
BRENTON
C. LEAVITT, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
DIVISION OF RESEARCH AND STATISTICS
GUY E. NOYES, Director
FRANK R. GARFIELD, Adviser
ROBERT C. HOLLAND, Adviser
ALBERT R. KOCH, Adviser
DANIEL H. BRILL, Associate Adviser
LEWIS N. DEMBITZ, Associate Adviser
KENNETH B. WILLIAMS, Associate Adviser
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
DIVISION OF INTERNATIONAL FINANCE
JOSEPH E. KELLEHER, Director
HARRY E. KERN, Assistant Director
RALPH A. YOUNG, Director
J. HERBERT FURTH, Adviser
A. B. HERSEY, Adviser
ROBERT L. SAMMONS, Adviser
SAMUEL I. KATZ, Associate Adviser
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
JOHN N. KILEY, JR., Assistant Director
OFFICE OF THE CONTROLLER
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant Controller
OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS, Coordinator
1376
FEDERAL RESERVE BANKS AND BRANCHES
1377
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
ALFRED HAYES,
Vice Chairman
CARL E. ALLEN
G. H. KING, JR.
CHAS. N. SHEPARDSON
C. CANBY BALDERSTON
WATROUS H. IRONS
A. L. MILLS, JR.
GEORGE W. MITCHELL
ELIOT J. SWAN
EDWARD A. WAYNE
J. L. ROBERTSON
RALPH A. YOUNG, Secretary
ERNEST T. BAUGHMAN, Associate Economist
MERRITT SHERMAN, Assistant Secretary
P. E. COLDWELL, Associate Economist
KENNETH A. KENYON, Assistant Secretary
ROBERT S. EINZIG, Associate Economist
HOWARD H. HACKLEY, General Counsel
GEORGE GARVY, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
GUY E. NOYES, Associate Economist
WOODLIEF THOMAS, Economist
BENJAMIN U. RATCHFORD, Associate Economist
ROBERT G. ROUSE, Manager, System Open Market Account
Federal Advisory Council
OSTROM ENDERS, BOSTON
HOMER
GEORGE A. MURPHY, NEW YORK
HOWARD
C. PETERSEN, PHILADELPHIA
J. LIVINGSTON, CHICAGO, President
NORFLEET TURNER, ST. LOUIS
GORDON MURRAY, MINNEAPOLIS,
Vice President
REUBEN B. HAYS, CLEVELAND
R. OTIS MCCLINTOCK, KANSAS CITY
ROBERT B. HOBBS, RICHMOND
I. F. BETTS, DALLAS
JOHN C. PERSONS, ATLANTA
CHARLES F. FRANKLAND, SAN FRANCISCO
HERBERT
V. PROCHNOW, Secretary
WILLIAM
J. KORSVIK, Assistant Secretary
Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE
BANK OF—
CHAIRMAN AND
FEDERAL RESERVE AGENT
DEPUTY CHAIRMAN
BOSTON
NILS Y. WESSELL
ERWIN D. CANHAM
NEW YORK
PHILIP D. REED
JAMES DECAMP WISE
PHILADELPHIA
HENDERSON SUPPLEE, JR.
WALTER E. HOADLEY
CLEVELAND
ARTHUR B. VAN BUSKIRK
JOSEPH H. THOMPSON
RICHMOND
ALONZO G. DECKER, JR.
EDWIN HYDE
ATLANTA
WALTER M. MITCHELL
HENRY G. CHALKLEY, JR.
CHICAGO
ROBERT P. BRIGGS
JAMES H. HILTON
ST. LOUIS
PIERRE B. MCBRIDE
J. H. LONGWELL
MINNEAPOLIS
ATHERTON BEAN
JUDSON BEMIS
KANSAS CITY
RAYMOND W. HALL
HOMER A. SCOTT
DALLAS
ROBERT O. ANDERSON
LAMAR FLEMING, JR.
SAN FRANCISCO
F. B. WHITMAN
Y. FRANK FREEMAN
1378
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
Presidents and Vice Presidents
Federal
Reserve
Bank of
Vice Presidents
(Vice Presidents in charge of branches are
listed in lower section of this page)
President
First Vice President
Boston
George H. Ellis
E. O. Latham
D . Harry Angney
Ansgar R. Berge
Benjamin F. Groot
Dana D . Sawyer
O. A. Schlaikjer
Charles E. Turner
New York
Alfred Hayes
William F. Treiber
Harold A. Bilby
Charles A. Coombs
Howard D. Crosse
Marcus A. Harris
Herbert H. Kimball
Robert G. Rouse
Walter H. Rozell, Jr.
H. L. Sanford
Todd G. Tiebout
Philadelphia
Karl R. Bopp
Robert N. Hilkert
Joseph R. Campbell
Wallace M. Catanach
Norman G. Dash
David P. Eastburn
Murdoch K. Goodwin
James V. Vergari
Richard G. Wilgus
Cleveland
W. D . Fulton
Donald S. Thompson
Roger R. Clouse
E. A. Fink
Clyde Harrell
W. Braddock Hickman John E. Orin
Paul C. Stetzelberger
L. Merle Hostetler
Martin Morrison
Richmond
Edward A. Wayne
Aubrey N. Heflin
J. G. Dickerson, Jr.
Upton S. Martin
John L. Nosker
Joseph M. Nowlan
Benjamin U. Ratchford
James M. Slay
Atlanta
Malcolm Bryan
Harold T. Patterson
J. E. Denmark
J. E. McCorvey
L. B. Raisty
Brown R. Rawlings
Charles T. Taylor
Chicago
Carl E. Allen
C. J. Scanlon
Ernest T. Baughman
A. M. Gustavson
Hugh J. Helmer
Paul C. Hodge
L. H.Jones
C. T. Laibly
Richard A. Moffatt
H. J. Newman
Harry S. Schultz
St. Louis
Delos C. Johns
Darryl R. Francis
Marvin L. Bennett
Homer Jones
George E. Kroner
Dale M. Lewis
Howard H. Weigel
Joseph C. Wotawa
Minneapolis
Frederick L. Deming
A. W. Mills
Kyle K. Fossum
C. W. Groth
M. B. Holmgren
A. W. Johnson
H. G. McConnell
F. L. Parsons
M. H. Strothman, Jr.
Kansas City
George H. Clay
Henry O. Koppang
John T. Boysen
C. A. Cravens
J. R. Euans
F. H. Larson
L. F. Mills
E. U. Sherman
Clarence W. Tow
J. T. White
Dallas
Watrous H. Irons
Harry A. Shuford
James L. Cauthen
P. E. Coldwell
Thomas A. Hardin
G. R. Murff
James A. Parker
Thomas W. Plant
L. G. Pondrom
W. M. Pritchett
San Francisco . . .
Eliot J. Swan
H. E. Hemmings
J. L. Barbonchielli
R. S. Einzig
E. H. Galvin
A. B. Merritt
John A. O'Kane
Vice Presidents in Charge of Branches of Federal Reserve Banks
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Vice Presidents
I. B. Smith
R. G. Johnson
F. 0 . Kiel
D . F. Hagner
E. F. MacDonald
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos
Federal Reserve
Bank of
Branch
Minneapolis.... Helena
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Vice Presidents
C. A. Van Nice
Cecil Puckett
H. W. Pritz
P. A. Debus
Howard Carrithers
J. L. Cook
Carl H. Moore
W. F. Volberg
J. A. Randall
A. L. Price
E. R. Barglebaugh
Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 745-48 of the June 1961 Bulletin. (Stamps and coupons not accepted.)
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS.
TREASURY-FEDERAL RESERVE STUDY OF THE GOV-
April 1961. 238 pages.
ERNMENT SECURITIES MARKET.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
FEDERAL RESERVE BULLETIN.
Monthly.
Sub-
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia,
Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras,
Mexico, Nicaragua, Panama, Paraguay, Peru,
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per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents per copy. (Group
subscriptions in the United States for 10 or
more copies to one address, 50 cents per copy
per month, or $5.00 for 12 months.)
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS.
Monthly.
HISTORICAL CHART BOOK.
Issued each September
as a supplement to the monthly chart book on
financial and business statistics. Annual subscription to the monthly chart book includes
one issue of the historical. In the United States
and countries listed above under Federal Reserve Bulletin, single copies 60 cents each; elsewhere, 70 cents each. (Group rate in quantities of 10 or more for single shipment 50
cents each.)
INDUSTRIAL PRODUCTION CHART BOOK.
July
July
1960. 229 pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85 cents
each.
THE
FEDERAL FUNDS MARKET—A
Study by a
Federal Reserve System Committee. May
1959. I l l pages. $1.00 per copy; in quantities of 10 or more for single shipment, 85
cents each.
DEBITS AND CLEARINGS STATISITICS AND THEIR
U S E (rev. ed.). May 1959. 144 pages. $1.00
per copy; in quantities of 10 or more for single
shipment, 85 cents each.
ALL-BANK STATISTICS, 1896-1955.
Part I, U. S.
Summary. Part II, Summaries by States and
other areas. April 1959. 1,229 pages. $4.00.
THE FEDERAL RESERVE ACT, as amended through
October 1, 1961, with an Appendix containing provisions of certain other statutes affecting the Reserve System. 386 pages. $1.25.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53
December 1955. 390 pages.
$2.75.
BANKING AND MONETARY STATISTICS.
1943.
November
979 pages. $1.50.
REGULATIONS OF THE BOARD OF GOVERNORS OF
February
1961. 210 pages. $1.75 per copy; in quantities of 10 or more for single shipment, $1.50
each.
INDUSTRIAL PRODUCTION—1959 REVISION.
Annual
subscription includes one issue of Historical
Supplement. Subscription price in the United
States and the countries listed above is $6.00
per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents each. (Group
rate of 50 cents each for 10 or more of same
issue for single shipment.)
Part I.
1959.
108 pages. Part II. February 1960
159 pages. Part III. February 1960. 112
pages. Individual books $1.00 each; set of 3
books $2.50.
THE FEDERAL RESERVE SYSTEM.
PUBLISHED INTERPRETATIONS of the Board, as of
1379
January 1, 1961. $2.50 each.
1380
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
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
CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.
Combined reprint. September 1960. 31 pages.
A NEW MEASURE OF THE MONEY SUPPLY. October 1960. 22 pages.
IMPLEMENTATION OF THE 1959 ACT ON RESERVE
REQUIREMENTS. December 1960. 6 pages.
SMALL BUSINESS FINANCING: CORPORATE MANU-
pages.
FACTURERS.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pages.
ber 1955. 40 pages.
Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. Member Bank Lending
to Small Business, 1955-57. April 1958. 19
pages. Member Bank Term Lending to Business, 1955-57. April 1959. 16 pages. Security
Pledged on Business Loans at Member Banks.
September 1959. 16 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
Oc-
tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
REVISION OF MONTHLY DEPARTMENT STORE IN-
DEXES. December 1957. 30 pages.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.
1896-1955.
1959 SURVEY OF CONSUMER FINANCES. March,
July, and September 1959. 48 pages. (Similar Surveys available for some earlier years in
the period 1955-58.)
A QUARTERLY PRESENTATION OF FLOW OF FUNDS,
SAVING, AND INVESTMENT. August 1959. 49
pages.
August
22 pages.
1961.
7 pages.
March 1961. 10 pages.
STATISTICS ON THE GOVERNMENT
MARKET. April 1961. 8 pages.
SECURITIES
OWNERSHIP OF DEMAND DEPOSITS.
April 1961.
3 pages.
SURVEY OF COMMON TRUST FUNDS, 1960.
De-
cember 1959. 24 pages.
REVISED SERIES FOR SEASONALLY
MONEY SUPPLY. February 1960.
May
1961. 7 pages. (Similar Surveys available
for each year of the 1955-60 period.)
CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER
TIME DEPOSITS. May 1961. 2 pages. (Also,
similar reprint from July 1960 BULLETIN.)
BANKING AND MONETARY STATISTICS, 1960.
Se-
lected series of banking and monetary statistics
for 1960 only. February and May 1961. 13
pages.
BANK CREDIT AND MONEY IN RECOVERY. July
1961. 8 pages.
INTEREST RATES IN LEADING COUNTRIES. August
1961. 8 pages.
THE BALANCE SHEET OF AGRICULTURE, 1961.
August 1961. 9 pages.
CAPITAL MARKETS IN 1961.
7 pages.
U. S. BALANCE OF
1961. 7 pages.
September 1961.
PAYMENTS IN
1961. October
Oc-
tober 1961. 21 pages.
LIQUIDITY AND PUBLIC POLICY.
October 1961.
17 pages.
REVISED INDUSTRIAL PRODUCTION INDEX.
1960. March
GOLD AND DOLLAR TRANSFERS IN
SURVEY OF FINANCE COMPANIES, MID-1960.
THE GOVERNMENT SECURITIES MARKET.
1959.
February 1961.
FEDERAL RESERVE OPERATIONS IN PERSPECTIVE.
SURVEYS OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of
I, ALL-BANK STATISTICS,
April 1959. 94 pages.
CREDIT AND MONEY IN 1960.
15 pages.
8 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-
•PART
January 1961.
ADJUSTED
4 pages.
QUARTERLY SURVEY OF CONSUMER BUYING I N TENTIONS. November 1961. 7 pages. (Also,
similar reprints from BULLETINS for December
1960 and March, May, August 1961.)
Index to Statistical Tables
Acceptances, bankers', 1320, 1322
Agricultural loans of commercial banks, 1314, 1316
Assets and liabilities (See also Foreign liabilities
and claims):
Banks and the monetary system,
consolidated, 1310
Corporate, current, 1332
Domestic banks, by classes, 1311, 1314,
1316, 1322
Federal Reserve Banks, 1306
Automobiles:
Consumer instalment credit, 1336, 1337, 1338
Production index, 1340, 1343
Bankers' balances, 1315, 1317
(See also Foreign liabilities and claims)
Banks and the monetary system, consolidated
statement, 1310
Bonds (See also U. S. Govt. securities):
New issues, 1329, 1330, 1332
Prices and yields, 1320, 1321
Brokers and dealers in securities, bank
loans to, 1314, 1316
Business expenditures on new plant and
equipment, 1332
Business indexes, 1346
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1311, 1315, 1318
Federal Reserve Banks, 1306
Carloadings, 1346
Central banks, foreign, 1360, 1374
Coins, circulation of, 1308
Commercial banks:
Assets and liabilities, 1311, 1314
Consumer loans held, by type, 1337
Number, by classes, 1311
Real estate mortgages held, by type, 1333
Commercial and industrial loans:
Commercial banks, 1314
Weekly reporting member banks, 1316, 1319
Commercial paper, 1320, 1322
Condition statements (See Assets and liabilities)
Construction, 1346, 1347
Consumer credit:
Instalment credit, 1336, 1337, 1338, 1339
Major parts, 1336, 1338
Noninstalment credit, by holder, 1337
Consumer price indexes, 1346, 1352
Consumption expenditures, 1354, 1355
Corporate sales, profits, taxes, and dividends, 1331, 1332
Corporate security issues, 1330, 1332
Corporate security prices and yields, 1320, 1321
Cost of living (See Consumer price indexes)
Currency in circulation, 1300, 1308, 1309
Customer credit, stock market, 1321
Debits to deposit accounts, 1309
Demand deposits:
Adjusted, banks and the monetary system, 1310
Adjusted, commercial banks, by
classes, 1309, 1315
Banks, by classes, 1305, 1311, 1318
Turnover of, 1309
Type of holder, at commercial banks, 1315
Department stores:
Merchandising data, 1351
Sales and stocks, 1346, 1350
Deposits (See also specific types of deposits):
Adjusted, and currency, 1310
Banks, by classes, 1305, 1311, 1315, 1318, 1322
Federal Reserve Banks, 1306, 1371
Postal savings, 1304, 1310
Discount rates, 1304, 1374
Discounts and advances by Federal Reserve
Banks, 1300, 1305, 1306
Dividends, corporate, 1331, 1332
Dollar assets, foreign, 1363, 1371
Earnings and hours, manufacturing industries, 1346, 1349
Employment, 1346, 1348, 1349
Farm mortgage loans, 1333, 1334
Federal finance:
Cash transactions, 1324
Receipts and expenditures, 1325, 1358
Treasurer's balance, 1324
Federal home loan banks, loans, etc., 1335
Federal Housing Administration, loans, etc., 1333,
1334, 1335
Federal National Mortgage Association,
loans, etc., 1335
Federal Reserve Banks:
Condition statement, 1306
U. S. Govt. securities held by, 1300, 1305,
1306, 1326, 1327
Federal Reserve credit, 1300, 1305, 1306
Federal Reserve notes, 1306, 1308
Finance company paper, 1320, 1322
Financial institutions, loans to, 1314, 1316
Float, 1300
Flow of funds, saving and financial flows, 1356
Foreign central banks, 1360, 1374
Foreign currencies, convertible, holdings by U. S.
monetary authorities, 1362
Foreign deposits in U. S. banks, 1300, 1306, 1310,
1315, 1318, 1371
Foreign exchange rates, 1375
Foreign liabilities and claims:
Banks, 1364, 1366, 1369, 1371
Nonfinancial concerns, 1372
Foreign trade, 1351
Gold:
Earmarked, 1362
Net purchases by U. S., 1362
Production, 1361
Reserves of central banks and governments, 1360
Reserves of foreign countries and international
institutions, 1363
Stock, 1300, 1310, 1362
Gold certificates, 1306, 1308
Govt. debt (See U. S. Govt. securities)
Gross national product, 1354, 1355
Hours and earnings, manufacturing industries, 1346, 1349
Housing starts, 1347
Industrial production index, 1340, 1346
Instalment loans, 1336, 1337, 1338, 1339
Insurance companies, 1323, 1326, 1327, 1334
Insured commercial banks, 1313, 1314
Interbank deposits, 1305, 1311, 1315
1381
1382
FEDERAL RESERVE BULLETIN • NOVEMBER 1961
Interest rates:
Bond yields, 1320
Business loans by banks, 1319
Federal Reserve Bank discount rates, 1304
Foreign countries, 1373, 1374
Open market, 1320, 1373
Stock yields, 1320
Time deposits, maximum rates, 1304
International capital transactions of the U. S., 1364
International institutions, 1360, 1362, 1363
Inventories, 1354
Investments (See also specific types of investments):
Banks, by classes, 1311, 1314, 1317, 1322
Federal Reserve Banks, 1305, 1306
Life insurance companies, 1323
Savings and loan associations, 1323
Labor force, 1348
Loans (See also specific types of loans):
Banks, by classes, 1311, 1314, 1316, 1322
Federal Reserve Banks, 1300, 1305, 1306
Insurance companies, 1323, 1334
Savings and loan associations, 1323, 1334
Loans insured or guaranteed, 1333, 1334, 1335
Manufactures, production index, 1340, 1346
Margin requirements, 1304
Member banks:
Assets and liabilities, by classes, 1311, 1314
Borrowings at Federal Reserve Banks, 1302,
1306, 1318
Deposits, by classes, 1305
Number, by classes, 1312
Reserve requirements, by classes, 1305
Reserves and related items, 1300
Weekly reporting series, 1316
Mining, production index, 1340, 1346
Money rates (See Interest rates)
Money supply and related data, 1309
Mortgages (See Real estate loans)
Mutual savings banks, 1310, 1311, 1313, 1322, 1326,
1327, 1333
National banks, 1313
National income, 1354, 1355
National security expenditures, 1325, 1354
Nonmember banks, 1306, 1313, 1314, 1315
Payrolls, manufacturing, index, 1346
Personal income, 1355
Postal Savings System, 1304, 1310
Prices:
Consumer, 1346, 1352
Security, 1321
Wholesale commodity, 1346, 1352
Production, 1340, 1346
Profits, corporate, 1331, 1332
Real estate loans:
Banks, by classes, 1314, 1316, 1322, 1333
Type of mortgage holder, 1333, 1334, 1335
Type of property mortgaged, 1333, 1334, 1335
Reserve requirements, member banks, 1305
Reserves:
Commercial banks, 1315
Federal Reserve Banks, 1306
Reserves—Continued
Foreign central banks and governments, 1360
Foreign countries and international
institutions, 1363
Member banks, 1300, 1302, 1305, 1315, 1317
Residential mortgage loans, 1333, 1334, 1335
Sales finance companies, consumer loans of, 1336,
1337, 1339
Saving:
Flow-of-funds series, 1356
National income series, 1355
Savings deposits (See Time deposits)
Savings institutions, principal assets, 1322, 1323
Savings and loan associations, 1323, 1327, 1334
Securities, international transactions, 1370, 1371
Security issues, 1329, 1330, 1332
Silver coin and silver certificates. 1308
State member banks, 1313
State and municipal securities:
New issues, 1329, 1330
Prices and yields, 1320, 1321
States and political subdivisions:
Deposits of, 1315, 1318
Holdings of U. S, Govt. securities, 1326
Ownership of obligations of. 1314. 1322. 1323
Stock market credit, 1321
Stocks:
New issues, 1330
Prices and yields, 1320, 1321
Tax receipts, Federal, 1325
Time deposits, 1304, 1305, 1310, 1311, 1315, 1318
Treasurer's account balance, 1324
Treasury cash, 1300, 1308, 1310
Treasury currency, 1300, 1308, 1310
Treasury deposits, 1300, 1306. 1324
Unemployment, 1348
U. S. balance of payments, 1373
U. S. Govt. balances:
Commercial bank holdings, by classes, 1315, 1318
Consolidated monetary statement, 1310
Treasury deposits at Federal Reserve
Banks, 1300, 1306, 1324
U. S. Govt. securities:
Bank holdings, 1310, 1311, 1314, 1317, 1322,
1326, 1327
Dealer transactions, positions, and financing, 1328
Federal Reserve Bank holdings, 1300, 1305,
1306, 1326, 1327
Foreign and international holdings, 1306, 1363
International transactions, 1370
New issues, gross proceeds, 1330
Outstanding, by type of security. 1326. 1327, 1329
Ownership of, 1326, 1327
Prices and yields, 1320, 1321
United States notes, outstanding and in
circulation, 1308
Utilities, production index, 1340, 1346
Vault cash, 1300, 1305, 1315
Veterans Administration, loans, etc., 1333, 1334, 1335
Weekly reporting member banks, 1316
Yields (See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
C THE FEDERAL RESERVE SYSTEM g)
°
Legend
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
© Federal Reserve Bank Cities
• Federal Reserve Branch Cities