Full text of Federal Reserve Bulletin : September 1960

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE
t

September 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
Guy E. Noyes

Charles Molony

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.

Contents

Consumer Buying Intentions

973

Quarterly Survey of Consumer Buying Intentions

977

Law Department

1004

Current Events and Announcements

1005

National Summary of Business Conditions

1006

Financial and Business Statistics, U. S. (Contents on p. 1009)

1010

International Financial Statistics (Contents on p. 1071)

1072

Board of Governors and Staff

1088

Open Market Committee and Staff; Federal Advisory Council

1089

Federal Reserve Banks and Branches

1089

Federal Reserve Board Publications

1091

Index to Statistical Tables

1093

Map of Federal Reserve System

Volume 46

Inside back cover

Number 9

Subscription Price of Bulletin
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring
additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United
States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic,
Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per
copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per
month, or $5.00 for 12 months.

Consumer Buying Intentions
ABOUT THE SAME PROPORTION of

con-

sumers this July as a year ago said they were
planning to buy new automobiles and any
of three major household appliances—washing machines, refrigerators, and television
sets—during the following six months. In
January and April of this year the proportions of consumers reporting plans to buy
these items had been moderately higher than
in the same months in 1959, as the chart on
the following page shows. Plans to buy used
cars, on the other hand, were below yearearlier levels in July after having been close
to year-earlier levels in both January and
April.
These are among the findings from an
experimental Quarterly Survey of Consumer
Buying Intentions. The Bureau of the Census has conducted this Survey for the Board
of Governors of the Federal Reserve System
beginning in January 1959.
Changes in consumer buying plans from
the first half of 1959 to the first half of 1960
appear in general to have foreshadowed the
changes that occurred in purchases of both
new and used automobiles and the three
major household appliances covered. Questions were also asked about purchases actually made. In April and July 1960 it was
found that a larger proportion of families
had bought new cars in the first half of the
year as compared with the first half of 1959,
but that the proportion purchasing used cars
had changed little. The findings for automobiles are in accord with estimates of automobile sales based on other information.
Survey data for the first half of 1960




showed some increase from a year earlier
in purchases of washing machines, refrigerators, and television sets taken as a group, but
the increase was on the margin of statistical
significance. Other available data, however,
indicate a moderate increase in sales of these
three appliances from the first half of 1959
to the first half of 1960.
DESCRIPTION OF THE SURVEY

The purpose of the Quarterly Survey of
Consumer Buying Intentions is to provide
more adequate data on consumers' intentions and attitudes regarding purchases of
durable goods and to make such information available more frequently than our previous annual series. The Survey was undertaken because of the public interest in the
regular availability of information that
might help to foreshadow trends in consumer
spending and because of the usefulness such
information might have for public policy.
Arrangements for the Survey were worked
out with the Bureau of the Census with the
advice and assistance of members of the
staffs of the Bureau of the Budget and the
Council of Economic Advisers.
To provide the information required for
the Survey, the Bureau of the Census added
a short supplemental questionnaire to its
monthly Current Population Survey in the
first month of each calendar quarter. The
supplemental questionnaire is used for onehalf of the Current Population Survey
sample. Interviews on plans and purchases
are conducted with about 17,000 households each quarter, which is a reporting

973

974

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960

sample sufficiently large that sampling error
should not obscure actual changes in plans
indicated by the Survey.
Interviewers visit each household address
in the sample four times over the course of
a 15-month period. At any given time,
about one-fourth of the sample is being interviewed for the first time. The three reinterviews provide a check of purchases
against the buying plans previously expressed by the family.
During the first year of the Survey the
questions asked covered intentions to purchase as well as actual purchases of new and
used automobiles, washing machines, refrigerators, and television sets. The three
household appliances selected were chosen
because they account for about one-fifth

of consumer expenditures for furniture and
household equipment, and as a group they
have generally shown cyclical fluctuations
that are similar to those of the larger group.
The questionnaire also covered past and expected changes in income and some experimental questions designed to probe more
deeply into plans to purchase automobiles.
The primary time interval for which consumers were asked to express buying intentions was 6 months. Respondents who reported plans to buy within this period were
also asked whether they planned to buy
within 3 months. For automobiles, consumers who reported no plans to buy in 6 months
were asked about their plans for 12 months.
In 1960 the Survey was expanded to
cover plans to purchase and actual purchases

NOTE.—Plans for new and used automobiles combined include plans of families undecided between new and used.




975

CONSUMER BUYING INTENTIONS

of phonograph and radio equipment costing
$100 or more, air conditioners, clothes dryers, and dishwashers. Demand for these
items is less likely to be for replacement
purposes than it is in the case of refrigerators, washing machines, and television sets.
Questions about ownership of houses and
plans to purchase houses were also added.
No information on these items is presented
in this article since data are not available to
permit year-to-year comparisons.

CHANGES IN CONSUMER
CURRENT

COMPARED

WITH

INCOME
A

YEAR

EARLIER
Per cent
100

60
40
20
LOWER I

EXPECTED

0
COMPARED

WITH

CURRENT
100

HIGHER

80
60
40

SURVEY RESULTS

20
0

The period since January 1959, when the
Quarterly Survey began, has been one of
relatively strong demand for consumer durable goods, following the low levels reached
in the 1958 recession. In this period there
has been no marked shift in consumer spending, although demand for new cars was
stronger in the first half of this year than
in the comparable period of 1959.
Over the period covered by the Survey,
the proportions of consumers reporting increases or decreases in income during the
preceding year have been relatively stable,
as the chart shows. The proportion reporting lower incomes declined from January to
July 1959 as employment and income rose.
After increasing moderately in October,
during the latter part of the steel strike, reports of lower income declined again in
January and April of this year and remained
unchanged in July.
Family expectations of future changes in
income have been even more stable than
reports of past changes. The proportion
of families expecting lower incomes in the
coming year declined somewhat from January to April 1959. Since then there has
been little change in this proportion.
The proportions of consumers with plans
to buy in 6 months have generally moved in




1959

1960

NOTE.—Those for whom past income change was not
ascertained excluded from distribution. Expected income
refers to expectation a year hence.

the same direction, from one quarter to the
next, for most or all of the items covered. In
1959 the lowest level of buying plans reported was in April and the highest in October for all types of durable goods.
The decline in plans from January to
April for both 1959 and 1960 and the sharp
rise in October 1959 suggests that there
may be a seasonal variation in buying plans.
Quarterly movements in plans to buy, however, did not usually correspond to seasonal
movements in sales, for which the seasonal
pattern differs among the several items.
More experience with Survey data is necessary for an adequate interpretation of quarterly changes in these data.
As a statistical check, it may be noted that
purchases as reported in the Survey did
follow the seasonal pattern shown by sales
data. Sales of new and used automobiles
are generally highest in the second quarter
of the year, of refrigerators and washing
machines in the third quarter, and of television sets in the fourth quarter.
People in different income and age groups
express buying plans and make purchases

976

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960

at different rates. Upper income groups buy
a larger than proportionate share of new
automobiles. Younger families account for
a larger proportion of used car and appliance sales than older families, as shown
by the accompanying chart.
Nevertheless, changes in buying plans
and purchase rates have been generally similar for the various income and age groups.
Declines in buying plans from January to
April in both years and the increases in

October 1959 occurred in most age and income groups. The low level of buying plans
in April and the high level in October of last
year were fairly general throughout the
country and among different occupations.
Whatever factors were responsible for the
shifts, they appeared to be affecting all segments of the population.
Additional information on Survey findings appears in the article immediately following in this BULLETIN.

PLANNERS AND PURCHASERS, FIRST HALF I 9 6 0
PROPORTIONS BY INCOME AND AGS
AGE O f HEAP

INCQMI

NEW AUTOMOBILES
PUSCHASERS

USSD A U T O M O B & K
HAMMERS
PU8CHASER5

M A i O R APPLIANCES
PLANNEBS

A l l FAMILIES

40
60
Per cist

SO

100

NOTE.—Income refers to total money income of family in 1959. Planners include those expressing plans in January 1960 to
buy within 6 months.




Quarterly Survey
of Consumer Buying Intentions
IN ANALYSIS OF TRENDS in consumer
spending, expenditures for durable goods
receive major attention because they fluctuate more than other components of consumer expenditures. While spending for
nondurable goods—as for example food—
or for services is influenced primarily by the
level of income and by certain long-term
trends such as changes in the size and composition of the population or changes in
customs or tastes, spending for durable goods
is subject to short-term fluctuations that suggest more influence of independent elements
of consumer choice. A major factor accounting for this behavior is the postponable
character of spending for durable goods.
In addition, since consumers often finance
purchases of these goods by borrowing or
by drawing on liquid assets, such expenditures are not so closely related to current
levels of consumer income.
In January 1959 the Board of Governors
of the Federal Reserve System initiated a
quarterly survey of consumer intentions to
buy selected durable goods. Experience
with the annual Survey of Consumer Finances, conducted for the Board by the
Survey Research Center of the University
of Michigan during the period 1946-59,
had indicated that shifts in consumer buyNOTE.—This article was prepared by Gertrude S.
Weiss, Tynan Smith, and Theodore G. Flechsig of
the Board's Division of Research and Statistics with
the assistance of Natalie C. Strader. The Quarterly
Survey of Consumer Buying Intentions has been conducted under the supervision of Mona E. Dingle of
the Board's staff and Herman Miller of the Bureau
of the Census.




ing plans sometimes foreshadowed shifts
in consumer purchases. The annual survey, however, did not provide an adequate
test of information on buying plans since
shifts in plans during a year could not be
detected. Furthermore, the sample size
was small and as a result sampling errors
were substantial.
The primary objective of the Quarterly
Survey is to measure changes over time in
consumer intentions to buy durable goods.
A sample of 15,000-20,000 households per
quarter was considered necessary to keep
the sampling errors small enough so that
they would not obscure changes in plans. By
setting up the Survey as a supplement to
the Current Population Survey of the Bureau
of the Census, it was possible to obtain repeated quarterly surveys that were largely
constant in design and that provided a large
sample. The basic design of the Current
Population Survey also provides reinterviews
with part of the sample at regular intervals.
The Quarterly Survey is experimental in
that it establishes an instrument for collecting and processing data to meet these particular requirements. While this project is
still on an experimental basis, it is anticipated that quarterly surveys will be conducted and reported on, at least through
1961.
It was decided at the outset to concentrate on buying plans questions similar to
those that had been asked before. Nevertheless, some changes were made on the
basis of experience. For example, primary
977

978

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960

emphasis was put on a 6-month planning
period, which was considered more realistic as a planning horizon than the longer
ones used in the past. Use of such a period,
however, introduces a seasonal element in
addition to that inherent in quarterly surveys.
Although questions covering attitude toward automobile owned, repairs on automobile owned, and shopping for automobiles were added, primary interest was in
testing the results of obtaining data on
buying plans regularly from a large number of respondents. The size of the sample
and coverage of the questionnaire, as well
as the results obtained in the first seven
Surveys, have been discussed in the preceding article, pages 973-76, and the
questionnaire used in the 1959 Surveys is
reproduced on pages 990-91.
LEVELS AND MOVEMENTS OF BUYING PLANS

The degrees of definiteness of planning were
classified as "definitely will buy," "probably will buy," and "maybe will buy." For
these three groups combined, 6-month plans
TABLE 1
DURABLE GOODS: PLANNERS AND PURCHASERS
SELECTED PERIODS IN 1960
[Percentage of all families]

January-March
Type of good

January-June

Pur- Planners2 PurPlanners * chasers
chasers

Automobile:
New
Used

0.9
1.3

2.7
5.0

3.4
4.5

5.9
10.7

Washing
machine....

1.4

2.4

6.4

5.1

Refrigerator...

0.9

1.6

4.4

4.0

Television set..

1.2

3.3

4.5

6.2

1
Families expressing plans at beginning of period to buy within
3 months.
2
Families expressing plans at beginning of period to buy within
6 months.




have typically been equal to about two-thirds
of purchases during the 6-month period for
new cars and television sets and less than
one-half for used cars. Plans for refrigerators computed on this basis have been almost the same as purchases, and plans for
washing machines have been larger than
purchases. Comparisons for the first half
of 1960 are shown in Table 1.
The "definitely's," the "probably's," and
the "maybe's" each constituted about onethird of all plans to buy automobiles within
6 months. For refrigerators and washing
machines, however, the "maybe's" constituted about one-half of total plans. A large
proportion of respondents in this group referred to the condition of the old item as an
important factor in their planning.
Plans to buy new and used cars in 12
months were about twice as large as the 6month plans, as shown in the accompanying chart, and the relationship to purchases
was about the same. For each of the items
covered, however, 3-month plan rates were
substantially less than one-half as high as
the 6-month rates and were substantially
lower than 3-month purchases. These results may reflect in part the unwillingness
of persons to commit themselves with respect to so short a period as 3 months unless they have made definite arrangements,
but some bias may have been introduced
as a result of the ordering of the questions.
Movement of the 6-month buying plans
over the period covered and their relationship to purchases were discussed in the preceding article. For new and used automobiles the 12-month buying plans have moved
similarly to the 6-month plans. The 3month plans to purchase new automobiles
paralleled the movement of the 6-month
plans throughout 1959 but rose from January to April in 1960 and then declined

979

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS

PLANS TO BUY DURABLE GOODS, JULY 1960
0

Per cent of all families
5

10

NEW AUTOMOBILES

USED AUTOMOBILES

WASHING MACHINES

REFRIGERATORS

their plans to buy automobiles within 3
months. The numbers of families expressing
3-month plans, however, have proved to be
so small as to be of questionable statistical
reliability as indicators of subsequent purchases. Families planning to buy in 3
months accounted for only about one-sixth
of the new automobiles and washing machines subsequently purchased and much
smaller proportions of the other durable
goods.
PLANS FOR INCOME AND AGE GROUPS

to the 1959 level in July. The 3-month
plans to purchase used cars rose slightly
from January to April in both 1959 and
1960, in contrast with declines in 6-month
plans in those periods.
For the three major appliances taken as
a group, 3-month buying plans rose moderately from January to April in both years
as compared with declines in 6-month plans.
The 3-month plans for the group reached a
peak in October 1959 as did the 6-month
plans. The various degrees of definiteness
of 6-month plans have generally moved together.
The 6-month planning period has been
given major emphasis in the Survey because
past experience indicates that 12 months is
too long a planning period for appliances
and probably also for automobiles. On the
other hand, the 3-month period is probably
too short to be of much value for forecasting purposes.
Reinterviews have shown that a high proportion of the families expressing plans to
purchase automobiles and appliances within
a 3-month period actually do so. For example, nearly half of the families carry out




The interpretation of Survey data on plans
to buy durable goods must take account of
the fact that planners and purchasers are
concentrated in certain population groups.
New automobile purchasers are most numerous in the upper income groups while
purchasers of used automobiles are most
frequent in the middle income groups. There
is a similar pattern for buying plans, as
Table 2 shows. The younger age groups
account for disproportionately large percentages of buying plans and purchases of
used automobiles and the three household
appliances.
To date, changes from one Survey to the
TABLE 2
AUTOMOBILES: PLANNERS AND PURCHASERS
INCOME GROUPS, FIRST HALF 1960

WITHIN

[Percentage of all families in group]

New automobile

Used automobile

1959 incomei
Pur- Planners2 PurPlanners2 chasers
chasers
Under $3,000..
$3,000-$4,999..
$5,000-$7,499..
$7,500-$9,999..
$10,000
and over....

0.7
2.2
3.9
6.6

1.0
4.4
7.5
10.0

3.0
4.7
5.9
6.2

7.7
13.5
12.4
12.8

11.7

15.7

5.4

7.5

1 Total money income of family.
2 See Table 1, note 2.

980

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960

next in the rates at which families plan to
purchase and in their purchase rates have
been similar for most age and income
groups. For example, declines from January to April in both years in plans to buy
within 6 months and the increase in October 1959 occurred for nearly all age and
income groups.
In view of the larger sampling error associated with averages for subgroups in
the population, it is unlikely that the Survey can measure changes in demand over
a short period for specific income or age
groups. To date, however, the general uniformity of shifts for these groups is evident. This suggests that the conditions
causing short-run changes, whether seasonal
factors or special circumstances in the period covered, were affecting all segments of
the population.
EVALUATION OF BUYING PLANS

Basically, the test of the adequacy of
data on buying plans must depend on how
these plans move over time in relation to
purchases. It is too early to evaluate this
relationship fully. One reason, as noted in
the preceding article, is that the period covered thus far has not included major changes
in the level of economic activity. Secondly,
analyses of results for the period were complicated by the effects of the steel strike and
the introduction of new compact automobiles. A third factor is that the data are
apparently subject to seasonal movements
for which adjustments cannot be made on
the basis of such limited experience.
Several factors must be taken into account in interpreting data on buying plans
collected in the Survey. To begin with,
the number of families expressing plans to
buy cannot be used directly as a precise
forecast of the number of purchasers. Fam-




ilies planning to purchase are often fewer
than those that subsequently purchase, as
was discussed earlier. Furthermore, many
planners do not buy according to plan, and
many families who report no buying plans
do subsequently buy. Therefore, plans can
be used in forecasting only as analysis of
results shows that relationships between the
numbers of planners and the numbers that
subsequently purchase, including nonplanners, are stable or move in a predictable
manner.
Buying plans can also be evaluated by
comparing them with purchases reported
later by the same population. The quarterly purchase data from the Survey appear
to be sufficiently accurate for this purpose,
in view of their correspondence with estimates of sales from other sources.1
Survey reports from those interviewed
more than once show that plans identify
purchasers better than any other question
asked, such as the age of the head of the
family, whether the family was satisfied with
the automobile owned, or whether it expected an income increase. The extent to
which planners bought varied with the item,
the time interval and degree of certainty of
the plan, and the purchase period.
The Quarterly Survey provides return interviews with about half the sample after 3
months, with about one-fourth 9 months
later, and with about one-half a year later,
permitting comparison of plans and subsequent purchases. The reinterview data
are subject to several limitations beyond
those of the basic data. Since the reinterview tabulations relate to only one-half or
one-quarter of the sample, and since the
number reporting plans is small to start with,
any analysis of purchases related to plans
as determined from reinterview must be re1

See Technical Appendix for details and discussion.

981

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS

stricted. Small differences between groups
would more often be within the range of
sampling error in the reinterview than in
the basic Survey data, and especially so for
the data about the 6-month purchase interval. Other limitations include the attrition
in the sample because some families have
moved or are not available for reinterview
for other reasons and the underreporting
of purchases by families asked about purchases made more than 3 months earlier.2
Automobiles. In the April 1959 Survey
2 per cent of the families reported plans to
buy either new or used automobiles in the
next 3 months. By the time of the July
Survey, 46 per cent of these planners reported they had purchased. Of the large
group without plans, 7 per cent reported
purchases during this 3-month period. Because the 3-month planners were so small
a group to begin with, their purchases accounted for only 12 per cent of the automobiles bought by the total Survey population. Results from the other reinterview
Surveys were not significantly different, except in the fourth quarter of 1959, when
automobile purchases were unusually small
for all groups (Supplementary Table 13).
Proportionately more families expressed
plans to buy automobiles during the next
6 months or 12 months than in the next 3
months, and planners accounted for larger
shares of the purchases in the longer periods. For example, those with plans to
buy automobiles in the 6 months following
April 1959 accounted for 24 per cent of all
purchases in these 6 months and those with
plans to buy during the next 12 months accounted for 34 per cent of all purchases in
that period.
Reported purchases of the items covered
by the Survey are generally less when re- See Technical Appendix for details and discussion.




called after a lapse of time or over a long
period than when recalled for the quarter
immediately preceding. Therefore, purchase rates of planners for the longer periods, as shown in reinterview tabulations,
can be compared with those from the 3month reinterviews only if purchase rates
are adjusted to compensate for underreporting of purchases over the longer periods.
TABLE 3
FAMILIES PURCHASING AUTOMOBILES IN DESIGNATED
PLANNING PERIODS

Period
Plans expressed
in April 1959

Purchase rate: *
All families
Planned to buy
Did not know about plan
No plan to buy
Planners' purchases as a percentage of all purchases in designated period

Apr.- Apr.- April
June, Sept, 19591959 1959 Mar.
1960

9
46
*20
7

16
50
17
13

30
65
38
22

12

24

34

*1 Based on interviews with 50-99 families.
Purchasers as a percentage of all families in each group. Sixmonth and 12-month purchases adjusted for underreporting.

Purchase rates for the 6-month and 12month intervals shown in Table 3 have been
adjusted on the basis of quarterly data, using
relationships derived from the reinterview
Surveys. On the adjusted basis, 50 per cent
of the families with 6-month plans and 13
per cent of those without had bought within
6 months after the April Survey and 65 per
cent of the families with 12-month plans
and 22 per cent of those without had bought
within a year.
Although buying plans refer primarily to
the period designated, there is considerable
spill-over into other periods, as Table 4
shows. Of the families who said that they

982

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960

planned to buy in the 6 months after the
April 1959 Survey, for example, one-half
did so, but an additional one-fifth of these
families made purchases during the following 6 months. Similarly, 39 per cent of
those who expressed plans for the second
6 months did buy in that period, but about
one-fifth did their buying earlier than their
original plans indicated.
TABLE 4
PURCHASES OF AUTOMOBILES BY PLANNING PERIOD 1
[Purchasers as a percentage of all families in group]

Purchased in:
Plans expressed in April 1959

Apr.- Oct.
Sept., 19591959 Mar.
1960

Planned to purchase (new or used):
Within 6 months (Apr.-Sept.)
In subsequent 6 months (Oct.-Mar.)...

50
19

21
39

Did not know about 12-month plan

22

16

No plan to buy within 12 months

11

11

1

erators, and television sets were generally
lower than for automobiles, as Table 5
shows. It is difficult to evaluate these differences for household appliances because
the rates for planners are based on such
small portions of the sample, producing
results not stable from the several Surveys.
Plans seem to be less effective in identifying
subsequent purchasers of household appliances than of automobiles.
For both automobiles and appliances reinterview results show that replies to questions about the degree of certainty of their
plans to purchase helped to identify families most likely to purchase. Purchase rates
were clearly highest for those answering
"yes, definitely" about plans and were generally higher for those coded "yes, probably" than for those coded "maybe" (Supplementary Table 14).
TABLE 5
PURCHASES OF DURABLE GOODS BY PLANNERS AND
NONPLANNERS, APRIL-SEPTEMBER 1959

Purchases adjusted for underreporting.

Conclusions would have been about the
same if new and used automobiles had been
analyzed separately. In total, there was little
shifting by planners between new and used
cars (Supplementary Table 15). Families with plans to buy new cars were only
a little more likely to buy used cars than
were those with no plans to buy, and purchase rates for new cars were only a little
higher for families that planned to buy used
cars than for those without plans. Families
who expressed plans to buy a car but who
were uncertain as to whether it would be
new or used were more likely to buy used
cars.
Selected household appliances. Purchase
rates of both those planning and those not
planning to buy washing machines, refrig-




Plans expressed
in April 1959

ReAuto- Washing
frigmo- maerbile chine ator

Television
set

Purchase rate: 1
All families2
Planners
Nonplanners3

16
50
13

6
20
5

5
26
5

6
23
5

Planners' purchases as a
percentage of all purchases

24

17

16

15

1 Purchasers as a percentage of all families in group. Purchases
adjusted for underreporting.
23 See Table 1, note 2.
Includes those answering "don't know."

Income and age. When assessing reinterview results as to the performance of plans
in identifying those that subsequently purchase, it is necessary to be certain that the
relationship of plans and purchases is not
simply the result of concentration of both
planners and purchasers in groups that

983

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS

have a high likelihood of purchasing, irrespective of plans. For all of the durable
goods tested, and regardless of the time
interval of the plans or the periods compared, plans clearly distinguish those families in each age and income group that are
likely to purchase (Supplementary Tables
16, 17, and 18).
The numbers of planners reinterviewed in
each Survey are small for analysis by such
variables as income and age. Nevertheless,
the reinterview tabulations suggest that plans
identify purchasers about equally well for
different income and age groups. Purchase
rates of planners show more erratic movements for both income and age groups than
purchase rates of nonplanners because of
the relatively large sampling error for the
small number of planners. In general, however, groups that have low purchase rates
for nonplanners tend to have low rates also
for planners.
INCOME CHANGE AND EXPECTATIONS

Past and expected changes in income as reported by consumers are of interest both with
respect to their influence on spending for
durable goods and as a measure of the
general situation of consumers.3
Like similar surveys, this Survey shows
that purchases of durable goods are associated with favorable replies to questions
about past or expected changes in income.
The accompanying chart shows the extent
to which this has been true for automobiles.
The relationships of past and expected
income change to purchases or plans are,
in part, a reflection of income and age.
Younger families and those in the upper in3
The 1959 Surveys included a question on whether
the general financial situation of the family had
changed during the year. It was omitted from the
1960 Surveys to make room for additional questions
on plans to buy durable goods.




AUTOMOBILES: PLANNERS AND PURCHASERS
SELECTED INCOME - CHANGE GROUPS
PURCHASERS
CURRENT INCOME
HIGHER THAN
A YEAR AGO

EXPECTED INCOME
HIGHER A
YEAR HENCE

10
0
10
20
Per cenf of families in group

NOTE.—Second half 1959. Planners include those expressing
plans in July 1959 to buy within 6 months.

come brackets report past or expected increases most often. Those with unfavorable expectations are generally older.
The added contribution of questions
about past and expected income changes to
identifying subsequent purchasers is limited
because a large proportion of the purchasers
giving favorable replies to this question
were also planners. Reinterviews show that
nearly half of the purchasers who had expected income increases had also expressed
plans to buy in the first interview. For example, among those that purchased automobiles in the previous 3 months and 12
months, respectively, and had reported at
the beginning of each period that they expected income increases, from 40 to 48 per
cent in the several Surveys were also
planners.
The income expectation question contributed little to locating nonplanners who
subsequently purchased. Purchase rates of
nonplanners who had expected income increases were not always higher than purchase rates of nonplanners with other income expectations, and when they were

984

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960

higher, they were often not significantly so.
Moreover, part of the small differences in
the purchase rates for these two groups
should be credited to differences in their
age-income composition.
INDICATORS RELATING ONLY TO
AUTOMOBILES

Several questions were asked about automobiles in addition to buying plans. Only
the questions to determine whether anyone
in the family had shopped for a car recently
and whether the family was satisfied with
the car owned at the time of the interview
appeared of some value in foreshadowing
subsequent purchases.
Families reporting that they had shopped
for cars were more numerous than those
with plans to buy in the next 3 months, but
not so numerous as those with plans to buy
in the next 6 months. Over the period covered by the Survey, this indicator followed
a pattern of change much like that of the
buying plans.
Because so many of those who reported
that they had shopped for cars also had
plans to buy within the next 6 months, this
question makes only a limited additional
contribution to plans as an indicator. Nearly
8 in 10 purchasers that had reported shopping for cars had also reported plans to

buy within 6 months. Even though there
were relatively few nonplanners who said
that they had shopped, the question about
shopping for cars did serve to identify some
of the purchasers in the group without
plans. Purchase rates of nonplanners were
clearly higher for those who had reported
shopping for cars than for those who had
not (Supplementary Table 16).
From 8 to 10 per cent of the families reported dissatisfaction with the cars they
owned. This was about the same number
as reported plans to buy within 6 months.
This indicator, like the others, declined from
January to April in both 1959 and 1960.
It reached its highest level in January 1960.
Purchasers who previously reported dissatisfaction with their cars were less often
planners than were purchasers who reported
that they had shopped for cars. Purchase
rates of nonplanners in the 3 months following the first interview were significantly
higher for those dissatisfied with the cars
they previously owned than for those satisfied (Supplementary Table 16). The question on satisfaction with the car owned adds
more to the information supplied by buying
plans than the question about shopping,
because of the close relationship of the latter
question to plans.

TECHNICAL APPENDIX

The sample for the Survey of Consumer
Buying Intentions is drawn from the noninstitutional population in 333 areas comprising 641 counties and independent cities
in 50 States and the District of Columbia.
The sample excludes members of the armed
forces living on posts without their families,
students away from home, and inmates of institutions, including those in homes for the




aged, infirm, and needy. Persons not related to the head of the household they live
in are not interviewed. An estimated 4
per cent of all households contained at least
one such person in 1959.
Data on consumer buying plans are collected during the first month of each quarter from approximately 17,000 households,
or about one-half of the households in-

985

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS

eluded in the monthly Current Population
Survey. Nonresponse rates have been low.
Only about 5 per cent of the occupied
households decline to participate or are not
reached by interviewers during the week
designated for interviewing. In order to
make allowances for these noninterviews,
weights assigned to interviewed households
of similar characteristics are increased accordingly. An additional 2 per cent of the
respondents who answer the CPS questionnaire fail to include information on buying
plans. In such cases respondents are arbitrarily grouped by item and time interval with
those that said "don't know" about plans.
The estimating procedure used in the
Current Population Survey involves the inflation of weighted sample results to current
independent estimates of the noninstitutional population of the United States by
age, color, and sex. Each person in a sample household has a slightly different sample weight according to these characteristics. In the 1959 Quarterly Surveys the
weight of the head of the household determined the weight applied to the statistics
in this report. In the 1960 Surveys, the
weight of the principal person in the household was used. The "principal person" is
defined as the wife of the head in husbandwife families or the head in other families.
Both of these weighting procedures yield
estimates of total households that are slightly
less accurate than CPS estimates, which are
based on a somewhat different estimating
procedure. According to the April 1959
Survey there were 52.0 million households,
which compared with the March CPS estimate of 51.3 million. As a result of the
change in the Survey weighting procedure
the corresponding estimates for 1960 were
even closer, 52.5 and 52.6 million, respec-




tively. For most purposes, these differences
are not sufficiently large that they need to
be taken into account.
SAMPLING VARIABILITY

Since Survey estimates are based on a sample, they may differ somewhat from figures that would be obtained if a complete
census were taken using the same schedules,
instructions, and enumerators. As in any
survey work, the results are subject to errors
of response and of reporting as well as of
sampling variability.
The sampling error is primarily a measure of the variations that occur by chance
because a sample rather than the whole of
the population is surveyed. The sampling
error also partially measures the effect of response variability, but it does not measure,
as such, any systematic biases in the data.
The chances are about 68 out of 100, or
about 2 in 3, that an estimate from the Survey sample would differ from a complete
census figure by less than the sample errors
shown in Table 1. The chances are 95 out
of 100 that the difference would be less
than twice the errors shown.
Most of the data from the Quarterly Survey are shown as percentages. The reliaTABLE 1
APPROXIMATE SAMPLING ERRORS
The chances are about 2 out of 3 that the value being estimated lies
within a range equal to the reported percentage plus or minus the
number of percentage points shown below.
Reported percentage
Number of households
2 or 98

10 or 90

500,000

1.2

1,000,000
2 000 000. .
5,000 000

0.8
0.6
0 4
0.3
0.2
0.1

10,000,000
20,000,000
50,000,0001
1

25 or 75

50

2.5

3.7

4.2

1.8
1.3
0 8

2.6
1.8
1 2

3.0
2.1
1 4

0.6
0.4
0.3

0.8
0.6
0.4

1.0
0.7
0.4

Approximate total number of households.

986

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960

bility of these percentages depends on both
the size of the percentage and the size of the
total on which they are based. Totals for the
various subgroups can be estimated from the
52 million families represented by the Survey and the percentage distributions such
as those shown in Supplementary Tables 3
and 11.
Percentages computed from the reinterview data are based on smaller numbers
than the basic data because reinterviews
were obtained from portions of the total
sample. The 3- and 12-month reinterviews use one-half the original sample of
each Survey, and the reinterviews covering
6-month purchases use only one-quarter.
Moreover, some of the families scheduled
to be reinterviewed are not reached because
they have changed their place of residence.
In using the table of sampling errors for reinterview data, therefore, the base for percentages of the total is only about 20 million for the 3-month and 12-month reinterview tabulations and 10 million for the
6-month reinterview tabulations.
Many of the purchase rates derived
from reinterview tabulations are based
on the number of families that intended to
buy a specific item, and hence have much
smaller bases than percentages based on the
total. For example, when 10 per cent of the
families are planners, the base for the purchase rate of these planners would be about
2 million in the 3-month and 12-month reinterview and about 1 million in the 6-month
reinterview tabulations; these figures represent 4 and 2 per cent, respectively, of the
total population. Some of the percentages
included in the reinterview tables relate to
items for which plans are based on estimated populations so small that they should
be used with special caution. Such cases
are indicated in footnotes to the tables in




terms of the actual number of families sampled.
For either the total sample or the reinterview sample, one may wish to determine
whether the reported change in percentages
from one Survey to another, or the difference
between percentages in the same Survey, is
greater than might occur by chance alone.
The sampling errors for differences between Survey estimates may be calculated
by taking the square root of the sum of the
squared sample errors for each of the two
percentages being compared. Usually, however, this method will only approximate the
true sampling error because it does not take
into account the fact that most Survey
estimates are not completely independent.
RELIABILITY OF PURCHASE ESTIMATES

Data on purchases of durable goods are
included in the Survey to determine the
relationships between what consumers plan
to buy and what they subsequently do buy.
Estimates of sales of these goods are available from other sources, although they are
not uniformly accurate or similar to the
Survey in concept and in population groups
covered. There is a presumption that the
Survey has provided a reasonable estimate
if aggregate purchases and sales are generally the same as to level and movement
over time after allowances for as many of
these differences as possible.
There are some errors in reporting the
date of purchase, as data from successive
quarterly interviews with identical families
show. For example, about 15 per cent of
the families reporting purchases stated they
bought the same item in two consecutive
quarters. Since there is little likelihood that
a family would purchase two of the same
durable goods in 6 months, it is probable
that most of these families reported the same

987

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS

purchase twice. It is not known how often
purchases are not reported, but reinterview
data indicate that some respondents fail to
report purchases until one or more quarters have elapsed from the reported date of
the purchase.
Because each Quarterly Survey provides
purchase data for the preceding four quarters, several estimates of purchases are
available for a particular period. These estimates, however, are not consistent. In
general, the number of purchases for a given
quarter typically has declined steadily in
subsequent Surveys. For example, the number of purchases reported at the beginning
of 1960 for the preceding year was considerably smaller than the number for the year
derived by summing the quarterly figures
reported immediately after each quarter in
1959. This was true for each of the durable
goods covered by the Survey, as shown in
Table 2.
As nearly as can be determined, annual
purchase estimates derived from quarterly
data are in general the closest to sales estimates. These purchase data, moreover,
compare closely enough with quarterly sales
TABLE 2
CONSUMER PURCHASES COMPARED WITH SALES DATA,

1959
[Estimates in thousands]
Annual purchases based on:
Type of durable good

Automobile:.
New 22
Used
Television set (new)
Washing machine (new). . .
Refrigerator (new)

Quarterly
data

Semiannual
data

Annual
data

5,314
10,759
5,288
4,204
3,176

5,035
9,757
5,050
3,909
3,096

4,650
8,610
4,100
3,700
3,000

Annual
sales
data 1

5,523
10,454
5,749
4,052
3,576

1
Estimates for automobiles based on data from Ward's Automotive Report and other related trade sources. Estimates for
household durable goods, in the order shown, derived from data
released by the Electronic Industries Association, American Home
Laundry Manufacturers Association, and National Electrical Manufacturers
Association.
2
Estimates adjusted for purchases made by unrelated persons in
interviewed households and, where applicable, for multiple purchases
of automobiles, which are not obtained by the Survey.




PURCHASES AND SALES

CONSUMER
Quarterly
NEW

2.0

AUTOMOBILES
_

1.6

SALES

PURCHASES

1.2

/

3.2

f\r

USED

AUTOMOBILES

sv

-

^*%^

2.8

2.4
2.0
NEW

TELEVISION

SETS

1
--

^

- 'V

2.0
1.6

1.2

:
vv

1
1

2

3
1959

4

1

2
1960

estimates in both level and movement so
that they can be used as a reasonably reliable
indicator of the number of units that consumers bought.
For each type of durable good covered
in the Survey, purchase estimates should be
below corresponding estimates of sales primarily because the Survey includes only
consumer transactions. In the case of automobiles it is possible to make some allowance for sales to nonconsumers. For new
automobiles a fairly accurate allowance can
be made for fleet sales to businesses.
Quarterly estimates of purchases and
sales for new and used automobiles and for
television sets are compared in the accompanying chart. Data on washing machines
and refrigerators are not included because
the only sales estimates available for these
products are not retail sales but shipments
to retailers and to builders.

988

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960

The comparison of purchases and sales is
more reliable for new automobiles. For these
the concepts and coverage are more nearly
identical and the sales data more dependable
than for the other types of durable goods.
The discrepancies between the quarterly
sales and purchase estimates of new automobiles, after adjustment for nonconsumer
transactions, were well within the range of
the sampling error. That the adjusted sales
data are generally above the purchase data
can probably be attributed largely to the
fact that the former include sales to consumers outside the Survey population.
There was some difference between purchases and sales data for used automobiles.
The estimates of such sales to consumers,
however, are less accurate than for new
automobiles since they include estimates for
sales made by nonfranchised dealers based
on their relationship to sales of franchised
dealers carried forward from a 1955 benchmark.
Purchases estimated for television sets
seem to coincide reasonably well with sales,
but the check is less precise than for used
automobiles because the sales data include
nonconsumer transactions. Because of this
difference, quarterly purchase estimates for
television sets should move with sales but
further below them than in the case of automobiles. The fact that sales to nonconsumers may change in relative importance from
one quarter to another because of differences in seasonal movements may account
for some of the dissimilarity in the movements of the two series.
BIAS IN REINTERVIEW

The sample used for the Quarterly Survey
is designed so that interviewers visit the
same dwelling unit four times during a 15month period, irrespective of any change in




occupancy. Reinterview data for the Survey are obtained by matching reports from
separate interviews with the same family.
Considering how often families move, it is
not surprising that many are not reached for
reinterview and that the number lost increases as the interval between interviews
lengthens. Some reinterviews are lost because of mechanical problems in matching schedules from two Surveys. The number lost from all causes represents about 15
per cent of the original sample for the 3month reinterview and about 25 per cent
for the 12-month reinterview.
An analysis made by the Bureau of the
Census revealed that families omitted from
the 3-month reinterview were younger, and
had lower incomes, lower ownership rates for
durable goods, and somewhat higher rates
of buying plans than the total Survey population. In view of this, some upward bias
in the income distribution of the reinterview samples would be expected, but it is
slight, as Table 3 shows.
There is somewhat more bias in the age
distribution of the reinterview samples. For
TABLE 3
INCOME AND AGE DISTRIBUTIONS OF TOTAL SAMPLE
AND RETNTERVIEW GROUPS
[Per cent]
Income or age (from
interview in
January 1959)

Total
sample,
January
1959

Apr. 1959

Oct. 1959

Jan. 1960

Income: *
Under $3,000....
$3,000-54,999
$5,000-$7,499....
$7,500 and over...
Not ascertained...

29
25
23
16
7

29
25
24
16
5

27
24
24
18
6

28
24
24
18
5

All families

100

100

100

100

5
19
22
21
17
17

4
18
22
22
17
17

3
17
23
20
17
19

3
17
22
21
18
19

100

100

100

100

Age of head:
Under 25
25-34
35-44
45-54
55-64
65 and over
All families

Reinterview groups

i Total money income of family in 1958.
NOTE.—Details may not add to totals because of rounding.

989

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS

example, in the January 1959 Survey 24
per cent of the households were headed by
persons under 35 years of age. In the reinterview 3 months later the proportion was
22 per cent, and in reinterviews 9 months
and 12 months later it was 20 per cent.
Comparison of data from the total sample and the reinterview sample with respect
to purchase rates and plan rates shows the
extent to which losses in the reinterview
samples affect the basic data of this Survey. Since young families are more apt to
buy household durable goods and used automobiles, it would seem that omitting
young families from, say, 3-month reinterview samples would result in lower purchase
rates for these items, and higher rates for
new automobiles, than indicated by the total
sample. With the exception of used automobiles, the differences in aggregate purchase rates were generally, although not
consistently, in the direction that would be
expected on the basis of age bias alone, as
can be seen in Table 4.
Most of the differences shown are no




TABLE 4
COMPARISON OF PURCHASE RATES X
[Per cent]
Time of
interview

Automobile

Washing
machine

Refrigerator

Teleset

New

Used

April 1959:
Total sample...
Reinterview
sample2

2.4

5.2

2.5

1.7

3.4

2.7

5.4

2.7

1.3

3.2

July 1959:
Total sample...
Reinterview
sample2

2.8

5.7

2.5

2.2

2.6

2.8

5.7

2.2

1.7

2.5

October 1959:
Total sample...
Reinterview
sample2

2.6

5.2

3.3

3.1

3.3

3.1

5.4

2.9

2.3

3.5

1
2

Purchases in 3 months preceding interview.
Includes only families being rein ter vie wed after 3 months.

greater than might be attributed to sampling error. Planning rates and purchase rates
among the various classes of consumers obtained from the reinterview sample also do
not differ a great deal from the rates available from the total sample. This small bias
would not change the conclusions drawn
from the reinterview data included in the
foregoing article.




^ C O N T R O L NUMBER

©SAMPLE

C

0CT08ER 1959 SUPPLEMENT

CODE

HOUSEHOLD
O

(

•)
1

POPULATION SURVEY
(

SURVEY

NUMBER

OF

O
)

©HOUSEHOLD

SERIAL NUMBER

AREA

O

CURRENT

©

SAMPLE

)

O
<

(

)

1
C

1
) <

©

SEGMENT
NUMBER
O

O
> <
1
>

>

CZZD

OF CONSUMER BUYING P L A N S
2
<

2
> <

2
)

<

2
> <

)

(G) METHOD OF INTERVIEW
PERS

<

I

3

NONINTERVIEW

~> 1

<

>

<

)

3

3
CZZD

3

C=D

(

3

) <

3

> <

>

(MARK ONE REASON
I

TEL.

I

J

NO ONE
HOME

C

VACANT
SEAS

CD

o
CD

CONOUCTEO 8Y THE BUREAU
OF THE CENSUS ACTING AS
DATA COMPILING AGENT FOR
THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE
SYSTEM.

6
C

) LINE
>. PERS.
INT.

6
C-777)

7
<
0TOTOCCUP. IUNOCCUP.

>

(?) Does any member of (3) Was this car bought (6) How many months
do you still have to
new or used?
this family o w n a car?
pay on this car?

<

)
7

8

>
8

> (

> <

)

<

> <

)

)

<

>

(§)

)

Are you satisfied
with this car?

<

a

jg) In the next 6 months (by midApril of next year),does any
member of this fomily expect to
buy a car ?
NO

((3) Do you expect to buy 0 car
~ ithin the next 12 months( by
lid-October of next y e o r ) ?

w

DON'T KNOW

MAYBE-DEPENDS ON

/

(4) How w a s this car
paid for?
CASH-IN-FULL (Skip to 7)
When w a s the car
bought?
OCTOBER 1959

TIME PAYMENTS^

JULY-SEPT. 1959

OTHER WAYS
<
)

APRIL-JUNE 1959

CZZD

)

<

"I

JAN.-MAR. 1959

<

8

NO (Skip to 9)

YES-2+CARSJ

(

7
)

OFFICE
USE ONLY

6
)

9
<

YES-I CAR

6
<

7
> <

8
<

.HVUfRATOR
NUMBER

O

)

7

(5) Do you still o w e
money on this car?

C U D OLD CAR

MAYBE-OEPENOS ON

CZZDOLDCAR

NO RECUIAR
PAYMENTS
(
)

(9) Has ony member of
this family shopped for
(7) In the past 6 months, a car during the past
have you spent $50 or few weeks?
more on major repairs
at any one time or on
i O If you
tires for this car?
buy,will
it be o
YES ASKED DEALERS
new or
ised cor:

YES-PROBABLY

YES-DEFINITELY

w

f

i If you buy, will it be
a new or used car?

Y E S - OTHER WAYS
NO
(Skip to 7)
YES
(Ask 61

Q2) If you buy,
will it be within
the next 3 months
(by mid-January
of next year)?

DON'T
KNOW

BEFORE 1956
<
>
(Ask 3 )
Department of Commerce - Bureou of the C e n s u s - C U R R E N T P O P U L A T I O N SURVEY

BUDGET BUREAU NO, 4 I - R I 9 2 2 . 2

APPR.EXP.I2/9I/59

73

;A) CONTROL NUMBER

OCTOBER 1959 SUPPLEMENT

I TOTAL FAMILY INCOME
IN PAST 12 MONTHS

Does this family own a !
(fs)

Electric or gas
<2f)
refrigerator ?
YES-When was it bought?

Washing machine ?

Y E S - When was it bought ?
OCTOBER 1959

OCTOBER 1959
<
>

JULY-SEPT. 1959
APRIL-JUNE 1959

APRIL-JUNE 1959

JAN.-MAR. 1959

OQ

JAN.-MAR. 1959

{

YES-When was it
^ bought?

JULY-SEPT. 1959
APRIL-JUNE 1959
JAN.-MAR. 1959

I

What was the total
income of this family
during the post 12
months ? This i n cludes wages and
salaries, business
profits, farm income,
pensions, rent, and
any other money i n come received by
the members of this
family.

(SHOW FLASHCARD
WHERE NEEDED)

o

S"

a

(J9)

Refrigerator ?

T e l e v i s i o n set ?

vo




MAYBE-DEPENDS
ON 01.0 ONF

LESS

DON'T KNOW

|> A year from now, do you expect your family
income to be about the same os it is now, or
more, or less?
ABOUT THE SAME

DON'T KNOW

B. $ 1,000-$1,999
C. $2,000-$2,999

YES-OEFINITELY

MORE

A. Under $ 1,000

DON'T KNOW

YES-PROBABLY

ABOUT THE SAME

7) Looking at your financial situation in general,
is your family about os well off os it was o
year ago,or better,or worse off?

In the next 6 months( by mid-April of next year), do you expect to buy a :
Washing machine ?

Of iCSS *

BEFORE (955

BEFORE 1955

T6)

QfV)€ OS IT WfQS Q VCQF QOO Of fftOf£

Television set ?

OCTOBER 1959

JULY- SEPT. 1959

) Is the present income of your family about the

YES-PROBABLY

YES-PROBABLY
<
")

D. $3,000-$ 3,999

YES-OEFINITELY

YES-DEFINITELY

E. $4,000-$4,999

) If you buy, will it be within
@ if you buy, will it be within
the next 3 months (by mid- the next 3 months (by midJonuGry of next year)?
January of next year)?

(23 If you buy, will it be within
the next 3 months (by midJanuary of next year)?

DON'T KNOW

F. $5.000-$5,999
G. $6,000-$7,499

CZ=D
YES

H. $7,5OO-$9,999
NO

I. $IO,OOO-$I4,999
DON'T KNOW

OON'T KNOW

J. $15,000 and Over
(Ask 25)

VO

992

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960
SUPPLEMENTARY TABLE 1
PLANS TO BUY DURABLE GOODS, 1959-601
[Percentage of all families]
1959

1960

Buying plan
Jan.

Apr.

July

Oct.

Jan.

Apr.

July

16.9
8.3

16.8
8.3

20.9
7.5

18.4
8.9

16.8
9.4

16.5
9.3

8.4

15.6
7.7
7.5

8.2

10.1

9.3

8.6

7.9

2.1
3.8
2.5
4.8

2.4
3.0
2.1
4.3

2.5
3.2
2.5
4.9

3.0
4.3
2.8
4.7

2.5
4.4
2.4
4.7

3.0
3.2
2.4
4.9

2.6
3.0
2.3
5.0

5.1
8.9

4.8
8.1

5.2
8.1

6.5
9.1

4.5
9.8

5.5
8.7

4.9
8.0

6.6

6.5

6.9

9.5

7.3

6.9

6.8

3.0

2.7

3.1

4.6

3.4

3.2

3.0

1.2
1.1
0.8

0.9
0.9
0.8

1.2

1.8
1.6
1.2

1.3
1.0
1.1

1.5
0.9
0.8

1.2
1.0
0.8

0.9
1.4
0.7

0.7
1.4
0.6

0.9
1.4
0.8

1.4
2.1
1.1

0.9
1.7
0.8

1.2
1.3
0.7

0.9
1.4
0.7

2

New or used automobile:
Planning to buy within 12 months
Doesn't know about 12-month plan
Planning to buy within 6 months
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Doesn't know about 6-month plan
Has shopped for automobile 3
Dissatisfied with automobile owned
New automobile:
Planning to buy within 12 months
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Used automobile:
Planning to buy within 12 months
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Washing machine:
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Doesn't know about 6-month plan
Refrigerator:
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't know when in 6 months
Doesn't know about 6-month plan
Television set:
Planning to buy within 6 months
Degree of certainty:
Definitely
Probably
Maybe
Timing of planned purchase:
First 3 months
Second 3 months
Doesn't known when in 6 months
Doesn't know about 6-month plan

7.7

9.2

8.3

7.1

7.1

4.6

4.0

4.1

4.6

4.5

3.8

3.7

.3
.6
.7

.4
.5
.1

1.4
1.5
1.2

1.6
1.4
1.6

1.6
1.5
1.5

1.3
.2
.3

.3
.2
.2

.2
.9
.5

.5
.4
.1

1.5
1.3
1.3

1.4
2.0
1.2

1.3
2.0
1.2

.4
.3

.4
.2
1.1

5.8

5.0

6.0

6.9

6.4

5.9

5.8

2.1
1.2
2.6

1.9
1.3
2.7

8.4

3.2
2.6

2.9
2.1

3.1
2.9

3.5
3.4

2.0
1.2
3.2

1.3
2.1
2.4
3.2

1.3
1.6
2.1
2.9

1.5
1.9
2.6
3.5

1.7
2.4
2.8
3.0

1.4
2.4
2.6
3.3

1.5
2.1
2.3
3.0

1.6
2.0
2.2
3.5

3.6

3.4

4.0

4.6

4.4

3.7

3.9

1.2
0.8
1.7

1.2
0.7
2.0

1.8
1.8

1.8
1.6

2.0
2.1

2.0
2.5

1.2
0.9
2.2

0.7
1.3
1.6
2.6

1.0
1.0
1.4
2.2

1.0
1.2
1.8
3.0

0.9
1.8
1.9
2.7

0.9
1.8
1.7
3.3

1.0
1.2
1.5
3.0

1.0
1.2
1.7
3.3

4.2

3.8

3.9

5.6

4.5

4.0

3.9

3.3

.4
.1
.6

1.3
.0
.7

.2
.5
.3
3.3

.2
.3
.4
.5

2.5
1.7

2.3
1.5

2.3
1.5

2.3

1.4
1.1
2.0

1.1
1.4
1.7
3.0

1.0
1.4
1.4
2.7

1.2
1.3
1.4
3.3

2.0
1.7
1.9
3.1

1.2
1.6
1.7
3.5

1
As reported in interviews in January 1959 and in the first month
of succeeding quarters. Interviews are taken in the week that includes
the 19th of the month. Planning period begins on date of interview.




2

Includes those undecided between new and used.
3 In the weeks immediately preceding interview.
NOTE.—Details may not add to totals because of rounding.

993

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
SUPPLEMENTARY TABLE 2
PURCHASERS OF AUTOMOBILES AND OTHER SPECIFIED DURABLE GOODS, 6 QUARTERS, 1959-601
[Percentage of all families]
1959
Type of durable good

Automobile:
New
Used
Washing machine.,
Refrigerator
Television set
1

1960

Jan.Mar.

Apr.June

JulySept.

OctDec.

Jan.Mar.

Apr.June

2.4
5.2
2.5
1.7
3.4

2.8
5.7
2.5
2.2
2.6

2.6
5.2
3.3
3.1
3.3

2.4
4.7
3.2
2.3
4.8

2.7
5.0
2.4
1.6
3.3

3.2
5.7
2.7
2.4
2.9

As reported in month immediately following purchase period.

SUPPLEMENTARY TABLE 3
PAST AND EXPECTED CHANGES IN INCOME, 1959-60
[Percentage distribution of families]
1959

1960

Direction of change

Current income compared with a year earlier:
Higher
Same
.
Lower
Doesn't know
All families
Expected income compared with current: *
Higher
Same
Lower..
..
.
Doesn't know
All families
* Expected a year hence.




Jan.

Apr.

July

Oct.

Jan.

Apr.

July

22.7
54.3
19.9
3.2

22.3
58.3
16.4
3.0

23.3
57.8
15.7
3.2

23.4
55.6
17.5
3.5

24.3
55.4
16.6
3.7

21.6
59.7
15.1
3.6

20.8
60.0
15.2
3.9

100.0

100.0

100.0

100.0

100.0

100.0

100.0

24.3
55.8
6.9
13.0

21.0
59.8
6.0
13.2

23.0
58.6
6.3
12.1

24 4
57.0
62
12.5

23.7
57.9
56
12.7

23.6
58.6
5.5
12.3

23.8
57.8
5.8
12.5

100.0

100.0

100.0

100.0

100.0

100.0

100.0

NOTE.—Details may not add to totals because of rounding.

994

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960
SUPPLEMENTARY TABLE 4
PLANS OF SPECIFIED GROUPS TO BUY AUTOMOBILES WITHIN 6 MONTHS, 1959-60
[Prospective purchasers as a percentage of all families in group]
1959

1960

Group characteristic

Jan.

Apr.

July

Oct.

Jan.

Apr.

July

New or used automobile *
All families

8.4

7.5

8.2

10.1

9.3

8.6

7.9

3.3
5.5
7.8
9.4
10.1
10.7
13.3
17.0

2.8
4.5
6.1
8.1
8.6
9.8
12.9
13.9

3.4
6.4
6.6
8.3
8.4
12.7
13.1
16.1

3.6
5.9
9.2
10.3
12.6
13.5
16.1
19.6

2.9
6.6
8.2
8.4
10.9
12.7
15.1
19.3

3.1
6.5
6.9
7.4
11.1
11.6
12.4
15.7

3.3
5.7
6.7
6.9
9.0
9.6
13.8
16.1

Current compared with a year earlier:
Higher
Same
Lower
Doesn't know

12.8
7.1
8.1
2.5

11.6
6.3
6.6
3.9

12.7
7.0
6.8
3.1

15.5
8.5
9.7
1.6

14.1
8.0
8.5
1.2

14.3
6.9
8.7
2.9

13.1
6.7
7.3
2.1

Expected compared with current: 3
Higher
Same
Lower
Doesn't know

13.0
7.3
7.3
5.4

13.1
6.3
6.4
4.4

14.3
6.5
7.0

5.2

16.9
8.3
9.5
5.6

15.4
8.0
8.6
4.6

15.3
6.6
7.8
5.6

13.7
6.3
8.2
4.6

11.9
11.5
10.0
8.7
6.6
3.2

10.3
10.6
9.4
7.4
5.4
2.4

14.3
10.2
9.4
9.2
6.4
3.0

14.5
12.3
12.4
11.0
8.1
4.5

13.6
10.6
12.2
10.6
7.6
3.3

15.1
10.6
10.2
10.0
6.9
2.5

13.3
10.5
9.7
8.4
6.3
2.6

3.0

2.7

3.1

4.6

3.4

3.2

3.0

0.3
0.2
1.5
2.3
3.3
4.5
7.3
10.8

0.4
0.8
1.4
2.2
2.7
3.4
6.3
8.5

0.8
1.0
1.7
1.9
3.3
4.9
6.8
10.4

0.6
0.8
2.6
3.6
4.7
6.4
10.0
15.3

0.5
1.1
2.4
1.9
3.0
4.9
6.6
11.7

0.5
1.7
1.4
1.9
4.0
4.8
5.4
9.4

0.6
1.1
1.3
1.6
3.4
3.6
6.4
9.6

Age of head:
Under 25
25-34
35-44
45-54
55-64
65 and over

2.0
3.6
3.5
3.6
2.9
1.3

1.8
3.6
3.4
2.7
2.5
1.0

2.5
3.6
3.3
4.1
3.0
1.6

2.4
4.9
5.8
5.8
4.3
2.4

2.6
3.2
4.7
4.0
3.3
1.6

3.6
3.1
3.9
4.2
3.4
1.1

3.0
3.3
3.5
3.7
2.9
1.1

All families

4.6

4.0

4.1

4.6

4.5

3.8

3.7

Income: 2
Under $2,000....
$2,000-$2,999. . .
$3,0O0-$3,999. . .
$4,000-$4,999. . .
$5,000-$5,999. . .
$6,000-$7,499. . .
$7,500-$9,999. ..
$10,000 and over

2.8
5.1
5.3
6.4
5.7
5.2
5.1
4.2

2.2
3.4
4.2
5.0
4.9
5.3
5.4
3.8

2.3
4.9
4.2
5.2
4.4
6.1
5.2
3.8

2.7
4.7
5.7
5.8
6.7
5.7
4.6
3.3

2.0
4.8
4.6
4.9
6.2
5.7
6.2
5.4

2.0
3.8
4.5
3.9
4.9
4.8
4.7
3.2

2.2
3.8
4.1
3.9
4.5
4.6
5.3
4.0

Age of head :
Under 25
25-34
35-44
45-54
55-64
65 and over

8.9
6.9
5.5
4.3
3.2
1.5

7.6
5.8
5.0
4.0
2.4
1.2

10.5
5.8
5.2
3.9
2.5
1.0

11.0
6.6
5.2
4.3
2.9
1.7

9.4
5.7
6.0
4.8
3.1
1.1

9.4
5.9
4.4
3.9
2.0
0.8

8.6
5.9
4.5
3.3
2.2
1.0

Income: 2
Current:
Under $2,000
$2,000-$2,999
$3,000-53,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over

Age of head:
Under 25
25-34
35-44
45-54
55-64
65 and over

New automobile
All families
Income: 2
Under $2,000....
$2,000-$2,999...
$3,000-$3,999. . .
$4,000-$4,999. . .
$5,000-$5,999. . .
$6,000-$7,499. . .
$7,500-$9,999. ..
$10,000 and over

Used automobile

1
Includes those undecided between new and used.
2
Total money income of family in 12 months immediately preceding interview.




3 Expected a year hence.

995

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
SUPPLEMENTARY TABLE 5
PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS IN 6 MONTHS, 1959-60
WITHIN INCOME AND AGE GROUPS
[Prospective purchasers as a percentage of all families in group]
1959

1960

Income or age group
Jan.

Apr.

July

Oct.

Jan.

Apr.

July

Washing machine
All families

5.8

5.0

6.0

6.9

6.4

5.9

5.8

Income: 1
Under $2,000....
$2,000-$2,999...
$3,000-$3,999...
$4,000-54,999. ..
$5,000-$5,999. ..
$6,000-$7,499...
$7,5OO-$9,999. ..
$10,000 and over

4.4
6.0
5.5
6.7
6.3
6.4
7.3
7.1

3.2
4.7
4.9
6.1
6.3
5.5
5.5
5.3

4.2
6.2
6.7
6.3
7.0
7.3
6.3
7.5

5.0
6.3
8.6
7.4
7.4
7.9
8.0
8.4

4.7
6.0
7.4
7.4
7.0
6.8
8.3
7.9

4.0
4.9
6.3
6.7
6.5
5.7
6.2
7.2

3.9
4.4
6.6
6.3
6.3
6.8
7.2
8.4

11.5
7.6
6.5
5.6
4.5
2.7

9.1
6.5
5.9
4.8
3.5
2.4

10.3
7.5
7.2
5.9
5.1
2.6

13.3
8.2
8.5
6.3
5.7
3.3

10.7
7.9
7.9
6.9
4.8
2.8

11.8
8.1
6.2
6.2
3.5
3.2

12.3
7.4
6.1
6.5
4.3
2.5

Age of head:
Under 25
25-34
35-44
45-54
55-64
65 and over

Refrigerator
All families

3.6

3.4

4.0

4.6

4.4

3.7

3.9

Income: 1
Under $2,000....
$2,000-$2,999. . .
$3,000-$3,999. ..
$4,000-$4,999. ..
$5,000-$5,999. ..
$6,000-$7,499. ..
$7,500-$9,999. ..
$10,000 and over

2.5
3.1
3.3
4.5
4.2
4.0
4.6
5.4

2.1
2.7
3.3
3.8
3.5
4.3
4.2
6.5

2.3
3.8
3.9
3.6
4.8
5.2
5.5
6.5

3.0
3.8
4.5
4.7
5.2
5.9
5.2
7.2

3.2
3.1
3.0
3.6
4.7
6.0
7.1
7.1

2.9
3.5
2.7
3.5
3.7
4.1
4.1
6.9

2.6
3.3
3.6
3.8
4.8
4.6
4.1
7.2

Age of head :
Under 25
25-34
35-44
45-54
55-64
65 and over

5.4
3.7
3.7
4.1
3.2
2.7

5.6
4.0
4.3
3.2
2.7
1.9

5.1
3.9
4.7
4.6
3.4
2.9

6.9
3.9
5.4
5.0
4.4
3.1

3.8
4.8
5.5
4.7
4.0
2.7

5.9
3.8
4.7
4.0
2.6
2.5

5.7
4.6
4.8
3.7
3.3
2.7

Television set
All families

4.2

3.8

3.9

5.6

4.5

4.0

3.9

Income: 1
Under $2,000....
$2,000-$2,999. ..
$3,OOO~$3,999. ..
$4,000-$4,999. ..
$5,000-$5,999. ..
$6,000-$7,499. ..
$7,500-$9,999. ..
$10,000 and over

2.5
4.1
3.6
4.8
4.3
4.5
6.1
9.0

1.9
3.5
3.8
3.7
3.4
4.6
6.4
5.9

2.0
3.8
3.7
4.2
3.7
4.5
5.7
7.5

3.2
5.2
5.6
5.9
5.2
6.7
7.3
10.2

2.4
4.1
3.6
3.9
4.9
5.4
7.4
8.3

2.0
2.7
3.8
3.0
4.0
4.5
6.3
6.8

2.4
3.2
3.2
3.7
4.8
4.4
6.2
6.2

Age of head:
Under 25
25-34
35-44
45-54
55-64
65 and over

8.0
5.5
5.3
3.7
3.4
1.8

6.9
4.3
4.2
3.6
3.4
2.3

7.2
4.0
4.7
4.2
3.0
2.1

10.9
6.2
5.8
6.1
5.3
2.7

7.6
4.6
5.0
4.8
4.7
2.5

8.1
5.5
4.5
3.6
3.5
1.6

8.9
4.8
4.3
4.4
2.8
1.5

1
Total money income of family in 12 months immediately preceding interview.




996

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960
SUPPLEMENTARY TABLE 6
PURCHASES OF AUTOMOBILES BY SPECIFIED GROUPS, 1959-601
[Purchasers as a percentage of all families in group]
1959
Group characteristic

Jan.Mar.

Apr.June

1960
JulySept.

Oct.Dec.

Jan.Mar.

Apr.June

New or used automobile
All families. . .
Income: 2
Current:
Under $2,000
$2,000-$2,999
$3,000-53,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
Current compared with a year earlier:
Higher
Same
Lower
Doesn't know
Expected compared with current: 3
Higher
Same
Lower
Doesn't know
Age of head:
Under 25
25-34
35-44
45-54
55-64
65 and over

7.6

8.5

7.8

7.0

7.7

8.9

3.9
5.0
8.9
8.7
7.7
8.9
10.1
13.2

3.6
7.5
8.5
9.9
9.2
11.5
12.0
12.4

3.9
6.1
8.1
7.9
9.4
9.4
11.1
10.6

3.1
5.1
7.1
7.7
8.0
9.0
9.0
11.3

3.5
4.7
7.3
9.5
8.0

3.1
8.0
7.5

9.8
7.1
6.6
6.1

11.4
7.8
7.5
5.5

10.8
7.2
6.1
5.0

9.9
6.4
5.5
4.6

9.5
7.0
7.9
8.0

12.4

9.5
7.3
6.3
6.5

11.6
7.6
8.5
7.1

10.2
7.1
8.3
5.8

9.6
6.3
6.4
5.7

9.6
7.0
6.8
7.7

11.1

12.4
10.2
9.4
7.7
5.7
2.6

13.4
10.9
9.7
10.4
6.2
3.0

14.7
10.0
9.0
8.1
6.0
3.2

12.3
9.7
7.9
7.4
5.6
2.4

13.4
10.3
9.3

14.6
11.0
10.4
10.7

10.0
11.1
9.6

8.1
5.5
2.9

11.2
11.1
10.6
11.8
13.6
7.9
8.7
7.1

8.4
8.5
7.6

6.7
3.4

New automobile
All families
Income: 2
Under $2,000...
$2,000-$2,999...
$3,000-$3,999...
$4,000-$4,999...
$5,000-$5,999...
$6,000-$7,499...
$7,500-$9,999...
$10,000 and over
Age of head:
Under 25
25-34
35-44
45-54
55-64
65 and over

2.4

2.8

2.6

2.4

2.7

3.2

0.3
0.6
1.5
2.3
2.9
3.9
5.0
6.3

0.3
1.2
1.7
3.0
3.5
4.7
5.0
9.4

1.8
3.2
3.5
3.2
2.3
1.2

3.2
3.4
3.3
4.5
2.9
1.7

0.5
0.6
1.7
2.0
1.8
3.5
4.6
8.4

0.3
0.7
1.6
2.3
3.0
4.9
5.9
7.8

0.5
1.2
1.1
2.0
3.0
3.8
5.0
7.1

0.2
0.9
1.3
1.6
2.6
4.0
4.2
6.3

1.7
2.7
3.3
2.7
2.2
1.1

1.9
3.1
3.4
3.8
2.4
1.3

2.6
2.5
3.6
3.0
2.5
1.2

1.5
2.7
3.1
2.8
2.1
1.0

Used automobile
All families
Income: 2
Under $2,000
$2,000-$2,999
$3,OOO-$3,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000 and over
Age of head:
Under 25
25-34
35-44
45-54
55-64
65 and over
1
2

5.2

5.7

5.2

4.7

5.0

5.7

3.4
4.4
7.3
6.6
5.9
5.4
5.5
4.7

3.4
6.8
6.9
7.5
6.2
6.6
6.1
4.5

3.4
4.9
6.9
5.9
6.3
5.6
6.2
3.5

2.9
4.2
5.8
6.1
5.5
5.0
4.8
5.0

3.2
4.1
5.8
7.2
5.0
6.1
6.0
3.3

2.8
6.8
5.8
8.1
7.6
5.9
6.8
4.2

10.7
7.5
6.1
5.0
3.6
1.5

11.4
7.8
6.3
6.6
3.8
1.7

12.0
7.5
5.4
5.1
3.5
2.0

10.8
7.0
4.9
4.6
3.5
1.4

11.6
7.1
5.9
4.9
3.2
1.7

11.5
7.6
7.2
6.2
3.8
1.6

As reported in month immediately following purchase period.
Total money income of family in 12 months immediately preceding interview.




3

Expected a year hence.

997

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
SUPPLEMENTARY TABLE 7
PURCHASERS OF SPECIFIED HOUSEHOLD DURABLE GOODS, WITHIN INCOME AND AGE GROUPS,

1959-60 a

[Percentage of all families in group]
1959
Income or age group

Jan.Mar.

Apr.June

1960
JulySept.

Oct.Dec.

Jan.Mar.

Apr.June

Washing machine
All families

2.5

2.5

3.3

3.2

2.4

2.7

Income: 2
Under $2,000...
$2,000-$2,999...
$3,000-$3,999...
$4,000-54,999...
$5,000-$5,999.. .
$6,000-$7,499...
$7,500-$9,999.. .
$10,000 and over

1.4
2.6
2.9
3.0
2.1
3.1
2.3
2.9

1.4
2.7
2.5
3.4
2.8
3.1
2.0
2.5

2.0
3.2
4.1
4.2
2.4
2.6
3.2
4.0

1.9
2.8
3.6
3.8
3.9
3.4
3.5
4.2

1.4

2.3
2.4
2.3
2.9
2.5
2.1
3.3

2.0
2.9
2.8
2.6
3.1
3.1
2.6
3.1

Age of head:
Under 25
25-34
35-44
45-54
55-64
65 and over

3.8
3.3
3.0
2.6
1.6
1.3

4.4
3.5
2.7
2.6
1.9
1.0

6.7
5.1
2.9
3.3
2.0
1.9

6.0
4.5
3.7
3.1
2.5
1.5

4.8
3.0
2.6
2.5
1.5
1.3

7.0
4.4
2.7
2.4
1.5
1.2

Refrigerator
All families. . . .

1.7

2.2

3.1

2.3

1.6

2.4

Income: 2
Under $2,000
$2,000-$2,999....
$3,OOO-$3,999
$4,000-54,999....
$5,000-55,999. . ..
$6,000-$7,499
$7,500-59,999. . . .
$10,000 and over.

1.1
1.8
1.8
1.3
1.5
1.9
1.6
1.9

2.2
2.2
1.9
2.6
1.9
2.3
2.3
2.5

2.5
3.1
3.6
2.8
3.1
3.0
2.6
4.0

1.6
2.4
2.0
2.8
2.1
2.3
2.5
3.2

1
,5
0
6
4
.8
,2
1.6

2.5
1.8
2.1
2.2
2.4
2.2
2.8
2.4

Age of head :
Under 25
25-34
35-44
45-54
55-64
65 and over

4.9
2.8
1.4
1.5
1.0
1.0

7.0
2.6
1.9
1.8
1.9
1.6

8.5
4.1
3.1
2.6
2.3
2.0

5.1
3.0
2.6
1.8
1.8
1.5

4.9
2.1
1.7
1.2
1.4
0.7

7.1
2.9
2.6
2.3
1.3
1.1

Television set
All families

3.4

2.6

3.3

4.8

3.3

2.9

Income: 2
Under $2,000. . .
$2,000-$2,999...
$3,000-53,999...
$4,000-54,999...
55,000-55,999...
56,000-57,499.. .
57,500-59,999...
510,000 and over

2.8
3.0
4.1
3.8
2.6
3.6
3.0
3.9

1.8
3.2
3.1
2.9
2.5
2.1
2.7
2.9

2.1
3.1
3.6
3.4
2.8
2.8
4.0
4.0

3.5
4.1
5.0
5.0
5.0
5.0
4.9
7.1

3.0
3.5
3.8
2.6
3.2
3.2
3.1
3.6

2.5
3.0
3.6
2.5
2.7
2.9
2.4
3.4

Age of head:
Under 25
25-34
35^*4
45-54
55-64
65 and over

9.1
4.3
3.7
2.9
2.4
2.1

8.4
3.1
2.5
2.6
1.6
1.4

8.0
4.4
3.1
2.9
2.5
2.2

11.2
6.1
5.1
4.4
3.6
2.9

9.0
4.1
4.0
2.8
2.1
1.6

7.4
3.7
3.2
2.3
2.0

1

As reported in month immediately following purchase period.




2
Total money income of family in 12 months immediately preceding interview.

998

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960
SUPPLEMENTARY TABLE 8
INCOME AND A G E OF PURCHASERS OF SPECIFIED DURABLE GOODS, THIRD QUARTER, 1959 x
[Percentage distribution]
Automobile
Income or age group

Washing
machine

Refrigerator

Television
set

All families
(purchasers
and nonpurchasers)

New or
used

New

Used

[ncome: 2
Under $3 000
$3,000 $4 999
$5 000 $7 499
$7 5OO-$9 999
$10,000 and over
Not ascertained

17
24
28
13
12
5

8
14
30
18
23
6

22
29
27
11
6
5

21
30
18
9
10
11

25
24
23
8
11
10

22
25
20
11
10
12

28
23
23
9
9
8

All families

100

100

100

100

100

100

100

10
24
25
21
13
7

5
18
29
23
16
8

12
27
23
20
11
7

11
29
19
21
10
10

14
24
21
17
12
11

13
25
20
18
12
12

5
19
22
20
17
18

100

100

100

100

100

100

100

Age of head:
Under 25
25 34
35_44
45-54
55 64
65 and over
All families

1 As reported in month immediately following purchase period.
2 Total money income of family in 12 months immediately pre
ceding interview in October 1959.

NOTE.—Details may not add to totals because of rounding.

SUPPLEMENTARY TABLE 9
PLANS TO B U Y SELECTED DURABLE GOODS WITHIN 6 MONTHS, 1959-60 1
[Number per 100 families in group]
1959

1960

Income-change group

All families
Current income compared with a year earlier:
Higher
Same
. . .
Lower
Doesn't know
Expected income compared with current: 2
Higher
Same
Lower
Doesn't know

.

Jan.

Apr.

July

Oct.

Jan.

Apr.

July

13.6

12.2

13.9

17.0

15.3

13.6

13.6

20.0
11.7
12.9
5.8

17.1
10.8
11.4
5.8

19.4
12.4
13.5
2.0

23.3
15.3
16.7
4.4

22 2
12.9
15.7
3.8

20 3
11.3
14 9
5.9

20 5
11.7
14 0
5.5

21.0
11.3
14.1
9.8

18.1
10.9
10.8
9.1

21.0
11.8
14.2
10.5

24.9
14.6
15.0
13.5

22.8
13.2
15.8
10.7

20.8
11.3
14.7
10.4

20.0
11.4
15.4
11.0

1
Refers to sum of all prospective purchases of the following
durable goods: washing machines, refrigerators, television sets.




2

Expected a year hence.

999

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
SUPPLEMENTARY TABLE 10
PURCHASES OF SELECTED DURABLE GOODS, 1959-60'
[Number per 100 families in group]
1959
Income-change group

All families
Current income compared with a year earlier:
Higher
Same
Lower
Doesn't know
Expected income compared with current: 2
Higher
Same
Lower
Doesn't know
1
As reported in month immediately following purchase period
Refers to sum of all purchases of the following durable goods:

1960

Jan.Mar.

Apr.June

JulySept.

Oct.Dec.

Jan.Mar.

Apr.June

7.6

7.2

9.7

10.4

7.3

8.0

10.5
6.8
6.5
9.9

9.6
6.2
7.1

12.0
8.1
8.9
23.2

13.0
9.2
10.0
12.1

6.5
7.3
10.9

11.1
6.5
8.5
10.9

9.3
6.9
7.3
8.6

9.9
6.3
7.2
6.6

11.8
8.4
7.2
12.8

12.2
9.7
9.9
10.4

6.7
6.7
7.2

10.5
7.1
6.6
7.7

washing
machines, refrigerators, television sets.
2
Expected a year hence.

SUPPLEMENTARY TABLE 11
INCOME AND AGE OF FAMILIES GROUPED BY DIRECTION OF CHANGE IN INCOME, JANUARY 1959 SURVEY
[Percentage distribution]
Current income compared
with a year earlier

Expected income compared
with current 2

All

Income or age group

families i
Higher

Same

Lower

Higher

Same

Lower

Doesn't
know

29
25
23
16
7

16
25
32
25
2

32
26
23
15
4

38
27
21
10
4

25
26
27
20
2

31
25
24
16
4

27
28
26
17
3

30
21
16
8
25

100

100

100

100

100

100

100

100

5
19
22
21
17

8
28
25
19
13

3
15
22
21
17

5
19
21
22
18

9
30
25
18
10

4
16
22
21
17

4
13
15
23
22

3
14
20
25
22

1958 income:
Under $3 000
$3 000-$4,999
$5 000-$7,499
$7 500 and over
Not ascertained
All income groups
Age of head:
Under 25
25 34.
. . . .
35-44
45 54
55-64
65 and over

.

All age groups

.

17

7

22

15

8

20

23

16

100

100

100

100

100

100

100

100

1
Includes those for whom past income change was not ascertained,
not shown separately.

2
Expected a year hence,
NOTE.—Details may not add to totals becase of rounding.

SUPPLEMENTARY TABLE 12
INCOME CHANGE REPORTED IN REINTERVIEW RELATED TO EXPECTATIONS
[Percentage distribution of all families in group]

Income change during year

'ncome in January 1960 compared with a year earlier:
Higher
Same
Lower
Doesn't know
.. .
All in group
Percentage of families in each group




Income expected a year hence, as reported
in January 1959

All
families
in
reinterview

Higher

Same

23
58
16
4

38
45
14
3

18
64
14
3

14
47
36
3

19
55
19
8

100

100

100

100

100

100

22

59

7

12

Lower

Doesn't
know

1000

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960
SUPPLEMENTARY TABLE 13
PURCHASES OF DURABLE GOODS AS REPORTED IN REINTERVIEW, 1959-60*
FOR FAMILIES CLASSIFIED BY BUYING PLANS 2

1959
Buying plan

1960,
Jan.Mar.

Jan.Mar.

Apr.June

JulySept.

Oct.Dec.

21

23
6

20
6

16
4

33
7

29
7

49
7

46

45

24
5
40
6

45
34
14

42
28
12

42
29
14

49
37
19

50
37
16

16
2
*28
2

15
2
•26
2

15
2
35
2

12
2

28
3

12
2
•36
2

34
13

34
13

31
16

29
16

35
18

Automobile:
Purchase rate (purchasers as a percentage of all families in group)
All families
Planned to buy within 12 months
No plan to buy within 12 months
Planned to buy within 6 months
No plan to buy within 6 months
Planned to buy within 3 months
No plan to buy within 3 months
Planners' purchases as a percentage of all purchases:
Planned to buy within 12 months
Planned to buy within 6 months
Planned to buy within 3 months

5
32
6

21
5
30
6
51
7

Washing machine:
Purchase rate (purchasers as a percentage of all families in group):
All families
Planned to buy within 6 months
No plan to buy within 6 months
Planned to buy within 3 months
No plan to buy within 3 months
Planners' purchases as a percentage of all purchases:
Planned to buy within 6 months
Planned to buy within 3 months
Refrigerator:
Purchase rate (purchasers as a percentage of all families in group):
All families
Planned to buy within 6 months
No plan to buy within 6 months
Planned to buy within 3 months
No plan to buy within 3 months
Planners' purchases as a percentage of all purchases :
Planned to buy within 6 months
Planned to buy within 3 months

10
1

11
2

•22
1

•12
2

•24
2

•14
2

•16
1

*29
•10

14
5

20
9

18
6

26
9

17
3

15
2

17
3

22
3

19
2

•32
3

•28
2

•28
3

34
4

•43
3

23
10

22
10

21
10

28
14

27
18

Television set:
Purchase rate (purchasers as a percentage of all families in group):
All families
Planned to buy within 6 months
No plan to buy within 6 months
Planned to buy within 3 months
No plan to buy within 3 months
Planners' purchases as a percentage of all purchases:
Planned to buy within 6 months
Planned to buy within 3 months
• Based on interviews with 50-99 families.
• • Based on interviews with 10-49 families.
i Purchases during quarter as reported in reinterview in month
immediately following purchase period.




2
Plans, expressed at beginning of period, to buy within 12 (or
6, or 3) months for automobiles and within 6 (or 3) months for other
types of goods.
Nonplanners include those answering "don't know."

1001

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
SUPPLEMENTARY TABLE 14
PURCHASERS OF DURABLE GOODS, AS REPORTED IN REINTERVIEW, 1959-60a
BY DEGREE OF CERTAINTY TO BUY WITHIN 6 MONTHS 8
[Purchasers as a percentage of all families in group]
1959
Type of good, and degree of certainty to buy

I960,
Jan.Mar.

Jan.Mar.

AprJune

JulySept.

Oct.Dec.

32
47
32
19

33
46
30
24

29
42
28
16

24
35
21
16

30
44
25
21

29
*40
•26
*18

24
•43
•14
•17

19
•35
*9
•13

19
34
12
•8

29
46
•28
•11

32
52
29
17

29
•36
31
*16

28
•42
23
•17

25
34
26
15

26
34
17
27

Washing machine:
All planners
Definitely
Probably
Maybe

16
27
16
9

15
23
••19

15
31
•14
6

12
26
6
6

12
24
•8
7

Refrigerator:
All planners
Definitely
Probably
Maybe

10
*23
*7
4

*13
*5
6

12
•24
•11
6

6
•15
•5
4

9
•17
•4
7

Television set:
All planners
Definitely
Probably
Maybe

17
•27
•22

15
*26
•20
4

17
•31
•15
7

22
36
•18
14

19
37
•14
9

Automobile:
New or used:3
All planners..
Definitely
Probably.
Maybe. .
New:
All planners..
Definitely
Probably.
Maybe. .
Used:
All planners..
Definitely
Probably.
Maybe. . ,

• Based on interviews with 50-99 families.
• • Based on interviews with 10-49 families.
i Purchases during quarter, as reported in reinterview in month
immediately following purchase period.

2
3

Plans, expressed at beginning of period, to buy within 6 months.
Includes those undecided between new and used.

SUPPLEMENTARY TABLE 15
PURCHASERS OF NEW AND USED AUTOMOBILES, AS REPORTED IN REINTERVIEW, 1959-60 *
BY PLANS TO BUY WITHIN 6 MONTHS"
[Purchasers as a percentage of all families in group]
1959
Type of purchase planned
Jan.Mar.
Purchasers of new automobiles:
All f a m i l i e s . . .
Planned to buy:
New automobile
Used automobile
New or used automobile undecided which
No plan to buy

. .

Apr.June

JulySept.

Oct.Dec.

1960,
Jan.Mar.

3

3

3

2

3

29
2
•2
2

24
4
•8
2

19
5
•8
2

19
2
•7
1

29
2
9
2

Purchasers of used automobiles:
Planned to buy:
Used automobile
New or used automobile undecided which

• Based on interviews with 50-99 families.
i Purchases during quarter, as reported in month immediately
following purchase period.




5

6

5

5

5

32
5
•19
4

29
9
•22
4

28
5
•20
4

25
5
•6
3

26
5
14
4

2 Plans, expressed at beginning of period, to buy within 6 months.

Nonplanners include those answering "don't know."

1002

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960
SUPPLEMENTARY TABLE 16
PURCHASERS OF AUTOMOBILES IN SELECTED QUARTERS OF 1959, AS REPORTED IN REINTERVIEW *
B Y PLANS TO B U Y WITHIN 6 M O N T H S 2
[Purchasers as a percentage of all families in group]
Apr.-June

Jan.-Mar.
Characteristic (from interview
at beginning of period)

All
purchasers

Nonplanners 3

All
purchasers

32

All families
Income: 4
Current:
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500 and over
Expected compared with current: 5
Higher
Same
Lower

Planners

4
9
10
12

Planners

July-Sept.
NonAll
planners 3 purchasers

33

•22
37
34
30

4
9
9
13

*23
27
32
29

5
9
10
11

33
35

30
29
*24

•15

Age of head:
Under 35
35-44
45-54
55 and over

12
9
7
5

43
27
32
26

Has shopped for automobile: 6
Yes
No

33
7

48
25

14
6

33
7

Satisfied with automobile owned:
Yes
No

8
17

34
32

6
12

9
21

11
10
11
4

* Based on interviews with 50-99 families.
**
Based on interviews with 10-49 families.
1
Purchases during quarter, as reported in reinterview in month
immediately
following purchase period.
2
Plans expressed at beginning of quarter, to buy within 6 months.

3
4
5
6

Nonplanners 3

29

*16
36
30
38

32
35
**29

Planners

37
35
32
*23

32
30
29
22

12
10
9
5
21
6

30
39

7
14

39
24
9
18

27
32

12

Includes those answering "don't know."
Total money income of family in 12 months preceding interview.
Expected a year hence.
In the few weeks preceding interview.

SUPPLEMENTARY TABLE 17
PURCHASERS OF AUTOMOBILES, AS REPORTED IN REINTERVIEW, SELECTED 12-MONTH PERIODS, 1959-60 J
B Y PLANS TO B U Y WITHIN 12 MONTHS 2
[Purchasers as a percentage of all families in group]
Apr. 1959-Mar. I960

Jan.-Dec, 1959
Characteristic (from interview at beginning of period)

All families...
Income:
Current: 4
Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500 and over
Expected compared with current: 5
Higher
Same
Lower....
Age of head:
Under 35
35-44
45-54
55 and over
*1 Based on interviews with 50-99 families.
Purchases during 12-month period, as reported in reinterview in
month
immediately following the period.
2
Plans
expressed at beginning of period, to buy within 12 months.
3
Includes those answering "don't know."




All
purchasers

Planners

23

49

13
24
30
29

35
47
52
52

27
22
20

32
28
26
13
4

All
purchasers

Planners

Nonplanners 3

25

52

20

11
19
23
20

12
26
29
37

46
49
53
56

10
21
24
29

48
50
•47

20
17
15

32
23
24

54
51
52

23
19
20

59
50
52
32

25
22
21
11

33
31
29
14

57
55
51
43

27
24
24

Nonplanners 3

Total money income of family in 12 months preceding interview.
5 Expected a year hence.
NOTE.—Adjustment for underreporting would change the percentgae of purchasers from 23 to 30 for the year 1959 and from 25 to 30
for the year beginning in April 1959. For discussion, see p. 981.

1003

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS
SUPPLEMENTARY TABLE 18
PURCHASERS OF SELECTED DURABLE GOODS, AS REPORTED IN REINTERVIEW, 6-MONTH PERIODS, 1959
B Y PLANS TO B U Y WITHIN 6 M O N T H S 2

1

[Purchasers as a percentage of all families in group]
Jan.-June
Characteristic (from interview at beginning of period)

All
purchasers

Planners

All families
Income:
Current: 4
Under $3,000
$3,000-54,999
$5,000-$7,499
$7,500 and over
Expected compared with current: 5
Higher
Same
Lower

July-Dec.
Nonplanners 3

All
purchasers

Planners

13

28

Nonplanners 3

7
9
10
9

•17
26
*18
*21

12
14
13
14

•31
*28

9
8
8

23
21
**18

17
12
10

30
28
*37

15
11
7

Age of head:
Under 35
35-44
45-54
55 and over

11
10
10
7

*24
23
*22
*14

17
15
14
9

*36
*30
*29
20

15
13
12

* Based on interviews with 50-99 families.
**
Based on interviews with 10-49 families.
1
Refers to purchasers of any one of the following durable goods:
washing machine, refrigerator, television set. Purchases during
6-month period, as reported in reinterview in the fourth month
following purchase period.

2 Plans, expressed at beginning of period, to buy within 6 months.
Includes those answering "don't know."
Total money income of family in 12 months preceding interview.
5 Expected a year hence.
NOTE.—Not adjusted for underreporting; for discussion see p. 981.




3
4

26
27

10
12
12

Law Department
Administrative interpretations, new regulations, and similar material

Percentage Limitation on Acquisition by Bank
Holding Company of Stock of Small
Business Investment Company

The Board has considered the question whether,
in view of the amendment of June 11, 1960, to
Section 302(b) of the Small Business Investment
Act, the total amount that may be invested in a
small business investment company by a bank
holding company and its subsidiary banks is limited
to one per cent of the capital and surplus of the
holding company.
In the ruling published in the 1959 Federal Reserve BULLETIN, at page 257 (12 CFR 222.111),
the Board pointed out that Section 4 of the Bank
Holding Company Act relates to "direct or indirect
ownership or control" of shares of a company that
is not a bank. Shares owned or controlled by a
subsidiary of a holding company are indirectly
owned or controlled by the holding company itself.
Consequently, the Board concluded, if a holding
company directly owned shares of a small business
investment company in an amount equal to one
per cent of the holding company's capital and surplus, and its subsidiary banks also owned shares
of such company, the holding company would
have "direct or indirect ownership or control" of
stock of the small business investment company
in an amount exceeding one per cent of the holding company's capital and surplus, which is the
maximum permitted by Section 4(c)(4) of the
Holding Company Act in conjunction with the
applicable provisions of the Small Business Investment Act.




The recent amendment of Section 302(b) of the
Small Business Investment Act simply inserted the
words "Notwithstanding the provisions of Section
6(a)(l) of the Bank Holding Company Act".
Section 6(a)(l) does not govern, or relate to, the
maximum amount of stock in a small business investment company that a holding company may
own; that matter is controlled by Section 4(c) (4).
The amendment to Section 302(b) of the Small
Business Investment Act was intended to overrule
by statute the latter part of the interpretation published in the 1958 BULLETIN, page 1161 (12 CFR
222.107) which related to the applicability of
Section 6 of the Bank Holding Company Act.
The language of the amendment to Section 302(b)
carries out this purpose, and there is nothing in
the language of that amendment to indicate an
intention to amend also Section 4 of the Bank
Holding Company Act to permit a holding company to acquire and retain "direct or indirect
ownership or control" of stock of a small business
investment company in an amount exceeding one
per cent of the holding company's capital and surplus, the maximum permitted by Section 4(c) (4)
of the Holding Company Act and the relevant
provision of the Small Business Investment Act.
Accordingly, it is the Board's conclusion that,
under provisions of present law, the total amount
that may be invested in a small business investment
company by a bank holding company and its subsidiary banks is limited to one per cent of the
capital and surplus of the holding company.

1004

Current Events and Announcements
CHANGES IN THE BOARD'S STAFF

ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM

Wilson L. Hooff was appointed an Assistant General Counsel effective September 18, 1960.
Mr. Hooff joined the Board's staff in 1926 and
served first as Law Clerk and then as Attorney.
He had been an Assistant Counsel since 1946.

The following banks were admitted to Membership in the Federal Reserve System during the
period July 16, 1960 to August 15, 1960:
Georgia
Atlanta
The Bank of Georgia
Elberton
Granite City Bank

DECREASE IN FEDERAL RESERVE DISCOUNT RATES

The Board of Governors of the Federal Reserve
System has recently approved action by the directors of three Federal Reserve Banks decreasing
the discount rate at those Banks to 3 per cent. The
effective dates at those Banks were as follows:
Boston
San Francisco
Dallas

TABLES PUBLISHED
OR QUARTERLY

August 23, 1960
September 2, 1960
September 9, 1960

The rate previously in effect at these Banks
was V/i per cent.
HISTORICAL SUPPLEMENT TO MONTHLY CHART
BOOK ON FINANCIAL AND BUSINESS STATISTICS

The 1960 edition of the Historical Supplement to
the monthly Federal Reserve Chart Book on Financial and Business Statistics will be available for
distribution early in October, on the terms indicated on page 1091. Charts will include the latest
data available on September 7, 1960.




1005

ANNUALLY,

SEMIANNUALLY,

Latest BULLETIN Reference
Annually
Issue
Earnings and expenses:
Federal Reserve Banks
Feb. 1960
Member banks:
Calendar year
May 1960
First half of year
Oct. 1959
Insured commercial banks
May 1960
Banks and branches, number of, by class
and State
Apr. 1960
Operating ratios, member banks
July 1960
Stock Exchange firms, detailed debit and
credit balances
Sept. 1960
Banking and monetary statistics, 1959.. !**£• J|60
Bank holding companies:
List of, Dec. 31, 1959
June 1960
Banking offices and deposits of group
banks, Dec. 31, 1958
July 1960
Semiannually
Banking offices:
Analysis of changes in number of.... Aug. 1960
On, and not on, Federal Reserve Par
List, number of
Aug. 1960
Quarterly
Flow of funds
Aug. 1960
Principal assets and liabilities of Federal
business-type activities
Sept. 1960

Page
220-21
564-72
1320
573
440-41
810-12
1069
574I77
697
813
947
948
930-46
1068

National Summary of Business Conditions
Released for publication September 16

Industrial production in August was slightly
below the May-July level and unemployment increased. Personal income changed little and retail sales were maintained. Bank credit showed
a small increase, after rising sharply in July, and
the seasonally adjusted money supply increased.
In late August and early September, common stock
prices declined. Following a period of decrease,
bond yields changed little or increased.
INDUSTRIAL PRODUCTION

Industrial production in August was 109 per
cent of the 1957 average—1 per cent below July,
which was revised upward to a figure of 110.
Output of materials continued to decrease while
production of consumer goods and business equipment changed little at advanced levels.
Iron and steel production declined slightly further in August, and in early September steel mill
operations did not show the usual seasonal expansion, owing partly to rail strikes. Production
of nondurable materials, after rising to a new
high in July, declined in August as output of textiles, paper, and chemicals was reduced and production of mineral fuels was maintained. Auto
assemblies increased, reflecting a smaller than
usual curtailment for model changeovers, and

CONSTRUCTION

The value of new construction put in place rose
slightly less than seasonally during August, and
was at an adjusted annual rate of $54.5 billion.
A further decline in private residential building
was offset in part by a rise in private construction for business purposes and in public highway
construction.
EMPLOYMENT

Seasonally adjusted employment in nonfarm
establishments declined slightly in August, mainly
reflecting layoffs at automobile and supplier plants
and steel mills. Employment also declined in the
service industries but rose further in trade, finance,
and State and local governments. Unemployment
declined less than seasonally, to 3.8 million, and
the seasonally adjusted rate rose to 5.9 per cent
from 5.4 per cent in July.
DISTRIBUTION

Seasonally adjusted retail sales, which had declined 2 per cent in July, were unchanged in
August. While auto sales rose somewhat, sales
at department stores and most other retail outlets
declined. Dealer stocks of autos were substantially reduced in August in advance of new model
introductions due to begin late this month, but
remained higher than at pre-introduction dates
in other years.

INDUSTRIAL PRODUCTION
1957

September production schedules indicate an additional rise. On the other hand, output of furniture, television, and some other home goods
was reduced further and output of apparel and
consumer staples declined slightly from record
levels.

= 100

COMMODITY PRICES

Federal Reserve indexes, seasonally adjusted.
ures, latest shown are for August.




Monthly

The wholesale commodity price index remained
stable in August and in early September. Average prices of industrial commodities changed
little, although prices of rubber, textiles, and some
other sensitive materials declined further. Among
foodstuffs, prices of meats declined while prices
of some other foods advanced.

1006

1007

NATIONAL SUMMARY OF BUSINESS CONDITIONS

Crop prospects continued to improve during
August raising the official production forecast to
120 per cent of the 1947-49 average. If achieved,
this would be 2 per cent above 1959 and 1958
and well above any year before 1958. Meat production, which has been in record volume most
of this year, is expected to rise less than seasonally this autumn reflecting the reduced pig crop
of last spring.

reserves $660 million over the four weeks ending
September 14; in the previous four weeks, borrowings had averaged $340 million and excess
reserves $510 million. Around $700 million of
reserves were made available to banks in late
August and early September through changes in
reserve requirements and in regulations on vault
cash allowable as reserves. Reserves were absorbed principally through reductions in Federal
Reserve holdings of U. S. Government securities
and by currency and gold outflows.

BANK CREDIT AND RESERVES

SECURITY MARKETS

Total commercial bank credit increased somewhat further in August reflecting expansion in
loans. Holdings of U. S. Government securities
changed little following a substantial rise in July
associated with Treasury financing. The seasonally adjusted money supply rose slightly further
and time deposits at commercial banks continued
to expand rapidly. Seasonally adjusted turnover
of demand deposits increased.
Member bank borrowings from the Federal
Reserve averaged about $260 million and excess

Bond yields generally reached new lows for the
year in mid- or late August and then changed
little or increased. Between August 12 and September 9, discount rates at Federal Reserve Banks
were reduced to 3 per cent from ZVi per cent.
On September 9, the Treasury announced an offer
to exchange three new 3Yi per cent bonds maturing from 1980 to 1998 for four outstanding 2Vi
per cent bonds, due from mid-1967 to the end of
1969.

AGRICULTURE

INTEREST RATES

Bureau of Labor Statistics indexes. Monthly figures; latest
shown: July for consumer prices, and August (estimated) for
wholesale prices.




Discount rate, range or level for all F. R. Banks. Weekly
average market yields for U. S. Government bonds maturing
in 10 years or more and for 90-day Treasury bills. Latest
figures shown are for week ending September 9.




Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items
Reserve Bank discount rates; margin requirements; reserve requirements
Federal Reserve Banks
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

1010
1014
1016
1018
1020
1021
1024
1026
1029

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

1030
1031
1032
1034
1036
1037
1042
1043
1046

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

1050
1056
1056
1058
1060
1061
1062
1064
1066

Principal assets and liabilities of Federal business-type activities
Stock market credit
..
..
Tables not published each month—list with latest BULLETIN reference
Index to statistical tables

1068
1069
1005
1093




Tables on the following pages include the prin- the basis of material collected by other agencies;
cipal statistics of current significance relating figures for gold stock, currency in circulation,
to financial and business developments in the Federal finance, and Federal credit agencies are
United States. The data relating to Federal obtained from Treasury statements; the remainReserve Banks, member banks of the Federal ing data are obtained largely from other sources.
Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's
duction indexes are compiled by the Board on publication, Banking and Monetary Statistics.

1009

1010

BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities

Period
or
date

Bought
Total outright

Held
under
repurchase
agreement

Gold
Discounts
stock
and Float Total*
advances

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
ings Treas- ForWith AllowTotal 2 F. R. able
eign Other
in
Banks cash
3

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
5,203
5,230

Averages of
daily figures
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
24,749
26,312

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
24,698
26,216

29
284
267
367
51
96

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
31,039
32,371

210
272
2,402
2,189
2,269
1,330
1,290
1,280
1,271
767
805
777
772
768
701
691

30
81
616
592
625
967
615
271
569
602
443
434
463
385
442
470

30
164
739
1,531
1,247
1,016
920
571
745
466
439
459
372
345
281
262

26,422
26,588
26,674
26,517
26,732
27,036

26,354
26,548
26,628
26,479
26,628
26,993

969 1,023 28,441 19,674 5,283 32,042
68
40 1,008
891 28,509 19,596 5,281 31,994
904 ,088 28,687 19,514 5,278 32,019
46
909 ,115 28,563 19,498 5,293 31,974
38
886 ,094 28,741 19,581 5,303 32,207
104
911 ,426 29,435 19,482 5,311 32,775
43

411
399
394
391
413
396

490
546
543
512
485
524

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

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

20
33
49
115
121
6
98
215

19,454 5,315 32,008
19,429
31,580
19,410
31,628
19,386
31,713
19,356
31,726
19,343
31,926
19,245
'32,174
19,052 5,364 32,091

419
445
442
419
415
414
'406
403

26,045
26,300
26,494
26,449
26,459

26,018
26,255
26,383
26,390
26,408

27
938 1,032 28,042
45 1,044
948 28,319
111 1,019
922 28,462
59
929 1,299 28,705
51
890
998 28,374

19,712
19,704
19,695
19,669
19,636

5,283
5,283
5,283
5,283
5,284

31,852
32,105
32,194
32,036
31,883

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

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

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

Sept. 2
9
16
23
30

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

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

109
8
6
55
41
91
94

966
836 28,515 19,525
1,059
819 28,656 19,523
1,060 1,017 28,834 19,522
860 1,499 29,016 19,513
722 1,098 28,403 19,493

5,281
5,282
5,282
5,283
5,276
5,274
5,274
5,278
5,287

Oct.

7
14
21
28

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

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

1,007 1,005 28,623 19,491
74 1,051
956 28,667 19,489
824 1,417 28,664 19,488
796 1,149 28,353 19,486

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

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

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—June
Dec

9
99
524
421

978
250
8
5
381
268
142
657
1,633
448
407
840
706
716
142
564

61 1,317
2,208
2,612
170 2,404
24,744
65:
681 22,858
1,117 21,606
1,375 25,446
1,262 27,299
1,018 27,107
992 26,317
1,389 26,853
1,633 27,156
1,443 26,186
916 25,851
1,496 28,412

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
21,490
20,563

353
264
290
390
365
394
247
186
350
337

376
350
248
292
493
614
739
796
832
908
929
983
998
,063
,132
,174

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
18,600
18,899

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
18,600
18,899

269
260
301
302
317
361

344
337
381
388
379
348

,170
,239
,246
,175
,204
,195

18,671
18,613
18,593
18,610
18,621
18,932

18,671
18,613
18,593
18,610
18,621
18,628

534
515
481
554
534
496
492
490

270
214
197
185
194
221
213
202

368
406
307
353
331
395
377
380

838
921
970
890
937
994
910
948

18,878
18,213
18,027
18,104
18,239
18,294
18,518
i8,499

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

407
412
419
412
403

552
516
394
460
559

296
278
269
255
271

353
360
338
334
340

,190
,183
,185
,183
,137

18,386
18,452
18,640
18,976
18,702

18,386
18,452
18,640
18,976
18,702

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

403
401
397
395

503
475
638
564

277
257
256
257

340
343
349
321

,166
,203
,246
,294

18,696
18,622
18,509
18,586

18,696
18,622
18,509
18,586

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

5,289
5,290
5,293
5,297

31,933
32,096
32,026
31,873

387
387
391
396

533
474
518
530

300
326
294
297

420
464
344
335

,194
,197
,193
,136

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

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

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

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

1959
July
Aug
Sept
Oct
Nov
Dec

304

1960
Jan
Feb
Mar
Apr
May
June
July
Aug

909
818
637
623
502
425
388
293

,343 28,236
,098 27,276
,066 27,048
,082 27,227
,043 27,393
,173 27,751
,141 28,178
897 28,209

310
266
257
261
277
293
310

*>388

Week ending:
1959
July

1
8
15
22

29
Aug. 5
12
19
26

Dec.

For notes see opposite page.




1,034
790 28,399
1,073
771 28,473
945 1,065 28,562
941
950 28,485

834
897 28,443
916
947 28,651
864 1,165 28,758
829 1,311 28,857
875
916
961
985
933

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

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

55
268
305
337
337

BANK RESERVES AND RELATED ITEMS

1011

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Period
or
date

Bought
Total outright

DisGold
Held counts
stock
under and Float Total i
repur- adchase vances
agreement

Treas- Curury
cur- rency
in
rency
ciroutstand- culation
ing

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

Averages of
daily figures
Week ending:
1960
Ian.

6.
13.
20.
27.

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

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

Feb.

3
10
17
24

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

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

Mar. 2.
9.
16.
23.
30.

25,212
25,270
25,444
25,323
25,239

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

20.
27.

25,284
25,396
25,701
25,521

4.
11.
18.
25.
1.

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

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

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

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

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

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

285
219
276
268

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
293 1,007
293
980
305
944
327
945

18,105
17,941
18,108
18,189
17,894

17,800
17,731
17,849
17,934
17,600

303
210
259
255
294

25,264
25,285
25,417
25,444

20
111
284
77

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

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

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

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

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

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

103
252
134
27

552
958 27,199
549
924 27,371
555 1,133 27,480
403 1,161 27,338

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

5,347
5,348
5,349
5,350

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

414
419
413
415

567
504
608
547

184
184
195
202

311
855
314
854
349
887
290 1,034

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

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

275
225
274
300

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

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

27
16

15
22
29

436
400
375
550
412

993
1,011
1,029
1,544
1,168

27,427
27,575
27,609
28,135
27,739

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

5,349
5,350
5,353
5,354
5,356

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

414
424
415
412
406

468
445
490
550
505

206
199
206
225
249

390 1,033
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

20.
27.

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

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

62
96
140
77

440
341
429
351

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

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

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

5,356
5,356
5,357
5,357

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

406
406
409
405

517
422
548
488

226
214
209
202

399
380
374
373

958
935
884
884

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

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

241
308
340
333

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

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

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

170
293
229
220
106

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

19,147
19,098
19,039
19,026
19,006 5,370

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

408
404
409
400
396

466
452
555
485
487

221
192
190
195
225

371
884 18,592
363
884 18,525
386
904 18,564
380 1,016 18,404
384 1,014 '18,457

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

320
246
321
329
^685

26,523 26,472
26,885 26,770
26,762 26,640

51
115
122

258 1,058 27,869 19,322 5,354 32,065
343
874 28,131 19,144 5,359 32,039
707 27,907 *19,005 P5,371 *32,O25
405

395
406
^392

504
477
481

254
215
204

427
960 18,182 17,941
353
883 18,581 18,261
432 1,013 ^18,420 17,735

241
320
*>685

26,640
26,514
26,514
26,684

26,536
26,478
26,394
26,662

104
36
120
22

531 1,019 28,218 19,322 5,356 32,358
453 1,043 28,038 19,253 5,357 32,253
981 1,183 28,705 19,234 5,357 32,105
281
854 27,846 19,164 5,355 31,973

408
406
415
404

325
475
621
500

267
179
203
204

371
373
364
362

18,209
18,082
18,705
18,040

241
308
340
333

27,074
26,944
27,084
26,763
26,762

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

304
136
251
66
122

743 28,133 19,144 5,357 32,062
287
728 27,916 19,082 5,362 32,141
214
476 1,026 28,636 19,032 5,364 32,138
734 27,770 19,026 5,366 31,982
238
707 27,907 P 1 9 , 0 0 5 *>5,371 *>32,025
405

413
409
410
402

378
431
547
519
481

230
177
192
228
204

358
885 18,628 18,308
373
881 18,194 17,948
362 1,016 18,686 18,365
383 1,014 17,965 17,636
432 1,013 l8,420 17,735

320
246
321
329
*685

May

June

1,018
915
918
776

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

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

End of month
1960
June
July
Aug
Wednesday
1960
July

6
13
20
27
Aug. 3
10
17
24
31
p

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




957
879
884
883

18,450
18,390
19,045
18,373

tables on Federal Reserve Banks. (Industrial loan program discontinued
Aug. 21, 1959.)
23 See note 3.
Beginning with December 1959, monthly averages are estimated.

1012

BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES
[Averages of daily figures. In millions of dollars]
Central reserve city banks—New York

All member banks

Total
reserves
heldi

Bor- j
BorReExcess row- I Free
Total
ReExcess rowings | reings
quired
rerequired
reserves 3 serves
at
at
serves 3
serves 3
rereF. R. !
heldi serves2
serves2
F. R.
Banks4
Banks

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

2,314
5 2,160
11,473
12,812
16,027
17,261
17,391
20,370
21,180
19,920
19,279
19,240
19,535
19,420
18,600
18,899

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
17,974
18,383

39
363
5,011
3,390
1,491
986
1,027
826
723
693
703
594
652
577
626
516

1959—June
July
Aug
Sept
Oct
Nov
Dec

18,451
18,671
18,613
18,593
18,610
18,621
6 18,932

18,043
18,271
18,141
18,183
18,164
18,176
18,450

I960—Feb
Mar
Apr
May
June
July

18,213
18,027
18,104
18,239
18,294
18,518
*18499

1959_Aug. 5
19'.'.'.'.
26....

Period

Central reserve city banks—Chicago

Free
Total
ReExcess
rerere- 3
quired
serves 3 serves
re- 2 serves
heldi serves

974
184
3]
5
3341
224
142
657
1,593
441
246
839
688
710
142
557

-935
179
5,008
3,385
1,157
762
885
169
-870
252
457
-245
-36
-133
484
-41

762
861
5,623
5,142
4,118
4,404
4,742
5,275
5,357
4,762
4,508
4,432
4,448
4,336
4,214
4,033

755
792
3,012
4,153
4,070
4,299
4,616
5,231
5,328
4,748
4,497
4,397
4,392
4,303
4,186
4,010

7
69
2,611
989
48
105
125
44
30
14
12
35
57
34
28
23

n.a.
n.a.
192
38
58
151
486
115
62
196
147
139
21
103

-167
69
n.a.
n.a.
-144
67
67
-107
-456
-101
-50
-162
-91
-105
7
-80

161
211
1,141
1,143
939
,024
,199
,356
,406
,295
,210
,166
,149
,136
,113
,077

161
133
601
848
924
,011
,191
,353
,409
,295
,210
,164
,138
,127
,099
,070

408
400
472
410
446
445
482

921
957
1,007
903
905
878
906

-513 3,933
-557 3,981
-535 3,889
-493 3,848
-459 3,867
-433 3,808
-424 6 3,920

3,926
3,977
3,866
3,866
3,851
3,785
3,930

7
4
23
-18
15
23
-10

22
157
248
209
225
207
99

,009
-15
-154
,028
-225
,033
-227
,025
-209 1,020
-184 1,029
-109 6 1,038

,006
,028
,029
,022
,018
,026
,038

17,758
17,611
17,696
17,770
17,828
18,010
*17,962

455
416
408
469
466
508
*537

816
635
602
502
425
388
293

-361
-219
-194
-33
41
120

3,744
3,755
3,784
3,808
3,819
3,853
3,780

9
10
-19
45
33
11

59
9
12

J>244

3,753
3,766
3,765
3,853
3,852
3,864
3,780

18,696
18,622
18,509
18,586

18,296
18,080
18,078
18,149

400
542
431
437

1,034
1,073
945
940

-634
-531
-514
-503

3,987
3,864
3,828
3,866

3,983
3,841
3,839
3,841

1960—Mar. 2
9
16....
23
30....

18,105
17,941
18,108
18,189
17,894

17,664
17,576
17,598
17,737
17,533

441
365
510
452
361

793
595
726
587
602

-352
-230
-216
-135
-241

3,751
3,732
3,777
3,802
3,746

3,749
3,731
3,761
3,777
3,743

15
25
3

Apr.

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

18,243
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

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

6
13
20
27

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

17,885
17,774
18,245
18,077

435
575
517
475

440
341
429
351

18,592
18,525
18,564
18,404
*18,457

18,104
18,018
17,983
17,938
*>17,832

488
507
581
466
*>625

315
293
416
193
273

Aug

174

1
78
540
295
14
13
8
3
-4
1
2
12
8
14
7

BorrowFree
ings
reat
serves 3
F. R.
Banks 4
63
n.a.
n.a.
n.a.
6
5
64
232
37
15
85
97
85
2
39

-62
n.a.
n.a.
n.a.
14
7
3
-61
-236
-36
-16
-83
-86
-77
12
-31

66
47
40
46
84
64
104

-63
-47
-35
-44
-82
-61
-104

129
157
99
56
58
49
41

-126
-151
-100
-49
-59
-39
-38

-50
1
-31
45
16
-3
-27

996
975
954
988
987
1,020
1,027

993
970
955
981
988
1,010
1,024

197
278
260
232

-193
-255
-271
-207

1,052
1,025
1,020
1,034

1,047
1,023
1,021
1,026

4
1
-2

27
5
22
7

-25
-4
-7
18
3

981
970
973
981
966

981
970
969
978
963

1
4
3
2

41
133
259
199

-40
-130
-257
-197

18
9
13
10

18
-16
-14
10

922
933
963
984

920
931
969
982

2
2
-5
2

117
137
95
95

-114
-135
-100
-93

3,914
3,824
3,792
3,776

-4
10
46
3

-4
10
46
3

1,000
985
977
984

996
984
979
975

4
2
-1
9

53
101
93
12

-49
-100
-94
-3

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

52
4
6
-60
73

988
974
982
1,003
1,008

977
974
979
1,003
995

-5
234
88
124

3,884
3,769
3,929
3,875

3,880
3,757
3,919
3,858

4
13
10
17

4
-13
-24
17

1,002
997
1,035
1,020

1,001
989
,034
,012

173
214
165
273
P352

3,879
3,811
3,794
3,761
3,737

3,1
3,807
3,778
3,750
3,734

-1
4
16
12
3

-1
3
-82
12
-17

1,021
1,029
1,029
1,034
1,023

,021
,023
,031
,023
,018

3
6
7
-1
10
3

Week ending:

6....
20
27

::
18...
25

June

1...
8
15...
22

July

Aug. 3
10
17...
24
31

For notes see opposite page.




-26
-45
-51
-28

3
14
50
152
41
43
12
77
29
6
-2
11
5

100
109
30

-13
-47
-152
-19
-42
-4
-76
-21
-101
-102
-33
11
4

BANK RESERVES AND RELATED ITEMS

1013

RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued
[Averages of daily figures. In millions of dollars]
Country banks

Reserve city banks

Period

Borrowings at
F. R.
Banks4

Total
reserves
held*

Required2
reserves

-397
62
n.a.
n.a.
322
148
182
-170
-519
-99
-26
-338
-203
-228
57
-198

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
5,552
5,849

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
5,070
5,419

22
96
671
804
1,011
597
663
596
576
594

574
510
477
433
393
415
490

-536
-482
-420
-391
-339
-369
-449

5,765
5,824
5,855
5,895
5,903
5,936
6 6,020

42
37
45
51
44
48
47

423
289
298
224
164
176
109

-381
-252
-253
-173
-120
-128
-62

7,806
7,753
7,750
7,803

46
48
41
42

557
497
435
439

7,452
7,414
7,417
7,533
7,396

7,426
7,381
7,370
7,460
7,359

25
33
47
73
36

7,369
7,387
7,579
7,572

7,337
7,351
7,547
7,541

32
37
32
31

7,527
7,514
7,541
7,479

7,501
7,468
7,478
7,447

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
27
41
38
106

7,536
7,594
7,738
7,695

7,502
7,507
7,701
7,649

7,683
7 679
7,659
7,657
7,584

7,641
7,629
7,623
7,607
7,550

Total

reserves
held*

Required2
reserves

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
7,721
7,940

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
7,619
7,883

12
120
1,188
1,303
418
271
232
184
120
85
91
60
96
86
102
57

409
58
n.a.
n.a.
96
123
50
354
639
184
117
398
299
314
45
254

7,744
7,838
7,836
7,825
7,820
7,848
6
7,954

7,705
7,809
7,779
7,783
7,766
7,802
7,912

39
29
57
42
55
46
41

7,544
7,429
7,498
7,515
7,540
7,647
7,654

7,503
7,391
7,453
7,465
7,496
7,599
7,607

1959—Aug. 5
12
19
26

7,852
7,801
7,791
7,845

I960—Mar. 2
9
16
23
30
Apr. 6

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—June
Dec
1959 June
July
Aug
Sept.
Oct
Nov
Dec

.

I960—Feb
Mar
May
June . . . . . . . . . . .
July
Aug
.
..

..

Excess
reserves3

Free
reserves3

Excess

reserves 3

Borrowings at

F. R.
Banks 4

Free
reserves3

497
488
449
481
430

327
126
na
n.a.
46
57
29
89
236
105
52
159
144
172
74
162

-305
-30
n a.
n.a.
965
540
634
507
340
489
550
338
344
277
408
268

5,406
5,458
5,467
5,511
5,529
5,564
5,569

359
366
388
384
374
372
450

259
242
242
215
203
192
213

5,920
5,857
5,887
5.882
5,915
5,987
*6,038

5,518
5,494
5,504
5.517
5,525
5,548

402

205
180
193
222
186
149
116

101
124
145
169
171
180
237
197
183
190
144
204
290
*372

-511
-449
-394
-397

5,805
5,932
5,871
5,841

5,460
5 463
5,468
5,479

469
403
362

250
252
201
233

95
217
202
129

469
323
389
187
232

-443
-290
-342
-114
-196

5,922
5,825
5,942
5,872
5,786

5,508
5,494
5,497
5,523
5,468

331
444
350
318

209
226
182
134
171

205
105
262
216
147

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

113
246
154
287

m

-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

5,779
5,952
5,898
6,060
5,808

5,493
5,522
5,522
5,554
5,514

286
431
505
295

291
188
194
128
226

-5
242

197
155

-53
-171
-88
-158
-49

34
88
37
45

228
127
198
171

-194
-40
-160
-125

5,897
5,989
6,058
5,964

5,500
5,522
5,592
5,558

397
466
467
403

168
176
120
151

229
291
347
252

42
50
36
49
34

102
73
178
66
133

-60
-23
-142
-17
-99

6,009
6,005
6,082
5,954

5,562
5,558
5,552
5,558

447

447
531

113

334
336
423
268

602

363
383

366
390
439
M88

Week ending:

13

20
27
May 4
II.::::::::::::
18
25
June

July

....

1
8
15
22
29
6
13
20
27
10
17
24
31

. . .

.

.

263
248
190
142
198
129

n.a. Not available.
» Preliminary.
1 Based on figures at close of business through November 1959; thereafter on closing figures for balances with Reserve Banks and opening
figures for allowable cash. Monthly averages for allowable cash are
estimated.
2
Based on deposits as of opening of business each day. Weekly
averages for country banks prior to Jan. 6, 1960, and monthly averages
for3 all classes of banks beginning with January 1960 are estimated.
Weekly averages for all member and for country banks prior to Jan.




345

414

373

395
*>584

111
108

127
119

181

376
68

6, 1960, and monthly averages for all classes of 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 of unlicensed banks.
6
Beginning with December 1959, total reserves held include allowable
cash (for definition see the BULLETIN for December 1959, p. 1482). See
also note 1.

1014

DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible
paper
(Sees. 13 and 13a)1

Federal Reserve Bank

Rate on
Aug. 31

In effect
beginning:

Boston
New York. . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas

3
3
3
3
3
3
3
3
3
3
31/2

San Francisco

3%

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
June 10, 1960
June 3, 1960

Other secured advances
[Sec. 10(b)]

Previous
rate

Rate on
Aug. 31

3%

3%
3%

I
1
3%
4

Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)

31/2

3%
3i/2

3%

In effect
beginning:
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
June
June

Previous
rate

23, 1960
12, 1960
19, 1960
12, 1960
12, 1960
16,1960
19, 1960
19, 1960
15, 1960
12, 1960
10, 1960
3, 1960

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. 11,1959
June 3, 1960

4V4

Rate on
Aug. 31

4
4
4
4
4
4
4
4
4
4

41/2

4%

4
4
4
5

41/2
41/2

41/2

5
5
41/2
5
4V2

4%

1 Rates shown also apply t o advances secured by obligations of Federal
intermediate credit b a n k s m a t u r i n g within 6 m o n t h s .
N O T E . — M a x i m u m maturities.
D i s c o u n t s for a n d advances to m e m b e r
b a n k s : 90 days for discounts a n d advances under Sections 13 a n d 13a of
the F e d e r a l Reserve A c t except t h a t discounts of certain b a n k e r s ' acceptances a n d of agricultural p a p e r m a y have maturities n o t exceeding 6

m o n t h s a n d 9 m o n t h s , respectively, a n d advances secured by obligations
of Federal intermediate credit b a n k s m a t u r i n g within 6 m o n t h s are
limited to m a x i m u m maturities of 15 d a y s ; 4 m o n t h s for advances under
Section 10(b). Advances t o individuals, partnerships, or corporations
under the last p a r a g r a p h of Section 1 3 : 90 days.

FEDERAL RESERVE BANK DISCOUNT RATES'

MARGIN REQUIREMENTS'

[Per cent per annum]

[Per cent of market value]

Date
effective

Range
(or level)—
all F. R.
Banks

1948
Jan. 12.. .
19...
Aug. 1 3 . . .
23...

1

-1*4

WA
WA-WI

1950
Aug. 2 1 . . .
25...

I A

1953
Jan. 1 6 . . .
23. . .

134—2
2

1954
Feb. 5 . . .
15...
Apr. 1 4 . . .
16...
May 2 1 . . .
1955
Apr. 1 4 . . .
15.. .
May 2 . . .
Aug. 4 . . .
5.. .
12.. .
Sept. 9 . . .
13...
Nov. 1 8 . . .
23...
1956
Apr. 1 3 . . .
20...
Aug. 2 4 . . .
31...

V:

F. R.
Bank
of
N. Y.
WA
WA
11/2
1 Vi
134
134
2
2

1*4-2

1*4

VA-U
\\^2—\YA

18
l*A

Jl/2

2

:!
VA

-214

WA

\
214

2V4—2Vi

2J4

2Vi

2V2

21/2-3
2*4-3
234-3

234

3

effective

1957
Aug. 9 . . .
23...
Nov. 1 5 . . .
Dec. 2 . . .
1958
Jan. 2 2 . . .
24...
Mar. 7 . . .
13...
21...
Apr. 18. . .
May 9 . . .
Aug. 1 5 . . .
Sept. 1 2 . . .
23...
Oct. 2 4 . . .
Nov. 7 . . .

Range
(or level)—
all F. R.
Banks

3

-31/2
3%
3

2*4-3
2*4-3
214-3
214-2*4
214
1*4-2 VA
WA

1*4-2
134-2
2 -2V4
21/2

F. R.
Bank
of
N. Y.

3
3^2

3
3

3

2*4
214

2j4
1*4
1*4
2
2

2*4

1959
Mar. 6 . . .
16...
May 2 9 . . .
June 1 2 . . .
Sept. 1 1 . . .
18...

2
2V2

1960
June 3 . . .
10...
14...
Aug. 1 2 . . .
In effect
Aug. 3 1 . . .

-31/2
3%
4

3J/2-*
3V2
3 —31/2
3

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.

MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS
[Per cent per annum]

Type of deposit

4
4
4
3%
3

-31/2

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
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

4

3
3
3

Aug. 5, Oct. 16, Effec1958tive
1958Oct. 15, July 27, July 28,
1960
1960
1958

Prescribed in accordance with
Securities Exchange Act of 1934

1 Vi

11^—134
11^_134
1*4-2

Date

Nov. 1,
1933Jan. 31,
1935

Feb. 1,
1935Dec. 31,
1935

Jan. 1,
1936Dec. 31,
1956

Effective
Jan. 1,
1957

Savings deposits

3

2V2

2%

3

Postal savings deposits

;i

21/2

2%

3

2Vi

f1A

3
2%

Other time deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days

3
3
3

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.

1015

RESERVE REQUIREMENTS
MEMBER BANK RESERVE REQUIREMENTS

DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS,
BY CLASSES

[Per cent of deposits]

[Averages of daily figures. * In millions of dollars)

Net demand deposits *
Effective date
of change

Central
reserve
city
banks

Reserve
city
banks

Country
banks

Time deposits
Central
reserve
and
reserve
city
banks

Country
banks

6

6

All
member
banks

Item

Central reserve
city banks
New
York

Chicago

Country
banks

Reserve
city
banks

Four weeks ending July 13, 1960
In effect Dec. 31,1945.

20

1948— Feb. 27
June 11
Sept. 16,24*..,
1949—May 1,5*
June 30, July 1 •
Aug. 1,11*...
Aug. 16,18*...
Aug. 25
Sept. 1
1951—Jan. 1 1 , 1 6 * . . . .
Jan. 25, Feb. 1*
1953—July 1,9*...
1954__june 16,24*...
July 29, Aug. 1 *

22
24
26
24

1958_Feb.
Mar.
Apr.
Apr.
1960 Sent

23
24
22
21
20

Present legal requirements:
Minimum
Maximum

22
21
20

g»
8*
19

20
19
18

14

16
15
14
13
12
13
14
13
12

Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand2
Time
Demand balances due
from domestic banks.
Currency and coin:
Total
Allowable as reserves.
Balances with F. R.
Banks
Total reserves held
Required
Excess

6

6
5

5

6

6

5

5

17%
17

27, Mar. 1*
20, Apr. 1*
17
24
1

In effect Sept. 1,1960 . .

20

210
222

16%

10
222

24,108
4,249
1,284
18,575
20,080
4,506

5,980
1,154
368
4,458
5,129
1,475

47,366
6,251
2,446
38,669
39,172
21,337

43,675
1,300
1,869
40,506
37,538
27,869

6,476

95

105

2,061

4,215

2,247
292

133

29
1

677
80

1,407
211

18,111
18,403
17,889
514

3,865
3,865
3,840
26

1,002
1,003
997
5

7,517
7,597
7,530
67

5,727
5,938
5,523
416

Four weeks ending Aug. 10, 1960

i6%
17%

121,129
12,954
5,968
102,208
101,919
55,186

11

5

5

7
14

3
6

3
6

* First-of-month or midmonth dates record changes at country banks,
and other dates (usually Thurs.) record changes at central reserve or
reserve city banks.
1 Demand deposits subject to reserve requirements which, beginning
Aug. 23, 1935, have been total demand deposits minus cash items in
process of collection and demand balances due from domestic banks (also
minus war loan and Series E bond accounts during the period Apr. 13,
1943-June 30, 1947).
2 Prior to July 28,1959, the minimum and maximum legal requirements
against net demand deposits of central reserve city banks were 13 and
26 per cent, respectively, and the maximum for reserve city banks was
20 per cent.

Gross demand:
Total
Interbank
U. S. Government.
Other
Net demand 2
Time
Demand balances due
from domestic banks.
Currency and coin:
Total
Allowable as reserves.
Balances with F. R.
Banks
Total reserves held
Required
Excess

121,825
13,018
6,009
102,798
103,185
55,721

24,055
4,188
1,375
18,492
20,200
4,597

6,092
1,179
361
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

6,476

85

102

2,003

4,286

2,273
309

131

28

690
80

1,425
228

18,298
18,607
18,111
496

3,874
3,874
3,866
8

1,026
1,026
1,022
4

7,618
7,699
7,655
44

5,780
6,009
5,568
441

1 Balances with Reserve Banks are as of close of business; figures for all
other reported items (that is, excluding total reserves held and excess reserves)
are as of opening of business.
2
Demand deposits subject to reserve requirements, i.e., gross demand
deposits minus cash items reported as in process of collection and demand
balances due from domestic banks.

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS'
[In thousands of dollars]
Wednesday
Item

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

Aug. 24

Aug. 17

Aug. 10

Aug. 3

August

1959
July

August

405,118
400,207
4,849
62

237,725
231,980
5,683
62

476,240
470,189
5,959
92

213,537
206,193
7,245
99

286,575
277,195
9,251
129

405,118
400,207
4,849
62

343,195
333,189
9,937
69

691,960
681,411
9,674
875

32,607
7,459
25,148

35,337
8,573
26,764

49,210
25,105
24,105

30,115
8,222
21,893

29,113
5,853
23,260

32,607
7,459
25,148

28,997
6,474
22,523

20,686
6,888
13,798

26,761,769
419,200
6,471,687
12,734,378
5,686,647
1,178,574
271,283

26 ,762,669 27 ,083,919 26,944,119 27 ,074,169 26 ,761,769 26 ,884,669 26,689,712
373,500
6,470,826
12,781,839
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.




1960

1960
Aug. 31

Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year

End of month

690,650
6,467,876
12,788,889
5,686,647
1,178,574
271,283

6,103,090 6,247,940
419,200 5,931,540
170,710
1,436,136 1,414,336 6,471,687 1,541,236 6,699,850
12,268,389 12,275,389 12,734,378 12,275,389 11,825,083
5,686,647 5,686,647 5,686,647 5,686,647 6,523,912
1,178,574 1,178,574 1,178,574 1,178,574
410,385
271,283
271,283
271,283
271,283 1,059,772

1016

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
Item

End of month

1960
Aug. 31

Aug. 24

Aug. 17

1960
Aug. 10

Aug. 3

August

1959
July

August

Assets
Gold certificate account
Redemption fund for F. R. notes..

17,735,643 17 ,755,645 17,752,643 17,804,643 17,880,641 17,735,643 17,880,642 18,296,140
976,843
977,707
979,909
954,910
973,095
973,095
957,903
930,661

Total gold certificate reserves.

18,708,738 18,732,488 18,730,350 18,784,552 18,835,551 18,708,738 18,838,545 19,226,801

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

442,535
428,842

454,733
420,850

407,620
408,016

388,579
401,151

400,033
407,190

442,535
428,842

418,750
412,322

408,642
388,262

405,118

237,725

476,240

213,537

286,575

405,118

343,195

32,107
500

32,106
3,231

32,109
17,101

691,260
700
20,104
582

32,107
500

2,639,407 2,696,407 2,831,757 2,807,057 2,768,607 2,639,407 2,768,607 2,649,400
14,006
7,510:
2,483!

006,993 14,006
510,298 7,510;
483,771 2,483;

,506,993 8,506,
13 ,010,298 13,010;
,483,771 2,483;

14,006,993 8,506,993 10.506,993
7,510,298 13,010,298
010,298
2,483,771 2,483,771
483,771

119 26,769,669 26,640, 469 26,769,669 26,650,462
26,640 469 26, 697, 469 26,832, 819 26,
65,200
3 0 4,500
,""
121 300
115,000
39,250
136,000
121; 300
251; 100
26,761,769 26,762,669 27,083,919 26,944,119 27,074,169 26,761,769 26,884,669 26,689,712

Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.

27,199,494 27,035,731 27,609,369 27,187,771 27,389,857 27,199,494 27,256,861 27,402,358

Total loans and securities
Due from foreign banks
Cash items in process of collection.
Bank premises
Other assets

15
4,916 ,605
105 ,501
207;,192

15
15
15
,984,610 6,136 580 5 ,039,625 5,118,
105,781
105,303
105 ,881
105;
189,326
368,188
170 ,772
347;

15
15
4,916,605 4,744,967
105,
""501
105,146
207, 192
339,203

15
,337,366
96,578
152,490

52,008,922 51,923,534 53,568,603 52,275,184 52,603,683 52,008,922 52,115,809 52,012,512

Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank reserves
U. S. Treasurer—general account.
Foreign
Other

27,621,301 27,598,721 27,699,194 27,680,814 27,617,013 27,621,301 27,612,074 27,580,799
17,735,276 17 ,636,
481,413
518,
204,398
227.
431,820
383;

Total deposits.

18,365,060 17,947,507 18,307,874 17,735,276 18,260,763
378,105
547,
431,462
" " 375
481,413
477,343
192,i053
230,045
176,579
204,398
214,766
362J025
357,711
372,561
431,820
352,548

,245,245
537,073
252,400
329,490

18,852,907 18,765,653 19,466,513 18,928,109 19,273,735 18,852,907 19,305,420 19,364,208
4,209,414 4,250,
5,110,381 4,311,558 4,375,060 ,209,414 3,870,717 3,558,470
45,562
41,550
43,023
43,152
41,550
40,578
43,363
42;
50,725,172 50,656,932 52,319,111 50,963,633 51,311,370 50,725,172 50,831,574 50,544,055

Deferred availability cash items
,
Other liabilities and accrued dividends.
Total liabilities
Capital Accounts
Capital paid in.
Surplus
Other capital accounts.

402,233
774,808
106,709

Total liabilities and capital accounts

402,063
774,808
89,731

401,916
774,808
72,768

401,703
774,808
135,040

401,415
774,808
116,090

402,233
774,808
106,709

401,227
774,808
108,200

382,485
868,410
217,562

52,008,922 51,923,534 53,568,603 52,275,184 52,603,683 52,008,922 52,115,809 52,012,512

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

40.3

40.4

39.7

40.3

40.2

40.3

40.2

41.0

203,578

197,802

194,531

183,730

182,615

203,578

108,213

71,650

5,422,616 5,384,850 5,404,361 5,367,315 5,313,413 5,422,616 5,272,303 4,285,684

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.




28,662,756 28,666,569 28,679,339 28,624,923 28,635,577 28,662,756 28,651,520 28,556,383
10,465,000 10,465,000 10,465,000 10,465,000 10,565,000 10,465,000 10,565,000 10,750,000
42,505
55,760
38,405
22,385
58,265
55,760
70,082
152,590
19,280,000 19 ,280,000 19,280,000 19 ,280,000 19,180,000 19,280,000 19,180,000 18,910,000
29,800,760 29,783,405 29,787,505 29,767,385 29,803,265 29,800,760 29,815,082 29,812,590

1017

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1960
[In thousands of dollars]

Item

New
York

Boston

Philadelphia

Cleveland

Richmond

Atlanta Chicago

Gold certificate account
Redemption fund for F. R.
notes

822,408 4,917,209

Total gold certificate reserves.

882,204 5,133,355 1,031,681 ,627,007 ,054,876

F. R. notes of other Banks...
Other cash
Discounts and advances:
Secured by U. S. Govt.
securities
Other
Acceptances:
Bought outright
Held under repurchase
agreement
U. S. Govt. securities:
Bought outright
Held under repurchase
agreement

59,796

216,146

St.
Louis

Minneapolis

Kansas
City

972,629 ,540,920 973,287 832,769 3,167,739

686,419

343,684

688,432

178,532

43,848

23,680

45,221

894,807 3,346,271 730,267

367,364

733,653

59,052

86,087

81,589

62,038

San
Francisco

Dallas

630,380 2,159,767
32,497

84,609

662,877 2,244,376

52,786
31,488

86,147
83,085

44,832
21,633

14,452
38,212

25,216
21,924

71,717
35,835

29,925
66,071

14,177
25,281

24,757
9,362

20,293
15,855

16,405
17,439

41,828
62,657

17,600

86,305

4,065

30,525

48,715
400

18,750

112,160
83

13,850

11,645

37,845

14,115
236

8,635
189

32,107
500
,431,659 6,644,985 1,525,327 2,288,869 1,686,208 ,460,724 4,559,729 1,076,728

618,192 1,143,436 1,073,611 3,131,001

121,300

Total loans and securities.... ,449,259 6,885,197 1,529,392 2,319,394 1,735,323 ,479,474 4,671,972 ,090,578 629,837 1,181,281 ,087,962 3,139,825
Due from foreign banks
Cash items in process of
collection
Bank premises
,
Other assets
,
Total assets.

1

14

1

1

2

1

1

348,567
4,051
11,171

914,994 300,561 412,790 380,081 370,962 798,941 206,274 143,519 257,043 265,471 517,402
3,856
8,833
6,295
10,623 20,949
6,737
4,926
4,524 13,438
11,722
9,547
f
18,254
12,996
12,075
8,269
34,555
4,775
9,898
8,468 24,323
50,597
2,779,527 13,162,926 2,943,767 4,438,943 3,236,712 2,875,494 8,968,686 2,081,583 1,184.540 2,222,548 2,072,061 6,042,135

Liabilities
1,595,793 6,427,631 1,786,512 2,512,155 2,083,254 1,570,965 5,215,757 1,188,032 594,742 1,120,875 806,343 2,719,242
F. R. notes
Deposits:
744,118 5,135,208 784,276 1,390,538 722,257 877,651 2,782,091 642,815 403,885 796,927 917,860 2,537,650
Member bank reserves....
U. S. Treasurer—general
56,348
36,583
30,337
37,089
31,172
31,307
account
49,767
30,754
23,487
37,343
34,118
83,108
364,258
11,564
18,424
8,820
8,036
24,108
Foreign
4,508
11,368
9,604
10,192
27,048
6,468
373,013
3,061
1,171
3,489
2,629
44,905
Other
257
726
384
760
905
520
784,443 5,628,827 835,484 1,447,222 765,738 919,910 2,859,811 680,557 432,137 844,935 964,072 2,689,771
Total deposits
Deferred availability cash
items
Other liabilities and accrued
dividends
Total liabilities.

333,166

732,799

244,925

357,178

325,286

314,733

705,032

168,248

127,058

201,180

227,707

472,102

2,344

10,978

2,134

3,890

2,709

2,170

6,466

1,488

1,266

1,743

1,569

4,793

2,715,746 12,800,235 2,869,055 4,320,445 3,176,987 2,807,778 8,787,066 2,038,325 1,155,203 2,168,733 ,999,691 5,885,908

Capital Accounts
Capital paid in
Surplus
Other capital accounts.

19,927
38,332
5,522

114,217
220,905
27,569

23,433
45,638
5,641

37,277
72,530
8,691

18,341
34,566
6,818

21,315
40,306
6,095

55,908
107,334
18,378

13,430
25,862
3,966

9,237
17,580
2,520

16,952
31,720

5,143

23,133
44,645
4,592

49,063
95,390
11,774

Total liabilities and capital
2,779,527 13,162,926 2,943,767 4,438,943 3,236,712 2,875,494 8,968,686 2,081,583 1,184,540 2,222,548 2,072,061 6,042,135
accounts
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities combined (per cent)

37.1

42.6

39.3

41.1

37.0

35.9

41.4

39.1

35.8

37.3

37.4

41.5

Contingent liability on acceptances purchased for
foreign correspondents....

9,962

458,219

11,995

19,110

9,148

10,572

28,055

6,709

4,676

8,335

11,791

25,006

Federal Reserve Notes—Federal Reserve Agent's Accounts
F. R. notes outstanding
1,678,886 6,671,398 1,831,949 2,621,131 2,151,053 1,641,524 5,337,103 1,231,438 611,259 1,150,337 847,004 2,889,674
(issued to Bank)
Collateral held against notes
outstanding:
Gold certificate account.... 530,000 2,800,000 700,000 920,000 675,000 500,000 1,900,000 410,000 180,000 300,000 250,000 1,300,000
4,065
13,850
37,845
Eligible paper
U. S. Govt. securities
1,250,000 4,000,000 1,200,000 ,750,666 1,500,000 1,200,000 3,700,000 935,000 450,666 870,000 625,666 i,"800,666
Total collateral.

1,780,000 6,800,000 1,904,065 2,670,000 2,175,000 ,700,000 5,600,000 [,358,850

1
After deducting $11,000 participations of other Federal Reserve Banks.
2 Less than $500.
3 After deducting $140,140,000 participations of other Federal Reserve
Banks.




630,000 1,207,845 875,000 3,100,000

* After deducting $145,359,000 participations of other Federal Reserve
Banks.

1018

BANK DEBITS
LOANS GUARANTEED UNDER REGULATION V1

FEES AND RATES ON LOANS GUARANTEED
UNDER REGULATION V 1

[Amounts in millions of dollars]

[In effect Aug. 31]
Loans
authorized
to date

End of
year or
month

1954
1955
1956
1957..
1958

Loans
outstanding

Total
amount

Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Number

Amount

1,367
1,411
1,468
[,503
[,543

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

1,557
[,558
1,560
1,561
,562
,563

3,170
3,174
3,174
3,179
3,179
3,189

323
330
342
340
342
340

244
249
257
253
255
256

129
121
101
107
105
98

1,565
,565
,565
1 ,565
,568
1 ,568
1 ,571

3,192
3,195
3,202
3,216
3,272
3,272
3,284

333
341
356
358
376
303
304

250
256
264
251
252
216
217

103
95
79
90
92
75
73

Fees Payable to Guaranteeing Agency by Financing
Institution on Guaranteed Portion of Loan

Percentage of
loan guaranteed

10
15
20
25
30
35
40-50

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

Percentage of
any commitment
fee charged
borrower

70 or less
75
80. . . .
85
90.
95
Over 95

1959
July
Aug
Sept
Oct
Nov
Dec

Guarantee fee
(percentage of
interest payable
by borrower)

i 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

All
reporting
centers

Year or month

Unadj.

1959

Leading centers
New York
Adj.

1,642,853
1,759,069
1,887,366
2,043,548
2 200.643
2,356,768
2 439,754
2,679,167

1952
1953
1954
1955
1956
1957
1958
1959

Annual rate of turnover
of demand deposits except interbank
and U. S. Government deposits

Unadj.

6 others
Adj.

337 other
reporting
centers 2

1

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 centers
New York
Adj.

695,133
740,436
758,375
845,007
921,928
979,002
993 600
1 110,304

Unadj.

6 others
Adj.

34.4
36.7
42.3
42.7
45.8
49.5
53 6
56.4

1

Unadj.

337 other
reporting
centers 2

Adj.

24.1
25 6
25.8
27 3
28 8
30 4
30 0
32 5

Unadj.
18.4
18 9
19.2
20 4
21 8
23 0
22 9
24 5

Aug
Sept
Oct
Nov
Dec

208,130
215,843
230,245
217,139
261,121

85,207
86,633
89,356
91,522
89,244

75,233
81,067
89,519
82,273
104 976

45,899
44 240
45,486
46,257
46 278

43,265
43,259
46,083
43,810
51,763

93,109
92,017
92,216
95,067
93,696

89,633
91,516
94,642
91,055
104,382

56.3
57.6
60.1
60.1
60.1

51.3
55.4
59.2
58.0
67.0

1960—Jan
Feb
Mar
Apr
May
June
July
Aug

230,100
221,965
245,705
225,984
232,824
r
250,831
223,608
241,809

84,646
90,786
88,721
86,042
92,176
91 604
89,444
99,947

88,529
85,058
96,593
86.174
88,551
99 809
86,063
92,435

46,218
49,752
46,730
48 414
48,453
48 583
46,807
50.127

46,305
45,626
50,410
46,862
47,895
50 415
45,254
49.474

94,335
98,866
95,610
96,753
97,986
r
97,931
94,861
99.072

95,266
91,282
98,703
92,947
96,378
r
100 608
92,291
99,899

55.7
58.5
57.9
56.4
61.1
61 3
58.9
65.5

57.8
33.0
32.9
25.1
25.3
56.3
35.7
33.4
26.4
25.0
60.3
34.0
36.6
25.8
25.8
56 3
35 3
26 1
25 4
35.5
58.9
35.5
35.2
26.3
26.2
65 7
35 7
36 5
26 4
26 9
58.8
34 0
34.2
25 5
25 7
59.8 *>36.7 ^34.7 ?26.6 P26.0

. ..

r
P 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.




33.1
32 1
32.8
33.6
33 2

31.3
31 7
32.5
32.7
35 3

24.7
24 6
24.7
25.3
24 9

24.1
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.

1019

CURRENCY
DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION
[On basis of compilation by United States Treasury.
Total
in circulation i

Total

Coin

$12

1939
1941
1945
1947
1950
1954
1955
1956
1957
1958

7,598
11,160
28,515
28,868
27,741
30,509
31,158
31,790
31,834
32,193

5,553
8,120
20,683
20,020
19,305
21,374
22,021
22,598
22,626
22,856

590
751
1,274
1,404
1,554
1,834
1,927
2,027
2,110
2,182

1959—July
Aug
Sect
Oct
Nov
Dec

31,898
31,973
31,848
31,905
32,489
32,591

22,721
22,784
22,672
22,752
23,277
23,264

I960

31,569
31,552
31,633
31,600
31,879
32,065
32,039

22,409
22,440
22,539
22,529
22,809
22,970
22,946

End of year or
month

Jan
Feb
Mar
Apr
May
June
July

In millions of dollars]

Coin and small denomination currency
$2

$5

1,039
1,048
1,113
1,256
1,312
1,369
1,398
1,494

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

2.224
2,241
2,259
2,269
2,294
2,304

1,436
1,444
1,464
1,474
1,488
1,511

82
83
82
83
84
85

2,268
2,275
2,294
2,311
2,324
2,338
2,345

1,419
1,409
1,410
1,417
( 440
1,440
1,428

82
83
82
82
83
84
84

559
695

Large denomination currency
$20

Total

$50

$100

$500

1,772 1,576
2,731 2,545
6,782 9,201
6,275 9,119
5,998 8,529
6,450 9,665
6,617 9,940
6,734 10,194
6,662 10,187
6,624 10,288

2,048
3,044
7,834
8,850
8,438
9,136
9,136
9,192
9,208
9,337

460
724
2,327
2,548
2,422
2,720
2,736
2,771
2,777
2,792

919
1,433
4,220
5,070
5,043
5,612
5,641
5,704
5,752
5,886

191
262
454
428
368
321
307
292
280
275

425
556
801
782
588
464
438
407
384
373

20
24
7

2,104
2,111
2,112
2,122
2,185
2,216

6,562
6,572
6,521
6,544
6,734
6,672

10,312
10,333
10,233
10,261
10,491
10,476

9,178
9,189
9,176
9,154
9,213
9,326

2,742
2,741
2,733
2,725
2 753
2,803

5,804
5,820
5,823
5,815
5 850
5,913

266
264
263
261
260
261

355
352
347
344
342
341

3
3
3
3
3
3

2,102
2,098
2,105
2,104
2,138
2,141
2,124

6,415
6,456
6,494
6.474
6,561
6,604
6,567

10,123
10,120
10,154
10,141
10,263
10,363
10,398

9,160
9,112
9,094
9,070
9,070
9,095
9,094

2,739
2,719
2,715
2,712
2,718
2,737
2,739

5,825
5,795
5,787
5,769
5,767
5,774
5,776

254
256
255
254
252
252
250

334
334
330
327
324
323
320

3
3
3
3
3
3
3

$10

i Outside Treasury and Federal Reserve Banks. Prior to December
1955 the totals shown as in circulation were less than totals of coin and

$1,000 $5,000 $10,000
32
46
24
17
12
15
12
14
13
9

4
3
3
3
3
3

i
4
4

5
5
5
5
5

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]
Held in the Treasury
Kind of currency

Gold
Gold certificates
Federal Reserve notes
Treasury currency—total.
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—July 31, 1960.
June 30,1960.
July 31, 1959.
1

Total outstanding As security
against
July 31,
Treasury
gold and
1960
cash
silver
certificates
19,144
18,869
28,652
5,359
488
2,252
32,395
1,555
562
347
100
56

18,869

2 275

12,395

43

16,022

143
2,252

21,264
21,455
21,778

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. 1056.
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.
NOTE.—There are maintained in the Treasury—(1) as a reserve for
United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on
receipt); (3) as security for outstanding silver certificates—silver in bullion




For
F.R.
Banks
and
agents

Currency in circulation i
Held by
F.R.
Banks
and
agents

July 31,
1960

June 30,
1960

July 31,
1959

2,816
1,458
412

30
27,105
4,904

30
27,094
4,941

31
27,037
4,830

307

305

288

307
63
7
26
1

2,089
1,485
553
316
99
56

2,128
1,484
549

2,127
1,419
517
313
109
57

4,687
4,398
4,508

32,039

29

406
395
397

16,022
16,213
16,517

318
100

56

32,065

31,898

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.

1020

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

Other
securities

Total
assets,
netTotal
liabilities
and
capital,
net

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

Bank credit
Date
Gold

Treasury
currency
outstanding

U. S. Government obligations

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

Loans,
net

Total

1929—June 29.
1933—June 30.
1939—Dec. 30.
1941—Dec. 31.
1945—Dec. 31.
l947_Dec. 31.
1950—Dec. 30.
1956—Dec. 31.
1957—Dec. 31.
1958—Dec. 31.
1959—June 24.

4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,949
22,781
20,534
19,800

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,066
5,146
5,234
5,300

58,642
42,148
54,564
64,653
167,381
160,832
171,667
223,742
229,470
249,082
248,500

41,082
21,957
22,157
26,605
30,387
43,023
60,366
110,120
115,157
121,602
126,900

5,741
10,328
23,105
29,049
128,417
107,086
96,560
93,161
91,370
101,207
95,200

5,499
8,199
19,417
25,511
101,288
81,199
72,894
66,523
65,792
73,641
68,200

216
1,998
2,484
2,254
24,262
22,559
20,778
24,915
24,238
26,347
25,900

26
131
1,204
1,284
2,867
3,328
2,888
1,723
1,340
1,219
1,200

11,819
9,863
9,302
8,999
8,577
10,723
14,741
20,461
22,943
26,273
26,300

64,698
48,465
75,171
90,637
191,785
188,148
199,009
250,757
257,397
274,850
273,600

55,776
42,029
68,359
82,811
180,806
175,348
184,384
230,510
236,372
252,022
249,400

8,922
6,436
6,812
7,826
10,979
12,800
14,624
20,246
21,023
22,829
24,200

1959—Aug. 26.
Sept. 30.
Oct. 28.
Nov. 25.
Dec. 31.

19,600
19,500
19,500
19,600
19,456

5,300
5,300
5,300
5,300
5,311

251,200
252,100
251,800
251,400
255,435

129,800
131,600
131,500
132,300
135,867

95,200
94,100
94,000
93,100
93,497

67,600
66,500
66,600
65,400
65,801

26,500
26,600
26,400
26,700
26,648

,100
,100
,100
,100
,048

26,200
26,500
26,200
25,900
26,071

276,100
276,900
276,600
276,300
280,202

251,100
252,100
251,700
251,100
256,020

25,000
24,800
24,900
25,200
24,186

1960—Jan. 27.
Feb. 24.
Mar. 30*
Apr. 27*
May 25*
June 29*
July 27*
Aug. 31*

19,500
19,400
19,400
19,400
19,400
19,300
19,200
19,000

5,300 250,200 133,000
5,300 248,300 133,400
5,300 247,600 134,600
5,300 250,800 136,200
5,400 250,700 136,800
5,400 252,300 139,100
5,400 254,400 138,100
5,400 255,000 138,700

91,300
89,200
87,300
89,000
88,500
87,800
90,700
90,600

64,800
63,000
61,100
62,600
61,800
60,700
63,tOO
63,000

25,400
25,200
25,300
25,500
25,700
26,200
26,700
26,800

,000
,000
,000
,000
,000
900
900
900

25,800
25,700
25,700
25,600
25,400
25,500
25,600
25,600

274,900
273,000
272,400
275,600
275,400
277,000
278,900
279,300

250,500
248,000
247,300
250,300
249,400
251,100
252,900
252,300

24,400
25,000
25,100
25,300
25,900
25,900
26,000
27,000

Details of Deposits and Currency

Date

29..
30..
30..
31..
31..
31..
30..
31..
31..
31..
24..

365
50
1,217
1,498
2,141
1,682
2,518
3,306
3,270
3,870
3,600

1959_Aug. 26.,
Sept. 30..
Oct. 28..
Nov. 25..
Dec. 31..

3,300
3,300
3,100
3,000
3,203

I960—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

2,800
2,600
2,700
2,800
2,800
2,900
2,800
3,000

1929—June
1933—June
1939—Dec.
1941—Dec.
l945_Dec.
I947_Dec.
1950—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—June

27..
24..
30*
27*
25*
29*
27*
31*

At
Treas- comury mercial
At
cash
F. R.
and Banks
hold- savings
ings
banks

Time deposits 2

Total

CurDerency
mand
outCom- Mutual Postal
deside
Total mercial savings Savings posits 4 banks
banks banks 3 System

204
381
852
264
2,409
846
2,215 1,895
2,287 24,608
1,336 1,452
1,293 2,989
775 4,038
761 4,179
683 4,558
400 4,700

36
35
634
867
977
870
668
441
481
358
500

54 ,790 28,611
40 ,828 21,656
63 ,253 27,059
76 ,336 27,729
150 ,793 48,452
170 ,008 56,411
176 ,916 59,247
221 ,950 82,224
227 ,681 89,126
242 ,553 98,306
240 ,100 101,000

19,557
10,849
15,258
15,884
30,135
35,249
36,314
50,577
56,139
63,166
65,400

8,905
9,621
10,523
10,532
15,385
17,746
20,009
30,000
31,662
34,006
34,600

400
400
400
400
391

6,000
6,400
5,500
4,700
5,319

500
700
500
400
504

240,800
241,400
242,200
242,600
246,603

101,200
101,500
101,100
100,300
101,779

65,600
65,700
65,500
64,800
65,884

34,600
34,800
34,600
34,600
34,947

400
500
400
400
400
400
400
400

3,800
4,800
4,700
4,700
7,200
7,300
6,500
5,700

600
500
500
600
500
500
500
500

101,000
242,
101,200
239;
102,200
239,000
102,300
241 700
102,600
500
238i 000 103,700
240;",700 104,300
242
242,800 105,300

65,200
65,400
66,000
66,200
66,500
67,500
68,000
68,900

34,900
34,900
35,300
35,200
35,200
35,400
35,400
35,600

*1 Preliminary.
* Revised preliminary figures.
Represents all commercial and savings banks, Federal Reserve Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
2 Excludes interbank time deposits; U. S. Treasurer's time deposits,
open
account; and deposits of Postal Savings System in banks.
3
Prior to June 30, 1947, includes a small amount of demand deposits.
4 Demand deposits other than interbank and U. S. Govt., less cash
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 series5

Deposits adjusted and currency

U. S. Govt. balances
Foreign
bank
deposits,
net

149 22,540
1,186 14,411
1,278 29,793
1,313 38,992
2,932 75,851
3,416 87,121
2,923 92,272
1,647 111,391
1,325 110,254
134 115,507
,100 110,700

Total
demand
deposits
adjusted
and
currency

Demand
deposits
adjusted

Currency
outside
banks

3,639
4,761
6,401
9,615
26,490
26,476
25,398
28,335
28,301
28,740
28,300

110,500
114,600
134,500
133,600
138,800
140,900

84,400 26 ,100
90,000 24 ,600
107,100 27,400
105,800 27,800
110,700 28 ,100
112,600 28 ,300

111,100
111,400
112,700
113,100
115,402

28,500
28,500
28,300
29,100
29,422

140,900
140,800
140,400
140,100
140,200

112,600 28,300
112,400 28,400
112,000 28 ,400
111,800 28 ,300
112,000 28 ,200

900 114,000
900 110,500
900 108,800
900 111,500
900 107,800
108,000
110,100
800 109,000

27,900
28,000
28,100
27,900
28,100
28,300
28,300
28,500

140,000
139,100
139,500
139,400
137,600
138,200
138,500
138,700

111,700 28 ,300
110,800 28 ,300
111,100 28 ,400
111,200 28,200
109,400 28 ,200
110,100 28 ,100
110,300 28 ,200
110,400 28 ,300

,000
,000
,000
,000

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

1021

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash
bilities
U.S.
assets 2 and
Govt. Other
3
Demand
Loans obligasecucapital Total
Detions rities
ac- 3
Time
mand
counts
U.S.
Other
Govt.

Loans and investments

Class of bank
and date
Total

AH banks:
1941—Dec.
1945—Dec.
1947—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—June
Aug.
Dec.
I960—Feb.
Mar.
Apr.
May
June
July
Aug.

31
31
31*....
31
31
3 1 . . . c.
24
26
31
24
30*
27*....
25*
29*
27*....
31*

44,355
26,479
105,935
45,613
1,346 94,381 53,105
3,736
308 80,908
3,903
993 88,102
4,253
132 97,498
4,420
600 100,310
5,720
490 100,530
5,054
622101,116
4,480
720 100,560
4,410
720 101,550
4,480 123 220 101,670
6,880 118 870 102,020
750 103,170
7,060
600 103,710
6,250
800 104,740
5,470

414
23
542
227
948
66
78
249
80 20,428
SI 21 705
2,710 22 360
2,770 22 700
624 22 915
2,820 23 150
3,290 23: 260
3,000 23 350
3,180 23 520
2,130 23 690
2,550 23 810
2,860 24 020

10,982
283
225 26,551 79,104
21,808
227
14,065
90,606
331 34,806 160,312
240
006 37 502 155,377 144;103 12,792
69,221
16,133 1,460
58,552 16 ,269 48,720 217 460 197;
15,636 1.385
58.239 17 930 48.428 222 696 201
66,376 20,575 48.990 238 651 216,017 15,799 2,372
12,870 2,030
60.860 20 ,610 41i930 232 380 206;
12, 900 ',910
60,290 20 ,530 41.430 234 170 207;
15; 649 ,441
58,937 20 ,501 49;467 244 686 219;
12; 710 ,290
56,170 20 ,120 42,780 234 300 206;
12; 680 ,270
54,160 20 ,130 41,780 232 590 204,
12; 520 ,470
55,830 20 ,030 42,710 236 580 208;
12; 210 ,490
55,140 ,810 41,510 235 130 206;
13J240 ,400
54,100 ,850 43;110 237 160 209;
13,010 ,440
56,590 20;,030 43,270 239 380 210;
13,440 ,570
56,490 20 ,000 43,310 240^130 210;

44,349
15,952
105,921
30,241
1,343 94 367 35,360
3,733 125 282 50,908
,967 56,440
3,898
104 63,493
4,250
570 65,740
4,420
460 65,920
5,720
5,050 131 593 66,169
4,480 '" 690 65,640
690 66,300
4,410
190 66,520
4,480
6,880 118 ,840 66,820
7,060 119 ,720 67,740
570 68,280
6,250
770 69,190
5,470

173 14,278
23
950 14,011
219
059 14,181
65
302 13,640
75
77 17.368 13.568
486 13,501
73
030 13,479
2,710
340 13,486
2,770
556 13,474
615
730 13,482
2,820
860 13,482
3,290
3,000 19,960 *13,480
3,180 20,,110.*13,486
,
2,130 20,250 13,485
2,550 20,360 13,484
2,860 20,540 13,483

140 1,709
136 12,347
64 22,179
640 24,210
50 1 ,176
609 28,340
,289 ,292 106 850 40,909
,246 3;472105 547 45,290
2,187 3.822 110.448 51,132
',889 3,943
992 52.892
,767
095
552 52,798
,338
504
989 52,827
,187 ,967
152 52,281
,165 ,904 100,641 52,798
1,362 4,074 103,688 52,952
1,388 6,232 99,841 53,187
1,298 6,360
790 53,977
1,336 5,622
366 54,366
1,467 4,887
594 55,108

4 5,886 6,619
208 7, 589 6,884
54
464 6,923
48 13^655 6,462
57
554 6,393
460 6.312
54
2,619
875 6.279
2,685
090 6,263
581
264 6,233
2,759 16,387 6,223
3,216 16,495 6,219
2,942 16,581 *6,218
3,088 16,697*6,213
2,069
6,212
2,505
6,204
2,783 17,056 6,205

21,714
26,083
38,057
90,302
93,899
98,214
104,450
107,370
110,832
110,250
111,390
112,950
113,630
114,840
114,130
114,660

All member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958_Dec. 3 1 . . . . .
1959__june 24
Aug. 26
Dec. 31
I960—Feb. 24
Mar. 30*
Apr. 2 7 * . . . .
May 25*
June 29*
July 27*
Aug. 31*

43,521
107,183
97,846
138,768
142,353
t54.865
155.007
156,537
157,879
154,405
153,762
156,570
156,317
156,593
158,313
158,587

All mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Aug. 26
Dec. 31
1960—Feb. 24
Mar. 30*
Apr. 2 7 * . . . .
May 2 5 * . . . .
June 2 9 * . . . .
July 27*
Aug. 3 1 * . . . .

10,379
16.208
18,641
31,940
33,782
36.320
37,280
37,590
37,561
37,870
38,090
38,010
38,130
38,210
38,300
38,580

18,021
22,775
32,628
78,034
80,950
84,061
89,301
91,757
94,779
94,111
95,086
96,387
96,880
97,898
97,183
97,523

539 ,961 23,123 68,121 61,717 10,385
338 6,070 29; 845 138,304 129,670 13,576
914 7 ,304 32,845 132,060 122,528 12,353
575
159 421,906 184,874 167,906 15,567
079
324 42 746 188,828 170,637 15,082
299
504 43 188 202.017 182,816 15,227
164
542 37,171 196,182 174,073 12,357
370
410 36,547 197,076 174,568 12,356
813
287 43; 509 205; 726184,706 15,048
172,827 12,240
314
980 37
686
990 36:770 195,092 170,715 12,207
289 15,894 37,562 198,618 174,123 12,047
742 15,695 36,522 197,304 172,400 11,752
980 15,715 37,977 199,243 175,200 12,775
201,057 176,214 12,524
15 ,892 37,
201,63: 175,999 12,943
,866 38;

4,901 3,704 1,774
4,279 10,682 1,246
4,944 11,978 1,718
19,777 7,971 4,192
21,216 7,552 5,013
23,357 7.265 5,698
24,240 7,310 5,730
24,600 7,280 5,710
25,126 6,864 5,570
25,460 6,830 5,580
25,620 6,900 5,570
25,710 6,740 5,560
25,920 6,670 5,540
26,060 6,550 5,600
26,210 6,490 5,600
26,460 6,480 5,640

793
609
886
920
890
921
800
720
829
710
750
690
670
830
750
760

* Preliminary.
* Revised preliminary figures.
l 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)




Time

816
26 ,615 25,511 1,999 27.344 90,908
10,982
,612
30,362 101 288 ,577 35 415 177,332
14,065
240
43 ,002 81;199 10,723 i388 175,091 161,865 12, 793
110,079 66 523 20;461 49,641 250 ,770 227;546 16; 133 ,462
115,115 65 792 22;943 49.318 257 ,864 233;020 15; 636 ,386
121,571 73,641 26. 273 49,911 276 430 250,057 15 799 ,374
870 ,030
128,690 68, 170 26 340 42!,730 270.990 241,230
900 ,910
131,970 67 570 26 240 42;,150 273 ,010 242,550
650 ,443
135,958 65;801 26,071 50 ,296 283,629 254;885
710 ,290
135,710 63,000 25 700 43 ,490 273,430 241,760
137,010 61, 060 25 700 42 ,530 271 ,990 239,630 15; 680 ,270
138,660 62; 570 25;590 43 ,400 275,860 243,360 12; 520 ,470
139,550 61, 810 25; 350 42 ,180 274,510 241,470 12; 210 ,490
140,900 60, 650 25,450 43 ,940 276,780 244,620 12;
,400
140,340 63 080 25;630 44,020 2 7 9,010
, . 246;010 13^240 ,440
141,120 62,970 25,640 44,070 280,060 246,020 13,010 ,570
13,440

II:

All commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Aug. 26
Dec. 31
1960—Feb. 24
Mar. 30*
Apr. 27*
May 25*
June 29*
July 27*
Aug. 31*

Bor- Total Number
row- capital
acof
ings counts
banks

11,804
17,020
19,714
33,311
35,168
37,779
38,610
38,840
38,943
39,130
39,400
39,280
39,380
39,620
39,630
39,930

10,533
15,385
17,763
30,032
31,695
34.040
34,600
34,640
34,983
34,950
35,280
35,180
35,230
35,460
35,460
35,580

I

6
14

10,527
15,371
14 17,745
25 30,001
26 31 ,662
29 34.006
30 34 ,570
30 34,610
29 34,948
30 34 ,920
30 35
35,250
30
30 35 ,150
30 35,200
30 35,430
"",430
30 35
30 35,550

1,241
1,592
1,889
2,947
3,059
3,219
3,330
3,360
10 3,359
3,420
3,400
3,390
3,410
3,440
3,450
3,480

14,826
14,553
14,714
14,167
14.090
14,020
13,997
14,004
13,991
13,999
13,999
13,996
14,000
13,999
13,998

548
542
533
527
522
519
518
518
517
517
517
516
516
515
515
515

mutual savings banks that became members in 1941 (these banks are
excluded from all commercial banks).
Stock savings banks and nondeposit trust companies are included with
commercial banks. Number of banks includes a few noninsured banks
for which asset and liability data are not available. Comparability of
figures for classes of banks is affected somewhat by changes in Federal
Reserve membership, insurance status, and the reserve classifications of
cities and individual banks, and by mergers, etc.
2 Beginning with June 30, 1942, excludes reciprocal balances, which on
Dec. 31, 1942, aggregated $513 million at all member banks and $525
million at all insured commercial banks.
3 Includes other assets and liabilities not shown separately.
For other notes see following two pages.

1022

ALL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i

Continued

[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank 2
Other
liaCash bilities
U.S.
assets2 and
Govt. Other
Demand
secuLoans obligacapital Total 2 Derities
tions
acTime
mand
counts 3
U. S.
Govt. Other

Loans and investments

Class of bank
and date

Central reserve city
member banks:
New York City:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Aug. 26
Dec. 31
I960—Feb. 24
Mar. 30*
Apr. 27*
May 25*
June 29*
July 27*
Aug. 31*
Chicago:
1941—Dec.
1945—Dec.
1947—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959_June
Aug.
Dec.
1960—Feb.
Mar.
Apr.
May
June
July
Aug.

Total

12,896
26,143
20,393
23,809
23,828
25,966
25,488
25,636
25,291
24,460
24,342
25,355
25,090
25,320
25,698
25,438

954
1,333
1,801
3,772
3,852
3,637
3,687
3,954
4,206
,165
4,135
4,156
4,259
4,342
4,284
4,317

1,430
4,213
2,890
2,113
2,032
2,562
2,137
2,067
1,985
1,812
1,866
1,745
1,647
1,620
1,845
1,727

376
385
397
588
562
631
692
656
694
657
629
630
656
636
682
617

1,566
1,489
1,739
2,171
2,083
2,158
1,842
1,815
2,003
1,882
1,604
1,783
1,723
1,854
1,745
1,927

4,363
7,459
6.866
8,695
8,595
9,071
8,440
8,567
8,967
8,599
8,329
8,410
8,378
8,546
8,662
8,698

4,057
7,046
6,402
7,943
7,792
8,214
7.423
7,530
8,062
7,288
6,978
7,281
7,254
7,474
7,551
7,647

1,035
1,312
1,217
1,364
1,333
1,357
1,123
1,105
1,231
1,099
1,219
1,087
1,053
1,151
1,163
1,236

Reserve city member banks: 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Aug. 26
Dec. 31
1960— Feb. 24
Mar. 30*
Apr. 27*
May 25*
June 29*
July 27*
Aug. 31*

15,347
40,108
36,040
53,915
55,259
60,558
60,617
61,143
61,621
58,848
58,445
59,649
59,491
59,563
60,427
60,683

7,105
8,514
13,449
31,783
32,805
34,003
36,616
37,780
38,686
38,116
38,392
38,990
39,126
39,421
39,290
39,497

6,467
29,552
20,196
17,368
17,352
20,645
18,224
17,665
17,292
15,340
14,690
15,305
15,046
14,846
15,825
15,920

1,776
2,042
2,396
4,764
5,102
5,910
5,777
5,698
5,643
5,392
5,363
5,354
5,319
5,296
5,312
5,266

8,518
11,286
13,066
'",716
17
17,540
17,701
15,762
15,441
18,211
15,600
15,044
15,412
15,105
15.786
15,743
15,353

24,430
51,898
49,659
72,854
74,196
79,781
77,887
78,068
81,443
76,065
75,183
76,723
76,253
77.090
77,938
77,796

22,313
49,085
46,467
66,524
67,483
72,647
69,448
69,679
73,675
67,435
66,202
67,699
67,149
68,028
68,796
68,484

4,356
6,418
5,627
7,584
7,241
7,506
5,994
6,093
7,450
5,877
5,831
5,803
5,623
6,062
6,074
6,342

Country member banks: *
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 24
Aug. 26
Dec. 31
I960—Feb. 24
Mar. 30*
Apr. 27*
May 25*
June 29*
July 27*
Aug. 31*

12,518
35,002
36,324
54,571
56,820
61,511
62,386
63,081
64,082
64,463
64;345
65,035
65,174
65,112
65,377
65,805

5,890
5,596
10,199
26,491
28,191
30,257
32,317
32,817
33,766
34,220
34,697
35,250
35,668
36.075
35,999
36,473

4,377
26,999
22,857
22,037
21,815
23,606
22,377
22,551
22,535
22,466
21,847
21,990
21,749
21,241
21,593
21,520

2,250
2,408
3,268
6,042
6,814
7,648
7,692
7,713
7,781
7,777
7,801
7,795
7,757
7,796
7,785
7,81"

6,40:
10,632
10,778
14,390
14,139
14,031
12,363
12,476
14,122
12,543
12,346
12,595
12,323
12,564
12,854
12,924

19,466
46,059
47,553
69,945
72,062
76,767
75,986
76,847
79,567
78,284
77,971
78,916
78,798
79,007
79,571
80,210

17,415
43,418
44,443
64,289
65,991
70,277
68,787
69,500
72,323
70,561
70,104
70,959
70,576
71,044
71,624
71,923

792
1,207
1,056
1,597
1,640
1,578
1,232
1,261
1,602
1,255
1,251
1,248
1,191
1,223
1,274
1,308

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.




Time

4,072 7,265 1,559 6,637 19,862 17,932 4,202
6
866 12,051
1,648
807
7,334 17,574 1,235 6,439 32,887 30,121 4,640
17 6,940 17,287 1,236
195 2,120
7,179 11,972 1,242 7,261 27,982 25,216 4,453
12
267 19,040 1,445
30 2,259
15,987 6,057 1,765 8,629 33,381 29,149 5,022
965
747 19,940 2,475
2 2,873
16,102 5,880 1,846 8,984 33,975 29,371 4,869
912
737 19,959 2,893
2 3,136
16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739
968 20,704 3,482
3,282
16,681 6,426 2,381 7,204 33,869 28,415 4,008 1,480
775 18.570 3,582
'805 3,292
17,206 6,087 2,343 6,815 33,594 27,859 3,897 1,363 1,054 18,043 3,502 1,000 3,334
18,121 5,002 2,168 9,174 35,750 30,647 4,765
988 1,027 20.419 3.448
232 3,361
17,610 4,696 2,154 7,664 33,553 27,543 4,009
884
664 18,685 3,301
852 3,381
17,862 4,283 2,197 7,776 33,609 27,431 3,906
889
794 18,397 3,445
951 3,384
17,991 5,249 2,115 7,772 34,569 28,184 3,909 1,023 1,124 18,696 3,432 1,056 3,399
17,827 5,300 1,963 7,371 33,875 27,421 3,885 1,041 1,457 17,628 3,410 1,143 3,423
18,060 5,273 1,987 7,773 34,600 28,654 4,339
985 1,415 18,379 3,536
473 3,427
17,610 5,975 2,113 7,639 34,886 28,243 4,013 1,012 1,276 18,366 3,576
946 3,450
17,236 6,031 2,171 7,829 34,928 27,945 4,057 1,101 1,005 18,148 3,634 1,083 3,483

2,760
5,931
5,088
6,473
6,446
6,830
6,516
6,677
6,885
6,634
6,630
6,531
6,562
6,598
6,811
6,661

31
31
31
31
31
31
24
26
31
24
30*
27*
25*
29*
27*
31*

Bor- Total Number
row- capital
of
acings counts
banks

104
30
22
294
301
377
341
342
303
256
228
278
279
241
250
285

127
1,552
72
184
195
249
259
285
272
213
233
235
381
407
342
275

2,419
476
3,462
719
4,201
913
5,069 1,319
4,904 ',345
5,136 ,438
4,586 ,424
4,685 ,427
5,070 ,468
4,535 ,417
4,103 ,399
4,520 ,402
4,371 ,405
4,442 ,426
4,552 ,444
4,629 ,452

491
8,221
405
,201
,358
,429
,600
,081
,698
,661
,474
,577
2,591
2,591
2,247
1,984

12,557 4,806
24,655 9,760
11,423
990 11
28,990
40,647 16,797
3 9 ,960
" " 18,623
42, 259 21 ,075
39,721 21,792
"',609
39,"554 21
42, 668 21 ,555
38, 956 20 ,685
37, 994 20 ,675
39,333 20,708
37,811 20,845
966 21,168
21
37,966
38,925 21,300
",589
284 21
38,""'

225
5.465
432
1,160
1,181
1,175
1,309
1,675
1,508
1,429
1,403
1,138
1,803
1,947
1,757
1,623

10,109 6,258
24,235 12,494
28,378 14,560
— ,317
41, 194
' 20
40, 724 22 ,429
42, 349 25 ,137
40, 115 26 ,094
40, 270 26 ,260
42, 832 26 ,356
40, 975 26,878
40, 147 27 ,279
41, 139 27 ,410
40,031 27,527
",847
4 0 ,003
" ' 27
40, 523 28,046
40, 533 28,433

36
37
37
18
18
18
17
17
16
16
16
16
16
16
16
15

4
4
3
164
182
40
431
467
241
225
161
195
117

288
377
426
660
689
733
740
749
762
747
752
755
760
769
770
783

13
12
14
14
14
14
14
14
14
11
11
11
11
11
11
11

2
1
21
21
14
1,140
972
238
1,004
1,298
1,192
1,105
1,064
1,063
1,093

1,967
2,566
2,844
5,076
5,370
5.760
5; 945
6,004
6,106
6,082
6,115
6,147
6,174
6,257
6,256
6,306

351
359
353
289
278
274
273
271
265
233
•225
225
224
223
222
217

11
23
21
30
37
510
531
71

47!
500
453
615
371
301
490

1,982 6,219
525 6,476
934 6,519
046 6,141
359 6,083
685 6,006
898 5,975
003 5,961
035 5,938
177 5,963
244 5,967
280 *5,966
340 ^5,962
369 5,962
,416 5,955
,484 5,962

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

1023

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued
[Amounts in millions of dollars]
Deposits
Total
assets—
Total
Interbank2
Other
liaCash 2 bilities
u. s. Other assets and
Demand
Govt. secucapital Total 2 DeobligaacTime
tions
mand
counts3
U. S.
Govt. Other

Loans and investments

Class of bank
and date
Total

Loans

All insured commercial banks:
1941— Dec. 31
1945—Dec. 31
1947—Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959_June 10
Dec. 31

49,290
21,809
14,274
63,601
68,595
83,596
,84,632
88,790

21,259
25,765
37,583
89,831
93,430
97,730
102,902
110,299

21,046 6,984 25,788
820 69,411
34,292
88,912
544 147,775
67,941
36,926
733 141,851
57,837
933 48 352
514 195,953
57,580
585 48 127 220^65 199,876
65,669 20 198 48 689 236 724 214,485
61,396 20 334 42 623 231 876 206,149
58,348 20 143 49,158 242 828 218,474

10,654
13,883
2,615
54
5,981 1,301
15,489 1,264
15,653 2,209
13,338 2,013
15,500 1,358

National member banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31

27,571
69,312
65,280
88,477
91,201
99,277
99,982
02,615

11,725
13,925
21,428
48,109
50,350
52,627
55,816
59,962

12,039
51,250
38,674
31,568
31,234
35,714
33,152
31,761

3,806
43, 433 39,458
4,137 20;
90; 220 84,939
5,178 22;
88! 182 82,023
,800 27,006 117,345 107,161
9,617 26;
120,153 109,091
10 ,936 26;
128,397 116,714
11,014 23,835 126,255 112,659
10892 27,464 132,636 119,638
10,892

6,786
9,229
8,375
35
9,322
522
8,958
517
9,035
767
7,818
705
8,947
514

State member banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1956—Dec. 3 1 . .
1957—Dec. 3 1 . .
1958—Dec. 3 1 . .
1959_june 10..
Dec. 3 1 . .

15,950
37,871
32,566
50,291
51,152
55,588
55,307
55,264

6,295
8,850
11,200
29,924
30,600
31,435
32,616
34,817

7,500
27,089
19,240
16,007
15,846
18,585
17,072
15,052

2,155
1,933
2,125
4,359
4,707
5,568
5,619
5,396

8,145
9,731
10,822
15,900
15,960
16,407
14,021
16,045

24,688
48,084
43,879
67,530
68,676
73,620
71,010
73,090

22,259
44,730
40,505
60,744
61,545
66,10:
62,15:
65,069

3,739
4,411
3,978
15
6,245
767
6,124
729
6,192 1,420
5,127 1,285
6,102
825

Insured nonmember
commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1956—Dec. 3 1 . .
1957_Dec. 3 1 . .
1958—Dec. 3 1 . .
1959_june 10..
Dec. 3 1 . .

5,776
14,639
16,444
24,859
26,268
28,759
29,371
30,939

3,241
2,992
4,958
11,808
12,493
13,682
14,484
15,534

1,509
10,584
10,039
10,274
10,512
11,381
11,183
11,546

1,025
1,063
1,448
2,777
3,264
3,696
3,704
3,859

2,668
4,448
4,083
5,448
5,383
5,504
4,770
5,651

8,708
19,256
20,691
30,667
32,066
34,737
34,642
37,13f

7,702
18,119
19,340
28,073
29,266
31,696
31,365
33,795

262
414
407
426
392
451

1,45
2,211
2,009
1,521
1,473
1,568
1,518
1,480

455
318
474
471
468
484
504
534

761
1,693
1,280
714
660
707
639
589

241
200
255
336
345
377
375
358

763
514
576
369
301
301
271
309

2,283
2,768
2,643
1,946
1,831
1,927
1,850
1,858

1,872
2,452
2,251
',562
,449
,532
,444
,429

177
152
147
146
143
150

7,233
16,849
18,454
26,381
27,741
30,327
30,889
32,419

3,696
3,310
5,432
12,279
12,961
14,165
14,988
16,068

2,270
12,277
11,318
10,989
11,172
12,088
11,821
12,134

1,266
1,262
1,703
3,113
3,608
4,074
4,079
4,216

3,431
4,962
4,659
5,817
5,684
5,805
5,041
5,961

10,992
22,024
23,334
32,613
33,897
36,664
36,491
38,990

9,573
20,571
21,591
29,635
30,715
33,227
32,810
35,224

439
566
554
572
53<
601

1,693
10.846
12,683
24,170
26,535
28,980
30,150
30,580

64!
3,081
3,560
15,542
17,194
19,180
20,106
20,94:

629
7,160
8,165
5,518
5,404
5,215
5,324
5,016

421
606
958
3,110
3,93^
4,585
4,721
4,622

151
429
675
739
719
752
630
686

1,958
11.424
13,499
25,282
27,671
30,189
31,228
31,743

1,78<
10,363
12,207
22,886
25,022
27,277
28,041
28,577

8,687
5,361
5,957
7,770
7,246
7,341
7,071
6,981

4,259
1,198
1,384
4,235
4,022
4,177
4,043
4,184

3,075
3,522
3,813
2,453
2,148
2,050
2,025
1,848

1,353
641
760
1,082
1,076
1,113
1,003
949

642
180
211
18:
171
169
150
14:

9,846
5,596
6,215
8,028
7,497
7,589
7,298
7,200

8,744
5,022
5,556
7,146
6,672
6,763
6,461
6,405

Noninsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947_Dec. 3 H . . .
1956—Dec. 31
1957—Dec. 31
1958—Dec. 3 1 . . . .
1959_j u n e 10
Dec. 3 1 . . . .
All nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31
In ured mutual savings banks:

1941—Dec.
1945—Dec.
1947_Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—June
Dec.

31
31
31
31
31
31
10
31

Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 3H
1956—Dec. 31
1957—Dec. 31
1958—Dec. 31
1959—June 10
Dec. 31

For other notes see preceding two pages.




Bor- Total Number
row- capita:
acof
ings counts
banks
Time

1,762 41,298 5,699
10 6,844
, " ' 29,876
23,740 8 0i,276
215 8,671
29
1,325 92,,975 34,882
34
61 9,734
3,"'"
56 5,988
717 124,346 50,608
3,859 123,127 56,137
66 7,051
67 8,154
4,241 129,214 63,168
65,288 2,762 8,762
2,766 122,744 65
5,037 130,720 65,858
602 9,206

3,426
3,297
3,398
13,195
13,142
3,101
3,086
3,107

1,088
4,013
795
2,074
2,166
2,292
1,526
2,742

23,262 8,322
4 3,640
45,473 16
6,224
78 4,644
53,541 19,278
45 5,409
67,434 27
27,810
19 8,450
66,546 30
-,904
38 9,070
69,808 34 ,812
43 9,643
66,433 36 ,177 1,420 10,041
71,015 36,421
340 0,302

5,117
5,017
5,005
4,651
4,620
4,578
4,559
4,542

621
8,166
381
1,218
1,306
1,530
880
1,763

13,874 4,025
1 2,246
24,168 7,986
130 2,945
27,068 9,062
9 3,055
39,416 13
3,098
29 5,205
39,001 14,386
18 5,483
40,640 16
10 5,817
16,320
38,237 16,622 1,266 5,879
39,974 16 ,406
240 5,962

1,502
1,867
1,918
1,811
1,773
1,734
1,721
1,691

4,162 3,360
10,635 5,680
12,366 6,558
17,497 9,724
17,580 10,873
18,766 12 ,063
18,074 12 ,516
19,732 13,059

959
1,083
1,271
2,336
2,500
2,696
2,846
2,944

6,810
6,416
6,478
6,737
6,753
6,793
6,810
6,878

53
,560
149
425
388
419
361
533

129
244

1,291
1,905

329
181

1,392
936
840
890
830
873

253
365
478
300
303
325
342
311

329
279
325
313
31'
33:
338
350

852
714
783
444
425
399
383
366

5,504
14,101
167 13,758
440 18,433
427 18,420
428 19,655
368 18,903
545 20,605

3,613
6,045
7,036
10,024
11,176
12,387
12,858
13,370

1,288
1,362
1,596
2,649
2,817
3,028
3,183
3,294

7,662
7,130
7,261
7,181
7,178
7,192
7,193
7,244

1,789
10,351
12 12,192
23 22,857
26 24,991
24
28 27,243
27 28,011
28 -",544
28

164
1,034
1,252
2,130
2,308
2,473
2,608
2,654

52
192
194
223
239
241
251
268

8,738
5,020
5,553
7,143
6,671
6,762
6,460
6,404

1,07
558
63'
81'
751
746
707
705

496
350
339
304
283
278
267
249

18
159
121
163
122

457
425
190
171
138
18
144
103

1

12
2
3
3
3
2
3

NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN
for July 1947, pp. 870-71.

1024

COMMERCIAL BANKS
LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES»
[In millions of dollars]
Loans 2

Total
loans
and
invest- Total 2
ments

Class of
commercial
bank and
call date

Total:'
1947_Dec. 31..
1958—Dec. 31..
1959_j U ne 10*.
Dec. 31..
All insured:
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—June
Dec.

Investments

Loans for
Loans
Compurchasing
to
meror carrying
financial
U. S. Government obligations
cial
Other
institutions
securities
inReal loans
clud- Agrito
culesing
in- Other
To
tate
open turdi- loans
al
broloans
marvidCerkers To
To
To
ket
uals
Total Bills tifi- Notes Bonds
and others banks others
pacates
dealper
ers

,
1,660 830 1,220
116,284 38,057 18,167
115
185,165 98,214 40,425 4,973 2,832 1,829
719
186,151 103,406 41,613 5 ,098 2,333 ,903 1,852
190,270 110,832 40; 174 5,018 3,018 1,850
819 7,118

9,393 5,723
25,255 20,698
669
22
_.,...
26,
— 22,382
28,060 24,166

947 69,221 2,193
437 66,376 6,294
»
62,035 5,149
3,567
784 58,937 6,300
2,—'

7,789
7,399
4,722
2,420

Obligations
of
States Other
and secupolit- rities
ical
subdivisions

6,034 53,205 5,276 3,729
13,396 39 ,287 16,505 4,070
14;037
...... 38 ,127 16,984 3,725
14,856 35,360 16,958 3,543

3,159 16,899 3,651 3,333
4,505
21,046 988
40
4,773
31.. 49,290 21,259 9,214 1,450 614 662
",342 3,873 3,258
49
31.. 121,809 25,765 9,461 1,314 3,164 3,606
4,677 2,361 1,132 88,912 2,455 19,071 16,045 51
1
914 67,941 2,124 7,552 5,918 52 ,347 5,129 3,621
114
31...114,274 37,583 18,012 ',610
823 1,190
9,266 5,654
.
"i,589
420 65,669 6,159 7,362 13,240 38,908 16,266 3,932
25,148 20,
31...183,596 97730
,797 ',810
713
26,550
549 61,396 5,025 4,690 13,928 37 ,754 16,743 3,591
10*. 184,632 102,902 41,459 5 ,046 2,312 1,884 1,847
, . . . 22,
:,264
767 58,348 6,189 2,404 14,,729 35,027 16,721 3,422
31.. 188,790 110,299 40,022 4,973 2,982 1,827
813 7,105 27,948 24,032

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 8,671
972 594 598
19,539 971
39
3,494
3,653
107,183 22,775 8,949
47
3,455 1,900 1,057 78,338 2,275
855 3,133 3,378
839 57,914 1,987
97,846 32,628 16,962 1,046
811 ',065
113
7,130 4,662
3,211 54,299 4,644
154,865 84,061 37,444 3,'052 2,730 1 ,599
20,013 17,028
1
710
3 ,276
" ' 50,225 3,854
155,289 88,431 38,469 3 132 2,260 ,669 1,821
21,180 18,397
18;
2,603 46,813 4,612
157,879 94,779 36i826 3 116 2,885 1,587
T
811 6,801 22,185 19,877
736 22,'309 20,932 2,550 43,526 2,521
157,657 98,344 38,204 3^97 2,'469 1,488 2,309 6,-'

New York City:*
1941_Dec. 31..
1945_Dec. 31..
1947—Dec. 31..
1958—Dec. 31..
1959__june 10*.
Dec. 31..
I960—June 15..

12,896
26,143
20,393
25,966
25,648
25,291
25,774

4,072 2,807
7,334 3,044
7,179 5,361
16,165 10,928
10,731
16,514 10
18,121 10,549
18,350 10,499

412
32
169
2,453 1,172
26
545 267
93
1,652 382
503
1,556 409
967
,740 403
531 1,788
,463 366 1,050 1,886

522

123
80
111
641
746
936
870

287
564
1,502
1,625
1,739
1,821

51
149
357
386
435
396

272
238
921
852
833
795

16,985
5,816
6,143
3,688
1,812
1,583

3,007 15,561
14,271 44
',807
4,815 45,,295
11,117 32,396
li;0
,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
,813
13;820 2i
,610
13*473 2 ,315

729
7,265 311
1,623 5,331
17,574 477 3,433 3,325 10,339
606
11,972 1,002
558 9,772
640
638
7,486 643 1,106 1,602 4,135 1,869
6,745 ,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

830
629
604
446
411
335
319

Chicago:*

1941—Dec.
1945_Dec.
1947—Dec.
1958—Dec.
1959—June
Dec.
I960—June

31..
31..
31..
31..
10*.
31..
15..

Reserve city:
1941_Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959—June
Dec.
1960—June

31..
31..
31..
31..
10*.
31...
15..

Country:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31...
1958—Dec. 31..
1959—June 10*.
Dec. 31...
1960—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

15,347 7,105
40,108 8,514
36,040 13,449
60,558 34,003
60,812 36,315
61,621 38,686
59,750 39,534

3,456
3,661
7,088
15,808
16,410
15,252
15,778

52
233
87
97
107
124
123

588
581

22
36
46
161
181
183
183

114 194
427 1,503
170 484
518 851
404 860
580 776
511
713

4
17
15
191
715
235 3,369
924 3,184

1,527
1,459
3,147
8,405
8,986
9,251
9,036

12,518 5,890 1,676
659
35,002 5,596 1,484
648
36,324 10,199 3,096
818
61,511 30,257 8,080 2 ,368
62,248 31,960 8,650 2 ,362
64,082 33,766 8,498 2 321
65,427 36,074 9,212 2,465

20
42
23
294
154
298
308

183
471
227
268
293
284
286

2
4
5
6
102
11 1,056
242 1,085

1,205 614
2,981 1,921
3,144 1,967
3,348 1,902

20
102
73
133

156
230
234
263

Nonmember:3
1947_Dec. 31...
1958—Dec. 31..
1959—June 10..
Dec, 31...

18,454
30,327
30,889
32,419

5,432
14,165
14,988
16,068

48
211
73
266
146
268
187
300
205
225
669
753
765
805

* For a discussion of revision in loan schedule, see the BULLETIN for

January
1960, p. 12.
1
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 are included in member banks




317

95

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
,022
749
,864
248 2,274
522 ',446
439
,414
467
,332
480 1,096

182
181
213
491
564
562
564

193
204
185
140
139
133
93

751 5,421
1,508
956 820
6,467 295
855
387 29,552 1,034 6,982 5,653 15,883 1,126 916
1,969
351 20,196 373 2,358 1,901 15,563 1,342 1,053
6,930 1,301 20,645 1,293 2,370 4,497 12,484 4,864 1,047
7,513 1,358 18,663 870 1,512 4,230 12,051 4,885 949
8,211
980 17,292 1,484
645 4,109 11,054 4,830 813
8,430
892 14,921 464
365 4,006 10,086 4,623 672

1,823
1,528
1,881
707
3,827 1,979
10,806 8,239
11,267 8,872
11,816 9,491
12,~~
220 10,286
2,266
5,256
5,502
5,888

40
26
210
203
148
211

1,061
3,671
3,985
4,289

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

1,222
1,342
2,006
6,181
6,392
6,452
6,565

1,028
1,067
1,262
,467
,315
,330
,232

11,318 206 1,973
12,088 1,651 1,255
11,821 1,295 1,034
12,134 1,689
608

1,219
2,280
2,629
3,254

7,920
6,901
6,864
6,584

1,078
3,102
3,166
3,283

625
971
913
934

4,377 110
',999 630
359 26
224 22,857 480
779 23,606 2,475
864 22,581 1,642
643 22,535 2,381
\ 5 5 6 1,329
652 ~
21
109
226
291
181

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

1025

RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1
[In millions of dollars]
Demand deposits
Class of
commercial
banks and
call date

iveBalDeserves Cash ances mand
with
with
deFederal
doposits
Revault mestic
adserve
banks 3 justed6
Banks

Interbank
deposits

Time deposits

CertiStates
fied
and
and
U.S. political
offiGovt. subdi- cers'
visions checks,
etc.

DoFormestics eign

IndiIndi- Bor- CapiU.S. States viduals,
viduals,
tal
partner- Inter- Govt
partner- ings
acand
politships, bank Postal ical ships,
counts
and corcorSav- subdi- and
poraings visions porations
tions

Total: 3
1947—Dec
1958—Dec.
1959—June
Dec.

31....
31....
10....
31....

17,796
18,427
18,084
17,931

2,216
3,249
3,118
3,012

10,216
12,609
10,371
12,237

87,123
115,518
112,353
115,420

11,362 1,430 1,343 6,799
14,142 ,657 4,250 10,928
11,934 ,547 2,774 10,485
13,944 ,705 5,050 11,459

240
2,581 84,987
4,043 115,132 2,372
3,407 109,681 2,135
3,910 116,225 1,441

111
866 34,383
65
327 3,576 59,590
73
322 3,747 61,562 2,770
285 3,166 62,718 615

10,059
18,486
19,100
19,556

All insured:
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—June
Dec.

31....
31....
31....
31....
io....
31....

12,396
15,810
17,796
18,427
18,084
17,931

1,358
1,829
2,145
3,227
3,096
2,990

8,570
11,075
9,736
12,353
10,140
11,969

37,845
74,722
85,751
114,645
111,537
114,563

9,823
12,566
11,236
14,025
11,821
13,825

673 1,762 3,677
1,248 23,740 5,098
1,379 1,325 6,692
1,629 4,241 10,841
1,517 2,766 10,390
1,675 5,037 11,372

1,077 36,544
158
2,585 72,593
70
2,559 83,723
54
4,001 114,372 2,209
3,376 108,979 2,013
3,866 115,482 1,358

59
492 15,146
10
103
496 29,277 215
111
826 33,946
61
327 3,512 59,329
67
322 3,674 61,292 2,762
285 3,095 62,478 602

6,844
8,671
9,734
18,154
18,762
19,206

Member, total :
1941—Dec 3 1 . . . .
1945—Dec, 3 1 . . . .
1947—Dec. 3 1 . . . .
1958—Dec. 3 1 . . . .
1959—June 10....
Dec. 3 1 . . . .
I960—June 1 5 . . . .

12,396
15,811
17,797
18,428
18,086
17,932
17,918

1,087
1,438
1,672
2,441
2,351
2,222
2,427

6,246
7,117
6,270
7,977
6,375
7,532
6,913

33,754
64,184
73,528
96,218
93,722
95,274
91,042

9,714
12,333
10,978
13,614
11,446
13,389
11,980

671 1,709
1,243 22,179
1,375 1,176
1,613 3,822
1,499 2,406
1,659 4,504
[,387 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

5,886
7,589
8,464
15,460
15,919
16,264
16,829

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

3,595
3,535
3,236
3,519
2,888
3,462
3,149

607
866
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

10
12
36
27
24
24

29
20
14
100
140
65
95

Chicago:4
1941—Dec.
1945—Dec.
1947_Dec.
1958—Dec.
1959_june
Dec.
I960—June

31
31
31....
31....
10....
31....
15....

1,021
942
1,070
1,058
998
920
995

43
36
30
36
29
33
28

298
200
175
185
105
142
109

2 215
3'153
3 737
4,271
3,947
4,171
3,678

I 027
1,292
1,196
1,314
1,119
1,187
,193

8
127
20 1,552
72
21
249
43
41
120
43
272
40
335

233
237
285
302
235
329
283

34
66
63
88
77
105
85

2,152
3,160
3,853
4,746
4,345
4,636
4,301

34
31
23
43

2
7
8
8
4

9
7
12
12
8

Reserve city:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1958—Dec. 3 1 . . . .
1959—June 1 0 . . . .
Dec. 3 1 . . . .
1960—June 1 5 . . . .

4,060
6,326
7,095
7,472
7,350
7,532
7,482

425
494
562
768
750

2,590
2,174
2,125
2,670
2,110
2,381
2,229

11,117
22,372
25,714
35,505
34,625
35,095
32,873

4,302
6,307
5,497
7,217
6,159
7,162
6,354

54
491
110 8,221
131
405
289 1,429
291
858
288 1,698
272 2,319

1,144
1,763
2,282
3,153
2,959
3,304
2,803

286
611
705
1,052
830
1,043
801

11,127
22,281
26,003
38,054
36,201
38,321
36,156

104
30
22
377
361
303
245

20
38
45
124
122
95
80

243
160
332
1,471
1,466
1,229
1,375

2,210
4,527
4,993
5,444
5,647
5,573
5,388

526
796
929

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

2
225
8 5,465
432
7

1,370
2,004
2,647
4,819
4,718
4,972
4,923

239
435
1,032

944
857
631

8,500
21,797
25,203
36,498
35,150
37,003
35,686

30
17

1,476
1,423
1,357
1,515

3,216
4,665
3,900
5,030
4,093
4,870
4,488

544
808
767
790

3,947
4,633
3,996
4,706

13,595
19,300
18,632
20,146

487

1,295
2,325
2,279
2,544

180
331
297
369

12,284
16,999
16,328
17,692

Country:
1941—Dec.
1945—Dec.
1947—Dec.
1958—Dec.
1959—June
Dec.
1960—June
Nonmember:*
1947—Dec.
1958—Dec.
1959—June
Dec.

31....
31....
31....
31....
10....
31...,
15....
31
31
10
31

681
740

13 1,175
950
19
24 1,508
14 1,951

385
528

55
43

555

46

48

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.




167
428
368
545
4

528

17
36
34
24
26

190

185
144
103

11,878
4
23,712 208
27,542
54
48,004
54
49,565 2,686
50,185 581
50,534 2,503

778
1,648
1,206 " l 9 5 2,120
1,418
30 2,259
3,345
3,282
3,423 809 3,300
3,359 232 3,361
3,360 980 3,430
476
719
902
1,423 " " 3
1,387 272
1,449
40
1,401 333

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 6,18!

31
146 6,082
52
219 12,224
45
337 14,177
132 1,250 23,755
140 1,320 24,620
132 1,077 25,146
127 1,290 26,289

6
27
25
26

172

288
377
426
733
743
762
765

6,858

747 11,613
810 12,024
783 12,560

4 1,982
11 2,525
23 2,934
37 5,685
463 5,946
71 6,035
320 6,453
12
20
84
34

1,596
3,027
3,183
3,294

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.

1026

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
Cominvestments Loans mercial
adadand
justed1 justed1 industrial

To brokers
and dealers
Agricultural

Financial institutions

To others

U.S.
U.S.
Govt. Other
Govt. Other
seseobobcuriligaliga- curities
ties
tions
tions

Nonbank
institutions

Banks

Foreign

Personal
Doand
mes- sales
tic
fi- Other
com- nance
mer- comcial panies
etc.

Real
estate

All
other
loans

Valuation
reserves

Total—
Leading Cities
1959
1,386
1,481
1,196
1,373

105,123
104,879
105,233
105,261

103,737
103,398
104,037
103,888

64,040
64,209
64,596
64,617

28,688
28,759
28,912
28,978

912
916
929
927

354
321
402
406

,704
,752
,766
,697

167
166
167
166

1,277
1,264
1,264
1,259

598
599
619
613

6
13
20
27

104,796
106,986
106,218
106,098

103,282
105,547
105,253
104,723

68,614
68,669
68,336
67,837

31,449
31,373
31,162
30,981

954
966
980
991

229
492
431
259

,476
,479
,422
,399

136
138
140
135

1,134
1,148
1,138
1,129

742 1,514 4,687
722 1,439 4,578
700
965 4,588
698 1,375 4,493

,622
,609
,618
,608

12,521
12,541
12,538
12,520

15,120
15,079
15,070
15,076

,456
,456
,451
,452

Aug. 3
10
17
24

106,765
106,230
106,397
105,749
106,198

105,148
104,720
105,003
104,428
104,845

68,469
68,231
68,229
67,779
67,943

31,104
31,069
31,114
30,897
30,970

1,004
1,005
1,011
1,011
1,023

499 ,483
476 ,471
534 ,466
466 1,388
468 1,392

146
140
138
143
140

1,133
1,125
1,127
1,133
1,134

704
689
663
672
674

1,617
1,510
1,394
1,321
1,353

4,566
4,418
4,313
4,171
4,183

,617
,627
,629
,634
,645

12,510
12,516
12,518
12,560
12,566

15,161
15,153
15,170
15,156
15,202

,458
,458
,454
,452
,454

25,836
25,574
25,764
25,691

25,291
25,052
25,236
25,226

16,678
16,723
16,863
16,859

9,746
9,759
9,836
9,882

269
245
240
225

1,241
1,289
1,270
1,222

411
415
413
416

392
388
405
412

545
522
528
465

1,382
1,367
1,444
1,425

303
314
305
304

774
790
798
805

2,510
2,506
2,503
2,520

396
396
396
396

20
27

25,401
26,188
25,617
25,746

24,711
25,540
25,466
25,14:

17,495
17,489
17,341
17,129

10,512
10,479
10,362
10,319

126
269
260
149

931
925
867
837

338
348
346
339

460
450
433
43

690
648
151
604

1,646
1,543
1,609
1,603

325
320
319
308

871
881
863
857

2,663
2,653
2,658
2,661

411
411
409
410

Aug. 3
10
17
24
31

26,094
25,661
25,629
25,408
25,525

25,462
25,181
25,223
24,912
25,231

17,505
17,263
17,242
16,927
17,070

10,385
10,335
10,336
10,232
10,321

320
265
307
205
221

916
871
889
852
861

337
335
338
341
341

438
425
413
42:
420

63:
480
406
496
294

1,597
1,532
1,480
1,396
1,423

315
315
307
305
315

854
849
842
838
83

2,715
2,714
2,707
2,706
2,705

411
411
411
404
405

79,28'
79,305
79,469
79,570

78,446
78,346
78,801
78,66:

47,36:
47,486
47,733
47,758

18,94:
19,000
19,076
19,096

911
915
928
926

76
162
181

463
463
496
475

12:
121
123
123

866
849
851
843

206
211
214
201

841
959
668
908

2,62
2,627
2,616
2,616

1,239
1,251
1,260
1,224

11,490
11,512
11,529
11,548

11,379
11,426
11,442
11,491

963
965
964
966

20
27

79,395
80,798
80,601
80,352

78,571
80,007
79,787
79,581

51,119
51,180
50,995
50,708

20,937
20,894
20,800
20,66:

948
961
975
986

223
171
110

545
554
555
562

108
111
112
106

796
800
792
790

1,045
1,045
1,042
1,042

Aug. 3
10
17
24
31

80,67
80,569
80,768
80,341
80,673

79,686
79,539
79,780
79,516
79,614

50,964
50,968
50,987
50,852
50,873

20,719
20,734
20,778
20,665
20,649

999
1,000
1,006
1,006
1,018

179
211
227
261
247

567
600
577
536
531

112
112
109
11
112

796
790
789
792
793

824 3,041 1,297 11,650 12,457
282
791 3,035 1,289 11,660 12,426
27:
81 2,979 1,299 11,675 12,412
267
771 2,890 1,300 11,663 12,415
266
266
985 2,969 1,302 11,656 12,446
264 1,030 2,886 1,312 11,667 12,439
250
988 2,833 1,322 11,676 12,463
2,775 1,329 11,722 12,450
250
825
(
254 l,05 2,760 1,330 11,731 12,49^

Aug. 5
12
19
26

4,004 1,542 12,264 13,889
3,994 1,565 12,302 13,932
4,060 ',565 12,327 13,945
4,041 ,528 12,353 14,011

,359
,361
,360
,362

1960
July

31
New York City
1959
Aug. 5
12
19
26
1960
July

.§::::::::::

Outside
New York City
1959

19
26
1960
July

,!:::::

1
Exclusive of loans to domestic commercial banks and deduction of
valuation reserves; individual loan items are shown |




1,047
1,047
?l,043
11,048
',049

1027

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

Other
securities

Notes and bonds
maturing:

Total

Within
1 to After
1 year 5 years 5 years

Balances
with
domestic
banks

Balances
with
foreign
banks

currency
and

Reserves
with
F. R.
Banks

All
other
assets

Total
assets—
total
liabilities
and
capital
accounts

TotalLeading Cities
1959
29,646
29,196
29,451
29,270

2,345
2,068
2,460
2,378

1,166
1,143
1,096
1,095

1,546
1,509
1,800
1,762

17,885
17,798
17,421
17,382

6,704
6,678
6,674
6,653

10,051
9,993
9,990
10,001

17,030
17,047
17,094
17,065

2,658
2,738
2,727
2,614

90
101

1,067
1,204
1,158
1,195

13,221
13,017
13,119
13,155

3,160
3,169
3,036
2,971

134,896
135,578
135,386
134,505

25,266
27,453
27,428
27,324

898
3,115
3,149
3,039

891
888
875
866

907
903
855
900

17,955
17,960
17,974
17,962

4,615
4,587
4,575
4,557

9,402
9,425
9,489
9,562

17,574
17,643
17,946
17,457

2,850
2,863
2,683
2,696

102
90
92
93

1,172
1,284
1,216
1,253

13,450
13,406
13,955
13,415

3,580
3,649
3,658
3,732

137,833
140,631
139,198
137,438

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

17,926
17,900
17,902
17,860
17,870

4,570
4,576
4,882
4,879
4,866

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

1,145
1,201
1,192
1,232
1,189

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
135,848
137,586

6,297
6,019
6,038
6,011

998
798
835
831

141
126
126
117

366
336
382
375

3,443
3,418
3,356
3,350

1,349
1,341
1,339
1,338

2,316
2,310
2,335
2,356

3,947
3,930
3,856
3,899

142
145
139
145

3,711
3,693
3,611
3,646

,226
,250
,200
,136

33,767
33,710
33,833
33,658

5,211
6,011
6,045
5,891

415
,234
,261
,161

370
366
366
358

3,435
3,422
3,436
3,413

904
904
901
90:

2,005
2,040
2,080
2,122

4,134
4,032
4,385
4,188

162
162
151
152

3,851
3,767
4,132
3,937

,45:
,529
,521
,543

34,819
35,888
35,357
34,939

5,819
5,758
5,831
5,852
5,978

,122
,051
916
957
,086

339
344
478
482
472

3,397
900
3,406
894
3,389 1,033
3,375 1,02"
3,38' 1,020

2,138
160
.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
,59'
,656

34,972
34,676
34,833
34,029
35,023

23,349
23,177
23,413
23,259

1,347
1,270
1,625
1,547

1,025
1,017
970
978

1,180
1,173
1,418
1,387

14,44:
14,380
14,065
14,032

5,35:
5,33'
5,33:
5,31:

7,735
7,683
7,655
7,645

13,083
13,117
13,238
13,166

2,607
2,688
2,667
2,564

925
1,059
1,019
1,050

9,510
9,324
9,508
9,509

1,934
1,919
1,836
1,835

101,129
101,868
101,553
100,847

' uly , § : : : : : : : : :

20,055
21,442
21,383
21,433

483
,881
,888
,878

521
52
509
508

820
818
774
843

14,520
14,538
14,538
14,549

3,711
3,683
3,674
3,655

7,397
7,385
7,409
7,440

13,440
13,611
13,561
13,269

2,777
2,802
2,622
2,642

1,010
1,122
1,065
1,101

9,599
9,639
9,823
9,478

2,128
2,120
2,137
2,189

103,014
104,743
103,841
102,499

Aug. 3 . .
10

21,243
21,145
21,338
21,298
21,403

,660
,576
,474
,438
,526

509
511
833
833
837

875
88
669
685
706

14,529
14,494
14,513
14,485
14,488

3,670
3,682
3,849
3,857
3,846

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

99
1,051
1,044
1,085
1,041

9,579
9,413
9,610
9,28f
9,153

2,206
2,173
2,116
2,092
2,181

103,317
102,686
104,082
101,819
102,563

Aug. 5
12
19
26

84

1960

July

,S:::::::::

20
27

Aug. 3
10
17
24
31

New York City

Au8

1959

-,i:::::::::
19
26

1960
July

20
27

Aug. 3
10
17
24
31

Outside
New York City
1959

Aug

- 19£::::::::
26

1960

20
27

17
24

31




1028

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Deposits

Borrowings

Demand
DeInterbank
mand
deposits
adjusted 1 Domes- Foreign
tic

Wednesday

Time

U.S.
Govt.

States
and
political
subdivisions

Certified
and
officers*
checks,
etc.

Individuals,
partnerships,
and
corporations

Interbank

Govt.
and
postal
savings

States
and
political
subdivisions

Individuals, From
F. R.
partner- Banks
ships,
and
corporations

u. s.

From
others

Other Capital
liabilaccounts
ities

TotalLeading Cities
1959
61,218
61,047
60,030
60,786

10,769
10,977
10,695
10,239

1,448
1,416
1,441
1,403

2,906
2,397
4,293
3,856

4,837
4,576
4,540
4,573

2,219
2,104
2,185
2,232

63,745
64,850
63,328
63,189

1.744
1,705
1,694
,701

174
176
175
175

1,644
1,631
1,617
1,594

28,941
28,940
28,931
28,926

463
410
382
326

1,849
2 173
1,866
2,037

3,045
3 096
3,097
3,110

11,112
11 127
11,142
11,144

57,646
58,440
59,258
59,966

11,425
11,516
10,941
10,398

1.363
1,389
1,407
1,370

4,558
5,937
4,798
4,357

4,606
4,365
4,423
4,652

2,576
2,608
2,408
2,294

62,347
63,820
63,803
63,171

[,286
[,297
[,301
,307

128
127
128
126

1,765
1,798
1,862
1,878

29,223
29,243
29,301
29,360

380
299
868
140

2 278
2,154
1,806
2,180

4 226
4,415
4,504
4,531

11 672
11,663
11,648
11,674

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

[,376
,387
422
[,437
[.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

15,445
15,355
15,039
15,234

2,825
2,840
2,857
2,806

1.120
1,082
1,102
1,090

1,016

256
268
260
253

1,050

1,248
[,058

1,026
1,109

16,897
17,120
16,766
16,804

1 376
1,351
1 342
1,328

26
25
26
26

141
138
140
140

3 336
3,336
3 322
3,328

70
7
34
13

927
1,109
981
1,001

1 415
1,440
1 414
1 396

3 312
3,314
3 315
3 306

14,427
14,604
14,811
15,042

3,274
3,241
3,137
2,978

1,020
1,063
1,081
,027

1,317
1,714
1,370
1,258

287
371
279
322

1,440
1,593
1,439
1,328

16,532
16,779
16,927
16,854

980
988
994
998

24
25
24
25

125
125
171
172

3 329
3,314
3,318
3,355

182
61

997
872
924
950

2 063
2,190
2,199
2,242

3 431
3,431
3,433
3,430

15,057
14,580
14,439
14,564
14,716

2,933
3,023
2,958
2,874
2,993

1,038
1,149
1,092
1,081
.058

1,348
1,063
1,238
1,039
.011

296
272
270
273
289

1,377
1,611
1,356
1,274
1,361

16,624
16,121
16,254
16,097
16,628

1 0S2
,056
,077
090
.084

25
25
25
25
28

171
176
179
180
182

3 365
3,364
3,393
3 400
3,427

7
117

1 071
1,052
1,077

51

1,033

2 219
2,298
2,335
2 355
2,409

3 453
3,459
3 462
3 451
3,469

45,773
45,692
44,991
45,552

7,944
8,137
7,838
7,433

328
334
339
313

1,890
1,640
3,045
2,798

4,581
4,308
4,280
4,320

1,169
1,181
1,159
1,123

46,848
47,730
46,562
46,385

354
352
373

368

148
151
149
149

1,503
1,493
1,477
1,454

25,605
25,604
25,609
25,598

393
403
348
313

1,064
885
1,036

1 630
1,656
1 683
1,714

7 800
7,813
7 827
7,838

20
27

43,219
43,836
44,447
44,924

8,151
8,275
7,804
7,420

343
326

3,241
4,223
3,428
3,099

4,319
3,994
4,144
4,330

1,136
1,015
969
966

45,815
47,041
46,876
46,317

306
309

104
102
104
101

J fM)
1,673
1,691
,706

25,894
25 929
25,983
26,005

380
117
807
140

1,281
1 282
882
1,230

2,163
2 225
2,305
2,289

8,241
8 232
8 215
8,244

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

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

104
102
102
105
105

,711
,706
[,743
I 805
1,805

26,052
26 125
26,238
26 287
26,311

189
100
272
98
258

1,283
1 197
1,231
1 211
1,103

2,300
2 381
2,414
2 380
2,434

8,270
8 274
8,278
8 285
8,333

Aug. 5
12

19
26
1960
July

6
13
20
27

Aug

3 .
10
17

24
31
New York City
1959
Aug. 5.
12.::.:::
19

26

757

923

1960
July

6
13
20
27

Aug

3. .
10
17
24 .
31

.

890

Outside
New York City
1959
Aug

5
12 .
19
26 .

922

1960
July

6.. .

l?::.:::.

326

343

332

i Demand deposits other than interbank and U. S. Govt., less cash
items reported as in process of collection.




307

309

347

1029

BUSINESS LOANS OF BANKS

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1
[Net decline, ( - ) .

In millions of dollars]

Manufacturing and mining

Food, Textiles,
liquor, apparel,
and
and
tobacco leather

Period 2

PetroMetals
leum,
and
coal,
metal chemical,
prodand
ucts 3
rubber

1959—Jan.- July 1 .
July 8-Dec..

-519
698

218
-58

864
-148

1960—Jan.-June...

-558

273

1960—June.
July.,
Aug..

15
-104
102

53
25
89

Other

Trade
(wholesale
and
retail)

Commodity
dealers

Public
utilities
(incl.
transportation)

Construction

-162
248

188
26

284
151

-364
738

-141
480

106
11

145
-31

620
2,114

762
1,983

1,062

-52

354

372

-677

-48

96

155

977

1,180

168
-308
-112

-26
-79
-11

92
7
24

10
-45
-32

-95
-9
83

126
-20
-105

25
5
20

41
5
55

409
-524
113

473
-664
-11

-16
-6
184

-1
13
55
36
-11

-7
-26
39
-3
7

-2
-24
-40
-11
-18

14
-35

-17

13
-7

-9
-10
18
-10
-15

10
33

21
9
10

9
-16
23
10
16

9
-179
494
59
25

-2
-179
535
82
37

-5
32

-189
-57

-196
-76
-211
-181

Weekending:
1960—June 1.
8.
15.
22.
29.

37
-78
53
4
-1

37
2
11

20.
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

43
-44
-25
6

-13
13
-5
10

30
-22
50
-6

24
14
33

50

18

10
-37
-16
-42
-27

-4
6
22
-17
-18

17
15
22
-18
-12

9
-7
-10
-42
17

25
6
14
15
24

-17
-35
-35
-60
42

7
7
12
4
-9

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

Comm'i
and
All
ind'l
Net
other
change—
changes
types
all
classi- weekly
of
fied
business
reporting
banks

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.

104

-13

-133

-10

-145

44
8

145
-44
61
-175
126

-29
-8
41

123
-35
45
-217

73

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
[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_june
Sept
Sept.3
Dec.3
1960—Mar
June

Size of loan
(thousands of dollars)
All
loans

110

10100

100200

200
and over

4.71
5.15
5.14
5.19
5.18
5.19

5.55
5.79
5.79
5.82
5.81
5.81

5.24
5.60
5.61
5.61
5.63
5.64

4.97
5.36
5.36
5.41
5.41
5.42

4.61
5.07
5.06
5.12
5.10
5.10

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—June
Sept
Sept.3
Dec.3
1960—Mar
June

4.90
5.27
5.28
5.39
5.34
5.34

5.67
5.88
5.89
5.95
5.95
5.94

5.33
5.69
5.70
5.77
5.73
5.72

5.06
5.42
5.42
5.50
5.47
5.52

4.78
5.17
5.17
5.30
5.24
5.24

4.87
5.27
5.27
5.36
5.34
5.35

5.68
5.91
5.92
5.99
6.01
6.00

5.33
5.65
5.66
5.74
5.75
5,76

5.06
5.43
5.44
5.54
5.50
5.53

4.72
5.15
5.15
5.24
5.21
5.22

11 Southern and
Western cities:
1959_ June
Sept
Sept. 3
Dec.3
1960—Mar
June

5.07
5.44
5.46
5.56
5.57
5.58

5.74
5.97
5.99
6.08
6.12
6.10

5.37
5.65
5.68
5.81
5.83
5.84

5.13
5.50
5.51
5.64
5.57
5.61

4.87
5.29
5.30
5.38
5.40
5.41

Quarterly: 2
19 large cities:
1959—June
Sept
Sept.3
Dec.3
I960—Mar
June

1 For description see the BULLETIN for March 1949, pp. 228-37.
Based on figures 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.
2




NOTE.—Bank prime rate was 21/A per cent Jan. 1-Jan. 7,1951. Changes
thereafter occurred on the following dates (new levels shown, in per cent):
1951—Jan. 8, 2%; Oct. 17, 2 % ; Dec. 19, 3; 1953—Apr. 27, 3*4; 1954—
Mar. 17,3; 1955—Aug. 4, 3V4; Oct. 14,3%; 1956—Apr. 13,3%; Aug. 21,
4 ; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 3Vi; Sept. 11,4; 1959—
May 18, 4 ^ ; Sept. 1, 5; and 1960—Aug. 23, 4%.

1030

INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]
U. S. Government Securities (taxable)4
Prime
commercial
paper,
4-toemonths 1

Finance
company
paper
placed
directly,
3- to 6months 2

Prime
bankers'
acceptances,
90 days 3

1957 average..
1958 average..
1959 average..

3.81
2.46
3.97

3.55
2.12
3.82

1959_Aug
Sept....
Oct
Nov....
Dec

3.97
4.63
4.73
4.67
4.88

1960—Jan
Feb
Mar
Apr
May...
June
July.. .
Aug

Year, month, or week

Week ending:
I960—Aug. 6
20
27
Sept. 3

6-month bills

3-month bills

Others

3- to 5year
issues 6

3.53
2.09
4.11

3.62
2.90
4.33

4.31
4.83
4.69
4.54
4.99

4.32
4.80
4.65
4.70
4.98

4.45
4.78
4.69
4.74
4.95

4.74
4.30
3.61
3.55
3.58
2.74
2.71
2.59

4.95
4.45
3.68
3.83
4.01
3.10
3.03
2.82

4.93
4.58
3.93
3.99
4.19
3.35
3.13
2.89

4.87
4.66
4.24
4.23
4.42
4.06
3.71
3.50

2.39
2.48
2.66
2.70
2.82

2.81
2.79
2.83
2.81
2.87

2.86
2.84
2.93
2.90
2.93

3.49
3.52
3.52
3.47
3.51

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

3.87
4.52
4.70
4.38
4.82

3.56
4.07
4.25
4.25
4.47

3.358
3.998
4.117
4.209
4.572

3.38
4.04
4.05
4.15
4.49

3.840
4.626
4.646
4.585
4.915

3.87
4.70
4.53
4.54
4.85

4.91
4.66
4.49
4.16
4.25
3.81
3.39
3.34

5.02
4.50
4.16
3.74
3.88
3.24
2.98
2.94

4.78
4.44
3.96
3.88
3.78
3.28
3.13
3.04

4.436
3.954
3.439
3.244
3.392
2.641
2.396
2.286

4.35
3.96
3.31
3.23
3.29
2.46
2.30
2.30

4.840
4.321
3.693
3.548
3.684
2.909
2.826
2.574

3,38
3.38
3.38
3.30
3.25

2.94
2.94
2.94
2.94
3.01

3.13
3.08
2.93
3.05
3.00

2.131
2.215
2.278
2.518
2.550

2.13
2.18
2.31
2.43
2.53

2.409
2.458
2.621
2.806
2.825

1

9- to 12-month issues
Bills
(market
yield)

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.

Average of daily offering rates of dealers.
Average of daily rates, published by finance companies, for varying
maturities in the 90-179 day range.
3
Average of daily prevailing rates.
2

BOND AND STOCK YIELDS1
[Per cent per annum]
Corporate bonds 3

Government bonds

Year, month, or week

United
States
(longterm)2

State
and local3

By selected
ratings
Total

Total 4

Aaa

Stocks 5
Dividend/
price ratio

By
groups

Earnings/
price ratio

4

Baa

Aaa

Baa

Industrial

Railroad

Public
utility

Preferred

Corn-

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—Aug
Sept

3.84
3.95
3.90
3.81
3.84

3.44
3.60
3.57
3.44
3.43

4.36
4.42
4.38
4.30
4.37

4.71
4.82
4.87
4.85
4.87

4.43
4.52
4.57
4.56
4.58

5.09

Nov
Dec

4.10
4.26
4.11
4.12
4.27

4.56
4.68
4.70
4.69
4.70

4.80
4.88
4.96
4.99
5.05

4.77
4.89
4.95
4.86
4.86

4.70
4.80
4.81
4.81
4.85

3.14
3.26
3.26
3.24
3.18

1960—Jan
Feb
Mar
Apr
May
June
July
Aug

4.37
4.22
4.08
4.17
4.16
3.99
3.86
3.79

3.92
3.84
3.77
3.72
3.75
3.74
3.73
3.55

3.49
3.40
3.34
3.30
3.34
3.33
3.31
3.10

4.43
4.35
4.29
4.24
4.31
4.27
4.26
4.15

4.91
4.88
4.81
4.76
4.80
4.78
4.74
4.61

4.61
4.56
4.49
4.45
4.46
4.45
4.41
4.28

5.34
.34
5.25
5.20
5.28
5.26
5.22
5.08

4.74
4.71
4.64
4.61
4.65
4.64
4.61
4.49

5.08
5.05
4.99
4.97
4.98
4.94
4.90
4.82

4.92
4.89
4.79
4.70
4.76
4.76
4.71
4.53

4.87
4.82
4.76
4.71
4.75
4.74
4.70
4.61

3.27
3.40
3.43
3.40
3.43
3.37
3.47
3.43

3.75

3.68
3.62
3.51
3.47
3.46

3.22
3.14
3.03
2.99
2.99

4.24
4.21
4.11
4.05
4.05

4.67
4.64
4.60
4.57
4.57

4.34
4.30
4.26
4.23
4.23

5.15
5.11
5.06
5.03
5.01

4.54
4.50
4.49
4.46
4.45

4.86
4.83
4.82
4.79
4.79

4.63
4.57
4.51
4.47
4.46

4.64
4.63
4.60
4.57
4.60

3.54
3.46
3.42
3.35
3.40

Oct

Week ending:
1960—Aug. 6 . .

20i!
27..
Sept. 3 . .

3.84

1 Monthly and weekly yields are averages of daily figures for U. S.
Govt. and corporate bonds. Yields of State and local govt. bonds are
based on Thursday figures; dividend/price ratios for preferred and
common stocks, on Wednesday figures. Earnings/price ratios for common
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.




6.03

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.

1031

SECURITY MARKETS
SECURITY PRICES1
Bond prices

Common stock prices
Standard and Poor's series
(index, 1941-43= 10)

Year, month,
or week

CorU.S.
MupoGovt. nicipal rate
(long- (highterm) 2 grade) 3 (highgrade) "• Total

Number of issues.

Manufacturing

500

Industrial

Railroad

425

25

Volume
of
trad-4
ing
(in
Trade,
thoufisands
nance, Minof
ing shares)
and
service

Securities and Exchange Commission series
(index, 1939= 100)

Public
utility

Total

50

Total

Durable

Nondurable

Trans- Pubporta- licutiltion
ity

265

170

98

72

29

31

14

44.38 47.63 28.11 32.19
46.24 49.36 27.05 37.22
57.38 61.45 35.09 44.15

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

94.3
93.0
92.8
92.9
92.4

59.40
57.05
57.00
57.23
59.06

63.74
61.21
61.04
61.46
63.56

35.56
33.78
34.32
32.80
33.57

45.15
43.59
44.11
43.71
44.31

434
417
416
417
429

542
520
517
519
538

516
500
498
496
518

556
529
524
530
547

349
333
339
322
328

219
211
213
211
213

425
424
428
434
440

324
305
292
285
297

2,431
2,739
2,788
3,398
3,284

98.3
100.4
101.9
102.3
102.2
103.1
103.9
106.7

92.0
92.8
93.9
94.2
94.1
94.2
94.8
96.4

58.03
55.78
55.02
55.73
55.22
57.26
55.84
56.51

62.27
59.60
58.71
59.46
58.84
61.06
59.25
59.96

33.68
32.54
31.01
30.59
30.18
30.81
30.19
30.19

44.50
44.38
44.60
45.53
45.75
47.35
48.02
48.65

419
405
396
398
394
406
399
402

518
494
478
478
472
485
472
476

499
474
458
460
456
470
454
454

526
502
487
486
477
489
480
486

323
312
295
292
290
293
288
290

219
224
226
233
232
240
240
243

434
420
425
433
437
462
458
460

292
279
268
261
250
250
246
258

3,197
3,027
2,857
2,865
3,277
3,479
2,694
2,841

105.1
106.1
107.1
107.6
107.4

95.5
96.1
96.5
96.7
97.0

55.12
56.07
56.80
57.68
57.07

58.50
59.55
60.25
61.22
60.49

29.48
29.93
30.61
30.80
30.02

47.45
48.02
48.93
49.61
49.72

393
402
404
409
404

465
477
478
483
474

446
453
456
461
450

474
490
488
493
487

279
292
294
294
285

237
240
245
250
253

448
460
463
468
463

252
259
260
263
264

2,569
2,940
2,741
3,060
2,990

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—Aug..
Sept..
Oct...
Nov..
Dec...

85.11
83.15
84.95
84.82
83.00

100.6
98.3
100.2
100.9
99.3

I960—Jan...
Feb...
Mar..
Apr..
May.
June.
July..
Aug..

81.81
83.60
85.32
84.24
84.39
86. 50
88.12
88.93

Week ending:
I960—Aug. 6
13
20
27
Sept. 3

89.46
89.07
88.78
88.68
88.40

1
Monthly and weekly data for (1) U. S. Govt. bond prices, Standard
and Poor's common stock indexes, and volume of trading are averages
of daily figures; (2) municipal and corporate bond prices are based on
Wednesday closing prices; and (3) the Securities and Exchange Commission series on common stock prices are based on weekly closing prices.

2
Prices derived from average market yields in preceding table on basis
of 3an assumed 3 per cent, 20-year bond.
Prices derived from average yields, as computed by Standard and
Poor's Corporation, on basis of a 4 per cent, 20-year bond.
4 Average daily volume of trading in stocks on the New York Stock
Exchange for a 5Vi-hour trading day.

STOCK MARKET CREDIT
[In millions of dollars]
Broker and dealer credit2

Customer credit

End of month l

Net debit balances with
Bank loans to others (than
TotalNew York Stock Exchange brokers and dealers) for pur- 3
securities
firms 2
chasing and carrying securities
other than
U. S. Govt.
obligations
Secured by
Secured by
(col. 3 +
Other
U. S. Govt.
U. S. Govt.
other
col. 5)
securities
obligations
obligations
securities

Money borrowed
On
U. S. Govt.
obligations

On
other
securities

Customers'
net
free
credit
balances

1956—Dec.
1957—Dec.
1958—Dec.

3,984
3,576
4,537

33
68
146

2,823
2,482
3,285

41
60
63

,161
,094
,252

46
125
234

2,132
1,706
2,071

880
896
1,159

1959—Aug.
Sept.
Oct..
Nov.
Dec.

4,528
4,443
4,401
4,460
4,454

154
156
168
165
150

,269
,250
,210
,273
3,280

166
162
158
158
164

,259
,193
,191
,187
,174

217
231
227
236
221

2,199
2,149
2,178
2,256
2,362

1,035
1,039
967
974
996

I960—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.

4,365
4,274
4,158
4,153
4,132
4,214
4,133
4,243

134
138
117
113
130
106
110
111

3,198
3,129
3,028
3,037
3,021
3,082
3,004
3,109

154
146
136
135
139
135
135
147

,167
,145
,130
,116
,111
,132
,129
,134

190
202
161
185
208
162
187
173

2,233
2,194
2,059
2,155
2,115
2,110
2,042
2,063

1,001
981
988
940
970
1,016
1,018
1,021

r

Revised.
Data for cols. 4-7 are for last Wednesday of month.
Ledger balances of member firms of the New York Stock Exchange
ying margin accounts, as reported to the Exchange. Customers' debit
carry]
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.

1032

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
End of year
or month
Placed
through
dealers1

Placed
directly
(finance
paper) 2

1,924
2,020
2,166
2,666
3 2,744

733
510
506
551
840

1,191
1,510
1,660
2,115
3 1,904

3,552
3,646
3,334
3,784
3,664
3,118

759
795
763
755
784
627

3,889
4,085
4,320
4,269
4,492
r
4,459
4,652

664
718
805
888
920

Total

1954
1955
1956
1957
1958
1959-July
Aug
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June....
July

r

l ,021
1,116

Held by:
Accepting banks
Total

Based on:
Goods stored in or
shipped between
ImExports
ports Dollar
points in:
from
exOthers into
ForUnited United change
eign
States States
United Foreign
corr.
States countries

F. R.
Banks

Total

Own Bills
bills bought

873
642
967
,307
,194

289
175
227
287
302

203
126
155
194
238

86
49
72
94
64

28
69
66
49

19
33
50
76
68

565
405
621
878
775

285
252
261
278
254

182
210
329
456
349

17
17
2
46
83

300
63
227
296
244

89
100
148
232
263

2,793
2,851
2,571
3,029
2,880
2,491

957
946
954
945
,029
,151

198
169
205
182
232
319

160
127
158
145
187
282

38
42
47
36
44
36

25
21
20
28
34
75

74
72
67
62
71
82

661
685
662
673
693
675

259
287
316
304
355
357

334
322
301
290
283
309

85
56
45
36
46
74

26
29
46
81
119
162

253
251
246
234
226
249

3,225
3,367
3,515
3,381
3,572
3,438
3,536

,229
,240
,366
,336
,263
,382
,561

230
218
250
320
310
311
404

193
170
178
247
237
229
299

36
48
72
73
74
82
104

42
35
33
30
29
30
29

124
119
153
167
161
182
180

833
868
929
819
763
859
948

341
350
364
373
352
375
400

337
336
413
461
474
501
545

149
193
201
128
87
94
166

158
131

245
229
244
266
286
321
373

r
1

Revised.
As reported by dealers; includes finance company paper as well as
other
commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with
investors

Own
acct.

144

109
65
91
76

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.
Loans
End of year
or month

Mortgage

Securities

Other

U.S.
Govt.

State
and
local
govt.

Corporate
and
other i

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

2,925
3,311
3.548
3,366
3,549
4 344
4,971
4,845

, 24,058
24.214
24,374
24,511
24,635
24,769

304

7,288
7,276
7,244
6,963
6,878
6,871

751

750
758
738
730
721

4,918
4,931
4,929
4,874
4,846
4,845

6.862
6,851
6,883
6,735
6,655
r
6 562
6,514

715
706
709
722
699
r
695

4,833
4,824
4,876
4,857
4,870
r
4,927
4,965

1959—juiy
Aug .
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr

May
June
July

.

. .
. .

24,928
25,044
25,194
25,323
25,484
r
25,653
25,812

339
356
327
366
358
333
372
412
386
446
r
396
435

11
1,257

691

r
Revised.
n.a. Not available.
1 Includes securities of foreign governments and international organizations and obligations of Federal agencies not guaranteed by the U. S.
Government,
as well as corporate securities.
2
Not a balance-sheet item. Data represent commitments outstanding
of banks in New York State as reported to the Savings Banks Association
of the State of New York.




Cash
assets

Other
assets

Amounts in millions of dollars]

Total
assets—
Total
liabili- Deposits
ties
and
surplus
accts.

Other
liabilities

Surplus
accounts

Mortga
commit ments 2

Number Amount

829
606

689
185

11 772
16,962

10,503
15,332

38
48

1,231
1,582

n.a.
n.a.

n.a.
n.a.

917
982
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

724

549

34,570
34,650
34,847
34,660
34,633
34,977

798
730
665
724
606

3,312
3.336
3,370
3,339
3,372
3,362

86.894
79,862
77,316
73,699
76,612
65,248

1,503
1,460
1,439
1,294
1,245
1,170

698
735
776
690
732
840

547
561
553
556
552
565
569
570
575
578
569

38,592
38,784
38,947
38,664
38,729
38,945

710

727
725
698
718
829

572

34,909
34,959
35,279
35,184
35,242
r
35,463
35,484

660
742
722
713
799
r
720

771

38,934
39,101
39,420
39,288
39,464
r
39,642
39,760

3,365
3,400
3,419
3,391
3,423
r
3,459
3,479

62,285
55,775
55,028
57,916
54,364
52,638
53,276

1,099
1,029
1,008
1,059
1,042
1,028
1,031

1 026

797

3 Data reflect consolidation of a large mutual savings bank with a commercial bank.
NOTE.—These data differ somewhat from those shown elsewhere in
the BULLETIN; the latter are for call dates and are based on reports filed
with Federal and State bank supervisory agencies. Loans are shown
net of valuation reserves.

SAVINGS INSTITUTIONS

1033

LIFE INSURANCE COMPANIES 1
[Institute of Life Insurance data. In millions of dollars]
Business securities

Government securities
Total
assets

Date

End of year: 3
1941
1945
1953
1954
1955
1956
1957
1958
1959

.

End of month: 4
1957—Dec
1958 Dec
1959_june
July
Aue
Sept
Oct
Nov
Dec

...

. ..

I960 Jan
Feb
Mar
Apr
May
June

.

Total

United State and
States
local Foreign 2
(U.S.)

Total

Bonds

Stocks

Mortgages

Real
estate

Policy
loans

Other
assets

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

601
999

6 442
6,636

1,878
857

2,919
1,962

1,840
1,738

78,533
84,486
90,432
96 Oil
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

1,410
1,346
1,215
1,239
1,285
1 370
1,513

34,438
37,300
39,545
41 543
44,057
47 108
49,666

31,865
34,032
35,912
38 040
40,666
42 999
45,105

2.573
3,268
3,633
3,503
3,391
4 109
4,561

23.322
25 976
29,445
32 989
35,236
37 062
39,197

2,020
2,298
2,581
2 817
3,119
3 364
3,651

2,914
3,127
3,290
3,519
3,869
4,188
4,618

3,302
3,523
3,743
4,076
4,338
4.624
4,937

101,309
107,580

10,691
11,242

7,028
7,182

2,377
2,691

1,286
1,369

43,750
46,420

40,737
43.044

3,013
3,376

35,271
37,092

3,120
3,387

3,872
4,186

4,605
5,253

110,424
111,152
111,646
111,846
112,405
112 904
113,626

11,679
11,807
11,938
11,772
11,770
11 668
11,536

7,246
7,259
7,354
7,169
7,147
7 016
6,848

2,991
3,085
3,115
3,130
3,138
3 154
3,177

1,442
1,463
1,469
1,473
1,485
1 498
1,511

47,800
48,024
48,096
48,224
48,444
48,662
48,908

44,314
44,477
44,539
44,658
44,853
45,032
45,206

3,486
3,547
3,557
3,566
3,591
3,630
3,702

37,894
38,108
38,282
38,493
38,744
38,984
39,299

3,522
3,583
3,603
3,624
3,631
3,673
3,670

4,380
4,389
4,423
4,464
4.511
4,555
4,605

5,149
5,241
5,304
5,269
5,305
5,362
5,608

114,202
114,666
114,965
115,394
115,908
116,377

11,731
11,755
11 638
11,583
11,554
11,468

7,011
6 975
6 808
6,723
6,661
6,559

3,197
3 222
3 257
3,278
3,304
3,317

1,523
1,558
1,573
1,582
1,589
1,592

49,047
49,170
49,298
49,450
49,725
49,880

45,330
45,435
45,576
45,708
45,940
46,942

3,717
3,735
3,722
3,742
3,785
3,788

39,573
39,769
40,011
40,236
40,439
40,631

3,688
3,698
3,712
3,721
3,766
3,786

4,651
4,709
4,774
4,838
4,897
4,957

5,512
5,565
5,532
5,566
5,527
5,658

1
2

Figures are for all life insurance companies in the United States.
Represents issues of foreign governments and their subdivisions
and bonds of the International Bank for Reconstruction and Development.
3 These represent annual statement asset values, with bonds carried on
an amortized basis and stocks at end-of-year market value.

4
These represent book value of ledger assets. Adjustments for interest
due and accrued and for differences between market and book values
are not made on each item separately, but are included in total, in "Other
assets."

SAVINGS AND LOAN ASSOCIATIONS i
[Federal Savings and Loan Insurance Corporation data.

In millions of dollars]

Assets
End of year
or month

Mortgages2

U.S.
Govt.
obligations

Liabilities

Cash

Other 3

Total
assets—2
Total
liabilities

Savings
capital

Reserves
and
undivided
profits

Borrowed
money 4

Loans in
process

Other

Mortgage
loan
commitments 5

1941
1945
1952
1953
1954
1955
1956
1957
1958 r
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

863
959
1,244
1,411
1,430
1,484

n.a.
n.a.
n.a.
833
843
862
1,475
1,285

1959_j U ne.
July..
Aug..
Sept..
Oct...
Nov..
Dec.'

49,348
50,131
50,858
51,528
52,149
52.608
53,093

4,413
4,517
4,534
4,527
4,534
4,500
4,474

2,348
1,916
1,873
1,820
1,752
1,817
2,201

3,570
3,462
3,484
3,549
3,637
3,777
3,707

59,679
60,026
60,749
61,424
62,072
62,702
63,475

51,461
51,651
52,045
52,489
52,888
53,371
54,556

4,093
4,099
4,111
4,116
4,121
4,133
4,392

I960—Jan.rr.
Feb. r.
Mar.
Apr.r
May.
June.

53,413
53,811
54,356
54,922
55,552
56,310

4,675
4,742
4,715
4,716
4,731
4,577

1,887
1,854
1,903
1,873
1,953
2,261

3,594
3,656
3,756
3,860
4,069
3,994

63,569
64,063
64,730
65,371
66,305
67,142

55,024
55,433
56,056
56,428
57,061
58,243

4,400
4,410
4,419
4,424
4,429
4,632

r
Revised.
n.a. Not available.
* 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 deductions for mortgage pledged shares. Beginning with January




1,675
1,706
1,824
1,972
2,108
2,165
2,388

1,161
1,282
1,589
1,597
1,585
1,539
1,476
1,374
1,282

713
857
861
973
1,184
1,308
',479
,659
857

1,935
1,810
1,683
1,721
1,721
1,930

1,184
1,172
1,219
1,265
1,314
1,358

,026
,238
,353
,533
,780
979

1,979
1,951
1,862
,779
,626
,470
,285
,316
,378
,482
,560
,632
,614

1958, no deduction is made for mortgage pledged shares. These have
declined consistently in recent years and amounted to $42 million at the
end3 of 1957.
Includes other loans, stock in the Federal home loan banks and other
investments, real estate owned and sold on contract, and office buildings
and4 fixtures.
Consists of FHLB advances and other borrowing.
5 Not a balance-sheet item.
NOTE.—Data for 1959 and 1960 are preliminary.

1034

BUSINESS FINANCE

CORPORATE PROFITS, TAXES, AND DIVIDENDS

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i

[Department of Commerce estimates. In billions
of dollars]

[Securities and Exchange Commission estimates. In millions of dollars]

Year or
quarter

Profits
before
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

9.0
9.2
9.8
11.2
12.1
12.6
12.4
13.4

8.3
8.9
7.0
11.8
11.3
9.7
6.7
10.5

1958—1
2
3
4

32.8
34.4
38.8
44.9

16.2
17.0
19.1
22.1

16.6
17.4
19.6
22.7

12.7
12.6
12.6
12.0

3.9
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
8.9

1960—1

48.8

23.8

25.0

13.9

11.0

NOTE.—Quarterly
annual rates.

All types

In- Profits Cash Undisdivi- tributed
come after
taxes taxes dends profits

data

are

at

seasonally

Year or
quarter

Bonds and notes

Stocks

New Retire- Net
Net
New RetireNew Retire- 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
967
1,406

1,593
1,141
1,405

432
445
363

1,161
696
1,042

1960—1
2

2,950
3,101

1,211
1,163

1,739 1,608
1,937 1,808

728

880
1,090

1,341
1,293

482
446

859
847

in

1 Reflects cash transactions only. As contrasted with data shown on p. 1036 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. 1036.

adjusted

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS'
[Securities and Exchange Commission estimates.

In billions of dollars]

Current assets

End of year
or quarter

1952
1953
1954
1955
1956
1957
1958

Net
working
capital

U. S.
Govt.
securities

Cash

Total

Current liabilities

Notes and accts.
receivable

Notes and accts.
payable
Inventories

U.S.
Govt. 2

Other

Other

U. S.
Govt. 2

Other

Federal
income
tax
liabilities

Total

Other

90.1
91.8
94.9
103.0
107.4
111.6
119.7

186.2
190.6
194.6
224.0
237.9
244.7
246.4

30.8
31.1
33.4
34.6
34.8
34.9
37.3

19.9
21.5
19.2
23.5
19.1
18.6
19.6

2.8
2.6
2.4
2.3
2.6
2.8
2.8

64.6
65.9
71.2
86.6
95.1
99.4
102.1

65.8
67.2
65.3
72.8
80.4
82.2
77.5

2.4
2.4
3.1
4.2
5.9
6.7
7.0

96.1
98.9
99.7
121.0
130.5
133.1
126.7

2.3
2.2
2.4
2.3
2.4
2.3
1.7

57.0
57.3
59.3
73.8
81.5
84.3
81.0

18.1
18.7
15.5
19.3
17.6
15.4
13.0

18.7
20.7
22.5
25.7
29.0
31.1
31.0

1959

2
3
4

125.3
126.9
128.8

257.6
262.1
268.3

35.8
35.5
37.2

21.5
22.9
23.5

2.7
2.7
2.9

107.7
110.6
112.7

81.7
82.1
83.6

8.3
8.4
8.3

132.4
135.2
139.5

1.7
1.7
1.7

84.3
85.8
89.4

13.5
14.4
15.4

32.9
33.3
32.9

I960

1
2

130.7
131.2

270.2
271.5

33.8
34.5

23.4
21.7

2.9
2.9

113.6
115.6

87.2
87.4

9.4
9.5

139.6
140.3

1.8
1.8

89.8
91.0

14.0
13.0

34.0
34.6

1

2
Receivables from, and payables to, the U. S. Government exclude
amounts offset against each other on corporations' books.

Excludes banks and insurance companies.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
[Department of Commerce and Securities and Exchange Commission estimates.

In billions of dollars]

Transportation
Year

1952
1953
1954
1955
1956
1957
1958
1959
19604'
f
1

Total

26.5
28.3
26.8
28.7
35.1
37.0
30.5
32.5
36.4

Manufacturing

11.6
11.9
11.0
11.4
15.0
16.0
11.4
12.1
14.6

Public
utilities

Mining

1.0
1.0
1.0
1.0
[.2
1.2
.9
.0

Railroad

Other

1.4
1.3
.9
.9
1.2
1.4
.8
.9
1.1

.5
.6
.5
.6
.7
.8
.5
>.O
>.l

3.9
4.6
4.2
4.3
4.9
6.2
6.1
5.7
5.9

Revised.
Corporate and noncorporate business, excluding agriculture.
2 Includes trade, service, finance, and construction.




Com2
muni- Other
cations

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
3
4

Quarter

Total

Manufactur- Transing
portaand
tion
mining

Total
(season
Public
All
ally adutili- other
3 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

.2
.5
.5
.5

2.5
2.8
2.7
2.9

30.6
32.5
33.4
33.6

1960—1
2
34r...
44

7.9
9.3
9.3
9.9

3.3
4.0
3.9
4.4

:2
:S

1.2
1.4
.6
1.7

2.7
3.0
3.0
3.0

35.2
36.3
36.9
36.9

Includes communications and other.
Anticipated by business.

1035

BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]

Annual totals

Quarterly totals
1958

Industry
1955

1956

1957

1958

1959

1960

1959
1

4

2

3

4

2

1

Manufacturing
Total (180 corps.):
Sales
Profits before taxes
..
...
Profits after taxes
Dividends
•
•
Nondurable goods industries (79 corps.):*
Sales
Profits before taxes
..
Profits after taxes
Durable goods industries (101 corps.):2
Sales
Profits before taxes
Profits after taxes . . .
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
.
.
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends .

104,402 107,717 114,229 105,134 115,874 28,716 29,555 32,452 26,872 26,995 r 31,573 31,010
14,803 13,418 13,349 10,466 14,013 3,508 3,899 4,643 2,440 3,032 rr4,002 3,559
7.564 7,094 7,177 5,714 7,259 2,003 2,016 2,499 1,099
1,645 2,063 1,809
3,847 4,068 4,192 4,078 4,361 1,042
1,033
1,029 1,051
1,247
1,092 1,099
36,858 39,463 41,740 41,541 45,718 11,007 11,085 11,450 11,414 11,769 r ll,599 11,701
5,013 5,146 5,010 4,402 5,606 1,297
1,376
1,482 1,391
1,356 r 1,407 1,424
785
769
808
780
775
'785
791
2,814 2,943 2,944 2,574 3,131
463
459
445
448
564
482
1,588
1,683 1,776 1,785
1,916
486
67,544 68,254 72,525 63,593 70,156 17,709 18,470 21,001 15,458 15,226 M9,974 19,310
9,790 8,272 8,339 6,065 8,407 2,211 2,523 3,161 1,049
1,675 '2,595 2,135
319
870 '1,277
4,750 4,151 4,233 3,140 4,128 1,218 1,247
1,692
1,018
603
578
585
683
612
2,259 2,385 2,416 2,294 2,445
575
'610
8,632
868
414
260

9,394
955
460
277

9,987 10,707 11,937
1,024 1,152 1,275
497
289

555
312

604
343

2,763
306
148
88

2,786
287
136

2,947

2,986

3,218

'2,821

2,974

85

322
153
78

340
162
79

326
154
100

303
142
92

341
160
88

3,054

3,057

3,146

9,584 10,199 10,669 10,390 11,593
1,823 1,538 2,133
1,866
1,804
948
829
955
942
1,107

2,770

2,770

2,964

2,804

474
270
185

493
254
180

595
302
177

550
282
179

495
269
264

11,515 12,454 13,463 12,838 13,413
919
1,325
1,344
1,444
1,194
979
791
913
1.075
1,068

3,422

3,447

3,228

3,281

300
220
128

259
215
128

690

438

698

481

737

512

717

516

799

523

276
243
129

360

263
133
5,621

7,110

821
416
201

1,183

537
276
191

3,458 '3,427
274
'307
215
'238
134

130

534
281
186

3,273
292
220
130

20,744 22,365 22,468 19,226 20,978
3,267 3,331 2,977 2,182 2,329
1,652
1,727 1,540 1,154 1,127
730
802
831
880
873

5,222

12,480 13,908 15,115 14,685 16,472
1,457 1,463
1,253 1,209
1,854
729
637
933
734
607
368
416
422
461
403

3,833

24,624 21,217 23,453 18,469 20,593
4,011 2,473 2,701 1,332 2,987
706
1,841
1,470
1.186 1,354

5,677

10,106 10,551 10,491
1,341
1,058
1,268
927
737
876
448
438
462

9,826
848
578
403

2,555
365
271
160

2,388
167
99
116

2,633
310
207
82

2,368
127
86
78

2,437
243
186
127

2,411
165
99
91

2,477
'212
«139

872

791

805

758

810

756
404
203
425
208
104
718
447
183

3,853
422

212
113
6,259
1,012
491
184

3,644
-88

4,603

6,003

5,442

695
204

-215

413
231
221

854
426
206

615
322
208

4,189

4,100

4,331

4,000

4,171

504
254
106

462
231
123

466
237
119

389
197
121

395
202
119

4,624

3,124

356
155
197

503
254
233

6,585
1,117
570
196

204

7,022
1,076
521

'199

6,520
940
460
199

Public Utility
Railroad :
Operating revenue
Profits before taxes
Profits after taxes
Dividends...
Electric Power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends

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
1,413 1,519 1,669
1,134 1,213
1,069

2,617
671
391
291

2,928
853
469
303

2,644
682
385
302

2,685
713
392
301

2,845 '3,131
739
853
422
502
306
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

2,025
585
290
200

r
Revised.
* 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

1,967
558
277
196

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.

1036

SECURITY ISSUES
NEW SECURITY ISSUES»
[Securities and Exchange Commission estimates.

In millions of dollars]
Proposed use of net proceeds,
all corporate issuers6

Gross proceeds, all issuers2

Noncorporate
Year or
month
Total

U.S.
Govt.3

27 209
28,824
29,765
26,772
22,405
30,571
34.443
3 1,074

12 577
13,957
12,532
9 628
5,517
9 601
12,063
12,32?

1959_June
July
Aug
Sept . .
Oct . . . .
Nov. . . .

2,290
452
1,710
1,748
I 121
,722
1,942

323
350
309
300
2,574
332
380

I960—Jan
Feb
Mar
Apr
May
June

420
I 958
2,127
435
2,077
391
1,579 2,860
1,951
368
350
2,493

1952
1953
1954
1955
1956
1957
1958
1959

Dec .. .

Federal
agenCy4

Others

Pre- Common
PubPri- ferred
stock
stock
licly
vately
offered placed

Total
Total

237
306
289
182
334
557
1,052
616

9,534
8,898
9 516
10 \ 240
10,939
12,884
11.558
9,748

7 601
7 ,083

86

995
457
523
520
587
458
476

47
93
5
43
39
41
75

925
552
774
735
922
891
926

627
433
642
590
644
657
747

182

696
622

11
181
74
r
43
'78
49

649

150

2,321

707

98
150

150
148

354

Retirement
of
New 7 Other
pur- secuTotal money
poses rities

Bonds

State
and
municipal
4,401
5,558
6,969
5,977
5,446
6,958
7,449
7,681

459
106
458
746
169
572

New capital

Corporate

568
111
556
978

,716
9 380
,495
8 755
9 365 7 490
,8?1
10 049
10 749 1C ,384
12 661 1? ,447
11 372 If ,873
9,527 9 ,392

3 S45
3 f *56
4,<103
4 119
4 , ??5
6 (18
W>
6J
3 , 557

3 957
3,228
3,484
3 301
3,777
3 839
3,320
3,632

564
489
816
635
636
411
571

357
260
228
370
313
261
470

43
26
13
24
47
61
45

255
93
119
121
230
173
134

903
538
758
720
898
871
907

5?4

270
173
•14
220
331
396
277
3?3

26

100

635

?53

577

554

675
'584
'404
859

302

29

361
347
185
540

314
r
237
'219
319

46
'31
r
38
26

156

724

715

7 ,488

7 470
8 ,00?
9 ,957
9 ,653
7 ,190

740

894
r
811
'595
1,115

Total

1 369
1,326
1,213
2 185
2,301
2 516
1,334
531 2,027

201

173
196
153
229

887
535
740
703
879
864
900

875
r
789
r
577
1,085

537
535
709
864
721
663
915

814

364
214
549
135

825
463
699
656
801
803
844

63
73
41
48
78
61
56

16
3
18
16
19
7
7

550

27

58

667

48

260
1,875
1,227

9

57
'86
'48
50

803
r
r681
519
985

860
'766
'567
1 ,034

664

180
960
780
957
663
784
9 907
8, 578

8
7
6
7
9

15
'23
11
51

Proposed uses of net proceeds, major groups of corporate issuers
Manufacturing
Year oi
month
New
capital8

1952
1953
1954
1955
1956
1957
1958
1959
1959_june
July
A.UE

Sent
Oct
Nov
Dec
I960 Jan
Feb

Mar

Apr

May
June

. ..

Commercial and
miscellaneous

Retirement of
New
secu- capital8
rities

3,713
2,128
2,044
2,397
3,336
4,104
3,265
1,941

261
90
190

222

4

533
243

49
195
70

135
127
206
86
114
164

1
15
4
14
(9)
3

68
64

5
4

185
'171
'93

1
2
'3

252

2

Retirement of
New
secu- capital8
rities

512
502
831
769
682
579
867
812

24
40
93

758
553
501

51
51

544
694

29
13
28

802
778
942

129
61
44
35
83
5C
61

6

93

2
10
4
2
1

32
98
138
104
17
60

1
2
5

57
21

64
101
122
Hi
'69
49

6
1

1
Estimates of new issues maturing in more than one year sold for cash
in 2the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Includes guaranteed issues.
* Issues not guaranteed.
* Represents foreign governments, International Bank for Reconstruc-




Transportation

71
'56
r
80
33

Public utility

Retirement of
New
secu- capital8
rities

Communication

Retirement of
New
secu- capital8
rities
88
67
990

14
38
15

2 ,539
2 ,905
1 ,675
7 ,254
1 ,474
3 ,821
1 ,605
3 ,189

51
138
15

747
871
651
1 045
1 384
1,441
1 294
707

4

328

1

22

225
36
270
338
20

1
1
1
(9)

1
1

170
191
109
341
241
346

(9)

155
245

(9)

198
302
r
144

s

362

174
14

Retirement of New 8
secu- capital
rities
6
3
60
77
21

4
118
(9)

5
(9)

2

(9)
18
(9)
3

129
245
161
140
180
198

36
56
126
262
72
36
81

69
'52
'37
64

448
1,536
788
1 812
1 815
1,701
1 014
1,801
94

7

1

Real estate
and financial

1

196
203

215
139
'143
275

Retirement of
securities
60
24
273
56
17

67
47
6
1

(')
51
(9}

6
'2
r\
9

tion and Development, and domestic eleemosynary and other nonprofit
organizations.
6 Estimated net proceeds are equal to estimated gross proceeds less cost
of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
78 Represents proceeds for plant and equipment and working capital.
Represents all issues other than those for retirement of securities.
9 Less than $500,000.

1037

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]
Issues for new capital

All issues (new capital and refunding)

Period
Total

General
obligation

Public FederReve- Housal
ing
Govt.4
nue Author3
loans
ity

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—May. . .
June
July....
Aug.. . .
Sept
Oct
Nov
Dec

596
1,010
567
515
515
594
517
455

369
545
224
392
398
357
371
380

93
426
192
117
112
128
73
59

1960—Jan
Feb
Mar
Apr
May....
June....

741
'631
'578
'734
'555
970

449
'364
r
467
'448
'293
497

'245
152
'84
248
'111
411

1952
1953
1954
1955
1956
1957
1958
1959

305
496
374
474
199
66
187
333

105

102

103
20
133

Use of proceeds 2

Type of issuer 2

Type of issue

Special
district
and
statu- Others
tory
authority

State

9
9
9
2
44
324
420
384

718
767
2,047
1,408
800
1,508
2,016
1,609

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

29
40
150
6
5
7
73
15

50
271
150
177
133
30
106
125

147
359
62
80
93
125
59
75

399
381
355
258
290
439
351
255

47
12
27
18
17
63

176
7
154
'57
65
227

157
'272
'89
'247
'52
335

'409
'352
'335
'430
'437
409

r

n.a. Not available.
Revised.
1 Data prior to 1957 are from the Bond Buyer as classified by Federal
Reserve.
2 Classifications prior to 1957 as to use of proceeds and type of issuer
are based principally on issues of $500,000 or more; smaller issues not
classified. As a result some categories, particularly education, are understated
relative to later data.
3
Includes only bonds sold pursuant to the Housing Act of 1949.
These are secured by a contract requiring the Public Housing Administration4 to make annual contributions to the local authority.
Beginning with 1957, coverage is considerably broader than earlier.

Total
amount
delivered «

Total

Education

Water
Roads sewer
and
and
bridges other
utilities

Residential
housing 7

4,096
5,477
6,789
5,911
5,383
7,099
7,746
7,773

969
1,320
1,432
1,516
1,455
2,551
2,644
2,238

938
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
506
456
570
258
299
530
701

904
593
613 1,006
985
567
538
514
401
468
502
593
603
513
431
453

191
225
155
151
168
168
153
252

25
134
159
59
43
28
37
16

188
321
50
86
82
135
106
57

121
29
145
4
1
102
126
4

219
'181
'217
'312
'140
250

31
77
79
'136
'15
51

107
'105
'56
113
'120
179

39
108
18
27
144
53

n.a.
n.a.
n.a.
n.a.
n.a.
6,568
7,708
7,415

480
'632
'639
545
'729
546

736
'623
'575
'729
'551
970

Veterans'
aid

Other
purposes

100
141
162
169
110
333
339
355

1,024
1,119
1,333
1,414
1,464
1,352
,657
681
68
197
58
94
141
160
91
126

ioo
120
32

50

290
151
155
141
131
386

50
51

5

Consists of municipalities, counties, townships, school districts and,
prior
to 1957, small unclassified issues.
6
Excludes Federal Government loans. These data are based on date
of delivery of bonds to purchaser (and of payment to issuer) which 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, AUGUST 31, 19601
[On basis of daily statements of United States Treasury.
Issue and coupon rate
2

Treasury bills
Sept. 1,1960
Sert. 8,1960
Sept. 15,1960
Sept. 22,1960
Sept. 29,1960
Oct. 6.1960
Oct. 13, 1960

Oct. 17, 1960
Oct. 20, 1960
Oct. 27, 1960
Nov. 3, 1960
Nov. 10, 1960
Nov. 17, 1960
Nov. 25, 1960
Dec. 1,1960
Dec. 8,1960
Dec. 15,1960
Dec. 22,1960
Dec. 29,1960
Jan. 5,1961
Jan. 12, 1961
Jan. 15, 1961
Jan. 19,1961
Jan. 26, 1961

• Tax anticipation series*
1 Direct public issues.




Amount

Issue and coupon rate

Treasury bills—Cont.
1,501
Feb. 2,1961
1,600
Feb. 9, 1961
1,600
Feb. 16, 1961
1,601
Feb. 23, 1961
1,500
Mar. 22, 1961*
1.501
Apr. 15, 1961
1,501
July 15, 1961
2,007
1,400 Certificates
1,400
Nov. 15, 1960
1,400
Feb. 15, 1961
,505
May 15, 1961
1,600
Aug. 1,1961
1,600
500 Treasury notes
500
Oct. 1,1960
500
Apr. 1,1961
500
May 15, 1961
500
Aug. 1,1961
500
Oct. 1,1961
500
Feb. 15, 1962
1,504
Feb. 15, 1962
400
Apr. 1,1962
400
May 15,1962
Aug. 15, 1962

Amount

In millions of dollars]

Issue and coupon rate

Amount

434
4%
4%
3i/8

7,829

590
1,143
3,971
533
1,743
506
3,011
457
4,933
3,893
2,316
490
4,195
169
2,113

1%
AVi
3%
4
1%
3%
4
lfc
4
4

Treasury notes—Cont.
Oct. 1,1962
1%
Nov. 15, 1962
3V4
Feb. 15, 1963
2%
Apr. 1,1963
1%
May 15, 1963
4
Oct. 1,1963
U/i
Nov. 15, 1963
4%
Apr. 1,1964
11/2
May 15, 1964
4*4
May 15,1964
3V4
Aug. 15, 1964
5
Oct. 1,1964
1%
Nov. 15, 1964
4%
Apr. 1,1965
iy 2
May 15, 1965
4%

278
144 Treasury bonds
4,078
June 15, 1959-62...214
2,136
Dec. 15, 1959-62... 2V4
332
Nov. 15, 1960 3 2i/8
647
Dec. 15, 1960-65 . . 2%
1,435
Sept. 15. 1961
2V4
551
Nov. 15,1961
2V2
June 15, 1962-67... 2Vi
2,211
Aug. 15, 1963
2Vi
158

5,263
3,451
3,806
1,485
2.239
6,964
2,109
6,755

400
500
500
501
3,512
2,001
1,501
7,037
6,938
3,674

2

Issue and coupon rate
Treasury bonds—Coet.
Dec. 15, 1963-68... 2Vi
Feb. 15, 1964
3
June 15, 1964-69... 2 Vi
Dec. 15, 1964-69... 2 V2
Feb. 15, 1965
2%
Mar. 15, 1965-70... 2 ^
Aug. 15, 1966
3
Mar. 15, 1966-71...2Vi
June 15, 1967-72... 2 ^
Sept. 15, 1967-72... 2Vt
Dec. 15, 1967-72... 21/2
May 15,1968
3%
Oct. 1,1969
4
Nov. 15, 1974
3%
May 15, 1975-85.. .414
Feb. 15, 1980
4
June 15, 1978-83... 3V4
May 15, 1985
3V4
Feb. 15, 1990
3Vi
Feb. 15, 1995
3
Panama Canal L o a n . . . . 3
Convertible bonds
Investment Series B
Apr. 1,1975-80.... 2*/4

Amount

2,815
3,854
3,737
3,811
6,896
4,690
1,484
2,937
1,803
2,716
3,623
1,390
1 276
654
470
884
1,600
1,135
1,727
2,722
50

6,162

Sold on discount basis. For discounts on individual issues, see tables
on Money Market Rates, p. 1030.
3 Partially tax-exempt.

1038

FEDERAL FINANCE
UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY
[On basis of daily statements of United States Treasury.

In billions of dollars]

Public issues 3

Total
gross
debt 1

End of
month

1941 Dec
1945 Dec
1947 Dec
1952 Dec
1953 Dec .
1954—Dec
1955 Dec
1956 Dec
1957 Dec
1958 Dec

...

1959 Aug
Sept
Oct
Nov
Dec
I960

.

Jan
Feb
Mar

Apr
May

June
July
Aug

Total
gross
direct2
debt

Marketable

Nonmarketable
Bonds

Total
Total

Bills

Certificates

Notes

Bank
eligible 4

Bank
restricted

Convertible
bonds Totals

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

290.5
288.4
291.4
290 7
290.9

290.4
288.3
291.3
290 6
290.8

242.9
241.1
244.9
244 2
244.2

184.5
183.1
187.4
187.0
188.3

38.6
37.1
39.1
39.1
39.6

20.3
20.3
20.3
19.7
19.7

40.7
40.8
43.1
43 3
44.2

84.8
84.8
84.8
84 8
84.8

7.6
7.5

291.2
290.7
287 0
288.9
289.5
286.5
288.5
288.8

291.1
290.6
286 8
288.8
289.4
286.3
288.3
288.7

245.5
244.8
240.5
242.9
242.4
238.3
241.1
240.4

189.9
189.4
185.4
188.1
187.7
183.8
186.9
186.3

41.2
41.2
37.2
37.1
37.3
33.4
36.4
36.4

19.7
15.2
15.2
15.2
17.7
17.7
17.7
25.5

44.2
48.2
48 3
50.6
47.6
51.5
51.6
42.0

84.8
84.8
84 8
85.2
85.2
81.3
81.3
82.3

7.0

1
Includes some debt not subject to statutory debt limitation (amounting
to $404 million on Aug. 31, 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 $10,639 million on July 31, 1960.

"52.2
49.6
21 0
13.4
5.7

12.5
12.0
11.8
11.4
10.8
9.5
8.3

7.3

7 2
7.1

6.9
6 6
6.5
6.4
6 3
6.2
6.2

Savings
bonds

Tax
and
savings
notes
2.5
8.2
5.4
5 8

Special
issues

8.9
56.9
59.5
65 1
65.1
63.6
59.2
57.4
53.4
52.1

6.1
48.2
52.1
57.9
57.7
57.7
57.9
56.3
52.5
51.2

50.8
50.6
50.2
50 0
48.9

50.0
49.7
49.4
49.3
48.2

44.7
44.4
43.6
43 6
43.5

48.6
48.5
48.4
48.3
48.2
48.2
48.0
48.0

47.9
47.8
47.8
47.6
47.6
47.5
47.4
47.3

42.6
42.8
43.3
42.8
43.9
44.9
44.2
45.2

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]
Held by
U. S. Govt.
agencies and
trust funds*

Total
gross
debt
(including guaranteed
securities)

Special
issues

Public
issues

1941 Dec
1945—Dec
1947_Dec
1952—Dec
I953 Dec
1954—Dec
1955 Dec
1956—Dec
1957 Dec
1958—j un e
Dec

64.3
278.7
257.0
267.4
275.2
278.8
280.8
276.7
275.0
276.4
283.0

7.0

20.0
29.0
39.2
41.2
42.6
43.9
45.6
45.8
46.2
44.8

2.6
7.0

I959—June
July

284.8
288.8
290.5
288.4
291.4
290.7
290.9

44.8
44.1
44.7
44.4
43.6
43.6
43.5

291.2
290.7
287.0
288.9
289.5
286.5

42.6
42.8
43.3
42.8
43.9
44.9

End of
month

AUK

Sept
Oct

Nov
Dec
I960 Jan
Feb

Mar
Apr

M^ay
r
1

.

...

Held by the public

Total

Federal
Reserve
Banks

Commercial2
banks

54.7
251.6
222.6
221.6
226.9
229.2
229.1
222.7
219.8
220.5
228.6

2 3
24.3
22.6
24.7
25.9
24.9
24.8
24.9
24 2
25.4
26.3

21.4
90.8
68.7
63.4
63.7
69.2
62.0
59.5
59 5
65.3
67.5

230.2
234.7
235.9
234.2
237.8
236.9
237.3

26.0
26.5
26.7
26.6
26.6
26.9
26.6

61.5
62.1
61.1
60.3
60.8
59.5
60.3

7.3

10.0
9.9
9.8
10.0
10.2
10.2
10.6
10.4
10.4
10.4
10.5
10.4

238.0
237.5
233.3
235.7
235.1
231.1

25.5
25.2
25.3
25.6
26 0
26.5

59.1
57.1
54.9
57.0
56.2
55.6

5.4
6.7
7.1
7.0
7.8
8.4
9.4
9.7
9.6
9.9

Revised.
Includes the Postal Savings System.
* Includes holdings by banks in territories and insular possessions,
which amounted to about $85 million on Dec. 31, 1959.




Mutual
savmgs
banks

Insurcompanies

Other
corporations

State
and
local
govts.

Individuals
Savings
Other
bonds securities

Misc.
investors 3

3.7

8.2

4.0

.7

5.4

10.7
12.0
9.5
9.2
8.8
8.5

24.0
23.9
16.0
15.9
15.3
14.6
13.2
12.5
12.2
12.7

22.2
14.1
19.9
21.5
19.2
23.5
19.1
18 6
15.3
19.6

6.5

7.3
11.1
12.7
14.4
15.1
16.1
17 0
16.9
16.7

42.9
46.2
49.2
49.4
50.0
50.2
50.1
48.2
48.0
47.7

8 2
21.2
19.4
16.0
15.4
13.5
14.8
15.6
15 5
14.7
14.4

8.4
11.7
13.2
13.9
15 6
16.1
16 5
15.2
16.5

7.3
7.3
7.3
7.0
6.9
6.9

12.5
12.6
12.7
12.6
12.6
12.5
12.3

21.5
23.4
24.4
22.9
24.1
24.2
23.5

16.7
17.0
17.2
17.3
17.4
17.4

47.0
46.9
46.7
46.5
46.3
46.2
45.9

18.1
18.6
19 1
19.8
21.2
21.4
22.4

19 4
20.4
20 6
21.0
21.7
21.9
21.8

6.9
6.9
6.9
6.8
6.7

12.5
12.4
12.2
12.1
12.0
11.8

25.4
26.2
23.4
23.9
24.2
20.9

45.8
'45.8
45.7
r
45.7
r
45.6
45.6

23.3
23.8
24.7
24.3
24 3
24.4

22.0
22.4
22 4
22.8
22 4
22.0

8.0

7 6
7.4
7.3

6.6

17.5
17.6
17.7
17.8
17.7
17 6
17.7

9
9.1

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.

1039

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.

66,882
66,050
65,985
75,573
85,709
95,346

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—May 3 1 .
June 30.

94,166
90,151

37,332
33,415

17,650
17,650

47,557
51,483

7,162
8,236
8,554
9,477
9,681
9,982

40
273
130
173
86
260

355
416
599
537
363

10,272
10,246

351
371

23,607
23,758
23,035
25,438
26,044
26,648

1960—May 31.
June 30.

Total

Within
1 year

1-5
years

5-10
years

Over 10
years

11,676
11,098
10,280
8,898
7,681
7,077

55,206
54,953
55,705
66,675
78,027
88,269

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

85,195
81,297

6,432
6,306

87,735
83,845

72,849
68,982

73,184
72,844

21,413
21,731

20,288
20,288

119
688
,282
,169
,389
,700

3,556
3,575
3,664
4,703
4,988
5,071

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

426
459

,754
,810

5,208
5,136

2,533
2,470

7,738
7,776

1,012
1,070

2,759
2,683

2,006
2,062

1,961
1,961

886
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

1,415
1,415
1,358
1,358
1,060
793

26,035
26,523

2,019
2,513

8,507
8,508

13,010
13,011

2,499
2,491

26,035
26,523

18,899
19,385

5,687
5,689

1,179
1,179

271
271

Commercial banks:
1955—June 3 0 . .
1956—June 3 0 . .
1957_june 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

I960—May 3 1 . .
June 3 0 . .

48,576
48,099

2,765
2,376

1,810
1,832

13,558
15,598

30,348
28,199

94
95

48,481
48,004

6,998
6,546

33,394
33,342

5,935
5,966

2,155
2,151

Mutual savings banks:
1955—June 30
1956—June 30
1 9 5 7 _ j u n e 30
1958—June 30
1959—June 30
Dec. 31

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

I960—May 31.
June 30.

6,600
6,489

247
209

158
166

1,121
1,199

4,715
4,607

360
309

6,240
6,181

492
463

1,744
1,720

2,655
2,662

1,349
1,336

Insurance companies:
1955—June 30
1956—June 30
1957_june 30
1958—June 30
1959—June 30
Dec. 31

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
1,802
1,022
1,004
1.678
2,422

5,796
5,285
4,634
5,074
4,164
3,450

I960—May 31.
June 30.

10.691
10,521

366
232

174
165

1,078
1,225

7,461
7,304

1,612
1,595

9,080
8,926

743
595

2,818
2,794

3,029
3,063

2,490
2,475

Other investors:
1955—June 30.
1956—June 30.
1957—June 30.
1958_June 30.
1959—June 30.
Dec. 31.

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

1960—May 31.
June 30.

91,993
88,272

31,584
27,714

6,576
6,521

17,035
18,640

34,965
33,560

1,833
1,837

90,160
86,436

44,705
40,924

26,783
26,618

6,610
6,800

12,062
12,094

All holders:
1955—June
1956—June
1957—June
1958—June
1959—June
Dec.

U. S. Govt. agencw i and trust funds:
1955—June 30.
1956—June 30.
1957—June 30.
1958—June 30.
1959—June 30.
Dec. 31.
1960—May 31.
June 30.
Federal Reserve Banks:
1955—June 30
1956—June 30
1957__jUne 30
1958—June 30
1959—June 30
Dec. 31

1

Direct public issues.
Includes minor amounts of Panama Canal and postal savings bonds.
NOTE.—Commercial banks, mutual savings banks, and insurance com2




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.

1040

FEDERAL FINANCE
SUMMARY OF FEDERAL FISCAL OPERATIONS
[On basis of U. S. Treasury statements and Treasury Bulletin.

In millions of dollars]

Derivation of Federal Government cash transactions
Receipts from the public,
other than debt
Period
Net
Budget
receipts

Cal. year—1957
1958
1959

Net Federal cash borrowing or
repayt. (—) of borrowing
Excess
of rects.
from
InLess:
Equals:
crease,
or
Equals: payts.
Net
or
deTotal to ( - ) , crease
Less:
cash
Net
Adjust- payts.
Other
borrowthe
inv. by
ments 3 to the
noning or
Govt.
public public (direct agen.
cash
&
& agen.) tr. funds debt*

Payments to the public,
other than debt

Equals:
Less:
Total
Plus:
Intrarects.
Trust
Govt.
from
fund
transthe
receipts actions
* public*

Budget
expenditures

Plus:
Trust
fund
expenditures

T-T

72,284
68,694
73,282

15,368
16,797
18,830

3,079
3,710
4,509

84,521
81,728
87,552

71,692
75,782
80,321

14,794
17,856
20,244

3,155
4,622
5,009

83,328
89,014
95,560

71,029
69,117
1958
68,270
1959
I960?.... 78,368

14,369
16,329
17,084
21,795

3,242
3,493
3,650
5,126

82,107
81,893
81,660
94,984

69,433
71,936
80,697
77,299

12,961
16,069
18,597
22,075

2,386
4,592
4,491
5,092

Semiannually :
28,902
1958—July-Dec
39,368
1959—Jan.-June
July-Dec
33,914
I960—Jan.-JuneP... 44,454

7,635
9,449
9,381
12,414

1,627
2,023
2,486
2,640

34,892
46,768
40,784
54,200

39,906
40,791
39,530
37,769

8,921
9,676
10,568
11,507

1,285
3,205
1,804

3,246
5,679
8,486
3,023
5,897
7,582

1,214
2,444
1,236
1,009
2,004
1,474

486
217
230
348
316
889

3,973
7,903
9,488
3,678
7,579
8,163

6,557
6,305
6,357
6,868
6,598
6,844

4,909
7,265
9,581
5,074
6,555
11,069
3,128

828
2,329
1,708
1,490
3,301
2,757
1,057

272
359
199
189
167
1,453
256

5,461
9,231
11,084
6,369
9,685
12,371
3,927

6,199
6,170
6,424
6,041
6,079
6,855
6,172

Fiscal year—1957

Monthly:
1959_j u ly
Aug
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June**
July?

1,573
-717
-543

64
487
2,081

-1,168
7,762
8,580

80,008
83,413
94,804
94,283

2,099 - 1 , 0 5 3
2,339
-1,520
6,216
657
-13,144
9,656 -1,181
701
3,371
952

-292
-200
2,160
597

-3,100
5,760
8,678

3,288

47,539
47,265
48,295
45,988

-12,649
-495
-7,511
8,212

6,873 -1,494
313
2,783
7,3291 - 8 5 6
-3,958 1,808

653
1,507
574
23

7,713
965
7,615
-5,793

2,174
,528
,735
,886
,496
,748

561
-664
383
861
-134
797

8,171
8,498
7,709
7,894
8,228
7,795

-4,198
-594
1,779
-4,216
-649
368

4,339
1,943
-1,866
3,077
-423
259

-505
573
-399
-683
242
-84

239
31
-9
105
97
111

-1,457

,974
,613
,868
2,067
1,780
2,205
1,790

1,406
-291
1,193
289
-155
847
529

6,767
8,075
7,099
7,819
8,014
8,214
7,433

-1,306
1,156
3,984
-1,450
1,671
4,157
-3,506

229
-686
-3,632
1,949
898
-2,714
2,094

-472
32
507
-498
1,220

147
26
-100
12
53
-114
84

554
-744
-4.039
2,435
-375
-3,622
2,526

1,191
-7,287
-8,006

467
7,533
10,112

1,022

-516

1,822

4,606
1,339
3,656
-763
233

Effects of operations on Treasurer's account
Operating transactions

Net
Budget
surplus,
or
deficit

Trust
fund
accumulation,
or
deficit

Reconciliation
to Treas.
cash

Fiscal year—1957
1958
1959
I960?

1,596
-2,819
-12,427
1,068

1,409
262
-1,511
-280

Semiannually:
1958—July-Dec
1959—Jan.-June
July-Dec
1960—Jan.-JuneP

-11,004
-1,423
-5,617
6,685

Period

Monthly:
1959—July
Aug
Sept
Oct
Nov
Dec
1960—Jan
Feb
Mar
Apr
May
JuneP
July

Financing transactions
Net
market
issuance

Net

Govt.
agency
obligations 5

in Fed.
sec. by
Govt.
agency
& trust
funds5

-518
670
-29
-146

1,085
567
71
1,023

-2,300
-197
1,112
-713

-1,286
-225
-1,187
907

-232
203
-437
291

-121
192
366
657

-3,311
-626
2,129
-3,846
-701
738

-960
916
-499
-877
507
-274

35
-641
323
541
-537
-158

-1,290
1,095
3,157
-968
476
4,214
-3,044

-1,146
716
-160
-577
1,521
552
-734

634
-838
994
134
-332
-301
186

Account of Treasurer of United
States (end of period)
Deposits in:

Held
outside
Treasury

Treasurer's
account

Balance

F. R.
Banks
(available
funds)

Treasury
Tax and
Loan
Accts.

Other
net
assets

-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

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

51
155
3
56
102

670
-666
317
667
-67
-12

3,976
1,714
-2,100
2,957
-664
209

-77
-33
-73
86
-10

486
781
399
-641
-1,408
615

5,837
6,617
7,017
6,376
4,968
5,583

522
537
704
488
582
504

4,364
5,227
5,353
4,990
3,559
4,216

951
853
960
898
827
863

3
105
104
143
153
150
23

764
-160
-386
296
-1,097
-1,042
616

287
-501
-3,757
1,961
579
-3,036
2,008

-26
-33
75
-115
83
44
27

-722
450
-122
1,105
1,217
494
-1,006

4,862
5,311
5,189
6,294
7,511
8,005
6,998

567
453
549
619
462
504
477

3,246
3,843
3,738
4,490
6,180
6,458
5,676

1,049
1,015
902
1,185
869
1,043
845

(+)of

i

n.a. Not available.
* Preliminary.
i Consists primarily of interest payments by Treasury to trust accounts
and to Treasury by Govt. agencies, transfers to trust accounts representing




Increase,
or
decrease

Cash balances:
inc., or dec. (—)

gross
direct
public
debt

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.

1041

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

Transfers to:
Oldage
trust
funds

High- R.re-R.
way
tiretrust ment
fund acct.

Refunds
of
receipts

Income and
profit taxes
Total
Budget
receipts

Individual
Corporation

Withheld

Other

12,302
11,528
11,733
13,271

Fiscal year—1957
1958
1959
I960?

71,029 6,634 ,479
69,117 7,733 2,116
68,270 8,004 2,171
78,368 10,211 2,642

616
575
525
609

3,917
4,433
4,933
5,045

83,675
83,974
83,904
96,874

26,728
27,041
29,001
31,677

Semiannually:
1958—July-Dec
1959—Jan.-June
July-Dec
I960—Jan.- June*

28,902
39,368
33,914
44,454

3,383 ,112
4,621 1,059
3,815 1,281
6,396 1,361

265
260
307
302

634
4,299
718
4,327

34,296
49,608
40,035
56,839

13,769 2,827 6,174
15,232 8,906 11,918
15,652 3,041
8,323
16,025 10,230 13,856

167
181
161
129
72
7

3,936
7,418
9,552
3,626
7,152
8,350

1,239
4,223
2,264
1,211
4,345
2,371

364
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

860
4,835
2,541
770
4,744
2,275
1,055

2,144
884
791
3,520
1,039
1,852
346

Monthly:
1959—July
Aug
Sept
Oct
Nov
Dec
1960—Jan
Feb
Mar
Apr
May
June?
July

3,246
5,679
8,486
3,023
5,897
7,582

311
1,235
652
259
882
476

192
237
201
198
219
233

20
85
52
16
82
51

4,909
7,265
9,581
5,074
6,555
11,069
3,128

298
1,243
1,078
839
1,834
1,104
365

218
264
191
202
249
238
257

16
84
50
17
82
52
17

21,531
20,533
18,092
22,179

Employment
taxes 7

Other
receipts

Liquor

10,638 7,581
10,814 8,644
10,760 8,854
11,861 11,161

4,895
5,414
5,464
6,725

2,973
2,946
3,002
3,194

1,674
1,734
1,807
1,932

4,098
4,316
4,315
5,114

1,963
2,352
2,408
2,706

Excise
taxes

Mfrs.
Torebacco and
tailers'

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

568
368
3,311
491
405
3,180

971
1,027
1,007
977
936
1,031

332
1,321
704
278
965
527

462
356
430
413
402
879

243
288
300
319
296
258

150
172
169
179
162
152

564
483
6,192
619
467
5,530
670

794
954
1,044
945
1,061
1,114
995

341
1,611
1,149
858
1,918
1,157
383

722
522
500
755
496
788
527

186
214
258
248
282
303
n.a.

138
151
152
157
166
183
n.a.

1,271
1,137

1,320

1,386
n.a.

Budget expenditures *
Major national security
Period
Total
Total 9

Intl.
affairs
Military
Military assist- Atomic and
defense
energy finance
ance

Agriculture
Vetand
Comerans' Labor
GenNatagrimerce
Interservural
eral
and
culreand
ices
and
est
governbene- welfare tural sources housing ment
refits
sources

Fiscal year—1957..
1958..
1959..
1960*\

69,433
71,936
80.697
77,299

43,270
44,142
46,426
45,611

38,439
39,062
41,233
41,200

2,352
2,187
2,340
1,607

1,990
2,268
2,541
2,624

1,973
2,231
3,780
1,736

7,308
7,689
7,671
9,268

4,793
5,026
5,174
5,056

3,022
3,447
4,421
4,338

4,525
4,389
6,529
5,066

1,297
1,544
1,669
1,713

1,455
2,109
3,421
2,822

1,790
1,359
1,606
1,692

Semiannually:
1958—July-Dec..
1959—Jan.-June.
July-Dec..
1960—Jan.- June?

39,906
40,791
39.530
37,769

23,246
23,180
23,119
22,492

20,619
20,614
20,975
20,225

1,145
1,195
715
892

1,269
1,272
1,290
1,334

1,206
2,574
650
1,086

3,686
3,985
4,494
4,774

2,580
2,594
2,493
2,563

2,158
2,263
2,086
2,252

3,922
2,607
2,961
2,105

896
773
941
772

1,438
1,983
1,950
872

765
841
833
859

8,631
6,557
6,305
6,357
6,868
6,598
6,844

4,487
3,772
3,710
3,783
3,980
3,643
4,231

3,946
3,435
3,375
3,412
3,622
3,275
3,856

320
95
90
122
135
148
125

214
224
208
205
204
212
237

1,673
159
144
136
-85
173
123

698
735
734
725
740
747
813

474
406
400
428
405
424
430

351
330
352
364
405
317
318

181
506
346
403
675
495
536

200
143
150
176
173
165
134

379
388
346
178
446
467
125

187
131
114
143
166
130
149

6,199
6,170
6,424
6,041
6,079
6,855

3,523
3,684
3,976
3,669
3,669
3,971

3,160
3,371
3,570
3,306
3,331
3,487

136
103
171
136
110
236

210
210
223
222
224
245

157
169
140
163
196
261

831
788
792
777
777
809

419
420
457
421
422
424

393
362
340
412
390
355

470
322
289
304
229
491

105
119
120
104
131
193

195
161
148
37
149
182

127
127
156
158
108
183

Monthly:
1959—June
July
Aug
Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr
May
Junep....

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.
*5 Primarily adjustments 2, 3, and 4, described in note 3.
Excludes net transactions of Govt. sponsored enterprises, which are
included in the corresponding columns above.




•Includes transfers to Federal disability insurance trust fund.
7
Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance.
8 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.

1042

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 activity1

1953

Loans, by purpose and agency:
To aid agriculture, total
Federal intermediate credit banks 2
Rural Electrification Administration
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Association
Veterans Administration
Other agencies
To industry, total
Treasury Department
Commerce Department
Other agencies

1955

1956

1957

1958
1

2

3

4

1

6",S77
377
590
648
2,096
3,076
23

6,929
367
638
701
2,226
2,981
18

6,715
375
689
681
2,348
2,621
1

6,752
457
734
724
2,488
2,349
(3)

6,681
454
935
832
2,688
1,778

8,672
511
1,169
819
2,874
3,298

9,630
518
1,313
935
2,919
3,944
(3)

8,490
526
1,547
963
2,973
2,480

7,636
576
1,562
972
3,029
1,498

7,762
623
1,396
916
3,083
1,745

8,178
609
1,499
1,001
3,140
1,929

2,930
2,462
300
168

2,907
2,461
383
63

3,205
2,641
480
84

3,680
3,072
464
145

4,769
3,998
770
1

4,860
3,924
936
1

5,352
4,362
989
1

5,873
4,815
1,056
1

6,352
5,238
1,113
1

6,735
5,568
1,167
1

6,998
5,759
1,238
1

588
174

431
353

678
306
/ 261
79 \ 112

619
209
219
191

674
251
217
206

680
216
187
278

695
111
182
301

717
201
174
342

726
197
170
358

733
185
166
382

739
184
158
397

7 270 1,298

7,057

1,539

1,797

> 413
952
645
500
145

870
272
112
160

245
90
155

246
106
140

264
105
159

293
106
187

297
91
200

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

9 772
3 439
3,419
2,782
73

77P
29
90

166
127
39

256
209
47

213
156
57

344
283
62

548
458
89

562
497
66

1,419

7 233

2J36

7,522

319
87
231

316
91
225

9,840
3,235
3,373
3,043
189

9,972
3,239
3,373
3,115
244

752
691
62

782
722
60

-203
-228
-413
-268
-309
-367
-368
-654
-451
-353
19,883 19,348 20,238 20,657 22,395 25,493 26,977 26,788 27,138 27,865

418
28,090

To aid States, territories, etc., total
Public Housing Administration

4

Treasury Department
International Cooperation Administration
Other agencies
A11 other purposes, total
Housing and Home Finance Agency

Total loans receivable (net)

1960

1959
1954

293
89
204

308
91
217

9 904 10 084
3,504 3,513
3,425 3,425
2,874 2,998
101
147
627
563
64

686
623
63

Investments:
U S Government securities, total
Federal home loan banks
Federal Savings and Loan Insurance Corp
Federal Housing Administration
Federal Deposit Insurance Corporation
Other agencies
Investment in international
institutions
Other securities5

2,602
387
217
319
1,526
152
3,385
219

2,967
641
228
327
1,624
147
3,385
197

3,236
745
241
381
1,720
149
3,385
179

4,670
1,092
332
649
2,178
419
4,795
323

4,998
1,282
345
667
2,270
435
4,796
337

Inventories, total
Commodity Credit Corporation

2,515
2,087

3,852
3,302

428

550

4,356 21,375 21,628 20,810 20,504 20,821 21,879 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
185
183
191
178

21,294
4,257
8 425
8,420
193

Land, structures, and equipment, total
8,062
Commerce Dept. (primarily maritime activities).... 4,834
363
Panama Canal Company
1,475
Housing and Home Finance Agency
1,040
Nat. Aeronautics and Space Administration

8,046
4,798
421
1,739
728

7,822
4,822
421
1,829
450

350

360

1,182
150
619
414

1,068
156
640
272

General Services Administration

General Services Administration
Post Office Department
Other agencies
Bonds, notes, & debentures payable (not guar.), total.
Banks for cooperatives
Federal home loan banks
Federal National Mortgage Association.

\

3,804
896
274
471
1,937
226
3,420
298

4,198
995
288
567
2,049
300
3,420
283

4,533
1 202
296
586
2,139
310
3,420
282

4,442
1 064
310
590
2,154
324
4,795
331

4,478
1,046
320
622
2,162
329
4,795
335

300

9,985
4,502
398
1 762
236
276
311
1,298
590
613

9 962 10,670 10,753
4,535 4,721 4,736
398
396
402
1 801 1 777 1 802
25
88
20
285
283
289
372
342
373
1,308 1,322 1,237
637
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
352
1,221
640
1,376

9,156
2,928
411
1 911
9
313
149
1,261
640
1,333

2,379
185
665
958
570

2,711
257
721
963
770

4,662
247
902
825
2,688

4,882
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

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.




3,739
1 018
256
458
1,825
181
3,420
249

4,038
303
1,124
714
1,898

4,212
310
1,256
699
1,947

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.

1043

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

1941
1945

Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies

37.6
35.5

20.7
21.0

82.3
91.4
101.3
113.7
129.9
144.5
156.6
171.9
191.0

59.5
66.9
75.1
85.7
99.3
111.2
119 7
131.5
145.4

Farm

1- to 4-family houses

Multifamily and
commercial properties 1

Total

Financial
institutions

Financial
institutions

All
holders

Other
holders

Total

4.7
2.4

12.2
12.1

31.2
30.8

18.4
18.6

11.2
12.2

7.2
6.4

12.9
12.2

8.1
7.4

3.4

75.6
84.2
93.6
105.4
120.9
134.6
146.1
160.7
178.7

51.7
58.5
66.1
75.7
88 2
99.0
107.6
117.7
131.0

41.1
46.8
53.6
62.5
73.8
83.4
89.9
98.5
109.3

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
47.8

15.9
17.2
18.5
19.9
21.8
23.9
25.8
28.8
31.6

Other
holders
4 8

All
holders

Financial
Other
insti- holders2
tutions

6 4
4 8

1 5
1 3

4 9
3 4

10 8
11.7
12 7
14.2
16.1

6 7
7.3
7 8
8 3
9 1
9 9
10 5
11 3
12.3

2 6
2.8
3 0
3 3
3 6
3 9
4 0
4 2
4.5

4 1
4.4
4 8
5 0
5 4
6 0
6 5
7 1
7.8

4.7

9.9

19.4
20.6
21.8
23.5
25.5
27.4
29.5
32.7
35.7

1958

Sept
Dec

167.1
171.9

127.9
131.5

7.4
7.7

31.8
32.7

156.0
160.7

114.5
117.7

95.9
98.5

18.6
19.2

41.5
43.0

27.8
28.8

13.7
14.2

11.1
11.3

4.2
4.2

6.9
7.1

1959

Mar *
June pv
Sept
Dec v

176.0
181.5
186.8
191.0

134 3
138.4
142.2
145.4

8.3
9.5
9.9

33.4
34.2
35.0
35.7

164.5
169.6
174.6
178.7

120.5
124.4
128.1
131.0

100.7
103.9
106.9
109.3

19.8
20.5
21.2
21.7

43.9
45.2
46.5
47.8

29.3
30.1
30.9
31.6

14 6
15.1
15.7
16 1

11 5
11 9
12.2
12 3

4 3
4 4
4.4
4 5

7 2
7 5
7.7
7 8

I960—Mar P

194.4

147.9

10.2

36.3

181.9

133.3

111.2

22.0

48.6

32.2

16.4

12.5

4.5

8.0

1951
1952
1953
1954
1955
1956
1957
1958
1959P

4.0
4.4
4.6
5.1
6.0
7.4
7.7

8.9

v

Preliminary.
1 Derived figures, which include negligible amount of farm loans held
by savings and loan associations.
2 Derived figures, which include debt held by Federal land banks and
Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve
estimates. Financial institutions represent commercial banks (including
nondeposit trust companies but not trust departments), mutual sayings
banks, life insurance companies, and savings and loan associations.
Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home

8.0

8.4
9 0
9.8

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]
Commerc lal bank holdings 2
Residential

End of year
or quarter
Total
Total

1941
1945
1951
1952
1953
1954
1955
1956
1957
1958
1959

.

. ...

1958—Sept
Dec
1959

Mar
June
Sept
Dec

1960—Mar.P

FHAinsured

VAguaranteed

Residential
Conventional

Other
nonfarm

Farm

Total
Total

FHAinsured

VAguaranteed

1 048
856

566
571

4 812
4,208

3 884
3,387

4,929
5,501
5,951
6,695
7,617
8,300
8,735
9,780
11,037

2,458
2,621
2,843
3,263
3,819
4,379
4,823
5,461
6,237

1,004
058
,082
1,159
?97
1,336
367
1,471
1,588

9,916
11,379
12,943
15,007
17,457
19,746
21,169
23,263
24,992

8,595
9,883
11,334
13 211
15,568
17,703
19,010
20,935
22,486

2,567
3,168
3,489
3 800
4,150
4,409
4,669
5,501
6,275

1 726
2,237
3,053
4 262
5,773
7 139
7,790
8.361
8 589

3,355
3,335

9,489
9,780

5,190
5,461

461
471

22,746 20,460
23,263 20,935

5,280
5,501

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
6,875
6,010
6,237

1 505
1 570
1,585
1 588

21,257
21,676
22,134
22,486

6,085

3,135

11,115

6,355

1,580

25,435 22,890

4 906
A,112

3 292
3,395

14,732
15,867
16,850
18 573
21,004
22,719
23,337
25,523
28,145

11,270
12,188
12,925
14 152
15,888
17,004
17,147
18,591
20 320

3,421
3,675
3,912
4,106
4,560
4,803
4,823
5,476
6,122

2,921
3,012
3,061
3,350
3,711
3,902
3,589
3,335
3.161

24,700
25,523

18 049
18,591

5,205
5,476

4 26,130
27,060
27 635
28,145

19,020
19,615
20 040
20,320

28,270 20,335

P Preliminary.
1 Represents all banks in the United States and possessions.
2
Includes loans held by nondeposit trust companies, but excludes
holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member
Bank Call Report and from weekly reporting member banks.
3 Figures for 1941 and 1945, except for the grand total, are estimates
based on Federal Reserve preliminary tabulation of a revised series of
banking statistics. March and September figures are Federal Reserve




Mutual savings bank holding

4 23,638
24,110
24,610
24,992

Conventional

Other
nonfarm

Farm

900
797

28
24

4 303
4,477
4,792
5 149
5,645
6 155
6,551
7,073
7 622

1 274
1,444
1,556
1 740
1 831
1 984
2,102
2,275
2 451

47
53
53
56
58
59
57
53
55

8,276
8,361

6,904
7,073

2 231
2,275

55
53

5,684
5,915
6,096
6,275

8,435
8,510
8 584
8,589

7,138
7,251
7 454
7,622

2,328
2,380
2 422
2,451

53
54
54
55

6,465

8,595

7,830

2,490

55

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.

1044

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

1941
1945

FHAinsured

VAguaranteed

Farm

Total

.. .
976

1952
1953
1954
1955
1956
1957
1958
1959

.

Total

Other

FHAinsured

6,442
6,636

5,529
5,860

815
1,394

VAguaranteed

Farm
Other

4,714
4,466

913
776

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

864
817
672
971
842
653
1,301
^1,580

429
455
1,378
1,839
1,652
831
195
P201

2,313
2,653
2,881
3,298
3,707
3,339
3,343
^3,691

372
420
413
515
514
407
438
P498

21,251
23,322
25,976
29,445
32,989
35,236
37,062
39,197

19,546
21,436
23,928
27,172
30,508
32,652
34,395
36,370

5,681
6,012
6,116
6,395
6,627
6,751
7,443
8,523

3,347
3,560
4,643
6,074
7,304
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

1959

July
Aug
Sept
Oct
Nov
Dec

535
470
517
539
507
667

501
438
488
506
477
619

124
118
134
146
123
153

11
9
21
22
24
36

366
311
333
338
330
430

34
32
29
33
30
48

38,108
38,282
38,493
38,744
38,984
39,299

35,335
35,496
35,698
35,936
36,169
36,475

7,945
8,005
8,082
8,176
8,257
8,318

7,220
7,181
7,153
7,132
7,116
7,115

20,170
20,310
20,463
20 628
20,796
21,042

2,773
2 786
2,795
2 808
2,815
2,824

I960

Jan
Feb
Mar
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

86
28
28
17
23
21
22

305
260
333
316
314
327
280

52
40
61
40
38
34
28

39,573
39,769
40,011
40,236
40,439
40,631
40,694

36,753
36,933
37,155
37,358
37,545
37,722
37,769

8,411
8,484
8,559
8,623
8,677
8,727
8,729

7,162
7,150
7,135
7,117
7,098
7,080
7,057

21,180
21 299
21,461
21,618
21 770
21,915
21,983

2,820
2 836
2,856
2,878
2 894
2,909
2,925

p
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

[In millions of dollars]

RECORDINGS

Loans outstanding (end of period)

Loans made

Total i

New
construction

Home
purchase

Total 2

1941
1945

1,379
1,913

437
181

581
1,358

4,578
5,376

1953
1954
1955
1956
1957
1958
1959

7,767
8,969
11,432
10,545
10,402
12,346
15,463

2,475
3,076
4,041
3,771
3,562
4,096
5,296

3,488
3,846
5,241
4,727
4,708
5,251
6,766

21,962
26,108
31,408
35,729
40,007
45,627
'53,093

OR

LESS

By type of lender
(without seasonal adjustment)

Total
Year or
month

OF $20,000

[In millions of dollars]

FHAinsured

VAguaranteed

Conventional 2

Year or
month

Season- Without.
seasonal
ally
adjustadment 2
justed^

Savings &
loan
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

4,732
5,650

1,490
2,017

404
250

1,165
1,097

218
217

19,747
22,974
28,484
27,088
24,244
27,388
32,235

7,365
8,312
10,452
9,532
9,217
10,516
13,094

1,480
1,768
1,932
1,799
1,472
1,460
523

3,680
4,239
5,617
5,458
4,264
5,204
5,832

1,327
1,501
1,858
1,824
1,429
1,640
1,780

2,787
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

111
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

1941 .
1945
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

1953
1954
1955
1956
1957
1958
1959

.

.

1959
1959
July
Aug
Sept
Oct
Nov
Dec

1,529
1,421
1,374
1,329
1,086
1,094

520
472
450
465
373
377

695
662
645
590
486
465

50,131
50,858
51,528
52,149
52,608
'53,093

2,685
2,760
2,818
2,883
2,939
2,989

7,125
7,136
7,138
7,159
7,172
7,187

40,321
40,962
41,572
42,107
42,497
42,917

884
992
1,165
1,173
1,256
1,425
1,311

296
344
411
411
443
479
425

385
413
468
471
520
612
584

'53,413
"53,811
''54,356
'54,922
'55,556
'56,335
56,999

3,035
3,078
3,120
3,159
3,204
3,249
3,292

7,192
7,197
7,209
7,209
7,222
7,224
7,232

42,186
43,536
44,027
44,554
45,130
45,862
46,475

July
Aug
Sept
Oct
Nov.. .
Dec

.

1960
1960
Jan
Feb

Mar

Apr
May
June
JulyP

Jan
Feb

Mar

Apr
May
June
July

p

Preliminary.
" Revised.
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.




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.

1045

REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES

[In millions of dollars]

[In billions of dollars]
FHA-insured loans
Home
mortgages

Year or month
Total

New
properties

Existing
properties

Projtype
mortgages i

VA-guaranteed loans

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

713

582

708

974
1 030

322
259

848
1 334

907

232

891

2,667
1,823
2 044
2,686
4,582
3 910
2,890
1 311
2,051

1959__july
All 2
Sent
Oct
Nov
Dec
I960—Jan
Feb
Mar

.

Apr

May
June
July

76
130

646
692

1 666
2,563

1,816
1 505
1,371
2 885
3,507

595
929
628

869
868
997

3,614
2,719
3,064
4,257
7,156
5,868
3,761
1,865
2,787

694
660
656
649
583
540

214
215
226
237
223
233

310
288
284
286
225
218

71
67
52
35
50
11

99
89
94
90
85
78

227
202
221
238
220
241

168
150
157
167
158
177

59
52
63
70
61
64

514

221

196

78

195

198
193
172
155
170

28
35
22
45
71

68
67
76
88
103

170
173
153
155
175

148

464
463
433
456
539

170
168
163
167
195

19

133
137
123
124
143

509

162

200

59

88

160

126

47
36
36
29
31
32
34

880

942

890
1 014
1,566
2,564
1,948
863
549
730

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- VAin- guarsured anteed

18.6

4.3

4.1

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
131.0

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

.2
13.2
14.6
16.1
19.3
24.6
28.4
30.7
30.4
30.0

1958—Sept
Dec

114.5
117.7

49.1
50.1

1959—Mar.P.
...
June 1 9 ....
Sept.p
Dec.P

120.5
124.4
128.1
131.0

51.3
52.1
53.1
53.8

18.6
19.7
20.9
21.8
22.9
23.8

30.5
30.4
30.4
30.3
30.2
30.0

69.2
72.3
75.0
77.2

1960—Mar.*.... 133.3

54.5

24.6

29.9

78.8

FEDERAL HOME LOAN BANKS

[In millions of dollars]

[Tn millions of dollars]

ind of year
or month
Total

1 850
2,242
2 462
2,434
2,615
3 047
3,974
3 901
5,531

1951
195?
1953
1954
1955
1956
1957
1958
1959
1959- July
Aug
Sept
Oct

Nov
Dec

1960-—Jan
Feb

Mar
Apr
May

June
July
1

FHAinsured

VAguaranteed

204
320
621

1 646
1,922
1 841
1.632
1,714
2 069
2,737
2 418
2,985

802
901
978

1,237
1 483
2,546

Mortgage
transactions
(during
period)
Purchases

Sales

677
538
542

111
56
??1

609

5

614
411
623

4.948
5 085
5,216
5,335
5 441
5,531

2,104
2 198
2,288
2,383
2 471
2,546

2,844
2 887
2,928
2,953
2 970
2,985

178
165
155
143
127
115

5,508
5,577
5 693
5,785
5,827
5 827
5,918

2,621
2,713
2 821
2,905
2,997
3 042
3,121

2,887
2,864
2 873
2,880
2,830
2 784
2,797

110
138
162
126

129
74
113

525
6?
48?

5
1

239
323
638

476
76
360
764

1,541
568
788
714
672
611
573
568

115
49
?3
1?
67
50

600
601
580

3

569

588

561
592

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.
Source.—Federal National Mortgage Association.




Year or month

Ad- Repayvances ments

Advances outstanding
(end of period)
Total

1945

1,096
1,907

Commitments
undisbursed

1952
1953
1954
1955
1956
1957
1958
1959

. ...

65.4
67.6

Short-1
term

Long-2
term

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

299
317
255
426
430
534
613
942

420
558
802
698
683
653
819
589

773
753
835
854
942

587
570
524
506
589

697
665
662
731
747
838
751
729

499
488
534
571
590
736
682
730

1 251
'745
1 116
1,364
2,067

1 079
1,331
1,231

1959_Aug
Sept
Oct
Nov
Dec

171
200
199
129
281

1960—Jan
Feb
Mar

136
58
88
155
112
290
173
168

May!;;;;
June
July
Aug

28.8
33.1
38.0
43.6
49.3
55.1
60.4
67.6
77.2

p
Preliminary.
NOTE.—For total debt outstanding,figuresfor first
three quarters of year are Federal Reserve estimates.
For conventional,figuresare derived.
Sources.—Federal Home Loan Bank Board, Federal
Housing Administration, Veterans Administration, and
Federal Reserve.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i

Mortgage holdings

14.3

1945

1 417
1 [228
1 265
1,298
2,134

1,192

63
70
78
82
109

1,665
1,795
1,916
1,963
2,134

1,042
1,080
1,109
1,192

531
169
196
117
96
94
269
146

1,740
1,628
1,520
1,558
1,574
1,770
1,674
1,696

892

1,042
963
858
828
827
932
922
967

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.

1046

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

1939
1941
1945

.

1953
1954
1955
1956
1957
1958
I9593

.

Total

...

.

Other
consumer
goods
paperi

Total

Automobile
paper *

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458
455

1,620
1,929
816

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

36,757
37,510
37,962
38,421
38,723
39,482
39,358
39,408
39,648
40,265
40,740
41 362
41,687

1959

July
Aug 3
Sept
Oct .
Nov
Dec

48,047
48,841
49,350
49,872
50,379
52,046

I960

Jan
Feb
Mar
Apr
May
June
July

51,356
51,021
51,162
52,169
52,831
53,497
53,653

Noninstalment credit

Repair
and modernization
loans 2

Singlepayment
loans

Service
credit

Personal
loans

Total

298
376
182

1,088
1,322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
845

6,779
6,751
7,634
8,580
8 782
8,923
10,243

1,610
1,616
1,689
1,895
2,089
2,350
2,704

4,781
5,392
6,163
6,963
7,903
8,570
9,945

8,388
8,896
9 924
10,614
11 103
11,506
12,564

2,187
2,408
3,002
3,253
3 364
3,646
4,176

4,274
4,485
4,795
4,995
5 146
5,060
5,351

1,927
2,003
2,127
2,366
2,593
2,800
3,037

15,923
16,288
16,470
16,659
16,669
16,590

9,134
9,289
9,390
9,534
9 687
10,243

2,517
2,569
2,613
2,653
2,683
2,704

9,183
9,364
9,489
9,575
9,684
9,945

11,290
11,331
11,388
11,451
11,656
12,564

3,954
4,034
4,084
4,050
4,117
4,176

4,407
4,365
4,390
4,525
4,614
5,351

2,929
2,932
2,914
2,876
2,925
3,037

16,568
16,677
16,876
17,218
17,481
17 807
17,946

10,129
9,997
9,940
10,022
10,080
10 194
10,202

2,691
2,695
2,706
2,736
2,786
2 824
2,852

9,970
10,039
10,126
10,289
10,393
10 537
10,687

11,998
11 613
11,514
11,904
12,091
12 135
11,966

4,092
4,151
4,222
4,247
4,345
4 321
4,290

4,816
4,305
4,118
4,451
4,547
4 628
4,506

3,090
3,157
3,174
3,206
3,199
3,186
3,170

1
Represents all consumer instalment credit extended for the purpose
of purchasing automobiles and other consumer goods, whether held by
retail outlets or financial institutions. Includes credit on purchases by
individuals of automobiles or other consumer goods that may be used
in 2part for business.
Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods
paper.
3 Includes data for Alaska and Hawaii beginning with January and
August 1959, respectively.

Charge
accounts

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
End of year
or month

Total
instalment
credit

Total

Commercial
banks

Sales
finance
companies

Credit
unions

Retail outlets
Consumer
finance
companies i

Other i

Total

Department
stores 2

Furniture
stores

Household
appliance
stores

439
496

183
206

240

123
188

17

28

?7ft

377
377
365
377
361
292
295

527
463
487
502
478
506
588

1,070
1,052
1,101
1,269
1,226
1,175
1,296

Automobile
dealers 3

Other

1939
1941
1945

4 503
6,085
2,462

3 065
4,480
1,776

1 079
1,726
745

1 197
1 797
300

132
198

657
759

629

1 438
1,605
686

354
320

102

1953
1954
1955
1956
1957
1958
19594

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

777
911
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
1,242
1,511
1,408
1,393
1,882
2,298

1,004
984
1,044
1,187

36,757
. . . 37,510
37,962
38,421
38,723
39,482

31,861
32,540
32,954
33,318
33,519
33,838

14,230
14,497
14,664
14,817
14,853
14,922

9,592
9,806
9,949
10,071
10,117
10,145

2,946
3,044
3,093
3,143
3,183
3,232

3,463
3,515
3,542
3,570
3,622
3,764

1.630
1,678
,706
,717
,744
1,775

4,896
4,970
5,008
5,103
5,204
5,644

1,826
[,868
1,907
.967
2,045
2,298

1,055
1,072
1,078
1,089
1,107
[,167

284

565

288
288
286
290
295

578
586
593
592
588

I 166
1,164
1,149
I 168
1,170
1,296

39,358
39,408
39,648
40,265
40,740
41,362
41,687

34,003
34,246
34,432
35,085
35,554
36,127
36,506

15,066
15,134
15,139
15,402
15,597
15,834
15,927

10,168
10,276
10,357
10,604
10,744
10,945
11,062

3,225
3,259
3,331
3,418
3,484
3,570
3,622

3,777
3,795
3,811
3,858
3,888
3,938
4,035

1,767
,782
,794
,803
1,841
1,840
[ 860

5,355
5,162
5,216
5,180
5,186
5,235
5,181

2,109
2,002
2,103
2,055
2,059
2,078
2,044

1,132
1,111
1,089
1,080
1,071
1,078
I 071

289
285
281
277
276
277
276

587
590
595
606
615
626
632

1,238
1 174
1,148
1,162
1165
[,176
I 158

1959_J u ly
Aug * .
Sept
Oct
Nov
Dec
I960

Jan
Feb
Mar
Apr
May
June
July .

1 Consumer finance companies included with "other" financial institutions until September 1950.
2 Includes mail-order houses.




m

1,128
1.167

339
395

3 Represents automobile paper only; other instalment credit held by
automobile
dealers is included with "other" retail outlets.
4
See note 3 to table above.

1047

CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT

INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

End of year
or month

1939
1941
1945

Total
instalment
credit

Automobile
paper
Purchased

1,079

1959—July
AUK I

Sept
Oct
Nov
Dec

I960—Jan
Feb
Mar
Apr
May

June
July

178
338

237

447
1,726
66
745
2,215
8,998
8,796 2,269
10,601 3,243
11,777 3,651
12,843 4,130
12,780 4,014
14,922 4,798

1953
1954
1955
1956
1957
1958
19591

Direct

14,230
14,497
14,664
14,817
14,853
14,922

4,580
4,682
4,746
4,816
4,825
4,798

15,066
15,134
15,139
15,402
15,597
15 834
15,927

4,793
4 822
4,876
4,977
5,060
5 170
5,216

Other Repair
and
conmodsumer ernizagoods
tion
paper loans

143
1,867
1,668
2,062
2,075
2,225
2,170
2,511
2,465
2,495
2,500
2,517
2,519
2,511
2,522
2,549
2,597
2,664
2,714
2,754
2,766

166
309

135
161
110

363
471

2,078
1,880
2,042
2,464
2,557
2,269
2,553
2,424

1,317
1,303
1,338
1,469
1,580
1,715
1,941

1,521
1,676
1,916
2,118
2,351
2,612
3,119

2,472
2,494
2,512
2,513
2,553

1,825
1,855
1,882
1,912
1,928
1,941

2,936
2,993
3,042
3,060
3,068
3,119

2,689
2,684
2,562
2,567
2,571
2,588
2,594

1,932
1,928
1,927
1,948
1,976
2,004
2,018

3,130
3,151
3,177
3,246
3,276
3,318
3,333

114

Total
instalment
credit

Automobile
paper

1939
1941
1945

1,197
1,797
300

878
1,363

1953
1954
1955
1956
1957
1958
19591

5,927
6,144
8,443
9,100
9,573
8,740
10,145

1959—July..
Aug.i
Sept..
Oct...
Nov..
Dec.

9,592
9,806
9,949
10,071
10,117
10,145

I960—Jan...
Feb..
Mar..
Apr..
May.
June.
July..

10,168
10,276
10,357
10,604
10,744
10,945
11,062

4,688
4,870
6,919
7,283
7,470
6,404
7,328
7,063
7,240
7,328
7,406
7,388
7,328
7,305
7,342
7,407
7,538

Personal
loans

312

End of year
or month

1

i Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.

End of year
or month

1939
1941
1945

789

1953
1954
1955
1956
1957
1958
19591
1959

j u iy
Aug.!
Sept .
Oct

Nov
Dec
I960

Jan
Feb
Mar
Apr
May
July

. .

Automobile
paper

81

24

957
731

122
54

4,038
4,510
5,406
6,277
7,099
7,577
8,771

538
539
761
1,106
1,143
1,365

622
610
751

8,039
8,237
8,341
8,430
8,549
8,771
8,769
8,836
8,936
9,079
9,213
9,348
9,517

Repair
and
modernization
loans
15

Personal
loans

785
643

370
375
537

247
282
326

648

403

489
616
728

2,883
3,314
3,782
4,278
4,882
5,208
5,927

1,250
1,293
1,310
1,327
345
,365

684
702
713
724
732
751

667
688
701
708
721
728

5,438
5,554
5,617
5,671
5,751
5,927

1,361
[,374
,401
1,433
1,461
1,490
I 510

750
759
769
785
806

723
730
740
746
765

822
834

771
782

5,935
5,973
6,026
6,115
6,181
6,265
6,391

948

l 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.




115
167
24

148
201
58

56
66
54

816

1,034
1,227
1,413
1,567
1,883

46
31
25
23
20
19
35

377
402
465
567
670
750
899

1,695
1,723
1,761
1,788
1,830
1,883

25
26
30
33
34
35

809
817
830
844
865
899

1,922
1,982
1,988
2,096
2,132
2,175
2,225

36
37
39
42
45
49
52

905
915
923
928
936
954
963

841

NONINSTALMENT CREDIT

Total
End of year
or month

.

•

Singlepayment
loans

.

Charge accounts

Service
credit
Other
Definan- part- v/tner Credit
2
cial
ment retail cards
insti- stores! outlets
tutions

ment
credit

Commercial
banks

1939 .
1941
1945

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—July
Aug3. . .
Sept...
Oct.. .
Nov...
Dec...

11,290
11,331
11,388
11,451
11,656
12,564

3,407
3,431
3,455
3,466
3,472
3,542

547
603
629
584
645
634

558
562
606
647
717
960

3,467
3,408
3,383
3,491
3,506
3,985

382
395
401
387
391
406

2,929
2,932
2,914
2,876
2,925
3,037

I960—Jan....

11,998
11,613
11,514
11,904
12,091
12,135
11,966

3,499
3,496
3,503
3,569
3,573
3,623
3,605

593
655
719
678
772
698
685

825
686
622
657

3,577
3,204
3,070
3,380

414
415
426

3,090
3,157
3,174
3,206
3,199
3,186
3,170

669

14
14

36
20

Personal
loans

[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]
Other
consumer
goods
paper

7,631
7,767
7,822

Repair
and
modernization
loans

Includes data for Hawaii, beginning with August 1959.

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS
OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT

Total
instalment
credit

164

Other
consumer
goods
paper

Feb...
Mar...
Apr...
May..
June..
July...

647 3,483
634 3,565
585 3,475

518
597
845

414
417
429
446

1
Includes mail-order houses.
2 Service station and miscellaneous credit-card accounts and homeheating-oil accounts.
3 Includes data for Alaska and Hawaii, beginning with January and
August 1959, respectively.

1048

CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT

[Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation and differences in trading days]
Total

Automobile paper

Year or month
Adjusted

Unadjusted

Adjusted

Unadjusted

Other consumer
goods paper
Adjusted

Unadjusted

Repair and
modernization loans
Adjusted

Unadjusted

Personal loans

Adjusted

Unadjusted

Extensions
31,558
31,051
39,039
40,175
42,545
40,818
48,476

1953
1954
1955
1956
1957
1958
19591

12,981
11,807
16,745
15,563
16,545
14,316
18.001

July
Augi
SeDt
Oct
Nov
Dec

4,159
4,132
4,172
4,219
4,083
4,046

4,315
4,193
4,061
4,185
3,928
4,686

1.557
1,538
1,521
1,622
1,466
1,377

1.720
1,627
1,515
1,564
1,313
1,293

1.154
1,138

I960 Jan
Feb
Mar
Apr
May
June
July

4,217
4,115
4,119
4,437
4,209
4,202
4,227

3,534
3,723
4,201
4,457
4,335
4,561
4,141

1,535
1,560
1,555
1,652
1,543
,501
,418

1,278
1,427
1.633
i;697
1,664
1,738
1,477

1959

1 344
I 261
1,388
1,568
1,660
i son
2!087

9,227
9,117
10,634
11 702
11,747
11 638
13,512

8,006
8,866
10,272
11,342
12,593
12,974
14,876

1,124
1,133
1,146

1.109
[,123
1,123
1,198
1,172
1,616

183
185
175
174
171
173

197
199
191
190
175
166

1.265
1,271
1,338
1,299
1,313
1,350

1.289
1,244
1,232
[,233
1,268
1,611

1,208
1,094
,118
,240
1,164
1,191
,163

976
934
1,062
1,168
1,153
1,226
1,072

165
175
172
178
186
176
172

124
146
163
173
198

[,309
I 286
[.21A
1,367
1,316
1,334
1,474

1,156
1,216
,343
1,419
1,320

[,138

191
177

406

1,415

Repayments
1953
1954
1955
1956
1957...
1958 .
19591
1959

;:;;::;::;

July
Aug.i
Sent
Oct
Nov
Dec

I960 Jan
Feb
Mar
Apr
May
June
July

• .

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

8,622
9,145
9,751
10,756
11,545
11,497
12,225

3,636
3,635
3,660
3,697
3,700
3,776

3,693
3,578
3,609
3,726
3,626
3,927

1,334
1.325
,315
,341
,311
,361

1.363
1,318
1,333
1,375
1,303
1,372

1.011
,012
,045
,048
,069
,066

1,022
1,054
1,019
1,060

3,824
3,707
3.711
3,904
3,886
3,860
3,978

3,658
3,673
3,961
3,840
3,860
3,939
3,816

,386
,338
,345
,397
,411
,384
.390

[,300
,318
1,434
,355
,401
,412
.338

,089
,046
,042
,084
,099
,094
.115

1,090
1 066
1,119
1,086
1,095
1,112
1,064

1,015
993

7,336
8,255
9,501
10,542
11,653
12,307
13,561

,119
,255
1,315
,362
,466
629
7^8

146
152
147
147
142
144
141
143

144
147
150

153
155

147
151
147
150

145
145
137
142
152
143
148

153
149

1,145
1,146
1,153
1,161
1,178
1,205

1,168
1,116
1,107
1,147
1,159
1,350

1,208
1 180
1,180
1,276
1,226
1,229
1,318

1,131
1 147
1,256
1,256
1,216
1,262
1,265

Change in outstanding credit2
1953
1954
1955
1956
1957
1958
19591

+ 3,602
+563
+5,390
+2 939
+2,286

. .

+2,102
— 26
+ 3,663
+987
+950
- 1 172
+2,353

— 103

+5 402

1959_j u ly
AUK. i

Sept
Oct
Nov
Dec
I960—Jan
Feb
Mar
Apr .
May
June
July

+523
+635
+512
+522
+383
+270

+622
+753
+452
+459
+302
+759

+223
+269
+206
+281
+ 155
+ 16

+357
+365
+ 182
+ 189
+ 10
-79

+ 143
+ 151
+93
+76
+64
+80

+94
+ 155
+ 101
+ 144
+ 153
+556

+393
+408
+408
+533
+323
+ 342
+249

-124
+50
+ 240
+617
+475
-t 622
+325

+ 149
+222
+210
+255
+ 132
+ 117
+28

-22
+ 109
+ 199
+342
+263
+ 326
+ 139

+ 119
+48
+76
+ 156
+65
+97
+48

-114
-132
-57

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-^8 of
the BULLETIN for October 1956; for 1955-58, in the BULLETINS for




+225
+6
+73

+605
— 28
+883
+946
+202
+ 141
+ 1,320

+ 82
+58
+ 114
+8

+670
+611
+771
+ 800
+940
+667
+ 1,375

+ 206
+ 194
+ 261
+ 354

+ 37
+ 37
+28
+27
+ 29
+29
+24
+32
+28
+31
+36
+23
+ 17

+ 50
+52
+44
+40
+30
+21

+ 120
+ 178
+ 185
+ 138
+ 135
+ 145

-13

+ 101
+ 106
+94
+91
+90
+ 10
+ 156

M

+30
+50
+38
+28

+ 121
+ 181
+ 125

+86
+ 109
+261
+25
+69
++87
163
+ 104
+ 144
+ 150

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 andfinancialinstitutions 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.

1049

CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
[Estimates of short- and i ntermediate-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]

Commercial banks

Total

Sales finance
companies

Other financial
institutions

Retail outlets

Year or month
Adjusted

Unadjusted

Adjusted

Unadjusted

Unadjusted

Adjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Extensions
1953
1954
1955
1956
1957
1958
1959
1959

1
1
1
1,2
July
Aug.2
Sept
Oct
Dec

1960

Jan i
Feb i
Mar i
Apr. i
June
July

.

12,099
11,267
14,109
14,463
15,355
14 860

31,558
31,051
39,039
40,175
42,545
40 818
48,476

. . .
4,159
4,132
4,172
4,219
4,083
4,046

4,315
4,193
4,061
4,185
3,928
4,686

1,535
1,521
1,510
1,521
1,440
1,424

4,217
4,115
4,119
4,437
4,209
4,202
4,227

3,534
3,723
4,201
4,457
4,335
4,561
4,141

1,519
1,495
1,441
1,512
1,489
1,460
1,447

17. ^n
1,612
1,530
[,473
1,482
1,322
,425

,346
,393
,511
,600
,584
,627
,430

6,375
6,983
8,449
9,474
10,495
10 488
12,035

7,560
7,260
10,200
9,600
10,200
8 907
11,007
948
917

1,061
988

941
992
900

950
973
843

5,524
5,541
6,281
6,638
6,495
6 563
7^912

,018
,031
,069

1,041
1 021

658
663

601
654

996

053

1 014
1,052
1,314

652
653
675

642
716
711

666

1,061

912
996
1,112
1,155
1,120
1,171
1,200

650
589
659
742
657
711
635

474
474
611
694
648
713
556

860

886

,068
,096

985
973
951
1,039
949
917
905

802
860
967
1,008
983
1,050
955

,063
058
,068
,144
,114
,114
,240

Repayments
1953
1954
1955
1956
1957
1958
1959
1959

i
i
i
1,2
July
Aue 2
Sept
Oct

Nov ..
Dec

1960 Jan.i
Feb 1
Mar i
Apr i
May
June
July

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
3,636
3,635
3,660
3,697
3,700
3,776

3,693
3,578
3,609
3,726
3,626
3,927

1,311
1,310
1,312
,326
1,312
1,331

1,345
1,299
1,306
1,329
1,286
,356

3,824
3,707
3,711
3,904
3,886
3,860
3,978

3,658
3 673
3,961
3,840
3,860
3,939
3,816

1,389
1,340
1,321
1,349
1,379
1,359
1,386

1,323
1,325
1,394
1,337
1,389
1,390
1,337

6,344
7,043
7,901
8,943
9,727
9,774
9,623
807
793
804
816
794
832
844
808

5,683
6,511
7,553
8 603
9,673
10,010
10,917

819
795
807
851
797
858

923
920
930
935
943
970

779

970

792

953

5,304
5,465
5,891
6,328
6,499
6,490
7,293

934
892
892
925
933
1,092

595
612
614
620
651
643

595
592
604
621
610
621

914

621

642

929

606

627

613
642

669
650

821
878

886
841

862

843

990

986

655

642

841
876

849
838

1,009
1,078

1,036
1,031

651
638

664
610

+63
+63
+38
+33
+24
+23

+220
+76
+390
+235
-75
+ 315
+661
+6
+74
+38
+95
+ 101
+440
-289
-193
+54
-36
+6
+49

956
1,035

1,012
1,012

Change in outstanding credit3
1953
1954
1955
1956
1957
1958
1959

+3,602

+563
+5,390
+2 939
+2,286

i
i
i
1,2

1959—juiy
Aus. 2
Sept
Oct
Nov
Dec
I960—Jan. i
Feb i
Mar. i
Apr i
May
June
July

+ 523
+635
+512
+ 522
+ 383
+270
+ 393
+408
+408
+533
+323
+ 342
+249

-124
+50

+240
+617
+475
+622
+ 325

+ 1,216
+217
+2,299
+657
+473

+ 2,142
+ 267
+ 267
+ 167
+ 153
+36
+69
+ 144
+68
+5
+263
+ 195
+237

+ 1,405
+242
+214
+ 143
+ 122
+46
+28
+23
+ 108
+81
+247
+ 140
+201
+ 117

-63

— 103

+ 5.402
+622
+753
+452
+459
+ 302
+759

+ 1,474
— 202
+ 1,805
+ 1 176
+ 1,066
+224
+247
+ 198
+ 195
+ 128
+93
+251
+ 155
+8
+ 163
+ 110
+ 101
+61

+93

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.




— 833

+ 141
+ 145
+ 137
+ 176
+ 106
+28
+ 141
+205
+ 130
+241
+87
+76
+ 29

+95
+ 180
+ 139
+ 118
+ 125
+ 126
+93
+ 105
+ 112
+ 109
+ 124
+ 105
+ 162

+692
+472
+896
+871
+822
+478
+ 1.194
+ 107
+ 198
+ 104
+ 89
+ 119
+222
-2
+67

+ 100
+ 143
+ 134
+ 135
+ 169

-92
-57

+ 158
+20
+60

-54

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.

1050

INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 =100
[Seasonally adjusted]

Grouping

Annual
average

1959

1958 1959 July

1960

Aug. Sept. Oct. Nov. Dec. Jan. Feb.

Mar. Apr. May June July

INDUSTRY GROUPINGS
141

159

163

157

157

155

156

165

168

166

166

165

166

166

139
141
141
120
244

158
165
155
126
268

163
171
159
123
271

157
159
159
120
269

156
158
159
119
272

154
155
157
120
272

154
156
157
126
274

164
174
158
130
278

168
180
159
128
280

166
178
157
126
282

165
175
158
125
288

164 166 165
172 174 171
159 '161 '163
129 128 '128
288 '285 '289

165
172
163
129
291

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

122
103
89
151
162

94
60
39
145
150

92
58
38
144
149

87
56
38
135
138

113
101
95
130
136

145
145
148
143
149

148
147
149
148
156

143
140
142
148
155

139
135
136
145
153

133
126
125
142
151

131 126
119 '112
115 '105
147 148
156 158

125
110
101
148
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

197
169
141
212
229
148
390
209

209
177
149
223
247
167
400
215

205
175
146
222
237
155
400
215

204
177
148
224
230
151
386
218

202
175
147
221
229
152
378
220

196
171
145
213
184
92
378
220

200
177
147
227
217
137
375
223

212
180
148
232
251
186
365
220

211
177
147
227
250
184
366
218

209
178
147
227
243
173
371
220

206 211 207
175 178 '178
145 147 148
225 228 '224
239 '249 237
169 176 176
368 383 '347
218 222 224

208
180
152
225
234
164
368
227

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

124
137
110

143
159
125

151
170
129

147
165
125

144
162
124

143
161
123

142
159
123

144
160
127

143
158
127

143
159
126

138
153
122

143
159
126

142 r144
160 164
122 '120

146
165
124

Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures

126
137
116

147
164
133

153
171
138

150
167
136

149
165
136

150
166
136

150
168
135

152
172
136

153
173
136

152
171
136

152
166
139

154
174
138

157
177
140

158

159
178
143

Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products

117
109
129
109

136
126
153
119

142
135
156
124

139
130
154
120

137
127
154
117

136
123
156
117

137
124
159
116

139
124
160
118

138
124
157
119

135
124
155
110

136
123
158
111

137
122
161
111

140
126 128
162 '162
116 116

140
126
163

Paper and printing
,
Paper and products
Printing and publishing.
Newspapers

142
155
133
126

154
170
143
135

156
175
145
139

157
174
146
140

158
175
148
138

157
175
146
137

155
167
147
137

158
173
148
140

159
176
148
139

158
173
148
137

157
171
147
136

755
173
148
139

160
174
152
142

160

Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

188
210
247
148
166

215
240
298
158
200

223
245
310
163
223

221
246
310
161
210

223
250
315
159
209

218
245
307
159
201

217
245
309
158
198

219
249
313
153
203

222
250
314
157
206

219
248
311
153
204

220
251
317
154
201

152
143
225 227 233
256 258 '263
318 '322 331
161 161 '167
201 205 214

161
173
153
142

Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products

123
123
125
112
121

128
128
131
117
127

127
127
129
114
134

130
131
131
126
130

130
130
131
125
126

128
128
129
119
130

129
129
132
116
127

129
130
133
114
131

131
131
134
120
130

129
130
132
117
123

130
130
133
117
129

130
131
133
117
133

132 131
132 '132
134 134
122 118
131 131

131
131
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....

117
68
140
138
129
196
152

122
68
147
145
135
211
159

120
58
148
146
135
217
160

119
59
146
143
133
214
163

120
61
146
144
134
212
162

121
63
147
145
135
215
160

124
71
149
146
136
215
164

126
78
149
146
135
219
164

124
75
147
145
135

121
69
145
144
134

120
71
143
143
133

122
72
145
145
133

121
71 '64
144 '148
143 '147
132 '137

123
64
150
150
140

*i36*

*138"

Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals

142
114
171

147
109
187

145
100
192

128
66
193

118
53
189

120
57
188

142
94
192

152
111
196

153
119
188

157
131
183

159
143
175

172
146
199

170 r167
142 '133
198 '201

244
244

270
265

275
261

274
259

278
259

275
263

275
272

279
283

279

280

288

286

284

145
140
165
138

162
155
188
157

166
158
196
160

166
158
194
148

165
158
194
149

165
157
194

162
154
192
152

166
159
194
165

170
164
195
167

167
160
194
166

167
160
196
164

168 171 170
162 '164 164
194 '197 196
163 '162 '161

Total index.
Manufacturing, total.,
Durable
Nondurable
Mining
Utilities

167

Durable Manufactures

r

mi

143

Nondurable Manufactures

mi

234
266

Mining

i59*

*145* *143*
167
132
203

Utilities
Electric.
Gas

288

SUMMARY MARKET GROUPINGS
Final products, total
Consumer goods
Equipment, including defense.
Materials
' Revised.




170
164
197
162

1051

INDUSTRIAL PRODUCTION
INDUSTRY AND SUMMARY MARKET GROUPINGS
1947-49 -100
[Without seasonal adjustment]
Annual
average

1959

1960

Grouping
1958 1959 July

Aug. Sept. Oct.

Nov. Dec.

Jan.

Feb.

Mar.

Apr.

May June July

INDUSTRY GROUPINGS

Durable
Nondurable
Utilities

141

159

154

156

159

160

157

162

168

169

168

167

166

166

157

739

755

753

154

755

759

755

757

755

757

157
163
120

159
164
122

166

165

155

165
155
125
268

161
149
119

755

141
141
120
244

152
162
120

757

158
159
126

174
151
129

181
156
128

181
158
126

179
158
125

175
161
128

174 172
161 162
128 129

160
154
125

110
99
94
125

725
114
107
142

777
88
77
145

91
55
37
146

94
56
38
151

90
57
40
139

774
102
96
133

742
141
145
143

749
150
152
146

747
148
148
146

744
143
143
144

735
132
129
142

737 727
121 114
116 106
145 146

113
94
87
142

138

150

156

148

150

141

140

154

156

154

153

150

154

157

154

755
140

797
169

797
164

759
168

795
178

205
179

759
173

204
178

145
233
210
125
382
218

209
178

270
177

206
111

145
234
231
155
376
221

275
183

141
212
228
147
390
209

139
213
203
113
391
212

277
182

117
175
197
112
376
175

142
198
238
158
393
209

275
181

795
167

143
222
192
103
376
222

148
226
230
154
377
225

150
229
262
199
373
220

152
232
261
196
374
220

153
231
253
183
379
223

149
222
245
174
372
220

149
222

144
202
221
149
361
220

124 743
137 159

747
168

755
171

753
169

752
168

742
160

735
155

737
149

136 133 142 146 152 142
151 149 158 164 168 163

110

125

123

139

136

135

122

111

111

119

115

124 125

725

747

745

753

757

755

755

754

749

757

757

750

137
116

164
133

164
128

170
139

171
144

174
145

757

171
142

175
137

170
131

170
134

166
138

170
133

117 735
109 126
129 153

123 143 136 742
118 132 127 131
134 161 152 162

735
127
159

725
117
140

740
127
160

745
127
170

Durable Manufactures
Primary metals
Iron and steel

. . ...

Structural metal parts ....
Machinery and related products. •
Machinery

• .

Electrical machinery

Clav class and lumber
Clay glass and stone products
Lumber and products
Furniture and fixtures

r

149
222

247
176
378
221

r

237

175
r

346

223

133

118

755

750

170 173
136 140

170
133

142 144 142 735
124 127 128 127
165 171 167 154

124
112
143

Nondurable Manufactures
Textile mill products
Apparel products

Paper and products

.

Chemical petroleum and rubber products
Chemicals and products
Petroleum products
.
Rubber and plastics products
Foods beverages and tobacco
Poods and beverages

.

...

Beverages

109

119

110

126

119

118

113

108

121

122

121

112

110

113

742
155
133

754
170
143

755
176
141

160
176
150

752
156
149

755
172
144

139

149

162 752
178 174
151 1 5 3

757
176
151

148

757
177
150

135

125

755
177
146

150

121

755
186
152

759
170
152

126

145
158
137

138

128

133

141

148

143

124

188
210
247
148

275
240
298
158

207
231
292
161

275
242
299
165

224
251
312
161

222
249
310
158

275
246
310
156

275
244
313
157

223
250
314
157

224
252
322
155

226 228 227 231 219
257 262 260 262 250
326 325 325 326
153 157 158 167 170

151

166

199

187

203

212

211

203

194

216

215

211

207

201

208

723
123
125

725
128
131

729
130
130

747
141
143

742
143
147

739
138
143

737
131
137

723
124
130

723
123
128

727
121
125

722
122
124

725
125
125

735
135
132

112

117

130

134

126

120

106

101

729
129
128

98

102

114

124

134

143

121

127

122

139

131

139

127

106

130

124

129

127

135

143

117

722

773

775

779

727

724

725

725

725

723

68
147
145
135
210

46
143
139
130
199

62
143
139
130
202

64
144
141
132
203

68
145
143
133
209

122

68
140
138
129
196

74
147
145
134
221

119

76
152
150
138
230

74
152
150
139

70
150
151
139

71
146
148
137

70
145
147
135

66
69
142 144
142 143
131 133

156
145

733
134
134

Mining
Coal oil and gas
Coal
Oil and gas extraction
Gas and gas liquids

Metal stone and earth minerals
Metal mining ....

r

119

116
51
145
143
134

152

159

164

168

166

161

162

166

163

145

129

131

141

146

147

742
114

745
107

755
115

739
76

725
63

735
86

737
89

737
94

737
108

188

200

193

189

171

167

164

195

753 757
163 1 6 4
202 r210

757
152

198

755
138

171

201

747
117

205

729
62

244
244

270
265

273

280

284

267

265

283

297

290

293

281

269

145
140
165
138

162
155
188
157

159
150
191
150

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
162
198
168

170
161
200
166

169 r 169 170
162 162 164
197 198 197
164 163 162

210

Utilities
Electric

Gas

278

SUMMARY MARKET GROUPINGS
Final Dro ducts total
Equipment, including defense
Materials
r

Revised.




163
155
193
152

1052

INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957= 100
[Seasonally adjusted]

Grouping

Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities

1957
proportion

Annual
average

1959

1958 1959 July

100.00

93

86.49
49.66
36.83
8.55
4.96

92
87
100
91
105

1960

Aug. Sept. Oct. Nov. Dec, Jan. Feb.

Mar. Apr. May June July

108

104

103

102

103

109

111

110

109

109

109

110

105
102
110
95
115

108
105
113
94
116

104
98
113
91
116

104
97
113
91
117

102
96
111
91
117

102
96
111
96
118

109
107
112
98
120

112
111
113
98
120

110
109
112
96
121

110
108
112
95
124

109 110 110
106 107 105
113 115 116
97 r97
98
124 122 ••124

110
105
116
98
125

101
99

96
100
94 '88
92 '84
108 '108
104 106

95
86
81
109
107

105

110

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

93
81
71
111
108

71
47
31
106
100

70
45
30
106
99

67
44
31
99
92

86
79
76
95
91

110
114
119
105
100

113
115
119
109
104

109
110
114
108
104

106
106
109
107
102

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

102
103
99
108
98
100
94
112

108
108
105
113
106
114
96
115

106
107
103
113
102
106
96
116

105
108
104
113
98
103
93
117

104
107
103
112
98
104
91
118

96
104
102
108
79
63
91
119

103
108
103
115
93
94
90
120

109
110
104
118
108
127
88
118

109
108
103
115
107
126
88
117

10.76
5.04
5.50
1.66
1.25

too

108
108
104
115
104
118
89
119

104
101
106 109 107
107 109 108
102 104 '105
114 '115 114
102 106 102
115 120 120
92 '84
89
117 120 '121

707
110
107
114
100
112
89
122

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.57
2.92
1.65

97
95
100

HI
110
113

118
118
117

114
115
114

112
112
113

111
111
111

HI
110
112

113
111
115

112
110
115

112
110
115

108
106
110

112 7/7 '7/2
110 111 114
114 '110 109

7/4
115
112

Furniture and miscellaneous.
Furniture and fixtures
Misc. manufactures

2.96
1.48
1.48

96
96
95

112
115
109

116
120
113

114
116
111

113
115
111

114 114
116 118
111 111

116
120
111

116
121
112

115
119
111

115
116
114

117
122
113

119
124
115

120
123
117

72/
124
117

Textile, apparel, and leather products.
Textile mill products
Apparel products
Leather and products

7.32
2.78
3.44
1.10

99
98
101
97

115
113
120
106

120
121
122
111

117
117
121
107

116
114
121
105

115
111
122
104

116
111
125
104

117
111
126
105

116
112
124
106

114
111
122
98

115
111
124
99

775
110
127
99

113
127
104

'7/9
115
127
104

779
113
128

Paper and printing
Paper and products
Printing and publishing.
Newspapers

7.93
3.27
4.66
1.53

99
101
98
96

108
111
105
104

109
114
106
106

110
113
107
107

111
114
108
106

110
114
107
105

109
109
108
104

HI
113
109
107

111
115
109
106

110
113
109
105

110
112
108
104

770
113
109
106

112
113
111
108

772
112
112
109

775
112
113
108

Chemical, petroleum, and rubber products.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

10.95
7.10
3.61
1.93
1.91

99
100
98
99
95

113
114
118
105
114

117
117
123
108
128

116
117
123
107
120

117
119
125
106
120

115
117
122
106
115

114
117
123
105
113

115
118
124
102
116

116
119
125
104
118

115
118
124
102
117

116
119
126
103
115

118
122
126
107
115

119 r722
123 125
128 132
107 '111
117 122

123
127

Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products

10.64
9.87
8.31
1.56
.77

102
102
102
102
106

107
106
106
106
112

106
105
105
103
117

108
108
107
114
114

108
108
107
113
111

106
106
105
108
114

107
107
107
105
111

108
107
108
104
115

109
109
109
109
114

107
107
107
106
108

108
108
108
106
113

709
108
108
106
116

110
109
109
111
115

Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids. .
Oil and gas drilling

7.05
1.30
5.75
4.98
4.33
.65
.77

92
83
94
94
93
100
89

96
82
99
99
98
106
93

94
71
99
100
98
110
94

93
72
98
98
97
109
95

94
14
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

93' "85* "80*

"si*

Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals

1.50
.70
.80

91
83
98

94
11
108

93
73
111

82
48
111

76
39
109

77
42
108

91
68
110

98
80
113

98
87
108

101
95
106

102
104
101

111
106
115

109 707
97
103
114 '116

3.76
1.20

104
105

115
114

118
113

117
111

119
111

118
113

118
117

119
122

119

120

123

122

121

Nondurable Manufactures

"ii4*

709
109
109
107
115

709
109
109

94
86
96 '99
98 '101
96 '99

96
78
101
103
102

Mining

"84' "85* "84'

Utilities
Electric.
Gas
For notes see opposite page.




123

707
96
117

1053

INDUSTRIAL PRODUCTION
MARKET GROUPINGS
1957= 100
[Seasonally adjusted]

Grouping

1957
proportion

Annual
average
1958 1959

1959
July

1960

Aug. Sept. Oct. Nov. Dec.

Jan.

Feb.

Mar. Apr. M a y

no

June July

100.00

93

105

108

104

103

102

103

109

in

no

109

109

109

110

46.75
31.13
15.62
53.25

95
99
87
91

707
110
100
104

709
112
104
106

709
112
103
98

709
112
103
99

709
112
103
97

705
109
101
100

709
113
102
109

772
116
103

770
113
102
109

770
113
104
108

777 '772 772
115 117 116
102 1 0 4 103
108 107 1 0 6

772
116
104
107

Automotive products
Autos
Auto parts and allied products

3.35
2.03
1.32

55
71
100

705
96
113

775
113
119

705
97
118

98
89
114

705
98
117

73
48
111

99
87
117

727
134
117

722
125
117

114
113
116

777
116
119

727
122
119

727
123
118

114
108
122

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

95
96
94
99

775
115
114
119

775
120
121
130

779
121
125
130

779
121
124
129

720
121
126
138

722
124
133
143

727
123
130
139

120
118
114
121

83

102

97

111

113

108

106

114

120
118
118

120
114
119

122
116
120

122
117
118

118

109

97

119
113
116

121
118
117

98

98
97
100

775
114
112
114
107
114
116
118

727 120
121 118
120 112
120 113

49

775
117
117
121
105
118
116
116

779
117
115
116

1.18
1 47
5.20

779
119
119
122
112
121
117
120

121
116
120

123
120
122

122
122
121

119
122
121

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

75.75
8 11
2.32
2 73
1.44
3.45
1.19
2 26
1 57

702
102
103
102
99
105
98
108

705
106
108
111
106
113
104
117
119

770
107
114
112
108
113
105
118
120

770
107
112
115

709
104

770
107
107
114
109
116
103
123

772
109
111
115

772
108
108
115
110
120
105
128

775 775 114
108 109 110
110 112 109
118 120 1 2 2
112 113 113
121 118 120
108 105 107
128 125 127

123

123

122

117
104
123
122

770
107
106
114
109
117
105
124

775
109

114
108
114
100
121

770
107
107
114
109
116
105
122

122

127

126

124

126

Total index
Final products total.
Equipment including defense . .
Materials

no

Consumer Goods

Gas

121
118
117

69

108
107

705
106
108
111
106
113
104
117
118
115

12.16
7.29
2 46
1.83
.58

55
82
88
89
100

700
97
104
98
115

104
101
107
105
132

705
102
108
100
109

705
101
109
97
129

104
101
111
97
112

702
102
112
93
106

104
104
113
96
105

705
104
114
106
109

705
104
113
103
97

705
104
115
102
93

704 705
102 104
115 117
101 105
89
89

705
103
120
100
89

106
103
121
101
88

55
77
86

705
111
106

90
103
102

97
105
101

55
95
103

93
16
102

707
107
106

770
121
107

709
120
107

705
110
104

705
115
104

102
115
r
98

102

113

107

105

102

101

707
117
106

95

700
101
103
107

107

109

108

105

109

no

709

707

707

707
107

705
109

777
112

770

770

107
110
117

no

110
109

113
111
119

111
111
111
119

112
113
125

103
98
117
117
114
95
121

109
120
102
96
118
118
116
95
121

108
113
123

103 1 0 3 1 0 2 103
'96
96 '97
120 120 120 121
120 120 119 121
118 115 114 117
96
96
96
95
124 126 125 126

103
98

119

114

112

113

116
116

no
113
101
120
123

no

no

121
116
109

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment .
Farm equipment

5 46
Materials
Durable goods materials
Consumer durable
Equipment

Nondurable materials
Business supplies
Containers
General business supplies
Nondurable materials n e e
Business fuel and power . .
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Atomic energy
Commercial and other
Gas
Commercial and other

27.81
3.67
8 10
9.05
6 99
25 44
8.87
2.91
5.96
7.05

97
98

107
108

101
97
98

109
107
115

121

118

117

106
107
117

9.52
6.29
2 70
2.19
.99
.08
1.12

94
92
102
102
98
97
105

100
96
113
113
110
97
118

99
94
116
117
116
97
119

97
93
113
115
109
97
120

98
94
114
116
109
97
123

98
95
113
114
106
97
122

101
97
114
114
106
97
122

104
99
117
117
114
97
121

.51
33
.18

102

113

112

109

109

109

113

118

7.75
23.38

90
102

110

118
111

114
112

111
112

114
111

100
112

114
112

no
no 110
111 111 no
109 109 no

in

109
109
120

r

77O

110

r

77O mi

109

110

108
110
120

107
112
121

in

no
102
no

113
113

Supplementary groups of consumer goods
Automotive and home goods
Aooarel and staoles

no

r
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. Detailed description and historical data are available
in Industrial Production—1959 Revision (for announcement of that publication, see the BULLETIN for June 1960, p. 632). Figures for industrial




125
113

117
114

121
115

120
115

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.

54

INDUSTRIAL PRODUCTION
INDUSTRY GROUPINGS
1957 = 100
[Without seasonal adjustment]
1957
proportion

Grouping

Annual
average

1959

1960

1958 1959 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July

100.00

93

105

102

103

105

105

104

107

Ill

Ill

Ill

110 '109

86.49
49.66
36.83
8.55
4.96

92
87

705
102

702
99

703
93

705
98

104
97

707
107

777
111

772
112

770
108

110

95
115

116
91

117
92

113
96

107
98

111
97

112
96

770
107

91
105

106
90

777
110

100

US
92

705
97

113
95

114
97

115
97

'98

110
95

13.15
7.73
6.21
. 5.42
2.91

84
78
75
92
93

95
90
86
104
101

85
69
61
106
104

70
43
29
107
99

77
44
30
110
100

68
45
32
102
94

87
80
77
97
93

709
111
116
105
103

773
118
122
107
104

772
116
118
107
103

770
112
114
106
102

104
104
103
104
100

97
700
95
89
93
85
106 '107
103 105

86
74
70
104
103

28.98
15.31
8.92
6.39
10.76
5.04
5.50
1.66
1.25

86
85
83

702
103
99

702
100
100

98
102
98

702
109
102

705
109
102

98
105
100

705
109
104

772
110
106

772
111
107

777
112
108

84
77
91
94

108

118

119

98
100
94
112

102
108
95
112

108

707
108
105

707
102
102

89

101

108
108
105

113

116

117

117

113

Clay glass and lumber
Clay glass and stone products. .
Lumber and products

4.57
2.92
1.65

97
95
100

777
110
113

775
117
112

Furniture and miscellaneous
Furniture and fixtures
Misc manufactures

2.96
1.48
1.48

96
96
95

772
115
109

Textile apparel and leather products
Textile mill products
Apparel products
Leather and products .
. . .

7.32
2.78
3.44
1.10

99
98
101
97

Paper and printing
Paper and products
Printing and publishing
Newspapers

7.93
3.27
4.66
1.53

Total index
Manufacturing total
Durable
M^ining
Utilities

..

.

109

104

770
106
'116

703
99

Durable Manufactures
Primary and fabricated metals
Primary metals
Iron and steel
Fabricated metal products
Structural metal parts
Machinery and related products
Machinery
Nonelectrical machinery . .
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment

.

....

Ordnance and accessories

87
77
94
114

90
85
92
117

99
106
91
119

727
119
126

779
117
123

770
115
105

775
119
114

775
113
120
106

104
106
105
98

99
101
98
96

108
111
105
104

10.94
7.10
3.61
1.93
1.91

99
100
98

10.64
9.87
8.31
1.56
.77

702
102
102

707
106
106

707
107
105

777
117
116

102

106

118

121

115

r

108
108
105
112

112

102

106
120
91
119

101
119
83
120

95
102
87
119

104
104
104

777 '773 '778
110 113 117
112 114 '120

777
113
107

775
119
110

114
116
113

114
119
109

775
119
111

778
121
115

114
119
109

118
114
126
107

723
114
134
109

720
112
130
108

722
114
135
100

720
115
131
98

775
114
121
101

705
101

705
102
110
106

108
112
106
98

770
115
107
102

772
115
110
108

113
116
111
113

113 112
113 '114
113 111
116 110

705

775
117

773
116

777
119

118
120

118
122

123

125

720
125

779
124

727
125

124

775
119

128

129

129

129

130

82
70
91
119

98
105
91
121

112
136
90
119

779
116
122

777
111
111

705
108
100

779
120
118

720
122
119

118
119
116

727
118
127
112

775
114
119
106

720
117
127
105

707
103
100
92

108
115
104
96

772
115
110
107

773
114

709
110

775
115

118

116

119

112
134
90
118

108
125
91
120

702
103
101

705
105
108

777
122
112

773
119
107

777
114
125
101

705
105
110
96

775
121
111
113

777
111
112
114

775
119

777
119

124

123

105
119
90
118

Nondurable Manufactures

Chemical, petroleum, and rubber products
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
Foods beverages

and tobacco

Foods and beverages
Food manufactures
Beverages
Tobacco products

.

...

. ..

99
95

106

105
114

112

107
107

110
117

108

122

109
121

105
121

104
116

778
119
119

775
115
116

709
109
111

115

109

115

96

104
111
702
103
105
91

104
124

103
123

702
101
104

707
100
101
93

89

122

111

93

114

109

102
121

113

102
107
95

104
118

105 '111
115 119

113

702
101
101

104
104
102

707 772
107 111
104 '108

777
111
109

103

113

122

113

112

119

130

125

Mining
Coal oil and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling

. .

Metal stone and earth minerals
Metal mining
. .
Stone and earth minerals

.

7.05
1.30
5.75
4.98
4.33
.65

92
83

96
82

88
55

92
75

93
78

95
83

97
90

700
92

700
89

98
85

102

98
96

99
97

102
100

102

101

97
63

99
98

99

93
80

94
93

97

93
84

96

97

95
85

99

96

96
87

r

94

98

97

95

'96

97

100

106

101

102

103

106

112

117

95
95

95
94

97
96

103
101

103
101

102
99

101
98

97
96

'98
'97

83

98
98

.77

89

93

96

99

97

94

95

97

96

85

76

77

86

86

1.50
.70
.80

91
83
98

94
11
108

700
83
115

89
55
118

83
45
116

82
46
114

88
62
111

88
64
109

84
68
98

88
78
96

90
85
95

705
100
112

777 720
118 119
116 '121

775
110
121

3.76
1.20

104

115

116

120

121

114

113

121

127

124

125

120

115

105

114

Utilities
Electric
Gas .
For notes see opposite page.




119

*****

INDUSTRIAL PRODUCTION

1055

MARKET GROUPINGS
1957= 100
[Without seasonal adjustment]

Grouping

1957
proportion

Annual
average

1960

1958 1959 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July

100.00

Total index
Final products, total
Consumer goods
Equipment, including defense
Materials

1959

46.75
31.13
15.62
53.25

105

102

103

105

105

104

107

111

111

111

110

109

109

104

107
110
100
104

105
107
101
99

109
113
100
97

110
114
102
100

112
117
101
99

106
109
100
102

106
108
103
108

HI
115
104
110

112
115
104
I 111

112
114
106
110

111
115
104
109

'111
115
105
108

112
116
104
107

707
110
102
100

Consumer Goods
Automotive products
Autos
Auto parts and allied products

3.35
2.03
1.32

83
71
100

103
96
113

110
109
113

77
51
118

80
53
121

HI
105
120

76
55
107

103
98

136
149
116

133
143
118

124
129
116

123
126
118

124
126
120

125
127
121

103
94
116

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

105
105
95
103
73
115
109
105

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

112 118
117 115
114 116
118 120
102 106
125 120
113 110
107 120

123
121
127
136
106
121
114
125

122
120
127
139
96
116
116
123

121
118
120
131
93
120
115
124

119
117
117
126
95
117
118
122

117
117
114
122
92
117
120
117

107
105
93
105
63
113
113
109

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

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

107
106
114
104
103
109
103

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

110
102
112
118
112
119
103

111
104
121
118
112
113
103

114
108
129
120
111
115
106

113
109

112

117

121

113

115

129

141

136

136

126

114

116

89
100

100
97
104
98
115

102
100
103
103
116

101
101
106
97
95

103
102
110
92
112

103
102
112
93
111

101
100
113
89
94

105
105
115
93
101

107
104
115
104
112

106
103
115
106
107

107
104
116
107
105

106
103
115
107
100

107
104
117
108
94

707
104
119
105
91

104
102
117
101
79

too

97
97
101
110

88
88
98
110

91
101
101

110

90
101
102
107

94
85
102
102

107
115
108
103

110
128
109
103

110
128
109
103

108
121
108
102

106
109
104
108

105
110
103
111

104
109
98
114

96
96
97
109

112
111
109
112
123

112
113
111
113
123

111
112
110
113
122

777
112
114
112
121

105
104
106
103
113
99
91

Gas

HI

H4
113

ios

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment
Farm equipment
Defense equipment

12.16
7.29
2.46
1.83
.58
3.46

Materials
Durable goods materials. .
Consumer durable
Equipment
Construction
Metal materials n.e.c

27.81
3.67
8.10
9.05
6-99

Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..

25.44
8.87
2.91
5.96
7.05

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

101
103
107
97
98
101
97
98

107
108
109
107
115

101
101
105
100
109

107
110
119
105
116

109
113
118
111
117

109
113
114
112
120

109
110
103
113
120

108
106
97
110
116

111
108
109
121

111
109
108
109
123

94
92
102
102
98
97
105
102

100
96
113
113
110
97
118
113

95
87

98
91

99
93

98
95

101
97

105
100

105
100

104
99

104
98

102
97

101
94

101

\\9
112
97
128

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
116
96
128

90
102

110
110

107
107

99
117

107
117

121
116

101
112

111
108

124
112

126
112

122
112

120
113

120
113

120
115

.18

Supplementary groups of consumer goods
Automotive and home goods.

Apparel and staples

7.75
23.38

r
Revised.
NOTE.—Published groupings include some series and subtotals not
shown separately. Detailed description and historical data are available
in Industrial Production—1959 Revision (for announcement of that publication, see the BULLETIN for June 1960, p. 632). Figures for individual




104
112

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.

1056

BUSINESS ACTIVITY
SELECTED BUSINESS INDEXES
[1947-49 =100, unless otherwise indicated]
Construction
contracts 1

Industrial production

Year or
month

Major industry
groupings

Final products

ManuMinfacturing
ing

Utilities

All
other

Adj.

Adj.

Adj.

Adj.

Adj.

Adj.

Adj.

Adj.

1947
1948
1949
1950
1951
1952

99
103
98
113

101
106
94
105

91
101
108
123

99
102
99
112

98
101
101
115

100
105
94
102

100
104
96
114

86
98
116
185

115

140

121

114

142

124

114

152

170

172

127

99
103
97
113
123
127

130

116

170

125

183

1953
1954
1955
1956
1957
1958
1959

138
130
146
151
152
141
159

139
129
145
150
150
139
158

117
113
125
132
132
120
126

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

163
157
157
155
156
165

163
157
156
154
154
164

123
120
119
120
126
130

271
269
272
272
274
279

166
166
165
165
162
166

158
158
158
157
154
159

196
194
194
194
192
194

168
166
166
165
167
166
166
"165

168
166
165
164
166
165
165
*>164

129
126
125
129
128
M28
129
*130

280
282
288
288
'285
'289
291

170
167
167
168
171
170
170

*>291

*>170

164
160
160
162
'164
164
164
^163

195
194
196
194
'197
196
197
P197

1959

123

July
Aug .
Sept
Oct

Nov
Dec

1960

Jan
Feb . .
Mar
Apr

May
June
July
Aug

Prices

Nonagricul-

Major market groupings
ResidenMate- tial
Con- Equip- rials
Total sumer ment
goods

Total

Manufacturing3

Unadj. Unadj.

employEmment— ploytotal* ment

Adj.

Adj.

Payrolls

Unadj.

DepartFreight ment
carstore
loadsales
ings
(retail
Convalue) sumer

Adj.

Adj.

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

183

99.4
101.6
99.0
102.3
108.2
110.4

95

98
104
99
107
112
114

178
232
280
*99
100
113
132

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

160
148
149
146
152
165

156
143
135
139
101
91

123
96
100
102
80
77

120.2 102.0 170,2
118.9 97.4 164.9
119.2 98.3 169.1
118.9 97.3 165.9
119.4 98.4 166 8
120.4 100.4 175.4

73
72
72
74
81
91

'148
144
144
147
146
146

167
166
164
163
'162
'161
162

85
91
119
136
134
137
122

79
79
110
118
118
125
142

90
86
83
84
83
77
73
75

146
142
138
154
141
145
P149
M45

83
105
111
142

P160

e

Estimated.
P PreUminary.
' Revised.
Adj. = adjusted for seasonal variation.
Unadj. =without seasonal
adjustment.
*1 See note 1.
Indexes beginning with 1956 are based on data for 48 States from
F. W. Dodge Corporation, 1957 = 100. Figures for earlier years are
three-month moving averages, based on value data for 37 States east of
the Rocky Mountains, 1947-49=100; the data for 1956 on this basis

120.9
121.1
120.8
121.5
121.4
M21.5
121.5
^121.3

101.4
101.4
100.8
100.8
100.9
100.3
99.7
^98.6

175.5
173.9
172 6
168.8
171.5
172.5
169.2
^169.5

101

Wholesale

commodity

Unadj. Unadj.
95.5
102 8
101.8
102 8
111 0
113.5
114 4
114.8
114 5
116.2
120.2
123.5
124.6
124.9
124.8
125.2
125.5
125.6
125.5
125.4
125.6
125.7
126.2
126.3
126.5
126.6

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
119.5
119.1
119.7
119.1
118.9
118.9
119.3
119.3
120.0
120.0
119.7
119.5
119.7
119.2

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.
5 Production workers only.
NOTE.—Indexes for employment (excluding Alaska and Hawaii),
payrolls, and price? are compiled by the Bureau of Labor Statistics.

CONSTRUCTION CONTRACTS
[Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Type ot ownership and
type of construction
Total construction
By type of ownership:
Public
Private

By type of construction:
Residential
No nresidential
Public works and utilities

1958

1959

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

35,090 36,269 3,657 3,084 3.058 3,135 2,373 2,224 2,193 2.240 3,046 3,360 3,337 3,472 3,597
13 427 11 068 1 186
850
840
914
701
711
727
702 1 075 1 067 1 025 1 237
21,663 25,201 2,470 2,234 2.218 2,220 1,672 1.513 1.466 1.537 1,971 2.293 2,312 2,236
14,696 17,150 1 690 1 551 1,466 1,515 1 092
10,948 11,387 1,191
961 1,006 1,003
801
9,446 7,732
616
480
776
571
586

NOTE.—Beginning in 1958, monthly data exceed annual total and are
not comparable with monthly data for earlier years because of a change




1960

1959

Annua 1 totals

993
790
441

927
801
465

988 1 294 1 480 1 453 1 483 1 329
698 1,067 1,048 1,110 1,110 1,152
554
833
879 1,116
685
774

in policy of accounting for negative adjustments in monthly data after
original figures have been published.

1057

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- Com- Public
trial mercial utility

Other
nonresidential

Total

Business
Total

Military

Highway

Sewer
and
water

All
other

1951
1952
1953
1954
1955
1956
1957
1958

32,700
34,670
37,019
39,362
44,164
45,779
47,795
48,903

23,447
23,889
25,783
27,684
32,440
33,067
33,778
33,491

12,529 7,344
12,842 7,500
13,777 8,495
15,379 8,531
18,705 9,980
17,677 11,608
17,019 12,535
18,047 11,076

2,117
2,320
2,229
2,030
2,399
3,084
3,557
2,382

1,498
1,137
1,791
2,212
3,218
3,631
3,564
3,589

3,729
4,043

4,475
4,289
4,363
4,893
5,414
5,105

3,574
3,547
3,511
3,774
3,755
3,782
4,224
4,368

9,253
10,781
11,236
11,678
11,724
12,712
14,017
15,412

887
,387
,290
,003
,287
,360
,287
,402

2,353
2,679
3,015
3,680
3,861
4,395
4,892
5,500

775
790
883
982
,085
,275
,344
,387

5,238
5,925
6,048
6,013
5,491
5,682
6,494
7,123

19592

56,105

39,848

24,469 11,088

2,106

3,930

5,052

4,291 16,257

,488

5,916

,467

7,386

19592— Aug.
Sept..
Oct...
Nov..
Dec.

57,327
55,645
54,723
54,266
55,367

41,361
40,474
39,804
39,622
40,058

25,290
24,983
24,507
24,016
23,901

11,589
11,172
10,956
11,184
11,652

2,289
2,184
2,208
2,316
2,448

4,148
3,948
3,876
3,888
4,020

5,152
5,040
4,872
4,980
5,184

4,482
4,319
4,341
4,422
4,505

15,966
15,171
14,919
14,644
15,309

,422
,289
,212
,327
,433

5,772
5,532
5,580
5,328
5,520

,503
,512
,452
,476
,524

7,269
6,838
6,675
6,513
6,832

I960—Jan...
Feb..
Mar..
Apr..
May.
June**
July P.p
Aug.

54,696
54,900
54,444
'54,212
55,337
55,293
54,969
54,520

39,864
39,720
39,288
'38,768
38,993
39,207
38,615
38,361

23,244
22,536
22,392
'21,930
22,180
22,362
21,753
21,303

11,928
12,396
12,120
12,084
12,036
12,074
12,102
12,271

2,556
2,748
2,772
2,772
2,760
2,788
2,868
2,934

4,140
4,356
4,116
4,056
3,960
3,881
3,870
3,922

5,232 4,692 14,832
5,292 4,788 15,180
5,232 4,776 15,156
5,256 '4,754 15,444
5,316 4,777 16,344
5,405 4,771 16,086
5,364 4,760 16,354
5,415 4,787 16,159

1,272
996
1,512
1,236
1,200
1,283
1,277
1,258

5,004
5,448
5,112
5,304
6,168
5,639
5,768
5,893

,536
,536
,536
,536
,512
,475
.455
,439

7,020
7,200
6,996
7,368
7,464
7,689
7,854
7,569

2

*1 Preliminary.
' Revised.
Data for 1951-58 are joint estimates of the Departments of Commerce
and Labor.

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

Sept.
Oct
Nov
Dec
I960

Jan
Feb
Mar
Apr
May
July

.

politanl
areas

1,578
1,450
1,509
1,378
1,356
1 451

1,546
1,446
1,468
1 354
1,328
1 401

1,366
1,367
1,112
r
l,329
. . . 1.342
"1,298
»1,173

1,291
1,347
1,098
'1,309
1,324
n 281
Pi,154

1,091
1,127
1,104
1,220
1,329
1,118
1,042
1 209
1,379

111
795
804

315
332

1family

2family

892
939

40
46

933

1,077
1.190
981
840

42

897
976
780
700

324
353
338
342

827
946

382
432

'1,554

1,077

477

150
142
140
123
107
96

103
98
94
89
74
67

47
44
46
35
32
29

88

65

24

66
'67
83
91
83

25
27

87
88
90
'124
128
p\22

90
93
125

131

nn

P114

78

43

40
44
36

n.a.
Not available.
» Preliminary.
' Revised.
1
For new series, based on revised definition of metropolitan areas.
2 Data from Federal Housing Administration and Veterans' Administration represent units started, based on field office reports of first
compliance inspections.




Public
Total
1,020
1,069
1,068
1,202
1,310
1,094
993
1,142
1,343

300

Government-underwritten2

Private

Non-

Nonfarm

1951
1952
1953
1954
1955
1956
1957
1958
1959
19593
1959 July

Total

Metropolitan1
areas

In thousands of units]

Multifamily
88
84
94

Total

71
59
36

412
421

264
280

409

252

34
33
31
33

90
87
82
120

19
19
24
49

1,079

933

39
49

170
215

68
36

583
670
465
322
439
458

1 517

1 234

56

227

36

148
138
136
120
105
96

123
115
113
97
85
77

6
5
4
5
4
4

20
19
19
19
15
15

2
4
4
3
2
1

3

15

1

P110

69

71
73

3
3

14
14

2
3

102

4

18

2

102
100
n.a.

4
5
n.a.

22
17
n.a.

3
P5

H

FHA

VA

149
141
157

276
277
195
193

307
393
271
128

337
349

102
109

458

349

109

45
45
42
37
31
26

34
35
32
28
23
20

11
10
10
9

20
22
27
33
32
34
31

16

4

18
22
25
25
26

5
5

14

7

8
6

7

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.

1058

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

Employedl
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

2.9
5.6
4.4
4.2
4.3
6.8
5.5

1959—Aug
Sept
Oct
Nov
Dec

123,549
123,659
123,785
123,908
124,034

73,204
72,109
72,629
71,839
71,808

70,667
69,577
70,103
69,310
69,276

67,241
66,347
66,831
65,640
65,699

60,884
60 105
60,707
60,040
60,888

6,357
6,242
6,124
5,601
4,811

3,426
3 230
3,272
3,670
3,577

50,345
51,550
51,155
52,068
52,225

6.0
5.9
5.5

I960 Jan. 3
Feb
Mar

124,606
124,716
124,839
124,917
125,033
125,162
125,288
125,499

70,689
70,970
70,993
72,331
73,171
75,499
75,215
74,551

68,168
68,449
68,473
69,819
70,667
73,002
72,706
72,070

64,020
64,520
64,267
66,159
67,208
68 579
68,689
68,282

59,409
59,901
59,702
60,765
61,371
61 722
61,805
61,828

4,611
4,619
4,565
5,393
5,837
6 856
6,885
6,454

4,149
3,931
4 206
3 660
3,459
4 423
4,017
3,788

53,917
53,746
53,845
52,587
51,862
49 663
50,074
50,948

May
June
July
Aug

.. • •. •

t' Includes
domestic
service
workers.
lui/iuucs self-employed,
scu-cmpiuycu, unpaid
uupaiu family,
laiiiny, and
eu.i\x
uuiiicsnv
scivivc
wui&cis,
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.

5.4
5.6

5.2
4.8

5 4
5.0

4.9
5.5
5.4
5.9

NOTE.—Information
num.—j.iin_»iuiaiju_uirelating
i d a u i i gtoWJpersons
pcisuiis14i*tyears
yctusofuiage
ageand
aiiuover
uvwis
is
obtained through interviews of households on a sample basis. Monthly
data relate to the calendar week that contains the 12th day; annual data
are averages of monthly figures.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Bureau of Labor Statistics.

In thousands of persons]

Total i

Manufacturing

Mining

Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

Federal,
State and
local
government

49,681
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

852
777
777
807
809
721
676

2,622
2,593
2,759
2,929
2,808
2,648
2,767

4,221
4,009
4,062
4,161
4,151
3,903
3,902

10,527
10,520
10,846
11,221
11,302
11,141
11,385

2,038
2,122
2,219
2,308
2,348
2,374
2,425

5,538
5,664
5,916
6,160
6,336
6,395
6,525

6,645
6,751
6,914
7,277
7,626
7,893
8,127

1959 -Aug
Sept
Oct
Nov
Dec

52,023
52,154
52,002
52,253
52,674

16,037
16,141
16,022
16,174
16,436

633
617
621
657
665

2,814
2,776
2,762
2,792
2,800

3,893
3,899
3,900
3,902
3,917

11,529
11,464
11,478
11,452
11,486

2,437
2,452
2,453
2,450
2,450

6,549
6,584
6,549
6,593
6,613

8,131
8,221
8,217
8,233
8,307

1960 -Jan
Feb
Mar
Apr
May
June
July?
Aug. p

52,880
52,972
52,823
53.128
53,105
53,140
53,158
53,076

16,562
16,567
16,509
16,527
16,540
16,498
16,421
16,278

658
669
666
684
684
678
659
673

2,775
2,781
2,601
2,752
2,783
2,790
2,863
2,860

3,941
3,933
3,920
3,924
3,927
3,926
3,908
3,899

11,594
11,627
11,595
11,652
11,675
11,712
11,720
11,744

2.454
2,464
2,456
2,463
2,469
2,471
2,478
2.492

6,606
6,616
6,577
6,611
6,618
6,645
6,695
6,660

8.290
8.315
8,499
8,515
8,409
8,420
8,414
8,470

1959—Aug
Sept
Oct
Nov
Dec

52,066
52,648
52,569
52,793
53,756

16,169
16,367
16,197
16,280
16,484

639
620
621
660
668

3,107
3,043
2,961
2,856
2,699

3,922
3,927
3,910
3,912
3,940

11,360
11,464
11,551
11,723
12,345

2,474
2,452
2,441
2,438
2,438

6,582
6,617
6,614
6,593
6,547

7,813
8,158
8,274
8.331
8,635

1960—Jan
Feb
Mar
Apr
May
June

52,078
52.060
52,172
52,844
52,957
53,309
52,934
53,102

16,470
16,520
16,478
16,380
16,348
16,422
16,251
16,407

658
669
666
677
677
681
656
680

2,453
2,389
2,312
2,590
2,830
2,977
3,104
3,157

3,882
3,887
3,900
3,917
3,924
3,942
3,937
3,928

11,424
11,329
11,325
11,620
11,543
11,637
11,575
11,572

2,429
2,439
2,444
2,463
2,469
2,496
2,528
2,529

6,474
6,484
6,511
6,644
6,717
6,745
6,728
6,693

8,288
8,343
8,536
8,553
8,449
8,409
8,155
8,136

Year or month

1953
1954
1955
1956
1957
1958
1959
SEASONALLY ADJUSTED

WITHOUT SEASONAL ADJUSTMENT

P Preliminary.
1
Excludes data for Alaska and Hawaii.
Non:—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.

1059

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics.

In thousands of persons]
Without seasonal adjustment

Seasonally adjusted
Industry group

1959

Total

1960

1960

1959
Aug.

June

Aug.

June

July**

12,052

12,407

12,338

12,202

12,173

12,332

12,155

12,316

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Febricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries

6,717
71
604
329
463
631
823
1,167
867
1,132
227
403

7,051
72
596
337
454
970
844
1,143
868
1,127
229
411

7,022
72
599
335
455
937
841
1.149
879
1,114
229
412

6,904
70
588
334
452
920
819
1,151
884
1.051
228
407

6,679
71
628
324
468
628
815
1,138
850
1,132
224
401

7,056
72
617
327
456
970
840
1,154
859
1,127
228
405

6,906
72
611
322
450
928
816
1,132
848
1,114
224
391

6,863
70
612
329
457
915
811
1,122
866
1,051
225
405

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

5,335
1,035
81
896
1,081
452
564
540
148
206
332

5,356
1,032
78
867
1,130
452
572
548
154
198
325

5,316
1,009
79
874
1,108
449
575
549
150
198
325

5,298
1,020
81
868
1,086
447
579
547
150
195
325

5,494
1,176
90
887
1,103
454
558
532
151
204
339

5,276
1,015
68
867
1,085
452
572
540
156
198
323

5,249
1,058
69
848
1,058
445
569
538
153
192
322

5,453
1,159
89
859
1,108
449
573
539
153
193
331

P Preliminary.
NOTE.—Data covering production and related workers only (full- and
part-time) who worked during, or received pay for, the pay period ending

nearest the 15th of the month.
Bureau of Labor Statistics,

Back data may be obtained from the

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Bureau of Labor Statistics.

In unit indicated]

Average weekly earnings
(dollars per week)
Industry group

1959

1959

1960

Aug.

June

July?

Aug.

Average hourly earnings
(dollars per hour)

Average hours worked
(per week)
1960

p

Aug.

June

July?

1960

1959
7

Aug.*

Aug.

June

July*1

Aug. p

91.60

91.14

90.12

40.5

40.0

39.8

39.7

2.19

2.29

2.29

2.27

95.88
Durable goods
103.38
Ordnance and accessories
82.61
Lumber and wood products
76.31
Furniture and fixtures
92.35
Stone, clay, and glass products
Primary metal industries
104.81
Fabricated metal products
99.01
Machinery except electrical
102.34
Electrical machinery
89.91
Transportation equipment
108.14
93.48
Instruments and related products
Miscellaneous manufacturing industries... 76.76

98.98
107.30
83.84
74.77
93.07
109.70
100.21
105.88
92.23
110.97
95.65
77.41

97.60
105.86
80.96
74.80
93.02
108.47
99.23
104.70
91.08
110.15
96.22
76.44

96.71
104.41
81.78
75.36
93.48
105.08
100.37
103.94
91.54
107.29
96.22
77.41

40.8
40.7
41.1
41.7
41.6
39.7
41.6
41.1
40.5
40.2
41.0
40.4

40.4
40.8
40.5
40.2
41.0
38.9
40.9
41.2
40.1
40.5
40.7
39.9

40.0
40.1
39.3
40.0
40.8
38.6
40.5
40.9
39.6
40.2
40.6
39.4

39.8
39.7
39.7
40.3
41.0
37.8
40.8
40.6
39.8
39.3
40.6
39.9

2.35
2.54
2.01
1.83
2.22
2.64
2.38
2.49
2.22
2.69
2.28
1.90

2.45
2.63
2.07
1.86
2.27
2.82
2.45
2.57
2.30
2.74
2.35
1.94

2.44
2.64
2.06
1.87
2.28
2.81
2.45
2.56
2.30
2.74
2.37
1.94

2.43
2.63
2.06
1.87
2.28
2.78
2.46
2.56
2.30
2.73
2.37
1.94

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

82.16
88.51
71.53
65.53
55.90
97.13
105.54
105.59
119.60
102.72
62.37

82.56
89.60
68.61
64.48
56.27
96.87
105.81
105.83
121.18
103.94
62.59

82.37
88.15
66.13
64.48
57.99
97.71
106.20
105.92
119.19
100.55
61.83

40.1
41.4
40.7
40.8
37.4
43.1
38.3
41.2
40.6
42.3
37.8

39.5
40.6
39.3
40.2
36.3
42.6
38.1
41.9
41.1
40.6
37.8

39.5
41.1
37.7
39.8
36.3
42.3
38.2
41.5
41.5
40.6
38.4

39.6
41.0
38.9
39.8
36.7
42.3
38.2
41.7
41.1
39.9
37.7

2.00
2.05
1.62
1.59
1.52
2.22
2.71
2.44
2.86
2.49
1.60

2.08
2.18
1.82
1.63
1.54
2.28
2.77
2.52
2.91
2.53
1.65

2.09
2.18
1.82
1.62
1.55
2.29
2.77
2.55
2.92
2.56
1.63

2.08
2.15
1.70
1.62
1.58
2.31
2.78
2.54
2.90
2.52
1.64

Total.

88.70

80.20
84.87
65.93
64.87
56.85
95.68
103.79
100.53
116.12
105.33
60.48

'Preliminary.
NOTE.—Data are for production and related workers,
available from the Bureau of Labor Statistics.




Back data are

1060

DEPARTMENT STORES
DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS
[Federal Reserve indexes, based on retail value figures. 1947-49 average = 100]
Federal Reserve district
Year or month

United
States
Boston

New
York

Philadelphia

Cleveland

114

110

104

113

118
118

114
117

105
108

117
116

128
135
135
136

123
126
122
122

113
120
124
127

144

126

148
144
144
147
146

San
Francisco

Richmond

Atlanta

Chicago

St.
Louis

115

122

127

109

116

109

121

129

120

119
112

127
129

131
135

114
112

120
121

110
113

123
129

132
136

122
122

125
131
132
133

122
128
129
128

140
146
148
148

149
164
166
169

122
128
128
125

132
138
138
137

117
126
128
128

140
144
142
146

149
158
159
159

132
141
140
143

131

139

136

156

181

133

144

134

155

172

156

126
121
127
129
129

134
128
131
134
134

145
134
138
140
140

145
137
135
138
138

157
152
154
158
156

185
184
186
188
189

138
134
134
139
13*

145
144
140
148
149

133
132
136
137
131

154
153
151
162
156

174
179
167
173
179

160
157
157
158
155

146

129

135

140

141

156

185

134

143

133

155

170

158

146
142
138

131
130
122

135
133
126

146
143
134

139
136
139

156
149
140

180
175
162

134
127
125

150
134
131

137
135
123

156
144
142

171
163
164

156
158
157

154
141
145
P149

134
125
129
126

144
131
135
135

151
136
144
142

144
139
139
146

168
144
149
^157

192
176
183
P194

145
132
134
141

159
143
144
P144

147
133
137
137

164
150
154
n59

181
159
170
175

159
153
153
159

121
132
145
150
176
260

95
103
132
131
154
251

100
102
132
141
170
245

110
112
140
144
183
257

118
126
135
139
170
252

129
138
155
165
190
289

157
177
173
186
217
325

111
124
138
142
164
233

120
138
144
151
177
250

107
132
146
150
148
230

135
156
155
162
179
266

155
176
160
177
208
291

143
157
154
154
181
281

111
106
115
150
138
137
P122

99
93
95
133
124
123
95

108
102
107
137
127
130
101

108
102
113
153
134
134
108

105
105
113
144
135
131
118

112
105
114
165
143
139
*>l30

139
137
149
194
173
165
*>165

101
95
108
139
130
129
113

111
102
110
150
144
134
H19

'98
99
105
139
127
133
110

115
105
119
154
150
146
^140

135
122
143
172
159
156
156

121
121
126
153
145
147
142

121
131

117
124

115
120

120
129

112
122

113
123

130
146

129
143

131
140

127

115
125

126
132
141

117

120
131

128
136
148

120

119
130

124
130
142

141
152
164

140
153
168

135
142
156

152
148
156

138
136
142

138
136
142

Sect
Oct
Nov
Dec

158
159
160
158
160
161

145
147
147
145
145
145

143
145
144
143
144
144

I960—Jan
Feb
Mar
Apr
May
June
July

161
160
162
159
161
165
Pi 67

144
143
144
141
146
148
149

149
156
168
177
182
145
144
152
165
165
163
157
*157

Minne- Kansas Dallas
City
apolis

SALES i
1952
1953
1954
1955
1956 .
1957
1958
1959
SEASONALLY ADJUSTED
1959

July
Sept
Oct
Nov
Dec

I960—Jan
Feb
Mar
Apr
May
June
July
WITHOUT SEASONAL ADJUSTMENT
1959—juiy
Aufi
Sept
Oct
Nov
Dec
I960

Jan
Feb
Mar
Apr
May
June
July

STOCKS^
1952...

1953
1954
1955
1956
1957
1958
1959

.

127
141

143
155

138

152

135
148

122
124
133

159

170

127

175

195

138

125
135
148

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

165
162
161
159
160
166

138
136
139
139
142
138

182
184
183
179
179
180

212
217
222
225
223
227

149
155
157
151
152
154

147
147
145
143
142
146

143
148
146
147
149
146

156
157
159
161
161
162

180
182
182
185
188
183

169
167
167
163
171
174

146
146
147
144
149
149
151

164
160
159
157
164
^168
166

142
142
145
139
144
150
160

178
179
177
181
187
185
*>187

227
225
225
224
223
'227
*>223

150
147
151
146
152
152
155

149
145
148
147
151
152.
154

147
145
146
146
150
152
157

162
162
160
157
160
161
P165

186
180
182
181
185
192
J>l90

178
179
183
176
167
180
179

132
143
154
164
170
135

129
142
151
162
167
134

148
156
169
183
185
149

127
130
145
156
160
126

168
181
193
205
207
165

197
212
230
245
252
197

146
152
163
167
171
134

140
145
154
163
162
132

136
145
152
163
168
136

150
155
164
174
182
146

171
182
192
203
207
170

165
166
176
182
196
160

128
134
146
147
149
139
135

132
136
149
150
151
140
137

144
154
164
168
167
156
149

125
136
149
146
148
142
147

158
167
181
188
186
174

207
223
237
232
225
'213
?208

135
139
151
155
155
149
152

133
138
150
153
149
143
146

135
139
149
150
150
143
148

146
156
164
163
161
158
*>158

163
175
191
189
183
179
*>180

158
165
182
179
166
176
176

SEASONALLY ADJUSTED
1959_july

r

WITHOUT SEASONAL ADJUSTMENT
1959

July
Aug
Sept
Oct

Nov
Dec
I960

Jan . .
Feb

Mar
Apr
May
June .
July
r

* Preliminary.
Revised.
* Figures for sales are the average per trading day, while those for stocks
are as of the end of the month or averages of monthly data.




P\12

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.

1061

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)

OutRestandceipts 2
ing
(total
orders *
for
(end of month)
month)

New
orders 3
(total
for
month)

Stocks

Outstanding
orders

Stocks
plus
outstanding
orders

Receipts

Annual average:
1951
1952
1953
1954
1955
1956
1957
1958
1959

391
397
406
409
437
454
459
462
485

1,202
1,097
1,163
1,140
1,195
1,286
1,338
1,323
1,385

391
427
472
531
578
940

M,304
1,380
1,483
1,578
1,639
1,310

384
362
418
507
448
451

1,299
1,362
1,468
1,473
1,461
1 381
1,371

379
401
401
All
449
458
458
464
496

3.2
2.9
3.0
3.0
2.9
3.0
3.1
3.0
3.0

457
470
571
603
556
462

3^2
3.1
3.0
2.8
1.4

460
435
421
388
446
470
461
437
510

390
397
408
410
444
459
461
462
492

667
631
627
604
521
372

'396
503
575
626
639
611

459
514
456
417
''420
616

373
425
524
512
436
371

460
480
466
473

678

363

1.3

4 4
4.

A.
4.
4.
4.

1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1 1

0^9
0.4

5.1
4.7
4 5
4.1
3.7
1.8

1.0
1.2
1 2
1.2
1.1
0.7

567

3.4
3.8
3.5
2.9
3.3
3.1

1.2
1.4
1.1
0.8
0.9
1 4

4.6
5.2
4.6
3.7
4.2
4.4

1.0
1.2
1.3
1.0
1.0
0 8

425

3.7

1.8

5.5

1.0

1.2

!o
.1
.0

4.

Month:
I959_july
Aug
Sept
Oct
Nov

r

.

.

.

.

Dec

I960 Jan
Feb
Mar

. . .

.

Apr

May
June

. . .

373
r
P1 Preliminary.
Revised.
These figures are not estimates for all department stores in the United
States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1959,
sales by these stores accounted for about 45 per cent of estimated total
department store sales.
2 Derived from the reported figures on sales and stocks.

r

r

1.7
1.5
1 3

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.

Merchandise exports'

Period

Jan
Feb
Mar
Apr
May
June
July

.

Sept

...

.

Oct

Nov

Dec

Jan -July
r
1
2

.

...

Merchandise exports excluding
military-aid shipments 2

Merchandise imports 3

1958

1959

1960

1958

1959

1960

1958

1959

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
,456
,479
,551
,423
,468
,397
,479
482
.479
1 675

1,562
1,576
1,751
1,823
r
l,810
'1,738
1,699

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
,375
1,343
,411
,347
,353
,300
,399
398
,376

1,484
1,497
1,634
1,708
r
l,716
'1,638
1,629

1,096
956
1,071
1,057
1,061
1,031
1,049
950
1,073
1 150
1,086
1 254

1,154
1.118
1,295
[,221
1,264
,369
1,248
[ 189
[,392
I 202
1,282
478

10,400

10,057

11,959

9,596

9,298

11,306

7,321

8,669

Revised.
Exports of domestic and foreign merchandise.
Department of Defense shipments of grant-aid military equipment
and supplies under Mutual Security Program.




In millions of dollars]

1960
137

,288
375

,257
,260
,313

8,785

3
General imports including imports for immediate consumption plus
entries into bonded warehouses.

1062

PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.

1947-49=100]

Housing
Transportation

Medical
care

Personal
care

Read- Other
goods
ing
and
and
recrea- servtion
ices

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

134 3
134.6
135.2
135.3
135.4
135.5

107.5
108.0
109.0
109.4
109.4
109.2

146.3
146.7
146.4
148.5
149.0
148.7

151 0
151.4
152.2
152.5
153.0
153.2

131 3
131.7
132.1
132 5
132.7
132.9

119 1
119.1
119.6
119.7
120.0
120.4

130 8
131.1
131.5
131.6
131.6
131.7

135.9
136.3
136 9
137.0
137.2
137 3
137.4

107.9
108.4
108.8
108.9
108.9
108.9
109.1

147.6
147.5
146.5
146.1
145.6
145.8
145.9

153.5
154.7
155 0
155.5
155.9
156.1
156.4

132 7
132.6
132 7
132.9
133.2
133 2
133.4

120 3
120.6
120 9
121.1
121.4
121 1
121.6

131.8
131.8
131.7
131.9
131.9
132.0
132.2

All
items

Foods

73.3
55.3
62.9
76.9

65.6
41.6
52.2
68.9

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

July
Aug
Seot
Oct
Nov
Dec

124.9
124.8
125.2
125.5
125.6
125.5

119.4
118.3
118.7
118.4
117.9
117.8

129.0
129.3
129.7
130.1
130.4
130.4

139.6
139.8
140.0
140.4
140.5
140.8

119.5
120.1
121.6
121.7
121.7
122.7

134.0
133.9
135.0
135.5
135.9
137.3

104.0
103.6
104.0
104.1
104.4
104.2

I960 Jan
Feb
Mar
Apr
May
June
July

125.4
125.6
125.7
126.2
126.3
126.5
126.6

117.6
117.4
117.7
119.5
119.7
120.3
120.6

130.7
131.2
131.3
131.4
131.2
131.3
131.3

140.9
141.0
141.2
141.4
141.4
141.6
141.8

123.2
124.0
124.1
124.4
124.7
124.7
124.8

139.0
139.0
137.2
136.3
132.9
132.3
132.9

104.0
104.3
104.7
104.7
104.3
104.3
104.1

Year or month

1929
1933
1941
1945,.
1952
1953
1954
1955
1956
1957
1958
1959

Total

Gas
and
electricity

Rent

ApSolid House- House- parel
fuels
furhold
and
nish- operafuel oil ings
tion

117.4
83.6
88.4
90.9

60.3
45.9
55.6
76.3

NOTE.—Revised index, reflecting, beginning with January 1953, the inclusion of new series (Le. home purchases and used automobiles) and re-

vised weights. Prior to January 1953, indexes are based on the "interim
adjusted" and "old" indexes, converted to the base 1947-49=100.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Bureau of Labor Statistics index.

1947-49=100]
Other commodities

Year or
month

1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.

All
Tex- Hides,
tile skins,
com- Farm Processed
prodmodi- prodand
ucts foods
ties
Total ucts leather
and prodapparel ucts

Fuel,
power,
and
lighting
materials

Ma- FurniToChem- Rub- Lum- Pulp Metals chin- ture Nonme- bacco
icals
ber
ery
paper,
and tallic
mfrs.
ber
Misand
and
and
and other minand
and wood
and cellaallied prodallied metal mo- house- erals—
neous
bottled
prod- ucts prod- prod- prodtive
hold struc- bevucts prod- duraucts
ucts
ucts
ucts
bles tural erages

111.6
110.1
110.3
110.7
114.3
117.6
119.2
119.5

107.0
97.0
95.6
89.6
88.4
90.9
94.9
89.1

108.8
104.6
105.3
101.7
101.7
105.6
110.9
107.0

113.2
114.0
114.5
117.0
122.2
125.6
126.0
128.2

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.
149.8
153.0

112.0
114.2
115.4
115.9
119.
122.2
123.2
123.4

113.6
118.2
120.9
124.2
129.6
134.6
136.0
137.7

110.6 108.3
115.7 97.8
120.6 102.5
121.6 92.0
122.3 91.0
89.6
126.
128.2 94.2
131.4 94.5

119.5
119.1
119.7
119.1
118.9
118.9

88.4
87.1
88.9
86.5
85.4
85.9

107.5
105.8
107.8
106.4
104.9
104.7

128.4
128.4
128.4
128.4
128.5
128.6

95.3
95.7
95.9
95.9
96.3
96.7

119.3
119.7
119.1
116.2
111.7
112.3

111.1
112.2
111.9
111.4
111.2
111.7

109.9
109.7
109.9
110.0
110.0
110.0

146.4
141.0
142.0
142.3
144.9
142.5

128.3
128.5
127.2
126.2
124.3
124.8

132.4
132.3
132.4
132.5
132.3
132.4

152.7
152.8
153.8
154.5
155.8
155.2

153.6
153.8
153.9
153.7
153.6
153.7

123.8
123.5
123.4
123.3
123.3
123.2

137.5
137.4
137.5
137.5
137.7
137.8

'132.2
134.5
131.8
131.7
131.7
131.7

92.9
92.0
88.6
91.8
93.7
94.2

119.3
119.3
120.0
120.0
119.7
119

86.5
87.0
90.4
91.1
90.4
89.0
88.9

105.6
105.7
107.3
106.8
107.3
107.6
108.8

128.8
128.7
128.6
128.7
128.2
128.2
128.2

96.6
96.5
96.3
96.3
96.3
96.3
96.3

112.7
112.0
111.8
112.1
111.2
110.3
110.2

111.9
112.0
112.3
112.2
110.8
112.3
113.7

109.9
110.0
110.1
110.2
110.2
110.2
110.4

143.5
145.1
145.2
145.1
146.7
'•147.2
146.1

125.1
124.9
124.5
124.3
123.7
r
122.4
121.4

133.7
133.2
133.1
133.1
133.4
r
133.5
133.5

155.5
155.3
154.5
154.5
154.2
r
153.8
153.4

153.8
153.9
153.9
154.0
153.5
153.4
153.4

123.4
123.5
123.7
123.5
123.2
r
123.0
123.0

138.4
138.2
138.2
138.3
137.9
137.8
137.8

131.7
131.7
131
131
131
131
131.2

95.3
93.4
94.0
95.4
91.1
90.9
90.8

1959
July..
Aug..
Sept..
Oct..
Nov..
Dec..
1960
Jan
Feb
Mar.
y
June
July
r

Revised.




119.7

« Corrected.

1063

PRICES
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Bureau of Labor Statistics index, 1947-49=100]
1959

Subgroup

1959

1960

Subgroup

May

June

98 5
78 2
84 8
100 0
92 2
65 4
74 9
132 2

116
77
85
96
92
69
76
128

9
8
8
6
7
6
5
3

109.7
77.5
85.1
96.7
'93.3
64.2
74.4
128.0

119 5
99 3
110 6
115 2
145 2
96 1

121 2
98 5
114 9
106 3
114 0
145 2
102 2

121.2
'98.1
116.0
106.9
114.0
145.2
103.9

122.6
99.5
117.3
107.4
116.9
143.5
103.3 Machinery and Motive Products:

91 9
103.3
82.2
113.4
99.9
75.5

94 8
102.4
79.7
118.7
100 6
86.8

94.8
102.1
79.6
121.6
100.8
85.1

94.7
102.1
79.6
123.3
101.0
81.9

107.7
118.7
130.6
113.9

72.9
67.1
103. 5 103.0
132.5 132.5
106.7 '106.4

July

July

Pulp, Paper,
(Cont.):

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products

Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods

113.9

Cotton products.
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products

,

Hides\ Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products

,

121. 1
170.4
105.8
100. 8
114.8

118.7 '119.5
170.4 170.4
111.6 '112.2
101.7 101.8
113.6 116.0

123.9 '124.6 '124.6
128. 3 128.3 128.3
101. 3 103.0 103.2
95.1
93.7
94.8
55.3
50.2 '47.9
108.8 110.2 110.2
107.4 108.8 108.8
106.6 106.4 106.4

149.3
150.0
141.6

169.6 169.6
138. 1 138.1
144.5 '145.6

161.5
139.2
145.6

129.9
137.7
102.4

124.9 '123.1
136.9 136.9
95.5
95.7

121.6
137.0
95.5

121.2
115.9
143.6

121.2

121.2
82.3
145.9

Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
r

Revised.




July

135.9
127.6
147.3

135.9
130.6
145.1

135.9
130.9
145.1

135.9
130.9
144.2

171.8
133.8
152.9
173.0
130.9
121.7
132.3

170.4
140.0
154.8
174.2
132.7
120.2
134.9

169.9
138.9
153.9
174.5
131.3
120.0
134.9

169.5
138.6
153.6
174.5
131.3
118.9
134.6

145.3

146.1

146.0

146.0

r

143.4

145.7

145.7

145.7

175.3
179.2

175.3
180.0

175.5
180.0

165.9
149.5

167.8
150.0

166.4
150.2

166.5
150.0

155.8
143.2

153.9
141.6

153.9
141.6

153.9
141.6

Household furniture
Commercial furniture
Floor covering
Household appliances
Television, radios, phonographs
Other household durable goods

124.2
155.3
128.6
104.4
94.3
156.8

125.0
156.7
130.8
102.1
91.7
157.4

124.9
156.7
130.6
101.7
'91.4
157.4

124.9
157.1
130.6
101.7
91.4
157.4

Flat glass
Concrete ingredients

135.3
140.4
129.9
160.6
133.1
111.9
132.5

130.2
142.1
131.5
161.7
133.2
106.6
134.6

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

134.8
106.6
153.7
121.8
171.1

134.8
106.5
155.7
120.6
171.1

134.8
106.5
155.7
120.6
171.1

134.8
106.5
155.7
120.6
167.4

117.5
72.2
97.5
108.1
131.9

118.3
68.0
96.4
110.5
132.5

118.3
67.6
96.4
110.2
132.6

118.6
67.3
97.3
110.7
132.5

Bottled

Cigarettes
Cigars
Other tobacco products.
Alcoholic beverages
Nonalcoholic beverages.
Miscellaneous:

Lumber and Wood Products:
Lumber
Millwork
Plywood

June

171.8
174.0

Concrete products
124.7
Structural clay products
128.4
Gypsum products
103.8
Prepared asphalt roofing
95.1
Other nonmetallic minerals
47.7
110.3
110.6 Tobacco Manufactures and
Beverages:
106.4

Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products

Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles

120.3
170.4
113.7
102.0
117.9 Nonmetallic Minerals—Structural:

Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics...
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products

May

68.0
102.2 Furniture and Other Household Dura132.5
bles:
106.0

Fuel, Power, and Lighting Materials:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum and products

,
,

Nonferrous metals
,
Metal containers
Hardware
Plumbing equipment
,
Heating equipment
,
Fabricated structural metal products,
Fabricated
nonstructural
metal
products

Textile Products and Apparel:

July

and Allied Products

112.9
75.5
Paperboard
84.1
Converted paper and paperboard
96.4
Building paper and board
95.5
65.4 Metals and Metal Products:
73.5
127.7
Iron and steel

Processed Foods:

1960

83.2
145.9

121.2
82.3
145.9

Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous

1064

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

Gross national product

104.4

1933

79.0
9.2
37.7
32.1

Gross private domestic investment
New Construction
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only

16.2
1.4
8.7
1.4
3.6
l'.O
5.1
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4

Government purchases of goods and services..
Federal
National defense
Other
Less: Government sales
State and local
Addendum: Gross national product in constant (1954) dollars

46.4
3.5
22.3
20.7

7^0
6.3

1A
2.3

8.5
1.3

8.0
2.0

2.0
7.2

1950

1955

1956

1957

1958

1960

1959

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

Personal consumption expenditures
Durable goods
Nondurable goods
Services

Net exports of goods and services
Exports
Imports

1941

.0
6.0

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

6.9
4.5
4.0

50.0
24.2
14.1
10.1
18.9
6.8
6.0

63.8
34.9
18.7
16.2
23.1
5.8
5.5

67.4
35.5
17.7
17.8
27.2
4.7
5.1

66.1 56.0
36.1 35.4
17.0 18.0
19.0 17.4
28.5 23.1
1.6 - 2 . 5
.8 - 3 . 6

1.1
6.0
4.8

.6
13.1
12.5

1.1
19.4
18.3

2.9
23.1
20.2

24.8
16.9
13.8
3.2
.0
7.8

39.0
19.3
14.3
5.2
.1
19.7

75.6
45.3
39.1
6.6

79.0
45.7
40.4
5.7
.3
33.2

18.1
6.6
3.5

3O!3

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

4.9
26.2
21.3

1.2 - 1 . 0 - 2 . 2
22.7 22.9 22.2
21.5 23.8 24.4

-.2
24.0
24.2

-.4
23.5
23.9

1.2
25.2
23.9

2.0
26.4
24.4

86.5
49.7
44.4
5.7
.4
36.8

93.5
52.6
44.8
8.3
.5
40.8

98.1
53.6
46.1
8.0

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
44.7
7.6
.6
46.9

72.0
40.3
22.3
18.0
25.8
5.9
5.4

97.1
53.3
46.0
7.8
43'.9

97.7
53.7
46.4
7.8
.5
44.0

44#.5

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

40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 405.4 399.4 402.8 414.4

National income

87.8

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

29.0
23.9
.3
4.9

.7

.5

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.
174.9 189.6 198.4 196.4 212.9 214.9 214.2 215.6 222.1 225.5
5.0
10.0
1.9
9.8
9.9
9.7
9.8
9.6
9.8
9.9
9.9
9.9
17.3
26.2 28.4 30.5 33.5 35.4 35.3 35.7 36.1 36.7 37.6
8.3
2.7
7.8 13.0 14.9 17.0 17.4 19.6 19.6 19.8 20.1 21.5 21.9

.1
.6

A

2.0
.7

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

14.8

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

8.8
6.0

3.2
2.4

10.9
6.5

23.5
14.0

30.4
11.8

32.1
11.6

32.7
11.8

32.3
14.0

34.7
11.8

34.8
12.0

35.0
11.1

35.1
11.2

35.4
10.6

36.0
12.1

5.4

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

Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest

14.5

35.7

43.1

42.0

41.7

37.4

46.6

50.4

44.9

45.5

48.0

.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

.5 - 2 . 1

-2.5

-5.0

-1.7

-2.7

-1.5

-.2

-.5

-1.3

-.4

.7

-.8

4.5

5.5

10.4

11.7

13.4

14.7

16.4

16.2

16.5

16.9

17.8

9.6
1.4
8.3
5.8
2.4

6.4

5.0

r
Revised
NOTE.—For explanation of series see U. S. Income and Output (a supple-




13.9

18.5

ment to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1960.

1065

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

is: Capital consumption allowances
,
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

1958

1959

1959

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
9.0

19.1

32.0

34.4

37.4

38.1

40.5

40.2

40.7

41.4

42.2

43.0

'.9

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

42.6
1.8
-1.8

42.2
1.8
-1.0

43.0
1.8
-3.0

43.5
1.8
-2.6

44.4
1.8
-1.1

45.3
1.8

.0

.1

.2

.0

.9

1.0

1.1

.6

.7

.5

.5

.5

40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 405.4 399.4 402.8 414.4

10.1

-2.0
.3

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

20.2

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.9
1.0
5.8
.6

1.3
1.2
2.1

2.6
1.3
4.5
.5

Less: Personal tax and nontax payments

2.6

Federal
,
State and local.
Equals: Disposable personal income

1.3

.7
47.2
1.5

i!o

1.4|

83.1

Addendum: Disposable personal income in
constant (1954) dollars

1957

11.3
.5
.4

85.8

Equals: Personal saving

1956

7.1

-.1

Less: Personal consumption expenditures....

1955

7.2

87.8

Equals: Personal income

1950

7.0
.6
.3

Equals: National income

Plus: Government transfer payments. .
Net interest paid by government.
Dividends
Business transfer payments

1941

8.6

Plus: Subsidies less current surplus of government enterprises

Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements

1933

79.0
4.2j

45.7
46.4
-.6

96.3
3.3
2.0
1.3

14.3 16.0 17.2 20.1 24.5 25.2 25.0 25.0 26.0 26.1 26.7
6.2
6.2
7.1
6.9
7.3
7.6
4.8 5.4 5.7
7.8
8.0
9.2 11.2 12.1 12.6 12.4 13.4 13.2 13.6 13.8 13.9 13.9
1.5
1.6
1.8
1.8
1.8
1.8
1.8
1.8
1.8
.8
310.2 332.9 351.4 360.3 383.3 384.5 384.8 389.0 396.2 404.2
228.5
35.7 40.0 42.6 42.4 46.0 46.2 46.3 46.5 49.2 50.0
20.8
18.2 31.5 35.2 37.3 36.7 39.8 40.1 40.0 40.2 42.6 43.4
6.1
6.2
5.3
6.2
6.6
6.6
2.6 4.2 4.8
5.7
6.3

93.0 207.7 274.4 292.9 308 8 317.9 337.3 338.3 338.5 342.4 347.0 354.1
81.9 195.0 256.9 269.9 285.2 293.5 313.8 313.6 316.0 319.6 323.3 329.0
11.1

12.6

17.5

23.0

23.6

24.4

23.4

22.5

24.8

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*

Total personal income

1958

. .

360.3

1959

Aug.

Sept.

Oct.

1960
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug. p

383.3 383.3 384.3 384.3 388.7 393.9 395.7 395.7 397.0 401.9 404.7 406.1 407.3 407.6

JWage and salary
disbursements....... 239.7 258.2 258.6 259.0 258.6 260.8 265.0 268.2 268.6 269.3 271.7 273.6 274.0 275.1 275.1
Commodity-producing industries... 97.9 107.2 105.8 106.1 105.6 107.0 110.4 112.6 111.9 111.6 112.1 113.3 112.9 112.8 111.7
83.5
83.8
84.5
76.7 84.7
84.3
87.6
89.0
88.8 88.6 89.5
89.2 88.7
89.4
87.5
63.8 68.2 69.2 69.1 68.8 69.1 69 A 69.9 70.3 70.8 71.8 72.0 72.2 72.4 72.7
Distributive industries
34.7 37.5 38.0 38.1 38.5 38.8 39.1 39.4 39.8 40.0 40.5 40.7 41.1 41.3 41.6
43.2 45.3 45.6 45.6 45.7 46.0 46.1 46.3 46.5 46.9 47.3 47.6 47.8 48.5 49.0
Government
9.4

10.1

10.3

10.3

10.4

10.5

10.5

10.6

10.7

10.8

10.8

10.9

11.0

11.1

11.2

32.3
14.0

34.7
11.8

35.0
10.7

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

36.2
11.5

Rental income

12.2

12.4

12.4

12.5

12.5

12.5

12.5

12.5

12.5

12.5

12.5

12.5

12.5

12.5

12.5

Dividends

12.4

13.4

13.6

13.8

13.8

13.8

13.6

13.9

13.9

13.9

13.9

13.9

13.9

13.9

14.0

20.8

23.5

23.8

24.0

24.2

24.8

25.2

25.5

25.9

26.2

27.1

27.4

27.0

26.7

27.2

27.4

27.9

27.7

27.7

28.3

28.6

26.5
28.4

26.8

26.4

24.5
28.2

28.5

28.7

29.1

6.8

7.8

7.8

7.9

7.9

7.9

8.0

9.2

9.1

9.2

9.2

9.3

9.3

9.3

9.4

Proprietors* income:

Transfer payments
Less: Personal

contributions

for

342.6 367.6 368.9 370.1 370.3 373.5 377.4 380.2 381.2 382.7 385.9 388.2 389.3 391.1 391.9
Agricultural i n c o m e

...............

17.8

15.7

14.4

14.2

14.0

> Preliminary.
1 Monthly data are seasonally ad jusited totals at annual rates.
NOTE.—For explanation of series see U. S. Income and Output (a supple-




15.2

16.5

15.5

14.5

14.3

16.1

16.4

16.8

16.2

15.7

ment to the Survey of Current Business for 1959) and the Survey of Current
Business, July 1960.

1066

FLOW OF FUNDS/SAVING
SAVING AND INVESTMENT
[In billions of dollars]
Quarterly totals
Annual totals

Transaction category,
or sector

1958
1955

Net national saving1
Consumer and nonprofit
Farm and noncorp. business2. . .
Corporate nonfinancial business.
Federal Government i
State and local governments 1. . .
Financial sectors

1956

1957

1958

1959

1959

7.7

6.1
3.9
3.3
-4.5
-.9
-.1

12.6
8.7
-.8
.2
4.0
-.7
1.3

20.2
11.0
9.7
1.1
.2
1.0
2.1
6.0

20.3
11.1
9.8
1.1
.2
1.1
2.1
6.1

H
I
J
K
L
M
N
O

25.0 22.1 24.6 22.9
17.2 15.2 18.9 16.4
2.0
5.3
1.7
2.6
4.4
2.4
8.7
9.8
3.5
1.3 - 5 . 4 - 7 . 6
- . 5 -1.2 -1.7 -1.6
.4
.5
.7
1.5

29.2 29.7 28.3 27.9
18.9 18.7 19.4 17.1
7.0
1.2
2.5
1.5
9.3
9.1
6.7
9.6
1.4 - 2 . 1 - 4 . 5
.7
- . 6 -1.8
j 2 -.9
-.1
.9
.6

33.0
19.8
2.4
6.3
4.0

§

93.6 113.7
37.3 43.4

21.7
8.2

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

28.6
10.0

58.5
18.3
14.7
3.6
4.4
9.1
25.9
.7

66.1
22.2
18.5
3.7
4.9
10.8
27.4

13.
4.5
3.6
.8
1.0
1.7
5.7
.2

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

15.7
5.3
4.3
1.0
1.0
2.4
7.0
.2

13.9
5.2
4.3
.9
1.1
2.1
5.3
.2

17.3
4.9
4.1
.9
1.4
3.3
7.4
.2

17.7
5.9
4.9
1.0
1.3
3.0
7.3

17.3
6.2
5.3
1.0
1.0
2.5
7.4
.2

14.3
5.4
4.5
.9
1.0
2.1
5.7
.2

1.6 - 2 . 5
.8
1.0
.2
.6 - 3 . 5

5.9
.5
.6
4.8

-.1
.2
-.5
.1

3.6
.2
1.
2.4

2.1
.1
.2
1.7

.4
.1
-.6
.9

4.5
.1
1.2
3.2

-.4
-.5
1.8
4.2
2.0
2.8
7.8
7.9
8.4
7.3
5.0
6.2
6.4
3.1
4.0
- 1 . 9 - 3 . 8 - 2 . 82
.3
.1
-.5
3.9
1.4
2.5 -3.7
-1.5
.5 - 1 . 4
.8
.2
3.6
4.1
5.6
3.1
4.8
5.4
1.7

-.2
2.5
4.6
2.1
-2.0
-.4
1.6
-4.6
-2.7
1.9

H Capital consumption 3
1
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.

6.5
3.4
3.8
5.7
39.5 41.5 37.9 19.5 36.1
6.9
4.8
8.5
5.8
26.6 29.5 28.5 26.1 30.6
-1.2
-.9
-.3
2.4
*
*
3.5 11.4 - 2 . 9 - 1 . 0
12.4
3.3
4.2
5.9
5.3 - 8 . 2 - 4 . 5
.5
3.5
1.3 - 5 . 4 - 7 . 6
5.9
3.6 - 5 . 0 - 4 . 4
-3.2
- . 5 - 1 . 2 — 1.7 - 1 . 6
2
.
7
3
.2
3.3
3.1
3.1
.7
.4
1.5
.5
2.9
3.7
62.3 67.5 73.3 75.2 79.0 18.5 18.7 18.8 19.2
33.9 36.9 40.1 41.6 43.4 10.2 10.3 10.5 10.6
30.4 33.0 35.8 37.0 38.5
9.1
9.3
9.2
9.4
4.0
4.3
3.7
3.1
1.0
3.4
1.0
1.0
1.0
.6
.5
.6
.1
.5
.6
.1
.1
4.0
3.7
4.1
3.7
3.9
1.0
1.0
l.'o
1.0
7.0
8.2
8.1
7.7
2.0
7.5
1.9
1.9
1.9
17.6 19.3 21.2 21.9 23.3
5.6
5.4
5.5
5.4

19.3
10.7
9.5
1.0
.2
1.0
2.0
5.6

P
Q
R
S
T
U
V

101.9 108.9 111.2 94.6 115.2
60.5 66.4 68.6 67.7 74.0
10.7 11.3 12.0 11.7 12.3
30.1 25.2 26.5 25.4 34.8
5.9
.5
3.6 - 8 . 2 - 4 . 5
-3.2 -2.7 -3.2 -5.0 -4.4
3.1
3.1
3.3
2.9
3.7
103.6 108.0 110.7
39.6 38.5 40.4
58.2
19.3
16.6
2.7
4.2
10.1
f24.0
.7

62.7
18.9
16.1
2.8
3.
10.2
29.
.7

5.8
.3
.6
4.9

4.7
-.4
.2
4.9

A
B
C
D
E
F
0

Gross national saving i
Consumer and nonprofit
Farm and noncorp. business....
Corporate nonfinancial business.
Federal Government i
State and local governments *. . .
Financial sectors

W Gross national investmentl
X
Consumer durable goods
Y
Other gross private domestic fixed
investment
Z
Consumer and nonprofit
a
Nonfarm residen. constr.4...
b
Plant and equip, {nonprofit)..
c
Farm business
d
Noncorp. nonfinan. business4,
e
Corp. nonfinan. business4. . . .
f
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

Net financial investment 6
Consumer and nonprofit
Net acquis. offinan. assets. .
Net increase in liabilities....
Farm and noncorp. business..
Net acquis. offinan. assets. .
Net increase in liabilities....
Corp. nonfinan. business
Net acquis. offinan. assets. .
Net increase in liabilities

u
v
w
x
y
z
aa
bb
cc
dd

Federal Government
Net acquis. offinan. assets. .
Net increase in liabilities....
State and local governments. .
Net acquis. offinan. assets. .
Net increase in liabilities....
Financial sectors
Net acquis. offinan. assets. .
Net increase in liabilities....
Financial trans, discrep

ee Discrepancy (P—W)7

4.7
25.1
20.4
-4.4
.5
4.9
-2.2
16.8
19.0

-1.!

64.6
18.2
14.9
3.3
4.0
9.7
32.0

.1 - 2 . 0
.3
.3
.6 - . 2
2
.
-.8

.3
2.1
4.2
.2 - . 2
.3 - 1 .
C
5.6
6.1
12.1 CC 14.8 CC 15.3 10.6
.2
31.3
8.6
27.4
3.7
26.
27.3
"6.0
2.4
15.2 12.0 12.1 20.7
.4
3.6
1
.5
4
.
5
-2.5 -2.7 -2.9
-1.8 - 1 .
.3
- .4 - . 2
.5
.8
1.3
.5
1.7
4.1 c 1.6
3.0 c 3.5 c 4.2
2.3
2.2
.
9
1
.
6
-4.4
.
1
-13.4 - 8
.
7
c
C
C
6.9
1.2
7.2 13.4 -6.1
4.3
4.4
4.8
1.3
8.0 15.0 -1.8
17.7 13.1

.5
5.9
1.0
1.6
.5 -4.3
-2.6 -2.2
2.2
2.6
4.8
4.8
3.5
2.7
27.0 22.5
19.8
23.4
.5
-.5
.9

1960

3.6 - 8 . 2
1.6
3.2
9.7
-.4
-3.2 -5.2
3.3
2.5
6.5
7.7
3.0
4.5
23.9 36.2
20.9 31.7
-2.6 -2.2
.5

-4.5
6.3
10.8
-3.9
3.1
6.9
3.7
29.2
25.5
-1.6

3.5
1.3
-2.2
-1.3
1.1
2.4
.6
2.8
2.2
-1.8

1.5

3.4

1.0

3.3
9.0
5.7
2.2
1.5
5.2
3.7

9.9 10.1
8.4
8.2
7.9
8.4
- . 5 -1.8 -1.6
3.3
3.8
1.1
1.4 - 2 . 1
.7
- . 6 -1.8 -1.2
.6
1.6
.9
19.7
10.8
9.6
1.1
.2
1.0
2.0
5.8

19.9
10.9
9.7
1.1
.2
1.0
2.1
5.8

-.1

1.3 - 5 . 4 - 7 . 6
.7
2.1 - 4 . 5
1.4
3.9 -4.4
.2
2.6
-.8
4.3
.7
2.6
1.0
.5
4.7
3.7
8.3
2.9
-.9
-2.7
-.3
.3
- 1 . .6 - 1 . 2 - 1 3
.2
9
1.3
-.9
1.0
1.2
.7
1.
2.1
1.9
1.9
1.3
2.3
.9
e
1.4
2.5
.1
2.2
.6
1.3
.2 10.1
1.9 15.4
8.5
16.1
10.3
— .7 15.3 -1.1
6.3
9.5
14.9
10.9
.2 - 1 . 3
.7 - 1 . 8
.2

1.4

-4.0

2.8

-.3

1.2

-2.2

P
S
T
U
V

w
X

g
h
i

4.0
-.4
-4.4
-.8
x
.7
y
1.5
z
2.0
aa
-2.9
bb
-4.9
- 1 . 4 cc
dd
4.3

c

* Less than $50 million.
Corrected.
v Preliminary.
t Includes $0.3 billion of existing facilities purchased from Federal
Government.
1
For govt. sectors, saving is excess of all nonfinancial receipts over all
nonfinancial outlays; investment, changes in financial assets and liabilities
only. Govt. current outlays include, and govt. (and national) investment
excludes,
govt. purchases of tangible assets.
2
Annual figures for farm sector are retained earnings of corporate
farms; farm and nonfarm unincorporated businesses shown as having
zero annual net savins. Quarterly figures for both sectors include seasonal
net3 saving. See p. 838 of the BULLETIN for August 1959.
Depreciation, accidental damage to fixed capital, and caoital outlays
charged to current account. Line H includes amounts for financial
sectors not shown separately. See discussion on p. 836 of the BULLETIN
for4 August 1959.
For consumers, 1- to 4-family dwellings completed and purchases of
additions and alterations. Investment of nonfarm business sectors

includes work in process on 1- to 4-family dwellings and other private
residential
construction.
5
After inventory valuation adjustment.
6
Financial component of national investment equals net lending to
rest of world; financial flows among domestic sectors cancel out in
national total. (Discrepancies in financial transactions attributed entirely
to domestic transactions.) Differs from U. S. "net foreign investment"
(net exports minus net unilateral transfers in national income accounts)
by discrepancy in rest-of-world account, which equals "errors and
omissions" in Dept. of Commerce balance-of-payments statement for
the United States.
7 Saving and investment are equal in concept but may differ statistically
because of discrepancies. See p. 857 of the BULLETIN for August 1959.
NOTE.—Descriptions of sectors and of transaction categories are given
in notes to tables and in "Technical Notes," pn. 846-59 of the BULLETIN
for August 1959. For latest detailed flow of funds/saving tables, see
the BULLETIN for August 1960.

Notes to table on opposite page.
1 Demand deposit liabilities of banking system are net of F. R. float
and cash items in process of collection as reported by commercial banks.
Sum of sector holdings (oartlv on holder-record basis) differs from liability
total mainly because of mail float (checks in transit from drawers to
drawees). For further discussion, see p. 853 of the BULLETIN for August
1959.
2
Consumer-held only; includes net interest accruals. Savings bonds

held
by other sectors included in Federal obligations category.
3
Mainly time deposits of State and local governments, corporate
businesses,
and savings institutions.
4
Assets in these categories are treated as consumer holdings.
5
Marketable issues maturing within one year and, prior to 1956,
savings
notes.
6
Excludes loans to domestic commercial banks. Gross of valuation
reserves.




1067

FLOW OF FUNDS/SAVING
SUMMARY OF PRINCIPAL FINANCIAL FLOWS
[In billions of dollars]
Quarterly totals
Annual totals

Transaction category,
or sector

1958
1955

1956

1957

1

1959

1958

2

1959
4

3

>

1960

2

3

2.1
1.9
1.0
1.0
-.7
—2
1 5

2.1
3.8
2.0
3.1
1.5 - 1 . 2
4.4
.4
1.6
.8
—2 —2
-.2
1 8

4

1P

I. Demand deposits and currency
A
B
C
D
E
F
G
H
I
J
K

Net increase in commercial
bkg.
system liability1
Net increase in assets, by sector
Federal Government
Other domestic sectors
Consumer and nonprofit
Farm and noncorporate bus. . .
Corporate nonfinancial b u s . . . .
State and local government....
Financial sectors
Rest of the world
Discrepancy ( A - B )

2.3
.8
-.6
1.5
-.8
.3

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

.2
.3
.2

-1.4

1.7
.2
.7
*
-.7

1.0
.4
.6
*
1.4

.1
.2
.2
.2

8.4
2.9

8.9
3.6

10.1
6.8

.3

-.1

8.4
*
71.3
.1

9.0
-.3
2.1
7.3

69

8.4
8.7
-.1

8.9
9.0
*
-.1

10.1
9.8
.4
*

8.4
3.2
5.1

9.3
3.8
5.6

8.4
.6

9.3
1.0
1.4
4 8

1.1 - 5 . 2
1.7 - 3 . 3
1.5
.7
.9 - 4 . 4
.9 - 1 . 4
.3
-.7
.2 - 3 . 1

6.4 - 3 . 4
5.7 - 2 . 5
3.6 - 5 . 0
2.7
1.9
2.3
-.7
.3
.3

2
-1.9

1.3
.6
.4
.2
.7

- .2

7.6
2.2

5.5
4.3
1.3

5.0
3.3

2.5
1.6

7.2

1.8

1.0

-.5

-1.8

-.1

-.1

16.2

7.6
-2.0
1.2

5.5
-.1
3.6

5.0
-.2
2.8

.5
*
.1
-.6

16.1
10.1

-1.9
10.1
-2.2
5.5

-.3
*

1.0
n

8.0
6.6
*
6.3
2.3
2 . 53

-7.0
-5.3
-.5
-4.9
-.9
_ 2
-2.9
-.4

.1
*
2
.2

-9.1
-8.0
-.4
-7.1
-3.0

A
B
C
D
E
F
—3 4 G
.6
-.3
H
6
—4
I
—5
J

.6
.5
3
1.4

_ l
-1.7

-.2

3.1
.9
2 3
-.2

2,3
1.1
1 4
-.2

3.0
1.2
2 3

.8
*
1 2
-.5

1.6
-.1
2 3
-.6

1.6
.2
1 5
-.2

A
B
C
D

2.5
-.2
1.1

3.1
-.2
.5

2.3
-.2
.6

.8
-.6

1.6
-.2
•
1 8

E
F
G
H

-.9

.2
0

1
.2

.7

-I.I

K

II. Fixed-value redeemable claims
A
B
C
D

E
F
G
H

Net increase by type
Time deposits
Savings shares .
U S . savings b o n d s 2

. . . .

Net increase in liab., by sector
Federal Government
Commercial banking . .
.
Savings institutions

...

I
Net increase in assets, by sector
J
Consumer and nonprofit
K.
Other domestic sectors 3
L
Rest of the world (time deposits).
Ed.

Net increase by type

D
E
F
G
H

Net increase in liab., by sector4
Federal Government
State and local government
Life insurance companies
Private noninsured pension plans.

Life insurance
Pension funds

IV.

.

.

Funds raised by sector
Consumer and nonprofit
Farm business
Noncorporate nonfinancial bus
Corporate nonfinancial business..
Federal Government
State and local government
Financial sectors
Rest of the world

^N Funds advanced, by sector

X
Y
Z
a
b
c
d
e
f
g
h
i
j
k

5.2

6.5

c

8.4

2.1

2.4

i.5

2.9

2.0

3.0
-.6
9
2 6

1.4

1.6
-.6
_ 2
2 4

7.6
16.1
9.6
13.5
1.7 - 1 . 0
.9 - 1 . 0

5.5
3.3
1.2
1.0

5.0
3.7
1.3
*

2.5
3.0
-.4
-.1

3.1
3.5
-.4

2.3
2.2
*

3.0
3.5
-.2
-.4

.8
1.7
-.7
-.3

1.6
2.1
-.2
-.3

1.6
1.5
.2
-.1

I
J
K
L

9.0
2.8
6.1

10.3
3.4
6.9

11.6
3.7
7.9

2.6
.7
1.9

2.3
.8
1.5

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
9
2.0

A
B
C

9.0
.6

10.3
1.0

11.6
1.0

2.6
.2

2.3
.4

2.6
.3

2.8
.1

3.2
4

2.5
3

.5

5

1 6

1 2

3.1
1
.5
1 6

.8

.5

.9

2.9
2
.5
1 3
1.0

D
E
F
G
H

17.2
2.6
4.0 - 4 1
4.7 - 7 . 4
—7
3 3
4
1 0
1 5
1 1
1 2
1 0
3.0
2.3
1.4
1.1
2.7
-.9
6 —1 6
1.9
3
.5
2.3

A
B
C
D
E
F
G
H
I
J
K
L
M

17.1
6.4
-.2

N
O
P
Q
R
S
T
U
V

n

8.0
8.9

1.2
4.6
2.0

2.1

1.6
4.3
2.6

1.7

4 7
2.8

1.8
5.6
3.2

.4

1 0
1.0

.4
1.1
.4

.4
1.3
.6

1 5

2.9
.2
.5
1 3

.8

1.0

7.0
1.1
1.2
-.1
1 3

22.7
7.6
3.8
3.8

.4

Credit and equity market
instruments

A Net increase by type
B
Federal obligations 5
C
Short-term direct
D
Other
E
State and local obligations
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
N
O
P
Q
R
S
T
U
V

i

5.4

Saving through life insurance
and pension funds

A

B
C

5.3

Consumer and nonprofit
Farm and noncorp. business
Corporate nonfinancial business. .
Federal Government
State and local government
Commercial banking system
Monetary authorities
Commercial banks
Securities
Loans 6
Savings institutions
. .
Insurance sector
Finance n e e
Rest of the world

44.0 30.7 36.7 46.2
1.1
.8 - 5 . 6
9.0
-7.1
5.5 - 1 . 2
7.4
10.2
7.9 - 1 3 . 0 - 4 . 4
3 2
3 5
4 7
5 7
4.0
7.5
5 0
6 8
3.0
4.0
3 8
4 2
12.6 10.8
8.6
10.1
3.6
3.8
3.5
5.23
6 4
3 6
2 8
1 0 —6 _ 3
1 7
8.0
2.3
5 9
1.3
1.1
.9
2.0
2.6
44.1 31.2
20.3 15.1
1.2
.9
2 9
2 0
10.1 13.0
-.1 -5 4
3 5
3 3

36.9
11.8
1 j
13.1
1.0
4 9

46.2
12.0
1.5
2 3
11.8
9.3
5 9

5.9

1.2

2.4

1.2

.3

1.0

1.4

2.3

44.0 30.7
8.0
7.7
.2
.3
5.0 - 3 . 8
1.5
1.1
1.9
2.3
4.8
4.8
—3
3

36.7
C
8.1
.2
C
A
2.4
2.6
4.3
—8

46.2
C

4.4

7

13.3
1.5
1.0
5.8
6 3 -2.3
1
3
7.9 — 1 8
1.4
2.8

1.4

1.3
.9

2.4
3.0
1.3
1.3
.1
.6
1 8 —1 4
.6

-.2

-.2

-.3

22.7
5.6
*
2 8
3.1
7.9
.6

2.3
.1

1.7
1.6

-1.9

-.5

-.6

.8

5.0

4.5

5.1

-7.0
12.1

-3.5
8.0
7.3

1.3
3.8
7.2

8.0
1.6
1.3

8.3
2.5
.6

8.9
2.0
-.1

8.1
8.1
5.3
1.0

7.3 18.7 18.3
2 0
*
5 3
-4.6
4.7
.7
4.6 — 2 7 4 6
8
1 3
1 4
1 8
11
1.1
1 0
1.6
7
1.2
1 2
3.2
2.9
3.8
3.7
1.2
1.6
1
7
1.5
"7
1.9
1.7
2.6
1 l
— '2 _ 1
_ 3
2.7
— .4
2 8
3 6
.1
1.0
.9
1.3

61.4
7.0
3.1 13.4
3.6
2.4
20.6
.4
.4
.9
.2
2.0
*
5
4 8 — 9
3.1
11.6
3.0
2.6
1.1
10.7 - 2 0
2.2
5 1
1 7
1 4
2 0
4
5.7
1.4 - 1 . 7
.8
.5
.6
.5

61.5
3.1 13.4
7.0
C
2.4 - . 6
4.7
15.3
1.5
.4
.2 - . 1
*
c
c
5.5
2
.
5
1.3
n.2
3.8 -f.8
.3
5
1.7
2.9
*
*
'.2
1.4
5.6
.7 10.8 - . 6
17.0
-1.2
1.8
-.4
2 2
5.3
-.6
14.9
9.0
-1.2
.5
10.4 -7.2
6.5
1.0
4.5
12.5 -1.7
2.5 -1.2
9.4 10.6
2.4
1.7
2.9

c
* Less than $50 million.
Corrected.
v Preliminary.
NOTE.—Data for excluded categories—trade credit, proprietors' net
investment, gold, Treasury currency, and misc.—and more detail on




61.5
3.1 13.4
2.5
11.3 - 2 . 2
5.5 - 1 . 9 - 4 . 3
6.8
5.8
_ 3
4 9
1 6
1 9
1.4
4.7
2 4

9.8
4.5
3.1

2.3

7.3
3.0
.7
—4
1.9
-.2
1 3

18.7
6.2
1.1
2 5
3.8
1 7
1 5

18.3
5.0
.3
1 6
2.9
5.2
1 8

.7

1.5

1.2

.2

.4

.3

22.7
1.4
.5
4.2
.9
.5
8.0
1.4
6.6
1.7
4.9
2.4

7.3
4.5
-.3
1.0
.7
.6
-5.4
-.9
-4.5
-4.2
-.3
2.7

18.7
3.4
.3
1.2
1.7
.5
4.2
.6
3.6
-1.7
5.3
3.2

18.3
4.3
-.1
1.5
1.0
1.2
3.3

2.5
2.1
.3

2.5
.9

2.6
.9
1.0

2.1
.8
1.3

8
1.8

.2

2.8
-.8
3.6
3.0

2.6
2.1
.5
5
1.1
2.9
2.6
4.1 - 4 . 1
5
1 0
-.4
2.3
*
.3

2.6 W
17.2
3.2
4.7 X
.5 - . 4
Y
1.9
-.2
Z
.5 - . 1
a
.7
.8 b
3.5 - 7 . 9
c
.1
1.3
d
3.4 - 9 . 2
e
-5.7
f
g
3.8 -3.6
2.2
h
1.6
2.8
i
2.6
2.0
•4
j
.4 k
.7

sector transactions appear in other flow of funds/saving tables in the
BULLETIN for August 1960.
For other notes see opposite page.

1068

FEDERAL BUSINESS-TYPE ACTIVITIES
PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES
Based on compilation by Treasury Department.

In millions of dollars]
Liabilities, other than
interagency items 1

Assets, other than interagency items 1

Date, and fund or activity
Cash

All activities
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.

31.
31.
31.
31.

Total
assetsTotal
Land,
liabLoans Instrucilities
retures,
and
ceiv- ven- Public
and Other investable tories debt Other equipments
ment
secu- securities rities
Investments

1, 338 20,238
5,139 20,657
4,291 22,388
6 , 110
~ 25,483

4,356
21,375
21,628
20,810

3,236
3,739
3,804
4,198

3,414 7,822
3,669 9,985
3,718 9,962
3,703 10,670

4,900
5,299
5,332
5,500

Bonds, notes,
and debentures payable
Guaranteed Other
by
U.S.

45,304
69,863
71,124
76,475

2,379
2,711
4,662
4,038

PriU. S. vately
Govt. owned
interOther interest
est
liabilities

596
2,703 39,583
:
3,658 6
":,509
2V
918
2^14 62,377 1,121
3,909 67,180 1,298

1959—June 30.
Sept. 30.
Dec. 3 1 .

5,291 26,788 20,821 4,442
6,982 27,138 21,879 4,478
6, 855 27 ,865 21,476 4,670

5,127 8,869 5,458 76,795
8,938 5,590 80,136
9,124 5,512 80,620

4,882 3,758 66,710 1,397
5,582 3,530 69,549 1,423
5,974 3,36: 69,747 1,480

1960—Mar. 3 1 .

6,430 28,090 21,294 4,998

5,132 9,156

5,767 3,236 69,946 1,592

5,508 80,608

Classification of agencies reporting quarterly,
by type of fund and activity, Mar. 31, 1960
5,796 1,144

Public Enterprise Funds—Total
Farm Credit Administration:
Federal Farm Mortgage Corporation
Agricultural Marketing Act, revolving fund
Agricultural Department:
Commodity Credit Corporation
Disaster loans, etc., revolving fund
Allother
Housing and Home Finance Agency:
Public Housing Administration
Federal Housing Administration
Federal National Mortgage Association
Office of the Administrator
Federal Savings and Loan Insurance Corporation...
Small Business Administration
Export-Import Bank
Tennessee Valley Authority
Panama Canal Company
Veterans Administration
General Services Administration
Treasury Department
Post Office Department—postal fund
Interior Department
All other

3,156 11,158

Intragovernmental Funds -Total
Defense Department:
Army
Navy
Air Force
All other

1,419

8,585

542
471
309
97

5,274
2,722
429
160

Certain Other Activities—Total
General Services Administration
Agricultural Department:
Farmers Home Administration
Rural Electrification Administration
Veterans Administration
Nat. Aeronautics and Space Administration
Interior Department
International Cooperation Administration.......
Treasury Department
Commerce Department—maritime activities
Allother

1,558 11,013 6,913
377
79 6,896

Certain Deposit Funds—Total
Banks for cooperatives
Federal Deposit Insurance Corporation.
Federal home loan banks
Federal intermediate credit banks 4
Certain Trust Revolving Funds—Total..
Federal National Mortgage Association....
Office of Alien Property
All other

(2)

1,786 4,257
38
41

90
77
40
8 3^384
853
227
2
368
295
7 3,239
24
38
31
8
945
308
5
28
1,457
166
4
360
19
16
110
6
1,434
232
6

131

1,278 26,761

4
186

212 6,399
123
3
91
3

487 5,912
123
(2)
87
4

88

10,341

527 9,815

114

25 5,955
26 3,219
768
30
400
7

150 5,805
210 3,009
84
684
83
317

4,855 3,985 33,269
1,164
513 9,030

298 32,971
49 8,980

956
3,335
371
946
459
3,159
11,026
3,480
507

941
3,334
8
363
15
931
6
454
19 3,140
11,026
i59 3.321
482
25

640
168
701

135

313
370
4,938
2,882
123

23
152
69
146
44
37
32,701
54
247

66

797

3,702
43
2,270
1,282
106

79 7,509
677
12
21 2,295
14 2,889
32 1,649

3,129
396

208 2,295
52 2,273
145
11
22

147

77 2,727
17 2,342
57

1,841
1,841

2or

184

45
150
37
7
21
4
5
32
19
55
7
2
()
231
12
464

129
911
2,578
1,231
341
672
3,272
2,141
449
1,288
1,606
174
820
413
1,980

15

89 3,624
17
605
2
59
11 1,499

147

1,581124,316

249

(2)
1,911
411
3
76

4,938
(2)

797

175
1,127
3,413
1,237
362
675
3,277
2,174
467
1,343
1,613
174
1,051
425
2,444

*345

49

66

4
186

3
418
20
156
16
10
29
146
18
4
52
4
32
126
23

667

132
799
53 3,130
8
294
480
40
7 3,]
3,386
357
184
104
27

1
Prior to 1956, figures for trust revolving funds include interagency
items.
2 Less than $500,000.
3 Includes $815 million due under the agreement with Germany signed
Feb. 27, 1953, and lend-lease and surplus property balances due the
United States in the principal amount of $1,686 million.
4
Prior to Jan. 1, 1959 was classified as a trust revolving fund.
5
Figure represents total trust interest.




4,049

126

60
14
82
48

180

1,293
1,440

772 2,463 1,145
8
2021
70
172 2,123
562
1,034
41
30
138
59
46
1
12

381
389
n

5447
5 66
5 200
5 180

NOTE.—Coverage has changed in some of the years shown. Beginning 1956, changes reflect the expanded coverage and the new classification of agencies now reported in the Treasury Bulletin. The revised
statement includes a larger number of agencies, and their activities are
classified according to the type of fund they represent.
Historical data for loans by purpose and agency and for other selected
assets and liabilities by agency are shown on p. 1042.

1069

STOCK MARKET CREDIT
DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE
NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE 1953-601
[End of month figures. Amounts in millions of dollars]
Item
DEBIT BALANCES
Cash on hand and in banks
Securities borrowed
Securities sold, delivery pending (failed to deliver)
Net debit balances due from member firms of national securities exchanges:
Member firms of New York Stock Exchange
Member firms of other exchanges
Net debit balances due from all other customers exclusive of firms' own partners:
Secured by U. S. Government obligations
Secured by other collateral
Net debit balances in partners' individual investment and trading accounts
Debit balances in firm investment and trading accounts:
In firm investment accounts
In firm trading and underwriting accounts
Commodity margins on deposit with banks and commodity guaranty funds on deposit..
All other debit balances
Total.

1953

1954

1955

1956

1957

1959

282
37
67

309
64
121

337
85
214

322
65
148

324
134
170

363
129
291

366
96
334

100
11

77
10

144
16

151
14

132
15

159
18

134
22

1,684

1,857
10

2,768
14

2,811
21

253
2,926
35

,370
36

,081
37

492
41
98

673
35
144

625
38
137

'286
r
336
39
'190

309
374
23
218

2,666

3.080

4,430

4,332

5,382

5,097

1,196
1,066
130
20
68
67

1.159
976
183
14
116
123

2,075

2,231
7,572
359
35

181

605
1,871
1,428
444
31
204
'294

806
1.473
1,157
316
52
167
352

89
6

68
11

126
11

123

120
9

132
13

120
11

653
163

838
248

919
239

837
207

1,034
367

1,070
277

1,006
246

n.a.
23
16
45
319

n.a.
23

n.a.
31

45
64
372

62
83
469

n.a.
34
34
78
466

20
34
82
83
483

22
38
71
r
149

25
37
61
129
612

2,665

3,080

4,430

4,332

4,985

5,382

5,097

'

'

335

1

13

165

151

4,985

r

1960

104

CREDIT BALANCES

Money borrowed:
From banks and trust companies:
U. S. agencies of foreign banks
U. S. banks
In New York City
Elsewhere
From other lenders (not including members of national securities exchanges)Securities loaned
Securities bought, delivery pending (failed to receive)
Net credit balances due to member firms of national securities exchanges:
Member firms of New York Stock Exchange
Member firms of other exchanges
Credit balances of other customers exclusive of firms1 own partners:
Free credit balances
Other net credit balances
Credit balances and money borrowed which are subordinated to general creditors under
approved agreementsNet credit balances in partners' individual investment and trading accounts
Credit balances in firm investment and trading accounts
All other credit balances (except those included in next item)
Net balance in capital and profit and loss accounts and partners' drawing accounts
Total.
Memorandum:
Value of securities sold under repurchase agreements.

287

Money borrowed according to type and ownership of collateral :Secured by customers' collateral:
Entirely by obligations of U. S. Government or its agencies
Entirely by other securities exempted under Section 3(a) of Securities Exchange
Act—1934
By nonexempt securities or mixed collateral
Secured by firm or partners' collateral:
Entirely by obligations of U. S. Government or its agencies
Entirely by other securities exempted under Section 3 (a) of Securities Exchange
Act—1934
By nonexempt securities or mixed collateral
Unsecured




124

156

n.a.

Number of firms.

r
Revised.
n.a. Not available.
1 Data not collected for June 1957.
2 Prior to 1958 probably includes some borrowing from U. S. agencies
of foreign banks.
3 Collected in 1958 for the first time.
4 Less than $500,000.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in the BULLETIN for September 1936. The items "net debit

1,744
331
40
156
218

278

299

303

'

622

,1,743

1,402
341
21

r

187

r

24

'24

24

316

320

328

245

156

103

150
1,451

161
1,824

129
1,710

204

105

107

98
239
1

r

99
182
1

64
M98

balances due from all other customers exclusive of firms' own partners,''
"money borrowed," and "credit balances of other customers exclusive of
firms' own partners—free credit balances" are conceptually identical to
these items (including debit balances secured by and money borrowed on
U. S. Government obligations), as shown in the table on Stock Market
Credit, p. 1035, but the data differ somewhat because of minor differences
in coverage, statistical discrepancies in reporting, and—since June 1955
for the item "money borrowed"—the date of reporting.

* International *
International capital transactions of the United States

1072

Net gold purchases and gold stock of the United States

1080

Estimated foreign gold reserves and dollar holdings.

1081

Reported gold reserves of central banks and governments

1082

Gold production

1083

International Bank and Monetary Fund

1084

United States balance of payments

1085

Money rates in foreign countries

1085

Foreign exchange rates

1087

Index to statistical tables

1093

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.

1071

1072

INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi
[Amounts outstanding, in millions of dollars]

Grand
total

End of month

Interna- Foreign countries
tional
institutions 2 Total Officials

Germany,
Fed.

1.454
1,835
,557
,755

,079
1,121

9,175
9,226
9,096
9,082
9,145

,446
,409
1,436
,544
.706
1,987

8,895
8,871
8,999
9,193
9,247
9,567
9,723

1,899
1,908
2,012
2,199
2,220
2,473
2,704

1955—Dec
1956 Dec
1957 Dec
1958 Dec

13,601
14,939
15,158
16,159

1,881
1,452
1,517
1,544

11,720
13,487
13,641
14,615

1959 July
Aus
Sept

18,724
18,812
19,197
19 016
19 303
19,365

4 2,780
2,720
2,991
3,049
3,160
3,158

15,944
16,092
16,206
15,967
16,144
16,207

19,366
19,461
19,649
. . . 19 817
20,142
20 363
20,702

3,138
3,285
3,300
3,233
3,358
3,315
3,332

16,229
16,176
16,349
16,583
16,785
17,048
17,371

Oct

Nov
Dec

1960 Jan
Feb
Mar
Apr
May
June^
Julyp

6,953
8,045

7,917
8,665
9,141

United
Kingdom

Other
Europe

550
1,012
1 275
873

3,357
3,089
3^31
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

1,476
1,570
1,578
1,543
1,523
1,369

1,091
1,093
1,056
990

4,402
4,503
4,611
4,454
4,300
4,132

8,415
8,575
8,681
8,415
8,484
8,479

2,231
2,135
2,245
2,256
2,330
2,199

2,439
2,515
2,364
2,300
2,302
2,406

2,532
2,526
2,560
2 627
2,658
2,748

327
340
355
369
369
376

1,358
1,245
,159
,142
,050
,060
,095

1,008
1,157
1,258
1,332
1,490
1,559
1,727

4,056
4,039
3,963
3,821
3,890
3,807
3,475

8,322
8,349
8,391
8,494
8,650
8,899
9,001

2,321
2,273
2,358
2,387
2,424
2,532
2,686

2,393
2,378
2,383
2 478
2,526
2 430
2,496

2,803
2 779
2,830
2 807
2,781
2 788
2,819

391
397
387
417
403
399
369

Italy

R

$785
930

874
955

Total
Latin
Europe Canada America

Asia

All
other

Table la. Other Europe

End of month
1955—Dec
1956 Dec
1957 Dec
1958 Dec
1959—July
Aus
Sept
Oct

Nov
Dec
I960

Jan
Feb

Mar
Apr

May
JuneP
JulyP

..

Neth- Norerlands way

Portugal Spain

Sweden

Switzerland

Turkey

82
67
93
130

132
137
142
163

104
43
24
36

153
217
260
303

757
836
967
852

9
20
18
20

13
17
11
9

209
282
349
685

397
423
435
426
429

109
102
103
101
97
95

32
59
67
71
79
86

351
343
330
241
243
213

868
869
905
889
902
969

27
29
32
28
34
31

6
7
6
6

485

153
155
151
142
138
138

6

538
528
557
582
578
584

496
496
482
442
430

95
94
99
96
97

128
130
125
113
104
88
88

93
99
111
108
120
149
131

151
196
217
265
267
261
252

977
950
931
930
928
939
874

30
31
30
23
24
19
18

10
10
12
9
7
9
8

561
523
456
442
545
474
378

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

4,402
4,503
4,611
4,454
4,300
4,132

390

122
119
129
125
132
138

119
98
113
113
122
137

72
76
71
79
81
77

1,054
1,139
1,157
1,095
903
655

164
165
161
172
192
186

4,056
4,039
3,963
3 821
3,890
3,807
3,475

308
300
264
234
221

152
137
156
134
141
149
172

120
112

83
90
87
75
71

664
675
719
711
726
759
650

188
197
160
146
128
112
97

391
394

386
364
331

198
197

114
92
82

80
72

61
64

France Greece

412
387

99
88

YugoAll
slavia others

Table lb. Latin America

End of month

Latin
BoAmer- Argentina
livia
ica

Brazil Chile

Colombia

Cuba

Dominican
Republic

NetherPanlands ama,
El
AnSal- Guate- MexRetilles pubico
vador
and lic of
Surinam

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_july..
Aug..,
Sept..
Oct.. .
Nov..
Dec..

2,439
2,515
2,364
2,300
2,302
2,406

222
245
268
291
310
337

23
20
20
23
22
24

154
163
169
150
141
151

121
144
171
141
139
185

206
212
197
203
215
217

227
206
202
191
168
164

43
40
37
39
41
37

33
29
25
22
27
28

39
36
35
35
36
37

402
416
400
396
420
442

80
79
85
83
85
86

159
155
157
151
144
129

77
81
88
96
88
82

77
85
71
70
68
62

407
428
278
254
251
277

169
175
161
154
148
14S

1960—Jan...
Feb..
Mar..
Apr..
May.
June*5

2,393
2,378
2,383
2,478
2,526
2,430
2,496

360
380
388
386
412
388
394

25
23
21
20
22
21
20

152
164
156
159
172
162
162

170
159
152
147
156
144
132

222
232
204
205
205
189
185

163
151
149
146
138
130
120

36
35
29
29
35
35
35

31
35
33
33
33
31
27

44
52
53
54
52
46
40

425
421
432
437
409
355
390

86
83
85
82
86
93
98

131
125
128
129
123
116
123

83
70
72
81
79
77
82

62
68
62
62
63
60
55

250
209
245
317
351
301
355

154
172
175
190
191
283
276

9 Preliminary.




For other notes see following page.

1073

INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued
[Amounts outstanding, in millions of dollars]
Table lc.

Asia and All Other

Asia

End of month
Total

All other

Hong
IndoKong India nesia Iran Israel Japan

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

53
45
52
56

1959—July
Aug
Sept
Oct
Nov
Dec

2,532
2,526
2,560
2,627
2,658
2,748

56
57
58
59
61
59

113
103
119
122
115
114

92
108
116
126
139

86
94
78
80
81
87

1960—Jan
Feb
Mar
Apr
May
June*3
July"

2,803
2,779
2,830
2,807
2,781
2,788
2,819

60
61
63
59
56
57
58

113
90
104
68
67
59
55

146
153
150
152
138
155
158

93
87
87
93
91
80

Table Id.

893
1,017
586
935
,131
,106
,141
,169
,215 148
,260
,293
,291
,336
,379
,410
1,441
1,502

140
136
139
143

Con- Egyp- Union
ThaiAus- go,
of
tian
land Other Total tralia Rep.
Re- South Other
of gion— Africa
the U.A.R.

Philip-

Tai-

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

163
182
180
176
179
172

90
90
87
91
92
94

133
126
127
129
133
136

497
501
484
511
483
494

327
340
355
369
369
376

84
85
109
112
114
114

39
31
29
29
26
31

16
16
16
17
18
20

48
53
43
48
51
49

140
155
159
163
161
162

174
177
178
184
194
197
216

94
95
95
91
90
90
87

142
142
144
142
152
154
158

493
494
486
459
399
379
339

391
397
387
417
403
399
369

110
115
114
135
113
114
107

33
34
42
37
46
37
25

25
38
33
39
41
42
46

62
57
43
39
30
40
36

162
152
157
166
174
167
155

Supplementary Areas and Countries6

End of year

End of year

Area or country

Area or country
1956

Other Europe:
Albania

British dependencies
Bulgaria
Czechoslovakia7
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Poland 7 7
Rumania
Trieste
U.S.S.R.7
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.

1957

1958

16.4
5.4
3.2
.8
1.2
.7

.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

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

.3
.4
.2
.5
1.2
1.9
.8
3.1
9.1
.6
.4
13.2
4.3
3.3
.9
1.4

24.1

1.7
.7
2.9
9.0
.5

1959

1.2
.7

1.5
n.a.
1.3
2.7
5.4
.6
.6
8.2
5.3
4.0
.9

n.a.
2.6

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

v
n.a. Not available.
Preliminary.
1 Does not include banking liabilities to foreigners maturing in more
than one year; such liabilities amounted to $3 million on July 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.
* Except where noted, these data are based on reports by banks in




Other Asia (Cont.):
Burma
Cambodia
Ceylon
China Mainland 7 .
Iraq.
Jordan
Kuwait
Laos
Lebanon
,
Malaya, Fed. of
Pakistan
Portuguese dependencies.
Ryukyu Islands
Saudi Arabia
Syrian Region—U.A.R.. .
Viet-Nam

1956

1957

1958

1959

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
24.9
44.1
36.0
18.0
2.8
10.3
20.9
37.9
1.2
5.6
15.2
60.2
4.7
48.8

n.a.
19.7
n.a.
35.8
n.a.
2.5
9.4
n.a.
38.0
1.4
23.5
2.4
14.8
111.6
5.0
68.3

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
1.3
.7

25.4
18.1
6.9
4.0
1.3
.4
5.2
.3

41.9
16.0
6.8
2.9
n.a.
.2
n.a.
8.4

1.7
.8

3.1

the Second (New York) Federal Reserve District. They represent a
partial breakdown of the amounts shown in the "other" categories in
Tables
la-lc.
7
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.

1074

INT*L 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 2

Total

Deposits

U.S.
Treasury
bills and
certificates

Other 2

Total amounts outstanding
1955 Dec
1956—Dec
1957 Dec
1958—Dec
1959 July
Aug
Sept
Oct
Nov
Dec
I960

. . . .

Jan
Feb

. . . .

Apr
May
June?5

. . . .

13,601
14,939
15,158
lb,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

18,724
18,812
19,197
19,016
19 303
19,365

16,082
16.131
16 549
16,450
16 805
16,889

6,497
6,374
6 560
6,132
6 331
6,341

8,409
8,546
8 768
9,046
9 181
9,243

,175
,211
220
,271

19,366
19,461
19,649
19,817
20,142
20 363
20.702

16 957
17,130
17,344
17,513
17,807
18 036
18,371

6 149
6,065
6,272
6 690
6,918
7 182
7.358

9 258
9,430
9,357
9 227
9,342
9 302
9,513

1 783
2,030
2,252
2 430

1 543
1,653
1,766
1 951

,305

2,576
2,615
2 578
2,498
2 433
2,398

2,026
2,045
1 963
1,913
1 857
1,833

549
,636
,715
596
1,546
551
,500

2 354
2,275
2,243
2 239
2,268
2 252
2,256

1 766
1,750
1,738
1 750
1,770
1 796
1,788

656
891

,132
075

292

184

56

40

243
278
306

134
209
174

49
59
59

301
303
331

249
267
283

67
66
71

310
290

276
286

68
65

270

77

295
225
204
199
211
167

293
301
301
290
287
289

56
56
62
65
68
76

304

76

(3)

295

165

Area and country detail, May 31, 1960
Europe:
Austria
Belgium
Denmark
Finland
France

221
141

82
71

Germany, Fed. Rep. of
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Europe
Total
Canada
Latin America:

219
95

72
70

92
9

109
59

14
10

18
27

2
5

55
55

2
45

10
1

38
8

(3)

7

(3)
(3)

1

726

675

232

412

30

51

43

3

4

2,220
128
1,050
430
97

2,196
112
1.016
389
56

253
14

1,650
98

292

24
16

19
16

2

4

1

128

787

34

25

6

3

(3)

36
41

16
40

15
2

5

5

104
120
267
928
24

64
102
259
773
22

60
101
57
271
22

1.143
7
530

733
7
70

330

80

280

181

38
17
7
85
2
139
1
10

(3)

1,490
7
545

40
18
7
150
2
307
1
15

8,650

7.798

2 297

4 268

1 233

800

2,424

2.145

1 725

382

38

270

133
6
53
112
128
43

187

18

(3)

6

8

14
4

72
15
101
42
62
77

11
8
12

23
17
16

(3)

412
">2
172
156
205
138

112
45

(3)
101

207
9

70
2
4

154
130

49

372

2
(3)

87

40

1

4

(3)

506

135

158

53

190

49

31

8

Dominican Republic
El Salvador
Guatemala
Mexico
Neth. Antilles and Surinam

35
33
52

3
13

5
11

74
15
112
43
63
83
24
18
16

409

279

278

(3)

2

128

125

2

(3)
1

86

40

14

14

11

47

14

7

26

Panama Rep of
Peru
Urusuav
Venezuela
Other Latin America

123
79
63
351

22
38
29
191

2

100
40
34
161

67
39
25
156

5

28
1
7
4

191

116

20
38
26
188

2,526

1,492

Total

•.

(3)
(3)

84

20

2
11

1,155

246

91

P Preliminary.
i Includes International Monetary Fund's holdings of nonnegotiable,
non-interest-bearing demand notes of the United States which amounted
to $2,268 million on July 31, 1960.




2

(3)

82

338
6
60
113
142
55
11
16
36

Bolivia
Brazil
Chile
Colombia
Cuba

(-)

43

2

4

6

(3)

(3)

P)

1
6

(•*)

(3)

P)

2

2

(3)

1

(3)

74

66

2

6

1

1,031

917

25

90

3

Represents principally bankers' acceptances and commercial paper.
3 Less than $500,000.

1075

INTL CAPITAL TRANSACTIONS OF THE U. S.

TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Payable in dollars
Area and
country

To banks and official institutions

To all other foreigners

Payable
in foreign
currencies

Total
Deposits

Total

U.S.
Treasury
bills and
certificates

Other i

Total

Deposits

U.S.
Treasury
bills and
certificates

Other i

Area and country detail, May 31, 1960—Continued
Asia:
Hong Kong
India
Indonesia
Iran
Israel

25
10
2
5
4

126
174

8
3
5
34

27
10
2
5
4
15
2
19
7
3
34

14
2
19
7
3
33

1,368

1,132

151

129

124

109
44
39
26
145

33
19
14
25
122

72
5
25

3
20
1

17

6

4
1
1
4
28

403

363

214

119

30

Total foreign countries.

16,785

14,448

6,759

6,146

1,543

International institutions....

3,358

3,357

159

3,196

2

20,142

17,806

6,918

9,342

1,546

56
67
138
47
91

30
57
135
42
86

Japan
Korea, Rep. of
Philippines
Taiwan
Thailand
Other Asia

1,410
136
194
90
152
399

1,395
134
175
83
149
364

716
93
128
80
17
157

633
41
40

Total

2,781

2,651

113
46
41
30
174

Allother:
Australia
Congo, Rep. of the
Egyptian Region—U.A.R..
Union of South Africa....
Other
Total

Grand total

23
18
75
38
22

6
25
4
3
18

14
56
46

46

1

(2)
(2)

..
1
2

2

( )

( )

(2)

(2)

(2)

1

(2)

2

3

2

3
1
1
4
23

1

4

1

38

33

1

4

2

2,269

1,770

211

287

68

2,269

1,770

211

287

68

(2)

1

Represents principally bankers' acceptances and commercial paper.
2 Less than $500,000.
TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi
[Amounts outstanding, in millions of dollars]

End of month

Total

GerFrance many,
Fed.
Rep. of

Italy

Switzerland

United Other Total
King- Europe Europe Canada
dom

Latin
America

Asia

All
other

1955—Dec
1956—Dec
1957—Dec
1958_Dec.

1,549
1,946
2,199
2,542

12
18
114
102

88
157
140
77

30
43
56
36

26
29
34
42

109
104
98
124

158
216
211
315

423
568
654
696

144
157
154
243

706
840
956
1,099

233
337
386
435

43
43
50
69

1959—July
Aug
Sept
Oct
Nov
Dec

2,394
2,366
2,402
2,406
2,492
2,645

91
89
81
65
60
57

52
45
44
41
48
54

31
34
33
29
28
30

36
34
39
36
37
38

122
142
151
150
174
138

234
222
239
230
225
234

566
567
586
551
573
552

245
241
272
311
282
272

1,010
975
978
988
,055
,179

510
S18
511
503
528
586

64
66
54
52
54
56

I960—Jan
Feb
Mar
Apr
May p
June
July?

2,723
2,698
2,736
2,716
2,683
2,749
3,006

46
38
25
25
26
28
26

51
51
53
55
55
62
63

39
38
30
33
32
43
41

51
39
37
41
36
42
36

131
141
123
137
120
156
201

229
229
231
228
228
233
227

546
536
499
520
498
565
595

255
234
246
254
258
272
336

,245
,250
,255
,172
,127
,105
,195

624
626
682
716
744
746
819

55
53
54
55
56
60
61

v Preliminary.
1 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




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.

1076

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
Other
Europe

End of month

Austria

Belgium

Denmark

Finland

Greece

Netherlands

Norway

Portugal

Spain

Sweden

Turkey

Yugoslavia

All
other

1955—Dec.
1956—Dec.
1957—Dec
1958—Dec...

158
216
211
315

16
28
25
65

13
12
11
14

11
21
29
56

9
23
23
22

5
8
8
30

7
13
10
24

78
88
76
72

1959—July. .
Aug..
Sept..
Oct...
Nov..
Dec

234
222
239
230
225
234

53
48
50
50
51
56

9
9
10
11
14
18

32
24
22
23
25
38

8
10
10
9
9
7

25
11
11
9
8

12
13
19
15
16
19

57
70
75
72
62
47

3
4
3
3
2
3

14
15
17
17
17
18

1960—Jan.. .
Feb...
Mar..
Apr...
May..
June p ,

229
229
231
228
228
233
227

56
53
49
51
49
54
49

18
15
12
9
7
7
6

33
26
30
26
36
34
36

8
7
8
6
7
7

7
6
6
6
5
5
7

17
17
18
19
23
22
22

50
66
69
67
60
62
55

7
8
9
11
12
12
12

16
16
14
15
13
14
13

7

10
9

Table 3b. Latin America

End of mo nth

Latin
BoAmer- Argenlivia
tina
ica

Brazil Chile

Colombia

Cuba

Dominican
Republic

Netherlands PanEl
Mex- An- ama,
Sal- GuateRetilles pubico
vador mala
and lic of
Surinam

1955 Dec
1956 Dec
1957 Dec
1958—Dec

706
840
956
1,099

7
15
28
40

4
4
3
3

69
72
100
148

14
16
33
52

143
145
103
51

92
90
113
166

5
7
15
19

8
11
8
10

1959

1,010
975
978
988
1,055
1,179

44
44
48
51
63
63

3
3
3
3
3
3

151
134
125
112
113
118

40
36
42
46
47
59

53
55
55
60
61
68

129
102
101
101
111
113

29
28
30
29
31
29

6
7
9
14
16
15

1,245
1,250
1 255
. . . . 1,172
1,127
1,105
. . . 1,195

64
63
65
63
68
76

3
3
3
4
4
4
4

139
151
151
148
161
158

58
57
51
50
50
50
57

71
70
71
75
77
77
80

101
93
93
92
77
67

29
27
23
20
19
17
16

10
5
5
5
6
7

July
Aug
Sept
Oct
Nov

Dec
I960 Jan
Feb

Mar
Apr
May
June23
JUlyP

80

168

59

7

5
7
8
12
9
11
10
13
10
10

154
213
231
293

3
5
2
6

271
269
267
265
275
291

3
3
3
3
4
4

17
12
18
23
21
24
22
23
17
18

12
13
12
13
13
11
11

288
257
282
297
325
313
335

3
5
5
3
5
5
5

18
19
18
17
22
17
17

Other
Vene- Latin
zuela America

Peru

Uruguay

29
35
31
31

18
15
42
52

105
144
170
142

34
49
51
53

34
34
32
34
34
36

27
39
40
39
45
47

139
136
142
146
174
247

49
50
49
49
52
59

35
38
36
40
41
43
43

47
46
51
52
49
42
38

314
346
334
242
160
169

54
56
54
52
50
50
51

224

Table 3c. Asia and All Other
Asia
End of month

Hong
Total Kong India

Iran

All other

Phil- TaiIsrael Japan ippines
wan

Egyption Union
Thai- Other Total Aus- Congo,
of
ReRep.
land
tralia of the gioi
South Other
U. A. R. Africa

1955—Dec,
1956—Dec...
1957—Dec...
1958—Dec...

233
337
386
435

3
4
7
6

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

8
8
12
21

17
17
19
29

1959—July..
Aug..

510
518
511
503
528
586

8
9
9
9
10
10

31
29
30
29
29
29

17
15
13
12
9
14

256
269
262
262
275
324

18
18
17
11
20
24

8
8
8
8
8
9

12
13
12
12
14
15

153
151
155
154
157
155

64
66
54
52
54
56

14
16
18
19
18
18

18
19
12
10
11
12

27
27
20
19
20
21

624
626
682
716
744
746
819

11
12
12
11
12
11
10

30
30
31
35
33
35
35

14
17
13
15
16
24
16

362
372
420
457
489
490
560

24
18
22
22
21
14
22

9
9
9
10
10
11
10

14
12
13
10
12
11
15

154
151
154
148
145
143
142

55
53
54
55
56
60
61

18
16
18
19
21
23
25

10
11
10
11
11
11
12

22
21
23
19
20
21
21

Sept..
Oct...
Nov..

Dec,
I960—Jan...
Feb...
Mar..
Apr...
May..
June?
July*.

P Preliminary.
i See note 1 on preceding page.




2 Less than $500,000.

1077

INT'L CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES
[In millions of dollars]
Short-term
Payable in dollars
Longterm—
total i

End of month, or area
and country

Payable ]n foreign currencies

Loans t o :
Total
Banks and
official
institutions

Total

Others

Collections
outstanding

Other

Deposits
with
foreigners

Total

Other

Total amounts outstanding
1955—Dec
1956 Dec
1957 Dec
1958—Dec

671
839
1,174
1,362

1,549
1 946
2,199
2,542

1,385
1,796
2,052
2,344

489
582
627
840

236
330
303
428

353
440
423
421

307
444
699
656

164
150
147
198

144
131
132
181

20
19
15
16

1959

1,472
1 491
1,497
1 506
1 487
1,516

2,394
2,366
2,402
2 406
2,492
2,645

2,214
2,188
2,203
2,180
2,280
2,410

727
718
753
738
815
849

413
421
424
441
456
463

437
442
453
458
475
516

637
607
573
543
533
582

180
178
199
226
212
235

153
152
163
192
182
203

27
26
36
34
30
32

1,493
1 487
1,508
1 583
1,664
1 632
1,680

2,724
2,698
2,736
2 716
2,683
2 749
3,006

2,495
2,488
2,520
2,493
2,476
2 496
2,643

874
844
806
111
114
738
741

428
413
397
408
395
387
389

517
526
538
562
569
579
589

676
705
779
746
737
793
924

229
210
215
223
208
253
364

195
175
179
186
191
198
223

34
36
37
36
17
55
140

(2)

(2)
2

1(2)

I960

July
Aug
Sept
Oct
Nov
Dec

. ...

Jan
Feb
Mar
Apr
May
June^1

Area and country detail, May 31, 1960
Europe:

Austria
Finland .
Germany, Fed. Rep. of....
Greece
Italy
.
. .•
Netherlands
Norway
Portusal
Spain
Sweden
Switzerland
Turkey

..

2
25
3
4
19

2
49
7
8
26

2
48
7
8
24

(2)
35
1

14
5
40
16
113

55
4
32
36
7

47
4
31
32
7

18
(2)
7
8

2
6
33

2
5
23
36
60

2
5
22
32
60

2
1
13
56

48
(2)
9

121
12
13

35
12
13

Total

339

498

Canada

95

Latin America:
Argentina
Bolivia
Brazil
Chile
Cuba
Dominican Republic
El Salvador
Guatemala

Total

6
(2)
8
3
2

4
6
6

1
(2)

2

2

8
(2)
1
4

6
1
3

2
n\
(2)

1
7
6
4

3
4

1
4

1
4

15
6
4

3

16
3
4

1
3
2

86

82

2

( )

2

( )

388

172

46

120

51

110

103

7

258

198

15

157

9

18

60

56

4

97
(2)
240
40
29
44

68
4
161
50
77
77

43
4
161
50
77
76

7
(2)
65
8
7
39

3

17
3
19
12
27
26

16

25

25

(2)

13
16
9
3

63
14
34
7

1

(2)
(2)
(2)

2

19
6
13
325

19
6
13
322

5
3
151

2
61

4
3
6
31

10
1
2
78

(2)

4

5

5

1

1

2

33
9
1
164
60

22
41
49
160
50

22
41
49
157
50

4
17

20
21
3

15
5
3
40
10

49
27

3
18
25
47
9

921

1,127

1,095

332

182

252

328

Preliminary,
i Represents mainly loans with an original maturity of more than one
year.




8
1

21
3
14
13
4

(2)

,»

197

Venezuela
Other Latin America

2

(

11
9

Netherlands Antilles and
Panama Ret) of

(2)
2

1
8
2
2
11

(2

..

United Kingdom
Yugoslavia
Other Europe

5

(2)
4

2 Less than $500,000.

1
5
2

( )

(2)
(2)

w

P)

(2)

3

3

(2}
(2)

(2)

(2)
(2)

(2)
(2)

(2)

(2)

32

30

(2)

2

2
3

1078

INTL CAPITAL TRANSACTIONS OF THE U. S.
TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued
[In millions of dollars]
Short-term

Payable in dollars
Longterm—
total i

Area and
country

Payable in foreign currencies

Loans to:
Total

Total

Banks and
official
institutions

Others

Collections
outstanding

Other

Deposits
with
foreigners

Total

Other

Area and country detail, May 31, 1960—Continued
Asia:
Hons Kons
India
Indonesia
Iran
Israel

2
19
55
12
2

i

S

1
1
1

89
C2)
19
6
6
122

2

7
3

16
488
2
21
10
12
142

120

744

743

253

26
40
3
41
80

21
3
1
11
19

19
3
1
11
18

189

56

52

2

1,664

2,683

2,476

774

14

Total

6

Total

8
1

16
489
2
21
10
12
142

Japan.
Korea Rep of
Philippines
Taiwan
Thailand
Other Asia

All other:
Australia
Congo, Rep. of the
Egyptian Region—U.A.R..
Union of South A f r i c a . . . .
Other

12

12
8

2
4

1

1

33
2
89
2
2

| -

(2)

11
308

12
()

|

1

2
17

1
4
3
2

1

6

153

330

1

1

8
3
10
14

9
1
1

1
1

1

4

35

11

4

1

3

395

569

737

208

191

17

(2)

(2)"

1

1

I

1

International institutions
Grand total

1
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

Year or month

Purchases

Net purchases,
or sales ( —)
Sales
Total

Foreign
countries

Foreign bonds

Net pur- Purchases, or chases
sales ( - )

Purchases

Sales

1,907
1,617
1,759
2,593

1,615
1,423
1,798
2,158

291
194
-39

Sales

883
666

1,018

-135

718

1,224
1,214

1,188
528

-52
36

686

-237
524

1959 July

63

40

23

21

229

190

39

Aug

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

50

49

229

152

77

17
9

194
199

149
156

46
43

77
57

238
174

145

45

76

109

195

-7

45

76

1956
1957
1958
1959

Sect
Oct
Nov

Dec
1960 Jan
Feb
Mar
Apr

May
June27
July*3
p

104

53

119
113

88
70

183

86

32
42
97

166
198

241
170

-75
29

48

58

-10

Preliminary.
* Includes transactions o f international institutions.




-205
117

39

-29
-5
-9

191

205
272
188

183
220

435

23
52

Foreign stocks

Net pur- Purchases, or chases
sales ( - )

Sales

N e t purchases, or

sales (-)

1,392
1,915
1,458

992

-385
-693
-1,026
-512

749
593
467
566

875
622
804
804

— 126
-29
-336
-238

60

163

-102

27
157
52
53
95

27
208
75
93
145

48
44
44
58
41
S3

53
50
44
35
51
63

-5
—6

-52
-23
— 40
-49

23
— 10
-10

-1
-161
— 117
-33
-28
-59
-31

56
41
42
41
58
50
35

45
36
44
59
46
-70
46

11
5
—2
— 19
12
-19
-11

607
699
889

946

57

59
82

59

87
141

(3)

2
Includes small amounts o f U . S. municipal securities.
3 Less than $500,000.

(3)

1079

INTT CAPITAL TRANSACTIONS OF THE U. S.
TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY 1
[Net sales, (—). In millions of dollars]
Type of security

Country

Total 2

Year or month

Stocks

1956
1957
1958
1959

291

256

194
-39

143
-56

435

1959 July
Aue
Sept
Oct .
Nov
Dec
1960 Jan
Feb

Mar
Apr
May
JUlyP

Bonds

Belgium

35

23

363

51
17

73

14
-3
5

39
45
44
40
59
54

34
35
26
30
48
58

6
10
18
10
11
-4

1

77
46
43
45
23
52

72
34
29
34
6
46

5
11
14
12
17
6

-7

France

-6

Total
Europe

Canada

280

-53

20
1

255
10

254

15

35

379

2
5
5
5
8
5

19
18
35
26
23
20

-1
7
-4
-1
11
13

2
1
2
4
5
4

27
42
40
34
58
46

9
7
4
3
3
3

3
-6
5

28
34
23
21
4
30

1

(3)

13
-6
6
8
3
114

17
7
2
4
4
3
2

4
11
2
11
6

2
(3)

147

Other
Europe

87
77
-1

40

$

-7

United
Kingdom

101
19

8
2

(3)

Switzerland

35
-8
31

23

1
-1
(3)

Netherlands

2
3
2

-3

7

Latin
America

All

other*

38

27

-99
-86

23
23

15
14

-30

40

46

1
1
-5
-4
-2
-6

4
4
6
5
3

7
1
3
4
1
9

71
37
41
37
13
50

-2
2
-1
2
4
-4

7
7
1
2
3
3

2
1
3

(3)

-12

2

3

5

5
3
4

2

P Preliminary.
i Includes small amounts of U. S. municipal securities.

Includes transactions of international institutions.
3 Less than $500,000.

TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREAS

TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS *

[Net sales, ( —). In millions of dollars]

[In millions of dollars]

Year or
month
1956
1957
1958.
1959

InterTotal
national foreign Europe
couninstitries
tutions
— 33
— 384
-558
-157

—447
-552
-543
-443

-4
-4
42
24
-13
-16

-100
-1
-42
-21
-29
-39

-17
9
-3
-4
22
-27
-9

2
-43
-89
-24

-34
-7
-6

0)

I960—Jan
Feb.. ..
Mar...
Apr....
May...
June59
July" . .

29
-101
7
-2
-39
4
-9

-20
-56
-126
-50
22
-83
-33




17
15
5
11

8
231
-72
-50

Aug
Sept
Oct....
Nov....
Dec

Preliminary,
i Less than $500,000.

Latin
America

— 478
-338
-805
-593
-107
-6
-17
7
-44
-59

0)

Assets in custody
Canada

0)

-53
-8

0)

1
3
4
5

0)

-20
-32
2
2
3
-15

Asia

All
other

— 40
— 16
-45
13
- 4 5 -150
-97
-15
-4
-2
3
1
-6
-11

-1
1
-21

-6
-3
-4
-2
-3
-4
-4

1
1
2
-22
1
-2
2

0)1
C)
2

Date

Deposits

U. S. Govt.
securities2

Miscellaneous 3

1958—Dec. 31

272

3,695

480

1959—Aug.
Sept.
Oct.
Nov.
Dec.

31
30
31
30
31

252
312
284
332
345

4,286
4,346
4,409
4,396
4,477

520
548
547
556
570

I960—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

31
29
31
30
31
30
31
31

249
191
184
194
215
254
215
204

4,444
4,707
4,728
4,818
4,841
4,977
5,272
5,423

593
466
615
639
643
672
671
701

1
Excludes assets held for international institutions, and earmarked
gold. See note 4 at bottom of next page for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes, and bonds.
3 Consists of bankers' acceptances, commercial paper, and foreign and
international bonds.

1080

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 a n d country

1952
Continental Western E u r o p e :
Austria
Belgium
France
G e r m a n y (Fed. R e p . of)
Italy
Netherlands
Portugal
Spain
Switzerland
B a n k for Int'l Settlements
Other

1953

1954

1955

1956

1958

1957

-84

-6
-4

-85

-10

-130

-226

-68
-10

-100

-65
-60

-55

-5

3
-34

3

Apr.June

1959

-329

-83
-39

JulySept.

— 39
-39

-266

-66

-94
-37
-536

-20
-6

4

18

-328

-79

-20

-50

100

-900

-350

-200

-150

-900

-350

-200

-150

25

-30
-10

Jan.Mar.

Oct.Dec.

— 43

-261
-20
32
-215
-178
8
-23
68 - 1 , 4 2 8

-5

1960

Apr.June

—1
-26

-25

— 10

-25

-200

-10

31

23

-65

0)

-17

-114

Total
Sterling Area:
United Kingdom
Other

440
11

-480

Total

451

-481

-16

-8

0)
0)

-51

100
15

5

115

75

67

7

Canada
Latin America:
Argentina...
Mexico
Venezuela
Other

20

20

-32
-38

-25
-5

-15

-17

-?

-477

-118

-124

-197

-40

-49

1

-20
88

-85
-28

80

-io

-19

14

56

6

2

-30
65
-4

-20

-10

-30
12

0)

_2

65
-1

0)

-1

58

-132

62

14

-28

81

69

31

-20

-12

64

0)

-1

-157

-10

0)

18

3

-19

-45
-5

-62

-6

c

-30

-7

-7|

-6

-10

-5

0)

18

-27

-176

-50

-62

-19

-2|
-10
1
394J — 1 , 1 6 4
|

0)

1

14

0)

0)

-327

-68

80

172 -2,287

-969

-389

-348

-148

-327

-68

Total
Asia:
Japan
Other
Total
Allother
Total foreign countries...
International institutions2

-200

j
394 - 1 , 1 6 4

Grand total

0)

-19

0)

0)

-8

-41

-57

200

600

-7

3-73

3-344

189

91

-1

-26

280

772 - 2 , 2 9 4

3-1,041

3-732

-159

-57

-42

-84

1 Less than $500,000.
2
Figures represent purchase of gold from, or sale to (—) Internatiional
Monetary Fund.

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]
Gold stock
(end of year)
Year
Treasury

Total i

1948
1949
1950
1951
1952..

24,244
24,427
22,706
22,695
23 187

24,399
24,563
22,820
22,873
23,252

1953
1954
1955
1956
1957

22 030
21,713
21,690
21,949
22,781

22 091
21,793
21,753
22,058
22,857

1958
1959

20,534 20,582
19,456 19,507
r

Total
EarNet
gold
marked Domesgold gold:
stock:
de- tic gold
import,
increase,
crease, producor
or deor
inexport
tion
crease
crease
(-)
(-)
1,530

1,680

165

686

-1,743

53
380

618

Treas- Total i
ury
1959_Aug
Sept
Oct
Nov
Dec

19,524
19,491
19,585
19,566
19,456

19,568
19 579
19,647
19,617
19 507

10
68
-30
— 110

I960—Jan
Feb
Mar
Apr
May
June
July
Aug

19 444
19,421
19,408
19,360
19,352
19,322
19,144
^19,005

19 494
19 471
19,457
19,403
19,395
19,363
19 188
^19,045

— 13
-23
-14
-54
—8
-32
— 174
P-143

-305

-41
306
799

2
16
97
106
104

-1,171
-325
-132
319
600

69
65
66
65
63

-2,275
-l,076

260
302

-2,515
-1,324

62
'57

» Preliminary.
Revised.
i Includes gold in Exchange Stabilization F u n d . G o l d in active portion
o f this F u n d is n o t included in regular statistics o n gold stock (Treasury
gold) used in the F e d e r a l Reserve statement " M e m b e r B a n k Reserves,
Reserve Bank Credit, a n d Related I t e m s " or in the Treasury statement,
"Circulation Statement of United States M o n e y . "




Month

Total
EarNet
gold
marked Domesgold gold:
stock:
de- tic gold
increase, import,
crease, producor
or deor
intion
export
crease
crease
(-)
(-)
(-)

71
67
80
66
67

684

-1,162
-297

2

-371
-549

-159
-496
-1,352

Gold stock
(end of month)

2

-104

76
55
24
48
9
2
4
17
8
10

77
49
3

( )

-176
— 35
52
-71
— 112
— 12
— 21
-13
-71
— 14
-102
— 222

4-151

4
4
4
3
4
3
4
4
4

4

C5)

Includes payment of $344 million as increase in U n i t e d States gold
subscription to the International M o n e t a r y F u n d .
3 N o t yet available.
4
G o l d held under e a r m a r k at the Federal Reserve B a n k s for foreign
a n d international accounts a m o u n t e d to $10,469 million o n A u g . 3 1 , 1960.
G o l d under e a r m a r k is not included in the gold stock of the United States.

1081

GOLD RESERVES AND DOLLAR HOLDINGS
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL
INSTITUTIONS
[In millions of dollars]
Dec. 3 , 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
Total
Sterling Area:
United Kingdom
United Kingdom dependencies
Australia
India
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Guatemala
Mexico
Panama, Republic of
Peru
Uruguay
Venezuela
Other
Total
Asia:
Indonesia
Iran
Japan
Philippines
Thailand
Other
Total
All other:
Egyptian Region—U.A.R
Other
Total foreign countries3
Total
International institutions
Grand total 3

June 30, 1959

Dec. 3 , 1959

Gold& U.S. Gold& U.S. Gold& U.S. Gold &
short- Govt. short- Govt. short- Govt. shortterm bonds
term bonds
term
bonds
term
dollars & notes dollars & notes dollars & notes dollars

605

1,409

200
104

1,295
4,394

143

2,207
1,497
173
707
94
507

2,777

164

1,210

7
6
6
1
12
13

1,893
4,171

2

2,720

15
120
(!)
3
10
76

1,627

0)

0)

646

1,412

141
109
179

156
712
92
555

2,787

165

0)

685

1,407

144
109

2,091
4,057

187

2

3,054

22
133

1,711

0)

3
31
82

G)

133
725
123
521

2,805

176

0)

2,713
152

0)

3,956

264
4

3,490

323
4

3,708

368
5

4,084

403
5

261
342

210
463
140
241
366
69
561
146
96
262

0)

263
480
170
278
317
67
566
147
96
269

0)

1,213

250

2
11

1,219

302

4,017

106

145
184

0)
0)

1
57

115
268
361
287
211

5,147

326

3,284

450

0)

2
13

325
495
212
266
277
59
565
157
107
251
997
268

4,174

104

118
179

0)

0)
0)

1

8
82

0)
4
2
(|)

1

4,732

404

4,958

473

5,265

538

3,159

452

3,308

485

3,441

429

0)

12

443
448
186
262
149
70
497
116
105
240
815
386

(1)

12

444
450
193
277
168
77
574
128
100
242
899
273

0)

3
13

393
478
228
288
214
61
584
129
110
242
931
253

3,979

105

3,911

105

3,825

106

3,717

105

149
167

0)

172
187

0)

183
176

0)

188
168

0)
0)

178
246
931

1,420

1

0)
0)
82

0)

4
2

0)
(!)

1

186
245
778

3
1
7

1,013

2,632

12

3,032

14

3,175

21

190
252

0)

190
269

0)

190
252

ff

459

10

442

11

10

34,358 1,127
4,665

523

39,023 1,650

4

76

2
3
1
7

1,380

1,188

119
268
351
299
213

0)

2
5
1
12

495

163

201
4

3,195

2,876

1,102

3,909

5,022

35,439 1,478

2,708

30
158
1
3
79
84

129
685
204
432

461

341

8

1,765

19,990

242

983

30
141
1
3
79
87

129
722
167
388

0)
0)

477

3,097

442

1,760

7
7
53
1
18
16

19,301

4,889

32,563

2,962

17

C1)

138

0)

2,903

164

2,322
5,245

111
99

3,061

29
141
1
3
101
88

125
733
141
404

37
16

0)

490

510

1
55

8

186

1,355

19,397

1
43

1,094

1,732

2,053
4,682

7
6
64

456

106
252
366
268
199

0)
0)

3,118

0)
0)

145
125

18,998

105
226
346
237
199

4
2

212

556

1,354

396

194
4

86

1,957
4,624

7
7
64
1
35
16

18,476

3,723

0)

26
136
1
3
68
90

168
115

U.S.
Govt.
bonds
& notes

8

274

0)
0)

0)
0)

623

1,287

U.S. Gold& U.S. Gold &
Govt. short- Govt. shortbonds
term
bonds
term
& notes dollars & notes dollars

1,091

17,486

0)
0)

7
7
54
1
32
16

June 30 , I960**

1,070

1,111

109
241
324
241
251

7
7
44
1
32
16

Mar. 3 1, 1960

16

3

P Preliminary.
1 Less than $500,000.
2 Includes Yugoslavia, Bank for International Settlements (including
European Payments Union account through December 1958 and European Fund account thereafter), gold to be distributed by the Tripartite
Commission for Restitution of Monetary Gold, and unpublished gold
reserves of certain Western European countries.
3 Excludes gold reserves of the U. S. S. R., other Eastern European
countries, and China Mainland.




Sept. 30, 1959

187
239

35,025 1,369
5,043

605

40,068 1,974

0)
0)

0)
0)
82

0)
3
1

0)

1
2

1,539

1,027

3
1
16

3,346

23

194
243

0)

437

10

181
240

10

34,982 1,504
5,565

660

40,547 2,164

10
1
89

113
268
306
280
214

0)

0)
0)
82

0)

4
3
1

0)

1

0)

40
1
89

j

0)
0)

82
1
4
2
1

0)

3
11

1,720

1,030

2
3
1
21

213
258
913

2
2
1
32

3,442

28

3,460

37

207
246

0)

216
261

453

10

477

35,287 1,579

36,350

1,615

190
248

5,754

10

0)

14
14

1,584

709

5,830

755

41,041 2,288

42,180

2,339

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.

1082

GOLD RESERVES
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
total
world 1

End of
month

1953 Dec
1954—Dec
1955—Dec
1956 Dec
1957—Dec
1958—Dec
1959

. .

36,425
37 075
37,730
38,235
38,960
39,865

July
AUE

40,450

Sent
Oct
Nov
Dec

40,690

I960—Jan
Feb
Mar
Apr
May
June
July

End of
month

Cuba

Int'l
Monetary
Fund

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

1 923
2,025
2 052
2 210
2 389
2,407

19 672
19^568
19 579
19 647
19 617
19,507

18,820

57
57
57
57
57
56

138
141
143
146
150
154

2 416
2,421
2 454
2 495
2'489
2 515
2,527

19 494
19,471
19 457
19 403
19 395
19 363
19,188

Denmark

Dominican
Republic

18,775

Australia

56
56
56
56
56

Ecuador

Egyptian
Region—
U.A.R.

El Salvador

Austria

Belgium

Colombia

Congo,
Rep.
of the

42
42
44
46
40
40

86
86
86
57
62
72

101
115
116
122
81
83

I 061
1,053
.039
967
960
960

40
41
41
42
41
43

74
75
69
70
70
71

53
53
48
42
42
42

952
952
950
945
922
909
906

42
41
41
42
42
42
42

71
72
73
71
72
73
74

42
38
38
38

Germany,
Federal Greece
Republic
of

Guatemala

Brazil

Canada

776
778
929
925
915
1,270

321
322
323
324
324
325

986
1,073
1,134
1,103
[,100
1,078

280
291
291
291
291
292

t 981
1,276
1,254
1 187
1 156
1,134

326
326
326
326
327
327

292
292
292
292
292
292
293

I
I
1'
1
1
1

326
326
294
294
286
286

Finland

143
175
183
197
182
191

France 2

Chile

r

India

Indonesia

1953 Dec
1954 Dec
1955—Dec
1956 Dec
1957 Dec
1958—Dec

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—July
Aug
Sept
Oct
Nov

75
75
75
75
60
50

31
31
31
31
31
31

12
12
12
12
12
10

20
20
20
20
20
20

174
174
174
174
174
174

31
31
30
30
30
30

38
38
38
38
38
38

939
930
921
1,055
1,122
1,290

2,721
2,721
2,621
2,626
2,626
2,637

26
26
26
26
26
26

24
24
24
24
24
24

247
247
247
247
247
247

41
41
41
33
33
33

50
21
19
19
19
19

31
31
31
31
31
31
31

10
10
10
10
10
10
10

20
20
20
20
20
20
20

174
174
174
174
174
174
174

30
30
30
30
30
30
30

38
38
38
38
38
38
38

1,285
1,298
1,322
1,399
513
,551
,560

2,638
2,652
2,670
2,704
2 741
2,772
2,818

26
26
26
26
26
26

24
24
24
24

247
247
247
247
247
247

33
33
33
33
33
33
33

Netherlands

New
Zealand

Philippines

Portugal

Dec
I960—Jan
Feb
Mar
Apr
May
July

End of
month

Iran

1953 Dec
1954 Dec
1955 Dec
1956 Dec
1957 Dec
1958—Dec
1959—July
Aug
Sent
Oct
Nov

.

...

Dec
I960

Jan
Feb

Mar
Apr
May
June
July

.

Ireland,
Republic of

Italy

Lebanon

Mexico

Norway

Pakistan

Peru

137
138
138
138
138
141

8
14
20
34

18
18
18
18
18
18

346
346
352
338
452
1,086

35
63
74
77
91
91

158
62
142
167
180
143

737
796
865
844
744
1,050

33
33
33
33
33
33

52
45
45
50
45
43

38
38
48
49
49
49

36
35
35
35
28
19

9
9
16
22
6
10

361
429
428
448
461
493

140
140
140
140
140
140

73
84
84
84
84
84

18
18
18
18
18
18

1.381
,433
,476
,583
,635
,749

102
102
102
102
102
102

158
156
165
165
143
142

1,164
1,162
1,162
1,126
1,132
1,132

34
34
34
34
34
34

30
30
30
30
30
30

50
50
50
50
50
50

19
19
19
19
29
28

6
6
7
8
8
9

513
525
525
530
546
548

140
131
131
131
131
131
131

84
84
84
84
84
84

18
18
18
18
18
18
18

1,816
,870
,902
902

102
102
102
102
102
102
102

142
142
142
142

1,132
1,141
1,164
1,164
1,164
1,231
1,246

34
34
34
34
34
34
34

30
30
30
30
30
30
30

52
52
52
52
52
52
52

28
28
28
28
28
28
28

10
11
12
13
15
16
16

548
548
549
549
549
549
550

r
Re vised.
For notes see following page.




Iraq

1083

GOLD RESERVES AND PRODUCTION
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In millions of dollars]

South
Africa

End of
month

1953 Dec
1954—Dec . .
1955—Dec
1956—Dec
1957—Dec
1958—Dec

. ...

1959_july
Au2
Sept

Sweden Switzerland

Syrian
Region—
U.A.R.

Venezuela

Yugoslavia

Bank
for
Int'l
Settlements

European
Payments
Union
153
153
244
268
254

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

217

205

144
144
144
133
133
133

3,220
3 248
3,284
3,024
2,974
2,736

180
180
180
180
180
180

719
719
719
719
654
654

10
10

434
427

191
191
191

112
112
112
104
104
104

436

191
191

24
19
19
19
19

10

204
225

1,925
I 919
1,900
1,868
1,816
1,934

104
104
104
104
104
104

133
133
133
133
133
133
133

2,685
2 722
2,780
2,831
2 859
2,892
2,996

180
180
180
180
180
180

654
654
654
514
514
514
514

248

191

1,826

244
256

171
171

807

258
255
240
233

June
July .

Uruguay

1,459
I 513
1,597
1,676
1,718
1,925

Dec

Apr
May

United
King-3
dom

218
265
276
266
219
204

I960—Jan
Feb
Mar

Oct

Turkey

176
199
212
224
217
211

231
230
238

Nov...

Thailand

1,777
1,767
767
,774
896

171
171
171
171

i Excludes U.S.S.R., other Eastern European countries, and China
Mainland.
Represents reported gold holdings of central banks and governments
and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown for United Kingdom, and estimated official holdings of countries from which no reports are received.

10
10
16
10
10
10

9
7
7
7

126

367
383
381

445
513
510

494
473
491
504

2
Represents holdings of Bank of France and French Exchange Stabilization Fund.
3 Beginning with December 1958, represents Exchange Equalization
Account gold and convertible currency reserves, as reported by British
Government; prior to that time represents reserves of gold and United
States and Canadian dollars.

GOLD PRODUCTION
[In millions of dollars at $35 per fine troy ounce]
Production reported monthly
Year or
month

1953
1954
1955
1956
1957
1958
1959

Estimated
world
production
(excl.
U.S.S.R.)

Total

Oct

Nov
Dec . .
I960—Jan
Feb

Mar.
Apr
Mi ay
June....
r
1
2

Congo, United
Rep.
of the States

Canada

Mexico

13.0
12.8
13.0
13.1
13.1
12.8
12 0

69.0
65.1
65.7
65.3
63.0
61.6
r
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

4.6
5.3
4.2
3.8

12.5
13.2
12.2
12.7
13.9
13.6
13.2

.9
.9
.6
.8

2.7
2.7

1.0
.8
1.4
.7
1.1
.9
.8

2.6
2.6

1.3
1.4

3.4
3.1

2.6
2.6

1.4

4.1
3.9

South
Africa

Rhodesia

Ghana

780.5
830.4
877.7
914.8
956.3
n O7i.o 2 984.0
1 148 0 1 059 9

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

89.4
91.6
89.0
89.7
91.6
90.0
288.4

59.5
60.8
60.7
60.9
61.3
60.3
59.3

.8
6
.4
> 0

2.6
2.7
2.7
2.8

.7
6

2 89.3

60.8
60.0
59.6
61 8
63.1
63.4

6
6

864.5
910.0
955 5
994.0
1 036 0

1959_june
July...
Aug
Sept

North and South America

Africa

7

.6
7

2.8

2.7
2 7

.9
8

Revised.
Gold exports, representing about 90 per cent of total production.
Excluding Chile.
Sources.—World production: estimates of the U. S. Bureau of Mines.
Production reported monthly: reports from individual countries except




3.5

3.4
3.7
3.5
3 5

13.2
13.0
13.6
12.8
13.2
13.5

1.1

1.0
.8
.7

Nicaragua 1

Other
Colom- Ausbia
tralia

Brazil

Chile

9.1
8.2
8.1
7.6
6.9
7.2
7.3

4.0
4.2
3.9
4.3
4.2
3.9

4.6
4.4
4.3
3.3
3.6
3.9

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
.6
.6
.5
.6
.6
.6

.3
.4
.3
.3

.2
.2
.2
.2

3.5
3.2
3.0
3.3

.4

2
.2

1.3
1.4
1.2
1.2
1.2
1.3
1.2

.5
.6

.4
.4

1.5
1.4

2.8
2.8
3.2

.5
.6

.3

.6
7

3 9

.4
.4
.3
4

1.5
1 2
1 1

India

7.8
8.4

7 4
7.3

6 3
6.0

5 8
.5
.5
.5
.55
.5
.5

3.3

3.4
3.6
r

.5
.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.

1084

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]

Item

June

Sept.

1959

1960

1959

Item
Dec,

Mar.

952 1,033 1,023 1,109 1,110
Dollar deposits and U. S. securities.
Other currencies and securities 1 . . .
630
671
666
648
632
3,387 3,548 3,531 3,642 3,664
Effective loans*
104
Other assets3
93
137
138
133
IBRD bonds outstanding
Undisbursed loans
Other liabilities
Reserves
Capital*

1,905 1,963 1,990 2,067 2,073
839
960
893
952
904
28
31
28
30
27
440
462
420
485
506
1,911 1,920 1,985 2,005 2,026

Principal

Disbursed

Repaid

1,643
100
213

60

102

418
298
236
95
61
61

1,353
73
170
48
79
327
227
236
72
60
61

282
2
25
6
18
31
10
168
3
9
11

1,071
71
146
42
61
296
218
68
69
51
50

298
5
54
4
13
62
70
68

186
50
45
20
57
11
2

1,147

146
32
30

1,581
318
24
662
151
197
204
25

1,333
318
15
504
101
197
177

Latin America, total
Brazil
Chile
Colombia
Ecuador
El Salvador
Mexico
Nicaragua
Peru
Uruguay
Other

1,057
267
106

152
37

45
35
186
35
76
71
61

749
198
55
112
24
25
166
22
43
61
44

Asia (excluding Sterling area),
total
Iran
Japan
Lebanon
Malaya
Philippines
Thailand
Other

726
194
337
27
36
19
107
6

447
95
258
8
3
16
60
6

46
20
10

Africa (excluding Sterling
area), total
Ethiopia
Sudan
United Arab Republic

135
24
55
57

67
17
26
25

75,141

3 ,949




Oct.

Apr.

Jan.

1,352 1,371 2,210 2,416 2,495
200
200
500
500
500
951
998 2,028 2,141 2,250
5,807 5,839 8,283 8,349 8,455

944
9

551
1,542
854

680
i 105

640
1159

632
H60

9,228 9,228 13,644 13,999 14,277
5 2,093
35
42

Quota

Sold
to
othersS

Country

106 11 115

162

173

21

10
37
2
4
21
8

10
10
13

268
14
459
81
140
166
20
598
161
45
75
22
21
144
14
33
51
31
401
75

29
52

14
(6)
(6)

29
12
14

65
15
26
25
667

3,282 8 496

Cumulative net drawings
on the Fund

Paid
Total

Sterling area, total
Australia
Ceylon
India
Pakistan
Union of S. Africa
United Kingdom
Other

Total

July

Outstanding

Total
Continental Western Europe,
total
Austria
Belgium and Luxembourg..
Denmark
Finland
France
Italy
Netherlands
Norway
Turkey
Yugoslavia

Gold
Investments 9
Currencies:i
United States
Other
Gold and currency in separate
accounts:i °
Gold
Currency
Unpaid member subscriptions....
Other assets
Member subscriptions
Member subscriptions
in separate
account 1 °
Reserves and liabilities

Loans by country, July 31, 1960

Area and member country 4

Apr.

June

1960

in

gold

Argentina
Bolivia
Brazil
Burma
Chile

280
23
280
15
75

70
6
70

Colombia
Cuba
Dominican Rep....
El Salvador
France

75
50
15
11
788

19
13
4
3
174

Haiti
Honduras
Iceland
India
Indonesia
Iran

11
11
11
600
165
70

3
3
3
78
29
18

Pakistan
Paraguay
Philippines
Spain
Sudan
Turkey

150
9
50
100
15
86

16
2
13
10
2
22

United Arab Republic: Egypt. . ,
90
Syria
15
United Kingdom.. 1,950
United States
4,125
66
Yugoslavia

17
2
399

1
2

15

1,031

9

1959

1960

July

July

103
9
92
12
42
25
25
394

200
46

30

173
10
140

8
42

180
10
140
8
42
2
25
9

25
9
2
126

i26"

5
3
5
128
37
18

5
3
5
128
37
35

5
6
50
6
36

12
50
6
36

28
10

28
10

13
4

345
231
199
,716 12-1,428 12-1,434
23
23
23

Currencies include demand obligations held in lieu of deposits.
Represents principal of authorized loans, less loans not yet effective,
repayments, the net amount outstanding on loans sold or agreed to be
sold to others, and exchange adjustment.
3 Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5 Includes also effective loans agreed to be sold but not yet disbursed.
67 Less than $500,000.
Includes $311 million in loans not yet effective.
8 Includes $477 million not guaranteed by the Bank.
' U . S . Treasury bills purchased with proceeds from sale of gold,
i o 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.

1085

U. S. BALANCE OF PAYMENTS
UNITED STATES BALANCE OF PAYMENTS
[Department of Commerce estimates.

Quarterly totals in millions of dollars]
1958

1957

1959

1960

Item
2

1
1

3

1

4

6,142
4,196
1,946

5,421

5,278
3 166
1,200
912

5,388
3 124
1,425
839

5,446
3,522
1,095
829

1,502

4,941
3 139
970
832
670

687

219

-581
-180
-401

-563
-178
-385

-598
-174
-424

-544
-174
-370

-544
-410
-339

-956
-588
-324

-887 -1,251
-642 -1,025
-411
-155

-71

-134

-264
-368

-487
-245

7,010
5,158
1,852

6,326
4,462
1,864

6,654
4,662
1,992

Imports of goods and services, total...
Merchandise . . . .
Services
^Military expenditures

5,092
3 297
915
880

5,318
3,344
1,124
850

5,361
3,265
1,381
715

5,152
3,385
1,047
720

Balance on goods and services1

1,651

1,692

965

-576
-184
-392

-662
-174
-488

-499
-164
-335

U.S. long- and short-term capital (net)3 - 1 , 0 7 0 - 1 , 5 6 3
Private, total
— 813 -1,364
-402
-993
Direct investment
Portfolio and short-term invest-411
-371
ment
-199
Government
-257
Foreign capital and gold (net)
Increase in foreign short-term assets
and Government securities
Increase in other foreign a s s e t s . . . .
Gold sales by United States
Errors and omissions

2

1

5,607
3 816
1,791

6,743
5,108
1,635

Unilateral transfers (net)
Private remittances and pensions...
Government nonmilitary grants

4

3

5,965
4,193
1,772

Exports of goods and services, total .
Merchandise
Services2

3

2

5,611
4,058
1,553

3

4

IP

6,311

5,797
4 060
1,737

5,878 6,368
4 035 4 328
1,843 2 040

4 596
1 715

5,967
3 884
1,293
790

6,200 5,962
3 848 3 986
1,579 1,'224
773
752

5,753
3 819
1,177
757

696

5,431
3 597
1,059
775
-10

-170

-322

406

558

-633
-196
-437

-627
-190
-437

-578
-185
-393

-534
-201
-333

-663
-203
-460

-574
-194
-380

-784
-451
-156

-893
-726
-372

-470 4-l,033
-391
— 745
-267
-449

-620 -536 -789
— 392 — 773 —567
-229 -365 -248

-614
-226

-295
-333

-354
-167

-124
-79

-296
4-288

-163
-228

-408
237

-319
-222

3,802
1,619

-381

316

-269

227

580

1,086

934

901

947

41,416

1,444

567

797

-199
166
-348

514
127
-325

-260
18
-27

275
50
-98

197
13
370

26
-15
1,075

477
-26
483

780
72
95

4 829
190
4 397

1,119
158
167

367
128
72

557
190
50

376

217

347

-192

200

76

175

502
52
347
-71

160

365

32

226

8

3
4

P1 Preliminary
Excluding military transfers under grants.
2
Including military transactions.

Minus sign indicates net outflow.
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]
United Kingdom

Canada
Month

Treasury Day-today
bills,
3 months1 money2

Bankers' Treasury
acceptbills,
ances,
3 months 3 months

Day-today
money

France
Bankers'
allowance Day-today 3
on
deposits money

Germany

Netherlands

Switzerland

Treasury
bills
60-904
days

Day-today
moneys

Treasury
bills,
3 months

Day-today
money

Private
discount
rate

1957—Dec
1958—Dec.

3.65
3.46

3.60
2.07

6.67
3.34

6.43
3.16

5.67
2.70

5.00
2.00

5.72
6.07

3.75
2.38

3.25
2.63

4.64
2.26

3.33
1.50

2.50
2.50

1959—July.......
Aug........
Sept
Oct
Nov...
Dec

5.23
5.82
5.68
5.05
4.87
5.02

4.52
5.72
5.01
4.28
4.16
4.30

3.57
3.60
3.59
3.58
3.55
3.72

3.46
3.48
3.48
3.43
3.39
3.61

2.79
2.76
2.78
2.82
2.77
2.85

2.00
2.00
2.00
2.00
2.00
2.00

4.27
3.93
4.05
3.87
4.02
4.07

2.00
2.00
2.75
3.63
3.63
3.75

2.25
2.44
2.75
2.38
3.94
3.56

1.79
1.63
1.66
2.03
2.01
2.52

1.48
1.15
1.31
1.50
1.50
1.50

2.00
2.00
2.00
2.00
2.00
2.00

I960—Jan
Feb
Mar
Apr
May.......
June
July

4.81
4.69
3.87
3.40
2.87
2.87
3.13

3.60
4.14
3.83
3.33
2.77
2.84
3.24

4.14
4.69
4.74
4.80
4.76
5.04
5.76

4.07
4.55
4.59
4.65
4.58
4.88
5.58

3.07
3.78
3.91
3.67
3.87
3.98
4.67

2.35
3.00
3.00
3.00
3.00
3.25
4.00

3.91
4.11
4.17
4.22
4.25
4.15

3.75
3.88
4.00
4.00
4.00
4.88
4.88

3.69
3.94
4.06
3.94
3.88
4.75
4.69

2.53
2.48
2.33
2.25
2.30
2.49
2.19

1.50
1.54
1.65
1.75
1.54
1.75
1.64

2.00
2.00
2.00
2.00
2.00
2.00
2.00

1 Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
2




4
5

Rate in effect at end of month.
Based on average of lowest and highest quotation during month.

1086

MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS»
[Per cent per annum]

Country

Per
cent

Month
effective

Argentina 2
Austria
Belgium
Brazil2
Burma

6.0
4.5
3.25
10.0
3 0

Dec.
Apr.
Jan.
Apr.
Feb

1957
1959
1959
1958
1948

Canada 3
Ceylon2
Chile 5
Colombia2
Costa Rica 2

5.58
2.5
16.25
5.0
3.0

Aug.
June
July
Aug.
Apr.

1959
1954
1959
1959
1939

5.5
4.5
5 0
3.0
4.0

Dec.
Aug.
Nov.
Nov.
Apr.

1957
1958
1956
1952
1957

Finland 2
France
Germany
Greece
Honduras ^

6.0
4.0
2.75
10.0
2.0

Mar.
Apr.
Jan.
May
Jan.

1959
1959
1959
1956
1953

Iceland
India 7
Indonesia2
Iran
Ireland

7.0
4.0
3.0
4.0
4.25

Apr.
May
Apr.
Aug.
Nov.

1952
1957
1946
1948
1958

Israel
Italy 2
Japan
M^exico .
Netherlands

6 0

Feb
June
Feb
June
Jan.

1955
1958
1959
1942
1959

Oct.
Apr.
Feb.
Jan.
Nov.

1955
1954
1955
1959
1947
1959
1944
1959
1959
1958
1959
1945
1956
1958
1947

Cuba 2
Denmark2
Ecuador .
Egypt
El Salvador2 .

New Zealand
Nicaragua
Norway
Pakistan
Peru 2

Changes during the last 12 months

Rate as of
Aug. 31,1959

3.5

6 94
4.5
2.75
7.0
6.0
3.5
4.0
6 0

Philippine Republic 2 . .
Portugal
South Africa
Spain
Sweden

2.0
4.0
6.25
4.5

Feb.
Jan.
Jan.
Aug.
May

Switzerland
Thailand
Turkey
United Kingdom
Venezuela 2

2 0
7.0
6.0
4.0
2.0

Feb
Feb.
June
Nov.
May

6.5

Sept.

Oct.

Nov.

5.27

5.11

4

5.37
2.5

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

5 0
5.0

4.85

4.86

3.26

3.51

3.26

3.32

3.17

16 4

2

2.50
4.0

6.0
5 5

5.0

3.0

6.0
5.0
5.0
10.0
3.0
2.50
4.0
16.4
5.0
3.0
6.0
5.5
5.0
3.0
5.5

5 5

4.0

6.0
4.0
5.0
10.0
2.0

5.0

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

7 3

6.94

6 0

6.0
5.0

5 75
5.0

4 5

1
Rates shown represent mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries
with more than one rate applicable to such discounts or advances, the
rate shown is the one at which 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 and 3 per cent for economic development paper
of up to 5 years;
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;
Finland—rates ranging up to 7.25 per cent for longer term paper (rate
shown is for 3 months commercial paper);




Dec.

4 0

5.85

Rate
as of
Aug. 31,
1960

1960

1959

5 0

6 0

6.0
2.0
5.0
5.75
5.0
2.0
7.0
6.0
6.0
4.5

Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the Central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper;
Philippine Republic—^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
l
/4 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,
and5 lowered again to 2.5 per cent on Dec. 24, 1959.
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. All rediscounts were repaid
by January 1960.
67 Rate shown is for advances only.
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

1087

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)

223.80
222.41
222.16
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

Dec.

.9122
.2037
.2213
.2084
.2003

223.86
223.40
223.61
223.32
222.98

8502
8525
8526
8526
8523

2.0013
1.9989
1.9993
1.9990
1.9996

104.75
105.08
105.51
105.22
105.12

21.060
21.037
21.048
21.031
20.995

.3116
.3113
.3113
.3113
.3113

I960—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..

.2035
.2032
.2030
.2004
.2005
.1989
.2010
.2022

223.09
223.37
223.57
223.86
223.59
223.32
223.78
223.92

3.8449
3.8419
3.8418
3.8407
3.8406
3.8426
3.8468
3.8573

2.0037
2.0048
2.0051
2.0061
2.0055
2.0053
2.0041
1.9956

104.91
105.07
105.15
103.84
102.24
101.79
102.19
103.10

21.014
21.031
21.044
21.062
21.047
21.020
21.048
21.061

.3113
.3113
.3113
.3112
.3112
.3112
.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

Free

7.198
7.183
5.556
2.835
5.556
2.506
5.556
2.207
U.2730

1954.
1955.
1956.
1957.
1958.
1959.
1959—Aug..
Sept..
Oct...
Nov..

Finland
(markka)

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

.2039
.2038
.2037
.2038
.2038

23.901
23.901
23.931
23.971
23.974

21.028
20.999
21.010
20.954
20.928

280.95
280.37
280.63
280.27
279.84

.1610
.1611
.1610
.1611
.1610

.2779
.2777
.2776
.2776
.2776

32.837
32.784
32.794
32.798
32.766

8.0056
8.0056
8.0056
8.0056
8.0056

26.463
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

23.975
23.977
23.978
23.978
23.978
23.980
23.979
23.978

20.935
20.951
20.963
20.978
20.958
20.935
20.966
20.978

279.98
280.33
280.59
280.95
280.60
280.27
280.84
281.02

.1610
.1610
.1610
.1611
.1611
.1611
.1611
.1611

.2775
.2773
.2773
.2776
.2774
.2768
.2783
.2787

32.776
32.771
32.767
32.833
32.810
32.785
32.839
32.846

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

New
Zealand
(pound)

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

South
Africa
(pound)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

1954
1955
1956
1957
1958
1959

278.09
276.36
276.80
276.56
278.19
278.10

14.008
14.008
14.008
14.008
14.008
14.028

49.677
49.677
49.676
49.693
49.695
49.721

3.4900
3.4900
3.4900
3.4900
3.4900
3.4967

279.82
278.09
278.52
278.28
279.93
279.83

2.3810
5 2.0579

19.333
19.333
19,333
19.331
19.328
19.324

23.322
23.331
23.334
23.330
23.328
23.142

280.87
279.13
279.57
279.32
280.98
280.88

1959—Aug.
Sept.
Oct..
Nov.
Dec

278.17
277.59
277.85
277.49
211.01

14.038
14.011
14.023
14.008
13.994

49.713
49.770
49.770
49.770
49.770

3.4990
3.4947
3.4958
3.4915
3.4861

279.90
279.32
279.58
279.22
278.80

1.6600
1.6607
1.6607
1.6607
1.6607

19.327
19.325
19.325
19.308
19.303

23.178
23.121
23.048
23.040
23.127

280.95
280.37
280.63
280.27
279.84

1960—Jan..
Feb..
Mar.
Apr.,
May.
June.
July.
Aug.

277.20
277.55
277.81
278.17
277.82
277.49
278.06
278.24

13.985
13.990
14.006
14.035
14.018
14.007
14.018
14.026

49.770
49.770
49.770
6 49.770

3.4844
3.4898
3.4923
3.4957
3.4935
3.4905
3.4936
3.4956

278.93
279.28
279.54
279.90
279.55
279.22
279.79
279.97

1.6607
1.6625
1.6637
1.6637
1.6633
1.6636
1.6640
1.6640

19.302
19.311
19.314
19.359
19.339
19.365
19.366
19.392

23.112
23.054
23.058
23.048
23.124
23.175
23.183
23.198

279.98
280.33
280.59
280.95
280.60
280.27
280.84
281.02

Year or month

1954.
1955.
1956.
1957.
1958.
1959.

1959—Aug..
Sept..
Oct...
Nov..
Dec.
I960—Jan...
Feb..,
Mar..
Apr..
May.
June.
July..
Aug..

Year or month

France
(franc)

1
Effective Jan. 12, 1959, the Argentine Government established a
single exchange rate for the peso in place of the former official and free
rates.
2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957,
was extended to all foreign exchange transactions on Oct. 28, 1957, and
on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc




was further devalued to 493.706 francs per U. S. dollar.
3 Based on quotations beginning with Mar. 2, 1959.
4
A new franc equal to 100 old francs was introduced on Jan. 1, 1960.
5 Effective July 20, 1959, the par value for the Spanish peseta was set
at 60 pesetas per U. S. dollar.
6 Based on quotations through Apr. 22, 1960.

BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,

Chairman

M. S. SZYMCZAK

C. CANBY

BALDERSTON,

J. L. ROBERTSON

A. L. MILLS, JR.

WOODLIEF THOMAS,
JEROME

G. H. KING, JR.

Adviser to the Board

RALPH

W. SHAY, Legislative Counsel
CLARKE

A. YOUNG, Adviser to the Board

CHARLES MOLONY,

Assistant to the Board

L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
KENNETH A. KENYON, Assistant Secretary

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

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

JAMES C. SMITH, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve

Counsel
L. HOOFF, Assistant General Counsel

Examiner

WILSON

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 INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
J. HERBERT FURTH, Associate Adviser
A. B. HERSEY, Associate Adviser

DIVISION OF PERSONNEL ADMINISTRATION
EDWIN

DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH

E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER
J. J. CONNELL, 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

J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

ROBERT L. SAMMONS, Associate Adviser




Vice Chairman

CHAS. N. SHEPARDSON

SAMPSON

H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING
INNIS

1088

D. HARRIS, Coordinator

FEDERAL RESERVE BANKS AND BRANCHES

1089

Federal Open Market Committee
WM.

M C C . MARTIN, J R . ,

Chairman

A L F R E D HAYES,

C. CANBY BALDERSTON

W.

KARL R.

G. H. KING, JR.

CHAS. N. SHEPARDSON

H. G. LEEDY

M.

BOPP

MALCOLM BRYAN

D. FULTON

Vice Chairman

J. L. ROBERTSON
S. SZYMCZAK

A. L. M I L L S , JR.
RALPH A. YOUNG, Secretary
DAVID P. EASTBURN, Associate Economist
MERRITT SHERMAN, Assistant Secretary
Economist
L # M E R L E HOSTETLER, Associate
K E N N E T H A. KENYON, Assistant Secretary
^
Economist
w
M A
A s s o c i a t e
HOWARD H. HACKLEY, General Counsel
G u Y R
NoYES
DAVID B. HEXTER, Assistant General Counsel
> Associate
Economist
WOODLIEF THOMAS, Economist
ROBERT V. ROOSA, Associate Economist
HARRY BRANDT, Associate Economist
CLARENCE W. T O W , Associate
Economist
ROBERT G. ROUSE, Manager, System Open Market
Account

Federal Advisory Council
J.

OSTROM ENDERS, BOSTON

HOMER

JOHN J. MCCLOY, NEW YORK

NORFLEET TURNER, ST. LOUIS

CASIMIR A . SIENKIEWICZ, PHILADELPHIA,

QoRDQN

M u R R A Y ?

Vice President
^

^

LIVINGSTON, CHICAGO,

President

MINNEAPOLIS

^
R. O T I S MCCLINTOCK, KANSAS CITY

xx

REUBEN B. HAYS, CLEVELAND
JOHN S. ALFRIEND, RICHMOND

L

JOHN C. PERSONS, ATLANTA

CHARLES F . FRANKLAND, SAN FRANCISCO

HERBERT

V. PROCHNOW, Secretary

F

- BETTS, DALLAS

WILLIAM

J.

KORSVIK,

Assistant

Secretary

Federal Reserve Banks and Branches
Chairmen and Deputy Chairmen of Boards of Directors
FEDERAL RESERVE
BANK O F —

CHAIRMAN AND
FEDERAL RESERVE AGENT

DEPUTY CHAIRMAN

BOSTON

ROBERT C. SPRAGUE

NILS Y. WESSELL

N E W YORK

PHILIP D. REED

FORREST F. HILL

PHILADELPHIA

HENDERSON SUPPLEE, JR.

WALTER E. HOADLEY, JR.

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




1090

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960
Presidents and Vice Presidents

Federal
Reserve
Bank of

Vice Presidents
(Vice Presidents in charge of branches are
listed in lower section of this page)

President
First Vice President

Boston.

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

Dwight L. Allen
Roger R. Clouse
E. A. Fink

Clyde Harrell
Martin Morrison
W. Braddock Hickman Paul C. Stetzelberger
L. Merle Hostetler

Richmond

Hugh Leach
Edward A. Wayne

N. L. Armistead
Aubrey N. Heflin

Upton S. Martin
Joseph M. Nowlan

Benjamin U. Ratchford
James M. Slay

Atlanta

Malcolm Bryan
Harold T. Patterson

J. E. Denmark
J. E. McCorvey

L. B. Raisty
Earle L. Rauber

Brown R. Rawlings

Chicago

Carl E. Allen
C. J. Scanlon

Ernest T. Baughman
W. R. Diercks
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
Frederick L. Deming
A. W. Mills

Marvin L. Bennett
Homer Jones

George E. Kroner
Dale M. Lewis

Howard H. Weigel
Joseph C. Wotawa

Kyle K. Fossum
C. W. Groth

M. B. Holmgren
A. W. Johnson

H. G. McConnell
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
H. W. Pritz

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

San Francisco.

H. N. Mangels
Eliot J. Swan

J. L. Barbonchielli
R. S. Einzig
E. H. Galvin

H. E. Hemmings
E. R. Millard

R. H. Morrill
John A. O'Kane

Minneapolis..

James V. Vergari
Richard G. Wilgus

Vice Presidents in Charge of Branches of Federal Reserve Banks
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta

Chicago
St. Louis




Branch

Vice Presidents

Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans

I. B. Smith
R. G. Johnson
J. W. Kossin
D.F. Hagner
Thomas I. Storrs
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
R. L. Mathes
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

Unless otherwise noted, the material listed may be obtained jrom 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
FUNCTIONS. April 1954. 208 pages.
pages. Individual books $1.00 each; set of 3
ANNUAL REPORT OF THE BOARD OF GOVERNORS
books $2.50.
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.
S7.00 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.




1091

1092

FEDERAL RESERVE BULLETIN • SEPTEMBER 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.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC

STABILITY.

May 1953.

7 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.

* DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT STATISTICS.

THE GOVERNMENT SECURITIES MARKET.

1959.

August

22 pages.

REVISED INDUSTRIAL PRODUCTION INDEX.

April 1953. 25 pages.

De-

cember 1959. 24 pages.

DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS (Revised Indexes). No-

vember 1953. 65 pages.
A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS, ANNUAL ESTIMATES, 1939-54. Octo-

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,

1951-55.

June 1956. 9 pages.
REVISION OF CONSUMER CREDIT STATISTICS.

Oc-

tober 1956. 24 pages. (Also, similar reprint
from April 1953 BULLETIN.)
AGRICULTURAL LOAN SURVEY.

OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. November 1958. 15 pages.

November

1956

and January, February, and March 1957 BULLETINS. 52 pages.

CAPITAL MARKETS AND MONEY AND BANK CREDIT

IN 1959. Combined reprint. January and February 1960. 14 pages.
MONETARY

POLICY

AND ECONOMIC

GROWTH.

February 1960. 7 pages.
REVISED SERIES FOR SEASONALLY
MONEY SUPPLY. February 1960.
GOLD AND DOLLAR TRANSFERS IN

1960.

ADJUSTED

4 pages.

1959. March

6 pages.

OWNERSHIP OF DEMAND DEPOSITS.

April 1960.

4 pages.
BANKING AND MONETARY STATISTICS, 1959.

Se-

lected series of banking and monetary statistics
for 1959 only. February and May 1960. 13
pages. (Similar reprint of 1958 data, February
and May 1959 BULLETINS.)
SURVEY OF COMMON TRUST FUNDS, 1959.

May

1960. 7 pages. (Also, similar reprints from
August 1956, June 1957, May 1958, and May
1959 BULLETINS.)
INTEREST RATES IN LEADING COUNTRIES.

1960.

JUNE

6 pages.

RECENT MONEY AND CREDIT DEVELOPMENTS.
SURVEY

OF

FINANCE

COMPANIES,

MID-1955.

April 1957. 17 pages.

July 1960. 8 pages.
THE BALANCE SHEET ON AGRICULTURE,

REVISION OF MONTHLY DEPARTMENT STORE IN-

DEXES. December 1957. 30 pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
SALES. April 1958. 10 pages.




1960.

August 1960. 9 pages.
CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.

Combined reprint. September 1960. 31 pages.

Index to Statistical Tables
Acceptances, bankers', 1030, 1032
Agricultural loans of commercial banks, 1024, 1026
Agriculture, Govt. agency loans, 1042, 1068
Assets and liabilities (See also Foreign liabilities and
claims peported by banks):
Banks and the monetary system, consolidated, 1020
Corporate, current, 1034
Domestic banks, by classes, 1021, 1024,
1026, 1032
Federal business-type activities,
by fund or activity, 1042, 1068
Federal Reserve Banks, 1016
Automobiles:
Consumer instalment credit, 1046, 1047, 1048
Production index, 1050, 1053
Bankers' balances, 1025, 1027
(See also Foreign liabilities and claims reported
by banks)
Banks and the monetary system, consolidated statement, 1020
Bonds (See also U. S. Govt. securities):
New issues, 1034, 1036, 1037
Prices and yields, 1030, 1031
Brokers and dealers in securities, bank
loans to, 1024, 1026
Business expenditures on new plant and equipment, 1034
Business indexes, 1056
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1021, 1025, 1028
Federal Reserve Banks, 1016
Carloadings, 1056
Central banks, foreign, 1082, 1086
Coins, circulation of, 1019
Commercial banks:
Assets and liabilities, 1021, 1024
Consumer loans held, by type, 1047
Number, by classes, 1021
Real estate mortgages held, by type, 1043
Commercial and industrial loans:
Commercial banks, 1024
Weekly reporting member banks, 1026, 1029
Commercial paper, 1030, 1032
Commodity Credit Corporation, loans, etc., 1042, 1068
Condition statements (See Assets and liabilities)
Construction, 1056, 1057
Consumer credit:
Instalment credit, 1046, 1047, 1048, 1049
Major parts, 1046, 1048
Noninstalment credit, by holder, 1047
Consumer price indexes, 1056, 1062
Consumption expenditures, 1064, 1065
Corporate sales, profits, taxes, and dividends, 1034, 1035
Corporate security issues, 1034, 1036
Corporate security prices and yields, 1030, 1031
Cost of living (See Consumer price indexes)
Currency in circulation, 1011, 1019
Customer credit, stock market, 1031, 1069
Debits to deposit accounts, 1018
Demand deposits:
Adjusted, banks and the monetary system, 1020
Adjusted, commercial banks, by classes, 1025
Banks, by classes, 1021, 1028
Turnover of, 1018
Type of holder, at commercial banks, 1025




Department stores:
Merchandising data, 1061
Sales and stocks, 1056, 1060
Deposits (See also specific types of deposits):
Adjusted, and currency, 1020
Banks, by classes, 1015, 1021, 1025, 1028, 1032
Federal Reserve Banks, 1016, 1079
Postal savings, 1018, 1020
Discount rates, 1014, 1086
Discounts and advances by Federal Reserve
Banks, 1010, 1015, 1016
Dividends, corporate, 1034, 1035
Dollar assets, foreign, 1079, 1081
Dwelling units started, 1057
Earnings and hours, manufacturing industries, 1056, 1059
Employment, 1056, 1058, 1059
Export-Import Bank, loans, etc., 1042, 1068
Farm mortgage loans, 1042, 1043, 1044, 1068
Federal business-type activities, assets and liabilities,
by fund or activity, 1042, 1068
Federal Deposit Insurance Corporation,
assets, etc., 1042, 1068
Federal finance:
Cash transactions, 1040
Receipts and expenditures, 1041
Treasurer's balance, 1040
Federal home loan banks, loans, etc., 1042, 1045, 1068
Federal Housing Administration, loans, etc., 1042,
1043, 1044, 1045, 1068
Federal National Mortgage Association,
loans, etc., 1042, 1045, 1068
Federal Reserve Banks:
Condition statement, 1016
U. S. Govt. securities held by, 1010, 1015, 1016,
1038, 1039
Federal Reserve credit, 1010, 1015, 1016
Federal Reserve notes, 1016, 1019
Finance company paper, 1030, 1032
Financial institutions, loans to, 1026
Flow of funds, saving and financial flows, 1066
Foreign central banks, 1082, 1086
Foreign deposits in U. S. banks, 1010, 1016, 1020,
1025, 1028
Foreign exchange rates, 1087
Foreign liabilities and claims reported by
banks, 1072, 1074, 1077, 1079
Foreign trade, 1061
Gold:
Earmarked, 1080
Net purchases by U. S., 1080
Production, 1080, 1083
Reserves of central banks and governments, 1082
Reserves of foreign countries and international
institutions, 1081
Stock, 1010, 1020, 1080
Gold certificates, 1016, 1019
Govt. debt (See U. S. Govt. securities)
Gross national product, 1064, 1065
Home owners, Govt. agency loans, 1042, 1068
Hours and earnings, manufacturing industries, 1056, 1059
Industrial production index, 1050, 1056
Instalment loans, 1046, 1047, 1048, 1049
Insurance companies, 1033, 1038, 1039, 1044
Insured commercial banks, 1023, 1024
Interbank deposits, 1014, 1021, 1025, 1028

1093

1094

FEDERAL RESERVE BULLETIN • SEPTEMBER 1960

Interest rates:
Bond yields, 1030
Business loans by banks, 1029
Federal Reserve Bank discount rates, 1014
Foreign countries, 1085, 1086
Open market, 1030, 1085
Regulation V loans, 1018
Stock yields, 1030
Time deposits, maximum rates, 1014
International capital transactions of the U. S., 1072
International financial institutions, 1080, 1081,
1082, 1084
Inventories, 1064
Investments (See also specific types of investments) :
Banks, by classes, 1021, 1024, 1027, 1032
Federal Reserve Banks, 1015, 1016
Govt. agencies, etc., 1042, 1068
Life insurance companies, 1033
Savings and loan associations, 1033
Labor force, 1058
Loans (See also specific types of loans):
Banks, by classes, 1021, 1024, 1026, 1032
Federal Reserve Banks, 1010, 1015, 1016
Govt. agencies, etc., 1042, 1068
Insurance companies, 1033, 1044
Savings and loan associations, 1033, 1044
Loans insured or guaranteed, 1018, 1043, 1044, 1045
Manufacturers, production index, 1050, 1056
Margin requirements, 1014
Member banks:
Assets and liabilities, by classes, 1021, 1024
Borrowings at Federal Reserve Banks, 1010,
1016, 1028
Deposits, by classes, 1015
Number, by classes, 1022
Reserve requirements, by classes, 1015
Reserves and related items, 1010
Weekly reporting series, 1026
Mining, production index, 1050, 1056
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 1020, 1021, 1023, 1032, 1038,
1039, 1043
National banks, 1023
National income, 1064, 1065
National security expenditures, 1041, 1064
Nonmember banks, 1016, 1023, 1024, 1025
Payrolls, manufacturing, index, 1056
Personal income, 1065
Postal Savings System, 1014, 1020
Prices :
Consumer, 1056, 1062
Security, 1031
Wholesale commodity, 1056, 1062
Production, 1050, 1056
Profits, corporate, 1034, 1035
Real estate loans:
Banks, by classes, 1024, 1026, 1032, 1043
Type of mortgage holder, 1043, 1044, 1045
Type of property mortgaged, 1043, 1044, 1045
Regulation V, loan guarantees, 1018
Reserve requirements, member banks, 1015
Reserves:
Commercial banks, 1025
Federal Reserve Banks, 1016




Reserves—continued
Foreign central banks and governments, 1082
Foreign countries and international institutions, 1081
Member banks, 1010, 1016, 1025, 1027
Residential mortgage loans, 1043, 1044, 1045
Sales finance companies, consumer loans of, 1046,
1047, 1049
Saving:
Flow-of-funds series, 1066
National income series, 1065
Savings deposits (See Time deposits)
Savings institutions, principal assets, 1032, 1033
Savings and loan associations, 1033, 1044
Securities, international transactions, 1078, 1079
Security issues, 1034, 1036, 1037
Silver coin and silver certificates, 1019
State member banks, 1023
State and municipal securities:
New issues, 1036, 1037
Prices and yields, 1030, 1031
States and political subdivisions:
Deposits of, 1025, 1028
Holdings of U. S. Govt. securities, 1038
Ownership of obligations of, 1024, 1032. 1033
Stock market credit, 1031, 1069
Stocks:
New issues, 1036
Prices and yields, 1030, 1031
Tax receipts, Federal, 1041
Time deposits, 1014, 1015, 1020, 1021, 1025, 1028
Treasurer's account balance, 1040
Treasury cash, 1010, 1019, 1020
Treasury currency, 1010, 1019, 1020
Treasury deposits, 1010, 1016, 1040
Unemployment, 1058
U. S. balance of payments, 1085
U. S. Govt. balances:
Commercial bank holdings, by classes, 1025, 1028
Consolidated monetary statement, 1020
Treasury deposits at Federal Reserve
Banks, 1010, 1016, 1040
U. S. Govt. securities:
Bank holdings, 1020, 1021, 1024, 1027, 1032,
1038, 1039
Federal Reserve Bank holdings, 1010, 1015, 1016,
1038, 1039
Foreign and international holdings, 1016, 1081
International transactions, 1078, 1079
New issues, gross proceeds, 1036
Outstanding, by type of security, 1037, 1038, 1039
Ownership of, 1038, 1039
Prices and yields, 1030, 1031
United States notes, outstanding and in circulation, 1019
Utilities, production index, 1050, 1056
Vault cash, 1010, 1025
Veterans Administration, loans, etc., 1042, 1043, 1044,
1045, 1068
Weekly reporting member banks, 1026
Yields (See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

j
(o THE FEDERAL RESERVE SYSTEM g)

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