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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,
El Salvador, Uruguay, and Venezuela is $6.00
per annum or 60 cents per copy; elsewhere
$7.00 per annum or 70 cents per copy. (Group
subscriptions in the United States for 10 or
more copies to one address, 50 cents per copy
per month, or $5.00 for 12 months.)
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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102