Full text of Federal Reserve Bulletin : October 1960

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FEDERAL RESERVE

October i960

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM




E D I T O R I A L
Ralph A. Young

C O M M I T T E E

Woodlief Thomas

Charles Molony

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.

1

•

Contents

The U. S. Balance of Payments, 1959-60

1095

A New Measure of the Money Supply

1102

Law Department

1124

National Summary of Business Conditions

1125

Financial and Business Statistics, U. S. (Contents on p. 1127)

1128

International Financial Statistics (Contents on p. 1193)

1194

Board of Governors and Staff

1210

Open Market Committee and Staff; Federal Advisory Council

1211

Federal Reserve Banks and Branches

1211

Federal Reserve Board Publications

1213

Index to Statistical Tables

1215

Map of Federal Reserve System

i




Inside back cover

Volume 46 * Number 10
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The U. S. Balance of Payments, 1959-60
UNITED STATES EXPORTS have expanded
rapidly since mid-195 9 in response to buoyant demands from abroad. Imports, on the
other hand, have declined slightly. As a
result, the foreign trade surplus last summer
reached its highest level in a decade except
for late 1956 and 1957.
There has been no corresponding reduction, however, in the over-all balance-ofpayments deficit as measured by net transfers of gold and liquid dollar assets to the
rest of the world, because the outflow of
capital has recently increased sharply. Net
gold and dollar transfers were running at an
annual rate of nearly $3 billion in the second
quarter of 1960 and became larger during
the summer.
Outflows of U.S. capital and shifts of
foreign private funds have tended to increase
foreign official reserves more rapidly in recent months than in the first half of the
year. Acquisitions of gold by foreign monetary authorities this year, including large
purchases from the United States since midyear, have constituted about the same proportion of their aggregate gold and dollar
gains as in earlier years.
Most of the increase in the outflow of
capital this year appears to have represented
a response to the pull of tighter credit conditions and higher interest rates abroad compared with easier conditions and lower rates
in this country. Such flows have been facilitated by the wider convertibility of leading
foreign currencies.
Because interest-rate differentials change
with changing business conditions, the shortterm capital movements which they induce




U. S. F0RII6N TRAD!

BtHiont si dollars,
annual ca*«>
IS

y*"\~. _

1954

193S

NOTE.—Three-month centered moving averages of seasonally
adjusted monthly data, weighted one-two-one. Bureau of the
Census data, adjusted for seasonal variation by Federal Reserve. Exports exclude shipments under military-aid programs.
Latest figures shown are for June-July-August.

are less important in assessing the underlying
balance-of-payments situation than trends
in trade, services, long-term investment, and
Government grants and loans. On these
transactions the United States has continued to run a deficit this year, but this deficit
has been reduced by the expansion in exports. Further increases in the export surplus will be needed in the years ahead to
establish reasonable equilibrium in U.S.
transactions with the rest of the world.
Since exports, imports, and capital flows
will continue to respond to cyclical changes
in demands abroad and in the United States,
adjustment toward equilibrium is unlikely
to be smooth or continuous. The gold stock
of the United States is big enough to
absorb the impact of large swings in

1095

1096

FEDERAL RESERVE BULLETIN • OCTOBER 1960

current and capital transactions, so long as
underlying forces continue to work in the
direction of an adjustment. These forces
include rising international liquidity, continuing reductions of foreign barriers to U.S.
goods, continuing efforts of U.S. businessmen to improve the competitive position of
their products in domestic and foreign markets, and continuing avoidance of inflation
in the United States.

INDUSTRIAL PRODUCTION
19t>7 = 100.

WEST EUROPE

U N I T E D STATES

RISING EXPORT SURPLUS

Expansion of merchandise exports and of
the trade surplus has been rapid over the
past year. Exports rose from a low of about
$15.5 billion early in 1959 to a seasonally
adjusted annual rate of $20 billion last
summer. This rate had been equalled only
in early 1957 when fuel shipments, swollen
by the Suez crisis, were at a rate $1.5 billion
higher than last summer. Imports, on the
other hand, at an annual rate of $15 billion
last summer, were somewhat lower than in
the last three quarters of 1959.
The export surplus on merchandise trade
reached a seasonally adjusted annual rate of
$5 billion last summer. It had not been this
large since the days of Marshall Plan aid,
except in the boom and Suez crisis of 195657. At its low point in the second quarter
of last year, the trade surplus had nearly
disappeared.
Cyclical factors. Differences in businesscycle timing between this country and Europe contributed to the unfavorable trade
position during 1958 and the first half of
1959. The sharp cyclical rise in U.S. imports from the autumn of 1958 to mid-1959
was accentuated by orders for foreign steel
placed in anticipation of the steel strike in
this country—orders that could be readily
filled because demand abroad was still slack.




70

1956

NOTE.—Seasonally adjusted indexes. Organization for European Economic Cooperation (OEEC) index for West Europe;
latest figure shown, July (partly estimated by Federal Reserve).
Federal Reserve index for the United States; latest figure shown,
September (preliminary).

Also, automobile imports continued to advance rapidly.
During that period exports continued to
fall off, largely because renewed economic
expansion in Europe did not get under way
until early in 1959, nine months later than
in this country. Also, many nonindustrial
countries were reducing their purchases in
an attempt to redress reserve losses resulting
from earlier overimporting and declines in
export earnings. U.S. exports of raw cotton
were held down by the expectation that cotton export prices would be cut.
Cyclical and temporary factors have
also been important in the recent favorable
trade position. However, the recovery in
the U.S. export surplus owes something, too,
to longer run factors of growth in foreign
markets and of adaptation by U.S. producers
to changing competitive conditions.
Merchandise exports. Most of the expansion in U.S. exports over the past year
occurred in shipments to industrial coun-

1097

THE U. S. BALANCE OF PAYMENTS, 1959-60

tries in Europe and to Japan, as the chart
below shows. Economic activity in those
countries rose rapidly throughout 1959 and
has advanced further this year within limitations imposed by resource availabilities.
During the current boom in those countries, monetary and fiscal authorities have
moved more promptly to check excessive
expansion of demand than they did in
1955-57 and, with supplies of primary commodities more plentiful, commodity prices
have been below 1956 levels. As a result,
balance-of-payments strains of the sort experienced by many industrial countries in
1956-57 have not emerged. Japan and
the countries of continental West Europe
have maintained reasonable equilibrium in
their international payments or, as in the
case of Germany and France, have continued to run large payments surpluses. Only
the United Kingdom has had a substantial
deficit on current and long-term capital
account.

Stabilization efforts in a number of Latin
American countries over the past two years
have been accompanied by notable balanceof-payments improvements. U.S. exports to
Latin America turned upward early this
year, but they remain well below the unsustainable 1957 peak. Shipments to other
nonindustrial countries have been rising
strongly since early 1959.
Exports to Canada, unlike those to other
areas, have declined this year, as Canadian
economic activity has declined.
Exports of all major commodity groups
except fuels have expanded over the past
year. Strong demand for machinery from
both industrial and nonindustrial countries
is likely to be an important force sustaining
our exports in the months ahead. In Europe
and Japan domestic order backlogs for
capital equipment were large and still growing last summer.
Stimulated by price reductions in August
1959 and by rising demand, exports of raw

UNITED STATES MERCHANDISE EXPORTS
SELECTED COMMODITIES

DESTINATION
Billion

of dollori annual rattji

6

Aw

-

J\

LATIN AMERICA

I

/
/

4

Bill.or,, o l d o l l a r s . o n . » o l

_

EUROPE

\

1

/

ALL OTHER

/ CANADA ~'

l\

1

'
1958

I960

1

1956

/
/ N > METALS

r

i

i

i -

AIRCRAFT/*

<
i

1958

1960

1956

1958

1960

2

VEHICLES

1

NOTE.—Bureau of the Census data—excluding special-category
exports for which details are not available by destination and
commodity—adjusted for seasonal variation by Federal Reserve. Adjusted to exclude in the third quarter of 1959, and
to include in the fourth quarter, shipments accelerated in antic-




4

/

JAPAN
FUELS^** 1 ^**

1
.
1956

_

A*

CHEMICALS-

-

0

MACHINERY

J

-

2

f).

6

A
A
A
A
/ Vv/
/ ^\/

_

N

/

_

AGRICULTURAL

/

.

_

role

1956

1958

0

I960

ipation of the port strike in October 1959. Commodity groups
not shown in the righthand panels were at an annual rate of
more than $3 billion in the second quarter of 1960, about onesixth higher than a year earlier. Dots indicate annual rates
for July-August.

1098

FEDERAL RESERVE BULLETIN • OCTOBER 1960

cotton rose to 7.2 million bales or $900
million in the crop year ending July 1960
from 2.8 million bales the year before. Cotton exports bulged early in 1960 but fell
back again by July-August to a rate only
moderately above the long-term average.
Exports of commercial aircraft, mainly jet
planes for which deliveries are being concentrated in the current year, were at an
annual rate about $600 million larger last
summer than at their 1959 low.
Merchandise imports. In contrast with
exports, merchandise imports have declined
somewhat this year from the plateau reached
in mid-1959. There has been a sharp drop
in steel imports and a moderate reduction
in imports of other industrial materials,
connected with inventory movements and a
leveling-off of industrial activity in this
country.
An important element checking imports
of manufactures has been the success of
American business in meeting foreign competition in design and pricing of products.
Automobiles provide a striking example.
After expanding six-fold from 1956 through
1959, sales of imported automobiles have
declined sharply this year while sales of
domestic models have increased. The number of automobiles imported has declined
even more, and was running at an annual
rate of roughly 350,000 units last summer.
CURRENT-ACCOUNT SURPLUS

The rise in the trade surplus over the past
year has brought a corresponding improvement in the balance on all current transactions. In addition to merchandise trade,
these include U.S. military expenditures
abroad, other service transactions, and net
private remittances and pension payments
of about $800 million a year.
Receipts from and payments for services
are large. In the second quarter of 1960




they ran at annual rates of $7.5 and $8.4
billion, respectively. Both flows have been
growing, but net payments on such transactions have been steady for two years at
an annual rate of about $1 billion.
U.S. military expenditures abroad remain
large. At an annual rate of $3 billion,
they are somewhat smaller than in 1957
and 1958 but are still about as large as
in 1956. Payments for other services, such
as transportation and travel, have risen about
40 per cent over the past four years, or
nearly twice as fast as merchandise imports.
Receipts from services have risen more
slowly. Income transferred to the United
States from direct foreign investments of
U.S. corporations has not risen much since
1958; a decline in receipts from investments
in petroleum has offset an increase from
those in manufacturing. Receipts for transportation have also been relatively stable,
while other service receipts have continued
to rise.
By the second quarter of 1960 the advance in merchandise exports had raised the
current-account balance by more than $4
billion, annual rate, from last year's low
point. Yet the over-all deficit as measured
by recorded net transfers of gold and liquid
dollar assets decreased by less than $2 billion in this period, from about $4.5 billion
in the spring of 1959 to just under $3 billion
in the spring of 1960.
This difference is not fully explained by
the available statistics. It will be seen from
the accompanying chart that if the over-all
deficit is measured not by gold and dollar
transfers but instead by the balance on all
recorded transactions (including recorded
capital movements other than gold and dollar transfers), it shows almost as much improvement as the current account. The
discrepancy between the two measures of
the deficit represents unrecorded transac-

THE U. S. BALANCE OF PAYMENTS, 1959-60

U. S. BALANCE OF PAYMENTS

1956

1951

1960

NOTE.—Department of Commerce seasonally adjusted data,
excluding military aid. Excludes subscription of $1,375 million
to International Monetary Fund in second quarter of 19S9.
Current account represents goods, services, remittances and
pensions. "Balance on recorded transactions" represents current account, Government grants and loans, private U.S. capital, and foreign long-term capital; i.e., all recorded transactions
other than net gold and dollar transfers. Net gold and dollar
transfers represent foreign gold purchases (—) from the
United States and recorded net increases (—) in foreign holdings of short-term assets in the United States and of U.S. Government long-term securities. Net unrecorded transactions are
the difference between net gold and dollar transfers and balance
on recorded transactions. Latest figures shown are for second
quarter (preliminary).

tions. Unrecorded capital movements of
one sort or another are the key to the wide
swing in this residual over the past year.
CAPITAL OUTFLOWS

Identifiable net outflows of private long-term
capital and of U.S. Government nonmilitary
grants and loans totaled about $4 billion
at an annual rate in the first half of 1960,
unchanged from a year earlier. The big
shift in capital flows between these periods
occurred in recorded short-term and unrecorded capital movements.
Government economic aid. Net payments
on Government grants and loans (excluding
military grants) rose to an annual rate of
nearly $3 billion in the first half of this
year, compared with less than $2.5 billion a




1099
year earlier (excluding the subscription to
the International Monetary Fund). These
payments included the initial subscription
of $80 million last June to the new InterAmerican Development Bank and a larger
increase than a year earlier in U.S. holdings
of foreign currencies acquired from sales
of surplus agricultural commodities.
Private long-term capital. The net flow of
private direct investments abroad by U.S.
corporations was somewhat smaller in the
first half of 1960 than a year earlier. The
net flow to Latin America fell to zero,
reflecting a further slowdown in petroleum
development in Venezuela and disturbed
conditions in Cuba. Flows to Europe and
to Canada were little changed and accounted
for 70 per cent of the total.
The reported net flow of U.S. private
capital into foreign portfolio investments,
including bonds issued by the International
Bank for Reconstruction and Development,
was also somewhat smaller in the first half
of the year than a year earlier. The flow
of foreign funds into long-term investments
in this country was a little larger.
If all the foregoing reported movements
of private long-term capital and of Government grants and loans are combined,
they show a net outflow during the first
half of 1960 no larger than that of a year
earlier. Thus, these movements do not explain why the over-all balance of payments
improved so much less than the balance on
current account.
Private short-term capital. Reported net
movements of private U.S. short-term capital provide part of the explanation. Repayments of U.S. bank loans and other inward movements had exceeded outflows in
the first half of 1959 when credit conditions
were tighter here and easier abroad than
they have been in I960. The net inflow at

1100

FEDERAL RESERVE BULLETIN • OCTOBER 1960

that time was at an annual rate of $200 to
$300 million. The movement shifted to an
outflow of similar proportions in the first
half of this year. The shift occurred in net
flows to West Europe, Canada, and Japan.
Reported movements of foreign short-term
capital will be discussed in the concluding
section on gold and dollar transfers.
Large movements of capital—presumably
of both foreign and U.S. capital—seem to
have escaped the reporting systems, showing
up only as a shift in the residual "errors
and omissions" item in the balance-of-payments accounts. Normally, this residual
has shown net receipts, some of which probably represent unrecorded exports of services. Net receipts on unrecorded transactions averaged $500 million annually from
1952 through 1959, with an occasional wide
swing.
Unusually large receipts on unrecorded
transactions in the first half of 1959 probably included some net capital inflow
whereas net payments in the first half of this
year probably included sizable capital outflows. The swing over the year was about
$1.5 billion at an annual rate.
Interest-rate differentials. Tightening credit
conditions in Europe this year, while credit
developments in the United States were
moving in the opposite direction, provided
strong incentives for capital to move abroad
from this country—whether through loans,
short-term investments, repatriation of foreign funds, or changing leads and lags in
commercial payments. The attractions of
equity investment in Europe during a period
of business hesitation in this country provided an additional pull in the same direction.
Incentives to an outflow of short-term
capital were sharply intensified in June
1960 when several European central banks




adopted additional measures to restrict credit
expansion. In Germany the discount rate
was raised from 4 to 5 per cent, reserve requirements for commercial banks were further increased, and their rediscount quotas
at the central bank were further reduced.
The Bank of England increased its discount
rate from 5 to 6 per cent and increased
the "special deposit" requirements for commercial banks. In this country, Federal
Reserve discount rates were reduced from
4 to VA per cent in June and to 3 per
cent in August.
The 3-month U.K. Treasury bill rate rose
from 4.6 to 5.6 per cent during June while
in this country the U.S. Treasury bill rate
declined from more than 3 to less than 2.5
per cent. From late June through early
October, the spread between British and
U.S. Treasury bill rates almost continuously
exceeded 3 per cent. After deduction of
the cost of covering the exchange risk, the
net incentive in favor of short-term investment in British bills averaged more than one
per cent. Both covered and uncovered
movements into sterling from the United
States and other countries appear to have
been substantial.
Capital flows into Germany have also
been large. German commercial banks reduced their foreign liquid assets from nearly
$800 million in January 1960 to about $250
million in August; in the month of June
alone they repatriated $180 million from
the United States and other countries. Sales
of money-market paper to foreigners and
payment of interest on foreign deposits have
been prohibited in Germany since early
June, but other avenues of credit extension
and equity investment remain open. While
foreign deposits with German banks declined in June-August, the German balance-

THE U. S. BALANCE OF PAYMENTS, 1959-60

of-payments accounts showed very large net
receipts on unrecorded transactions.
RECENT GOLD AND DOLLAR TRANSFERS

Largely in response to the widening of interest-rate differentials, and despite further
improvement in the U.S. export surplus,
there was a more-than-seasonal increase in
the rate of net gold and dollar transfers from
the United States to the rest of the world in
July-August. Such transfers were roughly
$500 million in each of those two months
compared with a monthly average of $235
million during the first half year. Summer
tourist expenditures and other seasonal
changes explain only part of the increase.
Recorded outflows of U.S. capital expanded. Recorded net foreign purchases of
U.S. corporate securities ceased. There may
also have been substantially larger outflows
of U.S. and foreign funds which cannot be
identified.
In the two months July and August,
claims on foreigners reported by U.S. banks
increased by $390 million, in contrast with
an increase of less than $200 million during
the first six months of the year. Part of this
outflow was clearly independent of credit
conditions here or in Europe. For example,
large private credits were extended to Venezuela to help deal with its balance-of-payments difficulties.
Aside from Venezuela, however, the
largest increases in reported U.S. banking
claims during this two-month period occurred in claims on the United Kingdom and
Japan. These were undoubtedly influenced
by interest yields and the relative costs and
availability of financing here and abroad.




1101
There were only small increases in reported
U.S. banking claims on Switzerland, where
interest rates are low, and on Germany.
Net transfers of gold and dollars from the
United States to the rest of the world since
June have included much larger sales of
gold than during the first half of 1960. The
U.S. gold stock declined by $317 million in
July-August and by $637 million during the
third quarter. Net increases in foreign official holdings of liquid dollar assets were
also at a higher monthly average rate in
July-August than before. Private foreign
dollar holdings, on the other hand, increased
more slowly than before. The over-all deficit in the U.S. balance of payments has
continued to allow increases in private foreign holdings, but shifts out of these holdings
into other currencies have resulted in additional accretions to the official reserves of
foreign countries.
Reserve changes have, of course, reflected
current transactions and capital movements
among foreign countries as well as those
affecting the United States. Among countries having drains on their official gold and
foreign exchange reserves in the third quarter were Australia, Belgium, India, and
South Africa.
Countries reporting large increases in
gold reserves during the third quarter included Switzerland, the United Kingdom,
Germany, France, and the Netherlands.
German official holdings of foreign exchange
(including dollars) also increased sharply
further, while foreign exchange reserves of
the other four of these countries showed
little net change.

A New Measure of the Money Supply
MONEY PERFORMS the essential economic
functions of providing a medium of exchange, a readily available store of value,
and a standard of value. The principal
financial instruments that perform these
functions are coin, currency, and demand
deposits in banks. Many other financial
instruments perform in varying degrees some
of the functions of money, particularly the
store-of-value function, but no other instrument performs all of these functions.
The amount of money in existence and
changes in this amount influence the course
of economic developments. For this reason
accurate measurement of the money supply
and of changes in the supply is of great importance. This article presents and describes
a revised and improved measure of the
money supply in the United States for the
period beginning with 1947. The new series
is on a daily average rather than single-day
basis and will be available twice each month.
REGULATION OF MONEY SUPPLY

The stock of money is constantly being extinguished through the payment of debts at
banks, and new money is being created
through the extension of new bank credits.
The volume of money that the public
chooses to hold—in its pockets, in tills, and
in deposit accounts—varies from time to
NOTE.—Many people, both inside and outside the
Federal Reserve System, have contributed to the conceptual and statistical foundations of the new money
supply series. The planning and execution of the final
product presented by this article was carried out by
William J. Abbott, Adviser, of the Federal Reserve
Bank of St. Louis.




time relative to its holdings of other assets
and to the aggregate volume of expenditures
in the economy. Public demand determines
the proportion of the money supply that is
held in the form of currency and the proportion held on deposit in banks.
The Federal Reserve System has primary
responsibility for regulating the total volume
of money available to meet the public's
demands. This is accomplished through its
influence on the volume of reserves available to member banks. The System supplies
reserves through purchases of securities in
the market and extension of credit to member banks. The reserves made available to
commercial banks determine their ability to
meet the public's demand for currency, to
make loans to their customers, or to buy
securities in the market. Because of the
system of fractional reserve requirements,
the amount of credit that the banking
system can extend and the amount of money
thus made available to the public is several
times the amount of reserves provided for
the expansion of bank deposits.
The Federal Reserve regulates the supply
of reserves so as to keep the amount of bank
credit and money consonant with the changing needs of the economy. This process requires a wide range of current economic
and financial data, in which an accurate,
frequent, and promptly available measure
of the money supply occupies a key position.
Movements in such a measure will necessarily register the responses of commercial
banking operations both to Federal Reserve
action and to the demand for bank credit.

1102

A NEW MEASURE OF THE MONEY SUPPLY

The significance of changes in the money
supply can thus be assessed in terms of the
economy's general performance. In this
sense monetary policy is guided by data
indicative of the nation's cash-balance needs.
In other words, it looks to changes in the
money supply for signs as to whether monetary administration is or is not attaining its
policy aims with respect to cash balances.
CHANGES IN CONCEPT OF THE MONEY
SUPPLY

Monetary transactions and the financial
instruments used in effecting them take a
variety of forms, and many types of claims
other than currency and demand deposits
may serve to provide part of the public's
total liquidity requirements. However, economic analysis and monetary regulation require a statistical definition of the money
supply that is closely related to the mechanism through which money is created or
extinguished. Hence, the most useful definition of the money supply covers the total
of the public's holdings of coin, currency,
and demand deposits in banks.
This concept of money supply does not
deny the significance of time deposits or of
other types of savings instruments or, for
that matter, the importance of changes in the
public's holdings of less liquid assets. Even
the most liquid of these other types of assets,
however, must generally be converted into
money, as defined here, before being used in
economic transactions. The amount of nonmonetary financial instruments outstanding
is not limited by the supply of reserve funds
as is the volume of bank deposits. It is
true that reserves are needed to support
time deposits in member banks but the
amount absorbed in this way is relatively
small and is allowed for in the reserve pro-




1103
jections before assessing the reserve actions
needed for monetary purposes.
The statistical measurement of the money
supply as here defined omits interbank deposits because such deposits involve double
counting. Deposits "due to" banks are
matched by "due from" accounts at other
banks. The two accounts cancel each other
when the statements of all commercial banks
are consolidated.
Deposits held in commercial banks by
nonbank financial institutions, such as savings and loan associations and life insurance
companies, have been included in earlier
money supply series. The new series goes
one step further by including demand deposits due to mutual savings banks and
foreign banks. Amounts due to these institutions represent cash available for investment in much the same way as balances of
other financial institutions and involve no
duplication of funds held by others.
The money supply, in the new series as in
the old, excludes deposits of the U. S. Government, but includes those of State and
local governments. U. S. Government deposits are excluded primarly because these
deposits do not represent money in the hands
of the public. In regulating the availability
of reserves, Federal Reserve operations allow for variations in the reserves that banks
need to hold against U. S. Government deposits. Deposits of State and local governments exhibit economic characteristics not
unlike deposits of large private economic
entities.
The currency component of the money
supply series continues to exclude coin and
currency held in the vaults of commercial
banks. However, it does include currency
held by other financial institutions, thus
paralleling the treatment of demand deposits
of these institutions as described above.

1104

FEDERAL RESERVE BULLETIN • OCTOBER 1960

OTHER CHANGES

The statistics of bank deposits and currency
in circulation have been revised from time to
time with respect to composition, coverage,
and applicable dates in order to provide
more useful measures of changes in the
money supply and related financial developments. The Federal Reserve has compiled
and published monthly since 1948 a consolidated statement of the banking and monetary system as of the last Wednesday in the
month, or for call report dates. This statement includes figures for the money supply,
defined as the total of demand deposits adjusted and currency outside banks.1 Each
of the component series has been further adjusted for seasonal variation and the seasonal
adjustment factors have been revised from
time to time.
The new series introduces a major improvement in that it is based on averages of
daily figures rather than on figures for a
single date. As explained in more detail
later, this reduces random movements in the
series.
The new series is available for semimonthly intervals beginning with 1947.
Factors for leveling out the statistical influence of seasonal variations have been computed. They are based on a detailed study
of the characteristics of such variations and
of the technical aspects of the problem of
measuring them. The notes at the end of
this article discuss this problem at greater
length. Data for the new series, adjusted for
seasonal variation and without adjustment,
are presented in Tables 1 and 2, pages 1115
and 1116, respectively. The seasonal factors used are given in Table 3, page 1123.
The Board will continue to publish the
1
Demand deposits adjusted were defined as demand
deposits other than interbank and U. S. Government,
less cash items reported as in process of collection.




monthly single-date series on the money supply as a part of the consolidated condition
statement for the banking and monetary
system, in order to provide the data needed
for analyzing factors affecting changes in
the money supply and other bank deposits
between monthly dates.
The following paragraphs explain in more
detail the chief changes that have been made
in the new money supply series.
Averages of daily figures.

The new series

is based on averages of daily figures in order
to reduce both the systematic and the random variations that are characteristic of figures for a single date and are sometimes
of considerable magnitude. A study of available daily figures, described in the notes at
the end of this article, illustrates the extent
and nature of day-to-day variations in deposits. To the extent that random forces
account for these movements, daily averages
are clearly more meaningful for analytical
purposes than single-date figures. Hence,
figures for the new series are published in
the form of daily averages.
The series is presented on a semimonthly
average basis since, until recently, the principal underlying data were compiled for
this interval in the administration of reserve
requirements. Figures for each day were
reported on the administrative form but
daily figures had not been tabulated on a
system-wide basis.
Reports of daily deposit and vault cash
figures for reserve computation purposes are
now being received each week from all member banks, and a series of weekly averages
for demand deposits adjusted and currency
outside banks is being compiled. These
data will be carried back to 1958 on a
weekly basis by combining the daily data
from earlier semimonthly reports. The portion of this compilation that has been

A NEW MEASURE OF THE MONEY SUPPLY

completed—from January 6, 1960, to date
—is shown in Table 2(B) on page 1122.
For obvious reasons it is impossible at this
stage to adjust these data for seasonal variation. Weekly averages of daily figures for
deposits and currency will be included in
the semimonthly release on the money
supply.
Eliminating duplication. Unadjusted or
gross deposit figures contain a sizable element of duplication because checks are
added to the accounts of payees before they
are subtracted from the accounts of issuers.
For many years a partial correction for this
double counting has been made by deducting "cash items in process of collection," as
recorded on the books of commercial banks.
In the new series, duplication has been
further reduced. In addition to cash items
in process of collection, as reported, Federal
Reserve float is now deducted from demand
deposits. While this change improves the
series, the problem of duplication has not
been fully solved either statistically or conceptually. The residual duplication, however, does not appear large enough, nor are
changes in it great enough, to impair the
usefulness of the data for most analytical
purposes. A number of these problems are
discussed in the notes at the end of this article.
Types of deposit holders. For reasons already mentioned, the deposits due to mutual
savings banks and foreign banks have been
included in the demand deposit component
of the new money supply series. Neither
is a part of the domestic commercial banking
system and both have many economic characteristics in common with nonbank financial intermediaries. The deposits due to
these other nonbanking financial intermediaries had previously been recognized as
properly included in money supply.




1105
Estimates for nonmember banks. Nonmember insured banks submit reports of
their deposits and other items for only two
call report dates each year.2 No daily average figures are available. After experiment
with various approximation devices, a new
method of estimating daily average deposit
figures for all nonmember commercial banks
was devised, using the daily average figures
of country member banks. This method is
described in a memorandum that is available upon request to the Division of Administrative Services, Board of Governors of
the Federal Reserve System, Washington 25,
D. C.
Comparative levels. The chart on page
1106 compares changes in the money supply
as measured by the new series with those
shown by the single-date consolidated condition statement series that has heretofore
been published. The relatively stable difference in the general levels of the two series
reflects mainly the net effect of adding demand deposits due to mutual savings and
foreign banks to the new series and deducting Federal Reserve float.
Short-term movements in the two series,
however, occasionally show significant differences. These differences reflect principally the wide fluctuations in single-day
figures. Some of these variations are characteristic of particular days of the week or
of the month; some are due to the influence
of holidays and some to the incidence of taxor dividend-payment dates; they may at
times reflect weather conditions. The use
of averages of daily figures for a month, or
a half-month, or for a week smooth most of
these differences and better adapt the series
to the analysis of current monetary and economic developments.
2
Under new legislation the number of calls will be
increased to four in 1961.

1106

FEDERAL RESERVE BULLETIN • OCTOBER 1960

MONEY SUPPLY MEASURES
Seasonally

adjusted

Billions of

dollar;

140 r

1952

Daily averaging is not feasible for the
consolidated condition statement series,
however, since data for most of the other
balance sheet items are not available on a
daily basis.
Derivation and coverage. The demand
deposit and currency components of the new
daily average series are otherwise similar in
composition to those of the consolidated
condition statement series except for some




1954

1956

1958

1960

small differences in methods of derivation
and coverage. These differences are summarized in the exhibit appearing on page
1114.
This exhibit also compares the new series
with the single-date series for deposits and
currency derived from the quarterly flow-offunds accounts. The levels for these two
series are similar but the flow-of-funds series
is available at less frequent intervals.

1107

A NEW MEASURE OF THE MONEY SUPPLY
NOTES
This supplement to the preceding article describes the major problems encountered in developing the new money supply series. The notes
discuss first the nature of the available data, the
reasons for averaging deposits figures, and the
methods for estimating other required data. The
adjustments to eliminate double counting and
the adjustment for seasonal variation are then
described. The notes finally consider the differences in holder records and bank records as a
basis for measurement.
BASIC DATA

The core data in the new money supply series
consist of: (1) semimonthly averages of the daily
amounts of currency in circulation outside the
Treasury and Federal Reserve Banks; and (2)
semimonthly and weekly averages of daily levels
of member banks' demand deposits (except those
due to banks), cash items in process of collection,
and vault cash. From these data, three series were
constructed on a daily average basis for semimonthly periods from the first half of January
1947 to date: (1) demand deposits at all commercial banks; (2) currency in circulation outside the
Treasury, Federal Reserve Banks, and commercial
banks; and (3) the sum of these two components.
Reported data used in the new money supply
series come from the following sources:
(1) Deposits and related data for all member
banks on a semimonthly, daily average basis are
from Reserve Bank summaries of member bank
reports in their respective districts. The reports
are required of member banks to ascertain their
compliance with reserve requirements imposed by
law. Supervisory authorities check these reports
during the course of examinations and the accounting departments of Reserve Banks periodically
compare them with other reports the member
banks submit concerning their deposits and related
items. The Board of Governors tabulated and
published the data as semimonthly averages to
December 1959. Since then they have been tabulated and published as biweekly averages. They
appear in the release entitled "Deposits, Reserves,
and Borrowings of Member Banks" (identified by
the symbol J.I).
Certain delays in reporting are encountered and
for early publication the Federal Reserve Banks




make preliminary estimates of missing bank data.
However, a study of country member bank reporting in three Federal Reserve districts in September
1959 suggested that these preliminary estimates
are only slightly changed by later reports.
Reserve reports have been submitted weekly
since December 1, 1959, so it is necessary to
prorate weekly average data for deposits and related items in computing semimonthly averages
of all member and country member bank deposits.
(2) Deposits and related data for member
banks at the close of business on call dates are
taken from the "Member Bank Call Reports."
(3) The Federal Deposit Insurance Corporation compiles deposits and related data for nonmember commercial banks and selected data for
mutual savings banks at year-end and midyear
call dates. These data are included in "Assets
and Liabilities of All Operating Banks and Trust
Companies" (F.R. 40), prepared by the Board.
The Board also presents monthly in the Federal
Reserve BULLETIN estimates of deposits and related data for mutual savings banks on the last
Wednesday of each month except in June and
December when call report dates (usually the end
of the month) are used.1
(4) Data on currency in circulation outside the
Treasury and Federal Reserve Banks are taken
from the daily Treasury Department figures on
currency in circulation. These data are prepared
in the same manner as the official "Circulation
Statement of United States Money" published
monthly by the Treasury.2
(5) Daily figures on tax and loan balances are
from Treasury Department records.
(6) Data for Federal Reserve float are taken
from Reserve Bank records.
Reported and computed data entering into the
money supply series are given without seasonal
adjustment in Table 2 on page 1116.
NEED FOR AVERAGING DEPOSIT FIGURES

The heretofore published money supply series
for the last Wednesday of each month is subject
Similar figures for nonmember commercial banks
may be obtained by deducting figures for member
banks from those for all commercial banks as published in the BULLETIN.

2
A detailed description of the Treasury data may
be found in Banking and Monetary Statistics, (Board
of Governors of the Federal Reserve System, Washington 25, D. C , 1943), pp. 404-07.

1108

FEDERAL RESERVE BULLETIN • OCTOBER 1960

to random fluctuation. An experimental analysis
of daily data for the period March 2-July 29,
1959, gave some indication of the range and significance of daily movements in deposits and related
items at member banks. The daily data cover
totals for all member banks and subtotals by reserve classification and by reserve classification
in each Federal Reserve district for each of the
following items:
Demand deposits:
Due to banks
Due to U. S. Government
Due to others
Cash items in process of collection
Due from banks
Vault cash
Net demand deposits and demand deposits adjusted were determined from these items. On
the basis of a five-day week, there were 106 business-day-to-business-day changes in the March 2July 29, 1959 period.
Daily changes in demand deposits adjusted at
member banks over this period averaged $337
million, without regard to the direction of change,
ranging from +$1,030 million to —$1,042 million. The variation from day to day in "other"
demand deposits (i.e., before the deduction of
cash items in process of collection) was even
greater. Average changes in "other" demand deposits amounted to $730 million with particular
changes running from +$2,325 million to —$1,975 million. Cash items in process of collection
are also volatile; daily changes in cash items averaged $580 million and fluctuations for particular
days ranged from +$1,618 million to —$1,878
million.
For demand deposits adjusted, averages for
the second half of the month were compared with
the last Wednesday of each month. The lastWednesday values varied through a wider range
than the semimonthly averages, as would be expected. The variation ranged from $2,600 million, or 2.8 per cent, above semimonthly average
levels to $1,500 million, or 1.6 per cent, below.
Member banks report deposits and vault cash
for reserve purposes as of the opening of the day
(corresponding to the close of the previous day).
All figures used in this series are adjusted so as
to be on this basis.




ESTIMATING PROCEDURES

In preparing the new money supply series certain gaps in data on a daily average basis have to
be filled, as follows:
(1) Country member bank demand deposits
adjusted are prepared on the basis of semimonthly
averages of daily figures to furnish a base from
which to determine the demand deposits adjusted
of nonmember commercial banks.
(2) Estimates of U. S. Government demand
deposits at all member banks for some earlier
periods had to be improved so as to provide a
member bank segment of the deposit component
of the money supply. Average U. S. Government
demand deposits at country member banks are
also required in order to prepare country member bank demand deposits adjusted. As indicated
above, these are needed to estimate the nonmember
commercial bank deposit segment.
(3) Semimonthly averages of daily member
bank vault cash are prepared as the base for estimating all commercial bank vault cash. Weekly reporting member bank data, 1954-59, and monthly
all member bank data, 1947-59, were used to
establish semimonthly average levels for member
banks. Daily figures for member bank vault cash
were tabulated for the period March 2 to May 24,
1959, to supply an intraweekly pattern needed to
allocate weekly data to semimonthly periods after
December 1959.
(4) In order to include foreign and mutual savings bank demand balances with commercial banks
in the money supply figures, these balances are
estimated as semimonthly averages of daily figures.
Details of the steps involved in these estimating procedures are available on request to the
Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C.
CORRECTION OF DUPLICATION

Totaling gross demand deposits at all commercial banks in the United States would overstate
the level of such deposits, since a check deposited
by a payee for collection is added to demand deposits in the receiving bank some time before the
account of the issuer in the drawee bank can be
reduced. This results in double counting by an

A NEW MEASURE OF THE MONEY SUPPLY
amount that is subject to considerable fluctuation
but that is without significance from the standpoint of monetary forces. The problem is that
of approximating the amount of true duplication
on the basis of existing banking statistics.
Cash items in process of collection. For a quarter
century or more so-called "cash items in process
of collection" as reported by commercial banks
have been subtracted from gross demand deposits
of banks in order to make a partial correction for
this double counting in banks' records of deposits.
While this adjustment is continued in the new
series, it should be noted that it does not provide
an exact correction of duplication for several
reasons.
Banks include checks and other credit items in
the "cash items in process of collection" account
(CIPC, for short) until payment for such items
is received in acceptable funds or as a credit to
their reserve accounts at Federal Reserve Banks.
Since the statistical objective is the measurement
of an unduplicated total of demand deposits at
commercial banks, the ideal deduction would be
one that ceases as soon as the drawee bank
charges the item against its customers' accounts
—not when the sending bank receives payment.
CIPC covers a somewhat longer period.
The CIPC reported by commercial banks—for
the most part by the larger banks doing a substantial correspondent bank business—is composed
of two principal parts: (1) the checks processed
after clearing hours and ready for the next day's
clearings, plus any holdover of checks received
and credited to depositors but not yet processed;
and (2) checks forwarded for collection for which
payment has not yet been received. No precise
figures are available on the relative share of these
two parts. The collection items forwarded by
member banks to Federal Reserve Banks for which
the forwarding banks have not yet been given
credit in their reserve accounts (equal approximately to the "deferred availability, cash items"
on Federal Reserve Bank books) represent
roughly 40 per cent of the CIPC volume reported
by member banks. This proportion does not include the checks forwarded by member banks for
collection through other than Federal Reserve
Bank channels. Thus, the CIPC reported by commercial banks might consist of approximately onehalf holdover and one-half checks forwarded for
collection for which payment had not been re-




1109
ceived. The holdover share of CIPC presumably
should be deducted from gross demand deposits
in order to avoid double counting. The questionable portion is in the one-half of CIPC represented
by checks forwarded for collection on which payment has not yet been received.
Broadly speaking, the time involved in getting
payment back to the forwarding bank would equal
the time required to get the checks from the forwarding bank or the Federal Reserve Bank to
the drawee bank (i.e., one-half the round-trip
time). If it may be assumed that the drawee
bank charges the checks to its customers' accounts on the day the incoming cash letter is
received, the accounts of the issuers of the checks
are drawn down while the drawee bank's remittance is returning. Thus, except in unusual circumstances, there is duplication in the total of
demand deposits for banks as a group for roughly
half the time the checks that have been forwarded are included as cash items in process
of collection by sending banks. If these assumptions are approximately right, only about threequarters of the CIPC aggregate for all commercial banks should be deducted from gross demand deposits in order to avoid duplication.
CIPC also does not properly correct for double
counting because some checks listed by banks as
being in the collection process are not drawn on
private checking accounts. As in the case of forwarding banks waiting for payment, the deduction is too large and depositors' balances are
over corrected. Items of this type are primarily
checks drawn by one bank on another bank, or
by the Treasury on its balances at the Federal
Reserve Banks, or postal money orders.
On an average day in July 1952, approximately
one-fourth (2.8 million out of 11.5 million) of
the items received by Federal Reserve Banks for
collection consisted of items payable at the Reserve Banks. As commercial banks forwarded
somewhat more than one-third of all checks they
received to Reserve Banks, the proportion of
Treasury checks to the total number of items flowing through the banking system may have been
approximately 8 per cent. However, Federal Reserve Banks treat Treasury checks and postal
money orders as immediate credit items; bank
drafts on interbank accounts likewise tend to be
in immediately available funds. Thus the proportion of these three types of instruments to total

1110

FEDERAL RESERVE BULLETIN • OCTOBER 1960

CIPC volume reported by member banks would
probably be substantially less than 8 per cent.
Treasury checks, postal money orders, and bank
drafts for which the receiving bank had not obtained reserve credit would be found only in the
holdover of work at commercial banks.
Other shortcomings work in the opposite direction and tend to understate CIPC. Many relatively small banks immediately charge checks forwarded for collection to the "due from correspondent banks" account rather than to the "cash
items in process of collection" account. As a result, some checks flowing through the commercial
banking system are not initially counted in the
"cash items" deduction and depositors' balances
are undercorrected. It should be noted, however,
that these checks would be listed as "cash items
in process of collection" as soon as they were
received and processed by the collecting correspondent banks.
Two rough measures of the extent of this particular shortcoming are available. First, a onemonth investigation in July 1952 indicated that
between 25 and 30 per cent of the number of
items entering the collection process (those not
payable at the bank at which presented) were
listed initially in a "due from" account and not
as an item in process of collection. Second, the
Board of Governors recently conducted for another purpose a study of the magnitude of this
underreporting of cash items in process of collection. In the latter study a stratified sample of
member banks was taken as of the October 1957
call report date and percentages of cash items to
deposits noted for sample banks in each size class.
On the basis of the assumption that banks reporting cash items in excess of 1 per cent of deposits were distinguishing properly between cash
items and due from banks, while those with a
lower percentage were not, cash items not reported by sending banks were estimated at about
8 per cent of total cash items, or roughly $1 billion. Alternatively, if banks with cash items in
excess of one-tenth of 1 per cent of deposits
were assumed to be reporting correctly, cash items
not reported by sending banks would amount to
about 2 per cent of reported cash items—or
roughly $200 million.
This combination of overcorrection and undercorrection for double counting on banks' records
is further complicated by the fact that "gross de-




mand deposits" of member banks as defined by
Regulation D include certain demand liabilities
of banks that are not part of a "money supply"
figure in the usual sense of the term: officers'
checks outstanding that have been issued in settlement of interbank transactions (not in exchange
for cash or customers' deposit credit).
The Board of Governors revised Regulation D
in December 1959 to eliminate from "gross demand deposits" outstanding drafts on, or authorizations to debit, reserve balances held by member
banks at their Federal Reserve Bank. However,
outstanding officers' checks issued in settlement
of interbank transactions, which are not in exchange for cash or customers' deposit credit, are
still included in "gross demand deposits" in substantial and varying amounts.
Thus, gross demand deposits less CIPC probably is smaller than the ideal unduplicated demand deposit total on two counts and larger on
two other counts. Gross demand deposits less
CIPC understates the ideal total because the CIPC
deduction is too large in that banks keep items
in process of collection in their CIPC account until payment is received and since the CIPC total
includes some checks drawn on other banks and
on the Treasury. Gross demand deposits less
CIPC overstates an unduplicated total of demand
deposits because it does not reflect some checks
that are debited to "due from banks" when forwarded for collection and because outstanding
officers' checks issued in settlement of interbank
transactions are included.
To some unknown extent these overstatements
and understatements are offsetting. For example,
outstanding officers' checks issued in settlement of
interbank transactions may approximate the volume of checks drawn on other banks listed in
CIPC. However, satisfactory quantitative evidence
of the magnitude of these various factors is not
available.
In addition, some logical justification may exist
for assuming that a substantial portion of the intrayearly variations of such overcorrections and
undercorrections have fairly persistent patterns and
that the seasonal adjustment of the deposits data
cancels out a large part of such variations.
Growth and cyclical variation in these over- and
undercorrections will remain even in the seasonally adjusted data, however, and should be kept

A NEW MEASURE OF THE MONEY SUPPLY
in mind by analysts using the new money supply
series.
Deduction of Federal Reserve float. Federal Reserve float is a significant factor in money supply
calculations because it alters the cash items in process of collection reported by member banks. By
definition Federal Reserve float means that depositing member banks have received credit for items
forwarded to Federal Reserve Banks for collection
before the collection has been accomplished.3
Thus, Federal Reserve float is an approximate
measure of the volume of checks that are still in
the process of collection through the banking
system but are not classified as such on the books
of commercial banks.
As is true of cash items in process of collection,
not all Federal Reserve float is an appropriate
correction for double counting of demand de3
So-called "Federal Reserve float" arises in the
process of clearing checks through the commercial
banking system. Banks forwarding checks to a Federal Reserve Bank for collection are given credit in
their reserve accounts according to a time schedule.
Some checks are "immediate credit" items; some are
"1-calendar-day" items; some "2-calendar-day" items;
some "2-business-day" items. The forwarding banks
carry the amount of the checks for which they will
receive deferred credit in "cash items in process of
collection" according to the deferred availability
schedule, shifting the "1-calendar-day" portion to
their reserve asset on the following day and the
"2-calendar-day" portion to their reserve asset on the
second day following, and so on.
On the records of Federal Reserve Banks, checks
received for deferred credit are entered as cash items
in process of collection with a corresponding entry in
the liability account, "deferred availability cash items."
When payment is received by the Federal Reserve
Banks, cash items in process of collection and the reserve accounts of the member banks making payment
are reduced (payment in whole or in part by currency
and coin would require an offsetting change in
some other account of Federal Reserve Banks,
rather than the reduction of the paying member banks'
reserve account.) The depositing member banks' reserve balance is credited and deferred availability cash
items debited according to the deferred availability
schedule.
Under certain conditions, however, the Reserve
Banks may not receive payment from the drawee
banks on the day they give credit to the banks that
deposited the checks for collection. The Reserve
Banks will thus remove the items from their deferred
availability cash items liability before removing the
paid items from cash items in process of collection.
The difference between these two Federal Reserve
accounts is what is termed "Federal Reserve float"
and represents an extension of Reserve Bank credit to
member banks and others.




1111
posits. Only that portion of Federal Reserve
float that arises on checks in the process of collection before the checks are charged against
issuers' accounts at drawee commercial banks
should be subtracted. To subtract all Federal
Reserve float accruing to commercial banks would
tend to overcorrect aggregate deposit levels.
A hypothetical example will help to clarify the
point. If the checks in a particular outgoing cash
letter from a Reserve Bank were "1-calendarday" items but because of some circumstance
delivery to the remitting bank was delayed until
the second day following dispatch, the Reserve
Bank would still give credit to the depositing bank
and the latter, in turn, would reduce its cash
items in process of collection one day after dispatch. This float would be a proper correction
of deposits since the reported CIPC volume had
gone down although the checks were not yet
charged to the issuers' accounts.
On the second day after dispatch, the drawee
bank would receive the cash letter, remit for it,
and reduce issuers' accounts. At the close of the
second day, Federal Reserve float would still exist
(as it would until payment funds were received by
the Reserve Bank), but there should be no subtraction of a CIPC amount to prevent double
counting (since the checks have now been charged
to issuers' accounts) and there is no CIPC amount
to subtract. Thus, at this point the Federal Reserve float should not be used as a deduction from
deposits.
A study of Federal Reserve float indicates that
an important share in dollar terms arises from
causes that lead to appropriately deductible float.
In this study, which covered a 13-week period,
country bank collections accounted for almost
three-quarters of holdover float and slightly more
than three-quarters of float on items forwarded
for collection. Both of these types of transactions
are likely to generate appropriately deductible
Federal Reserve float.
Some portions of Federal Reserve float, however, are not appropriately deductible. Extension
of credit to the Treasury for checks deposited by
it and other U. S. Government agencies with
Federal Reserve Banks for collection and credit
to the Treasurer's account explains a part of this
float. Subtraction of this portion of float overcorrects the deposit level. Such overcorrection is
probably relatively small on a yearly average basis,

1112

FEDERAL RESERVE BULLETIN • OCTOBER 1960

and trend influences, and the final seasonal factors produced in the machine run were reviewed,
and the factors modified and balanced, in accordance with the procedure outlined in the June 1941
Federal Reserve BULLETIN.
While modifications based on personal judgment were held to a minimum, certain of
the computer-determined seasonal factors were
changed in the review. Even with this review,
the seasonal factors over the most recent 14 semiSEASONAL ADJUSTMENT PROCEDURE
monthly periods, and the projected factors, must
be considered tentative. Additional data will enThe amplitude of seasonal movement in the daily
able the machine process to fix more accurately
average money supply figures is less than in the
the weighted, centered moving average in what
single-day figures. Though less, a seasonal patis now the terminal sector of 14 semimonthly
tern is still evident in the unadjusted daily averperiods. The added data can also clarify the
age data for semimonthly periods and requires
proper position of the line drawn through the
measurement for the purpose of adjustment.
ratios (original data to the weighted moving averRatio-to-moving-average method. The daily average) grouped by semimonthly periods.
age data in the new semimonthly series are seaIt should be noted that the ratio-to-moving-avsonally adjusted by the ratio-to-moving-average
erage method, while able to measure a changing
method described in "Adjustment for Seasonal
seasonal, has a tendency to absorb some of the
Variation," Federal Reserve BULLETIN, June 1941,
cyclical movement into the final seasonal adjustpages 518-28. The Census Method II electronic
ment factors (thus tending to oversmooth the
computer program for monthly seasonal adjust5
data) and to blunt what may well be abrupt
ments was adapted to semimonthly data (24 pechanges in the seasonal factors. Neither of these
riods a year instead of 12) to provide the first
weaknesses appears to warrant abandonment of
approximation of the seasonal factors and seathe ratio-to-moving-average procedure so far as
sonally adjusted semimonthly data. In the adapted
the money supply series are concerned. One alprogram, preliminary seasonal factors are develternative, the link-relative method, could not be
oped from ratios of the original data to a centered
readily adapted to the almost continual change
24-period moving average; final seasonal factors
that appears in the seasonal influence at work
are derived from ratios of the original data to a
on these series.
29-period weighted moving average of the preThe unadjusted demand deposit series was edliminary adjusted series, centered on the fifteenth
ited to eliminate one abrupt change due to a
month. The weighted, centered 29-period movregulatory revision. The computation data used
ing average, which is presumed to include cyclical
for deposits from the first half of December 1959
4
While not precisely measuring the ratio of the
through the second half of August 1960 were the
dollar volume of checks handled directly for the
estimated semimonthly values plus $400 million,
Treasury to that handled for commercial banks,
some notion of the ratio's magnitude may be
the approximate amount by which it was estiobtained from the fact that uncollected Treasury
mated these demand deposits decreased as a reitems ranged from a low level of $123 million on a
semimonthly average basis to a peak level of $494
sult of the redefinition of "gross demand demillion, averaging $243 million during 1959. The
posits" in Regulation D, effective December 1,
total deferred availability cash items on Federal Re1959. This amount was, of course, not included
serve Banks' books averaged $4.6 billion, using the
52 Wednesday values, ranging from $3.8 billion to
in either the adjusted or unadjusted series. The
$5.9 billion. These figures suggest that over the year
edited series was used only in the determination
as a whole the share of Federal Reserve credit that
of the seasonal factors.
will be extended to the Treasury in the form of float
may be in the order of magnitude of one-twentieth
Until additional years of data have been acof 5 the total.
cumulated, the seasonal factors used in correctJulius Shiskin and Harry Eisenpress, "Seasonal
Adjustments by Electronic Computer Methods," Jour- ing the deposit component for the period since
nal of the American Statistical Association, December December 1, 1959, must be considered approxi1957, pp. 415-49.

although it can increase in importance in tax
collection periods.4
On balance, the decision is in favor of deducting Federal Reserve float. This deduction improves the data as an unduplicated measure of
demand deposits. It is necessary, however, to note
that the correction carries with it certain inappropriate reductions that cannot be removed.




1113

A NEW MEASURE OF THE MONEY SUPPLY
mate because of the break in the deposit series
occasioned by the redefinition of "gross demand
deposits" for member banks at that point.
Correction for intraweekly fluctuations. In addition to the intrayearly seasonal pattern, irregular
movements are apparent in the daily average
money supply data. One source of irregularity
grows out of intraweekly fluctuations, such as
those in figures for banks' vault cash. Intraweekly changes affect semimonthly average data
because of variations in the number of days included in the averaging periods and the particular
day of the week on which each period begins for
one year as compared with another. The impact of
an intraweekly seasonal pattern is greatest on 16day semimonthly periods, and less for 15-day and
13-day periods. The relatively infrequent 14-day
periods that occur in the second half of February
every four years are unaffected.
Intraweekly fluctuations cannot be corrected by
a semimonthly seasonal adjustment. Allowance
for intraweekly fluctuations is not provided in
the electronic computer seasonal adjustment programs presently in use or in the subsequent handediting of the seasonal factors.
In the daily average money supply series, allowance for intraweekly seasonal fluctuation was
made only in estimating semimonthly average
vault cash data from weekly reports submitted by
member banks after December 1959. A correction for these measurable irregularities in the entire series would have been attempted before the
seasonal adjustment process was started if more
daily data had been available to establish the intraweekly pattern more clearly and if the unadjusted money supply data had been subject to
less estimating error. Under existing circumstances, however, correction for intraweekly fluctuations was not considered worthwhile. The
recently improved reporting of deposit and currency data by member banks may make it possible to remove from the semimonthly average
data the irregularities produced by intraweekly
behavior patterns.




Seasonal factors. Table 3 on page 1123 indicates the seasonal factors applied to the deposit
and currency components for the period beginning with the first half of January 1947. Seasonal
factors are also presented through the second half
of May 1961 for currency and the second half
of August 1961 for deposits.
HOLDER RECORDS AND MAIL FLOAT

The statistical equivalent of an ideal measure
of the stock of money in the United States might
be on either of two bases: the amount of deposits
and currency according to the records of commercial banks, Federal Reserve Banks, and the
Treasury; or the amount of deposits and currency
according to the records of the holders. So far
as currency is concerned, the principal difference
arises because of currency held abroad and currency lost or destroyed. Only scanty information is available on these amounts.
Holder records of demand deposits and an unduplicated bank record of these demand deposits
would differ because of "mail float." Mail float
arises because of checks issued and deducted from
holders' records, but not yet received by payees
and incorporated into their records. This magnitude is estimated to have ranged from $8.0 billion
to $13.3 billion at year-ends 1947 through 1958.
The "mail float" discrepancy between holder
records and bank records may be offset to a large
extent, so far as economic motivation is concerned, by the anticipation of regularly inflowing
payments. Check-book balances of consumers
and businesses at particular points in time may
not influence their expenditures so much as the
average level of these balances over a natural accounting period.
The decision to rely on bank records for the
demand deposit component of the daily average
money supply also rests on the practical ground
that holder records are not available for most
sectors in the economy.

1114

FEDERAL RESERVE BULLETIN • OCTOBER 1960
COxMPARISON OF COVERAGE AND TREATMENT OF SELECTED DATA
New Money Supply Series:
Commercial bank demand deposits
and currency in circulation outside
the Treasury, Federal Reserve
Banks, and commercial banks.

Consolidated Condition Statement
for Banks and the Monetary
System (CCS):
Demand deposits adjusted ! and
currency outside banks.

Flow-of-Funds /Saving Accounts:
Commercial banking and monetary
authorities sector; demand deposits,
net, and currency liabilities (excluding "Due to U.S. Government").

1. Type of data

Average of daily figures for semimonthly (and weekly) periods.

Last Wednesday of the month
except in December and most June
dates when call report dates are
used.

Values on last day in year or
quarter and change between dates.

2. Timing of data

Open ing-of-day.

Close-of-day.

Close-of-day.

3. Geographic coverage of data

United States.
Banks in Alaska and Hawaii (and
member banks in U.S. territories
and possessions) are included when
reporting on deposits as member
banks or when brought into the
CCS.

United States.
All banks in Alaska included beginning 1959. (A national bank
had been included beginning April
1954.) All banks in Hawaii included beginning August 1959 (a
national member bank had been
included beginning April 1959).

United States.
Same as Consolidated Condition
Statement.

Excluded; since the counterpart
(due to banks in territories and
possessions by U.S. banks) is subtracted from "gross demand deposits."

Excluded; since the counterpart
(due to banks in territories and
possessions by U.S. banks) is subtracted from "gross demand deposits."

Included in demand deposit liabilities. (Not deducted as an interbank item.)

B. Currency and coin held
(as asset of banks in
territories and possessions)

Included in circulation outside
banks.

Excluded.

Included in currency liabilities of
consolidated banking system.

C. Demand deposit liability
(a liability item of banks
in territories and possessions)

Excluded (except for member
banks reporting deposits and related items; see note 1).

Excluded. (For certain exceptions
see reference given in note 1.)

Excluded from demand deposit
liabilities. (For certain exceptions
see reference given in note 1.)

Excluded. Series covers only commercial banks.

Included in banking sector.

Excluded from commercial banking
sector.

A. Demand balances with
U.S. banks (an asset of
the Mutual Banks)

Included in deposit liability of
commercial banks and thus in
Money Supply figure.

Excluded; netted out when "deposits due to banks" are subtracted
from "gross demand deposits."

Included.

B. Currency and coin held
(an asset of the mutual
banks)

Included as currency in circulation.

Excluded.

Included.

C. Demand deposits (a liability item of mutual
banks)

Excluded from commercial banking deposit liability.

Included with demand deposits
adjusted.

Excluded.

6. Foreign demand deposits
of individuals, partnerships,
and corporations with
U.S. commercial banks

Included in deposit component of
Money Supply series (not identified
separately).

Included in demand deposits adjusted (not identified separately).

Included in demand deposits and
currency; a liability to "The Rest
of the World."

7. Foreign bank demand
balances with U.S.
commercial banks

Included in deposit component
of Money Supply series (not
separately identified).

Part of "Foreign Bank Deposits,
Net." The CCS nets "due from"
foreign banks against "due to"
foreign banks.

Included in demand deposit and
currency; a liability to "The Rest
of the World."

8. Foreign balances with
Federal Reserve Banks

Not included.

Part of "Foreign Bank Deposits,
Net," except deposits of international agencies.

Included as part of demand deposit
and currency; a liability to "The
Rest of the World."

9. Federal Reserve float

Deducted from gross demand deposits; therefore lessens the demand deposit component.

Entered as a negative item in
"Capital and miscellaneous accounts, net"; does not reduce
demand deposits adjusted.

Netted against gross demand deposits and therefore lessens the
series on "Demand Deposits,
Net."

Sector or data

4. Banks in territories and
possessions
A. Demand balances with
U.S. banks (an asset of
banks in territories and
possessions)

5. Mutual savings banks

1
Banking coverage in the Consolidated Condition Statement of
Banks and the Monetary System is described in note 1, p .1138.




1115

A NEW MEASURE OF THE MONEY SUPPLY
TABLE 1
MONEY SUPPLY SERIES, SEMIMONTHLY, 1947-60
[Averages of daily figures, adjusted for seasonal variation. In billions of dollars]
Period

1947

1948

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1960

(A) Total
Jan. — 1
2
Feb. — 1
2
Mar.—1
2
Apr.—1

108.7 112.6
108.7 112.6
108.8 112.4
109.1 112.2
109.3 112.2
110.0 111.7
110.2 111.6
110.4 111.5
May—1 '.'.'.'.'.'. '.'.'.'.'.'.'.
110.7 111.3
2
110.9 111.2
June—1
111.1 111.3
2
111.6 111.3

110.2
110.4
110.6
111.1
111.1
111.6
112.0
112.2
112.4
112.6
112.7
113.0

115.8
115.8
116.0
116.3
116.7
116.7
116.7
116.9
117.2
117.1
117.5
117.7

122.3
122.7
123.1
122.9
123.0
123.3
123.5
123.3
123.6
123.9
124.1
124.5

126.6
126.5
126.6
126.8
127.3
127.4
127.5
127.8
127.6
127.8
128.0
127.7

128,
128,
128.
128.
128.6
128.5
128.1
128.3
129.0
129.0
129.1
129.2

132.1
132.6
133.0
133.5
133.0
133.0
133.5
133.6
133.7
134.1
133.7
134.1

135.1
135.1
135.0
135.1
135.2
135.6
135.7
135.5
135.5
135.2
135.4
135.9

136.5
136.4
136.3
136.6
136.4
136.6
136.3
136.5
136.6
136.5
136.4
136.3

135.4
135.2
135.8
135.9
136.1
135.9
136.4
136.6
137.0
137.1
138.3
137.8

141.1
141.2
141.6
141.6
141.8
142.2
142.2
142.1
142.4
142.8
142.8
142.7

141.3
141.2
141.1
141.0
140.9
140.3
140.5
140.6
140.2
139.6
139.5
139.4

111.5 111.5
111.6 111.4
111.7 111.5
111.8 111.5
Sept.—1............. 111.8 111.4
112.1 111.2
Oct. — 1 '.'.'.'.'.'.'.'.'.'.'.'.'.
112.0 111.3
2
112.1 111.2
Nov.—1
112.2 111.0
2
112.4 110.8
Dec—1
112.2 110.7
2
112.3 110.7

113.4
113.4
113.8
114.1
114.0
114.3
114.5
114.7
114.8
114.9
115.1
115.5

117.7
118.2
118.7
118.8
119.3
119.6
119.8
120.6
121.1
121.5
121.8
122.1

124.3
124.6
124.7
124.9
125.4
125.5
125.8
125.8
126.2
126.2
126.4
126.5

128.1
127.7
128.0
128.0
127.9
127.9
127.9
128.2
128.0
128.0
128.2
128.1

129.2
129.8
129.9
130.0
130.0
130.4
130.7
130.8
131.2
131.6
131.5
132.0

134.3
134.2
134.3
134.3
134.3
134.9
134.8
134.5
134.2
134.4
134.6
134.7

135.6
135.3
135.0
135.5
135.5
135.9
135.6
135.9
135.9
136.2
136.4
136.6

136.4
136.4
136.5
136.7
136.3
136.2
136.0
136.0
135.7
135.7
135.5
135.5

137.5
138.0
138.5
138.8
139.1
139.2
139.4
139.8
140.4
140.5
140.8
140.9

143.6
143.0
142.9
142.6
142.8
142.8
142.6
142.2
142.2
142.1
U41.5
141.5

»139.6
*139.7
*>139.7
*139.7
*140.3
*>140.5

July — 1
2
Aug.—1

(B) Deposit component
82.0
82.0
82.1
82.4
82.7
83.3
83.5
83.7
84.1
84.2
84.4
85.0

86.2
86.2
86.0
85.9
85.9
85.4
85.5
85.4
85.2
85.2
85.3
85.2

84.6
84.4
84.5
84.4
84.6
84.4
84.5
84.8
84.8
84.9
84.9
84.7

85.1
85.2
85.5
85.9
85.9
86.4
86.7
87.0
87.1
87.5
87.6
87.9

90.7
90.8
90.9
91.2
91.5
91.5
91.5
91.6
91.8
91.8
92.1
92.2

96.0
96.5
96.8
96.6
96.6
96.9
97.0
96.8
97.2
97.4
97.5
97.8

99.2
99.0
99.2
99.3
99.7
99.8
99.9
100.1
99.9
100.0
100.3
99.9

100.6
100.6
100.7
100.8
100.9
100.9
100.5
100.7
101.4
101.4
101.6
101.7

104.7
105.1
105.5
106.0
105.5
105.5
105.9
106.0
106.1
106.5
106.1
106.5

107.2
107.2
107.2
107.2
107.3
107.6
107.8
107.6
107.5
107.3
107.4
108.0

108.2
108.2
108.1
108.4
108.1
108.3
108.1
108.3
108.3
108.2
108.2
108.0

107.1
106.9
107.6
107.6
107.8
107.6
108.1
108.3
108.7
108.7
110.0
109.4

112.5
112.6
112.8
112.9
113.0
113.4
113.4
113.2
113.5
113.9
113.8
113.8

112.4
112.3
112.1
112.0
111.8
111.3
111.5
111.6
111.2
110.6
110.6
110.5

84.9
85.0
85.2
85.2
Aug.—1 ... .
85.3
85.6
Sept.—1
85.5
Oct. — ' ' ' ' ' ' ' ' ' ' ' ' ' 85.6
1.............
85.8
2
85.9
Nov.—1
85.8
2
85.9
Dec—1

85.5
85.3
85.5
85.4
85.4
85.2
85.3
85.2
85.0
84.9
84.9
84.9

84.7
84.9
84.7
84.7
84.7
84.6
84.7
84.6
84.7
84.6
84.9
85.0

88.3
88.4
88.8
89.1
89.1
89.4
89.6
89.7
89.8
89.9
90.1
90.4

92.1
92.5
93.0
93.0
93.5
93.7
93.8
94.6
95.1
95.4
95.7
95.9

97.5
97.9
97.9
98.1
98.5
98.5
98.7
98.7
99.0
99.0
99.1
99.1

100.3
99.9
100.2
100.2
100.1
100.1
100.1
100.4
100.3
100.2
100.4
100.3

101.7
102.3
102.4
102.6
102.6
103.0
103.3
103.4
103.8
104.2
104.1
104.6

106.6
106.6
106.6
106.6
106.6
107.1
107.0
106.7
106.4
106.6
106.8
106.9

107.6
107.4
107.0
107.5
107.5
107.8
107.5
107.9
107.8
108.1
108.2
108.3

108.1
108.1
108.2
108.3
108.0
107.8
107.7
107.6
107.4
107.3
107.2
107.2

109.1
109.6
110.1
110.3
110.6
110.7
110.9
111.3
111.9
111.9
112.1
112.3

114.5
114.0
113.8
113.6
113.7
113.8
113.6
113.3
113.2
113.2
U12.6
112.6

^110.7
^110.7
^110.7
^110.9
1.3
l.5

Jan. —1
2
Feb. —1
2
Mar.—1
2
Apr.—1
My1.............
a—'''''''''''''
June—1
2
July — I

2

(C) Currency component
26.6
26.7
26.7
26.7
26.7
26.7
26.7
26.7
26.7
26.7
26.6
26.6

26.4
26.4
26.4
26.3
26.3
26.2
26.1
26.1
26.1
26.1
26.0
26.1

25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.6
25.6
25.6

25.1
25.1
25.1
25.2
25.2
25.2
25.3
25.2
25.2
25.2
25.1
25.1

25.1
25.1
25.1
25.2
25.2
25.2
25.2
25.3
25.3
25.4
25.4
25.5

26.3
26.3
26.3
26.3
26.4
26.4
26.4
26.4
26.5
26.5
26.6
26.7

27.4
27.4
27.5
27.5
27.6
27.6
27.6
27.7
27.7
27.7
27.7
27.8

27.7
27.7
27.7
27.7
27.7
27.6
27.6
27.6
27.6
27.6
27.6
27.5

27.4
27.5
27.5
27.5
27.5
27.5
27.6
27.6
27.6
27.6
27.6
27.6

27.9
27.9
27.9
27.9
27.9
28.0
27.9
27.9
28.0
28.0
28.0
28.0

28.3
28.3
28.2
28.3
28.3
28.3
28.3
28.3
28.3
28.3
28.3
28.3

28.3
28.3
28.3
28.3
28.3
28.3
28.3
28.3
28.3
28.4
28.3
28.4

28.6
28.7
28.7
28.7
28.8
28.8
28.8
28.8
28.9
28.9
29.0
29.0

28.9
29.0
28.9
29.0
29.0
29.0
29.1
29.0
29.0
29.0
28.9
28.9

26.6
26.6
26.6
Aug.—1
26.5
26.5
Sept.—1'.'.'.'.'.'.'.'.'.'.'.'.'. 26.5
Oct. — 1'.'.'.'. '. '.'. '. '.'.'"26.5
26.5
2
26.5
Nov.— 1
26.5
2
26.4
Dec—1
26.5
2

26.0
26.0
26.0
26.0
26.0
26.0
26.0
25.9
26.0
25.9
25.9
25.8

25.5
25.5
25.5
25.4
25.4
25.3
25.3
25.3
25.2
25.2
25.2
25.1

25.0
25.0
25.0
24.9
24.9
24.9
24.9
25.0
24.9
25.0
25.0
25.0

25.6
25.6
25.7
25.8
25.8
25.9
26.0
26.0
26.0
26.1
26.1
26.2

26.7
26.7
26.8
26.8
26.9
27.0
27.0
27.1
27.2
27.2
27.3
27.4

27.8
27.8
27.8
27.8
27.8
27.8
27.8
27.8
27.8
27.8
27.8
27.7

27.5
27.5
27.5
27.4
27.4
27.4
27.4
27.4
27.4
27.4
27.4
27.4

27.6
27.7
27.7
27.7
27.7
27.7
27.8
27.8
27.8
27.8
27.8
27.8

28.0
28.0
28.0
28.0
28.0
28.0
28.1
28.1
28.1
28.2
28.2
28.3

28.3
28.3
28.3
28.3
28.4
28.3
28.3
28.3
28.3
28.3
28.3
28.3

28.4
28.4
28.4
28.5
28.5
28.5
28.5
28.5
28.5
28.6
28.7
28.6

29.0
29.0
29.1
29.0
29.0
29.0
29.0
29.0
29.0
28.9
28.9
28.9

z-28.9
*29.0
*>29.0
*28.8
*29.0
^28.9

Jan. —1
2
Feb.—1
2
Mar.—1
2
Apr.—1
May—1 '. . . .
June—1
2
July —1

f Preliminary.
i Change in series beginning with first half of December 1959
reflects redefinition of gross demand deposits in line with revision of




Regulation D effective Dec. 1, 1959. This change reduced such
deposits in early December by an estimated $400 million.

1116

FEDERAL RESERVE BULLETIN • OCTOBER 1960
TABLE 2
BASIC DATA FOR MONEY SUPPLY SERIES
[Averages of daily figures. In millions of dollars]
Deposit component
All member baiiks

Demand
deposits
Cash
excl. dom.
items
comm'l
interbank in process
of
collection
2

lotal
money
supply
(col. 6

Memo:
Demand
deposits
due to
foreign
and
mutual
savings
banks
by
member
banks

9

10

11

U.S.
Govt.
demand
deposits

Plus:
Nonmember
demand
deposit
component
(incl.
foreign
bal.)

Less:
F. R.
float

Equals:
Demand
deposit
component

Currency
in
circulation

Less:
Vault
cash in
comm'l
banks

Equals:
Currency
component

3

4

5

6

7

8

Less:
Period

Currency component

+ col. 9)

(A) Semimonthly periods, 1947-60
1947—
Jan. — 1 .
2.

Feb. — 1 .
2.

Mar.—1.
2.

Apr.—1.
2

May—1.
2.

June—1.
2.

July — 1 .
2.

Aug.—1.
Sept.—1'.
2

Oct. —1'.
2.

Nov.—1.
2.

Dec. — 1 .
2.

1948—
Jan. — 1 .
2.

Feb. — 1 .
2.

Mar.—1.
2.

Apr.—1.
2.

May—1.
2.

June—1.
2.

July — 1 .
2.

Aug.—1.
2.

Sept.—1.
2.

Oct. — l !
I.
Nov.—1.
2.

Dec—1.
2

1949—
Jan. — 1 .
2.

Feb. — 1 .
2.

Mar.—1.
2.

Apr.—1.
2.




2,245
2,461
2,859
3,040
3,351
3,018
2,751
2,447
2,112
1,954

12,914
12,805
12,623
12,549
12,562
12,460
12,445
12,407
12,457
12,420
12,593
12,573

548
550
413
476
396
476
423
379
353
372
348
458

84,477
84,307
83,051
82,070
82,072
81,974
81,452
82,241
82,547
82,553
83,518
83,853

28,775
28,369
28,310
28,286
28,333
28,221
28,249
28,127
28,169
28,138
28,264
28,207

,948
1,822
1,740
1,788
1,730
1,757
1,731
1,774
1,713
1,768
1,756
1,804

26,827
26,547
26,570
26,498
26,603
26,464
26,518
26,353
26,456
26,370
26,508
26,403

111,304
110,854
109,621
108,568
108,675
108,438
107,978
108,594
109,003
108,923
110,026
110,256

1,902
1,891
1,873
1,882
1,881
1,883
1,879
1,859
1,887
1,833
1,824
1,894

841
898

12,611
12,575
12,731
12,804
13,027
12,999
13,129
13,290
13,412
13,428
13,585
13,622

357
335
264
321
342
431
412
561
407
529
490
854

83,844
84,282
84,389
84,629
85,606
85,735
85,664
86,493
86,785
87,116
88,217
88,265

28,369
28,166
28,203
28,280
28,704
28,595
28,624
28,575
28,636
28,647
28,848
29,015

,800
,816
1,758
1,814
1,864
1,894
,854
1,908
1,917
1,927
2,099
2,206

26,569
26,350
26,445
26,466
26,840
26,701
26,770
26,667
26,719
26,720
26,749
26,809

110,413
110,632
110,834
111,095
112,446
112,436
112,434
113,160
113,504
113,836
114,966
115,074

1,871
1,826
1,820
1,875
1,916
1,938
1,927
1,913
1,880
1,867
1,839
1,783

1,281
1,608
1,699
1,986
2,104
1,980
2,316
2,429
2,004
1,775

13,715
13,633
13,383
13,194
13,176
12,865
12,792
12,721
12,671
12,517
12,705
12,582

582
517
443
488
451
473
408
390
391
438
385
472

88,739
88,600
86,978
85,649
85,603
84,075
83,472
83,924
83,773
83,465
84,343
84,095

28,658
28,196
28,141
28,054
28,023
27,880
27,810
27,726
27,769
27,725
27,873
27,813

2,084
1,949
1,865
1,917
1,852
1,881
1,850
1,897
1,853
,913
,907
,959

26,574
26,247
26,276
26,137
26,171
25,999
25,960
25,829
25,916
25,812
25,966
25,854

115,313
114,847
113,254
111,786
111,774
110,074
109,432
109,753
109,689
109,277
110,309
109,949

1,918
1,898
1,890
1,909
1,875
1,819
1,775
1,717
1,683
1,711
1,724
1,787

5,655
5,397
5,264
5,106
5,343
5,841
5,719
6,083
6,045
6,037
5,744
6,021

1,483
1,938
2,118
2,241
1,950
2,317
2,242
1,884
2,060
2,276
1,537
1,605

12,702
12,701
12,809
12,762
12,920
12,806
12,953
12,997
13,084
12,954
13,240
13,400

351
350
316
314
324
454
352
456
429
478
391
869

84,282
84,644
84,822
84,851
85,675
85,227
85,480
86,094
85,935
85,883
87,177
87,276

28,045
27,873
27,949
27,992
28,198
28,109
28,212
28,162
28,273
28,271
28,392
28,458

,957
,975
,908
,969
2; 009
2,041
2,003
2,061
2,063
2,074
2,249
2,364

26,088
25,898
26,041
26,023
26,189
26,068
26,209
26,101
26,210
26,197
26,143
26,094

110,370
110,542
110,863
110,874
111,864
111,295
111,689
112,195
112,145
112,080
113,320
113,370

1,802
1,770
[,741
1,764
1,834
1,915
1,959
1,940
1,914
1,897
,926
2,009

5,760
5,398
5,037
5,413
5,192
5,145
5,109
5,238

1,434
1,437
2,215
2,756
2,508
2,917
2,712
1,964

13,325
13,084
12,962
12,877
12,852
12,641
12,641
12,643

483
552
321
387
343
357
379
434

87,089
86,745
85,402
84,177
84,426
83,233
82,593
83,480

28,092
27,664
27,569
27,519
27,580
27,449
27,503
27,422

2,214
2,071
1,970
2,025
1,942
1,973
1,932
1,982

25,878
25,593
25,599
25,494
25,638
25,476
25,571
25,440

112,967
112,338
111,001
109,671
110,064
108,709
108,164
108,920

[,963
2,021
[,962
1,903
,872
,860
,852
,806

79,111
79,048
78,126
77,837
77,872
77,463
76,880
77,370
77,293
77,222
77,185
77,624

4,755
4,535
4,426
4,800
4,615
4,455
4,699
4,710
4,738
4,763
5,088
5,054

77,704
77,836
77,856
78,257
79,319
79,942
80,497
81,331
81,151
81,661
81,715
82,470

5,273
4,896
4,744
4,815
5,106
5,280
5,347
5,830
5,868
6,048
5,758
6,110

82,216
81,870
80,666
80,317
79,788
78,983
78,497
79,064
79,171
79,321
79,517
79,363

5,927
5,558
5,347
5,766
5,211
5,314
5,305
5,491
5,362
5,506
5,490
5,603

79,069
79,628
79,711
79,750
80,372
81,033
80,840
81,520
81,385
81,720
81,609
82,371
81,441
81,048
80,013
79,856
79,617
79,011
78,152
78,473

824
832

1,190
1,296
1,292
1,495
2,203
1,737
1,503
1,396
835
863
683
828

1117

A NEW MEASURE OF THE MONEY SUPPLY
TABLE 2—Continued
BASIC DATA FOR MONEY SUPPLY SERIES—Continued
[Average of daily figures. In millions of dollars]
Currency component

Deposit component
All member banks

U.S.
Govt.
demand
deposits

Plus:
Nonmember
demand
deposit
component
(incl.
foreign
bal.)

3

4

Less:
Demand
deposits
Cash
excl. dom.
items
comm'l
in process
interbank
of
collection

Period

1

2

Total
money
supply
(col. 6

Less:
F. R.
float

Equals:
Demand
deposit
component

Currency
in
circulation

Less:
Vault
cash in
comm'l
banks

Equals:
Currency
component

+ col. 9)

5

6

7

8

9

10

Memo:
Demand
deposits
due to
foreign
and
mutual
savings
banks
by
u
member
banks

11

(A) Semimonthly periods, 1947-60—Continued
1949—
May—1.
2.

June—1.
2

July — 1.
2.

Aug.—1.
2.

Sept.—1.
Oct. — I!
2.

Nov.—1.
2

D e c — l!
2

1950—
Jan. — 1.
2

Feb.— \\
2.

Mar.—1.
2

Apr.—-l'.
2

May —l!
2.

June — I.
2.

July — 1 .
2.

Aug.—I.
Sept.—T.
2

Oct. — 1."
Nov.—7!
Dec.—7!
2.

1951—
Jan. — 1.
2.

Feb. — 1 .
2.

Mar.—1.
2.

Apr.—1.
2

May—1.'
2,

June—1.
2.

July — 1 .




2.

77,932
77,840
78,070
78,370

5,170
5,024
5,174
5,342

,590
,739
,049
,459

12,591
12,462
12,611
12,427

299
314
292
355

83,464
83,225
84,166
83,641

27,463
27,409
27,490
27,375

1,910
1,971
1,941
1,995

25,553
25,438
25,549
25,380

109,017
108,663
109,715
109,021

,764
,731
,744
,796

78,313
78,167
78,763
79.484
80J92
80,877
81,199
81,669
81,774
82,337
82,687
83,526

5,520
4,995
4,843
4,727
5,159
5,407
5,584
5,576
5,669
5,832
5,584
6,083

,407
,004
2,152
2,971
2,547
3,282
3.211
3,100
3,100
3,374
2,576
2,458

12,447
12,388
12,495
12,490
12,707
12,594
12.725
12,713
12,814
12,755
12,985
13,067

361
316
253
151
307
388
330
391
293
399
357
682

83,472
84,240
84,010
84,125
84,886
84,394
84,799
85,315
85,526
85,487
87,155
87,370

27,571
27,385
27,428
27,369
27,512
27,390
27,494
27,420
27,470
27,475
27,673
27,788

1,984
2,000
1,920
1,979
2,001
2,031
1,982
2,036
2,035
2,044
2,214
2,324

25,587
25,385
25,508
25,390
25,511
25,359
25,512
25,384
25,435
25,431
25,459
25,464

109,059
109,625
109,518
109,515
110,397
109,753
110,311
110,699
110,961
110,918
112,614
112,834

,816
,807
,704
,805
,805
,753
,831
,803
,833
,775
.777
,802

83,555
83,063
82,301
82,701
81,623
81,828
81,325
81,809
81,284
82,114
82,633
83,464

6,017
5,331
5,241
5,774
5,284
5,388
5,421
5,645
5,388
5,542
5,783
5,870

2,521
2,632
3,170
3,618
2,873
3,537
3,393
2,667
2,469
3,020
2,491
3,101

13,108
12,988
12,927
12,925
12,944
12,802
12,800
12,747
12,789
12,686
12,881
12,811

489
452
370
487
416
366
398
363
380
429
400
469

87,636
87,636
86,447
85,747
85,994
85,339
84,913
85,881
85,836
85,809
86,840
86,835

27,458
27,039
26,992
27,016
27,099
26,993
27,113
27,012
27,065
26,978
27,078
26,970

2,183
2,046
1,954
2,012
1,959
1,994
1,962
2,016
1,954
2,022
2,047
2,108

25,275
24,993
25,038
25,004
25,140
24,999
25,151
24,996
25,111
24,956
25,031
24,862

112,911
112,629
111,485
110,751
111,134
110,338
110,064
110,877
110,947
110,765
111,871
111,697

,783
,716
,692
,745
,769
,777
.776
,788
,705
,701
,719
,756

83,664
84,032
83,954
85,127
85,859
86,540
86,129
87,007
86,916
87,742
88,406
90,535

6,156
6,060
5,922
6,156
6,382
6,895
6,700
6,838
6,726
6,979
6,755
7,828

3,204
3,016
2,652
3.494
3,194
3,100
2.613
2,546
2 589
2,826
2,181
2,026

12,956
12,987
13,119
13,038
13,228
13,175
13,391
13,506
13,631
13,534
13,642
13,844

417
447
382
361
441
669
547
687
495
744
710

86,843
87,496
88,117
88,154
89,070
89,051
89,660
90,442
90,737
90,727
92,402
93,064

27,238
27,013
27,022
26,991
27,198
27,107
27,253
27,210
27,325
27,410
27,705
27,893

2,101
2,115
2,035
2,094
2,142
2,170
2,130
2,185
2,182
2,188
2,380
2,494

25,137
24,898
24,987
24,897
25,056
24,937
25,123
25,025
25,143
25,222
25,325
25,399

111,980
112,394
113,104
113,051
114,126
113,988
114,783
115,467
115,880
115,949
117,727
118,463

.718
,693
.703
,699
,750
,777
,861
,885
.869
',832
,840
,882

89,738
89,173
88,203
89,266
89,180
90,178
89,634
89,730
88,758
88,678
89,100
90,261

7,444
6,685
6,258
7,106
6,768
6,610
6,588
6,506
6,277
6,403
6,614
6,794

1,743
1,946
2,584
3,517
3,308
4,952
6,071
5,327
4,800
4,795
3,861
4,650

13,973
13,846
13,767
13,746
13,734
13,475
13,405
13,426
13,507
13,429
13,585
13,467

1,207

93,539
93,483
91,985
91,095
91,891
90,884
89,562
90,431
90,447
90,037
91,436
91,215

27,551
27,115
27,133
27,149
27,222
27,128
27,168
27,180
27,315
27,317
27,527
27,550

2,346
2,197
2,101
2,163
2,099
2,135
2,106
2,162
2,116
2,188
2,189
2,254

25,205
24,918
25,032
24,986
25,123
24,993
25,062
25,018
25,199
25,129
25,338
25,296

118,744
118,401
117,017
116,081
117,014
115,877
114,624
115,449
115,646
115,166
116,774
116,511

,904
1,815
,784
1,803
1,822
,862
1,943
1,896
1,845
1,819
1,815
1,797

89,763
89,088

6,915
6,248

5,038
4,062

13,558
13,668

1,119

90,418
91,327

27,935
27,786

2,237
2,251

25,698
25,535

116,116
116,862

1,800
1,758

1,461
985
905

1,143
1,294
947

818
892
741
872
774

1,069
950

1118

FEDERAL RESERVE BULLETIN • OCTOBER 1960
TABLE 2—Continued
BASIC DATA FOR MONEY SUPPLY

SERIES—Continued

[Averages of daily figures. In millions of dollars]
Currency component

Deposit component
All member banks

U.S.
Govt.
demand
deposits

PlusNonl
member
demand
deposit
component
(incl.
foreign
bal.)

3

4

Less:
Demand
deposits
Cash
excl. dom.
items
comm'l
in process
interbank
of
collection

Period

1

2

Total
money
supply
(col. 6

Less:
F. R.
float

Equals:
Demand
deposit
component

Currency
in
circulation

Less:
Vault
cash in
comm'l
banks

Equals:
Currency
component

+ col. 9)

5

6

7

8

9

10

Memo:
Demand
deposits
due to
foreign
and
mutual
savings
banks
by
u
member
banks

11

(A) Semimonthly periods, 1947-60—Continued
1951—
Aug.—1 •
Sept.—1.
P
2.
Oct. —1 •
2.

Nov.—1.
2.

Dec. — 1 .
2.

1952—
Jan. — 1 .
2.

Feb.—I!
Mar.—1.
2.

Apr.—1
2

May—1
2

Juie —1
2

July —1
2

Aug.—1
2

Sept.—1
2

Oct. —1
2

Nov.—1
2

Dec.—1
2

1953—
Jan. —1
2

Feb.—1

2

Mar.—1
2

Apr.—1
2

May—1
2

June—1
2

July —1
2

Aug.—t

2

Sept.—1
2

Oct. —1
2

Nov.—1




2

88,900
89,008
89,677
91,535
91,263
92,398
92,102
93,336
93,793
96,190

6,145
6,088
6,750
7,133
6,847
1,21 A
7,041
7,610
7,272
7,832

3,780
4,034
2,727
3,963
4,092
3,235
2,684
2,900
2,267
2,697

13,743
13,663
13,932
13,971
14,213
14,425
14,637
14,789
14,919
14,956

94,915
94,181
93,643
93,532
92,675
94,015
92,319
92,940
92,420
93,194
93,534
95,350

7,477
6,745
6,791
7,221
6,785
6,773
6,593
7,027
6,737
6,996
7,108
7,284

2,234
1,814
2,696
3,444
2,662
4,458
4,452
3,860
3,728
4,257
3,359
4,569

15,044
14,929
14,847
14,670
14,689
14,553
14,579
14,587
14,588
14,490
14,650
14,508

1,125

97,232
96,080
95,028
94,806
95,011
96,424
96,252
97,893
97,381
99,233
99,296
100,493

7,520
6,810
6,576
6,693
7,102
7,323
7,338
7,831
8,020
8,175
7,665
8,187

7,718
6,535
5,920
5,779
4,169
5,336
5,069
4,945
4,028
5,555
4,639
4,383

14,560
14,673
14,781
14,739
15,051
15,037
15,170
15,334
15,527
15,538
15,747
15,892

860
911
695
767
764
960
778

99,258
98,062
96,962
97,097
96,542
96,621
94,817
94,841
93,944
93,858
94,124
95,281

8,071
7,408
7,311
7,721
7,498
7,413
7,208
7,489
7,270
7,338
7,243
7,500

3,692
3,148
3,868
4,703
3,595
4,429
4,203
2,676
2,474
2,557
1,787
3,034

15,959
15,792
15,662
15,538
15,563
15,328
15,341
15,231
15,195
15,038
15,235
15,136

93,709
98,384
97,488
96,972
96,883
97,733
96,847
97,026
97,853
99,253

7,276
7,253
7,088
6,991
7,257
7,933
7,792
7,781
8,057
8,178

2,581
7,086
6,320
6,375
5,206
5,244
4,599
3,240
3,801
5,285

15,273
15,331
15,413
15,302
15,622
15,637
15,726
15,821
16,035
16,083

91,943
91,640
93,286
93,166
93,549
95,249
96,144
96,349
98,202
98,883

27,911
27,970
28,229
28,187
28,392
28,376
28,529
28,669
28,948
29,295

2,180
2,243
2,292
2,321
2,252
2,310
2,306
2,311
2,511
2,630

25,731
25,727
25.937
25,866
26,140
26,066
26,223
26,358
26,437
26,665

117,674
117,367
119,223
119,032
119,689
121,315
122,367
122,707
124,639
125,548

,724
,702
,691
,700
,741
,735
,725
,716
,741
,850

99,123
99,573
98,225
96,502
97,017
96,356
94,994
95,682
95,831
95,536
96,866
96,961

28,929
28,414
28,411
28,396
28,483
28,395
28,513
28,406
28,528
28,566
28,832
28,837

2,478
2,320
2,229
2,294
2,208
2,246
2,210
2,268
2,207
2,281
2,255
2,321

26,451
26,094
26,182
26,102
26,275
26,149
26,303
26,138
26,321
26,285
26,577
26,516

125,574
125,667
124,407
122,604
123,292
122,505
121,297
121,820
122,152
121,821
123,443
123,477

,885
,822
,774
,789
,791
,116
,111
,765
,726
,779
,798
,865

95,694
96,497
96,618
96,306
98,027
97,842
98,237
99,392
100,060
99,956
101,681
102,319

29,140
28,922
29,038
29,115
29,363
29,316
29,541
29,554
29,821
29,981
30,342
30,622

2,301
2,321
2 239
2,309
2,356
2,392
2,347
2,413
2,417
2,428
2,637
2,769

26,839
26,601
26,799
26,806
27,007
26,924
27,194
27,141
27,404
27,553
27,705
27,853

122,533
123,098
123,417
123,112
125,034
124,766
125,431
126,533
127,464
127,509
129,386
130,172

t ,847

1,011
1,017

707
940
940
904
842
844
706
792
678
873

102,443
102,281
100,738
99,271
100,072
99,203
97,905
99,063
98,689
98,209
99,651
99,010

30,188
29,715
29,714
29,714
29,806
29,706
29,803
29,755
29,880
29,853
30,017
29,996

2,593
2,440
2,327
2,394
2,306
2,345
2,298
2,358
2,284
2,359
2,344
2,412

27,595
27,275
27,387
27,320
27,500
27,361
27,505
27,397
27,596
27,494
27,673
27,584

130,038
129,556
128,125
126,591
127,572
126,564
125,410
126,460
126,285
125,703
127,324
126,594

1,903
1,874
1,832
1,817
1,865
1,863
1,844
1,820
1,771
1,814
1,775
1,194

685
788
612
708
646
887
692
895
662
834

98,440
98.588
98,881
98,200
99,396
99,306
99,490
100,931
101,368
101,039

30,252
30,085
30,159
30,167
30,375
30,279
30,383
30,342
30,485
30,598

2,377
2,399
2,315
2,389
2,436
2,475
2,417
2,486
2,479
2,493

27,875
27,686
27,844
27,778
27,939
27,804
27,966
27,856
28,006
28,105

126,315
126,274
126,725
125,978
127,335
127,110
127,456
128,787
129,374
129,144

1,795
1,777
1,762
1,713
1,720
1,765
1,741
1,790
1,780
1,763

775
909
846

1,244

988

1,065

870

1,266

971

1,734
978
778

1,035

900
981
859
958
712
895
851

1,044

1,059

800

1,085
1,058
1,496

,745
,778
,740
1,799
1,806
,855
,858
1,830
1,807
1,837
1,922

1119

A NEW MEASURE OF THE MONEY SUPPLY
TABLE 2—Continued
BASIC DATA FOR MONEY SUPPLY SERIES—Continued
[Averages of daily figures. In millions of dollars]
Currency component

Deposit component
All member banks

Less:
Demand
deposits
Cash
excl. dom.
items
rnmtn*!
in process
interbank
of
collection

Period

\sKSM-±l.Lk!L I

2

U.S.
Govt.
demand
deposits
3

Plus:
Nonmember
demand
deposit
component
(incl.
foreign
bal.)

Currency
in
circulation

Less:
Vault
cash in
comm'l
banks

Equals:
Currency
component

5

4

Less:
F. R.
float

Equals:
Demand
deposit
component

6

7

8

9

Total
money
supply
(col. 6

Memo:
Demand
deposits
due to
foreign
and
mutual
savings
banks
by
member
banks

10

11

+ col. 9)

(A) Semimonthly periods, 1947-60—Continued
1953—
Dec. — 1 .

733

98,983
99,949

7,889
8,173

3,663
3,330

16,237
16,371

1,269

102,935
103,548

30,878
31,054

2,701
2,838

28,177
28,216

131,112
131,764

1,803
1,847

99,866
99,048
97,547
97,696
96,865
97,195
95,332
95,753
96,048
97,065
97,087
97,721

8,536
7,809
7,496
8,074
7,629
7,465
7,408
7,506
7,748
7,816
7,698
7,734

2,820
2,565
2,989
3,818
3,021
4,308
4,222
3,172
2,779
4,284
3,322
3,700

16,384
16,158
15,936
15,755
15,808
15,598
15,466
15,415
15,464
15,321
15,523
15,393

880
862
602
729
698
744
586
802
603
665
645
781

104,014
103,970
102,396
100,830
101,325
100,276
98,582
99,688
100,382
99,621
100,945
100,899

30,568
30,064
29,947
29,859
29,902
29,716
29,793
29,717
29,780
29,759
29,911
29,798

2,661
2,488
2,370
2,436
2,348
2,384
2,346
2,406
2,315
2,389
2,377
2,443

27,907
27,576
27,577
27,423
27,554
27,332
27,447
27,311
27,465
27,370
27,534
27,355

131,921
131,546
129,973
128,253
128,879
127,608
126,029
126,999
127,847
126,991
128,479
128,254

1,857
1,850
1,847
1,898
1,892
1,858
1,897
1,855
1,809
1,750
1,730
1,803

97,863
97,171
97,862
2.
97,606
Sept.—I. 97,547
2.
98,527
Oct. — 1 . 100,970
2. 102,083
Nov.—1. 102,500
2. 104,129
D e c — I . 103,826
2. 104,961

8,249
7,645
7,456
7,174
7,432
7,875
8,041
8,231
8,427
8,568
8,244
8,561

4,563
3,151
4,229
4,685
3,669
3,557
5,711
5,400
5,239
6,103
5,063
4,095

15,502
15,490
15,567
15,473
15,814
15,909
16,099
16,221
16,428
16,469
16,593
16,783

685
698
641
680
626
805
644
796
648
894
727

1,231

99,868
101,167
101,103
100,540
101,634
102,199
102,673
103,877
104,614
105,033
106,385
107,857

30,071
29,874
29,921
29,871
30,046
29,933
30,083
30,067
30,197
30,349
30,659
30,834

2,454
2,475
2,382
2,457
2,503
2,542
2,495
2,566
2,584
2,597
2,821
2,963

27,617
27,399
27,539
27,414
27,543
27,391
27,588
27,501
27,613
27,752
27,838
27,871

127,485
128,566
128,642
127,954
129,177
129,590
130,261
131,378
132,227
132.785
134;223
135,728

1,831
1,855
1,871
1,830
1,794
1,797
[,854
1,868
1,817
1,835
,914
2,030

1955—
Jan. — 1 . 103,773
2. 103,261
Feb.—1. 102,341
2. 102,254
Mar.—I. 101,546
2. 101,121
Apr.—1. 101,935
2. 102,874
May—1. 102,437
2. 102,427
June—1. 101,917
2 . 103,088

8,665
8,100
7,817
8,515
8,246
7,977
8,239
8,515
8,436
8,381
8,507
8,733

2,875
2,446
3,253
3,352
3,232
3,583
4,924
4,072
4,433
4,564
3,519
3,772

16,799
16,671
16,540
16,398
16,352
16,181
16,201
16,242
16,203
16,002
16,171
16,142

808
806
636
789
749
856
758
908
732
870
785
957

108,224
108,580
107,175
105,996
105,671
104,886
104,215
105,621
105,039
104,614
105,277
105,768

30,381
29,902
29,787
29,777
29,821
29,761
29,883
29,734
29,838
29,868
30,056
30,028

2,781
2,602
2,476
2,545
2,454
2,493
2,448
2,511
2,428
2,507
2,499
2,569

27,600
27,300
27,311
27,232
27,367
27,268
27,435
27,223
27,410
27,361
27,557
27,459

135,824
135,880
134,486
133,228
133,038
132,154
131,650
132,844
132,449
131,975
132,834
133,227

July — 1. 102,411
2. 103,750
Aug.—1. 102,217
2. 101,744
Sept.—1. 102,371
103,146
Oct. —1'. 103,915
2. 104,891
Nov.—1. 104,013
2. 105,517
D e c — 1 . 105,141
2. 107,992

9,215
8,905
8,258
8,038
8,705
9,140
9,555
9,382
9,264
9,899
9,353
10,303

3,724
4,647
4,365
4,587
3,744
3,269
3.858
4,279
3,622
4,128
2,917
3,168

16,230
16,158
16,252
16,117
16,449
16,604
16,710
16,751
16,853
16,991
17,104
17,405

899
977
671
801
751

104,803
105,379
105,175
104,435
105,620
106,251
106,364
106,976
107,141
107,222
109,030
110,164

30,356
30,216
30,289
30,285
30,467
30,367
30,516
30,538
30,685
30,868
31,145
31,366

2,570
2,590
2,497
2,573
2,610
2,649
2,587
2,658
2,651
2,662
2,887
3,029

27,786
27,626
27,792
27,712
27,857
27,718
27,929
27,880
28,034
28,206
28,258
28,337

132,589
133,005
132,967
132,147
133,477
133,969
134,293
134,856
135,175
135,428
137,288
138,501

2,013
1,956
,922
1,948
1,922
,958
1,972
1,956
,944
,989
1,989
2,050
2,026
2,017
1,942
1,909
,943
1,992
2; 023
1,992
1,989
1,942
1,974
2,034

1956—
Jan. — 1 . 107,456
2. 104,915
Feb. — 1 . 102,944
2. 103,468

10,567
9,212
8,518
9,244

2,328
1,465
1,996
2,885

17,604
17,345
17,045
16,845

110,829
110,553
108,653
107,066

30,942
30,377
30,231
30,200

2,840
2,662
2,536
2,611

28,102
27,715
27,695
27,589

138,931
138,268
136,348
134,655

2,036
2,035
2,052
2,035

2

1954—
Jan. — 1 .
2.

Feb.—1.
2.

Mar.—1.
2.

Apr. — 1 .
2.

May — 1 .
2.

June—I.
2.

July — 1 .
2.

Aug.—1.




1,090
848

1,005
839

1,259
945

1,762
1,336
1,030
822

1,118

1120

FEDERAL RESERVE BULLETIN • OCTOBER 1960
TABLE 2—Continued
BASIC DATA FOR MONEY SUPPLY SERIES—Continued
[Averages of daily figures. In millions of dollars]
Currency component

Deposit component
All member banks

U.S.
Govt.
demand
deposits

PlusNonl
member
demand
deposit
component
(incl.
foreign
bal.)

3

4

Less :
Demand
deposits
Cash
excl. dom.
items
comm'l
in process
interbank
of
collection

Period

1

2

Total
money
supply
(col. 6

Memo :
Demand
deposits
due to
foreign
and
mutual
savings
banks
by
member
banks

Less:
F. R.
float

Equals:
Demand
deposit
component

Currency
in
circulation

Less:
Vault
cash in
comm'l
banks

Equals:
Currency
component

+ col. 9)

5

6

7

8

9

10

11

(A) Semimonthly periods, 1947-60—Continued
1956—
Mar.—1.

102,985
104,917
103,734
2 . 104,306
May—1. 103,862
2. 104,006
June—1. 103,977
2. 105,488

8,850
9,056
9,105
9,181
9,084
9,251
9,474
9,902

2,705
4,626
3,977
3,485
4,245
5,131
3,819
3,811

16,748
16,661
16,789
16,793
16,722
16,589
16,831
16,854

104,623
2. 103,201
Aug.—1. 101,616
2. 104,094
Sept.—1. 104,448
2. 105,781
Oct. — 1 . 104,296
2 . 105,540
Nov.—1. 104,975
2 . 107,916
D e c — 1 . 107,250
2 . 109,906

10,327
9,333
8,834
9,005
9,539
10,236
9,710
9,932
9,944
11,773
10,377
11,186

4,089
2,945
2,826
5,165
3,994
3,968
3,719
3,327
2,794
4,504
2,816
3,105

16,816
16,668
16,594
16,528
16,717
16,785
16,966
i7,213
17,357
17,595
17,627
17,888

1,230
1,309

108,427
106,172
104,159
104,504
103,600
105,068
104,782
105,590
104,462
103,752
104,388
105,997

10,847
9,817
9,550
10,310
9,800
9,933
9,492
9,572
9,551
9,714
9,988
10,483

2,156
1,201
1,366
2,007
1,797
3,462
4,469
3,397
3,724
3,552
3,198
3,920

17,932
17,549
17,266
17,078
16,967
16,819
16,948
17,073
16,977
16,842
16,971
16,889

1,462
1,268
1,011
1,207
1,048
1,026

106,171
104,908
102,688
2 . 103,407
Sept.—1. 104,029
2. 105,121
Oct. — 1 . 105,368
2 . 104,871
Nov.—1. 104,664
2 . 105,740
Dec. — 1 . 106,420
2 . 108,859

10,553
9,784
9,374
9,558
10,242
10,239
10,011
10,034
10,410
10,920
10,773
11,344

5,158
3,652
2,083
3,289
2,507
3,652
4,598
2,836
2,303
2,891
2,811
3,342

16,937
16,895
16,920
16,812
17,058
17,043
17,156
17,242
17,296
17,330
17,578
17,961

1,141
1,226

11,275
9,814
9,867
9,784
10,064
9,643
9,457
10,396
9,922
9,836
10,224
10,707

2,413
1,547
1,808
2,643
3,026
4,844
3,171
4,547
4,911
5,246
4,023
7,204

17,930
17,519
17,355
17,133
17,124
16,976
17,172
17,341
17,314
17,169
17,307
17,059

2.

Apr.—I.

July — 1 .

1957—
Jan. — 1 .
2.

Feb.—1.
2.

Mar.—1.
2.

Apr.—1.
2.

May—1.
2.

June—1.
2.

July — 1 .
2.

Aug.—1.

1958—
Jan. — 1 .

107,597
104,577
103,878
2 . 103,484
Mar.—1. 104,338
2 . 104,998
Apr.—1. 103,443
2 . 107,274
May—1. 105,887
2 . 105,480
June — 1 . 106,779
2. 110,153
2.

Feb.—1.




887

1,052
859
985
867
988
970

1,410
841
985
985

1,387
1,061
1,310
1,051
1,520
1,283
1,941

885

1,325
942

1,144
986

1,335
900

1,086
995

1,297
990

1,275
979

1,282
1,084
1,749
1,222
1,063
789

1,029
865
929
836
891
785
885
863
980

107,291
106,844
106,582
107,448
106,388
105,225
106,545
107,219

30,234
30,265
30,310
30,189
30,301
30,324
30,527
30,531

2,527
2,573
2,530
2,599
2,536
2,623
2,622
2,701

27,707
27,692
27,780
27,590
27,765
27,701
27,905
27,830

134,998
134,536
134,362
135,038
134,153
132,926
134,450
135,049

2,061
2,042
2,090
2,021
2,002
1,999
1,989
2,003

105,793
106,282
105,709
105,467
106,647
106,975
106,772
108,184
108,543
108,714
110,401
111,562

30,865
30,650
30,648
30,643
30,855
30,750
30,877
30,847
31,038
31,320
31,597
31,919

2,674
2,689
2,587
2,660
2,712
2,745
2,677
2,745
2,739
2,744
2,957
3,096

28,191
27,961
28,061
27,983
28,143
28,005
28,200
28,102
28,299
28,576
28,640
28,823

133,984
134,243
133,770
133,450
134,790
134,980
134,972
136,286
136,842
137,290
139,041
140,385

2,032
2,062
2,090
2.046
2; 068
2,126
2,082
2,084
2,115
2,154
2,185
2,256

111,894
111,435
109,498
108,058
107,922
107,466
106,884
108,369
107,222
106,184
107,187
107,148

31,428
30,751
30,621
30,569
30,590
30,547
30,647
30,584
30,606
30,662
30,880
30,907

2,909
2,725
2,602
2,679
2,589
2,635
2,582
2,652
2,576
2,663
2,633
2,711

28,519
28,026
28,019
27,890
28,001
27,912
28,065
27,932
28,030
27,999
28,247
28,196

140,413
139,461
137,517
135,948
135,923
135,378
134,949
136,301
135,252
134,183
135,434
135,344

2,274
2,135
2,045
2,082
2,079
2,058
2,020
2,043
2,070
2,069
2,031
2,173

106,256
107.141
107^251
106,286
107,343
106,976
106,925
107,968
108,268
107,977
109,330
110,385

31,261
30,990
31,020
31,037
31,217
31,075
31,137
31,081
31,212
31,419
31,803
32,041

2,687
2,707
2,603
2,681
2,724
2,763
2,667
2,739
2,719
2,728
2,973
3,118

28,574
28,283
28,417
28,356
28,493
28,312
28,470
28,342
28,493
28,691
28,830
28,923

134,830
135,424
135,668
134,642
135,836
135,288
135.395
136;31O
136,761
136,668
138,160
139,308

2,192
2,185
2,229
2,195
2,164
2,128
2,203
2,217
2,173
2,137
2,160
2,268

110,617
109,672
108,769
107,161
107,507
106,558
107,151
108,781
107,583
106,682
108,976
108,321

31,465
30,758
30,636
30,578
30,602
30,564
30,729
30,585
30,724
30,840
31,038
31,028

2,941
2,755
2,629
2,706
2,610
2,655
2,611
2,681
2,605
2,692
2,680
2,758

28,524
28,003
28,007
27,872
27,992
27,909
28,118
27,904
28,119
28,148
28,358
28,270

139,141
137,675
136,776
135,033
135,499
134,467
135,269
136,685
135,702
134,830
137,334
136,591

2,235
2,130
2,082
2,104
2,131
2,115
2,132
2,127
2,146
2,072
2,075
2,135

1121

A NEW MEASURE OF THE MONEY SUPPLY
TABLE 2—Continued
BASIC DATA FOR MONEY SUPPLY SERIES—Continued
[Averages of daily figures. In millions of dollars]
Deposit component
All member banks

Demand
deposits
Cash
excl. dom.
items
comm'l
interbank in process
of
collection
1

2

Less:
F. R.
float

Equals :
Demand
deposit
component

Currency
in
circulation

Less:
Vault
cash in
comm'l
banks

Equals:
Currency
component

Total
money
supply
(col. 6

+ col. 9)

Memo:
Demand
deposits
due to
foTcisn.
and
mutual
savings
banks
by
member
banks

5

6

7

8

9

!0

11

Plus •

U.S.
Govt.
demand
deposits

Nonl
member
demand
deposit
component
(incl.
foreign
bal.)

3

4

Less:
Period

Currency component

(A) Semimonthly periods, 1947-60—Continued
1958—
July — 1. 108,676
2 . 106,989
Aug.—1. 107,020
2 . 107,280
Sept.—1. 107,589
2
107,182
Oct. —1 .' 107,676
2. 109,005
Nov.—1. 109,061
2. 111,173
Dec.—l. 111,091
2. 113,337

10,822
10,018
10,008
9,809
10,483
10,323
10,466
10,652
11,316
11,563
11,072
11.544

6,794
4,429
4,219
5,426
3,881
3,489
3,923
3,687
2,608
4,422
3,281
3,561

17,213
17,125
17,301
17,207
17,597
17,586
17,896
18,166
18,543
18,678
18,892
19,203

1959—
Jan. — 1 . 113,091
2 . 111,834
Feb. — 1 . 110,828
2 . 110,087
Mar.—1. 108,960
2. 109,064
Apr.—1. 110;870
2. 111,265
May — 1 . 110,685
2. 110,357
June—1. 109,174
2. 110,688

12,358
11,254
11,105
11,523
11,192
10,611
11,118
11,478
11,273
11,407
11,227
11,533

2,623
I 3,050
i 3,830
j 3,892
| 2,817
3,767
4,786
3,554
4,617
4,763
3,088
4,010

19,322
18,990
18,857
18,550
18,528
18,332
18,548
18,686
18,577
18,354
18,545
18,457

930
945
813
905
869

1,107
903

1,163
883

1,179
1,170
1,784
1,212
1,151
902

1,028
904

1,010
867

1,002
858

1,013
833

1,186

July — 1 . 110,241
2. 112,165
Aug.—1. 110,274
2. 110,031
Sept.—1'. 110,430
2 # 111,778
Oct. —1'. 110,615
2. 112,047
Nov.—1. 112,210
2. 112,185
Dec.—l. 112,781
2. 115,260
1960—
Jan. — 1. 115,053
2. 112,161
Feb. — 1 . 109.678
2 . 109,035
Mar.—1. 107,826
2. 107,743
Apr.—1. 106,972
2
110,441
May— 1." 109,765
2 . 108,794
June—1. 108,793
2. 110,469

11,430
11,471
11.092
10,829
11.445
11,769
11,871
12,132
12,388
12.597
12,217
12,957

3,877
4,925
3,853
5,084
4,163
4,971
3,995
4,629
4,322
4,004
4,113
4,636

18,691
18,682
18,856
18,731
19,073
19,209
19,259
19,447
19,502
19,805
19,546
20,063

13,689
12,356
11,754
12,027
11,319
11,265
11,725
12,321
12,246
11.814
12,175
12,512

4,008
3,238
3,352
3,962
3,324
4,261
2,722
3,819
5,356
6,205
5,263
6,165

20,159
19,811
19,596
19,248
19,150
18,861
19,083
19,195
18,979
18,649
18,857
18,612

1,437
1,276
1,018
1,204
1,053
1,074

July — 1 . 110,071
2
111,153
Aug.—1. 109,719
2 . 108,119
Sept.—1. 108,700
111,507
2

13,064
12,393
11,909
11,195
12,222
12,858

5,889
6,192
5,523
5,391
3,886
5,790

18,893
18,906
18,983
18,699
19,018
19,153

1,110
1,182

-

920

1,124
803
972
849

1,315
978

1,244
925

1,248
1,047
1.755

925

1,245
956

1,131
979

1,353

853
949
946

1,366

NOTE.—Data for second half of September 1960 are preliminary.




107,343
108,722
109,281
108,347
109,953
109,849
110,280
111,669
112,797
112,687
114,460
115,651

31,363
31,172
31,237
31,285
31,418
31,276
31,397
31,375
31,582
31,840
32,223
32,499

2,725
2,748
2,650
2,732
2,793
2,835
2,796
2,874
2,894
2,920
2,965
3,286

28,638
28,424
28,587
28,553
28,625
28,441
28,601
28,501
28,688
28,920
29,258
29,213

135,981
137,146
137,868
136,900
138,578
138,290
138,881
140,170
141,485
141,607
143,718
144,864

2,101
2,204
2,172
2,149
2,091
2,032
2,003
2,063
2,013
2,033
2,041
2,155

116,220
115,369
113,848
112,194
112,575
112,008
112,647
113,917
112,514
111,528
112,571
112,416

31,881
31,250
31,176
31,136
31,203
31,242
31,308
31,292
31,444
31,516
31,786
31,828

3,067
2,908
2,712
2,877
2,735
2,786
2,740
2,869
2,821
2,837
2,755
2,965

28,814
28,342
28,464
28,259
28,468
28,456
28,568
28,423
28,623
28,679
29,031
28,863

145,034
143,711
142,312
140,453
141,043
140,464
141,215
142,340
141,137
140,207
141,602
141,279

2,072
1,970
1,967
1,976
2,126
2,195
2,091
1,924
1,921
2,026
1,985
2,056

112,705
113,327
113,382
111,877
113,046
112,932
113,030
113,489
114,077
114,141
114,950
116,375

32,132
31,972
32,013
31,971
32,117
31,930
32,003
31,943
32,077
32,298
32,640
32,896

2,818
2,966
2,756
2,884
2,851
3,042
2,869
3,010
2,885
3,067
3,181
3,427

29,314
29,006
29,257
29,087
29,266
28,888
29,134
28,933
29,192
29,231
29,459
29,469

142,019
142,333
142,639
140,964
142,312
141,820
142,164
142,422
143,269
143,372
144,409
145,444

2,063
,936
,904
1,890
,975
,955
1,932
1,908
1,870
1,852
2; 003
2,140

116,078
115,102
113,150
111,090
111,280
110,004
110,683
112,251
110,186
108,293
109,233
109,051

32,378
31,726
31,605
31,555
31,636
31,615
31,751
31,677
31,698
31,733
31,940
31,899

3,236
3,179
2,930
3,008
2,896
2,996
2,863
3,043
2,882
3,017
2,989
3,074

29,142
28,547
28,675
28,547
28,740
28,619
28,888
28,634
28,816
28,716
28,951
28,825

145,220
143,649
141,825
139,637
140,020
138,623
139,571
140,885
139,002
137,009
138,184
137,876

2,057
1,970
1,897
,926
1,919
1,949
1,927
1,894
1,844
,850
,858
1,926

108,901
110,292
110,417
109,283
110,664
110,646

32,259
32,095
32,125
32,060
32,219
32,084

3,002
3,079
2,942
3,153
3,032
3,165

29,257
29,016
29,183
28,907
29,187
28,919

138,158
139,308
139,600
138,190
139,851
139,565

,901
,883
1,899
,886
,847
,878

1122

FEDERAL RESERVE BULLETIN • OCTOBER 1960
TABLE 2—Continued
BASIC DATA FOR MONEY SUPPLY SERIES—Continued
[Averages of daily figures. In millions of dollars]
Deposit component
All member banks

Period

Cash
items
in process
of
collection

U.S.
Govt.
demand
deposits

Plus:
Nonmember
demand
deposit
component
(incl.
foreign
bal.)

2

3

4

Less:
Demand
deposits
excl. dom.
comm'l
interbank

1

Currency component

Less:
F. R.
float

Equals:
Demand
deposit
component

5

6

Total
money
supply
(col. 6
+ col. 9)

Memo:
Demand
deposits
due to
foreign
and
mutual
savings
banks by
member
banks

9

10

11

Currency
in
circulation

Less:
Vault
cash in
comm'l
banks

Equals:
Currency
component

7

8

(B) Weekly periods , 1960
Jan. — 6 . . .
13...
20...
27...

116,707
113,761
114,490
110,931

15,044
12,554
13,593
11,705

4,283
3,958
3,360
2,961

20,071
20,229
20,194
19,676

1,591
1,311
1,508
1,148

115,860
116,167
116,223
114,793

32,566
32,330
31,954
31,682

3,224
3,229
3,204
3,329

29,342
29,101
28,750
28,353

145,202
145,268
144,973
143,146

2,081
2,018
2,000
1,927

Feb.— 3 . . .
10...
17...
24...

111,289
108,706
110,092
108,599

11,950
11,016
12,669
11,815

3,571
3,273
3,330
4,106

19,548
19,551
19,546
19,216

1,119
851
1,137
1,341

114,197
113,117
112,502
110,553

31,564
31,588
31,642
31,564

3,053
2,859
3,023
2,968

28,511
28,729
28,619
28,596

142,708
141,846
141,121
139,149

1,895
1,898
1,917
1,936

Mar.— 2 . . .
9...
16...
23...
30...

109,192
106,983
108,409
108,867
106,658

12,066
10,558
11,958
11,683
10,671

4,014
3,511
2,875
4,627
4,176

19,104
19,112
19,123
18,978
18,715

1,069
1,182
943
1,283
910

111,147
110,844
111,756
110,252
109,616

31,520
31,592
31,722
31,688
31,536

3,061
2,764
2,954
2,945
3,016

28,459
28,828
28,768
28,743
28,520

139,606
139,672
140,524
138,995
138,136

1,884
1,955
1,944
1,935
1,966

-.!:::
20...
27...

106,808
106,015
110,732
109,958

11,799
11,404
12,629
11,870

3,676
2,033
3,287
3,694

18,842
19,177
19,373
19,162

898
895
1,366
1,184

109,277
110,860
112,823
112,372

31,630
31,811
31,850
31,605

2,763
2,860
3,073
3,098

28,867
28,951
28,777
28,507

138,144
139,811
141,600
140,879

1,933
1,908
1,894
1,879

May— 4 . . .
11...
18...
25...

110,983
108,713
110,408
108,417

12,859
11,364
13,178
11,472

4,999
5,294
5,823
6,327

18,965
19,031
18,904
18,641

966
932
1,088
1,202

111,124
110,154
109,223
108,057

31,589
31,707
31,779
31,691

2,969
2,819
2,990
3,035

28,620
28,888
28,789
28,656

139,744
139,042
138,012
136,713

[,829
1,855
1,861
1,837

June — 1 . . .
8...
15...
22...
29...

108,418
108,621
109,054
111,828
109,132

11,530
12,178
12,265
13,269
11,645

6,253
5,789
4,595
6,338
5,938

18,532
18,834
18,926
18,739
18,501

992
1,010
965
1,580
1,196

108,175
108,478
110,155
109,380
108,854

31,777
31,911
31,977
31,939
31,853

3,028
2,888
3,046
3,011
3,125

28,749
29,023
28,931
28,928
28,728

136,924
137,501
139,086
138,308
137,582

[,850
1,854
1,899
1,911
1,958

July — 6 . . .
13...
20...
27...

110,399
108,996
112,792
110,191

13,282
12,745
13,528
11,754

6,543
5,053
6,855
5,917

18,665
19,032
19,029
18,838

1,019
1,134
1,403
1,134

108,220
109,096
110,035
110,224

32,097
32,376
32,220
32,060

2,794
3,113
3,126
3,152

29,303
29,263
29,094
28,908

137,523
138,359
139,129
139,132

[,888
1,898
1,900
1,848

Aug.— 3 . . .
10...
17...
24...
31...

110,713
109,078
110,071
108,550
107,116

12,092
11,281
12,678
11,391
10,576

5,846
5,418
5,477
5,835
4,923

18,891
19,037
18,848
18,729
18,626

906
824
933
1,055
792

110,760
110,592
109,831
108,998
109,451

32,033
32,117
32,184
32,108
31,974

3,055
2,853
3,066
3,093
3,164

28,978
29,264
29,118
29,015
28,810

139,738
139,856
138,949
138,013
138,261

1,849
1,950
1,908
1,889
1,861

Sept.— 7 . . .
14...
21...
28?..

107,908
108,966
112,622
110,527

11,580
12,601
14,064
11,880

4,534
3,174
4,332
6,651

18,786
19,216
19,385
18,989

843
1,009
1,523
1,280

109,737
111,398
112,088
109,705

32,134
32,304
32,193
32,017

2,866
3,141
3,156
3,189

29,268
29,163
29,037
28,828

139,005
140,561
141,125
138,533

1,860
1,846
1,902
1,867

Oct.— 5*\.

111,592

12,665

7,154

19,032

1,092

109,713

32,023

3,027

28,996

138,709

1,839

A p r

p
Preliminary.
NOTE.—Sources of data are described on p. 1107 of this
BULLETIN. Procedures used in estimating the following series:
—(1) U. S. Government demand deposits at member banks to midNovember 1958, (2) nonmember demand deposit component, (3)
vault cash at commercial banks, and (4) demand balances of foreign




and mutual savings banks with member banks—are described in
"Estimating Procedures Used in Daily Average Money Supply
Series," which is available on request to the Division of Administrative Services, Board of Governors of the Federal Reserve System,
Washington 25, D. C.

1123

A NEW MEASURE OF THE MONEY SUPPLY
TABLE 3
SEASONAL ADJUSTMENT FACTORS FOR COMPONENTS OF MONEY SUPPLY, SEMIMONTHLY,

1947-60

[Per cent]
Period

1947

1948

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1960

1961

(A) Deposits
Jan. —1
2
Feb. —1
2
Mar.—1
2

103.0
102.8
101.1
99.6
99.3
98.4

103.0
102.8
101.1
99.7
99.6
98.4

103.0
102.8
101.1
99.7
99.8
98.6

103.0
102.8
101.1
99.8
100.1
98.8

103.1
103.0
101.2
99.9
100.4
99.3

103.2
103.2
101.5
99.9
100.4
99.4

103.3
103.3
101.6
100.0
100.4
99.4

103.4
103.3
101.7
100.0
100.4
99.4

103.4
103.3
101.6
100.0
100.2
99.4

103.4
103.1
101.4
99.9
100.0
99.3

103.4
103.0
101.3
99.7
99.8
99.2

103.3
102.6
101.1
99.6
99.7
99.0

103.3
102.5
100.9
99.4
99.6
98.8

103.3
102.5
100.9
99.2
99.5
98.8

103.2
102.5
100.8
99.1
99.4
98.6

Apr.—1
2
May—1

97.6
98.2
98.2
98.0
98.9
98.7

97.6
98.3
98.3
98.0
98.9
98.7

97.7
98.5
98.4
98.0
99.1
98.7

97.9
98.7
98.5
98.1
99.1
98.8

97.9
98.7
98.5
98.1
99.3
98.9

97.9
98.8
98.6
98.1
99.4
99.1

98.0
99.0
98.8
98.2
99.4
99.1

98.1
99.0
99.0
98.2
99.4
99.2

98.4
99.6
99.0
98.2
99.2
99.3

98.9
99.9
99.0
98.1
99.2
99.3

98.9
100.1
99.0
98.1
99.1
99.2

99.1
100.4
99.0
98.1
99.1
99.0

99.3
100.6
99.1
97.9
98.9
98.8

99.3
100.6
99.1
97.9
98.8
98.7

99.4
100.6
99.1
97.9
98.8
98.7

98.6
99.2
99.2
99.3
100.3
100.0

98.5
99.2
99.2
99.3
100.2
99.8

98.3
99.0
99.2
98.9
100.0
99.6

98.2
98.7
98.9
98.5
99.8
99.4

98.1
98.6
98.7
98.2
99.5
99.3

98.1
98.7
98.7
98.0
99.3
99.2

98.2
98.9
98.7
98.0
99.1
99.2

98.3
98.9
98.7
98.0
99.1
99.2

98.3
99.0
98.8
98.1
99.2
99.2

98.3
99.1
99.1
98.1
99.4
99.2

98.4
99.2
99.3
98.2
99.4
99.2

98.4
99.4
99.6
98.5
99.4
99.2

98.4
99.6
99.7
98.5
199.4
99.2

98.4
99.6
99.8
98.6

Sept.—1 '.'.'.'.

98.7
99.1
99.1
99.3
100.4
100.2

Oct. —1
2
Nov.—1
2
Dec —1
2

100.2
101.0
101.2
101.4
102.8
102.8

100.2
101.0
101.1
101.2
102.7
102.8

100.1
100.9
101.0
101.0
102.6
102.8

100.1
100.8
101.0
100.9
102.6
102.9

99.7
100.7
101.1
101.0
102.6
103.1

99.5
100.7
101.1
101.0
102.6
103.2

99.4
100.5
101.1
100.8
102.5
103.2

99.4
100.5
100.8
100.8
102.2
103.1

99.4
100.3
100.7
100.6
102.1
103.1

99.3
100.3
100.7
100.6
102.0
103.0

99.3
100.3
100.8
100.6
102.0
103.0

99.4
100.3
100.8
100.7
102.1
103.0

99.5
100.2
100.8
100.8
102.1
103.0

99.6
100.2
100.8
100.9
102.1
103.0

June—1
2
July —1
Aug.—1

(B) Currency
Jan. —1
2
Feb.—1
2
Mar.—1
2....
Apr.—1
May—l! '.'.'.
June—I
2
July —1
2
Aug.—1
2
Sept.—1
Oct. —1
2
Nov.—I
2
Dec—1
2

100.7
99.6
99.7
99.4
99.7
99.2

100.6
99.5
99.6
99.3
99.7
99.2

100.5
99.4
99.6
99.3
99.8
99.2

100.5
99.4
99.6
99.3
99.8
99.2

100.6
99.4
99.6
99.3
99.8
99.2

100.7
99.4
99.6
99.2
99.7
99.1

100.8
99.4
99.6
99.2
99.7
99.0

100.7
99.4
99.5
99.1
99.6
99.0

100.7
99.4
99.4
99.1
99.5
99.0

100.8
99.4
99.3
98.9
99.2
99.0

100.8
99.2
99.2
98.7
99.1
98.8

100.8
99.0
99.1
98.5
99.0
98.7

100.7
98.8
99.1
98.5
99.0
98.7

100.7
98.6
99.1
98.5
99.0
98.7

100.7
98.5
99.1
98.5
99.0
98.7

99.3
98.8
99.2
98.9
99.5
99.2

99.4
98.9
99.4
99.0
99.7
99.2

99.5
99.0
99.5
99.2
99.7
99.2

99.5
99.1
99.5
99.2
99.7
99.2

99.5
99.0
99.5
99.1
99.7
99.2

99.5
98.9
99.5
99.1
99.8
99.3

99.5
98.9
99.5
99.1
99.8
99.3

99.5
98.8
99.5
99.2
99.8
99.4

99.5
98.8
99.4
99.2
99.8
99.4

99.4
98.8
99.3
99.1
99.8
99.5

99.3
98.8
99.2
99.1
99.9
99.6

99.3
98.6
99.2
99.2
100.1
99.6

99.3
99.4
98.6
98.6
99.2
99.2
99.2
99.1
100.2 1/00.2
99.7
99.7

99.4
98.6
99.2
99.1

99.9
99.2
99.6
99.7
101.3
100.7

100.2
99.5
100.1
99.9
100.7
100.3

100.3
99.5
100.1
99.9
100.6
100.2

100.4
99.5
100.1
99.9
100.5
100.0

100.4
99.6
100.1
99.9
100.4
99.9

100.4
99.6
100.1
99.9
100.4
99.9

100.4
99.6
100.1
99.9
100.4
99.9

100.4
99.7
100.2
99.9
100.4
99.9

100.5
99.8
100.2
99.9
100.4
99.9

100.7
99.9
100.3
100.0
100.4
99.9

100.9
100.0
100.4
100.1
100.5
99.9

100.9
100.0
100.6
100.3
100.6
99.9

101.1
100.7
101.0
101.0
101.2
101.4

101.0
100.6
100.9
101.0
101.1
101.2

100.9
100.4
100.8
101.0
101.1
101.3

100.8
100.3
100.8
101.0
101.2
101.5

100.7
100.2
100.8
101.1
101.3
101.7

100.6
100.2
100.8
101.2
101.4
101.7

100.6
100.2
100.8
101.2
101.5
101.7

100.6
100.2
100.8
101.3
101.5
101.7

100.5
100.2
100.7
101.3
101.6
101.8

100.5
100.1
100.7
101.4
101.7
102.0

100.5
100.0
100.7
101.3
101.9
102.1

100.5
100.0
100.7
101.2
102.1
102.1

101.1
100.1
100.7
100.3
100.8
99.9
100.5
99.9
100.7
101.1
102.0
102.0

i See "Note".
NOTE.—Figures in italics represent projections for one year from
latest corresponding semimonthly period.




101.1
100.2
100.8
100.4
100.8
99.9
100.5
99.9
100.7
101.0
102.0
102.0

Law Department
Administrative

interpretations, new regulations, and similar material

Associated Hospital Service
Ineligible to Maintain Savings Account

ineligible to maintaing savings accounts in member
banks.

The Board of Governors has been requested to
give its opinion on the question whether Associated
Hospital Service of a particular city is eligible to
maintain a savings account. It is understood that
the Association is a nonprofit corporation that
operates a plan whereby hospitalization is provided for subscribers to such plan by any hospital
with which the Association has a contract.
A savings deposit is defined in Section 217.l(e)
of Regulation Q as a fund deposited to the credit
of one or more individuals, or of a corporation,
association, or other organization operated primarily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes and
not operated for profit.
It is urged that the Association is eligible to
maintain a savings account since it is a nonprofit
organization and the statute under which it is
organized provides that such corporations are
"hereby declared to be charitable and benevolent
institutions, and all of their funds and investments
shall be exempt from taxation by the Commonwealth and its political subdivisions."
There is no indication that the Association is
operated for charitable purposes even though the
organic Act declares it to be a charitable institution. A plan for hospital insurance and medical
and surgical benefits is provided for subscribers
thereto and no element of charity is present. The
insurance risk in such plans is usually determined
on an actuarial basis and payments by subscribers
are based upon disbursements by the Association
computed upon such basis and past experience.
Therefore, the Board is of the opinion that Associated Hospital Service is similar to other mutual
insurance plans which the Board has held to be

Absorption of Intangible Personal Property
Tax on Bank Deposits




The Board of Governors has been asked to
consider the question whether the payment, by
banks in a certain State that are members of the
Federal Reserve System, of the State's intangible
personal property tax on bank deposits would be
an indirect payment of interest on such deposits
within the purview of Section 19 of the Federal
Reserve Act.
The Board has heretofore considered other
State laws which specifically require all banks
to pay such taxes in the first instance, although
the banks may, if they wish, obtain reimbursement
from the depositors. In those cases, the Board
has taken the position that payment of the tax
by a member bank would not constitute an indirect
payment of interest on deposits.
The State statute under consideration does not
require, or apparently even contemplate, that
banks will pay these taxes and, therefore, may
not seem closely analogous to the statutes considered previously. However, there is very little
difference between a bank being required to pay
the tax but not demanding reimbursement and
a bank voluntarily paying the tax and also not
seeking reimbursement. Therefore, for the sake
of uniformity and to avoid individual decisions
based upon the wording of particular State laws,
the Board has concluded that the absorption by
a member bank of intangible personal property
tax upon a bank deposit should not be considered
a payment of interest on such deposit within the
meaning of Section 19 of the Federal Reserve
Act regardless of whether the tax is levied against
the bank or the depositor.

1124

National Summary of Business Conditions
Released for publication October 14

Industrial production declined further in September, while construction activity increased.
Total employment and personal income changed
little and sales at retail stores declined. Bank
credit, both loans and investments, increased substantially.

radios also increased in September, but production of some other home goods and of apparel
was curtailed further. Output of commercial equipment was maintained but production of industrial
and farm equipment showed additional decreases.

INDUSTRIAL PRODUCTION

CONSTRUCTION

The Board's preliminary index of industrial
production in September was 107 per cent of the
1957 average—about 1 per cent below August,
which was revised downward to a figure of 108.
This compared with a level of 109-110 from February through July. The decline in September
reflected reductions in output of materials and
business equipment, owing partly to the effects of
rail strikes. Output of consumer goods changed
little.
Production of primary metals declined further
in September to 79 per cent of the 1957 average,
reflecting continued liquidation of inventories; output of construction materials and of textiles and
other nondurable materials was also curtailed. In
early October, steel mill operations did not show
the usual seasonal increase.
Production of new-model autos rose in September, and October schedules indicate a further rise. Output of television sets and home

The value of new construction put in place
increased in September, following a dip in August, and the seasonally adjusted annual rate of
$55.4 billion nearly equaled the high for this year
reached in July. Further advances in construction expenditures for private business purposes
and for highways more than offset a further decline in residential building outlays.
EMPLOYMENT

Seasonally adjusted nonfarm employment
changed little in September as decreases in manufacturing and some other industries were about
balanced by gains in State and local government
and service industries. The average factory workweek, seasonally adjusted, was reduced from 39.7
hours in August to 39.3 hours in September.
Unemployment declined 400,000 to 3.4 million,
and was at a seasonally adjusted rate of 5.7 per
cent of the civilian labor force compared with
5.9 per cent in August.

INDUSTRIAL PRODUCTION
1957

DISTRIBUTION

= 100

Seasonally adjusted retail sales declined slightly
in September, reflecting decreases at department
stores and most other types of outlets. New auto
sales were maintained at a seasonally adjusted
annual rate of around six million units. Dealers'
stocks of new autos remained at advanced levels
for this time of year. Freight carloadings of
manufactured products were reduced by a work
stoppage at a major railroad from September 1 to
12, but then they increased considerably through
early October.
COMMODITY PRICES
Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for September.




Monthly fig-

The wholesale commodity price index remained
relatively stable in September and early October.

1125

1126

FEDERAL RESERVE BULLETIN • OCTOBER 1960

Among industrial commodities, such basic materials as scrap metals, rubber, and textiles continued to decline. The 1961 autos were introduced
with price lists little changed from 1960 and 1959.
Prices of farm products rose somewhat, owing
mainly to increases in livestock and products.

quired reserves increased substantially. Reserves
were supplied principally by Federal Reserve purchases of $620 million of U. S. Government securities and absorbed mainly through a $360 million gold outflow.
SECURITY MARKETS

BANK CREDIT AND RESERVES

Total commercial bank credit increased over
$2 billion in September, much more than usual
for this month. Loans rose substantially further
and holdings of U. S. Government securities increased contraseasonally. U. S. Government deposits at commercial banks increased sharply, and
the private money supply, seasonally adjusted,
declined slightly. Time deposits rose further.
Member bank borrowings from the Federal Reserve averaged about $165 million and excess reserves $585 million over the four weeks ending
October 12. Both borrowings and excess reserves
were somewhat lower than in the previous four
weeks. During the later four-week period, re-

Yields on most issues of Government securities,
which had risen from the lows of early August, declined moderately in late September but then, in
early October, resumed their rise. On October 11,
the Treasury auctioned $1.5 billion of one-year
special bills at an average rate of 3.13 per cent
to partially refund $2.0 billion of maturing oneyear bills.
In late September and early October, yields on
corporate and State and local government bonds
increased somewhat further from their 1960 lows.
Common stock prices declined to new lows for
this year in late September, but then increased
somewhat.

RETAIL TRADE
1947 - 49 = 100
.RETAIL SALES

DEPARTMENT

STORES

STOCKS

^V*

1956

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




1958

1960

1956

Bureau of Labor Statistics indexes.

1958

1960

Monthly figures; latest

shown: August for consumer prices, and September for wholesale prices.

Financial and Business Statistics
• United States *
Member bank reserves, Reserve Bank credit, imd related items.
Reserve Bank discount rates; margin requirements; reserve requirements.
Federal Reserve Banks
Bank debits; currency in circulation . .
All banks: consolidated statement of monetary system; deposits and currency.
All banks, by classes
Commercial banks, by classes... .
Weekly reporting member banks.
Business loans

1128
1132
1134
1136
1138
1139
1142
1144
1147

Interest rates
Security prices; stock market credit; open market paper. . .
Savings institutions
Business finance .
Security issues . .
Federal finance
Federal business-type activities .
Real estate credit . . . .
.
Short- and intermediate-term consumer credit

1148
1149
1150
1152
1154
1155
1160
1161
1164

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.

1168
1174
1174
1176
1178
1179
1180
1182
1184

Index to statistical tables.

1215




Tables on the following pages include the principal statistics of current significance relating
to financial and business developments in the
United States. The data relating to Federal
Reserve Banks, member banks of the Federal
Reserve System, and department store trade,
and the consumer credit estimates are derived
from regular reports made to the Board; production indexes are compiled by the Board on

the basis of material collected by other agencies;
figures for gold stock, currency in circulation,
Federal finance, and Federal credit agencies are
obtained from Treasury statements; the remaining data are obtained largely from other sources.
Back figures for 1941 and prior years for banking and monetary tables, together with descriptive text, may be obtained from the Board's
publication, Banking and Monetary Statistics.

1127

1128

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

DisGold
Held counts
stock
under and Float Total i
Bought repur- adoutTotal
right chase vances j
agreement

Averages of
daily figures

Treas- Curury
rency
curin
rency
ciroutculastand- tion
ing

Deposits, other
Member bank
than member bank
reserves,
reserves
with F. R. Banks
TreasOther
ury
F. R.
cash
acholdcounts
With Allowings Treasable
For- Other
Total* F. R.
in
ury
Banks cash 3

I

353
264
290
390
365
394
247
186
337
359

376
350
248
292
493
614
739
796
832
908
929
983
998
1,063
1,174
1,219

2,314
2,211
11,473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,899
18,451

2,314
2,211
11,473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19,279
19,240
19,535
19,420
18,899
18,451

260
301
302
317
361

337
381
388
379
348

1,239
1,246
1,175
1,204
1,195

18,613
18,593
18,610
18,621
18,932

18,613
18,593
18,610
18,621
18,628

270
214
197
185
194
221
213
202
216

368
406
307
353
331
395
377
380
393

838 18,878
921 18,213
970 18,027
890 18,104
937 18,239
994 18,294
910 18,518
948 18,501
962 ?18,566

18,568
17,947
17,770
17,843
17,962
18,001
18,208
18,111
17,697

179
1,933
2,510
2,219
23,708
21,905
20,345
23,409
24,400
25,639
24,917
24,602
24,765
23,982
26,312
25,963

179
1,933
2,510
2,219
23,708
21,905
20,336
23,310
23,876
25,218
24,888
24,318
24,498
23,615
26,216
25,949

9
99
524
421
29
284
267
367
96
14

2,018
2,295
2,956
3,239
4,322
4,556
4,629
4,701
4,806
4,885
4,982
5,008
5,064
5,144
5,230
5,278

4,400
5,455
7,609
10,985
28,452
28,937
27,806
29,139
30,494
30,968
30,749
31,265
31,775
31,932
32,371
31,813

210
272
2,402
2,189
2,269
1,330
1,290
1,280
1,271
767
805
777
772
768
691
632

30
81
616
592
625
967
615
271
569
602
443
434
463
385
470
495

30
164
739
1,531
1,247
1,016
920
571
745
466
439
459
372
345
262
277

26,588
26,674
26,517
26,732
27,036

26,548
26,628
26,479
26,628
26,993

40 1,008
891 28,509 19,596 5,281
46
904 1,088 28,687 19,514 5,278
38
909 1,115 28,563 19,498 5,293
"",741 19,581 5,303
104
886 1,094 28
43
911 1,426 29 ,435 19,482 5,311

31,994
32,019
31,974
32,207
32,775

399
394
391
413
396

546
543
512
485
524

25,934
25,322
25,310
25,488
25,818
26,124
26,619
26,983
26,653

1929—June..
1933—June..
1939—Dec...
1941—Dec...
1945—Dec...
1947—Dec...
1950—Dec...
1951—Dec...
1952—Dec...
1953—Dec...
1954—Dec...
1955—Dec...
1956—Dec...
1957—Dec...
1958—Dec....
1959—June...

25,914
25,289
25,261
25,373
25,697
26,118
26,521
26,768
26,546

20
33
49
115
121
6
98
215
107

32,008
31,580
31,628
31,713
31,726
31,926
32,174
32,091
32,151

419
445
442
419
415
414
406
403
401

534
515
481
554
534
496
492
490
516

978
61 1,317
250
12 2,208
83 2,612
8
170 2,404
5
652 24
:4,744
381
681 22,858
268
21
142 ,117 "',606
657 ,375 25,446
1,633 ,262 27,299
448 ,018 27,107
992 26,317
407
840 ,389 26,853
706 ,633 27,156
716 ,443 26,186
28,412
564 1,496 28
938 1,009 27,937

4,024
4,030
17,518
22,759
20,047
22,712
22,879
22,483
23,276
22,028
21,711
21,689
21,942
22,769
20,563
20,030

1959
Aug
Sept
Oct
Nov
Dec

304

1960
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

909
818
637
623
502
425
388
293
233

1,343 28,236
1,098 27,276
066 27
1 ~ " 27,048
i;082 27,227
'1,043 27,393
""
1,173 27,751
1,141 28,178
897 28,209
1,171 28,091

19,454
19,429
19,410
19,386
19,356
19,343
19,245
19,052
18,870

5,315
5,323
5,336
5,344
5,349
5,353
5,357
5,364
5,374

310
266
257
261
277
293
310
390

i

Week ending:
1959
Aug. 5
12
19
26
Sept. 2
9
16
23.
30

26,549
26,605
26,531
26,573

26,440
26,597
26,525
26,518

26,691
26,754
26,737
26,637
26,563

26,650
26,663
26,643
26,637
26,563

41
966
91 1,059
94 1,060
860
722

Oct. 7
14
21
28

26,591
26,637
26,402
26,385

26,563
26,563
26,402
26,364

Nov. 4
11
18
25

26,686
26,763
26,702
26,682

26,544
26,574
26,593
26,652

142
189
109
30

Dec. 2
9
16
23
30

26,871
27,194
27,176
27,007
26,829

26,843
27,130
27,142
26,970
26,787

28
64
34
37
42

26,642
26,395
25,622
25,450

26,607
26,339
25,620
25,450

19,626
19,619
19,601
19,600

5,281
5,282
5,282
5,283

31,922
32,071
32,051
31,951

403
401
397
395

503
475
638
564

277
257
256
257

340 1,166 18,696 18,696
343 1,203 18,622 18,622
349 ,246 18,509 18,509
321 ,294 18,586 18,586

19,525
19,523
19,522
19,513
19,493

5,276
5,274
5,274
5,278
5,287

31,935
32,107
32,197
31,984
31,811

400
401
395
390
388

561
430
421
632
681

260
275
331
298
310

333
341
373
420
403

,260
,259
,260
,264
,196

18,566
18,640
18,653
18,819
18,394

18,566
18,640
18,653
18,819
18,394

1,007 1,005 28,623 19,491 5,289 31,933
1,051
956 28,667 19,489 5,290 32,096
28
824 ,417 28,664 19,488 5,293 32,026
21
796 1,149 28,353 19,486 5,297 31,873

387
387
391
396

533
474
518
530

300
326
294
297

420
464
344
335

,194
,197
,193
,136

18,636
18,501
18,679
18,568

18,636
18,501
18,679
18,568

109 1,034
790 28,399
8 1,073
771 28,473
6
945 1,065 28,562
55
941
950 28,485
836 28,515
819 28,656
017 28,834
,016
098 28,403

834
897 28,443
916
947 28,651
864 1,165 28,758
829 1,311 28,857

19,585
19,585
19,583
19,582

5,299
5,301
5,303
5,304

31,924
32,105
32,235
32,269

404
414
414
415

471
458
478
515

293
313
304
315

397
396
362
369

,127
,128
,204
,297

18,711
18,724
18,647
18,563

18,711
18,724
18,647
18,563

875
916
961
985
933

1,086
1,003
1,169
1,818
1,788

28,867
29
29,153
29,365
29,883
29
",629

19,568
19,505
19,478
19,467
19,456

5,306
5,310
5,311
5,312
5,313

32,446
32,601
32,798
32,924
32,893

410
405
396
387
393

547
487
528
523
537

347
362
341
365
387

355
338
342
331
333

,241
,244
,181
,195
,195

18,451
18,797
18,872
19,274
18,997

18,396
18,529
18,567
18,937
18,660

55
268
305
337
337

1,018
915
918
776

1,586
1,269
1,513
1,103

29,318
28,633
28,098
27,370

19,456
19,455
19,455
19,454

5,313
5,315
5,316
5,315

32,524
32,282
31,910
31,650

407
410
424
424

582
519
494
519

348
308
231
217

553
332
326
332

843
840
836
836

19,141
19,029
18,963
18,476

18,831
18,713
18,648
18,161

310
316
315
315

1960
Jan.

6
13
20
27

For notes see opposite page.




BANK RESERVES AND RELATED ITEMS

1129

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

DisGold
stock
Held counts
under and Float Total*
Bought
adTotal out- repur- vances
right chase
agreement

Treas- Curury
cur- rency
in
rency
ciroutculastand- tion
ing

Deposits, other
than member bank
Member bank
reserves,
reserves
with F. R. Banks
TreasOther
ury
F. R.
cash
acholdcounts
With Allowings Treas- ForOther
Total 2 F. R. able
eign
ury
Banks
cash 3

Averages of
daily figures
Week ending:
1960
Feb.

3
10
17
24

25,447
25,389
25,355
25,253

Mar. 2
9
16
23
30

25,21
25,270
25,444
25,323
25,239

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

25,284 25,264

811 1,108 27,406 19,445 5,319
853
853 27,135 19,433 5,321
974 1,167 27,535 19,432 5,323
620 1,324 27,235 19,423 5,325

25,442
25,355
25,300
25,253

31,565
31,599
31,631
31,562

436
443
451
445

510
417
591
529

239
203
224
206

333
834
344
834
522
896
439 1,008

18,252
18,049
17,974
17,793

285
219
276
26S

58
35
131
33
5

794 1,061 27,102 19,421 5,328 31,518
595 1,174 27,075 19,412 5,333 31,613
726
994 27,197 19,409 5,335 31,726
587 1,245 27,189 19,409 5,337 31,671
608
898 26,778 19,408 5,340 31,534

442
435
448
450
439

542
542
446
451
479

219
200
200
180
203

323 1,008 18,105 17,800
293 1,007 17,941 17,731
293
980 18,108 17,849
305
944 18,189 17,934
327
945 17,894 17,600

305
210
259
255
294

25,701 25,417
25,521 25,444

20
111
284
77

735
898 26,950
734
910 27,073
561 1,391 27,690
524 1,159 27,234

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

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

31,654
31,826
31,828
31,581

423
417
420
417

509
465
660
553

163
200
188
186

356
349
448
275

942
917
864
857

17,868
17,870
18,280
18,392

17,650
17,634
18,012
18,083

218
236
268
309

May 4
11
18
25

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

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

103
252
134
27

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

414
419
413
415

567
504
608
547

184
184
195
202

311
855
314
854
349
887
290 1,034

18,243
18,306
18,235
18,168

17,968
18,081
17,961
17,868

275
225
274
300

1
8
15
22
29

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

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

27
16

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

414
424
415
412
406

468
445
490
550
505

206
199
206
225
249

390 1,033
361 1,034
365 1,001
437
970
415
971

18,121
18,152
18,157
18,602
18,342

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

315
255
298
287
335

6

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

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

6:
96
140
77

440
341
429
351

28,063
28,120
28
28,437
28,065

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

5,347
5,348
5,349
5,350
5,349
5,350
5,353
5,354
5,356
5,356
5,356
5,357
5,357

31,606
31,723
31,774
31,684

June

552
958 27,199
549
924 27,371
27
555 1,133:
27,480
403 1,161 27,338
436
993 27,427
400 1,011 27,575
375 1,029 27,609
550 1,544 28
544 28,135
41 1,168 27,739

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

406
406
409
405

517
422
548
488

226
214
209
202

399
380
374
373

958
935
884
884

18,320
18,349
18,762
18,552

18,079
18,041
18,422
18,219

241
308
340
333

10
17
24

31

26,930
27,099
27,041
26,992
26,788

26,760
26,806
26,812
26,772
26,682

170
293
229
220
106

315
890 28,165
293
~~,246
822 28
416
976 28,469
193 1,014 28,245
273
788 27 ,882

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

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

408
404
409
400
'395

466
452
555
485
487

221
192
190
195
225

371
884
363
884
386
904
380 1,016
384 1,014

18,591
18,525
18,564
18,404
18,466

18,272
18,279
18,243
18,075
17,772

246
321
329
694

Sept. 7
14
21
28

26,7826,649
26,541
26,539

26,640
26,524
26.495
26,456

144
125
46

262
861 27,941 18,999
301 1,064 28,048 18,975
86 1,52" 28,189 18,828
244 1,24: 28,059 18,731

5,358
5,359
5,363
5,366
5,370
5,372
5,374
5,376
5,375

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

399
401
403
399

477
465
551
579

233
204
224
200

412 1,011
386
974
379
936
378
934

18,358
18,581
18,635
18,609

17,607
17,676
17,729
17,671

26,885 26,770
26,762 26,640
27,024 26,808

115
122
216

34-3
874 28,131 19,144 5,359 32,039
405
707 27,907 19,005 5,368 32,027
181 1,155 28,40f ^18,685 ^5,376 *>32,014

406
388
P4O3

477
481
489

215
204
223

883 18,581 18,261
353
43! 1,013 18,430 17,735
456
936 '18,727 17,942

*>785

Aug. 3.
10.
17.
24.
31.

27,07'
26,944
27,084
26,763
26,762

26,770
26,808
26,833
26,697
26,640

304
136
251
66
122

287
743 28,133
728 27,916
214
476 1,026 28,636
734
238
"127,770
405
707 27,907

32,062
32,141
32,138
31,982
32,027

41
409
410
402
388

378
431
54'
51!
481

230
17'
19:
228
204

358
885 18,628 18,308
373
881 18,194 17,948
36: 1,016 18,686 18,365
383 1,014 17,965 17,636
432 1,013 18,430 17,735

320
246
321
329
695

Sept. 7
14
21
28

26,723
26,577
26,382
26,780

26.640
26; 57'
26,38.'
26,673

32,310
32,220
32,061
31,972

402
401
404
404

518
431
575
55-

195
22198
18-

376 1,009
371
929
378
935
382
936

751
906
904

10'

836 27,768 18,990
17
137 1,227 27,972 18,939
90 1,253 27,757 18,758
61
98" 28,417 18,697

Apr

- , ! : : : : : : : 25,396 25,285
20
27

July

13
20
27

Aug. 3

1,040
1,138
1,423
1,087

19,352
19,352
19,351
19,346
19,325

18,537
18,268
18,250
18,061

751
905
906

End of month
1960
July.
Aug..
Sept..

320
695

Wednesday
1960
19,144
19,08r
19,03:
19,026
19,005

r
P Preliminary.
Revised.
1
Includes industrial loans and acceptances, when held. For holdings
of such items on Wednesday and end-of-month dates, see subsequent




5,357
5,362
5,364
5,366
5,368
5,374
5,375
5,376
5,375

18,073
18,615
18,245
18996

17,32
17,709
17,341
18,058

tables on Federal Reserve Banks. (Industrial loan program discontinued
Aug. 21, 1959.)
2 See note 3.
3
Beginning with December 1959, monthly averages are estimated.

1130

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

Centra il reserve city banks—New York

BorBorrowFree
Total
ReExcess rowFree
ings
re- 3
required
re- 3 ings
reat
serves serves
at
re- 2 serves
serves 3
F. R.
F. R.
heldi serves
Banks 4
Banks 4

Total
reserves
heldi

ReExcess
quired
rere- 2 serves 3
serves

1929—June
1933 June
1939—Dec
1941 Dec
1945 Dec
1947—Dec
1950 Dec
1951 Dec
1952 Dec
1953—Dec
1954 Dec
1955—Dec
1956—Dec
1957 Dec
1958—Dec
1959 June

2,314
5 2,160
11,473
12,812
16,027
17,261
17,391
20,310
21,180
19,920
19 279
19,240
19,535
19,420
18,899
18,451

2,275
1,797
6,462
9,422
14,536
16,275
16,364
19,484
20,457
19,227
18,576
18,646
18,883
18,843
18,383
18,043

39
363
5,011
3,390
1,491
986
1,027
826
723
693
703
594
652
577
516
408

974
184
3
5
334
224
142
657
1,593
441
246
839
688
710
557
921

1959_Aug
Sent
Oct
Nov
Dec

18,613
18,593
18,610
18,621
6 18,932

18,141
18,183
18,164
18,176
18,450

472
410
446
445
482

1,007
903
905
878
906

1960 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

18,878
18,213
18,027
18,104
18,239
18,294
18,518
18,501
218,566

18,334
17,758
17,611
17,696
17,770
17,828
18,010
17,961
^17,928

544
455
416
408
469
466
508
540
2638

905
816
635
602
502
425
388
293
225

-361
-361
-219
-194
-33
41

18,566 18,165
18,640 18,082
18,653 18,170
18,297
18^394 18,174

401
558
483
522
220

965
1,057
1,059
859
721

-935

5,623
5,142
4,118
4,404
4,742
5,275
5,357
4,762
4,508
4,432
4,448
4,336
4,033
3,933

3,012
4,153
4,070
4,299
4,616
5,231
5,328
4,748
4 497
4,397
4,392
4,303
4,010
3,926

7
69
2,611
989
48
105
125
44
30
14
12
35
57
34
23
7

n.a.
n.a.
192
38
58
151
486
115
62
196
147
139
103
22

-535 3,889
-493 3,848
-459 3,867
-433 3,808
-424 6 3,920

3,866
3,866
3,851
3,785
3,930

23
-18
15
23
-10

248
209
225
207
99

3,907
3,753
3,766
3,765
3,853
3,852
3,864
3,780
3,773

3 884
3,744
3,755
3,784
3,808
3,819
3,853
3,780
3,755

23
9
10
-19
45
33
11

111
59
9
12

-564
-499
-576
-337
-501

3,887
3,846
3,886
3,870
3,868

3,876
3,839
3,876
3,870
3,867

11
10

179

5,008
3,385
1,157
762
885

169
-870
252
457

-245
-36

-133
-41

-513

120
247

762
861

755
792

18

174

-167

69
n.a
n.a.
-144

67
67
-107
—456
-101
— 50
-162

-91
-105

-80
-15

Central reserve city banks—Chicago

Total
reserves
heldi

ReExcess
quired
rere- 2 serves 3
serves

161
211

161
133
601
848
939
924
1,024
1,011
[ 199 I 191
1,356 1,353
406 [ 409
,295 1,295
L 210 I 210
1,166 [ 164
1,149 1,138
136 I 127
1,077 I 070
1,009 1,006

1,141
1,143

1,033
[ 025
1,020

1,029
I 022

6 1,038

M38

-2

1 046
996
975
954
988
987
1,020
1,027
,014

203
149
266
297
170

-192
-142
-256
-298
-169

25
27

1
78
540
295
14
13
8
3
—4
1
2
12
8
7
3

BorrowFree
ings
reat
serves 3
F. R.
Banks 4
63
na
na
n.a.
6
5
64
232
37
15
85
97
85
39
66

-62
na
na
n.a.
14
7
3
-61
-236
-36
— 16
— 83

-86
—77
-31
-63

40
46
84
64
104

1 041
993
970
955
981
988
1,010
1,024
1,011

4
3
6
-1
7
-1
10
3
3

94
129
157
99
56
58
49
41
8

-90
-126
-151
-100
-49
—59

1,034
[,010
[,021
1,030
[,038

1,031
1,006
1,016
1,032
1,031

3
4
4
-2
8

36
58
62
41
25

-33
-54
-58
-43
-17

18
-16
-14
10

Q22
933
963
984

920
931
969
982

2
2
-5
2

117
137
95
95

-114
-135
-100
-93

-4
10
46
3

ii

14
27
20

4
3
2
3

1,000
985
977
984

996
984
979
975

4
2
-I
9

53
101
93
12

-49
— 100
-94
-3

52
4
6
-60
73

988
974
982
1,003
1,008

977
974
979
1,003
995

11

13

3
14
50
152
31

8
— 13
-47
-152
-19

4
-13
-24
17

J 002

997
1,035
1,020

1,001
989
1,034
1 Ml

1
8
1
8

43
12
77
29

-42
-4
-76
-21

-1
3
-82
12
-17

1,021
1,029
1,029
1.034

1,021
1,023
1,031
1,073
1,018

6
-2
11
5

100
109
30

-101
-102
-33
11
4

13
-22
1
-16

1,002
1,001
1,029
1,019

997
996
1,025
1,023

5
4
4
-4

-225
-227
-209
-184
-109
— 88

-50

1
-31
45
16

-3
-27

(.018

02Q

-35
—44

-82
-61
-104

-39
-38
c

Week ending:
1959—Sept. 2
9....
16....
23
30....

20'.'.'.'.
27

17,868
17,870
18,280
18,392

17,431
17,400
17,918
17,911

437
470
362
481

704
671
561
524

-267
-201
-199
-43

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

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

18
9
13
10

May 4
11..
18....
25....

18,243
18 306
18,235
18,168

17,918
17,808
17,777
17,716

325
498
458
452

552
549
555
402

-227
-51
-97
50

3,911
3,835
3,838
3,779

3,914
3,824
3,792
3,776

-4
10
46
3

June

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

18,121
18 152
18,157
18,602
18,342

17,684
17,690
17,729
18,042
17,856

437
462
428
560
486

436
400
374
550
412

1
62
54
10
74

3,825
3,755
3,795
3,894
3,915

3,772
3,752
3,788
3,880
3,842

52
4
7
13
73

.f::::

18,320
18,349
18,762
18,552

17,885
17,774
18,245
c
18,078

435
575
517

440
341
429
351

-5
234
88
C
123

3,884
3,769
3,929
3,875

3,880
3,757
3,919
3,858

C

18,1O3
18,018
17,983
17,938
17,827

488
507
581
466
639

315
293
416
193
273

173
214
165
273
366

3,879
3,811
3,794
3,761
3,737

3,880
3,807
3,778
3,750
3,734

4
13
10
17
-1
4
16
12
3

17,702
17,762
18,116
218,089

656
819
519

261
299
79
225

395
520
440

3,681
3,681
3,835
3,834

3,651
3,660
3,835
3,836

30
21
1
-2

July

20....
27....
Aug. 3
10....
17
24..
31

C

18,591
18,525
18,564
18,404
18,466

18,358
18,581
21'. !'.'. 18,635
2 8 . . . . 218,609

1960—Sept. 7

For notes see opposite page.




i
73
26
34

i
99
20
17
43

13

3

1
18
12

5
-14
4
-16

BANK RESERVES AND RELATED ITEMS

1131

RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued
[Averages of daily figures. In millions of dollars]
Country banks

Reserve city banks
Period

Total
reserves
held*

Required
reserves2

Excess
reserves3

Borrowings at
F.R.
Banks*

Total
Free
reserves3 v reserves
heldi

Required
reserves2

Excess
reserves 3

Borrowings at
F.R.
Banks *

Free
reserves3

1929—June
1933—June
1939—Dec
1941—Dec
1945—Dec
1947—Dec.
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—June

761
648
3,140
4,317
6,394
6,861
6,689
7,922
8,323
7,962
7,927
7,924
8,078
8.042
7,940
7,744

749
528
1,953
3,014
5,976
6,589
6,458
7,738
8,203
7,877
7,836
7,865
7,983
7,956
7,883
7.705

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

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

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

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

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

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

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

—305
-30
n.a.
n.a.
965
540
634
507
340
489
550
338
344
277
268
101

1959—Aug
Sent.
Oct

7,836
7,825
7,820
7,848
•7,954

7,779
7 783
7,766
7 802
7,912

57
42
55
46
41

477
433
393
415
490

-420
— 391
-339
—369
-449

5,855
5 895
5,903
5 936
«6,020

5,467
5 511
5,529
5 564
5,569

388
384
374
372
450

242
215
203
192
213

145
169
171

7,909
7.544
7,429
7,498
7,515
7,540
7|647
7,654
7,662

7 840
7,503
7,391
7,453
7 465
7,496
7,599
7 607
7,595

69
42
37
45
51
44
48
47
68

508
423
289
298
224
164
176
109
112

-439
-381
-252
-253
— 173
-120
-128
-62
-44

6,014
5,920
5,857
5,887
5 882
5,915
5,987
6 041
*>6,117

5,568
5,518
5,494
5,504
5,517
5,525
5,548
5,550
*>5,568

449
402
363
383
366
390
439
491
*>549

192
205
180
193
222
186
149
116
85

7,841
7,828
7,834
7,876
7,832

7,796
7,748
7 789
7,827
7,768

45
80
45
49
65

438
556
513
376
331

-393
-476
— 468
-327
-266

5,804
5,957
5 912
6,044
5,656

5,462
5,489
5,489
5,568
5,508

342
468
423
476
148

288
294
218
145
195

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

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

32
37
32
31

316
335
269
278

-284
-298
-236
-247

5,834
5,893
5,863
5,975

5,450
5,473
5,539
5,537

384
420
324
438

271
174
170
151

7,527
7,514
7,541
7,479

7,501
7,468
7,478
7,447

277
263
248
190

-251
—217
-186
-158

5,805
5,972
5,879
5,925

5,507
5,532
5,528
5,517

298
440
350
408

222
185
214
200

76
255
136
208

7,531
7,470
7,481
7,645
7,612

7,442
7,443
7 440
7,606
7,506

26
46
63
32
89

142

-53
— 171
— 88
-158
-49

5,779
5,952
5,898
6,060
5,808

5,493
5,522
5,522
5,554
5,514

286
431
373
505
295

291

198
129

-5
242
181
376
68

27

7,536
7,594
7,738
7,695

7,502
7 507
7,701
7 649

-194
-40
-160
-125

5,897
5,989
6,058
5,964

397
466
467
403

3 .
10
17
24
31

7,683
7,679
7 659
7,657
7,584

7,641
7,629
7 623
7,607
7,550

-60
-23
-142
-17
-99

6,009
6,005
6,082
C
5,953
6,122

5,500
5,522
5,592
C
5,559
5,562
5,558
5,552
5,558
5,526

447
447
531
C
394
597

113
111

7
14::::....:..::
21
28

7,602
7,608
7 711
7,677

7 5^7
7,541
7 659
7,644

— 44
-72
27
-112

6,073
6,291
6,059
*6,078

5,526
5,565
5,597
*5,585

547
726
462
M93

126
99
54

NOY.

Dec

I960—Jan
Feb
Mar
Apr
May
July
Aug
Sept

180

237
257
197

183
190
144
204
290
375
H64

Week ending:
1959_Sept. 2
9

16
23

30

I960

Apr. 6
20
27
May 4
y

n:

18
25

;:::

8
15
22
29
July
y

6

n

20

Aug

Sent
p

;:

27

41
38
106

197
155

34

228

88

127

37
45

198
171

42
50

102
73

36
49

178
66

75
67
52

118
139
26

33

145

34

133

c
p
Corrected.
n.a. N o t available.
Preliminary.
1
Based on figures at close o f business through November 1959; thereafter on closing figures for balances with Reserve Banks and opening
figures for allowable cash. Monthly averages for allowable cash are
estimated.
2
Based o n deposits as o f opening o f business each day. Weekly
averages for country banks prior to Jan. 6, 1960, and monthly averages
for all classes o f banks beginning with January 1960 are estimated.
3
Weekly averages for all member and for country banks prior to Jan.




188
194

128
226
168
176

120
151

108
127

119

55

54
174
205
331
-47
113
246
154
287

229
291
347
C
251
334
336
423
C
267
478
420
627
408
P438

6, 1960, and monthly averages for all classes o f banks beginning with
January 1960 are estimated.
* Based on closing figures.
5 This total excludes, and that in the preceding table includes, $51
million in balances o f unlicensed banks.
< Beginning with December 1959, total reserves held include allowable
cash (for definition see the BULLETIN for December 1959, p. 1482). See
also note 1.

1132

DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks

Federal Reserve Bank

Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Rate on
Sept. 30

Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

In effect
beginning:

Previous
rate

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

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
Sept. 30

In effect
beginning:

Previous

Aug. 23,1960
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,
Sept. 9, 1960
Sept. 2, 1960

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

In effect
beginning:

Previous
rate

Aug. 23, 1960
June 10, 1960
Aug. 19, 1960
Aug. 12, 1960
Aug. 12, 1960
Aug. 16, 1960
June 10, 1960
Aug. 19, 1960
Aug. 15, 1960
Aug. 12, 1960
Sept. 9, 1960
June 3, 1960

4K

Rate on
Sept. 30

4%
4*
4
4
41/2

4%

k
4%
5

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 1

MARGIN REQUIREMENTS 1

[Per cent per annum]

[Per cent of market value]

Date
effective
1948
Jan. 12..
19..
Aug. 1 3 . .
23..

Range |
or level)—
allF. R.
Banks '

-WA
WA

1955
Ap, H.
2.
4.

n'.
Nov. 18.
23.
1956
Apr. 13.
20.
Aug. 24.

Date
effective

Range '
or level)—
'allF.R.
Banks

F. R.
Bank
of
N.Y.

Aue

-2l:

3

-3

134
134-2

1958
Jan. 22.
24.
Mar. 7.
13.
21.
Apr. 18.
May 9.
Aug. 15.
Sept. 12.
23.
Oct. 24.
Nov. 7.
Mar. 6.
16.
May 29.
June 12.
Sept. 11.
18.
1960
June 3.
10.

214
WA-2VA

In effect
Sept. 30.

70
70

90
90

70
70

70

90

70

1
Regulations T and U limit the amount of credit that may be extended
on a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension: margin requirements are the difference between the market value (100%) and the maximum loan value.

[Per cent per annum]
2%-

Type of deposit

Savings deposits

3 -3K
3

Nov. 1»
1933Jan. 31,
1935

Feb. 1,
1935Dec. 31,
1935

Jan. 1,
1936Dec. 31,
1956

Effective
Jan. 1,
1957

Other time deposits payable:
In 6 months or more
In 90 days to 6 months.. .
In less than 90 days

3

2%

2%

3

3

3*4-4

2Vt

2Vi

3

%
2Vi

f

ftt

3
3
3

-3

1 Under Sees. 13 and 13a (as described in table above). For data for
1941-47, see the BULLETIN for January 1959, p. 76.
NOTE.—The rate charged by the Federal Reserve Bank of New York
on repurchase contracts against U. S. Govt. securities was the same as
its discount rate except in the following periods (rates in percentages):
1955—May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov.10,
2.375; 1956—Aug. 24-29, 2.75; and 1957—Aug. 22, 3.50.




Regulation T:
For extensions of credit by brokers and

MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS

14.

Aug. 12.
Sept. 9 . .

Aug. 5, Oct. 16, Effec19581958tive
Oct. 15, July 27, July 28,
1960
1960
1958

Prescribed in accordance with
Securities Exchange Act of 1934

For short sales
Regulation U:

Nov. 15.
Dec. 2.

1953
Jan. 16.
23.
1954
Feb. 5.
15.
Apr. 14.
16.
May 2 1 .

F. R.
Bank
of
N.Y.

1957
1

1950

May
Aug.

5
5
4%

NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in any
event exceed the maximum rate payable by State banks or trust companies
on like deposits under the laws of the State in which the member bank is
located. Effective Feb. 1, 1936, maximum rates that may be paid by
insured nonmember commercial banks, as established by the F.D.I.C.,
have been the same as those in effect for member banks.

1133

RESERVE REQUIREMENTS

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

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

[Averages of daily figures. 1 In millions of dollars]

Net demand deposits i
Effective date
of change

Central
reserve
city
banks

Reserve
city
banks

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. 16, 1 8 * . . . .
Aug. 25
Sept. 1
1951—Jan. 1 1 , 1 6 * . . . .
Jan. 25, Feb. 1*.
1953—July 1,9*
1 9 5 4 _ j u n e 16, 24*
July 29, Aug. 1 *

22
24
26
24

1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.

27, Mar. 1*
20, Apr. 1 *
17
24
1

19i/ 2
19
181/2
18
171/2

|7Vi

In effect Oct. 1, 1960.. .

171/2

16%

Present legal requirements :
Minimum
Maximum

20

22
21
20

\tA

§*
22%
22
23
24
22
21
20

210
222

18%
18
19
20
19
18

Country
banks

14

16
15
14
13
12
13
14
13
12

Time deposits
Central
reserve
and
reserve
city
banks

All
member
banks

Item
Country
banks

Central reserve
city banks

Country
banks

Reserve
city
banks

Chicago

New
York

Four weeks ending Aug. 10, 1960

6

Gross demand:
Total
121,825
Interbank
13,018
U. S. Government. 6,009
Other 2
102,798
Net demand
103,185
Time
55,721
Demand balances due
from domestic banks. 6,476
Currency and coin:
Total
2,273
Allowable as reserves.
309
Balances with F. R.
Banks
18,298
Total reserve held
18,607
Required5
18,111
Excess
496

6

7%

7*
6
5

6
5

6

6

5

5

24,055
4,188
1,375
18,492
20,200
4,597

6,092
1,179
4,553
5,265
1,496

47,728
6,321
2,419
38,988
39,862
21,559

43,949
1,330
1,854
40,765
37,859
28,068

361

85

102

2,003

4,286

131

28
1

690
80

1,425
228

3,874
3,874
3,866

1,026
1,026
1,022

7,618
7,699
7,655
44

5,780
6,009
5,568
441

8

4

1a
1

Four weeks ending Sept. 7, 1960
16%

10
222

11

5

7
14

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.

minus war loan and
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:
119,621
Total
Interbank
13,089
U. S. Government. 5,192
Other 2
101,339
Net demand
101,568
Time
56,465
Demand balances due
from domestic banks. 6,497
Currency and coin:
Total
2,274
Allowable as reserves.
524
Balances with F. R.
17,924
Banks
Total reserves held
18,448
Required
17,862
Excess
586
1

23,080
4,122
1,068
17,889
19,538
4,716

6,072
1,222
4,552
5,268
1,509

46,909
6,413
2,117
38,380
39,299
21,851

43,560
1,332
1,708
40,519
37,464
28,388

299

80

107

1,955

4,356

131
2

28
1

694
140

1,421
381

3,741
3,743
3,728

1,021
1,022
1,017

7,485
7,625
7,577

5,677
6,058
5,540
518

15

5

48

Balances with Reserve Banks are as of close of business; figures for all

" JLFCiuitiiu ucpuMis suujcui IU resci vc rci4u1iGi.uc11.ui, i.e., gruss uciuaiiu

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 1
fin thousands of dollars]
Wednesday

End of month

1960
Sept. 28
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Acceptances—total
Within 15 days
16 days to 90 days
U. S. Government securities—total..
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

Sept. 21

Sept. 7

Aug. 31

September

1959
August

September

617,409
592,983
23,284
1,142

89,582
67,516
21,937
129

136,537
131,504
4,983
50

176,672
170,952
5,670
50

405,118
400,207
4,849
62

181,331
153,476
27,716
139

405,118
400,207
4,849
62

330,032
320,843
9,081
108

33,109
6,312
26,797

32,110
5,532
26,578

32,110
9,667
22,443

32,107
11,078
21,029

32,607
7,459
25,148

41,807
13,716
28,091

32,607
7,459
25,148

20,035
6,703
13,332

26,779,609
507,276
6,376,311
12,759,518
5,686,647
1,178,574
271,283

26 ,382,109
313,336
6,223,751
12,708,518
5,686,647
1,178,574
271,283

26 ,576,569
387,096
6,326,951
12,726,018
5,686,647
1,178,574
271,283

26,722,569
419,460
6,438,787
12,727,818
5,686,647
1,178,574
271,283

26,761,769
419,200
6,471,687
12,734,378
5,686,647
1,178,574
271,283

27,023,909
471,740
6,583,647
12,832,018
5,686,647
1,178,574
271,283

1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.




Sept. 14

1960

26,761,769 26 ,563,312
397,900
419,200
6,471,687 6,424,210
12,734,378 11,747,133
5,686,647 6,523,912
410,385
1,178,574
271,283 1,059,772

1134

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item

End of month

1960
Sept. 28

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

17,426,643
977,129

Total gold certificate reserves.

Sept. 21

Sept. 14

1960
Sept. 7

Aug. 31

September

1959
August

September

,486,640 17,675,642 17
,730,640 17,635,643 17,416,642 17,735,643 18,230,144
971,648
977,429
970,300
973,095
977,129
973,095
972,885

18,403,772 18,464,069 18,647,290 18,700,940 18,708,738 18,393,771 18,708,738 19,203,029

F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Acceptances—Bought outright
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds

487,132
404,237

471,713
401,118

422,757
392,204

380,149
387,910

442,535
428,842

489,216
412,400

442,535
428,842

483,569
383,492

593,409
24,000
33,109

71,582
18,000
32,110

134,537
2,000
32,110

174,672
2,000
32,107

405,118

162,331
19,000
34,803
7,004

405,118

329,332
700
20,035

32,107
500

32,107
500

2,672,047 2,381,047 2,575,507 2,639,407 2,639,407 2,807,247 2,639,407 2,562,250
14,006,993
7,510,298
2,483,771

006,993 14,006,
510,298 7,510!
483,771 2,483;

14,006,993 14,006,993 14 006,993 14,006,
7,510,298 7,510,298
510,298 7,510;
2,483,771 2,483,771
483,771 2,483;

10,506,993
010,298
483,771

26,673,109 26,382,109 26,576,569 26. 640,469 26, 640,469 26, 808,309 26 ,640, 469 26,563,312
121 300
106,500
82,100
121,300
215,600

Total bought outright
Held under repurchase agreement
Total U. S. Government securities.

26,779,609 26,382,109 26,576,569 26,722,569 26,761,769 27,023,909 26,761,769 26,563,312

Total loans and securities

27,430,127 26,503,801 26,745,216 26,931,348 27,199,494 27,247,047 27,199,494 26,913,379

Due from foreign banks
Cash items in process of collection.
Bank premises
Other assets

15
5,619,753
106,453
272,630

Total assets.

15
,153,266 6,417,
106;
106,640
255,018
244;

15
15
4,614,276 4,916,605
105,510
105,501
207,192
227,214

15
15
,206,457 4,916 ,605
105 ,501
106,303
207 ,192
278,896

15
,437,331
97,642
220,299

52,724,119 53,355,640 52,975,659 51,347,362 52,008,922 52,134,105 52,008,922 52,738,756
Liabilities

27,598,285 27,667,118 27,769,990 27,817,080 27,621,301 27,651,092 27,621,301 27,515,342

Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other

18,058,191 17,340,512 17,709,349 17,322,312 17,735,276 17,942
430,902
517,536
489;
554,395
575,166
481,413
183,956
224,063
194,786
222;
197,872
204,398
381,594
370,651
376,073
456
378,395
431,820

Total deposits.

17,735,276 17 ,759,814
703,536
481,413
311,833
204,398
447,756
431,820

19,178,136 18,491,945 18,734,965 18,410,707 18,852,907 19,110,229 18,852,907 19,222,939
4,632,855 5,900,313 5,190,762 3,777,780 4,209,414 4,051,
42;
41,245
39,529
40,001
41,467
41,550

Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities

51,735,718 50,047,034 50,725,172 50,855,652 50,725,172 51,264,222

51,450,521

Capita] Accounts

Capital paid in.
Surplus
Other capital accounts.

402,736
774,808
96,054

Total liabilities and capital accounts.

4,209,414 4,486,135
41,550
39,806

402,361
774,808
79,566

402,093
774,808
63,040

402,002
774,808
123,518

402,233
774,808
106,709

402,858
774,808
100,787

402,233
774,i""
106,709

383,366
868,410
222,758

52,724,119 53,355,640 52,975,659 51,347,362 52,008,922 52,134,105 52,008,922 52,738,756

Ratio of gold certificate reserves to deposit and F. R.
note liabilities combined (per cent)
Contingent liability on acceptances purchased for
foreign correspondents
,
U. S. Government securities held in custody for
foreign account

39.3

40.0

40.1

40.5

40.3

39.3

40.3

41.1

205,093

205,001

198,872

202,693

203,578

203,943

203,578

66,579

5,493,836

,402,786 5,371,406 5,421,416 5,422,616 5,479,006 5,422,616 4,346,216

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




28,791,823 28,833,958 28,812,232 28,727,573 28,662,756 28,743,681 28,662,576 28,571,174
10,300,000 10,290,000 10,490,000 10,465,000 10 ,465,000 10,300,000 10,465,000 10,200,000
65,670
13,045
15,449
23,215
55,760
55,760
39,995
80,492
,280,000 19,560,000
19,565,000 19,565,000 19,365,000 19,305,000 19 ,280,000 19,565,000 19
29,930,670 29,868,045 29,870,449 29,793,215 29,800,760 29,904,995 29,800,760 29,840,492

1135

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1960
[In thousands of dollars]

Item

New
York

Boston

Cleveland

Philadelphia

Richmond

Chicago

Atlanta

St.
Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

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

819,288 4,646,732 953,806 ,462,524 1,014,234

177,367

43,548

26,519

44,985

Total gold certificate reserves

878,497 4,860,256 1,011,953 1,549,641 1,093,493 956,654 3,209,727

714,729

381,453

782,625

16,802
21,281

27,096
9,388

18,799
15,057

20,411
16,208

52,589
65,779

13,961
1,837

29,020
779

12,760
1,707

2,337

F. R. notes of other Banks..
Other cash

59,209

66,822
30,824

213,524

93,123
73,214

58,147

45,737
20,364

87,117

20,864
37,101

79,259

27,939
23,990

895,551 3,032,360 671,181
61,103

70,930
33,446

28,104
65,748

Discounts and advances:
Secured by U. S. Govt.
5,900
40,725
7,960
5,075
6,600
3,350
4,650
29,430
securities
,
1,121
5,415
627
2,817
931
1,786
1,055
1,488
Other
Acceptances:
34,803
Bought outright
,
Held under repurchase
agreement
,
7,004
U. S. Govt. securities:
Bought outright
, 1,440,679 6,686,850 1,534,937 2,303,289 1,696,832 1,469,926 4,588,457 1,083,511
Held under repurchase
agreement
,
215,600
Total loans and securities
Due from foreign banks
Cash items in process of
collection
Bank premises
Other assets
Total assets.

1,448,210 6,957,632 1,541,958 2,308,425 1,702,537 1,500,844 4,631,999 1,089,213
1

14

1

1

1

1

354,934 737,640 681,994 2,
,146,398
32,318

94,033

714,312 2,240,431

622,087 1,150,639 1,080,375 3,150,727

637,885 1,180,438 ,094,842 3,153,064

2

1

1

2

368.188 1,023,959 275,253 422,32o! 445,560 363,869! 838,973 228,637 161,342 255,040 245,507 577,809
3,838
6,713
4,904
4;016
6,249
10,769, 21,199
5,094
8,767|
13,577
11,671
9,506
15,948 24,464
11,167
15,062
17,533
15,986 46,804
6,430 12,249
11,377
32,722
69,154
2,811,620 13,086,848 2,915,052 4,371,583 3,317,302 2,952,499 8,842,556 2,088,542 1,228,498 2,269,303 2,116,235 6,134,067

Liabilities
F. R. notes
Deposits:
Member bank reserves
U. S. Treasurer—general
account
Foreign
Other
Total deposits
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities

,585,767 6,425,647 1,779,159 2,502,568 2,119,832 1,571,655 5,213,780 1,189,583
793,843 5,033,615
69,123
371,093
385,815

798,992 ,368,793
22,842
12,508
2,244

731,473

590,470 1,121,854

812,021 2,738,756

622,982

448,933

860,341

974,061 2,640,870

29,256
870

43,811
6,996
1,062

26,696
8,692
3,932

30,459
80,253
26,076
12,296
54,015
754
899,661 1,017,570 2,801,214

951,173 2,717,227
36,424
11,024

832,342 5,559,646

836,586 ,415,955

794,272 1,000,143 2,798,888

674,851

25,007
4,876
285
479,101

328,095

728,637

222,628

331,056

341,381

310,638

642,766

179,513

128,397

192,113

212,744

433,505

2,010

12,030

2,250

4,065

2,299

2,193

6,668

1,641

1,302

1,726

1,706

4,968

27,636
10,388
475

25,508
19,928
1,726

49,777
9,540
3,482

1,522

51,535

2,748,214 12,725,960 2,840,623 4,253,644 3,257,784 2,884,629 8,662,102 2,045,588 1,199,270 2,215,354 2,044,041 5,978,443

Capital Accounts
Capital paid in
Surplus
Other capital accounts.

19,971
38,332
5,103

113,990
220,905
25,993

23,503
45,638
5,288

37,340
72,530
8,069

18,384
34,566
6,568

21,525
40,306
6,039

55,981
107,334
17,139

13,472
25,862
3,620

9,263
17,580
2,385

17,109
31,720
5,120

23,151
44,645
4,398

49,169
95,390
11,065

Total liabilities and capital
2,811,620 13,086,848 2,915,052 4,371,583 3,317,302 2,952,499 8,842,556 2,088,542 ,228,498 2,269,303 2,116,235 6,134,067
accounts
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities combined (per cent)

36.3

40.6

38.7

39.5

37.5

37.2

40.0

38.3

35.7

38.7

39.0

40.4

Contingent liability on acceptances purchased for
foreiim correspondents.

10,050

457,296

12,101

19,280

9,230

10,665

28,304

6,768

4,717

8,409

11,896

25,227

Federal Reserve Notes—Federal Reserve Agent's Accounts
F.

R. notes outstanding
,675,289 6,674,192 1,823,732 2,625,237 2,184,961 1,633,313 5,315,214 1,238,787
(issued to Bank)
Collateral held against notes
outstanding:
Gold certificate account.... 530,000 2,800,000 700,000 920,000 700,000 500,000 1,900,000 410,000
5,900
5,075
Eligible paper
1,250,000 4,000,000 1,200,000 1,750,000 i'525,666 1,200,000 3,700,000 935,000
U. S. Govt. securities
Total collateral.

180,000

300,000
29,020

260,000 1,100,000

510,000

870,000

625,000 2,000,000

,780,000 6,800,000 1,905,900 2,670,000 2,225,000 1,700,000 5,600,000 1,350,075 690,000 1,199,020

885,000 3,100,000

1 After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3
After deducting $151,580,000 participations of other Federal Reserve
Banks.




670,510 1,152,181 853,032 2,897,233

4 After deducting $146,647,000 participations of other Federal Reserve
Banks.

1136

BANK DEBITS
LOANS GUARANTEED UNDER REGULATION V*

FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V*

[Amounts in millions of dollars]

[In effect Sept. 30]
Loans
authorized
to date

Amount

Total
amount

Portion
guaranteed

2,500
2,575
2,761
2,912
3,105

472
294
389
395
310

368
226
289
300
236

273
170
125
135
168

[,558
1,560
1,561
1,562
1,563

1954
1955
1956
1957
1958

Number
,367
,411
,468
,503
,543

End of
year or
month

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

3,174
3,174
3,179
3,179
3,189

330
342
340
342
340

249
257
253
255
256

121
101
107
105
98

Loans
outstanding

Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan

10
15
20
25
30
35
40-50

Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.

1960
Jan
Feb
Mar
Apr
May
June
July
Aug

Percentage of
any commitment
fee charged
borrower

70 or less
75
80
85
90
95
Over 95

1959
Aug
Sept
Oct
Nov
Dec

Guarantee fee
(percentage of
interest payable
by borrower)
10
15
20
25
30
35
40-50

Percentage of
loan guaranteed

1,565
1,565
1,565
1,565
1,568
1,568
,571
: ,573

3,192
3,195
3,202
3,216
3,272
3,272
3,284
3,284

333
341
356
358
376
303
304
281

250
256
264
251
252
216
217
200

103
95
79
90
92
75
73
60

1
Schedule of fees and rates established by the Board of Governors on
loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.

1
Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act
of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing
agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid,
guarantees authorized but not completed, and authorizations expired or
withdrawn.

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

All
reporting
centers
Unadj.

1952
1953
1954
1955
1956
1957
1958
1959
1959—Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June
July
Aus
Sept

Leading centers

Adj.

1,642,853
1,759,069
1,887,366
2 043 548
2,200,643
2,356,768
2 439 754
2,679,167

Unadj.

337 other
reporting
centers 2

6 others 1

New York
Adj.

Unadj.

Adj.

349,904
385,831
390,066
431 651
462,859
489,311
487,432
545,258

597,815
632,801
738,925
766 890
815,856
888,455
958 721
1,023,605

Unadj.

]Leading

New York
Adj.

695,133
740,436
758,375
845 007
921,928
979,002
993,600
1,110,304

centers
6 others 1

Unadj. Adj.
34.4
36.7
42.3
42 7
45.8
49.5
53.6
56.4

337 c>ther
repoi
cent

Unadj. Adj. Unadj.
24.1
25.6
25.8
27 3
28.8
30.4
30.0
32.5
31.7
32.5
32.7
35.3
32.9

18.4
18.9
19.2
20 4
21.8
23.0
22 9
24.5

86,633
89,356
91,522
89,244

81,067
89,519
82,273
104,976

44,240
45,486
46 257
46,278

43,259
46,083
43,810
51,763

92,017
92,216
95,067
93,696

91,516
94,642
91,055
104,382

57.6
60.1
60.1
60.1

55.4
59.2
58.0
67.0

230,100 84,646
221,965 90,786
245,705 88,721
225,984 86,042
232 824 92 176
250,831 91,604
'223,567 89,444
r
241 799 99 947
240,798 103,832

88,529
85,058
96,593
86,174
88 551
99,809
86,063
92 435
97,162

46,218
49,752
46,730
48,414
48,453
48,583
46,807
50,127
48,974

46,305
45,626
50,410
46,862
47,895
50,415
45,254
49,474
47,909

94,335
98,866
95,610
96,753
97,986
97,931
'94,819
r
99,063
96,261

95,266
91,282
98,703
92,947
96,378
100,608
'92,250
r
99,890
95,727

55.7
58.5
57.9
56.4
61.1
61.3
58.9
65.5
68.5

57.8 33.0
25.1 25.3
56.3 35.7 33.4 26.4 25.0
60.3 34.0 36.6 25 8 25 8
56.3 35.3 35.5 26.1 25.4
58.9 35.5 35.2 26 3 26 2
65.7 35.7 36.5 26.4 26 9
58.8 34.2 34.0 25.5 25.7
59.8 36 7 34 7 26 6 26 0
65.9 2>35.8 P35.5 P26.0 P26.2

215,843
230,245
217,139
261,121

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




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

32.1
32.8
33.6
33.2

24 6
24.7
25 3
24.9

24.7
24.8
25 4
26.4

NOTE.—Series revised by Federal Reserve beginning with 1950; for
description and revised monthly figures, see the BULLETIN for Jan. 1960,
pp. 8-11. Seasonally adjusted figures for earlier years, prepared by
Federal Reserve Bank of New York, together with unadjusted data
were published in the BULLETIN for May 1959, p. 554.

1137

CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.

1939
1941
1945
1947
1950
1954
1955
1956
1957
1958
1959—Aug
Sept

Oct

Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June
July....
Aug

Total
in circulation!

Total

Coin

$12

$2

7,598
11,160
28,515
28,868
27,741
30,509
31,158
31,790
31,834
32,193

End of year or
month

5,553
8,120
20,683
20,020
19,305
21,374
22,021
22,598
22,626
22,856

590
751
1,274
1,404
1,554
1,834
1,927
2,027
2,110
2,182

559
695
,039
,048
,113
,256
,312
,369
,398
,494

31,973
31,848
31,905
32,489
32,591

22,784
22,672
22,752
23,277
23,264

2,241
2,259
2,269
2,294
2,304

31,569
31,552
31,633
31,600
31,879
32,065
32,039
32,027

22,409
22,440
22,539
22,529
22,809
22,970
22,946
22,912

2,268
2,275
2,294
2,311
2,324
2,338
2,345
2,364

In millions of dollars]

Coin and small denomination currency

Large denomination currency

$5

$10

$20

Total

$50

$100

$500

$1,000

$5,000

$10,000

36
44
73
65
64
71
75
78
80
83

1,019
1,355
2,313
2,110
2,049
2,098
2,151
2,196
2,188
2,186

1,772
2,731
6,782
6,275
5,998
6,450
6,617
6,734
6,662
6,624

1,576
2,545
9,201
9,119
8,529
9,665
9,940
10,194
10,187
10,288

2,048
3,044
7,834
8,850
8,438
9,136
9,136
9,192
9,208
9,337

460
724
2,327
2,548
2,422
2,720
2,736
2,771
2,777
2,792

919
1,433
4,220
5,070
5,043
5,612
5,641
5,704
5,752
5,886

191
262
454
428
368
321
307
292
280
275

425
556
801
782
588
464
438
407
384
373

20
24
7
5
4
3
3
3
3
3

32
46
24
17
12
15
12
14
13
9

,444
,464
,474
,488
,511

83
82
83
84
85

2,111
2,112
2,122
2,185
2,216

6,572
6,521
6,544
6,734
6,672

10,333
10,233
10,261
10,491
10,476

9,189
9,176
9,154
9,213
9,326

2,741
2,733
2,725
2,753
2,803

5,820
5,823
5,815
5,850
5,913

264
263
261
260
261

352
347
344
342
341

3
3
3
3
3

,419
,409
,410
,417
,440
,440
1,428
1,426

82
83
82
82
83
84
84
85

2,102
2,098
2,105
2,104
2,138
2,141
2,124
2,113

6,415
6,456
6,494
6,474
6,561
6,604
6,567
6,525

10,123
10,120
10,154
10,141
10,263
10,363
10,398
10,399

9,160
9,112
9,094
9,070
9,070
9,095
9,094
9,115

2,739
2,719
2,715
2,712
2,718
2,737
2,739
2,738

5,825
5,795
5,787
5,769
5,767
5,774
5,776
5,800

254
256
255
254
252
252
250
250

334
334
330
327
324
323
320
319

3
3
3
3
3
3
3
3

1
Outside Treasury and Federal Reserve Banks. Prior to December
1955^the totals shown as in circulation were less than totals of coin and

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

KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
[On basis of compilation by United States Treasury.

In millions of dollars]
Currency in circulation l

Held in the Treasury
Total outstanding As security
against
Aug. 31,
gold and
1960
silver
certificates

Kind of currency

Gold
Gold certificates
Federal Reserve notes
Treasury currency—total

19,005
18,739
28,663
5,368

.

Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.. . .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total

Aug 31 1960
July 31, 1960. .
Aug 31 1959

.

.

18,739
32,394

84
37

488
2,252
12,394
1,560
566
347
100
56

142
2,252

(5)
(5)

21,133
21 264
21,667

For
F. R.
Banks
and
agents

Aug. 31,
1960

July 31,
1960

Aug. 31,
1959

30
27,095
4,902

30
27,105
4,904

31
27,093
4,848

2266

(5)

15,893

NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
receipt); (3) as security for outstanding silver certificates—silver in bullion

2,816
1,484
429

26

8

312

307

291

2,068
1,495
558
316
98
55

2,089
1,485
553
316
99
56

2,i27

4
2
5

326
61
7
25

C4)

1 Outside Treasury and Federal Reserve Banks. Includes any paper
currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above; totals for Wednesday dates, in table on p. 1129.
2 Includes $156,039,431 held as reserve against United States notes
and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as
security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4 Less than $500,000.
5 Because some of the types of currency shown are held as collateral or
reserves against other types, a grand total of all types has no special
significance and is not shown. See NOTE for explanation of duplications.




Treasury
cash

Held by
F. R.
Banks
and
agents

w

388
406
392

(4)
15,893
16 022
16,411

4,729
4,687
4,588

1,429
521
316
108
57

32,027
32,039
31,973

and standard silver dollars of a monetary value equal to the face amount
of such silver certificates; and (4) as security for gold certificates—gold
bullion of a value at the legal standard equal to the face amount of
such gold certificates. Federal Reserve notes are obligations of the
United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal
Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of
the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of
at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasury of the United States as a
redemption fund, are counted as reserve. Gold certificates, as herein
used, includes credits with the Treasurer of the United States payable
in gold certificates. Federal Reserve Bank notes and national bank
notes are in process of retirement.

1138

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
Total
assets,
netTotal
liabilities
and
capital,
net

Bank credit
Date
Gold

Treasury
currency
outstanding

U. S. Government obligations

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

Other
securities

5,741
10,328
23,105
29,049
128,417
107,086
96,560
91,370
101,207
95,200

5,499
8,199
19,417
25,511
101,288
81,199
72,894
65,792
73,641
68,200

216
1,998
2,484
2,254
24,262
22,559
20,778
24,238
26,347
25,900

26
131
1,204
1,284
2,867
3,328
2,888
1,340
1,219
1,200

11,819
9,863
9,302
8,999
8,577
10,723
14,741
22,943
26,273
26,300

64,698
48,465
75,171
90,637
191,785
188,148
199,009
257,397
274,850
273,600

55,776
42,029
68,359
82,811
180,806
175,348
184,384
236,372
252,022
249,400

8,922
6,436
6,812
7,826
10,979
12,800
14,624
21,023
22,829
24,200

Loans,
net

Total

29.
30.
30.
31.
31.
31.
30.
31.
31.
24.

4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,781
20,534
19,800

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,146
5,234
5,300

58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
167,381 30,387
160,832 43,023
171,667 60,366
229,470 115,157
249,082 121,602
248,500 126,900

1959—Sept. 30.
Oct. 28.
Nov. 25.
Dec. 31.

19,500
19,500
19,600
19,456

5,300
5,300
5,300
5,311

252,100
251,800
251,400
255,435

131,600
131,500
132,300
135,867

94,100
94,000
93,100
93,497

66,500
66,600
65,400
65,801

26,600
26,400
26,700
26,648

1,100
1,100
1,100
1,048

26,500
26,200
25,900
26,071

276,900
276,600
276,300
280,202

252,100
251,700
251,100
256,020

24,800
24,900
25,200
24,186

1960—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.

19,500
19,400
19,400
19,400
19,400
19,351
19,300
19,200
19,000
18,700

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

250,200
248,300
247,600
250,800
250,700
253,320
252,500
254,700
255,100
258,300

133,000
133,400
134,600
136,200
136,800
139,164
139,100
138,200
138,700
140,800

91,300
89,200
87,300
89,000
88,500
88,637
87,900
90,800
90,800
91,800

64,800
63,000
61,100
62,600
61,800
61,541
60,800
63,200
63,100
64,200

25,400
25,200
25,300
25,500
25,700
26,155
26,200
26,700
26,800
26,800

1,000
1,000
1,000
1,000
1,000
941
900
900
900
900

25,800
25,700
25,700
25,600
25,400
25,519
25,500
25,700
25,600
25,700

274,900
273,000
272,400
275,600
275,400
278,025
277,200
279,200
279,500
282.400

250,500
248,000
247,300
250,200
249,300
251,981
251,000
252,900
252,200
255,100

24,400
25,000
25,100
25,300
26,000
26,044
26,200
26,300
27,300
27,300

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1957—Dec.
1958—Dec.
1959—June

27.
24.
30.
27 rr
25
15.
29 r
27 r
31 r
28^

Details of Deposits and Currency
Deposits adjusted and currency

U. S. Govt. balances
Date

Foreign
bank
deposits,
net

1929—June 29..
1933—June 30..
1939—Dec. 30..
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1950—Dec. 30..
1957—Dec. 31..
1958—Dec. 31..
1959_june 24..

365
50
1,217
1,498
2,141
1,682
2,518
3,270
3,870
3,600

1959—Sept. 30..
Oct. 28..
Nov. 25..
Dec. 31..

3,300
3,100
3,000
3,203

I960—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.

2,800
2,600
2,700
2,800
2,800
2,744
2,900
2,800
3,000
2,900

27..
24..
30..
27 r,
25 '.
15..
29',
27 r ,
31 r,
28?,

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

Time deposits 2

Total

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

Total
demand
deposits
adjusted
and
currency

Demand
deposits
adjusted

Currency
outside
banks

204
381
264
852
2,409
846
2,215 1,895
2,287 24,608
1,336 1,452
1,293 2,989
761 4,179
683 4,558
400 4,700

36
35
634
867
977
870
668
481
358
500

54,
40,
63,
76,
150,
170,
176,
227,
242,
240,

28,611
21,656
27,059
27,729
48,452
56,411
59,247
89,126
98,306
101,000

19,557
10,849
15,258
15,884
30,135
35,249
36,314
56,139
63,166
65,400

8,905
9,621
10,523
10,532
15,385
17,746
20,009
31,662
34,006
34,600

149
1,186
1,278
1,313
2,932
3,416
2,923
1,325
1,134
1,100

22,540
14,411
29,793
38,992
75,851
87,121
92,272
110,254
115,507
110,700

3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,301
28,740
28,300

110,500 84,400 26 ,100
114,600 90,000 24,600
133,600 105,800 27 ,800
138,800 110,700 28 ,100
140,900 112,600 28,300

400
400
400
391

6,400
5,500
4,700
5,319

700
500
400
504

241,400
242,200
242,600
246,603

101,500
101,100
100,300
101,779

65,700
65,500
64,800
65,884

34,800
34,600
34,600
34,947

1,000
1,000
1,000
948

111,400
112,700
113,100
115,402

28,500
28,300
29,100
29,422

140,800
140,400
140,100
140,200

112,400 28 ,400
112,000 28,400
111,800 28 ,300
112,000 28 ,200

400
500
400
400
400
421
400
400
400
400

3,800
4,800
4,700
4,700
7,200
6,657
7,300
6,500
5,700
7,700

600
500
500
600
500
535
500
500
500
600

242,
101,000
101,200
239
239J000 102,200
241
102,300
238
102,600
241
103,056
239
103,700
104,200
242
105,200
242
106,000
243

65,200
65,400
66,000
66,200
66,500
66,906
67,400
67,900
68,900
69,400

34,900
34,900
35,300
35,200
35,200
35,301
35,400
35,500
35,600
35,800

900
900
900
900
900
849
800
800
800
800

114,000
110,500
108,800
111,500
107,700
110,024
107,800
110,100
108,900
109,300

27,900
28,000
28,100
27,900
28,100
28,544
28,300
28,400
28,500
28,300

140,000
139,100
139,500
139,400
137,500

111,700 28 ,300
110,800 28 ,300
111,100 28,400
,200
111,200 28
109,300 28 200
.5)
(5)
109,900 28,100
110,300 28,300
110,300 28,300
110,300 28 ,200

r
* Preliminary.
Revised to benchmark data.
1 Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2
Excludes interbank time deposits; U. S. Treasurer's time deposits,
open account; and deposits of Postal Savings System in banks.
3 Prior to June 30, 1947, includes a small amount of demand deposits.
* Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.
5 Seasonally adjusted series begin in 1946 and are available only for last
Wednesday of the month. For description of series and for back data
see the BULLETIN for February 1960, pp. 133-36. Special adjustment
in seasonal factor for demand deposits adjusted for March 30, 1960,




Seasonally adjusted series 5

138,000
138,600
138,600
138,500

shown on page 135, footnote 3, of that BULLETIN has been revised from
—0.9 to —0.5. The new factor is 97.9.
NOTE.—For description of statement and back figures, see the BULLETIN
for January 1948, pp. 24-32.
The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal
Reserve Banks held by member banks is included in other securities and
in capital and miscellaneous accounts, net, and balances of the Postal
Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against capital and miscellaneous accounts, net,
instead of against U. S. Govt. deposits and Treasury cash. Total deposits
and currency shown in the monthly Chart Book excludes foreign bank deposits, net, and Treasury cash. Except on call dates, figures are rounded
to nearest $100 million and may not add to the totals.

ALL BANKS

1139

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

Amounts in millions of dollars]

Loans and investments

Class of bank
and date
Total

All banks:
1941—Dec. 31
1945_Dec. 31
1947—Dec.
1957—Dec. 3H. ..,
1958—Dec. 31
1959—June 31
Sept. 24
Dec. 30
1960—Mar. 31

Loans

Deposits
Total
assets—
Interbank 2
Other
Total
Cash
lia2
U.S.
assets bilities
and
Govt. Other
Total 2
Demand
capital
obliga- secuDetions
rities
acmand Time
3
U.S.
counts
Govt. Other

Total N u m Bor- capital ber
rowacof
ings counts bai
inks
Time

29 '
27'
31 '

61,126
140,227
134,924
203,849
221,485
223,200
225,530
227,831
223,770
226,820
226,710
228,436
227,200
229,370
229,940
232,100

26,615
30,362
43,002
•15,115
21,571
128,690
132,610
[35,958
137,010
[38,660
139,550
141,376
140,990
140,520
141,230
142,180

25.
8,999 27,344 90,908 81,816
101
8,57' 35,415 177,332 165,612
81,199 10,723 38,388 175,091 161,865
65,792 22,943 49,318 257,864 233,020
73,641 26,273 49,911 276,430 250,057
68 170 26 ,340 42,730 270,990 241,230
66 470 26:450 44,630 275,500 246,320
65;801 26,071 50,296 283,629 254,885
61,060 25,700 42,530 271,990 239,630
62,570 25,590 43,300 275,760 243,260
61,810 25,350 42,030 274,360 241,320
61,541 25,519 47,888
142 249,163
60,760 25,450 43,710
;710 244,470
63,200 25,650 43,770
,050 245,900
63.110 25,600 43,830
,000 245,830
64;190 25,730 44,500
,710 249,330

10,982
14,065
240
[2,793
5,636 1,386
[5,799 2,374
[2,870 2,030
[3,700 1,780
[5,650 1.443
12,680 1,270
2,520 1,470
2,210 1.490
3,920 1,448
[3,300 1,440
[3,070 1,480
[3,500 1,610
[3,670 1,670

44,355
26,479
105.935
45,613
1,346 94 381 53,105
3,903 123 993 88,102
4,253 130 132 97,498
4,420121 600 100,310
6,140123 860 100,840
5.0541131 622 101,116
4,410119 720 101,550
4.4801123 120 101.670
6.880J118 ;720 102,020
6.4171124 .912 102,467
7.060! 119 570 103,100
6,2301121 460 103,660
5,440120 ^600 104,680
7,390121 .130 105,470

23
41414,826
227 10 54214,553
6611 94814,714
8020; 42814,090
8121 705 14,020
2,710: 36013,997
1,41022 84013,996
624 22 915 13,991
3,290 23 26013,999
3,00023 35013,996
3,180 23 52014,002
2,594 23 79614,006
2,17023 77014,000
2,590 23 89013,999
2,92024 12013,998
2.050 24 23014,000

All commercial banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 314
1957—Dec. 31
1958—Dec. 31
1959—June 24
Sept. 30
Dec. 31
1960—Mar. 30
Apr. 2 7 '
May 2 5 '
June 15
June 29 r
July 2 7 '
Aug. 31 T
Sept. 28"

50,746
124,019
116,284
170,068
185,165
185,920
187,790
190,270
185,680
188,810
188,580
190,137
188,900
190,890
191,240
193,270

21,714
26,083
38,057
93,899
98,214
104,450
107,830
110,837
111,390
112,950
113,630
115,30^
114,840
114,170
114,660
115,430

21,
26,551 79,104 71,283
90,606
34,806 160,312 150,227
69,221
37,502 155,377 144,103
58,239 17,930 48,428 222^696 201,326
66,376 20
,575 48,990 238,651 216.017
60,860 20;610 41 ;93O 232,380 206,630
59,230 20,730 43,910 236,500 211,480
58,937 20,50 49,467 244,686 219,903
54,160 20,130 41,780 232,590 204,350
55,830 20,030 42,610 236.480 208,080
55,140 19,810 41,360 234,980 206,090
54,913 19,917 47,124 242,544 213,829
54.210 19,850 42,880 237.040 209,010
56,700 20,020 43,010 239,270 210,420
56,580 20,000 43,080 240,000 210,240
57,690 20J5C 43,710 242,530 213,520

10,982
14.065
240
2,792
5,636 1,385
5,799 2.372
2,870 2,030
3,700 1.780
5,649 1.441
12.680 1,270
12,520 1,470
12,210 1,490
13,919 1,446
13,300 1,440
13,070 1,480
13.500 1,610
13,670 1,670

15,952
30,241;
,367i35,360
,967 56,440
.104 63.493!
.570 65.740i
,830 66,030
,593 66,169
,690 66,300
.090 66,520
,690 66,820
,884 67,165
.540 67,670
,430 68,210
,570 69,120
,100 69,690

23 7, 173|14,278
219
950(14.011
65 10 05914,181
77il7 36813.568
73118 48613,501
2.71019 03013,479
1,41019 44013,478
61519 55613,474
3,29019 86013.482
3,00019 96013,480
3,180 20 11013.486
2,590J20 331 13,491
2,17020 28013,485
2.59020 38013,484
2,920|20 580113,483
2,050120 660113,485

521
183
846
353
865
,00'
,938
.879
762
570
317
657
593
313
587
282

18,021
22,775
32,628
80,950
84,061
89,301
92,063
94,779
95,086
96,38"
96,880
98,344
97,898
97,183
97,523
98,196

19,539
78,338
57,914
47,079
54,299
49,164
47,307
46,813
42,686
44,289
43,742
43,526
42,980
45,238
45,198
46,073

10,379
16,208
18,641
33,782
36,320
37,280
37,740
37,561
38,090
38,010
38,130
38,300
38,300
38,480
38,700
38,830

4,901
4,279
4,944
21,216
23,35^
24.240
24,780
25,126
25,620
25,710
25,920
26,069
26.150
26,350
26,570
26,750

3,704
10,682
11,978
7,55f
7,265
7,310
7,240
6,864
6.900
6,740
6.670
6,628
6,550
6.500
6,530
6.500

May
June
June
July
Aug.
Sept.

30
27'
25'
15

All member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959_j U ne 24
Sept. 30
Dec. 31
1960—Mar. 30
Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 28."
AH mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 4
1957—Dec. 31
1958—Dec. 31
1 9 5 9 _ j u n e 24
1959—Sept. 30
Dec. 31
1960—Mar. 30
Apr. 27
May 25
June 15
June 29 r
July 27 '
Aug. 31 r
Sept. 28"

5,96 23,123 68,121
6,07C 29,845 138,304
7,304 32,845 132,060
14,324 42,746 188,828
16,504 43,188 202,017
16,542 37,17 196,182
16,568 38,834 198,98.
16,287 43,509 205,726
15,99C 36,770 195,092
15.894 37,562 198,618
15;695 36,522 197,304
15,788 41,875 204,167
15,715 37,97' 199,243
15,892 37,981 201,057
15,866 38,033 201,632
16,013 38,686 203,891

61.71
129,670
122,528
170,63'
182,816
174.073
177.713
184.706
170.715
174,123
172.400
179,519
175,200
176.214
175.999
178.952

11,804
17,020
19,71
35,168
37,779
38,610
39,000
38.943
39,400
39,280
39,380
39,598
39,670
39,780
40,000
40J8C

10,533
15,385
17,763
31,69:
34,040
34.600
34,840
34,983
35.280
35,180
35,230
35.335
35,460
35,48C
35.59C
35.81C

1,774
1,246
1,718
5,013
5,698
5,730
5,720
5,570
570
56C
54C
5,603

5,58C

793
609
886
890
92
800
720
82
750
690
670
764
830
760
750
790

r
P Preliminary.
Revised to benchmark data.
1
All banks in the United States. Beginning with January 1959,
all banks in Alaska with total deposits of $172 million were included
in the series (a national member bank has been included since April
1954); beginning with August 1959, all banks in Hawaii with total deposits
of $365 million were included in the series (a national member bank
with total deposits of $220 million has been included in the series since
April 1959).
All banks comprise all commercial banks and all mutual savings banks.
All commercial banks comprise (1) all nonmember commercial and
(2) all member commercial banks. Member banks include (1) a national
bank in the Virgin Islands that became a member on May 31, 1957, (2)
a noninsured nondeposit trust company, and (3) two (three prior to I960)




10.385
140 1,709 37, 136
64 22,179 69! 640
13,576
50 1,176 80;609
12,353
15,082 1,246
472105:547
822110
15,227 2,187
,889
,943 102
12,357
,634
522 104; 492
13,181
,338 4,504 H O !
15,048
,165 3,904 IOO;
12,207
,362 4,074103
12.047
,388 6,232 99,841
11,752
.305
13,367
745105 566
,298
360100 790
12,775
,336
622 102 ;366
12,524
.467
887|l01 ,594
12,943
,525
827 101 905
13,10f
6
14
3
4
3[

12,347
24,210!
28,340
45,290
52; 884
52,827
52,798
52,952
53,187
53,536
53,977
54,366
55.108
55,590

110,527
115.371
14 17,745
26 31,662
29 34,006
30 34,570
30 34,810
29 34,948
30 35,250
30 35,1501
30 35,200!
28 35,301j
30 35,430
30 35.450
30 35.560
30 35.780

4 5,886|
208 7,589
54} 8,464
5714,554
5415,460
2,61915,875
1,35816,169
581 16,264
3,21616,495
2,94216,581
3,08816,697
2,503 16,829
2,06916,822
2,505 16,892
2,78317,056
1,99617,114!

6,619
6.884
6.923
6.393
6,312
6.279
6,249
6,233
6,219
6,218
6,213
6,217
6,212
6.204
6,205
6,200

1,241
1,592;
1,889i
3,059!
3,219
3.330:
3,400|
3,3591
3,400i
3,390
3,4101
3,4651
3,490|
3,5101
3,540
3.570

548
542
533
522
519
518
518
517
517
516
516
515
515
515
515
515

(5)
(5)

mutual savings banks that became members in 1941 (these banks are
excluded from all commercial banks).
Stock savings banks and nondeposit trust companies are included with
commercial banks. Number of banks includes a few noninsured banks,
for which asset and liability data are not available. Comparability of
figures for classes of banks is affected somewhat by changes in Federal
Reserve membership, insurance status, and the reserve classifications of
cities and individual banks, and by mergers, etc.
2
Beginning with June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3
Includes other assets and liabilities not shown separately.
For other notes see following two pages.

1140

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

Amounts in millions of dollars]

Class of bank
and date

Central reserve city
member banks:
New York City:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Sept. 30
Dec. 31
1960—Mar. 30
Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 28P
Chicago:
1941_Dec.
1945—Dec.
1947_Dec.
1957—Dec.
1958—Dec.
1959—June
Sept.
Dec.
I960—Mar.
Apr.
May
June
June
July
Aug.
Sept.

Total

12,896
26,143
20,393
23,828
25,966
25,488
25,194
25,291
24.342
25,355
25,090
24,774
25,320
25,698
25,438
26,270

Loans

Deposits
Total
assets—
Interbank 2
Total
Other
liaCash
U. S. Other assets2 bilities
Gqvt.
Demand
and
Total 2
obliga- secucapital
rities
Detions
acmand Time U . S .
3
counts
Govt. Other

!

Loans and investments

4,072 7,265 1,559 6,637
7,334 17,574 1,235 6,439
7,179 11,972 1,242 7,261
16,102 5,880 1,846 8,984
16,165 7,486 2,315 9,298
16,681 6,426 2,381 7,204
17,244 5,570 2,380 7,690
18,121 5,002 2,168 9,174
17,862 4,283 2,197 7,776
17,991
5,249 2,115 7,772
17,827 5,300 1,963 7,371
18,350 5,384 2,040 8,890
18,060 5,273 1,987 7,773
17,610 5,975 2,113 7,639
17,236 6,031 2,171 7,829
17,714 6,277 2,279 8,165

19,862
32,887
27,982
33,975
36,398
33,869
34,101
35,750
33,609
34,569
33,875
36,102
34,600
34,886
34,928
36,068

17,932
30,121
25,216
29,371
31,679
28,415
29,141
30,647
27,431
28,184
27,421
29,719
28,654
28,243
27,945
29,347
4,057
7,046
6,402
7,792
8,214
7,423
7,681
8,062
6,978
,281
,254
,692
,474
,551
,647
7,766

1,035
1,312
1,217
1,333
1,357
1,123
1,204
1,231
1,219
1,087
1.053
1,233
1,151
1,163
1,236
1,191

954
1,333
1,801
3,852
3,637
3,687
4,011
4,206
4,135
4,156
4,259
4,386
4,342
4,284
4,317
4,361

1,430
4,213
2,890
2,032
2,562
2,137
2,052
1,985
1,866
1,745
1,647
1,664
1,620
1,845
1,727
1,792

376
385
397
562
631
692
664
694
629
630
656
656
636
682
617
587

,566
,489
,739
2,083
2,158
',842
,992
2,003
,604
,783
,723
,854
,745
.927
,980

4,363
7,459
6,866
8,595
9,071
8,440
8,805
8,967
8,329
8,410
8,378
8,928
8,546
8,662
8,698
8,833

Reserve city member banks: 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Sept. 30
Dec. 31
I960—Mar. 30
Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 28^

15,347
40,108
36,040
55,259
60,558
60,617
60,647
61,621
58,445
59,649
59.491
59,750
59,563
60,427
60,683
60,790

7,105
8,514
13,449
32,805
34,003
36,616
37,733
38,686
38,392
38,990
39,126
39,534
39,421
39,290
39,497
39,430

6,467
29,552
20,196
17,352
20,645
18,224
17,169
17,292
14,690
15,305
15,046
14,921
14,846
15,825
15,920
16,029

1,776
2,042
2,396
5,102
5,910
5,777
5,745
5,643
5,363
5,354
5,319
5,295
5,296
5,312
5,266
5,331

8,518
11,286
13,066
17,540
17,701
15,762
16,298
18,211
15,044
15,412
15,105
17,378
15,786
15
15,743
15,353
15,801

24,430
51,898
49,659
74,196
79,781
77,887
78,511
81,443
75,183
76,723
76,253
78,780
77,090
77,938
77,796
78,381

22,313
49,085
46,467
67,483
72.647
69,448
70,496
73,675
66,202
67,699
67,149
69,887
68,028
68,796
68,484
69,317

4,356
6,418
5,627
7,241
7,506
5,994
6.377
7,450
5,831
5,803
5,623
6,625
6,062
6,074
6,342
6,509

Country member banks: 6
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Sept. 30
Dec. 31
1960—Mar. 30
Apr. 27
May 25
June 15
June 29
July 27
Aug. 31
Sept. 2SP

12,518
35,002
36,324
56,820
61,511
62,386
63,370
64,082
64,345
65,035
65,174
65,427
65,112
65,377
65,805
66,482

5,890
5,596
10,199
28,191
30,257
32,317
33,075
33,766
34,697
35,250
35,668
36,074
36,075
35,999
36,473
36,691

4,377
26,999
22,857
21,815
23,606
22,377
22,516
22,535
21,847
21,990
21,749
21,556
21,241
21,593
21.520
21,975

2,250
2,408
3,268
6,814
7,648
7,692
,779
,781
,801
,795
,757
7,797
7,796
7,785
7,812
7,816

6,402
10,632
10,778
14,139
14,031
12,363
12,854
14,122
12,346
12,595
12,323
13,475
12,564
12,854
12,924
12,740

19,466
46,059
47,553
72,062
76,767
75,986
77,567
79,567
77,971
78,916
78,798
80,357
79,007
79,571
80,210
80,609

17,415
43,418
44,443
65,991
70,277
68,787
70,395
72,323
70,104
70,959
70,576
72,222
71,044
71,624
71,923
72,522

792
1,207
1,056
1,640
1,578
1,232
1,285
1,602
1,251
1,248
1,191
1,299
1,223
1,274
1,308
1,349

2,132

4 Beginning with Dec. 31, 1947, the all-bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks
with total loans and investments of about $110 million was added, and
8 banks with total loans and investments of $34 million were transferred
from noninsured mutual savings to nonmember commercial banks.




127
1,552
72
195
249
259
347
272
233
235
381
335
407
342
275
552
104
30
22
301
377
341
318
303
228
278
279
245
241
250
285
317

2,419
3,462
4,201
4,904
5,136
4,586
4,678
5,070
4,103
4.520
4,371
4,669
4,442
4,552
4,629
4,497

Total Numcapital ber
of
accounts banks

Time

4,202
866 12,051
807
6
4,640
195
17 6,940 17,287 1,236
4,453
267 19,040 1,445
30
12
4,869
737 19,959 2,893
2
912
4,786 1,739
968 20,704 3,482
4,008 1,480
775 18,570 3,582
805
4,315 1,256 1,208 18,795 3,567
244
4,765
232
988 1,027 20,419 3,448
3,906
794 18,397 3,445
951
889
3,909 1,023 1,124 18,696 3,432 1,056
3,885 1,041 1,457 17,628 3,410 1,143
4,209
980
992 1,140 19,898 3.479
4,339
473
985 1,415 18,379 3;536
4,013 1,012 1,276 18,366 3.576
946
4,057 1,101 1,005 18,148 3.634 1,083
4,056 1,121 1,995 18,401 3,774
865

2,760
5,931
5,088
6,446
6,830
6,516
6,727
6,885
6,630
6,531
6,562
6,707
6,598
6.811
6,661
6,740

31
31
31
31
31
24
30
31
30
27
25
15
29
27
31
28^

Borrowings

476
719
913
,345
,438
,424
,426
,468
,399
,402
,405
,412
,426
,444
,452
,465

491
8,221
405
,358
,429
,600
,282
,698
,474
,577
2,591
2,319
2,591
2,247
1,984
2,500

12,557 4,806
24,655 9,760
28,990 11,423
39,960 18,623
42,259 "" 075
39,721 21;792
914
39,914 21 ,605
42,668 21,555
994 20
3 7 , " ' "",675
39, 333 20,708
37,811 20,845
39,759 20,938
37,966 21 ,168
38,925 21,300
38,284 21 ,589
38,257 21,734

225
5,465
432
,181
,175
,309
,685
,508
,403
,138
,803
,951
,947
1,757
1,623
1,780

10,109 6,258
24,235 12,494
28,378 14,560
40,724 ",429
22
42, 349 25,137
40,115 26,094
41,105 26,286
4 2 ,832 ",356
" " 26
40, 147 27,279
41, 139 27,410
40,031 27,527
27
41, 240 "",706
40,003 27,847
40,523 28,046
40,533 28,433
750 28
40 " " ",617

1 648
2,120
2,259
3,136
3 282
3,292
3,342
3,361
3,384
3,399
3,423
3,430
3,427
3,450
3,483
3,470

36
37
37
18
18
17
16
16
16
16
16
16
16
16
15
15

4
3
164
253
40
467
241
225
333
161
195
117
125

288
377
426
689
733
740
753
762
752
755
760
765
769
770
783
781

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

2
1
21
14
1,140
555
238
,298
,192
1,105
870
1,064
1,063
1,093
803

1,967
2,566
2,844
5,370
5,760
5,945
6,044
6,106
6,115
6,147
6,174
6,181
6,257
6,256
6,306
6,332

351
359
353
278
274
273
270
265
225
225
224
224
223
222
217
217

4
11
23
30
37
510
306
71
500
453
615
320
371
301
490
203

1,982
2,525
2,934
5,359
5,685
5,898
6,030
6,035
6,244
6,280
6,340
6,453
6,369
6,416
6,484
6,531

6,219
6,476
6.519
6,083
6,006
5,975
5,949
5,938
5,967
5,966
5,962
5,966
5,962
5,955
5,962
5,957

5
Less than $5 million. Because preliminary data are rounded to the
nearest $10 million no amount is shown except on call dates.
6
Beginning with February 1960 reserve city banks with total loans and
investments of $950 million and total deposits of $1,070 million were
reclassified as country banks.
For other notes see preceding and opposite pages.

ALL BANKS

1141

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

Class of bank
and date
Total

Loans

Deposits
Total
assets—
Interbank2
Total
Other
liaCash
U. S. Other assets2 bilities
and
Govt. secuDemand
Total 2
capital
obliga- rities
Detions
acTime
mand
counts 3
U.S.
Other
Govt.

All insured commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959_June 10
Dec. 31
I960—June 15

49,290
121,809
114,274
168,595
183,596
184,632
188,790
188,691

21,259
25,765
37,583
93,430
97,730
102,902
110,299
114,785

National member banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31
I960—June 15

27,571
69,312
65,280
91,201
99,277
99,982
102,615
102,309

11,725
13,925
21,428
50,350
52,627
55,816
59,962
62,398

12,039 3,806
977
114
51,250 4,137
024
38,674 5,178
31,234 9,617 26;786
35,714 10,936 26;
33,152 11,014 23;
31,761 10,892 27;
29,298 10,614 26

State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31.
1958-Dec. 31
1959—June 10
Dec. 31
1960—June 15

15,950
37,871
32,566
51,152
55,588
55,307
55,264
55,348

6,295
8,850
11,200
30,600
31,435
32,616
34.817
35,946

7,500
27,089
19,240
15,846
18,585
17,072
15.052
14,228

2,155
1,933
2,125
4,707
5,568
5,619
5,396
5,174

8,145
9,731
10,822
15,960
16,407
14,021
16,045
15,495

Insured nonmember
commercial banks:
1941—Dec. 31
1945__Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31
1960—June 15

5,776
14,639
16,444
26,268
28,759
29,371
30,939
31,052

3,241
2,992
4,958
12,493
13,682
14,484
15,534
16.450

1,509
10,584
10,039
10,512
11,381
11,183
11.546
10,848

1,025
1,063
1,448
3,264
3,696
3,704
3,859
3,755

1,457
2,211
2,009
1,473
1,568
1,518
1,480
1,446

455
318
474
468
484
504
534
522

761
1,693
1,280
660
707
639
589
547

All nonmember commercial
banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31*
1957—Dec. 31
1958—Dec. 31
I959_june 10
Dec. 31
I960—June 15

7,233
16,849
18,454
27,741
30,327
30,889
32,419
32,498

3,696
3,310
5,432
12,961
14,165
14,988
16,068
16,972

Insured mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959_june 10
Dec. 31
I960—June 15

1,693
10,846
12,683
26,535
28,980
30,150
30,580
31,133

8,687
5,361
5,957
7,246
7,341
7,071
6,981
7,167

Noninsured nonmember
commercial banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31*
1957—Dec. 31
1958—Dec. 31
1959_june 10
Dec. 31
1960—June 15

Noninsured mutual savings
banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 3H
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31
I960—June 15

Time

21,046 6,984 25,788 76,820 69,
,699
1,762 41,298 15
10 6,84413,
10,654
,426
88,912 7,131 34,292 157,544 147,
23,740 80,276 29 ,876
215 8,67113,
13,883
,297
67,941
750 36!926 152,733 141,851 12,615
,882
54 1,325 92,975 34
61 9,73413,
,398
57,580 17 585 48 127 220,865 199,876 15,489 1,264 3,859 123,127 56
,137
6617,051 13,142
65,669 20 198 48!689 236,724 214,485 15,653 2,209 4,241 129,214 63,168
6718,15413,101
61,396 20 334 42;623 231,876 206; 149 13,338 2,013 2,766 122,744 65,288 2,76218,76213,086
58,348 20,143 49 158 242,828 218,474 15,
1,358 5.037 130,720 65.858
60219.206n 107
54,366 19,540 46,825 240,728 212,442 13.
1,324 6,396 124,091 ,875 2,573 19,978 13.140
433 39,458
220 84,939
182 82,023
153 109,091
397 116,714
255 112,659
636 119,638
433 116,178

8,375
8,958
9,035
7,818
8,947
7,937

24,688
48,084
43,879
68,676
73,620
71,010
73,090
72,734

22,259
44,730
40,505
61,545
66,102
62,152
65,069
63,341

3,978
6,124
6,192
5,127
6.102
5,42'

2,668
4,448
4,083
5,383
5,504
4,770
5,651
4,952

8,708
19,256
20,691
32,066
34,737
34,642
37,132
36,582

7,702
18,119
19,340
29,266
31,696
31,365
33,795
32,942

262
407
426
392
451
389

241
200
255
345
377
375
358
377

763
514
576
301
301
271
309
299

2,283
2,768
2,643
1,831
1,927
1,850
1,858
1,815

1,872
2,452
2,251
1,449
1,532
1,444
1,429
1,386

177
147
146
143
150
163

185
121
163
122
83
122

2,270
12,277
11,318
11,172
12,088
11,821
12,134
11,395

1,266
1,262
1,703
3,608
4,074
4,079
4,216
4,131

3,431
4,962
4,659
5,684
5,805
5,041
5,961
5,251

10,992
22,024
23,334
33,897
36,664
36,491
38,990
38,397

9,573
20,571
21,591
30,715
33,227
32,810
35,224
34,328

439
554
572

457
425
190
138
185
144
103
141

642
3,081
3,560
17,194
19,180
20,106
20,942
21,721

629
7,160
8,165
5,404
5,215
5,324
5,016
4,743

421
606
958
3,937
4,585
4,721
4,622
4,669

151
429
675
719
752
630
686
624

1,958
11,424
13,499
27,671
30,189
31,228
31,741
32,211

1,789
10,363
12,207
25,022
27,277
28,041
28.577
28,824

4,259
1,198
1,384
4,022
4,177
4,043
4,184
4,348

3,075
3,522
3,813
2,148
2,050
2,025
1,848
1,885

1,353
641
760
1,076
1,113
1,003
949
934

642
180
211
171
169
150
143
141

9,846
5,596
6,215
7,497
7,589
7,298
7,200
7,387

8,744
5,022
5.556
6,672
6,763
6,461
6,405
6,511

6,786
9,229
35
517
767
705
514
472

3,739
4,411
15
729
1,420
1,285
825
833

129
244

23,262 8,322
3,640 5,117
45,473 16,224
4,644 5,017
53,541 19,278
5,409 5,005
66,546 30,904
9,070 4,620
69,808 34,812
9,643 4,578
66,433 36,177 1,42010,041 4,559
71.015 36.421
34010.302 4.542
67.270 36,905 1,491 10,686 4.542

621
8,166
381
1,306
1,530
880
1,763
2,151

1 2,246 1,502
13,874 4,025
24,168 7,986
130 2,945 1,867
27,068 9,062
9 3,055 1,918
39,001 14,386
18 5,483 1,773
40,640 16,320
10 5,817 1,734
38,237 16,622 1,266 5,879 1,721
39,974 16.406
240 5.962 T.601
38.296 16.631 1.012 6,143 1.675

4,162 3,360
10,635 5,680
12,366 6,558
580
17,580 10,873
18,766 12,063
18,074 12,516
19.732 13.059
18.525 13.357

959
1,083
1,271
2,500
2,696
2,846
2.944
3.151

6,810
6,416
6,478
6,753
6,793
6,810
6.878
6,926

253
365
478
303
325
342
311
290

329
279
325
317
332
338
350
353

852
714
783
425
399
383

5,504
3,613
14,101
6,045
167 13,758 7,036
427 18,420 11,176
428 19,655 12,387
368! 18,903 12,858
545 20,605 13.370
669 19,318 13,648

1,288
1,362
1,596
2,817
3,028
3,183
3,294
3,503

7,662
7,130
7,261
7,178
7,192
7,193
7.244
7,276

1,789
10,351
12,192
24,991
27,243
28,011
28 544
28,791

164
1,034
1,252
2,308
2,473
2,608
2,654
2,735

52
192
194
239
241
251

8,738
5,020
5,553
6,671
6,762
6,460
6.404
6,510

1,077
558
637
751
746
707
705
730

496
350
339
283
278
267
24<>
247

53
,560
149
388
419
361
533
651

329
181

Sf

1,088
14,013
795
2,166
2,292
1,526
2,742
3,594

1,291
1,905

1,392
840
890
830
873
792

350

553

For other notes see preceding two pages.




Bor- Total Numcapital ber
rowacof
ings
counts banks

1
1
2
2
2
2

12
2
3
3
2
3

268

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

1142

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

Class of
commercial
bank and
call date

Loans for
Loans
Compurchasing
to
meror carrying
financial
Total
cial
Other
securities
institutions
loans
inand
Real loans
clud- Agrito
culinvest- Total* ing
in- Other
To
tate
loans
ments
open tur- brodial
loans vidmarkers To
To
To
ket
uals
and others banks others
padealper

Total:'
1947_Dec. 31...
1958—Dec. 31...
1959—June 10*.
Dec. 31...
I960—June 15...

116,284 38,057 18,167
185,165 98,214 40,425
186,151 103,406 41,613
190,270 110,832 40,174
190,137 115,307 41,775

All insured:
1941—Dec. 31...
1945—Dec. 31...
l947_Dec. 31...
1958—Dec. 31...
1959—June 10*.
Dec. 31...
1960—June 15...

40
49,290 21,259 9,214 1,450 614 662
49
121,809 25,765 9,461 1,314 3,164 3,606
1
" " " "'
114
114,274 37,583 18,012 ',610 823 1,190
713
183,596 97,730 40,289 4,913 2,797 1,810
184,632 102,902 41,459 5J046 2 ^ 1 2 1,884 1,847
813
188,790 110,290 40,022 4,973 2,982 ',827
188,691 114,785 41,625 5,318 2,584 ,719 2,360

Member, total:
1941_Dec. 31...
1945—Dec. 31...
1947_Dec. 31...
1958—Dec. 31...
1959—June 10*.
Dec. 31...
1960—June 15...

43,521 18,021
107,183 22,775
97,846 32,628
154,865 84,061
155,289 88,431
157,879 94,779
157,657 98,344

1,660 830 1,220
115
9,393 5,723
4,973 2,832 1,829
719
25,255 20,698
5,098 2,333 1,903 1,852
2 6 , 669 22,382
" " 22
5,018 3,018 1,850
819 7,118 28,060 24,166
5,363 2,602 1,739 2,365 7,063 28,353 25,523

12,896
26,143
20,393
25,966
25,648
25,291
25,774

4,072
7,334
7,179
16,165
16,514
18,121
18,350

2,807
3,044
5,361
10,928
10,731
10,549
10,499

Chicago:*
1941_Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1958—Dec. 31..
1959_june 10*.
Dec. 31..
I960—June 15..

2,760
5,931
5,088
6,830
6,581
6,885
6,707

954
1,333
1,801
3,637
3,643
4,206
4,386

732
760
1,418
2,628
2,678
2,527
2,716

Reserve city:
1941_Dec. 31..
1945_Dec. 31..
1947_Dec. 31..
1958—Dec. 31..
1959—June 10*.
Dec. 31..
1960—June 15..

15,347
40,108
36,040
60,558
60,812
61,621
59,750

7,105
8,514
13,449
34,003
36,315
38,686
39,534

3,456
3,661
7,088
15,808
16,410
15,252
15,778

Country:
1941_Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959—June 10*.
Dec. 31..
I960—June 15..

12,518 5,890
35,002 5,596
36,324 10,199
61,511 30,257
62,248 31,960
64,082 33,766
65,427 36,074

1,676
1,484
3,096
8,080
8,650
8,498
9,212

2,368
2,362
2,321
2,465

Nonmember:3
1947_Dec. 31..
1958—Dec. 31..
1959_june 10..
Dec. 31..
I960—June 15..

18,454
30,327
30,889
32,419
32,498

5,432
14,165
14,988
16,068
16,972

1,205
2,981
3,144
3,348
3,571

614
1,921
1,967
1,902
2,066

412 169
32
2,453 1,172
26
545 267
93
1,652 382
503
1,556 409
967
1,740 403
531 1,788
'463 366 1,050 1,886
48
211
73
266
146
268
187
300
205
225
669
753
765
805

52
233
87
97
107
124
123

588
581

947 69,221 2,193
3,437 66,376 6,294
3,567 62,035 5,149
2,784 58,937 6,300
2,747 54,913 3,593

123
80
111
641
746
936
870

522
287
564
1,502
1,625
1,739
1,821

272
238
921
852
833
795

22
36
46
161
181
183
183

95
51
149
357
386
435
396

40
26
210
203
148
211

4
1,527
1,459
17
3,147
15
8,405
191
8,986
715
235 3,369 9,251
924 3,184 9,036

20
42
23
294
154
298
308

183
471
227
268
293
284
286

2
1,823
4
1,881
5
3,827
6
10,806
102
11,267
11 1,056 11,816
242 1,085 12,220

20

156
230
234
263
251

2,266
5,256
5,502
317 5,888
6,053
32'

• For a discussion of revision in loan schedule, see the BULLETIN for
January 1960, p. 12.
i All commercial banks in the United States. These figures exclude
data for banks in U. S. territories and possessions except for member
banks During 1941 three mutual savings banks became members of
the Federal Reserve System; these banks (two beginning June 1960) are

Total Bills

3,494
19,539 971
3, 653
78
3,455 1,900 1,057 78,338 2,275
839 57,914 1,987
7,130 4,662
20,013 17,028 3,211 54,299 4,644
",225 3,854
21,180 18,397 3,276 50
22,185 19,877 2,603 46 ,813 4,612
309 20,932 2,550 43 ,526 2,521

114 194
427 1,503
170 484
518 851
404 860
580 776
511 713

73
133
134

ObliU. S. Government obligations

4, 505
4,773
21,046 988
4,677 2,361 1,132 88,912 2,455
914 67,941 2,124
9,266 5,654
.
~,589 3,420 65,669 6,159
25,148 20,
26,550 22
.... ,264 3,549 61,396 5,025
105 27,948 24,032 2,767 58,348 6,189
043 28,240 25,387 2,728 54,366 3,527

8,671 972 594 598
39
8,949 855 3,133 3 ,378
47
,046 811 ,065
16,962 ,
113
37,444 3,052 2,
,730 ,599
710
38,
132 2,260 ,669 1,821
36,
116 2,885 ,587
811 6,801
38,204 3 297 2,469 ,488 2,309 6 —

New York City:*
1941—Dec. 31...
1945_Dec. 31...
1947—Dec. 31..
1958—Dec. 31...
1959__june 10*.
Dec. 31..
1960—June 15..




Investments

tions
of
States Other
and secupolit- rities
Cerical
tifi- Notes Bonds subcates
divisions

6,034 53,205
13,396 39,287
14,037 38,127
..... ...
14,856 35,360
2 , 2 1 0 1 2 2 33
15,224 33,887

5,276 3,729
16J505 4 ,070
16,984 3
,
16,958 3 ,543
16;789 3,127

3,159 16,
,899
19,071 16,045 51,
,342
7,552 5,918 52,
,347
7,362 13,240 38,!
,908
4,690 13,928 3 7 , 7 5 4
:
2,."*' 14,729 35,027
404
2, 184 15,090 33,566

3,651 3,333
%258
3,873 3
5, 129 3 ,621
16, 266 3 ,932
16, 743 3 591
16,721 3,422
16 4 5 2,994
",5

3,007 15,561
14,271 44,807
4,815 45,295
11,117 32,396
11,410 31,273
11,604 28,785
11,959 27,463

3,090 2,871
3,254 2,815
4,199 3,105
13,405 3,100
13,820 2,813
13,677 2,610
13,473 2,315

7,789
7,399
4,722
2,420

16,985
5,816
6,143
3,688
1,812
1,583

1,623 5,331
7,265 311
729
17,574 477 3,433 3.325 10,339
606
640
558 9,772
11,972 1,002
638
7 486 643 1,106 1,602 4,135 1,869
6,745 1,165
350 1,717 3,513 1,978
5,002 639
227 1,277 2,859 1,833
5,384 681
369 1,546 2,788 1,722
1,430
4,213
2.890
2,562
2,235
1,985
1,664

256
133 1,467
132
235
232
361
178
205
108
78
46
42

153
749
248
522
439
467
480

,022
864
,274
446
,414
,332
,096

182
181
213
491
564
562
564

830
629
604
446
411
335
319
193
204
185
140
139
133
93

751 5,421
6.467 295
956 820
1,508
19,552 1,034 6,982 5,653 15,883 1,126 916
855
387 29
351 20,196 373 2,358 1,901 15,563 1,342 1,053
1,969
12,484 4,864 ,047
6,930 1,301 20,645 ,293 2,370 4,497 12
7,513 1,358 18,663 870 1,512 4,230 12,051 4,885 949
11,054 4,830 813
980 17,292 ,484
8,211
645 4,109 11
892 14,921 464
8,430
365 4,006 10,086 4,623 672
1,528
707
1,979
8,239
8,872
9,491
10,286
1,061
3,671
3,985
4,289
4,591

4,377 110
359 26
',999 630
224 22 ,857 480
779 23,606 2,475
,581 1,642
.535 2,381
652 21,556 1,329
109
226
291
181
197

11,318
12,088
11,821
12,134
11,395

1,222
1,342
2,006
6,181
6,392
6,452
6,565

1,028
1,067
,262
467
,315
,330
232

206 1,973 1,219 7,920 1,078
,651 1 255 2,280 6,901 3,102
1,295 1,034 2,629 6,864 3,166
1,689
608 3,254 6,584 3,283
1,073
627 3,265 6,429 3,317

625
971
913
934
814

5,102
2,583
2,306
1,622
863
807

481
4,544
2,108
4,495
5,023
5,751
5,928

3,787
16,722
17,687
14,330
14,295
13,540
13,493

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

COMMERCIAL BANKS

1143

RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Time deposits

Demand deposits
Class of
commercial
banks and
call date

Total:*
1947—Dec
1958—Dec
1959_june
Dec.
1960—June

ReDeBalserves
with Cash ances mand
with
deFederal in
dovault mestic posits
Readserve
banks 5 justed 6
Banks

Interbank
deposits
DoFormestic5

31...
31...
10...
31...
15...

17,796
18,427
18,084
17,931
17,917

2,216
3,249
3,118
3,012
3,252

10,216
12,609
10,371
12,237
10,999

87,123
115,518
112,353
115,420
110,025

11,362
14,142
11,934
13,944
12,484

All insured:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec 3 1 . . .
1958—Dec. 3 1 . . .
1959—June 10...
Dec. 3 1 . . .
1960—June 15...

12,396
15,810
17,796
18,427
18,084
17,931
17,917

1,358
1,829
2,145
3,227
3,096
2,990
3,232

8,570
11,075
9,736
12,353
10,140
11,969
10,737

37,845
74,722
85,751
114,645
111,537
114,563
109,249

9,823
12,566
11,236
14,025
11,821
13,825
12,356

Member, total:
1941—Dec 3 1 . . .
1945—Dec 3 1 . . .
1947—Dec 3 1 . . .
1958—Dec 3 1 . . .
1959—June 10...
Dec. 3 1 . . .
1960—June 15...

12,396
15,811
17,797
18,428
18,086
17,932
17,918

1,087
1,438
1,672
2,441
2,351
2,222
2,427

6,246
7,117
6,270
7,977
6,375
7,532
6,913

33,754
64,184
73,528
96,218
93,722
95,274
91,042

9,714
12,333
10,978
13,614
11,446
13,389
11,980

New York City:*
1941—Dec. 3 1 . . .
1945_Dec 3 1 . . .
1947—Dec. 3 1 . . .
1958—Dec 3 1 . . .
1959—June 10...
Dec. 3 1 . . .
1960—June 15...

5,105
4,015
4,639
4,454
4,090
3,908
4,054

93
111
151
161
148
151
144

141
78
70
92
66
138
87

10,761
15,065
16,653
16,170
16,010
15,494
15,332

Chicago:*
1941—Dec 3 1 . . .
1945—Dec 3 1 . . .
1947—Dec 3 1 . . .
1958—Dec 3 1 . . .
1959—June 10...
Dec 3 1 . . .
1960—June 15...

1,021
942
1,070
1,058
998
920
995

298
200
175
185
105
142
109

Reserve city:
1941—Dec 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec 3 1 . . .
1958—Dec. 3 1 . . .
1959—June 10...
Dec. 3 1 . . .
1960—Jun 15...

4,060
6,326
7,095
7,472
7,350
7,532
7,482

425
494
562
768
750
681
740

Country :
1941—Dec. 3 1 . . .
1945—Dec 3 1 . . .
1947—Dec. 3 1 . . .
1958—Dec. 3 1 . . .
1959—June 10...
Dec. 3 1 . . .
I960—June 15...

2,210
4,527
4,993
5,444
5,647
5,573
5,388

Nonmember:3
1947—Dec 31.
1958—Dec. 31.
1959—June 10.
Dec. 31.,
1960—June 15.,

1,430
1,657
1,547
1,705
1,436

CertiStates
fied
and
and
U. S.
offiGovt. political cers*
subdivisions checks,
etc.

1,343
4,250
2,774
5,050
6,414

6,799
10,928
10,485
11,459
10,753

2,581
4,043
3,407
3,910
3,701

84,987
115,132
109,681
116,225
110,429

240
2,372
2,135
1,441
1,446

111
327
322
285
259

866
3,576
3,747
3,166
3,616

65 10,059
34,383
73 18,486
59,590
61,562 2,770 19,100
62,718 615 19,556
63,290 2,590 20^331

673 1,762
248 23,740
379 1,325
629 4,241
517 2,766
675 5,037
400 6,396

3,677
5,098
6,692
10,841
10,390
11,372
10,648

1,077
2,585
2,559
4,001
3,376
3,866
3,655

36,544
72,593
83,723
114,372
108,979
115,482
109,788

158
70
54

2,209
2,013
1,358
1,324

59
103
111
327
322
285
259

492
496
826
3,512
3,674
3,095
3,555

10 6,844
15,146
29,277 215 8,671
61 9,734
33,946
67 18,154
59,329
61,292 2,762 18,762
18
62,478 602 19,206
""
63,061 2,573 19,978

1,709
22
2,179
1,176
3,822
2,406
4,504
5,745

3,066
4,240
5,504
8,603
8,207
8,915
8,304

1,009
2,450
2,401
3,712
3,110
3,542
3,366

33,061
62,950
72,704
98,133
93,353
98,532
93,896

140
64
50
2,187
1,990
1,338
1,305

50
99
105
300
297
259
234

418
399
693
2,829
2,937
2,383
2,768

4 5,886
11,878
23,712 208 7,589
27,542
54 8,464
54 15,460
41,004
__,._.
49,565 2,686 15,919
50,185 581 16,264
50,534 2,503 16,829

3,595
3,535
3,236
3,519
2,888
3,462
3,149

866
607
1,105 6,940
1,217
267
1,267
968
1,148
479
1,303 1,027
1,060 1,140

319
237
290
329
295
310
294

450
1,338
1,105
1,540
1,259
1,536
1,849

11,282
6
15,712
17
17,646
12
18,835 1,739
17,657 1,564
18,573
988
17,754
992

29
20
14
100
140
65
95

778
1,648
195 2,120
1,206
1,418
30 2,259
3,345
3,282
3,423 '809 3,300
3,359 232 3,361
3,360 980 3,430

2,215
3,153
3,737
4,271
3,947
4,171
3,678

027
,292
,196
,314
,119
,187
,193

127
1,55:
7:
249
120
272
335

233
237
285
302
235
329
283

34
66
63
88
77
105

2,152
3,160
3,853
4,746
4,345
4,636
4,301

2,590
2,174
2,125
2,670
2,110
2,381
2,229

11,117
22,372
25,714
35,505
34,625
35,095
32,873

4,302
6,307
5,497
7,217
6,159
7,162
6,354

491
8,221
405
1,429
858
1,698
2,319

1,144
1,763
2,282
3,153
2,959
3,304
2,803

286
611
705
1,05:
830
1,043
801

11,127
22,281
26,003
38,054
36,201
38,321
36,156

526
796
929
1,476
1,423
1,357
1,515

3,216
4,665
3,900
5,030
4,093
4,870
4,488

9,661
23,595
27,424
40,272
39,140
40,514
39,159

790
1,199
1,049
1,565
1,281
1,578
1,285

225
5,465
432
1,175
950
1,508
1,951

1,370
2,004
2,647
4,819
4,718
4,972
4,923

239
435
528
1,032
944
857
631

8,500
21,797
25,203
36,498
35,150
37,003
35,686

544
808
767
790
826

3,947
4,633
3,996
4,706
4,087

13,595
19,300
18,632
20,146
18,983

385
528
487
555
504

167
428
368
545
669

1,295
2,325
2,279
2,544
2,449

180
331
297
369
335

12,284
16,999
16,328
17,692
16,533

671
1,243
1,375
1,613
1,499
1,659
1,387

54
110
131
289
291
288
272

2 Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net.
3 Breakdowns of loan, investment, and deposit classifications are not
available prior to 1947; summary figures for earlier dates appear in the
preceding table.




IndiIndiU.S. States viduals, Bor- Capividuals,
tal
and
partner- Inter- Govt polit- partner- row- acand
ships, bank Postal ical ships, ings counts
and corSav- subdi- and corporaporaings
tions
tions

476
719
902
1,423
1,387
1,449
1,401

3
272
40
333

288
377
426
733
743
762
765

190
185
144
103
141

20
38
45
124
122
95
80

243
160
332
1,471
1,466
1,229
1,375

4,542
1,967
9,563
2 2,566
11,045
1 2,844
19,480
14 5,760
20,136 1,141 5,930
20,231 238 6,106
19,484 870 6,181

31
52
45
132
140
13:
127

104
30
22
377
361
303
245

146
219
337
1,250
1,320
1,077
1,290

6,082
12,224
14,177
23,755
24,620
25,146
26,289

172
747
810
783
848

6,858
11,613
12,024
12,560
12,775

11
23
37
463
71
320

1,982
2,525
2,934
5,685
5,946
6,035
6,453
1,596
3,027
3,183
3,294
3,504

* Central reserve city banks.
5 Beginning with June 30, 1942, excludes reciprocal bank balances,
which on Dec 31,1942, aggregated $513 million at all member banks and
$525 million at all insured commercial banks.
6
Demand deposits other than interbank and U. S. Govt., less cash items
reported as in process of collection.
For other notes see opposite page.

1144

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
[In millions of dollars]
Loans
For purchasing
or carrying securities

Wednesday

Total
loans
and
investments

Loans
and
investments
adjusted 1

Loans
adjusted 1

Commercial
and
industrial

To brokers
and dealers
Agricultural

Financial institutions

To others

U. S.
U.S.
Govt. Other Govt. Other
seseobobliga- curi- liga- curities tions ties
tions

Nonbank
institutions

Banks

Foreign

Personal
Doand
messales
tic
fi- Other
commer- nance
comcial
panies
etc.

Real
estate

All
other
loans

Valuation
reerves

Total—
Leading Cities
1959
Sept

104, 86? 103. 757 64, 674 78 99?

2
9
16
23
30

/\ 034

79 007
29 348
79 376
29, 481

913
918
924
929
944

339
334
333
296
401

1,686
1,604
1,609
1,586
1,660

165
158
161
162
162

1,273
1,251
1,240
1,222
1,193

639
651
647
644

68, 469 31 104
069
68 7,31
68, 779 ^ 114
67 779 30 897
'67 948 30, 970

1,004
1,005
1,011
1,011
1,023

499
476
534
466
'473

1,483
1,471
1,466
1,388
1,392

146
140
138
143
140

1,133
1,125
1,127
1,133
1,134

704 1.617 4 566
,510 4 418
689
663 1,394 4 J 313
,371 4 171
672
674
,348 4, 183

[ 617
I 627
I 629
I 634
1,645

P

1?
P
P
1?

M0
516
518
560
566

15 161
15 5 153
15 170
15 156
15 70?

933
307
568
541

1,019
1,032
1,042
1,055

528 1,499
1,476
'844 1,499
'615 1,451

146
153
171
147

1,144
1,145
1,147
1,145

676 ( 59? 4
684 r 1 634 3
693 r ,468 4
676 r 1.018 4

171
99S
307
116

I 626
[ 665
[ 658
1,662

P
P
P
P

^51
555
559
556

15
15
15
15

16 824 9 883
16 7^7 9 910
17 078 10 035

197
189
171
183
186

1,201
1,142
1,132
1,115
1,138

42
40
41
39
41

419
417
409
405
386

430
439
438
435
464

1, 396
1 34?
642 1 505
432 1 347
249 1 394

304
305

17 105 10 171

1
1
1
1
1

303
293
302

105 010
105 594
104, 60?
104, 311

103, 554
104, 149
103, 3 9 9
103, 583

3
10
17
24
31

106, 765
106 230
106, 397
105 749
106 198

105, 148
104 770
105, 003
104 478
'104' 850

7
14
21
28

106 683 105 091 68
107, 186 r 105, 5 5 ? '68
108 793 r 106. 875 '69
107 235 1 0 6 717 '68

64 483
65 099
64 909
65, 354

1 105
1,456
1,445
1 203
677
728

T, 9 ? 0

4 080
3 903

3, 947

543 P 3-15 14 056
556 p 385 14 060
I 569 P 438 14 110
I 572 P 465 14 113
1,603 12 456 14, 190

1 361
1 361
1 360
1 359
1,360

1960
Aug

Sept

016
406
776
777

30
31
31
31

1 458
1 458
1 454
1 452
1,454

1 454
1 452
1 427
206 1 443
177

?00
165

New York City
1959
25
25
?6
25
75

555
718
049
388
?48

25, 104
25, 049
25 407
24 956
24 999

3
10
17
24
31

26
7,5
75
7,5
75

094
661
6?9
408
575

25
25
25
?4
25

46?
181
773
91?
731

17
17
17
16
17

385
335
336
7,37
371

5
5
5
5
5

320
265
307
205
221

916
871
889
852
861

34
28
29
29
28

337
335
338
341
341

438
425
413
422
420

632 t 597
480
53?
406
480
496
396
4? 3
294

14
21
28

Sept

?6
26
26
26

03?
114
657
358

25
25
26
25

545
619
247
995

17 745 10 799
17 ? 0 3 10 459

c
c

276
279
392
332

949
920
936
923

28
29
28
28

341
343
340
342

431
428

487
495

79 307
79 ?9?
79 ,545
79 ?14
79 061

78
78
78
78
78

653
505
742
443
584

2
9
16
23
30

\f> 917

10 086

451
669

85?

2 542
? 535
? 540
551
? 565

396
396
395
395
395

315
315
307
305
315

854
849
84'>
838
835

?
?
?
?
?

715
714
707
706
705

411
411
411
404
405

296
297

83?
831
828
8^6

?

700
687

405
405
377
394

805
833
848
8^7

1960
AUK

505
763
74?
977
070

10
10
10
10
10

426
422

!?

709
470

10 575
10 585

47
47
48
47
48

800
776
071
99?
749

19 109
19 097
19 ,313
19 790
19 310

912
917
923
928
943

142
145
162
113
215

485
462
477
471
522

123
118
120
123
121

854
834

209

831
817

209
209

807

213

50 964
50 968
50 ,987
50 85?
'50 ,878

410
363

493
330
571
4?9

297
298

2 688
674

Outside
New York City
1959
Sept

2
9
16
23
30

212

654
787

? 638 1 239
? 578 1 251
803
575 1,266
111 ? 556 1 279
479 ? 553 1 301

11 540 11
11 5 5 ? 11
11 ,590 11
11 608 11
11 604 11

5H
570
562
6^5

965
965
965
964
965

1? 446
P 439
12 463
12 *45O
P *497

1 047
1*047
1 043
1*048
1*049

5?5

1960
3
10
17
24
31

80 ,671
80 ,569
80 ,768
80 ,341
80 ,673

79 ,686
79 539
79 ,780
79 j S 1 6
r
79 ,619

?0 ,719
70 734
70 .778
70 ,665
70 ,649

999
1,000
1,006
1,006
1,018

179
211
227
261
r
252

567
600
577
536
531

112
112
109
114
112

796
790
789
792
793

266
985 7 969 1 302 11 656
264 1,030 ? 886 1,312 11 667
250
988 ? 833 1 322 11 676
250
825 ? 775 1 329 11 7?7
254 r l , 0 5 4
760 1 330 11 731

Sept. 7
14
21
28

80 65
81 ,07?
81 ,636
80 ,877

79 546 50 771 70 634
r
79 933 '51 703 70 ,848
r
80 578 '51 517 70 993
20 ,956
'80 ,222

1,014
1,027
1,037
1,050

252
'364
'452
'283

550
556
563
528

118
124
143
119

803
802
807
803

245 1,105 ? 678
256 '1 139 ? 668
267 r l,O58 ? 736
254 '655 2 ,687

A.ug

r
Revised.
1
Exclusive of loans to domestic commercial banks and deduction of
valuation reserves; individual loan items are shown gross.




1 330
1 368
1*361
1,364

11 719 P 477
\] 7?4 12 513
11 731 P 477
11 ,730 12 ,532

1 049
1 047
1050
1,049

1145

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Cash assets, excluding cash items in process
of collection

Investments
U. S. Government obligations
Wednesday

Total

Bills

Certificates

Notes and bonds
maturing:

Other
securities

Total

Within
1 to After
1 year 5 years 5 years

Balances
with
domestic
banks

Balances
with
foreign
banks

Currency
and
coin

Reserves
with
F. R.
Banks

All
other
assets

Total
assets—
total
liabilities
and
capital
accounts

TotalLeading Cities
1959
Sept. 2
9
16
23
30

29,057
28,947
28,894
28,361
28,121

2,297
2,239
2,312
2,042
1,990

1,093
1,097
1,087
1,040
1,033

1,703
1,686
1,637
1,586
1,568

17,344
17,309
17,229
17,074
16,916

6,620
6,616
6,629
6,619
6,614

10,076
10,124
10,156
10,129
10,108

17,047
16,954
17,652
17,275
17,181

2,721
2,844
3,080
2,761
2,943

81
84
108
94
92

,123
,203
,195
,229
,155

13,122
12,823
13,269
13,191
12,991

3,046
3,064
3,025
3,035
3,143

134,705
134,955
138,218
134,936
135,803

27,062
26,903
27,169
27,150
27,381

2,782
2,627
2,390
2,395
2,612

848
855
,311
,315
,309

936
945
684
701
724

I8,048
18,022
18,014
17,962
'17,972

4,448
'4,454
•4,770
•A,111
'4,764

9,617
9,586
9,605
9,499
9,521

17,373
17,101
17,579
16,933
17,115

2,706
2,655
2,763
2,624
2,648

101
102
104
100
97

,145
,201
,192
,232
,189

13,421
13,143
13,520
12,977
13,181

3,752
3,774
3,707
3,689
3,837

138,289
137,362
138,915
135,845
137,586

27,408
27,491
27,992
27,816

2,591
2,669
3,056
2,825

,341
726 17,972
,341
729 17,974
,358 1,125 17,642
,364 1,181 17,614

4,778
4,778
4,811
4,832

9,667
9,655
9,607
9,674

17,013
17,333
17,217
17,744

2,966
2,976
3,031
2,765

106
100
119
114

,221
,287
,243
,293

12,720
12,970
12,824
13,572

3,780
3,748
3,824
3,852

138,159
140,899
140,849
139,436

5,892
5,845
5,931
5,631
5,507

791
770
746
680

119
119
127
111
121

3,315
3,301
3,297
3,184
3,133

1,349
1,343
1,341
1,341
1,340

2,388
2,447
2,448
2,408
2,387

3,7P6
3,732
3,570
4,009
3,860

143
156
147
149
142

3,563
3,470
3,298
3,737
3,590

1,161
1,174
1,162
1,170
1,207

33,555
33,747
34,259
33,639
34,151

5,819
5,758
5,831
5,852
5,978

1,122
1,051
916
957
1,086

339
344
478
482
472

3,397
900
3,406
894
3,389 1,033
3,375 1,022
3,382 1,020

2,138
2,160
2,150
2,133
2,183

4,09:
3,990
4,172
3,944
4,280

148
150
148
147
148

3,842
3,730
3,910
3,695
4,028

,546
,601
,591
,597
,656

34,972
34,676
34,833
34,029
35,023

6,016
6,145
6,282
6,231

1,105
1,239
1,363
1,282

480
481
478
484

3,390
3,365
3,343
3,336

1,028
1,048
1,060
1,078

2,284
2,271
2,256
2,294

3,982
4,078
4,199
4,489

156
164
146
166

3,721
3,807
3,926
4,203

,578
,616
,628

35,201
35,624
36,358
36,167

23,165
23,102
22,963
22,730
22,614

1,506
1,469
1,432
1,296
1,310

974
978
960
929
912

1,385 14,029 5,271
1,374 14,008 5,273
1,351 13,932 5,288
1,337 13,890 5,278
1,335 13,783 5,274

7,688
7,677
7,708
7,721
7,721

13,251
13,222
14,082
13,266
13,321

2,671
2,779
3,017
2,689
2,861

980
1,047
1,048
1,080
1,013

9,559
9,353
9,971
9,454
9,401

1,890 101,208
1,863 103,959
1,865 101,297
1,936 101,652

21,243
21,145
21,338
21,298
21,403

1,660
1,576
1,474
1,438
1,526

509
511
833
833
837

r
14,651
'14,616
'14,625
'14,587
'14,590

'3,548
'3,560
r
3,737
'3,755
3,744

7,479
7,426
7,455
7,366
7,338

13,281
13,111
13,407
12,989
12,835

2,650
2,593
2,697
2,572
2,591

997
,051
,044
,085
,041

9,579
9,413
9,610
9,282
9,153

2,206
2,173
2,116
2,092
2,181

103,317
102,686
104,082
101,819
102,563

21,39:
21,346
21,710
21,585

1,486
1,430
1,693
1,543

713
861
860
717
880 1,087
880 1,130

14,582 3,750
14,609 3,730
14,299 3,751

7,383
7,384
7,351
7,380

13,031
13,255
13,018
13,255

2,914
2,918
2,969
2,705

,065
,123
,097
,127

8,999
9,163
8,898
9,369

2,15'
2,170
2,208
2,224

102,958
105,275
104,491
103,269

1960
Aug. 3
10
17
24
31

Sept. 7
14

21
28

New York City
1959
Sept. 2
9
16
23
30
1960
Aug. 3
10
17
24
31

Sept. 7
14
21

28

318
312
286
249
233

Outside
New York City
1959
Sept. 2
9
16
23
30

101,150

1960
Aug. 3
10
17
24

31
Sept. 7
14
21

28
' Revised.




875
882
669
685
706

14,278 3,754

1146

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits

Borrowings

Demand
Wednesday

DeInterbank
mand
deposits
adjusted 1 Domes- Fortic
eign

U.S.
Govt.

Time

IndiStates Certiand
fied viduals,
politand partnerships,
ical
offiand
subcers'
divi- checks, corporations
sions
etc.

Interbank

U. S.
Govt.
and
Postal
savings

States
IndiFrom
and
viduals, F.R.
polit- partner- Banks
ical
ships,
suband
divicorposions rations

From
others

Other
liabilities

Capita
accounts

TotalLeading Cities
1959
60,216
60,634
61,143
60,242
60,180

10,842
11,324
11,841
10,527
10,998

1,506
1,463
1,454
1,427
1,450

3,672
2,560
3,141
3,819
4,279

4,606
4,456
4,365
4,450
4,631

2,346
2,254
2,315
2,238
2,533

63,014
63,851
66,410
63,578
64,184

1,616
1,615
1,594
1,578
1,567

173
174
175
172
169

1,569
1,553
1,520
1,516
1,508

28,965
29,006
28,988
29,040
29,063

434
298
313
606
173

1,663
2,080
1,884
1,733
936

3,129
3,157
3,089
3,123
3,112

11,170
11,164
11,129
11,129
11,200

Aug. 3
10
17
24
31

59,392
58,967
58,163
58,603
58,934

10,988
11,291
11,186
10,572
10,771

1,372
1,474
1,433
1,416
1,390

4,549
3,720
4,613
3,871
3,676

4,947
4,691
4,625
4,581
4,794

2,375
2,572
2,354
2,215
2,340

62,469
61,961
62,416
61,284
62,236

1,376
1,387
1,422
1,437
1,431

129
127
127
130
133

1,882
1,882
1,922
1,985
1,987

29,417
29,489
29,631
29,687
29,738

189
107
389
98
309

2,354
2,249
2,308
2,101
2,136

4,519
4,679
4,749
4,735
4,843

11,723
11,733
11,740
11,736
11,802

Sept. 7
14
21

59,009
60,017
59,163
58,813

11,964
12,008
11,792
10,951

1,376
1,349
1,392
1,344

2,530
2,168
4,752
5,524

4,683
4,496
4,521
4,630

2,490
2,319
2,574
2,482

62,519
65,834
63,583
62,306

1,474
1,488
1,486
1,489

129
130
129
129

1,976
1,978
1,986
1,945

29,814
29,960
29,995
30,112

72
71
11
530

2,486
2,405
1,902
1,313

4,844
4,906
4,951
4,857

11,802
11,787
11,775
11,824

15,191
15,404
15,591
15,213
15,065

2,895
2,978
3,082
2,778
3,167

176
129
147
117
148

1,065
692
734
1,028
1,218

312
293
289
334
342

1,175
1,153
997
1,067
1,328

16,747
17,081
17,783
16,884
17,231

,260
,261
,244
,230
,221

140
139
124
124
125

3,337
3,357
3,361
3,394
3,411

10
15
104
186
9

716
941
698
792
235

1,384
1,372
1,369
1,380
1,369

3,312
3,310
3,301
3,299
3,321

Aug. 3
10
17
24
31

15,057
14,580
14,439
14,564
14,716

2,933
3,023
2,958
2,874
2,993

,038
,149
,092
,081
,058

1,348
1,063
1,238
1,039
1,011

296
272
270
273
289

,377
,611
,356
,274
,361

16,624
16,121
16,254
16,097
16,628

,052
,056
,077
,090
,084

171
176
179
180
182

3,365
3,364
3,393
3,400
3,427

7
117

51

1,071
1,052
1,077
890
1,033

2,219
2,298
2,335
2,355
2,409

3,453
3,459
3,462
3,451
3,469

Sept

14,847
15,310
14,947
14,838

3,293
3,068
3,146
3,008

,055
,027
,065
,041

683
531
1,684
2,006

277
251
264
313

,523
,303
,592
,573

16,611
17,610
16,977
16,644

,095
,106
,104
,104

185
185
187
187

3,437
3,536
3,513
3,565

80

1,160
1,146
942
785

2,396
2,373
2,410
2,381

3,461
3,463
3,449
3,456

45,025
45,230
45,552
45,029
45,115

7,947
8,346
8,759
7,749
7,831

330
334
307
310
302

2,607
1,868
2,407
2,791
3,061

4,294
4,163
4,076
4,116
4,289

1,171
1,101
1,318
1,171
1,205

46,267
46,770
48,627
46,694
46,953

356
354
350
348
346

147
148
149
146
143

,429
,414
,396
,392
,383

25,628
25,649
25,627
25,646
25,652

424
283
209
420
164

947
1,139
1,186
941
701

1,745
1,785
1,720
1,743
1,743

7,858
7,854
7,828
7,830
7,879

Aug. 3
10....
17....
24
31....

44,335
44,387
43,724
44,039
44,218

8,055
8,268
8,228
7,698
7,778

334
325
341
335
332

3,201
2,657
3,375
2,832
2,665

4,651
4,419
4,355
4,308
4,505

998
961
998
941
979

45,845
45,840
46,162
45,187
45,608

324
331
345
347
347

104
102
102
105
105

,711
,706
,743
,805
,805

26,052
26,125
26,238
26,287
26,311

189
100
272
98
258

,283
,197
,231
,211
,103

2,300
2,381
2,414
2,380
2,434

8,270
8,274
8,278
8,285
8,333

Sep

44,162
44,707
44,216
43,975

8,671
8,940
8,646
7,943

321
322
327
303

1,847
1,637
3,068
3,518

4,406
4,245
4,257
4,317

967
1,016
982
909

45,908
48,224
46,606
45,662

379
382
382
385

104
105
104
105

,791
,793
,799
,758

26,377
26,424
26,482
26,547

72
71
11
450

,326
,259
960
528

2,448
2,533
2,541
2,476

8,341
8,324
8,326
8,368

Sept. 2
9
16
23
30
1960

28
New York City
1959
Sept. 2
9
16
23
30
1960

-.J:::::::
21
28

Outside
New York City
1959
Sept. 2
9
16
23
30

1960

SI::::
21
28....

1
Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.




1147

BUSINESS LOANS OF BANKS

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY»
[Net decline, (—). In millions of dollars]
Manufacturing and mining

Food, Textiles,
liquor, apparel,
and
and
tobacco leather

Period*

Metals Petroleum,
and
coal,
metal
prod- chemical,
and
ucts 3
rubber

Other

Commodity
dealers

Construction

284
151

-364
738

-141
480

106
11

145
-31

1959—Jan.-July 1 .
July 8-Dec..

-519
698

218
-58

864
-148

-162
248

188
26

1960—Jan.-June...

-558

273

1,062

-52

354

372

-677

-48

96

1960—July..

-104
102
143

25
89
-26

-308
-112
65

-79
-11
15

7
24
42

-45
-32
82

-9
83
46

-20
-105
191

27.

-7
-64
9
-41

-6
14
-1
18

-159
5
-73
-81

-60
-1
-21
3

16
23
-11
-21

-2
-32
16
-28

2
-4
-7
-1

Aug. 3.
10.
17.
24.
31.

30
-22
50
-6
50

24
14
33
18

10
-37
-16
-42
-27

-4
6
22
-17
-18

17
15
22
-18
-12

9
-7
-10
-42
17

Sept. 7

15
50
56
23

22
-2
-30
-17

-20
50
70
-36

-5
20

1
39
6
-4

5
46
24
7

Aug..
Sept..

Weekending:
I960—July 6.

14

21
28

12

-11

1 Data for a sample of about 200 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial
and industrial loans of all weekly reporting member banks and about
70 2per cent of those of all commercial banks.
Figures for periods other than weekly are based on weekly changes.
3 Includes machinery and transportation equipment.

Comm'i
and
ind'l
All
Net
other changes change—
all
types
classi- weekly
of
fied
reportbusiness
ing
banks

Public
utilities
(incl.
transportation)

Trade
(wholesale
and
retail)

620
2,114

762
1,983

155

977

1,180

20
9

5
55
41

-524
113
606

-664
-11
571

43
-44
-25
6

-13
13
-5
10

-5
32
-13
-10

-189
-57
-133
-145

-196
-76

25
6
14
15
24

-17
-35
-35
-60
42

7
7
12
4
-9

44
8

-29
-8
41

145
-44
61
-175
126

123
-35
45
-217
73

-2
13
18
17

-11
78
102
22

-9
11
10
-3

-43
49
38
-3

-47
354
306
-6

-37
374
265
-27

-211
-181

NOTE.—Beginning with the week ended July 8, 1959, changes in commercial and industrial loans exclude loans to sales finance companies
and certain other nonbank financial concerns (for description of revisions,
see the BULLETIN for August 1959, p. 885). Figures for earlier periods in the
last two columns have been adjusted only to exclude loans to sales finance
companies. Thus, these data are not strictly comparable with current
figures.

BANK RATES ON SHORT-TERM BUSINESS LOANS i
[Weighted averages. Per cent per annum]

Area
and
period

All
loans

Size of loan
(thousands of dollars)
110

10100

100200

200
and over

Annual averages,
19 large cities:

Area
and
period

Quarterly (cont.): 2
New York City:
1959—Sept
Sept.3
Dec.3
1960—Mar
June
Sept

1951
1952 .
1953
1954

3.1
3.5
3.7
3.6

4.7
4.9
5.0
5.0

4.0
4.2
4.4
4.3

3.4
3.7
3.9
3.9

2.9
3.3
3.5
3.4

1955
1956...
1957
1958
1959..

3.7
4.2
4.6
4.3
5.0

5.0
5.2
5.5
5.5
5.8

4.4
4.8
5.1
5.0
5.5

4.0
4.4
4.8
4.6
5.2

3.5
4.0
4.5
4.1
4.9

7 Northern and Eastern
cities:
1959—Sept
Sept.3
Dec.3
1960—Mar
June
Sept

5.27
5.27
5.36
5.34
5.35
4.97

5.91
5.92
5.99
6.01
6.00
5.94

5.65
5.66
5.74
5.75
5.76
5.58

5.43
5.44
5.54
5.50
5.53
5.21

5.15
5.15
5.24
5.21
5.22
4.78

11 Southern and
Western cities:
1959—Sept
Sept.3
Dec.3
1960—Mar

Quarterly: 2
19 large cities:
1959—Sept
Sept.*
Dec.3
1960—Mar
June
Sept.

Sept
1 For description see the BULLETIN for March 1949, pp. 228-37.
2 Based on new loans and renewals for first 15 days of month.
3 Coverage of Survey revised in accordance with changes in the loan
schedule of the call report of condition to exclude loans to nonbank
financial institutions.




All
loans

Size of loan
(thousands of dollars)
110

10100

100200

200
and over

5.15
5.14
5.19
5.18
5.19
4.74

5.79
5.79
5.82
5.81
5.81
5.73

5.60
5.61
5.61
5.63
5.64
5.45

5.36
5.36
5.41
5.41
5.42
5.00

5.07
5.06
5.12
5.10
5.10
4.62

5.27
5.28
5.39
5.34
5.34
4.96

5.88
5.89
5.95
5.95
5.94
5.90

5.69
5.70
5.77
5.73
5.72
5.54

5.42
5.42
5.50
5.47
5.52
5.21

5.17
5.17
5.30
5.24
5.24
4.81

5.44
5.46
5.56
5.57
5.58
5.32

5.97
5.99
6.08
6.12
6.10
6.04

5.65
5.68
5.81
5.83
5.84
5.68

5.50
5.51
5.64
5.57
5.61
5.34

5.29
5.30
5.38
5.40
5.41
5.10

NOTE.—Bank prime rate was 2lA per cent Jan. 1-Jan. 7,1951. Changes
thereafter occurred on the following dates (new levels shown, in per cent):
1951—Jan. 8, 2Vi\ Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 31,4; 1954—
Mar. 17,3; 1955—Aug. 4, 3 # ; Oct. 14,3%; 1956—Apr. 13,3%; Aug. 21,
4; 1957—Aug. 6, 4%; 1958—Jan. 22,4; Apr. 21, 3%; Sept. 11, 4; 1959—
May 18, 4V£: Sept. 1, 5; and 1960—Aug. 23, 4Vi-

1148

INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
U. S. Government Securities (taxable)*

Prime
commercial
paper,
4-toemonths l

Finance
company
paper
placed
directly,
3- to 6months2

Prime
bankers'
acceptances,
90 days3

1957 average.,
1958 average.
1959 average.

3.81
2.46
3.97

3.55
2.12
3.82

1959_Sept..
Oct...
Nov..
Dec.

4.63
4.73
4.67
4.88

I960—Jan..,
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Week ending:
1960—Sept. 3.
10.
17.
24.
Oct. 1.

Year, month, or week

3-month bills

6-month bills

Rate
on new
issue

Market
yield

Rate
on new
issue

Market
yield

3.45
2.04
3.49

3.267
1.839
3.405

3.23
1.78
3.37

3.832

3.79

4.52
4.70
4.38
4.82

4.07
4.25
4.25
4.47

3.998
4.117
4.209
4.572

4.04
4.05
4.15
4.49

4.626
4.646
4.585
4.915

4.70
4.53
4.54
4.85

4.91
4.66
4.49
4.16
4.25
3.81
3.39
3.34
3.39

5.02
4.50
4.16
3.74
3.88
3.24
2.98
2.94
3.13

4.78
4.44
3.96
3.88
3.78
3.28
3.13
3.04
3.00

4.436
3.954
3.439
3.244
3.392
2.641
2.396
2.286
2.489

4.35
3.96
3.31
3.23
3.29
2.46
2.30
2.30
2.48

4.840
4.321
3.693
3.548
3.684
2.909
2.826
2.574
2.803

3.25
3.25
3.40
3.50
3.45

3.01
3.06
3.11
3.19
3.19

3.00
3.00
3.00
3.00
3.00

2.550
2.520
2.654
2.434
2.286

2.53
2.56
2.58
2.43
2.35

2.825
2.802
2.916
2.743
2.729

9- to 12-month issues

1
Average of daily offering rates of dealers.
2 Average of daily rates, published by finance companies, for varying
maturities in the 90-179 day range.
3
Average of daily prevailing rates.

Bills
(market
yield)

3- to 5year
issues «

Others
3.53
2.09
4.11

3.62
2.90
4.33

4.83
4.69
4.54
4.99

4.80
4.65
4.70
4.98

4.78
4.69
4.74
4.95

4.74
4.30
3.61
3.55
3.58
2.74
2.71
2.59
2.83

4.95
4.45
3.68
3.83
4.01
3.10
3.03
2.82
2.86

4.93
4.58
3.93
3.99
4.19
3.35
3.13
2.89
2.99

4.87
4.66
4.24
4.23
4.42
4.06
3.71
3.50
3.50

2.82
2.83
2.87
2.80
2.82

2.87
2.87
2.89
2.82
2.87

2.93
2.98
3.03
2.98
2.99

3.51
3.51
3.53
3.47
3.50

4
Except for new bill issues, yields are averages computed from daily
closing bid prices.
5 Consists of certificates of indebtedness and selected note and bond
issues.
6 Consists of selected note and bond issues.

BOND AND STOCK YIELDS»
[Per cent per annum]
Corporate bonds3

Government bonds

Year, month, or week

United
States
(longterm) 2

State
and local3

By selected
ratings

Stocks 5
Dividend/
price ratio

By
groups

Earnings/
price ratio

Total *
Total*

Aaa

Aaa

Baa

Industrial

Railroad

Public
utility

Preferred

Com-

Common

Number of issues

4-7

20

120

30

30

40

40

40

14

500

500

1957 average....
1958 average
1959 average

3.47
3.43
4.07

3.56
3.36
3.74

3.10
2.92
3.35

4.20
3.95
4.24

4.21
4.16
4.65

3.89
3.79
4.38

4.71
4.73
5.05

4.12
3.98
4.51

4.32
4.39
4.75

4.18
4.10
4.70

4.63
4.45
4.69

4.35
3.97
3.23

8.43
5.23

1959_Sept
Oct
Nov
Dec

4.26
4.11
4.12
4.27

3.95
3.90
3.81
3.84

3.60
3.57
3.44
3.43

4.42
4.38
4.30
4.37

4.82
4.87
4.85
4.87

4.52
4.57
4.56
4.58

4.88
4.96
4.99
5.05

4.89
4.95
4.86
4.86

4.80
4.81
4.81
4.85

3.26
3.26
3.24
3.18

6.03

5.28

4.68
4.70
4.69
4.70

I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

4.37
4.22
4.08
4.17
4.16
3.99
3.86
3.79
3.82

3.92
3.84
3.77
3.72
3.75
3.74
3.73
C
3.57
3.55

3.49
3.40
3.34
3.30
3.34
3.33
3.31
3.10
3.09

4.43
4.35
4.29
4.24
4.31
4.27
4.26
4.15
4.09

4.91
4.88
4.81
4.76
4.80
4.78
4.74
4.61
4.58

4.61
4.56
4.49
4.45
4.46
4.45
4.41
4.28
4.25

5.34
5.34
5.25
5.20
5.28
5.26
5.22
5.08
5.01

4.74
4.71
4.64
4.61
4.65
4.64
4.61
4.49
4.46

5.08
5.05
4.99
4.97
4.98
4.94
4.90
4.82
4.78

4.92
4.89
4.79
4.70
4.76
4.76
4.71
4.53
4.48

4.87
4.82
4.76
4.71
4.75
4.74
4.70
4.61
4.69

3.27
3.40
3.43
3.40
3.43
3.37
3.47
3.43
3.55

Week ending:
1960—Sept. 3 . .
10..
17..
24..
Oct. 1 . .

3.84
3.84
3.84
3.79
3.81

3.46
3.50
3.57
3.57
3.61

2.99
3.03
3.13
3.13
3.18

4.05
4.07
4.09
4.09
4.13

4.57
4.56
4.57
4.58
4.59

4.23
4.23
4.26
4.26
4.27

5.01
4.98
4.99
5.02
5.05

4.45
4.45
4.46
4.46
4.48

4.79
4.77
4.79
4.78
4.78

4.46
4.46
4.47
4.50
4.52

4.60
4.64
4.68
4.67
4.78

3.40
3.47
3.49
3.54
3.69

c
1

Corrected.
Monthly and weekly yields are averages of daily figures for U. S.
Govt. and corporate bonds. Yields of State and local govt. bonds are
based on Thursday figures; dividend/price ratios for preferred and
common stocks, on Wednesday figures. Earnings/price ratios for common
stocks are as of end of period.
2
Series is based on bonds maturing or callable in 10 years or more.
3 Moody's Investors Service. State and local govt. bonds include general obligations only.




5.47

6.14

4
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
corporate bonds in some groups has varied somewhat.
5 Standard and Poor's Corporation. Preferred stock ratio is based on
8 median yields in a sample of noncallable issues—12 industrial and 2
public utility. For common stocks, the ratios beginning with July 1957
are based on the 500 stocks in the price index; prior to mid-1957 on the
90 stocks formerly included in the daily price index.

1149

SECURITY MARKETS
SECURITY PRICES i
Bond prices

Common stock prices

Year, month,
or week

CorU.S.
MupoGovt. nicipal rate
Gong- (high- (highterm) 2 grade)- grade)^
Total

Number of issues.

15

Industrial

Railroad

Public
utility

425

500

17

25

50

265

170

98

72

21

29

31

14

331
341
420

422
426
522

391
385
495

451
458
536

275
270
347

156
173
216

277
314
418

342
314
322

2,222
2,965
3,242

43.59
44.11
43.71
44.31

417
416
417
429

520
517
519
538

500
498
496
518

529
524
530
547

333
339
322
328

211
213
211
213

424
428
434
440

305
292
285
297

2,739
2,788
3,398
3,284

33.68
32.54
31.01
30.59
30.18
30.81
30.19
30.19
28.76

44.50
44.38
44.60
45.53
45.75
47.35
48.02
48.65
48.64

419
405
396
398
394
406
399
402
392

518
494
478
478
472
485
472
476
459

499
474
458
460
456
470
454
454
432

526
502
487
486
477
489
480
486
474

323
312
295
292
290
293
288
290
278

219
224
226
233
232
240
240
243
246

434
420
425
433
437
462
458
460
443

292
279
268
261
250
250
246
258
256

3,197
3,027
2,857
2,865
3,277
3,479
2,694
2,841
2,898

30.02
29.40
29.18
28.61
27.54

49.72
49.55
49.33
48.44
46.94

404
398
392
383
381

474
466
458
448
448

450
443
430
418
417

487
477
475
466
467

285
284
279
272
268

253
251
248
242
237

463
452
443
436
422

264
258
251
250
258

2,990
2,713
2,414
2,986
3,571

1957 average.
1958 average.
1959 average.

93.24
94.02
85.49

105.8
106.4
100.7

101.3
102.9
95.0

1959—Sept..
Oct...
Nov..
Dec...

83.15
84.95
84.82
83.00

98.3
100.2
100.9
99.3

93.0
92.8
92.9
92.4

57.05
57.00
57.23
59.06

61.21
61.04
61.46
63.56

33.78
34.32
32.80
33.57

1960—Jan..
Feb..,
Mar..
Apr..
May.
June.
July.,
Aug..
Sept..

81.81
83.60
85.32
84.24
84.39
86.50
88.12
88.93
88.57

98.3
100.4
101.9
102.3
102.2
103.1
103.9
106.7
106.7

92.0
92.8
93.9
94.2
94.1
94.2
94.8
96.4
96.8

58.03
55.78
55.02
55.73
55.22
57.26
55.84
56.51
54.81

62.27
59.60
58.71
59.46
58.84
61.06
59.25
59.96
57.96

88.40
88.28
88.35
88.99
88.74

107.4
107.3
106.9
106.6
106.0

97.0
96.9
96.7
96.8
96.6

57.07
56.03
55.47
54.14
52.92

60.49
59.29
58.65
57.18
55.99

Week ending:
I960—Sept. 3

Oct.

10
17
24

1

Volume
of
trading*
(in
Trade,
Manufacturing
thoufiTrans- Pub- nance, Min- sands
licporta- utilTotal
of
ing
and
Du- Non- tion
shares)
servity
Total rable durable
ice
Securities and Exchange Commission series
(index, 1939= 100)

Standard and Poor's series
(index, 1941-43= 10)

44.38 47.63 28.11 32.19
46.24 49.36 27.05 37.22
57.38 61.45 35.09 44.15

2
Prices derived from average market yields in preceding table on basis
of an assumed 3 per cent, 20-year bond.
3 Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent, 20-year bond.
4 Average daily volume of trading in stocks on the New York Stock
Exchange for a 5Vi-hour trading day.

i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; (2) municipal and corporate bond prices are based on
Wednesday closing prices; and (3) the Securities and Exchange Commission series on common stock prices are based on weekly closing prices.

STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit 2

Customer credit

End of month *

Net debit balances with
Bank loans to others (than
Total—
New York Stock Exchange brokers and dealers) for pur- 3
securities
firms2
chasing and carrying securities
other than
U. S. Govt.
obligations
Secured by
Secured by
Other
(col. 3-fU. S. Govt.
U. S. Govt.
other
col. 5)
obligations
securities
securities
obligations

Money borrowed
On
U. S. Govt.
obligations

On
other
securities

Customers'
net
free
credit
balances

1956—Dec.
1957—Dec.
1958—Dec.

3,984
3,576
4,537

33
68
146

2,823
2,482
3,285

41
60
63

1,161
1,094
1,252

46
125
234

2,132
1,706
2,071

880
896
1,159

1959—Sept.
Oct..
Nov.
Dec.

4,443
4,401
4,460
4,454

156
168
165
150

3,250
3,210
3,273
3,280

162
158
158
164

1,193
1,191
1,187
1,174

231
227
236
221

2,149
2,178
2,256
2,362

1,039
967
974
996

I960—Jan..

4,365
4,274
4,158
4,153
4,132
4,214
4.133
4,243
4,282

134
138
117
113
130
106
110
111
122

3,198
3,129
3,028
3,037
3,021
3,082
3,004
3,109
3,137

154
146
136
135
139
135
135
'140
147

1,167
1,145
1,130
1,116
1,111
1,132
1,129
1,134
1,145

190
202
161
185
208
162
187
173
177

2,233
2,194
2,059
2,155
2,115
2,110
2,042
2,063
2,143

1,001
981
988
940
970
1,016
1,018
1,021
1,059

Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
r

Revised.
Data for cols. 4-7 are for last Wednesday of month.
Ixdger 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
1
2




from other lenders except member firms of national securities exchanges.
3
Figures are for weekly reporting member banks. Prior to July 1959,
loans for purchasing or carrying U. S. Government securities were reported separately only by New York and Chicago banks. Accordingly,
for that period col. 5 includes any loans for purchasing or carrying such
securities at other reporting banks. Composition of series also changed
beginning with July 1959; revised data for the new reporting series (but
not for the breakdown of loans by purpose) are available back through
July 1958 and have been incorporated.

1150

OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances

Commercial and finance
company paper
Held by:
End of year
or month

Accepting banks
Placed
through
dealers i

Placed
directly
(finance
paper) 2

1,924
2,020
2,166
2,666
J2,744

733
510
506
551
840

1,191
1,510
1,660
2,115
M.904

1959—Aug
Sept
Oct
Nov
Dec

3,646
3,334
3,784
3,664
3,118

795
763
755
784
627

I960—Jan
Feb
Mar
Apr
May
June
July
Aug

3,889
4,085
4,320
4,269
4,492
4,459
4,652
4,920

664
718
805
888
920
1,021
1,116
1,266

Total

1954
1955
1956
1957
1958

Total

Based on:
Goods stored in or
Imshipped bet™
Exports
ports Dollar
points in:
from
Others into
exUnited United change
ForStates States
eign
United Foreign
corr.
States countries

F. R.
Banks

Total

Own Bills
bills bought

873
642
967
1,307
1,194

289
175
227
287
302

203
126
155
194
238

86
49
72
94
64

28
69
66
49

19
33
50
76
68

565
405
621
878
775

285
252
261
278
254

182
210
329
456
349

2,851
2,571
3,029
2,880
2,491

946
954
945
,029
,151

169
205
182
232
319

127
158
145
187
282

42
47
36
44
36

21
20
28
34
75

72
67
62
71
82

685
662
673
693
675

287
316
304
355
357

3,225
3,367
3,515
3,381
3,572
3,438
3,536
3,654

,229
,240
,366
,336
,263
,382
,561
,656

230
218
250
320
310
311
404
424

193
170
178
247
237
229
299
316

36
48
72
73
74
82
104
108

42
35
33
30
29
30
29
33

124
119
153
167
161
182
180
204

833
868
929
819
763
859
948
996

341
350
364
373
352
375
400
407

1
As reported by dealers; includes finance company paper as well as
other commercial paper sola in the open market.
2
As reported by finance companies that place their paper directly with
Investors.

Own
acct

46
83

300
63
227
296
244

89
100
148
232
263

322
301
290
283
309

56
45
36
46
74

29
46
81
119
162

251
246
234
226
249

337
336
413
461
474
501
545
594

149
193
201
128
87
94
166
179

158
131
144
109
65
91
76
83

245
229
244
266
286
321
373
393

17
17

3 Beginning with November 1958, series revised to include all paper
with maturity of 270 days and over. Figures on old basis for December
were (in millions of dollars): Total, 2,731; placed directly, 1,891.

MUTUAL SAVINGS BANKS
[Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars]
Loans
End of year
or month

Mortgage

Securities

Other

U.S.
Govt.

State
and
local
govt.

1941
1945

4,787
4,202

89
62

3,592
10,650

1952
1953
1954
1955
1956
1957
1958
19593

11,231
12,792
14,845
17,279
19,559
20,971
23,038
24,769

144
165
188
211
248
253
320
358

9 443
9,191
8,755
8,464
7,982
7,583
7,270
6,871

336
428
608
646
675
685
729
721

1959—Aug
Sent.
Oct
Nov
Dec

24,214
24,374
24,511
24,635
24,769

339
356
327
366
358

7,276
7,244
6,963
6,878
6,871

I960 Jan
Feb
Mar
Apr
May
June
July
Aug

24,928
25,044
25,194
25,323
25,484
25,653
25,812
26,018

333
372
412
386
446
396
435
449

6,862
6,851
6,883
6,735
6,655
6,562
6,514
6,544

Corporate
and
other*

1>* 86
1,257

Other
assets

Other
liabilities

Surplus
accounts

Mortgage loan
commitments'

Number Amount

829
606

689
185

11,772
16,962

10,503
15,332

38
48

1,231
1,582

n.a.
n.a.

2,925
3,311
3,548
3,366
3,549
4,344
4,971
4,845

917
982
1 026
966
920
889
921
829

304
330
380
414
448
490
535
552

25 300
27,199
29 350
31,346
33 381
35,215
37,784
38,945

22,610
24,388
26,351
28,182
30,026
31,683
34,031
34,977

163
203
261
310
369
427
526
606

2 527
2,608
2,738
2,854
2,986
3,105
3,227
3,362

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
89,912
65,248

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,664
1,170

750
758
738
730
721

4,931
4,929
4,874
4] 846
4,845

727
725
698
718
829

547
561
553
556
552

38 784
38,947
38,664
38,729
38,945

34,650
34,847
34,660
34,633
34,977

798
730
665
724
606

3,336
3,370
3,339
3,372
3,362

79,862
77,316
73,699
76,612
65,248

1
1,460
1,439
1,294
1,245
1,170

715
706
709
722
699
695
691
686

4,833
4,824
4,876
4,857
4,870
4,927
4,965
4,944

698
735
776
690
732
840
771
764

565
569
570
575
578
569
572
578

38,934
39,101
39,420
39,288
39,464
39,642
39,760
39,983

34,909
34,959
35,279
35,184
35,242
35,463
35,484
35,589

660
742
722
713
799
720
r
795
878

3,365
3,400
3,419
3,391
3,423
3,459
r
3,481
3,516

62,285
55,775
55,028
57,916
54,364
52,638
53,276
56,013

1,099
1,029
1,008
1,059
1,042
1,028
1,031
1 090

r
Revised.
n.a. Not available.
* 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.

n.a.
n.a.

3 Data reflect consolidation of a large mutual savings bank with a commercial bank.
NOTE.—These data differ somewhat from those shown elsewhere in
the BULLETIN; the latter are for call dates and are based on reports filed
with Federal and State bank supervisory agencies. Loans are shown
net of valuation reserves.

SAYINGS INSTITUTIONS

1151

LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data. In millions of dollars]
Business securities

Government securities
Total
assets

Date

Mortgages

Real
estate

Policy
loans

Other
assets

601
999

6,442
6,636

1,878
857

2,919
1,962

1,840
1,738

31,865
34,032
35,912
38,040
40,666
42,999
45,105

2,573
3,268
3,633
3,503
3,391
4,109
4,561

23,322
25,976
29,445
32,989
35,236
37,062
39,197

2,020
2,298
2,581
2,817
3,119
3,364
3,651

2,914
3,127
3,290
3,519
3,869
4,188
4,618

3,302
3,523
3,743
4,076
4,338
4,624
4,937

43,750
46,420

40,737
43.044

3,013
3,376

35,271
37,092

3,120
3,387

3,872
4,186

4,605
5,253

1,463
I 469
1,473
,485
[,498
1,511

48,024
48,096
48,224
48,444
48,662
48,908

44,477
44,539
44,658
44,853
45,032
45,206

3,547'
3,557
3,566
3,591
3,630
3,702

38,108
38,282
38,493
38,744
38,984
39,299

3,583
3,603
3,624
3,631
3,673
3,670

4,389
4,423
4,464
4,511
4,555
4,605

5,241
5,304
5,269
5,305
5,362
5,608

1,523
1,558
1,573
,582
[,589
,592
601

49,047
49,170
49,298
49,450
49,725
49,880
50,051

45,330
45,435
45,576
45,708
45,940
46,942
46,223

3,717
3,735
3,722
3,742
3,785
3,788
3,828

39,573
39,769
40,011
40,236
40,439
40,631
40,694

3,688
3,698
3,712
3,721
3,766
3,786
3,809

4,651
4,709
4,774
4,838
4,897
4,957
5,029

5,512
5,565
5,532
5,566
5,527
5,658
5,768

Total

United State and
States
local Foreign 2 Total
(U.S.)

Bonds

Stocks

32,731
44,797

9,478
22,545

6,796
20,583

1,995
722

687
1 240

10,174
11,059

9,573
10,060

78 533
84,486
90 432
96,011
101 309
107 580
113,650

12 537
12,262
11 829
11,067
10 690
11 234
11,581

9 829
9,070
8 576
7,555
7 029
7,183
6,868

1 298
1,846
2 038
2,273
2 376
2 681
3,200

J 410
1,346
215
,239
285
,370
,513

34,438
37,300
39 545
41,543
44,057
47,108
49,666

End of month:4
1957—Dec
1958—Dec

101 309
107,580

10 691
11,242

7 028
7.182

2 377
2,691

1,286
1,369

1959__july
Aua
Sept
Oct
Nov
Dec

111,152
111 646
111,846
112,405
112 904
113,626

11,807
11 938
11,772
11,770
11 668
11,536

7,259
7 354
7,169
7,147
7,016
6,848

3,085
3 115
3,130
3,138
3 154
3,177

I960—Jan
Feb
Mar
Apr
May
June
July

114,202
114,666
114,965
115,394
115,908
116,377
117,005

11,731
11,755
11,638
11,583
11,554
11,468
11,654

7,011
6,975
6,808
6,723
6,661
6,559
6,632

3,197
3 222
3,257
3,278
3,304
3,317
3,421

End of year: 3
1941
1945
1953
1954
1955
1956
1957
1958
1959

....

1
Figures are for all life insurance companies in the United States.
2 Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
9 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]
Liabilities

Assets
End of year
or month

Mortgages 2

U.S.
Govt.
obligations

Cash

Others

Total
assets—2
Total
liabilities

Savings
capital

Reserves
and
undivided
profits

Borrowed
money4

Loans in
process

Other

Mortgage
loan
commitments5

1941
1945
1952
1953
1954
1955
1956
1957
1958
1959

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.

18,396
21,962
26,108
31,408
35,729
40,007
45.627
53,093

1,787
1,920
2,013
2,338
2,782
3,173
3,819
4,474

1.289
1,479
1,971
2,063
2,119
2,146
2,585
2,201

1,108
1,297
1,469
1,789
2,199
2,770
3,108
3,707

22,660
26,733
31,633
37,656
42,875
48,138
55,139
63,475

19,195
22,846
27,252
32,142
37,148
41,912
47,976
54,556

1,658
1,901
2,187
2,557
2,950
3,363
3,845
4,392

944
1,027
950
1,546
1,347
1,379
1.444
2,388

n.a.
n.a.
n.a.
833
843
862
1,475
1,285

1959—July.
Aug.
Sept.
Oct..
Nov.
Dec.

50,131
50,858
51,528
52,149
52,608
53,093

4,517
4,534
4,527
4,534
4,500
4,474

,916
,873
,820
,752
,817
>,201

3,462
3,484
3,549
3,637
3,777
3,707

60,026
60,749
61,424
62,072
62,702
63,475

51,651
52,045
52,489
52,888
53,371
54,556

4,099
4,111
4,116
4,121
4,133
4,392

1,706
1,824
1,972
2,108
2,165
2,388

863
959
1,244
1,411
1,430
1,484
,161
,282
,597
,585
,539
,476
,374
1,282

I960—Jan..
Feb..
Mar.
Apr..
May!
June1
July.

53,413
53,811
54,356
54,922
55,556
56,335
56,975

4,675
4,742
4,715
4,716
4,731
4,583
4,549

,887
,854
,903
,873
,954
2,283
> 047

3,594
3,656
3,756
3,860
4,069
4,017
3,866

63,569
64,063
64,730
65,371
66,310
67,218
67,437

55,024
55,433
56,056
56,428
57,058
58,274
58,423

4,400
4,410
4,419
4,424
4,431
4,646
4,640

1,935
1,810
1,683
1,721
1,724
1,935
1,809

1,184
1,172
1,219
1,265
1,319
1,365
1,360

r
n.a. Not available.
Revised.
1
Figures are for all savings and loan associations in the United States.
Data beginning with 1951 are based on monthly reports of insured
associations and annual reports of noninsured associations. Data prior
to 1951 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 duductions for mortgage pledged shares. Beginning with January
1958, no deduction is made for mortgage pledged shares. These have




713
857
973
,184
,308
,479
,659
857

1,951
1,862
1,779
1,626
1,470
1,285

,026
,238
,353
,533
,778
998
1,205

1,316
1,378
1,482
1,560
1,642
1,614
1,647

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 1959 and 1960 are preliminary.

1152

BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS
[Department of Commerce estimates.
of dollars]

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
[Securities and Exchange Commission estimates.

In billions

All types
Profits Cash Undisafter
divi- tributed
taxes dends profits

Profits
before
taxes

come
taxes

1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...

36.7
38.3
34.1
44.9
44.7
43.2
37.7
47.0

19.5
20.2
17.2
21.8
21.2
20.9
18.6
23.2

17.2
18.1
16.8
23.0
23.5
22.3
19.1
23.8

11.2
12.1
12.6
12.4
13.4

8.3
8.9
7.0
11.8
11.3
9.7
6.7
10.5

1958—2
3
4

34.4
38.8
44.9

17.0
19.1
22.1

17.4
19.6
22.7

12.6
12.6
12.0

4.8
7.0
10.8

1959—1
2
3
4

46.4
51.7
45.3
44.8

22.9
25.5
22.3
22.1

23.5
26.2
22.9
22.7

13.0
13.2
13.6
13.8

10.5
12.9
9.3

1960—1
2

48.8
45.7

23.8
22.3

25.0
23.4

13.9
13.9

11.0
9.5

Year or
quarter

In-

9.0
9.2
9.8

NOTE.—Quarterly data are at seasonally
annual rates.

Year or
quarter

In millions of dollars]

Bonds and notes

Stocks

New Retire- Net
New RetireNew RetireNet
Net
issues ments change issues ments change issues ments change

1952
1953
1954
1955
1956
1957
1958
1959

10,679
9,550
11,694
12,474
13,201
14,350
14,761
12,751

2,751 7,927 7,344
2,429 7,121 6,651
5,629 6,065 7,832
5,599 6,875 7,571
5,038 8,162 7,934
3,609 10,741 9,638
5,296 9,465 9,673
4,607 8,144 7,150

2,403
1,896
4,033
3,383
3,203
2,584
3,817
2,891

4,940
4,755
3,799
4,188
4,731
7,053
5,856
4,259

3,335
2,898
3,862
4,903
5,267
4,712
5,088
5,601

348
533
1,596
2,216
1,836
1,024
1,479
1,716

2,987
2,366
2,265
2,687
3,432
3,688
3,609
3,886

1959—2
3
4

3,410
2,788
3,499

1,266
1,126
1,051

2,144 1,818
1,663 1,647
2,448 2,093

834
681
687

983 1,593
967 1,141
1,406 1,405

432
445
363

1,161
696
1,042

1960—1
2

2,950
3,101

1,211
1,163

1,739
1,937

728
717

880 1,341
1,090 1,293

482
446

859
847

1,608
1,808

i Reflects cash transactions only. As contrasted with data shown on K 1154 new issues
exclude foreign and include offerings of open-end investment companies, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new stock
issues and cash proceeds connected with conversions of bonds into stocks. Retirements
include the same types of issues, and also securities retired with internal funds or with
proceeds of issues for that purpose shown on p. 1154.

adjusted

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
[Securities and Exchange Commission estimates.

In billions of dollars]
Current liabilities

Current assets
End of year
or quarter

Net
working
capital

U. S.
Govt.
securities

Cash

Total

Notes and accts.
receivable
U. S.
Govt. 2

Inventories

Notes and accts.
payable
U. S.
Govt. 2

Other

Other

Federal
income
tax
liabilities

Total

Other

Other

1952...
1953
1954..
1955
1956
1957...
1958

90.1
91.8
94.9
103.0
107.4
111.6
119.7

186.2
190.6
194.6
224.0
237.9
244.7
246.4

30.8
31.1
33.4
34.6
34.8
34.9
37.3

19.9
21.5
19.2
23.5
19.1
18.6
19.6

2.8
2.6
2.4
2.3
2.6
2.8
2.8

64.6
65.9
71.2
86.6
95.1
99.4
102.1

65.8
67.2
65.3
72.8
80.4
82.2
77.5

2.4
2.4
3.1
4.2
5.9
6.7
7.0

96.1
98.9
99.7
121.0
130.5
133.1
126.7

2.3
2.2
2.4
2.3
2.4
2.3
1.7

57.0
57.3
59.3
73.8
81.5
84.3
81.0

18.1
18.7
15.5
19.3
17.6
15.4
13.0

18.7
20.7
22.5
25.7
29.0
31.1
31.0

1959_2
3
4

125.3
126.9
128.8

257.6
262.1
268.3

35.8
35.5
37.2

21.5
22.9
23.5

2.7
2.7
2.9

107.7
110.6
112.7

81.7
82.1
83.6

8.3
8.4
8.3

132.4
135.2
139.5

1.7
1.7
1.7

84.3
85.8
89.4

13.5
14.4
15.4

32.9
33.3
32.9

1960 1
2

130.7
131.2

270.2
271.5

33.8
34.5

23.4
21.7

2.9
2.9

113.6
115.6

87.2
87.4

9.4
9.5

139.6
140.3

1.8
1.8

89.8
91.0

14.0
13.0

34.0
34.6

1

Excludes banks and insurance companies.

2 Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates.

Year

1952
1953
1954
1955
1956
1957
1958
1959
19604

Total

26.5
28.3
26.8
28.7
35.1
37.0
30.5
32.5
36.4

Transportation

Manufacturing

Mining

11.6
11.9
11.0
11.4
15.0
16.0
11.4
12.1
14.6

1.0
1.0
1.0
1.0
1.2
1.2
.9
1.0
1.1

Railroad

Other

1.4
1.3
.9
.9
1.2
1.4
.8
.9
1.1

1.5
[.6
1.5
1.6
1.7
1.8
1.5
2.0
2.1

Public Comutili- muni- Other 2
cations
ties

3.9
4.6
4.2
4.3
4.9
6.2
6.1
5.7
5.9

1 Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.

2




1.5
1.7
1.7
2.0
2.7
3.0
2.6
2.7

11 .7

5.6
6.3
6.5
7.5
8.4
7.4
7.2
8.2

Quarter

In billions of dollars]

Total

Manufactur- Transing
portaand
tion
mining

Total
(seasonPublic
All 3 ally adutili- other
justed
ties
annual
rate)

1959—1
2
3
4

6.9
8.3
8.3
9.0

2.7
3.3
3.3
3.8

.6
.8
.8
.8

1.2
1.5
1.5
1.5

2.5
2.8
2.7
2.9

30.6
32.5
33.4
33.6

1960—1
2
34....
44....

7.9
9.3
9.3
9.9

3.3
4.0
3.9
4.4

.7
.8
.8
.8

1.2
1.4
1.6
1.7

2.7
3.0
3.0
3.0

35.2
36.3
36.9
36.9

3 Includes communications and other.
Anticipated by business.

4

1153

BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly totals

Annual totals

1959

1958

Industry
1955

1956

1957

1958

1960

1959
4

1

2

3

4

1

2

Manufacturing
Total (180 corps.):
Sales
Profits after taxes

104,402 107,717 114,229 105,134 115,874 28,716 29,555 32,452 26,872 26,995 31,573 31,010
14,803 13,418 13,349 10,466 14,013 3,508 3,899 4,643 2,440 3,032 4,002 3,559
7,564 7,094 7,177 5,714 7,259 2,003 2,016 2,499 1,099 1,645 2,063 1,809
1,092
1,099
1,247
1,029 1,051
3,847 4,068 4,192 4,078 4,361 1,042 1,033

Nondurable goods industries (79 corps.): l
Sales
. . . . 36,858 39,463 41,740 41,541 45,718 11,007 11,085 11,450 11,414 11,769 11,599 11,701
1,407
1,424
1,482 1,391 1,356
5,013 5,146 5,010 4,402 5,606 1,297 1,376
Profits before taxes
785
791
780
775
769
808
785
2,814 2,943 2,944 2,574 3,131
Profits after taxes
482
448
564
459
445
463
1,588 1,683 1,776 1,785 1,916
486
Dividends
Durable goods industries (101 corps.): 2
67,544 68,254 72,525 63,593 70,156 17,709 18,470 21,001 15,458 15,226 19,974 19,310
Sales
9,790 8,272 8,339 6,065 8,407 2,211 2,523 3,161 1,049 1,675 2,595 2,135
Profits before taxes
1,018
319
870 1,277
1,692
4,750 4,151 4,233 3,140 4,128 1,218 1,247
Profits after taxes
.
610
612
603
683
575
585
578
2,259 2,385 2,416 2,294 2,445
Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Profits after taxes
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (25 corps.):
Sales
Profits before taxes
Profits after taxes
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Public Utility
Railroad:
Operating revenue
Profits before taxes . . . .
Profits after taxes . . . .
Dividends
Electric Power:
Operating revenue
Profits before taxes
Profits after taxes
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends

8,632
868
414
260

9,987 10,707 11,937
1,024 1,152 1,275
604
555
497
343
312
289

2,763
306
148
88

2,786
287
136
85

2,947
322
153
78

2,986
340
162
79

3,218
326
154
100

2,821
303
142
92

2,974
341
160
88

9,584 10,199 10,669 10,390 11,593
1,866 1,804 1,823 1,538 2,133
829 1,107
948
955
942
799
717
737
690
698

2,770
474
270
185

2,770
493
254
180

3,054
595
302
177

2,964
550
282
179

2,804
495
269
264

3,057
537
276
191

3,146
534
281
186

11,515 12,454 13,463 12,838 13,413
919 1,194
1,325
1,344 1,444
913
791
979 1,068 1,075
523
516
512
438
481

3,422
276
243
129

3,447
360
263
133

3,228
300
220
128

3,281
259
215
128

3,458
274
215
134

3,427
307
238
130

3,273
292
220
130

20,744 22,365 22,468 19,226 20,978
3,267 3,331 2,977 2,182 2,329
1,652 1,727 1,540 1,154 1,127
802
831
873
880
730

5,222
756
404
203

5,621
821
416
201

7,110
1,183
695
204

3,644
-88
-215
204

4,603
413
231
221

6,003
854
426
206

5,442
615
322
208

12,480 13,908 15,115 14,685 16,472
1,253 1,209 1,457 1,463 1,854
734
933
729
607
637
422
461
416
403
368

3,833
425
208
104

3,853
422
212
113

4,189
504
254
106

4,100
462
231
123

4,331
466
237
119

4,000
389
197
121

4,171
395
202
119

24,624 21,217 23,453 18,469 20,593
4,011 2,473 2,701 1,332 2,987
706 1,470
1,841 1,186 1,354
758
810
805
791
872

5,677
718
447
183

6,259
1,012
491
184

6,585
1,117
570
196

4,624
356
155
197

3,124
503
254
233

7,022
1,076
521
199

6,520
940
460
199

10,106 10,551 10,491
1,341 1,268
1,058
927
737
876
448
438
462

9,826
848
578
403

2,555
365
271
160

2,388
167
99
116

2,633
310
207
82

2,368
127
86
78

2,437
243
186
127

2,411
165
99
91

2 AH
'212
M39
«93

9,394
955
460
277

8,360
2,304
1,244
942

9,049
2,462
1,326
1,022

9,670 10,195 11,102
2,579 2,704 2,988
1,669
1,413 1,519
1,069
1,213
1,134

2,617
671
391
291

2,928
853
469
303

2,644
682
385
302

2,685
713
392
301

2,845
739
422
306

3,131
853
502
325

2,808
695
422
321

5,425
1,282
638
496

5,966
1,430
715
552

6,467
1,562
788
613

7,572
2,153
1,073
743

1,807
510
251
173

1,825
522
258
178

1,891
551
272
183

1,909
537
268
190

1,947
543
275
192

1,967
558
277
196

2,025
585
290
200

• Estimated.
1
Includes 17 companies in groups not shown separately.
2 Includes 27 companies in groups not shown separately.
NOTE.—Manufacturing corporations. Data are obtained primarily
from published company reports.
Railroads. Figures are for Class I line-haul railroads (which account
for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric Power. Figures are for Class A and B electric utilies (which
account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that
quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the




9,565
843
602
419

6,939
1,860
921
674

Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and
Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and
before Federal income taxes and dividends. For detailed description of
series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949
(manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public
utilities); and p. 908 of the BULLETIN for September 1944 (electric power).
For back data for manufacturing, see pp. 792-93 of the BULLETIN for
July 1959; back data for other series are available from the Division of
Research and Statistics.

1154

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

Fed-

eral
U.S.
Govt.3 agency 4

1952
1953
1954
1955
1956
1957
1958
1959

27,209
28 824
29,765
26 772
22,405
30,571
34,443
31 074

12,577
13,957
12,532
9,628
5,517
9,601
12,063
12 32?

1959—July
Aug
Sept
Oct
Nov. . . .
Dec

1,452
1,710
1,748
4,121
1,722
1,942

350
309
300
2,574
332
380

I960—Jan
Feb
Mar
Apr
May
June
July.

1,958
2,127
2,077
4 579
1,951
2,493
1,624

459
106
458
746
169
572
2,321
707

New capital

Corporate

Bonds

State
and
municipal

Others

Total

Publicly
offered

Total

4,401
5,558
6,969
5,977
5,446
6,958
7,449
7,681

237 9,534
306 8,898
289 9 516
182 10',240
334 10,939
557 12,884
1,052 11.558
616
9,748

7 ,601
7 ,083

7 .488
7 ,4?0
8 .00?
9 ,957
9 ,653
7

4, f)03
4> 119
4,
6, 118
6, 33?
3 557

93
5
43
39
41
75

552
774
735
922
891
926

433
642
590
644
657
747

Pre- Common
Pri- ferred stock
stock
vately
placed

173
414

3, 645

R56

190

3,957
3,228
3,484
3,301
3,777
3,839
3,320
3,632

564 1,369
489 1,326
816 1,213
635 2,185
636 2,301
411 2,516
571 1,334
531 2 027

Retirement
of
New Other
Total money 7 pur- secuposes rities

Total

9,380 S ,716 8 180
,495 7 960
8,755
9,365 7 .490 6 780
j8?1 7 957
10 049
10,749 1(1 .384 9 663
12,661 12 ,447 11 784
11,372 1C .873 9 907
9 527 q 39? 8 578

664
260
1,875
1,227
364
214
663
549
915
814
135
537
535

709
864
721

86

457
523
520
587
458
476

420

182

696

11

649

5?4

373

201

26

635

577

550

27

150
150
148
354

622
568
717

181
74
43

740
894
811

554
675
584

?53
361
347

100

435
391

302
314
237

29
46
31

156
173
196

724
875
789

715
860
766

667
803
681

48
57
86

577
1,085
778

1 ,034

2,860
368
350
353

98
150

556
978
475

78
49
1

595
1,115
795

331
396
277

260
228
370
313
261
470

26
13
24
47
61
45

93
119
121
230
173
134

538
758
720
898
871
907

185
540
415

404
859
668

38
26
24

219
319
253

153
229
103

535
740
703
879
864
900

73
41
48
78
61
56

463
699
656
801
803
844

567

519
985
667

747

3
18
16
19
7
7
58

9
15
23

11
51
31

48
50
81

Proposed uses of net p roceeds, major grouj)s of corporate is suers
Manufacturing
Year or
month
New
capital 8

Commercial and
miscellaneous

RetireNew
ment of
secu- capital 8
rities

3,713
2,128
2,044
2,397
3,336
4,104
3,265
1,941

1952
1953
1954
1955
1956
1957
1958
1959
1959 July
Aufi
Sent
Oct .
Nov
Dec.
I960—Jan
Feb

Mar.

Apr
May

June
July

261
90
190
533
243
49
195
70

512
502
831
769
682
579
867
812

135
127

1
15

61
44

3

RetireNew
ment of
secu- capital 8
rities

61

206
86
114

164

4
14

35
83
50

68

5

64

64

4

101

185
171
93
252

1
2
3
2

197

3

122
46
69
49
41

24
40
93
51
51
29
13
28
2
10
4
2

758
553
501
544
694
802
778
942

225
36
270
338
20
14
38
15

32
98

1
1

138
104
17

1
1

1
2

57
71
56
80
33

10

35

?

,539
,905
,675
,254
•? ,474
3 ,821
3 ,605
3 ,189
170
191
109
341
241

Retirement of
New
secu- capital 8
rities
88
67
990
174
14
51
138
15

1
5

346

1

21

5
1
6
1

Communication

Public utility

Retirement of
New
secu- capital 8
rities

60

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.
* Issues not guaranteed.
5 Represents foreign governments, International Bank for Reconstruc-




Transportation

155

35

Retirement of New 8
secu- capital
rities

747
87 1
65 1

1,045
1,384
1,44 1
1,294

6
3
60
77
21
4
118

707

(9)

(9)

196

81

e>

123

15

61

18

(9)

51

448

1,536

788

1
1
1

(9)

198

36
69
52
37
64

1,812
1,815
1,701
1,014
1,801

60
24
273
56
17
67
47
6

161
140
180

56
126
262

198
302
144
362

Retirement of
securities

129
245

7
36
72

245

Real estate
and financial

203
1

215
139
143
275
290

1
9
3

tion and Development, and domestic eleemosynary and other nonprofit
organizations.
6 Estimated net proceeds are equal to estimated gross proceeds less cost
of 7
notation, i.e., compensation to underwriters, agents, etc., and expenses.
Represents proceeds for plant and equipment and working capital.
8
Represents all issues other than those for retirement of securities.
9 Less than $500,000.

1155

SECURITY ISSUES; FEDERAL FINANCE
NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1
[Investment Bankers Association data. Par amounts of long-term issues in millions of dollars]
All issues (new capital and refunding)
Type of issuer 2

Type of issue
Period
Total

General
obligation

Public Federal
Reve* Housing
nue Author- Govt.4
loans
ity 3

4,410
5,558
6,969
5,976
5,446
*7,150
7,832
7,880

2 633
3,495
3,380
3,770
3,577
4,795
5,446
4,766

1 463
1 558
3,205
1 730
1,626
1 964
1,778
2,397

1959__July
Aug..
Sept.. ••
Oct...
Nov
Dec...

567
515
515
594
517
455

224
392
398
357
371
380

192
117
112
128
73
59

I960—Jan...
Feb...
Mar..
Apr...
May..
June..
July..

741
631
578
734

449
364
467
448

245
152
84
248

1952
1953
1954
1955
1956
1957
1958
1959

555

^1,031
555

Issues for new capital

305
496

374
474
199
66
187
333
P)

102

io3

293

111

20
133

'547
331

'421
124

1

1
Use of proceeds 2

Special
district
and
State statu- Others
tory
authority

Total
amount
delivered «

Total

Water
Roads sewer
and
and
bridges other
utilities

Education

Residential
housing 7

718
767

1,305
2,091
1,463
1,097
983
1,279
1,368
2,094

2 387
2,701
3,459
3 472
3,664
4,362
4,448
4,177

n a.
n.a.
n.a.
n.a.
n.a.
6 568
7,708
7,415

4 096
5,477
6,789
5,911
5,383
7,099
7,746
7,773

1,320
1,432
1,516
1,455
2 551
2,644
2,238

1,588
2,136
1,362
698
1,041
1,172
834

642
803
1,270
881
1,399
1,524
1,403
1,961

424

150
6
5
7
73
15

150
177
133
30
106
125

62
80
93
125
59
75

355
258
290
439
351
255

985
538
401
502
603
431

567
514
468
593
513
453

155
151
168
168
153
252

159
59
43
28
37
16

50
86
82
135
106
57

145
4
1
102
126
4

47
12
27
18

176
7
154
57
65
'232
18

157
272
89
247
52
'342
120

409
352
335
430

480
632
639
545

736
623
575
729

219
181
217
312

31
77
79
136

107
105
56
113

729

551

140

15

120

'544 '1,030
931
555

'297
137

'58
68

'184
119

Veterans'
aid

39
108
18
27
144
'54
95

9
9

9 2,047
2 1,408
44
800
324 1,508
420 2,016
384 1,609

17

63
99

n.a. Not available.
' Revised.
1
Data prior to 1957 are from the Bond Buyer as classified by Federal
Reserve.
2
Classifications prior to 1957 as to use of proceeds and type of issuer
are based principally on issues of $500,000 or more; smaller issues not
classified. As a result some categories, particularly education, are understated relative to later data.
3 Includes only bonds sold pursuant to the Housing Act of 1949.
These are secured by a contract requiring the Public Housing Administration to make annual contributions to the local authority.
4
Beginning with 1957, coverage is considerably broader than earlier.

437

'457
418

969

938

Other
purposes

100
141
162
169
110
333
339
355

506
456
570
258
299
530
701

1 024
1,119
1,333
1 414
1,464
1 352
1,657
1,683
58
94
141
160
91
126

120
32

50
50

290
151
155
141

51

386
135

131

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 opposite
page, which is based on Bond Buyer data. The principal difference is in
the treatment of Federal Government loans.
9 Less than $500,000.

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, SEPTEMBER 30, I960*
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills2
Oct. 6- I960
Oct 13 1960
Oct. 17 i960
Oct 20 1960
Oct 27 1960
Nov. 3 i960
Nov. 10, 1960
Nov. 17, 1960
Nov. 25 I960
Dec. 1, I960
Dec. 8 I960
Dec. 15 1960
Dec. 22 1960
Dec. 29 1960
Jan. 5, 1961
Jan. 12, 1961
Jan. 15 1961
Jan 19 1961
Jan 26 1961
Feb. 2 1961
Feb. 9, 1961
Feb. 16 1961
Feb 23 1961
Mar. 2 1961
• Tax anticipation series.
1
Direct public issues.




Amount

Issue and coupon rate

Treasury bills—Cont.
1,501
Mar. 9. 1961
Mar 16, 1961...
1,501
Mar 22, 1961*
2,007
Mar 23 1961
1 400
Mar 30, 1961...
1 400
1,400
Apr. 15 1961
1,505
July 15, 1961...
1 600
1,600 Certific ates
1,501
Nov 15, 1960... . . . 4 *
1,609
Feb. 15, 1961...
1,600
May 15, 1961...
1 602
Aug. 1 1961...
1,502
500 Treasury notes
Oct. 1, 1960...
500
J1/
Apr. 1 1961
1,504
3%
400
May 15, 1961...
4
AUR
1 1961
400
Oct. 1, 1961...
400
500
Feb. 15, 1962...
3%
500
Feb. 15 1962 .
4
ji/
501
Apr. 1, 1962...
4
M a y 15, 1962...
506
Aug. 15 1962... . . . .4

"m

Amount

Issue and coupon rate

Amount

Treasury notes—Cont
Oct. 1.1962
Nov. 15,1962
33/4
Feb. 15 1963
Apr 1 1963
1V>
4
May 15, 1963
Oct. 1 1963
4%
15, 1963
Nov.
\\iy
Apr. 1 1964
May 15 1964 . . 434
May 15,1964
.3%
Aug. 15 1964
Oct. 1 1964
Nov. 15,1964
Apr. 1, 1965
May 15, 1965

4,933
3,893
2,316
490
4,195
236
2,113

144 Treasury bonds
4 078
June 15. 1959-62.. 2 1 /
2 136
Dec 15 1959-62 .
332
Nov. 15 I960
647
Dec. 15, 1960-653. 3
24
1,435
Sept. 15 1961
551
Nov. 15 1961
2,211
June 15, 1 9 6 2 - 6 7 . . 2^4
Aug. 15 1963
158
n

5,263
3 451
3,806
1,485
2.239
6,963
2,109
6,755

506
500

3,512
500
500

2,001
1,501
7,037
6,938
3,674
7,829

It

590

1,143
3,971
533
1 743
506
3,011
457

278

-

Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1963-68... 2
Feb. 15, 1964
June 15, 1964-69...
Dec 15 1964-69 .
Feb. 15,1965
2«2
Mar. 15, 1965-70... iy
\
Aug. 15, 1966
Mar. 15, 1966-71...
June 15, 1967-72...
Sept. 15, 1967-72...
Dec. 15,1967-72...
May 15 1968
Oct. 1,1969
Nov 15 1974
May 15, 1975-85... 4 V
Feb. 15, 1980
4
June 15, 1978-83...
W
May 15, 1985
Feb 15 1990
3V£
3
Feb 15 1995
Panama Canal Loan.. . . 3
Convertible bonds
Investment Series B
Apr. 1, 1975-80.... 2VA

H

Amount
2,815
3,854
3,737
3 811
6 896
4,690
1,484
2 936
1,801
2,716
3,619
1,390
1 276
654
470
884

1,600
1,134
1 727
2,722
50
6,162

2 Sold on discount basis. For discounts on individual issues, see tables
on Money Market Rates, p. 1148.
3 Partially tax-exempt.

1156

FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury.

In billions of dollars]

Public issues3

Total
gross
debti

End of
month

Total
gross
direct
debt 2

Marketable

Nonmarketable
Bonds

Total
Total

Bills

Certificates

Notes

Bank
eligible 4

Bank
restricted

Convertible
bonds

Totals

Savings
bonds

12.5
12.0
11.8
11.4
10.8
9.5
8.3

8.9
56.9
59.5
65.1
65.1
63.6
59.2
57 4
53.4
52.1

6.1
48.2
52.1
57.9
57.7
57.7
57.9
56 3
52.5
51.2

Tax
and
savings
notes

Special
issues

1941 Dec
1945 Dec ..
1947__Dec
1952 Dec
1953 Dec
1954 Dec
1955 Dec
1956 Dec . . . .
1957—Dec
1958 Dec .

64.3
278.7
257.0
267.4
275.2
278.8
280.8
276 7
275.0
283.0

57.9
278.1
256 9
267.4
275.2
278 8
280.8
276 6
274.9
282.9

50.5
255.7
225.3
226.1
231.7
233.2
233.9
228 6
227.1
236.0

41.6
198.8
165.8
148.6
154.6
157.8
163.3
160.4
164.2
175.6

2.0
17.0
15.1
21.7
19.5
19.5
22.3
25.2
26.9
29.7

38.2
21.2
16.7
26.4
28.5
15.7
19.0
34.6
36.4

6.0
23.0
11.4
30.3
31.4
28.0
43.3
35.3
20.7
26.1

33.6
68.4
68.4
58.9
63.9
76.1
81.9
80 9
82.1
83.4

1959

Sept
Oct
Nov
Dec

288.4
291.4
290.7
290.9

288.3
291.3
290.6
290.8

241.1
244 9
244.2
244.2

183.1
187.4
187.0
188.3

37.1
39.1
39.1
39.6

20.3
20.3
19.7
19.7

40.8
43.1
43.3
44.2

84.8
84.8
84.8
84.8

7.5
7.3
7.2
7.1

50.6
50.2
50.0
48.9

49.7
49.4
49.3
48.2

44.4
43.6
43.6
43.5

I960

Jan
Feb

291.2
290.7
287.0
288.9
289.5
286.5
288.5
288.8
288.6

291.1
290.6
286.8
288.8
289.4
286 3
288.3
288.7
288.4

245.5
244.8
240.5
242.9
242.4
238.3
241.1
240.4
240.4

189.9
189.4
185.4
188.1
187.7
183.8
186.9
186.3
186.4

41.2
41.2
37.2
37.1
37.3
33.4
36.4
36.4
36.5

19.7
15.2
15.2
15.2
17.7
17.7
17.7
25.5
25.5

44.2
48.2
48.3
50.6
47.6
51.5
51.6
42.0
42.1

84.8
84.8
84.8
85.2
85.2
81.3
81.3
82.3
82.3

7.0
6.9
6.6
6.5
6.4
6.3
6.2
6.2
6.1

48.6
48.5
48.4
48.3
48.2
48.2
48.0
48.0
47.9

47.9
47.8
47.8
47.6
47.6
47.5
47.4
47.3
47.3

42.6
42.8
43.3
42.8
43.9
44.9
44.2
45.2
45.0

.

Mar

Apr
May

June
July
Aug
Sept

.

1 Includes some debt not subject to statutory debt limitation (amounting
to $404 million on Sept. 30, 1960) 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 $10,721 million on Aug. 31, 1960.

52.2
49 6
21.0
13.4
5.7

2.5
8.2
5 4
5.8
6.0
4.5
(6)

7.0
20.0
29 0
39.2
41.2
42.6
43.9
45 6
45.8
44.8

4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, adjusted service bonds, and R.E.A. bonds, not shown separately.
6 Less than $50 million.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in billions of dollars]
Total
gross
debt
(including guaranteed
securities)

1941 Dec
1945—Dec
1947 Dec
1952—Dec
1953 Dec
1954 Dec
1955—Dec
1956 Dec . .
1957—Dec
1958 Dec
1959 June
1959

July
Aug
Sept
Oct
Nov
Dec

I960—Jan
Feb
Mar
Apr

May
July

.
..

.

Special
issues

Public
issues

64.3
278.7
257 0
267.4
275.2
278.8
280.8
276.7
275.0
283.0
284.8

End of
month

Held by
U. S. Govt.
agencies and
trust funds *

7.0
20.0
29 0
39.2
41.2
42.6
43.9
45.6
45.8
44.8
44.8

2.6
7.0

288.8
290.5
288.4
291 4
290.7
290.9

44.1
44.7
44.4
43.6
43.6
43.5

10.0
9.9

291.2
290.7
287.0
288.9
289.5
286.5
288.5

42.6
42.8
43.3
42.8
43.9
44.9
44.2

Held by the public

Total

Federal
Reserve
Banks

Commercial
banks 2

Mutual
savings
banks

54.7
251.6
222.6
221.6
226.9
229.2
229.1
222.7
219.8
228.6
230.2

2.3
24.3
22 6
24.7
25.9
24.9
24.8
24.9
24.2
26.3
26.0

21.4
90.8
68.7
63.4
63.7
69.2
62.0
59.5
59.5
67.5
61.5

3.7
10.7
12.0

10.0
10.2
10.2

234.7
235.9
234.2
237.8
236.9
237.3

26.5
26.7
26.6
26 6
26.9
26.6

62.1
61.1
60.3
60.8
59.5
60.3

10.6
10.4
10.4
10.4
10.5
10.4
10.6

238.0
237.5
233.3
235.7
235.1
231.1
233.6

25.5
25 2
25.3
25.6
26 0
26.5
26.9

59.1
57.1
54.9
57.0
56.2
55.6
57.7

5.4
6.7
7.1

7.0
7.8
8.4
9.4
9.6
9.9

9.8

r
Revised.
1 Includes the Postal Savings System.
2 Includes holdings by banks in territories and insular possessions,
which amounted to about $85 million on Dec. 31, 1959.




9.5
9.2

8.8
8.5
8.0
7.6
7.3
7.3
7.3
7.3
7.3
7.0
6.9

6.9
6.9
6.9
6.9

6.8
6.7
6.6
6.5

Insurcompanies

Other
corporations

8.2
24.0
23.9
16.0
15.9
15.3
14.6
13.2
12.5
12.7
12.5

4.0
22.2
14.1
19.9
21.5
19.2
23.5
19.1
18.6
19.6
21.5

12.6
12.7
12.6
12.6
12.5
12.3
12.5
12.4
12.2
12.1
12.0
11.8
11.9

State
and
local
govts.
.7
6.5

Individuals
Savings
Other
bonds securities

Misc.
investors 3

11.1
12.7
14.4
15.1
16.1
17.0
16.7
16.7

5.4
42.9
46.2
49.2
49.4
50.0
50.2
50.1
48.2
47.7
47.0

8.2
21.2
19 4
16.0
15 4
13.5
14.8
15.6
15.5
14.4
18.1

11.7
13.2
13.9
15.6
16.1
16.5
16.5
19.4

23.4
24.4
22.9
24.1
24.2
23.5

17.0
17.2
17.3
17.4
17.4
17.5

46.9
46.7
46.5
46.3
46.2
45.9

18.6
19 1
19.8
21 2
21.4
22.4

20.4
20 6
21.0
21 7
21.9
21.8

25.4
26.2
23.4
r
24.1
r
24.7
r
21.7
22.0

17.6
17.7
17.8
17.7
17.6
17.7
17.5

45.8
45.8
45.7
45.7
45.6
45.6
45.6

23.3
23 8
24.7
24.1
r
r 23 8
23.5
23.3

22.0
22 4
22.4
22.8
22 4
22.0
22.3

7.3

.9
9.1
8.4

3
Includes savings and loan associations, dealers and brokers, foreign
accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Reported data for Federal Reserve Banks and U. S. Govt.
agencies and trust funds; Treasury Department estimates for other groups.

1157

FEDERAL FINANCE
OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1
[On basis of Treasury Survey data.

Par value in millions of dollars]

Marketable and convertible securities, by type
Type of holder and date

Marketable securities, by maturity class

Total

Bills

Certificates

Notes

Market- Conable
vertible
bonds 2
bonds

30.
30.
30.
30.
30.
31.

166,882
166,050
165,985
175,573
185,709
195,346

19,514
20,808
23,420
22,406
32,017
39,643

13,836
16,303
20,473
32,920
33,843
19,669

40,729
35,952
30,973
20,416
27,314
44,152

81,128
81,890
80,839
90,932
84,853
84,804

1960—June 30.
July 31.

190,151
193,121

33,415
36,427

17,650
17,650

51,483
51,550

81,297
81,288

7.162
8,236
8,554
9,477
9,681
9,982

40
273
130
173
86
260

355
416
599
537
363

119
688
1,282
,169
,389
,700

3,556
3,575
3,664
4,703
4,988
5,071

All holders:
1955—June
1956—June
1957—June
1958—June
1959—June
Dec.

U. S. Govt. agencies and trust funds:
1955—June 30
1956—June 30
1957—June 30
1958—June 30
1959—June 30.
Dec. 3 1 .

Total

Within
1 year

1-5

5-10
years

Over 10

155,206
154,953
155,705
166,675
178,027
188,269

49,703
58,714
71,033
67,782
72,958
78,456

38.188
31,997
39.184
41,071
56,819
61,609

33.687
31,312
14,732
22,961
18,538
23,625

33,628
32,930
30,756
34,860
29,713
24,579

6,306 183,845
6,206 186,915

68,982
71,993

72,844
72,911

21,731
21,730

20,288
20,280

3,439
3,345
3,063
2,833
2.680
2;587

3,723
4,891
5,491
6,644
7,001
7,394

74
927
1,138
899
930
1,037

199
500
1.210
1,565
1.679
1,909

506
434
295
913
1.448
1,882

2.944
3,030
2.848
3,267
2,944
2,567

2,470
2,461

7,776
7,984

1,070
1,267

2.683
2,687

2,062
2,066

,961
.964

11,676
11,098
10,280
8,898
7,681
7,077

1960—June 30
July 31
Federal Reserve Banks:
1955—June 30
1956—June 30
1957—June 30
1958—June 30
1 9 5 9 _ j u n e 30
Dec. 31

10,246
10,446

371
574

459
463

,810
,805

5,136
5,143

23,607
23,758
23,035
25,438
26,044
26,648

855
287
2,703
2,032
2,626

8,274
10,944
11,367
19,946
18,650
10,508

11,646
9,157
8,579
'2^879
11,016

2,802
2,802
2,802
2,789
2,484
2,498

23,607
23,758
23,035
25,438
26,044
26,648

17,405
20,242
20,246
23.010
20,687
18,654

3.773
1,087
681
1,014
3,887
6.524

1.014
1.014
750
57
410
677

.415
.415
.358
,358
,060
793

1960—June 3 0 . .
July 31 . .

26,523
26,885

2,513
2,879

8,508
8,512

13,011
13,010

2,491
2,484

26,523
26,885

19,385
19;748

5,689
5.687

1,179
1,179

271
271

Commercial banks:
1955—June 30. .
1956—June 30. .
1957__j une 3 0 . .
1958—June 3 0 . .
1959—June 3 0 . .
Dec. 31. .

55,667
49.673
48,734
57,509
53,513
51,945

2,721
2,181
2,853
3,796
3,563
5,011

1,455
1,004
2,913
3,331
3,883
2,094

15,385
11,620
8,984
11,532
12,417
13,172

35,942
34,712
33,839
38,720
33,531
31,565

164
155
144
130
120
104

55.503
49,517
48,590
57,379
53,394
51,841

7,187
7,433
12.268
13,431
10,045
11,198

21,712
18.234
23.500
24.494
31,304
28.778

21.110
19,132
8.600
14.259
8,233
9,235

5,494
4.719
4.222
5,195
3,812
2,629

1960—June 30.
July 31.
Mutual savings banks:
1955—June 30
1956—June 30
1957—June 30
1958—June 30
1959—June 30
Dec. 31

48,099
50,119

2,376
4,554

1,832
1,804

15,598
15,704

28.199
27,963

95
94

48,004
50,025

6,546
8:666

33,342
33.256

5.966
5,967

2,151
2,136

8,069
7,735
7,397
7,110
7,079
6,773

84
107
163
89
175
191

53
37
114
132
209
158

289
356
367
465
684

6,422
6,074
5,655
5,493
5,228
4,892

1,222
1,161
1,098
931
783
644

6,848
6,574
6,299
6,179
6,296
6,129

164
247
576
303
480
486

533
540
1.082
1.106
1.360
1,401

1.405
1.319
601
675
1,700
2,254

4,746
4.468
4,040
4.094
2,756
1,987

1960—June 30.
July 3 1 .

6,489
6,443

209
218

166
170

1,199
1,197

4,607
4,561

309
297

6,181
6,145

463
485

1,720
1,703

2,662
2,655

1,336

13,117
11,702
10,936
10,580
10,947
10,933

630
318
326
254
503
416

74
44
136
112
347
231

789
760
648
614
798
1,074

8,479
7,789
7,277
7,398
7,371
7,454

3,145
2,791
2,549
2,202
1,928
1,758

9,972
8,911
8,387
8,378
9,019
9,175

810
632
955
651
1,092
1,023

1,339
1.192
1 .775
1.650
2.085
2,279

2.027
5 796
1 .802 5.285
i . 022 4.634
.
1,004
5,074
1.678
4,164
2.422
3,450

10,521
10,549

232
260

165
167

1,225
1,254

7,304
7,309

1,595

1,558

8,926
8,991

595
639

2,794
2,799

3,063
3,055

2,475
2,497

59,260
64,947
67,329
65,459
78,444
89,066

15,153
17,074
19,661
15,392
25,659
31,140

3,973
3,919
5,527
8,799
10,216
6,315

12,502
13,371
11,113
6,636
9,147
16,302

23,927
26,896
27,602
31,829
31,252
33,325

3,706
3,646
3,426
2,802
2,171
1,985

55,554
61,301
63,904
62,657
76,273
87,082

24,062
29.233
35,850
29,489
39,724
46,057

10.633
10,443
10,936
11,243
16,503
20,717

7,626
7,612
3,464
6,054
5.069
7,154

13,233
14,013
13,654
15,872
14,977
13,153

88,272
88,679

27,714
27,942

6,521
6,535

18,640
18,579

33,560
33,829

1,837
1,795

86,436
86,885

40,924
41,188

26,618
26.780

6,800
6,809

12.094
12,109

Insurance companies:
1955—June 30
1956—June 30
1957__june 30
1958—June 30
1959—June 30
Dec. 31. . . .
1960—June 30
July 31
Other investors:
1955—June 30
1956—June 30
1957__j une 30
1958—June 30
1959—June 30
Dec. 31
1960—June 3 0 . . .
July 31. . .

* Direct public issues.
Includes minor amounts of Panama Canal and postal savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com2




1 .303

panies included in the survey account for more than 90 per cent of total
holdings by these institutions. Data are complete for U. S. Govt.
agencies and trust funds and Federal Reserve Banks.

1158

FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars]
Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period

Net Federal cash borrowing or
repayt. (—) of borrowing

Payments to the public,
other than debt

Excess
of rects.
from
InLess:
or
Equals • payts. crease,
or deTotal to ( - ) , crease
Less:
Net
payts.
Other
Adjustthe
(-),in inv. by
nonments 3 ' to the
public
debt
Govt.
public
(direct agen. & cash
debt*
& agen.) tr. funds

Equals:
Net
cash
borrowing or

Less:
Plus:
IntraNet
Govt.
Budget r Trust
fund
receipts receipts transactions * '

Equals:
Total
rects.
from
the
public 2

Budget
expenditures '

72,284
68,694
72,738

15,368
16,797
18,830

3,079
3,710
3,966

84,521
81,728
87,552

71,692
75,782
79,777

14,794
17,856
20,244

3,155
4,622
4,466

1,573
-717
-543

64
487
2,081

-1,168
7,762
8,580

70,562
Fiscal year—1957
1958 ,
68,550
1959
67,915
I960*.... 77,677

14,369
16,329
17,084
21,795

2,777 '82,105
2,927 '81,892
3,295 81,660
4,435 94,984

68,966
71,369
80,342
76,609

12,961
16,069
18,597
22,075

1,921 '80,006
2,099 -1,053 2,339
6,216
657
4,026 '83,412 -1,520
9,656 -1,181
4,136 94,804 -13,144
701
3,371
952
4,401 94,283

-292
-200
2,160
597

-3,100
5,760
8,678
1,822

Semiannually:
28,752
1958—July-Dec
39,163
1959—Jan.-June
33,575
July-Dec
1960—Jan.-June?... 44,102

7,635
9,449
9,381
12,414

1,477
1,819
2,147
2,289

34,892
46,768
40,784
54,200

39,756
40,586
39,191
37,418

8,921
9,676
10,568
11,507

1,135
3,001
1,465
2,937

6,873 - 1 , 4 9 4
313
2,783
7,329 - 8 5 6
1,808
-3,958

653
1,507
574
23

7,713
965
7,615
-5,793

5,654
8,463
3,018
5,889
7,339

2,444
1,236
1,009
2,004
1,474

192
207
343
308
646

7,903
9,488
3,678
7,579
8,163

6,280
6,334
6,863
6,590
6,601

1,528
1,735
1,886
1,496
1,748

-689
360
856
-142
554

8,498
7,709
7,894
8,228
7,795

-594
1,943
1,779 -1,866
-4,216
3,077
-649
-423
368
259

573
-399
-683
242
-84

1,339
-1,457
3,656
-763
233

4,867
7,237
9,580
5,064
6,550
10,804
3,128
6,454

828
2,329
1,708
1,490
3,301
2,757
1,057
2,984

229
331
198
180
161
1,188
213
209

'5,462
'9,230
11,084
6,369
9,685
12,371
3,970
9,247

6,157
6,142
6,423
6,032
6,073
6,590
6,172
6,803

1,974
1,613
1,868
2,067
1,780
2,205
1,790
1,775

1,363
-319
1,192
280
-161
582
486
-359

'6,768
'8,074
'7,100
7,819
8,014
8,214
7,476
8,937

229
-1,306
-686
1,156
3,984 - 3 , 6 3 2
1,949
-1,450
898
1,671
4,157 - 2 , 7 1 4
2,094
-3,506
-338
310

-472
32
507
-498
1,220
1,022
-517
1,130

31
g
105
97
111
147
26
-100
12
53
-114
84
-35

Cal. year—1957
1958
1959

Monthly:
1959—Aug
Sept
Oct
Nov
Dec
1960—Jan
Feb
Mar
Apr
May
June?
July 3
Aug.*

Plus:
Trust
fund
expenditures

83,328
89,014
95,560

1,191
-7,287
-8,006

47,539 -12,649
-495
47,265
48,295 -7,511
8,212
45,988

467
7,533
10,112

Tf

554
-744
-4,039
2,435
-375
-3,622
2,525
-1,433

Effects of operations on Treasurer's account
Operating transactions
Period

Net
Budget
surplus,
or
deficit
(-)

Trust
fund
accumu- Reconciliation
lation,
to Treas.
or
cash
deficit
(-)

Financing transactions
Net
market
issuance
Govt.
agency
obligations 5

Net
inv. ( - )
in Fed.
sec. by
Govt.
agency
& trust
funds 5

(+)of

Cash balances:
inc., or dec. (—)

Account of Treasurer of United
States (end of period)
Deposits in:

Increase,
or
decrease
Held
(-).in
outside
gross
Treasury
direct
public
debt

Treasurer's
account

Balance

F. R.
Banks
(available
funds)

Treasury
Tax and
Loan
Accts.

Other
net
assets

Fiscal year—1957
1958
1959
I960*

1,596
-2,819
-12,427
1,068

1,409
262
-1,511
-280

-518
670
-29
-146

1,085
567
71
1,023

-2,300
-197
1,112
-713

-2,224
5,816
8,363
1,625

5
140
-23
-78

-956
4,159
-4,399
2,654

5,590
9,749
5,350
8,005

498
410
535
504

4,082
8,218
3,744
6,458

1,010
1,121
1,071
1,043

Semiannually:
1958—July-Dec
1959—Jan.-June
July-Dec
I960—Jan.-JuneP

-11,004
-1,423
-5,617
6,685

-1,286
-225
-1,187
907

-232
203
-437
291

-121
192
366
657

1,144
-32
911
-1,624

6,579
1,784
6,092
-4,467

-131
108
-105
27

-4,788
389
233
2,421

4,961
5,350
5,583
8,005

358
535
504
504

3,468
3,744
4,216
6,458

1,135
1,071
863
1,043

-626
2,129
-3,846
-701
738

916
-499
-877
507
-274

-641
323
541
-537
-158

51
155
3
56
102

-666
317
667
-67
-12

1,714
-2,100
2,957
-664
209

-33
-73
86
1
-10

781
399
-641
-1,408
615

6,617
7,017
6,376
4,968
5,583

537
704
488
582
504

5,227
5,353
4,990
3,559
4,216

853
960
898
827
863

-1,290
1,095
3,157
-968
476
4,214
-3,044
-349

-1,146
716
-160
-577
1,521
552
-734
1,209

634
-838
994
134
-332
-301
186
-533

3
105
104
143
153
150
23
-694

764
-160
-386
296
-1,097
-1,042
616
-1,083

287
-501
-3,757
1,961
579
-3,036
2,008
334

-26
-33
75
-115
83
44
27
-12

-722
450
-122
1,105
1,217
494
-1,006
-1,104

4,862
5,311
5,189
6,294
7,511
8,005
6,998
5,894

567
453
549
619
462
504
477
481

3,246
3,843
3,738
4,490
6,180
6,458
5,676
4,628

1,049
1,015
902
1,185
869
1,043
845
785

Monthly;
1959—Aug
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June*
July
Aug

n.a. Not available.
* Preliminary.
r
Revised to exclude certain interfund transactions from both net
budget receipts and budget expenditures. Figures for calendar years
1957 and 1958 are not yet revised. For more details see Treasury Bulletin
for Sept. 1960, pp. II and 1.




* Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing
Budget expenditures, and payroll deductions for Federal employees retirement funds.
2 Small adjustments to arrive at this total are not shown separately.
For other notes, see opposite page.

1159

FEDERAL FINANCE
DETAILS OF FEDERAL FISCAL OPERATIONS
[On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars]

Selected excise taxes
(Int. Rev. Serv. repts.)

Budget receipts
Adjustments from total
Budget receipts
Period

Net
Budget
receipts 2 r

Transfers to:
Old- High- R. R.
reage
way
trust
trust tirefund « fund ment
acct.

Fiscal year—1957..
1958..
1959..
I960*.

70,562 6,634
68,550 7,733
67,915 8,004
77,677 10,211

Semiannually:
1958—July-Dec.
1959_j a n .-June.
July-Dec.
I960—Jan.-June*

28,752
39,163
33,575
44,102

Monthly:
1959_Aug
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May p
June ....
July
Aug

Refunds
of
receipts

Income and
profit taxes
Total
Budget
receipts

Individual
Corporation

Withheld

1,479
2,116
2,171
2,642

616
575
525
609

3,917
4,433
4,933
5,045

83,675
83,974
83,904
96,874

26,728
27,041
29,001
31,677

3,383 ,112
4,621 1,059
3,815 1,281
6,396 ,361

265
260
307
302

634
4,299
718
4,327

34,296
49,608
40,035
56,839

13,769 2,827 6,174
15,232 8,906 11,918
15,652 3,041
8,323
16,025 10,230 13,856

181
161
129
72
7

7,418
9,552
3,626
7,152
8,350

4,223
2,264
1,211
4,345
2,371

123
1,837
257
99
362

-16
5,425
432 9,289
1,317 12,217
1,336 7,468
1,005 9,725
252 12,716
167 3,976
203 8,590

860
4,835
2,541
770
4,744

2,144
884
791
3,520
1,039
1,852
346
147

5,654
8,463
3,018
5,889
7,339

1,235
652
259
882
476

237
201
198
219
233

85
52
16
82
51

4,867
7,237
9,580
5,064
6,550
10,804
3,128
6,454

298
1,243
1,078
839
1,834
1,104
365
1,524

218
264
191
202
249
238
257
296

16
84
50
17
82
52
17
83

2,275
1,055
4,849

I

Other
receipts

Liquor

Mfrs.
Tobacco and retailers'

10,638 7,581
10,814 8,644
10,760 8,854
11,861 11,161

4,895
5,414
5,464
6,725

2,973
2,946
3,002
3,194

1,674
1,734
1,807
1,932

4,098
4,316
4,315
5,114
1,963
2,352
2,408
2,706

Other

12,302
11,528
11,733
13,271

Employment
taxes7

Excise
taxes

21,531
20,533
18,092
22,179

5,364
5,396
5,948
5,913

3,653
5,201
4,127
7,034

2,509
2,956
2,944
3,781

1,600
1,402
1,703
1,491

931
876
984
948

368
3,311
491
405
3,180

1,027
1,007
977
936
1,031

1,321
704
278
965
527

356
430
413
402
879

288
300
319
296
258

172
169
179
162
152

564
483
6,192
619
467
5,530
670
409

794
954
1,044
945
1,061
1,114
995
1,121

341
1,611
1,149
858
1,918
1,157
383
1,608

722
522
500
755
496
788
527
456

186
214
258
248
282
303
238
n.a.

138
151
152
157
166
183
151

1,137

1,320

1,386
n.a.
n.a.

Budget expenditures *
Major national security
Period
Total 2

Intl.
affairs
Military Atomic and
Military
Total 9 defense assist- energy finance
ance

Agriculture
VetComGenand
Naterans' Labor
merce
eral
agriural
Inter- servand
and
regovernices"and welfare culhousing ment
tural sources
benerefits
sources

1958
1959
I960*

68,966
71,369
80,342
76,609

43,270
44,142
46,426
45,611

38,439
39,062
41,233
41,200

2,352
2,187
2,340
1,607

1,990
2,268
2,541
2,624

1,973
2,231
3,780
1,736

7,308
7,689
7,671
9,268

4,793
5,026
5,174
5,056

3,022
3,447
4,421
4,338

4,525
4,389
6,529
5,066

1,297
1,544
1,669

Semiannually:
1958_July-Dec
1959—Jan.-June
July-Dec
1960—Jan.-JuneP

39,756
40,586
39,191
37,418

23,246
23,180
23.119
22,492

20,619
20,614
20,975
20,225

1,145
1,195
715
892

1,269
1,272
1,290
1,334

1,206
2,574
650
1,086

3,686
3,985
4,494
4,774

2,580
2,594
2,493
2,563

2,158
2,263
2,086
2,252

6,523
6,280
6,334
6,863
6,590
6,601

3,772
3,710
3,783
3,980
643
231

3,435
3,375
3,412
3,622
3,275
3,856

95
90
122
135
148
125

224
208
205
204
212
237

159
144
136
-85
173
123

735
734
725
740
747
813

406
400
428
405
424
430

6,157
6,142
6,423
6,032
6,073
6,590
6,172

3,523
3,684
3,976
3,669
3,669
3,971
3,471

3,160
3,371
3,570
3,306
3,331
3,487
3,096

136
103
171
136
110
236
146

210
210
223
222
224
245
219

157
169
140
163
196
261
133

831
788
792
777
777
809
815

419
420
457
421
422
424
404

Fiscal year—1957

Monthly:
1959—July
Aug
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June p
July

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) net operating transactions of Govt. sponsored enterprises.
* Primarily adjustments 2, 3, and 4, described in note 3.
3 Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.




1,713

1,455
2,109
3,421
2,822

1,790
1,359
1,606
1,692

3,922
2,607
2,961
2,105

896
773
941
772

1,438
1,983
1,950
872

765
841
833
859

330
352
364
405
317
318

506
346
403
675
495
536

143
150
176
173
165
134

388
346
178
446
467
125

131
114
143
166
130
149

393
362
340
412
390
355
342

470
322
289
304
229
491
369

105
119
120
104
131
193
125

195
161
148
37
149
182
379

127
127
156
158
108
183
165

I
* Includes transfers to Federal disability insurance trust fund.
7
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
* The 1961 Budget Document shows certain revisions in fiscal year data.
For more details, see the 1961 Budget Document and the Treasury Bulletin, Budget Receipts and Expenditures, Table 4.
'Includes stockpiling and defense production expansion not shown
separately.
For other notes, see opposite page.

1160

FEDERAL BUSINESS-TYPE ACTIVITIES
SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
[Based on compilation by Treasury Department.

In millions of dollars]
End of quarter

End of year
Asset or liability, and activity

1

1953

1954

1955

1956

1957

1960

1959
1958
1

Loans, by purpose and agency:

2

3

4

8,672
511
1,169

9,630
518
1,313

8,490
526
1,547

7,636
576
1,562

7,762
623
1,396

819

8,178
609
1,499
1,001
3,140
1,929

6,811
377

6,929
367

6,715
375

6,752
457

6,681
454

590
648

638
701

689
681

734
724

935
832

972

916

2,226
2,981
18

2,348
2,621
1

2,488
2,349

2,688
1,778

2,874
3,298

935
2,919
3,944

963

2,096
3,076
23

2,973
2,480

3,029
1,498
(3)

3,083
1,745

2,930
2,462
300
168

2,907
2,461
383
63

3,205
2,641
480
84

3 680
3,072
464
145

4 769
3,998
770

4,860
3,924
936
1

5,352
4,362
989
1

5,873
4,815
1,056
1

6,352 6,735
5,238
1,113
1

5,568
1,167

6,998
5,759
1,238

To industry total
Treasury Department
Commerce Department
Other agencies

588
174

431
353

680
216

695
212

726
197

739
184

187

182

170

166

278

301

717
201
174
342

733
185

358

382

158
397

To financing institutions

952

To aid States territories etc total
Public Housing Administration
Other agencies

645
500

Federal intermediate credit banks 2
Farmers Home Administration
Rural Electrification Administration
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association
Veterans Administration
Other agencies

1

678
306
261
112

619
209
191

674
251
217
206

870
272
112

1 419

1 233

/ 270

1 298

1 087

1 539

1,797

2,136

1,522

245
90

246
106

264
105

293
106

291
91

316
91

160

155

140

159

187

200

308
91
217

319
87

145

293
89
204

231

225

8,043
2,833
3,620
1,537
53

8,001
2,806
3,570
1,624
1

7,988
2 702
3,519
1,767

8,223
2 701
3,470
1,995
57

8,754
3 040
3,470
2,195
49

9,510
3 362
3.419
2,682
46

9,712
3 439
3,419
2,782
73

9,904 10,084
3 504 3 513
3,425 3,425
2,874 2,998
101
147

9,840
3,235
3,373
3,043
189

9,972
3,239
3,373
3,115
244

119

166

344

548

562

627

686

752

127
39

256
209
47

213

29
90

156
57

283
62

458
89

497

563
64

623
63

691
62

782
722
60

-413
-203
-228
-368
-268
-309
-654
-451
-367
-353
19,883 19,348 20,238 20,657 22,395 25,493 26,977 26,788 27,138 27,865

0-418
28,090

/
79 \

Foreign, total
Treasury Department 4
International Cooperation Administration
Other agencies
All other purposes, total
Housing and Home Finance Agency

Investments:
U. S. Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp
Federal Housing Administration
Federal Deposit Insurance Corporation

2,602

2,967

3,236

387

641

217
319
1,526

745

228
327
1,624

241
381
1,720

152

3,739
1 018
256
458
1,825

995

288
567
2,049

4,533
1 202
296
586
2,139

4,442
1,064
310
590
2,154

4,478
1,046
320
622
2,162

4,670
1,092
332
649
2,178

4,998
1,282
345
667
2,270
435

181

226

300

310

324

329

419

3,385

3,420

3,420

3,420

3,420

4,795

4,795

4,795

197

179

249

298

283

282

331

335

323

337

2,515
2,087
,

149

3,385
3 852
3,302

4 356 21 375 21 628 20 810 20 504 20 821 21 8^9 21 476
3,747 3,651 3,025 3,036 2,906 3,614 4,527 4,493
11 004 11 136 9 681 9 421 8 751 8 823 8,422
(6,517 7 282 7,919 7,987 8,278 8,347 8,370
609 \ 201
194
174
183
185
191
178

21,294
4,257
8,425
8,420
193

147

428

550
8,046
4,798
421
1,739

7,822
4,822
421
1,829

728

450

360

300

613

1.182
150
619
414

1,068
156
640
272

2,379

2.711
257
721
963
770

c
Corrected.
1 Figures exclude interagency items. Prior to 1956, data for trust
revolving funds included such items.
2 Effective Jan. 1, 1957, the production credit corporations were merged
in the Federal intermediate credit banks, pursuant to the Farm Credit
Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations
of the banks are classified as trust revolving transactions.
3 Less than $500,000.
4
Figures represent largely the Treasury loan to the United Kingdom,
and through 1952 are based in part on information not shown in Treasury
compilation.




4,198

896

274
471
1,937

219

Land, structures, and equipment, total
8,062
Commerce Dept. (primarily maritime activities).... 4,834
Panama Canal Company
363
1,475
Tennessee Valley Authority
Housing and Home Finance Agency
1.040
Nat. Aeronautics and Space Administration
Bonneville Power Administration
General Services Administration
Post Office Department
350
Other agencies
Bonds, notes. & debentures payable (not guar.), total.
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks
Federal National Mortgage Association

3,804

66

3,385

Investment in international institutions
Other securities5
Inventories, total
Commodity Credit Corporation
Defense Department
General Services Administration
Other agencies •

219

665
958
570

9,985
4,502
398
1 762
236
276
311
1,298

4,796

9 962 10,670 10,753
4,535 4,721 4,736
396
398
402
1 801 1 777 1 802
88
25
20
2R5
283
289
372
342
37"*
1,308
1,322
1,237
6^7
599
637
608 1,134
1,257

8,869
2,856
409
1 878
9
304
357
1,241
640
1,175

8,938
2,899
408
1,907
9
305
354
1,234
640
1,181

9,124
2,880
411
1,924
9
310
1,221
640
1,376

9,156
2,928
411
1,911
9
313
349
1,261
640
1,333

4,038
303
1,124
714
1,898

4,882
314
1,488
992
2,087

5.582
360
1,532
1,402
2,287

5,974
404
1,359
1,774
2,437

5,767
396
1,440
1,293
2.638

4,662
247
902
825
2,688

4.?12
310
1,256
699
1,947

352

5 Includes investment of the Agricultural Marketing revolving fund in
the banks for cooperatives; Treasury compilations prior to 1956 classified
this item as an interagency asset.
NOTE.—Coverage has changed in some of the periods shown. Beginning with 1956, changes reflect the expanded coverage and the new
classification of activities by type of fund now reported in the Treasury
Bulletin. Classifications by supervisory authorities are those in existence
currently. Where current Treasury compilations do not provide a detailed breakdown of loans, these items have been classified by Federal
Reserve on basis of information about the type of lending activity involved.

1161

REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
Nonfarm

All properties

End of year
or quarter

All
holders

Farm

1- to 4-family houses

Multifamily and
commercial properties 1

Total

Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies

Financial
institutions

Other
holders

Total

Financial
institutions

All
holders

Other
holders

1941
1945

37.6
35.5

20.7
21.0

4.7
2.4

12.2
12.1

31.2
30.8

18.4
18.6

11 ^
12.2

7.2
6.4

12.9
12.2

8.1
7.4

4.8
4.7

1951
1952
1953
1954
1955
1956
1957
1958
1959^

82.3
91.4
101.3
113.7
129.9
144.5
156.6
171.9
191.1

59.5
66.9
75.1
85.7
99.3
111.2
119.7
131.5
145.4

3.4
4.0
4.4
4.6
r

19.4
20.6
21.8
'23.4
r
25.4
r
27.3
r
29.4
32.7
35.6

75.6
84.2
93.6
105.4
120.9
134.6
146.1
160.7
178.8

51.7
58.5
66.1
75.7
88.2
99.0
107.6
117.7
130.8

41 .1
46.8
53.6
62.5
73.8
83.4
89.9
98.5
109. I

10.7
11 .7
12.5
13.2
14.4
15.6
17.7
19.2
21.7

23.9
25.7
27.5
29.7
32.6
35.6
38.5
43.0
47.9

15.9
17.2
18.5
19.9
21.8
23.9
25.8
28.8
31.8

8.0
8.4
9.0
9.8

10.8
11 .7
12.7
14.2
16.1

1958—Dec

171.9

131.5

7.8

32.7

160.7

117.7

98.5

19.2

43.0

28.8

1959—Mar.*3
June p
p

175.9
181 s
186.7
191.1

134.2
138 3
142.2
145.4

8.4
9 0
10.0

33.4
34.2
34.9
35.6

164.4
169.5
174.5
178.8

120.5
124 3
128.0
130.8

100.6
103 8
106.8
109. 1

19.9
20.5
21.2
21.7

43.9
45.2
46.6
47.9

29.3
30.1
31 .0
31.8

3

194.4
198.6

147.9
151.2

10.3
10.6

36.2
36.8

181.9
185.8

133.2
136.1

Ml!

22.1
22.5

48.7
49.7

32.3
33.0

Sept
Dec.*?

I960—Mar.?
Junes'

5 2
6.0

'7.5
-7.8
10.0
r

9.5

r
P Preliminary.
Revised.
1
Derived figures, which include negligible amount of farm loans held
by 2savings and loan associations.
Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual savings
banks, life insurance companies, and savings and loan associations.
Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home

113.6

All
holders

Financial
Other
insti- holders2
tutions

6 4

i <
1.3

4 9
4. 1

10.5
11.3
12.3

2 6
2.8
* 0
3.3
3 6
3.9
4.0
4 2
4.5

14.2

11.3

4.2

7.1

14.6
15 1
15.6
16. 1

11.5

4.3
4 4
4 4
4 ^

7.3
7 5
7 7

16.3
16.7

12.5
i 2. c;

4.8
6.7
7.3
7.8

8.3
9 1
9.9

1 1 Q

12 2

A

>

3.4
4.4

4 8
5.0

5 4
6.0
6.5
7.1
7.8

7.8
8.0
8.2

Administration, and Federal land banks, and in earlier years RFC,
HOLC, and Federal Farm Mortgage Corporation. Other Federal
agencies (amounts small or separate data not readily available currently)
are included with individuals and others.
Sources.—Federal Deposit Insurance Corporation, Federal Home
Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Federal
Housing Administration, Public Housing Administration, Veterans.
Administration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS i
[In millions of dollars]
Commercial bank holdings 2
Residential

End of year
or quarter
Total
Total

4 906
4,772

1941
1945
1951
1952
1953
1954
1955
1956
1957
1958
1959

Mutual savings bank holdings 3

FHAinsured

VAguaranteed

Residential
Conventional

3 292
3 395

Other
nonfarm

Farm

Total
Total

1 048
856

566
521

4 812
4,208

FHAinsured

VAguaranteed

3 884
3 387

3,421
3,675
3,912
4,106
4,560
4,803
4 823
5,476
6,122

4,929
2,921
3,012
5,501
3,061
5,951
3,350 6,695
3,711
7,617
3,902 8,300
3,589 8,735
3,335 9,780
3,161 11,037

2,458
2,621
2,843
3,263
3,819
4,379
4 823
5,461
6,237

1,004
1,058
1,082
1,159
1,297
1,336
1,367
1,471
1,588

9,916
8,595
11,379
9,883
12,943 11,334
15,007 13,211
17,457 15,568
19,746 17,703
21,169 19,010
23,263 20,935
24,992 22,486

2,567
3,168
3,489
3,800
4,150
4,409
4 669
5,501
6,275

1.726
2,237
3,053
4,262
5.773
7,139
7 790
8,361
8,589

1958—Dec

25,523

18,591

5,476

3,335

9,780

5,461

1,471

23,263 20,935

1959—Mar
June
Sept
Dec

4 26,130
27,060
27,635
28,145

19,020
19,615
20,040
20,320

5,660
5,885
6,045
6,122

3,305
3,230
3,175
3,161

10,055
10,500
10,820
11,037

5,605
'5,875
6,010
6,237

28,235 20,300
28,470 20,340

6,045
5,980

3,120
3,030

11,135
11,330

6,345
6,485

Marv
June**

r
P Preliminary.
Revised.
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




Farm

28
24

4 ^03
4,477
4 792
5 149
5,645
6 155
6 551
7,073
7,622

1 274
1.444
1 556
1 740
1 ,831
1 984
2 102
2.275
2,451

47
53
53
56
58
59
57
53
55

5,501

8,361

7.073

2 275

53

21,257
21,676
r
22,126
22,486

5,684
5,915
r
6.095
6,275

8,435
8,510
r
8,580
8,589

7-138
7,251
r
7 451
7 622

2 328
2,380
r
2 420
2 451

53
54
54
55

25,410 22,879
25,865 23,308

6,420
6,573

8,731
8,885

7 728
7,850

2 477
2,504

54
53

1,505 4 23,638
1,570 24,110
1,585 r 24,600
1,588 24,992
1,590
1,645

Other
nonfarm

900
797

14,732 11,270
15,867 12,188
16,850 12,925
18,573 14,152
21,004 15,888
22,719 17,004
23,337 17,147
25,523 18,591
28,145 20,320

1960

Conventional

estimates based in part on data from National Association of Mutual
Savings Banks.
4 On Jan. 1, 1959, holdings of commercial banks increased by $143
million, and those of mutual savings banks declined by that amount,
as a result of the absorption of a mutual savings bank by a commercial
bank.
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.

1162

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
Total

FHAinsured

1941
1945

3,978
4,345
5,344
6,623
6,715
5,230
5,277
*>5,970

3,606
3,925
4,931
6,108
6,201
4,823
4,839
^5,472

842
653
1,301
^1,580

Farm

Total

Other

Total

976

1952
1953
1954
1955
1956
1957
1958
1959

VAguaranteed

FHAinsured

6 442
6 636

5,529
5 860

815
1 394

19,546
21,436
23,928
27,172
30,508
32,652
34,395
36,370

5,681
6,012
6,116
6,395
6,627
6,751
7,443
8,523

VAguaranteed

913
776

3 347
3,560
4 643
6,074
7,304
7 721
7,433
7,086

10 518
11,864
13 169
14,703
16,577
18 180
19,519
20,761

1,705
1,886
2 048
2,273
2,481
2,584
2,667
2,827

*>201

1959

Aug
Sept
Oct
Nov
Dec

470
517
539
507
667

438
488
506
477
619

118
134
146
123
153

9
21
22
24
36

311
333
338
330
430

32
29
33
30
48

38,282
38,493
38,744
38,984
39,299

35,496
35,698
35,936
36,169
36,475

8,005
8,082
8,176
8,257
8,318

7,181
7,153
7,132
7,116
7,115

20,310
20,463
20,628
20 796
21,042

2,786
2,795
2,808
2,815
2,824

I960

Jan
Feb
Apr
May
June
July

582
445
544
483
476
490
420

530
405
483
443
438
456
392

139
117
122
110
101
108
90

305
260
333
316
314
327
280

Aug

536

504

133

86
28
28
17
23
21
22
19

52
40
61
40
38
34
28
32

39,573
39,769
40,011
40,236
40,439
40,631
40,694
40,920

36,753
36,933
37,155
37,358
37,545
37,722
37,769
37,982

8,411
8,484
8,559
8,623
8,677
8,727
8,729
8,801

7,162
7 150
7,135
7,117
7,098
7,080
7 057
7,028

21,180
21 299
21,461
21,618
21 770
21,915
21 983
22,153

2,820
2 836
2,856
2,878
2,894
2,909
2 925
2,938

Mar

971

429

455
1,378
1,839
1,652
831
195

514
407
438
P498

4 714
4 466

2,313
2,653
2,881
3,298
3,707
3,339
3,343
*>3,691

864

817
672

21,251
23,322
25,976
29,445
32,989
35,236
37,062
39,197

Farm
Other

372

420
413
515

352

» Preliminary.
NOTE.—Certain mortgage loans secured by land on which oil drilling
or extracting operations are in process are classified with farm through
June 1959 and with "other" nonfarm thereafter. These loans totaled
$38 million on July 31, 1959.
For loans acquired, the monthly figures may not add to annual totals,
and for loans outstanding, the end-of-December figures may differ from

end-of-year figures, because monthly figures represent book value of
ledger assets whereas year-end figures represent annual statement asset
values, and because data for year-end adjustments are more complete.
Source.—Institute of Life Insurance; end-of-year figures are from
Life Insurance Fact Book, and end-of-month figures from the Tally of
Life Insurance Statistics.

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS

[In millions of dollars]

[In millions of dollars]

Loans outstanding (end of period)

Loans made

By type of lender
(without seasonal adjustment)

Total
Year or
month

Total i

New
construction

,379
913

437
1H1

7,161
J3,969
1 .432
10,545
10,402
12 346
I 15,463

2 475

Home
purchase

1953
1954
1955.
1956
1957
1958
1959

4 041
3 771
56?

581
1 358
3 ,488
3 ,846
5 ,?41
4 ,727
4 ,708

?%

6 ,766

1,421
1,374
[,329
[ 086
[,094

1941
1945

472
450
465

296
344
411
411
443
479
416
419

7,

076

096

FHAinsured

VAConguarvenanteed tional 2

4 ,578

662
645
590
486

884
992
1,165
1,173
1,256
I 425
[,294
1,428

Total 2

376

21 ,962
?6 ,108
31 ,408
35 ,729
40 ,007

45 6?7
< 093
n

1,048
1,170
1,404
1,486
1,643
2 206
2,989

3,979
4,709
5,883
6,643
7,011
7,077
7,187

16,935
20,229
24,121
27,600
31,353
36,344
42,917

50 ,858
51 ,5?8
52 ,149
5? 608
465 53 ,093

2,760
2,818
2,883
2,939
2,989

7,136
7,138
7,159
7,172
7,187

40,962
41,572
42,107
42,497
42,917

53 ,413
53 ,811
54 ,356
54 jQT?
55 ,556
56

3,035
3,078
3,120
3,159
3,204
3,249
3,299
3,340

7,192
7,197
7,209
7,209
7,222
7,224
7,233
7,230

?S1

Year or
month

Season- Without
ally
seasonal
adadjustjusted ! ment 2

Savings &
loan
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

1941.
1945.

4,732
5,650

1,490
2,017

404
250

1,165
1,097

218
217

1953.
1954.
1955.
1956.
1957.
1958.
1959.

19,747
22,974
28,484
27,088
24,244
27,388
32,235

7,365
8,312
10,452
9,532
9,217
10,516
13,094

1,480
1,768
1,932
1,799
1,472
1,460
1,523

3,680
4,239
5,617
5,458
4,264
5,204
5,832

,327
,501
,858
,824
,429
,640
,780

2,787
2,769
2,650
2,639
2,589
2,485

3,100
2,871
2,834
2,799
2,442
2,487

1,286
1,203
1,184
1,152
953
963

138
137
136
146
137
138

561
505
481
463
409
410

187
167
173
168
152
152

2,487
2,430
2,441
2,400
2,446
2,427

2,079
2,149
2,406
2,366
2,500
2,690
2,528

777
859
983
983
1,051
1,167
1,048

107
103
119
108
114
119
116

343
342
377
382
402
415
378

115
104
104
106
120
138
145

1959
Aug
Sept
Oct
Nov
Dec

*m
377

1960
Jan
Feb
Mar
Apr
May
June
July
Aug ^

. ..

385
413
468
471
520
61?

58? 56 97S
666 57 ,670

1959
July.
Aug..
Sept..
Oct..
Nov..
Dec..

C

43,186
43,536
44,027
44,554
45,130
45,862
46,443
47,100

p
Corrected.
Preliminary.
1 Includes loans for other purposes (for repair, additions and alterations,
refinancing, etc.) not shown separately.
2 Beginning 1958 includes shares pledged against mortgage loans.
Source.—Federal Home Loan Bank Board.

1960
Jan
Feb
Mar
Apr
May
June
July

e




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.

1163

REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- T O 4-FAMILY PROPERTIES

[In millions of dollars]

[In billions of dollars]
VA-guaranteed loans

FHA-insured loans
Home
mortgages
Year or month
Total

New
properties

Existing
properties

Projecttype
mortgages i

Property
improvement2
loans

Home
mortgages
Total 3

New
properties

Governmentunderwritten
End of
year or
quarter

Existing
properties

Conventional

Total

Total
1945

665

257

217

20

171

192

1951
1952
1953
1954
1955
1956
1957
1958
1959

3,220
3,113
3,882
3,066
3,807
3,461
3,715
6,349
7,694

1,216
969
1,259
1,035
1,269
1,133
880
1,666
2,563

713
974
1,030
907
1,816
1,505
1,371
2,885
3,507

582
322
259
232
76
130
595
929
628

708
848
1,334
891
646
692
869
868
997

3,614
2,719
3,064
4,257
7,156
5,868
3,761
1,865
2,787

2,667
1,823
2,044
2,686
4,582
3,910
2,890
1,311
2,051

942
890
1,014
1,566
2,564
1,948
863
549
730

1959_Aug.
Sept.
Oct..
Nov.
Dec.

660
656
649
583
540

215
226
237
223
233

288
284
286
225
218

67
52
35
50
11

94
90
85
78

202
221
238
220
241

150
157
167
158
177

52
63
70
61
64

1960—Jan..
Feb..
Mar.
Apr.,
May,
June
July.
Aug.

514
464
463
433
456
539
509
615

221
198
193
172
155
170
162
189

196
170
168
163
167
195
200
228

19
28
35
22
45
71
59
97

78
68
67
76
88
103
88
100

195
170
173
153
155
175
160
181

148
133
137
123
124
143
126
139

47
36
36
29
31
32
34
41

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.
Sources.—Federal Housing Administration and Veterans Administration.

FHA- VAinguarsured anteed

18 6

4 3

4 1

2

14 3

1951
1952
1953
1954
1955 .
1956
1957
1958
1959*>

51.7
58.5
66.1
75.7
88.2
99.0
107.6
117.7
130.8

22.9
25.4
28.1
32.1
38.9
43.9
47.2
50.1
53.8

9.7
10.8
12.0
12.8
14.3
15.5
16.5
19.7
23.8

13.2
14.6
16.1
19.3
24.6
28.4
30.7
30.4
30.0

28.8
33.1
38.0
43.6
49.3
55.1
60.4
67.6
77.0

1958—Dec

117.7

50.1

19.7

30.4

67.6

1959—Mar. 3* \ . . .
June* 5
Sept.*
Dec.?'

120.5
124.3
128.0
130.8

51.3
52.1
53.1
53.8

20.9
21.8
22.9
23.8

30.4
30.3
30.2
30.0

69.2
72.2
74.9
77.0

I960—Mar.P. . . . 133.2
June**.... 136.1

54.5
55.0

24.6
25.2

29.9
29.8

78.7
81.1

1945

p
Preliminary.
NOTE.—For total debt outstanding, figures for first
three quarters of year are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i

FEDERAL HOME LOAN BANKS

[In millions of dollars]

[In millions of dollars]

Mortgage holdings
End of year
or month
Total

FHAinsured

VAguaranteed

204
320
621
802

1,646
1,922
1,841
1,632
1,714
2,069
2,737
2,418
2,985

Mortgage
transactions
(during
period)
Purchases

Sales

677
538
542
614

111
56

Commitments
undisbursed

Year or month

1959—Aug
Sept
Oct
Nov

Dec
I960—Jan
Feb
Mar

Apr
May
June
July
Aug

901

978
1,237
1,483
2,546

525

411

76

609
1,096

5

623

482

1,907

5

5 085
5,216
5,335
5 441
5,531

2 198
2,288
2,383
2 471
2,546

2 887
2,928
2,953
2 970
2,985

165

5,508
5,577
5 693
5,785
5,827
5 827
5,918
5,991

2,621
2,713
2 821
2,905
2,997
3 042
3,121
2,806

2,887
2,864
2,873
2,880
2,830
2,784
2,797
3,185

110
138
162
126
129
74
113
96

239
323
638
476

1

360
764
1,541
568
714

155

672

143
127

611
573

115

568
115
49
12
67
50

600
601
580
588
561
592
569
584

1
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.




Advances outstanding
(end of period)
Total

1945
1,850
2,242
2,462
2,434
2 615
3,047
3,974
3 901
5,531

1951
1952
1953
1954
1955
1956
1957
1958
1959

Ad- Repayvances ments

1952
1953
1954
1955
1956
1957
1958
1959

Shortterm i

Longterm 2

Members'
demand
and time
deposits

278

...

213

195

176

19

46

586
728
734

528
640
818
702
934

864
952
867

565
634
612
991
798
731
685

420
558
802
698
683
653
819
589

1,192

299
317
255
426
430
534
613
942

1959—Sept
Oct
Nov
Dec

200
199
129
281

70
78
82
109

1,795
1,916
1,963
>,134

1,042
1,080
1,109
1,192

753
835
854
942

570
524
506
589

1960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

136
58
88
155
112
290
173
168
160

531
169
196
117
96
94
269
146
121

I 740
,'628
,520
1,558
1,574
1,770
1,674
[,696
1,736

1 042
'963

697
665
662
731
747
838
751
729
734

499
488
534
571
590
736
682
730
737

1,251
745

1 116
1,364
2,067

1 079
1,331
1,231

1,417
1,228
I 265
1,298
>,134

858
828
827
932
922
967

1,002

1 Secured or unsecured loans maturing in one year or less.
2
Secured loans, amortized quarterly, having maturities of more than
one year but not more than ten years.
Source.—Federal Home Loan Bank Board.

1164

CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars]
Instalment credit

End of year or month

Total

Total

Automobile
paper*

Other
consumer
goods
paper 1

Noninstalment credit

Repair
and modernization
loans2

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

1939
1941 . . .
1945 . . .

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458
455

1,620
1,929
816

298
376
182

1,088
1,322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
845

1953 ..
1954 . .
1955....
1956...
1957...
1958....
19593...

31,393
32,464
38,882
42,511
45,286
45,586
52,046

23,005
23,568
28,958
31,897
34,183
34,080
39,482

9,835
9,809
13,472
14,459
15,409
14,237
16,590

6,779
6,751
7,634
8,580
8,782
8,923
10,243

1,610
1,616
1,689
1,895
2,089
2,350
2,704

4,781
5,392
6,163
6,963
7,903
8,570
9,945

8,388
8,896
9,924
10,614
11,103
11,506
12,564

2,187
2,408
3,002
3,253
3,364
3,646
4.176

4,274
4,485
4,795
4,995
5,146
5,060
5,351

1,927
2,003
2,127
2,366
2,593
2,800
3.037

1959—Aug. 3
Sept
Oct
Nov
Dec
1960—Jan.. ,
Feb..
Mar..
Apr..
May.
June.

48,841
49,350
49,872
50,379
52,046

37,510
37,962
38,421
38,723
39,482

16,288
16,470
16,659
16,669
16,590

9,289
9,390
9,534
9,687
10,243

2,569
2,613
2,653
2,683
2,704

9,364
9,489
9,575
9,684
9,945

11,331
11,388
11,451
11,656
12,564

4,034
4,084
4,050
4,117
4,176

4,365
4,390
4,525
4,614
5,351

2,932
2,914
2,876
2,925
3,037

51,356
51,021
51,162
52,169
52,831
53,497
53,653

39,358
39,408
39,648
40,265
40,740
41,362
41,687
41,995

16,568
16,677
16,876
17,218
17,481
17,807
17,946
18.078

10,129
9,997
9,940
10,022
10,080
10,194
10,202
10,202

2,691
2,695
2,706
2,736
2,786
2,824
2,852
2,891

9,970
10,039
10,126
10,289
10,393
10,537
10,687
10,824

11,998
11,613
11,514
11,904
12,091
12,135
11,966
11,933

4,092
4,151
4,222
4,247
4,345
4,321
4,290
4,299

4,816
4,305
4,118
4,451
4,547
4,628
4,506
4,473

3,090
3,157
3,174
3,206
3,199
3,186
3,170
3,161

Aug..

53,928

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 1947-58, in the BULLETIN
for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957,
pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17.
A detailed description of the methods used to derive the estimates may
be obtained from the Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit

End of year
or month

1939
1941
1945
1953
1954
1955
1956
1957
1958 4
1959
1959

..

....
4

I960—Jan
Feb
Mar
May
June . .
July
Aug

Commercial
banks

Sales
finance
companies

Credit
unions

. .

Household
Autoapplimobile
dealers 3
ance
stores

Department
stores 2

Furniture
stores

686

354
320
131

439
496
240

183
206
17

123
188
28

339
395
270

1,004

377
377
365
377
361
292
295

527
463
487
502
478
506
588

1.070
1,052
I 101
I 269
1,226
I 175
1,296

288
288

578
586

286
290
295

593
592
588

1,164
1,149
1,168
1,170
1,296

Other i

Total

657
759
629

1,438
1,605

777
911

4 503
6 085
2'462

3 065
4 480
1,776

1,079
1,726

1,197
1,797

745

300

132
198
102

23,005
23 568
28 958
31 897
34 183
34 080
39 482

18,963
19,450
24 450
27,154
29,515
29 097
33,838

8,998
8,796
10,601
11,777
12,843
12,780
14,922

5,927
6,144
8,443
9,100
9,573
8,740
10.145

1,124
1,342
1,678
2,014
2,429
2,668
3,232

2,137
2,257
2,656
3,056
3,333
3,384
3.764

1,072
1,207
1,337
1,525
1.775

4,042
4,118
4,508
4,743
4,668
4,983
5,644

1.064
,242
,511
,408
,393
,882
*
>,298

1,044
1,187
1,210
1,128
1.167

32,540
32,954
33,318
33,519
33,838

14,497
14,664
14,817
14,853
14,922

9,806
9,949
10,071
10,117
10,145

3,044
3,093
3,143
3,183
3,232

3,515
3,542
3,570
3,622
3,764

1,678
[,706
,717
,744
1,775

4,970
5,008
5,103
5,204
5,644

,868
,907
,967
>,045
\
> 298

1,072
1,078
1,089
1,107
1,167

39,358
39,408
19 648
40,265
40 740
41 362
41 687
41,995

34,003
34,246
34,432
35,085
35,554
36,127
36 506
36,849

15,066
15,134
15,139
15,402
15,597
15,834
15,927
16,051

10,168
10,276
10,357
10,604
10,744
10,945
11,062
11,142

3,225
3,259
3,331
3,418
3,484
3,570
3,622
3,696

3,777
3,795
3,811
3,858
3,888
3,938
4,035
4,085

1,767
1,782
1,794
1,803
1,841
1,840
1,860
1,875

5,355
5,162
5,216
5,180
5,186
5,235
5,181
5,146

2,109
2,002
2,103
2,055
2,059
2,078
2,044
2,017

1,132
1,111
1,089
1,080
1,071
1,078
1,071
1,078

1 Consumer finance companies included with "other" financial institutions until September 1950.
2 Includes mail-order houses.




Consumer
finance
companies *

37 510
37,962
38,421
38,723
39,482

.. .

Aug
Sept
Oct
Nov
Dec

Total

Retail outlets

984

289
285
281
277
276
277
276
277

587
590
595
606
615
626
632
636

Other

1,238
1,174
1,148
1,162
I 165

I 176
I 158
1 138

3 Represents automobile paper only; other instalment credit held by
automobile dealers is included with "other" retail outlets.
* See note 3 to table above.

1165

CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT

INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

End of year
or month

Total
instalment
credit

Automobile
paper
Purchased

Direct

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

1939
1941
1945

1,079
1,726
745

237
447
66

178
338
143

166
309
114

135
161
110

363
471
312

1953
1954
1955
1956
1957
1958
I9591

8,998
8,796
10,601
11,777
12,843
12,780
14,922

2,215
2.269
3,243
3.651
4,130
4,014
4,798

1,867
1,668
2,062
2,075
2,225
2,170
2,511

2,078
1,880
2,042
2,464
2.557
2,269
2,553

,317
,303
,338
,469
,580
: ,715
.941

1,521
1,676
1,916
2,118
2,351
2,612
3,119

1959_Aug.i
Sept
Oct
Nov
Dec

14,497
14,664
14,817
14,853
14,922

4,682
4,746
4.816
4.825
4,798

2,495
2,500
2,517
2.519
2,511

2,472
2,494
2,512
2,513
2,553

.855
,882
1,912
.928
.941

2,993
3,042
3,060
3,068
3,119

I960—Jan
Feb
Mar
Apr
May
June
July
Aug

15,066
15,134
15,139
15,402
15,597
15,834
15,927
16,051

4,793
4,822
4,876
4,977
5,060
5,170
5,216
5,271

2,522
2,549
2.597
2,664
2,714
2,754
2.766
2,777

2,689
2,684
2,562
2.567
2,571
2,588
2.594
2.588

.932
,928
1,927
,948
,976
2,004
2,018
2.040

3,130
3,151
3,177
3,246
3,276
3,318
3,333
3,375

Other
consumer
goods
paper

Repair
and
modernization
loans

Total
instalment
credit

Automobile
paper

1939
1941
1945

1,197
1,797
300

878
1.363
164

115
167
24

148
201
58

56
66
54

1953
1954
1955
1956
1957
1958
19591

5,927
6,144
8,443
9,100
9,573
8,740
10,145

4,688
4,870
6,919
7,283
7,470
6,404
7,328

816
841
1.034
1,227
,413
,567
,883

46
31
25
23
20
19
35

377
402
465
567
670
750

1959—Aug. 1
Sept
Oct
Nov
Dec

9,806
9,949
10,071
10,117
10,145

7,240
7,328
7.406
7,388
7,328

,723
,761
,788
,830
,883

26
30
33
34
35

817
830
844
865
899

I960—Jan. .
Feb..
Mar..
Apr..
May.
June.
July..
Aug..

10,168
10,276
10,357
10,604
10,744
10,945
11,062
11,142

7,305
7,342
7,407
7,538
7,631
7,767
7,822
7,855

1,922
1,982
1,988
2,096
2,132
2,175
2,225
2,260

36
37
39
42
45
49
52
57

905
915
923
928
936
954
963
970

End of year
or month

1
1

Personal
loans

Includes data for Hawaii, beginning with August 1959.

Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.

NONINSTALMENT CREDIT

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

End of year
or month

Total
instalment
credit

Automobile
paper

Other
consumer
goods
paper

1 Repair
and
j modern| ization
j loans

Personal
loans

Total
End of year
or month

instalment
credit

|
1939
1941 .
1945

789
957
731

81
122

24
36
20

15
14
14

669
785
643

1953
1954.
1955.
1956
1957.
1958
19591

4 038
4.510
5,406
6.277
7.099
7,577
8 771

538
539
761
948
.106
,143
36^

370
375
537
648
622
610
751

247
282
326
403
489
616
728

2 883
3,314
3,782
4,278
4.882
5,208
5 927

Oct
Nov. . .
Dec

8,237
8 341
8,430
8,549
8,771

1.293
1 310
1,327
1.345
1,365

702
713
724
732
751

688
701
708
721
728

5,554
5 617
5,671
5,751
5,927

Tan
Feb
Mar
Apr
May
June
July
Aug

8 769
8,836
8,936
9 079
9.213
9,348
9 517
9,656

1 361
1.374
1.401
1 433
1,461
1.490
1 510
1 539

750
759
769
785
806
822
834
844

723
730
740
746
765
771
782
794

5,935
5,973
6,026
6 115
6,181
6,265
6 391
6,479

1959—Aug. i

I960

1
Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.
NOTE.—Institutions represented are consumer finance companies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan associations, and other lending institutions holding consumer
instalment loans.




Singlepayment
loans

Commercial
banks

Other
financial
institutions

Charge accounts

DeOther Credit
partretail
ment
cards 2
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

1953
1954
1955
1956
1957
1958
19593

8 388
8,896
9,924
10 614
11,103
11 506
12,564

1,899
2,096
2,635
2 843
2,937
3 156
3,542

288
312
367
410
427
490
634

772
793
862
893
876
907
960

3.352
3.515
3,717
3 842
3^953
3 808
3,985

150
177
216
260
317
345
406

1,927
2,003
2,127
2,366
2,593
2 800
3,037

1959__Aug.3...
Sept
Oct
Nov
Dec

11,331
11,388
11,451
11,656
12,564

3,431
3,455
3,466
3,472
3,542

603
629
584
645
634

562
606
647
717
960

3.408
3.383
3,491
3.506
3,985

395
401
387
391
406

2,932
2,914
2,876
2,925
3,037

1960—Jan
Feb
Mar
Apr
May. . . .
June....
July
Aug

11,998
11,613
11,514
11,904
12,091
12,135
11,966
11,933

3,499
3,466
3,503
3,569
3,573
3,623
3,605
3,594

593
655
719
678
772
698
685
705

825
686
622
657
647
634
585
585

3,577
3.204
3,070
3,380
3.483
3,565
3,475
3,415

414
415
426
414
417
429
446
473

3,090
3,157
3,174
3,206
3,199
3,186
3,170
3,161

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

1166

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]
Other consumer
goods paper

Automobile paper

Total
Year or month
Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Repair and
modernization loans
Adjusted

Unadjusted

Personal loans

Adjusted

Unadjusted

Extensions
1953
1954
1955
1956
1957
1958
19591

31,558
31 051
39,039
40,175
42,545

1959—Aug i
Sept
Oct
Nov
Dec

4,132
4,172
4,219
4,083
4,046

1960—Jan
Feb
Mar
Apr
May
June
July
Aug

4,217
4,115
4,119
4,437
4,209
4,202
4,227
4,029

40,818
48,476
4,193
4,061
4,185
3,928
4,686
3,534
3,723
4,201
4,457
4,335
4,561
4,141
4,301

12,981
11 807
16,745 ! ! ! ! ! ! ! ! ! !
15,563
16,545
14,316
18.001

c>.227
9' 117
10,634
11,702
11,747
11,638
13,512

.!!!!!!!!.

1,344
1 261
1,388
1,568
1,660
1,890
2,087

• • •....

8,006
8,866
10,272
11,342
12,593
12,974
14,876

1,244
1,232
1,233
1,268
1,611
1,156
1,216
1,343
1,419
1,320
1,406
1,415
1.418

1,538
1,521
1,622
1,466
1,377

1,627
1,515
1,564
1,313
1,293

[,138
1,138
1,124
1,133
1,146

,123
1,123
1,198
1,172
1,616

185
175
174
171
173

199
191
190
175
166

1,271
1,338
1,299
1,313
1,350

1,535
1,560
1,555
1,652
1,543
1,501
1,418
1,411

1,278
1,427
1,633
1,697
1,664
1,738
1,477
1,576

[,208
1,094
1,118
[,240
1,164
1,191
1,163
1,073

976
934
1,062
1,168
1,153
1,226
1,072
1,111

165
175
172
178
186
176
172
176

124
146
163
173
198
191
177
196

1,309
1,286
1,274
1,367
1,316
[,334
1,474
1,369

Repayments
1953
1954
1955
1956
1957
1958
19591

10,879
11,833
13,082
14,576
15,595
15,488
15,715

27,956
30,488
33,649
37,236
40,259
40,921
43.239

1959—Aug.i
Sept
Oct
Nov
Dec

3,635
3,660
3,697
3,700
3,776

I960—Jan
Feb
Mar

3,824
3,707
3.711
3,904
3,886
3,860
3,978
3,861

May!!!!!!.'.'!!!!!
June
July
Aug

3,578
3,609
3,726
3,626
3,927
3,658
3,673
3,961
3,840
3,860
3,939
3,816
3,993

,325
,315
,341
1,311
1,361

,318
,333
,375
,303
,372

1,386
[,338
1,345
1,397
1,411
1,384
1,390
,377

,300
,318
,434
.355
,401
,412
1,338
1,444

}?,622
9; 145
9,751
10,756
11,545
11 497
12,225

1,012
1,045
1,048
1,069
1,066
1,089
1,046
1,042
1,084
1,099
1,094
1,115
1,085

7.336
8,255
9,501
10,542
11,653
12,307
13,561

1,119
1,255
1,315
1,362
1,466
,629
.738

993
1,022
1,054
1,019
1,060

152

1,090
1,066
1,119
1,086
1,095
1,112
1,064
1,111

141
143

147
147
142
144

151
147
150

145
145
137
142

144
147
150
153
155
152

152
143
148
153
149
157

+37
+28
+27
+29
+29
+24
+32
+28
+31
+36
+23
+ 17
+24

+225
+6
+73
+206
+ 194
+261
+354
+52
+44
+40
+30
+21
-13
+4
+ 11
+30
+50
+38
+28
+ 39

1,146
1,153
1,161
1,178
1,205

1.116
1,107
1,147
1,159
1,350

1,208

1,131
1,147
1,256
1,256
1,216
1,262
1,265
1,281

[,180

1,180
1.276
1.226
1)229
1,318
1,247

Change in outstanding credit2

+3,602
+563
+5,390
+2,939
+2,286

1953
1954
1955
1956
1957
1958
19591

-103

1959—Aug.i.
Sept...
Oct...

Nov...
Dec...
I960—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
c

+635
+512
+522
+383
+270

+ 5,402
+753
+452
+459
+302
+759

+269
+206
+281
+155
+ 16

+393
+408
+408
+533
+323
+ 342
+249
+ 168

-124
+50
+240
+617
+475
+622
+ 325
+ 308

+ 149
+222
+210
+255
+ 132
+ 117
+28
+ 34

+2,102
-26
+3,663
+987
+950
-1,172
+2,353
+365
+ 182
+ 189
+1
0
-79
-22
+ 109
+ 199
+342
+263
+326
+ 139
+ 132

Corrected.
1 Extensions and repayments include current data for Alaska and
Hawaii beginning with January and August 1959, respectively. The
differences between extensions and repayments do not equal the changes
in outstanding credit for these two months or for the year 1959 because
the differences do not reflect the effect of the introduction of outstanding
balances for these two States.
2 Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in note 1.
NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of




+605
-28
+ 883
+946
+202
+ 141
+ 1,320
+ 151
+93
+76
+64
+80

+ 155
+ 101
+ 144
+ 153
+556

+ 119
+48
+76
+ 156
+65
+97
+48
-12

-114
-132
-57
+82
+58
+ 114
+8
0

+670
+611
+771
+800
+940
+ 667
+ 1,375
+ 178
+ 185
+ 138
+ 135
+ 145

+ 181
+ 125
+86
+ 109
+261

+ 101
+ 106
+94
+91
c +90
+105
+ 156
+ 122

+25
+69
+87
+ 163
+ 104
+ 144
+ 150
+ 137

the BULLETIN for October 1956; for 1955-58, in the BULLETINS for

December 1957, pp. 1420-22, and November 1959, p. 1418.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other
transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.

1167

CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total

Commercial banks

Sales finance
companies

Other financial
institutions

Retail outlets

Year or month
Adjusted

Unadjusted

Adjusted

Unadjusted

Unadjusted

Adjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Extensions
12,099
11,267
14,109
14,463
15,355
14,860
17,522

31,558
31,051
39,039
40,175
42,545
40,818
48,476

1953...
1954
1955
1956 i
1957 i
1958 i
1959 V

7,560
7,260
10,200
9,600
10,200
8,907
11,007

5,524
5,541
6,281
6,638
6,495
6,563
7,912

6,375
6,983
8,449
9,474
10,495
10,488
12,035

1959—Aug.2.
Sept...
Oct...
Nov...
Dec...

4,132
4,172
4,219
4,083
4,046

4,193
4,061
4,185
3,928
4,686

,521
,510
,521
,440
,424

,530
,473
,482
,322
,425

917
941
992
900
860

988
950
973
843
886

,031
,069
,053
,068
,096

1,021
996
1,014
1,052
1,314

663
652
653
675
666

654
642
716
711
1,061

I960—Jan. i . ,
Feb.i.
Mar.i.
Apr.i.
May..
June..
July. .
Aug.. .

4,217
4,115
4,119
4,437
4,209
4,202
4,227
4.029

3,534
3,723
4,201
4,457
4,335
4,561
4,141
4,301

,519
,495
,441
.512
,489
,460
,447
,439

,346
,393
,511
,600
,584
,627
,430
,530

985
973
951
1,039
949
917
905
870

802
860
967
1,008
983
1,050
955

,063
,058
,068
,144
,114
,114
,240
,137

912
996
1,112
1,155
1,120
1,171
1,200
1,185

650
589
659
742
657
711
635
583

474
474
611
694
648
713
556
597

Repayments
1953
1954
1955
1956
1957
1958
1959

i
i
i
1,2

6,344
7,043
7,901
8,943
9,727
9,774
9,623

10,625
11,469
12,304
13,362
14,360
14,647
15,406

27,956
30,488
33,649
37,236
40,259
40,921
43,239

5,683
6,511
7,553
8,603
9,673
10,010
10,917

5,304
5,465
5,891
6,328
6,499
6,490
7,293

1959—Aug.2.
Sept...
Oct...
Nov...
Dec...

3,635
3,660
3,697
3,700
3,776

3,578
3,609
3,726
3,626
3,927

1,310
1,312
1,326
1,312
1,331

,299
,306
,329
,286
,356

793
804
816
794
832

795
807
851
797
858

920
930
935
943
970

892
892
925
933
1,092

612
614
620
651
643

592
604
621
610
621

1960—Jan. 1.,
Feb.i.
Mar.i.
Apr.i.
May..
June..
July. .
Aug...

3,824
3,707
3,711
3,904
3,886
3,860
3,978
3,861

3,658
3,673
3,961

1,389
1,340
1,321
1,349
1,379
1,359
1,386
1,343

,323
,325
,394
,337
,389
1,390

844
808
821
878
862
841
876
859

779
792
886
841
843
849
838
909

970
953
956
1,035
990
1,009
1,078
1,028

914
929
1,012
1,012
986
1,036
1,031
1,046

621
606
613
642
655
651
638
631

642
627
669
650
642
664
610
632

840
860
939
816
3,993

1,337

1,406

Change in outstanding credit3
1953
1954
1955
1956
1957
1958
1959

+ 3,602
+563
+5,390
+2,939
+2,286
-103
+5.402

i
i
i
1,2

1959—Aug.2.
Sept...
Oct.. .
Nov...
Dec...

+635
+512
+522
+383
+270

+753
+452
+459
+302
+759

+247
+ 198
+ 195
+ 128
+93

I960—Jan. *..
Feb.i.
Mar.i.
Apr.i.
May..
June..
July..
Aug...

+393
+408
+408
+533
+323
+342
+249
+ 168

-124
+50
+240
+617
+475
+622
+ 325
+ 308

+251
+ 155
+8
+ 163
+ 110
+11
0
+61
+96

+ 1,474
-202
+ 1,805
+ 1,176
+ 1,066
-63
+2,142
+267
+ 167
+ 153
+ 36
+69
+ 144
+68
+5
+263
+ 195
+237
+93
+ 124

1
Data on extensions and repayments have been adjusted to avoid
duplications resulting from large transfers of other consumer goods paper.
As a result, the differences between extensions and repayments for some
types of holders do not equal the changes in outstanding credit.
2
Extensions and repayments include current data for Alaska and
Hawaii beginning with January and August 1959, respectively. The
differences between extensions and repayments do not equal the changes
in outstanding credit for these two months or for the year 1959 because
the differences do not reflect the effect of the introduction of outstanding
balances for these two States.
3 Obtained by subtracting instalment credit repaid from instalment
credit extended, except as indicated in notes 1 and 2.




+ 145
+ 137
+ 176
+ 106
+28
+ 141
+205
+ 130
+241
+ 87
+76
+29
+ 11

+ 1,216
+217
+2,299
+657
+473
-833
+ 1,405
+214
+ 143
+ 122
+46
+28
+23
+ 108
+81
+247
+ 140
+201
+ 117
+ 80

+692
+472
+896
+871
+ 822
+478
1.194
+ 180
+ 139
+ 118
+ 125
+ 126
+93
+ 105
+ 112
+ 109
+ 124
+ 105
+ 162
+ 109

+ 198
+ 104
+89
+ 119
+222
-2
+67
+ 100
+ 143
+ 134
+ 135
+ 169
+ 139

+220
+76
+390
+235
-75
+315
+661
+63
+38
+33
+24
+23

+ 74
+ 38
+95
+ 101
+440

-92
-57
+ 158
+20
+2
+60

-289
-193

-48

+54
-36
+6
+49

-54
-35

NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of
the BULLETIN for October 1956; for 1955-58, in the BULLETINS for

December 1957, pp. 1421-22, and November 1959, p. 1419.
A discussion of the composition and characteristics of the data and
a description of the methods used to derive the estimates are shown
in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment
credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and often include charges
incurred under the instalment contract. Renewals and refinancing of
loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit
repaid without adding to the amount of credit outstanding.

1168

INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49=100
[Seasonally adjusted]

Grouping

Annual
average

1959

1960

1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb.

Mar. Apr. May I June July Aug.

INDUSTRY GROUPINGS
141

159

157

157

155

156

165

168

166

166

165

167

166

166

165

139
141
141
120
244

755
165
155
126
268

757
159
159
120
269

755
158
159
119
272

754
155
157
120
272

154
156
157
126
274

164
174
158
130
278

755
180
159
128
280

755
178
157
126
282

755
175
158
125
288

754
172
159
129
288

755
174
161
128
285

755 165
171 172
163 163
128 128
289 291

163
169
162
128
29!

Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts

110
99
94
125
138

125
113
107
142
150

94
60
39
145
150

92
58
38
144
149

87
56
38
135
138

775
101
95
130
136

145
145
148
143
149

745
147
149
148
156

143
140
142
148
155

139
135
136
145
153

133
126
125
142
151

757
119
115
147
156

126 125
112 '109
105 100
148 148
158 160

122
105
94
147
160

Machinery and related products...
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment. .
Instruments and related products.
Ordnance and accessories

166
140
117
175
197
112
376
175

797
169
141
212
229
148
390
209

205
175
146
222
237
155
400
215

204
177
148
224
230
151
386
218

202
175
147
221
229
152
378
220

186
171
145
213
184
92
378
220

200
177
147
227
217
137
375
223

272
180
148
232
251
186
365
220

277
177
147
227
250
184
366
218

20P
178
147
227
243
173
371
220

206
175
145
225
239
169
368
218

2/7 207 r209
178 178 180
147 148 152
228 -226 r226
249 237 '237
176 176 166
383 347 r372
222 224 r226

206
176
146
224
235
169
370
226

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

124
137
110

143
159
125

147
165
125

144
162
124

745
161
123

142
159
123

144
160
127

745
158
127

745
159
126

755
153
122

745
159
126

142
160
122

744 H45
164 165
120 122

140
162
114

Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures

126
137
116

147
164
133

750
167
136

149
165
136

750
166
136

750
168
135

752
172
136

755
173
136

752
171
136

752
166
139

754
174
138

757
177
140

158
111
143

Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products

777
109
129
109

136
126
153
119

139
130
154
120

757
127
154
117

755
123
156
117

757
124
159
116

75P
124
160
118

755
124
157
119

755
124
155
110

755
123
158
111

757
122
161
111

740
126
162
116

Paper and printing
Paper and products
Printing and publishing.
Newspapers

142
155
133
126

154
170
143
135

757
174
146
140

755
175
148
138

757
175
146
137

755
167
147
137

755
173
148
140

75P
176
148
139

755
173
148
137

757
171
147
136

755
173
148
139

Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

188
210
247
148
166

215
240
298
158
200

221
246
310
161
210

223
250
315
159
209

218
245
307
159
201

277
245
309
158
198

27P
249
313
153
203

222
250
314
157
206

27P
248
311
153
204

220
251
317
154
201

225
256
318
161
201

Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable Manufactures

r

158

143

755
173
141

747
128
162
116

740
126
163

140
125
163

750
174
152
142

160
172
152
143

757
173
153
142

757
171
153
141

227
258
322
161
205

r
233 r232
263 263
331 331
167 172
214 204

230
261

mi

Nondurable Manufactures

T

166'

123
123
125
112
121

128
128
131
117
127

130
131
131
126
130

750
130
131
125
126

128
128
129
119
130

72P
129
132
116
127

72P
130
133
114
131

757
131
134
120
130

72P
130
132
117
123

750
130
133
117
129

750
131
133
117
133

752 l32 r132
132 132 132
134 134 134
122 1 2 2 122
131 131 126

737
132
134

Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids..
Oil and gas drilling....

777
68
140
138
129
196
152

122
68
147
145
135
211
159

77P
59
146
143
133
214
163

120
61
146
144
134
212
162

727
63
147
145
135
215
160

124
71
149
146
136
215
164

126
78
149
146
135
219
164

724
75
147
145
135

727
69
145
144
134

720
71
143
143
133

722
72
145
145
133

727
71
144
143
132

722 r122
64
64
148 148
147 148
137 137

122
65
147
147
136

159

146

136

138

144

145

143

144

Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals

142
114
171

747
109
187

128
66
193

775
53
189

720
57
188

142
94
192

752
111
196

755
119
188

757
131
183

75P
143
175

772
146
199

770
142
198

757 757
133 131
201 '205

757
133
202

244
244

270
265

274
259

278
259

275
263

275
272

279
283

279

280

288

286

284

14S
140
165
138

162
155
188
157

166
158
194
148

165
158
194
149

165
157
194
146

162
154
192
152

166
159
194
1

170
164
195
167

167
160
194
166

167
160
196
164

168
162
194
163

171 171 170
164 165 164
197 196 197
162 161 161

Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
Mining

Utilities
Electric.
Gas

r

289

291

SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
r

Revised.




169
163
196
159

1169

INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 =100
[Without seasonal adjustment]
Annual
average

1959

1960

Grouping
1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.

INDUSTRY GROUPINGS
Total index

141

159

156

159

160

157

162

168

169

168

167

166 166

Nondurable

139
141
141
120
244

158
165
155
125
268

154
152
162
120

158
157
163
120

159
159
164
122

156
158
159
126

161
174
151
129

167
181
156
128

168
181
158
126

167
179
158
125

166
175
161
128

166
174
161
128

165 155 160
172 160 160
162
165
129 rJ24 128

110
99
94
125
138

125 91
55
114
37
107
142 146
150 148

94
56
38
151
150

90
57
40
139
141

114
102
96
133
140

142
141
145
143
154

149
150
152
146
156

147
148
148
146
154

144
143
143
144
153

136
132
129
142
150

131
121
116
145
154

127 113 117
114 r93
97
106
89
87
146 '14^
148
157 154 157

189
168
139
213
203
113
391
212

198
178
145
233
210
125
382
218

205
179
145
234
231
155
376
221

189
173
143
222
192
103
376
222

204
178
148
226
230
154
377
225

216
181
150
229
262
199
373
220

217
182
152
232
261
196
374
220

215
183
153
231
253
183
379
223

209
178
149
222
245
174
372
220

210
111
149
222
247
176
378
221

Utilities

157

162

Durable Manufactures
Primary metals

........

Fabricated metal products

....
.

Machinery and related products

Transportation eouipment ...

.

Clav slass and lumber

<.......... 166
140
117
175
197
112
376
175
.

Lumber and products

197
169
141
212
228
147
390
209

206 195
178 167
149 rf45
223 r2C*
2^7 '220
'174 149
346 '359
223 '219

r

r

.... 124 143 156 153 152 142 135 131 136 133 142 146 152 r]4J
137 159 171 169 168 160 155 149 151 149 158 164 168 rl62
110 125 139 136 135 122 111 111 119 115 124 125 133 '117
126 147 153 157 158 155 154 149 151 151 150 151 155 150
137 164 170 171 174 171 175 170 170 166 170 170 173 r169
116 133 139 144 145 142 137 HI 134 138 in 136 140 133

188
168
119
216
198
118
361
221
149
168
127
159
177
144

Nondurable Manufactures
117
109
129
109

136
126
153
119

143
132
161
126

136
127
152
119

142
131
162
118

138
127
159
113

125
117
140
108

140
127
160
121

145
127
170
122

142
114
165
121

144
127
171
112

142
128
167
110

136
127
154
113

142
155
133
126

154
170
143
135

155
176
141
125

160
176
150
139

165
186
152
148

159
170
152
149

152
156
149
138

155
111
144
128

158
177
146
133

161
111
150
141

162
178
151
148

162
174
153
151

161
176
151
143

188
210
247
148
166

215
240
298
158
199

218
242
299
165
203

224
251
312
163
212

222
249
310
158
211

218
246
310
156
203

216
244
313
157
194

223
250
314
157
216

224
252
322
155
215

226
257
326
153
211

228
262
325
157
207

124 144
112 125
143 170
103
T

158
173
148
126

227 231
260 262
325 326
158 167
201 '207

r
218
r

226
257

r

149
156
145
124

248
31"*
r
\l\
177

171

123
123
125
112
121

128
128
131
117
127

141
141
143
134
139

142
143
147
126
131

139
138
143
120
139

131
131
137
106
127

123
124
130
101
106

123
123
128
98
130

121
111
125
102
124

122
111
124
114
129

125
125
125
124
127

129 135
129 r134
128 '133
134 r144
135 143

117
68
140
138
129
196
152

122
68
147
145
135
210
159

118
62
143
139
130
202
168

119
64
144
141
132
203
166

121
68
145
143
133
209
161

124
74
147
145
134
221
162

128
76
152
150
138
230
166

128
74
152
150
139

125
70
150
151
139

123
71
146
148
137

122
70
145
147
135

119
69
142
142
131

163

145

129

131

141

146

147

149

142
114
171

146
107
188

139
76
205

129
62
201

128
63
198

138
86
193

137
89
189

131
94
171

137
108
167

141
117
164

166
138
195

183
163
202

187 181
164 '150
210

183
152
^15

244
244

270
265

280

284

267

265

283

297

290

293

281

269 '279

145
140
165
138

162
155
188
157

165
159
190
147

168
161
193
151

170
165
192
150

162
154
189
154

162
153
194
163

169
162
197
167

170
16?
198
168

170
161
200
166

169
162
197
164

169 171 16^
162 164 155
198 197 193
163 162 '151

132
134
135
131
116

14~>
143
145

119 r115
66
51
144 '143
143 r142
133 r132

119
68
143
142
131

r

Mining
Coal

.

Oil and gas extraction

Utilities
Electric
Gas

288

SUMMARY MARKET GROUPINGS

r

Revised.




168
163
191
156

1170

INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957= 100
[Seasonally adjusted]
1957
proportion

Grouping

Annual
average

1959

1960

1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.

I l 110
l

109

109

110

109

110

108

772
111
113
98
120

770
109
112
96
121

770
108
112
95
124

709
106
113
98
124

770
107
115
97
122

770 770
105 '106
116 116
97 '97
124 125

709
104
115
97
125

770
114
119
105
100

773
115
119
109
104

709
110
114
108
104

705
106
109
107
102

707
99
100
104
101

700
94
92
108
104

96
88
84
108
106

95
'85
'80
109
107

93
82
76
108
107

96
104
102
108
79
63
91
119

703
108
103
115
93
94
90
120

709
110
104
118
108
127
88
118

709
108
103
115
107
126
88
117

108
108
104
115
104
118
89
119

705
107
102
114
102
115
89
117

709 707 '705
109 '109 110
104 105 107
115 114 114
106 102 '102
120 120 '113
84 '90
92
120 121 '121

705
107
103
114
101
115
89
121

Jn

773
111
115

772
110
115

772
110
115

108 772
106 110
110 114

777
111
110

772 '773
114 '114
109 '111

709
112
103

114
116
111

114 775
118 120
111 111

775
121
112

115
119
111

115
116
114

117
122
113

779
124
115

720 '720
123 124
117 117

775
121
116

775
114
121
105

775
111
122
104

775
111
125
104

777
111
126
105

775
112
124
106

114
111
122
98

775
111
124
99

775
110
127
99

775
113
127
104

779
115
127
104

779
113
128
103

775
112
128

770
113
107
107

777
114
108
106

770
114
107
105

709
109
108
104

777
113
109
107

777
115
109
106

770
113
109
105

110
112
108
104

770
113
109
106

772
113
111
108

772 '772
112 112
112 '112
109 108

772
112
113
108

773
114
118
105
114

775
117
123
107
120

777
119
125
106
120

775
117
122
106
115

114
117
123
105
113

775
118
124
102
116

775
119
125
104
118

775
118
124
102
117

775
119
126
103
115

775
122
126
107
115

779
123
128
107
117

722 '722
125 '125
132 131
111 '115
122 117

727
124

702
102
102
102
106

707
106
106
106
112

705
108
107
114
114

705
108
107
113
111

705
106
105
108
114

707 705
107 107
107 108
105 104
111 115

709
109
109
109
114

707
107
107
106
108

705
108
108
106
113

709
108
108
106
116

770 '770 '770
109 109 109
109 109 109
111 '110 111
115 115 111

709
109
109

7.05
1.30
5.75
4.98
4.33
.65
.77

92
83
94
94
93
100
89

96
82
99
99
98
106
93

93
72
98
98
97
109
95

94
74
98
99
97
107
95

95
76
99
99
98
109
94

97
87
100
100
99
109
96

99
94
100
100
98
111
96

97
91
99
100
98

95
84
97
99
97

94
86
96
98
96

95
87
97
100
97

95 r95
78
78
99 '99
101 '102
99 '100

95
79
99
101
99

93

85

80

81

84

84

85

7.50
.70
.80

97
83
98

94
11
108

52
48
111

76
39
109

77
42
108

97
68
110

98
80
113

95
87
108

707
95
106

702
104
101

777
106
115

709
103
114

707 707
97 '95
116 '118

707
96
117

3.76
1.20

104
105

115
114

117
111

119
111

118
113

118
117

119
122

119

120

123

122

121

123

102

103

100.00

93

105

104

103

86.49
49.66
36.83
8.55
4.96

92
87
100
91
105

705
102
110
95
115

704
98
113
91
116

104 702
96
97
113 111
91
91
117 117

73.75
7.73
6.21
5.42
2.91

84
78
75
92
93

95
90
86
104
101

77
47
31
106
100

70
45
30
106
99

67
44
31
99
92

55
79
76
95
91

28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25

55
85
83
89
84
77
91
94

702
103
99
108
98
100
94
112

705
107
103
113
102
106
96
116

705
108
104
113
98
103
93
117

104
107
103
112
98
104
91
118

4.57
2.92
1.65

97
95
100

777
110
113

114 772
115 112
114 113

777
111
111

110
112

2.96
1.48
1.48

96
96
95

772
115
109

114
116
111

773
115
111

Textile apparelt and leather products.. .... 7.32
2.78
Textile mill products
3.44
Apparel products
.
.
1.10
Leather and products

99
98
101
97

775
113
120
106

117
117
121
107

7.93
3.27
4.66
1.53

99
101
98
96

705
111
105
104

10.95
Chemical petroleum and rubber products
7.10
Chemicals and products
Industrial chemicals .
.... 3.61
1.93
Petroleum products
. .
1.91
Rubber and plastics products

99
100
98
99
95

10.64
9.87
8.31
1.56
.77

Durable
Mining
Utilities

109

10? 709
96 107
111 112
96 98
118 120

Durable Manufactures

Machinery and related products
Machinery
....
Nonelectrical machinery

...

Transportation equipment
Aircraft and other equipment

Clay glass and stone products

....

Furniture and fixtures
Nondurable Manufactures

Paper and products ...
Printing and publishing

Foods beverages and tobacco
Food manufactures
Tobacco products

111

Mining
Coal oil and gas
Coal
Oil and gas extraction
Oil and gas drilling
Metal stone and earth minerals....
Stone and earth minerals . ...

....
...

94
86
96
98
96

85

Utilities
Electric
Gas
For notes see opposite page.




124

1171

INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Seasonally adjusted]

Grouping

1957
proportion

Annual
average
1958 1959

1959

1960

Aug. Sept. Oct. Nov. Dec. Jan.

Feb. Mar. Apr. M a y June July Aug.

100.00

93

105

104

103

102

103

109

Ill

110

109

109

110

109

110

108

46.75
31.13
15.62
53.25

95
99
87
91

107
110
100
104

109
112
103
98

70P
112
103
99

709
112
103
97

705
109
101
100

709
113
102
109

772
116
103
110

770
113
102
109

770
113
104
108

111
115
102
108

772 772
117 '117
104 103
107 106

772
116
104
r
106

111
115
103
105

Automotive products
Autos
Auto parts and allied products

3.35
2.03
1.32

83
71
100

103
96
113

705
97
118

98
89
114

705
98
117

73
48
111

99
87
117

727
134
117

722
125
117

774
113
116

777
116
119

727
122
119

727
123
118

114
108
122

775
114
118

Home goods and apparel

9.60
4.40
1.75
1.26
.49
1.18
1 47
5.20

98
96
94
99
83
98
97
100

116
115
114
119
102
119
113
116

775
120
121
130
97
121
118
117

779
121
125
130
111
121
118
117

779
121
124
129
113
120
118
118

720
1?1
126
138
98
120
114
119

722
124
133
143
108
122
116
120

727
123
130
139
106
122
117
118

775
117
117
121
105
118
116
116

775
114
112
114
107
114
116
118

779
117
115
116
114
121
116
120

'779
727 '727 r
121 r120 117
120 1 1 8 '112
r
120 121 r 118
118 109
97
123 122 '118
120 122 r121
122 121 121

775
115
109
117
87
119
118
120

18.18
8 11
2.32
2.73
1.44
3.45
1.19
2.26
1.57

702
102
103
102
99
105
98
108
108
1ft7

108
106
108
111
106
113
104
117
118
I ie

770
107
114
112
108
113
105
118
120

770
107
112
115
110
113
101
120
123

709
104
110
114
108
114
100
121
123

770
107
107
114
109
116
105
122
123

770
107
107
114
109
116
103
123
122

772
109
111
115
110
117
104
123
122

770
107
106
114
109
117
105
124
122

772
108
108
115
110
120
105
128
127

773
108
110
118
112
121
108
128
126

773 114 r 775
109 110 110
112 '112 111
120 122 '122
113 113 116
118 120 122
105 107 109
125 127 129
124 126 129

114
110

12.16
7.29
2.46
1.83
.58

85

100

703

703

104

104

101
109
97
129

101
111
97
112

705

104
113
96
105

104
114
106
109

705

104

705

705

102
112
93
106

705

97
104
98
115

102
108
100
109

702

82
88
89
100

104
113
103
97

104
115
102
93

102
115
101
89

104
117
105
89

103
120

Total index
Final products, total
Consumer goods
Equipment including defense
Materials
Consumer 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

120
115
106

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment
Farm equipment

r

r99

89

705

705

104
121
101
88

103
121
97
75

700
107
101
109

3.46
Materials
Durable goods materials
Consumer durable
Equipment
Construction

27.81
3.67
8.10
9.05
6 99

86
77
86
95

100
101
103
107

90
103
102
107

91
105
101
105

88
95
103
102

93
76
102
101

707
107
106
107

770
121
107
109

709
120
107
108

707
117
106
105

705
110
104
109

705
115
104
110

702
115
98
110

noi

Nondurable materials
Business supplies

25.44
8.87

97
98
101
97
98

707
108

107
110
111
109
118

707
110

707
107

705
109

777
112

770
109

770
110

777
111

r

107

113

111
119

109

108

108

109
120

110
120

107

112
113
113
113 113
123 '123

772
112

106

770
110
111
109
120

770
109

110

770
111
111
111
119

102

Nondurable materials n e.c
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Atomic energy
Commercial and other
Gas
Commercial and other

2.91
5.96
7.05

9.52
6.29
2.70
2.19

109

107
115

94

100

.99

92
102
102
98

96
113
113
110

.08
1.12

97
105

97
118

.51
33
.18

102

113

7.75
23.38

90
102

110
110

110
117

107
117

110
117

112
121

110
102
110

r

97

98

98

101

104

103

102

102

103

94
114
116
109

95
113
114
106

103

103

93
113
115
109

97
120

97
122

99
117
117
114

98
117
117
114

97
123

97
114
114
106

97
1??

96
120
120
118

97
120
120
115

96
120
119
114

96
121
121
117

97
121

95
121

96
118
118
116

109

109

95
124

96
126

96
125

'95
126

109

113

118

114
112

111
112

114
111

100
112

114

114
113

117
114

121
115

'121

'115

115

116

95
121

103
r

97
121
121
117

110

112
124
96

96
127

Supplementary groups of consumer goods
Automotive and home goods
Apparel and staples

' Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. Detailed description and historical data are available
in Industrial Production—7959 Revision (for announcement of that publication, see the BULLETIN for June 1960 .p. 632). Figures for industrial




112

125
113

119
112

115
116

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.

1172

INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957 = 100
[Without seasonal adjustment]

Grouping

1957
proportion

Annual
average

1959

1960

1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.

100.00

Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities

93

105

103

105

105

104

107

111

111

111

110

109

109

r

103

107

86.49
49.66
36.83
8.55
4.96

92
87
100
91
105

105
102
110
95
115

103 105
93
97
115 116
92
91

106
98
117
92

104 707
97 107
113 107
96
98

HI
111
111
97

112
112
112
96

111
110
113
95

110
108
114
97

110
107
115
97

110
106
116
98

103
'98
r
109
r
94

707
98
117

Durable Manufactures
Primary and fabricated metals.
Primary metals
Iron and steel
Fabricated metal products.
Structural metal parts

13.15
7.73
6.21
5.42
2.91

95
90
86
104
101

70
43
29
107
99

71
44
30
110
100

68
45
32
102
94

87
80
77
97
93

109
111
116
105
103

113
118
122
107
104

112
116
118
107
103

770
112
114
106
102

104
104
103
104
100

700
95
93
106
103

97
89
85
107
105

86
H3
'69
r
105
103

90
76
72
109
105

Machinery and related products..
Machinery
Nonelectrical machinery
,
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment...
Instruments and related products.
Ordnance and accessories

28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25

102
103
99
108
98
100
94
112

98
102
98
108
87
77
94
114

102
109
102
118
90
85
92
117

106
109
102
119
99
106
91
119

98
105
100
113
82
70
91
119

106
109
104
115
98
105
91
121

112
110
106
116
112
136
90
119

112
111
107
117
112
134
90
118

777
112
108
117
108
125
91
120

705
108
105
113
105
119
90
118

705
108
105
112
106
120
91
119

707
108
105
113
101
119
83
120

707
102
102

97
103
98
109
85
80
87
119

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.57
2.92
1.65

97
95
100

777
110
113

727
119
126

779
117
123

779
116
122

777
111
111

705
108
100

702
103
101

106
105
108

704
104
104

777
110
112

775
113
114

775
117
120

Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures

2.96
1.48
1.48

96
96
95

772
115
109

775
119
114

779
120
118

720
122
119

775
119
116

777
122
112

775
119
107

775
119
110

114
116
113

114
119
109

775
119
111

775
121
115

7.32

102
87
118
r

110
113
106

116
116
115

114
119
109

727
124
118

705
100
113
92

722
112
134

r

Nondurable Manufactures
Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products

2.78
3.44
1.10

99
98
101
97

775
113
120
106

727
118
127
112

775
114
119
106

720
117
127
105

777
114
125
101

706
105
110
96

775
114
126
107

725
114
134
109

720
112
130
108

722
114
135
100

720
115
131
98

775
114
121
101

Paper and printing
Paper and products
Printing and publishing.
Newspapers

7.93
3.27
4.66
1.53

99
101
98
96

705
111
105
104

705
115
104
96

772
115
110
107

775
121
111
113

777
111
112
114

106
102
110
106

705
112
106
98

770
115
107
102

772
115
110
108

113
116
111
113

775
113
113
116

772
114
111
110

r

770
113
109
97

Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

10.94
7.10
3.61
1.93
1.91

99
100
98
99
95

775
114
118
105
114

775
115
119
110
117

775
119
124
109
121

777
119
123
105
121

775
117
123
104
116

775
116
124
104
111

777
119
125
104
124

775
120
128
103
123

775
122
129
102
121

720
125
129
104
118

779
124
129
105
115

727
125
130
111
119

r

114
118
124
114
101

779
122

Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products

10.64
9.87
8.31
1.56
.77

702
102
102
102
106

707
106
106
106
112

119
119
115
115

775
115
116
109
122

709
109
111
96
111

702
103
105
91
93

702
101
104
89
114

707
100
101
93
109

702
101
101
103
113

104
104
102
113
112

707
107
104
122
119

772
111
108
130
125

r

117
116
121
122

118
118
118

Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction. .
Crude oil
Gas and gas liquids. .
Oil and gas drilling

7.05
1.30
5.75
4.98
4.33
.65
.77

92
83
94
94
93
100
89

96
82
99
99
98
106
93

92
75
96
95
94
102
99

93
78
97
97
96
103
97

95
83
97
98
96
106
94

97
90
99
99
97
112
95

700
92
102
102
100
117
97

700
89
102
103
101

95
85
101
103
101

96
87
98
102
99

95
85
97
101
98

Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals

7.50
.70

91
83
98

94
11
108

89
55
118

55
45
116

52
46
114

62
111

64
109

3.76
1.20

104
105

115
114

120

121

114

113

121

r

104
101
107
95

77O
111
109
118
102

Mining

85

93
82
96
97
95

77

83

86

86

706
100
112

777
118
116

720
119
121

116
"109
"123

120

115

119

123

Utilities
Electric.
Gas
For notes see opposite page.




127

124

125

775
110
124

1173

INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Without seasonal adjustment]

Grouping

1957
proportion

Annual
average

1959

1960

1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.

100.00

Total index.
Final products, total
Consumer goods
Equipment, including defense.
Materials

105

103

105

105

104

107

111

111

111

110

109

109

103

107

46.75
31.13
15.62
53.25

707
110
100
104

109
113
100
97

110
114
102
100

112
117
101
99

106
109
100
102

106
108
103
108

111
115
104
110

112
115
104
111

112
114
106
110

111
115
104
109

777
115
105
108

772
116
104
107

707

777
116
101
103

103
94
116

83
60
117

707
105

779
110
96
95
98
120
119
127

no
102
100

Consumer Goods
Automotive products
Autos
Auto parts and allied products.

3.35
2.03
1.32

83
71
100

103
96
113

77
51
118

80
53
121

111
105
120

76
55
107

103
98
111

136
149
116

133
143
118

124
129
116

123
126
118

124
126
120

125
127
121

Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Misc. home goods
Apparel, incl. knit goods and shoes...

9.60
4.40
1.75
1.26
.49
1.18
1.47
5.20

98
96
94
99
83
98
97
100

116
115
114
119
102
119
113
116

120
116
108
108
110
122
120
124

122
127
130
127
139
123
126
117

125
129
131
121
157
126
129
122

119
120
119
116
125
123
121
118

112
117
114
118
102
125
113
107

118
115
116
120
106
120
110
120

123
121
127
136
106
121
114
125

122
120
127
139
96
116
116
123

121
118
120
131
93
120
115
124

77P
117
117
126
95
117
118
122

777
118
116
126
92
117
120
117

18.18
8.11
2.32
2.73
1.44
3.45
1.19
2.26
1.57
.69

102
102
103
102
99
105
98
108
108
107

108
106
108
111
106
113
104
117
118
115

115
116
122
114
109
113
106

117
120
115
118
113
114
103

114
115
113
117
110
109
99

110
111
101
116
109
112
104

108
105
92
113
109
120
107

109
103
97
115
109
127
108

108
101
98
114
109
124
105

109
100
107
117
112
123
103

770
102
112
118
112
119
103

777
104
121
118
112
113
103

774
108
129
120
111
115
106

117

121

113

115

129

141

136

136

126

114

116

122

12.16
7.29
2.46
1.83
.58

85
82
88
89
100

100
97
104
98
115

707
101
106
97
95

705
102
110
92
112

703
102
112
93
111

707
100
113
89
94

705
105
115
93
101

707
104
115
104
112

706
103
115
106
107

707
104
116
107
105

7O<5

103
115
107
100

707
104
117
108
94

707
104
119
105
91

104
102
117
101
79

103
102
120
93
69

700
101
103
107

88

98
110

91
101
101
110

90
101
102
107

94
85
102
102

707
115
108
103

770
128
109
103

770
128
109
103

705
121
108
102

106
109
104
108

705
110
103
111

104
109

96
96
97
109

97
91
97
112

97
98
101
97
98

107
108
109
107
115

707
110
119
105
116

709
113
118
111
117

70P
113
114
112
120

709
110
103
113
120

705
106
97
110
116

777
108
105
109
121

777
109
108
109
123

772
111
109
112
123

772
113
111
113
123

777
112
110
113
122

777 "104 770
112 104 112
114 106 118
112 103 109
121
119

94
92
102
102
98
97
105
102

100
96
113
113
110
97
118
113

98
91

99
93

98
95

101
97

105
100

105
100

104
99

104
98

102
97

101
94

94

r90

121
110
97
133

121
110
97
133

115
109
97
122

112
108
97
116

115
114
97
118

117
115
96
120

115
113
95
117

118
118
95
119

116
115
96
118

116
115
96
118

121
"117
'95
128

112
96
136

90
102

110
110

99
117

107
117

121
116

101
112

111
108

124
112

126
112

122
112

120
113

120
113

115

104
112

Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

r

r94

107
63

112
109
113
110
113
114
113
119
108

r

720
119
122"
116

ios

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.c....

27.57
3.67
8.10
9.05
6-99

Nondurable materials
Business supplies
Containers
General business supplies
Nondurable materials n.e.c

25.44
8.87
2.91
5.96
7.05

Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Atomic energy
Commercial and other..
Gas
Industrial
Commercial and other..

9.52
6.29
2.70
2.19
.99
.08
1.12
.51
• 33
.18

114

99

102
94

Supplementary groups of consumer goods
Automotive and home goods.
Apparel and staples

7.75
23.38

r
Revised.
Nora—Published groupings include some series and subtotals not
shown separately. Detailed description and historical data are available
in Industrial Production—7959 Revision (for announcement of that publication, see the BULLETIN for June 1960, p. 632). Figures for individual




98
121

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.

1174

BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49 =100, unless otherwise indicated]
Construction
contracts *

Industrial production

Manufacturing3
Nonagricul-

Major market groupings
Major industry
groupings

Year or
month

Prices

+,,_ Q i

employ- Emment— ploytotal 2 ment

Final products

DepartFreight ment
carstore
loadsales
(retail
ings
Convalue) sumer

Wholesale
commodity

turing

ing

Utilities

ResidenMate- tial
Con- Equip- rials
Total sumer ment
goods

Adj.

Adj.

Adj.

Adj.

Adj.

Adj.

Adj.

Adj.

1947
1948
1949
1950
1951
1952

99
103
98

99
103
97
113
123
127

101
106
94
105

91
101
108
123
140
152

99
102
99
112
121
130

98
101
101
115
114
116

100
105
94
102
170

100
104
96
114
124
125

86
98
116
185
170
183

83
105
111
142
172
183

99.4
101.6
99.0
102.3
108.2
110.4

103.4
102.8
93.8
99 6
106.4
106.3

97.7
105.1
97.2
111 7
129.8
136.6

108
104
88
97
101
95

98
104
99
107
112
114

95.5
102.8
101.8
102 8
111.0
113.5

1953
1954
1955
1956
1957
1958
1959

138
130
146
151

139
129
145
150
150
139
158

117
113
125
132

166
178
199
218
233
244
268

138
132
144
150
152
145
162

124
123
136
139
141
140
156

182
161
172
188
189
165
188

137
128
147
151
151
138
157

178
232
280
•99

201
204
248
•98
100
107
101

113.6
110.7
114.4
118.3
119.2
115.5
118.8

111.8
101.8
105.6
106 7
104.4
94.3
98.9

151.4
137 7
152.9
161 4
162.7
148.7
167.3

96
86
95
97
90
78
81

118
118
128
135
135
136
144

114.4
114 8
114.5
116 2
120.2
123.5
124.6

120
119
120
126
130

269
272
272

194
194
194

154

159

192
194

148
149
146
152
165

143
135
139

279

166
165
165
162
166

158
158
157

165

157
156
154
154
164

91

96
100
102
80
77

118.9 97 4
119.2 98.3
118.9 97.3
119.4 98.4
120.4 100.4

164 9
169.1
165 9
166.8
175.4

72
72
74
81
91

144
144
147
146
146

124 8
125.2
125 5
125.6
125.5

119.1
119.7
119.1
118.9
118.9

168
166
166
165
167
166
166
165
*>162

168
166
165
164
166
165
165
163
^161

129
126
125
129
128
128
'128
128
?126

280
282
288
288
285
289
291
291
P294

170
167
167
168
171
'171
170
169
*>169

164
160
160
162
164
'165
164
163
^162

195
194
196
194
197
196
197
196
*>193

167
166
164
163
162
161
'161
159
^157

85
91
119
136
134
137
122
132

79
79
110
118
118
125
142
117

120.9
121.1
120.8
121 5
121.4
121.5
121.5
121.2

101.4
101.4
100.8
100 8
100.9
100.3
'99.6
98.4

175.5
173.9
172.6
168 8
171.5
172.5
'169.0
170.2

146
142
138
154
141
145
149

125.4
125.6
125.7
126 2
126.3
126.5
126.6
126.6

nix.i

P98.1

nix.x

90
86
83
84
83
77
73
75
73

119.3
119.3
120.0
120.0
119.7
119.5
119.7
119.2
119.2

Total
ManuMinfac-

113

123
127

152
.

1959—Aug
Sept
Oct
Nov
Dec

I960—Jan . .
Feb
Mar

Apr
May
June
July
Aug
Sept

141
159
157
157
155

156

115

114

132

120
126

274

142

r
• Estimated.
» Preliminary.
Revised.
Adj. = adjusted for seasonal variation.
Unadj. = without seasonal
adjustment.
• See note 1.
i Indexes beginning with 1956 are based on data for 48 States from
F. W. Dodge Corporation, 1957=100. Figures for earlier years are
three-month moving averages, based on value data for 37 States east of
the Rocky Mountains, 1947-49=100; the data for 1956 on this basis

All
other

Adj.

Unadj. Unadj.

100

113
132

101

Adj.

Payrolls

Unadj.

Adj.

Adj.

e

Unadj. Untdj.

142

96.4
104.4
99.2
103.1
114.8
111.6
110.1
110.3
110.7
114 3
117.6
119.2
119.5

were: residential, 271; all other, 266. A description of the old index,
including seasonal adjustments, may be obtained from the Division of
Research and Statistics.
2 Employees only, excluding personnel in the armed forces.
3
Production workers only.
NOTE.—Indexes for employment (excluding Alaska and Hawaii),
payrolls, and prices are compiled by the Bureau of Labor Statistics.

CONSTRUCTION CONTRACTS
[Figures for the 48 States, as reported by the F. W. Dodge Corporation.

Type of ownership and
type of construction

1959

Annual totals
1958

1959

Value of contracts, in millions of dollars]

Aug.

Sept.

Oct.

1960
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

35,090 36,269 3,084 3.058 3,135 2,373 2,224 2,193 2,240 3,046 3 360 3 337 3,472 3 597 3,295
By type of ownership:
Public
Private

13 427 11,068
21,663 25,201

By type of construction:
Residential
Nonresidential
Public works and utilities

14,696 17,150 1,551 1,466 1,515 1,092
10,948 11,387
961 1,006 1,003
801
586
616
480
9,446 7,732
571

850

840
914
701
702 1,075
711
727
2,218 2,220 1,672 1,513 1,466 1,537 1,971

NOTE.—Beginning in 1958, monthly data exceed annual total and are
not comparable with monthly data for earlier years because of a change




993
790
441

927
801
465

1 067

1 237 1 413 1 018
2 3 1 2 2 236 2,184 2 277

988 1,294 1,480 1,453 1,483
698 1,067 1,048 1 110 1 110 1 152
554
833
685
774
879 1,116

in policy of accounting for negative adjustments in monthly data after
original figures have been published.

1175

CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
[Bureau of the Census estimates. 1 Monthly data at seasonally adjusted annual rates. In millions of dollars]
Private
Year or month

Total
Total

Nonfarm
residential

Public

Indus- Comtrial mercial

Public
utility

Other
nonresidential

Business
Total

Total

Military

Highway

Sewer
and
water

All
other

23,447
23,889
25,783
27,684
32,440
33,067
33,778
33,491

12,529 7,344
12,842 7,500
13,777 8,495
15,379 8,531
18,705 9,980
17,677 11,608
17,019 12,535
18,047 11,076

2,117
2,320
2,229
2,030
2,399
3,084
3,557
2,382

1,498
1,137
1,791
2,212
3,218
3,631
3,564
3,589

3,729
4,043
4,475
4,289
4,363
4,893
5,414
5,105

3,574
3,547
3,511
3,774
3,755
3,782
4,224
4,368

9,253
10,781
11,236
11,678
11,724
12,712
14,017
15,412

887
1,387
1,290
1,003
1,287
1,360
1,287
1,402

2,353
2,679
3,015
3,680
3,861
4,395
4,892
5,500

775
790
883
982
1,085
1,275
1,344
1,387

5,238
5,925
6,048
6,013
5,491
5,682
6,494
7,123

56,105

39,848

24,469 11,088

2,106

3,930

5,052

4,291 16,257

1,488

5,916

1,467

7,386

55,645
54,723
54,266
55,367

40,474
39,804
39,622
40,058

24,983
24,507
24,016
23,901

11,172
10,956
11,184
11,652

2,184
2,208
2,316
2,448

3,948
3,876
3,888
4,020

5,040
4,872
4,980
5,184

4,319
4,341
4,422
4,505

15,171
14,919
14,644
15,309

1,289
1,212
1,327
1,433

5,532
5,580
5,328
5,520

1,512
1,452
1,476
1,524

6,838
6,675
6,513
6,832

54,696
54,900
54,444
54,212
55,337
55,293
55,515
55,014
55,434

39,864
39,720
39,288
38,768
38,993
39,207
39,160
38,756
38,895

23,244
22,536
22,392
21,930
22,180
22,362
22,308
21,779
21,680

11,928
12,396
12,120
12,084
12,036
12,074
12,101
12,184
12,378

2,556
2,748
2,772
2,772
2,760
2,788
2,868
2,934
3,041

4,140
4,356
4,116
4,056
3,960
3,881
3,870
3,922
4,036

5,232
5,292
5,232
5,256
5,316
5,405
5,364
5,328
5,301

4,692
4,788
4,776
4,754
4,777
4,771
4,750
4,793
4,837

14,832
15,180
15,156
15,444
16,344
16,086
16,355
16,258
16,539

1,272
996
1,512
1,236
1,200
1,283
1,265
1,204
1,132

5,004
5,448
5,112
5,304
6,168
5,639
5,768
6,059
6,272

1,536
1,536
1,536
1,536
1,512
1,475
1,455
1,447
1,481

7,020
7,200
6,996
7,368
7,464

1951
1952
1953
1954
1955
1956
1957
1958

32,700
34,670
37,019
39,362
44,164
45,779
47,795
48,903

19592
19592—Sept.
Oct...
Nov..
Dec.. .
1960—Jan...
Feb.. .
Mar..
Apr.. .
May..
June..
July 23
^
Aug. 3
Sept.*

2

v Preliminary.
i Data for 1951-58 are joint estimates of the Departments of Commerce
and Labor.

689
867
548
7,654

Series beginning 1959 includes Alaska and Hawaii for the first time.

NEW HOUSING STARTS
[Bureau of the Census, Federal Housing Administration, and Veterans Administration.

Year or month

Seasonally
adjusted
annual rate
(Private only)
Total

Total

Metropolitan
areas *

Nonfarm

1951
1952
1953
1954
1955
1956
1957
1958
1959

1,091
1.127

104
,220
1,329
1,118
I 042
1,209

111
795
804
897
976
780
700
827

946

19593

1,554

1,077

379

315
332
300
324
353
338
342
382

Government-underwritten 2

Private

Nonpolitan
areas*

In thousands of units]

Public
Total
1,020
1,069
1,068
1,202
1,310
1,094

1family

Multifamily

432

1,142
1,343

981
840
933

1,079

40
46
42
34
33
31
33
39

49

1,517

1,234

56

227

1,077
1,190

1,450
1,509
1,378
1,356
1,451

1,446
1,468
I 354
1,328
1,401

142
140
123
107
96

98
94
89
74
67

44
46
35
32
29

138
136
120
105
96

115
113
97
85
77

5
4
5
4
4

19
19
19
15
15

I960—Jan
Feb
Mar
Apr
May

1,366
1,367
1,112
1,329
1,342
[,302
V 1,184
V
1,275

1,291
1,347
1,098
1,309
1,324
1,285
V 1 166
V 1,256

88
90
93
125
131

65
66
67
83
91

24
25
27
43
40

87
88
90
124
128

69
71
73
102
102

3
3
3
4
4

84

44

122

100

4

80
86

35
42

Pill
?123

91
n.a.

4
n.a.

15
14
14
18
22
18
17
n.a.

July
Aug

127
*>115

2427

r
n.a. Not available.
» Preliminary.
Revised.
* For new series, based on revised definition of metropolitan areas.
2
Data from Federal Housing Administration and Veterans' Administration represent units started, based on field office reports of first
compliance inspections.




36

r

FHA

71
59
36
19
19
24
49
68

88
84
94
90
87
82
120
170

Aug
Sept
Oct
Nov
Dec

1959

Total

215

477

993

892
939
933

2family

412
421
409
583
670
465
322
439
458

264
280
252
276
277
195
193
337
349

149
141
157
307
393
271
128
102

37

458

349

109

4
4
3

45
42
37
31
26

35
32
28
23
20

10
10
9
8
6

20
22
27
33
32
34
31
35

16
18
22
25
25

4
5
5
7
7

2

2
3
2
3
5

H
P5

r

26

24
26

VA

109

8

7
8

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.

1176

EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of Labor Statistics estimates, without seasonal adjustment.

In thousands of persons unless otherwise indicated]

Civilian labor force

Year or month

Total noninstitutional
population

Total
labor
force

Employed i
Total
Total

In nonagricultural
industries

In
agriculture

Unemployed

Not in the
labor force

Unemployment
rate
(per cent) 2

1953
1954
1955
1956
1957
1958
1959

115,095
116,220
117,388
118,734
120,445
121,950
123,366

67,362
67,818
68,896
70,387
70,746
71,284
71,946

63,815
64,468
65,848
67,530
67,946
68,647
69,394

61,945
60,890
62,944
64,708
65,011
63,966
65,581

55,390
54,395
56,225
58,135
58,789
58,122
59,745

6,555
6,495
6,718
6,572
6,222
5,844
5,836

1 870
3 578
2,904
2 822
2,936
4 681
3,813

47 732
48,401
48,492
48,348
49,699
50,666
51,420

5.6
4.4
4.2
4.3

1959—Sept
Oct
Nov
Dec

123,659
123,785
123,908
124,034

72,109
72,629
71,839
71,808

69,577
70,103
69,310
69,276

66,347
66,831
65,640
65,699

60,105
60 707
60,040
60,888

6,242
6,124
5,601
4,811

3,230
3 272
3 670
3,577

51,550
51 155
52,068
52,225

6 0

I960

124,606
124,716
124,839
124 917
125,033
125,162
125,288
125,499
125,717

70,689
70,970
70,993
72,331
73,171
75,499
75,215
74,551
73,672

68,168
68,449
68,473
69,819
70,667
73,002
72,706
72,070
71,155

64,020
64,520
64,267
66,159
67,208
68,579
68 689
68,282
67,767

59,409
59,901
59,702
60 765
61,371
61,722
61 805
61,828
61,179

4,611
4,619
4,565
5,393
5,837
6,856
6,885
6,454
6,588

4,149
3 931
4,206
3 660
3 459
4,423
4 017
3,788
3,388

53,917
53,746
53,845
52 587
51,862
49,663
50 074
50,948
52,045

Jan 3
Feb
Mar

Apr
May
June
July

•

Sept

1
Includes self-employed, unpaid family, and domestic service workers.
2 Per cent of civilian labor force. Monthly data are seasonally
adjusted.
3 Beginning with January 1960, data include Alaska and Hawaii.
Figures for population increased by about 500,000 and total labor force
by nearly 300,000, most of which was in nonagricultural employment.

2 9

6 8
5.5
5,6
5.9

5.5
5.2
4 8
5.4
5.0
4.9

5.5
5 4
5.9
5.7

NOTE.—Information relating to persons 14 years of age and over is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual data
are averages of monthly figures.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics.

Transportation and
public
utilities

Trade

Finance

Service

2,622
2,593
2,759
2,929
2,808
2,648
2,767

4 221
4,009
4 062
4,161
4,151
3,903
3 902

10,527
10,520
10,846
11,221
11,302
11,141
11,385

2,038
2,122
2,219
2,308
2,348
2,374
2,425

5,538
5,664
5,916
6,160
6,336
6,395
6,525

6 645
6,751
6 914
7,277
7,626
7,893
8 127

2,776
2,762
2,792
2,800

3,899
3,900
3 902
3,917

11,464
11,478
11,452
11,486

2,452
2,453
2,450
2,450

6,584
6,549
6,593
6,613

8,221
8,217
8,233
8,307

678
658
667
668

2 775
2,781
2,601
2 752
2 783
2,790
2,858
2,822
2,789

3 941
3,933
3 920
3 924
3 9?7
3,926
3,910
3,890
3,885

11,594
11,627
11,595
11 652
11,675
11.712
11,736
11,755
11,678

2.454
2,464
2,456
2 463
2,469
2.471
2,480
2,498
2,513

6,606
6,616
6,577
6 611
6,618
6,645
6,682
6,653
6.680

8 290
8.315
8 499
8 515
8 409
8,420
8.404
8,477
8.543

16,367
16,197
16,280
16,484

620
621
660
668

3,043
2,961
2,856
2,699

3,927
3,910
3 912
3,940

11,464
11,551
11,723
12,345

2,452
2,441
2,438
2,438

6,617
6,614
6 593
6,547

8,158
8,274
8 331
8,635

16,470
16,520
16,478
16,380
16,348
16,422
16,250
16,396
16,465

658
669
666
611
677
681
655
674
671

2,453
2.389
2,312
2,590
2,830
2,977
3,098
3,116
3,057

3,882
3,887
3 900
3,917
3,924
3,942
3,939
3.919
3;913

11,424
11,329
11,325
11,620
11,543
11,637
11,591
11,583
11,678

2,429
2,439
2 444
2,463
2,469
2,496
2,530
2.535
2.513

6,474
6,484
6 511
6,644
6,717
6,745
6,715
6,686
6,713

8,288
8,343
8 536
8,553
8,449
8,409
8,145
8,143
8,478

Total i

Manufacturing

49,681
48,431
50,056
51,766
52,162
50,543
51,975

17,238
15,995
16,563
16,903
16,782
15,468
16,168

1959 Sept
Oct
Nov
Dec

52,154
52,002
52,253
52,674

16,141
16,022
16,174
16,436

617
621

I960

52,880
52,972
52,823
53 128
53,105
53.140
53,145
53,036
52,994

16,562
16,567
16,509
16 527
16,540
16,498
16,417
16,274
16,238

658
669
666
684
684

1959—Sept
Oct
Nov
Dec

52,648
52,569
52,793
53,756

I960 Jan
Feb
Mar

52,078
52.060
52,172
52,844
52,957
53,309
52,923
53,052
53,488

Year or month

1953
1954
1955
1956
1957
1958
1959

In thousands of persons]

Mining

Contract
construction

852

111
111
807

809
721
676

Federal,
State and
local
government

SEASONALLY ADJUSTED

Jan
Feb
Mar
Apr
May
June
July p
Aug.
Sept.P

657
665

WITHOUT SEASONAL ADJUSTMENT

Apr

May
June
Julv v
Aug p
Sept.

* Preliminary.
1
Excludes data for Alaska and Hawaii.
NOTE.—Data include all full- and part-time employees who worked
during, or received pay for, the pay period ending nearest the 15th of the




month. Proprietors, self-employed persons, domestic servants, unpaid
family workers, and members of the armed forces are excluded. Back
data may be obtained from the Bureau of Labor Statistics.

1177

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING
[Bureau of Labor Statistics.

INDUSTRIES

In thousands of persons]

Seasonally adjusted
Industry group

1959

Without seasonal adjustment

1960

1959
Sept.

July

Aug.*3

Sept.*7

Sept.

July

Aug. 2

1960

12,154

12,321

12,172

12,136

12,373

12,145

12,283

12,357

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.

6,837
74
599
327
462
611
841
1,197
888
1,200
231
407

7,000
72
594
334
455
933
842
1,147
881
1,105
228
409

6,881
72
585
333
448
915
830
1,139
878
1,040
229
412

6,894
71
569
324
445
904
830
1,126
873
1,118
225
409

6,847
74
620
329
469
611
841
1,167
888
1,200
231
417

6,888
72
606
321
450
924
817
1.130
850
1.105
223
389

6,839
72
608
328
452
910
822
1,111
860
1.040
'226
410

6,905
71
589
326
452
904
830
1,098
873
1,118
225
419

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

5,317
1,001
81
894
1,084
453
570
537
151
211
335

5,321
1,014
79
874
1,110
449
574
548
150
198
325

5,291
1,014
72
868
1,084
451
579
548
151
199
325

5,242
999
81
856
1,075
448
576
536
151
197
323

5,526
1,162
98
890
1,106
460
570
540
153
212
335

5,257
1.064
69
848
1.060
445
568
537
153
192
322

5,444
1,151
80
859
1,106
453
573
540
154
197
331

5,452
1,161
98
852
1,097
455
576
539
153
198
323

Total

* Preliminary.
>
NOTE.—Data covering production and related workers only (full- and
part-time) who worked during, or received pay for, the pay period ending

nearest the 15th of the month. Back data may be obtained from the
Bureau of Labor Statistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics. In unit indicated]
Average weekly earnings
(dollars per week)
Industry group

1959

1960

Sept.
Total

89.47

91.14

1959

July

1960

1959

90.68

40.3

39.8

39.8

97.76 97.60 98.00
105.20 105.60 108.12
81.35 83.41
82.37
74.40 75.89 76.48
93.02 93.48 92.52

39.9
40.0
39.3
40.0
40.8
38.7
40.5
40.9
39.3
40.2
40.4
39.4

40.0
40.0
40.1
40.8
41.0
38.1
41.0
40.4
39.8
39.6
40.3
40.0

39.6
41.1
37.6
39.7
36.4
42.5
38.2
41.6
41.5
40.6
38.4

39.5
41.1
37.8
39.7
36.7
42.6
38.3
41.3
40.7
39.9
38.1

July

Aug. ^

Sept.*

39.6

2.22

2.29

2.28

2.29

40.0
40.8
39.6
40.9
40.4
37.9
40.6
40.5
39.8
40.6
40.2
39.8

2.37
2.56
2.03
1.83
2.23
2.66
2.39
2.51
2.23
2.71
2.29
1.90

2.45
2.63
2.07
1.86
2.28
2.81
2.46
2.57
2.30
2.74
2.37
1.94

2.44
2.64
2.08
1.86
2.28
2.80
2.46
2.56
2.30
2.75
2.37
1.94

2.45
2.65
2.08
1.87
2.29
2.80
2.45
2.56
2.31
2.80
2.37
1.93

39.0
41.0
39
38
35
42.4
38.2
41.3
41.4
40.0
36.3

2.03
2.08
1.55
1.59
1.53
2.24
2.75
2.47
2.91
2.47
1.16

2.08
2.18
1.82
1.62
1.55
2.29
2.78
2.55
2.92
2.55
1.64

2.07
2.15
1.72
1.62
1.57
2.30
2.77
2.54
2.90
2.51
1.64

2.09
2.16
1.62
1.62
1.58
2.31
2.79
2.56
2.96
2.53
1.65

July

90.74

96.70
105.22
86.62
75.58
91.43
106.40
99.66
103.16
90.76
108.40
93.89
76.95

108.75
99.63
105.11
90.39
110.15
95.75
76.44

106.68 106.12
100.86 99.47
103.42 103.68
91.54
91.94
108.90 113.68
95.51
95.27
77.60 76.81

40.8
41.1
40.7
41.3
41.0
40.0
41.7
41.1
40.7
40.0
41.0
40.5

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

80.79
86.11
63.40
63.28
55.69
96.77
106.70
104.48
120.77
102.01
59.09

82.37
89.60
68.43
64.31
56.42
97.33
106.20
106.08
121.18
103.53
62.98

81.77
88.37
65.02
64.31
57.62
97.98
106.09
104.90
118.03
100.15
62.48

81.51
88.56
63.99
62.21
56.09
97.94
106.58
105.73
122.54
101.20
59.90

39.8
41.4
40.9
39.8
36.4
43.2
38.8
42.3
41.5
41.3
36.7

'Preliminary.
NOTE.—Data are for production and related workers,
available from the Bureau of Labor Statistics.

Back data are

1960

Sept.

Sept.

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...




Average hourly earnings
(dollars per hour)

Average hours worked
(per week)

1178

DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-^*9 average= 100]
Federal Reserve district
Year or month

United
States
Boston

New
York

Philadelphia

Cleveland

114

110

104

113

115

135
135
136
144

114
117
123
126
122
122
126

105
108
113
120
124
127
131

117
116
125
131
132
133
139

119
112
122
128
129
128
136

144
144
147
146
146

121
127
129
129
129

128
131
134
134
135

136
138
140
140
140

137
135
138
138
141

146
142
138
154
141
145
149

131
130
122
134
125
129
125
124

135
133
126
144
131
135
135
137

146
143
134
151
136
144
142
136

Aug
Sept
Oct
Nov
Dec

133
145

103
132

102
132

150

131

141

176
260

154
251

I960—Jan
Feb
Mar
Apr
May

111
106
115

Minne- Kansas Dallas
City
apolis

San
Francisco

109

121

129

120

110
113
117
126
128
128
134

123
129
140
144
142
146
155

132
136
149
158
159
159
172

122
122
132
141
140
143
156

144
140
148
149
143

132
136
137
131
133

153
151
162
156
155

179
167
173
179
170

157
157
158
155
158

134
127
125
145
132
134
141
134

150
134
131
159
143
144
144

137
135
123
147
133
137
136
132

156
144
142
164
150
154
159

171
163
164
181
159
170
175
169

156
158
157
159
153
153
159
155

177
173

124
138

138
144

132
146

156
155

176
160

157
154

186

142

151

150

162

177

154

190
289

217
325

164
233

177
250

148
230

179
266

208
291

181
281

105
105
113

112
105
114

139
137
149

101
95
108

111
102
110

98
99
105

115
105
119

135
122
143

121
121
126

Richmond

Atlanta

Chicago

St.
Louis

122

127

109

116

127
129
140
146
148
148
156

131
135
149
164
166
169
181

114
112
122
128
128
125
133

120
121
132
138
138
137
144

152
154
158
156
156

184
186
188
189
185

134
134
139
135
134

139
136
139
144
139
139
143
139

156
149
140
168
144
149
156
149

180
175
162
192
176
183
194
*>178

114
140

126
135

138
155

144

139

165

170
245

183
257

170
252

99
93
95

108
102
107

108
102
113

SALESi
1952
1953...
1954
1955
1956...
1957
1958 .
1959
SEASONALLY ADJUSTED
1959

Aug .
Sept
Oct
Nov
Dec

I960—Jan
Feb
Mar
Apr
May
June
Julv
Aug
WITHOUT SEASONAL ADJUSTMENT
1959

150

133

137

153

144

165

194

139

150

139

154

172

153

138
137
122

124
123
95
106

127
130
101
109

134
134
108
114

135
131
116
128

143
139
129
135

173
165
165
^170

130
129
113
123

144
134
119
^134

127
133
109
132

150
146
140

159
156
156
165

145
147
142
154

121

117

115

120

115

127

143

112

120

113

130

129

131

131
128
136
148

124
126
132
141

120
117
119
130

129
127
135
148

125
122
124
133

141
138
159
175

155
152
170
195

122
120
127
138

131
125
135
148

123

130
142

146
141
152
164

143
140
153
168

140
135
142
156

152
148
156

138
136
142

138
136
142

154
152
159

136
129
134

178
172
179

203
197
210

143
139
148

150
143
144

146
137
143

160
153
157

174
165
178

158
155
167

1959—Aug
Sept
Oct
Nov
Dec

160

147

147

164

160

147

144

161

139

183

222

157

145

146

159

182

167

158
160
161

145
145
145

143
144
144

159
160
166

139
142
138

179
179
180

225
223
227

151
152
154

143
142
146

147
149
146

161
161
162

185
188
183

163
171
174

I960—Jan
Feb
Mar
Apr
May

161
160
162
159
161
165
167
^169

144
143
144
141
146
148
149
153

146
146
147
144
149
149
151
154

164
160
159
157
164
168
166
166

142
142
145
139
144
150
160
157

178
179
177
181
187
185
187
189

227
225
225
224
223
227
227

150
147
151
146
152
152
155
158

149
145
148
147
151
152.
154

147
145
146
146
150
152
157
^162

162
162
160
157
160
161
165
Pi 64

186
180
182
181
185
192
190

178
179
183
176
167
180
180
^182

1959—Aug
Sept
Oct
Nov
Dec

157
168
177
182
145

143
154
164
170
135

144
151
162
167
134

157
169
183
185
149

130
145
156
160
126

181
193
205
207
165

212
230
245
252
197

152
163
167
171
134

145
154
163
162
132

145
152
163
168
136

155
164
174
182
146

182
192
203
207
170

166
176
182
196
160

I960—Jan
Feb
Mar
Apr
May

144
152
165
165
163
157
158
^165

128
134
146
147
149
139
135
149

132
136
149
150
151
140
137
150

144
154
164
168
167
156
149
159

125
136
149
146
148
142
147
150

158
167
181
188
186
174
172
186

207
223
237
232
225
213
211
^225

135
139
151
155
155
149
152
155

133
138
150
153
149
143
146
^153

135
139
149
150
150
143

146
156
164
163
161
158

158
165
182
179
166
176

148

158

163
175
191
189
183
179
180
P191

July.
Aug
STOCKS i
1952
1953
1954
1955
1956
1957...
1958
1959

124

SEASONALLY ADJUSTED

July
Aug

136

184

217

155

147

148

157

182

167

WITHOUT SEASONAL ADJUSTMENT

July
Aug

r
* Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.




177

For description of the series see the BULLETIN for December 1957,

pp. 1323-36. Back data may be obtained from the Division of Administrative Services.

1179

DEPARTMENT STORES; FOREIGN TRADE
DEPARTMENT STORE MERCHANDISING DATA
[Based on retail value figures]
Ratios to sales4

Amounts (in millions of dollars)

Sales i
(total
for
month)

Period

Stocks i
(end
of
month)

Outstanding
orders i
(end of
month)

Receipts2
(total
for
month)

New
orders 3
(total
for
month)

Stocks

3.2
2.9

Outstanding
orders

Stocks
plus
outstanding
orders

Receipts

4.4

1.0
0

Annual average:
1951
1952
1953
1954
1955
1956
1957
1958
1959

460
435

390
397

379
401

421
388

408
410

401
412

446

444

449

454
459
462
485

1.202
1,097
1,163
1,140
1,195
1,286
1,338
[,323
1,385

470
461
437
510

459
461
462
492

2.9

458
458
464
496

3.1
3.0

429
472
531
578
940

1,387
1,483
1,578
1,639
1,310

631
627
604
521
372

384

1,299
1,362
1,468
1,473
1,461
[,381
1,371
411

459

373

460

514

425

480

456
417
420
616
678
646

524
512
436
371
363
560

466
473
439
567
425
528

391
397

406
409
437

3.0
3.0
3.0
3.0

1.3
1.2
1.1
1.0
1.1
1.1
1.1
1.0
1.1

4.1

4.1
4.0

1.0

o

4.0
4.1
4.1
4.1
4.1

1.0
0

4.7
4.5
4.1
3.7

.2

0

.0
.1

Month:
r

1959—Aug
SeDt
Oct
Nov
Dec
I960—Jan
Feb
Mar
May
June
July p
Aug .

362

..

418
507
448
451
373
454

. .

r
v Preliminary.
Revised.
1
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1959,
sales by these stores accounted for about 45 per cent of estimated total
department store sales.
2 Derived from the reported figures on sales and stocks.

r

r

3.2
3.1
3.0
2.8
1.4
3.4

471
571
603
556
462

501
575
626
639
611

3.8

3.5

2.9
3.3
3.1
3.7
3.3

1.5
1.3

1.1
0.9
0.4

1.2
1.4
1.1
0.8
0.9
1.4
1.8
1.4

1.8
4.6

.1
(
0

5.2

4.6
3.7
4.2
4.4
5.5
4.7

1.3
0
[.0
() 8

.0
1 ">
f

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 l

Merchandise exports excluding
military-aid shipments 2

Merchandise imports 3

Period
1958
Jan
Feb
Mar
Apr
May
July
AUK

Sept
Oct
Nov
Dec

.

Jan -Aug

1959

1960

1958

1959

1960

1,505
1,346
1,555
1,530
1,638
1,408
1,418
1,401
1 363
1,607
1,599
1 524

1,400
1,280
1,456
1,479
1,551
1,423
1,468
1,397
1 479
1,482
1,479
1 675

1.562
,576
,751
,823
,810
,738
,699
(SI I

1,397
1,246
1,440
1,408
1,507
1,309
1,289
1,287
1 242
1,426
1,410
1 389

1.286
1,183
1,375
1,343
1,411
1,347
1,353
,300
I 399
.398
1,376
1 569

1,484
1,497
1,634
1,708
1,716
1,638
1,629
1,548

11,801

11,454

13,570

10,883

10,598

12,854

1 Exports of domestic and foreign merchandise.
2
Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.




1958

1959

1960

1,096
1,071
1,057
1,061
1,031
1,049
950
1 073
1,150
1,086
1 254

1.154
[,118
1,295
1,221
[,264
1,369
[,248
1,189
I 392
[,202
1,282
478

1.137
[,288
1,375
,257
,260
,313
,155

8,271

9,858

10,013

956

978

3 General imports including imports for immediate consumption plus
entries into bonded warehouses.

1180

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
Rent

Total

Gas
and
electricity

ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion

Medical
care

Personal
care

Read- Other
ing
goods
and
and
recrea- servtion
ices

1929
1933
1941
1945

73.3
55.3
62.9
76.9

65 6
41.6
52.2
68.9

1952
1953
1954
1955
1956
1957
1958
1959

113.5
114.4
114.8
114.5
116.2
120.2
123.5
124.6

114.6
112.8
112.6
110.9
111.7
115.4
120.3
118.3

114.6
117.7
119.1
120.0
121.7
125.6
127.7
129.2

117.9
124.1
128.5
130.3
132.7
135.2
137.7
139.7

104.5
106.6
107.9
110.7
111.8
113.0
117.0
119.9

118.7
123.9
123.5
125.2
130.7
137.4
134.9
136.6

108.5
107.9
106.1
104.1
103.0
104.6
103.9
103.9

111.8
115.3
117.4
119.1
122.9
127.5
131.4
134.3

105.8
104.8
104.3
103.7
105.5
106.9
107.0
107.9

126.2
129.7
128.0
126.4
128.7
136.0
140.5
146.3

117.2
121.3
125.2
128.0
132.6
138.0
144.4
150.8

111.8
112.8
113 4
115.3
120.0
124.4
128.6
131.2

107 0
108.0
107.0
106.6
108.1
112.2
116.7
118.6

115.4
118.2
120.1
120.2
122.0
125.5
127.2
129.7

1959—Aug
Sept
Oct
Nov
Dec

124.8
125.2
125.5
125.6
125.5

118.3
118.7
118.4
117.9
117.8

129.3
129.7
130.1
130.4
130.4

139.8
140.0
140.4
140.5
140.8

120.1
121.6
121.7
121.7
122.7

133.9
135.0
135.5
135.9
137.3

103.6
104.0
104.1
104.4
104.2

134.6
135.2
135.3
135.4
135.5

108.0
109.0
109.4
109.4
109.2

146.7
146.4
148.5
149.0
148.7

151.4
152.2
152.5
153.0
153.2

131.7
132.1
132.5
132.7
132.9

119.1
119.6
119.7
120.0
120.4

ni i
131.5
131.6
131.6
131.7

I960 Jan
Feb
Mar
Apr
May

125.4
125.6
125.7
126.2
126.3
126.5
126.6
126.6

117.6
117.4
117.7
119.5
119.7
120.3
120.6
120.1

130.7
131.2
131.3
131.4
131.2
131.3
131.3
131.5

140.9
141.0
141.2
141.4
141.4
141.6
141.8
141.9

123.2
124.0
124.1
124.4
124.7
124.7
124.8
124.9

139.0
139.0
137.2
136.3
132.9
132.3
132.9
133.4

104.0
104.3
104.7
104.7
104.3
104.3
104.1
103.5

135.9
136.3
136.9
137.0
137.2
137.3
137.4
137.6

107.9
108.4
108.8
108.9
108.9
108.9
109.1
109.3

147.6
147.5
146.5
146.1
145.6
145.8
145.9
146.2

153.5
154.7
155.0
155.5
155.9
156.1
156.4
156.7

132.7
132.6
132.7
132.9
133.2
133.2
133 4
133.8

120.3
120.6
120.9
121.1
121 4
121.1
121 6
121.9

131.8
131.8
131.7
131.9
131.9
132.0
132.2
132.4

July
Aug

117.4
83.6
88.4
90.9

Transportation

60.3
45.9
55.6
76.3

NOTE.—Revised index, reflecting, beginning with January 1953, the inclusion of new series (i.e. home purchases and used automobiles) and re-

vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49=*100.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.

1947-49=100]
Other commodities

Year or
month

All
com- Farm Processed
modi- prod- foods
ucts
ties
Total

111.6 107.0 108.8 113.2
110.1 97.0 104.6 114.0
110.3 95.6 105.3 114.5
110.7 89.6 101.7 117.0
114.3 88.4 101.7 122.2
117.6 90.9 105.6 125.6
119.2 94.9 110.9 126.0
119.5 89.1 107.0 128.2

1952
1953
1954
1955
1956
1957
1958
1959

Textile
products
and
apparel

Hides,
skins,
and
leather
products

Fuel,
power,
and
lighting
materials

Ma- FurniChem- Rub- Lum- Pulp Metals chin- ture Nonmeery
ber paper, and
icals
and
ber
and other tallic
and
and
and
and wood allied metal mo- house- minallied prodprod- ucts prod- prod- prod- tive
hold erals—
ucts prod- dura- strucucts
ucts
ucts
ucts
bles tural

99.8 97.2 106.6
97.3 98.5 109.5
95.2 94.2 108.1
95.3 93.8 107.9
95.3 99.3 111.2
95.4 99.4 117.2
93.5 100.6 112.7
95.0 114.3 112.7

104.5
105.7
107.0
106.6
107.2
109.5
110.4
109.9

134.0
125.0
126.9
143.8
145.8
145.2
145.0
144.8

120.3
120.2
118.0
123.6
125.4
119.0
117.7
125.8

116.5
116.1
116.3
119.3
127.2
129.6
131.0
132.2

123.0
126.9
128.0
136.6
148.4
151.2
150.4
153.6

121.5
123 0
124.6
128 4
137.8
146.1
149 8
153.0

112.0
114 2
115.4
115 9
119.1
122.2
123.2
123.4

113.6
118 2
120.9
124 2
129.6
134.6
136 0
137.7

Tobacco
mfrs. Misand cellabottled neous
beverages
110.6 108.3
115 7 97.8
120.6 102.5
121.6 92.0
122.3 91.0
126.1 89.6
128.2 94.2
131.4 94.5

1959
119.1
119.7
119.1
118.9
118.9

Sept
Oct.
Nov
Dec

87.1
88.9
86.5
85.4
85.9

105.8
107.8
106.4
104.9
104.7

128.4
128.4
128.4
128.5
128.6

95.7
95.9
95.9
96.3
96.7

119.7
119.1
116.2
111.7
112.3

112.2
111.9
111.4
111.2
111.7

109.7
109.9
110.0
110.0
110.0

141.0
142.0
142.3
144.9
142.5

128.5
127.2
126.2
124.3
124.8

132.3
132.4
132.5
132.3
132.4

152.8
153.8
154.5
155.8
155.2

153.8
153.9
153.7
153.6
153.7

123.5
123.4
123.3
123.3
123.2

137.4
137.5
137.5
137.7
137.8

C

131.9
131.8
131.7
131.7
131.7

92 0
88.6
91.8
93.7
94.2

119.3
119.3
120.0
120.0
119.7
119.5
119.7
119.2

86.5
87.0
90.4
91.1
90.4
89.0
88.9
86.5

105.6
105.7
107.3
106.8
107.3
107.6
r
108.9
107.9

128.8
128.7
128.6
128.7
128.2
128.2
128.2
128.2

96.6
96.5
96.3
96.3
96.3
96.3
96.3
96.1

112.7
112.0
111.8
112.1
111.2
110.3
r
110.1
108.7

111.9
112.0
112.3
112.2
110.8
112.3
113.8
115.3

109.9
110.0
110.1
110.2
110.2
110.2
110.4
110.5

143.5
145.1
145.2
145.1
146.7
147.2
r
146.9
145.3

125.1
124.9
124.5
124.3
123.7
122.4
r
121.5
119.7

133.7
133.2
133.1
133.1
133.4
133.5
133.5
133.3

155.5
155.3
154.5
154.5
154.2
153.8
153.4
153.6

153.8
153.9
153.9
154.0
153.5
153.4
r
153.2
153.2

123.4
123 5
123.7
123.5
123.2
123.0
r
123.1
122.9

138.4
138 2
138.2
138.3
137.9
137.8
137 8
137.9

131.7
131 7
131.7
131.7
131 7
131.7
r
131 8
132.0

95.3
93 4
94.0
95.4
91 1
90.9
90 8
89.9

1960
Jan
Feb
Mar
Apr
May
July
Aug
• Corrected.




' Revised.

1181

PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49=100]
1959
Subgroup

1960

Aug.

June

July

92.8
77.7
83.1
95.7
94.4
66.8
73.1
132.1

109.7
77.5
85.1
96.7
93.3
64.2
74.4
128.0

112.9
75.5
84.1
96.4
95.5
65.4
73.5
127.7

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products

,

Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods

119.5 121.2 122.5
94.8
98.1
99.5
114.7 116.0 117.3
107.9 106.9 107.5
115.5 114.3 117.2
145.2 145.2 143.5
96.6 103.9 103.3

1959
Aug.

94.7
94.8
102.1 '101.8
79.6
79.6
121.6 123.3
100.8 101.0
85.1
81.9

94.3
101.5
78.9
126.8
101.0
84.6

106.9
117.3
132.3
114.0

68.0
67.1
103.0 102.2
132.5 132.5
106.4 105.6

122.0
170.4
109.2
100.6
116.2

119.5 120.3
170.4 170.4
112.2 114.4
101.8 102.0
116.0 117.9

63.6
98 9 Furniture and Other Household Durables:
132.5
104.8
Household furniture
Commercial furniture
,
Floor covering
Household appliances
121.3
Television, radios, phonographs
170.4
Other household durable goods
,
117.2
102.1
120.0 Nonmetallic Minerals—Structural:

123.7
128.3
101.5
93.6
53.8
109.2
104.8
106.7

124.6
128.3
103.2
95.1
47.9
110.2
108.8
106.4

124.7
128.4
103.8
95.1
r
47.8
110.3
110.6
106.4

Flat glass
Concrete ingredients
Concrete products
124.6
Structural clay products
,
128.4
Gypsum products
,
105.0
Prepared asphalt roofing
95.4
Other nonmetallic minerals
48.9
111.5
108.4 Tobacco Manufactures and Bottled
Beverages:
106.7

153.8
134.3
141.4

r
169.6 161.2
138.1 141.3
145.6 145.6

Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics..
Fats and oils, inedible
Mixed fertilizers
,
Fertilizer materials
Other chemicals and products
,
Rubber and Products:
,

152.1
141.3
146.0

Lumber and Wood Products:
Lumber
Millwork
Plywood

r

Revised.




Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages

,
,

June

July

Aug.

135.9
127.4
147.6

135.9
130.9
145.1

135.9
131.0
144.2

135.9
130.7
145.5

171.9
133.9
152.9
172.9
131.0
121.6
132.3

169.9
138.9
153.9
174.5
131.3
120.0
134.9

169.5
138.6
153.6
174.5
131.3
r
118.7
134.6

169.9
138.7
153.6
174.6
131.5
118.8
134.7

145.1

146.0

146.0

146.2

143.4

145.7

145.7

172.0
176.0

175.3
180.0

r

175.5
180.2

176.8
180.2

166.5
149.6

166.4
150.2

166.6
150.1

166.4
150.2

155.5
143.2

153.9
141.6

153.3
141.6

153.1
141.6

124.2
155.3
128.6
104.4
93.3
156.4

124.9
156.7
130.6
101.7
91.4
157.4

125.0
157.1
130.6
101.7
91.4
157.6

125.0
157.1
130.6
101.1
91.0
157.6

135.3
140.4
129.7
160.5
133.1
111.9
132.5

130.2
142.1
131.3
161.7
133.2
106.6
134.6

130.2
142.1
131.3
161.8
133.2
106.6
134.6

130.2
142.4
131.1
162.0
133.2
106.6
134.6

134.8
106.6
153.7
121.0
171.1

134.8 134.8
106.5 106.5
155.7 155.7
120.6 120.6
171.1 171.4

134.8
106.5
155.7
121.1
171.4

117.7
70.6
96.3
108.3
132.0 I

118.3
67.6
96.4
110.2
132.6

118.5
65.6
97.3
110.6
132.3

r

Miscellaneous:
130.3
138.6
100.9

123.1 121.6
136.9 137.2
95.5
95.5

119.3
137.0
94.7

121.2
115.9
143.7

121.2
82.3
145.9

121.2
82.3
145.9

121.2
77.4
145.9

Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper

Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
,
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles

92.1
104.3
82.3
113.7
100.4
75.2

Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products

1960

Aug.

Pulp, Paper, and Allied Products
iCont.):
98.7
Paperboard
74.3
Converted paper and paperboard
80.7
Building paper and board
92.2
96.8
76.4 Metals and Metal Products:
73.7
Iron and steel
125.6
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
122.0
Heating equipment
96.8
Fabricated structural metal products,
118.0
Fabricated
nonstructural
metal
106.8
products
117.4
141.0
101.7 Machinery and Motive Products:

Textile Products and Apparel:

Crude rubber
Tires and tubes
Other rubber products

Subgroup

Toys, sporting goods, small arms
Manufactured animal feeds
,
Notions and accessories
Jewelry, watches, photo equipment..,
Other miscellaneous

118.6
67.3
97.3
110.7
132.5

1182

NATIONAL PRODUCT AND INCOME
GROSS NATIONAL PRODUCT OR EXPENDITURE
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters

Annual totals
Item

1959
1929

1933

1941

1950

1955

1956

1957

1958

2
104.4
79.0
9.2
37.7
32.1

Personal consumption expenditures... •

Change in business inventories

46.4
3.5
22.3
20.7

50.0
24.2
14.1
10.1
18.9
6.8
6.0

63.8
34.9
18.7
16.2
23.1
5.8
5.5

67.4
35.5
17.7
17.8
27.2
4.7
5.1

66.1 56.0
36.1
35.4
17.0 18.0
19.0 17.4
28.5 23.1
1.6 - 2 . 5
.8 - 3 . 6

1.1
6.0
4.8

.6
13.1
12.5

1.1
19.4
18.3

2.9
23.1
20.2

4.9
26.2
21.3

24.8
16.9
1 13.8
2.0 i 3.2
.0 1
o
6.0
7.8

39.0
19.3
14.3
5.2
.1
19.7

75.6
45.3
39.1
6.6
.4
30.3

79.0
45.7
40.4
5.7

86.5
49.7
44.4
5.7
.4
36.8

/

Other

J

State and local
Addendum: Gross national product in constant (1954) dollars

2^4
2.3

8.5
1.3
\

8.0
2.0

i

I

1.3
.0
7.2

2

81.9 195.0 256.9 269.9 285.2 293.5 313.8 313.6 316.0 319.6 323.3 329.0
9.7 30.4 39.6 38.5 40.4 37.3 43.4 44.4 44.0 43.5 44.2 44.5
43.2 99.8 124.8 131.4 137.7 142.0 147.6 147.7 148.0 149.6 150.5 153.5
29.0 64.9 92.5 100.0 107.1 114.2 122.8 121.4 124.1 126.6 128.6 130.9
18.1
6.6
3.5
3.1
6.9
4.5
4.0

7!o
6.3
Government purchases of goods and services...

1

4

3

56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 487.9 481.4 486.4 501.3 505.0

16.2
1.4
8.7
1.4
3.6
i!o
5.1
1.6
5.9
1.7 - 1 . 6
1.8 - 1 . 4

Residential nonfarm.

1960

1959

33.2

72.0
40.3
22.3
18.0
25.8
5.9
5.4

78.9
41.3
23.5
17.8
26.1
11.5
11.0

67.5
41.1
22.6
18.5
26.5
-.1
-.5

70.8
39 4
21.3
18.1
26.8
4.7
4.3

79.3
40.8
21.4
19.3
27.1
11.4
11.0

75.5
40.7
21.3
19.4
29.5
5.3
5.0

1.2
22.7
21.5

-1.0
22.9
23.8

-2.2
22.2
24.4

— .2
24.0
24.2

-.4
23.5
23.9

1.2
25.2
23.9

2 0
26.4
24.4

93.5
52.6
44.8
8.3
.5
40.8

97.1
53.3
46.0
7.8
.5
43.9

97.7
55 7
46.4
7.8
.5
44.0

98.1
53.6
46.1
8.0
.5
44.5

96.4
52 5
45.5
7.5
.5
43.9

97.5
51.8
44.9
7.5
.5
45.7

98.6
51.7
AA.l
1 6
.6
46.9

181.8 126.6 238.1 318.1 392.7 400.9 408.6 401.0 428.0 434.2 426.3 429.1 '440.5 442.2

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
[Department of Commerce estimates. In billions of dollars]
Seasonally adjusted annual rates
by quarters

Annual totals
Item

1959
1929

1933

1941

1950

1955

1956

1957

1958

1960

1959

National income

87.8

40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 405.4 399.4 402.8 414.4 419.4

Compensation of employees

51.1

29.5

64.8 154.2 223.9 242.5 255.5 257.0 277.8 279.7 279.5 281.6 290.2 295.0

Wages and salaries
Private
Military
Government civilian

50.4
45.5
.3
4.6

62.1 146.4 210.9 227.6 238.5 239.7 258.2 260.1 259.7 261.5 268.7 273.1
51.9 124.1 174.9 189.6 198.4 196.4 212.9 214.9 214.2 215.6 222.1 225.5
10.0
1.9
9.6
9.9
9.9
9.8
9.7
9.8
5.0
9.8
9.9
9.9
8.3
17.3 26.2 28.4 30.5 33.5 35.4 35.3 35.7 36.1 36.7 37.6
2.7
7.8 13.0
14.9
77.0 17.4 19.6
19.6 19.8 20.1 21.5
21.9

Rental income of persons
Corporate profits and inventory valuation
adjustment

4.0
3.8

5.8
7.1

6.8
8.1

7.8
9.1

8.0
9.4

9.5
10.1

9.6
10.0

9.5
10.3

9.6
10.5

10.8
10.7

10.9
10.9

5.6

17.4

37.5

42.1

43.7

44.5

46.4

46.5

46.8

46.1

46.3

46.0

48.1

3.2
2.4

10.9
6.5

23.5
14.0

30.4
11.8

32.
Ik

32.7
11.8

32.3
14.0

34.7
11.8

34.8
12.0

35.0
11.1

35.1
11.2

35.4
10.6

36.0
12.1

2.0

3.5

9.0

10.7

10.9

11.9

12.2

12.4

12.4

12.4

12.5

12.5

12.5

10.1 - 2 . 0

14.5

35.7

43.1

42.0

41.7

37.4

46.6

50.4

44.9

45.5

48.0

45.3

.2
.5
-.4
2.1
-2.4

17.0
7.6
9.4
4.5
4.9

40.6
17.9
22.8
9.2
13.6

44.9
21.8
23.0
11.2
11.8

44.7
21.2
23.5
12.1
11.3

43.2
20.9
22.3
12.6
9.7

37.7
18.6
19.1
12.4
6.7

47.0
23.2
23.8
13.4
10.5

51.7
25.5
26.2
13.2
12.9

45.3
22.3
22.9
13.6
9.3

44.8
22.1
22.7
13.8
8.9

48.8
23.8
25.0
13.9
11.0

45.7
22.3
23.4
13.9
9.5

.5 - 2 . 1

-2.5

-5.0

-1.7

-2.7

-1.5

-.2

-.5

-1.3

-.4

.7

-.8

-.4

5.0

4.5

5.5

10.4

11.7

13.4

14.7

16.4

16.2

16.5

16.9

17.8

18.5

9.6
1.4
8.3
5.8
2.4

Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest

2.0
.7

5.4

Business and professional
Farm

A

8.8
6.0

Proprietors* income

.7
.1
.6
14.8

Supplements to wages and salaries
Employer contributions for social insurance
Other labor income

29.0
23.9
.3
4.9
.5

,

6.4

r
Revised
NOTE.—For explanation of series see U. S. Income and Output (a supple-




ment to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1960.

1183

NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
[Department of Commerce estimates.

In billions of dollars]
Seasonally adjusted annual rates
by quarters

Annual totals
Item
1929

Gross national product

104.4

1933

1941

1950

1955

1956

1957

1958

1960

56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 487.9 481.4 486.4 501.3 505.0

8.6

7.2

9.0

19.1

32.0

34.4

37.4

38.1

7.0
.6
.3

Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

1959

1959

7.1
.7
.9

11.3
.5
.4

23.7
.8
-.7

32.9
1.5
1.0

35.7
1.6
-2.4

38.2
1.8
-.6

39.4
1.8
-1.7

.0

.1

.2

.0

.9

1.0

1.1

Plus: Subsidies less current surplus of government enterprises

-.1

Equals: National income

87.8

Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements

10.1 - 2 . 0
.2
.3

40.5

40.2

42.6 42.2
1.8
1.8
-1.8 -1.0
.6

.7

40.7

41.4

43.0 43.5
1.8
1.8
-3.0 -2.6
.5

.5

42.2

43.0

44.4 45.3
1.8
1.8
-1.1 -3.9
.5

.6

40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 405.4 399.4 402.8 414.4 419.4

14.5
2.8

35.7
6.9

43.1
11.0

42.0
12.6

41.7
14.5

37.4
14.8

46.6
17.3

50.4
17.4

44.9
17.4

45.5
17.5

48.0
19.9

45.3
20.2

.0

Equals: Disposable personal income
Less: Personal consumption expenditures....
Equals: Personal saving
Addendum: Disposable personal income in
constant (1954) dollars

.0

.0

.0

.0

.0

.0

.0

.0

.0

16.0
5.4
11.2
1.5

17.2
5.7
12.1
1.6

20.1
6.2
12.6
1.8

24.5
6.2
12.4
1.8

25.2
7.1
13.4
1.8

25.0
6.9
13.2
1.8

25.0
7.3
13.6
1.8

26.0
7.6
13.8
1.8

26.1
7.8
13.9
1.8

26.7
8.0
13.9
1.8

47.2

96.3

7.5

3.3

.5
1.0

2.0
1.3

83.1

State and local

.0

14.3
4.8
9.2

1.3
1.4

Federal

.0

2.6
1.3
4.5
.5

2.6

Less: Personal tax and nontax payments

.0

1.5
1.2
2.1
.7

85.8

Equals: Personal income

.0

.9
1.0
5.8
.6

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments

45.7

93.0 207.7 274.4 292.9 308 8 317.9 337.3 338.3 338.5 342.4 347.0 354.1

79.0

46.4

81.9 195.0 256.9 269.9 285.2 293.5 313.8 313.6 316.0 319.6 323.3 329.0

4.2

-.6

11.1

.8
228.5
20.8
18.2
2.6

12.6

310.2 332.9 351.4 360.3 383.3 384.5 384.8 389.0 396.2 404.2
35.7

40.0

42.6

42.4

46.0

46.2

46.3

46.5

49.2

50.0

31.5
4.2

35.2
4.8

37.3
5.3

36.7
5.7

39.8
6.2

40.1
6.1

40.0
6.2

40.2
6.3

42.6
6.6

43.4
6.6

17.5

23.0

23.6

24.4

23.4

24.8

22.5

22.8

23.7

25.2

134.9 102.1 175.1 231.0 273.4 286.9 293.8 296.2 311.1 313.0 311.4 313.6 316.3 321.1

PERSONAL INCOME
[Department of Commerce estimates.

In billions of dollars]

1959
Item*

1958

Total personal income.

1959

Sept.

Oct.

1960

Nov.

Dec,

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.i5

360.3 383.3 384.3 384.3 388.7 393.9 395.7 395.7 397.0 401.9 404.7 406.1 407.3 408.2 408.4

Wage and salary disbursements....
239.7 258.2 259.0 258.6 260.8 265.0 268.2 268.6 269.3 277.7 273.6 274.0 275.7 275.1 274.7
Commodity-producing industries... 97.9 107.2 106.1 105.6 107.0 110.4 112.6 111.9 111.6 112.1 113.3 112.9 112.8 111.5 111.0
84.3
87.6
76.7 84.7
84.5
89.0
87.7
Manufacturing only
83.5
87.2
89.4
89.5 89.2 88.7
88.8
88.6
69.4 69.9 70.3 70.8 71.8 72.0 72.2 72.4 72.9 72.7
63.8 68.2 69.1 68.8 69.
Distributive industries
34.7 37.5 38.1 38.5 38.8 39.1 39.4 39.8 40.0 40.5 40.7 41.1 41.3 41.6 41.8
Service industries
43.2 45.3 45.6 45.7 46.0 46.1 46.3 46.5 46.9 47.3 47.6 47.8 48.5 49.0 49.2
Government
9.4

Other labor income.
Proprietors' income:
Business and professional
Farm

i..

10.1

10.3

10.4

10.5

10.5

10.6

10.7

10.8

10.8

10.9

11.0

11.1

11.2

11.2

32.3
14.0

34.7
11.8

34.9
10.4

35.0
10.1

35.1
11.2

35.2
12.3

35.5
11.3

35.5
10.4

35.4
10.1

35.7
11.7

36.0
12.1

36.2
12.5

36.2
12.0

36.

36.1
12.2

Rental income

12.2

12.4

12.5

12.5

12.5

12.5

12.5

12.5

12.5

12.5

12.5

12.5

12.5

Dividends

12.4

13.4

13.8

13.8

13.8

13.6

13.9

13.9

13.9

13.9

13.9

13.9

13.9

Personal interest income

20.8

23.5

24.0

24.2

24.5

24.8

25.2

25.5

25.9

26.2

26.5

26.8

27.1

27.4

28.2

27.9

27.7

27.7

28.3

28.6

28.4

28.5

28.7

7.9

7.9

8.0

9.2

9.1

9.2

9.2

9.3

9.3

9.3

26.4

Transfer payments
Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income

27.0

27.2

for

6.8

7.8

7.9

12.5
14.0
27.4
29.1
9.4

12.5
14.0
27.5
29.5
9.3

342.6 367.6 370.1 370.3 373.5 377.4 380.2 381.2 382.7 385.9 388.2 389.3 391.1 391.8 392.0
17.8

15.7

14.2

14.0

15.2

J Preliminary.
»
i Monthly data are seasonally adjusted totals at annual rates.
NOTE.—For explanation of series see U. S. Income and Output (a supple-




12.2

16.5

15.5

14.5

14.3

16.1

16.4

16.8

16.2

16.4

16.4

ment to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1960.

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR SECOND QUARTER, 1960?
00

[In billions of dollars]

Sector

sector

Corporate

U

Farm*

S

U

U

S

17.2
11.2
6.0

Capital consumption* 2
Net saving ( A - B )

D Gross investment ( E + J ) 2

14.9

E Private capital expenditures
(net of sales) * 3 .
F
Consumer durable goods...
G
Nonfarm resident, constr. 14 .
H
Plant and equipment 1 5
I
Change in inventories ....

16.0
11 2
3.8
.9

J

Noncorporate l

U

State
and Io3al

Federal

.5
1.1
-.6

Saving through life insur. 2 3.
Saving through pen. funds 2 4.

Savings
institutions 4

U
V
W
X
Y
Z
a
b
c
d
e

Credit and equity mkt.2 instr..
Federal obligations ^. . . .
State and local obligations.
Corp. and foreign bonds..
Corporate stock
1 - to 4-family mortgages..
Other mortgages
Consumer credit . . . .
Security credit 26
Bank loans n.e.c. 27
Other loans 28

-.5
1 3
.3
-.1
-.2
-.1
.8

f
g

Trade credit
Proprietors' net invest, in
noncorporate business 1 ...
Misc. financial trans. 3 0
31

Sector discrepancies (A—D) .

*

Insurance

6.0

3.2

5

— .8

-1.2

-2.4

4.5

-.6

.3

.7

4 0

.8

.8

1.5

-.6

4.5

S

_ 1

Finance
n.e.c. 6

Rest-ofworld
sector

.5

U

Discrepancy 7

All
sectors

U

S

_ 1

""'5

-.1

.7

S

U
.5

-A

.9
6.9
.4

"'-!3

Natl.
saving
and
investment

...

3.1

^

1.4

*
2.8
*

-.1

2.5
"'2.8

4.4
-.1

*

1.5
1.5

.3

*

-.2

4.7

.9

.3

1.3

-1.3
1 5

3.0

2.2

1.1

1.9

.4

-1.5
-1.4

'"".9
5
.3
.9

""!3
.4

2

-\

2.3
*

-.3

8

*

"".3

'".3
.3
.2

.2
.1

.8

.9
-.3
.7

.3
.1 '"".7

......

2.3
—4
*
*
*

*
.2
.8
.4
2.0
.1

2 1
.3
.2
* '"".2

*

1.0

.2

1.6

'"".2

* Less than $50 million.
* Preliminary.
»
NOTE.—U= uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions
of assets; financial sources of funds, net changes in liabilities.
For discussion of saving and investment concepts see pp. 831-43 of the BULLETIN for August 1959.
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.

-.3

23.1

.2

J

1.1
.9

.4

K
L

3.9
1.7
2.4
-.1

3.9
1.7
2.4
-.1

-.1 M
* N
-.2 O
-.2
P
Q
R

.9
2.3

2.4
— 3
.4
.8
.6
5
.2

1.5
2.0
4
.2
.2 '"".2
.4
.3
— 1
*
7
.1
.5
.5

'"".2

.9
2.3

S
T

11.6 11.6
-1.4 -1.4
.8
.8
1.2
1.2
A
.9
.9
2.7
2.7
1.8
1.8
2 3
2 3
.5
.5
*
2.0
2.0
1.0
.5
1.0

*
.1

*

"'"!5 " " ! 6
-.3

.2

.7
.1

.7
— 1

1.1

3
-.9

F
G
H
I

*
2.5

*

.5

E

.2
2

".2

-.5
"".3

D

*
2.3

.9
1.1
5.0
1 8
— 2
-.1

29.1

.1
*

2.6
.2
2.4

5

.1
.3

1.0

A
B
C

22.7

— l
7

31.1
20.6
10.5

28.9
11.2
5.7
11.7
.4

-.4

.9

2^0

" '!i

2.5 '"".2

.4
.4

-.2
-.1

.4

2.7

1.8

28.9
11.2
5.7
11.7
.4

' !i

4 9

U

.4

28.5

-.2

.3

S
30.8
20.6
10.2

— 3

-A

.1

' 6

2

2.4

4
.......

8.3

.9
2.4
-.1

U

S

"-1A

"\".2
.1

.2

-.8

U

S

U

—1 4

4^5

.9
2.3




Commercial
banking 3

S

U

4.5

3.3
1.0
2 4
j

S
T

7.6
6.2
1.3

0

Gold and Treas. currency* 8.
Dem dep and currency 1 9.. —i 7
Fixed-value redeem, claims..
Time deposits 22
o
Savings shares * 2 2
U. S. savings bonds

2.0
2.1

S

1.3

4.7

O
P
Q
R

U

S

2.0

3.6

M
N

S

.5

Net financial invest. ( K - L ) . . . - 1 . 1

K Net acquis. of finan. 17
assets
L Net increase in liab.

h

Financial sectors

n

Transaction
category

B
C

Government sectors2

Nonfinancial business sectors

Consumer
and nonprofit

-.2

'""A

1.0

-.8
1.3

-.8
1.7

2.3

.1
*

U
V

w
X

Y

z
*

*
.5

f
g

-.1

'""A '"-'.2
2.3

a
b
c
d
e

h

2.0

In Tables 3-4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes,
in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and
Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual
savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjustments apply to the first three quarters and to the annual totals for 1959.
Details may not add to totals because of rounding.
For other notes see pp. 1185 and 1187.

1185

FLOW OF FUNDS/SAVTNG
TABLE 2. SAVING AND INVESTMENT
[In billions of dollars]
Quarterly totals
Annual totals

Transaction category,
or sector

1958
1955

A Net national saving2
B
Consumer and nonprofit
C
Farm and noncorp. business 3 2 . .
D
Corporate nonfinancial business.
E
Federal Government2
F
State and local governments2...
G
Financial sectors
H Capital consumption * 2
I
Consumer and nonprofit
J
Consumer durable goods
K
Owner-occupied homes
L
Plant and equip, (nonprofit)...
M
Farm business
N
Noncorp. nonfinan. business....
0
Corporate nonfinancial business.
P
Q
R
S
T
U
V

Gross national saving2
Consumer and nonprofit
Farm and noncorp. business....
Corporate nonfinancial business.
Federal Government2
State and local governments2...
Financial sectors

W Gross national investment2
X
Consumer durable goods
Y
Z
a
b
c
d
e
f

Other gross private domestic fixed
investment
Consumer and nonprofit 1
Nonfarm residen. constr. *..
Plant and equip, (nonprofit)..
Farm business
Noncorp. nonfinan. business! 4
Corp. nonfinan. business! 4 . . .
Financial sectors

g
h
1
j

Change in inventories * 5
Farm business
Noncorp. nonfinan. business..
Corp. nonfinan. business

k
1
m
n
o
p
q
r
s
t

Netfinancialinvestment^
Consumer and nonprofit
Net acquis. offinan. assets. .
Net increase in liabilities....
Farm and noncorp. business..
Net acquis. offinan. assets..
Net increase in liabilities....
Corp. nonfinan. business
Net acquis. offinan. assets. .
Net increase in liabilities

u
v
w
x
y
z
aa
bb
cc
dd

1956

1957

62.3
33.9
30.4
3.1
.5
3.7
7.0
17.6

67.5
36.9
33.0
3.4
.5
3.7
7.5
19.3

73.3
40.1
35.8
3.7
.6
3.9
8.1
21.2

1960

1958

39.5 41.5 37.9 19.5 36.1
3.4
5.7
3.8
4.8
8.5
5.8
26.6 29.5 28.5 26.1 30.6
-.9
-.3
2.4
*
*
*
*
12.4
5.9
5.3
3.5 11.4 - 1 . 0
3.3
4.2
1.3 - 5 . 4 - 7 . 6
.5
5.9
3.6 - 8 . 2 - 4 . 5
-3.2 -2.7 -3.2 -5.0 -4.4 -1.2 -1.7 -1.6
3.1
.4
1.5
3.3
2.9
3.7
3.1
.5
75.2
41.6
37.0
4.0
.6
4.0
7.7
21.9

79.0
43.4
38.5
4.3
.6
4.1
8.2
23.3

18.7
10.3
9.2
1.0
.1
1.0
1.9
5.4

18.8
10.5
9.3
1.0
.1
1.0
1.9
5.5

19.2
10.6
9.4
1.0
.1
1.0
2.0
5.6

101.9 108.9 111.2 94.6 115.2 22.1 24.6 22.9
18.9 16.4
60.5 66.4 68.6 67.7 74.0 15.
2.0
2.6
5.3
10.7 11.3 12.0 11.7 12.3
4.4
8.7
9.8
30.1 25.2 26.5 25.4 34.8
1.3 - 5 . 4 - 7 . 6
.5
5.9
3.6 - 8 . 2 - 4 . 5
-3.2 -2.7 -3.2 -5.0 -4.4 -1.2 -1.7 -1.6
3.1
.4
1.5
.5
3.3
2.9
3.7
3.1

8.4
10.1
8.4
7.9
-1.8 -1.6
3.3
3.8
i!i
1.4 - 2 . 1
.7
- . 6 -1.8 - 1 .
.6
1.6
.9

7.7
6.1
3.9
3.3
-4.5
-.9
-.1

12.4
8.
-1.3

19.9
10.9
9.7
1.1
.2
1.0
2.1
5.8

20.2
11.0
9.7
1.1

20.3
11.1
9.8
1.1

9.9
8.2

19.3
10.7
9.5
1.0
.2
1.0
2.0
5.6

19.7
10.8
9.6
1.
.2
1.0
2.0
5.8

i!o
2.1
6.0

29.2 29.7 28.3 27.9
18.9 18.7 19.4 17.1
1.2
2.5
1.5
7.0
9.6
6.7
9.1
9.3
1.4 - 2 . 1 - 4 . 5
.7
- . 6 -1.8 -1.2
-.9
.9
1.6
-.1
.6

4.0
U.

2.1
6.1

10.5
6.0
-.7
1.3
4.5
-1.4

A
B
C
D
E
F
G

20.6 H
11.2
I
9.9
J
1.2 K
2 L
hi M
21 N
6^2 O

32.7 31.1
19.8 17.2
1.9
2.5
6.1
7.6
4.0
4.5
3 -1.4
!

93.6 113.7
37.3 43.4

21.8
9.0

23.2
8.7

26.9
11.4

26.4
9.4

30.1
11.2

27.1
10.4

30.1
12.4

28.9
10.0

29.1
11.2

58.5
18.3
14.7
3.6
4.4
9.1
25.9
.7

14.7
4.0
3.1
.9
1.3
2.5
6.7
.2

15.1
4.6
3.6
1.0
1.2
2.5
6.5
.2

15.7
5.3
4.3
1.0
1.0
2.4
7.0
.2

13.9
5.2
4.3

17.3
4.9
4.1

\A
2.1

l.*4
3.3
7.4
.2

17.7
5.9
4.9
1.0
1.3
3.0
7.3

17.3
6.2
5.5
1.0
1.0
2.5
7.4
.2

14.3
5.4
4.5
.9
1.0
2.1
5.6
.2

4.5
5.8
1.6 - 2 . 5
5.9 - 2 . 0
4.7
-.4
-.1
-.2
.4
2.1
3.6
.1
.1
.5
.3
.2
.1
.2
.1
.2
.3
-.4
.8
1.0
1.2
.6 - . 2
.1 - . 5
.2 - . 1
-.6
1.1
.6
.2
.2
*
3.2
4.8 - 2 .
1.7
.9
.1
2.4
-.1
4.9
4.9
.6 - 3 . 5
*
2.1
4.2
.2 - . 2
.3
-.4
-.5
3.7
.2
6.
1.8
2.0
3.3
4.2
2.8
4.7 12.1 C14.8 C15.3 l o !
5.8
8.6
3.7
7.9
8.4
9.0
7.3
7.8
25.1 27.4 e26.8 C27.3 31.3
2.1
2.4
3.6
6.2
6.4
5.7
3.1
5.0
20.4 15.2 12.0 12.1 20.7
-1.5
4.0 - 2 . 5
2.2 - 1 . 9 - 3 .
-2.8
-4.4 -2.5 -2.7 -2.9 -4.5 - 1 .
.3
— .4
.3 - .4
.5
.8 -.5
.
-.2
.5
.5
.8
1.3
2.0
1.7 -1.4
4.1
2.3
1.4
3.9
2.5 -3.7
4.9
3.0
3.5
4.2
2.2
-A
1.5 - 1 . 5
.8
.5 - 1 . 4 - 4 . 5
- 2 . 2 - 1 3 . 4 * -e . 7 c -.9 - 1 . 6
8
6.9
1.2
5.2
5.6
3.6
4.1 -2.6
.2
16.8
4.3
4.4
«7.2 13.4
1.9
4.8
1.3
3.7
4.8
3.1
5.4
1.7
19.0 17.7 13.1
8.0 15.0

.4
.1
-.1
•4

P
O
R
S
T
U
V

17.4
4.8
3.8
.9
1.2
3.3
7.9
.2

103.6 108.0 110.7
39.6 38.5 40.4
58.2
19.3
16.6
2.7
4.2
10.1
24.0
.7

62.7
18.9
16.1
2.8
3.8
10.2
29.1
.7

64.6
18.2
14.9
3.3
4.0
9.7
32.0
.8

Federal Government
.5
5.9
3.6
Net acquis. offinan. assets..
1.0
1.6
3.2
Net increase in liabilities.
.5 -4.3
-.4
State and local governments.., - 2 . 6 - 2 . 2 - 3 . 2
Net acquis. offinan. assets..
2.2
2.6
3.3
Net increase in liabilities
4.8
4.8
6.5
Financial sectors
3.5
2.7
3.0
Net acquis. offinan. assets.., 27.0 22.5 23.9
Net increase in liabilities.... 23.4 19.8 20.9
Financial trans, discrep
.5
-.5
-2.6

ee Discrepancy (P — W)3i

1959

-1.8

.9

.5

66.1
22.2
18.5
3.7
4.9
10.8
27.4

-8.2 -4.5
6.3
1.6
9.7 10.8
-5.2 -3.9
3.1
2.5
6.9
7.7
3.7
4.5
36.2 29.2
31.7 25.5
-2.2 -1.6
1.0

1.5

1.3
3.9
2.6
-.9
1.3
2.1
1.3
16.1
14.9
.2

-5.4
-4.4
1.0
-2.7
-.9
1.9
2.5
1.9
-.7
-1.3

.2

1.4

5.3
.2

1.4 - 2 . 1
.7
2.6
4.3
.2
4.7
8.3
2.9
-.5
- . 3 -1.6 -1.2 -1.3
1.0
.9
.7
.2
1.3
2.3
1.9
1.8
.1
2.2
1.4
.6
8.5
15.4
.2 10.1
6.3
9.5
15.3 -1.1
A
.7 - 1 . 8

-7.6

-4.0

2.8

-.3

1.2

-4.5
-.8
3.7
.3
1.2
.9
-.5
10.3
10.9
A

4.0
-.3
-4.3

-2.2

3.9

-1.4

.1
1.5
1.7
-2.9
-4.6
-1.1

W
X

g
h
i
j

.2
-1.1
3.6
4.7
-2.0
.3
2 2
-2.4
.7
3.1
4.5
u
4.0
v
-.4
w
-.6
x
.*
y
1.4
z
1.2 aa
12.3 bb
/ / . / cc
.4 dd
2.0

ee

c
* Less than $50 million.
Corrected.
*> Preliminary.
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 other notes see below and second page following.
Back data available in Flow-of-Funds Supplements.

Notes to Tables i, 2, and 3.
1
Net saving of, and consumer investment in, unincorporated business
discussed on p. 838 of the BULLETIN for August 1959. See note 32, p. 1187.
2
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.
3
Consolidated account for monetary authorities (Federal Reserve
System, ESF, and Treasury currency accounts) and commercial banks
in 4
United States (excluding territories and possessions).
Mutual savings banks, savings and loan assns., and credit unions.
5
Life and nonlife insurance companies and private pension plans.
6
Finance companies, open-end investment companies, security brokers
and dealers, banks in U. S. territories and possessions, and U. S. agencies
of 7
foreign banks.
For discussion, see p. 857 of the BULLETIN for August 1959.
8
Totals for domestic sectors; financial entries are net uses plus items
in discrepancy column. For comparison with national saving and investment in national income accounts of Dept. of Commerce, see p. 842
of the BULLETIN for August 1959.

9 For content of sector saving, see Tables 1 and 4 and pp. 833 and 849
of Ithe BULLETIN for August 1959.
o Rest-of-world surplus on current transactions with United States.
I
1 Discrepancy between total nonfinancial sources and uses of funds
(Line A minus line E in "all sectors" column).
12
Depreciation, accidental damage to fixed capital, and capital outlays
charged to current account. Annual data in Table 2 are from Dept. of
Commerce national income accounts except for F. R. estimates of depreciation on consumer durable goods. Depreciation on latter item
and on farm assets at current cost; other depreciation, in general, at
original cost. Line H in Table 2 includes amounts for financial sectors
not 3shown separately.
1
Transactions in land excluded from sector investment for statistical
reasons. Such transactions, when recorded as capital flows, affect
sector allocation of investment but not the national total.
14 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.
For other notes to Tables 1-3 see second page following.




1186

FLOW OF FUNDS/SAVING
TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3
[In billions of dollars]
Quarterly totals
Annual totals

Transaction category,
or sector

1959

1958
1955

1957

1956

1958

1959

4

3

2

1960

2

1

3

4

2.1

2.1

3.8

.2
-.3

.6
.6
-.1
.7

2»

1

I. Demand deposits and currency
A
B
C
D
E
F
G
H
I
J
K

Net increase in commercial bkg.
system liability * 9
Net increase in assets, by sector
Federal Government
Other domestic sectors
Consumer and nonprofit
Farm and noncorporate bus. . .
Corporate nonfinancial bus
State and local government.
Financial sectors
Rest of the world
Discrepancy ( A - B )

2.3

.8
-.6
1.5

-.8
.3
1 0

1.7

1.7
-.2
1.7
1.0
1

-.8

.7
.2
.3
-.9
.6

5.8

6.5
.1
6.4
2.5
1.3
1.7

1.1

6.4

1.7
.7

5.7
3.6

-3.4
-2.5
-5.0

-7.0
-5.3
-.5
6.3 - 4 . 9
2.3 - . 9
.3 - . 2
2.5 - 2 . 9
8.0
6.6

1.9
1.0
1.0
-.7
-.2
1.5

1.9

2.7

.9
-.7
.2

-.7
.3
1.3

2.3
.3
1.0

.5
.1
-.6

.6
.4
.2
.7

-.7
-.2
-.1
-.9

.6
.5
.3
1.4

-1.7

.2
.2

.2

7.6
2.2
7.2

5.0
3.3
1.8

2.5
1.6
1.0

3.1
.9
2.3

-.2

3.0
1.2
2.3

1.2

2

2.3
1.1
1.4

.2

c

16.2
7.6
- . 7 -2.0
1.2
8 0
8.4
8.9

5.0
-.2
2.8
2.4

2.5
-.2
1.1
1.5

3.1
-.2
.5
2.9

2.3
-.2
.6
2.0

7.6
9.6
-1.0
-1.0

5.0
3.7

2.5
3.0

1.7
.9

1.3
*

-.4

3.1
3.5
A

2.3
2.2

3.0
- . .9
6
2.6
3.0
3.5
-.2

-.5
.8
-.6
-.1
1.4
.8
1.7
-.7

9.0
2.8
6.1

10.3

11.6

3.4

6 9

3.7
7.9

2.3
.8
1.5

9.0
.6

10.3
1.0
1 7

11.6
1.0

2.3
.4

.2
.3
.2

.4
.6
*
1.4

.2
.2
2
.1

-1.4

8.4
2.9

8 9

10.1

3.6

6.8

.2
.7
*
-.7

.9

-.4
-.3
-.1

.1

-8.8
-7.7
-.4
-6.9
-2.1

2.5
2.3
2.8
-.6
-1.7

-3.4
g

.6
*
.5
*
.2

A
B
C
D
E
F
G
H
I
J
K

1.6
2
1.5

3.9
1.7
2.4
-.1

A
B
C
D

1.6
-.6
2.4

1.6
-.3
1.8

3.9
-.2
1.5
2.6

E
F
G
H

1.6
2.1

1.6
1.6

I
J
K
L

2.0
3.1
1.5 - 1 . 2
.4
4.4
.8
1.6
-.2 -.2
-.2
1.8

-.4
-.4

II. Fixed-value redeemable claims
A
B

Net increase, by type
Time deposits

•

5 3
.3

U S savings bonds 2 2 .

D

5 2
5 4
- . 1 -1.9

E
F
G
H

Net increase in liab., by sector 3 4 ....
Federal Government
Commercial banking
Savings institutions

8.4
*
1 3
7.1

9.0 10.1
- . 3 -2.2
2 1
5 5
6.9
7.3

[
J
K
L

Net increase in assets, by sector 3 4 ...
Consumer and nonprofit
Other domestic sectors 35
Rest of the world (time deposits).

8.4
8.7

8.9
9.0
*

m.
A
C
D
E
F
G
H

-.1

-.1

8.4
3.2

9.3
3.8

10.1
9.8

.4
*

16.1
10.1
6.5

-.5

16.1
13.5

-1.8

.8

1.6
-.1
2.3

-.6

-.2

-.3

-.2
-.3

-.2

3.9
3.3
.4
.2

•

*
.1

2.6
1.0
1.7

2.8
1.0
1.8

2.9
.9
2.0

3.2
1.2
2.0

2.5
.8
1.7

3.1
.9
2.1

2.9
.7
2.1

3.2
.9
2.3

A
B
C

2.6
.3

2.8

2.9
.2

3.2
.4

2.5
.3

3.1
.1

2.9
.1

3.2
.7
.5
1.2
.8

D
E
F
G
H

2.3

11.6
-1.4
-2.1
.6
.8
1.2
.9
2.7
1.8
2.3
.5
2.0
1.0

A
B
C
D
E
F
G
H
I
J
K
L
M

11.6
4.7
.9
1.3
3.0
-1.5
.8
1.8
.7

N
O
P
Q
R
S
T
U
V

11.6
-.5
.3
-1.3
1.0
.4
5.0
1.2
3.8
.3
3.6

W
X
Y
Z
a
b
c
d
e
f
g

2.3
2.4
2.0
*

h
i
j
k

A

Saving through life insurance
and pension funds

Net increase, by type . . . .

5 1

Pension funds.
Net increase in liab., by sector3 4 , 3 6.
Federal Government
State and local government
Life insurance companies..
Private noninsured pension plans.

8.4
.6
1 2
4.6
2.0

5 6
9.3
1.0
1 4
4 8
2.1

1.6
4.3
2.6

4.7
2.8

1.8
5.6
3.2

.4
1.1
.4

.4
1.3
.6

.4

1.5
.8

.5
1.3
1.0

.5

1.6
.8

.5
1.2
.5

7.3
*

18.7

18.3

.5
1.6
.9

5
1.2
1.1

IV. Credit and equity market
instruments
30 7 36.7 46.2
1.1
9.0
-5.6
5.5 - 1 . 2
7 4
10.2
7.9 -13.0 - 4 . 4
4 7
5 7
3 5
3 2
4 0
7.5
6 8
5 0

A Net increase, by type
B
Federal obligations 37
C
Short-term direct .
D
Other
E
State and local oblisations
F
Corporate and foreign bonds
G
Corporate stock
H
1- to 4-family mortgages
I
Other mortgages
J
Consumer credit
.
...
K
Security credit
L
Bank loans n e e
M
Other loans.

44.0
.8

—7 1

3.0

3.8

12 6
3.6
6.4

10 8
3.8
3.6

1.0

-.6

8 0
1 1

34

N Funds raised, by sector
....
O
Consumer and nonprofit
P
Farm business
Q
Noncorporate nonfinancial b u s . . .
R
Corporate nonfinancial business..
S
Federal Government
T
State and local government
TJ
Financial sectors
V
Rest of the world

44.1
20.3
1 2
2.9
10.1

^ ^ Funds advanced, by sector 34
A
X
Consumer and nonprofit
Y
Farm and noncorp. business
Z
Corporate nonfinancial business..
a
Federal Government
b
State and local government
c
Commercial banking system
d
^^onetary Authorities
e
Commercial banks .
...
f
Securities
g
Loans3*
h
Savings institutions
i
Insurance sector
j
Finance n.e.c
k
Rest of the world
Less than $50 million.




c

Corrected.

4.7
4.4

3.5
2.8

10.1
5.2
.3

13.3
5.8
6.3

-.3

1.7

.1

1 3

7 9

2.5
6.8
1.6
1.4
1.4
2.4

1.3
.6

2 3
2.6

2.0

2.8

31.2
15.1

36.9
11.8
1.1
1 1
13.1
1.0
4 9
2 4

46.2
12.0

61.4

13.4

2.0

3.6
.9
.5

9

.9

1.0

30.7
8.0
7.7
.3
-3.8
1.1
\.5
2 3
1 9
4.8
4.8
3
— 3
5.0
4.5
-7.0
-3.5
12.1
8.0
5.3
1.0

4 9

13.4
-4.3

5 9

44.0

8.1
8.1

4.2

5.5
5.8

1.8
.6
-.2

2 0
13.0
-5.4
3 5
3 3
1 2
5 9
.3

4.0
8.6

61.5
11.3

7.3
8.0

1.6
1.3

1.5

2 3
11.8
9.3
5 9
1 2

1.4

2.3

36.7
C
8.1
.2
c
.4
2.4

46.2
e

2.6

4.3
-.8
5.1
1.3
3.8
7.2
8.3

2.5
.6

20.6

4 8
11.6
10.7
5.1

5 7

2.0
-.1

Preliminary.

1.3
.1
-1.4
-.2
-.3

22.7
7.6
3.8
3.8
.8
1.6
3.2

1.6
1.9

2.7
1.0

7.0
2.4
.2
*

22.7

3.1
2.6
1.1
2.2
1.4
1.7
1 4 -1 7

3.1
7.9

5.6
*
2.8
.8
1.8
.6

.6

.5
7.0

1.5
-.1
1.3
.5

10.8
1.8
9.0

-.6
-.4
-.2

8.0
1.4
6.6

1.0

1.7
4.9
2.4
2.5

.8

9.8

4.5
3.1

*

6.5
2.5
2.4
1.7

1.6
-.6

.2

-1.2
2.9
2.3

-1.9
.8

22.7
1.4
.5
4.2
.9
.5

2.1
.3

2.0
4.7
1.4
1.0
1.2
3.8

1.2
-.7

1.7
2.6

5.3
.7
4.6
1.8
1.1
.7
3.7

A

3.6
1.3

-.3
2.8
.1

18.7

18.3

3.8
1.7

2.9
5.2
1.8

-4.6

4.6
1.3
1.2
2.9

-.2

61.5 13.4
15.3 - . 6
.4
.2
5.5 - 2 . 5
3.8
.3

4.7
*
C
1.2
1.7
1.4
2.9
17.0
5.6
2.2
5.3
14.9
10.4 -7.2
12.5
4.5
9.4
10.6
8.9

7.0
1.1
1.2
-.1
1.3
1.3
.9
3.0

.9
7.3
3.0
.7
-.4

1.9
-.2

1.3
.7
.2

-2.7

6.2
1.1
2.5

1.5
1.5
.4

18.7
3.4
.3
1.2
'.1
1.7

7.3

4.5
2
.6

-5.4
-.9
-4.5
-4.2

-.3
2.7
2.5

.9
.2

.5

4.2
.6
3.6
-1.7
5.3
3.2
2.6

.9
1.0

For other notes see opposite page.

1.5
1.7

5.0
.3
1.6

1.2
.3

18.3
4.3
llo
1.2
3.3
.5
2.8
-.8
3.6
3.0
2.1

.8
1.3

17.2
4.0
4.7
-.7
.4
1.5
1.2
3.0

1.4
2.7

-4.1
-7.4

3.4
1.0
1.1
.9
2.3

1.1
Q

.6
1.9
.5

-1.6

17.1

2.3
2.1
.5
.2

6.4
-.2
1.1

.3
2.1

2.9
4.1

2.7
-4.1

.5
2.3
*

1.0
-.3
.3

17.2

2.3

3.2
.5
1.9
.5

4.3
-.4
-.2

.7

.9

-7.9
-1.4
3^4 - 6 . 5
-.4
-5.6
3.5

3.8
1.6
2.6

2.0
.7

-.8
2.3
2.9

.2
.5

1187

FLOW OF FUNDS/SAVING

2 6 Loans from banks for purchasing or carrying securities and customer debit and net free credit balances o n books of security brokers
and dealers.
27 Mainly commercial, industrial, and agricultural loans (other than
open market paper and CCC-guaranteed loans); includes loans t o foreign
banks, loans t o individuals (other than consumer credit), and other loans.
Gross of valuation reserves. Loans t o domestic commercial banks
excluded in consolidated banking statement.
2 8 Mainly Federal Government loans (other than mortgages), C C C guaranteed loans, open market paper, finance company loans t o business,
and policy loans on life insurance.
2 9 Trade debt net of trade credit.
3 0 F o r coverage, see p. 856 of the BULLETIN for August 1959. See also
notes for this category in individual sector statements in Table 4.
31 Saving and investment are equal in concept but may differ statistically
because of discrepancies. See p . 857 of the BULLETIN for August 1959.
3
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
3 D a t a for excluded categories—trade credit, proprietors' net investment, gold, Treasury currency, and misc.—appear in Tables 1 and 4 and
Supplement N o . 2.
3
4 For sector transactions in specific instruments, see Tables 1 and 4.
3 5 Mainly time deposits of State and local governments, corporate
businesses, and savings institutions.
3
< Includes life insurance issued by fraternal orders n o t shown sepa5
rately. All assets in these categories are treated as consumer holdings.
3 7 Marketable issues maturing within one year and, prior to 1956,
savings notes.
3 8 Excludes loans to domestic commercial banks. Consists of mortgages, consumer credit, security credit, other loans, and bank loans, n.e.c.
Gross of valuation reserves.
NOTE.—Back data available in Flow-of-Funds Supplements.

Notes to Tables 1, 2, ani 3 (cont.).
1
5 After inventory valuation adjustment.
16
Financial component of national investment equals net lending t o
rest of world; financial flows among domestic sectors cancel out in national
total. (Discrepancies in financial transactions attributed entirely t o
domestic transactions.) Differs from U . S. " n e t 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.
17
"Liabilities" cover equity as well as debt claims.
!8 F o r description, see p . 852 of the BULLETIN for August 1959.
19 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 o n holder-record basis) differs from
liability total mainly because of mail float (checks in transit from drawers
to drawees). See Table 4 (G), lines Y-a, for sector allocation of demand
deposit and currency liability on a net bank-record basis. F o r further
discussion, see p . 853 of the BULLETIN for August 1959.
2
o At commercial and mutual savings banks and Postal Savings System.
2
! Shares in savings and loan associations and credit unions.
22 Consumer-held only; includes net interest accruals. Savings bonds
held by other sectors included in Federal obligations category.
23 Private and Federal Government life insurance. Estimated as equal
to changes in reserves against life insurance policies and supplementary
contracts and in policy dividend accumulations.
2 4 Private pension plans and railroad and govt. employee retirement
funds. Estimated as equal to changes in reserves of pension plans administered by life insurance companies and in assets of other private
plans and of railroad and govt. employee retirement funds.
2 5 Excludes Federal debt held by Federal agencies, consumer-held
savings bonds, special notes issued to I M F , and currency items in public
debt; includes Federal agency debt and accrued interest on Treasury bills
and on savings bonds (other than consumer-held).
TABLE 4.

S E C T O R STATEMENTS O F S O U R C E S AND USES O F F U N D S
[In billions of dollars]
Quarterly totals
Annual totals

Category
1955

1956

1957

1960

1959

1958
1958 1959

(A) Consumer and nonprofit organization sector
A
B
C
D
E
F
G

Current receipts. . ,
Income receipts i
Transfer receipts 2
Income taxes and other deductions..
Taxes less tax refunds3
Pension and OASI d e d u c t i o n s 4 . . .
Cur. receipts after deduct. ( A — D ) . .

291.9 314.2 331.4 338.8 361.5
273.4 293.5 307.3 310.2 331.8
18.6
20.7
24.0
28.7
29.7
38.3
42.9
46.2
45.9
50.1
33.1
37.0
39.4
38.9 42.1
5.2
5.9
6.8
7.0
8.0
253.6 271.2 285.2 293.0 311.4

83.1
75.8
7.3
12.5
10.5
2.0
70.6

86.1
78.8
7.3
11.5
9.9
1.6
74.5

87.8
80.8
7.0
9.8
8.4
1.4
78.0

87.0
79.6
7.4
12.6
10.3
2.3
74.4

90.2
82.8
7.4
14.0
11.7
2.3
76.2

91.1
83.8
7.3
12.7
10.8
1.9
78.3

93.3
85.7
7.6
10.9
9.3
1.5
82.4

92.3
84.2
8.0
13.9
11.2
2.7
78.3

94.9
87.0
7.9
16.1
13.4
2.7
78.8

A
B
C
D
E
F
G

H
I
J
K
L
M
N

Cur. expend, for goods and s e r v . 3 . .
Net life insurance premiums 6
Current surplus (G —H —I)
Insurance and retirement c r e d i t s 7 . . .
Capital consumption*
Net saving ( J + K - L )
Gross saving (L+M)

198.3 211.2 222.9 232.9 246.4
2.8
2.7
2.8
2.5
2.6
52.5
57.3
59.5
57.6 62.4
8.0
9.1
10.1
9.1
11.6
33.9
36.9
40.1
41.6 43.4
26.6
29.5
26.1
28.5
30.6
60.5
66.4
67.7 74.0
68.6

57.1
.5
13.0
2.2
10.3
4.8
15.2

57.5
.7
16.3
2.6
10.5
8.5
18.9

63.7
.7
13.7
2.7
10.6
5.8
16.4

57.9
.6
16.0
2.9
10.7
8.2
18.9

60.1
.6
15.5
3.2
10.8
7.9

60.8
.7
16.9
2.5
10.9
8.4
19.4

67.6
.7
14.1
3.0
11.0
6.1
17.1

60.9
.5
17.0
2.9
11.1
8.7
19.8

64.1
.6
14.1
3.2
11.2
6.0
17.2

H
I
J
K
L
M
N

0

Gross investment (P+T)

63.6

69.6

P
Q
R
S

Capital expend, (net of sales)...
Residential construction
Consumer durable goods
Plant and equip, (nonprofit)

58.9
16.6
39.6
2.7

57.4
16.1
38.5
2.8

58.5
14.9
40.4
3.3

T
U
V
W
X
Y
Z

Net financial investment (U—j).
Net acquis. offinan. assets*
Demand deposits and currency.
Fixed-value redeem, c l a i m s . . . .
Time deposits
Savings shares
U.S. savings bonds i o

4.7
25.1
-.8
8.7
3.2
5.2
.3

12.1
27.4
1.0
9.0
3.7
5.3
-.1

C
14.8
C

-1.9

15.3
27.3
2.5
13.6
7.7
6.3
-.5

a
b

Saving through life insurance...
Saving through pension funds..

3.2
5.1

3.8
5.6

2.8
6.1

3.4
6.9

c
d
e
f
g
h
1

Cr. and equity mkt. i n s t r . l i . . . .
Federal obligations
State and local obligations...
Corporate and foreign bonds.
Corporate stock
Mortgages
Net invest, in noncorp. bus

8.0
2.2
2.1
1.2
1.4
1.2
.8

7.7
1.0
1.7
1.2
2.2
1.7
.4

'4.7
-2.2
1.5
1.0
1.9
2.2
-3.7

1 i
2^3
-6.1

20.4
19.7
12.3
6.4
.7
.2,
.7

15.2
14.9
11.0
3.6
*
.3
.4

12.1
11.5
9.6
.3
1.1
.4
.6

- 4 . 7 «-3.2

j
k
1
m
n
o
p
q

Net increase in liabilities
Consumer
1-4 family mortgages
Consumer credit
Security credit
Other loans 1 2
Nonprofit organizations13
Discrepancy ( N - O )
• Less than $50 million.




-3.1
c

Corrected.

-3.2

C

c

8.1
c

l8

12.0
11.5
8.7
2.8
-.4
.4
.4

c

13.2

19.4

20.0

18.8

17.9

19.1

20.6

19.2

14.9

O

65.6
18.5
43.4
3.7

13.0
3.1
9.0
.9

13.3
3.6
8.7
1.0

16.6
4.3
11.4
1.0

14.6
4.3
9.4
.9

16.1
4.1
11.2
.9

16.3
4.9
10.4
1.0

18.7
5.3
12.4
1.0

15.5
4.5
10.0
.9

16.0
3.8
11.2
.9

P
Q
R
S

10.6
31.3
.9
9.6
4.1
7.3
-1.8

.2
3.7
-.7
3.7
2.0
1.8
-.1

6.1
8.6
2.3
3.0
2.1
1.0
-.2

3.3
9.0
2.3
3.5
1.5
2.1
-.2

4.2
7.3
-.9
2.2
1.0
1.4
-.2

1.8
7.9
-.7
3.5
1.6
2.4
-.5

2.8
7.8
.8
1.7
1.0
1.2
-.5

2.0
8.4
1.6
2.1
.4
2.3
-.6

3.7
5.8
-2.1
1.6
.2
1.5
2

-2.1
3.6
-1.7
3.3
1.0
2.4
-.1

T
U
V
W
X
Y
Z

3.7
7.9

.8
1.5

1.0
1.7

1.0
1.8

.9
2.0

1.2
2.0

.8
1.7

.9
2.1

.7
2.1

.9
2.3

a
b

15.3
9.4
2.5

-.6
-1.4
-.2
-.4
.6
.7
-.9

1.5
-.8
.6
.4
.8
.5
-.9

1.4
.1
.4
*
.2
.7
-.9

4.5
3.1
.5
-.1
.4
.5
-1.5

3.4
1.6
.7
-.1
.6
.8
-1.5

4.3
1.8
1.2
.4
.2
.7
-1.5

3.2
2.9
—t \
'*
.3
-1.5

4.3
2.5
.5
.6
.4
.3
-.8

-.5
-1.3
.3
-.1
-.2
.8
-.8

c
d
e
f
g
h
i

20.7
20.1
13.2
6.3
*
.5
.6

3.6
3.4
2.1
.6
.6

2.4
2.3
2.4
> i
#3
\
'.2

5.7
5.5
3.0
1.9
.4
|
'.2

3.1
2.9
3.3
-.7
.2

6.2
6.0
3.3
2.6
*

5.0
4.9
3.3
1.7
-.2

.1

.1

.1

.1

.2

.1

6.4
6.2
3.3
2.7
.1
.2
.2

2.1
2.0
3.1
g
-'A
.2
.1

4.7
4.7
2.1
2.3
*
.2
*

j
k
1
m
n
o
P

-2.2

2.0

-3.6

.1

.8

.3 - 3 . 5

.6

2.4

q

C

C

6.5
5.2

2.3
1.3
1.7
1.9
.8

76.2

55.6
14.7
37.3
3.6

26.8
g
9.'8

C

18.7

70.9

73.3

c

* Preliminary.

.1
.1

-.5

For other notes see end of table.

1188

FLOW OF FUNDS/SAVING
TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued)
[In billions of dollars]
Quarterly totals
Annual totals
Category

1958
1955

1956 1957 1958

1959

1960

1959
(B) Farm business sector

8.6
8.6
*
3.9
3.9

11.0
11.0

3.7
3.7

8.5
8.5
*
3.7
3.7

*
4.0
4.0

8.6
8.6
*
4.1
4.1

2.2
2.7
-.5
1.0
.5

3.0
2.7
.3
1.0
1.3

3.1
2.6
.5
1.0
1.5

1.9
2.4
— .5
1.0
.6

3.7
4.5
4.2
.3

3.7
3.4
3.8
-.4

3.9
4.7
4.0
.8

4.0
5.5
4.4
1.0

4.1
5.4
4.9
.5

.5
1.6
1.3
.3

1.3
1.4
1.2
.2

1.5
1.2
.0
.2

-.9 -1.5 -1.3 -1.1
-.2
.4 -.4
.1
•l\
.7 1.9
.9 1.2
2{
1.1
1.5
2.0
.9
'.2
.6
.7
1.1
.2
.2
.3
.6
.7
.4
.2
.2
.2
.2
.2 - A
.
1
-.5
.5 -1.1

.3
.1
_ .2
*

.6
1.3
.1
.2
_ .7
_ /
!f
t
.7
.3
.
1
.2
.2
— .3

A
B
C
D
E

Net income
Proprietors' income withdrawals i 4 ..
Net saving ( A - B ) i s
Capital consumption
Current surplus = gross saving ( C + D )

8.6
8.6

F
G
H
I

Gross investment ( G + J )
Capital expenditures
Construction and equipment 1 6 ...
Change in inventories
Net financial investmentiK—L)
11

Net acquis. of financial assets ...
Net increase in liabilities
Credit market instruments
Mortgages
Bank loans n.e.c. 18
Other loans 19
Trade debt
Proprietors' net investment....

-.8
1.2
.8
.4
_ 4

-il

.3
-.2
-.5
.9
.8
*
.1

-1.4

*
_m\
_ .3
.1

1.6
2.2
— .6
.0
.4

2.3
2.0
.3
1.0
1.4

2.7
2.0
.7
I.0
1.8

1.5
1.8
— .4
1.
1
.7

.4

I.6

1.4
1.4
1.3
.
1

1.8
1.1
1.0
.
1

.7
1.1
1.0

» .2

_ j
'j

.8
_ .1
_ .8
.2

_ .4

1.4
.
1

_ .7
*
7.7
1.
1
.3
.4
.2
.5
.
1
•
.2
.2! _ i
— .3 -13

A

—A
.2
_ .3
— .3

.4
.5
.2
.1
.2
.2
— .3

A

1.7
2.2
-.6
1.1
.5

.5 F
1.3 G
1.2 H
.1
I
-.8

J
K
.8 L
.9 M
.4 N
.3 O
.2 P
.2 Q
-3
R

(C) Noncorporate nonfinancial business sector
A
B
C
D
E

Net income 20
Proprietors' income withdrawals 21 ..
Net saving ( A - B ) i s
Capital consumption
Current surplus = gross saving(C+D;

F
G
H
I

Gross investment ( G + J ) . . .
Capital
expenditures...
Plant and equipment 22 . .
Change in inventories 2 °.

36.1
36.1

7.0
7.0

7.5
7.5

8.1
8.1

7.7
7.7

8.2
8.2

9.0
9.4
-.4
1.9
1.5

8.1
9.9
9.7
.2

8.2
7.7
9.1 11.4
9.1 10.8
*
.6

1.5
2.2
2.5
-.2

37.8
37.8

7.0

7.5

10.6
10.1

10.3
10.1

.6

38.6
38.6

.2

37.8
37.8

40.6
40.6

8.9
9.5
-.6
1.9
1.3

11.6
9.7
1.9
2.0
3.8

9.9 11.4
8.3
9.9 10.2 10.2
* -1.2 -1.9
2.0
2.0
2.1
2.0
.8
.1

13.4
10.2

10.4

3.2
2.1
5.3

-.9
2.1
1.2

1.3
2.7
2.5
.1

3.8
1.9
2.4
-.5

2.0
3.2
2.1
1.1

5.3
1.9
2.5
-.6

1.2
3.3

.8
3.4
3.3
.2

.1
2.8
2.9
-.1

9.5

21
l.*2

10.3
10.5

-.2
2.1
2.0

2.0 F
3.2 G
3.3 H
-.1
I

3.4 -2.1 -1.2
J
-.7 -1.4
1.9 -1.2 -2.7 -2.7
J Netfinancialinvestment (K—N -3.6 -2.8 -1.8 -1.3 -3.2
j
/
K
Net acquis. of financial assets
.5
.7
1.0
.9
*
.4
.2
.7 -.4
.2
.4
.3 K
j
_#i
L
# 1
L
Demand deposits and currency.
.3
.3
.8
.9 -.3
.2
.2
.2
-A
i
1
.3 M
M
Consumer credit
.2
.3
.2
*
.4
.2
.5 -!3
.3
!5 - A
4.2 3.5 2.8 2.3 3.2 1.1 7^5 -1.3
2.8 2.6 - 3 . 0
1.6 7.5 N
N
Net increase in liabilities
A
1.3 O
O
Credit market instruments
2.9
2.0
1.1
2.3
4.8
.5
*
2.8
2.5
1.6
.2
1.1
•
.7 P
P
Mortgages
1.0
.6
.9
1.6
1.5
.5
.6
.5
.7
.6
.2 — . j
2
.9
1.0
.8 -.3
.5
2.7
.2 -.4
1 9 -.6
1.5
1.1
.7
Q
Bank loans n.e.c
R
Other loans 2 *
.8
.4
.5
.2
.6 -.2
2
.3
2
.3 — 1
.3
!5 - . 3
.7
S
Trade debt 2 4
.
1 -.2
.5
4.1
3.4
1.7
2^6 -3.0
2.4
1.6
2.2 - 2 . 9
2.0
-.5
— .5
T
Proprietors' net investment. . ..
1.2
1.7
1.2 -4.2 -5.0 -1.0 -1.0 -1.0 — 1.2 -1.2 -1.2 - 1 . 2

8

(D) Corporate nonfinancial business sector
A
B
C
D
E
F

Profits 20
Profits tax payments (net) 2 5 . . . .
Net dividend payments 26
Net saving ( A - B - C )
Capital consumption
Current surplus = gross saving(D -f E]

38.3
17.1
8.8
12.4
17.6
30.1

36.9
21.6
9.4
5.9
19 3
25 2

G

Gross investment ( H + M ) . . .

H

Capital expenditures

26 7
28 9
24 0
22 9
10
49

20 6
34 0

I
K
L

Fixed investment
Plant and equipment...
Other
Change in inventories 20 ..

M Net financial investment (N-V)

N
O
P
Q
R
S
T
U

Net acquis. of financial assets.
Demand deposits and currency
Credit market instruments 27 ..
Federal obligations
Consumer credit
Other loans (finance paper).
Trade credit
Other financial assets 28

V
W
X
Y
Z
a
b
c

Net increase in liabilities29
Credit and equity market instr.
Corporate bonds
Corporate stock
Mortgages
Bank loans n.e.c
Other loans^ 0
Trade debt

d
e




C

29 A

28 4
8
49

31.7
18.8
9.4
3.5
21.9
25.4

23.8 C 21. 5
32. 22.
5
4
32.0 25.9
30.9 24.3
1.1
1.7
1.6 -3. 5

-2 2 -13 4 c o 7 c _ 9
c 2
16 8
4 3 c4
i.
10
1
i7
c
2 8
c
50
i.2
c 7
4 3 . . .
44
6
3
i 4
*
1
3
1
10 2
6 1
19
2i6
6
18
2 1
1.7
c

39.9
7.5
18.2
6.2
10.3
2.3
11.4 — 1 .0
23.3
5A
34.8
4A
4 .5
30.7
32.
3
.7
27.5
6.7
25.5
6 .2
1.9
.6
4.8 -2
-1. 6 _ .1
13.
7.2
1
2
.3
5'. 2.5
5
4.
4
2.5
8
3
'A
6.
8
1A
9
.9

c

19 0
10 1
28
20
20
3.0
3
87

77 7
13 0
37
2 3
1.8
5 .2
.1
4 .5

13 7
8.
13 j 11.8
6 3
57
24
2 3
18
33
20
5
5
1
1 -3 8
-

4 .6
19 c

C
27
18 8

4 1
20 9

8.4
2.8
2.3
3.3
5.5
8.7

9.6
2.9
2.4
4 .2
5.6
9 .8

9.0
5.4
2.5
1.1
5.6
6.7

11.2
4.9
2.5
3.8
5.8
9.6

9.8
4 .0
2.5
3.3
5.8
9 .1

9.9
3.9
2.8
3.3
6.
1
9 .3

9.5
6 .7
2 .8
6A
6A

10.0
6.1
2.5
1.3
6.2
7.6

7.9
5.7
6.5
5.8
.7
-.8

8.6
7.1
7.0
6.5
.5
.
1

6.1
7.7
5.3
5.3
.1
2.4

9.9
9.1
7.4
6.5
9
l!7

7 .6
7.2
7 .3
6 .6
.7
- .1

6 .9
.3
7.4
7.2
.2
.9

4 .3
8 .9
5.6
5.7
.
1
32

6.0
8.3
7.9
6.9
.9
.4

1.5 -1 .5
5.2
.2
2.5 -2 .9
4 .2
1.0
3.3
1.4
1.
1 _ .8
.2
.4
-1 .4
1.8
.3
- .2

5.6
1.5
2
7
3
1
2!6
3

7.7
.9
.6
.5
.4
.
1
.3
.2
5
.8

3.8
9
8
12
9
1
9
_ 3
60

2.2
6.9
1 0

1.3
1.2
.2
-.2
4.5
.2

15.
11.6
33
23
3.2
25
4

3.4
20.2

Discrepancy (F — G)
Memo: Profits tax accruals25
• Less than S50 million.

36.0
21.1
9.6
5.3
21.2
26.5

Corrected.

p

C
38
16 2

Preliminary.

7.3 ¥.5
2.6 3.1
1A
1.4
.9
.6
.9 1.0
1
.3
— 'A -.3
3'.3 -1 .3
1.7
.
1
3.7

.8
4.2

3.7
3.
1
.3
.5
1.
1
.1
.2
.6
1.3
4 .9

8

For other notes see end of table.

•

.4 -1 .4 -4 .5 -2.4 M
.7 N
3.6
.7 -2 .6
2 .4
.6 O
.2
1.8
1.5
1.9 _ .2
1.3 P
1.5
.8
.2 -1.5 Q
.3 R
.1
1.2 -1 .
1
* S
.1
.2
1.
1
1.0
2.2
.8
.3
*
.3
.2
3 .7
2.9
.6
.3
1.1
1.1
— .1
.
1

5 .4
2 .9
11
'6
.
.6
.4
.1
2 .5

1.
P
2.7
.4
.5
.2
.0
.6
- .8

3.7
3.0
.9
.5
1.2
.3
.1

1.5
5.1

2.4
5.0

1.8
5.
1

1.6
5.2

V
W
X
Y
Z
a
b

1189

FLOW OF FUNDS/SAVING
TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued
[In billions of dollars]
Quarterly totals
Annual totals
Category

1958
1955

1960

1959

1956 1957 1958 1959
(E) Federal Government sector

A
B
C
D
E
F
G
H

59.7
30.0
18.1
11.6

69.1
34.1
22.4
12.6

71.5
36.1
21.8
13.6

67.7
34.6
19.9
13.2

72.3
38.6
19.4
14.3

18.9
8.9
6.7
3.3

14.9
8.7
2.9
3.4

13.8
7.6
3.0
3.2

19.0
9.7
6.0
3.3

19.6
10.7
5.4
3.5

17.5
9.7
4.1
3.7

16.2
8.6
3.9
3.7

21.5
10.5
7.1
3.9

22.4
11.8
6.4
4.1

7.5
6.5

8.0
7.2

9.5
9.3

10.4
12.4

11.3
12.9

3.4
3.3

2.5
3.1

2.0
2.9

2.6
3.3

3.5
3.1

3.0
3.1

2.2
3.3

3.4
3.5

4.9
3.5

1.5
1.6

Tax receipts (net of refunds)
Individual income
Corporate profits
Other 3i
Social insurance programs 32
Premiums received
Benefits paid
Life insurance 3and retirement
programs 3
Premiums received
Benefits paid

1.7
1.8

1.8
2.0

1.7
2.1

1.8
2.3

.4
.6

.4
.5

.4
.5

4
.6

.4
.6

.5
.6

.5
.6

.5
.6

.5
.6

G
H

11.4
5.7
50.2
3.0
47.2

13.3
5.5
53.8
3.4
50.3

14.2
6.4

3.2
14

3.5
13

3.7
1 3

3.2
1 5

3.2
15

3.8
16

4.0
1 8

3.2
1.9

3.4
1.8

I
J

53.3
3.7
49.6

12.6
.8
11.8

14.5
1.0
13.5

15.2
1.0
14.2

12.6
.8
11.8

13.3
1.1
12.2

13.7
1.0
12.7

13.7
.8
12.9

12.0
.7
11.3

K
L
M

4.1 - 7 . 2
1.0
.6
3.6 -8.2

-3.7
.9
-4.5

1.7 - 5 . 1 - 7 . 5
.3
.4
.1
1.3 - 5 . 4 - 7 . 6

.8
.1
.7

1.8 - 1 . 8 -4.5
.4
.3
*
1.4 - 2 . 1
-4.5
1.4 -2.1
-4.5
4.3
-.8
2.6
1.0
1.5 - 1 . 2
1.7
.5
1.0
.6
.4
.6
1.0
.4
#
1.7
.1
•

4.1
.1
4.0

13.2
.9
12.3
5.2
.7
4.5

Net grants and donations p a i d 3 4 . .
Net interest paid 3 5
Other net purchases of goods and
services36
L
Construction expenditures
M
Other
N Current surplus (A, E, and G,
less F and H through K)
O Credits imputed to consumers3 7 . . .
P Gross and net saving ( N - O )

9.6
4.8

10.0
5.3

45.2
2.8
42.4

47.6
2.7
44.9

1.1
.6
.5

6.9
1.0
5.9

Q Net finan. investment (R-X).
R
Net acquis. of finan. assets
S
Demand deposits and currency
T
Credit market8 instruments
U
Mortgages 3 3
V
Other loans *
W
Other financial assets 4»

.5
1.0
-.6
1.5
.6
.9

5.9
1.6
-.2
1.1
.8
.3
.7

X
Y
Z
a
b

-A
.5 -4.3
* - . 3 -2.2
2 -.3
-.3
' j -1.9

I
J
K

c
d
e
f
g
h

Net increase in liabilities
Fixed-value redeemable claims.
Postal saving deposits
Consumer-held svgs. bonds i
Consumer saving through life
insurance and retir. funds...
Federal obligations 41
Short-term direct 42
Other direct and guaranteed.
Nonguaranteed 43
Other loans 44 4
Other liabilities ^
Memo: Assets of OASI fund

3.6 -8.2
-4.5
3.2
1.6
6.3
.2
A
.7
2.4
1.7
3.8
1.4
.3
2.2
.9
1.4
1.6
.6 - . 2
1.8

.3

9.7
-.7
2
-!5

.6
1.0
.6
1.0
1.0 - 5 . 1
1.4
9.0
-7.1
7.4
5.5 - 1 . 2
10.7
6.6 - 1 3 . 0 - 6 . 2
2.1 - . 5
1.5
.6
-.4
.4
o
.3
.1
!3
-.1
.9
-.5

1.3 -5.4
-7.6
.7
3.9 -4.4
.2
.7
3.6 - 5 . 0
-.5
*
.3
.5
.7
.9
-.2
.6
*
.3
.1
.5
.5
i
.6
.1
-.1
10.8
2.6
1.0
2.9
8.3
-.5
-2.0
-.2
-.6
-.2
2 -.2
-.2
*
-1.8
-.2
-!5
2 -!i
-.2
1.0
.1
.2
.4
.4
.3
7.6
2.0
1.1
2.5
11.3
*
3.8 - 4 . 6
4.7
1.2
5.5 - 4 . 3
3.7
-.4
7.7
3.6
4.4 - 3 . 5
.1
.8
.2
2.2 - . 9
.2
.3 - . 2
-.3
-.3
-.6
2
.5 - . 2
1.3
.2
• LI
.2
-1.7
.7
-.5
-.5
-.5

4.7
-.6
-!5
.3
5.3
.7
3.7
.8
-.1
-.3

4.0
o

-'A

*

.3
-.3
2
-4.3
-.3

3.7
-.6
*
-'.2
-.6
.1
.1
4.0 - 4 . 1
4.7 - 7 . 4
-1.1
3.6
.4 - . 2
.1
.2 - . 1

-.7

-.7

N
O
P

4.5
4.0
2.8
1.0
.3
.7
.2 W
-.4

.7
-1.4
-2.1
\l
-.1
.5

-.1

(F) State and local government sector
A
B
C
D
E
F
G
H
I
J

4

Tax receipts **
Net insurance and grants
receipts 47
Net interest paid
Other net purchases of goods
and services 3 6
Construction and land
Other by govt. enterprises
Other by general government. . .
Current surplus ( A + B - C - D ) . . .
Credits imputed to consumers4 »...
Gross and net saving (H—I)

K Net finan. investment (L — S)..
L
Net acquis. of finan. assets
M
Demand deposits and currency
N
Time deposits
O
Credit market instruments
P
Federal obligations
Q
State and local obligations..
R
Other 4 *
S
T
U
V
W
X
Y

Net increase in liabilities
State and local obligations
Short-term
Other
Consumer saving through
retirement funds
Other liabilities so
Discrepancy (J — K)
• Less than $50 million.




24.5

27.3

29.4

31.0

33.2

7.9

7.7

7.9

8.1

8.2

8.4

8.5

8.7

.2
.5

.4
.5

1.0
.5

1.4
.6

2.6
.7

.2
.2

.2
.2

.5
.2

.8
.2

.3
.2

.8
.2

.7
.2

.7
2

26.2 28.5 31.5 35.1 37.7
10.0 11.1 12.1 13.3 13.7
-1.6 -1.7 -1.8 -1.9 -2.0
17.8 19.1 21.2 23.7 26.0
-2.0 -1.4 -1.6 -3.3 -2.6

9.1
4.0
-.5
5.6

9.4
3.5
-.5
6.3

9.7
3.7
-.5
6.5

-1.1

.5

9.7
4.1
-.5
6.1
n
.5

9.5
3.1
c

-1.3

-1.7

-1.6

8.8
2.8
-.5
6.4
-.1
.5
-.6

-1.8

-1.2

9.1
2.5
-.5
7.1
.1
.5
-.3

-1.2

-2.3

1.2

1.4

1.6

1.7

1.8

8.8
3.3
-.5
5.9
-.8
.4

-3.2

-2.7

-3.2

-5.0

-4.4

-1.2

-2.6

-2.2

-3.2

-5.2

-3.9

-1.6

1.4

-.9
1.3
.6
.7
*
-.5
.2
.3

6.5
4.7
.4

7.7
5.7
5.2

2.1
1.6
.1
1.5

1.9
1.3
.3
1.1

1.3
.8

4.3

6.9
4.9
.3
4.5

i!o

1.1

1.4
.2

1.6
.3

1.7
.4

1.8
.2

.4

.4

•1

.4
.1

.5

.1

c

*

.2

-.6

-.4

-1.2

2.3

2.6

.7

1.1
.5
.7

1.1

4.8
3.5
-.2
3.7

4.8
3.2
-.1
3.3

1.2
.1

-.6
P Preliminary.

-.3
1.0
.6
-.1
.5
*
.1
.4

3.1
.5
-.4
2.9
1.0
.5

3.3
.2
.4

.4

-2.7

.4

2.5
.2
.8
1.4
-.4
.5
1.4

2.6
.2
*

2.2
A
-.1
1.9
.8

.4

1.0
.5

.4

-.9
-.7
A

'.2

2
j

'.4

1.2

For other notes see end of table.

2

-1.3

7!o

-.4
.5
-.9

.3
1.2
.6
*
.7
.2
.1

-1.4

.7
.1
.1
.5
*
.1
.4

.9
.2
-.5
1.2
.7
.4

A

1.9
1.4
*
1.4

2.3
1.8
.6
1.2

A
-A

.8

7.5
1.0
*
1.0

•

.5
.1

.5
.1

.5
.1

.5
*

1.0

-.5

.2

-1.2

1.0

.2

-A

""Ye
A
A
A

1.8
1.3
.2

.2

.9

.1

Q

'.2
.9
.3
.1
.4

.3
.2
10.1
3.4
-.5
7.2
-1.0
.5
-1.4

B
C

H
I
J

K
-.6
L
.8 M
*
.4 N
.4 O
* P
.1 Q
.3 R
1.4
.8
-.3
1.0

U
V

.5 W
.1 X
-.9

Y

1190

FLOW OF FUNDS/SAVING
TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued)
[In billions of dollars]
Quarterly totals
Annual totals
Category

1958
1955

1956

1957

1959

1958

2

4

3

1960

1959
2

1

1

4

3

2,

(G) Commercial banking and monetary authorities sector
A
B
C

Net operating surplus
Profits tax & net div. pymts. 51
Current surplus = gross saving
(A-B)52

[
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
a
b
c
d
e
f
g

3.0

1.8

3.5

2.2

3.5

2.4

4 1
2.6

8

.9

.9

1.0

.7

.5

.5

.7

1.0

.8

1.0

.5

1.1

.6

.8

1.2

1.3

1.0

1.5

.1

.4

.4

.2

.2

.5

1.3

1.1
4

1.3
4

2.4
4

.7

1.3

-.5
1

.8

.6

1.3

-.2
1

.5
-.6
.7
7.7 -5.5
3.5
-.3
-A
-.7
8.0 - 5 . 4
4.2
2.9 - 5 . 3 - 1 . 3
1 4 — 9
1.6 -4.4
-1.9
1.0
.9 - 6 . 0
1.8 - 2 . 7
.7

1.2
3.2
-.2
3.3
-.4
5
- .9
-.4

1.0

1.0

.5

1.4
3

D Gross investment (E+F)
F
G

2.5
1.7

-.3
3.5

3

j

I

1.0
.7
1.1
1.2
.9
2.0
.6
5.4
5.1
4.6
14.7
9.9 -1.1
4.7
.8 - 2 . 3 - 1 . 1 - 1 . 1
.3
-.5
*
5.6 10.8 - . 6
4.3 17.0
4.8
Credit market instruments
4.8
1
Federal obligations
10.0 - 7 . 1
7.0
.2
- 7 . 1 - 3 ..2 - . 6
3
Monetary authorities
2 2
7 5
—
Commercial banks 42
-6.9 .1 -3.3
.2
7.9 — 7.4
5 2
-8.5
4.8
1.9
.9 - 3 . 1
Short-term direct
-.4
.3
1
1.1 - 7 . 8 - 2 . 2
Other direct and 3guar ...
5 9 —3 9 5 9
.1
-.2
Nonguaranteed 4
.5
.5
.2
-.5
-.3
.1
4
5
.2
1 0
2 6
State and local obligations
1 3
-.2
-.1
-.1
-.4
-.2
Corp. and foreign b o n d s . . . .
2 4
*6
2 5
1 7
Mortgages
2 1
7
4
2.3
1.4
1.2
.2
2.4
Consumer credit
.2
.6
-.8
.4
Security loans
1.2 - 1 . 7
8.0
2.3
Bank loans n e e
5.9
1.3
7.9
.6 - . 2
Other loans 5 4
-.2
-1.3
-.3
.4 - . 6
-.2
3.6
4.1
4.7
13.8
2.6
9 3 -2.3
Net increase in liabilities
2.3
1.7
-.8
5.8
Dem. dep. net & currency 5 5 ...
6.4 - 3 . 4
•J
2
2
— 7
Due to U.S. Govt. 5 6
3 8 —5 0
•
.2
.2
Due to rest of5 world
.2 - . 1
6
3.0
1.4 - 1 . 1
'.3
Due to others
5.6
2.4
1.7
2.6
1.4 - 7 . 7
5.2
- .3
Demand deposits,
net55....
2.0
1.7
4
*
4
4
6
Currency
2.1
1.3
1.2
8.0
Time deposits
5.5
2.8
1.1
2.1
5.1
5.5
3.0
Due to consumers
1.6
1.5
1.7
3
— 3 — 1
2 5 —1 9 1 3 _ 5
Due to others57
*
*
.1
.3
.4
Other liabilities
9
1 0

Net financial invest, (jG — W)...
Net acquis. offinan. assets53

-.1
2

-.1
8
.3
1.0

1

-.2
2

-.2
2

#
1 0

4
.3
-.4

-.4
-.2
-5.2
8.0 - 7 . 0
1 - 9
.3
7.6 - 5 ! 9
5.5 - 5 . 7
.5 - . 5
.6
.5
.5
1.0
1
— 5
2.7
.2

-.1

1

1.1
*

3.6
-.4
5.0
2.1
1 0
.2
.9
.5
.9
1.4
— 5
•

.2

4

1

1.1
.7

A
B

.4
.9
1

.8
-7.9
*
-'.2 - 7 . 9
1 -7.0
-5.6
- . 5 —7 4
2.3 - 4 . 6
c
-2.5
— .7
•
-.1
-.3
•
1
*
* -.1
-.1
5
5
.2
.3
.7
-.2
.8 - 1 . 5
.3
1.9
2.8
*
.2
5.5 -8.7
2.0
2.1
3.8 - 8 . 8
1.9 - 1 3 - . 7
-.1
-.4
5.2 - 7 . 7
'A
4.2 - 5 . 4
.2
1.0 -1.3
-.2
-A
*
.3
.9
*
—1 0 — 5
.1
.2
9
7

C

.7
1

D
E

.6 F
4.9 G
-A
H
5.0
I
1.8
J
7.2 K
.5 L
-.9 M
1.5 N
* O
-.2
P
-.1 Q
.2 R
.8 S
.4 T
2.0 U
.1 V
4.4 W
2.5 X
2.7 Y
• Z
-.3
a
-.5
b
.5
c
1.5
d
.9
e
.6
f
•3 g
3

h

3.5
2.3

2.4
2.0
.4

A
B
C

1.0

.8
.1

D
E

.9
5.0
.5
1.5
1.2

.7
7.4

F
G

.2
2.5
1.2
.4
.8
2.2

H
I
J
K
L
M

(H) Nonbank financial sectors 73
A
B
C

Current surplus 5 &
Credits imputed to consumers 5 ^
Gross saving (A —B) 52

8.7

D

Gross investment (E+F)

2.7

F
G

Net financial invest. (G — Z) . .. .
Net acquis. offinan. assets
By subsector:
H
Mutual savings banks
I
S & L assns. & cr. unions
)
Life insurance companies
K
Other insurance companies
L
Noninsured pension funds
M
Finance n.e.c
By type:
N
Demand dep and currency
O
Cr. and equity mkt. instr
P
Federal obligations
Q
State and local oblig
R
Corp and foreign bonds
S
Corporate stock
T
1- to 4-family mortgages...
U
Other mortgages
V
Consumer credit
W
Security credit
X
Other loans 6 0
Y
Other financial assets 61
Z
a
b
c
d
e
f
g
h
i
j
k
1
m

7 0
2.4

7 4
2.0

10.3
8 8
1.6

1.7

1 4
.3

2 9
1 8
1.1

2.1

2.7

3.9

2.2

.8

2.4
22.2
2 0
6.3
5.2
1 2

1.8
17.4
2 0
5.6
5.2
7

2.4
18.5
1 8
5.6
4 9
1 0

3.6
21.5
26
7.5
5.2
1 2

1.8
24.6
1 5
8.6
5 1
1 6

.7
6.3

2.0

2.3

2.7

2.8

3.2
4.6

6 2
2.5

5.7

8.4

6 7
1.7

1.8

6
21.5
-.6

2
17.0

1.5
10.2
1.7
3.3
.5
1.7
.1

1.3
8.4
1.8
1.6
.1
.4
.2

19.8
Net increase in liabilities
1.8
Dep. in mutual savings bks . .
5.3
Savings shares
3.3
Saving through life insurance...
3.2
Saving through pension funds..
6.0
Cr. and equity mkt. instr. 6 2 ....
1.3
Corporate bonds
.9
Corporate stock
Security c r e d i t . . . .
2.1
Bank loans n.e.c
.2
Open market paper 6 3
.5
FHLB loans6 4 S & L assns. 6 3
to
.2
Miscellaneous

75.7
1.8
5.4
3.6
3.3
1.0

-.3

Discrep. & unident. assets (C—D)..

• Less than $50 million.




v

9
2.4

Preliminary.

8
3.6

9.4

9.4

2.7

2.2

3
18.0
-.3
9
5 1

7
20.2
.9
1 1

24.9
.8
1 4

4.8
2.3

3.6
2.9

2.1

6
2.1
2
.4

2.3

2 3
.7

1.4

.8

.8

1.3
2.9
7
1.8
1 3

.7
7.5

.7
5.7

5
2.5
1.5

6
1.7
1.2
1.0

4
.6

4
.8

1.8

-1.9

2.1

4
5.7
.3

_ 2
3.4
- . 21

5
7.0
1.0

3
1.5
.8

3.0

2 2
.1

8
.2

2
1.4
.9

3
1.0

—3
6.1
.5
5
.9
.8

2.7

23
.3
.2

.9

1.9

.3

—3
5.9
.5
3

6
6.3
- . 33

— .4
5.3
.3

.4
.5

1.4
1.1

4
.8
.6

1.1
-.6
-.6
.2
-.2
.5

7.0
.5
2.3
1.0
1.3
1.8
.2
.5
.6
.6
-.3
.3
.1

5.0
.5
1.4
.8
1.5
.7
.3
.5
-.4
*
.5
-.2

-.4

— 4 -1.9

-.5

-.5

-.7

-.1

.2

For other notes see end of table.

2.3
6
*
.2
-.6
-.2

2.3
.6
*
.5
.2

2.1
.4
.2
.1
.7
-.1

-.3

-.1

.9
*
6.6
.1

4
.8

5.6
.6
!5
1.0
1.8
.9
.7
1.0
.7
1.4 - 1 . 7
* -.2
.3
.5
1.1 - 1 . 1
-.5
-.2
-.2
-.2
.1
.2
.3

1.5
-.2

2.1
.5
*
.5
-.2
.2

1.1

1.3

2
6.9
*
2.1
1 4

22.9
1.2
7.2
3.6
5.2
5.6
1.01
1.8
*
1.4
.5
.8

9.8
2 2
2.7

2 5
-.5

1.0
5.4
4
2.1
1.1

75.7 75.0
2.3
1.7
5.2
6.5
3.4
2.7
4.3
4.1
1.1
2.2
.2
.7
1.6
1.2
.6
.1
- . 4 -1.1
.5 - . 1
*
.3
.3

8.0
2.2
-.3
1.0
.2
.6

2.0

1 7

.1
5.5
4
2.7
1.4

2.5
.6
.9
.1
.6
*
6.5
.3
2.3
1.2
1.1
1.5
.1
.3
-.1
.5
.2
.4
*

6.3
1.5
1.3
-.2
1.4
.2

2.7

5
.5

2.8
.6
1.0
-.1
-.2
-.2

*

12

1.2
.7
1.0
1.1
.3
.4
-.1
.3
-.1
.3

5
.9

2.3
6
.6
-.1
.3

.4
1.1

.4
2
.5

2.0
.5
.5
-.1
1.1
*

.5 N
6.7 O
-.3
P
.6 Q
1.1 R
1.0
S
2.5 T
.5 U
1.0 V
.1 W
.2 X
.3 Y

7.7
4.1
.1
.3
1.5
2.3
.7
.9
1.6
1.6
-.4
2.3
.5
.3
.5
.5
.6 - 1 . 2
.7 - . 6
1.1
-.1
.3 - . 6
.3
-.1

5.5
.2
2.2
.9
1.1
1.7
.2
.3
.5
.5
id

j

.2
.5

k
1

.2

-.3

m

-.4

Z
a
b
c
d
e
f
g
h
i

1191

FLOW OF FUNDS/SAVING
TABLE 4.

SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued)
[In billions of dollars]
Quarterly totals
Annual totals

Category

1958
1955

1956

1957

1958

1959

1960

1959
(I) Rest-of-world sector « 5

A
B
C
D
E

Net purch. of goods and serv. (B — C)
Purch. of goods and s e r v i c e s 6 6 . . .
Sales of goods and services
Net unilateral receipts 6 6
Current surplus (D —A)

F
G
H
I
J
K
L
M

Net financial investment (G—TV)
Net acquis. offinan.
assets.....
Gold
U.S. dem. dep. and currency.
Time deposits
Federal obligations
,
Other credit market instr. 6 7 . .
Misc. financial assets 68

N
O
P
Q
R
S

Net increase in liabilities
Securities
Loans 6 9
Miscellaneous 7 >
<
Discrepancy (E—F) 7 1
Memo: Unilateral transfers in kind 7 2

1 6
3.4
23.2
19.5
17 9
19.8
2.1
1.9
4 -1 5
•

-2.1
1.5
o
.2

5.3
26.3
20.9
1.9

-3.5
-4.2

j
o
.2

-.5
23.0
23.5
2.0
2 5

.6
5.8
5.3
.5
- 1

.1
5.5
5 4
.5
3

.6
6.0
5.4
.5

1.8
5.8
1 l
.1
-1.0
2.8
.3
2.4
'.3

2
1.1
1 1
.2
*
-.4
2

.2
.9
5
-.1
-.1
.8
- J
-.1

.9
3
.3
*
.3

1.3
4
.2
.6

.8
2
A
.2

.9
3
.3
.3

.5
3
-.1
.3

.1
.8

.2
.5

-.1
.6

.2
.6

1.8
22.9
21.1
1.9
.1
-.3
3.5
2 3
*
.9
*
_ |

i

•

]8
.5
.4

.2
.5

4
1.2

3.6
4
.6
2.6

4.1
5
.9
2.7

3.8
1 2
1.1
1.4

4.0
7
.2
3.2

.4
2.8

.6
3.0

.8
2.9

.4
2.7

.8
2.3

-.1
1.1
_ |
'.1
f 5
•

• Less than $50 million.
P Preliminary.
1
Payrolls, interest, dividends, and income withdrawals from unincorporated business.
2
Grant and donation receipts of consumers and nonprofit organizations (net of transfers within the sector), social insurance benefits, and
benefits from private pension and government retirement funds.
3
Federal, State, and local income and estate and gift taxes.
4
Mainly employee contributions to OASI and to private pension and
government retirement funds.
5
Figures include net operating outlays of nonprofit organizations and
net transfer payments abroad.
6
Net of dividends on and benefits from private life insurance and
individual annuity policies and Government life insurance.
7
In connection with consumer saving through life insurance, private
pension funds, railroad retirement, and government employee retirement.
8 For details, see Table 2, lines J-L.
9
Breakdown by consumer and nonprofit not available.
1
° Includes net accruals of interest.
11
Includes net free credit balances with brokers not shown separately.
12
Policy loans.
13
Consists of commercial mortgages, bank loans, loans from Government, and trade debt.
14
Estimated as equal to seasonally adjusted net income of unincorporated farms. Figures include small amounts of dividends and profits
taxes paid by corporate farms.
15 See Table 2, note 32.
16
Includes farm residential construction.
17
Mainly demand deposits and currency.
1
* Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for
August 1959.
19
Government loans; excludes CCC loans.
2
° After inventory valuation adjustment.
21
Estimated as equal to seasonally adjusted business net income.
22
Includes business residential construction.
23
Mainly R E A and other loans from Federal Government and loans
from finance companies.
24
N e t of trade receivables.
25
Federal, State, and local taxes on profits.
26
Includes profits paid by U . S. branches to foreign parent coporations
ess profits paid by foreign branches t o U . S. parent corporations.
27
Includes State and local obligations n o t shown separately.
28
Miscellaneous financial assets (direct investments in foreign branches
and holdings of foreign cash), and time deposits.
29
Includes direct investments from abroad not shown separately.
3
0 Mainly commercial paper and loans from finance companies.
31
Mainly excise taxes and customs receipts; also includes estate and
gift taxes and payment t o Treasury on F . R. notes outstanding.
32
OASI, disability insurance, and unemployment programs. Line E
includes Federal employment taxes and States deposits in unemployment
compensation trust funds; line F , Federal benefit payments to consumers
and State withdrawals from these trust funds.
33
Veterans' life insurance and Government employee and railroad retirement funds. Line G excludes Government contributions t o these funds.
34
Transfer payments (other than insurance benefits) to individuals,
plus net cash unilateral transfers t o foreign countries, grants-in-aid to
State and local governments, and subsidies t o business.
35
Includes net accruals on savings bonds and Treasury bills.
36
Purchases less sales for general govt. and govt. enterprises, including
outlays for tangible capital and (for Federal Govt.) net disbursements to
farmers in form of CCC-direct and guaranteed-loans.
37
In connection with saving through Government life insurance and
Government employee and railroad retirement funds.
3
* Mainly o n 1- to 4-family and farm properties.
39
Mainly loans to business sectors, to foreign and State and local




'A

i

*

-.2
5.3
5 4
.5
.7

-.3
5.7
6.0
.5
.8

.5
1.0
1

.4
2.8
8
.2
-.4
.9

!i
.2

*
\l

\'.3
2.4

.5
6.2
5.7
.5
*

.8
6.8
6.0
.5
-.3

C
D
E

*
.8
*
- A
-.2
*
A
.9

-.2
.9
.1
*
.2
-.1
.1
.6

F
G
H
I
J
K
L
M

j
.5

.8
.2
A
5

1.1
.2
.5
A

N
O
P
Q

.2
.5

*
.5

-.2

R

-.4
5.8
6.2
.4
.8

.3
6.3
5.9
.6
.2

1.4
2
A
2
\.2
.1
.2

.6
1
J
~!3
.5
.2
.2

.6
1

.5

4t

.2
2.0

.4

.4
.7

.5

4c

governments, and to savings and loan associations (by FHLB). Excludes
CCC-guaranteed loans other than those on tobacco.
40
Treasury currency assets, time deposits, trade credit, and miscellaneous (mainly foreign cash and subscription to I M F ) .
4
42
' See Table 1, note 25.
See Table 3, note 37.
43
Securities and notes issued by F N M A , Federal land banks, home
loans banks, intermediate credit banks, and banks for cooperatives.
44
CCC-guaranteed bank loans and C C C certificates of interest.
45
Treasury currency liabilities, trade debt, and misc. liabilities (special
I M F notes, misc. deposits, and private equity in Govt. enterprises).
46
Excludes employment taxes.
47
Receipts of Federal Government grants; payments of direct relief
and other transfers; and receipts and payments in connection with
government employee retirement, unemployment insurance, workmen's
compensation, and cash sickness compensation programs.
48
In connection with saving through govt. employee retirement funds.
49
Corporate bonds and mortgages.
50
Trade debt and loans from Federal Government.
5
* Includes payment to Treasury on F . R. notes outstanding.
52
Net saving is less than line C by the amount of capital consumption,
about $0.1 billion a year.
53
Includes misc. and Treasury currency assets not shown separately.
54
Open market paper, CCC-guaranteed loans, and C C C certificates of
interest.
55
N e t of Federal Reserve float and cash items in process of collection
as reported by commercial banks.
56
Bank-record basis, net of bank float; differs from sector demand
deposits and currency assets (shown in Table 3 and in nonbank sector
accounts in Table 4) principally because of mail float.
57
Mainly stock issues and balances due to foreign branches.
58
Includes premiums on life insurance and private pension plans, less
benefit payments and policy dividends.
59
In connection with consumer saving through life insurance and
pension funds.
60
Mainly finance company loans to business and insurance policy loans.
61
Trade credit, time deposits, sayings shares, and miscellaneous assets.
62
Lines / , j , and most of i are liabilities of finance companies; line g,
shares of open-end investment companies; and line h, liabilities of security
brokers and dealers.
63
Part of "other loans" category.
64
Deposits at banks in U . S. possessions and agencies of foreign banks.
65
Consolidated; records only transactions with U. S.
66
Excludes unilateral transfers in kind, shown in line S.
67
Corporate securities, security credit, and commercial paper.
68
Direct investments, unidentified assets, I M F holdings of special
U. S. notes, and miscellaneous deposits.
69
Security credit, bank loans n . e . c , and other loans (mainly from
U. S. Government).
7
o Direct investments, foreign currency and deposits held by U . S.
domestic sectors, and other liabilities.
7
* "Errors and omissions" in U. S. balance-of-payments statement.
72
Grants in the form of goods and services by U . S. Government and
private individuals and institutions.
73
F o r detail by subsector, see Supplement 3.
NOTE.—"Liabilities" covers equity as well as debt claims.
For descriptions of sectors, of capital expenditures, and of financial
transaction categories, see notes to corresponding items in Tables 1, 2,
and 3, pp. 930, 931, 938, and "Technical N o t e s , " p p . 846-59 of the
BULLETIN for August 1959. F o r discussion of saving and investment
concents, see p. 833 of the BULLETIN for August 1959.
Back data available in Flow-of-Funds Supplements.
Details may not add to totals because of rounding.

Financial Statistics

* International *
International capital transactions of the United States.

1194

Net gold purchases and gold stock of the United States

1202

Estimated foreign gold reserves and dollar holdings

1203

Reported gold reserves of central banks and governments

1204

Gold production

1205

International Bank and Monetary Fund

1206

United States balance of payments.

1207

Money rates in foreign countries.

1207

Foreign exchange rates

1209

Index to statistical tables.

1215

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.

1193

1194

EVTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES»
[Amounts outstanding, in millions of dollars]

Grand
total

End of month

1955 Dec
1956 Dec
1957 Dec
1958—Dec

13,601
14,939
15,158
16,159

1959—Aug
Sent
Oct
Nov
Dec

18,812
19,197
19,016
19 303
'19,388

I960—Jan
Feb
Mar
Apr
May
June
JUlyPp
Aug.

r

. ...

19,390
'19,485
r
19,674
'19,853
'20,179
20,434
20 737
21,236

Interna- Foreign countries
tional
institutions 2 Total Official 3

Germany,
Fed.
Rep.
of

Italy

United
Kingdom

Other
Europe

Total
Latin
Europe Canada America

Asia

All
other

11,720
13,487
13,641
14,615

6,953
8,045
7,917
8,665

1,454
1,835
1,557
1,755

785
930
1,079
1,121

550
1,012
1,275
873

3,357
3,089
3,231
3,960

6,147
6,865
7,142
7,708

1,032
1,516
1,623
2,019

2,000
2,346
2,575
2,403

2,181
2,415
1,946
2,205

360
346
355
279

42,720 16,092
2,991 16,206
3,049 15,967
3,160 16,144
3,158 16,229

9,175
9,226
9,096
9,082
9,145

1,409
1,436
1,544
1,706
1,987

1,570
1,578
1,543
1,523
1,369

1,093
1,056
874
955
990

4,503
4,611
4,454
4,300
4,132

8,575
8,681
8,415
8,484
8,479

2,135
2,245
2,256
2,330
2,199

2,515
2,364
2,300
2,302
2,406

2,526
2 560
2,627
2 658
'2,774

340
355
369
369
'373

8,896
8,871
8,999
'9,198
9,247
9,572
9,723
10,138

1,899
1,908
2,012
2,199
2,220
2,473
2,704
2,868

1,358
1,245
1,159
1,142
1,050
1,060
1,095
1,127

1,008
1,157
1,258
1,332
r
l,492
1,591
1,727
1,792

4,056
4,039
3,963
3,821
3,890
3,809
3,475
3,396

8,322
8,349
8,391
8,494
'8,652
8,934
9,001
9,182

2,321
2,273
2,358
2,387
2,424
2,532
2,686
2,707

2,393
2,378
2,383
2,478
2,526
2,432
2,496
2,543

'2,829
'2,806
'2,860
'2,843
'2 817
2,824
2 853
2,953

'388
'394
'382
All
403
397
369
386

1,881
1,452
1,517
1,544

'16,253
'16,200
r
16,375
'16,619
'16,821
17,119
17,405
17,771

3,138
3,285
3,300
3,233
3,358
3,315
3,332
3,464

r

Table la. Other Europe
Neth- Norerlands way

Portugal Spain

Sweden

Switzerland

Turkey

82
67
93
130

132
137
142
163

104
43
24
36

153

in
260
303

757
836
967
852

9
20
18
20

13
17
11
9

209
282
349
685

423
435
426
429
485

102
103
101
97
95

155
151
142
138
138

59
67
71
79
86

343
330
241
243
213

869
905
889
902
969

29
32
28
34
31

7
6
6
5
6

528
557
582
578
584

496
496
482
442
430
412
387
355

95
94
99
96
97
101
88
85

128
130
125
113
104
88
88
87

93
99
111
108
120
149
131
132

151
196
217
265
267
261
252
250

977
950
931
930
928
939
874
820

30
31
30
23
24
19
18
14

10
10
12
9
7
9
8
10

561
523
456
442
545
474
378
370

Other
Europe

Austria

Belgium

Denmark

Finland

3,357
3,089
3,231
3,960

261
296
349
411

108
117
130
115

60
65
112
169

49
53
64
69

1,081
626
354
532

176
177
154
126

164
134
203
339

1959 Aug
Sept
Oct
Nov
Dec

4,503
4,611
4,454
4,300
4,132

391
394
386
364
331

119
129
125
132
138

98
113
113
122
137

76
71
79
81
77

1,139
1,157
1,095
903
655

165
161
172
192
186

I960—Jan
Feb
Mar
Apr
May
June
JulyP
Aug.P

4,056
4,039
3,963
3,821
3,890
3,809
3,475
3,396

308
300
264
234
221
198
197
203

152
137
156
134
141
149
172
166

120
112
114
92
82
80
72
53

83
90
87
75
71
61
64
49

664
675
719
711
726
759
650
726

188
197
160
146
128
112
97
75

End of month
1955—Dec
1956 Dec
1957 Dec
1958 Dec

....

France Greece

YugoAll
slavia other5

Table lb. Latin America

Latin
BoAmer- Argen- livia
tina
ica

End of month

Brazil Chile

Colombia

Cuba

NetherDoPanminEl Guate- Mex- lands ama,
Anican
ReSal- mala
tilles pubReico
and
pub- vador
Suri- lic of
lic
nam

Peru

Other
Uru- Vene- Latin
guay zuela America

1955—Dec..
1956—Dec.
1957—Dec..
1958—Dec..

2,000
2,346
2,575
2,403

138
146
137
150

26
29
26
22

143
225
132
138

95
91
75
100

131
153
153
169

253
211
235
286

65
68
54
40

24
25
27
26

45
64
65
42

414
433
386
418

47
69
73
79

86
109
136
146

92
84
60
77

65
73
55
82

265
455
835
494

112
111
124
133

1959—Aug.
Sept..
Oct..
Nov.
Dec.

2,515
2,364
2,300
2,302
2,406

245
268
291
310
337

20
20
23
22
24

163
169
150
141
151

144
171
141
139
185

212
197
203
215
217

206
202
191
168
164

40
37
39
41
37

29
25
22
27
28

36
35
35
36
37

416
400
396
420
442

79
85
83
85
86

155
157
151
144
129

81
88
96
88
82

85
71
70
68
62

428
278
254
251
277

175
161
154
148
14S

I960—Jan..
Feb.
Mar.
Apr.
May
June.

2,393
2,378
2.383
2,478
2,526
2,432
2,496
2,543

360
380
388
386
412
388
394
393

25
23
21
20
22
21
20
20

152
164
156
159
172
162
162
176

170
159
152
147
156
144
132
132

222
232
204
205
205
189
185
175

163
151
149
146
138
130
120
111

36
35
29
29
35
35
35
36

31
35
33
33
33
31
27
23

44
52
53
54
52
46
40
37

425
421
432
437
409
355
390
399

86
83
85
82
86
93
98
90

131
125
128
129
123
116
123
133

83
70
72
81
79
77
82
77

62
68
62
62
63
60
55
54

250
209
245
317
351
301
355
407

154
172
175
190
191
6285
276
280

* Preliminary.




r

Revised.

For other notes see following page.

1195

INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued
[Amounts outstanding, in millions of dollars]
Table lc.

Asia and All Other

Asia

All other
Ko-

End of month
Total

Hong
IndoKong India nesia Iran

•p ~
Phil- TaiIsrael Japan pub- ipwan
pines

of

1955—Dec
1956—Dec
1957—Dec
1958 Dec . .

2,181
2,415
1,946
2,205

55
66
70
62

73
76
82
77

174
186
151
108

37
20
55
43

53
45
52
56

1959_Aug
Sept

2,526
2,560
2 627
2,658
r
2,774

57
58
59
61
r
60

103
119
122
115
114

92
108
116
126
139

28
27
21
24
47

'2,829
r
2 806
r
2,860
r
2 843
r
2 817
2,824
2 853
2,953

r

113
90
104
68
67
59
55
51

146
153
150
152
138
155
158
164

46
43
45
39
47
37
35
27

Oct

Nov
Dec
I960—Jan
Feb

Mar
Apr

May
June
JUlyP
Aug.p

61
r
61
r
65
r
61
r
58
58
58
58

Table Id.

893

Con- Egyp- Union
of
ThaiAustian
go.
Re- South Other
land Other Total tralia Rep.
gion— Africa
of
the U.A.R.

88
99
117
145

252
272
175
176

39
61
86
99

138
148
157
133

380
425
417
371

360
346
355
279

75
84
85
79

42
44
39
30

72
50
40
16

53
53
38
30

119
114
153
125

94
78
80
81
87

1,106 148
1.141 150
1,169 152
1,215 148
r
1,285 148

182
180
176
179
172

90
87
91
92
94

126
127
129
133
136

501
484
511
483
494

340
355
369
369
r

31
29
29
26
31

16
16
17
18
20

53

155

r

85
109
112
114

43
48
51
49

159
163
161
162

93
87
87
93
91
80
68
72

'1,319
r
l,318
'1,365
r
l 413
r
1,445
1,476
1,536
1,627

174
177
178
184
194
198
216
219

94
95
95
91
90
90
87
89

142
142
144
142
152
154
158
163

493
494
486
459
399
379
339
338

r
388
r
394
r

r
107
r
112
r

135
113
114
107
95

25
38
33
39
41
42
46
40

62

417
403
397
369
386

33
34
42
37
46
37
25
27

57
43
39
30
40
36
32

162
152
157

1,017
586
935

149
145
141
140
136
139
143
144

373

382

110

109

Supplementary Areas and Countries7

End of year

Area or country

Other Europe:
Albania

British dependencies.
Bulgaria
Czechoslovakia8
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of..
Latvia
Lithuania
Luxembourg
Monaco
Poland 8 8
Rumania
Trieste
U. S. S. R.8
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies and French Guiana.
Haiti
Honduras
Nicaragua
Paraguay
Other Asia:
Afghanistan
Bahrein Islands
British dependencies.

End of year
Area or country

1956

.3
.4
.2
.5
1.2
1.9
3.1
9.1
.6
.4
13.2
4.3
3.3
.9
1.4
.8

1957

.3
.6
.7
3.1
1.7
.7
2.9
9.0
.5
.5
16.4
5.4
3.2

1958

1959

.3
.4
.3
.6
1.4
1.7
.9
3.5
10.0
.6
.7
16.1
5.9
4.9
.9
.5
2.2

.3
.8
1.2
.7
1.5
n.a.
1.3
2.7
5.4
.6
.6
8.2
5.3
4.0
.9
n.a.
2.6

24.1
14.6
18.0
1.0
8.9
10.2
11.8
4.0

24.0
16.4
22.7
.8
11.2
12.6
12.7
5.1

40.9
24.5
17.4
.5
7.7
6.3
11.3
3.4

5.3
1.7
7.4

4.7
.9
8.0

4.5
.9
4.3

1959

1956

Other Asia (Cont.):
Burma
Cambodia
Ceylon
China Mainland 8 .
Iraq
Jordan.
Kuwait
Laos
Lebanon
,
Malaya, Fed. of
,
Pakistan
Portuguese dependencies.
Ryukyu Islands
Saudi Arabia
Syrian Region—U.A.R.. .
Viet-Nam

All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Liberia
Libya
Morocco:
Morocco (excl. Tangier)
Tangier
New Zealand
Portuguese dependencies
Somalia
Spanish dependencies
n.a.
Sudan
.9
Tunisia
5.7

46.9
18.9
21.7
.5
10.5
12.8
12.5
6.7

r
n.a. Not available.
* Preliminary.
Revised.
1 Does not include banking liabilities to foreigners maturing in more
than one year; such liabilities amounted to $4 million on August 31, 1960.
2 Includes International Bank for Reconstruction and Development,
International Monetary Fund, and United Nations and other international organizations.
3 Represents liabilities to foreign central banks and foreign central
governments and their agencies (including official purchasing missions,
trade and shipping missions, diplomatic and consular establishments, etc.).
*> Includes $1,031 million representing increase in United States dollar
subscription to the International Monetary Fund paid in June 1959.
5 Includes Bank for International Settlements.
6
Includes Inter-American Development Bank.
7
Except where noted, these data are based on reports by banks in




166
174
164
155
191

1957

1958

7.0
17.2
41.2
35.5
16.9
2.0
5.3
37.3
22.3
1.4
20.2
2.7
30.6
97.4
17.1
50.1

6.7
20.0
34.2
36.3
19.6
1.6
5.9
33.1
28.2
1.6
12.8
3.1
32.7
94.8
3.5
58.5

5.9
n.a.
24.9
19.7
44.1
n.a.
36.0
35.8
18.0
n.a. !
2.8
2.51
10.3
9.4
20.9
n.a.
37.9
38.0
1.2
1.4
5.6 23.5
3.1
2.4
15.2 14.8
60.2 111.6
4.7
5.0
48.8
68.3

3.8
24.2
10.5
23.7
3.7

2.3
35.1
10.7
23.0
10.7

1.8
27.8
6.5
13.0
6.4

2.4
18.7
5.8
20.3
17.6

13.6
22.4
2.2
2.8
.9
.3
.4
.5

32.2
19.2
1.9
4.4

25.4
18.1
6.9
4.0

41.9
16.0
6.8
2.9
n.a.
.2
n.a.
8.4

1.3
.7
1.7

1.3
.4

5.2
.3

the Second (New York) Federal Reserve District. They represent a
partial breakdown of the amounts shown in the "other" categories in
Tables la-lc.
8
Based on reports by banks in all Federal Reserve districts.
NOTE.—Statistics on international capital transactions of the United
States are based on reports by U. S. banks, bankers, brokers, and dealers,
by branches or agencies of foreign banks, by certain domestic institutions
not classified as banks that maintain deposit or custody accounts for
foreigners, and by the U. S. Treasury. The term "foreigner" is used to
designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled abroad
and the foreign subsidiaries and offices of U. S. banks and commercial
firms.

1196

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

To banks and official institutions

To all other foreigners

Payable
in foreign
currencies

Total
Total

Deposits

U.S.
Treasury
bills and 1
certificates

Other*

Total

Deposits

U.S.
Treasury
bills and
certificates

Other 2

Total amounts outstanding
Dec
Dec
Dec
Dec

13,601
14,939
15,158
16,159

11,777
12,860
12,847
13,669

5,451
5,979
5,875
6,772

5,670
5,990
5,840
5,823

656
891
1,132
1,075

1,783
2,030
2 252
2,430

1,543
1,653
1 766
1,951

184
243
278
306

56
134
209
174

40
49
59
59

1959 Aug
Sept
Oct

18,812
19,197
19,016
19,303
19,388

16,131
16,549
16,450
16,805
16,912

6,374
6,560
6,132
6,331
6,341

8,546
8,768
9,046
9,181
9,243

1,211
1,220
1,271
1,292

2,045
1,963
1 913
1,857
1,833

303
331
310

1,328

2,615
2,578
2,498
2,433
2,398

267
283
276
286
270

66
71
68
65
77

19,390
19,485
19,674
19,853
r
20,179
20,434
20,737
21,236

16,982
17,154
17,369
17,555
17,843
18,106
18,405
18,895

6,149
6,065
6,272
6,690
6,918
7,183
7,358
7,627

9,258
9,430
9,357
9,227
9,342
9,304
9,513
9,728

1,573
1,660
1,740
1,632
1,583
1,620
1,534
1,540

2,354
2,275
2,243
r
2 234
2,268
2,251
2,256
2,257

1,765
1,749
1,738
1 745
1,770
1,795
1,788
1,772

180

293
301
301
290
287
289
304
305

56
56
62
65
68
76
76
83

1955
1956
1957
1958

Dec
1960 Jan
Feb
Mar
May
June
Aug P

-

290

295
295
225
204
199
211
167
165

Area and country detail, June 30, 1960
Europe:
Austria
Belgium
Denmark
Finland

Portugal
Spain

146
81
25
8
347

32
4
45
46
316

18
21
2
6
38

2,442
97
1,025
371
61

207
17

1,895
81

340

155

755

88
149

49
131

45
130

261

Germany, Fed. Rep. of
Greece
Italy
Netherlands
Norway

196
106
72
60
700

254

56

198
149
80
61
759
2,473
112
1,060
412
101

117
49

191
8

1(15
62
4

149
118

3
1
49
346

2
42
8
1
58
30
15
35

38
39
39
18
7

2
36
7
1
50

1

(3)

(3)

3

5

1

24
15

2

4

27

6

23
37

11
1

38
17

(3)

(3)

2
3
2

6

(3)

(3)

80
2
147

23

45

1
(3)

3

(3)
(3)

939
19

787
17

322
17

1,591
9

1,245
g

781
g

360

104

147
2
296

61

88

50

474

459

83

199

177

15

10

1

5

(3)

Total

8,934

8,080

2,595

4,199

1,285

793

523

109

160

61

Canada . . .

2,532

2,254

1,738

477

39

269

207

34

28

9

388
21

316
5

125
5

168

23
(3)
8

(3)

Swit7erland
Turkey
United Kingdom
Other Europe

Latin America:
Argentina
Bolivia
Brazil
Colombia
Cuba .

162
144
189
130

51
103
132
47

Dominican Republic
El Salvador
....
Guatemala
Mexico
Neth. Antilles and Surinam . . .

35
31
46
355

12
14
30
225

93

Panama Rep of
Peru
Uruguay
....
Venezuela
Other Latin America

116
77

Total

(3)

8

70
15

111
41
57
83

100
41
56
76

23
17
16
130

20
16
16
128

12
7
10
224

(3)

4
11
1

41

19

11

12

52

22
37

2

94
40

60
301
285

26
143
200

20
36
25
141
90

2,432

1,405

1,009

9

(3)

7

(3)

(3)

(3)
(3)

3

18

8

26

4
1
2
1
2

27
2
7
6
5

(3)
(3)

21

95

2

100

34
158
83

298

99

1,024

908

2

8

(3)

1
2
10

(3)

1
3

(3)
(3)

62
37
25
151
76

v
r
Preliminary.
Revised.
i Includes International Monetary Fund's holdings of nonnegotiable,
non-interest-bearing demand notes of the United States which amounted
to $2,260 million on Aug. 31, 1960.




72
15

20
3

(3)

43
102
112
37

(3)

2

Represents principally bankers' acceptances and commercial paper.
3 Less than $500,000.

1197

INTL CAPITAL TRANSACTIONS OF THE U, S.

TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—CoDtimied
[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

U.S.

Other i

Total

Deposits

Treasury
bills and
certificates

Other 1

Area and country detail, June 30, 1960—Continued
Asia:
Hong Kong
India
Indonesia
Iran .
Israel

58
59

32
48
152
33
74

1,476
139
198
90
154
379

1,460
138
180
82
151
346

Total

2,824

o
(2)

33

1
15

2
4
5

642

734

25
11

2
4
5

85

15

15

(2)

74
32
26

Japan
Korea Rep of
Philippines
Taiwan
Thailand
Other Asia

26
11

24
34

155
37
80

..

8
2
7

12
71

(2)

(2)

(2)

(2)

153

2
18
7
3
31

(2)

1

1,118

174

126

122

1

3

3

3

3

4

1
5
27

1
5
24

(2)

107

24

38

34

1

3

2

6,972

6,200

1,620

2,251

1,795

167

289

76

210

3,104

(2)

(2)

7,183

9,304

2,251

1,795

167

289

76

114

111

35

72

37
42
40
164

35
41
34
136

19
14
34
124

1
26

(2)

8

397

357

226

Total foreign countries.

17,119

14,792

International institutions....

3,315

3,315

20.434

18,107

Grand total

1
(2)

2
18
7
3
32

2,696

Total

(2)
(2)

11
3
6
36

40
40

98
129
79
16
157
1,403

All other:
Australia
Congo Rep of the
Egyptian Region—U.A.R..
Union of South Africa....
Other

i

16

1,620

(2)

1

(2)

(2)
\

(2)

2

x

j

1
Represents principally bankers' acceptances and commercial paper.
2 Less than $500,000.

TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES»
[Amounts outstanding, in millions of dollars]

End of month

1955—Dec
1956—Dec
1957 Dec
1958—Dec
1959 Aug
Sept
Oct
Nov
Dec
I960 Jan
Feb
Mar
Apr
May
June
JUlyPv
Aug

.

Total

1 549
1,946
2,199
2,542
''2,353
'"2,382
'2,387
'2,473
'2,623
r

2 700
'2,680
'2,728
'2 707
'2,690
2,764
3 025
3,121

GerFrance many,
Fed.
Rep. of

Switzerland

United Other Total
King- Europe Europe
dom

12
18

88
157

30
43

26
29

56
36

34
42

109
104

89
81
65

140
77
45
44
41

34
33
29

34
39
36

211
315
222
239
230

60

48

28

30

37

54

98
124
'128
'132
'131
'155
'121

46

51

39

51

229

38
25
25

51
53
55

38
30
33

39
37
41

'111
'124
'112
'129
'135
181

'226
230

30
35

36
41

201
239

227
215

114
102

57

26
28

26
33

55
62
63
68

r
v 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 one year: loans made to and acceptances made for




Italy

32
32

38

36
42

158
216

225

234
229
231
228

423
568

654
696
'554
'566
'532
'554
534
'526
'519
'488
'512
'509
575
583
631

Canada

144
157

154
243
241
272
311
282

272
255
234
246
254

258
272
336
341

Latin
America

Asia

706
840

233
337

386
435

43
43
50
69

975
978
988
1,055
'1,175

518
511
503

66
54
52

528

54

'1,241
'1,248
'1,257
1,172
'1,124
1,111
1,200
1,202

624

55

626
682

53
54
55

956
1,099

586

All
other

56

'715
'743
746

56
60

844
885

61
62

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.

1198

INTL 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

1960 Jan
Feb
Mar
Apr
May,.
June..
July*. . .
Aug.?

13
12
11
14

3
4
4
6

222
239
230
225
234

5
6
5
5
4

48
50
50
51
56

9
10
11
14

5
7
8
8

4
3
3
2
2
2
3
2

56
53
49
51

12
9
7
7
6
7

9
9
8
8
9
7

50
49
44

Portugal

11
21
29
56

9
23
23
22

24
22
23
25
38

3
3
3
4
4
4
5
6

16
28
25
65

Norway

7
7
7
7
5

2
7
6
7

009

. .

158
216
211
315

00

. . .

1959 Aug
Sent
Oct
Nov
Dec

Finland

Netherlands

4
4
6
7

Denmark

229
229
231
228
'226
230
227
215

Dec
Dec
Dec
Dec

Belgium

001/1

1955
1956
1957
1958

Austria

00

Other
Europe

End of month

33
26
30
26
36
34
36
30

Greece

Spain

Sweden

Turkey

Yugoslavia

2
2
2
2

5
8
8
30

7
13
10
24

78
88
76
72

(2)
(2)

7
7
10
9

10
10
9
9
7

2
2
1
2
2

11
11
9
8
8

13
19
15
16
19

70
75
72
62
47

4
3
3
2
3

15
17
17
17
18

8
7
8
6
7
7
8
9

2
2
2
2
2
2
2
2

7
6
6
6
5
5
7
7

17
17
18
19
23
22
22
18

50
66
69
67
60
62
55
59

7
8
9
11
12
12
12
11

16
16
14
15
13
14
13
12

2

All
other

Table 3b. Latin America

Latin
BoAmer- Argen- livia
tina
ica

End of month

1955
1955
1957
1958

Aug .
Sept
Oct
Nov
Dec

1960 Jan
Feb
Mar
Apr
May
June
July?p
Au°

. ..

NetherPanEl Guate- Mex- lands ama,
AnSal- mala
Retilles pubico
vador
and lic of
Surinam

Peru

Uruguay

Other
Vene- Latin
zuela America

4
4
3
3

69
72
100
148

14
16
33
52

143
145
103
51

92
90
113
166

5
7
15
19

8
11
8
10

5
7
8
12

154
213
231
293

3
5
2
6

17
12
18
23

29
35
31
31

18
15
42
52

105
144
170
142

34
49
51
53

44
48
51
1,055 r 63
r I 175
60

3
3
3
3
3

134
125
112
113
r
117

36
42
46
47
59

55
55
60
61
68

102
101
101
111

28
30
29
31
29

7
9
14
16
15

11
10
13
10
10

269
267
265
275
291

3
3
3
4
4

24
22
23
17
18

34
32
34
34
36

39
40
39
45
47

136
142
146
174
247

50
49
49
52
'57

1,241 '60
1,248 '61
r ,757
65
1,172 63
1,124 68
1,111 76
[,200 80
I 202 87

3
3
3
4
4
4
4
4

'138
r
150
151
148
161
156
173
176

58
57
51
50
50
50
57
54

71
70
71
75
77
77
80
78

29
27
23
20
19
17
16
18

10
5
5
5
6
7
7
9

12
13
12
13
13
11
11
11

288
257
282
297
325
321
335
333

3
5
5
3
5
5
5
6

18
19
18
17
22
17
17
16

35
38
36
40
41
43
43
46

47
46
51
52
49
42
38
39

314
346
334
242
'157
169
224
219

'52
'55
54
52
50
50
51
51

975
978

.. .

Cuba

Dominican
Republic

7
15
28
40

706
840
956
1,099

Dec
Dec
Dec
Dec

1959

Brazil Chile

Colombia

988

'

r

115

103
r
96
'95
92

77
67
59
55

Table 3c. Asia and All Other
Asia
End of month

Hong
Total Kong India

Iran

All other

PhilIsrael Japan ippines Taiwan

Egyption Union
Thai- Other Total Aus- Congo, Reof
Rep.
land
tralia of the gion— South Other
U.A.R. Africa

1955
1956
1957
1958

Dec
Dec
Dec
Dec

233
337
386
435

3
4
7
6

5
6
6
4

18
20
22
27

10
16
24
23

103
170
146
179

19
16
53
67

6
6
6
6

8
9
14
13

60
91
110
111

43
43
50
69

11
11
13
13

5
6
5
4

1
2
1
3

8
8
12
21

17
17
19
29

1959

Aug
Sent
Oct

518
511
503
528
586

9
9
9
10
10

5
6
7
6
6

29
30
29
29
29

15
13
12
9
14

269
262
262
275
324

8
8
8
8
9

13
12
12
14
15

151
155
154
157
155

66
54
52
54
56

16
IS
19
18
18

3
3
3
3
3

1
2
2
2
2

19
12
10
11
12

27
20
19
20
21

1960

Jan
Feb
Mar
Apr

624
626
682
'715
'743
746
. . . . 844
885

11
12
12
11
12
11
10
10

6
6
6
8
8
7
9
7

30
30
31
35
33
35
35
36

14
17
13
15
16
17
16
15

362
372
420
r
456
'488
497
585
627

18
17
11
20
24
24
18
22
22
21
14
22
26

9
9
9
10
10
11
10
10

14
12
13
10
12
11
15
14

154
151
154
148
145
143
142
141

55
53
54
55
56
60
61
62

18
16
18
19
21
23
25
25

3
3
3
3
3
3
3
2

2
2

10
11
10
11
11
11
12
10

22
21
23
19
20
21
21
22

Dec

June
JUlyP
Aug ^

P Preliminary.
' Revised,
i See note 1 on preceding page.




2 Less than $500,000.

2
1
2
2
1

INT'L CAPITAL TRANSACTIONS OF THE U. S.

1199

TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Short-term
Payable in dollars
E n d of m o n t h , or area
and country

Longterm—
total i

Loans to:
Total

Total

Banks and
official
institutions

Others

Payable in foreign currencies

Collections
outstanding

Other

Total

Deposits
with
foreigners

Other

Total amounts outstanding

1959

1960

1,549
1,946
2,199
2,542

1 385
1,796
2,052
2,344

489
582

236
330

353
440

307
444

627
840

303
428

423
421

699
656

1 505
1,516
1 525
1,506
1,544

r
2,353
r
2,382
r
2,387
r

2,473
'2,623

2,188
2,203
2,180
2,280
'2,406

718
753
738
815
r

421
424
441
456
r

442
453
458
475

607
573
543
533

516

582

1 526
1,516
1 532
1,586
1 627
1.598
1,665
1,632

r
2,700
r
2,680
r
2 728
r
2,707
r

r
2,491
r
2,487
r
2,520
r
2,490
r

r
873
r
845
r
806
r
774
r

r
425
r

671

1955 Dec
1956—Dec
1957 Dec
1958 D e c

839

1,174
1,362

Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
M^ay
June
July?
Aug. 29

2 691
2,764
3,025
3,121

2 466
2,485
2,661
2,712

848

768
726

729
717

460

411

397
408
H92
387

389
386

164
150
147
198

144
131
132
181

20
19
15
16

r
165
'179

152
163
192
182
203

r
12
r
16
r
15
r

r
209
r
194
r
208
r
218
r

r

224
280
364
409

195
175
179
186
191
198
223
221

(2)

(2)

(2)

(2)

(2)

3

3

13
(2)

11

2

1
4

(2)

517

676

526
538
562
569
579

705
779
746
737
793

562
555

981
1,054

r
207
r

194
'217

12
'15

14

r
29
r
31
r

34
82
140
188

Area and country detail, June 30, 1960
Europe:
Austria
Belgium
Denmark
Finland
France

2
25
3
4
20

Germany, Fed. Rep. of....
Greece
Italy
Netherlands
Norway

13
5
28
15
115

Portusal
Spain
Sweden
Switzerland
Turkey

2
6
33

United Kingdom
Yugoslavia
Other Europe

28

Total

8
28

8
25

62
4

50
4

32
34

31
30

7

7

2
5

...
. ...

Panama Reo of
Peru
Uruguay
. ...
Venezuela
Other Latin America

3
6
8
(2)

3
(2)

20
4

8
1

3

15
12

8
8
4
2

(2)

4
1

(2)
*2\

(2)

1
•2\

2
14

62

58

35
12
14

14
6
4

8
11
3

7
5

3
6

2
7

2
7

(2)

4

(2)

16
3
4

2
3
3

146

84

62

(?)

(2)

(2)

(2)

575

397

170

49

120

57

178

114

64

272

207

26

157

8

16

65

53

12

25

76
4

50
4

8

4

21

156
50
77
66

(2)
60
7
7
31

18
4

156
50
77
67

15
14
8
5

20
13
28
25

61
16
33
6

2

17
7
11

17
7
11

5
1
1

3
4
7

9
2
2

207

321

318

133

32

91

(2)
3

1

(2)

97
(2)
199
42
25
41

2

5
17
43
42
169
50

1,111

1,080

2

(2)

4

11
19
3

5
3
31
10

18
2
49
29

3
20
26
69
8

287

171

255

367

43
42
167
50

876

2

17

9
1
160
58

2
62

10

5

31

1

r
Preliminary.
Revised,
i Represents mainly loans with an original maturity of more than one




2
12

88

2

year.

7
2

19

20
36

181
12
14

1

7
1

(2)
4
6

2
4

22
42

(2)

2

35
1

309

El Salvador
Guatemala
Mexico
Netherlands Antilles and
Surinam

Total

(2)

2

49
6

62

Canada
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba

2

50
7

2 Less t h a n $500,000.

25
(2)
(2)
(2\

(2)
(2)
2

C)

(2)

!
(2)

3
(2)
•2\

2

( )

(2)

2
(2)

I
(2)

1

31

29

2

1200

INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Short-term
Payable in dollars
Longtermtotal 1

Area and
country

Payable in foreign currencies

Loans to:
Total
Total

Banks and
official
institutions

Collections
outstanding

Others

Other

Deposits
with
foreigners

Total

Other

Area and country detail, June 30, 1960—Continued
Asia:
Hong Kong
India
Indonesia
Iran
Israel

2
19
55
12
2

11

Japan
Korea Rep of
Philippines
Taiwan
Thailand
Other Asia

14

Total

11
7

7
1

\

(2)

17

35
17

4
2

( )

497
2
14
11
11
140

85

2

7
3

497
2
14
11
11
140

10
6
6
119

1
1

120

746

745

241

25
40
3
59
79

23
3
2
11
21

20
3
2
10
20

1
1

205

60

55

1,598

2,764

2,485

6

All other:
Australia
.
. . .
Congo Rep. of the
Egyptian Region—U.A.R..
Union of South Africa
Other
Total

l

h\
(2)

(2)

(2)

(2)

2

2

11
93
1
2

317

( )

(2)

18

2
5
3
1

(2)

(2)

5

159

340

1

1

(2)

1

9

3

1

2

3

10
3
1
10
15

1
1

1
1

3

4

38

11

4

1

3

726

387

579

793

280

198

82

1

International institutions....
Grand total

i Represents mainly loans with an original maturity of more than
one year.

2 Less than $500,000.

TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i
[In millions of dollars]
U. S. corporate securities2

U. S. Govt. bonds & notes
Net purchases,
or sales (—)

Year or month
Purchases

Purchases

Sales
Total

Sales

Net purchases, or
sales ( - )

Purchases

Sales

Foreign
countries

Foreign stocks

Net purchases, or
sales ( - )

Purchases

Sales

N e t purchases, or
sales ( - )

883
666
1 224
1,214

1956
1957
1958
1959
1959—Aug
Sept
Oct
Nov
Dec
I960

Foreign bonds

Jan
Feb
M^ar
Apr
May
July*5
Aug. p

. . . .

1,018
718
1,188
528

-135
-52
36
686

-205
117
-237
524

1,907
1,617
1 759
2,593

1,615
1,423
1 798
2,158

291
194
-39
435

607
699
889
946

992
1,392
1,915
1,458

-385
-693
-1 026
-512

749
593
467
566

875
622
804
804

-126
-29
-336
-238

259
106
163
166
92

25
40
77
99
55

234
66
86
68
37

185
36
61
51
24

190
177
191
234
254

145
134
151
175
200

45
44
40
59
54

27
157
52
53
95

27
208
75
93
145

(3)
-52
-23
-40
-49

44
44
58
41
53

50
44
35
51
63

-6
23
-10
-10

104
119
113
183
166
198
48
61

53
88
70
86
241
170
58
184

50
32
42
97
-75
29
-10
-123

49
17
9
39
-29

229
194
199
191
205
272
188
183

152
149
156
145
183
220
195
187

77
46
43
45
23
52
-7
-4

57
77
57
76
59
84
45
37

59
238
174
109
87
142
76
48

-161
-117
-33
-28
— 58
-31
-11

56
41
42
41
58
50
35
35

45
36
44
59
46
70
46
48

11
5
-2
-19
12
-19
-11
-13

9 Preliminary.
1 Includes transactions of international institutions.




c

-9
-48

2

Includes small amounts of U. S. municipal securities.
3 Less than $500,000.

1201

INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY 1
[Net sales, ( - ) . In millions of dollars]
Country

Type of security
Year or month

Total 2
Stocks

1956
1957
1958
1959

Bonds

Belgium

France

Netherlands

Switzerland

United
Kingdom

Other
Europe

Total
Europe

Canada

Latin
America

All
other 2

,

291
194
-39
435

256
143
-56
363

35
51
17
73

23
14
-3
5

23
8
2
40

-7
35
-8
31

147
101
19
254

87
77
-1
15

7
20
1
35

280
255
10
379

-53
-99
-86
-30

38
23
23
40

27
15
14
46

1959—Aug..,
Sept.,
Oct...
Nov..
Dec...

45
44
40
59
54

35
26
30
48
58

10
18
10
11
-4

1
1
-1

11
2
1
11
6

5
5
5

18
35
26
23
20

7
-4
11
13

1
2
4
5
4

42
40
34
58
46

-1
-5
-4
-2
-6

4
6
5
3
5

1
3
4
1
9

I960—Jan...
Feb...
Mar..
Apr...
May..
June.,
July.*3
Aug.**

77
46
43
45
23
52
-7
-4

72
34
29
34
6
46
-1
4

5
11
14
12
17
6
-6

9
7
4
3
3
3
1
2

3
-6
5
2
3
2

28
34
23
21
4
30
-3
10

13
-6
6
8
-3
11
4
-5

17
7
2
4
4
3
-2
1

71
37
41
37
13
50

-2
2
-1
2
4
-4
-12
-22

7
7
1
2
3
3
2
3

P)
13

2 Includes transactions of international institutions.
3 Less than $500,000.

» Preliminary.
1
Includes small amounts of U. S. municipal securities.

TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS

TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i

[Net sales, ( - ) . In millions of dollars]

[In millions of dollars]

Year or
month

1956
1957
1958
1959

Total
International foreign Europe
couninstitries
tutions
-33
— 384
— 558
-157

—478
— 338
— 805
-593

8
231
— 72
-50

0)

4
42
24
-13
-16
-17
9
-3
4
22
-28
-9
— 22

1959—Aug....
Sept....
Oct....
Nov....
Dec....

-34
-7
-6

C1)

-6
-17
7
-44
-59

I960—Jan
Feb....
Mar...
Apr....
May...
June...
July" ..
Aug.*..

29
-101
7
-2
-39
5
-9
-10

-20
-56
-126
-50
22
-83
-33
-15

P Preliminary.
i Less than $500,000.




Assets in custody
Canada

-447
— 552
— 543
-443
-42
-21
-29
-39
2
-43
-89
-24

0)

-53
-8
5

Latin
America

Asia

17
15
5
11

-40
—45
-45
-97

-16
13
— 150
-15

0)

-2
3
1
-6
-11

1
-21

-6
-3
4
-2
3
-4
-4
-1

1
1
2
-22
1
-2
2
1

1
3
4
5

-2
-32
2
2
3
-15
3

All
other

0)
0)

End of month

Deposits

U. S. Govt.
securities2

Miscellaneous 3

1958—Dec.. .

272

3,695

480

1959—Sept....
Oct
Nov.. . .
Dec.. . .

312
284
332
345

4,346
4,409
4,396
4,477

548
547
556
570

I960—Jan
Feb.. . .
Mar.. . .
Apr.. . .
May. . .
June...
July
Aug.. . .
Sept.. . .

249
191
184
194
215
254
215
204
223

4,444
4,707
4,728
4,818
4,841
4,977
5,272
5,423
5,479

593
466
615
639
643
672
671
701
713

1
Excludes assets held for international institutions, and earmarked
gold. See note 4 at bottom of next page for total gold under earmark
at 2
Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes, and bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.

1202

U. S. GOLD
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[In millions of dollars at $35 per fine troy ounce.

Negative figures indicate net sales by the United States]
Quarterly totals

Annual totals
1959

Area and country
1952
Continental Western Europe:
Austria
Belgium
France
Germany (Fed. Rep. of)
Italy
Netherlands
Portugal
Spain
Switzerland
Bank for Int'l Settlements
Other

1953

1954

1955

-6
—4

-130

-100

I

3
-34

— 85

-10

-65
-60

—5

-226

1957

1956

-68
-10

3

25

—5

— 55

1958

31
23

-84
— 329

-83
— 39
-266

— 349
-261
-20
32
-215
-178
-23

JulySept.

Apr.June

1959

— 39
39

1960
Jan.Mar.

Oct.Dec.

Apr.June

—43
26

25

— 10

— 66

— 25

— 200

-30
— 10

— 10

20
-32
-38

-25
-5

-15

-17

-3

-197

-40

-49

0)
0)

-1

-17

0)

-65
-94
-37

-16
-20
-6

4

18

-114

-536

-328

-79

-20

68 - 1 , 4 2 8

-477

-118

-124

Sterling Area:
United Kingdom
Other

440
11

-480
-1

-50
-1

100

-900

-350

-200

-150

0)

Total

451

-481

-51

(i)

-900

-350

-200

— 150

Total

Canada

-8

100
15

7

Latin America:
Argentina
Mexico
Venezuela
Other

8

— 20
88

— 85
-28

115

75

67
-10

6

2

-30
65
-4

-20

-200
56

0)

-2

-28

80
-30

81

69

31

-20

-12

64

-157

-15

-45
-5

-62
-1

'-15

-172

-50

-62

'•-15

-19

12

14

58

-132

62

14

-6

-10

-5

0)

18

-30
3

-6

-10

-5

0)

18

-27

-10

0)

1

14

0)

394 - 1 , 1 6 4

-327

-68

80

394 - 1 , 1 6 4

Total

327

-68

-7

Total
_2

All other
Total foreign countries...

280

111 - 2 , 2 9 4

r
Revised.
1 Less than $500,000.
Figures represent purchase of gold from, or sale to (—) International
Monetary Fund.

65

0)

172 - 2 , 2 8 7
7
600

2

r

r

200

International institutions 2
Grand total

1

5

-10

Asia:
Japan
Other

20

0)

0)

-969

-389

-348

3-73 3-344
3 i 041 3-732

189

91

-1

-26

-159

-57

-42

-84

0)
-148

0)
-41

-8
-57

3
Includes payment of $344 million in June 1959 as increase in United
States gold subscription to the International Monetary Fund.

ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES
[In millions of dollars]
EarTotal
Net
marked
gold
gold
stock: import, gold: de- Domestic gold
crease, producincrease,
or
or inor detion
exp>ort
Total 1 crease
crease
(-)
(-)
(-)

Gold stock
(end of year)
Year
Treasury
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957

.. .

.

1958
1959

. .

24,244
24,427
22,706
22,695
23,187

24,399
24,563
22,820
22,873
23,252

22 030
21,713
21,690
21,949
22,781

22,091
21,793
21,753
22,058
22,857

1,530

1,680

-159
-496
-1,352
618
-305

71
67
80

165

686

-1,743
53
380

-371
-549
684

-1,162
-297
-41
306
799

2
16
97
106
104

- 1 171
-325
-132
319
600

69
65
66
65
63

20,534 20,582 - 2 , 2 7 5
19,456 19,507 2-1,076

260
302

-2,515
-1,324

62
57

66
67

P Preliminary.
1 Includes gold in Exchange Stabilization Fund. Gold in active portion
of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves,
Reserve Bank Credit, and Related Items" or in the Treasury statement,
"Circulation Statement of United States Money."




Gold stock
(end of month)

Month

Total
EarNet
gold
marked
gold
stock: import, gold: de- Domestic gold
increase,
crease, producor
or inTreas- Total 1 or detion
export
crease
crease
ury
(-)
(-)
(-)

1959_Sept
Oct
Nov
Dec

19,491
19,585
19,566
19,456

19,579
19,647
19,617
19,507

I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

19,444
19,421
19,408
19,360
19,352
19,322
19,144
19,005
^18,685

19,494
19,471
19,457
19,403
19,395
19,363
19,188
19,045
*>18,726

2

10
68
-30

-110

-13
-23

-14
-54
-8
-32

55
24
48
9

2
4
17
8
10
77

-174
-144

49
12

P-319

(3)

-35
52
-71

-112
-12

— 21
-13
-71
— 14
-102
-222
— 151
4 — 319

4
4

3
4
3
3
4
4
4
4

8

Includes payment of $344 million as increase in United States gold
subscription to the International Monetary Fund.
3 Not yet available.
* Gold held under earmark at the Federal Reserve Banks for foreign
and international accounts amounted to $10,788 million on Sept. 30, 1960.
Gold under earmark is not included in the gold stock of the United States.

1203

GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 31, 1958
Area and country

Continental Western Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France (and dependencies)
Germany (Federal Republic of)
Greece
Italy
Netherlands (and Netherlands Antilles and
Surinam)
Norway
Portugal (and dependencies)
Spain (and dependecies)
Sweden
Switzerland
Turkey
Other2

June 30, 1959

Sept. 30, 1959

Dec. 31, 1959

Mar. 31, 1960

June 30, I960*

Gold & U . S .
Gold& U.S.
Gold& U.S.
Gold & U . S .
Gold& U . S .
Gold& U . S .
shortGovt.
short- Govt.
shortGovt.
shortshortGovt.
Govt.
shortGovt.
term
bonds
term
bonds
term
bonds
term
term
bonds
bonds
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes

646
1,412
141
109
1,893
4,171
179
2,720

7
7
44
1
32
16

22
133

3

1,627
156
712
92
555
2,787
165
1,111

17,486

274

3,723
109
241
324
241
251

194
4

605
1,409
200
104
1,295
4,394
143
2,207

7
6
6
1
12
13

0)

685
1,407
144
109
2,091
4,057
187
3,054

623
1,287
168
115
1,957
4,624
212
3,118

7
7
54
1
32
16

0)

7
7
64
1
35
16

556
1,354
145
125
2,053
4,682
186
3,061

(0
0)

7
6
64
1
37
16

490
1,355
111
99
2,322
5,245
138
3,043

0)
C1)

7
7
53
1
18
16

0)
0)

26
136
1
3
68
90

16

1,711
133
725
125
521
2,805
176
r
1,068

15

1,732
125
733
154
404
2,903
164
r
l,079

18,476

396

18,998

456

19,398

201
4

3,956
106
252
366
268
199

264
4

57

3,490
116
'264
361
287
211

323
4

43

3,909
105
226
346
237
199

4,889

242

5,022

261

5,147

326

'4,729

404

Canada

3,097

341

3,195

342

3,284

450

3,159

452

Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Guatemala
Mexico
Panama, Republic of..
Peru
Uruguay
Venezuela
Other

210
463
140
241
366
69
561
146
96
262
1,213
250

263
480
170
278
317
67
566
147
96
269
1,219
30:

0)

325
495
212
266
277
59
565
157
107
251
997
268

0)

0)

13

393
478
228
288
214
61
584
129
110
24:
931
253

12

444
450
193
277
168
77
574
128
100
242
899
273

12

443
448
186
262
149
70
497
116
105
240
815
388

4,174

104

3,979

105

3,911

105

3,825

106

3,719

105

183
176
1,644
190
248
1,029

1

1

0)

1
21

188
168
1,755
214
258
912

1

28

3,495

37

216
259

0)

Total.
Sterling Area:
United Kingdom
United Kingdom dependencies.
Australia
India
Union of South Africa
Other
Total.

4,017

Total.
Asia:
Indonesia...
Iran
Japan
Philippines.
Thailand. . .
Other

15
120
()
*
3
10
76
(l)

0)

106

145
18.
1,094
186
245
778

All other:
Egyptian Region—U.A.R..
Other

12

3,032

190
252

0)

Total foreign countries 3
International institutions
3

459

32,563

983

0)
0)
55

0)
0)
82

2,876

495

35.439

1,478

4,665

0)

0)

0)
0)
2
0)

149
167
1,420

14

3,175

r

21

3,371

523

39,023 1,650

442

11

35,025 1,369
5,043

30
141
1
3
79
87

1,765
131
685
227
432
2,713
152
1,085

30
158
1
3
79
84

19,302

477

19,993

461

3.708
M21
r
272
351
299
'214

368
5

4,116
114
263
306
280
215

403
5

4,965

473

5,294

538

3,308

485

3,441

429

3
101
88

0)
17
510

(J)
76
r

1
1

0)

23

r

3,470

19243

190
252
10

1,760
129
722
190
388
2,708
163
1,080

29
141

172
187
1,564
181
240
1,02'

239
1,013

34,358 1,127

r
v Preliminary.
Revised.
1 Less than $500,000.
2 Includes Yugoslavia, Bank for International Settlements (including
European Payments Union account through December 1958 and European Fund account thereafter), gold to be distributed by the Tripartite
Commission for Restitution of Monetary Gold, and unpublished gold
reserves of certain Western European countries.
3
Excludes gold reserves of the U. S. S. R., other Eastern European
countries, and China Mainland.




0)

190
269

442

Total

31
82

118
179
1,380
178
246
931

2,632

Total.

Grand total

1,497
173
707
94
507
2,777
164
1,210

437

40,068 1,974

10

35,OO5 1,504
r

5,566

r

40,57

10
1
89

8
82

0)
4
3
1

207
246

r

605

0)

453
r

35,323 1,579
r

660
2,164

10

5,753

475
36,41

89

0)
0)
82
1
4
2
1

1
32

14

14
1,584

709

5,830

755

41,076 2,288

42,247

2,339

r

NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and total dollar holdings as shown in "Short-term
Liabilities to Foreigners Reported by Banks in the United States by
Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt.
bonds and notes represent estimated holdings with original maturities
of more than one year; these estimates are based on a survey of selected
U. S. banks and on monthly reports of security transactions.

1204

GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
total
world i

End of
month
1953 Dec .
1954—Dec
1955 Dec
1956—Dec
1957—Dec
1958 Dec . . .
1959 Aug
Sept
Oct
Nov
Dec

40,450
40,690

I960 Jan
....
Feb
Mar
.. .
Apr
May
June........
July
Aug

End of
month

Cuba

1953 Dec
1954—Dec
1955 Dec
1956 Dec
1957—Dec
1958 Dec

United
States

Estimated
rest of
world

Argentina

1,702
1 740
1,808
1,692
1 180
1,332

22,091
21 793
21,753
22,058
22,857
20,582

12,630
13 540
14,170
14,485
14,925
17,950

372
372
372
224
126
60

117
138
144
107
126
162

52
62
71
71
103
194

2,025
2,052
2 210
2,389
2,407

19,568
19,579
19,647
19,617
19,507

57
57
57
57
56

141
143
146
150
154

2,416
2 421
2,454
2 495
2,489
2 515
2,527
2,562

36,425
37,075
37,730
38,235
38,960
39,865

Int'l
Monetary
Fund

19,494
19 471
19,457
19 403
19,395
19,363
19,188
19,045

56
56
56
56
56
55

157
160
163
166
170
149

291
291
291
291
292
292
292
292
292
292
292
293
293

Denmark

18,820
18,775

Australia

Dominican
Republic

Ecuador

Egyptian
Region—
U.A.R.

El Salvador

Austria

Finland

Belgium

Colombia

Congo,
Rep.
of the

42
42
44
46
40
40

86
86
86
57
62
72

101
115
116
122
81
83

1,053
1,039
967
960
960

41
41
42
41
43

75
69
70
70
71

53
48
42
42
42

952
952
950
945
922
909
906
904

42
41
41
42
42
42
42

71
72
73
71
72
73
74

42
38
38
38
38
38

Brazil

Canada

776
778
929
925
915
1,270

321
322
323
324
324
325

986
1,073
1,134
1,103
1,100
1,078

1,276
1,254
1,187
1,156
1,134

326
326
326
327
327

1,143
1 175
1,183
1 197
1,182
1,191
.175
1,094

326
326
294
294
286
286
287

Chile

Germany,
France 2 Federal Greece
Republic
of

Guatemala

India

Indonesia

186
186
136
136
136
80

31
31
31
31
31
31

12
12
12
11
11
11

23
23
23
22
22
22

174
174
174
188
188
174

29
29
28
28
31
31

26
31
35
35
35
35

617
708
942
924
581
750

328
626
920
1,494
2,542
2,639

11
11
11
10
13
17

27
27
27
27
27
27

247
247
247
247
247
247

145
81
81
45
39
37

1959 Aug
Sept
Oct . . . .
Nov
Dec

75
75
75
60
50

31
31
31
31
31

12
12
12
12
10

20
20
20
20
20

174
174
174
174
174

31
30
30
30
30

38
38
38
38
38

930
,055
122
,290

2,721
2,621
2,626
2 626
2,637

26
26
26
26
26

24
24
24
24
24

247
247
247
247
247

41
41
33
33
33

I960 Jan
Feb
Mar
Apr
May
June
July
Aug

50
21
19
19
19
19

31
31
31
31
31
31

10
10
10
10
10
10
10
10

20
20
20
20
20
20
20
20

174
174
174
174
174
174
174
174

30
30
30
30
30
30
30
30

38
38
38
38
38
38
38
38

2,638
2 652
2,670
2 704
2,741
2,772
2,818
2,879

26
26
26
26
26
26
26

24
24
24
24
24

247
247
247
247
247
247
247
247

33
33
33
33
33
33
33
33

Philippines

Portugal

31

End of
month

Iran

Iraq

Ireland,
Republic of

Italy

Lebanon

Mexico

Q?1

,285
I 298
1,322
399
,513
SSI

1,560
1,568

NetherNew
lands Zealand

Norway

Pakistan

Peru

1953 Dec
1954 Dec
1955—Dec
1956 Dec
1957 Dec
1958 Dec

137
138
138
138
138
141

8
14
20
34

18
18
18
18
18
18

346
346
352
338
452
1,086

35
63
74
77
91
91

158
62
142
167
180
143

737
796
865
844
744
1 050

33
33
33
33
33
33

52
45
45
50
45
43

38
38
48
49
49
49

36
35
35
35
28
19

9
9
16
22
6
10

361
429
428
448
461
493

1959 Aug . . . . . . .
Sept
Oct
Nov
Dec

140
140
140
140
140

84
84
84
84
84

18
18
18
18
18

1,433
1,476
1,583
1,635
1,749

102
102
102
102
102

156
165
165
143
142

1.162
,162
1,126
,132
1,132

34
34
34
34
34

30
30
30
30
30

50
50
50
50
50

19
19
19
29
28

6
7
8
8
9

525
525
530
546
548

I960—Jan
Feb
Mar
Apr
May
June
July
Aug

140
131
131
131
131
131
131
131

84
84
84
84
84
84

18
18
18
18
18
18
18
18

1,816
1,870
1,902
1,902
1,983

102
102
102
102
102
102
102
102

142
142
142
142
142

1,132
1,141
I 164
1,164
1,164
1 231
1,246
1,246

34
34
34
34
34
34
34
34

30
30
30
30
30
30
30
30

52
52
52
52
52
52
52
52

28
28
28
28
28
28
28
28

10
11
12
13
15
16
16
12

548
548
549
549
549
549
550
550

.

.

For notes see following page.




1205

GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]

South
Africa

End of
month

Sweden

Spain

Switzerland

Syrian
Region—
U.A.R.

Thailand

Turkey

United
Kingdom 3

Uruguay

Venezuela

Yugoslavia

Bank
for
Int'l
Settlements

European
Payments
Union
153
153
244
268
254
126

1953—Dec
1954_Dec
1955—Dec
1956—Dec
1957—Dec
1958—Dec

176
199
212
224
217
211

130
132
132
132
101
57

218
265
276
266
219
204

,459
,513
,597
,676
,718
,925

14
17
19
19
24
24

113
113
112
112
112
112

143
144
144
144
144
144

2,518
2,762
2,120
2,133
2,273
3,069

227
227
216
186
180
180

373
403
403
603
719
719

13
14
16
17
13
17

193
196
217
179
165
339

1959_Aug
Sept
Oct
Nov
Dec

204
225
231
230
238

57
57
57
57
68

191
191
191
191
191

1,919
1,900
,868
1,816
1,934

19
19
19
19

112
112
104
104
104

144
144
133
133
133

3,248
3,284
3,024
2,974
2,736

180
180
180
180
180

719
719
719
654
654

10
10
10
10
16

434
427
367
383
381

I960—Jan
Feb
Mar
Apr
May
June
July
Aug

248
244
256
258
255
240
233
219

78
78
78
78
78
78

191
171
171
171
171
171
171
171

.826
.807
,777
.767
1,767
1,774
1.896
1 960

104
104
104
104
104
104

133
133
133
133
133
133
133
133

2,685
2,722
2,780
2,831
2,859
2,892
2,996
3,072

180
180
180
180
180
180
180

654
654
654
514
514
514
514

10
10
10
9
7
7
7
7

445
513
510
494
473
491
504
508

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.

2
Represents holdings of Bank of France and French Exchange Stabilization Fund.
3
Beginning with December 1958, represents Exchange Equalization
Account gold and convertible currency reserves, as reported by British
Government; prior to that time represents reserves of gold and United
States and Canadian dollars.

GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Estimated
world
production
(excl.
U.S.S.R.)

Y ear or
nonth

Tot«il

Congo, United
Rep.
States
of the

South
Africa

Rhodesia

Ghana

780 5
864.5
830 4
910 0
877 7
955.5
914 8
994 0
956
1 036.0
984 .0
1,071.0
1 148 0 1,062 6

1953.
1954
1955.
1956
1957
1958.
1959

417.9
462.4
510.7
556.2
596.2
618.0
702.2

17.5
18.8
18.4
18.8
18.8
19.4
19.8

25.4
27.5
23.8
21 9
27.7
29.2
31.8

n0
P 8
n0
n 1
1
n .8
12

91 .6
89 0
89 7
91 6
90 0
88 .5

60.8
60.7
60.9
61.3
60.3
59.3

.6
4
> 0
7
7
1.6

2.7
2.7
2 8
2.8
2.7
2.7

.8
i 4
7
i 1

89

60.8
60.0
59 6
61.8
63 1
63.4
63.6

6
.6

2.6
2.6
2 7
2.7
2 6
2 6

i

1959__july
Ane
Sept .
Oct
Nov . . .
Dec
I960

Morth and South America

Africa

Tan
Feb
Mar
Apr
May
June
Julv

2

..

7

0

p

Q

.8

I .4

9
.8
4

1
Gold exports, representing about 90 per cent of total production.
Excluding Chile.
Sources.—World production: estimates of the U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except
2




Other

Canada

Mexico

Nicaragua 1

Brazil

Chile

69.0
65.1
65.7
65.3
63.0
61.6
57.2

142.4
152.8
159.1
153.4
155.2
158.8
156.9

16.9
13.5
13.4
12.3
12.1
11.6
11.0

9 1
8
8 1
7 6
6 9
7 .2
7

4 0
4
9
4
4 2
3 .9
9

4 6
4 4
4
3
1 6
3 .9
7

5.3
4.2
3.8
3.5
3.4
3.7

13.2
12.2
12.7
13.9
13.6
13.2

.9
.6
.8
1.1
1.0
.8

.6
6

.4

.2

6
6
.6

4
4
.4

2
2
2
.1

3.4
3.1
3 5
3.5
4.1
3.9
4.5

13.2
13.0
13 6
12.8
13 2
13.5

.7
.6
6
.7
5

Colombia

Australia

India

15.3
13.2
13.3
15.3
11.4
13.0
13.9

37.7
39.1
36.7
36.1
37.9
38.6
38.1

7.8
8 4
7.4
7.3
6.3
6.0
5.8

1.4
1.2

3.2
3.0
3.3
3.3
3.4
3.6

.5
.5
.5
.5
.5
.5

2.8
2.8
3 2

.5
.5
5
.4

1.2
1.3
1.2

4
.4

1.5
1.4

.4

1 2

5

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.

1206

INTERNATIONAL INSTITUTIONS

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]

[End-of-month figures. In millions of dollars]
1959
1959

1960

1960
Item

Item

July
June

Sept.

Dec.

Mar.

Dollar deposits and U. S. securities.
Other currencies and securities 1 . . .
Effective loans 2
Other assets 3

952 1,033 1,023 1,109 1,110
630
648
632
671
666
3,387 3,548 3,531 3,642 3,664
137
93
104
133
138

IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital 3

1,905 1,963 1,990 2,067 2,073
839
960
904
893
952
30
28
31
28
27
420
440
462
485
506
1,911 1,920 1,985 2,005 2,026

Gold
Investments 9
Currencies:i
United States
Other
Gold and currency
separate
accounts:i o
Gold
Currency
Unpaid member subscriptions....
Other assets
Member subscriptions
Member subscriptions in separate
account 1 °
Reserves and liabilities

Loans by country, Aug. 31, 1960

Area and member country

4

Disbursed

Repaid

Apr.

July

1,371 2,210 2,416 2,495 2,527
200
500
500
500
500
998 2,028 2,141 2,250 2,314
5,839 8,283 8,349 8,455 8,516
551
1,542
854

680
i i 105

632
H60

640
1159

633
i i 59

9,228 13,644 13,999 14,277 14,429
2,093
42

162

120

115

106

Sold
to
others*
Country
Total

Continental Western Europe,
total
Austria
Belgium and Luxembourg...
Denmark
Finland
France
Italy
Netherlands
Norway
Turkey
Yugoslavia

1,643
100
213
60
102
418
298
236
95
61
61

1,358
73
171
48
80
329
229
236
72
60
61

284
2
25
6
19
31
10
168
3
9
11

1,075
71
146
41
62
298
219
68
69

Sterling area, total
Australia
Ceylon
India
Pakistan
Union of S. Africa
United Kingdom
Other

1,581
318
24
662
151
197
204
25

1,340
318
15
509
101
197
179
21

189
50
1
46
21
57
11

1,151
268
14
462
80
140
167
20

157
41
1
30
2
29
54

Latin America, total
Brazil
Chile
Colombia
Ecuador
El Salvador
Mexico
Nicaragua
Peru
Uruguay
Other

1,064
267
106
173
45
35
186
35
76
71
68

754
199
55
113
26
25
166
22
43
61
45

156
37
10
38
2
4
23
8
10
10
14

597
162
45
75
24
21
143
14
32
50
31

14

Asia (excluding Sterling area),
total
Iran
Japan
Lebanon
Malaya
Philippines
Thailand
Other

726
194
337
27
36
19
107
6

457
98
263
9
3
16
61
6

411
78
252
9
3
16
51

29
12
14

Africa
(excluding
Sterling
area), total
Ethiopia
Sudan
United Arab Republic

135
24
55
57
3,302

8508

,
,

75,149

3,979

678

Cumulative net drawings
on the Fund

Quota
Total




Jan.

Outstanding
Principal

Total

Oct.

June

299
5
55
4
13
63
70
68

51

49

Paid
in
gold

1959

1960

Aug.

Aug.

July

Argentina
Bolivia
Brazil
Burma
Chile

280
23
280
15
75

70
6
70
1
15

106
9
92
12
42

180
10
140
8
42

187
10

Colombia
,
Cuba
Dominican Rep....
France
Haiti

100
50
15
788
11

25
13
4
174
3

25
25

2
25
9
126
5

2
25
9
126
5

Honduras
Iceland
India
Indonesia
Iran

11
11

600
165
70

3
3
78
29
18

200
46

3
5
128
37
35

4
7
128
37
35

Pakistan
Paraguay
Philippines
Spain
Sudan
Turkey

150
9
75
150
15
86

16
2
19
23
2
22

5
9
50
5
39

13
4
12

13
4
12
50
6
36

United Arab Republic: Egypt. .
Syria...
United Kingdom.
United States
Yugoslavia

90
15
1,950
4,125
66

381
4

50
6
36

140
8
36

30
28
17
28
10
2
10
129
399
333
199
1,031 12-1,744 12-1,434 12-1,381
23
23
9
23

1 Currencies include demand obligations held in lieu of deposits.
2
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4 Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
6 Less than $500,000.
7
Includes $285 million in loans not yet effective.
«Includes $489 million not guaranteed by the Bank.
9 U. S. Treasury bills purchased with proceeds from sale of gold.
10 Paid by members pending increases in quotas becoming effective.
11 Includes subscriptions due from members on increases in quotas
consented to but not yet effective.
12 Represents sales of U. S. dollars by the Fund to member countries
for local currencies, less repurchases of such currencies with dollars.

1207

U, S- BALANCE OF PAYMENTS
UNITED STATES BALANCE OF PAYMENTS
[Department of Commerce estimates.
1957

Quarterly totals in millions of dollars]
1958

1959

1960

Item

Exports of goods and services, total 1 .
Merchandise
Services2

7,010
5,158
1,852

6,326
4,462
1,864

6,654
4,662
1,992

5,611
4,058
1,553

5,965
4,193

Imports of goods and services, total...
Merchandise
Services
Military expenditures

5,318
3,344

5,361
3,265
1,381

4,941
3,139
970
832

5,278
3,166

715

5,152
3,385
1,047
720

Balance on goods and services1

1,692

965

1,502

670

Unilateral transfers (net) 3
Private remittances and pensions...
Government nonmilitary grants

-662

-499
-164
-335

-581
-180
-401

-563
-178
-385

-544
-410
-339

-956
-588
-324

-71

-264
-368

1,124

850

-174
-488

U.S. long- and short-term capital (net) 3 1,563
Private, total
-1,364
Direct investment
-993
Portfolio and short-term invest-371
ment
-199
Government
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
v
1
2

-134

5,607
3,816
1,791

6,142
4,196
1,946

5,421
3,802
1,619

5,797
4,060
1,737

5,878 6,368
4,035 4,328
1,843 2,040

6,309
4,604
1,705

6,867
5,002
1,865

5,446
3,522
1,095
829

5,431
3,597
1,059
775

5,967
3,884
1,293
790

6,200 5,962
3,848 3,986
1,579 1,224
773
752

5,761
3,820

912

5,388
3,124
1,425
839

5,993
3,854
1,401
738

687

219

696

-10

-170

-322

406

548

874

-598

-544
-174
-370

-633
-196
-437

-627
-190
-437

-578
-185
-393

-534 - 6 6 3
-201 -203
-333 -460

-575
-195
-380

-593
-193
-400

-887 -1,251
-642 -1,025
-155 -411

-784
-451
-156

-893
-726
-372

-470 4-1,033
-391
-745
-267
-449

-620 -536
-392 -773
-229 -365

-768 -1,091
-546
-626
-269
-269

-487
-245

-614
-226

-295
-333

-354
-167

-124
-79

-296
4-288

-163 -408
-228
237
1,444
567

-277
-222

1,772

1,200

-174
-424

316

-269

227

580

1,086

934

901

947

41,416

514
127

-260
18
-27

275
50
-98

197
13
370

26
-15
1,075

477
-26
483

502
52
347

780
72
95

4 829
190
4 397

1,119
158
167

-192

200

76

175

-71

160

365

32

764

367
128
72

347

1,177

226

-325

217

r
Preliminary.
Revised.
Excluding military transfers under grants.
Including military transactions.

-357
-465

801

950

566
185
50

705
151
94
-140

3 Minus sign indicates net outflow.
4
Excluding additional U.S. subscription to IMF of $1,375 million,
of which $344 million was transferred in gold and $1,031 million in
noninterest bearing U.S. Government securities.

OPEN MARKET RATES
[Per cent per annum]

Month

France

United Kingdom

Canada

Treasury Day-today
bills,
3 months 1 money2

Bankers' Treasury
acceptbills,
ances,
3 months 3 months

Day-today
money

Germany

Netherlands

Treasury
Bankers'
bills
allowance Day-today
60-904
on
days
deposits money 3

Day-today
money5

Treasury
bills,
3 months

Day-today
money

Switzerland
Private
discount
rate

1957—Dec
1958 Dec

3.65
3.46

3.60
2.07

6.67
3.34

6.43
3.16

5.67
2.70

5.00
2.00

5.72
6.07

3.75
2.38

3.25
2.63

4.64
2.26

3.33
1.50

2.50
2.50

1959—Aug
Sept
Oct
Nov
Dec

5.82
5.68
5.05
4.87
5.02

5.72
5.01
4.28
4.16
4.30

3.60
3.59
3.58
3.55
3.72

3.48
3.48
3.43
3.39
3.61

2.76
2.78
2.82
2.77
2.85

2.00
2.00
2.00
2.00
2.00

3.93
4.05
3.87
4.02
4.07

2.00
2.75
3.63
3.63
3.75

2.44
2.75
2.38
3.94
3.56

1.63
1.66
2.03
2.01
2.52

1.15
1.31
1.50
1.50
1.50

2.00
2.00
2,00
2.00
2.00

1960—Jan
Feb
Mar

4.81
4.69
3.87
3.40
2.87
2.87
3.13
2.53

3.60
4.14
3.83
3.33
2.77
2.84
3.24
2.70

4.14
4.69
4.74
4.80
4.76
5.04
5.76
5.75

4.07
4.55
4.59
4.65
4.58
4.88
5.58
5.58

3.07
3.78
3.91
3.67
3.87
3.98
4.67
4.79

2.35
3.00
3.00
3.00
3.00
3.25
4.00
4.00

3.91
4.11
4.17
4.22
4.25
4.15
4.53
4.05

3.75
3.88
4.00
4.00
4.00
4.88
4.88
4.88

3.69
3.94
4.06
3.94
3.88
4.75
4.69
4.75

2.53
2.48
2.33
2.25
2.30
2.49
2.19
2.05

[.50
[.54
1.65
[.75
1.54
1.75
1.64
1.56

2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00

May
June
July
Aug
1
2

Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.




4

Rate in effect at end of month.
5 Based"on average of lowest and highest quotation during month.

1208

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
Sept. 30, 1959
Country
Per
cent

Month
effective

Argentina ^
Austria
Belgium
Brazil2
Burma

6.0
4.5
3.25
10.0
3.0

Dec.
Apr.
Jan.
Apr.
Feb.

5.85
2.5
16.25
5.0
3.0

Sept.
June
July
Aug.
Apr.

1959
1954
1959
1959
1939

Cuba 2
. ..
Denmark
Ecuador 2

5.5
5.0
5.0
3.0
4.0

Dec.
Sept.
Nov.
Nov.
Apr.
Mar.
Apr.
Sept.
May
Jan.

1959
1959
1959
1956
1953

Dec.

1957
1959
1956
1952
1957

6.0
4.0
3.0
10.0
2.0

Nov.

1957
1959
1959
1958
1948

Canada 3
Ceylon 2
Chiles
Colombia 2 . .
Costa Rica 2

Oct.

El Salvador 2 ,
Finland 2
France
Germanv
Greece
..
Honduras ^
Iceland
India 7
Indonesia 2 . .
If an
Ireland

7.0
4.0
3.0
4.0
4.25

Apr.
May
Apr.
Aug.
Nov.

Israel
Italy
M^exico
Netherlands

Feb.
June
Feb.
June
Jan.

7.0
6.0
3.5
4.0
6.0

Oct.
Apr.
Feb.
Jan.
Nov.

1955
1954
1955
1959
1947

6.5
2.0
4.0
6.25
4.5

Feb.
Jan.
Jan.
Aug.
May

2 0
7.0
6.0
4.0
2.0

Feb
Feb.
June
Nov.
May

1959
1945
1956
1958
1947

5.27

5.11

5.37
*2 5

Sweden
S witzerland
Thailand
Turkey
United Kingdom

c

Apr.

May

June

July

Aug.

Sept.
6.0
5.0
5.0
10.0
3.0

5 0

4.85

4.86

3.26

3.51

3.26

3.32

16.4

3.17
16.55

2.50
24 0

1.95

1.95
4.0
16.55
5.0
3.0
6.0
5.5
5.0
3.0
5.5

55

6.0
4.0
5.0
10.0
2.0

5 0

4.0

11.0

4 75

11.0
4.0
3.0
4.0
5.5

5 5

3.5

6.0
3.5
6.94
4.5
3.5

9.5

6.0
6.0
3.5
4.0
9.5

6.94

7.3

6.0

5.75

6.0
C

45

5 75
5.0

50
4 5

Corrected.
1 Rates shown represent mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which the largest proportion of central bank
credit operations is understood to be transacted. In certain cases other
rates for these countries are given in note 2.
2 Discounts or advances at other rates include:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Ceylon—2.5 per cent for advances against certain types of commercial
and production paper;
Colombia—3.5 per cent for agricultural and industrial development
paper of up to 150 days, 3 per cent for economic development paper
of up to 5 years, and 2 per cent for specific small business, cooperative
and employee paper;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by
national public securities;
Ecuador—6 per cent for bank acceptances for commercial purposes;
El Salvador—4.5 per cent for agricultural and industrial paper and 3.5
per cent for special cases;




Mar.

6.0
5.5

1959
1944
1959
1959
1958

Philippine Republic 2
Portusal
South Africa

.

Feb.

5.0

1955
1958
1959
1942
1959

New Zealand
Nicaragua
Norway
Pakistan
Peru 2

Jan.

4 0

1952
1957
1946
1948
1958

6.0
3.5
6.94
4.5
2.75

Rate
as of
Sept. 30,
1960

1960

1959

6 0

5.75
2.0
4.5
5.75
5.0
2.0
7.0
6.0
6.0
4.5

Finland—rates ranging up to 7.25 per cent for longer term paper (rate
shown is for 3 months commercial paper);
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the Central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper;
Philippine Republic—^-4.5 per cent for crop loan paper and 5 per cent for
export packing credit paper; and
Venezuela—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
Since Nov. 1, 1956, the discount rate has been set each week at
14 of one per cent above the latest average tender rate for Treasury bills;
end-of-month rate shown.
4 The discount rate was advanced from 2.5 to 3 per cent on Dec. 16,
and lowered again to 2.5 per cent on Dec. 24, 1959.
5 Since April 1, 1959, new rediscounts are granted at the average rate
charged by banks in the previous half year. Old rediscounts remain subject
to old rates provided their amount is reduced by one-eighth each month
beginning May 1, 1959, but the rates are raised by 1.5 per cent for each
month in which the reduction does not occur.
6
Rate shown is for advances only.
7 Since May 16, 1957, this rate applies to advances against commercial
paper as well as against government securities and other eligible paper.

FOREIGN EXCHANGE RATES

1209

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)

7.198
7.183
5.556
2.835
5.556
2.506
5.556
2.207
U.2730

223.80
222.41
222.76
222.57
223.88
223.81

3.8580
3.8580
3.8580
3.8539
3.8536
3.8619

1.9975
1.9905
2.0030
1.9906
2.0044
2.0012

102.72
101.40
101.60
104.29
103.03
104.27

21.017
20.894
20.946
20.913
21.049
21.055

.4354
.4354
.4354
.3995
.3118
.3115

1959—Sept..
Oct...
Nov..
Dec..

1.2037
1.2213
1.2084
1.2003

223.40
223.61
223.32
222.98

3.8525
3.8526
3.8526
3.8523

1.9989
1.9993
1.9990
1.9996

105.08
105.51
105.22
105.12

21.037
21.048
21.031
20.995

.3113
.3113
.3113
.3113

I960—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..

1.2035
1.2032
1.2030
1.2004
1.2005
1.1989
1.2010
1.2022
1.2037

223.09
223.37
223.57
223.86
223.59
223.32
223.78
223.92
224.12

3.8449
3.8419
3.8418
3.8407
3.8406
3.8426
3.8468
3.8573
3.8609

2.0037
2.0048
2.0051
2.0061
2.0055
2.0053
2.0041
•1.9955
2.0024

104.91
105.07
105.15
103.84
102.24
101.79
102.19
103.10
102.82

21.014
21.031
21.044
21.062
21.047
21.020
21.048
21.061
21.072

.3113
.3113
.3113
.3112
.3112
.3112
.3111
.3111
.3111

Italy
(lira)

Japan
(yen)

Malaysia
(dollar)

Mexico
(peso)

Netherlands
(guilder)

32.641
32.624
32.582
32.527
32.767
32.857

9 0515
8.0056
8.0056
8.0056
8.0056
8.0056

26.381
26.230
26.113
26.170
26.418
26.492

Year or month

Official
1954.
1955.
1956.
1957.
1958.
1959.

Finland
(markka)

Free

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

.2376
2.2374
.2038

23.838
23.765
23.786
23.798
23.848
23.926

21.020
20.894
20.934
20.910
21.048
21.031

280.87
279.13
279.57
279.32
280.98
280.88

3.1610

.2779
.2779
.2779
.2778

.2038
.2037
.2038
.2038

23.901
23.931
23.971
23.974

20.999
21.010
20.954
20.928

280.37
280.63
280.27
279.84

.1611
.1610
.1611
.1610

.2777
.2776
.2776
.2776

32.784
32.794
32.798
32.766

8.0056
8.0056
8.0056
8.0056

26.459
26.493
26.471
26.506

4 20.366
20.369
20.376
20.384
20.396
20.401
20.404
20.404
20.404

23.975
23.977
23.978
23.978
23.978
23.980
23.979
23.978
23.978

20.935
20.951
20.963
20.978
20.958
20.935
20.966
20.978
20.990

279.98
280.33
280.59
280.95
280.60
280.27
280.84
281.02
281.27

.1610
.1610
.1610
.1611
.1611
.1611
.1611
.1611
.1611

.2775
.2773
.2773
.2776
.2774
.2768
.2783
.2787
.2787

32.776
32.771
32.767
32.833
32.810
32.785
32.839
32.846
32.851

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

26.502
26.512
26.511
26.516
26.519
26.519
26.511
26.512
26.518

New
Zealand
(pound)

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

South
Africa
(pound)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

1954
1955
1956
1957
1958
1959

278.09
276.36
276.80
276.56
278.19
278.10

14.008
14.008
14.008
14.008
14.008
14.028

49.677
49.677
49.676
49.693
49.695
49.721

3.4900
3.4900
3.4900
3.4900
3.4900
3.4967

279.82
278.09
278.52
278.28
279.93
279.83

2.3810
3 2.0579

19.333
19.333
19,333
19.331
19.328
19.324

23.322
23.331
23.334
23.330
23.328
23.142

280.87
279.13
279.57
279.32
280.98
280.88

1959—Sept.
Oct..
Nov.
Dec..

277.59
277.85
277.49
277.07

14.011
14.023
14.008
13.994

49.770
49.770
49.770
49.770

3.4947
3.4958
3.4915
3.4861

279.32
279.58
279.22
278.80

.6607
.6607
.6607.6607

19.325
19.325
19.308
19.303

23.121
23.048
23.040
23.127

280.37
280.63
280.27
279.84

1960—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.

277.20
277.55
277.81
278.17
277.82
277.49
278.06
278.24
278.49

13.985
13.990
14.006
14.035
14.018
14.007
14.018
14.026
14.040

49.770
49.770
49.770
«49.770

3.4844
3.4898
3.4923
3.4957
3.4935
3.4905
3.4936
3.4956
3.4979

278.93
279.28
279.54
279.90
279.55
279.22
279.79
279.97
280.22

.6607
.6625
.6637
.6637
.6633
.6636
.6640
.6640
.6640

19.302
19.311
19.314
19.359
19.339
19.365
19.366
19.392
19.379

23.112
23.054
23.058
23.048
23.124
23.175
23.183
23.198
23.219

279.98
280.33
280.59
280.95
280.60
280.27
280.84
281.02
281.27

Year or month
1954.
1955.,
1956.
1957.
1958.
1959.,
1959—Sept..
Oct...
Nov..
Dec.
I960—Jan...
Feb...
Mar..
May!
June.
July..
Aug..
Sept..

Year or month

c

France
(franc)

Corrected.
i Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and free
rates.
2 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957,
was extended to all foreign exchange transactions on Oct. 28, 1957, and
on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc




was further devalued to 493.706 francs per U. S. dollar.
3 Based on quotations beginning with Mar. 2, 1959.
* A new franc equal to 100 old francs was introduced on Jan. 1, 1960.
5
Effective July 20, 1959, the par value for the Spanish peseta was set
at 60
Pesetas per U. S. dollar.
6 Based on quotations through Apr. 22, 1960.

BOARD OF GOVERNORS
of the Federal Reserve System
WM. M C C . MARTIN, JR.,

Chairman

M. S. SZYMCZAK

C. CANBY

BALDERSTON,

J. L. ROBERTSON

CHAS. N. SHEPARDSON

A. L. MILLS, JR.

G. H. KING, JR.

WOODLIEF THOMAS, Adviser to the Board
JEROME

Vice Chairman

RALPH A. YOUNG, Adviser to the Board

W. SHAY, Legislative Counsel
CLARKE

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
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

DIVISION OF EXAMINATIONS
FREDERIC SOLOMON, Director
ROBERT C. MASTERS, Associate Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
JAMES C. SMITH, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

WILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICS
GUY E. NOYES, Director
FRANK R. GARFIELD, Adviser
ALBERT R. KOCH, Adviser
ROLAND I. ROBINSON, 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
JOSEPH E. KELLEHER, Director

DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate Adviser
A. B. HERSEY, Associate Adviser
ROBERT L. SAMMONS, Associate Adviser

HARRY

E. KERN, Assistant Director

OFFICE OF THE CONTROLLER
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant Controller

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 DEFENSE PLANNING
INNIS D. HARRIS, Coordinator

1210

FEDERAL RESERVE BANKS A N D BRANCHES

1211

Federal Open Market Committee
W M . M C C . MARTIN, JR.,

Chairman

A L F R E D HAYES,

C. CANBY BALDERSTON

W.

KARL R.

G. H. KING, JR.

CHAS. N.

H.

M.

BOPP

MALCOLM BRYAN

D. FULTON

Vice Chairman

G.

J. L.

LEEDY

ROBERTSON
SHEPARDSON

S. SZYMCZAK

A. L. MILLS, JR.
RALPH A. YOUNG, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
WOODLIEF THOMAS, Economist
HARRY BRANDT, Associate Economist
ROBERT G. ROUSE, Manager,

DAVID P. EASTBURN, Associate
L# MERLE HOSTETLER,

^

w

M

Economist

Associate Economist
^ Economist

G u Y E

- N o Y E S > Associate
Economist
ROBERT V. ROOSA, Associate Economist

CLARENCE W. T O W , Associate
System Open Market
Account

Economist

Federal Advisory Council
J.

OSTROM ENDERS, BOSTON

HOMER

JOHN J. MCCLOY, NEW YORK
CASIMIR A . SIENKIEWICZ, PHILADELPHIA,
Vice
President
„
~» T T

GQRDQN

LIVINGSTON, CHICAGO,

President

NORFLEET TURNER, ST. LOUIS
M u R R A Y )

MINNEAPOL

IS

R. O T I S M C C L I N T O C K , KANSAS CITY

R E U B E N B. H A Y S , CLEVELAND

'
L

JOHN S. A L F R I E N D , RICHMOND
JOHN C. PERSONS, ATLANTA
H E R B E R T V. PROCHNOW, Secretary

F

- BETTS>

DALLAS

CHARLES F. FRANKLAND, SAN FRANCISCO
W I L L I A M J. KORSVIK, Assistant
Secretary

Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE
BANK O F —

CHAIRMAN AND
FEDERAL RESERVE AGENT

DEPUTY CHAIRMAN

BOSTON

ROBERT C. SPRAGUE

NILS Y. WESSELL

N E W YORK

PHILIP D. REED

FORREST F. HILL

PHILADELPHIA

HENDERSON SUPPLEE, JR.

WALTER E. HOADLEY

CLEVELAND

ARTHUR B. V A N BUSKIRK

JOSEPH H. THOMPSON

RICHMOND

ALONZO G. DECKER, JR.

EDWIN HYDE

ATLANTA

WALTER M. MITCHELL

HENRY G. CHALKLEY, JR.

CHICAGO

BERT R. PRALL

ROBERT P. BRIGGS

ST. LOUIS

PIERRE B. MCBRIDE

J. H. LONGWELL

MINNEAPOLIS

O. B. JESNESS

ATHERTON BEAN

KANSAS CITY

RAYMOND W. HALL

JOE W. SEACREST

DALLAS

ROBERT J. SMITH

LAMAR FLEMING, JR.

SAN FRANCISCO

F. B. WHITMAN

Y. FRANK FREEMAN




1212

FEDERAL RESERVE BULLETIN • OCTOBER 1960
Presidents and Vice Presidents
Vice Presidents

Federal
Reserve
Bank of

(Vice Presidents in charge of branches are
listed in lower section of this page)

President
First Vice President

Boston.

J. A. Erickson
E. O. Latham

D. Harry Angney
Ansgar R. Berge
George H. Ellis

Benjamin F. Groot
Dana D. Sawyer

O. A. Schlaikjer
Charles E. Turner

New York.

Alfred Hayes
William F. Treiber

Harold A. Bilby
Charles A. Coombs
Howard D. Crosse
Marcus A. Harris

Herbert H. Kimball
Robert V. Roosa
Robert G. Rouse
Walter H. Rozell, Jr.

H. L. Sanford
Todd G. Tiebout

Philadelphia..,

Karl R. Bopp
Robert N. Hilkert

Murdoch K. Goodwin
Joseph R. Campbell
Wallace M. Catanach Philip M. Poorman
David P. Eastburn

Cleveland

W. D. Fulton
Donald S. Thompson

Roger R. Clouse
E. A. Fink
Clyde Harrell

W. Braddock Hickman Martin Morrison
L. Merle Hostetler
Paul C. Stetzelberger

Richmond

Hugh Leach
Edward A. Wayne

N. L. Armistead
Aubrey N. Heflin

Upton S. Martin
Joseph M. Nowlan

Benjamin U. Ratchford
James M. Slay

James V. Vergari
Richard G. Wilgus

Atlanta

,

Malcolm Bryan
Harold T. Patterson

J E. Denmark
J. E. McCorvey

L. B. Raisty
Earle L. Rauber

Brown R. Rawlings

Chicago

,

Carl E. Allen
C. J. Scanlon

Ernest T. Baughman
A. M. Gustavson
Hugh J. Helmer
Paul C. Hodge

Robert C. Holland
L. H. Jones
C. T. Laibly

George W. Mitchell
H. J. Newman
Harry S. Schultz

St. Louis

Delos C. Johns
Darryl R. Francis

Marvin L. Bennett
Homer Jones

George E. Kroner
Dale M. Lewis

Howard H. Weigel
Joseph C. Wotawa

Minneapolis..,

Frederick L. Deming
A. W. Mills

Kyle K. Fossum
C. W. Groth

M. B. Holmgren
A. W. Johnson

H. G. McConnell
M. H. Strothman, Jr.

Kansas City..,

H. G. Leedy
Henry O. Koppang

John T. Boysen
George H. Clay
C. A. Cravens

Joseph S. Handford
L. F. Mills

E. U. Sherman
Clarence W. Tow

Dallas

Watrous H. Irons
Harry A. Shuford

James L. Cauthen
Thomas A. Hardin
G. R. Murff

James A. Parker
Thomas W. Plant

L. G. Pondrom
Morgan H. Rice

H. N. Mangels
Eliot J. Swan

J. L. Barbonchielli
R. S. Einzig

E. H. Galvin
H. E. Hemmings

R. H. Morrill
John A. O'Kane

,

San Francisco.

Vice Presidents in Charge of Branches of Federal Reserve Banks
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta

Chicago
St. Louis




Branch

Vice Presidents

Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans

I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
E. F. MacDonald
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw

Detroit
Little Rock
Louisville
Memphis

R. A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos

Federal Reserve
Bank of

Branch

Vice Presidents

Minneapolis
Kansas City

Helena
Denver
Oklahoma City
Omaha

C. A. Van Nice
Cecil Puckett
H. W. Pritz
P. A. Debus

Dallas

El Paso
Houston
San Antonio

Howard Carrithers
J. L. Cook
Carl H. Moore

San Francisco... Los Angeles
Portland
Salt Lake City
Seattle

W. F. Volberg
J. A. Randall
E. R. Barglebaugh
A. B. Merritt

Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should accompany order and be made payable to the order of the Board of Governors of
the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 720-23 of the June 1960 Bulletin. (Stamps and coupons not accepted).
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
159 pages. Part III. February 1960. 112
pages. Individual books $1.00 each; set of 3
FUNCTIONS. April 1954. 208 pages.
books $2.50.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
INDUSTRIAL PRODUCTION—1959 REVISION. July
FEDERAL RESERVE BULLETIN. Monthly. Sub1960. 229 pages. $1.00 per copy; in quantiscription price in the United States and its posties of 10 or more for single shipment, 85 cents
sessions, Bolivia, Canada, Chile, Colombia,
each.
Costa Rica, Cuba, Dominican Republic, EcuaTHE FEDERAL FUNDS MARKET—A Study by a
dor, Guatemala, Haiti, Republic of Honduras,
Federal Reserve System Committee. May
Mexico, Nicaragua, Panama, Paraguay, Peru,
1959. I l l pages. $1.00 per copy; in quantiEl Salvador, Uruguay, and Venezuela is $6.00
ties of 10 or more for single shipment, 85
per annum or 60 cents per copy; elsewhere
cents each.
$7.00 per annum or 70 cents per copy. Group
DEBITS AND CLEARINGS STATISTICS AND THEIR
subscriptions in the United States for 10 or
USE (rev. ed.). May 1959. 144 pages. $1.00
more copies to one address, 50 cents per copy
per copy; in quantities of 10 or more for single
per month, or $5.00 for 12 months.
shipment, 85 cents each.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
ALL-BANK STATISTICS, 1896-1955. Part I, U. S.
AND BUSINESS STATISTICS. Monthly. Annual
Summary. Part II, Summaries by States and
subscription includes one issue of Historical
other areas. April 1959. 1,229 pages. $4.00.
Supplement. Subscription price in the United
THE FEDERAL RESERVE ACT, as amended through
States and the countries listed above is $6.00
December 31, 1956, with an Appendix conper annum: 60 cents per copy, or 50 cents each
taining provisions of certain other statutes affor 10 or more of same issue for single shipfecting the Reserve System. 385 pages. $1.00.
ment; elsewhere $7.00 per annum or 70 cents
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
each.
December 1955. 390 pages. $2.75.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE

CHART BOOK.

Issued annually in September.

Annual subscription to monthly chart book includes one issue of Supplement. In the United
States and countries listed above under Federal
Reserve Bulletin, single copies 60 cents each or
in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents each.
TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Part I. July

1959.

108 pages.

Part II. February 1960.

BANKING AND MONETARY STATISTICS.

1943.

November

979 pages. $1.50.

RULES OF ORGANIZATION AND RULES OF PROCE-

DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
ADMINISTRATIVE INTERPRETATIONS OF REGULATION F—SECTION 17—COMMON TRUST FUNDS.

9 pages.

CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of

consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers
by direction of the President. Pt. I—Growth and Import, Vol. 1, $1.25, Vol. 2, $1.00; Pt. II—Conference on Regulation, Vol. 1, $1.75, Vol. 2, $.60; Pt. Ill—Views on Regulation, $1.00; Pt. IV—
Financing New Car Purchases, $.60. Requests and remittances for these six books should be directed
to the Superintendent of Documents, Government Printing Office, Washington 25, D. C.




1213

1214

FEDERAL RESERVE BULLETIN • OCTOBER 1960

REPRINTS
(From Federal Reserve Bulletin unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. March 1953. 16

pages.

I, ALL-BANK STATISTICS, 1896-1955. April
1959. 94 pages.
1959 SURVEY OF CONSUMER FINANCES. March,
July, and September 1959. 48 pages. (Similar Surveys available for some earlier years in
the period 1952-58.)

•PART

A QUARTERLY PRESENTATION OF FLOW OF FUNDS,
SAVING, AND INVESTMENT. August 1959. 49

pages.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC

STABILITY.

May 1953.

7 pages.

1959.

* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.

REVISED INDUSTRIAL PRODUCTION INDEX.

vember 1953. 65 pages.

IN 1959. Combined reprint. January and February 1960. 14 pages.
MONETARY

A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-

ber 1955. 40 pages.
SURVEYS OF BANK LOANS FOR COMMERCIAL AND
INDUSTRIAL PURPOSES.
Business Loans of

Member Banks. April 1956. 14 pages. Credit
Lines and Minimum Balance Requirements.
June 1956. 7 pages. Member Bank Lending
to Small Business, 1955-57. April 1958. 19
pages. Member Bank Term Lending to Business, 1955-57, April 1959. 16 pages. Security
Pledged on Business Loans at Member Banks.
September 1959. 16 pages.
FINANCING OF LARGE CORPORATIONS,

REVISED SERIES FOR SEASONALLY
MONEY SUPPLY. February 1960.
GOLD AND DOLLAR TRANSFERS IN

1960.

GROWTH.

ADJUSTED

4 pages.

1959. March

6 pages.

BANKING AND MONETARY STATISTICS, 1959.

and May 1959 BULLETINS.)
SURVEY OF COMMON TRUST FUNDS, 1959.

1959 BULLETINS.)

tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)

RECENT

November

1956

COMPANIES,

MID-1955.

April 1957. 17 pages.
REVISION OF MONTHLY DEPARTMENT STORE IN-

JUNE

6 pages.
MONEY AND CREDIT

DEVELOPMENTS.

July 1960. 8 pages.
THE BALANCE SHEET OF AGRICULTURE,

1960.

August 1960. 9 pages.
CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.

Combined reprint. September 1960. 31 pages.
U. S. BALANCE OF PAYMENTS, 1959-60. October 1960. 7 pages.

THE

DEXES. December 1957. 30 pages.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.

May

1960. 7 pages. (Also, similar reprints from
August 1956, June 1957, May 1958, and May

1960.

and January, February, and March 1957 BULLETINS. 52 pages.

Se-

lected series of banking and monetary statistics
for 1959 only. February and May 1960. 13
pages. (Similar reprint of 1958 data, February

Oc-




AND ECONOMIC

INTEREST RATES IN LEADING COUNTRIES.

REVISION OF CONSUMER CREDIT STATISTICS.

FINANCE

POLICY

February 1960. 7 pages.

1951-55.

June 1956. 9 pages.

AGRICULTURAL LOAN SURVEY.

De-

cember 1959. 24 pages.

DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-

OF

22 pages.

CAPITAL MARKETS AND MONEY AND BANK CREDIT

April 1953. 25 pages.

SURVEY

August

THE GOVERNMENT SECURITIES MARKET.

A

N E W MEASURE OF THE MONEY SUPPLY.

ber 1960. 22 pages.

Octo-

Index to Statistical Tables
Acceptances, bankers', 1148, 1150
Agricultural loans of commercial banks, 1142, 1144
Agriculture, Govt. agency loans, 1160
Assets and liabilities {See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 1138
Corporate, current, 1152
Domestic banks, by
classes, 1139, 1142, 1144, 1150
Federal business-type activities,
by fund or activity, 1160
Federal Reserve Banks, 1134
Automobiles:
Consumer instalment credit, 1164, 1165, 1166
Production index, 1168, 1171
Bankers' balances, 1143, 1145
{See also Foreign liabilities and claims reported
by banks)
Banks and the monetary system, consolidated statement, 1138
Bonds {See also U. S. Govt. securities):
New issues, 1152, 1154, 1155
Prices and yields, 1148, 1149
Brokers and dealers in securities, bank
loans to, 1142, 1144
Business expenditures on new plant and equipment, 1152
Business indexes, 1174
Business loans {See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1139, 1143, 1146
Federal Reserve Banks, 1134
Carloadings, 1174
Central banks, foreign, 1204, 1208
Coins, circulation of, 1137
Commercial banks:
Assets and liabilities, 1139, 1142
Consumer loans held, by type, 1165
Number, by classes, 1139
Real estate mortgages held, by type, 1161
Commercial and industrial loans:
Commercial banks, 1142
Weekly reporting member banks, 1144, 1147
Commercial paper, 1148, 1150
Commodity Credit Corporation, loans, etc., 1160
Condition statements {See Assets and liabilities)
Construction, 1174, 1175
Consumer credit:
Instalment credit, 1164, 1165, 1166, 1167
Major parts, 1164, 1166
Noninstalment credit, by holder, 1165
Consumer price indexes, 1174, 1180
Consumption expenditures, 1182, 1183
Corporate sales, profits, taxes, and dividends, 1152, 1153
Corporate security issues, 1152, 1154
Corporate security prices and yields, 1148, 1149
Cost of living {See Consumer prices indexes)
Currency in circulation, 1129, 1137
Customer credit, stock market, 1149

Department stores:
Merchandising data, 1179
Sales and stocks, 1174, 1178
Deposits {See also specific types of deposits):
Adjusted, and currency, 1138
Banks, by classes, 1133, 1139, 1143, 1146, 1150
Federal Reserve Banks, 1134, 1201
Postal savings, 1136, 1138
Discount rates, 1132, 1208
Discounts and advances by Federal Reserve
Banks, 1128, 1133, 1134
Dividends, corporate, 1152, 1153
Dollar assets, foreign, 1201, 1203
Dwelling units started, 1175
Earnings and hours, manufacturing industries, 1174, 1177
Employment, 1174, 1176, 1177
Export-Import Bank, loans, etc., 1160
Farm mortgage loans, 1160, 1161, 1162
Federal business-type activities, assets and liabilities,
by fund or activity, 1160
Federal Deposit Insurance Corporation,
assets, etc., 1160
Federal finance:
Cash transactions, 1158
Receipts and expenditures, 1159
Treasurer's balance, 1158
Federal home loan banks, loans, etc., 1160, 1163
Federal Housing Administration,
loans, etc., 1160, 1161, 1162, 1163
Federal National Mortgage Association,
loans, etc., 1160, 1163
Federal Reserve Banks:
Condition statement, 1134
U. S. Govt. securities
held by, 1128, 1133, 1134, 1156, 1157
Federal Reserve credit, 1128, 1133, 1134
Federal Reserve notes, 1134, 1137
Finance company paper, 1148, 1150
Financial institutions, loans to, 1144
Flow of funds, saving and financial flows, 1184
Foreign central banks, 1204, 1208
Foreign deposits in U. S. banks, 1128, 1134,
1138, 1143, 1146
Foreign exchange rates, 1209
Foreign liabilities and claims reported by
banks, 1194, 1196, 1199, 1201
Foreign trade, 1179

Debits to deposit accounts, 1136
Demand deposits:
Adjusted, banks and the monetary system, 1138
Adjusted, commercial banks, by classes, 1143
Banks, by classes, 1139, 1146
Turnover of, 1136
Type of holder, at commercial banks, 1143




1215

Gold:
Earmarked, 1202
Net purchases by U. S. 1202
Production, 1202, 1205
Reserves of central banks and governments, 1204
Reserves of foreign countries and international
institutions, 1203
Stock, 1128, 1138, 1202
Gold certificates, 1134, 1137
Govt. debt {See U. S. Govt. securities)
Gross national product, 1182, 1183
Home owners, Govt. agency loans, 1160
Hours and earnings, manufacturing industries, 1174, 1177
Industrial production index, 1168, 1174
Instalment loans, 1164, 1165, 1166, 1167

1216

FEDERAL RESERVE BULLETIN • OCTOBER 1960

Insurance companies, 1151, 1156, 1157, 1162
Insured commercial banks, 1141, 1142
Interbank deposits, 1132, 1139, 1143, 1146
Interest rates:
Bond yields, 1148
Business loans by banks, 1147
Federal Reserve Bank discount rates, 1132
Foreign countries, 1207, 1208
Open market, 1148, 1207
Regulation V loans, 1136
Stock yields, 1148
Time deposits, maximum rates, 1132
International capital transactions of the U. S., 1194
International financial institutions, 1202, 1203,
1204, 1206
Inventories, 1182
Investments {See also specific types of investments):
Banks, by classes, 1139, 1142, 1145, 1150
Federal Reserve Banks, 1133, 1134
Govt. agencies, etc., 1160
Life insurance companies, 1151
Savings and loan associations, 1151
Labor force, 1176
Loans {See also specific types of loans):
Banks, by classes, 1139, 1142, 1144, 1150
Federal Reserve Banks, 1128, 1133, 1134
Govt. agencies, etc., 1160
Insurance companies, 1151, 1162
Savings and loan associations, 1151, 1162
Loans insured or guaranteed, 1136, 1161, 1162, 1163
Manufacturers, production index, 1168, 1174
Margin requirements, 1132
Member banks:
Assets and liabilities, by classes, 1139, 1142
Borrowings at Federal Reserve
Banks, 1128, 1134, 1146
Deposits, by classes, 1133
Number, by classes, 1140
Reserve requirements, by classes, 1133
Reserves and related items, 1128
Weekly reporting series, 1144
Mining, production index, 1168, 1174
Money rates {See Interest rates)
Mortgages {See Real estate loans)
Mutual savings banks, 1138, 1139, 1141, 1150,
1156, 1157, 1161
National banks, 1141
National income, 1182. 1183
National security expenditures, 1159, 1182
Nonmember banks, 1134, 1141, 1142, 1143
Payrolls, manufacturing, index, 1174
Personal income, 1183
Postal Savings System, 1132, 1138
Prices:
Consumer, 1174. 1180
Security, 1149
Wholesale commodity, 1174, 1180
Production, 1168, 1174
Profits, corporate, 1152. 1153
Real estate loans:
Banks, by classes, 1142, 1144, 1150, 1161
Type of mortgage holder, 1161, 1162, 1163
Type of property mortgaged, 1161, 1162, 1163
Regulation V, loan guarantees, 1136
Reserve requirements, member banks, 1133




Reserves:
Commercial banks, 1143
Federal Reserve Banks, 1134
Foreign central banks and governments, 1204
Foreign countries and international institutions, 1203
Member banks, 1128, 1134, 1143, 1145
Residential mortgage loans, 1161, 1162, 1163
Sales finance companies, consumer
loans of, 1164, 1165, 1167
Saving:
Flow-of-funds series, 1184
National income series, 1183
Savings deposits {See Time deposits)
Savings institutions, principal assets, 1150, 1151
Savings and loan associations, 1151, 1162
Securities, international transactions, 1200, 1201
Security issues, 1152, 1154, 1155
Silver coin and silver certificates, 1137
State member banks, 1141
State and municipal securities:
New issues, 1154, 1155
Prices and yields, 1148, 1149
States and political subdivisions:
Deposits of, 1143, 1146
Holdings of U. S. Govt. securities, 1156
Ownership of obligations of, 1142, 1150, 1151
Stock market credit, 1149
Stocks:
New issues, 1154
Prices and yields, 1148, 1149
Tax receipts, Federal, 1159
Time deposits, 1132, 1133, 1138, 1139, 1143, 1146
Treasurer's account balance, 1158
Treasury cash, 1128, 1137, 1138
Treasury currency, 1128, 1137, 1138
Treasury deposits, 1128, 1134, 1158
Unemployment, 1176
U. S. balance of payments, 1207
U. S. Govt. balances:
Commercial bank holdings, by classes, 1143, 1146
Consolidated monetary statement, 1138
Treasury deposits at Federal Reserve
Banks, 1128, 1134, 1158
U. S. Govt. securities:
Bank holdings, 1138, 1139, 1142, 1145,
1150, 1156, 1157
Federal Reserve Bank holdings, 1128, 1133,
1134, 1156, 1157
Foreign and international holdings, 1134, 1203
International transactions, 1200, 1201
New issues, gross proceeds, 1154
Outstanding, by type of security, 1155,
1156, 1157
Ownership of, 1156, 1157
Prices and yields, 1148, 1149
United States notes, outstanding and in circulation, 1137
Utilities, production index, 1168, 1174
Vault cash, 1128, 1143
Veterans Administration, loans, etc., 1160, 1161,
1162, 1163
Weekly reporting member banks, 1144
Yields {See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

g 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